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The Wall Street Journal November 24 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
FRIDAY, NOVEMBER 24, 2017 ~ VOL. CCLXX NO. 123
* * * * *
DJIA Closed (23526.18)
NASDAQ Closed (6867.36)
STOXX 600 387.12 À 0.02%
10-YR. TREAS. Closed (yield 2.322%)
WSJ.com
OIL Closed ($58.02)
GOLD Closed ($1,291.60)
Vigilance on Parade as New York’s Thanksgiving Tradition Sails On
What’s
News
Business & Finance
hare buybacks have
slowed to a five-year
low as companies earmark
more money for capital
spending and mergers. A1
S
Retailers are contending
with a UPS surcharge on deliveries during the holiday
season’s busiest weeks. B1
Rovio shares plunged 22%
after a surprise loss raised
questions about the maker of
the “Angry Birds” game. B1
Facebook plans to notify
users who liked or followed
pages created by Russians in
an alleged misinformation
campaign last year. B3
Icahn purchased a 13.5%
stake in SandRidge, joining a
list of shareholders who oppose a deal the energy company struck last week. B3
European stocks traded
flat after Chinese shares had
their worst day in months.
Stock markets in the U.S. and
Japan were closed. B11
Tesla is set to power up
a giant wind-powered battery system in Australia. B4
Citgo executives arrested
by Venezuela’s intelligence
agency include Americans. B6
World-Wide
Myanmar and Bangladesh
agreed to begin repatriating
ethnic Rohingya Muslims
who fled a crackdown in Buddhist-majority Myanmar. A6
Pope Francis, who has advocated for refugees and outreach to Muslims, begins a
visit to Myanmar Monday. A6
Trump spoke with troops
in Afghanistan, criticized his
predecessor and poked fun
at the media during his first
Thanksgiving in office. A3
Lebanese Premier Hariri
said he was suspending his
resignation, rolling back a
decision that had sparked
a political crisis. A9
Argentina said a blast
was detected near a missing
submarine’s last known position, leaving the crew’s
families grief-stricken. A8
The Hague tribunal found
Ratko Mladic, a former Bosnian Serb general, guilty of
genocide in the 1995 Srebrenica massacre. A11
Republican Rep. Barton
of Texas said Capitol police
have started an investigation into the release of a
nude photograph of him. A4
Democrats are wary of a
$20 million ad campaign
funded by a California billionaire that calls for
Trump’s impeachment. A4
An Australian report calls
for stronger ties with neighbors, a sign of concern about
U.S. commitment to Asia and
China’s growing sway. A6
Global night light is getting bigger and brighter, blotting out the stars of the Milky
Way for one-third of humankind, a study found. A12
CONTENTS
Business News.. B3,6
Crossword.............. A16
Heard on Street. B12
Life & Arts...... A14-15
Mansion................ M1-8
Markets............. B11-12
Opinion.............. A17-19
Sports........................ A16
Streetwise................ B6
Technology............... B4
U.S. News............. A2-4
Weather................... A16
World News..... A6-12
>
s Copyright 2017 Dow Jones &
Company. All Rights Reserved
YEN 111.21
Firms Cut
Buybacks
As Stocks
Become
Expensive
pared with 99 million in stores,
according to a National Retail
Federation survey.
The ease of shopping on
phones has helped push that
trend, prompting consumers
who previously just researched
deals online to actually click
the buy button, said Rob Garf,
vice president of industry strategy and insights at Salesforce,
which works with companies
Please see PHONE page A4
Large companies are repurchasing their shares at the
slowest pace in five years, as
record U.S. stock indexes and
an expanding economy propel
more money out of flush corporate coffers into capital
spending and mergers.
Companies in the S&P 500
are on pace to spend $500 billion this year on share buybacks, or about $125 billion a
quarter, according to data
from INTL FCStone. That is
the least since 2012 and down
from a quarterly average of
$142 billion between 2014 and
2016.
Buybacks have been popular in recent years, in part because tepid economic growth
limited perceived investment
opportunities as well as expected returns on new plant
and expanded operations.
Adding to their appeal, repurchases can make shares
more attractive to investors
by lowering the share count
and accordingly increasing
earnings per share.
The postcrisis surge in
buybacks has been frequently
cited by stock-market bears as
a sign that the market’s eightyear-long advance has been
driven more by financial engineering than by long-term
growth.
Please see STOCKS page A2
Extra shipping fees pressure
retailers.......................................... B1
Heard on the Street: Tax cut?
Firms are spending anyway... B12
ANDRES KUDACKI/ASSOCIATED PRESS
The GOP tax plan would
eliminate an exemption for
advanced refunding bonds,
used by governments to refinance debt earlier. B1
EURO $1.1850
BY BEN EISEN
AND CHRIS DIETERICH
Uber’s new CEO learned
of a massive data breach at
the company more than two
months before he notified
customers and drivers. A1
More consumers are using
phones to shop, making the
24-hour period that began
Thursday evening the year’s
biggest for online sales. A1
HHHH $4.00
RIDING SHOTGUN: Heavily armed police patrolled the parade route during the Macy’s Thanksgiving Day Parade in New York on Thursday.
Security was greater and more intensive this year following a deadly terrorist truck attack in Manhattan on Halloween.
Shoppers Flock to Phones
Consumers shun Black
Friday for the mall in
their pockets as retailers
ease mobile buying
Better mobile e-commerce
sites and easy one-click payment options—as well as earlier deals—are making the 24
hours that started Thursday
evening the biggest online
spending period of the year, according to retail experts. The
period is expected to eclipse
Cyber Monday three days away
and give brick-and-mortar
stores new competition for
Black Friday.
Software company Adobe
Systems Inc. reports that online
sales as of 5 p.m. Thursday
BY LAURA STEVENS
Millions of consumers are
using their smartphones to
shop instead of lining up at
stores after chowing down on
turkey this year, accelerating a
fundamental change in retailing
as more people spend online.
Bond Moves Spark Market Debate
The yield gap between short- and long-term Treasurys has shrunk to
its narrowest level since 2007, when the financial crisis was brewing.
But analysts are split over what the signal means now. B12
Yield spread between the 10-year and two-year U.S. Treasury
1.5 percentage points
grew 17% to $1.52 billion, while
traffic from smartphones increased 15% year-over-year.
Consumers last year spent
19% more online on Black Friday than on Cyber Monday, according to Salesforce.com Inc.’s
Commerce Cloud, which analyzes data from 500 million
shoppers world-wide across
more than 2,750 retail sites.
Salesforce expects the pattern
to repeat this year. Over
Thanksgiving weekend last
year, an estimated 109 million
people shopped online, com-
In Shadowy Russia-Ukraine
Battle, an Assassin Speaks
A doomed hired gun unburdens himself in a jailhouse interview
2007
1.0
2017*
0.5
When they arrested Timur Makhauri with
two unregistered pistols and a bogus passport in downtown Kiev earlier this year, police thought they made a breakthrough in a
string of unsolved contract murders. A
By Alan Cullison in Kiev and
Thomas Grove in Tbilisi, Georgia
0
–0.5
Jan.
Dec.
*Year to date
Source: WSJ Market Data Group
THE WALL STREET JOURNAL.
judge saw Mr. Makhauri had a dark history
of allegedly assassinating critics of the
Kremlin in Turkey, and ordered him held on
a high bond.
But soon police learned that nothing
about Mr. Makhauri was quite what it
seemed. Ukraine’s intelligence service began
calling the police to urge his release, interior ministry officials said. Mr. Makhauri,
who was mute at first, explained that he
INSIDE
Absinthe Was Once Banned
For Being Evil—Now It’s Just Meh
i
i
had numerous identities over the years—
and sometimes acted like an assassin to
catch the real Kremlin agents performing
what, in Russian underworld parlance, was
known as “wet work.”
In a jailhouse interview with The Wall
Street Journal in February, Mr. Makhauri expanded upon the murky world he inhabited,
politely answering questions about his life
for two hours while handcuffed in a hallway.
He worked as an agent, he said, wherever
there was a fight against Moscow’s influence, including Chechnya, Georgia, Turkey
and Syria. Ukraine, his last place of employment, would turn out to be more hazardous
than he reckoned.
Ukraine has become a magnet for hired
guns as Kiev tries to fight its former master
Please see KILLER page A13
i
Drink with wicked aura has no green fairy,
just a licorice flavor; ‘my mom might like it’
BY DAVID MARCELIS
The resulting ban, which
began in 1912, removed abDuring its heyday in the sinthe from U.S. shelves, but it
19th century, absinthe was one wasn’t necessarily bad for its
of the world’s most popular li- romantically wicked image. By
quors—a fixture on bar menus the time scientists cleared it
from Paris to New Orleans and of wrongdoing, allowing it to
a particular favorite among be reinstated in 2007, adventurous
drinkers
artists.
were eager for a
It was long rutaste.
mored to cause halTen years later,
lucinations: Oscar
they have reached a
Wilde said he once
verdict: meh.
saw flowers spring
“It was a tough
up around him at a
swallow,” said Sean
cafe while drinking
Connors, a 43-yearit. Some say it even
old attorney who
influenced Vincent
tried absinthe in the
van Gogh’s decision
Absinthe
Czech Republic, one
to slice his ear off.
of the few places it
Absinthe’s detractors (including the wine was still found, before the U.S.
industry) vilified the spirit, ban was lifted. He said he orand a grisly family murder in dered the drink hoping he
Switzerland that was blamed would hallucinate. He didn’t.
on absinthe sealed its fate. A “I was just left with a licoricetop U.S. official called the tasting liquor,” he said. “My
herbal liquor “one of the worst mom might like it.”
Please see DRINK page A13
enemies of man.”
BLUE WATER,
WHITE SAND—
ALL ARTIFICIAL
THE ONLY
RIVALRY THAT
MATTERS
NAFTA’S LINK
TO HOW MUCH
YOUR TV COSTS
MANSION, M1
SPORTS, A16
WORLD NEWS, A8
Uber CEO Knew of Hack for Months
BY GREG BENSINGER
AND ROBERT MCMILLAN
While the massive data
breach at Uber Technologies
Inc. didn’t happen under the
watch of its new chief executive, he knew of it more than
two months before he notified
affected customers and drivers
of the incident, people familiar
with the matter said.
CEO Dara Khosrowshahi
learned of the breach—which
Uber said happened in October
2016 and affected some 57 million accounts—about two
weeks after he officially took
the helm on Sept. 5, one of the
people said. Mr. Khosrowshahi
said he immediately ordered an
investigation, which he wanted
to complete before making the
matter public.
About three weeks ago,
though, Uber disclosed the investigation and the broad outlines of the breach to SoftBank
Group Corp., which is considering a multibillion-dollar invest-
ment in the ride-hailing company, according to other people
familiar with the matter.
Uber officials, including its
chief security officer, knew at
the time of the breach that personal information had been accessed. Uber informed customers and drivers on Tuesday.
An investigation led by FireEye Inc.’s Mandiant forensics
arm was under way at the time
of the disclosure to SoftBank.
Uber had to conduct multiple
Please see UBER page A8
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 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
* ***
U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip
No Need for Radiologists to Be Negative on AI
This month,
a team of computer scientists at Stanford University
said their artificial-intelligence program had
diagnosed pneumonia on
chest X-rays more accurately
than human radiologists.
“Should radiologists be
worried about their jobs?”
one of the scientists, Andrew
Ng, tweeted.
Probably not. In fact, they
ought to be relieved: AI is
more likely to make their jobs
easier than redundant.
Radiologists today face the
same problem of most professionals: too much data. Machine learning, the latest iteration of AI, can sift through
that data and spot patterns
humans might miss. But machines don’t know what to do
with that information—at
least not yet. Only humans do.
In recent decades, the volume of medical images has
skyrocketed, reflecting growing patient loads, more types
of scans and the number of
images each exam produces.
CT scans that once captured
one dimension of the body
can now capture all three,
generating hundreds or even
thousands of detailed images.
S
ome 800 million radiology exams are conducted annually in the
U.S. generating roughly 60
billion images, or one every
two seconds for every radiologist, estimates Steve Tolle,
vice president of global strategy at International Business
Machines Corp.’s Watson
Health Imaging. “And we have
an expectation they are getting it right every time,” he
says.
The strain of all that data,
he says, is why some images
in Britain go weeks without
being read, why many radiologists are burned out, and why
radiologist shortages loom despite high pay.
IBM thinks AI can relieve
those strains. It is one of
many companies developing
AI applications for medical
imaging. IBM scientists feed a
computer with thousands of
images for which humans
have already determined if tumors or some other condition
are present. The computer
generates a model that can
analyze new images to try to
figure out whether tumors are
present.
In one experiment, IBM
Watson diagnosed the presence of melanoma on images
of skin lesions with 76% accuracy, higher than the 71% average of eight dermatologists.
The company hopes that some
day a doctor or nurse will be
able to take a photo of a skin
lesion and upload it to an AI
application that can tell you
how likely it is to be cancer.
Since AI learns from patterns identified by humans, it
can’t know more than humans, but it can be more consistent and less biased in applying that knowledge.
Radiologists tend to look
for things they have seen recently, says John Park of Anne
Arundel Medical Center in Annapolis, Md., who is working
with IBM Watson. By contrast, he says, once AI has
seen something, it never forgets, and brings that knowledge to bear on every image.
This could be of particular
value in poor countries with
too few trained radiologists.
But AI can only assert
probability, not certainty, of
what an image shows. It “may
point out to me things I may
have missed, but then I have
to ascertain whether that
reading is accurate or not,”
says Jaime Murillo of Sentara
Healthcare, which serves Virginia and North Carolina.
This is what limits AI
wherever it is applied. Facebook, like radiology, struggles
with too much information.
Bye-Bye Buybacks
The pace of buybacks among S&P 500 companies is expected to have slowed this year.
Share repurchases, long a Wall Street
favorite for their capacity to boost
earnings per share, have tailed off
this year with stock indexes at
records, as companies show a
renewed inclination to invest and
to seek mergers.
$160 billion
140
120
100
80
60
20
0
2009
’10
’11
’12
’13
’14
’15
’16
’17*
A measure of expected CapEx over the next six months was recently at a three-decade high.
Future Capital Expenditures Diffusion Index†
$40 billion
30
20
10
0
–10
–20
’10
’11
’12
’13
’14
’15
’16
’17
Shareholder returns as a portion of sales this economic cycle have
been high, while capital expenditures have been low.
Shares of companies that repurchase their shares have
started to trail the S&P 500.
Buybacks and dividends as a share of sales**
Capex as a share of sales**
8%
RECESSION
15%
S&P 500
10
6
4
5
2
0
1996
PowerShares Buyback
Achievers ETF
0
2000
’05
’10
’15
2017
*Preliminary †Through Oct. 31 **Excludes financial and commodity-sensitive sectors
Sources: INTL FCStone (buybacks); Federal Reserve Bank of Philadelphia (diffusion index); Morgan Stanley Wealth Management GIC via FactSet (share of sales); FactSet (S&P 500, PowerShares)
THE WALL STREET JOURNAL.
STOCKS
Continued from Page One
But this year, companies
have pulled back from buybacks, reflecting in part an
uptick in the global economy,
rising consumer and investor
sentiment and expectations
that a rally that has taken the
Dow industrials up 19% this
year cannot continue indefinitely.
“Persistently high business
sentiment since the election
of [U.S. President Donald]
Trump has convinced corporate chieftains that cash can
be put to better use than retiring stocks,” said Vincent
Deluard, INTL FCStone’s head
of global macro strategy.
Capital expenditures by
U.S. companies have been
muted for most of the postcrisis recovery.
But a Federal Reserve Bank
of Philadelphia index that
forecasts such spending for
manufacturing
companies
over the next six months
climbed to its highest level in
more than 30 years over the
summer.
Buyback activity among
top-rated nonfinancial debt
issuers, many of which have
regularly borrowed money to
finance share repurchases, declined for the third straight
quarter in the July-to-September period, according to
Bank of America Merrill
Then, notes Dr. Dreyer, the
Food and Drug Administration
must approve the system and
doctors then integrate it into
their practices.
While some commercial AI
applications for medical imaging exist, IBM Watson has yet
to release any; a spokeswoman says proposed applications for breast and skin
cancer will depend on regulatory timelines.
T
he panic over AI stealing jobs is reminiscent
of the worry nearly two
decades ago over offshoring
of jobs of all types. Some
economists predicted international broadband connections
meant much of the reading of
medical images would be outsourced to radiologists in India earning a fraction of
American salaries. It never
happened.
U.S. regulators didn’t want
unregulated doctors reading
American patients’ images,
and the requisite skills and
experience were too scarce in
emerging markets. The number of U.S. radiologists has
thus risen more than 40%
since 1995.
U.S. WATCH
Average quarterly buybacks by year
40
2009
Facebook hopes that some
day AI will be able to police
for objectionable content.
But determining what’s objectionable requires a Facebook member to report something to the “community
operations” team, which then
decides whether it should be
removed. Thereafter, AI
watches for similar content
and prevents it from being
shared. Facebook is hiring
thousands of humans to make
those calls.
In “many of the everyday
AI applications, the machine
predicts the most relevant options and sorts them, but the
human makes the actual
choice,” says Avi Goldfarb, an
economist specializing in AI
at the University of Toronto.
An algorithm can be
trained to look for a specific
condition, but “most of the
time you don’t even know
what you are looking for,”
says Keith Dreyer, chief data
science officer for the American College of Radiology.
Maximum accuracy requires that the algorithm be
trained separately for every
condition and disease, a costly
and labor-intensive process.
Lynch. Meanwhile, mergers
and acquisitions among that
group of companies had their
biggest quarter of the year,
analysts at the bank said.
Software giant Microsoft
Corp., which enacted a $40
billion buyback program in
September 2016, repurchased
$2.6 billion in the July-toSeptember period, down from
$4.4 billion in the same period a year earlier.
The Redmond, Wash., company’s chief financial officer,
Amy Hood, said on a conference call earlier this year
that, “After a period of accel-
$2.6
Amount of stock, in billions,
Microsoft bought in latest quarter.
erated buyback, we’ve resumed a buyback pace consistent with our historical
trends.”
Alphabet Inc., parent of
Google, didn’t repurchase any
of its shares last quarter. The
Mountain View, Calif., company had bought back $2.7
billion through September,
down by about a quarter from
the same period a year earlier,
according to company filings.
A slowing pace of buybacks
hasn’t hindered stock prices
much, with major indexes
climbing to scores of fresh records this year.
Corporations are still major buyers of their own shares
and are expected to remain so
next year. Analysts at Goldman Sachs Group Inc. forecast
a 3% uptick in buybacks to
$510 billion in 2018.
One wild card for future
buybacks is the tax-overhaul
legislation being negotiated
on Capitol Hill.
Multinational companies
have parked over $1 trillion in
profit earned overseas to
avoid paying the 35% U.S. corporate tax rate. The House tax
bill approved this month
would impose a reduced onetime tax rate on such offshore
cash, an incentive to bring
money back home.
It is not clear to what degree companies would use repatriated cash to fund capital
expenditures and acquisitions,
buy back shares or raise dividends.
The decline in buybacks
this year, and an uptick in
spending on investment and
dividends, is prompting some
analysts to predict that a taxlaw change in this cycle could
play out differently than it did
in 2004, when much of the
money
that
companies
brought back from overseas
was funneled directly into
share repurchases.
Factors including high
stock price, historically high
share valuations and uncertainty over the future shape
of the tax code mean that
“companies may be less likely
to favor buybacks over other
uses of cash in 2018,” analysts
at Goldman Sachs said in a report this week.
But other changes in the
economy, markets and the
regulatory environment could
increase repurchase activity
next year. The largest U.S. financial firms are becoming
free to return more cash to
shareholders.
After the financial crisis,
regulations required the Federal Reserve to sign off on
banks’ capital plans.
The improving health of financial firms should clear the
way for more bank buybacks
in the years ahead, analysts
say.
There are some signs that
investors are no longer as
drawn to companies that buy
back shares in large quantities.
The PowerShares BuyBack
Achievers Portfolio, a $1.3 billion exchange-traded fund
tracking companies that have
decreased share counts over
the past year, has had more
than $200 million in outflows
since the end of last year, according to data provider XTF.
To be sure, many companies are still returning piles of
cash to investors. Dividend
payments by S&P 500 companies are poised to set a sixth
consecutive record in 2017,
according to S&P Dow Jones
Indices.
GLOBAL ECONOMY
PUERTO RICO
U.S. Is an Exception
To Rising Tax Levels
Whitefish Sues Over
Rebuilding Contract
Taxes are going up around
the world, but the U.S. is bucking that trend. The Organization
for Economic Cooperation and
Development on Thursday said
the share of economic output
taken by governments in developed economies as taxes has
risen to its highest level since
records began 50 years ago.
But in the U.S., taxes as a
share of gross domestic product
fell in 2016 to below the level
recorded in 2007, the year before the financial crisis hit and
briefly reduced tax revenues for
governments around the world.
According to the OECD, the
U.S. government raised the
equivalent of 26.2% of GDP in
taxes last year, placing it 31st
out of the group’s 35 members.
—Paul Hannon
The company hired to rebuild
Puerto Rico’s power grid has
filed a lawsuit blaming one of its
subcontractors for a work stoppage that has slowed progress
on repairing one of the island’s
major electrical arteries.
A Whitefish Energy Holdings
LLC spokesman said Wednesday
it had “no choice but to seek relief in the courts” after the subcontractor, Arc American Inc., allegedly snarled payments from
Puerto Rico’s public power company under a contentious $300
million grid construction deal.
Arc American executives
didn’t respond to a request for
comment.
—Andrew Scurria
GYMNASTICS
Olympic Ex-Doctor
Pleads Guilty
A former sports doctor accused of molesting at least 125
girls and young women while he
worked for USA Gymnastics and
Michigan State University
pleaded guilty Wednesday to
multiple charges of sexual assault.
Larry Nassar, 54, admitted to
digitally penetrating seven girls,
mostly under the guise of treatment, between 1998 and 2015.
—Associated Press
NAVY
Three Missing After
Aircraft Crashes
The U.S. Navy said it has
ended search-and-rescue operations for three missing sailors,
after one of its cargo planes
crashed near Japan.
A C2-A Greyhound aircraft
carrying 11 passengers and crew
from Japan crashed on Wednesday en route to the aircraft carrier USS Ronald Reagan, which
is operating in the Philippine
Sea.
Eight people were rescued
and are in good health, the Navy
said.
—Alastair Gale
CORRECTIONS AMPLIFICATIONS
The Korean War Armistice
was signed in 1953. A World
News article on Wednesday
about the defection of a North
Korean soldier incorrectly
said in some editions that the
armistice has held for seven
decades.
Property giant Hines
bought the Atlantic Station
mixed-use project in Atlanta
on behalf of another institutional investor and manages
the property. A Property Re-
port article on Wednesday incorrectly said Hines is the
owner of Atlantic Station.
Rep. Jim Clyburn is the
third-ranking Democrat in the
House. A U.S. news article on
Wednesday about sexual-harassment allegations against
Rep. John Conyers and a Page
One World-wide item about the
article incorrectly said Mr.
Conyers was the No. 3 House
Democrat. Mr. Conyers denies
the sex-harassment allegations.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
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Friday, November 24, 2017 | A3
THE WALL STREET JOURNAL.
©T&CO. 2017
U.S. NEWS
DAMIAN DOVARGANES/ASSOCIATED PRESS
A TIFFANY HOLIDAY
Marchers in Hollywood this month protested sexual assault and harassment after a series of high-profile cases.
Sex Claims Face Hurdles
Federal law imposes
tight deadline, high
burden of proof; trial
victories are rare
Defense Lawyers
Back Current Law
Statistics show that the
deck is stacked against people
making sexual harassment
claims, plaintiffs’ lawyers say.
Legal analytics company
Lex Machina found that while
more than 75% of employment
cases settle, almost always under nonpublic terms, when the
courts do reach a determination on sex or gender discrimination under the Title VII of
the Civil Rights Act of 1964,
they favor defendants more
than 95% of the time.
Title VII broadly covers
workplace discrimination based
on race, color, religion, sex and
national origin.
Defense lawyers say the
low win rate for plaintiffs reflects that many meritorious
claims settle before reaching a
judge or jury.
BY SARA RANDAZZO
The number of inquiries
hitting California attorney
John Winer’s office each week
has risen sharply since the
Harvey Weinstein scandal
broke.
Women who endured unwanted touching at work, gay
men harassed by co-workers,
and others who say they were
terminated for reporting inappropriate behavior have all
asked him to consider taking
their cases.
But because of hurdles in
the laws meant to protect
workers from harassment,
many of the inbound calls
won’t become lawsuits. “We’re
getting a lot of cases we just
can’t bring,” Mr. Winer said.
To some potential clients who
say they are finally ready to
have their day in court, “I
have to tell them their day is
passed.”
In recent weeks, many accusing powerful figures of sexual impropriety have done so
through the press and social
media. But increasingly, those
with complaints of workplace
harassment are looking for
help through the courts,
prompting calls for changes to
Title VII of the federal Civil
Rights Act of 1964.
In employment-related ha-
rassment cases, plaintiffs have
either 180 or 300 days from
the most recent incident, depending on the state, to file a
claim under Title VII.
Those facing discrimination
or harassment at work can
“fear retaliation, loss of promotion potential...physical or
emotional abuse,” said Christine Saah Nazer, a spokeswoman at the Equal Employment
Opportunity
Commission, which serves as a
mandatory first stop for plain-
Relaxing the law, they say,
might encourage workers to
run to federal court over grievances that have little to do
with discrimination.
Plaintiffs’ lawyers say the
bar is set too high. Employees
using the federal law face tight
statutes of limitations, employer-friendly court precedent
and high burdens of proof required to show harassment
was severe or pervasive. Some
states and cities offer broader
legal protections for employees
than the federal law.
Coming forward is often
personally challenging and professionally risky, plaintiffs’ lawyers say, resulting in many
people missing the time frame.
Defense lawyers argue the
statutes of limitations ensure
employers still have access to
evidence and witnesses needed
to complete investigations and
don’t have the threat of liability hanging over them for
years after alleged misconduct.
tiffs looking to bring workplace discrimination claims
under federal laws. The agency
saw a fourfold increase in visitors to the sexual-harassment
section of its website the week
after the Weinstein news came
out.
In court, employers can defeat Title VII claims by showing they have an internal
mechanism in place to report
harassment and that the plaintiff didn’t use it.
Defense lawyers say the re-
quirement makes sense, as it
ensures employees “give employers an opportunity to investigate” and possibly fix a
problem, said Anthony Oncidi,
an employment defense lawyer
at Proskauer Rose LLP.
But some plaintiffs’ lawyers
say the requirement fails to
address that victims fear retaliation or may not know the official channel to report bad
behavior.
Morgan Cramer was a 17year-old high-school student
when she started working
part-time shifts at a Bojangles
restaurant outside Atlanta in
2010.
When a co-worker made
graphic, lewd remarks to her
several times, she told the
branch manager he was saying
nasty things, according to her
Title VII lawsuit.
After the co-worker forced
her against a wall and forcibly
tried to touch and kiss her, she
quit. That incident led to his
termination less than a month
later, court filings show.
In 2012, a judge found she
didn’t bring her complaint
through the right channels—
the handbook called for her to
tell higher-up managers—and
that she wasn’t specific
enough when she did tell her
local manager.
“I was crushed,” said Ms.
Cramer, now 25, of the court’s
decision. “I thought, nobody
was taking me seriously. They
were calling me a liar.”
Bojangles said in court filings it took prompt action
once it learned of the assault.
800 843 3269
|
TIFFANY.COM
Trump Gives Thanks to the Military
BY MICHAEL C. BENDER
M Y L A G O S M Y W AY
ALEX BRANDON/ASSOCIATED PRESS
President Donald Trump
criticized his predecessor,
poked fun at the media and
visited his golf course in South
Florida, putting his own
unique twist on a day of traditional holiday activities during
his first Thanksgiving in office.
Speaking with troops in Afghanistan from his Mar-a-Lago
resort in Palm Beach, Fla., Mr.
Trump told a group of Marines
they were “really winning,”
suggesting that was a change
since he succeeded President
Barack Obama.
In August, Mr. Trump expanded the U.S. role in Afghanistan, a reversal from his
previously stated preference
to pull out of the country.
“We’re being talked about
again as an armed forces,” Mr.
Trump told Marines with the
Marine Special Operations, 2nd
Marine Raider Battalion during
the teleconference. “We’re really winning. We know how to
win. But we have to let you
win. They weren’t letting you
win before.”
Visiting with troops on
Thanksgiving has become a
holiday custom for sitting
presidents. Another classic activity: releasing the menu for
the president’s dinner. The
fare for Mr. Trump and his
family included turkey, stuffing, mashed potatoes and
gravy, sweet potatoes with
marshmallows, a variety of
baked goods, local produce
and cheeses, red snapper and
Florida stone crab.
In the morning, Mr. Trump
said on a call with the 82nd
Airborne Division that “everybody’s talking about the prog-
Mr. Trump spoke with troops via video conference from his Mar-a-Lago resort on Thanksgiving.
ress you’ve made in the last few
months since I opened it up.”
“We’re not fighting anymore to just walk around,
we’re fighting to win,” Mr.
Trump said.
With club members sitting
outside Mr. Trump’s office enjoying the warm weather, the
president regretfully informed
the troops that reporters were
in the room with him.
“Surrounding me is a lot of
press—better me than you, believe me fellas,” he said, adding that he was thankful for
“the blessing of freedom, heroes, tremendous courage.”
Later, before wishing the
media a happy Thanksgiving,
Mr. Trump recalled his trade-
mark line from “The Apprentice,” his reality TV show, telling reporters, “You’re fired.”
On a call with the U.S.
Coast Guard near Kuwait, Mr.
Trump expressed thanks for
their “incredible work in the
Arabian Gulf,” and relayed
news of positive economic indicators, one of his favorite
talking points in recent weeks.
“I know it’s hard to be away
from home at this time of the
year,” Mr. Trump said. “We’re
doing well at home. The economy is doing really great.”
After the calls, Mr. Trump
and his wife, Melania, visited
with about 50 Coast Guard
members, crediting their
branch of the military with
saving 16,000 lives after Hurricane Harvey hit Texas.
“You know, the Coast
Guard, always respected, but if
you were looking at it as a
brand, there’s no brand that
went up more than the Coast
Guard, with what happened in
Texas,” Mr. Trump said.
The president also told the
Coast Guard about the stockmarket gains and his administration’s moves to cut back on
regulations before passing out
sandwiches, shaking hands
and marveling at the physique
of the troops.
Mr. Trump then spent the
afternoon at Trump International Golf Club in West Palm
Beach.
C AV I A R C O L L E C T I O N S
AVA I L AB LE AT L A G O S . C O M
BLOOM I NGDALE’S 59TH ST
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A4 | Friday, November 24, 2017
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U.S. NEWS
Birth-Control Battle Divides Notre Dame
BY LOUISE RADNOFSKY
AND IAN LOVETT
The University of Notre
Dame fought in court for five
years to limit the government’s
ability to push religiously affiliated employers to offer contraception benefits. Now, the university is voluntarily allowing
birth-control benefits, exposing
a divide among Catholic institutions.
The university’s shift comes
as the litigation enters a fresh
phase after two U.S. Supreme
Court cases and new rules
championed by President Donald Trump’s administration.
These rules, if implemented,
would reverse a requirement
set by Mr. Trump’s Democratic
predecessor that most employ-
ers include birth-control benefits in workers’ health plans.
Democratic attorneys general are suing the GOP president to block the rules, which
would allow employers with
religious or moral objections to
omit birth-control coverage. On
Tuesday, the Little Sisters of
the Poor, an order of nuns that
runs nursing homes, moved to
intervene in the case in support of the Trump rules.
Notre Dame drew both
praise and criticism when officials said this month that the
Indiana university would allow
birth-control coverage to be offered to employees, their families and students by its plan
administrator.
The university said it had
pursued its court case primar-
ily to prevent the government
from forcing it to accept a
compromise designed by thenPresident Barack Obama’s administration in which contraceptive coverage was included
in their health plan but funded
and administered by a thirdparty company.
Paul Browne, a university
spokesman, said the university
“engaged in the recent lawsuit
to protect its freedom to act in
accord with its principles.”
“Recognizing, however, the
plurality of religious and other
convictions among its employees, [the university] doesn’t interfere with the provision of
contraceptives that will be administered and funded independently of the university.”
The move drew criticism
from the U.S. Conference of
Catholic Bishops, which led the
initial
campaign
against
the contraception-coverage requirement and backed the institutions that agreed to sue.
“We rejoiced when Notre
Dame united with us in our expression of deep concern that
the federal government was intruding on the realm of conscience. Thank God Notre
Dame was with us,” said Cardinal Timothy Dolan, the archbishop of New York, earlier
this month.
Cardinal Dolan added that
“we cannot understand’’ why
the university, having pursued
the legal case, is now saying,
“‘It wasn’t all that important
to us, anyway. We’re going to
allow it, anyway.’ That does
baffle us.”
Sara Ratcliffe, a vice president at the advocacy group
Catholics for Choice, described
Notre Dame as a “cultural
icon.”
“The fact that the Notre
Dame administration is no longer being an obstacle to folks
getting access to care and a
service that 99% of sexually active Catholic women use, despite what the bishops feel
about it, that’s great,” she said.
Some alumni said that, beyond the legal issues, they
thought Notre Dame could be
seen as misrepresenting Catholic teaching.
“With their plan to allow
coverage, they’re doing exactly
what they said they couldn’t do
in the lawsuit,” said Eric Knif-
fin, an alumnus of Notre Dame
Law School and now a lawyer
in Colorado who specializes in
religious-liberty issues.
Mr. Kniffin said that Notre
Dame had told the courts that
providing coverage “would
cause scandal, as the term is
defined in Catholic catechism.
And now it’s doing it voluntarily—what are we as alumni
supposed to make of that?”
Michael
Galligan-Stierle,
who heads the Association of
Catholic Colleges and Universities, an industry group, said
that his members had consistently been “incredibly diverse
in how we approach the government.’’
“We’re always going to have
30 opinions about 20 topics,”
he said.
Photo of Lawmaker Billionaire Promotes Impeachment
Spurs Investigation
BY DAVID HARRISON
Rep. Joe Barton (R., Texas)
said Capitol police have
started an investigation into
the release of a nude photograph of him.
“Today, the Capitol Police
reached out to me and offered
to launch an investigation and
I have accepted,” Mr. Barton
said Wednesday. The Capitol
Police didn’t respond to a request to comment Thursday.
Mr. Barton said he sent the
photo to a woman with whom
he was engaged in a “consensual relationship.”
“When I ended that relationship, she threatened to publicly
share my private photographs
and intimate correspondence in
retaliation,” he said. He called
the release of the photo “a potential crime against me.”
A blurry photo of the politician and an image of a text message of a sexual nature emerged
on social media this week. It is
unclear who posted the images.
In an interview with the Washington Post, the woman in question, who wasn’t named, said
she didn’t post the images.
The Dallas Morning News
reported Wednesday that
posting the photo may violate
a “revenge porn” law enacted
in Texas in 2015 criminalizing
the intentional disclosure of
images showing another person’s “intimate parts” or “engaged in sexual conduct” without that person’s consent.
Mr. Barton has apologized
to his constituents.
“While separated from my
second wife, prior to the divorce, I had sexual relationships with other mature adult
women,” he said. “Each was
consensual. Those relationships
have ended. I am sorry I did
not use better judgment during
those days. I am sorry that I let
my constituents down.”
WASHINGTON WIRE
ADMINISTRATION
NSA
Professor Considered Federal Judge Tosses
For Census Position Surveillance Suits
The Trump administration
plans to pick Thomas Brunell, a
Texas political science professor,
as the deputy director of the U.S.
Census Bureau, according to two
people familiar with the matter.
Mr. Brunell, if selected, would
fill a role that has historically
been a career civil-service position held by someone with significant experience in the federal
statistical system. The deputy director position has been filled by
a temporary career civil servant
since the former deputy director,
Nancy Potok, left in January.
—Sarah Chaney
A federal judge threw out two
long-running lawsuits challenging
the National Security Agency’s
collection of phone records under
a surveillance program that Congress curbed in 2015.
The 2013 lawsuits, filed by
conservative legal activist Larry
Klayman, alleged the government
violated the Constitution when it
gathered millions of Americans’
phone records to search for possible ties to terrorists.
U.S. District Judge Richard
Leon said this week that the
cases had run their course.
—Joe Palazzolo
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California billionaire Tom
Steyer is personally funding a
$20 million advertising campaign calling for the impeachment of President Donald
Trump. The move is causing
anxiety among lawmakers—
within the Democratic Party.
Democratic leaders fear independent and Republican
voters will view impeachment
talk as Democratic overreach
and undercut the party’s message in the midterm elections.
“I’ve been a very harsh critic
of this president....but the impeachment message right now
is not helpful to the possibility
of retaking the House,” said
Rep. Jim Himes (D., Conn.),
chairman of the fiscally moderate New Democratic Coalition.
Mr. Steyer says he doesn’t
care. “I understand that there
are people who think that from
a tactical political standpoint
it may not be clever,” said Mr.
Steyer, a top donor to Democratic political groups. “We’re
not trying to be clever.”
White House spokeswoman
Sarah Huckabee Sanders rejected Mr. Steyer’s call for impeachment as “a complete
waste of money.”
“How sad, with all the real
problems in the world, he
can’t find a better way to
spend his money,” she said.
Mr. Steyer stars in his two
TV ads, which have run on CNN,
MSNBC and Fox News, in addition to local broadcast stations
in California and elsewhere. He
PHONE
Continued from Page One
including L’Oréal SE, Adidas
AG and PetSmart Inc. Mobile
devices have helped “equal the
playing field as technology
caught up with demand.”
More than half of Amazon.com Inc.’s shoppers last
Thanksgiving used their mobile, the company said.
“Honestly, I think there’s a
time during Thanksgiving festivities where you’re a little
burnt out on too many people,
too much conversation,“ said
Dorion Carroll, vice president
of mobile shopping at Amazon.
People sneak off to do a little
gift shopping. He admits, “I do
that.”
So did Rachel Guffey. After
her Thanksgiving dinner and a
round of family trivia, the 33year-old dog treat baker from
Lawrence, Kan., started shopping on her phone “right here
in my pocket” for cheap videogames and DVDs on Amazon
and Target Corp.
“It’s just a lot more convenient,” she says.
Amazon is the largest beneficiary by far of the boom in
mobile e-commerce starting on
Thanksgiving. It has captured
about 42 cents of every dollar
spent online this year on average, according to market research firm Slice Intelligence,
which tracks a panel of more
than 5 million U.S. shoppers.
Traditional retailers are hoping to get in on some of the action. Companies including WalMart Stores Inc. and Target are
spending heavily on e-commerce by improving shipping
speeds or website infrastructure. But they haven’t given up
on foot traffic. Lower prices
and different deals in store—as
well as offers to pick up online
orders—are among the tactics
brick-and-mortar retailers are
attempting this holiday season.
Physical stores are also adding mobile perks, including no-
SPENCER PLATT/GETTY IMAGES
BY JULIE BYKOWICZ
AND NATALIE ANDREWS
Tom Steyer, shown on Monday in Times Square, made his money as co-founder of a hedge fund.
concludes each with a reference
to a website where people can
add their names and email addresses to an impeachment petition. He also is promoting the
petition in New York’s Times
Square and on Twitter.
More than 2.6 million people have signed in the month
since the campaign began, according to a signature counter
on the website. Mr. Steyer says
his goal is to build support so
that lawmakers become more
aggressive in their approach to
Mr. Trump, who he says “has
obstructed justice at the FBI,’’
among other actions.
Special Counsel Robert
Mueller
is
investigating
whether Mr. Trump’s firing of
James Comey as Federal Bureau of Investigation director
obstructed justice. Mr. Mueller
and three congressional committees are looking into U.S.
intelligence agencies’ findings
that Russia interfered in the
2016 presidential election and
whether Mr. Trump’s presidential campaign cooperated. Mr.
Trump has denied any collusion or wrongdoing, and Russia has said it didn’t interfere.
Mr. Steyer, who made his
money as co-founder of a hedge
fund, has spent more than $170
million on Democratic politics
over the past three years, according to Federal Election
Commission reports. His expenditures have been aimed at
helping Democrats win elections and raising environmental
issues, such as defeating the
Keystone XL pipeline.
In that time, Democrats
have lost their hold on the
Senate, the White House and
state-level offices across the
country. The Keystone XL pipeline is now under construction.
Mr. Steyer said he is spending to build a lasting political
operation, which includes two
super PACs. “If it looks like
there is something where I
could actually make a difference, then I would be willing
to try,” he said.
Holiday Shopping on the Move
Online commerce on Thanksgiving has soared in recent years, with mobile purchases
taking an increasing share of the total.
Share of e-commerce
traffic on Thanksgiving
done on mobile
59%
Share of e-commerce traffic on mobile, by hour (2016)
65%
Peak traffic
60
51%
Thanksgiving
55
Black Friday
40%
50
Cyber-Monday
45
40
35
2014
’15
’16
12 a.m.
6
noon
tifying sales associates of shopper
preferences,
pinging
customers with deals and using
in-store beacon technology to
direct shoppers to express
checkout lines. This helps secure purchases as customers
check prices on their phones.
“Even if you go to the store,
you are still shopping on mobile,” adds Nitin Mangtani,
founder and chief executive of
mobile commerce platform PredictSpring and former head of
Google Shopping. He works
with retailers including Calvin
Klein and Charlotte Russe.
As more people shop online
earlier in the holiday weekend,
stores are adapting. Some
stores, like outdoor retailer
Recreational Equipment Inc.,
are closed for Thanksgiving and
Black Friday, while others have
cut back on or changed hours.
Improved technology is driving the shift in spending behavior. Employees no longer wait
to get back to the office on
Monday for better computers
and faster internet access.
Smartphones suffice.
Kat Furtado, a mother of
two young children, now does
6 p.m.
12 a.m.
THE WALL STREET JOURNAL.
Source: Salesforce.com
most of her shopping on her
Samsung S7. “It’s infinitely easier for me to check out deals on
my phone,” she says.
The San Diego resident is in
the market this weekend for
bigger ticket items including a
crib mattress and an elliptical
machine, as well as some
smaller gifts from sites like
Etsy Inc. and Sephora. It’s a
hassle to pull out the computer,
but her phone is always there.
That helps explain why on
Thanksgiving last year, the mobile share of online browsing
peaked at 62% at 6 p.m. in local
time zones as shoppers finished
up their meals, according to
Salesforce. Purchases conducted on phones peaked in the
early morning on both Thursday and Friday as shoppers
woke up.
Traditional and e-commerce
retailers alike are working to
improve shopping by phone,
making websites that better fit
the smaller screen size and
apps that make it easier to see
items and purchase them. Many
now employ artificial intelligence technology that makes
better product suggestions and
limits the need to browse.
As retailers have improved
the mobile shopping experience, payment options have
also caught up. Apple Pay, PayPal, Amazon Pay and other mobile payment options have removed the need to enter
payment and shipping information, greasing the process.
Salesforce this holiday season
expects as many as 10% of all
orders placed on iPhones to use
Apple Pay versus almost nothing last year when the service
was still new.
Brandon Intelligator, a Los
Angeles-based attorney, expects
to browse deals on his phone
this weekend. He downloaded
Amazon’s app a year ago,
something that has fundamentally changed the way he shops.
“As soon as I downloaded
the app, I was like: ‘I can do
this from my phone,’” Mr. Intelligator said. He estimates he
makes 80% of his purchases on
Amazon, excluding groceries.
“My credit card information is
saved in there. My shipping information is saved in there. It
seems foolish not to do it that
way.”
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THE WALL STREET JOURNAL.
PAID ADVERTISEMENT
Friday, November 24, 2017 | A5
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THE WALL STREET JOURNAL.
A6 | Friday, November 24, 2017
WORLD NEWS
Deal Opens Rohingya Return to Myanmar
Bangladesh agreement
paves way for Muslim
minority to come back,
but hurdles remain
Pushed Out
There are now more Rohingya in
relief camps in neighboring
Bangladesh than in Myanmar.
900,000
BY BEN OTTO
AND MYO MYO
600,000
300,000
MUNIR UZ ZAMAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
YANGON, Myanmar—Bangladesh and Myanmar agreed
to begin repatriating ethnic
Rohingya Muslims who fled a
crackdown in Buddhist-majority Myanmar, in a process that
could take years to complete
and bar people from returning
to their own homes.
More than 620,000 people
have crossed the border to
Bangladesh since the crackdown began in August, some
providing chilling accounts of
killings and rape by Myanmar
military forces after a series of
militant attacks on government outposts.
Myanmar has denied such
accounts, amid international
pressure on the country and
its civilian leader, Aung San
Suu Kyi, to begin taking back
the refugees, whom it denies
citizenship and regards as illegal immigrants. The announcement of the agreement comes
ahead of a visit to both countries by Pope Francis, who has
called for the Rohingya to receive their “full rights.”
The repatriation process
will likely move slowly and
may do little to diminish
Nov. 21
834,000
0
A M J
J
A S O N
Source: International Organization
for Migration
THE WALL STREET JOURNAL.
A Rohingya refugee walked with a child through the Balukhali refugee camp in the Bangladeshi district of Ukhia on Thursday.
global concern over the crisis.
Myanmar said the agreement
signed on Thursday is based
on a 1990s accord between the
two countries that provided
for the return of Rohingya refugees after an earlier outbreak
of violence. That arrangement
allowed only for the return of
people able to prove their res-
idency in Myanmar. That will
be difficult for refugees who
fled with little more than the
clothes they were wearing.
Myanmar’s minister of social welfare and resettlement,
Win Myat Aye, said recently
that the government could verify as many as 300 potential
returnees a day. At that rate,
the process would take years.
On Wednesday, U.S. Secretary of State Rex Tillerson
warned of possible sanctions
against Myanmar and described
the Myanmar military’s clearance of Rohingya villages as
“ethnic cleansing,” echoing language used by the United Nations and some governments.
China also has encouraged
the two countries to strike a
deal allowing Rohingya to return, and has emphasized that
the international community
shouldn’t interfere.
Bangladesh and Myanmar
agreed to begin the repatriation
process by the end of January,
said Reyad Hossain, first secre-
tary at the Bangladesh Embassy
in Yangon. More details are to
be released over the weekend,
an official at the Ministry of
Foreign Affairs in Dhaka said.
Bangladesh Prime Minister
Sheikh Hasina has called on
Myanmar in recent months to
“take their nationals back.”
She told lawmakers this week
that Dhaka is committed to
taking steps to send the Rohingya back “to their homeland,” local media reported.
Myanmar responded to international pressure in a statement about the repatriation
agreement, saying it saw the
situation as an issue to be
worked out with Bangladesh.
Pope’s Visit to Test Muslim Outreach Australian Government
By Francis X. Rocca
in Vatican City and
Niharika Mandhana
in Yangon, Myanmar
mar starting on Monday, those
priorities will put him at odds
with his host, Nobel laureate
Aung San Suu Kyi, and with
some of his own bishops.
A crackdown by the Myanmar military has driven hundreds of thousands of ethnic
Rohingya Muslims into Bangladesh, in what the U.S. described on Wednesday as “ethnic cleansing”—a finding
Myanmar said was made
“without any proven facts.”
Bishops in Myanmar are
urging Pope Francis to refrain
from expressing support for
the group during his visit.
Pope Francis “has to be very
careful so that we can still
communicate with the new
government, with the military,
as well as with the people in
general,” said Cardinal Charles
Bo of Yangon, the country’s
Small Church
Pope Francis aims to promote reconciliation during his visits to two
countries where Catholics are a minority.
Myanmar
Buddhist
Ethnoreligionist
Non-Catholic Christian
Muslim
Hindu
Confucianist
Catholic
Other
74.4%
9.8%
6.7%
3.8%
1.7%
1.5%
1.2%
0.9%
Bangladesh
Muslim
Hindu
Buddhist
Ethnoreligionist
Catholic
Non-Catholic Christian
Other
88.8%
9.4%
0.7%
0.5%
0.3%
0.2%
0.1%
Source: Todd M. Johnson and Gina A. Zurlo, eds. World Christian Database
THE WALL STREET JOURNAL.
most senior Catholic cleric.
Even referring to the group
as Rohingya, the cardinal
warned, could weaken the democracy movement and provoke a backlash by militant
Buddhists against the country’s Christian minority.
Pope Francis has been outspoken about the group’s plight.
In August, after the military be-
gan its crackdown in response
to attacks by Rohingya militants
on security outposts, the pope
lamented what he called the
persecution of “our brothers the
Rohingya,” and called for them
to receive their “full rights.”
Myanmar doesn’t recognize
the Rohingya as citizens.
Ms. Suu Kyi, Myanmar’s civilian leader, shares power
with the military and has
faced international criticism
for her refusal to criticize the
crackdown, in which the military has been accused of burning villages and killing and
raping villagers. Myanmar authorities reject refugee accounts of such atrocities.
Next week’s visit, which
ends Thursday, will be the first
to the majority-Buddhist country by a pope, coming seven
months after the Holy See and
Myanmar established relations.
The pope said in a video issued
last week that he intends to
bring a “message of reconciliation, forgiveness and peace.”
That applies as well to his
subsequent stop, in majorityMuslim Bangladesh, where he
will take part in a public interreligious event at which he will
meet a small group of Rohingya.
The pope’s advocacy for the
Rohingya has enhanced his image in the Muslim world and
raised international pressure
on the government of Myanmar, said Khairudin Aljunied,
an expert on Islam in Southeast Asia at Georgetown University. “Muslims very much
appreciate that the pope has
spoken up for them,” he said.
The Last
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Need.
Seeks Closer Asia Ties
BY RACHEL PANNETT
SYDNEY—Australia should
strengthen ties with likeminded neighbors, a new foreign-policy blueprint says,
showing just how concerned
the U.S. ally is about America’s
wavering commitment to Asia
and China’s growing sway.
The blueprint by Australia’s
Foreign Affairs Department,
which was unveiled on Thursday by Prime Minister Malcolm Turnbull, calls for Canberra to build stronger
security and diplomatic ties to
Japan, India and other regional nations.
The document lays out the
stakes for Australia as it
treads a delicate path: China is
its top trading partner and
largest buyer of Australian
commodities such as iron ore,
beef and coal, while the U.S. is
its longstanding diplomatic
partner and security guarantor. The blueprint also calls for
a greater focus on Southeast
Asia, amid worries that countries there aren’t strong
enough to fight Islamist terrorism on their own.
“The U.S. has been the
dominant power in our region
throughout Australia’s postSecond World War history. Today, China is challenging
America’s position,” the foreign-policy paper says.
U.S. President Donald
Trump’s “America First” approach and decision to withdraw from the 12-nation
Trans-Pacific
Partnership
trade pact has left Asian governments questioning his commitment to the region.
Australia should do more to
encourage the U.S. to remain
engaged in Asia, the report says,
predicting that if it withdraws,
China will step into the void.
“Without sustained U.S. support, the effectiveness and liberal character of the rules-based
order will decline,” the blueprint says. “Power is likely to
shift more quickly in the region,
and it will be more difficult for
Australia to achieve the levels of
security and stability we seek.”
China’s Foreign Ministry
called the document “an objective look at China-Australia relations,” but took exception
with its criticisms.
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THE WALL STREET JOURNAL.
A8 | Friday, November 24, 2017
WORLD NEWS
Grim Sub News Prompts Anguish
Blast detected near
vessel’s last known
location; families
assume the worst
MAR DEL PLATA, Argentina—The distraught families
of the 44 crew members
aboard Argentina’s missing
submarine began mourning
their loved ones Thursday after navy officials revealed that
an explosion was detected
near the vessel’s last-known
position.
A Vienna-based organization that verifies nuclear testban compliance reported an
“anomalous, singular, short,
violent nonnuclear event” at
10:31 p.m. on Nov. 15 when the
ARA San Juan was 270 miles
off the country’s southern
coast, said Capt. Enrique
Balbi, a spokesman for the Argentine Navy. Details and data
collected by the specialists
were provided to Argentina to
support the search.
Although the navy did not
say the submarine had sunk or
that the crew had been confirmed dead, the news left the
families, who are being housed
at the submarine’s home base
here, grief-stricken and crying.
“There’s nothing else to be
done,” Luis Tagliapietra, father of Damián, a crew mem-
BY PAULO TREVISANI
EITAN ABRAMOVICH/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY ALBERTO MESSER
AND JEFFREY T. LEWIS
Brazil
Curtails
Pension
Overhaul
Relatives of the crew of the missing submarine ARA San Juan console each other at the vessel’s home base in Mar del Plata.
ber, told a local radio station.
“No human being can survive
that. They’re all dead.”
Cmdr. Erik Reynolds, a U.S.
Navy spokesman, said that after several miscues in the
search, aircraft and ships
scouring the South Atlantic
for the San Juan now had
what could be key information
that could lead them to the
vessel. “The noise was not
consistent with normal marine
activity,” he said, adding that
several ships were narrowing
their search to an area where
the sound was detected.
For many of the families of
the crew members, though,
news of an explosion conjured
the worst conclusions.
Capt. Balbi said despite the
news, Argentina would not
abandon the search. “Until we
have more concrete evidence
about where the ARA San
Juan submarine and our 44
crew members are, we will
continue the search,” he said.
“Until we have more certainty,
we can’t conclude what happened.”
BRASÍLIA—Brazil’s government is scaling back a proposal to overhaul the country’s insolvent pension system,
part of a last-ditch effort to
get congressional support for
the unpopular bill ahead of
general elections next year.
Fixing the pension system
has proved particularly difficult in Brazil, where corruption scandals and political
stalemate have been the norm
for the past few years.
President Michel Temer’s
administration is urging Congress to overhaul a pension
system that consumes nearly
half of the national budget and
is set to have a $56 billion deficit this year.
The shortfall saps funds
that could be used to improve
the country’s infrastructure,
health and education, officials
say.
Investors worry the country’s growing debt load could
spiral out of control if nothing
is done.
“This is a very slow-motion
train wreck,” said Robert
Abad, founder of the emerging
markets
advisory
firm
EM+BRACE.
Joined at the Hip: Nafta and Cheap Flat-Screen TVs
BY ROBBIE WHELAN
AND SANTIAGO PÉREZ
TIJUANA, Mexico—One of
the biggest potential casualties of the trade scuffle under
way between Mexico and the
U.S. is also one of America’s
favorite consumer products:
the cheap, high-definition,
flat-panel television set.
Every year, U.S. consumers
buy more than 40 million flatscreen TVs, as many as threequarters of them assembled in
factories here in Mexico’s electronics-producing hub on the
border with California. And
every year, prices for flatscreens decline as new models
enter the market and retailers
outdo one another to offer
deeper discounts.
But behind this annual holiday tradition is a fragile business model that relies on razor-thin
profit
margins,
nimble production networks
and tariff-free trade between
Mexico—the world’s top producer of sets—and the U.S.,
the top buyer.
Ending the North American
Free Trade Agreement risks
shifting more production of
TV components to Asia,
prompting higher prices for
U.S. consumers and no new
American jobs, according to
manufacturing executives and
analysts.
President Donald Trump
has called Nafta, which enables those televisions to enter the U.S. tariff-free, a “total
disaster” that has cost the U.S.
millions of jobs, and pledged
to pull out of the deal if it is
not renegotiated to benefit
American workers. A fifth
round of Nafta talks, this time
in Mexico City, ended on Tuesday with no major advances.
For some industries, including auto making, an updated
Nafta with tighter rules could
lead to some job gains in the
U.S., economists say. But not
for flat-screen TV makers.
That is because for decades,
most electronic components
have been manufactured exclusively in China and other
low-wage Asian countries, and
Screen Grab
The prices of LCD televisions in
North America have dropped in
recent years...
...and have pushed aside other
technologies to dominate
the market.
Average retail price of LCD TVs
in the U.S. and Canada
Market share of LCDs among
TVs shipped in North America
32" HD
40" 1080p
55" 1080p
55" 4K
100%
$6,000
80
4,500
60
3,000
40
1,500
20
0
0
2005
’10
’15 ’17*
*Forecast
Source: IHS Markit TV Sets Market Tracker
2005
’10
’15 ’17*
THE WALL STREET JOURNAL.
the price,” said James Lin,
chief executive of Unis Co., an
importer in the City of Industry, Calif., that distributes millions of televisions made by
Samsung, LG, Vizio and other
because U.S. salaries to assemble those components are too
high to compete with them.
“America doesn’t even have
the components in place to
produce this product at twice
brands.
A closer look at how TVs
are made shows why.
Nearly all a television’s
value comes from Asia. The
majority—between 60% and
80%, depending on the size—is
locked in one part alone: the
glass LCD panel. Only seven
companies in the world produce panels large enough for
flat-screen sets, and they are
all in China, Japan, Taiwan
and South Korea.
The only components that
are produced in North America are typically Mexican-made
packaging and molded plastic
or metal casings for the TV’s
exterior. Almost all other
parts, including image- and
audio-processing chips, transistors, capacitors and even
screws, get their start in factories in Asia and arrive by container ship to the Port of Los
Angeles and Long Beach.
Once in the U.S., they are
trucked over the border—tariff
free—to assembly plants in Tijuana, put together, packed
and trucked back over the bor-
der to distribution centers in
Southern California.
Under Nafta, TV manufacturers, who employ about
15,000 workers in Mexico, get
to skip import tariffs of 5% under World Trade Organization
rules—tariffs that apply to almost all the TVs assembled
outside Mexico.
“If Nafta ends, that competitive advantage ends,” said
Sergio Langarica, regional
head of Mexico’s electronics
industry group Canieti and director of international trade
and compliance for Sony Electronics Inc.
With no Nafta, the assembly work now done in Mexico
would shift to other low-cost
locations like Vietnam, agrees
Mr. Lin.
If Nafta is killed and tariffs
are imposed, manufacturers
will have to absorb those
higher costs because U.S. consumers are generally unwilling
to pay higher prices for televisions, said Paul Gagnon, director of TV sets research at consulting firm IHS Markit.
NORTH KOREA
Pyongyang lashed out at the
U.S.’s decision to redesignate it
as a state sponsor of terrorism,
calling the move an “impudent
provocation” that undermines
Washington’s stated desire for
diplomacy.
A Foreign Ministry statement
called the U.S. decision “a violent
infringement” of North Korea’s
dignity and “tantamount to another declaration of war.”
North Korea’s response came
two days after President Donald
Trump on Monday announced
the long-expected move to return North Korea—which he
called a “murderous regime”—to
the U.S. roster of state sponsors
of terror.
—Jonathan Cheng
your new management in order,” said Deirdre Mulligan, a
University of California, Berkeley, professor who served as an
adviser to lawmakers during
the creation of California’s
breach-notification law. That
law requires companies to notify consumers as soon as possible after a breach but doesn’t
specify a time period. The California Department of Justice
declined to comment, citing its
policy of not commenting on
possible investigations.
Uber said its investigation,
which included outside forensics experts, found no evidence
that consumers’ financial information was taken or that the
personal information obtained
was used to commit fraud, such
as identity theft.
After being contacted by the
hackers, Uber convinced them
to join the company’s “bug
bounty” program, which pays
people for information about
flaws in company software, according to people familiar with
the matter. Uber said it was assured by the hackers the stolen
data was destroyed.
The company didn’t disclose
publicly until this week that it
had earlier notified SoftBank of
the probe.
“We informed SoftBank that
we were investigating a data
breach, consistent with our
duty to disclose to a potential
investor, even though our information at the time was preliminary and incomplete,” Uber said
in a statement Wednesday. “We
also made clear that our forensic investigation was ongoing.
However, once our internal inquiry concluded and we had a
more complete understanding
of the facts, we disclosed to
regulators and our customers in
a very public way.”
Uber has been trying to
shore up its investment deal
with SoftBank, worth as much
as $10 billion. The process has
been slowed by talks over the
price at which SoftBank would
offer to buy shares from existing stakeholders, according to
people familiar with the matter.
Uber needed to disclose the
data breach before that tender
offer because it could be considered material to investors,
people familiar with the matter
said.
WORLD WATCH
WEST BANK AND GAZA
Palestinian Parties
Agree to Elections
Palestinian political parties
agreed to hold presidential and
parliamentary elections before
the end of next year, as reconciliation talks between major factions Hamas and Fatah make
slow but steady progress.
The elections were an-
nounced in a statement in Cairo
by 13 Palestinian political factions, including Hamas and Fatah. It said Palestinian Authority
President Mahmoud Abbas
would ultimately need to sign
off on elections—the first major
contests in the West Bank and
Gaza Strip since 2006 when
Hamas won the most seats in a
parliamentary vote—and set a
date for polling.
—Abu Bakr Bashir
that targets India, had been put
under house detention in January, as Pakistan came under international pressure to do more
to combat militants operating
from its soil.
Three high court judges decided to end Mr. Saeed’s house
arrest as “nothing tangible was
produced” in evidence against
him, according to his lawyer, A.K.
Dogar.
—Saeed Shah
PAKISTAN
India Attack Suspect
Is Given His Liberty
A Pakistani court Wednesday
lifted the house arrest of Hafiz
Saeed, the man accused by India
and the U.S. of masterminding a
2008 terror attack in Mumbai
that killed 166 people.
Mr. Saeed, head of the Islamist group Jamaat-ud-Dawa
Terror Listing by U.S.
Elicits Official Scorn
FROM PAGE ONE
Continued from Page One
interviews with employees and
others, as well as review accounts, to determine how many
customers and drivers were impacted, one of the people said.
The company disclosed the
breach to the public only after
it could put a firm number on
how many accounts were affected and cut ties with two executives who it said mishandled
the response, this person said.
Uber disclosed on Tuesday
that it had paid hackers
$100,000 to destroy the stolen
data and decided not to inform
consumers or authorities. Those
actions occurred under its former chief executive, Travis Kalanick, who resigned as CEO in
June. He learned of the attack
in November 2016 and authorized the payment, according to
people familiar with the matter.
Several states, along with
the Federal Trade Commission
and at least three European
government agencies, opened
inquiries this week into why it
ANDRE COELHO/BLOOMBERG NEWS
UBER
Dara Khosrowshahi, left, became Uber CEO in September.
took Uber more than a year to
disclose the breach. Uber says
it is cooperating with various
government offices to discuss
the matter. It isn’t clear what
penalties, if any, Uber may face.
Mr. Khosrowshahi was
brought in to put a new face on
the company after a year of
scandals and legal setbacks.
Uber has in the past faced criticism for putting its business interests ahead of its customers,
including by using a since-discontinued software program
that allowed employees to
track customers’ movements.
Other companies have been
criticized for the time they
took to disclose data breaches.
Equifax Inc., for example, was
faulted by lawmakers last
month for taking almost six
weeks to go public after learning of a breach affecting more
than 145 million consumers. Yahoo Inc. faced similar criticism
for revealing it didn’t promptly
investigate a 2014 incident involving 500 million accounts.
Both companies have said they
reported the incidents as
quickly as possible.
“In the U.S. today, most laws
allow six to eight weeks for
companies to notify regulators
and consumers,” said Bo Holland, the chief executive of AllClear ID Inc., a firm that helps
corporations respond to data
breaches. Even companies that
meet this standard can suffer
tarnished reputations because
consumers and investors expect a speedier response, Mr.
Holland said in an email.
Because there are no federal
laws on breach notification, incidents such as the Uber hack
are covered by a patchwork of
48 state laws, the strongest of
which require companies to notify consumers directly as soon
as possible after personally
identifiable information is compromised. Uber, which is based
in San Francisco, is subject to
these laws in states where it
does business. Non-compliance
exposes Uber to a range of
state penalties and to consumer lawsuits.
“The provisions that allow
for delay are not about getting
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Friday, November 24, 2017 | A9
WORLD NEWS
Lebanon Steps In Tradeoff, Saudis Ease Social Rules
Back From Brink
BEIRUT—Lebanese Prime
Minister Saad Hariri said he
was suspending his resignation, rolling back a decision
that had fueled speculation his
country had become a pawn in
a regional power struggle between Iran and Saudi Arabia.
The capital erupted in celebration after his statement on
Wednesday, with crowds of
supporters and convoys of
cars and motorcycles pouring
into the streets of downtown
Beirut. Thousands made their
way to Mr. Hariri’s home,
where he stepped outside and
mingled with the crowd.
Mr. Hariri returned to Lebanon on Tuesday night for the
first time since he declared his
intention to resign on Nov. 4
while on a visit to Saudi Arabia, shocking his countrymen.
On Wednesday morning, he attended Independence Day celebrations, still in his role as
head of government.
After a meeting with President Michel Aoun, in which he
had been expected to formally
hand in his resignation, he
said he had changed his mind.
“I offered my resignation to
the president, who hoped that
Russia Dominates
Summit on Syria
Russian President Vladimir
Putin pressed his efforts to
shape a postwar political settlement in Syria at a summit
Wednesday with the leaders of
Turkey and Iran in Sochi.
Russian state television
showed Mr. Putin greeting Iranian President Hassan Rouhani
and Turkish President Recep
Tayyip Erdogan.
Mr. Putin said Syria was
entering a “postconflict period”
that would require a long-term
reconstruction effort.
Russia, Iran and Turkey
I would hold off handing it in
so that we can discuss the reasons and the background behind it,” he said from the presidential palace. “I said I will
comply with this wish,” he
added, according to a statement carried by the state-run
National News Agency.
Mr. Hariri’s plan to step
down set off a political crisis,
shaking the fragile balance of
power among Sunni Muslims,
Shiite Muslims and Christians
in Lebanon, a nation that remains deeply scarred by its
1975-90 sectarian civil war.
In announcing his resignation, Mr. Hariri—the political
leader of Lebanon’s Sunni
Muslims—cited Shiite Iran’s
influence in his country
through its proxy militia, Hezbollah, the most powerful military and political force in the
country. He also said that he
believed his life was in danger
and that circumstances were
reminiscent of 2005 when his
father—a former prime minister—was assassinated.
Mr. Aoun, a Hezbollah ally,
and others accused Saudi Arabia of pressuring Mr. Hariri to
resign and holding him against
his will—a claim Riyadh denied.
have backed warring parties in
the Syrian war and intervened
directly in the conflict. Moscow
and Tehran are allies, with Iran
providing advisers and foot soldiers and Russia providing air
power to support the forces of
Syrian President Bashar alAssad. In contrast, Ankara has
supported rebel groups seeking
to oust Mr. Assad, as well as
deploying forces inside Syria.
The three have found common ground in recent months,
backing negotiations and
agreeing on “de-escalation
zones” in Syria. Moscow has
taken on a dominant role in
mediating, overshadowing U.N.
talks.
—Nathan Hodge
MIDDLE EAST
CROSSROADS
By Yaroslav Trofimov
RIYADH, Saudi Arabia—In
asserting himself over Saudi
Arabia, 32-year-old Crown
Prince Mohammed bin Salman
is imposing a
trade-off that
appeals to
many young
Saudis.
The prince,
in essence, is
broadening social liberties in exchange for
closing off the limited political
freedoms that existed in the
kingdom.
That approach has worked
for other Gulf monarchies, notably the United Arab Emirates. There, no hint of political dissent is tolerated but
social and religious rules are
relatively relaxed. Women enjoy many rights denied to
them in Saudi Arabia. An
abundance of entertainment
and shopping options keeps
potential troublemakers busy.
S
audi Arabia, one of the
world’s most conservative societies, strictly
enforces a strict interpretation
of Islam’s religious rules. But
the kingdom had allowed a degree of political openness. Until this year, dissidents, liberal
and conservative, felt relatively free to speak to foreign
journalists, sometimes criticizing important government
policies. Senior clerics made
their often-controversial opinions public on social media, as
did senior members of the
House of Saud. Nothing of the
kind was possible in the
U.A.E., Qatar or Oman.
That era has ended now,
with Prince Mohammed’s recent moves to consolidate
FAYEZ NURELDINE/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY NAZIH OSSEIRAN
A poster of Saudi Crown Prince Mohammed bin Salman at the Misk Forum in Riyadh on Nov. 15.
power ahead of succeeding his
father, King Salman.
Prince Mohammed rounded
up many liberal and conservative dissidents, as well as clerics and some princes, in a
wave of arrests in September
that followed the deposing of
his predecessor as crown
prince, Mohammed bin Nayef,
in June. Then came the unprecedented Nov. 4 purge,
with simultaneous detentions
of senior princes, officials and
key members of the business
community as part of a corruption investigation.
With this campaign reaching hundreds of the kingdom’s
elite, few Saudis these days
dare to criticize the new regime, even in private.
“The detentions have created a climate of fear, so as to
prevent people from discussing what is going on in the
country,” said Saudi academic
Madawi al-Rasheed, a visiting
professor at the London
School of Economics.
Prince Mohammed’s supporters argue that such a
forceful approach is needed to
break up the power of religious conservatives, and to
transform the kingdom when
its economy is unable to keep
up with the growing youth
population.
“He is steamrolling deep
structural change that has to
be done very quickly, and
there is no time to develop a
consensus,” said Ali Shihabi,
executive director of the Arabia Foundation, a Washington
think tank that works with the
Saudi government. “He has
the right conception of what
Saudi Arabia should become,
and you need a benevolent
dictatorship to do that.”
I
n the most visible structural change pushed
through by Prince Mohammed, the kingdom has decided
to allow women to drive. The
powers of the religious police
have been curbed, the segregation of sexes is not enforced
as rigidly as before, and the
government is staging concerts and performances that
would have been unthinkable
a few years ago.
All that is popular among
Saudi Arabia’s youth, the majority of the kingdom’s population. Few ordinary young
Saudis lament—and many
cheer—the woes of the old
elites.
“It’s a lot easier to get on
stage now, and people are
more and more open,” said
Saleh Almubaddel, a guitarist
in a two-man band that played
some 10 gigs in public this
year. “Before, we used to play
just to men, and now we play
to men and women together.”
T
he reforms have elicited
surprisingly little backlash from religious conservatives whose influence
was long cited by the House of
Saud as a reason to keep everything static.
In a recent night, a park
was buzzing with young Saudis browsing food trucks and
knickknack stalls. Women
walked with their heads uncovered as techno music
blared from a tent offering
mobile-phone plans.
“What is happening now is
very tangible changes, ones
that affect your day-to-day
life,” said Omar Hussein, a 31year-old Saudi YouTube celebrity who now stars in a Saudi
TV show.
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THE WALL STREET JOURNAL.
A10 | Friday, November 24, 2017
Everyone looks to you. Whom do you look to?
The Wall Street Journal CIO Network is an invitation-only membership exclusively for chief information officers
and technology officers from the world’s largest and most influential companies. They come together to identify key
challenges in technology and new opportunities for innovation that will unlock value for their organizations.
Aditya Agarwal
Dropbox
Scott Gilbert
Marsh & McLennan Companies, Inc.
Fletcher Previn
IBM
Carlos Amesquita
The Hershey Company
Michael Gioja
Paychex, Inc.
Larry Quinlan
Deloitte
Brad Arkin
Adobe
Kfir Godrich
BlackRock Inc.
Brad Rable
Stewart Information Services Corporation
Phil Baldock
ARRIS International Plc
Suren Gupta
Allstate Insurance Company
Becky Raichur
MrOwl
Atish Banerjea
Facebook
Zack Hicks
Toyota Motor North America, Inc.
Ashwin Rangan
ICANN
Daniel Barchi
NewYork-Presbyterian
Dave Hoag
Options Clearing Corporation
Ramkumar Rayapureddy
Mylan NV
Christy Barker
Olin
Arthur Hu
Lenovo Group Ltd
Craig Richardville
Charlotte-Mecklenburg Hospital Authority
Chris Bedi
ServiceNow
Carol Juel
Synchrony Financial
Mike Rodgers
Pilot Flying J
Ramin Beheshti
Dow Jones & Company
Kumud Kalia
Akamai Technologies Inc.
Mark Roellig
Massachusetts Mutual Life Insurance Company
Otto Berkes
CA Technologies
Tom Keiser
Zendesk
Hector Roldan
Banco de Credito e Inversiones
Scott Blandford
TIAA
Atul Khanzode
DPR Construction
Edward Roussel
Dow Jones & Company
Michael Brown
ExxonMobil Global Services Company
Dan Kieny
Black & Veatch Holding Company
Casey Santos
General Atlantic
Don Callahan
Citigroup Inc.
Stuart Kippelman
Platform Specialty Products
Joe Schulz
Hewlett-Packard Enterprise
Paul Chapman
Box Inc.
Joseph Kochansky
BlackRock Inc.
Aarti Shah
Eli Lilly and Company
Paul Cheesbrough
21st Century Fox
Kalyan Kumar
HCL Technologies Limited
Samir Shah
Fortune Brands Home & Security Inc.
Anil Cheriyan
SunTrust Banks, Inc.
Elena Kvochko
Barclays Bank Plc
Sri Shivananda
Paypal
Jack Clare
Dunkin Brands Group Inc.
Madelyn Lankton
The Travelers Companies, Inc.
Mark Sims
The Scotts Miracle-Gro Company
David Colville
Nestle Waters North America
Jim Lott
GTCR
Sukhvinder Singh
Host Hotels & Resorts, Inc.
David Cooper
Wex Inc.
Krish Mani
JELD-WEN Inc.
Manish Sinha
Ansys Inc.
Heather Cox
USAA
Hidetoshi Maruyama
Nippon Yusen KK
Julie St. John
Capital Group Companies
Richard Daniels
Kaiser Foundation Health Plan
Margaret McCarthy
Aetna Inc.
Adam Stanley
Cushman & Wakefield
Julia Davis
Aflac Incorporated
James McGlennon
Liberty Mutual Insurance
Brad Strock
PayPal
Samir Desai
Equinox
Diana McKenzie
Workday
Luis Suarez
H.I.G. Capital
Guillermo Diaz, Jr.
Cisco Systems, Inc.
Ed McLaughlin
Mastercard
Andy Swenson
UPC Insurance
Amy Doherty
AARP
Mike McNamara
Target
Ken Thomas
McCormick & Company Inc.
Ann Dozier
Southern Glazer's Wine & Spirits
Vincent Melvin
Arrow Electronics, Inc.
Graeme Thompson
Informatica
Dana Drysdale
SJW Group
Ross Meyercord
Salesforce, Inc.
Andrew Timm
PTC
Paul Eddy
Wellmark Inc.
Todd Miner
Yelp
Atticus Tysen
Intuit Inc.
John Engates
Rackspace
Shamim Mohammad
CarMax, Inc.
Raja Ukil
Wipro Ltd
Liv Fiksdahl
DNB ASA
Gregory Morrison
Cox Enterprises Inc.
Vic Verma
International Flavors & Fragrances Inc.
Marc Frons
News Corporation
Krishna Nathan
S&P Global, Inc.
Edward Wagoner
Jones Lang Lasalle Inc.
Martha Gallo
AIG
Leslie Ottolenghi
Caesars Entertainment Corp.
Philip Wiser
Hearst Corporation
Sonny Garg
Uptake
Tom Pageler
Neustar
Angela Yochem
Rent-A-Center, Inc.
Rob Gaudette
NRG Energy Inc.
Mike Parisi
Illinois Tool Works Inc.
Sigal Zarmi
PwC
Darren Ghanayem
WellCare Health Plans, Inc.
Warren Perlman
Ceridian
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THE WALL STREET JOURNAL.
Friday, November 24, 2017 | A11
NY
WORLD NEWS
Mladic Found Guilty of Balkan Genocide
In the summer of 1995, as
war rumbled across the former Yugoslavia, a brawny
general from the Bosnian Serb
army approached a crowd of
fearful civilians and assured
them they would be bused to
a peaceful town controlled by
fellow Muslims. Gen. Ratko
Mladic’s soldiers passed out
candy to the children huddling near the eastern Bosnian town of Srebrenica.
Hours later, his troops began lining up and executing
roughly 8,000 boys and men—
some at gunpoint, others by
grenade—in what became
known as the Srebrenica massacre, the worst killing on European soil since World War
II.
On Wednesday, a panel of
judges in The Hague sentenced Mladic to life in prison
after finding him guilty on 10
of 11 counts, including for
genocide, crimes against hu-
DIMITAR DILKOFF/AGENCE FRANCE-PRESSE/GETTY IMAGES
BY DREW HINSHAW
AND LAURENCE NORMAN
Victims’ relatives react to the life sentence handed the former Serb general by the International Criminal Tribunal in the Netherlands.
manity and war crimes during
the Bosnian war.
The ruling—the last major
verdict expected by the tribunal—signals an end to a 22year quest to show that even
warlords in collapsing states
could be brought to international justice, a question that
today resonates from Syria to
Congo.
It took more than two de-
cades to find, investigate and
try Mladic, who was arrested
in 2011 after a 14-year pursuit.
The trial took four years and
included almost 600 witnesses
of the Bosnian events.
Mladic, who sat in court to
hear the verdict, began
shouting an hour and a half
in: “Everything is a lie!” Officers removed him from the
court.
The judge found Mladic to
be directly involved in and responsible for Srebrenica, as
well as for the shelling and
terrorizing of the people of
Sarajevo during the long and
bloody siege of the city, now
Bosnia’s capital.
He was “so instrumental to
the commission of the crimes
that without them the crimes
would not have been committed as they were,” said Judge
Alphons Orie of Mladic’s involvement in the Srebrenica
killings. About 140,000 people
died in the Bosnian conflict.
Nearly half of the dead were
Bosnian Muslims.
BY LAURENCE NORMAN
U.K. Prime Minister Theresa
May appears ready to offer
politically painful concessions
to the European Union in coming days to advance Brexit negotiations, but
ANALYSIS the eventual reward for doing
so—moving talks
onto the future trade relationship and a post-Brexit transition—may prove meager.
EU officials are setting out
tough principles for shaping a
future trade relationship, signaling Britain may have to apply broad swaths of European
rules and standards to gain
privileged access to the single
market. There appears to be
little flexibility for Britain to
escape the full force of EU
rules during a transition period after it leaves the EU, and
it isn’t clear that EU leaders
will be ready to adopt guidelines for future trade talks
even if they say in December
that enough progress has been
made on the major divorce issues.
At the last EU summit in
October, leaders of Britain’s 27
EU counterparts ordered officials to start “internal preparatory discussions.” The idea
was that the bloc would be
ready in the new year to start
negotiations on future ties if
sufficient progress was made
on divorce issues. These include citizens’ rights, the EU’s
financial settlement demands
and the Irish border issue.
However, with Britain and
the EU still bogged down in
talks on how much of its past
spending promises Britain is
prepared to stand by after
leaving and how to assuage
Irish demands for greater clarity on avoiding the return of a
hard border on the island of
Ireland following Brexit, those
discussions were rudimentary.
The EU27 held three seminars looking at future ties,
diplomats said, but that work
has now been frozen. The
seminars were essentially an
exercise taking a look at
agreements the EU already has
with other third countries that
are nonmembers, such as Norway, Canada and Switzerland.
European officials say it
isn’t clear if EU leaders will
adopt formal guidelines for
the talks in December. The
chances they will do so are
better if Britain offers concessions on the financial settlement and Ireland well ahead
of the Dec 14-15 summit. But
even so, it isn’t guaranteed.
Even if they do agree on
guidelines, these may offer
only a set of fleshed-out principles, not detailed prescrip-
OWEN HUMPHREYS/AGENCE FRANCE-PRESSE/GETTY IMAGES
U.K.’s Reward for Brexit Concessions May Be Meager
U.K. Prime Minister May is
trying to advance Brexit talks.
tions, since the EU27 are still
waiting for London to spell
out what it wants as part of a
deep and special future relationship.
EU officials have been
sketching out ideas on what
the EU’s opening positions on
the transition and future trade
talks are likely to be.
On the transition, EU officials and diplomats say the
bloc has limited room for flexibility to relax the obligations
Britain currently has as an EU
member, including respecting
decisions of the European
Court of Justice, paying its
membership fee and allowing
free movement of people. The
U.K. will be a rule-taker after
its March 2019 exit, losing its
vote on EU decisions.
There may be some carveout allowing Britain not to apply new post-Brexit EU laws,
“but only if those bits of legislation have no material impact” on the key rules of the
EU single market, said Simon
Tilford, deputy director of the
Center for European Reform.
It isn’t just a question of
willingness. British and Euro-
pean governments both want
to provide certainty as soon as
possible about what happens
after March 2019—preferably
by the spring, officials say.
That suggests largely sticking
to current rules.
In a speech in Brussels on
Monday, chief EU negotiator
Michel Barnier fleshed out his
thinking of what a future trade
deal would—and wouldn’t—allow.
He said Britain “will lose
the benefits of the single market” of goods and services
once a transition is over, saying that is the “legal reality”
once Britain decides to curtail
free movement of people and
disregard EU court rulings.
He suggested there was little willingness to agree to
Mrs. May’s appeal for a deal
on financial services, saying
that in this sector, too, “Brexit
means Brexit.”
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A12 | Friday, November 24, 2017
* *
THE WALL STREET JOURNAL.
WORLD NEWS
Mugabe’s Reign Soaked Economy Lighting
At Night
Lengthy term of
Worse Off
Zimbabwe’s ex-leader Zimbabweans are poorer today
fed reversal of fortune than they were in 2000...
in Africa’s breadbasket GDP per capita*
BY MATINA STEVIS-GRIDNEFF
Zimbabwe, one of Africa’s
most resource-rich nations,
suffered a steep economic decline under the decadeslong
rule of Robert Mugabe, and his
successor will face an arduous
task in reviving the economy.
Unlike most other sub-Saharan Africans, Zimbabweans are
considerably poorer today than
they were some three decades
ago, according to the World
Bank and other agencies, with
fewer people employed and
more people going hungry.
Once considered Africa’s
breadbasket for its productive
agricultural sector, Zimbabwe
is now the 22nd-poorest nation in the world, according to
International Monetary Fund
data. Millions of its citizens
have emigrated in search of
work after a cycle of crises
stoked an inflation rate that
peaked in 2008 at 79.6 billion
percent.
The country’s economy is
again on a precipice. With the
budget deficit ballooning to
10% of gross domestic product, U.S. dollars—Zimbabwe’s
effective currency—are in such
scarce circulation that people
have begun sleeping outside
banks.
“Macroeconomic stability is
threatened by high government spending, the foreign-exchange regime is untenable,
and the pace of reform inadequate,” said Gene Leon, the
IMF’s Zimbabwe mission chief.
The country’s stubborn
state of economic emergency
marks a spectacular decline
$4,000
Zimbabwe
Sub-Saharan Africa
3,000
2,000
because of lower production in
agriculture and other industries
...especially in major exports like
tobacco.
Agriculture as a share of GDP
Tobacco production
25%
250 thousand metric tons
20
200
15
150
10
1,000
Zimbabwe
Sub-Saharan Africa
5
0
0
1990 ’00 ’08 ’10 ’12 ’14 ’16
100
50
0
1990
2000
2010
1980
’90
2000
The failing economy has led to growing numbers
of undernourished people…
…and the risk of hyperinflation is always near.
Undernourished people†
Implied inflation‡
8%
150%
6
100
4
50
2
0
’10
–50
0
2001
as land held as collateral for
loans was rendered largely
worthless.
“The biggest of the government’s faults is that they took
the land off the market. That
market value used to support
loans and businesses,” said
John Robertson, a Hararebased economist.
That will be no easy matter
to reverse, but taming the
country’s leviathan state apparatus may well prove even
harder, Mr. Robertson suggested.
Citing official labor-force
data, he said some one million
people were in full-time employment in the 1990s, 10% in
government jobs. Today, only
800,000 are fully employed in
the formal economy, and
300,000 of them work for the
state. Separately, an additional
200,000 people are war veterans and others receiving state
pensions.
Government wages and salaries consumed nearly 70% of
state revenue last year, the
IMF said, a share about three
times the average on the continent. That could make cutting public spending a tall order
for
Mr.
Mugabe’s
successor.
An IMF bailout could be
one option for Zimbabwe, but
it can be requested only once
the government clears arrears
totalling some $9 billion with
the World Bank, the African
Development Bank and the European Investment Bank. Any
such arrangement would also
require Zimbabwe to agree to
a raft of painful policy reforms
and negotiate debt restructuring with its lenders.
“There’s not a government
on Earth that can claim it has
more power than the market,”
Mr. Robertson said. “We need
to fix what we did wrong.”
’05
’10
’15
2017
*Purchasing-power parity †Three-year moving average ‡Rate calculated using Old Mutual Share price in London and Harare and
purchasing-power parity
Sources: World Bank (GDP, agriculture); Zimbabwe Tobacco Industry and Marketing Board (tobacco); Food and Agriculture Organization of the
United Nations (undernourished); BMI Research, Bloomberg (inflation)
THE WALL STREET JOURNAL.
from when Robert Mugabe
took its helm in 1980, ending
white-minority rule after years
of armed struggle amid widespread jubilation. His first 15
years in power were broadly
reformist, characterized by
consensus building and large
investments in education and
infrastructure. In those years
the economy continued to expand.
By the mid-1990s, when
many other African nations
were grappling with famine
and conflict, Zimbabwe was
the second-most-industrialized
nation in sub-Saharan Africa
and one of its only net grain
exporters, according to the
Food and Agriculture Organization, a United Nations body.
A growing manufacturing base
and an increasingly healthy
and better-educated population showcased the country’s
economic ascent.
But in the late 1990s, Mr.
Mugabe launched a set of new
policies to nationalize and redistribute land—ostensibly to
correct colonial-era inequalities that benefited white
farmers—and to greatly increase state-funded payouts
to his political constituency.
The approach triggered a collapse in economic output. By
the early 2000s, production
of tobacco, the country’s top
export, had begun to plummet
in the wake of the land measures, and it still hasn’t fully
recovered.
As the ramifications of the
land redistribution and gross
government
overspending
worked through the economy,
child mortality skyrocketed
and life expectancy plummeted
amid an HIV/AIDS pandemic.
Millions became poorer. The
land program also tore
through bank balance sheets
Caution Trumps Celebration in Ex-Leader’s Village
KUTAMA, Zimbabwe—Far
from the streets of Harare,
where thousands loudly welcomed their incoming president
on Wednesday, Robert Mugabe’s
home village clung to its silence.
The wild celebrations that
rocked Zimbabwe’s cities and
spontaneous outbursts of anger against Mr. Mugabe, who
resigned on Tuesday after 37
years in power, haven’t
reached Kutama, a small collection of homesteads about an
hour’s drive from the capital.
While many Zimbabweans
declared Tuesday their new Independence Day, proudly giving their names to reporters
when attacking Mr. Mugabe’s
legacy, people here still weigh
their words carefully—a legacy
of years lived in fear of the secret police in a village whose
GABRIELE STEINHAUSER/THE WALL STREET JOURNAL
BY GABRIELE STEINHAUSER
AND BERNARD MPOFU
Some Kutama residents hope Robert Mugabe will return to his hometown after leaving the presidency.
meager gains relied entirely on
the patronage of its most
prominent resident.
“We have no problem with
the president. What for? We
are very grateful for our president,” a graying man on a bicycle said. “We are even planning
a party to welcome him home.”
Unlike other villages of its
size, Kutama has its own hos-
pital and police station. But
unemployment is high and
most of its inhabitants poor,
surviving on subsistence farming or money sent back by relatives in the city.
For years, Mr. Mugabe has
visited most weekends; concrete walls and iron fences
block the view of his private
compound. Some villagers be-
lieve this is where the 93-yearold will soon come to retire.
Across the road, a small row
of shops marks Kutama’s main
market square, where shared
taxi buses await their passengers and police in a large camouflage tent register voters for
next year’s elections.
For the first time since
white-minority rule ended in
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1980, the name topping the
ticket won’t be one of their own,
but Emmerson Mnangagwa, Mr.
Mugabe’s former vice president,
who was set to be sworn in on
Friday to serve out the rest of
his term. The president stepped
down after a military takeover
of his government and impeachment proceedings initiated by
his own party.
On Thursday, an official
from Mr. Mugabe’s ruling
ZANU-PF party said the president was assured he wouldn’t
be prosecuted if he resigned,
the Associated Press reported.
Within hours of tanks rolling
into the capital last week, Zimbabwe’s state media switched
from defending Mr. Mugabe to
hailing Mr. Mnangagwa, his
military-backed successor.
Broadcaster ZBC carried a
story on Zvishavane—the village where Mr. Mnangagwa
was born.
Has a
Dark Side
BY ROBERT LEE HOTZ
Global night light is getting
bigger and brighter, blotting
out the stars of the Milky Way
for one-third of humankind,
according to a new study of
federal satellite data measuring outdoor lighting.
Spurred by a shift to more
energy-efficient illumination
in many areas, artificial night
lighting world-wide has been
expanding steadily, with potential consequences for human health, wildlife and foliage, scientists led by the GFZ
German Research Center for
Geosciences in Potsdam reported Wednesday in the journal Science Advances.
“Earth’s night is getting
brighter,” said study lead author Christopher Kyba, a physicist at the GFZ German Research Center who studies the
ecological impact of light.
By their calculations, artificial outdoor lighting worldwide grew in both area and intensity by 2.2% a year between
2012 and 2016. They took advantage of data collected by
an orbital sensor normally
used by the National Oceanic
and Atmospheric Administration to track cloud patterns
for weather forecasts. The
Experts worry that
overexposure to nighttime lighting can
adversely affect health.
sensor is sensitive to many of
the same wavelengths of light
as the human eye.
The data reveal that the
area encompassed by outdoor
lighting expanded throughout
Asia, Africa and South America. Also, the radiance of
night-time lighting in the
world’s most well-lit regions,
including the U.S., Italy, the
Netherlands and Spain, has
become even more blinding.
Only in countries racked by
armed conflicts, such as Syria
and Yemen, did the night
lighting dim.
Until recently, it was mostly
astronomers and naturalists
who complained about the
vanishing night sky. For much
of the world, it no longer gets
dark enough for the human
eye to adjust to night vision,
experts said.
But now public-health experts worry that overexposure
to nighttime lighting can adversely affect human health
and well-being, with studies
linking it to the risk of depression, obesity and cancer.
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THE WALL STREET JOURNAL.
Friday, November 24, 2017 | A13
IN DEPTH
Continued from Page One
Bartenders weren’t crazy
about the drink’s elaborate
serving ritual, which involves
pouring a measure of absinthe
into a glass and balancing a
sugar cube on a slotted spoon
on the rim. Ice water is then
dripped through the sugar from
a specially made decanter
called a “fountain” to dilute the
drink—most absinthes are
about 120 proof.
“The guests weren’t always
super into it,” said Dave Kaplan,
one of the founders of the bar
Death & Co in New York’s East
Village, who said the excitement
only lasted about six months. A
big turnoff was absinthe’s
strong anise taste, which is similar to black licorice. “Most of
the time,” Mr. Kaplan said, “the
drinks would go unfinished.”
Bartender Tyson Buhler said
instead of a fountain service,
Death & Co now offers a jug of
sweetened water for customers
to pour as they please. Even so,
he said most customers first try
the extremely high-proof drink
neat. “It’s a jarring experience
for a lot of people,” he said. “I
2002—Mr. Makhauri relocates
to Georgia where he continues
to help insurgents fighting Russia.
2006—Mr. Makhauri works for
Georgian secret services, meets
with a Russian agent who had
been sent to kill him. The
agent, successfully turned by
Georgia, becomes a public relations coup for the anti-Russian
president at the time, Mikheil
Saakashvili.
July 10, 2006—Mr. Basayev is
killed when a truckload of
weapons blows up. Because Mr.
Makhauri was coordinating logistics, some Chechens believe
he was behind the death.
2009—A bomb packed with
nuts and bolts explodes outside
Mr. Makhauri’s apartment building. Miraculously, he survives
the blast with a few scrapes.
Georgians blame Russia.
2009—Chechen rebel envoy Ali
Osaev is killed outside his
home in Istanbul. Mr. Makhauri,
who said he was friends with
Mr. Osaev, is later tried for the
Timur Makhauri is placed under arrest in Kiev.
killing in Turkey.
Syria and a compass.
2012—Mr. Makhauri leaves
Georgia and meets an agent
from Russia’s Federal Security
Service in Istanbul, bartering
over the price of killing three individuals. Mr. Makhauri later
said he taped the meeting in a
ruse to glean information from
Moscow.
2016—Mr. Makhauri is acquitted
in Turkey. He moves to Ukraine,
where the former Georgian
president, Mr. Saakashvili, is involved in politics.
2012—While passing through
passport control at Istanbul’s
Ataturk Airport, Mr. Makhauri is
detained carrying a map of
February 2017—Mr. Makhauri
is arrested in Kiev and charged
with illegal possession of weapons.
Sept. 8, 2017—Mr. Makhauri is
killed by a bomb hidden in the
armrest of a friend’s car.
A bomb in the arm rest of this car set off by remote control killed Timur Makhauri in Kiev.
cials in Georgia, where he
worked for several years with
the state security service, confirmed parts of his story, as
did Ukrainian government officials who investigated his
past.
Mr. Makhauri came to
Ukraine, he said, to hunt down
the agents Moscow sent to
eliminate opponents abroad.
“I know who to look for
and to stop them before they
do anything,” he said from under a mop of long black hair,
speaking politely in a vernacular Russian that earned him
the nickname “Zone,” referring to someone from a penal
colony. “There is a small number who do this kind of thing.”
Kremlin spokesman Dmitry
Peskov denied Mr. Makhauri’s
accusations that Moscow
sends hired guns to Kiev to do
away with opponents. “This is
the first time we hear that,”
he said.
Mr. Makhauri said he was
dealt his career by accident.
He said he was born in
Grozny, Chechnya, in 1978 and
although he had wanted to
study piano as a young man
he never had the chance because he, like others his age,
was caught up in the region’s
two wars for independence
from Moscow. He said he
joined rebellion full-time in
1999.
Most of his classmates
were wiped out early in the
war when Russian troops
stormed the Chechen capital,
he said. For several years, he
said, he fought in the mountains in the southern reaches
of the province, staging hitand-run attacks on Russian
forces and ambushing supply
convoys.
He gained the trust of
Chechen field commander
Shamil Basayev, who was notorious inside Russia for planning grisly hostage-taking operations, according to a fellow
Chechen fighter interviewed
by phone.
As rebel losses mounted,
Mr. Basayev decided Mr.
Makhauri was too valuable to
lose and ordered him back to
Georgia to ferry supplies for
the fight inside Chechnya, the
fighter said.
The Kremlin has long ac-
don’t see it becoming the next
bourbon.”
Last year, U.S. absinthe sales
were 42% lower than in 2008—
the first full year the spirit was
reauthorized—according to research firm IWSR. Absinthe experts say they don’t believe the
numbers fully reflect a market
mostly composed of small local
players, but they acknowledge
overall sales are indeed likely to
be lower than a decade ago.
Brian Robinson of the
Wormwood Society, a nonprofit
focused on dispelling myths
about the spirit, said bars are
mostly to blame for lagging
sales. The Virginia financial adviser said that out of the 200plus places where he has tried
absinthe, “maybe three or four
of them served it properly.
Maybe you only dilute it one to
one, or you serve it straight, or
you set it on fire—nobody likes
that because it doesn’t taste
good.”
The fire-setting ritual originated in the Czech Republic.
Many Americans had their first
experience with absinthe in
Prague bars in the 1990s.
Hali Barnett, a bartender at
Lovecraft in the East Village,
said her bar offers the fire ritual mostly due to popular de-
mand. Customers who favor it
tend to be in their early 20s,
she said. She usually warns
guests requesting it that she is
about to burn most of the alcohol out of the drink, but she
doesn’t try to dissuade them
further. “They just want to get
smashed,” she said.
Absinthe’s herbal ingredients, which include grand
wormwood, green anise and
fennel, may be part of the problem. William Elliott, bar director at Maison Premiere in Williamsburg, Brooklyn, said anise
isn’t a flavor many Americans
are familiar with. “All over the
world, it’s a major component
in baking, confections and alcohol,” he said. “Only America has
this big childhood problem of
disliking the flavor.”
In France, while the flavor is
popular, drinkers have mostly
moved on to a similar-tasting
spirit—pastis. Even though absinthe is for sale again in
France, few there are switching
back. “It’s easy to lose a taste
for something that hasn’t been
around for a century,” said
Marc Thuillier, a Frenchman
who runs two websites about
absinthe.
Jeremy King, a 30-year-old
firefighter from Lakewood,
cused Georgia of funding
Chechen rebels in their fight
against Russia—something the
Georgian government officially denies.
But Zurab Maisuradze, who
ran Georgia’s antiterrorism
center, acknowledged in an interview that he took Mr.
Makhauri under his wing. He
said he arranged for the
young Chechen to receive two
Georgian passports—one in
the name of Ruslan Papaskiri
and another made out to
Timur Makhauri.
Mr. Maisuradze called Mr.
Makhauri “a great Georgian
patriot” always willing to undertake a mission against the
Russians, whom they saw as a
common enemy. In 2006, Mr.
Makhauri proved his loyalty,
he said, when the Chechen
agreed to meet a Russian
agent who was sent to Tbilisi
to kill him. The Georgians
eventually flipped the agent to
work for their side, he said.
But in the fog of spy intrigue, rumors began to circulate that Mr. Makhauri was
working for the Russians, too.
In 2006, the Chechen rebel
commander, Mr. Basayev, received a load of explosives
from a truck driven from
Georgia into Russia. The shipment blew up, killing him and
much of the rebel leadership.
Mr. Makhauri, it was rumored,
had planted a booby trap in
the truck.
In the interview in Kiev, Mr.
Makhauri denied involvement
in Mr. Basayev’s death, and
said that Russia’s security services were behind the rumors.
“So many times they shot me,
blew me up and did everything they could to kill me,”
he said. “So they tarnished my
name.”
Robert Schaefer, a retired
U.S. Special Forces officer who
helped train Georgian troops
in the early 2000s, said in an
interview that Moscow often
tried to disrupt rebels by sowing phony reports of turncoats
in their midst. But he added
that many defeated rebels
needed work and the money
for paid hits overtook considerations of loyalty or friendship.
They may have become soldiers for patriotic reasons, but
“soon they start going down
this spiral of what had been
legitimate special operations
into wet work that they never
thought they would have been
involved in earlier,” Mr.
Schaefer said.
Many former Chechen rebels ultimately left Georgia, decamping to Turkey with their
families, while others went to
Syria to join jihadist groups
fighting the Russian-backed
government of Bashar alAssad. Mr. Makhauri said in
his interview in Kiev that he
also began spending time in
Turkey, and in 2012 also visited Syria for three months
“just to see the situation.”
In Turkey, Mr. Makhauri’s
name was tied to mysterious
killings that made it hard to
shake suspicions that he was a
double agent. The victims, all
former Chechen fighters, were
gunned down either on the
street or near their homes between 2008 and 2011.
In 2012, Mr. Makhauri was
passing through passport control in the airport in Istanbul
when Turkish police arrested
him, later charging him with
murder. At trial, prosecutors
cast him as a possible double
agent, and presented lurid evidence of Mr. Makhauri’s
meetings with agents from
Russia’s Federal Security Service, or FSB.
A key piece of evidence was
a videotape, shot by Mr.
Makhauri himself through a
camera concealed in the button of his shirt, of one meeting in which he bargained
with a Russian agent over the
price of killing three men who
had fallen out of favor with
Moscow. Speaking over a
lunch in Istanbul, Mr.
Makhauri poked at a plate of
fish as he asked for $1 million
per head, but then settled for
half that for the first hit.
“This work is something
I’ve always dreamed of,” he
said in a reedy monotone.
“Like films about hunters and
the hunted.”
In the jailhouse in Kiev, Mr.
Makhauri said that the trial
against him and the videotape
were all a farce. He held the
meeting, he said, on behalf of
the Georgian security services
to lure the Russian agent into
an embarrassing situation and
perhaps recruit him. Former
Georgian authorities corrobo-
rated the story. Givi Targamadze, the former chairman of
the defense and security committee of the Georgian Parliament, said Georgian authorities
knew
about
Mr.
Makhauri’s meeting with FSB
officers and that the operation was carried out to ascertain whom Russian intelligence services were targeting.
The court didn’t convict
Mr. Makhauri but didn’t release him either for four years
as it cited various procedural
hold
ups.
Finally,
Mr.
Makhauri was acquitted on
lack of evidence in 2016, his
lawyer in Istanbul, Dursun
Uçar, said.
A picture of him with his
wife in Istanbul shows he had
grown a beard to his chest,
and she wore a traditional
head scarf. But soon he
trimmed his beard and moved
to Ukraine, where he found
work with a volunteer battalion fighting Russian-backed
rebels in the east of the country.
Mr. Makhauri said he spent
little time on the actual battle
front. Instead he stayed
mostly in Kiev on the lookout
for agents sent by Moscow. In
January, he said, he noticed
that he himself was being followed, and in February he was
arrested by police in the central market for possession of
his handguns, a Glock and a
Stechkin automatic pistol.
In the interview, Mr.
Makhauri said he suspected
that Russian agents were
looking for him in Ukraine,
but that there was no other
country for him to go to. “Everywhere is dangerous,” he
said.
When he was released from
jail in April after he pleaded
guilty to illegal firearms possession, he told friends that
he sensed he was still being
followed—by whom he wasn’t
sure.
Early in September, Mr.
Makhauri had coffee at a cafe
Moscow and Kiev
appear to have turned
to contract killings to
settle scores.
in the center of Kiev and accepted a ride from a friend
who was driving her daughter
home, according to police. The
car pulled out of an underground garage and stood in
rush-hour traffic. Police say
Mr. Makhauri was riding in
the passenger seat, likely
leaning toward the center of
the vehicle when a bomb detonated in the arm rest, ripping off his arm and part of
his torso and killing him instantly.
The bomb, which police say
likely weighed about two kilograms and was set off by remote control, was fashioned
to direct its blast against the
passenger, although it maimed
the driver. Her daughter
wasn’t seriously hurt.
Ukraine’s Interior Ministry
spokesman,
Artem
Shevchenko, issued a statement after the blast that a
motive for the killing hasn’t
been determined. But he
noted that Mr. Makhauri was
“known quite well in the criminal world.”
—Natalie Gryvnyak in Kiev
contributed to this article.
DAVID MARCELIS/THE WALL STREET JOURNAL
DRINK
1999—Timur Makhauri fights
Russian soldiers trying to re-establish Moscow’s control over
Chechnya. Retreating to the
mountains, Mr. Makhauri serves
under Chechen rebel commander Shamil Basayev.
KYIV OPERATIV
Continued from Page One
Moscow’s bid to reassert control. With a stalemate on the
battlefront between Russianbacked rebels and the government, Moscow and Kiev appear to have turned to
contract killings to settle
scores and winnow the ranks
of commanders in the war,
Western diplomats say.
Most of those killings have
been carried out far from the
almost daily volleys of artillery in eastern Ukraine, turning Kiev into a hotbed of spies
and hit men.
Victims have included the
head of a Ukrainian special
forces unit, Maksim Shapoval,
who was blown up in his car
at an intersection in downtown Kiev in June, and a former Russian prosecutor and
parliament member, Denis
Voronenkov, who had recently
fled to Kiev for protection and
was shot dead on a chestnut
tree-lined boulevard in March.
There have also been mysterious attacks in rebel-held
areas, where a mix of civilians
and pro-Russian soldiers inhabit the shelled-out remains
of the country’s industrial
heartland. One rebel commander, Mikhail Tolstykh, was
killed by a rocket fired into
his office in the provincial city
of Donetsk in February. Another, Arsen Pavlov, was killed
last year by a bomb planted in
his elevator.
The conflict in eastern
Ukraine erupted in 2014 after
protesters in Kiev toppled a
Russia-friendly president and
established a pro-Western
government. Moscow invaded
and annexed the country’s Crimea peninsula. At the height
of fighting, the country’s industrial east was awash with
fighters of all stripes, from
Ukrainian nationalists to proKremlin soldiers of fortune to
bored men and women from
post-Soviet backwaters looking for adventure.
In Kiev, many of the triggermen appear to be freelancers, moonlighting from their
jobs in the Ukrainian armed
forces or police, say law-enforcement officials and Western diplomats.
Valentyn Nalyvaichenko,
former head of the Ukraine intelligence services, said in an
interview the mix has been
made more murderous by foreign mercenaries who recognize Ukraine as a new place to
ply their trade.
Earlier this year, a man
posing as a French journalist
in Kiev invited a battalion
commander to an interview,
then allegedly shot him. The
attempted hit went awry
when the victim’s wife pulled
a gun of her own out of her
purse and fired back, disabling him with two shots.
She herself was gunned down
and killed four months later.
Even amid this mayhem,
Mr. Makhauri’s career stands
out. In a monotone, Mr.
Makhauri described his path
from Chechnya, where he allied himself with rebels for independence from Russia; to
Georgia, whose side he fought
on during its brief war with
Moscow in 2008; to Syria,
where Russian-speaking jihadists flocked to fight against
Russia’s interests, many under
the flag of Islamic State. Former Chechen rebels and offi-
SERGEY DOLZHENKO/EPA/SHUTTERSTOCK
KILLER
Life in the Shadows
Bartender Hali Barnett serves absinthe at Lovecraft in New York.
Ohio, said he first wanted to try
absinthe after watching “EuroTrip,” a 2004 comedy featuring a group of American teenagers crisscrossing Europe.
Shortly after downing shots of
absinthe in a Bratislava nightclub, some characters see a
green fairy—as the spirit is often called—flying around them.
“It wasn’t the same,” Mr.
King said, after he bought a
bottle and tried it at home. All
absinthe did was “get you really
drunk,” he said.
Absinthe was originally believed to be psychedelic, and
toxic, because of thujone, a
compound found in grand
wormwood—or Artemisia absinthium, after which the spirit
is named—but also in many
other herbs, including sage and
oregano.
It is a myth that thujone is
hallucinogenic, said Ted Breaux,
an absinthe distiller and
founder of Jade Liqueurs. The
former chemist, who played a
key role in getting the spirit reauthorized in the U.S., said the
compound is a convulsant, but
studies that he co-wrote
showed absinthe contains only
a trace amount, even in pre-ban
varieties.
“The sage in your Thanksgiving stuffing will give you more
thujone than any normal absinthe,” the Wormwood Society’s Mr. Robinson said.
Mr. Breaux said the resurgence of classic cocktails has
helped the sales of absinthe. He
said the Savoy Cocktail Book, a
1930 publication that serves as
many bartenders’ bible, features dozens of drinks that call
for absinthe.
Mr. Elliott, the bar director
at Maison Premiere, said he is
introducing absinthe to patrons
by using it in a broad range of
cocktails where it is the dominant ingredient.
“We have an absinthe piña
colada on the menu,” he said.
When the drink was introduced
about five years ago, “I was
sort of rolling my eyes,” he
said. Today, it is one of Maison
Premiere’s most popular. “You
have to tempt people to enjoy
something that they haven’t
historically enjoyed,” he said.
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
A13A | Friday, November 24, 2017
NY
* ****
THE WALL STREET JOURNAL.
GREATER NEW YORK
Parade Viewers Endure Cold, Extra Security N.Y. Hotel
Will Lose
Its Trump
Moniker
Millions gathered in
Manhattan to watch
Macy’s Thanksgiving
Day extravaganza
BY JOSH BARBANEL
BY CHRIS KIRKHAM
PETER FOLEY FOR THE WALL STREET JOURNAL (3)
Beneath a thick blanket of
security, the Macy’s Thanksgiving Day Parade stepped off on
Thursday morning in Manhattan in an annual ritual of innocence and commercial branding.
At a time of national political
and social squabbles and rising
fears of terrorist attacks, the
parade marched to its own traditional drumbeat, with its
bands, clowns, floats, glitter,
confetti and 17 giant heliumfilled balloons.
Security has been tightened
in each of the past few parades
and was more intensive than
ever this year, the police said,
following a deadly Halloween
attack by an alleged terrorist
who drove a rental truck at
high speed down a Manhattan
bike lane taking aim at cyclists
and pedestrians.
Two police helicopters hovered above the parade route, as
trucks filled with sand and
other large vehicles blocked
many intersections throughout
the area. Heavily armed officers
stood up and down nearby
streets. Spotters and sharpshooters were posted high on
neighboring buildings.
Even a once-casual occasion
Wednesday evening, when bystanders witnessed the filling of
the balloons on the West Side,
was turned into a hardened,
protected event.
But inside the cocoon of parade security on Thanksgiving
Day, millions of people, some
who had to wait for many hours
in the cold, cheered as the parade moved down from Central
Park West to Sixth Avenue and
on to Macy’s flagship store in
Herald Square, a distance of 2½
miles.
Brenda Cook, who is 68
years old, and her husband
Dundas Winn, 70, came to New
York this week from their home
in Mount Vernon, Wash., north
of Seattle, to experience
Thanksgiving in New York.
They got up at 4 a.m. and
took up a position in Columbus
Circle by 5:30, sitting on a yellow plastic suitcase they had
found in the street and wheeled
with them.
“We came for the parade,”
Ms. Cook said.
But New York Police Depart-
Olaf, a snowman from Disney’s animated feature ‘Frozen,’ was one of the new characters to join clowns, cheerleaders and other attractions.
ment officers came by and told
them the area was being closed
off for security. So they went
back to their hotel on the West
Side to warm up, then returned
to find a perch on Sixth Avenue
just below Central Park. They
said they were chilled but
happy to be there.
The parade included 17 giant balloons, with characters
from cartoons and videogames. The tallest was a new
balloon, showing a 60-foot
high version of Olaf, a snowman from the animated feature “Frozen” released by Disney in 2013. There was also a
new balloon of Chase, a police
pup from the animated television series PAW Patrol.
In all, more than 8,000 peo-
ple participated in the parade,
not counting the police, including dancers, cheerleaders,
Broadway performers, celebrities and Macy’s employees.
Danielle Erdogan, a Warwick,
R.I., Macy’s supervisor, boarded
a bus at 2 a.m. and arrived in
New York in the early morning
hours. She carried a basket of
plastic cranberries and marched
alongside a float for the cranberry cooperative Ocean Spray.
It featured an 18-foot tall turkey
and goose and 400 oversize
cranberries.
Like other participants and
viewers, she said she wasn’t
afraid for her safety. “I know
what these guys, the NYPD do,”
she said. “I know they know
how to make us safe.”
Student Performers
Enjoy Fleeting Fame
Spirit of America Productions, a private company, provides the performances without charge to Macy’s after
bringing the young dancers to
New York, said Laura Davis, a
Spirit co-owner who has
worked on the performances
for 32 years.
Spirit selects participants
from dance and cheerleading
competitions, summer training
programs and via two-minute
taped auditions.
The efforts culminate in a
fleeting moment of fame—90second performances broadcast across the country in
front of Macy’s flagship store
on West 34th Street.
It may not be Broadway.
But for 1,200 girls, and a few
boys, who came to dance and
flash pompoms, performing at
the Macy’s Thanksgiving Day
Parade is close enough.
Marching in the parade
along Sixth Avenue in front of
cheering crowds, with the
bands, floats and big balloons,
is a peak moment in the young
lives of many of the highschool students from around
the country who converge on
Manhattan each Thanksgiving.
Penn Station’s Glory Days Inspire Campaign for Its Future
Campaigners are stepping
up their fight to restore New
York Penn Station to its former
grandeur.
Armed with an artist’s renderings of soaring Corinthian
columns and platforms bathed
in natural light, the National
Civic Art Society has launched
an advertising campaign across
NJ Transit trains and stations.
The Washington, D.C.-based
society, which promotes art
and architecture, is calling for
construction of an improved
version of the early 20th century station that was knocked
down in 1963 to make way for
Madison Square Garden and
the subterranean station that
commuters tolerate today.
Volunteers at Penn Station
are also handing out leaflets to
New Jersey, Amtrak and Long
Island Rail Road passengers.
The campaign estimates the
project would cost up to $3.5
billion.
JEFF STIKEMAN FOR REBUILD PENN STATION
BY PAUL BERGER
Advocates say it would cost up to $3.5 billion to build a version of the early 20th century station.
“We think that something
has to happen with Penn Station,” said Justin Shubow, the
executive director of Rebuild
Penn Station.
Redeveloping Penn Station
is complicated not only be-
cause it requires relocating
Madison Square Garden, but
also because the station is
owned by Amtrak and operated
in different sections by Amtrak, the Long Island Rail Road
and NJ Transit.
Each weekday, the station
handles about 600,000 passengers.
A massive renovation of the
Penn Station complex is already under way, but it is
mostly taking place outside of
the current station.
In June, The Empire State
Development
Corporation
opened a $300 million concourse for Long Island Rail
Road commuters under Eighth
Avenue. The concourse is the
first phase of a $1.9 billion
project to transform the James
A. Farley Post Office Building
into a skylit train hall for Amtrak and Long Island Rail Road
passengers. It is expected to
open in 2020.
New York state also plans to
overhaul Penn Station’s main
Long Island Rail Road concourse and to redesign its two
subway stations on the Eighth
Avenue and Broadway—Seventh Avenue lines.
Mr. Shubow said those projects don’t go far enough.
Neither Stephen Gardner,
Amtrak’s executive vice president for public affairs, nor a
spokeswoman for NJ Transit
commented on the idea of rebuilding the original Penn Station.
The Trump name will no
longer adorn a lower Manhattan hotel once considered a
jewel in the family’s international real-estate portfolio.
The Trump Organization
said it is ending its management and licensing agreement
with the owners of the Trump
SoHo Hotel by the end of the
year. A statement released
Wednesday by the Trump Organization called the deal a
“buyout of the remaining
term” of the agreement with
CIM Group, a California realestate investment firm.
Neither the Trump Organization nor CIM Group responded to requests for additional information.
President Donald Trump
first announced plans for the
Trump SoHo on his television
show “The Apprentice” in
2006, and he and his family
helped market the property.
The luxury property opened
in 2010 as a 391-unit condominium-hotel, but the developers, the Sapir Organization
and Bayrock Group, struggled
to sell enough units to keep
the property afloat, The Wall
Street Journal previously reported. CIM Group, a lender to
the original developers, took
control of the project in 2014
after a foreclosure auction.
Trump Hotels, a part of the
Trump Organization led by
Mr. Trump’s adult sons, Donald Jr. and Eric, had no ownership interest in the hotel.
The Trump Organization licensed its name and managed
the hotel as part of an agreement with the owners.
Soho hotel is popular
among athletes but
some have said they
won’t stay there.
Eric Danziger, chief executive of Trump Hotels, said the
company has “truly enjoyed
our relationship” with CIM
Group, adding “we look forward to exploring new opportunities in the future.”
Bill Doak, a CIM Group executive, said that “under the
seasoned management of the
Trump Organization, the hotel
has been established as one of
the finest in New York City,
with recognition among top
critics.”
Some Trump hotel properties have done well since Mr.
Trump, a Republican, was
elected in 2016. The Trump International Hotel in Washington, D.C., a favorite among visiting diplomats, outperformed
expectations this year on profits and daily rates, according
to federal documents.
But there are signs that the
Trump name hasn’t been good
for business elsewhere. The
Trump International Hotel and
Tower in Toronto dropped the
Trump name earlier this year.
Koi, the flagship restaurant
at the Trump SoHo, closed
earlier this year, though a new
restaurant, Spring & Varick,
opened in its place earlier this
month. The hotel had been
popular among professional
athletes, but some, including
Cleveland Cavaliers star LeBron James, have said they
won’t stay in the hotel.
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.
Friday, November 24, 2017 | A13B
NY
* *
MARK SHELBY PERRY
GREATER NEW YORK
A scene from Company XIV’s ‘Nutcracker Rouge,’ which features some performers in a state of undress.
Holiday Shows Move
Beyond the Rockettes
THAN YOU EVER
THOUGHT POSSIBLE
Our members charter to major destinations worldwide and
enjoy never-before-seen low pricing, guaranteed availability,
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New York producers push the envelope with some offerings
BY CHARLES PASSY
W
hen it comes to holiday entertainment,
New Yorkers have
no shortage of safe choices,
from the “Radio City Christmas Spectacular” to the New
York City Ballet’s production
of “George Balanchine’s ‘The
“Nutcracker.’”
Or they can catch Company
XIV’s “Nutcracker Rouge,” an
adults-only version of the familiar children’s
FOOD &
tale. It blends
CULTURE
ballet, circus,
theater, opera
and burlesque
and features some performers
in “a state of undress,” as
Company XIV founder and director/choreographer Austin
McCormick puts it.
The five-year-old production, now being staged at
Company XIV’s new 200-seat
theater in Brooklyn’s Bushwick neighborhood, is proving to be a success story.
Tickets are already 75% sold
for the current run, which
ends in mid-January.
“It’s become the sexy,
date-night” holiday experience, said Mr. McCormick.
Company XIV isn’t alone
in pushing the envelope
when it comes to seasonal
fare. A number of presenters
and producers are putting
their own spins on tradition
as well.
The Midtown Manhattan
cabaret venue Feinstein’s/54
Below has a variety of holiday shows slated for December, including several with
an off-center sensibility.
Offerings include “A WellStrung Christmas,” with a
string quartet playing holiday songs, or “Bitch Carols,”
GREATER NEW
YORK WATCH
CONNECTICUT
Governor Makes
Board Appointments
Gov. Dannel P. Malloy is making appointments to a new state
board that will work with financially struggling Connecticut cities
and towns.
The 11-member Municipal Accountability Board was established in the new, two-year bipartisan state budget. Mr. Malloy is
required to appoint five of the
members. He named Thomas
Hamilton, the chief financial officer of Norwalk; State Labor Commissioner Scott Jackson and
West Hartford attorney John
“Jay” Nolan to six-year terms.
—Associated Press
a seasonal show that is
billed as “combining
women’s rights and humor.”
A sample song from the latter: “Have Yourself a Merry
Little Wage Gap.”
Perhaps the club’s most
popular show in this tradition is the “Joe Iconis
Christmas Extravaganza,” an
anything-goes affair organized by the composer-lyricist. An inebriated Mr. and
Mrs. Claus usually put in an
appearance.
J
ennifer Ashley Tepper,
creative and programming director of Feinstein’s/54 Below, says alternative holiday shows are
finding their niche because
audiences are getting tired
of the sugarcoated classics,
especially in our snark-filled
era.
The tweaking of
tradition is moving
into the realm of the
performing arts.
“The Christmas season
isn’t just let’s sing ‘O Holy
Night,’” she said.
Of course, the idea of
making fun of the holidays
isn’t entirely new. It has
been a part of popular culture for decades, be it in the
form of movies like “Home
Alone” or songs like
“Grandma Got Run Over by a
Reindeer.”
But now, this tweaking of
tradition is moving into the
realm of the performing arts.
Consider “The Hip Hop
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T
he show, produced by
the Origin Theatre
Company, uses a littleknown script that was developed by Dickens as a performance vehicle for himself. It
calls for one person to play
all the characters in the
story, from Ebenezer
Scrooge to Bob Cratchit.
So while the production
may be a somewhat unfamiliar take on the holiday
story, it is just as Dickens
envisioned it, says Elmore
James, the actor who will
be behind the new staging.
No updating or other
tweaking is necessary, he
adds.
After all, said, Mr. James,
“It’s one of the most beautiful stories ever written.”
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spent the money on restaurant
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Nutcracker,” another version
of the classic ballet—in this
case, with a contemporary
sensibility, replete with an
onstage DJ.
The show bowed in New
York and New Jersey three
years ago and has since taken
to the road, with a tour
schedule this season that encompasses more than 25 halls
across the country. In the
metro area, it will be seen at
New Jersey Performing Arts
Center, the Newark venue
that produces the national
tour, plus the Kings Theatre
in Brooklyn and the United
Palace in upper Manhattan.
Sometimes a “new” twist
on a classic turns out to be
an old one, however.
That is the case with a
one-man production of “A
Christmas Carol,” based on
the Charles Dickens story,
that is set to play at a Chelsea townhome starting Nov.
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A14 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
NY
LIFE&ARTS
TELEVISION REVIEW | By John Anderson
WATCHING the relentlessly cheery, reflexively
funny, fabulously fashionable Miriam “Midge”
Maisel organize everyone’s life during the
early moments of “The Marvelous Mrs. Maisel,” I started to sense a certain obsessivecompulsive pathology behind all the ruthless
domestic efficiency.
“How would you describe her?” I asked
out loud, meaning psychologically.
“Not Jewish,” said a viewing companion.
It’s no small point. Almost everything
about “The Marvelous Mrs. Maisel” concerns
the Jewishness of its characters. Everything
wrong about “The Marvelous Mrs. Maisel,”
developed by “Gilmore Girls” creator Amy
Sherman-Palladino and starring the very
wonderful Rachel Brosnahan, is about the appropriation of an ethnicity—and a community, and a historical moment—by people who
don’t seem to have had a cultural clue. There
are great one-liners, endearing performances
and a visually opulent representation of New
York in the nascent “Mad Men” era. But the
world of the show simply doesn’t make
sense.
Exhibit A is Midge, who exists in a color-coordinated universe of plum-colored gloves and
matching hats, lives in an apartment the size
of the old Penn Station, and has finally succeeded in getting the rabbi to come for Yom
Kippur dinner. It’s such a coup that even her
butcher knows about it—the butcher who’s
busy selling pork chops to another customer.
Pork chops? It’s 1958 on the Upper West Side
and she doesn’t have a kosher butcher?
What seems like a setup for a gag—the
pork, maybe, will be fed to the rabbi?—goes
nowhere. Which isn’t a shanda, necessarily,
but it’s certainly a mistake, one of many
that taxi through the story of Mrs. Maisel,
who is herself a misfire—not in terms of Ms.
Brosnahan’s often electric comedic impulse,
but in background and identity. Midge is living a well-manicured bourgeois dream, until
her husband, Joel (Michael Zegen), says he’s
leaving her for his secretary, at which point
she careens from upper-middle-class contentment to a career as a Lenny Bruce-style
comic; Lenny Bruce, played by Luke Kirby, is
even a recurring character early on.
But how did she get here? She may be Bryn
Mawr-educated, but she’s the daughter of a
math professor at Columbia, Abe Weissman
(Tony Shalhoub), not a plastic surgeon from
AMAZON PRIME VIDEO
‘Mrs. Maisel’: Not So Kosher
Rachel Brosnahan, center, as
Miriam ‘Midge’ Maisel.
Westchester. Her mother, Rose (Marin Hinkle),
greets the news of the separation with the
kind of highly refined hysteria that belongs to
another species entirely. Who are these people? The actors don’t seem to know either.
For all its valuable lessons about Midge’s
liberation, “The Marvelous Mrs. Maisel” (episode 1 is already available to Amazon Prime
users; all eight of season 1 become available
Wednesday) undercuts its humor by availing
itself of a specific milieu without paying any
attention to the specifics. Or, for that matter,
its own narrative: Midge’s father-in-law, the
rag-trade vulgarian Moishe Maisel (Kevin Pollak), keeps his sweatshop open on Yom Kippur so his gentiles don’t lose any money—or
so he says in episode 1. Then, in episode 2, he
boasts over dinner with the Weissmans about
the 13 Jews from Germany he brought over in
BAL
SPO
NSO
R
already have Lenny Bruce in a patrol car
outside. Midge’s career as a transgressive
artist and possible First Amendment icon is
under way. So is her partnership with Susie,
who knows genius when she sees it topless.
Ms. Brosnahan is, again, delightful. “Mrs.
Maisel” is breathlessly paced, the set design
is sumptuous and there are certain performers, like Caroline Aaron as Joel’s mother,
who deliver genuine, believable portrayals of
familiar-seeming people. It’s a shame,
though, that the people who would most appreciate the show will spend more time
scratching their heads than laughing, as
”Mrs. M” repeatedly topples off the comedic
knife edge it so eagerly wants to walk.
The Marvelous Mrs. Maisel
Wednesday, Amazon
Gary Oldman,
center, stars
as Winston
Churchill.
FOCUS FEATURES
GLO
1943—and put to work in his sweatshop.
Whether it was even possible to extract Jews
from ’43 Germany seems dubious, but so is
the eye-rolling of Abe that greets Moishe’s
Holocaust story. It’s only 1958—too soon for
jokes about being bored by the Holocaust.
Joel has his own dream, of being a
standup comedian; Midge, ever-supportive,
gets him better start times at the renowned
Gaslight Café by using her brisket to bribe
the manager. Club fixture Susie (the caustically funny Alex Borstein) looks askance at
the whole Maisel family shtick, but her tune
will change: In the wake of Joel’s departure,
Midge knocks back too much kosher wine,
stumbles down to the Gaslight, up onto its
stage and delivers an improvised, stream-ofconsciousness rant that kills, and ends with
her flashing her breasts. Enter the cops, who
FILM REVIEW | By Joe Morgenstern
ECCENTRIC, MAGNETIC
LEADERSHIP
OPENS TONIGHT
November 24 through December 31
VIP Sweet Seats Available
nycballet.com / 212-496-0600
THE FIRST GLIMPSE we get of Winston
Churchill in “Darkest Hour” doesn’t flatter
him, and isn’t meant to. He’s an unkempt
old man in pajamas and a pink bathrobe, sitting in bed, cigar in mouth, with a breakfast
tray that includes wine and a newspaper
whose pages have been ironed flat by a dutiful servant. “He’s a man, like any other,”
his wife says dryly, trying to reassure a new
and nervous secretary.
But he isn’t. He’s the man who will shortly
become prime minister, the man who, more
than any other, will set his nation’s course
during the early days of World War II, when
Hitler’s war machine seems unstoppable and
a Nazi invasion of Britain imminent. And
Gary Oldman, who plays Churchill, isn’t an
actor like any other. At once formidable and
self-effacing, he has inhabited and ignited an
extraordinary assortment of roles, from Sid
Vicious of the Sex Pistols to John le Carré’s
George Smiley. He’s superb in this one, a
study in eccentric but magnetic leadership,
and in masterly acting.
Much of Churchill’s audible authority resides in the percussive words, and soaring
sentences, of his formal oratory. Mr. Oldman’s interpretations of the great man’s
speeches elevate this film, which was directed by Joe Wright from a screenplay by
Anthony McCarten. Churchill also does spontaneous battle with his political rivals in Parliament during a succession of debates that
are shamelessly overwrought, as staged by
Mr. Wright, though enjoyable all the same.
Yet most of “Darkest Hour” plays out in
grungy offices, narrow corridors and underground bunkers. That’s where policy is being devised, and where Churchill’s uncertainties and doubts are exposed to the dim
light of night. Should Britain fight to the
bitter end, as he believes with all his heart
and most of his soul, or should the government explore peace talks with the devouring
monster in Berlin, as Neville Chamberlain
and his allies in appeasement insist?
The film succeeds at the elusive task of
portraying Churchill’s spiritual and political
isolation as Europe is engulfed. With the wisdom of hindsight we know that negotiations
with Hitler would have been futile, as well as
suicidal, and that Churchill advocated the
only correct path. It’s moving, then, to see
him struggling with himself, before anyone
else. And it’s surprising, though the filmmakers claim they’re on firm factual ground, to
be told that it was Churchill who initiated
Operation Dynamo, the civilian flotilla that
evacuated Allied troops from Dunkirk.
A word about appearance, as it relates to
essence. Richly satisfying as Mr. Oldman’s
performance is, he wasn’t born, as the
phrase has it, to play the role. He doesn’t
have a pudgy face, and he isn’t a corpulent
man of 65, as Churchill was at the beginning
of World War II. Enter Kazuhiro Tsuji, the
legendary prosthetic designer and makeup
artist. Old-age makeup can wreck a film if it
isn’t done well; see Billy Crystal’s “Mr. Saturday Night.” Mr. Tsuji’s transformation of
Gary Oldman’s physiognomy is subtle, since
Please see FILM page A15
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.
Friday, November 24, 2017 | A15
LIFE & ARTS
THEATER REVIEW
A Grown-Up ‘Peter Pan’
Tapping into its ambiguous, disturbing and surreal aspects
THOSE OF US who can recall
a black-and-white televised
Mary Martin, as Peter Pan,
being held aloft by a visible
wire in the now-classic musical might assume that J.M.
Barrie’s original play (first
staged in 1904) was also
about children—and for them
as well. Barrie, after all, came
to maturity in the late Victorian era as new forms of children’s literature arose. And
Barrie himself noted that his
play was an attempt to evoke
the sensibility of childhood.
Credit the theater company Bedlam, then, with recognizing that the original
work is far more ambiguous,
disturbing and surreal than
it might seem, that despite
drawing on children’s adventure stories (about pirates,
Indians, sea creatures, or
magical lands far, far away)
and despite its title character, whose name has now become associated with a refusal to relinquish childhood,
“Peter Pan” is really about
adults—their longing for
that receding world as they
struggle with demands that
Peter perversely avoids.
Bedlam has been acclaimed since its founding in
2012 for rethinking classic
stagecraft. Actors play multiple roles. And the drama is
stripped of accouterments to
lay bare its empathic essence.
The company has presented
such plays as Shaw’s “Saint
Joan” and Shakespeare’s
“Hamlet” and now, under the
direction of Eric Tucker, one
of the founders and the company’s artistic director, it has
distilled Barrie’s cast of 25
actors down to six, who
morph into multiple roles
(and even into each other) as
this continuous hour-and-40minute show unfolds.
It isn’t really a performance
of the play; it is a remaking of
it, set as if in a tacky suburban backyard with an inflated
pool (design by John McDermott), and punctuated by music from sources including a
spaghetti western, “Citizen
Kane” and Mozart. It also radically reorganizes the text, so
it is not really for children at
all. Unfortunately, the result is
more interesting to think
about than to experience in
real time.
The most important transformation is that Barrie’s playful allusions to Peter Pan’s
sexual innocence—Peter
doesn’t know what a kiss is
and assumes it is a thimble
Wendy gives him—are here
put aside: Pan, living up to his
name (and mercurially reimagined by Brad Heberlee),
has some of the sensual longing of a nonchild and even inspires erotic fantasies in Mrs.
Darling (intriguingly portrayed
by Zuzanna Szadkowski), who
entwines herself in his arms.
She is a mother who, in this
reimagining, clearly once had
an experience with Peter like
Wendy is about to have. In
fact, so haunted is Mrs. Darling by her Never-Land past
that she reproduces it in sexual fantasies with Mr. Darling
(Mr. Tucker), who obligingly
wears green tights and a
green felt hat. As for Wendy
(Kelley Curran, vulnerable and
commanding), she lies fully
atop Peter when reattaching
his severed shadow, her position not really one associated
with darning.
This erotic notion, though,
is inconsistently applied,
since Peter is later portrayed
as a contemporary child, ignoring Wendy so he can play
videogames. But there might
have been intriguing results
had the theme been followed
through, particularly since
an unsettling erotic undercurrent shapes the original
play as well. Mr. Darling ulti-
It is really about
adults—their longing
for the receding
world of childhood
roles really are variations of
each other, and that so much
of adulthood involves roleplay. Peter Pan, frightened by
playing out a parental fantasy
with Wendy as mother, wants
reassurance: “It is only pretend, isn’t it, that I am their
father?” The reassurance may
be that so much of the real is
also pretend—or we would
like it to be, which is why we
envy children.
Peter Pan
Bedlam, The Duke on 42nd
Street, 229 W. 42nd St., $39$99, 646-223-3010, through
Dec. 23.
Mr. Rothstein is the
Journal’s Critic-at-Large.
JEREMY DANIEL
BY EDWARD ROTHSTEIN
Zuzanna Szadkowski and Brad Heberlee in Bedlam’s production of ‘Peter Pan.’
“A MUST-SEE
HOLIDAY CLASSIC!
CLASSIC ”
WE LIVE ENTERTAINMENT
mately confines himself to a
dog kennel. And the characters in Never-Land—the pirates, the Indians (edited out
in deference to contemporary sensitivities), the mermaids—indulge in abduction
and are possessed by obsession. Barrie himself, who in
ordinary life engaged in
some peculiar behavior—including perhaps deliberately
altering a dead friend’s will
in order to become guardian
to her five children (for
whom he had written this
play)—clearly knew something about these matters.
But this production takes
some of the play’s more subtle
aspects—the way, for example,
the father figure is embodied
not only by Mr. Darling but
Hook and Peter—and makes
them literal. It bluntly ensures
we see how similar various
events are, even repeating the
opening domestic dialogue
throughout the play, spoken
by varying characters. The
point is driven home when it
might have instead insinuated
itself.
We are also meant to be
unsettled. Wendy’s sibling
John is personified by the
hulking, portly Edmund
Lewis; her youngest brother,
Michael, is played by Susannah Millonzi as a kind of
magical sprite. In practice,
though, much turns tedious.
In order to get what is happening, we have to keep the
original steadily in mind.
Perhaps one point of Bedlam’s remake is that these
“IT CAN’T HELP BUT
WARM YOUR HEART
HEART.”
– SUSAN WLOSZCZYNA,
“UPBEAT
SATISFYING.
SATISFYING...
UPBEAT AND SATISFYING
IN PERFECT ACCORD WITH CHRISTMAS ITSELF.”
– GARY GOLDSTEIN,
“A MAGICAL JOURNEY INTO
E STORY-BEHIND-THE-STORY
STORY BEHIND THE
THE
OF A CHRISTMAS CAROL.”
– NEIL POND,
DAN
CHRISTOPHER
PRYCE
FOCUS FEATURES
STEVENS PLUMMER
JONATHAN
Lily James as Elizabeth Layton and Gary Oldman as Churchill.
FILM
Continued from page A14
his facial prosthesis moves
and even seems to breathe in
a lifelike way, yet so complete as to be unnoticeable.
Another few words about
derailment and misappropriation. “Darkest Hour” goes
temporarily off the rails when
Churchill ventures into the
Underground to learn what
ordinary Britons think he
should do. The sequence is
effective, in a cheesy, manipulative way, but also ludicrous
in its synthetic feel-good
echoes of Frank Capra. And
shame on all concerned for
misappropriating a great
phrase from a great Yank. It
wasn’t Chamberlain who said
of Churchill, as the movie has
it, that “he mobilized the
English language and sent it
into battle.” It was Edward R.
Murrow, and he said it in
1954, almost a decade after
the end of the war.
Those are small matters,
though, in a film that informs,
and even inspires, while it entertains. Lily James is quietly
touching as Elizabeth Layton,
the secretary Churchill tries,
and fails, to tyrannize. Kristin
Scott Thomas is fine as Winston’s loving, long-suffering
wife, Clementine. “I’m getting
the job,” he tells her early on,
when he seems certain to
take over from Chamberlain,
“because the ship is sinking.”
That may have been so, but
thanks in large measure to
him the ship stayed defiantly
afloat.
Based on the inspiring true story.
THEMATIC ELEMENTS
AND SOME MILD
LANGUAGE.
©2017 BLEECKER STREET MEDIA, LLC. ALL RIGHTS RESERVED.
CHECK LOCAL LISTINGS FOR THEATER LOCATIONS AND SHOWTIMES
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 | Friday, November 24, 2017
SPORTS
COLLEGE FOOTBALL
The Only Rivalry That Matters
Other games this weekend are merely the undercard for the Iron Bowl, which has become the sport’s marquee annual matchup
BY ANDREW BEATON
AND BEN COHEN
KEVIN C. COX/GETTY IMAGES
We’d like to express our sincere
apologies to any fans of Michigan
and Ohio State, Florida and Florida
State, Ole Miss and Mississippi
State, Oklahoma and Texas, Washington and Washington State and
the dozens of other schools that
claim ownership of the best rivalry
in college football.
But it’s time to acknowledge
what the last decade has made
clear. There is no longer any debate. The most important, most insane and most just-about-everything rivalry is Alabama versus
Auburn.
Here’s a brief list of the insanity
surrounding recent Iron Bowls:
There was the 2009 game when
Alabama needed a wild fourthquarter drive to stay undefeated
en route to its first national title
under Nick Saban. There was the
2010 game when Auburn had an
even wilder second-half comeback
on the road to its own national
championship behind a phenom
named Cam Newton. There was
the 2013 game that ended on the
single wildest play in the sport’s
history. All that happened in between was the statewide ruckus
that resulted from an Alabama fan
calling into a local radio show and
bragging about poisoning trees on
a hallowed part of Auburn’s campus that fans toilet-paper in celebration of big wins.
But there is a better reason that
Alabama and Auburn’s annual rivalry game is unlike any other this
weekend. It really does matter the
most: The winner of the last 10
Iron Bowls, including this year’s,
on the last weekend of the regular
season has positioned itself to win
the national title.
Auburn has won two of those
Iron Bowls. The Tigers played for
the national title in both seasons.
Alabama has won the other seven.
The Crimson Tide made the Southeastern Conference title game, College Football Playoff or national
championship every time.
The last time mere bragging
rights were at stake in the Iron
Bowl was 2007. That was Saban’s
first year back in college football.
It was so long ago that no one had
even bothered to notice that a
quirky Stanford football coach
named Jim Harbaugh seemed to
have an odd fascination with khaki
pants.
The matchup on Saturday feels
an awful lot like the classic they
played in 2013. Alabama was undefeated and ranked No. 1 then; Alabama is undefeated and ranked No.
1 now. Auburn was surging and
ranked No. 4 with a chance to play
for the SEC championship then;
Alabama quarterback Jalen Hurts, right, tries to break a tackle by Auburn’s
Johnathan Ford during last year’s Iron Bowl. The Crimson Tide won 30-12.
Iron Fist
How the winner of the Iron Bowl fared that season:
YEAR
IRON BOWL WINNER
RESULT
2009
2010
2011
2012
2013
2014
2015
2016
#2 Alabama 26-21
#2 Auburn 28-27
#2 Alabama 42-14
#2 Alabama 49-0
#4 Auburn 34-28
#2 Alabama 55-44
#2 Alabama 29-13
#1 Alabama 30-12
Beat Texas in National Championship
Beat Oregon in National Championship
Beat LSU in National Championship
Beat Notre Dame in National Championship
Lost to Florida St. in National Championship
Lost to Ohio St. in Sugar Bowl
Beat Clemson in National Championship
Lost to Clemson in National Championship
tween Michigan and Ohio State,
for example, dates all the way back
to 1979. Bo Schembechler was
coaching Michigan. Woody Hayes
had retired from Ohio State the
year before. Harbaugh and Urban
Meyer weren’t coaches. They were
high-school students.
Florida vs. Florida State hasn’t
been this irrelevant in more than a
half-century. The last time they
met when both schools were under
.500, as they are this year, was in
1959. The winner of Saturday’s
game will have a claim to be the
fifth-best team in the state of Florida—maybe.
The Egg Bowl on Thursday was
a fairly rotten matchup, too. The
only tension heading into the
game was Ole Miss fans wondering
if Mississippi State was secretly
behind the downfall of ousted
coach Hugh Freeze. And it’s been
more than 50 years since either
team won the SEC anyway.
The Red River rivalry between
Texas and Oklahoma produced
some exciting upsets in recent
Source: Sports-Reference; WSJ
Auburn is surging and ranked No.
6 with a chance to play for the
SEC championship now. And nobody in Auburn’s Jordan-Hare Stadium this weekend needs to be reminded about the way that game
ended—with Chris Davis returning
a missed field goal 109 yards as
time expired in the most incredible play most had ever seen.
Alabama has the 11-0 record of
past Alabama teams, but injuries
to key players have left the Crimson Tide more vulnerable than
usual. Auburn, meanwhile, not
only upset the No. 1 team in the
country, Georgia, earlier this
month but actually beat them so
badly that they’re now ahead of
the Bulldogs in the rankings despite having one more loss.
But let’s put this glorious 10year run in context before whatever happens on Saturday overwhelms any iota of perspective.
And the easiest way to understand
this golden age of the Iron Bowl is
to compare the rivalry with others.
The list of nine games with
championship implications be-
Weather
years. But they were only exciting
because Texas hasn’t exactly been
worthy of the name Texas lately.
Notre Dame-USC actually had
some spice this year. Then again,
the high-point for these two teams
lately was Notre Dame earning the
right to be humiliated by Alabama
in the national championship.
But the Iron Bowl is here to deliver again. It seems unlikely that
either team can afford to lose another game and still win the national championship. Which means
this is essentially the beginning of
a four-round College Football Playoff for both teams.
There’s only one theoretical
game this year that could possibly
be more interesting than the Iron
Bowl. It would have the Crimson
Tide playing the only team they
might care about beating more
than Auburn. That school also
wears orange and also calls themselves the Tigers and also has
played Alabama the last two seasons: defending national champion
Clemson.
The WSJ Daily Crossword | Edited by Mike Shenk
PUZZLE
CONTEST
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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Indianapolis
an Francisco
i
San
Kansas
C
d
Colorado
Charleston Richmond
City
100+
h
d
Las
p
Springs
Topekk
Topeka
LLou
St.. Louis
LLouisville
Lou
ill
70s
V g
Vegas
hit
Wichita
l i h
Raleigh
Nashville
h
Ange
l
Los A
Angeles
C
h l tt
Charlotte
80s
70s
Santaa FFe
Memphis
hi
60s Columbia
C
b
Alb q q
Albuquerque
Ph
Phoenix
klahoma
homa City
Oklahoma
San Diego 90s
Warm
Rain
Atlanta
Atl t
L
Little
Rockk
70s
T
c
Tucson
i h
Birmingham
80s
D ll
Dallas
Jack
Jackson
Cold
T-storms
F Worth
Worth
Ft.
JJacksonville
k
El P
Paso
70s
bil
Mobile
A ti
Austin
Stationary
d
Orlando
Snow
0s -0s
ew Orleans
l
New
t
Tampa 70s
n Antonio
A t i Houston
San
70s
Anchorage
h g
Showers Flurries
10s A
Honolulu
l l
Miami
Reno
20s
Salt Lake
L ke C
Cityy
30s
40s
Ch y
Cheyenne
60s
80s 60s
U.S. Forecasts
City
Omaha
Orlando
Philadelphia
Phoenix
Pittsburgh
Portland, Maine
Portland, Ore.
Sacramento
St. Louis
Salt Lake City
San Francisco
Santa Fe
Seattle
Sioux Falls
Wash., D.C.
Today
Hi Lo W
65 33 pc
73 55 sh
52 39 s
86 59 s
50 39 s
45 33 s
53 40 c
69 50 pc
67 42 s
61 41 c
67 55 pc
66 33 s
52 42 r
57 33 pc
55 39 s
Tomorrow
Hi Lo W
56 32 s
74 53 s
57 39 pc
86 59 s
48 32 c
50 34 pc
52 46 r
68 56 pc
60 35 s
63 46 pc
70 59 pc
64 35 s
53 46 r
49 29 s
60 41 pc
International
City
Amsterdam
Athens
Baghdad
Bangkok
Beijing
Berlin
Brussels
Buenos Aires
Dubai
Dublin
Edinburgh
Hi
47
64
65
88
42
53
49
71
82
41
40
Today
Lo W
36 r
52 pc
45 s
73 c
25 s
39 c
36 r
49 s
72 pc
31 pc
30 pc
Tomorrow
Hi Lo W
44 40 r
64 52 pc
66 47 s
87 73 s
49 26 s
43 35 r
42 34 r
76 56 s
81 68 s
42 33 pc
41 32 pc
City
Frankfurt
Geneva
Havana
Hong Kong
Istanbul
Jakarta
Jerusalem
Johannesburg
London
Madrid
Manila
Melbourne
Mexico City
Milan
Moscow
Mumbai
Paris
Rio de Janeiro
Riyadh
Rome
San Juan
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Toronto
Vancouver
Warsaw
Zurich
Ice
Today
Hi Lo W
55 43 r
56 44 c
83 63 pc
66 58 pc
60 48 s
93 76 c
58 47 c
76 55 t
48 35 pc
62 45 pc
87 79 pc
86 64 pc
69 42 s
53 46 pc
24 13 c
93 73 pc
54 39 r
81 71 s
65 51 pc
65 50 pc
87 77 pc
38 22 pc
55 42 pc
85 75 pc
81 67 s
65 61 r
57 45 pc
48 41 pc
49 44 r
50 43 pc
56 39 c
3
Tomorrow
Hi Lo W
47 32 r
47 31 r
82 61 pc
65 62 c
60 49 s
93 77 pc
62 49 s
63 48 t
44 36 pc
62 37 pc
89 78 t
91 67 t
73 43 s
49 38 r
24 15 pc
93 76 pc
45 35 r
84 74 s
70 51 s
65 50 pc
87 75 s
48 41 r
58 45 c
84 76 t
80 68 pc
70 67 r
57 44 s
46 28 sh
51 46 r
48 41 pc
45 30 r
4
5
14
6
18
24
26
27
33
13
28
34
35
36
37
62
63
40
41
42
46
51
12
31
39
50
11
22
30
32
58
10
19
25
38
49
9
21
29
54
8
16
20
23
7
15
17
43
44
45
47
48
52
55
53
56
57
59
60
61
64
65
66
67
68
69
IT’S WHAT’S INSIDE THAT COUNTS |
By Matt Gaffney
The answer to
this week’s contest
crossword is a twoword phrase found
on some Italian
restaurant menus.
22 Subdivision
subdivision
23 •Iconic glower
28 Archaic
agreement
29 Signed off on
30 Like a poker ante
Across
32 “V for Vendetta”
1 Sapporo soup
actor
5 Personals abbr.
33 Trigger
8 Five Nations tribe
34 Soldier portrayed
14 Shiraz’s country
by Stallone
15 Temple athlete
38 •1925 winner of
16 Text additions
the Nobel Prize in
17 •Airstream and
Literature
Winnebago,
40 •Size of a
notably
small sandbox,
20 Scratching post
for short
user
41 Keep an ___
21 “Rocky III” actor
(watch)
42
45
46
48
49
52
54
56
57
58
Alerting sounds
Pops
Moor with
Spiky weapon
Go (for)
•June Cleaver or
Sheldon Cooper,
e.g.
Speak skyward
Clanton at the
O.K. Corral
With 48-Down,
former pitcher
whose son Tim is
a country singer
•Reality show
since 2009
(Note: This one’s
a bit different
from the others)
Email your answer—in the subject line—to crosswordcontest@wsj.com
by 11:59 p.m. Eastern Time Sunday, Nov. 26. A solver selected at random
will win a WSJ mug. Last week’s winner: Laurie Dings, Cotuit, MA.
Complete contest rules at WSJ.com/Puzzles. (No purchase necessary.
Void where prohibited. U.S. residents 18 and over only.)
s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Today
Tomorrow
City
Hi Lo W Hi Lo W
Anchorage
20 7 s
12 3 s
Atlanta
64 44 s
65 43 pc
Austin
75 45 s
77 46 s
Baltimore
54 33 s
57 37 pc
Boise
55 39 c
57 48 pc
Boston
48 40 s
55 40 pc
Burlington
44 37 c
45 33 sh
Charlotte
60 37 s
66 39 pc
Chicago
56 40 s
47 27 s
Cleveland
52 42 s
48 34 c
Dallas
78 50 s
74 45 s
Denver
68 34 pc 60 37 pc
Detroit
49 42 pc 45 29 pc
Honolulu
82 71 pc 82 72 sh
Houston
74 49 s
79 50 s
Indianapolis
53 42 pc 50 28 pc
Kansas City
69 37 pc 59 33 pc
Las Vegas
80 55 pc 80 56 pc
Little Rock
67 44 s
69 35 s
Los Angeles
84 62 pc 80 58 s
Miami
83 67 t
82 62 s
Milwaukee
54 38 pc 44 27 pc
Minneapolis
52 30 c
39 26 s
Nashville
61 45 s
61 35 s
New Orleans
65 44 s
71 51 s
New York City
50 42 s
54 40 pc
Oklahoma City
75 45 s
65 37 s
80s
2
30s
A
Augusta
ff l
Buffalo
1
64 Zebu or zebra
65 Lousy newspaper
66 Calculating
Turing
67 “A Bell for Adano”
author John
68 Assent at sea
69 City section
Down
1 Russian space
station until 2001
2 Hip-hop record
exec Gotti
3 Brewer Adams
4 Tripping
5 Clayton Kershaw,
notably
6 Org. with a panda
logo
7 Prepares
steak Diane or
bananas Foster
8 Avoid a trial, say
9 Big bird
10 “A Doll’s House”
lead
11 Tape recorder
button
12 Wispy clouds
13 Ninnies
18 Chronic critic
19 Lacking
sophistication
23 Canyon
24 Barely defeat in
an elimination
tournament
25 It may include a
no-smoking
clause
26 Play for which
Robert Morse
won a Best Actor
Tony
27 Root beer brand
31 Nonprofessional
33 “Silence!”
35 Highly displeased
with
36 Support
37 More unusual
39 Popular
40 Kia SUV
42 Smackers
43 Ingredient in
“Mormon tea”
44 About when you
plan to show up,
for short
47 How movie
villains grin
48 See 57-Across
49 Rumored 2020
presidential
candidate
50 Dried plum
51 Piglike creature
53 Seven after Jan.
55 Nigerian crop
59 Persian Gulf nat.
60 Sunbeam
61 In the way of
62 The $2.5-million
Bugatti Chiron,
e.g.
63 Last part
Previous Puzzle’s Solution
A L A I
R E I N
C A R N A
OW
P A T E
R A B I D
P L UM
M E T E D
S O S
O
E X
MA R T
I N S H O
R I V E R
AM P L E
E S S O
A
C
T
E
P
E
E
R
L
A
I
D
T
O
L
E
T
I
T
L
I
E
UM
N I
O N
I
E M
R A
E L
A L
D
E R
R E
D
E F
N I
D N
M
A
G
C I
P
L L
S A
P
B
O
A Z
T O
T
A
A
G
E
N
C
Y
S
E
A
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V
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L
S
I
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S
N
O
U
T
C
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A
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D
P
A
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K
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G
A
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A
W
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S
E R S
R I K
A D Y
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
Friday, November 24, 2017 | A17
THE WALL STREET JOURNAL.
OPINION
The Modern Epic of Denunciation
By Crispin Sartwell
H
omer told the story of
ancient Greece in the
“Iliad,” Virgil of Rome
in the “Aeneid,” John Milton
of the fall of man in “Paradise
Lost,” and Alexander Pope of
18th-century England in the
“Dunciad.” If we had a poet of
that scope, he might well title
his epic of contemporary
America the “Denunciad.”
We seem to have entered a
period of nonstop mutual denunciation. This is particularly useful to the media,
which can fill pages and airtime with nonevents that reporters and pundits invent
and then cover. It is useful,
too, in providing simple
moral guidelines by which a
person can establish superior
virtue without having to do
anything.
People have quickly cultivated the skill. It once took
48 hours for a politician to
castigate a member of his
own party for ancient harassment or an untoward tweet.
Yet Democratic condemnations of Al Franken began
flowing within minutes of the
story’s breaking. It became a
sort of competition, a contest
of moral appearances. Some
even condemned Mr. Franken
for his own condemnation of
Harvey Weinstein. Well, who
demanded that scripted hypocrisy from him in the first
place?
Pundits speculate that Republicans would prefer Roy
Moore to lose his Senate race
because, if he wins, he will be
hung around their necks for
years. They will be called
upon repeatedly to denounce
him, repudiate him, distance
themselves from him. Like
Odysseus, they will be on a
long, difficult, epic journey.
Unlike the “Odyssey,” however, their story will have no
end or point.
The media drives the
story, but Americans
are all caught up in
the moral drama.
What mainly drives the
events of the “Denunciad,” as
the gods do the “Odyssey,” is
the media, which has discovered an endless fount of
news—a sort of fire hydrant
of youth. Suppose that Person
X makes an inappropriate remark, and you are a news director charged with covering
the story. By itself, it’s liable
to fade pretty quickly, yet
there are 24 hours of live updates to fill.
But there is hope: Did President Trump denounce the remark by Person X? Did he do
so quickly enough? Did he do
so in the rigidly mechanical
terms demanded? What about
Senator Y? Did he denounce it
full-throatedly? Did he say,
verbatim, that “this is not who
we are as Americans”?
Suddenly the first story has
spawned an infinite number
of others. Every minute that
Mr. Trump or Senator Y fails
to produce the denunciation
constitutes a new and troubling development. But then
we have a question for Governor Z: Does he condemn
Mr. Trump’s failure to condemn Person X’s remark?
Why does he think Senator Y,
an old friend, is taking so
long? How about Movie Star
A? Did he condemn the noncondemnation?
It’s a potentially endless
circle. Every time someone in
public life slips up, out come
squads of reporters, not to
cover the event, but to ask
every other findable famous
person whether he or she
will condemn it in exactly the
prescribed terms within the
permitted time frame—and
then whether they condemn
one another for failing the
test.
This does strike me as a
fairly new phenomenon, at
least the thoroughness with
which it is now being prosecuted. The people doing the
reporting—CNN is particularly adamant about this—insist they are merely providing facts: It is an objective
truth that Mr. Trump hadn’t
condemned Mr. Moore, or
that some senator hadn’t repudiated Mr. Trump’s noncondemnation.
But, objectively speaking,
many other things didn’t happen today either. Editors don’t
pluck other non-occurrences
from the ether and then send
people out to cover them.
Why is Mr. Trump waiting so
long to condemn the Hells Angels rally in Nowheresville?
The president hasn’t denounced North Korea in the
past six hours: Does that signal a change in policy?
What the “Denunciad” demands, rather, is a public
performance of self-righteousness—a moral dramatization. The show is rigidly
stylized, so the audience
knows what to expect. It’s a
contest to see who condemns
whom, first, hardest, and
with the most clichés. Sincerity is precluded or irrelevant,
though some sort of simulation of it is required.
I ask in all seriousness: Is
this making anything better?
Is it making us better? Is it
doing anything to address any
substantive problem? America’s very own national epic,
like England’s “Dunciad,”
seems mostly to deliver lessons about how concerned we
are with keeping up appearances and establishing some
sort of moral pecking order.
Unlike Alexander Pope, however, the people composing
the “Denunciad” can’t write
at all.
Mr. Sartwell teaches at
Dickinson College in Carlisle,
Pa. His most recent book is
“Entanglements: A System of
Philosophy” (SUNY Press,
2017).
Kimberley A. Strassel is
away.
An Egyptian Goes to Israel
HOUSES OF Thousands of
But this story came to a in Israel, where his upper- Some continue to harbor a
WORSHIP
years ago, crushing end for most Jews in middle class parents had to bitterness that drives them to
By Haisam
Hassanein
Abraham and
Sarah went
from Israel
to Egypt. So
did Jacob and his sons. In my
lifetime, I have made the reverse journey, traveling from
Egypt to Israel by way of the
U.S. During my travels I
quickly discovered that the
presence of the Jewish people
in Arab lands did not end with
the Exodus.
As a child in Egypt, my
image of my Jewish countrymen was shaped by the numerous Egyptian television
dramas that depicted them as
spies, thieves and fifth columnists. I never knew any
Jewish people personally.
Naturally it came as a shock
when, during my first visit to
Israel in 2014, I met a man
who spoke to me in perfect
Iraqi Arabic, laced generously
with profanity. He introduced
me to the concept of “Mizrahi Jews,” or those from the
eastern lands.
For more than a thousand
years the Mizrahi Jews lived
and thrived in a wide swath
of land, from Morocco to India and Central Asia. Some
arrived in biblical times while
others came after their expulsion from Spain in 1492. Often treated as second-class
citizens, they nonetheless created a culture as diverse and
distinctive as the places in
which they settled.
Arab lands in 1948, when
states like Yemen and Libya
responded to the creation of
the state of Israel by forcing
out their Jewish populations.
Since 2014, the Israeli government has designated Nov.
30—the day in 1947 when the
United Nations voted to partition Palestine into Jewish and
Arab states—as the “Day to
Mark the Departure and Expulsion of Jews from the Arab
Countries and Iran.”
When I attended graduate
school at Tel Aviv University,
I befriended Egyptian Jews
who were good, kindhearted
people. They invited me to
their Shabbat dinners, where
we ate delicious Egyptian
dishes, shared our love of Arabic music and culture, and
discussed politics. I felt at
home.
In the heart of Tel Aviv I
met Rachmo, a vivacious 73year-old Egyptian Jew whose
restaurant served falafel
made of beans in the Egyptian style, rather than the Israeli-Levantine version made
of chickpeas. Still a proud
Egyptian, he had mounted
pictures of the pyramids and
the sphinx at the entrance of
his shop.
In perfect Egyptian Arabic,
he described the trauma of
immigrating to Israel with his
family at age 13. After escaping persecution in Egypt, his
family was placed in a camp
work in construction to earn
a living. Living in a land settled and dominated by European Jews, or Ashkenazim,
they often felt denigrated by
their Jewish brethren. “They
did not know that we Egyptians were more cultured, polite, and not troublemakers,”
he told me last year.
I was shocked to see a
man speaking perfect
Iraqi Arabic—and
therein lies a lesson.
support Israel’s far-right parties. “The Ashkenazim will
never understand the Arabs
as we do,” a friend recalled
his grandmother’s admonition. “They only know about
the Holocaust.”
But today the landscape
has changed as Israeli society
becomes more inclusive. Eastern Jewish culture is honored.
Intermarriage between Ashkenazim and Mizrahim is a nonissue. The Mizrahi Jew Avi
Gabbay heads the Israeli Labor Party, the current main
opposition party and historic
domain of Ashkenazi Jews going back to the Zionist ideologues of Europe.
As a Muslim, I am acutely
aware of the hundreds of
thousands of Palestinian refugees who have been left to
languish in camps for decades, unwelcome in the lands
of their Arab and Muslim
neighbors. Most recently, Syrian refugees are isolated in
tent cities or face discrimination when they try to integrate into new countries. The
successful absorption of Jews
from eastern countries in Israel—across linguistic and
cultural barriers—is a modern-day success story that deserves to be remembered, celebrated and emulated.
Like many immigrant
groups, Mizrahi Jews sometimes felt the price of acceptance was full assimilation, or
abandoning their old culture.
Many of the succeeding generations do not speak Arabic
or observe their unique customs. One of my professors in
Tel Aviv once said in class
that as a child of Iraqi immigrants, he used to brag among
his peers that his father spoke
English and French. He never
mentioned Arabic.
At the same time, Mizrahi
Jews remember all too well
the discrimination they suffered in the old country.
Many Iraqi and Morrocan
Jews in Israel were alive
Mr. Hassanein is a fellow
when persecution was at its at the Washington Institute
worst in the 1940s and ’50s. for Near East Policy.
Rename a Brand, or Brand a Name?
By Gregg Opelka
‘W
hat’s in a name?”
asks Shakespeare’s
love-struck heroine
Juliet Capulet. If you ask Victor Luis, chief executive officer
of luxury retail brand Coach,
the answer is “Plenty.”
The company has announced that beginning this
month it will do business
under the new name Tapestry. The move, Mr. Luis
claims, better reflects the
expanding company, which
recently acquired shoe retailer Stuart Weitzman and
Coach’s erstwhile rival Kate
Spade. Coach investors quickly
voiced their opinion of the rechristening, sending shares
lower by nearly 3% the day of
the announcement.
Such corporate name
changes aren’t uncommon,
but they often experience initial pushback from the public.
Steve Jobs’s 2007 decision to
shorten Apple Computer’s
name was brilliant both for
its succinctness and its accuracy. On the other hand,
apart from Wall Street analysts, who calls Google’s parent company Alphabet?
Curiously, one industry in
which name rebranding is
fairly common is the American musical theater. Most
new musicals are adapted
from a pre-existing, usually
successful, work—a novel, a
stage play, a film, a television
show. Rare indeed is the musical that boasts an original
Some need facelifts.
Others ain’t broke
and don’t need fixin’.
story, like the 2002 Tonywinner “Urinetown.” Far
more often creators of new
musicals seek to capitalize on
the popularity of a recent familiar crowd-pleaser. While
adapting from a successful
source is no guarantee of a
hit, it does tilt the odds in
your favor, a fact not lost on
producers.
Lately, Broadway musicals
based on movies and TV
shows have tended to retain
the title of their source for
one simple reason—it sells
tickets. “The Addams Family,”
“The Producers,” “The Full
Monty,” “Legally Blonde” and
others all proudly proclaim
their origin.
This wasn’t always the
case. Only the most avid fans
of Rodgers and Hammerstein’s groundbreaking 1943
musical “Oklahoma!” know
the legendary tuner was
based on Lynn Riggs’s 1930
Broadway play “Green Grow
the Lilacs.” Fewer still have
read it. Good thing Riggs received a healthy royalty for
his contribution because Rodgers and Hammerstein’s “Surrey With the Fringe on Top”
(immortalized in their famous song) promptly drove
Riggs’s delightful home-state
homage into permanent box
office oblivion.
In the golden era of the
musical, renaming was the
norm. Ernst Lubitsch’s memorable film “The Shop
Around the Corner” (itself
adapted from Miklós László’s
1937 Hungarian play “Parfumerie”) became “She Loves
Me,” named for a sprightly
song from Jerry Bock and
Sheldon Harnick’s hit musical. When Alan Jay Lerner
and Frederick Loewe musicalized George Bernard Shaw’s
play about a Cockney flower
girl and a phonetics fanatic,
the original title “Pygmalion”
was deemed too obscure a
mythological reference. Exit
the enamored Greek sculptor,
enter “My Fair Lady,” of London Bridge nursery rhyme
fame.
Thornton Wilder himself
rebranded his original play
“The Merchant of Yonkers,”
remounting it years later under the new name “The
Matchmaker.” Soon it reemerged as “Hello, Dolly!”
Jerry Herman’s instantaneously world-famous song
was simply too infectious not
to become the musical’s title.
Hungarian playwright Ferenc
Molnar’s
play
“Liliom”
whirled into Broadway history as “Carousel.” And when
Cole Porter decided to brush
up his Shakespeare, “The
Taming of the Shrew” turned
into the tersely-titled tuner
“Kiss Me, Kate.”
Maybe someday someone
will turn the dictionary into a
musical. They could call it
“Alphabet.”
Mr. Opelka is a musical
theater composer-lyricist.
BOOKSHELF | By Anna Mundow
Hard-Boiled
In California
The Ross Macdonald Collection
Edited by Tom Nolan
(Library of America, 2,618 pages, $112.50)
O
ver the past decade or so, the hard-boiled detective
novel, once American to the core, has acquired a variety
of accents and identities. There are Scottish, Nordic and
Japanese versions, for example, and a Russian series involving
a penguin. So widespread is the allure of the slouch hat and
cigarette, the blonde and the bottle, that even “mainstream”
writers like John Banville and Thomas Pynchon have tried
them on for size. Not that this is anything new. “There has
been so much of this sort of thing,” Raymond Chandler
complained in “The Simple Art of Murder” (1944), “that if a
character in a detective story says, ‘Yeah,’ the author is automatically a Hammett imitator.”
Chandler went on to argue that Dashiell Hammett and his
contemporaries had founded a literary movement when, in
the 1920s, they started to write “realistic mystery fiction.” He
was right. And some 70 years later, the Library of America
proved the point by publishing
the major novels of Hammett
and Chandler in superb hardcover omnibus editions.
Now comes the concluding
volume of the LOA edition of a
third writer—many critics say
the finest writer—of hard-boiled
American detective fiction.
“Four Later Novels” completes
“The Ross Macdonald Collection,” a three-volume set that
also contains “Four Novels of the
1950s” (2015) and “Three Novels
of the Early 1960s” (2016), all
scrupulously edited by Tom Nolan.
(Mr. Nolan, the author of a biography of Macdonald, has been the crime-fiction columnist for this newspaper since 1990.) As a gift for giving this holiday season,
the set is available in a glossy red-and-black slipcase—handsome, compact, and pleasing to handle.
Admirers of Ross Macdonald (1915-83) will be gratified.
New readers will be astonished, first by the world that
Macdonald creates, so immediately present that Southern
California seems to shimmer on the page. The novel “The
Underground Man” opens on “a bright September morning.
The edges of the sky had a yellowish tinge like cheap paper
darkening in the sunlight. There was no wind at all now, but
I could smell the inland desert and feel its heat.” Characters,
however minor, also materialize with startling clarity—a
motel clerk, for example, wearing “a string of fake pearls
dirtied by her neck”—while Macdonald’s protagonists,
including his recurring private detective Lew Archer, are
psychologically complex or elusive.
That kind of thing can sink a suspense narrative, but
these novels are too tightly constructed to founder. Their
dovetailed plots turn elegantly, again and again, on identity:
lost, found or faked. “My mind had been haunted for years
by an imaginary boy,” Macdonald wrote in a 1969 essay,
“whom I recognized as the darker side of my own remembered boyhood. By his sixteenth year he had lived in fifty
houses and committed the sin of poverty in each of them.”
(Destitution and abandonment haunted the life of Ross
Macdonald—born Kenneth Millar, in Los Gatos, Calif.—even
after success arrived. Here, as always, the Library of
America’s chronology is invaluable.)
In his series of novels narrated by private eye
Lew Archer, Ross Macdonald explored the
mystery of identity—lost, found and fake.
This boy appears throughout Macdonald’s fiction, most
memorably in “The Galton Case,” an autobiographical masterpiece that sets Lew Archer on the trail of a missing father and
a lost son. “The lawn was the color of the ink they use to print
the serial numbers on banknotes,” Archer observes of the
Galton estate, a world away from the dingy hotel where, later,
a wine-softened blonde attests that her lover “never hurt
nobody in his life. Except me, and you expect that from any
man.” Within a few pages Macdonald does what he does in
the other 10 Lew Archer novels collected here: He transforms
conventional scenes into subtle revelations. In “The Far Side
of the Dollar,” for example, Archer contemplates a young
runaway, cornered: “I’d seen a hundred boys standing as he
was standing against cars both hot and cold, on the curb of a
street or the shoulder of a highway, while men in uniform
questioned them. The sound of the distant highway faintly
disturbed the edges of the silence I was listening to now.”
It could be an Edward Hopper painting. For Macdonald,
above all, makes us see: blood “tangled like tar” in a dead
woman’s hair; blue jays descending “like chunks of broken
sky”; men watching a wildfire “in waiting attitudes, as if by
behaving modestly and discreetly they could make the fire
stay up on the mountain and die there, like an unwanted
god.” But this is not art for art’s sake. Every image serves to
draw us deeper into the flawed lives at the heart of his
flawless mysteries. When a character in “The Far Side of the
Dollar” asks Archer why a particular detail matters, he
replies, “Because you can’t explode reality. Life hangs
together in one piece. Everything is connected with everything else. The problem is to find the connections.”
In Mr. Nolan’s selection of novels—from “The Way Some
People Die” of 1951 to “The Underground Man” of 1971—
Macdonald weaves together those threads and then unspools
them; always deftly, never mechanically. And never losing
sight of the innocents: the lost boy, the courageous girl, the
haunted drifter, all making their way through “a world of
treacherous little hustlers.” On that shifting terrain, his labyrinthine plots keep us in queasy suspense. But it is the sheer
beauty of Macdonald’s laconic style—with its seductive
rhythms and elegant plainness—that holds us spellbound.
“Hard-boiled,” “noir,” “mystery,” it doesn’t matter what you
call it. Macdonald, with insolent grace, blows past the
barrier constructed by Dorothy Sayers between “the literature of escape” and “the literature of expression.” These
novels, triumphs of his literary alchemy, dare to be both.
Ms. Mundow writes the column “Crime and Punishment”
for the Barnes & Noble Review.
Coming in BOOKS this weekend
The life of Richard Avedon • The wild side of Lou Reed
• The Port Royal earthquake of 1692 • New fiction from
France • The madness of Ezra Pound • Democracy’s
crisis • The best director you’ve never heard of • & more
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
A18 | Friday, November 24, 2017
OPINION
D
REVIEW & OUTLOOK
LETTERS TO THE EDITOR
Trump’s Dubious Trust-Busting
Science, the Courts and the Public’s Interest
oes President Trump’s right hand know
The reality is that competition in media conwhat his left is doing? Despite the Ad- tent and distribution has intensified, and tradiministration’s laudable regulatory roll- tional pay-for-TV distributors including cable
back, the Justice Department
companies and DirectTV are
on Monday intervened in the
The assault on AT&T- losing customers. AT&T has 25
fast-evolving media and broadvideo subscribers,
Time Warner seems to million
band markets with an antitrust
down half a million this year.
lawsuit to block AT&T’s acquibe more about politics The largest cable companies
sition of Time Warner. The
boast fewer than 50 million
than antitrust law.
lawsuit misconstrues markets
customers. Acceleration in
and undermines the rule of
cord-cutting is harming conlaw—whether or not it was intent producers like Time Warspired by the White House.
ner that charge cable companies per subscripi
i
i
tion and sell ads based on viewership.
Start with the fact that the AT&T-Time WarIncreased competition is forcing innovation
ner deal is a “vertical merger,” meaning that the and consolidation in business models. Deals betwo companies operate in distinct markets and tween broadband and mobile providers have redon’t directly compete. Time Warner is mainly cently been floated to attract more millennials,
a content producer. AT&T, which also owns Di- more than half of whom stream videos on their
rectTV, is mainly a distributor.
phones. T-Mobile is nipping at AT&T and luring
Justice last sued to block a vertical merger customers by offering free Netflix.
under Section 7 of the Clayton Act in 1977 in
AT&T like Comcast wants to purchase conUnited States v. Hammermill Paper Co. It lost. tent and use its ability to mine user data to betUnlike horizontal mergers of businesses that di- ter target ads at viewers. This could help the
rectly compete, the government in vertical combined company better compete with Google
deals must marshal evidence to prove that ver- and Facebook, which already draw 60% of digitically integrated companies would reduce com- tal ad revenues in the U.S. More ad revenues
petition and harm consumers.
could also allow AT&T to reduce its prices,
In many of the two dozen or so vertical which could impel rivals to follow. All of this
mergers since 1977 in which the government would make the market more competitive and
has raised antitrust concerns, Justice negoti- offer consumers more choices.
i
i
i
ated a settlement imposing behavioral remedies
So why is Justice rolling out dubious antito blunt speculative anti-competitive effects.
That includes its 2011 approval of NBCU’s trust theories? Our guess is the populist polimerger with Comcast in which it barred the ca- tics on the left and right. Conservatives hate
ble giant from withholding its content from CNN, which Time Warner owns, and liberals
competitors. Justice hasn’t said that the Com- hate big business in general. Mr. Trump, in his
cast restrictions were insufficient to curb anti- shoot-from-the-lip fashion, said in October
trust abuses, but it won’t entertain such limits 2016 when the deal was proposed that he’d try
to block it. Thirteen Democratic Senators infor AT&T and Time Warner.
Justice’s odd antitrust theory is that AT&T cluding Elizabeth Warren, Al Franken and Ber“would use its control over Time Warner’s valu- nie Sanders in January wrote a letter to AT&T
able and highly popular networks to hinder its CEO Randall Stephenson and Time Warner
rivals.” Supposedly AT&T would threaten to CEO Jeffrey Bewkes fretting about the “consolwithhold Time Warner content from its diverse idation in the telecommunications and media
competitors to force them to pay more. Distrib- industries.”
Antitrust Division Assistant Attorney Genutors who don’t pony up would thus lose millions of customers, which Justice claims would eral Makan Delrahim, who lobbied for Comcast
in 2010 and worked in the White House counsign up for AT&T.
No doubt AT&T and Time Warner wish they sel’s office earlier this year, said last year that
enjoyed that much market clout. But Time War- he didn’t see the deal “as a major antitrust
ner accounts for less than 10% of broadcast and problem.” That’s why his about-face since his
cable viewership while DirectTV makes up just confirmation in September is so curious and
20% of the national multi-channel video pro- seemingly political.
Mr. Trump said again on Tuesday that “I’ve
gramming market. CNN and HBO hardly provide
invaluable or indispensable programming, and always felt that was a deal that’s not good for
in any case Time Warner would be giving up the country,” adding that “I’m not going to get
hundreds of millions of dollars in revenue if it involved. It’s litigation.” Yet uttering his opinwithheld its content from other distributors. As ion feeds inferences of political interference
for raising prices, Time Warner can do that now and a willingness to bend antitrust law in ways
if it can get away with it. Merging with AT&T that undermine business confidence.
The good news is that AT&T plans to defend
hardly gives it more ability to do so.
Justice’s even stranger claim is that the the merger in court, and a trial should be expemerger would “impede disruptive competi- dited given Justice’s drawn-out investigation.
tion” from “emerging online competition.” Justice will have to demonstrate that AT&T’s
Emerging? That adjective will surprise Net- market power exceeds that of its various comflix, with its 110 million subscribers and more petitors and that it would use its clout to harmthan two dozen original shows; or Amazon, ful effect. That’s a high bar that Justice can’t
with its original TV series and movies and its meet on all the available evidence.
A government defeat could set a healthy
90 million Prime members. Google this year
launched an over-the-top streaming service precedent that reduces Justice’s leverage and
that bundles 40 channels for $35 a month. latitude to restrict mergers using market theoThese are large and thriving vertically inte- ries that respond to populist politics rather
than the rule of law.
grated companies.
O
ObamaCare’s Death Payments
bamaCare has caused hard-to-quantify duced. Yet the 30-day mortality rate increased
economic damage, but some of the to 8.6% from 7.2%—about 5,400 additional
law’s regulations may be lethal—liter- deaths per year. Over a one-year period the really. Consider a Medicare hosadmission rate fell by 0.9 perA program to reduce
pital payment initiative, which
centage points while the mora new study in the Journal of hospital admissions may tality rate rose by five. In
the American Medical Associother words, while fewer paation Cardiology suggests may have led to more deaths. tients were being readmitted,
have contributed to an inmany more were dying.
crease in deaths.
The researchers hypotheReaders are likely familiar with Obama- size that the penalties might “incentivize hosCare’s mandate and subsidies to impel individ- pitals to ‘game’ the system, using strategies
uals to obtain health insurance. But the law such as delaying admissions beyond day 30, inalso included monetary incentives and penal- creasing observation stays, or shifting inpaties aimed at inducing changes in health-care tient-type care to emergency departments.”
delivery and spending reductions. The govern- These tricks may end up hurting patients.
ment rolled out these payment models nationHospitals with above-average readmissions
ally without careful study, and they are having are also more likely to care for low-income paunintended side effects.
tients and deal with complicated medical cases.
A case in point is the Hospital Readmissions They are usually financially strapped due to
Reduction Program, which penalizes hospitals low Medicaid reimbursements, and the Obamawith above-average readmissions for Medicare Care penalties may make it even harder to depatients. Readmissions are expensive, and the liver quality care.
goal of the penalties is to encourage providers
ObamaCare effectively enrolled Medicare
to take measures that reduce repeat hospital- patients and hospitals without their consent
izations—for instance, providing patients with in a mandatory policy experiment—you’ll be
clearer discharge instructions and coordinating better off, trust us—but then neglected to
with primary-care physicians.
evaluate the adverse effects. A drug trial with
Hospitals are graded on a curve and dunned the same results would have been shut down
if their 30-day readmission rate exceeds the na- long ago.
tional average. Hospitals can thus be penalized
The JAMA researchers conclude that, “like
even if they reduce readmissions. The penal- drugs and devices, public health policies
ties, which are assessed as a share of hospitals’ should be tested in a rigorous fashion—most
Medicare payments, have been applied to an preferably in randomized trials—before their
increasing number of medical conditions in- widespread adoption.” Sounds like good adcluding knee and hip replacements.
vice, but not the sort that ObamaCare archiLiberals have touted data showing that read- tects and masters of the economic-planning
missions have fallen since the penalties took universe like Peter Orszag and Jonathan Grueffect in 2013, but the JAMA researchers exam- ber are inclined to take.
ined whether quality of care has improved as
The Trump Administration is seeking to rea result. Their observational study examined design some of ObamaCare’s payment pro115,245 fee-for-service Medicare beneficiaries grams, including making policy experiments
hospitalized with heart failure across the U.S. voluntary for providers. This has caused a
in the four years prior to and first two years fury among those on the left who believe that
following implementation of the program.
government coercion is the cure for all
Researchers found that the 30-day readmis- health-care maladies. Testing incentives on
sion rate (adjusted for patient risk) declined to a small scale could prevent untold economic
18.4% from 20% after the penalties were intro- harm and deaths.
Roger Pielke Jr. is wrong when he
writes in “A Litigious Climate Threatens Scientific Norms” (op-ed, Nov. 16)
that climate scientist Michael Mann’s
defamation lawsuit against the National Review Online and the Competitive Enterprise Institute is “weakening
the norms that make science robust.”
Mr. Pielke characterizes Prof. Mann’s
lawsuit as an improper attempt to
“settle” a scientific debate through legal action, which Mr. Pielke claims deviates from Robert Merton’s scientific
norms. As one of the lawyers representing Mr. Mann, I can say confidently that nothing could be further
from the truth.
Mr. Mann’s lawsuit doesn’t squelch
scientific debate as his case isn’t
about science but rather the latest installment in a smear campaign to destroy his reputation through verifiably
false and malicious assertions of fact
about his professional conduct. The
D.C. Court of Appeals affirmed Mr.
Mann’s right to proceed holding that
“defamatory statements that are personal attacks on an individual’s honesty and integrity . . . if false, do not
enjoy constitutional protection and
may be actionable.” Nor do Merton’s
scientific norms prevent scientists,
like all free people, from defending
their good name through the courts if
necessary. Mr. Pielke’s invitation to
muzzle scientists confronting ad hominem fallacies under the guise of
“scientific debate” would strike a
grievous blow at the institution of science by chilling free inquiry and
thought, the bedrock of a vibrant scientific community. This notion is as
true today as it was in 1937 Nazi Ger-
many, which Merton wrote about in
his “Science and the Social Order.”
Were Merton alive today he would reject Mr. Pielke’s claim that science is
stronger when scientists must turn
the other cheek to attacks on their
character.
PETER J. FONTAINE
Philadelphia
Maybe Prof. Pielke is wrong. Maybe
the scientific community should actually encourage the use of lawsuits to
settle scientific debates, especially
ones like climate change that have
been politicized.
It is surprising that his article
doesn’t mention the infamous Scopes
Monkey Trial of 1925, when a prevailing political view (fundamentalism)
argued its case against the teaching of
an alternative science (evolution).
Weeks before the trial, the State of
Tennessee had passed the Butler Act,
which banned the teaching of evolution as anti-religion.
The trial focused the debate between competing theories. It was the
first court proceeding to be carried
live on radio. It pitted the most prominent advocates directly against one
another. And it drew the lines between
the two sides starkly and compellingly.
In the end, the public won. Now another scientific debate is preoccupying
our national conversation. Perhaps it
is time for another “monkey trial,”
this time between global warming and
its deniers. Sometimes science is
served best when it ventures beyond
its norms.
JON FOX
Linwood, N.J.
Small Businesses Embrace ‘Good Enough’ Tax
Regarding your editorial “A Solution for Ron Johnson” (Nov. 17): The
Senate tax bill’s 17.4% small-business
pass-through deduction doesn’t just
apply to the proposed top individual
tax rate. The Hatch Amendment to
the bill means that all small business
pass-throughs earning $500,000
($250,000 if filing individually) or
less can take advantage of this deduction as well.
According to the Tax Foundation,
97% of pass-throughs earn less than
this $500,000 threshold, meaning the
overwhelming majority of the nation’s small businesses would see
needed and long-overdue tax relief
from the bill. Small businesses appreciate Sen. Johnson’s advocacy for
even greater relief, but we don’t want
his quest to scuttle the significant
small-business tax relief that already
exists.
ALFREDO ORTIZ
President and CEO
Job Creators Network
Washington
It is astonishing that not a single
Democrat in the House found anything in the bill that would benefit a
single constituent and cause them to
support this bill. It is time to drop
the oh-so-tired talking-point rhetoric—“this is a bill for the rich” or
“this is a bill that is a scam”—and
provide real solutions for real people
instead of blind obstruction and
party-line fear mongering.
STEVEN B. CARUSO
Darien, Conn.
Congress’s unseemly haste to pass
a bill—any bill—by the end of the
year has created situations where
taxes on everyday corporate transactions are significantly increased. For
example, the House bill repeals a
longstanding provision that a corporation pays no tax on contributions
to its capital. As a result of the new
provision, if a 99% shareholder contributes $100 to a corporation to
fund its operations, the corporation
now has to pay tax on that $100. This
is a significant change in the law that
has received little attention and will
make it more difficult to fund everyday operations. Both the House and
Senate bills contain numerous other
examples of provisions that Congress
appears not to have thought through
that will increase the tax bills for
many companies.
ROBERT M. GORDON
Wilmette, Ill.
SALT in the Wounds of the Profligate States
Jonathan D. Kaufelt (Letters, Nov.
17) touts the progressive line that interstate tax competition is a barrier to
a more efficient (read “higher rate”)
tax regime. Mr. Kaufelt laments that
lower-tax states erode the tax bases of
higher-tax states thereby creating an
unfair “competition.” While progressives see this as a bad thing, conservatives rejoice that competitive market
forces on taxation still exist. As a resident of California (individual incometax rate of 9.3% starting at $53,000 in
income), I know that the presence of
Nevada (0% income tax) and Arizona
(top rate of 5.4%) on our border is one
of the few factors that keep the Democrats who control the California legislature from continuously jacking up
income taxes. Far from being a “race
to the bottom,” interstate tax competition and the ability of citizens to vote
with their feet forces states to be
mindful of how they tax and spend
their constituents money.
KEN DAVENPORT
San Diego
What an amusing letter from James
Gebhard. I lived in California’s Bay
Area for 25 years, Texas for 10 years
and was raised here in Arizona where
I live in retirement. I can tell you the
extra tax burden California demands
isn’t worth the cost. Waste is rampant. The reason people flee states
like California is pure economics.
Comparing the “The Great Progressive Tax Escape” (Review & Outlook,
Nov. 14) trend to Europe, as Mr.
Kaufelt does, is laughable. It happens
there too. Californians should stop
whining and deal with the state’s lopsided and spendthrift legislature. Tax
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.
erosion can only be managed by state
and local government reform. It is a
free country.
I’m happy in Arizona.
ROGER HERD
Mesa, Ariz.
Document Those Puppies
Regarding Adam O’Neal’s “What
Will Tax Reform Do for Puppies?”
(op-ed, Nov. 20): If history can be relied upon, Mr. O’Neal’s suggestion of
extending the child tax credit to canines would quickly usher in abuse
aplenty. Tax filers would soon need to
prove proof of pet ownership. Let us
not forget the more than seven million American children who vanished
in 1987 when the IRS required taxpayers to report the Social Security
numbers of dependents.
F.X. BERGMEISTER
Stafford, Va.
Pepper ...
And Salt
THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL.
Friday, November 24, 2017 | A19
OPINION
George Soros’s $18 Billion Tax Shelter
C
ongress is still scrambling
to find ways to pay for its
tax cut, so perhaps it should
pay closer attention to last
month’s news that George
Soros had transferred $18 billion of
his fortune to a private charity that
he controls. There it will be sheltered
from the Internal Revenue Service
forever. This may be the single biggest tax dodge in U.S. history, yet no
one on the right or left seems to have
raised an eyebrow.
True tax reform is predicated on
the principle that all income should
be taxed at a low rate once, and only
once. But much of the wealth that Mr.
Soros spent years moving into his
The wealthy have tucked
billions into private
nonprofits—where
the IRS can’t touch it.
Open Society Foundations will never
be taxed. A gift of billions of dollars
of appreciated stock escapes any capital gains tax, and the estate tax as
well. So Mr. Soros can donate appreciated stock that Open Society Foundations can liquidate without the
government ever taking a cut.
There’s more. When a person donates untaxed, appreciated assets to
a private foundation, he may also deduct up to 20% of its market value on
his personal return, carrying forward
this deduction for five years.
This double write-off may be
the sweetest deal in the tax
code.
The donors also can retain
control of the money within
the private foundation for
years or even decades before it
is disbursed. Since the foundation can employ family members at six-figure salaries for
life to “administer” it, the umbilical cord to the donor never
has to be cut.
Congress should stop ignoring this tax-avoidance scheme.
The super rich have already
poured hundreds of billions
into private foundations, but
the figure could soon be in the
trillions. Mark Zuckerberg has
pledged to give away 99% of his Facebook shares, currently estimated to
be worth somewhere around $70 billion, and much of it will go to a foundation his family controls. Bill Gates
and Warren Buffett have each put
roughly $30 billion tax-free into the
Bill and Melinda Gates Foundation.
This has left the foundation so flush
that it spent $500 million on a 12acre, 900,000-square-foot office complex in Seattle for its 1,500 employees. This is philanthropy?
I don’t question these billionaires’
right to do with their money as they
wish. I’m simply arguing that Congress shouldn’t let the rich and politically powerful use private foundations to escape taxation. This
loophole is one reason for an anomaly in our otherwise progressive tax
code: The top 1% of earners pay an
Congress to apply the capitalgains tax to assets of more
than $1 million before they are
transferred to a charity. This
could even finance cutting the
capital-gains rate to 15% for
everyone.
Alternatively (or perhaps in
addition) Congress could cap
deductions for any given
household to $250,000 a year.
Under this kind of plan, Mr.
Soros would be able to write
off only a tiny fraction of his
multi-billion dollar gift.
This isn’t an argument
against charity. But selfless
and effective giving is not motivated by tax breaks. Twothirds of Americans don’t
itemize their deductions, yet millions
give until it hurts. In the 1980s, individual donations to charities surged,
even as the top tax rate—and thus
the maximum value of the write-off—
fell from 70% to 28%.
The question is whether a tax code
that encourages dynastic family foundations is good for America. If Congress stopped letting billionaires
pour money tax free into the foundation-industrial complex, it would go a
long way toward lowering rates and
making the tax code fairer for everyone. This would help the economy
grow faster, which is the best way to
help those in need.
BARBARA KELLEY
By Stephen Moore
effective tax rate of 23%, but the top
0.001% pay only 18%.
Mr. Buffett has sanctimoniously denounced the fact that he pays a lower
effective tax rate than his secretary.
His suggestion is that Congress raise
taxes on capital gains. But even if the
tax rates were lifted, say, to 50%, Mr.
Buffett still wouldn’t have to pay it on
the tens of billions of dollars he puts
into private foundations, and he would
still be able to deduct a fifth of that
contribution on future tax returns.
This tax favoritism might be defensible to promote genuine philanthropic activities. Many billionaires,
such as the Gateses and David Koch,
have heroically donated to fight cancer and malaria or provide relief to
hurricane and earthquake victims.
But others, including Mr. Soros and
Michael Bloomberg, have turned private foundations into massive de facto
lobbying operations for bigger government and liberal causes like higher
minimum wages, gun control, universal health care, and a carbon tax. Mr.
Soros’s $18 billion gift alone is the
equivalent of maybe 100 Heritage
Foundations. This kind of weaponized
philanthropy has the potential to undermine the American free enterprise
system.
Yes, billions go to groups on the
right, too, from Mr. Koch and others.
But regardless of ideology, why
shouldn’t tax be collected before the
money is given away? What message
does it send that the Republican taxreform bills retain this trillion-dollar
loophole for the super rich, at the
same time as the House plan eliminates the adoption credit for middle-class families who want to help
children?
One simple solution would be for
Mr. Moore is an economic consultant with FreedomWorks and a
founder of the Committee to Unleash
Prosperity. He was a senior economic
adviser to the Trump campaign.
Theresa May’s Warning for the Republican Party
London
British politics is
undergoing a remarkable transformation, and it
isn’t Brexit. Voters
POLITICAL are steadily losing
ECONOMICS confidence in Theresa May’s ConBy Joseph C.
servative
Party
Sternberg
when it comes to
the economy.
A poll released this month from
Opinium found that 36% of voters
trust the economic competence of
Mrs. May and her Chancellor of the
Exchequer, Philip Hammond, while
28% trust the Labour Party’s far-left
leader, Jeremy Corbyn. Sounds positive? A year ago, the same poll
found trust for Mrs. May at 44%
and Mr. Corbyn at only 18%.
The polling firm YouGov finds a
similar shift under way. The proportion of respondents saying they
trust the Tories more on the economy has fallen to 33% from a high
of 40% in April and May, while the
figure for Labour has risen to 23%
from a low of 13% in February.
This worrisome trend is astonishing for the party of Margaret
Thatcher, a party that still runs on
its record, after the 2008 financial
panic, of delivering the highest GDP
growth of any major European
economy.
It’s even stranger when you consider who the Tories are running
against. Mr. Corbyn promises to renationalize railways and utilities,
introduce rent controls and blow
out the budget. Brits know that
agenda doesn’t work, which is why
they’ve repudiated it for nearly 40
years under Thatcher, Tony Blair,
David Cameron, and lesser prime
ministers in between.
So why, then, is faith in Mrs. May
sliding? The explanation lies only
partly in the Brexit process’s slow
and chaotic unfolding, which is destined to annoy and alienate large
numbers of voters. It also lies only
partly in Mrs. May’s acts of political
malpractice, such as needlessly calling an election in June in which the
Conservatives lost seats.
The bigger problem by far is that
under Mrs. May, and Mr. Cameron
before her, the Tories forgot how to
talk about economic growth, its
causes and benefits. In line with a
Tory “modernization” movement
that’s been percolating in various
forms since before Thatcher even
left office, today’s Tories by and
large avoid mentioning growth on
its own. Instead they talk about how
to redistribute economic gains more
competently than Labour could.
This is why Mrs. May’s manifesto
before the June election promised a
strong economy followed by a huge
“but” about an “equitable” distribution of the benefits of growth. It
then focused primarily on higher
If the main political
task is divvying up an
unchanging pie, the left
will always win.
minimum wages, gender pay gaps,
and caps on energy prices. Mr. Hammond eschews further cuts to the
corporate tax rate and instead
pitches a Keynesian industrial strategy as the path to Brexit success.
But if the main political task is
divvying up an unchanging pie, the
left will always win. Labour, along
with Europe’s other Socialist parties and America’s Democrats,
bring to that knife fight the gun of
unassailable conviction. They really
believe redistribution is what politics is for, and voters trust them
more to do it.
Mrs. May is losing her voters because parties of the right have no
choice but to focus relentlessly on
economic growth, to explain why
expanding the pie is the only failsafe way to ensure everyone gets a
bigger piece. Voters do trust the
right to know how to do this,
thanks in no small part to the economic successes of the Thatcher
and Reagan years.
The oddity is that so few politicians on the right today are willing
to play to this strength. Mrs. May
isn’t alone. German Chancellor Angela Merkel’s attempt to form a coalition government collapsed this
week amid bickering among smaller
parties about tax, environmental
and immigration policies.
Why couldn’t a three-term centerright German chancellor win enough
votes in September’s election to
form a government on her own, or
in a more plausible right-leaning
coalition? Because she resolutely
refused to campaign on a platform
of economic dynamism instead of
the green-energy boondoggles that
imperil Germany’s current 2.5%
growth.
In France, the center-right Republicans are suffering their own
spasms. Formerly one of the country’s two major parties, they abandoned economic reform and growth
under Jacques Chirac and Nicolas
Sarkozy. This year they couldn’t
even make it into the second round
of a presidential election against a
former Socialist, Emmanuel Macron,
running on an unabashed supplyside platform.
As for America, congressional
Republicans will decide soon
whether they want to stand on the
winning or losing side of this divide. Tax reform is a more significant test than health care because,
more than any other political activity, tax-code writing can be used either to foster economic growth or
to divide a static pie.
Centrist Republicans are determined to throw in the towel on
growth, hoping instead to buy
enough votes with child tax credits
to hobble through a midterm election. Colleagues tempted to follow
them should first take a close look
at Mrs. May’s deteriorating political
fortunes.
Amazon Has Everything—Except, Maybe, Santa Claus
By Bob Greene
T
here are ghosts that come out
during the holiday season.
They’re not the ghosts of people, but of places. And it’s funny: At
certain moments, when there’s a bite
in the chill air, or the faint scent of
cinnamon and chocolate wafts out of
nowhere, those ghosts can be longed
for with the same kind of pang usually reserved for loved ones.
They once resided in just about every city. In many cases, they were the
very heartbeats of those towns.
There was the Hecht Company in Baltimore. Polsky’s in Akron. Woodward
& Lothrop in the District of Columbia.
Loveman’s in Birmingham. L.S. Ayres
in Indianapolis. John A. Brown Company in Oklahoma City. Shillito’s in
Cincinnati. The Joseph Horne Company in Pittsburgh. Auerbach’s in Salt
Lake City. Bamberger’s in Newark.
Miller & Rhoads in Richmond. Higbee’s in Cleveland. Donaldson’s in
Minneapolis:
The long-gone, locally owned department stores that once proudly
anchored America’s downtowns and,
especially in November and December, played such a role in making
home feel like home.
Where did they go? Swallowed up
by national chains and renamed,
some of them. Others were pushed
out of business by discount giants
and freeway-exit malls. A few just
faded away.
Today the big growth is in online
shopping. Some of those old department stores filled a city block and
more, bursting with every manner of
merchandise. But no brick-and-mortar
store, however massive, carries more
goods than Amazon. Macy’s, which
purchased, renamed and homogenized
many of the classic local stores, began
2017 with an announcement that it
would be closing 68 locations.
The idiosyncrasies of the local
stores were what endeared them to
their customers. Your town’s leading
department store was as personal as
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a fingerprint. You could roam the
world, but if you came home for the
holidays and walked inside, you felt
centered. Many stores were run by
someone whose family name was on
the door: storekeepers in every sense
of the word, sometimes with carnations in their suit lapels as they
strolled the floors.
Those proprietors were responsible for every cranny. Nothing was
vendored out; there were no boutiques sublet to outside concerns. And
the array of what they offered, under
one downtown roof: cameras, luggage, baseball bats, paint, trombones,
jewelry, living-room furniture, phonograph records (with private booths
against the wall to allow a trial listen). The stores had their own portrait studios, their own travel agencies, their own rare-stamp counters.
An old newspaperman friend of mine
named Mike Harden, who didn’t grow
up in the fanciest of circumstances,
once said that as a boy at Christmastime, standing outside the F&R Lazarus store in downtown Columbus, he
would look in the display windows,
decorated with such care, and think to
himself: “Heaven will be like this.”
For readers too young to remember, it probably sounds like science
fiction to report that women and
girls really did wear hats and white
gloves when they went downtown to
shop. Lazarus operated 11 different
Online shopping delivers
on prices and variety, but
the old department store
still feels like Christmas.
restaurants inside the store: There
was the Chintz Room, the Buckeye
Room, the Colonial Room, the Copper Kettle, the Highlander Grill, a
1,500-seat employee cafeteria. The
store at one point had on staff two
full-time nurses, who would drive to
ailing employees’ homes to provide
free care. Working at a locally owned
department store could be a career,
not just a job. Employees at those
stores routinely wore 20-years-ofservice pins.
Christmas was the time when it all
came together. The parades through
town, the Santa Claus villages with the
long lines of children waiting—those
sorts of celebrations are still present
in many cities, with different sponsors
or underwriters now. Yet those longdeparted stores took it upon themselves to assume tacit responsibility
for their own towns’ winter-warmth
and sense of seasonal joy. It’s a feeling
that’s tough to franchise.
Online shopping, quick and efficient, is the future. There’s no getting
around it. You don’t need a pair of
white gloves—you don’t need to get
dressed at all—to hit the “order” button. But as the holidays arrive, I think
of Mike Harden, who died in 2010,
and I’m wondering if it came true: if,
for him, heaven really did turn out to
look just like those Christmas windows on South High Street.
Mr. Greene is completing a new
novel, “Yesterday Came Suddenly,”
about an America with no internet.
Notable & Quotable: Haidt on Identity Politics
Jonathan Haidt delivering the
2017 Wriston Lecture to the Manhattan Institute, Nov. 15:
Today’s identity politics . . .
teaches the exact opposite of what
we think a liberal arts education
should be. When I was at Yale in the
1980s, I was given so many tools for
understanding the world. By the
time I graduated, I could think
about things as a utilitarian or as a
Kantian, as a Freudian or a behaviorist, as a computer scientist or as
a humanist. I was given many lenses
to apply to any given question or
problem.
But what do we do now? Many
students are given just one lens—
power. Here’s your lens, kid. Look at
everything through this lens. Everything is about power. Every situation is analyzed in terms of the bad
people acting to preserve their
power and privilege over the good
people. This is not an education.
This is induction into a cult. It’s a
fundamentalist religion. It’s a paranoid worldview that separates people from each other and sends them
down the road to alienation, anxiety
and intellectual impotence. . . .
Let’s return to Jefferson’s vision: “For here we are not afraid to
follow the truth wherever it may
lead, nor to tolerate any error as
long as reason is left free to combat it.” Well if Jefferson were to
return today and tour our nation’s
top universities, he would be
shocked at the culture of fear, the
tolerance of error, and the shackles
placed on reason. . . .
I am actually pessimistic about
America’s future, but let me state
very clearly that I have very low
confidence in my pessimism. Because until now, it has always been
wrong to bet against America, and
it’s probably wrong to do so now.
My libertarian friends constantly remind me that people are resourceful—this is what many people forget. When problems get more
severe, people get more inventive,
and that is actually happening right
now.
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A20 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
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TECHNOLOGY: RICH OPPORTUNITIES EMERGE IN CHINA’S ENTERPRISE MARKET B4
BUSINESS & FINANCE
© 2017 Dow Jones & Company. All Rights Reserved.
S&P Closed (2597.08)
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THE WALL STREET JOURNAL.
* * * *
S&P IT Closed
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Friday, November 24, 2017 | B1
LIBOR 3M 1.462
NIKKEI (Midday) 22446.13 g 0.34%
UPS Move Pressures Retailers
BY PAUL ZIOBRO
Retailers are contending
with a new challenge as this
year’s holiday shopping season
heats up: extra shipping fees
during the busiest weeks.
United Parcel Service Inc.
for the first time is tacking on a
surcharge on packages shipped
STREETWISE
By James Mackintosh
Those 2017
Predictions:
So Wrong
We all like
to remember
our successes
and forget our
failures, and
finance is no
different. As investors’ inboxes once again become
clogged with annual outlooks
from Wall Street’s scribblers,
there is little admission of
the nearly universal failure
to predict what happened
this year—even though the
things the analysts missed
are much more interesting
than their forecasts.
There are two big lessons
to learn from the mistakes of
the year-end crystal-ball gazing. The first is that when
everyone agrees that prices
can go only in one direction,
it is dangerous. The second
is more nuanced: We really
know an awful lot less about
how the economy works
than we thought.
Last year, almost everyone
was bullish about the prospects for the “reflation trade”
of higher bond yields, stock
prices and the dollar, driven
by rising wages and Donald
Trump’s tax-cut plans.
A year on, and inflation
hasn’t materialized, the tax
discussion is bogged down in
Congress and almost every
analyst was wrong. Benchmark 10-year Treasury yields
are down, not up; the dollar
is down, not up, and the S&P
500 has delivered more than
double the gains of even the
most bullish Wall Street
prognosticators.
Strategists mostly shrug
their shoulders and move on
to their 2018 predictions.
Their forecasts out so far
suggest the stock rally will
continue and bond yields finally start to rise, if a bit less
than they thought before.
Cynics will look at what
Please see STREET page B2
INSIDE
to homes around Black Friday
and the week before Christmas,
hoping to persuade companies
to send their orders outside
those peak periods—or to make
more money from ones that
must be delivered then.
The surcharge has prompted
e-commerce retailers large and
small to consider other delivery
options, such as FedEx Corp. or
the U.S. Postal Service, passing
the additional costs to their
customers or delaying shipments to cheaper times.
Jeffrey Gornstein, president
of home-and-garden site Com-
ENERGY, B3
TESLA BUILDS
BEHEMOTH
BATTERY
TECHNOLOGY, B4
then returns mid-December, to
smooth out the volume of packages it delivers during the holiday season. The Atlanta-based
carrier expects it will deliver
more than 30 million packages
daily on 17 of the 21 delivery
days between Thanksgiving and
Christmas in the U.S.
Last year UPS said it exceeded that level on just 11 days
over the same period. It sees
the change this year as evidence that the surcharge is successfully evening out its volume.
Greg Brown, president of
UPS’s retail sector, said the
company has been working
with businesses to try to identify what orders placed during
peak periods may not need to
be rushed out the door. Many
electronics, toys, sporting
goods and clothing, for example, are Christmas gifts that
don’t need to be delivered right
away. That can help retailers
avoid bottlenecks, both in UPS’s
network and in their own warehouses.
“I don’t think it’s going to
change buying patterns dramatPlease see UPS page B2
Where to Bag the Bargains
The Wall Street Journal asked retail-price tracking company Thinknum to follow prices for 10 toys at four retailers.
Collective cost for 10 toys being tracked at four popular e-commerce sites
Toys 'R' Us
Amazon
Target
Wal-Mart
Follow these and other toys at
wsj.com/graphics/giftbag/
$1,000
Readers can subscribe to a
twitterbot to keep up-to-date
on the latest prices.
975
950
925
$918.40
900
$885.50
875
$864.30
850
Oct. 1
$862.38
8
15
22
29
Nov. 5
12
19
Individual costs being tracked at four popular e-commerce sites, by item
Toys 'R' Us
BARBIE
DOLL
STUFFED
ANIMAL
ROBOT
NERF
GUN
Amazon
Target
Wal-Mart
$15.39
$15.39
$19.19
$129.99
$15.39
$93.99
$77.99
$77.99
$93.99
$93.99
$77.99
$77.99
Note: As of Nov. 22. Prices for some items based on previous value. Some details about the toys aren't shown, to reduce the risk of their prices being selectively lowered.
Source: Thinknum
THE WALL STREET JOURNAL.
Trump Signals Big Regulatory Shift
BY JOHN D. MCKINNON
WASHINGTON—Over just
two days this week, the Trump
administration both sued
AT&T Inc. to block its planned
takeover of Time Warner Inc.
and proposed allowing internet-service providers—like
AT&T—to form closer alliances
with content companies, like
Time Warner.
The two government moves
seem to go in opposite directions, on the one hand restricting a major telecommunications merger and on the
other giving internet providers broad new powers to
shape their customers’ online
experiences.
But the actions reveal one
consistency, in what might be
seen as an emerging Trump
administration regulatory philosophy: Instead of new
bright-line rules, it is stressing
the enforcement of longstanding laws and regulations.
The moves are a shift in
emphasis from the approach
taken by the Obama administration, which in 2015 adopted
highly specific rules governing
internet providers in the name
of “net neutrality,” the principle that all web traffic should
be treated equally. The providers were prevented from cutting deals, known as “paid pri-
oritization,” that would give
fast lanes to some kinds of
content at a price.
And the Obama administration carried that approach into
the antitrust realm, insisting
in Comcast Corp.’s acquisition
of NBCUniversal that Comcast
conform to elaborate net-neutrality restrictions as part of
so-called behavioral remedies
that were conditions of government approval.
In other words, net-neutrality regulation took the place of
an antitrust challenge.
Now the tables are turning.
When it comes to internet
policing, the Federal Communications Commission will
ease back on its rules and
hand a measure of oversight
authority to antitrust watchdog the Federal Trade Commission, a deliberate action
outlined Tuesday by FCC
Chairman Ajit Pai.
“As a result of my proposal, the Federal Trade Commission will once again be
able to police [internet providers], protect consumers
and promote competition, just
as it did before 2015,” Mr. Pai
said. “Notably, my proposal
will put the federal government’s most experienced privacy cop, the FTC, back on the
beat to protect consumers’
Please see TRUMP page B2
BY HEATHER GILLERS
The North Olmsted City
school district in suburban
Cleveland was planning to wait
a few years before refinancing
$48 million in outstanding
bonds used to build a new
middle school and high school.
Now Treasurer Robert Matson
is hoping to get the deal done
before Christmas.
The reason: The Republican
tax plan in Congress would
eliminate a tax exemption on
some types of bonds issued by
state and local governments to
refinance their old debt.
“It just made all the sense
in the world to do it,” Mr. Matson said.
The GOP proposal targets
the exemption for advanced
refunding bonds, which allow
governments to refinance old
bonds earlier to take advantage of low interest rates and,
occasionally, to postpone coming debt payments.
The House approved its version of the tax measure this
month, and the GOP has said it
aims to get agreement on the
bill by year’s end. It is one of
several municipal-market exemptions that could be phased
out under the legislation. The
nonpartisan Joint Committee
on Taxation estimates that
ending advance refundings
would mean an additional
$17.3 billion in revenue to the
federal government over the
next decade.
Analysts said the move is
likely to reduce the yearly supply of municipal bonds and increase borrowing costs for
governments.
The expected change in policy is already prompting cities
and states to fast-track their
advance refunding offerings
before the end of the year. One
under way is from the state of
Wisconsin, which last week
circulated preliminary advanced refunding documents
for $375 million of transportation revenue bonds.
“We just want to get ahead
of the possible large amount of
supply that could hit the muni
market in December,” said the
state’s capital finance director,
David Erdman, who had originally expected to refinance the
debt in 2018 or 2019.
New York’s Metropolitan
Transportation Authority sold
$2 billion in transportation
revenue bonds last week,
partly to get ahead of any potential change in tax policy,
spokesman Aaron Donovan
said.
Advance refundings have
been allowed for decades, as
long as governments have
been
issuing
tax-exempt
Please see DEBT page B2
Shares of ‘Angry Birds’ Maker Are Now Depressed
BY STU WOO
ICAHN JOINS
CRITICS
OF SANDRIDGE
fort House, is one retailer who
isn’t using UPS as much this
holiday season.
He declined to say how much
he anticipates saving by switching some orders to other carriers, a change he began making
in October. He saw the added
fees as another challenge for
smaller retailers. “Carriers implementing surcharges are punishing small merchants at the
expense of larger e-commerce
players,” Mr. Gornstein said.
UPS expects the surcharge,
which went into effect on Nov.
19 and lasts through Dec. 2,
Tax Bill
Shakes Up
Muni Debt
Planning
Shares of “Angry Birds”
maker Rovio Entertainment
Corp. fell 22% after a surprise
third-quarter loss raised fresh
questions about the company’s
ability to navigate the fickle
tastes of mobile gamers.
Thursday’s rout came after
the Finnish company reported
its first results since going public in September. That listing—
envisioned years ago when “Angry Birds” was a runaway hit
and Rovio was one of Europe’s
most promising tech startups—
was scaled back sharply. Investors valued the company at
about $1 billion, far short of the
$2 billion underwriters had
hoped to hit.
Rovio’s fast ascent as one of
the pioneers of mobile gaming—and its various attempts at
remaking itself since then—has
made it a poster child for the
challenges of the nascent industry as a whole.
After starting out charging
players to download its games,
Rovio adopted the “free-toplay” tack taken by competitors
Fleeting Fancy
Mobile-game developers struggle
to keep players.
40%
Percentage of people who
open game apps after
downloading*
30
20
10
ANDRES KUDACKI/ASSOCIATED PRESS
Holiday surcharge
forces stores to
consider delaying
shipping, shift to FedEx
See more at WSJMarkets.com
5.9%
0
1 3 6 10
16
Days after downloading
21
27
*Game app is downloaded on day 0.
Sources: AppsFlyer
THE WALL STREET JOURNAL.
The maker of ‘Angry Birds’ posted a quarterly loss as it spent heavily to attract mobile-game players.
like “Clash of Clans” maker Supercell. The model offers players the game free of charge and,
instead, relies on in-game purchases and advertising to generate revenue.
Rovio and competitors now
find themselves focused on cap-
turing a very small slice of dedicated players. Only 2.5% of all
mobile-game players ever spend
money, according to analytics
firm AppsFlyer.
Rovio’s head of games, Wilhelm Taht, said in an interview
last month that the company
wants to make fewer games and
“run them like a service.”
Rovio’s third-quarter revenue
rose 41% from a year earlier to
€70.7 million ($83.7 million).
However, there were €22.2 million in “user acquisition” costs,
leading to an €800,000 loss for
the quarter, compared with
year-earlier profit of €3.9 million. Analysts were expecting a
hefty profit. Shares fell to €9.21
on Thursday, off 20% from their
initial offering price of €11.50.
—Sarah E. Needleman
contributed to this article.
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B2 | Friday, November 24, 2017
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
F
ABM Industries .......... B4
Adaptive Insights.......B4
Adobe .......................... B4
Akzo Nobel................B12
Alibaba Group Holding
...................................B10
Alphabet......................B3
Altice.........................B11
Amazon.com ............... B2
American Airlines Group
...................................B11
Anaplan.......................B4
ARO Liquidation ......... B2
AT&T............................B1
Avis Budget Group...B11
Axalta Coating Systems
...................................B12
Facebook......................B3
Fair Isaac...................B10
FedEx...........................B1
Bonanza Creek Energy
.....................................B3
BP................................B6
C
Cannell Capital............B3
Centrica.....................B11
Chevron ....................... B6
Citgo Petroleum..........B6
Comcast.......................B1
CSX............................B11
H
HSBC ......................... B10
I
Insulet.........................B6
J
Jianpu Technology....B10
K
Kobe Steel...................B4
Kotak Mahindra Bank
...................................B10
L
Levi Strauss................B2
M
Macy's.........................B2
Microsoft.....................B4
Mitsubishi Materials..B4
N
Nippon Paint Holdings
...................................B12
Norfolk Southern......B11
O
D
Oracle .......................... B4
Outcome Health..........B6
Deere....................B4,B12
Dick's Sporting GoodsB2
P-Q
E
Eli Lilly ........................B6
Emerson Electric.........B4
Exxon Mobil................B6
Petróleos de Venezuela
.....................................B6
P.F. Chang's China
Bistro ........................ B4
PPDAI Group.............B10
PPG Industries..........B12
Qudian.......................B10
R
Radial .......................... B2
RBL Bank .................. B10
Rockwell Automation.B4
Rovio Entertainment..B1
Royal Dutch Shell.......B6
S
Salesforce.com............B4
SandRidge Energy ...... B3
SAP..............................B4
Sherwin-Williams.....B12
SoftBank Group..........A1
Southwest Airlines .. B11
Space Exploration
Technologies.............B4
T
Tandem Diabetes Care
.....................................B6
Tesla............................B4
Time Warner...............B1
Total ............................ B6
Twitter ........................ B3
U
Uber Technologies......A1
United Continental
Holdings..................B11
United Parcel Service.B1
U.S. Postal Service.....B1
W
Wintrust Financial......B4
Workiva.......................B4
Z
ZhuiYi Technology ...... B4
INDEX TO PEOPLE
A
Grohowski, Leo.........B11
Anand, Monish..........B10
Assaf, Samir.............B10
Icahn, Carl...................B3
B
Bell, Jim......................B4
Brown, Greg................B1
C
Chakravarthy, Anita....B4
Collins, Michael ........ B12
F
Flint, John.................B10
G
Garrett, Mark..............B4
Gofshteyn, Ilya ......... B12
Gohc Cheng Liang.....B12
Gornstein, Jeffrey ...... B1
I
J
Jacobsen, Brian.........B12
Jones, Brian................B4
K
Kyba, Christopher.....A12
L
M
10
0
1998
2000
’10
Falling yields have motivated municipalities to refund.
Average yield on 30-year A-rated muni bonds
8%
6
4
2
0
1998
2000
’10
Sources: Thomson Reuters; Thomson Reuters Municipal Market Data (yield)
THE WALL STREET JOURNAL.
provide investors with interest
exempt from federal taxes.
Participants in the municipal market said they have several concerns about the possible policy change. They worry
public-finance officials would
no longer be able to take advantage of low interest rates,
and municipal bond investors
and traders would have less
debt to buy and sell.
“As a bond manager, we
could be looking at less attractively priced interest levels for
bond investors,” said Dan
Heckman, senior fixed-income
strategist at U.S. Bank Wealth
Management.
Ending advance refundings
would also take away a crutch
some governments have used
for short-term budgetary relief. Cash-strapped cities
S
Spath, Terri...............B11
Temer, Michel.............A8
Tucker, Mark.............B10
Weitz, Stefan..............B2
Westerman, Matthew
...................................B10
T
he key to what went
wrong for the
forecasters this year
was the lack of inflation,
something Federal Reserve
Chairwoman Janet Yellen
has described as a
“mystery.” As the year went
on, investors became
increasingly convinced that
inflation would stay
dormant, bringing down
long-term bond yields and
the dollar even as decent
economic growth boosted
profits and stock prices.
Not many of the yearahead treatises have landed
yet, but those that have
almost all, once again,
predict bond yields rising
over the next year along
with stock prices. It is
tempting to regard that
forecast as a contrarian
indicator and bet on the
opposite. But while that
approach would have worked
for bonds and the dollar this
year, it would have meant
missing out on a stunning
share-price rally.
Strong consensus is a
warning sign worth watching
for. But the value in Wall
Street’s year-end
publications comes from the
analysis they contain, not
the prices they predict.
Average 12-month forecast
4
3
2
1
0
’10
Wall Street strategists rarely predict the
year-ahead S&P 500 correctly.
S&P 500
Average 12-month forecast
2000
1500
1000
500
2000
20
classic example. Analysts
thought stocks would do well
as Mr. Trump cut taxes and
inflation picked up, while
many also predicted more
volatility because of the
political and geopolitical
uncertainty. They were
wrong, at least so far, about
taxes and inflation, but
stocks went up anyway. They
were right about political and
geopolitical uncertainty, but
volatility failed to appear.
10-year Treasury yield
2500
30%
P
Economists almost always predict rising U.S. bond yields.
Mostly they are wrong.
2009
Percentage of all munis that are advanced refundings
Phillips, Robin...........B10
Pichoud, Adrien.........B11
Pride, Jason .............. B11
Prieto, Scott ............... B2
Getting It Wrong
5%
Continued from the prior page
bonds. In 1986, as part of the
tax overhaul under President
Ronald Reagan, Congress limited government borrowers to
one advance refunding per
bond issue.
Government borrowers have
sold an average of $60 billion
in advance refunding bonds a
year over the past decade,
about 15% of total municipal
issuance. Last year, advance
refundings swelled to $125 billion, or 30% of total issuance.
With advance refundings,
borrowers invest the proceeds
in safe, short-term securities,
and those funds are used to
make payments on older bonds
that typically can’t be refinanced until a decade has
passed.
Advance refundings make
the most sense for borrowers
when short-term rates are high
relative to long-term rates. In
that scenario, the income produced by the shorter-term securities bought with the proceeds of the advance refunding
bonds will approach the borrowing costs on those bonds.
Both sets of bonds remain
outstanding until the first set
can be refinanced, and both
Advance refundings allow borrowers to take advantage of low
interest rates and sometimes to postpone debt payments.
sometimes issue new, longerdated bonds to advance refund
bonds that are coming due so
they can postpone big debt
payments. That move often
adds to those cities’ interest
costs, compounding financial
pressures.
If the proposal becomes
law, municipalities could start
writing earlier refinancing
dates into their bond contracts
to maintain their flexibility,
some analysts said. But because many investors prefer
longer-dated bonds, that move
could drive up borrowing costs
as much as a quarter of a percent, said John Mousseau, director of fixed income at Cumberland
Advisors,
an
investment-management firm.
Government-finance officials say the benefits of advance refunding to local taxpayers
are
significant.
Florida’s bond finance director,
Ben Watkins, estimated the
state has saved $3 billion over
the past 10 years with advance
refundings.
“The vast majority of state
and local government refundings
are for economic savings rather
than as a budgetary gimmick,”
said Mr. Watkins, a former
chairman of the Government Finance Officers Association debt
committee who serves on the
group’s executive board.
W
Macklow-Smith,
Stephen...................B11
Markezich, Ron...........B4
Continued from the prior page
happened in the past and
wonder why anyone bothers.
Predictions have a dire track
record, and have been sadly
predictable themselves.
Treasury yields have been
forecast to rise every year
for the past decade,
according to forecasts
collected by Consensus
Economics, yet they have
gone down more often than
not. Even when they went
up, the moves were only
once anywhere near what
was predicted, back in 2008.
Forget using a dartboard to
plan investments; on average
a coin toss would be better.
The same goes for stock
prices. Only rarely is the
average S&P 500 forecast of
strategists anywhere near
the actual result. More than
half the time since 2000 the
miss has been either too high
or too low by an amount
bigger than the S&P’s 9%
long-run annual gain.
Don’t blame Wall Street for
getting it wrong, though.
When markets work, they
incorporate an average
prediction already, so
forecasting markets involves
assessing when the average
prediction will change, as
well as fundamentals such as
the economy. Both are pretty
unpredictable.
“It’s doubly silly,” says
M&G fund manager Eric
Lonergan. “You can’t predict
what’s going to happen [with
events] and even if you are
fortuitous enough to be
right, it doesn’t help you
when you’re investing.”
This year has been a
DEBT
Rush to Refinance
T
Lago, Isabelle
Mateos y..................B11
STREET
Mulhern, Brendan.....B11
Musk, Elon..................B4
BUSINESS & FINANCE
’10
Sources: Thomson Reuters Datastream (actual); Consensus Economics via FactSet
(Treasury forecasts); Bloomberg (S&P 500 forecasts)
THE WALL STREET JOURNAL.
LUKE SHARRETT/BLOOMBERG NEWS
B
THE WALL STREET JOURNAL.
* ****
The U.S. Postal Service expects to deliver more packages because of UPS’s surcharge for shipments during stretches of the holiday rush.
UPS
Continued from the prior page
ically,” said Mr. Brown. “What
we’re trying to help retailers do
is shape demand a little bit.”
Retailers are also attempting
to adjust customers’ expectations. Macy’s Inc., which ships
exclusively through UPS, is for
the first time offering “no hurry
shipping” this holiday season,
giving all online shoppers the
option of longer delivery times
in exchange for “Macy’s
Money” that can be applied to
future purchases.
Macy’s tested the shipping
option in some markets a year
ago and more broadly during
Mother’s Day and Father’s Day
this year and said a “fair percentage” of customers signed
up.
“More often than not, it is
more of a ‘want’ basis instead
of a ‘need’ basis,” said Scott
Prieto, Macy’s executive vice
president of logistics and operations.
Macy’s will offer the delayed
shipping option for several days
around Black Friday, when Mr.
Prieto said Macys.com orders
can be 10 times what they are
on a typical weekday, and in the
week before Christmas.
The offering is similar to
TRUMP
Continued from the prior page
online privacy.”
In the case of net neutrality,
Mr. Pai’s FCC moved quickly
by regulatory standards. It is
too soon to know whether this
enforcement emphasis will extend to other parts of the
Trump deregulatory agenda,
which involves rolling back a
broad range of Obama-era
rules covering power-plant
emissions, financial services
and other industries.
In the financial sector, Mr.
Trump’s regulatory team has
launched a review of stricter
rules adopted after the 2008
bailouts. In general, officials
say they want to recalibrate
standards governing bank
lending and other areas without scrapping them entirely.
Amazon.com Inc.’s “no-rush
shipping,” in which shoppers
can forgo free two-day shipping
in exchange for slower delivery
and credits for videos, music or
other items.
This fall, Levi Strauss & Co.
added “economy shipping,” a
cheaper and slower option than
standard ground shipping that
is aimed at online holiday shoppers getting an early start, said
Marc Rosen, its president of
global e-commerce. Economy
shipping, which takes up to
seven days, “allows us to work
with transport providers to
take advantage of lower shipping rates and pass that to consumers,” said Mr. Rosen. “It
gives us more flexibility.”
UPS’s surcharge tacks an additional 27 cents onto ground
packages shipped during the
peak period around Thanksgiving and Black Friday, ending
Dec. 2. It doesn’t apply to nextday or second-day shipments,
which are already more expensive.
The week before Christmas,
steeper fees go into effect,
starting at 27 cents for ground
orders and increasing to 97
cents for packages delivered in
two and three days.
UPS generated an average
$8.31 in revenue on each
ground package shipped in the
U.S. in the quarter ended Sept.
It isn’t clear whether financial regulators will maintain the
streak of aggressive enforcement actions that began under
the Obama administration.
Fines levied by the Securities and Exchange Commission
fell to a four-year low in the
last fiscal year, though SEC officials caution against reading
too much into a single year’s
data.
At the Environmental Protection Agency, Administrator
Scott Pruitt has touted a
“back-to-basics” approach involving the reversal of numerous Obama regulations and
has said he would emphasize
enforcement.
“There’s a difference between creating regulatory certainty and holding polluters
accountable for violating environmental laws,” said EPA
spokeswoman Liz Bowman.
Environmental groups say
30. Moody’s forecast that UPS
could generate up to $200 million in revenue from the peak
surcharges, which also include
higher fees on oversize packages.
UPS has declined to say how
much it expects to make from
the extra charges. It has already
set plans to raise them during
next year’s holiday season.
FedEx isn’t adding peak-period surcharges, but like UPS, it
is tacking on extra fees for
oversize packages shipped during the holidays. Patrick
Fitzgerald, FedEx’s senior vice
president of communications,
said its peak-pricing strategy
was set with small and medium-size businesses, as well as
consumers shipping gifts, in
mind.
The U.S. Postal Service,
which hasn’t added additional
charges, expects to deliver
more packages because of UPS’s
move and will be monitoring its
network to see if there is a
bump, Postmaster General Megan Brennan said.
Radial, which provides ecommerce services to retailers
such as Dick’s Sporting Goods
Inc. and Aéropostale Inc.,
asked clients over the summer
whether they would like to offer the option over the holidays.
“We didn’t have any takers,”
said Stefan Weitz, Radial’s executive vice president of technology services. “There is still a
real question as to whether or
not consumers will accept the
option, especially as Amazon
continues to offer two-day
[shipping] free.”
—Sarah Nassauer
contributed to this article.
the EPA’s actions so far this
year don’t suggest a robust
emphasis on enforcement. The
agency counters that those
groups’ estimates are low because it can take months or
years before such actions can
be completed.
Consumer groups argue
that clear regulations are necessary across industries to
keep companies from harming
consumers. With the internet,
they say, antitrust enforcement is too cumbersome, slow
and potentially arbitrary to
keep up with the speed of
technological change.
Because the FTC doesn’t
have the authority to create
and enforce broad rules, it
isn’t in a position to police
fast and slow lanes that may
harm competition, said Jonathan Zittrain, professor of law
and computer science at Harvard University and a former
chairman of the FCC’s Open
Internet Advisory Committee.
The agency can only take “individual enforcement action
on the vague notion of unfair
trade practices,” he said.
Conservatives who believe
in a lighter regulatory touch,
like Mr. Pai, generally argue
that hard-and-fast rules are
overly prescriptive and will
slow investment and innovation.
Some free-market advocates go even further, saying
the antitrust action this week
went too far, especially given
that the AT&T-Time Warner
tie-up is a “vertical” merger,
or one that combines two
companies that operate at different stages of a supply
chain.
—Douglas MacMillan,
Ryan Knutson, Ryan Tracy
and Timothy Puko
contributed to this article.
Congestion Pricing
UPS is adding a surcharge on
most packages shipped to
homes around Black Friday and
the week before Christmas.
Dates with extra shipping fees
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Source: the company
THE WALL STREET JOURNAL.
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.
Friday, November 24, 2017 | B3
NY
BUSINESS NEWS
BY JACK NICAS
Facebook Inc. said it plans
to tell millions of users who
liked or followed any of the
290 Facebook and Instagram
pages created by Russian actors that they were ensnared
in an alleged misinformation
campaign around the U.S.
presidential election last year.
Yet Wednesday’s disclosure
falls short of notifying more
than 100 million other users
who came across the pages’
ads and posts, and may have
liked, shared or commented on
them. And it provides little information to those users who
did follow the pages.
By the end of the year, users will have access to a tool
to check if they followed any
Disclosures will reach
only a fraction of the
over 120 million users
who saw posts.
of the pages, which were designed to look as if they were
run by Americans but were actually created by a single proKremlin firm called the Internet Research Agency. Sen.
Richard Blumenthal (D., Conn.)
this month, following a congressional hearing, asked
Facebook, Twitter Inc. and Alphabet Inc.’s Google to tell users who saw posts by the Internet Research Agency, and
asked for a reply by Wednesday.
Facebook’s
disclosures,
however, will reach only a
fraction of the more than 120
million users who saw the
posts, the company said. A
Facebook spokesman said it is
too difficult to reach all affected users, in part because it
can’t reliably identify who
came across the content.
Facebook’s disclosure to
users is “really the bare minimum,” said Elevation Partners co-founder Roger McNamee, an early Facebook
investor and adviser who has
become a critic of social media’s effect on democracy.
Facebook’s “reluctance to
both accept responsibility for
what happened in 2016 and,
more importantly, to take
steps to prevent similar
things happening in the future is just both horribly disappointing and really dangerous.”
Sen. Blumenthal requested
Facebook reach all users who
came across any content from
the Internet Research Agency
and tell them “exactly what
content they saw so they can
understand and evaluate what
they may see in the future,”
according to a letter he sent to
the company.
Sen.
Blumenthal
on
Wednesday called Facebook’s
move “an encouraging step”
and added, “I hope that
Google and Twitter will follow
Facebook’s lead.”
U.S. intelligence agencies,
lawmakers and tech firms say
Russian actors aimed to influence the presidential election
last year by pushing false and
misleading information and
sowing division among American voters.
One pillar of the Russians’
strategy, which U.S. intelligence agencies say was directed by the Russian government, was to create fake
accounts on popular U.S. tech
sites, including Facebook, Instagram, Twitter and Google’s
YouTube. On Facebook and Instagram, the Russian accounts
ran thousands of ads as a way
to amass followers to their
pages.
Google and Twitter declined to comment on whether
they plan to tell users who
came across such Russian content on their sites.
Icahn Gets SandRidge Stake
Investor joins other
shareholders against
proposed acquisition
of Bonanza Creek
BY DAVID BENOIT
AND RYAN DEZEMBER
Carl Icahn has purchased a
13.5% stake in SandRidge Energy Inc., joining a list of
shareholders who say a deal
the oil-and-gas producer
struck last week makes little
sense.
The stake, Mr. Icahn’s first
new activist position this year,
makes him the biggest holder
of SandRidge shares. He had
already been buying in October on the belief they were
cheap, but scooped up millions
more in the wake of the announcement that SandRidge
would buy Bonanza Creek Energy Inc. for about $750 million, according to people familiar with the matter.
In a filing Wednesday, Mr.
Icahn called the deal “nonsensical” and questioned “what
possible justifications management could have.” Shares rose
8.6% to $19 in post-market
trading, after The Wall Street
Journal reported the stake.
Like the other investors,
Mr. Icahn believes the Bonzana Creek deal echoes a prior
ill-fated acquisition binge at
the company. The investors,
which include Fir Tree Partners, also question the quality
of Bonanza Creek’s properties,
argue the price is too high and
complain SandRidge is using
undervalued stock to pay for
the acquisition. The investors
say they expected SandRidge
to run a disciplined oil-andgas producer in Oklahoma and
Colorado, not strike big deals.
SandRidge’s stock tumbled
as much as 20% the day the
Bonanza Creek deal was announced, and as of Wednesday
afternoon remained down
even amid the heavy buying of
Mr. Icahn and some others. As
of Wednesday’s close, the
shares had dropped 26% this
year, giving the Oklahoma City
SANDRIDGE ENERGY
Facebook to Tell Users
If They Followed or
Liked Russian Pages
Shares of oil-and-gas producer SandRidge Energy are down 26% this year. A SandRidge site in Colorado.
SandRidge Deals
Stirred Prior Interest
u SandRidge was started in
2006 by Tom Ward, who had
earlier founded Chesapeake Energy Co. with the late Aubrey
McClendon. SandRidge was
valued at over $11 billion, but
its value plunged in the financial crisis.
Gulf of Mexico oil fields, attracted activist investors who
called for Mr. Ward’s ouster. He
landed a severance package
worth roughly $90 million.
u A series of deals, culminating with one in 2012 involving
u Though Carl Icahn wasn’t
part of the original fight with
SandRidge, he has a history
with the company, having
booked a sizable profit when he
sold Mr. Ward some small companies. Mr. Icahn has long been
involved with energy stocks,
helping oust Mr. McClendon
from Chesapeake, for example.
company a market value just
shy of $600 million.
“We believe our Bonanza
Creek acquisition will drive
strong risk-adjusted returns for
SandRidge stockholders and be
accretive to cash flow per
share,” said SandRidge spokesman David Kimmel.
SandRidge Chief Executive
James Bennett told analysts
last week that the combination
“creates a more balanced portfolio” of mature drilling fields
in Arkansas and Oklahoma
that can help generate cash to
fund development. It would
also give SandRidge more exposure to oil, as opposed to
natural gas, add drilling locations that offer higher returns,
and produce cost savings
while boosting the company’s
purchasing power, he said.
The activist investor’s presence will likely escalate the
pressure on Mr. Bennett, who
took over the company in 2013
when a heated investor fight
felled his predecessor, founder
Tom Ward. SandRidge filed for
bankruptcy in May 2016 amid
falling oil-and-gas prices and
hefty debts the company piled
up while attempting to find a
sustainable strategy. It emerged
in October 2016, with Mr. Bennett still at the helm.
Fir Tree, which holds about
a 7% stake in common stock,
blasted the proposed Bonanza
Creek deal in a public statement on Monday. Susquehanna Investment Group LLC
and Cannell Capital LLC,
which own over 4% and 1.5%,
respectively, have also said
they oppose it.
Because of the stock issuance it involves, the Bonanza
Creek deal would require a
vote of SandRidge holders.
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* ****
THE WALL STREET JOURNAL.
TECHNOLOGY
WSJ.com/Tech
CHINA CIRCUIT | By Li Yuan
Let a Hundred Oracles, SAPs Bloom
do outnumber mobile-internet startups, the hottest sector in recent years.
At the forefront of the
battle for the enterprise
market is the chatbot, a software program that answers
questions. For many companies, a boom in consumer
business means heavy demand for customer service.
These companies are finding
that it’s cheaper and easier
to train a machine to interact with customers.
Yawning Gap
Businesses and government
agencies in China spend a fraction
of what their U.S. counterparts do
on software.
$300 billion
U.S.
China
250
200
150
QILAI SHEN/BLOOMBERG NEWS
As much as
the world heralds the rise
of China tech,
its success is
confined
largely to consumer business.
Where the U.S. has Facebook,
Amazon and Google, China
has Tencent, Alibaba and
Baidu—companies good at
developing applications that
help hundreds of millions of
consumers shop, pay, chat
and play games.
In the enterprise-application market, it’s a different
story. China has nothing
comparable with Oracle,
SAP or Salesforce.com.
In fact, the Chinese enterprise market looks like the
tech consumer market in the
country 10 years ago. Customers—in this case, companies—are reluctant to pay
for software and pirate it
when they can. They’d rather
throw labor at problems because investing in technology is expensive and doesn’t
always work.
Those attitudes are changing as labor costs rise and
app options multiply. Many
companies now want to tap
into the power of artificial
intelligence and cloud computing to increase efficiency
and cut costs.
That spells huge opportunity in a growing market devoid of a dominant player.
Investors and startups are
betting there’s a chance to
create a Tencent, Alibaba
100
O
ne chatbot maker,
Shenzhen-based ZhuiYi Technology Co., received $21 million in series B
funding this month. Founded
18 months ago by a group of
former Tencent programmers, ZhuiYi already counts
as customers ride-sharing giant Didi Chuxing, China’s biggest online travel site,
Ctrip.com International, and
China’s biggest credit-card issuer, China Merchants Bank.
When China Merchants
Bank went looking for a
chatbot for its credit-card
business, ZhuiYi outperformed IBM’s Watson software, says Chen Kunde, the
bank’s chief information officer. Yibot demonstrated better understanding of the Chinese language, he says, and
the bank is now looking to
expand chatbot services to
customer relations. IBM says
it doesn’t comment on the
specifics of customer engagement.
50
0
2014
Alibaba Cloud leads what is a fast-growing tech sector in China.
and Baidu for the enterprise
market. As with the consumer internet sector, foreign players are expected to
encounter barriers to market
access, including rules for localizing products and local
control of cloud services.
B
usinesses and government departments in
China spent 122 billion
yuan ($18.5 billion) on software in 2016, compared with
$245 billion in the U.S., according to Forrester. While
Salesforce has a market capitalization of $78 billion, its
dozens of Chinese wannabes
are startups, with none valued at $1 billion.
At this point, investors
see the fragmentation as a
plus, setting the stage for a
fast uptake in enterprise applications. More businesses
are turning to cloud-based
services for data storage and
software applications. In a
Deutsche Bank survey this
year of chief information officers at about 50 Chinese
companies in a variety of
sectors, 84% of respondents
said they plan to make
“heavy use of cloud services”
by 2019, up from 4% in 2016.
Alibaba Cloud, the biggest in
China by market share, doubled its revenue last quarter
from a year earlier.
As small- and mediumsize businesses move to the
cloud, they’re less likely to
*Estimate
Source: Forrester
’15
’16*
’17
’18
Forecasts
THE WALL STREET JOURNAL.
pirate software. Cloud-based
services are usually much
cheaper than traditional enterprise software. And, as
companies accumulate customer data and move to the
cloud, they’re looking to artificial-intelligence technologies for help.
An AI startup boom is under way. In the first five
months of this year, 175 AIrelated startups received 15.2
billion yuan in venture investing, close to the total for
2015, which was nearly triple
the amount for 2014, according to Beijing-based Zero2IPO
Group. While not all these
companies aim to serve enterprises, announcements of
financing suggest those that
Tesla Delivers the World’s Biggest Battery
Elon Musk’s Tesla-built system stores electricity from a new wind farm in South Australia state.
outs left 1.7 million people
without power, some for weeks.
Mr. Cannon-Brookes then
brokered talks between Mr.
Musk and Australian Prime
Minister Malcolm Turnbull,
who has faced criticism from
climate groups for winding back
renewable-energy policies in favor of coal. South Australia not-
withstanding, the country’s per
person greenhouse emissions
are among the world’s highest.
South Australia’s government has yet to say how much
the battery will cost taxpayers,
although renewable-energy experts estimate it at US$50
million. Tesla says the system’s 100-megawatt capacity
makes it the world’s largest,
tripling the previous record
array at Mira Loma near Ontario, Calif., also built by Tesla
and U.S. power company
Southern California Edison.
“An enormous amount of
work has gone into delivering
this project in such a short
time,” state Premier Jay
ADVERTISEMENT
Weatherill said Thursday, calling the system a clear message
that South Australia will be a
leader in renewable energy.
Mr. Musk tweeted, “Congratulations to the Tesla crew
and South Australian authorities who worked so hard to
get this manufactured and installed in record time!”
The battery will provide
backup power through its
evaluation over coming weeks,
Mr. Weatherill said, but the
real test will come with the
Australian summer, between
December and March, when
temperatures regularly soar
above 100 degrees Fahrenheit.
Mr. Weatherill’s government
tapped Tesla in July, after a
tender to build a large-scale
storage system connected to
the 33 million Australian dollar
(US$25 million) Hornsdale
wind farm, being built by
French company Neoen along
low hills forming the southern
tail of the Flinders Ranges.
The site, known as the “whispering plains,” lies among valleys that funnel strong Southern
Hemisphere winds and adjacent
to lines powering Australia’s
eastern seaboard grid, which
supplies nine million customers
across five states.
BY TATYANA SHUMSKY
Adobe Inc.’s. finance chief,
Mark Garrett, says his team
struggles keeping track of
which jobs have been filled at
the software company.
The process can take days
and requires staff to pull data
from disparate
CFO
systems into MiJOURNAL crosoft Corp.’s
Excel
spreadsheets.
From
there, they can see which
groups are hiring and how salary spending affects the budget.
“I don’t want financial planning people spending their time
importing and exporting and
manipulating data, I want them
to focus on what is the data
telling us,” Mr. Garrett said.
CFOs at companies including P.F. Chang’s China Bistro
Inc., ABM Industries Inc. and
Wintrust Financial Corp. are
on a similar drive to reduce
how much their finance teams
use Excel for financial planning, analysis and reporting.
Finance chiefs say the ubiquitous software hasn’t kept up
with the demands of corporate
finance units. Instead, companies are turning to cloud-based
technologies from Anaplan
Inc., Workiva Inc., Adaptive
Insights and their rivals.
Adobe switched to Anaplan
last year, and many tasks previously performed in spreadsheets are now done in the system, maintaining “one source of
truth,” Mr. Garrett said.
P.F. Chang’s finance chief,
Jim Bell, said he switched to
Adaptive Insights because it
fosters collaboration and cuts
down on administrative tasks.
Excel has evolved to better
serve its specialized customers, including in the financial
community, said Brian Jones,
head of Microsoft’s Excel
product strategy. Excel has
broad reach. Office 365, which
includes Excel, has more than
120 million monthly users,
said Ron Markezich, Microsoft’s corporate vice president
of Office 365.
Wintrust, which operates 15
chartered community banks in
Illinois and Wisconsin, dropped
Excel in favor of Workiva because of error rates.
“The CFO would ask: can
you tell me how many loans
were paid off and how many
did you refinance in the last
quarter, and we got different
answers from different teams,”
said Anita Chakravarthy, senior vice president of performance measurement.
Kayla Davis, who runs financial planning at ABM, relied on Excel to pull data from
disparate accounting systems.
Since switching to Anaplan in
May, her team can give the
CFO information more quickly
because it doesn’t require as
much verification, she said.
BUSINESS WATCH
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
BANKRUPTCIES
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ROCKWELL AUTOMATION
Emerson’s Latest Bid
For Takeover Rejected
Rockwell Automation Inc. rejected a third takeover offer
from Emerson Electric Co., saying on Wednesday that the unsolicited proposal undervalued
the company and Rockwell is
better off on its own.
Emerson last week sweetened its takeover proposal to a
60% cash and 40% share offer
valued at $225 a share at the
time. Emerson’s shares fell after
news of the increased offer.
Rockwell said that based on Emerson’s closing price Friday, the
offer was worth about $218 a
share, or a 17% premium to
Rockwell’s stock price before
Emerson began its public pursuit. Rockwell had previously rebuffed offers of $200 a share
and $215 a share.
A representative from Emerson didn’t respond to a request
to comment.
—Imani Moise
MITSUBISHI MATERIALS
Stock Drops on Word
Of Quality Scandal
Mitsubishi Materials Corp.
shares tanked early Friday after
the company admitted to manipulating quality data on shipments
DANIEL ACKER/BLOOMBERG NEWS
JAMESTOWN, Australia—
Tesla Inc. Chief Executive Elon
Musk may have overpromised
on production of the company’s latest electric car, but
he is delivering on his audacious Australian battery bet.
An enormous Tesla-built
battery system—storing electricity from a new wind farm
and capable of supplying
30,000 homes for more than an
hour—will be powered up over
the coming days, the government of South Australia state
said Thursday. Final tests are
set to be followed by a street
party that Mr. Musk, founder
of both Tesla and rocket maker
Space Exploration Technologies Corp., or SpaceX, was expected to attend.
Success would fulfill the
risky pledge Mr. Musk made in
March, to deliver a working
system in “100 days from contract signature or it is free.” He
was answering a Twitter challenge from Australian IT billionaire and environmentalist
Mike Cannon-Brookes to help
fix electricity problems in
South Australia—which relies
heavily on renewable energy—
after crippling summer black-
MARK BRAKE/GETTY IMAGES
BY ROB TAYLOR
Corporate
Finance
Cuts Back
On Excel
Deere foresees improvement in sales of agricultural machinery.
of parts for airplanes and cars,
the latest quality scandal to hit
Japan’s manufacturing industry.
The company’s stock was
down about 10% from Wednesday’s close. Financial markets
were closed Thursday, when Mitsubishi Materials made the announcement. The company said
workers rewrote quality information on products shipped to hundreds of customers to make it appear the materials met customer
specifications when they didn’t.
The announcement follows a
problem at Kobe Steel Ltd.,
which faked quality data on
metal shipments. The admission
sparked soul-searching in Japan
about standards.
—Sean McLain
DEERE
Results Exceed
Expectations
Deere & Co. easily beat quarterly sales and profit expectations and predicted continued
improvement in sales of its agricultural machinery next year.
In all for the fourth quarter,
Deere reported net income of
$510.3 million, or $1.57 a share,
compared with $285.3 million, or
90 cents a share, a year earlier.
Analysts expected the company
to earn $1.47 a share.
Quarterly equipment sales
rose 26% to $7.09 billion, while
analysts anticipated $6.99 billion.
—Bob Tita
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THE WALL STREET JOURNAL.
Friday, November 24, 2017 | B5
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B6 | Friday, November 24, 2017
* *
THE WALL STREET JOURNAL.
BUSINESS NEWS
U.S. Citizens Working for Citgo Detained
Arrests of executives
in Venezuela are part
of what authorities call
anticorruption purge
BY ANATOLY KURMANAEV
CARACAS,
Venezuela—
American citizens were among
the executives at Citgo Petroleum Corp. that the Venezuelan intelligence agency arrested here on Tuesday, a
development that has exacerbated strains between Washington and Caracas.
Venezuela arrested six top
executives of the U.S. subsidiary of state-oil company
Petróleos de Venezuela SA, including its acting president, as
part of what officials called an
anticorruption purge. At least
four of those arrested are naturalized U.S. citizens, a Citgo official said on Wednesday.
A U.S. State Department
spokesman declined to comment, citing privacy laws. Another U.S. official said the
American government is monitoring the arrests, citing “significant congressional interest.”
In a statement, Houstonbased Citgo said it was looking into the corruption allegations. A Citgo spokesman
declined to comment further.
Relations between the
countries are already tense.
President Donald Trump has
called Venezuelan President
Nicolás Maduro a dictator
and Washington has imposed
financial and travel penalties
on the leader and dozens of
his top officials. The U.S. has
accused members of his administration of drug trafficking and undermining democracy. Mr. Maduro has
responded by accusing Washington of trying to overthrow
his government.
Speaking late Wednesday,
Mr. Maduro claimed the U.S.
Embassy had called on Venezuela to free the executives, an
assertion American officials
hadn’t publicly made. “I talked
to the attorney general,” Mr.
Maduro thundered in a speech
carried on national television.
“These people were born in
Venezuela. They’re Venezuelans and they’ll be tried for
corruption, for being thieves
and traitors against the fatherland.”
As part of what he called a
cleanup of Citgo, Mr. Maduro
named a cousin of late President Hugo Chávez, Asdrúbal
Chávez, to head Citgo.
Venezuela Attorney General
Tarek Saab on Tuesday said
the detained executives tried
to defraud the nation through
a planned $4 billion financing
deal with U.S. and Dubai investment funds. He didn’t provide further details about the
alleged fraud.
People close to state-owned
oil company, known as PdVSA,
said the latest arrests owe
more to the turf wars inside
the authoritarian government
than to a serious effort to root
out corruption. It is improbable, they said, that Citgo’s executives would embark on a
President
Nicolás Maduro
has accused
the U.S. of
trying to
overthrow his
government.
$4 billion deal without the
consent of Mr. Maduro, who
has installed people close to
him to run PdVSA.
Transparency International,
a Berlin-based nonprofit group
that monitors perceptions of
graft, rates Venezuela as the
10th-most corrupt country in
the world. Venezuelan officials
dismiss any systemic corrup-
tion in government.
The Citgo officials were detained at a PdVSA event at its
Caracas headquarters in front
of the company’s management,
a person familiar with the
matter said.
The U.S. citizens among
them are refining Vice President Tomeu Vadell, supply
Vice President Jorge Toledo,
Vice President for Shared Services José Luis Zambrano and
the head of the Corpus Christi
refinery, Alirio Zambrano. The
Citgo official said all four are
company veterans who grew
up in Venezuela and later became U.S. citizens. The government also detained Citgo
acting CEO José Pereira and
head of public affairs Gustavo
Cárdenas.
None of the executives
could be reached to comment.
Mr. Maduro on Tuesday
called Citgo’s alleged planned
financing deal “treason” and
said it forms part of Washing-
ton’s “economic war” against
his government.
Mr. Saab said they would be
charged with money laundering and embezzlement. “Organized crime has been taking
root in the ranks of PdVSA,”
Mr. Saab told reporters on
Tuesday.
PdVSA President Nelson
Martínez, a Maduro appointee,
on Wednesday said he supported the investigation to
“root out corruption.”
Since taking office in August, Mr. Saab has arrested
about 50 managers at PdVSA
and its contractors for alleged
overpricing and theft, which
the government says has hurt
the company’s revenue.
Mr. Saab’s anticorruption
campaign is highly selective
and is driven by politics rather
than pursuit of justice, said
Mercedes de Freitas, director
of Transparency Venezuela,
the local branch of Transparency International.
Lilly Plans Insulin-Delivery Device Energy Firms Commit
To Cut Gas Pollution
BY PETER LOFTUS
BY SARAH KENT
AND BRADLEY OLSON
SHAWN G. HENRY FOR THE WALL STREET JOURNAL
CAMBRIDGE, Mass.—Eli
Lilly & Co., one of the biggest
makers of insulin, has been
planning a risky new business
venture: making the high-tech
devices that deliver insulin to
diabetes patients.
In a research laboratory
Lilly opened here in 2015, scientists have been developing a
wearable, automated insulindelivery device designed to reduce the decision-making and
guesswork of conventional insulin injections. They are also
developing a “smart pen” injection device that can wirelessly transmit dosing information to a patient’s phone, to
ensure proper dosing.
Lilly’s previously undisclosed projects are an unusual
example of diversification at a
time when much of the drug
industry is moving in the opposite
direction—shedding
nondrug businesses to focus
on pharmaceuticals.
Indianapolis-based Lilly, the
first company to mass produce
insulin in 1923, faces competitive pressures including the
expected arrival of lower-cost
copies of its top-selling insulin, Humalog. And it sees
growth in the market for advanced insulin-delivery devices.
Enrique Conterno, head of
Lilly’s diabetes business, said
he believed Lilly’s insulin business would become “obsolete”
if the company remained
largely an insulin provider
without delivery systems.
“Do we want to be just an
insulin provider that just goes
into a system, or do we want
to be the integrator of the system?” he said at the Cam-
A Lilly engineer holds a prototype circuit board at the company’s research lab in Cambridge, Mass.
bridge lab this month. “To me,
it’s clear where the business is
going.” Lilly’s insulin products
currently generate about 20%
of the company’s total revenue.
Still, the projects are a
risky bet because Lilly will
compete with medical-device
heavyweights like Medtronic
PLC, which received U.S. marketing approval for an automated insulin-delivery device
last year.
Other companies including Roche Holding AG, Insulet
Corp. and Tandem Diabetes
Care Inc. are also developing
automated pump systems.
Danielle Antalffy, an analyst
with Leerink Partners, said
competition in the diabetesdevice field is fierce, with several companies racing to develop insulin-delivery systems
that advance toward an “artificial pancreas,” or a device
that would completely remove
patient decision-making from
insulin delivery.
Lilly has been introducing
new drugs for diabetes and
other diseases such as cancer
and psoriasis in recent years
to try to offset a wave
of sales-eroding patent expirations for former top-selling
drugs. While results have improved since 2014, Lilly faces
more challenges ahead including expected generic competition for erectile-dysfunction
Borrowing Benchmarks | WSJ.com/bonds
Money Rates
November 23, 2017
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a
guide to general levels but don’t always represent actual transactions.
November 22, 2017
International rates
Latest
Week
ago
Oct. index
level
52-Week
High
Low
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
246.663
253.638
All items
Core
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
1.38
0.24
Overnight repurchase
1.14
U.S.
1.29
Other short-term rates
Week
Latest
ago
52-Week
high
low
Call money
Latest
3.00
3.00
2.25
2.0
1.8
Week
ago
52-Week
High
Low
4.25 4.25 4.25 3.50
3.20 3.20 3.20 2.70
1.475 1.475 1.475 1.475
U.S.
Canada
Japan
Policy Rates
0.00
0.50
0.50
1.50
0.00
0.50
0.50
1.50
Euro zone
Switzerland
Britain
Australia
0.00
0.50
0.50
1.50
0.00
0.50
0.25
1.50
1.29
1.14
1.38
0.24
Three month
1.46206 1.43567 1.46233 0.93067
Six month
1.65211 1.63171 1.65211 1.28878
One year
1.93011 1.90067 1.93400 1.63900
Euro Libor
One month
-0.401 -0.399 -0.376 -0.405
Three month
-0.380 -0.379 -0.325 -0.381
Six month
-0.316 -0.317 -0.219 -0.322
One year
-0.248 -0.251 -0.080 -0.251
1.00
-0.372 -0.372 -0.366 -0.375
1.1700
1.3125
1.0000
1.1600
1.1700
1.1700
1.3125
1.0300
1.1600
1.1700
1.2000
1.3125
1.1600
1.1700
1.1900
0.3500
0.5625
0.2500
0.3000
0.3200
Treasury bill auction
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
Euro interbank offered rate (Euribor)
One month
1.75
Federal funds
Effective rate
High
Low
Bid
Offer
Secondary market
Fannie Mae
Three month
-0.329 -0.329 -0.313 -0.332
Six month
-0.271 -0.275 -0.216 -0.276
30-year mortgage yields
One year
-0.186 -0.192 -0.076 -0.192
30 days
60 days
3.00
3.00
2.25
Commercial paper (AA financial)
90 days
One month
Three month
Six month
One year
1.33
1.29
1.36
0.67
1.32750
1.46233
1.65211
1.93400
1.26600
1.42190
1.61810
1.88622
1.32750
1.46233
1.65211
1.93400
0.59200
0.93011
1.27989
1.62956
-0.399
-0.380
-0.315
-0.243
-0.399
-0.379
-0.317
-0.251
-0.376
-0.325
-0.219
-0.080
-0.405
-0.381
-0.322
-0.251
Euro Libor
One month
Three month
Six month
One year
Euro interbank offered rate (Euribor)
One month
Three month
Six month
One year
-0.371
-0.329
-0.272
-0.186
Latest
Treasury
MBS
1.75
1.75
1.32862 1.28267 1.32862 0.60256
3.00
-0.372
-0.329
-0.275
-0.192
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
U.S. government rates
Libor
52-Week
high
low
Call money
Overnight repurchase
Discount
One month
Week
Latest ago
Libor
Prime rates
U.S.
3.00
–0.06
0.28
International rates
Policy Rates
Euro zone
Switzerland
Britain
Australia
Chg From (%)
Sept. '17 Oct. '16
U.S. consumer price index
Prime rates
U.S.
Canada
Japan
Other short-term rates
Inflation
3.482 3.459 3.865 3.253
3.502 3.479 3.899 3.281
1.118
1.154
32.600 1.366 0.264
73.350 1.506 0.280
Open Implied
Settle Change Interest Rate
DTCC GCF Repo Index Futures
Treasury Nov
Treasury Dec
Treasury Jan
98.795 0.005 6810 1.205
98.665 0.005 2027 1.335
98.550 -0.005 459 1.450
Notes on data:
U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest
U.S. banks, and is effective June 15, 2017. Other
prime rates aren’t directly comparable; lending
practices vary widely by location; Discount rate
is effective June 15, 2017. DTCC GCF Repo Index
is Depository Trust & Clearing Corp.'s weighted
average for overnight trades in applicable
CUSIPs. Value traded is in billions of U.S. dollars.
Federal-funds rates are Tullett Prebon rates as
of 5:30 p.m. ET. Futures on the DTCC GCF Repo
Index are traded on NYSE Liffe US.
Sources: Federal Reserve; Bureau of Labor
Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon
Information, Ltd.
drug Cialis next year. Its stock
price has risen 8.5% in the
past 12 months, less than rivals such as Novo Nordisk A/S
and Sanofi SA and below the
11% gain in the NYSE Arca
Pharmaceutical index.
Mr. Conterno declined to
specify how much Lilly is
spending on its device program, but said “it’s a major effort.”
Lilly expects it will take
about two to three years to
get the devices to market, if
they succeed in patient studies
and pass muster with regulators. The company expects to
begin clinical trials in December. Lilly declined to discuss
its pricing plans.
LONDON—Exxon
Mobil
Corp. has joined with seven
other big energy companies to
reduce pollution from natural
gas production, an effort by
the industry to present itself
as part of the solution as governments and consumers demand more environmentally
friendly energy.
Big oil companies like
Exxon and Royal Dutch Shell
PLC have increasingly touted
natural gas as a core tool to
combat climate change, since
it produces fewer greenhousegas emissions than coal, the
fuel it often replaces in electricity production.
The rare trans-Atlantic
alignment was first reported
by The Wall Street Journal,
ahead of the companies’ announcement Wednesday. The
collaboration by companies including Exxon, Shell, BP PLC
and Total SA, shows the oil
and gas sector is proactively
trying to address burgeoning
concerns about natural-gas
emissions to ensure that its
big bet on the fossil fuel pays
off.
Major energy companies
have made big investments in
gas in recent years and are
steadily increasing their production volumes. They argue
that it will prove a vital source
of energy stability even as renewables increase their market share.
But methane, the main
component in natural gas, is
also a potent greenhouse gas
and the issue of fugitive emis-
sions that occur when it leaks
into the atmosphere is starting to draw negative attention.
Exxon and its partners said
they have signed up to a set of
guiding principles, committing
to drive down methane emissions from their assets, encourage better performance
from their peers, improve
transparency and data accuracy on the matter and advocate for better regulation.
“The commitment was
made as part of wider efforts
by the global energy industry
to ensure that natural gas continues to play a critical role in
helping meet future energy,”
the companies said in a joint
statement. “Its role in the
transition to a low-carbon future will be influenced by the
extent to which methane emissions are reduced.”
A recent International Energy Agency study found
around 76 million tons of
methane are emitted every
year from global oil and gas
operations.
Exxon’s decision to join the
group leaves Chevron Corp.
as the only major U.S. oil
company that has yet to join
the initiative. Both of the U.S.
oil companies have lagged behind their European peers on
the issue of climate and
Exxon hasn’t participated in
previous similar efforts to
build an industry voice on
such subjects.
Still, under pressure from
investors over the past year,
both of the U.S. companies
have undergone an evolution
in the way they address climate change publicly.
Whistleblower Alert Scrutinized
BY ROLFE WINKLER
Outcome Health’s chief executive was sent a whistleblower letter last year by a
salesman accusing the company of committing “ongoing
fraud” by misleading its customers about its services, allegations that the advertising
startup told investors had no
merit, according to documents
filed in an investor lawsuit.
The claim was made in a
letter dated Oct. 21, 2016, several months before investors,
including funds run by a unit
of Goldman Sachs Group Inc.
and Google parent Alphabet
Inc., invested nearly $500 million in Outcome at a valuation
the Chicago startup said was
$5.5 billion. According to court
documents, the company told
investors before the funding
round that the letter had no
merit. Outcome streams pharmaceutical advertising and educational clips to screens it
places in doctors’ offices.
The investors on Nov. 7
sued Outcome and its cofounders, CEO Rishi Shah and
President Shradha Agarwal, in
a New York state court alleging
the executives knowingly provided them with false data and
financial reports before the
funding round earlier this year.
The investors separately
sued a subsidiary of Outcome
in Delaware seeking to temporarily freeze $225 million of
the investment held by the
subsidiary that was allocated
as a cash distribution to the
founders. In their lawsuit filed
on Nov. 16, investors allege
that Outcome manipulated
third-party reports summarizing ad campaigns to make
them appear to be more successful than they were.
Outcome has called both
lawsuits’ allegations baseless
and the company and its founders have denied wrongdoing.
“Outcome Health counsel
who received this communication acted responsibly by engaging outside lawyers to review the matter, and the
outside lawyers determined
Outcome Health told
investors allegations
of ‘ongoing fraud’
had no merit.
these allegations were without
merit,” Outcome said in a
statement. “The company has
always been transparent with
information and all legal matters were fully disclosed during diligence. Goldman Sachs
and the other investors are
now trying to destroy this patient-focused business and
putting jobs in jeopardy for
their own self-serving goals.”
In a revised brief filed
Wednesday in the Delaware
Court of Chancery, investors
said Outcome told them about
the whistleblower claim during
due diligence before they made
their investment. In an addendum to their stock-purchase
agreement dated Feb. 28, 2017,
a copy of which was also filed
by the investors in Delaware,
Outcome said it “does not believe that [the whistleblower]
claims have any merit and is
evaluating its options for resolving this matter.”
The investors argue in their
legal brief that the claim
shows Mr. Shah was “put on
inquiry notice” of alleged
fraud at the company.
The letter, filed by the
plaintiffs on Wednesday as an
exhibit, was sent by a lawyer
for Sean Bogdany, then a
salesman at Outcome, which at
the time was called ContextMedia Health.
“In the course of his employment with Context, Mr.
Bogdany has learned that Context is committing ongoing
fraud against its customers by
lying about its sales metrics,”
wrote Mr. Bogdany’s lawyer
Vince McKnight of Sanford
Heisler LLP.
“Context knowingly misrepresents to its customers that it
can offer them wider exposure
than it can. Customers are
purchasing Context’s services
based on Context’s false representations that it reaches
thousands of physicians/practices when, in fact, Context
reaches significantly less.”
Mr. McKnight and Mr.
Bogdany both declined to
comment.
—Peg Brickley
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.
Friday, November 24, 2017 | B7
MARKETS DIGEST
Data as of Wednesday, November 22, 2017
except where noted.
EQUITIES
Dow Jones Industrial Average
S&P 500 Index
Last Year ago
23526.18 t 64.65, or 0.27%
High, low, open and close for each
trading day of the past three months.
Trailing P/E ratio 20.71 20.82
P/E estimate *
19.17 17.74
Dividend yield
2.16
2.49
All-time high 23590.83, 11/21/17
Nasdaq Composite Index
Last
2597.08 t 1.95, or 0.08%
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
6867.36 s 4.88, or 0.07%
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: 6867.36, 11/22/17
Current divisor 0.14523396877348
23500
2600
6900
23000
2560
6750
22500
2520
6600
22000
2480
6450
Session high
65-day moving average
65-day moving average
UP
Close
t
DOWN
Session open
2440
21000
2400
20500
Sept.
6150
Session low
Bars measure the point change from session's open
Aug.
6300
65-day moving average
Open
t
Close
21500
Oct.
Nov.
6000
2360
Aug.
Sept.
Oct.
Aug.
Nov.
Sept.
Oct.
Nov.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes
High
Latest
Close
Low
Net chg
% chg
Transportation Avg
Utility Average
Total Stock Market
Barron's 400
23605.77 23507.61 23526.18 -64.65
9609.71
9626.66
11.94
23.3
19.0
9.7
8783.74
7.0
6.4
1.9
Most-active issues in late trading
774.47
626.66
20.2
14.9
8.3
26954.41 22773.93
697.81
583.16
17.3
17.4
15.7
15.7
7.9
8.7
52-Week
Low
% chg
759.44
755.01
757.73
-0.24
-0.03
26979.60 26922.12 26936.00 -18.41
699.28
696.01
696.02 -1.78
-0.07
Nasdaq Stock Market
Nasdaq Composite
6874.52
Nasdaq 100
6391.16
Standard & Poor's
500 Index
2600.94
6859.28
6371.74
6867.36
6386.12
2595.23
-0.26
4.88
7.49
2597.08
-1.95
23590.83 19083.18
0.12
0.07
0.12
6867.36
6386.12
-0.08
2599.03
-0.06
MidCap 400
SmallCap 600
1863.97
930.89
1857.54
925.57
1857.91
925.88
-1.05
-1.93
-0.21
1858.96
927.81
Other Indexes
Russell 2000
1524.18
1516.76
1516.76
-2.13
-0.14
1518.89
12416.75 12380.29 12390.82
4.94
0.04
550.25
548.30
548.43
0.13
0.02
NYSE Arca Biotech
4201.12
4171.54
4194.17
16.84
NYSE Arca Pharma
NYSE Composite
Value Line
537.96
534.95
536.14
0.53
KBW Bank
99.92
99.18
-0.28
PHLX§ Gold/Silver
99.19
81.88
81.12
1.09
PHLX§ Oil Service
81.75
132.05
131.21
131.56
1.37
1340.47
9.88
1327.04
9.32
1329.10
9.88
PHLX§ Semiconductor
CBOE Volatility
0.40
0.10
-0.29
1.35
1.05
-8.82 -0.66
0.15
1.54
Philadelphia Stock Exchange
% chg
3-yr. ann.
YTD
Region/Country Index
The Global Dow
DJ Global Index
DJ Global ex U.S.
Close
Net chg
27.6
31.6
2191.08
27.6
31.3
13.4
14.5
17.8
16.0
1623.28
808.59
13.6
12.7
11.9
10.5
8.8
11.0
1313.80
13.0
11.8
9.0
12430.52 10808.63
8.0
14.3
12.1
4.0
548.43
496.60
9.0
8.3
3.0
4304.77
3075.02
25.4
36.4
7.9
Symbol
Volume
(000)
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
Asia-Pacific
Australia
China
Hong Kong
India
Japan
Singapore
South Korea
Taiwan
S&P/ASX 200
5986.20
Shanghai Composite 3351.92
Hang Seng
29707.94
S&P BSE Sensex
33588.08
Nikkei Stock Avg
22523.15
Straits Times
3423.17
Kospi
2537.15
Weighted
10854.57
0.13
0.11
0.23
17.9
19.1
22.6
0.06
0.96
9.00
26.78
–6.49
14.99
82.54
1.33
–0.49
18.90
–1.59
23.72
–1.78
0.02
0.25
0.23
0.50
–0.05
1.06
0.37
0.25
–0.04
0.19
–0.28
0.26
–0.02
–0.20 –0.003
–78.55 –2.29
–295.55 –0.99
0.08
26.53
Closed
…
–0.20
–6.85
–0.13
–3.36
0.30
31.98
15.7
23.7
5.1
5.5
18.4
7.1
11.1
10.3
10.6
13.3
–2.6
16.4
12.0
0.5
7.3
7.8
13.3
3.8
5.7
8.0
35.0
26.1
17.8
18.8
25.2
17.3
U.S. consumer rates
Selected rates
A consumer rate against its
benchmark over the past year
Money market accounts
MRO
Marathon Oil
iShares MSCI Emg Markets EEM
5,920.4
14.85
-0.03
-0.20
14.90
14.85
4,034.4
47.75
-0.06
-0.13
47.86
47.37
Weatherford International WFT
3,709.5
3.30
0.01
0.30
3.30
3.29
INTC
3,363.6
44.64
-0.01
-0.02
44.67
44.55
F
Ford Motor
iSh Core S&P Small-Cap IJR
3,067.0
12.07
…
unch.
12.09
12.06
2,600.7
76.06
…
unch.
76.06
76.03
Microsoft
2,211.6
83.13
0.02
0.02
83.31
83.05
Intel
MSFT
Percentage gainers…
Net 1 UEPS Techs
UEPS
38.3
13.25
0.97
7.90
13.52
12.28
SandRidge Energy
SD
12.1
18.88
1.38
7.89
19.00
17.50
Halozyme Therapeutics HALO
19.9
19.14
0.90
4.93
19.15
18.24
WisdomTree Investments WETF
7.0
11.83
0.53
4.69
11.83
11.30
ENIC
29.0
5.50
0.18
3.34
5.50
5.42
11.34
Enel Chile ADR
560.52
463.78
14.1
11.3
-0.4
...And losers
85.30
14.4
8.1
10.9
WPX Energy
WPX
25.4
11.34
-1.18
-9.42
12.52
96.72
73.03
3.6
3.7
3.5
Tahoe Resources
TAHO
39.6
4.49
-0.23
-4.87
4.72
4.49
192.66
117.79
-22.1
-28.4 -19.2
CBRE Group
CBG
95.2
40.86
-1.63
-3.84
42.66
40.86
46.6
-29.6
Delphi Technologies Wi DLPH@
21.4
50.00
-1.90
-3.66
50.20
50.00
Michaels Cos.
47.7
18.50
-0.56
-2.94
19.06
18.50
1337.92
16.04
836.79 49.5
9.14 -20.5
26.1
-8.5
Company
Symbol
Cleantech Solutions Intl
Riot Blockchain
Social Reality Cl A
LM Funding America
Eltek
CLNT
MIK
Net 1 UEPS Techs
CASI Pharmaceuticals
Atomera
Remark Holdings
Iteris
UEPS
Aytu BioScience
Ovid Therapeutics
Ashford
Yulong Eco-Materials
Central European Media A
AYTU
High
52-Week
Low
% chg
59.55
42.01
37.59
34.38
30.13
12.40
16.14
6.85
5.93
8.95
2.31
2.66
1.11
1.11
0.53
133.6
481.5
-4.6
-36.1
454.5
CHF Solutions
Atlantic Acquisition
PPDAI Group ADR
Iconix Brand Group
Diana Containerships
CHFS
12.28
3.63
4.67
8.54
6.82
2.16
0.61
0.78
1.39
1.07
21.34
20.20
20.05
19.44
18.61
13.81
4.84
7.64
9.35
8.17
8.87
0.91
2.45
1.93
3.20
9.8
125.5
-31.8
86.9
102.1
Baozun ADR
Qudian ADR
Ekso Bionics Holdings
Guess
Jianpu Technology ADR
BZUN
3.03 0.43
OVID
11.21 1.47
AINC 105.00 12.00
YECO
4.23 0.48
CETV
4.85 0.55
16.54
15.09
12.90
12.80
12.79
6.82 0.17
15.93 5.28
108.00 39.82
9.00 0.50
5.10 2.40
163.5
...
163.7
-46.8
79.6
Collegium Pharmaceutical
ELEMENTS Rogers Energy
Novelion Therapeutics
Internet Gold-Golden
Fidelity D&D Bancorp
COLL
ELTK
CASI
ATOM
MARK
ITI
Most Active Stocks
Company
Symbol
iShares MSCI Emg Markets
General Electric
Square Cl A
Hewlett Packard Ent
SPDR S&P 500
EEM
Bank of America
Ford Motor
Vale ADR
VanEck Vectors Gold Miner
Finl Select Sector SPDR
BAC
GE
SQ
HPE
SPY
F
VALE
GDX
XLF
0.30
Volume % chg from Latest Session
(000) 65-day avg Close % chg
56,730
52,621
44,271
41,735
37,004
16.8
-25.2
364.2
211.6
-40.3
47.81 0.25
18.15 1.79
48.81 1.56
13.10 -7.22
259.76 -0.09
36,617
33,114
32,671
30,965
30,465
-43.0
-6.4
15.8
-20.5
-40.5
26.66 -0.26
12.07 -0.41
10.77 2.96
22.92 0.88
26.23 -0.49
52-Week
High
Low
47.93 33.94
32.38 17.46
49.55 12.32
15.12 12.70
260.20 219.15
27.98
13.27
11.72
25.71
26.93
20.20
10.47
7.47
18.58
22.00
t
–0.30
3.75%
3.00
Wednesday
Goldman Sachs Bank USA
1.30%
New York, NY
855-730-7283
DollarSavingsDirect
New York, NY
1.50%
866-395-8693
Salem Five Direct
Salem, MA
1.50%
800-850-5000
One year ago
1
3 6
month(s)
1 2 3 5 710
years
maturity
10%
s
Euro
5
2.25
0
1.50
–5
0.75
–10
0.00
–15
30
Federal-funds rate target
1.00-1.25 1.00-1.25
Prime rate*
4.25
4.25
Libor, 3-month
1.42
1.46
Money market, annual yield
0.33
0.32
Five-year CD, annual yield
1.48
1.48
30-year mortgage, fixed†
3.92
3.91
15-year mortgage, fixed†
3.31
3.31
Jumbo mortgages, $424,100-plus† 4.29
4.28
Five-year adj mortgage (ARM)† 3.72
3.54
New-car loan, 48-month
3.01
3.01
3-yr chg
52-Week Range (%)
Low 0 2 4 6 8 High (pct pts)
0.25 l
l
3.50
0.93 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
1.46
0.36
1.49
4.33
3.50
4.88
4.03
3.36
1.00
1.00
1.23
-0.11
-0.08
-0.09
0.11
-0.01
0.22
-0.18
s Yen
s
WSJ Dollar index
2017
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
1465.688
2.147
2.143
2.237
1.818
2.809 2.053
10-yr Treasury, Ryan ALM 1738.674
DJ Corporate
380.287
Aggregate, Barclays Capital 1944.810
High Yield 100, Merrill Lynch 2848.789
Fixed-Rate MBS, Barclays 1989.630
Muni Master, Merrill
519.740
2.322
3.113
2.650
5.534
2.900
2.126
2.335
3.157
2.640
5.835
2.870
2.024
2.609
3.390
2.790
6.144
3.120
2.516
2.058
2.879
2.380
4.948
2.660
1.736
2.581
6.149
3.509
8.133
2.341
4.600
802.608
5.562
5.635
6.290
5.279
Treasury, Ryan ALM
EMBI Global, J.P. Morgan
1.864
4.063
2.432
4.084
2.041
2.568
10.227 5.683
Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
WSJ
.COM
-3.53
-5.11
-2.62
-0.50
-1.62
-44.80 576.00
15.00
-34.07
14.63
-24.26
10.80
-19.61
-18.02 226894.50
29.51
16.15
3.49
15.62
5.75
-6.03
-3.16
-0.64
-2.33
-0.85
16.30
2.36
4.02
6.76
39.50
-2.28
-0.30
-0.50
-0.84
-4.50
ICON
DCIX
EKSO
GES
JT
RJN
NVLN
IGLD
FDBC
52-Week
Low
% chg
3.60
9.75
8.05
1.44
1.56
-96.0
...
...
-79.4
-100.0
-16.97
-16.36
-15.50
-12.98
-12.88
40.65 10.87
35.45 16.00
4.90 0.99
18.30 9.56
8.43 5.50
82.2
...
-21.2
-2.4
...
-12.27
-11.28
-11.06
-11.05
-10.23
19.21 7.37
3.72 1.94
13.80 3.92
12.89 5.86
44.00 22.70
-4.3
-3.3
-55.8
-43.4
64.6
Ranked by change from 65-day average*
Company
Symbol
Riot Blockchain
Virtus Newflt Dyn Credit
CHF Solutions
KraneShs Bosera China A
Vanguard Russ 1000 Value
RIOT
PDF Solutions
Axalta Coating Systems
PIMCO Short Term Mun Bd
Resonant Inc.
Guggenheim BS 2021 HY
PDFS
Country/currency
BLHY
CHFS
KBA
VONV
Volume % chg from Latest Session
(000) 65-day avg Close % chg
52-Week
High
Low
1945 15.99 42.01
1534 25.10 0.42
4.35 -44.80
1079
981 36.01 -0.28
841 104.81 -0.01
16.14 2.66
26.98 23.01
576.00 3.60
36.13 26.55
105.65 95.39
12,958
287
3,014
553
273
800
716
675
648
647
1,527
21,790
SMMU
39
RESN
762
BSJL
722
AXTA
US$vs,
YTDchg
Thurs
in US$ per US$ (%)
5.42
4.81
-0.22
2.59
0.12
16.72
35.50
50.14
5.95
25.08
24.44
36.10
50.80
6.23
25.32
14.11
24.72
48.75
3.82
24.31
Track the Markets
Compare the performance of selected global stock
indexes, bond ETFs, currencies and commodities at
WSJ.com/TrackTheMarkets
US$vs,
YTDchg
Thurs
in US$ per US$ (%)
Country/currency
Americas
Europe
Argentina peso
.0575 17.3945 9.6
Brazil real
.3104 3.2218 –1.0
Canada dollar
.7864 1.2716 –5.4
Chile peso
.001575 635.10 –5.2
Ecuador US dollar
1
1 unch
Mexico peso
.0537 18.6241 –10.2
Uruguay peso
.03406 29.3600 0.03
Venezuela b. fuerte .097334 10.2740 2.8
Czech Rep. koruna
Denmark krone
Euro area euro
Hungary forint
Iceland krona
Norway krone
Poland zloty
Russia ruble
Sweden krona
Switzerland franc
Turkey lira
Ukraine hryvnia
UK pound
Asia-Pacific
Australian dollar
.7626 1.3113 –5.6
China yuan
.1519 6.5836 –5.2
Hong Kong dollar
.1280 7.8115 0.7
India rupee
.01548 64.584 –5.0
Indonesia rupiah .0000742 13483 –0.3
Japan yen
.008992 111.21 –4.9
Kazakhstan tenge .003030 330.05 –1.1
Macau pataca
.1245 8.0340 1.5
Malaysia ringgit
.2434 4.1082 –8.4
New Zealand dollar
.6891 1.4512 0.5
Pakistan rupee
.00950 105.295 0.9
Philippines peso
.0198 50.514 1.8
Singapore dollar
.7434 1.3452 –7.1
South Korea won .0009225 1084.00 –10.3
Sri Lanka rupee
.0065053 153.72 3.6
Taiwan dollar
.03333 30.004 –7.6
Thailand baht
.03061 32.670 –8.8
Vietnam dong
.00004400 22727 –0.2
Commodities
.04660 21.458 –16.5
.1592 6.2808 –11.2
1.1850 .8439 –11.2
.003792 263.69 –10.4
.009658 103.54 –8.3
.1229 8.1358 –5.9
.2816 3.5518 –15.2
.01711 58.456 –4.6
.1205 8.2973 –8.9
1.0185 .9818 –3.6
.2551 3.9201 11.3
.0377 26.5450 –2.0
1.3307 .7515 –7.2
Middle East/Africa
Bahrain dinar
Egypt pound
Israel shekel
Kuwait dinar
Oman sul rial
Qatar rial
Saudi Arabia riyal
South Africa rand
2.6477 .3777 0.1
.0565 17.6893 –2.4
.2848 3.5107 –8.8
3.3118 .3020 –1.2
2.5970 .3851 0.02
.2747 3.641 0.02
.2666 3.7504 –0.01
.0720 13.8822 1.4
Close Net Chg % Chg YTD%Chg
WSJ Dollar Index 86.52 –0.08–0.09 –6.90
Sources: Tullett Prebon, WSJ Market Data Group
COMMODITIES
Wednesday
52-Week
Pricing trends on someClose
raw materials,
or commodities
Net chg % Chg
High
Low
DJ Commodity
Get real-time U.S. stock quotes and track most-active
stocks, new highs/lows and mutual funds. Plus,
deeper money-flows data and email delivery of key
stock-market data. Available free at WSJMarkets.com
4.35
9.89
8.18
2.05
7.37
PPDF
QD
High
U.S.-dollar foreign-exchange rates in late New York trading
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group
Yield/Rate (%)
Last (l)Week ago
* 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.
Currencies
Yen, euro vs. dollar; dollar vs.
major U.S. trading partners
notes and bonds
1.30%
877-464-0333
NYSE Arca
* Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
5,000 shares =Has traded fewer than 65 days
Forex Race
t
0.00
Capital One 360
Glen Allen, VA
Nasdaq
Total volume*1,565,000,791 179,851,266
Adv. volume* 821,479,117 110,767,453
Decl. volume* 725,583,100 66,917,797
Issues traded
3,041
1,310
Advances
1,515
821
Declines
1,387
470
Unchanged
139
19
New highs
245
281
New lows
30
34
Closing tick
55
8
Closing Arms†
0.96
1.17
Block trades*
5,249
1,079
Latest Session
Close Net chg % chg
ATAC
Volume Movers
* Volumes of 100,000 shares or more are rounded to the nearest thousand
American Express Bank, FSB
1.25%
New York, NY
866-215-8754
Symbol
2.65
4.73
1.59
0.77
1.13
LMFA
0.32%
Bankrate.com avg†:
Company
7.10
15.99
5.82
3.01
4.88
SRAX
Total volume* 667,859,751 10,306,495
Adv. volume* 378,850,775 6,064,086
Decl. volume* 275,010,169 3,939,407
Issues traded
3,064
327
Advances
1,659
176
Declines
1,300
134
Unchanged
105
17
New highs
179
8
New lows
30
4
Closing tick
38
17
Closing Arms†
0.84
0.80
Block trades*
5,912
103
Percentage Losers
Latest Session
Close Net chg % chg
RIOT
t
t
0.90%
0.60
Interest rate
Low
102.31
Benchmark
Yields
Treasury
yield
curve
andtoRates
Yield
maturity of current bills,
Consumer Rates and Returns to Investor
D J F MAM J J A S O N
2017
After Hours
% chg
High
-0.06 260.07 259.51
CREDIT MARKETS & CURRENCIES
Money market
account yields
Net chg
-0.15
SPY
Sources: SIX Financial Information; WSJ Market Data Group
Federal-funds
target rate
Last
7,977.2 259.61
SPDR S&P 500
Percentage Gainers...
YTD
% chg
0.01
0.05
–0.04
–32.22
0.004
0.72
–0.13
–60.65
–73.74 –1.90
387.12
389.14
3978.19
5379.54
13008.55
1432.71
22397.78
541.35
1158.62
10032.80
576.28
9315.56
7417.24
EMEA
Eurozone
Belgium
France
Germany
Israel
Italy
Netherlands
Russia
Spain
Sweden
Switzerland
U.K.
Latest
% chg
3.73
0.44
0.59
2984.37
388.42
262.22
DJ Americas
625.22
Sao Paulo Bovespa 74486.58
S&P/TSX Comp
16074.30
S&P/BMV IPC
48136.24
Santiago IPSA
3816.12
Americas
Brazil
Canada
Mexico
Chile
5251.11
4734.10
Company
NYSE NYSE Amer.
Sources: SIX Financial Information; WSJ Market Data Group
International Stock Indexes on Thursday
World
Volume, Advancers, Decliners
10038.13
High
-0.27
9651.55
Trading Diary
Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer.
and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic
trading services, securities dealers and regional exchanges. Minimum
share price of $2 and minimum after-hours volume of 5,000 shares.
Dow Jones
Industrial Average
Late Trading
TR/CC CRB Index
Crude oil, $ per barrel
Natural gas, $/MMBtu
Gold, $ per troy oz.
615.91
4.40
191.60
58.02
2.968
1291.60
1.78
1.19
-0.049
10.50
0.72
616.58
532.01
0.94 195.14
58.02
2.09
3.93
-1.62
0.82 1346.00
166.50
42.53
2.56
1127.80
% Chg
11.21
YTD
% chg
8.58
2.09 -0.47
8.00
20.98
-1.92 -20.30
8.62 12.31
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
B8 | Friday, November 24, 2017
COMMODITIES
Futures Contracts | WSJ.com/commodities
Settle
Open
interest
Chg
Contract
Open
High hi lo
Low
Settle
Chg
Copper-High (CMX)-25,000 lbs.; $ per lb.
Nov
3.1345
3.1360
3.1345
3.1345 0.0090
March'18 3.1505 3.1665
3.1405
3.1590 0.0085
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov
1284.70 1284.70
1282.90 1291.60 10.50
Dec
1280.60 1294.60
1278.60 1292.20 10.50
Feb'18
1284.80 1299.00
1283.10 1296.80 10.60
April
1289.30 1303.10
1288.50 1301.10 10.60
June
1295.00 1307.30
1292.30 1305.50 10.60
Dec
1310.10 1319.90
1310.10 1318.90 10.60
Palladium (NYM) - 50 troy oz.; $ per troy oz.
Dec
997.05 1003.30
994.00 1001.95
5.45
March'18 995.70 1000.95
992.30 1000.05
6.05
Platinum (NYM)-50 troy oz.; $ per troy oz.
Nov
928.20
928.20
926.40
937.60
2.80
Jan'18
935.80
944.30
932.50
940.70
2.70
Silver (CMX)-5,000 troy oz.; $ per troy oz.
17.101 0.152
Nov
March'18 17.050 17.255
17.030
17.216 0.154
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
57.12
58.15
57.03
58.02
1.19
Jan
Feb
57.26
58.13
57.10
58.02
1.10
March
57.19
58.05
57.10
57.94
0.98
April
57.07
57.88
57.04
57.78
0.86
June
56.71
57.37
56.63
57.24
0.67
Dec
54.65
55.27
54.61
55.16
0.56
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
1.9395
1.9543
1.9243
1.9326 –.0033
Dec
Jan'18
1.9459
1.9577
1.9270
1.9357 –.0024
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal.
1.7661
1.7825
1.7600
1.7679 –.0052
Dec
Jan'18
1.7604
1.7774
1.7537
1.7619 –.0030
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
Dec
3.013
3.027
2.955
2.968 –.049
Jan'18
3.110
3.120
3.049
3.059 –.051
Feb
3.111
3.120
3.054
3.064 –.046
March
3.076
3.087
3.025
3.034 –.044
April
2.934
2.941
2.901
2.910 –.030
May
2.922
2.928
2.893
2.902 –.026
1231.00
1263.00
Jan
March
Open
interest
1243.00
1271.00
424.75
441.25
Dec
March'18
1242.00
1271.50
426.25
444.50
420.75
438.50
Wheat (KC)-5,000 bu.; cents per bu.
420.00
437.00
Dec
March'18
9
205,662
243,459
24,700
23,490
12,218
424.75
442.50
418.00
435.25
Wheat (MPLS)-5,000 bu.; cents per bu.
626.50
640.25
Dec
March'18
631.50
646.25
624.75
639.25
8.00
8.50
8,876
1,488
422.75
440.75
–2.00 108,758
–.50 250,604
421.00
438.50
.75 50,849
.75 170,769
626.75
641.25
–.25
…
20,712
35,691
157.775
152.725
…
1.100
2,642
26,226
119.050
125.475
1.075 45,988
1.425 155,591
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
157.775
152.750
Nov
Jan'18
12,193
21,817
157.925
153.425
157.575
152.475
Cattle-Live (CME)-40,000 lbs.; cents per lb.
119.200
125.000
Dec
Feb'18
4
68,439
119.825
125.950
118.825
124.850
Hogs-Lean (CME)-40,000 lbs.; cents per lb.
61.250
67.150
Dec
Feb'18
1
104,383
62.900
69.150
60.950
66.875
62.825
69.100
2.125
2.150
37,599
93,004
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
435.00
435.30
426.70
427.50 –3.80
5,467
Jan
March
422.40
422.40
416.40
417.10 –3.20
964
Milk (CME)-200,000 lbs., cents per lb.
Nov
16.80
16.84
16.78
16.80
–.02
4,285
Dec
15.38
15.55
15.31
15.42
.05
4,404
Cocoa (ICE-US)-10 metric tons; $ per ton.
Dec
2,119
2,119
2,119
2,119
17
407
March'18
2,116
2,131
2,109
2,124
14 135,706
Coffee (ICE-US)-37,500 lbs.; cents per lb.
Dec
124.10
125.10
123.85
124.55
.70
3,790
March'18 126.50 127.80
126.35
127.00
.35 121,375
Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March
14.92
15.31
14.90
15.28
.40 380,098
May
14.93
15.24
14.92
15.21
.31 133,867
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
27.38
27.38
27.38
27.38
.13
2,788
March
May
27.25
27.25
27.06
27.06
–.21
2,135
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec
70.90
72.41
70.50
70.74
–.16
2,898
March'18
70.14
71.76
69.88
71.14
1.00 154,202
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Dec
…
… s
…
166.80
…
Jan'18
165.70
167.05
165.05
166.75
…
8,146
592,315
204,290
297,369
131,174
240,127
264,921
51,955
130,241
61,369
176,028
47,920
341,172
117,417
183,828
126,515
99,970
Agriculture Futures
Corn (CBT)-5,000 bu.; cents per bu.
.25 365,980
.75 707,909
–5.00
–5.00
1225.00
1259.00
Wheat (CBT)-5,000 bu.; cents per bu.
358
135,187
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Dec
154-060 154-200
153-170 154-160
13.0
March'18 153-000 153-160
152-140 153-120
13.0
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
124-235 125-045
124-195 125-035
13.5
Dec
March'18 124-150 124-285
124-110 124-275
14.0
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec
116-225 117-000
116-215 116-315
9.7
March'18 116-160 116-255
116-147 116-252
9.7
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec
107-125 107-160
107-125 107-157
3.2
March'18 107-065 107-100
107-065 107-100
3.5
8.25 318,586
8.25 147,932
6.10 52,185
6.30 122,861
–.12 78,226
–.12 144,024
672,441
172,619
2,999,705
602,696
2,693,379
814,732
1,575,755
416,578
4-week
avg
5-year
avg
1,259,721
...
1,260 1,341
1,261
Expected Previous
Current change
week
1,191
9,795
Year
ago
4-week
avg
5-year
avg
...
9,981 9,951
9,739
9,766
Crude oil
excluding SPR
457,142
-1,500
459
489
457
423
7,873
...
7,680
7,727
Gasoline
210,475
...
210
224
211
215
514
...
349
855
452
644
7,898 7,578
32
21,810
100
21
24
22
35
40
...
13
53
18
Reformulated
50
...
0
0
0
0
0
...
0
0
0
0
Conventional
21,760
...
21
24
22
35
40
...
13
53
18
32
188,665
...
189
200
189
180
474
...
336
803
434
613
3,772
...
4
4
4
4
...
...
...
...
...
...
Finished gasoline
Blend. components
Natural gas (bcf)
Kerosene-type
Diesel
.8899
.8965
.9007
.9052
.7828
.7841
1.3252
1.3300
1.3340
1.3379
Dec
March'18
1.0103
1.0185
1.0207
1.0279
.7575
.7577
.7557
.7580
.7612
.7583
YTD total
return (%)
3.5
1944.81
6.5
7.0
Canada
1.980 1.570 2.190
EMU§
1.010 0.933 1.363
306.45
6.8
Europe High Yield Constrained 2.262 1.897 3.814
717.10
1.5
France
0.740 0.710 1.210
Germany
0.420 0.210 0.620
Japan
0.380 0.270 0.460
Netherlands
0.530 0.360 0.760
U.K.
1.580 1.340 1.790
1640.70
2.2
U.S Agency
2.060 1.660 2.100
288.75
1464.98
1.3
10-20 years
1.920 1.470 1.970
564.26
20-plus years
2.890 2.730 3.460
922.20
8.4
3390.84
4.9 Yankee
2460.37
1.500
2.250
231
0.750
917
776
0.000
0.500
0.100
Billions of cubic feet; weekly totals
2.750
1.450
U.S. 2 1.731
10 2.319
1290.84
1387.65
1286.95
1428.51
*1280.00
*1283.30
1344.46
† In local currency § Euro-zone bonds
Spread Under/Over U.S. Treasurys, in basis points
Latest
Prev
Year ago
1.731
2.319
1.581
2.369
1.126
2.353
1.773 t
2.520 t
l
1.784
1.952
1.743
4.2
5.3
l
2.535
2.808
2.718
20.1
21.7
36.6
France 2 -0.563 s
10 0.678 s
l
-0.575
-0.527
-230.5
-175.1
l
0.669
0.713
-165.0
-156.5
Germany 2 -0.690 s
10 0.350 t
l
-0.696
-0.717
-242.7
-182.2
l
0.352
0.436
-196.6
-208.9
Italy 2 -0.297 s
10 1.778 s
l
-0.311
-0.162
0.049
-202.7
-204.2
-107.7
l
1.766
2.008
2.132
-54.0
-55.3
-22.1
l
-0.192
-0.134
-0.161
-192.3
-192.3
-128.7
Japan 2 -0.192
10
-0.625 -229.4
0.788
-164.1
-0.696 -242.1
0.263 -196.9
l
0.025
0.070
-229.3
-232.3
l
-0.362
-0.287
-0.144
-208.5
-209.3
-127.0
l
1.459
1.623
1.593
-86.0
-85.9
-76.0
0.450 t
1.252 t
l
0.470
0.440
0.131
l
1.279
1.315
1.321
1.750
U.K. 2
4.250
10
0.025
0.030 -229.3
61.7
Spain 2 -0.354 s
10 1.459 t
t
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA Gold Price AM
LBMA Gold Price PM
Krugerrand,wholesale-e
Year ago
1250
Investment-grade spreads that tightened the most…
-128.1
-106.7
-126.1
-99.5
-103.9
-103.1
Source: Tullett Prebon
in that same company’s share price.
J A S O N
Thursday, November 23, 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.
n.a.
93
3.1950
95.8
485.1
230
92
218
2.8325
374.00
25.00
7.6388
Month ago
Corporate Debt
Wednesday
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
320.90
9.5800
7.6675
4.3750
3.8600
5.2638
Food
188.43
170.31
0.8580
2.2225
167.50
161.00
71.25
2381
1.2273
1.4176
1.5750
n.a.
0.73
62.05
n.a.
0.8691
118.00
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
Emerging Markets ** 5.562 5.279 6.290
l
l
2250
Cash Prices | WSJ.com/commodities
Grains and Feeds
Yield (%)
Latest(l) 0 20 40 60 80 100 120 Previous
3250
250
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
802.61
Natural gas,
lower 48 states t
Sources: SIX Financial Information via WSJ Market Data Group; U.S. Energy Information Administration; Dow Jones Newswires
Gold, per troy oz
2.050
0.100
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Metals
0.050
Natural gas storage
0.6200
0.7039
*81.50
61.000
n.a.
8.6
Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Country/
Coupon (%) Maturity, in years
980
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
1.0
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
909
Fibers and Textiles
-0.4
Global Government Bonds: Mapping Yields
...
1.0074
1.0421
2.930
2.880
3.000
2.360
2.480
2.340
2.810
59.850
12.100
0.2
** EMBI Global Index
701
Energy
2.880 2.610 3.090
-0.8
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds
246
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
510.49
U.S Agency Bloomberg Barclays
295
Wednesday
Global Government J.P. Morgan†
1.3
275
Wednesday, November 22, 2017
High Yield Constrained 5.769 5.373 6.579
373.77
295
LBMA Platinum Price PM
*927.0
Platinum,Engelhard industrial
940.0
Platinum,Engelhard fabricated
1040.0
Palladium,Engelhard industrial
1007.0
Palladium,Engelhard fabricated
1107.0
Aluminum, LME, $ per metric ton
*2062.0
Copper,Comex spot
3.1345
Iron Ore, 62% Fe CFR China-s
65.6
Shredded Scrap, US Midwest-s,w
276
Steel, HRC USA, FOB Midwest Mill-s
627
Triple-B-rated
Global High Yield Constrained 5.235 4.934 6.222
...
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
2.900 2.660 3.120
7.2
296,088
Other metals
Ginnie Mae (GNMA) 2.850 2.630 3.090
377.66
8.2
145
*80.75
1.9
Global Government 1.400 1.300 1.560
169
Cotlook 'A' Index-t
1955.75
1.6
106
Fibers and Textiles
Mortgage-Backed
0.7
92
*938.0
*2085.0
2.5
545.67
100
LBMA Platinum Price PM
Aluminum, LME, $ per metric ton
1989.63
758.46
59
Other metals
2.650 2.380 2.790
U.S. Aggregate
5.534 4.948 6.144
207
17.2200
20.6640
17.1450
21.4310
£12.8100
16.9650
12938
Mortgage-Backed Bloomberg Barclays
10.780 9.584 12.718
...
Engelhard industrial
Engelhard fabricated
Handy & Harman base
Handy & Harman fabricated
LBMA spot price
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Yield (%)
Latest Low High
Index
Triple-C-rated
...
Silver, troy oz.
YTD total
return (%)
High Yield 100
183
£12.8400
17.0950
Total
return
close
6.2
415.98
210
LBMA spot price
(U.S.$ equivalent)
Source: SIX Financial Information
2848.79
39
Silver, troy oz.
36,626
2,724
2.924 2.770 3.622
110
*1283.95
*1286.95
–.74
–.73
2.521 2.213 3.047
34
LBMA Gold Price AM
LBMA Gold Price PM
323
22-plus year
116
Gold, per troy oz
–5.40
6.5
40
1357.39
1357.39
1566.67
1270.15
1357.39
68,763
112
395.15
135
Wednesday
–2.10
–2.10
2.112 1.744 2.618
34
Maple Leaf-e
American Eagle-e
Mexican peso-e
Austria crown-e
Austria phil-e
94,485
10.0 291,741
10.3
2,583
12-22 year
115
Metals
–1.40
5.9
...
Thursday
–1.75 3,213,608
–1.75 108,743
408.51
...
J F M A M J
2017
67,511
5,220
3.500 3.340 3.870
34,133
Five-year average
for each week
–1.70
–1.80
2.126 1.736 2.516
115,260
D
S&P 500 Index (CME)-$250 x index
2595.00 2599.90 s
2593.30 2594.60
Dec
March'18 2599.50 2599.50 s 2595.50 2595.70
Mini S&P 500 (CME)-$50 x index
2595.75 2600.00 s
2592.75 2594.50
Dec
March'18 2596.75 2601.25 s 2594.00 2595.75
Mini S&P Midcap 400 (CME)-$100 x index
1856.30 1863.70 s
1854.60 1857.30
Dec
Mini Nasdaq 100 (CME)-$20 x index
6381.3
6395.3 s
6375.3
6389.5
Dec
March'18 6396.5 6411.5 s
6392.8
6406.3
Mini Russell 2000 (ICE-US)-$100 x index
1517.10 1526.20 s
1495.00 1516.50
Dec
March'18 1524.00 1527.40 s 1506.60 1518.00
Mini Russell 1000 (ICE-US)-$100 x index
1441.80 1442.20 s
1439.40 1435.70
Dec
U.S. Dollar Index (ICE-US)-$1,000 x index
93.86
93.88
93.12
93.14
Dec
March'18
93.53
93.55
92.82
92.82
–58 152,920
–56
2,636
4.6 7-12 year
0.000
1,506
3,631
275
...
...
23485
23481
4.2 Muni Master
10
1,722
4,027
216
1,186
3,302
23476
23478
363.40
Australia 2
1,919
4,121
384
820
3,765
23599 s
23593 s
23550
23550
519.74
2.750
1,794
4,029
79
1,522
3,160
Dec
March'18
2.710 2.470 2.870
2.750
4250
Index Futures
Mini DJ Industrial Average (CBT)-$5 x index
4.090 4.090 4.710
31
...
...
...
...
...
Yield (%)
Latest Low High
4.4 Double-A-rated
176
19,882 19,553
.0081 450,036
.0081
7,434
10.5 Long term
568.68
37
5,822
1.1840
1.1910
3885.51
144
3,067
1.1749
1.1821
Fannie mae (FNMA) 2.910 2.670 3.120
36
3,839 5,139
.05350 .00050 178,696
.05269 .00049
804
Freddie Mac (FHLMC) 2.930 2.680 3.130
136
...
.05286
.05208
2.7
102
1,630
4,057
323
1,119
2,565
.0031 129,909
.0032
814
.0032
402
.0031
1,509
.0031
11
.0032
264
.05300
.05353
Dec
March'18 .05219 .05271
Euro (CME)-€125,000; $ per €
1.1752
1.1844
Dec
March'18 1.1824 1.1912
2.7
161
jet fuel
Distillates
Residual fuel oil
Propane/propylene
Other oils
.7612
.7611
.7610
.7608
.7608
.7607
Mexican Peso (CME)-MXN 500,000; $ per MXN
1797.11
...
9,003
.7553
.7559
.7555
.7550
.7612
.7581
63
3
1167.27
...
9,431
82,547
312
.0032
.0033
2.800 2.530 3.010
6
9,024
.0105
.0105
.7606
.7605
3.210 3.030 3.520
190
9,172
1.0202
1.0276
U.S. Corporate
19
...
.0085 168,749
.0084
4,067
.7533
…
Open
interest
3.8 Intermediate
5.9
129
9,595
1.3330
1.3373
.7541
… s
Chg
2619.48
2786.95
10
motor gasoline
Kerosene-type
.0044 137,336
.0043
3,738
U.S. Corporate Indexes Bloomberg Barclays
126
Finished
.7874
.7883
Broad Market Bloomberg Barclays
15
20,034
.0103 253,684
.0102
4,773
Index
149
19,755
.9005
.9052
.7541
…
Sept
Dec
Settle
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
10
...
28,112
Contract
High hilo
Low
Open
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
125
19,289
1.0101
1.0181
.7622
.7620
.7606
.7614
.7612
.7614
...
Current
.375
Australian Dollar (CME)-AUD 100,000; $ per AUD
Dec
Jan'18
Feb
March
April
June
-1,400
5-year
avg
1.3222
1.3270
Swiss Franc (CME)-CHF 125,000; $ per CHF
9,771
4-week
avg
.7825
.7836
British Pound (CME)-£62,500; $ per £
Dec
March'18
125,032
Year
ago
.8899
.8959
.7880
.7885
59
Expected Previous
change
week
101.234
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Dec
March'18
233
Weekly Demand, 000s barrels per day
Total petroleum
product
Dec
March'18
143
2,783
100.797
Japanese Yen (CME)-¥12,500,000; $ per 100¥
309
1,885
… 205,856
.005 339,462
Currency Futures
...
1,930
98.843
98.610
98.5250
98.5200
162
1,929 2,036
98.843
98.605
t 98.5000 98.5200 –.0025
2,764
t 98.5200 98.5425 .0200
1,927
Eurodollar (CME)-$1,000,000; pts of 100%
98.4475 98.4525
98.4450 98.4500 .0025 1,663,111
Dec
March'18 98.2600 98.2900
98.2600 98.2850 .0200 1,471,338
June
98.1150 98.1500
98.1150 98.1450 .0300 1,293,478
Dec
97.9450 98.0000
97.9400 98.0000 .0500 1,658,430
98.5250
98.5200
39
...
Open
interest
1 Month Libor (CME)-$3,000,000; pts of 100%
Dec
Jan'18
41
1,927,196
t
101.250
42
Net crude, petroleum
products, incl. SPR
100.828
40
Residual fuel oil
Other oils
Dec
...
Heating oil
Chg
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
41,240
jet fuel
Distillates
98.845
98.610
415.75
Crude oil and
petroleum prod
Settle
High Yield Bonds Merrill Lynch
Inventories, imports and demand for the week ended November 17. Current figures are in thousands of barrels
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
import Natural-gas import and demand data are available monthly only.
Inventories, 000s barrels
Imports, 000s barrels per day
Year
ago
98.845
98.605
719.51
Macro & Market Economics
Watching the Gauges: U.S. Supply and Demand
Expected Previous
Current change
week
Nov
Jan'18
Total
return
close
Interest Rate Futures
1,965
4,999
Contract
High hilo
Low
Open
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
Metal & Petroleum Futures
Dec
344.25
347.00
344.00
345.25
March'18 355.50 358.00
355.25
357.00
Oats (CBT)-5,000 bu.; cents per bu.
Dec
256.25
259.00
250.50
250.75
March'18 272.25 274.75
266.50
266.50
Soybeans (CBT)-5,000 bu.; cents per bu.
988.50
999.50
987.50
997.25
Jan
March
999.50 1010.50
998.75 1008.50
Soybean Meal (CBT)-100 tons; $ per ton.
318.40
325.30
317.80
324.40
Dec
Jan'18
320.30
327.40
319.90
326.70
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Dec
34.17
34.48
33.96
34.05
Jan'18
34.29
34.64
34.10
34.20
Contract
High hilo
Low
Open
WSJ.com/commodities
34.8500
0.2500
0.4100
0.3318
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 11/21
Source: WSJ Market Data Group
Issuer
Symbol Coupon (%)
JPMorgan Chase
Viacom
Qualcomm
Teva Pharmaceutical Finance IV
JPM
General Electric
HSBC Bank
Comcast
Cameron International
GE
VIA
QCOM
TEVA
HSBC
CMCSA
SLB
Maturity
Current
Spread*, in basis points
One-day change
7.900
5.875
2.600
3.650
April 30, ’49
Feb. 28, ’57
Jan. 30, ’23
Nov. 10, ’21
50 –29
353
–19
93 –18
288 –17
5.000
4.125
3.400
4.000
Jan. 21, ’49
Aug. 12, ’20
July 15, ’46
Dec. 15, ’23
114
35
113
123
–13
–12
–9
–9
Last week
Stock Performance
Close ($)
% chg
n.a.
n.a.
122
390
98.64
32.90
68.13
…
–0.29
–1.35
2.19
…
138
50
123
n.a.
18.15
…
36.41
…
1.79
…
–0.03
…
28
111
38
n.a.
...
49.09
…
390.56
...
–0.59
…
0.11
n.a.
188
246
n.a.
...
…
27.21
...
...
…
0.41
...
…And spreads that widened the most
Shell International Finance BV*
Morgan Stanley
PNC Bank NA
Sherwin–Williams
RDSALN
Sammons Financial
Kraft Heinz Foods
Omega Healthcare Investors
SES S.A.
SAMMON
MS
PNC
SHW
KHC
OHI
SESGFP
2.125
3.625
2.300
3.450
May 11, ’20
Jan. 20, ’27
June 1, ’20
Aug. 1, ’25
43
103
50
90
4.450
5.200
4.750
3.600
May 12, ’27
July 15, ’45
Jan. 15, ’28
April 4, ’23
168
184
245
135
15
10
9
9
7
5
5
5
High-yield issues with the biggest price increases…
Issuer
Symbol
RR Donnelley & Sons
MEG Energy
Walter Investment Management
EP Energy
RRD
California Resources
Endo Dac
Revlon Consumer Products
Uniti
CRC
MEGCN
WAC
EPENEG
ENDP
REV
UNIT
Coupon (%)
Maturity
Bond Price as % of face value
Current
One-day change
6.500 Nov. 15, ’23
7.000 March 31, ’24
7.875 Dec. 15, ’21
8.000 Feb. 15, ’25
95.500
91.000
58.000
67.630
8.000
6.000
6.250
7.125
74.063
80.000
57.500
90.250
Dec. 15, ’22
July 15, ’23
Aug. 1, ’24
Dec. 15, ’24
1.50
1.37
1.25
1.13
Last week
Stock Performance
Close ($)
% chg
n.a.
88.313
56.000
66.500
8.37
...
0.33
...
2.20
...
–1.23
...
1.06
1.00
1.00
1.00
69.750
75.750
60.938
89.250
14.99
…
…
16.17
3.24
…
…
2.28
–0.88
–0.66
–0.63
111.625
103.500
88.500
n.a.
...
18.16
3.24
...
...
–0.66
0.62
...
103.000
102.000
103.375
99.375
...
69.19
61.35
...
...
0.79
1.56
...
…And with the biggest price decreases
FMG Resources
KeyCorp*
J. C. Penney
Vistajet Malta Finance
FMGAU
Wynn Las Vegas
CDK Global
T–Mobile USA
1011778 Bc Unlimited Liability
WYNNLV
KEY
JCP
VSTJET
CDK
TMUS
BCULC
9.750 March 1, ’22
5.000 Sept. 15, ’49
5.650
June 1, ’20
7.750
June 1, ’20
111.625 –1.76
104.125
92.220
93.875
5.500 March 1, ’25
4.875
June 1, ’27
6.125 Jan. 15, ’22
4.250 May 15, ’24
103.550
102.053
103.200
100.000
–0.58
–0.57
–0.55
–0.53
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Friday, November 24, 2017 | B9
BIGGEST 1,000 STOCKS
How to Read the Stock Tables
The following explanations apply to NYSE, NYSE
Arca, NYSE MKT and Nasdaq Stock Market listed
securities. Prices are composite quotations that
include primary market trades as well as trades
reported by Nasdaq OMX BXSM (formerly
Boston), Chicago Stock Exchange, CBOE, National
Stock Exchange, ISE and BATS.
The list comprises the 1,000 largest companies
based on market capitalization.
Underlined quotations are those stocks with
large changes in volume compared with the
issue’s average trading volume.
Boldfaced quotations highlight those issues
whose price changed by 5% or more if their
previous closing price was $2 or higher.
Footnotes:
s-New 52-week high.
t-New 52-week low.
dd-Indicates loss in the most recent four
quarters.
FD-First day of trading.
h-Does not meet continued listing
standards
lf-Late filing
q-Temporary exemption from Nasdaq
requirements.
t-NYSE bankruptcy
v-Trading halted on primary market.
vj-In bankruptcy or receivership or being
reorganized under the Bankruptcy Code,
or securities assumed by such companies.
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
changes in the closing prices from 4 p.m. the previous day.
Wednesday, November 22, 2017
Stock
NYSE
ABB
ABB 25.40
AECOM
ACM 36.33
AES
AES 10.68
Aflac
AFL 85.05
AT&T
T
34.87
AbbottLabs ABT 55.80
AbbVie
ABBV 94.47
Accenture
ACN 147.11
AcuityBrands AYI 161.49
Adient
ADNT 77.65
AdvanceAuto AAP 89.62
AdvSemiEngg ASX
6.31
Aegon
AEG
6.03
AerCap
AER 50.81
Aetna
AET 176.24
AffiliatedMgrs AMG 189.99
AgilentTechs A
68.69
AgnicoEagle AEM 44.92
Agrium
AGU 108.73
AirProducts APD 161.62
AlaskaAir
ALK 65.58
Albemarle
ALB 135.25
Alcoa
AA
42.64
s AlexandriaRlEst ARE 126.95
s Alibaba
BABA 189.84
Alleghany
Y
553.00
Allegion
ALLE 83.16
Allergan
AGN 174.83
AllianceData ADS 221.81
AlliantEnergy LNT 44.19
Allstate
ALL 99.30
AllyFinancial ALLY 26.37
AlticeUSA
ATUS 19.33
Altria
MO 65.49
AlumofChina ACH 16.68
Ambev
ABEV 6.40
Ameren
AEE 62.92
AmericaMovil AMX 17.55
AmericaMovil A AMOV 17.48
AmCampus ACC 42.52
AEP
AEP 76.59
AmerExpress AXP 93.82
AmericanFin AFG 102.13
AmerHomes4Rent AMH 21.80
AIG
AIG 59.23
AmerTowerREIT AMT 145.31
AmerWaterWorks AWK 88.66
Ameriprise AMP 159.58
AmerisourceBrgn ABC 81.40
Ametek
AME 70.24
Amphenol
APH 89.90
AnadarkoPetrol APC 48.35
Andeavor
ANDV 103.95
AndeavorLog ANDX 43.92
AB InBev
BUD 115.75
AnnalyCap
NLY 11.88
AnteroResources AR
18.89
Anthem
ANTM 220.42
Aon
AON 139.24
Apache
APA 41.54
ApartmtInv AIV 44.64
ApolloGlbMgmt APO 30.43
AquaAmerica WTR 36.54
Aramark
ARMK 41.07
ArcelorMittal MT
29.19
ArcherDaniels ADM 39.24
Arconic
ARNC 23.75
AristaNetworks ANET 239.01
ArrowElec
ARW 78.68
AstraZeneca AZN 33.83
Athene
ATH 49.30
AtmosEnergy ATO 89.10
Autohome
ATHM 64.83
Autoliv
ALV 123.95
AutoZone
AZO 638.24
Avalonbay
AVB 184.60
Avangrid
AGR 51.73
AveryDennison AVY 111.10
s AxaltaCoating AXTA 35.50
BB&T
BBT 46.49
BCE
BCE 48.48
BHPBilliton BHP 42.27
BHPBilliton BBL 37.27
BP
BP
39.78
BRF
BRFS 12.77
BT Group
BT
16.79
BWX Tech
BWXT 61.04
BakerHughes BHGE 30.71
Ball
BLL 39.52
BancoBilbaoViz BBVA 8.36
BancodeChile BCH 85.56
BancoMacro BMA 99.68
BcoSantChile BSAC 28.81
BancoSantander SAN
6.46
BanColombia CIB
39.50
BankofAmerica BAC 26.66
BankofMontreal BMO 78.35
BankNY Mellon BK
52.43
BkNovaScotia BNS 66.15
Barclays
BCS 10.04
Bard CR
BCR 335.18
BarrickGold ABX 14.14
-0.15
-0.32
0.05
-0.03
0.54
-0.32
-0.21
-0.90
-0.98
-0.21
0.69
0.04
0.01
0.10
-0.21
-0.34
-1.22
0.47
0.51
-0.67
-0.61
-1.45
1.25
-1.01
-1.06
-4.78
-0.24
4.16
-2.03
0.04
-0.40
-0.02
-0.77
-0.16
-0.10
0.05
-0.24
0.20
0.34
0.01
-0.18
-0.59
-0.34
-0.05
-0.40
-1.28
0.08
-0.18
1.94
-0.11
-0.94
0.33
-1.39
0.04
0.13
0.06
0.11
0.40
-2.20
0.10
-0.28
0.27
0.09
-0.19
0.26
-0.10
0.01
-2.42
-0.28
0.10
0.07
-0.32
1.33
0.17
5.84
-0.42
0.04
0.68
1.63
-0.08
0.24
0.61
0.48
0.65
-0.16
0.37
0.24
0.05
-0.08
0.10
0.47
3.00
-0.45
0.06
0.24
-0.07
0.77
0.01
0.33
0.04
-1.48
0.22
Net
Sym Close Chg
Stock
Net
Sym Close Chg
s
s
s
s
s
s
BaxterIntl
BAX 64.04
BectonDicknsn BDX 224.23
Berkley
WRB 66.42
BerkHathwy A BRK.A275000
BerkHathwy B BRK.B 182.56
BerryGlobal BERY 59.48
BestBuy
BBY 56.49
Bio-RadLab A BIO 258.69
BlackKnight BKI
45.95
BlackBerry
BB
10.73
BlackRock
BLK 478.94
Blackstone
BX
31.85
Boeing
BA 265.15
BorgWarner BWA 52.89
BostonProps BXP 125.00
BostonSci
BSX 28.47
Braskem
BAK 29.39
Bristol-Myers BMY 61.14
BritishAmTob BTI
66.80
BroadridgeFinl BR
88.75
BrookfieldMgt BAM 41.45
BrookfieldInfr BIP
43.33
Brown&Brown BRO 50.36
Brown-Forman A BF.A 58.77
Brown-Forman B BF.B 58.67
BuckeyePtrs BPL 46.71
Bunge
BG
65.48
BurlingtonStrs BURL 102.21
CBD Pao
CBD 23.03
CBRE Group CBG 42.49
CBS A
CBS.A 56.99
CBS B
CBS 56.24
CF Industries CF
36.31
CGI Group
GIB
53.88
CIT Group
CIT
47.94
CMS Energy CMS 49.40
CNA Fin
CNA 53.37
CNOOC
CEO 137.81
CPFLEnergia CPL 17.00
CRH
CRH 35.12
CVS Health CVS 71.48
CabotOil
COG 29.44
CalAtlantic
CAA 53.93
CamdenProperty CPT 93.18
CampbellSoup CPB 46.77
CIBC
CM
90.29
CanNtlRlwy CNI
79.61
CanNaturalRes CNQ 34.60
CanPacRlwy CP 173.60
Canon
CAJ 38.51
CapitalOne COF 87.26
CardinalHealth CAH 56.97
Carlisle
CSL 110.75
CarMax
KMX 67.99
Carnival
CCL 66.79
Carnival
CUK 67.06
Caterpillar
CAT 138.01
Celanese A CE 105.93
Cemex
CX
7.85
CenovusEnergy CVE
9.71
Centene
CNC 96.95
CenterPointEner CNP 29.15
CentraisElBras EBR
6.38
CenturyLink CTL 14.34
Chemours
CC
52.86
Chevron
CVX 115.91
ChinaEastrnAir CEA 31.35
ChinaLifeIns LFC 17.47
ChinaMobile CHL 50.59
ChinaPetrol SNP 71.98
ChinaSoAirlines ZNH 47.27
ChinaTelecom CHA 49.34
ChinaUnicom CHU 15.17
Chipotle
CMG 281.27
Chubb
CB 148.25
ChunghwaTel CHT 34.45
Church&Dwight CHD 44.76
Cigna
CI
200.72
CimarexEnergy XEC 115.41
Citigroup
C
72.26
CitizensFin CFG 37.83
Clorox
CLX 134.95
Coca-Cola
KO
45.84
Coca-Cola Euro CCE 38.59
Coca-Cola Femsa KOF 69.23
ColgatePalm CL
71.75
ColonyNorthStar CLNS 12.36
Comerica
CMA 79.34
SABESP
SBS 10.53
ConagraBrands CAG 35.51
ConchoRscs CXO 140.29
ConocoPhillips COP 50.22
ConEd
ED
86.66
ConstBrands A STZ 220.45
ContinentalRscs CLR 46.24
Cooper
COO 238.90
Copa
CPA 134.87
Corning
GLW 31.80
Coty
COTY 16.98
Credicorp
BAP 212.31
CreditSuisse CS
16.57
CrownCastle CCI 111.84
CrownHoldings CCK 58.79
Cullen/Frost CFR 95.48
Cummins
CMI 163.39
-0.21
-2.60
-0.58
...
-0.62
-0.47
0.43
3.01
-0.25
0.19
-2.42
-0.03
-1.84
0.24
-0.20
-0.33
0.18
-0.10
-0.61
-1.95
0.08
0.16
-0.15
-0.33
-0.20
0.69
0.18
-2.73
0.30
-0.33
-0.96
-0.50
-0.14
0.02
0.33
-0.08
-0.12
1.55
0.14
-0.22
-0.02
0.37
0.15
-0.64
0.93
0.50
-0.16
0.31
3.10
0.03
-0.69
1.25
0.21
-0.76
0.24
0.13
0.41
-1.15
0.03
0.10
3.03
0.06
0.20
-0.19
-0.11
0.74
2.95
-0.24
0.22
1.17
3.60
0.08
0.16
1.76
-0.93
0.25
-0.04
-1.27
0.45
-0.12
-0.07
-0.20
0.06
0.50
0.33
-0.47
0.13
-0.06
0.58
-0.03
0.66
0.21
0.18
0.69
0.70
-1.21
-2.81
-0.13
0.11
0.24
0.17
-0.27
-0.25
-1.00
2.75
Stock
Net
Sym Close Chg
s DCT Industrial DCT 61.07
DTE Energy DTE 112.62
DXC Tech
DXC 97.79
s Danaher
DHR 93.76
Darden
DRI 79.76
DaVita
DVA 55.39
s Deere
DE 145.25
DellTechs
DVMT 80.79
DelphiAuto DLPH 100.78
DeltaAir
DAL 50.41
DeutscheBank DB
18.91
DevonEnergy DVN 37.99
Diageo
DEO 137.62
DigitalRealty DLR 117.21
DiscoverFinSvcs DFS 65.50
Disney
DIS 102.74
s DolbyLab
DLB 62.85
DollarGeneral DG
87.23
DominionEner D
82.16
Domino's
DPZ 176.55
Donaldson
DCI
47.86
s DouglasEmmett DEI
40.67
Dover
DOV 94.71
DowDuPont DWDP 70.60
DrPepperSnap DPS 86.40
DrReddy'sLab RDY 35.87
DukeEnergy DUK 88.63
DukeRealty DRE 29.22
ENI
E
33.00
EOG Rscs
EOG 101.59
EQT
EQT 58.18
EastmanChem EMN 90.90
Eaton
ETN 76.22
s EatonVance EV
52.98
Ecolab
ECL 132.99
Ecopetrol
EC
11.89
EdisonInt
EIX
80.15
EdwardsLife EW 108.81
EmersonElec EMR 61.88
EnbridgeEnPtrs EEP 13.15
Enbridge
ENB 36.98
Encana
ECA 11.75
EnelAmericas ENIA 10.01
EnelGenChile EOCC 25.24
EnergyTransferEq ETE 16.17
EnergyTransfer ETP 16.31
Entergy
ETR 85.51
EnterpriseProd EPD 24.64
Equifax
EFX 109.81
EquityLife
ELS 89.81
EquityResdntl EQR 68.14
EssexProp
ESS 249.97
EsteeLauder EL 125.84
EverestRe
RE 219.24
EversourceEner ES
63.81
Exelon
EXC 41.50
ExtraSpaceSt EXR 87.42
ExxonMobil XOM 81.10
FMC
FMC 93.17
s FactSet
FDS 197.59
FederalRealty FRT 131.75
FedEx
FDX 217.83
Ferrari
RACE 111.82
FiatChrysler FCAU 17.60
FibriaCelulose FBR 16.08
s FidNatlFin
FNF 40.11
FidNatlInfo FIS
91.59
58.com
WUBA 79.20
FirstAmerFin FAF 54.60
FirstData
FDC 16.72
FirstRepBank FRC 92.98
FirstEnergy FE
34.24
FleetCorTech FLT 178.64
Fluor
FLR 47.26
FomentoEconMex FMX 90.06
FordMotor
F
12.07
ForestCIty A FCE.A 25.14
Fortis
FTS 37.74
Fortive
FTV 72.00
FortBrandsHome FBHS 64.85
Franco-Nevada FNV 84.23
FranklinRscs BEN 41.40
FreeportMcM FCX 14.24
FreseniusMed FMS 48.92
GGP
GGP 23.34
Gallagher
AJG 66.62
Gap
GPS 29.17
s GardnerDenver GDI 30.98
Gartner
IT
115.99
Gazit-Globe GZT
9.89
GeneralDynamics GD 200.04
GeneralElec GE
18.15
GeneralMills GIS
53.65
GeneralMotors GM
44.29
Genpact
G
31.56
GenuineParts GPC 86.91
Gildan
GIL
31.37
GSK
GSK 35.06
GlobalPayments GPN 102.43
GoDaddy
GDDY 50.43
Goldcorp
GG
13.36
GoldmanSachs GS 236.43
Graco
GGG 130.87
Grainger
GWW 200.40
s GreatPlainsEner GXP 34.26
New Highs and Lows | WSJ.com/newhighs
Stock
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE
MKT and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in
the latest session. % CHG-Daily percentage change from the previous trading session.
Wednesday, November 22, 2017
Stock
52-Wk %
Sym Hi/Lo Chg Stock
KoreaFund
NYSE highs - 179 KornFerry
LambWeston
AMN Healthcare AMN
AXIS CapPfdE AXSpE
AberdeenSingapore SGF
AcornIntl
ATV
AlamoGroup
ALG
AlbanyIntl
AIN
AlexandriaRlEst ARE
AlgonquinPwr AQN
Alibaba
BABA
AllianzGIEqtyConv NIE
AlonUSAPartners ALDW
AmRltyInv
ARL
ArmstrongWorld AWI
ArtisanPtrsAsset APAM
AxaltaCoating AXTA
BB&T Pfd H
BBTpH
BlackstoneMtg BXMT
BluegreenVac BXG
Box
BOX
CGI Group
GIB
CabotOil
COG
CapitalOnePfdH COFpH
Carters
CRI
CenturyComm CCS
Chemed
CHE
ChesapeakeLodging CHSP
ChesapeakeUtil CPK
ChimeraInvPfdA CIMpA
ChinaEastrnAir CEA
ChinaFund
CHN
ChinaSoAirlines ZNH
ChinaYuchai
CYD
Cooper-Standard CPS
Credicorp
BAP
CreditSuisse
CS
Cubic
CUB
CurtissWright CW
DCT Industrial DCT
Danaher
DHR
DaqoNewEnergy DQ
DeckersOutdoor DECK
Deere
DE
DelekUS
DK
Dividend&IncomeFd DNI
DolbyLab
DLB
DouglasEmmett DEI
DriveShack
DS
DynexCapPfdB DXpB
EPAM Systems EPAM
EatonVance
EV
Entergy1stMtgBd EAI
EntergyLA Bd ELU
FactSet
FDS
FidNatlFin
FNF
FirstIndRlty
FR
FirstRepBkPfdH FRCpH
FT EnhEquity FFA
FirstCash
FCFS
Flaherty&CrumDyn DFP
Forestar
FOR
FourCornersProp FCPT
GTT Comm
GTT
GabelliUtilPfdA GUTpA
Gannett
GCI
GardnerDenver GDI
GoldmanSachsPfN GSpN
GreatPlainsEner GXP
GrubHub
GRUB
GpoSupervielle SUPV
GuggStratOpps GOF
HFF
HF
HealthSouth
HLS
HercHoldings HRI
HomeDepot
HD
Honeywell
HON
DR Horton
DHI
HyattHotels
H
IRSA
IRS
IDEX
IEX
IndependenceHldg IHC
Ingevity
NGVT
InstalledBldg
IBP
InvescoMtg
IVR
InvestorsRE PfdC IRETpC
JELD-WEN
JELD
JacobsEngg
JEC
JohnBeanTech JBT
Kaman
KAMN
Kemper
KMPR
KimcoRealtyPfdL KIMpL
47.65
25.67
12.60
19.51
117.93
64.25
128.29
11.27
191.75
21.21
15.65
10.69
56.53
38.80
36.10
27.04
32.89
14.39
23.58
54.13
29.48
27.09
107.58
30.30
241.57
28.79
84.35
26.48
31.42
22.34
47.70
25.29
123.28
214.28
16.69
64.95
121.85
61.53
94.24
49.78
75.41
146.00
32.08
13.35
63.00
41.15
6.20
25.02
106.55
53.10
25.29
25.55
197.76
40.61
32.86
25.68
15.72
66.40
26.99
20.80
26.70
40.95
26.50
11.85
31.88
27.96
34.32
67.84
27.38
21.61
46.45
50.06
57.70
172.94
149.81
49.67
71.22
30.71
130.98
29.45
77.79
75.05
18.22
25.76
39.56
65.80
116.95
58.40
69.83
25.99
3.0
0.6
0.4
1.8
-0.9
-1.2
-0.8
1.9
-0.6
0.4
3.9
-3.2
4.0
0.1
4.8
0.1
0.2
2.7
1.9
...
1.3
0.1
-0.5
1.2
...
-0.3
-1.1
0.4
10.4
0.1
8.2
0.3
0.1
0.1
1.0
2.1
-0.7
-0.6
-0.4
6.8
1.7
4.3
3.9
0.4
0.6
-0.9
-4.5
0.6
-0.1
1.5
0.6
1.2
0.4
-0.9
-1.0
0.3
...
0.3
1.5
-0.5
-0.2
-1.0
1.6
0.9
0.8
0.6
0.4
1.4
2.7
0.3
-1.1
1.9
-0.1
-0.5
-0.2
0.5
0.4
5.8
0.1
-0.2
-1.8
1.5
0.2
-0.2
-1.6
-0.2
-1.5
...
-0.4
0.2
LazardGlblFd
LexingtonRltyPfC
LibertyProperty
LomaNegra
Luxfer
MFS HiIncoMuni
MI Homes
ManchesterUnited
Manpower
MaxarTech
Maximus
MeritageHomes
Moelis
MonmouthRealEst
Moody's
NQ Mobile
NTTDoCoMo
NVR
NatlRetailPropPfdF
NewGermanyFund
NewMediaInvt
NewRelic
NewResidInvt
NortelInversora
NorthstarRltyEur
NovoNordisk
NuSkinEnts
NuvBuildAmBdOpp
NuvCoreEqAlpha
OM AssetMgmt
OasisMidstream
ObsidianEnergy
OneLiberty
Oppenheimer A
PBF Energy
PeabodyEnergy
PebblebrookHotel
PennyMacFinS
PlanetFitness
Praxair
ProtoLabs
PublicStoragePfdF
PulteGroup
PureStorage
QuakerChemical
RELX
RELX
Rayonier
ReinsGrp
Rogers
RoperTech
RymanHospitality
StoreCapital
SailPointTechs
SiteOneLandscape
Square
StateStreetPfdG
SteelPtrsPfdA
SummitHotelPfdE
TelecomArgentina
TemplMktFd
TerrenoRealty
ThaiFund
Toll Bros
TorontoDomBk
Trex
TriNet
Trinseo
Triple-S Mgmt
Twitter
TysonFoods
USG
VF
Valhi
VectorGroup
Verso
Vishay
VishayPrecision
Vonage
WarriorMetCoal
WattsWater
WellsFargoPfdW
WhitestoneREIT
Winnebago
XPO Logistics
Xylem
52-Wk %
Sym Hi/Lo Chg Stock
44.62
KF
43.96
KFY
54.27
LW
17.41
LGI
LXPpC 54.43
45.39
LPT
LOMA 23.92
LXFR 14.42
5.44
CXE
35.81
MHO
MANU 21.40
MAN 129.06
MAXR 64.25
MMS 67.89
51.55
MTH
47.15
MC
17.76
MNR
MCO 149.89
4.47
NQ
25.61
DCM
NVR 3421.90
NNNpF 25.47
19.36
GF
NEWM 17.23
NEWR 57.96
17.95
NRZ
45.54
NTL
14.67
NRE
51.99
NVO
66.50
NUS
22.87
NBD
16.11
JCE
OMAM 16.30
18.61
OMP
1.40
OBE
27.05
OLP
26.95
OPY
33.75
PBF
32.81
BTU
38.05
PEB
19.95
PFSI
PLNT 31.42
152.49
PX
PRLB 93.00
PSApF 25.42
32.95
PHM
PSTG 18.57
KWR 165.93
RENX 23.11
RELX 23.79
31.72
RYN
RGA 152.54
ROG 168.07
ROP 261.88
69.59
RHP
STOR 26.58
15.11
SAIL
73.16
SITE
49.55
SQ
STTpG 28.10
SPLPpT 21.24
INNpE 25.67
34.97
TEO
17.76
EMF
TRNO 38.54
11.18
TTF
48.23
TOL
58.76
TD
TREX 113.84
TNET 44.99
73.70
TSE
28.64
GTS
TWTR 22.40
79.79
TSN
35.64
USG
73.40
VFC
5.89
VHI
22.48
VGR
10.86
VRS
23.45
VSH
27.85
VPG
9.97
VG
30.49
HCC
73.40
WTS
WFCpW 26.44
14.93
WSR
WGO 51.60
77.90
XPO
67.90
XYL
1.0
-0.3
0.9
1.2
1.5
-0.1
1.6
0.4
0.9
0.2
2.2
-0.7
1.6
-0.4
-0.2
...
-0.1
...
3.7
0.5
1.2
0.5
0.1
0.8
0.4
0.7
2.4
0.6
0.2
1.3
0.2
0.7
0.2
...
3.8
-0.1
...
0.7
0.5
-0.5
0.5
0.2
0.2
-0.2
...
0.3
2.5
-1.5
0.1
...
0.2
0.2
-2.5
...
-0.9
0.5
11.3
-0.9
1.6
0.4
0.3
0.2
1.6
0.9
0.6
0.5
0.3
1.0
-0.4
-1.2
-0.8
-0.4
1.8
0.7
0.7
1.0
6.0
-0.1
6.5
-0.4
-4.2
2.4
3.5
-0.8
0.4
0.8
-0.1
-0.8
-0.1
17.01 -0.5
2.94 -0.7
16.80 -0.2
11.62 -4.1
7.27 -0.7
10.23 0.6
10.84 -0.2
26.59 -3.2
22.21 0.5
0.76 -5.7
9.50 -1.2
6.27 0.4
5.18 -5.4
4.25 3.2
23.44 -3.4
5.10 0.9
58.46 1.7
9.83 -0.5
14.76 -0.6
14.24 0.8
14.20 -0.4
16.70 0.7
8.05 -24.3
0.27 -66.0
1.77 -1.1
1.08 1.8
10.58 -1.8
17.65 -0.7
NYSE Arca highs - 281
ALPS EqSecWgh EQL
ARKIndlInnovation ARKQ
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
AdvShKIMKorea KOR
AdvShNewTech FNG
Barrons400ETF BFOR
BuzzUSSentLdrs BUZ
CSOPFTSEChinaA50 AFTY
ColumbiaEMCoreXCh XCEM
ColumbiaSustGlb ESGW
CnsmrDiscSelSector XLY
DiamondHillVal DHVW
DirexAllCapIns KNOW
DirexCSIChinaInt CWEB
DirexEM Bull3 EDC
DirexChinaBl3 YINN
DirexHmbldrBull3 NAIL
DirexMcBull3 MIDU
DirexPharmBl3X PILL
DirexS&P500Bull2X SPUU
DirexS&P500Bl1.25 LLSP
DirexSemiBl3 SOXL
DirexScBl1.25 LLSC
DirexSCBull3 TNA
DirexKRBull3 KORU
DirexTechBull3 TECL
Direx iBillionaire IBLN
DirexNasd100EW QQQE
ETFMG PrimeMob IPAY
ElemntsRogrEngy RJN
EthoClimateLeader ETHO
FidelityHiDiv
FDVV
FidelityLowVol FDLO
FidelityMSCICnDisc FDIS
FidelityMSCIIT FTEC
FidelityMomFactor FDMO
FidelityQualFactor FQAL
FidelityValFactor FVAL
FT ConsDscAlpDx FXD
FT DJ Internet FDN
EqCompassRiskMgr ERM
FT DJ SelMicro FDM
FT FinlsAlpDx FXO
FTHeitmanPrmRlEst PRME
FT Chindia
FNI
FT IndlsAlpDx FXR
FT USEquityOpp FPX
FT ValueLine100 FVL
FT Water
FIW
FlexShSelBdFd BNDC
FlexShEM FactTilt TLTE
FrankFTSEBrazil FLBR
FrankFTSE SKorea FLKR
FranklinLibEM FLQE
FranklinGlbEquity FLQG
GS ConnS&PGSCI GSC
GlbX ChinaFinls CHIX
GlbX FTSE SE Asia ASEA
1.97 -1.7
GS Active US SC GSSC
13.70 -0.1
GSHedgeIndVIP GVIP
NYSE lows - 30
BellatrixExplor BXE
BlackRockFRIncm FRA
52-Wk %
Sym Hi/Lo Chg
BlackstnGSOSrFloat BSL
BlueApron
APRN
Cannae
CNNE
ChinaOnlineEduc COE
ClearBridgeAmEn CBA
ClearbridgeEngyMLP EMO
ClearbridgeEnMLPTR CTR
Despegar.com DESP
Doubleline Oppor DBL
EXCO Res
XCO
EtnVncFR2022 EFL
FT SpecFin
FGB
GNC Holdings GNC
GenieEnergy
GNE
Glaukos
GKOS
KingswayFin
KFS
NationalGrid
NGG
NuvEMDebt2022 JEMD
NuvMN QualMuni NMS
NuvNJ MuniVal NJV
NuvNY MuniVal2 NYV
NuvShrtDurCrOppFd JSD
PPDAI
PPDF
PatriotNational PN
RubiconProject RUBI
SandRidgeMS SDT
SeaWorldEnt SEAS
Switch
SWCH
-0.35
-0.02
-1.23
-0.42
-0.57
0.22
6.02
-1.44
-1.22
-0.26
-0.10
0.44
-0.30
-1.07
-0.14
-0.26
0.38
0.58
0.79
-0.33
0.31
-0.35
-0.08
-0.66
-0.63
-0.93
-0.18
-0.08
0.41
-0.07
-0.14
-0.11
-0.08
0.80
0.54
0.33
-0.07
-0.71
1.53
0.30
0.18
0.11
-0.09
-0.53
0.12
-0.02
-0.10
0.28
-0.51
-0.85
0.04
-2.14
0.34
-3.01
-0.12
0.11
-0.24
0.23
-1.25
0.83
0.15
0.51
0.33
-0.31
-0.26
-0.38
-0.15
0.66
-0.50
-0.05
0.19
0.01
-1.28
-0.30
1.21
-0.05
-0.13
0.49
-0.38
-0.34
0.15
-0.18
0.09
-0.21
-0.01
-0.34
-0.54
0.25
-1.20
0.01
-0.06
0.32
0.13
-0.68
0.12
0.96
0.07
0.25
-0.78
-0.06
0.13
-1.59
-1.23
0.77
0.12
68.10 0.1
34.61 -0.2
36.78 0.9
45.44 0.2
32.69 1.0
23.48 ...
40.92 -0.1
32.13 ...
19.60 0.3
29.59 0.8
30.80 0.3
94.58 0.1
31.04 ...
42.64 0.2
58.00 0.3
127.99 0.8
37.86 0.6
84.01 -0.1
44.90 -0.2
26.00 2.4
47.22 -0.1
34.88 ...
171.80 -2.0
35.42 0.4
69.18 -0.3
66.40 1.3
114.32 -0.4
32.02 ...
42.95 0.1
34.92 -0.2
3.72 -11.3
33.90 -0.1
27.92 0.3
29.73 -0.1
37.43 0.2
50.82 -0.2
31.17 ...
30.93 -0.1
31.54 -0.1
40.00 0.2
110.13 0.3
21.43 0.4
47.88 -0.2
30.72 -0.2
20.59 0.3
40.30 0.2
38.38 ...
67.50 -0.1
23.58 -0.4
48.16 ...
25.61 0.1
59.05 0.4
25.24 1.1
26.40 ...
33.11 0.2
30.20 ...
24.75 1.1
18.67 0.5
16.49 ...
43.13 0.3
53.24 -0.1
Net
Sym Close Chg
Stock
s GrubHub
GRUB 67.70
GpoAvalAcc AVAL 8.57
GpFinSantMex BSMX 8.30
GrupoTelevisa TV
18.59
Guidewire
GWRE 81.88
HCA Healthcare HCA 77.07
HCP
HCP 26.71
HDFC Bank HDB 97.92
HP
HPQ 21.34
HSBC
HSBC 49.18
Halliburton HAL 41.43
Hanesbrands HBI 19.82
HarleyDavidson HOG 47.68
Harris
HRS 142.52
HartfordFinl HIG 55.78
HealthcareAmer HTA 30.81
Heico
HEI
92.23
Heico A
HEI.A 77.10
Helm&Payne HP
56.61
Herbalife
HLF 68.09
Hershey
HSY 108.12
Hess
HES 43.45
HewlettPackard HPE 13.10
Hilton
HLT 75.68
HollyFrontier HFC 44.39
s HomeDepot HD 172.06
HondaMotor HMC 33.16
s Honeywell
HON 148.99
HormelFoods HRL 34.27
s DR Horton
DHI 49.58
HostHotels HST 19.78
HuanengPower HNP 27.00
Hubbell
HUBB 121.00
Humana
HUM 238.30
HuntingIngalls HII 234.07
Huntsman
HUN 30.82
s HyattHotels H
70.91
ICICI Bank
IBN
9.75
ING Groep
ING 17.91
Invesco
IVZ
35.23
IQVIA
IQV 103.95
s IDEX
IEX 130.31
IllinoisToolWks ITW 159.62
Infosys
INFY 15.20
Ingersoll-Rand IR
84.59
Ingredion
INGR 135.01
ICE
ICE
67.66
InterContinentl IHG 57.54
IBM
IBM 151.77
IntlFlavors
IFF 150.98
IntlGameTech IGT
27.97
IntlPaper
IP
54.75
Interpublic
IPG
18.72
InvitatHomes INVH 23.50
IronMountain IRM 41.14
IsraelChemicals ICL
3.88
ItauUnibanco ITUB 13.26
JPMorganChase JPM 98.64
s JacobsEngg JEC 64.78
JamesHardie JHX 16.53
JanusHenderson JHG 36.41
J&J
JNJ 137.29
JohnsonControls JCI
36.79
JonesLang
JLL 148.81
JuniperNetworks JNPR 27.01
KAR Auction KAR 48.69
KB Fin
KB
51.80
KKR
KKR 19.52
KT
KT
14.75
KSCitySouthern KSU 105.95
Kellogg
K
64.71
KeyCorp
KEY 18.16
KeysightTechs KEYS 45.19
KilroyRealty KRC 75.29
KimberlyClark KMB 116.05
KimcoRealty KIM 18.78
KinderMorgan KMI 17.10
Knight-Swift KNX 39.92
Kohl's
KSS 44.63
KoninklijkePhil PHG 39.18
KoreaElcPwr KEP 17.20
Kroger
KR
23.14
Kyocera
KYO 71.47
LATAMAirlines LTM 13.74
L Brands
LB
48.80
LG Display
LPL 14.47
LINE
LN
43.87
L3 Tech
LLL 189.20
LabCpAm
LH 151.91
s LambWeston LW
54.25
LasVegasSands LVS 67.70
Lazard
LAZ 47.63
Lear
LEA 176.20
Leggett&Platt LEG 46.65
Leidos
LDOS 61.10
Lennar A
LEN 60.61
Lennar B
LEN.B 50.03
LennoxIntl
LII
196.15
LeucadiaNatl LUK 25.36
s LibertyProperty LPT 45.16
EliLilly
LLY
83.68
LincolnNational LNC 73.59
LionsGate A LGF.A 32.98
LionsGate B LGF.B 31.32
LiveNationEnt LYV 44.42
LloydsBanking LYG
3.53
LockheedMartin LMT 314.87
Loews
L
49.36
Lowe's
LOW 79.56
LyondellBasell LYB 103.42
M&T Bank
MTB 159.92
MGM Resorts MGM 33.45
MPLX
MPLX 34.86
MSCI
MSCI 127.50
Macerich
MAC 64.27
Macy's
M
20.63
MagellanMid MMP 65.99
MagnaIntl
MGA 54.12
s Manpower
MAN 127.55
ManulifeFin MFC 21.13
MarathonOil MRO 14.88
MarathonPetrol MPC 62.01
Markel
MKL 1080.12
Marsh&McLen MMC 82.65
MartinMarietta MLM 207.13
Masco
MAS 39.94
Mastercard MA 151.25
McCormick MKC 99.01
52-Wk %
Sym Hi/Lo Chg Stock
GuggBRIC
EEB
GuggChinaAllCap YAO
GuggChinaTech CQQQ
GuggS&P500EW RSP
GuggS&P500PureGr RPG
GuggS&P500PrVal RPV
GuggS&P400PrGrwth RFG
GuggS&P400PureVal RFV
GuggS&P600PrGrwth RZG
GuggInsider
NFO
GuggS&P500Top50 XLG
GuggS&PGlblWtr CGW
GuggS&PMC400EW EWMC
GuggS&PSC600EW EWSC
GuggTR Bond GTO
HartfordMultiGlbSC ROGS
HartfordMultiUSEqu ROUS
IQGlobalResources GRES
IQHedgeMktNeut QMN
InnovatorIBD50 FFTY
Inspire100ETF BIBL
iPathCBOE S&P500BW BWV
iPathShortTmFturs XXV
iPathPBBroadCmod BCM
iShAggrAllocation AOA
iShGrwthAllocation AOR
iShCoreMSCIEmgMk IEMG
iShMSCIIntlDev IDEV
iShModAllocation AOM
iShCoreS&P MC IJH
iShCoreS&P SC IJR
iShS&PTotlUSStkMkt ITOT
iShUSConsumerSvcs IYC
iShU.S.Technology IYW
iShEdgeMSCIIntQual IQLT
iShEdgeMSCIMultif ACWF
iShEdgeMSCIMlIntSC ISCF
iShEdgeMSCIUSASC SMLF
iShEdgeMSCIUSASize SIZE
iShACWILowCarbon CRBN
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIFrontier100 FM
iShMSCIJapanSC SCJ
iShMSCIKokusaiETF TOK
iShMSCIPacificxJp EPP
iShMSCIRussiaCpd ERUS
iShMSCISingapore EWS
iShMSCISouthAfrica EZA
iShMSCISouthKorea EWY
iShMSCITaiwanCap EWT
iShMSCIThailandCap THD
iShMSCIUSAESGSelct SUSA
iShMSCIUSAEqWeight EUSA
iShMSCIWorldETF URTH
iShMornLCGrowth JKE
iShMorningstarMC JKG
iShMorningstarSC JKJ
iShMornSCGrowth JKK
iShRussell1000Gwth IWF
iShRussell1000 IWB
iShRussell2000Gwth IWO
iShRussell2000 IWM
iShRussell3000 IWV
iShRussellMid-Cap IWR
iShRussellMCValue IWS
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShIntlDevProperty WPS
iShGlobalConsDiscr RXI
iShS&PMC400Value IJJ
iShS&PSC600Value IJS
iShNorthAmerTech IGM
iSh10+YCreditBond CLY
iShDowJonesUS IYY
iShChinaLC
FXI
iShRussellMCGrowth IWP
iShUSBrokerDealers IAI
HancockLC
JHML
HancockMC
JHMM
HancockMultiSC JHSC
JPM DivRetEM JPEM
JPM DivRetGlEq JPGE
JPM Div US SC JPSE
KnowldgLdrDevWrld KLDW
MadronaIntl
FWDI
NationRiskBasedUS RBUS
NatixisSeeyondIntl MVIN
OppenheimerLgCpRev RWL
OppenheimerMdCpRev RWK
PIMCO DynMultEM MFEM
PwrShDynBldg&Con PKB
PwrShDynSemicon PSI
PwrShDynSoftware PSJ
PwrShFTSE US1000 PRF
PwrShDynLC Grwth PWB
PwrShRussMCGrw PXMG
PwrShRuss1000EqWt EQAL
PwrShRussTop200G PXLG
38.49
36.61
67.24
98.09
105.60
63.36
152.70
66.71
112.96
61.99
184.57
35.78
62.71
54.00
53.09
31.19
30.19
27.68
25.66
35.14
25.75
77.70
39.88
32.00
54.95
45.66
57.73
57.69
38.44
186.19
76.54
59.70
170.67
165.44
29.52
30.71
31.93
39.59
81.89
116.07
47.93
52.12
32.93
78.91
64.31
47.94
35.19
26.46
64.00
77.45
38.42
90.58
108.62
54.00
86.65
154.30
180.80
170.16
178.78
132.58
144.95
185.08
151.77
154.47
203.87
86.87
72.06
59.85
213.49
150.71
39.16
106.14
156.36
152.41
170.73
62.87
130.44
48.36
118.83
59.48
34.02
33.50
25.55
58.93
62.04
29.49
33.11
30.83
25.55
46.20
49.10
58.65
25.69
33.83
55.53
67.28
109.61
41.24
42.26
30.34
45.40
0.8
...
0.3
...
-0.3
-0.1
-0.1
0.2
...
-0.2
...
0.2
0.4
0.2
0.4
0.4
-0.4
0.5
0.1
-0.5
0.3
0.9
4.9
2.8
...
0.2
0.2
0.3
0.2
-0.1
-0.2
-0.1
0.2
-0.2
...
-0.1
0.6
-0.3
-0.1
0.1
0.3
0.1
2.3
0.2
0.3
0.4
1.6
0.5
-0.2
0.4
0.3
0.2
-0.1
...
...
-0.1
-0.1
0.2
0.3
-0.1
-0.1
-0.2
-0.1
-0.1
-0.1
...
-0.1
...
...
-0.1
0.4
0.2
...
-0.2
-0.1
0.5
-0.1
0.2
-0.1
-0.5
0.1
0.1
0.2
0.4
0.2
-0.2
0.1
0.9
0.1
0.1
...
0.3
0.5
-0.1
-1.3
-0.5
...
-0.2
0.5
0.2
-0.3
0.91
0.06
0.13
-0.11
-0.16
1.18
-0.09
1.24
-1.12
0.83
0.26
0.31
1.00
-1.48
-0.31
-0.14
-0.02
0.10
0.77
0.87
-0.39
0.38
-1.02
0.04
-0.40
-0.80
0.04
-0.36
-0.25
0.23
-0.01
-0.25
0.84
1.88
-1.85
-0.18
0.26
0.02
0.12
-0.40
-0.41
0.19
0.16
0.08
-0.69
0.08
-0.62
0.13
-0.18
-0.73
-0.54
0.04
...
0.13
-0.21
-0.04
0.02
-0.29
-0.14
0.11
0.05
-1.05
0.79
-1.42
0.03
0.41
0.41
0.02
0.50
1.01
0.36
-0.12
0.04
0.08
-0.95
0.04
0.23
0.25
0.42
0.17
0.06
0.36
0.06
0.10
-0.29
0.11
-0.17
-1.28
-0.93
0.51
-0.09
0.14
-0.44
0.25
-0.35
0.08
-0.03
-0.83
-0.31
-0.03
0.17
0.09
0.13
0.09
0.53
-0.01
-2.07
-0.02
-1.03
-0.40
-0.27
0.11
0.48
...
0.74
0.21
0.94
0.10
-0.84
0.02
0.36
-0.28
-4.62
-0.80
-0.31
-0.07
-1.26
-1.05
Stock
s
s
s
t
s
s
s
s
s
s
s
Net
Sym Close Chg
McCormickVtg MKC.V 99.05
McDonalds MCD 169.05
McKesson
MCK 145.80
Medtronic
MDT 82.34
Merck
MRK 54.37
MetLife
MET 51.71
MettlerToledo MTD 626.35
MichaelKors KORS 56.61
MicroFocus MFGP 35.88
MidAmApt MAA 104.12
MitsubishiUFJ MTU 6.78
MizuhoFin
MFG 3.58
MobileTeleSys MBT 10.76
MohawkInds MHK 274.01
MolsonCoors B TAP 79.54
Monsanto
MON 118.22
Moody's
MCO 149.40
MorganStanley MS
49.09
Mosaic
MOS 23.89
MotorolaSol MSI 91.83
NRG Energy NRG 29.22
NTTDoCoMo DCM 25.60
NVR
NVR 3417.22
NationalGrid NGG 58.68
NatlOilwell
NOV 31.94
NatlRetailProp NNN 42.55
NewOrientalEduc EDU 89.31
NY CmntyBcp NYCB 12.84
NewellBrands NWL 28.20
NewfieldExpln NFX 30.66
NewmontMin NEM 36.71
NextEraEnergy NEE 155.18
NielsenHoldings NLSN 36.59
Nike
NKE 59.07
NiSource
NI
27.04
NobleEnergy NBL 25.88
Nokia
NOK
5.05
NomuraHoldings NMR 5.71
Nordstrom
JWN 41.16
NorfolkSouthern NSC 129.23
NorthropGrum NOC 302.02
Novartis
NVS 84.48
NovoNordisk NVO 51.84
Nucor
NUE 56.15
OGE Energy OGE 34.91
ONEOK
OKE 50.58
OccidentalPetrol OXY 68.23
Olin
OLN 36.92
Omnicom
OMC 68.87
Oracle
ORCL 48.58
Orange
ORAN 16.74
OrbitalATK OA 132.35
Orix
IX
83.59
Oshkosh
OSK 85.90
OwensCorning OC
87.29
PG&E
PCG 53.89
PLDT
PHI
32.56
PNC Fin
PNC 133.04
POSCO
PKX 72.04
PPG Ind
PPG 115.27
PPL
PPL 36.06
PVH
PVH 135.27
PackagingCpAm PKG 112.07
PaloAltoNtwks PANW 151.39
ParkHotels PK
29.08
ParkerHannifin PH 184.61
ParsleyEnergy PE
26.54
Pearson
PSO
9.33
PembinaPipeline PBA 34.86
Pentair
PNR 69.51
PepsiCo
PEP 115.08
PerkinElmer PKI
73.04
Perrigo
PRGO 86.70
PetroChina PTR 68.47
PetroleoBrasil PBR 10.26
PetroleoBrasilA PBR.A 9.97
Pfizer
PFE 35.43
PhilipMorris PM 103.54
Phillips66
PSX 93.29
PinnacleFoods PF
55.61
PinnacleWest PNW 89.28
PioneerNatRscs PXD 154.08
PlainsAllAmPipe PAA 19.57
PlainsGP
PAGP 20.61
PolarisIndustries PII 123.58
Potash
POT 19.43
Praxair
PX 151.72
PrincipalFin PFG 68.40
Procter&Gamble PG
88.33
Progressive PGR 51.68
Prologis
PLD 66.89
PrudentialFin PRU 109.70
Prudential
PUK 50.01
PublicServiceEnt PEG 51.43
PublicStorage PSA 211.29
PulteGroup PHM 32.84
QuantaServices PWR 36.47
QuestDiag
DGX 92.52
RELX
RENX 23.03
RELX
RELX 23.74
RPM
RPM 52.23
RSP Permian RSPP 36.48
RalphLauren RL
91.94
RaymondJames RJF 84.97
Raytheon
RTN 185.46
RealtyIncome O
56.29
RedHat
RHT 126.59
RegencyCtrs REG 67.67
RegionsFin RF
15.56
ReinsGrp
RGA 152.34
RepublicSvcs RSG 62.35
ResMed
RMD 85.27
RestaurantBrands QSR 65.86
RioTinto
RIO 49.01
RobertHalf RHI 54.59
Rockwell
ROK 191.02
RockwellCollins COL 132.53
RogersComm B RCI
53.93
Rollins
ROL 45.32
RoperTech
ROP 260.58
RoyalBkCanada RY
79.79
RoyalBkScotland RBS
7.30
RoyalCaribbean RCL 125.45
RoyalDutchA RDS.A 62.15
RoyalDutchB RDS.B 64.25
SAP
SAP 113.85
S&P Global SPGI 163.22
SINOPEC
SHI
60.40
-1.28
0.75
2.93
-0.32
0.10
...
-1.27
0.28
0.07
-0.47
0.15
0.03
0.16
-0.24
0.22
-0.26
-0.06
-0.29
0.28
-0.62
-0.25
0.12
40.22
0.98
0.14
-0.11
-1.08
-0.03
0.23
0.48
0.34
-0.04
0.59
-0.32
-0.18
0.31
...
0.01
-0.14
0.13
-2.29
0.20
0.09
0.17
0.09
0.38
0.35
-0.23
-0.67
-0.05
0.15
0.02
0.16
-0.33
0.31
0.16
0.04
-0.07
0.16
-0.07
0.04
-0.84
0.03
1.99
-0.06
0.32
0.21
0.10
0.17
0.16
-0.97
-0.22
-0.05
1.63
0.23
0.23
-0.11
0.18
-0.33
0.04
-0.10
1.85
-0.04
0.13
0.48
0.11
0.37
-0.15
-0.39
-0.19
-0.51
-0.36
-0.77
-0.17
-0.03
0.11
-0.42
0.06
0.03
0.01
-0.14
0.48
1.67
-0.18
-1.13
-0.25
-1.92
-0.14
-0.10
0.24
-0.65
-0.39
-0.01
0.96
-0.28
-2.00
-0.23
-0.50
-0.08
0.10
0.84
-0.04
0.66
0.67
0.77
-1.44
-0.48
0.79
52-Wk %
Sym Hi/Lo Chg Stock
PwrShRuss2000Grw PXSG
PwrShS&PIntlDev IDMO
PwrShS&P400LowVol XMLV
PwrShS&P600LowVol XSLV
ProShS&P500xEner SPXE
ProShS&P500xTech SPXT
ProShShtVIXST SVXY
ProShrUltraDow30 DDM
ProShXinhuaChina25 XPP
ProShUltMSCIEM EET
ProShrUMdCp400 MVV
ProShrUltraQQQ QLD
ProShrUltraRus UWM
ProShrUlSemi USD
ProShrUlSmC600 SAA
ProShUltDow30 UDOW
ProShUltMC400 UMDD
ProShUltRus2000 URTY
REXGoldHdgS&P500 GHS
RenaissanceIPOETF IPO
RivFrDynUSDiv RFDA
RivFrDynUSFlex RFFC
SPDRBloomBarCvSecs CWB
SPDRGlobalDow DGT
SPDRMFSSysValueEqu SYV
SPDRMSCIACWIIMI ACIM
SPDREMFossilFuelFr EEMX
SPDRMSCIEMStrat QEMM
SPDRPtfEM
SPEM
SPDRPtfLTCorpBd SPLB
SPDRPtfMC
SPMD
SPDRS&P500Growth SPYG
SPDRPtfSC
SPSM
SPDR Ptf TSM SPTM
SPDRPtfWorldxUS SPDW
SPDRMomentumTilt MMTM
SPDR S&P500MidGr MDYG
SPDR S&P400MidVl MDYV
SPDRS&P600SmallCap SLY
SPDR S&P600SCpGr SLYG
SPDR S&P600SCapVal SLYV
SPDRS&PGlbDividend WDIV
SPDRS&PHlthCareEqp XHE
SPDRS&PSft&Svs XSW
SPDRS&PTechHardwr XTH
SPDRGenderDivers SHE
SPDR US SC LowVol SMLV
SPDRSSgAGlbAll GAL
SPDRSSgAIncmAllctn INKM
SchwabEM Equity SCHE
SchwabFundEmgLrg FNDE
SchwabFundUSBrd FNDB
SchwabFundUSLrgCo FNDX
SchwabFundUSSmCo FNDA
SchwabIntEquity SCHF
SchwabIntlSC SCHC
Schwab1000Index SCHK
SchwabUS BrdMkt SCHB
SchwabUS LC SCHX
SchwabUS LC Grw SCHG
SchwabUS MC SCHM
SchwabUS SC SCHA
SPDR DJIA Tr DIA
SPDR MSCI exUS CWI
SPDREmMktSmlCp EWX
SPDR S&PMdCpTr MDY
SPDR S&P Home XHB
SPDR IntlSC
GWX
SPDR S&P Semi XSD
USAA EM ValMom UEVM
USAA USA SC Val USVM
USAA USA ValMom ULVM
US3xOilFd
USOU
VanEckAfrica AFK
VanEckAgribus MOO
VanEckGaming BJK
VanEckNDRCMGLg LFEQ
VanEckRetail RTH
VanEckSemiconduc SMH
VangdExtMkt VXF
VangdInfoTech VGT
VangdCnsmrDiscr VCR
VangdSC Val VBR
VangdSC Grwth VBK
VangdDivApp VIG
VangdAWxUSSC VSS
VangdFTSEDevMk VEA
VangdFTSE EM VWO
VangdFTSE Pac VPL
VangdFTSEAWxUS VEU
VangdGrowth VUG
VangdLC
VV
VangdMegaCap MGC
VangdMegaGrwth MGK
VangdMC
VO
VangdMCGrowth VOT
VangdS&P500 Grw VOOG
VangdS&PMC400 IVOO
VangdS&P400Grwth IVOG
VangdS&P400Val IVOV
VangdS&P600 VIOO
VangdS&P600Grwth VIOG
31.62
28.04
45.73
47.54
54.71
50.24
114.23
120.39
88.92
94.53
118.29
73.36
69.80
137.58
96.86
82.03
108.46
81.10
33.14
28.70
30.99
32.13
52.67
82.76
64.23
78.00
70.19
64.54
38.23
28.42
33.13
32.55
29.86
32.41
31.43
113.46
155.68
101.40
134.14
236.29
129.77
69.22
66.61
70.35
82.49
71.63
97.87
37.92
33.59
28.38
30.00
35.90
36.03
37.35
34.33
36.58
25.59
63.01
62.21
69.40
52.28
69.02
236.06
39.05
51.18
339.36
42.26
36.32
74.91
50.89
51.11
51.20
40.28
24.50
60.90
44.94
26.50
86.00
105.83
110.51
167.37
149.51
130.46
159.90
98.69
117.87
44.51
45.84
72.84
54.40
139.24
119.58
89.40
110.03
151.60
127.21
135.20
125.66
132.45
120.00
139.78
145.86
0.4
1.0
-0.2
-0.4
0.1
0.4
0.9
-0.6
0.4
0.2
-0.2
0.3
-0.2
-1.2
0.2
-0.7
0.4
-0.4
1.5
0.8
0.2
...
-0.1
0.4
...
0.4
0.6
0.3
0.1
0.5
-0.1
...
...
-0.1
0.3
...
-0.1
...
0.2
-0.3
-0.1
0.6
-0.3
0.3
2.9
-0.1
...
0.2
0.2
0.2
0.9
0.1
...
-0.1
0.3
0.5
-0.1
-0.1
-0.1
0.1
...
...
-0.2
0.4
0.4
-0.1
...
0.6
-0.7
0.7
-0.2
-0.3
4.6
1.0
0.3
0.1
-0.1
0.4
-0.7
-0.1
-0.3
0.1
...
...
-0.3
0.5
0.3
0.3
0.2
0.3
-0.1
-0.1
-0.1
...
...
-0.1
-0.1
...
...
0.1
-0.2
-0.2
Net
Sym Close Chg
Stock
s
s
s
s
s
s
s
SK Telecom SKM 26.72
SLGreenRealty SLG 100.75
Salesforce.com CRM 106.83
Sanofi
SNY 45.37
SantanderCons SC
16.95
Sasol
SSL 31.22
Scana
SCG 43.49
Schlumberger SLB 62.14
SchwabC
SCHW 45.80
ScottsMiracleGro SMG 97.06
SealedAir
SEE 45.31
SemicondctrMfg SMI
7.70
SempraEnergy SRE 118.66
SensataTech ST
48.93
ServiceCorp SCI
35.88
ServiceMaster SERV 47.16
ServiceNow NOW 127.45
ShawComm B SJR 22.22
SherwinWilliams SHW 390.56
ShinhanFin SHG 44.26
Shopify
SHOP 110.41
SimonProperty SPG 158.33
SmithAO
AOS 60.86
Smith&Nephew SNN 35.79
Smucker
SJM 112.70
Snap
SNAP 12.62
SnapOn
SNA 161.37
SOQUIMICH SQM 56.52
Sony
SNE 47.22
Southern
SO
51.36
SoCopper
SCCO 43.81
SouthwestAir LUV 55.09
SpectraEnerPtrs SEP 40.25
SpectrumBrands SPB 114.28
SpiritAeroSys SPR 82.87
Sprint
S
6.15
Square
SQ
48.81
StanleyBlackDck SWK 165.99
StarwoodProp STWD 21.78
StateStreet STT 92.67
Statoil
STO 20.34
Steris
STE 87.90
STMicroelec STM 24.10
Stryker
SYK 154.79
SumitomoMits SMFG 7.98
SunComms SUI
93.17
SunLifeFinancial SLF 39.63
SuncorEnergy SU
35.42
SunTrustBanks STI
57.62
SynchronyFin SYF 33.67
Syngenta
SYT 92.40
Sysco
SYY 54.90
TAL Education TAL 27.80
TE Connectivity TEL 94.51
Telus
TU
38.11
TIM Part
TSU 18.75
TJX
TJX 70.57
TaiwanSemi TSM 42.41
Tapestry
TPR 41.03
TargaResources TRGP 43.28
Target
TGT 57.49
TataMotors TTM 32.89
TechnipFMC FTI
27.06
TeckRscsB
TECK 23.05
TelecomArgentina TEO 34.97
TelecomItalia TI
8.12
TelecomItalia A TI.A
6.72
TeledyneTech TDY 183.81
Teleflex
TFX 266.55
TelefonicaBras VIV 15.24
Telefonica
TEF 10.02
TelekmIndonesia TLK 31.07
Tenaris
TS
29.36
Teradyne
TER 43.28
TevaPharm TEVA 13.48
Textron
TXT 53.53
ThermoFisherSci TMO 192.75
ThomsonReuters TRI
44.08
ThorIndustries THO 136.90
3M
MMM 231.58
Tiffany
TIF
94.09
TimeWarner TWX 90.01
Toll Bros
TOL 48.07
Torchmark
TMK 85.17
Toro
TTC 62.72
TorontoDomBk TD
58.67
Total
TOT 56.11
TotalSystem TSS 73.77
ToyotaMotor TM 126.08
TransCanada TRP 49.58
TransDigm
TDG 268.99
TransUnion TRU 55.22
Travelers
TRV 130.01
TurkcellIletism TKC
9.18
TurquoiseHill TRQ
3.10
Twitter
TWTR 22.27
TylerTech
TYL 176.63
TysonFoods TSN 79.63
UBS Group UBS 17.20
UDR
UDR 39.66
UGI
UGI 47.73
US Foods
USFD 27.39
UltraparPart UGP 22.75
Unilever
UN
56.93
Unilever
UL
55.84
UnionPacific UNP 117.86
UnitedContinental UAL 59.69
UnitedMicro UMC 2.67
UPS B
UPS 113.77
UnitedRentals URI 153.27
US Bancorp USB 51.91
UnitedTech UTX 116.73
UnitedHealth UNH 211.22
UniversalHealthB UHS 100.58
UnumGroup UNM 53.90
VEREIT
VER
8.05
VF
VFC 73.35
Visa
V
110.82
VailResorts MTN 230.01
Vale
VALE 10.77
ValeroEnergy VLO 82.35
Vantiv
VNTV 71.36
VarianMed
VAR 108.79
Vedanta
VEDL 19.16
VeevaSystems VEEV 62.63
Ventas
VTR 64.24
Verizon
VZ
47.10
VistraEnergy VST 19.44
VMware
VMW 123.59
52-Wk %
Sym Hi/Lo Chg Stock
VangdS&P600Val VIOV
VangdSC
VB
VangdTotalStk VTI
VangdTotlWrld VT
WBITacticalRotatn WBIR
WisdTrAPxJp AXJL
WisdTrCBOES&P500 PUTW
WisdTrGlbXMexico XMX
WisdTrGlbxUSQual DNL
WisdTrUSMCDivFd DON
WisdTrUSMCEarn EZM
WisdTrUSSCDiv DES
WisdTrUSSCEarn EES
WisdTrUSTotalDivFd DTD
WisdTrUSTotalEarn EXT
XtrkrsRussell1000 DEUS
XtrkrsRussell2000 DESC
131.42
145.98
134.00
73.10
25.44
69.60
29.91
29.03
58.61
34.30
38.60
28.72
35.96
90.10
30.97
31.39
34.38
-0.1
...
-0.1
0.1
0.1
0.3
0.2
0.6
0.3
-0.1
0.1
-0.2
-0.1
-0.1
0.9
-0.2
-0.1
NYSE Arca lows - 34
8.19
31.61
9.06
5.55
14.44
31.56
13.79
12.63
25.06
35.77
17.22
15.66
17.94
35.61
42.67
34.73
13.16
22.59
11.02
33.34
12.21
26.61
16.38
23.55
19.50
13.45
17.79
16.12
26.22
17.40
50.03
58.87
13.02
15.94
AdvShRangerEqBear HDGE
iPathS&P500VIXST VXX
DirexEM Bear3 EDZ
DirexChinaBr3 YANG
DirexMcBear3 MIDZ
DirexS&P500Br1 SPDN
DirexSemiBear3 SOXS
DirexScBear3 TZA
FrankFTSEItaly FLIY
iPathCurrCarry ICI
MasterIncomeETF HIPS
ProShShtDow30 DOG
ProShShtMSCI EM EUM
ProShShortQQQ PSQ
ProShShtRus2000 RWM
ProShShrtSC600 SBB
ProShUltVIXST UVXY
ProShUltShtDow30 SDOW
ProShShtMC400 SMDD
ProShShtRus2000 SRTY
ProShUlt3xShCrude OILD
ProShUltBloomCrd SCO
ProShXinhuaChina25 FXP
ProShrUS MSCI EAFE EFU
ProShUltMC400 MZZ
ProShUltShtQQQ QID
ProShrUlShtRus TWM
ProShrUlShtSmC600 SDD
ProShsVIXSTFut VIXY
UBSProSh3xInvCrd WTID
USAACoreST USTB
US ShortOilFd DNO
US3xShrtOilFd USOD
Velocity3xInvCrude DWT
-0.5
-1.0
-0.8
-0.7
-0.3
...
1.9
0.4
-1.1
-7.6
1.6
0.1
-0.2
-0.1
0.2
-0.2
-2.1
0.7
-0.1
0.4
-5.4
-3.5
-0.3
-0.4
-0.6
-0.3
0.3
-1.0
-0.9
-5.6
0.1
-1.8
-5.7
-5.3
NYSE American highs - 8
AmpioPharm AMPE
Ashford
AINC
EtnVncMI
MIW
Majesco
MJCO
IndxPlus 03-1 IPB
PalatinTech
PTN
PlymouthREITPfdA PLYMpA
UQM Tech
UQM
1.93
108.00
14.39
6.43
28.50
1.05
26.07
1.54
27.7
12.9
0.4
...
0.5
2.1
0.5
5.0
NYSE American lows - 4
BallantyneStrong BTN
ContangoO&G MCF
Network1Techs NTIP
4.40 4.2
2.87 -2.7
2.50 -5.7
1.02
-0.31
-1.97
0.58
-0.14
0.80
0.09
0.26
-0.28
-0.73
0.17
0.29
-0.16
-0.14
0.01
-0.21
-0.62
-0.07
0.43
0.40
0.24
-0.82
0.09
0.21
-0.84
0.28
0.25
-0.81
0.11
0.06
0.07
-0.34
0.10
0.53
0.16
0.07
0.75
...
0.09
-0.39
0.23
-0.68
-0.58
-0.94
0.09
-0.28
-0.11
0.20
-0.11
-0.10
0.03
0.25
-0.09
-1.04
...
0.11
-0.66
-0.17
-0.22
1.05
0.24
0.17
0.46
0.63
0.55
0.20
0.13
-1.19
-1.05
0.03
0.06
0.25
0.26
-0.74
0.15
-0.16
-0.18
0.10
-0.71
-1.33
0.55
0.45
0.12
-0.10
0.28
0.59
1.18
-0.25
0.30
-0.68
1.84
0.20
-0.62
-0.01
0.05
0.39
-1.27
0.57
0.09
-0.09
0.17
0.13
0.10
-0.23
-0.17
0.74
-0.02
-0.02
-0.15
-0.42
0.02
-0.31
-1.38
1.81
0.03
-0.08
0.76
-0.63
0.08
0.31
-1.45
0.02
0.39
-0.16
-0.07
-0.08
0.92
0.54
-1.80
Net
Sym Close Chg
Stock
VornadoRealty VNO 76.75
VoyaFinancial VOYA 42.31
VulcanMatls VMC 122.85
WABCO
WBC 144.19
WEC Energy WEC 68.27
W.P.Carey
WPC 71.48
Wabtec
WAB 73.08
Wal-Mart
WMT 96.41
WasteConnections WCN 68.54
WasteMgt
WM 80.26
Waters
WAT 196.57
Watsco
WSO 164.10
Wayfair
W
68.25
WellCareHealth WCG 201.37
WellsFargo WFC 54.06
Welltower
HCN 68.17
WestPharmSvcs WST 98.58
WestarEnergy WR 56.04
WestAllianceBcp WAL 55.05
WesternGasEquity WGP 36.22
WesternGasPtrs WES 45.46
WesternUnion WU 19.55
WestlakeChem WLK 94.79
WestpacBanking WBK 24.23
WestRock
WRK 58.79
Weyerhaeuser WY 36.19
WheatonPrecMet WPM 21.34
Whirlpool
WHR 166.64
Williams
WMB 27.75
WilliamsPartners WPZ 35.19
Wipro
WIT
5.28
WooriBank WF
44.00
Wyndham
WYN 109.64
s XPO Logistics XPO 76.65
XcelEnergy XEL 50.53
Xerox
XRX 28.29
s Xylem
XYL 67.35
YPF
YPF 23.17
YumBrands YUM 79.23
YumChina
YUMC 40.63
ZTO Express ZTO 17.01
ZayoGroup ZAYO 35.70
ZimmerBiomet ZBH 113.07
Zoetis
ZTS 71.07
NASDAQ
s
s
s
s
s
s
s
AGNC Invt
AGNC 20.42
ANGI Homesvcs ANGI 11.88
Ansys
ANSS 150.48
ASML
ASML 183.00
Abiomed
ABMD 198.86
ActivisionBliz ATVI 65.14
AdobeSystems ADBE 182.90
AdvMicroDevices AMD 11.37
AkamaiTech AKAM 55.69
AlexionPharm ALXN 107.60
AlignTech
ALGN 254.38
Alkermes
ALKS 50.15
AlnylamPharm ALNY 132.33
Alphabet C GOOG 1035.96
Alphabet A GOOGL 1051.92
Altaba
AABA 72.60
Amazon.com AMZN 1156.16
Amdocs
DOX 64.64
Amerco
UHAL 354.87
AmerAirlines AAL 48.66
Amgen
AMGN 169.96
AnalogDevices ADI 88.65
Apple
AAPL 174.96
ApplMaterials AMAT 57.68
ArchCapital ACGL 95.60
Atlassian
TEAM 51.74
Autodesk
ADSK 127.77
ADP
ADP 110.21
Baidu
BIDU 249.65
BankofOzarks OZRK 44.30
Biogen
BIIB 309.80
BioMarinPharm BMRN 82.99
BlueBuffaloPet BUFF 30.06
bluebirdbio BLUE 167.20
BrighthouseFin BHF 57.45
Broadcom
AVGO 275.37
CA
CA
32.45
CDK Global CDK 69.19
CDW
CDW 66.30
CH Robinson CHRW 79.24
CME Group CME 141.87
CSX
CSX 51.01
CadenceDesign CDNS 45.00
CaesarsEnt CZR 13.15
Carlyle
CG
21.40
Cavium
CAVM 88.60
CboeGlobalMkts CBOE 119.35
Celgene
CELG 105.16
CentennialRsc CDEV 20.78
Cerner
CERN 70.03
CharterComms CHTR 334.27
CheckPoint CHKP 103.62
ChinaLodging HTHT 123.22
CincinnatiFin CINF 72.66
Cintas
CTAS 147.36
CiscoSystems CSCO 36.45
AMERI Hldgs
AMRH Nov. 17/$4.12
Bluegreen Vacations
BXG Nov. 17/$14.00
Legacy Acquisition
LGC.U Nov. 17/$10.00
Level Brands
LEVB Nov. 17/$6.00
SailPoint Tech
SAIL Nov. 17/$12.00
Amount
Yld % New/Old Frq
Payable /
Record
2.0 .15 /.13 Q
1.8 .1666 /.1602 Q
Jan12 /Dec21
Jan16 /Dec29
Initial
USAA Core Interm Bd
USAA Core Short-Term Bd
.09838
.05649
UITB
USTB
Nov29 /Nov24
Nov29 /Nov24
Funds and investment companies
Dreyfus Hi Yd Strat Fd
First Tr Engy Infr Fd
First Tr Mortgage Incm Fd
FT Interm Duration Pfd
FT Sr Floating Rate 2022
Horizons NASDAQ-100 Cvd
DHF
FIF
FMY
FPF
FIV
QYLD
8.4
7.5
5.5
7.4
5.4
6.5
–23.1
–9.2
14.22
1.6
9.4
10.00
...
...
5.50
–8.3
–0.9
15.10
25.8
16.2
.0235
.11
.065
.1525
.0417
.13217
-0.69
0.26
-2.87
-1.47
-0.26
-0.58
-0.61
1.57
-0.20
0.01
...
0.05
-0.17
-0.07
-0.31
-0.23
0.97
2.70
0.09
-2.38
-0.05
-0.02
-0.06
-0.07
-0.17
-0.97
2.96
0.04
-0.57
-0.89
0.07
0.18
-0.30
-0.44
-0.20
0.01
-0.30
-7.48
-0.25
-0.98
1.46
1.73
3.10
-0.37
0.32
-0.72
-0.85
-0.04
1.54
-0.51
-0.84
0.71
0.19
0.08
4.95
-0.83
-0.02
-1.71
-0.25
-0.12
0.22
0.32
-0.04
-0.21
0.94
-0.01
-1.08
-5.21
-1.11
-0.15
-0.09
-0.27
-0.16
2.34
-1.72
3.10
0.05
-0.29
0.24
1.93
-0.58
-0.45
0.10
0.68
0.17
-2.09
0.56
-1.01
-0.14
0.12
-0.97
2.82
-0.38
-0.21
0.37
0.34
-0.54
NYSE AMER
CheniereEnergy LNG
CheniereEnerPtrs CQP
CheniereEnHldgs CQH
ImperialOil
IMO
Company SYMBOL
IPO date/Offer price
scPharmaceuticals
SCPH Nov. 17/$14.00
Sterling Bancorp
SBT Nov. 17/$12.00
Stitch Fix
SFIX Nov. 17/$15.00
Arsanis
ASNS Nov. 16/$10.00
Jianpu Technology
JT Nov. 16/$8.00
52-Wk %
Sym Hi/Lo Chg Stock
51.55
43.42
25.55
27.46
22.27
27.92
49.70
57.16
64.70
21.25
35.02
65.04
54.65
22.57
53.73
32.83
57.61
28.75
70.79
68.45
20.17
60.13
42.31
29.10
32.17
28.87
47.10
42.00
6.66
26.94
18.90
22.38
16.64
20.61
19.07
24.87
32.28
5.70
37.23
33.55
15.61
13.88
210.75
20.61
52.55
248.23
28.09
215.96
9.25
110.60
10.00
9.15
57.70
27.72
62.93
53.13
70.95
71.24
49.94
63.46
74.80
76.03
53.61
153.69
181.88
170.29
29.07
67.92
38.17
33.21
26.57
...
0.2
...
-0.1
...
...
-0.6
-0.2
-0.1
0.1
0.3
-0.1
0.1
0.3
0.2
-0.8
0.1
-0.4
0.5
0.4
0.3
...
0.4
1.3
0.3
4.2
-0.3
1.1
2.5
-0.5
...
-0.2
0.2
-0.2
0.6
0.5
0.2
1.1
-0.4
-0.5
-0.5
-0.5
2.8
0.3
-0.1
-2.8
-0.5
1.6
0.7
-0.8
40.4
4.7
0.6
0.5
0.3
-0.1
-0.2
0.1
0.3
0.4
0.1
0.1
0.4
0.1
-0.6
-0.3
1.9
-0.5
1.0
0.7
3.4
47.89 -0.01
27.90 0.34
25.93 0.04
31.23 0.29
% Chg From
Wed3s Offer 1st-day
close ($) price close
14.16
1.1
0.4
12.80
6.7
5.3
17.35
15.7
14.5
16.16
61.6
15.2
5.75 –28.1 –31.5
M
M
M
M
M
M
Dec20 /Dec06
Dec15 /Dec04
Dec15 /Dec04
Dec15 /Dec04
Dec15 /Dec04
Nov28 /Nov24
52-Wk %
Sym Hi/Lo Chg Stock
LibertyQVC B QVCB
Littelfuse
LFUS
LivaNova
LIVN
Luminex
LMNX
MarvellTech
MRVL
MelcoResorts MLCO
MicronTech
MU
Mindbody
MB
MonolithicPower MPWR
MonotypeImaging TYPE
Morningstar
MORN
NVE
NVEC
NetApp
NTAP
NuvNasd100Dyn QQQX
Ollie'sBargain OLLI
ON Semi
ON
Orbotech
ORBK
OrganicsETF
ORG
Overstock
OSTK
PDLCommBncp PDLB
PatrickIndustries PATK
PinnacleEnt
PNK
PwrShDWA DevMkt PIZ
PwrShDWA EM PIE
PwrShDWAMom DWLV
PwrShDWA Mom PDP
PwrShDWANasdMom DWAQ
PwrShDWASCMom DWAS
PwrShDivAch PFM
PwrShDynTech PTF
PwrShFTSEIntlLow IDLB
PwrShUS1500 PRFZ
PwrShGlbWater PIO
PwrShGoldDragon PGJ
PwrShIntlBuyBack IPKW
PwrShNasdInternet PNQI
PwrShQQQ 1 QQQ
PwrShRuss1000Low USLB
PwrShS&P SC Fin PSCF
PwrShS&P ScHealth PSCH
PwrShS&P SmInds PSCI
PwrShS&PSCMatls PSCM
PwrShWaterRscs PHO
PrincplMillennials GENY
ProShUltPrQQQ TQQQ
QAD A
QADA
Qualys
QLYS
ROBOGlblRobotics ROBO
Radware
RDWR
Rambus
RMBS
RavenIndustries RAVN
RedRockResorts RRR
Remark
MARK
Resonant
RESN
RigelPharm
RIGL
RiotBlockchain RIOT
SMART Global SGH
SafetyInsurance SAFT
ScientificGames SGMS
Senomyx
SNMX
Sigmatron
SGMA
Silicom
SILC
SiliconLab
SLAB
SkyWest
SKYW
SouthernFirstBcsh SFST
SprottFocus
FUND
StaarSurgical STAA
StarBulkNts22 SBLKZ
StateBankFin STBZ
StemlineTherap STML
SterlingBancorp SBT
Company
Increased
MPB
YORW
3.17
2.30 3.4 FT DevIntlEquity RNDM
FT DevMktsXUS FDTS
FT DorseyDyn5 FVC
FT DorseyFoc5 FV
ADMS 34.13 8.4 FT DorseyIntl5 IFV
AEGN 27.92 -0.8 DorseyWrightPeople DWPP
ALNA 13.45 -2.5 FT GerAlpha
FGM
5.73 -0.4 FT LC CoreAlpha FEX
ALLT
AFAM 66.15 4.9 FT MC CoreAlpha FNX
AABA 73.25 -0.3 FT MC US Equity RNMC
AMZN1160.27 1.5 FT MC ValAlpha FNK
AMSWA 12.60 ... FT MCGrAlpDX FAD
38.38 1.1 FT MuCValAlpha FAB
IBUY
ANAB 81.85 -1.3 FT NasdCybersec CIBR
ARCB 35.60 -0.3 FT NasdSmartphone FONE
ACGLP 25.14 0.5 FT NasdSemicon FTXL
ASNS 16.79 4.9 FT Nasd100 EW QQEW
AZPN 69.11 -0.2 FTRisingDivAch RDVY
ASMB 39.55 4.2 FT RiverFrDynEM RFEM
ADSK 128.69 ... FT RiverFrDynEur RFEU
7.21 7.0 FT SMID CapRising SDVY
AVID
ACLS 36.73 -3.4 FT SC CoreAlpha FYX
AXGN 26.45 -1.7 FT SC GrwthAlpha FYC
BECN 60.61 0.6 FT SKoreaAlpha FKO
TECH 132.87 0.2 FT TotalUSMkt TUSA
BLKB 104.55 -1.3 ForescoutTechs FSCT
BUFF 30.25 1.9 ForresterResearch FORR
BRKR 35.42 0.2 Fortinet
FTNT
BLDR 19.78 0.4 GSV Capital
GSVC
69.32 0.8 GladstoneLandPfd LANDP
CDK
CEVA 50.30 0.6 GlbXConsciousCos KRMA
47.30 -2.3 GlbXFinTech
CRAI
FINX
12.90 4.9 GlbX Health&Well BFIT
CVV
CCMP 102.92 -2.1 GlbXInternetThings SNSR
CDNS 45.49 -0.7 GlbXMillThematic MILN
3.39 2.8 GlbX Robotics&AI BOTZ
CPRX
CATY 42.65 ... GlbXS&P500Catholic CATH
CAVM 88.84 1.6 Groupon
GRPN
5.10 12.8 H&E Equipment HEES
CETV
1.27 0.8 HamiltonLane HLNE
CTHR
GTLS 46.75 1.3 HeritageCommerce HTBK
CLNT 12.40 59.6 HimaxTechs
HIMX
CACG 27.13 0.1 HinghamSvg
HIFS
CGNX 145.98 -1.2 Hortonworks
HDP
COHR 320.73 -1.4 II-VI
IIVI
COLM 68.59 0.2 IPG Photonics IPGP
11.60 -2.8 IQ Chaikin US SC CSML
CVGI
CNCE 22.59 0.3 Illumina
ILMN
35.24 -0.1 Immucell
CTRL
ICCC
CPRT 41.38 11.7 InfinityPropCas IPCC
CROX 11.18 1.2 IntegratedMedia IMTE
7.96 6.4 IovanceBiotherap IOVA
CPIX
6.80 4.6 iRhythmTechs IRTC
CTSO
DAIO 14.60 3.1 iSectorsPostMPT PMPT
DWLD 25.83 ... iShCoreMSCITotInt IXUS
DSGX 31.23 0.6 iShCoreS&PUSGrowth IUSG
DLTR 100.74 0.3 iShGlbTimber WOOD
DOTAR 0.55 11.1 iShMSCI ACWI ACWI
76.65 -0.5 iShMSCIACWIexUSETF ACWX
EBIX
27.08 ... iShMSCI EAFE SC SCZ
ESIO
8.95 30.1 iShMSCIEMESGOpt ESGE
ELTK
ENSG 24.78 1.5 iShMSCIEmMkAsia EEMA
17.72 4.4 iShMSCIEMxChina EMXC
ESQ
EXLS 62.99 -0.6 iShMornMCValue JKI
EXTR 14.34 -2.6 iShPHLXSemicond SOXX
FANH 23.94 -1.5 iShS&PSC600Growth IJT
16.50 3.5 JanusSGGlbQualIncm SGQI
GSM
FBNC 37.50 -0.6 LGI Homes
LGIH
39.40 -1.7 LKQ
INBK
LKQ
35.49 0.6 LeggMasonEMDivCore EDBI
FPA
30.70 0.4 LeggMasonSCQualVal SQLV
BICK
Dividend announcements from November 22.
Mid Penn Bancorp
York Water
MaximIntProducts MXIM 53.52
s MelcoResorts MLCO 26.57
MercadoLibre MELI 265.89
MicrochipTech MCHP 90.40
s MicronTech MU
49.14
Microsemi
MSCC 54.64
Microsoft
MSFT 83.11
Middleby
MIDD 118.15
Momo
MOMO 32.11
Mondelez
MDLZ 42.33
MonsterBev MNST 61.27
Mylan
MYL 37.28
NXP Semi
NXPI 115.15
Nasdaq
NDAQ 77.17
NatlInstruments NATI 44.39
NektarTherap NKTR 49.75
s NetApp
NTAP 56.05
Netease
NTES 347.70
Netflix
NFLX 196.32
Neurocrine
NBIX 71.81
NewsCorp B NWS 15.90
NewsCorp A NWSA 15.77
Nordson
NDSN 128.12
NorthernTrust NTRS 94.39
NorwegCruise NCLH 55.31
NVIDIA
NVDA 214.93
OReillyAuto ORLY 218.65
OldDomFreight ODFL 123.26
s ON Semi
ON
21.37
OpenText
OTEX 33.02
PTC
PTC 65.10
Paccar
PCAR 67.87
PacWestBancorp PACW 45.12
Paychex
PAYX 64.68
PayPal
PYPL 77.57
People'sUtdFin PBCT 18.20
PilgrimPride PPC 35.31
Priceline
PCLN 1759.19
Qiagen
QGEN 31.87
Qorvo
QRVO 79.61
Qualcomm
QCOM 68.13
RandgoldRscs GOLD 96.41
RegenPharm REGN 387.54
RossStores ROST 72.30
RoyalGold
RGLD 87.24
Ryanair
RYAAY 120.05
SBA Comm SBAC 166.98
SEI Investments SEIC 68.55
Sina
SINA 112.05
SS&C Tech SSNC 40.50
SVB Fin
SIVB 214.08
ScrippsNetworks SNI
80.81
Seagate
STX 40.33
SeattleGenetics SGEN 59.13
Shire
SHPG 149.78
SignatureBank SBNY 130.53
SiriusXM
SIRI
5.44
Skyworks
SWKS 108.54
Splunk
SPLK 83.53
Starbucks
SBUX 57.14
SteelDynamics STLD 37.72
Symantec
SYMC 28.43
Synopsys
SNPS 89.34
TD Ameritrade AMTD 48.99
T-MobileUS TMUS 61.35
s TRowePrice TROW 97.72
TakeTwoSoftware TTWO 117.94
Tesla
TSLA 312.60
TexasInstruments TXN 98.08
TractorSupply TSCO 64.72
Trimble
TRMB 41.95
21stCenturyFoxA FOXA 30.61
21stCenturyFoxB FOX 29.94
UltaBeauty ULTA 212.30
UltSoftware ULTI 196.98
s UnivDisplay OLED 189.60
VEON
VEON 4.05
VeriSign
VRSN 115.77
s VeriskAnalytics VRSK 93.82
VertxPharm VRTX 147.04
Viacom B
VIAB 26.68
Viacom A
VIA 32.90
Vodafone
VOD 30.40
WPP
WPPGY 84.47
WalgreensBoots WBA 71.33
Weibo
WB 117.45
WesternDigital WDC 92.91
WillisTowers WLTW 158.79
Workday
WDAY 115.15
s WynnResorts WYNN 158.69
Xilinx
XLNX 72.24
YY
YY 121.62
Yandex
YNDX 33.90
ZebraTech
ZBRA 108.56
Zillow A
ZG
41.77
Zillow C
Z
41.70
ZionsBancorp ZION 46.35
Sources: WSJ Market Data Group; FactSet Research Systems
Nasdaq highs - 245
Symbol
% Chg From
Wed’s Offer 1st-day
close ($) price close
Company SYMBOL
IPO date/Offer price
Dividend Changes
Company
0.12
-1.71
-0.06
-4.61
-0.01
0.14
0.47
4.31
0.83
-0.94
-0.08
-0.15
0.39
0.58
0.10
0.51
0.54
0.31
-0.16
-0.57
-0.23
-0.02
-0.39
2.24
-0.39
-1.89
-0.04
-1.41
0.08
2.10
-0.13
0.93
-0.43
-0.99
0.30
-0.06
0.27
-0.56
-0.18
-0.19
0.45
-0.01
-0.96
0.31
-0.13
-0.13
0.08
0.04
-0.02
1.98
0.28
0.79
-0.01
1.61
-1.53
0.20
-6.80
0.47
1.07
0.90
3.30
0.05
-0.29
-0.26
-0.16
-1.90
-0.18
-0.09
0.87
0.85
-0.08
1.56
-0.26
-0.19
0.39
-3.74
-0.74
-0.72
-0.77
0.11
0.14
0.01
0.15
...
-0.20
-0.56
0.19
0.07
-0.28
-0.36
-0.32
-0.26
-0.39
-0.46
1.10
0.22
-0.50
-0.43
-1.23
0.55
0.19
0.28
Performance of IPOs, most-recent listed first
52-Wk %
Sym Hi/Lo Chg Stock
AdamasPharm
Aegion
AllenaPharm
AllotComms
AlmostFamily
Altaba
Amazon.com
AmerSoftware
AmplifyOnlineRet
AnaptysBio
ArcBest
ArchCapitalPfdE
Arsanis
AspenTech
AssemblyBiosci
Autodesk
AvidTechnology
AxcelisTechs
AxoGen
BeaconRoof
Bio-Techne
Blackbaud
BlueBuffaloPet
Bruker
BuildersFirstSrc
CDK Global
CEVA
CRA Intl
CVD Equipment
CabotMicro
CadenceDesign
CatalystPharma
CathayGenBncp
Cavium
CentralEurMedia
Charles&Colvard
ChartIndustries
CleantechSolns
ClearBr AC Grw
Cognex
Coherent
ColumbiaSportswr
CommVehicle
ConcertPharm
Control4
Copart
Crocs
CumberlandPharm
Cytosorbents
DataIO
DavisWorldwide
Descartes
DollarTree
DraperOakwoodRt
Ebix
ElectroSci
Eltek
EnsignGroup
EsquireFinancial
ExlService
ExtremeNetworks
Fanhua
Ferroglobe
FirstBancorpNC
FirstInternetBncp
FT APxJapan
FT BICK
0.21
0.01
-2.92
-2.37
-0.72
0.64
-1.25
-0.03
0.01
-0.45
-2.05
0.79
0.32
1.47
1.62
-0.25
16.67
-0.14
-3.54
0.01
0.12
-1.54
1.82
-1.02
-1.41
-0.47
0.06
-0.35
5.35
-0.15
0.74
0.08
0.56
-0.05
0.54
-1.22
-0.13
0.54
0.10
0.45
-0.71
0.79
-0.33
0.10
0.05
1.40
-0.28
0.66
0.44
3.35
-4.15
-0.33
0.67
-0.80
-0.22
-0.20
CitrixSystems CTXS 86.68
s Cognex
CGNX 143.15
CognizantTech CTSH 71.71
s Coherent
COHR 314.83
Comcast A CMCSA 36.41
CommerceBcshrs CBSH 56.86
CommScope COMM 35.56
s Copart
CPRT 41.01
CoStar
CSGP 308.80
Costco
COST 172.48
Ctrip.com
CTRP 48.03
CypressSemi CY
17.18
DISH Network DISH 50.43
DentsplySirona XRAY 67.59
DiamondbkEner FANG 109.25
DiscovComm C DISCK 16.72
DiscovComm A DISCA 17.79
s DollarTree
DLTR 99.77
E*TRADE
ETFC 44.74
EXACT Sci
EXAS 59.17
EastWestBncp EWBC 58.01
eBay
EBAY 35.94
EchoStar
SATS 59.60
ElbitSystems ESLT 142.39
ElectronicArts EA 107.32
Equinix
EQIX 472.37
Ericsson
ERIC 6.39
ErieIndemnity A ERIE 121.81
Exelixis
EXEL 26.13
Expedia
EXPE 126.98
ExpeditorsIntl EXPD 59.82
ExpressScripts ESRX 62.12
F5Networks FFIV 122.02
Facebook
FB 180.87
Fastenal
FAST 48.75
FifthThirdBncp FITB 28.42
FirstSolar
FSLR 60.51
Fiserv
FISV 127.71
Flex
FLEX 18.79
FlirSystems FLIR 46.84
s Fortinet
FTNT 41.77
Gaming&Leisure GLPI 36.03
Garmin
GRMN 61.53
GileadSciences GILD 72.82
Goodyear
GT
30.69
Grifols
GRFS 23.04
GpoFinGalicia GGAL 57.05
HD Supply
HDS 35.20
Hasbro
HAS 95.03
HenrySchein HSIC 69.95
Hologic
HOLX 40.88
JBHunt
JBHT 104.01
HuntingtonBcshs HBAN 13.54
IAC/InterActive IAC 130.93
IdexxLab
IDXX 154.06
IHSMarkit
INFO 43.43
s IPG Photonics IPGP 239.48
IRSA Prop
IRCP 58.45
IcahnEnterprises IEP
53.63
Icon
ICLR 118.35
s Illumina
ILMN 215.35
Incyte
INCY 99.00
Intel
INTC 44.65
InteractiveBrkrs IBKR 55.26
Intuit
INTU 151.63
IntuitiveSurgical ISRG 396.59
IonisPharma IONS 54.34
JD.com
JD
39.79
JackHenry
JKHY 114.22
JazzPharma JAZZ 138.04
JetBlue
JBLU 19.90
JunoTherap JUNO 60.33
KLA Tencor KLAC 104.47
KraftHeinz
KHC 79.82
s LKQ
LKQ 38.14
LamResearch LRCX 215.17
LamarAdv
LAMR 75.56
LibertyBroadbandC LBRDK 89.05
LibertyBroadbandA LBRDA 87.38
LibertyGlobal A LBTYA 30.64
LibertyGlobal C LBTYK 29.63
LibertyLiLAC A LILA 21.56
LibertyLiLAC C LILAK 21.72
s LibertyQVC B QVCB 25.13
LibertyQVC A QVCA 24.94
LibertyVenturesA LVNTA 57.89
LibertyFormOne C FWONK 39.03
LibertyFormOne A FWONA 37.23
LibertyBraves A BATRA 22.79
LibertyBraves C BATRK 22.76
LibertySirius C LSXMK 40.75
LibertySirius A LSXMA 40.83
LincolnElectric LECO 87.70
LogitechIntl LOGI 35.93
LogMeIn
LOGM 119.20
lululemon
LULU 66.80
MKS Instrum MKSI 104.65
MarketAxess MKTX 187.98
Marriott
MAR 126.39
s MarvellTech MRVL 23.83
MatchGroup MTCH 29.96
Mattel
MAT 18.81
Net
Sym Close Chg
Stock
IPO Scorecard
TIK
TelInstrElec
0.11
0.12
0.11
-0.87
0.08
-0.84
-0.25
-0.11
-0.38
-0.61
-1.49
-0.31
0.16
-1.32
-0.46
-0.12
-1.21
0.42
-0.32
-0.16
0.34
-0.15
0.38
-0.07
0.13
0.08
0.40
-2.24
0.51
0.14
-0.06
0.89
-0.63
-0.59
-0.08
-0.14
-0.06
0.21
-0.30
-1.05
-0.03
0.01
-0.49
-0.29
Net
Sym Close Chg
Stock
25.13
215.00
86.22
22.42
24.22
26.76
49.89
34.65
126.80
25.40
93.30
91.82
56.10
24.24
47.50
22.15
56.44
33.33
62.20
15.85
96.75
29.54
27.74
20.79
31.04
51.72
105.53
48.60
25.54
56.42
29.73
129.72
25.51
46.39
36.69
116.95
155.84
30.53
55.08
96.72
63.15
51.73
29.88
33.87
139.11
42.00
61.40
42.46
20.50
15.50
37.85
28.71
9.35
6.23
4.47
16.14
40.98
83.50
52.95
1.59
9.90
77.05
96.93
51.85
41.75
7.99
16.75
24.90
29.93
14.95
12.94
Symbol
JPM Alerian MLP
Lazard Div & Income Fd
Lazard Global TR Fund
...
-2.4
0.3
-1.9
2.4
1.0
-0.5
0.7
-1.8
1.0
-0.1
-2.1
1.8
0.3
-0.3
-2.6
0.5
0.7
1.0
0.6
-0.3
-1.1
0.1
0.9
...
-0.3
-0.6
-0.3
-0.1
-0.7
0.1
-0.1
0.7
0.3
0.2
0.3
0.1
0.4
-0.3
0.6
-0.5
0.4
0.4
0.1
0.4
-4.6
-1.0
0.3
-0.9
0.4
-0.7
1.2
19.4
2.6
7.9
42.0
11.3
-0.7
-0.4
12.0
2.5
-1.2
-1.8
-1.9
...
0.6
-0.9
0.5
0.1
1.7
1.5
52-Wk %
Sym Hi/Lo Chg
SunHydraulics SNHY
Surmodics
SRDX
TRowePrice
TROW
TabulaRasaHlth TRHC
TowerSemi
TSEM
TrilliumTherap TRIL
tronc
TRNC
TwinDisc
TWIN
2U
TWOU
USA Truck
USAK
Umpqua
UMPQ
UnivDisplay
OLED
UnivLogistics ULH
VangdIntlDivApp VIGI
VangdLTCorpBd VCLT
VangdRuss1000 VONE
VangdRuss1000Grw VONG
VangdRuss3000 VTHR
VangdRuss2000 VTWO
VangdRuss2000Grw VTWG
VangdTotalCpBd VTC
VangdTotIntlStk VXUS
VSInverseVIXSTerm XIV
VeriskAnalytics VRSK
VicShUSDiscEnhVol CSF
VicShUS500EnhVol CFO
VicShUS500Vol CFA
VicShUSSCVolWtd CSA
VidentCoreUSEquity VUSE
WestBancorp WTBA
WestellTech
WSTL
WisdTrEMConGrwth EMCG
WisdTrUSQltyDiv DGRW
WynnResorts WYNN
ZAGG
ZAGG
Zynga
ZNGA
63.63
32.85
98.01
36.60
35.51
11.75
17.51
29.35
68.06
17.98
20.99
189.90
23.00
66.27
95.17
119.68
135.95
119.75
121.84
134.08
85.09
56.53
119.24
94.26
44.69
47.31
47.39
45.61
32.42
25.75
4.34
26.34
39.98
159.55
23.70
4.15
-0.5
-0.6
...
-0.8
-0.3
10.0
1.2
-0.4
-0.3
-2.6
-1.0
1.7
-0.4
...
0.5
...
-0.1
0.1
-0.2
-0.1
0.4
0.3
1.0
0.3
...
-0.1
-0.1
0.2
0.1
0.8
1.0
0.9
-0.1
0.1
-2.8
-1.2
Nasdaq lows - 30
AkersBiosciences AKER
ArcadiaBiosci RKDA
BIO-key
BKYI
BlueknightEner BKEP
BroadwindEnergy BWEN
CemtrexWt
CETXW
Check-Cap
CHEK
CheckpointTherap CKPT
CitizensHolding CIZN
ConcordiaIntl CXRX
Criteo
CRTO
EdgewaterTech EDGW
EyegatePharmWt EYEGW
FTD
FTD
FibrocellScience FCSC
GlobalBrokerage GLBR
HaymakerAcqWt HYACW
iPathSteepener STPP
MartinMidstream MMLP
NovelionTherap NVLN
OcularTherapeutix OCUL
ProShUltProShQQQ SQQQ
SalemMedia
SALM
SVB Cap II Pfd SIVBO
TapImmune
TPIV
trivago
TRVG
TrovaGene
TROV
VantageEnerA VEAC
VS2xVIXShortTerm TVIX
VSVIXShortTerm VIIX
Amount
Yld % New/Old Frq
0.52 -4.2
0.20 1.6
1.50 0.6
5.05 ...
2.35 0.8
0.20 -30.0
1.02 -5.6
3.70 -6.7
22.65 -2.4
0.45 5.6
31.82 -3.4
6.04 -2.7
0.06 -8.0
6.76 4.4
1.36 -0.7
0.50 -38.8
0.90 -5.3
30.64 -2.0
13.10 1.9
3.92 -11.1
4.11 -2.8
21.69 -0.4
4.60 -4.2
25.30 -7.2
2.60 2.5
7.01 -0.1
0.55 -2.7
9.65 ...
7.18 -2.3
13.36 -0.9
Payable /
Record
AMJ
LOR
LGI
7.2
6.5
5.6
.4741 Q
.06045 M
.08183 M
Dec07 /Nov29
Dec22 /Dec12
Dec22 /Dec12
ELTK
MDC
2.7
1:5
8.00%
/Nov22
Dec19 /Dec05
GZT
HSPX
4.0
1.6
.09918
.06708 M
Jan02 /Dec15
Nov28 /Nov24
DRE
HIFS
MPB
ORIT
2.7
0.7
2.0
4.2
Stocks
Eltek
MDC Holdings
Foreign
Gazit-Globe
Horizons S&P 500 Cov Call
Special
Duke Realty
Hingham Institution Savs
Mid Penn Bancorp
Oritani Financial
.85
.34
.10
.45
Dec12 /Dec01
Jan17 /Jan05
Jan05 /Dec21
Dec22 /Dec08
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
B10 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
* ***
BANKING & FINANCE
Indian Lenders Mine Phone Data
BY CORINNE ABRAMS
BY CHAO DENG
EPA/RAMINDER PAEPA/RAMINDER PAL SINGHL SINGH
MUMBAI—Indian
banks
have started mining data on
customers’ smartphones for
fast loan approval, testing out
cutting-edge technology in
what is potentially a huge market for such products.
Long hampered from lending to the hundreds of millions
of Indians without credit histories, banks hope to lower riskassessment costs and trigger a
new wave of consumer lending
with apps that look at everything from Facebook connections to online-shopping habits
to rate potential borrowers.
India’s most sophisticated
banks are working with local
and international financialtechnology startups to develop, test and launch a version of a technology used by
microlenders in Africa, China
and elsewhere.
“This is not an exact science, but actually it is a much
better science than looking at
static data” on long loan application forms, said Rajeev
Ahuja, executive director at
RBL Bank Ltd., which is working with partners to use social
media to score customers
without credit histories.
America’s largest credit-ratings firm, Fair Isaac Corp.,
better known as FICO, last
month began offering credit
scores in India for the first
time using these methods.
FICO used alternative data
sources to “evaluate millions
more consumers who were
previously unscorable,” said
Sally Taylor-Shoff, a FICO vice
president.
In the U.S., credit agencies
have been cautious in digging
deep into customers’ phones
due to regulatory hurdles and
consumer concerns. There is
also less of a need because of a
robust nationwide database of
information on borrowers. In
India, banks say they are cautiously moving ahead as they
await regulatory guidance on
privacy and develop systems
to get permission from applicants for access to their
phones.
Many Indian banks are exploring how the phone-scanning apps can reduce risk-assessment costs for loan applicants.
Lending Club
Indian banks are testing out mining customers' cellphones for clues
about their creditworthiness in a fast-growing personal-loan market.
Ecommerce activity
Companies can share data on
users’ purchase and payment
history.
SMS
Banks can look at SMS
inboxes to analyze messages
they get about transactions.
Location
A phone's location can reveal
an applicant's address.
Social media
A profile could reveal if an
applicant has told the truth
about job and family.
Call logs
Information shows missed
calls and how often they
respond to them.
Phone type
Lenders can see what type
of phone or connection an
applicant is using.
Borrowing Boost
Change from
a year earlier
20%
15
Personal
loans
Overall
lending
10
5
0
Jan. ’17 Feb. March April May June July Aug. Sept.
Sources: the banks, scoring company Lenddo (examples);
Reserve Bank of India (lending)
Mainstream Indian banks
using the methods on a large
scale could bring the technology to millions of people who
THE WALL STREET JOURNAL.
were too expensive to lend to
before. Until now, primarily financial startups and microlenders have dabbled in the
phone-probing methods.
“If we manage to do it right
as a country, potential for application is the largest” in the
world, said Rajesh Kumar, cohead of retail risk at HDFC
Bank Ltd., India’s second-largest private-sector lender
which could start using the alternative data as early as next
year.
Commercial banks had
around $1.09 trillion of loans
outstanding in September, according to the Reserve Bank of
India. Of that, about $270 billion was personal loans, a portion whose growth is outpacing
the overall loan market.
But about 40% of HDFC’s
between 8 million and 12 million loan applications a month
are from people without credit
histories. Most Indians have
never had a credit card or
taken a home loan.
“People are invisible to the
bank” because it is too expensive to nail down how much
debt they can handle, said
Monish Anand, chief executive
of fintech startup Datasigns
Technologies.
To work with such consumers, Indian lenders have traditionally visited borrowers’
homes to see where they live,
talk to their families and
neighbors, and inspect documents. This process is costly
for small loans.
Working together with fintech companies, many private
Indian banks, including Kotak
Mahindra Bank and HDFC, are
exploring how the phone-scanning fintech apps can reduce
risk-assessment costs.
Bangalore-based payments
startup Simpl is sharing a risk
score it developed from looking at its users’ online-shopping habits with its financial
partners for clues on their
credit risk.
Singapore-based Lenddo,
which is working with FICO as
well as banks in India, looks at
the number of contacts a person has in their phone book
and how often they interact
with them, among 12,000
other data points. Regular interaction with the same group
of people is considered a sign
of a good borrower.
HSBC Global Banking Executive Will Leave
BY MARGOT PATRICK
LONDON—HSBC Holdings
PLC’s global banking co-head,
Matthew Westerman, will
leave after a turbulent 18
months at the bank, staff
were told in a memo Thursday.
Mr. Westerman had been
hired from Goldman Sachs
Group Inc. in February
2016 by departing HSBC Chief
Executive Stuart Gulliver and
started at the bank that May.
His sudden departure leaves
Robin Phillips as the sole
head of the global banking
unit. No reason was given for
Mr. Westerman’s departure.
Mr. Westerman was a 16year veteran of Goldman
Sachs and chairman of its investment bank in Europe,
Middle East and Africa when
he was recruited by Mr. Gulliver and other HSBC executives. It was regarded as a
trophy hire, and expectations
were high that Mr. Westerman
would push HSBC to raise its
game in areas of investment
banking where it long had
lagged behind rivals.
Those ambitions were apparent when, within weeks of
starting, Mr. Westerman and
Mr. Phillips announced a revamp of the global banking
unit and pushed out several
veteran
HSBC
business
heads. Others departed as
their responsibilities were
shifted and Mr. Westerman
consolidated his control.
Analysts for the most part
had welcomed the shake-up
that Mr. Westerman espoused.
Mutual Funds | WSJ.com/fundresearch
Explanatory Notes
Data provided by
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Fund
Wednesday, November 22, 2017
Net YTD
NAV Chg %Ret Fund
American Century Inv
Ultra
45.65 -0.01
American Funds Cl A
32.12 -0.03
AmcpA p
AMutlA p 41.35 +0.02
27.55
...
BalA p
12.95 +0.04
BondA p
63.14 +0.20
CapIBA p
CapWGrA 52.90 +0.12
58.08 +0.06
EupacA p
63.92 -0.01
FdInvA p
52.01
...
GwthA p
10.40
...
HI TrA p
41.34 +0.05
ICAA p
IncoA p
23.43 +0.01
N PerA p
45.60 -0.03
NEcoA p
48.83 -0.08
NwWrldA 68.02 +0.09
57.42 +0.10
SmCpA p
12.98 -0.02
TxExA p
45.46 -0.04
WshA p
Baird Funds
AggBdInst 10.92 +0.03
CorBdInst 11.27 +0.02
BlackRock Funds A
GlblAlloc p 20.38 +0.08
BlackRock Funds Inst
23.04 +0.02
EqtyDivd
GlblAlloc
20.51 +0.07
HiYldBd
7.81
...
StratIncOpptyIns 9.93
...
Bridge Builder Trust
NA
...
CoreBond
Dimensional Fds
5GlbFxdInc 11.03 +0.02
EmgMktVa 30.65 +0.27
EmMktCorEq 22.91 +0.13
IntlCoreEq 14.26 +0.06
IntlVal
30.9 IntSmCo
19.7
13.9
12.7
3.5
12.2
22.6
31.4
19.6
23.7
6.3
15.4
10.5
29.1
35.8
32.2
24.9
4.7
15.3
4.2
4.5
12.1
12.9
12.3
7.5
4.2
NA
2.3
29.8
33.9
24.5
IntSmVa
US CoreEq1
US CoreEq2
US Small
US SmCpVal
US TgdVal
USLgVa
NAV Chg %Ret Fund
19.97 +0.11
21.56 +0.14
23.32 +0.15
22.27 -0.01
21.12 -0.02
36.75 -0.07
39.03 -0.04
25.35 +0.01
39.20 -0.05
21.9
26.0
23.3
16.9
14.8
9.3
4.8
6.4
13.3
Dodge & Cox
Balanced
GblStock
Income
Intl Stk
Stock
109.11 -0.16 9.0
13.97
... 17.3
13.85 +0.03 4.2
46.73 +0.25 22.7
201.99 -0.61 12.7
DoubleLine Funds
NA
... NA
TotRetBdI
Edgewood Growth Instituti
... 34.5
EdgewoodGrInst 29.88
Federated Instl
StraValDivIS 6.44 +0.03 12.1
Fidelity
500IdxInst 91.06 -0.06 18.1
500IdxInstPrem 91.06 -0.06 18.1
500IdxPrem 91.06 -0.06 18.1
ExtMktIdxPrem r 63.60 -0.02 15.9
IntlIdxPrem r 43.40 +0.16 23.0
SAIUSLgCpIndxFd 13.96 -0.01 18.1
TMktIdxF r 75.62 -0.05 17.7
TMktIdxPrem 75.61 -0.05 17.7
USBdIdxInstPrem 11.62 +0.03 3.5
Fidelity Advisor I
... 26.4
NwInsghtI 33.76
Fidelity Freedom
16.84 +0.02 14.1
FF2020
14.58 +0.02 15.2
FF2025
18.29 +0.03 17.8
FF2030
Freedom2020 K 16.85 +0.03 NS
Freedom2025 K
Freedom2030 K
Freedom2035 K
Freedom2040 K
He was seen as helping parts
of the bank reset their approach to winning clients and
as a positive force for introducing measures making
bankers and other employees
more accountable for their
time. Product and sector
teams were combined to better cover the bank’s clients.
Pretax profit across HSBC’s
global banking and markets
operation rose to $4.9 billion
in the first nine months of
2017, from $4.1 billion in the
corresponding 2016 period.
Revenue rose 6%.
But Mr. Westerman also
ruffled feathers with his
more-aggressive approach, according to former and current
employees, at a bank whose
colonial past still underpins
aspects of its culture.
Fund
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.
Net YTD
Beijing
Gets Tough
On Online
Microloans
Net YTD
NAV Chg %Ret
14.58 +0.02
18.29 +0.02
15.36 +0.02
10.79 +0.01
Fidelity Invest
23.84 +0.01
Balanc
89.40 -0.02
BluCh
Contra
128.29 -0.22
128.29 -0.23
ContraK
10.30
...
CpInc r
DivIntl
41.76 +0.07
186.25 +0.17
GroCo
GrowCoK 186.21 +0.17
InvGB
7.94 +0.02
11.30 +0.02
InvGrBd
53.30 -0.03
LowP r
LowPriStkK r 53.26 -0.03
106.68 -0.07
MagIn
111.13 +0.39
OTC
23.29
...
Puritn
SrsEmrgMkt 22.04 +0.01
SrsGroCoRetail 18.29 +0.02
SrsIntlGrw 16.49 +0.02
10.86 +0.06
SrsIntlVal
TotalBond 10.68 +0.02
First Eagle Funds
GlbA
60.54 +0.08
FPA Funds
34.87 -0.03
FPACres
FrankTemp/Frank Adv
IncomeAdv 2.33 +0.01
FrankTemp/Franklin A
CA TF A p
7.44 -0.02
2.35 +0.01
IncomeA p
RisDv A p 61.03 -0.19
FrankTemp/Franklin C
Income C t 2.38 +0.01
FrankTemp/Temp A
NS
NS
NS
NS
14.9
35.5
31.2
31.3
10.9
25.4
36.2
36.3
3.8
4.2
16.3
16.4
23.6
39.5
16.7
40.4
36.9
28.8
18.6
4.1
11.6
8.2
6.8
5.1
6.6
16.9
6.5
Net YTD
NAV Chg %Ret Fund
Lord Abbett A
PRIMECAP Odyssey Fds
... NA Growth r
37.30 -0.08
Principal Investors
ShtDurIncm
NA
... NA DivIntlInst 14.04 +0.02
Metropolitan West
Prudential Cl Z & I
TotRetBd
10.68 +0.02 3.1 TRBdZ
14.56 +0.03
TotRetBdI 10.68 +0.02 3.4 Schwab Funds
TRBdPlan 10.05 +0.02 3.4 S&P Sel
40.64 -0.03
MFS Funds Class I
TIAA/CREF Funds
ValueI
40.53 -0.08 13.1 EqIdxInst
19.52 -0.01
MFS Funds Instl
IntlEqIdxInst 20.36 +0.07
IntlEq
25.64 +0.06 26.6 Tweedy Browne Fds
Mutual Series
28.44 +0.04
GblValue
32.20 +0.01 7.1 VANGUARD ADMIRAL
GlbDiscA
Oakmark Funds Invest
500Adml 240.45 -0.15
34.11 -0.05 12.1 BalAdml
EqtyInc r
34.29 +0.02
Oakmark
84.72 -0.18 16.9 CAITAdml
11.76 -0.01
OakmrkInt 28.78 +0.12 26.8 CapOpAdml r158.03 -0.24
Old Westbury Fds
37.95 +0.05
EMAdmr
15.02 +0.03 17.1 EqIncAdml 76.59 -0.09
LrgCpStr
Oppenheimer Y
ExplrAdml 96.63 +0.04
43.22
... 35.2 ExtndAdml 83.55 -0.03
DevMktY
IntGrowY
43.58 +0.07 25.7 GNMAAdml 10.50 +0.01
Parnassus Fds
GrwthAdml 71.55 -0.03
ParnEqFd
42.04 -0.02 14.3 HlthCareAdml r 89.22 +0.34
PIMCO Fds Instl
HYCorAdml r 5.92 +0.01
12.23 +0.06 12.4 InfProAd
AllAsset
25.89 +0.08
10.29 +0.03 5.1 IntlGrAdml 96.76 -0.08
TotRt
PIMCO Funds A
ITBondAdml 11.42 +0.03
NA
... NA ITIGradeAdml 9.80 +0.02
IncomeFd
PIMCO Funds D
LTGradeAdml 10.72 +0.04
NA
... NA MidCpAdml 187.38 -0.08
IncomeFd
PIMCO Funds Instl
MuHYAdml 11.38 -0.02
Lord Abbett F
NA
HSBC’s Stuart
Gulliver, left,
will cede the
chief executive
officer’s post
in February to
John Flint.
in his time at HSBC had “ensured the business is better
placed to serve our client
base with the products, advice
and services they need” and
“reinvigorated our approach
to collaboration.”
Net YTD
NAV Chg %Ret Fund
GlBond A p 12.10 -0.05 3.4 IncomeFd
NA
...
Growth A p 26.92 +0.20 14.3 PIMCO Funds P
FrankTemp/Temp Adv
NA
...
IncomeP
GlBondAdv p 12.05 -0.05 3.5 Price Funds
Harbor Funds
BlChip
98.54 -0.27
CapApInst 77.24 -0.22 36.3 CapApp
29.79 -0.02
70.49 +0.24 20.7 EqInc
IntlInst r
34.96
...
Harding Loevner
69.91 -0.05
EqIndex
NA
... NA Growth
IntlEq
70.91 -0.11
Invesco Funds A
74.15 +0.10
HelSci
EqIncA
11.27 +0.01 7.9 InstlCapG
40.07 -0.08
John Hancock Class 1
19.43
...
IntlStk
LSBalncd
16.08 +0.02 13.9 IntlValEq
15.22 +0.07
17.30 +0.03 17.7 MCapGro
LSGwth
93.24 -0.08
John Hancock Instl
MCapVal
31.62 +0.05
DispValMCI 24.16 -0.05 12.5 N Horiz
55.89 +0.01
JPMorgan Funds
9.51 +0.02
N Inc
MdCpVal L 40.03 +0.02 10.0 OverS SF r 11.41 +0.04
JPMorgan R Class
R2020
23.36 +0.02
11.67 +0.03 3.9 R2025
CoreBond
18.03 +0.01
Lazard Instl
26.59 +0.02
R2030
EmgMktEq 20.01 +0.15 26.0 R2035
19.45 +0.01
Loomis Sayles Fds
R2040
27.96 +0.01
LSBondI
14.19 +0.03 7.1 Value
39.06 -0.05
ShtDurIncmA p
Mr. Westerman didn’t respond to requests to comment
Thursday.
Samir Assaf, chief executive of global banking and
markets, said Mr. Westerman
Net YTD
NAV Chg %Ret Fund
NA MuIntAdml
14.10 -0.03
MuLTAdml 11.63 -0.02
NA MuLtdAdml 10.91 -0.01
MuShtAdml 15.74 -0.01
35.7 PrmcpAdml r137.85 -0.31
13.7 REITAdml r 120.19 -0.29
12.6 SmCapAdml 69.68 -0.01
17.9 STBondAdml 10.41 +0.01
33.2 STIGradeAdml 10.66 +0.01
25.5 TotBdAdml 10.78 +0.02
37.0 TotIntBdIdxAdm 22.01 +0.01
27.1 TotIntlAdmIdx r 30.25 +0.08
18.8 TotStAdml 65.12 -0.04
23.7 TxMIn r
14.27 +0.05
8.8 ValAdml
39.81 -0.04
29.0 WdsrllAdml 69.12 +0.05
3.9
25.8
14.5
16.3
18.0
19.4
20.5
16.1
4.1
5.5
2.1
1.1
26.7
5.7
13.8
1.3
2.2
3.5
2.5
25.2
17.7
24.0
11.9
12.0
Mr. Westerman’s departure
comes as Mr. Gulliver prepares to cede the top role to
retail head John Flint in February. Mr. Gulliver said in
February he would retire from
the bank in 2018, setting off a
CEO search by the bank’s new
chairman, Mark Tucker.
Mr. Assaf had been a contender for the CEO job and if
he had secured it, or decided
to leave, Mr. Westerman
would have been a leading
candidate to succeed him, according to analysts and people familiar with the matter.
In October, when Mr. Flint
was named CEO, Mr. Tucker
told The Wall Street Journal
that he expected Mr. Assaf
and other internal candidates
passed over for the CEO role
to remain at the bank.
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
WellsIAdml 65.52 +0.07 8.5 PrmcpCor
WelltnAdml 73.94 +0.05 11.7 SelValu r
WndsrAdml 79.61 -0.02 15.9 STAR
VANGUARD FDS
STIGrade
26.48 -0.06 14.8 TgtRe2015
DivdGro
HlthCare r 211.47 +0.79 17.7 TgtRe2020
INSTTRF2020 22.66 +0.02 12.5 TgtRe2025
INSTTRF2025 22.95 +0.02 14.1 TgtRe2030
INSTTRF2030 23.15 +0.02 15.5 TgtRe2035
INSTTRF2035 23.36 +0.01 16.8 TgtRe2040
INSTTRF2040 23.57 +0.02 18.2 TgtRe2045
INSTTRF2045 23.72 +0.02 18.8 TgtRe2050
39.85 +0.18 25.5 TgtRetInc
IntlVal
LifeCon
19.97 +0.02 9.9 TotIntBdIxInv
33.40 +0.02 16.9 WellsI
LifeGro
27.10 +0.02 13.3 Welltn
LifeMod
27.27 -0.07
33.45 +0.03
27.43 +0.03
10.66 +0.01
16.00 +0.01
31.80 +0.04
18.65 +0.02
33.71 +0.03
20.72 +0.02
35.70 +0.03
22.43 +0.02
36.08 +0.02
13.63 +0.01
11.01 +0.01
27.05 +0.03
42.81 +0.03
22.9
16.2
16.6
2.1
10.3
12.5
14.1
15.4
16.8
18.2
18.7
18.7
7.7
2.4
8.5
11.6
BEIJING—Chinese authorities acted to halt the proliferation of small online consumer
lenders, the latest restraint on
China’s fast-evolving financialtechnology sector.
A top regulatory body that
includes the central bank directed local governments to
stop approving licenses for
companies that make online
microloans—typically small,
short-term loans that carry
high interest rates—and to
prohibit lenders from operating outside the province in
which they are registered, according to a notice reviewed
by The Wall Street Journal.
Though the directive, dated
Tuesday, covers small companies, it sparked a selloff in the
U.S.-listed shares of Chinese
online lenders, including several that went public in recent
weeks and now trade below
their offering price.
The American depositary
receipts of Qudian Inc., which
is backed by Alibaba Group
Holding Ltd., tumbled as
much as 20% before recovering to end down 4% in New
Regulators sparked a
selloff in U.S.-listed
shares of Chinese
online lenders.
York trading Tuesday. They
fell 16% Wednesday. Qudian
raised $900 million last month
in one of the largest U.S. initial public offerings this year.
PPDai Group Inc. plunged
14% Tuesday and 24% Wednesday and Jianpu Technology
Inc. dropped 11% and 13%, respectively.
Fintech firms providing online loans and investment products have multiplied in China in
recent years, forcing regulators
to play catch-up. After the spectacular crash of several online
investment platforms, Beijing
last year capped the amount individuals could borrow via
peer-to-peer platforms, which
match lenders and borrowers.
This week’s measures target
the numerous startups that offer loans as small as $100 to
university students, rural migrants, blue-collar workers and
other mostly young consumers
who lack the personal credit
histories to get bank loans.
A government-backed industry group estimates there
are nearly 2,700 online microlending platforms serving almost 10 million consumers.
According to the central bank,
more than 8,600 online and
brick-and-mortar firms make
small loans, with nearly 1 trillion yuan ($151 billion) in outstanding loans as of mid-2017.
—Grace Zhu and Yifan Xie
contributed to this article.
Net YTD
NAV Chg %Ret Fund
WndsrII
38.94 +0.02
VANGUARD INDEX FDS
240.40 -0.16
500
ExtndIstPl 206.18 -0.08
SmValAdml 55.77 -0.01
TotBd2
10.74 +0.02
18.08 +0.04
TotIntl
65.09 -0.04
TotSt
VANGUARD INSTL FDS
BalInst
34.29 +0.01
DevMktsIndInst 14.29 +0.05
DevMktsInxInst 22.33 +0.07
83.55 -0.03
ExtndInst
GrwthInst 71.56 -0.02
10.54 +0.03
InPrSeIn
237.22 -0.16
InstIdx
Net YTD
NAV Chg %Ret
11.9 InstPlus
18.0
15.9
8.6
3.4
25.1
17.6
11.8
24.0
24.0
15.9
26.0
2.5
18.1
237.25 -0.15 18.1
17.6
16.2
16.2
13.8
2.2
3.5
3.5
3.5
2.5
25.2
25.2
17.7
11.9
Western Asset
CorePlusBdI NA
... NA
InstTStPlus 58.41 -0.04
MidCpInst 41.39 -0.02
MidCpIstPl 204.15 -0.08
SmCapInst 69.67 -0.02
STIGradeInst 10.66 +0.01
10.78 +0.02
TotBdInst
TotBdInst2 10.74 +0.02
TotBdInstPl 10.78 +0.02
TotIntBdIdxInst 33.02 +0.01
TotIntlInstIdx r120.97 +0.32
TotItlInstPlId r120.99 +0.32
65.13 -0.04
TotStInst
39.81 -0.04
ValueInst
Exchange-Traded Portfolios | WSJ.com/ETFresearch
30.2
27.6
6.1
18.1
17.7
23.0
13.6
18.1
11.9
4.4
27.2
30.0
14.3
20.2
15.9
2.0
26.0
17.7
6.5
2.5
43.7
4.0
4.3
10.6
16.2
6.9
ETF
Largest 100 exchange-traded funds, latest session
Wednesday, November 22, 2017
Closing Chg YTD
Symbol Price (%) (%)
AlerianMLPETF
CnsmrDiscSelSector
CnsStapleSelSector
EnSelectSectorSPDR
FinSelSectorSPDR
GuggS&P500EW
HealthCareSelSect
IndSelSectorSPDR
iShIntermCredBd
iSh1-3YCreditBond
iSh3-7YTreasuryBd
iShCoreMSCIEAFE
iShCoreMSCIEmgMk
iShCoreMSCITotInt
iShCoreS&P500
iShCoreS&P MC
iShCoreS&P SC
iShS&PTotlUSStkMkt
iShCoreUSAggBd
iShSelectDividend
iShEdgeMSCIMinEAFE
iShEdgeMSCIMinUSA
iShGoldTr
iShiBoxx$InvGrCpBd
iShiBoxx$HYCpBd
iShJPMUSDEmgBd
iShMBSETF
iShMSCI ACWI
iShMSCIBrazilCap
iShMSCI EAFE
iShMSCI EAFE SC
AMLP
XLY
XLP
XLE
XLF
RSP
XLV
XLI
CIU
CSJ
IEI
IEFA
IEMG
IXUS
IVV
IJH
IJR
ITOT
AGG
DVY
EFAV
USMV
IAU
LQD
HYG
EMB
MBB
ACWI
EWZ
EFA
SCZ
10.19
94.39
54.81
67.69
26.23
97.94
81.58
71.41
109.65
104.84
122.93
65.48
57.63
62.85
261.54
185.54
76.06
59.60
109.55
95.61
72.19
51.84
12.42
121.33
87.81
115.86
106.84
71.15
40.86
69.77
63.44
0.79 –19.1
0.10 16.0
6.0
–0.13
0.40 –10.1
–0.49 12.8
–0.04 13.0
–0.04 18.3
0.11 14.8
1.3
0.20
0.05 –0.1
0.3
0.26
0.32 22.1
0.24 35.8
0.30 24.5
–0.07 16.2
–0.06 12.2
–0.21 10.6
–0.07 16.2
1.4
0.17
7.9
–0.01
17.9
0.31
–0.29 14.6
0.98 12.1
3.5
0.39
1.5
0.16
5.1
0.42
0.5
0.24
0.13 20.2
1.06 22.6
0.27 20.9
0.44 27.3
ETF
ETF
Closing Chg YTD
Symbol Price (%) (%)
iShMSCIEmgMarkets
iShMSCIEurozone
iShMSCIJapan
iShNasdaqBiotech
iShNatlMuniBd
iShRussell1000Gwth
iShRussell1000
iShRussell1000Val
iShRussell2000Gwth
iShRussell2000
iShRussell2000Val
iShRussell3000
iShRussellMid-Cap
iShRussellMCValue
iShS&PMC400Growth
iShS&P500Growth
iShS&P500Value
iShUSPfdStk
iShTIPSBondETF
iSh1-3YTreasuryBd
iSh7-10YTreasuryBd
iSh20+YTreasuryBd
iShRussellMCGrowth
PIMCOEnhShMaturity
PwrShQQQ 1
PwrShS&P500LoVol
PwrShSrLoanPtf
SPDR BlmBarcHYBd
SPDR Gold
SchwabIntEquity
SchwabUS BrdMkt
SchwabUS LC
SPDR DJIA Tr
EEM
EZU
EWJ
IBB
MUB
IWF
IWB
IWD
IWO
IWM
IWN
IWV
IWR
IWS
IJK
IVW
IVE
PFF
TIP
SHY
IEF
TLT
IWP
MINT
QQQ
SPLV
BKLN
JNK
GLD
SCHF
SCHB
SCHX
DIA
47.81
43.21
59.56
312.52
110.34
132.33
144.70
119.86
184.07
150.89
125.04
154.19
203.48
86.69
212.92
150.38
109.57
38.61
114.28
84.10
106.37
127.15
118.52
101.79
155.69
47.14
23.03
36.96
122.63
34.26
62.92
62.12
235.17
0.25
–0.02
0.07
0.58
–0.16
–0.07
–0.08
–0.05
–0.22
–0.13
–0.05
–0.06
–0.07
0.03
–0.01
–0.09
–0.08
0.18
0.30
0.08
0.32
0.32
–0.11
0.03
0.12
–0.36
...
0.22
0.92
0.32
–0.06
–0.06
–0.24
36.6
24.9
21.9
17.8
2.0
26.1
16.3
7.0
19.6
11.9
5.1
15.9
13.8
7.8
16.9
23.5
8.1
3.8
1.0
–0.4
1.5
6.7
21.7
0.5
31.4
13.4
–1.4
1.4
11.9
23.8
16.1
16.6
19.1
SPDR S&PMdCpTr
SPDR S&P 500
SPDR S&P Div
TechSelectSector
UtilitiesSelSector
VanEckGoldMiner
VangdInfoTech
VangdSC Val
VangdSC Grwth
VangdDivApp
VangdFTSEDevMk
VangdFTSE EM
VangdFTSE Europe
VangdFTSEAWxUS
VangdGrowth
VangdHlthCr
VangdHiDiv
VangdIntermBd
VangdIntrCorpBd
VangdLC
VangdMC
VangdMC Val
VangdREIT
VangdS&P500
VangdST Bond
VangdSTCpBd
VangdSC
VangdTotalBd
VangdTotIntlBd
VangdTotIntlStk
VangdTotalStk
VangdTotlWrld
VangdValue
WisdTrEuropeHdg
WisdTrJapanHdg
XtrkrsMSCIEAFE
Closing Chg YTD
Symbol Price (%) (%)
MDY
SPY
SDY
XLK
XLU
GDX
VGT
VBR
VBK
VIG
VEA
VWO
VGK
VEU
VUG
VHT
VYM
BIV
VCIT
VV
VO
VOE
VNQ
VOO
BSV
VCSH
VB
BND
BNDX
VXUS
VTI
VT
VTV
HEDJ
DXJ
DBEF
338.19
259.76
93.59
64.14
55.79
22.92
166.81
129.84
159.53
98.13
44.44
45.77
58.17
54.30
138.98
152.14
82.91
84.39
87.77
119.35
151.32
107.56
84.84
238.62
79.46
79.75
145.45
81.88
55.13
56.39
133.80
72.98
102.04
64.38
57.54
31.71
–0.07
–0.09
0.05
–0.19
...
0.88
–0.26
–0.02
–0.01
–0.31
0.34
0.33
0.33
0.31
–0.07
0.01
–0.06
0.26
0.29
–0.09
–0.03
–0.05
–0.22
–0.07
0.11
0.23
–0.03
0.21
0.15
0.28
–0.07
0.14
–0.11
–0.65
–1.08
–0.50
12.1
16.2
9.4
32.6
14.9
9.6
37.3
7.3
19.8
15.2
21.6
27.9
21.3
22.9
24.7
20.0
9.4
1.6
2.4
16.6
15.0
10.7
2.8
16.2
0.0
0.5
12.8
1.3
1.5
22.9
16.0
19.6
9.7
12.2
16.1
13.0
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.
Friday, November 24, 2017 | B11
* * * *
MARKETS
BY AKANE OTANI
U.S. government bonds
strengthened Wednesday ahead
of the Thanksgiving holiday.
The yield on the benchmark
10-year Treasury note settled
at 2.322%, compared with
2.361% Tuesday. Yields fall as
bond prices rise.
Treasurys have mostly
drifted higher in recent sessions,
with the yield on the 10-year
note notching its fifth decline in
seven trading days Wednesday.
The bond market
CREDIT
was closed ThursMARKETS day in observance
of Thanksgiving
and closes early
on Friday.
Bond
yields
declined
Wednesday after U.S. Commerce
Department
data
showed orders for long-lasting
factory goods declined in October from the prior month.
They then fell further after
minutes from the Federal Reserve’s Oct. 31-Nov. 1 meeting
showed officials thought inflation could stay below the central bank’s 2% annual target
for longer than expected.
The Fed’s preferred measure of inflation, the price index for personal-consumption
expenditures, has lagged behind the central bank’s 2% target for much of the year, puzzling officials who have
expected price pressures to
pick up as other areas of the
economy, including the labor
market, have strengthened.
The lack of inflationary
pressure has been a boon to
Treasurys, which have largely
The 10-year Treasury
note’s yield settled at
2.322%, down from
2.361% Tuesday.
traded in a narrow range in recent months after coming under selling pressure at the end
of 2016.
“The fact that yields have
mostly been moving sideways—that’s a testament to
how large global quantitative
easing continues to be,” said
Anujeet Sareen, a portfolio
manager
at
Brandywine
Global. Even as the Fed has
begun to unwind its balance
sheet, other central banks, including the European Central
Bank, have continued to extend their bond-buying programs, which has helped keep
bond yields in other developed markets in check, Mr.
Sareen said.
One thing that could jolt the
Treasurys market: passage of a
tax bill in Washington. The
Senate might vote on a tax
overhaul in the coming week.
Some analysts say a tax overhaul could send bond yields
higher by expanding the federal budget deficit, which
would push the government to
sell more bonds.
But even that scenario, Mr.
Sareen said, may have a muted
impact. “The market is still a
little bit suspicious that something will get put through,” he
said, and the current bill looks
more like “moderate stimulus,”
not something that would send
yields sharply higher.
Transport Warning Is Shrugged Off
Weak performance is
attributed to downbeat
earnings rather than
deeper economic woes
BY MICHAEL WURSTHORN
Shares of planes, trains and
automobiles are skidding, and
that often spells trouble for
the rest of the market. But
some analysts and investors
aren’t heeding the century-old
warning sign this time around.
The Dow Jones Transportation Average is on track for its
first quarterly decline in more
than a year, as the index has
fallen 2.9% so far this quarter.
The Dow Jones Industrial Average is up 5% in the year’s final three-month period.
The index of 20 of the largest U.S. airlines, railroads and
trucking firms is used by some
in the market as a proxy to
gauge the health of the U.S.
economy since those companies are responsible for the vital movement of raw materials, goods and people.
So when the index diverges
from the broader Dow Jones
Industrial Average, some investors take it as a sign to sell.
However, several analysts and
investors say the Dow transports’ weak performance is
due to a spate of downbeat
earnings rather than a deeper
economic funk.
Analysts pointed to a series
of hurricanes in the previous
quarter that disrupted thousands of flights among airliners, including United Continental
Holdings
Inc.,
American Airlines Group Inc.
and Southwest Airlines Co.,
and caused service disruptions
for railroad and shipping companies at a time when most
transportation businesses are
grappling with rising costs.
“There’s pretty good divergence there. But the latest
pullback in transports was
more due to disappointing
third-quarter earnings,” said
Leo Grohowski, chief investment officer of BNY Mellon
Wealth Management, adding
that airlines were particularly
weak.
Still, the quarterly decline
in transport stocks is noteworthy given how closely the
two indexes tend to trade.
Since 1900, the Dow industrials and Dow transports have
traded above their 200-day
trading average in tandem
more than 50% of the time,
according to data from Ned
Davis Research.
Airlines in the Dow transports were among the hardesthit stocks. Shares of United
have fallen 12% since it reported earnings last month.
United said storms such as
Hurricane Harvey disrupted its
operations and caused it to incur higher costs, while the
rollout of new low-cost, nofrills fares, known as “Basic
Economy,” all contributed to a
drop in revenue, executives
Transports Hit a Pothole
An index of 20 railroad, airplane and other transportation stocks are
on track for their biggest quarterly decline in more than a year.
Dow Jones Transportation Average, quarterly change
12%
8
4
0
–4
–8
1Q 2016
2Q
3Q
4Q
*Through Wednesday Source: FactSet
said while discussing thirdquarter results.
Both American Airlines and
Southwest Airlines reported
improved revenue in the previous quarter, while maintaining
prices that helped offset rising
fuel, labor and other costs.
Still, the hurricanes shaved off
millions of dollars in profit
and revenue at both carriers.
American shares have fallen
4.6% since it reported earnings
on Oct. 26, while Southwest
has declined 3.6%.
Railroad companies haven’t
fared much better in recent
months, despite the doubledigit gains they had already
notched. Norfolk Southern
Corp. posted upbeat results
last month, beating revenue
and profit estimates, yet its
stock has fallen 2.3% since it
reported earnings on Oct. 25.
1Q ’17
2Q
3Q
4Q*
THE WALL STREET JOURNAL.
CSX Corp. beat profit expectations but revenue fell short
due, in part, to service delays
that stemmed from the hurricanes and derailments. Its
shares have fallen 3.5% since it
released earnings Oct. 17.
Another big laggard in the
index: Avis Budget Group Inc.
The car-rental company’s
shares tumbled 16% since it
said on Nov. 6 that higher fleet
costs and weaker international
pricing had hurt the car-rental
company, causing it to miss
earnings and revenue expectation and lower its sales guidance for the rest of the year.
As the transports index
lurches toward its first threemonth decline since the second quarter of last year, stockmarket volatility has picked up
slightly relative to much of the
rest of the year. That has cre-
ated a better environment for
stock pickers, some investors
added.
“Stock disparity is picking
up, and that’s an opportunity
for active managers,” said Jason Pride, director of investment strategy at wealth-management
firm
Glenmede.
“Stocks are showing signs of
moving away from one another.”
Concerns around how Republicans proceed on their tax
overhaul contributed to recent
declines in the Dow Jones Industrial Average, causing the
index to snap an eight-week
winning streak and swing between gains and losses in recent sessions. Sectors that had
been performing better earlier
this year, such as industrials,
are now trailing, while concerns about the market’s
health picked up following
losses in the junk-bond market.
Lofty valuations, especially
among technology companies
that have contributed significantly to the market’s gains
this year, have also kept investors on edge, with some believing those stocks could pull
back on geopolitical concerns
or due to developments in
Washington.
“The albatross for the market is valuations at this point,”
said Terri Spath, chief investment officer of Sierra Investment Management, an investment firm with $2.7 billion in
assets. “They’ve been too high
for a while.”
Chinese Stocks Slide, Leaving Europe Flat
BY JON SINDREU
AND KENAN MACHADO
European stocks traded flat
Thursday after Chinese shares
had their worst day in months.
Chinese regulators suggested they will further
tighten their
THURSDAY’S grip on fiMARKETS
nancial markets.
The
Stoxx Europe
600 closed broadly unchanged
from Wednesday, reversing
earlier losses on the back of
the falls in China.
The Shanghai Composite
dropped 2.3% to a two-month
low and the Shenzhen Composite slid 2.9%. Early Friday,
the Shanghai index was down
0.4% and the Shenzhen index
was off 0.4%. Hong Kong’s
Hang Seng Index was up 0.4%
early Friday after dropping 1%
Thursday.
Stock markets in the U.S.
and Japan were closed for
their Thanksgiving holidays
Thursday. At the lunch break
Friday, Japan’s Nikkei was
down 0.3%.
European markets were
helped by surveys of purchasing managers released Thursday, which suggested the eurozone economy expanded in
October at the fastest pace in
almost seven years. Global equities remain close to their
peaks.
“Valuations are still attractive in Europe,” said Stephen
Macklow-Smith, head of Europe equity strategy at J.P.
Morgan Asset Management.
“On a historical earnings basis,
Europe looks expensive, but
we are in a very early stage of
an earnings recovery.”
Among the biggest risers of
the day in the Stoxx Europe
600 was telecommunications
company Altice, which has
created concerns in corporatebond markets because of its
Global Oil Benchmark Declines
BOBBY YIP/REUTERS
Bonds
Gain for 5
Of Past 7
Sessions
Hong Kong’s Hang Seng fell 1% after topping 30000 on Wednesday for the first time in a decade. The Hong Kong financial district.
large debt piles and disappointing revenue. On Thursday
it closed up 3.9% following reports that it would sell its Dominican Republic business. By
contrast, British energy supplier Centrica PLC plunged
15% after saying it will miss
full-year earnings estimates.
“We expect growth to continue being positive in Europe
and the U.S., with limited
downside risk,” said Adrien
Pichoud, chief economist at
SYZ Asset Management.
However,
international
money managers are also
keeping a close eye on China,
where the government is mov-
DRONEBASE/REUTERS
ment products sold by financial institutions. New draft
regulations unveiled recently
spooked Chinese asset managers, who are dumping stocks to
shore up liquidity, said Nathan
Chow, a senior economist at
DBS.
Brendan Mulhern, global
strategist at Newton Investment Management, believes
investors could be caught off
guard in 2018 because the Chinese debt problem is larger
than it looks.
But most investors seem
confident that China will manage to deal with corporatedebt piles, paving the way for
a two-year rally in risky assets
to continue throughout 2018.
“As long as people are confident about growth prospects,
you won’t see a run for the
exit,” said Isabelle Mateos y
Lago, global macro strategist at
BlackRock Investment Institute.
Meanwhile, the WSJ Dollar
Index slipped 0.1%. It fell 0.8%
Wednesday after the release of
minutes from the last Federal
Reserve meeting. Even though
officials suggested interest
rates are likely to go up again
in December, investors focused
on signs that they remain uncertain about why inflation is
so low.
SEC Accuses Long Island Town of Fraud
BY HEATHER GILLERS
CRUDE BEHAVIOR: The darkened ground of an oil spill which
shut down the Keystone pipeline between Canada and the U.S.
Oil prices eased Thursday, after the U.S. market hit a more than
two-year high on reduced crude flow from Canada and falling
supply. Brent crude fell 0.4% to $63.55.
ing to rein in increasing
amounts of debt and cool excesses in financial markets.
Thursday was the first time
since Aug. 25 that the Shanghai Composite finished with a
drop or gain of at least 1%, the
longest period of calm for
what has been a historically
volatile benchmark. This year,
the index has had only 11
moves of such magnitude,
compared with 65 in 2016 and
141 in 2015.
Beijing is now taking steps
to halt the proliferation of
small online lenders, days after
saying it plans to streamline
oversight of asset-manage-
The Securities and Exchange Commission charged
the Long Island town of Oyster
Bay, N.Y., with defrauding
bondholders by failing to tell
them about four private loan
deals.
The charges come during a
multiyear push by the SEC to
improve the information local
governments give bondholders. Last year, 71 municipal
borrowers from Minnesota to
Hawaii agreed to stricter disclosure practices as part of an
agreement with the SEC.
The SEC complaint alleges
that Oyster Bay didn’t inform
investors in the town’s bonds
that it had agreed to indirectly
guarantee $20 million in private loans to a local vendor
who owned and operated res-
taurants at town facilities. The
SEC also charged John Venditto, who served as Oyster
Bay’s supervisor and treasurer
from 1998 through January of
this year, with defrauding the
bondholders.
Though terms of the four
private loans could have forced
Oyster Bay to make a $16 million payment on short notice,
using up 16% of its operating
budget, the town didn’t disclose these loans to investors
in bonds sold between August
2010 and December 2015, the
SEC said.
The town of Oyster Bay said
in a submission to the SEC earlier this year that the town had
been “victimized” and that new
loan terms were inserted into
the town’s agreement with the
vendor without the town
board’s knowledge. It noted
that a 2016 indictment against
Mr. Venditto alleges he accepted bribes from the vendor.
“It is paradoxical to claim
that the town should have disclosed illegal agreements that
were entered into in secret and
were unknown to and concealed from the town board,”
Oyster Bay said in its response
to a Wells notice from the SEC
informing the town of a pending enforcement action.
An attorney representing
Mr. Venditto in connection
with the 2016 indictment
didn’t respond to a request to
comment. Mr. Venditto declined to testify before the
SEC, invoking his Fifth Amendment right against self-incrimination, according to the complaint.
The SEC is asking the
courts to appoint a monitor to
oversee its disclosure practices
for five years and prohibit Mr.
Venditto, 68 years old, from
being involved in bond sales.
The SEC also wants Mr. Venditto and the town to pay
monetary penalties, according
to the complaint. It didn’t say
how much money.
The complaint was filed in
U.S. District Court for the
Eastern District of New York.
The U.S. Attorney’s Office for
the Eastern District of New
York also filed securities fraud
charges against Mr. Venditto
on Tuesday.
Government borrowers file
information about their finances at the time they issue
bonds and on a continuing basis
while the bonds are outstanding. The records are posted on
the Municipal Securities Rulemaking Board’s website.
For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
B12 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
MARKETS
Yield Curve Narrows, but Few Are Worried
Last time gauge was Shifting Signal
so low, a crisis brewed; The gap between shortand long-term Treasury
this time, investors
split on what it means yields has narrowed lately.
Yield spread between the 10-year and two-year U.S. Treasury
1.4 percentage points
1.2
1.0
0.8
BY DANIEL KRUGER
The yield gap between
short- and long-term Treasurys has shrunk to its narrowest level since 2007, the
year the financial crisis gathered steam. But few investors
and economists are worried
that a repeat of the 2008 meltdown is in store.
While analysts have long
considered the gap, known as
the yield curve, a key barometer for the health of the economy, many are split about
what the signal means now.
Much of their disagreement is
rooted in the exceptional conditions of the past decade:
emergency measures from
global central banks that have
produced little inflation, unemployment falling with few
signs of wage pressure, and
stock markets that continue to
climb with little volatility.
The uncertainty is accentuated by the contrast in economic conditions from the last
time the yield curve was similarly compressed. In 2006 and
2007, as short-term rates
matched and even exceeded
long-term rates, a phenomenon known as an inverted yield
curve, there were clear signs
that the economy was overheating. Housing prices, which
had been surging for several
years, were seen as unsustainably high, securitized products
had spread risk throughout the
financial system, and stock
prices were supported by a
wave of increasingly aggressive leveraged buyouts.
Today’s flattening comes
even as the economy seems to
be humming along, sending an
unclear signal at a time when
stocks keep pushing to records
in a rally propelled by signs of
synchronized global growth
2006–2007
2016–2017
0.6
0.4
0.2
0
–0.2
Federal-funds rate target
Consumer-price index (all items), change from a year earlier
6%
5%
5
4
4
3
3
2006–2007
2016–2017
2
Range of 1–1.25%
2
1
1
0
0
U.S. wage growth, quarterly, change from a year earlier
U.S. real GDP, quarterly, change from a year earlier
4.0%
3.5%
2006–2007
2016–2017
3.5
3.0
3.0
2.5
2.5
2.0
2.0
1.5
1.5
1.0
and fueled recently by hopes
that U.S. tax cuts can provide a
further boost.
Some investors today support the traditional view that
the narrowing gap is a signal
that excessive policy tightening by the Federal Reserve
risks pushing the economy
into a recession.
“The markets are pushing
back against the Fed,” said Michael Collins, a senior portfolio
manager with PGIM Fixed Income, which has placed trades
that will profit if the gap
shrinks. If the central bank
continues to raise interest
rates, “the yield curve is going
to get flat, stocks are going to
sell off, and the economy’s going to get hit,” he said.
But with few signs of a
slowdown, others speculate
that the forces at work are unlike other times. Just as the
Fed’s expansion of its bond
portfolio to $4.2 trillion has
failed to spur inflation, monetary policies intended to boost
2006–2007
2016–2017
Seasonally adjusted annual rate
THE WALL STREET JOURNAL.
Sources: Ryan ALM (yields); FactSet (rate, GDP); Bureau of Labor Statistics (CPI, wage growth)
consumer prices in Europe and
Japan may be holding down
U.S. interest rates. Central
bank rates that are below zero
there are fueling demand for
relatively high-yielding U.S.
government debt, holding
down the benchmark 10-year
Treasury yield when it might
otherwise be rising to reflect
solid growth prospects in the
U.S.
“We are in a global synchronized recovery—everybody
knows that,” said Brian Jacob-
sen, head of multisector strategy at Wells Fargo Asset Management. “What everybody’s
worried about is how long can
this last. As it gets longer in
the tooth, people are going to
worry more and more.”
The lack of inflation pressures, particularly on hourly
wages, has befuddled policy
makers who have been expecting the lowest unemployment
rates since the dot-com boom
to force employers to lift salaries. The Fed has raised rates
HEARD ON THE STREET
Email: heard@wsj.com
FINANCIAL ANALYSIS & COMMENTARY
Paint Industry Draws Excitement
The otherwise quotidian
world of paint is turning into
a feeding frenzy of merger
activity. Money is to be made
betting on the prime targets.
The latest news: Japan’s
Nippon Paint is interested in
Axalta Coating Systems,
pushing aside a bid by Dutch
rival Akzo Nobel, which itself
has been a target for industry
leader PPG Industries. It is
unclear what price Nippon
has offered for Axalta, though
it will need to be more than
its current enterprise value of
$11.7 billion including debt.
Akzo’s retreat before a
smaller rival isn’t as odd as
it sounds. This year, the
Dutch company refused to
negotiate over three separate
bids from Pittsburgh-based
PPG, which vies with Cleveland-based Sherwin-Williams for the top spot in the
global paints industry. Investors, noisily led by New York
activist Elliott Management,
wanted Akzo to negotiate.
Chairman Antony Burgmans blocked PPG by invoking arcane clauses of Dutch
law, leaving him little credit
with investors to draw on in
2006–2007
2016–2017
Color Palette
Global coatings sales 2016, in billions
Sherwin-Williams*
$15.8
PPG
14.3
Akzo Nobel
10.7
RPM
4.8
Nippon Paint
4.3
Axalta
4.1
BASF Coatings
3.6
Kansai
2.9
Asian Paints
2.6
Masco
2.1
*Pro-forma including Valspar.
Sherwin-Williams's acquisition of Valspar completed in June 2017.
Sources: Coatings World, Sherwin-Williams
THE WALL STREET JOURNAL.
support of a punchy takeover. The Axalta deal, billed
as a “merger of equals,” always looked like a poison pill
to keep PPG away, but investors were happy to swallow
it as long as Akzo could
promise merger synergies
without a hefty takeover premium. Nippon’s all-cash offer
has made that impossible.
Nippon Paint is making a
huge bet. With an enterprise
value equivalent to $10.6 billion, it is slightly smaller
than Axalta. The offer looks
serious, though. The Japanese company has no net
debt and a clear ambition to
be a global player.
Crucially, Nippon Paint’s
key shareholder implicitly
stands behind its management. Almost two-fifths of
the company’s shares belong
to Wuthelam Holdings, the
investment vehicle of Singaporean billionaire Goh Cheng
Liang. Mr. Goh distributed
Nippon paint for decades before his son, now director of
the board, spearheaded a
2014 merger.
Akzo’s inability to compete
with Nippon Paint leaves it
vulnerable. PPG has done its
best to temper expectations of
another round of bidding, but
this could just be a negotiating ploy. The numbers should
still work: The dollar has
weakened against the euro
this year, but PPG’s share price
has outperformed Akzo’s,
which is still 18% below the
level of PPG’s final bid. PPG’s
“put-up-or-shut-up” quiet period expires next month.
There is an outside chance
Sherwin-Williams could also
be interested in Akzo. In the
spring it had its hands full with
the acquisition of smaller rival
Valspar, but this was completed in June.
In a consolidating market
it makes sense to own the
takeover targets. It is clearer
than ever that these include
Akzo Nobel as well as Axalta.
—Stephen Wilmot
OVERHEARD
Regulators are watching
over the American public,
even in cases where people
really ought to know better.
The Food and Drug Administration posted a new notice
on its website Tuesday regarding gene therapy, which
aims to alter genetic material
as a way to fight serious diseases. Companies are studying the technology to treat
cancer and hereditary diseases, among other uses.
That doesn’t mean the
general public needs to do
any studying of their own
however. The agency said it
“is aware that gene therapy
products intended for self-administration and ‘do it yourself’ kits to produce gene
therapies for self-administration are being made available
to the public. The sale of
these products is against the
law. FDA is concerned about
the safety risks involved.”
Hopefully some good will
come of the FDA’s vigilance.
Of course, would-be medical
pioneers shouldn’t need to
have won the genetic lottery
to figure out to stay away.
Who Needs a Tax Cut? Companies Are Spending Anyway
Tax cut or no tax cut,
companies could be spending
a lot more money in the year
ahead.
There was an awkward
moment during an onstage
interview with White House
economic adviser Gary Cohn
at The Wall Street Journal
CEO Council this month.
Asked if the tax bill would
spur them to boost
investment, only a smattering of executive raised their
hands. “Why aren’t other
hands up?” wondered Mr.
Cohn.
But the thing is that companies already have been investing more. Through the
first three quarters of this
year, capital spending on
Steadying Up
Annualized change in real
spending on capital equipment
15%
10
5
0
–5
–10
–15
2014
’15
’16
’17
Source: Commerce Department
equipment has risen at a
7.3% annual rate, the fastest
pace in three years. The
pickup in spending continued in the current quarter:
Wednesday, the Commerce
Department reported that
shipments of nondefense
capital goods excluding aircraft—something economists
look to in order to gauge
capital spending—rose 0.4%
in October from September.
It was the ninth gain in a
row for the typically volatile
series, marking the longest
winning streak since 1994.
Tax cut or no tax cut,
companies have had the
means to invest for a while.
Their balance sheets are
healthy, and their cost of
capital is extraordinarily low.
What they needed was a reason, and the biggest reason
to invest is demand.
Demand is looking a lot
better. The U.S. economy
continues to chug along, and
for the first time in a long
time the rest of the world is
chugging along with it. Companies that want to maintain
or expand their market share
need to keep up, and that requires more equipment.
Moreover, a low unemployment rate and the specter of
rising labor costs is pushing
companies to make their
workers more productive.
There has also been a
shift in investor attitudes
that is intensifying the need
to step up capital spending.
For years—indeed, even before the financial crisis
struck—investors were rewarding companies that
were paying shareholders
through dividends and stock
buybacks over companies
that focused on growth.
Lately, however, investors
are favoring growth, providing companies with an incentive to get into the club.
For a U.S. economy that
for years has relied almost
solely on consumers for
growth while companies underspent, the pickup in capital spending counts as a
good thing. It could help
temper any shift lower in
consumer spending if households opt to boost their low
saving rates. And if it goes
on long enough, it could help
boost productivity, allowing
the economy to move along
at a faster clip.
—Justin Lahart
three times since December
2016 and is forecasting four
more increases through 2018,
citing its forecasts that inflation will soon perk up. Yet inflation, using the Fed’s preferred measure, has persisted
below its 2% target.
There is additional uncertainty from Washington, as
some of the curve’s widening
at the beginning of 2017 came
from expectations that President Donald Trump would be
able to pass plans to boost infrastructure spending and cut
corporate and personal taxes.
That led to a surge in expectations for faster growth and
higher inflation, which lifted
10-year Treasury yields to
2.609%, the highest since 2014.
“As it became apparent
none of these things were happening, you’ve seen the curve
flatten,” said Ilya Gofshteyn, a
macro strategist at Standard
Chartered Bank.
The yield curve Wednesday
narrowed to about 0.59 percentage point from 1.25 percentage points at the start of
the year, near the narrowest
gap since November 2007.
Most of that change has been
from a climb in two-year Treasury yields, which tend to rise
on expectations of interestrate increases from the Fed.
The 10-year Treasury yield,
which typically reflects expectations for growth and inflation, has fallen to 2.322% from
2.446% at the end of 2016.
Yields rise when bond prices
fall.
The yield curve’s pinch has
been especially apparent in
bank stocks. The KBW Nasdaq
Bank Index of large U.S. commercial lenders has slipped
roughly 2.2% this month as the
S&P 500 has gained around
0.8%. A steepening yield curve
tends to boost banks’ lending
profitability, since they can
borrow at low short-term rates
while lending at higher longterm rates.
—Michael Wursthorn
contributed to this article.
WSJ.com/Heard
As Good as
It Gets for
Deere Stock
The future looks bright for
Deere & Co. That should actually make investors nervous.
Fiscal fourth-quarter results out Wednesday showed
that Deere’s business is gaining strength, thanks to improving agricultural and construction markets world-wide.
Sales of $8 billion and earnings of $1.57 a share grew by
23% and 74%, respectively,
from a year ago. Deere reported higher volumes and
higher prices in both of its
main operating segments.
The company expects the
good times to last: Guidance
issued Wednesday calls for
about 20% profit growth for
fiscal 2018. Shares rose 4%
Wednesday and have about
doubled since January 2016.
That move makes some
sense. It is a bull market for
industrial stocks, after all,
and Deere is increasing sales
and profits faster than most
companies of its size.
But that stellar performance is already priced into
the stock. The company’s
debt-adjusted market value is
about 21 times forward earnings before interest, taxes,
depreciation and amortization, near a 15-year high.
Frothy valuations aren’t
necessarily a reason to sell a
stock, of course. But Deere
shares have historically
turned down before business
conditions shift. During the
last farm cycle, Deere’s sales
and profits peaked in fiscal
2013. The stock, however, had
hit its apex in January 2011,
nearly three years earlier.
Analysts, not surprisingly,
see sales and profit growth
through fiscal 2020, according to FactSet. If history repeats itself, the peak may be
at hand. Investors should be
happy with their profits and
set themselves up for the
next buying opportunity.
—Charley Grant
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Rose Marie on growing
up a child star—with
fans in the mob
M5
HOMES
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MANSION
UPKEEP
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Friday, November 24, 2017 | M1
RAU+BARBER FOR THE WALL STREET JOURNAL (3); EVERETT COLLECTION (ROSE MARIE)
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‘All things come to him who waits,
but they are mostly leftovers from
those who didn’t wait.’
ALL FOR UNO Nicole and Greg Jennings with their children, from left to right, Amya, Aice, Alea and Ayva, play cards in the kitchen seating area of their 10,150-square-foot mansion in Edina, Minn., below left. While the feel was to be curated and modern, Mr. Jennings says it had to be homey—not a ‘don’t touch this and don’t touch that’ kind of place. Below right, the living room.
A Former NFLer’s Home Turf
Greg Jennings deferred his design dream to pursue a career in football. Now retired
from the game, he took the lead building his home; helmets around the pool table.
BY A.J. BAIME
WHEN HE WAS IN COLLEGE, Greg Jennings
faced a life-changing decision. He was following
his passion for architecture while studying at
Western Michigan University. But the coursework was getting in the way of football. So he
switched majors to focus on his game, eventually playing 10 years in the NFL, winning a Super Bowl ring with the Green Bay Packers in
2011. No regrets.
But when the two-time Pro Bowl wide receiver
retired after the 2015 season, he was finally able
to redevote himself to architecture, and the result is a contemporary 10,150-square-foot manPlease turn to page M8
BLUE WATER, WHITE SAND—ALL ARTIFICIAL
INSIDE
Crystal Lagoons are in the works at 16 upscale developments across the U.S. A Chilean entrepreneur says his
patented technology uses a fraction of the chlorine and other chemicals found in traditional swimming pools.
BY ARIAN CAMPO-FLORES
GREENWICH TIME
A $25 million sale
in Connecticut M2
ART OF DISPLAY
London’s top art
consultants M3
BY THE SEA San Alfonso del
Mar, a resort in Algarrobo, Chile,
features a Crystal Lagoon.
CRYSTAL LAGOONS; LUIGI PARISE (ART OF DISPLAY)
CHRISSY AND EDDIE BALL
already enjoy plenty of amenities at their masterplanned community north of
Dallas—swimming at the
zero-edge pool, working out
at the fitness center and running and Rollerblading on
trails with their two children. But the most prized
feature of all is still to come:
a 5-acre, artificial lagoon
ringed by white-sand
beaches, with shimmering
turquoise water where residents can swim, kayak and
windsurf.
“Our minds are blown,”
said Ms. Ball, a 39-year-old
stuntwoman and yoga instructor. “It’s hard to fathom
how they’re even going to
create that.”
The couple bought a fourbedroom, 3,600-square-foot
brick home with movie and
play rooms in 2015 for
$472,000, in the first phase
of the 2,000-acre Windsong
Ranch, in Prosper, Texas.
Windsong Ranch is among
the earliest projects in the
U.S. to incorporate Crystal
Lagoons—enormous pools
Please turn to page M4
PILGRIMS’ POINT
Provincetown, Mass.,
homes for sale M6
M2 | Friday, November 24, 2017
THE WALL STREET JOURNAL.
NY
MANSION
PRIVATE PROPERTIES
CLOCKWISE FROM TOP LEFT: DURSTAN SAYLOR (2); ZIGNAVISUAL; ENGEL & VÖLKERS
Billionaire Trader Sells Greenwich Estate
Billionaire trader Stanley
Druckenmiller has sold his
sprawling Connecticut estate
for $25 million, in Greenwich’s
priciest deal so far this year.
Mr. Druckenmiller listed the
property, known as Sabine
Farm, for $31.5 million in
March, according to listing
agent Leslie McElwreath of
Sotheby’s International Realty.
The more than 19-acre estate
includes a 12,238-square-foot
main house as well as a threebedroom guest cottage with its
own driveway, a swimming
pool and landscaped gardens.
The house, built in 1910 and
ACRES • OCEANFRONT ESTATE
later restored by Mr. Druckenmiller and his wife, Fiona, features plaster tracery ceilings
and a mural depicting the
search for the Holy Grail, Ms.
McElwreath said.
The agent said the deal is
further evidence that the
Greenwich market is picking up
after a prolonged pricing
slump. The
transaction marks
the third home to have
sold for more than $20 million
year-to-date in Greenwich, she
said. By comparison, there
were no sales above that price
point last year.
The house is located just a
few properties away from one
owned by Starwood CEO Barry
Sternlicht, who declared Greenwich to be the worst housing
market in the country while
speaking at an investment
conference last year, Ms. McElwreath noted.
The Druckenmillers, who live
primarily in New York City,
bought the estate in 2004 for
$23 million, Ms. McElwreath
said. She said they are selling
because they haven’t been
spending as much time there
as they had planned.
Mr. Druckenmiller, a former
investment
strategist for
George Soros,
now invests
through his
own family office. He declined
to be interviewed.
Carolyn Sarsen of
David Ogilvy & Associates, the buyer’s agent, declined to comment on the
identity of her client.
—Katherine Clarke
REAL-ESTATE DEVELOPER LISTS IN CORAL GABLES
LIVE
LIVE
ABSOLUTE
AUCTION
ON-SITE
ON-SITE
Saturday, December at AM, PT
Camino Capistrano, Dana Point, California
OPEN HOUSE EVERY WEEKEND from - PM
Private Appointments & Phone Bidding Available
V I D EO TO UR & D E TA I L S
AT DECAROAUCTIONSCOM
In cooperation with Julia Jackson-Brown (CalBRE #
)
and Ramona Maney (CalBRE #
) of
CENTURY Award (CalBRE #
)
This property is listed for sale by Julia Jackson-Brown (CalBRE #
) and Ramona Maney (CalBRE
#
) of CENTURY Award (CalBRE #
). DeCaro Real Estate Auctions, Inc., is a licensed
California Auction Firm (CA Bond #
) performing auction and auction marketing services as part of this
transaction, and is not performing any real estate brokerage services. Neither Century 21, Fine Homes & Estates
nor any of their affiliated companies is providing any product or service in connection with this event other than
as required by applicable law. Brokers and agents are fully protected and encouraged to participate. Review the
Terms and Conditions for further details at DeCaroAuctions.com.
Real-estate developer Don
Peebles and his wife, Katrina,
are listing their home in Coral
Gables, Fla., for $12.9 million.
The Mediterranean Revivalstyle property sits on 2.87
acres and comprises 15,795
square feet with 22 rooms, including 10 bedrooms and 12½
bathrooms. It features marble
floors, a home theater, a game
room, a gym, a pool, a dining
room for more than 20, and
lighted tennis and basketball
courts. The master wing includes a large bedroom with a
balcony overlooking the pool
and the grounds.
The driveway is distinct for
the nearly 100 oak trees that
frame it, Mr. Peebles said. Although the ficus trees in the
back garden were damaged
during this season’s hurricanes, the oak trees have been
standing strong for about a
century, he said. A tree swing
the couple built for their
daughter also is intact, and
the home is in good condition.
The couple bought the
property for $5.45 million in
2004, public records show;
Mr. Peebles said they put several million dollars into renovating it. It was still under
construction when they
bought it—designed by the
previous owner as three
homes under one roof to accommodate children from previous marriages. The couple
combined the three residences
into one.
PALM BEACH
ONE OF A KIND
He and his wife are selling
because their 15-year-old
daughter is pursuing her
equestrian career in Wellington, and it doesn’t make sense
to keep driving between the
two cities. They are currently
looking for a new home closer
to Wellington, he said.
Mr. Peebles’s company, the
Peebles Corp., has offices in
Miami and New York and
owns a multibillion-dollar portfolio of condo projects, hotels
and office properties. A lifelong Democrat, he said he has
hosted various political fundraisers at his homes.
Lourdes Alatriste and Irving
Padron of Engel & Völkers Miami have the listing.
—Katherine Clarke
ZAHA HADID’S
MIAMI HOME
REDUCED 35%
TO $6.5 MILLION
A South Beach condominium owned by Pritzker-winning
architect Zaha Hadid, who died
unexpectedly last year, is relisting for $6.5 million, or 35% below its initial asking price of
$10 million nine months ago.
The new list price reflects
the fact that “we are in a buyers’ market in Miami,” said Ivan
Chorney of ONE Sotheby’s International Realty, who with
colleague Angelica Garcia took
over the listing from another
agent. “There is currently a
four-year supply of luxury condos over $1 million, so the right
price point and design features
are more important than ever.”
In the W South Beach building, the 2,541-square-foot
property has two bedrooms
and three bathrooms plus an
adjacent studio apartment,
which has a separate entrance.
Ms. Hadid renovated the space
in her signature style, with curvaceous lines and metallic surfaces that reflect the light from
an expansive ocean view, the
agents said.
Ms. Hadid bought the two
units that make up the main
apartment in 2010 for a total
of $2.79 million, and purchased
the studio for $1.38 million in
2015, according to public records. She had many friends in
Miami and used the property
while working on the 1000 Museum condo building, which is
currently under construction,
said Christian Gibbon, general
manager of Zaha Hadid Holdings in London.
Ms. Hadid was 65 when she
died from a heart attack in
March last year, Mr. Gibbon
said. Born in Baghdad, she
studied architecture in London
and became known for commissions like the London
Aquatics Center, built for the
2012 Olympics, the Guangzhou
Opera House in China and the
Maxxi National Museum of 21st
Century Arts in Rome. She was
the first woman to win the
Pritzker Architecture Prize in
2004.
—Katy McLaughlin
See more photos of notable
homes at WSJ.com/Mansion.
Email: privateproperties
@wsj.com
PA L M B E AC H
OCEAN TO INTRACOASTAL
SPECTACULAR
SPECTACULAR OCEAN
OCEAN TO
TO INTERCOASTAL
INTERCOASTAL
ESTATE
ESTATE
First Time on the Market in 30 Years
Built by Addison Mizner in the early 20th Century, this private
compound sits on nearly 2.5 acres of irreplaceable Palm
Beach oceanfront land. High on a ridge, the home is situated
with optimum views to the west over the Intracoastal, while
the eastern facing rooms are bathed by Atlantic Ocean
sunrises. Nearly 300’ of beach & oceanfront are accessed by
a private gate & wooden walkway, one of many pathways that
wind through the entire estate and lead to hidden sculpture
gardens, ponds and pools. Offered at: $46,000,000
10635 WITTINGTON AVE
5 BEDROOMS 5 FULL AND 1 HALF BATHS $3,595,000
Shaped rafter tails and cream stucco walls accent the timeless elegance
of this classical Windsor home set before the polo field. A series of tall
windows flood the home with light and air. This versatile home includes
a charming carriage house with covered balcony overlooking the sunny
pool courtyard.
The best built & most unique custom home of its kind! Highest quality
finishes & features exclusive to this home. Soaring 10’ glass sliding
doors create simultaneous views & access to Ocean & Intercoastal.
Price upon request
Linda Gary 561-346-5880
772 388 8400
WINDSORFLORIDA.COM
201 Worth Avenue • Palm Beach, Florida 33480
Office: 1-561-655-6881 Email: Info@LindaAGary.com
www.LindaAGary.com
JIM MCCANN, Broker Associate
561.296.8720 | jim.mccann@corcoran.com
Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding
financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the
accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed
propertyconditions,andwithdrawalofthepropertyfromthemarket,withoutnotice.Alldimensionsprovided
are approximate. To obtain exact dimensions, Corcoran advises you to hire a qualified architect or engineer.
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.
Friday, November 24, 2017 | M3
MANSION
THE TRADE
The Fine Art of Art Collecting
How London’s buying consultants, framers and lighting specialists find and display clients’ masterpieces
ART HOUSE
An American art
collector is offering
his London apartment for lease at
almost $5,000 a
week. The new
tenant will be able
to enjoy works by
Cindy Sherman,
Candida Hofer, Edward Burtynsky
and Annie Leibovitz, among others. Below left,
two images from
custom frame
shop John Jones.
Elaborate gilded or
metal frames can
cost up to
$24,000, says
Matt Jones, in
plaid shirt. Below
right, architect Gianni Botsford created a gallery behind a historic
townhouse in Fitzrovia.
Harry Triggs co-director of TM
Lighting, says one of his clients
has 47 Picassos hung in the living
room—and he casually lists other
clients’ works by everyone from
Degas to Caravaggio, and from van
Gogh to Titian.
“I saw a collector recently who
had £1 billion worth of art in their
house,” adds Mr. Triggs, whose
role it is to display these master-
pieces to their best advantage. He
uses LED lighting to avoid fading
while “bringing out the color and
vibrancy” of the work.
Some collections are so large
their owners need to relocate
works regularly, says Alma Luxembourg, a partner at Luxembourg &
Dayan, a gallery with locations in
London and New York.
“A lot of the collections change
their hangings at their homes every now and again,” she says. “It is
done to their own rhythm, but
perhaps they decide they want to
look at a piece they bought a few
years ago.”
That’s because many pieces sold
at major international art fairs and
auctions around the world don’t
end up on the walls of their buyers. Instead they’re placed in a
high-security warehouse, for reasons of space and practicality.
“If you have spent $1 million on
a Picasso drawing, you are speculating that it is going to go up in
value,” says Mr. Maguire. “Pretty
much everyone is speculating and
stockpiling.” Having art on the
wall “is very expensive in terms of
insurance, and they run out of
space.”
Art-Centric Homes for Sale
FROM LEFT: GALLIARD HOMES; K10 GROUP
ART BUYERS MAKE global headlines when they pay record prices
for a new addition to their collection, such as the recent sale of a
da Vinci painting for over $450
million.
But behind every art collector,
there is an entourage of buying
consultants, gallerists, framers and
lighting specialists to make sure
they buy the right piece and display it just so.
Broadly speaking, there are
three classes of art buyers, says
Polly Robinson, executive director
of Galerie Thaddaeus Ropac London. Some simply want something
beautiful for their home. Some are
knowledgeable and voracious collectors with a “huge appetite” for a
particular genre. And then there
are those shopping for a status
symbol in the form of a Matisse or
Picasso. “They have the real estate,
the yacht, the car…they want something that will give them a kind of
intellectual kudos,” she adds.
Whatever their motivation, highend buyers tend to outsource the
effort of finding suitable pieces to
people like art consultant Angus
Maguire, who spends his days
scouring auction houses and commercial galleries around the world
in search of pieces to add to his clients’ collections. He can also assist
if they decide to sell a piece later
on. The job also includes advising
on a work’s authenticity and provenance: “The art world is really exposed to criminal activity, fakes and
stolen works,” he says.
The services of an art consultant don’t come cheap.
Mr. Maguire says the typical fee
is 5% of a piece’s buying price,
plus 10% of any resale profit.
Some clients prefer to hire their
consultants on an annual retainer,
with the fee depending on how
much they spend—around 10% if
their annual budget on art is
£200,000 ($264,000), or around
5% if they plan to spend £500,000
($660,500).
Recently, one of Mr. Maguire’s
clients—he declined to disclose the
name—spent $10 million on a
painting by Jean-Michel Basquiat.
But the piece was too large for the
client’s London home and had to
be left in storage. Instead Mr. Maguire sourced a smaller preparatory drawing that the client has
been able to hang up and enjoy.
Once purchased, buyers typically turn to custom framers. Matt
Jones, chairman of John Jones,
says a simple wood frame can be
completed in around three weeks,
at an average cost of $700. More
elaborate gilded or metal frames
can cost up to $24,000. Mr. Jones
is currently advising an Asian collector on the framing of a Robert
Mapplethorpe photograph purchased at Christie’s Auction House
last month. Although confidentiality is key in the art world, the
piece Mr. Jones is likely referring
to is a self-portrait of the artist
from 1988, which sold for almost
$600,000.
Mr. Jones jokes that his workshops are currently “a bit of a
Banksy hospital.” He’s referring to
the smart buyers who picked up
prints, in basic frames, by the
anonymous graffiti artist for just
over $100 and that are now worth
$18,000 to $26,000.
Ms. Robinson, the gallerist, says
some clients buy art with a specific location in mind. “Very often
there will be a major wall in their
salon or behind a fireplace, and
they need a trophy piece,” she
says. A few elite collectors, however, want an entire private gallery.
The architect Gianni Botsford
recently designed a gallery behind
a historic townhouse in Fitzrovia,
in London’s West End. The showstopping geometric steel-and-glass
gallery features semitransparent
steel mesh panels on which works
are displayed. These panels slide
along ceiling tracks to reveal multiple layers of hanging space.
Nearby, the artist Damien
Hirst’s ongoing renovation of a
mansion in the Regent’s Park
neighborhood, which he bought in
2014 for a reported $57 million,
features a new double-height basement where he will be able to display a selection of his extensive
collection.
CLOCKWISE FROM TOP: SOTHEBY’S INTERNATIONAL REALTY; LUIGI PARISE; VANESSA BERBERIAN FOR THE WALL STREET JOURNAL (2)
BY RUTH BLOOMFIELD
$7.13 million
$132.1 million
London’s Marylebone district
Two bedrooms, three bathrooms
London’s Richmond neighborhood
10 bedrooms
In central London, the final apartment at the Chilterns, a boutique development
by Galliard Homes, is a 2,738-square-foot, split-level unit. Apartments have
high-end kitchen appliances and an integrated home-automation system. The
building’s lobby features an art gallery with commissioned works by the photographer David Bailey, who has taken 46 images of the local area. Other leisure facilities include a movie theater, wine cellar and restaurant.
The former home of Sir Francis Cook, a Victorian linen and textiles merchant
who had a 125-foot gallery built for his art collection. This included Leonardo
da Vinci’s Salvator Mundi, which recently sold for over $450 million. It is undergoing a $82.7 million renovation by developer K10 Group, scheduled for completion in 2019. The art gallery in the 38,000-square-foot house, built in 1769,
will double as a ballroom.
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.
M4 | Friday, November 24, 2017
THE LATEST AMENITY: LUXURY LAGOONS
INLAND BEACH RESORT A rendering of a Crystal Lagoons project that is part of a planned luxury resort in Orlando, Fla. According to the developer, Tavistock Development Co., the project, called Lake
Nona Resort, will have 250 guest rooms and 80 condominium units. The manmade lagoon will measure 15 acres and offer swimming, sailing and paddleboarding.
Continued from page M1
that use technology patented by a
Chilean entrepreneur to create
mesmerizing blue water with only
a fraction of the chlorine and
other chemicals typical of traditional swimming pools. There are
now 16 such developments in the
works in the U.S., from Las Vegas
to the Dallas suburbs to the Lake
Nona area of Orlando, Fla. Developers hope the lagoons will draw
affluent beach-lovers willing to
pay top dollar for clean water and
pristine sand. Currently on the
market at Windsong Ranch is a
five-bedroom, 5,300-square-foot
house with a wood-beamed study
and other upgrades listed for just
under $1 million.
When Greg Singleton, president
of Metro Development Group in
Tampa, Fla., wanted to see a Crystal Lagoon firsthand, he visited the
Diamante resort in Cabo San Lucas,
Mexico. There, a 10-acre lagoon is
surrounded by properties including
four-bedroom hacienda-style villas
with courtyards and infinity pools,
starting at $2.2 million.
“Wow, this is incredible,” he recalled thinking when he first saw
the lagoon. “When you see it live,
you get a better sense of the scale,
the pop of the color.” Wading in
Epperson for $253,000 in February
felt “like swimming in bottled waand lives there with her two chilter,” said Mr. Singleton, whose
dren. “There are things for each of
company now has four developus to do,” she said. “I’m excited to
ments under way in Florida that
put my toes in the sand and have a
include Crystal Lagoons. Building
drink.”
each of them costs between $5
Real-estate developer Fernando
million and $10 million, he said.
Fischmann created the first Crystal
One of his company’s projects—
Lagoon more than a decade ago afEpperson, a 2,000ter a project he built
unit master-planned
on the coast of Chile
community in Wesin the 1990s faltered.
Developers hope
ley Chapel, Fla.,
He had envisioned
north of Tampa—is
making an enormous
the
lagoons
will
expected to be the
pool with lucid water
draw affluent
first in the U.S. to
in which residents
debut a Crystal Laswim safely.
beach-lovers willing could
goon. The 7.5-acre
But soon after filling
to pay top dollar for it, the water “bepool will include a
tidal area for chilcame contaminated
clean water and
dren, a floating platand turbid,” said
pristine sand.
form with an obstaKevin Morgan, execcle course for
utive vice president
teenagers, and a
of Mr. Fischmann’s
swim-up bar for adults.
company, Crystal Lagoons. “HomeHome sales began in February,
owners were totally distraught.”
with prices under $300,000 for a
Mr. Fischmann, who is also a
four-bedroom house. Subsequent
biochemist, set out to find a soluphases are expected to have homes
tion, visiting experts around the
priced in the $400,000 to
world and creating his own lab to
$600,000 range, Mr. Singleton
experiment. After about seven
said.
years, he found a way to create
Jennifer Rose bought a five-bed- crystalline bodies of water that
room, 2,500-square-foot house at
don’t require costly filtration sys-
tems and vats of chlorine.
Instead, the lagoons periodically
inject small amounts of chemicals
at times of the day when bacterial
growth is highest. Sensors in the
water monitor its quality, and
Crystal Lagoons facilities can remotely keep tabs on readings at
different projects and direct the injection of additives as needed. Ultrasound pulses in the water cause
dirt to collect on the floor as sediment that can be vacuumed up.
The lagoons, which are lined
with a white rubbery material, can
be filled with saltwater or freshwater, and portions can be heated.
They achieve their signature brilliant blue color at a depth of 8 to
12 feet, Mr. Morgan said.
In the U.S., they are in the early
stages of development and remain
untested, though state and local
regulatory bodies review lagoon
plans before approval.
Crystal Lagoons has opened
more than 50 lagoons around the
world, from Peru to Thailand, and
has hundreds more in various
stages of planning or development.
So far, the largest one is a 30-acre
lagoon in Sharm El Sheikh, Egypt,
which is surrounded by lavish hotels and residences.
Soon to overtake it is a 90-acre
lagoon under construction in
Dubai in the United Arab Emirates.
It is part of a sprawling development slated for 1,500 homes—offered in Mediterranean, contemporary or modern Arabic
architectural styles—with prices
starting at about $4 million for a
four-bedroom villa and $14 million
for an eight-bedroom mansion.
Now, Crystal Lagoons are arriving in the U.S. The $4 billion, 183acre SoLeMia development that recently broke ground in Miami is
slated to include more than 4,300
posh residential units in numerous
towers as well as a town center
with restaurants and entertainment venues. Construction is under way on the first phase of
about 400 rental apartments, but
prices aren’t yet available.
At the heart of the property will
be two, 8-acre lagoons surrounded
by lush landscaping and offering
water sports like sailing and paddleboarding. “It’s interactive with
the community,” said Jeffrey Soffer, co-chief executive of Turnberry
Associates, which is building the
project in a joint venture with LeFrak. “We think it’s going to be
huge.”
PROSPER POOL Eddie and Chrissy Ball, shown at top with their two children, paid $472,000 for a four-bedroom home
at Windsong Ranch in Prosper, Texas. It currently has pools, lakes and a cafe with outdoor seating, shown at left, but will
eventually have a 5-acre artificial lagoon with white-sand beaches, depicted in rendering above.
FROM TOP: TAVISTOCK DEVELOPMENT COMPANY (RENDERING); MEI-CHUN JAU FOR THE WALL STREET JOURNAL (4); CRYSTAL LAGOONS (RENDERING)
MANSION
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To reprint or license content, please contact our reprints and licensing department at +1 800-843-0008 or www.djreprints.com
THE WALL STREET JOURNAL.
Friday, November 24, 2017 | M5
MANSION
HOUSE CALL | ROSE MARIE
The Mob Treated Her Like a Daughter
The ‘Dick Van Dyke Show’ actress began her career at 4; today, she lives in the house she bought in 1950
Capone knew my father and said
he wanted to take me to “meet the
boys.” The next day, a car picked us
up and drove us to a house in Cicero, a Chicago suburb. Inside, 24
guys were sitting at a long table
having dinner.
Capone gave me a hug and
picked me up. He said, “The boys
love you.” Then he went around introducing me to people with horrible names like Jimmy the Ice Pick.
Capone said, “Call me Uncle Al.
Don’t worry about a thing. We’ll
take care of you.”
By then I was an old pro. I was
born in New York and lived with
my mother and her parents on the
bottom floor of a building on East
17th Street. My father, Frank, was
known as “Happy Hank” and did
work for the mob. He didn’t live
with us. Later I found out he was
married and had a family.
When I was 3 in 1926, my
mother, Stella, began taking me to
see vaudeville shows on 14th
Street, which back then was New
York’s theater district. I’d come
home and imitate everyone I saw.
Mom liked to take me upstairs to
sing for her friends. When I was 4,
the couple entered me in an amateur contest at the Mecca Theatre. I
sang “(What Can I Say) After I Say
I’m Sorry?” and won.
My parents and I went down to
Atlantic City for a vacation and
went to hear Evelyn Nesbit sing.
At some point, I started singing
along with her from my seat. She
called me up on stage, and we
sang together.
After, she asked my
name. My father
said, “Dainty Rose
Marie.” Evelyn
said, “She’s just a
baby. Call her Baby
Rose Marie.”
The name stuck,
but I couldn’t get a
job in New York because
of child-labor laws. My
grandmother told my mother,
“You have to get her out of here.”
So we moved to nearby Grantwood,
N.J. There, we lived on the bottom
floor of a house while the owners
lived on the top floor.
Our new address allowed me to
work in the city. I was 5 when my
father signed a contract with NBC.
I sang three songs on the radio ev-
CLOCKWISE FROM LEFT: NBCU PHOTO BANK/GETTY IMAGES; KATHY STRONG/ROSE MARIE ARCHIVES; CBS/GETTY IMAGES
In 1933, when I was 10, I was working the Palace Theatre in Chicago when a guy told my
father that someone wanted to see us. Outside the stage door, a heavyset man with a
scar on his face was standing in front of a
limo. I later learned it was Al Capone.
BIG VOICE Rose Marie on her 94th birthday, Aug. 15, at her
home; on the radio in 1928; and with cast members Mary Tyler
Moore, Morey Amsterdam and Dick Van Dyke in early ‘60s.
ery Sunday. Mother
rehearsed me at home
on our piano. I was a quick
study. But I had an adult’s voice,
and listeners thought I was 45. So
NBC sent me on a national tour to
headline at its RKO theaters.
I was a huge hit before Shirley
Temple was born. I wasn’t making
a fortune then, but my grandmother insisted my mother buy us
a house. Mother found a beautiful
one nearby in Palisades Park.
My father took all the money I
made to feed his other family and
gave my mother just $100 a month.
My mother didn’t push. She
thought she was rich. My father
was mean. I hated him. She protected me from him in every way.
When I was 16, I became known
as Miss Rose Marie, but my New
York bookings had slowed. Joe Fischetti, Capone’s cousin, booked me
in Lake Tahoe.
During the war, I met a soldier
at the Terrace Room in Newark,
N.J. He turned out to be Bobby Guy,
the trumpet player. In 1946, after
the war, Bobby and I eloped and
drove to Los Angeles. We were so
happy. But my father was furious.
Turns out, he was using my income
to support both his families.
One night in 1947, I was asked to
open the Flamingo in Vegas. I had
no idea where Vegas was. Bugsy
Siegel ran it, so I did it for him. In
the ’50s, I began appearing on TV
in “Gunsmoke” and other shows.
In 1961, I got a call from a casting office about a new TV sitcom
called “The Dick Van Dyke Show.” I
asked, “What’s a Dick Van Dyke?” I
got the part, but they needed a
third comedy writer.
I recommended Morey Amsterdam. They said great. When I called
Morey and told him, he asked,
“What’s a Dick Van Dyke?” I said,
“Your guess is as good as mine.
Just get your ass out here.”
Today, I live in the San Fernando
Valley north of L.A. I have a nice
house that I bought with Bobby in
1950 from the owner who built it. I
love every inch of it. I have a pool
and a couple of walnut trees. Most
of my Early American furniture was
made by actor George Montgomery,
who was a superb craftsman.
My husband and I were deeply in
love. Then in 1964, he came down
with some sort of blood infection
and died that May, at 48. I wore a
black ribbon in my hair ever since.
Bobby was very special. I miss
him. I still have his trumpet. It’s
the most beautiful thing I own. His
soul is in that horn.
—As told to Marc Myers
Rose Marie, 94, is an actress,
singer and comedian whose TV sitcoms include “The Dick Van Dyke
Show.” She is the subject of “Wait
for Your Laugh,” a new documentary about her nine-decade career.
ADVERTISEMENT
SPENCERTOWN, NEW YORK
BOCA/DELRAY BEACH, FLORIDA
KIAWAH ISLAND, SOUTH CAROLINA
Crow Hill Manor is a magnificent 42 acre estate in Spencertown NY.
Early stone main house with newer dramatic, clearstory great room.
Chefs kitchen, 1st flr ensuite Master. Olympic size pool, pavilion, brick
guest house, caretakers apt. Pond & pond house. Traversed by 3 streams,
waterfalls & lawns. Corporate retreat, family compound, the great escape.
Ultimate luxury at Seven Bridges – brand new estate homes in a
highly amenitized non-golf community in Boca Raton / Delray Beach area.
Generous features include impact glass, granite or quartz countertops,
gourmet kitchens and stunning 30,000 sq. ft. club. Low HOA fees, close to
world-class shopping, great schools. Experience Seven Bridges today!
With 6,712 square feet, 6 bedrooms, 6 baths and 2 half baths, the
stunning Frank Lloyd Wright-inspired home at 122 Flyway Drive sits on
Kiawah’s pristine beach. Its clean lines and immaculately crafted design are
balanced by the sea and lush native plantings. A third floor is devoted to a
master suite with ocean views from a private deck. A Kiawah Island Club
Membership is available.
$2,900,000
From the $800’s - $2 million
www.countryliferealestate.com
glhomes.com/seven-bridges $8,950,000
kiawahisland.com/real-estate
Country Life Real Estate
Linnea VanTassel
GL Homes
Kiawah Island Real Estate
phone: 518.392.6600
phone: 800.875.2179
phone: 866.312.1780
PARK CITY/HEBER VALLEY, UT
DOWNTOWN ST. PETERSBURG FLORIDA
AUSTIN, TEXAS
Overlooking the Jack Nicklaus Signature course (Golf Magazine’s
“Best New Private” in 2009) with commanding mountain views, 655 Copper
Belt Cir is a luxurious 6 BR home. As the most successful private community
in the Park City area, Red Ledges offers world class mountain, valley, water
and trail activities, all just 45 minutes from a major hub airport.
Live a fabulous Urban Lifestyle in vibrant downtown St. Petersburg. 3
blocks from the water, artfully designed townhomes now under construction
on a private, gated lane. Totaling 2,335 sq. ft., 3 bedrooms, 3 ½ baths, 2
car garage, private elevator, and amazing rooftop terrace. Low HOA fees.
Walking distance to world-class restaurants, museums, shopping, parks,
marina, and Tampa Bay.
Your Lakeside Farmhouse Awaits. This spacious one-story is situated
on a 1+ acre lot in a private, gated community on the Lake Travis shoreline.
Boasting 3 bedrooms plus casita, 4.5 bathrooms, exquisite pool/spa, outdoor
kitchen & high-tech conveniences, this home blends the comfort of the Texas
Hill Country with the sophistication of a custom home.
$1,795,000
From the $800’s to $900’s
$1,690,000
Linnea@countryliferealestate.com
www.RedLedges.com
Red Ledges Realty
Chris Maddox
phone: 877.733.5334
info@RedLedges.com
www.RegentLane.com
info@kiawahisland.com
PeninsulaLakeTravis.com
NJR Property Investments LLC
The Peninsula at Rough Hollow
Loren Dickey
phone: 727.515.5556 email: natalie@njrdevelopment.com
phone: 512.456.3756 info@PeninsulaLakeTravis.com
To Advertise Call: 800-366-3975
THE WALL STREET JOURNAL.
M6 | Friday, November 24, 2017
MANSION
RELATIVE VALUES
HOMES WHERE THE PILGRIMS FIRST LANDED
ELYSSA COHEN (4)
MONOMOY PHOTOGRAPHY (2)
Three luxury properties with free-standing houses on the market in Provincetown, Mass.
$1.349 million
$3.499 million
$1.295 million
Thistlemore Road
Three bedrooms, three full bathrooms, one half-bath
Commercial Street
Three bedrooms, three full bathrooms, one half-bath
Winslow Street
Three bedrooms, two full bathrooms, one half-bath
This 2,608-square-foot, four-level contemporary home has views
of the bay and dunes from a 400-square-foot, top-floor deck.
The kitchen, with Leicht cabinetry, leads to a patio space. There
are also large outdoor decks. The living room has a floor-to-ceiling gas fireplace, and double-height windows to let in sunlight.
Agent: Lee Ash, William Raveis Real Estate
This freshly renovated late-19th-century, three-story, 2,426square-foot beachfront house has eastward views to the tip of
Cape Cod and Long Point Light House. Bedrooms are on separate
floors, each with en suite baths and waterfront decks. It has a
grand main-level beachside deck for outdoor entertaining.
Agent: Lee Ash, William Raveis Real Estate
This newly built, 1,758-square-foot, two-story Colonial-style home
has a built-in antique oak vasillier in the kitchen. The living room
features coffered ceilings and a gas fireplace, and a side patio has a
waterfall feature. A two-car heated garage is attached to the house.
Agent: Joe DeMartino, Coldwell Banker Pat Shultz
—Sandra Ward
ADVERTISEMENT
Distinctive Properties & Estates
To advertise: 800-366-3975 or WSJ.com/classifieds
TEXAS
VIRGINIA
NEW HAMPSHIRE
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For more information on advertising opportunities,
please contact: sales.realestate@wsj.com | 800.366.3975
LIST YOUR PROPERTY TODAY
(800) 366-3975
sales.realestate@wsj.com
wsj.com/classifieds
Source: 2015 Ipsos Affluent Survey; Total Brand Footprint: Past 30 days, WSJ print, WSJDN website, mobile app, digital
edition/issue, social media websites and other electronic media.
© 2016 Dow Jones & Company, Inc. All Rights Reserved.
© 2017 Dow Jones & Company, Inc.
All Rights Reserved.
THE WALL STREET JOURNAL.
Friday, November 24, 2017 | M7
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THE WALL STREET JOURNAL.
M8 | Friday, November 24, 2017
MANSION
AN EX-NFL PRO DESIGNS HIS HOME TURF
HOME WORK The kitchen, top, is
just off the living room. A large island, left, does double duty for both
food prep and the children’s homework. Above, the stairway in the foyer
is the home’s centerpiece. Below, a
seating area in the kitchen; a wet bar
and sport court on the lower level.
by a window encasement that runs
from top to bottom, offering a
broad view of the backyard, with
natural light flooding in. To the
right is the living space, and to the
left is the master wing and office.
A contemporary kitchen is anchored by a big island that does
double duty for both food prep and
the children’s homework. The kids
(Amya, Alea, Ayva and Aice, who
range from 5 to 10 years old) each
have a bedroom with a bathroom
(two of those bathrooms are joined
by a jack-and-jill sink setup). A bonus room above the garage serves
as the nanny’s quarters.
The finished basement is where
Mr. Jennings did his most detailed
work. Winter is long in Minnesota,
so for much of the year, this is
where the family would spend leisure time. “The entire lower level, I
laid out,” he says. “I thought, ‘OK, I
am walking downstairs. What is the
first thing I want to see? I want a
glass of wine. Where will the bar
be? The last thing you want when
you want a glass of wine is to have
to go a long way to get it.’”
Now complete, the bottom floor
contains a theater room, a guest
bedroom, a family room, a bathroom with a sauna, an indoor sport
court with a basketball hoop, a
kids’ playroom (that could be easily
turned into a workout space, Mr.
Jennings says), and the bar, which
has a nook where Mr. and Mrs.
Jennings can have a glass of wine
with some privacy from the children. The flow of this downstairs
RAU + BARBER FOR THE WALL STREET JOURNAL (6)
Continued from page M1
sion in Edina, Minn.
The story of this home begins in
2014. Mr. Jennings was playing for
the Minnesota Vikings, and his
four kids were enrolled in school
in a neighborhood outside the
Twin Cities. Mr. Jennings, now a
Fox Sports television analyst, and
his wife, Nicole, owner of the Minneapolis-based women’s clothing
business Queen Anna, were renting
a home at the time. Because they
both worked, they had a live-in
nanny. They were looking to buy a
house, but found nothing with
seven bedrooms that worked.
“We didn’t plan on building, but
it kind of just happened,” says Mr.
Jennings. “I was like, ‘You know
what? This is it. This is going to
be my baby.’ ”
Mrs. Jennings, busy launching
her business, was more than happy
to let her husband take the reins.
Mr. Jennings partnered with Alexander Design Group, a local architecture design firm, and hired a local builder, David Bieker of Denali
Custom Homes. He purchased a
teardown for $1.6 million on 1.2
acres just down the street from
where the family was renting. The
location was perfect: 10 minutes
from downtown Minneapolis, 15
minutes to the airport and a sevenminute drive to their children’s
school. As a bonus, the property
was flanked by two golf courses.
(Mr. Jennings is a 13-handicap.)
The pen hit the paper. Mr. Jennings took his initial inspiration
from a home that he had seen on
the design website Houzz, a contemporary mansion set at the base
of a Utah mountain. “He had a
very clear image of what he
wanted,” recalls Kathy Alexander
of the Alexander Design Group.
“He had this vision of a modern
mountain look. He wanted it edgy
but not over the top,” she says.
The home would be unusual for an
area where domiciles are more traditional, but not so much that resale would be risky. It would stand
out, but not stick out.
Future resale also figured into
the design aesthetic. “We went
into it with the mentality that it
would feel timeless,” says Mr. Jennings, who is 34. “I wanted someone to be able to walk through
those doors in 20 years and say,
‘Wow, whoever designed this home
was a forward thinker.’ That’s why
you see a lot of clean lines, not a
lot of trim, and open space. I don’t
like walls. They restrict. They
don’t promote the beauty of the
bone structure.”
The house was designed to be
useful also. According to Mr. Jennings, all but 300 square feet of it
(namely, the bar area, built for special occasions) is used on a daily basis. “I wanted all the rooms to functionally flow into each other,” he
says, “from the kitchen to the great
room and the dining room.” And
while the feel was to be curated and
modern, it had to be homey—not a
“don’t touch this and don’t touch
that” kind of place, he says.
The front entrance opens into a
foyer that has a dramatic view of
the home’s centerpiece: a threestory staircase with walnut treads
and a railing accented by stainlesssteel cable. The staircase is backed
space spills into a backyard that
features an outdoor kitchen and
dining spot, a fire pit and a pool.
In all, the project took almost
two years from start to finish, and
as Mr. Jennings points out, when
building a home this ambitious,
“there are always setbacks.” While
digging out the area for the indoor
sport court, groundwater became
an issue. Winter also caused major
headaches, delaying construction
on the outdoor kitchen.
Naturally, there’s plenty of NFL
memorabilia on display in the
home. Mounted on walls around a
pool table, Mr. Jennings has a helmet he wore for each of the teams
he played for, from his Western
Michigan Broncos helmet to one
he wore for his last pro team, the
Miami Dolphins. Also on display is
a football he caught for a touchdown in Super Bowl XLV. Still, the
house itself might be Mr. Jennings’
favorite trophy of all.
“Architecture has been something
I’ve been passionate about and
wanted to do more of but I never
could because of football,” he says.
Even as a high-school student he recalls his interest in architecture,
once designing a floor plan for a
church he wanted to build for his
father, who is a pastor. “Football
stunted the furthering of my education in this way,” he says. “I
couldn’t pursue this passion like I
wanted, until now.”
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The Wall Street Journal, newspaper
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