close

Вход

Забыли?

вход по аккаунту

?

The Wall Street Journal November 09 2017

код для вставкиСкачать
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
THURSDAY, NOVEMBER 9, 2017 ~ VOL. CCLXX NO. 111
* * * * * *
DJIA 23563.36 À 6.13 0.03%
NASDAQ 6789.12 À 0.3%
STOXX 600 394.45 g 0.1%
10-YR. TREAS. g 5/32 , yield 2.325%
OIL $56.81 g $0.39
Antitrust regulators
are pressing AT&T to
sell either DirecTV or
TV unit including CNN
Business & Finance
T
he Justice Department
is pressing for changes
to AT&T’s proposed deal for
Time Warner, raising the
prospect AT&T would have
to sell either Turner, which
includes CNN, or DirecTV. A1
gest media deals ever, people
familiar with the matter said.
The Justice Department has
raised the prospect that the
telecom giant would have to
divest either the Turner television unit, which includes CNN
along with other cable channels, or the satellite DirecTV
business, the people said.
The two sides have engaged
in recent tense settlement discussions to address the
agency’s concerns about the
transaction, which would put
CNN, HBO and the Warner
Bros. film studio under the
By Keach Hagey,
Brent Kendall
and Drew FitzGerald
U.S. antitrust regulators are
pressing for major changes to
AT&T Inc.’s proposed takeover
of Time Warner Inc., demands
that threaten one of the big-
China’s Tencent is proving a welcome source of capital to fledgling American
companies, with Snap being the latest beneficiary. A1
EURO $1.1596
YEN 113.87
same corporate roof as satellite broadcaster DirecTV and
more than 100 million wireless
users.
AT&T and the Justice Department are far apart, and
people involved in the discussions have differing views on
the exchange of proposals.
AT&T offered to sell the CNN
business, but the agency rejected the idea, one person
close to the negotiations said.
AT&T denied it offered to sell
the news network, which President Donald Trump has criticized as unfair to him.
BY JANET HOOK
AND KRISTINA PETERSON
An alleged operative for
Weinstein was identified as
the same woman who had
sought information from a
critic of insurer AmTrust. B1
Equifax’s interim CEO
told lawmakers he wasn’t
sure if the firm was encrypting consumer data in the
wake of its data breach. B6
Outcome Health fired
back at investors suing the
firm, saying their accusations
of fraud are baseless. B4
Apple became the first
U.S. company to reach a market value of $900 billion. B3
U.S. stocks continued to
set records. The Dow rose
6.13 points to 23563.36. B12
Fox’s revenue rose as
higher cable fees helped offset weakness at local TV stations and its film studio. B2
Virginia
2016 president
2017 governor
New Jersey
14
5 pts.
9
2017
Year
Virginia
New Jersey
U.S. House
U.S. Senate
1989
D
D
9
1
1993
R
R
52
8
1997
R
R
5
unch.
2001
D
D
8
1
2005
D
D
31
6
2009
R
R
63
6
2013
D
R
13
Researchers reported a
big advance in gene therapy,
creating new skin for a boy
with a severe disorder. A10
China detained three
UCLA basketball players
for alleged shoplifting. A10
The EU proposed extending its natural-gas regulation to offshore pipelines. A8
Middle Seat.......... A12
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News............. A2-7
Weather................... A14
World News A8-10,18
>
Republican win
10
20
10
20
30
2017
D
D
Races too
close to
call
9
*Only includes contests with both a Democrat and Republican running in each year.
Sources: Dave Leip's Atlas of U.S. Presidential Elections; Associated Press; Virginia Dept. of Elections; Vital Statistics on Congress
THE WALL STREET JOURNAL.
Business Contracts
Kick Off China Visit
BY EVA DOU
AND JEREMY PAGE
ANDREW HARNIK/ASSOCIATED PRESS
Xi welcomed Trump with a
series of business deals, even
as the U.S. president pressured China to curb financial ties with North Korea. A1
A Mexican deportee who
sued the Trump administration was arrested for illegally re-entering the U.S. A6
Democrat win
30
Circles indicate
party control
changed hands
Republicans scrambled to
prevent a potential Democratic wave in next year’s midterm elections after a political shellacking Tuesday fueled
by opposition to Trump. A1
Outcomes of some of
Tuesday’s votes heartened
backers of gun curbs. A4
The U.S. administration
tightened rules on travel to
Cuba and financial transactions with the island. A6
40
2015
Gubernatorial results and net change in Congressional seats the following year
World-Wide
Video of the Texas church
attack is said to show the
gunman methodically executing his victims. A3
Behind Disney’s Fox play: the
rise of Netflix............................. B4
Fox profit grows on cablenetwork fees.............................. B2
Margin of victory, in percentage points*
14
Gubernatorial races the year before midterm elections have foretold
the last three times control of the U.S. House changed hands.
Gerald F. Seib: Anti-Trump
coalition takes shape............ A4
Efforts to flip statehouses
get a lift........................................ A4
Results hearten backers of
gun curbs..................................... A4
Dior’s CEO plans to step
aside after 20 years running
the LVMH fashion brand. B6
Israel, moving to counter
Iran and its Lebanese ally
Hezbollah, is aligning policies with Saudi Arabia. A8
chief, Makan Delrahim, has
pledged that politics wouldn’t
play a role in enforcement decisions.
“The department is committed to carrying out its duties
in accordance with the laws
and the facts,” a spokesman
said, declining to comment
further on the investigation.
The agency is laying the
Please see DEAL page A6
And in Virginia legislative races, voters
shifted left compared with 2015.
Democrats matched or exceeded Hillary Clinton’s 2016 margin
in states electing governors Tuesday.
Republicans
scrambled
Wednesday to prevent a potential Democratic wave in next
year’s midterm elections after
a political shellacking Tuesday
fueled by opposition to President Donald Trump.
The results of elections from
Virginia to Washington state
produced Democratic victories
up and down the ballot,
prompting both parties to take
fresh looks at their plans for
House and Senate campaigns
next year.
For Republicans in swing
districts, the failed campaign of
GOP gubernatorial candidate
Ed Gillespie in Virginia was a
reminder of the complex landscape ahead of them. Mr. Gillespie tried to walk a line by
embracing Mr. Trump’s agenda
but not campaigning alongside
the GOP president.
He lost to Ralph Northam by
Please see VOTE page A4
A former New York state
pension fund executive accused of taking bribes from
Wall Street salespeople
pleaded guilty to fraud. B1
House lawmakers prepared changes to the GOP
tax bill to fill a revenue hole
of at least $74 billion. A3
Trump told Democratic
senators that the Senate
version of the tax bill will
be more to their liking. A3
In a statement Wednesday,
AT&T CEO Randall Stephenson
said, “Throughout this process, I have never offered to
sell CNN and have no intention
of doing so.”
Rather than a major divestment, AT&T is preparing to
fight any potential legal challenge in court, arguing the opposition is politically motivated since there is no overlap
between the two companies’
business lines, some of the
people said.
The Justice Department’s
recently confirmed antitrust
Republicans Take Stock After Election Losses
Federal prosecutors are
investigating Icahn’s former
role advising Trump and the
investor’s attempts to change
an environmental rule. B1
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
GOLD $1,281.60 À $7.90
U.S. Threatens to Derail AT&T Deal
What’s
News
CONTENTS
Business News B3,6-7
Crossword.............. A14
Heard on Street.. B13
Life & Arts....... A11-13
Management.......... B5
Markets............. B12-13
HHHH $4.00
WSJ.com
Chinese President Xi Jinping and President Donald Trump at a ceremony in Beijing on Thursday.
T-Mobile’s CEO Has a Side Gig:
Hosting an Online Cooking Show
i
i
i
John Legere’s ‘Slow Cooker Sunday’
videos draw millions of viewers
BY DREW FITZGERALD
tive, Twitter troll and, on Sundays, celebrity chef. His
T-Mobile US Inc. boss John weekly “Slow Cooker Sunday”
Legere flew to Tokyo last videos on Facebook and Twitweekend to salvage a merger ter Inc.’s Periscope attract a
with Sprint Corp. but failed. cult following among T-Mobile
customers, employThen he hopped
ees and some viewon one flight Suners who are there
day morning to
just for the recipes,
Los Angeles and
gathered from onanother to Seattle,
landing just in
line cookbooks and
time to put on his
employee suggescat apron and
tions. Mr. Legere
start cooking.
usually gets more
“It’s the longest
than a million viewSunday of my life,
ers a week.
but I made it!” he
“Slow
Cooker
John Legere
said in a Facebook
Sunday” is decidvideo, standing in
edly low-fi. It’s usuhis kitchen with the ingredi- ally streamed from Mr.
ents for Maine corn chowder. Legere’s apartment in Belle“Holy shit, it’s Sunday! It’s vue, Wash., or New York with
been Sunday for a long time.” no special lighting or cameras
Mr. Legere, 59 years old, while T-Mobile Executive Vice
Please see LEGERE page A10
wears many hats: chief execu-
Tencent
Invests in
Fledgling
U.S. Firms
BEIJING—Xi Jinping welcomed Donald Trump to China
with a series of business deals
and a private tour of the Forbidden City, seeking to impress the U.S. president even
as he stepped up pressure on
Beijing to curb financial ties
with North Korea.
The deals, valued at an estimated $9 billion, were designed to set a positive tone
for Mr. Trump’s 1½-day visit.
Hours before Mr. Trump
landed, China reported an almost $27 billion trade surplus
with the U.S. in October.
On Wednesday afternoon,
the presidents and their wives
toured the former imperial
palace off Beijing’s Tiananmen
Square before a Peking opera
performance and a dinner.
Mr. Trump arrived in Beijing
from South Korea, where he
took direct aim at North Korean leader Kim Jong Un in a
speech that both opened a path
to negotiation and warned of
the potential consequences of
Pyongyang’s nuclear-weapons
program.
Mr. Trump also put Beijing
on notice ahead of his talks with
Mr. Xi, again calling on China to
do more to pressure Pyongyang
to change course. China is by far
North Korea’s top trading partner, but is also the U.S.’s largest.
“Why would China feel an
obligation to help North Korea?” Mr. Trump said in his 35minute address to the South
Please see TRUMP page A9
Nations seek new Pacific
trade pact, minus the U.S....A9
World’s First
“Self-Driving”
Database
BY STEVEN RUSSOLILLO
AND WAYNE MA
Tencent Holdings Ltd., the
rapidly growing Chinese internet giant, is proving a welcome source of capital to
America’s fledgling companies,
with Snap Inc. the latest beneficiary of its deep pockets.
Tencent, one of the world’s
most valuable technology companies and best known in
China for its WeChat messaging app, recently purchased a
12% stake in Snap in the open
market, becoming one of its
largest shareholders, Snap revealed Wednesday.
Meanwhile, in Hong Kong,
shares of a Tencent unit that
operates an online library
Please see STAKE page A10
Heard on the Street: Tencent
finds surprise windfall........ B13
Oracle
Autonomous
Database
No Human Labor – Half the Cost
No Human Error – 100x More Reliable
oracle.com/selfdrivingdb
Human labor refers to tuning, patching, updating, and maintenance of database.
Copyright © 2017, Oracle and/or its affiliates. All rights reserved.
THE WALL STREET JOURNAL.
A2 | Thursday, November 9, 2017
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
Trump Should Give Thanks for Solid Economy
In the year
since Donald
Trump was
elected president, the
economy and
markets have been on a roll.
Stocks have set one record after another, unemployment
has dropped sharply and the
U.S. enjoyed its strongest six
months of growth since 2014.
Mr. Trump thinks he
knows why: “The reason our
stock market is so successful
is because of me,” he declared
this week.
But Mr. Trump should be
giving thanks, not taking
credit. The entire global economy is picking up steam, and
foreign stocks are outperforming American ones. This
suggests the U.S.’s good fortune is due less to Mr.
Trump’s presence than to a
broader, global trend. Years of
highly stimulative monetary
policies by central banks have
finally overcome various postcrisis headwinds.
So Mr. Trump is a lucky
man. But can he make it last?
That will require translating
what may be a short-lived upswing into permanently faster
growth, and as the fight over
U.S. tax cuts demonstrates,
that is no easy task.
The disappointing pace of
global growth over the past
decade reflects both structural drags such as aging pop-
ulations and headwinds that
followed the U.S. financial crisis in 2008 and Europe’s sovereign-debt crisis in 2012.
Central bankers responded
with bond buying and zero interest rates.
That monetary medicine
circulated slowly because
banks were focused on working through bad loans and
complying with new rules
rather than lending. The process was over in the U.S. and
still under way in Europe
when another shock hit in
2015: an oil-price collapse and
an abrupt slowing in China.
B
y last year, most of
those shocks had receded. Oil recovered,
especially after production
cuts by OPEC and Russia
shortly after Mr. Trump’s
election. China reopened the
credit taps.
Ethan Harris of Bank of
America Merrill Lynch notes
that growth in China, the eurozone and Japan this year
has exceeded both economists’ expectations and those
countries’ long-term potential
growth rates.
The markets mirror this.
Blue-chip shares are up 21%
in the U.S. since Election Day
last year, 22% in France, 28%
in Germany, 33% in Japan and
26% in emerging markets.
Of course, global growth
and markets have always
The U.S. Catches a Global Tailwind
Growth and stock prices in other major economies have outperformed the U.S. since last fall.
Major stock indexes
Change since Nov. 8, 2016
Nikkei 225
MSCI EM
S&P 500
FTSE 100
Dollar
Performance since Jan. 1, 2015
CAC 40
30%
Purchasing managers indexes
(manufacturing and services)
Eurozone
Japan
105
60
20
100
55
10
95
50
0
90
U.S.
China
U.S. presidential election
–10
85
2016 ’17
45
U.S. presidential
election
2015
’16
40
’17
Sources: FactSet (stock indexes, dollar); Markit (PMI)
been linked, through trade
and investor attitudes. Sometimes that’s because the rest
of the world is hitching a ride
on a U.S. boom.
This time, though, there’s a
better case the reverse is
happening. Japanese and European growth this year has
been driven heavily by consumer spending and business
investment, not exports.
By contrast, U.S. exports
have grown faster than imports, with that gap contributing on average a quarter of
a percentage point to growth
each quarter this year. The
dollar rallied after the election and then slid as investors
upgraded prospects for the
rest of the world faster than
for the U.S. and reallocated
capital accordingly.
The stock market initially
soared after Mr. Trump’s election as investors justifiably
anticipated looser regulation,
especially of banks, and lower
taxes. Yet with time, the
“Trump trade” has faded.
A basket of stocks tracked
by Goldman Sachs of the
highest-taxed companies out-
U.S. presidential
election
2015
’16
’17
THE WALL STREET JOURNAL.
paced the overall market for
the first month after the election and has since underperformed; it’s up 17% in the past
year, less than the total market. Goldman says that’s because multinationals, which
tend to have the lowest tax
rates, also benefit most from
the lower dollar.
So why is the market up so
much? The economy “was
better than markets realized
this time last year,” says
Charles Himmelberg, Goldman’s co-chief markets economist. “It was a little bit of a
happy coincidence that markets started to fully price the
strength of that macro data
when Trump got elected.”
So Mr. Trump has been
lucky. Still, successful presidents make their own luck,
which is why Mr. Trump last
week nominated Federal Reserve governor Jerome Powell
to take over from Janet Yellen
when her term as central
bank chairwoman ends in February. Short of reappointing
Ms. Yellen, it was the closest
he could come to maintaining
her strategy of raising interest
rates gradually and cautiously.
M
r. Trump has promised to return the U.S.
to sustained 3%
growth through lighter regulation and lower taxes, and
renegotiated trade pacts. His
officials were proud to note
the economy hit that annualized rate in the second and
third quarters this year.
But that growth isn’t sustainable. It required employers to add so many workers
that the jobless rate dropped
0.4 percentage point. Keep
that up and the labor market
is going to run out of people.
That would finally make
the Fed nervous enough
about inflationary pressure to
pick up the pace of interestrate increases, withdrawing
the medicine that got the current global upswing started.
U.S. WATCH
JOSE LUIS MAGANA/ASSOCIATED PRESS
Soldier Killed in Afghanistan Is Mourned
SOLEMN MOMENT: The remains of Sgt. First Class Stephen B. Cribben, of Simi Valley, Calif., arrived Wednesday at Dover Air Force
Base in Delaware. The Pentagon said Sgt. Cribben died on Saturday from wounds sustained during an operation in Afghanistan.
FEDERAL RESERVE
WISCONSIN
Yellen Is Undecided
On Staying on Board
Development Board
Backs Foxconn Deal
Federal Reserve Chairwoman
Janet Yellen hasn’t decided
whether to stay on the Fed
board when her term as chairwoman ends next year, according to Treasury Secretary Steven
Mnuchin.
President Donald Trump last
week said he was nominating
Fed governor Jerome Powell to
succeed Ms. Yellen at the end of
her four-year term as Fed chief,
which ends Feb. 3.
Ms. Yellen is also serving a
14-year term on the Fed’s board
of governors that doesn’t expire
until January 2024.
Mr. Mnuchin also said the administration is moving ahead
with plans to fill several other
Fed vacancies.
A Fed spokeswoman declined
to comment. Ms. Yellen has previously declined to weigh in on
whether she would stay at the
Fed beyond her tenure as chairwoman, though she acknowledged in December that she had
the option to stay.
—Kate Davidson
Wisconsin’s efforts to bring a
Foxconn Technology Group plant
to the state surmounted a crucial hurdle Wednesday, overcoming recent concerns the deal
may be in trouble.
The board of the Wisconsin
Economic Development Corporation approved a contract that
would provide a $3 billion incentive package to the Taiwanese
firm if it invests $10 billion to
create a 20-million square foot
campus in Racine County that
could ultimately employ up to
13,000 workers.
Wisconsin Republican Gov.
Scott Walker has argued that
the deal would transform the
state’s economy and is worth
the hefty tax breaks.
But some of his Democratic
opponents in the state legislature have questioned if the price
tag is too high. An independent
state fiscal analysis found that
taxpayers wouldn’t recoup their
investment until the 2042-43
fiscal year.
—Shayndi Raice
Democratic Wins Cloud ACA Repeal
BY STEPHANIE ARMOUR
AND KRISTINA PETERSON
BALL Watch is thrilled to announce its partnership
with Ducks Unlimited, world leader in wetlands and
waterfowl conservation. To commemorate the year DU
was established, we have produced a limited quantity
of 1937 Limited Edition Engineer Master II Sportsman
watches. RESERVE YOURS TODAY!
US Retail Price $1,999.
If you are a current Ducks Unlimited Member or join
Ducks Unlimited for $35 the price is $1,299.
all 727-896-4278 to order.
http://www.ballwatch.com/campaign/DU/
Democratic wins in Tuesday’s elections make it less
likely that Republicans, as
part of their tax package, will
seek to repeal the Affordable
Care Act’s requirement that
most people have health coverage, according to congressional aides.
Voters in Maine this week
decisively backed a referendum to expand Medicaid under the ACA, and exit polls
showed health care was a central issue for Virginians who
elected
Democrat
Ralph
Northam as their state’s governor.
Democrats say those results are a rebuke to the ongoing Republican goal of repealing the ACA after
repeatedly failing to undo the
law earlier this year. Some
Republican leaders want to
push harder to overturn the
law in hopes of delivering on
a long-held promise to GOP
voters, while others say it
makes more sense to pause in
that effort.
Republicans had been discussing for weeks whether to
erase the ACA’s individual
mandate, which they see as
the least popular element of
the law often called Obamacare, as part of a tax overhaul
they are now assembling. But
that
prospect
dimmed
Wednesday, as House GOP
aides said the election results
highlighted the prospect that
centrist Republicans would
balk if the tax package included such a measure.
Inclusion of the mandate
repeal “would make it more
difficult to pass a tax relief
bill,” Sen. Susan Collins (R.,
Maine) said in a statement
Wednesday.
Democrats sought to press
their advantage, arguing that
Republicans would regret
pushing ahead with ACA repeal efforts given the Virginia
outcome. “They’re going to
then suddenly try to jam in
health care...[when] the number one issue of those supporting our candidate was
health care?” said Sen. Mark
Warner (D., Va.). “Bring it
on!”
GOP
leaders
haven’t
wanted to bog down the tax
bill with controversial healthcare provisions, but still
could end up including the
repeal if it generates revenue
needed to pay for tax cuts
CORRECTIONS AMPLIFICATIONS
The founders of Outcome
Health say that the company
didn’t move $225 million in
capital out of a subsidiary, contradicting claims in an investor
lawsuit that Rishi Shah, cofounder and CEO, took steps to
move funds. In some editions
Wednesday, a Business & Finance article about a lawsuit
filed by Outcome investors contained language that implied
the founders had moved the
funds out of the company. The
article also incorrectly referred
to Outcome co-founder Shradha
Agarwal as Mr. Agarwal instead
of Ms. Agarwal.
Texas gunman Devin Patrick
Kelley was convicted in a general court-martial on two
counts of domestic assault on
his spouse and her child in
2012. Page One articles on
Tuesday and in some editions
Wednesday about Sunday’s
Texas church shootings as well
as a U.S. News article in some
editions Wednesday about Kelley’s 2012 escape from a New
Mexico mental-health facility
incorrectly said the conviction
happened in 2013.
A late-September Republican tax proposal called for
nearly doubling the basic standard deduction to $12,000 for
individuals and $24,000 for
married couples. A Page One article on Sept. 28 about the proposal incorrectly said that the
deductions would be doubled.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
elsewhere. House Speaker
Paul Ryan (R., Wis.) said Republicans remained committed to fulfilling President
Donald Trump’s agenda.
“We already made that
choice—we’re with Trump,”
Mr. Ryan said on a Fox News
radio show. “That’s a choice
we made at the beginning of
the year. We merged our agendas. We ran on a joint agenda
with Donald Trump.”
—Michelle Hackman
contributed to this article.
THE WALL STREET JOURNAL
(USPS 664-880)
(Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
Editorial and publication headquarters:
1211 Avenue of the Americas, New York, N.Y. 10036
Published daily except Sundays and general legal
holidays. Periodicals postage paid at
New York, N.Y., and other mailing offices.
Postmaster:
Send address changes to The Wall Street Journal,
200 Burnett Rd., Chicopee, MA 01020.
All Advertising published in The Wall Street Journal
is subject to the applicable rate card, copies of
which are available from the Advertising Services
Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal
reserves the right not to accept an advertiser’s
order. Only publication of an advertisement shall
constitute final acceptance of the advertiser’s order.
Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
NEED ASSISTANCE WITH
YOUR SUBSCRIPTION?
By web: customercenter.wsj.com;
By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
Or by live chat at wsj.com/livechat
REPRINTS & LICENSING
By email: customreprints@dowjones.com
By phone: 1-800-843-0008
GOT A TIP FOR US?
SUBMIT IT AT WSJ.COM/TIPS
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 9, 2017 | A3
U.S. NEWS
Evidence supports
eyewitness accounts
of massacre in Texas;
Pence attends vigil
BY TAWNELL D. HOBBS
AND DEL QUENTIN WILBER
SUTHERLAND SPRINGS,
Texas—Video from inside the
Baptist church where a gunman massacred 26 people on
Sunday shows him methodically executing his victims, including children, according to
a law-enforcement official.
The video, which is being
reviewed by investigators,
supports earlier eyewitness
accounts that the 26-year-old
gunman paced the aisles
shooting young and old congregants at close range.
A law-enforcement official
on Wednesday described the
video as brutal to watch. The
content of the video was reported earlier by the New York
Times.
First Baptist Church, where
the attack took place, routinely records videos of its
services and posts them on
YouTube.
Investigators
also
on
Wednesday released the official list of the dead. Last on
the list is Carlin Brite “Billy
Bob” Holcombe, the unborn
baby of Crystal Holcombe.
Vice President Mike Pence
visited south Texas on Wednesday, where he attended a prayer
service and met with families of
victims and survivors.
“I offer the condolences of
the American people,” Mr.
Pence said at the vigil at a
school football stadium in Floresville.
The vice president, joined
by his wife, Karen, told the audience that President Donald
Trump asked them to come to
Texas “to tell all of you, we
are with you.”
Texas Gov. Greg Abbott attended the prayer service
Wednesday night with the vice
president.
Mr. Pence also visited
wounded victims at Brooke
Army Medical Center.
During his visit, Mr. Pence
met with law-enforcement officials, who have collected a
substantial amount of evidence, including hundreds of
shell casings from the church.
A law-enforcement official
said Tuesday that they could
finish processing the crime
scene as early as the following
night.
Presidents typically visit
communities affected by mass
shootings and natural disasters, or send their vice presi-
RICK WILKING/REUTERS
Video Shows
Shooter Acted
Methodically
South Texas pastors praying at the site of the First Baptist Church shooting in Sutherland Springs, Texas, on Wednesday. People are
dealing with the shock of what happened in their small town—and at a church considered a vital part of the community.
dent when they can’t make the
trip. Mr. Trump is in Asia for a
tour through the region. He
tweeted earlier this week:
“May God be w/ the people of
Sutherland Springs, Texas,”
adding that he was monitoring
the situation from Japan.
People
in
Sutherland
Springs are still dealing with
the shock of what happened in
the small town—and at a
church considered a vital part
of the community.
“It’s a nice, quiet town,
where everybody knows everybody,” said Margaret Vidal,
whose aunt was shot in the
church. “Nothing happens
here.”
—Zusha Elinson
contributed to this article.
House Tax Bill Faces Revenue Gap
BY RICHARD RUBIN
AND SIOBHAN HUGHES
Republicans plan to
push the bill toward a
vote by the full House
as soon as next week.
cut, but they have slim margins in both chambers and are
trying to squeeze their plans
inside budgetary constraints.
The $74 billion gap in the
House bill stems from an
amendment Republicans made
late Monday that would scale
back an excise tax on multina-
tional corporations proposed
in the first version of the GOP
bill. The change removed 95%
of that key revenue-raising
provision, leaving the bill outside its budget target, according to an estimate provided
Tuesday by the Joint Committee on Taxation, the nonpartisan scorekeeper for tax legislation in Congress.
The bill’s author, Rep. Kevin
Brady (R., Texas), said it was
“not unusual” for amendments
to push a bill outside its revenue target. He said Republicans are looking at options.
Those include repealing the
individual mandate to purchase health insurance.
“We continue to weigh the
scores from the Joint Committee on Taxation and drive toward that final amendment,”
Mr. Brady told reporters late
Wednesday, offering no detail.
Rep. Vern Buchanan (R.,
Fla.) said Republicans were
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
WASHINGTON—House lawmakers on Wednesday prepared changes to the GOP tax
bill to fill a revenue hole of at
least $74 billion, as Senate Republicans were set to release
their own plan with significant
differences that the GOP will
eventually have to resolve to
complete its tax overhaul.
House Republicans plan to
make their changes Thursday
and push the bill toward a
vote by the full House as soon
as next week.
The Senate bill, expected to
be released Thursday, will
likely differ from the House
version by preserving the
medical-expense deduction,
fully repealing individual deductions for state and local income and property taxes, and
not repealing the estate tax.
“There are some areas
where we have a different approach,” said Sen. John Thune
(R., S.D.)
The simultaneous negotiations in the House and Senate
left the GOP tax bills in flux.
Republicans remain confident
they can deliver a sizable tax
The House Ways and Means Committee is hoping to finish work on the GOP tax bill Thursday.
talking about needed adjustments. “They’ve got dials, and
they’re having to turn dials,”
he said.
Republicans also haven’t
said how they intend to address concerns from life-insurance companies and passthrough businesses that pay
taxes through owners’ individual tax returns.
“We’re always looking to
improve on the small-business
side of things,” said Mr. Brady,
chairman of the House Ways
and Means Committee. “I’m
optimistic we’ll continue to
provide more relief.”
The committee plans to finish work on the bill Thursday.
Rep. Richard Neal (D.,
Mass.) and other Democrats
have pressed Mr. Brady to give
them time to review any major
changes in the works.
The problem, Mr. Neal said,
is that Republicans’ tax-cut
goals outpace their $1.5 trillion budgetary limit, forcing
them to scramble when problems arise.
“The dilemma has been
clear. You can’t put a size 12
foot in a size 7 shoe,” he said.
“It appears to me as though
substantial change is coming
in their proposals.”
Democrats have been hammering the GOP bill, arguing
that it benefits high-income
households and removes valuable deductions for items such
as medical expenses and student loan interest.
The shape of a companion
Senate tax plan was in flux
Wednesday, and Republicans
on the tax-writing Finance
Committee held meetings late
into the day.
Some munis’ tax-free status
is at risk...................................... B11
Tax change unlikely to burden
buyout companies................. B11
Trump Touts Senate Version of Proposal
BY ELI STOKOLS
WASHINGTON—President
Donald Trump moved to assuage centrist Democratic senators’ concerns about the
House Republican tax overhaul
by telling them the Senate
version will be more to their
liking, people familiar with the
matter said.
“You’re going to like it a
whole lot more,” said Mr.
Trump of the Senate version,
according to people who attended a Tuesday gathering of
Democratic senators that the
GOP president addressed by
phone.
The comments risk complicating Republican efforts to
present a united front on both
the Senate and House versions
of the tax bill to keep it on
track. Publicly, Mr. Trump has
praised the House plan, but
Tuesday’s comments could
fuel doubts among lawmakers
about how wedded he is to
that version.
Many GOP lawmakers in
competitive districts already
have concerns about supporting the bill and could balk at
being asked to cast a politically risky vote on a plan that
may never become law.
“I don’t think that’s the
president’s bill,” said Sen. Joe
Manchin (D., W.Va.) about the
House tax bill, speaking after
the meeting. Asked if the Sen-
ate bill would be the plan fully
backed by the administration,
Mr. Manchin said, “we haven’t
seen it yet” to know.
Senate Republicans plan to
release their own tax legislation Thursday and have said it
would differ sharply from the
House’s.
During the meeting Tuesday, National Economic Council Director Gary Cohn echoed
Mr. Trump, these people said,
leaving attendees with the impression that the White House
isn’t as invested in the legislation being considered this
week by the House Ways and
Means Committee as it may be
in the Senate tax package.
“Don’t get too hung up on
the House bill,” Mr. Cohn said,
according to people in the
room.
Asked about Mr. Cohn’s remark, a White House official
said that he was simply urging
senators who are concerned
about the House bill to focus
on their own legislation. “It
was like: ‘Your bill doesn’t exist yet. Don’t get hung up on
what you don’t like about their
bill and sink the entire process,’ ” the official said.
The official said the president’s comment was “meant in
the same way” as Mr. Cohn’s
comment and shouldn’t be
seen as a sign he doesn’t support the House version of the
bill.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A4 | Thursday, November 9, 2017
P
W
L
C
10
11
12
H
T
G
K
B
F
A
M
1
2
3
4
5
6
7
8
9
O
I
X
X
**
THE WALL STREET JOURNAL.
U.S. NEWS
Anti-Trump Coalition Takes Shape in Virginia
CAPITAL JOURNAL
By Gerald F. Seib
In their rousing election
victories in Virginia on Tuesday, Democrats learned two
important things: They found
out what an anti-Trump coalition looks like, and they discovered it can
be a winning
one.
That coalition combines
upper-scale
white voters,
millennials, minorities, suburban women and single
women. Exit polling indicates
that those groups not only
went heavily for Democratic
victor Ralph Northam in the
governor’s race, but performed better for him than
they did for Hillary Clinton in
the 2016 presidential election.
That tide produced a stunning nine-point victory for
Mr. Northam—almost twice
as large as the margin by
which Mrs. Clinton carried
the state—and it’s hard to interpret it as anything other
than a reaction to President
Donald Trump. He is the biggest actor on every political
stage right now; almost everything happens in the
Trump context.
In fact, the best news for
Democrats may have been the
signs that their wave of energy carried beyond the top
race and down the ballot to
elections for the state House
of Delegates. Many thought
Mr. Northam could win at the
top of the ballot (though
most concluded only barely),
but nobody thought Democrats would be on the verge
of turning the state legislature blue.
Still, there also are multiple, less-obvious cautionary
notes for Democrats in Virginia, starting with the tendency to over-interpret such
an off-off-year election.
Beyond that, this winning
coalition brought decisive
margins in blue parts of the
state—the Washington suburbs, college towns and upper-scale coastal areas—but it
wasn’t enough to break into
the swath of red territory in
central and southern Virginia.
That part of the state continues to look and act a lot like
Trump country in the interior
of America.
Mrs. Clinton learned what
happens in a presidential race
when you run up victories,
even big ones, in areas Democrats are strong but don’t
crack through in areas where
the party is weaker.
Moreover, Democratic success in Virginia probably will
do more to paper over than
resolve the Democrats’ split
between establishment
groups and the party’s progressive wing. Liberals had
backed former Rep. Tom Perriello in the primary, were under-enthused by Mr.
Northam, and thought he
should have stressed economic issues more. They were
particularly unhappy when he
hedged his position supporting sanctuary cities that provide a haven for undocu-
mented aliens. In short, the
residual problem for Democrats is that progressives
wanted a different kind of
candidate and a different kind
of campaign.
The good news for them,
of course, is that all signs
suggest that liberal activists
largely swallowed those misgivings and went to work,
without Trump.” That is, that
Mr. Gillespie could embrace
Trump-like themes—the dangers from violent immigrants,
the virtues of Confederate
monuments—without embracing Mr. Trump himself
personally.
It didn’t work as hoped,
obviously. Why? For an answer, look at how two particularly energized Democratic
groups performed Tuesday in
Virginia.
Single women, inspired by
Hillary Clinton and the
chance to elect the nation’s
first female president, were a
big part of the Clinton coalition in 2016. But, one year after Mr. Trump became president, they turned out to be an
even more-potent part of the
Ralph Northam coalition.
Exit polling by Edison Media Research for the Washington Post and other news organizations shows that
unmarried women went for
the Democrat by a stunning
77% to 22% margin. That is to
say, they went Democratic by
more than 3-to-1. The Democratic vote among single
women this time was 16 per-
Single women and
millennials fueled
Ralph Northam’s
decisive victory.
and to the polls, anyway.
We’ll see which side of the
coin—tensions at the beginning or unity at the end—
proves to be the most important dynamic elsewhere.
The underlying proposition
of the campaign of losing Republican Ed Gillespie, meanwhile, was that he could win
by having, in the words of
populist political crusader
Stephen Bannon, “Trumpism
Election Buoys Efforts to Flip Statehouses
WASHINGTON—The surprising ability of Democrats to pick
up Republican seats in the Virginia statehouse Tuesday gave
new life to a long-held party
goal: Clinching the power to
redraw state and U.S. legislative districts to be more favorable for Democratic candidates.
The state legislature and
Virginia’s newly elected Democratic
governor,
Ralph
Northam, will redraw the
boundaries for those districts
after the 2020 Census. Democrats have been hoping to gain
the power to control a process
that Republicans used to favor
their own party after the 2010
Census.
The outcome of Tuesday’s
elections has bolstered a party
that has spent the last year
trying to regain its footing
since losing the White House
to President Donald Trump.
Progressive activists are now
targeting legislatures in states
such as Florida, Pennsylvania
and Minnesota, where they see
Republican state legislative
seats as vulnerable to the antiTrump sentiment that helped
energize voters in Virginia.
Others in the party warn
that a national wave will come
only by focusing on policies to
boost jobs and the economy,
rather than by expecting to
make electoral gains from Mr.
Trump’s weak job approval
rating, which is under 40% in
many surveys.
“What happened in Virginia
last night was historic, but it
VOTE
Continued from Page One
9 percentage points, the largest victory margin for a Virginia Democratic gubernatorial
candidate since 1985. Mr.
Northam notched even wider
margins among women and
suburban voters who will be
central to key House battleground districts.
“It was a referendum on the
president for many of them,”
said Rep. Ryan Costello, a Republican who heard that message even in local races in his
swing district in suburban Philadelphia. “You had a lot more
people, a lot more people vote
Democrat than they ever had
before.”
Bryan Lanza, who worked
for Mr. Trump’s presidential
campaign, said in an interview
that the vote should be a wakeup call for Republicans who
have not delivered on policy.
“Last night showed the voters are frustrated with the status quo and inaction,” Mr.
Lanza said. “Republicans were
punished at the polls, and it’s
painful.”
House Republicans have
long said that passing a tax
overhaul was necessary for
them to retain their House majority, but after Tuesday’s loss
in Virginia some said that even
that might not be sufficient.
“This really is a sort of door-die moment, in my view, in
terms of holding the majority,”
said Rep. Tom Cole (R., Okla.),
referring to the tax legislation.
“It doesn’t guarantee you suc-
STEVE HELBER/ASSOCIATED PRESS
BY JOSHUA JAMERSON
Virginia Democrats were energized by Ralph Northam’s gubernatorial win and results in other races.
wouldn’t have been enough to
swing Pennsylvania or Michigan,” said Joseph Bandera-Duplantier, a co-founder of Flippable, a progressive group
dedicated to state and local
races. “It’s more crucial now
than ever that we continue to
do that work to roll back aggressive gerrymandering.”
In Virginia, Republicans
hold a 66-34 advantage in the
state House of Delegates. But
the 2016 presidential election
gave Democrats hope of making gains. In 17 districts represented by Republican lawmakers, Hillary Clinton won a
cess, but it’s a precondition for
success.”
Democrats were surprised
by the magnitude of their electoral wins, which overshadowed for now intraparty disagreements over how to
recover from their bitter loss
to Mr. Trump last year. Their
wins came in both marquee
races and more-obscure corners of the U.S. political map,
which underscored for them
the importance of fielding candidates even in long-shot districts to catch whatever political wave may form next year,
strategists said.
In Virginia, Democrats not
only swept the governor’s mansion and two other statewide
offices, they are tantalizingly
close to winning control of the
House of Delegates. Democrats
flipped at least 15 seats; if they
pick up one more of the yet-tobe-settled races, Republicans
would lose their majority. The
last time Democrats ran the
chamber was 1999.
In New Jersey, a Democratic
victory in the gubernatorial
race means the party will control both chambers of the state
Legislature and the governor’s
mansion, beginning in January.
The election of one new
Democratic state senator in
Washington state flipped party
control of the chamber from
Republican to Democratic.
In Georgia, Democrats won
three state legislative special
elections, including two in districts that were considered
safely GOP. That cost Republicans their supermajority in the
state Senate.
Political analysts and opera-
majority of the vote last year.
Democrats need to flip the
same number—17 seats—to
win a majority. In Tuesday’s
elections, they took 14 seats
from Republicans, according to
the Associated Press, with five
races too close to call as of
Wednesday afternoon.
As few as a dozen votes
separated the candidates in
some races, leaving open the
door for recounts that could
drag on into early December.
But even if Democrats fail to
capture a majority, winning
the Virginia gubernatorial race
Tuesday strengthened their
hand in redistricting after the
2020 census. With the state
Senate likely remaining under
Republican control, a victory
for Republican Ed Gillespie in
the governor’s race could have
given the GOP a virtual monopoly over drawing new district lines.
“The races that we won last
night were redrawn to benefit
Republican incumbents,” Virginia House Democratic Leader
David Toscano said. “Now, with
us taking so many seats, [Republicans] have to wonder
whether they can control the
legislature, and if we might do
Deeper Divide
How Virginia's vote shifted by party from 2013 gubernatorial
election to gubernatorial election Tuesday, in margin of victory by
percentage point.
More
Democratic
More
Republican
+10 +5 Same +5
Arlington
Alexandria
+10
Charlottesville
Roanoke
Blacksburg
Richmond
Lynchburg
Newport
News
Norfolk Va. Beach
Shift in Virginia vote by
party from 2016 presidential
election to Tuesday's
gubernatorial election
Arlington
Alexandria
Charlottesville
Roanoke
Blacksburg
Source: Virginia Department of Elections
tives from both parties caution
against over reading the implications of one election for another especially when the next
one is a year away.
Mr. Trump sought on Tuesday to pre-empt suggestions
that the Virginia loss was a reflection on him, tweeting that
Mr. Gillespie “did not embrace
me or what I stand for.” The
president’s associates continued the damage control
Wednesday, with one calling
reporters in for a briefing to
say the result was “not about
the president.”
But the impact of the president’s unpopularity was clear
Lynchburg
Richmond
Newport
News
Norfolk Va. Beach
THE WALL STREET JOURNAL.
in the bitterly fought Virginia
race. According to exit polls,
57% of Virginia voters said they
disapproved of the job Mr.
Trump was doing. Of those voters, 87% voted for Mr.
Northam.
Asked what message they
were sending with their vote,
34% said they were voting to
express disapproval of the
president—twice as many as
said they were voting to express support for him.
“The level of intensity, the
level of antipathy to Trump is
so palpable,” said Rep. Gerry
Connolly (D., Va.). “The desire
of our base and independents
to them what they did to us.”
Asked if Democrats would
draw up maps that overwhelmingly favor their party,
Mr. Toscano replied: “I hope
not.” He said he favored forming a nonpartisan committee
to handle redistricting, an idea
Mr. Northam supported as a
candidate.
John Whitbeck, the chairman of the Republican Party of
Virginia, declined a request for
comment.
Mr. Bandera-Duplantier said
the Democratic enthusiasm
shown in Virginia meant the
party now had hopes of finding legislative majorities in
Pennsylvania, Michigan, Iowa,
Wisconsin, Florida and North
Carolina, which had seemed
out of reach. “Those are kind
of in play now,” he said.
Meanwhile, slim GOP majorities in states such as Maine
and Colorado mean those
states seem even more in
reach, he said.
Robby Mook, the campaign
manager in 2013 for Democratic Virginia Gov. Terry
McAuliffe and for Mrs. Clinton
in the 2016 presidential race,
said that Democrats should be
wary of trying to replicate the
results in Virginia. He credited
Mr. McAuliffe with helping to
create the conditions for a socalled wave election by building a case for Democratic leadership in the state.
“There was the rationale to
say, ‘If you elect a Democratic
legislature, you could continue
to do even more,’ ” Mr. Mook
said.
troubled by Trump is just redhot to do something.”
There is historical precedent
for the Virginia and New Jersey
gubernatorial races serving as
a bellwether for the first midterm election of a new presidency. In 1994, 2006 and
2010—the last three times control of the House changed parties—the midterm result was
foretold by the party that won
the Virginia and New Jersey
gubernatorial races the year
before.
Democrats need to flip 24
seats to take control of the
House. Key targets are the 23
Republican-held districts where
Democratic presidential nominee Hillary Clinton beat Mr.
Trump in 2016. But the Democratic Congressional Campaign
Committee has said it aims to
put 80 districts in play and has
managed to recruit candidates
in 75 of them so far.
“That strategy of building a
huge battlefield with great candidates, even in really tough
districts, is going to be crucial,” said Tyler Law, the committee’s spokesman.
Jesse Hunt, a spokesman for
the National Republican Congressional Committee, said that
GOP leaders will do their best
to arm incumbents for battle in
the face of political winds they
already knew were blowing
hard against them.
“I don’t think we needed
last night’s results to tell us
next year was going to be extremely competitive,” Mr.
Hunt said.
—Peter Nicholas
and Joshua Jamerson
contributed to this article.
centage points higher than
the vote they produced for
Mrs. Clinton in 2016.
There is little except the
arrival of a President Trump
to explain the difference. In
short, single women look an
awful lot like a constituency
that is newly energized.
Second, consider the performance of millennials, a
core Democratic constituency,
on Tuesday. NextGen America, a liberal activist group,
chose nine precincts across
Virginia where millennials
make up a majority and monitored them to determine enthusiasm among young voters.
In each precinct—most
around college campuses—
residents aged 18 to 40 made
up at least 60% of voters. In
all of them, voter turnout was
up over the totals seen in the
governor’s election four years
ago. In the area around Virginia Commonwealth University in Richmond, turnout
more than doubled.
Energy matters in politics.
And on Tuesday in Virginia,
at least, Democrats seemed to
capture it.
Results
Hearten
Backers of
Gun Curbs
BY NATALIE ANDREWS
WASHINGTON—Chris Hurst,
the boyfriend of a reporter who
was shot dead on live television in 2015, beat a three-term
incumbent Virginia delegate
backed by the National Rifle
Association in a rural area.
First-time candidate Elizabeth Guzman defeated Scott
Lingamfelter, an eight-term
Virginia delegate and chairman
of the state assembly committee that shapes gun policy.
In Washington state, Manka
Dhingra, a state Senate candidate who campaigned on enacting gun-safety measures, won
her race, helping Democrats
take control of the chamber.
Those outcomes in this
week’s elections represented
victories for Everytown for
Gun Safety, a gun-control advocacy group that invested
$2.2 million in Virginia races,
matching the NRA’s spending,
said John Feinblatt, president
of Everytown for Gun Safety.
The election was six weeks
after a mass shooting in Las
Vegas and days after another,
in Sutherland Springs, Texas.
A spokeswoman for the
NRA didn’t respond to a request for comment.
Gun policy has long been
considered a key issue driving
Republicans to the polls, and
defeating NRA-backed candidates in rural areas has proven
to be a high hurdle for supporters of new firearms restrictions.
“The data is now telling us
that there is just as much intensity on the anti-gun-violence side” as there is for
those who vote for pro-gunrights Republicans, said Sen.
Chris Murphy (D., Conn.).
Mr. Murphy has been an advocate of tougher gun-control
measures since the mass
shooting at Sandy Hook Elementary School in his home
state in 2012.
Republican lawmakers have
blocked measures that would
mandate universal background
checks ahead of firearm purchases and limit the availability of high-powered firearms.
A bipartisan measure that
would ban “bump stocks,” which
enable semiautomatic rifles to
mimic fully automatic weapons,
stalled in the House after the
NRA and GOP leaders advocated
instead for potential new safeguards instead of legislation.
Republicans in the Senate on
Tuesday, responding to Sunday’s
mass shooting at a Texas
church, pushed for legislation to
provide incentives for federal
agencies, including the military,
to submit criminal-conviction
records to the Federal Bureau of
Investigation and require the
military to report domestic-violence misdemeanors to the national background-check system.
The Air Force has acknowledged it failed to submit to the
FBI the conviction record of the
man who killed 26 people in
the church, a move that would
likely have disqualified him
from possessing a weapon.
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 9, 2017 | A5
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A6 | Thursday, November 9, 2017
U.S. NEWS
Aren’t
Mexican Deportee Arrested ‘Dreamers’
Targets, Nielsen Says
BY ALICIA A. CALDWELL
BY LAURA MECKLER
JUAN GASTELUM/NATIONAL IMMIGRATION LAW CENTER/ASSOCIATED PRESS
LOS ANGELES—A Mexican
man who sued the Trump administration this year, alleging
he had been unlawfully deported, was arrested this week
and charged with a felony for
illegally re-entering the U.S.
Juan Manuel Montes Bojorquez, 23 years old, was arrested near Calexico, Calif.,
along the Mexican border on
Monday, according to federal
court records.
Mr. Montes, who dropped
his lawsuit in October, will
likely be deported, and he
could face as long as two
years in prison if found to
have illegally re-entered the
U.S. after initially being deported earlier this year. He
could also be barred from
coming back to the U.S. for
years.
The U.S. Border Patrol said
Mr. Montes was found about a
mile north of the U.S.-Mexico border in a scrub-covered
stretch of desert.
The arresting agent wrote
that Mr. Montes told officials
he was planning to go to Sacramento.
Mr. Montes sued the Trump
administration in April, alleging that Border Patrol agents
in Calexico arrested and deported him in February even
though he was protected from
deportation under the Obamaera Deferred Action for Childhood Arrivals program.
U.S. Homeland Security officials said Mr. Montes returned to Mexico voluntarily,
which caused him to lose his
DACA privileges and led to the
Juan Manuel Montes Bojorquez, 23, was arrested and charged with illegally re-entering the U.S.
February arrest and subsequent deportation.
Mr. Montes was thought to
be the first DACA recipient deported by the Trump administration. President Donald
Trump has made cracking
down on illegal immigration a
priority of his administration.
In September the Trump
administration
announced
plans to end the DACA program, which has protected
from deportation hundreds of
thousands of young immigrants brought to the U.S. as
children.
Mr. Montes’s lawsuit initially sought public records
about the February incident
and later was amended to include a challenge to his deportation. His lawyers asked that
he be allowed to return to the
U.S. while the case was pending, and a federal judge in San
Diego seemed amenable to the
request.
But the case was dropped
in October at Mr. Montes’s request. The National Immigration Law Center, which helped
represent Mr. Montes during
his civil case, said the “litigation has been a taxing experience” for Mr. Montes and he
decided to end the case and
remain in Mexico.
The National Immigration
Law Center said its lawyers
aren’t involved in the criminal
case and couldn’t comment.
According to court records,
Mr. Montes is being detained
in the Imperial County
jail, southeast of Los Angeles.
Federal court records don’t
list an attorney for Mr. Montes.
Arrests at the Mexican border have plummeted since Mr.
Trump took office.
As of the end of August,
about 287,000 people were arrested at the Mexican border
during the 2017 budget year,
which ended in September.
During the 2016 budget year,
agents made about 408,000
arrests.
on the course of action she favors for the Dreamers. About
690,000 of them are now protected by the Deferred Action
for Childhood Arrivals program, or DACA. Mr. Trump has
ordered an end to the program, deeming it unconstitutional and challenging Congress to enact legislation in its
place. The Dreamers’ protections begin expiring in March.
Sen. Kamala Harris (D., Calif.) asked Ms. Nielsen if she
agrees that legislation should
be passed by the end of the
year to replace the administrative protections.
Ms. Nielsen didn’t reply directly but said, more generally,
“We owe it to them to find a
permanent solution.”
She said the Dreamers
wouldn’t be targets for deportation and that their personal
information would only be
used for enforcement in “extraordinarily limited circumstances” that involve public
safety threats. A spokesman
for Ms. Harris said she was
somewhat reassured by Ms.
Nielsen’s remarks on the
Dreamers.
If confirmed, Ms. Nielsen, 45
years old, would be the sixth
secretary of Homeland Security
and would enter the job with
by far the lowest profile.
Members of the committee
didn’t say how they would
vote, but it didn’t appear that
her nomination, which needs
51 yes votes in the Senate,
was in any jeopardy. A committee vote is scheduled for
Thursday.
WASHINGTON—President
Donald Trump’s nominee to
lead the Department of
Homeland Security offered a
degree of assurance to Senate
Democrats critical of the administration’s tough immigration enforcement agenda during a confirmation hearing
Wednesday.
Kirstjen Nielsen told members of the Senate Homeland
Security and Governmental Affairs Committee she would
prioritize the arrest of undocumented immigrants who have
committed crimes, and said
contact information about socalled Dreamers—young people brought to the U.S. illegally as children—whose
protections from deportation
are set to expire won’t be
shared routinely with immigration enforcement officers.
Ms. Nielsen also said she
doesn’t favor the construction
of a wall along the entire
southern border, echoing recent statements by administration officials and by Mr.
Trump himself, whose call for
a border-length barrier had
been a staple of his presidential campaign.
“There is no need for a wall
from sea to shining sea,” she
said, responding to questions
from two Democrats on the
panel. “Technology, as you
know, plays a key part and we
can’t forget it. There’s a lot we
can do with technology to secure our border.”
Ms. Nielsen wasn’t specific
Trump Administration Further Unwinds Cuba Opening
BY FELICIA SCHWARTZ
AND LOUISE RADNOFSKY
DEAL
Continued from Page One
groundwork for a possible lawsuit to stop the deal while at
the same time negotiating
with company executives, The
Wall Street Journal reported
last week.
A top AT&T executive had
warned for the first time earlier Wednesday that the company was unsure about the
timing of the takeover, which
was valued at $85 billion when
it was struck last year.
“The timing of the closing
of the deal is now uncertain,”
John Stephens, AT&T’s chief
financial officer, said Wednesday at a Wells Fargo conference in New York. Just a few
weeks ago, he told investors
the company still expected the
transaction to close later this
year.
Shares of Time Warner fell
6% to $88.50 on Wednesday,
while AT&T shares rose 1% to
$33.44. AT&T shares have
fallen sharply in recent weeks
and Time Warner shares are
trading at a wide discount to
the implied offer price, as investors worry about the deal.
posted a list of entities connected with the Cuban military, and Americans would be
forbidden from engaging in
some financial transactions in
the future with them.
Individual travelers still will
more appealing to an acquirer.
Mr. Bewkes has argued that
uniting content and distribution will help meet viewers’
demands for more flexibility in
the TV packages they buy and
where they view content, with
more video being watched on
mobile devices.
As the media industry
evolves, even giant companies
are looking to adapt. Rival
Walt Disney Co. recently held
talks to buy studios and other
entertainment assets from 21st
Century Fox Inc., seeking to
gain more leverage in negotiations with distributors or to
have more content for its own
direct to consumer services.
Wall Street Journal parent
company News Corp and 21st
Century Fox share common
ownership.
AT&T argues the deal would
help consumers by making
film and TV more affordable.
AT&T points to its current
moves to lower prices for
video content, such as offering
discounts for DirecTV Now, an
online pay-TV service.
“Vertical mergers like this
one have always been approved because they benefit
consumers without removing
any competitors from the mar-
ket,” AT&T said last week. “We
see no reason in the law or the
facts why this transaction
should be an exception.”
Several competitors including the Lions Gate Entertainment Corp.’s premium programming service Starz, and
satellite broadcaster Dish Network Corp. have raised concerns about the deal, people
familiar with the matter said.
If the Justice Department
were to sue to block the deal,
that wouldn’t be the end of the
matter unless the companies
abandoned their plans. The department would have to present its case to a federal judge
and prove that the deal would
likely harm competition.
Such court battles remain
rare, as the government and
merging parties often find
ways to settle their differences. There were, however,
several major merger trials
during the Obama era of antitrust enforcement, including
two recent cases in which the
Justice Department won rulings against a pair of major
proposed deals in the health
insurance industry.
—Joe Flint
and Thomas Gryta
contributed to this article.
YAMIL LAGE/AGENCE FRANCE-PRESSE/GETTY IMAGES
WASHINGTON—The Trump
administration continued to
pare back rules intended to
normalize ties with Cuba, announcing regulations tightening travel and financial transactions by Americans.
President Donald Trump
had said in June he would reverse steps taken by predecessor Barack Obama to relax a
decades-old U.S. embargo
against the Castro regime, as
Mr. Trump had pledged to do
on the campaign trail.
The regulatory changes unveiled by the Treasury, State
and Commerce departments
are to take effect Thursday.
While they will have an impact
on the ability of individuals to
travel to Cuba and curtail
some business interactions,
much of Mr. Obama’s program
will remain in place.
“It wasn’t a full reversal,
but it’s not great news for
American travelers and, as a
resulting byproduct, this hurts
the Cuban private sector,” said
James Williams, president of
pro-normalization group Engage Cuba.
He added that the shift will
make it harder for American
businesses to operate in Cuba.
“It doesn’t fully close the door,
but it’s a step backwards.”
Many Americans who want
to visit Cuba will have to do so
by traveling through tour operators subject to U.S. jurisdic-
be allowed to go to Cuba under a category that allows for
travel in support of the Cuban
people, but officials said travelers in that category will be
subject to stricter regulation.
The tightening comes amid
heightened tensions between
Washington and Havana, as officials investigate health problems suffered by at least 24
American officials and family
members at the U.S. Embassy
in Havana, with symptoms including dizziness, hearing loss,
and mild traumatic brain injury.
U.S. officials have blamed the
symptoms on an undefined attack, possibly one using a sonic
device.
Officials said Wednesday
that the rule changes weren’t
connected to the continuing
investigation into the illnesses
in Havana. Mr. Trump announced the policy shift in
June, before his administration disclosed the illnesses in
August.
“We have strengthened our
Cuba policies to channel economic activity away from the
Cuban military and to encourage the government to move
toward greater political and
economic freedom for the Cuban people,” Treasury Secretary Steven Mnuchin said.
The U.S.-Cuban opening under Mr. Obama allowed several
American companies to begin
making inroads into travel,
telecommunications and other
sectors of the Cuban economy,
including several hotel deals.
The U.S. is steering American activity away from firms tied to the Cuban military. Above, a street in Havana on Wednesday.
tion and be accompanied by a
representative of a sponsoring
organization that is also subject to U.S. jurisdiction.
Most individual travel will
no longer be allowed, except in
cases where a flight or accomThe review reached a new
level in recent weeks with the
involvement of Mr. Delrahim,
who received Senate confirmation in late September. Mr.
Trump nominated Mr. Delrahim in April, but Senate delays
in his confirmation left him on
the sidelines while others in
the Justice Department scrutinized the transaction.
Mr. Delrahim is a critic of
so-called behavioral remedies
to address concerns about a
merger, preferring that companies be required to sell off assets instead, a view he signaled last month in a public
appearance at New York University. Antitrust observers
took notice of the remarks and
have wondered whether his
views would make it harder
for AT&T to offer concessions
that the companies and the
Justice Department would
each find acceptable.
During his presidential campaign, Mr. Trump had attacked
the proposed deal. “AT&T is
buying Time Warner, and thus
CNN, a deal we will not approve in my administration because it’s too much concentration of power in the hands of
too few,” he said. Mr. Trump
has since avoided talking pub-
modation had been booked before June, because the Trump
administration eliminated a
category of travel created under the Obama administration
that essentially allowed for
tourist travel.
Similarly, commercial and
business transactions arranged before the regulations
are published on Thursday will
be allowed to continue, administration officials said.
But the administration
Growing Rift
Time Warner shares are starting to trade further below AT&T's offer
price, as investors grow more skittish about the deal closing.
0%
–5
Difference between Time Warner’s share price
and AT&T’s offer price
–10
Wednesday
Time Warner shares
closed 13.3% below
offer price
–15
–20
2016
’17
Source: FactSet
licly about the transaction but
frequently complained on
Twitter about the way CNN
has reported on him. CNN
stood by its reporting.
AT&T executives previously
pledged not to sell CNN or interfere with its editorial operations. The Dallas-based telecom giant is looking for the
deal to give it a bigger foray
into advertising and new
growth markets, as it strug-
THE WALL STREET JOURNAL.
gles with increased competition in the mature wireless
business and shrinking pay-TV
market, especially in the DirecTV satellite service it
bought in 2015.
For Time Warner, the deal
with AT&T is the culmination
of years of moves by Chief Executive Jeff Bewkes, who spun
off underperforming assets,
leaving a media and entertainment-focused firm that was
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 9, 2017 | A7
NY
U.S. NEWS
Many College Students Leave Puerto Rico
Young people finding
spots at mainland
universities add to a
growing exodus
Hundreds of Puerto Rican
students have resettled on college campuses across the
mainland U.S. in recent
weeks—and many more are
considering leaving the island
territory in the spring—grateful for the opportunity to resume their studies in the wake
of Hurricane Maria.
But some worry the students won’t return to an island
that is already suffering an exodus of young people and their
talents.
The University of Puerto
Rico, like the commonwealth
government that provides
roughly two-thirds of its annual operating budget, was in
financial crisis when Hurricane
Maria hit seven weeks ago.
Last spring, student-led budget
protests shut down some campuses for months, and eight
campuses were placed on probation by the university’s accreditor in part because of financial concerns.
The system is digesting an
18.8% cut to appropriations for
the current school year. Enrollment was down by about 4% to
59,450 this fall. Then the storm
came.
The last of the system’s 11
campuses reopened on Monday, despite damaged buildings
and spotty electricity.
Early tallies show that
about 95% of students returned
to class. But hundreds have
withdrawn from the largest
campuses and concern about
the loss of talent is growing as
more schools join the likes of
Brown University, Tulane University and the State University of New York in bringing
Puerto Rican students to their
campuses free of charge or at
in-state tuition rates.
More than 860 students displaced by the storm in Puerto
Rico are now attending one of
JOSE JIMENEZ TIRADO/GETTY IMAGES
BY MELISSA KORN
University of Puerto Rico students helped with the storm cleanup on a campus in San Juan last month.
28 public colleges in Florida,
according to the Florida Department of Education, though
schools haven’t finished reviewing the prior enrollment
records of those students.
“If I was a young person, I
can totally get wanting to go
study abroad or do an exchange program,” said Catherine Mazak, an English professor at the University of Puerto
Rico Mayagüez. “On the other
hand, so many people have
left.”
Brown now has about 30
University of Puerto Rico students on campus. Central Connecticut State University has 21,
paying in-state tuition and earning nine credits in a condensed,
eight-week semester. More than
a dozen law students are at
Florida State University and
Hurricane Leaves
A Lasting Mark
Though the University of
Puerto Rico is holding classes,
some buildings’ roofs were damaged and research equipment ruined. Generators power some facilities. The library collection
at Mayagüez is closed because
of water damage to books.
Interim President Darrel Hillman Barrera, a professor at the
dental school, said the damage
totaled $119 million, about $100
Touro Law Center in New York.
More students are expected
to find spots at schools on the
mainland next semester.
million of which will be covered
by insurance. He said he is in
talks with Federal Emergency
Management Agency to cover
the rest.
Dr. Hillman said he is asking
the island’s central government
and its fiscal oversight board to
be more flexible on a mandate
that the system cut $500 million
from its budget over the next
five years, given the circumstances. The university has until
February to revise its fiscal plan
for the oversight board, in light
of the storm.
“It’s going to be a very differ-
ent University of Puerto Rico” after the storm, said Deepak
Lamba-Nieves, research director
at the Center for a New Economy, a nonpartisan think tank in
San Juan.
Mr. Lamba-Nieves, who
teaches a graduate course on local economic development at the
University of Puerto
Rico Río Piedras, photocopied
readings for students without
computer access, but wondered
if that was enough.
“Can I expect my students to
do their weekly reading with lanterns and candle light?” he asked.
Tulane has received about
500 applications so far for an
offer to host Puerto Rican students in the spring, said Presi-
dent Mike Fitts, and expects to
enroll at least 50 once it reviews
applicants for academic qualifications. Cornell University said
it would take up to 58 students.
And the University of Florida is offering free online
courses in the spring and summer to students who attended
University of Puerto Rico or a
handful of private colleges on
Puerto Rico and the U.S. Virgin
Islands. It says it can accommodate 1,000 students and as
of Friday had received more
than 200 applications.
Between 17,250 and 32,721
adults ages 18 to 24 are expected to leave Puerto Rico in
the year after Maria, according
to the Center for Puerto Rican
Studies at City University of
New York’s Hunter College,
compared with the 9,726 annual average from the prior
three years. The island has
been in economic distress for
years, with the local government struggling to make payments on a staggering debt
load and residents looking for
better financial futures elsewhere.
“What Maria has done is aggravate a trend that was already in effect,” said Edwin
Meléndez, the center’s director.
“Families are in need of employment, and the economy has
pretty much collapsed.”
The mainland universities
say they intend to offer temporary help, not poach talent. “We
are strongly discouraging any
of these students from transferring,” Tulane’s Mr. Fitts said.
Brown Provost Richard
Locke agreed, but said his
school can’t bar students from
applying to transfer.
Wilfredo García González,
30 years old, is in the final
year of his undergraduate computer-science degree at Polytechnic University of Puerto
Rico in San Juan, and said if he
wasn’t so close to finishing he
would leave now.
“It is very difficult to study
since almost the whole country
is without electric service and
without connection to wireless
internet,” he said. “My expectation is to be able to finish my
degree and then move to the
United States with my wife to
find a good job and a better
quality of life.”
THAN YOU EVER
THOUGHT POSSIBLE
Our members charter to major destinations worldwide and
enjoy never-before-seen low pricing, guaranteed availability,
zero upfront commitment, and year-round service reliability.
NEW YORK
SOUTH FLORIDA FROM $1,990
NEW YORK
CHICAGO FROM $3,980
NEW YORK
LOS ANGELES FROM $7,950
AND MANY OTHER POPULAR ROUTES
CALL US TODAY
+1 (866) 980-2758
Set it free at Drexel University. Our unique
academic design and cooperative education
program turn students into professionals
with real experience at the world’s leading
corporate, research and cultural institutions.
USE PROMO CODE JS17
Ordinary students take tests. At Drexel, you
will test the world.
drexel.edu/AmbitionCantWait
Purchase of membership is required. JetSmarter offers a number of programs including private charters, for
which JetSmarter acts solely as your agent in arranging the flight, and Public Charters, for which JetSmarter
acts as principal in buying and reselling the air transportation. JetSmarter does not own or operate any
aircraft. All flights are performed by FAA-licensed and DOT-registered air carriers. Prices displayed above are
for a select number of seats on a custom shared flight. Additional restrictions may apply.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A8 | Thursday, November 9, 2017
* ***
THE WALL STREET JOURNAL.
WORLD NEWS
Israel, Saudi Arabia Share Common Foes
Policies align as they
both strive to isolate
Iran and its Lebanese
ally Hezbollah
TEL AVIV—Israel is moving
to counter Iran and its Lebanese ally Hezbollah with assertive diplomacy, aligning its
policies with onetime foe
Saudi Arabia and signaling a
shift in the region’s power politics as the war in neighboring
Syria winds down.
Israel’s foreign ministry told
its envoys abroad in a cable on
Sunday to stress to host governments that the resignation
of Lebanese Prime Minister
Saad Hariri shows that Iran and
Hezbollah, the dominant political and military force in Lebanon, control the country and
threaten Middle East stability.
“Hariri’s resignation proves
that the international argument
that Hezbollah’s inclusion in
the government is a source for
stability is basically wrong,”
the cable said, according to a
report by Israel’s Channel 10
broadcaster that Israeli officials confirmed. “The events in
Lebanon…require increased
pressure on Iran and Hezbollah
on a range of issues.”
Mr. Hariri, who is also the
political leader of Lebanon’s
Sunni Muslim population, resigned while in Sunni-led
Saudi Arabia on Saturday.
He criticized Iran and Hezbollah, which are both Shiite
powers, for fomenting violence.
The cable illustrates Israel’s
desire to make common cause,
unofficially, with Saudi Arabia
in its efforts to isolate their
mutual enemies even though
the two countries don’t have
diplomatic relations.
Israel has warned for
months about the role that Iran
and Hezbollah are playing in
DALATI AND NOHRA/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY RORY JONES
Israel says the resignation of Lebanon’s Prime Minister Saad Hariri, right, shows Iran’s threat to stability.
Riyadh Freezes
Former Crown
Prince’s Accounts
RIYADH—Saudi authorities
have frozen the bank accounts
of the kingdom’s former crown
prince, Mohammed bin Nayef,
the latest royal targeted in a
corruption crackdown carried out
by a leadership seeking to con-
solidate power.
Dozens of royals, current and
former officials, and prominent
businessmen were detained over
the weekend when the government launched a corruption investigation. Those detained face allegations that include money
laundering, bribery and procurement fraud.
As of Wednesday, around
1,800 bank accounts had been
frozen in connection with the
probe, according to people familiar
with the matter. Among them are
accounts linked to the former
crown prince and to some of his
relatives, the people said. The
prince was until recently one of
the most influential members of
the ruling family.
King Salman removed him
from the position of crown
prince in June and replaced him
with his own son, Prince Mohammed bin Salman, who has
risen to a position of unrivaled
power since his father assumed the throne nearly three
years ago. Representatives for
the government didn’t respond
to requests for comment.
The government is hoping
to confiscate assets worth as
much as $800 billion through
the investigation, according to
people familiar with the matter.
—Summer Said and
Margherita Stancati
Syria, where they have backed
Syrian President Bashar alAssad’s forces in that country’s
war and sought to fill a vacuum
left by the crumbling of Islamic
State’s self-declared caliphate.
Prime Minister Benjamin
Netanyahu has said he won’t
allow Israel’s enemies to es-
tablish a permanent military
presence on Israel’s northern
border and is ready to take action to avert that.
Hezbollah’s militia is already
stronger than the Lebanese
army. Now, Israel and Saudi
Arabia both fear Hezbollah is
gaining influence over the
army and has built an arsenal
of weapons many times greater
than when Israeli forces last
fought the group, in 2006.
The U.S., Israel and Saudi
Arabia consider Hezbollah a
terrorist organization.
“The Hariri resignation represents in a very authentic way
what’s happening in the Middle
East,” Yoav Galant, construction
minister and member of Israel’s
security cabinet, said in an interview. “Iran is the danger.”
Saudi Arabia this week said
Hezbollah’s dominance over the
Lebanese government effectively puts the country in a
state of war with the kingdom.
Riyadh has said it now plans to
isolate Lebanon, as it has
sought to do with its Gulf
neighbor, Qatar. Saudi Arabia,
the United Arab Emirates, Bahrain and Egypt in June cut diplomatic ties with Qatar and
have since refused to trade with
the country, alleging it supports
Islamist and terror groups. Qatar denies the allegations.
A Saudi-led coalition is also
fighting in neighboring Yemen
against Houthi rebels that Riyadh sees as proxies of Iran.
Saudi Arabia said it had intercepted a missile fired by the
rebels on Saturday east of the
main Riyadh airport, and said
the missile attack could be considered an Iranian act of war.
Iran has long denied supplying weapons to the Houthis, but
President Hassan Rouhani on
Wednesday defended the rebels’ missile attack. Saudi Arabia
was carrying out bombings in
Yemen regularly, he said, so it
should expect a response.
The White House on
Wednesday backed Saudi Arabia’s criticism of Iran.
Despite tension with Iran
and Hezbollah, Israeli officials
have said that neither side
currently wants a war.
Israel has benefited from
more than a decade of relative
calm on its northern border
while Iran and Hezbollah lost
thousands of fighters in the
Syrian war.
Both sides also understand
the cost of a conflict. An Israeli
invasion of Lebanon in 1982
during the civil war there
helped spawn Hezbollah, which
then fought against Israeli
forces until they withdrew in
2000.
Israel estimates Hezbollah
has more than 100,000 rockets
and missiles in Lebanon that
could heavily damage Israeli infrastructure in a conflict.
—Asa Fitch in Dubai
contributed to this article.
Political Upheaval Poses Risk to Lebanon’s Finances
Sluggish Growth
Lebanon's GDP,
change from previous year
3%
Estimates
2
1
0
2012
’13
’14
’15
’16
Source: International Monetary Fund
THE WALL STREET JOURNAL.
By Nikhil Lohade in
Dubai and Nazih
Osseiran in Beirut
of capital that threatens to upend the precarious finances of
a country struggling with slow
growth and high debt.
Lebanon built its economy
on tourism and trade but those
businesses have suffered from
decades of political instability.
The country in recent years has
pitched itself as a technology
’17
and financial hub in its search
for new engines of growth.
But the sudden resignation
over the weekend of Prime Minister Saad Hariri has thrown a
wrench into the country’s politics and triggered worries
about it becoming another
front in the proxy war between
Sunni Riyadh and Shiite Tehran.
In his resignation, Saudi-backed
Mr. Hariri blamed Iran and its
Lebanese ally Hezbollah for destabilizing the Middle East.
“People are afraid so there
is a demand on the dollar, financial assets are being driven
down,” said a senior executive
in one of Lebanon’s top investment banks. “With all of this
talk of sanctions and wars,
there is an environment of uncertainty and investors don’t
like uncertainty.”
In
Beirut’s
residential
neighborhood of Ras al Nabehl,
shopkeeper Wissam Abo-Abdo
shrugged off the economic fallout of a deepening crisis.
“They say this all the time,
every time something happens
they say the lira [Lebanese
pound] will collapse but that
never happened,” Mr. AboAbdo said. “The foreigners always worry and run away, but
we’ve been through this before
and will go through this again.”
The economy has weathered a number of significant
shocks over the years, including the 1975-1990 civil war
that tore the country apart.
But a confrontation between
the two Middle East powers
via proxies on its soil will only
result in greater political in-
stability and further disrupt
its economy, analysts say.
Lebanon’s unity government—a volatile mix of Sunni
and Shia Muslims as well as
Christians—was formed about
a year ago after a nearly threeyear political stalemate that
had weighed on its economy.
Mr. Hariri was named prime
minister after a deal that saw
Hezbollah ally Michel Aoun, a
Christian, elected as president.
His resignation has yet to be
accepted by the president.
The International Monetary
Fund has noted Lebanon’s political progress in recent
months, but said there was an
urgent need to boost growth,
in part by taking steps to improve the business climate and
tackling high public debt.
Lebanon relies heavily on
tourism revenue, portfolio investments and deposits, the
bulk of which originate in the
neighboring Gulf countries,
mostly from the large number
of Lebanese living abroad, analysts say. These inflows have
helped boost the country’s foreign exchange coffers, allowing it to service its debt obligations and maintain its
currency peg to the U.S. dollar.
If Saudi Arabia moves to
isolate Lebanon, those investments and deposits will dry
up, investors worry, forcing
the government to dip into its
reserves to keep the Lebanese
economy running and, eventually, drop its currency peg.
EU Floats Rules for Offshore Pipelines
BY EMRE PEKER
BRUSSELS—The European
Union proposed to extend its
natural-gas regulations to offshore pipelines, marking the
latest effort to derail an energy
link between Russia and Germany that is fueling tensions
within the bloc.
The European Commission,
the bloc’s executive, unveiled
an amendment Wednesday to
energy rules after a monthslong struggle to intervene in
the controversial Nord Stream
2 pipeline project.
The Baltic Sea link would enable Russia’s state-owned PAO
Gazprom to double its naturalgas transit via Germany to Europe. That would strengthen
Moscow’s hand to bypass transit routes through Ukraine
without losing its dominant gas
market share in the EU, which
stood at 42% last year.
While the effort to regulate
the pipeline may enjoy support
in the European Parliament, it
is likely to face resistance from
some EU governments such as
Germany. The EU’s executive
wants to enact the amendment
by the end of 2018, before Nord
Stream 2 is operational.
Some EU members, led by
Poland, along with the U.S., vehemently oppose the project,
arguing it poses security risks
and undermines the West’s efforts to support Kiev in its conflict with Russia. In August, the
U.S. adopted a Russia sanctions
law that empowers the White
CARSTEN KOALL/GETTY IMAGES
Investors worried about an
escalating crisis between Riyadh and Beirut are selling Lebanese debt and equity, a flight
Pipes are loaded for stacking at the Nord Stream 2 facility on Ruegen Island in Sassnitz, Germany.
House to impose measures
against Nord Stream 2.
“Such an important pipeline
cannot be built in a legal void
or cannot be built just according to Russian law,” European
Commission Vice President Maros Sefcovic said.
The EU proposal patches
regulatory shortcomings by
clarifying the framework applicable to all gas pipelines to and
from third parties, he added.
EU officials said external pipelines typically abide by the
bloc’s core principles, mostly
through international agreements.
Nord Stream 2 AG is a
wholly owned subsidiary of
Gazprom that is also backed by
European energy firms. The
Switzerland-based firm says it
is operating in full compliance
with EU laws and doesn’t need
an additional pact to realize the
project.
“This legislative proposal
seems to be a far-reaching
change to the scope of application of the EU’s energy laws,”
said Sebastian Sass, Nord
Stream 2’s representative to
the EU.
The first Nord Stream pipeline, which has the capacity to
transit 55 billion cubic meters
of gas annually, started operations without any international
agreements in November 2011.
Gazprom’s second project attracted more than $5 billion in
long-term financing from Engie
SA, OMV AG, Royal Dutch Shell
PLC, Uniper SE and Wintershall
Holding GmbH. Nord Stream 2
also has enjoyed strong support
from the German government,
with Chancellor Angela Merkel
repeatedly saying the pipeline
is a commercial project.
Amid political backlash over
the pipeline, the EU’s executive
initially sought legal arguments
against Nord Stream 2. Faced
with competing opinions, the
commission asked the bloc’s
governments for a mandate to
negotiate terms for the RussiaGermany pipeline.
With the prospects of the request to draw up a legal framework through talks with Moscow looking unlikely, EU
officials turned to a regulatory
update.
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 9, 2017 | A9
* *
WORLD NEWS
BY BEN OTTO
DANANG, Vietnam—Almost
10 months after President
Donald Trump pulled the U.S.
out of a sweeping Pacific
trade pact, the 11 countries
left behind are pushing forward for an agreement without Washington on the sidelines of the Pacific Rim’s
biggest annual economic summit.
Led by Japan, trade negotiators are meeting in this seaside town ahead of the AsiaPacific Economic Cooperation
summit, seeking a revised version of the Trans-Pacific Partnership by suspending clauses
that the U.S. had backed for
years in negotiations under
former President Barack
Obama.
Paulina Nazal, Chile’s vice
minister of trade and TPP
chief, said on Wednesday that
the remaining countries hoped
to have a deal enter into force
next year. A Japanese foreign
ministry spokesman said on
Tuesday that the group hoped
to reach an “agreement in
principle” this week.
A new deal would bring together Japan, Canada, Australia, Mexico and a host of
smaller nations with a combined GDP of more than $10
trillion.
It is a far cry from what the
pact would have been with the
U.S., but negotiators and trade
experts say the deal would
still wield strategic significance and that by putting
some clauses on hold, they are
leaving the door open for the
U.S. to join later.
“We would like the U.S. to
join in the near future,” Ms.
Nazal said. “The new administration has to know a little bit
more about the agreement,
has to make their own evaluation [and see] why 11 economies are so engaged.”
Continued from Page One
Korean National Assembly.
A senior White House official
told reporters en route to Beijing that Mr. Trump would raise
those concerns directly with Mr.
Xi. There were still financial
links between the countries that
shouldn’t exist under United Nations sanctions, the official said.
“We’re going to work
closely with the Chinese to
identify that activity and end
it,” the official said.
A Chinese Foreign Ministry
official said Beijing is faithfully abiding by U.N. sanctions
and will put an end to any violations it finds.
The White House official
also said Mr. Trump would
raise “severe imbalances in
the U.S.-China economic relationship,” including a “grossly
unlevel playing field.”
Among the deals announced
by U.S. Commerce Secretary
Wilbur Ross in Beijing were
agreements by General Electric
Co., DowDuPont Inc. and
Smithfield Foods Inc. with Chinese counterparts. Mr. Ross
said more contracts between
U.S. and Chinese companies
would be unveiled on Thursday.
“Today’s signings are good
examples of how we can productively build up our bilateral
trade,” Mr. Ross said.
The skew toward export contracts in the deals reflects the
Trump administration’s difficult
progress on more fundamental
China trade issues, such as barriers to entry for U.S. companies to key Chinese sectors.
“Achieving fair and reciprocal treatment for the compa-
JONATHAN ERNST/REUTERS
Nations
TRUMP
Seek New
Pacific
Trade Pact
President Xi Jinping, right, greeted the president and first lady at Beijing’s Forbidden City on Wednesday.
nies is a shared objective,” Mr.
Ross said.
Mr. Xi, who last month was
granted political powers comparable to those once held by
Chairman Mao, is unlikely to
make major concessions on
trade without securing greater
access to the U.S. market,
some analysts and diplomats
said. China appears focused on
trying to flatter Mr. Trump
with hospitality and deals that
could play well with his political base while doing little to
reduce trade tensions.
Economists said the deals
signed in Beijing won’t noticeably reduce the trade gap between the two countries. While
China’s trade surplus with the
U.S. narrowed somewhat in
October, to $26.62 billion from
$28.08 billion in September,
according to official figures, it
was the fifth straight monthly
surplus over $25 billion.
Louis Kuijs, an economist at
’00
’05
’10
’15
$0
–100
–200
Growing Gap
–300
U.S. trade balance with China,
in billions
Source: U.S. Census Bureau
Oxford Economics, estimates
the two countries’ trade gap
will widen to nearly $370 billion this year, from the $347
billion difference in 2016, according to U.S. figures.
Some members of the U.S.
THE WALL STREET JOURNAL.
trade delegation said they fear
Chinese retaliation if the Trump
administration, which is investigating China trade, follows
through with threats to punish
Beijing over its trade practices.
Paul Burke, North Asia re-
gional director of the U.S. Soybean Export Council, said his
group was warned by China’s
agriculture and commerce
ministries in September.
“In both those meetings, the
Chinese government officials
said it would be really unfortunate if there was some kind of
trade disruption,” he said. “Because soybeans, being so important, would probably be a commodity that would be targeted.”
Among the deals signed on
Wednesday was a letter of intent to ship what executives
with the council said are “billions of dollars” of Americangrown soybeans to China. A
separate deal on soybeans was
expected to be signed on
Thursday by Archer Daniels
Midland Co. and China’s stateowned Cofco Corp.
Executives in other sectors
also said they hoped the U.S.
administration wouldn’t escalate the trade tensions.
“We would prefer to see the
rhetoric be less strong,” said
Tad Walker, chief executive of
Partner Reinsurance, on the
sidelines of the Beijing event.
His company has been waiting
since 2015 on a license to operate in China.
Many of the deals were already in the pipeline. The U.S.
Embassy in Beijing in August
emailed American companies to
request submission of deals for
the trade mission, according to
a copy of the email reviewed by
The Wall Street Journal.
Deals involving Qualcomm
Inc., Boeing Co., Goldman Sachs
Group Inc., Ford Motor Co.,
General Motors Co. and other
U.S. companies are scheduled
to be announced on Thursday,
according to an itinerary reviewed by the Journal.
Philippines’ President to Ask China About Sea Access
BY JAKE MAXWELL WATTS
Philippine President Rodrigo
Duterte said he would ask
China about navigation in disputed waters of the South
China Sea during a trade summit this week, hours after his
defense minister said the country had scrapped a construction project in the area following a complaint from Beijing.
Since Mr. Duterte took office last year, the Philippines
has played down South China
Sea territorial disputes while
building closer diplomatic and
economic ties with China. But
Mr. Duterte also has faced
pressure at home to raise the
issue in public forums.
Mr. Duterte heads the Association of Southeast Asian Nations this year. He left
Wednesday for a summit in
Vietnam, which will be followed by a gathering in Manila, where the region’s 10
countries and China are expected to announce progress
on negotiations for a longawaited code of conduct for
maritime behavior.
Phililppine Defense Secretary Delfin Lorenzana described a face-off with Beijing
a couple of months earlier
over the Philippines’ placement of structures on a disputed island feature in the
contested Spratly Islands.
“We tried to put some
structures on one of the sandbars near our island, and the
Chinese reacted. And so the
president came to know about
this and he said, ‘Let’s pull
out,’ ” Mr. Lorenzana said
The New WSJ iPhone App
Follow the markets in a whole new way.
From individual companies and industry sectors to asset values and
percentage change, experience the live U.S. stock market in augmented
reality. Available now in the AR/VR section of the WSJ iPhone app.
DOWNLOAD NOW
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6157
Wednesday at a business conference in Manila.
Several Southeast Asian
countries, including the Philippines and Vietnam, have competing claims with Beijing in
the South China Sea. China
claims almost the entire resource-rich strategic waterway
as its own territory and has
built and militarized several
islands to assert its presence.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10 | Thursday, November 9, 2017
THE WALL STREET JOURNAL.
* ****
WORLD NEWS
UCLA Athletes Are Held in China New Skin for Boy
Marks Advance
In Gene Therapy
Three UCLA basketball
players, including high-profile
freshman LiAngelo Ball, were
detained in China for alleged
shoplifting, a person familiar
with the matter said.
The Bruins, ranked No. 21,
are in China to begin their college basketball season Saturday in Shanghai against Georgia Tech. Mr. Ball is the
younger brother of Lonzo Ball,
who played for UCLA last year
and whose father, LaVar Ball,
has attracted attention for his
attempts to market his sons.
The other two players detained were Cody Riley and
Jalen Hill, this person said.
“We are aware of a situation involving UCLA studentathletes in Hangzhou, China,”
UCLA said. “The university is
cooperating fully with local
authorities on this matter, and
we have no further comment
at this time.”
Speaking from a hotel room
that the three are sharing in
Hangzhou, Mr. Riley said, “We
are not taking questions right
now.”
Details on the alleged shoplifting were unclear, though
ESPN reported that the incident occurred at a Louis Vuitton store. A spokeswoman for
the luxury brand said by email:
“There is an investigation going
on at the moment and we are
not able to further comment.”
Hangzhou police have been
involved in an investigation
that began on Monday and included the questioning of
three players at a station
house, but they, along with a
team staff member, are in their
hotel in the city as evidence is
being gathered, a person in the
BY AMY DOCKSER MARCUS
In a significant advance in
organ regeneration and gene
therapy, researchers have created a new, healthy skin that
covers almost the entire body
of a 7-year-old boy with a lifethreatening genetic disorder
associated with skin blistering.
Twenty-one months after
the procedure, the new skin
remains
functional
and
doesn’t blister or require
ointment or medication, according to the team of scientists and doctors from Austria, Germany and Italy who
described the case in a paper
in the journal Nature.
The child in the study has
junctional
epidermolysis
bullosa (JEB), part of a family
of rare, often lethal, skin-blistering diseases. Epidermolysis
bullosa affects around one in
every 20,000 births in the
U.S.; JEB is a severe form of
the disease, often leading to
death in early childhood.
Epidermolysis bullosa is
caused by mutations in the
genes that produce proteins
essential to holding the skin’s
layers together. In patients
with the condition, the slightest contact can cause blisters,
excruciating pain and open
wounds that don’t heal. There
is no cure.
In the Nature study, scientists took a piece of tissue
about the size of a postage
stamp from an unaffected
part of the boy’s skin and
grew cells in the lab. They
then used a deactivated retrovirus to insert a correct copy
of the defective gene into the
ASSOCIATED PRESS (3)
By Andrew Beaton in
New York, James T.
Areddy in Shanghai
and Liza Lin in Beijing
From left, Jalen Hill, Cody Riley and LiAngelo Ball were detained in Hangzhou for alleged shoplifting.
news department of the local
Public Security Bureau said.
She said the three aren’t formally under arrest. “We didn’t
limit their personal freedom.”
Three Georgia Tech players
were questioned by local authorities at their hotel, a Georgia Tech spokesman said, and
it was determined they “were
not involved in the activities
being investigated.” Those
players have resumed their ac-
Among the three
basketball players is a
younger brother of the
Lakers’ Lonzo Ball.
tivities with the team.
Speaking in Beijing, a Chinese Foreign Ministry spokeswoman, without confirming
details on the matter, said
“China will handle this case in
accordance with the law and
ensure the legitimate rights
and interests of the people involved.”
In response to questions, a
U.S. State Department official
said by email: “We are aware
of reports of three U.S. citi-
zens arrested in China. We
stand ready to provide consular assistance for U.S. citizens. Due to privacy considerations we have no further
comments.”
A representative of the
Hyatt Regency Hangzhou hotel
said the UCLA team had
stayed there and three players
were detained by local police.
She said she had no further information.
UCLA and Georgia Tech
were guests of Hangzhoubased Alibaba Group Holding
Ltd. and its billionaire cofounder, who recently bought
into the Brooklyn Nets professional basketball team.
The fact that the three
players appear to have stayed
behind in Hangzhou, even as
the rest of the group went on
to Shanghai, raised the possibility that Chinese authorities
have limited their ability to
travel. Though if they were allowed to remain at their hotel,
that indicates they aren’t formally under arrest.
Chinese authorities often
say little publicly about an investigation—especially when
foreigners are involved—while
it is proceeding. Temporary
detention without charges is
common.
LaVar Ball didn’t respond to
messages left at his Shanghai
hotel room.
UCLA and Georgia Tech are
in China as part of an agreement with Alibaba, which
since 2015 has sponsored an
annual regular-season Pacific-12 Conference basketball
game in Shanghai.
Alibaba, which has been expanding into entertainment
and other content, is set to
hold its biggest shopping day
of the year on Saturday, an
event that is widely known as
Singles’ Day. An event at Alibaba’s headquarters in Hangzhou this week that included
the basketball players coincided with the company’s marketing blitz for Singles’ Day.
During that event in Hangzhou, Alibaba co-founder Joe
Tsai, the new Brooklyn Nets
investor, shot hoops with some
of the visiting collegiate stars.
Alibaba referred questions
on the incident in Hangzhou to
UCLA.
The two teams, who made a
visit to Shanghai Disneyland
on Wednesday as part of the
tour, will still go ahead with
their game on Saturday, a
Pac-12 spokesman said.
—Kersten Zhang in Beijing
contributed to this article.
patient’s skin cells and grew
sheets of new skin.
In three separate operations at the end of 2015 and
the beginning of 2016, they
transplanted the genetically
modified skin onto the boy’s
limbs, flanks and back. Over
time, the skin regenerated to
cover approximately 80% of
the boy’s epidermis.
Other patients with the
condition have been treated
with genetically modified
skin, but this case is unusual.
“We had never treated that
amount of skin,” says Michele
De Luca of the University of
Modena and Reggio Emilia in
Modena, Italy, and senior author of the Nature paper.
Paul Knoepfler, a professor
in the department of cell biology and human anatomy in
the School of Medicine at the
University of California, Davis, said doctors will need to
closely monitor the patient
for years, particularly because the virus used to deliver the correct gene to the
cell could cause other health
problems.
Gene therapy is viewed as
a promising area for treating
epidermolysis bullosa. Last
year, scientists at Stanford
University School of Medicine
reported they grafted genetically modified skin on open
wounds in four adult patients
with a different form of the
disease.
The grafts helped improve
wound healing. Abeona Therapeutics Inc. is collaborating
with Stanford to open a new
trial next year that will include
patients ages 13 and older.
FROM PAGE ONE
Continued from Page One
soared in an initial public offering Wednesday that gave
the company, China Literature
Ltd., a market value of around
$12 billion. And Thursday, Sogou, a search-engine company
in which Tencent owns a 44%
stake, is expected to start trading in New York, in a deal that
could value it at as much as $5
billion, or about 70 times its
past earnings.
“Companies like Tencent
are seen as unstoppable,” said
Joshua Crabb, head of Asian
equities at Old Mutual Global
Investors.
Tencent, an early pre-IPO
backer of Snap, acquired
roughly 146 million of its
shares in the public market,
Snap said in a filing Wednesday. The purchase adds to an
investment Tencent made in
Snap in 2013 during a fundraising round before the company’s initial public offering of
stock. Tencent’s current total
position in Snap wasn’t clear.
Snap’s announcement of the
investment came on the heels
of its report of disappointing financial results for the third
straight quarter, sending its
shares plunging. The revelation
of Tencent’s investment did little to cushion investors’ disappointment with the Los Angeles
social-media company. Snap’s
LEGERE
Continued from Page One
President David Carey or one
of the CEO’s daughters holds a
smartphone to film the show.
“I know he’s using it as a
marketing tool, but it’s also
clear he likes to cook,” says
Susan Freeberg, 54, a Bellevue
homemaker who got hooked
on Mr. Legere’s videos in 2015
after her son interned at TMobile. “It’s a fun and helpful,
quick show for me to watch
over my Sunday coffee.”
Mr. Legere says his culinary
roots reach back to his upbringing in Fitchburg, Mass.,
where his father once typed
up a list of recipes that became known as “Pa’s Cook
Book.” The CEO says his skills
have gotten much sharper
since he first streamed his
dinner preparations in 2015.
“It was a total embarrassment. The camera was sideways, but it got a lot of interest,” he says. “So I decided to
do it consistently.”
Mr. Legere recently told
CNBC that his cooking show
“is worth billions.” He has
more than 4.6 million followers on Twitter, another point
of pride, and Mr. Legere
streams some of his fitness
workouts, like his Peloton cycling class, also on Sundays.
In the past five years, Mr.
Legere has turned T-Mobile
from an also-ran into the
third-largest wireless provider
by subscribers, behind Verizon
and AT&T Inc. He is a telecom
veteran, though he portrays
himself as a long-haired, foulmouthed renegade, wearing
custom-made T-Mobile shirts,
pants, socks and sneakers.
Mr. Legere joined T-Mobile
after two decades at AT&T and
one decade leading scandalplagued fiber-optic network
operator Global Crossing Ltd.
out of bankruptcy court.
He rarely misses a Sunday
in the kitchen, even though
leading T-Mobile, which had
nearly $30 billion in revenue
in the first nine months of
2017, takes Mr. Legere to
meetings on three continents.
an investor and advisor to Tesla.”
Tencent has invested in
more than 40 tech startups in
the U.S. since 2011, joining
fundraising rounds valued at
$3.5 billion, the Journal reported, excluding investments
in public companies. Recently,
it led a $10 million investment
round in Academia.edu, a San
Francisco-based platform for
scientists and academics to
publish and review papers online, and it disclosed a $3 million investment in Innovega
Inc., of Bellevue, Wash., which
is building an augmented reality device into a contact lens.
People close to Tencent
have said its investment strategy is driven by a desire to
stay current on the latest ideas
and products out of the U.S.
tech sector.
Snap’s relationship with Tencent stretches back to 2013. Tencent first invested in Snap when
it was still a small startup operating out of a house on the
boardwalk of Venice Beach.
When the Snapchat app was
first shown to Tencent’s executive team, Tencent’s founder,
Pony Ma, was bewildered as to
why it was a hit, according to
people who attended the meeting. Mr. Ma joked that he
didn’t understand young people, the people said. Nonetheless, Tencent later purchased a
small stake in Snapchat.
Snap Chief Executive Evan
Spiegel said at a conference in
2013 that he looked to Tencent
as a “role model.”
Tencent executives began discussing raising the company’s
stake in Snap in September, after
Snap’s shares touched a series of
lows in August, the person familiar with the matter said.
—Saumya Vaishampayan
and Georgia Wells
contributed to this article.
helps companies ward off
shareholder lawsuits.
Mr. Legere’s videos usually
last about 15 minutes. Comments pour in while he is
cooking. Some critics suggest
their own recipes or poke
holes in the ones Mr. Legere’s
staff has chosen for him.
“It was traditionally a technique that wasn’t considered
culinary,”
says
Andrew
Schloss, author of “The Art of
the Slow Cooker,” a cookbook
often doled out as a prize to
Mr. Legere’s fans. Mr. Schloss
says his cookbook includes
only about 70 recipes to avoid
foods “ruined by overcooking.”
While meeting with lawmakers last year, Mr. Legere
mentioned his cooking hobby
to Sen. Steve Daines (R.,
Mont.), who had a mule deer
trophy decorating his office.
Mr. Daines later shipped some
deer sausage to the CEO.
“We gave him a recipe,” Mr.
Daines says. He hasn’t seen
Mr. Legere make something
out of it on “Slow Cooker Sunday,” “but my understanding
is it’s kind of in the queue,”
the lawmaker says.
Jeremy Dilley’s internship
at T-Mobile hit a high note
when the company accepted
his submission for a special
Friday edition of Mr. Legere’s
cooking show. The North Carolinian joined Mr. Legere in
front of a crowd of T-Mobile
interns and helped him cook
Mr. Dilley’s own version of a
Southern-style brisket. The ingredients were measured and
ready when he got there.
“They had nicer quality
stuff than what I’m used to using,” says Mr. Dilley. “The
brisket was a nice, big size.”
They somehow forgot to eat
it. An assistant texted Mr. Dilley the next day “and said it’s
still down there. John said you
could have it.”
Mr. Dilley went back to get
the brisket and shared it with
some fellow T-Mobile interns.
“It turned out great,” he says.
Mr. Legere says future
plans for “Slow Cooker Sunday” could even include a
cookbook. “I’ve got more than
enough recipes to outdo Tom
Brady for sure,” he says.
Upward Mobility
Shares of Tencent, one of China’s internet giants, have more than doubled this year as revenue
and net income have swelled.
Revenue and net income, in billions
Share price
$25 billion
400 Hong Kong dollars
Revenue
20
Net income
300
15
200
10
100
5
0
0
2007
’08
’09
’10
’11
’12
’13
’14
’15
’16
1 HK dollar = $0.1281
’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17
Market capitalization
$726
billion
$545.9
Alphabet
Amazon
$521.8
$475.1
$469.8
$83.7
Facebook
Alibaba
Sources: S&P Capital IQ; FactSet (shares, market cap)
nies in the world, with a market capitalization of around
$475 billion. If it were listed in
the U.S., Tencent would be the
sixth-largest company by market value, according to FactSet.
But while its WeChat business remains largely limited to
China, Tencent over the past
few years has lifted its interna-
tional profile with several big
deals, including acquisitions of
the game developer Epic Games
Inc. and minority stakes in electric-vehicle maker Tesla Inc.
and videogame company Activision Blizzard Inc.
In a tweet March 28, Tesla
Chief Executive Elon Musk said
he was “glad to have Tencent as
T-Mobile’s John Legere rarely misses a Sunday in the kitchen.
He kept cooking through
months of fruitless merger
talks with Sprint.
Anthony Doria, 30, a special-education teacher who
says he used to work at T-Mobile, has watched “every single” video by his old boss and
“made probably every one of
his meals.” Mr. Doria’s favorite: jalapeño corn chowder.
A few of the CEO’s segues
to T-Mobile go over the heads
of slow-cooking buffs. “T-Mobile cleaned up, like I’m gonna
have to here, in the auction for
low-band spectrum,” he said
while gesturing to his counter
and wearing gorilla slippers.
His constant online presence prompted T-Mobile lawyers to tell investors long ago
that Mr. Legere uses his Facebook, Twitter and Periscope
accounts “as means for personal communications and observations” and “for complying with its disclosure
obligations under Regulation
FD.” Such boilerplate language
Tencent
Baidu
THE WALL STREET JOURNAL.
T-MOBILE
STAKE
shares on Wednesday lost 15%
after several analysts cut their
price targets for the stock.
Founded almost two decades
ago, Tencent stands with e-commerce titan Alibaba Group Holding Ltd. and search giant Baidu
Inc. as three of China’s biggest
internet companies. They have
diversified beyond their core
businesses in recent years, placing big bets on online videostreaming services and other entertainment plays.
Tencent is the largest videogame publisher in the world by
revenue but is best known in
China for its WeChat and QQ
messaging and mobile-payment
apps, which are installed on almost every PC and smartphone
there. Tencent said in an August filing that WeChat had
combined monthly active users
of 962.8 million as of June 30,
up 19% from a year ago.
Tencent in a statement
Thursday said it and Snap could
work together in areas such as
mobile games.
Tencent’s shares have more
than doubled this year as revenue and profit have swelled.
Tencent registered $122 billion
in revenue through the first six
months of the year, up more
than 60% from the first half of
2016. For the full year analysts
expect $274 billion in revenue.
By 2020, that projection is expected to more than double,
according to FactSet.
That has helped make Tencent one of the biggest compa-
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 9, 2017 | A10A
NY
* * * * * *
GREATER NEW YORK
City GOP Says It Needs a Reboot
ing in the primary. Ms. Crowley
hasn’t conceded.
Some Republicans say they
are tired of losing, and believe
the city’s party needs a makeover. “The Republican Party
needs to have a very long term
plan,” said Adele Malpass, who
served until recently as chairwoman of the Manhattan GOP.
To win, Republicans
say they need to do
better with black and
Hispanic voters.
The party, she said, should form
campaign committees for mayoral and council races. She said
it would take years for Republicans to become competitive
again in the city.
Republicans once performed
fairly well in New York City
races, with candidates such as
former Mayor Rudy Giuliani
drawing at least some support
from Democrats. But the wins
by Mr. Giuliani and later, former
Mayor Michael Bloomberg,
came at times of crises. Mr. Giuliani was elected when crime
rates were high, while Mr.
Bloomberg won in the uncertain
months after the Sept. 11,
2001, terrorist attacks. He governed as a moderate, and on
many issues, was socially liberal. Mr. Bloomberg ran for his
third and final term in office as
an independent.
The city also is more heavily
Democratic than it was two decades ago, and is now majorityminority. To win, Republicans
say they need to perform better
with blacks and Hispanics. But
some Republicans say GOP President Donald Trump has made
that task far more difficult.
The president’s approval rating among likely Hispanic voters in New York City is 14%, according to a Quinnipiac
University poll last month.
Among black voters in the city,
it is 3%. “He puts a lot of people
in a horrible situation right
now,” William F.B. O’Reilly, a
GOP strategist in New York, said
of Mr. Trump.
—Mike Vilensky
contributed to this article.
CAITLIN OCHS FOR THE WALL STREET JOURNAL
New York City Mayor Bill de
Blasio had won a second term,
and the mood at Republican
challenger Nicole Malliotakis’s
election headquarters quickly
turned to despair. “Boo!” one
man yelled when Mr. de Blasio
was pronounced the winner on
NY1, a local news station.
“Whole world upside down,”
said Ed Mullins, president of the
Sergeants Benevolent Association, a police union. Before long,
Ms. Malliotakis, an Assemblywoman, took the stage to Tom
Petty’s “I Won’t Back Down,”
before conceding.
While Republicans nationwide are taking stock after highprofile wins by Democrats in
Virginia and New Jersey, the
mood among New York City’s
GOP is especially grim.
After holding the mayoralty
for the better part of two decades, the party seems adrift,
many of its members said. Most
of its candidates are unable to
win major elections in an increasingly diverse city where
Democrats outnumber Republi-
cans nearly 7 to 1.
“I certainly don’t think it’s
time to write off the Republican
Party in New York City,” former
Gov. George Pataki, a Republican who campaigned with Ms.
Malliotakis, said in an interview.
“But being a Republican in New
York City is like being an iceberg in the Caribbean.”
Mr. de Blasio won re-election
with more than 62% of the vote
to Ms. Malliotakis’s 24%, an almost 40-point advantage, according to the city’s Board of
Elections. The GOP lost the race
for comptroller by about 55 percentage points, and the election
for public advocate by 53 percentage points.
The mayor said Wednesday he hoped the 2017 election
would mark “the beginning of
an era of progressive, Democratic administrations in this
city.”
In a rare bright spot for Republicans, candidate Robert
Holden may have unseated
Councilwoman Elizabeth Crowley, a Queens Democrat, in a
close race still being tallied. Mr.
Holden is a Democrat who ran
on the Republican line after los-
Nicole Malliotakis’s staff removed signage at a Brooklyn venue after she lost to Democratic Mayor Bill de Blasio on Tuesday.
BY JOSEPH DE AVILA
AND MIKE VILENSKY
Republican mayoral candidate Nicole Malliotakis lost
handily to Mayor Bill de Blasio
in the race for mayor on Tuesday.
But in the process the
Staten Island state assemblywoman has upped her name
recognition at home and may
have begun carving a path for
higher office.
“She has raised her profile
locally in a really big way,” said
Assemblyman Matthew Titone,
a Staten Island Democrat and
friend of Ms. Malliotakis. “If
she is looking for an exit strategy [from the state legislature],
she has written her ticket.”
Ms. Malliotakis, 36 years old,
garnered 27% of the vote while
the mayor received 66%.
After eight months on the
campaign trail, she is heading
back to a lower-profile job as a
rank-and-file legislator in a
small Assembly minority conference in Albany.
The session starts again in
January, and Ms. Malliotakis
said she is “ready to get back to
work.” Some of the issues she
highlighted during her campaign, such as concerns about
Turnout for Democratic candidates in New York City’s suburbs surged in Tuesday’s election as the party rode a swell
of renewed enthusiasm by activists opposed to President
Donald Trump.
Democratic
state
Sen.
George Latimer soundly denied
Republican Rob Astorino a
third term as Westchester
County Executive. Mr. Latimer
won 57% of the vote to Mr. Astorino’s 43% in what many had
anticipated to be a close race.
Mr. Latimer garnered about a
total of 117,000 votes—or about
46% more than the 2013 Democratic county executive candidate Noam Bramson.
Mr. Latimer’s large margin
of victory caught many people
off guard, including the winning candidate. “We never
dreamed of being in doubledigit country,” Mr. Latimer
said.
He attributed the wide margin to growing anti-Trump sentiment in Westchester County
and a big turnout by organized
labor, which came out to vote
against a ballot measure that
would have convened a state
constitutional convention. New
the city’s property tax system
and subways, could translate
into state legislation, she said.
But she has an uphill climb
pushing for changes in Albany,
where much of the 150-person
Assembly is allied with Mr. de
Blasio, and Democrats hold vast
influence in her chamber.
Republicans said Ms. Malliotakis ran a strong race under
difficult political circumstances in a city where the
GOP is outnumbered, and now
she should consider a run for
the House or U.S. Senate, or
borough president.
“Everyone knew winning the
mayoralty in this environment
is virtually impossible, but she
is instantly on the radar of everyone who was watching,”
said New York GOP strategist
William O’Reilly. “I hope and
expect she gets up quickly and
takes a leadership role in the
Republican Party.”
Ms. Malliotakis said she has
no immediate plans to run for
another office but has “no idea
about the future.” While she
fell short of becoming New
York City’s first female mayor,
she said she hopes “my race
encourages other young women
to get involved.”
BY KEIKO MORRIS
to CBRE.
“There’s a lot more negotiation going on between landlords and tenants,” said Nicole
LaRusso, director of research
and analysis for CBRE.
New York is no longer immune to the forces battering
the U.S. retail sector. While retail rents in Manhattan soared
after the last decade’s recession, the momentum petered
out as online shopping took a
heavier toll on big national
merchants.
The number of Manhattan
retail deals being completed
has fallen significantly from
levels three years ago and isn’t
at a point that would be considered healthy flow of transactions, said David LaPierre,
vice chairman at CBRE. In
some deals, tenants have been
able to negotiate more flexible
terms, including the ability to
terminate leases early if sales
aren’t meeting expectations.
Short-term deals—those
less than three years—also are
increasing. They made up
about 20% of all Manhattan
retail lease transactions in the
third quarter, compared with
less than 5% in the same period last year, according to
CBRE.
Commercial
real-estate
owners usually cut rents only
after exhausting a menu of
other options, from months of
free rent to tenPROPERTY ant allowances
for construction
and remodeling.
Retail landlords in Manhattan are trying all of the above.
Average asking rents for
ground-floor retail space fell
more than 13% to $711 a
square foot in the third quarter from the same quarter a
year earlier, according to
CBRE Group Inc., and were
down 30% from their peak of
$1,020 a square foot in the
fourth quarter of 2014.
The gap between asking
rents and the actual rent in the
final lease deal has been widening. During the market’s
highs, the average actual rent,
or taking rent, ranged from
96% to 98% of the asking price
and in some cases closed at or
above it, according to a CBRE
index. In the third quarter, the
average taking rent was 82% of
the asking price.
Landlords also offered more
concessions and embraced
shorter-term deals, according
Democrats Ride Anti-Trump Wave to Victory
Malliotakis Boosts Profile
Despite Mayoral Defeat
BY MIKE VILENSKY
Manhattan Retail
Landlords Sweeten
Offers for Tenants
York voters rejected the constitutional convention ballot measure.
In Long Island’s Nassau
County, Laura Curran, a Democratic county legislator, defeated her Republican opponent, former state Sen. Jack
Martins, in a tight race for
county executive, winning by a
51% to 48% margin. Ms. Curran drew a total of 147,000
votes, about 31% more than
the 2013 Democratic Nassau
county executive candidate,
Thomas Suozzi.
Ms. Curran, a former newspaper reporter, said her win
was driven by voters fed up
with corruption on Long Island. The incumbent County
Executive, Edward Mangano,
has been indicted on federal
corruption charges. He has
pleaded not guilty to the
charges.
This election “was about
who I can I trust,” Ms. Curran
said.
Larry Levy, director of the
National Center for Suburban
Studies at Long Island’s
Hofstra University, said Democrats successfully capitalized
on national frustration with
the Trump administration in
what they hope to be a sign of
things to come for the 2018
Democrats George Latimer and
Laura Curran won their elections.
T-B: MIKE GROLL/AP; BESS ADLER FOR WSJ
BY MARA GAY
AND ZOLAN KANNO-YOUNGS
midterm elections.
“The winds are clearly blowing for the Democrats in New
York suburbs and across the
country,” Mr. Levy said. That is
a sign “of the kind of demographic and political changes
we’ve been seeing in suburban
communities on Long Island
and beyond.”
Ed Cox, the chairman of the
New York Republican Party,
pointed to GOP victories
throughout central and upstate
New York and said the party
was still in a good position for
2018. He acknowledged there
may have been some national
sentiments at play in some
races such as in Westchester.
“Westchester is very blue so
I think there was a reaction by
frustrated Democrats coming
out and voting on the basis
that Clinton lost and Trump
won,” Mr. Cox said.
Hillary Clinton, a resident of
Chappaqua,
N.Y.,
in
Westchester County, endorsed
Mr. Latimer on Friday.
Mr. Cox, however, played
down the results in Nassau
County, saying voters were responding to local corruption
scandals involving Mr. Mangano and former Nassau
County state Sen. Dean Skelos.
Nassau County Republican
Chairman Joseph Mondello
said he expected the GOP to
bounce back.
“The Republican Party has
weathered storms in the past
and will certainly weather this
one also.” Mr. Mondello said.
“Remember there was a Nassau
County Republican Party yesterday, there is one today and
there will be one tomorrow.”
OYSTER PERPETUAL
SUBMARINER DATE
rolex
oyster perpetual and submariner
are ® trademarks.
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
A10B | Thursday, November 9, 2017
NY
THE WALL STREET JOURNAL.
* *
GREATER NEW YORK
After Losses,
N.J. Republicans
Vow to Fight On
Mr. Murphy won about 56%
of the vote compared with Lt.
Gov. Kim Guadagno’s 42%, according to unofficial results
released Wednesday by state
Division of Elections officials.
Mr. Palatucci attributed
Tuesday’s loss to what he and
other Republicans in the state
described as the natural swing
of the political pendulum between parties and the fact that
Democrats outnumber Republicans by nearly 900,000 regis-
GREATER NEW YORK WATCH
MANHATTAN
Jury Weighs Fate
Of Ex-Union Head
A jury has begun deliberations in the bribery trial of the
former head of New York City’s
correction officers’ union.
Jurors are deciding the fate
of 57-year-old Norman Seabrook
as well as hedge fund financier
Murray Huberfeld.
Prosecutors say the men con-
CORRECTIONS AMPLIFICATIONS
An executive from Ernst &
Young LLP and one from
Brookfield Property Partners
LP were shown in a photo with
a story about EY’s plans to relocate its U.S. headquarters in
Manhattan. The caption incorrectly said the photo showed
two Ernst & Young executives.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
spired to pay Mr. Seabrook kickbacks or bribes in return for his
delivery of millions of dollars of
union funds for investments in
Mr. Huberfeld’s hedge fund.
They say he was given
$60,000 and was promised between $100,000 and $150,000
annually.
Lawyers for the men say
their clients acted honestly and
legally and that prosecutors relied on a dishonest star witness.
—Associated Press
CONNECTICUT
City Sues Drugmaker
Over Opioid Crisis
New Haven is suing the company that manufactures OxyContin for alleged “deceptive
marketing” that is blamed for
the city’s opioid crisis.
The city filed a lawsuit
against Purdue Pharma Tuesday
seeking compensation for costs
faced by police, social services
and first responders combating
the crisis.
The company has denied the
allegations.
—Associated Press
More
Republican
+10 +5 Same +5
+10
Newark
Jersey City
New Brunswick
Trenton
Camden
Toms River
Vineland
Atlantic City
Source: New Jersey Division of Elections
Phil Murphy and his family celebrated after he was elected governor of New Jersey on Tuesday.
THE WALL STREET JOURNAL.
Matthew Hale, a politicalscience professor at Seton Hall
University, said it would take
some time for Republicans to
regain political strength in New
Jersey. He assigned some blame
to Mr. Christie, who he said
didn’t do enough during his two
terms to campaign for downballot candidates or promote
the state’s Republican brand.
“In the past there were
people that you could easily
identify or pick out that might
be next,” Mr. Hale said. “I
don’t know who’s next in the
Republican Party right now.
Chris Christie did absolutely
nothing to build the party.”
Several voters interviewed at
the polls on Tuesday said they
voted for Mr. Murphy because
they were unhappy with Mr.
Christie and the direction of the
tive elections alone had
topped $21 million by early
November, a 33% increase
from the 2013 elections, according to the state Election
Law Enforcement Commission.
Spending from independent
groups tends to favor Democratic candidates in New Jersey, he noted. “Democrats have
a built-in base of support with
the unions, and the unions raise
a lot of money and they make it
readily available,” he said.
In an unusual turn of events
this year, New Jersey’s teachers union spent millions backing a Republican legislative
candidate in an effort to unseat an incumbent Democrat,
Senate President Stephen
Sweeney. He prevailed, but
was forced to spend a significant amount of money.
national Republican Party. April
Huggler, a resident of Eatontown, said she didn’t like Mr.
Christie and is angered by efforts in the Republican-controlled Congress to repeal the
Affordable Care Act. “I really
wasn’t happy with our situation
so I wanted a change,” she said.
Republicans leaders sought
to minimize the effect Mr.
Christie’s unpopularity—his
job-approval rating is in the
teens—had on Tuesday’s
losses. Mr. Palatucci said New
Jersey is “too blue a state” for
Mr. Christie’s electoral wins to
transfer to other candidates.
Dale Florio, a Republican
strategist and lobbyist, said the
party will need to fight for better representation when New
Jersey redraws its legislative
districts after the 2020 U.S.
census. He said redistricting
was partly to blame for longtime Republican state Sen. Jen
Beck losing her seat on Tuesday.
In Ms. Beck’s district, which
includes parts of Monmouth
County, registered Democrats
outnumber Republicans by
more than 13,000 voters, more
than double the margin that
existed in 2009, before the latest legislative map was drawn,
when the spread favored Democrats by about 6,000 voters.
“Redistricting is key and
that’s clearly something where
Republicans have to be on
their game,” Mr. Florio said.
Election spending from independent groups, such as super PACs, also is an area
where Republicans have been
outmatched, he said. Independent expenditures for legisla-
Milk Bar Dessert Chain Plans Expansion
BY CHARLES PASSY
Crack pie is going global.
Milk Bar, the New Yorkbased dessert chain behind the
gooey treat, has received an
eight-figure investment from
RSE Ventures, a venture-capital firm, Milk Bar officials said.
Milk Bar plans to use the
funds to launch into other
markets.
In its nine-year history, the
company has grown from a
single location in Manhattan’s
East Village neighborhood to a
dozen spots, spread throughout New York; Las Vegas;
Washington, D.C.; and Toronto.
But Milk Bar, which was created in partnership with David
Chang’s Momofuku group of
restaurants, is now looking at a
more significant expansion.
A Los Angeles location and
two additional locations in
Washington, D.C., are set to
open in late 2017 and early
2018. Plus, additional markets
are being considered.
Milk Bar’s founder and chief
executive officer, Christina
Tosi, pointed to San Francisco,
BRYAN DERBALLA FOR THE WALL STREET JOURNAL
‘The face I’m going
to put forward is the
moderate face of the
Republican Party.’
More
Democratic
Milk Bar is planning to launch in more markets. Founder Christina
Tosi doesn’t want its crack pie to seem exclusive to New York.
Seattle, Miami, Chicago and
Atlanta as some of her favorite
cities.
“It felt exclusive to say you
don’t get crack pie unless you
come to New York,” said Ms.
Tosi, a two-time James Beard
©2017 CHANEL®, Inc.
JOIN A GLOBAL DAY OF ACTION
TO ADVANCE WOMEN
to leadership parity by 2025
NEW YORK CITY + WORLDWIDE
Award winner, of the inspiration to grow her company. Ms.
Tosi also noted Milk Bar ships
its signature dessert nationally.
In all, the company says it
has sold 250,000 slices of the
pie to date in 2017, which rep-
resents a 15% year-over-year
increase.
A Milk Bar spokesperson
also said the company has fans
overseas, so “we are strategizing how to reach them.”
Milk Bar’s products go beyond crack pie. The company is
also known for its cereal-milk
ice cream and its “naked”
cakes: layer cakes with unfrosted sides.
Milk Bar joins a growing list
of New York food and restaurant companies looking to expand. Magnolia Bakery, whose
cupcakes were made famous
by the television series “Sex
and the City,” has added locations everywhere from Chicago
to Dubai, and has plans to
open in Boston and Washington, D.C., in 2018, according to
company officials.
Still, Milk Bar could face
challenges as it looks to grow,
said John Zolidis, a restaurant
analyst based in New York. He
warns that its quirky desserts
may not play well in every
market. “Some people will say
this doesn’t make any sense,”
he said.
®ROBERTOCOIN
After losing their eight-year
grip on New Jersey’s top office,
state Republicans were licking
their wounds Wednesday, while
vowing to push back against
Democratic Gov.-elect Phil
Murphy’s progressive agenda.
“It was a rough night, but
we’ve had rough nights before
and come back, so I expect we
will do so again,” said Bill
Palatucci, a GOP insider and
longtime political adviser to
outgoing Republican Gov.
Chris Christie.
tered voters in New Jersey.
John Currie, chairman of
New Jersey’s Democratic State
Committee, said dissatisfaction
with Republican President Donald Trump mattered more than
voter registration numbers.
The election gives Democrats
control of the executive and legislative branches of state government, leaving Republicans
with little leverage against Mr.
Murphy as he moves to carry
out his agenda, which includes
increasing spending and implementing a millionaire’s tax.
The state Assembly’s Republican leader, Jon Bramnick,
who was re-elected Tuesday by
a narrower margin than years
past, said he would “govern
from the middle” after Mr.
Christie leaves office in January and will work with Democrats when possible to advocate for the GOP’s priorities.
“It was a longer night than
normal,” he said. “The face I’m
going to put forward is the
moderate face of the Republican Party, but fiscally we’re
going to oppose making this
state unaffordable.”
In southern New Jersey, the
Republican mayor of Atlantic
City was ousted by a Democratic councilman, and longtime Republican Congressman
Frank LoBiondo said he
wouldn’t seek re-election in
2018, giving Democrats an opportunity to flip his seat.
Shift in New Jersey vote by party
in Tuesday's gubernatorial election
from 2016 presidential race
LUCAS JACKSON/REUTERS
BY KATE KING
Left Lean
ROBERTO COIN BOUTIQUE
Westfield World Trade Center
Oculus | Main Level C2
New York, NY | 212.287.1299
Get Your Ticket Today
SYMPHONY COLLECTION | robertocoin.com
NOVEMBER 14, 2017
TAKETHELEADDAY.COM
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
* * * *
CROWN MEDIA (4)
LIFE&ARTS
Thursday, November 9, 2017 | A11
BY JOHN JURGENSEN
‘SWITCHED FOR CHRISTMAS”
has all the ingredients for a Hallmark Channel holiday movie. A
small-town Christmas festival.
Flirtation and decorating. Snowy
epiphanies about what really matters. And Candace Cameron Bure,
a Hallmark audience favorite who
has starred in six Christmas movies for the network. This season
the network doubled the actor’s
presence: Ms. Bure plays identical
twins who temporarily trade lives
and stumble into romance.
The commitment to Christmas
is total in the TV world of Hallmark, with wall-to-wall programming requiring year-round production. Thirty-three new and original
holiday films are premiering on
two Hallmark channels between
Oct. 27 and Jan. 1—up from 28
new movies last year. That’s a total of 136 Christmas films produced by Crown Media Family Networks, which operates four
Hallmark-branded channels, since
the company ramped up its output
of original movies in 2008.
Hallmark’s go-to producers are
tasked with finding ultra-quaint
settings without recycling the
same charming inns, barns and
town halls in multiple films. Vancouver-based Front Street Pictures
coordinated five Christmas movies
for Hallmark this year, the last of
which is shooting now.
Front Street production manager Jamie Lake is accustomed to
shooting Christmas movies in
summer when actors sweat in
their parkas. His crews create
snowy landscapes with white drapery and truckloads of ice used to
pack fish. In his office he has databases of potential locations and he
spends days off driving around,
hunting for buildings that look like
they belong in a snow globe.
“Every movie wants that small,
cute town and there’s only so
many small, cute towns within
driving distance of the film zone,”
Mr. Lake says, referring to the
Vancouver area in which productions receive tax credits.
Fort Langley, a picturesque village just east of Vancouver, is a
little too popular with camera
TELEVISION
On Hallmark,
It’s Always Christmas
The channel’s sure-fire ingredients for a successful holiday show: quaint
small town, flirtatious tree decorating and, most importantly, snow
Snow and decorations abound in the Hallmark Channel’s holiday-movie lineup for this year, including, clockwise from
top left, ‘Switched for Christmas,’ ‘Enchanted Christmas,’ ‘Christmas Homecoming’ and ‘A Song for Christmas.’
crews. So this year Mr. Lake
pushed further east to Chilliwack,
a farming community surrounded
by mountains. He zeroed in on a
narrow block with a barbershop
and toy store, which he says was
“perfect for the little parade” in
“Rocky Mountain Christmas,” set
in a fictional hamlet in Colorado.
An all-out approach to the holiday season is common in other industries such as retailing and radio, where more than 500 stations
around the U.S. are expected to
switch to an all-Christmas format
this year, according to Nielsen.
Some cable TV networks—including Disney’s Freeform, Ion, Lifetime and Up—roll out Christmas
countdowns, featuring familiar hits
and a handful of originals
During last year’s holiday takeover, the size of the flagship Hall-
mark Channel’s target audience—
women ages 25 to 54—more than
doubled the average of any previous month. In the first two weekends of this year’s Christmas blitz,
Hallmark had the biggest audience
of any cable network. The seasonal
strategy has helped drive overall
growth for the network, which saw
its ratings among adult viewers
under 50, the industry benchmark,
grow by 31% last year.
However, Hallmark faces a
unique challenge: producing three
dozen movies about the same holiday while avoiding “Groundhog
Day” repetition. Often there’s a
struggling family business that
needs saving, like the cozy inn in
“Christmas at Holly Lodge,” the
old-fashioned holiday shop in
“Sharing Christmas,” or the theater that loses its lease in “Christ-
mas Encore.” A big-time star encounters small-town romance in
“Marry Me at Christmas,” “A Song
for Christmas” and “Rocky Mountain Christmas.” In “The Perfect
Christmas Present,” the hero is a
personal gift buyer known to his
clients as Mr. Christmas—not unlike the nickname for the title
character in “Miss Christmas,”
whose job is finding the perfect
tree for Chicago.
Executives say it’s the characters that make each movie unique.
“Even if there’s a similar tradition
in one movie to the next, that
doesn’t mean the characters aren’t
going on different journeys,” says
Michelle Vicary, executive vice
president of programming and network publicity for Crown Media
Family Networks. The company is
a division of the Kansas City, Mo.-
based Hallmark Cards, Inc.
In addition to a feel-good finale,
there’s an atmospheric checklist
for every movie. “Buying a Christmas tree. Wrapping gifts. Thinking
of gifts. Baking and cooking meals.
Family gatherings. All of the
things that you think of as traditional,” says Randy Pope, senior
vice president of programming.
Snow is a dealbreaker. “Every
year we get scripts with something like, ‘It’s the first year in the
country’s snowiest city that they
had no snow.’ Nope. Not on Hallmark it’s not,” Ms. Vicary says.
Tradition extends to the stars
who return annually to Hallmark
movies, especially actresses famed
for TV roles in the 1980s and ’90s,
including Ms. Bure and Lori Loughlin (“Full House”), Lacey Chabert
(“Party of Five”) and Danica McKellar (“The Wonder Years”).
Hallmark’s formula has resulted
in a certain sameness in casting. All
the romantic leading roles in this
year’s batch of 33 movies are played
by white actors, except for the Hispanic stars of “Enchanted Christmas,” Alexa and Carlos PenaVega.
“We’re working on it and doing
everything we can to create the
best cast for each movie and also
look at diversity as part of our
strategy,” Ms. Vicary says, noting
an expanding roster of stars, such
as Holly Robinson Peete and Rodney Peete, the African-American
couple whose family is at the center of Hallmark’s first unscripted
series, premiering in February.
Inducing yuletide déjà vu is part
of the point for fans. Testimonials
on Twitter include “I’ve done
nothing but watch Hallmark
Christmas movies for the past 3
days” and “i am so beyond ready
to binge hallmark christmas movies nonstop for the next two
months.” The recognizable
rhythms also work for people who
enjoy them ironically. As one
viewer tweeted, they “may be
cheesy and predictable, but that
sure as hell isn’t stopping me from
watching them.”
Hallmark executives are now
picking scripts for 2018’s Christmas
lineup, and filling smaller orders
for other seasonal movie blocks
such as “Very Valentine’s,” “Summer Nights” and “Fall Harvest.”
MOVIES
DECONSTRUCTING A ‘SIMPSONS’ STEREOTYPE
FOX/GETTY IMAGES
BY DON STEINBERG
Apu, left, pictured in a January 2016 episode of ‘The Simpsons,’ speaks with an exaggerated Indian accent in the show.
HARI KONDABOLU never wanted
to find fault with “The Simpsons.”
Like most comedians, he grew up
worshiping the groundbreaking animated sitcom.
But as an adult, the IndianAmerican stand-up comic started
having second thoughts about one
of the show’s characters, Apu Nahasapeemapetilon, the hardworking, cheapskate owner of the KwikE Mart.
Apu made his debut during the
first “Simpsons” season. In an
early 1990 episode, Apu warns Bart
and his delinquent pals not to steal
anything in the aisles of his convenience store. He’s been selling stale
hot dogs and price-gouging the
residents of Springfield ever since.
Actor Hank Azaria voices Apu
with a mockingly heavy Indian accent. Or, as Mr. Kondabolu calls it
in his new documentary, “The
Problem with Apu”: “A white guy
doing an impression of a white guy
making fun of my father.”
Mr. Kondabolu’s documentary,
which debuts at the DOC NYC film
festival on Nov. 14 and airs on
truTV on Nov. 19, explores a question at the heart of that comment:
What happens when a TV character
loved by millions just might denigrate millions of others?
But he didn’t want the film to be
a downer. “ ‘The Simpsons’ is an
institution. And I love that institution,” says the 35-year-old New
Yorker. “It had to be funny. If
you’re gonna be a killjoy, you have
to kill joy with joy.”
In the film, Mr. Kondabolu talks
with actors of South Asian ancestry including Kal Penn (“Harold
and Kumar Go to White Castle”),
Aziz Ansari (“Master of None”),
Aasif Mandvi (“The Daily Show”),
Hasan Minaj (“The Daily Show”)
and Utkarsh Ambudkar (“Pitch Perfect”), as well as comedians
Aparna Nancherla and Russell Peters and former surgeon general
Vivek Murthy. They all discuss
varying levels of unease with Apu.
Some note that the problem
Please see APU page A12
THE WALL STREET JOURNAL.
A12 | Thursday, November 9, 2017
LIFE & ARTS
THE MIDDLE SEAT | By Scott McCartney
How Should a Holiday Inn Smell?
The ‘Essence de Sofitel,’ used at all its hotels including Paris, below, includes lemon, lily of the valley and sandalwood.
a sense of familiarity. It really
helps get transition from the outside,” Mr. Rocco
says.
Westin was
one of the first
with a chain-wide
white tea scent it
began testing in
2005. Westin has
stuck with the
same scent, but
many brands are
updating and shifting. Sofitel
shifted its strategy last year from
having off-the-shelf scents selected
by local staff to a unique Sofitel
scent common to all properties.
ADVERTISEMENT
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
FRANCE
!
"!#
#
$ % #&
' $& ! ( #)
The regional strategy, launched in
2009, had worked, Mr. Rocco says–
people bought candles.
“But we were missing an opportunity to really build a very unified
marker for the
brand,” he says.
Sofitel now
uses Essence de
Sofitel, a fragrance developed
by famous
French “nose”
Lucien Ferrero.
It’s a mix of
lemon leaf, bergamot and basil,
supported by lily
of the valley,
white rose and
cardamom, with a complex bottom
note of precious woods like white
sandalwood.
The scent is diffused in the
lobby of Sofitel’s 120 hotels and
sometimes sprayed in corridors and
elevator areas by housekeeping.
A few people do turn up their
noses at scented hotels. MGallery
by Sofitel, a collection of high-end
hotels that uses a different scent
for each property, conducted a
survey of 3,000 guests over the
summer and found 78% of women
and 74% of men generally like
scented spaces. There were different levels of acceptance in different countries, however. In the
United Kingdom, one-third of men
disliked scent.
MGallery has advised its U.K.
properties to select fragrances
that are not too strong, says Agnès
Roquefort, senior vice president of
luxury brand management.
A side benefit for hotels: Just
about every brand now sells its
scent in candles and other products
for home use. Marriott says sales
of all its scents, such as a room
spritzer to add the lemony, seductive W smell to your own bathroom
or bedroom, are up 35% compared
with a year earlier. The Carlyle in
New York, a Rosewood hotel, sells
more than 2,500 bars of its scented
soap each year at $6 a bar.
Scent marketing has been
around for several years. Retailers,
medical facilities and entertainment venues routinely mix scent
with heating and air-conditioning
air flow, or deliver it more directly
through strategically placed diffusers or candles. Realtors and developers use scent to sell homes and
condos. Airlines including Delta
and United are using scent in airport lounges and even on airplanes
during takeoff and landing.
“Hotels want clean, crisp notes.
They don’t want it to be a perfumery, but they don’t want it to smell
like a tea shop,” says Edward
Burke, vice president of customer
strategy and communications for
ScentAir.
Though each brand has a scent,
it’s ultimately up to local hotel operators whether to use it. ScentAir
says it costs a small hotel about
$100 a month to scent a lobby and
other public areas. A large hotel
might spend $2,000 a month on a
scent program, depending on size
and desired effects, Mr. Burke says.
Hotels say they don’t use scent in
individual rooms, but companies like
ScentAir are working on technology
that could give guests the ability to
control scent in their rooms.
Some hotels already have installed tablet computers in rooms
with controls for TV, temperature,
window curtains and lighting.
Scent could be added, but the cost
to deliver individually controlled
fragrance into rooms remains the
stumbling block.
“That’s one of our main projects. Hotels say they’d love to have
that ability if we can do it at the
right cost,” says Mr. Burke.
APU
Continued from page A11
with the character might
stem from his pioneering
role. In 1990, there weren’t
many South Asian characters on American TV or in
films. Early “Simpsons” episodes reached as many as
30 million viewers, and Apu
became the most prominent
Indian-American presence
to many people.
“They didn’t mean for it
to happen. The problem is
we didn’t have any other
representation in this country,” says Mr. Ambudkar in
the film. “This one character
created so many problems,
psychologically, emotionally,
for so many people.”
Dana Gould, a former
“Simpsons” writer and producer, tells Mr. Kondabolu
that the bottom line for the
show is “funny,” and some
foreign accents simply
sound funny to nonmultilingual Americans.
He suggests that “The
Simpsons” stereotypes—
and often humanizes—
pretty much everybody, so
Apu is no different from the
sitcom’s depiction of greedy
billionaires, Mr. Burns.
But for Mr. Kondabolu
and others, this racial stereotype is different. In the
film, he assembles a roomful
of young South Asian-American entertainers whose
faces are familiar from TV
and movies. He asks how
many of the men and
women have had to deal
with being called Apu in
DAVID SCOTT HOLLOWAY/TRUTV
WHAT DOES a cheap hotel smell
like? These days, it may be notes
of jasmine mixed with wood and
honeysuckle.
Luxury hotels have scented lobbies, hallways and other public
spaces with carefully crafted perfumes for several years to create a
memorable brand image and
stealthily calm guests as they arrive. Now budget chains are spritzing, too. Hotels have arguably
never paid so much attention to
how they smell, employing expert
“noses” from leading perfume makers to entice travelers with just the
right amount of sandalwood.
The description of the Holiday
Inn Express Signature Scent tries
for a level of elegance not normally found with a free breakfast
buffet: “Crisp lemon top notes accent a heart of watery green florals, sweet grass, a dash of exotic
herbs, spicy perilla and a base of
sheer woods and musk.”
Marriott International and InterContinental Hotels Group use
scent in most of their brands, from
Best Western on up. The hip W
sprays a floral scent with notes of
jasmine and sandalwood. The Westin chain promotes wellness, so it
employs a white tea aroma that is
calming, says Tina Edmundson,
global brand officer for Marriott.
“If you put the W scent in a
Westin environment, it would feel
odd. It would feel out of place,”
Ms. Edmundson says. Moxy Hotels,
Marriott’s newest budget brand
targeted at younger travelers, has
a scent to enhance the notion of
fun experiences. The most important corporate rule guiding Moxy’s
olfactory profile: It can’t smell expensive like a Ritz Carlton.
ScentAir, a Charlotte, N.C., company that develops and delivers
scents for hotels and other industries, says its highest area of
growth right now is in value hotels.
Hotels say the scent has to fit
the brand, and mixing the right
fragrance is crucial to marketing.
Experts say what we smell and
hear can create lasting impressions stronger than visual cues.
Just as favorite songs get attached
to memories, so, too, can pleasing
smells link a certain brand or
place with happy thoughts.
“You can see beautiful flowers.
When you go to the next hotel,
will you really remember the flowers?” says Joao Rocco, Paris-based
vice president for luxury brand
management at Sofitel hotels.
“With smell, you will remember.”
It’s not that consumers are going to book Sofitel hotels for the
smell. Price, location and service
are still bigger drivers of repeat
business, Mr. Rocco says. But when
you get to a Sofitel hotel, you’ll
feel more comfortable because the
smell is familiar, he says.
“It gives you a sense of arrival,
ILLUSTRATION BY JEAN TUTTLE; PHOTOS: CLOCKWISE FROM TOP LFFT: GETTY IMAGES/ISTOCKPHOTO (2); ALAMY; ACCORHOTELS
Budget hotel chains, emulating luxury brands, are adopting signature scents to create memorable experiences
In his film, comedian Hari Kondabolu, left, speaks with Whoopi Goldberg about racial stereotypes.
public or taunted by a
stranger with an Apu reference, such as his catchphrase:
“Thank you, come again.” All
the men raise their hands.
Throughout the documentary, Mr. Kondabolu tries to
wrangle an interview with
Mr. Azaria, a master of overthe-top vocal caricature. His
other “Simpsons” characters
include surly bartender Moe,
donut-munching cop Clancy
Wiggum, dweeby Professor
Frink and smug, overweight
Comic Book Guy. Mr. Azaria
ultimately declined to participate in the documentary. He
wasn’t able to preview the
documentary and didn’t
want to comment on it.
But Mr. Kondabolu does
meet with Whoopi Goldberg,
who owns a collection of
racist memorabilia, and the
two discuss how Apu compares with the portrayal of
African-Americans in minstrel shows. He also interviews his immigrant parents,
who are more accepting.
“Hank Azaria is a talented
guy,” his mother says. “They
paid him, and he did it. And
he did it great.” She acknowledges that her genera-
tion puts up with more than
their American-born children
are willing to tolerate. She
also tells Hari that he has
“Apu hair.”
Mr. Kondabolu understands that not everyone will
appreciate his concern about
Apu. “I realize some of you
think I’m some annoying, PC,
social-justice warrior who’s
very sensitive and obsessed
with a 28-year-old cartoon
character,” he says in the
film. “You’re probably thinking: ‘Come on, snowflake, let
it go.’ Well, I have let it
go...for 28 years.”
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 9, 2017 | A13
LIFE & ARTS
CLOCKWISE FROM TOP LEFT: JOHN SALANGSANG/INVISION/AP; MERT & MARCUS
Taylor Swift, left, in Houston in
February, has pushed CD sales of her
new album using incentives including
special-edition magazines, below.
MUSIC
Taylor Swift’s ‘Reputation’ on CDs
The pop star’s new album, due Friday, is unlikely to be made available on streaming services
BY ANNE STEELE
TAYLOR SWIFT APPEARS to be
staking her reputation on CD sales.
While the music industry is
watching to see if the pop star’s
new album can match the sales of
her previous blockbuster, a bigger
question for many concerns how
her sixth studio effort, “Reputation,” will be made available when
it comes out Friday.
The album is unlikely to be
heard on streaming services when
it’s released, according to people
familiar with the matter. Initial
discussions indicated such a
streaming blackout could last as
little as a week or two after the
album’s release, according to one
of these people, who said the final
decision was up to Ms. Swift and
her inner circle. So far, that group
hasn’t shared its plans with many
business partners. Ms. Swift’s label, Big Machine Records, declined to comment on plans for
the new album.
After releasing her previous album, “1989,” in 2014, Ms. Swift
waited seven months before allowing any streaming services to
carry it.
Three years later, however,
streaming has overtaken download
sales and CDs as the most popular
way to listen to music, and it’s unclear whether it will be feasible to
keep the new album off Spotify
AB, Apple Music and other services for as long.
So far this year streaming is responsible for about 60% of music
consumption in the U.S., according
to Nielsen Music, which measures
sales and streams in units, rather
than in dollars, and treats 1,500
streams as the equivalent of one
album sale.
All signs point to strong sales
momentum ahead of Friday’s release.
“Reputation” has already generated 400,000 preorders for digital
and physical copies—more than
double the figure for “1989,” according to Big Machine. That album was released when sales still
generated more revenue than
streaming in the U.S., according to
the Recording Industry Association
of America.
Sales remain a huge opportunity
for Ms. Swift. A superstar artist
can receive as much as 20% of the
proceeds from album sales.
In the first weeks after the release of a heavily promoted album
like “Reputation,” that can make
sales far more profitable than
streaming, which generates royalties worth tiny fractions of a
penny per listen. Over the long
term, those micropayments can
add up to big money for hit songs
and albums.
Last week, streaming accounted
for 75% of total retail volume for
“1989,” according to Nielsen.
While the singles off of “Reputation” so far haven’t had the
same chart success as those on
“1989,” that doesn’t appear to have
diminished demand for the album,
said David Bakula, a Nielsen Entertainment analyst.
The first four singles on the album indicate a more synth-heavy
—and, at times, bass-heavy—brand
of pop, while the set list includes a
collaboration with singer-songwriter Ed Sheeran and rapper Future. Three of the same pop masterminds who worked on “1989,”
Jack Antonoff, Max Martin and
Shellback, are listed as producers.
Ms. Swift is using various incentives to encourage her loyal fan
base to buy the new album on CD.
Ordering a copy from her website
can boost a buyer’s chances of securing tickets to her coming concert tour.
Target Corp. says “Reputation”
has generated more preorders
than any album before it, and expects the album to be its biggest
music release of the season.
The chain’s biggest seller to
date is Adele’s “25,” which was
held from streaming for the better
part of the first year after it came
out in 2015, when streaming became the biggest segment of the
U.S. music market.
Target is offering two different
72-page special-edition magazines
featuring portraits, personal photos as well as poetry and paintings
by Ms. Swift with each album purchase. It expects many fans, who
call themselves “Swifties,” to purchase two copies of the album to
have both magazines, said Lee
Henderson, a company spokesman.
“We look for a way to give fans
something they can’t get anywhere
else,” said Mr. Henderson.
Until the middle of this year,
none of Ms. Swift’s music was
available on Spotify, by far the
most popular streaming service,
with about twice as many users as
No. 2 Apple Music.
Ms. Swift wanted her music to
be available only to paying subscribers; Spotify insisted that all
its users—including those who use
its free, ad-supported option—be
able to listen to it. In June, Ms.
Swift put her entire catalog on
Spotify, including its free tier. By
then, “1989” had sold 10 million
copies world-wide, according to
her management team.
It’s too soon to say what keeping “Reputation” off streaming services would mean for its overall
performance.
“This was going to be heavily
purchased album anyway,” said
Nielsen’s Mr. Bakula.
Since Ms. Swift’s fan base is
largely made up of younger consumers who listen to music via
streaming, she could effectively
get paid twice for the same album, as fans purchase a digital or
physical copy of “Reputation”
then continue to listen to it on
the subscription services they
typically use.
With or without streaming, says
Mr. Bakula, “it’s going to be a
blockbuster one way or another.”
ART REVIEW
PAINTING HIMSELF INTO THE SPANISH CANON
New York
IN THE LATE 17th century, the
city of Seville suffered pestilence,
famine and the loss of its prestigious position as the commercial
hub of the expansive Spanish Empire. Though its population was
devastated by disease and starvation, many reduced to living in
squalor, and its economy and future lay in ruin, Seville miraculously contributed some of the
most splendid late paintings of the
Spanish Golden Age.
Chief among these late baroque
works were the paintings of Bartolomé Esteban Murillo (1617-1682),
whose penchant for a graceful,
naturalist style made accessible
the religious art he produced for
the city’s churches and charitable
institutions. Murillo is likewise remembered for enigmatic scenes of
the streetwise denizens of
Seville—smiling, scruffy waifs in
threadbare clothing, veiled young
flower girls in provocative poses,
perhaps a courtesan and a duenna
gazing out at the viewer or client.
Such paintings’ intriguing, cryptic
content and their sophisticated artistic conceits made even these
humble images prized by Murillo’s
legions of collectors.
Although they have received little critical attention, Murillo also
excelled at portrait paintings, and
at least two self-portraits figure
among the 15 or so surviving likenesses that can be attributed to
his hand. As beautifully argued in
the small but significant “Murillo:
The Self-Portraits,” organized by
Xavier F. Salomon, the chief curator of the Frick Collection, and by
Letizia Treves of the National Gallery, London, these works, too, are
© THE FRICK COLLECTION
BY MARY TOMPKINS LEWIS
Bartolomé Esteban Murillo’s ‘Self-Portrait’ (c. 1650-55)
essential to his oeuvre.
The exhibition marks the quadricentennial of the painter’s birth
and was occasioned by the New
York museum’s recent acquisition
of Murillo’s “Self-Portrait” of
c.1650-55, a gift from heirs of the
Frick family. When seen in the
context of a handful of his related
portraits—including several newly
attributed here to the artist—and
amid graphic reproductions by
later artists, Murillo’s self-portraits emerge as the cogent and
enduring synopses of his art that
the painter intended. They lay
claim not only to his likeness but
to his pre-eminent place in the
Spanish canon.
The Frick’s recently accessioned, half-length self-portrait depicts Murillo in a three-quarters
pose, and dressed as a hidalgo, or
Spanish gentleman: A black jacket
with fashionably slit sleeves reveals his voluminous underlying
white shirt. And, at the neck, the
stiffened, unembellished golilla
collar—an austere style favored by
Philip IV and delicately sketched in
here with sheer, white strokes of
paint—sets off his sensitively rendered features. An inscription in
red at the base of the canvas,
which identifies the subject and
his fame within his profession, was
added to the painted stone ledge
after Murillo’s death and appears
in subsequent graphic replicas that
render such images encomiums.
Like many of Murillo’s portraits,
his image is inset within an illusionistic stone frame, but one far
less decorative than those that enshrine his other sitters or even the
painter himself in the later selfportrait. Made up of a seemingly
rough and chipped stone block
that appears to have been ravaged
by time, it may recall, as the curators argue (and as do his paintings
of urchins in vacant landscapes
strewn with ancient ruins), Murillo’s interest in the remnants of
classical antiquity that filled the
Sevillian landscape. Built upon the
ancient Roman city of Hispalis,
Seville enjoyed one of the closest
connections of any Spanish city
with its antique past, and it is one
that Murillo knew well. An allusion
to that legacy here may have “set
in stone” his image and achievement for posterity.
The elaborate stone frame and
format of Murillo’s “Self-Portrait”
of c. 1870 suggest its strikingly different intent. Though his sagging
face and neck are softened now by
a lacy Northern (or Walloon) collar, the painter has visibly aged;
the tragic recent loss of his wife
and four of his nine children may
also have shaped his weary countenance. The attributes of his profession are arrayed on a stone
ledge before him: the tools of
drawing at left allude to Murillo’s
heralded skills as a draftsman,
while the paintbrushes and palette
at right establish him as a painter.
But it is the ingenious gesture
he assumes, as his right hand
reaches through the painted frame
into the viewer’s space, that announces Murillo’s brilliant originality. A marvel of trompe l’oeil
painting that may have drawn
from countless works he knew
from prints (and Rembrandt in
particular), it extends the inventive pictorial conceits that made
Murillo’s genre paintings—several
of which are included in this
show—so alluring. It would inspire
countless later artists, notably the
Englishman William Hogarth, to
use it as models for their own
work. But it may have been
painted as well to inspire his remaining sons. The touching inscription Murillo added, “Bartolomé Murillo portraying himself to
fulfill the wishes and prayers of
his children,” suggests his intended audience was not just that
of posterity.
Murillo: The Self-Portraits
The Frick Collection, through Feb. 4,
2018
Ms. Lewis teaches art history at
Trinity College, Hartford, Conn.
THE WALL STREET JOURNAL.
A14 | Thursday, November 9, 2017
SPORTS
BASKETBALL
The NBA’s Bizarro Start
JAMES D SMITH/ASSOCIATED PRESS
The Cavs stink and the Knicks might be good. Right now, the league makes no sense.
Jerry Jones, left, with NFL commissioner Roger Goodell in 2014.
NFL
JONES TRIES TO BLOCK
GOODELL’S CONTRACT
BY ANDREW BEATON
owner
Jerry Jones is trying to
block NFL commissioner
Roger Goodell’s pending contract extension, sparking a
feud among the ownership
ranks and intensifying his
battle with the league.
The blowup is the latest
enmity for the league in a
season already filled with internal and external strife,
most prominently around
the players’ national anthem
protests and how to handle
them. Jones has been critical
of the league’s handling of
the issue as well as Goodell’s
decision to suspend Cowboys
star running back Ezekiel Elliott for six games, a penalty
that remains under appeal.
In a call last Thursday
with owners on the compensation committee, Jones expressed concerns about extending Goodell’s contract
and the potential structure
and compensation involved,
according to a person familiar with the matter. Goodell
has reportedly made more
than $200 million since becoming commissioner in
2006.
Jones declined to comment through a team spokesman. An NFL spokesman declined to comment, though
in recent weeks the league
has expressed confidence
that the owners would move
forward with a contract extension for Goodell.
The call, as first reported
by the New York Times, resulted in other members of
the committee revoking
Jones’s status as an ad hoc
member, a role that had
given him a voice but no
vote. The Times said Jones
threatened to sue the league
and some of the owners over
the issue.
In a previous Oct. 26 call
with at least 15 owners who
aren’t members of the compensation committee, some
of those agreed with Jones’s
concerns about extending
Goodell’s contract, according
to a person familiar with the
matter.
The Oct. 26 call came
shortly after the NFL’s owners meetings in New York,
where a focal point of discussions was the contentious
national anthem protests by
players that have roiled the
league and its sponsors. During those meetings, the
league decided not to change
a rule to mandate that players must stand during the
anthem.
Jones has been one of the
most outspoken owners
against the protests, which
have drawn ire from some
fans and President Donald
Trump, who have called the
demonstrations unpatriotic.
All the while, Jones has
assailed Goodell’s discipline
for Elliott over violations of
the league’s personal conduct policy related to alleged
domestic violence. He and
the NFL Players Association
have criticized the league’s
investigatory process and
called the suspension unfair.
Elliott’s suspension has
become a protracted legal
battle, with a potential resolution coming Thursday,
when the Second U.S. Circuit
Court of Appeals will hear
the case.
To press his argument
against Goodell, Jones has
hired high-profile litigator
David Boies. A spokesman
for Boies’ law firm, Boies
Schiller Flexner, declined to
comment and referred questions to the Cowboys.
—Rebecca Davis O’Brien
contributed to this article.
most confusing
stretch of every NBA season.
Each team has played about
10 games—which is enough to
make impressions that might
be true and not enough to
know with any confidence
whether they actually will be.
But there is already so much
that has happened in less than
a month that it can be hard to
keep track. Take the Cleveland
Cavaliers as an example.
The latest twist in their
daily soap opera came on
Monday night when LeBron
James posted on Instagram
a cryptic image of the children’s-book character Arthur
clenching his fist with the
caption “Mood…” It was only
natural that the NBA world
spent most of Tuesday attempting to decipher the
message.
Here are some questions
that are easier to answer.
Are the Cavaliers really
this bad?
Cleveland’s defense last
season was not quite the
worst of any team’s. It was
only the worst of any playoff
team’s. But now it’s the
worst of any team’s in the
last five years.
The question surrounding
the Cavaliers is how much
anyone should care about
their statistical ineptitude.
November is not their priority.
Cleveland has played in June
the last three seasons, and it’s
even more important this year
for the league’s oldest team to
conserve its energy for when
it counts. The team the Cavs
are now won’t be the team
the Cavs are six months from
now, either, since they’re
waiting for Isaiah Thomas to
rehab an injury before making
his Cleveland debut.
But the real reason it’s
not worth freaking about the
Cavaliers being 5-6 is pretty
obvious. They still have LeBron James.
Are the Boston Celtics
really this good?
The Celtics were the No. 1
seed in the East last season.
They celebrated by overhauling their roster before this
season. They landed Gordon
Hayward in free agency,
traded the No. 1 pick in the
draft and dealt Thomas for
Kyrie Irving in a series of
moves that positioned Boston to compete for titles now
and in the future. And then
Hayward shattered his leg in
the first quarter of the first
Weather
MICHAEL REYNOLDS/EPA/SHUTTERSTOCK
BY BEN COHEN
LeBron James and the Cleveland Cavaliers are off to a slow start this season.
game. It seemed like Boston’s championship aspirations would have to wait.
Except the Celtics have now
won nine straight on their way
to the league’s best record.
Irving is a legitimate star.
Al Horford is a reliable sidekick. Boston’s defense is especially feisty.
Whether it’s sustainable
beyond the first month of
the season is another issue
altogether. But for now it’s a
sight to behold.
Are the New York Knicks
really this competent?
Maybe!
It’s time to acknowledge
that the circus in residence
at Madison Square Garden
otherwise known as the New
York Knicks finally resembles
a halfway decent professional basketball team.
Now let’s be clear: The
Knicks are unlikely to make
the playoffs, and there’s still
an argument they should be
losing as much as possible to
get another top draft pick to
complement Kristaps Porzingis. By that logic, what
they’re doing is extremely
Knicks-y: This is a team that
can’t even tank well.
Why should I care about
Andre Drummond’s free
throws?
Drummond came into this
season as the single worst
free-throw shooter in the
history of the NBA. His career percentage from the line
was 38.1%. Of all the players
with at least 1,000 career
free-throw attempts, no one
else was below 40%.
That’s what makes the Detroit Pistons center’s improvement the craziest story of this
NBA season. Drummond is
suddenly and improbably a
75% shooter. And it doesn’t
appear to be a fluke that he’s
made 30 of his 40 free
throws, either. He also made
16 of his 20 free throws in the
pre-season.
It was a big problem for
the Pistons that one of their
most important players
couldn’t stay on the court in
tight games because he
couldn’t be trusted to make
free throws. He was so desperate for solutions that
Drummond experimented
with virtual reality before
last season. When that didn’t
work, he tried something
more conventional: He remade his shooting mechanics
and rethought his free-throw
routine before this season.
The biggest increase in
free-throw percentage from
one season to the next among
players with enough attempts
was Tim Duncan improving
from 61.8% to 79.9% between
2001 and 2002, according to
Stats LLC. If he keeps shooting this way, Drummond
would be in a class of his own.
Is there any reason to
believe the Golden State
Warriors aren’t winning
the championship?
No.
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.
20s
30s
V
Vancouver
d
Edmonton
40s
Helena
Boise
Billings
Pierre
Reno
Salt Lake
Lake Cit
C
City
70s
San Diego
10s
20s 10s
Anchorage
A
h g
20s
oux FFalls
ll
Sioux
Cheyenne
Ch
T
t
Toronto
Mpls./St.. Paul
Pau
k
Milwaukee
es Moines
Des
30s
A g t
Augusta
40s
t
Boston
rtford
Hartford
ew Y
New
Yorkk
50s
A
b y
ban
Albany
ff l
Buffalo
Detroit
Clevel
d
Cleveland
60s
70s
Ph
hil d lph
hi
C
h g
Chicago
80s
Pittsburgh
g
50s Philadelphia
p gfi ld
Springfield
90s
h
hi
g
on
D
C
Washington
D.C.
d
p
Indianapolis
40s Topeka
Kansas
Ch
l t
Charleston
Cityy
C
d
Colorado
100+
h
d
Richmond
LLas
LLouisville
ill
St.. Louis Lou
p g
Springs
Vega
Vegas
l i h
Raleigh
hit
Wichita
h ill
Nashville
C
h l
Charlotte
50s
anta Fe
Santa
Memphis
hi
C
b
Columbia
Albuquerque
Phoenix
Oklahoma
klahoma City
City
80s Ph
Rain
Warm
A
Atlanta
Little Rock
T
c
Tucson
Birmingh
Birmingham
ll
Dallas
60s
Jack
Jackson
Worth D
Ft. Worth
Cold
T-storms
El Paso
b
Mobile
Jacksonville
60s
A
ti
Austin
70s
Stationary Snow
t
Houston
l d
Orlando
ew Orleans
New
Tampa
an Antonio
San
80s
Sacramento
San Francisco
Los A
Ange
l
Angeles
50s
30s
20s
Montreal
Ottawa
30s
40s
1
2
3
4
5
14
6
7
8
9
10
15
11
12
13
h
Omaha
17
18
20
21
23
28
24
71 Light course
30 Cargo unit
19
72 Broad players
34 Brittany, for one
Down
1 Emmy statuette
part
36 Brittany, for one
29
22
25
30
32
33
39
40
26
27
2 Rock in motion
31
34
41
35
36
42
37
38
43
Denver
80s
Honolulu
l l
Miami
Showers
70s
U.S. Forecasts
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.
Hi
37
84
57
85
50
47
55
66
54
64
68
60
51
27
55
Today
Lo W
18 s
66 pc
38 c
61 s
25 s
34 s
44 r
51 sh
25 s
42 pc
55 r
34 s
44 r
15 pc
39 c
Tomorrow
Hi Lo W
41 33 c
78 66 pc
39 25 s
86 61 pc
32 18 pc
36 20 s
52 45 r
64 45 pc
42 29 s
61 40 pc
66 52 pc
63 37 s
53 43 c
32 28 c
45 27 s
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
53
69
85
91
59
46
48
78
92
53
51
Today
Lo W
46 c
54 pc
62 s
78 pc
42 pc
40 c
43 c
58 s
77 s
45 pc
39 pc
Tomorrow
Hi Lo W
53 44 sh
67 56 pc
81 58 s
92 78 t
56 26 s
47 39 sh
52 42 sh
80 54 pc
90 75 s
51 44 r
48 36 sh
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Hi
48
48
86
83
63
89
67
80
56
56
84
72
74
54
35
94
51
84
89
63
86
57
69
88
71
78
63
47
48
48
48
Today
Lo W
37 sh
35 r
70 pc
73 pc
51 s
75 t
48 s
55 pc
44 pc
34 pc
77 sh
48 c
47 pc
40 pc
28 pc
73 pc
43 c
71 pc
61 s
50 t
78 sh
45 s
56 s
77 c
57 s
73 c
51 s
16 sn
41 r
39 c
34 c
Tomorrow
Hi Lo W
48 39 r
47 40 c
84 70 pc
83 73 s
60 50 pc
89 77 t
66 50 s
78 58 t
55 47 c
61 39 s
86 78 t
77 51 pc
74 49 pc
55 39 pc
37 35 c
94 73 pc
55 46 sh
85 71 t
89 60 pc
62 45 t
86 77 sh
62 37 sh
72 51 sh
88 77 t
72 61 pc
87 70 pc
62 59 pc
28 17 c
49 40 pc
47 39 sh
45 41 c
45
46
49
53
54
50
55
47
51
56
58
59
48
52
57
60
61
62
64
65
67
68
69
70
71
72
63
66
Across
1 Saloon selection
5 Brand with three
peaks in its logo
10
14
15
16
17
19
25 Soft leather
49 Contemptible
28 Cut for yourself
and two friends
51 Taking a break
53 Capital that’s
home to
31 Flying formations
Nationwide
Company with
32 Holds
great projections
57 Fibbies
33 Fresh from the
Leave the hangar,
58 Slain shepherd
farrier, say
e.g.
59 P look-alike
35 “The Seven
Photo app tool
Spiritual Laws
61 Behind the
of Success”
Slushy earth
times
writer Chopra
Risk a
64 Tennis’s Caroline
39 At all times
breakdown, in
Wozniacki, e.g.
a way
41 Switch type
65 It won the
By and by
Best Original
43 Move, in real
20 Pudgy plumber
of console fame
21 Starchy veggie
22 Star vehicle
23 Contemptible
fellows
estate jargon
44 Possible answer
to “Parlez-vous
anglais?”
46 Cause of a rush
48 Grams
Screenplay Oscar
in 1988
67 Put out
68 Tell tale target
69 Game played
with weapons
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
37 Playwright
Ayckbourn
38 “It was beauty
killed” him
3 Works out
4 Alpha Canis
Majoris
40 Small streams
5 It loops the Loop
45 None too smart
6 Fluctuate
47 The Brits call it
a tipper
42 Coxcomb
7 With 8-Down,
“The Stars, Like
Dust” author
50 Satellite of
Jupiter with an
ice crust
8 See 7-Down
MERGING TRAFFIC | By Alice Long
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
28 22 sn 27 16 s
Atlanta
61 44 r
65 40 s
Austin
62 47 c
66 50 pc
Baltimore
53 38 c
43 22 s
Boise
54 40 c
54 37 c
Boston
50 38 s
39 25 s
Burlington
49 24 pc 28 22 pc
Charlotte
55 39 r
59 29 s
Chicago
42 20 pc 34 26 pc
Cleveland
50 27 pc 33 22 sf
Dallas
63 44 pc 65 48 pc
Denver
49 27 s
60 31 pc
Detroit
48 21 pc 32 21 pc
Honolulu
87 74 pc 86 75 pc
Houston
68 50 pc 71 52 s
Indianapolis
50 23 s
35 23 s
Kansas City
46 20 s
42 35 pc
Las Vegas
78 54 pc 76 53 pc
Little Rock
62 36 pc 58 31 s
Los Angeles
71 59 pc 69 57 pc
Miami
88 75 pc 86 75 pc
Milwaukee
39 20 c
33 29 pc
Minneapolis
24 12 pc 29 26 pc
Nashville
60 35 s
51 29 s
New Orleans
68 53 sh 70 54 pc
New York City
53 37 pc 38 26 s
Oklahoma City
56 38 pc 59 42 pc
Flurries
44
70 Works with hides 29 Dance party
16
10s
40s
Bismarckk
50s
60s
0s
ip
Winnipeg
10s
Eugene
<0
30s
Seattle
P
d
Portland
20s
0s
Caalgar
C
ga y
Calgary
9 Possible answer
to “Parlez-vous
anglais?”
10 1964 Beatles
song
11 Sienna or Sedona
12 Cinnabon stand
come-on
13 Stroboscope gas
52 Turn upside
down
53 Uniformed
student
54 Sotomayor’s
appointer
55 “The State and
Revolution”
writer
56 Galleria array
18 Salve targets
60 Just
24 Student driver?
62 Soapy buildup
26 Sign of trouble
63 Squeezes (out)
27 River of
Scotland
65 Name after
Fannie or Ginnie
28 Bridge tally
heading
66 Salt source
Previous Puzzle’s Solution
A
L
A
I
N
I
N
T
H
J
A
I
T
E
N
T
E
T
D
S
A
B
R
A
H
H E A
O R M
N B
C I S
H U N
OM E
E
A Z Z
L O E
P O D
T
E
E
T
O
T
A
L
D
I
S
H
T
J
M
R A
A X
E X
I
D
E
C
L
A
R
E
P
U
R
E
N
O
V
R E S
C
E E P
O
A G I C M
P
T A P
S C R E
H A U S T
O R R
E
B A L M
O
R V
S H OWE
A L A N
I N E R T
D S
MU
L E
T R
E L
H A
R A B
B O E
I K E
E
I
T
H
E
R
D
O
N
O
R
S
S
N
A
G
S
G
N
U
S
A
C
C
T
S
H
E
A
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 9, 2017 | A15
OPINION
Selfie Politics
Ed Gillespie is
the canary in
the mine shaft
for Republican politics.
We’ll
push
that further:
WONDER
Virginia is the
LAND
canary in the
By Daniel
mine shaft for
Henninger
all of American politics.
Years ago, coal miners who
worked down amid the dangers of carbon monoxide
would keep a caged canary
nearby. If the canary looked
dead, the miners got out.
The big difference for our
comparison is that while miners are smart enough to recognize toxic gas, our two political parties are not. The
American people are the canaries.
For Democrats, political
identity is by now well-established as a function of one’s
race, gender or sexual self-definition. Refined further, a Democrat is a “person of color” or
a “woman” or a “transgender”
person. Those who don’t qualify for a category keep mum.
From these identities flow
many streams of potential violations, slights and transgressions justifying political action
against “them.”
Democrats found validation
for the politics of identity in
the Virginia results. Some 77%
of unmarried women voted for
Ralph Northam. Ed Gillespie
was standing in front of an
anti-Trump train.
Voters in college towns,
where the politics of identity
was born, also voted overwhelmingly for Mr. Northam.
The Democrats’ not unreasonable takeaway from Virginia will be that identity politics works, so do more of it.
The Republicans’ political
identity, if the media consensus is to be believed, is almost
wholly a function of some inchoate white anger also directed at “them.” Donald
Trump won the presidency because he mined white anger at
the margins against a different
“them” of immigrants and
globalization, meaning the
whole wide world is arrayed
against whatever it means to
be a “white male” in 21st-century America.
The Republicans’ logical
takeaway
from
Virginia
should be that in competitive
election venues—such as the
suburban counties and congressional districts of Florida,
Ohio, North Carolina or Wisconsin—their political anger
has bigger numbers than your
anger. Intensity is interesting
but irrelevant. In politics,
smaller numbers still mean
you lose.
We are in the era of selfie
politics. In Donald Trump, we
have a selfie president. After
the Virginia gubernatorial loss,
the first nine words of Mr.
Trump’s tweet from Asia were:
“Ed Gillespie worked hard but
did not embrace me . . .”
For all the antipathy directed at Mr. Trump, he in fact
speaks as the Everyman of
America’s selfie politics: Embrace Me! Self-interest, the old
normal in politics, has been
subsumed by a new normal of
insistent self-regard.
Running in the background
of selfieism, like a cellphone’s
unseen operating system,
there is in fact a U.S. presidency and a politics inhabited
by serious people who are
conducting foreign policy,
such as North Korea’s ICBMs,
or domestic policy, such as a
rewrite of the tax code. But
who has time for that?
The only thing the Democrats’ self-categorizers can see
staring back at them from
their screens is whatever awful thing Donald Trump has
tweeted about . . . Me!
Trump, in fact, tweets
as the Everyman
of America’s new
politics: Embrace Me!
Mr. Trump, meanwhile, believes that his tweets animate
his base, or as he wrote recently when a Twitter factotum shut down his account for
11 minutes, “the word must finally be getting out—and having an impact.”
But in Virginia, the butterfly effect of Mr. Trump’s tiny
tweets appears to be that it
produced historically high
turnout for the opposing candidate. We’ll never know
whether Mr. Trump is right
that Ed Gillespie would have
won had he fully embraced
“me,” or instead would have
lost by another 9 points.
It is true that in 2016 Mr.
Trump tapped into a winning
vein of identity politics, but
one may wonder if that strategy is already losing its utility.
Even aggrieved white males
BOOKSHELF | By Andrew Stark
don’t much care for being
someone’s identity group. You
don’t hear much about this
swath of Trumpian voters anymore. Media anthropologists
have stopped visiting their
tribal villages in Pennsylvania
and Michigan.
But a Wall Street Journal/
NBC poll this week of “Trump
counties,” where collectively
Mr. Trump defeated Hillary
Clinton 57% to 37%, found his
disapproval rating touching
50% this month. That is another sick canary.
Meanwhile, the anti-Trump
and Never-Trump factions remain in a state of 24/7 paroxysm. Democrats may conclude
that the path back to power is
with a coalition of people in a
lather over Mr. Trump, and
they may be right. The selfie
president’s angry tweets could
create a tsunami of even angrier selfie voters, like those
in Virginia, that will wash over
GOP candidates.
The Democrats can self-destruct. The identity politics in
which they’ve become mired is
neurotically combustible, with
the categories constantly denouncing nominal friends for
arcane offenses such as “cultural appropriation.” Late in
the Virginia campaign, when
Mr. Northam waffled on embracing sanctuary cities, a major progressive group branded
him a “racist.” The party’s identity police never sleep.
The Republicans have a
Twitter problem, but the Democrats have a crazy-left problem. Voters will get more
chances to take their pick in
this race to the bottom.
Write henninger@wsj.com.
A Mass Extinction for Virginia Republicans
By Karl Rove
T
he Republican defeat in
New Jersey is unsurprising. The deep-blue state
went for Hillary Clinton by 14
points, and on Tuesday the
next governor, Democrat Phil
Murphy, won by 13. The Republican nominee, Lt. Gov. Kim
Guadagno, simply couldn’t escape the gravitational pull of
her unpopular boss, Gov. Chris
Christie, whose favorability in
exit polls was a sad 22%.
The GOP’s loss in purple
Virginia is far more problematic, with grave ramifications
for the 2018 midterms. Mrs.
Clinton carried the state by 5
points, but Democrat Ralph
Northam won the governorship Tuesday by almost 9.
That’s hardly the worst
part. The Republican nominee,
Ed Gillespie, took about 11,000
more votes than former Gov.
Bob McDonnell did in 2009
when Mr. McDonnell won that
year’s race with 59%. In fact,
Mr. Gillespie won more votes
than any Virginia GOP gubernatorial candidate in history,
yet he netted only 45%.
In 2013 the GOP’s nominee
for governor took 45.2%, even
though he collected 100,000
fewer votes than Mr. Gillespie
did. The difference is that turnout this year was up 16% from
2013. Most of the additional
voters were white independents
and Democrats in the suburbs
who wanted to send President
Trump a message.
Turnout in the Northern Virginia suburbs of Washington
was way up from four years
ago—by 23% in Fairfax County,
26% in Alexandria and Arlington County, and 31% in Loudoun
County. That tilted the state’s
electorate Democratic by 11 percentage points, compared with
7 last year and 5 in 2013.
Trump deflects blame,
but the GOP lost
because voters wanted
to send him a message.
Exit polls showed that only
22% of Virginia voters strongly
approved of Mr. Trump’s job
performance, versus 47% who
strongly disapproved. Just 17%
said their vote was meant to
express support for Mr. Trump,
versus 37% who wanted to signal opposition.
Yet on the issues, Virginians
don’t uniformly disagree with
the president. In the exit polls
57% said Confederate statues
should be left in place. Still, independents are weary of Mr.
Trump’s tweets, divisiveness
and unpresidential rhetoric.
Democrats just want to sock
him politically in the nose.
Mr. Trump responded to the
defeat by saying Mr. Gillespie
“did not embrace me or what I
stand for.” This is presidential
self-deception. Mr. Gillespie
won 95% of Republicans, 7
points more than Mr. Trump
last year.
The president is spurring
Democrats to the voting booth
while letting his own base drift
away. His job approval in the
Real Clear Politics average is
38%, 8 points below his share
of the vote last November. In
other words, 1 out of 6 people
who cast ballots for Mr. Trump
disapprove of his performance.
This showed up in Southwest
Virginia and the Shenandoah
Valley—the commonwealth’s
Trump Country. Mr. Gillespie
carried these areas by impressive margins, but turnout was
either down or simply not up
as dramatically as in the antiTrump suburbs.
Consider, too, the GOP mass
extinction in the Virginia House
of Delegates. Before Tuesday,
Republicans held 66 of the
chamber’s 100 seats. Now the
most likely outcome is a 50-50
tie. As of Wednesday, Democrats had won 48 seats and Republicans 47, with five contests
being recounted. Among the
GOP casualties were many incumbents who toed the Trump
line. Fortunately for Republicans, the state Senate isn’t up
for election until 2019. The
GOP’s 21-19 majority there is
likely to be the party’s only
foothold in Richmond.
Mr. Gillespie did win independents statewide, 50.5% to
48.9%. He also poached some
Democratic voters in the Richmond area, across the state’s
Southside, and even in the
northern suburbs. But Mr.
Northam pilfered Republican
votes in Tidewater areas that he
previously represented in the
state Senate for six years.
Therein may be the only
good news from Virginia for
the GOP. Mr. Northam is a Gulf
War veteran and pediatric neurologist who voted for George
W. Bush twice and who once
toyed with becoming a Republican. He appealed to independents in a way that Trump-hating left-wing Democrats can’t.
As the campaign progressed,
Mr. Northam put aside attacks
on Mr. Trump and pledged to
work with the president on behalf of Virginia. He flip-flopped
on sanctuary cities, abandoning
his support and coming out for
cooperation with federal immigration authorities.
When Democrats pick their
candidates for the U.S. House
and Senate in 2018, they are
unlikely to choose many Ralph
Northams. Most Democratic
activists are insisting the party
nominate only ideologically
pure candidates in the mold of
Bernie Sanders and Elizabeth
Warren.
Nevertheless, the results
Tuesday from Virginia should
set off alarm bells for Republicans. Mr. Trump’s poor standing threatens their congressional majorities. He must try to
improve his numbers, and the
GOP must prepare itself for an
extraordinarily tough battle.
For Republican officeholders,
this is life in the Trump presidency’s shadow.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
the author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
Victory Against ISIS—in the Philippines
By Ian J. Storey
P
resident Trump’s visit to
Asia is designed to reassure friends and allies
that America’s commitment to
regional security remains solid.
But the U.S. already demonstrated that commitment in
the southern Philippines over
the past five months. The
Trump administration honored
the terms of America’s 66-year
alliance with the Philippines
and helped defeat Islamic militants occupying the city of
Marawi.
That is remarkable because
President Rodrigo Duterte
seems determined to downgrade that alliance. Last year
he called President Obama a
“son of a whore.” A month
later, he visited Beijing and
declared his country would
move closer to China.
But when Islamic State took
over the city of Marawi and
encouraged jihadists from
around the region to join the
fight, the Philippine military
immediately turned to the U.S.
for help—apparently without
seeking Mr. Duterte’s permission. Washington responded
immediately by delivering several hundred rifles, pistols and
grenade launchers.
More important, the U.S.
provided the Philippine army
with the eyes and ears required for victory. American
drones and aircraft flew over
America’s alliance
with Manila is strong
despite Duterte.
the city, giving Filipino soldiers a real-time picture of the
battlespace. The U.S. supplied
vital intelligence on the militant leaders. And U.S. forces
passed on hard-won lessons
from urban warfare in Iraq
and Afghanistan.
According to the Philippine military’s chief of staff,
Gen. Eduardo Ano, American
support “tilted the balance”
against the Islamic extremists.
Even Mr. Duterte reluctantly
acknowledged America’s critical role in the fight to retake
Marawi, which claimed more
than 1,000 lives.
Assistance from China and
Russia was less than impressive. At the height of the conflict, China donated 6,000 rifles and nine million rounds of
ammunition worth $7.3 million. But the Philippine military prefers U.S.-manufactured arms and immediately
turned over half the Chinese
weapons to the police.
In late October, Russia gave
the Philippine military 5,000
Kalashnikov rifles, four trucks
and a few thousand steel helmets. These were of little value
because Mr. Duterte had declared an end to hostilities in
Marawi a few days earlier.
Although Manila has established tentative defense ties
with Beijing and Moscow, the
Philippine security establishment clearly prefers to stay
close to the U.S. Most Filipinos are wary of China because
of its bullying in the South
China Sea, where the two
countries have serious territorial and maritime boundary
disputes. Chinese forces have
obstructed the resupply of
Philippine outposts and built
military bases on reclaimed
land.
Since Mr. Duterte shelved a
July 2016 legal judgment on
the dispute that favored Manila, tensions have been in
abeyance. But the conflict will
inevitably flare up again.
The Marawi siege showed
that the U.S.-Philippine alliance remains strong despite
Mr. Duterte’s rhetoric. The
U.S. took a longer view of the
relationship and honored its
commitments. Mr. Trump can
point to that record to show
his commitment to America’s
security partners in Asia.
Mr. Storey is a senior fellow at the ISEAS-Yusof Ishak
Institute in Singapore.
Awe in Search
Of Understanding
The Meaning of Belief
By Tim Crane
(Harvard, 207 pages, $24.95)
C
an atheists ever attain the kind of spiritual uplift that
religion provides? Can this mundane world ever
deliver the serenity offered by genuine belief in an
eternal world beyond?
Yes, say many nonbelievers. The atheist thinker Sam
Harris claims that he has attained (with intermittent boosts
from psychotropics) a “beatific” and “egoless communion”
with the “beauty of nature,” one that gives him a comfort
and joy akin to a certain kind of religious feeling. Perhaps
many of us—in moments when we are confronted with
profound beauty—experience an awe of the cosmos so
intense that we perceive ourselves merging into it, a part
of the whole. But it will probably be a fleeting moment;
most of us will find it difficult to achieve a steady sense of
egoless communion in the
drabness and drudgery of
everyday life.
In “The Meaning of Belief,”
the philosopher Tim Crane is
less eager to investigate the
religious-like feelings that
atheists may experience than to
challenge the assumption that
belief brings consolation, let
alone jubilation or rapture.
What defines religious belief?
For Mr. Crane, it’s the conviction
that (in William James’s words) an
“unseen order” governs the universe—
an order that is beyond cognition,
perception or any other human faculty to fully
grasp. This otherworldly aspect is one reason why belief
must be accepted in a leap of faith, however much reasoning
may be directed toward it afterward. An unseen order, Mr.
Crane says, is common to all religious traditions: It is
something beyond “what is encountered in experience and
science . . . beyond our finite human understanding.”
The believer thus experiences belief not so much as
truth but as meaning: an ultimate meaning that he can’t
specify because it is, by definition, beyond his ken. But a
belief in meaning, Mr. Crane says, “is not always something
that makes the world easier to understand,” though
atheists often attack religion for its anodyne simplicity and
easy comforts. “In fact,” Mr. Crane writes, belief “can make
the world harder to understand—this is one lesson we can
draw from the problem of inexplicable suffering and evil.”
Or, one might add, death, another aspect of reality that
may confound the capacities of even the most ardent
believer. Only the saintly, Mr. Crane implies, can manage
the religious struggle for comprehension successfully. For
the ordinary believer, recurrent doubt will prevent “the
kind of unproblematic solace in the face of death that many
atheists think is part of the point of religious belief.”
Though nonbelievers fault religion for its
comforting simplicities, belief doesn’t always
make the world easier to understand.
Mr. Crane has other sharp observations to make about
religion. Not for him the fashionable idea that one can mix
and match to taste—a pinch of Christianity with a dollop of
Judaism topped off with a drizzle of Mahayana Buddhism.
Religious belief, he says, requires the repeated performance
of rituals within an established communal setting. This
stricture and others—e.g., the need to stay loyal to one’s
faith in the way “a faithful friend sticks with you in good
times and bad”—seem to place religion out of the grasp of
many who, these days, think of themselves as believers.
Taking Mr. Crane’s eat-your-spinach view of religion in
the context of recent philosophical writing, you’d almost
think that the original question should be turned on its
head. Can believers, agonizingly wrestling with ultimate
meaning and the quest to understand it, ever achieve the
kind of Age of Aquarius uplift that atheists like Mr. Harris
access simply through the awe they feel in the presence of
natural beauty?
The answer would seem to be “no” or “only rarely,” but
there’s a missing middle between these poles undiscussed
by Mr. Crane: wonder. It is here that incongruent worldviews may overlap. As a noun, a wonder is something
worthy of awe. As a verb (“I wonder”) it signifies the quest
to understand. Both may be elements of religious experience, of course. But it’s precisely in taking the awe of which
Mr. Harris speaks, and marrying it to the quest to understand that Mr. Crane discusses, that many scientists say
they experience a kind of religious exhilaration. Awe, as the
biologist Richard Dawkins tells us—whether provoked by
something beautiful like a rainbow or unnerving like a black
hole—is what instills in scientists their thirst to understand.
For scientists, Mr. Crane emphasizes, meaning follows
understanding, and not the other way around. They test
hypotheses and assumptions (whether empirically or
through mathematical reasoning) before accepting whatever
meaning they discover. And meaning, again, is the operative
word. As Mr. Crane notes, scientists are never quite sure that
they have hit on the truth. What they discover is, rather,
formulations that make ever better sense of reality—until
new formulations prove to be better still. Religion and
science, Mr. Crane argues, are fundamentally different
enterprises, so much so that, contrary to what some militant
atheists hope, science will never replace religion. Even so,
they need not be seen as utterly alien realms, without any
chance of rapport or mutual sympathy.
There’s another pertinent word that Mr. Crane neglects:
numinous. Rooted in the Latin “numen,” meaning divinity,
it refers to the halo of impenetrable meaning we sense
whenever we feel moved by nature, whether in its jawdroppingly awesome forms or in the quietly everyday.
Einstein spoke of “something we cannot penetrate.” What
is that ineffable “something”? It’s the conviction of an
ultimate meaning of the sort Mr. Crane discusses but not
one that abides in an inaccessible world beyond. Instead it
emerges, as a whole does from the sum of its parts, out of
the sun and stars and sea and sierra: the very things into
which Age of Aquarius types hope themselves to somehow
merge.
Scientists, and not just philosophers, are helping bring
nonbelievers closer to believers. And that’s a good thing.
After all, as Mr. Crane says, they’re going to be together for
a long time: perhaps an eternity.
Mr. Stark is the author of “The Consolations of
Mortality: Making Sense of Death.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A16 | Thursday, November 9, 2017
OPINION
R
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
The Anti-Trump Wave
Is GOP Tax Trying to Change Demographics?
epublicans took a thorough beating in the polls. A Trump majority coalition doesn’t
Tuesday’s elections, and no one should seem to be forming.
sugar coat the results because the voting
Mr. Trump’s media allies are blaming Mr.
was confined to a few states.
Gillespie for not being TrumDemocrats come out in pian enough, but days before
Democrats came out in droves
to send a message of opposielection former White
droves and the GOP is the
tion to Donald Trump, and GOP
House aide Steve Bannon was
caught in the undertow. saying Mr. Gillespie might win
candidates were swamped in
the undertow. While the cliché
because he had endorsed
is not to read too much into an
Trumpian themes of crime
off-year election, this defeat was broad and deep and immigration.
enough to signal that Republicans will struggle
The truth is that Mr. Gillespie tried to span the
to hold Congress next year.
GOP coalition by campaigning on traditional
The Democratic sweep in New Jersey and es- themes of tax cuts and education reform while
pecially Virginia is in that sense a mirror image running against illegal immigration and sanctuof what Republicans did in 2009 in opposition ary cities. The media portrayed the latter as divito Barack Obama. Chris Christie won in the Gar- sive and racist, but note that Mr. Northam came
den State that year and after two mostly failed out against sanctuary cities late in the campaign.
terms Democrats are taking Trenton back under Mr. Gillespie did the best he could to bridge the
public-union control. Governor-elect Phil Mur- GOP divide in a Democrat-leaning state, but he
phy, a former Goldman Sachs millionaire, is a couldn’t overcome the anti-Trump wave.
360-degree progressive who wants to raise
The message for Republicans going into 2018
taxes, increase spending and in the process will is that they are in trouble in the swing suburban
drive even more taxpayers from the state.
districts where the House will be won or lost.
The more consequential message came from Republicans hold seats in 23 districts where
Virginia, where Democrats swept the major Mrs. Clinton also won. One is the 10th Congresstatewide offices and may have picked up the sional District in North Virginia held by the esti17 seats they needed to take over the House of mable Barbara Comstock that includes much of
Delegates. Ralph Northam, the lieutenant gover- Loudoun County. Democrats will run as a check
nor who beat a Bernie Sanders acolyte in the on Mr. Trump, and Republicans need a response
primary, spent most of his time and money beyond a Nancy Pelosi fright mask.
wrapping Donald Trump around Republican
Another message is that the GOP success
candidate Ed Gillespie.
down-ballot during the Obama years can go rapRepublicans can take little comfort that Hil- idly in reverse. That’s clear from the GOP rout
lary Clinton defeated Mr. Trump by five points in the Virginia House of Delegates. But there’s
in 2016. Mr. Gillespie lost by nine and he badly also evidence from Rob Astorino’s defeat as exunderperformed in Northern Virginia, home ecutive of Westchester County in New York, a
to federal employees and white, college-edu- state Senate seat in Washington that gives Demcated suburbanites who dislike Mr. Trump’s ocrats a majority, and a GOP incumbent mayoral
polarizing politics by insult. In his 2014 near- loss in Manchester, N.H. American politics is
miss Senate race, Mr. Gillespie won pivotal more national than ever, and if Mr. Trump’s apLoudoun County by 456 votes. On Tuesday he proval rating stays at 38% next year, the GOP’s
lost it by 23,432.
state gains could wash away.
i
i
i
Mr. Trump tried to distance himself from the
Mr. Trump won’t change, so the only GOP andefeat by tweeting from Asia that “Ed Gillespie
worked hard but did not embrace me or what tidote to a Democratic wave is legislative acI stand for. Don’t forget, Republicans won 4 out complishment. Democrats will be motivated to
of 4 House seats, and with the economy doing vote no matter what Congress does. But Repubrecord numbers, we will continue to win, even licans will stay home unless the House and Senbigger than before!” Sometimes Mr. Trump’s ate fulfill their campaign promises. This means
comments are so transparently false you won- passing a pro-growth tax reform that will accelerate the expansion. Republicans should also reder if he’s laughing as he writes.
Earlier on Election Day he tweeted support alize how much damage they have done to themfor Mr. Gillespie, whom he endorsed. The victo- selves by failing to repeal even a part of
ries in GOP-leaning House districts Mr. Trump ObamaCare.
More broadly, the election shows that the
cites were also far closer than they should have
been. Mr. Trump is motivating Democrats to American system of democratic checks and balvote while his divisive style and rhetoric are di- ances is working. All the media and academic
viding Republicans. A Trumpian candidate panic about looming fascism has been nonsense.
nearly beat Mr. Gillespie in the primary and re- The tides of politics ebb and flow, and Tuesday’s
fused to endorse him until the end of the cam- results show that the Trump years are likely to
paign as Mr. Gillespie appeared to be gaining in be good for Democrats.
C
The College Tax-Reform Tantrum
olleges have been rocked by student pro- borrowers who become government and nontests, but now they’re launching a dem- profit workers. Cancelled debt under other loanonstration of their own in Washington forgiveness programs is typically taxable, but
against reductions to their tax
not for this privileged class.
Higher ed howls at the
subsidies. They’re throwing a
All of these subsidies have
tantrum because they may, at
failed to make college more afmodest
cut
in
subsidies
long last, have to rationalize
fordable. Colleges instead
in the House bill.
their spending.
pocket the subsidies and jack
The IRS code contains
up tuition, which they steer
about a dozen individual tax
into bloated administration
subsidies for higher education, all with disparate and facilities. Over the last decade, tuition has
rules that the IRS describes in a 95-page bro- risen at an annual inflation-adjusted 2.4% at prichure that makes academic prose look lucid. Par- vate, and 3.5% at public, four-year colleges. Soarents and students can claim three different tax ing college costs are the main reason student
credits, deduct loan interest, and receive an ex- debt has doubled since 2009 to $1.3 trillion. Stuemption for some discharged loans and tuition dents are also taking longer to finish, perhaps
assistance.
in part because taxpayers are footing much of
These dispensations are layered on top of the tab.
low-interest federal loans (4.45% for underGovernment grants, loans and tax credits also
grads), grants and loan-forgiveness programs. give students less reason to work during school.
The Congressional Budget Office estimates that Alternatively, their parents can write off their
the government will lose about 25 cents on every college costs. This may help explain why labordollar of subsidized Stafford loans.
force participation over the last decade has deColleges that have been riding this gravy clined by 5.4 percentage-points among Ameritrain are howling that Republican House reforms cans age 16 to 24 compared to 1.6 percentagerepealing and consolidating their tax carveouts points from 25 to 54.
will raise tuition. But stripping down the subsiCollege leaders also complain that the House
dies might make students and parents more bill doubles the standard deduction, which
aware of costs and impel colleges to curb unnec- means fewer middle-income households will
essary spending.
itemize. They say this will reduce charitable givTake the three tax credits, which the House ing and alumni donations. If that’s true, they rebill proposes to combine into a partly refundable ally need to work on alumni enthusiasm.
$2,500 American Opportunity Tax Credit that
Some public colleges have also groused that
can be claimed for up to five years. This simplifi- the elimination of the state and local deduction
cation would yield about $17.5 billion in revenue could discourage tax increases in states like Conover 10 years and reduce the enticement for stu- necticut and New York. They’re worried that
dents to drag out their education. The Lifetime Democrats will instead cut funding for public
Learning Credit, which is part of the consolida- colleges.
tion, can now be claimed indefinitely.
They have a better point that the GOP’s 20%
Parents and students would also no longer be excise tax on compensation of nonprofit employallowed to write off tuition (cost: $3.9 billion in ees that exceeds $1 million is arbitrary and med2015) and interest on student loans ($13.6 bil- dles in wage-setting that Congress shouldn’t do.
lion), which receive singular treatment in the tax The House also slaps a 1.4% excise tax on investcode. Interest on other non-mortgage personal ment income of private college endowments
loans is subject to taxation. Individuals have also (which private foundations must also pay) that
been able to claim these above-the-line deduc- exceed $250,000 a student. We’d prefer ending
tions even if they don’t itemize.
the charitable deduction rather than taxing enThe GOP bill would also tax “tuition waivers” dowments, but as endowments grow so will pothat colleges often use to pay grad students in litical interest in taxing them.
i
i
i
kind. These effectively let colleges employ teachIf they’re really concerned about student weling assistants as indentured servants and have
contributed to a surfeit of graduate degrees in fare, colleges could make up for the decline in
fields for which there are few jobs beyond aca- tax subsidies by scaling back spending and tudemia. Maybe colleges could try paying TAs a ition. Purdue University President Mitch Daniels
has held tuition flat since 2012, so it can be done.
better wage.
The reforms would continue to encourage College leaders howl that Republicans are
thrift by letting parents sock up to $28,000 an- squeezing students to pay for corporate tax cuts.
nually in 529 college savings accounts that grow But college graduates would benefit from a simtax free. However, it’s unfortunate that the plan pler tax code with fewer distortions that proretains a tax exemption for discharged debt of duces more growth and higher wages.
Regarding your editorial “Half a
Tax Reform” (Nov. 3): The state and
local tax deduction (SALT) is a great,
great feature of this tax bill. Making
SALT nondeductible raises the total
marginal rate (federal plus state) on
high earners. Say the top federal rate
remains at 39.6%. In California, where
the top state rate is a ridiculous
13.3%, the total rate will jump from
47.6% (for those itemizing) to an exorbitant 52.9%. States like New York,
New Jersey and California will face
political pressure to lower their state
income taxes. States that refuse risk
losing their wealthiest residents to
other states. Either way, there will be
a downsizing of state government in
places where it is now most bloated.
GEOFFREY NUNN
Palm Harbor, Fla.
It appears that many senior citizens will be hit with higher income
taxes. In 1983 Congress started taxing
Social Security benefits of retirees
whose income plus one-half of their
Social Security benefits exceeded
$32,000. The purpose was to tax
those with generous pensions or large
investment income, i.e., the rich. It
was estimated that about one in 10
retirees would be affected by this tax.
Since they didn’t index the income
threshold, now more than one in
three retirees have their benefits
taxed.
I did a quick calculation using the
proposed tax tables and found that I
would owe almost five times what I
estimate my 2107 taxes will be if this
plan were in effect this year.
BOB MORTON
Urbandale, Iowa
You ask, “Does anyone think that a
mid-level manager at J.P. Morgan deserves a subsidy to raise children?”
Absolutely, when he or she loses their
SALT deduction. Why is the editorial
board so intent on punishing middleclass salarymen (and women) who reside in places such as Long Island
and the San Francisco Bay area, so
that the uberrich can avoid paying estate taxes (on amounts exceeding $22
million) and the AMT?
Yes sir, we blue states sure are
sucking poor Alabama, West Virginia
and other red states dry. Enjoy the
schadenfreude as some of this country’s most productive workers might
have to pay for this absolutely stupid
piece of proposed legislation. This
isn’t your father’s GOP.
JAY BUKOWSKI
Mill Valley, Calif.
If there were ever a credit to support, it would be the child tax credit.
It helps raise children out of poverty
and provides a well-deserved break
to hardworking parents. The time
and resources parents pour into
their children should be encouraged,
so Republicans should keep it in the
tax bill.
CHRIS JEUB
Monument, Colo.
The big losers in the GOP tax plan
are homeowners with big mortgage
and property tax payments, mostly
Republicans, and the winners are
renters—disproportionately Democrats. Betraying your base is an odd
strategy. Nondeductibility of mort-
Remember Broken Promises
To Our Friends the Kurds
Regarding Ruth Wisse’s “When
Britain Renewed the Promise to the
Jews” (op-ed, Nov. 2): Just as the
British started the process for the
Jewish people to have their own
state with the Balfour Declaration,
the Kurdish people were also promised a home. The first was the SykesPicot Agreement in 1916. This promise was then confirmed with the
Treaty of Sevres in 1920. It didn’t
take long (1923 with the Treaty of
Lucerne) for the western powers to
break their promise and place the
Kurdish people in the hands of Turkey, Iraq and Syria.
The Kurdish people have been one
of the mainstays in our fight against
ISIS and all of its associated groups.
The Kurds are one of the most organized and successful groups in the
Middle Eastern world. Without the
Kurds we would have had to sacrifice
many more men and would have had
increased equipment costs. Instead of
support, we have barely provided
them with proper weaponry for this
current fight and have only rewarded
them with broken promises.
The future for the Kurdish people
isn’t looking much better at present.
If this is the way we treat our
friends, is it any wonder we have so
many enemies?
WILLIAM F. HINESER
Arvada, Colo.
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.
gages over $500,000 means that
homes over $625,000 can no longer
be purchased with 20% down and a
fully deductible mortgage. Do you
think your house is worth more than
$625,000? Not anymore.
JAMES TALEVICH, CPA
Los Gatos, Calif.
Can Americans ever hope the tax
code will focus on its primary purpose—funding government—instead
of income redistribution and social
engineering, with everyone contributing something, instead of nearly half
the filers paying nothing? Probably
not, as long as power-hungry politicians are addicted to campaign donations from lobbyists supporting special tax breaks.
DONNA ROOK
Colorado Springs, Colo.
I haven’t seen the Journal give the
real reason for the bill at this time.
The GOP correctly understands wellheeled Republicans on the liberal
coasts are of little value to the party.
The solution? Create significant incentives to force migration to those
states or districts where a Republican
vote actually counts.
For the record, I am a coastal Republican who is caught squarely in
the crosshairs of this tax increase.
JOHN LEIBEE
Rumson, N.J.
This bill is akin to the GOP’s Brexit
from every blue state in the country.
It’s mean-spirited and intended to
punish those of us with the misfortune of living in high-tax-and-spend
states that didn’t vote for the
Tweeter in Chief. After today there is
no longer any overlap in my values
and the Republican leadership’s. Want
to “pay” for tax cuts? Here’s a novel
idea: Cut spending. That was the Republican Party I was attracted to.
HUTCH PEGLER
Darien, Conn.
A question for Congress: With the
elimination of the medical-expense
deduction, must we mortgage our
home to see some tax relief for the
cost of uninsured medical/dental/expense and long-term-care insurance?
The proposed tax plan penalizes
the ordinary family, not to mention
those facing catastrophic medical
issues.
JOANNE YENDLE
Woodway, Texas
The Trump tax proposal would
eliminate the itemized deduction
for medical expenses now set at
over 7.5% of adjusted gross income.
I am 90 and can’t walk, and my
medical expenses (helpers and
equipment) are tremendous. Talk
about mean-spirited.
HERMAN MORRIS
Plano, Texas
The 702 Program Really
Amounts to Bulk Snooping
Regarding David Medine and Patricia M. Wald’s “Reform Surveillance,
Don’t End It” (op-ed, Oct. 30): The authors’ argument falls apart almost immediately when they state that the
702 program only has 100,000 “targets” and doesn’t, therefore, constitute indiscriminate bulk surveillance.
However, if the 100,000 targets communicate with 30 others, who in turn
communicate with 30 others, then you
have potentially 90 million people under surveillance. Face it, this is bulk
surveillance.
JAMES LOVELY
Lakeland, Fla.
Sometimes Responsibility
Belongs to the Afflicted
In response to Dee Tezelli’s question: “Who will be deemed culpable if
the patient who is obese . . . expires?” (Letters, Nov. 1). That is easy:
the patient. We shouldn’t live in a society where people do what seems
right in their own eyes but point fingers at others for the consequences
of those choices.
DAN MELSKI
Princeton, N.J.
Pepper ...
And Salt
THE WALL STREET JOURNAL
“Thanks, but I’m trying to cut
back on personal crises.”
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 9, 2017 | A17
OPINION
By Michael B. Mukasey
W
hat may be the U.S.
government’s most
valuable authority to
protect citizens from
terrorism and other
national-security threats is due to
expire at the end of the year—Section 702 of the Foreign Intelligence
Surveillance Act. The good news is
that Congress is considering proposals to renew that law. The bad news
is that many of those proposals include burdens that would radically
diminish its effectiveness. Worse,
some of these ill-considered proposals come from people who claim to
support the law.
Proposals to amend FISA’s
Section 702 would tie the
hands of investigators, as
in the days before 9/11.
Section 702 of FISA allows the
government to monitor electronic
communications overseas between
foreigners. More than a dozen former top-ranking members of the
U.S. intelligence community—directors of national intelligence and
heads of the Central Intelligence
Agency, National Security Agency
and other agencies, from administrations of both parties—attest in an
October letter to Congress that Section 702 “has helped save lives in
the U.S. and abroad by providing information to law enforcement that
was used to interdict planned terrorist operations” and helped save
“U.S. and allied military lives by providing warning of impending attacks, ambushes, and suicide bombers.” I was one of the signers.
Why the urge to limit Section 702?
The law focuses on obtaining the
email and voice communications of
foreigners—“non-U.S. persons,” in the
legal parlance—to gather information
relevant to foreign intelligence. But
those communications at times are
with U.S. persons, whose messages
thus will be captured incidentally. The
law bars the purposeful gathering of
information on U.S. persons in the
guise of trying to gather foreign intelligence, known as “reverse targeting.”
Once in an intelligence agency’s database, however, these incidentally
gathered messages of U.S. persons
may be included in searches as part
of another investigation.
Some describe such a query of
the database as a “backdoor search”
and believe that because it does not
require a warrant, it violates the
Fourth Amendment. Every court
that has examined the question has
disagreed.
Barring the use of these queries
in criminal investigations would
bring back the pre-9/11 “wall” between national-security and criminal
investigations, which the Clinton administration put in place in the belief that FISA required it. It was that
wall that kept FBI agents from getting intelligence information that
would have helped them find Khalid
Al Mihdhar and Nawaf Al Hazmi,
two of the 9/11 hijackers, in August
2001. It turned out, based on a
post-9/11 ruling of the Foreign Intelligence Surveillance Court of Review,
that the statute didn’t require the
wall. The bureaucrats who erected it
ISTOCK/GETTY IMAGES
Don’t Rebuild the Surveillance ‘Wall’
thought mistakenly that they were
protecting civil liberties.
Still others would require a warrant from a FISA court before the
database is queried with the name of
a U.S. person in a criminal investigation. Writing on these pages recently, David Medine and Patricia
Wald, who served on the Privacy and
Civil Liberties Oversight Board, cite
fears stemming from a newspaper
report that the Section 702 database
includes communications from which
it is possible to draw a personal portrait of innocent Americans. But they
concede that neither they nor the
oversight board have been able to
corroborate that claim.
These friends of the program overlook the history of investigations conducted since Section 702 went into
effect and seem to misunderstand the
very nature of investigations. There is
no evidence that there has ever been
a purposeful violation of Section
702’s terms, or any review of the kind
of detailed information that newspaper reports suggested.
Further, an investigation is a search
for information, not a search to confirm information already in hand. A
search for a “hit” on a database is
among the least intrusive inquiries
possible, and is often made at the
outset of an investigation. A showing of probable cause to believe that
evidence will be found, which is
what it takes to obtain a warrant, is
nearly impossible at that stage—or
would require more-intrusive techniques to obtain facts, which would
compromise privacy much more
than a mere database search.
To the extent that any tightening
of procedures under Section 702 may
be useful, it would be to require permissions not when a database is
searched, but when evidence from intercepted communications is to be
used—for example, as part of a presentation to a grand jury to secure an
indictment, or to a judge to get a
search warrant, or to a trial jury to
get an indictment. At that point, the
permission of a senior officer of the
Justice Department could be secured.
Such a requirement would ensure that
neither privacy interests nor sensitive
sources of intelligence-gathering are
needlessly compromised.
Returning to pre-9/11 procedures
by limiting Section 702 authority is
likely also to take America back to the
post-9/11 anguish of investigations
into why available intelligence was
not used, why dots were never connected. This time the fault would lie
not with the intelligence community
but with lawmakers who exploited
mistrust of government to frustrate
the collection and use of intelligence
information—a function that only
government can perform, and that it
must perform, if we are to survive.
Mr. Mukasey served as U.S. attorney general (2007-09) and a U.S.
district judge (1988-2006).
The Middle-Class Tax Cut That’s Really a Hike
By Jason Furman
L
ast week Speaker Paul Ryan
introduced the House GOP tax
bill, claiming it would “deliver
real relief for people in the middle.”
Specifically, he said a “typical family of four would save $1,182 a year
on their taxes.” Mr. Ryan reiterated
the number four more times during
a three minute briefing. This is
true, but only for the first year of
the tax bill. After that the story gets
grimmer.
Under the House plan, a
family making $59,000
would pay more in 2024
than they did last year.
The cuts Mr. Ryan trumpeted
would phase out over time, as David
Kamin, a law professor at New York
University, has shown. By 2024 Mr.
Ryan’s hypothetical middle-class family making $59,000 would actually
face a small tax increase. By 2027 that
increase would grow to more than
$450. Add in the effects of reducing
or eliminating tax benefits many middle-class families now claim—for child
care, major medical costs and higher
education—and the “real relief”
promised by Mr. Ryan starts looking
more like a burden. Using the American Enterprise Institute’s TaxBrain
model, economist Ernie Tedeschi estimates the plan would result in more
than 20 million households sending
larger checks to the Internal Revenue
Service in 2018. By 2027 more than
60 million households would be paying higher taxes.
This isn’t surprising given that, in
the aggregate, the House bill raises
taxes on individuals. Over 10 years
the plan cuts taxes by $1 trillion on
businesses, $230 billion on individuals and $170 billion on estates, according to the Joint Committee on
Taxation. While the business- and estate-tax cuts grow after that, the individual tax cuts shrink—disappearing entirely in 2024 and transforming
into a net tax increase of $28 billion
in 2027.
This is partly due to the necessity of holding down the bill’s headline costs by sunsetting the family
tax credit. This budget gimmick
means the ultimate cost of the
House plan would exceed the
claimed $1.4 trillion. But even if the
family tax credit were made permanent, the net individual income tax
increase would only be delayed by a
few years. The number of households facing a tax increase would
fall only slightly.
As a matter of straightforward accounting, this bill will not provide
middle-class families with the individual income tax cut President
Trump and Speaker Ryan unambiguously promised. A complete analysis
of the effect this bill would have on
Not the Kindest Cut
Tax change for a married couple with two children making $59,000
$600
400
200
0
–200
–400
–600
–800
–1,000
–1,200
’18
’19
’20
’21
’22
Source: David Kamin, New York University Law School
middle-class households would also
incorporate the economic impact
and incidence of two other elements
of the House bill: a $1 trillion reduction in business taxes and the increase in the debt needed to finance
the plan, which will likely be even
larger.
Proponents of the tax bill argue
that it will lead to dramatic increases
in wages. Such claims are dubious.
Mr. Trump’s Council of Economic Advisers has claimed that a $4,000 per
household raise constituted the “very
conservative . . . lower bound” of the
wage effects stemming from the bill’s
corporate rate cut. This claim has
since been rejected by six of the
economists the council cited to make
’23
’24
’25
’26
’27
THE WALL STREET JOURNAL.
its argument. Every specific analysis
by a right-leaning economist or think
tank that I am aware of has come in
below the CEA’s lower bound.
Beyond the wage claims, however,
projections from conservative economists either ignore or don’t address
adequately the macroeconomic effects of higher debt stemming from
the loss of revenue to the federal
government due to the tax cuts. The
costs of reduced capital accumulation
and increased foreign borrowing will
reduce national income over time.
The Penn Wharton Budget Model—
run by Kent Smetters, who helped
build the dynamic scoring models
used by the George W. Bush Treasury—finds the small wage boosts
produced by the House bill could dissipate over time, eventually becoming small wage declines.
More important, the debt financing
will likely have to be paid for through
tax increases or benefit cuts on the
same middle-class families Mr. Ryan
surrounded himself with at last week’s
press conference. Unfortunately, the
cost of this ill-advised reform will
eventually be paid by future generations of American taxpayers.
Winners and losers are inevitable
in any serious overhaul of the tax
code. The House plan contains some
commendable elements—like limiting
the mortgage-interest deduction—
that could be part of a sensible reform and spur economic growth. But
by raising taxes on middle-class families and delivering so many of the
long-run benefits to households making more than $1 million, the House
plan as currently constructed will
not deliver the broad-based relief Mr.
Ryan is promising.
Reforming the tax code to foster
economic growth benefiting all
Americans will require a plan that is
less tilted toward large cuts for highincome households, less likely to increase the national debt, and less of
a burden on middle-class households.
Congress should go back to the
drawing board.
Mr. Furman, a professor of practice
at the Harvard Kennedy School, was
chairman of the White House Council
of Economic Advisers, 2013-17.
My Grandparents Saw Light, Even After the Dark of Kristallnacht
By David Stras
T
his week marks a cruel yet
hopeful anniversary. On Nov.
9-10, 1938, a two-day period
now known as Kristallnacht, Nazis
plundered Jewish homes, schools
and businesses across Germany. My
grandfather, only 14 at the time, recalled seeing Jewish stores looted,
books burned, and signs saying “kill
the Jews.” Two days later, he received a letter from his family saying
that his father, my great-grandfather, had been taken to Dachau,
which we now know was the equivalent of a death sentence.
It has never been easy to come to
grips with my family history. My
aunt recently completed a family
tree going back centuries; many of
its branches end abruptly in the late
1930s and early 1940s. These names,
no more than entries on a piece of
paper to me, represent my heritage,
my family—much of it lost in the
hollow corridors of concentration
camps. I can only imagine how my
life would have been different had
my grandparents, aunts, uncles and
cousins never experienced the merciless brutality of the Holocaust.
My grandparents shared bits and
pieces of their experiences with me
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Robert Thomson
Chief Executive Officer, News Corp
Gerard Baker
Editor in Chief
William Lewis
Chief Executive Officer and Publisher
Matthew J. Murray
Deputy Editor in Chief
DEPUTY MANAGING EDITORS:
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett,
Washington; Andrew Dowell, Asia;
Christine Glancey, Operations;
Jennifer J. Hicks, Digital;
Neal Lipschutz, Standards; Alex Martin, News;
Shazna Nessa, Visuals; Ann Podd, Initiatives;
Matthew Rose, Enterprise;
Stephen Wisnefski, Professional News
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
WALL STREET JOURNAL MANAGEMENT:
Suzi Watford, Marketing and Circulation;
Joseph B. Vincent, Operations;
Larry L. Hoffman, Production
EDITORIAL AND CORPORATE HEADQUARTERS:
1211 Avenue of the Americas, New York, N.Y., 10036
Telephone 1-800-DOWJONES
DOW JONES MANAGEMENT:
Mark Musgrave, Chief People Officer;
Edward Roussel, Innovation & Communications;
Anna Sedgley, Chief Operating Officer & CFO;
Katie Vanneck-Smith, President
OPERATING EXECUTIVES:
Ramin Beheshti, Product & Technology;
Jason P. Conti, General Counsel;
Frank Filippo, Print Products & Services;
Steve Grycuk, Customer Service;
Kristin Heitmann, Transformation;
Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International
DJ Media Group:
Almar Latour, Publisher;
Kenneth Breen, Commercial
Professional Information Business:
Christopher Lloyd, Head;
Ingrid Verschuren, Deputy Head
as I grew up, careful to say only as
much as they thought I could handle.
One day, while riding around on my
grandfather’s lap in his electric
wheelchair, I asked him, “What is
that number on your arm?” Transforming a physical characteristic designed to make him less human into
a source of feigned pride, he told me
it was a number that made him
unique because he was the only person in the world who had it. Only
later, as I approached my teenage
years, did my grandfather tell me
that a fellow prisoner tattooed the
number—117022—on his left forearm
when he arrived at Auschwitz.
Notable & Quotable
From “Bergdahl Was on Trial, but
So Were His Commanders” by
Thomas H. Lipscomb, RealClearPolitics.com, Nov. 8:
[Bowe] Bergdahl’s defense counsel, Eugene R. Fidell, noted the prejudicial remarks of President Trump,
the commander-in-chief at the time
of the Army sergeant’s trial for deserting his post in Afghanistan in
2009. But President Obama’s Rose
Garden ceremony with Bergdahl and
his parents after the soldier’s 2014
release by the Taliban—which followed a prefatory statement by National Security Adviser Susan Rice
lauding Bergdahl for serving his
country “with honor and distinction”—can be seen as just as prejudicial in exoneration as Trump’s was in
condemnation.
Four years ago, on the 75th anniversary of Kristallnacht, I spoke publicly about my grandparents’ experience for the first time. Standing in
the rotunda of the Minnesota Capitol,
‘What is that number
on your arm?’ I asked
one day, too young to
have heard of Auschwitz.
I read my grandfather’s account of
being transported on a freight car to
Auschwitz, stripped of civilian clothes
upon arrival, and forced to run naked
through a cold April rain.
My grandfather had the uncommon gift of being able to see the
light of human generosity in the
midst of near-total darkness. He recounted his experience at the camp
hospital, sick and malnourished:
German nurses reported to their
superiors that they had discharged
my grandfather when they in fact
transferred him to another room
until he was able to recover. Their
kindness, he said—which they undertook at great risk to their own
lives—saved him from the gas
chamber.
My grandfather again saw the
best and worst in humanity after he
agreed to participate in an escape
plot. The guards captured three coconspirators, who were hanged in
the middle of the camp as a prisoner
orchestra played German songs to
accompany the spectacle. The men
took the secret of my grandfather’s
involvement to their graves.
Only after years researching their
stories and reflecting on their lives
do I understand the message my
grandparents had tried to impart—
one of hope and gratitude, not bitterness or pity. As my grandfather said
in a memorial service speech in 1979,
we remember those who “lost their
lives while fighting for their freedom,
the freedom of us and the freedom of
mankind.” He emphasized that “we,
the survivors, have to let the world
know that we will never again allow
another Holocaust” and told the audience that “you, and you alone, have
the responsibility to speak up for our
fallen relatives and friends.”
My grandparents always said they
were the lucky ones, and that they
were left on earth to speak for those
who had perished. Their guidepost
was humanity, not indulgence in
their own sorrow and suffering.
They spoke for their friends and
family members who were not
“lucky” enough to make it, and to ensure that the stories of those who
perished did not become footnotes in
a dusty history book in the library.
Theirs was a message of optimism,
intended to ensure that their children and grandchildren were able to
lead a life free from the atrocities
that they had witnessed. I get it now,
grandma and grandpa, and I hope the
world gets it now too.
Justice Stras serves on the Minnesota Supreme Court and is a nominee for the Eighth U.S. Circuit Court
of Appeals.
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 9, 2017
WORLD NEWS
Priti Patel's departure
adds to cabinet woes
facing Prime Minister
Theresa May
BY JENNY GROSS
LONDON—The second minister in just over a week resigned from Prime Minister
Theresa May’s government, as
the British leader tried to regain command after a series of
blunders by members of her
cabinet.
Mrs. May summoned Priti
Patel, the international development secretary, back to London from an official trip to
Uganda after details emerged
about unauthorized meetings
Ms. Patel had in August and
September with Israeli officials, including Prime Minister
Benjamin Netanyahu. Mrs. May
said in a letter to Ms. Patel
that work with Israel should be
done “formally and through official channels.”
The development is the lat-
est in a quick succession of
challenges for Mrs. May, who
has struggled to contain political fires and rein in ministers
since losing her party’s majority in a June election gamble.
The British leader is also
grappling with stalled talks on
Brexit, the country’s greatest
foreign-policy shift in decades,
and a wave of sexual-misconduct allegations in Parliament.
Defense Secretary Michael
Fallon resigned last week following allegations of inappropriate conduct toward women,
saying that his past behavior
was below the “high standard”
of the armed forces.
Ms. Patel, a rising star who
was largely known for her
strong Brexit support, apologized this week for not informing the prime minister and foreign secretary about her
meetings in Israel, which she
said occurred during an August family vacation.
Mrs. May wrote in a letter
to Ms. Patel that she had been
satisfied with the apology, but
had to take action after infor-
ROB PINNEY/LONDON NEWS PICTURES/ZUMA PRESS
U.K. Minister Quits Over Israel Meetings
Priti Patel after meeting with Theresa May on Wednesday.
mation had surfaced that Ms.
Patel had also met Israeli officials in September in London
and New York. “Now that further details have come to light,
it is right that you have decided to resign,” she said.
“While my actions were
meant with the best intentions,
my actions also fell below the
standards of transparency and
openness that I have promoted
and advanced,” Ms. Patel wrote
in her resignation letter. The
international development department said the foreign office was aware of the Israel
meetings while they were under way, but not in advance.
The political drama played
out before Britons on television, as the British Broadcast-
ing Corp. tracked the course of
the plane bringing Ms. Patel to
London from Nairobi. U.K. media converged on Heathrow
Airport to await the plane’s
touchdown, and waited outside
Mrs. May’s Downing Street
residence afterward as she met
with Ms. Patel.
Opposition politicians argued that the prime minister
had lost control of her party as
the U.K. navigates Brexit. “Theresa May must get control of
her chaotic cabinet and decaying government or step aside
for Labour to govern,” said Labour lawmaker Kate Osamor.
Andrew Rosindell, a Conservative lawmaker who voted for
Brexit, countered that he
thought the incident wasn’t a
big issue for the prime minister. “I think it’s all a storm in a
teacup,” he said. “We just have
to get on with bigger issues,
really.”
It has been a rough two
weeks for Mrs. May and her
cabinet. Foreign Secretary Boris Johnson has come under
fire for incorrectly saying a
British woman detained in Iran
was training journalists, which
critics say could lengthen her
sentence. Mr. Johnson, who
undercut Mrs. May in September when he outlined his own
vision for Brexit in a newspaper piece, said later that he
could have been clearer when
he was discussing the case.
The British leader’s No. 2,
Damian Green, is under parliamentary investigation for allegedly groping a journalist in
2014. Mr. Green denies the accusations.
Mrs. May is navigating
tricky terrain as British and
European officials prepare for
negotiations this week on the
thorniest issue so far: The bill
the U.K. must settle with the
EU over outstanding commitments to the bloc before it
leaves. The two sides, meeting
in Brussels on Thursday and
Friday, must find a way to
move past the stalemate before negotiations can move to
discussions on the future trading relationship between the
U.K. and the EU.
GERMANY
Economic Council
Sees Faster Growth
Germany is enjoying a robust
economic upswing that could
last for some time and which offers good conditions for growthfriendly changes, the government’s Council of Economic
Advisers said Wednesday, raising
its growth forecast.
In their annual report, the advisers known as the “wise men”
predicted Germany’s gross domestic product to accelerate by
2.0% this year and by 2.2% in
2018. In March, the government
advisers predicted growth of
1.4% for this year and 1.6% for
next.
Germany’s economy has been
enjoying years of steady growth,
making it one of the eurozone’s
most robust economies. The
strong labor market has also
helped to balance the country’s
budget, which has seen surpluses since 2014.
With Germany’s upturn expected to last, the next government is in a good position to implement an overhaul, the report
said. The council called for
growth-friendly changes, such as
tax cuts that would address the
issue of bracket creep, whereby
workers whose pay barely tracks
the rate of inflation can slip into
higher tax brackets and end up
worse off.
—Andrea Thomas
ZIMBABWE
Mugabe Says Deputy
Plotted Takeover
Zimbabwe’s president said
that he fired his deputy and
longtime ally for scheming to
take power, including by consulting witch doctors, while Em-
merson Mnangagwa said he
had left the country after “incessant threats” to him and his
family.
The demonization of the deposed vice president is the clearest sign yet that President Robert Mugabe, who at 93 years old
is the world’s oldest head of
state, is preparing his wife,
Grace, to succeed him.
Mr. Mnangagwa said he was
safe but didn’t mention his location. “I will be communicating
with you soon and shall return
to Zimbabwe to lead you,” he
said.
Mr. Mugabe spoke publicly for
the first time since dismissing
Mr. Mnangagwa, who had been
seen as the president’s potential
successor. Mr. Mugabe told
thousands of cheering supporters that Mr. Mnangagwa had
plotted to take over since becoming a vice president in 2014.
—Associated Press
The Face
of Change
ASSOCIATED PRESS
WORLD WATCH
Zimbabwe’s President Robert Mugabe, at left with his wife, Grace, at a rally in the capital of Harare
on Wednesday. ‘No one will remove the president except God,’ the first lady said.
Cory Gaines
Head of Product,
Network Solutions
San Francisco, CA
Cory is all about collaborating with customers to create a better user experience. He and
his team work tirelessly to develop smarter payment solutions that are technically feasible,
business viable, and loved by his customers. It’s one more way our people are helping
accelerate the transformation to a value-based healthcare system.
Change Healthcare. Inspiring a better healthcare system.
changehealthcare.com
©2017 Change Healthcare Operations, LLC. All rights reserved.
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
PERSONAL TECHNOLOGY: HOW TO LIVE WITH FACEBOOK B4
BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2594.38 À 0.14%
S&P FIN g 0.60%
S&P IT À 0.49%
Thursday, November 9, 2017 | B1
THE WALL STREET JOURNAL.
* * * *
DJ TRANS g 0.42%
WSJ $ IDX g 0.11%
LIBOR 3M 1.410
NIKKEI (Midday) 23368.16 À 1.98%
See more at WSJMarkets.com
Weinstein Operative Played Another Role
Woman said to have
worked undercover for
film mogul also dogged
an insurer’s critic
BY MARK MAREMONT
“Diana Filip,” Israeli undercover operative, meet “Diana
Ilic.”
A private investigator reported to be working undercover on behalf of film mogul
Harvey Weinstein was identified by two people as the same
woman that The Wall Street
Journal reported over the
summer had used a different
alias to wring information out
of a critic of a large U.S. insurer.
The woman in the Journal
article had given her name as
“Diana Ilic.” The New Yorker,
in an article published Monday about Mr. Weinstein’s use
of private investigators to
counter probes into his alleged
sexual abuse, named “Diana
Filip” as a pseudonym used by
an operative for Black Cube, an
Israeli investigative firm.
The Journal, in its August
article, published surveillance
photos of the mystery woman,
captured during a July dinner
near Philadelphia with an analyst for a research firm critical
of the New York-based insurer,
AmTrust Financial Services
Inc.
It’s “the same woman,” said
actress
Rose
McGowan,
through her publicist. Ms.
McGowan has said Mr. Weinstein raped her. According to
the New Yorker, Ms. McGowan
met multiple times with “Diana Filip,” the Black Cube op-
erative, who was posing as a
sympathetic
London-based
women’s rights activist and
who secretly recorded the actress.
Ms. McGowan made the
identification after seeing photos of “Diana Ilic” obtained by
the Journal.
An AmTrust spokeswoman
didn’t respond to questions
sent Tuesday about Ms.
McGowan’s identifying “Diana
Ilic” as the same woman the
New Yorker said was operating
for Black Cube. AmTrust has
said it hired Black Cube to in-
vestigate a former Italian business partner, but it has denied
hiring the firm or any private
investigators to probe its U.S.
critics.
In a statement, Black Cube
said it is company policy “to
never discuss its clients with
any third party,” adding that it
“applies high moral standards
to its work” and operates
within the law. Launched in
2011, the firm describes itself
as “a select group of veterans
from the Israeli elite intelligence units that specializes in
tailored solutions to complex
business and litigation challenges.”
A spokeswoman for Mr.
Weinstein, who authorities say
is the focus of criminal investigations into his conduct, said
he “unequivocally” denies “allegations of nonconsensual
sex.” As for the private investigators, the spokeswoman said:
“It is a fiction to suggest that
any individuals were targeted
or suppressed at any time.”
A spokesman for Weinstein
Co. didn’t immediately respond to a request for comPlease see DIANA page B2
Icahn Probed on Role
As Trump Adviser
KAREN PULFER FOCHT/REUTERS (2)
BY DAVID BENOIT
AND TED MANN
Arkansas farmer John Weiss in July in a soybean field he claims was damaged by dicamba that had drifted from neighboring fields.
Monsanto Argues for Its Herbicide
A fight over one of the most
powerful new weapons against
hard-to-kill weeds, developed
by agricultural giant Monsanto
Co., is spilling into the courts.
Monsanto’s new version of
the herbicide called dicamba is
part of a more than $1 billion
investment that pairs it with
new genetically engineered
seeds that are resistant to the
spray. But some farmers say
their nonresistant crops suffered after neighbors’ dicamba
drifted onto their land.
The agricultural giant in October sued the Arkansas State
Plant Board following the
board’s decision to bar Monsanto’s new herbicide and propose tougher restrictions on
similar weed killers ahead of
the 2018 growing season. Monsanto says its herbicide is being held to an unfair standard.
Arkansas has been a flashpoint in the dispute: About
900,000 acres of crops were reported damaged there, more
Weedkiller Worries
Farmers in 25 states have claimed damage to their fields due to
neighbors spraying the herbicide dicamba.
Dicamba-damaged acreage based on complaints
10
20
40
thousand acres
N.D.
Minn.
Wis.
S.D.
Mich.
Pa.
Ill. Ind. Ohio
W.Va.
Va.
Mo.
Ky.
N.C.
Tenn.
Ark.
S.C.
Miss. Ala. Ga.
Iowa
Neb.
Kan.
Okla.
La.
Source: University of Missouri via
Environmental Protection Agency
THE WALL STREET JOURNAL.
than in any other state.
About 300 farmers, crop scientists and other attendees
gathered in Little Rock on
Wednesday for a hearing on
Arkansas’s proposed stiffer di-
INTELLIGENT INVESTOR | By Jason Zweig
Isaac Newton Learned
About Markets’ Gravity
Was one of
the most immortal scientists in history also one
of the world’s
most mortal investors?
In a recent column on the
effort to predict stock-market behavior with principles
from geophysics, I cited the
losses—reputed to exceed
$3.6 million in today’s
money—that Sir Isaac Newton incurred speculating on
London’s South Sea bubble
in 1720. I also cited the remark, often attributed to
Newton, that he “could calculate the motions of the
heavenly bodies, but not the
madness of the people.”
Andrew Odlyzko, a professor of mathematics at the
University of Minnesota who
has extensively studied the
history of stock-market ma-
80
nias, has just released a research paper that closely analyzes Newton’s track record
as an investor.
It turns out that Newton
had invested prudently and
successfully for many years,
diversifying his portfolio
across stocks and government bonds worth a total of
about £32,000 by the start of
1720 (roughly £4.4 million,
or $5.7 million, today.)
Newton was among the
earliest to spot the potential
in the South Sea Co., the
global trading firm that was
seeking to restructure the
growing debts of the British
government. Newton began
buying no later than June
1712, less than a year after
the company was set up, according to Prof. Odlyzko.
That was almost eight
years before speculating in
Please see ZWEIG page B2
Most complaints:
Arkansas
900,000 acres
camba controls, which Monsanto and some farmers are
fighting. The proposed restrictions are subject to the approval of a subcommittee of
state legislators.
Scott Partridge, Monsanto’s
head of strategy, spoke at the
hearing, as did proponents of
tighter restrictions. Monsanto
has criticized some Arkansas
state agricultural officials and
academics involved in researching and regulating dicamba, accusing them of bias
and overstepping their authority.
“What the plant board did is
very unfortunate for growers in
Arkansas,” Mr. Partridge said.
An Arkansas State Plant
Board spokeswoman declined
to comment.
Farmers in 25 states submitted more than 2,700 claims to
state agricultural agencies that
neighbors’ dicamba spraying
shriveled 3.6 million acres of
soybeans, according to the U.S.
Environmental
Protection
Agency. The herbicide is also
blamed for damaging other
crops, such as cantaloupe and
pumpkins.
The complaints have farmers and agricultural researchPlease see WEEDS page B2
Federal prosecutors are investigating Carl Icahn’s former
role advising President Donald
Trump and the activist investor’s attempts to change an
environmental rule that he opposed.
Mr. Icahn, an early backer
of Mr. Trump’s White House
bid, was named special adviser
to the president on overhauling federal regulations in December 2016. Mr. Icahn didn’t
have an official government
role, both he and the White
House have said, but the appointment cemented his unofficial status as a sounding
board for Mr. Trump.
The role had sparked criticism from Democrats and others who alleged Mr. Icahn, a
billionaire investor, was conflicted given his ownership in
various business entities that
are heavily regulated, including an oil refiner called CVR
Energy Inc. Mr. Icahn resigned
from the role in August.
The inquiry into Mr. Icahn,
disclosed by his holding company and CVR Friday but only
reported on Wednesday, could
provide more fodder for critics
of the Trump administration
who contend that it has
INSIDE
APPLE’S CAP
HITS HISTORIC
$900 BILLION
SOME MUNIS’
TAX-FREE
STATUS AT RISK
TECH, B3
BONDS, B11
Pension Fund Executive Pleads Guilty
BY JUSTIN BAER
Navnoor Kang, a former
New York state pension fund
executive accused of taking
bribes from Wall Street salespeople, pleaded guilty on
Wednesday to two counts of
fraud.
Mr. Kang, who served as
head of fixed income at the
New York State Common Retirement Fund until early
2016, appeared in federal
court and pleaded guilty to
conspiracy to commit securities fraud and honest-services
wires fraud, under a law that
makes it a crime to deprive
someone of “the intangible
right of honest services.”
Prosecutors agreed not to
pursue criminal charges stemming from their allegations
that he accepted bribes in exchange for steering trading
business to certain brokers,
and later sought to obstruct
federal investigations.
“Kang sold himself and his
duty to safeguard public retirement money for luxury va-
STEVE REMICH FOR THE WALL STREET JOURNAL
BY JACOB BUNGE
aligned itself too closely with
business interests, especially
on matters of regulation.
Mr. Icahn’s company, Icahn
Enterprises LP, said it received a subpoena from the
U.S. Attorney’s Office for the
Southern District of New York
seeking information about activities related to his role as
adviser to Mr. Trump and to
the Renewable Fuels Standard,
the rule he opposed.
Echoing Icahn Enterprises,
CVR said in a separate filing
that the U.S. attorney “has not
made any claims or allegations
against us or Mr. Icahn” and
the company doesn’t believe
the inquiry will have a material impact.
Mr. Icahn wasn’t available
for further comment late
Wednesday.
“I never had access to nonpublic information or profited
from my position, nor do I believe that my role presented
conflicts of interest,” Mr.
Icahn wrote in his resignation
letter to Mr. Trump. “I never
sought any special benefit for
any company with which I
have been involved, and have
only expressed views that I
believed would benefit the refining industry as a whole.”
The White House wasn’t
Please see ICAHN page B6
Navnoor Kang, center, outside court on Wednesday
cations, jewelry, cash and
even drugs,” Joon Kim, the
acting U.S. attorney in downtown Manhattan, said. “He has
now admitted to his crimes
and is a convicted felon.”
Tina Glandian, Mr. Kang’s
attorney, said: “Mr. Kang pled
guilty even though Mr. Kang’s
investments proved to be very
profitable for the New York
State Common Retirement
Fund and its members.”
She added, “He has accepted responsibility for his
failure to disclose gifts during
his employment at the fund.”
Late last year, U.S. prosecutors alleged that salespeople
lavished Mr. Kang with everything from prostitutes and cocaine to getaway weekends,
including a ski trip to Utah,
and a luxury watch in return
for Mr. Kang directing trades
their way. Mr. Kang pleaded
not guilty to those charges at
the time. Two salespeople—
Deborah Kelley and Gregg
Schonhorn—also
were
charged in the alleged scheme
and ultimately pleaded guilty.
Mr. Schonhorn’s lawyer declined to comment. Ms. Kelley’s lawyer didn’t respond to
requests for comment.
Mr. Kang has denied taking
money for drugs and prostitutes, according to a person
familiar with the matter.
In court, Mr. Kang admitted
he received some of the perks
including the Utah ski trip,
the watch, dinners and concert tickets. But he left out
other bribery allegations from
his statement, and the omissions weren’t challenged by
prosecutors in court.
The charges against Mr.
Kang exposed a practice many
believed had been rooted out
of the securities industry
Please see KANG page B7
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 9, 2017
* ***
INDEX TO BUSINESSES
THE WALL STREET JOURNAL.
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
C
G
Gazprom......................A8
General Electric..........A9
General Motors...........A9
Goldman Sachs Group
........................A9,B4,B11
Guggenheim Partners.B7
D
DirecTV........................A1
DowDuPont.................A9
E
P
Petróleos de Venezuela
...................................B12
Q
Qualcomm...................A9
H
S
Humana.......................B7
I
CBS..............................B3
China Literature A10,B13
Cofco ........................... A9
Comcast.......................B3
Comerica....................B11
Creative Artists Agency
.....................................B3
CVR Energy.................B1
O
Old Mutual Global
Investors.................A10
Oracle .......................... B5
Icahn Enterprises........B1
Infor.............................B5
J
Juniper Networks.....B13
K
Sears Holdings............B7
Smithfield Foods........A9
Snap..............A1,B12,B13
Sogou ........................ B13
Sprint..........................A1
Symantec .................. B13
T
Koch Industries...........B5
L
LendingClub...............B13
Leonardo......................B3
LVMH Moët Hennessy
Louis Vuitton............B6
Tencent Holdings A1,B13
Time Warner...............A1
T-Mobile US................A1
Twenty-First Century
Fox ....................... B2,B4
Twitter........................A1
Equifax ........................ B6
M
U
F
Monsanto....................B1
Facebook ..................... A1
Federated Investors
...................................B13
UBS............................B11
Under Armour...........B13
Nasdaq ...................... B12
Netflix.............B3,B4,B13
N
W
Walt Disney................B4
INDEX TO PEOPLE
A
Agarwal, Shradha..A2,B4
Arnault, Bernard.........B6
B
Bannon, Stephen........A4
Barros Jr, Paulino do
Rego..........................B1
Beccari, Pietro ............ B6
Bryan, Jeremy...........B12
C-D
Carr, Muneera...........B11
Chin, David................B11
Clayton, Jay .............. B12
Cohen, Natalie .......... B11
Culverhouse, Stuart . B12
Daingerfield, Brian ... B13
Delrahim, Makan........A1
Dorsey, Jack................B4
Duterte, Rodrigo.........A9
E-F
Ellenberger, Donald .. B13
Friedlander, George .. B11
G
Gardner, Cory..............B1
Gillespie, Ed................A4
H
Heppenstall, Mark....B12
K-L
Kang, Navnoor............B1
Koch, David.................B5
Legere, John...............A1
LeRoy, Greg...............B11
M-N
Maduro, Nicolás........B12
Miller, John...............B11
ZWEIG
Continued from the prior page
the company’s shares became a mania that swept up
everyday investors and high
society alike.
The shares (quoted as a
percentage of their par, or
nominal, value) shot up from
about 200 in March 1720 to
nearly 1,000 in June and
July, then crashed back below 200 in a few disastrous
weeks later in 1720.
Prof. Odlyzko estimates
that if Newton had bought
and held his South Sea
shares continuously from
early 1712 through 1723,
when the stock stabilized after the bursting of the bubble, he would have earned a
cumulative total return of
approximately 116%. That is
about 6.5% annually, not
counting dividends—a generous return at a time when
long-term government bonds
carried interest rates of 4%
to 5%.
However, Newton didn’t
buy and hold continuously.
Instead, Newton—who held
10,000 shares of South Sea
stock in early 1720—sold
8,000 shares in April and
May at prices around 350,
realizing profits of at least
£20,000, Prof. Odlyzko finds.
That was equivalent to
nearly $4 million today.
But the price of the shares
went almost straight up immediately after Newton sold
them, brushing 800 in late
May and early June of 1720.
“As the bubble continued
inflating, it appears that he
panicked,” Prof. Odlyzko
writes of Newton. The great
scientist, throwing his rationality to the winds, plunked
MATT ROURKE/ASSOCIATED PRESS
B
Baidu ......................... B13
Bank of America.......B11
Boeing....................A9,B3
FedEx...........................B3
Ford Motor..................A9
Higher costs for sports programming, including additional NFL games, weighed on results from 21st Century Fox’s television segment.
Milstein, Larry..........B12
Nieding, Klaus.............B7
Northam, Ralph..........A4
O
Odlyzko, Andrew ........ B1
Oficialdegui, Javier...B11
S-T
Sanborn, Scott..........B13
Santini, Mike ............ B11
Shah, Rishi............A2,B4
Sieg, Andy.................B11
Simmer, Sarah Jones.B5
Smith, Richard............B1
Solca, Luca..................B6
Sosa, Juan I..............B12
Stephens, John...........A6
Stephenson, Randall..A1
Swell, Mike...............B13
Toledano, Sidney.........B6
£26,000 into South Sea
shares on June 14, 1720, at a
price of about 700 per
share—twice what he had
sold them for only a few
weeks earlier.
Even worse, in late August, with the shares priced
about 750, Newton put another £1,000 into a South
Sea security that appears to
have been comparable to a
call option giving him the
right to buy shares at a price
of 1,000 each.
At this point, Newton had
shifted from a prudent investor with his money spread
across several securities to a
speculator who had plunged
essentially all of his capital
into a single stock.
The great scientist was
chasing hot performance as
desperately as a day trader
in 1999 or many bitcoin buyers in 2017.
Newton appears to have
lost as much as 77% on his
worst purchases, or at least
£22,600, estimates Prof. Odlyzko. That is the equivalent
of £3.1 million, or nearly $4.1
million, in today’s purchasing power. Overall, he lost at
least a third of his account
value.
Prof. Odlyzko finds that
the words often attributed to
Newton were ascribed to
him years after his death, so
the great man might or
might not ever have said
that he “could calculate the
motions of the heavenly bodies, but not the madness of
the people.”
But surely the author of
the law of universal gravitation must have learned the
First Law of Financial Gravity: What goes up must come
down, and what goes up the
most will come down the
hardest.
Cable Helps Fox Return to Growth
BY MARIA ARMENTAL
AND SARAH RABIL
21st Century Fox Inc. said
profit and revenue rose in the
most recent quarter, as higher
fees for its cable networks
helped offset continued weakness at local TV stations and its
film studio.
The results posted Wednesday follow the news that Fox recently held talks about selling a
large part of its entertainment
business to Walt Disney Co.
Those assets included the
Twentieth Century Fox studio,
international distribution operations and some cable networks, The Wall Street Journal
reported earlier this week.
The remaining Fox business,
as discussed, would have been
focused on broadcast television
as well as news and sports cable channels such as Fox News.
The talks hit an impasse over
price and other key terms,
though they could be restarted,
according to people familiar
with the matter.
UNIVERSAL HISTORY ARCHIVE/GETTY IMAGES
segment was an 11% increase in
domestic affiliate fee revenue—
the money collected from payTV distributors to carry Fox’s
channels. Advertising revenue
rose 3% in the U.S. and 10% for
international channels.
Fox said it maintained its domestic television subscriber levels, as growth from new
streaming services and newer
channels offset declines in the
traditional pay-TV universe.
Overall, Fox’s fiscal firstquarter profit rose 4% to $855
million, or 46 cents a share.
Revenue rose 7.6% to $7 billion,
topping analysts’ average estimate of $6.81 billion. Excluding
restructuring costs and other
items, per-share profit was in
line with the projection from
analysts surveyed by Thomson
Reuters.
Operating profit at the
filmed entertainment division,
which includes the Twentieth
Century Fox studio, fell 18%
from a year earlier, as last
year’s results were boosted by
licensing deals.
The television segment,
which includes the Fox broadcast network and local TV stations, posted a 36% decline in
operating profit. Higher costs
for sports programming, including added college football and
National Football League
games, more than offset higher
revenue.
Fox News, which wasn’t included in the talks with Disney,
had another strong quarter,
contributing to the revenue
and profit expansion at the cable unit despite turmoil over
accusations of sexual harassment and racial and gender
discrimination that led to several high-level departures. Fox
has said it is cooperating with
a federal probe related to the
allegations.
Fox’s Class A shares closed
Wednesday at $28.09 and were
up 1.3% in after-hours trading.
Before gaining this week on
the reports about discussions
with Disney, the stock had declined about 25% over the past
three years.
DIANA
Continued from the prior page
ment.
Separately, a writer for New
York magazine viewed photos
and video footage of the
woman in the Journal’s
AmTrust piece and said “it
looks like the same woman”
who he said pumped him for
information in late 2016 about
Mr. Weinstein when he was
working on an article about
Mr. Weinstein’s accusers. The
woman had used the name,
“Anna,” according to the New
York writer, Ben Wallace.
The New Yorker published a
copy of a contract between
Black Cube and one of Mr.
Weinstein’s lawyers, naming
an “Anna” as one of its operatives for the assignment.
In an interview Tuesday,
Mr. Wallace said “Anna” pretended to be a disgruntled former mistress of Mr. Weinstein’s who heard he was
working on an article. Claiming to be worried about her
career if she spoke out, she
pushed for information about
other women he was talking
with, he said.
Mr. Wallace described the
woman as blonde, mid-30s,
WEEDS
Artist’s impression of Isaac Newton thinking about gravity
Lachlan Murdoch, executive
co-chairman of Fox, kicked off
Wednesday’s earnings call by
saying executives wouldn’t
comment on the reports.
“Let me be very clear upfront that we have a longstanding policy of not commenting around corporate
activity or transactions. We
will continue to adhere to the
policy, meaning that we will
not be responding, at all, to
questions or comments regarding recent press speculation,” he said.
Wall Street Journal parent
company News Corp and 21st
Century Fox share common
ownership.
Fox’s cable networks unit,
home to Fox News and the FS1
sports network, drove results
for the company’s Septemberended fiscal first quarter with a
9% rise in operating income before depreciation and amortization, helping Fox post its first
profit increase in three quarters.
Driving results in the cable
Continued from the prior page
ers racing to figure out how to
avoid more collateral damage
ahead of next summer, when
Monsanto projects the herbicide will be used on twice the
U.S. farm acreage as this year.
Other states besides Arkansas, including Minnesota, South
Dakota, North Dakota, Tennessee and Indiana, are discussing
additional limits and training
requirements for farmers
spraying dicamba.
Monsanto had pitched dicamba, along with soybean and
cotton seeds engineered to survive it, to farmers struggling to
kill weeds such as palmer amaranth that can grow so fast and
so big—developing stalks as
thick as baseball bats—that
they choke out crops.
Jonas Oxgaard, an analyst
with Bernstein, estimated that
the chemical and related seed
sales could generate as much
GEOINVESTING LLC
A
Airbus..........................B3
Alphabet......................B4
Apple.........A2,B3,B4,B12
Archers Daniel Midland
.....................................A9
AT&T....................A1,A10
The mystery woman identifying herself here as Diana Ilic arrives for a meeting with an analyst.
with “an accent that was hard
to place, possibly German.” On
a second meeting, he said she
suggested a place that was
“mood lit,” already had a glass
of wine, and motioned for him
to sit next to her.
That was a similar experience to that of Chris Irons, the
analyst with GeoInvesting LLC,
who said “Diana Ilic” had plied
him with drinks during a July
dinner meeting. He also detected an accent; she claimed
to be from Zagreb, Croatia.
After the dinner, Mr. Irons
discovered his boss also had a
mysterious meeting, with a
man claiming to be French,
who similarly pumped him for
information about AmTrust.
Two other critics of AmTrust
also reported mysterious contacts, the Journal reported in
August.
The email address “Diana
Ilic” used with Mr. Irons linked
to a domain name established
a few days before the meeting.
The London address for her
consulting firm turned out to
be a mailbox drop. Calls and
emails to her weren’t returned.
as $350 million in annual profits for Monsanto. “It’s their big
moneymaker,” he said.
German chemical maker
BASF SA is also marketing a
new version of dicamba to pair
with the Monsanto-developed
crops.
While dicamba has proven
able to knock down tough
weeds, past versions of the
herbicide have been known for
evaporating from plants after
application, which can create a
mist prone to floating into
nearby fields.
Monsanto and BASF’s new
formulations are designed to
minimize that effect, the companies have said.
U.S. farmers planted about
25 million acres of dicamba-tolerant crops this year. Following
the damage complaints, the
companies in October agreed
with the EPA on tighter controls for those products, including training farmers on
how to manage the chemical
and barring application on
windy days.
Arkansas’s Plant Board has
proposed going further, possibly by prohibiting dicamba use
from mid-April through the end
of October to safeguard growing plants. The state has also
refused to approve Monsanto’s
dicamba product for use in Arkansas, saying it needs further
thanks to good weather over
the latter half of the growing
season. The U.S. Department of
Agriculture is projecting a record U.S. soybean crop. The
outcome could have been
worse with drier weather, researchers said.
Farmers are exploring their
own legal options. Some have
joined class-action lawsuits
against Monsanto and BASF,
seeking compensation for damaged crops. The companies are
contesting those lawsuits.
For farmers, “it’s highly
emotional,” said Doug Goehring, North Dakota’s agriculture
commissioner.
Tom Burnham, who farms
11,000 acres near Blytheville,
Ark., said he hired a lawyer to
advise him on how to handle a
neighbor whose errant dicamba spraying, Mr. Burnham
said, reduced some fields’ harvest by 5% to 20%.
Mr. Burnham said he didn’t
expect to make money on any
lawsuit he may file. “I’m doing
it just to make a point.”
Some farmers have
joined class-action
lawsuits against
Monsanto and BASF.
analysis by University of Arkansas researchers. Monsanto
argues that other herbicides
haven’t been subjected to the
sort of further analysis the
state wants to apply to Monsanto’s dicamba product.
Even with the reports of
widespread damage, farmers
and crop researchers say many
affected fields recovered,
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
Thursday, November 9, 2017 | B3
THE WALL STREET JOURNAL.
BUSINESS NEWS
BY JOE FLINT
Apple Inc. has struck a deal
for a new drama starring
Reese Witherspoon and Jennifer Aniston and set in the
world of television morningnews shows.
Terms of the deal weren’t
disclosed, but people familiar
with the matter said the cost
could reach beyond $10 million an episode. Ms. Aniston’s
and Ms. Witherspoon’s salaries are expected to be over $1
million an episode, according
to a person who was pursuing
the show. Ms. Aniston and Ms.
Witherspoon are also executive producers of the show.
Both Ms. Aniston and Ms.
Witherspoon are represented
by Creative Artists Agency. A
spokeswoman for the agency
declined to comment on their
deals.
Other parties interested in
the as-yet-untitled, highly
sought-after show included
Netflix Inc. and CBS Corp.’s
Showtime.
For Apple, the deal for the
Witherspoon-Aniston project
is the second big programming
bet it has made in the past
several weeks—even though it
has yet to disclose how it
Apple Market Value
Tops $900 Billion
The world’s most valuable
public company just made
more history.
Apple Inc. shares rose 0.8%
Wednesday to close at a new
high of $176.24, giving the
iPhone maker a market value
of $904.9 billion.
That makes Apple the first
U.S. company to reach the
$900 billion threshold, having
already become the first to hit
$800 billion when it accomplished the feat in May. It
would need to increase its market capitalization by 11% to become the first to be worth $1
plans to distribute its content.
In October, it struck a deal
with director Steven Spielberg’s Amblin Television and
Comcast Corp.’s Universal
Television for a new version of
“Amazing Stories,” a sciencefiction anthology series that
ran on NBC in the 1980s. The
budget for that show is over
$5 million an episode, a person familiar with the project
has said.
The deal for the morningnews show is an indicator that
Apple is prepared to spend
heavily on its television venture and get into bidding wars
with more established players—which is good news for
producers.
Apple’s programming efforts are being overseen by
Zack Van Amburg and Jamie
Erlicht, who joined the company from Sony Corp. in June.
Apple is committing as much
as $1 billion on its programming strategy.
The Witherspoon-Aniston
series is being produced
through Media Res, a production company founded by former HBO programming executive Michael Ellenberg, who is
an executive producer on the
series.
trillion. Based on Apple’s share
count as of Oct. 20, that would
mean a share price of $194.77.
The milestone comes
shortly after Apple’s latest
iPhone model hit stores last
week. Shares also got a boost
after the tech giant delivered
its best quarterly growth in
two years, fueled by strong
sales in all of its key products
and a rebound in the China
market.
Positive reviews of the
company’s 10th-anniversary line
of iPhones have generally
boosted Apple shares recently.
For the year, they are up more
than 50%, part of this year’s
torrid rally for the biggest technology firms.
—Amrith Ramkumar
DHIRAJ SINGH/BLOOMBERG NEWS
Apple to Bankroll
News-Show Drama
A turboprop flies over a neighborhood in Mumbai. These planes are slower and burn less fuel than their jet counterparts.
FedEx Orders Turboprops
Delivery giant to buy
as many as 50 planes
from Europe’s ATR as
airfreight sector revives
BY ROBERT WALL
FedEx Corp. is modernizing
part of its fleet of smaller
cargo planes in a deal valued
at $1.3 billion at list price,
amid an improved outlook for
the global airfreight market.
FedEx will buy up to 50 turboprop planes from European
aircraft maker ATR—a joint
venture between Airbus SE,
the world’s No. 2 plane maker
behind Boeing Co., and Italy’s
Leonardo SpA. The deal comprises a firm order for 30
planes and options for 20
more, and represents a boost
for ATR in the U.S., the world’s
largest single aviation market.
The delivery giant typically
uses such turboprop planes—
which are slower and burn
less fuel than their jet counterparts—to transport pack-
ages between smaller cities
and larger airports where its
big Boeing and Airbus jets operate.
The prospects for the airfreight market have improved
in recent months after a prolonged slump. WorldACD,
which tracks the sector, said
air-cargo growth in September, the latest month for which
figures are available, grew
above 5% year over year for
the 13th consecutive month.
FedEx said in its latest
quarterly earnings that sales
at its air-shipping Express division benefited from higher
rates to ship U.S. domestic
packages and strong international package growth.
Though turboprop freight
planes are typically modified
passenger models, FedEx in
this case opted for a new design. The plane is based on the
European plane maker’s 78seat ATR 72-600 model, which
features a new cockpit and
more powerful engines than
earlier versions.
FedEx Express Chief Execu-
tive David L. Cunningham said
Wednesday that the company
“worked with ATR to develop
this new aircraft, which include special features to help
us grow our business, especially in the airfreight market
where shipments are larger
and heavier.”
FedEx is expected to get the
first planes in 2020. The aircraft typically can carry
around 8.3 tons of cargo,
though delivery companies are
usually more focused on volume than weight.
“Our bet is that the
freighter market is going to
become much more active
than it has been,” ATR Chief
Executive Christian Scherer
said in an interview. Though
much of the global demand
will likely remain for converted planes, he said FedEx’s
endorsement could generate
greater appetite for new
planes as well as spur a general increase in demand for
freight planes.
Toulouse, France-based ATR
and Canada’s Bombardier Inc.
are the world’s leading producers of turboprop planes.
Brazilian plane maker Embraer
SA in September said it had
opened talks with potential
airline customers to gauge
whether to re-enter the market for such planes, after exiting it years ago to focus on
jet-powered regional planes
and private jets.
The FedEx deal also is an
important vote of confidence
for ATR in the U.S., which it
has coveted for years. Passenger-carrying turboprops fell
out of favor in the U.S. because passengers generally
preferred jets they viewed as
more comfortable and modern.
But ATR is starting to see
demand rebound in the U.S. In
addition to the FedEx deal, the
plane maker has said it had
won a preliminary 20-passenger-aircraft deal with Fort
Lauderdale, Fla.-based Silver
Airways Corp.
“We have been absent in
the U.S. for many, many years
and this marks our return,”
Mr. Scherer said.
You were looking to retire by the water.
Better yet, above it.
Captain of your own floating home.
That would be retiring like a boss.
That would also be tough without a plan.
U.S.
BONDS
AGG
WHEN INSPIRATION HITS,
BUILD FOR WHAT’S NEXT.
INT’L
STOCKS
IEFA
U.S.
STOCKS
IVV
Build for your future with iShares Core ETFs.
At 1/10th the cost of typical mutual funds, iShares Core ETFs
can help you keep more of what you earn.1
INSPIRED TO BUILD.
iShares.com/build
1. Source: BlackRock and Morningstar, as of 12/31/16. Comparison is between the average Prospectus Net Expense Ratio for the iShares Core Series ETFs (0.08%) and the
average Prospectus Net Expense Ratio of active open-end mutual funds (1.17%) available in the U.S. on 12/31/16. Visit www.iShares.com or www.BlackRock.com to
view a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully
before investing. Investing involves risk, including possible loss of principal. Buying and selling shares of ETFs will result in brokerage commissions. TheiShares funds
are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). © 2017 BlackRock. All rights reserved. iSHARES and BLACKROCK are registered trademarks
of BlackRock. All other marks are the property of their respective owners. 285131
B4 | Thursday, November 9, 2017
THE WALL STREET JOURNAL.
* ***
TECHNOLOGY
WSJ.com/Tech
Size vs. Growth
Walt Disney’s biggest cable channels have lost subscribers in the past
few years, while Netflix’s subscribers have grown from a smaller base.
Domestic subscribers
100 million
2016 93
90
GEORGE KRAYCHYK/HULU/EVERETT COLLECTION
80
60
49
40
20
0
Disney Channel
2011
Buying 30% of Hulu, whose shows include ‘The Handmaid’s Tale,’ would give Disney majority control of that streaming service.
’16
ESPN
2011
Netflix*
’16
*Streaming subscribers only Source: the companies
2011
’16
THE WALL STREET JOURNAL.
Behind Disney’s Talks With Fox: Netflix
BY BEN FRITZ
Walt Disney Co.’s market
capitalization is almost twice
that of Netflix Inc. It operates
the most successful movie studio in Hollywood, one of the
most profitable channels on cable television and the biggest
theme-park business in the
world.
Yet its pursuit of 21st Century Fox Inc.’s entertainment
assets indicates that repositioning its television business to
compete in the streaming, a-lacarte world that Netflix dominates has become Disney’s priority.
Disney’s TV operation alone
is substantially larger than Netflix, but its growth has stalled
while its digital competitor is
booming. Netflix’s revenue increased 32% in the first nine
months of its current fiscal year
to $8.4 billion, compared with a
year earlier, and its operating
income rose 163% to $593.4 million. For the first nine months
of its fiscal year, Disney’s television revenue was flat at $18 billion and its operating income
declined 11% to $6 billion.
Recent talks for Disney to acquire Fox’s entertainment cable
networks and film and TV studio, and stakes in European satellite broadcaster Sky and
streaming TV company Hulu,
have stalled, and it is unclear
whether they will restart, let
alone result in a deal, said people close to the discussions. Fox
and Wall Street Journal parent
News Corp share common ownership.
In an interview before the
Fox talks were reported this
week, Disney Chief Strategy Officer Kevin Mayer said Disney
has in the past decade spent $15
billion buying “high quality” intellectual property from Pixar
Animation Studios, Marvel Entertainment and “Star Wars”
producer Lucasfilm. “Now we’ve
turned our attention to the one
platform seeing growth challenges,” he said. “That’s the
television platform.” That same
logic applies to its pursuit of
Fox’s assets, analysts and people close to Disney said.
The company is already in
the midst of a multibillion-dollar effort to launch direct-toconsumer online video offerings, an effort that could be the
final legacy of Chief Executive
Robert Iger, who is scheduled to
retire in 2019.
That same year, Disney has
said, it plans to launch a familyentertainment service featuring
television shows and movies, including recent theatrical releases that currently stream on
Netflix under a deal that ends
next year and Mr. Iger intends
to not renew.
Next year, Disney aims to unveil an ESPN streaming service
featuring sports not currently
available on television.
Both will use technology
from the streaming company
BamTech, on which Disney this
year spent $1.58 billion for majority control.
Outcome Health Returns Fire in Investors Dispute
BY ROLFE WINKLER
Outcome
Health
on
Wednesday fired back at investors suing the prominent Chicago advertising startup, saying
that their accusations of fraud
are baseless and that their effort to freeze $225 million in
funds controlled by the founders was unfair and could financially damage the company.
On Tuesday, investors sued
Outcome and its founders, Rishi Shah and Shradha Agarwal,
claiming the founders knowingly provided false data and
financial reports before a
funding round earlier this
year. The investors, which include funds managed by a unit
of Goldman Sachs Group Inc.
and Google parent Alphabet
Inc., invested $487.5 million
beginning in March.
The investors say they are
entitled to get their money
back, citing an October Wall
Street Journal article that reported how some Outcome employees had allegedly misled
customers about its advertising
services. Outcome, which said
it was valued at $5.5 billion by
investors, puts video screens in
doctors’ offices and streams
pharmaceutical ads to them.
In New York Supreme Court
in New York County on
Wednesday, the judge said she
would review both sides’ claims
and plans to hear further arguments on Monday.
Outcome and its founders
denied wrongdoing in Wednesday’s filing and said there is no
evidence that Mr. Shah or Ms.
Agarwal engaged in any misconduct.
Outcome’s attorney, Michael
Carlinsky of law firm Quinn
Emanuel Urquhart & Sullivan
LLP, called investors “irresponsible” for filing suit days after
they were briefed by an independent counsel hired by Outcome last month to investigate
the claims that some employees
misled advertising customers.
According to Outcome’s legal
filing, the independent counsel,
former U.S. attorney Dan Webb,
told investors during the briefing that while his investigation
remains ongoing, he had “’not
come across any evidence that
senior management was involved’ in any misconduct or
even possesses ‘relevant information’ regarding the misconduct that may have occurred at
Outcome Health.”
In response to Wednesday’s
comments from Outcome, a
Goldman Sachs spokesman
said, “We believe there is more
than enough evidence to support our case and we look for-
ward to our chance to present
it to the court.” A spokesman
for Alphabet’s CapitalG didn’t
immediately respond to requests for comment.
Outcome’s filing says Mr.
Webb interviewed “approximately 17 Outcome Health employees” as part of his investigation. It does not state
whether he interviewed any
former employees, including
Sameer Kazi, a former chief operating officer who the Journal
reported in October confronted
Mr. Shah with concerns about
business practices earlier this
year, people briefed on the discussion said.
Mr. Webb and Mr. Kazi
didn’t respond to requests for
comment on Wednesday. Mr.
Kazi in a brief phone conversation this summer said he was
at the company “two weeks
and three days” early this year
and declined to comment on
his departure.
The investors have asked the
court to freeze $225 million of
the total that had been placed
in a separate account to pay the
founders a distribution. They
allege Mr. Shah took steps to
take money out of the account
and can’t verify the total funds
are there.
The Outcome filing states
that while the founders have
the right to take this money out
per an agreement with investors, the funds remain in the
account for company use. “We
have been completely transparent with employees, customers
and investors, and always operated with complete integrity,”
the founders said in a statement.
O u tc o m e ’s
legal filing says Mr. Shah and
Ms. Agarwal “have considered”
injecting the money allocated
for their distribution back into
Outcome. “Such an infusion of
cash could avoid a potential
debt default and give the company breathing room to regain
its footing amid the recent turmoil,” the filing said.
Mr. Carlinsky, Outcome’s attorney, added in an interview
that this was a “general” statement about a debt default. “We
don’t want to give the lenders
reason to seek to declare a potential default” and that an infusion of cash back into the
company would mollify them.
A lawyer representing Outcome’s creditors, Michael
Stamer of Akin Gump, didn’t
respond to a request for comment.
ADVERTISEMENT
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
AUCTION
BUSINESS OPPORTUNITIES
7,!!
8
! /
Protect your CASH & RETIREMENT Accounts
before the next market correction.
!
""! " #! ! $ %! &! " %! ' !
! !
!! "!
( #$!! $
' $! !
! )' "
' ! !
*!!&%! ! + ,!
-
&!
! . -
!!
! /$! 0!
! -
%!'
! "' 1$
! ! !!
$
! 23452
! 6!'
Invest in Physical GOLD/SILVER
Safe Haven • Asset Protection •
Huge Profit Potential • Private Transaction
Shipped directly to you or choose to store
at fully insured depository.
888-635-9889
BUSINESS OPPORTUNITY
Short term business sales contracts
for sale. Contracts pay 28% interest
with 12 monthly principal & interest
payments. ph-616-430-7987
mondialinvestments@gmail.com
BUSINESS FOR SALE
GLACIER VALLEY MINING AND
METALS IS FOR SALE - INVEST
Included is a $47 million dollar tax shelter that
was created in 1984 via the IRS regulations of
the U.S. Treasury Dept. Never used, and intact.
! "#
$% !
&'() *+ &, -./, "0 -1/+
!2 3 "4 566
7
,
8 ! 9!
#!2 *
! .$9:
; 8
"!8< $66
gjdeden@aol.com
www.gvmtaxshelter.com
!"""
#$!
%%%&'&
() **
Co-Investment - Preferred Equity
$600K total offering, including $100K from us
Apt Renovation in Brooklyn
(recent acquisition, tenants just removed, reno
starts this month). Accredited Investors Only.
www.firstrealfund.com
info@firstrealfund.com 888-673-7249
Securities Offered through North Capital
Private Securities, Member FINRA/SIPC.
BUSINESS OPPORTUNITIES
CAPITAL WANTED
12 y.o. IT Staffing CO / $100M+
Govt contracts seek PRIVATE lender/
investor for $10M refinance loan paid
off through $5M annual ESOP tax
reimbursement for cost plus govt
contractors. No brokers. 530-307-0103
TRAVEL
Save Up To 60%
First & Business
INTERNATIONAL
Major Airlines, Corporate Travel
Never Fly Coach Again!
www.cooktravel.net
(800) 435-8776
RICHARD BORGE
PERSONAL TECHNOLOGY | By Katherine Bindley
Tips to Tame Your Wild Facebook Feed
Quick:
Shout out the
first three
words that
come to mind
when someone says “Facebook.”
A few years ago, this exercise was easy: Birthdays.
Brides. Babies. Boom!
Now, inside the mindless,
thankless news feed time
suck, you can find all that
plus political rants, stalker-y
ads, fake news, Russian propaganda. It’s hard to keep it
to three words anymore.
The problem is, there’s no
better way to track someone
down, alert a network of
people you know to big news
and, yes, wish someone a
happy birthday.
So how can we live with
Facebook—and with ourselves?
Take out your phone and
follow these steps to tame
that wild beast of a news feed.
Prioritize People
The first step is to impose
some order on your friend
list. In the iPhone app, tap
the three horizontal lines at
the bottom and scroll down
to Settings. Tap News Feed
Preferences, then “Prioritize
who to see first.” On Android, the three lines are up
top, and you just scroll down
to News Feed Preferences.
Select which friends you
want to show up at the top of
your feed. If you prioritize
only five people out of, say,
700, you’ll probably still see
too much noise. Unfortunately, you can only prioritize
30, so…sorry, Cousin Rick!
ID Close Friends
There is actually a second
way to tell Facebook who you
care about, by marking people as “close friends.” (Likewise, you can downgrade
someone with an “acquaintance” label.) Click through to
a friend’s profile page and hit
the blue “friends” icon. Tap
“edit friend lists” to add them
to “close friends” or “acquaintances”—or any other lists
that appear. People won’t be
able to see how you’ve classified them.
If you want to view a feed
consisting only of close
friends, click the three horizontal lines and select Feeds.
Ditch the Duds
Review Your Liked Pages
You can go through and
unfollow a bunch of people at
once—without them finding
out. Go to News Feed Preferences, tap “Unfollow people”
and select people whose
posts you don’t want to see.
In individual posts, click
the three dots at the righthand corner to unfollow people piecemeal.
Facebook says its algorithm learns from all your
past likes, comments and interactions. That is why you
should check up on old pages
you once liked.
It is tricky from the app:
You either go into the Unfollow
setting and tap the Sort button
at the top left and choose
Pages Only. If that is too confusing, go to search and type
“Pages Liked By Me.” The first
result there is a liked page—
tap “see all” to get the rest.
Think about whether
those likes reflect your current interests; if not, unlike.
If, after a few days, this
exercise brings you no joy,
maybe switch to Instagram.
Though that Facebookowned network was also hit
by Russian-backed ads—and
also has an algorithm deciding what you see—it can still
feel more like what Facebook
used to be. You know, a
photo-heavy stream with
plenty of brides and babies.
Hide and See Fewer
Even if you pare back
your people, your favorites
may post things you don’t
want to see.
On an annoying post, tap
the three dots, and then select
“Hide post.” You’ll notice it
also says, “See fewer posts
like this.”
A Facebook spokeswoman
said that when you tap this
option, an algorithm takes
different factors into account,
including whether the post
features photos, videos or
links to articles, what time of
day it is, and yes, what topics
it covers, including politics.
Unfortunately, you can’t
specify what it was about the
post you didn’t like.
For more Facebook tips, go
to wsj.com/tech. Write to
katie.bindley@wsj.com.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Thursday, November 9, 2017 | B5
MANAGEMENT
Maneuvering Through Career Changes
Former Marine Charles Phillips positions business-software provider Infor as a challenger to Oracle
BY VANESSA FUHRMANS
STEPHANIE AARONSON/THE WALL STREET JOURNAL
Charles Phillips is no
stranger to reinvention. A
captain in the Marine Corps
in his 20s, he went on to become one of the dot-com
boom’s most inBOSS
fluential sages as
TALK
a technology analyst for Morgan
Stanley. In 2003,
Larry Ellison plucked him to
be Oracle Corp.’s president
and lead a seven-year, $35billion acquisition spree.
Mr. Phillips’s latest transformation has him turning
the privately held businesssoftware provider he joined
as chief executive in 2010, Infor Inc., into a formidable, albeit smaller, rival to Oracle, in
part by designing products
with a more intuitive feel and
building applications for industry-specific processes.
Infor, for instance, created
a software tool for brewers
that measures the quality of
hops and ensures vats are full
to maximize productivity. To
recruit more software-engineering and design talent, he
relocated the company to
New York City from Alpharetta, Ga., in 2012.
Infor is now taking the approach to businesses at Koch
Industries Inc. Early this
year, the conglomerate—
widely known for the conservative political agenda of the
brothers who control it,
Charles and David Koch—invested more than $2 billion in
Infor, a stake that values the
software company at roughly
$10.5 billion. Infor is designing and developing software
for the shareholder.
Mr. Phillips, who is active
in Democratic politics and
planning to start a nonpartisan political-action committee with other African-American executives, says the
partnership doesn’t change
Infor’s strategy. “It just gives
us a lot more ways to get
there,” says Mr. Phillips, who
recently sat down with The
ing to buy something they
view as risky. They don’t really understand technology. I
write it down on the back of
my card, say ‘Call me if you
get nervous, anytime—24/7.’
That goes a long way with
people.
‘We move a lot faster than a normal company.’
Infor Chief Executive Charles Phillips
Wall Street Journal in New
York. Here are edited excerpts:
THE WALL STREET JOURNAL: Did the investment
from Koch spur questions
from employees?
MR. PHILLIPS: Initially a
couple customers and employees asked about that, but
far less than I thought. I’ve
been active politically for so
many years and supporting
many Democratic candidates
and other causes, I already
had a known view that people
knew wasn’t going to change.
[The questions] went away
after the first couple of
weeks.
WSJ: You and your executive
team have an unusual office
arrangement. How does that
work?
MR. PHILLIPS: None of us
have offices. We have basically an oversize square table,
and the entire executive staff
sits around it. There are no
secrets, if you’re sitting
around each other every day.
We move a lot faster than a
normal company. We don’t
have to wait three weeks to
call a meeting for an hour.
We’re just doing it on the fly.
WSJ: You created an in-house
design firm to make business
software more elegant and intuitive. What’s driving that?
MR. PHILLIPS: The users
who grew up using Apple devices and smartphones—at
some point, they are going to
demand that. Your personal
computing devices are better
than what businesses build
and use, at least from the
user standpoint. It’s a different type of person who understands how to build applications that are beautiful and
exciting. That’s one of the
reasons we moved to New
York—because a lot of people
come to New York to study
and work in design.
WSJ: As a technology analyst, you used a toll-free number to network with industry
executives. Does 1-800-MRCHUCK still work?
MR. PHILLIPS: I give it to
clients. A lot of these customers, they’re CEOs or CFOs try-
WSJ: What lessons did you
take from working with Larry
Ellison at Oracle?
MR. PHILLIPS: The best
thing I learned at Oracle was
speed. Speed is better than
perfection. If you’re sitting
around for six months debating something, usually the
thing you’re debating has
changed over that time.
You’re never going to get a
consensus, so let’s make a decision and go and we’ll, of
course, correct it if we have
to.
WSJ: What did you decide to
do differently at Infor?
MR. PHILLIPS: I’m a bit
more hands on, engaging with
people at all levels of the
company, making people feel
a sense of purpose. The best
leaders in the Marine Corps
were the guys who created a
relationship with the people
in their unit so that those
people didn’t want to disappoint them. That is hard to
get in business, but the military has that and I try to
draw from that more.
WSJ: You’ve switched careers
several times. Take us into
your mind-set as you’ve made
those big transitions.
MR. PHILLIPS: One of the
things my father taught me
is: Do things that can be measured, because you can’t rely
on people liking you. You
won’t have the same access as
maybe some other people, but
if you can perform and demonstrate that you can perform, people will always take
the next step with you. That’s
been instrumental for me because I could always demonstrate numbers-wise or something technical that worked.
The New WSJ iPhone App
Save and Share
Easily share stories or save
them for offline reading.
Personalized News Feed
Discover articles through a
news feed built for you.
An enhanced reading experience.
Introducing our latest app feature—MyWSJ. Discover content through
a personalized news feed, save articles to read later and easily share
stories with others. Available now on the new WSJ iPhone app.
DOWNLOAD NOW
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6158
WORKAROUND
Matchmaker
Sets Up App
For Mentors
Will a generation accustomed to swiping right to
find dates do the same to expand its professional network?
That is the hope of the
makers of Bumble, a dating
app known for allowing
women to initiate contact
with men. Bumble last
month began allowing its
more than 22 million registered users to search for
prospective mentors and colleagues, in addition to romantic interests, using different profiles.
It isn’t the first dating
service to do so. Matchmaking website eHarmony Inc.
last year launched a jobsearch tool called Elevated
Careers that connected users
with prospective employers.
It sold the business in August to Candidate Guru, a
small recruiting startup. Tinder designed a networking
app for members of publisher Forbes Media’s “30
Under 30” lists in 2015.
Yet Bumble says its product, dubbed Bumble Bizz, is
different. The company sees
a market opportunity in letting women steer their careers in a safe, casual setting, said Chief Operating
Officer Sarah Jones Simmer,
who declined to say how
much the company has spent
on its new business-focused
platform.
Bumble’s users can now
create separate professional
profiles and browse photos
and work samples of potential business connections on
their smartphones. When
two users of opposite genders swipe right on each
other’s profiles, it enables
the woman to strike up a
text chat. Either party can
initiate a conversation if the
users are the same gender.
Users swipe left on a profile
if they aren’t interested.
—Kelsey Gee
B6 | Thursday, November 9, 2017
* ***
THE WALL STREET JOURNAL.
BUSINESS NEWS
Christian Dior’s Chief to Depart
PARIS—Sidney Toledano
plans to step aside after 20
years as chief executive of
Christian Dior Couture as corporate parent LVMH Moët
Hennessy Louis Vuitton seeks
to inject new blood into its senior ranks.
Wednesday’s announcement
marks the end of an era at
Dior, during which Mr. Toledano, 66 years old, turned the
elite brand into a global fashion powerhouse with annual
sales of more than €2 billion
($2.3 billion).
Pietro Beccari, the current
chief executive of Fendi, also
part of LVMH, was named to
succeed Mr. Toledano. Mr.
Beccari is highly regarded
within LVMH for having engineered a turnaround at Fendi.
Under his tenure, sales grew
from an estimated €600 million to €1 billion.
“Pietro has an excellent
track record,” said Bernard Arnault, the French billionaire
who is chief executive and controlling shareholder of LVMH.
Mr. Arnault gave Mr. Tole-
ICAHN
Continued from Page One
immediately available for comment.
The activist investor had
long been publicly campaigning to change the environmental rule, which governs how
renewable fuels can be added
to gasoline. Refiners either
have to add the renewable fuel
or buy credits from those who
do. Mr. Icahn argued the rule
put the burden on smaller refiners, like CVR, instead of big
oil companies. And he argued
the credits had become a subject of Wall Street speculation,
out of sync with the initial in-
TORU HANAI/REUTERS
BY MATTHEW DALTON
Sidney Toledano, exiting chief executive of Christian Dior Couture,
is seen at the luxury retailer’s Tokyo flagship store in April.
dano a new job as head of
LVMH Fashion Group, which
manages some of the brand’s
smaller fashion labels including Celine, Givenchy and Marc
Jacobs. Mr. Arnault suggested
the move to Mr. Toledano, and
he agreed, Mr. Toledano said.
He will start the new role early
next year.
“He never imposed something on me,” Mr. Toledano
said in an interview. “I said I
want a new challenge.”
Wednesday’s move is the
first major shake-up at Dior
since Mr. Arnault this year
spent €12 billion to unite the
fashion house with LVMH.
Previously, the Arnault family
owned part of Dior through a
holding company that also
owned part of LVMH. But Dior
the brand was independent
from LVMH, even though the
companies cooperated exten-
tent of the law and costing his
company millions.
His relationship was seen
as so close to the new administration that other investors
piled into CVR stock upon Mr.
Trump’s election, sending its
stock and others soaring on
the belief the rule would be
changed.
CVR stock is up 145% since
the election, boosting Mr.
Icahn’s 82% stake by $1.3 billion.
Mr. Icahn played a role in
helping Mr. Trump chose Scott
Pruitt as head of the Environmental Protection Agency,
which was responsible for the
rule. Mr. Icahn has previously
said he discussed his concerns
with Mr. Pruitt and had hoped
the EPA would move quickly.
CVR, meanwhile, slowed its
purchases of the credits, building up sizable obligations, a
bet that the prices of the credits would plunge before the
The inquiry into Mr.
Icahn provides fodder
for critics of the
Trump White House.
company needed them.
Last month, Mr. Pruitt announced the rule wouldn’t
change.
CVR Chief Executive Jack
sively under Mr. Arnault’s
control.
When Mr. Toledano took
over at the brand in 1998, annual sales were around €200
million. He embarked on a
store-building spree and expanded the business dramatically in Asia. He also anchored
the company as designers
came and went. He clashed
with Hedi Slimane and fired
John Galliano after the designer was recorded shouting
anti-Semitic insults at a bar in
Paris. Mr. Galliano apologized
and said he was seeking help.
The move elevates Mr. Beccari to one of the top spots in
the fashion world. Dior’s sales
have surged in recent years,
propelled by strong demand in
Asia. The brand, however, is
significantly smaller than
French rival Chanel and should
have room to grow, said Luca
Solca, analyst at Exane BNP
Paribas.
“The benchmark for Dior is
Chanel,” Mr. Solca said. “It has
a similar allure and sophistication and it’s coming from the
same background, which is
couture.”
Lipinski railed against the decision on a conference call last
week.
“I am also surprised that
the Trump administration
caved and failed to drain the
swamp as promised,” he said.
CVR now expects to spend
$235 million to $265 million
on the credits this year, compared with an earlier estimate
of $170 million.
Mr. Icahn isn’t the only
business ally of Mr. Trump to
draw criticism to the White
House. Mr. Pruitt has drawn
the ire of environmentalists
and some congressional Democrats for his efforts to halt or
roll back regulations on everything from methane emissions
to pesticides. The administra-
Equifax CEO Unsure
If Data Is Encrypted
BY ROBERT MCMILLAN
AND ANNAMARIA ANDRIOTIS
Two months after Equifax
Inc. reported one of the worst
data breaches in history, its interim chief executive told a
congressional hearing Wednesday he wasn’t sure whether
the company was encrypting
consumer data.
Equifax announced Sept. 7
it was breached and that hackers accessed data including
names, dates of birth and Social Security numbers for 145.5
million U.S. consumers. Several
executives, including the CEO,
stepped aside in the wake of
the disclosure.
Equifax has quadrupled
spending on security, updated
its security tools and changed
its corporate structure since
the breach, Paulino do Rego
Barros Jr., the interim chief,
said during a hearing by the
Senate Commerce Committee.
But Mr. Barros stumbled
when asked by Sen. Cory Gardner (R., Colo.) whether Equifax
is now encrypting the consumer data it stored on its
computers—a basic step in hiding sensitive information from
hackers, and one the company
previously admitted it didn’t
take before the breach.
“I don’t know at this stage,”
Mr. Barros said.
The answer was disappointing, said Avivah Litan, an analyst with research firm Gartner
Inc. “He should have asked his
staff that the day he took
over,” she said.
Mr. Barros has been Equifax’s
chief executive since Sept. 26,
when the company announced
Richard Smith was retiring. Before that, Mr. Barros was head
of the company’s Asia-Pacific
business.
Equifax is in the process of
“either encrypting or deleting”
data stored on its computer
storage systems, an Equifax
spokeswoman said in an email.
Since the breach, “Equifax has
deployed multiple methodologies to strengthen security and
protect data,” she said.
tion installed a longtime advocate of offshore oil, Scott Angelle, as industry’s chief safety
regulator.
The administration has
boasted about its achievements in reversing rules and
regulations opposed by businesses. Mr. Trump’s budget office said this spring that it had
cut by 20% the amount of regulatory activity across the entire federal government, including proposed rules from
the past administration that
the White House halted.
Mr. Trump embraced corporate chieftains early on in his
first year in office, convening
a series of task forces and
public discussions at the
White House that included
dozens of leaders of smaller
businesses as well. The White
House has described its outreach to business as a course
correction from the Obama administration, which Republicans blame for imposing excessive
regulations
on
business.
But business leaders have
sometimes recoiled, as they
did this summer. Then, two
councils of chief executives
formed to advise the president
on business and economic policy imploded after the president defended some of the
participants in a white supremacist demonstration in
Charlottesville, Va.
—Austen Hufford
contributed to this article.
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
BANKRUPTCIES
!"
"#$% &'(##'
!" #$% $&#' (&& )* * +,
-" !. !" #$% $&#' /&& )* * +,
!. !" ##% $&#' (&& )* * +,
-" " !" $&% $&#' #&&& * * +,
0 0 1" * 0#2 ##(3$0&&
)&* +** *) , ")+ --+*& )
)+ -&))+* , )+
* ./0 & &-++
& )+ -&))+* , & *
+ & , -
*-+ * &**&1+-+) ,
1 22 ) 4
5
% ' '' 3( 4 5#6$7 ( '8 96: ;< #' :76% 7 = ##6 = $> 5:76% 78 3' ! "" # $$ % &" % " '()
" %*" + 96: ;;< # (% ('' 7$(' ('#?' =(
#( #( 5#6$7 (8 6##@ 'A7 #=(# >## (#@ = 6
# 0 = #$ = #' ' BB 4 & 5:76% '8
5 4
6( 4 4 444 ( +) = 67$ (% ' C# #@ 5?(# #@8 >#$$ $' = $ !3# " % #' :76% "7'@ # 7( 0 0 ,$ #' :76% 7 = ##6
= $> /; -: 2#$(#@ $> ./4 6#' 6?(# = !
"" # $$ % &" % " '() " %*" + 96:
;< # (% ('' 7$(' ('#?' =( #( #( 77 (
= 5
$8 ' = 7$ "7#6 #% / ,$ # 7# 7
= "7#6 ((6#$ # 5'# 78 4 #3#% &37 ) # -01 *
># '# 7 6#'#@ #76 = ' 5&& &3$ '8 ==67#@ $ # 6'#@ '#@ = '# 7 $#6$ ) ?(# #@
(% 'C7' ' =( #( #( >#7 =7 #6 6'# $' # # # % 76( = 76 'C7( ( #
67 ?(# #@ ) $ (% ('#?' # 66'6 ># :76%
' ,'$ *7$ = :76% 6'7 ( = $ ' $#6$ $> >#
7 =7 #6 # 7$ = ?(# #@
5 66'6 ># ( = $ ' :76% ' $' = $#( 7#(#' % $ '(' 3 66' $ ' = #$' 3 $ $' = +A7#% ' $' = $#( @# #(#'
% $ ' >#$$ 6#3 '##7# 667 = 76 $#( #$' 3 $
; 6 . 4 $#' % :76% 7 6' ' 5D#@
*6' 8 = '(##@ # #$' 6#3 $#6## #6 (#$ # 66#
># $ ' 3 $
55 5 5 0 ) $ ('#=% #@ = 6# $' = $#( ' $' = +A7#%
$#( ' +A7#% 6$#?' = $$ 7 #6$7'#@ 3#@ 6?(# '
'##7# 77 $ =$$>
$ $#( &@# ' +A7#% # $' 1 2#''> ' =E:E =
(6 17 '
66 " 718
6 9"8
"6
" 67' $#(
44F
6#6$ = +==6#3 6 $' = $ &$$>' 67' $#(
#= % $$ 6#3 # =7$$ ' ?$ #=6# $( ' $ = ' # G6@ = 76
&$$>' 67' $#( 7 = $$$ 67#@ 76 &$$>' 67' $#(H A7$ 44F = (7 = 76 &$$>' 67' $#( ' ## A7#' #' 7' 6# 04 = :76% 'H 6 76 ( >#$$ ' $'
= 76 &$$>' 67' $#( #(#'H ' 76 ( >#6 $' = 76
&$$>' 67' $#( @' # >##@
##% )G $#( 44F
$ $' @ '#== ( 6#6$ = $ = +==6#3 ' ##% )G $#( 6( &$$>' ##% )G $#( 6
$' = &$$>' ##% )G $#( $$ 6#3 %( # ,7$$ # ># ## 76 ( >#$$ ' &$$>' ##% )G $#( #(#'
+ $#(
2#'>
&$#6$
;
1$ 67'
44F
$#(
) G $'% #' # ,7$$ ># #?' # +==6#3 6#6$ = $ = # +==6#3 ## ' 1$ 67' $#( 6(
&$$>' 1$ 67' $#( 6 $' = &$$>' 1$ 67' $#( $$ 6#3
%( # ,7$$ # = &$$>' (7 = # $#( , 3#'6 = '7 # 66'6
># 1$$ $( $' = &$$>' 1$ 67' $#( $$ 6#3 #
# 667 = 76 &$$>' 1$ 67' $#(
0
6(% $#( *#'
= +==6#3 6 6(% $#( $$ *#' 7C6 #@ =
$' = 1$ 67' $#( # $ ; 7' $ #6$7'#@ 1$$ $( '
&& &3$ ' ' % & = A7#' '##7'
77 $ #6$7'#@ *#' 7 = &6# ' #A7#'# )7 +G *3
$$ =' % *@#I' # #=6# = (
(7 = 76 $#6$ 6(% $#( ' 6(% $#( $$ 6#3 76 ''#
#$ '#== ( >#$$ = # $ 7$(
67## $#(
J0 (#$$# # ' 7 ''##$ J0 (#$$# # =( 7 = &6# 6'
& = +==6#3 67## $#( $$ &$$>' =7$$ ' ?$ #=6# $
( '#6@ ' $ = 67## $#( ' % $#( 67## $#(
3 ' 67$' @# # 6 = 67## $#( ' 67##
##@# $ $( #'# ' $ $( ##@# 6' $$ #' $ $( +6> = 67## $#( 77 ' # 66'6 >#
&#6$ D = $ ' ?(# ' $' # 6> = '##7# 77 $
= $$6# 3' % ##6 7 7C6 &#6$ D ' = $
, 3#'6 = '7 67## $#( >#$$ 6#3 # ?6#$ )7 +A7#% >#$$ ?6#$ )7 +A7#% '##7'
667 = 67## $#( 7' 77 $ $ $##== #7$#
+A7#% * = $' ##7$ & >#6 # #6#
' >## @ = J40 J44 $' = +A7#% $$ 6#3 # * = $' ##7$
& 7' ' 7C6 $ #6$7'#@ 1$$ $( ' && &3$ '
) $ $$> $' = +A7#% $6 6#3 6# = 76 $ 6#'
# # =( = # ?6#$ )7 ' #@ 6#3 # * = %
$' ##7$ & # 66'6 ># $ # G6@ = # +A7#%
# # +A7#% $' = ?6#$ )7 ' $' =
+A7#% >#$$ 6#3 '##7# = A7$ (7 = 7' $ +A7#% * # '#==6 #7$ '#==#@ G ( =
#A7#'# )7 ' *@#I' (% 6A7$% 7$ # ( $
=3$ 63# $' = +A7#% = 6#'# = #$$% '#=
=#@ ' # = G# = #'#3#'7$ $' &#6$ D = $ =7 '6#
'##7# >#$$ (' $' = +A7#% ' ?6#$ )7 +6 $' # = 6#3#@ # $ 6#'# 7@ > # >#6 '6#' # @ '#$ #
7#'#% $ $#( &@# ' +A7#% # 7#'#% 66 " 718
6 " 9"8
"6
" 67' $#(
44F
6#6$ = +==6#3 6 $' = $ &$$>' 67' $#(
#= % $$ 6#3 # =7$$ ' ?$ #=6# $( ' $ = ' # G6@ = 76
&$$>' 67' $#( 7 = $$$ 67#@ 76 &$$>' 67' $#(H A7$ 44F = (7 = 76 &$$>' 67' $#( ' ## A7#' #' 7' 6# 04 = :76% 'H 6 76 ( >#$$ ' $'
= 76 &$$>' 67' $#( #(#'H ' 76 ( >#6 $' = 76
&$$>' 67' $#( @' # >##@
##% )G $#( 44F
$ $' @ '#== ( 6#6$ = $ = +==6#3 ' ##% )G $#( 6( &$$>' ##% )G $#( 6
$' = &$$>' ##% )G $#( $$ 6#3 %( # ,7$$ # ># ## 76 ( >#$$ ' &$$>' ##% )G $#( #(#'
1$ 67'
44F
$#(
) G $'% #' # ,7$$ ># #?' # +==6#3 6#6$ = $ = # +==6#3 ## ' 1$ 67' $#( 6(
&$$>' 1$ 67' $#( 6 $' = &$$>' 1$ 67' $#( $$ 6#3
%( # ,7$$ # = &$$>' (7 = # $#( , 3#'6 = '7 $' =
&$$>' 1$ 67' $#( $$ 6#3 ## 667 = 76 &$$>'
1$ 67' $#(
;
6(% $#( *#'
= +==6#3 6 6(% $#( $$ *#' 7C6 #@ =
$' = 1$ 67' $#( # $ 7' $ #6$7'#@ 1$$ $( '
&& &3$ ' ' % & = A7#' '##7'
77 $ #6$7'#@ *#' 7 = &6# ' #A7#'# )7 +G *3
$$ =' % *@#I' # #=6# = (
(7 = 76 $#6$ 6(% $#( ' % 6(% $#( $$ 6#3 76
''##$ '#== ( >#$$ = # $ 7$(
0
6(% +A7#%
*#'
+==6#3 $' = $ 0 6(% +A7#% # 6 7#'#% $$ 6#3 76 ( = # $ 7$( 7C6 #@ = $' =
1$ 67' $#( # $ 7' $ #6$7'#@ 1$$ $( ' &&
&3$ '
4 6( 4 044 ( +) 5D#@ '$#8 # $#' ''$# %
>#6 $$ 66#@ C6#@ $ (7 6#3' ) 67' #@#$ '7$% 6(
$' $$ (7 67$$% 6#3' # D#@ '$# % #( $: 5$#(
' $#6## &@8 #= # (#$' 1 $$ 6#@ 6E #( $: /4 )#' &37
' ,$ > K: K 44 ## '$#3' % ' 3#@ 67# 1 $$ 6#@ 6E
#( $: /4 )#' &37 ' ,$ > K: K 44 '7#@ ($ 7# 7 $
$ (% 7(#' # D#@ '$# 3# $# $$#@ $ % 3###@ EE
6#(6$:6(E
1E 6$#6:#@ 57(# +$$8 ' =$$>#@ #76# >#
+G6 # L '#6# ' 3#'' 3 % $$ (#' $#( ' $#6#
# &@ % =6#(#$ $6#6 ( $$ 67'
:% ;
) $ 6# 6# #C76# $ ' G67$# 3## # &#6$ M = $
= $> # 67@' 3#> $ #6$7'#@ &#6$ M = $ # # #%
* " 66 !8 < !"6* =<6 8< < <
""8% 6 > < >>9 % < >16 ? 1<"@ !8 ))! =% >" 91! 6"% < 718 > =<< 6 <"!8 -" % < !" 66 "
"6 6<" !8 < 71 "16% < !"6 < 66% >" 8 6% !6% 616% .1 6% 6% 6% !6% " 6% 166 > %
"<6 > 6>>% <" "<6% !6 =<69"% 1 8 "99 6% 66"
" < 1 ! 66" "8 " "8 !<> > < 71 "16% < !"6% " <
66% =<<" 71 " 171% -? " % 1" " 1 1"% A= "
1A=% >"6 " 1>"6% ?6 " <">" "6% =% 718% " <"=6% 8
166 > 66" " < 1 )66!8 <9 ! 66" !<> > < 710
"16% < !"6% " < 66 +=<<" 918 " 98, !6 % " "
"6 >" % =< " )"% < !"6% < 66 " < !"6B 61!6"6% < 1 >
< !"6B !16666% < 10>01" >>"6 "6"11" " 71 < !"6% < - )"61 > < <)" ## 66 " < "6% < )") "6 "0
6 =< 8 !" " 8 6% < ? 61< 6 " 1"" A ) )"" <
+98% < C6 !6D,*
"8 > < -" "" 6< 61 < A"1)8 1"B6 ))"9% )1"61 A"1)8 1 E&#E% > < "66 6 >"< <6 " ;*% =<< 16 !8 ">"
< > < " )"966 -6 <"% >1"<"% 6< 61 <
A"1)8 1"B6 - < 61< "6 6 +, ?< >" < 91! 6"0
)"9 !8 < !" 66F +!, >< 6 )" 6 > < 6
"6 !8 <6 " ;*F +, < !6 "66 > < !"6 <" 66F +, >"% 710
!% "6!F +, 9 >" 1 ))"18 >" <"F +>, !"
8 "6 66" 8 " 16 > "6 !8 <6 " ;**
* " 66 !8 "6 > 6* =<6 8< < "
< 661" < ""8% 6 > < >>9 % < <"0"8 66 6<
! <9 ! 1698% !618% 18% ""9!8% >"9" "6
6<" !8 < 6 "6 >" 8 6% !6% 616% .1 6% 0
6% 6% !6% " 6% 166 > % "<6 > 6>>% <" "<6% !6 =<0
69"% =<<" >" "% "% 96 > >"% )"9 " 6 61"6 =6% 9
6% 1 8 "99 6% 66" " < 1 )66!8 <9 ! 66" "8
" "8 !<> > < 6 "6 " <" >-6% =<<" 71 " 171%
-? " % 1" " 1 1"% A= " 1A=% >"6 " 1>"6% ?6 "
<">" "6% =% 718% " <"=6% 8 166 > 66" " < 1
)66!8 <9 ! 66" !<> > < 6 "6 " <" >-6 +=<<" 910
8 " 98, " !<> > < " > 8 % !6 " 8 =8 " % " 8
" "6 >" % =< " )"% < 71 "16% < !"6% < !"6B 66 "
< !"6B 61!6"6% < 1 > < !"6B !16666% < 01" " 10>01" >>"6
"6"11" " 71 < !"6% < >" 1% )")"% 6% 66 %
% " - > < 661" " < +1 < 1)) ,% "
8 "% 6"1 % "6% " <" " " 1 " " " 0
=< " )1"61 < 661" % < +1 < 1)) ,% <
- )"61 > < <)" ## 66 " < "6% < )1"61 > -" %
< )1"61 > 61
% < 61!. " >% " < "66 " 96 9 "6 %
8 < 6 " < % < !1666 " "1 "" 6 != < 70
1 "16% < !"6% < !"6B 66 " < !"6B 61!6"6% < <% 8 6 "6% < <" <% )") "6 " 6 =< 8 !"% "
8 <" " 66% "6% " % 9% " <" 1"" A ) !>"
< >>9 % ?) 6 > >"1% =>1 61% " "66 !8 <"0"8
6 6 " !8 "" > < A"1)8 1" " < 1"*
"8 > < -" "" 6< 61 < A"1)8 1"B6 ))"9% )1"61 A"1)8 1 E&#E% > < "66 6 >"< <6 " ;*
% =<< 16 !8 ">" <
> < " )"966 -6 <"% >1"<"% 6< 61 < A0
"1)8 1"B6 - < 61< "6 6 +, ?< >" < 91! 6"
)"9 !8 < <"0"8 66F +!, >< 6 )" 6 > < 6
"6 !8 <6 " ;*
F +, < !6 "66 > < !"6 <" 66F +, >"% 710
!% "6!F +, 9 >" 1 ))"18 >" <"F +>, !"
8 "6 66" 8 " 16 > "6 !8 <6 " ;*
*
" < 9 > 1!% =<6 8< < ""8 < 661"
% " -" ""% )"96 6< )"1 < " >" >"
<" ) " "1"8 )="6F )"9 >1"<"% =<6 8 1 < 0
""8 < 661" % " -" ""% )"96 +, "66 8
"6 " 8 >" !8 =< 8 " !"1< !8 < " " +, .6% 6% )"6% " 86 < " >" !" " 1 8 6
8 "6 " 8 8 >"1 *
* ?1)* >>9 6 > < >>9 % > < ?1) "6 6< <9 "
1" 8 !8 8 " > 8 " 718 "6% < !"6B 66 " 8 6160
6" <"% " 8 <" )"8 +1 8 >- > 8 > < >", >"% " ! 61!. 8 "< > "6) >% 8 " 66 " >" < " !>"
< >>9 =<% " % " "6 1 > < <)" ## 66 " < "6% 1 < >" 1% ?1 > < 1"<6 " % <
6 > < !"6B 666 )1"61 < 1"<6 " % ! !"00)6666
- =< < <)" ## 66 < "6% < >" 1%
?1 > < +1 < 1)) ,% < 661" %
< 6 > 96 >" < )1"61 > -" > < % < 61
> <
% " < 6" > < % < )")"8 ! 6"!1 1" < % 1
1 6 "8 <"% 66% 6% 6 " 60
1 " <" )6) 96 < )" 1 -" > < +1 8 <" )60) A " ! A =<
" ) > < "6"11" " 71 > < !"6,% ?) 6 > >"1% =0
>1 61% " "66 !8 61< ?1) "8 6 " !8 "" >
< A"1)8 1" " < 1" +< >"% < C?1) 6D,* >>9
6 > < >>9 % "6 +1 < 71 "16, 6< <9 8 "< > %
<" " " "99 > < 66% 6 < ?1) "6 >" 8 ?1) 6%
)"9% <=9"% < =<6 8< < ""8 < % < ?1) > <
!"6B ""6 " 61!. 6 (*#+$, > < *
* .1* ) < 1"" > < >>9 % "6 > 6 718 "0
66 <" )"6 "6% =< <" "6)9 )"6 " >" " >-6% )86%
6% "86% 96"6% >-"6% ""6% )""6 " )")6% < ? 66 =<
< % 6< ! . >" A 8 6 ">" =< < ) > < %
" )" 8 . >"9" !"" >" A 8 6 < ?1)
"6% !" 66 " <"0"8 66% <" "6)9 666% < 6 66
=< < " 6 > < % 1 .1 >" +, " 1 8 "
8 " <" )" > 8 A 1 > " =< " =< "6) 8
6 " 718 "66F +!, >"% <% % " "9" !8 8 " " 6
8 .1 % ="% "% " "" 1 > " =< " =< "6) 8 61<
6 " 718 "66F +, "% )">% " >" 8 1 !" > 8 A 1 > " =< " =< "6) 8 61< 6 " 718 "66F +, 66"
8 "< > 6>>% 61!"% " "1) > 8 A 1 > " =< "
=< "6) 8 61< 6 " 718 "66F +, " 1 8 "
8 " <" )" > 8 A 1 > " =< " =< "6) 8
61< 6 " 718 "66 "6% ?1)% 6 " <"=6 "66 )1"61 <
% ?) " 6 66 =< < *
: / C6# 6?(# = ' ('#?6# $ #= % (7 # # >##@H
## ( ' '' = C6#@ %H ### (7 #= $#6$ ' 7
= $#( = 7( = +A7#% $' % 76 %H #3 ># #67$#% # ' 7 = % C6# #6$7 ( 'E $ ' ' ('#?6
# $ >7$' $3 76 C6#H ' 3 ?$' @ ># = = 3#6 >#
:76% 7 ' 3' % 6#3' $ 6( 4 ;44
( +) 5?(# C6# '$#8 % =$$>#@ # # 667$ 7$ 2# *#=:#' 2 N 1# /0 &37 = &(#6 > K: > K:
44. & !$$% & # ' &$#6 $#$ + ' K7@ >% @ N )%$ *'% A7 444 !#@ 2#$(#@ $> ./4 & 7$# ! -@ ) 16 ' "7# *76:#H ## 67$ +A7#% ((# > *7'#6: 3
)#( A7 > K: > K: 44 & * " : ' &'> - % > *7'#6:
,#6#$ -& 4 & 3 3# ' -@(% -66:
2$: N *' 40 -: 0 ,$ 2#$(#@ $> ./4 & -:
& ,#:H ' ### 67$ '#L ((# $: *( 4 -: 7#
/44 2#$(#@ $> ./4 & $% ) ' "= 2 -#I ' $: *( ) %$ 7#$'#@ ;40 G#@ &37 > K: > K: 4; & -#6$ 6'$H #3
=?6 = #' )7 /;; !#@ 7# 4 2#$(#@ $> ./4 &
-: !%H ' 3 67$ -# ) 17 ,##@ 44 2$$#@ 2 7# 44 ) # -0! ! & * ) ' *6$ @# C6#
#($% ?$' ' 3' # ( = 3 (% 6#'' % :
76% 7
. C6# && &3$ ' #= % (7 # # >##@H ## ( '
'' = C6#@ %H ### ># #67$#% # ' 7 = % C6# $ && &3$ 'H #3 #6$7' % 3#'6 (#$ C6#@ % #' $%
?(# #@H ' 3 3' % 6#3' $ 6( 4 044 ( +) 5'# C6# '$#8 % =$$>#@ # # '# 67$
#:( +$$# 044 ((6 7 2H .. % ) # -0
. & >' ' #6$ ## 67$ -# ) 17 ,##@ 44 2$$#@ 2 7# 44 ) # -0! ! & * ) ' *6$
@# ### '# 67$ +A7#% ((# -6-#$$ H :?$' $6 / % 7# ;;44 ) # -0" ) & &'> ! ' #$# ,$$H #3 '# 67$ '#L ((# $ 6: N $6:>$$ 44 6# $I ;4 !#@ 2 )
# -0 & *% "6 ' % !7:7$>#6IH ' 3 # 3#6 #
=7' -#L ># >>>%6(E6E
1 ' 7A7$% ?$' ># '# 7
C6# #($% ?$' ' 3' # ( = 3 (% 6#'' %
'# 7
5
4 # = #6$7 ( ' $ 3#$$ = #6# '7#@ @7$
7# 7 -'% 7@ ,#'% /44 ( ;44 ( G6$7'#@ ='$ $#'% =?6 = 6$: = :76% 7 ' ,$ /; -: 2#$(#@ $>
./4 ''## 6# = $ ' #6$7 ( (% #' % 3###@ ># (##' % L $#( ' $#6## &@ # EE
6#(6$:6(E
1E ' ># (##' % -# # && 6'#@
>>>%6(E6E
1H % 66#@ L $#( ' $#6## &@ #( $: 3# $ /00 00 3# (#$ @$$O#(6$:6(H =( :76%
7L ># >>>'767@3 = = & &+* $@# ' >' A7#' 66
'67( :76% 7L ># ' 6 #' 7@ &+* 3#6
>>>66767@3 +$6#6 6# = $ ' #6$7 ( >#$$
3#$$ =$$>#@ ?(# #@ +&* >>>'6( ' +L >#
>>>6@3
' 3( 4 2#$(#@ $>
#
< !"6 <6 66% =< < 6 >1" 6 > < !"B6 >" ? -0
1 !"% " * +>GAG 6 *, +3H/#,F * +>GAG 1"
A8% *, +H&E/,F * +>GAG 6 6! G >! *, +(2'&,F * +>GAG
1" A8 *, +222H,F * +>GAG 1" ">" )"6 >" 6 *,
+#&E(,F 4 * +>GAG ">" "66 4"1) *, +/$&&,F * +>GAG )"6 *, +(E&E,F 4 * +>GAG 4 9 *, +E/&3,F 0=
")* +>GAG 1" A8 ")*, +#3EE,F 0= ")* +>GAG 6 6! G
>! ")*, +/&23,F 4 0= ")* +>GAG 4 9 ")*, +$#2(,F 0= ")* +>GAG )"6 ")*, +3&/E,F 0= ")* +>GAG
1" ">" )"6 >" 6 ")*, +$$&H,F 4 0= ")* +>GAG ">" "66 4"1) ")*, +#$/E,F 4 0= * +>GAG ">" )"6 4"1) *%
6 ")"6 < 66 > < !"6 >" "8 A= 6 6 % *%
1" A8 ")*% " ")*% "6)98, +#(#/,* < !"6B "66 6 222 1""" "% 1 #'&&% 19"% "6< 1 !% % 2 $;3*
&$$ 6#$#I' ( 7' # # #6 7 ># '?' # $$ 3 6#3
(#@ 6#' 76 ( # #6$7 ( $ $#6$
THE WALL STREET JOURNAL.
Thursday, November 9, 2017 | B7
* * * * *
BUSINESS WATCH
BUSINESS NEWS
KANG
AUTOS
The European Union proposed
Wednesday a 30% cut in carbondioxide emissions from cars and
vans in the decade through
2030, seeking to prod auto makers toward cleaner technologies
led by electric vehicles.
Brussels’s move comes as efforts to accelerate development
of electric cars and hybrid vehicles to replace conventional internal-combustion engines
gather pace world-wide.
With their revamped emissions regime, EU officials signaled their intention to force European motor companies to step
on the gas, launch electric vehicles and compete with China,
the world’s biggest car market
by sales and largest market for
electric vehicles.
Erik Jonnaert, secretary-general of European Automobile
Manufacturers’ Association, reiterated auto makers’ call for 20%
emission cuts by 2030.
Sales of electric vehicles and
hybrids rose 44% to 152,694 in
the first nine months of the
year, making up only 1.3% of total sales, according to ACEA.
—Emre Peker
and William Boston
SEARS HOLDINGS
Store Sales Decline
Despite Closings
Sears Holdings Corp. has
closed hundreds of stores in recent years, but sales at remain-
SCOTT OLSON/GETTY IMAGES
EU Calls for Cutting
Emissions by 30%
Sears said sales at its existing namesake domestic stores plunged 17% in the third quarter.
ing locations continue to decline.
On Wednesday, Sears said
sales at its existing namesake
domestic stores plunged 17% in
the third quarter, following a
string of negative comparablestore sales dating back to the
third quarter of 2014. Sales at
existing Kmart stores dropped
13% in the third quarter.
Sears has said it is closing its
weakest locations, which should
boost overall productivity. Yet
the opposite appears to be hap-
pening. The reason cuts to the
heart of some of Sears’ problems. Its stores are rundown, its
merchandise selection is limited
and sales associates are scarce,
according to shoppers and analysts.
Sears said the closure of unprofitable stores helped to improve its bottom line. It expects a
third-quarter loss between $525
million and $595 million, less
than the $748 million it lost a
year ago. It expects cash flow to
ADVERTISEMENT
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
INTERNATIONAL NOTICES
!"
# $%&'
(
!"
)* )* )+ ),
# ) - '
! " " "
" #$ $%#& !
" ' ! ! ( " " '
) "*
' + ( ,.'! ) #$ / $%#& #%0%% (( ! " ! ! " (
/" 1 * $%#&
2 ) 3
2
LEGAL
NOTICES
ADVERTISE TODAY
(800) 366-3975
sales.legalnotices
@wsj.com
For more information
visit wsj.com/classifieds
CLASS ACTIONS
!"#
"$% &'($$'
) & *+ + *))* , +&* + )*+,* &-+* *+.+/&*
+) 0+
) // )! )* *, 1+! )! *2&0* +0 )*
*+ .+/ "&&+1 3 43 )+0 /&+ 5 4 6* )* 7&8#
1 &+* *+*1 ).* 99 ' : $' ;9<% 9
: $$< : = ><; 5? : ' ( '<$' (
:9% = ' $ 7(8# : < : : <$( @' % 9(
' $@ $ $ .9' <9$' ' $$:: 7' $$::8# $
'$A < <$ $' 63B0, 1# 7<9$$ $$A$8# ) ( =$ C <$(
C <9' ' A$ C<$' ' 78#
' $ $ <9$$ $$A$ 7' $(8# : %( : D3
($$ $ < ' ''$$ 54E F<' D3 ($$# : 9 : &<$ <' $: % <$C' % +A$G' 9A <$ $$A$ 9H9 <@($ : !
"#
><; 5? (% ('' 7
8# F<A =$
<$C '$<A ' $I9<$ $ $ :C =$ < ' $(
) ( $ <'$$' 9 C % ;9<% 9 ' <@($ : & $A =$ ' <( 4 4 444 ( * )$(# : !C$ " % $' ;9<% 9 : $$< : =
J5 /; ,$($A = BJ4 .$: . 9( K3 # '($
= ' ( ( ' <'$$ C$'' : $ $9$
' $ :$ ' 'H9 ' 9' C' % 9L # '($
= ( 9' <$@' =$ < : : $( :
( 9 %L <# '($ = % ( : : $ $9$ ' 9' ''L '# <$' <@($
: L ' # 9 9 9< ( 9 (% '( $
$< ' $$::M '$C$'9 ' : : $( % $( @' A$
$ 0 $CC$A ' $( %9 =$ <9''
:( $$A % <C% $'$C$'9% A$ $ 9A <' : ( =$< <' =$ <' $ :99 99
' : $$< 9 = <9$$ $$A$ $ '$A ;9<%
9 ) '$A <$( $ <9$$ $$A$ A$ <$ $'$C$'9
':' 9::<' % $ (
C ( $ C' ' $ <@(' % ;9<% 9
%9 =$ $;% C ('% A$ $: %9 I< H9 F<9$ :( ( 9 ' <@($A $ %' '$A % : %9 I< ( ' <@(' =$ % : M ::<$C % 9< I<$ (% '' ( ' ('% =$ C$ $ <<$ =$ : % ' C$A (
. 1 &+* & /*/*+ . )* *))*/*) & *+* &6* 1+ +0) ,
* &..*)* 1 )* & & )* *))*/*)
: %9 (( : ( $ ' $% $A$ $ <' : ( %9 ' ' %$A = 9 %9 =$ H9$' 9($ <$( :( ' 9H9 $< =$ $9 =$ <$( :( ' $9<$ :
9$ : ($$A <$( A$ ':' $ <9$$ $$A$
19 (% I< ( % @$A =$ I<$ <@($ : $A =$ $<9$% $ ' 9 : % I<$ =$< (9 @' A
=$ : : C$< =$ ;9<% 9 ' C' $ $ <$C' <( 4 544 ( *)# 7( I<$ '$8# % 9'$A'
' 9 ' :=$A ''$$ $ $# <<9 # 9 ,$
+$:;$' , N 0$ J3 &C9 : &($< = 1; = 1; 44B
& !% & $ ' &$< $ *# ' # 19A =% A N )% +'% H9 444 !$A ,$($A = BJ4 & 9$ ! /A
) 0< ' "9$ +9<;$#L $$# <9 *H9$% (($ # = +9'$<;
C )$( H9 = 1; = 1; 44 & + " ; ' &'= /
%# # = +9'$<; .$<$ /& 4 & C C$#
' # /A(% /<<; ,; N +' 43 /; 3 .
,$($A = BJ4 & /; & .$;#L $$$# <9 '$M (($ #
; +( 4 /; 9$ J44 ,$($A = BJ4 & % ) ' ": , /$G# ' # ; +( ) % 9$'$A 543 F$A &C9
= 1; = 1; 45 & /$< <'#L $C# :@< : $' )9 J55 !$A 9$ 4 ,$($A = BJ4 & /; !%#L C#
<9 /$ ) 09 .$$A 44 ,$A , 9$ 44
) $ /3! ! & + ) ' +< A$#L ' C$# ;9<%
<9 ' $$:: ' 9$C =$ ' =$ $C
+' = "% 44J & /$< *;$ ' &'= (#
*&* ) )&) )* +) + )* *+!M ..* +*0&+0 ) )*
H9$$ (% (' ' 9
6 0$' 9A 9< * /)* **+ N ) B4 9 9$ 43 $<A 44 # 344
% ' : 9
!" #$%$ !"& #'()&* !"
#$%$ %+ !"& #(,-)&* . !" #$%$ .
$ !"& #/01,&*
2 !" #$%$ %+ 2 !"& #000(&* !" #$%$ 3
!"& #,-/&* 45 !" #$%$ 4
53 !"& #)6,,&*
7! !" #$%$ 3
!"& #/-,-&* 5! !" #$%$ 5 !8
!"& #-),'&* 2 9: 73" #$%$ %+ 2 73"& #'--&* .
9: 73" #$%$ .
$ 73"& #),0'&* 5! 9: 73"
#$%$ 5 !8 73"& #60/&* 9: 73" #$%$ 3
73"& #',)-&* 9: 73" #$%$ 3
73"&
#66,(&* 45 9: 73" #$%$ 4
53 73"& #6)-&* 5 9: 4" #$%$ 3
53 4" 3
+ % ;< 7 !" %+ 73" 7 ! 73" 38+& #/)&" 000 1,, =8 7 7 =07 6>'"
$ : ' '<9( :<' $ $ $< C$ $%&&
'
& $ . :( $$G' ( 9' 9 '@' $ $ $<
C ($A A$C $ NOTICE OF SALE
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
O % '
!" #$%& '( )*+ , *"** $ -.,&! ,$/
0
1
23&,4 .2&5,!
& ! 2 $3!,( 6
44J3+54B
&*
& )0*) 6&* 44
B344
44*.
&*
& / *+, *.&)
44444444
B5J54
,*+) ) +
6 . .)
44444
= ' (% 7=8# : : ) ; : = 1; / )9 (% $
&<$$ $ $ <<$% 9 7)98# =$ <'9<$A : <$ <
'A' )9 ) '@' $# =$ ::' ' ' % )9 =$9
<9 $ <C F $($' $A (' % )9 =$ < F< $ # =$ < % $:($ $ )9M $ $<9'$A =$9 $($$ % ::$A <$<9 @<$ $:($
2,! 7 ) =$ ' 3BB F$A &C9 . = 1; = 1; 44
,! !7&$,! 'C$' : <9$$ $' C (% ('
% $'' = $ H9$@' $'' ' =$ 9I< C C . ''$$
$:($ $<9'$A =$ < H9$@' $'' 9 ' $ <$ : C
+$ ' @'$$% &A( << "( 9; % # 45J
% ($ I$(9;P<=<( 19$ 0$( % # J45 % ($ %9$A$(P<=<( % :<$($ # J53BB4 % ($ ''' 3BB F$A
&C9 . = 1; = 1; 44 .2$& ) )9 $ 9$G' 9< $:
)9 '( $ 'C$ $ H9$' % $< = ' $# $< <$C
$'' 9< : C $'$@' <9$% 78# ' = =$
' A % 9<$A : $ = <<9 : $C( ' =$ C$=
'$$9$ : % : 9< $$# C$:% < <$@< : <9$% ' A' 9$% ::< 9< <9$% A$' 9' <9$$ &< : B ('' ' (% '$' : $ C$$ : C$$ : $' &<
$$$# '$<$( ' :9 A$C % =% $# ' $C# $( 9< $($$ <'$$ $ <<$ =$ % 9< )9 '( <% 'C$
improve by at least $100 million.
But Sears is likely to shrink
even further. It said it reached
an agreement with the Pension
Benefit Guaranty Corp. to release 140 Sears properties that
had been held as a backstop to
the company’s pension obligations in return for pumping $407
million into its pension plan.
—Suzanne Kapner
HUMANA
View for 2018
Is Downbeat
Humana Inc.’s third-quarter
results beat analysts’ expectations, but the company gave a
downbeat initial view of its
earnings for 2018, saying its formal guidance would likely fall
below its target range despite
projected enrollment growth.
For the most recent quarter,
net income rose to $499 million,
or $3.44 a share, compared with
$450 million, or $2.98 a share, a
year ago. Excluding one-time
items, including costs related to
recent job cuts, Humana earned
$3.39 a share, up from $3.20 a
share. Analysts had expected
adjusted earnings per share of
$3.27. Revenue slid 3% from a
year ago to $13.3 billion.
For 2018, Humana said it expected growth in its Medicare
Advantage business. Enrollment
in its individual Medicare plans
will likely rise in the range of
150,000 to 180,000, said Brian
A. Kane, chief financial officer.
Pressure on drug plans was
one factor in the company’s
warning that its earnings guidance for 2018 will come in below its usual target range of 11%
to 15% growth, and its guidance
for margin on its individual
Medicare Advantage plans will
also likely be lower than its typical goal of 4.5% to 5%.
—Anna Wilde Mathews
and Cara Lombardo
Continued from page B1
years earlier. This article is
drawn from dozens of interviews, legal proceedings,
emails and government documents.
Mr. Kang’s path to running
bond investments for one of
the largest pension funds in
the country passed through
some of the best-known firms
on Wall Street. Mr. Kang was
26 years old when in March
2007 he joined one of the
world’s biggest bond managers, Pacific Investment Management Co., where he got to
know many of the senior bond
salespeople, including Ms.
Kelley and Mr. Schonhorn.
Salespeople found Mr. Kang
an affable client. “It’s no secret Nav had a reputation as
someone who enjoyed being
entertained,” said Michael
Lauterbach, a former bond
salesman who has known Mr.
Kang since his days at Pimco
and remains a friend.
Mr. Kang left Pimco in
summer 2010 for a higherpaying job at the asset-management arm of Guggenheim
Partners.
However, a December 2012
trip to New York—where he
attended a Rolling Stones concert with a salesman—set off
alarm bells at Guggenheim’s
compliance department, according to people familiar
with the matter. Guggenheim’s
compliance executives confronted Mr. Kang with nearly
a dozen instances where the
firm believed that he had
failed to report entertainment
salespeople paid for him, the
people said. The firm fired
him in January 2013, according to the people.
Mr. Kang was out of work
for about a year before landing a senior role at the New
York state pension fund,
which was eager to overhaul
the way it managed its portfolio of bonds.
The fund hired Korn/Ferry
International to search for a
new fixed-income boss, with
the recruiting firm helping select five applicants for a
phone interview. One was Mr.
Kang, who met in person with
pension officials in December
2013. He said he had lost his
job at Guggenheim because
the firm had no position for
him in New York, where he intended to live, according to a
report by the New York pension fund.
In a Dec. 18 email to the
pension fund’s investment
chief, a pension employee
wrote that a Korn/Ferry team
leader had said Mr. Kang’s departure from Guggenheim “all
checked out.” When asked
later by the New York Comptroller’s Office, the team
leader couldn’t remember who
she had spoken to at Guggenheim, according to the state’s
April report.
Mutual Funds | WSJ.com/fundresearch
Fund
Korn Ferry officials have
declined to comment.
Mr. Kang’s arrival was
hailed by his new boss as ultralow interest rates crimped
returns across the industry.
The New York pension fund’s
investment chief and other
pension officials had a plan to
become a more active trader
to squeeze out a better return,
which meant getting more
brokers to find buyers or sellers.
In October 2014, Mr. Kang
wrote a memo to his boss recommending the fund add
eight firms to its list of approved brokers, including
Sterne Agee, then Ms. Kelley’s
firm, and FTN Financial,
where Mr. Schonhorn worked.
Following the recommendations, the pension’s bond-trading business with each of
these firms soon surged.
Not long after Mr. Kang
settled in his new job, prosecutors alleged, Mr. Schonhorn,
Ms. Kelley and others began
to lavish him with gifts in exchange for more trading business—and the commissions
they stood to gain for making
those deals happen, according
to court documents.
A spokesman for Stifel Financial Corp., which acquired
The charges expose a
practice many
believed had been
rooted out years ago.
Sterne Agee, has said the firm
inherited the problem. A
spokeswoman for FTN, a unit
of First Horizon National
Corp., has said the charges to
which Mr. Schonhorn pleaded
guilty “reflect a betrayal of
FTN and its values.”
A person familiar with Mr.
Kang’s thinking said he had
cleared the vacations with
salespeople with at least one
pension official. That official
said the trips were fine because Mr. Kang had known the
salespeople as friends before
he joined the pension fund,
the person said.
A spokesman for the pension fund said officials have
never heard this claim, and
that its policies are clear.
By February 2016, pension
officials had learned the Securities and Exchange Commission was looking into Ms. Kelley’s expenses on Mr. Kang,
people familiar with the matter said. The retirement fund
didn’t wait for a resolution.
On Feb. 26, New York state
Common Retirement Fund investment chief Vicki Fuller
called Mr. Kang to her office,
people familiar with the matter said. “Hey, this isn’t working out,” she told him. “We’re
letting you go.” She didn’t
mention there was a continuing SEC probe, people familiar
with the matter said.
Net YTD
NAV Chg %Ret Fund
Oppenheimer Y
Explanatory Notes
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.
Wednesday, November 8, 2017
Net YTD
Net YTD
Fund
NAV Chg %Ret Fund
American Century Inv
Ultra
45.25 +0.09
American Funds Cl A
31.99 +0.02
AmcpA p
AMutlA p 41.29 +0.07
27.56
...
BalA p
12.96 -0.01
BondA p
63.10 +0.08
CapIBA p
CapWGrA 52.59 +0.10
57.38 +0.02
EupacA p
FdInvA p
63.97 +0.02
51.83 +0.05
GwthA p
10.41 -0.04
HI TrA p
41.39 +0.07
ICAA p
23.51 +0.02
IncoA p
45.23 +0.05
N PerA p
47.81 +0.08
NEcoA p
NwWrldA 66.83 +0.12
56.44 -0.10
SmCpA p
TxExA p
13.08 +0.01
45.58 +0.01
WshA p
Baird Funds
AggBdInst 10.92 -0.01
CorBdInst 11.27 -0.02
BlackRock Funds A
GlblAlloc p 20.37 +0.01
BlackRock Funds Inst
23.06 -0.04
EqtyDivd
20.50 +0.01
GlblAlloc
7.82 -0.03
HiYldBd
StratIncOpptyIns 9.95 -0.01
Bridge Builder Trust
CoreBond
NA
...
Dimensional Fds
...
5GlbFxdInc 11.04
EmgMktVa 30.45 +0.03
EmMktCorEq 22.60 +0.10
IntlCoreEq 14.31 +0.04
20.14 +0.06
IntlVal
IntSmCo
21.57 +0.03
23.53 +0.04
IntSmVa
US CoreEq1 22.06 +0.04
US CoreEq2 20.90 +0.03
US Small
35.87 +0.07
US SmCpVal 38.27 -0.06
US TgdVal 24.81 +0.02
38.93 -0.05
USLgVa
Dodge & Cox
Balanced 108.93 -0.15
13.93
...
GblStock
13.84 -0.01
Income
46.63 +0.09
Intl Stk
201.23 -0.34
Stock
DoubleLine Funds
29.7
19.2
13.7
12.8
3.5
12.2
21.8
29.9
19.7
23.3
6.2
15.6
10.9
28.0
33.0
29.9
22.7
5.4
15.6
4.2
4.5
12.0
13.0
12.3
7.4
4.2
NA
2.4
28.9
32.1
24.9
23.0
26.1
24.4
15.8
13.6
6.7
2.8
4.2
12.5
8.9
17.0
4.1
22.4
12.3
NAV Chg %Ret Fund
NA
... NA
Edgewood Growth Instituti
... NA
EdgewoodGrInst NA
Federated Instl
StraValDivIS 6.41 +0.02 11.6
Fidelity
500IdxInst 90.83 +0.13 17.8
500IdxInstPrem 90.83 +0.13 17.8
500IdxPrem 90.83 +0.14 17.8
ExtMktIdxPrem r 62.39 +0.09 13.7
IntlIdxPrem r 43.45 +0.10 23.1
SAIUSLgCpIndxFd 13.92 +0.02 17.7
TMktIdxF r 75.21 +0.11 17.1
TMktIdxPrem 75.20 +0.12 17.0
USBdIdxInstPrem 11.62 -0.01 3.4
Fidelity Advisor I
NwInsghtI 33.50 +0.02 25.4
Fidelity Freedom
FF2020
16.76
... 13.6
14.51 +0.01 14.6
FF2025
18.18 +0.01 17.1
FF2030
Freedom2020 K 16.77 +0.01 NS
Freedom2025 K 14.51 +0.01 NS
Freedom2030 K 18.18
... NS
Freedom2035 K 15.25 +0.01 NS
Freedom2040 K 10.72 +0.01 NS
Fidelity Invest
23.73
... 14.4
Balanc
BluCh
88.19 +0.32 33.6
127.41 +0.26 30.3
Contra
127.41 +0.26 30.4
ContraK
10.30 -0.01 10.7
CpInc r
41.57 +0.05 24.8
DivIntl
GroCo
182.88 +0.27 33.7
GrowCoK 182.84 +0.27 33.8
7.94 -0.01 3.7
InvGB
11.31 -0.01 4.2
InvGrBd
52.75 -0.02 15.1
LowP r
LowPriStkK r 52.71 -0.03 15.2
MagIn
106.44 +0.08 23.3
109.38 +0.87 37.3
OTC
23.25
... 16.5
Puritn
SrsEmrgMkt 21.63 +0.07 37.8
SrsGroCoRetail 17.97 +0.03 34.5
SrsIntlGrw 16.29 +0.02 27.3
10.87 +0.02 18.7
SrsIntlVal
TotalBond 10.69 -0.01 4.1
Fidelity Selects
Biotech r 216.38 -1.71 24.3
First Eagle Funds
60.90 +0.16 12.2
GlbA
FPA Funds
35.17 -0.03 9.1
FPACres
FrankTemp/Frank Adv
TotRetBdI
Net YTD
NAV Chg %Ret
2.34 -0.01
FrankTemp/Franklin A
7.51
...
CA TF A p
Fed TF A p 12.02 +0.01
2.36 -0.01
IncomeA p
RisDv A p 61.09 +0.17
FrankTemp/Franklin C
Income C t 2.39 -0.01
FrankTemp/Temp A
GlBond A p 12.19 +0.01
...
Growth A p 26.82
FrankTemp/Temp Adv
GlBondAdv p 12.15 +0.02
Harbor Funds
CapApInst 76.53 +0.23
70.13 +0.15
IntlInst r
Harding Loevner
NA
...
IntlEq
Invesco Funds A
11.29 -0.02
EqIncA
John Hancock Class 1
16.00 +0.01
LSBalncd
LSGwth
17.19 +0.02
John Hancock Instl
DispValMCI 24.07 +0.06
JPMorgan Funds
MdCpVal L 39.67 +0.03
JPMorgan R Class
11.66 -0.01
CoreBond
Lazard Instl
EmgMktEq 19.79 +0.13
Loomis Sayles Fds
14.18
...
LSBondI
Lord Abbett A
...
ShtDurIncmA p 4.27
Lord Abbett F
...
ShtDurIncm 4.27
Metropolitan West
10.68 -0.01
TotRetBd
TotRetBdI 10.68 -0.01
TRBdPlan 10.05 -0.01
MFS Funds Class I
40.51 +0.02
ValueI
MFS Funds Instl
25.49 +0.02
IntlEq
Mutual Series
32.34 -0.09
GlbDiscA
Oakmark Funds Invest
NA
...
EqtyInc r
NA
...
Oakmark
OakmrkInt
NA
...
Old Westbury Fds
14.96 +0.02
LrgCpStr
IncomeAdv
NA
...
43.25 +0.03
Parnassus Fds
44.32 +0.13
ParnEqFd
PIMCO Fds Instl
NA
...
AllAsset
10.30 -0.01
TotRt
PIMCO Funds A
IncomeFd
NA
...
PIMCO Funds D
IncomeFd
NA
...
PIMCO Funds Instl
NA
...
IncomeFd
PIMCO Funds P
NA
...
IncomeP
Price Funds
97.62 +0.09
BlChip
29.75 +0.01
CapApp
34.80 +0.02
EqInc
69.74 +0.10
EqIndex
70.45 +0.08
Growth
HelSci
74.18 -0.48
39.66 +0.01
InstlCapG
IntlStk
19.31 +0.03
IntlValEq
15.30 +0.01
MCapGro
91.95 +0.08
31.26 +0.06
MCapVal
55.25 -0.25
N Horiz
9.51 -0.01
N Inc
OverS SF r 11.44 +0.03
23.27 +0.01
R2020
17.95 +0.01
R2025
26.46 +0.02
R2030
19.35 +0.02
R2035
27.81 +0.03
R2040
38.89 +0.02
Value
PRIMECAP Odyssey Fds
Growth r
36.03 +0.12
Principal Investors
DivIntlInst 14.05 +0.06
Prudential Cl Z & I
14.56 -0.03
TRBdZ
Schwab Funds
40.54 +0.06
S&P Sel
TIAA/CREF Funds
19.42 +0.03
EqIdxInst
IntlEqIdxInst 20.41 +0.08
Tweedy Browne Fds
GblValue
28.52 +0.05
VANGUARD ADMIRAL
500Adml 239.83 +0.35
BalAdml
34.17 +0.02
...
CAITAdml 11.86
CapOpAdml r155.31 +0.18
37.37 +0.12
EMAdmr
EqIncAdml 76.55 +0.08
ExtndAdml 81.95 +0.12
GNMAAdml 10.52 -0.02
GrwthAdml 71.10 +0.24
HlthCareAdml r 88.90 +0.10
HYCorAdml r 5.93 -0.02
25.88 -0.01
InfProAd
IntlGrAdml 95.26 +0.02
ITBondAdml 11.43 -0.02
ITIGradeAdml 9.82 -0.01
LTGradeAdml 10.67 -0.02
MidCpAdml 185.14 +0.41
MuHYAdml 11.47 +0.01
...
MuIntAdml 14.23
MuLTAdml 11.75 +0.01
...
MuLtdAdml 10.97
...
MuShtAdml 15.78
PrmcpAdml r135.99 +0.17
DevMktY
IntGrowY
Data provided by
7.2
6.1
3.6
7.0
17.0
6.9
3.9
13.8
4.2
35.1
20.1
NA
8.1
13.3
16.9
12.1
9.0
3.8
24.6
7.0
2.2
2.5
3.0
3.3
3.3
13.0
25.8
7.5
NA
NA
NA
16.6
Net YTD
NAV Chg %Ret
REITAdml r 120.08 +0.53
NA SmCapAdml 68.54 +0.14
24.7 STBondAdml 10.43 -0.01
...
STIGradeAdml 10.68
13.7 TotBdAdml 10.79 -0.01
TotIntBdIdxAdm 22.00 -0.01
NA TotIntlAdmIdx r 30.17 +0.11
5.1 TotStAdml 64.76 +0.09
14.28 +0.05
TxMIn r
NA ValAdml
39.79 -0.01
WdsrllAdml 69.22 +0.03
NA WellsIAdml 65.48 -0.02
WelltnAdml 74.01 +0.01
NA WndsrAdml 79.39 +0.10
VANGUARD FDS
NA DivdGro
26.45 +0.13
HlthCare r 210.73 +0.24
34.4 INSTTRF2020 22.61 +0.02
13.6 INSTTRF2025 22.88 +0.02
12.1 INSTTRF2030 23.08 +0.03
17.6 INSTTRF2035 23.28 +0.04
32.3 INSTTRF2040 23.48 +0.05
25.6 INSTTRF2045 23.62 +0.04
35.6 IntlVal
39.60 +0.12
26.3 LifeGro
33.28 +0.05
19.4 LifeMod
27.03 +0.03
22.0 PrmcpCor
26.92 +0.03
7.6 SelValu r
33.30 +0.01
27.6 STAR
27.28 +0.01
3.8 STIGrade
10.68
...
26.1 TgtRe2015 15.97
...
14.0 TgtRe2020 31.72 +0.03
15.8 TgtRe2025 18.60 +0.02
17.4 TgtRe2030 33.60 +0.04
18.8 TgtRe2035 20.64 +0.03
19.8 TgtRe2040 35.56 +0.06
15.6 TgtRe2045 22.34 +0.04
TgtRe2050 35.94 +0.07
25.8 TgtRetInc
13.62 +0.01
TotIntBdIxInv 11.00 -0.01
27.7 WellsI
27.03 -0.01
42.85
...
Welltn
6.0 WndsrII
39.00 +0.01
VANGUARD INDEX FDS
17.8 500
239.80 +0.35
ExtndIstPl 202.24 +0.31
17.1 SmValAdml 55.00 +0.05
23.3 TotBd2
10.75 -0.01
18.03 +0.06
TotIntl
13.9 TotSt
64.74 +0.10
VANGUARD INSTL FDS
17.8 BalInst
34.17 +0.01
11.5 DevMktsIndInst 14.30 +0.06
5.2 DevMktsInxInst 22.34 +0.08
25.0 ExtndInst
81.95 +0.13
28.0 GrwthInst
71.11 +0.24
14.2 InPrSeIn
10.54 -0.01
13.6 InstIdx
236.62 +0.35
2.1 InstPlus
236.64 +0.35
25.2 InstTStPlus 58.09 +0.08
17.3 MidCpInst 40.90 +0.09
6.5 MidCpIstPl 201.70 +0.44
2.5 SmCapInst 68.54 +0.14
41.5 STIGradeInst 10.68
...
4.0 TotBdInst
10.79 -0.01
4.4 TotBdInst2 10.75 -0.01
9.9 TotBdInstPl 10.79 -0.01
14.8 TotIntBdIdxInst 33.01 -0.01
7.6 TotIntlInstIdx r120.63 +0.41
4.9 TotItlInstPlId r120.66 +0.42
6.4 TotStInst
64.77 +0.09
2.6 ValueInst
39.79 -0.01
1.4 Western Asset
25.0 CorePlusBdI
NA
...
5.6
12.0
1.4
2.3
3.5
2.4
24.9
17.0
24.0
11.9
12.1
8.4
11.8
15.6
14.6
17.2
12.3
13.8
15.1
16.4
17.8
18.3
24.7
16.5
13.0
21.4
15.7
16.0
2.2
10.1
12.2
13.8
15.1
16.3
17.7
18.3
18.3
7.6
2.3
8.4
11.7
12.1
17.7
13.7
7.1
3.4
24.7
17.0
11.4
24.1
24.0
13.7
25.2
2.5
17.8
17.8
17.0
14.8
14.8
12.0
2.3
3.5
3.5
3.5
2.4
24.9
24.9
17.0
11.9
NA
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B8 | Thursday, November 9, 2017
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
23563.36 s 6.13, or 0.03%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 21.30 20.33
P/E estimate *
19.35 16.91
Dividend yield
2.16
2.57
All-time high 23563.36, 11/08/17
Nasdaq Composite Index
Last
2594.38 s 3.74, or 0.14%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.33 23.02
P/E estimate *
19.39 17.78
Dividend yield
1.92
2.20
All-time high: 2594.38, 11/08/17
Last Year ago
6789.12 s 21.34, or 0.32%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 16.10
23.75
P/E estimate *
21.55
18.79
Dividend yield
1.05
1.25
All-time high: 6789.12, 11/08/17
Current divisor 0.14523396877348
23500
2580
6750
23000
2550
6650
22500
2520
6550
22000
2490
6450
21500
2460
6350
Session high
t
DOWN
Session open
t
Close
UP
Close
Open
Session low
65-day moving average
65-day moving average
65-day moving average
6250
2430
21000
Bars measure the point change from session's open
Sept.
Oct.
6150
2400
20500
Aug.
Aug.
Nov.
Sept.
Oct.
Aug.
Nov.
Sept.
Oct.
Nov.
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
YTD
% chg
3-yr. ann.
Dow Jones
Industrial Average
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
23575.00 23510.56 23563.36
9652.94
9596.23
761.54
754.42
0.03
6.13
9630.77 -41.02 -0.42
759.59
0.67
0.09
26838.61 26725.07 26825.65
683.32
678.33
682.73
38.82
1.64
0.14
Nasdaq Stock Market
Nasdaq Composite
6791.65
Nasdaq 100
6346.98
6753.34
6308.62
6789.12
6345.81
0.24
0.32
21.34
25.03
0.40
Standard & Poor's
500 Index
2595.47
2585.02
2594.38
3.74
MidCap 400
SmallCap 600
1837.20
898.08
1824.87
888.23
1836.09
896.98
5.47
3.91
Other Indexes
Russell 2000
1482.86
1469.34
1481.73
2.64
0.18
12390.53 12344.15 12384.72
13.47
0.11
NYSE Composite
539.78
536.03
539.39
1.18
NYSE Arca Biotech
4186.39
4136.32
4144.74
0.36
NYSE Arca Pharma
Value Line
539.92
533.80
538.95
4.78
KBW Bank
99.37
98.47
-0.91
PHLX§ Gold/Silver
98.78
82.95
82.27
0.54
PHLX§ Oil Service
82.41
142.64
139.50
141.12
0.54
1321.90
10.27
1310.36
9.50
1321.13
9.78
PHLX§ Semiconductor
CBOE Volatility
0.14
19.2
8397.31
14.7
6.5
2.5
759.59
625.44
17.6
15.2
8.0
26830.60 22353.71
691.56
549.08
20.0
24.3
15.2
13.5
8.3
8.2
6789.12
6345.81
29.3
31.5
26.1
30.5
13.6
15.1
2163.26
19.9
15.9
8.5
1843.36
0.44 918.72
1540.63
748.27
19.2
19.9
10.6
7.0
8.7
9.7
1232.16
20.3
9.2
8.1
0.22
0.01
0.90
1512.09
12430.52 10643.41
16.4
12.0
4.5
545.98
476.17
13.3
6.6
2.8
4304.77
3075.02
24.8
34.8
8.1
560.52
463.78
8.4
11.9
0.6
102.31
78.83
25.3
7.6
10.5
96.72
73.03
-8.3
4.5
6.1
0.38
192.66
117.79
-9.5
0.35
1321.13
16.04
-0.91
0.66
4.58
-0.11 -1.11
5208.80
4702.04
10.3
2594.38
806.09 60.4
9.14 -32.0
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
SPDR S&P 500
Last
Net chg
9,630.6 259.10
SPY
After Hours
% chg
High
-0.01
Net chg
YTD
% chg
2.91
0.65
0.48
0.10
0.17
0.18
17.9
18.7
22.0
DJ Americas
623.60
Sao Paulo Bovespa 74363.13
S&P/TSX Comp
16105.35
S&P/BMV IPC
48835.69
Santiago IPSA
4160.57
1.28
1948.26
–26.44
–168.83
–5.94
0.21
15.4
23.5
5.3
7.0
29.1
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
394.45
396.99
4085.49
5471.43
13382.42
1419.14
22831.30
554.77
1150.36
10228.70
592.44
9265.83
7529.72
–0.20
–0.30
–12.15
–9.21
3.15
–4.22
–131.29
0.97
3.38
–2.00
–3.16
45.67
16.61
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
6016.30
Shanghai Composite 3415.46
Hang Seng
28907.60
S&P BSE Sensex
33218.81
Nikkei Stock Avg
22913.82
Straits Times
3421.25
Kospi
2552.40
Weighted
10818.99
2.00
1.89
–86.74
–151.95
–23.78
8.15
6.96
–21.35
5,428.2
45.49
0.03
0.07
45.49
45.33
JPMorgan Chase
JPM
4,603.5
97.70
0.06
0.06
97.85
97.45
Otonomy
OTIC
3,588.8
5.40
2.60
92.86
7.50
2.80
Wells Fargo
WFC
3,567.2
54.26
...
unch.
54.42
54.17
VanEck Vectors Gold Miner GDX
3,351.7
22.88
-0.01
-0.04
22.91
22.85
General Electric
GE
2,739.1
20.12
...
unch.
20.20
20.08
Comcast Cl A
CMCSA 2,513.3
36.21
...
unch.
36.50
36.18
Percentage gainers…
Otonomy
OTIC
3,588.8
5.40
2.60
92.86
7.50
2.80
Roku Cl A
ROKU
2,276.1
23.80
4.96
26.33
24.40
18.42
89.6
37.00
4.50
13.85
37.25
32.42
Overstock.com
OSTK
502.4
44.00
3.90
9.73
46.50
40.00
Viking Therapeutics
VKTX
5.6
2.30
0.15
6.98
2.49
2.17
5.69
SolarEdge Technologies SEDG
...And losers
OPKO Health
OPK
625.9
5.84
-0.61
-9.46
6.52
Babcock Wilcox Ents
BW
52.5
3.55
-0.36
-9.21
4.21
3.50
-23.2 -17.2
Pegasystems
PEGA
80.9
50.70
-4.45
-8.07
55.68
50.70
45.7
-30.3
Stericycle
SRCL
42.1
61.70
-5.40
-8.05
67.11
60.25
SRC Energy
SRCI
106.5
8.40
-0.67
-7.39
9.10
8.25
27.5
-9.3
2.69
–0.16
–0.34
–0.14
–0.05
–0.08
–0.30
–0.17
–0.30
–0.57
–0.02
–0.53
0.02
0.18
0.29
0.50
0.22
0.03
0.06
–0.30
–0.46
–0.10
0.24
0.27
–0.20
9.1
13.3
13.3
12.5
16.6
–3.5
18.7
14.8
–0.2
9.4
10.8
12.7
5.4
6.2
10.0
31.4
24.8
19.9
18.8
26.0
16.9
Company
Symbol
KBS Fashion Group
Kingtone Wirelessinfo ADR
Forterra
Container Store Group
American Public Education
KBSF
MBIA Inc
Cheetah Mobile ADR
IZEA
DepoMed
Borqs Technologies
MBI
Invacare Corp
GenMark Diagnostics
Fuwei Films
Synaptics
Five Prime Therapeutics
IVC
KONE
FRTA
TCS
APEI
CMCM
IZEA
DEPO
BRQS
GNMK
FFHL
SYNA
FPRX
8.22
5.59
7.67
5.20
25.15
5.56 208.64
2.33 71.47
2.61 51.58
1.37 35.77
5.60 28.64
8.89
11.40
4.10
5.70
5.05
1.96
2.38
0.83
1.14
0.91
16.90
4.93
2.85
42.95
30.44
2.95
0.83
0.45
6.73
4.58
52-Week
Low
% chg
High
Symbol
Snap
AT&T
Bank of America
Camber Energy
Advanced Micro Devices
SNAP
Time Warner
SeaDrill
Finl Select Sector SPDR
Ambev ADR
OncoSec Medical
TWX
BAC
CEI
AMD
52.2
21.5
-56.7
4.2
39.0
TOP Ships
Ceco Environmental
RedHill Biopharma ADR
Myomo
Contango Oil Gas
TOPS
28.28
26.39
25.38
25.00
21.98
11.65
13.79
7.85
21.56
13.00
6.04
7.54
1.37
4.31
4.00
7.1
13.4
-18.0
-71.2
-51.0
Vitamin Shoppe
Electromed
Diana Containerships
Xenon Pharmaceuticals
Fossil Group
VSI
21.15
20.24
18.75
18.58
17.71
16.95 9.90
13.67 3.63
5.20 1.48
64.54 33.73
60.98 21.41
57.2
-61.2
62.7
-19.9
-44.0
Liberty Tax
ITUS
Flotek Industries
Endologix
LendingClub
TAX
Volume % chg from Latest Session
(000) 65-day avg Close % chg
55,728
55,397
54,853
53,583
51,198
SDRL
XLF
ABEV
ONCS
Selected rates
A consumer rate against its
benchmark over the past year
Five-year ARM, Rate
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
4.00%
3.00
2.00
t
1.00
0.00
D J FMAM J J A S O N
2017
Foxboro Federal Savings
Foxboro, MA
2.88%
877-369-3331
Rosedale FS&LA
Baltimore, MD
2.88%
410-668-4400
Your Equity Services
Sammamish, WA
2.88%
425-392-2295
Langley Federal Credit Union
3.00%
Newport News, VA
800-826-7490
Wednesday
t
5-year Treasury
note yield
ThirdFederalSavingsandLoanAssociationofCleveland
2.69%
Cleveland, OH
866-627-1785
t
5-year adjustablerate mortgage
t (ARM)
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
1.38
1.41
Money market, annual yield
0.32
0.33
Five-year CD, annual yield
1.47
1.48
30-year mortgage, fixed†
3.93
3.86
15-year mortgage, fixed†
3.23
3.22
Jumbo mortgages, $424,100-plus† 4.22
4.28
Five-year adj mortgage (ARM)† 3.45
3.46
New-car loan, 48-month
3.01
3.02
HELOC, $30,000
5.18
5.06
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.89 l
0.26 l
1.19 l
l
3.63
l
2.86
l
4.22
l
3.16
l
2.85
l
4.57
1.25
4.25
1.41
0.36
1.48
4.33
3.50
4.88
4.03
3.36
5.30
1.00
1.00
1.18
-0.09
-0.07
-0.16
0.02
-0.08
-0.16
-0.22
0.70
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
FTK
ELGX
LC
SPDR Portfolio EM
iSh iBonds Mar 2020 Corp
Voyager Therapeutics
Time Warner
Ceco Environmental
0
1.50
–5
0.75
–10
0.00
–15
30
Symbol
3.45
6.00
11.71
2.60
5.67
-0.85
-1.34
-2.56
-0.55
-1.18
26.60
-19.77
7.96
-18.26
-17.94 1131015.06
9.95
-17.46
36.87
-17.23
2.95
3.38
1.56
2.25
5.50
-85.5
74.9
-99.9
-68.1
-79.8
11.00
2.35
4.28
4.84
4.59
-2.25
-0.47
-0.82
-0.93
-0.87
-16.98
-16.67
-16.08
-16.06
-15.93
16.20 10.80
6.25 0.60
14.51 4.14
10.36 4.08
6.79 4.20
-7.6
-59.1
-62.3
-49.5
-18.2
SPEM
IBDC
VYGR
TWX
CECE
Volume % chg from Latest Session
(000) 65-day avg Close % chg
3,233
8,318
2,256
180
199
3796
3269
2336
1736
1146
52.22 1.30
27.18 -0.33
5.28 -29.60
62.18 0.31
26.14 1.31
1,353
127
4,728
55,728
1,587
1113
1078
1078
1028
1002
37.45 0.54
26.17 -0.02
12.85 -3.96
88.50 -6.51
5.70 -33.87
52-Week
High
Low
52.31
28.59
12.65
65.29
26.76
35.68
24.89
5.17
52.04
20.47
37.68 27.91
26.40 25.90
25.99 8.10
103.90 85.22
14.88 5.66
Currencies
WSJ Dollar index
s
Euro
s
Yen
Country/currency
US$vs,
YTDchg
Wed
in US$ per US$ (%)
Americas
Argentina peso
.0571 17.5195 10.4
Brazil real
.3073 3.2545 –0.02
Canada dollar
.7856 1.2729 –5.3
Chile peso
.001583 631.70 –5.7
Colombia peso
.0003316 3015.70 0.5
Ecuador US dollar
1
1 unch
Mexico peso
.0524 19.0898 –7.9
Peru new sol
.3080 3.246 –3.2
Uruguay peso
.03423 29.2100 –0.5
Venezuela b. fuerte .092407 10.8217 8.3
Asia-Pacific
2017
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
2.117
2.143
2.237
1.710 –0.602 2.066
2.325
3.095
2.600
5.370
2.820
1.926
2.378
3.059
2.620
5.205
2.870
1.999
2.609
3.390
2.790
6.448
3.120
2.516
2.058 –0.071 1.900
2.879 4.215 3.899
2.300 1.256 2.449
4.948 8.181 3.936
2.490 0.760 2.120
1.736 2.865 2.897
796.369
5.632
5.457
6.290
5.279
5.476 5.532
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Australian dollar
.7678 1.3024
China yuan
.1509 6.6286
Hong Kong dollar
.1282 7.7979
India rupee
.01541 64.905
Indonesia rupiah .0000740 13512
Japan yen
.008782 113.87
Kazakhstan tenge .003000 333.32
Macau pataca
.1246 8.0275
Malaysia ringgit
.2365 4.2290
New Zealand dollar
.6966 1.4355
Pakistan rupee
.00951 105.200
Philippines peso
.0195 51.226
Singapore dollar
.7343 1.3618
South Korea won .0008974 1114.31
Sri Lanka rupee
.0065202 153.37
Taiwan dollar
.03313 30.183
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
–6.2
–4.6
0.5
–4.5
–0.1
–2.7
–0.1
1.4
–5.7
–0.6
0.8
3.3
–5.9
–7.8
3.3
–7.0
US$vs,
YTDchg
Wed
in US$ per US$ (%)
Country/currency
.03020 33.110 –7.5
.00004403 22710 –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
.04532 22.066 –14.1
.1558 6.4187 –9.2
1.1596 .8624 –9.3
.003719 268.87 –8.6
.009567 104.53 –7.5
.1225 8.1658 –5.5
.2738 3.6521 –12.8
.01688 59.235 –3.3
.1193 8.3807 –8.0
.9998 1.0002 –1.8
.2586 3.8671 9.8
.0375 26.6690 –1.5
1.3117 .7624 –5.9
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6452 .3781 0.2
.0567 17.6445 –2.7
.2848 3.5113 –8.8
3.3036 .3027 –1.0
2.5974 .3850 0.01
.2608 3.835 5.3
.2667 3.7502 –0.01
.0707 14.1531 3.4
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.83 –0.10–0.11 –5.49
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
-99.9
-44.1
-56.7
...
-61.8
U.S.-dollar foreign-exchange rates in late New York trading
10%
2.25
0.32
5.66
5.17
2.53
3.24
* 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
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
5
52-Week
Low
% chg
Ranked by change from 65-day average*
85.22
0.15
20.11
4.70
0.88
1464.303
EMBI Global, J.P. Morgan
ITUS
103.90
4.59
26.93
7.03
2.55
10-yr Treasury, Ryan ALM 1738.261
DJ Corporate
379.136
Aggregate, Barclays Capital 1944.200
High Yield 100, Merrill Lynch 2850.079
Fixed-Rate MBS, Barclays 1989.290
Muni Master, Merrill
524.049
Treasury, Ryan ALM
FOSL
1028.3 88.50 -6.51
411.9 0.36 -11.85
6.9 26.25 -0.49
175.1 6.18 0.98
5944.4 2.00 60.00
3.00
Close
XENE
FXL
First Tr Tech AlphaDEX
FXU
First Tr Util AlphaDEX
RDHL
RedHill Biopharma ADR
JPMorgan Div Return US MC JPME
WisTree EM Qlty Div Grwth DGRE
Corporate Borrowing Rates and Yields
Bond total return index
DCIX
11.28
32.55
17.40
0.14
6.22
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
ELMD
High
-61.21 151200.00
14.88
-33.87
12.65
-29.60
23.20
-29.38
10.39
-27.19
MCF
29.44
43.03
27.98
1.94
15.65
12.91
33.44
26.79
0.28
11.71
Forex Race
3.75%
3.45%
* 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.
-1.42
-2.92
-2.22
-2.60
-1.21
MYO
-14.62
1.12
-1.43
71.61
-2.82
483.4
197.0
27.0
2922.2
0.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand
notes and bonds
Bankrate.com avg†:
NYSE Arca
0.90
5.70
5.28
6.25
3.24
RDHL
Company
s
U.S. consumer rates
Nasdaq
Total volume*2,072,201,865 201,129,198
Adv. volume*1,095,686,332 128,470,489
Decl. volume* 944,147,262 70,895,703
Issues traded
3,058
1,313
Advances
1,420
830
Declines
1,489
454
Unchanged
149
29
New highs
124
149
New lows
95
24
Closing tick
30
84
Closing Arms†
0.82
1.14
Block trades*
7,966
1,178
Latest Session
Close Net chg % chg
CECE
52-Week
High
Low
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Symbol
Volume Movers
161,925
87,043
81,242
68,680
58,609
T
Company
18.00 1.41
8.00 2.63
22.76 3.02
8.34 3.53
27.20 15.50
Most Active Stocks
Company
Total volume* 879,271,538 14,021,016
Adv. volume* 439,093,212 10,007,555
Decl. volume* 423,215,508 3,855,195
Issues traded
3,061
331
Advances
1,495
146
Declines
1,439
171
Unchanged
127
14
New highs
123
6
New lows
85
5
Closing tick
44
28
Closing Arms†
1.12
0.21
Block trades*
7,048
152
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
unch. 259.15 258.74
Verizon Communications VZ
Percentage Gainers...
Latest
% chg
2984.71
386.89
260.93
The Global Dow
DJ Global Index
DJ Global ex U.S.
Interest rate
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
Americas
Brazil
Canada
Mexico
Chile
26.8
10038.13
0.30
Philadelphia Stock Exchange
World
23563.36 18589.69
Late Trading
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
615.74
1.86
191.89
56.81
3.175
1281.60
0.04
-0.39
0.023
7.90
0.30
616.46
532.01
0.02 195.14
57.35
-0.68
3.93
0.73
0.62 1346.00
166.50
42.53
2.56
1127.80
% Chg
14.57
YTD
% chg
8.55
4.29 -0.32
5.75
25.49
18.03 -14.74
0.71 11.44
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 9, 2017 | B9
COMMODITIES
Futures Contracts
Contract
High hilo
Low
Open
Settle
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.0925
3.0985
3.0925
3.0930 0.0105
Dec
3.0875
3.1115
3.0665
3.0995 0.0105
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
1275.90 1284.90
1274.70 1281.60
7.90
Dec
1276.40 1288.10
1276.10 1283.70
7.90
Feb'18
1281.40 1292.20
1281.00 1288.00
7.90
April
1287.00 1296.30
1287.00 1292.20
8.00
June
1290.00 1300.40
1289.50 1296.40
8.10
Dec
1307.40 1313.00
1306.20 1309.00
8.40
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
993.00 1017.35 s
992.10 1015.80 21.70
March'18 989.00 1009.25 s
986.85 1008.15 21.60
June
982.00
999.75 s
982.00
998.65 18.20
Platinum (NYM)-50 troy oz.; $ per troy oz.
Nov
928.30
928.70
928.30
934.60 12.50
Jan'18
925.20
939.30
925.20
937.90 12.60
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Nov
16.925
16.925
16.925
17.106 0.201
Dec
16.950
17.265
16.950
17.138 0.198
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec
56.96
57.92
56.41
56.81 –0.39
Jan'18
57.22
58.14
56.65
57.05 –0.38
Feb
57.33
58.27 s
56.83
57.22 –0.37
March
57.43
58.34 s
56.98
57.32 –0.31
June
57.10
57.94 s
56.73
57.05 –0.16
Dec
54.96
55.80
54.79
55.18
0.06
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec
1.9215
1.9438
1.9041
1.9216 –.0003
Jan'18
1.9279
1.9481
1.9093
1.9251 –.0022
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec
1.8060
1.8402 s
1.7963
1.8213 .0060
Jan'18
1.7838
1.8151 s
1.7749
1.7968 .0035
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
3.151
3.190
3.114
3.175
.023
Jan'18
3.250
3.285
3.213
3.272
.021
Feb
3.250
3.284
3.216
3.275
.023
March
3.211
3.240
3.178
3.231
.019
April
2.959
2.984
2.946
2.975
.010
May
2.934
2.956
2.921
2.949
.011
125.05
128.50
125.90
129.40
124.20
127.65
125.75
129.20
March
May
14.70
14.76
14.86
14.93
14.62
14.69
14.84
14.91
March
May
27.22
27.10
27.22
27.10
27.22
27.10
27.22
27.10
Dec
March'18
68.07
68.46
69.15
69.32
68.06
68.36
68.63
68.86
162.00
159.45
162.00
161.10
162.00
159.00
161.30
160.75
Dec
March'18
Open
interest
1.05
1.00
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
741
143,514
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
84
345,546
125,397
18,347
15,879
11,076
Cotton (ICE-US)-50,000 lbs.; cents per lb.
29,340
6,014
211
473,708
423,202
166,767
249,168
226,759
267,416
114,836
95,229
139,092
107,933
228,571
243,683
90,123
172,331
122,645
80,829
1.25
.65
.50 696,704
.25 414,347
Nov
Dec
.8785
.8799
.8820
.8833
.8784
.8792
.8791
.8803
.0006
2,488
.0006 278,105
Nov
Dec
.7855
.7833
.7856
.7867
.7853
.7830
.7859
.7861
.0036
1,255
.0036 141,573
Nov
Dec
1.3146
1.3183
1.3170
1.3190
1.3095
1.3100
1.3114 –.0055
769
1.3126 –.0055 171,506
Dec
March'18
1.0029
1.0111
1.0044
1.0113
1.0018
1.0091
1.0023 –.0005
1.0093 –.0005
.7643
.7646
.7648
.7647
.7647
.7667
.7683
.7682
.7679
.7678
.7677
.7667
.7643
.7641
.7648
.7647
.7646
.7667
British Pound (CME)-£62,500; $ per £
4,418
2,928
Swiss Franc (CME)-CHF 125,000; $ per CHF
2.00
3,163
2.50 323,172
Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov
Dec
Jan'18
Feb
March
June
–.30 105,922
–.30 101,406
.35 132,055
.35 115,939
.05183
.05214
Dec
March'18 .05109 .05135
Euro (CME)-€125,000; $ per €
1.1599
1.1611
Nov
Dec
1.1616
1.1636
–.50 250,981
–1.00 157,491
–2.550
–3.625
6,884
30,129
Dec
March'18
.03
–.14
4,458
4,338
23507 s
23497 s
23461
23462
1.1598
1.1620
23434
23428
2592.20 s
2582.20
2580.00
Mini S&P 500 (CME)-$50 x index
.0007
5,257
.0008 429,096
23491
23484
3 154,485
3
1,724
2590.90
4.10
2584.00 2592.50 s
2579.75 2591.00
Dec
March'18 2584.75 2593.00 s 2580.25 2591.50
Mini S&P Midcap 400 (CME)-$100 x index
1828.20 1836.60
1823.30 1835.30
Dec
Mini Nasdaq 100 (CME)-$20 x index
6310.5
6345.5 s
6301.5
6341.5
Dec
March'18 6320.3 6360.3 s
6316.3
6356.3
Mini Russell 2000 (ICE-US)-$100 x index
1474.90 1483.10
1466.90 1482.40
Dec
March'18 1470.00 1477.80
1470.00 1483.30
Mini Russell 1000 (ICE-US)-$100 x index
1432.20 1436.20
1430.60 1435.70
Dec
U.S. Dollar Index (ICE-US)-$1,000 x index
94.77
94.87
94.68
94.77
Dec
March'18
94.45
94.53
94.39
94.46
86,981
74,321
422
5,430
.05196 .00025 176,815
.05118 .00024
561
1.1583
1.1603
S&P 500 Index (CME)-$250 x index
–1.700 116,496
–1.800 116,448
–3.00
–1.30
.0035
1,358
.0035 121,426
.0035
744
.0035
453
.0035
907
.0035
244
Mini DJ Industrial Average (CBT)-$5 x index
Dec
–.375
–1.125
.05183
.05107
78,859
217
Index Futures
1.00 140,784
1.25 110,968
34,145
27,235
.7676
.7674
.7672
.7671
.7670
.7667
Mexican Peso (CME)-MXN 500,000; $ per MXN
22
9,355
8.75
8.50
40
5,985
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Canadian Dollar (CME)-CAD 100,000; $ per CAD
–10.00
–10.50
2,801
1,808
154-170 154-260
154-040 154-110 –11.0 751,740
Dec
March'18 153-160 153-210
153-000 153-060 –11.0 12,567
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
125-120 125-150
125-050 125-080
–5.5 3,152,465
Dec
March'18 125-055 125-065
124-290 124-310
–5.5 38,633
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
117-080 117-095
117-045 117-062
–2.7 3,094,822
Dec
March'18 117-017 117-020
116-305 116-315
–2.7 55,748
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-197 107-205
107-190 107-195
–.7 1,743,218
Dec
March'18 107-157 107-160
107-150 107-152
–.2 59,983
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.843
98.843
98.843
98.843
… 210,813
Nov
Jan'18
98.615
98.615
t 98.610
98.615 –.005 348,014
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
101.500 101.531
101.297 101.391 –.125 29,219
Dec
1 Month Libor (CME)-$3,000,000; pts of 100%
...
...
... 98.7475 –.0025
928
Nov
Eurodollar (CME)-$1,000,000; pts of 100%
98.5800 98.5825
98.5775 98.5775 –.0025 96,175
Nov
Dec
98.4650 98.4700
98.4600 98.4600 –.0050 1,696,177
March'18 98.3200 98.3250
98.3150 98.3200
… 1,286,038
Dec
98.0550 98.0700
98.0500 98.0600 –.0050 1,614,229
3
131,204
–1.00
3.00
.22
–.05
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
12
70,865
53 44,293
49 129,115
Cash Prices
Wednesday, November 08, 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.
Wednesday
.12 407,379
.15 137,397
Interest Rate Futures
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
Dec
347.50
349.00
345.75
348.25
March'18 360.75 361.75
359.00
361.25
Oats (CBT)-5,000 bu.; cents per bu.
Dec
269.75
270.75
264.50
269.50
March'18 272.50 276.00
270.75
275.75
Soybeans (CBT)-5,000 bu.; cents per bu.
Nov
985.25
988.75
984.25
988.00
Jan'18
996.00
999.50
994.75
998.50
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
315.70
316.50
314.20
315.20
Jan'18
317.90
318.60
316.30
317.40
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
34.97
35.40
34.92
35.37
Jan'18
35.13
35.57
35.07
35.53
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Nov
...
...
... 1114.00
Jan'18
1153.50 1156.00
1137.00 1141.00
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
427.25
427.50
419.00
426.75
March'18 445.25 445.25
436.75
443.75
Wheat (KC)-5,000 bu.; cents per bu.
Dec
426.75
428.00
419.00
427.50
March'18 443.75 445.25
436.50
445.00
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
633.50
649.00
632.00
643.50
March'18 644.00 658.25
642.75
654.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Nov
159.575 159.775
157.125 157.325
Jan'18
160.025 160.575
156.650 156.900
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
124.550 124.575
122.150 122.925
Feb'18
130.300 130.300
127.975 128.575
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
64.125
64.250
63.350
63.550
Feb'18
70.850
70.975
69.550
69.750
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Nov
464.00
467.00
459.40
461.80
Jan'18
455.70
459.00
451.60
455.80
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.46
16.63
16.46
16.50
Dec
15.44
15.44
t
15.21
15.28
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,179
2,228
2,164
2,216
March'18
2,154
2,197
2,144
2,188
97,890
78,426
.56 84,588
.40 104,326
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Nov
Jan'18
Open
interest
Chg
62,200
4.25 3,167,322
4.25 73,873
5.40
92,869
25.5 273,642
25.3
1,939
WSJ.com/commodities
Wednesday
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Energy
0.9325
0.9850
3.150
3.130
3.190
2.840
2.960
2.360
3.020
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
16.9950
12401
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
LBMA Platinum Price PM
*926.0
Platinum,Engelhard industrial
931.0
Platinum,Engelhard fabricated
1031.0
Palladium,Engelhard industrial
1011.0
Palladium,Engelhard fabricated
1111.0
Aluminum, LME, $ per metric ton
*2131.0
Copper,Comex spot
3.0930
Iron Ore, 62% Fe CFR China-s
62.5
Shredded Scrap, US Midwest-s,w
n.a.
Steel, HRC USA, FOB Midwest Mill-s
615
Metals
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
Fibers and Textiles
Gold, per troy oz
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
1286.33
1382.80
1284.00
1425.24
*1276.35
*1275.60
1334.63
1347.47
1347.47
1555.27
1260.89
1347.47
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
Grains and Feeds
Silver, troy oz.
17.1000
20.5200
17.1900
21.4880
£12.9600
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
0.6150
0.6788
*79.70
68.500
n.a.
n.a.
75
3.1700
91.0
492.9
225
88
220
2.9950
370.00
24.00
7.6913
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
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
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
3.4
YTD total
return (%)
2.600 2.300 2.790
U.S. Aggregate
U.S. Corporate Indexes Bloomberg Barclays
1989.29
2.4
Mortgage-Backed
1955.04
1.9
Ginnie Mae (GNMA) 2.770 2.420 3.090
3.180 3.030 3.520
1167.01
2.6
Fannie mae (FNMA) 2.830 2.520 3.120
3.9 Intermediate
2.740 2.530 3.010
1797.28
2.7
Freddie Mac (FHLMC) 2.840 2.530 3.130
3862.90
9.9 Long term
4.110 4.100 4.710
524.05
568.04
4.3 Double-A-rated
2.660 2.470 2.870
366.75
3.460 3.340 3.870
412.31
398.56
5.7
U.S. Corporate
6.4
718.79
Triple-B-rated
High Yield Bonds Merrill Lynch
7.0
415.76
8.3
416.52
6.2
2850.08
High Yield Constrained 5.697 5.373 6.858
5.0 Muni Master
1.926 1.736 2.516
7-12 year
1.928 1.744 2.618
6.9
12-22 year
2.337 2.213 3.047
7.4
22-plus year
2.770 2.742 3.622
5.6
Global Government J.P. Morgan†
Triple-C-rated
10.685 9.584 13.189
545.76
1.6
Global Government 1.390 1.170 1.560
High Yield 100
5.370 4.948 6.448
758.60
0.7
Canada
1.970 1.560 2.190
377.94
7.3
Global High Yield Constrained 5.156 4.934 6.450
373.65
1.3
EMU§
1.008 0.869 1.363
7.4
Europe High Yield Constrained 1.982 1.897 3.814
715.67
1.3
France
0.760 0.590 1.210
Germany
0.400 0.210 0.620
Japan
0.380 0.170 0.460
Netherlands
0.520 0.340 0.760
1.530 1.340 1.790
67,805
84
308.19
2.70
278
1641.07
2.2
U.S Agency
2.000 1.470 2.010
288.78
–.03
–.04
48,818
2,460
1466.52
1.4
10-20 years
1.840 1.270 1.840
564.45
20-plus years
2.900 2.730 3.460
926.82
1.5
U.K.
2.830 2.610 3.090
796.37
7.8
Emerging Markets ** 5.632 5.279 6.290
511.37
U.S Agency Bloomberg Barclays
8.0
3375.79
4.9 Yankee
2460.87
-0.6
0.2
-0.3
Global Government Bonds: Mapping Yields
Crude oil and
petroleum prod
Crude oil
excluding SPR
Gasoline
Finished gasoline
Reformulated
Conventional
Blend. components
1,257,009
Natural gas (bcf)
Kerosene-type
jet fuel
Distillates
Heating oil
Diesel
Residual fuel oil
Other oils
...
1,266 1,334
1,270
Expected Previous
Current change
week
1,192
...
9,550
-2,100
...
-1,800
...
...
...
455
213
22
0
22
191
485
221
26
0
26
195
456
215
22
0
22
193
424
210
34
0
34
175
7,377
405
6
0
6
399
...
...
...
...
...
...
3,775
...
4
4
4
4
...
...
...
40,063
125,562
10,294
115,268
32,663
293,496
...
-1,200
...
...
...
...
41
129
11
118
33
296
42
149
14
134
39
279
41
130
11
119
33
295
39
126
19
107
39
253
213
86
0
86
102
1,196
...
...
...
...
...
...
248
137
41
96
155
863
3,696
...
...
1,937 2,029
1,941
1,887
Current
21,301
...
19,184
Year
ago
20,191
4-week
avg
4-week
avg
5-year
avg
9,679
7,571 7,442
540 500
12
7
0
0
12
7
528 493
9,575
5-year
avg
...
...
2.050
222
107
24
83
136
604
215
116
12
104
160
947
72
130
37
92
226
754
2,668
9,496
...
9,461
9,213
9,352
9,086
jet fuel
Distillates
Residual fuel oil
Propane/propylene
Other oils
1,835
4,486
331
1,322
3,832
...
...
...
...
...
1,628
3,534
130
779
3,651
1,794
4,043
580
1,302
3,259
1,741
3,900
399
1,053
3,465
1,464
4,086
252
...
...
3250
1250
Five-year average
for each week
250
J A S O
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
Exchange-Traded Portfolios | WSJ.com/ETFresearch
ETF
Wednesday, November 8, 2017
Closing Chg YTD
Symbol Price (%) (%)
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
iShMSCI EAFE
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
EFA
10.84
91.92
53.74
24.42
5.54
69.82
26.25
97.10
81.72
71.86
109.66
104.96
123.07
65.51
56.39
62.59
260.94
183.16
73.63
59.29
109.51
95.00
71.91
51.73
12.31
120.90
87.35
114.60
106.83
70.84
69.87
–1.45 –14.0
0.11 12.9
3.9
1.09
1.58 21.4
–1.00 –19.2
–0.48 –7.3
–0.49 12.9
0.12 12.1
0.23 18.5
–0.17 15.5
1.4
–0.13
0.0
–0.05
0.5
–0.07
0.34 22.2
0.50 32.8
0.35 24.0
0.17 16.0
0.27 10.8
7.1
0.45
0.15 15.6
1.3
–0.06
7.3
0.22
0.25 17.5
0.29 14.4
0.41 11.1
3.2
–0.13
0.9
–0.44
4.0
–0.04
0.5
–0.09
0.20 19.7
0.33 21.0
ETF
ETF
Closing Chg YTD
Symbol Price (%) (%)
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
SchwabUS LC
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
SCHX
63.11
46.78
43.51
60.02
312.80
111.16
131.42
144.18
119.80
179.69
147.20
122.02
153.35
201.30
86.02
210.19
150.11
109.24
38.33
114.23
84.18
106.41
126.36
116.84
101.75
154.50
47.06
23.06
36.75
121.63
34.29
62.55
61.91
0.11
0.47
0.18
0.62
–0.39
0.03
0.36
0.19
–0.03
0.48
0.14
–0.15
0.18
0.17
0.07
0.48
0.29
–0.03
0.18
–0.06
–0.01
–0.12
–0.22
0.39
...
0.40
0.28
–0.22
–0.49
0.35
0.35
0.11
0.18
26.6
33.6
25.8
22.8
17.9
2.8
25.3
15.8
6.9
16.7
9.2
2.6
15.3
12.5
7.0
15.4
23.3
7.8
3.0
0.9
–0.3
1.5
6.1
20.0
0.4
30.4
13.2
–1.3
0.8
11.0
23.9
15.4
16.2
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
Closing Chg YTD
Symbol Price (%) (%)
DIA
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
235.46
333.90
259.11
92.42
64.01
55.70
22.89
166.22
128.04
97.48
44.45
44.93
58.20
54.10
138.18
152.02
82.90
84.46
87.71
118.96
149.51
106.50
84.75
238.04
79.48
79.76
143.09
81.83
55.09
56.22
133.06
72.71
102.02
66.00
59.43
32.27
l
1.794
1.931
1.669
15.8
14.9
81.1
l
2.592
2.824
2.365
25.7
27.6
50.8
France 2 -0.612 s
10 0.559 s
l
-0.621
-0.494
l
0.554
0.735
Germany 2 -0.758 s
10 0.329 s
l
-0.764
-0.691
l
0.328
0.461
Italy 2 -0.253 t
10 1.737 s
l
-0.251
l
0.100
0.100
Japan 2 -0.206 t
10 0.024 t
2.750
1.450
-0.602 -225.7
0.495
-176.5
-226.6
-146.0
-176.3
-136.2
-0.627 -240.3
0.190 -199.6
-240.9
-148.5
-198.9
-166.7
-0.117
-0.024
-189.8
-189.6
-88.2
1.702
2.148
1.649
-58.8
-61.5
-20.8
l
-0.190
-0.139
-0.259
-111.7
0.031
0.055
-185.1
-0.064 -230.1
-183.5
l
-228.6
-192.0
Spain 2 -0.354 s
10 1.471 s
l
-0.394
-0.260
-0.217
-200.0
-203.9
-107.5
l
1.413
1.661
1.248
-85.4
-90.4
-60.9
0.459 s
1.228 t
l
0.437
0.435
0.221
-118.6
-120.8
-63.7
l
1.234
1.369
1.133
-109.7
-108.3
-72.4
1.750
U.K. 2
4.250
10
Source: Tullett Prebon
in that same company’s share price.
2250
Largest 100 exchange-traded funds, latest session
1.803 s
2.581 t
Investment-grade spreads that tightened the most…
t
J F M A M J
2017
0.858
1.857
5,644
4250
N D
1.520
2.361
Corporate Debt
t
motor gasoline
Kerosene-type
0.050
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.645
2.317
10
0.500
Year ago
l
Australia 2
0.000
Month ago
l
2.750
2.750
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
U.S. 2 1.645 s
10 2.325 s
2.750
...
Natural gas,
lower 48 states
Finished
1.500
2.250
0.000
Billions of cubic feet; weekly totals
19,909 19,678
Country/
Coupon (%) Maturity, in years
7,732
541
67
0
67
474
1,951 4,342
† In local currency § Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
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
7,639
467
36
0
36
431
Natural gas storage
Weekly Demand, 000s barrels per day
Expected Previous
change
week
Year
ago
9,629 9,232
457,143
209,537
22,198
51
22,147
187,339
Net crude, petroleum
products, incl. SPR
1,926,915
Total petroleum
product
** EMBI Global Index
Imports, 000s barrels per day
5-year
avg
2.820 2.490 3.120
2621.64
2783.29
Inventories, imports and demand for the week ended November 3. 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 Natural-gas import and demand data are available monthly only.
4-week
avg
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
1944.20
Total
return
close
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
Year
ago
34.5000
0.2500
n.a.
0.3450
0.2650
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 11/7
Source: WSJ Market Data Group
Macro & Market Economics
Watching the Gauges: U.S. Supply and Demand
Expected Previous
Current change
week
193.06
179.70
0.8635
2.1800
170.00
160.25
71.50
n.a.
1.2373
1.4404
1.0150
15.80
0.79
65.85
n.a.
0.9155
124.00
172.13
4.80
4.20
Source: SIX Financial Information
Inventories, 000s barrels
311.20
9.4900
7.8100
4.3850
3.7750
5.2838
0.02
0.25
0.17
0.21
0.55
0.07
0.70
0.58
0.09
0.42
0.43
0.36
0.05
0.35
0.36
0.20
0.22
–0.12
–0.15
0.15
0.24
0.09
0.50
0.15
–0.06
–0.08
0.21
–0.07
–0.07
0.37
0.17
0.22
0.01
–0.06
0.56
0.31
19.2
10.7
15.9
8.0
32.4
14.7
9.4
36.8
5.8
14.4
21.6
25.6
21.4
22.5
24.0
19.9
9.4
1.7
2.3
16.2
13.6
9.6
2.7
15.9
0.0
0.5
11.0
1.3
1.5
22.5
15.4
19.2
9.7
15.0
20.0
15.0
Maturity
Current
Spread*, in basis points
One-day change
Last week
Stock Performance
Close ($)
% chg
Issuer
Symbol Coupon (%)
CBL & Associates
AT&T
Marathon Oil
Verizon Communications
CBL
T
MRO
VZ
5.950 Dec. 15, ’26
5.300 Aug. 14, ’58
2.800
Nov. 1, ’22
4.812 March 15, ’39
442
252
100
177
–18
–9
–8
–8
368
247
n.a.
171
5.50
33.44
15.75
45.46
–2.31
1.12
–2.54
–0.24
Bank of America
Caterpillar Financial Services
Walt Disney
Discovery Communications
BAC
CAT
DIS
DISCA
8.000 Jan. 30, ’49
2.500 Nov. 13, ’20
4.125
June 1, ’44
3.950 March 20, ’28
–61
36
94
183
–7
–7
–7
–7
–63
n.a.
n.a.
169
26.79
…
101.18
17.10
–1.43
…
–0.42
–1.33
359
64
140
174
10.80
120.55
…
7.31
1.31
0.10
…
0.14
n.a.
335
250
33
78.66
29.70
38.30
49.04
0.28
–1.82
–0.03
–0.71
…And spreads that widened the most
Pitney Bowes
VMware
Teva Pharmaceutical Finance IV
Royal Bank of Scotland
PBI
VMW
TEVA
RBS
4.625 March 15, ’24
2.300 Aug. 21, ’20
2.250 March 18, ’20
8.625 Aug. 15, ’49
425
68
250
216
Arrow Electronics
Viacom
Nordstrom
Morgan Stanley
ARW
VIA
JWN
MS
3.250
5.875
5.000
5.450
123
357
264
50
Sept. 8, ’24
Feb. 28, ’57
Jan. 15, ’44
July 15, ’49
43
26
21
20
15
13
12
11
High-yield issues with the biggest price increases…
Coupon (%)
Maturity
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
CSI Compressco
Monitronics International
Genon Americas Generation
Kronos Acquisition Holdings
CCLP
MONINT
GENONE
KIKCN
7.250
9.125
9.125
9.000
Aug. 15, ’22
April 1, ’20
May 1, ’31
Aug. 15, ’23
92.500
84.490
94.500
91.125
NGL Energy Partners
Hughes Satellite Systems
TPC
L Brands
NGL
SATS
TPCG
LB
7.500
6.625
8.750
5.625
Nov. 1, ’23
Aug. 1, ’26
Dec. 15, ’20
Oct. 15, ’23
101.000
106.000
100.000
107.750
1.13
0.99
0.75
0.63
0.63
0.63
0.60
0.50
Last week
Stock Performance
Close ($)
% chg
91.125
85.500
92.750
96.000
5.22
...
...
...
7.63
...
...
...
99.750
n.a.
98.125
107.250
12.35
…
...
47.38
–1.98
…
...
0.94
79.250
78.000
92.250
98.250
…
1.25
...
14.90
…
–24.24
...
–0.47
n.a.
75.750
90.000
89.375
...
1.92
…
...
...
...
…
...
…And with the biggest price decreases
Endo Dac
Jones Energy Holdings
MEG Energy
Consolidated Communications
ENDP
JONE
MEGCN
CNSL
Iheartcommunications
Windstream Services
Mallinckrodt International Finance
Hexion
IHRT
WIN
MNK
HXN
6.000
6.750
6.375
6.500
July 15, ’23
April 1, ’22
Jan. 30, ’23
Oct. 1, ’22
10.625 March 15, ’23
7.750
Oct. 1, ’21
5.500 April 15, ’25
6.625 April 15, ’20
72.250 –4.75
–4.00
78.250
–3.78
91.469
–2.80
93.500
68.625
71.920
82.250
89.188
–2.63
–2.58
–2.50
–2.31
*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.
B10 | Thursday, November 9, 2017
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
The following explanations apply to NYSE,
NYSE Arca, NYSE MKT and Nasdaq Stock
Market listed securities. Prices are composite
quotations that include primary market trades
as well as trades reported by Nasdaq OMX
BXSM (formerly Boston), Chicago Stock
Exchange, CBOE, National Stock Exchange, ISE
and BATS.
The list comprises the 1,000 largest
companies based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issue’s average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
Footnotes:
s-New 52-week high.
t-New 52-week low.
dd-Indicates loss in the most recent
four quarters.
FD-First day of trading.
h-Does not meet continued listing
standards
lf-Late filing
q-Temporary exemption from Nasdaq
requirements.
t-NYSE bankruptcy
v-Trading halted on primary market.
vj-In bankruptcy or receivership or
being reorganized under the
Bankruptcy Code, or securities
assumed by such companies.
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Wednesday, November 8, 2017
Sym Close Chg
Stock
Aramark
ARMK 43.33 0.08
ArcelorMittal MT 29.00 -0.28
ArcherDaniels ADM 39.80 0.26
Arconic
ARNC 24.78 -0.30
s AristaNetworks ANET 214.19 4.63
ArrowElec ARW 78.66 0.22
AstraZeneca AZN 33.33 -0.28
Athene
ATH 49.00 -0.53
s AtmosEnergy ATO 89.24 0.67
Autohome ATHM 64.60 -0.28
Autoliv
ALV 125.07 -0.39
AutoZone AZO 596.03 -7.53
Avalonbay AVB 186.69 2.93
Avangrid
AGR 51.15 -0.17
AveryDennison AVY 107.75 0.71
AxaltaCoating AXTA 32.80 -0.26
BB&T
BBT 47.75 -0.48
BCE
BCE 47.67 -0.07
BHPBilliton BHP 43.78 0.55
BHPBilliton BBL 38.85 0.48
BP
BP 41.40 -0.08
BRF
BRFS 13.25 0.41
BT Group BT 16.68 0.18
BWX Tech BWXT 60.53 0.49
BakerHughes BHGE 32.84 -0.56
Ball
BLL 40.74 -0.31
BancoBilbaoViz BBVA 8.36 0.04
BancodeChile BCH 91.15 -0.13
BancoMacro BMA 124.36 5.14
BcoSantChile BSAC 31.07 0.31
BancoSantander SAN 6.48 0.02
BanColombia CIB 38.16 0.63
BankofAmerica BAC 26.79 -0.39
BankofMontreal BMO 77.87 0.26
BankNY Mellon BK 51.22 0.15
s BkNovaScotia BNS 65.80 0.27
Barclays
BCS 9.44 -0.04
Bard CR
BCR 334.08 0.51
BarrickGold ABX 13.99
...
BaxterIntl BAX 65.01 0.69
BectonDickinson BDX 221.43 0.16
Berkley
WRB 68.71 -0.32
BerkHathwy A BRK.A 276676-2684.98
BerkHathwy B BRK.B 184.60 -1.70
BerryGlobal BERY 58.48 0.50
BestBuy
BBY 56.55 1.42
s Bio-RadLab A BIO 266.31 4.09
BlackKnight BKI 46.50 0.40
BlackBerry BB 10.82 -0.01
BlackRock BLK 472.20 -1.17
BlackstoneGroup BX 32.65 -0.39
BoardwalkPipe BWP 14.52 -0.06
s Boeing
BA 265.57 -0.56
BorgWarner BWA 52.19 -0.21
BostonProperties BXP 124.74 0.55
BostonScientific BSX 28.10 0.14
Braskem
BAK 31.32 0.72
Bristol-Myers BMY 62.58 0.67
BritishAmTob BTI 65.11 0.22
s BroadridgeFinl BR 90.48 3.11
BrookfieldMgt BAM 42.30 0.52
BrookfieldInfr BIP 43.59 0.30
Brown&Brown BRO 49.70 -0.53
Brown-Forman A BF.A 56.49 0.68
Brown-Forman B BF.B 56.46 0.72
BuckeyePtrs BPL 52.40 -0.72
Bunge
BG 67.89 0.46
BurlingtonStores BURL 97.51 0.23
CBD Pao
CBD 23.00 0.45
NYSE
ABB
ABB 26.22
AECOM
ACM 35.80
AES
AES 10.51
Aflac
AFL 83.99
AT&T
T
33.44
AbbottLabs ABT 55.25
AbbVie
ABBV 95.71
s Accenture ACN 144.89
AcuityBrands AYI 158.27
Adient
ADNT 77.42
t AdvanceAuto AAP 79.41
AdvSemiEngg ASX 6.20
Aegon
AEG 5.85
AerCap
AER 51.98
Aetna
AET 175.44
AffiliatedMgrs AMG 185.95
AgilentTechs A
68.11
AgnicoEagle AEM 45.59
Agrium
AGU 107.02
AirProducts APD 160.94
t AlaskaAir ALK 62.08
s Albemarle ALB 144.58
Alcoa
AA 45.89
s AlexandriaRealEst ARE 126.23
Alibaba
BABA 185.90
Alleghany Y
580.41
Allegion
ALLE 83.43
Allergan
AGN 175.01
AllianceData ADS 229.61
AllianceBernstein AB 24.90
AlliantEnergy LNT 44.07
AllisonTransm ALSN 43.68
Allstate
ALL 99.09
AllyFinancial ALLY 25.72
AlticeUSA ATUS 22.80
Altria
MO 64.59
AlumofChina ACH 19.27
Ambev
ABEV 6.18
s Ameren
AEE 62.66
AmericaMovil AMX 17.39
AmericaMovil A AMOV 17.22
AmCampus ACC 42.60
s AEP
AEP 75.52
AmericanExpress AXP 95.13
AmericanFin AFG 104.51
AmerHomes4Rent AMH 21.90
AIG
AIG 61.67
s AmerTowerREIT AMT 152.72
s AmerWaterWorks AWK 90.24
Amerigas APU 46.12
Ameriprise AMP 159.99
AmerisourceBrgn ABC 75.01
Ametek
AME 68.05
Amphenol APH 87.74
AnadarkoPetrol APC 51.16
Andeavor ANDV 111.14
AB InBev BUD 118.15
AnnalyCap NLY 11.32
AnteroResources AR 19.49
Anthem
ANTM 216.87
Aon
AON 140.87
Apache
APA 44.51
ApartmtInv AIV 45.36
ApolloGlobalMgmt APO 31.14
s AquaAmerica WTR 36.56
Net
Sym Close Chg
Stock
Net
-0.04
-0.29
...
0.18
0.37
0.09
1.75
1.39
-1.76
-0.67
0.03
0.06
-0.04
-0.21
-1.39
0.61
-0.14
0.55
-0.20
1.17
-0.12
1.45
-1.08
0.17
-2.61
-2.35
-0.10
2.04
-0.11
-0.10
-0.10
-0.14
-0.09
-0.74
-0.26
0.28
-0.21
0.06
-0.21
-0.05
-0.08
0.41
0.33
-0.24
-0.43
-0.01
-0.46
2.06
0.24
0.02
0.76
0.10
-0.51
0.37
0.08
-0.14
-0.51
0.08
-0.21
-0.60
0.66
-0.68
0.46
-0.26
0.28
Net
Sym Close Chg
Stock
CBRE Group CBG 41.00
CBS A
CBS.A 57.29
CBS B
CBS 57.25
CF Industries CF 37.78
CGI Group GIB 52.13
CIT Group CIT 45.44
s CMS Energy CMS 49.13
CNA Fin
CNA 54.09
CNOOC
CEO 141.50
CPFLEnergia CPL 16.90
CRH
CRH 36.24
CVS Health CVS 68.99
CabotOil
COG 27.82
CamdenProperty CPT 94.22
CampbellSoup CPB 47.16
CIBC
CM 90.03
CanNtlRlwy CNI 80.40
CanNaturalRes CNQ 36.55
CanPacRlwy CP 174.37
s Canon
CAJ 38.76
CapitalOne COF 88.97
CardinalHealth CAH 60.99
Carlisle
CSL 110.14
CarMax
KMX 73.44
Carnival
CCL 65.93
Carnival
CUK 65.74
Caterpillar CAT 137.29
Celanese A CE 106.28
Cemex
CX
8.18
CenovusEnergy CVE 11.37
Centene
CNC 93.15
CenterPointEner CNP 29.95
CentraisElBras EBR 6.55
CenturyLink CTL 16.26
Chemours CC 51.01
Chevron
CVX 116.67
ChinaEastrnAir CEA 25.11
ChinaLifeIns LFC 17.41
ChinaMobile CHL 51.08
ChinaPetrol SNP 74.84
ChinaSoAirlines ZNH 37.22
ChinaTelecom CHA 50.23
ChinaUnicom CHU 15.14
Chipotle
CMG 273.90
Chubb
CB 150.10
ChunghwaTelecom CHT 34.04
Church&Dwight CHD 44.45
Cigna
CI 200.50
CimarexEnergy XEC 125.34
Citigroup
C
72.34
CitizensFin CFG 37.31
Clorox
CLX 131.05
Coca-Cola KO 46.18
Coca-Cola Euro CCE 39.53
Coca-Cola Femsa KOF 67.91
Colgate-Palmolive CL 73.27
ColonyNorthStar CLNS 12.35
Comerica
CMA 76.14
SABESP
SBS 8.95
ConagraBrands CAG 34.31
ConchoRscs CXO 145.06
s ConocoPhillips COP 53.52
s ConEd
ED 87.86
ConstBrands A STZ 217.63
ContinentalRscs CLR 44.89
Cooper
COO 230.48
s Corning
GLW 32.22
Coty
COTY 14.76
Credicorp
BAP 206.43
0.12
-0.63
-0.36
0.89
-1.18
0.27
0.22
-0.68
-1.76
0.15
0.82
0.04
-0.02
0.13
0.93
0.27
0.26
0.37
1.99
0.57
-1.15
0.72
0.01
0.02
-0.45
-0.72
-1.52
-0.58
0.10
0.16
-1.66
...
0.12
0.04
0.01
-0.57
-0.36
0.08
0.33
-1.82
-0.96
-0.24
-0.08
-0.60
0.30
0.21
0.69
-4.99
-0.63
-0.37
-0.36
1.35
0.24
1.64
0.40
2.37
-0.01
-1.02
0.22
0.55
-1.65
0.04
0.17
2.15
1.30
1.15
-0.03
0.31
-1.02
Stock
Net
Sym Close Chg
CreditSuisse CS 16.15
CrestwoodEquity CEQP 24.00
s CrownCastle CCI 114.03
CrownHoldings CCK 59.68
Cullen/Frost CFR 93.96
Cummins
CMI 171.38
DTE Energy DTE 113.19
s DXC Tech
DXC 96.75
s Danaher
DHR 93.24
Darden
DRI 82.12
t DaVita
DVA 54.34
Deere
DE 134.64
DellTechnologies DVMT 82.31
DelphiAutomotive DLPH 96.35
DeltaAir
DAL 50.06
DeutscheBank DB 17.04
DevonEnergy DVN 40.26
Diageo
DEO 135.03
DigitalRealty DLR 123.50
DiscoverFinSvcs DFS 66.09
Disney
DIS 101.18
DolbyLab
DLB 59.36
DollarGeneral DG 80.70
DominionEner D
80.88
Domino's
DPZ 168.71
Donaldson DCI 47.24
DouglasEmmett DEI 39.98
Dover
DOV 96.05
DowDuPont DWDP 70.81
DrPepperSnap DPS 85.61
DrReddy'sLab RDY 36.24
s DukeEnergy DUK 89.23
DukeRealty DRE 29.03
ENI
E
34.01
EOG Rscs EOG 104.33
EQT
EQT 64.45
EQT Midstream EQM 71.80
EastmanChem EMN 90.59
Eaton
ETN 79.05
EatonVance EV 51.11
Ecolab
ECL 130.39
s Ecopetrol
EC 11.61
EdisonInt
EIX 80.20
EdwardsLife EW 105.24
EmersonElectric EMR 62.52
EnbridgeEnPtrs EEP 14.51
Enbridge
ENB 36.79
Encana
ECA 12.60
EnelAmericas ENIA 10.70
EnelChile
ENIC 5.72
EnelGenChile EOCC 26.03
EnergyTrfrEquity ETE 17.79
EnergyTransfer ETP 16.77
EnLinkMidPtrs ENLK 15.90
Entergy
ETR 86.24
EnterpriseProd EPD 24.90
Equifax
EFX 107.20
EquityLife ELS 89.70
s EquityResdntl EQR 70.37
EssexProp ESS 258.79
EsteeLauder EL 123.08
EverestRe RE 228.36
s EversourceEner ES 64.63
Exelon
EXC 41.32
ExtraSpaceSt EXR 86.01
ExxonMobil XOM 83.47
FMC
FMC 93.24
s FactSet
FDS 195.30
FederalRealty FRT 128.87
FedEx
FDX 220.50
Ferrari
RACE 112.80
FiatChrysler FCAU 17.49
FibriaCelulose FBR 15.14
FidelityNatlFin FNF 37.65
FNFV Group FNFV 17.45
FidelityNtlInfo FIS 91.65
58.com
WUBA 67.40
FirstAmerFin FAF 54.75
FirstData
FDC 16.84
FirstRepBank FRC 91.97
FirstEnergy FE 33.73
FleetCorTech FLT 175.95
Fluor
FLR 47.62
FomentoEconMex FMX 86.64
FordMotor F
12.06
ForestCIty A FCE.A 25.06
s Fortis
FTS 37.75
Fortive
FTV 72.77
FortBrandsHome FBHS 64.12
Franco-Nevada FNV 84.06
FranklinRscs BEN 41.89
Freeport-McMoRan FCX 14.86
FreseniusMed FMS 48.68
0.08
-0.35
2.27
-0.11
-1.20
-0.48
0.38
4.22
0.04
0.47
-4.62
-1.07
-0.17
-0.91
0.15
0.36
-1.00
-0.04
1.49
-0.35
-0.43
0.33
0.04
-0.51
-1.39
-0.33
-0.43
-0.11
-0.33
1.13
0.33
-0.13
0.05
-0.08
-1.76
1.21
-1.19
-0.02
0.38
0.41
-0.56
-0.38
0.80
0.83
-0.56
-0.19
0.08
-0.15
0.09
...
0.16
-0.91
-0.57
-0.21
0.28
-0.12
-0.22
0.34
0.81
3.79
0.86
1.33
0.11
0.05
0.33
-0.11
-0.27
3.96
0.26
-0.66
-2.09
-0.38
-0.02
-0.17
...
1.18
-0.04
-0.62
...
-1.73
0.59
-1.05
-0.46
-0.09
-0.10
0.07
0.02
-0.70
-0.34
0.57
0.11
0.31
0.09
Stock
Net
Sym Close Chg
GGP
GGP 21.76 -0.44
Gallagher AJG 63.53 -0.18
Gap
GPS 25.67 -0.04
Gartner
IT 118.81 1.06
Gazit-Globe GZT 9.37 -0.09
GeneralDynamics GD 202.62 -1.14
GeneralElec GE 20.12 -0.09
GeneralMills GIS 52.24 1.27
GeneralMotors GM 42.11 0.41
Genpact
G
31.20 1.00
GenuineParts GPC 86.02 -0.41
Gildan
GIL 29.71 0.10
GlaxoSmithKline GSK 36.48 0.66
GlobalPayments GPN 101.65 -2.25
GoDaddy
GDDY 48.02 -0.59
Goldcorp
GG 13.27 0.07
GoldmanSachs GS 241.25 1.44
Graco
GGG 132.40 0.54
Grainger
GWW 208.13 2.95
GreatPlainsEner GXP 33.66 -0.05
GpoAvalAcciones AVAL 8.39 0.07
GpFinSantandMex BSMX 8.23 0.07
GrupoTelevisa TV 20.51 -0.18
GuidewireSoftware GWRE 80.82 0.74
HCA Healthcare HCA 78.86 0.94
HCP
HCP 26.99 -0.01
HDFC Bank HDB 95.59 0.96
HP
HPQ 21.42 0.04
HSBC
HSBC 48.35 0.30
Halliburton HAL 45.12 -0.15
Hanesbrands HBI 19.69 0.61
t HarleyDavidson HOG 45.51 0.73
Harris
HRS 141.29 1.92
HartfordFinl HIG 55.20 -0.14
HealthcareAmer HTA 30.59 0.16
Heico
HEI 90.82 -0.54
Heico A
HEI.A 77.25 -0.40
Helmerich&Payne HP 59.10 0.64
Herbalife
HLF 65.76 -0.50
Hershey
HSY 107.75 1.78
Hess
HES 47.08 -0.87
HewlettPackard HPE 13.54 -0.03
Hilton
HLT 72.90 0.29
s HollyFrontier HFC 42.32 -0.01
HomeDepot HD 164.05 0.39
s HondaMotor HMC 33.64 0.11
s Honeywell HON 146.86 -0.11
HormelFoods HRL 32.15 0.65
s DR Horton DHI 45.41 0.46
HostHotels HST 20.19 0.40
HuanengPower HNP 27.68 0.57
Hubbell
HUBB 123.58 -1.03
Humana
HUM 243.48-12.83
s HuntingtonIngalls HII 251.96 18.61
Huntsman HUN 31.55 -0.12
s HyattHotels H
69.79 0.26
ICICI Bank IBN 9.34 -0.04
ING Groep ING 18.29 0.14
Invesco
IVZ 35.69 0.08
IDEX
IEX 128.03 0.55
IllinoisToolWks ITW 157.65 -0.18
Infosys
INFY 14.92 0.07
Ingersoll-Rand IR
85.68 0.12
s Ingredion
INGR 131.96 1.53
ICE
ICE 65.99 0.41
InterContinentl IHG 56.95 0.36
IBM
IBM 151.57 0.22
IntlFlavors IFF 147.53 -2.46
IntlPaper
IP
55.28 0.03
t Interpublic IPG 18.62 0.08
InvitationHomes INVH 23.16 -0.04
IronMountain IRM 40.77 0.17
IsraelChemicals ICL
4.23 0.07
ItauUnibanco ITUB 13.05 0.48
JPMorganChase JPM 97.64 -1.11
JacobsEngineering JEC 61.12 0.19
JamesHardie JHX 14.65 -0.10
JanusHenderson JHG 34.65 0.06
J&J
JNJ 141.32 1.55
JohnsonControls JCI 41.00 0.01
s JonesLangLaSalle JLL 144.49 1.99
JuniperNetworks JNPR 24.79 0.29
KAR Auction KAR 49.18 0.16
KB Fin
KB 51.83 0.23
KKR
KKR 19.76 -0.23
KT
KT 14.17 0.07
KSCitySouthern KSU 105.74 -0.32
Kellogg
K
62.82 1.98
KeyCorp
KEY 17.93 -0.17
KeysightTechs KEYS 45.39 -0.02
KilroyRealty KRC 74.19 0.17
KimberlyClark KMB 113.23 1.30
KimcoRealty KIM 18.93 0.11
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
November 8, 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
1.035 1.020 1.300 0.270
1.185 1.130 1.185 0.420
1.300 1.260 1.300 0.535
4 weeks
13 weeks
26 weeks
0.00
0.50
0.25
1.50
0.00
0.50
0.50
1.50
0.00
0.50
0.25
1.50
1.15
U.S.
1.19
1.38
0.15
U.S. government rates
3.428 3.490 3.865 3.132
3.448 3.517 3.899 3.163
Other short-term rates
Week
Latest ago
1.75
1.75
1.75
1.00
1.1700
1.3125
1.0300
1.1600
1.1700
1.2000
1.3125
1.1600
1.1700
1.1900
0.3500
0.5625
0.2500
0.3000
0.3200
Federal funds
Effective rate
High
Low
Bid
Offer
1.1700
1.3125
1.0500
1.1600
1.1700
52-Week
high
low
Call money
3.00
3.00
3.00
2.25
1.32
1.14
1.32
0.62
Libor
1.24606 1.24333 1.24606 0.53644
1.40981 1.38483 1.40981 0.88650
Wednesday, November 8, 2017
NYSE highs - 123
25.40
AT&T Nts 2066 TBB
12.45
AberdeenGrChinaFd GCH
9.35
AberdeenJapanEqu JEQ
12.56
AberdeenSingapore SGF
145.00
Accenture
ACN
144.99
Albemarle
ALB
126.88
AlexandriaRealEst ARE
22.57
AllianzGIDivIncm ACV
63.15
Ameren
AEE
75.84
AEP
AEP
AmerTowerPfdB AMTpB 135.99
155.28
AmerTowerREIT AMT
90.49
AmerWaterWorks AWK
ApolloGlMgmtPfdA APOpA 26.45
36.60
AquaAmerica
WTR
12.75
Aquantia
AQ
AristaNetworks ANET 216.00
89.25
AtmosEnergy
ATO
65.86
BkNovaScotia
BNS
267.80
Bio-RadLab A
BIO
14.26
BlkRkCB Tr
BHK
Boeing
267.62
BA
91.75
BroadridgeFinl
BR
49.17
CMS Energy
CMS
13.21
CVR Refining
CVRR
51.52
CalAtlantic
CAA
39.15
Canon
CAJ
26.37
ChimeraInvPfdA CIMpA
21.76
ChinaFund
CHN
ColonyNorthPfdJ CLNSpJ 25.61
CLSelPrTechGrFd STK
24.35
54.22
ConocoPhillips
COP
88.08
ConEd
ED
32.33
Corning
GLW
CostamarePfdD CMREpD 26.89
CrownCastlePfdA CCIpA 1151.02
114.97
CrownCastle
CCI
29.37
CubeSmart
CUBE
60.74
DCT Industrial
DCT
DXC Tech
99.00
DXC
93.36
Danaher
DHR
89.68
DukeEnergy
DUK
EPAM Systems EPAM 103.44
12.30
Ecopetrol
EC
70.40
EquityResdntl
EQR
65.01
EversourceEner ES
195.77
FactSet
FDS
154.84
FairIsaac
FICO
5.03
FangHoldings
SFUN
31.91
FirstIndRlty
FR
16.34
FlahertyPfdIncm PFD
38.06
Fortis
FTS
26.25
FourCornersProp FCPT
GlbNetLeasePfdA GNLpA 25.29
64.88
GreenDot
GDOT
21.59
GuggStratOpps GOF
44.90
HFF
HF
55.03
Haemonetic
HAE
107.13
HanoverIns
THG
57.64
HercHoldings
HRI
42.49
HollyFrontier
HFC
33.75
HondaMotor
HMC
147.51
Honeywell
HON
45.78
DR Horton
DHI
253.44
HuntingtonIngalls HII
HyattHotels
70.59
H
IDACORP
95.25
IDA
132.20
Ingredion
INGR
106.95
Insperity
NSP
56.58
InterXion
INXN
0.2
-0.1
0.8
0.2
1.0
1.0
0.1
-0.7
-0.3
0.4
1.3
1.4
0.3
-0.2
0.8
-4.4
2.2
0.8
0.4
1.6
0.1
-0.2
3.6
0.4
1.2
3.4
1.5
1.8
1.4
-0.1
1.0
0.1
0.2
-0.1
0.5
1.4
2.0
1.5
0.5
4.6
...
-0.1
2.2
-3.2
1.2
0.2
2.1
1.4
1.8
0.1
0.8
0.1
1.1
0.1
15.7
0.3
1.4
5.3
-0.3
15.2
...
0.3
-0.1
1.0
8.0
0.4
0.5
1.2
3.4
0.7
-0.405
-0.381
-0.322
-0.238
Latest
-0.371
-0.329
-0.276
-0.187
Value
Traded
-0.366
-0.311
-0.210
-0.069
-0.375
-0.332
-0.276
-0.191
52-Week
High
Low
DTCC GCF Repo Index
1.159 25.302 1.366 0.244
1.180 116.070 1.506 0.257
Treasury
MBS
Open Implied
Settle Change Interest Rate
DTCC GCF Repo Index Futures
Treasury Nov
Treasury Dec
Treasury Jan
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.
Stock
-0.376
-0.325
-0.214
-0.075
98.840 unch. 8568 1.160
98.690 -0.005 2019 1.310
98.595 -0.005 450 1.405
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.
New Highs and Lows | WSJ.com/newhighs
52-Wk %
Sym Hi/Lo Chg Stock
-0.372
-0.329
-0.276
-0.191
One month
Three month
Six month
One year
Commercial paper (AA financial)
One month
Three month
Discount
-0.399
-0.378
-0.322
-0.233
Euro interbank offered rate (Euribor)
90 days
Overnight repurchase
-0.400
-0.378
-0.314
-0.236
30-year mortgage yields
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
0.00
0.50
0.50
1.50
Euro Libor
Fannie Mae
Policy Rates
Euro zone
Switzerland
Britain
Australia
1.60162 1.57979 1.60162 1.24267
1.87317 1.85594 1.87317 1.55622
Six month
One year
One month
Three month
Six month
One year
Secondary market
30 days
60 days
Prime rates
U.S.
Canada
Japan
Treasury bill auction
52-Wk %
Sym Hi/Lo Chg Stock
Invacare
IVC
JapanSmlCap
JOF
JonesLangLaSalle JLL
KenonHoldings KEN
Kyocera
KYO
LINE
LN
Lennar B
LEN.B
LibertyProperty LPT
LiveNationEnt
LYV
LomaNegra
LOMA
MarathonPetrol MPC
Marcus&Millichap MMI
McDonalds
MCD
Medifast
MED
NewRelic
NEWR
PembinaPipeline PBA
Penumbra
PEN
PlanetFitness
PLNT
PortlandGenElec POR
Praxair
PX
Primerica
PRI
PulteGroup
PHM
QTS Realty
QTS
Rayonier
RYN
RedHat
RHT
StoreCapital
STOR
Salesforce.com CRM
SempraEnergy SRE
SolarisOilfield
SOI
Sony
SNE
Statoil
STO
SuncorEnergy
SU
TE Connectivity TEL
TaiwanFund
TWN
TaroPharm
TARO
TeledyneTech
TDY
Teradyne
TER
ToyotaMotor
TM
TysonFoods
TSN
Visa
V
VersumMaterials VSM
VMware
VMW
Vonage
VG
W.P.Carey
WPC
Wal-Mart
WMT
Watsco
WSO
WestlakeChem WLK
Weyerhaeuser
WY
Workiva
WK
WW Ent
WWE
YumBrands
YUM
ZTO Express
ZTO
Zendesk
ZEN
16.95
13.39
146.96
19.55
71.72
44.16
50.05
44.88
45.72
22.33
63.41
30.98
170.92
71.73
54.79
36.30
114.60
30.20
48.67
150.05
99.95
30.99
60.54
31.47
124.45
26.35
105.25
121.38
18.42
47.59
20.92
36.32
93.75
21.93
128.46
185.66
44.04
128.11
74.04
112.91
42.74
121.49
9.04
71.73
90.42
167.94
94.08
36.48
23.70
27.41
81.65
17.51
35.89
21.1
0.3
1.4
3.9
0.9
2.9
2.6
0.7
...
4.8
0.2
5.4
-0.4
14.8
5.2
1.2
9.4
17.4
-0.1
0.7
12.5
1.5
1.2
0.2
1.6
...
2.2
0.4
-3.3
3.2
0.4
0.1
0.5
0.4
14.6
0.7
0.8
0.4
1.2
0.3
1.0
0.1
1.5
0.1
1.5
-1.2
2.5
1.2
1.1
0.6
0.1
1.6
4.1
NYSE lows - 85
AZZ
AZZ
AdvanceAuto
AAP
AegeanMarine
ANW
AlaskaAir
ALK
AmericanRenal ARA
AmplifySnack
BETR
AnixterIntl
AXE
Barnes&NobleEduc BNED
BlkRk2022GlbIncm BGIO
Build-A-Bear
BBW
CBL Assoc
CBL
CBL AssocPfdE CBLpE
CNX Coal
CNXC
Cabco JCP PFH PFH
Corts JC KTP
KTP
CustomersBancorp CUBI
DaVita
DVA
44.70
78.81
3.26
61.36
10.32
4.78
64.35
4.99
9.85
7.25
5.46
22.15
13.25
11.00
11.06
25.39
52.51
52-Wk %
Sym Hi/Lo Chg
DeanFoods
DF
elfBeauty
ELF
EXCO Res
XCO
EastmanKodakWt KODK.WS
EtnVncFR2022 EFL
EldoradoGold
EGO
EllingtonFin
EFC
Energizer
ENR
EntercomCommsWi ETMw
EnvisionHlthcr
EVHC
EthanAllen
ETH
Evertec
EVTC
FT SrFR2022
FIV
FlotekIndustries FTK
FootLocker
FL
GNC Holdings
GNC
GabelliGlbSmRt GGZr
GameStop
GME
GenesisHealthcare GEN
GranitePointMtg GPMT
HarleyDavidson HOG
HighlandFROpps HFRO
Interpublic
IPG
Intrexon
XON
LSC Comm
LKSD
LendingClub
LC
Mack-Cali
CLI
MedEquitiesRlty MRT
MedleyMgmt
MDLY
Netshoes
NETS
NewIrelandFundRt IRLr
NewYorkREIT
NYRT
Nordstrom
JWN
NuSTAREnergy NS
OFGBancorp
OFG
Omnicom
OMC
Owens&Minor
OMI
PHH
PHH
PQ Group
PQG
PandoraMedia
P
PitneyBowes
PBI
PitneyBowesNt43 PBIpB
PrestigeBrands PBH
QwestNts2054 CTV
Qwest7%Nts2056 CTAA
QwestNts2055 CTZ
QwestNts2052 CTX
QwestNts2057 CTDD
RR Donnelley
RRD
RiteAid
RAD
RubiconProject RUBI
SallyBeauty
SBH
Sprint
S
StandardMotor SMP
Telephone&Data TDS
TimeInc.
TIME
TownsquareMedia TSQ
US Cellular
USM
Universal
UVV
UniversalHealthB UHS
Veritiv
VRTV
VistaOutdoor
VSTO
VitaminShoppe VSI
VoyaPrimeRate PPR
WesternGasEquity WGP
WideOpenWest WOW
WorldFuelSvcs INT
XeriumTech
XRM
-0.9
...
-7.2
-0.2
-5.6
-15.1
-2.3
0.4
-0.6
-1.3
-2.3
-2.8
-2.5
-0.4
-1.0
-2.4 ALPS EqSecWgh EQL
-7.8 AGFiQ US NeutrMom MOM
9.01
18.52
0.77
0.02
9.64
1.19
14.76
40.64
10.45
24.77
26.45
13.55
9.18
4.14
28.42
5.61
0.26
16.98
0.87
17.02
44.52
15.36
18.46
15.40
13.74
4.20
21.18
10.06
5.50
9.02
0.24
7.25
37.79
31.23
7.85
65.32
18.59
11.13
15.35
4.83
10.57
24.73
41.45
23.76
23.79
22.76
23.85
23.08
7.49
1.51
1.81
14.22
5.62
40.81
24.57
9.90
7.93
32.59
52.35
99.56
20.35
17.86
2.95
5.06
37.41
12.12
26.80
3.95
6.2
-6.9
-35.1
-47.9
-1.4
-0.8
0.3
2.3
-0.4
-3.6
-0.2
1.1
-1.4
-16.1
2.2
-5.1
-8.6
0.5
-10.6
-0.7
1.6
-1.6
0.4
1.5
-2.3
-15.9
-6.4
-11.7
4.5
-4.1
3.7
0.3
...
-1.7
-1.3
0.1
-1.0
-2.9
2.6
-1.8
1.3
0.2
-2.3
-3.0
-3.2
-4.3
-2.4
-4.6
2.1
-0.7
4.2
-6.7
4.2
-0.9
-6.7
-6.1
-11.3
-6.2
-7.6
-0.3
-9.7
-1.1
-19.8
-0.4
-1.5
-0.7
-2.3
-2.7
NYSE Arca highs - 149
67.89
24.93
0.2
1.2
52-Wk %
Sym Hi/Lo Chg Stock
ColumbiaSustGlb ESGW
CS FI LC Grwth FLGE
DirexJapanBl3
JPNL
DirexSemiBl3
SOXL
DirexTechBull3
TECL
DirexUtilBl3X
UTSL
EmgMktInternetEcom EMQQ
ETFMG VideoGame GAMR
ETFS PlldmShr PALL
FidelityLowVol
FDLO
FidelityMSCIIT
FTEC
FidelityRealEst FREL
FidelityMSCIUtils FUTY
FT TechAlphaDEX FXL
FlexShCurrHdDM TLDH
FlexShMDevMktxUS TLTD
FrankFTSECanada FLCA
FrankFTSEJapan FLJP
FrankFTSEJapanHdg FLJH
FrankFTSEMexico FLMX
FrankIntlOpps
FLIO
FrankUSLowVol FLLV
FranklinGlbEquity FLQG
GlbXLithium&Batt LIT
GlbXSciBetaAsiaXJ SCIX
GlbXSciBetaJapan SCIJ
GSActiveBetaIntlEq GSIE
GSActiveBetaJapan GSJY
GSActiveBetaUSLC GSLC
GuggChinaTech CQQQ
GuggDefEqty
DEF
GuggS&P500EWTech RYT
GuggS&P500PureGr RPG
GuggInsider
NFO
GuggS&P500EWRlEst EWRE
GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
HullTacticalUS
HTUS
IQ HedMacrTrac MCRO
IQHedgeMktNeut QMN
iPathGEMSAsia8ETN AYT
iShCoreDivGrowth DGRO
iShMSCIIntlDev IDEV
iShCoreMSCIPacific IPAC
iShCurrHdgNikk400 HJPX
iShCurHdgMSCIUS HAWX
iShCurHdgMSCIEAFE HSCZ
iShCurrHdMSCIJapan HEWJ
iShU.S.RealEstate IYR
iShU.S.Technology IYW
iShEdgeMSCIIntVal IVLU
iShEdgeMSCIMinJapn JPMV
iShEdgeMSCIMultif ACWF
iShEdgeMSCIMultUSA LRGF
iShGlobal100
IOO
iShJPX-Nikkei400 JPXN
iShACWILowCarbon CRBN
iShMSCIBRICETF BKF
iShMSCICanadaETF EWC
iShMSCIJapanETF EWJ
iShMSCIJapanSC SCJ
iShMSCIPacificxJp EPP
iShMSCISingapore EWS
iShMSCIWorldETF URTH
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShRussell1000Gwth IWF
iShRussellTop200Gr IWY
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShNorthAmerTech IGM
HancockLC
JHML
HancockUtils
JHMU
JPM DivRetGlEq JPGE
JPM DivRetIntl JPIH
JPM DivRetIntlEq JPIN
KnowldgLdrDevWrld KLDW
OShFTSEAsiaPacQlty OASI
PwrShUsRealEst PSR
PwrShDBEnergy DBE
PwrShDynLC Grwth PWB
PwrShFTSERAFIDevMk PDN
PwrShS&PEM Mom EEMO
Stock
Net
Sym Close Chg
KinderMorgan KMI 18.00 -0.04
Knight-Swift KNX 38.91 0.33
Kohl's
KSS 40.79 0.10
KoninklijkePhil PHG 40.22 -0.66
KoreaElcPwr KEP 17.27 -0.05
Kroger
KR 21.85 0.54
s Kyocera
KYO 71.72 0.64
LATAMAirlines LTM 13.46 0.21
L Brands
LB 47.38 0.44
LG Display LPL 13.07 -0.02
s LINE
LN 43.86 1.24
L3 Tech
LLL 187.05 0.95
LabCpAm LH 151.79 -0.60
LambWeston LW 52.39 0.73
LasVegasSands LVS 67.90 0.56
Lazard
LAZ 47.44 1.05
Lear
LEA 174.90 0.46
Leggett&Platt LEG 45.72 -0.22
Leidos
LDOS 62.22 -0.36
Lennar A
LEN 58.56 2.08
s Lennar B
LEN.B 49.91 1.25
LennoxIntl LII 193.20 1.55
LeucadiaNatl LUK 26.03 0.15
s LibertyProperty LPT 44.75 0.33
EliLilly
LLY 84.01 0.73
LincolnNational LNC 75.33 -0.07
LionsGate A LGF.A 29.09 -0.07
LionsGate B LGF.B 28.40 0.02
s LiveNationEnt LYV 45.45
...
LloydsBanking LYG 3.58 -0.01
LockheedMartin LMT 315.64 2.35
Loews
L
49.58 0.09
Lowe's
LOW 78.09 0.46
LyondellBasell LYB 105.86 -0.06
M&T Bank MTB 161.21 -1.67
MGM Resorts MGM 33.06 1.60
MPLX
MPLX 35.17
...
MSCI
MSCI 127.10 1.12
Macerich
MAC 58.84 0.08
MacquarieInfr MIC 67.98 -0.47
MagellanMid MMP 68.60 -0.75
MagnaIntl MGA 53.40 -0.89
Manpower MAN 125.54 0.44
ManulifeFin MFC 20.67 -0.09
MarathonOil MRO 15.75 -0.41
s MarathonPetrol MPC 63.22 0.11
Markel
MKL 1073.60 -8.88
Marsh&McLennan MMC 82.43 -0.03
MartinMarietta MLM 213.20 3.16
Masco
MAS 39.13 0.05
Mastercard MA 149.97
...
McCormick MKC 96.43 1.25
s McDonalds MCD 170.10 -0.67
McKesson MCK 140.36 3.43
Medtronic MDT 77.81 -0.20
Merck
MRK 56.58 0.99
MetLife
MET 53.02 -0.38
MettlerToledo MTD623.72 -0.86
MichaelKors KORS 53.95 -0.69
MicroFocus MFGP 34.97 0.39
MidAmApt MAA 105.61 0.58
MitsubishiUFJ MTU 6.68 -0.02
MizuhoFin MFG 3.62
...
MobileTeleSys MBT 11.08 -0.22
MohawkIndustries MHK 263.48 2.56
MolsonCoors A TAP.A 83.20 -2.65
MolsonCoors B TAP 79.63 0.75
Monsanto MON117.38 -2.16
Moody's
MCO 144.93 1.16
MorganStanley MS 49.04 -0.35
Mosaic
MOS 22.64 0.08
MotorolaSolutions MSI 92.66 0.55
NRG Energy NRG 28.02 -0.40
NTTDoCoMo DCM 24.79 0.12
NVR
NVR 3295.47 51.28
NationalGrid NGG 61.85 0.36
NatlOilwell NOV 35.02 -0.08
NatlRetailProp NNN 41.70 0.10
NewOrientalEduc EDU 87.14 -0.37
NY CmntyBcp NYCB 12.05 -0.14
NewellBrands NWL 31.41 0.76
NewfieldExpln NFX 32.28 -0.58
NewmontMining NEM 36.31 0.27
NextEraEnergy NEE 154.92 -0.57
NielsenHoldings NLSN 37.54 -0.46
Nike
NKE 55.76 0.61
NiSource
NI
27.52 0.05
NobleEnergy NBL 28.43 -0.48
Nokia
NOK 5.05
...
NomuraHoldings NMR 5.97 0.13
t Nordstrom JWN 38.30 -0.01
NorfolkSouthern NSC 129.33 -0.12
NorthropGrumman NOC 303.30 -0.01
Novartis
NVS 82.94 0.55
NovoNordisk NVO 50.27 0.56
Nucor
NUE 57.70 0.01
t NuSTAREnergy NS 31.52 -0.54
OGE Energy OGE 35.73 -0.11
ONEOK
OKE 53.10 -0.07
OccidentalPetrol OXY 68.17 -0.58
Och-Ziff
OZM 3.12 -0.10
Olin
OLN 36.77 0.83
t Omnicom OMC 65.60 0.08
Oracle
ORCL 50.54 0.05
Orange
ORAN 16.59 0.05
OrbitalATK OA 132.93 -0.02
Orix
IX
87.37 0.12
Oshkosh
OSK 85.05 -2.24
OwensCorning OC 82.45 0.23
PG&E
PCG 55.83 -0.47
PLDT
PHI 32.88 -0.06
PNC Fin
PNC 133.29 -0.80
POSCO
PKX 71.84 -0.26
PPG Ind
PPG 116.12 -0.22
PPL
PPL 36.92 -0.29
PVH
PVH 123.57 0.83
PackagingCpAm PKG 111.41 0.06
PaloAltoNtwks PANW 148.46 1.77
ParkHotels PK 29.29 0.04
ParkerHannifin PH 184.87 -0.60
ParsleyEnergy PE 27.10 -1.30
Pearson
PSO 9.10 -0.02
s PembinaPipeline PBA 36.27 0.44
Net
Sym Close Chg
Stock
Pentair
PNR 69.17
PepsiCo
PEP 112.00
PerkinElmer PKI 71.48
Perrigo
PRGO 81.20
PetroChina PTR 71.00
PetroleoBrasil PBR 10.91
PetroleoBrasilA PBR.A 10.42
Pfizer
PFE 35.34
PhilipMorris PM 103.09
Phillips66 PSX 94.55
PinnacleFoods PF 54.24
PinnacleWest PNW 89.79
PioneerNatRscs PXD 159.57
PlainsAllAmPipe PAA 21.27
PlainsGP
PAGP 21.73
PolarisIndustries PII 116.68
Potash
POT 19.14
s Praxair
PX 149.97
PrincipalFin PFG 68.49
Procter&Gamble PG 87.58
Progressive PGR 50.55
Prologis
PLD 66.72
PrudentialFin PRU 112.44
Prudential PUK 48.23
PublicServiceEnt PEG 50.20
PublicStorage PSA 213.19
s PulteGroup PHM 30.91
QuestDiag DGX 93.15
QuintilesIMS Q
104.72
RELX
RENX 22.34
RELX
RELX 23.09
RPM
RPM 52.03
RSP Permian RSPP 36.53
RalphLauren RL 85.43
RaymondJames RJF 84.17
Raytheon RTN 187.83
RealtyIncome O
56.17
s RedHat
RHT 123.92
RegencyCtrs REG 65.76
RegionsFin RF 15.36
ReinsuranceGrp RGA 150.70
RelianceSteel RS 77.19
RepublicServices RSG 63.88
ResMed
RMD 82.19
RestaurantBrands QSR 65.51
RiceEnergy RICE 29.13
RioTinto
RIO 50.50
RobertHalf RHI 52.74
Rockwell
ROK 193.78
RockwellCollins COL 134.55
RogersComm B RCI 52.34
Rollins
ROL 45.24
RoperTech ROP 259.26
RoyalBkCanada RY 79.42
RoyalBkScotland RBS 7.31
RoyalCaribbean RCL 128.92
RoyalDutchA RDS.A 64.35
RoyalDutchB RDS.B 66.06
SAP
SAP 114.60
S&P Global SPGI 160.06
SINOPECShanghai SHI 59.88
SK Telecom SKM 25.59
SLGreenRealty SLG 97.04
s Salesforce.com CRM 105.03
Sanofi
SNY 45.88
SantanderConUSA SC 16.42
Sasol
SSL 30.48
Scana
SCG 43.23
Schlumberger SLB 67.06
SchwabC
SCHW 44.28
ScottsMiracleGro SMG 98.87
SealedAir SEE 44.80
SemicondctrMfg SMI 8.47
s SempraEnergy SRE 121.03
SensataTech ST 48.56
ServiceCorp SCI 35.55
ServiceMaster SERV 46.82
ServiceNow NOW 127.62
ShawComm B SJR 22.50
SherwinWilliams SHW 395.51
ShinhanFin SHG 43.95
Shopify
SHOP 99.40
SimonProperty SPG 157.03
SmithAO
AOS 59.57
Smith&Nephew SNN 36.73
Smucker
SJM 103.38
Snap
SNAP 12.91
SnapOn
SNA 157.33
SOQUIMICH SQM 59.82
s Sony
SNE 47.47
Southern
SO 51.77
SoCopper SCCO 44.39
SouthwestAirlines LUV 54.01
SpectraEnerPtrs SEP 41.64
SpectrumBrands SPB 104.20
SpiritAeroSys SPR 82.38
t Sprint
S
5.99
Square
SQ 36.71
StanleyBlackDck SWK 165.72
StateStreet STT 91.13
s Statoil
STO 20.85
Steris
STE 87.69
STMicroelec STM 24.68
Stryker
SYK 156.46
SumitomoMits SMFG 8.00
SunCommunities SUI 93.16
SunLifeFinancial SLF 38.83
s SuncorEnergy SU 36.07
SunTrustBanks STI 57.61
SynchronyFin SYF 32.07
Syngenta SYT 92.29
Sysco
SYY 53.98
TAL Education TAL 30.36
s TE Connectivity TEL 93.70
Telus
TU 37.09
TIM Part
TSU 18.30
TJX
TJX 67.98
TaiwanSemi TSM 42.43
Tapestry
TPR 40.08
TargaResources TRGP 43.67
Target
TGT 58.37
TataMotors TTM 33.69
TechnipFMC FTI 29.14
0.23
1.53
0.35
0.50
-0.79
0.30
0.27
-0.02
0.07
-0.02
0.58
0.07
-2.10
-0.20
-0.30
2.12
-0.03
1.02
-0.62
0.60
0.06
0.19
0.50
-0.17
0.25
1.70
0.47
0.49
-3.47
0.07
0.03
-0.17
-0.29
0.43
0.14
1.03
-0.05
2.00
0.50
-0.11
-0.34
0.31
-0.26
0.05
-0.02
0.48
0.61
0.31
-7.05
-0.43
0.09
-0.13
-1.09
0.11
0.01
-0.31
-0.19
-0.41
0.38
0.99
0.94
0.09
0.58
2.31
0.30
-0.20
0.04
-1.30
0.63
0.13
-3.55
1.19
-0.17
0.51
0.46
-0.59
-0.44
2.09
-0.12
1.50
-0.83
-0.31
-2.02
0.07
-0.35
1.61
-2.21
-1.22
-0.01
1.46
0.05
0.37
0.14
-1.05
0.35
-0.12
0.24
-0.05
0.52
0.85
0.09
0.38
0.27
0.24
0.06
0.21
-0.32
0.02
-0.47
-0.29
-0.01
1.39
...
0.47
0.32
0.78
-0.01
-0.08
-1.85
-0.62
0.48
0.27
-0.15
Net
Sym Close Chg
Stock
TeckRscsB TECK 21.84
TelecomArgentina TEO 34.16
TelecomItalia TI
8.47
TelecomItalia A TI.A 6.88
s TeledyneTech TDY 185.50
Teleflex
TFX 259.59
TelefonicaBras VIV 15.25
Telefonica TEF 10.06
TelekmIndonesia TLK 30.03
Tenaris
TS 29.89
s Teradyne
TER 43.89
TevaPharm TEVA 11.83
Textron
TXT 54.85
ThermoFisherSci TMO 193.86
ThomsonReuters TRI 44.27
ThorIndustries THO 130.24
3M
MMM 229.83
Tiffany
TIF 90.87
TimeWarner TWX 88.50
Toll Bros
TOL 46.03
Torchmark TMK 85.24
Toro
TTC 62.92
TorontoDomBk TD 57.60
Total
TOT 56.71
TotalSystem TSS 71.99
s ToyotaMotor TM 127.98
TransCanada TRP 48.62
TransDigm TDG 284.97
TransUnion TRU 53.60
Travelers
TRV 133.52
TurkcellIletism TKC 9.16
TurquoiseHill TRQ 3.16
Twitter
TWTR 19.59
TylerTech TYL 172.68
s TysonFoods TSN 74.00
UBS Group UBS 16.95
UDR
UDR 40.05
UGI
UGI 48.03
US Foods USFD 26.67
UltraparPart UGP 23.72
Unilever
UN 57.47
Unilever
UL 56.21
UnionPacific UNP 117.80
UnitedContinental UAL 58.92
UnitedMicro UMC 2.55
UPS B
UPS 113.13
UnitedRentals URI 148.74
US Bancorp USB 52.68
US Steel
X
27.27
UnitedTech UTX 120.28
UnitedHealth UNH 210.77
t UniversalHealthB UHS 100.74
UnumGroup UNM 52.64
VEREIT
VER 8.11
VF
VFC 69.49
s Visa
V
112.47
VailResorts MTN 234.89
Vale
VALE 10.39
ValeroEnergy VLO 81.67
Vantiv
VNTV 68.44
VarianMed VAR 107.60
Vedanta
VEDL 20.17
VeevaSystems VEEV 61.88
Ventas
VTR 64.65
Verizon
VZ 45.46
VistraEnergy VST 18.88
s VMware
VMW 120.55
VornadoRealty VNO 74.24
VoyaFinancial VOYA 41.56
VulcanMaterials VMC 123.90
WABCO
WBC 148.15
WEC Energy WEC 68.17
s W.P.Carey WPC 71.32
Wabtec
WAB 77.04
s Wal-Mart WMT 90.26
WasteConnections WCN 68.97
WasteMgt WM 81.84
Waters
WAT 196.18
s Watsco
WSO 165.52
WellCareHealth WCG 202.85
WellsFargo WFC 54.26
Welltower HCN 68.75
WestPharmSvcs WST 101.24
WestarEnergy WR 54.68
WestAllianceBcp WAL 54.62
t WesternGasEquity WGP 37.49
WesternGasPtrs WES 46.56
WesternUnion WU 19.75
s WestlakeChem WLK 93.95
WestpacBanking WBK 25.04
WestRock WRK 59.34
s Weyerhaeuser WY 36.41
WheatonPrecMetals WPM 21.16
Whirlpool WHR 162.77
Williams
WMB 28.38
WilliamsPartners WPZ 36.52
Wipro
WIT 5.09
WooriBank WF 41.69
Wyndham WYN 109.09
XPO Logistics XPO 73.55
XcelEnergy XEL 50.25
Xerox
XRX 29.37
Xylem
XYL 66.55
YPF
YPF 24.81
s YumBrands YUM 81.13
YumChina YUMC 41.05
s ZTO Express ZTO 17.39
ZayoGroup ZAYO 34.38
ZimmerBiomet ZBH 109.17
Zoetis
ZTS 69.51
NASDAQ
AGNC Invt AGNC 19.73
Ansys
ANSS 151.48
ASML
ASML 181.51
Abiomed
ABMD 196.97
ActivisionBliz ATVI 64.55
s AdobeSystems ADBE 184.06
AdvMicroDevices AMD 11.71
AkamaiTech AKAM 53.76
AlexionPharm ALXN 115.39
s AlignTech ALGN 252.74
Alkermes ALKS 48.03
Dividend Changes
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Increased
Automatic Data
Core-Mark Holding
Emerson Electric
Huntington Ingalls Inds
Ladder Capital Cl A
Lexington Realty Trust
MainSource Fincl Group
NACCO Industries Cl A
Nelnet A
Sanchez Midstream Ptrs
Universal Corp
ADP
CORE
EMR
HII
LADR
LXP
MSFG
NC
NNI
SNMP
UVV
2.2
1.4
3.1
1.1
9.2
6.8
2.0
1.5
1.2
14.2
4.0
.63 /.57
.10 /.09
.485 /.48
.72 /.60
.315 /.30
.1775 /.175
.18 /.17
.165 /.06225
.16 /.14
.4508 /.4441
.55 /.54
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Q
Jan01 /Dec08
Dec22 /Nov28
Dec11 /Nov17
Dec08 /Nov24
Jan03 /Dec11
Jan16 /Dec29
Dec15 /Dec05
Dec15 /Dec01
Dec15 /Dec01
Nov30 /Nov20
Feb05 /Jan08
ABDC
CHKR
13.1 .25 /.34 Q
12.1 .0657 /.1003 Q
Jan04 /Dec29
Nov30 /Nov20
Reduced
Alcentra Capital
Chesapeake Granite Wash
Funds and investment companies
CS X-Links Gold
Harvest Capital Credit
52-Wk %
Sym Hi/Lo Chg Stock
30.62 0.3 PwrShS&PIntlDev IDHQ
216.28 0.8 PwrShRussMCGrw PXMG
77.61 1.6 PwrShRussTop200 EQWL
164.55 1.0 PwrShRussTop200G PXLG
113.04 1.6 PwrShS&P500Down PHDG
32.12 2.1 PwrShS&P500LoVol SPLV
38.18 0.4 PwrShS&P500xRate XRLV
47.36 2.3 ProShS&P500xEner SPXE
97.17 1.9 ProShS&P500xFin SPXN
29.62 0.3 ProShrUltraJapan EZJ
50.46 0.5 ProShrUltraQQQ QLD
URE
25.16 0.3 ProShrUltraRE
USD
36.28
... ProShrUlSemi
ROM
52.31 1.3 ProShrUlTech
ProShrUltraUtil
UPW
29.70 1.0
68.53 0.5 RealEstSectorSPDR XLRE
25.18 0.3 SPDRMSCIACWIIMI ACIM
26.43 1.0 SPDRMSCIJapanStrat QJPN
26.39 0.8 SPDRMSCIWorldStrat QWLD
25.27 0.4 SPDR NYSE Tech XNTK
29.67 0.5 SPDRS&P500Growth SPYG
29.48 0.4 SPDRSSgAGlbAll GAL
30.08 0.4 SchwabFundIntLrgCo FNDF
40.79 1.7 SchwabFundIntlSmCo FNDC
26.47 0.6 SchwabIntEquity SCHF
SCHD
32.66 0.6 SchwabUS Div
29.56 0.4 SchwabUS LC Grw SCHG
33.64 0.8 SPDR MSCI exUS CWI
GWX
51.54 0.3 SPDR IntlSC
63.28 1.2 SPDR S&P Semi XSD
45.59 0.4 SprottPhysPlatinum SPPP
TechSelectSector
XLK
144.06 0.6
104.26 0.3 UBS FIEnhLCGrw FBGX
USBrentOilFd
BNO
60.95 0.4
28.41 0.9 VanEckAMTFrLgMun MLN
184.37 0.1 VanEckGaming BJK
35.43 0.3 VanEckRareEarth REMX
28.35 0.3 VanEckSemiconduc SMH
26.57 0.1 VanEckUranium NLR
VGT
25.63
... VangdInfoTech
43.74 4.3 VangdFTSEDevMk VEA
33.47 0.2 VangdFTSE Pac VPL
57.68 0.3 VangdFTSEAWxUS VEU
VangdGrowth
VUG
59.94 0.6
VangdMegaGrwth MGK
30.79 1.7
VangdMCGrowth VOT
27.21 0.4
VangdS&P500 Grw VOOG
30.95 0.2
WBITacticalLCGD WBIE
33.69 0.5
WisdTrAPxJp
AXJL
82.59 0.7
WisdTrGlbXMexico XMX
164.72 0.5
WisdTrIntDivxFin DOO
26.20 0.6
WisdTrJpnCapGds DXJC
68.14 0.4
WisdTrJpnHdgQuDiv JHDG
30.21 0.5
WisdTrJapanHdg DXJ
31.15 0.3
WisdTrJpnHlthCare DXJH
91.99 0.5
WisdTrJapanSC DFJ
65.33 0.7 WisdTrUSExport
WEXP
115.58 0.3 XtrkrsFTSEDevXus DEEF
44.97 0.9 XtrkrsJpnJPXNik400 JPN
29.39 0.3 XtrkrsMSCIAllChina CN
60.15 0.6 XtrkrsMSCIAWxUS DBAW
78.12 0.7 XtrkrsMSCIEAFE DBEF
47.69 1.0 XtrkrsMSCIEM DBEM
25.82 0.7 XtrkrsMSCIJapan DBJP
86.48 0.3
155.88 0.2
153.31 0.3
131.48 0.4 AIPoweredEquity AIEQ
71.65 0.3 AGFiQ US Neutral SIZ
150.16 0.3 DBCrudeOilDblShrt DTO
156.23 0.5 DirexEMBdBull3X EMBU
169.41 0.5 DirexSemiBear3 SOXS
33.82 0.1 DirexTechBear3 TECS
29.19 1.4 FrankFTSEEurope FLEE
61.89 0.4 FrankFTSE UK
FLGB
30.54 0.4 GSAccessHYCorpBd GHYB
59.93 0.3 GuggBS2025HYCpBd BSJP
32.95 0.4 ProShShortQQQ PSQ
32.18 1.4 ProShShtRE
REK
83.17 0.8 ProShUltTelecom LTL
14.47 -0.3 ProShUlt3xShCrude OILD
40.59 0.1 ProShUltBloomCrd SCO
33.90 0.3 ProShrUS MSCI Jpn EWV
21.43 0.4 ProShUltShtQQQ QID
GLDI
HCAP
6.7
11.1
NYSE Arca lows - 24
.0501
.1125
M
M
52-Wk %
Sym Hi/Lo Chg Stock
24.23 1.2 ProShrUSRlEst SRS
40.79 1.1 ProShrUSTech
REW
51.26 0.1 ProShrUSUtil
SDP
44.86 0.7 UBSProSh3xInvCrd WTID
27.19 1.4 USAA USA SC Val USVM
47.08 0.3 US ShortOilFd
DNO
32.81 0.2 Velocity3xInvCrude DWT
54.21 0.5
52.77 0.4
130.50 2.0
ARNCp
72.25 0.8 ArconicPfd
CET
67.75 1.3 CentralSecs
GLV
134.39 0.5 CloughGlblDiv
90.46 0.9 CloughGlbEqFd GLQ
NEN
52.25 0.1 NE Realty
33.88 0.7 StoneEnergyWt SGY.WS
77.72 0.5
79.16 1.7
74.46 0.5
84.85 0.7 CanFiteBiopharm CANF
MCF
32.45 0.3 ContangoO&G
DXR
37.69 0.3 Daxor
30.57 0.3 IMPAC Mortgage IMH
PCGpB
35.78 0.4 PacGE pfB
34.32 0.4
48.90 0.3
68.82 0.3
38.88 0.4 AdobeSystems ADBE
AEGN
36.07 0.5 Aegion
ALGN
73.65 1.3 AlignTech
ALTR
9.09 1.8 AltairEngg
AMZN
64.02 0.5 Amazon.com
AAPL
215.57 1.0 Apple
TEAM
17.34 -0.4 Atlassian
20.35 0.2 BldrsAsia50ADS ADRA
CCMP
44.15 1.3 CabotMicro
CIFS
28.36 3.2 ChinaInternet
CDXC
104.40 0.2 ChromaDex
54.00
... CitiusPharmWt CTXRW
ClearBr
AC
Grw
CACG
166.24 0.6
CGNX
44.48 0.4 Cognex
COHR
72.83 0.8 Coherent
CVGI
54.15 0.4 CommVehicle
CSGP
138.22 0.4 CoStarGroup
CY
109.35 0.3 CypressSemi
DSGX
125.12 0.3 Descartes
EXAS
134.71 0.3 EXACT Sci
EBIX
25.11 0.7 Ebix
EQIX
69.60 0.6 Equinix
EsquireFinancial
ESQ
28.95 0.9
43.61 0.4 FT CapStrength FTCS
SKYY
29.29 0.5 FT CloudComp
29.60 0.9 FT DevMktsXUS FDTS
59.55 0.6 FT NasdTechDiv TDIV
36.38 0.4 FT JapanAlpha FJP
78.76 0.6 FT NasdCleanEdge QCLN
31.10 1.0 FT Nasd100Tech QTEC
29.54 0.4 FT NasdSmartphone FONE
29.53 0.8 FT NasdSemicon FTXL
37.75 0.1 FT RiverFrDynAP RFAP
FIVE
28.30 0.3 FiveBelow
FLL
32.33 0.3 FullHouse
GDS
24.41 0.3 GDSHoldings
GRVY
44.34 0.5 GRAVITY
GSV Capital
GSVC
GladstoneCommPfA GOODP
GladstoneInvt
GAIN
24.32 0.4 GlbX Robotics&AI BOTZ
HLG
19.57 -0.7 HailiangEduc
95.23 1.1 HalozymeTherap HALO
HLNE
25.23 -0.4 HamiltonLane
QYLD
14.54 -1.1 HorizNasd100
7.00 -1.3 IAC/InterActive IAC
IPGP
24.88 -0.4 IPG Photonics
ICCC
24.91 -0.3 Immucell
49.83 -0.2 InfinityPropCas IPCC
INGN
24.79 -0.3 Inogen
35.90 -0.4 IntegratedDevice IDTI
15.72 -0.6 IntuitiveSurgical ISRG
38.40 -1.8 iSectorsPostMPT PMPT
AIA
12.30 2.1 iShAsia50ETF
26.70 1.5 iShCommodSelStrat COMT
26.78 -1.5 iShCoreMSCITotInt IXUS
13.67 -0.9 iShCoreS&PUSGrowth IUSG
0.16
-0.45
-2.01
-0.24
3.59
3.18
-0.34
...
-2.03
6.28
0.33
AlnylamPharm ALNY 132.33 2.83
Alphabet C GOOG 1039.85 6.52
Alphabet A GOOGL 1058.29 5.90
Altaba
AABA 71.16 -1.06
s Amazon.com AMZN 1132.88 9.71
Amdocs
DOX 63.27 0.32
Amerco
UHAL 380.02 -0.13
AmericanAirlines AAL 46.37 -0.09
Amgen
AMGN 173.58 0.10
AnalogDevices ADI 92.00 0.10
s Apple
AAPL 176.24 1.43
AppliedMaterials AMAT 56.92 0.45
ArchCapital ACGL 95.45 -0.15
s Atlassian
TEAM 52.94 1.13
Autodesk ADSK 123.84 0.44
ADP
ADP 112.59 -0.16
Baidu
BIDU 241.18 -2.29
BankofOzarks OZRK 44.00 -0.73
Biogen
BIIB 312.58 -0.99
BioMarinPharm BMRN 82.81 -0.96
Bioverativ BIVV 54.14 0.73
bluebirdbio BLUE 146.70
...
BrighthouseFin BHF 56.29 -0.66
Broadcom AVGO 272.40 1.08
CA
CA 32.62 0.32
CDK Global CDK 63.61 0.35
CDW
CDW 67.85 -0.50
CH Robinson CHRW 80.63 0.13
CME Group CME 137.60 0.05
CSX
CSX 51.49 -0.33
CadenceDesign CDNS 44.07 -0.23
CaesarsEnt CZR 13.05 0.10
Carlyle
CG 21.50 -0.50
CboeGlobalMkts CBOE 113.42
...
Celgene
CELG 101.65 -0.68
CentennialRsc CDEV 20.03 -0.99
Cerner
CERN 66.28 0.36
CharterComms CHTR 337.90 -5.11
CheckPointSftw CHKP 105.36 0.37
ChinaLodging HTHT 127.80 -1.81
CincinnatiFin CINF 72.70 -0.17
Cintas
CTAS 149.61 1.74
CiscoSystems CSCO 34.50 0.10
CitrixSystems CTXS 85.91 1.43
s Cognex
CGNX 135.39 -0.62
CognizantTech CTSH 74.38 -0.27
s Coherent
COHR 297.24 31.77
Comcast A CMCSA 36.21 -0.18
CommerceBcshrs CBSH 55.46 -0.64
CommScope COMM 33.85 -0.06
Copart
CPRT 35.90 0.15
s CoStarGroup CSGP 300.70 1.34
Costco
COST 169.05 2.77
Ctrip.com CTRP 45.95 0.05
CyrusOne CONE 63.23 0.83
DISH Network DISH 48.73 -1.34
DentsplySirona XRAY 64.51 0.13
DiamondbackEner FANG 110.04 -1.76
DiscoveryComm A DISCA 17.10 -0.23
DiscoveryComm C DISCK 15.99 -0.22
DollarTree DLTR 93.90 0.28
E*TRADE ETFC 43.48 -0.14
s EXACT Sci EXAS 60.51 0.01
EastWestBancorp EWBC 57.33 -0.31
eBay
EBAY 37.01 -0.40
ElbitSystems ESLT 148.00 0.20
ElectronicArts EA 114.15 2.45
s Equinix
EQIX 492.98 4.92
Ericsson
ERIC 6.28 -0.20
ErieIndemnity A ERIE 122.04 -0.41
Exelixis
EXEL 26.40 -0.19
Expedia
EXPE 118.56 -1.05
ExpeditorsIntl EXPD 60.49 -1.55
ExpressScripts ESRX 61.30 0.70
F5Networks FFIV 121.34 1.21
Facebook
FB 179.56 -0.69
Fastenal
FAST 48.47 0.43
FifthThirdBncp FITB 28.30 -0.15
FirstSolar FSLR 61.79 0.83
Fiserv
FISV 128.82 1.85
Flex
FLEX 18.36 0.13
FlirSystems FLIR 46.99 -0.28
Fortinet
FTNT 39.91 0.82
Gaming&Leisure GLPI 37.20 0.24
Garmin
GRMN 59.65 0.44
GileadSciences GILD 73.10 -0.11
Goodyear GT 29.24 -0.35
Grifols
GRFS 23.01 -0.27
GpoFinGalicia GGAL 53.71 0.77
HD Supply HDS 36.12 -0.22
Hasbro
HAS 89.01 -0.88
t HenrySchein HSIC 70.00 -1.01
Hologic
HOLX 39.54 0.04
JBHunt
JBHT 104.36 -2.29
HuntingtonBcshs HBAN 13.29 -0.11
s IAC/InterActive IAC 130.84 2.20
IdexxLab
IDXX 150.07 -0.01
IHSMarkit INFO 43.93 0.50
INC Research INCR 57.50 -1.10
s IPG Photonics IPGP 221.79 0.36
IRSA Prop IRCP 58.00 1.65
IcahnEnterprises IEP 58.12 -0.38
Icon
ICLR 120.70 -0.69
Illumina
ILMN 211.20 -0.54
Incyte
INCY 104.98 -3.16
Intel
INTC 46.70 -0.08
InteractiveBrkrs IBKR 53.99 -0.10
Intuit
INTU 152.96 0.45
s IntuitiveSurgical ISRG 392.34 1.30
IonisPharma IONS 54.76 2.46
JD.com
JD 40.33 0.54
s JackHenry JKHY 113.86 1.30
JazzPharma JAZZ136.40 3.58
JetBlue
JBLU 18.80 -0.12
JunoTherap JUNO 54.96 -1.02
KLA Tencor KLAC 107.08 -0.42
KraftHeinz KHC 79.58 1.40
LKQ
LKQ 36.91 -0.06
s LamResearch LRCX 211.24 2.05
LamarAdvertising LAMR 76.95 -0.26
LibertyBroadbandC LBRDK 87.73 -1.78
LibertyBroadbandA LBRDA 87.09 -1.63
LibertyGlobal A LBTYA 29.80 -0.74
Company
Dividend announcements from November 8.
Company
0.37
1.51
-0.14
-0.17
1.25
-0.72
0.30
-0.05
-0.40
-0.37
0.36
0.14
0.57
0.65
-0.24
2.20
-0.22
-1.48
-6.16
0.68
0.06
0.21
0.12
-0.13
-0.01
0.52
-0.34
1.64
0.47
-0.20
-0.24
-0.01
-0.07
0.02
0.91
0.05
0.76
...
0.63
0.32
0.62
0.60
0.76
0.21
0.02
-0.82
1.19
-0.77
0.32
-0.47
-1.93
-0.31
-0.06
0.08
0.81
0.38
-0.85
0.07
-0.16
0.23
1.13
-0.45
0.61
0.32
-0.11
-0.07
0.12
0.27
-0.49
1.24
-0.92
-0.07
0.10
0.84
1.31
-0.17
0.21
-0.17
-2.09
0.45
-0.79
0.16
0.20
0.09
0.06
-0.59
-0.66
0.59
2.33
0.25
0.39
0.42
...
0.21
-0.39
-0.74
0.04
0.09
0.41
-0.03
0.22
0.78
-0.06
0.09
0.12
-0.15
0.28
-0.08
0.45
1.17
Net
Sym Close Chg
Stock
Nov27 /Nov21
Nov30 /Nov24
Symbol
Harvest Capital Credit
Harvest Capital Credit
IQ Enh Core Plus Bd US
IQ Enhanced Core Bd US
MS Income Secs
TCG BDC
TPG Specialty Lending
TPG Specialty Lending
HCAP
HCAP
AGGP
AGGE
ICB
CGBD
TSLX
TSLX
Net
Sym Close Chg
Stock
LibertyGlobal C LBTYK 28.83 -0.85
LibertyLiLAC A LILA 22.16 0.29
LibertyLiLAC C LILAK 21.96 0.20
LibertyQVC B QVCB 21.47 -0.72
LibertyQVC A QVCA 21.54 -0.01
LibertyVenturesA LVNTA 56.36 -1.08
LibertyFormOne C FWONK 37.55 -0.46
LibertyFormOne A FWONA 35.87 -0.52
LibertyBraves A BATRA 22.71 0.15
LibertyBraves C BATRK 22.84 0.12
LibertySirius C LSXMK 40.82 -0.35
LibertySirius A LSXMA 40.89 -0.25
LincolnElectric LECO 87.22 -1.03
LogitechIntl LOGI 36.17 -0.20
LogMeIn
LOGM 118.50 -3.20
lululemon LULU 61.64 1.40
MKS Instrum MKSI 107.85 1.30
MarketAxess MKTX 178.75 0.74
s Marriott
MAR119.98 -0.91
MarvellTech MRVL 20.15 0.02
s MatchGroup MTCH 29.59 2.69
s MaximIntProducts MXIM 55.33 0.62
MelcoResorts MLCO 25.22 0.21
MercadoLibre MELI 260.10 -5.53
MicrochipTech MCHP 92.81 1.37
MicronTech MU 44.09 0.14
Microsemi MSCC 54.03 0.08
Microsoft MSFT 84.56 0.29
t Middleby
MIDD 111.79 -7.26
Mondelez MDLZ 41.60 0.39
MonsterBeverage MNST 58.00 0.08
Mylan
MYL 37.24 0.57
NXP Semi NXPI116.34 -0.32
Nasdaq
NDAQ 72.74 0.72
NatlInstruments NATI 45.10 -0.12
s NetApp
NTAP 45.33 0.68
Netease
NTES 314.18 7.59
Netflix
NFLX 196.44 0.55
s Neurocrine NBIX 74.05 -0.48
NewsCorp B NWS 14.45 0.05
NewsCorp A NWSA 14.14 -0.01
Nordson
NDSN 126.00 -0.94
NorthernTrust NTRS 92.87 0.46
NorwegianCruise NCLH 55.56 0.20
NVIDIA
NVDA 209.16 -2.87
OReillyAuto ORLY 209.65 1.54
OldDomFreight ODFL 120.95 -0.27
ON Semi
ON 21.85 0.24
OpenText OTEX 33.40 -0.33
PTC
PTC 65.04 -0.09
Paccar
PCAR 70.52 0.04
PacWestBancorp PACW 45.44 -0.03
Paychex
PAYX 64.55 0.28
PayPal
PYPL 74.77 0.36
People'sUtdFin PBCT 17.95 -0.10
s PilgrimPride PPC 33.13 2.67
Priceline
PCLN1661.11 15.39
Qiagen
QGEN 31.74 1.06
s Qorvo
QRVO 80.82 2.36
Qualcomm QCOM 65.49 1.39
RandgoldRscs GOLD 91.42 0.27
RegenPharm REGN 415.17 10.78
RossStores ROST 63.87 -0.92
RoyalGold RGLD 89.21 0.16
Ryanair
RYAAY 111.65 -0.15
s SBA Comm SBAC 169.50 3.85
SEI Investments SEIC 65.11 -0.02
Sina
SINA107.61 4.61
SS&C Tech SSNC 40.73 0.13
SVB Fin
SIVB 209.56 -5.50
ScrippsNetworks SNI 78.85 -1.54
Seagate
STX 37.71 0.59
SeattleGenetics SGEN 57.87 -0.58
Shire
SHPG 141.31 -3.38
SignatureBank SBNY 124.41 -2.39
SiriusXM
SIRI 5.36 0.03
Skyworks SWKS 113.15 1.96
s Splunk
SPLK 71.16 3.16
Starbucks SBUX 57.91 0.69
SteelDynamics STLD 37.77 0.38
Stericycle SRCL 67.10 -0.06
Symantec SYMC 29.03 0.35
Synopsys SNPS 87.07 0.16
TD Ameritrade AMTD 48.63 0.14
t TESARO
TSRO 98.44-13.64
T-MobileUS TMUS 56.22 0.86
TRowePrice TROW 93.49 -0.27
s TakeTwoSoftware TTWO 117.65 11.26
Tesla
TSLA 304.39 -1.66
TexasInstruments TXN 98.44 0.04
TractorSupply TSCO 60.64 1.50
Trimble
TRMB 40.42 -0.06
21stCenturyFoxA FOXA 28.09 0.34
21stCenturyFoxB FOX 27.35 0.31
UltaBeauty ULTA 195.90 -2.11
UltimateSoftware ULTI 199.00 2.87
s UniversalDisplay OLED 168.70 1.13
VEON
VEON 3.81 0.03
VeriSign
VRSN 109.97 0.87
VeriskAnalytics VRSK 92.57 0.28
VertxPharm VRTX 147.40 -3.91
Viacom B VIAB 24.30 -0.48
Viacom A VIA 29.70 -0.55
Vodafone VOD 28.81 -0.13
WPP
WPPGY 85.35 -0.17
WalgreensBoots WBA 68.90 0.98
s Weibo
WB 108.97 9.69
WesternDigital WDC 87.12 1.03
WillisTwrsWatson WLTW 160.99 -0.61
Workday
WDAY 110.88 2.35
WynnResorts WYNN 152.79 0.60
Xilinx
XLNX 73.62 -0.29
Yandex
YNDX 32.72 0.14
ZebraTech ZBRA106.61 -2.70
Zillow A
ZG 41.15 0.93
Zillow C
Z
41.04 1.07
ZionsBancorp ZION 44.54 -0.34
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil IMO
Amount
Yld % New/Old Frq
11.1
11.1
1.9
1.9
2.8
8.1
7.5
7.5
.1125
.1125
.03241
.03189
.0425
.37
.06
.39
M
M
M
M
M
Q
Q
50.43
28.25
26.98
31.56
0.24
-0.45
-0.16
0.22
Payable /
Record
Dec29 /Dec22
Jan26 /Jan19
Nov13 /Nov09
Nov13 /Nov09
Nov24 /Nov17
Jan17 /Dec29
Dec29 /Nov30
Jan12 /Dec15
Stocks
SPI Energy
1:10
SPI
Foreign
CS X-Links Crude Oil ETN
CS X-Links Silver ETN
Innospec
Tenaris ADR
USOI
SLVO
IOSP
TS
8.2
9.8
1.1
1.7
BSET
1.2
/Nov08
.1735 M
.0663 M
.39 SA
.26 SA
Nov27 /Nov21
Nov27 /Nov21
Nov27 /Nov16
/Nov21
Special
Bassett Furniture Inds
.35
Dec15 /Dec01
Suspended
Evertec
EVTC
Q
Dec08 /
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
28.75 -1.3 iShMSCIACWIETF ACWI
70.87 0.2 TowerSemi
8.76 -3.1
34.20 5.2 GreatElmCap
TSEM
GECC
16.40 -1.0 iShMSCIACWIexUSETF ACWX
49.67 0.3 UniversalDisplay OLED
1.35 -6.0
170.00 0.7 Gulf Resources GURE
23.26 0.3 iShMSCIACxJpn AAXJ
76.59 0.5 UroGenPharma URGN
8.85 0.6
38.56 2.8 HabitRestaurants HABT
17.58 2.0 iShMSCIEAFEESGOpt ESGD
67.77 0.3 VangdRuss1000Grw VONG 134.83 0.3 HarvestCapCredit HCAP
11.70 -4.0
49.17 0.4 iShMSCIEMESGOpt ESGE
72.51 0.7 VangdTotIntlBd BNDX
68.35 -1.4
HSIC
55.18 -0.1 HenrySchein
59.21 0.8 iShMSCIEmMkAsia EEMA
74.89 0.5 VicShIntlVolWtd CIL
11.00 0.6
40.16 0.4 HostessBrands TWNK
16.04 2.2 iShMSCIUSAESGOpt ESGU
56.87 0.3 VidentIntlEquityFd VIDI
1.23 6.2
28.00 0.4 HostessBrandsWt TWNKW
iShPHLXSemicond SOXX 179.05 0.3 Virtusa
6.20 0.5
IMMR
44.76 16.8 Immersion
VRTU
114.25 1.2 Weibo
JackHenry
JKHY
1.05 -12.5
INOD
109.07 9.8 Innodata
WB
29.17 7.5 WisdTrJapanHdgSC DXJS
KellyServices A KELYA
5.22 0.4
INO
45.37 0.5 InovioPharma
91.25 1.7 KingtoneWrls
8.00 71.5 WisdTrUSQltyDiv DGRW
KONE
14.40 -1.1
39.66 0.4 iShMSCIQatarCapped QAT
27.23 0.7 Kulicke&Soffa
24.56 4.2 Zynga
KLIC
2.40 -5.8
JAKK
4.09 4.4 JAKKS Pacific
ZNGA
14.39 0.6 LGI Homes
66.13 -3.4
LGIH
0.11 13.9
JaguarHealth
JAGX
13.96 0.7 LamResearch
211.41 1.0
LRCX
8.07 -9.2
LexiconPharm
LXRX
75.25 1.7 LigandPharm
148.25 0.2
LGND
10.80 -17.0
LibertyTax
TAX
6.84 0.6 LimelightNetworks LLNW
11.26 -3.9 LibertyTripAdvA LTRPA
5.73 1.6 ANGI Homesvcs ANGI
7.95 2.1
36.41 0.3 LombardMedical EVAR
ACIA
75.72 1.4 AcaciaComms
MGPIngredients MGPI
0.22 -15.9
28.82 -0.7 magicJackVocal CALL
MMACapitalMgmt MMAC 25.91 0.4 AcadiaHealthcare ACHC
5.55 -1.7
0.79 -6.0 MartinMidstream MMLP
124.34 -0.8 AethlonMedical AEMD
Marriott
MAR
14.97 -2.3
1.44 -2.6 MatchGroup
7.31 1.2 Middleby
AIRG
32.87 10.0 Airgain
MTCH
111.50 -6.1
MIDD
3.24 -27.2 MaximIntProducts MXIM
0.68 -5.9 MinervaNeurosci NERV
55.43 1.1 AkersBiosciences AKER
5.05 -5.6
4.05 -1.4 MeridianBank
5.00 2.8 NetSolTech
AKTS
18.48 -1.9 AkoustisTechs
MRBK
3.15 -3.1
NTWK
12.02 -5.8 NICE
7.45 -7.7 NovelionTherap NVLN
85.61 1.1 AlcentraCapital ABDC
NICE
4.53 -2.3
26.76 -1.0 NVE
30.65 -9.5 NumereX
ANDE
88.95 -0.4 Andersons
NVEC
3.43 2.0
NMRX
0.04
...
AndinaAcqnIIWt
ANDAW
93.20 0.4
Nathan's
NATH
7.77 -3.5
ObalonTherap
OBLN
2.35 -8.8 OcularTherapeutix OCUL
ASTC
31.74 12.9 Astrotech
NektarTherap
NKTR
4.70 -8.2
20.57 -6.2 OxbridgeReWt
45.50 1.5 AxonEnterprise AAXN
NetApp
NTAP
0.15 3.8
OXBRW
184.44 1.8
0.29 -9.4 PCM
75.98 -0.6 BlackRidgeAcqnWt BRACW
Neurocrine
NBIX
9.70 -1.5
PCMI
27.19 3.2
4.61 -12.7 PacBiosciCA
CHFS
23.94
... CHF Solutions
NuvNasd100Dyn QQQX
2.66 7.3
PACB
253.65 2.5
9.60 0.2 PapaJohn's
2.55 60.0 CMSevenStarAcqn CMSS
OncoSecMedical ONCS
57.32 -0.3
PZZA
20.38 4.4
13.15 -0.2 Patterson
CFFN
11.75 3.7 CapitolFedFin
Otelco
OTEL
33.96 -2.4
PDCO
1135.54 0.9
16.11 5.2 PerionNetwork
CATM
33.79 14.3 Cardtronics
PAM Transport PTSI
0.95 -5.0
PERI
176.24 0.8
9.90 -2.9 ProQR Therap
TAST
27.13 1.0 CarrolsRestr
PennNational
PENN
3.60 -2.0
PRQR
53.21 2.2
5.66 -33.9 ProShUltraProShQQQ SQQQ
CECE
9.95 4.2 CECO Env
Perceptron
PRCP
22.26 -1.3
34.69 0.5
1.76 -4.3 Radisys
CRNT
33.40 8.8 Ceragon
PilgrimPride
PPC
0.81 -32.0
RSYS
98.95 1.7
1.42 -10.4 RedHillBio
CDTI
29.64 0.5 CleanDiesel
PwrShFTSEIntlLow IDLB
5.17 -29.6
RDHL
48.50 1.6
6.75 -3.9 ReShapeLifesci RSLS
CLRO
25.48 0.6 ClearOne
PwrShGlbWater PIO
1.51 -8.4
5.34 -3.6
14.21 -0.5 RestorationRob HAIR
CNSL
PwrShIntlBuyBack IPKW
36.00 0.5 ConsldComm
6.25 -2.0
1.05 42.2
35.38 1.0 RevolutionLight RVLT
CRTO
154.54 0.4 Criteo
PwrShQQQ 1
QQQ
4.38 -1.7
26.95 0.2
0.02 -39.5 RosettaGenmcs ROSG
2.09 1.0 CytoriTherapWt CYTXW
ProfireEnergy
PFIE
0.61 -7.6
137.76 -0.5
1.71 -3.1 SabraHealthcare SBRA
CYTR
43.83
... CytRx
ProShEquRising EQRR
19.10 -1.0
309.30 12.0
0.79 -0.7 SearsHoldings
DMPI
ProShUltPrQQQ TQQQ 136.05 1.3 DelMarPharm
4.65 -6.0
SHLD
10.43 -3.3
0.81 5.3 SelectaBiosci
58.01 6.4 DifferentialBrds DFBG
ProvidenceService PRSC
9.32 -9.0
SELB
302.12 0.4
9.55 1.6 SteinMart
136.90 2.0 ElPolloLoco
PumaBiotech
LOCO
PBYI
0.89 -6.9
SMRT
16.96 1.3
7.02 0.3 TESARO
80.94 3.0 Energous
WATT
Qorvo
QRVO
94.36 -12.2
TSRO
29.70 1.0
0.80 6.2 TearLab
19.71 9.4 ENGlobal
Rapid7
ENG
RPD
0.59 -45.7
TEAR
63.60
...
8.79 1.0 TherapixBiosci
27.31 7.0 Essendant
RedRockResorts RRR
ESND
5.00 -1.8
TRPX
74.55 7.3
8.00 -1.5 Travelzoo
170.53 2.3 FAT Brands
SBA Comm
FAT
SBAC
6.48 -1.9
TZOO
495.35 1.0
9.39 -5.8 TripAdvisor
19.82 13.6 FTD
ShotSpotter
FTD
SSTI
29.79 4.3
TRIP
16.98 2.6
18.18 0.9 USAutoPartsNtwk PRTS
71.31 4.6 Finisar
Splunk
FNSR
2.25 -3.4
SPLK
49.56 -0.1
19.80 -0.5 UltragenyxPharm RARE
18.70 6.7 FT SMID CapRising SDVY
SpringBkPharm SBPH
44.45 -0.4
44.38 0.9
10.30 -4.9 VandaPharm
7.96 1.0 FogodeChao
SprottFocus
FOGO
12.60 -12.4
FUND
VNDA
43.18 0.9
4.60 -8.9 VeecoInstr
StarsGroup
21.20 0.2 ForwardPharma FWP
15.85 1.2
TSG
VECO
34.89 0.4
5.50 -17.2 Versartis
TakeTwoSoftware TTWO 120.62 10.6 Fossil
1.60 -4.3
FOSL
VSAR
59.47 1.0
1.82 -2.1 ZealandPharma ZEAL
45.23 2.0 GlobalEagle
Talend
14.52 -1.3
ENT
TLND
20.76
...
73.92 0.6
52.92 1.4
31.98 0.6
61.78 1.0
58.34 1.3
3.14 1.0
% Chg From
% Chg From
18.37 0.7
Company SYMBOL
Wed3s Offer 1st-day Company SYMBOL
Wed3s Offer 1st-day
77.00 12.2
IPO date/Offer price
close ($) price close IPO date/Offer price
close ($) price close
6.15 3.7
27.01 0.8
CBTX
28.71
... ACM Research
5.60
10.4
... –7.4
11.11 2.5
CBTX Nov. 8/$26.00
ACMR Nov. 3/$5.60
24.36 0.8
36.58 14.9
Four Seasons Edu
9.50
... Aquantia
11.43 27.0 20.2
–5.0
19.23 13.4
31.21 7.2
FEDU Nov. 8/$10.00
AQ Nov. 3/$9.00
24.50 0.1
InflaRx
14.99
... Spero Thera
12.61 –9.9
9.7
–0.1
137.86 1.7
224.47 0.2
IFRX Nov. 8/$15.00
SPRO Nov. 2/$14.00
8.83 -3.5
104.29 -0.1
Metropolitan Bank
37.21
... Allena Pharmaceuticals 11.58 –17.3 16.0
6.3
124.90 15.5
MCB Nov. 8/$35.00
ALNA Nov. 2/$14.00
33.64 1.0
393.51 0.3
Meridian
Bank
Funko
17.90
–1.9
8.10 –32.5 14.6
5.3
27.23
...
66.18 0.6
MRBK Nov. 7/$17.00
FNKO Nov. 2/$12.00
37.11
...
62.63 0.4
52.81 0.3
Sources: WSJ Market Data Group; FactSet Research Systems
NYSE American highs - 6
Nasdaq lows - 95
NYSE American lows - 5
Nasdaq highs - 124
IPO Scorecard
Performance of IPOs, most-recent listed first
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 9, 2017 | B11
BANKING & FINANCE
Merrill Lynch Revamps Pay for Brokers
New compensation
structure rewards
those who refer more
clients to parent bank
BY LISA BEILFUSS
Merrill Lynch is adjusting
the way it rewards its brokers
as it looks to juice more from
its current ranks while ensuring wealth-management clients are referred to the parent
bank.
Bank of America Corp.’s
wealth-management arm in a
memo to advisers that was
previewed earlier Wednesday
unveiled the changes to its
2018 compensation plan, introducing a bonus system that allows a broker to earn up to an
additional 2% in pay if certain
growth targets are achieved.
Those thresholds include 5%
growth from a year earlier in
the amount of net new assets
and liabilities like securitiesbacked loans brought in, and
at least five new affluent
households or two ultrahighnet-worth household clients,
people familiar with the matter said.
But to have access to the
new award program—in addition to other perks—brokers
must refer at least two cus-
tomers to other parts of Bank
of America, including its online brokerage platform Merrill
Edge and its retail bank. That
means brokers who hit growth
targets without making two
client referrals would forfeit a
2% pay increase.
The referral quota itself is
unchanged from 2017. What
changes is that instead of levying a 1% pay penalty on brokers who didn’t meet the referral quota this year, the bank
incentivizes the referrals.
“The focus on referrals is
strengthening over time,” said
a person familiar with the
matter.
Still, regardless of referrals,
Merrill brokers who fail to
meet minimum growth targets—at least 2.5% growth in
net new assets and liabilities
and three affluent household
clients or one ultrahigh-networth household—will see
their pay fall by up to 2%. Merrill defines affluent households
as those with at least
$250,000 in investible assets
at Merrill Lynch; ultrahighnet-worth households have $10
million or more in investible
assets with the firm.
Some of the compensation
changes are designed to address conflicts of interest that
can crop up when a broker has
an incentive to make certain
recommendations. In prior
years, Merrill Lynch had an
award program that was
hitched to the sales of particular products. The 2018 formula
doesn’t incentivize one type of
product, from credit cards to
securities-backed loans, over
another, said people familiar
with the matter.
“The market is moving to a
fiduciary standard,” one person familiar with the matter
said, “so ensuring potential
conflicts are minimized is part
and parcel.”
The compensation changes
at Merrill also come at a time
when brokerage ranks are
shrinking and recruiting is
stagnant across the industry.
Competition from robo advisers, discount brokerages and
registered investment advisers
is also heating up as firms
across the wealth-management
industry vie for new clients.
“The market opportunity is
huge,” head of Merrill Lynch
Wealth Management Andy
Sieg said in a memorandum
announcing the 2018 pay
changes to the firm’s force of
about 15,000 brokers.
A person familiar with the
matter said the firm expects
growth-award costs to be
“greatly offset” by the growth
they are designed to encourage.
Tax-Plan Change
Unlikely to Burden
Buyout Companies
HASSAN SARBAKHSHIAN/BLOOMBERG NEWS
BY MIRIAM GOTTFRIED
Republicans last week proposed ending the tax exemption on private-activity bonds. Workers on Interstate 66 in Virginia in 2015.
Some Munis’ Tax-Free Status at Risk
BY HEATHER GILLERS
A team of private and public officials prepared a routine
offer for investors last week:
Buy tax-exempt bonds to pay
for the widening of an interstate outside Washington.
But demand for the debt
swelled after Republicans unveiled a proposal to end the
tax-free benefits of these socalled private-activity bonds,
says an investor who participated in the offering. Prices on
the Interstate 66 bonds have
jumped 3% since the $353 million offering closed last Friday
morning, according to Municipal Securities Rulemaking
Board data.
It didn’t take long for the
House Republican tax plan to
roil a roughly $750 billion corner of the muni-debt market.
“Over the last three trading
days, the types of bonds that
are scheduled for potential
elimination are being gobbled
up,” said John Miller, co-head
of Global Fixed Income at Nuveen Asset Management. “People are paying higher prices
with some nervousness that
these bonds will be very
scarce going forward.”
For decades, nonprofits and
certain for-profit firms have
been able to raise money the
same way that state and local
governments do: by issuing
tax-exempt bonds for projects
perceived to have a public benefit. The proceeds from these
private-activity bonds—which
have averaged about $110 bil-
Borrowing Boom
Private-activity bond issuance
$150 billion
125
100
75
50
25
0
1990
’95
2000
’05
’10
’15
Note: Data not available for 2005
Source: Internal Revenue Service
lion a year over the past decade—help pay for everything
from hospitals, nursing homes
and college dorms to charter
schools, housing and highways.
Elected officials have been
contemplating ending this tax
exemption on private-activity
bonds for several years. The
current proposal states that
$40 billion in additional tax
revenue would be made available over the next decade if
the exemption were removed.
It is possible private-activity
bonds could remain tax free if
changes are made to the Republican House plan as it
makes its way through Congress. But now that an actual
proposal is on the table, those
who follow the municipal-bond
market are predicting that
market will shrink if the ex-
THE WALL STREET JOURNAL.
emption is gone and it will be
more difficult to attract private
investment to infrastructure.
Analysts also expect a surge
of tax-exempt borrowing by
private companies and nonprofits rushing to use the exemption before it is gone.
“The whole thing is quite
shocking,” said George Friedlander, managing partner at
Court Street Group Research
and a municipal-market veteran who has tracked tax policy since the 1980s.
There was a time when private-activity bonds could be
used to fund any project as
long as a local-government official approved. Congress first
established rules for privateactivity bonds in 1968, offering a specific list of approved
projects, including airports
and low-income housing. In
the 1980s, Congress added
new types of private-activity
bonds and capped how much
nonprofits could issue, but the
cap was lifted in the 1990s.
The use of private-activity
bonds has attracted criticism
from some who argue that
certain borrowers shouldn’t be
able to benefit from the exemption. A Congressional Budget Office report in December
found that some projects financed with private-activity
bonds “probably would take
place without a subsidy” and
others likely wouldn’t be
worth the cost.
“We
should
question
whether large hospitals and
universities that take in hundreds of millions of dollars in
revenues should able to borrow at tax-exempt rates,” said
Greg LeRoy, executive director
of Good Jobs First, a research
group on economic-development incentives.
Others say smaller nonprofits such as museums or charter schools might have trouble
accessing the corporate-bond
market and have to rely on
bank loans. “Or just let the
roof leak,” said Natalie Cohen,
a senior analyst with Wells
Fargo Securities.
A letter to the House Ways
and Means Committee on Monday, signed by trade associations of hospitals, universities,
engineers, airports, bond lawyers and public officials, said
ending the tax exemption would
“undermine vital projects.”
BY DANA CIMILLUCA
UBS AG is shuffling the top
ranks of its investment bank
as the Swiss firm seeks to become more nimble and improve its performance in the
critical U.S. market.
As part of the restructuring, UBS named Joe Reece,
Javier Oficialdegui and David
Chin to manage its corporateclient services business in the
Americas, Europe and Asia,
respectively, according to an
internal memo seen by The
Wall Street Journal.
It also named Mike Santini,
who joined UBS a year ago
from Deutsche Bank AG, and
firm veteran Piero Novelli as
co-executive chairmen of the
global unit, which comprises
deal advisory and stock and
bond underwriting.
Ros Stephenson and William Vereker, currently coheads of the business, known
as CCS, will each become executive vice chairs of the investment bank, according to
the memo.
The moves are designed to
give the firm flexibility to tailor its approach to each region while maintaining global
cohesion. “Each of our regional CCS businesses, their
clients and cultures, are at
different stages of development, presenting very different priorities, opportunities
and challenges,” Andrea Orcel,
head of UBS’s investment
bank, wrote in the memo to
staff.
After suffering devastating
losses during the financial crisis, UBS has returned to
health by sharpening its focus
on managing money for wellheeled clients around the
world and streamlining its investment-banking unit.
UBS last month said its
third-quarter net profit rose
JUSTIN TALLIS/AGENCE FRANCE PRESSE/GETTY IMAGES
UBS Shifts Investment-Bank Leaders
The Swiss bank has sharpened its focus on managing money.
14% from a year earlier on the
back of gains in wealth management and investment
banking. CCS revenue has
risen four quarters in a row.
But UBS is still a laggard in
some areas within investment
banking, particularly in the
U.S., where for years it has
struggled to break into the
top tier.
UBS isn’t currently in the
top 10 in the M&A league table in the U.S., the biggest fee
pool, according to Dealogic.
Officials hope that the
moves, coupled with a new
push to selectively hire top
talent, will inject new energy
into the business.
An amendment late Monday
to the tax bill winding its way
through the House of Representatives appears to fulfill
President Donald Trump’s
promise to close the carriedinterest loophole private-equity firms enjoy while also
preserving many of the benefits they derive from it.
Since his days on the campaign trail, Mr. Trump has
made repeated pledges to tax
investment gains known as
carried interest as ordinary income, which would do away
with a rule allowing investment managers to pay a lower
rate on a substantial portion
of their compensation. Private-equity firms have pushed
back, arguing that paying the
lower long-term capital-gains
rate affords them an incentive
to take investment risks that
benefit the economy.
Monday’s changes to the
bill by House Ways and Means
Committee Chairman Kevin
Brady (R., Texas) would extend the period over which
firms must hold an asset before it is eligible for the longterm capital-gains rate to
three years from one. While
that may hurt some hedge
funds, private-equity firms,
which tend to hold assets for
longer, would be largely unaffected.
The top rate on long-term
capital gains held more than a
year is 20%, an amount that
wouldn’t change under the
House bill. A 3.8% tax on net
investment income also typically applies.
“I don’t see this stopping
private equity,” said Andrew
Kreisberg, a tax attorney with
White & Case LLP. Republican
lawmakers are “clearly sticking to their line of wanting to
incentivize long-term investment.”
The American Investment
Council, the private-equity industry’s main trade group in
Washington, is still publicly
opposed to any changes to the
treatment of carried interest,
arguing such a move “discourages investment and jeopardizes economic growth.”
Privately, however, many
industry participants are
breathing a sigh of relief, as
they doubt that the proposed
extension of the holding requirement, from one year to
Proposal tightens
loophole on carried
interest but leaves
some wiggle room.
three, would have much of an
effect on firms’ willingness to
do deals.
Those deals have proved
enormously lucrative, with
private-equity firms consistently notching double-digitpercentage annual investment
gains.
Venture-capital
firms,
which also tend to have a longer investment period, are
also unlikely to be affected,
law firm Akin Gump Strauss
Hauer & Feld LLP said in a
note to clients Tuesday.
The bigger concern for the
private-equity industry remains the tax bill’s proposal to
limit businesses’ ability to deduct interest, with a cap of
30% of earnings before interest, taxes, depreciation and
amortization.
But other aspects of the
House effort would benefit
buyout shops, particularly a
move to lower corporate tax
rates.
—Richard Rubin
contributed to this article.
FINANCE WATCH
GOLDMAN SACHS
Firm Chooses New
Managing Directors
Goldman Sachs Group Inc.
named 509 managing directors,
the last steppingstone to a spot
in its elite partnership.
It is a bigger class than the
425 promoted two years ago,
according to an announcement
by the firm on Wednesday.
Women make up 24%, about
even with the 2015 class, as
Goldman works on evening out
a gender imbalance within the
firm’s upper ranks.
Only about 15% of Goldman’s
roughly 450 partners are
women.
Newly minted managing directors gain access to leadership
training and Goldman investment funds that have been huge
moneymakers for the firm and
its top employees. They also can
take advantage of Goldman’s private-wealth advisory network.
This year’s crop of managing
directors includes citizens of
nearly 50 countries. One in five
started as a Goldman summer
intern, and they have spent on
average 10 years at the firm.
Forty-four percent are millennials.
The largest chunk, 130, are in
Goldman’s trading arm, where
revenue has fallen. Fifty-two
work in technology as coders
and engineers. Eight come from
the firm’s nascent consumer and
commercial banking operations.
Goldman names managing directors and partners in alternate
years.
—Liz Hoffman
COMERICA
Chief Accountant
To Take CFO Reins
Comerica Inc.’s chief financial
officer is retiring and the bank
will promote a high-ranking accounting officer to the position,
the Dallas-based company said.
Muneera Carr, an executive
vice president and Comerica’s
chief accounting officer, will take
over as chief financial officer on
Jan. 23. Ms. Carr, 49 years old,
will succeed David Duprey. Mr.
Duprey became CFO in May
2016 after nine years as an executive vice president and general auditor.
Mr. Duprey, 60, said he has
always planned to retire by age
60. When he took the position,
he committed to Chief Executive
Ralph Babb that he would remain with the company until its
overhaul plan was well under
way, he said. The program
launched last year.
Ms. Carr has helped implement various aspects of the
cost-cutting program in her current role, the company said. She
will be paid a base salary of
$500,000, according to a company filing.
—Cara Lombardo
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Thursday, November 9, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Bond default insurance
holders ask to be paid,
saying PdVSA didn’t
pay $1.1 billion in time
2.33%
2.32
BY JULIE WERNAU
2.30
9
10
11 noon 1
2
3
Source: Thomson Reuters
THE WALL STREET JOURNAL.
Treasury
Auction
Helps Push
Up Yields
BY SAM GOLDFARB
U.S. government bond
prices edged lower Wednesday
as an auction of
CREDIT
10-year
notes
MARKETS showed
there
are limits to investors’ recent
appetite for Treasurys.
The yield on the benchmark
10-year Treasury note settled
at 2.325%, compared with
2.309% Tuesday.
Yields, which rise when
bond prices fall, were stable
for much of the morning but
ticked higher about an hour
before the 1 p.m. auction, suggesting traders needed higher
yields to get involved.
Volatility in the bond
market could be
limited by a dearth
of economic data.
After the earlier selling, the
$23 billion auction drew
strong demand, but the 10year yield held on to its gains.
That ended a four-day
streak of yield declines
spurred by several factors,
including signs that as the
Federal Reserve starts to
scale back bond purchases,
the Treasury Department
won’t sell as much long-term
debt as some investors had
expected.
Investors have also grown
more skeptical about the
chances of Congress passing
tax cuts. That has helped boost
Treasurys, as tax cuts could
prompt more bond issuance
and inflation—both negatives
for long-term Treasury debt.
Investors are “waiting on
the tax proposals to see what
the details” are, said Larry
Milstein, head of government
and agency trading at R.W.
Pressprich & Co.
Wednesday’s sale of 10-year
notes followed a $24 billion
sale of three-year notes Tuesday. A $15 billion auction of
30-year bonds is on tap Thursday. Yields frequently creep
higher heading into auctions
but were late to do so this
week.
Volatility in the bond market could be limited this week
by a dearth of economic data.
Jobs numbers released Nov.
3 continued to show muted inflation pressures, as average
hourly earnings for workers
slipped from the previous
month.
The consumer-price index
and retail-sales data are scheduled to be released Nov. 15,
marking the next major events
on the economic calendar.
Despite persistently soft inflation, Federal Reserve officials have strongly signaled
that they plan to raise interest
rates in December in what
would be the third increase of
the year. That has softened demand for short-term securities, which are especially sensitive to changes in interest
rates.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
10-YEAR NOTES
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
$59,734,467,000
$25,796,784,000
$31,145,600
$0
99.431569
(2.314%)
2.250%
94.01%
9128283F5
The notes, dated Nov. 15, 2017, mature on Nov. 15,
2027.
Holders of Venezuelan-bond
default insurance are trying to
collect, contending that the
state-owned oil company
failed to make a recent payment.
Investors with this insurance, known as a credit-default swap, are making a case
that there has been a “failure
to pay credit event,” according to a Wednesday filing to
the International Swaps and
Derivatives
Association.
ISDA, an organization of participants in the derivatives
market, determines if these
insurance payments should
be made.
Firms that sold the CDS contracts could be on the hook for
about $250 million if ISDA rules
that oil company Petróleos de
Venezuela SA missed the Nov.
2 payment and the grace period
that ended Tuesday.
That would mark the first
time during the country’s current economic crisis that investors holding this insurance
would get paid because Venezuela missed a debt payment.
While bondholders have
been bracing for a Venezuelan
default for months, there are
signs that the cash-strapped
government is running out of
options. The country has
about $142 billion in debt outstanding,
according
to
Moody’s Investors Service.
The government has only
about $10 billion in reserves,
analysts say.
Recent
U.S.
sanctions
against Venezuela have made
it harder for the government
The cost to insure against a Venezuelan default hit a record. Long lines form at a Caracas bus stop.
talks. Even if there were a
payout in the CDS market, he
said he thought bondholders
who could push for a widespread default were unlikely to
do so if the funds that were
due last week arrive in bank
accounts Wednesday.
If it is determined that PdVSA failed to make its recent
bond payment, holders of at
least a quarter of those bonds
can declare a default and accelerate the bonds, which
would trigger cross-default
provisions in $28 billion of
PdVSA bonds, said Stuart Culverhouse, head of macro and
fixed-income research at the
specialist frontier and emerging markets investment bank,
Exotix Capital.
“It is up to holders to decide what to do. It is possible
they don’t choose to accelerate,” Mr. Culverhouse said.
Off the Charts
Surging premiums on credit default swaps on Venezuelan bonds show
investors expect a default soon.
The cost to insure against a default in the next year as percentage
of notional value:
150%
125
PdVSA bonds
100
75
Venezuelan bonds
50
25
0
J
F
M
A
M
J
Source: Bloomberg data via Bulltick Capital Markets
J
A
S
O
N
THE WALL STREET JOURNAL.
MICHAEL SHORT/BLOOMBERG NEWS
2.31
to tap outside sources of capital, or even engage in restructuring talks with U.S. investors
who might be violating those
sanctions by negotiating with
the government.
Venezuelan President Nicolás Maduro pledged last week
to make the principal payment
of $1.1 billion to PdVSA bondholders that was due Nov. 2.
But some investors and analysts said there is no evidence that the oil company
has made that payment, and
Mr. Maduro has said he is
seeking to restructure the
country’s remaining debt.
PdVSA and Venezuela’s government didn’t respond to requests for comment.
In another sign that investors are worried that Venezuela is edging closer to default, the cost to insure
against a debt default in Venezuela rose to an all-time
high Wednesday.
The
credit-default-swap
market was indicating a 91.3%
probability of default in Venezuela by the end of 2018, compared with a 75% probability
last week, according to investment bank Bulltick Capital.
“Spikes of this type happen
when the market expects a default,” said Juan I. Sosa, cochairman of Portfolio Resources Group Inc. in Miami.
“People using this insurance
are now so certain that it’s going to happen that they are
willing to pay twice as much
as they were a week ago.”
On Tuesday, more than 200
investors, including large holders of Venezuelan debt, took
part in a phone call arranged
by Bank of America Merrill
Lynch with attorneys to discuss their options, according
to a person on the call.
One bondholder said the
presence of U.S. sanctions is
an obstacle to restructuring
FEDERICO PARRA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Venezuela Debt Battle Heats Up
Edging Higher
The yield on the 10-year
U.S. Treasury note crept up
Wednesday after several
sessions of declines.
Apple is now the first U.S. company to reach a market value of $900 billion after its stock rose 0.8% Wednesday. Customers line up ahead of the iPhone X launch.
Earnings Continue to Drive Stocks to Records
BY AMRITH RAMKUMAR
AND RIVA GOLD
Major U.S. stock indexes
posted another trifecta of records.
Many investors say solid
profit growth and a U.S. economy that is
WEDNESDAY’S picking up
MARKETS
s t e a m
s h o u l d
continue
supporting major indexes.
“The fundamental backdrop
is pretty good,” said Mark
Heppenstall, chief investment
officer at Penn Mutual Asset
Management. “Investors are
looking beyond any of the potential bumps in the road at
this point.”
The S&P 500 rose 3.74
points, or 0.1%, to 2594.38 after snapping a five-session
winning streak Tuesday. The
Dow Jones Industrial Average
advanced 6.13 points, or less
than 0.1%, to 23563.36 in a
seventh straight session of
gains, and the Nasdaq Composite climbed 21.34 points, or
0.3%, to 6789.12.
Roughly 87% of S&P 500
companies have reported
third-quarter results as of
Wednesday’s market close,
with about three-quarters of
them beating earnings expectations, according to FactSet.
Per share earnings at the
firms have grown by about
6.4% in the third quarter from
a year earlier.
“That’s a deceleration from
what we’ve had, but for 2018,
I don’t think people are backing off what we project,” said
Jeremy Bryan, a portfolio
manager at Gradient Investments.
Apple hit another milestone, becoming the first U.S.
company ever to reach a market value of $900 billion after
the company reported its best
quarterly growth in two years
Proxy-Process Review Urged
BY DAVE MICHAELS
NEW YORK—The country’s
top securities regulator urged
a review of how shareholders
weigh in on public companies’
executive pay proposals,
board nominees and contentious issues raised by activist
investors.
Securities and Exchange
Commission Chairman Jay
Clayton told a New York legal
conference Wednesday that retail-investor participation in
such elections is so low that it
“may be a signal that our proxy
process is too cumbersome and
needs updating.” Mr. Clayton,
who took over the commission
in May, said he would seek public input on how to overhaul
the proxy-voting system.
Mr. Clayton, a political independent, called out one particular weapon in the proxy
tool kit: shareholder proposals. Under SEC rules, shareholders who own at least
$2,000 worth of company
stock can submit corporategovernance proposals for a
vote. Stock-exchange operator
Nasdaq Inc. and many public
companies say that low
threshold allows dissident
shareholders and critics to impose proposals on the entire
investor base.
“Shareholder proposals can
gain traction and lead to corporate governance changes that
better track the long-term interests of Main Street investors,”
Mr. Clayton said at the annual
Institute on Securities Regulation event. “They also create
costs, including out-of-pocket
costs and the use of board and
management time that otherwise could be devoted to operation of the company itself.”
Votes on shareholder proposals are only advisory, yet
companies have long resented
small shareholders’ ability to
draw attention to pet issues.
last week.
Shares rose $1.43, or 0.8%,
to a record high of $176.24
Wednesday.
Shares of Snap fell 2.21, or
15%, to 12.91 after its latest results fell short of expectations
late Tuesday. Its loss more
than tripled, as quarter-overquarter growth in daily active
users of social-media app
Snapchat was the slowest
since the company started reporting the metric. Snap disclosed Wednesday that Chinese tech giant Tencent
Holdings bought a 12% stake.
Bank shares continued to
lag behind, hit by a shrinking
gap between short- and longdated bond yields. The S&P
500 financial sector fell 0.6%.
Banks earn money on the difference between what they
pay on deposits and what they
charge to lend money.
Earlier, the Stoxx Europe
600 declined less than 0.1%.
At
midday
Thursday,
Japan’s Nikkei Stock Average
was up almost 2% and topped
23000 for the first time in decades amid continued strong
corporate results and a weakening yen. At the same time,
Hong Kong’s Hang Seng Index
was up 1% and Australia’s S&P
ASX 200 was up` 0.4%.
Bitcoin Dodges Split That
Threatened Surging Price
BY PAUL VIGNA
Backers of bitcoin appear to
have avoided a brewing civil
war that could have led to a
major split of the digital currency and endangered its
heady gains so far this year.
The detente pushed bitcoin
prices to a record Wednesday
of $7,879. Although the price
fell back somewhat in trading
later in the day, bitcoin is up
656% since the start of this
year.
On Wednesday, a group of
businesses proposing a new
version of bitcoin’s software
backed off their plans to release it. This software would
have roughly doubled the network’s processing capacity, or
the number of bitcoin transactions it can handle. It also
would have led to the creation
of a new kind of bitcoin.
The move, meant to increase
bitcoin’s attractiveness as a
payment system, was opposed
by a group of bitcoin’s main
software developers. While
their opposition began over
technical issues, it centered on
who would control bitcoin,
which was created as a decentralized, autonomous network.
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
Thursday, November 9, 2017 | B13
THE WALL STREET JOURNAL.
MARKETS
Treasurys Feel Pull of German Gravity
Aggressive stimulus
Rare Terrain
efforts in Europe push The spread between 10-year U.S. and German government bond yields has widened recently...
overseas investors to Yield on 10-year U.S. Treasury note German bond
U.S., helping cap yields 2.5%
BY SAM GOLDFARB
AND DANIEL KRUGER
The yield on 10-year Treasury notes is falling again, and
some analysts are pointing to
a familiar nemesis: German
debt.
For years now, German government bond yields, along
with European sovereign
yields in general, have exerted
a gravitational pull on the
Treasury market. Slow postcrisis growth and aggressive
monetary stimulus have led to
ultralow yields in Europe.
That, in turn, has pushed overseas investors to buy U.S. government bonds for the relatively substantial income they
offer compared with European
sovereign debt, helping cap
Treasury yields.
This month’s decline in
Treasury yields serves as a reminder that it could be difficult to escape that dynamic,
investors and analysts say.
Low Treasury yields have
ripple effects across the U.S.
economy. They help bring
down borrowing costs for individuals and businesses, tend
to weigh on the dollar and
help bolster stocks by making
them look more attractive to
yield-seeking investors.
The yield on the 10-year
Treasury note settled Wednesday at 2.325%, down from a
recent high of 2.452% on Oct.
26. Yields fall when bond
prices rise.
When the European Central
Bank signaled at the end of
October that it would continue
its bond-buying program deep
into next year, German bond
yields fell sharply. Treasury
yields, however, rose initially
as U.S. investors remained focused on the potential for tax
cuts and interest-rate in-
2.0
1.5
1.0
0.5
0
–0.5
2016
Yield differential between 10-year Treasury note and 10-year German bond
2.4 percentage points
’17
1.4
...reflecting bets that the Federal Reserve will tighten monetary
policy at a faster pace than the European Central Bank...
Effective federal-funds rate
...and that Congress could pass tax cuts that would boost U.S.
growth and inflation.
ECB deposit rate
Core euro area inflation rate
1.25%
2.00%
1.00
1.75
0.75
Core U.S. inflation rate
1.50
0.50
1.25
0.25
1.00
0
0.75
–0.25
–0.50
0.50
2010
’11
’12
’13
’14
At the same time, there have
3%
been signs that the eurozone
2
economy is catching up to the U.S.
1
Real GDP growth
0
’15
U.S.
’16
’17
2014
’15
’14
’15
’16
’17*
*Projection
Note: Euro area inflation excludes food, energy, alcohol and tobacco. U.S. inflation from the Personal Consumption Expenditures Index, excluding food and energy
Sources: Ryan ALM (U.S. Treasury yield); Thomson Reuters (German bond); Federal Reserve Bank of New York (policy rates); European Central
Bank (policy rates); Federal Reserve Bank of St. Louis (U.S. inflation); Eurostat (eurozone inflation); IMF World Economic Outlook (growth)
THE WALL STREET JOURNAL.
creases at home.
That pushed the gap between the 10-year Treasury
yield and 10-year German
bond yield above 2 percentage
points, rare territory that
some see as unsustainable.
The spread between the two
bonds stayed below 2 percentage points for 27 years until
President Donald Trump’s
election last November. Even
then, its stay above that
threshold lasted just several
months.
On Wednesday, the gap, or
spread, between the 10-year
Treasury yield and 10-year
German bond was down to
1.99 percentage points from
2.05 points on Oct. 27.
A widening spread between
Treasury yields and German
bond yields is always going to
be difficult to sustain because
“the more the spread widens,
the more buying you see coming into our market” from
overseas, said Donald Ellenberger, head of multisector
strategies at Federated Investors Inc.
Mike Swell, co-manager of
the Goldman Sachs Strategic
Income Fund, said his portfolio profited in recent months
from a bet that the gap between Treasury yields and
German yields would expand.
The fund, however, has un-
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Tencent Finds Surprise Windfall
Sound of Music
Number of paid subscribers
60 million
40
20
0
Tidal
Napster
Deezer
Tencent
Apple
Music
Spotify
THE WALL STREET JOURNAL.
Source: Bernstein
search-engine company in
which Tencent owns a 44%
stake, starts trading in New
York on Thursday, hoping to
raise up to $670 million, including an overallotment option. At the high end of the
price range, Sogou would be
valued at about $5 billion, or
about 70 times its historic
earnings, higher than 32
times for China’s market
leader Baidu.
What else is in Tencent’s
sock drawer? Tencent Music
Entertainment, its Spotifylike music service, which has
more than a 75% share of
China’s digital-music market
according to Bernstein, could
be the next to come to market.
Tencent doesn’t break out
separate financials for the
business, which faces challenges in China, where music
piracy is rampant. Still, an
IPO to raise funds for more
original content such as live
music shows could make
sense.
Similarly, Tencent’s video
service could be worth floating. Just like Netflix, Tencent has poured billions into
this business to make its
own original programming.
Having a separate listing for
the video unit would create a
new funding source for this
cash-draining operation.
For sure, it seems unlikely
Tencent would ever do that
for a core business like its
phenomenally successful social-media app WeChat.
What the China Literature
IPO has shown is that Tencent can create billions of
dollars of value for itself and
other investors simply by
floating peripheral businesses—even if they have yet
to generate much in terms of
earnings.
Tencent is betting its
magic will work on Snap,
whose slowing growth disappointed investors on Tuesday. Hours later, Tencent
said it bought 12% of the social-media company. No luck
so far: Snap’s shares fell
nearly 15% on Wednesday.
—Jacky Wong
OVERHEARD
The price was the highest
ever paid for a commercial
building, but did the Chinese
Communist Party-backed firm
that paid $5 billion for the
Hong Kong skyscraper known
as The Center get ripped off?
The iconic office tower famous for a certain superhero’s high altitude acrobatics
in “The Dark Knight,” is 80
stories tall according to the
Hong Kong Tourism Board.
But in reality, it is only 73
stories high.
The gap isn’t the result of
any dastardly supervillain
heist, but is actually related
to a quirk of the Chinese language: The number “four”
sounds uncomfortably like
“death,” leading to skyscrapers across China mysteriously
missing their fourth, 14th, and
especially 44th floors. Unsurprisingly, renters aren’t eager
to pay for a spot on the
“death-death” floor.
Presumably any party cadres—even accounting for the
bracing effect of their newly
fortified Red Boat Spirit—
won’t be eager to lodge there
either.
Investors’ Obsession With Growth Leads Only to Tech
Investors are demanding
growth from companies, and
those that don’t deliver are
getting hammered. But
growth is an increasingly
hard achievement these days,
so investors are rushing into
the one sector that is delivering big numbers: tech.
The third quarter was
good for U.S. companies,
though not as good as the
first half of the year. Earnings for companies in the
S&P 500 were up 8% from a
year earlier, according to
the latest Thomson Reuters
I/B/E/S estimate. That compared with a gain of 12.3%
in the second quarter and of
15.3% in the first.
The slowdown was no sur-
’17
Euro area
2013
Email: heard@wsj.com
Chinese tech giant Tencent Holdings has just found
a company worth billions of
dollars in its bottom drawer.
The hope for investors is
there are more where that
came from.
Shares of China Literature, an online books company controlled by Tencent,
as much as doubled on their
first day of trading Wednesday, valuing the company at
more than $12 billion. The
IPO has drawn a crowd attracted by a relatively rare
tech-sector float in Hong
Kong and the Tencent brand
name. The retail portion of
the deal was about 625 times
oversubscribed.
After the pop, China Literature is valued at about 200
times its expected earnings
this year, much higher than
Tencent’s already punchy 51
times.
That also means Tencent’s
53% stake in the company, to
which most analysts hadn’t
previously ascribed any
value, is now worth about
$6.5 billion.
Another bonus could be
coming soon: Sogou, a
’16
Fading
Change in S&P 500 earnings
from a year earlier
20%
10
0
–10
2014
’15
’16
’17
Source: Thomson Reuters I/B/E/S
prise. The easy comparisons
with the beginning of 2016
are over. Rising labor costs,
against a backdrop of low inflation that has made it difficult to raise prices, are putting pressure on margins.
That leaves tech as the
gravity-defying standout.
Earnings for technology companies in the S&P 500 were
an estimated 23% above their
year-earlier level, and over
90% of the companies that
have reported so far beat expectations. Tech shares shot
higher as a result. S&P 500
tech stocks are up 9.3% this
quarter versus a gain of 2.8%
for the overall index.
The demand for earnings
growth and the rush into
tech stocks, which defies the
belief that all investors are
indexing, has left a trail of
destruction in its wake. Tech
stocks that didn’t deliver
were hit, with shares of Juniper Networks down 6.1%
and Symantec falling 9.1%
after earnings. Onetime IPO
darling Snap Inc. was down
more than 14% on Wednesday following its disappointing results. Nontech stocks
such as Under Armour,
down 24% after it reported
last week, were hit harder.
What is surprising is the
shift is hardly visible in the
overall market. The S&P 500
barely shook during earnings
season. Through Wednesday,
the index went 46 consecutive days without a decline of
0.50% or greater, the longest
streak since 1968, according
to the Dow Jones Market
Data Group.
The need for growth explains the rise in capital
spending among companies
this year, as investors
changed their preference
from the safety of stock buybacks and dividends to earnings growth.
There are pluses to that.
The economy will probably
benefit from companies being a bit less tightfisted, and
businesses that sell capital
equipment and the like do
better when the focus turns
to growth. But with interest
rates rising, valuations high
and an increasingly narrow
group of companies able to
satisfy investor demands for
growth, the concern is what
will happen to the overall
market when growth really
slows.
—Justin Lahart
wound that trade in recent
weeks and would consider betting on a narrower spread if
the gap gets any wider.
Driving the fund’s original
trade was the idea that the
U.S. was further along in its
economic recovery than Europe, while the Continent remained committed to monetary stimulus, he said. At this
point, though, there are signs
that the eurozone economy is
catching up with the U.S.
The eurozone economy,
which has had a rockier recovery from the financial crisis
than the U.S., is expected to
expand 2.1% this year, according to the latest report from
the International Monetary
Fund, just a shade below the
projected U.S. growth rate of
2.2%.
Overall, there is “much
more convergence versus divergence” among economies,
making it risky to hold German government bonds at current prices, Mr. Swell said.
Bets on government bonds
are hardly free from risk.
While inflation has remained
persistently below targets set
by the ECB and Federal Reserve, both central banks have
expressed confidence that
prices will rise. The U.S.’s budget deficit could push up rates
faster than in Germany, which
has a surplus. The Fed could
also raise interest rates more
aggressively than investors
forecast. Rising inflation eats
away at the purchasing power
of bonds’ fixed returns.
Still, NatWest Securities
strategists recommend investors sell five-year German
debt and buy five-year Treasurys because they say the
rise in U.S. yields may have
been overdone.
Combining a bet on falling
Treasury yields with one on
rising German yields offers investors a hedge should global
bond yields take a collective
move higher, said Brian
Daingerfield, a NatWest strategist.
WSJ.com/Heard
A Setback
For Online
Lenders
Lenders should be judged
not on how rapidly they
grow during good times, but
how they perform in periods
like today when consumer
defaults are ticking up. On
that basis, LendingClub
looks unprepared and investors are right to be skeptical
of the online lender.
Following a sales-practices scandal that felled its
founder and chief executive
last year, LendingClub took a
full year to restore trust
with investors and return to
a growth path. Now, worries
about the quality of its loans
are sinking the stock again.
Shares plunged 16% Wednesday after the company lowered its full-year earnings
forecast slightly.
LendingClub said loans to
certain borrowers at the low
end of the prime credit spectrum “are not currently
meeting our expectations.” It
will limit these loans, which
account for around 3% of total loans, and temporarily
halt their sale to investors
while tightening criteria for
these borrowers.
LendingClub itself is on
the hook for only a small
part of the credit losses—it
originates credit-card refinancing and other loans and
then sells them on to investors. But if losses are higher
than expected, loan buyers
won’t be happy.
Chief Executive Scott Sanborn cited a new environment in which rising consumer indebtedness is
leading to credit losses despite a strong economy.
The past two years have
been a series of disappointments for online players that
were supposed to disrupt the
lending landscape. Investors
are now saying they fear
more disappointments to
come.
—Aaron Back
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B14 | Thursday, November 9, 2017
THE WALL STREET JOURNAL.
Whisky Advocate's
th
20ar!
Ye
The Leading Whisky Festival
in North America
New York Marriott Marquis | Thursday, Nov. 16
Join Us For the
20th Anniversary Celebration
• Taste from a selection of more than 400
whiskies from around the world
• Meet the distillers and master blenders who
make them
• Enjoy a gourmet buffet all evening
• Learn from the best. Attend the FREE
seminars conducted by master distillers and
brand ambassadors
VIP
Order Tickets at WhiskyFest.com
tickets still
available!
Cigar Aficionado's
22 nd
THE WEEKEND FOR CIGAR LOVERS
The Mirage | Friday, Nov. 17-Sunday, Nov. 19
Join Us For a Big Smoke Night or
Make it a Weekend
• Two Big Smoke Evenings to choose from:
Friday, Nov. 17 and Saturday, Nov. 18
• Collect more than 35 cigars from some of the
biggest names in the cigar business
• Enjoy seminars with Cigar Aficionado editors and
renowned cigarmakers, including a tasting of
three of the top cigars of 2016
Yes,
you ca
n
smoke
!
VIP
tickets still
available!
Order Tickets at LasVegasBigSmoke.com
M. SHANKEN COMMUNICATIONS, INC.
Year!
Документ
Категория
Журналы и газеты
Просмотров
14
Размер файла
8 205 Кб
Теги
The Wall Street Journal, newspaper
1/--страниц
Пожаловаться на содержимое документа