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The Wall Street Journal November 21 2017

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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TUESDAY, NOVEMBER 21, 2017 ~ VOL. CCLXX NO. 121
* * * * *
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Deal for Time Warner
would hurt consumers,
DOJ says; company
vows to fight the case
Business & Finance
T
he Justice Department
filed a lawsuit to block
AT&T from taking over
Time Warner. AT&T CEO
Stephenson said the company
would fight the case. A1, A6
The FCC is poised to
unveil plans for reversing
rules requiring internet
service providers to treat
all web traffic equally. B6
Yellen said she would resign as a member of the
Fed’s board of governors
once her successor as chairman has been sworn in. A2
rapidly evolving media landscape.
AT&T Chief Executive Randall Stephenson said the suit
“defies logic” and that the
company would fight the case,
the first major antitrust action
under the Trump administration.
Few cases in recent memory
have challenged “vertical”
combinations that link companies in different parts of an industry. The government’s lawsuit claims this megadeal
would hurt consumers and
competition because AT&T
BY BRENT KENDALL
AND DREW FITZGERALD
WASHINGTON—The Justice
Department filed a lawsuit
Monday to block AT&T Inc.
from taking over Time Warner
Inc., a sweeping challenge to a
deal it says would give one
company too much control in a
Web Rules
Face Reversal
FCC is set to overturn Obama
regulations for internet
service providers.................. B6
could wield its power to charge
cable-TV rivals higher prices
for HBO, Turner sports and
other popular Time Warner
programming.
It also alleges that AT&T,
which two years ago bought
DirecTV, could use the deal to
squeeze out new streaming
services like Sling TV that
could threaten its traditional
pay-TV profits.
“This merger would greatly
harm American consumers. It
would mean higher monthly
television bills and fewer of the
new, emerging innovative options that consumers are beginning to enjoy,” said Makan Delrahim, chief of the Justice
Department’s antitrust division.
Speaking at a hastily arranged press conference at
Time Warner’s headquarters,
Volvo said it agreed to
supply Uber with a fleet of
24,000 self-driving cars
beginning in 2019. B1
Charlie Rose was suspended from CBS and his
TV show pulled from PBS
and Bloomberg after sexualharassment allegations. B1
The U.S. designated North
Korea as a state sponsor of terror nearly a decade after removing the label, a move
aimed at ratcheting up pressure on Pyongyang over its
weapons development.
Fox has set up a panel of
experts to help Fox News improve its workplace culture
as part of a settlement. B6
Altice said it will sell noncore assets, as the telecom
firm seeks to pare debt. B6
Alibaba is paying $2.88
billion for a 36% stake in
Chinese retailer Sun Art. B5
World-Wide
The U.S. designated
North Korea as a state
sponsor of terror, an action
that Trump said would lead
to further sanctions. A1
Merkel weighed the prospect of new German elections
after the collapse of talks to
form a government threatened her leadership. A1, A7
Zimbabwe’s ruling party
began preparations to impeach Mugabe after the 93year-old president missed a
deadline to step down. A8
Nebraska officials approved the Keystone XL
pipeline, removing its last
major regulatory hurdle. A3
The Trump administration
is ending a humanitarian program for tens of thousands of
Haitians living in the U.S. A3
A judge found that Trump’s
executive order barring some
federal grant money from being awarded to “sanctuary
cities” is unconstitutional. A4
Kenya’s high court upheld the president’s election
victory, as riot police battled
opposition supporters. A8
The VA’s top official said
he wants private-sector providers to play a larger role
in veterans’ health care. A4
Naval forces from several
nations hunted for an Argentine submarine thought to
have sunk in the Atlantic. A9
Russia is preparing to
host the leaders of Turkey
and Iran this week for a summit on the future of Syria. A8
The U.S. Treasury imposed sanctions on what it
said was a “large-scale” Iranian counterfeiting ring. A9
Opinion.............. A15-17
Sports....................... A14
Streetwise................. B1
Technology............... B4
U.S. News............. A2-6
Weather................... A11
World News........ A7-9
>
RACE AGAINST TIME: The father of a crew member of the missing submarine ARA San Juan held vigil on Monday at the naval base in
Mar del Plata, Argentina. Naval forces from the U.S. and other countries searched for the submarine, which lost contact Wednesday. A9
Fear of Tech Giants Fuels Deal Boom
Amazon, Facebook, Google and Netflix prod slower-growing companies into takeovers
BY DANA MATTIOLI
Investment bankers have gotten used to
being asked by worried retail-industry chief
executives to pitch takeover ideas aimed at
fending off Amazon.com Inc.
Now the fear has spread to media, health
care and many other sectors, where CEOs
dread the breathtaking competitive advancements made by not just Amazon but also
Facebook Inc., Alphabet Inc.’s Google and
Netflix Inc.
The result is an explosion of mergers and
acquisitions.
So far this month, about $200 billion of
deals have been announced in the U.S., according to Dealogic. November is on pace to
be the second-biggest deal-making month
since the firm began tracking them in 1995.
Three recent deals, either under discussion or awaiting approval, show in especially
dramatic fashion the impact of Amazon and
other technology giants on M&A activity.
Roaring Back
After a slow start, 2017 is on
track to be another strong year
for U.S. mergers and acquisitions.
$2.0 trillion
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
’05
2010
THE WALL STREET JOURNAL.
Here’s an Easy Thanksgiving Fix:
Try Serving a Neutered Chicken
i
i
i
‘Game of Thrones’ fans give plump, juicy
capons a boost, but some diners balk
BY ESE ERHERIENE
’15 ’17*
*2017 total as of Nov. 16
Source: Dealogic
praises over its size and taste,
she recalls saying it was
Finally, something other “pretty much” a specially fatthan politics to argue about tened Thanksgiving bird.
Holland Smith, a Los Angeon Thanksgiving.
les fashion consultant, and
How about castration?
Jeni Ni, co-founder of fash- Ms. Ni’s boyfriend at the time,
ion tech startup Frilly, learned says he was conflicted when
he learned the
the hard way
true nature of
some people
the
main
aren’t
cool
course. On one
eating capons,
hand, he says,
the
gelded
it was delicockerels popcious. But, he
ular in Shakesays, he respeare’s day
coiled at the
and revived of
Thanksgiving capon
“extra torture”
late by the
popular drama “Game of the castrated bird endured to
make it more plump and juicy.
Thrones.”
“There’s something about
Inspired by the fantasy series, Ms. Ni served capon at the male side of you that
Thanksgiving a couple of just…you relate to it a little
years ago. She kept the bird’s bit more,” he says. He decided
secret from guests, she says, to never eat capon again.
Not long after, the couple
to sidestep any awkwardness
Please see CAPONS page A10
over the practice. Answering
CVS Health Corp. could reach a definitive
agreement by the end of November to buy
Aetna Inc. for more than $66 billion, according to people familiar with the timing. That
would unite two businesses with little operational overlap.
The possibility that Amazon could enter
the pharmacy business jolted CVS executives
toward buying a health insurer, which could
help CVS make better use of its retail space,
people familiar with the matter said. The
drugstore operator could sell insurance,
draw blood and provide other services that
Amazon can’t easily replicate.
Walt Disney Co.’s expression of interest
earlier this fall in a big chunk of 21st Century Fox Inc.’s assets was prompted in part
by the success of Netflix, the fast-growing
streaming video company, according to people familiar with the situation. Fox has a
Please see M&A page A10
Retailers’ holiday wish: beat Amazon..................B1
President Donald Trump
said the designation would
lead to further sanctions on
the North Korean regime from
the U.S. Treasury, with some
significant measures to be announced on Tuesday.
He cited North Korea’s alleged support of assassinations
on foreign soil as a reason for
the action and said he was
thinking of Otto Warmbier, the
U.S. college student who died
in June shortly after he was returned home from North Korean custody.
Secretary of State Rex Tillerson said the move could
close some sanctions loopholes
but would be mainly symbolic
because the U.S. and other
powers at the United Nations
have taken steps to isolate the
country politically and economically.
“It is very symbolic…because it just points out again
what a rogue regime this is
and how brutal this regime is
and how little they care for the
value of human life,” Mr. Tillerson said. “The practical effects
may be limited, but hopefully
we’re closing off a few loopholes with this.”
The designation could open
the way for civil liability claims
against Pyongyang for acts of
terrorism against Americans
and impose more disclosure rePlease see KOREA page A8
U.S. puts sanctions on alleged
Iranian counterfeiting ring... A9
German Turmoil Threatens Europe
BY MARCUS WALKER
BERLIN—The prospects for
overhauling the European
Union and its currency, the
euro, have hit further trouble as
Germany grapANALYSIS
ples with newfound political
instability and
its leaders brace for potential
early elections.
Germany’s inability to agree
on a governing coalition since
the nation’s inconclusive ballot
in September raises the likelihood of another vote and shows
how the growing fragmentation
of Europe’s political landscapes
has reached the EU’s most important member, casting doubt
on Berlin’s ability to shape
change on the continent.
Angela Merkel, Germany’s
chancellor for the last 12 years
now reduced to running a care-
taker administration, said on
Monday she would rather have
another election than lead a
new government that lacked a
majority in parliament.
“If it comes to a new election, that’s something you have
to accept,” she told German
public television. “I’m not
Please see BERLIN page A7
Merkel weighs options after
coalition talks fail.................... A7
INSIDE
REUTERS
U.S. stocks advanced,
lifted by the industrial and financial shares. The Dow rose
72.09 points to 23430.33. B12
By Felicia Schwartz
in Washington and
Jonathan Cheng
in Seoul
MARINA DEVO/ASSOCIATED PRESS
Marvell agreed to buy
chip maker Cavium in a
cash-and-stock deal valued
at roughly $6 billion. B4
Mr. Stephenson said: “I’ve done
a lot of deals in my career but
I’ve never done one where we
have disagreed with the Department of Justice so much on
even the most basic of facts.”
AT&T’s deal for Time Warner was valued at $85 billion
when it was announced in October 2016, just weeks before
the presidential election, as one
of the largest media deals ever.
The outcome will determine
the success of AT&T’s plans to
transform itself into a media
giant that combines a farPlease see DEAL page A6
Trump
Turns Up
Pressure
On North
Korea
Families of Those on Argentina’s Missing Submarine Wait, Hope
Target and Wal-Mart are
among the retailers trying
new tricks to maximize sales
ahead of Black Friday, aiming to counter Amazon. B1
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
YEN 112.62
U.S. Sues to Block AT&T Merger
What’s
News
CONTENTS
Business News B3,5-7
Capital Journal...... A4
Crossword............... A11
Heard on Street.. B13
Life & Arts....... A11-13
Markets............. B12-13
EURO $1.1733
IN BRITAIN’S
‘DARKEST
HOUR’
CHARLIE ROSE
HIT BY SEX
ALLEGATIONS
CHARITIES
WILL SURVIVE
TAX REFORM
LIFE & ARTS, A13
BUSINESS & FINANCE, B1
OPINION, A17
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A2 | Tuesday, November 21, 2017
* ***
THE WALL STREET JOURNAL.
U.S. NEWS
A Check on Court Picks Falls Away
BY JOE PALAZZOLO
AND ASHBY JONES
The Republican head of the
Senate Judiciary Committee
has curtailed one of the last
legislative limits on a president’s power to shape the federal courts, giving Donald
Trump more freedom than any
U.S. president in modern times
to install his judges of choice,
legal experts said.
Last week, Sen. Chuck
Grassley (R., Iowa) reined in a
tradition that empowered senators to block federal appealscourt nominees from their
home state. His decision came
about four years after Democrats, citing Republican filibusters of President Barack
Obama’s circuit court nominees, eliminated a Senate rule
that required the majority
party to mount 60 votes to advance a nominee to a confirmation vote.
Together, the threat of a filibuster and the use of “blue
slips”—so-named because senators indicate support or opposition to nominees on blue
slips
of
paper—guarded
against lifetime appointments
for nominees deemed far outside the mainstream, court ex-
perts said.
Getting rid of these checks
could foment distrust in
judges’ work if Mr. Trump and
later presidents prioritize ideology over experience or legal
talent, some experts said.
“When judges lose legitimacy in the public eye, they
lose the ability to enforce unpopular decisions,” said Arthur
Hellman, an expert on the federal judiciary and law professor at the University of Pittsburgh. “And that’s when you
see an unraveling in the rule of
law.”
Others said the changes
were part of a natural progression away from Senate traditions that allowed the minority
party to stall nominations for
partisan reasons.
“If you’re not a fan of the
Senate-wide filibuster, you’re
probably not a fan of a filibuster by one senator,” said Ilya
Shapiro, a senior fellow in constitutional studies at the Cato
Institute, referring to the practice of senators blocking nominees from their states.
So far, the GOP-controlled
Senate Judiciary Committee
has approved two nominees
pronounced unfit to serve by
the American Bar Association,
including Brett Talley, a Justice Department lawyer who
has never argued a motion in
federal court and whose wife
is the chief of staff for the top
White House lawyer.
The White House declined
to address criticisms of Mr.
Talley.
The ABA’s Standing Committee on the Federal Judiciary has deemed two other
Trump nominees “not quali-
fied”—ratings Republicans on
the Senate Judiciary Committee dismissed as the product of
what they called a liberal advocacy group.
The ABA has rejected that
criticism, saying it has rated
potential judges for more than
60 years.
Hogan Gidley, a White
House spokesman, said Mr.
Trump has nominated “highly
qualified judges.”
Mr. Grassley said that after
his recent move, a negative
blue slip would be a “significant factor” for the committee
to consider but wouldn’t prevent a hearing, a break with
the practice of Senate Judiciary Committee chairmen
since at least 2005.
He blamed the Democrats
for abusing the blue slip after
eschewing the filibuster.
The median time from nomination to Senate confirmation
for circuit court nominees was
less than a month in the administrations of Lyndon Johnson and Richard Nixon, said
Russell Wheeler, a visiting fellow at the Brookings Institution who studies federal
courts. That number ballooned
to 229 days during Barack
Obama’s two terms, he said.
CHIP SOMODEVILLA/GETTY IMAGES
Heirs to a Decades-Old Tradition, Turkeys Trot in Washington
CELEBRITY: One of the two gobblers that made the rounds Monday before the presidential Thanksgiving pardoning ceremony on Tuesday.
Yellen Plans to Step Down From Fed Board
BY DAVID HARRISON
Federal Reserve Chairwoman Janet Yellen said she
would resign as a member of
the Fed’s board of governors
once her successor as chairman has been sworn in.
Although Ms. Yellen’s fouryear term as chairwoman ends
Feb. 3, her term on the Fed
board doesn’t expire until
2024. In the past, it has been
customary for Fed chairmen to
step down from the board once
their time as Fed chief is up.
President Donald Trump, a
Republican, has nominated Jerome Powell, now a Fed governor, to succeed Ms. Yellen.
Ms. Yellen, 71 years old,
previously served as Fed vice
chairwoman and as president
of the San Francisco Fed before then-President Barack
Obama, a Democrat, nominated her to succeed Ben Bernanke. She first joined the Fed
in 1977 as an economist studying international finance before leaving to pursue an academic career at the University
of California at Berkeley.
In a resignation letter Mon-
day addressed to Mr. Trump,
Ms. Yellen wrote she had been
privileged to serve at the central bank over “three eventful
decades.”
During her time at the
helm, Ms. Yellen helped the
economy recover its strength
following the 2008 recession.
Since taking over, she has
watched the unemployment
rate drop to 4.1% today from
6.7% in February 2014. The
economic expansion has continued uninterrupted and now
ranks as the third-longest expansion in U.S. history.
CORRECTIONS AMPLIFICATIONS
Martin Ford is the author
of “Rise of the Robots: Technology and the Threat of a
Jobless Future.” In Monday’s
CEO Council report, a Voices
From the Conference item citing Mr. Ford incorrectly iden-
tified him as John Ford.
One percent of $10,000 is
$100. An article about foolish
spending habits in Saturday’s
Review section incorrectly stated
that 1% of $100,000 is $100.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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In December 2015, Ms. Yellen guided the Fed to raise interest rates for the first time
in nearly a decade after holding them near zero for seven
years. Officials have since
raised rates three more times.
The Fed chief also helped
kick off a yearslong process of
shrinking the central bank’s
portfolio of bonds purchased
during and after the recession
to boost the economy.
“I am gratified that the financial system is much stronger than a decade ago,” Ms.
Yellen wrote in her letter.
U.S. WATCH
BORDER PATROL
ELECTION COMMISSION
Trump: Injured Agent Fine Levied Against
Expected to Survive Conservative Groups
President Donald Trump
said a U.S. Border Patrol agent
injured in an incident that killed
his partner was “brutally beaten”
but is expected to survive.
Mr. Trump described the unidentified agent’s condition before a cabinet meeting in Washington, where he also renewed
his pledge to build a wall along
the U.S. border with Mexico.
“As you heard, we lost a Border Patrol officer just yesterday,
and another one was brutally
beaten and badly, badly hurt,”
Mr. Trump said. “And we talk
about the wall—we’re going to
have the wall. It’s a part of what
we’re doing. We need it.”
Border Patrol Agent Rogelio
Martinez, 36 years old, died at a
hospital Sunday from injuries
suffered while he and his partner were patrolling an area near
Interstate 10 in the vicinity of
Van Horn, Texas, about 120
miles southeast of El Paso.
—Alicia A. Caldwell
The Federal Election Commission levied a fine on three conservative groups for campaign-finance violations.
The commission determined
that the American Conservative
Union illegally funneled money
from a nonprofit that doesn’t
disclose its donors to a super
PAC that is supposed to do so.
The maneuver hid the true donor
of more than $1.7 million given
for use in several 2012 House
and Senate races, the FEC found.
The FEC ordered the ACU, the
nonprofit Government Integrity
LLC and the super PAC Now or
Never PAC to collectively pay a
$350,000 fine. The ACU said the
leaders involved in the transaction
five years ago “no longer have any
affiliation with the organization.”
James Thomas III, treasurer
for Now or Never PAC, said only
that the group is “relatively inactive right now.” Government Integrity LLC no longer exists.
—Julie Bykowicz
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A3
* * * *
NATI HARNIK/ASSOCIATED PRESS
©T&CO. 2017
U.S. NEWS
The extended Keystone XL pipeline would connect to the Keystone Steele City pumping station in Steele City, Neb., shown in 2015.
Pipeline Gets State Backing
Nebraska regulators
give key approval for
Keystone XL, but its
future is unclear
BY CHRISTOPHER M. MATTHEWS
AND VIPAL MONGA
Nebraska officials approved
the Keystone XL pipeline on
Monday, removing its last major regulatory hurdle, though
the future of the long-delayed
project remains far from certain.
The Nebraska Public Service Commission in a 3-2 vote
approved Keystone XL’s route
through the state, which
would extend and expand the
company’s Keystone pipeline
network to carry oil 1,700
miles from Alberta in Canada
to Steele City, Neb.
Opposition from landowners and others in Nebraska
helped animate a national protest movement that effectively
stalled the pipeline for years.
TransCanada Corp. first proposed the project in 2008.
President Donald Trump, a
Republican, revived the project in March, reversing a directive from the administration of his Democratic
predecessor to block its construction. But the pipeline still
required approval from Nebraska state regulators.
TransCanada didn’t commit
to the project Monday. The
company has said a final decision on whether to move
ahead with the pipeline could
Edmonton
Hardisty
250 miles
MANIT OBA
SAS K.
A L B E RTA
CANADA
M ON T.
N . D.
Keystone XL pipeline
S.D.
Big Step
The Nebraska Public Service
Commission voted 3-2 to
approve the Keystone XL oil
pipeline, the final major
regulatory step for the
project.
Extent of the Keystone
oil pipeline
Constructed
UNITED
STAT E S
NEB.
ILL.
Steele City
Patoka
KA N.
O K LA .
MO .
Cushing
Planned
TE XAS
MEXICO
Houston
Port Arthur
Source: TransCanada
come as early as next month.
“As a result of today’s decision, we will conduct a careful
review of the Public Service
Commission’s ruling while assessing how the decision would
impact the cost and schedule of
the project,” Russ Girling, TransCanada’s president and chief
executive, said in a statement.
The route approved by the
commission wasn’t the one
preferred by TransCanada.
The company initially pro-
posed a path through the
state’s Sandhills region, which
sits atop one of the largest
freshwater aquifers in the U.S.
That was the route that
sparked the protests; TransCanada then proposed another route that avoids the
Sandhills, the one approved by
the commission.
Opponents of the project
were reinvigorated last week
when the original Keystone
pipeline leaked about 5,000
barrels of oil in South Dakota
on Thursday, forcing TransCanada to shut down sections
of the pipeline.
Landowners, environmental
advocates and others can still
challenge the project in state
court, though they would need
to persuade judges to grant an
injunction, a high hurdle, analysts said.
“The movement that has
stood up for nearly a decade to
resist Keystone XL will not back
down,” said Rachel Rye Butler,
a spokeswoman for Greenpeace,
an environmental group.
Jane Kleeb, who has led opposition to the project for
years, said she thought “anything other than [TransCanada’s] preferred route is a victory.” She promised to fight
on, arguing that the new route
opens the door to more years
of review and legal challenges.
Other questions still linger
over Keystone XL—including
whether sufficient demand exists for it. TransCanada had
struggled to line up customers
earlier this year to ship crude
oil from Canada’s oil sands to
its eventual destination beyond Nebraska, the U.S. Gulf
Coast, according to people familiar with the matter.
Mr. Girling said earlier this
month he is optimistic about
demand. “[W]e anticipate the
support for the project to be
substantially similar to that
which existed when you first
applied for the Keystone pipeline permit,” he said during a
conference call about the company’s third-quarter earnings.
TIFFANY VICTORIA®
800 843 32-9
|
TIFFANY.COM
Haitian Migrants
Lose Protections
ASSOCIATED PRESS
BY ALICIA A. CALDWELL
AND ARIAN CAMPO-FLORES
Charles Manson, shown in 1986, led his followers in a killing spree.
Cult Leader, Killer
Was Symbol of Evil
BY ZUSHA ELINSON
Charles Manson, a convicted killer and cult leader
who fascinated the American
public ever since he persuaded
his young followers to commit
a string of murders in 1969,
died at the age of 83 on Sunday in California.
Manson was serving a life
sentence at Corcoran State
Prison in Central California
and died of natural causes, according to prison officials.
In the late 1960s, Manson, a
small-time crook with musical
aspirations, attracted a following of mostly young women
that came to be known as the
Manson Family. Manson and
his followers were convicted
in the 1969 killing of pregnant
Hollywood actress Sharon Tate
and six others in Southern
California. Ms. Tate was married to film director Roman
Polanski, who was away at the
time of the murders. Manson
hoped the killings would incite
an apocalyptic race war, which
he called “Helter Skelter,” according to prosecutors.
Manson, with a swastika
etched into his forehead, became a symbol of evil. He was
born Charles Milles Maddox in
Cincinnati in 1934 to a 16year-old single mother. Manson was in and out of institutions and prisons before
ending up in San Francisco in
the 1960s, where he fashioned
himself as a guru of sorts.
He spoke often of the coming race war but then decided
to instigate it himself. On Aug.
8, 1969, Manson told his followers, “Now is the time for
Helter Skelter,” according to
court testimony, and sent four
of them to the home where
Ms. Tate lived.
Manson took his followers
out the next night for more,
and they stabbed a couple,
Leno and Rosemary LaBianca,
to death. Manson was found
guilty in 1971 of murder and
conspiracy to commit murder
in those killings. He was also
convicted of killing two others.
LOS ANGELES—The Trump
administration is ending a humanitarian program for tens of
thousands of Haitians living in
the U.S. but will give those immigrants more than a year to
leave.
Haitian immigrants living in
the U.S. under the government’s Temporary Protected
Status program will have until
July 2019 to leave the U.S. or
apply for another status to remain, the Department of
Homeland Security said.
The decision to end the program has been expected. In
May, then-Homeland Security
Secretary John Kelly announced a limited, six-month
extension for the program and
advised Haitian immigrants to
use that time to prepare to
leave the U.S. or apply for another immigration status if
they were eligible.
Mr. Kelly suggested at the
time that longstanding TPS
protections for other countries
were also likely to end, saying
that the protections were intended to be temporary. Since
then, Haitian government officials, advocates and some U.S.
lawmakers have urged the U.S.
government to continue the
protections.
Acting Homeland Security
Secretary Elaine Duke said in a
statement Monday that conditions in Haiti had improved
enough to end the humanitarian protections.
The designation for TPS
was made after a deadly 2010
earthquake killed thousands in
Haiti and devastated parts of
the country. A senior administration official on Monday
cited the stability of the local
government and the departure
of United Nations military
troops that had been deployed
to Haiti after the earthquake.
TPS is a humanitarian program designed to allow people
from designated countries to
stay in the U.S. in the aftermath of a natural disaster or
other strife.
The protections have come
and gone for several countries,
but immigrants from Honduras
and Nicaragua, along with El
Salvador, have been protected
under the program for nearly
20 years.
A TPS program for El Salvador expires next year and the
government will have to decide its fate by early January.
Hundreds of thousands of Salvadoran immigrants are allowed to live and work in the
U.S. under TPS.
The end of TPS for Haitians
could have significant impacts
on hospitality, health care and
other industries in South Florida, home to the largest concentration of Haitians in the
U.S.
At the InterContinental Miami hotel, which employs
about a dozen Haitian TPS
holders in jobs like housekeeping and banquet work, “it’s going to be difficult to replace all
of those positions in the short
term,” said Robert Hill, the
general manager. “The labor
force in South Florida is already pretty tight.”
President Donald Trump has
made cracking down on immigration, illegal and otherwise, a
priority for his administration.
GIFTS FOR THE HANDSOME HERO
SALVATORE FERRAGAMO
EXCLUSIVE. Belt. $395. Wallet. $380.
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THE WALL STREET JOURNAL.
U.S. NEWS
The Varied Threats Confronting Democracy
CAPITAL JOURNAL
By Gerald F. Seib
J
ust over a year has
passed since Election Day
2016, and a special counsel plus three congressional
committees continue to struggle to figure out whether Russia colluded
with the
Trump campaign to help
tip that election.
That is a
hugely important question, of
course. But the danger in focusing on it too much is that
the country could lose sight
of a broader and more pernicious reality: Whatever Russia did last year amounted to
an attack on American de-
mocracy. Worse, that is only
one of several ways the democratic model is under threat.
William Burns, a career
foreign service officer who
served as both ambassador
to Russia and deputy secretary of state, sees “a conflict
of ideas and models” playing
out on the world stage. Both
Russia and China are holding
up what Mr. Burns calls their
“authoritarian managed economic models” as alternatives to democracy.
Moreover, to the extent
that the U.S. itself sometimes
seems not to take its own
democratic ideals seriously,
or fails to make them work
well, it can actually help
erode the appeal of a system
that has long served as an
international beacon of hope.
In short, the democratic
model is under threat on
three fronts. Let’s look at
them in turn:
China: President Xi Jinping
used a recent Communist
Party congress to cement his
own power, reduce the potential for internal challenges
from other figures, and establish a kind of cult of personality built around a constitutionally blessed school of “Xi
Jinping Thought.”
That all thwarted democratic impulses and cemented
Mr. Xi’s personal control,
while solidifying his vision of
an economy built on big and
strong state-owned enterprises. He also declared that
he intends for the resulting
economic strength to make
China a “great power” at the
center of international affairs.
Implicitly, at least, Mr. Xi
also is creating an authoritarian model for others to follow.
“What’s interesting to me, at
least, is the extent to which
Xi, in ways I can’t remember
in the last 40 years or so, is
holding up the Chinese model
as an example,” says Mr.
Burns. That has particular importance in Asia, where other
nations watch China closely.
Russia: President Vladimir
Putin is busy dismantling notions of real democracy in
Russia. He’s widely expected
to seek and win a fourth six-
year term as president next
year, and he served as prime
minister during the only four
years since 2000 he hasn’t
been president.
Moreover, he has created a
new National Guard, headed
by his former chief bodyguard, to protect the country’s leaders from unspecified
threats, and has just proposed
increasing its power. That
sounds like a kind of modernday Praetorian Guard.
A
t the same time he is
thwarting democratic
trends at home, Mr. Putin seems determined to discredit the Western democratic
model on the world stage. His
intelligence services appear to
have meddled in elections in,
among others, France, Britain
and Montenegro, and engaged
in campaigns to sow discord
in political systems elsewhere.
Clint Watts, a former Federal Bureau of Investigation
counterterrorism expert now
at George Washington University, says Russia began inserting itself into the American
presidential campaign in the
summer of 2015, with an apparent goal of weakening
Democrat Hillary Clinton, then
the odds-on favorite to be the
next American president.
Only later, it appears, did
the Russians decide that Donald Trump was the candidate
they wanted to help win, he
says. Throughout, though,
the Kremlin had a broader
goal: weaken the image of
the U.S. by using covert social-media campaigns to
stoke social and cultural divisions and make democracy
look messy and unstable.
The U.S.: His critics
charge that Mr. Trump exhibits some authoritarian
tendencies of his own, and
his occasional disparaging
remarks about “rigged” democratic institutions seem to
suggest that. The fact is,
though, that the American
system of checks and balances—a hallmark of the
democratic model—remains
strong and vibrant.
Yet there are reasons to
worry about the health of
Sexual-Abuse
Battle Comes
To Statehouses
As the outcry against sexual
misconduct ripples from Hollywood to corporations to Washington, D.C., it also is growing
in a realm long plagued by
such behavior—state capitals.
Allegations of sexual harassment or sexual misconduct by
state lawmakers have surfaced
in at least a dozen states,
prompting
investigations,
changes in reporting and investigation protocols, and new
or improved employee training. At least seven lawmakers
face interim or partial suspensions from committees or leadership posts.
Reports and allegations of
abusive workplace behavior
have dominated headlines, and
awareness of the problem is
growing while tolerance is
wearing thin. Yet in U.S. statehouses, where dozens of
women have recently alleged
misconduct by male colleagues, corrective responses
have been patchy.
Accused lawmakers have resisted calls to relinquish their
elected seats, and many legislative leaders face criticism
over how they have dealt with
allegations.
The range of reactions highlights how unaccustomed state
legislatures are to acting on a
problem that was once swept
under the rug, according to
lawmakers and current and
former legislative staff, both
men and women, in several
states.
“A lot of this is uncharted
territory for everybody,” said
Oregon state Sen. Sara Gelser,
who last week filed a formal
complaint against a colleague,
Sen. Jeff Kruse. Ms. Gelser, a
Democrat, alleges that Mr.
Kruse, a Republican, touched
her inappropriately for years
and that 15 other women have
made similar allegations, according to the complaint. Mr.
Kruse has denied any inappropriate touching. Ms. Gelser
had earlier reported her
claims informally to the State
Senate, and Mr. Kruse was removed from committee assignments. “We don’t have a process that works quickly when
we have a pervasive problem,”
said Ms. Gelser, who is seeking
his expulsion.
State legislatures from California to Rhode Island have
been struggling with claims
of sexual harassment or misconduct. Although no state
lawmaker has been expelled,
some face calls from colleagues
and leaders to resign.
Most legislatures have procedures that can lead to expulsion. In a minority of states,
voters can attempt removal
with a recall petition. Such at-
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D
emographic trends
also are straining the
American model. Because of the way the Electoral College works, two of
the past three presidents
first won office while losing
the popular vote. And David
Birdsell, dean of the school of
public and international affairs at Baruch College, notes
that by 2040, about 70% of
Americans are expected to
live in the 15 largest states.
They will have only 30 senators representing them, while
the remaining 30% of Americans will have 70 senators
representing them.
That is the way the system works, of course. But
there will be a growing need
for enlightened leaders who
can demonstrate that it
works for all.
Judge
Blocks
Sanctuary
City Order
BY ALICIA A. CALDWELL
RICH PEDRONCELLI/ASSOCIATED PRESS
BY NOUR MALAS
the American model. Current
leaders seem unable to find
their way to consensus or
even compromise on the biggest issues of the day, which
can breed voter despair and
disillusionment.
Republican Assemblywoman Melissa Melendez, a member of the California Legislative Women’s
Caucus, has pushed for legislation to protect those who come forward to allege sexual misconduct.
Second Franken
Accuser Speaks Out
A woman said U.S. Sen. Al
Franken grabbed her buttock while
taking a photo with her at the
Minnesota State Fair in 2010, the
second allegation of misconduct
tempts have been largely unsuccessful, according to a National Conference of State
Legislatures overview.
Workplace misconduct in
state legislatures burst into
open view last month in Sacramento, Calif., where a letter
describing endemic sexual harassment in the state capital
against the Minnesota Democrat.
The allegation, by Lindsay
Menz is the first accusation of
improper touching by Mr. Franken after he became a senator. Mr. Franken told CNN, which
first reported the accusation
Monday, that he takes “thousands of photos...and I certainly
don’t remember taking this pic-
ture. I feel badly that Ms. Menz
came away from our interaction
feeling disrespected.”
Last week, Leeann Tweeden, a
radio host, said Mr. Franken kissed
her against her will at a 2006 rehearsal and posed for a photo in
which he appeared to grope her
while she slept. Mr. Franken apologized. —Natalie Andrews
gathered more than 300 signatures. The letter quickly
prompted a review of the legislature’s policies and practices.
On Friday, California’s State
Senate leader moved to suspend Democratic Sen. Tony
Mendoza from his leadership
roles pending an investigation
by an outside firm into allega-
tions of misconduct.
Mr. Mendoza denies the allegations and said he is committed to cooperating with the
investigative process.
The California Senate Rules
Committee will meet in an
emergency session later this
month to consider the suspensions.
A federal judge in San Francisco has found that President
Donald Trump’s executive order barring some federal grant
money from being awarded to
“sanctuary cities” is unconstitutional.
Santa Clara County, Calif.,
and the city and county of San
Francisco sued the administration in February, arguing that
the
federal
government
couldn’t block federal funding
to cities and other jurisdictions with policies in place to
protect immigrants who are in
the country illegally.
U.S. District Judge William
H. Orrick on Monday issued a
permanent, nationwide injunction blocking the administration from denying the grant
money to jurisdictions the U.S.
Justice Department says aren’t
complying with a law that
governs
communications
about immigration status.
“This is a clear rebuke of
the Trump administration’s illegal effort to take away federal funding,” said James R.
Williams, Santa Clara County
counsel.
A Justice Department
spokesman said the administration disagreed with the ruling and that the court had exceeded its authority.
VA Chief Wants More Private Health Care
BY BEN KESLING
AND PETER NICHOLAS
Making a Dent
WASHINGTON—The top official at the Department of
Veterans Affairs said he wants
private-sector providers to
play a larger role in veterans’
health care, a view likely to
draw opposition for a Trump
cabinet member who has enjoyed rare bipartisan support.
David Shulkin said in an interview that he wants to make
the VA’s hospital system compete with private-sector providers for military veteran customers, which he said would
give veterans greater choice
over their health care.
His view on the future of
the VA resembles that of the
politically conservative Koch
brothers, who recently announced they are launching a
major effort to reshape the future of the nation’s largest
health-care system.
“The direction I’m taking
this is to give veterans more
choice in their care,” Dr.
Shulkin said, speaking from his
office, “and be the decision
maker for their care, which I
fundamentally believe is a concept that has to be implemented.”
House and Senate committees on veterans affairs are
crafting legislation that would
steer the future of private care
at the VA. It would replace a
law passed in 2014 in the wake
of a wait time scandal. That
law dramatically increased the
number of appointments veterans get in the private sector
using VA funding.
While lawmakers and major
veterans advocates have
praised Dr. Shulkin’s efforts at
the department, a number of
Democrats and veterans organizations have said they would
oppose what they consider to
be steps toward privatization.
Some say this approach increases access to health care,
while opponents argue it
slowly chokes off funding to
government-run facilities.
Other major veterans advocacy groups have pledged to
fight privatization moves,
though some said Dr. Shulkin’s
vision for the department is a
seemingly new position for
him.
“We have not heard Secretary Shulkin say that, and we
are pleased with how transparent he’s been,” said Kayda
Keleher, spokeswoman for Veterans of Foreign Wars, a major
advocacy organization.
She said her organization’s
position is that the VA has to
remain at the center of care.
“There is no provider and
there’s no health-care insurance that doesn’t have someone watching over their insurance plan,” she said.
The Congressional Budget
Office has estimated that extensive outsourcing of veterans care to the private sector
would balloon budgets at the
VA by tens of billions of dollars.
The VA serves as the coordinator of care, meaning veterans typically must go through
a provider at the VA and get
care there or head to the private sector. Under current VA
programs, some 30% of all appointments are with privatesector providers.
The top Democrat on the
Senate Committee on Veterans
Affairs, Montana’s Jon Tester,
has long maintained that the
VA needs to remain at the center of care in order to allow for
congressional oversight, among
other reasons.
“Our nation promised veterans that we would provide
care and benefits for them
when they return from service,“ Mr. Tester said.
Dr. Shulkin said the push for
more private-sector care
would be a “graduated approach,” and he wants veterans eventually to not have to
rely on VA to approve or coordinate their care. At his confirmation hearing this year, Dr.
Shulkin vowed to extensively
change the department, while
pledging to oppose privatization.
For now, the VA must coordinate care until veterans are
given full transparency about
their health options, he said.
Those familiar with the secretary’s thinking said the goal of
far-greater choice isn’t imminent and could take years.
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A6 | Tuesday, November 21, 2017
NY
* *
THE WALL STREET JOURNAL.
FROM PAGE ONE
AT&T CEO Readies for Fresh Fight With Government
BY DREW FITZGERALD
AT&T Inc. Chief Executive
Randall Stephenson’s strategic
plans have been upended by
the
federal
government
around Thanksgiving for the
second time.
On Monday, the Justice Department filed a lawsuit challenging AT&T’s $85 billion
cash-and-stock deal for Time
Warner Inc. after a nearly 13month review. It was around
this time in 2011 that AT&T was
forced to withdraw its application with the Federal Communications Commission for a $39
DEAL
billion takeover of wireless rival T-Mobile US Inc., amid opposition from regulators.
Mr. Stephenson has vowed
to fight the Justice Department in court to proceed with
a takeover of Time Warner.
“The government contends
that AT&T with 25 million TV
customers and Turner with a
single-digit share of all media
watched will have unlawful
market power, this defies logic
and it is unprecedented,” Mr.
Stephenson said in a press
conference on Monday.
The department’s stance
complicates an already frus-
AT&T CEO Randall Stephenson
trating autumn for AT&T coming off its worst-ever stretch
of customer losses in its traditional pay-TV business.
Mr. Stephenson, 57 years
old, is no stranger to Washington after a decade atop one of
the most regulated companies
in the U.S. He entered the telecom business in 1982 with a
low-level job at Southwestern
Bell, one of the regional telephone companies formed by
the breakup of the original
AT&T monopoly.
He climbed the ranks as the
company snapped up rivals
and staked a claim on a growing cellphone business. By the
time its board promoted him
to the corner office in 2007,
AT&T had become the coun-
Unwinding Time Warner
Continued from Page One
reaching internet and video
distribution network with such
sought-after content as Time
Warner’s HBO and cable channels like CNN and TNT.
Shares of both companies
have slumped in recent weeks,
amid concerns about the fate
of the deal and the impact of
cord-cutting on the pay-TV
business. On Monday, Time
Warner shares slipped 1% to
$87.71 while AT&T inched
higher to close at $34.64.
The case also will be an important test of whether courts
will bless a rare and ambitious
government challenge to a
merger of complementary
companies that don’t compete
head-to-head. The Justice Department hasn’t litigated this
type of case in decades, and it
likely will raise issues that the
current generation of judges
haven’t confronted.
The 23-page lawsuit, filed in
a Washington, D.C. federal
court, alleges the deal could
have considerable negative
ramifications even though
AT&T and Time Warner aren’t
traditional competitors. It says
pay TV distributors continue to
view Time Warner networks as
essential components in any
cable bundle.
AT&T general counsel David
McAtee called the suit “a radical and inexplicable departure
January
Jeff Bewkes
named Time
Warner CEO
Dec. 9
AOL spinoff
completed
2008
’09
’10
Aug. 5 21st Century
Fox withdraws bid
for Time Warner
June 6
Time Inc. spinoff
completed
March 27
Time Warner Cable
spinoff completed
Oct. 22
AT&T agrees to
buy Time Warner
June 23
Verizon buys AOL
’11
’12
’13
’14
’15
Source: the companies
from decades of antitrust precedent.”
“Fortunately, the Department of Justice doesn’t have
the final say in this matter,”
Mr. McAtee said in a statement. “Rather, it bears the burden of proving to the U.S. District Court that the transaction
violates the law.”
The deal’s terms remain
binding through April 22, and
the companies hope a judge
can issue a decision before
then, a timeline that should be
feasible if the case is expedited, as is likely.
Conservative antitrust enforcers have tended to favor a
lighter touch in challenging
mergers. The usual predictions,
however, have been uncertain
in light of the populist tone of
President Donald Trump’s administration.
Shortly after the deal was
Nov. 20
The DOJ
announces it’s
filing suit to
block the deal
May 18
Charter buys Time
Warner Cable
CEO Jeff Bewkes made Time Warner a coveted takeover target by
focusing on HBO, Warner Bros. and the Turner cable networks.
’16
’17
THE WALL STREET JOURNAL.
Media Mergers
The government sued to block AT&T's takeover of Time Warner, one of
the biggest deals in media or telecom.
Companies
Amount
Year
AOL-Time Warner
$94.3B
AT&T-Time Warner
85.4*
Charter-Time Warner Cable
64.6
AT&T-DirecTV
47.9
Viacom-CBS
43.1
AT&T-MediaOne Group
41.1
2000
2016
2015
2014
1999
1999
AT&T-Tele-Communications
36
1998
Comcast-AT&T Broadband
35.7
2001
*Deal includes stock; value is as of the day it was announced
Source: Dealogic, AT&T and Time Warner
THE WALL STREET JOURNAL.
announced, the then-candidate
pledged his administration
would block the transaction if
he won the White House. The
president also continues to
criticize CNN, part of Time
Warner, including on Twitter
last week when he called the
news network a “loser.”
Mr. Delrahim, who took over
as the Justice Department’s
antitrust chief in September,
has said repeatedly that the
White House didn’t influence
try’s top wireless-service provider in terms of subscribers,
though it is now second behind
Verizon Communications Inc.
But the launch of Apple
Inc.’s iPhone, also in 2007,
turned the wireless market into
a battlefield. Landline telephone companies continued to
suffer worsening revenue while
cable providers, until very recently, dominated the market
for TV and internet service.
AT&T is now pleading its
case in court as many Americans are dropping cable or
satellite-TV
service
for
cheaper online substitutes.
Despite its setbacks, AT&T’s
strategy hasn’t changed much
in recent years. Mr. Stephenson has long envisioned running a media and telecom
company that could use assets
from each link of the entertainment supply chain to take
a bigger share of earnings
from rivals, people familiar
with his thinking said.
Mr. Stephenson has publicly
dismissed the idea that the
Time Warner deal may fall
through, saying he prefers his
chances in court. “We have a
very good case and we intend
to win,” he said on Monday.
the department’s decisionmaking process, but critics say
the president’s comments have
muddied the waters for the department’s case.
Mr. Stephenson on Monday
called Mr. Trump’s attacks on
CNN the “elephant in the
room,” but said he didn’t know
if they played a role.
Antitrust enforcers during
the Obama era brought a series
of notable merger cases and
won most of them in court.
The AT&T case is different
than the typical merger case in
which the government seeks to
challenge a proposed deal that
would combine two direct rivals. Here, AT&T is seeking to
integrate its wireless and payTV capabilities with Time Warner’s portfolio of video content, from the Warner Bros.
studios to channels including
HBO, CNN, TNT and TBS.
Antitrust experts generally
believe that mergers combining suppliers and distributors
have the potential to create efficiencies that are good for
consumers, and AT&T argues
its deal fits this mold. Advocates for strong antitrust enforcement have said vertical
deals can be a threat to competition, particularly in markets
that are already concentrated.
In the media arena in particular, some activists warn
that allowing a single company
to control a wide-ranging distribution network and popular
programming would give it the
power to harm rivals and im-
pede future innovation.
AT&T is counting on the
idea that customers bundling
cellphone, pay-TV and internet
service, perhaps with a few
stand-alone subscriptions to
premium channels like HBO
and Cinemax, are less likely to
drop any of those services.
For Time Warner, the deal
could mark a lucrative exit at a
time when the traditional payTV business is being upended
by streaming services and consumers’ demands for cheaper
ways to watch programming
when and where they want.
Time Warner sees the combination with a major distributor like AT&T—which has millions of wireless subscribers
and satellite-TV customers—as
an opportunity to give viewers
more flexibility. In the year
since the proposed deal was
announced, threats against traditional pay-TV have only become more clear. Consumers
are canceling pay-TV subscriptions at an accelerating pace
and technology companies like
Netflix and Amazon have become major forces in the production of original content.
Time Warner would be entitled to a $500 million breakup
fee if AT&T were to lose in a
court case or scrap the deal to
avoid a legal fight. Mr. Stephenson has dismissed the
idea of walking away, given
what the company considers
its strong legal position.
—Keach Hagey
contributed to this article.
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A7
WORLD NEWS
Merkel Weighs Options After Talks Fail
German chancellor
vows to stay in office
amid coalition setback,
looks at new elections
Chancellor Merkel attended a meeting of the CDU/CSU parliamentary group in Berlin on Monday.
THE WALL STREET JOURNAL.
her Christian Democratic
Union’s sole credible leader.
A flash Forsa poll of 1,789 respondents conducted on Monday showed 85% of CDU voters
thought Ms. Merkel should lead
her party into fresh elections,
suggesting the collapse of the
coalition talks hadn’t inflicted
irreparable damage on her political support.
But constitutional hurdles
mean it could take weeks, even
months, before Germans go to
likely leaving the country in
political gridlock.
Ms. Merkel’s conservative
alliance had been negotiating
for weeks with ideologically
divergent parties after its failure to secure a decisive vic-
tory in September's election
left it needing to form a coalition to govern. In the early
hours of Monday, the small
pro-business Free Democratic
Party broke off talks with her
conservative camp and the
center-left Greens, saying the
negotiations had failed to
bring the parties together.
Investors initially sold the
euro and German stocks on the
news, although markets later
recovered and German stocks
ended the day with gains.
Ms. Merkel and her party
have signaled strong reservations about Mr. Macron’s plans
to revamp the eurozone—
which include a call for a common budget for countries that
use the euro—but the chancellor has avoided rebuffing the
French leader.
Ms. Merkel met on Monday
with President Frank-Walter
Steinmeier—the only official
under German law with the
authority to dissolve parliament and call early elections—
to chart out her next steps.
Mr. Steinmeier said he would
consult with the main parties in
parliament to explore alternative coalitions before paving the
way for a new ballot.
celed a meeting with Dutch
Prime Minister Mark Rutte to
focus on her domestic troubles—an early sign of how Europe has now fallen off Germany’s to-do list.
The European Commission,
the EU’s executive arm, expressed its hope that Germany
won’t become another headache for the bloc. “We are confident that the German constitutional process will provide
the basis for stability and continuity that has been a trademark of German politics, and
we hope this time will not be
different,” commission spokesman Margaritis Schinas said.
The causes of the political
upheaval in Berlin run deep. In
much of Europe, long-dominant
conservative and center-left
parties have suffered an ero-
pro-refugee policy divided the
right and fueled the rise of the
far-right AfD, which entered
the national parliament for the
first time.
The AfD’s conquest of nearly
13% of the vote has made majorities harder to muster for
mainstream parties, especially
since the battered center-left
Social Democrats have spurned
serving again under Ms. Merkel.
A return to Germany’s previous, predictable politics looks
remote. The mainstream center-right and center-left camps
would need strong revivals to
have any chance of winning a
majority, as long as the appeal
persists of the AfD, which is
seen as a pariah by other parties, including for its members’
revisionist views on the Nazi
period.
Germany’s purring economy
is unlikely to be upset by the
political convulsions in Berlin.
The country faces few urgent
economic problems, although
long-term challenges are ahead
it to maintain its recent strong
record.
Political Berlin’s broad consensus on foreign affairs also
means that even a caretaker or
minority government would
likely find enough parliamentary backing to uphold Germany’s existing policies on
managing crises abroad, from
the eurozone to Ukraine.
But achieving change in Europe becomes harder without a
stable government in Berlin.
Paris was already worried by
Germany’s election result and
the prospect that the mildly euroskeptic Free Democrats could
join the government. Germany’s
political breakdown on Sunday
deepened France’s concern. Mr.
Macron promised French voters
he could make the eurozone
more growth-friendly as a corollary of his often unpopular
fixes to France’s economy.
“We want our main partner
to be stable and strong to advance together,” an official at
Mr. Macron’s office said.
—William Horobin in Paris
and Emre Peker in Brussels
contributed to this article.
from Britain’s plan to exit the EU.
Paris and Amsterdam were
chosen by drawing lots from a
large, transparent glass bowl after the final round of voting
was tied. Paris edged out Dublin: Amsterdam won over Milan.
There was anger that no Central or Eastern European country
made the short list for either
agency and some backbiting
among ministers for the choices.
The two EU agencies must
relocate from London after the
U.K. leaves the bloc, scheduled
to occur in March 2019.
The European Medicines
Agency is considered the more
lucrative of the two, as it provides the scientific advice allowing EU regulators to approve
new drugs. It employs some
900 skilled staff members and
has an annual budget of more
than €300 million ($354 million).
Petra Wilson, senior adviser
on health care at FTI Consulting Brussels said that difficult
work remained ahead. “Without
a smooth transition, we could
see very real drug delays that
could have a direct impact on
the health and welfare of European citizens,” she said.
The other agency, the European Banking Authority, is one
of the bloc’s banking regulators,
employing around 160 professionals. It has a mainly administrative role, chiefly coordinating European bank balance
sheet stress tests.
—Valentina Pop
and Laurence Norman
Holding Pattern
Support for Germany's main
parties has remained stable
since the election, suggesting
a new vote would fail to break
the political deadlock.
BY ANDREA THOMAS
BERLIN
Continued from Page One
afraid of it.”
The center-left Social Democrats on Monday again ruled
out forming another governing
pact with Ms. Merkel’s conservative Christian Democrats, at
least while she remains their
leader. The Social Democrats
have been junior partner in her
cabinet for eight of the last 12
years, but have seen their voter
support plunge in that time.
No obvious coalition options
remain. The collapse of talks on
Sunday between Ms. Merkel’s
Christian Democrats and two
ideologically disparate parties,
the pro-business Free Democrats and the environmentalist
Greens, followed a weekslong
impasse on issues including immigration, energy and taxes.
In the end, Ms. Merkel’s effort to form a complex coalition
with the right-leaning Free
Democrats and the left-leaning
Greens foundered on those two
parties’ disputes, including on
immigration. That asylum rules
were one of the main areas of
disagreement, along with energy policy and taxes, shows
how the refugee crisis of recent
years continues to reverberate
in German and European politics, pushing centrist parties to
adopt tougher immigration
stances as they try to curb the
growth of right-wing populist
movements such as the Alternative for Germany, or AfD.
Germany’s political disarray,
unprecedented in the postwar
era, shows that the Sept. 24
elections were a watershed for
the country and for Europe.
The rise of the far right and the
weakening of established parties have made it significantly
harder to form a government in
a country that for decades was
among Europe’s most politically stable.
The shift could be lasting,
with the already slim prospects
for overhauling the EU and the
euro further receding.
Among the losers is French
President Emmanuel Macron.
Germany’s political class was
already widely skeptical about
his proposals to transform the
eurozone into a deeper political
and fiscal union. Now, Berlin’s
attention is set to turn further
away from grand deals in Europe, as parties rethink what
they stand for and Ms. Merkel
fights for her political future.
“What will be missed is any
kind of German activity or initiative at the Europe level,”
said Ulrich Speck, senior fellow
in Brussels for the think tank
Elcano Royal Institute. “We’ll
see management of what already exists, but not change.”
On Monday Ms. Merkel can-
Social Democrats
Sept.
election
Alternative for Germany
Free Democrats
The Left
Greens
AXEL SCHMIDT/REUTERS
The slim prospects for
overhauling the EU
and the euro are
further receding.
sion of popularity. Europe’s
long economic crisis, the recent
surge in immigration, and festering discontent with technocratic governing elites have
spurred the rise of diverse antiestablishment parties, ranging
from anticapitalist leftists to
neofascists.
Particularly in countries
with proportional representation, fragmented parliaments
forced rivals into unwieldy coalitions, sometimes leaving
countries with only a caretaker
government for long spells.
Until recently, Germany was
different. A strong economy,
low unemployment and Ms.
Merkel’s high approval ratings
helped her conservative Christian Democrats dominate
power, and helped make Germany the EU’s hegemon.
But the Christian Democrats’
vote sank to 33% in September,
their worst result since 1949,
partly because Ms. Merkel’s
0%
10
20
30
40
*Includes Christian Social Union
Sources: German Federal Returning Officer
(election); Emnid poll of 1,842 respondents
conducted Nov. 9-15 (poll)
the polls again. And Monday’s
Forsa polls, like others in recent weeks, suggested a new
ballot would yield roughly the
same result as the September
vote—a fractured parliament
without a clear majority—
New Homes Found
For Banking and
Medicine Agencies
BRUSSELS—European Union
governments voted to move the
agencies that supervise the
bloc’s banking and pharmaceutical sectors out of London, in the
first formal decisions flowing
from Brexit, officials said.
European officials said Monday’s decisions to move the European Medicines Agency—the
EU’s equivalent of the U.S. Food
and Drug Administration—to
Amsterdam, and the European
Banking Authority to Paris
showed the bloc could make politically difficult choices arising
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Chancellor Merkel, center, with other G-20 leaders in Hamburg in July.
OECD Sees Slower Growth
Economic growth in developed countries slowed in the
three months to September,
but remains on course for a
pickup in 2017 overall.
The Organization for Economic Cooperation and Development said Monday the combined economic output of its
35 members was 0.6% higher
in the third quarter than in
Nov. 15 poll
AXEL SCHMIDT/REUTERS
BERLIN—German Chancellor Angela Merkel weighed the
prospect of new elections after
the collapse of talks to form a
new government posed a
threat to her leadership and
raised doubts about the political stability of the European
Union’s most powerful country.
The chancellor on Monday
dismissed suggestions she
would step down and said she
would keep working toward
building a stable government.
The lack of progress toward
a government in Berlin since
the Sept. 24 vote means Germany could stay politically
rudderless for weeks, putting
plans by French President Emmanuel Macron to overhaul
the eurozone back on hold.
Analysts said the collapse
of coalition talks might have
dented Ms. Merkel’s authority,
but noted that after 12 years
as chancellor she remained
Christian Democrats*
the three months through
June. This was a slowdown
from the 0.8% growth recorded in the second quarter.
The weakening of growth
was largely due to Japan, but
France and the U.S. also contributed. Among the Group of
Seven economies, Germany recorded the fastest growth.
—Paul Hannon
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A8 | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
WORLD NEWS
Mugabe Faces Impeachment Effort Kenyan
High Court
Zimbabwe ruling party
aims to oust president
after he misses a
deadline to step down
Upholds
Vote Result
BY GABRIELE STEINHAUSER
AND BERNARD MPOFU
NAIROBI, Kenya—The Supreme Court upheld Uhuru Kenyatta’s victory in a controversial presidential election, as
riot police fought deadly battles with opposition supporters in Nairobi and Western
Kenya, casting doubt on an
imminent return to normality
in East Africa’s most important economy.
In a sign of investor relief,
Kenya’s stock exchange had its
best day Monday since late
September and the country’s
dollar-denominated eurobond
rallied after the top court said
it would throw out three final
legal challenges to Mr. Kenyatta’s re-election. This put
Mr. Kenyatta on track for inauguration on Nov. 28 and another five years as president.
However, opposition supporters protested the outcome,
clashing with riot police in
parts of Nairobi and Western
Kenya, continuing street battles that have left at least 10
people dead since Friday.
Mr. Kenyatta won a second
term in a repeat election Oct.
26, after the court annulled the
original August vote, citing irregularities. The October vote
was deeply divisive as opposition leader Raila Odinga boycotted it; Kenyans handed most
of the votes to Mr. Kenyatta.
The Wall Street Journal
was able to verify two deaths
by gunshot on Monday
through witnesses. The police
deny killing any opposition supporters and say they haven’t
been firing live rounds.
AGENCE FRANCE-PRESSE/GETTY IMAGES
HARARE, Zimbabwe—The
country’s ruling party started
preparations to impeach Zimbabwe’s President Robert
Mugabe after the world’s oldest head of state missed a
midday deadline to step down.
The party removed Mr.
Mugabe as its leader on Sunday, five days after tanks
rolled into the capital and the
military took control of the
government. But the 93-yearold leader stunned the country
Sunday night, when he delivered a speech that failed to
declare a widely expected end
to his 37-year rule.
The continued standoff has
dumbfounded many Zimbabweans, who this weekend celebrated the ouster of their
president in the first free
demonstrations in decades.
African leaders will discuss
the future of the resource-rich
nation on Tuesday at a summit
of the Southern African Development Community in Angola.
Fresh consultations with
Mr. Mugabe had made progress toward “a roadmap on the
prevailing situation in the
country,” Gen. Constantino
Chiwenga, the commander of
Zimbabwe’s military who
launched last week’s military
takeover, said Monday.
He added that the president
had been in touch with former
Vice President Emmerson
Mnangagwa, whose ouster two
weeks ago had prompted the
military intervention.
Mr. Mnangagwa, who fled
BY MATINA STEVIS-GRIDNEFF
Students at the University of Zimbabwe demonstrated on Monday in Harare as pressure built on President Robert Mugabe to resign.
to South Africa after Mr.
Mugabe fired him, was expected to return to Zimbabwe
shorty, the general said.
Following an hourslong
meeting in its Harare headquarters on Monday, the ruling ZANU-PF party said it
would start formal impeachment proceedings on Tuesday.
The multistage process
could drag on for several days,
weeks or even months, as it
requires a nine-member committee to investigate yet-to-be
announced charges against Mr.
Mugabe that would then have
to be approved by two-thirds
of the country’s lawmakers.
Some analysts said they expect the effort to remove Mr.
Mugabe to focus on his advanced age and failing
health. To impeach the president, ZANU-PF would likely
depend on the support of opposition parties that have long
called for his exit.
“It’s not instant coffee,”
Tendai Biti, an opposition politician who was Zimbabwe’s finance minister under a government of national unity until
2013, said of the impeachment
proceedings.
Mr. Mugabe added another
twist to a week that has taken
multiple unexpected turns by
calling a cabinet meeting for
Tuesday. The military has detained several of his ministers,
while others have sought ref-
uge in the president’s lavish
private mansion, officials said,
or have fled the country.
Some of the president’s former allies have called on Zimbabweans to return to the
streets to demand his immediate exit, in a repeat of the celebrations of the military intervention that swept over he
country on Saturday.
“We want him out of office
and we want him out of office
immediately,” said Christopher
Mutsvangwa, the chairman of
the powerful association of
veterans of Zimbabwe’s liberation war.
Many war veterans had been
angered by Mr. Mnangagwa’s
ouster and Mr. Mugabe’s plan
to elevate his own wife, Grace,
into the executive.
Speculation continued over
why Mr. Mugabe’s Sunday
speech didn’t culminate in his
resignation. Some officials said
the generals now running the
country had decided it was better for the president to be removed though a political process rather than announcing a
resignation under what would
widely be seen as coercion.
Others suspected that Mr.
Mugabe had snuck the speech
past the military commanders
or skipped over important
passages.
“He’s talking a lot of nonsense, that old man,” Mr.
Mutsvangwa said.
Russia Prepares to Chart a Course for Syria’s Future
BY NATHAN HODGE
Continued from Page One
quirements on the banking industry, said Joshua Stanton, a
Washington-based lawyer who
has helped draft U.S. sanctions
against North Korea.
Robert King, who served as
a U.S. special envoy on North
Korean human rights in the
Democratic administration of
former
President
Barack
Obama, said Pyongyang is
likely to regard the move as a
direct affront. North Korea has
protested previous efforts by
the U.S. to sanction Mr. Kim
personally and to label the
country’s leadership as violators of human rights, calling
them acts of war.
Officials with North Korea’s
United
Nations
mission
couldn’t be reached for comment on Monday.
Officials in Mr. Trump’s administration have referred to
Pyongyang’s alleged role in the
poisoning death of Kim Jong
Un’s half-brother in Kuala
Foreign ministers Sergei Lavrov of Russia, Mevlut Cavusoglu of Turkey and Javad Zarif of Iran
meeting in Antalya, Turkey, on Sunday, ahead of a planned leaders’ summit in Sochi this week.
facto theirs in February 1945.”
Moscow and Tehran are allies in Syria, with Iran providing advisers and foot soldiers
to support Mr. Assad’s troops.
While Ankara supported rebel
groups seeking to oust Mr.
Assad—and Russia and Turkey
edged toward open confrontation after Turkish F-16s shot
down a Russian warplane in November 2015—Messrs. Erdogan
and Putin have mended fences
since the July 2016 coup attempt
against the Turkish leader.
Tehran, Ankara and Moscow
meanwhile have supported the
so-called Astana process in recent months that has led to
the creation of “de-escalation”
zones in parts of Syria.
“Turkey, Russia and Iran
have reached the point where
we have a common view” on
Syria, Mr. Erdogan said Friday.
Mr. Putin’s moves come as
the U.S. and Russia search for
common ground on resolving
the Syria crisis. The Russians
are at odds with Washington
Lumpur’s international airport
using a banned chemical nerve
agent as an act of terrorism.
Mr. Trump said Monday
that the designation amounts
to an escalated effort by the
U.S. to isolate the Kim regime,
which he called brutal and
murderous.
North Korea “must end its
unlawful nuclear and ballistic
missile development” and end
its support for international
terrorism, the GOP president
said.
North Korea was on the list
of state sponsors of terrorism
for two decades before the
GOP administration of thenPresident George W. Bush removed it in 2008 to spur
Pyongyang to give up its nuclear weapons program.
The redesignation had been
signaled by officials ahead of a
trip across Asia that Mr.
Trump finished a week ago and
found quick support Monday
among Republican lawmakers.
Rep. Ed Royce (R., Calif.),
chairman of the House Foreign
Affairs Committee, said it
“rightly exposes the Kim re-
gime’s utter disregard for human life and is an important
step in our efforts to apply
maximum diplomatic and financial pressure on Kim Jong
Un.”
Sen. Edward Markey (D.,
Mass.), a member of the Senate Foreign Relations Committee, said the move “does nothing to hold Pyongyang
accountable for its nuclear or
ballistic missile programs” and
he urged Mr. Trump to institute additional targeted sanctions.
Some experts wondered if
the designation would have an
effect on North Korea’s behavior—and if so, whether it
might push Pyongyang toward
a more bellicose posture.
“Re-designation is unlikely
to change North Korean behavior or pressure the regime to
return to the negotiating table,
at least in the short run,” said
Andrew Yeo, a politics professor at Catholic University of
America in Washington. “In
fact, it actually closes another
door towards diplomatic engagement by creating an addi-
over its military mission in
Syria, which includes an air
campaign against Islamic State
and the deployment of hundreds of ground troops.
A new round of U.N.-brokered talks on Syria is set to begin in Geneva on Nov. 28. Ahead
of that, the Russian position is
clear: When Islamic State is finally defeated, it wants the U.S.
out. “In our understanding, this
means that immediately after
the liquidation of the terrorist
base...Americans must leave
WASHINGTON—The Iraqi
Kurdish government asked the
U.S. to appoint a special envoy
to mediate a deepening and
potentially dangerous dispute
between the central government in Baghdad and the
semiautonomous Kurdish region, a top Kurdish official said
Monday.
Falah Mustafa Bakir, the
head of foreign relations for
Iraqi Kurdistan, told The Wall
Street Journal that he has approached U.S. officials with a
request for the Americans to
do more to address friction between Baghdad and the Kurdish government in Erbil.
Iraqi military and Kurdish
Peshmerga forces fought
briefly after the Kurds held a
disputed independence referendum in September, and still
threaten each other in places
along the boundary snaking
through northern Iraq.
“We feel we are under a
huge threat,” Mr. Bakir said.
“The international community
has to engage. And engage today better than tomorrow.”
Mr. Bakir said he was
scheduled to meet with national security adviser H.R. McMaster on Tuesday. A representative of the Iraqi
government declined to comment. The U.S. said it is weighing the Kurdish request.
The Iraqi Supreme Court on
Monday ruled the referendum
vote unconstitutional.
—Ben Kesling
Syrian territory and airspace
above it,” Russian Foreign Ministry spokeswoman Maria
Zakharova said Thursday.
The clear outlines of a definitive political settlement remain
elusive, particularly over the
future of Mr. Assad. The U.S.
has backed the U.N.-supervised
peace talks, amid concerns that
Russia wants to draw momentum away from the Geneva process. But international officials
also say Russia will be unable
to foot the bill for major recon-
struction efforts, and the U.S.
and the West oppose delivering
aid to the Assad regime.
The U.S. position “continues
to be that we see no long-term
role for the Assad family or
the Assad regime,“ Secretary
of State Rex Tillerson said last
month, adding: “We’ve certainly made it clear in our discussions with Russia.”
—David Gauthier-Villars
in Istanbul and
Asa Fitch in Dubai
contributed to this article.
BRYAN WOOLSTON/REUTERS
KOREA
Iraqi Kurds Ask U.S.
To Mediate Conflict
With Baghdad
SHCHERBAK ALEXANDER/TASS/ZUMA PRESS
MOSCOW—Russia is preparing to host the leaders of
Turkey and Iran this week for
a summit on the future of
Syria, further cementing President Vladimir Putin’s position
as a Middle East power broker.
Iranian President Hassan
Rouhani and Turkish President
Recep Tayyip Erdogan are
scheduled to meet with Mr. Putin on Wednesday in Russia’s
Black Sea resort city of Sochi.
The conference is something of
a victory lap for the Russian
president, who intervened in
Syria in the fall of 2015, providing air power to prop up the
regime of President Bashar alAssad and reversing the tide of
the multisided civil war.
With Islamic State nearing
defeat, political observers say
the three leaders now have a
chance to hash out what a postconflict Syria might look like.
Dmitri Trenin, director of
the Carnegie Moscow Center,
said the Sochi meeting carries
echoes of the February 1945
Yalta Conference, which helped
shape the post-World War II
order. “The similarity lies in
Russia and its current allies
having achieved a military victory and setting about organizing peace where there used to
be a battlefield,” he said. “The
dissimilarity is that Russia and
its allies are nowhere near the
total victory which was de
Otto Warmbier arrived back in the U.S. from North Korea in June.
tional hurdle for normalizing
relations with the United
States.”
On Monday, Mr. Tillerson
said the U.S. isn’t out of diplomatic options, but would continue to apply pressure to
North Korea until Pyongyang
comes to the negotiating table.
He cited recent moves by Malaysia, the Philippines, Singapore and Sudan to curtail trade
with Pyongyang as evidence of
the success of the Trump administration effort.
“This just continues to
tighten the pressure on the
Kim regime all with an intention to have him understand
this is only going to get worse
until you are ready to come
and talk,” he said.
Daniel Russel, who was the
top diplomat for Asia at the
State Department and is now
at the Asia Society Policy Institute, said the U.S. could use the
designation as an incentive in
later negotiations.
“It’s not unimaginable that
some of the thinking at work
here was we’re better off im-
posing it at a low point in the
U.S.-North Korea relationship
because it may come in handy
somewhere down the road
when we’re looking for bargaining chips to use,” he said.
North Korea was on the list
for years alongside Iran, Sudan
and Syria, because of Pyongyang’s roles in the attempted
assassination of the South Korean president during a visit to
Myanmar and the bombing of a
Korean Air jet liner during the
1980s.
Months before he left office,
Mr. Bush removed North Korea
from the list and unveiled a
package of humanitarian aid,
inducements that were framed
as part of a deal to get North
Korea to give up its nuclear
weapons.
North Korea has continued
to defy international norms.
Since 2008, it has conducted
five nuclear tests and launched
scores of missiles, while
threatening to destroy its
neighbors and the U.S.
—Louise Radnofsky
and Michael C. Bender
contributed to this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
WORLD WATCH
SOUTH KOREA
Seoul Will Allow
Citizen to Visit North
South Korea’s government
said it would allow one of its
citizens to visit North Korea, the
latest sign that Seoul sees opportunities to engage with
Pyongyang even as it goes along
with U.S.-led efforts to isolate
Kim Jong Un’s regime.
A spokesman for the South’s
Unification Ministry said Monday that officials had approved
a request by Choi In-guk to
visit Pyongyang this week to
attend a ceremony commemorating the first anniversary of
the death of his mother, Ryu
Mi-young, who defected to the
North in 1986 and became a
senior official in the Pyongyang
government.
—Andrew Jeong
AFGHANISTAN
Airstrikes Target
Opium Production
INDONESIA
Antigraft Panel
Arrests Speaker
Indonesia’s antigraft commission arrested one of the country’s most powerful politicians,
who for weeks evaded questioning over his alleged role in the
theft of $170 million of public
money.
Attempts to question Setya
Novanto, speaker of Indonesia’s
House of Representatives, took
an unexpected twist late last
week when he was involved in a
car crash and admitted to the
hospital. The previous day he
had evaded arrest in a police
raid on his home.
Mr. Novanto’s lawyer said he
was badly injured in the crash,
but Corruption Eradication Commission spokesman Febri Diansyah said that an independent
panel of doctors said he could
leave the hospital.
Mr. Novanto, also chairman of
Golkar, a major party in Indonesia’s governing coalition, has denied any wrongdoing.
—Associated Press
REX/SHUTTERSTOCK/EUROPEAN PRESSPHOTO AGENCY
U.S. and Afghan forces
launched a series of airstrikes on
several opium-production plants
in southern Afghanistan, marking a new front in the air campaign, the top U.S. military commander there said Monday.
Army Gen. John W. Nicholson
Jr. said the latest U.S. and Afghan air campaign is intended to
weaken the Taliban financially
and push them toward reconciliation within as little as two years.
Gen. Nicholson said the
strikes, which began Sunday,
marked the “first significant use”
of such bombings against the
Taliban’s revenue sources.
The general said he was able
to expand the war to the Taliban’s drug-production facilities
through new authorities granted
to him by President Donald
Trump that allowed U.S. forces to
conduct offensive strikes against
the Taliban—not just defensive.
The latest U.S. strategy,
which the president outlined in
August, also added roughly
3,000 U.S. troops, who arrived
weeks ago.
—Nancy A. Youssef
Indonesian parliament Speaker Setya Novanto, center, was
arrested and questioned by a corruption commission.
Tuesday, November 21, 2017 | A9
NY
* * * *
WORLD NEWS
Storm Hampers Sub Search
MAR DEL PLATA, Argentina—Naval forces from the
U.S. and several other countries, battling strong winds
and high waves, joined in a
race against time to search
By Alberto Messner,
Samantha Pearson
and Taos Turner
for a missing submarine
thought to have sunk hundreds of miles off the coast of
Argentina with 44 crew members and dwindling oxygen
supplies.
Argentina’s naval spokesman Enrique Balbin said the
search for the aging submarine had entered a “critical
phase” because the vessel
could only hold enough oxygen to keep crew alive for
seven days. Authorities last
heard from the submarine on
Wednesday as it was on its
return voyage from the southern tip of South America.
The U.S. Navy has deployed
four unmanned underwater
vessels, in addition to two
P-8A aircraft and personnel,
to help with the search in the
South Atlantic. The U.S. Air
Force sent four planes, including three C-17 Globemaster aircraft.
Briefly raising hopes, a U.S.
Navy plane using sonar equipment detected potentially significant sounds during its
search, Mr. Balbin said. The
noises, which sounded like
crew members banging tools
against the hull of a vessel,
were analyzed by technicians,
ARGENTINE PRESIDENCY/REUTERS
THE WALL STREET JOURNAL.
Argentina's President Mauricio Macri speaks to relatives of the missing submarine’s crew members.
who determined that they
hadn’t come from the submarine.
If the submarine hasn’t
surfaced since it lost contact
on Wednesday, its crew could
suffocate within 48 hours,
said Rear Adm. Andrew Lennon, Commander of Submarines at NATO and head of
the international liaison
group ISMERLO that has
helped coordinate the search.
“In order to extend life as
long as possible, the crew
does everything they can—it’s
a terrible situation,” Adm.
Lennon said. “If the submarine is stranded on the bot-
tom or underwater, the estimate is that the crew can
survive seven days. We believe that after so much time
we would have found it on
the surface by now, so we are
searching on the bottom.”
Officials said the 43 men
and one woman on the San
Juan have been trained to
stave off panic and sleep to
preserve oxygen while they
wait for help.
A German-built sub used
by Argentina’s navy for 32
years, the ARA San Juan was
returning from a patrol from
the southernmost tip of South
America, some 276 miles off
Argentina’s vast coast, when
it sent its last signal. Capt.
Gabriel Galeazzi, a navy captain, said the submarine had
been scheduled to return to
its home base in Mar del
Plata on Monday.
Since Argentina issued a
distress call on Friday, ships
and aircraft from the U.S.,
Britain, Chile and Brazil have
arrived off this country’s
coast to help with the search.
The dramatic hunt has
gripped the nation, coming
only weeks after Argentina
was shaken by the death of
five citizens in the recent
New York terror attack.
U.S. Sanctions Alleged Iran Counterfeit Ring
BY IAN TALLEY
WASHINGTON—The Trump
administration on Monday imposed sanctions on what the
Treasury Department described
as a “large-scale” Iranian counterfeiting ring that it says is run
by the Islamic Revolutionary
Guard Corps and potentially
worth hundreds of millions of
dollars.
The action against the network affiliated with the IRGC,
an elite military wing that has
taken over swaths of the Iranian
economy, is part of a broader
strategy by the administration
of President Donald Trump to
escalate sanctions pressure on
Tehran. Monday’s designations
also are likely to bolster Washington’s case in Europe for governments to strengthen their
own sanction regimes against
Tehran amid growing tensions
with allies over the Trump administration’s criticism of the
2015 nuclear deal with Iran.
Treasury officials said the
network used deceptive means
to bypass European export-control restrictions, buying advanced equipment and materials to print counterfeit Yemeni
bank notes potentially worth
hundreds of millions of dollars.
Officials at Iran’s United Nations mission didn’t respond to
a request for comment.
In sanctioning two individuals and four companies, Treasury said IRGC-linked agents
used two German front companies to buy printing presses,
specialty inks, watermarked paper and other counterfeiting
materials.
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THE WALL STREET JOURNAL.
A10 | Tuesday, November 21, 2017
IN DEPTH
An Amazon logistics facility in Dortmund, Germany. The online retailer is pressuring firms that once thought they were largely immune to threats from tech giants.
The recent surge is a sign
that other drivers of deal activity are now in control. Debt
remains readily available and
cheap, and high stock prices
often go hand-in-hand with
mergers and acquisitions.
Shareholders have rewarded
buyers in a number of recent
deals, which tends to encourage more and is reminiscent of
2015.
The biggest deals in the
current crop are every bit as
big as those from the last
boom. Earlier this month,
Broadcom Ltd. launched an
unsolicited offer for rival chip
maker Qualcomm Inc. valued
at $105 billion. It would be the
biggest technology takeover
ever. Qualcomm rejected the
offer and said it undervalued
the company.
It’s still hard for many companies to agree to a merger or
takeover, let alone win approval from shareholders and
regulators. Sprint Corp. and TMobile US Inc. recently abandoned their monthslong effort
to combine the third- and
fourth-largest wireless carriers in the U.S. Disagreements
over control and other issues
doomed the talks.
Time Warner shares have
tumbled since the Journal reported earlier this month that
the Justice Department could
sue to block the AT&T deal.
The lawsuit was filed Monday. The government alleged
the deal could raise prices and
slow innovation. AT&T’s Mr.
Stephenson said the suit “has
the whole world questioning
what they can and cannot do.”
Still, interest in deal-making is strong and growing at
many companies where competition from technology giants such as Amazon looms.
This month is on
pace to be the secondbiggest for deals since
at least 1995.
Before the financial crisis,
leveraged buyouts dominated
the deal environment. During
the turn-of-the-century tech
surge, companies rushed to
make deals that were seen as
offensive moves to launch
them into new lines of business, like the ill-fated merger
of AOL and Time Warner.
So far this year, the dollar
volume of U.S. mergers totals
$1.22 trillion, down 18% from
the same period in 2016, according to Dealogic. Investment bankers attribute the decline largely to uncertainty
surrounding federal antitrust
and tax policy.
Many investors were stunned by CVS’s interest in buying Aetna.
CAPONS
Continued from Page One
called it quits, though they
say there was more to it than
the Thanksgiving menu.
Americans have long split
over the Thanksgiving meal.
Some families dabble in ham
or game hens, while others
prefer more exotic alternatives, such as the turducken—a chicken stuffed
into a duck stuffed into a turkey.
Meera Nair, a New Yorkbased writer who emigrated
to the U.S. from India 20
years ago, says she served capon because she never liked
turkey, not even one she
cooked tandoori-style. The
neutered bird stirred passions.
One guest, Joshua Marston, says he shuddered at
the idea of eating a castrated
animal: “I do question why it
is necessary.”
Ms. Nair turned to Shakespeare in defense, sending a
text message to her guests
beforehand with a line from
Henry IV: “Wherein neat and
cleanly, but to carve a capon
and eat it?” Mr. Marston and
others say taste won them
over.
Capons trace their history
to the Roman Empire and ancient China. The bird is a delicacy in Europe, where it is
typically stuffed and roasted.
It was a niche poultry in the
U.S. until “Game of Thrones”
introduced it to a wider audience, alongside such Middle
Age fare as haunch of goat
and pigeon pie.
To produce capons, breeders remove the testicles of a
weeks-old male chicken using
small surgical tools. The absence of male sex hormones
means the bird grows larger,
fatter and with more tender
meat, say chicken farmers.
Ray Avila, a poultry farmer,
says he rears about 50,000 capons a season at his farm in
Osage, Iowa, and can castrate
100 birds an hour.
“When somebody does ask
me, ‘Why would you caponize
a rooster?’ Well, why would
you castrate a bull or a boar?”
he says. “It makes the meat
better.”
At D’Artagnan, a New Jersey-based gourmet food company, founder and owner Ariane Daguin says capon sales
have doubled in recent years
to an estimated 1,200 or so
Flooded with calls
Those tech giants have
done few big deals themselves
lately, with the exception of
Amazon’s purchase of Whole
Foods Market Inc. in August
for roughly $13 billion.
Investment bankers who
advise grocery chains say they
were flooded with phone calls
this year out of a total of
roughly 22,000 turkeys and
other big birds. She says she
often cooks capon at Thanksgiving, slathering the bird in
truffle butter and simmering it
in a bouillon containing demiglace, seasoning and root vegetables before roasting.
Michiel Hutten, head chef
at South Avenue Butcher in
New Canaan, Conn., says
about 15% of his Thanksgiving
bird orders this year are capons, compared with 5% to 8%
last year. In New York City,
the Pierre Hotel began serving
capon last year as part of its
Thanksgiving menu offered to
residents of its 75 private
apartments.
Five families are expected
to order capon this year, executive chef Ashfer Biju says.
While some people may object, he says, “if we get down
to the root of what is done to
every single animal, we
wouldn’t eat anything.”
That is the view of Veronique Kherian’s family in California. They dislike turkey and
for years roasted a chicken
stuffed with veal, chestnuts
and pate for Thanksgiving.
When the extended family
needed a bigger bird, a relative delivered a curiously
stores. The possibility that
Amazon could become a rival
in CVS’s main business increased its desire for a deal
that would diversify the company further and help repurpose its drugstores.
CVS’s board told management to size up the potential
effect of Amazon’s entry into
the pharmacy business and devise a counterattack, people
familiar with the matter said.
Separately, CVS’s marketing
department and outside advisers considered whether a partnership with Amazon would
make sense. That analysis concluded an alliance was unlikely
due to Amazon’s historical resistance to such deals.
Spurred Into Action
These three deals show how Amazon and other
technology giants are influencing M&A activity.
WHY NOW?
Amazon's potential entry into the
pharmacy business helped prompt
CVS to seek a deal with Aetna.
Market value: $56.48 billion
WHY NOW?
Netflix competition helped push Disney
to approach Fox. Other potential buyers
are circling.
Market value: $57.17 billion
Tongue depressors
Other parts of the healthcare industry are feeling the
heat from Amazon, too.
Health-care services companies long thought they were
largely immune to threats
from Amazon, but the e-commerce company began adding
such supplies to its website a
few years ago.
After starting with lowmargin surgical gloves, tongue
depressors and other items,
Amazon now sells the top 20
basics that every doctor or
dentist needs, says Jim
Forbes, vice chairman in investment banking at UBS
Group AG. He says some
health-care services companies have begun to explore
ways to diversify into different
lines of business, including
M&A deals, as a result of pressure from Amazon.
Carl’s Jr. has a cheeky, ifyou-can’t-beat-them-jointhem attitude about Amazon.
The fast-food chain, owned by
CKE Restaurants Holdings Inc.,
tweeted last month: “HEY
@Amazon BUY US. Srsly. For
real. Let’s do this. Let’s change
the future of eating!! #AmazonBuyUs.”
There are no signs that Amazon is interested in acquiring
Carl’s Jr.
—Sharon Terlep
and Drew FitzGerald
contributed to this article.
WHY NOW?
AT&T CEO said combined company
would be stronger advertising
competitor to Facebook and Google.
Market value: $69.08 billion
Source: WSJ Market Data Group
after the Whole Foods deal
was announced. Amazon’s
ability to essentially enter the
business overnight sent shivers through an industry already plagued by thin profit
margins. CEOs in other sectors
wondered if theirs would be
next. An Amazon spokesman
declined to comment.
“I see it across nearly every
industry,” says Steven Baronoff, Bank of America Merrill
Lynch’s chairman of global
M&A. “These companies are
causing CEOs to realize that
maybe their stand-alone, status-quo option is not as viable.”
Few analysts or investors
saw it coming when the Journal reported in October that
CVS was in talks to buy Aetna.
CVS has a vast network
that includes more than 9,700
retail locations, more than
1,100 walk-in medical clinics
and a pharmacy-benefit operation that serves as a middleman between drug companies
THE WALL STREET JOURNAL.
and insurers. Aetna is one of
the largest health insurers in
the U.S.
Fear of increasing competition from Amazon helped spur
CVS to look far afield for a
merger partner, according to
people familiar with the matter.
Amazon wasn’t the only impetus. CVS sees Aetna as a
way to reshape the retailer
amid a broader shake-up of
the health-care industry and
bolster the combined company’s leverage in negotiations
with drugmakers while giving
it a precious stockpile of
health data.
CVS had begun weighing a
possible transaction with
Aetna before a CNBC report
suggested in May that Amazon
was considering entering the
pharmacy business, people familiar with the matter said.
As more shopping moves to
Amazon and other online retailers, CVS already was wrestling with what to do with its
JENI NI
to lower their taxes by moving
their headquarters outside the
U.S. as part of a deal.
The number of deals that
were agreed to and valued in
the double-digit billions of
dollars broke records. The signature deal of that era was the
megamerger, such as Pfizer
Inc.’s agreement to buy Allergan PLC for about $150 billion.
The Obama administration
later blocked the deal between
the two drugmakers.
MICHAEL NAGLE/BLOOMBERG NEWS
Continued from Page One
stock-market value of about
$57 billion.
Disney’s cable channels are
under pressure from cord-cutting. In August, the company
announced it will launch two
online subscription streaming
services with sports, movies
and TV programming directly
to consumers. Disney said it
would yank its future movies
from Netflix.
Disney approached Fox
about a potential deal that
would provide Disney with
more content and distribution
assets to better compete
against Netflix. (Fox and News
Corp, the parent of The Wall
Street Journal, share common
ownership.)
“Our goal here is to be a viable player in the direct-toconsumer space, space that we
all know is a very, very compelling space to be in,” Disney
Chairman and CEO Robert Iger
told analysts and investors
this month.
The
Disney-Fox
talks
stalled, but they appear to
have unleashed a wider auction for Fox assets, including
its movie studio and international unit. Those assets have
drawn interest from Comcast
Corp., Verizon Communications Inc., Sony Corp. and possibly other potential buyers,
according to people close to
the discussions.
AT&T Inc.’s planned purchase of Time Warner Inc. for
about $85 billion would combine a huge but slowing mobile-phone business and the
DirecTV satellite-television
operation with a content machine that includes Time
Warner, owner of CNN and
HBO.
Randall Stephenson, AT&T’s
chief executive, said the point
of the deal is to create a bulwark against Facebook and
Google, which have built “incredibly strong” positions in
the
advertising
market.
“That’s what this is about,” he
said at an event sponsored by
the New York Times.
In a statement to the Journal, Mr. Stephenson added:
“Tech companies are spending
billions creating content and
distributing it directly to consumers.” AT&T’s planned purchase “gives Time Warner the
opportunity to do the same,
across multiple platforms and
with ad-supported models that
cost consumers less.”
Every M&A cycle looks different. The boom that crested
in 2015 was largely defined by
deals between direct competitors trying to gain scale and
cut costs. Some firms wanted
THILO SCHMUELGEN/REUTERS
M&A
Capon fan Jeni Ni takes a photo of her Thanksgiving meal.
large chicken that turned out
to be juicier than expected.
When Ms. Kherian discovered it was a cockerel whose
testicles had been removed,
she says, her first thought
was: Oh well, it tastes delicious.
“Our family is not very
picky about the technicalities
of our food. My grandmother
will eat fish eyeballs, like
that’s her favorite part,” say
Ms. Kherian, whose parents
are from Vietnam.
Capon is now part of the
family’s Thanksgiving tradition, she says.
Yet the bird, no doubt, is a
high-risk entree. Tamaki
Stratman, a lifestyle blogger
in St. Louis, says she regularly
ate Thanksgiving capon while
growing up.
One year, she came across a
stall selling fresh capon at a
local farmers market and decided to cook it on Thanksgiving for her husband, Jason.
Mr. Stratman, who had
never heard of a capon, says
the meat was moist and tender. After dinner, the couple
looked up capon online and
were shocked. Mr. Stratman
says he would eat it again, but
his wife isn’t so sure.
“I didn’t know it was a castrated rooster when I was a
little child,” says Ms. Stratman, news that cast her fond
childhood memories in a different light.
At Thanksgiving this year,
she says, they’ll be serving
Cornish hen.
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A10A
NY
* * * *
GREATER NEW YORK
Lead-Paint Flap Spurs Stricter Controls
Mayor de Blasio acts
after revelations the
city failed to conduct
inspections since 2012
BY MARA GAY
New York City Mayor Bill de
Blasio on Monday said he was
increasing controls in the city’s
public housing authority, announcing the move nearly one
week after a watchdog agency
revealed that the housing authority hadn’t conducted inspections for lead paint required by federal and state
rules for four years.
“What happened should not
have happened and will not
happen again,” Mr. de Blasio
said at a news conference in
Queens on Monday, where he
spoke publicly for the first
time since a Department of Investigation report last week
outlining the lapses.
The mayor said he was ap-
pointing Edna Wells Handy,
currently a legal counsel to
New York Police Department
Commissioner James O’Neill,
to serve as acting chief compliance officer at the public housing authority.
Four children living in New
York City Housing Authority
apartments have tested positive for elevated lead levels
since 2014, according to city
officials. They said two of
those children tested positive
for lead-paint exposure, and
lived in apartments that should
have been inspected under federal and city requirements but
weren’t. City officials wouldn’t
release the names or ages of
the children, but said they
were being monitored and
have so far shown no signs of
ongoing health issues related
to lead exposure. Mr. de Blasio
said “one child exposed to lead
is one child too many.”
The city’s housing authority,
known as NYCHA, had failed to
conduct the lead paint inspec-
tions since 2012. “This occurred over two administrations and over multiple years.
That bears remembering in
this situation,” the mayor said,
referring to former Mayor Michael Bloomberg, who was in
office until 2014.
NYCHA Chairwoman Shola
Olatoye first learned the authority wasn’t in compliance
with city requirements in April
2016, city officials said. In July,
she learned the authority
wasn’t in compliance with fed-
eral lead paint inspection rules
either. In August, city officials
said, Ms. Olatoye notified officials at the U.S. Department of
Housing and Urban Development of the lapses. Two
months later, in October 2016,
she signed off on an annual
plan to HUD that suggested the
city was in compliance with
federal lead laws. The mayor
said Monday Ms. Olatoye believed she had sufficiently notified federal officials of the
lead issues.
Tips to Ease the Pain of Commuting
You may not be able to ditch your commute. But you can make it smarter.
Do you know that you can find out when your subway train or bus will arrive without leaving your desk? Or that thousands of E-ZPass account holders
are needlessly paying full tolls at bridges and tunnels? It’s not that the region’s transit authorities are trying to hide these time- and money-saving tips
from you. In most cases, they want you to travel smarter because it makes the system work better. If more people signed up for an EasyPayXPress
MetroCard that automatically replenishes itself, lines at MetroCard vending machines would be shorter. If more Long Island Rail Road commuters used
New York Penn Station’s new West End Concourse, there would be less of a scrum on the station’s main concourse and corridors most evenings.
Here are six hacks that will make commuting easier or cheaper. If you have a hack to share, send it to paul.berger@wsj.com.
1. WHERE’S MY TRAIN?
3. THE J.C. PENNEY SHORTCUT:
By Paul Berger
There is a similar app for buses. All MTA buses are fitted with
GPS tracking equipment. Rather than standing on the street
wondering when the next bus will arrive, download the MTA’s
Bus Time app. You also can view real-time bus information
at http://bustime.mta.info.
The new West End Concourse at New York Penn Station is
advertised as a Long Island Rail Road facility. But NJ Transit riders
can use it as long as their train leaves from tracks 5 and up. The
trick is finding your platform without descending into Penn
Station’s circles of hell. To do so, download NJ Transit’s mobile app
and set up DepartureVision for a real-time view of Penn Station’s
departure board. Now, you can check your train information from
the street and, if the right track number pops up, head straight to
the pristine $300 million facility on the other side of Eighth Avenue.
BESS ADLER FOR THE WALL STREET JOURNAL
6. AMTRAK HACK:
PETER FOLEY FOR THE WALL STREET JOURNAL
5. NOT SO E-ZPASS:
BESS ADLER FOR THE WALL STREET JOURNAL
4. A CONCOURSE FOR ALL:
This shortcut through J.C. Penney in the Manhattan Mall cuts
the corner between 34th Street-Herald Square and New York
Penn Station, saving time and keeping you warm and dry for
half a block.
On the B, D, F and M lines, take the exit toward 32nd and
33rd streets. Instead of turning to exit toward the street, walk
straight into J.C. Penney and follow the procession of
commuters hurrying up the store’s escalators and past the
Starbucks before making a left toward the 32nd Street exit.
E-ZPass transponders issued by the New Jersey service center
aren’t eligible for a saving of 30% to 50% on the MTA’s nine
bridges and tunnels, such as the Verrazano-Narrows Bridge, or for
a 5% discount on New York State Thruway Authority tolls. To get
the discounts, New Jersey E-ZPass holders might want to sign up
for a New York account. Because the Port Authority of New York
and New Jersey honors discounts for both states at all of its
bridges and tunnels, the only benefit of a New Jersey account is
an off-peak discount of about 25% on the New Jersey Turnpike.
BESS ADLER FOR THE WALL STREET JOURNAL
You don’t have to be inside a subway station to find out when
your train will arrive. The Metropolitan Transportation
Authority’s Subway Time app is a countdown clock in your
pocket. It shows arrival information for all lines equipped with
the technology: currently the 1, 2, 3, 4, 5, 6, B, C, E, G, L, M, N,
Q, R, S and W trains, as well as the Staten Island Railway.
Subway Time also shows arrival times for trains that share a
station with countdown-clock enabled lines. The MTA expects
to have countdown clocks on all lines by the end of this year.
ALEXANDER COHN/THE WALL STREET JOURNAL
BESS ADLER FOR THE WALL STREET JOURNAL
2. BUS SPOTTER:
Avoid long lines on the upper level of New York Penn Station
where Amtrak representatives check your ticket before allowing
you down the escalator. Instead, take the stairs in the center of
the concourse or on its south side. They will take you to a
dingy lower level where commuters huddle around departure
screens. You can wait here for your track to be called and then
head straight to the platform without being stopped by an
Amtrak employee. This is especially useful if you’re traveling in
a group and want to snag seats together.
BY MELANIE GRAYCE WEST
The 91st annual Macy’s
Thanksgiving Day Parade will
see extra precautions this
year, while the balloon-inflation party on the Upper West
Side the night before will see
significant changes, New York
City Police Department officials said Monday.
The Wednesday balloon
event will begin two hours
earlier, at 1 p.m., and end at 8
p.m. instead of 10 p.m. The
change is intended to make it
easier for the parade to get
going on Thursday morning, a
police official said.
The Wednesday evening
event, which years ago
mostly attracted local residents, now draws at least
200,000 people, officials said.
This year, revelers will need
to enter the balloon-inflation
event on West 74 Street at
Columbus Avenue and go
through a screening area before entering the inflating
area on West 77 Street. Backpacks won’t be allowed, but
strollers are permitted.
As usual, the immediate
blocks around the American
Museum of Natural History
will be closed to traffic beginning Wednesday morning
and into Thursday.
There are no specific or
credible threats against the
city or the parade, said New
York City Mayor Bill de Blasio.
While last month’s truck attack in lower Manhattan that
killed eight people remains
fresh in memory, he said,
“New York’s response is to remain strong and resilient.”
“We do not back down in
the face of terror threats and
we don’t back down in the
face of terrorism itself,” said
Mr. de Blasio. “This city is
filled with resolve.”
Still, this year’s parade will
have a “very forceful police
presence,” said Mr. de Blasio,
and more of the same familiar
precautions now commonly
seen at the city’s major events.
Police officials said there will
be no crosstown traffic along
the parade route. There will be
more trucks filled with sand
and blocker vehicles to close off
streets along the route.
Heavy-weapons and canine
teams will be stationed along
the route and some officers
will be on rooftops. Mounted
patrols and radiation detectors
also will be deployed. Police
said they plan to station an officer on every block.
KEVIN HAGEN FOR THE WALL STREET JOURNAL
Macy’s Thanksgiving Parade
Will See Beefed-Up Security
Police at the 2015 Macy’s Thanksgiving Day Parade. Security will be increased for this year’s event.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A10B | Tuesday, November 21, 2017
NY
THE WALL STREET JOURNAL.
* ***
GREATER NEW YORK
Factory Explosion Injures Dozens and Leaves One Worker Missing
Democrats
Press N.J.
Wage Boost
FACTORY BLAST: Two explosions and a fire Monday at the Verla International cosmetics factory in New Windsor, N.Y., injured up to
35 people, including seven firefighters caught in the second blast, authorities said. None of the injuries appeared to be life-threatening.
Big Names Lure Broadway Crowds
BY CHARLES PASSY
Broadway is booming.
Halfway through the 2017-18
season, ticket sales for shows
are up by 18% over the previous season’s midpoint tally, to
$779.8 million, according to
the Broadway League, a trade
group that tracks the industry.
The box-office growth is
considerably higher than in recent seasons at the halfway
mark. At this time last year,
sales were down by 0.5%,
though Broadway ended up
seeing a 5.5% annual gain by
the end of the 2016-17 season.
The growth this season is
largely attributable to a number of new or recent shows
that are seeing strong demand, particularly for top-tier
seats, often categorized as
premium tickets.
Among them are the “Hello,
Dolly!” revival starring Bette
Midler and Bruce Springsteen’s show, “Springsteen on
Broadway.” Both continue to
sell out—and both have seats
at prices that would have been
considered unfathomable a
generation ago.
“Springsteen” has a top
ticket price of $850. Even that
is a fraction of the asking
price for seats on the resale
market, which are climbing
well into the four figures.
It also doesn’t hurt that so
many major names beyond Mr.
Springsteen are flocking to
Broadway. Comedian Amy
Schumer, for example, is currently making her Broadway
debut in the Steve Martin play
“Meteor Shower,” which also
is playing to capacity crowds.
“You’re reaching out to
people who might have not
have otherwise rushed to the
theater,” said Chris Cacace, a
partner with Marks Paneth
LLP, an accounting firm with a
large Broadway practice.
Broadway is enjoying such
success before the holiday season, which is typically its peak
sales period. The box-office
boom is also coming before
two of the season’s biggest
shows open: the musical “Fro-
zen,” based on the Disney film,
and the two-part play “Harry
Potter and the Cursed Child.”
Some industry observers
caution that Broadway’s success isn’t good news for theatergoers without deep pockets. As demand increases, so do
prices even for nonpremium
tickets: Last week, Broadway’s
average paid admission reached
$125.77, an increase of nearly
19% over a year ago, according
to the Broadway League.
Broadway League President
Charlotte St. Martin counters
that more than half the shows
on Broadway have an average
paid admission of $101 or lower.
“You’ve got a lot of tickets in
the $80s and $90s,” she said.
GREATER NEW YORK WATCH
POLITICS
Mother Gets Prison
For Smothering Tot
De Blasio to Headline
Iowa Group’s Event
A woman who claimed she
was acting on the devil’s orders
was sentenced Monday to 18
years in prison for smothering
her toddler son in the bathroom
of a Manhattan restaurant.
Latisha Fisher, 38 years old,
pleaded guilty in October in
Manhattan Supreme Court to
first-degree manslaughter in the
death of her 20-month-old son,
Gavriel Ortiz-Fisher.
On March 30, 2015, staff
members at 5 Boro Burger
found Ms. Fisher in the bathroom of the Sixth Avenue eatery, holding her unconscious son.
Authorities said she told the res-
New York City Mayor Bill de
Blasio is headed to Iowa next
month to headline the holiday
party of a liberal political group,
but he swatted away rumors he
is eyeing a run for president in
2020.
“I’m going to be on the job
until Dec. 31 of 2021,” Mr. de
Blasio said at a news conference
in Queens on Monday.
Mr. de Blasio’s speech at
Progress Iowa on Dec. 19 will focus “on the future of the progressive movement and the effort to resist the conservative
agenda being enacted across the
country,” according to the
SHEENA ROBINSON
CRIME
Latisha Fisher with Gavriel
taurant workers the devil had
made her kill the child.
Ms. Fisher, diagnosed as a
paranoid schizophrenic, was on
probation at the time for attacking an acquaintance with a steak
knife.
—Thomas MacMillan
group’s website.
Past speakers at the group’s
holiday party have included Vermont Sen. Bernie Sanders, who
ran for the 2016 Democratic
presidential nomination.
The mayor, a Democrat who
was re-elected this month by a
wide margin, has struggled to
build a national profile.
In 2015, he tried to put on a
political conference in Iowa, but
scrapped the idea when he
couldn’t get the leading candidates to attend the event.
He has been a vocal critic of
President Donald Trump, a Republican, and spent much of his
re-election campaign criticizing
Mr. Trump’s policies.
The coming trip was first reported by Politico.
—Mara Gay
New Jersey’s Democratic
Gov.-elect Phil Murphy and
leaders in the state Legislature
are pressing ahead with a
promise to raise the state’s
minimum wage to $15 an hour.
“This is as high on the priority list as anything that we’ve
got,” said Mr. Murphy at a
news conference Monday. New
Jersey’s minimum wage is currently $8.44 and will rise to
$8.60 next year.
Raising the minimum wage
was one of the major platforms
of Mr. Murphy’s progressive
campaign along with legalizing
marijuana and increasing taxes
on millionaires. A former Goldman Sachs executive, he
soundly defeated Republican Lt.
Gov. Kim Guadagno earlier this
month.
The increase is all but guaranteed now that Democrats
control the statehouse, setting
the stage for the Garden State
to join New York and California
in adopting the $15 an hour
level. Several municipalities
around the country have approved similar levels.
The prospect of a higher
minimum wage in New Jersey
is a clear sign that Mr. Murphy
will lead the state away from
the policies driven by Republican Gov. Chris Christie over the
past eight years. Last year, Mr.
Christie vetoed a bill—passed
by the Democratic-controlled
state Legislature—that would
have raised the state minimum
wage to $15 an hour over several years.
“It’s time to give people who
are working every single day to
improve their quality of life,”
said Senate President Stephen
Sweeney, a Democrat.
The federal minimum wage
of $7.25 an hour, set by Congress, hasn’t increased since
2009. The average hourly wage
of U.S. workers has risen by
more than $4 an hour, or about
20%, since the last federal increase, according to the Labor
Department.
New York passed a law in
2016 raising the minimum wage
to $15 hourly in New York City
and its suburbs by 2021, with
the rest of the state following.
Connecticut passed a law in
2014 gradually increasing the
state’s minimum wage to $10.10,
a level it reached in January.
The New Jersey Business &
Industry Association said raising the minimum wage will re-
‘This is as high on the
priority list as anything
that we’ve got,’ says
Gov.-elect Murphy.
sult in a cutback of hours for
workers, will increase automation and will lead to higher
prices for consumers.
“Increasing the minimum
wage to $15 an hour, without
addressing any comprehensive
reform that will make New Jersey more affordable, will ultimately result in a heavy economic burden on small
businesses that will have a ripple effect throughout the state,”
said Michele Siekerka, chief executive of the New Jersey Business & Industry Association.
Mr. Murphy said the minimum wage increases will be
phased in over several years.
“We appreciate that you
can’t get from here to there
overnight,” Mr. Murphy said.
“It’s too much sticker shock.
We accept that.”
Lawmakers still haven’t
drafted the minimum-wage legislation. Mr. Murphy said he
would work with Mr. Sweeney
and incoming Democratic Assembly Speaker Craig Coughlin
to complete the details of their
proposal.
SETH WENIG/ASSOCIATED PRESS
ALLYSE PULLIAM/TIMES HERALD-RECORD/ASSOCIATED PRESS
BY JOSEPH DE AVILA
Gov.-elect Phil Murphy wants a $15 an hour minimum wage.
ED A
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( R E F. 674 )
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A11
LIFE&ARTS
BONDS: ON RELATIONSHIPS | By Elizabeth Bernstein
Are You a Testosterone or a Dopamine?
A brain-based personality test helps people understand themselves and why they are attracted to other types of individuals
What’s Your Type?
The Fisher Temperament Index identifies
four brain systems linked to personality.
Typically, we all express some of each,
But many people are dominant in one or
two areas: either dopamine or serotonin,
and either testosterone or estrogen.
Here are the systems:
1.
1. ESTROGEN: People who are expressive of the estrogen system tend to be
intuitive, introspective, holistic, imaginative, trusting, empathetic, and contextual
long-term thinkers. They are sensitive to
people’s feelings, and typically have
good verbal and social skills. These people are negotiators.
3. SEROTONIN: People who have high
serotonin activity are more sociable and
eager to belong. They’re quite traditional
in their values and less inclined toward
exploration. These are the builders and
guardians. They’re calm, cautious, controlled, like to make plans, persistent,
concrete thinkers, detail-oriented,
structured, fact-oriented, loyal.
4.
Dr. Fisher, who is a senior research fellow at the Kinsey Institute at Indiana University, in
Bloomington, Ind., and the author
of several books, including “The
Anatomy of Love.” “You are not
putting people in buckets.”
The four types are each associated with distinct traits. People
high on the dopamine scale tend to
be adventurous, curious, spontaneous, enthusiastic and independent.
They have high energy, are comfortable taking risks and are mentally flexible and open-minded. Serotonin types are very social,
traditional, calm and controlled,
conscientious and detail-oriented.
They love structure and making
plans. Testosterone types are direct and decisive, aggressive,
tough-minded, emotionally contained, competitive and logical.
They have good spatial skills and
are good at rule-based systems,
such as math or music. Estrogen
types are intuitive, introspective,
imaginative, empathetic and trusting. They’re emotionally intelligent.
Once Dr. Fisher identified the
four types, she created a 56-question survey to measure how much
each person expresses the personality traits involved. She partnered
with the dating site Chemistry.com, starting in 2006, to run
her survey. (Dr. Fisher is a consultant with Match Group, Chemistry.com’s parent company.) Thus
far, more than 14 million people
have taken the survey, and Chemistry.com uses it to enhance its al-
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U.S. Forecasts
2
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18 s
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31 s
53 r
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49 pc
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43 31 s
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54 32 pc
88 62 s
37 22 c
49 23 r
63 54 c
71 52 pc
41 31 s
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69 56 pc
61 34 s
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40 26 pc
54 31 s
International
City
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Berlin
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Buenos Aires
Dubai
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Edinburgh
Today
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54 50 r
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50 28 s
42 41 r
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71 51 s
86 69 pc
58 48 r
54 44 r
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89 75 t
46 24 s
50 42 c
56 50 pc
79 59 s
84 70 pc
53 36 r
48 38 r
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
34
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WELCOME THE FAMILY | By Alice Long
Across
1 Letter before
omega
4 Communist
council
10 Umbrella part
13 Cry of discovery
14 Longtime
Cadillac model
15 Target of
refinement
26 Messy fall
catapulting, say?
40 Giveaway from
the “Eugene
Onegin” author’s
campaign?
30 Yellowfins and
albacores
43 Watered silk
feature
31 Instrument for
Lionel Hampton
44 Shortly,
poetically
32 Unruly do
45 Revamp
34 Bus. letter abbr.
47 Salon fixtures
24 Big name in
Swiss chocolate
35 1985 Michener
novel
16 Battery-operated
36
mouth dabber?
37
18 The Engineers’
sch.
38
19 Neptune,
for one
20 Gather
together
22 Hockey score
Brunch spot
26 Hang on the wall
27 Suspicious
28 Ford pardoned
him
4 “Where the
Wild Things Are”
writer/illustrator
5 Potential
embryos
36
38
25 Knocks off
Down
1 Parental
nickname
3 Davenport
setting
25
Miami
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.
took her survey; the results were
published in “PLOS One” in November 2013. She found that the people
who scored high on the dopamine
scale showed heightened activity in
a pathway of the brain that is dopamine-rich and linked to curiosity,
creativity and energy. People who
scored high on the serotonin scale
showed more activity in a tiny region of the brain linked with socialnorm compliance. People who
scored high on the testosterone
scale showed more activity in the
brain regions that govern visual and
analytical functions. And people
high on the estrogen scale showed
more activity in brain regions
linked to empathy and imagination.
These days, Dr. Fisher uses her
Please see BONDS page A12
2 Clog, e.g.
Cheyenne
51 Luau souvenir
52 Rube’s pride and
joy?
Chestnut’s prickly 57 Cozy lodgings
husk
58 Registers
Its residents
59 LAX posting
were “wicked and
60 Place for a price
sinners before
61 Comfortably
the Lord”
warm
39 Showed sudden
62 Yield to gravity
interest
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
19 12 pc 18 11 s
Atlanta
62 46 c
62 41 pc
Austin
75 51 pc 66 39 pc
Baltimore
59 45 s
53 27 s
Boise
58 47 c
63 50 c
Boston
56 47 s
53 28 r
Burlington
50 39 s
41 23 c
Charlotte
57 42 pc 62 34 pc
Chicago
45 23 pc 35 28 s
Cleveland
51 32 pc 37 26 pc
Dallas
70 43 pc 60 38 s
Denver
51 34 pc 64 38 pc
Detroit
48 28 pc 37 26 pc
Honolulu
83 69 pc 84 71 pc
Houston
76 55 pc 68 41 pc
Indianapolis
50 25 pc 39 26 s
Kansas City
49 20 pc 43 32 s
Las Vegas
75 55 pc 79 57 s
Little Rock
62 34 pc 52 28 s
Los Angeles
89 63 pc 94 64 s
Miami
84 68 t
84 68 pc
Milwaukee
43 23 pc 35 28 s
Minneapolis
31 17 pc 32 26 pc
Nashville
62 33 pc 48 28 s
New Orleans
72 54 pc 68 44 pc
New York City
57 48 s
53 31 r
Oklahoma City
62 30 s
53 36 s
1
60s
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Hartford
New
Yorkk
ew Y
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Chicago
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hil d lphi
80s
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h
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40s
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shington
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D.C.
DC
Washington
Springfield
p
g
Denver
90s
C
h
harles
Charleston
Indianapolis
p
San
an Francisco
i
Kansas
Richmond
h
d
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k
C
City
100+
Colorado
C
olorado
60s
LLas
St.. Lou
Louis Loui
Louisville
ill
hit
50s Wichita
Springs
Vegas
70s Vega
Raleigh
l igh
h
Los A
Angel
Angeles
h
Nashville
Charlotte
Ch
l tt
Oklahoma
k
City
ta FFe
Santa
Memphis
hi
A
b q q
Albuquerque
Columbia
C
b
80s
Warm
Rain
San Diego
Atl
t
Atlanta
60s
Ph
Phoenix
Little Rock
Birmingham
i
h
D
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Dallas
Jack
Jackson
T
cson
Tucson
Cold
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Ft. Worth
h
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Jacksonville
bil
Mobile
El P
Paso
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A
ti
Austin
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Houston
t
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Orlando
ew Orleans
New
0s
Tampa
Ta
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an Antonio
A t
San
City
Salt
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L ke Cit
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gorithm for matching singles. Dr.
Fisher analyzed the survey results
of more than 100,000 people, in
six countries. She found that while
men typically register higher on
the testosterone scale and women
on the estrogen scale, as expected,
there are no differences between
them on the dopamine and serotonin scales.
She also discovered who is attracted to whom. People high in dopamine activity and people high in
serotonin activity gravitate toward
people like themselves. People high
in testosterone or high in estrogen
tend to like their opposites.
To validate that her questionnaire accurately measured brain
systems, Dr. Fisher did a series of
brain scans on 36 people, after they
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
4. TESTOSTERONE: People expressive
of the testosterone system are toughminded, direct, decisive, skeptical, competitive, emotionally contained, inventive,
experimental, exacting, analytical and assertive. They tend to be good at rulebased systems—engineering, computers,
mechanics, math, and music. These are
the rank-oriented directors.
3.
Weather
30s
2. DOPAMINE: People who are high on
the dopamine scale tend to be curious,
creative, spontaneous, energetic, restless, enthusiastic, impulsive, and mentally flexible. These are the explorers
and the risk takers (personally and in
business). They are very good at idea
generation.
2.
29 Like a wet
blanket
30 File folder
feature
33 Vitality
35 Puff of pot
6 High
muck-a-muck
36 Persian treat
7 Sort
38 Chilly dessert
8 Yale student
39 Blizzards, e.g.
9 They give
dollars for
quarters
42 To excess
41 Haggard novel
45 Dismounted
10 Possible
ingredient for a
56-Down
46 Headey of
“Game of
Thrones”
11 Pupil
surrounder
48 Grinds (out)
12 Gets into a pool
49 Singer Coolidge
14 Yields to gravity
50 Unexpected
problem
17 “I Am the
Walrus”
character
53 “I’ll take that
as ___”
21 16th century
start
54 Victoria’s Secret
purchase
23 Not pristine, as
a home
55 Informal
greetings
24 Hit for Ritchie
Valens
56 Popular
sandwich
Previous Puzzle’s Solution
L A
E M
W I
I N
S O
S
T
E
P
S
C
O
L
O
N
B E
I R
B A
G
F
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B A
T H O U
T E R C
I R E E
A U T
A L P
L D
S
I
S P
T A T O
O C O N
H A S
N I T O
O N
R
N G
O
T
T
O
WL
H E
OM
M
D
OM E
N I N
T A I
I T E
MA S
E
A I
MU S
E D H
T I E
S
I
L
I
C
O
N
H
O
R
S
E
S
S
O
P
H
S
U
R
S
U
L
A
T A H
A G U
I O N
O
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WA
D A L
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F H E
C O V
O L I
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C
T
MA
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L M
N E
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L
E
N
T
O
P
R
I
S
M
THOMAS PITILLI (4)
WHY DO WE FALL IN LOVE with
one person and not another?
This question has vexed philosophers, psychologists and poets for
generations. The theories—proximity, pheromones, timing—don’t
fully explain the mystery. We can
be in a room full of attractive,
available strangers—and be open
to love—and still choose one person over all others.
A decade ago, the biological anthropologist Helen Fisher set out
to answer this question of how we
choose whom we love. Dr. Fisher is
known for her research scanning
the brains of people in various
stages of love, and she went looking for neurological clues.
She found them—and, in the
process, she developed a broad
personality test that, unlike many
others, is based on brain science
rather than psychology. The Fisher
Temperament Inventory measures
temperament, which comes from
our genes, hormones and neurotransmitters. It can help people
understand themselves and why
they are attracted to certain people, both romantically and as
friends or colleagues. (It turns out
some personality types are attracted to people who are the opposite of them, while other types
are attracted to people who are
similar.) And when you know the
personality type of loved ones or
co-workers, you will understand
how they prefer to communicate
and will be able to tailor your approach to what works best. The inventory is so comprehensive that
now some companies are using a
version of it to help understand
and motivate their employees.
To develop her test, Dr. Fisher
spent two years reviewing medical
and academic literature, searching
for the personality traits linked to a
biological system. She identified
four systems, each with its own
host of traits: the dopamine, serotonin, testosterone and estrogen
systems. Dopamine and serotonin,
which are neurotransmitters, govern our “stay or go” scale, which
decides how comfortable we are exploring unknown risks or whether
we prefer the familiar. Testosterone
and estrogen are hormones and determine the extent to which our
brains express male or female traits.
We all have all four systems—as
do humans, monkeys, lizards and
birds. But we each have different
levels of activity in each system.
Some of us are dominant in one
or, more often, two areas. Some
are more balanced. It’s more of a
spectrum. “This is a new way of
understanding personality,” says
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A12 | Tuesday, November 21, 2017
LIFE & ARTS
YOUR HEALTH | By Sumathi Reddy
What’s in Your Supplements?
BONDS
Continued from page A11
personality inventory to advise
marriage therapists, universities
and corporations in helping
people get along. Companies
can purchase a new, secondgeneration, 50-question version
of her questionnaire—focused
on workplace behavior and relationships and different from the
Chemistry.com survey—through
a company she founded with a
colleague, called NeuroColor.
People who take the test, which
costs $300, receive a 22-page
profile of their personality, explaining where they are on the
scale, how people can best communicate with them based on
their personality, and how they
can interact effectively with
other personality types.
GETTY IMAGES/ISTOCKPHOTO
Lose weight! Gain muscle! Boost
your energy levels!
Dietary supplements make lots
of claims and consumers often believe them: The booming U.S. industry has grown from $9 billion
in sales in 2007 to $15 billion this
year, according to Euromonitor International, a market research
firm.
But a new study gives ammunition to critics of the supplements
and their potential health risks.
The study found two banned
stimulants and two previously unknown and little-studied substances in six weight-loss and
sports supplements sold in the U.S.
The researchers defined “banned”
as “ingredients for which the U.S.
Food and Drug Administration had
taken enforcement action to remove from dietary supplements
prior to August 2016 (when the
samples were purchased).”
They tested six brands of supplements that listed ingredients on
the label that appeared to be possible analogs of the stimulant
DMAA. Among them: Cannibal
Ferox AMPed, produced by a company called Chaos and Pain, and
Simply Skinny Pollen, made by Bee
Fit with Trish. The results were
published earlier this month in the
journal Clinical Toxicology.
The researchers discovered a
form of DMAA found in some supplements, and another stimulant,
DMBA, in others. Neither are legal
supplement ingredients. This type
of DMAA has been found to pose
cardiovascular risks. Researchers
haven’t determined the health
risks of DMBA.
The study also uncovered a second analog of DMAA not previously found in supplements whose
safety for humans is unknown.
And it found octodrine, a stimulant formerly available in Europe
as part of a treatment for low
blood pressure and asthma. Regulators removed octodrine from European markets. Animal studies
have suggested it has the potential
for adverse cardiovascular effects.
Some of the products listed the
names of similar types of compounds on the label, and some
listed ambiguous or misleading ingredients, according to the study.
The four manufacturers of the
supplements did not respond to
calls and emails seeking comment.
“Many supplements sold as food
are actually drugs,” says Pieter Cohen, an associate professor of
medicine at Cambridge Health Alliance of Harvard Medical School
and first author of the study. “This
is clearly not permitted under the
law.”
“The current regulatory framework does an extremely bad job of
detecting dangerous supplements
and then removing dangerous supplements,” he says.
Because supplements aren’t
tightly regulated like prescription
drugs, experts increasingly ques-
THOMAS PITILLI
Researchers find illegal and unknown substances in a study of weight-loss and sports supplements
Six Supplements Cited
A recent study found two illegal stimulants and two other little-studied
substances in these six weight-loss and sports supplements.
Product
Manufacturer
Illegal or unnapproved
compound
Game Day
MAN Sports
Octodrine
Infrared
Gold Star
1,3-DMAA
2-aminoisoheptane
Chaos and Pain
1,4-DMAA
Simply Skinny Pollen
Bee Fit with Trish
1,3-DMAA and 1,4-DMAA
Cannibal Ferox AMPED
Chaos and Pain
1,3-DMBA
Triple X
Gold Star
1,4-DMAA
Note: None of the manufacturers could be reached for comment
Source: Clinical Toxicology
tion their quality and safety. Supplement manufacturers don’t have
to demonstrate safety or effectiveness to the FDA. Many supplements are easily available online
and at mainstream retail stores.
Dr. Cohen has been studying the
boundary between drugs and supplements for more than a decade.
“These products are being used
like a medication, but from a regulatory perspective, they’re being
sold as food, and that results in a
lot of confusion.”
Theresa Eisenman, a spokeswoman for the FDA, says the
agency doesn’t comment on individual studies. But she says the organization has previously taken
enforcement action against products with DMAA and DMBA.
The “FDA has been working to
remove dietary supplements containing both of these ingredients
99
199
zvox.com
THE WALL STREET JOURNAL.
from the marketplace, but it’s important to illustrate the challenges
that we face,” she wrote in an
email.
Companies and individuals who
manufacture supplements are responsible for ensuring that their
products are safe, she says. New
dietary supplements can be introduced to the market without receiving approval or even notifying
the FDA. The government requires
premarket notification when a dietary supplement contains a new
dietary ingredient. She says the
FDA hasn’t received such a notification for the stimulants identified
in the study.
Victor Navarro, medical chair of
the department of digestive diseases and transplantation at Einstein Medical Center in Philadelphia, says 20% of the liver damage
cases reported to the U.S. Drug-In-
duced Liver Injury Network are attributed to herbal and dietary supplements. The network—a
federally-funded group of clinics
creating a registry of patients for
research purposes—started in
2003 and has seen about 1,500 patients.
Dr. Navarro recently presented
data at the annual gathering of the
American Association for the
Study of Liver Diseases in Washington, D.C. Researchers examined
the supplements their liver patients were taking.
They verified the labels of more
than 200 supplements and,
through a chemical analysis, found
that in 50% of the cases, what was
on the label didn’t match what
was in the bottle. Eighty percent
of bodybuilding and performanceenhancement supplements had labels that didn’t match their actual
ingredients, while 72% of weightloss products had the same issue.
“People take these supplements
and they think that they’re safe
because they’re natural, but some
of them have the capacity to cause
harm for people,” Dr. Navarro says.
The worst-case scenario for these
patients could be liver failure, he
says.
Duffy MacKay, senior vice president of scientific and regulatory
affairs for the Council for Responsible Nutrition, a Washington, D.C.based trade group of dietary supplements and functional foods,
says the products mentioned in the
Clinical Toxicology study are outliers and don’t represent the majority of legitimate supplements.
The personality test is
based on brain science
and measures a
person’s temperament.
I took the NeuroColor questionnaire and found the results
to be spot-on. It showed me to
be high in dopamine and estrogen—a risk taker who is empathetic, intuitive and social. The
profile aims to help me understand myself, and offers advice
on how I can communicate more
effectively with other types and
how they can best communicate
with me, as well as typical reasons why I might become
stressed in the workplace and
solutions to reduce this stress.
(My favorite line from the report, from a section on what
others should do when interacting with me: “Hear her out–even
if her approach initially seems
crazy or unconventional.”)
Dr. Fisher sums up the relationship advice people can take
away from her personality inventory in one line, which she says
is a tweak on the Golden Rule.
Rather than telling people to “do
unto others as you would have
them do unto you,” she advises:
“Do unto others as they would
have done unto themselves.”
Write to Elizabeth Bernstein at
elizabeth.bernstein@wsj.com or
follow her on Facebook,
Instagram and Twitter at
EBernsteinWSJ.
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A13
LIFE & ARTS
SANTIAGO FELIPE
Björk’s new
album, ‘Utopia,’
is out on Friday.
MUSIC REVIEW | By Jim Fusilli
Björk’s Return to Love and Trust
INDISPUTABLY among the greatest in rock-and-pop history, Björk’s
body of work is defined by seemingly dichotomous traits: It can be
enigmatic, as if she is shielding herself behind complexity and disregard for orthodoxy, while at the
same time transparent, emotional
and deeply affecting. So it is once
again with “Utopia” (One Little Indian), her new, exquisite album that
is a testament to the wonder and
beauty found in the quest for an
idyllic life. It arrives on Friday.
To fully appreciate “Utopia” requires a bit of knowledge about its
back story, though it stands on its
own as another gem among her
nine solo studio recordings. In
2015, she released “Vulnicura,” a
remarkable document of the dissolution of her long relationship
with artist Matthew Barney. Told
chronologically beginning months
before the breakup and continuing
into its aftermath, the story unfolded as a series of personal revelations; and as she grappled for
insight and stability, one had the
sense that Björk was unburdening
herself in real time. She moved
through the stages of grief toward
a suggestion of recovery, but on
the album jacket she was depicted
with a gaping wound where her
heart should have been.
Appropriately, the music of
“Vulnicura” vacillated between
FILM
A DYNAMIC
CHURCHILL
harrowing and bittersweet with
nary a reference to contemporary
popular styles; and, with its
strings, female choir, warm keyboards and crackling, shard-like
beats, was a marked departure
from its predecessor, “Biophilia,”
with its sound palette of celesta,
gamelan, pipe organs, Tesla coils
and pendulums. Björk’s sonic
modes of communication change
as she grows, and it’s been quite a
while since she worked within the
pop idiom.
Björk, who turns 52 on Tuesday,
said she started to compose what
became “Utopia” while on tour behind “Vulnicura,” a period in
which she began to regain her
equilibrium thanks in part to the
“emotional empathy” she felt from
her audience. The first song she
wrote is the new album’s opening
track; in “Arisen My Senses,”
words, often unintelligible, careen,
but one phrase rings through:
“Just a kiss is all there is.” That
simple statement foreshadows the
album’s primary lyrical theme: The
capacity to love and trust has returned. In “The Gate,” she acknowledges where she had been—
“Didn’t used to be so needy / Just
more broken than normal”—but as
the album evolves, it’s clear she’s
moved on to rediscover and savor
joy. Once again, she is free.
Enthusiasm rising as she wrote,
an energized Björk sought a deep
collaboration with Arca, the Venezuelan producer-composer who
worked with her on “Vulnicura.”
As his work demonstrates, he, too,
is at ease in the world of experimental electronic music.
“We could be writers, arrangers,
singers, producers—whatever it
took,” she said when we spoke by
phone last week. In “Blissing Me,”
she mentions “two music nerds obsessing“ over MP3s they’ve sent
each other. In praise of the intimacy
of co-creating music, she sings,
“The interior of these melodies is
perhaps where we are meant to be.”
She told me she was delighted by
the process. “I felt like I was celebrating. I thought, ‘I’m back home.’”
Björk said a favorite part of her
artistic process is developing arrangements for her compositions.
“I love the feeling. The producer in
me kicks in—what do I have? How
do I cook this up?” With “Utopia,”
an attitude, if not quite yet a
theme for the arrangements,
emerged. “I was obsessed with
lightness and floating and flying. I
just wanted to make music free of
grit and structure.”
More than the lyrics, the music
of “Utopia” speaks to liberation.
Its buoyancy is conveyed by an orchestra of flutes, an instrument
Björk played as a child. In “Saint,”
flutes join with chirping birds—a
motif that is repeated in several
songs—to provide a breathing underpinning joined by gentle percussion. “Courtship” features
flutes over chopped, clacking
beats as voices dart in harmony.
The thrilling arrangement of “The
Gate” places Björk at the center,
where she is surrounded by the
choir’s warm tones and flutes that
move steadily to the fore as beats
come and go. The album feels
weightless, ethereal at times, as if
the flutes are transmitting not
only sound but something that begins as breath, internally and
close to the heart.
Björk said that connecting to
her first instrument was a way to
explore for the most part pleasant,
satisfying memories and create a
sonic template reflecting a utopian
view of life informed by music, nature, friendship and love. Thus,
once again, with “Utopia” she unravels a mystery and communicates from deep within.
Mr. Fusilli is the Journal’s rock
and pop music critic.
Gary Oldman
in ‘Darkest
Hour.’
FOCUS FEATURES
The pearls align on our
sterling silver necklace
A simple silver necklace made more
BY TOBIAS GREY
SITTING IN Winston
Churchill’s chair in the War
Cabinet Room at Westminster sent a chill down Gary
Oldman’s spine. “I discovered a manifestation of
stress which now physically
lives in a piece of furniture,”
the 59-year-old English actor
says. “On the left arm of the
chair are these huge divots
that Churchill had made with
his fingernails, and on the
right arm there are scratches
from his family ring.”
A number of critics have
posited Mr. Oldman as an
early front-runner for the
Academy Award for best actor for his prosthetically enhanced performance of the
British prime minister in
“Darkest Hour,” which comes
out Nov. 22 in the U.S. Mr.
Oldman is by no means the
first actor to play Churchill
for the screen. The past 12
months alone have brought
the movie “Churchill,” starring Brian Cox, and the television series “The Crown,”
featuring John Lithgow.
Mr. Oldman’s portrayal encompasses a four-week period
beginning with Churchill’s appointment as prime minister
at the age of 65 in May 1940.
The film culminates with
Churchill’s “We shall fight on
the beaches” speech in the
House of Commons on June
4, which bolstered the nation
in the face of a possible attack by the Nazis. The film,
produced by Working Title
Films and distributed by Focus Features in the U.S., also
features Kristin Scott Thomas
as Churchill’s supportive wife,
Clementine, and Ben Mendelsohn as King George VI.
Mr. Oldman’s research,
which included watching
newsreel footage of Churchill
from the period, led him to
discover a different leader
than the one he had imagined. “We think of him or he
has been portrayed or represented as a curmudgeon
shuffling around with his
whiskey and his cigar in his
nightgown,” Mr. Oldman
says. “What I saw in this
footage was someone who
was so dynamic that if you
plugged him in, you could
probably light up the West
End” theater district.
Anthony McCarten’s
screenplay for “Darkest Hour”
brings into focus Churchill’s
tendency toward impulsiveness. One character complains
that Churchill has 100 ideas a
day, of which 90 are downright dangerous and 10 are
brilliant. “I don’t think to lionize people and turn them into
icons is very useful, because I
find that separates them from
us and therefore makes them
less relatable and harder to
learn things from,” says the
film’s director, Joe Wright.
Mr. McCarten’s screenplay
hinges on a little-known but
crucial episode that Churchill omitted from his six-volume “Memoirs of the Second
World War.” “I’ve always
been fascinated by Churchill’s speeches, and I got the
idea for my screenplay when
I realized that three of his
greatest ones were written
within a four-week period,”
Mr. McCarten says.
During his research, the
New Zealand-born screenwriter discovered that many
in Churchill’s War Cabinet, including appeasers like Neville
Chamberlain (Ronald Pickup)
and Viscount Halifax (Stephen
Dillane), wanted to persuade
the prime minister to craft a
peace deal with Adolf Hitler.
“It’s certainly my reading
of historical record that
Churchill not only seriously
considered a peace deal with
Hitler but took the first step
to allow it to take place,
which was the writing of a
memorandum to Italy, which
would broker the talks,” Mr.
McCarten says.
The idea of a deal was ultimately abandoned—a decision that provides the strongest elements of drama and
pathos in “Darkest Hour.”
The film also focuses on
another critical event unmentioned in Churchill’s
memoirs: his key role in the
evacuation of Dunkirk. Mr.
McCarten’s screenplay establishes Churchill as the architect behind the “Little Ships”
rescue of 300,000 troops
from the beaches of Dunkirk
in northern France, allowing
Britain to fight another day.
“I then threw myself at the
feet of the Churchill archives
and asked if they could substantiate this, because there
was no reference in the history books,” Mr. McCarten
says. A few weeks later, the
screenwriter says, he received a message in his inbox
providing proof that Churchill had initiated the plan
known as Operation Dynamo.
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THE WALL STREET JOURNAL.
A14 | Tuesday, November 21, 2017
SPORTS
GOLF
TITLEIST CEO
PUSHES BACK
ROB SCHUMACHER/REUTERS
THE TOP-SELLING ball manufacturer in golf is pushing back against
calls to require reduced-distance
balls at the highest levels of the
sport.
Wally Uihlein, chief executive of
Titleist parent company Acushnet
Co., wrote in a letter to The Wall
Street Journal that there is no evidence that golf is being negatively
impacted by players hitting the
ball farther. The letter came in response to a Journal article about
golf’s governing bodies exploring
the possibility of creating different
sets of ball regulations for different levels of the game.
Uihlein offered a point-by-point
rebuttal to the arguments made by
USGA executive director Mike Davis, who said the costs of lengthening courses were trickling down
to all golfers and slowing the pace
of play.
“Is there any evidence to support this canard…the trickle down
cost argument?” Uihlein wrote.
Uihlein also said the ball is just
one reason among many that modern players hit their shots further,
factors that include improved
player fitness and instruction.
Titleist has long been the dominant player in the golf ball market,
from the amateur game to the PGA
Tour. Part of its pitch to recreational golfers has been the idea of
playing the same balls as the pros.
Uihlein also discounted comments made earlier this month by
Tiger Woods, who said on a podcast, “We need to do something
about the golf ball.” He noted that
Woods endorses Bridgestone,
which—according to Uihlein—has
been selected by the USGA to produce reduce-distance golf balls on
an experimental basis.
“Given Bridgestone’s very small
worldwide market share and paltry presence in professional golf, it
would seem logical they would
have a commercial motive making
the case for a reduced distance
golf ball,” Uihlein wrote.
Spokespeople for Bridgestone
and the USGA didn’t immediately
respond to requests for comment.
Adam Scott uses a Titleist ball.
Jerry Jones, left,
is feuding with
Roger Goodell.
L-R: RON JENKINS/ASSOCIATED PRESS; REX SHUTTERSTOCK/ZUMA PRESS
BY BRIAN COSTA
FOOTBALL | By Jason Gay
The Fight the NFL Deserves
Loosening the rules
on touchdown celebrations hasn’t really
warmed America.
Then I thought the
Papa John Pizza War
would be the special sauce.
But Jerry Jones vs. Roger Goodell is just the zesty matchup this
NFL season needs.
I say settle it with a Pay-Per-View
NFL Rich Guy skills competition:
1. Punt/Pass/Kick
2. 40-yard Dash
3. Skybox Hugging
4. Wine Tasting
5. Island Buying
If there’s a tie…
GULFSTREAM PRIVATE JET
RACE!
You don’t need me to tell you it’s
been a wacky NFL year: polarizing
protests, boycotts on all sides, advertiser nervousness, presidential
tweetage, a Veep walkout, ratings
volatility and injuries to riveting
talent like Aaron Rodgers, Odell
Beckham Jr. and J.J. Watt.
Games have been…eh. There are
fun exceptions: the Eagles, Vikings,
Saints, Steelers, Rams and Patriots
all have stirring stories to tell. But
a lot of the competition looks like
they grabbed 53 tailgaters in the
parking lot before kickoff.
NFL quarterbacking too often
resembles watching a squirrel trying to wedge a styrofoam cup off
of his head. Then replacing that
squirrel…with a backup squirrel
trying to wedge six styrofoam
cups off of his head.
There’s also the concussion science, which is nothing less than a
cloud of dread hanging over football as we know it.
Into this storm marches Jones,
the 75-year-old charmball and oilman who owns the league’s glitziest club, and has chosen the thick
of the season to go head-to-head
with Goodell and league HQ for
control of the game.
Jones—whose team, perhaps not
coincidentally, has lost star Ezekiel
Elliott to a six-game suspension for
violating its personal conduct policy following a league investigation
into domestic violence allegations—
is said to be steamed at Goodell,
demanding “more accountability”
to ownership, and holding up the
commish’s next contract.
Some rival owners, in turn, are
mad at Jones for making a stink-o,
fearful he’s hurting the brand.
(Sorry…The Shield.)
Dirty laundry’s getting out. Insults are flying. Angry letters are
being exchanged, like Mailer and
Vidal.
Last week, the Journal’s Andrew
Beaton reported that some NFL
owners had actually discussed trying
to remove Jones from the Cowboys.
The league sent a missive admonishing Jones for “conduct detrimental
to the league’s best interests.”
Yowza. One imagines Jerry barricading himself in the Jerrydome,
daring the NFL to barge down the
door.
Let’s hit the pause button here
for a second. We live in such crazy,
tantrum-o-rama times that sometimes we don’t appreciate how bizarre a situation actually is. And
this Jones v. NFL throwdown is
truly bizarre.
The NFL, after all, prides itself
on discipline and control—but
above all, the subjugation of the
individual in favor of the group.
This provokes a lot of jokes about
the league being a socialist collective for billionaires, but it’s basically true: the NFL’s cherished recipe is an aged antitrust exemption,
rigorous revenue sharing and a belief that no single franchise may
be evaluated above the NFL itself.
There have been defiant battles—the late Al Davis feuded with
the NFL for decades, and more recently, Patriots owner Robert Kraft
got crabby with the league office
for poking at New England’s deflated footballs.
Still, all-for-one has been a historically lucrative strategy for
ownership.
Jones has always been a bit of an
outlier. Love or hate them, his Cowboys are the NFL’s starriest draw—
Dallas’s surprise 13-3 season last
year gave TV ratings a helpful lift.
Jones prides himself as a visionary
who’s always been a step ahead of
the league at maximizing the brand,
and he does have a point. He rei-
magined the Cowboys as luxury entertainment—a fancypants strategy
now borrowed by many pro clubs.
The NFL acknowledged Jones’s influence last summer when it gave
him a mustard blazer as a new
member of its Hall of Fame.
If the NFL thought a smart
jacket would lock up Jones’s deference, it was mistaken. Jones is going rogue at a vulnerable time. As
player protests continue, the league
continues to be beset by agitated
fans, skittish advertisers, jumpy
networks and a president who’s
more than happy to turn political
football…into a political football.
I do think a reality check is important here: the NFL still does
quite well. Everything else on TV
would love its ratings.
At the same time, audience habits are changing radically. That has
nothing to do with protests. No
entertainment product is promised
tomorrow. That’s not a football
thing. It’s everything.
Meanwhile, too many games are
boring. And head-injury anxiety
isn’t going away.
Jones likely sees an opportunity
here, to capitalize on the public’s irritated mood. Are you Team Jerry—
or Team NFL Roger Goodell? It’s a
style war between a maverick and
the company’s company man.
It’s most delicious battle in
sports, and if it were up to me, it’d
be settled the old-fashioned way:
Gulfstreams at dawn.
BASKETBALL
BY BEN COHEN
BASKETBALL PLAYERS have
been using height to their advantage
for as long as basketball has existed.
But what makes Kemba Walker different from almost everyone who
came before him is that he’s not
good because he’s tall. He’s good because he’s small.
Walker is not small small. He is
NBA small. The point guard of the
Charlotte Hornets is 6-foot-1,
which means he’s nearly always
defended by five players who look
down on him. But that has become
a problem—for them. Walker is at
his best when he’s at his smallest.
“Me being a smaller point
guard,” Walker said, “I can get to
spots on the floor that a lot of others can’t.”
He’s become one of the league’s
most efficient players in the
league’s most effective play.
Walker scores more than anyone
who’s in the pick-and-roll as much
as him, and he’s in the pick-androll more than anyone who scores
as much as him. And it’s because
he shrinks. That’s his game.
Walker doesn’t play above the
rim. He stays beneath his defenders because he knows they can’t
keep up with him down there.
“Especially not the bigs,” he
said. “They don’t want to get that
low.”
The dramatic evolution of basketball in recent years has benefited the very same players who
might have been marginalized in
previous eras. The league’s new
rules against hand-checking gave
physically overwhelmed players
more space and freedom, and the
sport’s drift farther away from the
rim has forced bigs to play small
instead of the other way around.
The result is something of a
golden age for the NBA’s little
guys. Chris Paul and Kyle Lowry
are 6-foot-tall All-Stars. Isaiah
Thomas is the shortest All-Star
ever at 5-foot-9. And making his
debut in last year’s All-Star Game:
Kemba Walker.
He’s been even better this year.
Walker is averaging a career-high
23.5 points after exploding for 47
on Friday night, and it’s largely because of his comfort in the pickand-roll, which has become the
single most important trait of a
modern NBA point guard.
“The thing about the pick-androll is that unless they switch it—
which with him they can’t because
the big guy can’t guard him—
you’re bringing two to the ball,”
Hornets coach Steve Clifford said.
“And one of the basic tenets of
good basketball is drawing a second defender.”
It doesn’t really matter how
Walker’s defenders respond, his
coach explained. They can switch.
They can show. They can blitz. The
entire vocabulary of basketball
terms that describe the defense’s
options in the pick-and-roll is useless when it comes to Walker.
Walker scores more than one
point per possession whether his
defender goes over the pick, under
the pick or into the pick, according
to Synergy Sports data. And he’s
improved from 0.89 points to 0.98
points to 1.07 points per possession over the last three years.
“When I see an open area and I
think I can slide through,” Walker
said, “I just give it a shot.”
This one type of play now accounts for more than half of his offense. Walker is the ball-handler in
the pick-and-roll on 11.5 possessions per game. The only healthy
player who uses it more frequently
is Houston Rockets guard James
Harden, but he only averages 0.79
points on those possessions.
Golden State Warriors guard Stephen Curry leads the NBA at 1.25
points, but he only uses the pickand-roll for 6.3 possessions.
The inherent disadvantage of
smaller players like Walker leaves
them less margin for error than
anyone else in the league. Even
something as elementary as dribbling shows how different the
game looks from their perspective.
The average height of Walker’s
dribbles on ball screens last season
was 3.71 feet, which ranked eighth
in the league, behind shorter players like Thomas and Paul, according to SportVU. Of the 50 players
who used the most ball screens,
the ones who let their dribbles
bounce the highest were players
who didn’t have to worry about exploiting any edge they could find.
No. 2 was Giannis Antetokounmpo.
No. 1 was LeBron James.
Walker can dangle the ball in
front of his body with confidence
that only he can retrieve it because
it’s something he practices.
He used to work with now-
BOB LEVERONE/ASSOCIATED PRESS
NBA’S SHORT GUYS PLAY BIGGER
The Hornets’ Kemba Walker is at his best when he’s at his smallest.
Magic assistant Jay Hernandez
stepping over hurdles while dribbling underneath them. Then he
put himself through drills this
summer with 2 Hands Basketball
trainer Ryan Buhain that included
dribbling with one hand as he
dragged a small cone across the
court with his other hand.
He also picked up some tips
from players of his size along the
way.
“Jameer Nelson,” Walker said of
the journeyman guard now with
the Pelicans. “He would get down
and throw the ball places and go
after it. I watched him do that over
the years. That’s who I really got it
from.” Walker then named one of
his former teammates as inspiration. “D.J. Augustin,” he said. “Another small guy.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A15
OPINION
Lois Lerner Doesn’t Trust You
In his courtroom apologia
in the film “A
Few
Good
Men,”
Jack
N i c h o l s o n ’s
Col. Nathan
MAIN
Jessup made
STREET
the words faBy William
mous. Now, in
McGurn
her bid to
keep her testimony in a recently settled
tea-party lawsuit against the
IRS secret, Lois Lerner has
picked up the Jessup argument: “You can’t handle the
truth!”
They used different words
but the meaning is the same.
Here’s how lawyers for Ms.
Lerner and her former IRS
deputy, Holly Paz, put it in a
filing aimed at persuading a
judge to keep their testimony
from becoming public: “Public
dissemination of their deposition testimony would expose
them and their families to harassment and a credible risk
of violence and physical
harm.” They’re not just thinking of themselves, they add.
Young children, family members, might be hurt too.
That’s quite an argument.
So enraged would the American public become upon
learning what Ms. Lerner and
Ms. Paz said that they and
those around them would be
in physical peril. Which probably makes most people wonder what the heck must the
two have said that would get
everyone so agitated?
The Washington Times,
which broke the story, notes
this is not the first time Ms.
Lerner has sought to keep the
public in the dark about her
actions. In 2014, when asked
to testify before Congress
about the IRS targeting, she
declared her innocence—and
then invoked her Fifth
Amendment right to keep
quiet.
Even this latest request to
federal Judge Michael Barrett
is a follow-up to one she made
back in May. At the time,
Judge Barrett said he saw
good reason to limit access to
the attorneys during discovery.
But he also said that the parties could eventually ask that
it be made public—the Cincinnati Enquirer has also asked
for the seal to be lifted—and
the burden would be on Ms.
Lerner and Ms. Paz to prove
why it shouldn’t.
It’s hard to see what that
case would be. By contrast,
what a crippling precedent it
would be if government officials from powerful agencies
such as the IRS were permitted to keep their abuses secret
on grounds they fear that the
people whom they are supposed to serve might be upset
if they found out.
There can be good reasons
to keep a deposition sealed,
from ensuring the privacy of
the innocent to protecting the
life of a mafia informant. But
Ms. Lerner is no innocent. Indeed, given all the falsehoods
that have been spread in an
effort to whitewash what the
IRS had done, the case for
transparency becomes even
more compelling here.
On the flip side, the evidence for fear seems overblown. Ms. Lerner and Ms. Paz
cite Mark Meckler, a tea party
leader whom they say stoked
feelings against them by calling IRS workers “thugs” and
saying “we’re going to have a
lot of fun abusing these government employees.”
Mr. Meckler told the Times
he’s not impressed. “Four
years of harassing innocent
American citizens for their political beliefs, and she’s scared
‘You can’t handle the
truth,’ the former IRS
official tells the
American people.
of a guy in a cowboy hat talking to a bunch of little, old ladies at a tea party event?”
And if her fears are legitimate,
aren’t there other ways of
protecting her?
In 2015, the Obama Justice
Department declined to prosecute, explaining in a letter to
Congress it “found no evidence that any IRS official
acted based on political, discriminatory, corrupt or other
inappropriate motives that
would support a criminal
prosecution.” But when Attorney General Jeff Sessions announced settlements of two
lawsuits last month, he confirmed the IRS during the
Obama years had targeted organizations for political beliefs and not bad behavior.
In some senses, this battle
is because Congress did not do
its job. It started down the
right path when it held hearings, but once Ms. Lerner invoked the Fifth, then-Speaker
John Boehner blinked. Instead
of using Congress’s own powers—including its right, after
she was found in contempt, to
jail her until she talked—he
settled for passing the buck to
the Obama Justice Department
with a recommendation for a
prosecution everyone knew
would never come.
Congress is still paying for
that dereliction of duty. The
various House and Senate investigations have been frustrated by lack of cooperation
from relevant parties, including federal agencies such as
the FBI. Surely Republicans investigating everything from
Hillary Clinton’s emails to Russia’s mischief in the 2016 elections would today enjoy far
more cooperation from the relevant parties had they exercised their full authority in the
Lerner case. If we ever hope to
restore the accountability the
Constitution built into the system and avoid the corrupting
habit of turning to special
prosecutors, Congress is going
to have to get serious about its
authority as a coequal branch
of government.
Meanwhile, in this case the
plaintiffs, the government and
a newspaper all say they are
for disclosure. Is a judge really
going to buy Ms. Lerner’s argument that the American people can’t handle the truth?
Write to mcgurn@wsj.com.
Fear American Complacency, Not China
By David Kline
T
he last time I visited
China, I had tea with
Deng Xiaoping. It was
1978, and the Chinese leader
outlined for me a plan to modernize his country by unleashing its enormous entrepreneurial energies. At the time, I
thought his approach seemed
pie-in-the-sky.
But today, having just returned from my first visit to
China in 40 years, I’m a believer. Back when I met Deng,
the number of private automobiles in all of China could
be counted in the thousands.
Today there are about 200
million. Since 1978, China’s
economy has grown more than
5,000%, and the disposable income of its citizens has skyrocketed. By 2030, China
could surpass the U.S. to become the biggest economy in
the world.
The size of China’s economy, though, isn’t what
should worry President
Trump. It’s China’s entrepreneurial dynamism—its intense drive for innovation—
that poses the greatest threat
to America’s economic leadership. No longer a nation of
“copycat” industries, China
today leads the U.S. in a
number of vital sectors, including mobile payments, advanced microchips and artificial intelligence.
More than 10,000 new businesses are registered every
day in China. That’s seven
startups a minute. In the U.S.,
unfortunately, the entrepreneurial itch seems to have
faded. Today barely 8% of all
businesses are startups less
than a year old, down from
roughly 12.5% in 1980. That
should concern every American, given that startups are a
nation’s engine of economic
progress, not to mention its
primary job creator.
Typical of Chinese business
zeal is Xiaomi (sha-oh-mee),
the Chinese smartphone maker
founded in 2010. It is growing
so fast, as Strategy Analytics
Today just 8% of U.S.
businesses are
startups, down from
about 12.5% in 1980.
noted earlier this month, that
by next year, “if current momentum continues, Xiaomi
could catch or overtake OPPO,
Huawei and Apple to become
the world’s second largest
smartphone vendor.” (Samsung
is the first.) Even more surprising, Alvin Tang, an analyst
at Seeking Alpha, suggested in
September that Xiaomi should
be valued at $69 billion—which
would make it the world’s most
valuable startup, slightly ahead
of Uber.
Xiaomi also shows the originality and bold experimentalism of Chinese businesses. Beyond smartphones, Xiaomi’s
network of over 100 partner
startups has created everything
from fitness bands to air purifiers to rice cookers. Many of
these products are internet-enabled and designed to complement Xiaomi-made phones and
smart TVs. They’re also tightly
integrated with the online services that Xiaomi offers, such
as games and microloans. Oh,
and Xiaomi also runs its own
stores, which inspire in many
Chinese consumers a Costcostyle loyalty.
The complete package is
more customer-centric than
anything I’ve seen in the U.S.
They like to call it “the Xiaomi way,” for lack of a better term. “We don’t yet have
the language to describe exactly what we do,” a senior
vice president, Wang Xiang,
told me.
China’s entrepreneurs have
been fueled by reforms in recent years that strengthened
intellectual property rights—
ironic for a country long accused of stealing trade secrets
and ignoring IP protections.
Today Chinese companies are
filing for more patents than
American ones. The patent application and examination
process has been streamlined,
and China has established specialized intellectual property
courts and tribunals to adjudicate lawsuits and issue injunctions against infringers. “IP
infringers will pay a heavy
price,” President Xi Jinping
warned this summer. In August, the shoe company New
Balance won $1.5 million from
Chinese shoemakers who had
infringed its logo. The amount
might seem small by U.S. standards but represents the largest trademark-infringement
verdict ever handed down in
China.
In the U.S., by contrast, a
series of legislative actions and
Supreme Court rulings have
weakened patent rights, especially for startups. A new way
of challenging patents called
“inter partes review” results in
at least one patent claim being
thrown out in roughly 80% of
cases, according to an analysis
by Adam Mossoff, a law professor at George Mason University. Unsurprisingly, many
of these cases were brought by
defendants facing patent infringement lawsuits in federal
court.
This does not bode well for
America’s global competitiveness. The U.S. used to rank
first among nations in the
strength of its intellectual
property rights. But the 2017
edition of the Global IP Index
places the U.S. 10th—tied with
Hungary.
Hungary?
Here’s my advice to Mr.
Trump: Worry less about what
China is doing and more about
America’s declining entrepreneurship. As for Chinese theft
of intellectual property, it isn’t
half as worrisome as the damage the U.S. is doing with its
own self-destructive patent
policies.
Mr. Kline is a journalist and
author of “Rembrandts in the
Attic” (Harvard Business
Press, 1999).
A Substitute for ‘Complaint Free Wednesday’
By Jerry Cianciolo
W
ith Thanksgiving approaching, here’s a
question: In the course
of an average week do you
spend more time complaining
or complimenting? For most of
us, it’s probably no contest. If
we wore hissy Fitbits, we’d all
be startled at the number of
times we grouse about minor
annoyances.
Not that complaining is
fruitless. As “Caveman Logic”
author Hank Davis has argued,
there is a certain joy to railing
against perceived wrongs, and
activists might even identify
like-minded grumblers to promote change. At the very least,
carping about the weather,
poor service or long checkout
lines is an easy conversation
starter.
But as with most things
there may be a downside to
complaining and the agitation
that accompanies it. Stanford
professor of neurology Robert
Sapolsky has conducted extensive research on stress hormones. “If you turn on the
stress response chronically for
purely psychological reasons”—such as by constantly
worrying about pleasing a
boss—“you increase your risk
of adult onset diabetes and
high blood pressure,” Mr. Sapolsky told his school’s news
service in 2007.
That idea didn’t
catch on, but why not
count compliments?
Rep. Emanuel Cleaver (D.,
Mo.) once saw a palliative role
for the federal government. In
2009 he introduced H.Con.Res.
155 to designate the day before Thanksgiving as “Complaint Free Wednesday.” Mr.
Cleaver’s resolution estimated
that Americans complained,
on average, up to 30 times a
day, “resulting in roughly
4,500,000,000 complaints spoken every day.” It encouraged
“each person in the United
States to remember that having a positive life begins with
having a positive attitude.”
Capitol Hill curmudgeons
weren’t swayed and the resolution failed to pass.
If complaining is the hamburger of everyday life, then
complimenting is the Kobe
beef. Rarely do we serve up salutes like the one I observed
recently on a Manhattan subway.
As he fielded alerts from
headquarters, the train operator was also coping with a
jammed door, monitoring an
argument in the rear, and
sniffing around his control
board for an alarming electrical smell. A commuter standing nearby took note. “You’re a
great multitasker,” he said.
“You can handle anything they
throw at you.” Hearing these
words, the operator regained
his composure instantly. “Trying not to let it get the best of
me,” he said, flashing a smile
and feeling in control again, as
pleased as if he’d found a hundred-dollar bill.
Funny enough, that’s the effect praise has on us, according to a 2012 study. “To the
brain, receiving a compliment
is as much a social reward as
being rewarded with money,”
said one of the authors, Norihiro Sadato of the National Institute for Physiological Sciences in Japan. It activates the
same area of the brain, the
striatum.
Proof of praise’s salutary effect comes from a 2015 working paper at the Harvard Business School, which found that
compliments led people to
have “positive changes in their
physiology, creative problem
solving, performance under
pressure, and social relationships.” No wonder Mark Twain
once wrote “I can live on a
good compliment two weeks
with nothing else to eat.”
With Thanksgiving here, offering a few compliments
might not be as weighty as
passing a House resolution.
But you needn’t wait for an act
of Congress to brighten the
lives of those around you.
Mr. Cianciolo is chief editor
of Emerson & Church, Publishers in Medfield, Mass.
BOOKSHELF | By Philip Delves Broughton
A Leap
Of Faith
Who Can You Trust?
By Rachel Botsman
(PublicAffairs, 322 pages, $27)
W
hen the founders of Airbnb first pitched their idea to
investors, the responses ranged from incredulous to
dismissive. It’s one thing for people to buy and sell
with strangers on eBay, prospective backers would say, but to
invite people you meet online to stay in your home? How long
before a host ended up dissolved in acid and washed down the
kitchen sink?
It turned out that millions of people were willing to give
the concept a go, provided they could trust that they wouldn’t
be exploited. “We bet our whole company,” Joe Gebbia, one of
Airbnb’s co-founders, said, “on the hope that, with the right
design, people would be willing to overcome the strangerdanger bias.”
Rachel Botsman, a visiting scholar at Oxford’s Saïd Business School, has studied trust for several years and defines it
as “a confident relationship with the unknown.” It is the sibling of risk. It inspires us to take a leap, to pay hundreds of
dollars up front for a room in
a stranger’s house, to hop into
a private car instead of hailing
a certified taxi. And thanks in
part to the internet, the way
we come to trust others has
been undergoing a fundamental change. “The real disruption” going on right now, Ms.
Botsman argues, “is not technology itself, but the massive
trust shift it creates.”
Trust, Ms. Botsman explains,
began as a “local” phenomenon,
generated within and bounded by
the small communities where
people used to live. Then it became
“institutional,” determined by contracts, courts,
governments and companies. Whereas trust “used to flow
upwards to referees and regulators, to authorities and
experts, to watchdogs and gatekeepers,” that kind of trust has
been eroding in recent years. A 2015 survey by Harvard’s
Institute of Politics, for example, found that 75% of millennials
“sometimes or never” trust the federal government to do the
right thing, while 88% “sometimes or never” trust the media.
Now trust is more “distributed,” Ms. Botsman says, littered
across social networks and Yelp reviews, flowing more
“horizontally, in some instances to our fellow human beings
and, in other cases, to programs and bots.”
Ms. Botsman gives three reasons for the recent collapse of
trust in institutions: the increasing number of people in positions of power caught abusing our trust and then escaping
punishment; the expanding power of digital technology and
its effect of “flattening hierarchies” and eroding our faith in
the “elites”; and the increasingly isolated “cultural ghettoes”
and “echo chambers”—pockets within social media, for instance—that focus our trust mainly toward the like-minded.
The recent spate of allegations of sexual aggression by powerful men and the diverse responses to them are one example of
trust being eroded by a lack of accountability.
Smartphones, social networks and all our digital
gossip and griping are altering the way we learn
to trust others and assess risky behavior.
It’s not clear, however, that many elites are all that concerned
about losing our trust. I’d be amazed if the revelations of the
Panama or Paradise Papers, for example, persuaded the world’s
plutocrats to do anything but tap their brakes on offshore investing before continuing to the nearest Christie’s showroom.
But there does seem to be a strong link between the narcissism fed by Facebook, Instagram, Twitter, etc., and mistrust.
Two-thirds of people now get their news from social media.
Can we rely on social media to police itself and become worthy of our trust? Should we even expect them to? In February,
Mark Zuckerberg posted an essay on Facebook saying: “There
are questions about whether we can make a global community
that works for everyone, and whether the path ahead is to
connect more or reverse course.” The subtext, of course, was
that Facebook has the answer.
Ms. Botsman isn’t so sure. There’s no question that tech
giants like Facebook and Google are on the front lines of
modern trust. But the author is suspicious. She calls Mr.
Zuckerberg’s company a “system that makes it easy for almost
a third of the world’s population to gossip and gripe, share
and like, even if the content is false, and without proper
checks and balances or any real redress.”
Ms. Botsman has culled a number of wonderfully illustrative examples of how the shift in trust is changing our world,
for better or worse—from the promise of blockchains to
transform financial services with highly shareable, computercoded data to the innovative ways that online babysitter services are engaging parent-clients.
She reports on the Chinese government’s plan to create a
Social Credit System, in which people are given trust scores
based on their daily activities: where they shop, their social
activities, how long they spend watching television or playing
video games, their spending habits, their health. It’s horribly
Orwellian, but China’s plan is to “accelerate the modernization
of governmental governance capacity,” turning it into a
sharper, more personalized tool. People who don’t rate well
won’t be hired for certain jobs, will be barred from the civil
service and will even find it hard to enroll their children in the
best schools. But people who do rate well will find life easier.
There will no longer be any dividing line between what people
choose to do in private and what they do in public. Everything
will be watched and rated.
But one man’s “Orwellian” is another man’s “transparent.”
Ms. Botsman cites Tala, a lender that offers low-interest loans
to customers through a mobile app. It creates a financial profile
for customers based on 10,000 data points culled from the
phone of applicants—from spending habits and consistency of
income to the size of their address book (and whether entries
are listed by first and last names, a sign of care and attention)—
as determinants of trustworthiness. This system has proved as
valid as any credit score in establishing their likelihood to repay.
Ms. Botsman has found a rich theme here and a fascinating
way of interpreting technological change. Blockchain technology today, she writes, is where the internet was in 1993 and
likely to be just as influential. Meanwhile, China’s nationwide
Social Credit System is a scant two years away from launch.
At this rate, Ms. Botsman will have to update her book every
few months to stay relevant.
Mr. Delves Broughton is the author of “The Art of the Sale:
Learning From the Masters About the Business of Life.”
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
A16 | Tuesday, November 21, 2017
OPINION
LETTERS TO THE EDITOR
Have They Got a Bond for You
Should Rich College Endowments Be Taxed?
tate and local governments pledge their
Hence, Connecticut lawmakers recently aufull faith and credit to repay general obli- thorized bonds backed by state income taxes
gation bonds, but politicians in Chicago as a substitute for GOs. The budget noted that
and Connecticut realize their
“the new type of borrowing
Connecticut and
word is depreciating in value.
authorized in the bill may be
Thus they’re pitching a debt
more favorably in
Chicago borrow a debt viewed
arbitrage to reduce their borbond markets because it is
trick from Puerto Rico. linked directly to a large and
rowing costs.
As part of Illinois’s slowrelatively stable revenue
rolling bailout of Chicago,
source.” Hmmm.
Democrats in Springfield this summer allowed
Income-tax revenues in Connecticut have rethe city to issue bonds securitized with $700 mil- peatedly fallen short of estimates due to tepid
lion or so in annual sales tax revenue. Creditors economic growth. Last year they were off by
would have a legal lien on the revenues. Chicago $530 million. Perhaps Democrats consider this
plans to start floating the sales-tax bonds next a rounding error on a $3.5 billion deficit. Chimonth to refinance existing debt.
cago has reassured investors that the new “corThe bonds will be cheaper to finance than poration would be considered bankruptcy-reChicago’s junk-rated GO bonds, which carry a mote” (our emphasis). However, “in the
3.5% premium over top-rated municipal securi- unlikely event of a municipal bankruptcy, bondties. Fitch has rated Chicago’s sales tax bonds holders would still be paid.” Not so fast.
AAA, which is an insult to every triple-A issuer
Puerto Rico likewise established a special
including the U.S. Treasury. (Fitch still rates public corporation in 2006 to issue sales-tax “CoTreasurys triple-A, unlike Standard & Poor’s.) fina” bonds, which were billed as more secure
While the city noted in a recent presentation than debt paid from the commonwealth’s operatthat “ratings agencies rate bonds issued by spe- ing fund. And for a time that appeared true as
cial-purpose corporations highly because they politicians raised the sales tax (which was later
are more legally secure than a normal bond,” converted into a VAT) to repay creditors.
that hasn’t historically been the case.
But last year Puerto Rico’s governor issued
Securitized bonds issued by special public a debt moratorium, which led Congress to imcorporations were once considered less safe pose a fiscal control board and create a quasithan GO bonds because their revenue bases are Chapter 9 bankruptcy process. Cofina and GO
narrower and can shrink over time. Consider the bondholders are now vying for the same, small
2011 bankruptcy of Jefferson County, Alabama, pool of money, and both will be lucky to get half
which resulted from political corruption at its of what Detroit bondholders recovered.
over-leveraged sewer system.
Illinois could authorize Chicago to declare
Detroit’s Chapter 9 bankruptcy in 2013 set a bankruptcy in the future, and while states can’t
precedent by subverting GO bondholders to pay declare bankruptcy, Connecticut could try to republic workers and retirees. Prior to Detroit, negotiate the terms of its debt. In the event of a
creditors considered GO bonds sacrosanct and default, GO bonds in both places would be less sefigured courts would compel local governments cure because of competing creditor claims.
to raise taxes or cut pensions to repay them.
Investors thirsty for yield may take Chicago
That assumption proved incorrect. So creditors and Connecticut up on their proposition, but
are now demanding higher yields for GO bonds they shouldn’t complain later if these bets turn
issued by fiscally irresponsible governments. out to be bad political risks. Caveat creditor.
P
North Korea, Terror Sponsor
resident Trump has pledged to avoid the dency, George W. Bush removed Pyongyang from
mistakes of his predecessors and stop the terror list in 2008 as part of then Secretary
North Korea from amassing a nuclear ar- of State Condoleezza Rice’s forlorn bid to woo
senal, and on Monday he took
the North into nuclear disarTrump corrects a Bush mament. Pyongyang pocketed
another symbolic step by restoring Pyongyang to the State
the concession and promised
mistake and calls the
Department’s list of state sponto end its nuclear program
North what it is.
sors of terrorism. The designaeven as it continued work in
tion has as much moral as pracsecret. The North has contical impact but is still welcome
ducted six nuclear tests, fired
as diplomatic truth in advertising.
ballistic missiles over Japan, and will before
“In addition to threatening the world by nu- long be able to reach the continental U.S. with
clear devastation, North Korea has repeatedly a nuclear-armed missile.
supported acts of international terrorism, includThe re-listing highlights the North’s criminal
ing assassinations on foreign soil,” Mr. Trump said behavior and will further isolate the regime. SecMonday. He could have been referring to the mur- retary of State Rex Tillerson said Monday he
der of Kim Jong Un’s half-brother with VX nerve hopes the re-listing will “disrupt and dissuade
agent at an airport in Malaysia in February, but some third parties from undertaking certain acthere is no shortage of terror episodes.
tivities with North Korea.”
Ronald Reagan put North Korea on the list in
All of this is part of the larger U.S. effort to
1988 after Pyongyang’s agents assassinated four cut off the financial and other lifelines that have
members of South Korea’s cabinet in Burma and made a mockery of United Nations sanctions and
bombed KAL Flight 858, killing 115 passengers. allowed the Kim crime family to buy off the miliU.S. intelligence agencies believe the North was tary and survive in power despite the North’s imbehind the 2014 cyberattack on Sony Pictures af- poverishment. Mr. Trump said the Treasury will
ter a Sony comedy mocked dictator Kim Jong Un. issue a new set of sanctions on Tuesday that may
The North is also believed to have helped Syria further squeeze countries or companies that do
build a nuclear-weapons plant that Israel business with the North.
bombed in 2007. And don’t forget the kidnapThe conventional wisdom is that the North
pings of Japanese civilians and assassinations will never give up its nuclear program, but the
of dissidents abroad.
only way to test that claim is by squeezing the
In an embarrassing moment of his Presi- regime as hard as possible on every front.
C
Angela Merkel’s Failing Center
hancellor Angela Merkel’s negotiations ing 13% share of the vote in September because
to form a new coalition collapsed on it promised to be an alternative. And having
Sunday night, and good riddance. What- punished the FDP in 2013 for bowing too much
ever else German voters
to Mrs. Merkel in a previous
Pragmatism isn’t
wanted in September’s murky
coalition, voters also rewarded
election, they hoped for more
Mr. Lindner with nearly 11%
practical
when
it
fails
political competition. An imfor defending his low-tax, lowto inspire voters.
plausible coalition of the
regulation views aggressively
barely willing is the wrong
this time around.
way to deliver.
This is what normal demoConventional wisdom for months over- cratic politics looks like. Mrs. Merkel’s best way
looked problems with a so-called Jamaica co- forward is to call a new election and run on an
alition—so labeled because the colors of the agenda to unite and elect a center-right coaliparticipant parties resemble a Caribbean flag. tion, or step aside to let someone else try. GerMrs. Merkel wanted to unite the left-wing man pundits say the polls predict another
Greens and the free-market Free Democrats murky outcome, but a different campaign might
(FDP) in a government with her center-right yield different results.
Christian Democrats (the CDU and Bavarian
A campaign making ideological commitCSU). No one could say to what end this motley ments about how she wants to govern would
crew would govern, and the parties couldn’t give voters something to endorse. The centeragree on tax rates, green and coal energy, and left Social Democrats already seem to underespecially immigration.
stand this, which is why they are refusing to reMrs. Merkel appears to have used the coali- peat the last four years and form another
tion talks mainly to deploy the Greens as a po- coalition with Mrs. Merkel and are developing
litical shield for her own bad instincts on taxes their own agenda.
and migration from attacks by her right flank.
Mrs. Merkel could also try to govern in a miFDP Leader Christian Lindner has performed a nority coalition with either the Greens or the
public service by ending the coalition talks. “We FDP. Then at least she might rule based on some
were elected to bring about change,” he said coherent principles. But the Bavarian CSU is
Sunday. “It’s better not to govern than to gov- facing a challenge in local elections next year
ern wrongly.”
from the AfD and seems unlikely to tolerate a
If only Mrs. Merkel would heed that advice. coalition with the Greens. A new election seems
She’s in this jam because her political method a better prospect.
prioritizes consensus politics over principle.
Germans are said to recoil from an election
That’s often called pragmatism, but it’s not very do-over for the first time in the postwar era,
practical when she leaves voters so bored and and after their fraught history of instability in
confused by her milquetoast campaigns that the 1920s and ’30s. They deserve more credit
they deny her a majority or at least a plausible for their democratic transformation over the
coalition.
past 70 years. The real threat now is less elecInstead, voters weary of Germany’s storied toral uncertainty than the false sense of stabilconsensus-based politics handed the right-wing ity embraced by Mrs. Merkel’s collapsing poliAlternative for Germany (AfD) party a surpris- tics of the middle.
In their misguided piece about college endowments, Profs. Thomas Gilbert and Christopher Hrdlicka defend
a proposed tax on college and university endowments and suggest that this
will help save colleges and universities
(“A Hedge Fund That Has a University,” op-ed, Nov. 14). Sadly, this demonstrates a fundamental misunderstanding of how endowments work
and the role they play in funding the
very educational opportunities the authors purport to support. Far from
helping higher education, this plan
will inevitably diminish the resources
available for student financial aid,
teaching and research.
Endowments are not “rainy-day
funds,” stashed away as a buffer. Endowments are designed to provide a
stable and perpetual source of funding
that underwrites the operation of an
institution.
Here’s a simple way to think about
it. A tax is a tax. A tax on endowments
will take money from institutions of
higher education and transfer it to the
federal government to help finance
corporate tax cuts. So while it’s true
that an endowment tax would “benefit” someone, it would not be colleges
or their students.
TED MITCHELL
President
American Council on Education
Washington
Endowments are relied on to generate earnings that are used year in and
year out to support teaching, research
and financial aid. The authors’ proposal that universities should pursue
an investment policy that “generates
almost no investment income” would
be dreadful advice. Universities seek to
maximize returns with prudent levels
of risk precisely so that they have the
resources they need to pursue their
educational and research missions.
I chair the finance committee of
Princeton University’s board of trustees. Princeton uses its endowment
earnings to fund fully half of each
year’s operating budget and to help
support major initiatives like expanding the number of students we
enroll, ensuring affordability for students from all income backgrounds
and expanding our teaching and research in fields like engineering and
data science.
Under our financial-aid program
families with incomes below $160,000
pay no tuition and families with incomes up to $300,000 can receive
some aid. No one is required to borrow, and even our students who don’t
qualify for financial aid pay only about
half of what their education costs. The
other half is covered by the earnings
from the endowment.
A federal tax on Princeton’s endowment earnings would drain away tens
of millions of dollars that now support
teaching, research and scholarships.
C. JAMES YEH
Trustee, Princeton University
Princeton, N.J.
There is no reason to believe that
a 1.4% excise tax on net investment
income will influence the endowment
manager to invest in a way that
would reduce the investment risk. It
may actually do the opposite. The
second issue is one of freedom of
choice. Donors, for the most part,
know what they are doing when they
make a donation to the endowment
of their beloved university. Should
the federal government be empowered to make judgments on how that
money should be spent or invested?
On that, honorable men may differ,
but a small excise tax will have little
or no influence.
KELLY RUSHING
Houston
Fossil Fuel to Renewables, Not Horses to Cars
Profs. Lee E. Ohanian and Ted
Temzelides recount the story of the
environmental crisis that hit cities in
the late 1800s—namely excess horse
manure—and how it was solved by
the introduction of automobiles (“My
Kingdom for a Renewable Energy
Source,” op-ed, Nov. 13). They use
this story to imply that free markets
and innovation will lead to a transition away from fossil fuels toward
cleaner technology, if only the government would get out of the way.
They neglect, however, an important
government intervention that encouraged the switch from horses to
automobiles.
A draft horse typically worked
only four hours a day. During the
other 20 it produced its manure in its
stable, the owner of which was obligated by law to properly dispose of
manure. In the early 1800s farmers
would pay to get the manure, but by
the end of the century there was too
much supply and stable owners had
to pay licensed haulers to haul it
away. The cost of handling the manure was a strong incentive to switch
to automobiles and trucks. Here is
where the analogy with fossil fuels
breaks down.
Those who burn fossil fuels and
produce air emissions of particulates,
heavy metals and carbon dioxide can
simply cast their modern-day manure
to the winds. If the same person who
produced air emissions by burning
fossil fuels was also the one who bore
the costs of those emissions, for example, through a price on emissions.
Then the free market would have the
correct incentives to develop and
adopt innovative, clean, cheap energy
sources.
PROF. RICHARD READY
Montana State University
Bozeman, Mont.
Menu-Label Cops Fulfill the Climate, Weather and the
Desire of Most Consumers
Progressive World View
Public-health experts beg to differ
with your implied trivialization of
calorie labels and the diabetes, heart
disease and cancer that poor nutrition causes (“The Menu Label Cops
Win,” Review & Outlook, Nov. 14).
These are pressing public-health issues worthy of the Food and Drug
Administration’s time.
The antimenu-labeling bill in Congress wouldn’t just provide a little
flexibility for
pizza makers, it
would make
calorie information meaningless and unavailable to the
majority of restaurant, supermarket and
convenience-store customers. Restaurants could deny their in-store customers nutrition information if half
their orders come as takeout. Supermarkets that sell restaurant-type
food could hide calorie information in
less-visible locations, and all chains
could use arbitrary serving sizes to
mask total calorie content. The industry has long whined that menu labeling is impossible, yet the top-50 restaurant chains are now doing it,
including a number of pizza chains.
The overwhelming majority of
Americans want calorie labeling so
they can make their own decisions
about how many calories to eat. And
they’ve waited long enough. It’s time
Big Pizza, supermarkets and convenience stores stop lobbying and start
labeling.
MARGO G. WOOTAN
Center for Science in the Public
Interest
Washington
ISTOCK
S
REVIEW & OUTLOOK
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.
Regarding Roger Pielke Jr.’s “A
Litigious Climate Threatens Scientific Norms” (op-ed, Nov. 16): As a
meteorologist specializing in numerical weather prediction (the computer models that make your daily
weather forecasts), I, too, have
“worked alongside climate researchers” since the 1990s.
Whereas Mr. Pielke finds climate
scientists, in his excellent commentary on the dangers of taking scientific disagreements to the courts,
“not particularly political,” my observation is that many are very political and of these nearly all are left
to hard-left of center.
Climate doesn’t exist in the same
way as weather. It is an abstraction
subject to no specific physical law,
and as a human idea climate can
and is readily politicized to the
point of becoming a matter of faith
or belief.
If rain runoff can be taxed in
Maryland, is it any wonder that the
science of climate change wouldn’t
be litigated in the judiciary?
MIKE FIORINO, PH.D.
Boulder, Colo.
Pepper ...
And Salt
THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | A17
OPINION
By John Bolton
F
or the first time since it
began operating in 2002,
the International Criminal
Court has put the U.S. in
its sights. On Nov. 3, ICC
Prosecutor Fatou Bensouda initiated
an investigation into alleged war
crimes and crimes against humanity
committed in Afghanistan since
mid-2003. This raises the alarming
possibility that the court will seek to
assert jurisdiction over American
citizens.
A ‘war crimes’ inquiry in
Afghanistan shows the
danger of the International
Criminal Court.
Located in The Hague (alongside
such dinosaurs as the International
Court of Justice, which decides
state-versus-state disputes), the ICC
constitutes a direct assault on the
concept of national sovereignty, especially that of constitutional, representative governments like the
United States. The Trump administration should not respond to Ms.
Bensouda in any way that acknowledges the ICC’s legitimacy. Even
merely contesting its jurisdiction
risks drawing the U.S. deeper into
the quicksand.
The left will try to intimidate
the White House by insisting that
any resistance to the ICC aligns the
U.S. with human-rights violators.
But the administration’s real alignment should be with the U.S. Constitution, not the global elite. It
would not be “pragmatic” to accept
the ICC; it would be toxic to democratic sovereignty.
The U.S. is not party to the Rome
Statute, the treaty establishing the
ICC’s authority. Bill Clinton signed it
in 2000, when he was a lame duck.
But fearing certain rejection, he did
not submit it to the Senate. The
Bush administration formally “unsigned” in 2002 before the Rome
Statute entered into force. That
same year, Congress passed supportive legislation protecting U.S. servicemembers from the ICC, a law
that was decried by hysterical opponents as the “Hague Invasion Act.”
The U.S. then entered into more than
100 bilateral agreements committing
other nations not to deliver Americans into the ICC’s custody.
Secretary of State Condoleezza
Rice later weakened America’s opposition to the ICC. Barack Obama
manifestly longed to join but nonetheless did not re-sign the Rome
Statute. Thus the U.S. has never acknowledged the ICC’s jurisdiction,
and it should not start now. America’s long-term security depends on
refusing to recognize an iota of legitimacy in this brazen effort to subordinate democratic nations to the unaccountable melding of executive and
judicial authority in the ICC.
Proponents of global governance
have always wanted to turn the U.S.
into just another pliant “member”
of the United Nations General Assembly or the ICC. They know that
America’s exceptionalism and commitment to its Constitution were
among their biggest obstacles, but
they hoped to cajole Washington
into joining one day. The new Afghanistan investigation demonstrates why that vision needs to be
confronted now and conclusively
defeated.
ISTOCK/GETTY IMAGES
The Hague Aims for U.S. Soldiers
The International Criminal Court in The Hague, Netherlands.
The U.S. has done more than any
other nation to instill in its civiliancontrolled military a respect for human rights and the laws of war.
When American servicemembers violate their doctrine and training—
which can happen in any human institution—the U.S. is perfectly
capable of applying our own laws to
their conduct. These laws and procedures do not need to be secondguessed by international courts, especially ones that violate basic
rights guaranteed by the U.S. Constitution, like trial by jury.
Moreover, the Rome Statute’s real
targets always have been not merely
individual soldiers accused of war
crimes, but their commanders and
political leaders—all the way to the
commander in chief of the global hegemon (as they resentfully see it).
The White House should not facilitate
these efforts to constrain and inhibit
its ability to defend Americans.
The ICC prosecutor is an internationalized version of America’s “independent counsel,” a role originally
established in the wake of Watergate
and later allowed to lapse (but now
revived under Justice Department
regulations in the form of a “special
counsel”). Similarly, the ICC’s prosecutors are dangerously free of accountability and effective supervision. They are not the superhero
“Justice League International.”
The ICC fits into no coherent representative government structure,
which does not exist internationally.
It also fails a critical constitutional
test—the separation of powers—in
that the executive not only prosecutes but determines guilt or innocence. Decoupling executive and judicial powers is no mere constitutional
nicety; it is a critical mechanism for
restraining excesses.
The ICC always had dramatically
different possible paths. First, it
could become yet another embarrassing irrelevancy like the International Court of Justice or the U.N.
Human Rights Council. That has
been its lot so far. To date, the ICC
has been feckless and often in disarray, acquiring the justifiable reputation from its caseload that it was a
project by Europeans to prosecute
miscreants in their former African
colonies. Burundi recently withdrew
from the ICC, and others have come
close.
Second, the ICC could go rogue—
which is what the potential prosecution of Americans represents. Pursuing Washington, it seems, finally
became too hard for the ICC to resist (having already investigated Israel, which is once again the canary
in the mineshaft).
Under the idea of “complementarity,” the ICC could defer to countries
that possess responsible law-enforcement mechanisms, which the
U.S. assuredly does. There are plenty
of real criminal states in the world
to keep the ICC busy, if it had the
wit to focus on them. That it doesn’t
speaks volumes.
America should welcome the opportunity, as in Churchill’s line about
Bolshevism, to strangle the ICC in its
cradle. At most, the White House
should reply to Ms. Bensouda with a
terse note: “Dear Madame Prosecutor: You are dead to us. Sincerely,
the United States.” Other countries
wanted the ICC; let them live with it.
Mr. Bolton is a senior fellow at
the American Enterprise Institute
and author of “Surrender Is Not an
Option: Defending America at the
United Nations and Abroad” (Simon
& Schuster, 2007).
Why Philanthropies Needn’t Fear Tax Reform
By Suzanne Garment
And Leslie Lenkowsky
A
familiar and largely correct
narrative holds that tax reform always fails because corporate special interests fight to protect the advantages their lobbyists
have written into existing law. Now
organizations representing the nation’s charities are getting into the
act, lobbying Congress to preserve a
tax structure that they say maximizes charitable giving.
From the left-leaning National
Committee for Responsive Philanthropy to the more conservative Alliance for Charitable Reform, the charitable world’s main concern is the
House bill’s proposal to double the
Individual donations to
charities grew 4% in both
2015 and 2016. That rate
will swamp any tax effects.
standard deduction to as much as
$24,400 per married couple. Today
around 30% of taxpayers choose to
itemize their deductions instead of
taking the standard deduction. Charities reasonably suspect that these
Americans would donate less if they
could no longer benefit from itemization. Doubling the standard deduction
could drive the percentage of taxpayers who itemize down to below 10%.
The Joint Committee on Taxation
estimates that doubling the standard
deduction could reduce the amount
of deductible charitable contributions by nearly $100 billion, from
$241 billion to $146 billion. But a
drop in the amount of deductible
gifts does not necessarily mean an
equivalent drop in actual giving.
No one can predict with certainty
how new non-itemizers might adjust
their expenditures if the House bill as
currently constructed passes the Senate and is signed into law. But in 2016
researchers from the Lilly Family
School of Philanthropy at Indiana University, with which we are affiliated,
analyzed several decades of data on
the responses to past tax-law changes
resembling those in the House bill.
Under their worst-case scenario, including an increase in the standard
deduction and a cut in the highest tax
rate, the analysts predicted a decline
in noncorporate donations of $13.1
billion, or 4.6% of 2015 donations. Under more optimistic assumptions, the
predicted reduction was less than 2%.
A recent Tax Policy Center estimate of
the drop in giving was slightly larger,
between 4% and 6.5%.
Any net loss of contributions
would probably hurt the valuable
work that charities do but, recessions
aside, Americans have steadily increased their giving despite numerous
tax law changes. Individual donations
increased by 4% in 2015 and another
4% in 2016. If donations continue to
increase at such rates, it won’t take
long to make up for changes brought
about by tax reform.
Nonetheless, the charity lobby is
pushing hard for a “universal charitable deduction” allowing all taxpayers, itemizers and non-itemizers, to
deduct contributions to charities. Independent Sector, which represents
nonprofits and foundations, says
such a deduction would raise nearly
as much in new gifts as the House
bill would take away.
But the universal deduction idea
has problems. For one thing, it
would reduce federal revenue by an
estimated $13 billion and burden an
already overloaded Internal Revenue
Service bureaucracy with a greater
number of returns requiring audits.
More important, a universal charitable deduction would violate the
widely acknowledged principle that
reform should create a simpler,
more neutral tax system.
Charities imagine themselves nobler than other interest groups because they look out for people. But
offering tax breaks to sectors of society with worthy aims is a dangerous political game. Why shouldn’t
mortgage brokers, for instance, get
a tax break? They help people buy
homes, and homeownership is a cornerstone of American social and
economic mobility.
When the standard deduction was
first proposed during World War II
to ease the process of tax collection,
churches and other charities formed
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the Council on Taxes and Philanthropy to advocate maintaining or
even extending the charitable deduction system then in place. According
to tax historian Joseph J. Thorndike,
one clergyman warned in 1944 that
the standard deduction would restrict “personal freedom” and be a
step toward “fascism.” That hasn’t
happened. Americans have continued to give to charities no matter
what benefits the tax code conveys
on them for doing so.
By calling for an additional deduction for giving, charitable organizations are essentially arguing that
taxpayer funds should go to them
instead of to the government. The
nonprofit and philanthropic world
may end up doing a lot of good with
those extra funds, but the Americans they aim to help would almost
60 YEARS OF ADVENTURE
AND DISCOVERY
certainly be happier with an expanded deduction. Especially if it
means they get to hang on to more
of their hard-earned money next
year than they did this year.
Ms. Garment is a tax lawyer and
a visiting scholar at Indiana University, where Mr. Lenkowsky is a professor emeritus of public affairs and
philanthropy.
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A18 | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
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TECHNOLOGY: ROBOT MAKER SCOOPS UP $25 MILLION IN FUNDING ROUND B4
BUSINESS & FINANCE
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LIBOR 3M 1.446
Tuesday, November 21, 2017 | B1
NIKKEI (Midday) 22488.62 À 1.02%
Retailers’ Wish: Beat Amazon
Wal-Mart and others
offer earlier discounts
and store prices lower
than items sold online
BY KHADEEJA SAFDAR
Instead of copying Amazon.com Inc.’s playbook, retailers such as Wal-Mart
Stores Inc. and Target Corp.
are coming up with new tricks
to maximize sales ahead of
Black Friday.
Some are offering earlier
discounts to attract crowds
before competition heats up
Thursday, and emphasizing
products not available on Am-
azon. Others are rewarding
their most loyal customers or
marking store prices lower
than those online.
Amazon was the top preference for places to begin shopping for the holidays, according to a September study of
3,785 respondents by NPD
Group Inc. The findings show
that shoppers are making purchases earlier in the season,
and more people are feeling
fatigue around holiday shopping than in past years, with
41% saying they would rather
plan an outing with family and
friends than exchange gifts.
Maria Pugh of Delray
Beach, Fla., said she plans to
skip the rush on Black Friday
and wait until Cyber Monday
to buy housewares and check
out deals for electronics on
Amazon. “The shopping malls
are too crowded,” the 48-yearold attorney said. “For me, it’s
more about convenience.”
Amazon typically relies on
algorithms that scrape competitors’ prices before automatically matching or narrowly undercutting them on
its website. The online company, which has long prioritized sales over profit, has recently been covering the cost
of discounts on some items
sold by third-party merchants.
Such practices have paid off in
an environment where many
shoppers are constantly on
their smartphones making
comparisons.
“Online sales are traditionally driven by price,” said Andrew Schydlowsky, chief executive of TrackStreet, a pricing
consultancy. “Retailers and
brands are realizing that the
race to the bottom is very
dangerous and eventually destroys the value of the product,” he added.
For the first time, Best Buy
Co. offered hundreds of Black
Friday deals on televisions and
other devices in early November in hopes of driving sales
before the competition heats
up.
The electronics company
has a price-matching guaran-
tee, but the offer doesn’t apply
to items on sale Thanksgiving
through Monday. Toys “R” Us
Inc., which filed for bankruptcy protection in September, also gave shoppers early
access to Black Friday deals.
Target, after a weak holiday
performance last year, cut
prices this year on thousands
of items, including cereal, paper towels and razors. Those
moves helped in the past two
quarters, pushing the company
back to positive sales growth.
In the months leading up to
the holiday, the company has
shifted away from “up and
down” pricing moves, streamlining the number of promoPlease see PRICES page B2
ROLLING ON: Mahindra driver Felix Rosenqvist after a race in Morocco last year. The Indian auto maker has bought a plant in Michigan. B3
Uber in Pact for Self-Driving Volvos
Volvo Cars said it agreed to
supply Uber Technologies Inc.
with a fleet of 24,000 self-driving taxis beginning in 2019—one
of the first and biggest commercial orders for such vehicles.
The deal between Volvo,
owned by China’s Zhejiang
Geely Holding Group Co., and
Uber was disclosed Monday as a
framework agreement without
financial terms. Such an order,
though, would account for about
4.5% of Volvo’s current total
sales, based on 2016 figures, and
is estimated to be worth more
than $1 billion, a person familiar
with the situation said.
The auto industry and many
INSIDE
away—is also one of the first
hard deadlines that a significant
auto maker has set for rolling
out a working model.
Volvo has had a long-running
partnership with Uber to develop
self-driving cars, though it hit a
setback earlier this year. Pilot
projects around the U.S. were
temporarily halted after an early
version of a Volvo-Uber-developed vehicle flipped on its side
after an accident in Tempe, Ariz.
Police said the incident was
caused by a human driver of another vehicle, not the Uber selfdriving car.
“We believe this is a new segment, a new business,” said
Volvo Cars Chief Executive Hakan Samuelsson. Jeff Miller,
Largest broadband providers at
the end of the third quarter
Cable company
Phone company
Subscribers, in millons
Comcast
25.5
Charter
23.6
AT&T
15.7
Verizon
7.0
CenturyLink
5.8
Altice
4.0
Frontier
4.0
Mediacom
1.2
Windstream 1.0
WOW
0.7
(WideOpenWest)
Source: Leichtman Research
Changes are expected to pave
the way for new deals. B6
Uber’s head of auto alliances,
said the agreement “puts us on a
path towards mass-produced
self-driving vehicles at scale.”
Under the agreement, Volvo
will supply Uber with what Mr.
Samuelsson called a “base car,”
based on Volvo’s popular XC90, a
luxury sport-utility vehicle that
seats up to seven passengers. Delivery of the vehicles is set to begin in 2019, with Uber calling up
vehicles each month through
2021.
The first taxis from the deal
will be built in Volvo’s factory in
Sweden. But the company plans
to produce the vehicles in the
U.S. as well, where Volvo is
building a new factory just outside Charleston, S.C.
Longtime television journalist
Charlie Rose has been suspended by CBS and his trademark interview show pulled
from PBS and Bloomberg following allegations published by
the Washington Post that he sexually harassed several women.
Mr. Rose, 75 years old,
best known for long-form interviews, is the executive editor and host of “Charlie
Rose,” which has appeared
nightly on Public Broadcasting
Service stations and in prime
time on Bloomberg Television.
He also co-hosts the CBS
Corp. morning show “CBS
This Morning” and is a contributing correspondent to
CBS’s “60 Minutes.”
PBS and Bloomberg LP said
Monday they were suspending
distribution of the “Charlie
Rose” show in light of the allegations. CBS said Mr. Rose was
suspended while the company
looked into the matter.
The Post said the women either worked or aspired to work
for Mr. Rose at the “Charlie
Rose” show from the late 1990s
to as recently as 2011.
“I deeply apologize for my
inappropriate behavior,” Mr.
Rose said in a statement
posted on his Twitter account.
“I am greatly embarrassed. I
have behaved insensitively at
times, and I accept responsibility for that, though I do not
believe that all of these allegations are accurate. I always felt
that I was pursuing shared
feelings, even though I now realize I was mistaken.”
Companies across industries are reassessing policies
following a wave of allegations
of workplace sexual misconduct, including accusations
against Hollywood producer
Harvey Weinstein. Mr. Weinstein has apologized for his
past behavior with colleagues
but denied allegations of nonconsensual sex.
“PBS was shocked to learn
today of these deeply disturbing allegations,” a PBS spokeswoman said in a statement following publication of the
allegations against Mr. Rose.
“PBS does not fund this
nightly program or supervise
its production, but we expect
our producers to provide a
workplace where people feel
safe and are treated with dignity and respect.”
“We are deeply disturbed to
learn of these allegations and
are immediately suspending the
show from airing on Bloomberg
TV,” Bloomberg said.
Fox settles investor lawsuit
on sexual harassment.......... B6
SCOTT OLSON/GETTY IMAGES
ZUMA PRESS
BY MARIA ARMENTAL
big tech firms have promised
broad deployment of robot cars
in the near future, but all of the
technology, regulations and legal
framework needed for the practical use of such vehicles aren’t yet
in place. Still, industry executives
have predicted with increasing
confidence that companies could
have such cars on the road in a
matter of years, not decades.
Other car makers have signed
smaller, less specific deals to develop and produce autonomous
cars, but Monday’s agreement
represents one of the most concrete deals between two big
players in the field for the production of a large number of real
cars. The promised delivery
date—as little as two years
FCC To Reverse
Web-Traffic Rules
Charlie Rose Is Hit
By Sexual Allegations
India’s Mahindra Wheels Out Deal in U.S.
BY WILLIAM BOSTON
See more at WSJMarkets.com
Charlie Rose on Twitter apologized for ‘inappropriate behavior.’
STREETWISE | By James Mackintosh
Long Bond, Not the Fed, Is Driving the Dollar
BIG FISH EATS
LITTLE FISH
IN SUSHI DEAL
OIL PULLS BACK
OVER DOUBTS
ABOUT OUTPUT
RESTAURANTS, B5
ENERGY, B12
The foreign
exchanges
have a message for central bankers:
The shortterm interest rates they set
aren’t the big deal they once
were. After more than $12
trillion of quantitative easing
world-wide, currency markets are now more sensitive
to the gyrations of the longdated bonds vacuumed up by
the central banks—and that
makes them even harder to
predict than usual.
The change comes at a
delicate time for central
banks, with the U.S. tentatively cutting its holding of
Treasurys and mortgage
bonds by $10 billion a month
and the European Central
Bank about to taper its bondbuying program. A currency
market more focused on
long-dated bonds gives policy makers less control over
exchange rates and domestic
financial conditions than
usual, just at a moment when
they want to keep a firm grip
to avoid upset.
In the past, it was shortterm interest rates—and the
two-year bond yield, which
reflects near-term anticipated rate changes—that
were most important for major currencies. The more interest it was possible to earn
in a country, the more money
was attracted, and the more
the currency went up. The
extra yield available on U.S.
two-year bonds above German two-year bonds, for example, was typically tightly
correlated with moves in the
dollar-euro exchange rate.
There are two good explanations: money flows and
fundamentals. Higher interest
rates attract speculative cash
chasing the extra yield, while
also being a sign of higher
nominal growth, which justifies a stronger currency, at
least in nominal terms.
The logic has broken down
this year for both flows of
money and fundamentals,
and the year-to-date correlation between 10-year yield
differentials and the dollar’s
value against each of the
euro, yen and sterling hit the
highest since at least the
early 1990s in September.
Japanese and European inPlease see STREET page B2
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
* ***
INDEX TO BUSINESSES
BUSINESS & FINANCE
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
B
Bank of America.......B11
Best Buy ..................... B1
Bloomberg...................B1
Boeing ....................... B12
Boeing..............................
Broadcom ..... A10,B4,B13
Buffalo Wild Wings....B5
C
Caterpillar ................. B12
Cavium............B3,B4,B13
Cboe Global Markets B12
CBS..............................B1
Centennial Resource
Development.............B2
China Resources Holding
.....................................B5
Citigroup......................B5
Comcast .................... A10
CVS Health ................. A1
D
Diageo ....................... B11
DirecTV........................A1
DraftKings...................B6
E-F
Encana.........................B2
Facebook ..................... A1
Q
FanDuel ....................... B6
Fintech Advisory.......B11
Fleurette ..................... B7
Qualcomm..........A10,B13
R
G
Raise Marketplace......B4
Range Resources......B12
Roark Capital Group...B5
Gecamines...................B7
General Electric ........ B13
Glencore ...................... B7
S
I-J
Scale Venture Partners
.....................................B4
Sony .......................... A10
Sprint........................A10
Starboard Value..........B3
Sun Art Retail Group.B5
Intel.............................B4
Jana Partners ............. B6
J.P. Morgan Chase....B11
K
Katanga Mining..........B7
Kinder Morgan............B2
Kweichow Moutai.....B11
T
Target..........................B1
Time Warner
................ A1,A6,A10,B13
T-Mobile US..............A10
Toys 'R’ Us..................B1
21st Century Fox...A1,B6
L
LendUp Global.............B4
Locus Robotics............B4
M
Mahindra & Mahindra B3
Marathon Oil.............B12
Marvell Technology
Group............B3,B4,B13
Mayfair Equity Partners
.....................................B5
Mellanox Technologies
.....................................B3
U
Uber Technologies ...... B1
V
Verizon Communications
...................................A10
Vistra Energy..............B2
Volvo............................B1
N
W
Navient......................B12
Netflix.........................A1
News Corp.................A10
Wal-Mart Stores.........B1
Walt Disney................A1
Warner Bros. .............. A6
WPX Energy................B2
O-P
Och-Ziff Capital
Management Group . B7
PayPal..........................B4
Pfizer.........................A10
Y-Z
YO! Sushi .................... B5
Zions Bancorp...........B11
A natural-gas flare near a pumpjack in Midland County, Texas. Natural gas is gushing out of West Texas, a byproduct of oil drilling.
INDEX TO PEOPLE
B
Beckerman, Michael...B6
Bratspies, Steve.........B2
C
Canavan, John...........B12
D
Delrahim, Makan........A1
Drahi, Patrick..............B6
Drut, Bastien..............B2
E
Eccles, Nigel................B6
Entner, Roger..............B6
F
Fadlallah, Tarek.........B13
Faulk, Rick...................B4
Flannery, John .......... B13
G
Gallant, Paul ...............B6
Gertler, Dan ................ B7
Glyphis, George .......... B2
Goodell, Roger ............ B6
Mostaque, Emad.......B13
Mugabe, Robert..........A8
H-I
O
Haefele, Mark...........B13
Iger, Robert...............A10
Immelt, Jeffrey.........B13
O'Hara, Sean.............B12
Okhuijsen, Dennis.......B6
J
Rose, Charlie...............B1
Rowland, Robin...........B5
R
Jones, Jerry ................ B6
S
K
Saliba, Jean-Michel..B13
Schydlowsky, Andrew B1
Shu, Susan................B13
Simmons, Harris.......B11
Stephenson, Randall
....................... A1,A6,A10
Kalmin, Steven ........... B7
Kitchen, Simon ......... B13
L
Lee, Lian Fen ............ B13
Lowry, Michelle.........B13
Lubbe, Jacques ........... B7
T
M
Tritton, Mark .............. B2
Mahindra, Anand........B3
Martínez, David........B11
McAtee, David............A6
Weinstein, Harvey......B1
Wyeno, Ross...............B2
W
Bonds and the Dollar
The link between the dollar and the extra income available from safe
U.S. assets is strong. Unusually, this year the link is stronger with
long-dated bonds than short-dated ones.
Correlation between euro-dollar exchange rate
and U.S.-German bond yield differential
80%
10 year
Two year
10 year
Two year
60
40
20
0
–20
1999 2000
’10
Correlation between yen-dollar exchange rate
and U.S.-Japanese bond yield differential
80%
60
40
20
Gas Glut Threatens Permian Boom
BY RYAN DEZEMBER
AND ALISON SIDER
Natural gas is gushing out
of West Texas, a byproduct of
frenzied drilling for oil. That is
a problem for energy producers, who are running out of
places to send it all.
Pipelines running from the
region’s Permian Basin to the
Gulf Coast’s chemical plants,
cities and export terminals are
essentially full. Drillers in the
Rockies and Canada already
supply markets in the north
and west.
There is plenty of room on
pipelines running south to
Mexico, which has emerged as
a major market for U.S. producers, but there is a catch:
Much of the gas distribution
infrastructure and power
plants there that would buy
the fuel haven’t been built yet.
The growing gas glut is already weighing on regional
prices. Natural gas prices at
the WaHa trading hub in West
Texas have fallen to much as
57 cents per million British
thermal units—or about 20%—
below spot prices at Louisiana’s Henry Hub, the national
benchmark, according to S&P
Global Platts. Analysts forecast
the gap exceeding $1 next year,
or about a third of the $3 that
U.S. natural gas futures have
hovered around this year.
That is good news to regional gas consumers, such as
power producers, who can
profit from the lower price.
Electricity provider Vistra En-
PRICES
–20
–40
2000
’10
Note: Correlation of weekly change, rolling 47 weeks (2017 so far)
Source: Thomson Reuters Datastream
THE WALL STREET JOURNAL.
STREET
Continued from the prior page
vestors have been buying longer-dated U.S. Treasurys because of negative interest
rates on cash and short-dated
bonds at home, so flows are
more sensitive to long bond
yields than in the past. At the
same time, central banks are
suppressing the usual reaction
of economic fundamentals.
The ECB has promised not to
raise rates for a long time,
even as the eurozone economy is growing at its fastest
pace in five years. That means
speculation about economic
fundamentals moves longerdated bonds a lot more than
short-dated bonds, and in
turn moves the currency.
“The short-term [rates]
differential contains less information because you essentially have stability of
short-term rates in Europe,”
says Amundi fixed-income
and foreign-exchange strategist Bastien Drut in Paris.
Even during the rally in the
dollar in the past two months,
the focus has stayed on long
bonds, as 10-year Treasury
yields rose more than those
on Germany’s bunds.
The focus on long bonds
helps explain why many traders were caught off guard by
the plunging value of the dollar this year, when the currency disconnected from its
usual tie to short-term yields.
The dollar fell even as the
Federal Reserve raised the
overnight policy rate twice,
with a third raise expected
next month. What mattered
instead was the 10-year Treasury yield, which slid from
2.5% in late December to a
low of 2.05% in September,
even as German 10-year bond
yields picked up and Japanese
yields did almost nothing.
Technically, the major central banks should care little
about the currency. In practice, a stronger or weaker
currency can have dramatic
effects on how tight monetary policy is, neutralizing or
exaggerating the effects of
changes in interest rates.
This year, the Fed’s efforts
to tighten monetary policy
have been undone by the
weaker dollar and lower 10year yields. The U.S. has the
loosest financial conditions
since 1993, according to a
measure compiled by the
Chicago Fed, despite two rate
rises. Back in 1993, bond differentials were strongly tied
to the value of the dollar, although back then shortdated bonds mattered more.
With inflation still below
target, the Fed hasn’t been
that bothered by the failure
of its interest-rate policies to
bite. If that changes, 1993
was a past that would make
an unpleasant prologue: The
following year, the Fed
seized control with surprise
rate increases that shocked
investors, pushing up bond
yields and breaking their link
to the dollar entirely.
Continued from the prior page
tions to focus only on “impactful” sales, said Mark Tritton,
chief merchandising officer at
Target, at a media event. “Instead of playing that game,
we’re priced right from the
very outset.”
The company has also reduced the phrases it uses for
discounts from 28 last year to
seven, dropping language such
as “weekly wow” and “as advertised.” And instead of the
10 days of deals that it has
been offering around Black
Friday for the past two years,
Target plans to promote weekend deals throughout the season in hopes of encouraging
customers to visit stores on
days they are more likely to
make a trip. It is offering extra
incentives to its loyalty-card
holders, such as early access
to Black Friday promotions.
Wal-Mart, which has long
emphasized an “everyday low
price” message, has been experimenting with a new online
ergy Corp. said it paid $350
million in August for a power
plant in Odessa, Texas, to take
advantage of the cheap fuel.
But for oil and gas producers, the excess supply could
potentially force them to take
drastic measures—such as capping wells and curtailing oil
drilling—until new pipelines to
the Gulf Coast are built and
planned power plants come
online in Mexico.
So far, Permian drillers have
been unresponsive to falling
local gas prices, focusing instead on U.S. crude prices
which are trading around a
two-year high at about $57 a
barrel. Last week, 391 rigs
were operating in the Permian,
up 71% from a year ago, according to Baker Hughes.
But gas is fast becoming a
major issue for companies in
West Texas. Some drillers are
racing to lock up space on
pipelines so they can get their
gas out of the Permian. Analysts say pipeline access could
become important information
tracked by energy investors.
Some companies, like Centennial Resource Development
Inc., are paying for guarantees
that their gas gets delivered.
The oil producer’s finance chief,
George Glyphis, recently told
analysts that a roughly 14% increase in the company’s thirdquarter gathering and transportation costs was mostly due to
paying pipeline operators to
guarantee space.
Permian producers including Encana Corp. and WPX
Energy Inc. have also recently
highlighted steps they have
taken to ensure they can move
gas out of the West Texas.
Pipeline operators are
poised to benefit from the congestion due to higher volumes
moving through their tubes
and in some cases by trading
in the fuel and charging more
for space.
Kinder Morgan Inc. says
the glut has spurred producers
to sign up for space on a 430mile-long pipeline that it and
two rivals plan to build between WaHa and a trading hub
near Corpus Christi.
That pipeline, the Gulf
Coast Express, and three competing trade routes won’t be
completed until at least late
2019, though. Meanwhile, producers’ hopes are pinned to
Mexico, which in August imported nearly 5% of total U.S.
production, according to U.S.
Energy Information Administration data.
Much of the added demand
from Mexico will be piped
from the Permian—eventually.
“If Mexican pipelines are
not on by the end of next year,
we could even see shut ins and
flaring,” Sanford C. Bernstein
& Co. analysts said, referring
to extreme measures like capping wells, curtailing drilling
and setting gas aflame in the
desert instead of selling it.
“There is a very pertinent
timing issue,” said Ross Wyeno, an analyst at S&P Global
Platts. “Will this Mexican capacity come online in late 2018
to help alleviate this looming
constraint?”
system, which at times results
in higher prices online than in
stores for goods that would
otherwise be unprofitable to
ship. Some product listings on
the company’s website now indicate an “online” and “in the
store” price.
The Bentonville, Ark., retailer said it would sell more
exclusive products this holiday
as compared with last year.
Wal-Mart is offering “the absolute best prices and in
deeper quantities than the
competition,” said Steve
Bratspies, chief merchandising
officer at Wal-Mart U.S., on a
call this month.
One of the biggest pricing
battlegrounds starting Thursday will be Apple Inc. products. For the iPhone 8 and 8
Plus, Wal-Mart is offering a
$300 gift card with purchase
and activation, while Target is
giving out a $250 gift card and
Best Buy is offering $200 cash
savings.
The Wall Street Journal is
tracking online prices of holiday items to reveal how retailers compete on pricing since
Oct. 1. Target has had the low-
est prices for a basket of 10
popular holiday toys, including
a Barbie doll, Nerf gun and
Xbox videogame, on 38 of the
first 47 days, according to in-
formation provided by Thinknum, a data-analysis firm. But
Wal-Mart dropped to the lowest price on the Saturday before Black Friday.
Pressure Point
Natural-gas prices at a West Texas trading hub have fallen below the
national benchmark on a glut of fuel from the Permian Basin. Drillers
there hope Mexico will buy more gas.
West Texas natural-gas price
discount to Henry Hub
U.S. natural gas pipeline
exports to Mexico
$0.60 a million Btu
150 billion cubic feet
0.50
125
0.40
100
0.30
75
0.20
50
0.10
25
0
0
2013 ’14
2017
Sources: S&P Global Platts (discount); EIA (exports)
’15
’16
’17
THE WALL STREET JOURNAL.
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the turtle cross
the ocean?
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opportunities with Ariel’s international
and global strategies. We offer
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spanning the market cap spectrum
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PATRICK T. FALLON/BLOOMBERG NEWS
0
1994
JAMES DURBIN FOR THE WALL STREET JOURNAL
A
Acorns Grow ............... B4
Aetna...........................A1
Alibaba Group.............B5
Alphabet......................A1
Altice...........................B6
Amazon.com
.................. A1,B1,B5,B13
Apple...........................B2
AT&T.......A1,A6,A10,B13
Preparing for Black Friday at a Wal-Mart store in Burbank, Calif.
arielinvestments.com/think-global
Investors should consider carefully the investment objectives, risks, and
charges and expenses before investing. For a current summary prospectus
or full prospectus which contains this and other information about
the funds offered by Ariel Investment Trust, call us at 800.292.7435.
Please read the summary prospectus or full prospectus carefully
before investing. Distributed by Ariel Distributors, LLC, a whollyowned subsidiary of Ariel Investments, LLC. Ariel Distributors, LLC is a
member of the Securities Investor Protection Corporation. WSJ ©2017
Slow and steady wins the race.
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B3
* * * * * *
BUSINESS NEWS
Mahindra Expands in U.S.
Indian auto maker
plans to build off-road
vehicles at factory
north of Detroit
BY JOHN D. STOLL
global auto making.
American manufacturing,
meanwhile, has picked up pace
over the past 12 months
thanks to growth in the world
economy, a rise in energy and
other commodity prices and
improved business confidence.
U.S. manufacturers have added
156,000 workers since Donald
Trump was elected president
in November 2016, according
to government data.
Mr. Mahindra said the company is “very happy that [manufacturing] is going to be supported strongly” by potential
changes to the U.S. system and
other policy positions, but he
said Mr. Trump’s election “has
nothing to do with our decision….I’ve been talking up the
U.S. for a long time.”
Mahindra & Mahindra first
started investing in Michigan a
few years ago, locating dozens
of engineers in suburban Detroit. Other foreign-backed
firms, including China-owned
Nexteer Automotive, have been
growing in the state.
“We’re serious about courting Asian investment, global investment in Michigan,” Tracie
Tillinger, an official with the
Michigan Economic Development Corp., said Monday. State
officials are using a combination of customized incentives
and existing legislation to bring
in firms searching for engineering or manufacturing space.
Michigan has remained a
hub for automotive engineering and development, but its
role in U.S. car manufacturing
has faded in recent years. Detroit’s so-called Big 3, including Fiat Chrysler Automobiles
NV, now produce only half of
the cars and trucks built in the
U.S., and most of the new auto
factories built in the country
since the 1980s belong to foreign car companies locating in
the South.
Foreign-owned companies
have played a major role in the
auto industry’s rebound from
the financial crisis, now employing 411,000 people, according to data from the Organization for International
Investment. That number, up
43% from 2010, represents
nearly half of the sector’s employment, according to the Bureau of Labor Statistics.
PRAKASH SINGH//AFP/GETTY IMAGES
Mahindra & Mahindra Ltd.
plans to build off-road vehicles
at a small factory north of Detroit, a potential step toward
the Indian auto and tractor
maker’s bigger goal of selling
cars in the U.S.
The move, announced Monday, is expected to create more
than 100 production jobs and
is the latest example of a foreign auto company deepening
its U.S. roots. Auto sales have
boomed in recent years, leading companies as big as Toyota
Motor Corp. or as little-known
in the U.S. as Chinese windshield maker Fuyao Glass Industry Group, to commit billions in new investment at a
time when domestic players
are tempering growth.
Mahindra has a large presence in the U.S. tractor market
but is unknown to most car
buyers. Its rugged utility vehicles sell mostly in emerging
markets, and its other auto
brands, including South Korea’s Ssangyong Motor, don’t
sell to American consumers. In
an interview, Chairman Anand
Mahindra said the company is
considering several ways to
expand in the U.S., including
electric cars or Ssangyong imports from South Korea.
The off-road vehicle to be
built in Auburn Hills, Mich.,
isn’t aimed at the more than 17
million people who buy light
trucks or cars annually in the
U.S. The vehicle, which will be
limited to 45 miles an hour,
will compete in a segment catering to people needing an
off-roader for tasks on private
property or on lightly traveled
public roads.
The small factory marks a
win for Michigan at a time
when Ford Motor Co. and General Motors Co. are trimming
production and jobs at plants
that build slow-selling sedans
or compact cars. State officials
have courted non-U.S. companies to fortify a local car industry long at the heart of
Mahindra’s auto lineup in India includes the e2o electric car. The company’s chairman has his eyes on selling cars in the U.S.
Starboard Acquires
Stake in Mellanox
BY DAVID BENOIT
Starboard Value LP has
taken a 10.7% stake in Mellanox
Technologies Ltd., urging the
company to improve its margins and stock and explore a potential sale, a thesis in part
helped by deal talks at Marvell
Technology Group Ltd., where
Starboard has a seat.
Starboard believes Mellanox
is spending too much on research and development and
other corporate expenses to try
to boost revenue, sacrificing
margins compared with peers,
according to people familiar
with the matter. The activist
wants the company to improve
its operations and potentially
explore a deal to boost the
stock, it confirmed in a filing
late Monday.
A Mellanox spokesman said
the company only learned of
Starboard’s investment Monday
but welcomed the activist. “In
line with our commitment to
drive enhanced shareholder
value, the Mellanox Board of Directors and management team
continually review our operational and strategic priorities
and are committed to acting in
the best interests of our shareholders,” he said.
Shares of Mellanox jumped
5.8% in after-hours trading after
The Wall Street Journal first reported Starboard’s stake and intentions.
The New York activist investor has a long record of successful semiconductor investments, highlighted earlier
Monday by Marvell’s $6 billion
deal for Cavium Inc., less than
two years after Starboard arrived and the company
promptly ousted its founders.
(See article on page B4.) The
deal helped send Marvell’s stock
higher, and it has now returned
about 157% since before Starboard arrived in February 2016,
compared with roughly 127%
for the iShares Semiconductor
exchange-traded fund.
Mellanox’s stock has drastically underperformed the same
ETF in recent years. The Israel-
and Sunnyvale, Calif.-based
company has returned about
12% in the past year but has lost
38% over the past five years,
both worse than the ETF’s returns of 54% and nearly 300%,
respectively.
Marvell recently approached
Mellanox about a potential
transaction but was rebuffed,
Starboard said in its filing, a response that helped inform Starboard’s belief that Mellanox was
hostile to potential deals, according to people familiar with
the matter. Starboard’s Peter
Feld is on the board of Marvell.
No discussions are continuing between the sides at this
time, and Mr. Feld has said he
would recuse himself from anything that could happen in the
future, Starboard added.
Mellanox, with a $2.6 billion
market value as of Monday’s
close, specializes in technologies for high-speed computing
and is a leader in the InfiniBand
systems that help power supercomputers, as well as Ethernet
products. Its high-powered
products are used in the giant
data centers that make cloudcomputing possible. Chief Executive Eyal Waldman was a cofounder of the company in 1999.
Revenue since 2012 has
soared, but it hasn’t greatly
helped the bottom line. In 2016,
Mellanox recorded $857.5 million in revenue, up from $500.3
million in 2012, but spending on
research and sales and marketing combined rose to $456 million from just under $200 million.
Starboard has long played in
the semiconductor space—this
is the firm’s 12th stake of above
5% in a chip-related company—
and it has typically pushed for
both margin improvement and
deal talks.
That was the case for Marvell, where the activist arrived
as the stock had slumped amid
an accounting probe. Shortly afterward, the Marvell founders
were ousted and Starboard
gained board seats that gave
the firm a role in selecting the
next CEO.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B4 | Tuesday, November 21, 2017
TECHNOLOGY
WSJ.com/Tech
Robot Maker Seeks New Markets
Locus Robotics says
latest $25 million
funding will help it
expand product line
Marvell
Moves to
Buy Rival
Chip Maker
BY CARA LOMBAR
Locus Robotics Corp.,
whose robots help workers
fulfill e-commerce orders,
raised $25 million in a funding
round led by Scale Venture
Partners that the company
plans to use to develop new
products and expand into new
markets.
The Wilmington, Mass.based company makes software and autonomous mobile
robots that sync up with warehouse-management systems to
help workers handle orders
more efficiently by taking the
fastest routes through aisles.
The robots resemble motorized stools with shelving and
touch screens. They operate in
groups and use sensors to
navigate through warehouses
as workers pick items and
move on.
Locus, whose customers include Deutsche Post AG’s DHL
Supply Chain, says its technology can double the number of
items that workers pick per
hour.
The business was spun out
in 2015 from Quiet Logistics
Inc., which uses Locus robots
to fulfill orders for customers
including beauty brand Gloss-
Marvell Technology Group
Ltd. agreed to buy chip maker
Cavium Inc., in a cash-andstock deal valued at roughly
$6 billion that would set it up
to better compete with industry giants such as Intel Corp.
and Broadcom Ltd.
The Wall Street Journal
early this month reported a
possible deal was in the works
and on Sunday said the deal
could be announced Monday.
The acquisition would give
Marvell, known for producing
semiconductors for data-storage devices, access to Cavium’s communications and
networking chips.
Under terms of the agreement, Marvell will pay $40 in
cash and 2.1757 of its shares
for each of Cavium’s 69 million shares outstanding. The
ratio was based on a purchase
price of $80 per Cavium share,
representing about a 17% premium over Cavium’s stock
price before Nov. 3, when the
Journal first reported on a
possible deal.
Marvell said Monday the
combined company would
have annual revenue of about
$3.4 billion, with Cavium
shareholders owning about
25% of the combined company.
“This is an exciting combination of two very complementary companies that together equal more than the
sum of their parts,” said Marvell Chief Executive Matt Murphy, who would lead the combined company.
The two companies said
they expect the deal to close
in mid-2018 and to add significantly to revenue growth,
margins and earnings.
Cavium shares climbed
nearly 11% Monday in Nasdaq
trading to close at $84.02,
while Marvell shares rose 6.4%
to finish at $21.59.
JOSHUA ANDRUS FOR THE WALL STREET JOURNAL
BY JENNIFER SMITH
The Massachusetts-based company’s mobile robots sync up with warehouse-management systems to help workers handle orders.
ier and online menswear retailer Mack Weldon Inc.
Most warehouses still rely
largely on people who pull
carts through the aisles. Even
automated facilities like some
of Amazon.com Inc.’s vast fulfillment centers require hundreds of workers to pick and
pack goods for shipping.
But the market for logistics
robots is growing as online
sales surge and a tight labor
supply makes it harder and
more expensive to hire warehouse workers.
Locus’s Series B round,
which included existing investors, will back the company’s
plans to expand overseas, including in Asia.
The company also plans to
bolster sales and marketing
efforts, and to extend its technology to track inventory and
process returned items, said
Rick Faulk, Locus’s chief executive.
Locus has about 55 employees and will generate less than
$10 million in revenue this
year, although it “is growing
very quickly,” Mr. Faulk said.
The company expects to break
even by the middle of 2019, he
said.
Other robotics companies
are also taking aim at the logistics sector. Last month, Kin-
dred, a manufacturer of robotic sorters that has offices
in San Francisco and Vancouver, British Columbia, announced $28 million in Series
B funding led by Chinese internet giant Tencent Holdings
Ltd. In July, Geek +, a Chinese
company that specializes in logistics robots, said it raised
$60 million in financing led by
an affiliate of private-equity
firm Warburg Pincus.
PayPal Connects With Automatic Investing Outfit
BY PETER RUDEGEAIR
PayPal Holdings Inc. is
making a move into robo investing.
The San Jose, Calif., payments company is connecting
its website and smartphone
apps with those of Acorns
Grow Inc., a five-year-old automated savings and investment service, the two companies said Monday.
PayPal users will be able to
use their accounts to make
contributions to Acorns and
will be able to monitor and
manage their Acorns investments from the PayPal app,
said Joanna Lambert, the company’s vice president of consumer financial services.
PayPal is rolling out the
Acorns offerings in phases,
with the first batch of users
getting access on Monday and
all U.S. users by early 2018.
The new partnership is be-
ing launched about a year after PayPal took a minority
stake in Acorns. PayPal has
tried to branch out beyond its
roots in payments and into
other
financial
services
geared toward consumers
who lack access to bank accounts and other mainstream
financial products.
To catalyze that strategy,
PayPal has put its own capital
to work through strategic investments into startups. In ad-
dition to Acorns, the company
has invested in online lender
LendUp Global Inc. and giftcard company Raise Marketplace Inc.
“In the U.S., PayPal is the
largest fintech company focused on the underserved,”
said Acorns CEO Noah Kerner.
“We’re trying to make us the
second-largest.”
Consumers’ embrace of
low-cost, passive-investing
strategies has helped acceler-
ate the growth of the robo-investing sector. Total assets in
the digital-advice market will
reach about $220 billion by
the end of 2017, or nearly triple the level from 2016, according to financial-research
firm Cerulli Associates.
Acorns charges $1 a month
to manage most users’ investments in portfolios of exchange-traded funds and won’t
be sharing revenue with PayPal, Mr. Kerner said.
Our Reality in Waiting
From defeating superbugs and hurricanes to
understanding the Bitcoin enigma, season 2 of The
Future of Everything series explores the challenges
and possibilities of our impending way of life.
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B5
* *
BUSINESS NEWS
Online shopping giant
to pay $2.88 billion for
a 36% stake in a WalMart China competitor
BY LIZA LIN
HONG KONG—E-commerce
giant Alibaba Group Holding
Ltd. is making another big bet
on brick-and-mortar, saying it
will pay $2.88 billion for a
36% stake in China’s secondlargest big-box retailer, Sun
Art Retail Group Ltd.
Alibaba, which runs the
world’s largest online shopping operation, sees traditional retail venues as a way
to expand its reach into fresh
foods while also creating new
demand for its Alipay mobilepayment business and its logistics services.
“Physical stores serve an
indispensable role during the
consumer journey, and should
be enhanced through datadriven technology and personalized services in the digital
economy,” Alibaba chief executive officer Daniel Zhang said
in a statement.
Alibaba’s wager follows online retailer Amazon.com
Inc.’s roughly $13.5 billion purchase of U.S. grocer Whole
Foods. While Amazon is competing head-on with supermarkets, Alibaba says it is focused instead on joining with
retailers.
The rush by Alibaba into
physical retail in recent years
has already involved investments of at least $5 billion, as
it took stakes in companies
including shopping-mall operator Intime Retail Group
(Co.), Sanjiang Shopping Club
Co. and electronics retailer
Suning Commerce Group Ltd.
Alibaba also runs the small
Hema supermarket chain in
China, which offers internet
purchases and deliveries
within the hour for customers
nearby.
Hong Kong-listed Sun Art is
a French-Taiwanese joint venture that runs more than 450
large supermarket-department
KIM KYUNG-HOON/REUTERS
Alibaba Sees
Growth in
The Stores
Sun Art, China’s second-largest big-box retailer, runs over 450 supermarket-department stores under the RT Mart and Auchan brands.
stores in China under the RT
Mart and Auchan brands. Alibaba is buying both a direct
stake and indirect stake. As
part of the transaction,
Auchan Retail, Sun Art’s main
shareholder, its raising its
stake to 36.2%.
Sun Art gained popularity
for customizing its store products and formats to local
needs, such as stocking hot
sauce on shelves alongside live
clams in tanks where shoppers
could pick and choose.
Sun Art’s 14.6% share of
China’s hypermarket sector
last year made it second only
to China Resources Holding
Co., at 15.5%, according to industry researcher Euromonitor
International.
Wal-Mart’s
China operation is third with
10.2%.
Annual sales growth at Sun
Art has been slowing in the
past three years, as more Chinese move their grocery shopping online. Revenue grew
4.1% in 2016, compared with
5.0% a year earlier.
One banker involved in the
transaction expects more
such tie-ups of physical and
online retailers, based on
conversations his team is
having with other Asia Pacific clients.
China International Capital
Corp. advised Alibaba on the
deal, while Citigroup Inc. advised the Taiwan-based seller.
—Julie Steinberg
contributed to this article.
U.K. Sushi Chain Buys Canadian Group in Expansion
BY BEN DUMMETT
U.K. restaurant group YO!
Sushi said it plans to acquire
Ontario-based Bento Sushi for
100 million Canadian dollars
(US$78.3 million) in an effort
to expand in North America.
The deal announced Monday represents a bid for
growth in the casual-dining
market as both companies
seek greater scale and access
to new customers.
The Wall Street Journal
earlier in the day reported the
transaction. Bento, based in
Markham, Ontario, initiated a
dual-track process this year
to either sell itself or launch
an initial public offering in
Canada.
Founded in 1997, YO! Sushi
has grown from one restaurant
in the trendy Soho quarter of
London to almost 100 locations, mostly in Europe. Its
U.S. locations include restaurants in New York and Boston.
With the Bento deal, the
company lays claim to the
second-largest sushi restaurant brand in North America
with more than 600 locations
in the U.S. and Canada, and
diversifies into quick-service
formats.
“This acquisition takes YO!
into the next stage in its development,” said Robin Rowland, the company’s chief executive.
With annual revenue of
about £175 million ($231.3 million), the combined business is
betting on that greater financial strength to fuel its expansion plans, particularly in the
U.S., as consumers increasingly seek fresher and healthier food choices.
Last week, The Wall Street
Journal reported that Minneapolis-based Buffalo Wild
Wings Inc. had received a
takeover bid from private-equity firm Roark Capital
Group.
YO! Sushi is buying Bento
with the backing of Mayfair
Equity Partners, a Londonbased buyout firm that acquired a majority stake in the
restaurant operator in 2015 as
part of a management buyout.
That deal valued YO! Sushi at
£81 million.
YO! Sushi is credited as the
first in the U.K. to introduce
the Japanese “kaiten” sushi
bar, at which servings are delivered by conveyor belt to
seated diners.
Bento’s operations consist
of a network of smaller, quick-
service restaurants offering
sushi and other ready-to-eat
Japanese cuisine, as well as
on-site kiosks in supermarkets, shopping centers and
other food-service locations.
Started in 1996, Bento also
supplies sushi to grocery-store
chains and institutional foodservice clients in North America. That distribution business
gives YO! Sushi a new source
of revenue that it can build on
by introducing it to the European market.
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prospectus for Mutual Funds: Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 or visit jpmorganfunds.com.
Exchange Traded Funds: Call 1-844-4JPM-ETF or visit jpmorgan.com/ETF. International investing has a greater degree
of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency
exchange rates and different accounting and taxation policies outside the U.S. can affect returns. Investing involves risk,
including possible loss of principal. J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an
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B6 | Tuesday, November 21, 2017
* *
THE WALL STREET JOURNAL.
BUSINESS NEWS
FCC to Roll Back Web Rules Fox in Settlement
Changes would give
big internet providers
flexibility to pursue
specialized services
WASHINGTON—Federal
regulators this week are expected to unveil their plans for
reversing Obama-era rules
that require internet-service
providers to treat all web traffic equally, a move that could
fundamentally reshape the internet economy and consumers’ online experience.
The changes, expected to be
adopted at the Federal Communications
Commission
meeting in mid-December,
would open the door to a wide
range of new opportunities for
internet providers, such as
forming alliances with content
firms to serve up their webpages or video at higher
speeds and quality than those
without such deals.
Such “paid prioritization”
was explicitly blocked under
the 2015 rules, which required
internet service providers to
keep all corners of the internet equally accessible to consumers and limited the providers’ ability to favor content,
including their own.
The new rules are expected
to thoroughly dismantle the
“open internet” plan adopted
by the Obama administration’s
FCC, say industry officials familiar with them. Advocates of
the current approach, including consumer groups and big
internet companies, argued
that such regulation is needed
ZACH GIBSON/BLOOMBERG NEWS
BY JOHN D. MCKINNON
FCC Chairman Ajit Pai began a process to reverse the 2015 rules.
to curb the power of the
broadband providers to unfairly dominate the online environment through their control over the pipes.
Proponents of reversing
them, including current FCC
Chairman Ajit Pai, say hardand-fast rules can stifle investment and innovation in a
fast-moving industry. Internet
service providers worried the
Obama administration rules
could open the door to eventual rate regulation and other
heavy-handed oversight. They
also viewed the rules as a solution in search of a problem,
given the internet’s relative
openness historically.
“The winners are clearly
the network operators,” said
Recon Analytics Inc. researcher Roger Entner. He
said the internet service providers would be able to more
aggressively pursue specialized services for medical customers and self-driving cars,
both of which could benefit
from faster broadband speeds.
It remains to be seen how
much the rules’ demise might
help the telecommunications
industry’s bottom line, however, said Cowen Co. analyst
Paul Gallant. The big internet
service providers declined to
comment.
Big internet companies,
which supported the Obama administration rules, protested the
move through their industry
trade association.
“There is simply no reasonable justification for repealing
the net neutrality protections
currently on the books,” said Michael Beckerman, president and
chief executive officer of the Internet Association. “Consumers
are paying for access to the entire internet, and [internet providers] should not be able to discriminate against websites and
apps.”
Mr. Pai began the process of
reversing the 2015 rules earlier
this year.
If the rollback survives likely
legal challenges, it has the potential to reorder the online
business environment. It could
give internet providers such as
AT&T Inc., Comcast Corp., Charter Communications Inc. and Verizon Communications Inc. more
flexibility to use bundles of services and creative pricing to
make their favored content more
attractive to consumers.
These companies generally
profess support for basic principles of “net neutrality,” such as
not blocking content or throttling its delivery. But with the
Obama-era bright-line rules
widely expected to be eliminated, many experts predict the
industry will experiment with
new services.
The FCC’s expected announcement is surfacing just as
the Justice Department is filing
a suit to block AT&T’s planned
merger with Time Warner Inc.,
suggesting that the Trump administration’s support for big
telecom combinations has limits.
The change would affect not
only how the internet is regulated, but who regulates it. Under the new plan, legal experts
say, oversight responsibility
would shift to include the Federal Trade Commission as well
as the FCC.
The FTC has long been a key
regulator of most internet businesses, a regime that changed
with the FCC’s 2015 rules, which
had the effect of exempting internet service providers from
FTC regulation. The shift is significant because unlike the FCC,
the FTC generally doesn’t adopt
overarching rules, instead developing case-by-case determinations about what business behavior is fair or unfair.
Altice to Pare Debt by Cutting Assets
Web Summit 2017 at Altice Arena in Lisbon this month. The company’s stock jumped Monday.
viate doubts about its broader
strategy.
The company’s chief executive resigned and Mr. Drahi returned in a more operational
role this month, after problems
in France—its largest market—
spooked investors, pushing
shares down as much as 50%.
Mr. Drahi’s companies borrowed to fuel an acquisition
binge, first across Europe and
Israel, and then in the U.S. Mr.
Drahi and his deputies promised their “Altice Way” would
lower costs, free money to in-
vest in infrastructure and
boost margins—enough to
borrow more for the next
large deal. But some investors
worry the machine is running
out of steam.
While the company’s U.S.
market is doing better than
France, some analysts say
there is less opportunity for
cost-cutting there.
Investors also worry about
whether cord-cutting, where
customers abandon traditional
and cable television for online
streaming services, will limit
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growth.
At an investor conference
last week, Dennis Okhuijsen, the
chief financial officer, sought to
reassure investors, saying that
the company had shifted its focus to paying down debt and
improving operations.
Altice is “very focused on
no [mergers and acquistions]
and to go back to the basics,”
Mr. Okhuijsen said. “We take
deleveraging very seriously,”
he added.
—Nick Kostov
contributed to this article.
marked the latest escalation of
an unusual epistolary battle
between Mr. Jones and other
owners over the league’s leadership. In May, the league’s
owners voted unanimously to
extend Mr. Goodell’s contract,
but Mr. Jones has argued that
owners should vote again on
the final terms of the agreement before it is signed.
Mr. Jones has said he is
concerned with the transparency around the contract and
the compensation involved,
writing previously that continued television-rating declines
and “high-profile litigation
concerning player suspensions” have changed the outlook on Mr. Goodell’s deal.
National Football League
owners and Jerry Jones continued their war of words,
with the league’s compensation committee denying his request for another vote on a
contract extension for Commissioner Roger Goodell.
The committee also again
advised Mr. Jones, owner of
the Dallas Cowboys, to drop
the issue, saying his unwillingness to do so “reflects conduct
unbefitting an owner and is
damaging to the League,” according to a copy of the letter
reviewed by The Wall Street
Journal.
The exchange Monday
BUSINESS WATCH
The Mart
! " # 21st Century Fox has set
up a committee of outside experts to help Fox News improve its workplace culture as
part of a settlement with a
shareholder who accused the
company of breaching its fiduciary duty by failing to clean
up the news network’s “hostile
work environment.”
The shareholder, the City of
Monroe Employees’ Retirement System, filed the derivative complaint Monday in Delaware Chancery Court against
21st Century Fox and its
board. The settlement agreement, announced simultaneously by 21st Century Fox, was
the result of more than a year
of talks between the investor
and the company.
The settlement includes a
$90 million payment to 21st
Century Fox from its thirdparty insurers, the company
said. In a derivative complaint,
shareholders sue the board on
behalf of the company itself
rather than for their own benefit, meaning that any damages recovered would be returned to the company.
Monday’s settlement didn’t
include any admission of wrongdoing by the defendants.
In the complaint, the shareholder argued that 21st Century
Fox was harmed as a result of
“the systemic, decades long
culture of sexual harassment,
racial discrimination and retaliation that led to a hostile work
environment at Fox News Channel.” The issues at Fox News
came to light over the past year
and a half in a series of highly
public scandals and settlements, leading to the departure
of many of the channel’s top executives and talent.
Fox News has been rocked
by a series of sexual-harassment scandals since the summer of 2016, when former anchor Gretchen Carlson sued
Fox News Chairman Roger
Ailes, alleging sexual harassment and retaliation. The
company launched an internal
probe, and over the next several months, more women
came forward with similar allegations against Mr. Ailes.
The shareholder complaint
BY ANDREW BEATON
To advertise: 800-366-3975 or WSJ.com/classifieds
alleged that this environment
“should not have been invisible” to the parent company.
The City of Monroe Employees’ Retirement System
also sued for the “unjust enrichment” of Mr. Ailes’s estate,
according to the complaint.
Mr. Ailes, who denied the
allegations, left Fox in July
2016 with an exit package
worth more than $40 million.
He died in May.
21st Century Fox has paid
$50 million in costs and fees
related to settling sexual-harassment complaints at Fox
News, according to a company
filing in August.
The wave of sexual harassment allegations also claimed
the job of Bill O’Reilly, the
channel’s star anchor, who left
in April after the New York
Times reported that he and
Fox News had paid to resolve
several harassment accusations against him. Mr. O’Reilly
has denied the allegations.
21st Century Fox was aware
that Mr. O’Reilly had reached a
sexual harassment settlement
with a network analyst—but
not the size of the settlement—before Fox News renewed his contract in February, The Wall Street Journal
previously reported.
21st Century Fox and Journal-parent News Corp share
common ownership.
21st Century Fox says it has
already taken some measures
to improve its workplace culture, including continuing its
discrimination and harassment
training.
As part of the settlement,
the company has established
the Fox News Workplace Professionalism and Inclusion
Council to advise Fox News
and its senior management on
how to make sure the channel
has an appropriate workplace
environment, as well as
strengthen the procedure for
reporting violations, increase
human-resources training and
improve recruitment and advancement of women and minorities, the company said. A
majority of the council members will be from outside the
company.
—Lukas I. Alpert
contributed to this article.
NFL Rejects Jones’s
Bid for Vote on Goodell
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BLOOMIN’ BRANDS
Fantasy-Sports Site
Gets Change at Top
Shares Up on News
Of Stake by Jana
FanDuel Inc. Chief Executive
Nigel Eccles is leaving the fantasy-sports website he cofounded in 2009, the company
said Monday, months after FanDuel and rival DraftKings Inc.
called off a merger.
Matt King, who was FanDuel’s chief financial officer from
2014 to 2016, will succeed Mr.
Eccles, effective immediately, the
company said.
Mr. King was most recently a
partner and president at insurance company Cottingham &
Butler.
In July, FanDuel and DraftKings scrapped plans to merge
after facing opposition from antitrust regulators. Both companies, which allow players to assemble virtual teams and
compete for cash, have had
trouble attracting enough new
players to make their business
models viable.
—Cara Lombardo
Shares of Outback Steakhouse owner Bloomin’ Brands
Inc. shot up on Monday after activist hedge fund Jana Partners
LLC disclosed a large stake and
plans to push for change, including a possible sale.
The stock surged 12% to close
Monday at $20.54, its biggest
one-day gain in nearly four years.
The roughly eight million
share stake, or about 8.74% of
shares outstanding, would make
Jana the second-largest shareholder in the company, according
to FactSet data.
On Monday, Jana said in a
securities filing that it believes
Bloomin’s stock is undervalued
and plans to push for a review
of strategic alternatives, which
could include a sale.
The portfolio of Florida-based
Bloomin’ Brands also includes
Carrabba’s Italian Grill and Bonefish Grill.
—Maria Armental
DEAN DIXON/AP IMAGES FOR OUTBACK
PARIS—Altice NV promised
to pare its mountain of debt
by selling so-called noncore
assets rather than by issuing
new equity, reassuring jittery
investors who have sent the
telecommunications
company’s shares into a tailspin in
recent weeks.
Shares in Altice shot up as
much as 15% Monday morning
after the company said the
sale of noncore assets in Europe—such as cellphone towers—is central to its previously disclosed plan to reduce
its debt load to below its targets. Altice has roughly €50
billion ($59 billion) in debt
built up from acquisitions in
the U.S. and Europe.
The company’s Class A
shares rose 5.2% to €8.52 in
Amsterdam on Monday.
Altice also said that it won’t
seek to raise funds by issuing
new shares or any “equity-linked
issuance” either at the parentcompany level or through its Altice USA arm, which owns its
U.S. assets. The company said
the vehicle that owns a majority
of its shares, Next Alt SARL,
hasn’t sold shares beyond previously disclosed sales, and
doesn’t have any margin loans
on Altice shares.
The partial rebound in Altice’s share price gives the acquisitive telecom company
controlled by billionaire Patrick Drahi more breathing
room in its race to turn
around performance and alle-
HORACIO VILLALOBOS/GETTY IMAGES
BY SAM SCHECHNER
Of Investor Suit on
Sexual Harassment
Jana says stock in Outback Steakhouse’s owner is undervalued.
BUSINESS EQUIPMENT
Loans and Leases
Rise to $8.4 Billion
Loans and leases for business
equipment rose 2% to $8.4 billion in October from a year earlier, according to a survey of 25
major lenders by the Equipment
Leasing and Finance Association.
October’s lending and lease
originations by the respondents
fell 3% from September, but year
to date the volume is up 4%
from last year.
Financing volume tends to
weaken in the fall before surging
in December as companies rush
to complete budgeted purchases
before the end of the year.
—Bob Tita
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B6A
NY
Special Advertising Feature
Travel
LU X U RY
2018
Ibiza's new summer
hotspot, Seven
Pines Resort.
The Hot
Hotels You Need
to Know
Is there ever a dull moment in the hotel industry?
Certainly there won't be in 2018, when the world welcomes
even more contenders to the stage, says Pamela Goodman
T
aking a global overview, let’s start in
Indonesia, where two new openings in
Bali are about to steal the limelight.
First up is Echo Beach from
heavyweight design brand Como, which promises
surfing, yoga and spa treatments on the south
coast; second is Capella Ubud, where 22
extravagant tents designed to capture the spirit of
19th-century explorers are situated in the
rainforest. And, new to the renowned diving
waters of Raja Ampat and beyond, comes
the Kudanil Explorer. It boasts eight huge
balconied cabins which are sold, like a hotel, on a
cabin-by-cabin basis. Next, a jump to South-East
Asia where Shinta Mani Wild from The Bensley
Collection is likely to be Cambodia’s most radical
opening: a tented, jungle safari camp—accessed
via zip line—in a remote forest setting. Equally
dramatic,
albeit
from
an
urban
perspective, Rosewood Hotels’ new venture in
Cambodia will occupy the top 14 floors of Phnom
Penh’s most iconic modern skyscraper—yet this
big brand can do tents, too, as will be seen in the
company’s first luxury tented villa encampment at
picturesque Luang Prabang in Laos.Off Malaysian
shores, perennial favorite The Datai on the island
of Langkawi re-emerges in July 2018 after a major
renovation project, while a fraction further north
in the little-known Andaman Islands, Taj
Hotels is all set to open a luxury beach resort on
Havelock Island.
Heading north into China, Shanghai is where
it’s at with no fewer than four signature
openings: Swire Hotels launches The Middle
House (to complement The Upper House in Hong
Kong and the Opposite House in Beijing); Rocco
Forte Hotels will take center stage at the city’s
new urban complex known as West Bund; Aman
- The elegant Sitting Room lobby, at The
Bloomsbury in London.
- Modern styling meets traditional
refinement at the Rosewood, Phnom Penh.
Resorts opens the ambitious and long-awaited
Amanyangun on Shanghai’s outskirts; and Edition
Hotels (set to open seven properties in 2018, in
cities including Bangkok, Abu Dhabi and New
York) will occupy two separate towers, just five
minutes’ walk from The Bund. In the Himalayan
Kingdom of Bhutan, the so-called “happiest place
on earth,” Six Senses opens five intimate lodges
to create a scenic countryside trail.
To the Maldives next, where LUX* adds a
second property to its Maldivian portfolio, this one
in the North Ari Atoll, while across the ocean in
the Seychelles, Four Seasons does the same with
the opening of Desroches Island to complement
its existing Mahe hotel. On the African continent,
Rwanda continues to blossom as a new tourism
destination, its credibility compounded by the
arrival of One&Only Nyungwe House, amid a
haven for chimpanzees, and One&Only Gorilla’s
Nest, where you can trek to see mountain gorillas
in their natural habitat.Further south,in Botswana,
acclaimed conservation outfit Wilderness
Safaris will relaunch a new-build, new-look
Mombo Camp in the Moremi Game Reserve of
the Okavango Delta.
Across the Atlantic in Argentina, Awasi, the
uber-stylish eco brand, opens tiny Awasi Iguazu,
comprising 14 wooden villas a mere 15 minutes
from the famous falls. In the Chilean capital,
Hotel Santiago is rebranding as a Mandarin
Oriental, the hotel group behind a similar
rebranding exercise is happening on the Caribbean
island of Canouan, where The Pink Sands Club
will also adopt Mandarin Oriental management.
The much-loved Jumby Bay on Antigua switches
allegiance to the Oetker Collection, and beautiful
Cap Julucca on Anguilla, after a post-Hurricane
Irma refurbishment, will reopen toward the end
of the year under Belmond.
In Europe, London’s most exciting openings
include The Bloomsbury Hotel by the Doyle
Collection, a refashioning of a famous Edwin
Lutyens building close to the British Museum,
and L’Oscar, a high-design boutique hotel on
Southampton Row.
In France, in the grounds of the iconic
16th-century Château de Chambord in the Loire
Valley, Relais de Chambord will open with freshly
designed interiors under the management
of Marugal hotels, while Belmond will launch
two new river-barge hotels, Pivoine and Lilas, in
; ; & ; NEW HOTEL OPENINGS & RELAUNCHES
- Sleep in the Bali rainforest
at Capella Ubud.
In warmer climes,
Seven Pines Resort
will be Ibiza's
new all-suite,
clifftop hotspot for
the summer
Champagne and Alsace respectively. The French
show-stealer, however, will be the three new
Grand Suites aboard Belmond’s legendary train,
the Venice-Simplon-Orient-Express.
Design Hotels has some interesting new
members on the horizon, not least Hotel St.
George in Helsinki, where art plays a pivotal role:
a large sculpture of a dragon by Ai Weiwei will be
on display in the opening months.
In warmer climes, Seven Pines Resort will be
Ibiza’s new all-suite, clifftop hotspot for the
summer, and on the beautiful Greek island of
Santorini the owners behind Vedema and
Mystique, two Starwood Luxury Collection
resorts, will open a small hotel on Perivolos beach,
the first of its kind on the island.
Pamela Goodman is a freelance writer and
a magazine travel editor.
T E C H N O L O G Y & T R AV E L
AT YOUR BLEISURE Smart business travelers are personalizing their work trips and adding in some down time, says Rachel Spratley
Once associated with back-to-back
meetings and bland hotels, business
travel is now viewed by many employees
as a perk of the job.
In June 2017, a study published by
the Global Business Travel Association
(GBTA) revealed that 37% of North
American business travelers had
extended their trips at least once
during the past year to incorporate
leisure time.
And, with this number rising to
nearly half among the emerging
millennial workforce, “bleisure”
(business combined with leisure) stays
are set to become a more significant
part of corporate travel.
Spare time on a recent business trip
to Kansas City allowed Dr. Sara
Martin, from Santa Rosa, Calif., to
explore the city’s vibrant jazz scene.
Such travel opportunities not only
strengthen Dr. Martin's professional
networks, but also allow her to discover
new cities and reconnect with family
and friends.
Booking.com acknowledged the
bleisure traveler’s influence back in
2015, when it launched Booking.com
for Business (booking.com/business)
so companies could manage employees’
bookings and connect travelers with
accommodation that reflected both
personal preferences and business-trip
objectives. And more than half of the
companies in a Booking.com survey
from Sept. 2016 said that adding
leisure time to their employees’
business trips improved performance
in meetings, solidified relationships
and
strengthened
cultural
understanding.
Consequently all types of technology
companies across the travel industry
are streamlining and personalizing the
customer experience, shaking off the
cookie-cutter stereotype of traditional
corporate travel.
Mezi (mezi.com), a personal travel
assistant application, is able to engage
with users and keep living, dynamic
profiles of each. This profile builds and
creates a more enhanced, personalized
service with every conversation,
making it easier for business travelers
to factor time- and cost-effective
leisure breaks into work trips.
Hotel review website and booking
engine LuxuryBARED (www.
luxurybared.com) features luxury
hotel reviews from top industry
professionals, and the website’s stateof-the-art booking technology
connects viewers directly to those
hotels’ reservation sites in order to offer
competitive rates and exclusive
benefits, which means a good deal for
companies and a first-class travel
experience for employees.
Activity-booking engine Musement
(musement.com) acquired travelcontent platform Triposo (triposo.
com) in Oct. 2017 in order to mix
Triposo’s travel recommendations with
Musement’s bookable activities,
thereby creating a more intuitive user
experience.
Capitalizing on bleisure down-time
means that business travelers will have
far more interesting things
than work to talk about around the
water cooler.
Rachel Spratley is Junior Content
Editor for Sarah Miller and Partners.
WSJ. Custom Studios is a unit of The Wall Street Journal Advertising Department. • The Wall Street Journal news organization was not involved in the creation of this content.
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
B6B | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
NY
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THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B6C
NY
Special Advertising Feature
Six Senses
Krabey Island
in Cambodia.
WINTER SUN
Things Are
Hotting Up
Do you want to surf, hike,
or just chill on the beach?
It’s time to decide where you’ll
go to keep winter at bay,
says Francesca Syz
Francesca Syz is a travel writer.
WINTER SPORTS
Cool Ski Destinations
for 2018
More lifts, more hotel rooms, more space on the slopes.
Stephen Wood navigates this year’s winter-sports landscape
S
ki destinations are like currencies: they go
up and down. Consider Switzerland, for
example. Until 1864 nobody sold ski
holidays there, but then, with a moneyback-if-not-satisfied offer, an enterprising
hotelier in St. Moritz enticed some summer
visitors to return in winter. The hotelier won his
wager, the Alpine winter holiday was born, and
St. Moritz flourished. Switzerland, too.
A century-and-a-half later, selling ski holidays
in Switzerland is difficult: the strength of the
franc makes them too expensive, even for some
Swiss skiers. Hence the big news: “St. Moritz
slashes ski-pass prices.” This season, the resort
aims to attract even more skiers with the offer of
a CHF38 (€33) per-day ski pass (reduced from
CHF79) for guests staying more than one night
in selected hotels.
Elsewhere in Switzerland, the project to
expand Andermatt with 1,000 additional beds
continues. This season there are new lift-links on
a ski area which, ultimately, should be worthy of
the resort’s sensational centerpiece, its Chedi
hotel. This was the first Chedi in Europe and,
along with the W hotel in Verbier, it heralded
further ascents of the Alps. The first alpine Four
Seasons opens this winter at classy Megève and
they make a good fit.
Every season opens with novelties around
France’s Trois Vallées, the world’s most valuable
stretch of snow. As usual, Courchevel and Val
Thorens lead the way. The 1947 restaurant in
Courchevel now has a third Michelin star,
bringing the resort’s total to 14; and two
celebrated hotels, Les Airelles and Amanresorts’
Le Mélézin, have been made over.
In what is becoming a habit, Val Thorens has
added the five-star Montana Lodge Residence;
; ; Whether you’re a Generation X-er looking to
unwind or a Generation Z-er embracing that
bucket list, at this time of year everyone craves
the same summer feeling.
“People love Hawaii because it’s getting away
without actually leaving the U.S.,” says Tania
Swasbrook, luxury travel specialist at Travelworld
of Coronado. “You can spend a few nights in
Honolulu before heading to another island. I
particularly like Lanai, which is often overlooked
but is just a short hop from Maui—and home to
the Four Seasons.”
With limited vacation time a reality for many,
Hawaii and other easily reachable destinations
like California (be one of the first to experience
the re-vamped Ventana Big Sur, an Alila Resort),
Mexico (new suites at Esencia on the Riviera
Maya) and Costa Rica (fabulous year-round, but
even better in December when turtles nest their
eggs) are hugely popular over the holiday season.
And what of the Caribbean in 2018? “Despite
the ravages of Hurricane Irma, St. Barths is
back to business,” says Kristen Pike of KK Travels
Worldwide. Some hotels will remain closed
over Christmas, she adds, but “it’s a great time to
support the destination and instead rent,
say, a beautiful home through Eden Rock
Villa Rental.”
British export Black Tomato has always
trailblazed with its destinations. This Christmas,
it is sending winter-sun seekers to Nicaragua, to
be Robinson Crusoe’d in style at the exclusive
new Calala Island resort. One of the leastexplored countries in Central America, Nicaragua
offers a unique combination of pristine nature,
colonial towns and gorgeous beaches on its
Pacific Caribbean coastline.
The company will also be sending customers to
Cambodia, where the new Six Senses Krabey
Island will open this month and several others
will follow.
It also will be hard to choose between the new
Wild Coast Tented Lodge—which straddles
both jungle and beach in Sri Lanka’s Yala
National Park and is home to the world’s largest
concentration of leopards—or a classic beach
holiday at the One&Only Le St. Geran in
Mauritius, which has just re-opened after a huge
refurbishment.
Then there’s Malibu, having another moment
thanks to the opening of The Native, a radiant
revamp of the Malibu Riviera Hotel. Once a
refuge for James Dean and Marilyn Monroe, now
it’s one for you and me.
- Bring the day to a romantic end on the
Courtyard Ice Rink at Chedi Andermatt.
- Amanresorts' newly made-over
Le Mélézin.
- the WOW Suite lounge, W Verbier.
and at the other extreme, it will offer overnights
in an upgraded mountain hut.
For the U.S. this is a period of consolidation
on a massive scale. Following a spending spree in
which Wall Street-quoted Vail Resorts bought
four major North American ski destinations, a
new entity (with a former Vail Resorts executive
to the fore) has emerged this year to assemble a
portfolio of 13.
New in Colorado this season are expanded
slopes at Arapahoe Basin (468 acres to be added
over two years) and, elsewhere, a swarm of
“mountain coasters,” sledge-rides-on-rails—
some over a mile long. In Utah, Snowbird will be
more welcoming thanks to an expanded guest
lodge and a spa makeover; but Powder Mountain
aims to be more exclusive by limiting day-passes.
In Vermont the “beast of the east,” Killington,
will be adding 163 new guns to make snow
quickly and efficiently.
Developments for 2017-2018 in Canada are
limited, although links between the British
Columbia resorts continue to improve and Sun
Peaks (now with the country’s second biggest ski
area) has new lodgings.
Stephen Wood writes about winter sports for a
variety of U.K. newspapers and magazines.
Details of the Engadin St. Moritz hotel ski pass at
engadin.stmoritz.ch
FA M I LY C I T Y B R E A K S
HOMEWORK FOR THE HOLIDAYS Family spring breaks are for fun, but they can also help teenagers learn by stealth, says Claire Wrathall
monnaiedeparis.fr), has opened an
inventive museum that tells the story of
money and trade, with exhibits and
interactive displays aimed at youngsters
and adults alike. Located on the Left
Bank, its vast site also incorporates a
contemporary art space and Guy
Savoy’s three Michelin-star restaurant.
Also this side of the Seine is the
Hotel Lutetia (www.hotellutetia.com),
originally created by retail tycoon
, Next year’s European Capital of Culture
is Valletta (www.valletta2018.org) on
the Mediterranean island of Malta,
promising a wide-ranging 140 arts
projects and 400 events, with more than
1,000 artists and performers. In
anticipation of this, two new places to
stay will have opened: luxury hotelier
Gordon Campbell Gray’s recently
remodeled, though still-stately
Phoenicia (campbellgrayhotels.com),
and the sleek Iniala Harbour House
(iniala.com/malta).
The island’s great art treasures are the
Caravaggios in St. John’s co-cath-edral,
two paintings with an extraordinary
backstory: a tale of murder and intrigue
that will engage all but the most
resistant teenagers. Not that art is all
Valletta has to offer: there are megalithic
ruins (the Tarxien Temples), the ancient
forts of St. Elmo and St. Angelo, an
armory, a prehistoric burial site in the
Hal Saflieni Hypogeum, even an
Inquis-itor’s Palace that boasts, for
those with a robust constitution, a
torture chamber.
Paris is eternally appealing, but there
are renewed reasons to visit. First, the
city’s historic functioning mint,
Monnaie
de
Paris
(www.
“Paris is eternally
appealing, but there
are renewed reasons
to visit it.”
Aristide Boucicault, who also founded
France’s first modern department store,
Le Bon Marché, reopening in spring
after a €100 million refit.
Meanwhile in the U.K., Kettle’s Yard
(kettlesyard.co.uk), Cambridge
University’s modern and contemporary
art collection, will have reopened after
a root-and-branch makeover with new
commissions from 38 artists, among
- Egon Schiele's "Self-Portait with
Lantern Fruits". The artist will be
honored with a major exhibition in
Vienna in 2018.
- The cigar lounge at Hotel
Lutetia, Paris.
E D I T E D b y S A R A H M I L L E R f o r I LT M
them Anya Gallaccio, Julie Mehretu
and Oscar Murillo. It may appeal more
to parents than their offspring, but the
university has a host of other museums:
of polar exploration; natural history;
sciences; archeology and anthro-pology,
and fine art in the Fitzwilliam.
In addition, there’s the highly
imaginative Museum of Technology in
a former pumping station, the
pioneering Centre for Computing
History, and the Norman Fosterdesigned American Air Museum. In
short, something for everyone and a
veritable inspiration to study.
2018 marks the centenary of the
deaths of two innovators of the Vienna
Secession, the artists Gustav Klimt and
Egon Schiele, whose tortured figures
tend to resonate with the young. Not
surprisingly, the Austrian capital
will honor them both with
concurrent exhibitions: Klimt at the
Belvedere (www.belvedere.at) and
Kunsthistoriches (www.khm.at); Schiele
at the Leopold (www.leopoldmuseum.
org); Wagner at the Wien Museum
(wienmuseum.com).
Claire Wrathall writes about the arts
and travel.
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
B6D | Tuesday, November 21, 2017
NY
THE WALL STREET JOURNAL.
The Wall Street Journal
congratulates Business
Today’s 43rd International
Conference attendees.
Oduguwa Adeniyi
Raghav Aggarwal
Syed Faisal Akhtar
Telma Alonso
Keito Ando
Matei Apolzan
Harshmeet Arora
Ifeoluwa Ayademi
Amaan Badruddin
Udai Baisiwala
Temir Barakov
Bianca Barbirato
Pau Batlle
Maximilian Behrens
Winston Best
Megha Bindal
Patrik Birkle
Maria Bondareva
Destini Brodi
Karimkhon Bukhadurov
Joyce Chang
Phillip Chao
Jaime Chen
Yuling (Winnie) Chien
Kacy Chou
Christophe Claus
Chelsea Conard
Tiara Conley
Madeline Conway
Luca Dahlhausen
Nikola Damiani
Kamesh Darisipudi
Juliette Dautriat
Alankrita Dayal
Flora DiCara
Alicia Draper
Ellen Dries
Prabha Dublish
Pamir Ehsas
Brittley Eldredge
Vahid Fazel-Rezai
Yael Florenthal
Marissa Foo
Riva Fouzdar
Soarea Franchi
Reuben Froude
Julie Fukunaga
Tianhao Gao
Robbie Georgel
Rouhin Ghosh
Amanda Gormsen
Stephane Gosselin
Abiel Gutierrez
Andrés Gvirtz
Luke Heine
Daniel Hernandez
Jennifer Hofmann
Sophia Huard
Jonathan Israel
Rachel Jacoby
Jasmin Johnson
Nicholas Kee
Sharon Khoo
Francis Kigawa
Marcel Kilic
Bar Kimelman
Nikolay Koshikov
Yassine Larbi
Gavin Leslie
Florencia Loreti
Anton Lucanus
David Maduri
Raamael Arif Mahmood
Malav Majithia
Aljoša Marković
Conor McEwen
Abhi Mehta
Kartikye Mittal
Khaoula Morchid
Wideyveline Morin
Abhimanyu Muchhal
Chipo Mudzengi
Marta Naidenova
Vineet Nair
Henrique Neffa
Jade Nguyen
Tu Nguyen
Philippe Noël
Heidi Norden
Guzman Noya Nardo
Ogochukwu Obiagwu
Timothy Onafuwa
Margarita Parsamyan
Anuj Patel
Carlos Paz
Marina Pazeti
Anika Prasad
Mauricio Rada Orellana
Rodrigo Riccetto
Vineeth Sanagala
Akanksha Santdasani
Cole Scanlon
Florian Schottmann
Pertina Seah
Lucrezia Senesi
Mary Catherine Serafin
Romil Shah
Fang Shen
Tim Shieh
Bani Singh
Indra Sofian
Daya Srinivas
Zachary Stern
Dea Suluashvil
Jasmine Tan
Feng Nian Tey
Sinclair Toffa
Bennett Torrance
Karunya Tota
Maxence Tremblay
Elizabeth Trinh
Kung Sui Tse
Derek Tu
Nerie Angelie Tulauan
Suzanne Van der Wijk
Gabrielle Videla
Danishia Vijayakumar
Catalina Villegas
Vamshi Mohan Voruganti
Jiarui Wang
Michael Wong
Richard Wu
Yichuan Yan
Venkata Ragavendra
Sashisekhar Yeruva
Etai Zajonts
Ami Zou
Thembelihle Zulu
Special thanks to Business Today’s
Nicole Zivkovic, Neel Ajjarapu,
Aria Wong, Colleen Kang and
Jamie Downey for organizing
the partnership event.
The Wall Street Journal news organization is not involved in this partnership.
© 2017 Dow Jones & Co., Inc. All rights reserved. 6DJ6175
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B7
BUSINESS NEWS
MUTUAL FUNDS
Glencore Shakes Up Unit
In Congo After Review
BY SCOTT PATTERSON
Mutual Funds | WSJ.com/fundresearch
Fund
Data provided by
Top 250 mutual-funds listings for Nasdaq-published share classes with net assets of
at least $500 million each. NAV is net asset value. Percentage performance figures
are total returns, assuming reinvestment of all distributions and after subtracting
annual expenses. Figures don’t reflect sales charges (“loads”) or redemption fees.
NET CHG is change in NAV from previous trading day. YTD%RET is year-to-date
return. 3-YR%RET is trailing three-year return annualized.
Monday, November 20, 2017
Net YTD
Fund
Net YTD
NAV Chg %Ret Fund
A
Copper from Katanga province, where Glencore has operations.
sulted in the inadvertent
dumping of a large amount of
copper into a waste dam.
Glencore suspended operations at Katanga in 2015.
The Wall Street Journal reported in July that Glencore is
subject to an investigation by
Canada’s OSC regarding more
than $100 million in payments
Katanga Mining made to a
company owned by an Israeli
businessman. An OSC spokeswoman confirmed the agency
has an active investigation regarding Katanga Mining.
The OSC investigation
stems from payments Katanga
was expected to make to
Congo’s state-run mining company, Gecamines, that were
instead sent to a Caymans Island company owned by the
businessman Dan Gertler, the
Journal reported. Glencore
had acknowledged the shift in
payments and said it was done
at the request of Gecamines.
Mr. Gertler was a central figure in a $412 million settlement
in September 2016 between the
U.S. Justice Department and
the Securities and Exchange
Commission with New York
hedge fund Och-Ziff Capital
Management Group LLC.
The Justice Department
said Och-Ziff went into business with Mr. Gertler despite a
consultant’s warnings that he
used political connections in
Congo to benefit himself and
his associates.
The Justice Department said
a business associate of OchZiff’s, who people familiar with
the matter said is Mr. Gertler,
paid more than $100 million in
bribes to Congolese officials,
though he hasn’t been charged.
A spokesman for Mr. Gertler’s
company, Fleurette, has denied
allegations of bribery. Daniel
Och, chairman and chief executive of Och-Ziff, has said the
firm’s conduct scrutinized by
the Justice Department was “inconsistent with our core values.”
Glencore in February purchased Mr. Gertler’s stake in
Katanga Mining, as well as his
stake in another jointly run
Congo copper mine, for nearly
$1 billion including debt.
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
14.91 +0.02 16.2 MuLTAdml 11.67 -0.01
Oppenheimer Y
MuLtdAdml 10.93 -0.01
...
NA
... NA MuShtAdml 15.76
DevMktY
43.19 +0.19 24.5 PrmcpAdml r137.02 +0.55
IntGrowY
REITAdml r 119.62 -0.37
SmCapAdml 69.13 +0.31
STBondAdml 10.40 -0.01
Parnassus Fds
44.23 +0.02 13.5 STIGradeAdml 10.65 -0.01
ParnEqFd
TotBdAdml 10.75 -0.01
PIMCO Fds Instl
NA
... NA TotIntBdIdxAdm 21.96 +0.01
AllAsset
NA
... NA TotIntlAdmIdx r 29.91 +0.05
TotRt
TotStAdml 64.71 +0.12
PIMCO Funds A
14.12 +0.02
NA
... NA TxMIn r
IncomeFd
39.68 +0.08
ValAdml
PIMCO Funds D
NA
... NA WdsrllAdml 68.69 +0.03
IncomeFd
65.27 +0.04
WellsIAdml
PIMCO Funds Instl
NA
... NA WelltnAdml 73.55 +0.04
IncomeFd
WndsrAdml 79.21 +0.19
PIMCO Funds P
NA
... NA VANGUARD FDS
IncomeP
26.34 +0.01
DivdGro
Price Funds
97.75 +0.31 34.6 HlthCare r 208.52 -1.52
BlChip
29.71 +0.03 13.4 INSTTRF2020 22.54 +0.02
CapApp
34.81 +0.06 12.1 INSTTRF2025 22.81 +0.03
EqInc
69.50 +0.09 17.2 INSTTRF2030 23.00 +0.03
EqIndex
70.32 +0.16 32.1 INSTTRF2035 23.20 +0.03
Growth
73.32 -0.46 24.1 INSTTRF2040 23.39 +0.03
HelSci
39.72 +0.07 35.8 INSTTRF2045 23.54 +0.04
InstlCapG
39.40 +0.04
19.27 +0.02 26.0 IntlVal
IntlStk
33.17 +0.05
15.08 +0.01 17.7 LifeGro
IntlValEq
26.95 +0.04
92.67 +0.34 23.0 LifeMod
MCapGro
27.12 +0.13
31.46 +0.02 8.3 PrmcpCor
MCapVal
33.27 +0.02
SelValu
r
55.47 +0.05 28.1
N Horiz
27.24 +0.03
STAR
9.48 -0.01 3.6
N Inc
10.65 -0.01
OverS SF r 11.29 +0.01 24.5 STIGrade
TgtRe2015 15.93 +0.01
23.23 +0.02 13.8
R2020
TgtRe2020 31.63 +0.04
17.92 +0.02 15.6
R2025
TgtRe2025 18.54 +0.02
26.41 +0.03 17.2
R2030
TgtRe2030 33.49 +0.04
19.32 +0.03 18.6
R2035
TgtRe2035 20.57 +0.03
27.76 +0.04 19.6
R2040
TgtRe2040 35.43 +0.05
38.89 +0.08 15.6
Value
TgtRe2045 22.26 +0.04
PRIMECAP Odyssey Fds
TgtRe2050 35.81 +0.06
36.86 +0.20 28.7
Growth r
13.58 +0.01
TgtRetInc
Principal Investors
TotIntBdIxInv 10.99 +0.01
DivIntlInst 13.92 +0.03 26.5
26.94 +0.01
WellsI
Prudential Cl Z & I
42.59 +0.02
Welltn
14.51 -0.01 5.7
TRBdZ
38.70 +0.01
WndsrII
VANGUARD INDEX FDS
238.99 +0.31
500
Schwab Funds
ExtndIstPl 204.47 +1.02
40.40 +0.05 17.4 SmValAdml 55.46 +0.24
S&P Sel
10.72
...
TotBd2
17.88 +0.03
TotIntl
TIAA/CREF Funds
64.68 +0.12
TotSt
19.40 +0.04 16.9 VANGUARD INSTL FDS
EqIdxInst
IntlEqIdxInst 20.16 +0.03 21.8 BalInst
34.13 +0.03
Tweedy Browne Fds
DevMktsIndInst 14.14 +0.02
28.27 +0.07 12.9 DevMktsInxInst 22.10 +0.03
GblValue
82.86 +0.42
ExtndInst
GrwthInst 70.92 +0.04
VANGUARD ADMIRAL
10.52 -0.01
InPrSeIn
500Adml 239.03 +0.31 17.4 InstIdx
235.83 +0.31
34.12
+0.03
11.3
BalAdml
235.85 +0.31
InstPlus
CAITAdml 11.79 -0.01 4.7 InstTStPlus 58.05 +0.11
CapOpAdml r156.54 +0.59 26.0 MidCpInst 41.22 +0.10
37.40 +0.11 28.1 MidCpIstPl 203.31 +0.50
EMAdmr
EqIncAdml 76.31 +0.18 13.8 SmCapInst 69.13 +0.32
ExtndAdml 82.86 +0.42 14.9 STIGradeInst 10.65 -0.01
GNMAAdml 10.48 -0.02 1.8 TotBdInst
10.75 -0.01
GrwthAdml 70.92 +0.05 24.9 TotBdInst2 10.72
...
HlthCareAdml r 87.97 -0.64 16.1 TotBdInstPl 10.75 -0.01
HYCorAdml r 5.91 +0.01 6.3 TotIntBdIdxInst 32.96 +0.02
25.82 -0.03 2.3 TotIntlInstIdx r119.61 +0.20
InfProAd
IntlGrAdml 95.54 +0.30 41.9 TotItlInstPlId r119.63 +0.20
ITBondAdml 11.38 -0.02 3.6 TotStInst
64.72 +0.12
39.68 +0.08
ITIGradeAdml 9.78 -0.01 4.0 ValueInst
LTGradeAdml 10.64 +0.01 9.7
MidCpAdml 186.61 +0.46 15.7
MuHYAdml 11.41 -0.01 7.2 Western Asset
MuIntAdml 14.15 -0.01 4.4 CorePlusBdI NA
...
LrgCpStr
Explanatory Notes
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.
GETTY IMAGES
LONDON—Glencore PLC is
shuffling the board of one of
its giant African copper operations following an internal review that the company said
found weaknesses in its controls over financial reporting.
The move comes amid an
investigation by Canada’s Ontario Securities Commission,
or OSC, the country’s biggest
regional securities regulator,
into the governance practices
of the Glencore copper subsidiary, Katanga Mining, which is
based in the Democratic Republic of Congo. Investigators
are probing financial statements and disclosures by Toronto-listed Katanga related to
international bribery and anticorruption laws, Glencore and
Katanga Mining said in separate statements disclosing the
investigation on Monday.
Three Katanga directors, including Glencore’s billionaire
copper chief, Aristotelis Mistakidis, are stepping down
from its board following an internal review that found “material weaknesses” in the company’s controls over financial
reporting, Glencore said.
Glencore nominated three
new directors to the board, including its chief financial officer, Steven Kalmin. Katanga’s
CFO, Jacques Lubbe, resigned,
Katanga said. Glencore, in a separate statement Monday, said it
plans to implement “various
structural and control changes”
across its copper department.
Monday’s disclosures reveal
a chaotic situation at the giant
Congolese copper mine, in
which Glencore first invested
in 2008 as it ramped up operations. Recurring spills, power
outages and plant modifications from 2010 to 2013 re-
WSJ.com/fundresearch
American Century Inv
45.18 +0.07
Ultra
American Funds Cl A
31.96 +0.07
AmcpA p
AMutlA p 41.10 +0.08
27.43 +0.01
BalA p
12.91 -0.02
BondA p
62.66 -0.02
CapIBA p
CapWGrA 52.29 -0.06
57.34 -0.01
EupacA p
63.47 +0.05
FdInvA p
51.56 +0.06
GwthA p
10.38
...
HI TrA p
41.01
...
ICAA p
23.32 +0.03
IncoA p
45.14 -0.01
N PerA p
48.27 +0.19
NEcoA p
NwWrldA 67.08 +0.14
56.79 +0.16
SmCpA p
13.02
...
TxExA p
45.22 +0.13
WshA p
29.5
19.1
13.2
12.2
3.1
11.4
21.1
29.8
18.8
22.6
6.1
14.5
10.0
27.8
34.3
30.4
23.5
5.0
14.7
B
10.88 -0.01
11.24
...
BlackRock Funds A
...
GlblAlloc p 20.23
BlackRock Funds Inst
22.94 +0.01
EqtyDivd
20.36
...
GlblAlloc
7.79
...
HiYldBd
...
StratIncOpptyIns 9.93
Bridge Builder Trust
NA
...
CoreBond
3.8
4.2
11.3
12.4
11.5
7.2
4.1
NA
D
Dimensional Fds
5GlbFxdInc 11.01 -0.01
EmgMktVa 30.09 -0.07
...
EmMktCorEq 22.56
IntlCoreEq 14.11 +0.03
19.75 +0.01
IntlVal
21.25 +0.06
IntSmCo
23.03 +0.07
IntSmVa
US CoreEq1 22.13 +0.07
US CoreEq2 21.00 +0.08
36.45 +0.29
US Small
US SmCpVal 38.74 +0.28
US TgdVal 25.15 +0.16
39.05 +0.10
USLgVa
Dodge & Cox
Balanced 108.91 +0.09
13.89 +0.02
GblStock
13.81 -0.01
Income
46.21 -0.01
Intl Stk
201.48 +0.39
Stock
DoubleLine Funds
NA
...
TotRetBdI
2.1
27.4
31.9
23.2
20.6
24.2
21.8
16.2
14.1
8.5
4.1
5.6
12.9
8.8
16.6
3.9
21.3
12.4
NA
Net YTD
NAV Chg %Ret
2.34
...
60.81 +0.10
FrankTemp/Franklin C
Edgewood Growth Instituti
...
EdgewoodGrInst 29.63 +0.03 33.4 Income C t 2.37
FrankTemp/Temp A
GlBond A p 12.12 +0.04
Federated Instl
Growth A p 26.55 -0.10
... 11.2 FrankTemp/Temp Adv
StraValDivIS 6.39
Fidelity
GlBondAdv p 12.07 +0.04
500IdxInst 90.53 +0.12 17.4
500IdxInstPrem 90.53 +0.12 17.4
500IdxPrem 90.53 +0.12 17.4 Harbor Funds
ExtMktIdxPrem r 63.07 +0.31 14.9 CapApInst 76.54 +0.22
IntlIdxPrem r 42.95 +0.03 21.7 IntlInst r
69.76 +0.04
SAIUSLgCpIndxFd 13.88 +0.02 17.4 Harding Loevner
TMktIdxF r 75.15 +0.15 17.0 IntlEq
NA
...
TMktIdxPrem 75.13 +0.14 16.9
USBdIdxInstPrem 11.58 -0.01 3.1
Fidelity Advisor I
Invesco Funds A
NwInsghtI 33.49 +0.05 25.4 EqIncA
11.22 -0.01
Fidelity Freedom
16.74 +0.01 13.5
FF2020
14.49 +0.01 14.4 John Hancock Class 1
FF2025
18.16 +0.02 17.0 LSBalncd
FF2030
NA
...
Freedom2020 K 16.75 +0.01 NS LSGwth
NA
...
Freedom2025 K 14.49 +0.01 NS John Hancock Instl
Freedom2030 K 18.16 +0.01 NS DispValMCI 24.08 +0.07
Freedom2035 K 15.24 +0.01 NS JPMorgan Funds
Freedom2040 K 10.71 +0.01 NS MdCpVal L
NA
...
Fidelity Invest
JPMorgan R Class
23.71 +0.01 14.3
Balanc
NA
...
CoreBond
88.44 +0.16 34.0
BluCh
127.19 +0.23 30.0
Contra
127.19 +0.22 30.1
ContraK
Lazard Instl
10.27 +0.02 10.5
CpInc r
EmgMktEq 19.66 -0.10
41.42 +0.04 24.4
DivIntl
Loomis Sayles Fds
184.01 +0.09 34.5
GroCo
14.13 -0.01
GrowCoK 183.97 +0.09 34.6 LSBondI
Lord Abbett A
7.92 -0.01 3.5
InvGB
4.26
...
ShtDurIncmA
p
11.27 -0.01 3.9
InvGrBd
Lord Abbett F
53.11 +0.19 15.9
LowP r
...
LowPriStkK r 53.07 +0.18 16.0 ShtDurIncm 4.26
IncomeA p
RisDv A p
E
Baird Funds
AggBdInst
CorBdInst
NAV Chg %Ret Fund
F
6.1
16.5
6.0
3.5
12.7
3.7
H
35.1
19.4
NA
I
7.4
J
NA
NA
12.2
NA
NA
L
105.99 +0.20
MagIn
109.46 +0.11
OTC
23.14 +0.01
Puritn
SrsEmrgMkt 21.76 +0.02
SrsGroCoRetail 18.07 +0.01
SrsIntlGrw 16.31 +0.06
10.75 -0.01
SrsIntlVal
TotalBond 10.66 -0.01
22.8
37.4
16.0
38.6
35.3
27.4
17.4
3.9
S
T
23.8
6.6
2.1
2.4
M
Metropolitan West
NA
...
TotRetBd
NA
...
TotRetBdI
NA
...
TRBdPlan
MFS Funds Class I
40.41 +0.10
ValueI
MFS Funds Instl
Fidelity Selects
25.41 +0.03
Biotech r 213.35 -1.35 22.6 IntlEq
Mutual Series
First Eagle Funds
32.04 -0.01
60.25 -0.09 11.0 GlbDiscA
GlbA
FPA Funds
NA
... NA
FPACres
Oakmark Funds Invest
FrankTemp/Frank Adv
34.07 +0.10
... 6.3 EqtyInc r
IncomeAdv 2.32
84.42 +0.18
Oakmark
FrankTemp/Franklin A
7.47
... 5.5 OakmrkInt 28.49 +0.03
CA TF A p
Fed TF A p 11.96 -0.01 3.1 Old Westbury Fds
P
NA
NA
NA
12.8
25.4
6.5
O
12.0
16.5
25.5
V
5.8
2.3
1.3
25.9
5.2
12.9
1.2
2.1
3.2
2.2
23.8
16.9
22.7
11.6
11.3
8.1
11.1
15.4
14.1
16.0
11.9
13.4
14.7
16.0
17.3
17.9
24.1
16.1
12.7
22.3
15.6
15.8
2.0
9.8
11.9
13.4
14.7
16.0
17.3
17.8
17.8
7.3
2.2
8.0
11.1
11.2
17.3
14.9
8.0
3.2
23.7
16.8
11.3
22.7
22.7
14.9
24.9
2.3
17.4
17.4
16.9
15.7
15.7
12.9
2.1
3.2
3.3
3.2
2.3
23.8
23.8
16.9
11.6
W
NA
ADVERTISEMENT
Legal Notices
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B8 | Tuesday, November 21, 2017
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
23430.33 s 72.09, or 0.31%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.63 20.68
P/E estimate *
19.17 17.74
Dividend yield
2.19
2.53
All-time high 23563.36, 11/08/17
Nasdaq Composite Index
Last
2582.14 s 3.29, or 0.13%
High, low, open and close for each
trading day of the past three months.
Year ago
Trailing P/E ratio 24.44 24.19
P/E estimate *
19.36 18.25
Dividend yield
1.93
2.14
All-time high: 2594.38, 11/08/17
Last Year ago
6790.71 s 7.92, or 0.12%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio * 26.10
23.75
P/E estimate *
21.25
19.12
Dividend yield
1.05
1.25
All-time high: 6793.29, 11/16/17
Current divisor 0.14523396877348
23500
2580
6750
23000
2550
6650
22500
2520
6550
22000
2490
6450
Session high
t
DOWN
Session open
65-day moving average
t
Close
65-day moving average
UP
Close
21500
2460
21000
2430
Open
6250
Oct.
6150
2400
20500
Sept.
6350
Session low
Bars measure the point change from session's open
Aug.
65-day moving average
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
72.09
0.31
23563.36 18956.69
23.6
18.6
9.8
9456.16
9521.95
38.86
0.41
10038.13
8783.74
7.0
5.3
1.7
Most-active issues in late trading
759.27
754.76
755.96
-2.12
774.47
626.66
19.2
14.6
8.4
26789.09 26712.18 26769.55
692.09
687.76
692.08
51.33
4.69
26830.60 22773.93
692.08
583.16
17.1
18.3
15.0
15.0
7.9
8.5
23456.88 23360.58 23430.33
Utility Average
Total Stock Market
Barron's 400
Nasdaq Stock Market
Nasdaq Composite
6795.83
Nasdaq 100
6324.59
Net chg
% chg
52-Week
Low
High
% chg
% chg
3-yr. ann.
YTD
6779.49
6301.88
6790.71
6308.61
-0.28
0.19
0.68
7.92
-5.90
0.12
-0.09
6793.29
6345.81
5251.11
4734.10
26.5
29.8
26.1
29.7
13.0
14.1
Standard & Poor's
500 Index
2584.64
2578.24
2582.14
3.29
0.13
2594.38
2191.08
17.5
15.3
7.9
MidCap 400
SmallCap 600
1847.38
915.98
1839.40
909.07
1847.21
915.80
6.47
6.89
0.35
0.76
1847.21
918.72
1616.68
806.34
14.3
13.6
11.2
9.3
8.7
10.6
Other Indexes
Russell 2000
1503.40
1492.93
1503.40
10.57
0.71
1512.09
1313.80
13.7
10.8
8.7
12331.09 12294.96 12320.77
NYSE Composite
544.93
542.63
NYSE Arca Biotech
4150.48
4106.03
NYSE Arca Pharma
Value Line
544.92
17.88
0.15
2.16
0.40
4123.31 -26.69
-0.64
-0.51
534.52
531.24
531.79
-2.73
KBW Bank
99.80
99.12
0.50
PHLX§ Gold/Silver
99.69
80.59
79.69
-0.87
PHLX§ Oil Service
80.01
130.95
129.57
130.46
-0.86
1324.77
12.08
1311.35
10.44
1322.81
10.65
PHLX§ Semiconductor
CBOE Volatility
14.2
11.4
545.98
496.60
9.3
7.7
3.0
4304.77
3075.02
21.2
34.1
7.5
4.0
Volume
(000)
Symbol
SPDR S&P 500
Net chg
8,161.4 258.24
SPY
After Hours
% chg
High
-0.06
Close
ACM
AECOM
VanEck Vectors Gold Miner GDX
6,917.4
36.00
…
unch.
36.56
35.33
5,514.7
22.56
0.02
0.09
22.57
22.50
PwrShrs QQQ Tr Series 1 QQQ
4,045.3 153.83
…
unch. 153.94 153.00
3,993.1
26.75
0.01
0.04
26.76
VanEck Vectors Jr Gold GDXJ
2,774.3
31.80
0.02
0.06
31.85
31.76
Urban Outfitters
URBN
2,594.3
27.54
-0.73
-2.58
32.00
26.79
LendingClub
LC
2,453.2
4.26
…
unch.
4.26
4.26
BAC
Bank of America
26.62
Percentage gainers…
Amtech Systems
ASYS
230.6
16.00
1.88
13.31
16.75
14.35
Ardelyx
ARDX
17.8
6.16
0.56
9.91
6.30
5.60
Palo Alto Networks
PANW
956.3 152.20
9.67
6.78 153.75 142.32
China Cord Blood
CO
13.4
11.39
0.39
3.55
11.45
10.95
Diana Containerships
DCIX
33.6
10.39
0.35
3.49
10.39
10.00
5.15
463.78
11.3
10.4
-0.6
...And losers
85.30
16.1
8.6
11.1
Drive Shack
DS
5.1
5.15
-0.60
-10.43
5.75
-1.08
96.72
73.03
-1.3
1.5
3.1
Sanchez Energy
SN
8.4
4.50
-0.50
-10.00
5.00
4.50
-0.65
192.66
117.79
-22.2
58.0
15.81
-1.19
-7.00
17.50
14.75
461.5
66.75
-3.21
-4.59
70.12
63.00
7.9
10.85
-0.44
-3.90
11.29
10.85
15.88
-0.78 -6.82
1.22
1322.81
16.04
836.79 50.5
9.14 -14.3
-29.0 -18.8
ZTO Express (Cayman) ADR ZTO
45.9
-24.1
Agilent Technologies
A
TrueCar
True
26.3
-7.8
Percentage Gainers...
Net chg
DJ Americas
621.09
Sao Paulo Bovespa 73437.28
S&P/TSX Comp
16004.40
S&P/BMV IPC
47857.14
Santiago IPSA
3849.79
Latest
% chg
YTD
% chg
0.09
0.13
0.09
16.7
18.0
20.9
0.14
0.87
Closed
…
0.04
5.83
Closed
…
–239.56 –5.86
14.9
21.9
4.7
4.9
19.4
2.67
0.49
0.25
2953.79
384.68
258.75
The Global Dow
DJ Global Index
DJ Global ex U.S.
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
386.39
388.14
3962.24
5340.45
13058.66
1409.85
22189.25
539.71
1128.72
10025.50
578.99
9299.61
7389.46
2.59
1.69
8.20
21.28
64.93
0.79
96.30
3.09
–3.73
15.10
1.63
116.00
8.78
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5945.70
Shanghai Composite 3392.40
Hang Seng
29260.31
S&P BSE Sensex
33359.90
Nikkei Stock Avg
22261.76
Straits Times
3386.59
Kospi
2527.67
Weighted
10664.55
–11.60
9.49
61.27
17.10
–135.04
4.21
–6.32
–37.09
0.67
0.44
0.21
0.40
0.50
0.06
0.44
0.58
–0.33
0.15
0.28
1.26
0.12
6.9
10.8
9.9
9.8
13.7
–4.1
15.4
11.7
–2.0
7.2
8.3
13.1
3.5
4.9
9.3
33.0
25.3
16.5
17.6
24.7
15.2
–0.19
0.28
0.21
0.05
–0.60
0.12
–0.25
–0.35
Company
Symbol
OptimumBank Holdings
Carver Bancorp
Remark Holdings
Riot Blockchain
Xunlei ADR
OPHC
Social Reality Cl A
TSR
Ekso Bionics Holdings
Diana Containerships
Northern Technologies
SRAX
UTStarcom Holdings
Hibbett Sports
Digital Ally
U.S. Global Investors A
Bloomin' Brands
UTSI
High
52-Week
Low
% chg
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
30-year mortgage, Rate
55.63
28.14
27.83
27.31
24.93
1.85
2.01
1.93
2.66
3.11
58.5
6.0
66.4
267.0
330.6
CHF Solutions
TDH Holdings
ADOMANI
Eastside Distilling
Prothena Corp. PLC
CHFS
4.10
6.50
2.92
10.04
20.90
0.80
1.25
0.53
1.81
3.35
6.85 1.11
24.24
11.10 3.80
23.81
4.90 0.99
22.18
21.99 262765.44 1.56
21.66 12.55
19.09
-32.7
18.2
-30.3
-99.9
60.2
Spero Therapeutics
Arcturus Therapeutics
ION Geophysical
China Recycling Energy
Century Aluminum
SPRO
3.76
HIBB
19.45
DGLY
2.65
GROW
2.87
BLMN 20.54
0.46
2.35
0.30
0.32
2.27
14.03
13.74
12.77
12.55
12.42
80.9
-51.8
-48.0
87.6
7.0
Yulong Eco-Materials
Genie Energy
Westport Fuel Systems
Bioverativ
AAC Holdings
YECO
MARK
RIOT
XNET
TSRI
EKSO
DCIX
NTIC
13.96
7.95
7.75
11.17
19.57
4.15 1.66
43.40 9.40
6.00 1.70
4.30 1.25
22.16 16.11
Most Active Stocks
Company
Symbol
Marvell Tech Group
General Electric
iShares MSCI Emg Markets
Bank of America
SPDR S&P 500
MRVL
Advanced Micro Devices
Finl Select Sector SPDR
Ford Motor
iPath S&P 500 VIX ST Fut
Snap
AMD
GE
EEM
BAC
SPY
XLF
F
VXX
SNAP
Volume % chg from Latest Session
(000) 65-day avg Close % chg
66,773
63,314
44,207
42,314
39,776
1037.4
-8.7
-8.6
-34.5
-37.2
21.59 6.41
17.98 -1.26
47.06 0.51
26.74 0.45
258.30 0.17
35,728
34,342
31,997
30,560
30,386
-37.3
-33.8
-10.1
-5.5
13.8
11.34 -0.35
26.28 0.46
12.13 1.00
33.36 -3.16
12.41 -4.46
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
52-Week
High
Low
t
30-year fixed-rate
mortgage
3.00
2.00
t
1.00
0.00
D J FMAM J J A S ON
2017
3.00
Great American Lending
North Ogden, UT
Monday
3.75%
800-706-6648
Orange Countys Credit Union
3.75%
Santa Ana, CA
714-755-5900
Hills Bank and Trust Company
3.88%
Hills, IA
800-445-5725
t
10-year Treasury
note yield
Garden State Home Loans
3.75%
Cherry Hill, NJ
609-216-7912
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
1.42
1.45
Money market, annual yield
0.32
0.32
Five-year CD, annual yield
1.49
1.48
30-year mortgage, fixed†
3.92
3.90
15-year mortgage, fixed†
3.30
3.31
Jumbo mortgages, $424,100-plus† 4.26
4.29
Five-year adj mortgage (ARM)† 3.54
3.51
New-car loan, 48-month
3.01
3.01
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.92 l
0.26 l
1.19 l
l
3.73
l
2.99
l
4.21
l
3.20
l
2.85
1.25
4.25
1.45
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.21
-0.11
-0.07
-0.13
0.09
...
0.02
-0.22
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
GNE
WPRT
BIVV
AAC
Nasdaq
NYSE Arca
Total volume*1,781,059,692 190,167,112
Adv. volume*1,054,969,305 98,206,088
Decl. volume* 704,776,105 90,471,418
Issues traded
3,060
1,313
Advances
1,780
805
Declines
1,151
479
Unchanged
129
29
New highs
176
123
New lows
38
16
Closing tick
131
33
Closing Arms†
1.03
1.45
Block trades*
6,187
1,056
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
0
–5
0.75
–10
0.00
–15
30
High
52-Week
Low
% chg
8.12
9.78
4.01
4.78
44.60
-1.91
-2.23
-0.88
-0.91
-7.33
-19.04
-18.57
-18.00
-15.99
-14.12
576.00 3.60
31.75 6.02
18.31 3.66
12.00 3.35
70.00 44.43
-92.1
...
...
-0.4
-31.9
12.72
8.80
12.95
3.38
13.50
-1.77
-1.21
-1.70
-0.42
-1.64
-12.22
-12.09
-11.60
-11.05
-10.83
15.40 10.83
18.04 5.81
15.30 3.20
9.39 0.95
20.68 8.39
...
-36.8
75.0
84.7
33.5
3.81
4.34
3.02
50.76
8.89
-0.46 -10.77
-0.52 -10.70
-0.35 -10.39
-5.35 -9.53
-0.93 -9.47
9.00 0.50
8.31 4.32
4.09 0.82
64.41 40.00
13.06 5.99
-54.1
-29.5
141.6
...
-3.9
TSRI
DBKO
CAVM
HAWX
FVL
QDEF
RIOT
NHA
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
2,640
195
175
18,039
207
5524
3121
2250
2139
1850
9.17
6.50
31.84
84.02
26.85
1.10
23.81
0.01
10.80
0.49
9.25 6.63
11.10 3.80
32.34 23.44
84.41 53.73
27.21 22.54
89
197
158
4,875
156
1678
1646
1248
1215
1193
54.30
23.37
42.76
10.35
9.40
0.22
0.65
0.35
27.31
-0.84
54.52 48.84
23.39 20.76
42.76 38.04
11.17 2.66
10.96 9.29
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
Euro
s Yen
s
WSJ Dollar index
2017
Yield (%)
Last Week ago
52-Week
High
Low
Country/currency
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Americas
Total Return (%)
52-wk
3-yr
2.188
2.186
2.237
1.818
2.292 1.990
2.370
3.172
2.680
5.584
2.890
2.056
2.400
3.173
2.670
5.581
2.910
2.013
2.609
3.390
2.790
6.220
3.120
2.516
2.058
2.879
2.380
4.948
2.660
1.736
1.965
5.539
3.255
8.344
2.126
4.524
799.981
5.596
5.645
6.290
5.279
9.755 5.723
1.771
3.975
2.377
4.117
1.983
2.673
Australian dollar
.7547 1.3250
China yuan
.1507 6.6346
Hong Kong dollar
.1280 7.8111
India rupee
.01537 65.054
Indonesia rupiah .0000739 13534
Japan yen
.008879 112.62
Kazakhstan tenge .003001 333.26
Macau pataca
.1238 8.0767
Malaysia ringgit
.2415 4.1405
New Zealand dollar
.6809 1.4686
Pakistan rupee
.00950 105.250
Philippines peso
.0197 50.734
Singapore dollar
.7371 1.3567
South Korea won .0009116 1097.03
Sri Lanka rupee
.0065036 153.76
Taiwan dollar
.03323 30.093
Thailand baht
.03048 32.810
Vietnam dong
.00004403 22710
–4.6
–4.5
0.7
–4.3
0.1
–3.7
–0.1
2.0
–7.7
1.7
0.8
2.3
–6.3
–9.2
3.6
–7.3
–8.4
–0.3
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
.04594 21.769 –15.3
.1577 6.3427 –10.3
1.1733 .8523 –10.3
.003755 266.31 –9.5
.009642 103.71 –8.2
.1206 8.2925 –4.1
.2774 3.6052 –13.9
.01686 59.328 –3.2
.1179 8.4832 –6.9
1.0067 .9933 –2.5
.2545 3.9286 11.5
.0376 26.5826 –1.8
1.3233 .7557 –6.7
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6472 .3778 0.2
.0567 17.6497 –2.7
.2843 3.5168 –8.6
3.3133 .3018 –1.2
2.5980 .3849 –0.02
.2742 3.647 0.2
.2666 3.7503 –0.01
.0712 14.0445 2.6
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.40
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
0.31 0.36 –5.96
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Monday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
10.1
0.1
–4.6
–4.9
unch
–8.4
0.2
4.6
Asia-Pacific
Commodities
US$vs,
YTDchg
Mon
in US$ per US$ (%)
Country/currency
Europe
Argentina peso
.0573 17.4657
Brazil real
.3070 3.2573
Canada dollar
.7799 1.2823
Chile peso
.001570 636.80
Ecuador US dollar
1
1
Mexico peso
.0526 18.9960
Uruguay peso
.03400 29.4100
Venezuela b. fuerte .095616 10.4585
s
5
1.50
Latest Session
Close Net chg % chg
Ranked by change from 65-day average*
FAB
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
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
CENX
First Tr MCapValAlphaDEX
First Tr Val Line (R) 100
Flex Qlty Div Defensive
Riot Blockchain
Nuveen Muni 2021 Target
8.26
22.00
10.47
33.11
11.28
1460.669
EMBI Global, J.P. Morgan
CREG
15.65
26.93
13.27
117.92
29.44
10-yr Treasury, Ryan ALM 1731.077
DJ Corporate
378.126
Aggregate, Barclays Capital 1938.490
High Yield 100, Merrill Lynch 2843.695
Fixed-Rate MBS, Barclays 1984.200
Muni Master, Merrill
521.270
Treasury, Ryan ALM
IO
ACFC
10%
2.25
Close
ARCT
Atlantic Coast Financial
TSR
Xtrackers MSCI S Korea
Cavium
iSh Cur Hdg MSCI ACWI US
Corporate Borrowing Rates and Yields
Bond total return index
PRTA
21.81 13.59
32.38 17.46
47.10 33.94
27.98 20.01
259.35 219.00
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
ESDI
Symbol
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
Pacific Finance Group, LLC
3.63%
Bothell, WA
425-354-5602
ADOM
Company
Forex Race
notes and bonds
t
4.00%
PETZ
Volume Movers
* Volumes of 100,000 shares or more are rounded to the nearest thousand
3.90%
Bankrate.com avg†:
Symbol
2.77
0.93
1.67
2.22
3.79
CREDIT MARKETS & CURRENCIES
Consumer Rates and Returns to Investor
Company
7.75
4.24
7.67
10.35
18.99
CARV
Total volume* 731,765,553 9,617,108
Adv. volume* 404,113,847 3,082,529
Decl. volume* 310,593,938 6,158,997
Issues traded
3,076
331
Advances
1,764
143
Declines
1,189
170
Unchanged
123
18
New highs
161
4
New lows
37
6
Closing tick
9
18
Closing Arms†
1.08
1.80
Block trades*
5,808
117
Percentage Losers
Latest Session
Close Net chg % chg
Sources: SIX Financial Information; WSJ Market Data Group
WSJ
.COM
Low
-0.02 258.55 258.00
Sources: SIX Financial Information; WSJ Market Data Group
Region/Country Index
Interest rate
Last
560.52
International Stock Indexes
Americas
Brazil
Canada
Mexico
Chile
12430.52 10791.84
Company
NYSE NYSE Amer.
102.31
0.51
Philadelphia Stock Exchange
World
Volume, Advancers, Decliners
9525.61
Latest
Close
Low
Dow Jones
Transportation Avg
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.
High
Industrial Average
Late Trading
609.40
-3.69
189.21
56.09
3.047
1274.60
-1.18
-0.46
-0.050
-21.20
-0.60
616.58
532.01
-0.62 195.14
57.35
-0.81
3.93
-1.61
-1.64 1346.00
166.50
42.53
2.56
1127.80
% Chg
10.79
YTD
% chg
7.43
1.02 -1.71
4.41
18.11
3.29 -18.18
5.37 10.83
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B9
COMMODITIES
Futures Contracts
Open
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.0510
3.0885
3.0510
3.0905 0.0280
March'18 3.0950 3.1165
3.0730
3.1155 0.0245
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
1275.90 1275.90
1275.90 1274.60 –21.20
Dec
1294.10 1295.10
1274.10 1275.30 –21.20
Feb'18
1300.00 1300.00
1278.50 1279.70 –21.20
April
1302.00 1303.60
1282.90 1284.00 –21.20
June
1305.40 1306.70
1287.20 1288.30 –21.10
Dec
1318.90 1318.90
1301.20 1301.50 –21.10
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
990.45
998.25
982.75
986.10 –6.80
March'18 987.90 993.45
979.15
982.45 –6.35
June
981.55
982.90
981.55
975.45 –6.75
Platinum (NYM)-50 troy oz.; $ per troy oz.
Nov
928.20
928.20
926.40
920.40 –31.00
Jan'18
954.20
954.20
921.80
923.60 –31.00
Silver (CMX)-5,000 troy oz.; $ per troy oz.
Nov
...
...
...
16.827 –0.531
Dec
17.335
17.335
16.820
16.842 –0.531
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Dec
56.69
56.76
55.57
56.09 –0.46
Jan'18
56.80
56.93
55.75
56.42 –0.29
Feb
56.88
56.98
55.85
56.53 –0.28
March
56.93
57.00
55.90
56.60 –0.27
June
56.55
56.69
55.67
56.36 –0.29
Dec
54.84
54.87
53.91
54.54 –0.27
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
Dec
1.9467
1.9500
1.9056
1.9321 –.0145
Jan'18
1.9493
1.9522
1.9081
1.9343 –.0143
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec
1.7455
1.7479
1.7174
1.7438 –.0009
Jan'18
1.7480
1.7480
1.7148
1.7378 –.0064
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
3.070
3.089
3.026
3.047 –.050
Jan'18
3.165
3.179
3.125
3.140 –.051
Feb
3.161
3.176
3.124
3.141 –.049
March
3.123
3.138
3.088
3.107 –.045
April
2.941
2.957
2.929
2.948 –.013
May
2.929
2.941
2.915
2.933 –.010
Open
interest
286
115,692
10
268,091
212,772
23,469
22,192
11,468
20,346
14,711
411
4
70,601
3
97,984
29,051
587,805
190,458
300,909
234,318
263,048
67,932
126,648
73,663
178,201
74,121
326,218
109,951
180,135
126,335
96,909
Contract
High hilo
Low
Settle
Open
interest
Chg
Corn (CBT)-5,000 bu.; cents per bu.
Dec
342.50
345.25
341.50
345.00
March'18 354.50 357.00
353.25
356.50
Oats (CBT)-5,000 bu.; cents per bu.
Dec
256.25
256.75
251.25
255.00
March'18 270.50 272.00
267.50
271.00
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan
990.00
992.00
983.00
990.00
March
1000.75 1002.75
994.00 1001.25
Soybean Meal (CBT)-100 tons; $ per ton.
Dec
318.60
320.30
315.30
319.80
Jan'18
320.30
322.20
317.50
322.00
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
34.38
34.42
33.69
33.95
Jan'18
34.51
34.56
33.85
34.10
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Jan
1228.50 1238.00
1214.00 1237.50
March
1251.50 1266.50
1241.00 1266.00
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
427.75
428.00
419.25
422.00
March'18 443.00 443.75
436.00
438.50
Wheat (KC)-5,000 bu.; cents per bu.
Dec
422.00
422.50
414.25
416.00
March'18 439.00 439.75
431.75
433.75
Wheat (MPLS)-5,000 bu.; cents per bu.
Dec
636.50
636.50
625.75
626.25
March'18 650.00 651.00
639.25
639.75
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
Jan
151.000 151.850
149.300 149.550
March
149.375 150.200
147.775 148.050
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
118.500 118.800
116.775 117.100
Feb'18
124.275 124.500
122.650 123.025
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
60.825
62.425
60.775
62.025
Feb'18
67.300
68.950
66.975
68.475
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan
438.50
440.30
429.70
429.70
March
426.90
428.90
417.60
418.00
Nov
Dec
2.00 466,868
1.50 652,379
–2.00
–1.25
2,692
4,382
–.50 319,186
–.25 143,963
1.60 63,897
2.00 122,796
–.49 94,943
–.49 138,175
9.00
10.00
9,186
1,090
–5.25 134,999
–5.00 241,033
–6.00 64,714
–5.75 161,202
–8.75
–10.25
24,084
35,002
–2.175
–2.075
27,250
16,881
–1.750 56,209
–1.650 155,663
1.375
1.400
43,715
92,977
–10.00
–9.60
5,679
901
Monday, November 20, 2017
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Monday
Monday
17.1450
12749
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
0.9974
1.0405
1.0625
3.050
3.000
2.960
2.580
2.780
2.430
2.930
59.850
12.100
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
Correcting previous
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
Gold, per troy oz
1292.84
1389.80
1286.20
1427.68
*1283.85
*1284.35
1326.52
1339.28
1339.28
1545.87
1253.25
1339.28
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
Silver, troy oz.
17.1500
20.5800
16.9300
21.1630
£12.9400
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
Other metals
LBMA Platinum Price PM
*937.0
Platinum,Engelhard industrial
938.0
Platinum,Engelhard fabricated
1038.0
Palladium,Engelhard industrial
1005.0
Palladium,Engelhard fabricated
1105.0
Aluminum, LME, $ per metric ton
*2077.0
Copper,Comex spot
3.0905
Iron Ore, 62% Fe CFR China-s
62.3
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
621
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
Cotlook 'A' Index-t
Hides,hvy native steers piece fob-u
Wool,64s,staple,Terr del-u,w
0.6150
0.7010
*79.80
61.000
n.a.
Grains and Feeds
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
Corn gluten feed,Midwest-u,w
Corn gluten meal,Midwest-u,w
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w
Meat-bonemeal,50% pro Mnpls-u,w
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
Rice, Long Grain Milled, No. 2 AR-u,w
Sorghum,(Milo) No.2 Gulf-u
SoybeanMeal,Cent IL,rail,ton48%-u
n.a.
93
3.1900
93.1
483.9
225
95
213
2.8750
374.00
25.00
7.6338
316.30
Monday
9.3950
7.7625
4.3350
3.7850
5.2600
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
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
187.44
170.44
0.8580
2.2100
164.00
160.00
71.50
2381
1.2246
1.4219
1.5750
15.55
0.76
63.07
1.4208
0.8446
n.a.
170.88
Fats and Oils
34.8500
0.2500
n.a.
0.3308
0.2650
0.3400
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
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 11/17
Source: WSJ Market Data Group
November 20, 2017
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Week
Latest ago
Oct. index
level
Chg From (%)
Sept. '17 Oct. '16
U.S. consumer price index
246.663
253.638
All items
Core
–0.06
0.28
2.0
1.8
0.50
0.50
0.25
Treasury bill auction
Australia
1.50
1.50
1.50
1.50
4 weeks
13 weeks
26 weeks
Overnight repurchase
Latest
Prime rates
U.S.
Canada
Japan
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Policy Rates
Euro zone
Switzerland
0.00
0.50
0.00
0.50
0.00
0.50
1.19
1.18
1.38
0.15
0.00
0.50
—52-WEEK—
High Low
1.045 1.035 1.300 0.305
1.285 1.240 1.285 0.480
1.415 1.360 1.415 0.590
1.75
1.00
Federal funds
30 days
60 days
Effective rate 1.1700 1.1700 1.2000 0.3500
High
1.3125 1.3125 1.3125 0.5625
Low
1.0500 1.0500 1.1600 0.2500
Bid
1.1600 1.1600 1.1700 0.3000
Offer
1.1700 1.1700 1.1900 0.3200
3.466 3.494 3.865 3.253
3.486 3.521 3.899 3.281
Week
Latest
ago
52-Week
high
low
3.00
3.00
Call money
Data are annualized on a 360-day basis. Treasury yields are per annum,
on actively traded noninflation and inflation-indexed issues that are
adjusted to constant maturities. Data are from weekly Federal Reserve
release H.15.
90 days
Federal funds (effective)
1.16
1.16
0.40
Commercial paper
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
1.15
1.23
1.28
1.16
1.20
1.26
1.16
1.23
1.28
0.41
0.55
0.64
1.19
1.25
1.31
1.19
1.24
1.30
1.19
1.25
1.31
0.46
0.60
0.72
Discount window primary credit
1.75
1.75
1.75
1.00
n.a.
n.a.
Conventional mortgages
n.a.
n.a.
Treasury yields at constant
maturities
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
1.07
1.26
1.40
1.57
1.70
1.82
2.06
2.24
2.37
2.62
1.05
1.22
1.34
1.52
1.64
1.76
2.01
2.20
2.34
2.59
52-Week
High
Low
Treasury yields (secondary market)
1.16
1.07
1.26
1.40
1.57
1.70
1.82
2.08
2.37
2.55
2.91
0.30
0.48
0.60
0.77
1.03
1.30
1.65
1.90
2.07
2.43
1-month
3-month
6-month
1.05
1.24
1.37
1.03
1.20
1.32
1.05
1.24
1.37
0.29
0.47
0.59
0.28
0.43
0.51
0.73
0.76
0.23
0.38
0.47
0.71
0.74
0.31
0.49
0.63
0.97
0.97
-0.02
0.20
0.28
0.60
0.65
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
TIPS
5-year
7-year
10-year
20-year
Long-term avg
Interest rate swaps
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
Corporate bonds, Moody's seasoned
Aaa
Baa
n.a.
n.a.
n.a.
n.a.
Chg
Open
interest
Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Dec
March'18
.8926
.8978
.8949
.8992
.8881
.8930
.8885 –.0044 266,047
.8933 –.0043
4,669
Dec
March'18
.7833
.7839
.7843
.7847
.7801
.7811
.7809 –.0028 135,640
.7818 –.0028
3,553
Dec
March'18
1.3226
1.3253
1.3290
1.3329
1.3196
1.3240
1.3247
1.3290
Dec
March'18
1.0120
1.0208
1.0140
1.0212
1.0080
1.0157
1.0085 –.0049
1.0159 –.0048
.7555
.7551
.7551
.7551
.7541
.7572
.7563
.7569
.7565
.7541
.7541
.7544
.7546
.7539
.7541
Canadian Dollar (CME)-CAD 100,000; $ per CAD
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
.0019 168,504
.0019
3,630
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
.7544
.7542
.7541
.7540
.7538
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05256
.05259
Dec
March'18 .05155 .05160
Euro (CME)-€125,000; $ per €
1.1787
1.1827
Dec
March'18 1.1854 1.1895
82,841
300
–.0020 128,157
–.0020
630
–.0020
583
–.0020
1,280
–.0020
264
.05222
.05145
.05239 –.00019 181,568
.05160 –.00019
809
1.1740
1.1812
1.1750 –.0066 457,904
1.1820 –.0065
7,195
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
Dec
March'18
23318
23326
23427
23418
23241
23236
S&P 500 Index (CME)-$250 x index
23395
23389
Dec
2574.40 2583.10
2567.80 2582.10
March'18 2579.50 2583.60
2578.60 2583.00
Mini S&P 500 (CME)-$50 x index
2576.00 2584.00
2567.75 2582.00
Dec
March'18 2577.00 2584.75
2568.75 2583.00
Mini S&P Midcap 400 (CME)-$100 x index
1838.50 1848.70 s
1833.40 1847.10
Dec
Mini Nasdaq 100 (CME)-$20 x index
Dec
6312.0
6329.3
6291.3
6316.0
March'18 6332.3 6346.3
6308.0
6332.0
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1492.90 1504.40
1486.30 1504.00
March'18 1504.00 1505.00
1504.00 1505.50
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1431.10 1432.90
1430.20 1432.90
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
93.73
94.02
93.49
94.00
March'18
93.41
93.69
93.18
93.68
79 152,299
82
2,518
5.80
5.90
65,885
5,180
5.75 3,205,145
6.00 96,272
6.90
93,314
2.8 288,828
2.5
2,377
11.10
11.60
67,326
139
3.80
298
.42
.42
38,327
2,732
Source: SIX Financial Information
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
3.1
YTD total
return (%)
Yield (%)
Latest Low High
Index
Mortgage-Backed Bloomberg Barclays
Broad Market Bloomberg Barclays
1938.49
Total
return
close
2.680 2.380 2.790
U.S. Aggregate
U.S. Corporate Indexes Bloomberg Barclays
1984.20
2.2
Mortgage-Backed
1951.15
1.7
Ginnie Mae (GNMA) 2.840 2.630 3.090
2.890 2.660 3.120
3.270 3.030 3.520
1163.73
2.4
Fannie mae (FNMA) 2.900 2.670 3.120
2612.25
3.6 Intermediate
2.860 2.530 3.010
1792.03
2.5
Freddie Mac (FHLMC) 2.910 2.680 3.130
3848.06
9.5 Long term
4.150 4.100 4.710
521.27
4.5 Muni Master
2.056 1.736 2.516
565.89
3.9 Double-A-rated
2.760 2.470 2.870
364.61
5.0 7-12 year
2.045 1.744 2.618
3.560 3.340 3.870
409.83
6.2
12-22 year
2.456 2.213 3.047
396.49
6.8
22-plus year
2.863 2.770 3.622
2773.08
5.4
U.S. Corporate
6.0
715.55
Triple-B-rated
High Yield Bonds Merrill Lynch
6.7
414.80
7.8
414.53
High Yield Constrained 5.819 5.373 6.649
Global Government J.P. Morgan†
Triple-C-rated
10.842 9.584 12.812
544.46
1.4
Global Government 1.420 1.300 1.560
High Yield 100
5.584 4.948 6.220
755.64
0.3
Canada
2.040 1.570 2.190
377.06
7.1
Global High Yield Constrained 5.274 4.934 6.300
372.80
1.0
EMU§
1.039 0.933 1.363
306.04
6.6
Europe High Yield Constrained 2.299 1.897 3.814
715.26
1.2
France
0.770 0.710 1.210
Germany
0.430 0.210 0.620
Japan
0.390 0.270 0.460
Netherlands
0.540 0.360 0.760
U.K.
1.580 1.340 1.790
6.0
2843.70
510.07
U.S Agency Bloomberg Barclays
1637.81
2.0
U.S Agency
2.090 1.660 2.090
288.48
1463.51
1.2
10-20 years
1.950 1.460 1.950
563.55
20-plus years
2.930 2.730 3.460
921.81
2.920 2.610 3.090
799.98
7.8
3370.32
4.6 Yankee
2453.52
-0.9
0.1
-0.5
0.9
8.2
Emerging Markets ** 5.596 5.279 6.290
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
** EMBI Global Index
† In local currency § Euro-zone bonds
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
n.a.
n.a.
n.a.
n.a.
One month
Three month
Six month
One year
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.35
1.35
Notes on data:
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only;
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first
mortgages
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, www.federalreserve.gov/releases/h15/data.htm
1.721
2.344
1.572
2.385
1.072
2.357
1.780 t
2.554 t
l
1.787
1.949
1.747
2.1
6.5
l
2.584
2.789
2.725
18.5
24.0
36.8
France 2 -0.592 s
10 0.702 t
l
-0.595
-0.523
-231.6
-167.3
l
0.713
0.736
-163.1
-159.8
Germany 2 -0.716 t
10 0.364 s
l
-0.711
-0.717
l
0.362
0.455
Italy 2 -0.274 t
10 1.816 t
l
-0.266
-0.147
0.051
l
1.835
2.046
2.086
Japan 2 -0.195 t
10 0.036 t
l
-0.193
-0.138
-0.171
l
0.037
0.073
Spain 2 -0.362 t
10 1.517 t
l
-0.362
-0.278
-0.137
-212.0
l
1.551
1.662
1.572
-85.2
0.497 s
1.296 t
l
0.483
0.444
0.202
l
1.298
1.331
1.338
Australia 2
10
0.750
0.100
0.100
1.29418
1.44594
1.63489
1.90844
-0.401
-0.379
-0.312
-0.238
-0.372
-0.329
-0.274
-0.187
Latest
1.750
U.K. 2
4.250
10
1.25028
1.41586
1.61618
1.88428
1.29418
1.44594
1.63489
1.90844
0.56778
0.91983
1.27433
1.62289
-0.399
-0.378
-0.314
-0.247
-0.376
-0.325
-0.218
-0.080
-0.405
-0.381
-0.322
-0.251
-0.371
-0.329
-0.275
-0.191
Value
Traded
-0.366
-0.312
-0.216
-0.076
-0.375
-0.332
-0.276
-0.192
52-Week
High
Low
1.183 36.300 1.366 0.244
1.216 111.402 1.506 0.257
Open Implied
Settle Change Interest Rate
Treasury Nov
Treasury Dec
Treasury Jan
-0.601 -235.1
0.759
-166.8
67.5
-243.2
-173.4
-198.3
-208.1
-203.2
-198.7
-102.1
-55.3
-51.0
-27.1
-195.4
-191.4
-124.2
-230.7
-231.9
-208.3
-120.9
-79.3
-78.5
-0.662 -247.5
0.275 -200.5
0.037 -233.3
-126.2
-107.3
-123.9
-87.0
-104.7
-101.9
in that same company’s share price.
Issuer
Symbol Coupon (%)
Teva Pharmaceutical Finance Netherlands Iii
Royal Bank of Scotland
Bank of New York Mellon
E.I. du Pont de Nemours And Co
TEVA
Citigroup
Qualcomm
Santander Issuances Sau
American Express
C
RBS
BK
DD
QCOM
SANTAN
AXP
Maturity
98.790 -0.005 8537 1.210
98.660 0.010 1974 1.340
98.555 0.005 458 1.445
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
is effective June 15, 2017. DTCC GCF Repo Index
is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable
CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as
of 5:30 p.m. ET. Futures on the DTCC GCF Repo
Index are traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon
Information, Ltd.
Current
Spread*, in basis points
One-day change
Last week
Stock Performance
Close ($)
% chg
2.200 July 21, ’21
8.625 Aug. 15, ’49
4.625 Sept. 20, ’49
2.200
May 1, ’20
285 –23
212
–16
141
–15
25 –14
340
232
142
39
…
7.36
52.52
...
…
0.14
0.10
...
5.875 March 27, ’49
2.600 Jan. 30, ’23
5.179 Nov. 19, ’25
2.200 March 3, ’20
107 –13
104 –10
–9
171
–8
33
106
108
172
n.a.
72.05
66.47
...
93.95
1.01
–0.37
...
0.28
90
n.a.
395
166
309.46
102.75
5.66
...
–1.44
–0.67
–1.74
...
28
n.a.
n.a.
...
1126.31
66.47
...
–0.32
–0.37
…And spreads that widened the most
Biogen
Walt Disney
CBL & Associates
Bnp Paribas
BIIB
BP Capital Markets
Amazon.com
Qualcomm
BPLN
DIS
CBL
BNP
AMZN
QCOM
4.050 Sept. 15, ’25
2.550 Feb. 15, ’22
5.250
Dec. 1, ’23
6.750 March 14, ’49
2.315
1.900
2.250
Feb. 13, ’20
Aug. 21, ’20
May 20, ’20
89
38
402
192
20
16
15
11
8
6
6
26
29
79
High-yield issues with the biggest price increases…
DTCC GCF Repo Index
Treasury
MBS
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
l
2.750
0.000
Year ago
U.S. 2 1.759 s
10 2.369 s
2.750
0.000
Month ago
l
Investment-grade spreads that tightened the most…
DTCC GCF Repo Index Futures
Eurodollars
1.500
2.250
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
0.67
Euro interbank offered rate (Euribor)
One month
Three month
Six month
One year
Country/
Coupon (%) Maturity, in years
Corporate Debt
Euro Libor
One month
Three month
Six month
One year
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
2.25
Libor
State and local bonds
1 month
3 month
6 month
4,342
4,320
Settle
Source: Tullett Prebon
Commercial paper (AA financial)
Week Ended
Nov 17 Nov 10
.04
.13
Contract
High hilo
Low
Open
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
1.450
Key Interest Rates
52-Week
High
Low
16.83
15.40
154-010 154-140
153-190 153-210
–4.0 748,630
Dec
March'18 152-290 153-100
152-160 152-170
–4.0 60,533
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
124-310 125-045
124-220 124-220
–7.0 3,282,603
Dec
March'18 124-230 124-280
124-135 124-135
–6.5 196,713
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
116-312 117-015
116-245 116-245
–5.5 3,188,291
Dec
March'18 116-247 116-275
116-182 116-185
–5.2 189,072
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-155 107-162
107-137 107-137
–1.5 1,768,384
Dec
March'18 107-105 107-110
107-080 107-082
–2.0 160,706
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.843
98.845
98.843
98.843
… 206,345
Nov
Jan'18
98.610
98.610
t 98.605
98.610
… 341,998
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec
101.125 101.125
100.766 100.766 –.219 28,064
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
98.5400 98.5425
t 98.5375 98.5400
…
2,264
Jan'18
98.5200 98.5200
t 98.5200 98.5225 –.0025
1,054
Eurodollar (CME)-$1,000,000; pts of 100%
Dec
98.4575 98.4625
98.4500 98.4500 –.0075 1,632,388
March'18 98.3000 98.3050
98.2700 98.2750 –.0200 1,403,777
June
98.1650 98.1700
98.1300 98.1350 –.0250 1,266,341
Dec
98.0100 98.0250
97.9650 97.9700 –.0400 1,631,076
2.750
Other short-term rates
3.00
Week Ended
Nov 17 Nov 10
16.78
15.25
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
2.050
30-year mortgage yields
1.75
16.83
15.44
Open
interest
Interest Rate Futures
0.050
Fannie Mae
Discount
1.75
16.79
15.25
Chg
Cocoa (ICE-US)-10 metric tons; $ per ton.
2,105
2,105
2,066
2,084
–42
473
Dec
March'18
2,120
2,121
2,081
2,089
–42 137,469
Coffee (ICE-US)-37,500 lbs.; cents per lb.
122.50
123.70
121.15
122.90
–.90 10,974
Dec
March'18 126.90 127.20
124.85
125.75 –1.50 120,438
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
15.30
15.30
14.92
14.98
–.39 400,124
March
May
15.29
15.29
14.92
14.99
–.34 137,117
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
27.32
27.32
27.32
27.32
–.01
2,794
March
Cotton (ICE-US)-50,000 lbs.; cents per lb.
69.80
71.50
69.79
71.37
1.59 12,492
Dec
March'18
69.42
70.92
69.41
70.85
1.50 148,077
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
…
… s
…
166.80
…
Dec
Jan'18
166.15
167.70
166.10
167.30
.50
7,522
0.500
Secondary market
U.S. government rates
52-Week
High
Low
Week
Latest ago
0.50
International rates
Week
ago
—52-WEEK—
High Low
Britain
U.S.
Settle
Global Government Bonds: Mapping Yields
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
Inflation
Contract
High hilo
Low
Open
Milk (CME)-200,000 lbs., cents per lb.
Agriculture Futures
Cash Prices | WSJ.com/commodities
Energy
WSJ.com/commodities
Bond Price as % of face value
Current
One-day change
Issuer
Symbol
Coupon (%)
Real Alloy Holding
FGI Operating
Bristow
Altice Financing S.A.
SGGH
10.000
7.875
6.250
7.500
Jan. 15, ’19
May 1, ’20
Oct. 15, ’22
May 15, ’26
63.000
18.500
82.000
107.250
Bombardier
SFR S.A.
Enova International
Time
BBDBCN
4.750
7.375
9.750
7.500
April 15, ’19
May 1, ’26
June 1, ’21
Oct. 15, ’25
103.500
103.770
106.750
107.750
GUN
BRS
ALTICE
SFRFP
ENVA
TIME
Maturity
Last week
Stock Performance
Close ($)
% chg
1.50
1.38
n.a.
n.a.
81.500
106.220
...
...
14.62
...
...
...
2.17
...
1.29
1.27
1.25
1.25
101.650
104.594
106.750
100.875
...
...
14.60
16.55
...
...
1.74
0.91
66.500
79.250
n.a.
n.a.
…
...
…
...
101.001
102.250
n.a.
88.500
3.35
...
...
…
4.50
9.00
…And with the biggest price decreases
Chs/Community Health Systems
EP Energy
Seagate HDD Cayman
Real Alloy Holding
CYH
Weatherford International
Bombardier
Talen Energy Supply
Noble Holding International
WFT
EPENEG
STX
SGGH
BBDBCN
TLN
NE
6.875
9.375
5.750
10.000
Feb. 1, ’22
May 1, ’20
Dec. 1, ’34
Jan. 15, ’19
59.250
75.938
94.900
63.500
8.250 June 15, ’23
7.500 March 15, ’25
10.500 Jan. 15, ’26
7.750 Jan. 15, ’24
99.750
100.625
99.250
86.500
–3.25
–2.13
–1.85
–1.50
–1.30
–1.00
–0.88
–0.80
…
...
…
...
–2.05
...
...
…
*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 | Tuesday, November 21, 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.
Monday, November 20, 2017
Stock
Net
Sym Close Chg
NYSE
ABB
ABB 25.38
AES
AES 10.60
Aflac
AFL 84.68
AT&T
T
34.64
AbbottLabs ABT 55.29
AbbVie
ABBV 93.60
Accenture ACN 146.57
AcuityBrands AYI 162.18
Adient
ADNT 78.07
AdvanceAuto AAP 91.43
AdvSemiEngg ASX 6.21
Aegon
AEG 5.99
AerCap
AER 50.87
Aetna
AET 174.94
AffiliatedMgrs AMG 186.68
s AgilentTechs A
69.96
AgnicoEagle AEM 43.99
Agrium
AGU 106.76
AirProducts APD 161.57
AlaskaAir ALK 66.10
Albemarle ALB 135.40
Alcoa
AA 42.21
AlexandriaRlEst ARE 126.25
Alibaba
BABA 188.00
Alleghany Y
560.42
Allegion
ALLE 83.24
Allergan
AGN 171.12
AllianceData ADS 224.67
AlliantEnergy LNT 44.26
Allstate
ALL 100.32
AllyFinancial ALLY 26.65
AlticeUSA ATUS 20.48
Altria
MO 65.83
AlumofChina ACH 16.42
Ambev
ABEV 6.27
Ameren
AEE 63.16
AmericaMovil AMX 17.04
AmericaMovil A AMOV 16.95
AmCampus ACC 41.91
AEP
AEP 76.44
AmerExpress AXP 93.95
AmericanFin AFG 102.54
AmerHomes4Rent AMH 21.65
AIG
AIG 59.69
AmerTowerREIT AMT 146.22
AmerWaterWorks AWK 88.38
Ameriprise AMP 160.65
AmerisourceBrgn ABC 77.46
s Ametek
AME 70.66
s Amphenol APH 89.88
AnadarkoPetrol APC 48.31
Andeavor ANDV 105.11
AndeavorLog ANDX 44.75
AB InBev BUD 115.53
AnnalyCap NLY 11.73
AnteroResources AR 18.82
Anthem
ANTM 219.50
Aon
AON 142.05
Apache
APA 41.07
ApartmtInv AIV 44.25
ApolloGlbMgmt APO 29.92
AquaAmerica WTR 36.23
Aramark
ARMK 41.17
ArcelorMittal MT 28.30
ArcherDaniels ADM 39.20
Arconic
ARNC 23.89
s AristaNetworks ANET 241.83
ArrowElec ARW 78.55
AstraZeneca AZN 33.38
Athene
ATH 49.08
AtmosEnergy ATO 89.11
Autohome ATHM 60.35
Autoliv
ALV 123.05
AutoZone AZO 634.65
Avalonbay AVB 183.94
Avangrid
AGR 51.35
s AveryDennison AVY 110.70
AxaltaCoating AXTA 33.54
BB&T
BBT 46.98
BCE
BCE 48.25
BHPBilliton BHP 41.12
0.15
-0.01
0.83
0.13
-0.27
-0.01
1.12
0.36
1.88
2.16
...
-0.07
0.39
1.74
0.59
1.17
-0.61
-0.10
-0.01
...
-0.03
-1.19
0.04
2.87
-6.18
0.59
-3.76
0.32
-0.14
0.15
-0.02
0.62
-0.59
-0.71
0.03
-0.14
-0.21
-0.01
0.02
0.06
0.26
0.59
0.20
-0.37
0.35
-0.64
2.37
-1.38
0.40
0.36
0.16
-0.23
0.25
0.54
0.24
-1.10
-1.33
0.87
-0.11
0.06
1.03
-0.14
0.35
0.30
-0.22
0.04
8.01
0.92
-0.08
-0.16
-0.22
-0.65
1.86
5.22
-0.43
-0.09
2.41
0.22
0.16
-0.13
-0.26
Stock
Net
Sym Close Chg
BHPBilliton BBL 36.22 0.05
BP
BP 39.00 -0.09
BRF
BRFS 13.12 0.11
BT Group BT 16.48 0.09
BWX Tech BWXT 60.11 0.19
BakerHughes BHGE 30.44 -0.47
Ball
BLL 39.74 -0.24
BancoBilbaoViz BBVA 8.36 -0.17
BancodeChile BCH 84.18 -5.82
BancoMacro BMA 99.01 -4.35
BcoSantChile BSAC 28.67 -2.06
BancoSantander SAN 6.42 -0.03
BanColombia CIB 38.85 0.14
BankofAmerica BAC 26.74 0.12
BankofMontreal BMO 77.33 -0.23
BankNY Mellon BK 52.52 0.05
s BkNovaScotia BNS 66.28 0.02
Barclays
BCS 9.97 0.21
Bard CR
BCR 333.29 -0.27
BarrickGold ABX 13.90 -0.17
BaxterIntl BAX 63.88
...
BectonDicknsn BDX 221.50 1.19
Berkley
WRB 66.94 -0.10
BerkHathwy A BRK.A 272005595.00
BerkHathwy B BRK.B 181.63 0.57
BerryGlobal BERY 59.45 -0.16
BestBuy
BBY 56.35 0.52
Bio-RadLab A BIO 255.29 -0.20
BlackKnight BKI 45.80 0.30
BlackBerry BB 10.24 -0.06
BlackRock BLK 474.77 0.78
Blackstone BX 31.83 0.05
Boeing
BA 264.63 2.37
BorgWarner BWA 52.35 0.41
BostonProps BXP 124.57 -0.47
BostonSci BSX 28.35 0.09
Braskem
BAK 29.05 0.16
Bristol-Myers BMY 60.80 -0.52
BritishAmTob BTI 66.13 -0.05
BrixmorProp BRX 18.56 -0.06
BroadridgeFinl BR 89.82 0.57
BrookfieldMgt BAM 41.34 -0.07
BrookfieldInfr BIP 43.28 -0.66
Brown&Brown BRO 50.27 0.39
Brown-Forman A BF.A 59.31 0.80
Brown-Forman B BF.B 58.85 0.30
t BuckeyePtrs BPL 47.41 -0.15
Bunge
BG 65.30 -0.20
s BurlingtonStrs BURL 106.55 1.82
CBD Pao
CBD 22.46 0.02
CBRE Group CBG 42.80 0.02
CBS A
CBS.A 57.80 0.06
CBS B
CBS 55.93 -0.81
CF Industries CF 35.78 0.30
CGI Group GIB 53.11 -0.35
CIT Group CIT 48.63 0.86
CMS Energy CMS 49.41 -0.18
CNA Fin
CNA 53.57 -0.04
CNOOC
CEO 134.48 -0.81
CPFLEnergia CPL 16.90 0.01
CRH
CRH 36.23 0.61
CVS Health CVS 70.38 -0.30
CabotOil
COG 29.01 -0.38
CalAtlantic CAA 52.53 0.22
CamdenProperty CPT 93.00 -0.08
CampbellSoup CPB 49.93 0.21
CIBC
CM 89.84 -0.32
CanNtlRlwy CNI 79.50 -0.27
CanNaturalRes CNQ 33.98 -0.89
CanPacRlwy CP 167.63 -1.01
Canon
CAJ 38.35 0.07
CapitalOne COF 88.27 0.44
t CardinalHealth CAH 55.00 -2.51
Carlisle
CSL 109.86 1.03
CarMax
KMX 69.62 0.17
Carnival
CCL 66.13 -0.09
Carnival
CUK 66.46 -0.04
Caterpillar CAT 136.91 0.78
Celanese A CE 105.76 1.07
Cemex
CX
7.79 -0.06
CenovusEnergy CVE 9.76 -0.40
Centene
CNC 93.78 -1.36
CenterPointEner CNP 29.12 0.12
CentraisElBras EBR 6.30 0.08
CenturyLink CTL 14.80
...
Stock
Net
Sym Close Chg
Chemours CC 51.93
Chevron
CVX 114.72
ChinaEastrnAir CEA 27.79
ChinaLifeIns LFC 17.12
ChinaMobile CHL 50.23
ChinaPetrol SNP 70.00
ChinaSoAirlines ZNH 43.33
ChinaTelecom CHA 49.14
ChinaUnicom CHU 14.89
Chipotle
CMG 283.25
Chubb
CB 149.00
ChunghwaTel CHT 33.94
Church&Dwight CHD 44.68
Cigna
CI 199.41
CimarexEnergy XEC 115.28
Citigroup
C
72.05
CitizensFin CFG 38.25
Clorox
CLX 134.59
Coca-Cola KO 45.46
Coca-Cola Euro CCE 38.42
Coca-Cola Femsa KOF 67.09
ColgatePalm CL 72.07
ColonyNorthStar CLNS 12.16
Comerica
CMA 79.80
SABESP
SBS 9.73
ConagraBrands CAG 35.77
ConchoRscs CXO 139.03
ConocoPhillips COP 50.08
ConEd
ED 86.00
ConstBrands A STZ 217.58
ContinentalRscs CLR 45.25
Cooper
COO 239.94
Corning
GLW 31.73
Coty
COTY 17.10
Credicorp
BAP 209.96
CreditSuisse CS 16.12
CrownCastle CCI 110.48
CrownHoldings CCK 58.93
Cullen/Frost CFR 95.81
Cummins
CMI 159.80
DCT Industrial DCT 60.22
DTE Energy DTE 112.23
DXC Tech DXC 97.91
Danaher
DHR 93.68
Darden
DRI 82.29
DaVita
DVA 54.76
s Deere
DE 136.92
DellTechs DVMT 81.26
DelphiAuto DLPH 102.14
DeltaAir
DAL 49.79
DeutscheBank DB 19.17
DevonEnergy DVN 37.41
s Diageo
DEO 137.16
DigitalRealty DLR 117.41
DiscoverFinSvcs DFS 65.82
Disney
DIS 102.75
s DolbyLab
DLB 61.87
s DollarGeneral DG 86.94
DominionEner D
81.15
Domino's
DPZ 177.77
Donaldson DCI 47.33
DouglasEmmett DEI 40.66
Dover
DOV 94.64
DowDuPont DWDP 70.85
DrPepperSnap DPS 87.23
DrReddy'sLab RDY 35.28
DukeEnergy DUK 88.66
DukeRealty DRE 28.91
ENI
E
32.33
EOG Rscs EOG 101.44
EQT
EQT 59.33
EastmanChem EMN 90.05
Eaton
ETN 75.69
s EatonVance EV 52.27
Ecolab
ECL 132.13
Ecopetrol
EC 11.50
EdisonInt
EIX 80.43
EdwardsLife EW 107.16
EmersonElec EMR 60.26
t EnbridgeEnPtrs EEP 13.27
Enbridge
ENB 35.87
Encana
ECA 11.63
EnelAmericas ENIA 9.89
EnelChile
ENIC 5.47
EnelGenChile EOCC 25.40
-0.57
0.01
0.12
-0.11
0.07
-0.65
1.23
-0.49
-0.02
-6.59
0.37
-0.08
-0.07
1.44
-1.29
0.72
0.08
1.08
-0.25
0.24
-0.49
0.18
-0.05
0.67
0.27
0.06
0.38
-0.05
-0.53
1.29
-0.67
1.29
0.10
0.05
1.34
0.02
0.46
0.32
0.43
0.39
0.04
-0.69
1.01
0.38
-0.52
-0.15
1.15
-0.23
3.44
-0.03
0.04
-1.27
1.06
-0.70
0.76
-0.69
0.38
1.44
-0.17
-0.88
0.42
0.15
0.42
0.11
-0.03
-0.63
0.14
0.07
-0.22
-0.20
0.30
0.31
0.05
0.48
0.68
-0.15
-0.46
0.07
0.41
-0.54
0.71
-0.22
-0.37
-0.23
-1.06
New Highs and Lows | WSJ.com/newhighs
Stock
Net
Sym Close Chg
EnergyTransferEq ETE 16.18
EnergyTransfer ETP 16.71
Entergy
ETR 85.65
EnterpriseProd EPD 24.56
Equifax
EFX 110.91
EquityLife ELS 89.27
EquityResdntl EQR 67.92
EssexProp ESS 250.21
EsteeLauder EL 125.18
EverestRe RE 223.84
EversourceEner ES 63.84
Exelon
EXC 41.35
s ExtraSpaceSt EXR 87.35
ExxonMobil XOM 80.55
FMC
FMC 92.67
s FactSet
FDS 196.34
FederalRealty FRT 131.24
FedEx
FDX 217.25
Ferrari
RACE 110.18
FiatChrysler FCAU 17.53
FibriaCelulose FBR 16.09
FidNatlFin FNF 39.70
FidNatlInfo FIS 91.97
s 58.com
WUBA 75.90
FirstAmerFin FAF 54.62
FirstData
FDC 16.62
FirstRepBank FRC 93.05
FirstEnergy FE 34.55
FleetCorTech FLT 178.73
Fluor
FLR 46.78
FomentoEconMex FMX 86.47
FordMotor F
12.13
ForestCIty A FCE.A 25.24
Fortis
FTS 37.09
Fortive
FTV 72.81
FortBrandsHome FBHS 64.87
Franco-Nevada FNV 84.02
FranklinRscs BEN 40.76
FreeportMcM FCX 13.95
FreseniusMed FMS 48.59
GGP
GGP 23.43
s Gallagher
AJG 66.01
Gap
GPS 29.93
s GardnerDenver GDI 30.57
Gartner
IT 116.62
Gazit-Globe GZT 9.71
GeneralDynamics GD 198.74
GeneralElec GE 17.98
GeneralMills GIS 54.24
GeneralMotors GM 44.88
Genpact
G
31.27
GenuineParts GPC 86.26
Gildan
GIL 31.16
GSK
GSK 35.12
GlobalPayments GPN 101.08
s GoDaddy
GDDY 50.18
Goldcorp
GG 13.28
GoldmanSachs GS 238.13
Graco
GGG 131.48
Grainger
GWW 199.62
GreatPlainsEner GXP 33.99
s GrubHub
GRUB 65.03
GpoAvalAcc AVAL 8.48
GpFinSantMex BSMX 8.11
t GrupoTelevisa TV 18.59
Guidewire GWRE 81.88
HCA Healthcare HCA 74.61
HCP
HCP 26.80
HDFC Bank HDB 96.52
HP
HPQ 22.12
HSBC
HSBC 48.34
Halliburton HAL 41.57
Hanesbrands HBI 19.75
HarleyDavidson HOG 46.76
s Harris
HRS 141.92
HartfordFinl HIG 55.85
HealthcareAmer HTA 30.43
Heico
HEI 91.68
Heico A
HEI.A 76.45
Helm&Payne HP 55.55
Herbalife
HLF 66.11
Hershey
HSY 110.10
Hess
HES 43.56
HewlettPackard HPE 14.09
s Hilton
HLT 74.31
s HollyFrontier HFC 44.30
s HomeDepot HD 170.45
HondaMotor HMC 32.92
s Honeywell HON 147.94
HormelFoods HRL 33.40
s DR Horton DHI 48.20
HostHotels HST 19.70
HuanengPower HNP 27.00
Hubbell
HUBB 120.45
Humana
HUM 233.48
HuntingIngalls HII 234.35
Huntsman HUN 30.72
HyattHotels H
69.97
ICICI Bank IBN 9.62
ING Groep ING 17.86
Invesco
IVZ 35.46
IQVIA
IQV 103.90
IDEX
IEX 129.05
s IllinoisToolWks ITW 158.85
Infosys
INFY 15.08
Ingersoll-Rand IR
84.73
s Ingredion
INGR 134.37
ICE
ICE 68.08
Stock
37.43
39.47
11.56
11.29
14.73
27.33
19.91
8.68
50.15
50.08
-0.7
-0.3
-0.4
-1.2
-0.4
-2.2
-0.5
-0.3
-0.1
-0.1
NYSE American highs - 4
86.03
12.80
7.11
8.25
5.8
6.3
6.2
3.4
NYSE American lows - 6
0.20 -15.9
2.55 -3.7
0.75 -3.4
7.69 -7.8
0.36 -3.6
3.77 -1.8
Nasdaq highs - 176
NYSE lows - 37
NYSE Arca highs - 123
NYSE Arca lows - 16
10.75 12.1
200.00 0.7
3.36 144.1
30.49 5.5
258.61 0.6
12.96 1.9
72.53 1.3
24.95 2.5
49.40 -1.9
4.30 -1.2
93.99 2.9
25.04 0.2
25.56 0.2
14.77 3.8
38.25 7.0
9.25 1.1
128.28 -0.9
6.56 8.1
56.93 1.2
103.43 0.5
165.53 1.3
19.57 2.1
68.00 1.5
142.64 1.7
47.06 -0.9
100.00 1.4
47.25 2.5
14.00 3.9
84.41 10.8
119.29 2.4
1.21 5.4
130.95 2.9
62.15 2.6
123.77 ...
26.99 -0.1
142.70 1.0
315.18 1.0
17.96 2.7
61.75 0.9
67.98 2.1
11.38 -3.0
12.18 -4.2
307.52 0.6
13.96 7.2
30.30 1.2
10.24 1.8
1.90 1.7
97.24 2.6
30.15 1.5
25.44 5.8
24.34 0.9
267.93 0.1
30.17 0.4
51.11 0.4
45.16 0.7
34.95 0.5
56.80 0.2
60.49 0.4
21.04 0.1
64.17 0.6
38.75 1.0
21.07 0.4
34.99 0.7
64.46 0.5
50.30 0.1
32.14 1.2
28.59 0.4
20.10 0.6
28.66 1.0
32.15 0.2
46.20 1.4
3.71 7.0
61.80 0.1
22.07 0.7
16.56 3.2
20.31 0.1
18.90 0.3
34.17 0.8
15.05 0.5
43.95 1.9
20.00 1.4
49.35 2.7
242.65 1.4
55.69 1.4
24.75 1.6
1.50 8.3
158.90 0.8
56.24 1.8
67.02 0.6
77.18 0.5
68.51 1.2
73.63 0.5
179.47 1.2
147.66 1.4
Net
Sym Close Chg
InterContinentl IHG 57.10 0.55
IBM
IBM 150.51 1.54
IntlFlavors IFF 149.94 1.19
IntlGameTech IGT 28.50 -0.04
IntlPaper
IP
54.15 -0.06
Interpublic IPG 18.91 -0.14
InvitatHomes INVH 22.82
...
IronMountain IRM 40.92 0.15
IsraelChemicals ICL
3.92 -0.02
ItauUnibanco ITUB 13.17 0.13
JPMorganChase JPM 99.01 0.87
JacobsEngg JEC 59.34 0.71
JamesHardie JHX 16.10 0.09
JanusHenderson JHG 36.02 -0.61
J&J
JNJ 137.93 -0.07
JohnsonControls JCI 36.06 -0.33
JonesLang JLL 150.50 -0.37
JuniperNetworks JNPR 26.97 0.67
KAR Auction KAR 47.95 0.25
KB Fin
KB 51.87 -0.13
KKR
KKR 19.50 -0.06
KT
KT 14.20 -0.11
KSCitySouthern KSU 103.79 1.12
Kellogg
K
65.56 0.20
KeyCorp
KEY 18.46 0.15
KeysightTechs KEYS 44.01 0.39
KilroyRealty KRC 74.41 0.28
KimberlyClark KMB 115.35 1.03
KimcoRealty KIM 18.99 -0.36
KinderMorgan KMI 17.06 0.05
Knight-Swift KNX 39.10 0.16
Kohl's
KSS 44.32 0.60
KoninklijkePhil PHG 38.70 -0.19
KoreaElcPwr KEP 16.93 -0.42
Kroger
KR 23.20 -0.21
Kyocera
KYO 70.77 -0.73
LATAMAirlines LTM 13.39 -1.09
L Brands
LB 50.06 -0.42
LG Display LPL 13.66 -0.08
LINE
LN 43.47 0.09
L3 Tech
LLL 189.22 4.83
LabCpAm LH 150.72 0.36
LambWeston LW 53.69 0.48
LasVegasSands LVS 67.08 0.58
Lazard
LAZ 47.11 1.01
Lear
LEA 176.84 1.96
Leggett&Platt LEG 46.34 -0.11
Leidos
LDOS 61.64 0.55
Lennar A
LEN 59.12 0.23
Lennar B
LEN.B 49.00 0.28
LennoxIntl LII 194.80 0.55
LeucadiaNatl LUK 25.62 0.49
LibertyProperty LPT 44.52 0.16
EliLilly
LLY 83.18 0.29
LincolnNational LNC 74.18 -0.10
LionsGate A LGF.A 32.35 -0.24
LionsGate B LGF.B 30.78 -0.18
LiveNationEnt LYV 43.97 -1.37
LloydsBanking LYG 3.55 -0.01
LockheedMartin LMT 314.65 4.95
Loews
L
49.35 0.13
Lowe's
LOW 81.46 0.16
LyondellBasell LYB 104.27 0.37
M&T Bank MTB 161.61 1.04
MGM Resorts MGM 33.18 0.18
MPLX
MPLX 35.01 0.54
s MSCI
MSCI 127.19 0.61
Macerich
MAC 63.42 -0.79
Macy's
M
20.80 0.45
t MagellanMid MMP 64.98 0.13
MagnaIntl MGA 53.92 0.38
s Manpower MAN 127.24 1.06
ManulifeFin MFC 20.90 -0.04
MarathonOil MRO 14.47 -0.58
MarathonPetrol MPC 61.94 -0.33
Markel
MKL 1083.21 14.21
Marsh&McLen MMC 82.93 0.58
MartinMarietta MLM 208.74 1.02
Masco
MAS 39.84 0.48
Mastercard MA 149.56 0.54
McCormick MKC 100.08 0.75
McCormickVtg MKC.V100.35 0.85
McDonalds MCD 166.93 0.21
McKesson MCK 138.24 -3.89
Medtronic MDT 78.90 -0.59
t Merck
MRK 54.10 -1.10
MetLife
MET 51.97 0.32
MettlerToledo MTD 631.92 1.00
s MichaelKors KORS 56.15 -0.14
s MicroFocus MFGP 35.73 0.29
MidAmApt MAA 102.78 0.42
MitsubishiUFJ MTU 6.58 -0.02
MizuhoFin MFG 3.53 0.01
MobileTeleSys MBT 10.48 -0.09
s MohawkInds MHK 276.74 4.54
MolsonCoors B TAP 79.20 -0.48
Monsanto MON 118.09 -0.24
s Moody's
MCO 148.31 1.90
MorganStanley MS 49.11 0.41
Mosaic
MOS 23.03 0.09
MotorolaSol MSI 92.33 1.38
NRG Energy NRG 29.32 -0.17
s NTTDoCoMo DCM 25.05 0.08
NVR
NVR 3317.31 58.84
NationalGrid NGG 58.81 -0.13
NatlOilwell NOV 31.72 -0.30
NatlRetailProp NNN 42.40 -0.14
NewOrientalEduc EDU 88.23 -1.06
52-Wk %
Sym Hi/Lo Chg Stock
ProShDecRetail EMTY
ProShLgOnline CLIX
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 ProShShtMC400 MYY
ProShShtMC400 SMDD
the latest session. % CHG-Daily percentage change from the previous trading session.
ProShrUSCnsmrGd SZK
ProShrUSCnsmrSvc SCC
Monday, November 20, 2017
ProShUltMC400 MZZ
52-Wk %
52-Wk %
52-Wk % ProShrUS MSCI EM EEV
Stock
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg SchwabSrtTRmUSTrsr SCHO
USAACoreST USTB
34.42 0.1
16.00 1.6 ETFMG PrimeMob IPAY
PGT Innovations PGTI
PSBusParksPfdW PSBpW 25.77 1.4 ETRACSMnly2xLevISE HOML 54.56 0.9
PVH
PVH 136.40 2.4 EthoClimateLeader ETHO 33.28 0.3
25.69 0.5 PaycomSoftware PAYC 83.67 1.8 FidelityMSCICnDisc FDIS
AT&T Nts 2066 TBB
37.19 0.1 Ashford
AINC
17.19 9.6 PennyMacFinS PFSI
Abercrombie&Fitch ANF
19.58 ... FidelityQualFactor FQAL 30.73 0.2 Servotronics
SVT
12.67 1.0 Prudential
AberdeenGrChinaFd GCH
39.75 0.5 StoneEnergyWt SGY.WS
50.08 -0.2 FT ConsDscAlpDx FXD
PUK
70.23 1.7 PulteGroup
AgilentTechs
A
32.80 0.6 FT DJ Internet FDN 108.46 0.5 TrioTech
PHM
TRT
AlamoGroup
ALG 115.04 1.5 PureStorage
40.10 -0.3
FNI
PSTG 17.63 0.9 FT Chindia
62.88 1.9 RELX
AlbanyIntl
AIN
53.09 0.8
RENX 22.93 1.1 FT TechAlphaDEX FXL
AlonUSAPartners ALDW 14.70 1.2 RELX
66.91 0.2
RELX 23.65 1.1 FT USEquityOpp FPX
27.59 6.9 RedHat
Alteryx
AYX
23.39 0.6 AmericanLorain ALN
RHT 127.08 0.8 FT ValueLine100 FVL
70.95 0.6 Regis
Ametek
AME
AMS
47.41 0.5 AmShrHosp
FIW
16.26 3.6 FT Water
RGS
90.12 0.4 ResoluteForest RFP
Amphenol
APH
AKG
9.40 1.1 FlexShQualDivDef QDEF 42.76 0.4 AsankoGold
AristaNetworks ANET 241.95 3.4 RingCentral
COHN
48.75 1.4 FrankFTSEBrazil FLBR 24.87 1.1 Cohen
RNG
55.15 6.8 RogersComm B RCI
ArmstrongWorld AWI
25.95 1.0 ComstockMining LODE
54.61 1.0 FrankFTSEChina FLCH
ArtisanPtrsAsset APAM 37.90 2.9 Rogers
18.27 1.0 NovaGoldRscs NG
ROG 161.21 0.7 GlbX ChinaConsumer CHIQ
71.02 -0.8 RymanHospitality RHP
AshlandGlobal ASH
35.36 0.4
68.16 1.1 GSActiveBetaEM GEM
AssurGrMunNt AGOpE 26.82 0.4 Salesforce.com CRM 109.00 -0.2 GuggChinaTech CQQQ 65.99 2.0
AveryDennison AVY 111.31 2.2 SantanderCons SC
45.83 0.3
17.17 4.6 GuggDefEqty DEF
AXT
AXTI
BP Midstream BPMP 18.91 1.0 SendGrid
97.68 0.2
SEND 20.81 11.8 GuggS&P500EW RSP
Abiomed
ABMD
BankofAmPfdCC BACpC 27.39 -0.1 SiteOneLandscape SITE
72.79 1.1 GuggS&P500EWTech RYT 145.11 0.6
AcastiPharma
ACST
BankofAmPfdEE BACpA 27.04 0.1 Square
46.06 2.3 GuggS&P500PureGr RPG 104.86 0.3
SQ
BankofAmPfdI BACpI 26.78 0.2 SteelPtrsPfdA SPLPpT 21.20 0.1 GuggS&P400PrGrwth RFG 150.94 0.3 AdamasPharm ADMS
AlignTech
ALGN
66.55 ... TE Connectivity TEL
BkNovaScotia BNS
61.54
0.3
GuggInsider
NFO
96.15 0.9
AllenaPharm
ALNA
BlackstoneMtg BXMT 32.49 0.5 TelecomArgentina TEO
34.85 0.9 HartfordMultiUSEqu ROUS 30.00 0.3
Altaba
AABA
23.06 2.8 Teleflex
Box
BOX
268.78 0.2 iShCoreMSCIEmgMk IEMG 56.83 0.5
TFX
AltairEngg
ALTR
30.48 1.4 Teradyne
BoydGaming
BYD
184.51 0.4
44.63 2.0 iShCoreS&P MC IJH
TER
AmerCarMart CRMT
BurlingtonStrs BURL 106.89 1.7 TorontoDomBk TD
57.80 ... iShEdgeMSCIMultif ACWF 30.33 0.4
AmeriServFin
ASRV
27.65 3.8 TriNet
CTS
CTS
TNET 44.21 1.8 iShEdgeMSCIMultUSA LRGF 31.33 0.4
AnalogDevices ADI
44.40 -0.1 TrueBlue
CalWtrSvc
CWT
81.55 0.1
28.85 1.2 iShEdgeMSCIUSASize SIZE
TBI
ArchCapitalPfdE ACGLP
CanadaGoose GOOS 27.38 1.6 TsakosEngyNavPfdE TNPpE 25.89 -0.3 iShMSCIBRICETF BKF
45.24 0.7
ArchCapGroupPfdF ACGLO
CapitalOnePfdH COFpH 26.93 0.7 TysonFoods
47.10 0.5
79.27 1.3 iShMSCIEmgMarkets EEM
TSN
Arsanis
ASNS
Carters
106.90 1.2
CRI
64.13 0.9
152.76 0.9 iShMSCIKokusaiETF TOK
UnitedRentals URI
AssemblyBiosci ASMB
21.87 0.8
ChinaFund
CHN
90.32 0.9
53.90 0.8 iShMSCIThailandCap THD
UnumGroup
UNM
AtlanticCoastFin ACFC
25.00 1.9
ChinaYuchai
CYD
72.17 1.6 iShMSCIUSAEqWeight EUSA 53.73 0.1
VF
VFC
Autodesk
ADSK
76.78 0.3
ChoiceHotels CHH
179.99 0.3
ValmontInds
VMI 166.15 0.6 iShMorningstarMC JKG
AvidTechnology AVID
45.87 1.8
Cohen&Steers CNS
VarianMed
VAR 110.23 0.2 iShMornMCGrowth JKH 198.81 0.3
BeaconRoof
BECN
Cooper-Standard CPS 121.05 2.3 Vishay
202.78
0.3
iShRussellMid-Cap
IWR
22.80 1.8
VSH
Blackbaud
BLKB
Copa
CPA 134.91 2.2
211.53 0.5
26.80 3.1 iShS&PMC400Growth IJK
VishayPrecision VPG
bluebirdbio
BLUE
17.19 1.3
Cott
COT
105.47 0.5
132.59 1.6 iShGlobalConsDiscr RXI
Visteon
VC
BuildersFirstSrc
BLDR
47.13 9.2
DaqoNewEnergy DQ
VMware
VMW 124.35 0.6 iShRussellMCGrowth IWP 118.08 0.5
CDK
137.82 0.8
Deere
DE
58.92 1.3 CDK Global
9.38 2.5 iShUSBrokerDealers IAI
Vonage
VG
CME
Group
CME
30.01 0.9
DelekUS
DK
JHMM 33.31 0.7
28.78 1.0 HancockMC
WarriorMetCoal HCC
CRA Intl
CRAI
Diageo
DEO 137.99 0.8
Waters
WAT 200.71 1.0 HancockMultiSC JHSC 25.28 0.6
CabotMicro
CCMP
62.15 0.6
DolbyLab
DLB
41.78
0.3
HancockTech
JHMT
72.35 0.3
WattsWater
WTS
Cal-MaineFoods
CALM
DollarGeneral DG
87.48 1.7
WellsFargoPfdN WFCpN 25.38 ... JPM DivRetUS Eq JPUS 69.36 0.2
CanterburyPark CPHC
5.83 11.9
DriveShack
DS
WellsFargoPfdW WFCpW 26.33 1.0 JPM US Moment JMOM 25.08 0.5
Cavium
CAVM
DriveShackPfdB DSpB 26.06 ...
WellsFargoPfdO WFCpO 25.30 -0.2 KraneEMCnsTech KEMQ 25.63 0.5
DriveShackPfdD DSpD 25.84 1.5
43.40 -2.5 CboeGlobalMkts CBOE
Winnebago
WGO 50.40 1.8 MSMktVectRupee INR
Charles&Colvard CTHR
52.63 0.9
EatonVance
EV
25.63
1.3
NationwideMaxDivUS
MXDU
76.58 2.5
XPO Logistics XPO
Children'sPlace PLCE
EntercomCommsWi ETMw 11.97 4.1
Zoetis
71.14 0.2 PIMCO DynMultUS MFUS 26.60 0.3
ZTS
25.05 ...
EntergyLA Bds66 ELC
46.54 2.0 ChinaInternet CIFS
PwrShDynNetwork PXQ
CMPR
85.95 3.6
EvercoreA
EVR
54.45 1.6 Cimpress
PwrShDynSemicon PSI
87.89 0.2
ExtraSpaceSt EXR
66.02 0.8 ClearBr AC Grw CACG
PwrShDynSoftware PSJ
CGNX
FactSet
FDS 197.72 0.1 AdvantageOil AAV
5.00 -3.8 PwrShS&PEM Mom EEMO 21.66 ... Cognex
COHR
58.com
WUBA 77.92 1.5 AllerganPfdA AGNpA 606.72 -2.0 PwrShRussMCGrw PXMG 41.57 0.8 Coherent
66.20 0.2 BellatrixExplor BXE
FirstCash
FCFS
2.04 -4.2 PwrShRuss1000EqWt EQAL 30.16 ... CollegiumPharm COLL
ColliersIntl
CIGI
20.15 2.3 BlkRk2022GlbIncm BGIO
Forestar
FOR
9.40 -1.0 ProShLgOnline CLIX
41.28 -0.3
FourCornersProp FCPT 26.41 -0.5 BlueApron
2.97 -1.0 ProShUltMSCIEM EET
APRN
91.18 0.8 ColumbiaSportswr COLM
40.10 0.9 BlueCapReins BCRH 11.80 ... ProShrUMdCp400 MVV 116.23 0.7 CommVehicle CVGI
GTT Comm
GTT
CORI
66.17 0.1 BuckeyePtrs
Gallagher
AJG
46.56 -0.3 ProShrUlSemi USD 134.43 2.5 CoriumIntl
BPL
CSGP
30.94 1.7 CBL AssocPfdD CBLpD 22.05 ... ProShUltMC400 UMDD 105.75 1.1 CoStar
GardnerDenver GDI
DAIO
GoDaddy
GDDY 50.38 1.3 CardinalHealth CAH
54.66 -4.4 RenaissanceIPOETF IPO
28.46 0.8 DataIO
DSGX
GrubHub
GRUB 65.08 0.5 CommunityHlthSys CYH
3.93 -3.9 RivFrDynUSFlex RFFC
31.80 0.3 Descartes
DicernaPharma
DRNA
58.23 -0.5 DeutscheMuniIncmTr KTF
Haemonetic
HAE
11.79 -1.1 SPDRBloomBarCvSecs CWB
52.13 0.3
Harris
HRS 142.04 1.5 Doubleline Oppor DBL
22.39 -0.5 SPDRFactSetInnTech XITK
81.63 1.3 DigitalTurbine APPS
DLTR
HeritageInsurance HRTG 17.93 2.7 EnbridgeEnergy EEQ
12.62 -3.0 SPDR NYSE Tech XNTK 85.76 0.5 DollarTree
Hilton
74.63 0.3 EnbridgeEnPtrs EEP
HLT
13.17 -3.9 SPDRPtfMC
SPMD 32.77 0.6 EldoradoResorts ERI
ESIO
44.60 0.5 GabelliEquityRt GABr
HollyFrontier
HFC
0.02 2.3 SPDRS&P500HiDiv SPYD 37.00 0.1 ElectroSci
ENSG
HomeDepot
170.69 1.6 GenieEnergy
HD
4.32 -10.7 SPDRRuss1000Mom ONEO 74.84 0.3 EnsignGroup
GNE
Honeywell
HON 148.30 1.0 GS MLP IncmOpp GMZ
8.00 -0.4 SPDR S&P500MidGr MDYG 154.11 0.4 FidelityNasdComp ONEQ
FT
BICK
BICK
48.57 0.1 GrupoTelevisa TV
DR Horton
DHI
18.43 -0.5 SPDRS&P500Fossil SPYX 62.99 0.2
IllinoisToolWks ITW 159.59 1.1 LaredoPetrol
9.55 1.0 SPDRS&PHlthCareEqp XHE
LPI
65.55 0.6 FT CA MuniHi FCAL
FT
CloudComp
SKYY
Ingredion
INGR 134.38 0.4 MagellanMid
MMP 63.55 0.2 SPDRS&PSft&Svs XSW
69.38 0.3
Insperity
NSP 117.40 0.2 MaidenHldgsPfdC MHpC 24.46 -4.0 SchwabFundUSSmCo FNDA 36.92 0.5 FT NasdTechDiv TDIV
70.47 2.0 MaidenNts46 MHLA 23.82 -7.9 SchwabUS MC SCHM 51.84 0.4 FT LC CoreAlpha FEX
InstalledBldg
IBP
InterXion
INXN 57.95 -0.6 MaidenNts43 MHNC 24.09 -4.6 SPDR S&PMdCpTr MDY 336.36 0.4 FT LC GrwthAlpha FTC
18.14 3.8 Merck
InvescoMtg
IVR
53.63 -2.0 SPDR SP China GXC 110.14 1.1 FT LC US Equity RNLC
MRK
iStarPfdD
STARpD 26.00 1.0 NOW
DNOW 9.75 -3.6 SPDR SP EmAsPac GMF 105.22 0.7 FT MC CoreAlpha FNX
38.64 4.5 NuvHiIncm2020 JHY
JELD-WEN
JELD
9.84 -0.4 SPDR S&P Home XHB
41.83 0.6 FT MC GrwthAlpha FNY
29.15 -0.8 OmegaHealthcare OHI
KB Home
KBH
26.43 -1.3 Whiskey&SpiritsETF WSKY 32.25 0.7 FT MC US Equity RNMC
43.36 0.7 Owens&Minor OMI
KornFerry
KFY
17.75 -5.4 USAA USA ValMom ULVM 50.89 0.3 FT MC ValAlpha FNK
KronosWorldwide KRO
28.68 4.0 PPDAI
PPDF 12.50 -3.4 VanEckCSI300 PEK
49.24 0.4 FT MCGrAlpDX FAD
LeggMasonNts LMHB 25.37 0.5 PQ Group
14.65 -3.3 VanEckGaming BJK
PQG
44.68 1.2 FTMuniHiIncm FMHI
LomaNegra
LOMA 22.59 1.7 Qudian
19.66 -5.3 VanEckVietnam VNM
QD
16.99 1.4 FT NasdSemicon FTXL
Luxfer
LXFR 13.99 1.9 RexfordIndPfdB REXRpB 23.71 -0.1 VangdCnsmrDiscr VCR 148.50 0.2 FTRisingDivAch RDVY
35.03 1.0 SantndrHldPfdN SOVpC 25.31 -0.4 VangdSC Grwth VBK 157.82 0.5 FT SMID CapRising SDVY
MI Homes
MHO
MSCI
MSCI 128.32 0.5 TortoisePipe&En TTP
17.00 -0.9 VangdDivApp VIG
97.85 0.3 FT SKoreaAlpha FKO
Manpower
MAN 127.32 0.8 Transmontaigne TLP
38.35 -1.4 VangdMC
150.75 0.3 FlexShUSQualLC QLC
VO
47.53 0.3 Universal
MethodeElec MEI
52.05 -1.5 VangdMCGrowth VOT 126.28 0.3 ForresterResearch FORR
UVV
FLL
41.75 4.4 XeriumTech
MetropolitanBk MCB
3.75 -2.8 VangdS&PMC400 IVOO 124.58 0.4 FullHouse
XRM
GRMN
MichaelKors
KORS 56.72 -0.2
VangdS&P400Grwth IVOG 131.20 0.5 Garmin
GlbXFinTech
FINX
MicroFocus
MFGP 35.81 0.8
VelocityLgLIBOR ULBR 28.85 4.6
MiXTelematics MIXT 11.87 -0.1
WBITacticalLCGD WBIE 25.31 0.5 GlbX Health&Well BFIT
46.20 2.9 ARKIndlInnovation ARKQ 33.74 0.6 WBITacticalLCV WBIF 27.43 0.4 GlbXInternetThings SNSR
Moelis
MC
MohawkInds
MHK 278.20 1.7 ARKInnovationETF ARKK 35.85 1.0 WisdTrCBOES&P500 PUTW 29.89 0.1 GlbXMillThematic MILN
MonmouthRealEst MNR 17.48 0.8 ARKWebx.0ETF ARKW 44.48 0.8 WisdTrEMxSOE XSOE 31.83 0.5 GlbXSocialMedia SOCL
29.96 0.3 WisdTrUSLCValueFd EZY
HVBC
Moody's
MCO 148.55 1.3 AdvShFocusedEqu CWS
78.83 0.1 HVBancorp
32.37 2.8 WisdTrUSMCDivFd DON
HLG
47.60 1.9 AdvShKIMKorea KOR
NACCO Inds
NC
34.13 0.3 HailiangEduc
31.77 0.3 WisdTrUSMCEarn EZM
Hortonworks
HDP
25.11 0.3 BuzzUSSentLdrs BUZ
NTTDoCoMo DCM
38.26 0.5
IIVI
NatlRetailPropPfdF NNNpF 25.23 0.4 CSOPFTSEChinaA50 AFTY 18.92 0.8 XtrkrsHarvCSI300 ASHR 31.62 0.7 II-VI
NewMediaInvt NEWM 17.08 1.3 ColumbiaBeyBRICs BBRC 18.57 0.6 XtrkrsMSCIAllChina CN
38.32 0.9 IPG Photonics IPGP
NewRelic
NEWR 56.78 1.5 ColumbiaSustUSEqu ESGS 30.77 2.0 XtrkrsMSCIEM DBEM 24.46 0.5 InteractiveBrkrs IBKR
93.92 0.2 XtrkrsRussell1000 DEUS 31.22 0.4 Interface
TILE
NoahHoldings NOAH 45.64 1.6 CnsmrDiscSelSector XLY
Intermolecular IMI
44.06 0.8 DirexAllCapIns KNOW 42.33 0.4
NortelInversora NTL
Intuit
14.40 1.1 DirexCSIChinaInt CWEB 56.93 1.8
NorthstarRltyEur NRE
INTU
iRhythmTechs IRTC
51.63 1.0 DirexCSI300CnABl2 CHAU 30.46 1.0
NovoNordisk
NVO
8.20 -0.4 iShAsia50ETF AIA
OaktreeSpecNts24 OSLE 25.35 0.2 DirexEM Bull3 EDC 121.56 1.4 AdvShRangerEqBear HDGE
OnAssignment ASGN 63.30 0.5 DirexHmbldrBull3 NAIL 79.42 2.1 DirexCSI300CnA CHAD 31.01 -0.5 iShMSCIACxJpn AAXJ
26.30 0.8 DirexMcBull3 MIDU 43.85 1.3 DirexEM Bear3 EDZ
9.55 -1.5 iShMSCIChina MCHI
OneLiberty
OLP
25.85 2.0 DirexSemiBl3 SOXL 165.11 3.5 DirexChinaBr3 YANG
6.04 -3.0 iShMSCIEMESGOpt ESGE
Oppenheimer A OPY
86.50 -0.4 DirexNasd100EW QQQE 42.78 -0.1 DirexMcBear3 MIDZ 14.85 -0.9 iShPHLXSemicond SOXX
OwensCorning OC
33.05 -0.5 EmgMktInternetEcom EMQQ 39.56 1.2 DirexSemiBear3 SOXS 14.35 -3.5 J&JSnackFoods JJSF
PBF Energy
PBF
NYSE highs - 161
-0.13
-0.04
-0.86
0.28
-0.46
0.19
-0.40
-0.64
0.49
-2.48
-0.37
0.09
0.15
0.31
-0.27
0.25
-1.26
1.25
1.01
0.17
0.03
-0.21
-0.09
1.10
0.16
-0.11
0.74
-0.10
0.04
0.08
-1.10
0.12
0.08
-0.12
0.56
0.11
-0.30
0.28
0.09
-0.24
-0.23
0.04
0.53
0.52
-0.28
-0.03
0.97
0.03
0.52
1.00
...
0.13
0.55
0.06
1.05
0.63
-0.13
0.11
1.41
1.80
-0.06
0.33
-0.10
-0.12
-0.09
0.39
-0.63
...
-0.48
0.37
0.06
-0.20
0.25
-0.49
2.08
-0.29
-0.13
2.37
1.40
-0.13
0.44
1.00
-0.99
0.41
0.20
0.22
2.71
0.30
1.45
0.28
0.07
-0.19
-0.27
0.60
0.02
1.48
0.17
0.09
-0.27
-0.20
0.48
-0.56
0.94
1.71
-0.11
-0.39
0.58
1.49
Stock
52-Wk %
Sym Hi/Lo Chg
JensynAcqn
JSYN
KellyServices A KELYA
LendingTree
TREE
Limoneira
LMNR
MIAcquisitionsUn MACQU
Marriott
MAR
MarvellTech
MRVL
MicronTech
MU
MonotypeImaging TYPE
Morningstar
MORN
Nathan's
NATH
NetApp
NTAP
NorthernTechsIntl NTIC
OakValleyBncp OVLY
Orbotech
ORBK
OrganicsETF
ORG
OrigoAcqnUn OACQU
Overstock
OSTK
PDLCommBncp PDLB
PennNational PENN
Perceptron
PRCP
PilgrimPride
PPC
PinnacleEnt
PNK
PwrShDWA EM PIE
PwrShDWAMom DWLV
PwrShDWANasdMom DWAQ
PwrShDynConsStp PSL
PwrShDynTech PTF
PwrShUS1500 PRFZ
PwrShIntlBuyBack IPKW
PwrShRuss1000Low USLB
PwrShS&P SC CD PSCD
PreformedLine PLPC
Qualys
QLYS
QuinStreet
QNST
RCI Hospitality RICK
RCM Tech
RCMT
RMR Group
RMR
ROBOGlblRobotics ROBO
Radware
RDWR
Rambus
RMBS
RedRockResorts RRR
Remark
MARK
RockyBrands RCKY
SEI Investments SEIC
ScientificGames SGMS
Senomyx
SNMX
SierraOncology SRRA
Silicom
SILC
SkyWest
SKYW
SoundFinBancorp SFBC
StaarSurgical STAA
StarBulkNts22 SBLKZ
StemlineTherap STML
SunHydraulics SNHY
TabulaRasaHlth TRHC
Talend
TLND
TheBancorp
TBBK
TransActTechs TACT
tronc
TRNC
Tuniu
TOUR
TwinDisc
TWIN
USA Truck
USAK
UbiquitiNetworks UBNT
UnivDisplay
OLED
UtahMedProducts UTMD
UTStarcom
UTSI
VangdIntlDivApp VIGI
VarexImaging VREX
VaronisSystems VRNS
VeriSign
VRSN
VicShUS500EnhVol CFO
VidentCoreUSEquity VUSE
Weibo
WB
WestellTech
WSTL
WisdTrChinaxSOE CXSE
Workday
WDAY
WynnResorts WYNN
XenithBkshrs XBKS
Xunlei
XNET
YY
YY
ZAGG
ZAGG
10.40
30.16
296.00
26.06
10.65
126.24
21.81
47.86
24.75
91.12
100.90
54.81
21.66
17.71
56.14
32.89
11.95
58.25
15.46
28.02
10.48
35.62
29.12
20.38
30.73
103.96
62.95
55.49
127.94
36.19
30.39
57.55
79.86
59.85
10.06
31.84
7.19
58.95
41.48
20.32
15.10
28.44
7.75
20.15
67.99
52.90
1.55
2.64
76.96
51.00
34.75
16.70
24.74
14.85
60.07
35.70
46.32
10.06
15.55
16.85
9.88
26.70
17.85
68.14
184.40
80.00
4.15
65.66
37.39
52.20
115.49
47.05
32.18
122.49
4.24
88.07
114.12
157.81
33.42
19.57
117.99
22.15
-0.4
5.0
1.8
3.9
1.0
0.3
6.4
3.2
0.8
1.7
-1.4
3.4
19.1
1.9
-1.4
3.2
5.3
8.1
0.1
1.8
2.0
1.3
1.5
0.5
0.8
0.8
0.8
1.1
0.7
0.9
0.4
0.4
1.7
1.4
9.2
2.0
1.2
3.8
1.0
1.6
2.0
0.7
27.8
-0.3
0.8
4.1
16.1
7.7
6.3
0.7
-1.2
0.3
-0.2
1.8
2.4
...
1.6
3.0
4.2
3.6
-5.0
6.6
3.8
2.0
0.3
2.9
14.0
0.7
1.3
6.2
1.3
0.4
0.6
4.1
3.0
1.1
1.9
3.1
3.1
24.9
9.7
2.3
NY CmntyBcp NYCB 12.94
NewellBrands NWL 28.82
NewfieldExpln NFX 30.01
NewmontMin NEM 36.33
NextEraEnergy NEE 155.92
NielsenHoldings NLSN 35.85
Nike
NKE 59.25
NiSource
NI
27.09
NobleEnergy NBL 25.76
Nokia
NOK 5.01
NomuraHoldings NMR 5.66
Nordstrom JWN 41.44
NorfolkSouthern NSC 127.07
NorthropGrum NOC 300.94
Novartis
NVS 83.22
s NovoNordisk NVO 51.43
Nucor
NUE 55.56
OGE Energy OGE 34.94
ONEOK
OKE 50.83
OccidentalPetrol OXY 67.81
Olin
OLN 36.24
Omnicom OMC 69.62
Oracle
ORCL 49.02
Orange
ORAN 16.60
OrbitalATK OA 132.30
Orix
IX
83.15
Oshkosh
OSK 86.59
s OwensCorning OC 85.25
PG&E
PCG 52.65
PLDT
PHI 32.59
PNC Fin
PNC 133.29
POSCO
PKX 71.79
PPG Ind
PPG 114.88
PPL
PPL 35.91
s PVH
PVH 136.37
PackagingCpAm PKG 111.77
PaloAltoNtwks PANW142.53
ParkHotels PK 28.67
ParkerHannifin PH 182.90
ParsleyEnergy PE 25.83
Pearson
PSO 9.17
PembinaPipeline PBA 34.54
Pentair
PNR 69.16
PepsiCo
PEP 114.91
PerkinElmer PKI 72.75
Perrigo
PRGO 85.20
PetroChina PTR 65.97
PetroleoBrasil PBR 10.17
PetroleoBrasilA PBR.A 9.87
Pfizer
PFE 35.35
PhilipMorris PM 102.54
Phillips66 PSX 92.62
PinnacleFoods PF 55.88
PinnacleWest PNW 89.35
PioneerNatRscs PXD 151.51
PlainsAllAmPipe PAA 20.09
PlainsGP
PAGP 20.89
PolarisIndustries PII 122.47
Potash
POT 19.07
Praxair
PX 150.87
PrincipalFin PFG 68.82
Procter&Gamble PG 88.27
Progressive PGR 51.82
Prologis
PLD 66.44
PrudentialFin PRU 110.02
s Prudential PUK 49.86
PublicServiceEnt PEG 51.57
PublicStorage PSA 211.11
s PulteGroup PHM 32.45
QuestDiag DGX 92.41
s RELX
RENX 22.88
s RELX
RELX 23.60
RPM
RPM 52.08
RSP Permian RSPP 36.04
RalphLauren RL 89.56
RaymondJames RJF 84.72
Raytheon RTN 183.88
RealtyIncome O
56.12
s RedHat
RHT 127.00
RegencyCtrs REG 67.19
RegionsFin RF 15.86
ReinsGrp
RGA 150.56
RepublicSvcs RSG 62.66
ResMed
RMD 84.71
RestaurantBrands QSR 65.62
RioTinto
RIO 47.82
RobertHalf RHI 54.90
Rockwell
ROK 194.23
RockwellCollins COL 132.47
s RogersComm B RCI 54.19
Rollins
ROL 45.19
RoperTech ROP 258.11
RoyalBkCanada RY 78.93
RoyalBkScotland RBS 7.36
RoyalCaribbean RCL 123.95
RoyalDutchA RDS.A 61.72
RoyalDutchB RDS.B 63.74
SAP
SAP 114.03
S&P Global SPGI 162.19
SINOPEC
SHI 58.04
SK Telecom SKM 25.35
SLGreenRealty SLG 100.52
s Salesforce.com CRM 107.37
Sanofi
SNY 44.32
s SantanderCons SC 17.07
Sasol
SSL 29.88
Scana
SCG 42.67
0.60 -0.9
8.86 2.2
0.21 -4.4
11.60 -1.1
1.52 -2.7
5.25 -3.7
2.39 -0.8
9.97 -0.2
8.05 6.6
5.71 -3.3
33.85 -3.2
2.15 -1.3
2.31 -1.7
0.73 -6.6
1.44 -2.6
23.71 -0.1
0.95 -5.0
1.40 5.4
24.95 -0.3
13.01 -0.7
84.05 ...
5.55 -0.8
0.37 -5.0
1.17 -9.4
4.66 -5.8
9.55 -2.0
56.71 0.1
1.11 -7.4
44.43 -14.1
4.85 1.0
0.81 5.1
61.25 -0.4
49.84 -0.2
14.48 -2.0
1.46 -3.8
83.35 -2.7
2.25 ...
60.42 ...
0.23
0.26
-0.29
0.12
-0.12
-0.19
0.06
0.01
-0.20
0.07
...
0.58
-0.47
4.09
-0.76
0.52
0.76
-0.26
0.16
-0.59
0.01
0.18
0.08
-0.02
0.10
-0.09
1.32
-0.38
-1.35
-0.77
0.44
0.61
1.05
-0.35
3.25
-0.70
-0.19
-0.25
0.56
0.38
-0.02
-0.24
0.72
0.23
0.44
-0.69
-1.00
0.03
0.02
-0.02
-0.10
-0.03
0.25
-0.70
-0.71
0.05
0.09
1.52
-0.02
0.23
0.18
-0.16
0.27
0.14
-0.23
-0.08
0.07
-0.74
0.20
-0.63
0.25
0.26
0.21
-0.07
0.45
0.94
1.03
-0.36
1.05
-0.21
0.06
0.19
0.22
0.08
0.69
0.23
...
-0.13
0.20
0.54
0.18
1.77
-0.10
0.01
-0.45
-0.18
-0.02
0.28
1.60
0.03
-0.40
-0.35
-0.21
-0.22
0.75
-0.61
-0.78
Net
Sym Close Chg
Stock
Schlumberger SLB 61.72
SchwabC
SCHW 45.12
ScottsMiracleGro SMG 98.05
SealedAir SEE 45.01
SemicondctrMfg SMI 7.45
SempraEnergy SRE 118.80
SensataTech ST 48.48
ServiceCorp SCI 35.61
ServiceMaster SERV 46.45
ServiceNow NOW 127.67
ShawComm B SJR 22.20
SherwinWilliams SHW 387.69
ShinhanFin SHG 44.07
Shopify
SHOP 108.56
SimonProperty SPG 159.01
SmithAO
AOS 59.49
Smith&Nephew SNN 35.54
Smucker
SJM 114.01
Snap
SNAP 12.41
SnapOn
SNA 159.42
SOQUIMICH SQM 54.54
Sony
SNE 46.97
Southern
SO 51.18
SoCopper SCCO 43.13
SouthwestAir LUV 54.65
SpectraEnerPtrs SEP 40.65
SpectrumBrands SPB 112.50
SpiritAeroSys SPR 81.28
Sprint
S
6.21
s Square
SQ 45.21
StanleyBlackDck SWK 164.51
StarwoodProp STWD 21.59
StateStreet STT 93.06
Statoil
STO 19.81
Steris
STE 88.14
STMicroelec STM 24.13
Stryker
SYK 154.75
SumitomoMits SMFG 7.82
SunComms SUI 93.06
SunLifeFinancial SLF 39.52
SuncorEnergy SU 34.94
SunTrustBanks STI 58.17
SynchronyFin SYF 33.86
Syngenta SYT 92.29
Sysco
SYY 54.97
TAL Education TAL 28.25
s TE Connectivity TEL 95.89
Telus
TU 38.06
TIM Part
TSU 18.44
TJX
TJX 71.19
TaiwanSemi TSM 42.21
Tapestry
TPR 42.07
TargaResources TRGP 42.60
Target
TGT 57.88
TataMotors TTM 32.36
TechnipFMC FTI 26.50
TeckRscsB TECK 22.09
s TelecomArgentina TEO 34.13
TelecomItalia TI
7.94
TelecomItalia A TI.A 6.57
TeledyneTech TDY 179.80
s Teleflex
TFX 266.64
TelefonicaBras VIV 15.30
Telefonica TEF 10.00
TelekmIndonesia TLK 30.64
Tenaris
TS 28.48
s Teradyne
TER 44.43
TevaPharm TEVA 13.08
Textron
TXT 53.48
ThermoFisherSci TMO 191.00
ThomsonReuters TRI 43.87
ThorIndustries THO 135.16
3M
MMM 231.49
Tiffany
TIF 94.33
TimeWarner TWX 87.71
Toll Bros
TOL 46.99
Torchmark TMK 85.08
Toro
TTC 61.97
s TorontoDomBk TD 57.65
Total
TOT 54.67
TotalSystem TSS 73.38
ToyotaMotor TM 124.29
TransCanada TRP 49.62
TransDigm TDG 266.64
TransUnion TRU 54.99
Travelers
TRV 129.77
TurkcellIletism TKC 9.09
TurquoiseHill TRQ 3.04
Twitter
TWTR 21.13
TylerTech TYL 175.10
s TysonFoods TSN 78.96
UBS Group UBS 17.10
UDR
UDR 39.39
UGI
UGI 47.70
US Foods USFD 27.46
UltraparPart UGP 22.49
Unilever
UN 56.53
Unilever
UL 55.33
UnionPacific UNP 116.01
UnitedContinental UAL 58.76
UnitedMicro UMC 2.61
UPS B
UPS 113.20
s UnitedRentals URI 151.50
US Bancorp USB 51.93
UnitedTech UTX 116.38
UnitedHealth UNH 210.25
UniversalHealthB UHS 96.88
s UnumGroup UNM 53.88
-0.24
0.44
0.27
-0.71
0.34
-0.71
0.67
-0.11
0.01
0.13
0.02
0.71
-0.17
3.67
-2.94
0.60
-0.09
-0.18
-0.58
2.40
-5.26
0.80
0.21
0.18
-0.06
-0.20
0.11
0.55
-0.02
1.03
1.24
0.01
0.75
-0.13
0.29
0.12
-0.65
-0.05
0.46
0.17
-0.46
0.40
...
-0.02
0.08
-1.51
0.85
0.09
0.10
0.17
0.14
0.41
0.56
-0.26
-0.12
0.01
0.16
0.32
-0.09
-0.09
0.30
0.43
0.19
...
-0.17
0.19
0.86
-0.76
0.51
0.83
-0.06
1.29
2.13
-0.50
-1.01
-0.01
-0.36
0.20
0.02
-0.11
-0.40
1.00
0.64
3.56
-0.30
-0.15
-0.21
-0.03
0.37
-1.04
0.99
-0.05
0.22
-0.27
0.01
0.19
0.31
0.33
0.38
0.56
0.02
0.26
1.41
0.05
-0.15
0.35
-0.34
0.42
Net
Sym Close Chg
Stock
VEREIT
VER 8.01
s VF
VFC 71.95
Visa
V
109.95
VailResorts MTN 228.49
Vale
VALE 10.12
ValeroEnergy VLO 82.09
Vantiv
VNTV 70.80
s VarianMed VAR 109.24
Vedanta
VEDL 19.21
VeevaSystems VEEV 61.96
Ventas
VTR 64.25
Verizon
VZ 46.20
Vipshop
VIPS 9.25
VistraEnergy VST 18.93
s VMware
VMW 124.06
VornadoRealty VNO 76.26
VoyaFinancial VOYA 42.39
VulcanMatls VMC 123.87
WABCO
WBC 144.93
WEC Energy WEC 67.98
W.P.Carey WPC 71.49
Wabtec
WAB 74.06
Wal-Mart WMT 97.48
WasteConnections WCN 69.23
WasteMgt WM 80.92
s Waters
WAT 200.27
Watsco
WSO 164.70
Wayfair
W 66.68
WellCareHealth WCG 199.27
WellsFargo WFC 54.05
Welltower HCN 67.93
WestPharmSvcs WST 99.22
WestarEnergy WR 55.40
WestAllianceBcp WAL 55.31
WesternGasEquity WGP 36.78
WesternGasPtrs WES 46.20
WesternUnion WU 19.68
WestlakeChem WLK 94.30
WestpacBanking WBK 24.17
WestRock WRK 58.45
Weyerhaeuser WY 36.11
WheatonPrecMet WPM 20.47
Whirlpool WHR 165.20
Williams
WMB 27.32
WilliamsPartners WPZ 35.47
Wipro
WIT 5.33
WooriBank WF 42.85
Wyndham WYN 109.53
s XPO Logistics XPO 76.53
XcelEnergy XEL 50.59
Xerox
XRX 28.50
Xylem
XYL 66.99
YPF
YPF 22.75
YumBrands YUM 78.79
YumChina YUMC 41.85
ZTO Express ZTO 17.00
ZayoGroup ZAYO 36.41
ZimmerBiomet ZBH 112.18
s Zoetis
ZTS 70.95
-0.06
1.14
0.13
-1.92
0.01
-0.09
0.81
0.21
0.27
0.83
-0.15
0.78
-0.53
-0.22
0.80
-0.34
0.33
0.83
0.29
-0.21
0.04
0.09
0.01
-0.22
0.27
2.06
-0.17
0.29
1.27
-0.10
-0.03
0.26
-0.02
0.59
0.25
1.37
...
0.79
-0.02
-1.05
-0.17
-0.45
-0.20
0.06
0.23
0.05
-0.67
0.77
1.86
-0.30
0.14
0.57
-0.23
0.19
-0.65
0.17
1.07
0.57
0.16
NASDAQ
AGNC Invt AGNC 20.07
ANGI Homesvcs ANGI 11.90
Ansys
ANSS 151.21
ASML
ASML 181.53
s Abiomed
ABMD 195.59
ActivisionBliz ATVI 63.93
AdobeSystems ADBE 182.34
AdvMicroDevices AMD 11.34
AkamaiTech AKAM 55.38
AlexionPharm ALXN 108.49
s AlignTech ALGN 255.51
Alkermes ALKS 47.77
AlnylamPharm ALNY 128.15
Alphabet C GOOG 1018.38
Alphabet A GOOGL 1034.66
s Altaba
AABA 71.95
Amazon.com AMZN 1126.31
Amdocs
DOX 64.43
Amerco
UHAL 352.72
AmerAirlines AAL 47.69
Amgen
AMGN 168.79
s AnalogDevices ADI 93.07
Apple
AAPL 169.98
ApplMaterials AMAT 57.62
ArchCapital ACGL 95.80
Atlassian
TEAM 50.90
s Autodesk ADSK 126.28
ADP
ADP 110.53
Baidu
BIDU 238.54
BankofOzarks OZRK 44.52
Biogen
BIIB 309.46
BioMarinPharm BMRN 82.95
Bioverativ BIVV 50.76
BlueBuffaloPet BUFF 29.09
s bluebirdbio BLUE 165.40
BrighthouseFin BHF 55.46
Broadcom AVGO 274.88
CA
CA 32.53
s CDK Global CDK 67.91
CDW
CDW 66.75
CH Robinson CHRW 78.43
s CME Group CME 141.90
CSX
CSX 49.71
CadenceDesign CDNS 44.85
CaesarsEnt CZR 12.95
Carlyle
CG 21.20
0.25
0.04
0.64
1.20
1.27
-0.17
0.10
-0.04
-0.06
-2.38
1.62
-0.63
0.64
-0.71
-1.23
0.93
-3.57
0.90
-1.19
0.30
-1.21
2.65
-0.17
1.13
-0.16
-1.47
-1.21
-0.53
-0.73
0.42
-4.51
0.07
-5.35
0.03
2.20
-0.21
3.02
0.02
0.98
0.64
-0.01
2.41
-0.21
0.27
0.63
0.10
Net
Sym Close Chg
Stock
s CboeGlobalMkts CBOE 119.23
Celgene
CELG 103.15
CentennialRsc CDEV 20.06
Cerner
CERN 65.73
CharterComms CHTR 338.37
CheckPoint CHKP 102.98
ChinaLodging HTHT 124.04
CincinnatiFin CINF 73.43
Cintas
CTAS 148.25
CiscoSystems CSCO 36.50
CitrixSystems CTXS 86.13
s Cognex
CGNX 141.92
CognizantTech CTSH 71.90
s Coherent
COHR 310.44
Comcast A CMCSA 35.83
CommerceBcshrs CBSH 56.47
CommScope COMM 34.45
Copart
CPRT 36.31
s CoStar
CSGP 306.63
Costco
COST 172.28
Ctrip.com CTRP 47.39
CyrusOne CONE 61.70
DISH Network DISH 50.01
DentsplySirona XRAY 66.43
DiamondbkEner FANG 107.97
DiscovComm C DISCK 16.28
DiscovComm A DISCA 17.36
s DollarTree DLTR 97.11
E*TRADE ETFC 44.45
EXACT Sci EXAS 58.86
EastWestBncp EWBC 58.12
eBay
EBAY 35.53
EchoStar
SATS 59.58
ElbitSystems ESLT138.00
ElectronicArts EA 107.64
Equinix
EQIX 471.89
Ericsson
ERIC 6.20
ErieIndemnity A ERIE 122.06
Exelixis
EXEL 25.65
Expedia
EXPE 123.49
ExpeditorsIntl EXPD 59.09
ExpressScripts ESRX 61.42
F5Networks FFIV 122.54
Facebook
FB 178.74
Fastenal
FAST 48.11
FifthThirdBncp FITB 28.57
FirstSolar FSLR 61.06
Fiserv
FISV 128.32
Flex
FLEX 18.72
FlirSystems FLIR 46.88
Fortinet
FTNT 40.77
Gaming&Leisure GLPI 35.89
s Garmin
GRMN 61.52
GileadSciences GILD 72.13
Goodyear GT 30.65
Grifols
GRFS 23.20
GpoFinGalicia GGAL 56.22
HD Supply HDS 34.89
Hasbro
HAS 95.02
HenrySchein HSIC 67.50
Hologic
HOLX 40.19
JBHunt
JBHT 101.72
HuntingtonBcshs HBAN 13.57
IAC/InterActive IAC 126.33
IdexxLab
IDXX 155.40
IHSMarkit INFO 43.85
s IPG Photonics IPGP 240.50
IRSA Prop IRCP 57.50
IcahnEnterprises IEP 51.92
Icon
ICLR 115.68
Illumina
ILMN 210.67
Incyte
INCY 98.95
Intel
INTC 44.62
s InteractiveBrkrs IBKR 55.31
s Intuit
INTU 157.78
IntuitiveSurgical ISRG 393.03
IonisPharma IONS 53.74
JD.com
JD 39.20
JackHenry JKHY 112.44
JazzPharma JAZZ 136.27
JetBlue
JBLU 19.78
JunoTherap JUNO 59.06
KLA Tencor KLAC 102.51
KraftHeinz KHC 79.93
LKQ
LKQ 37.79
LamResearch LRCX 215.10
LamarAdv LAMR 76.55
LibertyBroadbandC LBRDK 90.06
LibertyBroadbandA LBRDA 88.46
LibertyGlobal A LBTYA 30.38
LibertyGlobal C LBTYK 29.38
LibertyLiLAC A LILA 21.81
LibertyLiLAC C LILAK 21.75
LibertyQVC B QVCB 24.81
LibertyQVC A QVCA 25.14
LibertyVenturesA LVNTA 57.63
LibertyFormOne C FWONK 38.58
LibertyFormOne A FWONA 37.19
LibertyBraves A BATRA 22.67
LibertyBraves C BATRK 22.73
LibertySirius C LSXMK 41.03
LibertySirius A LSXMA 41.00
LincolnElectric LECO 88.89
LogitechIntl LOGI 35.94
LogMeIn
LOGM 116.40
lululemon LULU 66.88
MKS Instrum MKSI 105.50
MarketAxess MKTX 183.29
Net
Sym Close Chg
Stock
s Marriott
MAR 125.91 0.43
s MarvellTech MRVL 21.59 1.30
MatchGroup MTCH 28.76 -0.06
Mattel
MAT 18.73 0.05
MaximIntProducts MXIM 53.88 0.37
MelcoResorts MLCO 26.18 0.73
MercadoLibre MELI 265.84 -3.89
MicrochipTech MCHP 91.39 0.45
s MicronTech MU 47.64 1.48
Microsemi MSCC 53.84 0.82
Microsoft MSFT 82.53 0.13
Middleby
MIDD 114.80 1.11
Momo
MOMO 32.94 1.72
Mondelez MDLZ 42.11 -0.19
MonsterBev MNST 61.16 -1.01
Mylan
MYL 36.50 -1.09
NXP Semi NXPI 115.18 -0.32
Nasdaq
NDAQ 76.89 0.94
NatlInstruments NATI 44.48 0.05
NektarTherap NKTR 46.40 1.41
s NetApp
NTAP 54.73 1.78
Netease
NTES 344.07-23.43
Netflix
NFLX 194.10 0.90
Neurocrine NBIX 71.77 -0.51
NewsCorp B NWS 15.95 -0.25
NewsCorp A NWSA 15.67 -0.17
Nordson
NDSN 127.67 0.99
NorthernTrust NTRS 94.43 0.36
NorwegCruise NCLH 54.69 -0.15
NVIDIA
NVDA 214.08 2.72
OReillyAuto ORLY 220.38 -0.11
OldDomFreight ODFL 120.43 1.46
ON Semi
ON 21.72 0.28
OpenText OTEX 33.53 0.47
PTC
PTC 65.37 0.25
Paccar
PCAR 67.70 1.01
PacWestBancorp PACW 45.70 0.54
Paychex
PAYX 65.18 0.26
PayPal
PYPL 76.01 -0.37
People'sUtdFin PBCT 18.33 0.16
s PilgrimPride PPC 35.46 0.45
Priceline
PCLN 1754.02 6.80
Qiagen
QGEN 31.31 0.29
Qorvo
QRVO 79.14 1.81
Qualcomm QCOM 66.47 -0.25
RandgoldRscs GOLD 93.63 0.01
RegenPharm REGN 385.22 -6.37
RossStores ROST 72.74 0.49
RoyalGold RGLD 85.35 -0.03
Ryanair
RYAAY 118.89 0.01
SBA Comm SBAC 165.68 0.47
s SEI Investments SEIC 67.67 0.57
Sina
SINA 109.14 2.74
SS&C Tech SSNC 39.69 -0.25
SVB Fin
SIVB 215.15 -0.07
ScrippsNetworks SNI 80.30 -0.32
Seagate
STX 39.85 0.43
SeattleGenetics SGEN 58.70 -1.09
Shire
SHPG141.37 -6.00
SignatureBank SBNY 131.24 1.32
SiriusXM
SIRI 5.43 -0.03
Skyworks SWKS 109.79 0.11
Splunk
SPLK 81.35 -0.35
Starbucks SBUX 56.81 -0.12
SteelDynamics STLD 37.33 0.48
Symantec SYMC 28.19 0.15
Synopsys SNPS 88.90 0.54
TD Ameritrade AMTD 48.99 0.25
T-MobileUS TMUS 60.30 0.28
TRowePrice TROW 96.30 0.32
TakeTwoSoftware TTWO 117.40 -0.42
Tesla
TSLA 308.74 -6.31
TexasInstruments TXN 98.28 0.54
TractorSupply TSCO 65.73 1.23
Trimble
TRMB 41.79 0.37
21stCenturyFoxA FOXA 30.66 -0.49
21stCenturyFoxB FOX 29.90 -0.58
UltaBeauty ULTA 209.16 -5.94
UltSoftware ULTI 198.66 0.94
s UnivDisplay OLED 181.50 0.50
VEON
VEON 3.94 0.05
s VeriSign
VRSN 115.18 1.43
VeriskAnalytics VRSK 92.53 0.67
VertxPharm VRTX 144.64 -2.77
Viacom B
VIAB 26.17 0.02
Viacom A VIA 32.75 -0.25
Vodafone VOD 30.93 -0.03
WPP
WPPGY 83.95 -0.08
WalgreensBoots WBA 70.78 -0.47
s Weibo
WB 120.43 4.70
WesternDigital WDC 90.88 -0.42
WillisTowers WLTW 159.89 -0.18
s Workday
WDAY 113.80 2.12
s WynnResorts WYNN 156.96 4.68
Xilinx
XLNX 72.64 0.83
s YY
YY 117.60 10.37
Yandex
YNDX 33.71 0.52
ZebraTech ZBRA 108.89 0.13
Zillow A
ZG 41.10 0.08
Zillow C
Z
40.94 0.05
ZionsBancorp ZION 47.10 0.80
2.75
-0.95
-0.02
0.33
-3.17
0.83
-0.59
-0.03
-0.67
0.60
-0.38
1.40
-1.01
3.12
-0.33
0.41
0.53
0.76
1.89
1.30
-0.35
-0.43
-0.65
-1.12
0.43
-0.18
-0.19
2.50
0.27
-0.01
0.22
-0.05
-0.29
1.33
-1.18
-0.91
0.13
-0.69
-0.73
-0.46
-0.04
-0.52
-1.04
-0.26
-0.36
0.12
0.88
-0.07
0.15
0.35
0.46
0.18
0.07
-0.31
0.71
-0.08
1.97
-0.09
-0.87
-1.62
0.23
0.28
0.03
-0.89
0.52
0.23
3.27
0.25
-0.94
-1.57
1.65
-6.52
-0.01
0.79
1.23
0.55
-0.41
-1.05
0.36
2.40
-0.21
0.42
0.86
0.30
0.04
4.63
-0.01
-1.03
-1.10
0.24
0.27
0.39
0.13
0.53
0.28
-0.07
-0.13
0.08
0.35
0.38
-0.19
-0.22
0.42
0.28
...
0.57
2.00
2.89
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil IMO
48.02
27.56
26.06
30.79
-0.68
0.05
-0.20
-0.45
Dividend Changes
Dividend announcements from November 20.
Company
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Company
Cathay General Bancorp
Financial Institutions
Hugoton Royalty Trust Un
Mesa Royalty Trust
Sysco Corp
CATY
FISI
HGT
MTR
SYY
2.3 .24 /.21 Q
2.8 .22 /.21 Q
5.2 .0069 /.00686 M
9.9 .1416 /.0998 M
2.6 .36 /.33 Q
Dec11 /Dec01
Jan02 /Dec14
Dec14 /Nov30
Jan31 /Nov30
Jan26 /Jan05
Reduced
Cross Timbers Royalty Tr
Marine Petroleum Trust Un
Permian Basin Royalty Tr
San Juan Basin Royalty Tr
CRT
MARPS
PBT
SJT
7.4
5.7
6.7
10.9
.0929 /.09902
.0532 /.12628
.051 /.05396
.0721 /.07274
M
Q
M
M
Dec14 /Nov30
Dec28 /Nov30
Dec14 /Nov30
Dec14 /Nov30
GGO
HFRO
4.6
.20
.077
Q
Dec15 /Dec08
Dec05 /Nov28
.07263
.05349
.11
.11
.11
.16
.22
.13
.10
.10
.10
.05
.05
.05
.12
.05
.05
.05
.05
.05
.05
.10111
.132
.05597
.06792
.06199
.10195
.09752
.08388
.10178
.17014
.22575
.05987
.045
M
M
M
M
M
Q
Q
Q
M
M
M
M
M
M
Q
M
M
M
M
M
M
M
Nov30 /Nov21
Nov30 /Nov21
Jan24 /Jan17
Feb21 /Feb13
Mar22 /Mar15
Dec15 /Dec08
Dec15 /Dec08
Dec15 /Dec08
Jan24 /Jan17
Feb21 /Feb13
Mar22 /Mar15
Jan24 /Jan17
Feb21 /Feb13
Mar22 /Mar15
Dec15 /Dec08
Jan24 /Jan17
Feb21 /Feb13
Mar22 /Mar15
Jan24 /Jan17
Feb21 /Feb13
Mar21 /Mar15
Nov28 /Nov21
Dec01 /Nov24
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Initial
Gabelli Go Anywhere Trust
Highland FR Opps Fd
Funds and investment companies
ChineseYuanDimSumBd
FundInvGradeCorpBdPort
Gabelli Dividend & Incm
Gabelli Dividend & Incm
Gabelli Dividend & Incm
Gabelli Equity Trust
Gabelli Glbl Multimedia
Gabelli Hlthcr & Well
Gabelli Util Inco Tr
Gabelli Util Inco Tr
Gabelli Util Inco Tr
Gabelli Utility Tr
Gabelli Utility Tr
Gabelli Utility Tr
GabelliConvInc
GAMCO Nat Rsc Gold & Incm
GAMCO Nat Rsc Gold & Incm
GAMCO Nat Rsc Gold & Incm
GAMCOGlblGoldNatRscs&Inc
GAMCOGlblGoldNatRscs&Inc
GAMCOGlblGoldNatRscs&Inc
Newfleet Multi Uncon Bd
Nuveen CA Mun Value Fd 2
PowerSh CA AMT-Fr Mun Bd
PowerSh Natl AMT-Fr Muni
PowerSh NY AMT-Fr Mun Bd
PowerSh Taxable Mun Bd
PowerShares DWA Tactical
PowerShares Finl Pfd
PowerShares Gl Shrt Tm
PowerShares KBW Hi Div
PowerShares KBW REIT
PowerShares PB US Agg Bd
PowerShares S&P 500 xRate
DSUM
PFIG
GDV
GDV
GDV
GAB
GGT
GRX
GLU
GLU
GLU
GUT
GUT
GUT
GCV
GNT
GNT
GNT
GGN
GGN
GGN
NFLT
NCB
PWZ
PZA
PZT
BAB
DWIN
PGF
PGHY
KBWD
KBWY
PBND
XRLV
3.7
2.5
6.0
6.0
6.0
10.6
10.3
5.4
6.0
6.0
6.0
8.6
8.6
8.6
8.5
9.0
9.0
9.0
11.4
11.4
11.4
4.7
4.0
2.6
3.2
3.0
4.0
4.4
5.3
5.1
8.7
7.5
2.9
1.6
M
M
M
M
M
M
M
M
M
M
M
Symbol
PowerShares Sr Loan Ptf
PowerShares Variable Rate
PS LadderRite 0-5 Yr Corp
PS S&P 500 Lo Voltl Prtf
PS Variable Rate Inv Grd
Putnam High Income Sec
Putnam High Income Sec
Putnam Mas Inco
Putnam Mas Inco
Putnam Muni Opportunities
Putnam Muni Opportunities
Putnam Premier Income Tr
Putnam Premier Income Tr
Putnam Tr
Putnam Tr
PwrSh S&P SC Hi Div Low
PwrSh VRDO Tax-Free Wkly
PwrShrs 1-30 Laddrd Treas
PwrShrs CEF Inco Comp Ptf
PwrShrs Preferred
PwrShs Emrg Mkts Sov Debt
Pwrshs Fundm H Y F Cp Bd
PwrShs Hi Yld Eqty Dv Ach
PwrShs Intl Corp Bd Ptf
PwrShs S&P 500 High Divd
Saba Closed-End Funds ETF
Tekla Hlthcr Investors
Tekla Life Sciences
Virtus Newflt Dyn Credit
Increased
BKLN
VRP
LDRI
SPLV
VRIG
PCF
PCF
PIM
PIM
PMO
PMO
PPT
PPT
PMM
PMM
XSHD
PVI
PLW
PCEF
PGX
PCY
PHB
PEY
PICB
SPHD
CEFS
HQH
HQL
BLHY
Amount
Yld % New/Old Frq
3.3
4.8
2.0
2.1
2.3
3.8
3.8
6.6
6.6
5.2
5.2
6.0
6.0
5.1
5.1
4.4
0.7
2.1
7.3
5.5
4.5
4.2
3.5
1.6
3.7
8.0
9.2
9.0
5.1
.0628
.10248
.04058
.084
.04807
.0283
.0283
.026
.026
.0541
.0541
.026
.026
.0318
.0318
.09355
.01398
.05743
.14218
.06813
.11038
.06536
.05052
.03628
.1283
.14
.52
.43
.10583
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Q
Q
M
Payable /
Record
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Jan02 /Dec22
Feb01 /Jan24
Jan02 /Dec22
Feb01 /Jan24
Jan02 /Dec22
Feb01 /Jan24
Jan02 /Dec22
Feb01 /Jan24
Jan02 /Dec22
Feb01 /Jan24
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov30 /Nov21
Nov24 /Nov21
Dec29 /Nov28
Dec29 /Nov28
Nov28 /Nov21
Stocks
Insperity
2:1
NSP
/Dec19
Foreign
Chubb
Grifols ADR
Ituran Location & Control
Just Energy Group
Just Energy Pfd. A
Manchester United Cl A
Pingtan Marine Enterprise
1.9
1.8
CB
GRFS
ITRN
JE
JEpA
MANU
PME
8.8
8.5
1.8
1.2
ALEX
CINF
TBNK
2.7
2.5
Q
.71
.21213 SA
.24
.09817 Q
.53125 Q
Q
.09
Q
.01
Jan19 /
/Dec04
Jan10 /Dec27
Dec29 /Dec15
Dec29 /Dec15
Jan05 /Nov30
Dec15 /Nov30
Special
Alexander & Baldwin
Cincinnati Financial
Territorial Bancorp
15.92
.50
.30
Jan23 /Nov29
Dec15 /Dec01
Dec20 /Dec06
Suspended
Enduro Royalty Trust
M
NDRO
Nov15 /
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
Nasdaq lows - 38
AkersBiosciences AKER
AmTrustFinSvcs AFSI
ArcadiaBiosci RKDA
ArchrockPtrs APLP
BIO-key
BKYI
BlueknightEner BKEP
BroadwindEnergy BWEN
CMSevenStarUn CMSSU
CoherusBioSci CHRS
Conifer
CNFR
Criteo
CRTO
ENDRA LifeSci NDRA
ElbitImaging
EMITF
ENGlobal
ENG
FibrocellScience FCSC
FlexShDiscDurMBS MBSD
HaymakerAcqWt HYACW
IdealPower
IPWR
iShESG1-5YCpBd SUSB
iShMSCIQatarCap QAT
iSh1-3YTreasuryBd SHY
MaidenHoldings MHLD
Matlin&PtrsWt MPACW
Nxt-ID
NXTD
OcularTherapeutix OCUL
PCM
PCMI
PapaJohn's
PZZA
ParkerVision
PRKR
Prothena
PRTA
SecurityNatFin SNFCA
SenesTech
SNES
Stericycle
SRCL
StericyclePfdA SRCLP
StitchFix
SFIX
SummerInfant SUMR
TESARO
TSRO
USAutoPartsNtwk PRTS
VangdSTGovBd VGSH
Net
Sym Close Chg
Stock
ETF
Monday, November 20, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
10.25
93.72
54.70
67.27
26.28
97.62
80.90
70.82
109.36
104.76
122.71
64.79
56.78
62.11
260.04
184.47
75.20
59.21
109.25
95.36
71.65
51.69
12.28
120.46
87.49
115.21
106.59
70.52
40.19
69.06
62.60
–0.19 –18.7
0.19 15.1
5.8
–0.11
–0.24 –10.7
0.46 13.0
0.15 12.7
–0.42 17.3
0.45 13.8
1.1
–0.06
–0.05 –0.2
0.2
–0.14
0.28 20.8
0.53 33.8
0.23 23.0
0.16 15.6
0.36 11.6
9.4
0.76
0.15 15.4
1.1
–0.05
7.7
0.13
0.25 17.0
0.08 14.3
–1.21 10.8
2.8
...
1.1
0.02
4.5
–0.03
0.2
–0.09
0.20 19.2
0.90 20.5
0.22 19.6
0.58 25.6
ETF
ETF
Closing Chg YTD
Symbol Price (%) (%)
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
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
DIA
47.06
42.97
58.98
308.33
110.55
131.22
143.89
119.42
182.24
149.53
124.05
153.27
202.60
86.35
211.53
149.25
109.24
38.52
113.95
84.05
106.01
126.34
118.04
101.77
153.83
47.08
23.00
36.81
121.31
33.93
62.54
61.76
234.15
0.51
–0.07
0.49
–0.93
–0.10
0.20
0.18
0.10
0.76
0.73
0.77
0.24
0.26
0.16
0.50
0.15
0.20
0.36
–0.15
–0.04
–0.16
–0.04
0.45
0.01
–0.08
0.29
0.10
0.05
–1.26
0.18
0.22
0.16
0.33
34.4
24.2
20.7
16.2
2.2
25.1
15.6
6.6
18.4
10.9
4.3
15.3
13.3
7.4
16.1
22.5
7.8
3.5
0.7
–0.5
1.1
6.1
21.2
0.4
29.8
13.2
–1.5
1.0
10.7
22.6
15.4
16.0
18.6
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
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 (%) (%)
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VBK
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
336.26
258.30
93.15
63.59
55.64
22.54
165.22
129.10
157.82
97.76
43.95
45.06
57.62
53.68
137.81
150.79
82.63
84.11
87.39
118.65
150.70
107.28
84.40
237.21
79.39
79.57
144.27
81.64
55.00
55.78
132.98
72.31
101.75
64.45
57.70
31.69
0.36
0.17
0.11
0.38
–0.30
–1.10
0.35
0.40
0.51
0.32
0.18
0.42
0.16
0.21
0.11
–0.38
0.21
–0.20
–0.07
0.17
0.26
0.23
–0.30
0.13
–0.05
–0.08
0.48
–0.06
0.05
0.16
0.26
0.15
0.23
0.51
1.09
0.54
11.4
15.6
8.9
31.5
14.6
7.7
36.0
6.7
18.5
14.8
20.3
25.9
20.2
21.5
23.6
18.9
9.1
1.3
2.0
15.9
14.5
10.4
2.3
15.5
–0.1
0.3
11.9
1.1
1.3
21.6
15.3
18.5
9.4
12.3
16.5
12.9
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Tuesday, November 21, 2017 | B11
BANKING & FINANCE
Country turned to
distressed-debt
investor with ‘direct line
to the vice president’
BY ANATOLY KURMANAEV
CARACAS, Venezuela—Distressed-debt investor David
Martínez urged Venezuela’s
struggling government to default on its bonds days before
the country’s surprise announcement on restructuring
its obligations.
Mr. Martínez, a billionaire
who made his fortune buying
cheap defaulted debt and selling it after the restructuring,
met in Caracas with the country’s vice president, Tareck El
Aissami, and other members
of the economic cabinet in late
October, according to Venezuelan officials with direct knowledge of the matter.
The government sought Mr.
Martínez’s advice as it was
running out of money and
overdue bond payments were
piling up. Days after the meeting, President Nicolás Maduro
went on state television to say
he wanted to restructure the
country’s debt. To lead the negotiations, he appointed Mr. El
Aissami, whom the U.S. sanctioned for alleged drug trafficking. Mr. El Aissami denies
the allegations.
Mr. Martínez has a vested
interest in the outcome of debt
talks. His New York-based
company, Fintech Advisory
Inc., received bonds with a
face value of $1.3 billion as a
guarantee for a $300 million
loan to the country in March.
The loan allowed Venezuela
to make a crucial bond pay-
ment and helped Mr. Martínez
earn Mr. El Aissami’s trust,
said an official who was involved in the deal. “He has a
direct line to the vice president for some time now,” the
official said.
Mr. Martínez’s involvement
adds another layer of uncertainty in what already promises to be one of the messiest
and most complex debt restructurings in history. Venezuela holds about $140 billion
of increasingly precarious
debt, according to Moody’s Investors Service.
Through a spokeswoman,
Mr. Martínez declined to comment. It is unclear if he or his
company has any current position in Venezuelan bonds or
credit-default swaps and what
impact a default would have
on his investments.
The financier, who is Mexican and lives in London, has
benefited from Latin American
bond restructurings before,
buying distressed debt at a
fraction of its face value. He
has said he has participated in
almost every sovereign restructuring in the past quarter-century.
Mr. Martínez made a big
bet on Argentina’s distressed
debt, allying himself with Argentina’s late president, Néstor Kirchner, and his wife and
successor, Christina Fernández, in their battle against
holdout bondholders.
By advising the Maduro administration, “he’s now doing
in Venezuela what he did in
Argentina,” said one of the
Venezuelans
with
direct
knowledge of the meeting.
U.S. sanctions against Mr. El
Aissami add another wrinkle
to the process. When Mr. El
MIRAFLORES PALACE/REUTERS
Billionaire Advised Venezuela to Default
After Venezuelan President Nicolás Maduro said he wanted to restructure the country’s debt, its bonds initially went into a tailspin.
Aissami invited investors to a
presentation in Caracas last
week to discuss the restructuring, every major Wall Street
asset manager stayed home.
Several people said in interviews that they were avoiding
the legal risk of appearing in
the same room with him. Mr.
Martínez sent his fund manager, Andrés Lederman, to attend, said other participants.
The U.S. prohibits any dealings with sanctioned Venezuelan officials, including Mr. El
Aissami. Last week, after Mr.
El Aissami was appointed to
head Mr. Maduro’s debt-restructuring task force, the
Trump administration issued a
reminder not to negotiate with
Venezuelans targeted under
U.S. sanctions.
Among Mr. Martínez’s proposals to Venezuela’s debt task
force were those that involved
restructuring oil contracts to
give foreign trading companies
legal ownership of Venezuelan
oil exports, said people with
knowledge of the meeting.
That, he argued, would protect
them from unpaid investors
who may try to seize the republic’s assets.
Mr. Martínez’s proposals
generated heated discussion in
Venezuela’s economic cabinet,
said Venezuelan officials, with
the government eventually
settling on a middle course of
muddling through payments as
it tries to strike an amicable
agreement with the bondholders.
After Mr. Maduro said he
wanted to restructure Venezuela’s debt, the country’s al-
Hedge Fund’s Bet on Caracas Debt Pays Off
BY LAURENCE FLETCHER
90 cents in June but briefly
bottomed at 71.5 cents in early
August before quickly rebounding back above 90 cents.
In the event, Venezuela paid
out the full $1.1 billion on the
bonds, the last such principal
payment the country has made.
Shortly afterward, President
Nicolás Maduro announced the
country would seek a debt restructuring that could be the
largest and most complicated
ever, sending the price of remaining bonds tumbling.
Greylock, which continued
to buy bonds on the dips,
made a roughly 35% return on
its position in around three
months, one of the people
said. That equates to a profit
of around $60 million to $65
million, the person said.
However, many investors are
likely to have run up steep
losses on Venezuelan bonds,
which have dropped to about
30 cents on the dollar. Typical
trades aimed at profiting from
a default haven’t worked. Investors buying long-dated
bonds and betting on price falls
in short-dated bonds would
have been squeezed as both
moved in the wrong direction.
And funds writing protection on the bonds, while betting against the short-dated
bonds, could be badly hit as
Venezuela paid out on the
short-dated bonds but then
triggered a default. On Thursday, a financial industry panel
ruled investors who hold insurance-like derivatives against a
default should receive a payout, putting writers of Venezuelan protection on the hook for
more than $1 billion.
Venezuela has been the
best-performing investment
for Greylock over the past
couple of years, reaping it a
profit well in excess of $100
million, one of the people said.
—Julie Wernau
contributed to this article.
ALEKSANDAR PLAVEVSKI/EPA/SHUTTERSTOCK
A New York hedge fund has
turned a quick $60 million
profit by correctly guessing
cash-strapped
Venezuela
would continue to pay its
debts longer than many other
investors imagined.
Emerging-market debt specialist Greylock Capital, which
manages $1.1 billion, spied an
opportunity in August when investors dumped the bonds of
state oil firm Petróleos de Venezuela SA, said a person with
knowledge of the fund’s positioning.
Many investors had fled,
fearing an imminent and messy
default by Venezuela, which is
mired in economic crisis.
Greylock, a veteran of the
Greek and Argentine debt crises, bet the selling was overdone and these short-dated
bonds, set to mature in early
November, would still be paid
out, said two people familiar
with the fund’s positioning.
The trade hasn’t previously
been reported.
Greylock already owned
some bonds but “piled in
pretty heavily” when they
tumbled to around 75 cents on
the dollar in August, one of the
people said. Prices were above
Kweichow Moutai makes China’s leading brand of baijiu, a fiery spirit. The company’s market cap surged to about $130 billion but tumbled after recent warnings.
Investors in Liquor Maker Get Sober Advice
China’s hottest liquor company is getting too fiery for
authorities in Beijing.
Shares
of
Kweichow
Moutai Co., the world’s most
valuable liquor seller, tumbled
in recent days after Beijing
and the company itself sought
to cool investment fervor that
has caused its shares to more
than double over the past year.
The state-owned company
makes China’s leading brand
of baijiu, a potent spirit popular at state banquets and
known as a favorite drink of
the late Mao Zedong. Domestic
and foreign investors have
piled into Moutai’s shares,
pushing its market capitalization to about $130 billion, well
above the $85 billion market
value of British liquor giant
Diageo PLC.
The surge has sparked concerns of an overheated Chinese stock market as Moutai
has been at the forefront of a
sharp rally in consumer stocks
this year. Shares of Chinese alcohol companies and home-appliance makers have gained an
average of 73% and 53%, respectively, this year, according
to data from Wind Information
Co. The benchmark Shanghai
Composite Index, in contrast,
has risen 9.3%.
After Moutai’s shares hit a
record last week, an editorial
in China’s state-run Xinhua
News Agency warned investors of the risks of chasing
Moutai’s shares higher. It said
the stability of the company’s
share price has a “huge knockon effect on the overall stability of the A-share market,” re-
ferring to yuan-denominated
shares listed on China’s main
stock exchanges.
Moutai is a “rare treasure”
in the stock market, the editorial said, noting that investors
Beijing tried to cool
buying fervor, with state
media citing risks of
chasing shares higher.
“pulling up the shoots to help
them grow” could inflict “unbearable pains.”
The company separately released a statement imploring
investors to look at its shares
“rationally.”
The statements spooked
some investors, who sold their
shares and sent Moutai’s stock
down 5.6% over two days.
Wang Xiaoguang, a 34-yearold manager at a Shanghaibased software company,
dumped his holdings in Moutai
last Friday and raked in
440,000 yuan (almost $66,400).
“It was pure luck that I picked
Moutai,” said Mr. Wang. “But
when the state media starts to
criticize the gains, it is high
time to sell everything.”
Chinese authorities have
been known to intervene when
stock-market moves don’t play
out to their liking. State funds
tried to curb a domestic stock
crash in 2015 by buying up
swaths of the market. When
the market was rising too
quickly around a pivotal party
congress this October, Beijing
took steps to cool the gains.
Targeting individual stocks,
however, is relatively rare.
Shares of Moutai, which
ranks eighth among the 10 largest China-listed companies by
market capitalization, have been
volatile. The company lost more
than half of its market value between mid-2012 and early 2014,
when President Xi Jinping embarked on an anticorruption
campaign that scrutinized officials and businessmen engaging in lavish gift-giving.
The shares more recently
have surged along with rising
demand for baijiu from Chinese households. The company
logged 8.73 billion yuan in net
income in the third quarter, up
138% from a year ago.
—Yifan Xie and Chao Deng
ready distressed bonds went
into a tailspin, before recovering somewhat.
Since then, Venezuela has
continued scraping together
interest payments, sometimes
transferring the money days
after the deadline. The payment delays have allowed investors last week to start
claiming more than $1 billion
in insurance-like derivatives
on Venezuelan bonds.
—Mariana Martínez
and Ian Talley
contributed to this article.
Zions Sets
Its Sights
On Looser
Regulation
BY CHRISTINA REXRODE
Zions Bancorp has long insisted it isn’t the same as bigger rivals with Wall Street
businesses. Now, it wants federal regulators to say so, too.
The Salt Lake City-based
bank said Monday that it
would petition the government to remove it from the
group of big financial firms
that are subject to heightened
regulation.
The move by Zion reflects a
shifting regulatory landscape
in which the Trump administration has adopted a friendlier tone toward banking and
as a result emboldened the
sector. It also highlights an increasingly popular bipartisan
view that midsize banks don’t
pose the same threat to the financial system as banks with
global operations.
That represents a rethinking of the Dodd-Frank Act of
2010. The measure was intended to prevent another financial crisis, but to some it
unfairly placed regional banks
under the same regulatory
umbrella as much larger banks
such as J.P. Morgan Chase &
Co. and Bank of America
Corp.
Zions would be the first
bank to openly petition the Financial Stability Oversight
Council, a committee of senior
regulators and government officials created by Dodd-Frank,
to remove it from the list of
institutions commonly known
as “systemically important.”
That postcrisis label applies
to bank holding companies
with more than $50 billion in
assets and some nonbanks
such as big insurance companies. Those firms are subject
to stricter regulations on capital, liquidity and other business. Zions has about $65 billion in assets. The biggest
bank in the U.S., J.P. Morgan,
has about $2.56 trillion.
Some Dodd-Frank defenders
say firms like Zions shouldn’t
be allowed to escape tougher
rules, pointing to lenders like
IndyMac Bank that, while
small, still contributed to the
2008 financial crisis. But Zions Chief Executive Harris
Simmons has maintained that
postcrisis regulations have
hurt his bank’s ability to grow
and serve customers, and that
different regulatory agencies
often overlap or work for competing objectives.
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B12 | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Industrials, Financials Advance
Stocks score small
gains, with six of 11 S&P
sectors rising in start of
expected quiet week
BY SAM GOLDFARB
SEAN PROCTOR/BLOOMBERG NEWS
BY AKANE OTANI
AND RIVA GOLD
Shares of Dow component Caterpillar rose 0.6%. The biggest contributors to the average’s gain on the day were Boeing and 3M.
2017, they wouldn’t be surprised if stock gains slowed
over the next couple of
months.
“Is a major pullback going
to happen imminently? Probably not. But I do think most
people are starting to think
about how far we can move
forward from here,” said Sean
O’Hara, president of Pacer
ETFs, who added that after a
long rally, shares in the U.S.
are looking expensive relative
to their counterparts overseas.
Elsewhere, the Stoxx Europe 600 added 0.7%, with
stocks in Germany reversing
earlier declines.
A collapse of talks over the
Projections for fourth-quarter U.S. growth sharply diverge.
Quarterly change in GDP*
New York forecast
Atlanta forecast
Average of
economists forecast
4
2
0
–2
2010
’11
’12
’13
’14
’15
’16
’17
*3Q’17 is an estimate
Source: Federal Reserve Bank of St. Louis (GDP); Federal Reserve Bank of Atlanta, Federal
Reserve Bank of New York, DataTrek (forecasts)
THE WALL STREET JOURNAL.
U.S. Growth Forecasts
Rise, Boosting Stocks
BY CHELSEY DULANEY
Don’t look now, but U.S.
growth forecasts are moving
higher. That is helping to support U.S. stocks.
Projections for economic
growth from two Federal Reserve Banks have risen recently. The Federal Reserve
Bank of New York on Friday
forecast that gross domestic
product will rise 3.8% in the
fourth quarter, up from a forecast of 3.2% a week earlier.
A separate measure from
the Federal Reserve Bank of
Atlanta forecast 3.4% growth
last week, also up from 3.2%.
Research firm DataTrek noted
that the rival forecasts are
outpacing projections from
human economists, who on average expect 2.7% growth for
the quarter.
Even if the less optimistic
Atlanta Fed model is correct,
it would be the best quarter
for the U.S. economy in more
than three years. The central
banks’ forecasts are derived
from statistical models that
track incoming economic data
and are used by traders to
gauge the economy’s health.
The estimates have been
the subject of some contention
as they often offer diverging
views on the health of the
economy. The recent harmony
between the two measures
Industrial Gains
Shares of 3M and Boeing helped lead the Dow Jones
Industrial Average higher.
Performance minute-by-minute Monday
AUCTION RESULTS
2.0%
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
1.5
13-WEEK AND 26-WEEK BILLS
1.0
3M
Boeing
0.5
Dow Industrials
0
10 a.m.
11
Noon
1
Source: WSJ Market Data Group
2
3
4 p.m.
THE WALL STREET JOURNAL.
13-Week
26-Week
$133,732,867,900 $120,005,426,000
$42,000,417,900 $36,000,163,000
$599,934,900 $471,304,000
$257,000,000 $275,000,000
99.678750
99.288569
(1.285%)
(1.415%)
1.307%
1.445%
Coupon equivalent
88.42%
65.40%
Bids at clearing yield accepted
912796NT2
912796MB2
Cusip number
Applications
Accepted bids
" noncomp
" foreign noncomp
Auction price (rate)
Both issues are dated Nov. 24, 2017. The 13-week bills
mature on Feb. 22, 2018; the 26-week bills mature on
May 24, 2018.
OPEC Uncertainty Weighs on Oil
Growing Apart
6%
weekend left German Chancellor Angela Merkel without a
majority in parliament. Analysts said the development
would likely result in the formation of a minority government or new elections.
At the midday break Tuesday, Japan’s Nikkei Stock Average was up 1% on a weaker
yen after falling 0.6% Monday,
its seventh decline in nine
trading sessions.
Also early Tuesday, the
Shanghai Composite was up
0.5%, Hong Kong’s Hang Seng
Index was up 0.9%, Australia’s
S&P ASX 200 was up 0.3% and
South Korea’s Kospi was up
0.2%.
U.S. government bonds
edged lower Monday as investors were quick to book profits
following an overnight rally.
The yield on the benchmark
10-year Treasury note settled
at 2.370%, compared with
2.352% Friday.
Yields, which fall when bond
prices rise, declined overnight
after the small,
CREDIT
pro-business
MARKETS Free Democratic
Party broke off
talks to form a
coalition government in Germany.
The rally, however, was
short lived, as investors determined that “the German economy is strong enough to withstand this little hiccup,” said
John Canavan, market analyst
at Stone & McCarthy Research
Associates.
This could be a quiet week
in the Treasurys market, according to analysts. The market is closed Thursday for
Thanksgiving, and the most
notable economic release is a
report on durable-goods orders Wednesday.
One factor that could upset
the calm is investors’ shifting
appetite for riskier assets.
After holding strong for
most of the year, demand for
assets such as stocks and junkrated corporate bonds has wavered in recent weeks, offering
support for Treasurys, which
tend to benefit when investors
adopt safer strategies.
means “economists may have
some catching up to do,” according to Nicholas Colas, cofounder of DataTrek.
Behind the rising economicgrowth projections has been
better-than-expected data on
the U.S. housing market and
industrial production. Stronger economic growth has
helped fuel the record run for
Two Federal Reserve
Bank forecasts see
fourth-quarter growth
at 3.4% or better.
U.S. indexes as companies benefit from stronger demand.
DataTrek warns there is
still time for the rising growth
expectations to reverse. The
Commerce Department won’t
release its fourth-quarter GDP
estimate until early next year,
and the Atlanta Fed model is
typically most accurate about
a month before the quarter
ends.
“There is still time, therefore, for the numbers to slip,”
Mr. Colas said. With stocks already pricing in stronger
growth, a string of weak data
could put pressure on the
rally.
BY STEPHANIE YANG
AND SARAH MCFARLANE
Oil prices pulled back Monday as doubts arose over
whether a meeting of global
crude producers next week
would result in an extension of
output cuts.
Light, sweet crude for December delivery settled down
46 cents, or 0.8%, at $56.09 a
barrel
on
COMMODITIES the
New
York Mercantile Exchange. Brent, the global benchmark, declined 50 cents, or
0.8%, to $62.22 a barrel.
The Organization of the Petroleum Exporting Countries
and other producers including
Russia are scheduled to meet
Nov. 30 and review whether to
extend the production cuts due
to expire in March 2018. The
production pact aims to reduce
bulging global inventories to
their five-year average.
While Saudi Arabia has expressed its dedication to extending the agreement, investors are less sure of Russia’s
commitment as a major participant outside of the cartel.
“There seems to be some
equivocation by the Russians
about extending the OPEC
deal,” said John Kilduff, founding partner at Again Capital.
“With the door being left open,
you’re seeing the market take a
hit on a potential unraveling,”
he said.
Oil prices have rallied to
two-year highs in recent
months, aided by geopolitical
tensions in major oil-producing
nations including Saudi Arabia
and by expectations that the
cuts will be extended.
“We’re expecting a potential
extension of the deal, that’s the
general market consensus,”
said Mustafa Ansari, energy
economist at development
bank Arab Petroleum Investments Corp. “OPEC knows that
it needs to continue doing
what it’s doing because its targets haven’t been reached.”
Analysts warn that since oil
has already priced in an extended reduction of OPEC output, any disappointing news
could lead to a sharp drop for
prices.
With many market participants anticipating an extension
as long as through the end of
next year, “anything less could
easily produce a selloff sequel
to the May meeting meltdown”
when oil prices dropped even
as OPEC announced the first
deal extension, RBC Capital
Markets analysts said Monday.
“The stakes for this meeting
are high indeed and it is a ‘Go
Big or Go Home’ event in our
view.”
As U.S. shale production has
increased and crude stockpiles
have built up in recent weeks,
the possibility of more U.S.
supply also damped market
sentiment. “Even if they
[OPEC] do extend the deal, I
don’t see too significant a price
rise because the market understands even more than ever be-
fore that shale production can
respond immediately,” Mr. Ansari said. Oil-field-services provider Baker Hughes reported
Friday that the number of U.S.
rigs drilling for oil was unchanged at 738, having risen
by nine the previous week.
Gasoline futures fell 0.05%,
to $1.7438 a gallon and diesel
futures lost 0.7% to $1.9321 a
gallon on Monday.
YURI MALTSEV/REUTERS
Rising industrial and financial shares helped push U.S.
stocks higher.
Major indexes opened little
changed, then
MONDAY’S gained later in
MARKETS
the trading session, leaving six
of the 11 sectors in the S&P 500 higher for
the day.
With the U.S. stock market
closed Thursday in observance
of Thanksgiving and few major
economic reports on the
docket this week, some analysts and investors say trading
is likely to be relatively quiet
over the next couple of days.
The Dow Jones Industrial
Average climbed 72.09 points,
or 0.3%, to 23430.33. The S&P
500 added 3.29 points, or 0.1%,
to 2582.14 and the Nasdaq
Composite rose 7.92 points, or
0.1%, to 6790.71.
Dow component 3M rose
$2.13, or 0.9%, to $231.49,
while Boeing added 2.37, or
0.9%, to 264.63. The advance
in the two stocks contributed
nearly half of the blue-chip index’s total gains for the day.
Fellow blue-chip Caterpillar
rose 78 cents, or 0.6%, to
136.91.
Shares of financial companies rose 0.5% in the S&P 500,
with Navient and Cboe Global
Markets posting the biggest
gains in the sector.
Meanwhile, shares of energy companies in the S&P
500 fell with oil prices, deepening their losses for the year.
Range Resources fell 73
cents, or 4%, to 17.30, and
Marathon Oil fell 58 cents, or
3.9%, to 14.47. U.S. crude for
December delivery fell 0.8% to
$56.09 a barrel, notching its
fourth decline in five sessions.
Some investors said that,
after a long rally that has
driven up major indexes by
double-digit percentages in
Treasury
Traders
Cash In
An oil terminal near Nakhodka in Russia’s far east. Russia will join an OPEC meeting set for next week.
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Tuesday, November 21, 2017 | B13
THE WALL STREET JOURNAL.
MARKETS
Saudi Turmoil Hits Middle East Markets
Kingdom itself has
Widening Gulf
been shielded by
state-led buying, hope Saudi Arabia’s political
of change, oil stability tensions have rippled
Domestically focused stocks in the rest of the Gulf region
fell in the aftermath of Saudi Arabia’s political turmoil.
2%
through markets in
neighbors such as Qatar
and Bahrain, with less
Political upheaval in Saudi
impact on Saudi assets.
Index performance
BY MIKE BIRD
Arabia has sent shares, currencies and bonds in the Middle
East lower—but not in the
kingdom itself.
Riyadh’s internal crackdown
and escalating tensions with
Iran have barely affected domestic markets but have amplified troubles in smaller neighbors like Qatar and Bahrain.
Saudi markets have likely
been cushioned by state-led
buying, no disruption to the
massive oil industry and hopes
of financial overhaul. While
Crown Prince Mohammed bin
Salman’s consolidation of
power may add uncertainty, it
could also further a program
of economic changes that includes the privatization of
state assets and opening markets to foreign investors.
On Monday, Standard &
Poor’s held the kingdom’s
credit ratings stable, saying
“structural reforms could empower Saudi citizens and make
Saudi Arabia more attractive
to investors.”
Saudi
Arabia’s
resilience follows a 2017 global
trend in which geopolitical
concerns have failed to make a
lasting impact on bigger markets, as investors avoid trying
to price in major events.
Saudi markets are less likely
to react to domestic political
ructions than the kingdom’s
neighbors, according to Emad
Mostaque, co-chief investment
officer of Capricorn Fund Managers, an emerging-market-focused hedge fund.
This month, Saudi Arabia detained dozens of princes, government officials and businessmen as part of what it called
anticorruption efforts that
marked an escalation in the
Email: heard@wsj.com
Marvell Adds
Some Bulk
To Its Frame
Sometimes confused with
the comic-book company,
Marvell Technology Group
has lately been pulling off
superheroic feats of its own.
A small-but-telling indicator of this is how Wall
Street’s analysts now view it.
Half now recommend buying
the stock compared with the
13% who held that view two
years ago.
Here is another indicator:
Marvell’s share price has
jumped nearly 10% since The
Wall Street Journal first reported this month that the
company was in talks to acquire chip maker Cavium.
Acquiring companies often
weaken. Its offer was formally announced Monday,
valuing Cavium at $80 a
share for a total deal value
of about $6 billion, nearly 24
times Cavium’s adjusted forward earnings.
Marvell’s cash portion of
the deal comes to about $2.6
billion, net of Cavium’s cash
on hand. That is about $1
billion more than what Marvell has in the bank, which
makes investors’ early vote
of confidence notable. The
combination should make
Marvell a stronger competitor to Broadcom in areas
such as network equipment
processors. But Broadcom is
expanding as well, as indicated by its surprise bid for
Qualcomm that would make
it the fourth-largest semiconductor company globally
based on revenue.
Marvell has spent the past
year getting in better shape,
both through a restructuring
that helped trim costs and
divestitures that helped narrow its focus. This puts Marvell in the right place to
start adding the necessary
muscle needed to battle chip
titans that also are trying to
tap their inner Hulk.
—Dan Gallagher
0
MSCI Saudi
Arabia Domestic
–2
MSCI Gulf Cooperation
Council Domestic
(excluding Saudi Arabia)
–4
Last close before Saudi
crackdown began
–6
October
Five-year currency-forward points*
on Bahrain’s dollar-pegged dinar
show growing speculation this
month that the currency will weaken.
November
Yield on Saudi Arabia’s dollar bond maturing
in 2021 has risen since the crackdown, but
some debt of the same maturity in nearby
countries has reacted more sharply.
Increase in yields since Nov. 3, 2017
1,500 points
Saudi Arabia’s stock of foreign-exchange
reserves has declined with the price of
oil but remains higher than in much of
the country’s recent history.
$800 billion
0.42 percentage point
Bahrain
600
0.26
Oman
1,000
Saudi
Arabia
0.19
Abu
Dhabi
500
0.18
200
0.07
Dubai
0
2015
’16
Qatar
’17
400
0
0
2003 ’05
’07
’09
’11
’13
’15
’17
*Points measure expected depreciation against the U.S. dollar in the coming five years.
THE WALL STREET JOURNAL.
Sources: FactSet; Thomson Reuters (five-year currency-forward points)
crown prince’s effort to consolidate power as he spearheads
far-reaching changes.
Meanwhile, Saudi Arabia blamed Iran for a missile
fired by Yemeni rebels toward
Riyadh’s airport this month,
adding to tensions as the two
vie for regional influence.
Nonetheless, MSCI’s index
for Saudi stocks has fallen just
0.3% in the last month. But the
MSCI’s index of stocks listed in
the other five members of the
Gulf Cooperation Council—Ku-
wait, United Arab Emirates,
Bahrain, Qatar and Oman—is
down 4.9%.
There has been a small selloff in Saudi government debt,
but yields on the country’s dollar-denominated bonds maturing in 2021 have risen less
sharply than their equivalents
in Bahrain and Oman. In addition, bets that the riyal’s longstanding peg to the dollar will
break barely shifted upward,
as they often do when the
country or its economy is un-
der pressure.
In comparison, three-year
forward rates for the Bahraini
dinar have climbed, suggesting
investors believe its peg to the
dollar may break and the currency depreciate.
Saudi Arabia’s troubles have
highlighted some of the problems of its neighbors. Qatar has been isolated by other
countries in the region, which
accuse it of backing extremist
groups, something it denies. Bahrain’s economy is par-
ticularly vulnerable to low oil
prices, given relatively small
foreign-exchange reserves and
high debt.
Elsewhere, Lebanese markets have been hard hit by political turmoil, with the country acting as a staging ground
for Iranian and Saudi foreign
policies.
Yields on Lebanese government bonds, maturing in 2019,
touched a high of 8% earlier in
November, up from 5.1% at the
end of October.
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
AT&T Girds for Fight of Its Life
Wall Street was sailing
into the end of 2017 with
markets calm, deal making
on a tear, and high confidence that one of the biggest
media transactions in history
would be approved by a
business-friendly administration.
Two out of three isn’t
bad, but the Justice Department’s legal challenge to the
$85 billion AT&T-Time Warner agreement is a tough
blow for the deal makers,
analysts and investors who
were exceedingly assured
that the merger would go
through. It would be challenging for hedge funds to
make up their losses this
late in the year.
The flaw in Wall Street’s
thinking was that precedent
would hold in an administration that doesn’t highly
value precedent. The Justice
Department will have a
tough time winning the case
in court, or at least that is
what Wall Street believes.
And that may be true, but
Sinking Feeling
Share-price performance
5%
0
–5
–10
AT&T
–15
Time Warner
–20
October
November
THE WALL STREET JOURNAL.
Source: WSJ Market Data Group
the media business is so
fluid right now that it is conceivable that government
lawyers could build a convincing case that consumers
would be hurt by the proposed deal.
AT&T appears undeterred,
which ultimately might be a
blessing. If AT&T wins, it
gets to do the deal without
selling assets, including
CNN. The telecom will be
able to argue the conventional: that mergers between
companies that don’t compete haven’t typically been
blocked. It also could make
the unconventional argument
that the president may have
overstepped the bounds of
policy to get the Justice
Department to try to block
the deal.
If AT&T loses, it will need
to pay Time Warner a $500
million breakup fee, but it
would save itself from overpaying. Valuations in the media world have come down
since the deal was reached
more than a year ago, and
AT&T doesn’t have the best
record in paying attractive
prices. The company bought
satellite-TV provider DirecTV
at the peak of the market.
The government action
came during one of the biggest months of M&A on record, but some companies
appear to know how to handle the administration. Before its bid for Qualcomm,
Broadcom’s CEO moved the
company’s headquarters
back to the U.S. and held a
smiling photo opportunity
with President Donald
Trump. Masayoshi Son, the
CEO of SoftBank Group, also
flattered him. For Wall
Street to maintain its momentum, more CEOs may
have to travel to Washington.
—Ken Brown
One explanation for the
comparative resilience of
Saudi Arabian markets offered
by investors is interventions
by state institutions and funds.
Simon Kitchen, head of
macrostrategy at Cairo-based
EFG Hermes, said anecdotal
evidence and precedent suggest government money has
supported buying from local
mutual funds.
“The pattern of trading activity does seem as if there’s
an orchestration of buying,”
said Tarek Fadlallah, Middle
East chief executive at Nomura
Asset Management.
The Saudi government
didn’t respond to a request to
comment.
The political upheaval
shows no sign of affecting
Saudi Arabia’s oil industry,
which is responsible for the
vast majority of its revenue.
“Saudi tanker shipments appear to have continued as normal and policy makers who favor a modest restriction of
supply remain in place,” said
Mark Haefele, global chief investment officer at UBS
Wealth Management.
Supply cuts by some of the
world’s largest oil producers,
including Saudi Arabia, have
supported the price of crude in
2017.
As the crown prince has
consolidated power, some investors expect a boost to the
local economy and more foreign investment in local assets.
According
to
Riyadhbased Al Rajhi Capital, only
around 4.2% of Saudi-listed
shares are owned by foreignbased investors.
“A deepening of financial
markets, increased trade openness, improved business environment and improved labor
force skills are likely to provide a supply-side boost to potential growth,” said JeanMichel Saliba, an economist at
Bank of America Merrill Lynch,
in a recent note.
—Nikhil Lohade
contributed to this article.
WSJ.com/Heard
OVERHEARD
Cult leader Charles Manson’s death Sunday night
closes the book on a dark
chapter, but it also seems to
have prompted people to
open a book, literally, on his
crimes.
The classic account of the
criminal trial, “Helter Skelter:
The True Story of the Manson Murders,” co-written by
prosecuting attorney Vincent
Bugliosi, was a best seller in
1974.
Those looking for the original mass-market paperback
published in 1975 will have to
dig a lot deeper to own a
“new” (in other words, unread) copy than before its
subject’s death, though.
Website CamelCamelCamel.com, which tracks the
prices of new and used books
on Amazon.com, shows that
the best price available
jumped from $119.19 most recently to $1,698 on Monday
morning.
The markup is almost
criminal.
Don’t Ground Your Company’s Private Jet Fleet Just Yet
General Electric’s executives are getting reacquainted with the joys of
commercial air travel. But
the decision by the company’s new chief executive to
cut the use of companyowned jets may pay off in
symbolism rather than performance.
GE became the latest
high-profile case of corporate aviation misadventures,
when the company disclosed
that it had been sending a
backup plane to fly with former boss Jeffrey Immelt.
The decision by new chief
John Flannery is a welcome
sign of improved governance, but for a company
with as many locations and
operations as GE, it risks going too far.
In fact, the time saved
Cruising Altitude
Percentage of S&P 1500
firms that disclose use
of a corporate jet
55%
50
45
40
2006
’08
’10
’12
’14
Sources: Lian Fen Lee, Michelle Lowry
and Susan Shu
and communication facilitated by private jet travel
generates improved operating performance in terms of
measures such as return on
assets, notes a recent working paper by finance and accounting professors Lian Fen
Lee, Michelle Lowry and Susan Shu. Using The Wall
Street Journal’s flight
tracker database, published
in 2011, the trio of academics
collated the routes of private
jets with the location of
company subsidiaries.
The findings were strongest for firms that had the
most widely spread business
operations and would seem
to benefit from being able to
have executives hopscotch
from location to location.
Also benefiting from jet
travel: firms in industries
with high research and development costs, for which
complicated information
sharing requires face-to-face
explanations.
The risk is that companies
don’t use the jets for legitimate business purposes.
Abut 10% of flights are to resort destinations such as
Scottsdale, Ariz., West Palm
Beach, Fla., and Las Vegas.
Companies that had otherwise poor corporate governance metrics benefited the
least from using private jets.
If corporate jets were
purely seen as excessive,
their use would probably be
on the wane. But, in fact,
roughly half of public companies report jet use in some
form in corporate documents. The actual number is
probably higher. And that
hasn’t changed much in recent years, even as activist
investors and corporate governance pressure has increased in other areas of
boardroom conduct.
The trouble is how to determine whether the plane is
being used for work or pleasure. After the Journal popu-
larized the use of public database searches to track
planes, executives and companies have gone to great
lengths to obscure flights.
Clever hedge funds may still
be able to track tail numbers, but the investing public
is mostly in the dark.
Investors could demand
another solution: Ask companies to voluntarily disclose
in broad strokes how private
jets are used. If, say, 95% of
trips were to subsidiaries or
finance centers like New
York, rather than vacation
spots like Honolulu, that
would be a sign of judiciousness.
Investors would feel better and executives might not
feel guilty about one of the
key perks they enjoy.
—Alex Frangos
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B14 | Tuesday, November 21, 2017
THE WALL STREET JOURNAL.
An Open Letter to Employers on Financial Wellness
AMERICA’S WORKERS NEED
NEW PATHS TO PROSPERITY.
This week, we give thanks for our families, our friends and the
bounty that is our country. But the prosperity we celebrate each
Thanksgiving cannot be taken for granted; it is the legacy of
generations who came before us, pursuing the promise that hard
work can create a better life.
But how do we keep that promise within reach, when innovation and
structural shifts are transforming work faster than the nation’s policies
and safety nets can keep pace?
Workers today bear increasing responsibility for their own financial
lives. Yet too many lack access to resources and tools to help
them manage.
These are daunting challenges. But when leaders from all sectors,
private, public and not-for-profit, collaborate on finding ways to
reconnect work and wealth, these are challenges we can meet.
Nearly
610
out
of
workers are stressed about
their financial situation.*
Let’s build new pathways to prosperity by promoting financial
wellness right here in the workplace. Let’s advocate on behalf
of tens of millions who lack 401(k) plans and other workplace
benefit protections.
So that living paycheck to paycheck becomes a thing of the past.
Families can move forward when life sets them back. Workers can
retire on time with the income to pursue what they love.
And underserved communities gain access to the resources to
build better futures.
Prudential believes in a society where financial opportunity is within
reach of all.
We invite you to join us as we work in partnership with
organizations like the Aspen Institute, a nonpartisan forum for
values-based public policy leadership, to advance solutions that
help increase economic opportunity for workers.
As we have seen repeatedly, America is at its best when we lift
each other up. In that spirit, let us join together to bring financial
wellness within reach of every worker.
When we do, the impact will be felt everywhere.
prudential.com/workers
*Prudential, 2017 Financial Wellness Study.
Prudential Financial, Inc., Newark, NJ. Prudential, the Prudential logo, the Rock symbol and Bring Your Challenges are service marks of Prudential Financial, Inc. and its related entities,
registered in many jurisdictions worldwide.
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