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The Wall Street Journal November 22 2017

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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
WEDNESDAY, NOVEMBER 22, 2017 ~ VOL. CCLXX NO. 122
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Business & Finance
he FCC’s plans for dismantling open-internet
rules would clear the way
for a range of new deals between internet-service providers and online media. A1
T
BY JOHN D. MCKINNON
AND RYAN KNUTSON
WASHINGTON—Federal
regulators’ plans for dismantling Obama-era open-internet
rules would clear the way for
a range of new deals between
internet-service providers and
online media and other services, in a victory for cable
and wireless firms.
The proposed changes—
outlined Tuesday by Federal
Communications Commission
Chairman Ajit Pai—have
sparked a lively debate over
the potential impact on the internet as well as online businesses and consumers.
Under Mr. Pai’s proposal, internet providers such as Comcast Corp., Verizon Communications
Inc.,
Charter
Communications Inc. and AT&T
Inc. would be able to form alliances with media and other
online firms such as Facebook
Inc. to offer web services at
higher speeds and quality.
They also wouldn’t be
barred from slowing rival services to encourage greater use
of the website that is paying
them, provided such arrangements are disclosed.
The
Obama-era
rules
pushed so-called net neutrality, with internet providers required to treat all web traffic
equally. The rules limited the
providers’ ability to block or
slow online services, or favor
content—including their own.
The new FCC rules are exPlease see RULES page A5
Trump’s chief negotiator
on trade delivered a downbeat assessment of efforts
to rewrite Nafta. A8
Disney executive Lasseter
said he is taking a leave of
absence, citing unspecified
“missteps” on his part. B1
BEN CURTIS/ASSOCIATED PRESS
Uber disclosed that it
paid hackers $100,000 in an
effort to conceal a data
breach affecting 57 million
accounts one year ago. A1
Global tech firms’ shares
are outpacing other sectors
this year by the widest margin
since the dot.com era’s peak. B1
Stock indexes set records,
lifted by Apple and other
tech shares. The Dow rose
160.50 points to 23590.83. B16
Zimbabweans celebrate outside parliament in Harare on Tuesday after the announcement that President Robert Mugabe had resigned
after 37 years in power. His ouster followed a week of turmoil sparked by an attempt to purge key rivals.
The Secret Plot to Topple Mugabe
CBS, PBS and Bloomberg
severed ties with Charlie
Rose in the wake of sexual
harassment allegations. B2
HARARE, Zimbabwe—Robert Mugabe
awoke last Wednesday in his luxurious
palace known as “Blue Roof” to find that
his head of security wasn’t there for the
usual morning briefing. Only then did the
Prosecutors unsealed
charges against a hacker
linked to Iran’s military, accusing him of breaching HBO. B3
By Gabriele Steinhauser,
Joe Parkinson
and Bernard Mpofu
Akzo and Axalta abandoned merger talks after
failing to agree on terms. B7
World-Wide
Mueller’s investigators
are asking questions about
Kushner’s interactions with
foreign leaders during the
presidential transition. A1
Mugabe resigned as Zimbabwe’s president, ending
his 37-year rule, after a week
of drama and uncertainty. A1
The Justice Department
has opened an investigation
into the use of race in Harvard’s admissions practices. A1
Trump indicated that he
wanted to see GOP Senate
candidate Moore of Alabama elected despite sexualmisconduct allegations. A5
Rep. Conyers of Michigan, the No. 3 House Democrat, denied allegations
of sexual harassment. A5
Putin and Assad met
ahead of a summit aimed at
shaping a political settlement
to end the war in Syria. A6
Hariri returned to Lebanon
for the first time since he resigned as prime minister during a trip to Saudi Arabia. A6
The U.S. military said it
conducted an airstrike in Somalia that killed over 100 militants linked to al-Shabaab. A6
North Korea violated
the armistice in a border
shooting last week, a U.S.led investigation found. A7
Beijing is investigating
Lu Wei, a former director
of China’s top internet regulator, for corruption. A7
Notice to Readers
WSJ.com and WSJ mobile
apps will publish throughout
the Thanksgiving holiday.
The Wall Street Journal
print edition won’t appear
Thursday, but a daily edition
will be available in WSJ iPad
and Android apps.
CONTENTS
Banking & Finance.... B14
Business News.. B3,7
Crossword.............. A14
Heard on Street. B16
Life & Arts....... A11-13
Markets............. B15-16
Opinion.............. A15-17
Property Report B8-9
Sports....................... A14
Technology............... B4
U.S. News............. A2-5
Weather................... A14
World News....... A6-8
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
YEN 112.44
Cable,
Wireless
Win With
New Rules
What’s
News
Whitman said she will
step down as CEO of Hewlett
Packard Enterprise early
next year, handing the reins
to the company’s president. B1
EURO $1.1738
93-year-old president, the survivor of
many challenges over 37 years of tumultuous and widely criticized rule, realize
he was under house arrest.
No one had awakened Mr. Mugabe
during the night, according to senior security officials, as Zimbabwe’s military
deployed tanks and troops around the
capital, seizing government buildings and
strategic intersections in response to a
widening purge by the president that
was reaching the armed forces. The
leader once hailed as “the lion of Africa,”
and by then widely derided as “the old
man,” was a prisoner in his own home.
What followed was a week of drama
and uncertainty that included mass demonstrations, a presidential speech that
confounded listeners, a resignation deadline set by Mr. Mugabe’s own party, expulsion from that party, and a parliamentary move to impeach—all finally
clarified on Tuesday: The world’s oldest
head of state resigned.
The announcement by the speaker of
parliament sent cheering crowds into the
streets of the capital and cities across the
country, where on Saturday hundreds of
thousands, anticipating the end of the
Mugabe era, had marched in their first
free demonstrations in decades. Crowds
Please see MUGABE page A10
Tech Rally Drives Shift in Markets’ World Order
Shares of global technology companies are outpacing others this year by the widest margin since the
peak of the dot-com era. A handful of key players are dictating market moves around the world. B1
50
Annual performance gap between top and second-best sectors,
using the MSCI AC World Index, in percentage points
40
Top sector is:
Technology
30
20
10
0
1998
2000
’05
’10
’15
’17
THE WALL STREET JOURNAL.
Uber Hid Customer Data Breach
BY GREG BENSINGER
AND ROBERT MCMILLAN
Uber Technologies Inc. on
Tuesday revealed it paid hackers $100,000 in an effort to
conceal a data breach affecting
57 million accounts one year
ago, a disclosure that adds to
a string of scandals and legal
problems for the world’s most
highly valued startup.
The ride-hailing firm said it
fired its chief security officer,
Joe Sullivan, and deputy Craig
Clark for their roles in the
breach and for covering it up.
In addition to the names,
emails and phone numbers of
millions of riders, about
600,000 drivers’ license numbers were accessed, Uber said.
Harvard Faces Probe
Over Admissions Policy
BY MELISSA KORN
AND NICOLE HONG
The Justice Department has
opened an investigation into the
use of race in Harvard University’s admissions practices and
has accused the university of
failing to cooperate with the
probe, according to documents
reviewed by The Wall Street
Journal.
The Justice Department is
investigating complaints that
formed the basis of a federal
civil lawsuit filed in 2014 in
Boston, according to the documents. That suit alleges Harvard intentionally discriminates
against Asian-Americans by
limiting the number of Asian
students who are admitted.
The lawsuit, brought by a
nonprofit called Students for
Fair Admissions, said the practices violate federal civil-rights
law and asks a federal judge to
prohibit Harvard from using
race as a factor in future under-
graduate admissions decisions.
The suit is pending.
The Justice Department,
whose Civil Rights Division is
conducting the investigation
into similar allegations, said in
a letter to Harvard’s lawyers,
dated Nov. 17 and reviewed by
the Journal, that the school was
being investigated under Title
VI of the Civil Rights Act of
1964, which bars discrimination
on the basis of race, color and
national origin for organizations that receive federal funding. The letter also said the
school had failed to comply
with a Nov. 2 deadline to provide documents related to the
university’s admissions policies
and practices.
The department told Harvard it “may file a lawsuit” to
enforce compliance if Harvard
doesn’t hand over the documents by Dec. 1, according to a
separate letter dated Nov. 17
from John M. Gore, the acting
Please see PROBE page A2
Israeli officials had asked
the incoming Trump administration to intervene to help
block it. Mr. Trump posted a
Facebook message the day before the U.N. vote—after he
had been elected but before he
had assumed office—saying
the resolution put the Israelis
in a difficult position and
should be vetoed.
Mr. Trump also held a phone
conversation with Egyptian
President Abdel Fattah Al Sisi,
whose government had written
a draft of the resolution. Egypt
proceeded to call for the vote
to be delayed, but the resolution passed the following day,
with then-President Barack
Obama’s administration declining to block it.
Israeli officials said at the
time that they began reaching
out to senior leaders in Mr.
Trump’s transition team.
Among those involved were
Mr. Kushner and political
strategist Stephen Bannon, according to people briefed on
Please see TRUMP page A4
WAS H I N GT O N — R o b e r t
Mueller’s investigators are
asking questions about Jared
Kushner’s interactions with
foreign leaders during the
presidential transition, including his involvement in a dis-
Other
Source: Morgan Stanley Research and MSCI
Kushner Transition
Role Is Investigated
Uber said financial information such as credit cards and
Social Security numbers
weren’t taken. Uber said it
identified the hackers and “obtained assurances” they had
destroyed the stolen data.
Please see UBER page A8
Iranian is charged in hacking
of HBO........................................... B3
INSIDE
By Peter Nicholas,
Aruna Viswanatha
and Rebecca Ballhaus
pute at the United Nations in
December, in a sign of the expansive nature of the special
counsel’s probe of Russia’s alleged meddling in the election,
according to people familiar
with the matter.
The investigators have
asked witnesses questions
about the involvement of Mr.
Kushner, President Donald
Trump’s son-in-law and a senior White House adviser, in a
controversy over a U.N. resolution passed Dec. 23, before Mr.
Trump took office, that condemned Israel’s construction
of settlements in disputed territories, these people said.
Dallas Finds the Perfect Gift for
Conspiracy Buffs—a Conspiracy!
i
i
i
A painted X marks the spot where JFK
was fatally shot, but who maintains it?
MORE RULES OF
THANKSGIVING
FOOTBALL
JASON GAY, A14
WHITMAN TO
STEP DOWN AT
HP ENTERPRISE
BUSINESS & FINANCE, B1
BY TAWNELL D. HOBBS
said Glen Garrett, a 68-year-old
vendor in the plaza who sells
DALLAS—Some believe the replica newspapers of that day
government is behind it. Others for $5.
point to a cabal of business inAs the 54th anniversary of
terests. A 72-year-old claims to JFK’s assassination approaches,
have done it, though
the X, as it does
he admits he did not
each year, becomes
act alone. Or a figure
a magnet for a naknown
as
“the
tion still obsessed
cousin” may have
with every detail of
played a role.
the tragedy. No
Yet years of denimatter that the X is
als, conspiracy theoa crudely formed
X on Elm Street
ries and even grainy
marker of dubious
video have failed to reveal the origin taped or painted in the
perpetrators behind one of the middle of a busy street.
most enduring mysteries in DalTourists strain from curblas: Who creates the “X” on Elm sides to get pictures of it
Street in Dealey Plaza that sup- through three lanes of flowing
posedly marks the exact spot traffic. Some are gutsy enough
where President John F. Ken- to make it onto the road for a
nedy was fatally shot on Nov. shot posing next to it.
22, 1963?
It’s unclear how long the X
Please see JFK page A10
“Nobody knows who does it,”
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 | Wednesday, November 22, 2017
* *
THE WALL STREET JOURNAL.
U.S. NEWS
Agency Seeks Tariffs on Washers
BY ANDREW TANGEL
AND WILLIAM MAULDIN
bipartisan agency that oversees trade, on Tuesday released three sets of recommendations that include tariffs of
50% on imported washers exceeding a quota of 1.2 million
units annually. Their recommendations follow their finding in October that Whirlpool
and other domestic washer
makers suffered “serious injury” from a surge of imports.
Federal trade regulators
recommended that the Trump
administration impose big tariffs on imported washing machines to protect Whirlpool
Corp. and other U.S. manufacturers.
Members of the U.S. International Trade Commission, a
The trade commission’s recommendations are expected to
head to the White House in
early December. The Trump
administration would then
have about two months to
weigh the recommendations
and decide what, if any, new
trade barriers to put in place.
The recommendations aren’t
binding.
The washer case is the lat-
est in a series of trade fights
between Whirlpool and two
South Korean competitors, LG
Electronics Inc. and Samsung
Electronics Co.
White House spokeswoman
Lindsay Walters said U.S. officials are reviewing the commissioners’ recommendations.
“The president will examine
the facts and make a determination that reflects the best
interests of the United States,”
she said.
Whirlpool said it is encouraged by the trade body’s recommendations. Samsung and
LG both said any new trade
barriers could limit consumer
choice, increase prices and stifle U.S. job growth.
U.S. trade official decries lack
of headway in Nafta talks... A8
PROBE
ECONOMY
Home Sales Stayed
Sluggish in October
Home sales in October continued to be weighed down by
supply shortages and the continuing recovery from hurricanes
in Florida and Texas.
Existing-home sales increased
2% in October from a month
earlier to a seasonally adjusted
annual rate of 5.48 million, the
National Association of Realtors
said Tuesday. But sales dipped
0.9% from the same month a
year earlier, the second consecutive decline on an annual basis.
Home sales in areas hit by
hurricanes, including Houston,
Orlando and other major markets, showed gains from previous months, helping to drive the
monthly increase in October, according to Lawrence Yun, NAR’s
chief economist.
Housing inventory decreased
3.2% in October and is 10.4%
lower than a year ago, having
fallen year-over-year for 29 consecutive months, the NAR said.
—Laura Kusisto
STUDENT LOANS
CHARLES KRUPA/ASSOCIATED PRESS
Continued from Page One
assistant attorney general for
the Civil Rights Division. The
department wrote that the materials requested by the Justice
Department have already been
provided by Harvard to the
plaintiffs in the lawsuit.
The documents reviewed by
the Journal confirm the existence of an investigation that
the Justice Department in August indicated it would pursue
and suggest that Harvard has
challenged the authority of the
department’s Civil Rights Division to conduct it.
In a statement, Harvard said:
“As we have repeatedly made
clear to the Department of Justice, the University will certainly comply with its obligations under Title VI.” The
school added that it was seeking to engage the department in
the best way to share relevant
information while protecting
applicants’ privacy.
The Justice Department’s investigation escalates a longstanding national debate over
the role of race in college admissions—an issue the U.S. Supreme Court has intermittently
wrestled with since the 1970s.
As recently as last year, the
court upheld the use of racial
preferences in public university
admissions.
In early August, the Justice
Department posted an internal
job listing for attorneys to investigate racial bias in college
admissions, as it prepared to review a separate 2015 complaint
filed by a coalition of 64 AsianAmerican associations claiming
Harvard discriminates against
Asian-American applicants.
Harvard has previously said
its admissions process is consistent with the legal precedents
set over the past 40 years by
the Supreme Court, which have
allowed universities to consider
race as a factor in admissions to
obtain the benefits of a diverse
student body.
Justice Department spokesman Devin O’Malley said: “The
Department of Justice takes seriously any potential violation
of an individual’s civil and constitutional rights.” He declined
to comment on the details of
any continuing investigation.
In letters sent to the Justice
Department in October and No-
U.S.
WATCH
Citibank Agrees to
Pay $6.5 Million Fine
Harvard has said its admissions process is consistent with the legal precedents set over the past 40 years by the Supreme Court.
vember and reviewed by the
Journal, Harvard’s lawyers
questioned why the investigation was being conducted by
the Civil Rights Division.
Seth Waxman, a partner at
WilmerHale, the law firm representing Harvard, called the investigation “outside ordinary
practices” of the Justice Department because responding
to a complaint filed more than
two years prior wouldn’t meet
the department’s standard of
“prompt” action.
Mr. Waxman also denounced
the investigation on the
grounds that identical issues
are being litigated in federal
court. The Education Department declined to investigate the
same complaint largely because
the private lawsuit against Harvard covered the issues, Mr.
Waxman wrote in an Oct. 6 letter to the Justice Department.
He also said any investigation would more appropriately
come from the Justice Department’s Office for Civil Rights,
inside its Office of Justice Programs, not the Civil Rights Division.
The Justice Department in
its letters to Harvard’s lawyers
defended the investigation’s
delegation to its Civil Rights Division.
At a meeting on Sept. 11,
Harvard representatives “offered to work collaboratively”
with the Justice Department’s
lawyers, according to the Nov.
17 letter from Mr. Gore.
The Justice Department gave
the school a Nov. 2 deadline to
provide the requested information. But over the past two
months, “Harvard has pursued
a strategy of delay and has not
yet produced even a single document,” according to another
Nov. 17 letter sent from the
agency to Mr. Waxman.
Mr. Waxman expressed concern in his Oct. 6 letter about
the privacy of information that
would be shared with the Justice Department, including applications from high-school students “and candid evaluations
of those students.” He pointed
to the fact that Freedom of Information Act requests had
been filed asking for information about a possible probe of
the school.
The government said in one
of its Nov. 17 letters that the
Students for Fair Admissions
lawsuit captures the complaints
under
investigation
and
wouldn’t give Harvard further
details “because the release
may interfere with an active investigation.”
According to experts in civilrights law, there are many potential outcomes to the investigation. One possibility is that it
could lead to litigation in court
between the Justice Department and Harvard. In that case,
if a federal judge finds Harvard
has violated Title VI, the court
has broad authority to issue a
remedy, such as ordering the
university to change its admissions policies, the experts say.
Schools in violation of Title
VI can also lose access to federal funds.
CORRECTIONS AMPLIFICATIONS
Prof. René Stulz of Ohio
State University and Prof.
Kathleen Kahle of the University of Arizona were the
sources for data used in the
two charts at the top of the
graphic that accompanied
the Nov. 14 Streetwise column.
Prof. Kahle was incorrectly
omitted from the source citation.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
The plaintiffs in the lawsuit
are members of Students for
Fair Admissions, which advocates for the elimination of affirmative action in college admissions and includes AsianAmericans who were denied
admission to Harvard. The
group is led by conservative legal activist Edward Blum.
Mr. Blum also spearheaded a
challenge to affirmative action
brought by a white applicant
against the University of Texas,
which was decided by the Supreme Court last year.
Citibank said Tuesday that it
agreed to pay $6.5 million to
settle accusations by the Consumer Financial Protection Bureau that it harmed people
whose student loans it serviced—including by giving misinformation about a tax deduction.
The settlement is for $3.75
million in customer refunds and
a $2.75 million civil penalty.
The CFPB said Citibank misrepresented information about
the borrowers’ eligibility for a
tax deduction on interest paid
on certain student loans, failed
to refund interest and late fees
it erroneously charged and overstated the minimum monthly
payment due on statements.
A Citibank spokesman said
the bank was “pleased to resolve this matter.”
—Yuka Hayashi
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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THE WALL STREET JOURNAL.
©T&CO. 2017
U.S. NEWS
Wednesday, November 22, 2017 | A3
MARK WILSON/GETTY IMAGES
Newly Restored, Memorial Honors U.S. Marines
TIFFANY T COLLECTION
SEMPER FI: Marines got a look at the restored Iwo Jima U.S. Marine Corps War Memorial in Arlington, Va., on Tuesday, which
included newly carved engravings of the Afghanistan and Iraq wars—the first campaigns to be added since 1996.
A Wild Goose Chase for Safety
800 843 3269
|
TIFFANY.COM
Researchers catch, track birds to keep them away from Chicago airport’s planes
By tagging and then tracking geese when they are chased,
researchers hope to learn how to keep them away from airports.
of those flights put them in
the path of one of the airport’s busiest runways.
The about $250,000 project is funded by the university’s Illinois Natural History
Survey, the Illinois Department of Natural Resources,
the U.S. Department of Agriculture’s Wildlife Services
and the airport.
Now, the researchers are
stepping up their effort to tag
more birds, with plans to
start chasing them out of
their comfortable roosts and
possibly, outside the city—or
at least the airport’s immediate surroundings, where they
are less dangerous to planes.
About 100 birds are hit by
planes at the airport every
year, most without causing
major problems, said Nick
Kleinschmit, with the USDA’s
Wildlife Services at Midway.
But the problem can be catastrophic as shown by the
goose strike that forced a
plane taking off from New
York’s La Guardia Airport to
land in the Hudson River in
New York in 2009.
“We want to make the area
around the airport as inhospitable as possible,” he said.
To that end, the University of Illinois researchers
will begin chasing the geese
out of Marquette Park and
other nearby areas using
ATVs and an amphibious, remote-controlled craft called
a Goosinator, and then track
where they go with the
$3,500 transmitters.
But first, the researchers
need to catch the geese.
© 2017 CHLOE. ALL RIGHTS RESERVED.
CHICAGO—Ryan Askren
says chasing wild geese is
easy, it’s catching them
that’s hard.
“We discovered that when
you walk up to them, they get
spooked and fly away, but for
some reason, when you jog,
they don’t notice you,” said
the University of Illinois graduate student on a recent
snowy day in Chicago’s Marquette Park.
Mr. Askren is part of a team
researching how to keep the
birds—whose numbers swell
in the winter—from being hit
by airplanes at nearby Midway International Airport. As
a first step, the team has been
tagging birds with transmitters and studying where they
go since the winter of 2014.
What they discovered was
a surprise. Many geese live in
Chicago year round, but an increasing number of migrating
geese stop and stay here for
the winter instead of going
farther south.
The researchers thought
these new arrivals would venture to the countryside, where
they could feed on grains in
farmers’ fields and return to
rest in the city. Instead, they
arrive fattened up—and generally hang out in the park, on
roofs or in rail yards near the
airport and take only short
flights to conserve energy.
The problem is that many
JOE BARRETT/THE WALL STREET JOURNAL
BY JOE BARRETT
chloe.com
Mr. Askren, carrying a
flashlight-size device that
launches a net with a blast of
C02, jogged with a reporter
toward a gaggle of geese. At
first, the jogging seemed to be
working, with the geese appearing not to notice the two,
but soon one goose stirred,
then others, and before he
could deploy the net, they all
flew away. He tried a second
gaggle with the same result.
Finally, he tried one last
gaggle. He jogged past the
geese in one direction, then
doubled back and fired the
device as the birds began to
take flight. The device
jammed on his first attempt,
but he quickly targeted another goose and the net shot
out with a dull bang.
The goose fell and Mr.
Askren slid to the ground to
get hold of the animal before
it could get away. He carried
it to a truck where researchers carefully untangled it
from the net. They weighed it
in a sack, took measurements
of its head, beak and wingspan and fitted it with a
transmitter collar.
“When we think we have
the birds figured out, sometimes they throw us a curveball and we have to regroup.
Sometimes we get lucky,
sometimes we don’t,” Mr.
Askren said after releasing
the goose. It was one of 10 he
and the team were able to tag
over three days.
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A4 | Wednesday, November 22, 2017
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THE WALL STREET JOURNAL.
X
U.S. NEWS
Senator Faces Bipartisan Hurdle
Orrin Hatch says his
goal is to ‘bring
everybody together’;
on taxes, that is hard
WASHINGTON—Sen. Orrin
Hatch prides himself on a history of bipartisan legislating,
but in the push for a tax overhaul, it has been anything but
that.
In a heated exchange last
week, Mr. Hatch, a Utah Republican, shouted at Sen.
Sherrod Brown after the Ohio
Democrat argued the plan was
aimed at helping the rich.
“I come from the lower
middle class originally,” Mr.
Hatch said. “Don’t spew that
stuff on me. I get a little tired
of that crap.”
Mr. Hatch, 83 years old, not
only has to fight off arguments from Democrats that
the bill favors the wealthy and
big business, he needs to corral Republican senators, some
of whom have reservations
about how the plan affects
deficits, small business and
health care.
He also faces a shifting
White House strategy. The administration called on lawmakers to include a provision
in the tax bill repealing the insurance mandate in the Af-
AARON P. BERNSTEIN/REUTERS
BY NATALIE ANDREWS
Sen. Orrin Hatch (R., Utah), right, speaks with Sen. Ron Wyden (D., Ore.) on Capitol Hill last week.
fordable Care Act, but on Sunday said it was willing to
scrap that.
“I know that it takes two
sides to really do landmark legislation,” Mr. Hatch said in an
interview last week. “My goal
is to bring everybody together.”
The most senior Republican
senator, with 40 years in the
chamber, Mr. Hatch was a part
of the “Big Six,” four lawmakers and two White House officials who crafted a tax blueprint for the legislation during
the summer. As chairman of
the Finance Committee, he led
the bill’s markup in the Senate.
The bill passed his committee on a 14-12 party-line vote
and heads to the Senate floor
after Thanksgiving. No Democrats are expected to vote for
it, and six Republicans have
voiced concerns.
Mr. Hatch and Republican
leaders will try before the vote
to find compromise within the
party to get the needed votes. If
it clears the Senate, the bill will
then either need to pass the
House or be reconciled with deviations in a competing House
bill and then submitted for another vote in both chambers.
“The Senate has changed in
recent years, to the point
where you can see we’re so
evenly divided, that you know
each side does not want to
give any votes to the other
side,” Mr. Hatch said.
Mr. Hatch has sponsored or
co-sponsored 769 legislative
provisions enacted into law
since he took office in 1977.
That included 75 public laws
bearing his name as lead sponsor, three times as many as
anyone else on the Finance
Committee.
With 52 seats in the Senate,
Republicans can lose no more
than two votes from their own
party, assuming no Democrats,
as expected, vote for the bill.
“I believe he would much
prefer a bipartisan bill,” Sen.
Ron Wyden of Oregon, the top
Democrat on the Finance Committee, said. “Let’s put it this
way: What he’s especially
proud of is the way he worked
with Sen. Kennedy.”
Mr. Hatch and the late Sen.
Ted Kennedy, a Massachusetts
Democrat, formed an odd-couple relationship when they led
the chamber’s committee on
health and labor. The two men
helped pass legislation, such
as the State Children’s Health
Insurance Program, which provides low-cost health coverage
to children in families that
earn too much money to qualify for Medicaid. The Senate
Finance Committee passed a
bill to extend the program,
which expired on Sept. 30. The
bill is currently awaiting a
vote by the full Senate.
Mr. Hatch’s record of bipartisanship is being put to the
test. The House passed its version of the tax bill with no
Democratic support.
WASHINGTON
WIRE
MILITARY
New Remains Found
In Niger Ambush
The U.S. military said it found
additional human remains belonging to one of four soldiers
killed during an ambush last
month in Niger.
An investigation team discovered the remains on Nov. 12 at
the site where the body of
Army Sgt. La David Johnson
was found following the Oct. 4
attack, officials said Tuesday.
“Today, we can confirm that
the Armed Forces Medical Examiner has positively identified
these remains as those of Sgt.
Johnson,” the Pentagon said in a
statement.
The remains consisted of
bone fragments, a U.S. defense
official said.
The U.S. military and Federal
Bureau of Investigation are looking into the circumstances surrounding the ambush.
Sgt. Johnson was missing for
nearly two days after the ambush until his remains were
found. Army Staff Sgt. Bryan
Black, Staff Sgt. Jeremiah Johnson and Staff Sgt. Dustin
Wright also were killed during
the attack, along with five Nigerien troops that were part of a
force that they were training.
—Nancy A. Youssef
TRUMP
Continued from Page One
the exchanges.
The White House referred
questions to Mr. Kushner’s attorney, Abbe Lowell, and to a
White House lawyer.
The motivation for the
Mueller team’s questions
about the U.N. is unclear. Investigators typically ask a
host of questions over the
course of a probe, and inquiries don’t necessarily indicate
suspicion. Mr. Kushner figures
into several events that Mr.
Mueller is investigating, including a June 2016 meeting
with a Kremlin-linked lawyer
at Trump Tower.
Mr. Kushner said in a July
statement that the meeting
was brief and a waste of time.
Investigators have also
asked witnesses about Mr.
Kushner’s role in arranging
meetings or communication
with foreign leaders during
the transition, the people said.
The special counsel’s mandate
gives Mr. Mueller a broad directive to examine any matters
arising from the Russia investigation.
The Mueller team’s questions come as investigators
scrutinize Mr. Kushner for his
initial omission of any foreign
contacts from a government
form required to obtain a security clearance, The Wall
Street Journal previously reported, citing a public letter
from congressional investigators. Mr. Kushner later updated the form at least three
times to include what he has
said were more than 100 contacts with more than 20 countries.
Mr. Kushner has said the
initial omissions were an “administrative error.” His lawyer
declined on Friday a request
by the Senate Judiciary Committee to provide documents
surrounding the submission of
the form and subsequent updates to it, saying they were
confidential government records.
A 1799 law called the Logan
Act also bars Americans from
communicating with a foreign
government to influence the
government’s actions related
‘When the president
made the decision to
fire...Comey, Mr.
Kushner supported it.’
to a dispute with the U.S., but
no one has ever been successfully prosecuted under the law.
In a statement that Mr.
Kushner gave to congressional
committees in July, he wrote
that at his father-in-law’s request, he served as the main
Holiday
sparkle.
MICHAEL REYNOLDS/EPA-EFE/REX/SHUTTERSTOCK
WHITE HOUSE
Jared Kushner served as a point of contact for foreign countries.
point of contact for foreign
countries at a time when it
was clear Mr. Trump would be
the Republican nominee.
The new details offer a window into the kinds of questions Mr. Mueller is asking as
part of a six-month investigation that has been conducted
largely behind closed doors.
The special counsel and congressional investigators are
probing whether associates of
Mr. Trump colluded with Russia in what U.S. intelligence
deemed were Moscow’s efforts
to interfere in the 2016 U.S.
presidential election.
The president has denied
any collusion by him or members of his campaign, and
Moscow has denied election
interference. Mr. Kushner has
also denied collusion, and his
lawyer has said he is cooperat-
ing with the investigations.
A spokesman for Mr. Mueller’s office declined to comment.
Another element of Mr.
Mueller’s probe has focused on
whether the president obstructed justice in the May firing of James Comey, the former
director of the Federal Bureau
of Investigation. Mr. Mueller’s
prosecutors have asked witnesses detailed questions about
Mr. Kushner’s views of Mr.
Comey and whether Mr. Kushner was in favor of firing him
or had staked out a position,
said the people familiar with
the matter.
Mr. Trump fired Mr. Comey,
initially citing the former FBI
director’s handling of an investigation into 2016 Democratic presidential nominee
Hillary Clinton’s emails. The
president later said the FBI’s
Russia investigation was a factor in his decision.
Mr. Kushner pushed for Mr.
Comey’s firing in discussions
among the president and his
top advisers, according to four
people familiar with the matter.
One person said Mr. Kushner’s reasons for wanting Mr.
Comey dismissed included
that FBI agents unhappy with
Mr. Comey would applaud the
move and that Democrats
would cheer because they
were angry about Mr. Comey’s
handling of the Clinton email
investigation. Another person
said top White House aides,
including Mr. Kushner, viewed
Mr. Comey as too unpredictable following his handling of
the Clinton probe.
One aspect of Mr. Mueller’s
probe concerns whether Mr.
Comey’s firing was an attempt
to obstruct justice, so it is
possible he is asking about
any Kushner role to get a
clearer picture of events leading up to the dismissal.
Mr. Lowell said in an interview, “When the president
made the decision to fire FBI
Director Comey, Mr. Kushner
supported it.” A White House
attorney added that Mr. Kushner had “no meaningful role”
in the decision: “There’s no
apparent evidence of Jared’s
involvement in any decisionmaking process having to do
with Mr. Comey’s firing.”
Drumstick, Wishbone
Get Trump Pardon
President Donald Trump
wielded his pardon power to
spare a pair of turkeys from the
Thanksgiving roaster, joking that
he would also let last year’s turkey pardons stand despite his
penchant for overturning his
Democratic predecessor’s orders.
In a brief White House ceremony Tuesday, Mr. Trump extended the annual presidential
tradition of pardoning turkeys
ahead of Thanksgiving, an act of
leniency that prolongs the lives
of Minnesota-bred gobblers
Wishbone and Drumstick, with
the latter receiving the formal
reprieve.
The GOP president said he
and the first lady have welcomed many special visitors to
the White House, including
world leaders, Congress members “and, along the way, a few
very strange birds. But we have
yet to receive any visitors quite
like our magnificent guest of
honor today, Drumstick.”
“I’m pleased to report that
unlike millions of other turkeys
at this time of the year, Drumstick has a very, very bright future ahead of it,” he said. Mr.
Trump said Drumstick “and his
friend Wishbone” will spend the
rest of their lives on the campus
of Virginia Tech, joining Tater
and Tot, the two turkeys that
were pardoned last year by
then-President Barack Obama.
—Associated Press
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THE WALL STREET JOURNAL.
NY
Wednesday, November 22, 2017 | A5
U.S. NEWS
BY LOUISE RADNOFSKY
AND JANET HOOK
WASHINGTON—President
Donald Trump indicated Tuesday that he wanted to see Republican U.S. Senate candidate
Roy Moore of Alabama elected
despite sexual-misconduct allegations, citing the significance
of maintaining the GOP’s slender majority in the chamber.
“We don’t need a liberal person in there, a Democrat,” Mr.
Trump said, referring to Mr.
Moore’s opponent, Doug Jones.
Mr. Trump said of Mr. Jones:
‘We don’t need a
liberal person in
there, a Democrat,’
Mr. Trump said.
“I’ve looked at his record. It’s
terrible on crime, it’s terrible
on the border, it’s terrible on
the military.”
Mr. Jones is a former U.S. attorney who successfully prosecuted two Ku Klux Klan members for the bombing of a
Birmingham church that killed
four girls.
Mr. Trump didn’t rule out
campaigning for Mr. Moore,
saying, “I’ll be letting you know
next week.”
Mr. Trump’s comments were
the strongest support he has
shown for Mr. Moore in the
wake of allegations of sexual
misconduct from several decades ago. Mr. Moore faces allegations of having made sexual
advances on teenage girls, one
of them age 14, while he was in
his 30s. He denies the claims.
Republicans have been divided over how to handle the
accusations against Mr. Moore
in the Alabama special election
to fill the seat vacated by Attorney General Jeff Sessions. If Mr.
Moore loses, the GOP majority
would narrow to one seat, further limiting the party’s ability
to pass legislation.
Of the allegations, Mr.
Trump said, “He totally denies
it.” Previously, the White House
said Mr. Trump believed Mr.
Moore should leave the race if
the allegations proved true.
The president was responding to questions from reporters
as he left the White House for
his Mar-a-Lago resort in Palm
Beach, Fla., where he will be
spending Thanksgiving.
Mr. Trump was also
asked about other sexual-harassment claims that have
dominated the news in recent
months. “Women are very special,” the president said. “I
think it’s very good for our
country” that such stories are
coming out, he said.
Mr. Trump faced multiple
accusations of sexual misconduct during the presidential
campaign. He has denied any
such claims. His campaign was
jolted by the emergence of a
decade-old tape in which he
made crude remarks about
women. He apologized for the
remarks, which he characterized as locker-room banter.
Mr. Trump’s criticism of Mr.
Jones was in line with a shift
in tactics by the Moore campaign, which previously focused mostly on attacking Republican rivals and the media.
Recently, Moore supporters increasingly have also attacked
Mr. Jones, calling him a liberal
for his support for abortion
rights and other issues.
For the most part, the Jones
campaign has steered clear of
focusing on the allegations
against Mr. Moore. But Monday, the campaign began airing
its first ad that addresses the
issue—by using the words of
prominent Republicans, including Mr. Trump’s daughter
Ivanka Trump, and Mr. Sessions.
The ad quotes Ms. Trump
saying, “There’s a special place
in hell for people who prey on
children” and Mr. Sessions saying he has “no reason to
doubt” the women who accused Mr. Moore of misconduct.
RULES
Continued from Page One
pected to be approved at a
commission meeting in midDecember. Mr. Pai, a Republican, cast the move as a way to
liberate internet service providers from Obama-era regulation, and to spur innovation
and investment. Republicans
held up examples of companies large and small they said
had been hurt by the rules.
Aides to Mr. Pai added that
their proposal also could help
lower prices for consumers,
including by allowing internetservice providers to offset
their costs with the use of
paid prioritization deals,
which allow them to strike
deals with websites for faster
delivery of their content.
But critics—including internet companies, consumer
groups and congressional
Democrats—said the changes
would hurt online firms, especially startups, by raising costs
and potentially other barriers.
They said the rollback of the
rules also would encourage internet providers to increase
consumer prices by eliminating the FCC’s utility-style
oversight of them.
The FCC said the Federal
Trade Commission would
monitor the disclosures of arrangements between internet
providers and online services
to watch for anticompetitive
practices or other harms to
consumers.
The rules are being lifted
for both home internet providers, such as Comcast and Charter, and wireless carriers, such
as Verizon and Sprint Corp.
Online video streaming services such as Hulu, Netflix or
Dish Network’s Sling TV may
face particular pressure from
wireless carriers and internet
providers to pay for more
seamless access to consumers.
Most internet traffic is video,
but internet providers struggle
to make money off it due to
the prevalence of unlimited
data plans.
Now, carriers will be free to
try to extract payment from
online video providers.
Providers also would be
able to more aggressively pursue specialized services for
medical customers and selfdriving cars, both of which
could benefit from faster
FCC Chairman Ajit Pai
U.S. Weighs Easing
TV Station Rules
The Federal Communications Commission moved a
step closer to potentially raising the national cap on corporate television station ownership, a move that would likely
spur more consolidation in
the local television industry.
FCC Chairman Ajit Pai on
Tuesday proposed the commission review a rule that
prevents one company from
owning broadcast stations
that reach more than 39% of
the country. He asked the
commission to take into account possible changes to the
so-called UHF discount—a
holdover from the analog
television era that allows
some TV stations to count
for less reach under the cap.
“Under the proposal that I
shared with my colleagues
today, we would go about determining the future of the
national cap, including the
UHF discount, the right way,”
Mr. Pai said in a statement.
—Keach Hagey
broadband speeds, analysts
have said.
“Under my proposal, the
federal government will stop
micromanaging the internet,”
Mr. Pai said in a statement.
Telecom companies cheered
the move.
Verizon said that it was
“very encouraged” by Mr. Pai’s
announcement. It added: “We
continue to believe that users
should be able to access the
internet when, where, and how
they choose.”
Internet firms, consumer
groups and many Democrats
cast the move as a threat to
the open internet.
Democratic FCC Commissioner Jessica Rosenworcel
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES
Trump Now Backs
Moore for Senate
Rep. John Conyers acknowledged a settlement with a former female employee, but denied that it involved sexual harassment.
Conyers Denies Harassment Claim
BY NATALIE ANDREWS
WASHINGTON—Michigan
Rep. John Conyers, the No. 3
House Democrat, acknowledged
he settled a wrongful-dismissal
claim in 2015 involving a former female employee, but denied allegations of sexual harassment.
Mr. Conyers on Tuesday said
he settled the complaint to
avoid litigation. He added he
would cooperate with any further investigation in the House.
News of the settlement and
that it was related to a sexualharassment claim surfaced
Monday.
“I expressly and vehemently
denied the allegations made
against me, and continue to do
so,” he said in a statement.
Tuesday afternoon, the
House Ethics Committee announced it had “begun an investigation and will gather additional information regarding
these allegations.” The committermed the plan “ridiculous
and offensive,” adding that it
“hands broadband providers
the power to decide what
voices to amplify, which sites
we can visit, what connections
we can make, and what communities we create.”
A spokeswoman for Alphabet Inc. unit Google said: “The
FCC’s net-neutrality rules are
working well for consumers
and we’re disappointed in the
proposal released today.”
A Facebook spokesman said
the FCC proposal “fails to
maintain the strong net neutrality protections that will
ensure the internet remains
open for everyone.”
Internet companies and
many consumer groups viewed
the Obama-era net-neutrality
rules as crucial for sustaining
competition and preventing
broadband providers from unfairly dominating the online
environment through their
control over its pipes.
But Mr. Pai and other critics argue that the 2015 rules
have discouraged investment
and innovation. Providers also
worried that the rules could
open the door to rate regulation and other new oversight.
Under the FCC rollback,
oversight responsibility for internet providers would again
include the FTC as well as the
FCC. The Obama-era rules effectively exempted internet
providers from FTC regulation.
Many conservatives view
the FTC’s case-by-case regulatory approach as more appropriate for the internet economy, to encourage innovation.
Progressives prefer the
FCC’s rule-based approach for
the online environment to prevent unfair and anticompetitive practices by internet providers from taking root.
Allowing paid prioritization
has the potential to reshape
the internet. Historically, internet providers have allowed
consumers to access any website as fast as the connection
would enable.
While many internet providers said they had no intention
of changing that practice, they
could have incentives to do so
in the future. Internet providers and cellular carriers are under pressure from competition,
and have struggled to monetize
the vast internet traffic flowing
over their networks.
—Douglas MacMillan
contributed to this article.
tee keeps its investigations
confidential and said it won’t
make further public statements
“pending completion of its initial review.”
The revelation adds to the
sexual-misconduct claims in recent months against powerful
men in politics as well as in
media and entertainment.
Sen. Al Franken (D., Minn.)
faces allegations of improper
kissing and groping, which he
has denied, while also apologizing for a photo in which he appeared to grope a sleeping
woman. Roy Moore, the Republican candidate for Senate in
Alabama, faces allegations of
sexual misconduct with teenagers, which he has denied.
There is no central humanresources department for congressional staff. Instead, the Office of Compliance handles
sexual-harassment cases.
The former Conyers employee filed a complaint in 2014
with the Office of Compliance,
according to BuzzFeed, which
reported the settlement and
the accusations leading to it, as
well as related documents.
According to the report, the
woman alleged she was fired
for refusing Mr. Conyers’s sexual advances and later reached
a settlement of about $27,000.
Should a claim to the Office
of Compliance result in a settlement, it is typically paid
through an account in the U.S.
Treasury. But the Conyers settlement was paid to the employee as salary out of Mr. Conyers’s office budget, according
to the BuzzFeed report, not the
Treasury account.
Public salary data published
by Congress shows a payment
of $27,111.74 in 2015 to an employee who then dropped off
the payroll. Efforts to reach the
woman were unsuccessful.
Mr. Conyers, 88 years old,
joined Congress in 1965, making him the longest-serving
current House member.
A civil rights icon, he is a
founding member of the Congressional Black Caucus. The
current head of the group, Rep.
Cedric Richmond (D., La.), encouraged Mr. Conyers to “cooperate fully with any and all investigations into this matter.”
House Speaker Paul Ryan
(R., Wis.) called the Conyers report “extremely troubling” and
said “people who work in the
House deserve and are entitled
to a workplace without harassment or discrimination.”
House Minority Leader
Nancy Pelosi (D., Calif.) said
there must be “zero tolerance”
for harassment in Congress and
that “any credible allegation of
sexual harassment must be investigated by the Ethics Committee.”
Last week, 1,500 former congressional staffers sent a letter
to House and Senate leadership
calling for reforms in the way
staff sexual harassment allegations are handled.
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
A6 | Wednesday, November 22, 2017
THE WALL STREET JOURNAL.
WORLD NEWS
Putin Hosts Assad Ahead of Syria Talks
Russia, Turkey and
Iran leaders are set to
discuss options for
postconflict settlement
Conditions Worsen
In a Rebel-Held
Damascus Suburb
BY NATHAN HODGE
MIKHAIL KLIMENTYEV/SPUTNIK/AGENCE FRANCE-PRESSE/GETTY IMAGES
MOSCOW—Russian President Vladimir Putin held a
rare meeting with Syrian President Bashar al-Assad ahead of
a summit Wednesday aimed at
shaping a political settlement
to end the six-year war in the
country.
The Kremlin said early Tuesday that Mr. Assad had paid a
surprise visit Monday to the
Russian resort city of Sochi,
where Mr. Putin welcomed his
guest with an embrace.
The Russian president is
preparing to host the leaders
of Iran and Turkey to discuss
the options for hammering out
a postconflict settlement in
Syria, as he tries to burnish his
image as a force in the Middle
East and sideline the U.S.
Russia sent warplanes and a
limited troop contingent to
back Mr. Assad’s government
at the end of September 2015.
The Damascus government
struggled to hold territory before that operation, but government forces have made significant gains in recent months,
advancing on territory once
held by Islamic State and other
groups fighting Mr. Assad.
Russian state television
broadcast images of the Syrian
leader shaking hands with
Russia’s top military brass.
In a transcript released by
the Kremlin, Mr. Assad
thanked Mr. Putin and his military leaders for reversing the
course of the war in his government’s favor, saying the
Russian military intervention
“allowed the promotion of a
political settlement in Syria.”
Dozens of people have
been killed in airstrikes on the
rebel-held Damascus suburb
of Eastern Ghouta since the
Syrian regime launched a new
offensive a week ago, and
others are dying from malnutrition and lack of medicine,
according to doctors and
emergency responders.
Human-rights monitors
compare the worsening humanitarian situation to Aleppo,
whose rebel-held eastern half
was besieged and bombarded
into surrender last year.
“The situation is very similar [to Aleppo] but it is even
worse,” said Ammar Alselmo,
director of Syrian civil defense group the White Helmets. “It is the same planned
scenario playing out of forced
displacement.”
Eastern Ghouta is covered
under a de-escalation deal
brokered by Russia, Turkey
and Iran in May meant to allow access to aid and stop the
violence. It is home to about
400,000 people.
—Raja Abdulrahim
Russian President Vladimir Putin, right, shaking hands with Syrian President Bashar al-Assad during their meeting in Sochi on Monday.
The trip is Mr. Assad’s second known journey abroad
since war broke out in Syria in
2011. The Syrian leader visited
Mr. Putin in October 2015, not
long after Russia sent warplanes to bolster the regime’s
forces.
Mr. Putin touted his intervention as a military success,
despite continued violence,
and said it would begin to
wind down its presence in the
country.
“A complete victory over
terrorism, of course, it is still
very far away,” Mr. Putin said,
according to the Kremlin. “But
as far as our joint effort to
fight terrorists in Syria is concerned, this military operation
is indeed coming to an end.”
In recent weeks, Mr. Putin
has engaged in an intense
round of diplomacy that observers say aims to bolster the
negotiating position of the
Assad regime and its backers.
The Russian government
has supported peace negotia-
tions sponsored by Iran, Russia
and Turkey in the Kazakh capital, Astana, a process that is
separate from talks in Geneva
mediated by the U.N. Mr. Putin
said Monday a Russian representative would take part in a
separate meeting of opposition
groups planned in Riyadh on
Wednesday and Thursday.
Mr. Putin and President
Donald Trump spoke for more
than an hour on Tuesday, the
White House said, each stressing the importance of the Ge-
neva peace process and the
need to jointly combat extremist groups such as Islamic
State, al Qaeda and the Taliban. They also discussed
North Korea and Ukraine, the
White House said.
The White House didn’t say
whether the two discussed the
future of Mr. Assad. The
Trump administration has said
there is no role for him in
Syria’s future, but hasn’t specified when or how he should go.
Russia has declared before
that it would wind down military operations in Syria. In
March 2016, Mr. Putin said his
armed forces would start withdrawing from Syria. That move
preceded deeper military involvement. Later that year, Syrian government forces backed
by Russian air power launched
an assault to retake Aleppo, the
country’s most populous city
when the war began.
—Louise Radnofsky
in Washington
contributed to this article.
Hariri Returns to Lebanon After Weeks Away U.S. Says
BEIRUT—Prime Minister
Saad Hariri returned to Lebanon late Tuesday for the first
time since he resigned more
than two weeks ago during a
trip to Saudi Arabia, triggering a crisis that thrust his
country into the center of a
regional power struggle between the Saudis and Iran.
Mr. Hariri arrived on the eve
of Lebanese Independence Day
celebrations after spending
weeks in Saudi Arabia followed
by brief visits to France, Egypt,
and Cyprus for reasons that remain shrouded in mystery. He
is expected to meet Lebanese
President Michel Aoun on
Wednesday, which could be an
opportunity for him to officially submit his resignation.
“We had a long talk about
the stability of Lebanon and
the need to disassociate Lebanon...from all regional policies,” Mr. Hariri said after
meeting Egyptian President
Abdel Fattah Al Sisi—a Saudi
ally—in Cairo on Tuesday.
“I hope that Independence
Day tomorrow will be a celebration for all Lebanese,” he
added, according to a statement released by his office.
“As I said in Paris, I will announce my political stance in
Lebanon and will not talk politics now.”
WAEL HAMZEH/EPA/SHUTTERSTOCK
BY NAZIH OSSEIRAN
Prime Minister Saad Hariri, center, visiting the grave of his father, who was assassinated in 2005.
On his way home to Lebanon from Cairo on Tuesday
night, Mr. Hariri made a brief
stop in Cyprus where he met
the president, his office said.
In announcing his resignation on Nov. 4, Mr. Hariri cited
Shiite Iran’s influence in Lebanon, where its proxy Hezbollah
is the most powerful military
and political force in the country. He also said he felt his life
was endangered and that cur-
rent times were reminiscent of
2005 when his father—a former prime minister—was assassinated in Beirut.
In the hours ahead of Mr.
Hariri’s return, a convoy of
cars wended its way through
the streets of Beirut on a rainy
evening, blaring music as passengers chanted their support
for the prime minister.
Lebanese President Aoun, a
Hezbollah ally, and others fa-
miliar with the situation said
Saudi Arabia pressured Mr.
Hariri to resign and held him
in the country for two weeks
against his will—a claim that
Riyadh denied.
Lebanon, which is still
scarred by its 15-year civil war
from 1975 to 1990, has maintained a delicate balance of
power between the country’s
three main religious groups:
Sunni Muslims, Shiite Muslims
and Christians.
The Saudis had long pressured Mr. Hariri to take a
tougher stance against Hezbollah and wanted him out of the
coalition government with the
Iran-allied group because they
felt that the power-sharing
gave Hezbollah a veneer of respectability it didn’t deserve.
Following his meeting with
French President Emmanuel
Macron in Paris on Saturday,
Mr. Hariri said he would be returning to Lebanon to clarify
the reasons behind his resignation. Mr. Aoun has yet to accept
Mr. Hariri’s resignation, saying
that it must be handed to the
president in person to be valid.
Upon his arrival, Mr. Hariri
went straight to visit the
grave of his father, Rafiq Hariri, which was broadcast live
on television. His father was
assassinated by a massive
bomb as he drove through Beirut in 2005.
A tribunal formed after his
death accused a number of senior Hezbollah members and
issued warrants for their arrest. But Hezbollah has refused to hand the officials
over and Lebanese authorities
never pursued the charge. The
killing prompted mass protests that forced the withdrawal of Syrian military
forces that had occupied Lebanon for nearly three decades.
BY SUMMER SAID
AND ASA FITCH
RIYADH, Saudi Arabia—
Crown Prince Mohammed bin
Salman has become a regular
visitor to the Ritz-Carlton on
the western side of his nation’s capital, which is now a
luxurious detention center for
wealthy Saudis caught up in a
widening corruption probe, according to Saudi officials.
Prince Mohammed, who
heads the committee leading
the investigation, typically
travels with only a few trusted
advisers, and his visits to the
five-star hotel near Riyadh’s
Diplomatic Quarter and several
royal palaces tend to last for a
while, Saudi officials said.
“He does spend hours,” one
Saudi official said. “It is never
a quick visit.”
For the past two weeks, detainees at the Ritz have negotiated with Prince Mohammed
and his deputies about handing
large chunks of their wealth to
the state in exchange for their
freedom, according to Saudi officials. The amounts detainees
are being asked to surrender
are commensurate with what
they are alleged to have gained
improperly, Saudi officials said.
The Saudi government
didn’t respond to requests to
comment.
Designed originally as a
palace for hosting foreign dignitaries, the Ritz boasts almost 500 rooms, a sprawling
indoor pool, a small bowling
alley and a lobby with four
statues of rearing stallions.
Room prices range from
around $500 a night to more
than $6,000 for the “royal
suite.” But regular guests
aren’t allowed beyond the hotel’s high walls at the moment.
Authorities have expanded
the medical facilities available
on site, after some detainees
sought medical care outside
the hotel, according to Saudi
FAISAL AL NASSER/REUTERS
At the Riyadh Ritz, Detained Saudis Negotiate for Freedom
The main gate at the Ritz-Carlton hotel in Riyadh on Nov. 5.
officials. The decision was
made “to avoid any detainees
being transferred to local hospitals and having interaction
with people outside the investigation,” one Saudi official said.
The government set up additional medical facilities
within the nearby four-star
Courtyard by Marriott, according to Saudi officials.
“The Ritz-Carlton, Riyadh
and the Courtyard, Diplomatic
Quarter are not operating as
traditional hotels for the time
being,” said a spokesman for
Marriott International Inc.,
which operates both hotels.
Rooms aren’t available
through the Ritz’s online
booking portal until February.
Those detained at the Ritz
include businessmen and members of the royal family, according to Saudi officials. Billionaire
Prince al-Waleed bin Talal—a
top investor in Citigroup Inc.,
Twitter Inc. and Lyft Inc.—is
there, as is Prince Miteb bin Abdullah, the former head of the
Saudi National Guard, according
to Saudi officials. They couldn’t
be reached to comment.
The Saudi government has
established a special committee to handle forfeitures and
to organize the transfer of assets to the Saudi state, according to Saudi officials.
“The investigation committee is aiming for about 70% of
the total ill-gotten money,
rather than the entire money,”
said a senior Saudi adviser,
adding that seizing half of the
funds would be a more realistic outcome. A number of the
detainees have agreed to
deals, according to Saudi officials. Many are still holding
out for better terms, they said.
Strikes Kill
Militants
In Somalia
BY JESSICA DONATI
WASHINGTON—The U.S.
military said it conducted an
airstrike in Somalia that killed
more than 100 militants linked
to al Qaeda-affiliated al-Shabaab.
Tuesday’s operation was
the latest sign of an expansion
of American military efforts
against extremists in Somalia
following large-scale attacks in
the capital Mogadishu over
the past month.
In mid-October, a truck bomb
killed more than 300 people in
Mogadishu, raising questions
about U.S. and international efforts to defeat al-Shabaab. No
one claimed responsibility, but
Somali government officials
blamed the group.
Adding to concerns, a suicide car bomb targeted a hotel
in the capital two weeks later,
killing at least 23 people. AlShabaab claimed responsibility.
The Defense Department’s
U.S. Africa Command said
Tuesday’s airstrike targeted an
al-Shabaab camp around 125
miles northwest of the capital
in coordination with the Federal Government of Somalia.
Al-Shabaab’s
military
spokesman denied the airstrike had killed more than
100 of its fighters in an online
message published by its news
agency, according to SITE Intelligence, which monitors extremist groups online.
The spokesman said the
group’s fighters had carried
out several attacks against African forces in the country.
Tuesday’s operation follows
multiple sets of U.S. airstrikes
conducted against the group
this month. The U.S. military
in early November also conducted its first airstrikes
against a small, local Islamic
State affiliate that emerged in
the country in recent years.
The increased pace of U.S.
military operations reflects
how Somalia has become a
bigger focus under President
Donald Trump, who this year
provided new military authority to U.S. forces to carry out
attacks in parts of Somalia.
Last year, the U.S. spent
more than $500 million supporting security operations.
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THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | A7
NY
* * * * * *
WORLD NEWS
North Korea Seen U.S. Toughens on China Trade
Breaching Accord
SUWON, South Korea—
North Korea violated the armistice that ended the Korean
War when its border guards,
while pursuing a soldier who
was defecting to the South
last week, crossed the line
separating the two Koreas and
fired across the border, a U.S.led investigation found.
The findings, together with
video footage from the incident, were released Wednesday in Seoul by the United Nations Command, which signed
the armistice ending hostilities
in the Korean War in 1953 and
which is overseen by Gen. Vincent Brooks, the top U.S. general on the Korean Peninsula.
Chad Carroll, a spokesman
for the U.N. Command, said at
a news briefing on Wednesday
that it had notified North Korea of the armistice violations
and was requesting a meeting
to discuss the incident.
Gen. Brooks said that while
the armistice agreement was
“challenged” by the incident,
“it remains in place.”
The finding comes nine
days after the soldier’s defection at the Joint Security
Area, the most sensitive location on the heavily guarded inter-Korean border.
The video shows the defector
driving a jeep toward the military demarcation line before
getting stuck. He gets out of the
jeep and runs for the border,
while several North Korean soldiers can be seen firing at him.
One of the North Korean soldiers briefly crosses what U.N.
Command described as the military demarcation line in pursuit
of the defector before returning
to the northern side of the line.
The defector was evacuated
to a South Korean hospital,
where a doctor said Wednesday that he was conscious.
Beijing Investigates
Former Web Czar
BY JAMES T. AREDDY
AND CHUN HAN WONG
BEIJING—Lu Wei, a propaganda officer for China’s Communist Party who in recent
years personified its effort to
shape the global internet, on
Tuesday became the first major political figure to come under corruption scrutiny since
President Xi Jinping’s second
term began last month.
Mr. Lu, a former director of
China’s top internet regulator,
is being investigated for alleged “serious violations of
discipline,” the party’s disciplinary agency said in a onesentence statement, using a
common party euphemism to
describe corruption.
Mr. Lu couldn’t be reached
to comment and it wasn’t
clear whether he has legal representation. The 57-year-old’s
career has been under a cloud
since he was removed as director of the Cyberspace Administration of China in June
2016, although he has kept his
title as a vice minister at the
party’s propaganda department.
Mr. Lu’s apparent downfall
is unlikely to herald a change
in China’s cyberpolicies, as the
strategies he helped articulate—strict enforcement of internet and media controls,
plus a strong domestic technology sector, all under the
party rubric of “cyberspace
sovereignty”—have only been
heightened since his removal
as internet czar.
CHINA’S WORLD
By Andrew Browne
SHANGHAI—Bill Clinton
called it a “hundred-to-nothing deal for America.”
U.S. advocates of China’s
entry to the World Trade Organization in 2001 saw no
downside—“Zero. Zip. Nothing. Nada,” exclaimed the
Business Coalition for U.S.China Trade.
After all, China
would have to
tear down its
barriers to
trade, while American markets were already wide open.
In a 2010 testimony to
Congress, Robert Lighthizer,
then a trade lawyer, outlined
the loss of U.S. jobs, factories and intellectual property
that ensued, along with exploding trade deficits, concluding that the optimists
had been “simply wrong”
and advocating “a significantly more aggressive approach.” Now, as the Trump
administration’s chief trade
negotiator, he is readying a
barrage of punitive measures. Much of the U.S. political establishment, including
Republicans and Democrats,
are cheering him on.
Will Mr. Lighthizer spark
a trade war with China and
blow up the WTO?
This month’s U.S.-China
summit saw the first signs of
his strategy at work, with a
departure from the old negotiations-based playbook.
The first effort to rebalance trade—a 100-day review that took place after an
inaugural summit between
Donald Trump and Xi Jinping in Mar-a-Lago in
April—was overseen on the
U.S. side by Commerce Sec-
ALEX BRANDON/ASSOCIATED PRESS
BY ANDREW JEONG
President Donald Trump, center, was flanked by U.S. officials and business leaders at a White House
ceremony in August when he signed a memorandum calling for a trade investigation of China.
retary Wilbur Ross. Its results were underwhelming.
The second try, at an annual
economic dialogue in July,
was a total bust.
Now, Mr. Lighthizer has
formally launched an inquiry
into Chinese intellectual-property abuses. At the Beijing
summit, these aides say, he
shocked the Chinese hosts by
declining their proffered trade
concessions, including a financial-opening package that Beijing announced after Mr.
Trump left the Chinese capital.
His message: Half-measures
won’t work for a White House
seeking fundamental change.
M
eanwhile, almost
identical bills introduced in the U.S.
House and Senate would limit
foreign investment in U.S.
technology companies and infrastructure on national-security grounds. The main target
is clear: China. There is a
good chance that some version of this legislation will
pass with bipartisan support.
Mr. Lighthizer apparently
doesn’t fear a showdown,
judging by his 2010 congressional testimony on China’s
first decade in the WTO.
Although he didn’t advocate the U.S. pulling out of the
WTO, he mocked those who
regard compliance with WTO
rules as having “almost reli-
gious or moral significance.”
And he played down fears of
Chinese retribution against
non-WTO-compliant actions
like import tariffs and quotas,
arguing that when bilateral
trade is so massively out of
kilter (in 2010, the annual U.S.
deficit with China was $230
billion; today it is $350 billion) the benefits to the U.S. of
such aggressive moves would
outweigh any possible risks.
Many believe Mr. Trump
will hesitate to pull the trig-
A trade war, while
costly for both sides,
would be more
damaging to China.
ger, given his need to enlist
China’s help on North Korea.
Mr. Lighthizer had an answer
to that, too, arguing that
“there will always be some
type of crisis where we could
use China’s assistance.”
Besides, he added: “Our
trade deficit with China is itself a major crisis.”
A trade war, while costly
for both sides, would be
more damaging to China.
That doesn’t mean hostilities are inevitable. Republican free-traders will resist
import tariffs. The U.S. financial community will argue for
a softer line. American corporate chiefs whose companies rely on Chinese markets
for growth will be too scared
of punishment by Beijing to
join a White House crusade.
U
.S.-China relations
have reached a turning point. A broad U.S.
coalition in favor of “comprehensive engagement” with
China—the mantra of the
Clinton presidency—has
crumbled. A Hillary Clinton
administration would have
been under similar pressure
to get tough.
Almost nobody in the U.S.
now argues that America
should assist China’s rise on
the expectation it will
emerge as a democratic freemarket partner.
Some argue that Chinese
state capitalism can’t be constrained by WTO dispute-settlement rules. As Clyde Prestowitz, a senior trade
official in the Reagan administration puts it: “China is
playing football while we’re
playing tennis.” He calls for
tit-for-tat retaliation.
If there is a complaint
against Mr. Lighthizer in the
U.S. mainstream it is that he
is moving too slowly; his
critics are impatient for action to begin.
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BERLIN—The fate of German
Chancellor
Angela
Merkel, reeling from the collapse of coalition talks, could
hinge on a party that has shed
almost half of its voters and
lost every single general election over the past 15 years.
Ms. Merkel’s attempt to
forge a disparate alliance of
conservatives, free-marketers
and environmentalists collapsed on Sunday, putting a
spotlight on the Social Democratic Party, which suffered a
searing September defeat at
the polls.
The country’s president,
conservative allies of Ms.
Merkel and even prominent
opposition figures this week
called on the venerable centerleft party to help solve the political crisis by joining Ms.
Merkel in reassembling their
“grand coalition” of ideological rivals.
SPD Chairman Martin
Schulz, the party’s eighth
leader in 18 years, has so far
rejected the overtures. Andrea
Nahles, the recently appointed
parliamentary leader, said this
week that her party wouldn’t
act as Ms. Merkel’s “power-political reserve.”
But some experts say the
SPD may not have a better option. Should it refuse to be
wooed, the result could be
snap elections, for which it is
woefully unprepared.
“The SPD finds itself in a dilemma…it got caught on the
wrong foot,” said Thorsten
Faas, a political-science professor at Berlin’s Free University.
After delivering the party’s
worst postwar election result,
Mr. Schulz has lost authority.
Two opinion polls released
this week suggest the SPD
wouldn’t do any better at the
ballot box today.
As with other social-democratic parties in Europe, the
142-year-old SPD has yet to
find a solution to the gradual
loss of its old audience of
blue-collar workers, civil servants and trade unionists.
In Germany, the demographic problem was com-
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Chancellor Merkel, left, speaks with SPD leader Martin Schulz.
Little Left
The Social Democratic Party,
Germany's largest mainstream
left-of-center party, has lost
about half its voters in the past
15 years.
40% support in general election
30
20
10
0
2002* ’05
’09
’13
’17
*Last SPD general-election victory
Source: Germany's Federal Returning Officer
THE WALL STREET JOURNAL.
pounded by the unpopular
economic overhauls of Gerhard Schröder, which alienated the party’s left-wing base
when he served as the latest
Social Democratic chancellor
from 1998 to 2005. Ms.
Merkel’s embrace of centerleft policies, including a minimum wage and same-sex marriage, also eroded support.
After the poor September
election results, SPD leaders
had hoped a four-year spell in
opposition would re-energize
the party and give it a good
shot at the chancellery in
2021.
“The SPD has to be careful
about its election results. If it
falls below 20%, people will
get nervous there,” said
Tilman Mayer, politics professor at Bonn University. “To
simply steal away and say we
will only do opposition, that’s
simply not enough. And I’m
not sure this would be rewarded in snap elections.”
In a small concession, Mr.
Schulz agreed to meet on
Wednesday with German President Frank-Walter Steinmeier.
The head of state, himself a
Social Democrat, is holding
talks with all parties in the political center this week in a
last-ditch bid to form a governing majority and avoid
snap elections.
One SPD official said that
while some of the party’s leaders might agree to another
grand coalition, they feared
grass-roots members would
find it impossible to swallow.
Bonn University’s Mr.
Mayer said there could be a
way out: “They could demand
a high price for entering a
grand coalition.”
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A8 | Wednesday, November 22, 2017
* ****
THE WALL STREET JOURNAL.
WORLD NEWS
U.S. Warns Nafta Prospects Dim
Trade representative
sees little progress
meeting U.S. demands;
Mexico, Canada dig in
MEXICO CITY—President
Donald Trump’s chief trade negotiator issued a downbeat assessment Tuesday of efforts to
rewrite the North American
Free Trade Agreement, decrying “a lack of headway” and
accusing Canada and Mexico
of refusing to “seriously engage” on controversial U.S.
proposals aimed at cutting the
U.S. trade deficit.
U.S. Trade Representative
Robert Lighthizer didn’t go as
far as repeating Mr. Trump’s
threat to pull out of the 23year-old pact if the other parties don’t agree to American
demands to “rebalance” Nafta
to make it more favorable to
the U.S. But he made clear he
expected them to do so by next
month.
”Absent rebalancing, we will
not reach a satisfactory result,”
Mr. Lighthizer said in a statement following the conclusion
of the fifth round of Nafta renegotiation talks that ended
here Tuesday. “I hope our partners will come to the table in a
serious way so we can see
meaningful progress before the
end of the year,” he added.
Canadian and Mexican officials agreed that wide gaps remained between the parties after five days of talks, but
GINNETTE RIQUELME/REUTERS
BY JACOB M. SCHLESINGER
AND DUDLEY ALTHAUS
Kenneth Smith, chief negotiator on Nafta for Mexico, which calls the U.S. position ‘unacceptable.’
placed blame squarely on the
U.S. for presenting a list of
proposals they said would
weaken the pact, and would
move its longtime focus away
from creating a continental
economy among the three
partners to one that favor the
U.S. over its neighbors.
“Significant differences remain on some key areas,” Canadian Foreign Minister Chrystia Freeland, who is leading her
country’s negotiating team,
said in Ottawa. While Canada is
open to “mutually beneficial”
compromises, she said, “at the
end of the day we are always
going to clearly defend our national interests.”
The Mexicans also dug in
during this week’s meetings.
“Do not expect a counterproposal on something that is unacceptable,” said a person close
to the Mexican team.
The three countries have
agreed to keep talking until the
end of March, and have scheduled informal meetings with
midlevel negotiators in December and another formal round
in Montreal in late January.
This week’s talks in Mexico
were the fifth round since the
three countries launched the
process of rewriting Nafta in
August, after Mr. Trump came
close early in his administration to pulling the U.S. out.
The renegotiation is the
first major effort in Mr.
Trump’s “America First” campaign to reorient decades of
U.S. trade policy and overhaul
its trade agreements to focus
less on cooperation with trading partners and more on
ramping up unilateral enforcement actions to curb imports.
The mood among Nafta supporters has darkened considerably in the past month after
Trump aides laid out in detail
the ways in which they want to
change Nafta, proposing that
cars have 50% U.S. content to
enjoy duty-free imports into
the U.S., and seeking to slash
Mexican and Canadian access
to U.S. government projects.
Other controversial proposals would weaken or eliminate
Nafta mechanisms for settling
disputes among parties, and inject a “sunset” clause that
would automatically terminate
the agreement after five years
unless the three countries expressly agree to keep it.
U.S. business groups have
ramped up a lobbying and public relations campaign to persuade the Trump administration to soften its stance. Failing
that, they want free-trade Republicans in Congress to try to
rein in the president. Business
groups and economists have
been churning out myriad
studies warning of the dire impact of a Nafta collapse.
Mr. Lighthizer’s assessment
overshadowed a more positive
tone offered by lower-level negotiators from all three countries, who touted a number of
advances they made this week
in less controversial areas.
While Mexico and Canada
have rejected the Trump administration’s “rebalancing”
agenda, all three countries
have embraced proposals to
“modernize” the pact.
Much of the week’s discussion focused on applying plans
the three had already accepted
in previous negotiations for the
12-nation Trans Pacific Partnership, which Mr. Trump
pulled the U.S. out of at the
start of his administration. Despite the president’s objections
to TPP, his aides have used
large portions of that as a template for modernizing Nafta.
—Paul Vieira in Ottawa
and William Mauldin
in Washington
contributed to this article.
killing at least 50 people.
Bloody debris covered the
floor inside the mosque in Mubi
town in Adamawa state where
worshipers had arrived around 5
a.m. on Tuesday.
Police spokesman Othman
Abubakar said the number of
injured was uncertain “because
they are in various hospitals.”
There was no immediate
claim of responsibility for the
bombing. —Associated Press
as a negotiating chit, and a
spokesman for the Japanese
investor declined to comment.
Uber said the data breach
happened in October 2016 and
Mr. Kalanick learned of the
hack in November 2016. The
company said it took “immediate steps” to secure the data
and shut down unauthorized
access while strengthening its
security controls. But Uber
said it failed to disclose the
breach to authorities, customers and drivers, and after Mr.
Khosrowshahi learned of the
coverup, he ordered an investigation into the circumstances
behind the breach and fired
Mr. Sullivan and Mr. Clark.
Uber said it hired Matt Olsen, a cybersecurity expert and
former general counsel of the
National Security Agency, to advise the company and retained
FireEye Inc.’s Mandiant to help
with security monitoring.
The ride-hailing company
said it is offering free credit
monitoring for affected drivers and additional monitoring
for fraud on the accounts of
the customers affected.
Securities and Exchange
Commission regulations compel publicly traded companies
to disclose major data
breaches. But as a privately
held company, Uber is unlikely
to be the target of an SEC investigation, said David Chase, a
former SEC enforcement attorney. While the SEC could investigate any misrepresentations
Uber made in connection with
a sale of shares in the company, “the SEC probably would
not commit resources, thinking
that a sophisticated investor
like SoftBank could do the required due diligence,” he said.
With no federal data privacy law, Uber’s obligation to
report the breach falls under a
patchwork of data-breach laws
in 48 states that come with
differing and often complex
notification requirements. The
laws generally apply if a victim
of a hack lives in that state.
Companies that fail to notify users in a timely manner
following a breach are technically in violation of these laws,
but prosecutions are extremely
rare, said Avivah Litan, an analyst with the industry research
firm Gartner Inc.
By failing to give notice of
its breach, Uber may be exposing itself to consumer lawsuits, said Chris Hoofnagle, a
University of California, Berkeley, law professor.
ARGENTINA
CHILD SOLDIERS
U.S. Backs Excluding
3 States From List
The State Department on
Tuesday defended Secretary of
State Rex Tillerson’s exclusion of
Iraq, Afghanistan and Myanmar
from a list of countries cited for
NIC BOTHMA/EPA/SHUTTERSTOCK
Improving Weather
Aids Search for Sub
AFLAME: Residents of Cape Town’s Masiphumelele district fight a blaze started by a cooking accident in the South African
municipality. Strong winds fanned the fire in the densely populated area, made more vulnerable by poor access routes.
recruiting and using child soldiers, a decision that went
against recommendations from
top department officials.
Mr. Tillerson in June didn’t
include the three countries on
a list the State Department
must issue each year in accordance with the Child Soldiers
Prevention Act. The 2008 law
bars the U.S. from providing
certain security assistance and
military equipment licenses to
countries that land on the list,
but the president can issue
“national interest waivers” to it.
The U.S. supports the Iraqi
and Afghan militaries and is
seeking cooperation from Myanmar’s military in cracking down
on North Korea.
State Department Spokeswoman Heather Nauert said Mr.
Tillerson decided not to include
Iraq, Afghanistan and Myanmar
based on information he re-
viewed from nongovernmental,
intelligence, diplomatic and other
sources.
—Paul Sonne
NIGERIA
Suicide Attack Kills
Scores at Mosque
A teenage suicide bomber attacked worshipers as they gathered for morning prayers at a
mosque in northeastern Nigeria,
BY PAUL VIEIRA
OTTAWA—Besides the fastest-growing economy in the
Group of Seven, Canada has
another, less-flattering distinction among the developed
world’s biggest economies: a
widespread failure to pay its
employees.
Since early last year, more
than half, or 150,000, of the
Canadian government’s employees have either been overpaid, underpaid or not paid at
all because of flaws in a new
payroll system, auditors said
Tuesday.
Canada’s Office of the Auditor General, a spending watchdog, issued the report to lawmakers and indicated the
problems plaguing the publicsector payroll are far worse
than initially believed and reported in the local press. The
auditor warned its findings are
early estimates and the final
cost and number of employees
affected could end up being
much larger.
The payroll system, unveiled in 2009, took seven
years to implement at a cost of
310 million Canadian dollars
(US$242 million) and was an
attempt to consolidate payroll
services into one platform. Before that, more than 100 federal departments and agencies
managed their own payroll
systems. The new system was
meant to achieve savings of
about C$70 million a year.
But instead of saving money,
fixing the pay system is now
expected cost the government
at least C$540 million.
“Unacceptable doesn’t capture the seriousness of this issue,” Auditor General Michael
Ferguson told reporters at a
news conference.
Canada hired International
Business Machines to design
and implement the pay system.
A spokeswoman for IBM said
the company delivered “its
scope of work per the government’s specifications,” and
isn’t responsible for the payroll system’s management.
“This is obviously a failure
point for Canada,” said Tony
Dean, senior fellow at the University of Toronto’s public-policy school and an independent
member of the Canadian Senate.
The new payroll system “was either flawed in design or implementation, or both,” he said.
Among those affected is
Karen Clarke-Vay, a clerk at a
detachment of the Royal Canadian Mounted Police in northeastern British Columbia. She
hasn’t been paid since she
started her new position in
September. Before that, at a
different federal government
job in Alberta starting in 2016,
she was overpaid for more
than six months. The government will want the money
back, she said, but she is uncertain how much she owes.
“They said my file is considered critical but…it can’t be
that critical or else I would be
paid,” Ms. Clarke-Vay said.
WORLD WATCH
Giant waves subsided off the
coast and stormy skies cleared
Tuesday, making it easier for
search-and-rescue crews from
several countries as they tried to
locate a missing Argentine submarine and its 44 crew members.
American aircraft and underwater robot explorers have
joined forces with Britain, Brazil,
Chile and others to assist Argentina’s navy in its search for the
ARA San Juan, which officials
fear may be stranded at depths
of at least 600 feet in the south
Atlantic with dwindling oxygen
supplies.
The submarine last made
contact six days ago while returning from the southern tip of
Argentina on a routine mission
to check illegal fishing. It has
since vanished, losing contact as
waves grew large and the wind
picked up speed.
—Samantha Pearson,
Ben Kesling and Ryan Dube
Payroll
Overhaul
Fails
Canadians
UBER
Continued from Page One
The San Francisco company
said it would notify owners of
the affected accounts in the
coming days.
While the scale of the breach
pales in comparison to recent
disclosures from Yahoo Inc. and
Equifax Inc., Uber’s attempts to
keep it quiet raise questions
about how many people knew
about it and whether officers
still at the company were part
of the effort.
The New York State Attorney General’s office has
opened an investigation into
the breach, a spokeswoman
said in an email Tuesday. She
didn’t give further details.
Neither Mr. Sullivan nor Mr.
Clark could be immediately
reached for comment. A
spokesman for Uber declined to
say who had authorized the
$100,000 payment. A spokeswoman for Travis Kalanick, who
was CEO during the time of the
breach, declined to comment.
“None of this should have
happened, and I will not make
excuses for it,” Chief Executive
Dara Khosrowshahi in a state-
ment regarding the breach and
coverup. “While I can’t erase
the past, I can commit on behalf
of every Uber employee that we
will learn from our mistakes.”
Bloomberg earlier reported
on the breach at Uber.
The coverup is another
challenge for the CEO, who in
less than three months on the
job has tried to bring stability
after a year of controversies
that took place under Mr. Kalanick, Uber’s co-founder. Valued at $68 billion by investors,
Uber has developed a reputation for pushing the limits of
the law in its pursuit of dominating the ride-hailing market.
As Uber CEO, Mr. Khosrowshahi has inherited several
federal probes of the company
over programs targeting rivals
and regulators, as a well as a
possible violation of the Foreign Corrupt Practices Act.
Uber is in a heated legal battle with Google parent Alphabet
Inc., which filed suit in February alleging the company stole
trade secrets related to selfdriving cars. And it is trying to
recover from claims by a former female engineer that management ignored complaints
from her and other women of
sexism and harassment.
SPENCER PLATT/GETTY IMAGES
FROM PAGE ONE
Uber said it failed to disclose the breach to customers and drivers.
The company has said it is
cooperating with federal regulators in their investigations.
It disputes the allegations
made by Alphabet and is contesting the lawsuit.
Mr. Khosrowshahi’s short
reign at Uber has been riddled
with infighting among directors,
particularly between Mr. Kalanick and investor Benchmark
Capital over the company’s corporate governance. In the midst
of all this, he has spent weeks
negotiating a deal for SoftBank
Group Inc. to invest upward of
$10 billion in the company
through a direct investments
and stake purchases from employees and other investors.
SoftBank is working to determine a price at which it will
offer to buy billions of shares
through a tender offer from
existing investors at a discount to Uber’s $68 billion
valuation, according to people
familiar with the matter.
Uber disclosed the breach
ahead of the tender offer because it could be considered
material to investors, the people said. It’s unclear if SoftBank may use the disclosure
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THE WALL STREET JOURNAL.
A10 | Wednesday, November 22, 2017
IN DEPTH
Continued from Page One
danced and car horns honked in
a cacophonous chorus outside
the cream-colored parliament
building in central Harare. Inside, officials began removing
Mr. Mugabe’s stern-faced official
portraits from the walls.
“This is historic,” said Tinashe Ndoro, a 23-year-old who
has never found a permanent
job in Zimbabwe’s crisis-addled
economy. “Mugabe was feared,
not loved.”
Among the marchers, the
resignation was largely seen as
a victory for the people of Zimbabwe—an expression of their
collective will. Fresh details of
the president’s final weeks in office, however, support a different narrative: that his ouster resulted from a struggle between
elites. The move against Mr.
Mugabe was planned and executed by an army that met little
resistance from the security apparatus that had protected Mr.
Mugabe for decades, interviews
with more than a dozen people
familiar with how the operation
unfolded show.
By the time Mr. Mugabe
awoke last Wednesday, his marble-inlaid, Greek-columned presidential palace had become a jail
guarded by soldiers and a camouflage T72 tank dispatched
during the night from Inkomo
army base.
Mr. Mugabe’s fall ended a
reign during which his status
deteriorated from revered liberation fighter to international pariah. Known as Comrade Bob,
the former schoolteacher oversaw a series of catastrophic economic overhauls that turned
Zimbabwe, a resource-rich former British colony, from Africa’s
breadbasket into a desperate recipient of food aid and triggered
inflation of historic proportions.
Once hailed as an inclusive
leader, cultivating ties to the
West and goodwill with the
country’s white minority, he
went on to see millions of the
country’s best-educated citizens
flee. White farmers left as the
government took their land and
gave it to Mugabe allies—a chaotic process that triggered
Western sanctions in 2003. As
sanctions squeezed, Mr. Mugabe
grew virulently anti-West and
bolstered relations with China,
Iran and Venezuela.
Aid and sanctions
Successive U.S. administrations criticized Mr. Mugabe over
human-rights violations and his
governance. He was one of a
small group of international
leaders personally targeted by
U.S. sanctions. Even so, the U.S.
has been Zimbabwe’s largest
provider of development and
humanitarian assistance, according to the State Department. The U.S. plans to give
Zimbabwe $147 million in aid in
2018, much of it aimed at HIV/
AIDS prevention, according to
U.S. government figures.
Secretary of State Rex Tillerson urged leaders in Harare to
“implement much-needed political and economic reforms for a
more stable and promising future for the Zimbabwean people. Whatever short-term arrangements the government
may establish, the path forward
must lead to free and fair elections.”
The later years of Mr.
Mugabe’s rule were marred by
increasingly bizarre spectacles.
as a child with his family on the
day President Kennedy was
killed.
The city denies involvement.
City spokesman Richard Hill
points to tour groups that operate around the plaza as maintainers of the X, but he couldn’t
provide any names.
The Sixth Floor Museum at
Dealey Plaza, located in the former Texas School Book Depository where Lee Harvey Oswald
shot Mr. Kennedy from a sixthfloor window, also has distanced
itself from the X.
“The museum is not responsible in any way for the two X’s
painted on Elm Street in Dealey
Plaza,” museum spokeswoman
Laurie Ivy said. The museum
has a live-streaming webcam
from the sniper’s perch, but it is
too far away to discern features
of individuals near the X.
The city has previously defended its removal of the X during road work. Its rare removal
is looked at by JFK aficionados
as an attempt by the city to
erase an unpleasant past. “The
city takes it away, and they will
replace it,” says Rachel Heathman, owner of Dallas City Tour,
who believes independent walking-tour guides help maintain
the X. She says the X is one of
the most asked-about places on
her tours.
Arthur Johnson, a vendor in
the plaza for 21 years who sells
replica JFK assassination newspapers, claims that he once saw
a city crew come by years ago
and paint the X. He said he
hasn’t witnessed anyone redoing the X in recent years but
that his cousin is claiming two
Robert Mugabe: From Freedom Fighter to
Zimbabwe’s Strongman of 37 Years
The 93-year-old began his struggle in the 1960s and became the
first ruler of Zimbabwe; his long reign came to an end on Tuesday.
1963—At 39, nationalist Marxist Robert Mugabe returns
from studying abroad and
helps set up the Zimbabwe African National Union party.
He’s arrested for “subversive
speech” and spends a decade
in jail.
1975—Mugabe, from neighboring Mozambique, becomes one
of the leaders of the black-majority population’s struggle
against the white-ruled government.
1980—Zimbabwe wins its independence and Mugabe becomes prime minister.
1984—Mugabe becomes indisputable leader of the merged
Zanu-Patriotic Front party and
installs Soviet-style structures
such as a Politburo. He becomes the nation’s first executive president in 1987, at 63.
1996—Following the death of
his first wife, Mugabe marries
Grace Marufu, his secretary,
who is 41 years his junior.
2000—Mugabe pushes for the
confiscation of land held by
The aged leader delivered rambling speeches and fell asleep in
public. His wife and children
flaunted their wealth, posting
images of sports cars, yachts
and jewelry bought on trips to
Dubai, Paris and Singapore.
As other African liberation
fighters such as Nelson Mandela
and Ghana’s Kwame Nkrumah
took power and then eventually
relinquished it, Mr. Mugabe
clung on. Last year, he vowed to
run in 2018 presidential elections, where a victory would
have left him governing just a
year shy of his 100th birthday.
For decades Mr. Mugabe refused to nominate an heir, selectively repressing camps that
grew too strong. In recent
months, with the president ailing, the succession struggle
reached a new intensity.
On Nov. 6, Mr. Mugabe
purged Vice President Emmerson Mnangagwa, a 75-year-old
politician whose sometimesruthless maneuvering had
earned him the nickname Crocodile. Fearing arrest, Mr. Mnangagwa fled with his son, first to
Mozambique then South Africa,
to plot his next move. The firing
of the vice president elevated
Mr. Mugabe’s wife, Grace, into
the line of succession.
Mr. Mnangagwa had deep
ties to the military. And soon
Mr. Mugabe’s purge threatened
to reach the army as well.
By Saturday, Nov. 11, soldiers
of the mechanized brigade at
the barracks of Inkomo, 35 miles
outside Harare, knew a plan was
afoot. Its target was an officer
named Constantino Chiwenga, a
onetime protégé of Mr. Mugabe.
More than three decades ago,
Mr. Chiwenga was a young army
officer who tried to kill himself
after botching his military exams. Mr. Mugabe summoned the
soldier and made him an offer:
Pledge eternal loyalty in return
for promotion, privilege and
power.
By now, Mr. Chiwenga was a
general, the head of Zimbabwe’s
defense forces. He was also an
ally of the vice president Mr.
white farmers; inflation
reaches 100,000% by 2008
and the country’s economy
tanks. Western powers impose
sanctions on Mugabe.
Mugabe faces his first real opposition from trade unionist
Morgan Tsvangirai and his
Movement for Democratic
Change, which wins about half
of contested parliamentary
seats in voting, amid riots and
a deteriorating economy.
2008—Mugabe unleashes violence against Tsvangirai supporters after they win more
votes in presidential elections.
After intervention by African
leaders such as Desmond
Tutu, and Kofi Annan, a powersharing structure is reached,
with Mugabe as president and
Tsvangirai as prime minister.
2013—Mugabe wins re-election
as president in a landslide and
later says he has no intention
of resigning until “God says
‘come.’” He sacks his vice president, Joice Mujuru, in 2014 for
allegedly plotting against him;
Grace Mugabe’s political ascendance begins.
Mugabe had fired. As Gen. Chiwenga prepared to return from
a trip to China, police loyal to
Mr. Mugabe positioned themselves at the Harare airport to
arrest him, in events described
by senior security officials.
Mr. Mugabe awoke to
see soldiers and a
T72 tank dispatched
during the night.
But the army had been
tipped off, and its commandos
were also deployed there—disguised as airport workers. As
the plane landed, the soldiers
shed their airport-worker uniforms to reveal army fatigues
and weapons. The police fled,
and Gen. Chiwenga was escorted to his army base. The
ambush had been foiled.
Mr. Mugabe, having spent the
day at his 25-bedroom mansion,
made no statement. He was preparing for a busy week managing the backlash from promoting his wife into the line of
DENNIS BALIBOUSE/REUTERS
MUGABE
Tourists often take photos of an X on the street where John F. Kennedy was shot in Dallas.
Robert Mugabe, 93, had been the world’s oldest head of state.
2016—A clash escalates between Grace Mugabe and Vice
President Emmerson Mnangagwa, deepening a rift in the
ZANU-PF party. Mnangagwa
is fired in early November
2017.
Nov. 15, 2017—Zimbabwe’s
military seizes control of state
television and the international airport.
Nov. 19, 2017—Mugabe consuccession. The next day, Gen.
Chiwenga held a news conference to say the army wouldn’t
stand by and watch Mr.
Mugabe’s continuing purge.
“The military will not hesitate
to step in,” he said.
At that point, allies of Mr.
Mnangagwa were meeting aides
of South African President Jacob Zuma in Cape Town to inform them of the Zimbabwean
military’s plan. Christopher
Mustvangwa, head of the Zimbabwean veterans association
that once underpinned Mr.
Mugabe’s power, says he laid
out the plan for military intervention. A spokesman for Mr.
Zuma said the South African
presidency was unaware of the
interactions described by Mr.
Mustvangwa.
At Inkomo army base, soldiers were on high alert. As they
ate a late lunch on Tuesday,
Nov. 14, with news headlines
showing on television, one item
grabbed their attention: Kudzanayi Chipanga, secretary of
the ruling ZANU-PF party’s
Youth League and an ally of
Mrs. Mugabe’s faction, was denouncing the military. “The
guns will follow the politics and
founds expectations that a
nationwide speech he is making will include word that he
is stepping down.
The ruling ZANU-PF expels
Mugabe as party leader, replacing him with Mnangagwa,
and prepares to launch impeachment proceedings.
Nov. 21, 2017—President
Mugabe resigns after 37 years
of rule.
not the politics the guns,” he
said.
Within the hour, soldiers set
out to prove him wrong. Dozens
of T69 and T72 tanks and armored vehicles rumbled out of
the barracks. Halfway to the
capital, on a road flanked by
train tracks and fields, the tanks
halted, awaiting orders.
Sealing a checkpoint
In the city center, Mr.
Mugabe was meeting with his
cabinet. Advisers informed him
of reports of tank movements,
but he brushed them aside and
around 6 p.m. returned to Blue
Roof.
Unknown to him, the presidential guards who patrol the
palace were already collaborating with the rebellion. The
guards welcomed his motorcade
through the checkpoint, then
sealed it and waited for reinforcements. Once home, Mr.
Mugabe went promptly to bed.
At around 9:30 p.m. that
Tuesday one week ago, army officers received orders to deploy
into the city center and arrest
top members of Mrs. Mugabe’s
faction, which is known as the
JEKESAI NJIKIZANA/AGENCE FRANCE-PRESSE/GETTY IMAGES
Continued from Page One
has been there—locals say at
least two decades. On rare occasions, the X vanishes, but always returns. It has been repainted or replaced with
reflective tape, mainly in white.
Though recently it turned up in
green. When it fades, or is
scrapped off during road work,
it rematerializes within days.
Sometimes a second X marks
the spot believed to be where
the first bullet hit Mr. Kennedy.
But it is the X closest to an underpass that gets the most attention and is considered “The
X,” purportedly marking the
spot of the final shot listed in an
autopsy report as the fatal one.
Several visitors, when asked
about the X on a recent day, assumed it is maintained by the
City of Dallas.
“It attracts people, that’s why
I assume they keep the X
down,” said frequent visitor
Rickey Chism, a 57-year-old who
lives in the Dallas area and as a
3-year-old witnessed the assassination with his family. Mr.
Chism carries an old news
photo showing him at the site
LM OTERO/ASSOCIATED PRESS
JFK
lime-green X’s that marked
spots on this recent day, and he
believes him.
The cousin, who also sells
replica newspapers in the plaza,
refused to answer questions
without payment.
Robert Groden, a 72-year-old
JFK conspiracy theorist who
sells his books and merchandise
on the assassination in the
plaza, says he and an assistant have maintained the X over
the years—but he didn’t claim
the current X’s on the road, one
of which he called inaccurate.
“It’s historical,” Mr. Groden
said of the X. “And I got tired of
telling people a 100 times a day
where the spot is.”
Vendors and tour guides
work year-round at the site. And
interest has heightened due to
the government’s recent release
of a trove of JFK documents.
Last week, visitors ran onto
Elm Street to take quick pictures with the X, sometimes
causing cars to slow to keep
from hitting them. Frequent users of the road know to drive
with caution when folks are
about in the plaza, not knowing
what to expect. There have been
instances of people lying in the
road beside the X.
The X sometimes moves a
Zimbabwe parliament members broke out in raucous celebration Tuesday after Speaker Jacob
Mudenda announced that 93-year-old President Robert Mugabe was stepping down.
smidgen here and there, as evidenced by faded markings of
past X’s. Some amateur historians question the accuracy of the
X, and whether it really does
mark the spot.
Regardless, the X typically
gets more attention than a
plaque in the grassy knoll at the
site noting the plaza was designated as a National Historic
Landmark in 1993.
The disappearance of the X’s
drew much attention in November 2013, just days before the
city’s big ceremony in the plaza
to commemorate the 50th anniversary of the assassination. A
city spokesman at the time said
the two sections of road with
X’s were repaved to level out
the road to remove any trip hazards. That was met with deep
skepticism, and alternate theories.
Dallas residents and vendors
noted the smoothness of the
road at the time. They surmised
that the city wanted to remove
such a visceral reminder of the
assassination before the arrival
of thousands of visitors to the
ceremony, including national
media.
A crude white X was back
marking the spot within a few
days after the ceremony.
G-40, or generation 40, because
most members are relatively
youthful.
Army commandos and military intelligence officers headed
for the home of Mr. Chipanga,
the youth leader who had angered them that afternoon.
Tipped off, he fled with his wife
from their luxurious home to
the police station in the leafy
Borrowdale suburb. The commandos advanced on the station, bundled Mr. Chipanga into
the trunk of a car and drove him
to an army base in the city
called King George VI. Last
Thursday evening, his face swollen, he appeared on state television to ask Gen. Chiwenga for
forgiveness for his remarks.
Mr. Mugabe’s head of security, Albert Ngulube, went to the
presidential guards’ base armed
with a sniper’s rifle to see what
was happening. He was detained
and, according to one person in
the security service, “beaten to
within an inch of his life.” The
military couldn’t be reached for
comment on that.
The army rapidly seized government buildings and strategic
intersections in central Harare.
Troops took control of state
television. At 4 a.m. on Wednesday, Nov. 15, a general, Sibusiso
Moyo, announced on television
the army was in control and
would purge “criminals” around
the president.
Zimbabweans thronged the
streets to celebrate what
seemed to be the impending end
of Mr. Mugabe’s rule. But on
Sunday, in a televised address at
which he was widely expected
to formalize his exit, Mr.
Mugabe stunned the nation by
accepting the military’s intervention but saying nothing
about quitting.
“I as the president of Zimbabwe and as their commander in
chief do acknowledge the issues
they have drawn my attention
to,” Mr. Mugabe said in a rambling speech. “You and I have
work to do. Goodnight.”
Seated to his right, wearing
fatigues and holding a copy of
the speech, was a stony-faced
Gen. Chiwenga.
Monday dawned with a deadline for the president’s resignation, set by the party, approaching. When it passed, Zimbabwe’s
parliament followed through
with a threat to begin impeachment proceedings. The fired
Vice President Mnangagwa, in
his first public comments since
he fled to South Africa 2½
weeks ago, vowed on Tuesday,
soon to return to Zimbabwe.
Then, extending the mystery,
the military gave hints it was in
discussions with the long-serving president.
On Tuesday morning, the
parliamentary speaker’s announcement finally ended the
drama, and Mr. Mugabe’s long
presidential reign.
Mr. Mugabe’s letter, read
aloud by the speaker, didn’t
name a successor, but said that
a new president should be appointed by Wednesday. The ruling ZANU-PF is set to tap Mr.
Mnangagwa, who must now
navigate a potentially rocky
transition, in the middle of an
accelerating economic emergency.
But in Harare on Tuesday
night, the mood was of jubilant
catharsis.
“This is the best, this is the
best,” said Emmanuel Tembo, a
51-year-old hotel security guard.
“We are tired of him! Thirtyseven years!”
—Paul Sonne contributed to
this article.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | A10A
NY
* *
GREATER NEW YORK
Unpaid Tolls, Fees Cost the MTA Millions
Audit ties losses to
move to go cashless;
agency says program
is still a ‘huge success’
Eric
Adams
CLAUDIO PAPAPIETRO FOR THE WALL STREET JOURNAL
The Metropolitan Transportation Authority lost millions
in unpaid tolls and related fees
as it rolled out cashless tolling, a new audit found.
The audit, released Tuesday from New York state
Comptroller Thomas DiNapoli’s office, shows the transit authority hasn’t collected
or has waived unpaid tolls totaling $11.3 million between
2012 and 2017.
The audit found $72 million
in related unpaid fees, and
said the MTA often waived
most motorist fees.
The audit didn’t compare
New York’s lost toll money to
other tolling authorities’ uncollected tolls, but experts
said it isn’t unusual for states
to lose money on uncollected
tolls.
Part of the problem, the audit stated, came from an EZPass program called “On the
The cashless tollbooth at the Henry Hudson Bridge in Manhattan.
Go,” or OTG, allowing motorists to buy prepaid passes at
bridges. But motorists who exceeded their prepaid amounts
were often hard to track if
they didn’t register with the
state before or after purchasing the pass, according to the
audit.
“While we understand the
rationale behind OTG tags,
John
Catsimatidis
Ruben
Diaz Jr.
their use and abuse has
caused [the MTA] to lose
significant revenue, and thus
additional controls may be
warranted,” the audit states,
recommending that the MTA
force OTG users to register
when they purchase the
pass.
A spokesman for the MTA
said “open road tolling is a
Shaun
Donovan
Alicia
Glen
Letitia
James
Hakeem
Jeffries
New Transit Chief
Ran Toronto System
The man chosen to lead
New York City’s subway and bus
system says he intends to
“shake things up a bit.”
Andy Byford, the 52-year-old
chief executive of Toronto’s transit system, was named Tuesday as the next president of
New York City Transit. The authority, a unit of the Metropolitan Transportation Authority,
faces one of its greatest challenges in decades amid commuter frustration concerning
poor service and delays.
Mr. Byford, who will take up
the post in January, said the
MTA has laid a foundation to
turn the subway system around.
He noted that his job will be to
expedite improvements in punctuality, reliability and customer
service, and to bring a new perspective to an organization that
is “very traditional in outlook.”
Mr. Byford has three decades’ experience as a senior official at transit systems in London, Sydney and, for the past
Scott
Stringer
Eric
Ulrich
Jockeying Starts for the 2021 Mayor’s Race
BY MIKE VILENSKY
AND MARA GAY
Traveling the boroughs.
Fighting the mayor. Courting
those close to the governor.
New York City officials are
positioning themselves for
2021, when Mayor Bill de Blasio is term-limited out.
Campaigns won’t begin for
years, but potential candidates
are already working to raise
their profiles before the field
gets more crowded.
At this point, 2021 aspirants will begin raising their
citywide profiles, solidifying
alliances, and positioning
themselves relative to Mr. de
Blasio, said former candidates
and campaign aides.
“There is obviously a silent
primary happening as people
who are thinking about the
next election begin to plan the
earliest steps,” said Eric Koch,
a Democratic consultant and
former de Blasio campaign adviser.
The 2013 election that Mr.
De Blasio won was partially a
referendum on outgoing
Mayor Michael Bloomberg’s
tenure. Though Mr. Bloomberg
maintained popularity, the
electorate voted for change.
Potential candidates are
putting some distance between themselves and the current administration. Analysts
expect that gap to widen.
Past candidates said it
isn’t too early to begin strategizing—it might even be getting late. “It’s four years into
the cycle already,” said John
Liu, the former city comptroller who lost to Mr. de Blasio in
2013. “Four down, four to go.”
Borough Presidents
Bronx Borough President
Ruben Diaz Jr. and Brooklyn
Borough President Eric Adams
have both expressed interest
in higher office.
KEVIN HAGEN FOR THE WALL STREET JOURNAL
CANDIDATES LEFT TO RIGHT: STEVE REMICH FOR THE WSJ; EVAN AGOSTINI/INVISION/AP; PETER J. SMITH FOR THE WSJ; ANDREW HARNIK/AP; MIKE SEGAR/REUTERS; CASSANDRA GIRALDO FOR THE WSJ; DREW ANGERER/GETTY IMAGES; ANDREW LAMBERSON FOR THE WSJ; STEVE REMICH FOR THE WSJ
BY MIKE VILENSKY
huge success for drivers saving time and for the environment with reduced emissions
in local neighborhoods—and
since implementing it we’ve
increased security and ramped
up toll enforcement. We aggressively pursue scofflaws
and will continue to do so—
the Comptroller is using preopen road tolling outdated
data that is no longer applicable.”
Cashless tolling was rolled
out with a pilot program at
the Henry Hudson Bridge in
November 2012. Drivers who
don’t pay with E-ZPass are
billed by mail after their
plates are picked up by camera. This fall, the MTA completed a program to set up
cashless tolling at all of its
bridges and tunnels.
The audit comes at a challenging time for the MTA,
which oversees New York City
subways, buses and commuter
trains in addition to bridges
and tunnels into the city. Amid
a rash of subway delays and
derailments, advocates have
pushed the state for more
funding, while state officials
have lobbied the city to pitch
in more.
Potential candidates are raising their profiles for a chance to succeed Mayor Bill de Blasio when term limits end his reign over City Hall.
Borough presidents have independence from the mayor
and can lay claim to their own
accomplishments.
Mr. Diaz, 44 years old, has
begun staking out a wider profile, turning up at Democratic
clubs, parades, and other
events on Staten Island and in
Queens. He is also allying himself with Gov. Andrew Cuomo,
lunching at a seafood restaurant recently with top Cuomo
aide Melissa DeRosa.
“It would be disingenuous
of me to tell you I wouldn’t
consider running,” Mr. Diaz
said. “I’m going to have those
conversations and strongly
consider it.”
A former New York Police
Department captain, Mr. Adams, 57, has focused on improving relations between police and communities among
other issues throughout his
tenure. He cautioned against
letting the coming race impact
the next few years. “There are
going to be those who spend
all their time running,” he
said. “I was not elected to be a
candidate.”
But, he added: “Yes, I aspire
to one day be mayor of the
greatest city in the world.”
Citywide Officials
Public advocates and comptrollers have firsthand experience at City Hall, which has
worked for and against past
candidates.
Public Advocate Letitia
James, 59, holds the job Mr. de
Blasio held before his mayoralty. She has used her bully
pulpit and litigation to take on
the city’s Department of Education—and recently took on
the mayor.
Last week, she called for
the resignation of his public
housing commissioner amid a
scandal over inaccurate leadinspection paperwork. Mr. de
Blasio called it a “stunt.”
A spokeswoman for Ms.
James said that she is focused
on her job, “not elections four
years away.”
Comptroller Scott Stringer
is sitting on a campaign war
chest of more than $1.5 million, and has previously expressed interest in the mayor’s
job. But he is expected to
tread cautiously. “I just got reelected to an amazing job and
we are laying the groundwork
for the next four years,” he
said.
Republicans
The GOP is outnumbered in
New York City, but after eight
years of Democratic rule the
electorate may consider the
party again.
Republican Queens Councilman Eric Ulrich, 32, has won
three terms in a majorityDemocrat district.
He garnered attention by
refusing to back then-GOP
presidential nominee Donald
Trump in 2016 and weighed
challenging Mr. de Blasio this
year but held off. Term-limited
out in 2021, Mr. Ulrich said
“my options are wide open.”
He may have competition in
billionaire businessman John
Catsimatidis. Mr. Catsimatidis,
69, has become a fixture in
city politics as a radio host
and donor since losing the Republican primary to Joseph
Lhota in 2013. He said he was
considering a run in 2021, but
“wouldn’t run against friends.”
Question Marks
De Blasio aide Alicia Glen
has never held public office
but is still viewed as a possible mayoral candidate. As a de
Please see MAYOR page A10B
six years, in Canada.
In a statement to reporters
in Toronto, he said he focused
his tenure in Canada on improving safety and reliability, modernization and changing the transit
system’s corporate culture.
Although the Toronto Transit
Commission operates the thirdlargest system in North America,
it pales in comparison to New
York City Transit. The Toronto
system carries 1.8 million people
a day on its subway, buses and
streetcars. The New York system transports 2.3 million people
each weekday on buses alone.
Carmen Bianco, who ran
New York City Transit from 2013
through 2015, said the leap to a
larger system isn’t important.
What matters is leadership. He
described Mr. Byford as a “highenergy” chief executive.
MTA Chairman Joe Lhota,
who appointed Mr. Byford,
said: “We needed a leader who
has done this work at worldclass systems and Andy’s successes in Toronto are evidence
that he is up to this critically
important task.”
—Paul Berger
CUNY
Chancellor
Will Leave
Next Year
BY MELANIE GRAYCE WEST
City University of New York
Chancellor James B. Milliken
announced Tuesday that he
plans to step down at the end
of the academic year.
Mr. Milliken, 60 years old,
said in a statement that leading CUNY “has been among the
most rewarding experiences of
my life, but I have decided it is
the right time for a change.”
Mr. Milliken announced in
March 2017 that he had been
diagnosed with throat cancer
and was receiving treatment
at Memorial Sloan Kettering
Cancer Center in Manhattan.
In an interview Tuesday,
Mr. Milliken said that the last
few months have been physically taxing, and that leading
CUNY is an around-the-clock
job. His prognosis is good, he
said, but “there are still a few
challenges.”
“Going through something
like this does alter your perspective and you tend to think
about things differently,” he
added.
Mr. Milliken said he would
take some time to think about
next steps, but continuing to
teach law at CUNY is an “appealing option.”
Mr. Milliken, an attorney,
was appointed CUNY Chancellor in 2014. During his tenure,
enrollment has risen, with
273,000 students participating
in a full or part-time program
in fall 2016.
About 52,000 students
graduated from a CUNY school
last year and Mr. Milliken said
his mission has been to get
students a degree as quickly
as possible.
During his tenure, Mr. Milliken appointed new presidents to half of the 24 colleges
in the CUNY system.
Prior to leading CUNY, Mr.
Milliken served for 10 years as
the president of the University
of Nebraska system.
A search for a new chancellor will begin in January.
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A10B | Wednesday, November 22, 2017
NY
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Program Helps Vets
Become Entrepreneurs
After Hurricane Maria hit
Puerto Rico,
Marvin Avilez
didn’t hesitate: He
booked a direct flight down
from New York City. While
he had no game plan and no
place to stay, he hoped the
ensuing relief effort might
provide the perfect opportunity to deploy Visual Ops, the
software he created to coordinate teams and systems.
“I just kind of showed up,”
he says.
It was a bold move for a
software engineer, but Mr.
Avilez isn’t your typical
geek. He’s a former Marine—
an interrogator and counterintelligence expert who accompanied infantry units on
the battlefields of Iraq.
“You’re trained to block
out and ignore the things that
might hinder you,” he says.
Veterans make great
startup leaders. At least,
that’s the premise behind a
free entrepreneurship training program for U.S. military
veterans created by New
York University’s Tandon
School of Engineering.
Last week, the effort expanded with the opening of a
startup incubator for veterans.
Mr. Avilez, a program participant, will move his company into the incubator. But
for now, he’s busy in Puerto
Rico. The U.S. territory’s
government has adopted Visual Ops to coordinate food
and water distribution in
nine regional staging areas.
And while Mr. Avilez
wouldn’t disclose his revenue, as the software is still
in test mode, he says he has
just entered into a six-month
agreement with Puerto Rico
to use Visual Ops to track
the real-time status of all
government departments.
Such opportunities
wouldn’t materialize without
his NYU Tandon credentials,
says Mr. Avilez. Before connecting with the program, his
14-year stint in the Marines
was the only training on his
résumé—his formal education ended with high school.
The incubator space,
dubbed the Veterans Future
Lab and funded in part with
a $1 million grant from the
state economic-development
agency, along with support
from Barclays bank, would be
the envy of any tech startup.
Program participants enjoy a rent-free stay in a
sunny, 4,000-square-foot loft
‘You’re trained to
block out and ignore
the things that might
hinder you.’
in Brooklyn’s trendy Industry
City complex with long communal tables, a conference
room, kitchen and a workshop for fabricating prototypes using laser cutters and
3-D printers.
Participants also get pro
bono mentoring, design, legal, public relations and
marketing assistance from
NYU Tandon and area firms.
Many participants served
tours in Iraq or Afghanistan.
They range from officers
with MBAs to enlisted soldiers fresh off the battlefield,
says Steven Kuyan, a managing director of NYU Tandon’s
Future Labs program.
While some are thinking
big, others just want to
launch a viable tech business
to support themselves and a
MAYOR
THE WALKING DEAD’S
3NYP101
NORMAN REEDUS
PLAYS SANTA
few employees, he says.
Enterprises founded by
participants include TripSafe, a portable security system, and VetPros, which connects consumers with
veterans available for odd
jobs like cleaning, dog walking and furniture assembly.
While VetPros is generating
revenue, TripSafe is no longer
operating. Mr. Kuyan says that
of the 60-odd veterans who
have participated in the 12week training program over
the past several years, about
30% are heading a sales-producing startup; others took
jobs with other companies.
This compares favorably
with mainstream entrepreneurship training classes,
which typically see about
10% of participants launching businesses, he says.
He credits the veterans as
much as the program. “They
are driven and passionate on
their own,” says Mr. Kuyan.
“You just have to steer them
in the right direction.”
The program’s greatest
benefit might be its support
for the transition to civilian
life, says Tim Lawton, a participant and co-founder of
Frontier7, a data-analytics
startup that helps companies
market their products and
services. Program participants learn to describe their
skills and strengths in language that makes sense to
civilians, says Mr. Lawton, a
West Point grad who served
several combat tours in Iraq
and Afghanistan.
Mr. Lawton says the
startup life, with its unknown unknowns, can be just
as challenging as military
life, with one major difference: what’s at risk.
“Which I’m happy about,”
he says. “Which I’m very
happy about.”
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Continued from page A10A
Blasio deputy and former
Goldman Sachs executive
overseeing the city’s affordable housing plan, Ms. Glen
has cultivated her own identity within City Hall.
In a city where gentrification is a sensitive issue, she
has negotiated and sometimes
sparred with both housing advocates and real-estate executives. People close to Ms. Glen
didn’t rule out her running; a
City Hall spokesperson didn’t
comment.
Yet another question mark
is former President Barack
Obama’s budget director
Shaun Donovan.
Mr. Donovan is considering a 2021 run, according to
a person familiar with his
thinking. He served as housing commissioner under former
Mayor
Michael
Bloomberg and worked in
President Bill Clinton’s administration. With ties to
both parties, he could run as
a unifier, said people familiar
with his thinking.
U.S. Rep. Hakeem Jeffries,
who represents parts of
Brooklyn and Queens, has
close relationships with local,
state and federal Democrats.
He has raised his profile questioning Trump officials in
congressional hearings.
People familiar with his
thinking said he likely won’t
decide on 2021 until after
2018, which could boost his
party into a House majority.
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.
LIFE&ARTS
Wednesday, November 22, 2017 | A11
WORK & FAMILY | By Sue Shellenbarger
Teaching Teens Time Management
How to help your over-scheduled high schooler learn to juggle competing classes and extracurricular activities
Below, Brooke Ross, 16, dropped two activities in junior year, while
Sean Smith, 17, canceled conflicting commitments.
spective, says Kelly Adams Fraser,
owner of Green Apple College Guidance & Education, Bethesda, Md.
Say, “So Coach reacted badly.
That’s not appropriate. It’s too bad,
but this sometimes happens in life.
We all make choices, and maybe he
didn’t agree with your choices,” Ms.
Fraser says.
School counselors or athletic directors can sometimes help students with conflicts between classwork and school-sponsored
activities, says William R. Hughen,
district director of school counseling at Hudson (N.H.) School District.
Parents should step in, however,
if they’re worried about a teen’s
health or well-being. Even then,
says Denise Pope, co-founder of
Challenge Success, a nonprofit that
provides research and programs to
schools and families to help teens
lead more balanced lives, the student should be the first to try to
negotiate a solution.
Students can learn to anticipate
what’s coming up in school and
where conflicts may occur, says Kat
Cohen, chief executive officer of
IvyWise, New York, an educational
consulting firm. If students communicate early with teachers when
they need a break, most will coop-
erate, Dr. Cohen
says. If students
wait until the last
minute, “that’s
when the teacher
gets upset.”
Many teens shun
monthly planners in favor of smartphone calendars, preferring to react to
reminders when deadlines loom. But by
high school, teens
need to take a more
proactive approach,
using a monthly calendar or planner
that enables them to
see when, say, a tournament will overlap
with midterms, says
Stephanie Klein Wassink,
founder of AdmissionsCheckup,
Wilton, Conn., which provides reviews of students’ college applications by former admissions officers.
Nicole Welch of Westport, Conn.,
managed participating in three seasons of varsity sports, honors
classes and other activities by using a calendar system she calls
“very over-the-top.” She carried a
Lilly Pulitzer to-do list and agenda
book everywhere, mapping out
blocks of time far in advance and color-coding
activities. Ms. Welch,
18, is now a freshman at the University of North Carolina, Chapel Hill.
Parents also can
help students set priorities. Academics
should come first, says
IvyWise’s Dr. Cohen. And it
can be fine to have as few
as three extracurricular
activities, as long as
they’re tied to students’ core interests
and “show depth,
impact, leadership
and responsibility
over time,” she says.
Sean Smith, 17, of
Kenosha, Wis., overloaded himself in his
freshman year by taking five
courses, an online Spanish class,
band, lacrosse, cross-country and
piano lessons and performances.
“Since that initial period of awfulness, I’ve learned to manage my
time better,” Mr. Smith says. He is
still president of two school clubs,
a cross-country team member and
a piano student, but he has
dropped activities that caused conflicts. He also saves time for friends
and activities he enjoys.
Helping High School
Students Avoid
Overload
n Help your teen learn timemanagement skills, finding calendars or planners they’ll use and
encouraging them to log future
commitments.
n If a teacher doesn’t hand out
a syllabus, ask for information
from a student who took the
class previously.
n Give top priority to maintaining good grades, the No. 1 factor
college admissions officers
consider in making decisions.
n Stick to extracurricular activities the student cares about
and enjoys, where he or she can
have an impact.
n Read your school’s absence
policy to make sure time off for
extracurricular activities will be
excused.
n Watch for red flags. Teens
who can’t get their homework
done, spend too little time with
family or friends, or aren’t eating or sleeping enough may
need help paring down their
commitments.
BURNING QUESTION
WHAT’S THE BEST TIME OF DAY FOR A BIG MEAL?
GETTY IMAGES/ISTOCKPHOTO
BY HEIDI MITCHELL
One strategy for not overdoing it at a Thanksgiving buffet? Use a salad plate instead of filling a larger, dinner-size one.
AT THIS TIME OF YEAR, many
revelers overdo it at the holiday
table, unwilling to forgo the turkey
or ham with fixings that mark the
season.
While many Americans serve
their Thanksgiving meal in the afternoon, around 3 p.m. to 4 p.m., a
giant food-fest at that time of day
may not be optimal.
Lauri Wright, the director of
the Doctorate in Clinical Nutrition
Program at the University of
North Florida’s Brooks College of
Health, dishes on midday dining
and why a healthy breakfast may
be the key to indulging in a big
meal without guilt.
Dieticians have long surmised
that it’s not when you eat but how
much you eat, Dr. Wright says. But
new research has shown that the
way a body digests and hoards calories is more complicated than that.
“There is growing evidence that
you should front-load your calories
and eat your bigger meal earlier in
the day,” says the spokeswoman
for the Academy of Nutrition and
Dietetics.
That’s partly because when anticipating a big meal, most people
tend to “save” calories by skipping
meals, usually breakfast. “But
when you do that, you get overhungry. Then you tend to overdo it
at the next meal, ingesting as
many as to 30% more calories than
you’d typically eat at any other
meal,” Dr. Wright says.
Dr. Wright says breakfast may be
the most important meal of the day,
but early morning isn’t a realistic
time for a big feast. “It wouldn’t be
any fun for the person waking up to
make the turkey,” she says.
Instead, she suggests eating a
breakfast “that marries proteins
with high-fiber carbohydrates, like
eggs and whole-wheat toast,” to
keep your blood sugar and energy
steady throughout the day “and
keep you satisfied so you aren’t
over-hungry when the big meal
arrives.”
Ideally, a huge meal would be
Please see FEAST page A12
MIKE GORMAN (ILLUSTRATION); FROM TOP: SUSAN ROSS; JESSICA FELTON
THERE’S A REASON your teen is
so tired.
Striving to build long lists of extracurriculars to beef up their college applications, high school students face mounting conflicts with
teachers, coaches and other activity
leaders who all expect 100% commitment. Teens often have two
events at once, or juggle so many
demands that they nod off trying to
do homework. Most schools give
little guidance.
By high school, students should
be learning to manage their own
scheduling conflicts and advocate
for themselves, psychologists say.
That can be a big developmental
leap for young teens. They must
learn to plan their time further
in advance than many adults
do, and make tough choices
about prioritizing activities
while keeping their grades
up. And parents should
avoid meddling, but be prepared to draw the line when
teens suffer too much.
Brooke Ross struggled as
a high school sophomore to
satisfy competing demands
from authority figures she respected. She played on two
volleyball teams and studied
competitive Irish dance, which
she had done since age 4, says
Ms. Ross, of Hudson, N.H. Her
daily high school volleyball
practices sometimes clashed
with dance practice. Afterschool junior-varsity volleyball
games three times a week required her to attend freshman
and varsity games as well. That
kept her out past 9 p.m., pushing
homework time as late as 11:30
p.m., says her mother, Susan.
Some Saturdays turned into a
mad dash when volleyball games
for her club team conflicted with
dance competitions, leaving Brooke
tearful and exhausted. Brooke, 16,
has dropped Irish dance, which she
misses, and club volleyball, but
she’s still stretched this year trying
to study for tough junior-year
classes while playing on one volleyball team and working part time on
Saturdays.
Parents in most cases should
avoid intervening, says Jerry Bubrick, a cognitive and behavioral
psychologist at the Child Mind Institute in New York City. A teen
should learn to manage the distress
rather than “relying on Mom or
Dad to rescue him,” he says. Parents can role-play with the teen at
home, coaching him on how to talk
with a teacher or coach.
Accept that these conversations
won’t always go well. Laurie Kopp
Weingarten advised a high school
senior who had to quit her beloved
tennis team when a new coach refused to excuse her from practice
for a long-planned college-admissions interview, says Ms. Weingarten, co-founder of One-Stop College Counseling in Marlboro, N.J.
The student kept tennis in her life
by volunteering as a coach for children.
If a coach or teacher reacts
harshly, put that behavior in per-
A12 | Wednesday, November 22, 2017
THE WALL STREET JOURNAL.
NY
LIFE & ARTS
MY RIDE | By A.J. Baime
A Bike Rebuilt to Break a Record in the Desert
Stacie B. London sits on her
1967 Aermacchi HarleyDavidson in the Silver Lake
neighborhood of Los Angeles.
Ms. London has used the
number 555 in her vintage
motorcycle racing. Her
nickname has since become
Triple Nickel.
have helped crew for Ralph
in land-speed-record racing.
Last year, he set a record for
a class of motorcycle, at
266.399 mph. This inspired
me to attempt to become a
second-generation landspeed-record-holder.
I searched the record
books and found that the record for the 250-cc push rod
class felt soft—something I
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spent three months rebuilding it. I made my rookie runs
at El Mirage, a dry lake bed
in California’s Mojave Desert,
in May, then raced again in
June and July. I took the
bike to Bonneville for Speed
Week in August. The record
for my class is 83.148 mph.
At Bonneville, my speed was
only 1.333 mph off.
Earlier this month, I
loaded the Aermacchi in my
1970 Ford F-100 pickup and
headed back to El Mirage to
try to break the record. I
made two passes, but the record was still out of reach.
When the season begins in
May, I will try again.
DAVID WALTER BANKS FOR THE WALL STREET JOURNAL
Stacie B. London, a Los
Angeles-based art and design
consultant and sales associate/brand ambassador for
Double RL (a division of
Ralph Lauren), on her 1967
Aermacchi Harley-Davidson
land-speed racing bike, as
told to A.J. Baime.
My father Tony is a gearhead, and in 1965, he set a
land-speed record for a certain class of car at the
Bonneville Salt Flats in
Utah. I spent a lot of time in
his shop, and for me, there
was always this idea of a
motorcycle in my head.
I bought my first bike in
2009—a 1969 BMW R60US
that I still have. A year
later, I went to a vintage
motorcycle race at Willow
Springs International
Raceway in California. I had
grown up watching Nascar
on TV with my dad, but I
had never seen real racing
in person.
I decided this was something I needed to do, so I
bought a 1968 Honda 160
and began road racing in
2011. In 2015, the American
Historic Racing Motorcycle
Association named me Lady
Roadracer of the Year.
It was through road racing that I met my mentor
Ralph Hudson, who has
taught me so many things
about how to modify motorcycles to get the most speed
out of them. To give back, I
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served at about 1 p.m. “If
you had a filling breakfast
and you have a big lunch,
that’s fairly early in the day,
you won’t be overly hungry
and overeat as much,” she
says. The timing gives heavy
eaters some afternoon hours
to be physically active rather
than vegging out on the sofa.
“Being active after a big
meal burns calories and also
moves along peristalsis, so it
works in two ways: using up
the energy and encouraging
digestion,” Dr. Wright says.
In the evening, when you get
hungry again, “you can still
have that turkey sandwich,
and you’re breaking the pattern of getting overly hungry
and overeating,” she adds.
Because the calories we
ingest reset in a 24-hour cycle, there’s no reason to beat
yourself up for overindulging
one day, Dr. Wright says.
“By the next day, the food
has been digested and metabolized. So don’t go thinking
you’ve already blown your
waistline with this one meal
and let it rip through the holidays, or you’ll wind up 5
pounds heavier by New Year.”
She suggests starting
fresh the day after a huge
meal by eating at consistent
times, every four hours or so.
Try to avoid late-night eating, even if weight gain isn’t
a concern. “If you can keep
your blood-sugar level up
during the day, you’ll feel energized and avoid those
crashing lows,” she says.
Dr. Wright has strategies
for making the most of a
feast, guilt-free. One is to use
a salad plate instead of a dinner plate, “which encourages
smaller portions,” she says.
Another is to choose only
special foods from a big buffet. “You might not like cranberry sauce much, but there it
is, so you’ll take some. Don’t
waste your calories on foods
you don’t enjoy,” she says.
Sipping lots of water, especially with bubbles,
throughout a big meal will
help fill you up. “But watch
what you’re drinking,” she
adds. “Egg nog can be more
than 500 calories a cup, and
alcohol has lots of hidden
calories.”
And skip the appetizers.
“A lot of time you’re grazing
through those without realizing how much artichoke dip
you’re consuming, and then
you’re kind of full when the
really good stuff is served.”
Lastly, she says, take your
time. “It takes about 20 minutes for the brain to get the
message that we’re full,” Dr.
Wright says. “So slow down.”
If you’ve skipped breakfast,
you’ll tend to consume your
big meal fast and well beyond the calories you need to
fill up, leading to discomfort.
Instead, “turn off your
cellphone, have a good conversation with family and
friends, sip your water and
enjoy the experience as well
as the food. That will also
give your body time to register that you’ve had enough,”
she says.
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THE
MART
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It takes about 20 minutes for the brain to recognize that you are full. So, slow down while eating.
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.
Wednesday, November 22, 2017 | A13
LIFE & ARTS
DISNEY•PIXAR
Héctor (Gael
García Bernal)
and Miguel
(Anthony
Gonzalez).
FILM REVIEW | By Joe Morgenstern
Delight of the Living Dead
A RIOT OF COLOR sets “Coco”
apart. Orange dominates Disney/
Pixar’s celebration of Mexican culture, and not just any orange, but
the vibrant hue of Aztec marigolds. The setting is a town in rural Mexico where 12-year-old Miguel Rivera (Anthony Gonzalez),
who dreams of being a musician,
is frustrated by his family’s ban on
music. Color also sets Miguel
apart; he is the first nonwhite human hero of a full-length Pixar feature. We follow him as he follows
his dream, while the script, more
Disney than Pixar in substance and
tone, keeps strumming the same
chords, albeit with occasional
overtones of self-parody—don’t
just follow your dream but pursue
it, reach for it, seize it. Yet the
film is exuberant and heartfelt,
and the hero’s journey takes him
through spectacular territory; the
picturesque land of the living
pales by comparison to what Miguel discovers in the Land of the
Dead.
“Coco” was directed by Lee Unkrich, the director of Pixar’s magnificent “Toy Story 3,” and co-directed by Adrian Molina. The
screenplay, by Mr. Molina and
Matthew Aldrich, sets up story elements that require lengthy exposition, though they come together
movingly in the end: family ties,
which constrict as well as nourish
(the music ban started after Miguel’s great-great-grandfather
walked out on his wife and daughter to pursue his own dream of becoming a troubadour); the dubious
nature of celebrity; and the persis-
tence of memory—or its vanishing,
in the case of the poignant title
character, Mamá Coco, Miguel’s
beloved but seemingly senile
great-grandmother. What’s quickly
established and instantly understandable, however, is the boy’s
passion for music, which he focuses on his idol, the late and nationally lamented singer and
movie heartthrob Ernesto de la
Cruz (voiced wittily by Benjamin
Bratt), a local hero who became
the most famous celebrity in Mexican history.
In defiance of his family, Miguel
has set up a secret shrine to Ernesto, much as the young hero of
François Truffaut’s “The 400
Blows” created, in an earlier era, a
secret shrine to Balzac. More than
that, he has memorized every one
of Ernesto’s songs and learned to
play them on his homemade guitar. When his secret is discovered,
Miguel reacts with a desperate,
transgressive deed during his
town’s celebration of Día de los
Muertos, the Day of the Dead.
That’s the holiday when the deceased are honored and invited to
rejoin their families for the day, if
only in spirit. And that’s when Miguel, accompanied by his hairless
canine sidekick, Dante, flees in the
opposite direction into the Land of
the Dead, where he searches for
Ernesto, and where, not unlike Orpheus in the underworld, he must
free himself of a curse, then obtain
his family’s blessing by sunrise in
order to go back home.
If all of that sounds hugely complicated, it certainly is—the Land
of the Dead doesn’t levy taxes, as
far as we know, but it imposes all
sorts of rules and operates a bureaucracy that includes a Department of Family Reunions, whose
skeleton crew interviews skeleton
applicants for temporary exit permits. (A poetic rule, with farreaching consequences in the
story’s climax, is that the dead remain eligible for such permits—indeed, for continuing residency—
only as long as someone in the
living world remembers them.)
Along the way Miguel gets help
and guidance from Héctor (Gael
García Bernal), a charmingly comical skeleton, and something of a
hustler, who is himself on the
verge of being forgotten, and
therefore truly, permanently dead.
Connoisseurs of movie skeletons
will inevitably think of Tim Burton’s skeletons-in-the-closet triumph, “Beetlejuice,” and devotees
of ghostly spirits will see influences of, or homages to, Hayao Miyazaki’s masterpiece, “Spirited
Away.” (Fans of another animated
feature, 2014’s “The Book of Life,”
will find strong thematic resemblances.) But this Land of the Dead
is a design world quite unlike any
other, where gorgeous images rule
the haunted roost. The most elegant is a marigold-petal bridge
that connects the living and the
dead. The most stupendous is a
train station that seems to be a
cross between the venerable Bradbury Building, in downtown Los
Angeles, and the cavernous Gare
du Nord in Paris.
Eventually the sheer gorgeousness of “Coco” verges on toomuchness—one senses new theme
parks in the works—and the narrative busyness wears thin. But
the film grows stronger in its latter stretches—dead though he may
be, Ernesto is full of surprises—
and the tale it tells is most affecting during quiet moments that
strip away the eye-popping scenery. In one of them, Miguel and
Héctor sit in a sinkhole, examining a photo that contains a family
secret. There’s no one else, and no
need for anyone else—just two
vivid characters, one of them flesh
and blood and the other clothes
and bones. And in a scene that’s
almost silent, Miguel surveys the
lovely, wizened face of his greatgrandmother, Coco, who tells him
all he needs to know about his
family, though she hardly murmurs a word.
TELEVISION REVIEW
THE KING OF THE
JUNGLE’S HUMAN SIDE
BY JOHN ANDERSON
NATIONAL GEOGRAPHIC/NHFU
‘Savage Kingdom,” which
sounds like a portrait of
Best Buy on Black Friday, is
actually an attempt to give
an assist to Mother Nature,
whom we all love very much
but who has never been very
good on plot development.
Eat or be eaten. Survival of
the fittest. It gets a little
routine.
Opening its second season with “Savage Kingdom:
Uprising,” this riveting Nat
Geo Wild series provides extraordinarily intimate and
revealing footage of beautiful beasts in an unforgiving
kingdom, but also teases
emotions, drama and motivations out of a seemingly
amoral universe rooted in
territory, ferocity and, most
of all, survival.
How much human-style
emotion can one impose on
a furry, feral cast? Plenty,
apparently, especially with
narrator Charles Dance ascribing motives of vengeance, envy, lust and more
Sekekama bares his teeth, above; Saba cleans her young, below.
vengeance to the fearsome
animals of Botswana’s
Great Marsh. The central
character is the lion king
Sekekama, who has made
the mistake of letting his
three growing sons stay
within the pride too long;
an intrafamilial power
struggle looms, as does an
attack from his flank: The
“bitter queens of the
north,” the lionesses ousted
from Sekekama’s clan, are
preparing a violent return
to the marsh, as their
cubs—“weaned on hunger,
not privilege”—are growing
into ruthless killers. As Mr.
Dance says, somewhat
shockingly, “Uneasy lies the
head that wears the crown.”
Or, in this case, mane.
The work of Brad Bestelink and his Natural History
Film Unit is intoxicating, and
not limited to the lions: This
reviewer’s favorite is actually Saba the leopard, who is
more beautiful, graceful and
maternal than those other
cats, and whose story is easy
to buy into, precisely because Mr. Dance and the pictures sell it all so well.
Savage Kingdom: Uprising
Begins Friday, 9 p.m., Nat Geo
Wild.
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THE WALL STREET JOURNAL.
A14 | Wednesday, November 22, 2017
SPORTS
FOOTBALL | By Jason Gay
28 Rules of Thanksgiving Football
SCOTT POLLACK
Holy Moly! This is
the 7th edition of The
Wall Street Journal’s
Rules for Thanksgiving Family Touch
Football, which must
mean two things:
A. There are kids playing in your
family game who weren’t even born
when the first Rules for Thanksgiving Family Touch Football came out.
B. I have really milked this gimmick for all it’s worth.
My goal, as always, is for you to
have a fun family game, and more
importantly, to keep you out of the
hospital. If you do wind up in the
hospital, you are allowed to lie to
the doctors and say you made the
winning touchdown catch.
(We both know you dropped it.)
Here’s a new round of rules for
2017. Please scream at me on the
internet and let me know what I
missed:
1. Let’s just review the banned list
for Thanksgiving Family Touch
Football: helmets, pads, eye black,
mouthpieces, cleats, chain mail,
light sabers, brass knuckles,
nunchucks, fidget spinners, medieval
flails, tasers, lawn mowers, wood
chippers, tweeting, and, of course,
Michigan Wolverines jerseys.
2. Also: no tripping! Mom and Dad
are allowed to guilt trip, however.
3. Steroids? They’re only legal
in the Thanksgiving turkey. Oh:
you think that supermarket bird
got to be 29 lbs. doing squats and
bench presses?
4. You cannot bring a doughnut
to the Thanksgiving Family Touch
Football Game, unless you bring a
doughnut for everybody.
5. Actually, make that three
doughnuts for everybody. It’s
Thanksgiving—who are you kidding?
6. There’s someone in your game
who has lost 20 pounds on a lowcarb diet. They look incredible! Later
tonight, you will wander downstairs
and catch this person in the kitchen,
sitting in the darkness, eating an entire apple pie with their fingers.
7. The average Thanksgiving
Family Touch Football game in
America has eight players, 2.7 divorces, and at least one person
who started drinking at 9:45 a.m.
8. It’s incredible, but your family’s starting quarterback is better
than half of this year’s NFL starting quarterbacks.
9. Even more incredible: your
starting quarterback is Admiral
Butterscotch, your sister’s standard poodle.
10. I’m not a fan of punting in
Thanksgiving Family Touch Football. However, I’m OK if you want
to take any teenager’s smartphone
and drop-kick it into the woods.
11. Your Uncle Ron is really proud
of that new Porsche he bought.
Would be a shame if someone accidentally overthrew a pass and hit
Uncle Ron’s Porsche. Whoops.
Sorry, Uncle Ron. Heh.
A Journal holiday tradition is back—with beer, doughnuts and loosened rules on touchdown celebrations.
12. There will be a 10-minute delay in the game to look for the lizard that your niece was supposed
to be babysitting over Thanksgiving
for her third-grade class.
13. I bet Tom Brady has a great
Thanksgiving Touch Football game,
after which he serves everyone a
delicious dinner of steamed lettuce.
14. Rob Gronkowski’s turkey,
meanwhile, is deep-fried in Jägermeister.
15. At Bill Belichick’s Thanksgiving, when they ask “What are you
thankful for?” Bill tersely replies:
“We’re on to Christmas.”
16. “Wow, that’s a lot of
Thanksgiving Family Touch Football rules about the stupid New
England Patriots, Jason. That’s a
15-yard penalty for being a shame-
less Boston homer.”
17. As always, betting on Family
Touch Football is CASH ONLY. And
all monetary disputes will be settled by an argument over whether
turnips are any good.
18. For the record, I am pro-turnip.
19. Remember, the NFL has loosened up restrictions on touchdown
dances. So that means you have to
allow your in-laws to do the Leapfrog Celebration they’ve been practicing in the garage for three weeks.
It could be worse—they originally
wanted to do the opening traffic
jam scene from “La La Land.”
20. Overall, your touch football
game shouldn’t resemble an NFL
game. For starters, you’ve stayed
awake for the entire thing.
Weather
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Salt
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100+
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Philadelphia
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Pittsburgh
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Portland, Ore.
Sacramento
St. Louis
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San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
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REMAINS OF THE DAY |
By Alex Eaton-Salners
Across
1 It means “merry”
in Basque
5 Reunion
attendee
9 Component of
Einstein’s
equation
13 Coach line
14 “Pretty please?”
15 •Kneading
work?
17 •Second
go-round
19 Liguria’s capital
20 Was behind
21 Becoming slick,
in a way
23 Noodle
25 Seasonal worker
27 Group of badgers 45 Colonial capital
of New
28 Extremely
Hampshire
passionate
29 •In a worldly way 47 Warns of a
burglar, perhaps
31 Choice
48 Bazaar
32 Pataky of the
51 Emerald Isle
“Fast & Furious”
franchise
52 Ford
contemporary
33 Book reviewer,
in brief
53 •“¡Three
Amigos!” star
36 •Dropped like
a rock
55 Flabbergast
38 Staples Center
team, on
scoreboards
57 It runs off at the
mouth
58 What many
have after
Thanksgiving,
41 Desperate Morse
and a description
message
of the starred
42 Page view?
answers’
44 British noble
gimmick
39 “Balderdash!”
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
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Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
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Tokyo
Toronto
Vancouver
Warsaw
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4
45
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h
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Ph
h d phi
di p li
Indianapolis
70s
60s
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
17 13 s
19 14 sn
Atlanta
63 45 pc 59 39 pc
Austin
64 36 s
70 41 s
Baltimore
53 27 s
46 28 s
Boise
64 48 c
62 45 pc
Boston
52 29 r
41 31 s
Burlington
43 22 sn 35 29 pc
Charlotte
64 36 s
53 32 pc
Chicago
36 29 s
43 32 pc
Cleveland
37 27 pc 43 31 pc
Dallas
59 38 s
69 44 s
Denver
67 39 pc 70 43 s
Detroit
38 28 pc 39 29 pc
Honolulu
83 70 pc 83 71 pc
Houston
67 41 pc 66 41 s
Indianapolis
39 25 s
44 29 pc
Kansas City
43 33 s
57 40 s
Las Vegas
78 56 s
79 58 s
Little Rock
51 29 s
59 35 s
Los Angeles
94 67 s
94 63 s
Miami
85 71 pc 84 69 t
Milwaukee
35 28 s
43 32 pc
Minneapolis
34 26 pc 40 31 pc
Nashville
49 28 s
53 31 s
New Orleans
67 44 pc 63 44 s
New York City
53 31 r
44 35 s
Oklahoma City
51 34 s
67 41 s
Ottawa
Pau
Mpls./St.. Paul
Pierre
Ch y
40s 40sCheyenne
San
an Francisco
20s
60s
40s
30s
50s
Reno
10s
Winnipeg
ip
Bismarckk
Billings
40s
50s
0s
10s
20s
50s
Portland
P
Por
d
<0
Calgary
C lgary
Seattle
he holds out.
26. I’m grateful to everyone
who’s read this column over the
years, and if you play a Thanksgiving Family Touch Football game,
I’m asking you to send me an email
at jason.gay@wsj.com with a photo
and the final score, and your permission to publish it on WSJ.com. I
promised to do this last year, but
we screwed it up. (OK: I screwed it
up. I’m sorry.) I promise to do better this year. I sound like I’m
coaching the Chicago Bears.
27. There’s the lizard! And he’s
alive! Unlike Great Grandpa Henry,
who’s already got a beer and is
watching the Detroit Lions game
at a Buffalo Wild Wings in heaven.
28. In heaven, the Lions always
win.
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.
Vancouver
Vancou
21. This year’s halftime show is
listening to your cousins yell at
each other about Bitcoin.
22. Hey, Great Grandpa Henry
wants to go deep for a pass! He’s
99 years old next month! Amazing.
Go, Great Grandpa Henry! Look at
him run! He’s spry as a 30 year
old! Oh no, Great Grandpa Henry
fell down! He’s not getting up. Still
not getting up. Oh dear. Poor, poor
Great Grandpa Henry. Still, he had
a good life.
23. (Moment of silence for Great
Grandpa Henry.)
24. If you win your Thanksgiving touch football game, congratulations, you’re ahead of the Cleveland Browns in the AFC North.
25. The Browns want to sign
Admiral Butterscotch. I’d suggest
63 More than
enough
64 Very much alive
65 Composer Satie
66 Brand with tiger
ads
67 Dame of comedy
68 Dame
Down
1 Pendulum’s path
2 Grazing area
3 Telecast
4 Lickety-split
5 Division
dramatique
6 Brought into the
wind and
stopped
7 Card game with a
four-color deck
8 Suburban
shopping
destination
9 Wise guys?
10 Campaign creator
11 Burn a bit
12 Truffle-finding
tool
16 Be astonished
18 Astonished
22 NCOs with two
stripes
23 Diet low in carbs
24 Touches
26
28
30
33
34
35
37
38
40
43
45
46
47
48
49
50
54
56
59
60
61
62
Kindle, for one
Race car units
Race car unit
Salad green
Urban oases
Saddlery tools
Publish
identifying
information
about someone
online
“Don’t stir that
up”
Rising concern?
Pressure source
Waters and
Merman
Minnow’s cousin
Ding-a-ling
Sorvino of
“Mighty
Aphrodite”
“Princess
Mononoke” genre
Replies to the
host
Snack since 1912
Start for boy or
girl
Complete
Ace’s number
Purge
Metaphorical
limit
Previous Puzzle’s Solution
P
O
P
S
S
H
O
E
P
T U
A T
B U
P
A
L
I
T
L
E
N
A
I
O
D
WE R
A G O
G O
UM P
N A S
T N
R
S
U S H
S H E
T E R
I
B
N
E
G
T
S
E
N
D
A
K
T
O
K
E
A
N
O
O V I E T
R
V I L L E
O
A P K I N M
AMA
L
L I N D T
I N A C T I O
V I B E S
M
E X A S
C A
D OM
S A T
I N B U T T O
N
A N O N
D R I E
B Y B UM P K
R O L L S
E
A S T Y
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I
S
B
E
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N
O P
F E
U P
N
R
I
T
A
S
N
A
G
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.
Wednesday, November 22, 2017 | A15
OPINION
What’s Behind the AT&T Lawsuit
This column
will be somewhat ahead
of the curve.
Instead of
oohing and
ahhing over
BUSINESS
the Justice
WORLD
Department
By Holman W.
lawsuit filed
Jenkins, Jr.
M o n d a y
against the
AT&T and Time Warner
merger, it will point out what
a dumb piece of work it is, and
wonder why.
It hysterically exaggerates
AT&T’s potential power to use
“must-watch” content from
Turner Broadcasting channels
(CNN, TNT, TBS, the Cartoon
Network) and HBO to extract
ruinous prices from rivals like
Comcast or Sling TV.
This, in a world of Netflix
and Amazon Prime. A world
where ESPN (the most “mustwatch” cable content of all)
has been decimated by voluntary customer defections.
Where cord-cutting and cordnevering (younger households
that don’t bother with a cable
subscription at all) is accelerating. Where natural experiments like the blackout of
overpriced
“must-watch”
Dodgers and Yankees channels
by local cable operators
prompted little or no switching by consumers.
The case exaggerates not
just AT&T’s power but its incentive to gouge rival TV carriers for its supposedly mustwatch content. Recall, as
Justice does not, that oldstyle cable channels like CNN,
TBS, etc. get their revenue
not only from subscriber fees
but from advertising, which
requires maximizing the
number of eyeballs. As for
HBO, it’s a premium channel:
Millions of Americans make a
decision every day to live
without this “must-watch”
content.
Even more to the point,
though AT&T would be selfdefeating to do so in this case,
there’s nothing wrong in principal with using exclusive content to lure subscribers in a
competitive marketplace.
Unrecognized by Justice,
AT&T is the underdog in its
TV markets. Four million of its
TV customers are wireline
customers for U-Verse, a DSL
service that Americans consider technologically inferior
to cable broadband. Twenty
million are customers of its
satellite business, DirecTV,
which lacks a two-way highspeed channel in a world
where even traditional cable
TV is increasingly a profitless
add-on to the service customers really want, namely twoway broadband.
Ask any analyst: AT&T’s future lies with its 139 million
wireless broadband customers. For the purposes of Justice’s lawsuit, though, wireless
is A) fiercely competitive and
B) a nonplayer in TV, though it
promises in the future to be
the ultimate disrupter of the
cable oligopoly.
To summarize, Justice is
absolutely bonkers about what
constitutes “must have” TV
content and its role in fostering “innovation” in the TV delivery marketplace.
Now we promised to explain why. Hold on, it’s going
to be a quick ride. In a series
of speeches in 2015, Obama
regulators laid the groundwork for challenging vertical
mergers of media content and
distribution in the name of
protecting “innovation.”
“Innovation,” to them,
meant sparking new alternatives to cable’s existing TV and
broadband businesses. And the
And why Donald
Trump’s finger
may have been on
the scale after all.
key lever would be regulating
what Justice now calls “must
watch” TV content to encourage online and facilities-based
competitors to cable.
Exactly a year ago this obsession with “must-watch”
content, now completely unmoored from its underlying
rationale, gave rise to Justice’s bizarre antitrust lawsuit
against DirecTV in connection
with its refusal on behalf of its
customers to overpay for the
L.A. Dodgers channel.
Go back and read our column at the time. Justice in
this case had worked itself
around perversely to using
antitrust to prop up the traditional cable TV monopoly. We
also warned why this boded
ill for the just-announced
AT&T and Time Warner
merger when every other analyst said it would sail through.
Sure enough, Justice’s lawsuit
this week amounts perversely
to another big, wet favor to
the existing cable monopolists, who would otherwise
face a stronger and more innovative AT&T.
The DirecTV lawsuit, filed
just days before Donald
Trump’s election, was the
brainchild of Justice’s Jon Sallet, a protégé of Obama antitrust division chief Bill Baer
and Obama FCC Chief Tom
Wheeler. The same Mr. Sallet
would have been an early influence on the yearlong review of the AT&T and Time
Warner merger that landed in
the lap of Trump appointee
Makan Delrahim, who arrived
in his job barely seven weeks
ago. Now here’s where we revise our view from last week’s
column.
Mr. Delrahim may have felt
trapped three ways from Sunday. He put himself on record
pooh-poohing behavioral remedies, as applied in the similar
Comcast-NBCU merger. He inherited from Mr. Sallet a staff
and work product that was allin on Obama-era thinking
about vertical entertainment
mergers. Finally, any decision
on his part to reverse course—
which would have been the
subject of griping leaks from
Obama trustbusters as well as
from the anti-bigness left—
would have been extra conspicuous because he works for
a president who had publicly
criticized the AT&T-Time
Warner merger.
So Donald Trump’s antiCNN comments may have been
a finger on the scale after all.
The Republicans’ Debt Amnesia
Six
months
ago, Senate
Majority
Leader Mitch
McConnell favored revenuePOLITICS neutral tax reform. Despite
& IDEAS
the new GOP
By William
budget, which
A. Galston
permits a $1.5
trillion
increase in the deficit over the
next decade, and despite estimates from the Joint Committee on Taxation that the Senate
Finance Committee’s tax proposal would in fact generate
this increase, he insists that he
still does.
In a recent CNN interview,
Sen. McConnell suggested that
the tax cuts would generate
enough economic growth to
make up for the lost revenue.
“I actually think it’s a fairly
conservative estimate of how
much growth we’re likely to
get out of this pro-growth tax
reform,” he said.
It depends on how he defines “conservative.” If he
means the estimate favored by
many conservative politicians,
he may be right. But if he
means the estimate most conservative economists are offering, he is dead wrong.
Consider the view of Douglas Holtz-Eakin, who served as
Congressional Budget Office
director under President
George W. Bush. “If it’s a welldesigned tax policy, it will partially offset the cost” of the tax
cuts, he said. But “there’s no
evidence anywhere that a tax
cut of that magnitude, regardless of composition, will offset” the full cost.
Or consider the argument
made by Gregory Mankiw, one
of the country’s most respected conservative-leaning
academic economists. In principle, he favors so-called dynamic scoring, which builds
the effects of increased
growth into revenue models.
It is “potentially more accurate,” he wrote in the New
York Times. But he adds a caveat: “It is also more easily
abused by those who want to
promote their policies with an
unhealthy dose of wishful
thinking.”
So where is the line between solid analysis and wishful thinking? Professor Mankiw
continued: “Tax cuts rarely pay
for themselves. My reading of
the academic literature leads
me to believe that about onethird of the cost of a typical
tax cut is recouped with faster
economic growth.”
If Mr. Mankiw is right, then
the Senate bill would add $1
trillion to the national debt
over the next decade. And the
actual outcome could turn out
to be even worse.
Here’s why. As drafted, the
Senate bill reduces the cost of
tax breaks through phase-in
and phase-out provisions. The
bill earns a better budgetary
score from the Joint Committee on Taxation by setting all
individual tax breaks to expire
by 2025.
Republican congressional
leaders are sensitive to the
criticism that this amounts to
a bait-and-switch strategy to
sell the tax package. Democrats are gearing up to charge
that while the corporate rate
reductions are permanent,
many individuals would find
themselves paying higher
taxes by the mid-2020s.
In response, Treasury secretary Steven Mnuchin has said,
“there are certain parts of this
that expire, but we have every
expectation that down the
Remember when the
GOP was the party
of fiscal discipline?
Congress doesn’t.
road, Congress will extend
them.” He may well be right. If
so, the real 10-year cost of the
bill would be $2.2 trillion, adding nearly $1.5 trillion to the
national debt. Republicans
cannot have it both ways.
Moreover, this is not a good
time to be adding to the nation’s debt burden. According
to the CBO, we are already on
track to add more than $10
trillion to the national debt
over the next decade, raising it
from an already high 77% of
GDP to a sky-high 91%. If there
is even one recession during
this period, the debt will rise
even higher. We’re in a deep
hole, and the Republican plan
would dig it deeper.
Standard economics tell us
that the best time to stimulate
the economy is when unemployment is high and output is
well below its potential. This is
not what we see today. The labor market stands at what
most economists believe is full
employment, and the gap between potential and actual
output—which stood at 6%
during the lows of the Great
Recession—has virtually disappeared. Economic output has
accelerated, and there are
early signs of more rapid increases in both wages and inflation.
Republicans seem to think
that 2017 is 1981 all over again
and that large tax cuts are
needed to counteract economic
slack. But the better analogy
for our current situation is to
1986, when Republicans and
Democrats came together on
historic tax reforms that lowered rates and broadened the
base, without adding to the
deficit.
Republican tax-drafters must
have known that they could
lower corporate tax rates to internationally competitive levels
and wipe out a slew of specialinterest provisions—without
worsening the deficit. They
made a different choice.
We needed bipartisanship
in the service of tax reform
and fiscal responsibility. Instead, we’re getting a partyline bill that cuts taxes and increases the deficit—without
even giving permanent tax relief to President Trump’s working-class supporters. I wonder
what will happen when they
find out.
Random Acts of Kindness? Hardly
By Bob Brody
T
he scene is Yankee Stadium in 2016. My 10year-old cousin Grant
charges toward the dugout every inning after the home
team bats, screaming for a ball
to be thrown to him. Eventually the first-base coach flips
him just such a souvenir.
But Grant wants his friend
Clark, also at the game, to get
an official MLB ball, too. So inning after inning my cousin
makes that beeline for the
dugout and yells for another.
All to no avail. Eventually he
tells Clark “here,” and hands
over his ball.
One recent morning something similar happens in a
fast-food place near my home.
A man pays and instructs the
cashier to give a homeless
man sitting there doughnuts
and coffee after he leaves.
When the cashier obliges, the
homeless man shares his surprise bounty with a fellow
homeless man two tables
away.
Why do we call acts of
kindness random when they
are so clearly intentional? Are
acts of kindness any more random than acts of cruelty? The
answer is no.
It’s 6:30 in the morning
and raining hard. A woman
caught in the downpour without an umbrella ducks inside
The usual phrase has
it wrong. Niceness can
only be intentional.
a coffee shop. “I have to get to
the hospital,” she says to a
stranger. She’s a nurse due for
a 7 o’clock shift. “See those
people over here?” the stranger
asks, nodding to a mother, father and two children. “They
just pulled up in a car. You
could ask for a ride.”
The nurse is skeptical, but
the stranger is encouraging.
When she finally goes over to
ask for a lift, the family instantly agrees, and out the
door they go. As they pull
away, the nurse waves goodbye
to the stranger, smiling.
Though rare, such flashes
of empathy and altruism—of
going above and beyond ourselves, setting aside, if only
momentarily, our personal
wants and needs—do occur. In
Hebrew, this kind of good deed
is called a mitzvah, literally
meaning “commandment,” as
in thou shalt be kind. Those
who perform mitzvahs are in
Yiddish called mensches, defined as people of integrity
and honor.
My daughter Caroline is at
a table outside a cafe in southern Italy. A father holding his
baby daughter comes along for
an espresso. The baby looks at
Caroline. Caroline looks at the
baby. The father notices their
rapport. He brings the baby
over and hands her to Caroline
to hold for a minute.
A few days later, the father
comes back, again with his
baby. This time the baby recognizes Caroline. The father
surrenders custody, saying
he’s going inside for coffee
and will be right back. Off he
goes, leaving his daughter
with my daughter.
Make of all these stories
what you want. But I’ll say
this: Unless we help each
other, who will? Being kind is
easy. It has taken me 65 years
to learn this, and how desperately I wish I’d known it
sooner.
I’m at the supermarket deli
counter and overhear someone
say something about tomorrow. Then he adds: “Who ever
even knows if tomorrow is
coming?” The doubt gets under my skin, and I turn around
to face him. “Tomorrow is
coming,” I say. “Mark my
words.”
And guess what arrives the
next day? That’s right. What
used to be tomorrow.
Mr. Brody, an executive and
essayist in New York City, is
author of the new memoir
“Playing Catch with Strangers:
A Family Guy (Reluctantly)
Comes of Age.”
BOOKSHELF | By David M. Shribman
The Pilgrims’
Progress
The Mayflower
By Rebecca Fraser
(St. Martin’s, 358 pages, $29.99)
T
omorrow at 10 a.m., my brothers and I will huddle on a
rickety Massachusetts grandstand a quarter mile from
the Atlantic Ocean watching our old high school’s
football gladiators face our most dreaded gridiron rivals
from the adjacent colonial town. It is a Thanksgiving Day
ritual as revered by us as the turkey feast that will follow.
One of the cherished elements of the morning observance is
to listen to the reedy strains of teenagers standing at midfield playing “We Gather Together,” which we and our fellow
spectators believe to be the most American of anthems.
In truth, the hymn that includes the phrase “Beside us to
guide us, our God with us joining” was originally called “Wilt
Heden Nu Treden” and came from Holland. This instance of
cultural appropriation is a mere coincidence—no one had the
bright idea in 1935, when the tune was included in the
national hymnal of the Methodist Episcopal Church, to
search for a Dutch song of praise as a Thanksgiving homage
to the Pilgrims’ sojourn in
Leiden before they embarked
for America. But like many
historical accidents, there is a
poignancy—a poetry, you
might say—to the coincidence.
All of this came to mind
while weaving through “The
Mayflower,” Rebecca Fraser’s
account of the Pilgrims’ progress.
In the canon of American folklore,
the tale begins in England and
moves across the ocean—a seekthe-Lord’s-blessing journey that
involves faith, daring, struggle and
forbearance and that leads, of course, to
the first Thanksgiving in November 1621. At
that point, usually, the story peters out, much as many of us,
post-feast tomorrow, will lapse into a food coma and doze in
front of the third quarter of the Chargers-Cowboys game.
There is nothing sleep-inducing about the chronicle crafted
by Ms. Fraser, who by a separate family tradition—she’s the
daughter of British historian Lady Antonia Fraser, who has
given us biographies of Mary Queen of Scots and Marie
Antoinette, among others—knows a good story. In Ms.
Fraser’s telling, the Thanksgiving Day events so central to
American identity and character merit a mere three sentences
in a book that spans more than 300 pages. The lesson: There
is more to the Pilgrims’ story—more to American identity and
character—than our Thanksgiving rituals and reveries.
Ms. Fraser hangs her tale on the apprentice printer
Edward Winslow, who came under the sway of Reformation scholars and was, as she puts it, “seized by a sort
of valiant unquenchable fire.” Like others, he made his way
to the Dutch city of Leiden, probably in 1617, hoping for
freedom to worship at a time when, in England, he and his
co-religionists felt themselves to be victims of persecution.
Europe, Ms. Fraser tells us, was encrusted in what was
known as the Little Ice Age, a period rather different from
our own warming era.
The story of Plymouth Colony, told afresh
through the life of one of its lesser-known
founders, the Puritan printer Edward Winslow.
The exigencies of frigid Holland were little as compared
with the challenges, spiritual and physical, to come. It was in
Leiden, where Frans Hals painted and religious exiles
flourished, that Winslow was drawn into the circle of
William Bradford and William Brewster, two breakaway
Congregationalists whose spiritual searching was
geographical as well as theological. For Winslow and others,
religious fervor was mixed with the desire for exploration
and colonization—for a new start in the New World.
These devout voyagers—eventually leaving from Plymouth,
England—thought of themselves as spiritual searchers
crossing a metaphorical Red Sea to the new Promised Land.
Their passage bore little resemblance to the biblical episode.
Sea swells and sea squalls, and the mounting autumn cold,
were among the hardships they endured aboard the
Mayflower until they made landfall in what is now Cape Cod
in Massachusetts. Their greatest achievement was not
survival but an agreement—a document that was, Ms. Fraser
says, “a consequence of their endeavor.” The Mayflower
Compact set out a case for self-governance, creating a broad
social contract to “combine ourselves together into a civil
body politic.” From these democratic beginnings a powerful
idea took root in a frozen foreign soil.
Much of the story that follows is familiar if only in a
gauzy grade-school way: the planting of corn; the sicknesses
and the deaths (one a day, for a period); the Indians, including Samoset, Squanto and Massasoit (names once known to
every New England schoolchild). It was with Massasoit—
“grave of countenance, and spare of speech,” in a
contemporary account—that a rudimentary treaty of peace
was signed. Article 6 proclaimed: “That when their men
came to us, they should leave their bows and arrows behind
them, as we should do our pieces when we came to them.”
This was not to be a peaceable kingdom, however, despite
the fervent wishes of Winslow, whose repertoire of devout
beliefs included coexistence with the natives and self-rule for
the colonies. The astonishing influx of settlers from England
upset the fragile balance of natives and colonists just as the
idealism of the early days went into eclipse, though not
without considerable discussion of materialism and grace,
worldliness and wickedness. At one point, amid concerns that
the colony had drifted from its godly moorings, charges of
sedition filled the air. Ours is not the only American epoch when
vital questions have been debated with breathless urgency.
Ms. Fraser’s tale offers an intimate view of colonial life, an
approachable companion to more forbidding scholarly
studies. Its principal flaw is that it wanders too widely,
largely the result of the wanderings of its main character.
But the emphasis on the Winslow story has purpose as well
as poignancy. It was under the command of Edward’s son
Josiah that colonial militiamen killed the son of Edward’s
great friend Massasoit, during a war among colonists and
Indians in the 1670s. But there is more. Josiah Winslow—a
merchant trader dealing in sugar, iron and cloth and “part of
the ferociously rapid infant American capitalism,” in Ms.
Fraser’s characterization—was as fired with business acumen
as Edward had been with religious fervor. In that way he was
as much a founder of the American way as his father.
Mr. Shribman is executive editor of the Pittsburgh
Post-Gazette.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A16 | Wednesday, November 22, 2017
OPINION
REVIEW & OUTLOOK
H
The Desolate Wilderness
ere beginneth the chronicle of those
memorable circumstances of the year
1620, as recorded by Nathaniel Morton,
keeper of the records of Plymouth Colony, based
on the account of William Bradford, sometime
governor thereof:
So they left that goodly and pleasant city of
Leyden, which had been their resting-place for
above eleven years, but they knew that they
were pilgrims and strangers here below, and
looked not much on these things, but lifted up
their eyes to Heaven,
their dearest country,
where God hath prepared for them a city
(Heb. XI, 16), and therein
quieted their spirits.
When they came to
Delfs-Haven they found
the ship and all things
ready, and such of their
friends as could not come
with them followed after
them, and sundry came
from Amsterdam to see them shipt, and to take
their leaves of them. One night was spent with
little sleep with the most, but with friendly entertainment and Christian discourse, and other
real expressions of true Christian love.
The next day they went on board, and their
friends with them, where truly doleful was the
sight of that sad and mournful parting, to hear
what sighs and sobs and prayers did sound
amongst them; what tears did gush from every
eye, and pithy speeches pierced each other’s
heart, that sundry of the Dutch strangers that
stood on the Key as spectators could not refrain
from tears. But the tide (which stays for no
man) calling them away, that were thus loath
A
to depart, their Reverend Pastor, falling down
on his knees, and they all with him, with watery
cheeks commended them with the most fervent
prayers unto the Lord and His blessing; and
then with mutual embraces and many tears they
took their leaves one of another, which proved
to be the last leave to many of them.
Being now passed the vast ocean, and a sea
of troubles before them in expectations, they
had now no friends to welcome them, no inns
to entertain or refresh them, no houses, or
much less towns, to repair unto to seek for
succour; and for the season it was winter, and
they that know the winters of the country know
them to be sharp and violent, subject to cruel
and fierce storms, dangerous to travel to
known places, much
more to search unknown
coasts.
Besides, what could they see but a hideous
and desolate wilderness, full of wilde beasts and
wilde men? and what multitudes of them there
were, they then knew not: for which way soever
they turned their eyes (save upward to Heaven)
they could have but little solace or content in
respect of any outward object; for summer being ended, all things stand in appearance with
a weatherbeaten face, and the whole country,
full of woods and thickets, represented a wild
and savage hew.
If they looked behind them, there was a
mighty ocean which they had passed, and was
now as a main bar or gulph to separate them
from all the civil parts of the world.
And the Fair Land
ny one whose labors take him into the
far reaches of the country, as ours lately
have done, is bound to mark how the
years have made the land grow fruitful.
This is indeed a big country, a rich country,
in a way no array of figures can measure and
so in a way past belief of those who have not
seen it. Even those who journey through its
Northeastern complex, into the Southern lands,
across the central plains and to its Western
slopes can only glimpse a measure of the
bounty of America.
And a traveler cannot but be struck on his
journey by the thought that this country, one
day, can be even greater. America, though many
know it not, is one of the great underdeveloped
countries of the world; what it reaches for exceeds by far what it has grasped.
So the visitor returns thankful for much of
what he has seen, and, in spite of everything,
an optimist about what his country might be.
Yet the visitor, if he is to make an honest report,
must also note the air of unease that hangs everywhere.
For the traveler, as travelers have been always, is as much questioned as questioning. And
for all the abundance he sees, he finds the questions put to him ask where men may repair for
succor from the troubles that beset them.
His countrymen cannot forget the savage
face of war. Too often they have been asked to
fight in strange and distant places, for no clear
purpose they could see and for no accomplishment they can measure. Their spirits are not
quieted by the thought that the good and pleasant bounty that surrounds them can be destroyed in an instant by a single bomb. Yet they
find no escape, for their survival and comfort
now depend on unpredictable strangers in faroff corners of the globe.
How can they turn from melancholy when at
home they see young arrayed against old, black
against white, neighbor against neighbor, so
that they stand in peril of social discord. Or not
despair when they see that the cities and countryside are in need of repair, yet find themselves
threatened by scarcities of the resources that
sustain their way of life. Or when, in the face of
these challenges, they turn for leadership to
men in high places—only to find those men as
frail as any others.
So sometimes the traveler is asked whence
will come their succor. What is to preserve their
abundance, or even their civility? How can they
pass on to their children a nation as strong and
free as the one they inherited from their forefathers? How is their country to endure these
cruel storms that beset it from without and
from within?
Of course the stranger cannot quiet their
spirits. For it is true that everywhere men turn
their eyes today much of the world has a truly
wild and savage hue. No man, if he be truthful,
can say that the specter of war is banished. Nor
can he say that when men or communities are
put upon their own resources they are sure of
solace; nor be sure that men of diverse kinds and
diverse views can live peaceably together in a
time of troubles.
But we can all remind ourselves that the richness of this country was not born in the resources
of the earth, though they be plentiful, but in the
men that took its measure. For that reminder is
everywhere—in the cities, towns, farms, roads,
factories, homes, hospitals, schools that spread
everywhere over that wilderness.
We can remind ourselves that for all our social discord we yet remain the longest enduring
society of free men governing themselves without benefit of kings or dictators. Being so, we
are the marvel and the mystery of the world, for
that enduring liberty is no less a blessing than
the abundance of the earth.
And we might remind ourselves also, that if
those men setting out from Delftshaven had
been daunted by the troubles they saw around
them, then we could not this autumn be thankful for a fair land.
These editorials have appeared annually since 1961.
T
Keystone XL on the Cusp
he Keystone XL pipeline cleared its final
major regulatory hurdle Monday, but
the fight isn’t over as opponents have
seized on a spill last week on another TransCanada pipeline. The wonder is that the company
still wants to build anything in the U.S. after the
way it has been treated.
The good news is that the Nebraska Public Service Commission voted 3-2 to allow
TransCanada to build a pipeline traversing
the state. The federal government has already given its blessing, and Nebraska was
the last state hold-out.
Nebraska officials refused to sign off on the
preferred Keystone XL route, approving an alternative that the commission says would better protect water resources and endangered
species, adding that it “would have little environmental impact.”
But it also means TransCanada will have to
deal with a new set of landowners. So the pipeline is all but certain to face further litigation
from property-holders and environmental
groups. TransCanada says it will now begin “assessing how the decision would impact the cost
and schedule of the project.”
The usual Keystone XL opponents are now
claiming that last Thursday’s 5,000-barrel leak
in South Dakota is proof that pipelines are inherently dangerous. “These pipelines are bound
to spill, and they put communities, precious
drinking water, and our climate at risk,” said
Rachel Rye Butler of Greenpeace.
Their real agenda is to keep oil and gas in the
ground, though Americans still rely on petroleum for 37% of their energy. But in the real
world, which is marred by reality and risk, pipelines have an enviable safety record.
More than 99.99% of oil moved by pipeline arrives at its destination safely. Compared to rail,
pipelines are 2.5 times less likely to have an accident that results in an oil spill, the Fraser Institute concluded after assessing Canadian government data between 2004 and 2015. A Manhattan
Institute report looked at the U.S. Department
of Transportation’s annual accident data between 2007-2016. Per billion ton-miles, oil pipelines charted the lowest rate at 0.66. Railways
came in at 2.20, and roads at 7.11.
South Dakota’s Keystone pipeline, where last
week’s spill occurred, has safely delivered more
than 1.5 billion barrels of oil since opening in
June 2010. TransCanada had isolated the affected portion of pipeline within 15 minutes.
South Dakota’s Department of Environment and
Natural Resources said emergency precautions
“seemed to work very well,” and the spill didn’t
spoil surface or drinking water.
Federal and state governments have deemed
these to be acceptable risks, especially given
the enormous economic benefits. Keystone XL
amounts to a shovel-ready, $8 billion investment in American infrastructure—without taxpayer money. Unfounded pipeline alarmism has
stymied this project for years, and it would be
a pity if such dishonest tactics succeeded again.
LETTERS TO THE EDITOR
The Hidden Costs of Wind-Power Subsidies
Your editorial “Big Wind and Tax
Reform” (Nov. 11) says the production tax-credit subsidy takes billions
out of the pockets of working Americans and transfers the money to rich
investors. That’s not half of it.
In addition to the $24/megawatt
hour in production tax credits (PTC)
in the first 10 years of a project’s life,
wind payments under power-purchase agreements (PPAs) with utilities and nonutilities (like Facebook,
Amazon, Google, etc.) can average
$70/Mwh and more over contract
lengths that are typically 20 years
and longer.
Thus, wind energy is guaranteed
compensation from extra-market
sources that is two to four times the
$20 to $30/Mwh typically received
by true market participants. Wind
operators typically offer power to the
market at negative prices to make
sure that they won’t be bumped offline so that they can continue to produce and earn both the PTC and PPA
payments.
Most of the new power transmission in the U.S. in recent years is being built to bring wind energy to
large population centers. The cost of
the billions invested in new trans-
mission projects is passed through
to electric customers at rates of return exceeding those allowed by
state public utility commissions. According to a recent report on wind
energy technology by the Berkeley
Lab, about $20 billion in new transmission will be built annually between 2014 and 2019. For context,
annual transmission expenditures
are about equal to the value of all
coal sold to the electric sector by
U.S. producers in 2016.
Congress (and some states) made
the market for renewable energy, and
rich investors continue to force large
chunks of unneeded energy into the
nation’s power markets. The negative
prices for wind power force local
utilities out of wholesale power markets because utility-owned generation can’t compete with subsidized,
mandated power, especially with demand growth very low or flat.
Retail electric rates should be declining because, according to the
wind lobby, renewables are so inexpensive. This is clearly not the case.
Wholesale power prices are down but
retail rates are not.
SUSAN FLEETWOOD
Rogersville, Mo.
Democrats Disingenuous on Mandate Repeal
When it comes to the pending tax
reform, it becomes obvious that the
Democrats can’t even formulate a
good lie and the Republicans simply
cannot resist playing defense (“The
Appeal of Mandate Repeal,” Nov. 16).
Thirteen million Americans were
taxed because they didn’t purchase
health insurance—that means they
were not insured. Rescinding the
mandate doesn’t make them any more
or less insured. Rescinding the mandate does restore individual choice
(see the Ninth Amendment).
Republicans in the Senate need to
recognize that the Democrats who so
heatedly attack Attorney General Jeff
Sessions have opened the door to rescinding the Byrd rule. After all, Robert Byrd was a senior member of the
KKK, so according to progressive values, anything associated with his
name should be eliminated from the
public square. How much more do Republicans need to eliminate the Byrd
in their hand?
JACK HAMILTON
Silverdale, Wash.
The current nonsense from the
swamp that ending the insurance
mandate will raise insurance premiums is nonsense. Take Rockingham
County, Va., where my wife and I
live. Our current carrier is Anthem
Inc. at about $1,400 a month. It has
exited our market for 2018. The remaining carrier, about to enjoy monopoly pricing next year, will cost us
$3,000 a month for a bronze plan
with a $13,100 family deductible. We
aren’t eligible for a subsidy. We are
in our 60s, not yet Medicare eligible,
and find a description of our situation in your editorial. We will be
forced to purchase outrageously
priced insurance most of which we
don’t need, or face a fine. The outrageous price increases are already
here.
LEWIS NAGEL
Harrisonburg, Va.
Foundations Give a Boost
To the Economy and Culture
Your Nov. 10 editorial “Tax Reform
Momentum” claims that moving resources into a trust or foundation
“diverts resources from the productive economy.” This is absolutely
Regarding Ozan Varol’s “Zimbawrong. America’s nonprofits and
bwe’s Coup Could Provide an Open- foundations are vital economic driving for Democracy” (op-ed, Nov. 16): ers that provide more than 11 million
No basis for Western-style democjobs, pay $532 billion in wages and
racy exists in Zimbabwe. The job of contribute an estimated $905.9 bilthe armed forces and internal secu- lion to the national economy.
rity services of Zimbabwe is to supThe estate tax provides a powerful
press any effort to change the
incentive for wealthy individuals to
Mugabe internal power structure,
support this economic engine by givwhich possesses no democratic
ing to the charities and causes that
trappings. After Robert Mugabe, the matter most to them. In turn, Amernext power struggle will begin from ica’s charities are using those bea point that has no democratic unquests to enrich communities in
derpinnings. Democracy requires a
countless ways, such as feeding and
culture that accepts the rule of law, housing people, caring for seniors,
a people willing to accept the selfcreating arts and culture or helping
discipline demanded by a functionguide spiritual well-being. Surely, this
ing democracy and leaders who put is an important part of any “producpublic interest before self-interest.
tive economy,” and cutting off reNone of this exists in Zimbabwe.
sources will lead to job losses, not
The oppressive forces of Zimbajob growth.
bwe’s internal security cannot afDANIEL J. CARDINALI
President and CEO
ford to suddenly become enlightIndependent Sector
ened with the concept of democracy
Washington
and offer the concept all the protections needed. To do so would
mean offering themselves as martyrs for democracy. That is not
what thugs do. The security forces
Regarding your editorial “Gerof Zimbabwe will be looking after
many’s Green Energy Meltdown”
their own welfare, not that of the
(Nov. 18): I am sitting within two
people.
miles (straight down) of enough natuRICHARD BRAWN
ral gas to fuel the entire U.S. for well
Petaluma, Calif.
over 100 years. We here in western
Pennsylvania would be more than
happy to liquefy and export some of
our excess to help lower Germany’s
energy costs. Truly a win-win proposition. Let’s roll.
Regarding Thomas Gilbert and
RICHARD J. KRAULAND
Christopher Hrdlicka’s “A Hedge Fund
Pittsburgh
That Has a University” (op-ed, Nov.
14): A 1.4% tax on multibillion-dollar
college endowment funds? Why?
They are tax-free right now and do
pitifully little to reduce student costs.
A minor tax is unlikely to change that
neglect.
THE WALL STREET JOURNAL
Let’s do it right. Hit them for full
ordinary income and capital-gains tax
on all earnings that are reinvested or
applied to purposes other than student debt relief.
I did graduate work at one of the
nation’s richest universities. My parents remortgaged their modest home
to help with the cost.
PHILIP MCBRIDE JOHNSON
Fernandina Beach, Fla.
Slim Chance End of Mugabe
Means Sunrise in Zimbabwe
A Germany Energy Solution
Tax College Endowments?
Well, Do It the Right Way
Pepper ...
And Salt
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.
“What I remember most about that
first Thanksgiving—totally dry turkey.”
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THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | A17
OPINION
By Melanie Kirkpatrick
N
ot long after the publication of my history of
Thanksgiving last year, I
received a menacing
email from someone who
had heard me interviewed on National Public Radio. The sender was
outraged at my view that the 1621
event that has come to be known as
the First Thanksgiving is something
to celebrate.
One professor suggests a
new ‘Day of Atonement’
instead. But that’ll never
happen—thankfully.
“How dare you suppress the true
story of ‘Thanksgiving?’ ” she asked.
“Our indigenous people are enduring so much, and you disregard the
genocide and actions forced upon
them. Please stop validating immoral and homicidal acts. Where is
your moral fiber? Rescind your invalid words. We are watching.”
The email was unsigned, but I
traced the address to a woman who
teaches at an elite Eastern college.
I can’t say I was surprised. Attacks
on Thanksgiving come largely from
the academy. A University of Texas
professor wants Thanksgiving to be
replaced with a national Day of
Atonement to “acknowledge the
genocide of indigenous people that
is central to the creation of the
United States.” At Barnard College
in New York City in 2013, the student government sent out an email
before the holiday break urging students “to not forget that this holiday commemorates genocide and
American imperialism.”
For the most part, though, the PC
police are out of luck when it comes
to Thanksgiving. It is not about to
go the way of Columbus Day, which
has been replaced by Indigenous
People’s Day in 55 cities and several
states.
Americans’ favorite holiday has
survived other sporadic attacks over
the nearly 400 years since the famous three-day feast in Plymouth,
Mass.
In the 17th century, days of
thanksgiving were originally called
to express gratitude to God for specific beneficences such as a rainfall
that ended a drought. Theologians
objected when thanksgiving holidays became annual events for the
purpose of expressing gratitude for
UNIVERSAL HISTORY ARCHIVE/UIG VIA GETTY IMAGES
The PC Police Can’t Ruin Thanksgiving
‘The First Thanksgiving 1621’ by Jean Leon Gerome Ferris (1863-1930).
nonspecific, everyday blessings.
They feared that the act of giving
thanks would become an empty
ritual.
In 1789, the first U.S. Congress
debated the constitutionality of a
national Thanksgiving. Opponents of
a proposal to ask George Washington
to declare a day of Thanksgiving argued that such authority rested with
state governors, not the president.
They objected, too, on grounds of
There’s No Antitrust Case Against AT&T
By Geoffrey A. Manne
T
he Justice Department announced Monday that it would
file an antitrust lawsuit in federal court to stop the proposed
merger of AT&T and Time Warner. In
the days before the news broke, experts suggested such a challenge was
likely to fail under current law. But
the poverty of the government’s case
is also a matter of economics.
The Justice Department asserts
that “vertically integrating” AT&T’s
distribution network with Time
Warner’s content would make the
merged company too powerful. The
combined firm could raise the prices
The merged firm would get
nothing from withholding
‘Game of Thrones’ or
selling ‘CNN exclusivity.’
that AT&T’s competitors pay to
carry Time Warner content on their
networks. Or it could altogether
withhold popular Time Warner programming, like CNN or HBO. Both of
these claims miss the mark.
Withholding Time Warner content
from competitors would make no financial sense. AT&T has agreed to
pay $85 billion for Time Warner.
More than half of Time Warner’s
revenue, $6 billion last year, comes
from fees that distributors pay to
carry its content. Because fewer than
15% of home-video subscriptions are
on networks owned by AT&T (DirecTV, U-verse, and DirecTV Now),
the bulk of that revenue comes from
other providers.
In other words: Calculated using
expected revenue, AT&T is paying
$36 billion for the portion of Time
Warner’s business that comes from
AT&T’s competitors. The theory
seems to be that the merged company would simply forgo this revenue in a speculative hope that withholding Time Warner content from
distributors would induce masses of
viewers to switch to AT&T—and
maybe, one day, put competitors out
of business. That this strategy
would actually work is unfathomable. “Game of Thrones” is good, but
it isn’t that good.
Worth noting, too, is that Time
Warner itself is already vertically
integrated: It both produces content
(such as Warner Bros. films) and
distributes it through channels such
as HBO, the CW and TBS. Still,
some of Time Warner’s most valuable shows are available through
unaffiliated distributors including
Showtime, Netflix, Amazon and Fox.
In fact, one of the highest-grossing
film franchises in history, the Warner Bros. “Harry Potter” series, is
available on cable exclusively on
Disney’s Freeform channel. Next
year a new deal will take effect and
“Harry Potter” will be exclusive to
NBCUniversal channels. This hardly
seems anticompetitive.
AT&T is even less likely to withhold content that isn’t considered
“must have”—like CNN, for starters.
Sure, CNN is popular, but news
sources abound. In TiVo’s most recent Video Trends Report, CNN
doesn’t crack the top 25 of most desired channels. People watch it
when it’s included in a basic cable
package, but few are willing to pay
for it particularly. Any strategy of
“CNN exclusivity” would be destined
to fail.
Nor would it work for the combined company to raise prices for
HBO or other content: If that idea
made sense, Time Warner already
would have done it. There is nothing
about AT&T owning HBO that would
suddenly make consumers pay more
for it. But for antitrust laws to kick
in, the potential harm must be
“merger specific”—that is, it must
arise as a result of the merger. That
certainly isn’t the case here.
Yes, content providers and video
distributors do sometimes enter into
exclusive deals, but economists have
long understood such agreements as
beneficial for consumers. Even if
they appear to limit distribution,
they spur the creation of new content and new modes of distribution.
Americans today are already cutting
cords and unbundling their viewing.
Multiple distribution models, each
with a unique collection of content,
can ably compete.
AT&T signed a deal with Taylor
Swift to create and distribute “behind the scenes” videos. Dish Network’s Sling TV is offering “skinny
bundles” of select channels. CBS has
launched its own stand-alone
streaming service. Amazon is bundling original programming into a
Prime subscription. Such innovations would not exist without the
ability to offer exclusive content or
unique arrangements to attract customers. A merged AT&T-Time Warner, with tighter integration of content and distribution, would
generate further experimentation
and have an enhanced ability to
compete in this environment.
Moreover, the Justice Department
is also disingenuous when it acts as
if killing the merger is the only way
to ensure that Time Warner content
is available to competing cable providers. Although the government’s
lawsuit fails to mention it, the Federal Communications Commission
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Chief Executive Officer, News Corp
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already polices cable distribution
deals and expressly prohibits providers from “unfairly” refusing to
make their content available to rivals when doing so would impede a
competitive service.
The Justice Department’s assertion that consumers would be
harmed if AT&T controlled what
amounts to a fraction of the content
in a wildly competitive market—a
market full of aggressive (and vertically integrated) competitors like
Netflix, Comcast-NBCUniversal, Disney, Viacom and Amazon—is at odds
with economic reality.
Mr. Manne is the executive director of the International Center for
Law and Economics, a nonprofit
policy research center in Portland,
Ore., which has received grants of
general support from both AT&T
and its competitors.
separation of church and state. The
pro-Thanksgiving forces prevailed,
and Washington proclaimed our first
national Thanksgiving. The antiThanksgiving arguments resurfaced
in the early 19th century, when President Thomas Jefferson explained
his refusal to name a Thanksgiving
day even though he had done so as
governor of Virginia.
Later in the 19th century, Americans’ mania for the new sport of
football sparked a national discussion over the meaning of the holiday. Critics argued that Thanksgiving Day football intruded on family
gatherings and obscured the religious obligation to give thanks to
God and remember the less fortunate. The New York Herald lamented
that, “The kicker now is king and
the people bow down to him.”
By the 20th century, Thanksgiving’s popularity was so strong that
even the president could get in
trouble for tinkering with tradition.
Franklin Roosevelt launched a nationwide brouhaha in 1939 when he
announced that Thanksgiving would
be celebrated a week earlier than
usual. Half the states refused to go
along with “Franksgiving.” Congress
passed legislation in 1941 fixing the
holiday on the fourth Thursday of
November.
The rise of the Indian Pride
movement in the 1970s called attention to Native American culture,
which had been neglected or misrepresented in Thanksgiving celebrations. A group in Plymouth renamed
Thanksgiving a “Day of Mourning”
and spent the day fasting. On the
other coast, Native Americans declared an “Un-Thanksgiving,” holding their protest on Alcatraz Island
in San Francisco Bay. Meanwhile,
Ronald Reagan became the first
president to mention Native Americans in a Thanksgiving proclamation
when he quoted a Seneca prayer of
gratitude in 1984.
In our own century, the International Indian Treaty Council, the advocacy group that oversees the alternative Thanksgiving on Alcatraz,
has changed the name to Indigenous
People’s Thanksgiving, which it
views as a more appropriate characterization of the event.
“We have lots to be thankful for,”
Andrea Carmen, the council’s executive director, told me last year. “Our
ancestors kept our spiritual traditions, our culture, our history, alive.
We are thankful in spite of what
happened to us.”
Many participants also mark
Thanksgiving Day in the familiar
way, she adds. Ms. Carmen sees no
contradiction. “We’re an inter-cultural people,” she says. It is natural
that Native Americans would want
to mark the day with both of the
traditions they value. The gathering
concludes by 9 a.m.—in time for
participants to get home and put a
turkey in the oven.
The rites and rituals of our national Thanksgiving have evolved
over four centuries and that process
surely will continue. The essence of
the holiday, however, is unlikely to
change. Families and friends will
continue to gather, the turkey will
take pride of place on the dinner table, and the generous spirit of the
American people will ensure that
the poor, sick, imprisoned and
lonely will be included in the celebration. Just about every American
celebrates Thanksgiving; for new
citizens, it is a rite of passage.
When we gather around the holiday
table this Thursday, we will be taking part in our country’s oldest tradition—giving thanks.
Ms. Kirkpatrick, a former deputy
editor of the Journal’s editorial
page, is a senior fellow at the Hudson Institute and author of “Thanksgiving: The Holiday at the Heart of
the American Experience” (Encounter, 2016).
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THE WALL STREET JOURNAL.
A18 | Wednesday, November 22, 2017
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TECHNOLOGY: TOSHIBA OPENS DOOR TO ACTIVIST INVESTORS B7
BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P 2599.03 À 0.65%
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Wednesday, November 22, 2017 | B1
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* * * *
DJ TRANS À 0.97%
WSJ $ IDX g 0.16%
LIBOR 3M 1.454
NIKKEI (Midday) 22590.27 À 0.78%
Tech Rally Powers World Markets
Global giants like
Apple, Amazon,
Alibaba and Tencent
are prime movers
Shares of global technology
companies are outpacing other
sectors this year by the widest
margin since the height of the
dot-com era, with a handful of
key players dictating how markets are performing around the
world.
That dynamic was on display
again Tuesday, when the Nasdaq Composite rose 1.1% to end
at its 67th record close in 2017,
the highest number of record
closes in any year.
Shares of Apple Inc. rose
1.9%, while International Business Machines Corp. added 1%.
Microsoft Corp. was up 1.4%,
putting the three tech giants
among the biggest contributors
to the Dow industrials’ gains
Tuesday.
Tech gains boosted the
broader market. The S&P 500
and Dow Jones Industrial Average also closed at record highs,
rebounding after a rare down
stretch during the previous two
weeks. Blue-chip stock indexes
in Europe and Asia closed
higher.
In a sign that the tech rally is
going global, Chinese internet
company Tencent Holdings
Ltd. rose 2.4% after intraday
gains briefly put the company’s
market capitalization at around
HEARD ON
THE STREET
By Nathaniel Taplin
Antitrust Tangle Heads to Court
Commodity
Bulls Fail
To Grasp
Full Picture
What are
the classic
signs of an
overheated
market?
Theories are
as legion as the horde of
Wall Street analysts hawking
them, but the most obvious
—amply illustrated by the
furor over bitcoin—is a
tendency for investors to
adamantly ignore evidence
that all may not be well.
Commodity markets today
bear some worrying
similarities to this state of
mind.
In particular, investors are
focused on two positive
developments: forced factory
closures in China, which are
driving metal prices higher,
and better growth in the U.S.
Two big questions,
meanwhile, have received far
less attention.
First, can China’s
campaign against small and
polluting metal furnaces
keep boosting prices even
though the real-estate
market, the ultimate driver
of demand, is now clearly in
retreat? Copper and Chinese
steel prices are both up
roughly 20% since early
June. Sales of residential
floor space have moved from
increasing nearly 10% to
falling 9% on the year over
the period.
That would be less
worrying if capacity curbs
were truly deep and broad.
But they are not. Output cuts
of 10% or less have been
matched by outsize price
reactions in both coal and
steel, says economist Chen
Long at Gavekal
Dragonomics. Capacity cuts
beginning in early 2016
happened to coincide with a
big pickup in real estate. But
if the current pollutionrelated crackdown on
industry eases this coming
spring, just as construction
activity really starts to slow,
metal investors will
experience the flip side of
this dynamic.
Second, why are
commodity inventories in
the U.S. so stubbornly high,
even though the growth
picture is brightening? Oil
inventories, which looked
like they were poised to
finally drain this summer,
are starting to creep up
again and have now risen in
three of the past four weeks,
according to U.S. Energy
Information Administration
data.
Meanwhile, U.S. copper
inventories have more than
doubled since Donald
Trump’s election and now
stand at their highest level
in more than a decade, in
part, perhaps, in anticipation
of an infrastructure stimulus
Please see HEARD page B2
While there are exceptions,
“China and the U.S. would be
natural destinations for incremental dollar investment within
tech,” he said.
While technology companies
have helped take U.S. and some
Asian stock markets to records,
less tech-heavy bourses of Europe, Canada and Australia haven’t enjoyed the same success.
For MSCI Europe, roughly
85% of its underperformance
relative to world stocks can be
attributed to differences in the
weight and performance of
their technology sectors, according to Morgan Stanley.
“There’s no doubt the markets that have high tech components will have been the best
performers this year,” said Paul
Markham, a global equities
portfolio manager at Newton
Investment Management, who
has invested in many of the
tech behemoths.
“The narrow nature of this
rally has to be seen as something of a concern…but these
are cash-generative companies
who are being seen as the bedrock of the new economy.”
Global tech stocks are
up 42% this year, roughly double the gains of the broadbased MSCI AC World Index. So far in 2017, the tech
sector is up 21 percentage
points more than the next best
sector,
materials—leading
by the widest margin of any
Please see TECH page B15
Here is how AT&T and Time Warner got to where they are, after decades of consolidation and deals in the
telecommunications and media industries.
Pre-1984
1984
’90
AT&T Corp.
Born 1877 as the
Bell Telephone Co.
’95
Lucent and
NCR spun off
’00
’05
’10
’15
Market
capitalization
AT&T Wireless
$211 billion
Cingular
AT&T
Ameritech
$70 billion
Time Warner
DirecTV
McCaw bought by AT&T
BellSouth
Leap Wireless
Pacific Telesis
Southwestern Bell
Name changed to SBC
AirTouch
Bell Atlantic
Verizon Wireless
Mobile
Bell Atlantic
Name changed
to AT&T Inc.
NYNEX
Time Inc.
Time Magazine
debuts in 1923
Vodafone AirTouch
McCaw Cellular
U.S. West
joins Qwest
Qwest
America Online Inc.
Warner
Communications
Created in 1969
AOL spun off
Possible
Verizon
deal
buys AOL
Time Inc. magazine
divison spun off
Name changed to
Time Warner Inc.
Time Warner Inc.
Name changed to
AOL Time Warner
Turner Broadcasting
System
Pre-1984
Yahoo’s web assets
Verizon buys Verizon Wireless
U.S. West
1984
’90
’95
’00
Time Warner Cable
spun off
’05
’10
Source: staff and news reports
BY BRENT KENDALL
AND JACOB GERSHMAN
WASHINGTON—The Justice
Department’s lawsuit against
the combination of AT&T Inc.
and Time Warner Inc. sets the
stage for the biggest antitrust
contest in Washington since
the department sued Microsoft Corp. in 1998.
The suit against the merger
drew a split reaction from antitrust experts a day after the
government unveiled the highstakes case.
Advocates of aggressive antitrust enforcement voiced
support for the Justice Department’s challenge, which
sets up a rare court battle
over a vertically integrated
INSIDE
’15
THE WALL STREET JOURNAL.
merger.
The government argued in
its suit Monday that combining AT&T’s video-distribution
strength with Time Warner’s
stable of popular cable channels would give one company
too much control of the media
landscape, which it warns
would lead to higher prices
and less innovation.
Gene Kimmelman, a critic
of the AT&T deal who was a
Justice Department antitrust
official in the Obama administration, said the government’s
legal theory of harm to competition “is well established
and has been used in numerous mergers,” including when
the Obama-era department
raised objections to Comcast
Corp.’s takeover of NBCUniversal.
The department was willing
to settle that case in exchange
for restrictions on Comcast’s
business conduct. The current
Justice Department opposed
that kind of settlement with
AT&T, insisting the telecom giant instead sell off assets,
something the company was
unwilling to do.
“The only difference is the
Justice Department decided to
sue instead of agreeing to a
consent decree,” said Mr. Kimmelman, now the president of
Public Knowledge, a public-interest group.
AT&T argues the lawsuit is
an abrupt departure from the
Justice Department’s previous
focus on horizontal mergers of
rivals that risk suppressing
head-to-head competition.
Critics of the government
case say there is a good reason the Justice Department
hasn’t fully litigated a vertical
merger case in decades,
namely because mergers between distributors and suppliers can produce efficiencies
that benefit consumers.
Joshua Wright, an outspoken conservative on antitrust
issues and a former member
of the Federal Trade Commission, said he had no doubt
that the department reviewed
Please see DEAL page B2
New antitrust chief jumps
into his job................................... B2
Disney Executive to Take Leave
BY BEN FRITZ
AND ALEXANDRA BERZON
ASIAN BUYERS
WIN TROPHIES
IN LONDON
PROPERTY REPORT, B8
DISH DROPS
CBS CHANNELS
IN PRICE FIGHT
TELEVISION, B3
John Lasseter is taking a sixmonth leave of absence from the
senior creative post at Walt Disney Co.’s animation operations,
he told staff in an email that
cited unspecified “missteps” on
his part, including making some
personnel feel “disrespected and
uncomfortable.”
Mr. Lasseter, 60 years old, is
the senior creative executive for
both Pixar Animation Studios
and Walt Disney Animation. He
is known for hugging people liberally, in public and in private.
“I especially want to apologize to anyone who has ever
been on the receiving end of an
unwanted hug or any other gesture they felt crossed the line in
any way, shape, or form,” he
wrote in an email reviewed by
The Wall Street Journal.
At times, said former Pixar
employees contacted by the
Journal, Mr. Lasseter’s habit of
physical affection has made
some people feel awkward or
uncomfortable. Because hugging is a central part of his
public persona, employees felt
it would be difficult to ask him
John Lasseter, Pixar’s head creative executive, apologized for ‘missteps.’
not to do so, these people said.
Mr. Lasseter’s note said:
“everyone has the right to set
their own boundaries and have
them respected.”
A Disney spokesman said in
an email: “We are committed
to maintaining an environment
in which all employees are respected and empowered to do
their best work. We appreciate
John’s candor and sincere
apology and fully support his
sabbatical.”
A former employee told the
A Holiday Guide
To Gadget Gifts
Recommended personal-tech
fare, like Fingerling robots, for
shoppers who need a hand. B4
Dow, S&P, Nasdaq set
records, led by tech ............ B16
BRENDAN MCDERMID/REUTERS
BY RIVA GOLD
$530 billion, larger than Facebook Inc.’s $528 billion. Tencent hit $500 billion for the
first time Monday.
Just eight companies—Facebook, Apple, Amazon.com Inc.,
Netflix Inc., Alphabet Inc.,
Baidu Inc., Alibaba Group
Holding and Tencent—have increased by $1.4 trillion in market cap in 2017, a sum roughly
equivalent to the combined annual gross domestic product of
Spain and Portugal.
Tech giants’ powerful user
networks, large cash piles and
access to consumer data have
led many investors to expect
the big will only get bigger.
“You need critical mass to
support continuing innovation,”
said Christopher Dyer, director
of global equity at Eaton Vance.
See more at WSJMarkets.com
Journal that during a meeting
several years ago, Mr. Lasseter
put his hand on her thigh underneath the table. The same
employee said Mr. Lasseter
would sometimes hold her arm
in public without asking permission, and hug her for extended
periods of time that made her
uncomfortable. The Disney
spokesman didn’t respond to a
Please see DISNEY page B2
CBS, PBS, Bloomberg end ties
with Charlie Rose.................... B2
Whitman
Exits HPE
After Big
Overhaul
BY RACHAEL KING
Meg Whitman, one of Silicon Valley’s most experienced
chief executives and one of the
most prominent women in
American business, said she
will step down as chief executive of Hewlett Packard Enterprise Co. early next year, handing the reins to a company
veteran and signing off on her
overhaul of the troubled hardware maker.
Ms. Whitman, who took the
helm of Hewlett-Packard, the
predecessor of HPE, six years
ago, on Tuesday said she
would consider taking another
chief executive position.
“It would have to be the
right role,” said Ms. Whitman,
61 years old, who earlier in her
career ran eBay Inc. and ran for
governor of California in 2010.
“I’ve been working nonstop for
35 years, so I’ll definitely take
some downtime to recharge.”
Ms. Whitman, a Republican,
is not running for office again,
Ms. Whitman’s
departure
leaves few
women as
CEOs of major
technology
companies.
said spokesman Henry Gomez.
She has said she would consider a role in government, but
she isn’t close with the current
administration after last year
publicly supporting Hillary
Clinton over Donald Trump. Ms.
Whitman hasn’t participated in
Mr. Trump’s various initiatives
with the tech industry.
The Wall Street Journal reported in September that Ms.
Whitman had begun to make
plans to leave HPE as early as
this fall. At the time, Ms. Whitman said, “there’s more work to
be done here.”
Antonio Neri, who has been
with HPE for more than 20
years and holds the job of president, will take over as chief executive in February. “Antonio is
a deeper technologist than I
am,” said Ms. Whitman, who
will remain on the board.
Ms. Whitman is the latest in
a wave of female corporate
leaders to relinquish power in
recent months. Irene Rosenfeld, the head of Mondelez International Inc., stepped down
this month. Sheri McCoy, CEO
of Avon Products Inc., and
Sally Smith, leader of Buffalo
Wild Wings Inc., have announced plans to depart soon.
Tegna Inc. Chief Executive Gracia Martore retired this June.
Ms. Whitman’s exit leaves
few women as chief executives
of major technology companies. Marissa Mayer left Yahoo
Inc. in June after engineering
its sale to Verizon Communications Inc. Ginni Rometty
runs International Business
Machines Corp. and Safra Catz
is co-CEO of Oracle Corp.
Please see HPE page B7
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B2 | Wednesday, November 22, 2017
* ****
INDEX TO BUSINESSES
A
Adform........................B3
Adidas ......................... B7
Aetna.........................B16
Airbnb........................B14
Akzo Nobel..................B7
Alibaba Group......B1,B16
Alphabet ................ B1,B7
Amazon.com ............... B1
Apple...........................B1
AT&T.......................B1,B2
Avon Products ............ B1
Axalta Coating Systems
.....................................B7
B
Baidu ........................... B1
Baotou Huazi Industry
...................................B15
Bitfury Group..............B8
Bloomberg...................B2
Buffalo Wild Wings....B1
C
Cambridge Associates
...................................B14
Campbell Soup.....B7,B14
Cboe Global Markets B15
CBS.........................B2,B3
CC Land Holdings........B8
Celgene......................B16
Charlie Rose................B2
Citgo Petroleum........B15
CME Group................B15
Comcast.......................B1
CVS Health................B16
D-E
Dallas Cowboys...........B7
Dish Network..............B3
Dollar Tree ................ B16
Effissimo Capital
Management.............B7
Elliott Management ... B7
Equifax........................A8
F-G
Facebook..B1,B7,B14,B16
FireEye........................A8
Floodgate .................. B14
Gartner........................A8
Goldman Sachs Group
...................................B15
Google.........................A8
Greenlight Capital ...... B7
H
Hewlett Packard
Enterprise.................B1
Hormel Foods............B16
Huaxia Life Insurance
...................................B15
Hudson Bay.................B8
I-J
International Business
Machines......A8,B1,B16
J.P. Morgan Chase....B15
M
ManageGo...................B8
Mandiant.....................A8
Microsoft........B1,B7,B16
Mondelez International
.....................................B1
Morgan Stanley........B15
N
National Football
League.......................B7
Netflix.........................B1
Netscape
Communications.....B14
Nike.............................B7
Nippon Paint Holdings
.....................................B7
O
Oasis Management .... B7
Oracle .......................... B1
P
PPG Industries............B7
Public Broadcasting
Service ...................... B2
S
Samsung Electronics B15
SoftBank.....................A8
Sutter Hill Ventures.B14
T
Taiwan Semiconductor
Manufacturing........B15
Taubman Centers........B8
Tegna...........................B1
Tencent Holdings.B1,B16
Tesaro........................B16
Time Warner....B1,B2,B3
Toshiba........................B7
U
Uber Technologies
........................A1,B7,B14
Under Armour.............B7
V-W
Verizon Communications
.....................................B1
Wal-Mart Stores.........B7
Walt Disney................B1
Y-Z
Yahoo...........................B1
Zhongtian Financial
Group.......................B15
INDEX TO PEOPLE
B
K
Braybrook, Nick...........B8
Kalanick, Travis .......... A8
Khosrowshahi, Dara...A8
Kimmelman, Gene......B1
C
Catz, Safra..................B1
Chau, Richard............B14
Clark, Craig ................. A1
D
Delrahim, Makan ........ B2
DeSanctis, Steven....B15
Dimon, James...........B15
Dyer, Christopher........B1
G
Gilchrist-Fisher, Chris.B8
Gomez, Henry.............B1
Goodell, Roger ............ B7
Gottheim, Steven.......B8
L
Lasseter, John.............B1
Litan, Avivah .............. A8
London, Stacie..........A12
Lowenstein, Chaim.....B8
M
Markham, Paul............B1
Martore, Gracia...........B1
Mayer, Marissa...........B1
McCoy, Sheri...............B1
Porat, Ruth ................. B7
Rhodes, David.............B2
Rometty, Ginni............B1
Rosenfeld, Irene ......... B1
Ruppe, Peter...............B7
S
Sandberg, Sheryl ........ B7
Sands, Greg...............B14
Santillo, Ralph............B8
Scott, Hayley..............B8
Smith, Sally................B1
V
Valente, Joe................B8
Vanlancker, Thierry.....B7
N
W
Neri, Antonio..............B1
H-J
P-R
Walker, Christopher....B8
Whitman, Meg............B1
Hardman, Jessica ....... B8
Jones, Jerry ................ B7
Pai, Ajit.......................A5
Phelps, Mark.............B15
Zuckerberg, Mark ..... B14
Z
CBS, PBS, Bloomberg
End Charlie Rose Ties
BY MARIA ARMENTAL
CBS Corp. fired veteran
broadcast journalist Charlie
Rose on Tuesday, a day after
reports of allegations of sexual
harassment that the media
company called “extremely
disturbing and intolerable.”
The Public Broadcasting
Service and Bloomberg LP,
which had distributed Mr.
Rose’s trademark interview
program the “Charlie Rose”
show, also terminated their relationships with Mr. Rose.
On Monday, The Washington Post published accounts
from several women who alleged that Mr. Rose sexually
harassed them. The women
had worked or aspired to work
for Mr. Rose at the “Charlie
Rose” show from the late
1990s to as recently as 2011.
The show has been on since
1991 and is produced by Charlie Rose Inc, an independent
television production company. It appeared nightly on
PBS member stations and in
prime time on Bloomberg
Television, with Mr. Rose as
DISNEY
Continued from the prior page
request to comment on the former employee’s allegations or to
a request to speak to Mr.
Lasseter.
Several former Pixar employees, many of them women,
said they never felt uncomfortable around Mr. Lasseter,
even when he hugged them.
Mr. Lasseter has directed
some of Pixar’s biggest films,
HEARD
Continued from the prior page
or trade restrictions that
have failed to materialize.
Big falls in Chinese stocks
have offset this and allowed
prices to move higher. But if
inventories start rising again
in China, too, as growth
slows, traders may start to
wonder why prices are so
high if all that copper is just
piling up in warehouses.
Given the sharp fall in mining investment since 2012 and
still-strong global growth, a
commodity bloodbath is unlikely. But by the same token,
it isn’t clear why commodities
should be testing current levels when the biggest consumer is slowing and copper
and oil are piling up in tanks
and warehouses in the second
biggest.
If commodities are going
host and executive editor.
Mr. Rose, 75 years old, had
also co-hosted the morning
show “CBS This Morning” and
was a contributing correspondent on CBS’s “60 Minutes.”
His firing from CBS was announced to staff in a memo
from CBS News President David Rhodes. “Despite Charlie’s
important journalistic contribution to our news division,
there is absolutely nothing
more important, in this or any
organization, than ensuring a
safe, professional workplace—
a supportive environment
where people feel they can do
their best work,” Mr. Rhodes
wrote in the memo.
Mr. Rose apologized on
Monday for inappropriate behavior, saying on Twitter: “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.”
—Joe Flint
contributed to this article.
including “Toy Story” and
“Cars,” and has served as a
public face for the studio,
which Disney acquired in
2006. He also has a formal advisory role at Disney Imagineering, which designs and
builds rides and attractions
for Disney’s theme parks
around the world.
Mr. Lasseter’s leave of absence comes as sexual-harassment allegations have surfaced
against numerous prominent
men in Hollywood and other
industries.
Liftoff
U.S. copper inventories
200,000 tons
160,000
120,000
80,000
40,000
0
2015
’16
’17
Source: Wind Info
THE WALL STREET JOURNAL.
to keep charging ahead, these
questions need a satisfactory
answer. Otherwise, the mild
selloff in recent days could be
a prelude to a more substantial correction in the months
ahead, and investors might
start to look askance at all
those richly valued growth
stocks, too.
BUSINESS & FINANCE
Antitrust Chief Jumps Into His Job
BY BRENT KENDALL
WASHINGTON—The Justice
Department’s new antitrust
chief, Makan Delrahim, needed
just seven weeks to land himself in the middle of the biggest
antitrust case in 20 years.
Mr. Delrahim, confirmed by
the Senate on Sept. 27, made
the decision to file the government lawsuit Monday challenging AT&T Inc.’s planned acquisition of Time Warner Inc.
The antitrust division he
leads alleged that the vertical
combination of AT&T’s video
distribution with Time Warner’s popular cable programming would give the merged
business the power to raise
prices and hinder competitors
and innovation.
AT&T criticized the government’s arguments as unreasonable and inconsistent with past
practice, which has focused primarily on horizontal mergers
between direct competitors.
AT&T Chief Executive Randall Stephenson said the new
lawsuit threw the business
world into a state of uncertainty about what types of deals
and investment are permissible.
Mr. Delrahim, reached by
phone, declined to comment on
the specifics of the case. But
asked about Mr. Stephenson’s
comment that the lawsuit renders companies unable to know
what activity they can engage
in, Mr. Delrahim offered a oneword response: “Compete.”
Mr. Delrahim, who is 48
years old, emigrated to the U.S.
with his family when he was 9,
at the time of the Iranian revolution. He spoke no English
when he arrived. He spent his
teenage years in California and
graduated from the University
of California, Los Angeles, and
got his legal degree from the
George Washington University
Law School.
He developed an interest in
patent and antitrust law, as well
as an interest in Republican
politics.
He spent five years as a
staffer to Sen. Orrin Hatch (R.,
Utah) on the Senate Judiciary
Committee, working on among
other things legislation that updated the federal law governing
what transactions must be submitted for government antitrust
review.
Mr. Delrahim served in the
Justice Department’s antitrust
DEAL
Continued from the prior page
the case carefully, “but my initial reaction is that the complaint is underwhelming and
not likely to prevail in federal
court.”
Mr. Wright, a George Mason
University professor who was
considered by the Trump administration for the Justice
Department’s top antitrust job,
said the government case is
lacking a theoretical foundation and economic evidence.
“There is simply not
enough there beyond concerns
about firm size and that Time
Warner owns some popular
content to satisfy the demands
of a modern vertical antitrust
claim,” he said.
President Donald Trump’s
public objections to the
merger, and his repeated criticisms of Time Warner’s CNN,
could complicate the case. As
a candidate, he vowed that a
Trump administration would
block the deal, while acknowledging that the White House
typically plays no role in a
Justice Department merger
review. The department has
said the president didn’t influence its decision to file the
AT&T case.
On Tuesday, Mr. Trump
weighed in on the deal shortly
before departing the White
House to spend Thanksgiving
in Florida. The president said
in response to a shouted question from a reporter that he
shouldn’t comment on the litigation. Then he added: “Personally, I’ve always felt that
that was a deal that’s not good
for the country.”
Adding a twist to the case,
the deal partners’ lead trial attorney is Daniel Petrocelli of
O’Melveny & Myers LLP, who
represented Mr. Trump in private litigation involving fraud
claims against the now-defunct Trump University forprofit real-estate school. Mr.
Trump settled the case a year
ago for $25 million. He denied
the allegations and made no
admission of wrongdoing in
the settlement.
On Tuesday, the AT&T case
CLIFF OWEN/ASSOCIATED PRESS
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.
THE WALL STREET JOURNAL.
Makan Delrahim, who is challenging AT&T’s Time Warner deal, at his confirmation hearings in May.
division from 2003 to 2005,
during the George W. Bush administration. In that stint as a
department lawyer, he led an
investigation into complaints of
alleged anticompetitive practices at Clear Channel Communications’ radio and concert
businesses. The department
closed the probe after the company spun off its concert arm
into the separate Live Nation
entity.
Separately, Mr. Delrahim
served on a bipartisan commission created by Congress to
study the modernization of antitrust laws. During that stint
he left the Justice Department
and spent more than a decade
in private practice.
Mr. Delrahim in an opinion
article last year said Mr. Trump
wasn’t his first GOP choice for
the White House, but he urged
Republicans to support Mr.
Trump’s candidacy, arguing the
direction of the Supreme Court
was too important to leave to
Democrat Hillary Clinton.
After Mr. Trump won the
presidential election, Mr. Delrahim joined the White House as
a deputy counsel, where he was
a key figure in the administration’s high court nomination of
Neil Gorsuch. Around the time
Justice Gorsuch was confirmed
in April, the president nominated Mr. Delrahim for the Justice Department antitrust post.
The Senate confirmed him on a
73-21 vote.
Some Democrats, most
prominently Sen. Elizabeth
Warren (D., Mass.), argued Mr.
Delrahim would be too friendly
to corporations, but others offered their support, believing he
would bring cases. That prediction quickly has proven correct.
“I always found him to be an
energetic and creative guy. He
wasn’t there just to warm a
seat,” said Washington antitrust lawyer Seth Bloom, a former Democratic staffer on the
Senate Judiciary Committee
who worked with Mr. Delrahim.
President Trump’s continued
criticisms of Time Warner’s
CNN, and his pledge as a presidential candidate to block the
AT&T-Time Warner deal, are
sure to hang over the case.
AT&T had been avoiding the
CNN issue. But that tone
changed after the lawsuit Monday, when Mr. Stephenson explicitly raised the question of
whether the government challenge was “all about CNN.”
The company also is highlighting a television interview
Mr. Delrahim gave last year as a
private-practice lawyer in
which he said the transaction
didn’t appear to raise major antitrust concerns. In the same interview, Mr. Delrahim said the
deal could raise “some concerns
and antitrust issues of one distributor owning various content, and it might somehow impact other distributors.”
Mr. Delrahim’s defenders
have said his television remarks
were the kind of armchair analysis lawyers frequently provide
to reporters after merger announcements, before a factual
record has been developed by a
government investigation.
The new antitrust chief has
said repeatedly that his decision making wasn’t influenced
by the White House. “I can’t get
any more clear than that,” Mr.
Delrahim said at a Nov. 10 public appearance in California.
“I’ve got to keep my nose
down, be a law enforcer, do
what’s good [for] the American
people,” he said.
—Drew FitzGerald
contributed to this article.
was assigned to U.S. District
Judge Richard Leon, a George
W. Bush appointee in Washington, D.C. It’s not the first
major media merger to come
before his bench. In 2011,
Judge Leon threatened to hold
up the Comcast-NBCUniversal
deal, saying he was concerned
that the Obama administration’s settlement didn’t afford
enough protection for online
video distributors like Netflix
Inc. He ultimately signed off
on the deal but required additional oversight of the settle-
ment’s arbitration terms.
A review of the effectiveness of the Comcast settlement could be a key issue in
the AT&T case.
AT&T and Time Warner believe their deal should have
been allowed with Comcaststyle conditions if there were
any legitimate government antitrust concerns. The Justice
Department believes the Comcast settlement has proven ineffective, according to people
familiar with the matter.
The last fully litigated gov-
ernment case against a vertical merger came in 1979,
a trucking-industry case the
government lost. The Justice
Department won a vertical
case at the Supreme Court in
1972, involving Ford Motor
Co.’s acquisition of a company
that made spark plugs.
More recently, courts have
looked at the potential anticompetitive harms of vertical
mergers in private antitrust
actions.
—Louise Radnofsky
contributed to this article.
‘I’ve got to keep my
nose down, be a law
enforcer,’ Mr. Delrahim
said this month.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
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THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | B3
BUSINESS NEWS
Iranian Accused Dish Network Drops CBS Channels in Pricing Fight
Of Hacking HBO
BY NICOLE HONG
Federal prosecutors unsealed charges against a
hacker linked to Iran’s military, accusing him of hacking
into HBO’s computer network,
stealing unreleased scripts of
“Game of Thrones” and then
threatening to leak them publicly unless HBO paid a multimillion-dollar ransom.
Behzad Mesri, who is believed to be in Iran and hasn’t
been arrested, was charged by
the Manhattan U.S. attorney’s
office on seven counts, including computer fraud, wire
fraud and aggravated identity
theft.
The government said Tuesday that Mr. Mesri, 29 years
old, is a computer hacker in
Iran who has worked on behalf
of the Iranian military to target Israeli infrastructure and
nuclear software systems. He
has allegedly operated under
an online hacker pseudonym
of “Skote Vahshat.”
A lawyer for Mr. Mesri
couldn’t be identified.
Joon Kim, the acting Manhattan U.S. attorney, said at a
news conference that Mr.
Mesri applied the skills he
learned with the Iranian military to extort HBO for personal profit.
“Today’s charges make
clear that nation-states like
Iran routinely employ alleged
criminals [and] mercenaries
like Mesri to conduct network
attacks in America and elsewhere,” Mr. Kim said.
Since at least May, Mr.
Mesri began monitoring the
online activities of HBO employees, looking for vulnerabilities in the company’s network, prosecutors said.
Over the next couple of
months, Mr. Mesri compro-
mised user accounts that belonged to HBO employees and
used them repeatedly to gain
unauthorized access and steal
proprietary information from
the company, the indictment
said.
In addition to the “Game of
Thrones” material, Mr. Mesri
allegedly stole video files with
unaired episodes of such
shows as “Ballers” and “Curb
Your Enthusiasm.” He also
stole financial documents, credentials for HBO’s social-media accounts and the emails of
at least one HBO employee,
the indictment said.
On July 23, an anonymous
email was sent to HBO employees that included the following message: “Hi to All losers! Yes it’s true! HBO is
hacked!” The email allegedly
provided evidence that the
hacker had successfully stolen
proprietary data from HBO, a
unit of Time Warner Inc.
Another email later that
day included a threat to publicly release the stolen data,
including unaired TV episodes
and scripts, unless HBO paid a
ransom of approximately $5.5
million worth of bitcoin. The
email concluded with an image of the Night King, a character from “Game of Thrones,”
and said: “Good luck to HBO.”
In the coming days, emails
from the anonymous hacker
to HBO personnel raised the
ransom to approximately $6
million in bitcoin, threatened
to destroy data on HBO’s
servers and provided a deadline of July 29 for HBO to begin making ransom payments
if it wanted to prevent the
public disclosure of stolen
data.
On July 30, Mr. Mesri began
leaking some stolen materials
over the internet, prosecutors
said, suggesting that HBO
didn’t pay the ransom.
A spokesman for HBO said
Tuesday that the company has
been “working with law enforcement from the early
stages of the cyber incident.”
ETHAN MILLER/GETTY IMAGES
Suspect allegedly stole
scripts and threatened
to leak them unless
company paid a ransom
CBS Corp. channels went
dark for some Dish Network
Corp. subscribers Monday night
as a pricing dispute between the
companies dragged on.
CBS and local television stations owned by CBS were no
longer available on Dish in markets including New York, Los Angeles, Dallas and Chicago, CBS
said Tuesday. The action, which
affected over two million of
Dish’s 13.2 million subscribers,
came after the sides failed to
reach a new carriage deal before
their current contract ended.
The programmer said its CBS
Sports Network, Pop and the
Smithsonian Channel had also
been dropped. The blackout affected 18 markets in 26 states.
CBS and Dish traded blame.
CBS said Dish was punishing its
subscribers instead of agreeing
to pay the market price for its
content. Dish said CBS wanted
Dish customers to pay more for
programming that is declining in
viewership or free over the air.
At right, fans in Las Vegas
cheered at a college-basketball
game shown on CBS last year.
—Cara Lombardo
Ad-Fraud Sleuth Uncovers Scheme
BY LARA O’REILLY
An ad-tech firm says it has
discovered a large and sophisticated advertising-fraud operation in which fake websites and
infected computers were used
to scam advertisers and publishers out of hundreds of thousands of dollars a day.
Denmark-based
Adform,
which identified and named the
scheme “Hyphbot,” estimates
that it has been going on since
at least August.
According to Adform, the
people behind Hyphbot created
more than 34,000 different domain names and more than a
million different URLs, many
designed to fool advertisers
into thinking they were buying
ad inventory from big-name
publishers such as the Economist, the Financial Times, The
Wall Street Journal and CNN. It
is a tactic known in the indus-
try as “domain spoofing.”
The perpetrators then generated a wave of nonhuman, or
“bot,” traffic to the fraudulent
sites, which made money
mostly through video ads.
Video ads are lucrative because
they carry higher rates than
other online display ads.
Fake traffic is a serious issue
for advertisers because it
means they have wasted money
buying ads that were served to
computer programs, rather
than real people who might go
on to purchase their products.
Adform says the scheme
could have been largely
thwarted if publishers and adtech companies had kept up-todate with an industry initiative,
called Ads.txt, that is designed
to stamp out domain spoofing.
Adform’s investigation suggested that the people behind
Hyphbot used a network of
data centers and unwitting
consumers’ computers, infected
by malware, to access more
than half a million IP addresses, mostly from the U.S.,
to mimic real browsing behavior on the network of fake
sites. The suspicious URLs were
presenting themselves in ad
auctions via at least 14 different ad exchanges at a rate of
up to 1.5 billion requests to ad
buyers a day.
Adform began informing the
affected ad exchanges on Sept.
28, two days after it began its
analysis. It has since seen a reduction in the fraudulent traffic, although Hyphbot is still
believed to be active.
Adform also informed the
Federal Bureau of Investigation
in the U.S. and Metropolitan
Police in the U.K. Adform’s full
findings were independently
reviewed by two industry experts before the publication of
the white paper.
Jon Slade, the chief commercial officer of the Financial
Times, said the publisher was
“not surprised” to hear of another fraud scheme based
around spoofing. Last month,
the Financial Times ran its own
investigation and found 25 ad
exchanges had been offering
fraudulent ad space, purporting
to be from FT.com.
“We are urging all actors in
the supply chain to urgently
implement and adopt the
Ads.txt standard,” Mr. Slade
said. “It’s one of the best bets
for a cleanup that we have.”
Dow Jones, the unit of News
Corp that includes The Wall
Street Journal, said it implemented Ads.txt about a month
ago. A spokesman for Turner,
the Time Warner unit that operates CNN, said it implemented Ads.txt earlier this
year. The Economist declined
to comment.
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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
THE WALL STREET JOURNAL.
B4 | Wednesday, November 22, 2017
TECHNOLOGY
WSJ.com/Tech
PERSONAL TECHNOLOGY | By Wilson Rothman and Joanna Stern
Merry Gifts for All,
At Every Age and Price Point
R
eady...set...spend! If that’s how the lead-up to Black Friday and the
holiday shopping season feels to you, you’re hardly alone.
Rather than throw money at things just because they’re marked
down, you should buy gifts that will retain value over time. Here are the
gadgets we’ve lived with and loved over the past year.
They’re real gifts for the music lover, the cook, the workaholic and the
child (or the child at heart). There’s probably something there for you, too.
Check out our full list at wsj.com/tech.
Sonos One
Wireless Speaker The Sonos One wireless
speaker is getting friendly with
virtual assistants: It comes with
Amazon’s Alexa built in and will
soon be compatible with Google
Assistant. It gets Apple AirPlay
2 in 2018. Sounding better than any Echo or Google Home, Sonos
One works by itself or paired. Alexa-compatible music services are
somewhat limited but you can stream dozens more through the
app. $200, sonos.com
Roku Streaming Stick+
Fingerlings Finger-friendly
robots, with sound,
touch and motion
sensors, make adorable
sounds and movements
of their eyes and heads.
At $15, they’re all that’s
awesome about toys. The
first batch sold out, but
don’t overpay. WowWee
says shipments will
continue into December.
$15, wowwee.com
Roku’s latest stick not only brings more cable-cutting and cableon-demand apps than most smart TVs, but also highlights a good
number of 4K programs, despite the still-limited number of them
out there. With snappier response and better Wi-Fi, it’s the best
way to upgrade your TV on the cheap. $70, roku.com
Sphero Mini Life’s pleasures can be simple—like
this remote-controlled ping-pong ball
you drive around using a phone app. Like
most other Sphero robots, it is
compatible with the Sphero Edu app,
which teaches you to code as you program
step-by-step moves. $50, sphero.com
Hestan Cue Smart Cooktop and Pan
For novices or seasoned cooks looking for a master
class, the Cue is your guide to preparing a restaurantquality dinner. Follow the app’s step-by-step videos while
the system adjusts temperature and keeps track of time.
Cooktop precision also means no more sacrificial
pancakes or overcooked steaks. The base kit comes with a
wireless frying pan; a $300 chef’s pot is good for larger
dishes. $500, hestancue.com
Google Pixelbook A $1,000 Chromebook?! No way. Uhuh. That’s what we thought—until we
started using the Pixelbook.
The 2.4-pound, supersvelte laptop
has a beautiful, high-resolution
screen, a comfortable keyboard and
more than seven hours of battery
life. And it does double duty as a
tablet: Flip the screen around to
launch your favorite Android apps.
Its secret weapon? Bark
‘OK Google’ to summon
the Google Assistant.
$1,000, store.google.com
PAID ADVERTISEMENT
Notice to Stockholders of
Uber Technologies, Inc. regarding
a Potential Third-Party Tender
Offer to Purchase Shares
Uber Technologies, Inc. has been made aware that a consortium of institutional investors intends to offer to purchase shares of Uber’s outstanding
Class A Common Stock, Class B Common Stock, Series Seed Preferred Stock,
Series A Preferred Stock, Series B Preferred Stock, Series C-1 Preferred Stock,
Series C-2 Preferred Stock, Series C-3 Preferred Stock, Series D Preferred
Stock, Series E Preferred Stock, Series F Preferred Stock and Series G Preferred Stock of Uber, including vested shares of Class A Common Stock or
Class B Common Stock issuable upon exercise of vested and exercisable options to purchase Class A Common Stock or Class B Common Stock, subject
to certain terms and conditions to be outlined in an Offer to Purchase and
related tender offer materials, which will be distributed by the proposed purchasers to certain stockholders and optionholders of Uber who are eligible
to participate in the offer. In order to be eligible to participate in the offer,
such record holders, among other eligibility requirements to be specified in
an Offer to Purchase and related tender materials, must hold, in the aggregate (on an individual shareholder basis excluding affiliated entities or commonly controlled entities), at least 10,000 shares of Uber’s capital stock and/
or vested and unvested stock options, and must be an “accredited investor”
as defined in Rule 501(a) of Regulation D promulgated under the Securities
Act of 1933, as amended. This offer, if made, and the related materials may
be communicated to eligible holders via email and/or mailing addresses on
file with Uber. Accordingly, if you currently are the record holder of at least
10,000 shares of capital stock and/or vested and unvested stock options, in
the aggregate (on an individual shareholder basis excluding affiliated entities
or commonly controlled entities) in Uber, it is your responsibility to ensure
that your contact information is updated and accurate in Uber’s records in
order to receive the notification to participate in any such offer. If you believe
that your information on file with Uber may be inaccurate or out-of-date,
please contact Uber’s stock team at TO2017@uber.com as soon as possible
to provide your updated contact information.
Totally Boring Tech Presents
That Your Loved Ones Will Adore
BY JOANNA STERN
Socks—
they’re undoubtedly the
most boring
gift of all
time, yet who
doesn’t need another pair?
That’s how to view your
technology gift giving this
year. Who doesn’t need another charging cable, more
cloud storage or better WiFi? I give you permission to
forget the drones and fancy
iPhones and give the digital
equivalent of socks.
The Gift of Security.
Teach loved ones who use
the same password everywhere to be smarter. Our favorite password manager,
Dashlane, costs $40 a year
for a multidevice plan. Put
$40 on a Visa or Amex gift
card and play Tech Support.
Explain how usernames and
passwords go into a digital
vault; the only password left
to memorize is Dashlane’s.
$40/year, dashlane.com
The Gift of Safety. Stop
that person in your life who
drives with phone in lap—or
worse, in hand. We like Best
Buy’s $20 Insignia smartphone mount. It attaches to
a windshield, but since that’s
illegal in many states, it also
comes with an air-vent
mount. A rubber holder even
keeps big-screen iPhone Plus
or Galaxy Note models secure. If you really want to be
loved, throw in a car charger. $20, bestbuy.com
Android phones) to replace
worn-out cables. Finally, get
the lipstick-size PowerCore+
Mini battery to charge up
when there’s no outlet
nearby. $11 for PowerPort
Elite 2; $10 and up for PowerLine+; $15 for PowerCore+ Mini, anker.com
The Gift of Connectivity.
Show loved ones they deserve Wi-Fi everywhere: Give
them a mesh router system.
Our current favorite, Netgear’s Orbi kits, are scalable.
With the main router in the
center of the home, place
satellites throughout the
house. Orbi routers are bigger than some rivals, but we
found they provide faster
speeds, even to those deep
dead zones. $300 and up,
netgear.com/orbi
The Gift of Cleanliness. It
would be weird to give
someone a broom or sponge,
but a microfiber cloth to
safely clean a grimy phone,
laptop or TV? Totally legit.
The 24-pack from AmazonBasics might be overkill. But
stuff them in your dearest
friends’ and family’s stockings, and they’ll thank you.
Remind them that a spritz of
water on the cloth goes a
long way—and never spray
directly on electronics. $15
for 24 microfiber cloths,
amazon.com
The Gift of Power. With
three gadgets from Anker,
you can create the ultimate
gadget power pack on the
cheap. Start with the PowerPort Elite 2 to charge two
gadgets simultaneously at
high speed. Throw in a
sturdy nylon braided PowerLine+ cord (for iPhone or
The Gift of Storage. Buy
that person who’s constantly
deleting photos at least a
year of iCloud storage. Android owners can always use
more Google Drive storage.
$3 a month for 200GB of
iCloud storage, apple.com;
$2/month for 100GB of
Google Drive, google.com
There can be no assurance that the proposed investors will make or complete
the offer discussed herein, and Uber is expressing no opinion and makes no
recommendation as to whether eligible holders should or should not participate in any such third-party offer.
NETGEAR
This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
or jurisdiction. Any offer to repurchase Uber securities will only be made
through an Offer to Purchase and related tender offer materials if and when
distributed by the proposed purchasers to eligible stockholders and optionholders of Uber.
Netgear’s Orbi routers are bigger than some rivals, but they provide faster speeds all over.
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.
Wednesday, November 22, 2017 | B5
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Activation/upgrade fee/line: $30. IMPORTANT CONSUMER INFORMATION: Subject to VZW Agmts., Calling Plan & credit approval. Offers & coverage, varying by svc., not available everywhere; see vzw.com. While supplies last. Restocking fee
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For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B6 | Wednesday, November 22, 2017
TREASURES IN HISTORY AN INVESTMENT FOR ALL TIME
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LOT 2126
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LOT 2446
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THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | B7
* * * * *
BUSINESS NEWS
Akzo Nobel NV and U.S. rival Axalta Coating Systems
said Tuesday they abandoned
talks to merge after failing to
agree on terms for the proposed tie-up.
The failure of the talks,
which was earlier reported by
The Wall Street Journal, came
after Japan’s Nippon Paint
Holdings Co. made a cash bid
for Axalta on Tuesday that
prompted the Philadelphiabased company to walk away
from Akzo, according to a person familiar with the matter.
It wasn’t clear if Nippon’s
offer will lead to a deal, but its
efforts and those of Akzo to
join forces with Axalta are part
of a broader consolidation
trend in the chemicals industry as companies seek avenues
for growth and cost savings.
Through the Axalta deal,
Akzo would have created a
multibillion-dollar paints-andcoatings giant. Industries ranging from automotive to mining
use coatings to prevent corrosion and improve durability.
The combination of the two
companies could have boosted
profit growth by lowering rawmaterial costs, eliminating
overlapping operations, expanding the combined entity’s products and adding new customers.
Now Akzo and Axalta face
that challenge as separate companies at a time of rising rawmaterial costs and sluggish demand. In the third quarter,
Amsterdam-based Akzo reported a 13% drop in adjusted
operating profit, hurt in part by
the higher raw-material costs.
Meanwhile, Axalta posted a 20%
drop in adjusted net income in
the same period, amid lower
volumes in North America.
“We remain focused on our
strategic options…to improve
profitability in the future,”
Thierry Vanlancker, Akzo’s chief
executive, said in a statement.
Before initiating merger
talks with Axalta, Akzo had in
April laid out a plan to boost
earnings and its stock price to
fend off a $28 billion takeover
attempt from U.S. rival PPG
Industries Inc. A key part of
that plan called for Akzo to
spin off its specialty-chemicals
business from its paints-andcoating operations and distribute the majority of proceeds to
shareholders. Akzo also had
targeted a boost in its return
on annual sales to about 15%
by 2020 from about 12% currently. Both plans remain in
place, a person familiar with
the matter said.
Axalta’s stock surged almost
17% to $33.15 in New York
trading when the merger discussions first leaked in late
October. The company’s stock
closed at $33.87 on Tuesday,
giving it a market value of
about $8.23 billion. That surge
suggests a negative market response to the failed talks could
put pressure on Axalta to find
an alternative partner.
Axalta signaled confidence
in its outlook despite the
breakdown in talks, noting in a
statement that it “continues to
pursue other value-creating alternatives.” Its statement
made no mention of the Nippon offer. —Dana Cimilluca
contributed to this article.
Share-sale plans are
likely to bring pressure
for cost cuts and
governance changes
BY KOSAKU NARIOKA
TOKYO—Toshiba Corp.’s
plan to sell $5.3 billion of new
shares to overseas funds secures its future but will likely
lead to demands for further
cost-cutting, unit sales and
governance changes from activist investors.
Toshiba said Sunday that it
would sell 2.3 billion shares,
equivalent to 35% of its total
shares after the new issuance,
to a few dozen foreign funds
including activists such as
Singapore-based Effissimo
Capital Management Pte Ltd.,
New York funds Elliott Management Corp. and Greenlight
Capital, Inc., and Hong Kongbased Oasis Management Co.
Japanese companies have
traditionally preferred to sell
stakes to local investors, who
tend to make fewer demands on
management than foreign investors, particularly activist funds.
Travis Lundy, an analyst at
investment research website
Smartkarma, said Toshiba’s
share-sale plan will likely help
it make necessary aggressive
restructuring. He said Toshiba
probably had no choice but to
bring in foreign capital because
it faced a March 31 deadline to
recover from over $5 billion of
negative shareholder equity or
be delisted from the Tokyo
Stock Exchange.
Toshiba intends to sell $5.3 billion in new shares to overseas funds. A television set on display at a consumer-electronics fair in August.
Toshiba signed a deal in
September to sell its flashmemory computer chip business to Bain Capital and other
investors that would raise billions of dollars, but it may
struggle to meet the March
deadline to complete the sale.
Seth Fischer, Oasis’s chief investment officer, said he wanted
to see Toshiba trim costs and
sell certain business units if the
prices were right. He said the
fund would be seeking more
management transparency after
Toshiba fell into crisis following
a series of missteps.
Once Toshiba sells its memory business, Oasis would be
looking for it to use some of
the funds to buy back shares,
Mr. Fischer said.
The share-sale deal hands
the greatest voting power to
Effissimo, which will become
the largest shareholder with
11.34% ownership and has
amassed a growing portfolio
of Japanese companies. Effissimo, which declined to com-
Amazon Launchpad Offers Lift
ment on its holdings in Asia,
pushed for greater disclosure
at Sharp Corp. during the sale
of that company last year.
Ichiro Yamada, executive
officer for equities at Fukoku
Mutual Life Insurance, which
has billions of dollars invested
in Japanese stocks, said some
foreign funds are likely anticipating restructuring and those
that have taken greater stakes
will add greater pressure on
management accordingly.
Mitsushige Akino, chief
fund manager at Ichiyoshi Asset Management said he expected more Toshiba staff cuts
and a management shake-up if
earnings don’t improve.
Elliott and Greenlight declined to comment on their
Toshiba investments. In a
statement announcing the
share-sale plan, Toshiba said it
would allow it to focus on becoming profitable.
—Gregor Stuart Hunter
in Hong Kong
contributed to this article.
Skype Is Removed
From China App Stores
BY YOKO KUBOTA
WONDER WORKSHOP
BY BEN DUMMETT
Toshiba Opens Door to Activists
TRUEBA/EPA-EFE/REX/EPA/SHUTTERSTOCK
Axalta
And Akzo
End Talks
On Merger
Wonder Workshop is working with the online retailer to boost marketing for its $200 Cue robot.
HPE
Continued from page B1
Other prominent female
tech executives don’t hold the
top rank, such as Sheryl Sandberg, the chief operating officer of Facebook Inc., and Ruth
Porat, chief financial officer at
Google parent Alphabet Inc.
Women now command 26
of the S&P 500 companies—
or 5.2% of the total, reports
Catalyst, a research group. Its
tally includes Ms. Whitman.
Ms. Whitman’s departure
from HPE has been anticipated
for months. She had initially
said she would stay five years,
but passed her sixth anniversary
in September. During her tenure,
she led a turnaround plan that
involved the largest split in corporate history, tens of thousands
of layoffs, $18 billion in writeoffs and a leadership shake-up.
There were signs Ms. Whitman was plotting her next
move. As Uber Technologies
Inc. searched for a new CEO
earlier this year, she appeared
before Uber’s board as a finalist ahead of a vote in late August, said people familiar with
the matter. Ms. Whitman denied she was ever a candidate.
Ms. Whitman had said she
wouldn’t leave until a succession
plan was in place. In July, she
promoted Mr. Neri to president.
HPE is a shadow of the
company Ms. Whitman took
over. When Ms. Whitman took
the role at the company then
known as Hewlett-Packard, it
was one of the largest tech
companies, with about $127
billion in annual revenue and
350,000 employees.
HPE—which mainly sells
corporate computing hardware
after shedding PCs and printers, outsourcing services and
software—has 52,000 employ-
ees and on Tuesday reported
2017 revenue of $28.9 billion.
Since HPE was created on
Nov. 2, 2015, the company said,
it has delivered a total shareholder return of 89%. “We’ve
worked together very closely
over the past five or six years
to restructure the company
and to create the kind of shareholder value that we’ve done,”
Ms. Whitman said of Mr. Neri.
HPE shares fell 6% to $13.27
in after-hours trading as the
company also issued a downbeat profit outlook.
The company reported
fourth-quarter profit of $524
million, 32 cents a share, up
from earnings of $165 million,
or 10 cents a share, a year earlier. Adjusted earnings fell to
31 cents a share from 61 cents
a year earlier. Revenue rose
4.6% to $7.66 billion.
—Joann S. Lublin
and Imani Moise
contributed to this article.
was earlier reported by the
New York Times.
A customer-service representative with Skype’s Chinese
website said Tuesday that the
iOS version is currently unavailable from both the app
store and the Chinese website,
and couldn’t say when or if it
would be restored.
Social-media and messaging-platform services that
have been restricted in China
include Facebook, Gmail and
Twitter—whose services aren’t
available in China unless users
access through virtual private
networks, or VPNs, which circumvent the country’s internet
filters. WhatsApp, the messaging service owned by Facebook
Inc., also faced disruptions in
September.
In China, many users have
shifted away from Skype and
instead have been using other
domestic internet platforms for
communicating, said Duncan
Clark, chairman of technology
consulting firm BDA China.
“It’s further fraying of the
seam between the Chinese internet and the global internet,”
he said.
In recent months, China has
ramped up its monitoring on
communications sites. A new
cybersecurity law, which went
into force June 1, imposed
tougher standards on companies running internet platforms
in China as the government
sought to block content that
“endangers national security,
national honor and interests.”
China’s tightening of internet control came as it moves
to monitor users and hold
them accountable should they
fail to meet regulations.
BEIJING—Skype, the internet-calling and messaging service, has been unavailable for
download from some app
stores and websites in China,
the latest disruption to online
communication tools as the
government tightens its grip
on the internet.
The app is no longer available on Apple Inc.’s Chinese
App Store through the iPhone
while the Android version is
still available on the Chinese
version of Skype’s website.
Microsoft Corp., which owns
Skype, had no immediate comment.
“We have been notified by
the Ministry of Public Security
that a number of voice over
internet protocol apps do not
comply with local law,” a
spokeswoman for Apple said.
“Therefore these apps have
been removed from the app
store in China.”
Representatives for the Ministry of Public Security couldn’t
be reached to comment.
“The iOS version of Skype
has been temporarily removed
from the app store in China,” a
Microsoft representative said,
referring to Apple’s operating
system. “We are working to
reinstate the app as soon as
possible.”
Comments on Chinese social media indicate users have
had problems downloading the
Skype app since at least late
October.
The Skype service itself remained operable in China, and
the Skype for Business app
was available for downloads.
The removal of the Skype app
SPORTS
Cowboys Owner
Stands Down on NFL
Dallas Cowboys owner Jerry
Jones said late Tuesday that he is
“standing down” from his threats
of litigation against the NFL, even
as he stepped up his criticism of
Commissioner Roger Goodell, according to a letter reviewed by
The Wall Street Journal.
Amid simmering tensions
over Mr. Goodell’s contract extension, Mr. Jones wrote that he
believes the National Football
League’s compensation committee is receiving “valuable feedback from a number of owners”
and is subsequently withdrawing
his threatened legal action over
approving the deal.
Mr. Jones said that he believes the commissioner’s performance “cannot be rewarded at
this time.”
“Our job is far from finished,”
he said, adding that he is trying
to prevent further damage beyond what has transpired since
May, when the league’s owners
unanimously approved an extension for Mr. Goodell.
Mr. Jones’s decision to withdraw his litigation threat was previously reported by USA Today.
The contents of Mr. Jones’s letter
haven’t been previously reported.
The Cowboys and NFL didn’t
immediately respond to requests
for comment about the letter.
—Andrew Beaton
CAMPBELL SOUP
A Customer Dispute
And Costs Take Toll
Campbell Soup Co. said
higher costs and a dispute with
a major customer hurt results
and extended a yearslong sales
slide as the company struggles
to diversify beyond canned soup.
Shares closed down 8.2% at
$45.84 after the food maker
said one key customer had a
“different promotional approach,” a dispute that cut into
revenue. The Wall Street Journal reported in August that
Wal-Mart Stores Inc. and
Campbell had disagreed on promotional pricing and shelf
space for canned soup.
Campbell said profit in its
first quarter was also hurt by a
weak carrot crop and higher
transportation costs after the
recent hurricanes.
In all, the company said profit
fell to $275 million, or 91 cents a
share, down from $292 million, or
94 cents a share, a year earlier.
On an adjusted basis, the company reported earnings per share
of 92 cents. Revenue fell 1.9% to
$2.16 billion. Analysts polled by
Thomson Reuters had expected
adjusted earnings per share of 97
cents on revenue of $2.17 billion.
—Austen Hufford
and Annie Gasparro
SHANNON STAPLETON/REUTERS
BUSINESS WATCH
Sneaker sales have slowed at sportswear firm Under Armour.
UNDER ARMOUR
Footwear Chief Exits
In Latest Departure
The head of Under Armour
Inc.’s footwear business is leaving, the latest in a series of senior executive departures as the
sportswear company struggles
with slowing sales of its apparel
and sneakers.
Peter Ruppe, the senior vice
president of footwear for Under
Armour for the past two years,
is leaving the company, a
spokeswoman confirmed. He will
be succeeded by Ryan Drew,
who previously served as general manager of Under Armour’s
basketball division.
Mr. Ruppe, who spent two
decades at Nike Inc. before joining Under Armour, declined to
comment.
Under Armour originated as a
sports apparel brand and has
been building up its shoe division to better compete with traditional sport footwear rivals
Nike and Adidas AG. The Baltimore-based company’s quarterly
footwear sales have slowed this
year and account for less than a
quarter of its total business.
The departure of Mr. Ruppe
follows other high-profile exits.
Under Armour’s co-founder, chief
marketing officer and the heads
of its women’s, youth and sport
fashion divisions have all left
since October.
The company this year
posted its first-ever losses and
sales declines as a public company and initiated restructuring
and layoffs in August.
Sara Germano
B8 | Wednesday, November 22, 2017
THE WALL STREET JOURNAL.
THE PROPERTY REPORT
Asians Scoop Up London Trophies
Private buyers price
institutional investors
out of the market and
reduce U.K. lending
HOUSING
Group Says Tax Bill
Will Hamper Efforts
TOLGA AKMEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY OLGA COTAGA
The ever-growing appetite
among rich Asians for trophy
assets in London is leaving
some institutional investors on
the sidelines.
Pressured by low yields and
political issues at home, cashrich private investors from
China and Hong Kong are snapping up trophy buildings in the
U.K. capital. Often prepared to
spend whatever it takes, these
wealthy investors are pricing institutional investors out of the
market. And because they don’t
need to borrow to buy, U.K.
lenders are feeling the pinch.
Of the £12.2 billion ($16.1 billion) spent on central London
offices in the first three quarters this year, almost half came
from private Chinese and Hong
Kong buyers, according to realestate consultant Knight Frank.
That is a big jump from last
year, when the group accounted
for just less than a quarter of
overall spending, and from
2015, when the figure was 7%.
“We have certainly seen this
year a rise from Asian private
investors compared with institutional investors,” said Jessica Hardman, head of U.K.
real estate at Deutsche Asset
Management.
By borrowing money at
home, Chinese and Hong Kong
investors have also pushed
down property lending in London. According to a report by
De Montfort University, the
volume of new loans in the U.K.
has fallen 18% year over year in
the first half of 2017 due to a
“slowdown in purchasing activity of new properties requiring
debt during 2017.”
U.K. institutional investors
such as asset managers are also
dialing back. In all, they have
bought £880 million of central
London real estate so far this
year, out of a total £15.68 bil-
PLOTS
& PLOYS
The building called the Cheesegrater for its shape is among City of London skyscrapers attracting wealthy buyers from Asia.
Buying Spree
Quarterly investment in London
commercial real estate from
China and Hong Kong
£3 billion
2
1
0
2013 ’14
’15
’16
’17
Note: £1 billion = $1.3 billion
Source: CoStar Group
THE WALL STREET JOURNAL.
lion spent by all investors, according to www.propertydata.com. Two years ago, U.K.
institutions bought £2.89 billion of property.
J.P. Morgan Asset Manage-
ment is one of the institutional
investors staying on the sidelines. “London is a two-tier market right now—the Asian investors and everybody else,” said
Joe Valente, head of research
and strategy of European real
estate at J.P. Morgan Asset Management, adding that the firm is
waiting for the prices to fall before entering the market again.
With Beijing trying to control how much money goes out
of the country, Chinese institutional investors have been replaced by private investors, often using Hong Kong stock
exchange-listed vehicles to
take advantage of the looser
capital controls in Hong Kong.
And since private investors
don’t usually go through traditional asset managers, who
manage institutional money,
asset managers have taken a
hit, according to Nick Braybrook, head of City of London
investment at real-estate consultant Knight Frank.
“We are seeing that a num-
ber of buyers coming from
China and Hong Kong are taking on the responsibility of
buying and asset-managing
themselves,” said Chris Gilchrist-Fisher, senior director at
CBRE Global Investors. The majority of these buyers recently
have been family offices rather
than institutions, he said.
One such family office is
Hong Kong-based Lee Kum
Kee Group. Through investment vehicle LKK Health
Products Group, it said in July
that it was buying one of London’s most recognizable buildings, known as the Walkie
Talkie because of its shape, for
£1.28 billion. It was LKK’s first
real-estate purchase in Europe.
Another London landmark,
the Leadenhall Building, otherwise known as the Cheesegrater, was sold for £1.15 billion to CC Land Holdings Ltd.,
backed by a Hong Kong property owner. The difference between the winning bid and the
next highest was £100 million,
according to J.P. Morgan’s Mr.
Valente. That next highest bid
was from an institutional investor, he said.
Asians are buying real estate all over Europe, and their
investment is expected to
more than double in 2017 from
last year, according to real-estate adviser Savills. The U.K.
remains their main market in
part because U.K. commercial
real-estate yields are almost
twice those in Asia.
Another reason is relative
political certainty. Even with
Britain’s departure from the European Union approaching, “the
political haven that the U.K. offers means they will pay a little
more for these assets than domestic investors would do,” said
Hayley Scott, from the structured property finance team at
financial-services firm Investec.
Still, these investors are
generally looking at key London locations and are willing
to buy mostly the best central
London buildings.
A nonprofit that offers housing and services to veterans purchased a 528-unit portfolio in
suburban Chicago, but officials
said similar deals could be imperiled by the House tax-overhaul bill passed last week.
Florida-based Invest in America’s Veterans Foundation financed the purchase this week
of the roughly $51 million portfolio using tax-exempt private
activity bonds, which the tax bill
would eliminate.
Ralph Santillo, who founded
Invest in America’s Veterans
Foundation, said the group is
stepping up its pace of acquisitions. The model, however, relies
on tax-exempt bonds.
“If the private activity bond
program goes away, it puts a
major complication in our efforts
to service veterans,” said Christopher Walker, a board member
for the foundation.
—Laura Kusisto
HUDSON BAY
Saks Owner Defends
Hurricane Repairs
Hudson Bay Co., the owner
of Saks Fifth Avenue, said in a
Monday court filing in Puerto
Rico that it has taken steps to
rebuild a store damaged by Hurricane Maria, denying allegations
in a lawsuit that the company is
dragging its feet.
Taubman Centers Inc., Saks’
landlord in the Mall of San Juan,
is seeking an injunction to compel Saks to repair its property,
noting in a court filing that minimal work has been done and
that it had yet to see “a meaningful effort to restore the
store.”
In a motion to oppose the injunction, Saks said it had “immediately carried out multiple procedures” aimed at rebuilding its
store. Taubman on Tuesday said
that it stands behind its lawsuit.
—Esther Fung
Real-Estate Industry Explores Use of ‘Blockchain’ Technology
BY PETER GRANT
The real-estate industry is
taking its first steps in adopting cryptocurrencies and the
technology that backs them in
what could lead to important
changes in the way property is
bought and sold.
While noticeable differences might be years or even
decades away, several U.S.
states already have changed
laws to allow use of the technology in property deals.
The real-estate industry is
mostly focused on how “blockchain” technology could affect
the way property titles are recorded and transferred in the
sales process. Blockchain acts
as a ledger for who owns a
particular bitcoin or other
cryptocurrency. Proponents
say it can be applied to the
process for recording and
transferring property titles,
providing an efficient and secure way to track who owns a
piece of land, an office building or a home.
“If you were to design a [title] system today, it would
look a lot more like what people are talking about in terms
of recording electronically and
through something like the
blockchain than the system we
have in place now,” said Michael Pieciak, commissioner of
financial regulations for Vermont, one of the most aggressive U.S. states in adopting the
technology.
Some real-estate companies
also are beginning to experiment with using cryptocurrencies for such things as rental
payments or even property
purchases.
ManageGo, a New Yorkbased company that provides
technology to residential property managers, plans to begin
supporting the payment of
rent with virtual money early
next year, according to Chaim
Lowenstein, a ManageGo vice
president. The apartmentbuilding managers who use
ManageGo will be able to offer
their tenants the option of using bitcoin or two other cryptocurrencies, ethereum and
litecoin, to pay rent.
The impact of blockchain
could be biggest in the multibillion-dollar industry that
provides title insurance and
plays an integral role in most
real-estate sales.
Steven Gottheim, senior
counsel of the American Land
Title Association, said initial
tests of the use of blockchain
technology for title recording
by IBM and startups like R3
3,600
Number of jurisdictions in the U.S.
in which property titles are filed
CEV look promising. But he
noted that enormous hurdles
remain, and businesses are in
the “really early stages of trying to figure out if this is hype
or reality.”
The traditional system of
recording property ownership
has been centuries in the making. In the U.S., property titles
are public documents recorded
with roughly 3,600 counties,
towns and other jurisdictions.
In some cases, the record is
available only in writing and
can be viewed only by visiting
a town clerk’s office.
Title-insurance companies
essentially guarantee property
owners that their ownership
claim to a property is solid. If
it isn’t the insurers cover the
loss. Blockchain potentially
could do this much more efficiently. “That would be a great
thing if we could have all records digitized and available
online and available in a lowcost and speedy way of finding
them, searching and analyzing
them,” Mr. Gottheim said.
A number of startups have
jumped into this arena. For example, last year, Amsterdambased Bitfury Group said it
had an agreement with the Republic of Georgia to develop a
land-titling registry using
blockchain technology.
Several state governments
in the U.S. also are paving the
way for the new approach.
Earlier this year, Arizona Gov.
Doug Ducey signed legislation
that enables local municipalities to substitute blockchain
technology for the conventional method of recording
property ownership and sales.
Last year, Vermont enacted
a law that said that transactions recorded with blockchain
technology “have the presumption of admissibility from
an evidentiary perspective,”
Mr. Pieciak said.
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Wednesday, November 22, 2017 | B9
THE WALL STREET JOURNAL.
THE PROPERTY REPORT
Mall Owners Boost Holiday Spending
BY ESTHER FUNG
The biggest mall and mixeduse center landlords across
the U.S. are digging deep into
their pockets to attract customers this holiday season,
rolling out everything from
winter castles and Santa visits
to gingerbread-making classes
and temporary skating rinks.
But they are under no illusion
their efforts will bring windfalls
to them or their tenants.
Fully aware that most consumers nowadays intend to do
at least some portion of their
holiday shopping online, many
landlords will be happy if the
people coming in to ice skate
make a few impulse purchases
along the way.
“You do have to make a certain amount of investment,”
said Barbara Garrett, general
manager of mixed-use project
Atlantic Station in Atlanta,
which opened a seasonal outdoor ice-skating rink and held
a Santa parade at its outdoor
retail center on Saturday. The
owner, property giant Hines,
has been spending more in recent years for its Christmas
events and décor, but believes
it is worth it, Ms. Garrett said.
Landlords are investing
more these days to spruce up
their properties to differentiate themselves from others
and from online shopping
channels their tenants also are
promoting. Relying on Black
Friday to generate buzz isn’t
enough any longer, especially
since it has been losing its relevance as retailers roll out
discounts earlier in November.
“We don’t see those long
lines at 3 a.m. anymore,” said
Ms. Garrett. But “if I can get
you here, you’re most likely to
visit other stores or stay and
watch a movie.”
Individual malls often
spend $150,000 to $500,000
on holiday decorations, said
Greg Maloney, chief executive
officer of JLL’s retail business
in the Americas.
“People want to be festive.
They want to be entertained,”
said Mr. Maloney. “When we
started pulling back [on
Christmas décor and events]
we got a backlash.”
An estimated 164 million
Americans plan to shop during
Thanksgiving weekend, according to the National Retail
Federation’s annual survey
conducted by Prosper Insights
& Analytics, up from 154.4 million last year. Some 54% of
consumers plan to spend
about the same amount of
money as last year, while 24%
plan to spend more. Survey respondents said they plan to
spread their holiday purchases
across different channels, in-
164M
Number of Americans planning to
shop over Thanksgiving weekend
cluding online sites, department stores and other stores.
The retailers themselves
have asked landlords for more
cosmetic upgrading to their
stores before Black Friday,
such as lighting fixtures or a
fresh coat of paint to make
their stores brighter, especially the area where the cash
registers are located, said Bill
Hayden, chief executive officer
at FacilitySource, a facilities
management company that
oversees 120,000 stores across
the U.S. for more than 80 retailers.
This year, there was an 8%
to 10% increase over last year
in holiday preparation work
orders, Mr. Hayden said.
Landlords of lower-tier
malls in less well-off places
can’t invest as much on elaborate Christmas décor or
events, which in turn could accelerate their spiral into irrelevance, especially if they are
competing with newer retail
centers nearby that have
flashier offerings.
But owners of “A-class”
malls and more productive
mixed-use centers have resources to be more creative.
Rather than a single-minded
goal of increasing sales per
square foot, these landlords
said their focus is on creating
loyal customers.
At North Hills, a mixed-use
property with an open air mall
in Raleigh, N.C., the tree-lighting ceremony on Saturday
drew an estimated 10,000 people, according to its owner,
Kane Realty Corp. The landlord is also organizing holidaythemed cooking classes for
families and pet adoption
drives in its pop-up shop area
to draw foot traffic.
“Does it drive sales when
they are here? Maybe, maybe
not,” said John Kane, chief executive officer of Kane Realty.
“But it gets people in the habit
of coming here.”
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THE WALL STREET JOURNAL.
NY
COMMODITIES
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Exchange-Traded Portfolios | WSJ.com/ETFresearch
Largest 100 exchange-traded funds, latest session
ETF
Tuesday, November 21, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
AMLP 10.11
XLY 94.30
XLP
54.88
XLE
67.42
XLF
26.36
RSP 97.98
XLV 81.61
XLI
71.33
CIU 109.43
CSJ 104.79
IEI
122.61
–1.37 –19.8
0.62
0.33
15.8
6.1
0.22 –10.5
0.30
13.4
0.37
13.1
0.88
18.4
0.72
14.6
0.06
1.1
0.03
–0.1
–0.08
0.1
Closing Chg YTD
Symbol Price (%) (%)
ETF
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
Closing Chg YTD
Symbol Price (%) (%)
ETF
65.27
57.49
62.66
261.73
185.65
76.22
59.64
109.36
95.62
71.97
51.99
12.30
120.86
0.74
1.25
0.89
0.65
0.64
1.36
0.73
0.10
0.27
0.45
0.58
0.16
0.33
21.7
35.4
24.1
16.3
12.3
10.8
16.3
1.2
8.0
17.6
15.0
11.0
3.1
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
87.67
115.37
106.58
71.06
40.43
69.58
63.16
47.69
43.22
59.52
310.71
110.52
132.42
144.82
119.92
0.21
0.14
–0.01
0.77
0.60
0.75
0.89
1.34
0.58
0.92
0.77
–0.03
0.91
0.65
0.42
1.3
4.7
0.2
20.1
21.3
20.5
26.7
36.2
24.9
21.8
17.1
2.2
26.2
16.4
7.0
Closing Chg YTD
Symbol Price (%) (%)
ETF
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
184.48
151.09
125.10
154.29
203.63
86.66
212.95
150.51
109.66
38.54
113.94
84.03
106.03
126.74
118.65
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Career Opportunities
To advertise: 800-366-3975 or WSJ.com/classifieds
1.23
1.04
0.85
0.67
0.51
0.36
0.67
0.84
0.38
0.05
–0.01
–0.02
0.02
0.32
0.52
19.8
12.0
5.2
16.0
13.8
7.7
16.9
23.6
8.2
3.6
0.7
–0.5
1.2
6.4
21.8
Closing Chg YTD
Symbol Price (%) (%)
ETF
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
MDY
SPY
SDY
XLK
XLU
101.76
155.50
47.31
23.03
36.88
121.51
34.15
62.96
62.16
235.73
338.41
259.99
93.54
64.26
55.79
–0.01
1.09
0.49
0.13
0.19
0.16
0.65
0.67
0.65
0.67
0.64
0.65
0.42
1.05
0.27
0.4
31.2
13.8
–1.4
1.2
10.9
23.4
16.2
16.7
19.4
12.2
16.3
9.3
32.9
14.9
To advertise: 800-366-3975 or WSJ.com/classifieds
BUSINESS OPPORTUNITIES
CAREERS
CAREERS
Associate Regional Director
Choose an employer of choice! Ranked #1 in global satisfaction across federal agencies and ranked in the Top 10 Best Places to Workfor mid-size federal agencies (recognized by the Partnership for Public Service)! The U.S. Securities and Exchange Commission is looking for the best and brightest to join our team. This position will serve as the
New York Associate Regional Director for the Office of Compliance Inspections and
Examinations (OCIE) and will be responsible for the principal functions of this office to
include: inspection of investment companies and investment advisers; interpretations
regarding the application and meaning of Commission rules and regulations; investigation of possible violations of the federal securities laws; and assistance to
United States Attorneys in the prosecution of criminal cases. Salary: $185,454 $245,830. All applicants must apply online by December 1, 2017.
For more details and to apply online visit: https://go.usa.gov/xnBHr
CAREERS
CAREERS
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BUSINESS OPPORTUNITIES
PARTNER WITH A
PHYSICIAN’S OFFICE
FDA APPROVED MEDICAL DEVICE
EARN ON EVERY PATIENT TESTED
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CALL TODAY! (877) 670-1134
Answered 7 days a week
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Business Opportunity
Franchisor looking for investor or partner.
Great concept, call for more information.
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CAPITAL WANTED
CAPITAL WANTED
SHORT TERM MORTGAGES-EARN 15%-17%
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§ 3 – 6 month bridge loans needed for our
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Call: 401.421.0968
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Closing Chg YTD
Symbol Price (%) (%)
ETF
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
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
22.72
167.25
129.86
159.54
98.44
44.29
45.62
57.98
54.13
139.08
152.13
82.96
84.17
87.52
119.46
151.37
107.61
85.03
238.79
79.37
79.57
145.50
81.71
55.05
56.23
133.90
72.88
102.15
64.80
58.17
31.87
0.80
1.23
0.59
1.09
0.70
0.77
1.24
0.62
0.84
0.92
0.89
0.40
0.07
0.15
0.68
0.44
0.31
0.75
0.67
–0.03
...
0.85
0.09
0.09
0.81
0.69
0.79
0.39
0.54
0.81
0.57
8.6
37.7
7.3
19.8
15.6
21.2
27.5
20.9
22.5
24.8
20.0
9.5
1.3
2.1
16.7
15.0
10.7
3.0
16.3
–0.1
0.3
12.8
1.1
1.4
22.6
16.1
19.5
9.8
12.9
17.4
13.6
Cash Prices
Tuesday, November 21, 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.
Tuesday
Energy
1.0000
1.0383
3.050
2.990
3.060
2.660
2.720
2.430
2.920
59.850
12.100
Propane,tet,Mont Belvieu-g
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
NaturalGas,TranscoZone3-i
NaturalGas,TranscoZone6NY-i
NaturalGas,PanhandleEast-i
NaturalGas,Opal-i
NaturalGas,MarcellusNE PA-i
NaturalGas,HaynesvilleN.LA-i
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
Metals
Gold, per troy oz
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
1279.82
1375.81
1283.30
1424.46
*1292.35
*1286.20
1333.49
1346.31
1346.31
1553.95
1259.81
1346.31
Silver, troy oz.
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
16.9500
20.3400
17.0150
21.2690
£12.8500
17.0000
12806
Other metals
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Phelps County Regional Medical
Center in Rolla , MO is looking for a
General Cardiologist.
Send CV to Beth Hedrick
ehedrick@pcrmc.com
LBMA Platinum Price PM
*935.0
Platinum,Engelhard industrial
930.0
Platinum,Engelhard fabricated
1030.0
Palladium,Engelhard industrial
999.0
Palladium,Engelhard fabricated
1099.0
Aluminum, LME, $ per metric ton
*2067.5
Copper,Comex spot
3.1255
Iron Ore, 62% Fe CFR China-s
64.0
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
627
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
0.6200
0.6939
*80.05
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
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
n.a.
93
3.1900
95.8
485.1
230
95
218
2.8825
374.00
25.00
7.6338
314.80
9.5000
7.6700
4.3550
3.8275
5.2600
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
188.57
170.65
0.8580
2.2125
167.50
160.50
70.50
2381
1.2127
1.4133
1.5750
15.65
0.80
63.93
1.4709
0.8450
117.98
166.38
Fats and Oils
Corn oil,crude wet/dry mill-u,w
Grease,choice white,Chicago-h
Lard,Chicago-u
Soybean oil,crude;Centl IL-u
Tallow,bleach;Chicago-h
Tallow,edible,Chicago-u
34.8500
0.2500
n.a.
0.3330
0.2650
0.3400
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 11/20
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | B11
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.
Tuesday, November 21, 2017
Stock
NYSE
s
s
s
s
s
s
s
s
s
s
s
Stock
Net
Sym Close Chg
t
ABB
ABB 25.55 0.17
AECOM
ACM 36.65 0.65
AES
AES 10.63 0.03
Aflac
AFL 85.08 0.40
AT&T
T
34.33 -0.31
AbbottLabs ABT 56.12 0.83
AbbVie
ABBV 94.68 1.08
Accenture
ACN 148.01 1.44
AcuityBrands AYI 162.47 0.29
Adient
ADNT 77.86 -0.21
AdvanceAuto AAP 88.93 -2.50
AdvSemiEngg ASX
6.27 0.06
Aegon
AEG
6.02 0.03
AerCap
AER 50.71 -0.16
Aetna
AET 176.45 1.51
AffiliatedMgrs AMG 190.33 3.65
AgilentTechs A
69.91 -0.05
AgnicoEagle AEM 44.45 0.46
Agrium
AGU 108.22 1.46
AirProducts APD 162.29 0.72
AlaskaAir
ALK 66.19 0.09
Albemarle
ALB 136.70 1.30
Alcoa
AA
41.39 -0.82
AlexandriaRlEst ARE 127.96 1.71
Alibaba
BABA 190.90 2.90
Alleghany
Y
557.78 -2.64
Allegion
ALLE 83.40 0.16
Allergan
AGN 170.67 -0.45
AllianceData ADS 223.84 -0.83
AlliantEnergy LNT 44.15 -0.11
Allstate
ALL 99.70 -0.62
AllyFinancial ALLY 26.39 -0.26
AlticeUSA
ATUS 20.10 -0.38
Altria
MO 65.65 -0.18
AlumofChina ACH 16.78 0.36
Ambev
ABEV 6.35 0.08
Ameren
AEE 63.16
...
AmericaMovil AMX 17.35 0.31
AmericaMovil A AMOV 17.14 0.19
AmCampus ACC 42.51 0.60
AEP
AEP 76.77 0.33
AmerExpress AXP 94.41 0.46
AmericanFin AFG 102.47 -0.07
AmerHomes4Rent AMH 21.85 0.20
AIG
AIG 59.63 -0.06
AmerTowerREIT AMT 146.59 0.37
AmerWaterWorks AWK 88.58 0.20
Ameriprise AMP 159.76 -0.89
AmerisourceBrgn ABC 79.46 2.00
Ametek
AME 70.35 -0.31
Amphenol
APH 90.84 0.96
AnadarkoPetrol APC 48.02 -0.29
Andeavor
ANDV 105.34 0.23
AndeavorLog ANDX 43.88 -0.87
AB InBev
BUD 115.62 0.09
AnnalyCap
NLY 11.82 0.09
AnteroResources AR
18.78 -0.04
Anthem
ANTM 220.02 0.52
Aon
AON 141.44 -0.61
Apache
APA 41.44 0.37
ApartmtInv AIV 44.92 0.67
ApolloGlbMgmt APO 30.16 0.24
AquaAmerica WTR 36.45 0.22
Aramark
ARMK 41.26 0.09
ArcelorMittal MT
28.93 0.63
ArcherDaniels ADM 39.34 0.14
Arconic
ARNC 23.74 -0.15
AristaNetworks ANET 241.43 -0.40
ArrowElec
ARW 78.96 0.41
AstraZeneca AZN 33.73 0.35
Athene
ATH 49.23 0.15
AtmosEnergy ATO 89.42 0.31
Autohome ATHM 63.50 3.15
Autoliv
ALV 123.78 1.33
AutoZone
AZO 632.40 -2.25
Avalonbay
AVB 185.02 1.08
Avangrid
AGR 51.69 0.34
AveryDennison AVY 110.42 -0.28
AxaltaCoating AXTA 33.87 0.33
BB&T
BBT 46.57 -0.41
BCE
BCE 48.24 -0.01
BHPBilliton BHP 41.66 0.54
BHPBilliton BBL 36.79 0.57
BP
BP
39.13 0.13
BRF
BRFS 12.93 -0.19
BT Group
BT
16.42 -0.06
BWX Tech
BWXT 60.80 0.69
BakerHughes BHGE 30.66 0.22
Ball
BLL 39.60 -0.14
BancoBilbaoViz BBVA 8.26 -0.10
BancodeChile BCH 85.09 0.91
BancoMacro BMA 96.68 -2.33
BcoSantChile BSAC 29.26 0.59
BancoSantander SAN
6.40 -0.02
BanColombia CIB
39.26 0.41
BankofAmerica BAC 26.73 -0.01
BankofMontreal BMO 77.58 0.25
BankNY Mellon BK
52.42 -0.10
BkNovaScotia BNS 65.82 -0.46
Barclays
BCS 10.00 0.03
Bard CR
BCR 336.66 3.37
BarrickGold ABX 13.92 0.02
BaxterIntl
BAX 64.25 0.37
BectonDicknsn BDX 226.83 5.33
Berkley
WRB 67.00 0.06
BerkHathwy A BRK.A 2750002995.00
BerkHathwy B BRK.B 183.18 1.55
BerryGlobal BERY 59.95 0.50
BestBuy
BBY 56.06 -0.29
Bio-RadLab A BIO 255.68 0.39
BlackKnight BKI
46.20 0.40
BlackBerry
BB
10.54 0.30
BlackRock
BLK 481.36 6.59
Blackstone
BX
31.88 0.05
Boeing
BA 266.99 2.36
BorgWarner BWA 52.65 0.30
BostonProps BXP 125.20 0.63
BostonSci
BSX 28.80 0.45
Braskem
BAK 29.21 0.16
Bristol-Myers BMY 61.24 0.44
BritishAmTob BTI
67.41 1.28
BrixmorProp BRX 18.56
...
BroadridgeFinl BR
90.70 0.88
BrookfieldMgt BAM 41.37 0.03
BrookfieldInfr BIP
43.17 -0.11
Brown&Brown BRO 50.51 0.24
s
s
t
s
s
s
s
s
s
s
s
t
Net
Sym Close Chg
Brown-Forman A BF.A 59.10
Brown-Forman B BF.B 58.87
BuckeyePtrs BPL 46.02
Bunge
BG
65.30
BurlingtonStrs BURL 104.94
CBD Pao
CBD 22.73
CBRE Group CBG 42.82
CBS A
CBS.A 57.95
CBS B
CBS 56.74
CF Industries CF
36.45
CGI Group
GIB
53.86
CIT Group
CIT
47.61
CMS Energy CMS 49.48
CNA Fin
CNA 53.49
CNOOC
CEO 136.26
CPFLEnergia CPL 16.86
CRH
CRH 35.34
CVS Health CVS 71.50
CabotOil
COG 29.07
CalAtlantic
CAA 53.78
CamdenProperty CPT 93.82
CampbellSoup CPB 45.84
CIBC
CM
89.79
CanNtlRlwy CNI
79.77
CanNaturalRes CNQ 34.29
CanPacRlwy CP 170.50
Canon
CAJ 38.48
CapitalOne COF 87.95
CardinalHealth CAH 55.72
Carlisle
CSL 110.54
CarMax
KMX 68.75
Carnival
CCL 67.00
Carnival
CUK 67.38
Caterpillar
CAT 137.60
Celanese A CE 107.08
Cemex
CX
7.82
CenovusEnergy CVE
9.61
Centene
CNC 93.92
CenterPointEner CNP 29.09
CentraisElBras EBR
6.18
CenturyLink CTL 14.53
Chemours
CC
52.97
Chevron
CVX 115.17
ChinaEastrnAir CEA 28.41
ChinaLifeIns LFC 17.71
ChinaMobile CHL 50.37
ChinaPetrol SNP 70.81
ChinaSoAirlines ZNH 43.67
ChinaTelecom CHA 49.26
ChinaUnicom CHU 15.01
Chipotle
CMG 279.51
Chubb
CB 149.18
ChunghwaTel CHT 34.20
Church&Dwight CHD 44.80
Cigna
CI
201.99
CimarexEnergy XEC 114.96
Citigroup
C
72.38
CitizensFin CFG 37.90
Clorox
CLX 135.15
Coca-Cola
KO
45.78
Coca-Cola Euro CCE 38.09
Coca-Cola Femsa KOF 68.90
ColgatePalm CL
72.22
ColonyNorthStar CLNS 12.23
Comerica
CMA 79.40
SABESP
SBS
9.95
ConagraBrands CAG 35.54
ConchoRscs CXO 139.63
ConocoPhillips COP 50.01
ConEd
ED
86.48
ConstBrands A STZ 219.76
ContinentalRscs CLR 45.54
Cooper
COO 240.11
Copa
CPA 137.68
Corning
GLW 31.93
Coty
COTY 16.87
Credicorp
BAP 212.07
CreditSuisse CS
16.40
CrownCastle CCI 112.11
CrownHoldings CCK 59.04
Cullen/Frost CFR 96.48
Cummins
CMI 160.64
DTE Energy DTE 112.64
DXC Tech
DXC 99.02
Danaher
DHR 94.18
Darden
DRI 80.33
DaVita
DVA 55.17
Deere
DE 139.23
DellTechs
DVMT 82.23
DelphiAuto DLPH 102.00
DeltaAir
DAL 50.67
DeutscheBank DB
19.01
DevonEnergy DVN 37.55
Diageo
DEO 137.92
DigitalRealty DLR 118.28
DiscoverFinSvcs DFS 65.64
Disney
DIS 103.00
DolbyLab
DLB 62.47
DollarGeneral DG
86.65
DominionEner D
81.37
Domino's
DPZ 176.88
Donaldson
DCI
47.55
DouglasEmmett DEI
41.02
Dover
DOV 94.79
DowDuPont DWDP 71.26
DrPepperSnap DPS 87.03
DrReddy'sLab RDY 36.80
DukeEnergy DUK 88.81
DukeRealty DRE 29.30
ENI
E
32.59
EOG Rscs
EOG 101.66
EQT
EQT 58.32
EastmanChem EMN 91.01
Eaton
ETN 76.30
EatonVance EV
52.18
Ecolab
ECL 132.45
Ecopetrol
EC
11.56
EdisonInt
EIX
80.22
EdwardsLife EW 109.52
EmersonElec EMR 60.35
EnbridgeEnPtrs EEP 12.85
Enbridge
ENB 36.80
Encana
ECA 11.64
EnelAmericas ENIA 10.10
EnelGenChile EOCC 25.77
EnergyTransferEq ETE 16.05
EnergyTransfer ETP 16.33
Entergy
ETR 85.61
EnterpriseProd EPD 24.36
-0.21
0.02
-1.39
...
-1.61
0.27
0.02
0.15
0.81
0.67
0.75
-1.02
0.07
-0.08
1.78
-0.04
-0.89
1.12
0.06
1.25
0.82
-4.09
-0.05
0.27
0.31
2.87
0.13
-0.32
0.72
0.68
-0.87
0.87
0.92
0.69
1.32
0.03
-0.15
0.14
-0.03
-0.12
-0.27
1.04
0.45
0.62
0.59
0.14
0.81
0.34
0.12
0.12
-3.74
0.18
0.26
0.12
2.58
-0.32
0.33
-0.35
0.56
0.32
-0.33
1.81
0.15
0.07
-0.40
0.22
-0.23
0.60
-0.07
0.48
2.18
0.29
0.17
2.96
0.20
-0.23
2.11
0.28
1.63
0.11
0.67
0.84
0.41
1.11
0.50
-1.96
0.41
2.31
0.97
-0.14
0.88
-0.16
0.14
0.76
0.87
0.17
0.25
0.60
-0.29
0.22
-0.89
0.22
0.36
0.15
0.41
-0.20
1.52
0.15
0.39
0.26
0.22
-1.01
0.96
0.61
-0.09
0.32
0.06
-0.21
2.36
0.09
-0.42
0.93
0.01
0.21
0.37
-0.13
-0.38
-0.04
-0.20
Stock
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
Net
Sym Close Chg
Equifax
EFX 110.71
EquityLife
ELS 90.66
EquityResdntl EQR 68.10
EssexProp
ESS 252.11
EsteeLauder EL 125.50
EverestRe
RE 222.25
EversourceEner ES
63.93
Exelon
EXC 41.39
ExtraSpaceSt EXR 87.66
ExxonMobil XOM 80.87
FMC
FMC 94.42
FactSet
FDS 196.76
FederalRealty FRT 131.60
FedEx
FDX 217.32
Ferrari
RACE 111.49
FiatChrysler FCAU 17.91
FibriaCelulose FBR 16.34
FidNatlFin
FNF 40.49
FidNatlInfo FIS
91.74
58.com
WUBA 78.54
FirstAmerFin FAF 55.10
FirstData
FDC 16.77
FirstRepBank FRC 92.79
FirstEnergy FE
34.23
FleetCorTech FLT 179.92
Fluor
FLR 47.56
FomentoEconMex FMX 88.85
FordMotor
F
12.12
ForestCIty A FCE.A 25.27
Fortis
FTS 37.25
Fortive
FTV 72.45
FortBrandsHome FBHS 65.37
Franco-Nevada FNV 84.08
FranklinRscs BEN 41.58
FreeportMcM FCX 14.15
FreseniusMed FMS 49.13
GGP
GGP 23.35
Gallagher
AJG 66.96
Gap
GPS 29.71
GardnerDenver GDI 30.73
Gartner
IT
117.19
Gazit-Globe GZT 9.88
GeneralDynamics GD 200.10
GeneralElec GE
17.83
GeneralMills GIS
53.52
GeneralMotors GM
44.97
Genpact
G
31.44
GenuineParts GPC 85.95
Gildan
GIL
31.30
GSK
GSK 34.81
GlobalPayments GPN 103.21
GoDaddy
GDDY 50.49
Goldcorp
GG
13.23
GoldmanSachs GS 238.02
Graco
GGG 132.10
Grainger
GWW 199.63
GreatPlainsEner GXP 34.14
GrubHub
GRUB 66.79
GpoAvalAcc AVAL 8.51
GpFinSantMex BSMX 8.17
GrupoTelevisa TV
18.70
Guidewire
GWRE 82.04
HCA Healthcare HCA 75.89
HCP
HCP 26.80
HDFC Bank HDB 96.68
HP
HPQ 22.46
HSBC
HSBC 48.35
Halliburton HAL 41.17
Hanesbrands HBI 19.51
HarleyDavidson HOG 46.68
Harris
HRS 144.00
HartfordFinl HIG 56.09
HealthcareAmer HTA 30.95
Heico
HEI
92.25
Heico A
HEI.A 77.00
Helm&Payne HP
55.84
Herbalife
HLF 67.22
Hershey
HSY 108.51
Hess
HES 43.07
HewlettPackard HPE 14.12
Hilton
HLT 75.64
HollyFrontier HFC 44.79
HomeDepot HD 172.86
HondaMotor HMC 33.12
Honeywell
HON 149.35
HormelFoods HRL 34.52
DR Horton
DHI 49.35
HostHotels HST 19.79
HuanengPower HNP 27.25
Hubbell
HUBB 120.16
Humana
HUM 236.42
HuntingIngalls HII 236.64
Huntsman
HUN 31.00
HyattHotels H
70.65
ICICI Bank
IBN
9.73
ING Groep
ING 17.79
Invesco
IVZ
35.63
IQVIA
IQV 104.36
IDEX
IEX 130.12
IllinoisToolWks ITW 159.46
Infosys
INFY 15.12
Ingersoll-Rand IR
85.28
Ingredion
INGR 134.93
ICE
ICE
68.28
InterContinentl IHG 57.41
IBM
IBM 151.95
IntlFlavors
IFF 151.71
IntlGameTech IGT
28.51
IntlPaper
IP
54.71
Interpublic
IPG
18.72
InvitatHomes INVH 23.37
IronMountain IRM 41.35
IsraelChemicals ICL
3.92
ItauUnibanco ITUB 13.24
JPMorganChase JPM 98.93
JacobsEngg JEC 64.86
JamesHardie JHX 16.42
JanusHenderson JHG 36.36
J&J
JNJ 138.34
JohnsonControls JCI
36.00
JonesLang
JLL 150.23
JuniperNetworks JNPR 26.98
KAR Auction KAR 48.28
KB Fin
KB
51.39
KKR
KKR 19.50
KT
KT
14.25
KSCitySouthern KSU 104.94
Kellogg
K
64.35
KeyCorp
KEY 18.28
-0.20
1.39
0.18
1.90
0.32
-1.59
0.09
0.04
0.31
0.32
1.75
0.42
0.36
0.07
1.31
0.38
0.25
0.79
-0.23
2.64
0.48
0.15
-0.26
-0.32
1.19
0.78
2.38
-0.01
0.03
0.16
-0.36
0.50
0.06
0.82
0.20
0.54
-0.08
0.95
-0.22
0.16
0.57
0.17
1.36
-0.15
-0.72
0.09
0.17
-0.31
0.14
-0.31
2.13
0.31
-0.05
-0.11
0.62
0.01
0.15
1.76
0.03
0.06
0.11
0.16
1.28
...
0.16
0.34
0.01
-0.40
-0.24
-0.08
2.08
0.24
0.52
0.57
0.55
0.29
1.11
-0.93
-0.49
0.03
1.33
0.49
2.41
0.20
1.41
1.12
1.15
0.09
0.25
-0.29
2.94
2.29
0.28
0.68
0.11
-0.07
0.17
0.46
1.07
0.61
0.04
0.55
0.56
0.20
0.31
1.44
1.77
0.01
0.56
-0.19
0.55
0.43
...
0.07
-0.08
5.52
0.32
0.34
0.41
-0.06
-0.27
0.01
0.33
-0.48
...
0.05
1.15
-1.21
-0.18
Tuesday, November 21, 2017
Net YTD
Net YTD
NAV Chg % Ret Fund
NAV Chg % Ret
IntSmVa
23.17 +0.14
A
US CoreEq1
22.28 +0.15
American Century Inv
US CoreEq2 21.14 +0.14
45.66 +0.48 30.9 US Small
Ultra
36.82 +0.37
American Funds Cl A
US SmCpVal 39.07 +0.33
32.15 +0.19 19.8 US TgdVal
AmcpA p
25.34 +0.19
41.33 +0.23 13.9 USLgVa
AMutlA p
39.25 +0.20
27.55 +0.12 12.7 Dodge & Cox
BalA p
12.91
... 3.1 Balanced
BondA p
109.27 +0.36
62.94 +0.28 11.9 GblStock
CapIBA p
13.97 +0.08
52.78 +0.49 22.3 Income
CapWGrA
13.82 +0.01
58.02 +0.68 31.3 Intl Stk
EupacA p
46.48 +0.27
63.93 +0.46 19.6 Stock
FdInvA p
202.60 +1.12
52.01 +0.45 23.7 DoubleLine Funds
GwthA p
10.40 +0.02 6.3 TotRetBdI
HI TrA p
10.67
...
41.29 +0.28 15.3
ICAA p
E
23.42 +0.10 10.5
IncoA p
45.63 +0.49 29.2 Edgewood Growth Instituti
N PerA p
48.91 +0.64 36.1 EdgewoodGrInst 29.88 +0.25
NEcoA p
67.93 +0.85 32.0
NwWrldA
57.32 +0.53 24.7
SmCpA p
F
13.00 -0.02 4.9 Federated Instl
TxExA p
45.50 +0.28 15.4 StraValDivIS
WshA p
6.41 +0.02
Fidelity
B
AggBdInst
CorBdInst
10.89
11.25
BlackRock Funds A
20.30
GlblAlloc p
BlackRock Funds Inst
23.02
EqtyDivd
GlblAlloc
20.44
7.81
HiYldBd
StratIncOpptyIns 9.93
Bridge Builder Trust
CoreBond
NA
+0.01
+0.01
3.9
4.3
+0.07 11.7
+0.08 12.8
+0.08 12.0
+0.02 7.5
... 4.2
...
NA
...
+0.29
+0.22
+0.09
+0.11
+0.17
2.1
28.6
33.2
24.0
21.2
25.2
D
Dimensional Fds
5GlbFxdInc
11.01
EmgMktVa
30.38
EmMktCorEq 22.78
IntlCoreEq
14.20
IntlVal
19.86
21.42
IntSmCo
s
s
s
s
s
s
s
s
s
t
s
s
s
s
s
s
s
s
s
500IdxInst
500IdxInstPrem
500IdxPrem
ExtMktIdxPrem r
IntlIdxPrem r
SAIUSLgCpIndxFd
TMktIdxF r
TMktIdxPrem
USBdIdxInstPrem
91.12
91.12
91.12
63.62
43.24
13.97
75.67
75.66
11.59
Fidelity Advisor I
33.76
NwInsghtI
Fidelity Freedom
FF2020
16.82
FF2025
14.56
FF2030
18.26
Freedom2020 K 16.82
Freedom2025 K 14.56
Freedom2030 K 18.27
Freedom2035 K 15.34
Freedom2040 K 10.78
Fidelity Invest
23.83
Balanc
+0.59
+0.59
+0.59
+0.55
+0.29
+0.09
+0.52
+0.53
+0.01
22.5
17.0
14.9
9.6
5.0
6.4
13.5
9.2
17.3
3.9
22.0
13.1
3.6
34.5
11.6
18.1
18.2
18.2
15.9
22.5
18.2
17.8
17.8
3.2
+0.27 26.4
+0.08 14.0
+0.07 15.0
+0.10 17.6
+0.07 NS
+0.07 NS
+0.11 NS
+0.10 NS
+0.07 NS
+0.12 14.8
1.14
0.80
1.65
-0.25
-0.19
0.57
-0.11
0.31
0.21
-0.42
0.64
0.25
-0.37
0.70
0.57
1.26
2.12
0.05
0.71
0.38
-0.20
0.06
-0.19
1.41
1.06
2.18
0.05
0.67
0.33
-0.68
0.50
0.45
-0.08
-0.01
2.29
0.03
-0.87
-0.45
-1.42
0.16
-0.63
0.31
0.11
-0.38
0.07
0.37
1.15
0.21
0.05
0.35
1.53
0.52
-1.30
0.17
2.95
-0.02
-0.02
1.37
4.63
3.76
0.17
-0.26
-4.30
0.18
0.08
1.81
0.05
0.02
0.12
-2.49
0.12
0.39
1.15
0.27
0.58
0.12
0.15
0.43
59.69
-0.09
0.08
0.26
2.16
-0.07
-0.85
0.17
0.04
0.29
0.15
0.14
0.13
-0.19
0.04
0.04
-0.14
2.03
3.37
1.06
0.32
0.42
-0.12
-0.63
0.07
0.91
-0.08
-0.39
-0.01
0.03
0.28
-0.36
1.73
1.08
-0.07
-0.18
0.09
0.46
0.11
-0.22
0.27
6.87
0.47
1.39
0.50
0.06
0.29
0.19
1.14
0.51
1.55
0.87
-0.14
-0.13
0.19
0.82
1.00
-0.31
0.03
0.72
-0.48
-0.41
0.63
0.25
0.48
-0.27
0.45
0.05
0.96
0.04
0.92
0.03
0.21
0.28
Fund
11.26 +0.04
+0.08 13.7
+0.10 17.5
+0.13 12.8
...
3.6
19.86 +0.20
Loomis Sayles Fds
14.16 +0.03
LSBondI
Lord Abbett A
Net YTD
ShtDurIncmA
p
4.26
...
Fund
NAV Chg % Ret
Lord Abbett F
BluCh
89.42 +0.98 35.5 ShtDurIncm
4.26
...
Contra
128.51 +1.32 31.4
128.52 +1.33 31.5
ContraK
CpInc r
10.30 +0.03 10.9 Metropolitan West
41.69 +0.27 25.2 TotRetBd
DivIntl
10.66 +0.01
186.08 +2.07 36.0 TotRetBdI
GroCo
10.66 +0.01
186.04 +2.07 36.2 TRBdPlan
GrowCoK
10.03 +0.01
7.92
... 3.5 MFS Funds Class I
InvGB
11.28 +0.01 4.0 ValueI
InvGrBd
40.61 +0.20
53.33 +0.22 16.4 MFS Funds Instl
LowP r
LowPriStkK r 53.29 +0.22 16.5 IntlEq
25.58 +0.17
MagIn
106.75 +0.76 23.7 Mutual Series
OTC
110.74 +1.28 39.0 GlbDiscA
32.19 +0.15
Puritn
23.29 +0.15 16.7
SrsEmrgMkt 22.03 +0.27 40.3
SrsGroCoRetail 18.27 +0.20 36.8 Oakmark Funds Invest
16.47 +0.16 28.7 EqtyInc r
SrsIntlGrw
34.16 +0.09
10.80 +0.05 17.9 Oakmark
SrsIntlVal
84.90 +0.48
10.66
... 3.9 OakmrkInt
TotalBond
28.66 +0.17
First Eagle Funds
Old Westbury Fds
60.46 +0.21 11.4 LrgCpStr
GlbA
14.99 +0.08
FPA Funds
Oppenheimer Y
34.90 +0.03 8.3 DevMktY
FPACres
43.22 +0.49
FrankTemp/Frank Adv
43.51 +0.32
IntGrowY
IncomeAdv
2.32
... 6.3
FrankTemp/Franklin A
7.46 -0.01 5.4
CA TF A p
Parnassus Fds
2.34
... 6.1
IncomeA p
42.06 -2.17
ParnEqFd
61.22 +0.41 17.3
RisDv A p
PIMCO Fds Instl
FrankTemp/Franklin C
AllAsset
NA
...
2.37
... 6.0
Income C t
10.26
...
TotRt
FrankTemp/Temp A
PIMCO Funds A
12.15 +0.03 3.8
GlBond A p
IncomeFd
NA
...
Growth A p 26.72 +0.17 13.4 PIMCO Funds D
FrankTemp/Temp Adv
NA
...
IncomeFd
GlBondAdv p 12.10 +0.03 4.0 PIMCO Funds Instl
NA
...
IncomeFd
PIMCO Funds P
Harbor Funds
NA
...
IncomeP
77.46 +0.92 36.7 Price Funds
CapApInst
70.25 +0.49 20.3 BlChip
IntlInst r
98.81 +1.06
Harding Loevner
29.81 +0.10
CapApp
NA
... NA EqInc
IntlEq
34.96 +0.15
EqIndex
69.96 +0.46
71.02 +0.70
Growth
Invesco Funds A
74.05 +0.73
HelSci
25.1
L
Lazard Instl
EmgMktEq
M
O
P
I
6.8
2.1
2.4
0.42
0.05
0.12
0.13
0.29
-0.04
0.71
0.43
2.71
0.42
1.51
0.62
-0.20
1.54
0.34
0.95
0.25
0.23
0.21
-1.21
0.29
0.24
0.21
2.37
0.02
-0.02
0.84
-0.24
-0.26
1.26
1.51
1.57
0.35
0.54
1.43
0.47
0.02
0.54
0.73
0.16
0.96
0.27
0.13
-0.04
0.02
0.59
0.26
0.92
0.40
0.09
2.44
-0.21
1.61
0.14
1.28
0.04
-0.47
-0.07
1.70
2.79
0.14
0.12
0.61
0.78
-0.50
1.25
1.43
-0.13
2.85
1.48
0.10
...
0.30
0.75
0.55
0.98
0.07
0.39
0.22
0.28
-0.44
-0.09
0.08
-0.32
-0.36
0.06
0.05
0.20
0.04
0.37
-0.82
-0.37
-0.63
0.36
0.10
0.33
0.29
-0.02
0.02
5.20
0.96
-0.09
-0.04
0.18
0.62
-0.41
0.25
0.21
1.93
0.11
2.45
2.60
-0.79
1.85
0.96
0.19
0.47
0.43
0.26
0.64
1.49
0.64
0.51
0.03
0.86
0.10
0.01
0.75
2.80
0.10
0.01
0.36
-0.14
-0.20
0.16
0.63
0.68
1.11
0.95
0.08
0.72
2.19
-0.04
0.66
2.35
1.89
-0.01
0.12
0.64
1.50
1.44
0.34
40.15 +0.43
IntlStk
19.43 +0.16
15.15 +0.07
IntlValEq
93.32 +0.65
MCapGro
31.57 +0.11
MCapVal
55.88 +0.41
N Horiz
N Inc
9.49 +0.01
OverS SF r
11.37 +0.08
23.34 +0.11
R2020
18.02 +0.10
R2025
26.57 +0.16
R2030
19.44 +0.12
R2035
R2040
27.95 +0.19
39.11 +0.22
Value
PRIMECAP Odyssey Fds
37.38 +0.52
Growth r
Principal Investors
14.02 +0.10
DivIntlInst
Prudential Cl Z & I
14.53 +0.02
TRBdZ
37.3
27.1
18.3
23.8
8.6
29.0
3.7
25.4
14.4
16.3
17.9
19.3
20.4
16.2
30.5
27.5
5.9
S
Schwab Funds
S&P Sel
Net
Sym Close Chg
Stock
s ValeroEnergy VLO 83.80
Vantiv
VNTV 71.34
VarianMed
VAR 108.40
Vedanta
VEDL 19.32
VeevaSystems VEEV 62.70
Ventas
VTR 64.32
Verizon
VZ
46.18
VistraEnergy VST 18.90
s VMware
VMW 125.39
VornadoRealty VNO 76.64
VoyaFinancial VOYA 42.19
VulcanMatls VMC 122.74
WABCO
WBC 145.06
WEC Energy WEC 68.19
s W.P.Carey
WPC 72.32
Wabtec
WAB 73.33
Wal-Mart
WMT 96.52
WasteConnections WCN 68.92
WasteMgt
WM 80.87
Waters
WAT 198.06
Watsco
WSO 164.41
Wayfair
W
68.09
WellCareHealth WCG 202.69
WellsFargo WFC 54.52
Welltower
HCN 68.29
WestPharmSvcs WST 99.79
WestarEnergy WR 55.62
WestAllianceBcp WAL 55.37
WesternGasEquity WGP 36.38
WesternGasPtrs WES 45.12
WesternUnion WU 19.70
WestlakeChem WLK 94.41
WestpacBanking WBK 24.30
WestRock
WRK 58.66
Weyerhaeuser WY 36.11
WheatonPrecMet WPM 20.94
Whirlpool
WHR 168.88
Williams
WMB 27.24
WilliamsPartners WPZ 35.05
Wipro
WIT
5.34
WooriBank
WF 43.11
s Wyndham
WYN 110.27
s XPO Logistics XPO 77.24
XcelEnergy XEL 50.61
Xerox
XRX 28.43
Xylem
XYL 67.41
YPF
YPF 22.96
YumBrands YUM 79.53
YumChina
YUMC 41.68
ZTO Express ZTO 17.04
ZayoGroup ZAYO 35.69
ZimmerBiomet ZBH 113.56
s Zoetis
ZTS 71.36
40.67 +0.27 18.2
T
2.9
3.2 TIAA/CREF Funds
19.53 +0.13 17.7
3.2 EqIdxInst
IntlEqIdxInst 20.29 +0.13 22.6
13.3 Tweedy Browne Fds
28.40 +0.13 13.4
GblValue
26.3
V
7.0 VANGUARD ADMIRAL
240.60 +1.57
500Adml
34.27 +0.15
BalAdml
11.77 -0.02
CAITAdml
12.3 CapOpAdml r 158.27 +1.73
17.1 EMAdmr
37.90 +0.50
26.3 EqIncAdml
76.68 +0.37
96.59 +0.85
ExplrAdml
16.8 ExtndAdml
83.58 +0.72
GNMAAdml 10.49 +0.01
35.2 GrwthAdml
71.58 +0.66
25.5 HlthCareAdml r 88.88 +0.91
...
HYCorAdml r 5.91
25.81 -0.01
InfProAd
IntlGrAdml
96.84 +1.30
14.4 ITBondAdml 11.39 +0.01
...
ITIGradeAdml 9.78
NA LTGradeAdml 10.68 +0.04
4.8 MidCpAdml 187.46 +0.85
11.40 -0.01
MuHYAdml
14.13 -0.02
NA MuIntAdml
11.65 -0.02
MuLTAdml
10.92 -0.01
NA MuLtdAdml
MuShtAdml 15.75 -0.01
NA PrmcpAdml r 138.16 +1.14
REITAdml r 120.48 +0.86
NA SmCapAdml 69.69 +0.56
...
STBondAdml 10.40
...
36.1 STIGradeAdml 10.65
10.76 +0.01
13.8 TotBdAdml
12.6 TotIntBdIdxAdm 22.00 +0.04
17.9 TotIntlAdmIdx r 30.17 +0.26
65.16 +0.45
33.4 TotStAdml
14.22 +0.10
25.3 TxMIn r
1.71
0.54
-0.84
0.11
0.74
0.07
-0.02
-0.03
1.33
0.38
-0.20
-0.88
0.13
0.21
0.83
-0.73
-0.96
-0.31
-0.05
-2.21
-0.29
1.41
3.42
0.47
0.36
0.57
0.22
0.06
-0.40
-1.08
0.02
0.11
0.13
0.21
...
0.47
3.68
-0.08
-0.42
0.01
0.26
0.74
0.71
0.02
-0.07
0.42
0.21
0.74
-0.17
0.04
-0.72
1.38
0.41
NASDAQ
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
AGNC Invt
AGNC 20.21
ANGI Homesvcs ANGI 11.87
Ansys
ANSS 153.40
ASML
ASML 185.37
Abiomed
ABMD 199.58
ActivisionBliz ATVI 64.50
AdobeSystems ADBE 184.15
AdvMicroDevices AMD 11.40
AkamaiTech AKAM 55.68
AlexionPharm ALXN 108.05
AlignTech
ALGN 256.43
Alkermes
ALKS 49.36
AlnylamPharm ALNY 132.01
Alphabet C GOOG 1034.49
Alphabet A GOOGL 1050.30
Altaba
AABA 72.85
Amazon.com AMZN 1139.49
Amdocs
DOX 64.78
Amerco
UHAL 358.41
AmerAirlines AAL 48.65
Amgen
AMGN 169.84
AnalogDevices ADI 90.19
Apple
AAPL 173.14
ApplMaterials AMAT 58.80
ArchCapital ACGL 97.01
Atlassian
TEAM 52.21
Autodesk
ADSK 127.71
ADP
ADP 110.56
Baidu
BIDU 244.30
BankofOzarks OZRK 44.45
Biogen
BIIB 309.06
BioMarinPharm BMRN 82.91
BlueBuffaloPet BUFF 29.50
bluebirdbio BLUE 167.25
BrighthouseFin BHF 56.91
Broadcom
AVGO 276.59
CA
CA
32.58
CDK Global CDK 68.65
CDW
CDW 66.41
CH Robinson CHRW 78.79
CME Group CME 142.58
CSX
CSX 50.22
CadenceDesign CDNS 45.33
CaesarsEnt CZR 13.05
Carlyle
CG
21.35
Cavium
CAVM 87.20
CboeGlobalMkts CBOE 119.63
Celgene
CELG 104.50
CentennialRsc CDEV 20.34
Cerner
CERN 66.68
CharterComms CHTR 338.42
CheckPoint CHKP 103.95
ChinaLodging HTHT 122.55
CincinnatiFin CINF 73.46
Cintas
CTAS 147.58
CiscoSystems CSCO 36.65
CitrixSystems CTXS 86.56
Cognex
CGNX 144.86
CognizantTech CTSH 71.77
Coherent
COHR 319.44
Comcast A CMCSA 36.42
CommerceBcshrs CBSH 56.72
CommScope COMM 35.09
Copart
CPRT 36.70
CoStar
CSGP 307.97
Costco
COST 173.42
Ctrip.com
CTRP 48.11
CypressSemi CY
17.33
DISH Network DISH 50.04
DentsplySirona XRAY 67.01
DiamondbkEner FANG 109.15
DiscovComm C DISCK 16.21
DiscovComm B DISCB 23.50
DiscovComm A DISCA 17.25
DollarTree
DLTR 99.46
E*TRADE
ETFC 44.90
EXACT Sci
EXAS 59.75
EastWestBncp EWBC 58.24
eBay
EBAY 35.96
EchoStar
SATS 59.99
ElbitSystems ESLT 140.15
ElectronicArts EA 107.71
Equinix
EQIX 474.26
Ericsson
ERIC 6.43
ErieIndemnity A ERIE 123.22
Exelixis
EXEL 26.05
Expedia
EXPE 124.88
ExpeditorsIntl EXPD 59.95
ExpressScripts ESRX 61.19
F5Networks FFIV 122.45
Facebook
FB 181.86
Fastenal
FAST 48.45
FifthThirdBncp FITB 28.48
FirstSolar
FSLR 60.24
Fiserv
FISV 128.27
Flex
FLEX 18.97
FlirSystems FLIR 47.18
Net YTD
NAV Chg % Ret Fund
7.8 InstlCapG
J
John Hancock Class 1
LSBalncd
16.06
17.27
LSGwth
John Hancock Instl
DispValMCI
24.21
JPMorgan Funds
MdCpVal L
40.01
JPMorgan R Class
11.64
CoreBond
Net
Sym Close Chg
QuantaServices PWR 36.89
QuestDiag
DGX 92.46
s RELX
RENX 23.00
s RELX
RELX 23.73
RPM
RPM 52.37
RSP Permian RSPP 36.00
RalphLauren RL
90.27
RaymondJames RJF 85.15
Raytheon
RTN 186.59
RealtyIncome O
56.54
s RedHat
RHT 128.51
RegencyCtrs REG 67.81
RegionsFin RF
15.66
s ReinsGrp
RGA 152.10
RepublicSvcs RSG 63.00
ResMed
RMD 85.66
RestaurantBrands QSR 65.87
RioTinto
RIO 48.05
RobertHalf RHI 55.11
Rockwell
ROK 193.02
RockwellCollins COL 132.76
s RogersComm B RCI
54.43
Rollins
ROL 45.40
s RoperTech
ROP 260.48
RoyalBkCanada RY
78.95
RoyalBkScotland RBS
7.34
RoyalCaribbean RCL 124.79
RoyalDutchA RDS.A 61.48
RoyalDutchB RDS.B 63.48
SAP
SAP 115.29
S&P Global SPGI 163.70
SINOPEC
SHI
59.61
SK Telecom SKM 25.70
SLGreenRealty SLG 101.06
s Salesforce.com CRM 108.80
Sanofi
SNY 44.79
s SantanderCons SC
17.09
Sasol
SSL 30.42
Scana
SCG 43.40
Schlumberger SLB 61.88
s SchwabC
SCHW 46.08
ScottsMiracleGro SMG 98.32
SealedAir
SEE 45.14
SemicondctrMfg SMI
7.41
SempraEnergy SRE 118.82
SensataTech ST
49.07
ServiceCorp SCI
35.87
ServiceMaster SERV 47.37
s ServiceNow NOW 128.07
ShawComm B SJR 22.29
SherwinWilliams SHW 390.13
ShinhanFin SHG 43.86
Shopify
SHOP 110.17
SimonProperty SPG 159.15
SmithAO
AOS 60.77
Smith&Nephew SNN 35.58
Smucker
SJM 113.54
Snap
SNAP 12.34
SnapOn
SNA 161.12
SOQUIMICH SQM 57.33
Sony
SNE 47.11
Southern
SO
51.30
SoCopper
SCCO 43.74
SouthwestAir LUV 55.43
SpectraEnerPtrs SEP 40.15
SpectrumBrands SPB 113.75
SpiritAeroSys SPR 82.71
Sprint
S
6.08
s Square
SQ 48.06
StanleyBlackDck SWK 165.99
StarwoodProp STWD 21.69
StateStreet STT 93.06
Statoil
STO 20.11
Steris
STE 88.58
STMicroelec STM 24.68
Stryker
SYK 155.73
SumitomoMits SMFG 7.89
SunComms SUI
93.45
SunLifeFinancial SLF 39.74
SuncorEnergy SU
35.22
SunTrustBanks STI
57.73
SynchronyFin SYF 33.77
Syngenta
SYT 92.37
Sysco
SYY 54.65
TAL Education TAL 27.89
s TE Connectivity TEL 95.95
Telus
TU
38.11
TIM Part
TSU 18.64
TJX
TJX 71.23
s TaiwanSemi TSM 42.58
Tapestry
TPR 41.25
TargaResources TRGP 42.23
Target
TGT 57.25
TataMotors TTM 32.72
TechnipFMC FTI
26.60
TeckRscsB
TECK 22.42
TelecomArgentina TEO 34.42
TelecomItalia TI
7.92
TelecomItalia A TI.A
6.59
TeledyneTech TDY 185.00
s Teleflex
TFX 267.60
TelefonicaBras VIV 15.21
Telefonica
TEF
9.96
TelekmIndonesia TLK 30.82
Tenaris
TS
29.10
Teradyne
TER 44.02
TevaPharm TEVA 13.33
Textron
TXT 53.69
ThermoFisherSci TMO 192.93
ThomsonReuters TRI
43.98
ThorIndustries THO 137.61
3M
MMM 234.09
Tiffany
TIF
93.54
TimeWarner TWX 89.56
s Toll Bros
TOL 47.95
Torchmark
TMK 85.27
Toro
TTC 62.44
s TorontoDomBk TD
58.08
Total
TOT 54.93
TotalSystem TSS 74.02
ToyotaMotor TM 125.78
TransCanada TRP 50.26
TransDigm
TDG 267.15
TransUnion TRU 55.02
Travelers
TRV 130.63
TurkcellIletism TKC
9.19
TurquoiseHill TRQ
3.05
Twitter
TWTR 21.88
TylerTech
TYL 177.90
s TysonFoods TSN 79.06
UBS Group UBS 17.11
UDR
UDR 39.75
UGI
UGI 47.56
US Foods
USFD 27.26
UltraparPart UGP 22.65
Unilever
UN
57.16
Unilever
UL
56.01
UnionPacific UNP 117.12
UnitedContinental UAL 59.71
UnitedMicro UMC 2.69
UPS B
UPS 113.92
s UnitedRentals URI 153.69
US Bancorp USB 51.89
UnitedTech UTX 117.04
UnitedHealth UNH 212.60
UniversalHealthB UHS 98.77
s UnumGroup UNM 53.87
VEREIT
VER
8.13
s VF
VFC 72.59
Visa
V
111.45
VailResorts MTN 229.93
Vale
VALE 10.46
EqIncA
9.9
H
Stock
Net YTD
NAV Chg % Ret Fund
+0.06
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. rRedemption 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.
Baird Funds
s
Net
Sym Close Chg
KeysightTechs KEYS 45.15
KilroyRealty KRC 75.21
KimberlyClark KMB 117.00
KimcoRealty KIM 18.74
KinderMorgan KMI 16.87
Knight-Swift KNX 39.67
Kohl's
KSS 44.21
KoninklijkePhil PHG 39.01
KoreaElcPwr KEP 17.14
Kroger
KR
22.78
Kyocera
KYO 71.41
LATAMAirlines LTM 13.64
L Brands
LB
49.69
LG Display
LPL 14.36
LINE
LN
44.04
L3 Tech
LLL 190.48
LabCpAm
LH 152.84
LambWeston LW
53.74
LasVegasSands LVS 67.79
Lazard
LAZ 47.49
Lear
LEA 176.64
Leggett&Platt LEG 46.40
Leidos
LDOS 61.45
Lennar A
LEN 60.53
Lennar B
LEN.B 50.06
LennoxIntl
LII
196.98
LeucadiaNatl LUK 25.67
LibertyProperty LPT 45.19
EliLilly
LLY 83.51
LincolnNational LNC 73.50
LionsGate A LGF.A 32.85
LionsGate B LGF.B 31.23
LiveNationEnt LYV 43.89
LloydsBanking LYG
3.54
LockheedMartin LMT 316.94
Loews
L
49.38
Lowe's
LOW 80.59
LyondellBasell LYB 103.82
M&T Bank
MTB 160.19
MGM Resorts MGM 33.34
MPLX
MPLX 34.38
MSCI
MSCI 127.50
Macerich
MAC 63.53
Macy's
M
20.42
MagellanMid MMP 65.05
MagnaIntl
MGA 54.29
Manpower
MAN 128.39
ManulifeFin MFC 21.11
MarathonOil MRO 14.52
MarathonPetrol MPC 62.29
Markel
MKL 1084.74
Marsh&McLen MMC 83.45
MartinMarietta MLM 207.44
Masco
MAS 40.01
Mastercard MA 152.51
McCormick MKC 100.06
McCormickVtg MKC.V 100.33
McDonalds MCD 168.30
McKesson
MCK 142.87
Medtronic
MDT 82.66
Merck
MRK 54.27
MetLife
MET 51.71
MettlerToledo MTD 627.62
MichaelKors KORS 56.33
MicroFocus MFGP 35.81
MidAmApt MAA 104.59
MitsubishiUFJ MTU 6.63
MizuhoFin
MFG 3.55
MobileTeleSys MBT 10.60
MohawkInds MHK 274.25
MolsonCoors B TAP 79.32
Monsanto
MON 118.48
Moody's
MCO 149.46
MorganStanley MS
49.38
Mosaic
MOS 23.61
MotorolaSol MSI 92.45
NRG Energy NRG 29.47
NTTDoCoMo DCM 25.48
NVR
NVR 3377.00
NationalGrid NGG 58.72
NatlOilwell
NOV 31.80
NatlRetailProp NNN 42.66
NewOrientalEduc EDU 90.39
NY CmntyBcp NYCB 12.87
NewellBrands NWL 27.97
NewfieldExpln NFX 30.18
NewmontMin NEM 36.37
NextEraEnergy NEE 156.21
NielsenHoldings NLSN 36.00
Nike
NKE 59.39
NiSource
NI
27.22
NobleEnergy NBL 25.57
Nokia
NOK
5.05
NomuraHoldings NMR 5.70
Nordstrom
JWN 41.30
NorfolkSouthern NSC 129.10
NorthropGrum NOC 304.31
Novartis
NVS 84.28
NovoNordisk NVO 51.75
Nucor
NUE 55.98
OGE Energy OGE 34.82
ONEOK
OKE 50.20
OccidentalPetrol OXY 67.88
Olin
OLN 37.15
Omnicom
OMC 69.54
Oracle
ORCL 48.63
Orange
ORAN 16.59
OrbitalATK OA 132.33
Orix
IX
83.43
Oshkosh
OSK 86.23
OwensCorning OC
86.98
PG&E
PCG 53.73
PLDT
PHI
32.52
PNC Fin
PNC 133.11
POSCO
PKX 71.88
PPG Ind
PPG 115.34
PPL
PPL 36.02
PVH
PVH 136.11
PackagingCpAm PKG 112.04
PaloAltoNtwks PANW 149.40
ParkHotels
PK
29.14
ParkerHannifin PH 184.29
ParsleyEnergy PE
26.33
Pearson
PSO
9.23
PembinaPipeline PBA 34.83
Pentair
PNR 69.35
PepsiCo
PEP 116.05
PerkinElmer PKI
73.26
Perrigo
PRGO 86.75
PetroChina PTR 66.84
PetroleoBrasil PBR 10.03
PetroleoBrasilA PBR.A 9.74
Pfizer
PFE 35.54
PhilipMorris PM 103.36
Phillips66
PSX 93.62
PinnacleFoods PF
55.57
PinnacleWest PNW 89.38
PioneerNatRscs PXD 152.23
PlainsAllAmPipe PAA 19.61
PlainsGP
PAGP 20.48
PolarisIndustries PII 123.10
Potash
POT 19.32
Praxair
PX 151.35
PrincipalFin PFG 68.55
Procter&Gamble PG
88.72
Progressive PGR 51.87
Prologis
PLD 67.40
PrudentialFin PRU 110.06
Prudential
PUK 50.78
PublicServiceEnt PEG 51.60
PublicStorage PSA 211.32
PulteGroup PHM 32.73
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.
Fund
s
s
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Stock
Net YTD
NAV Chg % Ret
ValAdml
WdsrllAdml
WellsIAdml
WelltnAdml
WndsrAdml
39.85 +0.17
69.07 +0.38
65.45 +0.18
73.89 +0.34
79.63 +0.42
VANGUARD FDS
DivdGro
26.54 +0.20
HlthCare r
210.68 +2.16
INSTTRF2020 22.64 +0.10
INSTTRF2025 22.93 +0.12
INSTTRF2030 23.13 +0.13
INSTTRF2035 23.35 +0.15
INSTTRF2040 23.55 +0.16
INSTTRF2045 23.70 +0.16
39.67 +0.27
IntlVal
19.95 +0.07
LifeCon
33.38 +0.21
LifeGro
27.08 +0.13
LifeMod
27.34 +0.22
PrmcpCor
33.42 +0.15
SelValu r
27.40 +0.16
STAR
10.65
...
STIGrade
15.99 +0.06
TgtRe2015
TgtRe2020
31.76 +0.13
TgtRe2025
18.63 +0.09
TgtRe2030
33.68 +0.19
20.70 +0.13
TgtRe2035
35.67 +0.24
TgtRe2040
22.41 +0.15
TgtRe2045
36.06 +0.25
TgtRe2050
13.62 +0.04
TgtRetInc
TotIntBdIxInv 11.00 +0.01
27.02 +0.08
WellsI
42.78 +0.19
Welltn
38.92 +0.22
WndsrII
VANGUARD INDEX FDS
240.56 +1.57
500
206.26 +1.79
ExtndIstPl
55.78 +0.32
SmValAdml
TotBd2
10.72
...
TotIntl
18.04 +0.16
TotSt
65.13 +0.45
VANGUARD INSTL FDS
BalInst
34.28 +0.15
DevMktsIndInst 14.24 +0.10
DevMktsInxInst 22.26 +0.16
83.58 +0.72
ExtndInst
71.58 +0.66
GrwthInst
10.51 -0.01
InPrSeIn
237.38 +1.55
InstIdx
237.40 +1.55
InstPlus
58.45 +0.40
InstTStPlus
41.41 +0.19
MidCpInst
MidCpIstPl 204.23 +0.92
69.69 +0.56
SmCapInst
...
STIGradeInst 10.65
10.76 +0.01
TotBdInst
TotBdInst2
10.72
...
10.76 +0.01
TotBdInstPl
TotIntBdIdxInst 33.01 +0.05
TotIntlInstIdx r 120.65 +1.04
TotItlInstPlId r 120.67 +1.04
TotStInst
65.17 +0.45
ValueInst
39.85 +0.17
18.1
11.8
4.5
27.4
29.8
14.4
20.1
15.9
1.9
26.0
17.3
6.3
2.2
43.8
3.7
4.0
10.2
16.2
7.1
4.3
5.7
2.2
1.2
27.0
5.9
13.8
1.2
2.1
3.3
2.4
24.9
17.8 Western Asset
23.5 CorePlusBdI
0.14
-0.03
2.19
3.84
3.99
0.57
1.81
0.06
0.30
-0.44
0.92
1.59
3.86
16.11
15.64
0.90
13.18
0.35
5.69
0.96
1.05
-2.88
3.16
1.18
1.21
1.31
1.43
0.03
5.76
-0.07
-0.40
-0.04
0.41
1.85
1.45
1.71
0.05
0.74
-0.34
0.36
0.68
0.51
0.48
0.10
0.15
3.18
0.40
1.35
0.28
0.95
0.05
0.97
-1.49
0.03
-0.67
0.15
0.43
2.94
-0.13
9.00
0.59
0.25
0.64
0.39
1.34
1.14
0.72
0.26
0.03
0.58
1.18
-0.07
1.80
-0.11
2.35
0.45
0.88
0.12
0.43
0.41
2.15
0.07
2.37
0.23
1.16
0.40
1.39
0.86
-0.23
-0.09
3.12
0.34
-0.09
-0.82
-0.05
0.25
0.30
12.0
11.9
8.4
11.7
16.0
15.0
17.2
12.4
14.0
15.4
16.8
18.1
18.7
24.9
9.8
16.8
13.2
23.3
16.1
16.5
2.0
10.2
12.4
13.9
15.3
16.7
18.1
18.6
18.7
7.6
2.3
8.3
11.6
11.8
18.0
15.9
8.7
3.2
24.8
17.7
11.8
23.6
23.6
15.9
26.0
2.2
18.2
18.2
17.7
16.2
16.2
13.9
2.1
3.3
3.3
3.3
2.4
24.9
24.9
17.8
12.0
W
NA
Stock
Net
Sym Close Chg
Fortinet
FTNT 41.32
Gaming&Leisure GLPI 36.04
s Garmin
GRMN 62.49
GileadSciences GILD 72.51
Goodyear
GT
30.82
Grifols
GRFS 23.17
GpoFinGalicia GGAL 56.97
HD Supply
HDS 35.16
Hasbro
HAS 95.05
HenrySchein HSIC 67.97
Hologic
HOLX 40.60
JBHunt
JBHT 103.22
HuntingtonBcshs HBAN 13.55
IAC/InterActive IAC 129.32
IdexxLab
IDXX 155.59
IHSMarkit
INFO 43.23
s IPG Photonics IPGP 246.28
IRSA Prop
IRCP 57.98
IcahnEnterprises IEP
52.56
Icon
ICLR 117.45
Illumina
ILMN 212.05
t Incyte
INCY 98.95
Intel
INTC 44.94
s InteractiveBrkrs IBKR 55.52
Intuit
INTU 151.79
IntuitiveSurgical ISRG 398.49
IonisPharma IONS 54.52
JD.com
JD
39.88
JackHenry
JKHY 113.35
JazzPharma JAZZ 137.19
JetBlue
JBLU 19.98
JunoTherap JUNO 58.77
KLA Tencor KLAC 104.73
KraftHeinz
KHC 80.01
LKQ
LKQ 37.75
s LamResearch LRCX 218.91
LamarAdv
LAMR 76.30
LibertyBroadbandA LBRDA 88.15
LibertyBroadbandC LBRDK 89.77
LibertyGlobal C LBTYK 29.49
LibertyGlobal A LBTYA 30.53
LibertyLiLAC A LILA 21.55
LibertyLiLAC C LILAK 21.57
s LibertyQVC B QVCB 25.13
LibertyQVC A QVCA 25.14
LibertyVenturesA LVNTA 58.45
LibertyFormOne C FWONK 38.84
LibertyFormOne A FWONA 37.16
LibertyBraves A BATRA 23.07
LibertyBraves C BATRK 23.12
LibertySirius C LSXMK 41.07
LibertySirius A LSXMA 41.09
LincolnElectric LECO 88.09
LogitechIntl LOGI 36.39
LogMeIn
LOGM 118.10
0.55
0.15
0.97
0.38
0.17
-0.03
0.75
0.27
0.03
0.47
0.41
1.50
-0.02
2.99
0.19
-0.62
5.78
0.48
0.64
1.77
1.38
...
0.32
0.21
-5.99
5.46
0.78
0.68
0.91
0.92
0.20
-0.29
2.22
0.08
-0.04
3.81
-0.25
-0.31
-0.29
0.11
0.15
-0.26
-0.18
0.32
...
0.82
0.26
-0.03
0.40
0.39
0.04
0.09
-0.80
0.45
1.70
s
s
s
s
s
s
s
s
s
lululemon
LULU 66.58
MKS Instrum MKSI 105.15
MarketAxess MKTX 188.41
Marriott
MAR 127.62
MarvellTech MRVL 23.28
MatchGroup MTCH 29.77
Mattel
MAT 18.53
MaximIntProducts MXIM 54.21
MelcoResorts MLCO 26.31
MercadoLibre MELI 268.76
MicrochipTech MCHP 91.87
MicronTech MU
49.40
Microsemi
MSCC 55.22
Microsoft
MSFT 83.72
Middleby
MIDD 116.58
Momo
MOMO 32.31
Mondelez
MDLZ 42.32
MonsterBev MNST 61.27
Mylan
MYL 37.23
NXP Semi
NXPI 115.32
Nasdaq
NDAQ 77.24
NatlInstruments NATI 44.70
NektarTherap NKTR 49.98
NetApp
NTAP 55.08
Netease
NTES 345.00
Netflix
NFLX 196.23
Neurocrine
NBIX 74.19
NewsCorp B NWS 15.95
NewsCorp A NWSA 15.79
Nordson
NDSN 128.18
NorthernTrust NTRS 94.46
NorwegCruise NCLH 55.48
NVIDIA
NVDA 216.05
OReillyAuto ORLY 215.69
OldDomFreight ODFL 123.22
ON Semi
ON
21.94
OpenText
OTEX 33.91
PTC
PTC 65.03
Paccar
PCAR 67.69
PacWestBancorp PACW 45.42
Paychex
PAYX 65.12
PayPal
PYPL 77.77
People'sUtdFin PBCT 18.19
PilgrimPride PPC 35.61
Priceline
PCLN 1766.67
Qiagen
QGEN 32.12
Qorvo
QRVO 80.59
Qualcomm
QCOM 66.67
RandgoldRscs GOLD 94.68
RegenPharm REGN 384.44
RossStores ROST 72.67
Ryanair
RYAAY 120.77
SBA Comm SBAC 167.83
SEI Investments SEIC 68.59
Sina
SINA 110.51
NA
-0.30
-0.35
5.12
2.04
1.69
1.01
-0.20
0.33
0.13
2.92
0.48
1.76
1.38
1.19
1.78
-0.63
0.21
0.11
0.73
0.14
0.35
0.22
3.58
0.35
0.93
2.13
2.42
...
0.12
0.51
0.03
0.79
1.97
-4.69
2.79
0.22
0.38
-0.34
-0.01
-0.28
-0.06
1.76
-0.14
0.15
12.65
0.81
1.45
0.20
1.05
-0.78
-0.07
1.88
2.15
0.92
1.37
Net
Sym Close Chg
Stock
s
s
s
s
s
s
s
s
s
s
s
SS&C Tech SSNC 41.01
SVB Fin
SIVB 214.92
ScrippsNetworks SNI
80.10
Seagate
STX 40.14
SeattleGenetics SGEN 59.05
Shire
SHPG 144.83
SignatureBank SBNY 131.36
SiriusXM
SIRI
5.46
Skyworks
SWKS 110.25
Splunk
SPLK 83.78
Starbucks
SBUX 57.26
SteelDynamics STLD 37.50
Symantec
SYMC 28.11
Synopsys
SNPS 89.38
TD Ameritrade AMTD 49.20
T-MobileUS TMUS 60.41
TRowePrice TROW 97.73
TakeTwoSoftware TTWO 119.02
Tesla
TSLA 317.81
TexasInstruments TXN 99.19
TractorSupply TSCO 64.87
Trimble
TRMB 42.04
21stCenturyFoxA FOXA 30.88
21stCenturyFoxB FOX 30.10
UltaBeauty ULTA 209.96
UltSoftware ULTI 198.70
UnivDisplay OLED 186.50
VEON
VEON 4.00
VeriSign
VRSN 116.06
VeriskAnalytics VRSK 93.58
VertxPharm VRTX 145.11
Viacom B
VIAB 27.26
Viacom A
VIA 33.35
Vodafone
VOD 30.86
WPP
WPPGY 83.79
WalgreensBoots WBA 71.16
Weibo
WB 119.54
WesternDigital WDC 92.35
WillisTowers WLTW 159.80
Workday
WDAY 115.29
WynnResorts WYNN 158.57
Xilinx
XLNX 73.21
YY
YY 118.80
Yandex
YNDX 34.28
ZebraTech
ZBRA 108.77
Zillow A
ZG
41.40
Zillow C
Z
41.36
ZionsBancorp ZION 46.89
1.32
-0.23
-0.20
0.29
0.35
3.46
0.12
0.03
0.46
2.43
0.45
0.17
-0.08
0.48
0.21
0.11
1.43
1.62
9.07
0.91
-0.86
0.25
0.22
0.20
0.80
0.04
5.00
0.06
0.88
1.05
0.47
1.09
0.60
-0.07
-0.16
0.38
-0.89
1.47
-0.09
1.49
1.61
0.57
1.20
0.57
-0.12
0.30
0.42
-0.21
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil
IMO
47.90 -0.12
27.56
...
25.89 -0.17
30.94 0.15
BANKRATE.COM® MMA, Savings and CDs
Average Yields of Major Banks
Type
Tuesday, November 21, 2017
MMA
1-MO
2-MO
3-MO
6-MO
1-YR
2-YR
2.5YR
5YR
0.12
0.23
0.07
0.07
0.07
0.08
0.13
0.14
0.20
0.22
0.35
0.38
0.48
0.53
0.46
0.49
0.93
0.99
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.00
0.00
0.00
0.01
0.01
0.01
0.02
0.01
0.02
National average
Savings
Jumbos
Weekly change
Savings
Jumbos
Consumer Savings Rates
Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of federally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
not an indication of financial strength or weakness. Information is believed to be reliable, but not
guaranteed.
High yield savings
Bank/rank
Phone number
Minimum
Yield
(%)
Money market and savings account
$1
1.50
$100
1.35
$0
1.30
EH National Bank /5
$0
(888) 392-5265
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
VirtualBank /4
$10,000
(877) 998-2265
0.81
DollarSavingsDirect /4
(866) 395-8693
CIT Bank /5
(855) 462-2652
Barclays /5
(888) 720-8756
One-month CD
0.30
0.15
Two-month CD
VirtualBank /4
(877) 998-2265
Applied Bank /5
(800) 616-4605
Bank/rank
Phone number
Minimum
Yield
(%)
Six-month CD
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
CD Bank /4
$10,000
(888) 201-8185
1.42
1.41
1.40
One-year CD
$1,500
1.75
$10,000
1.75
$25,000
1.75
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
Banesco USA /4
$1,500
(786) 552-0524
Goldwater Bank /NR
$5,000
(480) 281-8200
1.88
Banesco USA /4
(786) 552-0524
CD Bank /4
(888) 201-8185
Congressional Bank /5
(301) 978-3290
Two-year CD
$10,000
0.15
$1,000
0.05
Three-month CD
M.Y. Safra Bank, FSB /NR $5,000
(212) 652-7200
CD Bank /4
$10,000
(888) 201-8185
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
1.85
1.85
Five-year CD
1.16
1.15
1.06
Capital One 360 /5
$0
(800) 289-1992
Goldman Sachs Bank USA /5
$500
(855) 730-7283
First Internet Bank of Indiana /4 $1,000
(888) 873-3424
2.45
2.40
2.38
High yield jumbos - Minimum is $100,000
Money market and savings account
ableBanking,adivisionofNortheastBank/5
(877) 505-1933
M.Y. Safra Bank, FSB /NR
(212) 652-7200
BBVA Compass /3
(800) COMPASS
1.30
1.26
1.25
One-month CD
EH National Bank /5
(888) 392-5265
M.Y. Safra Bank, FSB /NR
(212) 652-7200
USAA /NR
(800) 583-8295
VirtualBank /4
(877) 998-2265
Applied Bank /5
(800) 616-4605
Citizens Trust Bank /4
(404) 659-5959
0.30
0.22
1.45
1.42
1.41
MyeBanc,ADivisionofBACFloridaBank/4
(855) 512-0989
First Internet Bank of Indiana /4
(888) 873-3424
M.Y. Safra Bank, FSB /NR
(212) 652-7200
1.77
1.71
1.70
Two-year CD
0.15
0.05
0.01
Three-month CD
TriState Capital Bank /4
(866) 680-8722
M.Y. Safra Bank, FSB /NR
(212) 652-7200
Luana Savings Bank /5
(800) 666-2012
Six-month CD
TriState Capital Bank /4
(866) 680-8722
M.Y. Safra Bank, FSB /NR
(212) 652-7200
First Internet Bank of Indiana /4
(888) 873-3424
One-year CD
0.81
Two-month CD
MyeBanc,ADivisionofBACFloridaBank/4
(855) 512-0989
First Internet Bank of Indiana /4
(888) 873-3424
VirtualBank /4
(877) 998-2265
2.00
1.88
1.84
Five-year CD
1.30
1.16
1.15
First Internet Bank of Indiana /4
(888) 873-3424
Synchrony Bank /5
(800) 903-8154
EverBank /4
(855) 228-6755
2.38
2.35
2.35
Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
are based on method of compounding and rate stated for the lowest required opening deposit to
earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
month, three (3) of which may be checks. Rates are subject to change.
Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
Internet: www.bankrate.com
ADVERTISEMENT
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THE WALL STREET JOURNAL.
B12 | Wednesday, November 22, 2017
MARKETS DIGEST
EQUITIES
S&P 500 Index
Dow Jones Industrial Average
Last Year ago
23590.83 s 160.50, or 0.69%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.77 20.75
P/E estimate *
19.17 17.74
Dividend yield
2.15
2.49
All-time high 23590.83, 11/21/17
Nasdaq Composite Index
Last
2599.03 s 16.89, or 0.65%
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: 2599.03, 11/21/17
Last Year ago
6862.48 s 71.76, or 1.06%
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: 6862.48, 11/21/17
Current divisor 0.14523396877348
23500
2600
6900
23000
2560
6750
22500
2520
6600
22000
2480
6450
Session high
t
DOWN
Session open
65-day moving average
t
Close
65-day moving average
UP
Close
21500
2440
21000
2400
Open
6150
Oct.
6000
2360
20500
Sept.
6300
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
0.69
23590.83 19023.87
24.0
19.4
9.8
9529.44
9614.72
92.77
0.97
10038.13
8783.74
7.9
6.3
1.9
Most-active issues in late trading
760.44
755.77
757.97
2.01
0.27
774.47
626.66
19.2
14.9
8.3
26967.93 26856.99 26954.41 184.86
697.81
693.73
5.72
697.81
0.69
26954.41 22773.93
697.81
583.16
17.6
18.3
15.8
16.0
8.0
8.8
Net chg
% chg
High
23617.80 23500.15 23590.83 160.50
Utility Average
Total Stock Market
Barron's 400
Nasdaq Stock Market
Nasdaq Composite
6862.66
Nasdaq 100
6380.07
Standard & Poor's
500 Index
6820.02
6336.26
2601.19
6862.48
6378.63
2589.17
0.83
1.06
71.76
70.02
2599.03
16.89
1.11
52-Week
Low
6862.48
6378.63
0.65
2599.03
MidCap 400
SmallCap 600
1859.03
927.91
1853.08
918.37
1858.96
927.81
11.75
12.01
0.64
1.31
1858.96
927.81
Other Indexes
Russell 2000
1519.53
1503.45
1518.89
15.49
1.03
1518.89
12397.32 12352.57 12385.88
65.11
0.53
549.06
544.92
548.30
3.38
0.62
NYSE Arca Biotech
4177.33
4135.37
4177.33
54.01
NYSE Arca Pharma
538.20
533.51
535.60
3.81
KBW Bank
100.01
99.24
-0.21
PHLX§ Gold/Silver
99.48
80.97
80.23
0.65
PHLX§ Oil Service
80.66
131.84
129.68
130.19
-0.27
1338.92
10.78
1327.77
9.67
1337.92
9.73
NYSE Composite
Value Line
PHLX§ Semiconductor
CBOE Volatility
1.31
0.72
-0.21
0.81
-0.20
1.14
15.11
-0.92 -8.64
Philadelphia Stock Exchange
% chg
% chg
3-yr. ann.
YTD
Region/Country Index
Close
27.4
30.9
2191.08
27.5
31.1
13.3
14.5
18.0
16.1
1623.28
808.59
14.1
13.6
11.9
10.7
8.8
11.1
1313.80
13.8
11.9
9.0
12430.52 10808.63
8.0
14.5
12.0
4.0
548.30
496.60
9.3
8.3
3.0
4304.77
3075.02
25.7
35.8
7.7
Volume
(000)
Symbol
Net chg
17.96
2.50
1.63
DJ Americas
625.45
Sao Paulo Bovespa 74594.61
S&P/TSX Comp
16076.65
S&P/BMV IPC
48185.71
Santiago IPSA
3943.09
4.36
1157.33
72.25
328.57
93.30
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
388.10
389.92
3970.62
5366.15
13167.54
1417.31
22326.44
541.82
1147.61
9993.40
583.44
9324.53
7411.34
1.71
1.78
8.38
25.70
108.88
7.46
137.19
2.11
18.89
–32.10
4.45
24.92
21.88
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5963.50
Shanghai Composite 3410.50
Hang Seng
29818.07
S&P BSE Sensex
33478.35
Nikkei Stock Avg
22416.48
Straits Times
3423.38
Kospi
2530.70
Weighted
10779.24
17.80
18.10
557.76
118.45
154.72
36.79
3.03
114.69
Net chg
SPY
8,966.8 259.80
Bank of America
BAC
8,857.3
26.74
0.01
MKS Instruments
MKSI
5,135.2 105.00
-0.15
After Hours
% chg
High
-0.19
0.04
26.80
26.73
-0.14 105.40 105.00
4,717.8
47.69
…
unch.
47.78
46.76
VanEck Vectors Gold Miner GDX
4,684.0
22.73
0.01
0.04
22.74
22.70
iShares Russell 2000 ETF IWM
4,488.5 151.09
…
Axalta Coating Systems AXTA
4,238.7
35.15
1.28
3.78
39.10
28.50
JPMorgan Chase
4,150.6
98.90
-0.03
-0.03
99.16
98.88
JPM
unch. 151.14 149.92
Percentage gainers…
TiVo
TIVO
249.6
18.85
1.20
6.80
19.75
17.60
GameStop Cl A
GME
2,555.6
17.61
0.88
5.26
19.46
16.73
4,238.7
35.15
1.28
3.78
39.10
28.50
Axalta Coating Systems AXTA
Owens Corning
OC
29.5
90.00
3.02
3.47
90.00
86.98
Copart
CPRT
32.6
37.95
1.25
3.41
38.00
36.61
560.52
463.78
14.0
11.2
-0.4
...And losers
102.31
85.30
15.6
8.4
11.0
Guess
GES
675.6
16.17
-1.78
-9.92
18.10
14.57
96.72
73.03
-1.6
2.3
3.0
Hewlett Packard Ent
HPE
1,252.2
13.26
-0.86
-6.09
14.29
12.90
192.66
117.79
-22.5
-29.2 -19.5
HP
HPQ
852.8
21.20
-1.26
-5.61
22.75
20.90
47.6
-30.7
Boardwalk Pipeline Ptrs BWP
9.0
13.35
-0.79
-5.59
14.14
13.35
209.6
33.75
-1.79
-5.04
35.70
31.91
1337.92
16.04
836.79 50.6
9.14 -21.6
26.4
-9.0
Baozun ADR
BZUN
Latest
% chg
YTD
% chg
0.61
0.65
0.63
17.4
18.8
21.7
0.70
1.58
0.45
0.69
2.42
15.7
23.9
5.2
5.6
22.3
0.44
0.46
0.21
0.48
0.83
0.53
0.62
0.39
1.67
–0.32
0.77
0.27
0.30
7.4
11.3
10.1
10.4
14.7
–3.6
16.1
12.1
–0.4
6.9
9.1
13.4
3.8
0.30
0.53
1.91
0.36
0.70
1.09
0.12
1.08
5.3
9.9
35.5
25.7
17.3
18.8
24.9
16.5
Company
Symbol
Valeritas Holdings
Ekso Bionics Holdings
Celsion
Phoenix New Media ADR
Ominto
VLRX
ENDRA Life Sciences
Cesca Therapeutics
OraSure Technologies
Cheetah Mobile ADR
Atomera
NDRA
U.S. Global Investors A
Black Box
Vince Holding
BioScrip
Seven Stars Cloud Group
GROW
48.00
4.90
12.46
8.14
23.05
2.00
0.99
1.24
2.43
2.57
-86.2
0.7
-76.1
109.6
29.7
Acasti Pharma
Signet Jewelers
Cytokinetics
OptimumBank Holdings
EP Energy Cl A
ACST
2.90
3.90
16.55
12.80
3.89
0.57
0.68
2.59
1.98
0.59
24.46
21.12
18.55
18.30
17.89
4.00
6.44
23.01
13.79
7.64
2.15
2.41
8.21
7.54
2.45
...
21.5
85.1
18.6
-44.3
Galectin Therapeutics
Tarena International ADR
Stone Energy
GNC Holdings A
PPDAI Group ADR
GALT
3.35
4.15
4.26
2.51
2.48
0.48
0.55
0.56
0.31
0.30
16.72
15.28
15.14
14.09
13.76
4.30
17.05
48.00
3.39
3.45
1.25
2.85
2.80
0.98
1.10
117.5
-74.1
-90.0
100.8
87.9
DSW Cl A
Aytu BioScience
Professional Diversity
Vipshop Holdings ADR
LiNiu Technology Group
DSW
OMNT
ATOM
BBOX
VNCE
BIOS
SSC
Most Active Stocks
Company
Symbol
General Electric
SPDR S&P 500
iShares MSCI Emg Markets
Bank of America
Ambev ADR
GE
Celsion
Rite Aid
Marvell Tech Group
Finl Select Sector SPDR
Micron Technology
CLSN
SPY
EEM
BAC
ABEV
RAD
MRVL
XLF
MU
Volume % chg from Latest Session
(000) 65-day avg Close % chg
76,704
60,091
58,870
48,867
38,500
9.9
-3.0
22.6
-24.1
95.5
17.83 -0.83
259.99 0.65
47.69 1.34
26.73 -0.04
6.35 1.28
36,471
36,249
35,406
35,025
35,022
937.5 2.86 33.64
38.1 1.64 5.13
418.4 23.28 7.83
-31.8 26.36 0.30
5.9 49.40 3.69
52-Week
High
Low
32.38 17.46
260.20 219.15
47.88 33.94
27.98 20.12
7.03
4.70
12.46
8.77
23.41
26.93
49.63
1.24
1.38
13.59
22.00
18.18
Selected rates
A consumer rate against its
benchmark over the past year
Five-year ARM, Rate
5-year adjustablerate mortgage
t (ARM)
4.00%
3.00
2.00
t
1.00
0.00
D J FMAM J J A S O N
2017
Third Federal Savings and Loan
2.69%
Cleveland, OH
866-627-1785
Epic Funding
Fort Myers, FL
Schools First FCU
Santa Ana, CA
3.00
2.50%
800-449-6842
Tuesday
2.88%
800-530-2680
2.88%
800-462-8328
Citizens Equity First Credit Union
3.00%
Peoria, IL
309-633-3603
One year ago
1
3 6
month(s)
1 2 3 5 710
years
maturity
Euro
5
0
1.50
–5
0.75
–10
0.00
s
s Yen
–15
30
s
WSJ Dollar index
2017
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
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
3.91
15-year mortgage, fixed†
3.30
3.32
Jumbo mortgages, $424,100-plus† 4.29
4.26
Five-year adj mortgage (ARM)† 3.60
3.52
New-car loan, 48-month
3.00
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
1.22
-0.11
-0.08
-0.12
0.10
-0.02
0.11
-0.19
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com
Corporate Borrowing Rates and Yields
Bond total return index
Close
Yield (%)
Last Week ago
52-Week
High
Low
Total Return (%)
52-wk
3-yr
1461.896
2.191
2.174
2.237
1.818
2.297 1.965
10-yr Treasury, Ryan ALM 1732.552
DJ Corporate
379.151
Aggregate, Barclays Capital 1940.080
High Yield 100, Merrill Lynch 2846.329
Fixed-Rate MBS, Barclays 1984.950
Muni Master, Merrill
520.527
2.361
3.158
2.680
5.551
2.910
2.087
2.381
3.169
2.670
5.712
2.890
2.028
2.609
3.390
2.790
6.144
3.120
2.516
2.058
2.879
2.380
4.948
2.660
1.736
1.897
5.682
3.349
8.104
2.214
4.576
800.623
5.591
5.655
6.290
5.279
4.760 5.596
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
1.744
3.959
2.353
4.054
1.964
2.620
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
OPHC
EPE
TEDU
SGY
GNC
PPDF
AYTU
IPDN
VIPS
LINU
Latest Session
Close Net chg % chg
High
52-Week
Low
% chg
2.09 -1.01 -32.58
52.79 -23.05 -30.39
8.25 -2.85 -25.68
5.95 -1.80 -23.21
1.89 -0.48 -20.25
3.36 1.11
101.46 46.09
17.20 7.00
13.96 1.85
7.49 1.85
59.5
-41.9
-27.0
25.5
-56.5
2.50
13.36
29.97
5.76
10.80
-0.55
-2.53
-5.52
-0.97
-1.76
-18.13
-15.92
-15.55
-14.41
-14.01
3.68 0.81
21.70 12.52
70.88 16.50
15.50 5.34
14.63 10.02
169.9
-19.0
18.2
-62.3
...
19.55
2.60
4.24
8.22
1.79
-2.98
-0.38
-0.56
-1.03
-0.22
-13.23
-12.75
-11.67
-11.14
-10.95
25.96 15.14
6.82 0.17
13.90 2.45
15.49 7.79
5.33 0.99
-21.5
126.1
-46.1
-31.9
64.7
Ranked by change from 65-day average*
Company
Symbol
Reliv International
Riot Blockchain
Resonant Inc.
Gl X SuperDiv EM
Model N Inc.
RELV
Otelco Cl A
Invesco Mortgage Cap
Cytokinetics
Atlantic Coast Financial
Xunlei ADR
OTEL
RIOT
RESN
SDEM
MODN
Country/currency
IVR
CYTK
ACFC
XNET
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
227
12,082
1,871
163
2,322
3163
2600
2449
2316
1926
5.69
11.26
5.80
15.55
15.70
1.07
8.79
8.01
0.19
6.08
13.77 4.00
12.89 2.66
6.00 3.82
19.63 14.25
16.20 7.90
298
14,515
7,441
1,167
33,719
1791
1583
1432
1240
1051
12.00 5.73
18.13 0.61
8.25 -25.68
9.47 3.27
21.46 13.01
12.60 5.65
18.14 14.15
17.20 7.00
9.95 6.63
24.29 3.11
US$vs,
YTDchg
Tues
in US$ per US$ (%)
Americas
Australian dollar
.7578 1.3196
China yuan
.1508 6.6294
Hong Kong dollar
.1280 7.8112
India rupee
.01543 64.809
Indonesia rupiah .0000740 13518
Japan yen
.008893 112.44
Kazakhstan tenge .003026 330.46
Macau pataca
.1239 8.0687
Malaysia ringgit
.2420 4.1322
New Zealand dollar
.6828 1.4646
Pakistan rupee
.00950 105.210
Philippines peso
.0198 50.543
Singapore dollar
.7384 1.3543
South Korea won .0009165 1091.13
Sri Lanka rupee
.0065028 153.78
Taiwan dollar
.03335 29.987
Thailand baht
.03053 32.750
Vietnam dong
.00004403 22710
Commodities
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Tues
in US$ per US$ (%)
Country/currency
Europe
10.2
0.1
–4.9
–5.3
unch
–9.5
0.1
6.3
Asia-Pacific
–5.0
–4.5
0.7
–4.6
–0.1
–3.9
–1.0
1.9
–7.9
1.4
0.8
1.9
–6.4
–9.7
3.6
–7.6
–8.5
–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
.04605 21.718 –15.5
.1577 6.3397 –10.3
1.1738 .8520 –10.4
.003748 266.82 –9.3
.009652 103.61 –8.3
.1217 8.2136 –5.0
.2781 3.5963 –14.1
.01690 59.163 –3.4
.1186 8.4315 –7.4
1.0088 .9913 –2.7
.2527 3.9566 12.3
.0377 26.5545 –2.0
1.3237 .7555 –6.7
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6473 .3778 0.2
.0566 17.6615 –2.6
.2844 3.5160 –8.6
3.3091 .3022 –1.1
2.5974 .3850 0.01
.2744 3.644 0.1
.2666 3.7504 –0.01
.0716 13.9701 2.0
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 87.26 –0.14–0.16 –6.11
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Tuesday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
CYTK
Argentina peso
.0572 17.4847
Brazil real
.3069 3.2588
Canada dollar
.7826 1.2778
Chile peso
.001576 634.50
Ecuador US dollar
1
1
Mexico peso
.0533 18.7725
Uruguay peso
.03404 29.3800
Venezuela b. fuerte .094128 10.6239
10%
2.25
t
5-year Treasury
note yield
NBT Bank, NA
Canajoharie, NY
* Primary market NYSE, NYSE American NYSE Arca only.
†(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Arms of less than 1 indicates buying demand; above 1
indicates selling pressure.
U.S.-dollar foreign-exchange rates in late New York trading
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
3.75%
3.60%
NYSE Arca
Currencies
Forex Race
notes and bonds
Bankrate.com avg†:
Nasdaq
Total volume*1,865,032,937 207,230,669
Adv. volume*1,389,128,503 165,684,391
Decl. volume* 443,144,595 41,038,575
Issues traded
3,104
1,311
Advances
1,942
1,040
Declines
1,008
251
Unchanged
154
20
New highs
289
333
New lows
47
41
Closing tick
198
35
Closing Arms†
0.61
1.23
Block trades*
6,563
1,090
* 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
* Volumes of 100,000 shares or more are rounded to the nearest thousand
t
U.S. consumer rates
SIG
Volume Movers
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Consumer Rates and Returns to Investor
Symbol
62.50
41.44
33.64
30.27
26.71
FENG
CMCM
Company
1.85
1.21
0.72
1.88
0.82
CLSN
OSUR
High
52-Week
Low
% chg
4.81
4.13
2.86
8.09
3.89
EKSO
KOOL
Total volume* 827,013,527 10,133,000
Adv. volume* 494,767,461 5,386,399
Decl. volume* 322,262,725 4,335,286
Issues traded
3,086
333
Advances
2,010
171
Declines
969
139
Unchanged
107
23
New highs
242
5
New lows
34
5
Closing tick
29
76
Closing Arms†
1.45
1.26
Block trades*
6,855
103
Percentage Losers
Latest Session
Close Net chg % chg
CREDIT MARKETS & CURRENCIES
WSJ
.COM
Low
-0.07 260.01 258.05
iShares MSCI Emg Markets EEM
Sources: SIX Financial Information; WSJ Market Data Group
Interest rate
Last
SPDR S&P 500
Percentage Gainers...
2971.75
387.18
260.38
The Global Dow
DJ Global Index
DJ Global ex U.S.
Americas
Brazil
Canada
Mexico
Chile
5251.11
4734.10
Company
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes
World
Volume, Advancers, Decliners
9623.20
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
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
611.51
2.11
189.83
56.83
3.017
1281.10
0.62
0.41
-0.030
6.50
0.35
616.58
532.01
0.33 195.14
57.35
0.73
3.93
-0.98
0.51 1346.00
166.50
42.53
2.56
1127.80
% Chg
10.74
YTD
% chg
7.80
1.21 -1.39
5.79
18.32
1.17 -18.98
5.79 11.40
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.
Wednesday, November 22, 2017 | B13
NEW HIGHS AND LOWS
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
45.24
LibertyProperty LPT
LomaNegra
LOMA 23.32
Luxfer
LXFR 14.28
14.75
MGIC Investment MTG
35.73
MI Homes
MHO
MSCI
MSCI 128.90
MVC CapNts22 MVCD 25.48
ManchesterUnited MANU 20.80
Manpower
MAN 128.45
152.63
Mastercard
MA
Maximus
MMS 67.42
51.40
MeritageHomes MTH
17.60
MesaRoyalty MTR
48.44
MethodeElec MEI
42.37
MetropolitanBk MCB
MicroFocus
MFGP 36.21
ModelN
MODN 16.20
47.05
Moelis
MC
MohawkInds
MHK 279.85
MonmouthRealEst MNR 17.71
Moody's
MCO 149.63
33.70
Movado
MOV
48.85
NACCO Inds
NC
25.49
NTTDoCoMo DCM
NVR
NVR 3415.70
NatlRetailPropPfdF NNNpF 25.28
19.30
NewGermanyFund GF
NewMediaInvt NEWM 17.15
NewRelic
NEWR 57.84
NoahHoldings NOAH 47.90
44.78
NortelInversora NTL
14.60
NorthstarRltyEur NRE
51.88
NovoNordisk
NVO
16.09
NuvCoreEqAlpha JCE
NuvDow30Dyn DIAX 17.95
18.50
OasisMidstream OMP
1.38
ObsidianEnergy OBE
OnAssignment ASGN 63.71
26.88
OneLiberty
OLP
26.60
Oppenheimer A OPY
87.49
OwensCorning OC
33.43
PBF Energy
PBF
16.25
PGT Innovations PGTI
PVH
PVH 136.84
PaycomSoftware PAYC 85.40
37.76
PebblebrookHotel PEB
19.85
PennyMacFinS PFSI
PennyMacPfdB PMTpB 25.45
73.43
PerkinElmer
PKI
Tuesday, November 21, 2017
52-Wk %
Sym Hi/Lo Chg Stock
Stock
NYSE highs - 242
AG Mortgage PfdB MITTpB
AT&T Nts 2066 TBB
AXIS CapPfdE AXSpE
AberdeenGrChinaFd GCH
AberdeenSingapore SGF
Accenture
ACN
AgilentTechs
A
AlabamaPwrPfdA ALPpQ
AlamoGroup
ALG
AlbanyIntl
AIN
AlexandriaRlEst ARE
Alibaba
BABA
AllianzGIEqtyConv NIE
AlonUSAPartners ALDW
AmRltyInv
ARL
AmerStWater AWR
Ametek
AME
Amphenol
APH
AristaNetworks ANET
ArmadaHoffler AHH
ArtisanPtrsAsset APAM
AveryDennison AVY
BB&T Pfd H
BBTpH
BRT Apartments BRT
BankofAmPfdEE BACpA
BkNovaScotia BNS
Bard CR
BCR
BectonDickinsonPfA BDXA
BectonDicknsn BDX
BlackstoneMtg BXMT
BluegreenVac BXG
Box
BOX
BoydGaming
BYD
CTS
CTS
CalAtlantic
CAA
CalWtrSvc
CWT
CantelMedical CMD
CapitalOnePfdG COFpG
CapitalOnePfdH COFpH
25.55
25.79
25.66
12.79
12.57
148.47
70.81
26.89
117.90
64.05
128.00
191.56
21.14
15.12
10.50
56.66
71.24
91.14
245.65
15.34
38.55
111.83
27.00
11.07
27.08
66.78
336.98
60.46
227.50
32.81
13.90
23.18
30.74
28.30
54.06
44.95
106.19
25.34
27.04
52-Wk %
Sym Hi/Lo Chg Stock
Carters
CRI
Chemed
CHE
ChesapeakeUtil CPK
ChinaFund
CHN
ChinaSoAirlines ZNH
ChoiceHotels CHH
Cooper-Standard CPS
Copa
CPA
Cosan
CZZ
Cott
COT
CreditSuisse
CS
Cubic
CUB
CurtissWright CW
DCT Industrial DCT
DXC Tech
DXC
Dana
DAN
Danaher
DHR
DaqoNewEnergy DQ
DeckersOutdoor DECK
Deere
DE
DelekUS
DK
Diageo
DEO
Dividend&IncomeFd DNI
DolbyLab
DLB
DollarGeneral DG
DriveShack
DS
DriveShackPfdB DSpB
EPAM Systems EPAM
ESCO Tech
ESE
EastGroup
EGP
EmployersHldgs EIG
EssentGroup ESNT
Euronav
EURN
EvercoreA
EVR
EvoquaWater AQUA
ExtraSpaceSt EXR
FactSet
FDS
FairIsaac
FICO
FidNatlFin
FNF
58.com
WUBA
FirstIndRlty
FR
FirstRepBkPfdH FRCpH
0.2
0.2
-0.3
0.9
0.6
1.0
-0.1
0.9
2.1
2.3
1.4
1.5
1.0
2.5
4.4
2.1
-0.4
1.1
-0.2
1.3
2.1
-0.3
0.2
0.4
0.1
-0.7
1.0
1.8
2.4
1.2
4.2
1.5
-0.1
1.6
2.4
1.6
2.8
0.2
0.5
107.24
238.40
84.00
22.25
43.85
77.60
122.75
138.69
9.53
17.46
16.50
64.35
121.84
61.45
99.44
32.14
94.22
48.05
73.61
140.36
30.86
138.42
13.30
62.71
88.13
6.18
26.07
105.95
65.30
95.03
49.65
45.23
8.85
87.65
21.99
88.05
197.74
155.97
40.50
79.79
32.82
25.61
0.7
2.8
2.3
1.8
0.8
1.4
1.4
2.2
1.6
-0.5
1.7
13.6
1.3
2.0
1.1
0.6
0.5
-1.6
0.7
1.7
3.2
0.6
0.5
1.0
-0.3
7.3
0.6
2.2
3.8
2.4
1.9
...
2.3
1.7
2.5
0.4
0.2
0.4
2.0
3.5
1.9
0.2
52-Wk %
Sym Hi/Lo Chg
Forestar
FOR
FourCornersProp FCPT
GAMCO PfdA GNTpA
GTT Comm
GTT
Gallagher
AJG
GardnerDenver GDI
GoDaddy
GDDY
GoldmanSachsPfN GSpN
GreatPlainsEner GXP
GrubHub
GRUB
Guess
GES
Guidewire
GWRE
HFF
HF
HP
HPQ
Haemonetic
HAE
Harris
HRS
HeritageInsurance HRTG
Hilton
HLT
HollyFrontier
HFC
HomeDepot
HD
Honeywell
HON
DR Horton
DHI
HoulihanLokey HLI
IDEX
IEX
IllinoisToolWks ITW
IndependenceHldg IHC
Ingevity
NGVT
Ingredion
INGR
InstalledBldg
IBP
IronMountain IRM
JELD-WEN
JELD
JacobsEngg
JEC
JohnBeanTech JBT
KB Home
KBH
Kaman
KAMN
Kemper
KMPR
KeyCorpPfdE KEYpI
KornFerry
KFY
KronosWorldwide KRO
LINE
LN
LambWeston LW
Lennar A
LEN
20.65
26.66
25.09
40.90
67.05
31.09
50.80
27.93
34.14
66.99
18.30
83.52
46.10
22.68
58.99
144.75
17.99
76.22
44.86
172.86
149.68
49.54
44.43
130.48
159.96
29.37
76.62
135.67
72.60
41.53
39.53
65.29
116.90
29.20
58.28
69.30
29.97
43.84
29.37
44.19
54.21
60.86
52-Wk %
Sym Hi/Lo Chg Stock
Stock
3.3
2.0
0.6
1.8
1.4
0.5
0.6
...
0.4
2.7
1.0
0.2
2.2
1.5
2.2
1.5
-1.5
1.8
1.1
1.4
1.0
2.4
1.8
0.8
0.4
2.3
2.9
0.4
3.1
1.1
2.1
9.3
2.0
1.2
1.0
2.2
0.2
1.3
1.0
1.3
0.1
2.4
1.5
3.3
1.3
0.1
1.9
0.2
1.0
4.8
0.9
2.0
1.6
1.5
1.2
0.7
1.8
0.2
6.1
2.1
-0.9
1.2
0.8
11.6
0.2
1.7
1.8
0.2
0.7
0.2
1.3
1.8
2.2
1.0
0.6
1.0
0.7
3.7
5.6
1.3
1.8
3.5
2.0
1.7
0.9
-0.2
2.0
2.1
1.8
-0.2
0.7
52-Wk %
Sym Hi/Lo Chg Stock
PhoenixNewMedia FENG
PlanetFitness PLNT
Praxair
PX
Progressive
PGR
Prologis
PLD
ProtoLabs
PRLB
Prudential
PUK
PulteGroup
PHM
PureStorage
PSTG
QuakerChemical KWR
RELX
RENX
RELX
RELX
RayonierAdvPfdA RYAMpA
RayonierAdvMatls RYAM
RedHat
RHT
Regis
RGS
ReinsGrp
RGA
RexfordIndlRealty REXR
RingCentral
RNG
RiverNorthMktPfA RMPLp
RogersComm B RCI
Rogers
ROG
RoperTech
ROP
RymanHospitality RHP
SJW Group
SJW
Salesforce.com CRM
SantanderCons SC
SchwabC
SCHW
SendGrid
SEND
ServiceNow
NOW
Square
SQ
Stoneridge
SRI
TE Connectivity TEL
TRI Pointe
TPH
TaiwanSemi
TSM
Teleflex
TFX
TemplMktFd
EMF
ThaiFund
TTF
Toll Bros
TOL
TorontoDomBk TD
TriNet
TNET
Trinseo
TSE
Triple-S Mgmt GTS
TrueBlue
TBI
TysonFoods
TSN
USG
USG
UnitedRentals URI
UnumGroup
UNM
VF
VFC
8.14
31.23
152.28
52.26
67.53
92.90
51.02
32.90
17.91
165.37
23.03
23.74
133.60
18.75
129.23
16.55
152.35
31.11
49.10
25.50
54.95
167.17
261.58
69.49
67.24
109.19
17.34
46.33
21.50
130.05
48.24
23.12
96.68
18.09
42.87
269.78
17.65
11.11
48.08
58.29
44.64
73.45
28.05
29.45
79.66
35.37
155.00
54.22
72.67
30.3
3.2
0.3
0.1
1.4
6.2
1.8
0.9
2.0
1.8
0.5
0.6
9.7
10.6
1.2
0.4
1.0
1.7
0.1
1.6
0.4
4.8
0.9
2.0
1.6
1.3
0.1
2.1
0.1
0.3
6.3
2.6
0.1
1.0
0.9
0.4
1.5
0.5
2.0
0.7
1.5
0.3
2.5
1.9
0.1
1.2
1.4
...
0.9
|WSJ.com/newhighs
52-Wk %
Sym Hi/Lo Chg Stock
84.00
5.74
25.79
22.39
10.11
23.25
27.60
126.33
9.73
72.41
29.18
73.10
26.38
26.79
16.77
30.31
51.35
28.00
110.88
77.49
72.14
ValeroEnergy VLO
Valhi
VHI
ValidusPfdB
VRpB
VectorGroup
VGR
Verso
VRS
Vishay
VSH
VishayPrecision VPG
VMware
VMW
Vonage
VG
W.P.Carey
WPC
WarriorMetCoal HCC
WattsWater
WTS
WellsFargoPfdW WFCpW
WellsFargoPfdV WFCpV
WildHorseResource WRD
WilliamLyonHomes WLH
Winnebago
WGO
WW Ent
WWE
Wyndham
WYN
XPO Logistics XPO
Zoetis
ZTS
2.1
1.3
...
1.5
4.6
1.5
2.5
1.1
3.7
1.2
1.1
1.2
...
-0.1
1.0
1.0
1.8
0.5
0.7
0.9
0.6
NYSE lows - 34
4.90 -1.0
606.23 -0.3
33.16 -2.2
1.98 -1.7
13.71 -0.1
17.04 0.6
45.95 -2.9
1.08 ...
12.10 0.6
3.85 0.3
22.28 -0.8
1.85 -20.3
12.34 -2.0
12.68 -3.2
5.34 -14.4
4.28 -0.5
25.20 -10.1
5.52 -2.6
5.50 -10.8
24.31 0.1
25.00 -0.2
58.71 -0.2
22.61 -2.8
27.41 -2.4
9.68 2.3
AdvantageOil AAV
AllerganPfdA AGNpA
AnadarkoPeteUn AEUA
BellatrixExplor BXE
BlackRockFRIncm FRA
BlackstnGSOSrFloat BSL
BuckeyePtrs
BPL
CapitolInvIV Wt CIC.WS
ColonyNorthStar CLNS
CommunityHlthSys CYH
Doubleline Oppor DBL
EP Energy
EPE
EnbridgeEnergy EEQ
EnbridgeEnPtrs EEP
GNC Holdings GNC
GenieEnergy
GNE
Glaukos
GKOS
GS MLPEnergyRen GER
JianpuTech
JT
MaidenHldgsPfdC MHpC
MaidenHldgsPfdA MHpA
NationalGrid
NGG
NuSTAR PfdB NSpB
NuSTAREnergy NS
NuvCreditOpp2022 JCO
52-Wk %
Sym Hi/Lo Chg Stock
14.89 -0.3
10.02 -14.0
16.00 -3.8
25.19 -0.2
10.65 -1.6
42.65 -1.5
15.51 1.5
16.30 -1.8
3.70 1.3
NuvMN QualMuni NMS
PPDAI
PPDF
Qudian
QD
SantndrHldPfdN SOVpC
SeaWorldEnt SEAS
TallgrassEnPtrs TEP
TortoiseMLPFund NTG
TortoisePipe&En TTP
XeriumTech
XRM
ETFMG VideoGame GAMR
ETRACSMnthly2xLev SPLX
EthoClimateLeader ETHO
FidelityHiDiv
FDVV
FidelityLowVol FDLO
FidelityMSCICnDisc FDIS
FidelityMSCIIT FTEC
FidelityMomFactor FDMO
FidelityQualFactor FQAL
FidelityValFactor FVAL
FT ConsDscAlpDx FXD
FT DJ Internet FDN
FT Dow30EW EDOW
FT DJ SelMicro FDM
FT FinlsAlpDx FXO
FT Chindia
FNI
FT Long/Short FTLS
FT TechAlphaDEX FXL
FT USEquityOpp FPX
FT ValueLine100 FVL
FT Water
FIW
FlexShEM FactTilt TLTE
FlexShQualDivDef QDEF
FlexShQualityDiv QDF
FrankFTSEBrazil FLBR
FrankFTSEChina FLCH
FrankFTSE HK FLHK
FrankFTSEMexico FLMX
FrankFTSE SKorea FLKR
FranklinLibEM FLQE
FranklinGlbEquity FLQG
GlbX ChinaConsumer CHIQ
GlbX ChinaFinls CHIX
GlbX FTSE SE Asia ASEA
GlbXSciBetaUS SCIU
GSActiveBetaEM GEM
GSActiveBetaUSLC GSLC
GS Active US SC GSSC
GSHedgeIndVIP GVIP
GuggBRIC
EEB
GuggChinaAllCap YAO
GuggChinaTech CQQQ
GuggDefEqty DEF
GuggS&P500EW RSP
GuggS&P500EWTech RYT
GuggS&P500PureGr RPG
GuggS&P500PrVal RPV
GuggS&P400PrGrwth RFG
NYSE Arca highs - 333
ALPS EqSecWgh EQL
ARKIndlInnovation ARKQ
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
AdvShFocusedEqu CWS
AdvShNewTech FNG
AdvShWilshireBuybk TTFS
AGFiQ US NeutrMom MOM
Barrons400ETF BFOR
BuzzUSSentLdrs BUZ
CSOPFTSEChinaA50 AFTY
ClearSharesOCIO OCIO
ColumbiaIndiaCnsmr INCO
CnsmrDiscSelSector XLY
CS FI LC Grwth FLGE
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexCSIChinaInt CWEB
DirexCSI300CnABl2 CHAU
DirexEM Bull3 EDC
DirexChinaBl3 YINN
DirexHmbldrBull3 NAIL
DirexMcBull3 MIDU
DirexPharmBl3X PILL
DirexS&P500Bl3 SPXL
DirexS&P500Bull2X SPUU
DirexS&P500Bl1.25 LLSP
DirexSemiBl3 SOXL
DirexScBl1.25 LLSC
DirexSCBull3 TNA
DirexKRBull3 KORU
DirexTechBull3 TECL
Direx iBillionaire IBLN
DirexNasd100EW QQQE
EmgMktInternetEcom EMQQ
ETF Exposure TETF
ETFMG PrimeMob IPAY
67.96
34.47
36.52
45.27
30.36
23.35
68.62
25.07
40.89
32.10
19.51
26.34
47.09
94.36
219.24
31.03
42.56
57.89
32.16
127.57
37.78
83.39
44.67
24.95
42.21
47.20
34.84
170.56
35.30
68.50
66.09
114.09
32.01
42.87
40.25
18.09
34.67
52-Wk %
Sym Hi/Lo Chg Stock
0.4
2.2
1.7
1.9
1.3
1.6
...
0.4
0.9
1.4
3.1
0.6
1.4
0.6
2.0
0.7
0.5
1.8
5.7
4.1
8.2
4.8
1.9
1.8
2.0
1.3
0.7
3.6
3.9
3.1
3.0
3.0
0.8
0.7
1.5
0.6
1.3
47.87
51.01
33.45
27.89
29.69
37.36
50.79
31.13
30.89
31.45
39.88
109.79
21.19
47.67
30.70
40.26
38.26
53.62
67.42
23.55
47.97
58.90
42.94
43.45
25.11
26.54
26.48
25.42
26.39
32.99
30.18
18.41
18.60
16.48
30.54
35.89
52.02
42.88
52.91
38.35
36.60
67.23
46.07
98.02
146.23
105.57
63.33
152.39
0.9
1.3
0.5
0.4
0.5
0.6
1.2
1.0
0.6
0.6
0.4
1.2
0.8
1.3
0.4
0.7
0.2
1.1
0.8
0.7
1.2
1.3
0.3
0.5
0.4
2.0
1.8
1.9
1.2
1.2
0.6
0.7
3.1
0.4
0.6
1.2
0.5
0.7
1.0
1.0
1.5
1.5
0.6
0.4
0.8
0.7
0.2
1.0
52-Wk %
Sym Hi/Lo Chg Stock
GuggS&P400PureVal RFV
GuggS&P600PrGrwth RZG
GuggInsider
NFO
GuggMC Core CZA
GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
GuggS&PMC400EW EWMC
GuggS&PSC600EW EWSC
GuggTR Bond GTO
HartfordMultiGlbSC ROGS
HartfordMultiUSEqu ROUS
IQGlobalResources GRES
IQ HedMultStra QAI
IQRealReturn CPI
InnovatorIBD50 FFTY
iShAggrAllocation AOA
iShCoreDivGrowth DGRO
iShGrwthAllocation AOR
iShCoreMSCIEmgMk IEMG
iShModAllocation AOM
iShCoreS&P500 IVV
iShCoreS&P MC IJH
iShCoreS&P SC IJR
iShS&PTotlUSStkMkt ITOT
iShCurHdgMSCISwitz HEWL
iShU.S.Technology IYW
iShUSMedDevices IHI
iShEdgeMSCIMultif ACWF
iShEdgeMSCIMultUSA LRGF
iShEdgeMSCIUSASC SMLF
iShEdgeMSCIUSASize SIZE
iShACWILowCarbon CRBN
iShMSCIBRICETF BKF
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIHongKong EWH
iShMSCIJapanSC SCJ
iShMSCIKLD400Soc DSI
iShMSCIKokusaiETF TOK
iShMSCIPacificxJp EPP
iShMSCISingapore EWS
iShMSCISouthAfrica EZA
iShMSCISouthKorea EWY
iShMSCITaiwanCap EWT
iShMSCIThailandCap THD
iShMSCIUSAESGSelct SUSA
iShMSCIUSAEqWeight EUSA
iShMornLCGrowth JKE
iShMorningstarMC JKG
66.41
112.47
61.95
65.22
184.55
35.62
62.60
53.81
52.99
31.10
30.17
27.60
30.48
27.62
34.98
54.84
33.71
45.61
57.71
38.40
261.97
185.73
76.23
59.65
27.65
165.44
177.22
30.68
31.48
39.56
81.82
115.95
46.20
47.88
52.08
26.05
78.71
95.97
64.22
47.82
26.32
63.89
77.31
38.29
90.46
108.54
53.93
154.17
180.73
COMMODITIES
Futures Contracts
Contract
High hilo
Low
Open
Settle
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Metal & Petroleum Futures
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.0860
3.1240
3.0860
3.1255 0.0350
March'18 3.1105 3.1540
3.1020
3.1505 0.0350
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
...
...
... 1281.10
6.50
Dec
1276.60 1284.50
1275.80 1281.70
6.40
Feb'18
1281.00 1288.70
1280.20 1286.20
6.50
April
1286.40 1292.70
1284.90 1290.50
6.50
June
1291.30 1297.20
1289.00 1294.90
6.60
Dec
1304.70 1309.90
1302.70 1308.30
6.80
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
987.35
999.00
983.80
996.50 10.40
March'18 983.35 996.00
980.00
994.00 11.55
June
977.70
982.40
977.70
986.25 10.80
Platinum (NYM)-50 troy oz.; $ per troy oz.
...
...
...
934.80 14.40
Nov
Jan'18
926.20
940.40
924.80
938.00 14.40
Silver (CMX)-5,000 troy oz.; $ per troy oz.
16.930
16.930
16.930
16.949 0.122
Nov
March'18 16.985 17.135
16.985
17.062 0.121
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
Jan
56.38
57.22
56.32
56.83
0.41
Feb
56.51
57.29
56.43
56.92
0.39
March
56.58
57.31
56.50
56.96
0.36
April
56.52
57.25
56.52
56.92
0.32
June
56.26
56.87
56.22
56.57
0.21
Dec
54.44
54.90
54.38
54.60
0.06
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.9311
1.9486
1.9200
1.9359 .0038
Dec
Jan'18
1.9339
1.9517
1.9231
1.9381 .0038
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
Dec
1.7406
1.7753
1.7387
1.7731 .0293
Jan'18
1.7335
1.7670
1.7325
1.7649 .0271
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
3.032
3.064
3.012
3.017 –.030
Jan'18
3.126
3.157
3.106
3.110 –.030
Feb
3.130
3.157
3.106
3.110 –.031
March
3.094
3.121
3.074
3.078 –.029
April
2.940
2.953
2.932
2.940 –.008
May
2.930
2.938
2.918
2.928 –.005
Open
interest
390
124,935
10
243,578
226,514
24,025
22,612
11,773
16,442
18,324
413
4
69,843
3
93,279
596,888
193,537
297,820
133,195
236,373
264,848
60,395
126,341
66,306
176,046
63,021
334,621
112,315
181,664
126,783
97,651
Agriculture Futures
March
May
14.98
14.99
15.07
15.08
14.73
14.78
14.88
14.90
–.10 386,533
–.09 135,468
March
27.17
27.25
27.17
27.25
–.07
Dec
March'18
71.07
70.56
72.52
71.34
70.40
69.53
70.90
70.14
–.47
7,894
–.71 154,679
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
… s
168.20
…
167.10
Dec
Jan'18
…
164.20
…
–.55
166.80
166.75
2,763
7,889
153-260 154-220
153-240 154-030
14.0 736,301
Dec
March'18 152-230 153-180
152-210 152-310
14.0 85,179
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
124-225 124-295
124-190 124-220
… 3,171,013
Dec
March'18 124-140 124-210
124-105 124-135
… 304,062
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
116-247 116-260
116-205 116-217
–2.7 3,018,855
Dec
March'18 116-192 116-200
116-145 116-155
–3.0 449,651
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
107-137 107-140
107-120 107-125
–1.2 1,739,370
Dec
March'18 107-082 107-085
107-062 107-065
–1.7 257,966
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
98.845
98.845
98.843
98.843
… 205,968
Nov
Jan'18
98.605
98.610
t 98.605
98.605 –.005 340,539
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
100.906 101.094
100.781 100.859
.094 28,105
Dec
1 Month Libor (CME)-$3,000,000; pts of 100%
98.5200 98.5350
t 98.5175 98.5225 –.0175
2,764
Dec
Jan'18
98.5200 98.5200
t 98.5200 98.5225
…
1,917
Eurodollar (CME)-$1,000,000; pts of 100%
98.4525 98.4550
98.4450 98.4475 –.0025 1,657,286
Dec
March'18 98.2750 98.2750
98.2600 98.2650 –.0100 1,439,913
June
98.1300 98.1350
98.1050 98.1150 –.0200 1,275,088
Dec
97.9700 97.9750
97.9350 97.9500 –.0200 1,644,658
Dec
March'18
.8892
.8944
.8925
.8969
.8882
.8932
.8902
.8950
Dec
March'18
.7808
.7817
.7846
.7854
.7793
.7806
.7830
.7839
Dec
March'18
1.3247
1.3295
1.3277
1.3313
1.3218
1.3267
1.3245 –.0002 171,273
1.3289 –.0001
3,754
Dec
March'18
1.0083
1.0168
1.0119
1.0191
1.0069
1.0144
1.0097
1.0171
.7545
.7540
.7529
.7545
.7541
.7588
.7584
.7586
.7582
.7541
.7530
.7530
.7529
.7527
.7541
.7581
.7579
.7578
.7577
.7575
British Pound (CME)-£62,500; $ per £
Swiss Franc (CME)-CHF 125,000; $ per CHF
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
June
t
t
Mexican Peso (CME)-MXN 500,000; $ per MXN
.05237
.05304
Dec
March'18 .05161 .05221
Euro (CME)-€125,000; $ per €
1.1750
1.1774
Dec
March'18 1.1822 1.1841
.0018 257,042
.0018
4,752
.0021 136,564
.0021
3,705
.0012
.0012
83,256
334
.0037 128,146
.0037
710
.0037
398
.0037
1,306
.0037
264
.05227
.05151
.05300 .00061 182,247
.05220 .00060
804
1.1728
1.1800
1.1759
1.1830
.0010 455,394
.0010
7,318
23586 s
23577 s
23375
23372
148 153,597
148
2,545
23543
23537
S&P 500 Index (CME)-$250 x index
Dec
2582.80 2600.00 s
2579.00 2596.30
March'18 2599.30 2600.00 s 2599.20 2597.50
Mini S&P 500 (CME)-$50 x index
Dec
2582.00 2600.50 s
2579.25 2596.25
March'18 2582.50 2601.50 s 2580.00 2597.50
Mini S&P Midcap 400 (CME)-$100 x index
Dec
1847.40 1859.50 s
1846.20 1858.70
Mini Nasdaq 100 (CME)-$20 x index
Dec
6315.8
6385.3 s
6311.3
6379.5
March'18 6330.0 6401.3 s
6327.8
6396.0
Mini Russell 2000 (ICE-US)-$100 x index
Dec
1502.70 1521.40 s
1501.80 1518.60
March'18 1515.40 1520.50 s 1515.40 1520.10
Mini Russell 1000 (ICE-US)-$100 x index
Dec
1438.00 1442.10 s
1438.00 1441.10
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec
93.95
94.09
93.80
93.88
March'18
93.68
93.75
93.50
93.55
14.20
14.50
66,626
5,109
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
Treasury bill auction
Secondary market
International rates
Latest
Week
ago
52-Week
High
Low
Prime rates
U.S.
Canada
Japan
1.130 1.045 1.300 0.340
1.285 1.240 1.285 0.480
1.415 1.360 1.415 0.590
4 weeks
13 weeks
26 weeks
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
Fannie Mae
63.5 289,137
64.0
2,400
14.60
14.60
68,143
126
8.20
308
–.12
–.13
36,373
2,701
30 days
60 days
Euro zone
Switzerland
Britain
Australia
0.00
0.50
0.50
1.50
0.00
0.50
0.50
1.50
0.00
0.50
0.50
1.50
0.00
0.50
0.25
1.50
Week
Latest ago
1.14
1.24
1.38
0.15
One month
Three month
Discount
1.75
1.75
1.00
Federal funds
Effective rate
High
Low
Bid
Offer
1.1700
1.3125
1.0500
1.1600
1.1700
1.1700
1.3125
1.0500
1.1600
1.1700
1.2000
1.3125
1.1600
1.1700
1.1900
90 days
1.36
0.3500
0.5625
0.2500
0.3000
0.3200
-0.399
-0.378
-0.317
-0.251
-0.376
-0.325
-0.219
-0.080
-0.405
-0.381
-0.322
-0.251
3.00
1.32
-0.372
-0.329
-0.273
-0.186
Latest
-0.372
-0.329
-0.275
-0.191
Value
Traded
-0.366
-0.313
-0.216
-0.076
-0.375
-0.332
-0.276
-0.192
52-Week
High
Low
DTCC GCF Repo Index
3.00
2.25
1.36
Treasury
MBS
1.31287 1.26350 1.31287 0.58422
1.45400 1.41899 1.45400 0.92483
1.135 37.500 1.366 0.244
1.159 100.770 1.506 0.257
Open Implied
Settle Change Interest Rate
0.67
Libor
U.S. government rates
1.75
52-Week
high
low
Call money
3.00
One month
Three month
Six month
One year
Commercial paper (AA financial)
Overnight repurchase
U.S.
3.488 3.493 3.865 3.253
3.512 3.519 3.899 3.281
Other short-term rates
Policy Rates
—52-WEEK—
High Low
Euro interbank offered rate (Euribor)
30-year mortgage yields
DTCC GCF Repo Index Futures
Treasury Nov
Treasury Dec
Treasury Jan
Yield (%)
Latest Low High
Total
return
close
2.680 2.380 2.790
1984.95
2.2
Mortgage-Backed
1951.71
1.7
Ginnie Mae (GNMA) 2.860 2.630 3.090
3.260 3.030 3.520
1164.31
2.4
Fannie mae (FNMA) 2.920 2.670 3.120
2.860 2.530 3.010
1792.58
2.5
Freddie Mac (FHLMC) 2.940 2.680 3.130
6.9
415.37
8.0
415.40
98.790 unch. 6858 1.210
98.660 unch. 2027 1.340
98.555 unch. 457 1.445
Notes on data:
U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks,
and is effective June 15, 2017. Other prime rates aren’t directly comparable; lending practices vary
widely by location; Discount rate is effective June 15, 2017. DTCC GCF Repo Index is Depository
Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the
DTCC GCF Repo Index are traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Tullett Prebon
Information, Ltd.
YTD total
return (%)
Yield (%)
Latest Low High
Index
Triple-B-rated
4.110 4.100 4.710
520.53
2.750 2.470 2.870
364.02
4.8 7-12 year
3.540 3.340 3.870
409.19
6.1
12-22 year
2.485 2.213 3.047
395.85
6.7
22-plus year
2.892 2.770 3.622
High Yield Constrained 5.782 5.373 6.579
Triple-C-rated
2.910 2.660 3.120
4.3 Muni Master
High Yield Bonds Merrill Lynch
2.087 1.736 2.516
2.076 1.744 2.618
Global Government J.P. Morgan†
10.785 9.584 12.718
545.08
1.5
Global Government 1.410 1.300 1.560
2.000 1.570 2.190
5.551 4.948 6.144
757.51
0.5
Canada
377.40
7.2
Global High Yield Constrained 5.252 4.934 6.222
373.65
1.3
EMU§
1.012 0.933 1.363
306.34
6.7
Europe High Yield Constrained 2.276 1.897 3.814
717.18
1.5
France
0.740 0.710 1.210
Germany
0.420 0.210 0.620
Japan
0.390 0.270 0.460
Netherlands
0.530 0.360 0.760
U.K.
1.570 1.340 1.790
6.1
2846.33
High Yield 100
510.64
U.S Agency Bloomberg Barclays
1637.79
2.0
U.S Agency
2.100 1.660 2.100
288.59
1462.90
1.1
10-20 years
1.970 1.460 1.970
564.37
20-plus years
2.920 2.730 3.460
923.23
2.920 2.610 3.090
800.62
8.0
4.7 Yankee
-0.8
0.1
-0.3
1.1
8.3
Emerging Markets ** 5.591 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
Global Government Bonds: Mapping Yields
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years
1.500
2.250
1.572
2.385
1.077
2.315
1.781 s
2.559 s
l
1.780
1.949
1.737
0.5
2.9
l
2.554
2.789
2.694
19.6
18.3
37.9
France 2 -0.588 s
10 0.665 t
l
-0.592
-0.523
-234.3
-169.2
l
0.702
0.736
-0.616 -236.3
0.758
-169.9
-166.9
-155.7
Germany 2 -0.710 s
10 0.355 t
l
-0.716
-0.717
-246.7
-175.2
l
0.364
0.455
-0.676 -248.6
0.276 -200.8
-200.7
-203.9
Italy 2 -0.303 t
10 1.777 t
l
-0.274
-0.147
0.059
-207.8
-202.4
-101.8
l
1.816
2.046
2.073
-58.7
-55.5
-24.3
Japan 2 -0.194 s
10 0.031 t
l
-0.195
-0.138
-0.170
-197.0
-194.6
-124.7
l
0.036
0.073
-233.5
-228.6
Spain 2 -0.355 s
10 1.483 t
l
-0.362
-0.278
-0.149
-213.0
-211.2
-122.6
l
1.517
1.662
1.607
-88.0
-85.4
-70.8
0.483 t
1.277 t
l
0.497
0.444
0.186
l
1.296
1.331
1.306
10
2.050
0.100
0.100
2.750
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.751
2.371
Australia 2
0.000
Year ago
l
2.750
0.750
Month ago
l
2.750
0.000
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
U.S. 2 1.776 s
10 2.363 t
10
1.64489 1.62208 1.64489 1.27822
1.92733 1.89261 1.92733 1.62789
-0.400
-0.380
-0.312
-0.243
6.2
717.23
4.250
Euro Libor
One month
Three month
Six month
One year
4.1 Double-A-rated
566.99
11.60
Week
Latest ago
Six month
One year
10.1 Long term
3870.62
U.K. 2
November 21, 2017
—52-WEEK—
High Low
U.S. Aggregate
3.6 Intermediate
2613.19
1.750
93,478
Continued on Page B14
Mortgage-Backed Bloomberg Barclays
U.S. Corporate
1.450
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
Inflation
5.6
14.25 3,195,685
14.50 99,428
Source: SIX Financial Information
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
Index
3.2
2778.96
0.050
Mini DJ Industrial Average (CBT)-$5 x index
23398
23380
YTD total
return (%)
Broad Market Bloomberg Barclays
0.500
Index Futures
Dec
March'18
Total
return
close
2454.82
Japanese Yen (CME)-¥12,500,000; $ per 100¥
0.6
0.8
1.1
0.9
0.6
1.2
1.0
0.7
0.5
0.4
1.0
0.7
0.8
0.7
0.8
1.4
0.8
0.6
0.5
1.2
1.1
1.1
0.4
0.7
2.7
0.5
0.8
0.6
0.4
0.4
0.5
1.2
1.0
0.7
0.3
1.1
0.8
1.4
0.6
2.2
1.6
0.6
0.4
0.5
0.6
0.4
1.1
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
3377.90
Currency Futures
200.17
169.24
178.27
132.51
144.91
184.48
151.29
154.38
203.63
86.70
72.00
59.83
115.11
213.07
150.59
157.59
39.07
106.04
155.92
151.75
48.57
170.68
62.70
130.38
48.33
118.67
59.41
30.56
34.00
33.48
25.42
42.16
58.90
61.97
69.65
29.45
25.27
25.24
33.11
36.13
26.08
51.32
46.18
30.95
49.08
58.46
25.60
WSJ.com/commodities
U.S. Corporate Indexes Bloomberg Barclays
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
iShMornMCGrowth JKH
iShMorningstarSC JKJ
iShMornSCGrowth JKK
iShRussell1000Gwth IWF
iShRussell1000 IWB
iShRussell2000Gwth IWO
iShRussell2000 IWM
iShRussell3000 IWV
iShRussellMid-Cap IWR
iShRussellMCValue IWS
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&P100
OEF
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShGlobalTechETF IXN
iShIntlDevProperty WPS
iShGlobalConsDiscr RXI
iShS&PMC400Value IJJ
iShS&PSC600Value IJS
iShNATech-Mult IGN
iShNorthAmerTech IGM
iSh10+YCreditBond CLY
iShDowJonesUS IYY
iShChinaLC
FXI
iShRussellMCGrowth IWP
iShUSBrokerDealers IAI
JanusVelTailLC TRSK
HancockLC
JHML
HancockMC
JHMM
HancockMultiSC JHSC
HancockTech JHMT
JPM DivRetEM JPEM
JPM DivRetGlEq JPGE
JPM DivRetUS Eq JPUS
JPM Div US SC JPSE
JPM US Moment JMOM
JPM US Value JVAL
KnowldgLdrDevWrld KLDW
KraneBoseraChinaA KBA
KraneEMCnsTech KEMQ
MadronaDomestic FWDD
NatixisSeeyondIntl MVIN
OShFTSEUSQuality OUSA
OppenheimerLgCpRev RWL
OppenheimerMdCpRev RWK
PIMCO DynMultEM MFEM
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
1940.08
Interest Rate Futures
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu.
Dec
344.00
345.75
342.75
345.00
… 423,068
March'18 355.00 356.75
353.75
356.25
–.25 675,186
Oats (CBT)-5,000 bu.; cents per bu.
Dec
253.75
257.00
250.50
255.75
.75
2,288
March'18 270.00 272.00
266.25
271.50
.50
4,715
Soybeans (CBT)-5,000 bu.; cents per bu.
Jan
990.00
991.25
986.25
989.00 –1.00 317,813
March
1001.00 1002.25
997.50 1000.25 –1.00 146,557
Soybean Meal (CBT)-100 tons; $ per ton.
319.80
320.00
317.00
318.30 –1.50 57,071
Dec
Jan'18
321.80
322.10
319.20
320.40 –1.60 123,411
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
33.96
34.35
33.90
34.17
.22 88,532
Dec
Jan'18
34.11
34.51
34.06
34.32
.22 144,727
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Jan
1230.50 1236.00
1230.50 1234.00 –3.50
9,139
March
1260.50 1265.00
1260.00 1263.00 –3.00
1,129
Wheat (CBT)-5,000 bu.; cents per bu.
Dec
421.75
428.75
420.25
424.75
2.75 123,408
March'18 438.50 445.00
436.50
441.25
2.75 247,252
Wheat (KC)-5,000 bu.; cents per bu.
Dec
416.00
423.75
414.50
420.25
4.25 60,296
March'18 434.00 441.50 s
432.00
437.75
4.00 166,458
Wheat (MPLS)-5,000 bu.; cents per bu.
626.75
632.25
625.75
627.00
.75 22,953
Dec
March'18 640.00 646.25
639.75
641.25
1.50 35,699
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
157.775 157.925
157.575 157.775
…
2,642
Nov
Jan'18
150.075 152.050
149.500 151.625 2.075 26,738
Cattle-Live (CME)-40,000 lbs.; cents per lb.
Dec
117.400 118.575
117.125 117.975
.875 51,922
Feb'18
123.250 124.875
122.750 124.050 1.025 155,629
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
Dec
62.450
62.725
60.575
60.700 –1.325 39,525
Feb'18
68.475
69.300
66.800
66.950 –1.525 93,166
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
Jan
429.10
435.00
425.00
431.30
1.60
5,603
March
414.50
423.80
414.00
420.30
2.30
939
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.83
16.83
16.80
16.82
–.01
4,302
Dec
15.43
15.50
15.27
15.37
–.03
4,370
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,105
2,105
2,066
2,102
18
466
March'18
2,092
2,117
2,086
2,110
21 135,919
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
123.15
125.40
122.55
123.85
.95
4,112
March'18 126.10 128.35
125.35
126.65
.90 123,555
Open
interest
Chg
0.6
1.4
0.7
0.3
0.8
0.7
0.4
1.2
-0.1
1.0
0.7
1.0
0.3
0.1
1.5
0.6
0.6
0.4
1.3
0.4
0.6
0.6
1.4
0.7
0.3
1.2
1.4
0.7
0.3
1.3
0.3
0.8
1.5
1.3
1.0
1.7
1.1
0.6
0.2
1.1
1.6
1.1
1.0
1.3
-0.1
0.4
0.5
0.9
0.4
52-Wk %
Sym Hi/Lo Chg
0.029 -233.2
-129.3
-108.6
66.1
-125.4
-89.1
-107.5
-100.9
Source: Tullett Prebon
Corporate Debt
in that same company’s share price.
Investment-grade spreads that tightened the most…
Issuer
Symbol Coupon (%)
Qualcomm
Teva Pharmaceutical Fin Netherlands III
Bnp Paribas S.A.
Royal Bank of Scotland
QCOM
Goldman Sachs
Morgan Stanley
Boardwalk Pipelines
Credit Agricole
GS
TEVA
BNP
RBS
MS
BWP
ACAFP
Maturity
Current
Spread*, in basis points
One-day change
2.250 May 20, ’20
2.200 July 21, ’21
6.750 March 14, ’49
8.625 Aug. 15, ’49
37 –42
262 –23
178 –20
–17
201
3.850
3.625
4.950
7.875
106
93
142
256
Jan. 26, ’27
Jan. 20, ’27
Dec. 15, ’24
Jan. 23, ’49
–14
–14
–13
–12
Last week
Stock Performance
Close ($)
% chg
69
350
177
232
66.67
…
...
7.34
0.30
…
...
–0.27
126
109
n.a.
258
238.02
49.38
14.14
...
–0.05
0.55
–1.12
...
n.a.
122
39
75
...
17.83
...
16.87
...
–0.83
...
–1.11
43
455
n.a.
60
…
5.71
…
236.64
…
0.88
…
0.98
…And spreads that widened the most
Shell International Finance
General Electric
E.I. du Pont de Nemours And Co
Kinder Morgan
RDSALN
Citibank NA
CBL & Associates
American Express Credit
Huntington Ingalls Industries
C
GE
DD
KMI
CBL
AXP
HII
2.250
5.000
2.200
3.050
Nov. 10, ’20
Jan. 21, ’49
May 1, ’20
Dec. 1, ’19
35
129
38
77
2.100 June 12, ’20
5.950 Dec. 15, ’26
2.200 March 3, ’20
5.000 Nov. 15, ’25
40
460
39
76
16
15
13
13
12
10
7
7
High-yield issues with the biggest price increases…
Issuer
Symbol
Algeco Scotsman Global Finance
Murray Energy
FGI Operating
Windstream Services
ALGSCO 10.750
MURREN 11.250
Neiman Marcus
NCR
Frontier Communications
Time
NMG
GUN
WIN
NCR
FTR
TIME
Coupon (%)
Maturity
Bond Price as % of face value
Current
One-day change
7.875
7.500
Oct. 15, ’19
April 15, ’21
May 1, ’20
April 1, ’23
90.000
54.750
21.250
69.000
8.000
5.000
8.750
7.500
Oct. 15, ’21
July 15, ’22
April 15, ’22
Oct. 15, ’25
57.750
101.250
75.500
109.000
3.00
2.25
2.00
8.25
1.50
1.38
1.25
1.25
Last week
Stock Performance
Close ($)
% chg
81.375
53.000
n.a.
67.000
...
...
...
2.28
...
...
...
1.33
56.938
101.750
72.750
101.125
...
31.09
7.08
16.50
...
2.00
–2.07
–0.30
0.75
–1.75
–0.15
–0.57
…And with the biggest price decreases
6.250
4.750
6.125
7.125
Oct. 15, ’22
May 1, ’21
Nov. 15, ’22
Dec. 15, ’24
80.500
93.345
100.500
89.250
–1.50
–0.91
–0.88
–0.78
80.500
92.820
99.750
89.250
14.73
11.23
20.05
15.81
6.125
7.375
GENLAB 10.000
CVECN
5.400
Nov. 15, ’34
May 1, ’26
Nov. 30, ’24
June 15, ’47
11.500
103.000
111.500
103.448
–0.75
–0.75
–0.73
–0.60
12.500
103.010
111.708
103.727
...
...
...
...
Bristow
Rent–A–Center
SM Energy
Uniti
BRS
Nine West Holdings
SFR S.A.
Genesys Telecommunications Laboratories
Cenovus Energy
JNY
RCII
SM
UNIT
SFRFP
...
...
...
...
*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
B14 | Wednesday, November 22, 2017
THE WALL STREET JOURNAL.
BANKING & FINANCE
Cash Flooding to Funds Draws Concern
Silicon Valley is luring
an unusual mix of
investors, despite
fears of excess
BY ELIOT BROWN
PALO ALTO, Calif.—Longtime venture capitalist Greg
Sands is no heavyweight in
Silicon Valley. His young firm,
Costanoa Ventures, has made
unglamorous investments in
business software, and its
profits are almost all on paper.
Yet this past summer, the
51-year-old Minnesota native
raised $175 million for a new
fund with relative ease, shunning investors who wanted to
pump in more money. “This
went pretty much according to
plan,” he said with a chuckle.
Silicon Valley is bursting
with fledgling venture-capital
funds like Costanoa, thanks to
a seemingly endless flood of
cash from college endowments, nonprofit foundations,
pension funds and wealthy executives who are craving tech
riches in a low-interest-rate
world.
The money continues to
flow despite persistent worries from industry veterans
and observers that startups
are overstuffed with capital
and have generally returned
little in profits through initial
public offerings and acquisitions.
The rush has brought an
unusual mix of prospectors. In
addition to veterans like Mr.
Sands, there are wealthy
Google and Facebook Inc. engineers who want to try investing, celebrities such as the
band Linkin Park and basketball stars Carmelo Anthony
and Kobe Bryant, and big corporations like 7-Eleven and
Campbell Soup Co. all spraying money on tech. Just since
this summer, two separate
venture firms were started by
former Airbnb Inc. employees.
Since the start of 2013
through September of this
year, 516 venture-capital funds
were raised by U.S.-based
firms new to the sector, including a record of 133 last
year and another 87 in this
year’s first nine months—on
pace for a slight downtick—according to data compiled by
Dow Jones VentureSource.
The five-year total is double
the level raised in the prior
five years. The bulk are small
funds with less than $100 million. Venture firms raised $44
billion last year, the most
since the dot-com boom. The
mushrooming of new venture
outfits is widely viewed by investors as unsustainable, with
too much money chasing too
few good business ideas.
Most investors betting on
ture firms thus far, including
an education-focused tech
fund and Costanoa.
He said he flew out to meet
Mr. Sands and Costanoa’s
team earlier this year, finding
the firm to be more prudent
and experienced than most
new firms.
If Silicon Valley is all about
flash and brash these days, the
mild-mannered Mr. Sands
sticks out. He sports a 1990s
tech uniform of khaki pants
and a loosefitting button-down
shirt. His investor pitches can
meander, as he expounds on
the shifting landscape of business software.
The former early executive
of web browser Netscape
Communications and large
venture firm Sutter Hill Ventures says he hates marketing
himself, and wishes he could
just focus on investing.
Many investors, he says, believe “being famous leads to
high-quality deal flow. It
doesn’t,” he said.
In its five-year history,
Costanoa has made bets on
companies showing promise
like big-data startup Alation
Inc., and its first fund shows
paper returns that would put
it in the top 25% of those surveyed by Cambridge Associates. But it is far too early to
say whether Costanoa deserves a place in the pantheon
of venture firms.
Silicon Valley Gold Rush: Venture Funds
The number of new venture funds
is mushrooming as investors seek
to strike it rich in tech...
...spawning fears of overcrowding, as even the top tier of firms can
struggle to beat the public markets.
Number of new funds
140 funds
Annual returns of venture funds, by initial year of fund
80%
Total
Through 3rd
quarter
120
100
60
40
80
60
20
Nasdaq
Composite*
40
0
2007
Upper quartile
0
20
Lower quartile
–20
’09
’11
’13
’15
’17
’86
’90
’95
’00
’05
’10
*Index of Nasdaq Composite returns modified by Cambridge Associates
Sources: DowJones VentureSource (funds); Cambridge Associates (returns)
new venture funds “are in a
state of denial,” said Mike Maples, whose seven-year-old
Floodgate Fund was early to
the wave of so-called seed
funds that invest in companies
to help them get started.
“They’re not going to get a
good venture return,” he said.
Venture funds typically
have a life of 10 years as they
try to return profits to their
investors. A few megahits can
carry a fund, while the rest
may produce marginal or no
returns at all.
Venture capital overall has
’15
THE WALL STREET JOURNAL.
underperformed the Nasdaq
Composite Index in most years
since 2000, according to data
from Cambridge Associates.
So venture firms often must
be in the top quartile or better
to beat the public markets.
Meanwhile, the influx of
money may be cushioning
startups with shaky business
models. Far fewer startups
have gone belly-up in recent
years compared with decades
past, while venture-capitalbacked company formation
has soared, according to Dow
Jones VentureSource.
The most sought-after venture firms, such as Sequoia
Capital and Benchmark, rarely
let in new investors. So financiers like Richard Chau, who
oversees private equity and
venture investments for Tulane University’s endowment,
must sort through a barrage of
entreaties from less established venture-capital managers. “There’s just an incredible
amount of money coming in,”
he said. “Everything’s overvalued.”
Mr. Chau has only put
money into a handful of ven-
Zuckerberg Wealth Manager Wants to Be a Buyout Firm
A wealth manager that invests money for some of the
most prominent names in Silicon Valley plans to ramp up its
private-equity investing, a
move that raises the specter of
possible conflicts with some of
its clients.
Iconiq Capital LLC, whose
early clients included Mark
Zuckerberg and Sheryl Sandberg, plans to pursue more
buyouts of mature, mediumsize technology companies, according to people familiar with
the matter. Until now, the firm
has mostly pursued venturecapital deals in potentially
fast-growing startups.
Iconiq
recently
hired
Arvindh Kumar from tech-focused private-equity firm
Thoma Bravo LLC to run the
new strategy and expects to
make more hires, the people
said. The firm also has discussed the possibility of raising a tech buyout fund.
San Francisco-based Iconiq
is a hybrid firm. It offers traditional wealth-management and
family-office services to clients, doing everything from
JIM VETTER/ICONIQ
BY JULIET CHUNG
AND ANUPREETA DAS
Iconiq Capital partners, from left, Will Griffith, Divesh Makan, Michael Anders and Chad Boeding.
helping clients buy homes and
planes to parceling out their
money to various hedge funds
and private-equity funds. However, a growing focus for Iconiq involves investing its own
and clients’ money itself—a
typically higher-margin business—rather than through
funds managed by others.
New Highs and Lows | WSJ.com/newhighs
Stock
52-Wk %
52-Wk %
Sym Hi/Lo Chg Stock
Sym Hi/Lo Chg
52-Wk % Stock
Sym Hi/Lo Chg SPDR S&PMdCpTr MDY 338.53 0.6 ProShShXinhuaCh25 YXI
18.84 -2.4
Continued From Page B13
Stock
PwrShDynBldg&Con PKB
PwrShDynMkt PWC
PwrShDynNetwork PXQ
PwrShDynSemicon PSI
PwrShDynSoftware PSJ
PwrShFTSE US1000 PRF
PwrShDynLC Grwth PWB
PwrShJapanCurr FXJP
PwrShS&PEM Mom EEMO
PwrShRussMC EW EQWM
PwrShRussMCGrw PXMG
PwrShRuss1000EqWt EQAL
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
PwrShS&P500xRate XRLV
PwrShS&P500Qual SPHQ
PwrShS&P400LowVol XMLV
PwrShS&P600LowVol XSLV
ProShS&P500xEner SPXE
ProShS&P500xHlth SPXV
ProShShtVIXST SVXY
ProShrUlCnsmr UCC
ProShrUltraDow30 DDM
ProShXinhuaChina25 XPP
ProShUltMSCIEM EET
ProShrUMdCp400 MVV
ProShrUltraQQQ QLD
ProShrUltraRus UWM
ProShrUltraS&P SSO
ProShrUlSemi USD
ProShrUlSmC600 SAA
ProShrUlTech ROM
ProShUltDow30 UDOW
ProShUltMC400 UMDD
ProShUltRus2000 URTY
ProShUltS&P500 UPRO
RenaissanceIPOETF IPO
RivFrDynUSDiv RFDA
RivFrDynUSFlex RFFC
SPDRBloomBarCvSecs CWB
SPDRFactSetInnTech XITK
SPDRMFSSysGrowth SYG
SPDRMFSSysValueEqu SYV
SPDRMSCIACWIIMI ACIM
SPDRMSCIChinaA XINA
SPDREMFossilFuelFr EEMX
SPDRMSCIEMStrat QEMM
SPDRMSCIUSAStrat QUS
SPDRMSCIWorldStrat QWLD
SPDR NYSE Tech XNTK
SPDRPtfEM
SPEM
SPDRPtfLTCorpBd SPLB
SPDRPtfMC
SPMD
SPDRS&P500Growth SPYG
SPDRS&P500HiDiv SPYD
SPDRPtfSC
SPSM
SPDR Ptf TSM SPTM
SPDRRuss1000Mom ONEO
SPDRRuss1000Yd ONEY
SPDRMomentumTilt MMTM
SPDR S&P500MidGr MDYG
SPDR S&P400MidVl MDYV
SPDRS&P600SmallCap SLY
SPDR S&P600SCpGr SLYG
SPDR S&P600SCapVal SLYV
SPDRS&PCapitalMkts KCE
SPDRS&P500Fossil SPYX
SPDRS&PHlthCareEqp XHE
SPDRS&PSft&Svs XSW
SPDRGenderDivers SHE
SPDRSSgAGlbAll GAL
SchwabEM Equity SCHE
SchwabFundUSBrd FNDB
SchwabFundUSLrgCo FNDX
SchwabFundUSSmCo FNDA
Schwab1000Index SCHK
SchwabUS BrdMkt SCHB
SchwabUS Div SCHD
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS MC SCHM
SchwabUS SC SCHA
SPDR DJIA Tr DIA
SPDR MSCI exUS CWI
33.75
95.42
47.13
55.30
67.00
109.50
41.13
30.97
22.06
46.40
42.08
30.27
51.40
45.30
33.07
29.60
45.69
47.39
54.33
54.42
113.14
73.12
120.27
88.71
94.29
117.75
73.11
69.33
103.35
136.56
96.85
91.31
81.93
107.39
80.37
128.52
28.51
30.93
32.06
52.45
82.65
78.16
64.23
77.88
24.80
69.79
64.48
75.95
74.65
86.72
38.20
28.34
33.03
32.54
37.08
29.74
32.39
75.30
72.79
112.03
155.23
101.04
133.78
235.71
129.28
54.87
63.16
66.38
69.99
71.52
37.80
28.36
35.89
36.01
37.26
25.56
62.96
49.35
62.19
69.32
52.17
68.78
235.99
38.92
1.2
0.8
1.1
1.6
1.3
0.5
0.9
-0.2
2.1
0.4
0.9
0.5
0.5
0.8
0.7
0.5
0.4
1.2
0.7
1.2
3.7
1.6
1.4
5.6
3.1
1.3
2.1
1.9
1.3
1.9
2.1
2.6
2.1
1.6
3.0
1.9
1.0
0.4
0.8
0.7
1.3
0.7
0.4
0.5
2.0
1.1
1.3
0.4
0.7
1.1
1.3
0.4
0.8
0.8
0.2
1.0
0.9
0.6
0.2
1.1
0.7
0.5
0.8
1.5
1.2
1.0
0.6
1.3
1.0
0.6
0.6
1.4
0.5
0.5
0.8
0.6
0.7
0.6
0.6
0.9
0.6
0.9
0.7
0.8
SPDR S&P 500 SPY
SPDR SP China GXC
SPDR SP EmAsPac GMF
SPDR S&P Home XHB
SPDR IntlSC
GWX
SPDR S&P Semi XSD
Whiskey&SpiritsETF WSKY
SummitWaterETF WTRX
TechSelectSector XLK
UBS FIEnhLCGrw FBGX
USAA EM ValMom UEVM
USAA USA SC Val USVM
USAA USA ValMom ULVM
VanEckCSI300 PEK
VanEckSMEChiNxt CNXT
VanEckGaming BJK
VanEckRetail RTH
VanEckSemiconduc SMH
VanEckVietnam VNM
VangdExtMkt VXF
VangdInfoTech VGT
VangdCnsmrDiscr VCR
VangdSC Val VBR
VangdSC Grwth VBK
VangdDivApp VIG
VangdFTSE EM VWO
VangdFTSEAWxUS VEU
VangdGrowth VUG
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMC
VO
VangdMCGrowth VOT
VangdS&P500 VOO
VangdS&P500 Grw VOOG
VangdS&PMC400 IVOO
VangdS&P400Grwth IVOG
VangdS&P400Val IVOV
VangdS&P600 VIOO
VangdS&P600Grwth VIOG
VangdS&P600Val VIOV
VangdSC
VB
VangdTotalStk VTI
VangdTotlWrld VT
VelocityLgLIBOR ULBR
VelocityShVIXShrt XIVH
VirtusGlovistaEM EMEM
WBITacticalLCGD WBIE
WBITacticalLCQ WBIL
WBITacticalLCV WBIF
WBITacticalRotatn WBIR
WilshireMicroCap WMCR
WisdTrCBOES&P500 PUTW
WisdTrEMxSOE XSOE
WisdTrGlbxUSQual DNL
WisdTrUSEarn500 EPS
WisdTrUSLCDivFd DLN
WisdTrUSLCValueFd EZY
WisdTrUSMCDivFd DON
WisdTrUSMCEarn EZM
WisdTrUSSCDiv DES
WisdTrUSSCEarn EES
WisdTrUSTotalDivFd DTD
XtrkrsHarvCSI300 ASHR
XtrkrsMSCIAllChina CN
XtrkrsMSCIEM DBEM
XtrkrsRussell1000 DEUS
260.20
112.62
106.78
42.24
36.14
74.63
32.72
31.75
64.30
218.35
50.64
50.93
51.18
50.67
36.90
44.91
85.40
105.67
17.10
110.25
167.28
149.23
129.96
159.54
98.56
45.81
54.22
139.12
119.52
89.40
109.94
151.48
127.00
239.00
135.06
125.37
132.11
119.67
139.26
145.33
130.65
145.50
133.94
72.94
29.55
70.00
25.39
25.40
26.38
27.53
25.41
35.65
29.91
32.31
58.47
30.12
89.22
79.24
34.26
38.47
28.67
35.87
90.09
32.50
39.18
24.75
31.37
0.7
2.0
1.3
0.9
0.8
1.7
0.7
0.3
1.1
1.7
1.1
1.2
0.5
2.8
2.6
0.7
0.3
1.0
-0.7
0.9
1.2
0.6
0.6
1.1
0.7
1.2
0.8
0.9
0.7
0.7
1.0
0.4
0.6
0.7
0.9
0.6
0.7
0.6
1.4
1.6
1.2
0.9
0.7
0.8
2.2
3.7
0.8
0.4
0.5
0.5
0.8
0.6
...
1.7
1.0
0.7
0.5
0.4
0.4
0.4
0.9
0.8
0.6
2.7
2.1
1.1
0.5
NYSE Arca lows - 41
iPathS&P500VIXST VXX
DirexCSI300CnA CHAD
DirexEM Bear3 EDZ
DirexChinaBr3 YANG
DirexMcBear3 MIDZ
DirexS&P500Br3 SPXS
DirexS&P500Br1 SPDN
DirexSemiBear3 SOXS
DirexScBear3 TZA
DirexTechBear3 TECS
FrankShtDurUSGovt FTSD
NuShEnhYd1-5Y NUSA
ProShDecRetail EMTY
ProShShtDow30 DOG
31.91
30.12
9.08
5.55
14.53
32.79
31.57
13.88
12.75
6.89
96.07
24.88
37.30
15.68
-3.8
-3.0
-4.0
-7.9
-2.0
-2.0
-0.7
-3.5
-3.1
-2.9
...
-0.1
2.1
-0.6
ProShShtMSCI EM EUM
ProShShtMC400 MYY
ProShShortQQQ PSQ
ProShShtRus2000 RWM
ProShShrtS&P500 SH
ProShShrtSC600 SBB
ProShUltVIXST UVXY
ProShUltShtDow30 SDOW
ProShShtMC400 SMDD
ProShShtRus2000 SRTY
ProShUltProShS&P SPXU
ProShrUSCnsmrGd SZK
ProShUltShDow30 DXD
ProShXinhuaChina25 FXP
ProShUltMC400 MZZ
ProShrUS MSCI EM EEV
ProShUltShtQQQ QID
ProShrUlShtRus TWM
ProShUltShtS&P500 SDS
ProShrUSSemi SSG
ProShrUlShtSmC600 SDD
ProShrUSTech REW
ProShsVIXSTFut VIXY
SchwabSrtTRmUSTrsr SCHO
USAACoreST USTB
VelocityShVIXTail BSWN
17.95
11.47
35.67
42.80
31.10
34.86
13.41
22.61
11.11
33.66
12.45
14.65
9.59
16.39
19.73
8.39
13.49
17.90
43.60
9.52
16.14
16.20
26.47
50.13
50.07
17.94
-1.4
-0.5
-1.1
-1.0
-0.7
-1.3
-7.6
-1.9
-1.6
-3.2
-2.0
-0.7
-1.2
-5.5
-1.3
-3.0
-2.1
-2.1
-1.3
-1.7
-3.7
-2.0
-3.9
...
...
-0.3
NYSE American highs - 5
AlphaProTech
Ashford
IssuerDirect
PalatinTech
SunlinkHealth
APT
AINC
ISDR
PTN
SSY
4.25
94.22
17.80
0.99
2.08
-2.4
8.6
-1.8
11.1
2.0
NYSE American lows - 5
AsankoGold
AKG
BallantyneStrong BTN
Banro
BAA
BioPharmX
BPMX
FieldPointPetrol FPP
0.67 -11.3
4.71 -6.9
0.10 -8.2
0.11 -32.8
0.23 -21.5
Nasdaq highs - 289
ASML
ASML 185.45
AdamasPharm ADMS 31.45
AdobeSystems ADBE 185.55
Aegion
AEGN 27.73
AlignTech
ALGN 258.88
AllenaPharm
ALNA 13.24
Altaba
AABA 73.14
AltairEngg
ALTR 25.59
Amazon.com AMZN1140.00
AmplifyOnlineRet IBUY 37.98
AnaptysBio
ANAB 79.45
2.30
AptoseBiosci APTO
ArcBest
ARCB 35.30
ArchCapitalPfdE ACGLP 25.05
ArchCapGroupPfdF ACGLO 25.59
Arsanis
ASNS 16.50
AspenTech
AZPN 68.68
AssemblyBiosci ASMB 39.14
AtlAcquisition ATAC 15.00
9.95
AtlanticCoastFin ACFC
6.65
AvidTechnology AVID
AxcelisTechs
ACLS 36.63
AxoGen
AXGN 26.35
B.RileyNts2027 RILYZ 26.17
66.94
BarrettBus
BBSI
BeaconRoof
BECN 59.87
Bio-Techne
TECH 132.79
Blackbaud
BLKB 104.53
bluebirdbio
BLUE 169.60
Bruker
BRKR 35.25
BuildersFirstSrc BLDR 19.64
68.68
CDK Global
CDK
CEVA
CEVA 49.70
CME Group
CME 143.99
47.11
CRA Intl
CRAI
CabotMicro
CCMP 102.84
CadenceDesign CDNS 45.48
Cal-MaineFoods CALM 48.00
CanterburyPark CPHC 14.95
3.29
CatalystPharma CPRX
2.1
3.5
1.0
2.1
0.4
1.1
1.3
-1.1
1.2
1.3
5.3
-4.9
5.2
0.1
-0.4
6.6
0.8
-0.4
51.5
3.3
3.0
4.6
7.6
0.7
0.6
4.8
1.6
1.2
1.1
2.2
-0.5
1.1
3.9
0.5
2.8
3.0
1.1
1.3
2.2
6.9
Iconiq’s partners, Divesh
Makan, Chad Boeding, Michael
Anders and Will Griffith, want
to turn the six-year-old firm
into a tech-focused investor
across a gamut of asset
classes, a person familiar with
the firm said. Its founders
have discussed with Iconiq’s
advisory board wanting the
52-Wk %
Sym Hi/Lo Chg Stock
CathayGenBncpWt CATYW
Cavium
CAVM
CboeGlobalMkts CBOE
Charles&Colvard CTHR
ChartIndustries GTLS
CiscoSystems CSCO
CitiTrends
CTRN
ClearBr AC Grw CACG
ClearBrDivStrat YLDE
ClearBrLCGrw LRGE
Cognex
CGNX
Coherent
COHR
CollegiumPharm COLL
ColliersIntl
CIGI
ColumbiaSportswr COLM
CommVehicle CVGI
ConcertPharm CNCE
Control4
CTRL
CoStar
CSGP
Cray
CRAY
Cree
CREE
Crocs
CROX
CypressSemi CY
DataIO
DAIO
Descartes
DSGX
DollarTree
DLTR
ElectroSci
ESIO
EntegraFin
ENFC
EsperionTherap ESPR
ExtremeNetworks EXTR
FNBBancorp
FNBG
Fanhua
FANH
FidelityD&D
FDBC
FidelityNasdComp ONEQ
FirstBancshares FBMS
FirstCitizBcshA FCNCA
FirstNWBncp FNWB
FT BICK
BICK
FT CapStrength FTCS
FT CloudComp SKYY
FT DevIntlEquity RNDM
FT DevMktsXUS FDTS
FT DorseyDyn5 FVC
FT DorseyFoc5 FV
FT DorseyIntl5 IFV
DorseyWrightPeople DWPP
FT NasdTechDiv TDIV
FT GerAlpha
FGM
FT LC CoreAlpha FEX
FT LC GrwthAlpha FTC
FT LC US Equity RNLC
FT MegaCap FMK
FT MC CoreAlpha FNX
FT MC GrwthAlpha FNY
FT MC US Equity RNMC
FT MCGrAlpDX FAD
FT MuCValAlpha FAB
FT NasdCleanEdge QCLN
FT NasdGlblAuto CARZ
FT Nasd100Tech QTEC
FT NasdSmartphone FONE
FT NasdSemicon FTXL
FT Nasd100 EW QQEW
FTRisingDivAch RDVY
FT RiverFrDynEM RFEM
FT TotalUSMkt TUSA
Flex
FLEX
FlexShUSQualLC QLC
ForescoutTechs FSCT
ForresterResearch FORR
FullHouse
FLL
Garmin
GRMN
GladstonePfdC GAINN
GladstoneLandPfd LANDP
GlobalIndemnity GBLI
GlbXConsciousCos KRMA
GlbXFinTech
FINX
GlbX Health&Well BFIT
GlbXInternetThings SNSR
GlbXMillThematic MILN
GlbX Robotics&AI BOTZ
GlbXS&P500Catholic CATH
GlbXSocialMedia SOCL
GoldenEnt
GDEN
Groupon
GRPN
H&E Equipment HEES
HailiangEduc
HLG
HeritageCommerce HTBK
22.50
87.57
120.49
1.24
46.21
36.97
26.25
27.11
26.87
28.45
145.00
319.54
19.21
62.00
68.50
11.50
22.39
35.20
311.08
24.25
37.50
11.08
17.42
14.40
31.05
100.54
26.63
28.65
57.67
13.99
37.66
23.25
44.00
270.63
32.75
418.17
18.33
30.69
49.81
45.57
51.43
43.33
25.52
27.41
22.19
27.90
35.25
49.61
57.11
60.92
21.11
33.03
64.56
39.14
21.20
65.00
54.57
20.81
42.80
75.04
53.58
32.59
57.52
28.73
70.63
32.06
19.02
32.32
27.99
46.98
3.88
62.61
26.98
26.85
49.91
18.87
22.25
16.64
20.55
19.00
24.60
32.23
34.65
33.02
5.70
36.44
44.29
15.60
6.6
3.8
0.3
1.7
1.8
0.4
10.0
0.9
0.5
1.0
2.1
2.9
5.6
1.1
0.4
6.3
4.3
3.0
0.4
9.1
0.7
4.0
1.5
...
2.3
2.4
3.9
1.6
4.6
7.2
2.4
11.3
13.5
1.0
-0.2
0.4
1.0
1.4
0.7
0.9
0.5
1.6
0.7
0.8
1.0
0.5
0.6
1.2
0.6
0.8
0.7
0.5
0.6
1.0
0.7
0.9
0.4
0.8
1.3
0.8
1.6
1.3
0.7
0.4
0.9
0.7
1.3
0.4
1.4
1.2
0.8
1.6
0.4
0.4
2.0
0.4
0.9
0.3
1.1
0.3
1.4
0.7
1.5
4.6
2.0
4.6
0.9
0.4
firm to be as well-known in
technology investing in a decade’s time as Blackstone
Group LP, KKR & Co. and TPG
are in private equity, the person said.
Each of these firms was
founded at least 25 years ago;
KKR began in 1976.
Iconiq is known for invest-
52-Wk %
Sym Hi/Lo Chg Stock
HimaxTechs
HIMX
Hortonworks HDP
ICU Medical
ICUI
II-VI
IIVI
IPG Photonics IPGP
InfinityPropCas IPCC
Insulet
PODD
InteractiveBrkrs IBKR
Interface
TILE
Intermolecular IMI
iPath2yearBear DTUS
iRhythmTechs IRTC
iShAsia50ETF AIA
iShCoreMSCITotInt IXUS
iShCoreS&PUSGrowth IUSG
iShExponentialTech XT
iShGlbTimber WOOD
iShMSCI ACWI ACWI
iShMSCIACWIexUSETF ACWX
iShMSCIACxJpn AAXJ
iShMSCIChina MCHI
iShMSCIEMESGOpt ESGE
iShMSCIEmMkAsia EEMA
iShMSCIEMxChina EMXC
iShMSCIUSAESGOpt ESGU
iShMornMCValue JKI
iShPHLXSemicond SOXX
iShS&PSC600Growth IJT
J&JSnackFoods JJSF
KellyServices A KELYA
Kingstone
KINS
LGI Homes
LGIH
LamResearch LRCX
LendingTree
TREE
LibertyQVC B QVCB
Littelfuse
LFUS
LivaNova
LIVN
Marriott
MAR
MarvellTech
MRVL
MellanoxTech MLNX
MicronTech
MU
MonolithicPower MPWR
MonotypeImaging TYPE
Morningstar
MORN
NICE
NICE
NVE
NVEC
NatlEnerSvsWt NESRW
NektarTherap NKTR
Neogen
NEOG
NetApp
NTAP
Novanta
NOVT
NuvNasd100Dyn QQQX
OakValleyBncp OVLY
ObesityETF
SLIM
Ollie'sBargain OLLI
ON Semi
ON
OrganicsETF
ORG
Overstock
OSTK
PDLCommBncp PDLB
PayPal
PYPL
PennNational PENN
Perceptron
PRCP
PilgrimPride
PPC
PinnacleEnt
PNK
Plexus
PLXS
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
PwrShDWAMom DWLV
PwrShDWA Mom PDP
PwrShDWANasdMom DWAQ
PwrShDWASCMom DWAS
PwrShDWATact DWTR
PwrShDivAch PFM
PwrShDynConDis PEZ
PwrShDynConsStp PSL
PwrShDynTech PTF
PwrShFTSEIntlLow IDLB
PwrShUS1500 PRFZ
PwrShGoldDragon PGJ
PwrShIntlBuyBack IPKW
PwrShNasdInternet PNQI
PwrShQQQ 1 QQQ
PwrShRuss1000Low USLB
PwrShS&P SC CD PSCD
PwrShS&P SC Fin PSCF
PwrShS&P ScHealth PSCH
PwrShS&P SmInds PSCI
PwrShS&PSCMatls PSCM
13.42
20.60
216.55
52.00
247.49
110.00
72.99
56.01
25.05
1.65
34.03
56.94
68.51
62.73
52.99
35.50
70.88
71.10
49.77
78.44
70.17
74.78
75.96
53.37
56.91
153.66
181.46
169.78
148.36
30.93
18.95
67.85
219.70
304.50
25.13
212.97
85.84
128.37
23.41
58.35
49.63
126.68
25.05
92.64
86.15
91.12
0.80
50.00
84.50
55.50
55.10
24.17
17.74
29.69
47.20
22.12
33.09
60.80
15.73
78.43
28.04
10.50
35.78
29.14
63.50
27.71
20.61
31.02
51.60
104.29
48.41
28.77
25.52
49.35
63.34
56.35
29.66
129.35
46.25
36.57
116.67
155.57
30.44
57.87
54.93
95.98
63.02
51.62
11.1
2.7
2.1
5.9
2.4
0.1
-1.2
0.4
1.0
1.5
0.7
3.4
1.8
0.9
0.8
1.1
1.1
0.8
0.9
1.5
2.3
1.3
1.6
0.9
0.6
0.1
1.1
1.5
1.1
2.3
0.8
3.6
1.8
0.5
1.3
2.3
1.7
1.6
7.8
10.7
3.7
1.8
1.2
2.0
0.5
4.4
14.1
7.7
3.2
0.6
2.6
1.4
-2.8
2.2
0.8
1.0
0.5
6.7
2.5
2.3
0.5
-0.8
0.4
0.7
0.8
0.9
0.9
1.0
0.9
1.4
1.4
1.4
0.5
1.8
0.2
1.6
0.4
0.9
0.7
1.2
1.3
1.1
...
0.4
1.2
2.0
2.3
1.9
52-Wk %
Sym Hi/Lo Chg Stock
PwrShWaterRscs PHO
PreformedLine PLPC
PrincplMillennials GENY
ProShUltPrQQQ TQQQ
QAD A
QADA
Qualys
QLYS
QuinStreet
QNST
RCI Hospitality RICK
RMR Group
RMR
ROBOGlblRobotics ROBO
Rambus
RMBS
RealPage
RP
RedRockResorts RRR
Remark
MARK
Resonant
RESN
RiotBlockchain RIOT
SEI Investments SEIC
SPAR Group
SGRP
Silicom
SILC
SiliconLab
SLAB
SkyWest
SKYW
SouthernFirstBcsh SFST
Splunk
SPLK
StarBulkNts22 SBLKZ
StarsGroup
TSG
29.75
80.69
33.81
138.40
40.00
61.20
10.33
32.90
60.05
42.11
15.39
45.65
28.55
7.87
6.00
12.89
68.99
1.37
76.99
96.65
51.60
41.60
84.88
24.85
22.50
0.8
-0.5
1.5
3.2
4.6
2.9
...
3.1
0.3
1.7
1.9
1.1
...
-6.8
8.0
8.8
1.4
-3.4
0.1
3.0
1.5
2.2
3.0
0.7
1.6
ing in “growth-stage” private
companies such as Jessica
Alba’s Honest Co., Uber Technologies Inc. and Indian ecommerce company Flipkart
Ltd. It has made private-equity
investments in the past, including in cloud-based financial software firm BlackLine
Inc., but now believes it has
greater opportunities in this
type of investing, said the person familiar with the firm. The
potential buyouts are expected
to involve full or partial purchases in mature companies,
including publicly traded ones.
In making a bigger commitment to tech buyouts, Iconiq
could end up competing for
deals with firms such as KKR
and TPG whose co-founders,
Henry Kravis and David Bonderman, are both clients of Iconiq. The foundation of Tiger
Global Management’s Chase
Coleman invests in Iconiq
funds, according to a person
familiar with the matter. All
three firms—KKR, TPG and Tiger Global—are active tech investors.
The three investors sit on
Iconiq’s nine-person advisory
board, which also includes
LinkedIn co-founder Reid Hoff-
52-Wk %
Sym Hi/Lo Chg Stock
SterlingBancorp SBT
SunHydraulics SNHY
SuperiorUniform SGC
Synopsys
SNPS
TRowePrice
TROW
TabulaRasaHlth TRHC
TexasInstruments TXN
TheBancorp
TBBK
TowerSemi
TSEM
tronc
TRNC
TwinDisc
TWIN
2U
TWOU
USA Tech
USAT
USA Truck
USAK
UnityBancorp UNTY
UnivDisplay
OLED
UtahMedProducts UTMD
VangdIntlDivApp VIGI
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
VangdTotalCpBd VTC
12.83
61.50
25.48
89.81
97.84
36.59
99.65
10.19
35.43
17.06
28.31
67.10
8.80
17.95
20.45
186.55
80.45
66.16
119.48
135.85
119.60
121.32
133.68
84.90
0.4
2.4
2.1
0.5
1.5
3.4
0.9
0.8
2.1
1.4
5.6
2.9
4.2
0.5
1.0
2.8
0.3
0.9
0.6
0.9
0.6
1.1
1.2
0.2
Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Increased
Becton Dickinson
Hormel Foods
Peoples Bancorp of NC
South Jersey Indus
BDX
HRL
PEBK
SJI
1.3 .75 /.73
2.2 .1875 /.17
1.4 .12 /.10909
3.4 .28 /.2725
Q
Q
Q
Q
Dec29 /Dec08
Feb15 /Jan16
Dec15 /Dec04
Dec27 /Dec11
Initial
First Tr Mun Hi Incm
Merchants Bancorp
.025
.05
FMHI
MBIN
Nov30 /Nov22
Jan02 /Dec15
Funds and investment companies
Alpine Glbl Dynamic Div
Alpine Tot Dyn Div
AlpnGlblPrProp
First Tr California Mun Hi Incm
First Tr High Income ETF
First Tr Instl Pfd
First Tr Low Beta Incm
First Tr Managed Mun ETF
First Tr MLP & Engy Incm
First Tr New Opps MLP
First Tr Preferred Secs
First Tr SSI Strat Cv Sec
First Tr Strat High Fd II
First Tr Strat Income ETF
First Tr Tactical Hi Yd
First Tr TCW Opportun
First Tr/Abrdn Glbl Opp
First Trust CEF Incm Opp
First Trust Dynamic Eur
First Trust Emg Mkt Local
First Trust Muni CEF Incm
First Trust Sr FR Fd II
Fst Tr Hi Inc Lg/Shrt Fd
Fst Tr VI Multi-Asset Div
FT Enhanced Shrt Maturity
FT Low Duration Opps
GDL Fund
AGD
AOD
AWP
FCAL
FTHI
FPEI
FTLB
FMB
FEI
FPL
FPE
FCVT
FHY
FDIV
HYLS
FIXD
FAM
FCEF
FDEU
FEMB
MCEF
FCT
FSD
MDIV
FTSM
LMBS
GDL
7.4
7.6
9.4
2.6
4.1
5.9
2.8
2.5
10.2
11.1
5.9
1.6
7.5
3.8
5.6
2.1
8.1
5.0
7.9
9.6
3.7
6.0
9.4
10.4
1.5
2.7
4.1
56.30
37.48
53.60
118.00
117.13
94.10
44.59
47.30
47.35
45.56
32.39
48.71
123.00
4.25
90.34
26.18
39.92
116.32
158.73
33.50
24.29
123.48
23.30
4.14
0.8
-0.4
-0.1
3.7
0.8
1.1
1.0
0.5
0.5
1.4
0.6
2.0
-0.7
2.7
2.5
0.9
0.7
1.3
1.0
-0.6
13.0
1.0
5.9
2.2
.065
.0575
.05
.11
.0775
.099
.0525
.1125
.1183
.105
.098
.04
.08
.16
.225
.0867
.075
.09
.121
.33
.0575
.0635
.1275
.1623
.075
.1175
.10
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
Dec29 /Dec21
Dec29 /Dec21
Dec29 /Dec21
Nov30 /Nov22
Nov30 /Nov22
Nov30 /Nov22
Nov30 /Nov22
Nov30 /Nov22
Dec15 /Dec04
Dec15 /Dec04
Nov30 /Nov22
Nov30 /Nov22
Dec15 /Dec04
Nov30 /Nov22
Nov30 /Nov22
Nov30 /Nov22
Dec15 /Dec04
Nov30 /Nov22
Dec15 /Dec04
Nov30 /Nov22
Nov30 /Nov22
Dec15 /Dec04
Dec15 /Dec04
Nov30 /Nov22
Nov30 /Nov22
Nov30 /Nov22
Dec15 /Dec08
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
IRIX
Iridex
SHY
Nasdaq lows - 47 iSh1-3YTreasuryBd
KayneAnAcqn KAAC
AdvaxisWt
ADXSW
AkersBiosciences AKER
AmbacFinWt AMBCW
ArchrockPtrs APLP
BlueknightEner BKEP
BroadwindEnergy BWEN
CMSevenStarUn CMSSU
CapitalaFinance CPTA
Check-Cap
CHEK
ConcordiaIntl CXRX
Criteo
CRTO
Curis
CRIS
Cytokinetics
CYTK
CytoriTherapWt CYTXW
EdgewaterTech EDGW
ElbitImaging
EMITF
FTD
FTD
FibrocellScience FCSC
FT LowDurOpp LMBS
FortressBioPfdA FBIOP
GlobalBrokerage GLBR
Incyte
INCY
Company
Dividend announcements from November 21.
Company
52-Wk %
Sym Hi/Lo Chg Stock
VangdTotIntlStk VXUS
VarexImaging VREX
VaronisSystems VRNS
VSInverseVIXSTerm XIV
VeriSign
VRSN
VeriskAnalytics VRSK
VicShUSDiscEnhVol CSF
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VicShUSSCVolWtd CSA
VidentCoreUSEquity VUSE
Virtusa
VRTU
Weibo
WB
WestellTech
WSTL
WisdTrChinaxSOE CXSE
WisdTrEMConGrwth EMCG
WisdTrUSQltyDiv DGRW
Workday
WDAY
WynnResorts WYNN
XenithBkshrs XBKS
Xunlei
XNET
YY
YY
ZAGG
ZAGG
Zynga
ZNGA
Dividend Changes
man and Jack Dorsey, the chief
executive of Square Inc. and
Twitter Inc. Iconiq manages
money for all its board members or entities affiliated with
them, according to people familiar with the matter.
Iconiq doesn’t believe its increased focus on buyouts will
create conflicts of interest
with its clients because it
plans to target medium-size
tech companies that are too
small for its clients’ firms to
pursue, according to people familiar with the firm.
A person familiar with Iconiq said it has no “near-term”
plans to raise a buyout fund.
Founded in 2011, Iconiq
prospected for clients by focusing on technology entrepreneurs it believed had promise.
Iconiq’s landing of Facebook’s
Mr. Zuckerberg, whom Mr. Makan met while a private-client
adviser at Goldman Sachs
Group Inc., helped the firm establish a name quickly.
Mr. Makan once referred to
Iconiq as “Mark’s family office,” but the firm has been
moving away from its close
identification with Mr. Zuckerberg to emphasize its broader
client base.
Symbol
Hartford Corp Bond ETF
Hartford Quality Bond ETF
Hartford TR Bd
Intl Multi-Asset Div Incm
Tierra XP Latin Am Rl Est
WisdmTr Bloomberg FR Trea
WisdomTr US Div xFin
WisdomTr US LC Div Fd
WisdomTr US MC Div Fd
WisdomTr US Total Div Fd
WisdomTr Yield Enh US ST
WisdomTree Emg Mkts Corp
WisdomTree Fd US HY Cp Bd
WisdomTree Fund Cp Bd Fd
WisdomTree Fund US ST Cp
WisdomTree Fund US ST HY
WisdomTree U.S. Hi Div Fd
WisdomTree US Agg Bd
WisdomTree US SC Div Fd
WisTree US Qlty Div Grwth
WisTree US SmCp Qlty Div
WM EM Local Debt
WT Asia Local Debt
WT Barclays US Agg Bd
WT Barclays US Agg Bd Neg
WT Interest Rt Hdg HY Bd
WT Neg Dur HY Bd Fd
0.76 -17.8
0.56 -8.0
5.04 -3.0
11.02 -4.8
5.10 -1.9
2.38 ...
9.95 ...
7.40 0.7
1.05 -0.9
0.45 -3.1
33.16 -2.3
0.86 -0.4
7.00 -25.7
0.01 33.8
6.21 -1.0
2.24 -2.1
6.78 -6.1
1.39 -7.3
51.70 ...
23.76 -1.6
0.90 -13.6
96.60 ...
MagneGas
MNGA
MartinMidstream MMLP
Matlin&PtrsWt MPACW
NanoDimension NNDM
Nxt-ID
NXTD
ObalonTherap OBLN
OcularTherapeutix OCUL
OrexigenTherap OREX
PICO
PICO
Patterson
PDCO
ProShUltProShQQQ SQQQ
RISE Education REDU
TopImageSys TISA
TremontMortgage TRMT
TrovaGene
TROV
USAutoPartsNtwk PRTS
VangdSTGovBd VGSH
VantageEnerA VEAC
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
VeronaPharma VRNA
WestmorelandCoal WLB
Amount
Yld % New/Old Frq
7.43 0.9
84.02 ...
9.67 0.1
0.33 -10.1
13.15 -1.9
0.36 ...
3.87 -4.5
1.01 -12.0
7.60 2.3
4.20 -8.1
1.55 -1.2
12.98 3.5
32.07 -0.1
21.80 -3.2
9.50 -0.3
1.03 -1.9
15.50 0.8
0.59 -5.8
2.24 -1.3
60.39 ...
9.66 ...
7.33 -7.7
13.48 -4.0
10.44 -6.0
1.12 -23.0
Payable /
Record
HCOR
HQBD
HTRB
YDIV
LARE
USFR
DTN
DLN
DON
DTD
SHAG
EMCB
WFHY
WFIG
SFIG
SFHY
DHS
AGGY
DES
DGRW
DGRS
ELD
ALD
AGZD
AGND
HYZD
HYND
2.9
2.3
2.0
7.0
21.7
1.1
2.1
1.3
1.2
1.4
1.9
4.1
5.9
3.3
2.1
4.8
1.9
2.8
1.7
0.6
0.7
5.1
1.7
2.4
2.1
4.6
5.5
.1237
.09688
.06808
.1079
.53473
.0225
.15
.095
.035
.105
.0775
.245
.2475
.1375
.085
.20
.115
.12
.04
.02
.02
.16
.065
.095
.0775
.0925
.095
PEBK
1.4
10.00%
Dec15 /Dec04
ERF
AMU
AMUB
GRP.U
1.1
7.3
7.0
5.0
.00786 M
.2999 Q
.2999 Q
.17046 M
Dec15 /Nov30
Dec07 /Nov29
Dec07 /Nov29
Dec15 /Nov30
FULT
GBDC
2.4
6.8
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Nov29 /Nov22
Nov29 /Nov22
Nov29 /Nov22
Nov30 /Nov22
Nov24 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Nov27 /Nov22
Stocks
Peoples Bancorp of NC
Foreign
Enerplus
ETRACS Alerian MLP
ETRACS Alerian MLP ETN
Granite REIT
Special
Fulton Financial
Golub Capital BDC
.03
.08
Dec15 /Dec01
Dec28 /Dec12
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
S2:1: stock split and ratio; SO: spin-off.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Wednesday, November 22, 2017 | B15
* *
MONEY & INVESTING
U.S. government bond
prices drifted higher Tuesday
as investors continued to bet
that inflation will remain soft
as the Federal Reserve raises
interest rates.
The yield on the benchmark
10-year Treasury note settled
at 2.361%, comCREDIT
pared
with
MARKETS 2.370% Monday.
Yields fall when
bond prices rise.
Over the past month, the
dominant theme in the Treasury market has been a shrinking gap between yields on
short-term and longer-term
bonds, known as a flattening
yield curve.
While the 10-year yield has
barely moved, suggesting investors see little risk of rising
inflation rates, the yield on the
two-year note has climbed
steadily, reflecting expectations that the Federal Reserve
will keep raising interest rates.
The yield on the two-year
note settled Tuesday at 1.773%,
up from 1.754% Monday. That
narrowed the gap with the 10year yield to 0.588 percentage
point from 0.782 point at the
end of October.
With the Thanksgiving holiday approaching, several traders said they didn’t expect a
The flattening of the
yield curve is a
dominant theme in
the Treasury market.
major move in the Treasury
market this week, though light
trading volumes could occasionally lead to small, sudden
changes in yields.
As an example, the 10-year
yield fell to 2.336% early in the
U.S. trading session from
2.359% less than an hour earlier but then was quickly back
above 2.350%, according to
Tradeweb.
“It seems like a lot of the
[trading] desks have started to
be very thinly staffed,” said
Aaron Kohli, interest-rate
strategist at BMO Capital Markets.
“The real interesting thing
is what happens next week,”
when the Treasury Department will conduct three note
auctions over the two days,
while the Senate could vote on
a sweeping tax overhaul, Mr.
Kohli said.
Many investors and analysts
expect Treasury yields to rise
if Congress passes a tax bill, in
part because the legislation
would add to the federal budget deficit. That would require
the government to sell more
bonds, weighing on prices of
outstanding debt.
AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
All bids are awarded at a single price at the marketclearing yield. Rates are determined by the difference
between that price and the face value.
FOUR-WEEK BILLS
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Coupon equivalent
Bids at clearing yield accepted
Cusip number
$134,535,210,600
$45,000,100,600
$539,371,900
$0
99.915250
(1.130%)
1.147%
11.13%
912796MH9
The bills, dated Nov. 24, 2017, mature on Dec. 21, 2017.
ONE-YEAR, 11-MONTH FRNs
Applications
Accepted bids
" noncompetitively
Spread
Bids at clearing yield accepted
Cusip number
$47,909,797,900
$13,000,127,900
$22,797,900
0.048%
56.94%
9128283B4
The floating-rate notes, dated Nov. 24, 2017, mature
on Oct. 31, 2019.
BY ALEXANDER OSIPOVICH
J.P. Morgan Chase & Co.
Chief Executive James Dimon
has said that if any of the
bank’s traders bought or sold
bitcoin, he would “fire them in
a second.”
But that isn’t stopping the
bank from looking at business
opportunities in the planned
bitcoin-futures market. CME
Group Inc., a Chicago-based
exchange operator, is seeking
to launch bitcoin futures by
the end of this year.
J.P. Morgan is considering
whether to provide its clients
access to CME’s new bitcoin
product through its futuresbrokerage unit, a person familiar with the situation said.
That means the bank’s customers could use it to place
bets on whether the digital
currency will rise or fall, while
J.P. Morgan collects fees for
such services.
The process involves as-
sessing whether there is demand among J.P. Morgan’s
customers for the proposed
CME bitcoin contract, according to this person.
It is possible that J.P. Morgan could decide not to offer
the service. CME’s launch is
also subject to regulatory approval, meaning it could potentially be delayed or derailed by the Commodity
Futures Trading Commission.
Other banks must also
make the call about whether
to support CME’s bitcoin futures. Goldman Sachs Group
Inc., Bank of America Merrill
Lynch and Morgan Stanley
are among the dozens of firms
that offer their customers access to CME’s markets through
their futures-brokerage arms.
Morgan Stanley is evaluating
whether to provide access to
the CME bitcoin contract, a
person familiar with the matter said.
But none of those banks has
a CEO who has been as critical
of bitcoin as Mr. Dimon, who
has blasted it as a “fraud” and
compared it with past financial bubbles.
“If you’re stupid enough to
buy it, you will pay the price
for it one day,” he told a conference last month.
The bank’s looming decision
underscores challenges Wall
Street firms face as bitcoin
emerges from the shadowy
margins of financial markets
and investors’ interest grows.
A CME spokeswoman declined to comment on J.P.
Morgan’s deliberations.
Terrence Duffy, chief executive of CME Group, said in a
CNBC interview this month
that he expects trading in bitcoin futures to begin the second week of December.
Launching futures would
bring the virtual currency a
big step closer to the financial
mainstream, making it easier
for both large financial firms
and retail investors to trade it.
CME’s smaller crosstown rival,
Cboe Global Markets Inc., is
also seeking to launch bitcoin
futures.
J.P. Morgan already handles
clients’ trades of Bitcoin XBT,
an exchange-traded note designed to track the value of
the digital currency. The bank
has said it doesn’t take positions in the note and simply
routes customers’ buy and sell
orders electronically to the exchanges.
Brokering trades in bitcoin
futures would be similar, because J.P. Morgan itself
wouldn’t be placing bets as to
whether bitcoin rises or falls.
Instead, it would effectively
act as a conduit between customers wishing to trade bitcoin futures and CME’s marketplace.
J.P. Morgan is the secondbiggest futures broker in the
U.S., second only to Goldman,
CFTC data show.
Firm Drops Bid for Chinese Insurer
SHANGHAI—A
business
backed by a Chinese financier
who went missing earlier this
year has dropped its longtime
plan to take control of Tianjinbased Huaxia Life Insurance
Co., clearing the way for another company to become the
insurer’s largest shareholder.
Shanghai-listed
Baotou
Huazi Industry Co. said Monday it would drop a 2015 bid for
control of Huaxia Life. In a separate statement issued the
same day, Zhongtian Financial
Group Co. said it plans to buy
as much as 25% in Huaxia Life
for as much as 31 billion yuan,
or $4.67 billion, which would
make it the insurer’s singlelargest shareholder.
The dropped bid marks the
first publicly announced activity involving companies linked
to a financier named Xiao Jianhua who disappeared about 10
TECH
Continued from page B1
sector since 1999, according to
an analysis by Morgan Stanley.
The sector’s dominance
could make leading markets
vulnerable should investors’
enthusiasm fade for tech or
regulation hamper development of these companies,
some analysts say.
But most don’t see that happening soon as the giants of
this sector continue to deliver
on earnings, meaning tech
could continue to be the differentiator among global markets
in the years to come.
Samsung Electronics, Tencent and Alibaba and Taiwan
Semiconductor Manufacturing Co. make up a combined
17% of the MSCI Emerging
Market Index, even more influential than Facebook, Apple,
Netflix, Amazon and Alphabet,
which make up around 11% of
the S&P 500, according to S&P
Dow Jones Indices.
MSCI Europe has a less than
5% weighting to technology
companies, compared with a
25% weight in MSCI USA and a
17% weight in MSCI World.
Tech isn’t the only factor
behind this year’s global rally.
A synchronized pickup in
growth has buoyed earnings
around the world, and a continued hunt for yield has left
few alternatives to stocks.
There are also risks for the
sector, including the prospect
of greater regulation.
But some analysts dismiss
comparisons with the dot-com
boom. Tech valuations in the
U.S. are just a fraction of where
Missing tycoon Xiao Jianhua
months ago in China.
Mr. Xiao’s whereabouts
aren’t known. Chinese authorities have declined to comment.
Police in Hong Kong, where he
had long lived, said in late January that he entered mainland
China.
Business records back up assertions from financial and political analysts that the tycoon
controlled a sprawling empire
of financial businesses in China.
He has also handled deals for
political elites in China, the records and people familiar with
the matter say.
Few of the companies linked
to Mr. Xiao have his name on
the business records. But a
group called Tomorrow Holding
Ltd. is considered the umbrella
company for Mr. Xiao’s business
interests, according to people
familiar with the situation.
Publicly available corporate
records reviewed by The Wall
Street Journal also show how,
by controlling numerous investment entities, Tomorrow Holding has owned stakes in businesses including Hua Xia Bank
Co., Hengtai Securities Co. and
the newspaper Securities Daily.
In recent months, Chinese
authorities have detained and
put pressure on some of the
country’s highflying private
businesses and their owners,
the Journal has reported. Anbang Insurance Group Chairman Wu Xiaohui was detained
in June, while real-estate developer Dalian Wanda Group
has sold assets.
Founded in 2006, Huaxia
Life has assets totaling 474.8
billion yuan and is the fourthlargest insurer in China by premium income, which was 181.5
billion yuan last year. Guizhoubased Zhongtian, a property
developer turned financial company, will acquire 21% to 25% of
Huaxia Life from two Beijingbased technology companies,
according to a filing it made to
the Shenzhen Stock Exchange.
—Yifan Xie
and James T. Areddy
Heating Up
The global tech sector is leading its peers by the widest margin of any
sector since 1999, even outpacing the record highs in world stocks.
Relative performance
MSCI World Information Technology
300%
MSCI World
250
200
150
100
50
0
–50
1997 ’98
’99 2000 ’01
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
Relative weight
60%
’12
’13
’14
’15
’16
’17
MSCI Europe vs. MSCI AC World
Index and share-price performance
Relative performance
50
Netflix
Facebook
Amazon.com
Industrials
0.01 percentage points
0.4
40
Apple
Energy
–0.1
0.4
30
Alphabet
(Google)
Financials
–0.01
–0.2
S&P 500
Health Care
–0.3
–0.7
Technology
–2.5
–0.6
20
10
0
J F M A M J
J A S O N
Sources: FactSet (relative performance, FAANG stocks, S&P 500); Morgan Stanley Research and MSCI (Europe vs. World)
THE WALL STREET JOURNAL.
they were during that era. In
early 2000, the S&P 500 tech
sector traded at a forward
price-to-earnings ratio of 52,
according to FactSet. Today,
that P-E is 19, compared with 18
for the S&P 500 as a whole.
In the third quarter, S&P 500
tech companies beat expectations by the widest margin of
any sector, with an earnings
growth rate of 21%—nearly
double the next best performer
outside the energy sector.
Many market participants
think this rally still has legs,
pushing record weekly inflows
into
tech
earlier
this
month, with U.S. and Chinese
tech funds gaining particular
traction, according to fundtracker EPFR Global.
Investors appear keen to
pile into risk-averse stocks
when times get tough.
Heavy buying of stodgy
stocks last week shows that at
least some big investors prefer
parking money in “safer”
stocks instead of selling equities outright in bouts of turmoil, an inclination that could
provide a buffer against the
long-awaited market pullback.
Low-volatility U.S. stock exchange-traded funds grabbed
$1.4 billion last week, a surge
of buying that boosted their
total assets by nearly 6%, ac-
cording to Steven DeSanctis at
Jefferies LLC. Low-volatility
ETFs own stocks with histories of less erratic price moves
than the broader market.
No ETF group pulled in
more new money, either in absolute or proportional terms.
For perspective, high-yield
bond ETFs last week experienced $645 million in outflows,
just 2.1% of assets. Those relatively minor high-yield ETF
withdrawals coincided with intense attention over whether a
credit-market hiccup might
transform into a full-fledge
flight out of risky assets.
U.S. stocks did get some re-
newed volatility last week,
compared with placid trading
in 2017. The S&P 500 ended
Friday with its second weekly
decline in a row and last week,
the index snapped a 50-session streak without a daily decline of more than 0.5%.
But incrementally choppier
trading stoked the biggest-ever
one-day inflow into the PowerShares S&P 500 Low Volatility Portfolio ETF, which pulled
in $798 million Friday, according to FactSet. An additional
$122 million moved into PowerShares S&P MidCap Low
Volatility Portfolio ETF, its
biggest one-day flow ever.
“In 1999 [tech companies]
were incredibly expensive and
didn’t yet have a lot of earnings, “ said Mark Phelps, an equities chief at AllianceBernstein. But today, not only are
their earnings keeping up,
“they’ve got more data, more
processing power and they’re
giving the consumer a really
good product,” he said.
Get Low
‘Low-volatility’ stock ETFs took in nearly $1.4 billion last week.
ETF flows in week ended Nov. 17
$2 billion
1
0
–1
–2
Large cap
Source: Jefferies
Midcap
Venezuela
Arrests
6 Citgo
Executives
BY ANATOLY KURMANAEV
Low-Volatility ETFs Lure Risk-Averse Investors
BY CHRIS DIETERICH
One of the few futures brokers to speak out about CME’s
bitcoin futures plan is Interactive Brokers Group Inc., a major electronic brokerage firm.
Thomas Peterffy, its chairman
and chief executive, has
warned that CME needs to
ring-fence its system for clearing bitcoin-futures trades from
the rest of its markets, or else
losses in bitcoin could end up
rippling through the broader
financial system.
“Unless the risk of clearing
cryptocurrency is isolated and
segregated from other products, a catastrophe in the
cryptocurrency market that
destabilizes a clearing organization will destabilize the real
economy,” Mr. Peterffy wrote
last week in an open letter to
the chairman of the CFTC,
which he also published in a
full-page advertisement in The
Wall Street Journal.
A CFTC spokeswoman declined to comment.
CHARLES KRUPA/ASSOCIATED PRESS
BY SAM GOLDFARB
J.P. Morgan Reviews Role in Bitcoin
HANDOUT/AGENCE FRANCE-PRESSE/GETTY IMAGES
Prospects
Of Tame
Inflation
Lift Bonds
Small Cap
Low-Vol
THE WALL STREET JOURNAL.
CARACAS—Venezuela’s intelligence agency arrested six
top executives at the U.S. subsidiary of state-oil company
Petróleos de Venezuela SA, as
part of what authorities are
calling an anticorruption “crusade.”
Attorney General Tarek
Saab said the acting president
and five board members of the
subsidiary,
Houston-based
Citgo Petroleum Corp., tried
to defraud the nation through
a planned $4 billion financing
deal with three little-known
foreign investment funds. The
executives were detained on
Tuesday in the capital, Caracas, where Citgo was holding
an internal company event.
“Organized crime has been
taking root in the ranks of
PdVSA,” Mr. Saab said.
It wasn’t clear whether
charges had been filed.
Citgo’s acting president,
Jose Pereira, was appointed in
August by his former boss,
Nelson Martinez, who was
given charge of PdVSA. Mr.
Pereira wasn’t reachable for
comment.
A Citgo representative said
the company has procedures in
place to ensure normal operations as it assesses the allegations against its executives.
“Our priority is to protect
the interests of our company
and our employees,” he said.
“Citgo is a U.S. based company
that operates independently,
and to the standards and regulations set in the U.S.”
The company is one of
PdVSA’s most profitable subsidiaries, operating three refineries in the U.S. and licensing about 1,500 gas-station
franchises throughout the
country.
Since taking office in August, Mr. Saab has arrested 50
managers at PdVSA for alleged
overpricing and theft, which
the government says has hurt
the company’s revenue.
People close to PdVSA said
the latest arrests owe more to
the turf wars inside the increasingly authoritarian government
than to a serious effort to root
out corruption. It is highly improbable, they said, that Citgo’s
executives would embark on a
deal worth $4 billion, which
would represent almost half of
the country’s foreign reserves,
without consulting the central
government.
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
B16 | Wednesday, November 22, 2017
THE WALL STREET JOURNAL.
* ***
MARKETS
Stocks Surge to Records, Driven by Tech
Small-cap shares
continue winning
streak on hopes for
GOP tax plan
BY MICHAEL WURSTHORN
AND DAVID HODARI
The Dow Jones Industrial
Average, S&P 500 and Nasdaq
Composite all notched fresh
records, as shares of Apple
and other technology companies pushed U.S. stocks higher.
Investors looking to eke out
additional gains before the
year
ends
TUESDAY'S
flocked
to
MARKETS
tech stocks,
some money
managers
said, pushing shares of those
businesses in the S&P 500 up
1.2% Tuesday. Shares of tech
firms, a big contributor to the
market’s rally this year, are on
pace to post double-digit gains
for the quarter.
The market’s recent upswing has helped offset losses
suffered over the past two
weeks among stocks in the
Dow industrials and S&P 500,
underscoring
the
rally’s
strength amid concerns about
lofty valuations and the unclear prospects for Republican
tax-overhaul efforts.
“You have a resilient market
that can shrug off a lot of bad
news and continue to rally on
any given good news,” said
Jeff Mortimer, a director of investment strategy for BNY
Mellon Wealth Management.
“A lot of the individual names
that continue to do well, and
technology is clearly one of
those winners, continue to
move the market forward.”
The Dow Jones Industrial
Average added 160.50 points,
or 0.7%, to 23590.83, while the
S&P 500 gained 16.89 points,
or 0.7%, to 2599.03. The Nasdaq Composite rose 71.76
points, or 1.1%, to 6862.48.
All three major indexes
closed at new highs, while the
New Heights
30%
Stocks rose to fresh highs, buoyed by gains in shares
of technology and health-care companies. Shares
of several other companies climbed after earnings
reports and small-capitalization stocks rose for a
fourth consecutive session.
25
20
Index performance in 2017
15
Nasdaq Composite
Dow Jones
Industrial Average
10
S&P 500
5
0
Jan. ’17
Feb.
March
April
May
June
July
Aug.
Yield on 10-year Treasury note
Russell 2000
2.37%
1520
2.36
1508
Sept.
Nov.
1484
2.34
1472
2.33
1460
8
9
10
11
noon
1
2
Thursday
Stock performance Tuesday
Friday
Monday
Tuesday
S&P 500 sector performance Tuesday
8%
1.2%
6
0.9
Hormel foods
4
Tech
Health care
0.6
0.3
2
0
0
–0.3
Dollar Tree
–2
9:30
10
11
noon
1
2
–0.6
9:30
3
Telecom
10
11
noon
1
Note: Yields rise as bond prices fall. All data in EST.
Sources: FactSet (indexes, stocks); Thomson Reuters (Treasury)
S&P 500, with its 54th record
close, notched an additional
feat: The index has posted the
most records in a calendar
year since 1995.
Shares of Apple rose $3.16,
or 1.9%, to $173.14, while International Business Ma-
2
3
THE WALL STREET JOURNAL.
chines added 1.44, or 1%, to
151.95. Microsoft gained 1.19,
or 1.4%, to 83.72, helping propel the Dow industrials.
Small-capitalization stocks
also continued a climb that began when the House voted to
approve the Republican tax
plan last week. The Russell
2000 gained 1% to a record and
is on its longest winning streak
since early October.
Mr. Mortimer and several
other money managers said
they continue to favor U.S.
stocks and have no immediate
plans to reduce their exposure.
That has proved to be a tough
sell to clients who are nervous
about the market’s long, uninterrupted climb, even though
stock-market declines this year
mostly have been short-lived,
Mr. Mortimer said.
HEARD ON THE STREET
FINANCIAL ANALYSIS & COMMENTARY
Crisis Still Casts a Long Shadow
Past Pains
Shiller price/earnings ratio for S&P 500
50
40
10-year mean earnings
30
20
10
10-year median earnings
0
1990
’95
2000
Sources: Robert Shiller; Kleinwort Hambros
accompanied the global financial crisis in 2008-09 is
in the numbers underlying
the ratio, according to
wealth manager Kleinwort
Hambros.
Outliers can skew a calculation of the mean. Meanwhile, the cycle was an unusual one because of the
scale of the financial crisis.
Some argue for recalculating
’05
’10
’15
THE WALL STREET JOURNAL.
the series to reflect other
factors that may have affected earnings over time,
such as accounting. In this
case, there is a simpler adjustment: Use the median of
10-year earnings.
That boosts the earnings
figure by a bit more than
$10, to just over $93. Calculating the Shiller P/E on that
basis gives a result of 27.7,
Kleinwort Hambros says. The
gap between the median and
mean price/earnings ratios
now is unusually large and
persistent.
Even though the darkest
days of the crisis lie nearly a
decade ago, they are still coloring perceptions today. In
the next couple of years, that
big hit to earnings will drop
out of the calculation. All
else being equal, that would
lower the Shiller P/E.
Investors, of course,
should be looking to the future, not the past.
U.S. stocks are still in expensive territory, although
this adjustment implies a
somewhat brighter outlook
for potential future returns.
But that relies on earnings
remaining strong. And it
doesn’t take a crash like
2008 to sap a market’s momentum. Much more recent
history—the earnings slump
of 2015 and 2016—shows
how a rallying market can
grind to a halt.
—Richard Barley
Tencent Has to Learn From Facebook
Tencent Holdings passed
Facebook in value Tuesday,
north of $500 billion, the
first Asian tech company in
that territory. But to justify
that valuation, the Chinese
social-media giant needs to
earn money like its U.S.
counterpart.
China’s biggest purveyor
of videogames, Tencent also
owns WeChat, the country’s
most popular social network.
Nearly one billion people use
it to pay bills, book movie
tickets, play games and
more.
Persuading users to download or play its games has
been Tencent’s biggest success, accounting for about
half of revenue. The near
doubling of smartphonegame revenue last quarter
Oct.
The recent upswing
has helped offset
losses suffered over
the past two weeks.
1496
2.35
Email: heard@wsj.com
In math, how you get the
answer to a problem can be
as interesting as the answer
itself. For financial-market
ratios that grab investors’
attention, it may be even
more important.
Take the oft-cited cyclically adjusted price/earnings
ratio for U.S. stocks calculated by economist Robert
Shiller. The ratio stands at
31.3, a level seen before only
in 1929 and around the dotcom bubble, a potential
source of concern for investors worried about a rerun
of history.
The here-and-now focus is
often on the price component, as swings in stock markets make the headlines. But
the denominator—earnings—
matters hugely.
The traditional strength of
the Shiller P/E is that it uses
the mean of 10-year earnings
to look at the cycle. It is a
big-picture measure, not a
short-term snapshot. Right
now, however, that means
the earnings collapse that
“We don’t see anything
that’s going to change this
‘grind-it-out market,’ ” said
Lewis Piantedosi, vice president and director of growth
equity at Eaton Vance. “It
would take a big spike in interest rates or a downturn in the
economy, and we don’t see either of those happening in the
next six to 12 months.”
A batch of profit reports,
among the last of the thirdquarter earnings season, contributed to other individual
stock swings.
Shares of Dollar Tree rose
2.35, or 2.4%, to 99.46 after
the discount retailer reported
earnings and sales that ex-
Good Impressions
Tencent’s quarterly revenue from
advertising
10 billion Chinese yuan
8
6
4
2
0
2012 ’13 ’14 ’15
’16
’17
Note: 1 billion yuan = $150.7 million
Source: the company
has helped push its stock up
12% since results came out
on Nov. 15.
The games also account
for most of Tencent’s gross
profit. By contrast, advertising, Facebook’s bread and
butter, contributed only 13%.
Thanks to WeChat, Tencent
controls about two-thirds of
time spent on China’s major
apps, according to Deutsche
Bank, but takes in only 12%
of the country’s online advertising revenue.
One reason is that the ecommerce platforms of Alibaba Group Holding have
attracted a big chunk of
company ad dollars. But
Tencent could still take better advantage of its huge
WeChat base. Last quarter,
advertising revenue came to
$1.70 per user, compared
with $20.70 for Facebook in
North America, a big upside
for Tencent even after adjusting for differences in
per capita gross domestic
product.
The problem is, much of
that potential has already
been priced in: Tencent
trades at 43 times expected
earnings. Though its market
cap is ahead of Facebook’s,
its net profit over the past
12 months was 40% lower.
Analysts are basing their
bullish stock forecasts on expectations Tencent’s revenue
and profit will double by
2020, according to S&P
Global Market Intelligence.
Goldman Sachs Group expects Tencent’s online-ad
revenue to increase at a 40%
rate in the next two years,
compared with 21% for
games.
Tencent is enjoying a bonanza from its mobile
games. But to meet ever-rising expectations, it needs to
live up to its advertising potential.
—Jacky Wong
ceeded analysts’ expectations.
Hormel Foods climbed 1.12, or
3.4%, to 34.52 after it posted a
quarterly revenue decline that
was less steep than analysts
expected.
Investors were also focused
on the handover of power at
the Federal Reserve. Chairwoman Janet Yellen said she
would resign as a member of
the Fed’s Board of Governors
once Jerome Powell, her successor as chairman, is sworn
in. Ms. Yellen’s four-year term
as chairwoman ends Feb. 3.
The WSJ Dollar Index,
which measures the U.S. currency against 16 others, lost
0.2%.
Elsewhere, the Stoxx Europe
600 rose 0.4%. Early Wednesday, Hong Kong’s Hang Seng
Index was up 1% after closing
1.9% higher Tuesday and
notching a nearly 10-year high
during intraday trading.
At the midday break
Wednesday, Japan’s Nikkei was
up 0.8%.
WSJ.com/Heard
Robust Biotech Sector
Cloaks Problem Areas
It hasn’t been as happy a
year for biotech investors as
one might expect.
By most measures, sector
performance has been
strong. The Nasdaq Biotechnology Index is up 17% this
year, in line with a broadly
rising stock market. The S&P
Biotechnology Select Industry Index, which places a
greater weight on smaller
companies, is up nearly
37%. Some of the problems
that plagued the sector in
recent years, such as investor fears about a possible
crackdown on high drug
prices, have receded.
Health care also has remained a fairly hot sector
for mergers and acquisitions.
There have been 941 announced U.S. health-care
deals for a total volume of
about $184 billion, according
to Dealogic. That volume is
second only to the tech sector this year, and other
deals—like CVS Health’s offer to acquire health-insurance giant Aetna—could be
announced soon.
But that backdrop masks
some significant negatives
for investors. Biotech stocks
have underperformed the
S&P 500 by 7 percentage
points over the past month.
Adding to the gloom: The
stocks that have underperformed have been institutional investor favorites.
Bad results have been part
of the problem. Celgene, historically a strong performer,
is down 28% in the past six
weeks after disclosing a key
clinical trial for an experimental Crohn’s disease drug
failed and significantly cutting its long-term earnings
guidance.
Meanwhile, that deal volume isn’t quite as strong as
it might seem. Announced
deals exceeded $300 billion
in 2014 and 2015, according
to Dealogic. More important
for investors, the deals haven’t necessarily taken place
where investors expected.
Some of the hardest-hit
stocks have been perceived
buyout targets. The cancerfocused biotech Tesaro is
down 37% this year, for instance. The Wall Street Journal reported in March that
Tesaro had put itself up for
sale, meeting with lukewarm
interest. Tesaro’s immediate
competitors also have seen
their share prices pressured.
That is a recipe for a bull
market without any holiday
euphoria.
—Charley Grant
OVERHEARD
To the extent that such
things are ever welcome, it is
a great week for roasting
Turkey—the country, not the
bird.
The Middle Eastern nation
is having an atrocious November, with its currency
tumbling and tensions with
Western allies rising. On
Tuesday, its benchmark bonds
tumbled to a record low.
But at least it is a great
week to bury bad publicity if
your country happens to
share the name of a delicious
bird. Some 28,658 English
language articles mentioned
“Turkey” in the past week, according to research service
Factiva, about seven times
the typical weekly pace.
The majority appear to be
about Thanksgiving.
The public relations pros
advising the government in
Ankara should tell them to
hurry up and get matters resolved this week, no later
than Thursday, if possible.
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