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What’s House GOP Readies for Tax Battle

News Republicans propose collapsing seven tax brackets into four brackets, with new
rates and thresholds for where higher marginal tax rates kick in.
BY RICHARD RUBIN
WASHINGTON—House Re-
publicans unveiled the details of
tions individuals take for state
and local tax payments and
mortgage interest and the ones
businesses get for the interest
Business & Finance Unmarried Individuals Married, Filing Jointly the biggest transformation of they pay on debt. The proposal
the U.S. tax code in more than also repeals personal exemp-
CURRENT 2017 PROPOSED 2018 CURRENT 2017 PROPOSED 2018
30 years, calling for deep cuts tions, which filers take based on
Circle size = income threshold
rump nominated Powell in business-tax rates and start- family size to reduce their tax-
T to become the Fed’s 16th
chairman. The nominee is 39.6% 39.6% 39.6% 39.6%
ing a race to pass the complex
legislation by year’s end.
able income.
That combination creates
viewed as likely to be a con- Over $418,400 Over $500,000 Over $470,700 Over The plan calls for chopping winners and losers, and people
$1 million
sensus-driven leader. A1, A7 the corporate tax rate to 20% and businesses whose tax bills
35% 35%
$418,400
35% $470,700 35% from 35%, compressing individ- might rise began mobilizing to
The Justice Department Up to $500,000 Up to
33% 33% ual income-tax brackets, and block or alter the bill.
is preparing for a potential $1 million
$416,700 $416,700 eventually repealing the estate Many House Republicans ral-
lawsuit to block AT&T’s deal
tax. The bill’s ambitions—along lied around the plan, but it also
for Time Warner if the sides
28% 28% with the slim Republican mar- ran into immediate opposition
can’t reach an agreement. A1
$191,650 $233,350 gins in the House and Senate— and skepticism, including wari-
Apple delivered its best could also be what stop it. ness from some usual GOP al-
quarterly growth in two years, 25% 25% 25% 25% To partly offset that lost rev- lies. The National Federation of
$91,900 Up to $200,000 $153,100 Up to
with strong sales in all of its $260,000 enue from rate cuts, Republi- Independent Business, the influ-
key products and a rebound cans plan to curtail the deduc- Please see TAXES page A4
in the China market. B1
Heirs,SomeFamilies
Venezuela’s leader said the
nation will seek a debt restruc-
turing, raising the prospect of 15% 15%
$37,950 $75,900
a showdown with creditors. B1
AreWinnersinPlan
12% 12%
T-Mobile and Sprint are Up to Up to
10% $45,000 10% $90,000
working to salvage a poten- Up to $9,325 Up to $18,650
tial merger, days after talks
appeared to be called off. B1
Corporate income-tax rates for selected countries Key provisions BY LAURA SAUNDERS home sellers; people who take
Mercer is resigning as
medical deductions; and future
co-CEO of Renaissance. The 50% u Deduction for state and local The heirs of wealthy peo- alimony payers, among others.
hedge-fund billionaire gained
income and sales taxes repealed ple and business owners in The plan fills in crucial
attention outside Wall
40 low-tax states are among blanks missing from earlier
Street for backing Trump. B10 u Property tax deduction capped
U.S. those most likely proposals, such as brackets
The Bank of England raised 30 France u Mortgage interest ANALYSIS to benefit from and rates. The top rate would
its benchmark interest rate deduction limited the tax overhaul remain 39.6%, although the
to 0.5% from 0.25%, the first 20
Japan proposed Thurs- threshold rises to $1 million
increase in a decade. A8, B12 U.K. u Personal exemptions repealed day by Republicans in the for married couples from
Proposed rate 20% Germany House of Representatives. $470,700 now.
The Dow rebounded from 10 u Estate tax reduced, then
repealed in 2024 Many families who have The bottom rate would
an early fall to close up 81.25
children and few deductions Please see RATES page A5
points at 23516.26, as inves- 0 u Alternative minimum tax repealed are also expected to benefit.
tors weighed the tax plan. B11
2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 Who loses? Highly paid em- Banks sidestep tax-plan
Shell said profit at the Note: Head of household filing status retained but not shown
ployees in high-tax states; fu- pitfall.............................................. A4
energy giant nearly tripled Sources: House Ways and Means Committee and Organization for Economic Cooperation and ture buyers of large homes or Proposal cuts incentives to
in the third quarter. B6 Development (tax changes); Organization for Economic Cooperation and Development (world rates) THE WALL STREET JOURNAL. second homes; high-earning homeowners............................... A5
Global insurer AIG
swung to a $1.74 billion
third-quarter loss. B10
Alibaba’s profit more than
U.S. Mulls Trump Fed Pick: Pragmatic, Low-Key
doubled as the firm mined
consumer data to get ads. B3
Discovery reported an
Charges for BY NICK TIMIRAOS
AND DAVID HARRISON
In the weeks leading up to
the selection, Sen. Pat Toomey
accelerating decline in its
channel subscribers. B5 Russians in WASHINGTON—There have
been two kinds of Federal Re-
(R., Pa.) said he thought the
Fed should “move in a differ-
ent direction.”
World-Wide DNC Hack serve chairmen in recent years:

commanding personalities
such as Paul Volcker and Alan
The president opted against
offering the job to two candi-
dates more popular with the
BY ARUNA VISWANATHA Greenspan, and consensus- Republican establishment—for-
DREW ANGERER/GETTY IMAGES
House Republicans un- AND DEL QUENTIN WILBER driven leaders such as Ben mer Fed governor Kevin Warsh
veiled details of their tax- Bernanke and Janet Yellen. and Stanford University econo-
code overhaul. The plan The Justice Department has Jerome Powell, nominated mist John Taylor—after advis-
calls for cutting the corpo- identified more than six mem- by President Donald Trump on ers raised concerns that their
rate rate from 35% to 20%, bers of the Russian government Thursday to become the Fed’s past support for higher inter-
compressing individual involved in hacking the Demo- 16th chairman, is likely to fall est rates could unsettle Wall
brackets and eventually re- cratic National Committee’s into the latter group, judging Street, according to two people
pealing the estate tax. A1 computers and swiping sensi- by his nearly 40-year career in familiar with the deliberations.
Republicans cheered tive information that became government, law and banking. Jerome Powell, after a nearly 40-year career in government, law “I would be surprised if [Mr.
the bill, though fault lines public during the 2016 presi- In remarks at the White and banking, is President Trump’s pick to become Fed chairman. Powell] walked away at the
quickly emerged over some dential election, according to House, Mr. Powell praised the end of his term with a huge
of its components. A4 people familiar with the investi- leadership of Mr. Bernanke and don’t like uncertainty, and at Mr. Powell’s appointment stamp of reshaping the Fed,”
The GOP proposal would gation. Ms. Yellen, who he said had the Fed itself, one of the could also cause friction within says Charles Plosser, who as
reduce or eliminate virtually Prosecutors and agents have moved “monetary policy to- world’s most powerful eco- the Republican Party, where Please see FED page A6
all of the tax incentives of assembled evidence to charge ward greater transparency and nomic policy-making bodies. It many rank-and-file members
homeownership. A5 the Russian officials and could predictability.” also could please Mr. Trump, want to see the Fed roll back a Greg Ip: Choice for Fed
The Justice Department bring a case next year, these Continuity in monetary and who has spoken approvingly of decade of central-bank activ- chairman is safe gamble..... A7
has identified more than six people said. Discussions about regulatory policy would be record stock prices and declin- ism sparked by the financial Bank of England raises key
members of the Russian gov- the case are in the early stages, welcome in the markets, which ing unemployment. crisis. interest rate............................... A8
they said.
ernment involved in hacking
the DNC’s computers. A1 If filed, the case would pro-
vide the clearest picture yet of Victims in
Senate Republicans sig-
naled they are in no hurry to
the actors behind the DNC in-
trusion. U.S. intelligence agen- New York’s AT&T Faces
pass legislation on legal pro-
tections for “Dreamers.” A3
cies have attributed the attack
to Russian intelligence services,
Terror Attack
Remembered
A New Test
An Interior Department
official urged Congress to
but haven't provided detailed
information about how they
concluded those services were
A cyclist stopped
Thursday at a
In Pursuit of
approve oil drilling in the
Arctic wildlife refuge. A3
responsible, or any details
about the individuals allegedly
memorial for victims
of this week’s attack
Time Warner
The U.S. flew two bomb- involved. on a bike path in BY BRENT KENDALL
ers on a mission near North The high-profile hack of the lower Manhattan. AND DREW FITZGERALD
Korea together with Japa- DNC’s computers played a cen- Law-enforcement
nese and South Korean jets, tral role in the U.S. intelligence officers face a WASHINGTON—AT&T Inc.’s
angering Pyongyang. A9 community’s assessment in Jan- growing challenge of planned acquisition of Time
Please see HACK page A2 preventing terrorist Warner Inc. faces an emerging
A Spanish prosecutor
asked a court to issue an attacks carried out challenge as the Justice De-
arrest warrant for the Cat- not with explosives partment is laying the
alan secessionist leader
who fled to Belgium. A8
TOMORROW or firearms, but with
vehicles—a tactic
that has become
groundwork for a potential
lawsuit challenging the $85
billion merger.
House Democrats filed a more widespread. A3 The department’s antitrust
ANDRES KUDACKI/ASSOCIATED PRESS
lawsuit seeking to force the division is preparing for liti-
administration to release re- gation in case it decides to
cords from Trump’s signature sue to block the deal, these
Washington, D.C., hotel. A3 people said. Simultaneously,
Newly released files Japan, Home of Overwork, Wants Employees to Stop the department and the com-
panies are discussing possible
from the compound where
bin Laden was killed provide i i i settlement terms that would
new insight into al Qaeda’s lead to the deal winning gov-
relationship with Iran. A9 Loud music, surprise calls signal day’s end; hiding in a show home ernment approval with condi-
tions attached. The two sides,
however, aren’t close to an
CONTENTS Opinion.............. A13-15 BY GEORGE NISHIYAMA a woman declares. In a country where dedica- agreement, the people said.
Business News.. B3,6 Sports........................ A12
Crossword.............. A10 Streetwise................. B1 AND MEGUMI FUJIKAWA “I will work on internship tion to the job was once un- The outcome could go ei-
Heard on Street. B12 Technology............... B4 admissions and then leave at questioned dogma—Japan cre- ther way, and the timing of
Life & Arts....... A10-11 U.S. News............. A2-7 TOKYO—It’s 6 p.m. and the 6:30,” a male colleague says. ated its own word, karoshi, any decision remains uncer-
Mansion.............. M1-12 Weather.................. A10
Markets............. B11-12 World News....... A8-9
music playing in the Tokyo Around the room, employ- for “death by overwork”—ex- tain, the people said.
headquarters of home builder ees take turns in a formal ecutives are now obsessed The ongoing review has
WSJ. Mitsui Home Co. suddenly closing ceremony meant to cut with stopping workers from been the subject of intense po-
MAGAZINE
> switches to the theme from overtime and raise productiv- working too long. litical interest because Mr.
“Rocky.” As the familiar trum- ity. The company is hoping At Daiwa House, a rival to Trump, even as he touted a
pet opening plays, typing and that the up-tempo music will Mitsui Home, the company in- pro-business agenda last year
the innovators conversations stop. The work- encourage workers to “go into stalled software in workers’ Please see DEAL page A2
s Copyright 2017 Dow Jones &
issue ers all rise at their desks. higher gear” and get the job computers so that when they
Company. All Rights Reserved “I will finish up writing done, said company spokes- were logged on for too long, T-Mobile, Sprint revive
emails and go home at 6:20,” man Nobumasa Tanaka. Please see WORK page A6 merger talks................................ B1
A2 | Friday, November 3, 2017 * * THE WALL STREET JOURNAL.
U.S. NEWS
Trump’s Nafta Threat Jars Business Plans
BY WILLIAM MAULDIN include the Trump administra- Some recent moves among
tion’s proposals to add a “sun- car makers would mitigate
Nebraska cattle rancher set provision” that would force these risks. General Motors
Craig Uden is taking President Nafta’s expiration in five years Co., whose Arlington, Texas,
Donald Trump at his word. unless all three countries act plant relies heavily on Mexi-
Mr. Trump’s threat to with- to renew it, to weaken the can parts, in June announced
draw from the North American pact’s dispute-resolution sys- it would build a supplier park
Free Trade Agreement strikes tem, and to require even near the main plant where it
some as tough talk aimed at higher levels of North Ameri- assembles Cadillac Escalades,
winning concessions from Can- can or U.S.-specific content in Chevrolet Suburbans and
ada and Mexico. But the 56- vehicles and car parts traded other large sport-utility vehi-
year-old Mr. Uden, who heads duty-free in the bloc. cles.
the National Cattlemen’s Beef Should the U.S. fail to In agriculture, Mexico is
Association, has decided to achieve these goals, which looking to buy wheat from Ar-
freeze his own cow herd at trade and business groups see gentina and limit dependence
1,500 head. as extreme, the U.S. has said it on grain from U.S. Midwestern
A Nafta breakup and tariffs may withdraw from the treaty. states.
that could follow, he said, In recent weeks, as the Meantime, U.S. produce im-
could curtail Mexico’s demand Trump administration’s efforts porters who agree to sell avo-
for American beef, valued at to renegotiate Nafta have cados and tomatoes to U.S.
BRYAN WOOLSTON/REUTERS
around $700 million a year—in grown contentious, concerns food-service companies up to
part because Mexican consum- of a withdrawal have clouded a year in advance are writing
ers like cuts, such as oxtail and the outlook for a range of new contingency clauses into
tripe, that Americans generally businesses, including Midwest contracts that allow them to
pass up. farms, Detroit auto makers, avoid delivery if Nafta is al-
Mr. Uden’s caution under- vegetable importers and more. tered or canceled, according to
scores a new reality: No- The Trump administration Lance Jungmeyer, president of
body with business interests defends its approach by saying A Ford plant in Louisville, Ky., above. Nafta’s collapse or reshaping could result in billions in auto tariffs. the Fresh Produce Association
that span North American the pact has hurt American of the Americas.
borders can afford to ignore workers and that its propos- sas City Southern, which is their Nafta-related invest- culty reshaping their opera- “Everybody’s watching
the possibility of an end to the als—which would weaken key heavily reliant on U.S. corn ex- ments. tions should the U.S. withdraw. trade very, very closely,” said
23-year-old agreement, under elements of Nafta—have wide ports, is proceeding with ef- “What about investment de- Auto makers, the parts pro- Mr. Uden, the Nebraska
which $1 trillion in goods support from U.S. workers and forts to diversify with con- cisions that were thought ducers who supply them and rancher. “If trade gets dis-
flows across U.S. borders each domestically focused busi- struction of a new oil-products about and talked about behind the dealers who sell their vehi- rupted, there’s going to be a
year. nesses. Asked about the with- terminal in Mexico. closed doors that were never cles would bear the cost of $10 drop in price, and everybody
The U.S., Canada and Mex- drawal warnings, Commerce Kansas City Southern Chief public? Have some of those billion in tariffs should Nafta liquidates their cows.”
ico are set to resume Nafta re- Secretary Wilbur Ross said in Executive Patrick J. Ottens- been delayed? My sense is collapse, or the Trump admin- —Dudley Althaus
negotiations, instigated by Mr. New York last week that Mr. meyer said his customers yes,” Mr. Ottensmeyer said. istration succeeds in inserting in Mexico City
Trump, on Nov. 17 in Mexico Trump is “not a bluffer.” aren’t ready to alter their Some businesses, after 23 new provisions to penalize ve- contributed to this article.
City with the goal of wrapping Yet some businesses say it plans just yet, but he is warn- years of investing in supply hicles with foreign con-
up by March. is too early to change their ing investors that some freight chains predicated on Nafta’s tent, according to auto-indus- U.S. financial firms seek
The most contentious issues plans. Railway operator Kan- customers likely are rethinking low tariffs, would have diffi- try estimates. Nafta data rule......................... B2
U.S. WATCH
HACK on Russia’s role in the hack. In a
series of tweets this past June,
the president called the idea
that Russia hacked the DNC a CALIFORNIA IRS
Continued from Page One “big Dem HOAX.” He added that
uary that “Russian President it was “a big Dem scam and ex- Utility Pressed on Record Number
Vladimir Putin ordered an influ- cuse for losing the election!” Liability in Wildfires Renounce Citizenship
ence campaign in 2016 aimed at High-ranking U.S. intelli-
J. SCOTT APPLEWHITE/ASSOCIATED PRESS
the U.S. presidential election.” gence and law-enforcement offi- PG&E Corp. had few an- The U.S. is on pace to see a
Mr. Putin and the Russian gov- cials have consistently stood by swers Thursday as analysts record number of Americans
ernment have denied meddling the intelligence community’s pressed the utility to address its shed their citizenship for the
in the U.S. election. January assessment. potential liability in the wildfires fifth year in a row, as the Inter-
Thousands of the DNC’s In that document, the intelli- that killed more than 40 people nal Revenue Service expands its
emails and other data, as well gence community said GRU, in California last month. reach overseas.
as emails from the personal ac- “probably began cyber opera- State fire officials and utility More than 4,400 Americans
count of John Podesta, who tions aimed at the U.S. election regulators are investigating the renounced their citizenship in
served as campaign chairman to by March 2016.” It said the GRU cause of the wildfires, including the first three quarters of 2017,
2016 Democratic presidential had exfiltrated “large volumes whether some were sparked by according to an IRS report.
nominee Hillary Clinton, were of data” from the DNC by May. power lines maintained by PG&E The consecutive records fol-
made public by WikiLeaks last Emails from John Podesta, who served as campaign chairman to In a statement, the DNC said: arm Pacific Gas & Electric Co., low a 2010 law that requires
year. 2016 Democratic presidential nominee Hillary Clinton, were hacked. “It is irrefutable that Russia California’s largest investor- foreign banks to report their U.S.
The pinpointing of particular hacked the DNC and interfered owned utility. account holders to the IRS.
Russian military and intelli- pleaded not guilty; the other denied that he or his campaign in our election to help elect Chief Executive Geisha Wil- If Americans continue to for-
gence hackers highlights the ex- defendants are believed to be in colluded with Moscow. President Trump. The Kremlin liams pushed back at analysts feit their citizenship at their cur-
haustive nature of the govern- Russia. Mr. Mueller’s investigation must be held accountable for its seeking to pin down how the rent pace, the total for 2017 will
ment’s probe. It also suggests Last December, the Demo- resulted this week in money- attack on our country.” utility would respond if its set another one, surpassing the
the eagerness of some federal cratic administration of then- laundering and tax-related The Justice Department and equipment was found to have 5,411 expatriations in 2016 by
prosecutors and Federal Bureau President Barack Obama im- charges against Paul Manafort, FBI investigation into the DNC caused some of the more than a about 500, a 10% increase.
of Investigation agents to file posed sanctions on Russia’s former chairman of Mr. hack had been under way for dozen fires, and what that might The U.S. taxes the assets and
charges against those responsi- military-intelligence agency, Trump’s campaign, and Richard nearly a year, by prosecutors mean for the company and its income of its citizens, wherever
ble, even if the result is naming which uses the acronym GRU, Gates, Mr. Manafort’s business and agents with cyber exper- investors. they are.
the alleged perpetrators pub- and Russia’s Federal Security associate who also worked on tise, before Mr. Mueller was ap- —Erin Ailworth —Joe Palazzolo
licly and making it difficult for Service, the successor agency to the campaign. pointed in May. Rather than
them to travel, rather than in- Russia’s KGB, in response to the George Papadopoulos, who take over the relatively techni- RUSSIA PROBE COLORADO
carcerating them. Arresting DNC and other hacks. It also served as a foreign-policy ad- cal cyber investigation, Mr.
Russian operatives is highly un- named several individuals, in- viser on Mr. Trump’s campaign, Mueller and the Justice Depart- Manafort Trial Suspect Arrested in
likely, people familiar with the cluding one who was later pleaded guilty last month to ly- ment agreed that it would be Could Start in April Wal-Mart Shooting
probe said. charged in the Yahoo case. ing to FBI agents about his better for the original prosecu-
People familiar with the in- Federal prosecutors and fed- dealings with Russian go-be- tors and agents to retain that Paul Manafort, President Police arrested a man in the
vestigation drew the parallel to eral agents working in Washing- tweens during the campaign. aspect of the case, the people Donald Trump’s former campaign Wednesday evening shooting
the Justice Department’s deci- ton, Pittsburgh, San Francisco Messrs. Manafort and Gates familiar with the Justice De- chairman, may go to trial as that left three dead at a Colo-
sion in March to charge two and Philadelphia have been col- pleaded not guilty. partment-FBI probe said. early as April on money-launder- rado Wal-Mart.
Russian operatives and two oth- laborating on the DNC probe. A Justice Department It is unclear if prosecutors ing and conspiracy charges Scott Ostrem, 47 years old,
ers with hacking into Yahoo’s The inquiry is being conducted spokesman and an FBI spokes- will hold back filing charges un- stemming from accusations that allegedly walked into the Thorn-
computers starting in 2014 and separately from Special Counsel woman declined to comment on til Mr. Mueller completes his in- he and an associate failed to pay ton, Colo., Wal-Mart and opened
pilfering information about 500 Robert Mueller’s investigation the identification of the Russian vestigation or wait to identify taxes on millions of dollars they fire with a handgun, killing two
million accounts, one of the of alleged Russian meddling in government officials allegedly others who may have played a earned overseas. men and one woman, police said
largest data breaches in U.S. the 2016 election and any possi- behind the DNC hack. The Rus- role in the DNC hack. Investiga- During a brief hearing Thurs- Mr. Ostrem is accused of
history. One of the defendants ble collusion by President Don- sian Embassy didn’t respond to tors believe dozens of others day at U.S. District Court in leaving the scene after the
in the Yahoo case, a Canadian ald Trump’s associates. a request for comment. may have played a role in the Washington, Mr. Manafort’s law- shooting, setting off an over-
national, was arrested and has Mr. Trump, a Republican, has Mr. Trump has cast doubts cyberattack, the people said. yer, Kevin Downing, proposed an night manhunt.
April trial date, and Judge Amy Police said they tracked him
Jackson signaled the trial could down early Thursday in Thorn-
DEAL said. “For over 40 years, ver-

tical mergers like this one
have always been approved
because they benefit consum-
Divergent
Share performance since the
deal was announced
deal would help consumers by
making film and TV more af-
fordable. AT&T points to its
current moves to lower prices
start around that time. She also
set a hearing for Monday to re-
evaluate the conditions under
which Mr. Manafort and busi-
ton, just north of Denver.
Police don’t know what moti-
vated the suspect to open fire
or whether he knew the victims.
Continued from Page One ers without removing any for video content ness associate Richard Gates Jr. —Zusha Elinson
on the presidential-campaign competitors from the market. 25% TV programmers are were released pending trial.
trail, said AT&T shouldn’t be While we won’t comment on 20 among those who voice con- During their arraignment
allowed to buy Time Warner our discussions with DOJ, we cern about the deal, arguing Monday, a magistrate judge set THE WALL STREET JOURNAL
because it would give too see no reason in the law or 15 that AT&T’s reach—more than unsecured bonds for Mr. (USPS 664-880)
(Eastern Edition ISSN 0099-9660)
much power to one company. the facts why this transaction 10 Time Warner 90 million wireless customers Manafort and Mr. Gates at $10 (Central Edition ISSN 1092-0935)
In addition, the review is should be an exception.” $94.70 and 20 million satellite sub- million and $5 million, respec- (Western Edition ISSN 0193-2241)
5 s14% Editorial and publication headquarters:
being overseen by Mr. Trump’s A Time Warner spokesman scribers—if added to control tively, and ordered them con-
1211 Avenue of the Americas,
pick to lead the antitrust divi- declined to comment. 0 some of the most sought-after fined to home detention. New York, N.Y. 10036
sion, Makan Delrahim, who AT&T executives have con- programming, would greatly Mr. Downing and Shanlon Published daily except Sundays and general
–5
was confirmed by the Senate tinued to say the deal is on disadvantage rival media. Wu, an attorney for Mr. Gates, legal holidays. Periodicals postage paid at
New York, N.Y., and other mailing offices.
in September after Mr. Trump track to close by the end of –10 Some consumer advocates ar- are seeking to loosen the restric-
AT&T Postmaster:
nominated him in April. the year, with financing lined $33.17 t14% gue that giving AT&T that tions. Send address changes to The Wall Street
–15
Most outside observers up and all government author- much control over both con- The case against Messrs. Journal, 200 Burnett Rd., Chicopee, MA 01020.
have believed the deal was ities on board except for the 2016 2017 tent and its distribution could Manafort and Gates doesn’t All Advertising published in The Wall Street
Journal is subject to the applicable rate card,
likely headed for government Justice Department. Source: FactSet lead to higher prices and touch on the campaign itself. In- copies of which are available from the
approval. The recent develop- A department spokesman THE WALL STREET JOURNAL. fewer options for viewers. stead, it alleges a wide-ranging Advertising Services Department, Dow Jones
ments aren’t necessarily an declined to comment. Because he was only con- scheme, involving foreign com- & Co. Inc., 1211 Avenue of the Americas, New
York, N.Y. 10036. The Journal reserves the right
indication the deal is in trou- It is common during major present its case to a judge and firmed in September, Mr. Del- panies and bank accounts in not to accept an advertiser’s order. Only
ble, but they do suggest more government merger investiga- prove the deal would likely rahim had been left on the countries including Cyprus and publication of an advertisement shall constitute
final acceptance of the advertiser’s order.
regulatory uncertainty for the tions for antitrust officials to harm competition. sidelines while other antitrust the Seychelles, to use millions of
Letters to the Editor:
companies than many analysts work on two tracks: One pre- The department has spent staffers scrutinized the dollars in income from Ukraine in Fax: 212-416-2891; email: wsj.ltrs@wsj.com
anticipated. pares for litigation, and an- a year investigating whether AT&T—Time Warner transac- the U.S. without reporting it.
Shares of Time Warner fell other works toward a settle- allowing AT&T to buy Time tion. Now he is involved in Messrs. Gates and Manafort NEED ASSISTANCE WITH
3.75% Thursday to $94.70. ment allowing the merger. The Warner would hurt competi- the deliberations, people fa- have pleaded not guilty. YOUR SUBSCRIPTION?
AT&T’s shares were down antitrust division in recent tion in the media and tele- miliar with the matter said. —Del Quentin Wilber By web: customercenter.wsj.com;
1.13% at $33.17 after spiking as years has placed renewed em- communications businesses. AT&T officials have met By email: wsjsupport@wsj.com
By phone: 1-800-JOURNAL (1-800-568-7625);
high as $33.98 immediately phasis on being ready for a The deal would merge with Justice Department offi-
CORRECTIONS
Or by live chat at wsj.com/livechat
after The Wall Street Journal lawsuit in case settlement AT&T’s communications infra- cials in recent weeks, and the
reported a lawsuit was being talks break down. structure, including its cable department separately has
considered.
“When the DOJ reviews any
If the Justice Department
were to sue to block the deal,
service and DirecTV, with
Time Warner’s media portfo-
been talking to third parties
who are concerned about the
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Journal to any errors in news
expected for both sides to the matter—unless the com- CNN, TBS and HBO as well as tent providers, according to articles by emailing
GOT A TIP FOR US?
prepare for all possible sce- panies abandoned their plans. the Warner Bros. studios. people familiar with the dis- wsjcontact@wsj.com or by calling
888-410-2667. SUBMIT IT AT WSJ.COM/TIPS
narios,” an AT&T spokesman The department would have to The company argues the cussions.
THE WALL STREET JOURNAL. * * Friday, November 3, 2017 | A3
U.S. NEWS
Use of Trucks
By Terrorists
Vexes Police
Low-cost and deadly used similar methods and left
scores dead.
ISIS tactic employed “It’s a horrible situation.
in New York attack is We have this methodology
that is becoming more wide-
difficult to prevent spread and not a whole lot of
ways to defeat it,” said Mike
BY ZUSHA ELINSON Sena, director of the Northern
AND NICOLE HONG California Regional Intelli-
gence Center, a fusion center,
The attack in New York which identifies threats in the
City on Tuesday afternoon region and shares information
ANDRES KUDACKI/ASSOCIATED PRESS

highlights the growing law-en- with local law enforcement.
forcement challenge of pre- Law-enforcement experts
venting terrorist attacks car- say the low-cost, high-impact
ried out not with explosives or nature of such attacks make
firearms, but with vehicles. them hard to foresee and
Sayfullo Saipov allegedly stave off.
drove a truck Tuesday after- Renting vehicles takes only
noon into pedestrians and cy- a driver’s license and a credit
clists on a lower Manhattan card, and securing every pub-
bike path, killing eight people. lic space where people are Police stand guard at a lower Manhattan bike path where eight people were killed in a terrorist attack by a man driving a truck.
Mr. Saipov “appears to have walking is impossible, said Mr.
followed almost exactly to a T Sena, who is the president of or undercover agent to help
the instructions that ISIS has the national association for fu- Tourist Spots Act nos. The plan was approved City,” said Gary Scheets, a po- prompt an arrest.
put out on its social-media sion centers. this summer after police offi- lice spokesman. Some law-enforcement of-
channels,” said John Miller, the “You can’t cordon off all the To Counter Threat cials there cited the attacks On Wednesday, New York fices have tried to intervene
New York Police Department’s walkways, the bike lanes, the around the world as well as the lawmakers called for the in- early on before an arrest is
deputy commissioner for coun- crosswalks,” he said. danger of drunken drivers. stallation of traffic barriers— warranted, especially with
terterrorism and intelligence. Law-enforcement officials Tourist destinations such as In New Orleans, the city has including bollards, posts about children and teenagers who
Mr. Saipov appeared in a try to stop these types of at- Las Vegas and New Orleans sought this year to improve the size of fire hydrants—to support ISIS on social media.
courtroom in downtown Man- tacks by encouraging rental have recently taken measures safety for revelers along Bour- keep vehicles away from bike The time it takes for some-
hattan Wednesday after being agencies to report suspicious to protect crowded pedestrian bon Street with different types paths and walkways. In May, one to switch from social-me-
charged with one count of behavior to police, he said. areas, prompted in part by ve- of barriers that block cars. when a driver plowed into a dia posts to actual violence
providing material support to False identification and docu- hicle attacks around the world. “They are part of a larger Times Square sidewalk, killing can be quick.
a foreign terrorist organiza- ments or any overheard Work has begun to install effort to keep New Orleans res- a woman, the car was “You have this individual
tion and one count of violence threats can be tipoffs. 800 steel posts between the idents and visitors safe and are stopped by a bollard in the who may be radicalizing by
and destruction of motor vehi- When outdoor festivities street and sidewalks along the designed to impede attacks square. The posts likely helped consuming content them-
cles. He didn’t enter a plea. are planned in the region, the Las Vegas Strip where masses similar to the one that took prevent more deaths, analysts selves, and they may not have
The November 2016 issue of fusion center sends out alerts of people stroll between casi- place Tuesday in New York have said. direct orders from terrorists
Rumiyah, an ISIS, or Islamic to local police agencies, asking overseas,” said Nate Snyder, a
State, propaganda magazine, if there are any reports of sto- former counterterrorism offi-
called vehicles one of the “saf- len heavy-duty vehicles that In New York alone, hun- former law-enforcement offi- cant resources and can go on cial at the Department of
est and easiest weapons one could be used as weapons, Mr. dreds of individuals are likely cials. for years before the individual Homeland Security.
could employ” to carry out a Sena said. on the FBI’s radar for possible Sharing pro-ISIS posts on- takes steps in real life to war- “It’s very hard to detect if
lethal attack because vehicles, Predicting which individu- terrorist activity, and many of line is generally protected by rant criminal charges, coun- an individual gets inspired
unlike knives and other weap- als could be preparing to rent these investigations begin the First Amendment. Law en- terterrorism experts said. and suddenly decides to do a
ons, arouse little suspicion. a truck to carry out an attack with social-media postings forcement is often forced to For many Islamic State DIY terrorist attack.”
Recent attacks in Barcelona; is also a major challenge for that support Islamic State or monitor these postings from sympathizers, investigators —Rebecca Davis O’Brien
London; and Nice, France, all law enforcement. other groups, according to afar, which requires signifi- may introduce an informant contributed to this article.
GOP Won’t Include ‘Dreamers’ in Spending Bill

BY LAURA MECKLER But on Thursday, a group of they’re just going to codify which awards visas to 50,000 prehensive bills, and passions keep the government open,
AND BYRON TAU Senate Republicans met on the DACA in the year-end appro- people from countries that are around the matter are much which gives them leverage
issue with President Donald priations bill won’t be very underrepresented in immigra- cooler than other Trump im- even though they are in the
WASHINGTON—With the Trump and some of them well received,” said Sen. Thom tion to the U.S. migration priorities, such as minority in both houses of
clock ticking and so-called emerged to say that they don’t Tillis (R., N.C.), one of seven After the meeting, Mr. his desire for a southern bor- Congress.
Dreamers in limbo, Senate Re- want to include the issue in GOP senators in the meeting. Trump called on Congress to der wall. “We’re going to do every-
publicans signaled Thursday the spending bill, which law- During the meeting to dis- “immediately terminate” the The program enjoys stron- thing we can to pass the bill,”
they are in no hurry ahead of makers must pass to keep the program. “It’s a disaster for gest support from the Con- Senate Minority Leader Chuck
a March deadline to pass legis- government running. Rather, our country,” he said. gressional Black Caucus, which Schumer (D., N.Y.) said Thurs-
lation giving legal protections they suggested punting the In 2010, one of the winners sees the lottery as one of the day when asked about the
to young immigrants brought matter into next year, giving
GOP senators was a young man from Uzbeki- few paths to the U.S. for many Dream Act. He didn’t offer any
to the U.S. illegally as children. lawmakers a tight time frame suggested legislation stan who authorities say went people from African and Ca- details about his strategy.
Democrats and their allies ahead of the expiration of the on to commit a deadly terror ribbean nations. White House officials de-
have been laying the ground- Obama-era program in March.
on Dreamers could attack in New York this week. Democratic leaders have clined to comment on Mr.
work to try to include these This group of young immi- wait until next year. A White House official said been careful not to threaten a Trump’s views about including
protections in a year-end grants is now protected by the Thursday that ending the lot- government shutdown over Dreamer legislation in the
spending bill, a moment when Deferred Action for Childhood tery program has become a the Dreamers matter, but they year-end spending bill.
their votes will be needed and Arrivals, or DACA, program, “priority” for the president also have signaled that they Immigrant advocates re-
they will have power to make which Mr. Trump acted in Sep- cuss the Dreamer issue, people and one legislative option will insist on legislation pro- acted with alarm at the sug-
demands. These must-pass tember to end, announcing a familiar with the discussion would be to pair ending it tecting Dreamers this year, gestion that Republicans might
bills are often used as a vehi- six-month wind-down period. say, the president pressed law- with extending Dreamer legis- rather than letting the matter try to pass the spending bill
cle to push through conten- “There was…consensus that makers on a different immi- lation. Democrats have been spill into 2018. Democratic that doesn’t protect Dreamers,
tious legislation while mini- anyone on the other side of gration issue: his opposition to willing to jettison the program votes will be needed to pass seeing it as their only realistic
mizing political fallout. the aisle who thinks that the Diversity Visa Lottery, before, as part of larger com- the spending bills necessary to chance for action.
Interior Official Urges Arctic Drilling Democrats’ Suit Seeks

BY JIM CARLTON Trump Hotel Records
A Trump administration of- BY BYRON TAU tion has upheld the lease, rul-
ficial urged Congress to ap- ing that Mr. Trump has suffi-
prove drilling in Alaska’s Arc- WASHINGTON—A group of ciently distanced himself from
tic National Wildlife Refuge, House Democrats filed a law- his business interests.
saying Thursday that it would suit seeking to force the In the new lawsuit, 17 House
boost the nation’s energy in- Trump administration to re- Democrats cite the 1928 “Seven
dependence and help the Alas- lease records from President Member Rule,” a law that en-
kan economy. Donald Trump’s signature ables any seven members of the
“If production is authorized Washington, D.C., hotel. House Committee on Oversight
by Congress, the administra- The suit, based on a 1928 and Government Reform to re-
tion believes this will bolster statute that enables any seven quest and receive documents
JIM LO SCALZO/EPA/SHUTTERSTOCK
our nation’s energy indepen- members of the House Over- from the federal government.
dence and national security, sight Committee to seek docu- Typically, document re-
provide economic opportunity ments from the executive quests from Congress are ne-
for Alaskans and provide branch, was signed on Thurs- gotiated between the execu-
much-needed revenue to both day by Democrats on the panel, tive branch and Congress.
the state of Alaska and federal which is charged with investi- Congress also can subpoena
government,” said Greg Shee- gating waste, fraud and abuse records from the administra-
han, acting director of the U.S. in the federal government. tion, but that usually requires
Fish and Wildlife Service, part It seeks a wide range of members of the majority party
of the Interior Department, Alaska’s Arctic National Wildlife Refuge, with more than 19 million acres, is the largest in the U.S. documents from the Trump to sign off.
said in testimony on Capitol International Hotel located in Spokespersons for the
Hill. The interview came ahead that deferred a decision on po- his agency’s principal deputy downtown Washington in the White House and the GSA
In an interview before his of his testimony before the tential oil and gas development director in June after serving Old Post Office building, a fa- didn’t respond to a request to
testimony—the first by an ad- Senate Energy and Natural Re- of the 1.5-million-acre area. En- as director of the Utah Division cility leased to Mr. Trump’s comment.
ministration official on the Arc- sources Committee, a panel vironmentalists said that land of Wildlife Resources. In his in- company by the federal agency Federal courts customarily
tic refuge—Mr. Sheehan said led by Sen. Lisa Murkowski on a coastal plain is important terview with the Journal, he that manages government try to avoid intervening in po-
the agency would take steps (R., Alaska), a longtime propo- to wildlife including migrating said only Congress has the au- real-estate holdings. The docu- litical disputes between
such as restricting the use of nent of opening the refuge to birds, caribou and polar bears. thority to open the area, which ments sought include hotel branches of government, and
drilling pads and imposing sea- oil and gas exploration. “Opening the Arctic refuge encompasses 1.5 million of the profit and expense statements have been skeptical about
sonal-work shutdowns to limit Opponents of opening the coastal plain to oil leasing, ex- refuge’s 19.6 million acres. He and correspondence within the House members’ ability to sue
the environmental impact. Arctic refuge to drilling said ploration and production un- said oil and gas development in Trump administration about the federal government in their
“Should Congress pass leg- the only way to protect the ref- acceptably threatens the Arc- the refuge “could have some the hotel. individual capacity, preferring
islation to move forward with uge fully is to keep it off limits tic refuge’s globally significant impact on the wildlife.” Since Mr. Trump was inau- litigation authorized by one or
oil exploration in the…area, we to drilling. Both the House and wilderness and wildlife val- With the refuge believed to gurated in January, his critics both chambers of Congress.
will work to balance our na- Senate versions of the budget ues,” said Lois Epstein, Arctic contain immense oil reserves, have questioned the validity of The Trump International
tion’s real and ongoing energy bill contain pro-drilling provi- program director for the Wil- administration officials and the lease, citing a provision in Hotel generated about $18 mil-
needs with our commitment to sions, as does President Donald derness Society, a land-conser- many Republicans in Congress it that appears to bar office- lion in revenue in the first
preserving the beauty and di- Trump’s fiscal plan. vation group, in her testimony said drilling there could gener- holders from profiting from a four months of 2017, according
versity of this unique natural The refuge was created by before Congress. ate badly needed new revenue government contract. The U.S. to documents released by the
area,” he said. Congress in 1980, under an act Mr. Sheehan was appointed for both the U.S. and Alaska. General Services Administra- GSA in August.
A4 | Friday, November 3, 2017 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ** THE WALL STREET JOURNAL.
THE HOUSE GOP TAX BILL
Measuring the Measure

The House GOP tax bill cuts about $1.5 trillion in taxes over a decade.
Banks
Revenue estimates for key provisions for a 10-year period.
Cuts
Sidestep
–$1.46 trillion
–1.1
Corporate rate cut
Individual bracket changes Tax-Plan
–921 billion
–696
Standard deduction increase
Individual alternative minimum
tax repeal
Pitfall
–640 Child and family credit expansion BY RACHEL LOUISE ENSIGN
AND TELIS DEMOS
–448 Special rate for pass-through business
Let U.S. companies earn future Banks do pretty well under
–205 foreign profit tax-free
the tax bill unveiled Thursday:
–172 Estate tax changes, repeal It puts them on track for big
Increases tax cuts yet lets the firms avoid
some of the biggest potential
Repeal personal exemptions $1.6 trillion downsides of the overhaul.
Changes to various deductions 1.3 At a 20% corporate tax rate,
One-time tax on foreign profits 223 billion banks stand to be among the
ALEX WONG/GETTY IMAGES
biggest winners from tax re-

Limits on corporate interest deduction 172 form, according to S&P Global
10% tax on high-profit Market Intelligence. The five
foreign subsidiaries 77
biggest diversified U.S. banks
Repeal tax credit for research alone might have had tax sav-
into drugs for rare diseases 54
ings of $11.5 billion in 2016 at
End of deduction on FDIC premiums 14
that rate, the biggest sum for
Rep. Paul Ryan said middle-class families ‘deserve a break,’ but some Republicans criticized the bill. Source: House Ways and Means Committee THE WALL STREET JOURNAL. any sub-industry group
tracked by S&P.
Measure Exposes GOP Fissures

That is because those big
banks, such as Wells Fargo &
Co., typically pay higher effec-
tive tax rates than companies
that are much more profitable,
BY KRISTINA PETERSON illustrate the Republicans’ crats’ class warfare rhetoric.” their legislation as tax breaks bill’s limits on deducting state such as Apple Inc. Banks in
AND SIOBHAN HUGHES struggle to accommodate Pres- Other Republicans said they for the most affluent at the ex- and local taxes, a blow espe- the S&P 500 pay an effective
ident Donald Trump’s populist embraced the decision to leave pense of health-care coverage cially to many wealthier resi- 25% rate, versus an 18% rate
WASHINGTON—Republi- leanings as they pursue the the wealthiest Americans pay- for older and poorer Americans. dents of high-tax states includ- for information technology
cans cheered the unveiling of longstanding conservative goal ing more of certain taxes so And Mr. Trump has made ing New York and New Jersey. firms, the data provider said.
their long-awaited tax-over- of rewriting the tax code. lawmakers could broaden re- clear that he wants to deliver a Rep. Dan Donovan (R., N.Y.) Aside from the overall cor-
haul bill, though fault lines Epitomizing this battle was lief for the middle class, which middle-class tax cut, a message said his delegation would porate tax rate, bank investors
quickly emerged over some of GOP leaders’ decision to leave they hope will insulate them that has shaped how GOP lead- press to retain more of the were also concerned with how
its components. the top individual income-tax from some Democratic attacks. ers have pitched their bill. They state and local tax deduction. legislators would limit the de-
“This plan is for the mid- rate at 39.6%, though the in- also needed to find revenue to “We’re still in the process of ductibility of interest costs.
dle-class families in this coun- come threshold for the rate offset the cost of big tax cuts in fighting for it,” he said. On the face of it, that could
try who deserve a break,” rose to $1 million for married order for the bill to clear pro- Republicans also signaled upend the banking model
House Speaker Paul Ryan (R., couples, from $480,050. Many
‘If you’re going to cedural hurdles in the Senate. that other fights are likely to since financial firms are
Wis.) told reporters Thursday. Republicans had hoped to lower have tax reform, Democrats said they intensify over many of the de- highly leveraged, deploying
Yet the 400-page measure the top rate as well, arguing weren’t surprised by the GOP cisions GOP leaders made to huge amounts of debt them-
also drew quick rebuffs from that reducing it would boost
it needs to be tension over the issue. find enough money to pay for selves to make loans or buy
some of the Republicans’ reli- job creation and the economy. for everybody.’ “I imagine it is divisive,” the tax cuts. For instance, the instruments like bonds. Given
able allies outside of Congress, “If you’re going to have tax House Minority Whip Steny House GOP bill would curtail that, interest expense for
including the Club for Growth reform, it needs to be for ev- Hoyer (D., Md.) said Thursday. the deduction that businesses banks is akin to nonfinancial
and the National Federation of erybody,” said Rep. Roger Wil- “I imagine the GOP would pre- can take for interest paid on companies’ cost of goods sold.
Independent Business, which liams (R., Texas), “It’s awfully hard to have fer to give everybody at the debt. And many Republicans The legislation proposed by
represents small businesses. David McIntosh, president of sympathy for someone making very top a very large tax cut.” said they would scrutinize the the House Ways and Means
The divisions reflect some the Club for Growth, a conser- seven figures,” said Rep. Bill Other GOP divides emerged bill’s rules on pass-through Committee appears to let
of the trade-offs GOP leaders vative advocacy group, praised Huizenga (R., Mich.). on issues critical to specific re- businesses, which could leave banks sidestep that issue,
had to make to lower the cor- the bill overall, but criticized Republicans’ effort this year gions and industries that would some companies with a lower though. It does so by limiting
porate tax rate and reduce in- the retention of the 39.6% rate, to dismantle the Affordable see their tax breaks curbed un- rate than others. the deductibility for compa-
come-tax rates for many saying it “effectively punishes Care Act came up short in part der the House proposal. One of —Richard Rubin nies that spend more money
households. The fissures also success and caves to the Demo- because Democrats painted the biggest hurdles remains the contributed to this article. on interest than they take in,
said Mark Roe, a professor at
Harvard Law School. Banks by
Tax Credit for Electric Vehicles Would Disappear and large bring in far more in
interest than they pay out.
The upshot is that the
change shouldn’t affect banks
BY MIKE SPECTOR The federal income-tax centives are necessary until appointment” with the House tion, as the company exclu- or result in them paying more
AND JOHN D. MCKINNON credit, as high as $7,500, has well into the next decade as GOP’s proposal in a letter to sively makes electric vehicles. for debt that ranges from de-
served as a lure to consumers engineers need much more Ways and Means Chairman Chief Executive Elon Musk is posits to long-term bonds.
The House Republican tax to buy electric or plug-in hy- time to bring battery costs Kevin Brady (R., Texas). attempting to turn the luxury The bill’s clampdown on in-
plan would eliminate the elec- brid vehicles that are more ex- more in line with conventional “China and other nations auto maker into a more main- terest expense deductibility
tric vehicle’s tax credit, a pro- pensive than their gasoline- gasoline engines. Car compa- are seeking dominance in elec- stream manufacturer with a also spares some of banks’ im-
posal that would effectively powered counterparts. The nies are investing billions of trification,” the group said. more affordable Model 3 car portant borrowers—commercial
end thousands of dollars of electric vehicles are already in dollars in electrification tech- “Promoting investment in starting at about $35,000 be- real-estate firms. They were ex-
built-in discounts for buyers low demand because low gaso- nologies in an effort to better electric drive helps ensure fore the tax credit. cluded from the provision, a re-
and threaten to further damp line prices are sending con- meet U.S. emissions standards that the U.S. does not lose its Losing the tax credit could lief for banks and the compa-
sales of battery-powered auto- sumers flocking to fuel-thirsty set through 2025. [competitiveness] in a market crimp those plans and hurt nies themselves since they are
mobiles in the U.S. just as car pickup trucks and sport-utility A trade association repre- that we built.” sales of other Tesla vehicles. A already under pressure as their
companies increase invest- vehicles. senting the electric-vehicle in- Tesla Inc. has outsize expo- Tesla spokeswoman declined retail tenants get squeezed by
ments in them. Many analysts believe industry expressed “strong dis- sure to any tax-credit elimina- to comment. online competitors.
TAXES The Corporate Code

Republicans propose to chop the corporate tax rate and impose a one-time tax
on U.S. companies’ stockpiled foreign profits.
native minimum tax, and elimi-
nates many tax credits,
deductions, and exclusions,
such as breaks for moving ex-
Tax-exempt bonds could no
longer be used to build profes-
sional sports stadiums. Busi-
nesses would no longer be able
Continued from Page One penses and employee achieve- to deduct entertainment ex-
ential lobbying group for small Top rates Other features ment awards. penses, though rules for busi-
businesses, said it couldn’t back ness meals would remain.
Current Proposed Current Proposed
a bill that “leaves too many
small businesses behind.” Business Deductible as business Up to 30% of cash flow Income-Tax Rates
The U.S. Chamber of Com-
39.6% interest expense deductible. Special rules for real
estate and small business. The bill collapses the current Multinationals
merce applauded the measure 35% seven individual tax brackets Meanwhile, there are big
Capital Depreciable over time Immediately deductible.
but said “a lot of work remains investments with bonus in first year Expires after 5 years.
into four: 12%, 25%, 35% and changes in store for multina-
to be done.” 39.6%. The new bottom tax rate tional companies. U.S. compa-
Manufacturers, retailers, 25% Domestic Special deduction Repealed covers more income than the nies would, generally, no longer
manufacturing
wholesalers and conservatives 20% current 10% and 15% brackets pay taxes on their active foreign
largely backed the plan, while Foreign US companies pay foreign No taxes on active foreign do, meaning lower taxes for income, a move corporations
income taxes; defer US taxes. profits but a 10% tax on high
home builders and real-estate profit foreign subsidiaries.
many middle-income house- and Republicans say is impor-
agents prepared to fight pro- holds. tant to stay competitive with
posals that reduce benefits for Repatriation Companies pay up to 35% One-time tax on existing profit Many upper-income house- companies from lower tax coun-
to bring back foreign stockpiles regardless of whether
homeownership. Democrats profits; foreign tax credit repatriated; 12% on cash; 5% on holds could face a higher mar- tries. To prevent companies
panned the bill, and some GOP Corporate Pass-through available. illiquid assets. ginal tax rate under the House from shifting profits abroad,
lawmakers from high-tax states bill, which pushes some from a the bill creates a new 10% tax
said they were opposed. Source: House Ways and Means Committee THE WALL STREET JOURNAL. 33% bracket into 35%. on U.S. companies’ high-profit
“The special interests will foreign subsidiaries, calculated
distort the facts, the lobbyists just over $300 billion in tax re- decade. makers Thursday morning and on a global basis.
will try to save their special ductions for individuals, a $172 Mr. Trump is hoping to win a White House event in the af- Political Land Mines Many companies would face
deals, and some in the media billion estate tax cut and about over some Democrats in the ternoon. They are soliciting re- Meanwhile, there are politi- a new limit on their interest de-
will unfairly report on our ef- $1 trillion for businesses, a mix Senate, but lawmakers in the action from business groups, cal land mines scattered in the ductions, which would be
forts,” President Donald Trump Republicans say will improve an opposition party largely criti- particularly on complicated and plan. For example, the proposal capped at 30% of earnings be-
said in a statement. archaic business tax code and cized the plan Thursday. novel changes to the taxation of repeals an itemized deduction fore interest, taxes, deprecia-
“But my administration will put money in the pockets of Senate Minority Leader corporate foreign income and for medical expenses, a crucial tion and amortization, which is
work tirelessly to make good on households. Charles Schumer (D., N.Y.), said pass-through businesses such provision to households with a measure of cash flow.
our promise to the working Yet, it faces a challenging Democrats will focus on issues as partnerships. Those areas extraordinary health-care costs.
people who built our nation and path. The tax bill already bears like the loss of deductions for contain huge potential prob- The bill also limits the home
deliver historic tax cuts and re- the marks of political compro- lems and some Republicans mortgage-interest deduction. Child-Tax Credit
forms—the rocket fuel our mises, in addition to budgetary were already asking for changes For new home purchases, inter- For individuals, one potential
economy needs to soar higher contortions needed to avoid on Thursday. est would be deductible only on flashpoint is an expanded child
than ever before.” creating larger and long-lasting
Democrats panned They intend to work quickly. loans up to $500,000, down tax credit. The child credit,
The Tax Cuts and Jobs Act budget deficits. the bill, and some The first crucible is the House from $1 million in the current along with the larger 12%
calls for leaving the top individ- Those moves were necessary Ways and Means Committee, tax structure. If enacted, that bracket, is crucial to limiting
ual tax rate at 39.6%, but push- because a budget blueprint
GOP lawmakers said which will begin considering rule would apply retroactively the number of low-income and
ing the income threshold for agreed upon by the Senate and they were opposed. the plan Monday. to mortgages on home pur- middle-income families who see
that rate to $1 million for mar- the House constrains the tax “We’ll be in listening mode chases starting Friday. Existing tax increases due to the bill.
ried couples from $480,050. overhaul to a cost of $1.5 tril- all throughout the code,” said loans, including refinancings, One reason they might still see
The House Ways and Means lion over a decade. They need the bill’s author, Ways and would be grandfathered under higher bills is because the bill
Committee plans to consider to hit that target and avoid state and local taxes, medical Means Chairman Kevin Brady the $1 million limit. eliminates personal exemptions.
the bill next week with the aim larger budget deficits beyond expenses and student loan in- (R., Texas). “We are following The House bill takes the
of turning it into law by Christ- that to qualify for legislative terest. the Reagan example here. Go child credit from $1,000 to
mas and having most of it take rules that allow them to pass a “The more the public sees bold. Listen. Make adjustments, Fewer Deductions $1,600.
effect in 2018 and be reflected bill by a simple majority in the this bill, the less they will like but keep the process going for- The bill eliminates other de- The estate-tax exemption,
on tax returns filed in 2019. Senate without votes from it. And I think that’s the reason ward.” ductions, including the ability set for $5.6 million per person
Republicans view the tax bill Democrats. They are also con- our Republican colleagues are The plan hits many Republi- of businesses to deduct certain and $11.2 million per married
as essential to their political fu- strained by the party’s desire to rushing this bill,” he said in an can goals. It nearly doubles the executive compensation above couple, would double immedi-
tures and their best chance for set the corporate tax rate at interview. standard deduction, pushes $1 million, which they can now ately. The tax would get re-
a legislative victory in Mr. 20% and make it permanent, a Republican leaders began the people away from itemizing take for performance-based pay. pealed starting in 2024.
Trump’s first year in office. provision that by itself lowers hard work of selling their plan, their deductions, lowers busi- Life insurers would lose some —Louise Radnofsky
Taken altogether it amounts to revenue by $1.46 trillion over a starting with a meeting of law- ness tax rates, repeals the alter- tax breaks. contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Friday, November 3, 2017 | A5
THE HOUSE GOP TAX BILL
Tax Plan Cuts Incentives to Homeowners

Builders, lenders and Mortgage lenders worried
the bill could hurt their busi-
brokers say it will ness and weren’t clear on how
harm their businesses the loan refinancing market
might be affected. Housing-in-
and the middle class dustry groups such as the Na-
tional Association of Realtors
House Republicans unveiled and National Association of
a tax bill that would reduce or Home Builders came out in op-
eliminate virtually all of the position to the bill.
tax incentives of homeowner- “The corporations are get-
ship, promising to reshape an ting a major tax cut, and it’s
industry that accounts for getting paid for by the equity
nearly one-sixth of the U.S. in American homes,” said
economy and drives the big- Jerry Howard, chief executive
gest financial transaction of the NAHB.
most Americans make in their The legislation “threatens
lifetimes. home values and takes money
straight from the pockets of
By Laura Kusisto, homeowners,” said NAR Presi-
Christina Rexrode dent William E. Brown, a Cali-
and Chris Kirkham fornia Realtor. “Tax hikes and
falling home prices are a one-
The legislation would cut in two punch that homeowners
LUKE SHARRETT FOR THE WALL STREET JOURNAL

half the size of loans that qual- simply can’t afford.”
ify for deductions of mortgage One silver lining for the
interest, to $500,000 from $1 housing industry: the bill
million. At the same time, it would retain a deduction for
would nearly double the stan- property taxes, albeit with an
dard tax deduction, to $24,400 annual cap of $10,000, which
for married couples in 2018, en- is a blow to homeowners in
suring that only a tiny sliver of high-tax states like New York
homeowners, primarily in the and New Jersey. In all, roughly
priciest housing markets, will 3.7 million U.S. households
continue to itemize their re- paid more than $10,000 a year
turns to capture the break. in property taxes in 2016, in-
The bill also appears to cluding 30.5% of owner-occu- The housing industry says it will push back against provisions of the tax plan that could harm home sales and the mortgage business.
eliminate the mortgage inter- pied homes in New Jersey, ac-
est deduction for second cording to an analysis of gage Finance. tects existing homeowners. But duction would also apply when
homes and further limits, for census data by the NAHB. Mr. Howard of the NAHB experts said that is likely to ex- existing mortgages were refi- High-Dollar Homes
top earners, a break on capital Even without the $500,000 said the tax overhaul could acerbate the current stagnation nanced, which could discour- Metro areas with the most
gains from real-estate sales. cap, the mortgage interest de- cause a housing recession be- in the housing market. age borrowers from refinanc- homes valued over $500,000
“It’s one step removed from duction already was hobbled cause of a potential drop in Homeowners in high-cost ing even if they have a and the percent of homes over
the worst-case scenario, and by a plan to increase the stan- home values. States with high cities like New York, Boston, relatively high interest rate. that amount:
that’s a small step,” said Isaac dard deduction. The Tax Policy housing costs, including Cali- Los Angeles, San Francisco Some lenders said the bill
Boltansky, director of policy re- Center, a nonpartisan group fornia, where more than a and parts of Miami are less also appeared to curb the tax San Jose, Calif. 94%
search at Compass Point Re- headed by a former Obama ad- third of homes are valued likely to trade up to larger, benefits of cash-out refinances San Francisco 81
search & Trading, a Washing- ministration tax official, previ- above $500,000, would be par- more-expensive homes if they by eliminating the deductibil-
ton-based investment bank. “It ously estimated that the blue- ticularly hard hit, he said. know that means losing the ity of the portion of the mort- Los Angeles 72
is basically the sum of all [the print released earlier this fall “Republicans have always protection on the mortgage in- gage that exceeds the value of San Diego 63
industry’s] realistic fears.” could reduce the share of tax- claimed that they don’t want terest deduction, which in turn the debt being rolled over.
Shares of home builders payers who claim the deduc- to pick winners and losers in makes it difficult for younger For high-income house- Seattle 45
and residential real-estate bro- tion to 4% from 21% currently. the economy,” he said. “They buyers to enter the market. holds, the bill phases out a Boston 41
kerages fell after the bill was Nationally just 2.8% of are clearly picking large cor- Mortgage lenders, mean- rule in existing tax law that
unveiled Thursday. The S&P mortgage loans have a balance porations over small busi- while, worried the tax bill excludes the first $250,000 in New York 37
Homebuilders ETF ended the greater than $500,000, accord- nesses, and they are clearly could weaken their businesses profits from a home sale, or Washington 33
day down 2.5%, while shares ing to CoreLogic Inc. Of the 7.7 picking wealthy Americans by taking away some of the in- $500,000 for a married cou-
of luxury builder Toll Brothers million single-family-home over the middle class.” centives of homeownership. ple, from capital-gains taxes. Sacramento, Calif. 26
Inc. lost about 6% and shares mortgages made last year, To be sure, the $500,000 cap The bill also could have an The change would affect home
Denver 25
of Realogy Holdings Corp., a 548,000—or 7%—were over on the mortgage interest deduc- impact on the refinancing mar- sellers with incomes exceeding
residential brokerage com- $500,000, according to the tion would apply only to loans ket. Lenders said it appeared $250,000 for individuals or Source: Zillow
pany, shed about 7%. trade publication Inside Mort- made after Nov. 2, which pro- that the lower, $500,000 de- $500,000 for married couples. THE WALL STREET JOURNAL.
Business Splits as GOP Proposal Targets Deductions

BY SHARON NUNN centives,” said Granger Mac- accessible to middle- and low- supportive of Republican tax
Donald, chairman of the income Americans,” said plans,” said Vanessa William-
The House Republican tax- National Association of Home Mary Sue Coleman, Associa- son, a Brookings Institution
reform proposal divided the Builders. tion of American Universities tax-policy expert.
business community, with Realtor and real-estate president. Despite widespread dis-
small business, housing advo- groups also lined up against New rules for taxation of agreement over the deduc-
cates and higher education lin- the bill because it could leave pass-through businesses, such tions and other issues, the
ing up against the plan while people living in more-expen- as S corporations and partner- plan to lower the corporate
manufacturing and chief exec- sive areas paying more for ships, many of which are tax rate was applauded widely
utives came out in favor. new homes. smaller enterprises, also faced among manufacturers and the
The fault lines ran in part Other tax benefits cur- opposition from groups that country’s largest businesses,
along deductions that party rently on the chopping block, traditionally have tended to many of which could see their
leaders proposed to take away including renewable energy support Republican efforts to tax bills shrink.
to pay for the tax cuts. By credits, drew sharp criticism. push down tax rates. 3M, the National Associa-
raising the standard deduc- The American Wind Energy The National Federation of tion of Manufacturers and the
tion and reducing loan limits Association denounced the Independent Business, along Business Roundtable, an asso-
BETH J. HARPAZ/ASSOCIATED PRESS
for claiming mortgage-inter- proposal because it takes with other industry groups ciation of chief executives, are
est deductions, for example, away financial incentives con- composed of smaller enter- among those who came out in
the bill reduces the incentive sumers have to use renew- prises, argued the pass- support of the bill first.
of households to borrow and able-energy products. through rules for lower rates “Today’s release of tax-re-
buy homes. Another, student-loan in- were written too narrowly to form legislation demonstrates
“The bill eviscerates exist- terest deductions, was re- help many small businesses. Congress’s commitment to
ing housing tax benefits by sisted by the Association of “This is a pretty serious boosting American jobs, Amer-
drastically reducing the num- American Universities. “The problem for the Republican ican wages and American com-
ber of homeowners who can legislation, as currently pro- leadership in Congress—to petitiveness,” said Mark A.
Industry groups for small businesses argue that the pass-through take advantage of mortgage- posed, will make higher edu- face immediate blowback from Weinberger, a chair on the
rules for lower rates were written too narrowly to help them. interest and property-tax in- cation less affordable and less those who are traditionally Business Roundtable.
RATES tions. The plan eliminates vir-

tually all itemized deductions
other than for mortgage inter-
est, some property taxes, and
For mortgages taken out af-
ter Nov. 2, other than refinanc-
ings, interest would only be de-
ductible on $500,000 of debt,
Education Benefits
Face a Revamping
mittee on Taxation. But many
of those taxpayers would bene-
fit from broader provisions of
$2,000 a year.
The plan would also mean
no more deducting from taxable
Continued from Page One charitable gifts. It also elimi- and only for a first home. The the plan, including a near-dou- income the interest paid on stu-
move up to 12% from 10%. nates other write-offs, such as $1 million limit would continue bling of the individual standard dent loans. Currently, borrowers
The proposals outlined in for moving expenses and ali- to apply to existing mortgages. The House Republicans’ tax deduction. with a modified gross income of
the current bill could change mony for divorce decrees af- The bill would also restrict plan would affect benefits for The tax plan would increase $65,000, or $135,000 for cou-
significantly during the legis- ter 2017. an exemption useful to many Americans who enroll in higher aid available under the Ameri- ples, can deduct up to $2,500 a
lative process, but here is a The loss of the deduction home sellers. Under current education, boosting a popular can Opportunity Tax Credit, or year in student-loan interest.
rundown of changes that ex- for state and local income or law, sellers who have lived in a tax break, eliminating two oth- AOTC, which helps defray such The GOP plan also wouldn’t
plains why certain groups sales taxes would hit hardest home for two of the last five ers and repealing a deduction higher-education costs as tu- renew a recently expired provi-
would—and wouldn’t—benefit. in the six states that account years don’t owe capital-gains for student-loan interest. ition, fees and course materials. sion that allows taxpayers to
Many owners of partner- for half the value of these de- tax on $250,000 of profit if The plan also calls for tax- The plan would eliminate two deduct up to $4,000 a year in
ships, limited-liability compa- ductions: California, New York, they are single or $500,000 for ing large endowments of pri- other credits for students, the tuition and related expenses if
nies and S Corporations—who New Jersey, Maryland, Massa- married couples. For example, vate universities, which have Hope Scholarship Credit and the they earn less than $65,000 in
currently pay tax on income at chusetts and Illinois, according if a married couple buys a faced criticism in recent years Lifetime Learning Credit, that adjusted gross income. And it
the owner’s personal rate— to the Tax Foundation. home for $200,000 and sells it after a run-up in tuition. cover similar expenses. would repeal certain workplace
would get a tax cut as a result The deduction for property for $500,000, the $300,000 It wasn’t clear how the GOP The biggest effect would benefits for higher education.
of the Republican plan. The top taxes would be capped at gain isn’t taxable. plan would affect students on likely be less aid for graduate A 1.4% excise tax on net in-
tax rate on a portion of that in- $10,000. Six states also get The plan requires sellers to an individual basis. Overall, the students, said Jason Delisle of vestment income would be ap-
come, known as “pass-through more than half the value of live in a home for five of the plan calls for about $65 billion the American Enterprise Insti- plied to private colleges or uni-
income,” would drop to 25% this deduction: California, New previous eight years to get this less in tax benefits for postsec- tute, a conservative think tank. versities with at least 500
from 39.6%. York, New Jersey, Texas, Illi- break. It would also limit the ex- ondary students and borrowers Grad students are the most students and assets of at least
The very wealthy get a tax nois and Florida, according to emption for higher-earning over the next decade, according likely to use the Lifetime Learn- $100,000 per full-time student.
break on their estates. The bill the Tax Foundation. home sellers, reducing it by one to the congressional Joint Com- ing Credit, which provides up to —Josh Mitchell
would double an estate-tax ex- The deduction for medical dollar for every dollar that a
emption to $10 million from $5 expenses would also be re- couple’s income exceeds
million per person, plus infla- pealed. Medical-expense write- $500,000 ($250,000 for singles). blow, but expanded credits entities currently bypass cor- The top tax rate on a por-
tion adjustments. This change offs are currently allowed only Families with few deduc- could turn some losers into porate taxes and pay tax on in- tion of pass-through income—
wouldn’t take effect until Jan. if they exceed 10% of annual tions could be in better winners. The credit for chil- come at the owner’s personal typically 30%—would drop
1, 2018. income, so it is most useful to shape. The “standard” deduc- dren under 17 would increase rate, which is why they are from 39.6% to 25%. That won’t
Roberton Williams, an econ- taxpayers with large unreim- tion for filers who don’t break from $1,000 to $1,600 for called “pass-throughs.” help business owners earning
omist with the Tax Policy Cen- bursed costs—such as for a out their deductions would many. And a “family flexibility These pass-through entities less than $200,000 (singles) or
ter, estimates that the number nursing home or home- roughly double, to $12,200 for credit” of $300 for each family have surged in popularity in $260,000 (married couples).
of taxable estates could fall health aides. single filers and $24,400 for member who isn’t a child recent decades and now ac- But it would reduce the effec-
from about 5,000 a year to Home buyers and sellers married couples in 2018. would be in effect until 2023. count for more than 40% of all tive top tax rate for many pass-
fewer than 2,000. The bill also face new restrictions. Under But the exemption of about Some owners of partner- business income. They include through owners earning more.
ends the estate tax completely, current law, taxpayers can de- $4,000 that every person gets ships, limited-liability compa- some large private companies “Service” providers such as
starting in 2024. duct interest on up to $1 mil- under the current law would nies, S corporations, and sole as well as smaller ones like car doctors, lawyers or architects
Residents of some states lion mortgage debt for a first be repealed. The loss of the proprietorships, stand to bene- dealerships, manufacturers, are generally excluded from
are hurt by the loss of deduc- and second home. personal exemption would be a fit under the new plan. Such and professional-service firms. getting the lower rate.
A6 | Friday, November 3, 2017 * *** THE WALL STREET JOURNAL.
CHANGE AT THE FED
FED Leading the Fed

Federal Reserve governor Jerome Powell, a lawyer, would be the first Fed chief in three decades without a Ph.D. in economics if confirmed
by the Senate. Here’s a look at how his career and academic history compare with previous Fed chairmen.
In a closed-door meeting
with House Republicans in July
2011, he challenged his own
party over its standoff with
Continued from Page One President Barack Obama about
president of the Federal Re- authorizing an increase in the
serve Bank of Philadelphia un- national-debt ceiling. He
til 2015 worked closely with warned Republican lawmakers
Mr. Powell. “He’s not likely to about the harm that would fall
lead Federal Reserve reform on retirees, veterans and other
and innovation on monetary Americans if Congress didn’t
policy, but that does not mean authorize an increase in gov-
he won’t be a good chair.” Jerome Janet Ben Alan Paul G. William Arthur William Thomas ernment borrowing, according
Unlike Ms. Yellen and Mr. Powell Yellen Bernanke Greenspan Volcker Miller Burns McChesney McCabe to two people who attended.
Bernanke, Mr. Powell doesn’t (nominee) (2014-18) (2006-14) (1987-2006) (1979-87) (1978-79) (1970-78) Martin Jr. (1948-51) Obama Treasury Secretary
hold a degree in economics— (1951-70) Timothy Geithner heard about
which would make him the Has a Ph.D. his take-your-medicine stand
first chairman since the late and asked colleagues if Mr.
1970s without such a creden- Powell might solve another
tial. Although he has worked problem they were having, ac-
Has an economics degree
as an investor, lawyer and cording to several people in-
bank regulator, he has no expe- volved in the deliberations.
rience leading a large organi- The administration had been
zation. Prior career(s) Government Corporate Academic unable to get Senate Republi-
As a result, he might be cans to confirm its pick for a
more likely to rely on Fed vacancy on the Fed’s seven-
economists. He also might be member board of governors,
less dug in and more flexible and officials were struggling to
than Ph.D.s on some intense Sources: Federal Reserve History; Federal Reserve; staff reports; Photos: Bloomberg News; Reuters; Getty Images (4); Associated Press (2); Zuma Press THE WALL STREET JOURNAL. come up with names of a Re-
economics debates, such as publican who might help break
whether low unemployment is the impasse.
a precursor to rising inflation. Impressed after their meet-
Mr. Powell, who is known as ings with Mr. Powell, officials
Jay, declined to comment for in the White House recom-
this article. mended his nomination for the
The Fed is no simple bu- job. The Senate confirmed his
reaucracy. It has a seven-mem- nomination in 2012, and he
ber board, 12 regional banks, a was reappointed two years
U.S. FEDERAL RESERVE/REUTERS (LEFT); PRINCETON UNIVERSITY
secretive decision-making pro- later.

cess and 2,700 employees in- Many Republicans weren’t
volved in interest-rate deci- thrilled, with 20 voting against
sions, bank regulation and him in 2012 and 23 voting
managing the nation’s cur- against him in 2014.
rency circulation. It also serves Some GOP lawmakers have
as the Treasury’s fiscal agent been ruffled by Mr. Powell’s
in managing the nation’s debt. unwillingness to publicly criti-
It is in the process of rais- cize the Fed’s regulatory
ing short-term interest rates agenda, which included imple-
from near-zero levels and of menting substantial provisions
gradually winding down a $4.2 Janet Yellen, left, with Mr. of the 2010 Dodd-Frank Act.
trillion portfolio of mortgage Powell at his 2014 swearing in That reluctance “just left
and Treasury securities built to the Fed’s board. Mr. Powell, some people flat,” says Rep.
up during and after the finan- above, in 1975, the year he French Hill (R., Ark.), who re-
cial crisis. Mr. Powell was part graduated from Princeton. mains friends with Mr. Powell
of a group in 2013 that pressed after they worked together in
Mr. Bernanke to wind down to dismantle overhauls imple- connection at Reagan National Bank of New England, at the view, says Mr. Dugan. “He un- the Bush administration during
the bond-purchase programs, mented following the 2008 fi- Airport in Arlington, Va. time one of the region’s largest derstands there’s a role for the early 1990s.
although he has never dis- nancial crisis. In testimony be- When a business-school stu- banks. To prevent a bank run, regulation, and he’s not at one Mr. Hill says he can under-
sented in 44 meetings on the fore lawmakers this summer, dent sought him out several the group decided to guarantee extreme or the other,” says Mr. stand why some colleagues
Fed board. he said those rules made the years ago for career advice, all deposits, no matter how Dugan, who was U.S. comptrol- wish Mr. Powell had been more
financial system “substantially Mr. Powell offered his philoso- large they were, Mr. Powell re- ler of the currency from 2005 outspoken, but adds it isn’t Mr.
stronger and more stable.” phy on getting ahead: Keep called in a 2013 speech. to 2010. Powell’s style to air his con-
Bond phase out “Jay is certainly not going your head down and work Later that year, Mr. Powell cerns publicly. “It’s not fair to
Mr. Powell’s most notable to change course in any radical hard, according to the student, helmed the government’s re- assume what Jay Powell said
mark on monetary policy at way, but he’s very smart. He Sean Gillispie, today a software sponse to the Treasury auction Lucrative work or didn’t say in private,” he
the Fed was his involvement in will react to whatever shifts product director in the Wash- bid-rigging scandal by Salo- After Mr. Bush left office, says. “He kept those views to
bond-buying phase out. Wor- are out there,” says Glenn Hub- ington area. Mr. Powell told mon Brothers, a major invest- Mr. Powell returned to banking himself.”
ried that investors believed the bard, dean of the Columbia him he would be surprised ment bank. Mr. Powell ironed in New York. In 1997, he moved One person who has worked
programs would continue in- Business School and an occa- “how many otherwise compe- out an agreement that im- back to Washington and joined with several Fed officials in re-
definitely, he joined with two sional adviser to Republican tent people self-sabotage with the Carlyle Group, a private- cent years says he often heard
other Fed governors, Betsy presidential candidates, who poor behavior,” Mr. Gillispie equity investment firm, where about petty personal rivalries
Duke and Jeremy Stein, to per- has known Mr. Powell for 25 recalls. he founded and led the firm’s or feuds between board mem-
suade Mr. Bernanke to scale years. Mr. Powell has a somewhat
His most notable industrial group within its U.S. bers, but these people never
the program back. The effort A Washington native, Mr. conventional Washington ré- mark on policy was buyout fund. It was lucrative had a bad word for Mr. Powell.
was typical of Mr. Powell’s Powell, 64 years old, grew up sumé. He went to Princeton work. In financial disclosures “He is remarkably undog-
style—conducted almost en- the second of six children in University and Georgetown
his role in bond- earlier this year, Mr. Powell, matic,” says Jeremy Stein, a
tirely behind the scenes and suburban Chevy Chase, Md., Law School. He worked for buying phase out. who drives a Tesla, reported Harvard University economics
with little fanfare. where he still lives. His father several years as a lawyer in assets worth between $19.7 professor, Democrat and for-
The initial effort was rocky. was a lawyer; his mother New York before joining in- million and $55 million. mer Fed governor whose office
Bond investors grew fright- worked part time for the Re- vestment bank Dillon, Read & After nearly two decades in was adjacent to Mr. Powell’s.
ened, sparking a selloff known publican National Committee. Co. In 1990, he returned to posed severe penalties against the private sector, colleagues “He listens more than he
in markets as the “taper tan- Like his father, he attended Washington to become assis- the bank, which had admitted say, Mr. Powell was eager to talks.”
trum.” Mr. Powell later con- the Georgetown Preparatory tant secretary for domestic fi- making unauthorized bids, return to public service but Mr. Powell has held several
ceded his concerns had been School, a Jesuit high school. nance in President George H.W. without forcing it into bank- wasn’t sure how or where to different roles on a board that
overblown when he declared His parents were active in civic Bush’s Treasury Department, ruptcy, and arranged for inves- make his mark. He went to has been plagued with vacan-
the bond-buying programs a and charitable causes, many following the bank’s former tor Warren Buffett to become work at the centrist Bipartisan cies in several years. He
success, and he has said the centered around their church. chairman, Nicholas Brady, who the firm’s chairman. Policy Center, where he didn’t earned respect from colleagues
Fed should return to such Mr. Powell also has served on was Treasury secretary. He “It was a very ticklish, draw a salary. for tackling unheralded opera-
bond-buying if needed to fight the boards of educational and later was promoted to under- tricky thing, and it was excep- “This was getting his feet tional tasks and technical is-
future crises. environmental groups. secretary for domestic finance, tionally well handled at the back into the water and figur- sues, including managing pay-
Mr. Powell’s views on eco- Matthew McCormick, an charged with untangling a end,” says John Dugan, who ing out where he wanted to get ment-processing systems. He
nomic and monetary policy economist who has worked for wave of bank failures. served under Mr. Powell at engaged,” says Shai Akabas, an also boosted morale this sum-
sync up with Ms. Yellen and several federal agencies, re- One Sunday morning in Jan- Treasury. economist at the center who mer when he oversaw the im-
Mr. Bernanke. He has sup- calls seeing Mr. Powell last uary 1991, Mr. Powell joined The episodes of the early worked closely with Mr. Pow- plementation of a relaxed sum-
ported a slightly lighter touch year carrying a car seat and other regulators in a confer- 1990s, which showed Mr. Pow- ell. mer dress code.
on financial regulation but luggage for someone else’s ence room to hash out how to ell to be relatively pragmatic, He landed at the Fed almost —Harriet Torry
hasn’t backed wholesale efforts family trying to make a tight deal with the collapse of the shaped his regulatory world- by accident. contributed to this article.
FROM PAGE ONE
WORK ply of people willing and able

to work until they drop is dry-
ing up. With its population
shrinking, Japan has had to
for instance, they have an-
other three hours left when
they hear the music at 3
p.m.,” said Makoto Machi-
Continued from Page One turn more to mothers of yama, a manager in the per-
they saw a picture of the CEO young children, the elderly sonnel department.
warning them to cut it out. and some foreigners to fill la- One employee in that de-
After that, the software locked bor gaps. partment, Tomonori Tsuka-
the computer. “There’s already a shortage hara, 32, says he used to work
Despite a 9 p.m. curfew, of workers,” said Mr. Nohm- until 9 p.m. or 10 p.m. but
Daiwa House found diligent ura, the Daiwa House execu- now tries to leave shortly af-
scofflaws hanging around, tive. “The survival of our com- ter the Rocky music so he can
SHIHO FUKADA FOR THE WALL STREET JOURNAL
said Moritaka Nohmura, a pany is at stake.” help his wife, who just had
company executive. Prime Minister Shinzo Abe their first baby.
Some stayed in the office has made “work-style reform” “When the baby gets fussy,
and didn’t answer calls to the a pillar of his ruling party’s he holds her for me and also
switchboard number, hoping platform. He says companies helps me bathe her,” said his
to avoid detection. Others hid need to reorganize their work- wife, Haruna, describing be-
out and worked in the model places so employees can be havior that would have been
houses built to show to cus- more productive during the alien to many a corporate
tomers. day and go home at night. He warrior of previous genera-
Managers initiated “Opera- is trying to boost day-care tions.
tion SC” for “surprise call.” slots by 500,000 by the end of Fixing Japan’s problem in
They called the direct office this fiscal year to get more the workplace might be dis-
numbers of employees and the women working. Already the Tomonori Tsukahara, a Mitsui Home employee, and his wife, Haruna, have dinner. rupting its family life, espe-
model homes, ordering who- growing number of working cially when husbands come
ever answered to leave. women has helped the econ- monosodium glutamate in minutes, and told staff to go for maternity leave and re- home early. “My friends say
Japan is turning into a lab- omy reach its longest growth 1908, often found himself sit- home at 4:30 p.m. “Perfor- duced hours for working they don’t need their hus-
oratory for an experiment into streak in more than a decade. ting through three-hour mance hasn’t fallen,” says Mr. mothers were enough. How- bands at home because they
whether a nation can get more The direction is clear. But meetings where some 80 Nishii. ever, he says, “many women hardly do any housework,”
output with fewer people companies are finding it takes managers would gather to Yuusuke Suzuki, a 40-year- said they would rather resign says Megumi Kitagaito, a
working fewer hours. Up until a lot of hard work to prevent hear each other deliver old Ajinomoto salesman, says than put additional burden on homemaker with two boys.
now, its legendary work ethic hard work. Still widespread is scripted remarks. he now has more time to look their colleagues by leaving Her husband, Keiichi Kita-
hasn’t helped the economy the idea embedded in a popu- “There are a lot of mean- after his two boys. “I used to early. So that’s why we de- gaito, a real-estate business-
much. Japan barely grew for lar TV commercial for an en- ingless meetings,” he said. eat dinner at home only a day cided to have everyone leave man, doesn’t disagree. “I
most of the past quarter-cen- ergy drink from the late “Meetings should be where or two during week, and the early.” know that for women, having
tury, and the average worker 1980s: “Can you fight 24 discussions are held to make rest alone or with clients. But At Mitsui Home, the Rocky husbands at home is bother-
is only two-thirds as produc- hours, Japanese business- decisions, not just to listen to that has completely reversed.” theme at 6 p.m. is just part of some,” he says. He is already
tive as the average American, men?” people reading out reports.” One benefit, Mr. Nishii an all-day efficiency push. The working long hours and he
a gap that has stayed persis- Takaaki Nishii, the chief The company reduced the says, is keeping more women company puts on different won’t change. “I cannot live
tently wide. executive of Ajinomoto Co., standard workday by 20 min- at the company. He used to tunes at 9 a.m., noon and 3 the way Abe expects,” Mr.
Just as important, the sup- the company that invented utes, to seven hours and 15 think the company’s programs p.m. “So they will know that, Kitagaito said.
THE WALL STREET JOURNAL. * * * * Friday, November 3, 2017 | A7
CHANGE AT THE FED

CAPITAL ACCOUNT | By Greg Ip
Choice for Fed Chairman Is a Safe Gamble

President that a monetary policy that
Donald succeeds at getting inflation
Trump’s selec- back up may also stoke an as-
tion of Federal set bubble whose ultimate de-
Reserve gov- mise brings on a recession.
ernor Jerome Another challenge is to es-
Powell to succeed Janet Yel- tablish his own leadership.
len as chairman of the central From 1979 to 2006 Paul Vol-
bank is something of a gam- cker and Alan Greenspan en-
ble. Unemployment is at a 16- joyed the reflexive deference
year low, economic growth is of most of their colleagues.
picking up, the stock market That deference ended with
is setting records, and yet the financial crisis.
he’s changing leaders at the Finally, he faces a treacher-
institution most responsible ous political landscape. Mone-
for all of that. tary policy is no longer non-
As gambles go, it looks like partisan. Republicans
a safe one. Of all the candi- regularly disparaged Mr. Ber-
dates Mr. Trump considered nanke and Ms. Yellen and
after deciding not to keep on many think Mr. Powell isn’t
Ms. Yellen, Mr. Powell’s tem- much better.
perament and views come
C
closest to hers. He believes entral banks embody
the Fed should use all avail- the technocratic exper-
able tools to get unemploy- tise that many of Mr.
ment down and keep infla- Trump’s populist supporters
tion at its target of 2%. He despise. Having discarded the
backs the regulatory frame- tradition that presidents re-
ANDREW HARRER/BLOOMBERG NEWS

work put in place under Pres- appoint the incumbent Fed
ident Barack Obama, albeit chairman regardless of party,
with less strict implementa- Mr. Trump may also discard
tion. the practice of keeping criti-
cism of the Fed to himself.
M
r. Powell’s job will be Past Fed chiefs have
turning those beliefs needed political skills to head
into effective policy. off threats to their leadership
Heading the Fed’s policy com- and the central bank. On that,
mittee is harder than being a Jerome Powell, above at the White House on Thursday, stands to become the first Fed chair in three decades without an economics Ph.D. Mr. Powell is untested. Mr.
member: It means not just Trump faces pressure to nom-
voting but deciding what will and private equity, then In a 2015 interview, he was Congress to run up more sity economist John Taylor. inate conservative skeptics of
be voted on. landed at the Bipartisan Pol- asked if the Fed’s unconven- debt, he noted its mandate is Nonetheless, Mr. Powell the Fed’s easy-money policies
If confirmed by the Senate, icy Center, a think tank. tional monetary stimulus was full employment and price will face challenges that vex to fill its board vacancies,
as is likely, he will at some Mr. Obama, whose staff ap- actually holding back growth. stability. “We’re not supposed even trained economists. The which would narrow Mr. Pow-
point face second guessing preciated Mr. Powell’s work He answered, “I don’t under- to sacrifice those two goals first is the same one Ms. Yel- ell’s room to maneuver from
from colleagues, Congress explaining to Republicans in stand what model of the [to] punish Congress for not len is now struggling with: the start.
and perhaps the mercurial Congress the dangers of not economy would require sub- doing the right fiscal policy,” deciding how far to raise in- Ms. Yellen could be an ally
man who picked him. raising the debt ceiling, made stantially higher interest rates he said. terest rates when the econ- of Mr. Powell’s on that front.
Mr. Powell, a lawyer and him a Fed governor in 2012. right now, which would mean To a modern central omy has no slack but inflation Though her term as chair-
banker, would be the first Fed Having served with two ac- a vastly higher dollar, higher banker those views are unre- is falling further below the woman ends in February, she
chair in three decades with- complished professors of mortgage costs and higher markable, yet they aren’t central bank’s 2% target. could stay on as a governor
out a Ph.D. in economics. He macroeconomics—Ms. Yellen costs for consumers, and shared by two competing can- Another front is the up- until that term ends in 2024.
served at the Treasury under and her predecessor, Ben Ber- probably lower asset prices.” didates to succeed Ms. Yellen, ward march of stock and In December, she said that
George H.W. Bush, pursued a nanke—he has ended up see- Asked if the Fed’s low in- former Fed governor Kevin property prices. More than would be a “a decision for an-
career in investment banking ing the world as they do. terest rates had encouraged Warsh and Stanford Univer- Ms. Yellen, Mr. Powell worries other day.”
A Usually Staid Process Was Infused With Suspense

As he cast about for some- very specific in mind. I think The interview with Mr.
one to lead the world’s most everybody will be very im- How Fed Chairs Have Fared Warsh didn’t go as well. Mr.
powerful central bank, Presi- pressed.” Various Fed regimes have used interest rates to manage inflation, unemployment and the economy Trump came away under-
dent Donald Trump kept ev- The decision also under- whelmed.
eryone guessing. scored the influence of Trea- Inflation* Messrs. Taylor, Warsh and
sury Secretary Steven Mnuchin, Cohn didn’t respond to re-
By Peter Nicholas, who helped lead the search. Mr. William Arthur G. William Paul Alan Ben Janet quests seeking comment. A
McChesney Martin Burns Miller Volcker Greenspan Bernanke Yellen
Kate Davidson Mnuchin was the biggest Fed spokeswoman said Mr.
and Michael C. Bender “cheerleader” for Mr. Powell, 10% Powell and Ms. Yellen each de-
one White House official said. clined to comment.
The fortunes of different For his part, Vice President 8 In an interview he gave
candidates rose, fell and rose Mike Pence liked the more con- 6 with Fox Business on Oct. 20,
again as Mr. Trump brought servative-minded Stanford pro- Mr. Trump suggested that the
them in for interviews and fessor, John Taylor, though 4 finalists were down to two:
peppered friends and advisers people familiar with the matter Messrs. Powell and Taylor.
2
with questions about whom to said he was also comfortable Talking to Republican sena-
nominate. with Mr. Powell. 0 tors on Oct. 24, he polled the
At times he seemed torn. This account is based on in- 1960 1970 1980 1990 2000 2010 room. Mr. Trump asked for a
After the White House spent terviews with lawmakers, White show of hands on whether the
months winnowing the field to House aides, lobbyists and Unemployment rate† senators preferred Mr. Powell
five finalists, aides worried Trump advisers and confidants. 10% or Mr. Taylor.
that Mr. Trump might scrap The Powell nomination The next day, the president
8
the whole lot and nominate breaks with tradition by mark- spoke to Lou Dobbs on Fox
someone else entirely. ing the first time in nearly 40 6 Business Network and asked
In the end, Mr. Trump years that a new president 4 the TV host who he would like
opted for Fed governor Je- didn’t offer another term to to see win the job. Mr. Dobbs
rome Powell, a choice that is the incumbent Fed chair—in 2 answered that Ms. Yellen
both historic and, at the same this case, Janet Yellen. 0 “might be worth keeping.”
time, conventional, spurning Mr. Powell was in some –2 “I would certainly think
conservative candidates more ways the last candidate stand- 1960 1970 1980 1990 2000 2010 about it,” the president said.
apt to upend Fed policies. ing after months of twists and But Mr. Trump added that,
In putting his imprint on turns in the process. Effective Federal Funds Rate “you like to make your own
the central bank, Mr. Trump Nearly a year ago, Mr. mark, which is maybe one of
20%
provided a glimpse into an ex- Trump’s surprising presiden- the things she’s got a little bit
ecutive style that relies heav- tial victory made it likely Ms. against her.”
15
ily on instinct and improvisa- Yellen would be a one-term As late as Friday, Oct. 27,
tion. He infused the search Fed leader. In the final weeks Mr. Trump was still asking
with suspense and showman- of the presidential campaign, 10 questions about different can-
ship seldom seen in the nor- he frequently criticized her. didates, White House officials
mally staid business of picking Once in office, however, Mr. 5 said Thursday.
a central-bank leader. Trump began to warm to her On the evening of Oct. 27,
He quizzed a TV personality and said he might give her a 0 the White House released the
about his preference, con- second term after all. 1960 1970 1980 1990 2000 2010 Instagram video teasing view-
sulted a casino magnate, By September, White House *Change from a year earlier in the price index for personal-consumption expenditures †Seasonally adjusted ers about the coming an-
polled senators about their aides had presented the presi- Source: Federal Reserve Bank of St. Louis THE WALL STREET JOURNAL. nouncement.
preferences, and teased the dent with three other possible Mr. Trump called Mr. Pow-
public about the outcome. options: Mr. Powell, Mr. Taylor September. ings in the Oval Office to go view with the president. When ell on Tuesday to tell him he
“People are anxiously and former Fed governor Mr. Trump sought advice around the room asking aides it was over, Mr. Trump re- was nominating him for the
awaiting my decision as to Kevin Warsh. Mr. Trump had from unexpected places, even what they thought of the vari- marked that Mr. Powell “had post. He phoned Ms. Yellen on
who the next head of the Fed also been considering his top talking with casino mogul ous candidates. good values.” Mr. Powell Thursday—before the formal
will be,” Mr. Trump said last economic adviser, Gary Cohn. Steve Wynn, one administra- Mr. Trump placed great “sounded pragmatic, like announcement—to tell her she
week in a video posted on In- Mr. Trump began to inter- tion official said. stock in the interviews. Trump,” according to a person wouldn’t be getting the job, a
stagram. “I have somebody view candidates at the end of He would interrupt meet- Mr. Powell aced his inter- briefed on the conversation. White House official said.
Yellen’s Exit as Fed Chief to Break With Recent Precedent

BY JOSH ZUMBRUN chief ends in February. She built consensus within ment rate fell and economic accommodation in place for too sury market into a tailspin
Given her predisposition to the central bank to move in growth strengthened. long,” said Roberto Perli, a with remarks—catching many
Janet Yellen’s leadership at plot moves well in advance, she well-telegraphed, measured In December 2015, she partner at Cornerstone Macro investors off guard—that the
the Federal Reserve is ending likely will make no more major steps to avoid roiling markets guided the central bank to its and a former Fed economist. “I Fed would soon wind down its
after just one four-year term, decisions at the central bank and disrupting the economy’s first rate increase in seven think she managed to strike the bond buying.
the shortest tenure at the beyond the next quarter-point slow progress. years. The Fed has raised rates right balance.” But under Ms. Yellen, U.S.
helm of the central bank in interest-rate increase, which Mr. Trump’s decision comes three times since then and in It wasn’t a foregone conclu- financial markets have taken
nearly four decades, and a many market participants ex- as the economy is growing October began shrinking the sion that the first postcrisis the Fed’s moves in stride.
break from recent precedent: pect to come in December. steadily and the labor market $4.2 trillion portfolio of bonds tightening of monetary policy “Janet Yellen hasn’t gotten
The previous three Fed chair- Ms. Yellen, the Fed’s first fe- is at or near full strength. The it purchased during and after would go so smoothly. In 2011, enough credit for being right
men all were reappointed by male chief, led her colleagues Fed, however, failed on her the financial crisis to stabilize for example, the European about the economy,” said Russell
presidents from the opposite to slowly and cautiously re- watch to achieve its goal of 2% markets and boost the econ- Central Bank raised rates, but Price, senior economist for
party that put them in office. verse the central bank’s ex- inflation. omy. set its economy reeling, exac- Ameriprise Financial, adding
On Thursday, President Don- traordinary stimulus programs During the first 16 months of “She had to walk, and is still erbated the continent’s debt that despite public debates
ald Trump nominated Jerome adopted during the financial her leadership, the Fed held its walking, a very fine line be- crisis and swiftly reversed around her moves, there have
Powell to succeed Ms. Yellen crisis, the subsequent recession benchmark short-term interest tween a still fragile economy course. In 2013, Fed Chairman been no large and obvious policy
when her term as central bank and the sluggish recovery. rate near zero as the unemploy- and risks of leaving too much Ben Bernanke sent the Trea- screw-ups during her tenure.
A8 | Friday, November 3, 2017 * * THE WALL STREET JOURNAL.
WORLD NEWS
Bank of England Raises Key Interest Rate
First increase in a
Bottom's Up
decade comes amid Bank of England policy rate
global trend toward 6% Thursday
ending stimulus steps 0.5%
5
BY JASON DOUGLAS 4
AND PAUL HANNON
3
STEFAN ROUSSEAU/AGENCE FRANCE-PRESSE/GETTY IMAGES
The Bank of England raised

its benchmark interest rate for 2
the first time in a decade, a
telegraphed move that repre- 1
sents the latest step by the
0
world’s major central banks to
withdraw crisis-era stimulus. 2007 2010 ’17
The BOE lifted its policy rate Source: Bank of England
to 0.5% on Thursday, from THE WALL STREET JOURNAL.
0.25%, and signaled that fur-
ther tightening would be grad- U.K. will flourish after it exits
ual and limited, indicating just the EU and can pursue its own
two more quarter-point in- policies on trade and regula-
creases by the end of 2020. The tion.
cautious tone resulted in sharp Thursday’s rate increase re-
falls for the British pound and Bank of England Gov. Mark Carney in London on Thursday said the U.K. economy needs more-measured growth to temper inflation. verses a cut implemented as part
U.K. government bond yields. of a package of stimulus mea-
The move is aimed at re- likely weigh on the economy sures implemented in August
straining inflation in an econ- BOE Signals Plans A LITTLE MORE TO COME BREXIT for years as Britain reorders 2016 in the wake of the EU refer-
omy that is struggling to grow The big question for market Gov. Mark Carney said the its economic and commercial endum. The last time the BOE
as fast as its peers as a result For More Measures, participants was how quickly and global economy was “firing on ties to the bloc and the wider raised its benchmark rate was in
of a long period of weak pro- But With Restraint sharply rates might rise after the most cylinders,” and that the world. It said uncertainty July 2007, a decision that was
ductivity growth, which has first move. The BOE answered withdrawal of stimulus by leading around Brexit is weighing on soon reversed as the global fi-
been worsened by the uncer- Five takeaways from the that by pointing to the need for central banks was therefore to investment and putting off nancial crisis swept over the U.K.
tainties that have followed the bank’s interest-rate decision just two more increases of the be expected. But he added that would-be immigrants, reduc- The BOE’s move was op-
June 2016 vote to leave the same magnitude by end-2020. the U.K. isn’t getting as much out ing the speed at which the posed by two of the central
European Union. of that pickup, thanks to Brexit. economy can grow without bank’s nine rate-setters. Their
“The pace at which the CLEARLY FLAGGED SPEED LIMITS pushing up prices. dissent wasn’t a surprise: Jon
economy can grow without The BOE has signaled for Its rationale for the move is THE IMPACT “Any resolution of the un- Cunliffe and David Ramsden,
generating inflationary pres- months that it was likely to raise that the speed with which the Mr. Carney said bringing in- certainty about the nature of, deputy governors of the cen-
sures has fallen relative to its key interest rate this year, economy can grow without flation down from 3% now to and transition to, the U.K.’s fu- tral bank, had in recent weeks
precrisis norms,” said Mark and ever more clearly, given the generating too much inflation the central bank’s 2% target ture relationship with the EU signaled they felt a rate rise
Carney, the BOE’s governor. reluctance of market participants has fallen since the global fi- would help end the squeeze on insofar as it affects the behav- would be premature while
“Over the next few years, mod- to believe it would do so while nancial crisis, a trend exacer- real incomes, as will an ex- ior of households, businesses wage growth remained weak.
est demand growth is expected the economy adjusted to Brexit. bated by the Brexit vote. pected pickup in wages. and financial-market partici- “The increase in the bank
to use up the little spare ca- pants would prompt a reas- rate is difficult to justify given
pacity remaining in the econ- sessment of the economic out- the ongoing political uncer-
omy. Domestic inflationary Central Bank confirmed that it has taken hold for the first time period of underperformance.” look,” Mr. Carney said. tainty that surrounds Brexit
pressures are likely to build.” will begin to dial back the pace since the global financial crisis. BOE officials say that is a In their quarterly set of and the slow progress of nego-
Inflation was 3% in Septem- of its bond-buying program in “The global economy is fir- consequence of the uncer- economic forecasts published tiations between the U.K. and
ber, above the bank’s 2% target. January. Also on Thursday, the ing on most cylinders. It’s do- tainty generated by the Brexit Thursday, officials estimated the EU,” said Anthony Doyle, a
The U.K. central bank’s Czech National Bank raised its ing very well,” Mr. Carney told vote. Negotiators from London the U.K.’s potential growth money manager at M&G In-
move comes a day after the key interest rate for the sec- a press conference. “It’s not and Brussels are due to meet rate at around 1.5% a year— vestments.
U.S. Federal Reserve signaled ond time since August. surprising that the stance of for fresh divorce talks next sharply lower than the —Brian Blackstone
that it is poised to raise short- The U.S. and eurozone econ- policy is changing. The U.K. is week. The U.K. is scheduled to 2%-2.25% growth rate the contributed to this article.
term interest rates for the fifth omies are growing at their participating a little less in this leave the EU in March 2019. economy tended to enjoy be-
time since 2015 in December, healthiest rates for years, part global upswing. We are going BOE officials reiterated fore the global financial crisis. Rate increase batters pound,
and a week after the European of a synchronized upswing that through a relatively unusual their view that Brexit will Brexit proponents say the U.K. yields.................................. B12
WORLD WATCH
Spain Prosecutor Seeks Catalan Chief’s Arrest BRAZIL
A prosecutor asked a Span- constitutional to negotiate
ish court on Thursday to issue Catalonia’s independence. American Family Hid
an arrest warrant for Carles Tens of thousands of pro- In Jungle After Attack
Puigdemont, the leader of Cat- secession Catalans took to the
alonia’s secessionist move- streets throughout the region An American couple and their
ment who fled to Belgium to Thursday night after the two young children who were
escape authorities in Spain. judge’s decision was an- rescued after their barge was
nounced. attacked by pirates on a remote
By Jeannette Mr. Puigdemont’s extradi- Amazon River tributary were
Neumann in Barcelona tion to Spain wouldn’t be au- transferred to a hospital for
and Valentina Pop tomatic. If Spanish courts is- treatment after hiding in the
in Brussels sue an order to detain Mr. jungle for three days, police said.
Puigdemont, a Belgian judge The couple, Adam and Emily
Mr. Puigdemont, who with would have to decide within 15 Harteau, 39 and 36 years old, and
four other officials fled to Bel- days whether to execute a Eu- their daughters Colette, 6, and Si-
gium in recent days, defied an ropean arrest warrant. If Mr. erra, 3, have been roaming Latin
order to appear before Span- Puigdemont agrees to be ex- America in a Volkswagen van
ish judge Carmen Lamela on tradited, his return to Spain since leaving California in 2012.
Thursday, calling the inquiry would take place within 10 Police said they took the Har-
politically motivated and rais- days. If he refuses, Belgian au- teaus to the hospital in the port
DAVID RAMOS/GETTY IMAGES
ing the possibility of a legal thorities would have two city of Breves in the northern
battle to force him to return months to repatriate him. state of Pará. The family wasn’t
home. The Belgian judge can re- available for comment.
Ms. Lamela must decide fuse to extradite in certain They had embarked from
whether to grant the prosecu- cases, if for instance there are Belém with their van on the
tor’s request to issue an arrest serious reasons to believe the barge and had planned to travel
warrant for Mr. Puigdemont, person’s fundamental rights upriver to Macapá, Ms. Harteau’s
who is also the Catalan presi- Catalans protest in Barcelona on Thursday against a judge’s order to jail nine separatist leaders. would be violated. Mr. Puigde- father, Warren Brandle, said.
dent, and the four other sepa- mont said Tuesday he feared But the barge was attacked
ratist leaders and deliver it to aratist leaders, deciding they could have deviated them from aired on Catalan regional for his safety if he returned to Sunday by pirates, who brought
the Belgian authorities. should be held without bail their ultimate goal,” Ms. television, Mr. Puigdemont Spain. the vessel and a tugboat to an
Spain’s state prosecutor because of the risk they could Lamela wrote in court docu- said he was the legitimate Mr. Puigdemont’s Belgian area called Porto dos Dias, the
earlier this week announced destroy evidence or flee Spain. ments. She said public funds president of Catalonia despite lawyer, Paul Bekaert, told Belém police chief, said. There,
he was seeking charges of re- Her concerns about their had been spent to organize being ousted by Madrid, and Flemish broadcaster VRT the attackers took goods off the
bellion, sedition and misap- flight risk, Ms. Lamela wrote and carry out an Oct. 1 refer- he called on Spanish authori- Thursday that he expects a fi- barge, stole the Harteaus’ cell-
propriation of public funds in court documents published endum on independence ties to release his ex-cabinet nal decision on the extradition phones and abandoned the ves-
against 20 ousted Catalan Thursday evening, stem in Using extraordinary consti- ministers. The detentions, he to take up to two months. “In sels, leaving the passengers and
leaders, including Mr. Puigde- part from Mr. Puigdemont’s tutional powers, Prime Minis- said, “were an attack on de- my view this is not about a se- crew stranded, he said.
mont. The decision came after flight to Belgium. ter Mariano Rajoy ousted Mr. mocracy.” rious crime, this is not about —Paulo Trevisani
lawmakers in Catalonia de- “The defendants have Puigdemont and his officials The deposed Catalan leader terrorism, and there is also and Paul Kiernan
clared the northeastern region played an active role in pro- over the weekend after law- said Spanish authorities were nothing pressing about it. So
independent last Friday. pelling the carefully-designed makers there declared Catalo- seeking a purely legal reit will take its regular course MYANMAR
Ms. Lamela ordered the im- secessionist process and skirt- nia an independent republic. sponse to a political problem. in the justice system,” Mr. Be-
prisonment of nine other sep- ing any kind of barrier that In a televised statement Madrid says it would be un- kaert said. Suu Kyi Goes to
Ethnic Conflict Zone
European Union Struggles to Contain Separatist Strife Myanmar leader Aung San
Suu Kyi on Thursday made her
first visit to violence-torn Rakh-
ine State since the military
BY LAURENCE NORMAN with national governments. The Catalan crisis has pressures of his own. He leads a it clear Catalonia would be off cracked down on minority Roh-
While the bloc has encouraged proved different, principally be- four-party coalition govern- the agenda. He had spoken ingya Muslims and drove hun-
Ousted Catalan leader Carles capitals to create political space cause Catalonia’s independence ment that includes the N-VA, with Spanish Prime Minister dreds of thousands of people
Puigdemont’s surprise flight to and show respect for regional bid has defied Madrid’s wishes, the Flemish nationalist party Mariano Rajoy, who didn’t into neighboring Bangladesh.
the European Union’s capital movements, it has taken a firm in contrast with London’s green that came first in the last Bel- want the issue discussed. The trip follows growing
this week underlined in dra- line on the one issue Brussels light for the Scottish vote. gian federal election. The N-VA However, at the summit’s pressure by Western countries
matic fashion directs: EU membership. In effect, the line in Brussels has old ties with Catalan lead- dinner discussions, German for her to address a crisis the
ANALYSIS that Europe, try That position—known as the and most European capitals ers. In the past, Belgium has Chancellor Angela Merkel U.N. has called ethnic cleansing
as it might, can- Prodi doctrine after former Eu- was to support Madrid’s attack also clashed with Spain by fail- asked Mr. Rajoy if he would in the Buddhist-majority country.
not brush sepa- ropean Commission President on Catalan leaders being in ing to extradite asylum seekers say a word on the Catalan situ- The military says it targeted
ratist tensions under the carpet. Romano Prodi—states that any breach of Spain’s constitutional Spain accused of being linked to ation. When Mr. Tusk later in- only Rohingya Muslim militants
In a regional bloc dotted by region breaking away from a and legal order, hope for a solu- Basque terror group ETA. vited Mr. Rajoy to respond, he who attacked security outposts.
separatist claims but which member state would automati- tion and keep out of the way. When EU leaders met in waved his hands in a gesture An official said the visit was
prides itself on peaceful, dem- cally find itself outside the EU. That approach has failed to Brussels in mid-October, con- indicating he had nothing to connected with a plan to rehabili-
ocratic responses to political If it wished to join, it would circumvent tensions. The first cerns were growing in some say, one of the officials said. tate the state, which has been
crises, the clash in Spain—the need to apply from scratch, a conflict emerged between capitals that Spain seemed to Mr. Puigdemont’s Brussels racked by conflict. A Western dip-
latest echo of a centuries-old process that can take years. Spain and Belgium after Prime be closing the door on dialogue sojourn could now keep the lomat said the plan is hard to un-
rivalry—was never likely to be The EU stayed out of the Minister Charles Michel criti- and escalating the standoff. Catalan crisis front and center. derstand “because the local envi-
easily navigated. way of the 2014 Scottish inde- cized Madrid’s handling of the Yet ahead of the summit, The Catalan leader told journal- ronment is still so hostile to the
During the past 15 years, the pendence referendum, with its outlawed Oct. 1 referendum European Council President ists Tuesday that he wasn’t in Rohingya, there is little chance
EU has evolved a set of re- officials repeating the Prodi vote that saw clashes between Donald Tusk, who himself had Brussels to apply for asylum they will return right now.”
sponses to separatist aspira- doctrine ad nauseam and avoid- police and voters. urged Madrid not to resort to but had come to Europe’s capi- —Niharika Mandhana
tions that side pretty squarely ing comment on anything else. Mr. Michel faced political “the argument of force,” made tal to keep the debate alive. and Myo Myo
THE WALL STREET JOURNAL. NY Friday, November 3, 2017 | A8A
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THE WALL STREET JOURNAL. * * * * Friday, November 3, 2017 | A9
WORLD NEWS
Mysterious Votes
Flip an Election
In Venezuela
BY ANATOLY KURMANAEV
EL CASABE, Venezuela—Ai- Caracas

res Pérez Rodríguez traveled VENEZUELA
Ciudad
by canoe for three hours to de- BO L ÍVAR Bolivar
liver the paper receipts show- El Casabe
ing a total of 225 votes cast for
COLOMBIA
state governor in this hamlet.
ANATOLY KURMANAEV/THE WALL STREET JOURNAL

Then he passed them to his 200 miles
aunt, who drove them a fur- BRAZIL
200 km
ther 150 miles to the Bolívar
state capital. THE WALL STREET JOURNAL.
When the official count was
released days after the Oct. 15 briefly listed as the winner on
election, however, there were the Electoral Council’s web-
an extra 471 votes for the gov- site—to the government
ernment’s candidate. It wasn’t choice.
just Mr. Pérez, the opposition The declared winner, Justo
party’s election monitor, who Noguera, a National Guard
noticed. The ruling Socialist general from outside the state
Party’s own election supervisor who never held political office,
in El Casabe realized it, too. took office two days later in a Luciano Mendoza, an election supervisor in El Casabe, held up a voting-machine receipt at odds with the government’s accounting.
“This is illegal,” said Lu- surprise midnight ceremony.
ciano Mendoza, the election “There’s clear manipulation President Nicolás Maduro’s on the matter. They haven’t Council’s top Bolívar state offi- sions to gold wildcatters and
supervisor, who showed The here,” said Luis Lander, director government is trying to ensure questioned the authenticity of cial declined to comment and traffic in scarce gasoline, min-
Wall Street Journal the voting- of the Venezuelan Electoral Ob- its political survival amid an 13 state voting-machine receipts referred questions to the coun- ers and local officials say.
machine receipts that counted servatory, a nonpartisan group unprecedented economic crisis that showed a discrepancy. cil’s Caracas headquarters, Gen. Noguera succeeded a
just a third as many votes from in Caracas that tracks elections defined by hyperinflation, food Aldrin Torres, the Socialist which didn’t comment. Gen. Socialist Party governor, another
the hamlet as reported by elec- after he examined voting-ma- scarcity and the collapse of Party’s vice president of Bolí- Noguera didn’t respond to re- retired general. Mr. Velásquez
toral authorities later. “They chine receipts that the opposi- public services, say rights var’s state Congress, said in an quests to comment. threatened the continuity repre-
say they bring justice, but in- tion alliance posted online. groups and opposition activ- interview that “If there was Bolívar state is an economic sented by Gen. Noguera’s elec-
stead they commit fraud.” “The results were altered to al- ists. They say it bodes ill for an fraud, they have proper chan- powerhouse where the military tion, some critics say.
Mr. Pérez’s evidence low the losing candidate to be election next month to pick nels of appeal to turn to.” is taking a leading role. It is “A probing opposition can-
prompted opposition officials declared the winner.” 335 mayors across Venezuela. On Thursday, Bolívar state’s home to the country’s major didate like Velásquez threat-
in Ciudad Bolívar to make Bolívar was one of 18 of 23 The U.S. government, which opposition contender Andrés steel and aluminum plants, hy- ened the military’s business in-
more comparisons of voting Venezuelan states the ruling has levied sanctions against Velásquez, a nationally known droelectric power and big de- terests,” said retired Gen.
receipts to an official tally on party won in elections last his administration, says Mr. trade-union activist, published posits of gold and diamonds, Cliver Alcalá, who ran Bolívar’s
the National Electoral Council’s month and the only one where Maduro is dismantling demo- a copy of a letter from the making it a vital source of for- military district until 2013 but
website. All told, in records re- evidence of vote fraud has sur- cratic institutions and yielding Electoral Council admitting his eign currency for the cash- has since broken with Mr. Ma-
viewed by the Journal, they faced. A coalition of opposition more power to the military. complaint over the vote. The strapped government. duro. “That’s why the fraud to
discovered that more than parties is contesting some of Officials from Bolívar’s gov- council would now have until Mr. Maduro has appointed maintain status quo there was
2,500 votes were added state- those results, alleging unfair ernor’s office and the Maduro mid-December to investigate generals to run most of the so obvious, so desperate.”
wide, flipping the winner of voting procedures. administration didn’t respond and decide on the complaint, state’s steel and mining com-
the Bolívar state election from The sequence in El Casabe to requests to comments. Nor according to electoral law. panies. Many lower-level mili- Venezuela courts showdown
the opposition candidate— provides a rare look at how have they commented publicly Daniel Prieto, the Electoral tary officers charge commis- on bonds........................................ B1
North Korea
Criticizes
Kurds Face Setbacks Across the Middle East dum despite international ad-
U.S. Sortie vice to the contrary and deep-

seated internal opposition to
his 25-year rule. The move
BY JONATHAN CHENG backfired astoundingly:
within days, the Kurdistan
SEOUL — The U.S. flew two government lost Kirkuk and
B-1B bombers on a mission many of its privileges, with
near North Korea on Thursday MIDDLE EAST internal conflict threatening
together with Japanese and its very existence as a self-
South Korean jet fighters, pro- CROSSROADS ruled entity. Mr. Barzani him-
voking anger from North Ko- By Yaroslav Trofimov self had to step down.
rea just days before President “From the perspective of
Donald Trump departs for a most Kurds, the present pre-
closely watched trip to the re- With Islamic State on the dicament is largely due to in-
ALAA AL-MARJANI/REUTERS
gion. wane, the West no longer competence, corruption and

The flyover, which U.S. Pa- needs Kurdish help—and the nepotism afflicting the Kurd-
cific Command said in a state- Kurds face a historic calam- ish ruling elite,” said one of
ment was planned in advance ity once again, in part due to Mr. Barzani’s leading politi-
and not in response to any their own leaders’ mistakes. cal opponents, Barham Salih,
current event, comes as the In Turkey and Iraq, Kurdish a former Kurdistan prime
U.S. operates three carrier achievements of recent years minister and former Iraqi
strike groups in the Western have already been rolled back. An Iraqi flag appeared on a military vehicle at an oil field on the outskirts of Kirkuk last month. deputy prime minister.
Pacific Ocean for the first time In Syria, too, Across the border in
in a decade. Kurdish gains power and influence. part of Syrian territory. vor. Subsequently, the PKK’s Syria, the momentum—for
As it has done earlier this are confront- The Kurdistan region in Now, these Kurdish gains disastrous decision to launch now—is still with the Kurds.
year, North Korea reported on ing new perils northern Iraq took advan- in Turkey and Iraq have been an urban guerrilla campaign Backed by the U.S., the Kurd-
what it described as a stealth as the region’s tage of the Iraqi army’s 2014 lost, possibly for decades, resulted in the near-destruc- ish-led forces recently seized
B-1B flyover even before the nation-states rout by Islamic State to seize and the fate of Syrian Kurds tion of several Kurdish cities Islamic State’s stronghold of
U.S. military publicly acknowl- work together the oil-rich area of Kirkuk. looks increasingly precarious and towns in the country’s Raqqa, and are pushing
edged the mission. In North to squelch the possibility of Elections in Turkey had de- as the Syrian war enters its southeast. Both the U.S. and down the Euphrates Valley.
Korea’s account, published an independent Kurdish prived the ruling AKP party endgame. Turkey consider the PKK a But there, too, many Kurds
early Friday morning through homeland in the Middle East. of President Recep Tayyip “We are going through a terrorist organization. fear that once YPG is no lon-
its state media, the exercise Erdogan of a parliamentary very difficult moment, even Mr. Erdogan followed up ger useful against Islamic
F
included a bombing drill on a or a short moment majority and turned the though we have seen worse on the military campaign State, Washington will end up
firing range in South Korea over two years ago, main pro-Kurdish party, HDP, in the 1980s and 1990s,” said against PKK by imprisoning making a deal with Russia,
that was meant to simulate a many of the 30 million into the country’s third larg- Kendal Nezan, head of the most of the leadership of Turkey and even the Syrian
nuclear strike on North Korea. Kurds, one of the world’s est—with a real chance to in- Kurdish Institute of Paris, a HDP, which he accused of be- regime at the Kurds’ expense.
Pacific Command didn’t im- largest ethnic groups with- fluence national politics. think tank formed in 1983 to ing a PKK front, by removing “Any one of these powers
mediately respond to a re- out a state of their own, be- And in Syria, the dogged rally Western support for the the elected HDP mayors can betray the Kurds anytime
quest for comment on the tim- lieved that history was fi- defense of the Kurdish town Kurdish cause. across Kurdish-populated and Damascus will be very
ing of the announcement, or nally on their side after of Kobani against Islamic In Turkey, a July 2015 parts of Turkey, and by elim- happy if the Kurds lose their
on the inclusion of a bombing decades of massacres, perse- State attracted international move by the Kurdistan Work- inating many other conces- ground after having devas-
drill. North Korea, in its state- cution, and war. sympathy—and U.S. military ers’ Party, or PKK, to resume sions to the Kurds. tated Islamic State’s military
ment, said that the mission In Iraq, Turkey and assistance—to the Syrian- its armed struggle against positions,” said Turkish law-
I
underlined what it said was Syria—three of the four na- Kurdish YPG militia. Within the Turkish state after a n Iraq, meanwhile, the maker Ertugrul Kurkcu, one
the U.S. “aggravating the situ- tions (alongside Iran) that months, the Syrian Kurds be- two-year peace process al- Kurdistan Regional Gov- of the few senior HDP leaders
ation of the Korean Peninsula include the main Kurdish- came America’s indispens- lowed Mr. Erdogan to win a ernment’s then-president, who still remain free. “The
and seeking to ignite a nuclear populated territories—they able partner against Islamic rerun of elections later that Masoud Barzani, called a Sep- Kurds have fulfilled their duty
war.” had secured unprecedented State, seizing a significant year amid nationalist fer- tember independence referen- and can vanish now.”
CIA’s bin Laden Files Shed New Light on Iran-al Qaeda Alliance
A newly released trove of wrote in a lengthy 2007 ac- spond to a request to com- the complexities of al Qaeda’s interests,” Mr. Riedel added. Saudi brothers…money and
documents the U.S. found in count in one of the documents. ment. relationship with Iran in much Strategic links between Iran arms and everything they
the compound where Osama Both sides were willing to The release comes as Presi- greater detail than ever be- and al Qaeda stretch back de- needed,” the al Qaeda official
bin Laden was killed provides overlook profound ideological dent Donald Trump pursues a fore,” said Bruce Riedel, a for- cades. But nearly 470,000 files wrote.
new insights into al Qaeda’s and religious differences to hard line on Iran, refusing last mer career CIA official who is released Wednesday by the The Iranians gave them
combat common enemies. The month to certify that Tehran currently a senior fellow at Central Intelligence Agency restrict instructions to keep a
By Margherita terror group practices an ex- was complying with a nuclear the Brookings Institution. veal the contours of a relation- low profile, banning them
Stancati in Beirut treme interpretation of Sunni deal it reached in 2015 with ship that was both close but at from using phones or gather-
and Asa Fitch in Dubai Islam that considers Shiite Is- six world powers including the times fraught. ing in groups, according to the
lam—Iran’s state religion—a U.S. The revelation of deeper Iran welcomed al Qaeda document. But the jihadists
relationship with Iran, sug- rejection of the true faith. ties between Iran and al Qaeda
Tehran had offered fighters as they fled Afghani- broke those rules, angering
gesting a pragmatic alliance “In my experience, the Ira- than many had understood Qaeda fighters shelter, stan. Tehran offered the fight- their Iranian hosts and leading
that emerged out of shared nian regime is the best exam- could further embolden Amer- ers shelter, money and weap- to an unraveling of the rela-
hatred of the U.S. and Saudi ple…of pragmatism in poli- ican proponents of tough new
money and weapons ons as well as training in tionship.
Arabia. tics,” the al Qaeda official sanctions on Iran. to fight the U.S. camps run by its proxy Hez- Iranian authorities rounded
After the U.S. toppled the wrote in the document. “Any- Many of the harshest inter- bollah in Lebanon. The author up the al Qaeda fighters and
Taliban regime in Afghanistan one who wants to strike Amer- national sanctions against the said he didn’t know whether told them that the Americans
in 2001, members of al Qaeda, ica, Iran is ready to support country were removed under any al Qaeda fighters ulti- recorded many of their calls
which was based there, scram- them and help them with the nuclear deal, in exchange The U.S. placed sanctions mately ended up in Hezbollah and accused Iran of harboring
bled to escape. Most of them money and arms and all that for Iran’s agreement to scale on three senior al Qaeda fig- training camps. terrorists, the document’s au-
crossed the border into Paki- is required as long as they are back its disputed nuclear pro- ures based in Iran last year. A priority for Iran, wrote thor said. After that, Iran
stan. But others moved to not directly and clearly impli- gram. A U.N. monitoring body “There is every reason to be- the author, was to encourage tightly restricted the move-
Iran, an al Qaeda official who cated.” has repeatedly certified Iran’s lieve that the two remain in the jihadists to target the U.S., ment of the Qaeda fighters,
appeared to be a senior mem- An official at Iran’s United compliance with the accord. contact today, working collab- particularly in Saudi Arabia. imprisoning some of them and
ber of the militant group Nations mission didn’t re- “These documents reveal oratively when it suits mutual “They offered some of our forcing others to leave.
A9A | Friday, November 3, 2017 NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK

Barriers Are
Installed to Help
Protect Bikeway
BY PAUL BERGER concrete blocks with strategi-
cally placed metal bollards
Concrete barriers are being and other robust yet context-
deployed along the Hudson sensitive barriers,” Mr. Steely
River Greenway in Manhattan White said. Bollards, which
where a truck killed eight are tall and thin, take up less
MARK KAUZLARICH FOR THE WALL STREET JOURNAL
people and injured 12 in a ter- physical space. “We look for-

rorist attack this week. ward to working with the city
A spokesman for New York to ensure that the barriers do
City Mayor Bill de Blasio not create unnecessary haz-
said Thursday that six rectan- ards for greenway users.”
gular barriers will be placed Shin-pei Tsay, executive di-
at each of the 31 points where rector of Gehl Institute, an ur-
vehicles intersect with the ban design research nonprofit
bike path between 59th Street based in New York, said there
and the Battery. was a risk that the barriers
The spokesman, Ben Sarle, could create pinch points
added that two cube-shaped along the greenway where cy-
barriers will be placed at each clists will bunch as they at-
Two Ernst & Young executives take in the view, including the Empire State Building, during a tour of the Manhattan West site. of 26 pedestrian intersections tempt to navigate them.
on the Hudson River side of
EY Plans to Relocate in Manhattan

the cycle path. The work be-
gan on Thursday, Mr. Sarle
said.
Deployment of the
The deployment of the bar- concrete barriers
BY KEIKO MORRIS ing its presence in the metro- seven years. The company has strengthen and grow our riers follows Tuesday’s ter-
politan area, is part of a wave about 10,000 employees in the economy,” said Gov. Andrew rorist attack in which, police
follows the terrorist
Global professional-services of big tenants, including Ama- metropolitan area. Cuomo in a statement. say, Sayfullo Saipov, 29 years attack on Tuesday.
company Ernst & Young LLP, zon.com Inc., that have com- “At the end of the day, with EY’s workforce has been old, drove a truck for nearly a
enticed in part by a state in- mitted to taking space at the our analysis of space needs growing as the company pro- mile down the bike path,
centive package that could be Manhattan West complex. and costs to lease that space, vides more services to clients south from Pier 40, before
worth as much as $12 million, The company liked Manhat- the incentives helped us to in sectors including digital crashing into a school bus. “I understand the impetus
is relocating its U.S. headquar- tan West’s location near Penn keep the concentration we technology, life sciences, con- The bike path is separated to do it, but it will reduce ac-
ters within the city to Man- Station and subway lines as planned to have in the city,” sumer products and the media from traffic for miles. Even so, cessibility,” she said.
hattan’s far West Side. well as the modern construc- said Mr. Jeanneret. and entertainment fields, said Transportation Alternatives, a The rectangular barriers
The company said it has tion and building systems of- In September, the state an- Mr. Jeanneret. The company nonprofit advocacy group, has will be installed by New York
signed a lease for 17 floors at fered by the complex and the nounced a $20 million tax- this year opened offices in called for better protection State Department of Trans-
One Manhattan West, an of- 2.1 million square-foot office credit package for Ama- Chelsea and Union Square. from vehicles for almost a de- portation, while the city and
fice tower rising on an 8-acre tower where it will reside, zon.com to add more than Another office in Hoboken, cade. In 2006, cyclist Eric Ng NYPD will install the cube
development in the Hudson said Richard Jeanneret, vice 2,000 jobs over 10 years in N.J., is expected to open later was killed by a drunken driver barriers.
Yards District. chair and northeast managing New York City. Amazon signed this year. who entered the bike path at “We began installing Jer-
EY’s lease at 5 Times partner at the company. a 15-year lease for space at Brookfield Property Part- Chelsea Piers. sey barriers on the path this
Square, where its U.S. head- Another important compo- Five Manhattan West. ners LP, the developer behind Paul Steely White, execu- morning to ensure that all en-
quarters is now located, will nent, he said: the tax-incen- “Our investments to attract Manhattan West, has been on tive director of Transporta- try points are secure and will
expire in 2022. It hasn’t de- tive package New York state is and retain the world’s leading a roll, signing leases for al- tion Alternatives, cautiously continue to evaluate all neces-
cided whether it will retain offering. EY will receive tax companies are creating high- most 1.6 million square feet at welcomed the barriers on sary steps to protect pedes-
some presence there. credits if it creates 1,152 jobs paying jobs and leveraging the complex since May, the Thursday. But he said that he trian safety,” said Jennifer
EY, which has been expand- in New York City over the next new investment to help company said. was concerned they could cre- Post, a spokeswoman for the
ate a safety hazard for cy- state Transportation Depart-
clists. ment. She didn’t address con-
Brownstone Plays Role in Manafort Case “The city and state should
move quickly to replace these
cerns about the barriers cre-
ating bottlenecks on the path.
BY ERICA ORDEN case “ridiculous.” A spokesman Jonathan Miller, president

AND LAURA KUSISTO for Mr. Manafort declined to of the real-estate firm Miller
comment for this article. Samuel Inc., said the contro-
It hasn’t been lost on Paul According to the indictment, versy surrounding the property
Manafort’s Brooklyn neighbors the Brooklyn property was pur- is unlikely to hurt its resale
that their ultraliberal enclave chased by Mr. Manafort in 2012 value. If anything, the added
may help spell the downfall of with $3 million in cash, all of back story and media attention
the veteran Republican opera- which came from an account he are essentially free publicity.
tive who helped propel Donald held in Cyprus. Mr. Manafort “That is a marketer’s dream if
AMY FINKEL
Trump to the White House. took out a $5 million loan you’re selling it, because you
On Tuesday night, amid Hal- against the home in early 2016, have a lot of eyeballs on the
loween celebrations, a carved promising that $1.4 million of property,” he said.
pumpkin bearing the face of A pumpkin placed outside Paul that would be used for con- Mr. Manafort, however, may
Special Counsel Robert Mueller Manafort’s Brooklyn brownstone. struction, according to the in- not be able to retain ownership
sat at the entrance of Mr. dictment. Instead, the indict- of the property. If he is con-
Manafort’s uninhabited home, a presidential candidate Hillary ment says, he used much of the victed, the home would be
property cited in an indictment Clinton over Mr. Manafort’s loan as a down payment on a seized by the government, the
against him. A plaque reading onetime boss, Mr. Trump. property in California. indictment says.
JOEL CADMAN/THE WALL STREET JOURNAL
“The House That Brought Down The Brooklyn brownstone is The townhouse has sat aban- Mr. Manafort transferred the
A President” was affixed to the a key part of the charges that doned and dilapidated for years, deed for the property from a
gate. allege Mr. Manafort laundered with plywood and a padlock on limited liability corporation to
Lisa Mendoza, a 52-year-old more than $18 million between the front door in the past sev- himself and his wife earlier this
neighbor, said she was relieved 2006 and 2016 to pay for what eral months. About six weeks year, according to property re-
that Mr. Manafort has never prosecutors described as a “lav- ago, however, construction cords. Steven L. Kessler, a New
lived in the Union Street home. ish lifestyle”—including rugs, workers began showing up ev- York asset-forfeiture attorney,
“It was really alarming to find landscaping, cars and clothing— ery morning, according to said in that case the govern-
out Manafort had this house,” without reporting the income to neighbors. ment may be able only to put a
she said. the Internal Revenue Service. Ms. Mendoza said the house lien on the property, not force a
Carroll Gardens and its sur- The former Trump campaign has been renovated in fits-and- sale, and would be entitled to
rounding neighborhoods voted manager has pleaded not guilty starts since Mr. Manafort’s pur- Mr. Manafort’s share of the pro- A concrete barrier is installed along the Hudson River Greenway
overwhelmingly for Democratic and his attorney has called the chase. ceeds of an eventual sale. on Thursday to protect bikers from vehicles.
Closing Arguments Begin in U.S. Sen. Menendez’s Corruption Trial

BY THOMAS MACMILLAN make the evidence fit the story.” government is trying to crimi- colleagues. If he resigns or is bean vacations, and a $4,900 help Dr. Melgen with a Medi-
Mr. Ogrosky represents Mr. nalize a simple friendship. forced out, his successor could stay in a fancy Paris hotel, Mr. care billing dispute that was
In closing arguments Thurs- Menendez’s friend and co-de- Closing arguments be- be appointed by exiting Republi- Cooney said. He also made hun- costing him millions of dollars,
day in the corruption trial of fendant, Florida eye doctor gan Thursday after eight can Gov. Chris Christie. dreds of thousands of dollars of Mr. Cooney said.
U.S. Sen. Bob Menendez, a de- Salomon Melgen. Prosecutors weeks of testimony. They will Mr. Menendez served for campaign contributions to bene- Don’t be swayed by the
fense lawyer accused prosecu- say the two men were for continue Monday, after which years as “Dr. Melgen’s own per- fit the senator, Mr. Cooney said. friendship defense, he warned
tors of lying to jury members to years involved in a scheme in the jury is expected to begin sonal United States senator,” In return, Mr. Menendez jurors. “Friends can bribe each
secure a conviction. which Dr. Melgen plied the deliberations. prosecutor Joseph Cooney told helped secure visas for three other.”
“They’re lying to you,” attor- senator with gifts and cam- If Mr. Menendez, a Demo- the jury. The doctor essentially female friends of Dr. Melgen, Mr. Menendez’s attorney,
ney Kirk Ogrosky said in New- paign contributions in ex- crat, is convicted, he could be kept the senator on retainer sought to intervene on a port Abbe Lowell, is expected to
ark federal court. “They’re mak- change for political favors. expelled from the Senate by a with years of gifts, including security contract dispute in- make his closing argument on
ing up a story and trying to Their lawyers have said the two-thirds majority vote of his flights on his private jet, Carib- volving the doctor and tried to Monday.
THE WALL STREET JOURNAL. * * NY Friday, November 3, 2017 | A9B
GREATER NEW YORK
®ROBERTOCOIN
Broadway Royal Hits a Milestone
Disney-Produced Musical ‘The Lion King’ Celebrates 20 Years
BY CHARLES PASSY
W
hen Lindiwe
Dlamini joined the
original Broadway
cast of “The Lion King” in
1997, she hoped the musical
might be her home for a
stretch of time.
“I could tell it was going
to be a long-running show,
but I never thought it was
going to be 20 years,” she
said.
MARK KAUZLARICH FOR THE WALL STREET JOURNAL
“The Lion King,” the Dis-

ney-produced musical based
on the movie of the same
name, marks that very mile-
stone this month. And Ms.
Dlamini, a 49-year-old South
African native who is part of
the show’s vocal ensemble,
remains the only performer
to have been with it the en-
tire time.
It amounts to a stint of
roughly 7,500 appearances,
making Ms. Dlamini one of Lindiwe Dlamini has been with “The Lion King” musical since it opened in 1997. The South African
the longest-tenured artists in native, part of the show’s vocal ensemble, is the only performer to have been with it from the start.
Broadway history. ROBERTO COIN BOUTIQUE
To put it in perspective, jungle coming-of-age story, Dlamini recalls performing buing the production with a
Westfield World Trade Center
Ms. Dlamini’s run equates to has grossed $1.4 billion and for everyone from President festive spirit, both onstage
about 3,000 more perfor- continues to play to capacity Bill Clinton to Michael Jack- and off. “Whenever you walk Oculus | Main Level C2
mances than the late Yul audiences week after week. son. past her, she’s always got a New York, NY | 212.287.1299
Brynner, celebrated as a the- The show has also spawned massive smile on her face,”
T
atrical iron man, gave as the more than 20 productions o some extent, the real said Stephen Carlile, the ac- PRINCESS FLOWER COLLECTION | robertocoin.com
king of Siam in various pro- world-wide. appeal of “The Lion tor who has played the lead
ductions of “The King and I.” Ms. Dlamini says boredom King” for Ms. Dlamini role of Scar for almost the
During Ms. Dlamini’s ten- has never been an issue, is what happens behind the past year.
ure, the show has seen no largely because of the dy- scenes. The cast, which in- Ms. Dlamini is far from
fewer than four performers cludes other performers re- the only veteran presence on
come and go in the lead role cruited from South Africa, is Broadway. Other long-run-
7,500
of Mufasa. She has also out- known for being one of the ning shows, from “Kinky
lasted seven actors who have most tightly knit on Broad- Boots” to “The Phantom of
played Pumbaa and seven way. the Opera,” retain their
who have played Timon, two Ms. Dlamini met her fu- share of cast members.
other key roles. The number of appearances by ture husband, Bongi Duma, Still, a 20-year run is an-
Ms. Dlamini said there is Lindiwe Dlamini in “The Lion King.” while performing together in other matter. “I think that’s
no secret as to why she has the show. He remains a part unbelievable,” said Daniel
stayed with the Tony Award- of the cast and the couple Stewart Sherman, a “Kinky
winning musical for so long. now travels together from Boots” cast member who has
“I haven’t thought of going namic nature of the musical, their home in New Jersey for been with the show since its
to another show because this where performers often pa- every performance. 2013 opening.
is the best show on Broad- rade around in larger-than- Not that every one of Ms. Ms. Dlamini has never
way,” she said. life, puppet-style costumes. Dlamini’s 7,500 performances sought a more prominent
At the very least, it is one “It’s not like a show where has gone so smoothly. She role during her time with
of the biggest financial suc- you can just be sleeping…It recalls the time she once “The Lion King.” And for the
cesses on Broadway. Over its requires your attention fully tripped on her costume and present time, she has no
20-year run, the Julie Tay- all the time,” she said. fell. “All these 1,700 people plans to leave the show.
mor-directed show, which in- It also doesn’t hurt that saw me,” she said. “As long as I’m still capa-
corporates African folk ele- an occasional boldface name Ms. Dlamini’s fellow cast ble of doing it, I will do it,”
ments to tell its set-in-the- is in the audience. Ms. members credit her with im- she said.
GREATER NEW YORK WATCH

Local News
Websites Are NEW JERSEY POLITICS OBITUARY
Shut Down Democrat Reported

$4.6 Million Income
Philanthropist
Joan Tisch Dies
BY AUSTEN HUFFORD Phil Murphy, the Democratic Joan Tisch, a noted philan-
candidate for New Jersey gover- thropist and the widow of for-
A suite of local news web- nor, released a federal tax return mer New York Giants co-owner
sites, including one launched document Thursday showing re- Bob Tisch, died Thursday, the
by TD Ameritrade founder Joe ported adjusted gross income of team said. She was 90 years old.
Ricketts, abruptly shut down more than $4.6 million last year. Mrs. Tisch served as a Mu-
Thursday, a week after its New A summary provided by his seum of Modern Art trustee and
York journalists voted to campaign showed Mr. Murphy, a was on the board of Citymeals
unionize. former Goldman Sachs executive, on Wheels, a nonprofit that de-
The decision to abruptly and his wife paid nearly $1.5 mil- livers food to the elderly. She
close highlights the struggles lion in combined federal and New was co-chair of the Tisch Center
local media players have faced Jersey state taxes last year, an for the Arts at the 92nd Street Y
in gaining audiences and effective tax rate of about 32%. in Manhattan.
maintaining a profit. —Kate King —Associated Press
Local news websites DNAinfo
and Gothamist redirected read-
ers to a letter Thursday eve-
ning, saying the operations had Our handcrafted necklace
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AFL-CIO affiliate Writers
Guild of America, East said
last week on its website that
25 of 27 editorial employees
from Gothamist and DNAinfo
in New York voted for the
Writers Guild to be their bar-
gaining representative.
A union representative said
in a statement Thursday the
union is “deeply concerned”
about the decision and is look-
ing for “areas of recourse.”
In a statement, DNAinfo
said “the decision by the NY
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A10 | Friday, November 3, 2017 THE WALL STREET JOURNAL.
LIFE&ARTS
TELEVISION REVIEW
By Dorothy Rabinowitz
Hunting For
Justice
Ida Engvoll in
ACORN TV
the title role.
FROM THE DAY Rebecka Martinsson

(Ida Engvoll) receives news of an old
friend’s death, her life is transformed. It’s
LIONSGATE (2)
a life to envy, it would seem, with the best
of everything within reach if not yet en-
tirely hers—she’s already the object of un-
stinting, if not outright blind, devotion of
a highly desirable man. A work-driven FILM REVIEW | By Joe Morgenstern
lawyer considered a star of her Stockholm
law firm, she’s come a long way from the
small-town world of her childhood in
Northern Sweden, to which she now re-
luctantly returns. It’s there that she learns
that the dear friend reportedly killed in an
accident was in fact murdered, and where
Surrendering
the first of these spine-chilling mysteries
begins. All (they come with subtitles) are
based on the novels of Asa Larsson, a
busy tax lawyer herself before settling
into a career as a popular crime novelist.
To the Conventional
Intent on finding the killer who ended
the life of her old friend and protector, Richard Linklater has created a sequel of sorts to ‘The Last Detail’
Rebecka effectively abandons her job at
the law firm for detective work. It will be
her role throughout this eight-part se- IN “LAST FLAG FLYING” Richard Link- Steve Carell and Bryan Cranston, above,
ries—a heroine fearless in her pursuit of later, one of the most adventurous of con- and J. Quinton Johnson, left.
answers and also an emotionally vulnera- temporary American directors, has done a
ble one in ways that define her character. resolutely conventional sequel of sorts—dif- ferable, which he tends to be with his wise-
Put another way, in a television world ferent names for essentially the same char- guy cynicism. But the effort shows in all
now awash in female coppers there acters—to “The Last Detail.” That’s the three performances. Spontaneity is in short
aren’t many as interesting and human as fondly remembered 1973 comedy, based on a supply. The comedy seems willed, the so-
Rebecka. That will be clear when the novel by Darryl Ponicsan, with Jack Nichol- lemnity mechanical, the dialogue rhythms
first case concludes with a sudden hor- son and Otis Young as Navy men escorting a awkward and self-conscious.
rific act of violence—precisely the sort of hapless young thief played by Randy Quaid A more serious flaw emerges when Doc
thing to expect from a murder mystery. to a brig in Portsmouth, N.H. On the learns that the circumstances of his son’s
But this act has something of the un- strength of what’s on screen, Mr. Linklater’s heroism were not what they seemed. “Last
bearable about it, which says much about sequel was never a good idea. Flag Flying” launches into denunciations of
the skill of the writing here, about char- The story starts when a man walks into a American foreign policy that are ill-advised,
acters so vividly created that the snuffing bar in Norfolk, Va., in 2003, 30 years after whether or not you agree with them, be-
out of their lives can’t be borne. There’s the original film, which was directed with cause they’re ill-dramatized—clumsily in
not another scene like it in the rest of the bawdy exuberance by Hal Ashby. For a while the case of Doc, who briefly morphs into a
series, but the script, and performances, the barkeep, Sal (Bryan Cranston), doesn’t soapbox orator, and crudely in the person
shine throughout, as does the arctic back- recognize the man, who is eerily withdrawn. Soon the two men seek out and draft a third of Col. Wilits (Yul Vazquez), a funeral-ar-
ground, both beautiful and menacing. It’s Eventually, though, the plot quickens. Sal aging buddy for the journey, Laurence Fish- rangements officer who counters Doc’s at-
therefore no surprise when a search for sees that it’s his old Navy buddy, a former burne’s once-raunchy Mueller, who has tacks with hollow slogans. What’s more, and
bodies in a lake dredges up a Nazi war- corpsman called Doc, and we see that Doc is gained gravitas, and a fleshly dimension, as worse, the movie addresses a good sub-
plane, its huge black swastika looming up played by Steve Carell behind wire-rimmed the Rev. Richard Mueller. ject—the value of sustaining illusions in the
as it’s pulled from the waters. With it specs and a mournful demeanor. Doc, who’s Unlike the screenplay for the original face of anguishing truths—but can’t figure
comes all necessary material leading to a been living in Portsmouth after spending film, a zestful adaptation by Robert Towne, out where to come out on it, since the last
hunt for a former Nazi collaborator, with eight years in the brig, reveals that his son, this script is credited to Mr. Linklater and few minutes seem to be saying that patri-
a quietly intrusive Rebecka on the case. a young Marine, has just died a hero’s death Mr. Ponicsan. It’s often entertaining, and the otic rituals can still comfort us even though
in Iraq, and he asks Sal to accompany him actors do what they can to keep the energy we know they’re utterly hollow. After “The
Rebecka Martinsson to Arlington National Cemetery, where the flowing; Mr. Cranston works particularly Last Detail” and “Last Flag Flying,” that’s
Acorn TV, Monday boy is to be buried with full military honors. hard to make Sal funny and not just insuf- the last straw.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
10s 1 2 3 4 5 6 7 8 9 10 11 12 13 59 Player’s protector PUZZLE
CONTEST
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Seattle p
Winnipeg 17 18 19
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Portland 30s 20 21 22 23 63 Sudden spells of
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Bismarckk Ottawa 40s activity
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Pierre Sioux k
Milwaukee t
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HEAD IN THE CLOUDS | By Marie Kelly buys
11 Like mincemeat
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
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Tomorrow
Hi Lo W
The answer to 19 Foul up 38 Brought into the
12 Violinist
44 Take on
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; this week’s contest 20 Entertain world 45 Wisdom tooth,
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Orlando 82 65 pc 83 66 pc
weather 22 Balance 13 Yankees
Today Tomorrow Philadelphia 74 50 pc 60 54 pc Havana 83 68 pc 81 68 pc 46 Tropical tern
precariously 40 Attacked an manager before
City Hi Lo W Hi Lo W Phoenix 83 62 pc 85 59 pc Hong Kong 79 70 c 76 68 c phenomenon.
Anchorage 39 29 s 38 32 pc Pittsburgh 59 38 c 59 52 r Istanbul 61 52 pc 59 51 r 24 Dish often attacker, say Girardi 50 Solicitation
Atlanta 79 60 pc 79 60 pc Portland, Maine 66 36 sh 53 39 pc Jakarta 92 77 pc 93 77 t Across accompanying 41 Pat’s colleague 51 Bibliographer’s
21 Hardly convincing
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Baltimore 76 44 pc 61 52 r Sacramento 62 52 r 61 38 c Johannesburg 86 57 s 89 58 s 42 Popular song 23 Architect’s
material
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Boston 70 44 c 52 47 pc Salt Lake City 66 50 pc 62 42 r Madrid 66 49 pc 61 45 t 5 Take testimony have been “Clouds” 25 Like 24-Across 55 MetroCard seller
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Charlotte 81 57 pc 74 57 pc Santa Fe 66 40 s 68 42 pc Melbourne 61 43 pc 60 42 pc 26 Lively do 56 “___ love’s
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Today Tomorrow 16 “Mars Attacks!” 32 Simple dress 49 Warmed in the Previous Puzzle’s Solution
Houston 86 68 pc 86 69 pc Riyadh 89 63 s 90 62 s
Indianapolis 59 44 c 62 58 r City Hi Lo W Hi Lo W Rome 66 50 pc 68 54 pc sight style microwave A C T S P E R T H A B B A
T O O T A L O H A F L U B
Kansas City 54 45 c 64 53 c Amsterdam 54 44 pc 58 45 c San Juan 86 76 s 87 76 pc 17 Containers with 33 Glad item 53 Primitive O R W E L L I S O N T A L L
Las Vegas 74 57 pc 74 56 c Athens 68 55 pc 66 54 sh Seoul 59 39 pc 54 36 s P E N P A L S U D D E N L Y
Little Rock 79 60 t 81 65 c Baghdad 86 60 pc 81 61 s Shanghai 72 49 s 60 50 c taps 36 Fledgling’s home 54 Ferret’s cousin S N O B MA R K
S A C G R I S H A MM E T T
Los Angeles 67 60 c 67 60 c Bangkok 90 73 pc 87 71 pc Singapore 86 78 c 85 77 t 18 Ruler’s stand-in 37 Main impact 58 Choral voice E R O S G O O D A D A Y
Miami 84 72 pc 85 72 s Beijing 55 29 s 57 34 s Sydney 80 60 pc 67 61 sh R E N T C A B L E T O I L
Email your answer—in the subject line—to crosswordcontest@wsj.com
s
Milwaukee 47 43 pc 50 47 r Berlin 52 41 pc 53 45 pc Taipei 76 68 r 70 66 r I N C A O P E D H U G E

Minneapolis 39 33 sn 44 40 c Brussels 55 47 pc 59 43 c Tokyo 69 58 pc 68 50 pc F A U L K N E R U D A T A R
by 11:59 p.m. Eastern Time Sunday, Nov. 5. A solver selected at random S L I T P E R U
Nashville 75 59 sh 77 62 sh Buenos Aires 77 52 pc 75 55 s Toronto 53 35 pc 47 42 c
Vancouver 42 28 s 40 30 c
will win a WSJ mug. Last week’s winner: Jay Miller, Pasadena, CA. E A S I N E S S A C C O S T
New Orleans 82 64 sh 81 63 pc Dubai 92 76 s 92 75 s T R I O S H A WT H O R N E
New York City 72 48 pc 57 53 pc Dublin 51 41 c 48 36 pc Warsaw 52 42 c 52 40 pc Complete contest rules at WSJ.com/Puzzles. (No purchase necessary. A E O N T O R A H N E A T
Oklahoma City 65 48 pc 81 63 pc Edinburgh 50 44 c 49 36 pc Zurich 60 40 pc 59 41 pc Void where prohibited. U.S. residents 18 and over only.) T A N S S E A R S N O P E
THE WALL STREET JOURNAL. NY Friday, November 3, 2017 | A11
LIFE & ARTS

THEATER REVIEW | By Terry Teachout
Post-Apocalyptic Politics
New York
ZOE KAZAN, one of New York’s
finest under-40 actors, is also a
playwright and screenwriter of un-
common talent. “Ruby Sparks,” her
JAN THIJS/NETFLIX
first screenplay, was a romcom
with a feminist edge that had
something exceedingly thoughtful Sarah Gadon
to say about the tendency of men as Grace.
to idealize women instead of ac-
cepting them as they really are.
“After the Blast,” Ms. Kazan’s TELEVISION REVIEW | By Dorothy Rabinowitz
fourth stage play, is as thoughtful
THE ACCUSED HAS

and wellmade as “Ruby Sparks,”
and it pulls off the bedazzling feat
of taking a hyper-politicized
topic—climate change—and using
it as the occasion for a taut, ser-
mon-free drama whose true subject
is, once again, the inability of men
and women to see each other plain.
MANY FACES
JEREMY DANIEL
“After the Blast” is a science-
fiction play, a dystopian fantasy ‘ALIAS GRACE,” was adapted cruelly misused her, judged her,
set in “the near future” whose from a Margaret Atwood novel in- never seen her as other than an
eight characters include a robot. spired by the actual story of Grace inferior—an immigrant, a female,
The premise, which Ms. Kazan Marks, a 19th-century servant girl a servant—capable of any evil.
leaves suggestively vague, is that Cristin Milioti as Anna with the robot ‘Helper.' charged, and convicted in a fa- But it doesn’t suffice for drama
the surface of the earth has been mous Toronto trial, of murdering or the rendering of character,
laid waste by a nuclear exchange her inability to cope with the most as good as a flesh-and-blood her employer and his housekeeper whose heart an audience can
that punched more holes in the stresses of underground life. child actor at stealing scenes. The lover. These few facts about the sense. That capacity is left to the
ozone layer, thus forcing a saving In order to coax Anna back to rest of the cast is top-notch, and case are worth keeping in mind. kindly, handsome and vulnerable
remnant of highly intelligent men emotional health, Oliver brings Lila Neugebauer, the director, has For there’s not much else certain Dr. Jordan (Edward Holcroft),
and women to move underground home a “Helper,” a home-assis- staged “After the Blast” with her about what happened to Grace, or who interviews Grace with the in-
while everyone else is left to tance robot that must, he tells her, now-familiar blend of emotional del- how, in this saga, whose strengths, tention of helping her recall the
starve. The male survivors, most be trained to interact with humans icacy and technical deftness. Daniel such as they are, include an im- events that had led to her being
of whom are scientists, then de- so that it can be placed in the Zimmerman’s set design is suitably pressive performance by Sarah charged with murder. Though the
vote themselves to fixing the en- homes of older people who are no sterile (everyone in the underground Gadon, in the role of Grace, an doctor has treated her with ex-
vironment, while the women longer capable of living alone. In world seems to shop at IKEA). Irish immigrant who has known quisite sensitivity, Grace point-
mostly look after them and bear the process of teaching the robot The true star of “After the only hard work and subservience edly observes that he harbors
their children—but only if the how to talk, Anna bonds with it, Blast,” however, is its creator. At in her life. Even better, there’s the strong feelings for her—sexual
Council, a deceptively soft techno- eventually coming to see it as a 34, Ms. Kazan has emerged as a sumptuous period detail of Victo- feelings. That recognition is a
logical tyranny, decides that they kind of foster child. I can’t say writer of real individuality, one to rian-age Toronto. charge, sneered in silken tones.
should be allowed to reproduce. much more without giving away whom the word “promising” no These aside, it’s fairly soon The doctor has been brought in
You get five chances to pass the the secret that triggers the climax longer applies. Her youthful prom- clear that this is script-writing by the justice-minded civic group
motherhood test, after which your of “After the Blast,” so I’ll tell you ise is now well and truly realized, captivated by its own ambigu- working for Grace’s pardon. His
permit (so to speak) is revoked only that in Ms. Kazan’s cramped and while I selfishly hope that she ity—a condition in no danger of job is to write a report, as a psy-
permanently. underground world, nothing is ex- never stops acting, “After the being infectious to huge num- chiatrist, that would support
After laying out the “rules” of actly as it seems—including the Blast,” like “Ruby Sparks” before bers of the film’s viewers. Who their efforts. But the doctor is an
the play with incisive economy in a marriage of Anna and Oliver. it, is the stuff full-time literary ca- Grace is—a victim or murderer, a earnest professional, intent on
cunningly elliptical prefatory dia- Ms. Milioti is now best known as reers are made of. conniver or traumatized inno- extracting the facts, despite his
logue scene, Ms. Kazan introduces a TV actor, but her heart-stopping cent, a person hardened by the clear feelings for Grace. His ex-
us to her principal characters, a performance in “Once” made it clear After the Blast experience of life as a woman changes with her, his occasional
married couple named Anna (Cris- that she had and has the stuff of Lincoln Center Theater, Claire Tow and a servant, or a combination jolts of shock at some unexpected
tin Milioti) and Oliver (William full-fledged stage stardom. She Theater, 150 W. 65th St. ($30), of all or many of these possibili- detail in Grace’s soft-spoken rec-
Jackson Harper) who are, as he ex- brings to “After the Blast” a disci- 212-239-6200, closes Nov. 19 ties—is a question given multi- ollections—bespeaking anything
plains in the first scene, “still wait- plined yet utterly natural intensity ple and changing answers. but innocence—are genuine high
ing to receive Fertility.” They have that makes it impossible for you to Mr. Teachout is the Journal’s The portrait of Grace that con- points in a work otherwise buried
only one chance left to pass the look at anyone else whenever she’s drama critic. “Billy and Me,” his sequently emerges is, in its per- in its showy vagueness.
test and become parents, for Anna on stage—although her robotic com- new play, opens at Palm Beach verse way, that of a woman who
suffers from a potentially disquali- panion, who resembles a warm, Dramaworks on Dec. 8. Write to is all. Which would work nicely as Alias Grace
fying case of depression caused by fuzzy first cousin of R2-D2, is al- him at tteachout@wsj.com. a thrust at the society that has so Netflix, Friday
PREVIEW
IMPRESSIONIST November 3-14, 2017
& MODERN ART
75 YEARS OF AUCTIONS Tuesday November 14, 2017 at 5pm INQUIRIES
New York +1 (212) 644 9135
william.oreilly@bonhams.com
ALBERTO GIACOMETTI (1901-1966)
Figurine [Femme debout au chignon]
bronze with grey and brown patination
8 7/8 in (height)
$500,000 - 700,000
© 2017 Alberto Giacometti Estate
/Licensed by VAGA and ARS, New York
International Auctioneers & Appraisers – bonhams.com/impressionist

© 2017 Bonhams & Butterfields Auctioneers Corp. All rights reserved.
Principal Auctioneer: Matthew Girling, NYC License No. 1236798-DCA
SPORTS
WORLD SERIES
Chemistry Experiment Leads to Title

Houston was already the most analytically driven club in baseball. And then it started paying attention to the team’s culture.
“It’s a different type of game
BY JARED DIAMOND
now than it was when they first
came up,” McCullers said. “The
Los Angeles younger guys have [different] per-
DALLAS KEUCHEL debuted with sonalities.”
the Houston Astros in 2012, the But these additions fit right in,
same season Jeff Luhnow assumed and by the end of the season, vir-
the role of general manager and tually everybody could tell a story
transformed them into a team unlike about them. It explains why
any other in the major leagues. McCullers called McCann “the
Keuchel didn’t immediately warm up heartbeat of the team.” Or why
to the new approach. Luhnow said that without the
Under Luhnow’s stewardship, presence of Beltran and McCann
the Astros developed into the in- during a difficult slump in August,
dustry’s most analytically driven “I’m not sure we get through the
organization, relying almost en- same way.”
tirely on data to navigate through In Game 3 of the World Series,
a full-blown rebuild. They assem- Astros first baseman Yuli Gurriel
bled one of the largest and most made an offensive gesture after
sophisticated research depart- hitting a home run off Dodgers
ments in the game, filled with tal- pitcher Yu Darvish, who hails from
ent from the worlds of economics, Japan. The incident sparked a con-
physics and engineering. Their troversy and threatened to frac-
early adoption of the infield shift ture the team. Beltran calmed the
helped turn the strategy from a tide, first advising Gurriel on how
rarely deployed gimmick into a to handle the aftermath and then
ubiquitous practice. They popular- texting Darvish to smooth things
ized the concept of “tanking”—es- over.
sentially losing on purpose to Some Astros even credited Bel-
stockpile prospects for the future. tran for helping them survive the
But for all of their bold ideas, New York Yankees in the American
the Astros too often forgot about League Championship Series. In
one important aspect: their play- the clubhouse after Game 5, fol-
ers. lowing their third consecutive loss
“There was a disconnect,” said in the Bronx, Beltran stood up in
Keuchel, Houston’s ace pitcher. front of his teammates and deliv-
“Every player was a number in- ered an impassioned speech re-
stead of a person.” minding them of their ability. Af-
This winter, Keuchel felt a terward, Reddick said, “I knew we
change. Luhnow and his staff, who were going to come back and do
seemed to care only about quanti- special things.”
tative elements, appeared to put They did just that.
genuine effort into connecting “Those guys came in here and
with the athletes in the clubhouse. said, ‘Everyone be who you are.
That willingness to defy their We’re going to support you,’”
reputation by embracing the value McCullers said. “You cannot put a
of chemistry and culture paid Above, Houston third baseman Alex price tag on how much those guys
enormous dividends in 2017: The Bregman lifts teammate Jose Altuve really meant to this team.”
Astros won the World Series, their after Game 7. Left, catcher Brian That influence trickled down to
first since the franchise’s creation McCann gets high-fives. some of the less experienced play-
in 1962, defeating the Los Angeles ers, resulting in a culture that al-
Dodgers in Wednesday night’s de- “We’re more of an open book most certainly factored into the
cisive Game 7. Now, Keuchel says, with our players,” Luhnow said. Astros’ success. For example, 23-
T-B: HARRY HOW, KEVORK DJANSEZIAN (GETTY IMAGES)
“Every player is a person.” “We tell them why as opposed to year-old third baseman Alex Breg-
It represented a subtle, but cru- just how.” man worked hard to learn Spanish,
cial shift in the Astros’ thinking. In the last offseason, Luhnow allowing him to communicate flu-
Though numbers remain their fo- took another key step by acquiring ently with all of his teammates,
cus, the driving force that pro- three veteran players to join their not just the English-speaking ones.
pelled them from the bottom of young team: He signed Carlos Bel- In a sport where clubhouses of-
the standings to the pinnacle of tran and Josh Reddick as free ten divide down racial lines, Breg-
the baseball universe, Luhnow agents, and traded for catcher Brian man’s commitment to a second
learned a lesson along the way: To McCann. The moves cost money— language goes a long way.
deny the significance of chemistry $16 million for Beltran in 2017 and “He’s a bridge,” said Astros
ignores a critical component of the $52 million for Reddick over four bench coach Alex Cora, who in
equation that equals a champion- seasons—and two minor-leaguers. 2018 will take over as the Boston
ship roster. The Astros hoped all three play- Red Sox manager. “That’s an im-
“The human element of baseball ers would contribute on the field, portant thing in the clubhouse.”
is always going to be important, of course. But just as important, For sure, the Astros didn’t revo-
but so is all the science and tech- cept information they didn’t nec- spring training in 2014, the front they were targeted to serve as lutionize the concept of caring
nology,” Luhnow said. “It’s the essarily understand or agree with office delivered a presentation to leaders and mentors for the home- about chemistry. The Chicago
teams that are able to appropri- when they saw the results. That the players outlining all the statis- grown stars. Cubs, the World Series champions
ately blend all of that together didn’t happen, forcing Luhnow to tics that justified the defensive At first, the incumbent Astros in 2016, also prioritized traits they
that are going to have success. alter his messaging. alignment. didn’t know how to react to a could not measure in players. Few
We’ve done our best to try to Consider the shift, for example. Sharing that data bothered Luh- bunch of older guys entering their expected the Astros to do the
blend it all in a way that leads to The Astros began using it in ear- now. He worried about players leav- locker room. Lance McCullers, a same. Now, however, they will pa-
better decisions.” nest in 2012 and 2013 but failed to ing the Astros for other teams and 24-year-old right-hander selected rade down the streets of down-
Luhnow admits the Astros explain their reasoning for leaning sharing proprietary research. Ulti- in the first round of the 2012 town Houston as champions.
didn’t always do a particularly so heavily on such a radical tactic. mately, though, the desire to gener- draft, said that, “Sometimes when “Culture is a hard thing to really
good job in that area, perhaps be- “The players started to push ate a little more harmony in the you bring in veterans, it can be a quantify,” Luhnow said. “But when
lieving that the players would ac- back,” Luhnow said. So during clubhouse superseded that concern. terrible thing, honestly.” you see it you know it’s there.”
WORLD SERIES | By Jason Gay
FOR BASEBALL, LOVE IS IN THE AIR

Aw, come on, Carlos gizing than you’d think.) outs, I need you to bring me this,’”
Correa, you’re making We’ve seen versions of the Live Correa told Alex Rodriguez—
the rest of us humans Sports Proposal before, of course. whose own romantic tale with Jen-
look like schmucks. Two summers ago, Chinese divers nifer Lopez is currently the cover
True story: I pro- Qin Kai and He Zi got engaged story on Vanity Fair.
posed to my wife nine right after competing at the Rio And what if the Astros had lost?
years ago, on Halloween. Not ex- Olympics, as did Brazilian rugby “I didn’t have a Plan B,” Correa
actly a romantic evening, unless player Isadora Cerulla and her said.
you’re Dracula. I fumbled for a girlfriend, Marjorie Enya. What is Plan B? A sad couples
fake plastic diamond ring I bought Probably the most famous on- dinner at the Cheesecake Factory?
for $6 bucks on St. Mark’s Place. field proposal was Boise State run- A weekend trip to go buy couch
She said yes—and has regretted pillows and bath mats? Browns
it ever since. tickets?
But Correa? Did you see the
heart-stirring stunt he pulled
The Live Sports Love abounds with these likable
Astros, who seem built to contend
Wednesday night after the Astros Proposal is romantic— for years. The Houston Chronicle
won the World Series? Houston
was on the field at Dodger Sta-
but like any pitch, it reported that ace pitcher Justin
Verlander is set to marry his fi-
dium celebrating its first title in carries some risk. nance, the model Kate Upton, in
team history, when the 23-year-old Tuscany later this month.
shortstop turned to his girlfriend, Tuscany! Now that’s a romantic
Daniella Rodriguez, and proposed place to get married. And the food
JAE C. HONG/ASSOCIATED PRESS
to her on live television. ning back Ian Johnson, who popped and wine over there isn’t so bad,
“Daniella Rodriguez, you make the question to Broncos cheerleader either.
me the happiest man in the world,” Chrissy Popadics moments after It’s wild to see all this good will
Correa said. “Will you marry me?” pulling off a game-winning 2-point and viral excitement circulating
“Oh my God!” Rodriguez ex- conversion at the Fiesta Bowl. And around baseball. The aging game
claimed. Then they kissed the type my pro wrestling nut editor at the has enjoyed a stirring renaissance
of long kiss I only thought happened Journal, Jim Chairusmi, will be fu- lately, capped by a World Series
in Reese Witherspoon movies. rious at me if I don’t mention that with great teams, compelling story
I’m not crying! You’re crying! John Cena successfully proposed to Houston shortstop Carlos Correa proposed to Daniella Rodriguez after Game 7. lines, and beefy TV ratings. Game 7
It was an adorable moment, Nikki Bella at WrestleMania this may have been anti-climactic, but
clandestinely coordinated by Cor- past April. But pro athletes are confident four-run lead. it was a doozy of a Series overall,
rea and Fox Sports reporter Ken The Sports Proposal is roman- beings. A lot of them think they’re The groom-to-be gave Fox’s with epics in Game 2 and Game 5.
Rosenthal. (Rosenthal has a hilari- tic—but like any pitch, it carries going to play forever. postgame panel a run-down of his Baseball’s been easy to pick on
ous account of the behind-the- some risk. A rejection would have The Astros helpfully took some final prep. in recent years, for being too old,
scenes of the proposal at The Ath- likely put a damper on Correa’s of the stress out of Correa’s plan, “In the 9th inning, I go in the too stubborn, too slow.
letic. Short version: Correa came World Series party. Imagine put- jumping to an early advantage in clubhouse, and I talk to the [club- But last year the Cubs—and
to Rosenthal with the idea after ting on those champagne goggles Game 7. In the ninth inning, Hous- house attendant]: ‘I don’t want to now the Houston Astros?
Game 5—and it took more strate- after getting a “no” on live TV. ton simply needed to hang onto a jinx it, but if we get these three This feels like a honeymoon.
THE WALL STREET JOURNAL. Friday, November 3, 2017 | A13
OPINION
A Tale of Two Republicans BOOKSHELF | By Melanie Kirkpatrick
Jeff Flake last

week took to
Mr. Flake is a case in point.
Among elected officials, he is
much tougher than Arizona.
Its voters are down on Mr.
nativist Trump base. But
MS-13 has engaged in brutal
Disturber
Of the Peace
the Senate rivaled perhaps only by Ohio Trump, and Mr. Gillespie faces murders, and is of concern to
floor to pro- Gov. John Kasich as loudest a well-funded Democratic can- Trump voters and Northern
claim that Never Trumper. The senator didate in Lt. Gov. Ralph Virginia suburbanites alike.
since he doesn’t like the president’s Northam. And it is true that Mr.
would not be views on trade or immigration Yet the latest polls suggest Northam cast a tie-breaking
POTOMAC
“complicit or (join the club). But like Mr. Ka- Mr. Gillespie could pull this Virginia Senate vote in favor of
WATCH
silent” in the sich, he has rarely bothered to off. He’s broadened his path to sanctuary cities.
The Trials of a Scold
By Kimberley
Trump presi- spell out specific areas where office by employing the very On both policy and political By Jeff Biggers
A. Strassel
dency, he will he disagreed with Mr. Trump, grounds, this is a smart and (Thomas Dunne, 260 pages, $26.99)
A
not seek re- or to note the significant reasonable way to straddle
election. The first-term Ari- points of agreement (deregula- Ed Gillespie takes a the party’s different factions. nne Royall is extolled as the first female journalist to
zona senator bemoaned that tion, judges, etc.). His is a And the recognition of Trump interview a president of the United States. According
as a “traditional Republican,” blanket condemnation. In Mr. far more constructive voter concerns about illegal- to the usual telling of the story, she perched herself
he had a “narrower and nar- Flake’s new book, “Conscience approach to Trump alien crime is likely the best atop the clothes of John Quincy Adams while he was skinny
row path” to office in this of a Conservative,” he com- means by which (traditional) dipping in the Potomac, refusing to return them until he
Trump world. pares Mr. Trump’s politics to a than Jeff Flake does. Republicans give themselves agreed to talk to her. Adams supposedly answered Royall’s
The speech earned Mr. “late-night infomercial.” the running room to push for questions while treading water in the river.
Flake all the plaudits you’d This sweeping reproof was more compassionate immigra- The tale is almost certainly apocryphal, and Royall’s
expect, from all the usual sus- a sign to Trump supporters in different strategy of attempt- tion reform for folks like the biographer, Jeff Biggers, neatly debunks it in “The Trials of
pects. Conservative Never Arizona that Mr. Flake either ing to navigate—and where Dreamers. Which is what Mr. a Scold.” True or not, the story captures the spirit of this
Trumpers and the media “re- didn’t know or didn’t care possible, unite—the GOP’s Flake claims he wants. unconventional woman, who took up journalism late in life
sistance” believe the presi- why they support this presi- Trump and non-Trump fac- The Never Trumpers are and then contended with some of the most powerful
dent is destroying the Repub- dent. So they wrote him off— tions. also accusing Mr. Gillespie of political and religious figures of her day. In 1891, nearly a
lican Party, the country, much as he wrote off Mr. Consider his dual approach cowardice for failing to disown half-century after Royall’s
democracy and the universe— Trump. Mr. Flake was never to immigration and crime. Mr. the president. Why should he? death, a headline in the
in that order. Those who join going to get Democratic sup- Gillespie’s Senate campaign Mr. Gillespie has diligently fo- Washington Post
in their daily denouncements port, and once he alienated was a model in 2014 for its cused his campaign on the lo- proclaimed: “She was a
of Mr. Trump receive stand- half of his state’s Republican outreach to immigrants, and cal jobs-and-economy issues Holy Terror: Her Pen was as
ing ovations. Those who don’t voters, of course his path to he is building on that now that matter most to Virgin- Venomous as a Rattlesnake’s
are falsely accused, to quote re-election was narrow. Mr. with a heavy pitch of inclusiv- ians. Beyond that, he has of- Fangs.” What journalist, now
Mr. Flake in his speech, of Flake blew himself out of of- ity to minority communities. fered criticism of specific or then, would not want to
“complete and unquestioning fice, and he is now in a much He’s released ads in Spanish Trump actions and praise of be remembered as a holy
loyalty” and duly excommuni- poorer position to make any and Korean and is stressing others. Call them as you see terror?
cated from “moral” conserva- difference in the shape of his pro-jobs agenda to the them. That’s a fair approach in Royall’s beginnings were
tive society. Washington policies or the fu- state’s growing Asian-Ameri- the age of Trump. humble. Born in Maryland in
Yes, Mr. Trump is a wreck- ture of his party. can community. All this is cru- The important part: It gives 1769, she moved with her family
ing ball; and yes, conservatives Contrast this approach to cial to the GOP’s future, reas- Mr. Gillespie a fighting to the backwoods frontier of
have a right and a duty to that of Ed Gillespie, whom the suring to moderate voters, chance—and, should he win, a southwestern Pennsylvania. In
worry about the damage he Never Trumpers are branding and utterly un-Trumpian. powerful perch from which he 1782, she survived an attack by
may do to the Republican Party a sellout. The longtime (tradi- On the flip side, Mr. Gilles- can help navigate his party British and Seneca forces on the settle-
and its principles. Where the tional) Republican nearly won pie has taken a strong line through the Trumpian gales. ment of Hanna’s Town, Pa. She later wrote that
Never Trumpers err is in in- a Senate seat in Virginia three against illegal and criminal It all might not be as cathartic “the present generation have scarcely any idea of the priva-
sisting that the only response years ago and now is running aliens. His ads accusing Mr. as an emotional Senate tions and trouble of settling the country. . . . I suffered all
is full-on resistance, shaming for governor in the only Northam of being soft on the speech. But it will go a lot fur- that human nature could bear, both with cold and hunger.”
and utter denunciation. Not Southern state Hillary Clinton international MS-13 crime gang ther to help conservatism sur- By the time she was 18, her family had moved to what is
only is that approach simplis- carried last year. Virginia is a prompted Never Trumpers to vive this presidency. now West Virginia. There her mother got a job as a maid
tic, it is a proven loser. swing state for Republicans— accuse him of catering to a Write to kim@wsj.com. working for William Royall, a member of the gentry. William
took a liking to his maid’s intelligent daughter and opened
his library to her. Anne soon moved in with the much older
The Real Story of the Reformation man, and the couple eventually married. After William’s
death in 1812, Anne lost most of her inheritance in a legal
dispute with William’s family that left her penniless. Mr.
HOUSES OF This week have handed the document to a thinking that something might printers and publishers rich, Biggers speculates that she spent time in debtors’ prison.
WORSHIP the world church custodian to post. And be done about the troubling with no royalties ever paid to It was at this point in her life—widowed and destitute—
By Eric celebrates if Luther did post it himself, he practice through the proper him for his troubles. And his that Royall set out to reinvent herself as a writer. She became
Metaxas the 500th an- may even have unheroically af- and customary channels. What woodcut portraits reproduced an “itinerant storyteller,” Mr. Biggers writes, traveling first
niversary of fixed it with paste. happened shocked Luther like rabbits across the German to the new state of Alabama, where she wrote the initial of
an event that More important, posting more than anyone. landscape. her series of “Black Books.” These popular volumes were
never happened. Well, some- the document on the door of A copy of the document was The powerful ideas Luther’s “informative but sardonic portraits of the elite and their
thing did happen, and it al- the Wittenberg Castle Church promptly delivered to Rome, writings conveyed would in denizens from Mississippi to Maine.” In an expanding
tered the course of history. But was not an act of calculated where it furrowed Vatican time lead to virtually every- nation, Royall’s incisive descriptions of American life and
what actually took place is as- defiance. That door had long brows and upset the papal thing we now take for granted individual Americans from many walks of life were popular
toundingly different from how served as the community bul- stomach. Far worse, Luther’s in the modern world. By reading and a sharp contrast to the sentimental literature
it is portrayed today. letin board for anything and well-meaning Saxon colleagues prompting the end of Vatican penned by other female writers. Her shabby demeanor, foul
As the story is told, on Oct. everything. For context, imag- hegemony, Luther opened the mouth and fearless attitude set her apart from the
31, 1517, an Augustinian monk ine the fabled document door for the creation of thou- “respectable” women of the day and added to her notoriety.
named Martin Luther socked posted next to a flyer for a Martin Luther sands of new churches under
the European church establish- missing cat. dozens of denominations, Lu-
ment in the kisser by defiantly The most important differ- expected a debate on theran among them. In the Anne Royall’s sharp tongue, shabby demeanor,
nailing his “95 Theses” on in- ence between how most people indulgences—not a coming centuries, this attitude fearless attitude and venomous pen set her
dulgences to the door of the remember the event and what would help elevate the concepts
Castle Church in Wittenberg, actually happened is that the reset of Christianity. of religious pluralism, tolerance, apart from the ‘respectable’ women of her day.
Germany. The thunder of his 30-something monk never democracy and freedom.
hammer resounded throughout dreamt that history would no- Who knew? Certainly not
the world. It was as though he tice what he was doing. He did quickly translated the docu- Martin Luther, whose gro- This was the time of the Second Great Awakening, and
had stuck his finger in the not intend to be defiant or to ment into German. Then they tesque pronouncements against one of Royall’s favorite targets were evangelicals, whom she
pope’s eye. cause trouble. And he certainly duplicated it endlessly without the Jews near the end of his dubbed “blue skins” and “blackcoats.” Politicians were in
The document brazenly did not plan to shake the foun- his permission, courtesy of a life proved that he simply did her sights too, and she “rattled the bones of Capitol Hill,”
charged the Catholic Church dations of the church he loved relatively new technology in- not comprehend the ramifica- Mr. Biggers writes, as a “whistleblower of political
with corruption. The corrupt and obediently served. The vented by a fellow German, Jo- tions of what he had loosed corruption, fraudulent land schemes, and banking scandals.”
powers-that-be were put on idea that this all might lead to hannes Gutenberg. Suddenly upon the world. Royall’s biting portraits of public figures helped establish
notice that the vile practice of a sundering of the church was everyone was reading it across But by humbly raising the her reputation, but she also wrote sympathetically about the
indulgences—whereby the unthinkable. If he had thought Europe and debating its questions he had in 1517, and American underclass. In a dispatch from Baltimore, she
faithful could throw a coin in of it, it would have utterly hor- points. Before Luther could say then by responding to the at- described the public hanging of a black woman, excoriating
the coffer to buy their way out rified him. “sola scriptura,” the horse had tacks that followed as truth- the observers for their “eagerness.” “Who is said to have a
of purgatory or worse—must And the theses were written slipped out of the barn and fully and carefully as he could, soul at all,” she asked, “who can calmly stand by, and view
end forever. in Latin, which no one but cul- was wildly trampling the sta- Luther ended up cracking the the struggles of a fellow mortal in the pangs of such an exit?”
Except it never happened, at tural elites could understand. tus quo that had existed for great edifice of medieval Mr. Biggers devotes a big chunk of his book to a chapter
least not that way. Luther If there was anything provoca- centuries. Christendom in twain. And for in Royall’s life that he oversells as “The Last American Witch
probably didn’t post his theses tive in what he wrote, it was Within four years, Luther’s good and for ill both, out of Trial.” In the late 1820s, Royall moved to Washington, where
on the famous date celebrated only because such documents written and oral responses to that opening the future itself she took up residence on Capitol Hill. Her windows over-
each year, though he likely did typically contained an edgy the growing conflagration had seemed to fly. looked a fire station where a Presbyterian congregation held
within a month of the desig- thesis or two in the hopes of taken the world by storm and nightly prayer meetings—a violation of the separation of
nated day. And they might instigating a robust debate. he arguably had become the Mr. Metaxas is the author church and state, she believed, since the fire station was a
never have been posted by Lu- The brainy Saxon monk first genuine celebrity in of “Martin Luther: The Man public building. She could hear the sermons and hymn
ther, despite five centuries of merely wanted to coax his fel- world history. The frothy tor- Who Rediscovered God and singing next door, and she shouted profanity-laced catcalls
paintings depicting him doing low theologians into an aca- rent of writings that poured Changed the World,” just out out her window. One Presbyterian complained that she called
just that. As it happens, he may demic debate on indulgences, from his pen would make from Viking Press. him a “damned old bald headed son of a bitch.”
Royall soon found herself arrested under a federal
indictment that charged her with being “an evil-disposed
The Pentagon’s Vital African Mission person and a common scold and disturber of the peace and
happiness of her quiet and honest neighbors.” As the judge
would explain, a common scold—communis rixatrix in
By James Inhofe assist regional partners so But the four American Still, stability on the conti- Latin—was a common-law offense dating back to medieval
I
that they will be capable of deaths in Niger also underscore nent has improved since Afri- times in England. It applied only to women, and the
t will take many weeks to handling security threats be- weaknesses that must be ad- com was established. Ethiopia, punishment was dunking. Royall was convicted, though
resolve the unanswered fore they become global crises. dressed at Africom. It is the Tanzania and Ghana have en- spared a dunking, which the judge deemed barbaric.
questions about the loss of The worst possible scenario only combatant command with- joyed democratic transfers of The trial sparked a media circus that only enhanced Royall’s
four American soldiers in Ni- would be for multiple African out dedicated troop resources. power. Rwanda, which I visited celebrity. Mr. Biggers provides a detailed (if sometimes
ger. But having studied U.S.- countries to turn into failed It lacks basing and strategic ac- two weeks ago, has experi- confusing) examination of the trial along with an interesting
Africa policy, I think one thing states, giving terrorists a place cess: Africom’s headquarters enced a renaissance under the history of American women accused of being “scolds.” After
is abundantly clear: Our mili- to take root, as they did in Af- are in Germany, and the U.S. tenure of President Paul Kag- the trial, Royall went back on the road and then returned to
tary engagements in Africa, ghanistan before 2001. has just one base on the entire ame, who led the nation out of Washington to launch a newspaper. Its mission statement
while dangerous, are critical to continent, in Djibouti, limiting genocide. read: “We shall expose all and every species of political evil,
national security. its ability to respond to crises Great progress like this will and religious fraud, without fear or affection.”
I’ll always remember speak- The worst scenario in a timely manner. For years, only be enhanced by President Mr. Biggers clearly admires his subject and can be forgiven
ing with the president of Niger is failed states where Africom’s requests for addi- Trump. He understands that for overstating Royall’s literary ability and political influence.
shortly after 9/11, when he tional resources—specifically, the chronic underfunding of He says that she offers “timely and timeless lessons” about
warned me about the extrem- terror can take root. intelligence, surveillance and the U.S. military during the freedom of speech and the separation of church and state.
ism spreading across the conti- reconnaissance assets—have Obama years degraded readi- She was, he writes, a “bulwark against the entry of religious
nent. After meeting with the been repeatedly denied. While ness and left America unpre- extremists into the corridors of power and education.” Per-
president of Uganda a few years This strategy is working. In such denials aren’t unique to pared to fully address the most haps so, but such claims feel a bit too grand. Royall is better
later, I saw the brutality of the Somalia a consortium of troops Africom, that its resources are dangerous global landscape in understood as a minor literary figure—and a first-class
Lord’s Resistance Army long from Ethiopia, Uganda and Bu- already limited makes the ef- modern history. American eccentric.
before splashy advocacy cam- rundi (among others) is help- fect on its long-term mission As chairman of the Senate’s
paigns made Joseph Kony a ing to bring stability. In the more severe. Armed Services Readiness Ms. Kirkpatrick, a former deputy editor of the Journal’s
household name. The U.S. mili- fledgling democracy of South The troops in Niger had to Subcommittee, I am working editorial page, is the author of “Thanksgiving: The Holiday
tary has aided regional forces in Sudan, mired in conflict since rely on French jets for air sup- with the president to get the at the Heart of the American Experience.”
hunting the LRA, but Africa still its creation, an African Union- port, and then the U.S. had to military—including Africom—
has many more violent extrem- led regional force has joined contract with a private com- the funding it needs. Africom
ist groups, which makes Ameri- United Nations peacekeepers, pany to airlift the wounded to is vital to America’s national Coming in BOOKS this weekend
can partnership critical. using strategies learned in a a military hospital in Germany. security, which is why legisla- The Mystery of President McKinley • Molly Keane’s Irish
In 2007 the Pentagon cre- previous U.S. partnership. Until Africom is provided sta- tors must make it a priority. revival • When Hume met Smith • John Banville revisits
ated the U.S. Africa Com- Mali’s instability makes Ameri- ble and dedicated resources, it Henry James • Is DNA really destiny? • Clifton Fadiman
mand, better known as Afri- can assistance to neighboring will continue to fall short of its Mr. Inhofe, a Republican, is and Co. • New Sherlock Holmes adventures • & more
com. Its mission: to train and Niger a strategic imperative. potential. a U.S. senator from Oklahoma.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Half a Tax Reform What Should the Top Income-Tax Rate Be?
H
ouse Republicans released their tax bill at each parent and another $300 for each “non- Regarding your editorial “A Mil- Your editorial pages ushered along
long last Thursday, and we wish we could child dependent.” The credits would phase out lion-Dollar Mistake” (Oct. 28): I think the call to eliminate the deduction for
the potential adverse effects on in- state and local taxes. This will in-
say it repeats the Reagan reform of 1986. for married couples at $230,000 of income. Does
vestment and risk-taking from a po- crease the effective tax rate for mil-
It isn’t close. The Ways and anyone think a mid-level man- tential fourth income-tax bracket ma- lions of working families who never
Means draft is instead a much- A pro-growth business ager at J.P. Morgan deserves a terially higher than 35% on adjusted come close to making a million dol-
needed and pro-growth reform plan but no growth on subsidy to raise children? gross income above $1 million could lars in a single year. And it won’t just
of business taxes marred by a The House also gradually be easily mitigated by an “Alternative be in blue states. Will their incentive
mess on individual taxes that the individual side. makes more of the $1,600 Maximum Tax.” The new AMT would to work harder be harmed? Eliminat-
makes that part of the code credit refundable. In other limit combined federal income and ing this single deduction won’t gener-
even worse than it is now. words, this will be a check in payroll taxes to 33% of gross income ate near enough revenue to fund
i i i the mail for those who owe nothing in taxes, with no deductions for anything. For more “credits.”
The good news is that the House finally which discourages work. The family credits cost taxpayers who actually pay a 33% ef- STEVE WALDE
grasps the nettle of corporate-tax reform that $640 billion over 10 years in lost revenue with fective federal tax rate, their top mar- Rancho Santa Fe, Calif.
ginal income-tax rate would then be
Barack Obama ducked and has hurt the U.S. zero growth payoff. To make up the difference,
limited to 33%. Any added complexity Will the GOP ever learn that trying
economy for years. Ways and Means cuts the top the House keeps the top personal rate at 39.6%, can be easily handled by tax prepara- to placate the Democrats on tax re-
corporate rate to 20% from 35%, which would on top of the 3.8% ObamaCare surcharge that Re- tion software. form, or any other issue, is a fool’s
make the U.S. more competitive across the globe publicans failed to repeal. This would become BARRY CAROL errand? The Democrats never will be
(Ireland’s rate: 12.5%). The U.S. would move to the fourth tax bracket and kick in at $1 million Aberdeen, N.J.satisfied, so why even try? If the mid-
a territorial system that taxes income where it for couples—half that for individuals—with 12%, dle class believes it is getting bene-
is earned, and profits already earned overseas 25% and 35% brackets below. You advocate eliminating the mort- fits from tax reform, only middle-
would be invited back at a discount: 12% for cash, This top rate is a surrender to Democratic gage interest and state/local tax de- class and wealthier class warriors
5% for illiquid assets. class warriors, though Republicans also fear that ductions as “the better way to soak will whine that there is no million-
This should stop the run of U.S. business “in- President Trump would sandbag them. No Mem- the rich.” To avoid hurting the middle aires’ tax.
class I suggest not eliminating the When will the GOP and the presi-
versions” overseas, while making America more bers want to vote for a lower top rate and then
loopholes but capping the deductions dent finally demonstrate the courage
welcoming to investment. The rate cuts would have Mr. Trump tweet that they’re “mean,” as at $15,000 a year for local/state taxes of their convictions? Tax reform will
be permanent, which means more certainty for he did on health care. This is where presidential and $15,000 a year for mortgage in- likely make or break the GOP in the
business. Another growth boon is 100% business flightiness and lack of principle have a policy terest. Caps would both protect the 2018 elections. Tax reform presents
expensing for five years, which Congress would cost. Ideological surrender also gets Republicans middle class and generate sufficient the perfect opportunity to demon-
face pressure to continue in 2023. nothing politically as Democrats are still attack- tax revenue to partially offset cuts in strate why the GOP is not just Demo-
The bill also reduces the top rate to 25% on ing the House plan as a sop to the rich. the corporate tax. crats light.
“pass through” businesses that now pay at the Here and there the House plan includes some ALAN FRIEDMAN GERALD KATZ
individual rate of 39.6%. This is an enormous tax good news on individual loopholes, such as elim- Margate, N.J. Edwards, Colo.
cut, but one large wrinkle is who qualifies to pay inating the state and local deduction. The bill
this rate. The draft includes complex rules to carves out an exception for property taxes,
sort that out, and the trick is to treat all busi- capped at $10,000, to win over New York and
nesses fairly without creating a loophole that California Republicans, if the House can hold Morningstar Ratings: A Guide, Not a Promise
lets doctors and consultants pay the lower rate. that cap. Another good move is a $500,000 cap I strongly disagree with the asser- Morningstar provides a tool for in-
Republicans should not want to defend Wall on mortgage interest for new homes, and no tions made in “Mutual-Fund Ratings vestors, not a recipe for success. Yes,
Street lawyers paying a lower rate than wage more tax breaks for second residences. The Real- Are Not What They Seem” (page one, there are many individual examples
earners in Omaha. tors will go thermonuclear, but then they refused Oct. 26). Your own analysis found of 5-star funds that crash and burn.
The House business cuts take place immedi- to support the House blueprint that left the de- that 5-star funds outperform 4-star Top-performing funds are more likely
ately, but one danger is that the Senate may duction untouched. funds, which outperform 3-star funds, to adopt investment strategies that
phase-in the rate cuts as a way to “save” money. The overall impact of the individual tax which outperform 2-star funds, which test the limits of their style category.
This would give companies an incentive to delay changes is little reform but more income redis- beat 1-star funds. Similarly, your own This results in volatility and mean re-
investment until lower rates kick in, as George tribution. The long-term damage to the tax-cut- findings on the Analyst Rating sup- version in performance. Advisers
port the same conclusion—that it with overreliance on Morningstar rat-
W. Bush learned the hard way in 2001 before he ting cause will also be considerable. Adding
pointed investors toward a universe ings to cover their backsides could
was able to fix the blunder in 2003. credits and deductions for individuals makes of funds that have a probability of avoid adverse results with more care-
And speaking of phase-ins, the House would rate-cutting that much harder since the affluent better performance. That’s not a mi- ful research or more effective diversi-
repeal the death tax—six years from now. The pay the vast bulk of all income taxes. The divorce rage. That’s tilting the odds of choos- fication of client portfolios. However,
bill would immediately double the exclusion to of “pass through” and personal income rates will ing a good fund in investors’ favor. the Journal’s analysis also suggests
$10 million. But a 40% fee for kicking the bucket also make it even harder to reduce individual tax The Journal also said that “while that the best way to increase the
is double taxation and barely raises revenue— rates below 39.6%—ever. funds rated highly by the Morning- odds of buying a fund that will gener-
less than 1% of Treasury’s annual haul—in part i i i star analysts did better, the differ- ate above-average performance in the
because the megarich like George Soros put their Kevin Brady and Paul Ryan, the chief House ences among the funds weren’t coming three years is to buy a fund
money in family foundations that let them es- tax writers, understand the weaknesses in their large.” The fact is that small differ- rated 5 stars today; 39% of the 5-star
ences matter over time. Our ratings funds in your sample were rated 4 or
cape tax. Death tax repeal is among the bill’s im- plan. But the GOP is trapped in an iron cage of
don’t guarantee success—no ratings 5 stars three years later.
portant pro-growth planks, and we hope the Beltway process. The party has bowed to the system does—but again, they tilt the PROF. PAUL BOLSTER
Senate retains it. class-warfare crowd that says the bill cannot odds in investors’ favor. That adds Northeastern University
i i i change the distribution of who pays taxes. The value and creates meaningful gains Boston
The dispiriting news is on the individual side. Senate’s budget procedure allows the GOP to for investors over time.
The House would double the standard deduction pass the package with 51 votes, but the Byrd Rule We have always said the star rat- Rather than stargazing, I suggest a
to $12,000 for individuals and $24,000 for mar- says a bill can’t add to the deficit after 10 years. ing is a starting point for research simpler approach—choose diversified
ried couples. This would improve simplicity for These twin realities mean the GOP has compro- and shouldn’t be the sole basis for as- index funds with low fees. That’s
millions, and it compensates for the bill’s elimi- mised with itself to water down reform. sessing a fund. Nevertheless, some in- what I do, and all of the funds in my
nation of the personal exemption. But nearly The pro-growth business reform is still worth vestors (or the advisers who repre- portfolio receive 3 and 4 stars from
half of American filers already owe no income the effort, but this assumes the plan doesn’t get sent them) still take a shortcut Morningstar. It’s elementary: Low-
approach, which denies them the cost index funds outperform their
taxes, and the larger deduction would make the worse as it moves through the House floor and
benefit of a more thorough research peers over time due to their lower
federal fisc even more dependent on a smaller Senate. If Republicans in the upper chamber and fund-selection process. Our goal fees.
pool of taxpayers. erode the growth elements with phase-ins and is to help investors achieve their fi- CASEY MCCLINTOCK, CFA
This is far better than the House bill’s new more redistribution, they’ll reduce the bill’s eco- nancial goals. If we had reason to be- Walnut Creek, Calif.
“family credit,” which increases the child credit nomic impact, which will mute the political ben- lieve a rating wouldn’t further that
to $1,600 from $1,000 in a forlorn attempt to ap- efits. If the GOP passes something called tax re- mission, we wouldn’t publish it—pe- The best way for a high-perform-
pease the income redistributionists of the right form and there are no benefits to growth and riod. If we had reason to believe in- ing stock or mutual fund to become a
like Senators Mike Lee and Marco Rubio. The incomes, Republicans will pay the political price vestors couldn’t effectively apply a middle-performing stock or mutual
credit would also offer an additional $300 for in 2018 and 2020. rating in practice, no matter how well fund is for a lot of people to invest in
intended, we wouldn’t make it avail- it.
able—period. We will continue to STEVEN MARTIN, CPA
Mnuchin Gets His Man serve the interests of investors in a
transparent, independent manner.
Richardson, Texas
P
KUNAL KAPOOR
resident Trump on Thursday chose Je- Yet Mr. Trump has been telling everyone that Chief Executive E Pluribus Unum: It’s Past
rome Powell to run the Federal Reserve, he chose Mr. Powell over Kevin Warsh and John Morningstar Inc.
but the other big winner is Steven Taylor because he likes lower interest rates. Chicago
Time to Drop the Hyphens
Mnuchin. The Treasury Secre- This won’t help Mr. Powell’s Thank you, Michael Meyer, for
tary lobbied hard for Mr. Pow- The Senate needs to task at the Fed, especially if pointing out what should be obvious
ell on grounds that he was do some vetting of markets test his fortitude. The One Generation Subsidizes (“‘What Are You?’ They Ask My Son,”
more open to Administration paradox of a hawkish mone- op-ed, Oct. 31). Continuing to identify
Fed nominee Powell. Another’s Health-Care Bill people as Korean-American, African-
influence than the other lead- tary reputation is that it can
Regarding Allysia Finley’s “How American, Italian-American, etc.,
ing candidates. This may be buy market credibility that
Democrats Learned to Love Insurance weakens what has historically been
unfair to Mr. Powell, but it sometimes allows a chairman Companies” (op-ed, Oct. 31): Hidden one of this country’s greatest
does raise questions about Mr. Powell’s inde- to influence policy with “open mouth” opera- taxes, cost shifting and federal subsi- strengths: the fact that we are all
pendence and capacity for the job. tions rather than raising rates. Mr. Powell will dies have totally distorted the free Americans. My wife and I immigrated
Mr. Powell has spent more than five years on start out with a credibility deficit. marketplace. The Affordable Care Act here from the U.K. over 40 years ago
the Fed’s Board of Governors, so he knows how Mr. Powell might have a more deregulatory narrowed the actuarial tables of the and are now U.S. citizens. Our U.S.-
the place works. He has few enemies, but he has bent toward financial markets than Ms. Yellen ratio in the cost of insuring a 64-year- born son, who was also a U.K. citizen
left barely a policy footprint. His speeches are has, but how much more isn’t clear. On Capitol old to a 21-year-old from six-and-a- through his parents, gave up his U.K.
notable for endorsing whatever official Fed pol- Hill he recently called Treasury’s white paper half (in some markets eight) to a citizenship when he was commissioned
icy was at the time. He’s never dissented at the on financial regulation “a mixed bag.” He wants maximum of three, creating a hidden as a second lieutenant in the U.S. Army
Open Market Committee (FOMC), which can be to ease the Volcker rule, which bars certain tax on everyone under the age of 35. in 2002. I held our Colombian-born
Perhaps this was because millennials daughter in my arms at her naturaliza-
seen as loyalty to the chairman or a lack of per- trading at banks and needs a rewrite. It isn’t
don’t vote as often as baby boomers tion ceremony. We do not regard our-
sonal conviction. This is especially notable in clear where Mr. Powell stands on bank capital or maybe it was the only way that the selves as English-Americans or Colom-
a period when other governors and regional or regulating nonbanks. architects of the plan could subsidize bian-Americans but simply as four
bank presidents opine on everything. Our bigger concern is Mr. Powell’s capacity unhealthy 55- to 64-year-olds of mod- proud Americans. Period.
This suggests that Mr. Powell’s views reflect to manage in the next financial crisis. Mr. Pow- erate or poor income. Baby boomers CHARLES C.J. PLATT
those of the monetary status quo under current ell’s years on the board have been relatively don’t subsidize the higher cost of au- Mattapoisett, Mass.
Chair Janet Yellen, and perhaps this is what calm as markets repaired themselves after the tomobile insurance for young people,
Messrs. Mnuchin and Trump want. But in that panic and recession. He missed the 2008 panic why should they subsidize us?
case Mr. Trump should have continued with Ms. and the quantitative-easing debates, and his As Ms. Finley points out, we make Pepper ...
Yellen, who at least has been in charge. Mr. views by all accounts mattered little to the Fed’s much more money than they do. We
also, on average, have saved more and
And Salt
Powell will have to establish his authority with major decision-makers.
have greater assets. Can anyone in THE WALL STREET JOURNAL
the other FOMC Members and the Fed staff, One certainty is that the next four years will
Washington explain to me why our
which is dominated by economists with a mone- be more volatile, especially if growth acceler- kids and grandkids are subsidizing my
tary policy model that requires a firm hand to ates, interest rates rise and as the Fed shrinks and every other baby boomers’ health
supersede. its balance sheet. Mr. Powell has some experi- insurance?
This means Mr. Trump is buying monetary ence in domestic financial markets but not in HOWARD C. MANDEL, M.D., FACOG
policy rooted in the Phillips Curve trade-off be- international currency and emerging markets. Los Angeles
tween inflation and unemployment. Once the The combination of Mr. Powell at the Fed and Dr. Mandel is a member (unpaid) of
economy hits full employment, in this view, the Mr. Mnuchin at Treasury isn’t exactly the finan- the Los Angeles City Health Commis-
threat of inflation invariably looms and interest cial equivalent of SEAL Team 6. sion.
rates must rise. Sometimes people rise above their résumés,
The Fed’s median view in September pro- but Mr. Powell’s blank intellectual slate war- Letters intended for publication should
jected growth of merely 2.1%% in 2018, 2% in rants thorough Senate vetting. While a Presi- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
2019 and 1.8% beyond. The Fed models give lit- dent deserves significant deference on his Cabi- or emailed to wsj.ltrs@wsj.com. Please
tle growth credit to tax-cutting and deregula- net choices, the Fed chairman’s growing power include your city and state. All letters
tion. If growth surprises on the upside, the Fed over finance and even fiscal policy requires are subject to editing, and unpublished
staff will want to raise rates faster than now an- more scrutiny. The markets need to see if Mr. letters can be neither acknowledged nor “I’m thinking about getting
returned.
ticipated. Powell is up to the job. the band back together.”
THE WALL STREET JOURNAL. Friday, November 3, 2017 | A15
OPINION
Prepare Yourself for Jihad 3.0 A Deceptive

By Husain Haqqani their theology. Al Qaeda and ISIS
New Report
T
uesday’s terrorist attack in
New York City, committed
manifest the more radical beliefs of
the Wahhabis and, though opposed
by the modern state of Saudi Arabia,
On Climate
by an immigrant from Uz- can be construed as a continuation of
bekistan, is a reminder their Wahhabi teaching. By Steven E. Koonin
T
that radical political Islam The U.S. is not capable of whole-
JEWEL SAMAD/AFP/GETTY IMAGES

won’t end with the recent defeat of scale changes to Islamic theology, nor he world’s response to climate
Islamic State in Raqqa. is it in America’s purview. And por- changing under natural and hu-
Just as the fall of the Taliban in traying the contemporary struggle as man influences is best founded
Afghanistan soon after 9/11 did not a battle with Islam risks making the upon a complete portrayal of the sci-
mark the end of al Qaeda, extremist world’s Muslim population—1.8 bil- ence. The U.S. government’s Climate
forces in the Muslim world will con- lion people—Islamic State’s recruit- Science Special Report, to be released
tinue to resuscitate themselves in ing pool. Friday, does not provide that founda-
other forms, in other theaters. If al Islam means different things to tion. Instead, it reinforces alarm with
Qaeda was Jihad 1.0 in our era, and different people and has been prac- incomplete information and high-
ISIS was Jihad 2.0, we should now The rental truck used in Tuesday’s New York attack. ticed in many ways among various lights the need for more-rigorous re-
prepare for Jihad 3.0. Islamism will sects across the world and through- view of climate assessments.
continue to be a U.S. national-security and Baghdad was the base of the Ab- jihad movement of Syed Ahmed out time. The doctrine of jihad is A team of some 30 authors char-
concern for years to come. basid Caliphate (750-1258). Barelvi in 1826. Just as Osama bin open to interpretation, much like the tered by the U.S. Global Change Re-
The New York attacker, Sayfullo In Sudan, Muhammad Ahmad de- Laden moved from Saudi Arabia, giv- Christian notion of “just war.” Mus- search Program began work in spring
Saipov, did not match the standard clared himself Mahdi (“the reviver”) ing up a comfortable life, Syed Ahmed lims who consider Islam a religion, 2016 on the report, “designed to be
profile of a jihadi terrorist. He was and established an unrecognized came from northeastern Indian nobil- not a political ideology, and who pur- an authoritative assessment of the
likely self-radicalized, did not overtly state from 1885-99 before being de- ity. He mobilized funds throughout sue piety, not conquest, remain im- science of climate change.” An early
belong to a major terrorist group, and feated by the British. The Mahdists the subcontinent, moved it through portant partners for the U.S. draft was released for public com-
would not have been denied entry un- terrorized locals, persecuted religious the hawala system, and bought arms The U.S. must re-evaluate its alli- ment in January and reviewed by the
der President Trump’s “travel ban” to use against the British-aligned Sikh ances in the Muslim world based on National Academies this spring. I, to-
due to his country of origin. empire along the border of modern- whether or not partners encourage gether with thousands of other scien-
In trying to re-create an Islamic Radical Islamic terrorists day Afghanistan. extremism. Saudi Arabia’s recent tists, had the opportunity to scruti-
state, radical Islamists draw inspira- Although he was killed in 1831, avowal to teach moderation in reli- nize and discuss the final draft when
tion from 14 centuries of history. It is will revive their movement. ending his short-lived Islamic state, gion, emulating the United Arab it was publicized in August by the
important to understand the various The U.S. needs to focus on Syed Ahmed’s followers continued Emirates’ campaign against radical Is- New York Times. While much is right
Muslim “revivalist” movements, in- their random stabbing campaign lamism, deserves American support, in the report, it is misleading in more
volving various degrees of violence defeating the ideology. against the British for another 70 as does Morocco’s decision to work than a few important places.
and challenges to the global order of years. Driving cars or trucks into with the Holocaust Memorial Mu-
the time. Contemporary radicals often crowds is today’s equivalent of that seum to educate its people about the
reach into the past to find models for minorities (notably Coptic Chris- terrorist campaign. Holocaust and teach tolerance. True, the U.S. has
organization and mobilization tians), revived the slave trade, and Eventually, the British deployed On the other hand, Qatar’s support
It is not a coincidence that al challenged Egypt and its protector, military and intelligence means to of the Muslim Brotherhood and Tur- had more heat waves
Qaeda (literally “the base”) tried to Britain. The death of the movement’s defeat the jihadists. They also dis- key’s decision to include jihadi teach- in recent years—but no
establish itself first in Sudan before founder in 1885 did not mark the end credited the terrorists’ beliefs by sup- ings in its school curriculum indicate
finding a home in Afghanistan. Both of jihad. porting Muslim leaders who opposed their support of radicalism. more than a century ago.
Sudan and the Afghanistan-Pakistan Eventually, the British defeated radical ideas. Above all, the U.S. must focus on
border region had experienced jihad the Mahdists militarily with an An- In the Middle East, the Ottoman defeating radical Islamist ideology,
against European powers resulting in glo-Egyptian force. They also used Empire had less success in dealing not just its periodic manifestation in One notable example of alarm-
short-lived Islamic states in relatively traditional religious and tribal struc- with the Wahhabis, who fought the terrorist attacks. raising is the description of sea-level
recent times. tures and institutions to challenge empire for control over the Arabian rise, one of the greatest climate con-
ISIS’ choice of Syria and Iraq to de- Mahdist ideology. Today the Mah- Peninsula through much of the 19th Mr. Haqqani, director for South cerns. The report ominously notes
clare a caliphate was also a function dists exist as a Sufi order rather than century. After creating the modern and Central Asia at the Hudson Insti- that while global sea level rose an av-
of the Islamist reverence for historic an extremist group. state of Saudi Arabia in 1932, the tute in Washington, D.C., was Paki- erage 0.05 inch a year during most of
precedents. Damascus was the capital Similarly, the Afghanistan-Pakistan Wahhabis modified their approach to stan’s ambassador to the U.S., the 20th century, it has risen at about
of the Umayyad Caliphate (661-750), border area became the base for the international relations, though not 2008-11. twice that rate since 1993. But it fails
to mention that the rate fluctuated
by comparable amounts several times
Once a Rising Star, Flint’s Mayor Faces a Recall during the 20th century. The same
research papers the report cites show
that recent rates are statistically in-
By Jillian Kay Melchior negotiate a settlement. Ms. Weaver Ms. Williams told me that Flint po- told me he believes the police depart- distinguishable from peak rates ear-
K
told me the accusations are false: “I lice also tried to intimidate her. She ment’s visits to petition signers lier in the 20th century, when human
aren Weaver became mayor have not done anything dishonest.” called to complain that cops were amounted to voter intimidation and influences on the climate were much
of Flint, Mich., two years ago, Last spring at a mayoral town hall questioning neighbors who had signed harassment. “I really am beseeching smaller. The report thus misleads by
in the midst of the city’s wa- on the water crisis, Flint police ar- the recall petition. She was invited to the state attorney’s office to come in omission.
ter crisis. Within months she was a rested six residents of the city, in- the station, where an officer led her to and give a complete and thorough re- This isn’t the only example of
rising star in the Democratic Party. cluding 56-year-old Tony Palladeno an interrogation room, read a Miranda view of the police department, highlighting a recent trend but failing
She hosted Hillary Clinton on a cam- Jr. and his wife. “We spoke up, we warning, and accused her of falsifying whether their first concern was public to place it in complete historical con-
paign visit to Flint in February 2016. spoke out, and we got arrested for petitions, Ms. Williams said. “He said safety or saving a political office.” text. The report’s executive summary
President Obama came to see her it,” Mr. Palladeno told me. He is also he was going to lock me up, and I was Ms. Weaver would not answer spe- declares that U.S. heat waves have
that May, and in July the mayor de- among Ms. Weaver’s challengers on so scared,” Ms. Williams said, adding cific questions about the police de- become more common since the
livered an early-evening address at next week’s ballot. that she did nothing wrong. partment. “I haven’t had the police mid-1960s, although acknowledging
the Democratic National Convention Flint police said the arrests were Mayor Weaver eventually dropped do anything,” she told me. “There’s the 1930s Dust Bowl as the peak pe-
in Philadelphia. for disorderly behavior and attempts her lawsuit, but the Flint Police De- been nothing inappropriate that’s riod for extreme heat. Yet buried
to interfere with law enforcement. But partment said it is still actively in- gone on between my office and their deep in the report is a figure showing
no charges have been filed. “I wasn’t vestigating whether the recall effort office.” She said under her watch that heat waves are no more frequent
Local residents came to going to criminalize that conduct,” involved criminal fraud. A police Flint has improved water quality and today than in 1900. This artifice also
Genesee County’s prosecuting attor- spokesman told me Ms. Williams replaced thousands of lead-tainted appeared in the government’s 2014
a town hall to complain ney, David Leyton, told me. “Folks was read her Miranda rights “for her service pipes, put more nurses in the National Climate Assessment, which
about tainted water. Six came out to voice their displeasure own protection” after she “began to schools, and hired new firefighters. emphasized a post-1980 increase in
with the water situation, and I didn’t say things that may ultimately impli- The recall drama is “a distraction at hurricane power without discussing
of them ended up in jail. find anything overly egregious that cate her in a crime for which the best,” she said. the longer-term record. The National
would lead to criminal charges.” penalty was jail.” The spokesman How does she explain the opposi- Oceanic and Atmospheric Adminis-
Ms. Weaver’s critics also allege added that the department has since tion? “I think it’s because I’m a woman, tration recently stated that it has
Back home, however, her tenure both bribery and police abuse in con- submitted paperwork asking the and I think it’s because I’m black.” been unable to detect any human im-
has proved controversial. Arthur nection with the recall effort itself. county prosecutor to issue a warrant pact on hurricanes.
Woodson, who supported her in 2015, This past summer, the mayor filed a for Ms. Williams. Ms. Melchior is an editorial page Such data misrepresentations vio-
began collecting signatures in April lawsuit seeking to call off the recall Genesee County Clerk John Gleason writer for the Journal. late basic scientific norms. In his cel-
for a recall effort. He is one of 17 can- and claiming petitions might have ebrated 1974 “Cargo Cult” lecture,
didates running against Ms. Weaver been forged or doctored. In testi- the late Richard Feynman admon-
in next Tuesday’s election. The out-
come is hard to predict: The winner
will be whoever gets a plurality, in-
mony and news interviews, some
Flint residents said police had come
to their homes and questioned them
William Coleman’s Legacy ished scientists to discuss objectively
all the relevant evidence, even that
which does not support the narrative.
cluding the incumbent. about their pro-recall signatures. By Stephen Breyer best about America, its commitment That’s the difference between science
A
Ms. Weaver’s administration has The judge in Ms. Weaver’s case to equal justice under law, to end and advocacy.
faced allegations—all of which she asked the mayor’s attorney why Flint t the National Cathedral Satur- what was worst about America, its These deficiencies in the new cli-
denies—of unethical behavior and police officers had also been serving day, many gathered—civil blatant racial discrimination. mate report are typical of many oth-
police abuse. Two of her former staff- subpoenas in the civil suit—a task rights leaders, members of Bill worked directly. He helped in- ers that set the report’s tone. Con-
ers filed federal whistleblower law- that, under Michigan statute, is the Congress, cabinet members, generals, tegrate that officers club and end le- sider the different perception that
suits. Former City Administrator purview of either the county sheriff judges, three Supreme Court justices, gal segregation in America. In a 1949 results from “sea level is rising no
Natasha Henderson alleged she was or civil process servers. “I can’t lawyers young and old—to celebrate memo to Justice Frankfurter, Bill ex- more rapidly than it did in 1940” in-
fired shortly after another mayoral speak to that, judge,” the lawyer an- the life of our friend William T. Cole- plained clearly why and how legal stead of “sea level rise has acceler-
assistant came to her in tears and swered. “Wow,” the judge replied. man Jr. who died in March at 96. segregation was unconstitutional. And ated in recent decades,” or from
said Mayor Weaver had asked her to “That may affect credibility issues on Among others, Colin Powell, Vernon on the cover of Thurgood Marshall’s “heat waves are no more common
divert Flint’s water-crisis donations this case.” Jordan and I spoke; Denyce Graves brief in Brown v. Board of Education, now than they were in 1900” versus
to the mayor’s own tax-exempt politi- Two petition circulators, Lakeshia sang “Amazing Grace.” a brief that changed the course of his- “heat waves have become more fre-
cal fund, Caring for Flint. Former City Williams and Nancy Burgher, testi- Bill Coleman was truly a “man for tory, is the name, among others, of quent since 1960.” Both statements in
Attorney Stacy Erwin Oakes claims fied amid the mayor’s case that City all seasons.” His enormous natural William T. Coleman Jr. each pair are true, but each alone
the mayor fired her after “she be- Administrator Sylvester Jones tried talents and hard work helped him be- He also worked indirectly through fails to tell the full story.
came aware and spoke out against to bribe them to stop collecting sig- come a member of the Harvard Law his powerful example. Those who saw Several actions are warranted.
perceived illegal and actual illegal natures in support of a recall elec- Review; graduate from Harvard Law Bill Coleman in action would under- First, the report should be amended
acts” in the mayor’s office. tion. Mr. Jones declined my interview School with its top award, the Fay stand that racial prejudice is not sim- to describe the history of sea-level
A judge summarily dismissed Ms. request, referring me to an article Diploma; and become a law clerk to ply evil but absurd. As a cabinet mem- rise, heat waves and other trends fully
Henderson’s lawsuit; she has appealed that quoted him as saying the claims Justice Felix Frankfurter. Those qual- ber, as wise counselor to many and accurately. Second, the govern-
the ruling. Another judge ordered the were “just not true.” He resigned Oct. ities later made him a leading lawyer, presidents and countless young law- ment should convene a “Red/Blue” ad-
parties in Ms. Oakes’s case to try to 20, citing job stress. a wise counselor, President Ford’s yers, as a lawyer-statesman, who, like versarial review to stress-test the en-
transportation secretary, a recipient Henry L. Stimson, saw law as a profes- tire report, as I urged in April. Critics
of the Medal of Freedom. sion “imbued with a spirit of public argue such an exercise would be su-
Yet to describe Bill simply as a service,” Bill was a nonprejudiced perfluous given the conventional re-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY lawyer and public servant would be “first.” He was dedicated to cultivating view processes, and others have ques-
Rupert Murdoch Robert Thomson misleading. He was an American of what he called in 2010 “a new genera- tioned even the minimal time and
Executive Chairman, News Corp Chief Executive Officer, News Corp color who grew up at a time when tion of leaders”—leaders who both are expense that would be involved. But
Gerard Baker William Lewis that meant hardship and humiliation pragmatic problem-solvers and “are the report’s deficiencies demonstrate
Editor in Chief Chief Executive Officer and Publisher at the hands of a society that em- firmly rooted in strong principles that why such a review is necessary.
Matthew J. Murray DOW JONES MANAGEMENT: braced invidious discrimination and underlie the greatness of the Ameri- Finally, the institutions involved in
Deputy Editor in Chief Mark Musgrave, Chief People Officer; legalized segregation. It was a world can experiment.” Bill’s life shows the the report should figure out how and
Edward Roussel, Innovation & Communications;
DEPUTY MANAGING EDITORS:
Anna Sedgley, Chief Operating Officer & CFO;
where his Philadelphia high school new generation the way. why such shortcomings survived mul-
Michael W. Miller, Senior Deputy;
Thorold Barker, Europe; Paul Beckett, Katie Vanneck-Smith, President would disband the swim team rather “It is our duty,” Cicero tells us, “to tiple rounds of review. How, for exam-
Washington; Andrew Dowell, Asia; OPERATING EXECUTIVES: than have him as a member; where honor and revere those whose lives ple, did the National Academies’ re-
Christine Glancey, Operations; Ramin Beheshti, Product & Technology; he could not enter a U.S. Army offi- are conspicuous for conduct in keep- view committee conclude that the
Jennifer J. Hicks, Digital; Jason P. Conti, General Counsel;
Neal Lipschutz, Standards; Alex Martin, News; Frank Filippo, Print Products & Services; cers club because of his race; where ing with their high ethical standards chapter on sea level rise “accurately
Shazna Nessa, Visuals; Ann Podd, Initiatives; Steve Grycuk, Customer Service; in our nation’s capital he struggled to and who, as true patriots, have ren- reflects the current scientific literature
Matthew Rose, Enterprise; Kristin Heitmann, Transformation; find a restaurant where he could dered . . . efficient service to their on this topic”? The Academies building
Stephen Wisnefski, Professional News Nancy McNeill, Advertising & Corporate Sales;
Jonathan Wright, International have lunch with his fellow Supreme country.” So let us contemplate the prominently displays Einstein’s dictum
Paul A. Gigot, Editor of the Editorial Page;
Daniel Henninger, Deputy Editor, Editorial Page
DJ Media Group: Court law clerks; where, despite his life of William T. Coleman Jr., the life “one must not conceal any part of
Almar Latour, Publisher; prodigious abilities, he had difficulty of a true patriot, a good citizen, a what one has recognized to be true.”
WALL STREET JOURNAL MANAGEMENT: Kenneth Breen, Commercial
Suzi Watford, Marketing and Circulation; Professional Information Business: finding an initial job—and more and great American.
Joseph B. Vincent, Operations; Christopher Lloyd, Head; much worse beside. Mr. Koonin was undersecretary of
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head What was Bill Coleman’s reaction? Justice Breyer is an associate jus- energy for science during President
EDITORIAL AND CORPORATE HEADQUARTERS: Don’t agonize, just get down to work tice of the U.S. Supreme Court. This Obama’s first term and is director of
1211 Avenue of the Americas, New York, N.Y., 10036 to rid our nation of this malignant article is adapted from his eulogy at the Center for Urban Science and
Telephone 1-800-DOWJONES
disease. His method? Use what is the National Cathedral Oct. 28. Progress at New York University.
Annual
Meeting
November 13–14,
2017
Washington, D.C.
In a time of political tumult, the new administration in Washington
is already recasting trade relations, health-care policy, tax rates,
regulation and America’s role in the world.
Join The Wall Street Journal as we explore these topics with key
officials, industry leaders and global CEOs.
Speakers include:
Anne Case Kevin Hassett Mike Pence
Professor, Economics and Public Affairs Chairman, White House Council Vice President of the United States
Emeritus, Princeton University of Economic Advisers
Wilbur L. Ross, Jr.
Angus Deaton Jerry Kaplan U.S. Secretary of Commerce
Nobel Laureate in Economics; Adjunct Professor, Stanford University;
Senior Scholar, Princeton University Author, “Humans Need Not Apply: Lawrence H. Summers
A Guide to Wealth and Work in the Age President Emeritus, Harvard University;
Betsy DeVos of Artificial Intelligence” U.S. Secretary of the Treasury
U.S. Secretary of Education (1999-2001)
Amy Klobuchar
John Ferriola U.S. Senator (D., Minn.) Jay Walker
Chairman, President and CEO Founder and CEO, Upside;
Nucor Corporation Chris Liddell Founder, Priceline.com;
Assistant to the President and Director Founder, Library of the History
Martin Ford of Strategic Initiatives of Human Imagination
Author, "Rise of the Robots:
Technology and the Threat Steven Mnuchin Mark Warner
of a Jobless Future" U.S. Secretary of the Treasury U.S. Senator (D., Va.)
CEO Council membership is by invitation.

Learn more at CEOCouncil.wsj.com
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TECHNOLOGY: SILICON VALLEY AT CRITICAL POINT IN CHINA B4
BUSINESS & FINANCE

© 2017 Dow Jones & Company. All Rights Reserved. * * * ** THE WALL STREET JOURNAL. Friday, November 3, 2017 | B1
S&P 2579.85 À 0.02% S&P FIN À 0.86% S&P IT À 0.11% DJ TRANS g 0.06% WSJ $ IDX g 0.04% LIBOR 3M 1.391 NIKKEI 22539.12 À 0.53% See more at WSJMarkets.com
Apple Shows Greatest Strength in Years

China, iPhone demand computers and iPad tablets iPhone 6s sales. Friday were told there would
helped Apple deliver its Shares rose about 3% in af- be long shipping delays. Comeback Trail
drive profit up 19%; fourth-consecutive quarterly ter-hours trading. Apple Chief Executive Tim After a downturn in 2016, Apple reported its fourth straight quarter
revenue advances for increase in revenue and third Questions remain about Ap- Cook said the two iPhone 8s of revenue growth. Change from previous year:
quarterly increase in profit, ple’s immediate future. The have outsold other models
fourth straight period which rose 19% to $10.71 bil- iPhone 8 and 8 Plus, which since shipping but added that 30%
4th quarter
lion. Shipments of the iPhone started shipping to customers he never expected sales to ex-
BY TRIPP MICKLE rose 2.6% from a year earlier Sept. 22, had the weakest ini- ceed initial sales of last year’s $52.58B
20
to 46.7 million units, and tial sales of any new iPhone in iPhone 7 and 7 Plus because it ▲12%
Apple Inc. delivered its best China sales rose for the first years, according to estimates is releasing three phones this
quarterly growth in two years time since early 2016. by market-research firms. year. He said that Apple had 10
with strong sales in all of its Consistent revenue gains, The iPhone X, which ships earlier planned to release the
key products and a rebound in combined with anticipation for Friday and features facial rec- iPhone X even later than Nov. 0
the critical China market as it a jump in iPhone sales in 2018, ognition and an edge-to-edge 2, but decided to “be very bold
prepares to start shipping its have helped send Apple’s stock display, has been dogged by and do it sooner.” He declined –10
most important new iPhone up about 50% over the past production challenges that de- to offer specifics.
model in a decade. year through Thursday’s close layed manufacturing at least Mr. Cook acknowledged
Demand for the iPhone, and pushed its market value to one month and hounded by Please see APPLE page B2 –20
which accounts for about two- over $860 billion, after a steep questions about its $999 price FY2014 ’15 ’16 ’17
thirds of total sales, along decline in 2016 because of tag. Customers who ordered Heard on the Street: iPad and Note: Fiscal year ended Sept. 30
with an upturn in sales of Mac weak China revenue and iPhone Xs online in advance of Mac also supply help............B12 Source: the company THE WALL STREET JOURNAL.
Venezuela
Courts
Showdown
ELAINE THOMPSON/ASSOCIATED PRESS; COLIN E. BRALEY/ASSOCIATED PRESS (INSET)
On Bonds
BY JULIE WERNAU
AND ANATOLY KURMANAEV
Venezuela’s president said

the cash-strapped South
American country will seek to
restructure its debt, raising
the prospect of a showdown
with bondholders that could
be complicated by U.S. sanc-
tions on key members of the
Venezuelan administration.
In a televised address late
Thursday, President Nicolás
A backlash over player Maduro announced plans to
protests doesn’t appear to make a $1.1 billion principal
have hurt TV ratings. payment Friday for a bond is-
sued by state-owned oil com-
pany Petróleos de Venezuela,
NFL Ratings Culprit: Too Much Football

SA that was due Nov. 2.
“We will continue to meet
our obligations,” Mr. Maduro
said.
Media executives are rally- pizza chain’s advertising expo- He added that following
ing around an explanation for Anthem Effect (or Noneffect) sure and hurt its sales. Friday’s payment, he would
the National Football League’s Except for a blip in Week 2, viewership of NFL games in ‘red states’ hasn't declined more than in ‘blue Industry executives expect seek a voluntary restructuring
declining TV ratings: too much states.’ Both categories of states have retained about the same audience from Week 1 of this year. that a boycott of NFL games by of the country’s remaining
football available in too many fans upset over the protests debt. Estimates of Venezuela’s
places. Change from a year earlier in share of TVs tuning would show up as a larger total outstanding debt vary,
to NFL games for minimum of 10 minutes a week Percentage of Week 1 audience* retained (2017) viewing decline in “red with some analysts putting the
By Joe Flint, Red states Blue states states”—those carried in the figure between $100 billion
0% 100%
Alexandra Bruell 2016 election by President and $150 billion.
and Amol Sharma Donald Trump, who has lam- The development follows
–5 basted players on social media years of increasingly re-
95
Total NFL ratings through for kneeling during the anthem stricted financing options for
the first seven weeks have de- –10 to protest racial and social in- Venezuela.
clined 5% compared with last 90 justice. In August, President Donald
year and about 15% versus the –15 A recent HBO Real Sports/ Trump issued an executive or-
same stretch in 2015, which September 23-24 Marist poll showed that 84% of der prohibiting U.S. institu-
85
was a very strong season for –20 Trump tweeted for Trump supporters believe the tions from trading new bonds
the league. Americans to refuse to NFL should require players to that would serve to help fi-
The league’s aggressive me- –25 attend NFL games 80 stand for the anthem; nance Mr. Maduro’s govern-
dia strategy in recent years has only 27% of Democrats ment, a move aimed at punish-
Week 1 2 3 4 5 6 7 Week 1 2 3 4 5 6 7
led to a flurry of new offerings: hold that view. ing the regime for what the
an increase of Thursday night *Audience is TV screens tuned to NFL for at least 10 min per week. Note: Red states are defined as those carried by President Yet there is no ev- Trump administration called
games; games available on Ver- Donald Trump in the 2016 election. Source: Samba TV THE WALL STREET JOURNAL. idence of a signifi- human-rights abuses and
izon mobile phones and Ama- cant red-state boy- state-led corruption.
zon’s streaming service; high- ence last week. The Fox net- ners spend about cott, according to The sanctions also could
lights on the NFL-owned cable work carries Sunday afternoon $7.3 billion a year on data compiled for make a debt restructuring dif-
channel RedZone and social- games. 21st Century Fox shares NFL rights. The Wall Street ficult or even impossible, ac-
media platforms; and full-game common ownership with Wall Other theories Journal by mea- cording to some sovereign
replays on an NFL subscription Street Journal parent News abound about what surement firm debt restructuring attorneys,
service called GamePass. Corp. could be contributing to the Samba TV, because they restrict bond-
The fear among TV execu- If the ratings erosion con- decline, from frustration with testing dur- which ana- holders’ dealings with Venezu-
tives is that this has backfired, tinues, media executives could the pace of games and the lack ing the na- lyzes data elan officials.
devaluing the programming. pressure the league for better of compelling story lines to the tional anthem from 13.5 Venezuela has many and
“I think there’s a question economic terms, but they overall pressure on traditional has turned off m i l l i o n varied creditors who are likely
mark for the NFL, which is just won’t get a shot for a while. TV viewing as consumers drop viewers. That is the argument smart TVs across the country. to scramble for limited assets
to think hard about how they Most of the league’s major TV cable packages in favor of digi- of NFL sponsor Papa John’s, Through seven weeks, the in complicated legal battles in
are licensing,” James Murdoch, contracts don’t come up for re- tal services. for example, which said share of TVs tuning in to NFL the event of a restructuring or
chief executive officer of 21st newal for four or five years. Another theory is that the Wednesday that the league’s games was down 8.7%, on aver- default, some of the attorneys
Century Fox, said at a confer- Collectively, major media part- controversy over players pro- lower ratings have reduced the Please see NFL page B2 said.
STREETWISE | By James Mackintosh

INSIDE T-Mobile, Sprint Revive Talks
What Martin Luther BY RYAN KNUTSON new their overtures to Sprint ence Mr. Son would have over
Says About Capitalism AND DANA MATTIOLI
T-Mobile US Inc. and Sprint

to keep the deal alive, one of
the people said. Mr. Legere
conveyed to Mr. Claure that T-
the direction of the combined
company. Under the previous
deal structure, Deutsche
Five centu- lenging the Catholic Church’s Corp. are working to salvage Mobile and its parent company, Telekom would have fully con-
ries ago this grip on society. By ushering their potential blockbuster Germany’s Deutsche Telekom trolled the merged firm, and Mr.
week, Martin in what Edmund Phelps, the merger, people familiar with Son’s influence would have been
Luther started Nobel-winning director of Co- the matter said, days after commensurate with SoftBank
the Protestant
Reformation
lumbia University’s Center on
Capitalism and Society, calls
TRUMP-BACKER Sprint Chairman Masayoshi Son
appeared to call off the talks.
Key to discussions Group Corp.’s minority stake.
Mr. Son runs Japan’s SoftBank,
by hammering his 95 theses “the age of the individual,” MERCER QUITS T-Mobile made a revised of- is how much clout Sprint’s parent company.
to a church door in Witten-
berg, Germany.
Luther laid the groundwork
for capitalism.
HELM AT FUND fer, which Sprint is considering,
some of the people said. Terms
Sprint’s Masayoshi Last Friday, Mr. Son decided
to call off the talks after deter-
His legacy raises ques- The question is, does capi- of the new offer were unclear. Son would have. mining that Sprint is too im-
tions that resonate for inves- talism needs individualism? FINANCE, B10 The two sides could reach a portant of a strategic asset to
tors today: Can Communist Sociologist Max Weber popu- deal within weeks, the people give up control. Mr. Son be-
China become a rich coun-
try? And does the political
larized a supposed link be-
tween Protestantism and
TWITTER said, but the companies could
still fail to agree on deal terms. AG, didn’t want the deal to fall
lieves millions of devices, in-
cluding robots, will one day be
swing toward populism “the spirit of capitalism” at LOSES TRUMP T-Mobile Chief Executive apart, this person said. connected to wireless networks.
threaten economic growth?
Luther matters to inves-
the start of the 20th century,
noting that after the Refor-
FOR 11 MINUTES John Legere spoke with Sprint
chief Marcelo Claure on
Sprint’s board discussed the
situation at a meeting Thurs-
On Thursday, Sprint shares
closed at $6.43 a share, giving
tors not because of the reli- mation, Protestant countries Wednesday, after a T-Mobile day, the people said. Key to the company a market value of
gion he founded, but because in Northern Europe grew SOCIAL MEDIA, B4 board meeting in New York the discussions are Sprint’s $25.7 billion. T-Mobile has a
of the cultural impact of chal- Please see STREET page B10 where directors agreed to re- valuation and how much influ- nearly $50 billion market value.
B2 | Friday, November 3, 2017 * **** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A DHL..............................B4 P
Advance Publications.B3 Discovery Papa John's
Communications.......B5 International.............B1
Airbus..........................B6
Dow Chemical.............B6 PG&E...........................A2
Alibaba Group Holding
DowDuPont.................B6 PulteGroup................B11
.....................................B3
Alphabet......................B4 E Q
American International Elliott Management ... B3 Qualcomm...................B3
Group...............B10,B12
F R
Apple.........A4,B1,B4,B12
Facebook..............B4,B11 Royal Bank of Scotland
AutoNation ................. B4
Fiat Chrysler Group.......................B12
Avis Budget Group.....B4
Automobiles ............. B4 Royal Dutch Shell.......B6
B Forrester Research.....B4
S
Baidu ........................... B3 H
Blue Apron Holdings Samsung Electronics..B2
HNA Group................B11 Scripps Networks
............................. B5,B11
Home Depot..............B11 Interactive.................B5
Boeing ......................... B6
Bombardier..................B6 I Shire..........................B12
Inspire Investing.......B12 SoftBank Group..........B1
BP................................B6
Interpublic Group........B2 Spencer Stuart............B3
British American
Tobacco ................... B12 Sprint .......................... B1
J
Starbucks....................B6
C Jarden..........................B3 State Street................B3
Carlyle Group..............A6 JPMorgan Chase.........B2
T
YURI GRIPAS/REUTERS
Charter Communications K
.....................................B5 Tencent Holdings........B3
Krishna Memani ....... B11 Tesla............................B3
China Hualian
International Trade B10 L Teva Pharmaceutical .. B6
CHMT Peaceful Lennar ....................... B11 The9.............................B3
Development Asia Lloyds Banking Group T-Mobile US................B1
Property..................B10 From left, Canada’s Chrystia Freeland, the U.S.’s Robert Lighthizer and Mexico’s Guajardo Villarreal at a Nafta press event in October.
...................................B12 Total ............................ B6
Citigroup......................B2
U.S. Banks Seek Nafta Data Rule

Lowe's.......................B11 21st Century Fox........B1
CK Asset Holdings....B10
M Twitter ........................ B4
CK Hutchison Holdings
...................................B10 Marsh & McLennan ..B10 U
Coca-Cola...................B12 MetLife........................B2 UBS Group...........B3,B10
Condé Nast..................B3 Microsoft ............. B4,B12 Unilever.......................B6 BY VIPAL MONGA
AND TELIS DEMOS Privacy Differences could be interpreted to require ing U.S. companies to store their
Credit Suisse.............B10 Mitsui Home...............A1 W
firms to keep their books and data anywhere they pleased.
D N Waymo........................B4 As talks on a new North Cause Confusion records in the country. Following an intense push by
Deutsche Post.............B4 Newell Brands.....B3,B11 Wells Fargo.................A4 American Free Trade Agree- Laws in some Mexican banking groups, Obama adminis-
Deutsche Telekom......B1 NXP Semiconductors..B3 WPP.............................B2 ment heat up over auto parts states say customers have the tration trade officials agreed to
and agriculture, U.S. financial Currently, the rules that right to block access to data by try to include banks in future
INDEX TO PEOPLE firms are quietly pushing for

another, less tangible change:
the free movement of data
govern privacy in the Nafta
countries diverge widely, caus-
ing confusion among some fi-
third parties, which banks say
can inhibit movement of infor-
mation within organizations.
agreements. After President
Donald Trump abandoned the
TPP, administration officials
A G Ryvicker, Marci...........B5 across borders. nancial services firms. The push for free data flows have told industry groups that
A proposal, presented by the Some parts of Canada’s goes back to the Trans-Pacific they would continue the push
Abbasi, Yousef..........B11 Grant, R.J..................B11 S U.S. at Nafta renegotiations in Bank Act, which regulates the Partnership trade deal, negoti- for unrestricted data movement
B H Salzberg, Matt............B5 September, would keep any industry, and guidelines issued ated by the Obama administra- in its new trade negotiations.
Breen, Ed.....................B6 Howie, Fraser............B10 T government in the new trade by the Office of the Superin- tion, which excluded financial —Vipal Monga
Brenner, Andrew.......B11 K Thiam, Tidjane..........B10 pact from demanding banks or tendent of Financial Institutions services from a provision allow- and Telis Demos
C Kipman, Alex...............B4 Tsai, Joe......................B3
insurers store customer data
on local servers, say people fa-
Cheng, Raymond.......B10 L V miliar with the text. Nafta,” said Steve Simchak, di- deals are being negotiated in and backups, Citigroup said in a
Chin, Henry...............B10 Lazarus, Mark.............B2 Vogel, Jim.................B11 It is a long-coveted goal for rector of international affairs hubs such as New York, Lon- letter to the U.S. Trade Repre-
Cook, Tim....................B1
M-N W financial firms, who say this for the American Insurance As- don and Singapore, slowing sentative on a separate matter.
Corbat, Michael...........B2
McManus, Sean..........B2 Wada, Takashi ............ B4
could potentially save them sociation, a trade group that down transactions. Citigroup Chief Executive
D Mercer, Robert..........B10 millions of dollars in technol- represents 320 U.S. insurers. “These are global compa- Michael Corbat has been out-
Dell, Michael..............M2 Y ogy-storage costs. Getting free flow of data en- nies,” said Peter Matheson, spoken on data issues, and has
Mulvihill, Michael.......B2
Drinkwater, Carrie......B2 Murdoch, James ......... B1 York, Jed ..................... B2 Firms such as Citigroup shrined in the pact would not managing director at the U.S. in the past discussed localiza-
Duperreault, Brian Musk, Elon..................B3 Z Inc., J.P. Morgan Chase & Co. only affect data between the Securities Industry and Finan- tion requirements with Indo-
........................... B10,B12 Noto, Anthony............B4 Zhang, Daniel..............B3
and MetLife Inc. are among U.S., Canada and Mexico, it cial Markets Association trade nesian officials, people famil-
F P-R those behind the push. They would create a template for fu- group. He said negotiators to- iar with those talks said.
Zhang, Wenbin..........B10
say it is pricey to comply with ture trade deals that could in- day need to consider techno- “The movement of data is no
Frazier, Michael .......... B2 Pathak, Tarun..............B2 Zuckerberg, Mark ....... B4
data rules in countries where clude more jurisdictions. The logical advances that didn’t ex- less important to the global
they operate because of re- Trump administration has ist when Nafta went into economy than the movement of
APPLE said increased unit shipments

by a double-digit percentage.
Tarun Pathak, Counter-
point’s associate director, said
quirements to maintain servers
within each country’s borders
for privacy and other reasons.
They also worry about poten-
backed bilateral trade agree-
ments with Asia-Pacific coun-
tries and with the U.K. when
the country completes a
effect: “There were no such
things as clouds in 1994.”
For Citigroup, which already
operates 20 regional data cen-
money,” Mr. Corbat said in 2014
speech in Barcelona.
Banks say local data storage
can cost them millions of dol-
Continued from the prior page he expects demand for the X tial risks in countries where planned separation from the ters, guaranteeing free flow of lars in hardware and software
that Apple’s approach this model among China’s 100 mil- protection against hacking European Union. cross-border data means the costs and the labor required
year has brought challenges. lion iPhone users to be strong might be less robust, firms say. Banks and insurers today bank could avoid building more. for local offices, say people fa-
“Having three models is new,” enough to lift volumes and “For the financial services operate data centers in dozens Indonesia, for example, has miliar with the industry.
he said in an interview. “The sales in the quarters ahead. industries, data flow commit- of countries, and often must sought to require banks to on- —William Mauldin
staggered launch is new. Supply-chain issues have ments really are a must-have in call on local offices even when shore both their data centers contributed to this article.
There’s a lot of firsts here. So caused analysts to slash
yes, it is complex [to forecast] iPhone X sales projections for
and we don’t profess to be
able to do it perfectly.”
Still, he said orders for the
iPhone X are “very strong”
the critical holiday sales pe-
riod this year. Market-research
firm Strategy Analytics cut its
projections to fewer than 30
NFL Losing Streak
Overall NFL ratings are down, and some networks have fared worse
than others
Ad spending on the NFL was
still up 2% year-over-year in
September to $513 million, ac-
cording to research firm Stan-
and that Apple is making million units from 60 million Continued from the prior page dard Media Index. That is be-
headway on production. earlier this year. age, in the “red states” while in Change in viewership for football telecasts low the mark of $527 million
“The ramp, especially con- While some investors worry blue states viewing was down –20% –15 –10 –5 0 5 in 2015.
sidering how advanced the the delay could lead some Ap- 10%. Lyle Schwartz, North Amer-
2016
product is, is going well,” Mr. ple customers to buy a less- In Week 2, the red-state de- NBC Sunday Night ica president of investment at
2017
Cook said. “Obviously, if it costly $699 iPhone 8 or $549 cline outstripped the blue-state WPP-owned media buyer
wasn’t, we wouldn’t be able to iPhone 7, few said they fear decline considerably. But when CBS Sunday GroupM, said he is concerned
guide” for record revenue for Apple will lose sales to rivals Mr. Trump started tweeting his afternoon about the political nature of
the current quarter. such as Samsung Electronics displeasure about the protests Fox Sunday the anthem controversy. There
Apple expects revenue of Co. About 95% of iPhone own- in Week 3, the NFL had its best afternoon is also “far more content than
$84 billion to $87 billion in ers who plan to buy a new de- year-over-year ratings perfor- ever before across more de-
the current quarter, far above vice say they will buy another mance of the season, and the Thursday night* vices,” which could be creating
the company’s previous record iPhone, according to UBS. red states were down just 1%. a general “malaise” around live
of $78.35 billion in the final Apple’s services business— In the ensuing weeks the red sports content, he said.
three months of 2016. which includes the App Store and blue-state declines were ESPN Monday Night Football The NFL also counters that
“Apple has moved past that and its music and payment generally even. while ratings are down, the
funk,” said Michael Frazier, services—delivered another “The anthem protests have –20% –15 –10 –5 0 5 sport still is the strongest pro-
president of Bedell Frazier In- strong quarter of double-digit been less a factor than some *Thursday games are split up among CBS, NBC and NFL Network gramming on television. NFL
vestment Counselling, which growth, surging 34% to $8.5 people have claimed,” said Mi- Source: Nielsen data from networks THE WALL STREET JOURNAL. games account for 18 of the 20
manages about $500 million billion. Mr. Cook said the com- chael Mulvihill, executive vice most-watched television shows
and counts Apple among its pany now has 210 million sub- president of research at Fox. telecast,” Mr. Lazarus said. cally, NFL ad prices jump this season.
largest holdings. “Things are scriptions to Apple and third- “Even though [Mr. Trump] ele- Brian Rolapp, the NFL’s closer to 10% each year in the “The NFL is holding much
back on track.” party services, an increase of vated the issue, you haven’t chief media and business offi- upfront. stronger than anything else,”
China has posed the biggest 25 million over the past 90 seen a negative impact.” cer, said, “We are always look- “They definitely priced it to said San Francisco 49ers Chief
test for Apple. The iPhone, days. Apple typically collects a The ratings declines haven’t ing at how do you strike that make it more advertiser- Executive Jed York. “We’re in
which surged in sales in 2015 15% fee on subscriptions for hurt all networks equally. The balance between availability of friendly than they have in the middle of a shift of how
and 2016 behind the iPhone 6, products such as Netflix and Sunday afternoon packages on games and exposure of teams years past,” said Carrie Drink- people consume media.”
declined in market share dur- HBO if users sign up through Fox and CBS are taking the to a national audience and a water, a senior executive at In- —Andrew Beaton
ing the September quarter to its App Store. biggest hit while NBC’s Sunday scarcity of windows.” terpublic Group of Cos.’ Medi- and Keach Hagey
8.5% from 10% a year earlier For its fiscal fourth quarter night package is down slightly. Mr. Rolapp disputed the no- ahub. contributed to this article.
as low-cost Chinese smart- ended Sept. 30, Apple’s reve- Monday Night Football on tion that the NFL was hurting
phone makers gained, accord- nue rose 12% to $52.58 billion, ESPN and Thursday Night its TV partners by putting
ing to Counterpoint Research. and per-share profit jumped Football, which is shared by more highlights online and
Still, revenue from Greater 24% to $2.07 a share from CBS, NBC and the NFL Net- through its RedZone channel.
China—which had declined $1.67 a share in the same pe- work, are both up. “We try not to let the conven-
each of the previous six quar- riod a year earlier. Analysts Fox and CBS executives be- tional way of thinking limit the BY THE TIME TOMORROW’S
ters—rose 12% in the latest polled by Thomson Reuters lieve the Thursday night games innovation we need for the
period to $9.8 billion. Mr. had expected earnings of $1.87 have diminished interest in long term,” he said. PAPER COMES OUT,
Cook said Apple increased its a share. Annual revenue rose Sunday contests. Mr. Lazarus of NBC said he YOUR DONATIONS WILL HAVE
market share for products in- 6% in the latest fiscal year to “I do think it’s clear that doesn’t rule out the anthem HELPED PEOPLE EARN NEW JOBS.
cluding the iPhone, which he $229.23 billion. adding 10 games to the Thurs- protests playing a role in the
day night package and two ad- viewership decline. NBC has
ditional Sunday morning Lon- begun its own red-state and
don games has clearly diluted blue-state ratings analysis. “If
the Sunday afternoon packages you see the divisiveness and
and affected the ratings. It’s the public debate, it’s hard to
just simple mathematics,” said discount that some people
CBS Sports Chairman Sean Mc- have said, ‘I’m frustrated with
RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS
Manus. this and I’m turning away.’ It’s DONATE STUFF.

ESPN pushed the NFL for unfortunate,” he said. CREATE JOBS.
better games and this season While the NFL is still prime
its audience is up about 5% real estate for advertisers,
year-over-year. property values aren’t rising as
NBC Sports Chairman Mark fast as before. The cost of NFL
Lazarus said the NFL’s rush to commercial space increased
get highlights online is equiva- about 6% to 7% this year in the
lent to providing “Cliffs Notes” “upfront” marketplace, the TO FIND YOUR NEAREST DONATION CENTER,
to the games. “We’re enabling spring bazaar when the lion’s GO TO GOODWILL.ORG
fans to keep up and follow the share of ad space is sold, ac-
Shipments of the iPhone rose 2.6% in the most recent quarter. game without watching the cording to media buyers. Typi-
THE WALL STREET JOURNAL. Friday, November 3, 2017 | B3
BUSINESS NEWS
Tesla Sets
Timeline
Alibaba’s Profit Climbs Sharply
E-commerce company from the core commerce unit vice chairman, in a call with September.
rose 63% to 46.5 billion yuan, investors Thursday. “This Sales Boost Alibaba said its cloud-com-
mines consumer data
For Plant to more than double
as Alibaba used its consumer
databank to personalize buyer
home pages to encourage pur-
long-term secular trend bodes
well for Alibaba.”
Alibaba, which owns stakes
Alibaba’s quarterly revenue
60 billion Chinese yuan 55.1B
puting business revenue in-
creased 99% to three billion
yuan. The unit, which is ex-
its quarterly earnings ▲61%
In China BY LIZA LIN
chases.
Having started as an inter-
net marketplace 18 years ago
in several brick-and-mortar
store chains, is seeking to ex-
pand its physical store busi-
50
panding its presence this year
in international markets such
as Malaysia and India, is cur-
BY TIM HIGGINS AND MARIA ARMENTAL to connect buyers and sellers, ness in China at the same time 40 rently unprofitable.
Alibaba has since moved be- American retailers have been Sales from Alibaba’s digital-
Tesla Inc. indicated that it Alibaba Group Holding yond its traditional e-com- closing stores at a record media and entertainment divi-
plans to make cars and sport- Ltd.’s profit more than dou- merce business into areas such pace. It has introduced fran- 30 sion, which includes mobile
utility vehicles in China in bled in a blockbuster second as digital content, cloud com- chised convenience stores and browser UCWeb, video-
about three years as part of a quarter, as the Chinese e-computing and logistics as it taps supermarkets that allow cus- 20 streaming site Youku Tudou
bid to make the pricey electric merce company leveraged its into rising incomes among tomers to order through their and Alibaba Pictures Group,
vehicles more appealing to lo- trove of consumer data to China’s consumers. mobile phones and receive de- 10 rose 33% to 4.8 billion yuan.
cal buyers. drive spending and attract The company also expanded liveries within the hour. Still, the unit might experience
Chief Executive Elon Musk more online advertising. further into consumer catego- “Our goal is to help the wider losses in the near term
0
laid out the timeline Wednes- The company, whose Tao- ries such as groceries in the whole retail world be up- as Tencent Holdings Ltd. and
day during a conference call bao and Tmall websites are past year, helping the firm’s graded into a whole digital op- 2015 ’16 ’17 Baidu Inc. intensify competi-
with analysts, saying he China’s most popular e-com- sales growth outstrip an over- eration,” said Daniel Zhang, 55.1 billion yuan = $8.3 billion tion for viewers, according to
doesn’t expect significant in- merce sites, said revenue in all e-commerce sales boom in the chief executive. Source: S&P Capital IQ analysts at Morgan Stanley.
vestment in a China factory the fiscal quarter ended Sept. China. Alibaba said last month it THE WALL STREET JOURNAL. In a separate statement
until 2019. 30 surged 61% from a year Alibaba said net income would spend more than $15 Thursday, game developer
The Silicon Valley auto earlier to 55.1 billion yuan rose 132% to 17.7 billion yuan, billion on research and devel- 49% and 53%. The increase, up The9 Ltd. said Alibaba would
maker has been vague about ($8.3 billion). compared with 7.6 billion yuan opment in areas such as data from a previous forecast of exclusively publish its mobile
its efforts to set up a factory Higher consumer spending a year earlier. analytics, quantum computing 45% to 49%, takes into account version of online shooting
in China beyond a statement and online advertising on the “I’m very optimistic that and machine learning. sales by former affiliate Cai- game “CrossFire” in China,
that it was exploring the pos- company’s internet retail plat- China will continue to experi- On Thursday, Alibaba raised niao Smart Logistics Network marking Alibaba’s first signifi-
sibility with the city of forms helped drive revenue ence real income growth for its revenue-growth guidance Ltd., of which Alibaba gained cant entry into Tencent’s
Shanghai and aimed to an- higher, Alibaba said. Revenue years to come,” said Joe Tsai, for the fiscal year to between majority control at the end of games stronghold.
nounce its plans by year’s
end.
The Wall Street Journal re-
ported last month that the car
maker had reached an agree-
Minorities,
ment to set up its own manu-
facturing facility in the city’s
free-trade zone.
Women
Such an agreement would
be a milestone for a U.S. com-
pany operating in China, giv-
Advance in
ing Tesla a first-of-its-kind ar-
rangement and a way around
forming a partnership with a
Boardroom
local company. BY JOANN S. LUBLIN
Foreign auto makers that
White men are starting to
lose their boardroom dominance
at the biggest U.S. businesses.
CEO Elon Musk said Women and minorities ac-
big investment in a count for half of the 397 new-
est independent directors at
China factory isn’t S&P 500 companies, according
likely until 2019. to an analysis of 2017 proxy
RON ANTONELLI/BLOOMBERG NEWS
statements by Spencer Stuart,

an executive recruitment firm.
That is the highest level since
currently build vehicles in the firm began tracking the
China do so through joint data in 1998.
ventures with local manufac- The shift partly reflects
turers, allowing the foreign shareholder pressure. Institu-
companies to avoid a 25% tar- tional investors “keep raising
iff on autos while also forcing the issue of board diversity,’’
them to share profits and Doctors perform a stent procedure. About 500,000 stents are implanted for stable angina each year world-wide, U.K. researchers say. said Julie Hembrock Daum,
technology. Tesla has been re- head of Spencer Stuart’s North
Study Questions Some Stent Use

luctant to forge a local part- American board practice.
nership. For instance, giant money
It is unclear whether Tesla’s manager State Street Global
plans will allow it to avoid the Advisors voted this year
tariffs. Local analysts are BY PETER LOFTUS “Symptoms didn’t improve from stents, and to patients some patients received stents against the re-election of cer-
skeptical that China will give as much as expected” in the with chest pain who have dis- in the trial who wouldn’t have tain directors at about 400
Tesla a break on the tax. But A new study raised ques- patients who received stents, ease in more than one artery. gotten them otherwise because companies that it said failed
by building a wholly owned tions about the benefits of a Rasha Al-Lamee, an interven- The study also found that of the study design. to address gender diversity in
factory in a free-trade zone, relatively common procedure tional cardiologist at Imperial stents improved blood supply Medtronic and Boston Sci- a meaningful way.
Tesla could significantly cut for heart patients—implanting College London and one of the to the heart versus placebo, entific referred questions And the business environ-
its production costs—and lofty tiny devices that prop open study’s lead investigators, said she said. about the study to a statement ment is changing so fast that
sales prices. It could also help clogged arteries to relieve in an interview. She presented Still, the study could affect issued Thursday by the Society boards increasingly “recognize
the company build goodwill chest pain. results of the study at a portion of a multibillion for Cardiovascular Angiogra- the need to add directors with
among government officials, The 200-patient study con- the Transcatheter Cardiovascu- business for stent manufactur- phy and Interventions, whose experience in emerging areas
analysts say. ducted by U.K. researchers lar Therapeutics medical con- ers including Medtronic PLC, members include cardiologists critical to the company’s future
It generally takes several found that patients with stable ference in Denver; results were Abbott Laboratories and Bos- who perform stent procedures. success,’’ Ms. Daum added.
years for auto makers to chest pain, or angina, who re- simultaneously published on- ton Scientific Corp. About The SCAI said it questioned Spencer Stuart found other
build a large manufacturing ceived stent devices experi- line Thursday by the Lancet. 500,000 stents are implanted the study’s conclusions, and signs of boards’ greater will-
plant. enced no significant improve- Dr. Al-Lamee cautioned that for stable angina each year that SCAI believes stents are ingness to enlarge their mem-
Even with tariffs that make ment in exercise time on a the findings apply to a minority world-wide, the study’s re- the preferred treatment for bership pool. A record 45% of
the least-costly Model S treadmill, compared with simi- of the population of patients searchers wrote in the Lancet. cardiac patients who need the new S&P 500 directors
roughly 50% more expensive lar patients who received no who now receive stents, those Abbott spokesman Jonathon more than medicines to im- lacked experience on a public
in China than in the U.S., stents during sham procedures. with narrowing of only one ar- Hamilton said the new study prove health and quality of life. company board. Less than half
Tesla’s sales in the country All patients had received in- tery and certain other charac- had patients with mild disease But some doctors said the of these board novices are fe-
have surged in recent years. tensive treatment with heart teristics. She said the study “who weren’t reflective of pa- study’s outcome should dis- male, the analysis showed.
The auto maker’s revenue in drugs for six weeks before the doesn’t apply to patients having tients who typically undergo courage use of stents in many In seeking independent di-
China rose to more than $1 real or fake procedures. heart attacks, who may benefit stenting procedures,” and that patients. rectors, companies have long
billion last year, from $319 favored current chief execu-
million in 2015, representing tives, who typically are white
about 15% of total revenue
and making the country the
company’s
market.
second-largest Newell Cuts Forecast, Shares Sink 27% men. But fewer business
bosses have time for outside
board service.
The percentage of S&P 500
Mr. Musk said that a China BY SHARON TERLEP Michael Polk said in a call ing portfolio. ers making last-minute cancel- CEOs with at least one exter-
factory, with a capacity of at with analysts. During Thursday’s call, an lations to orders for back-to- nal director role hit a record
least 200,000 vehicles, would Newell Brands Inc. blamed Newell said its third-quar- analyst noted the company’s school products, throwing off low of 37% this year, Spencer
build the Model 3, a $35,000 misfires in the back-to-school ter profit rose to $234 million results since the Jarden deal the company’s inventory. New- Stuart found. That is down
sedan aimed at a broader season for a weak quarterly from $187 million a year ear- have been less consistent, and ell’s high-margin writing busi- from 52% a decade ago.
market than the more expen- report, but an uncertain out- lier. Revenue fell 7% to $3.7 asked Mr. Polk if he had any ness was particularly weak in Despite the expanded ranks
sive Model S and coming look spooked investors, send- billion, though excluding di- thoughts “with the benefit of the quarter, as were sales in of new female and nonwhite di-
Model Y compact sport-utility ing its shares down 27%. vestitures core sales increased hindsight.” Mr. Polk didn’t di- appliances and cookware. rectors, the proportion of
vehicle. Newell lost more than $5 0.4%, the company said. rectly respond to the question. A bigger issue, Mr. Polk women on S&P 500 boards only
“It’s really the only way to billion in market value Thurs- The results come about 18 A company spokeswoman said said, is shoppers’ fundamental rose slightly to 22% from 21%
make the cars affordable in day as the maker of Sharpie months after Newell com- Newell’s strategy is working shift away from brick-and- in 2016. Spencer Stuart blamed
China,” he said. markers and Rubbermaid con- pleted its $15.4 billion acquisi- and the company believes it mortar retailers. “There are modest director turnover.
On Wednesday, Tesla re- tainers cut its 2017 forecast tion of Jarden Corp., which has “a high-quality portfolio of certain retail channels where In another first, more than
ported its worst financial and declined to offer any pre- added Rawlings baseball differentiated, leading foot traffic is down and their half of S&P 500 companies
quarter to date and warned of dictions for 2018. gloves and Mr. Coffee ma- brands.” business models are not well now have split the roles of
delays in building the com- “We clearly have not had a chines, among other products, Mr. Polk partly blamed the positioned yet to deal with the chairman and CEO, the search
pany’s Model 3 car. quarter like this before,” CEO to Newell’s already wide-rang- disappointing results on retail- shift to e-commerce,” he said. firm said.
BUSINESS WATCH
QUALCOMM regulatory approvals. Elliott has CONDÉ NAST said in an interview.
argued that the price should be A Condé Nast spokeswoman
Elliott Steps Up higher. That has helped push
Teen Vogue to End said the print magazine will
Effort on NXP Deal NXP shares well above the offer Its Print Edition cease publication in 2018. The
price; they closed above $117 on decision is part of a broader ef-
Hedge fund Elliott Manage- Thursday, even after NXP said Condé Nast is ending the fort at Condé Nast, owned by
ment Corp. has enlisted invest- last week it is supportive of the print edition of Teen Vogue and Advance Publications Inc.
ment bank UBS Group AG for deal at $110 a share. continuing the brand as a digital- The spokeswoman said the
NEILSON BARNARD/GETTY IMAGES
help in its effort to secure a As part of its mandate, UBS only publication, part of a broader publisher is cutting the frequency
higher price in Qualcomm Inc.’s has sounded out other potential restructuring to reduce costs. of a number of titles, with GQ and
planned purchase of NXP Semi- bidders for NXP and is helping Like many magazines, Teen Glamour shifting to 11 issues from
conductors NV or bring in a to figure out the proper valua- Vogue has struggled on the 12, and Bon Appétit to 10 from 11.
new bidder, according to people tion for the Netherlands com- print advertising side as market- Condé Nast also plans to lay off
familiar with the matter. pany, some of the people said. It ers shift spending to digital. an estimated 80 employees, ac-
In October of last year, Qual- is far from certain another bid- “We’re cutting the print edi- cording to a person familiar with
comm agreed to buy NXP for der would step forward. tion because the audience is res- the situation. Condé Nast employs
$110 a share, or about $39 billion. —Dana Mattioli onating digitally,” Bob Sauerberg, just under 3,000 in the U.S.
The companies still are seeking and David Benoit Condé Nast’s chief executive, —Jeffrey A. Trachtenberg Teen Vogue has struggled on the print advertising side.
B4 | Friday, November 3, 2017 * **** THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
CHINA CIRCUIT | By Li Yuan
U.S. Tech Giants Need to Rethink China Ties

American other than to point to re- the title of Mr. Xi’s speech to orities have shifted under Mr.
tech giants marks Mr. Cook made during the congress. In this era, ac- Xi from economic growth to
need to re- a teleconference with analysts cording to Mr. Xi’s policy political control and what that
think their re- in August when China’s cen- blueprint, the Communist might mean for their busi-
lationship with sorship policies came up: “We Party will be supreme. The nesses. According to his newly
China. Now. believe in engaging with gov- bargaining power of foreign endorsed policy program, Mr.
The need to do so was ev- ernments even when we dis- tech companies, never high, Xi sees a strategic opportunity
ident on Monday when Face- agree.” A Facebook spokes- is likely to dwindle. to make China a rich super-
book Inc.’s Mark Zuckerberg, woman also didn’t directly “Zuckerberg and so forth power, and that only the party
Apple Inc.’s Tim Cook and a comment, instead reiterating have many illusions about can provide the leadership—
bevy of other leaders in the a statement that the company China,” says Chen Zhiwu, di- and maintain the firm con-
worlds of technology, finance remains interested in China rector of the Asia Global Insti- trol—necessary to do that.
and industry were whisked and is focused on getting Chi- tute and professor of econom-
TPG/ZUMA PRESS
T
to the Great Hall of the Peo- nese businesses to use its ad ics at the University of Hong hat means that as they
ple to meet Chinese Presi- platform. Kong. Chief among them, he pursue greater access
dent Xi Jinping. said, is a tendency to see Chi- to China’s huge mar-
M
Mr. Xi was fresh off a essrs. Cook and Zuck- nese leaders as economic ket, the foreign tech firms
Communist Party congress erberg weren’t the pragmatists and play down Mark Zuckerberg attended a meeting with Xi Jinping on Monday. are going to have to accept a
that anointed him as China’s only ones who spoke political statements. “They bigger role for the party. The
paramount leader. The busi- during the meeting. Former should understand it’s really education is to “train the content. That trend looks government is already seek-
ness chieftains, members of Treasury Secretary Henry different this time,” he says. builders and successors of likely to worsen. “The party ing a say in management de-
an advisory board to Tsin- Paulson, Blackstone Group China’s tech leaders, Ali- socialism with Chinese char- leads everything” is a sen- cisions by some tech firms. It
ghua University’s School of Chairman Stephen baba Group Holding Ltd.’s acteristics, not bystanders tence that the recent congress is demanding access to user
Economics and Management, Schwarzman, and Jim Breyer, Jack Ma and Tencent Hold- and opponents.” added to the party constitu- data and investing heavily in
were the first foreigners to an early Facebook investor ings Ltd.’s Pony Ma, were Social-media users cackled tion at Mr. Xi’s behest. surveillance technologies.
congratulate Mr. Xi in person and chairman of the advisory also at the meeting with Mr. about the event. Some re- Mr. Zuckerberg, who shed Facebook is drawing heat in
on his success. board, also praised Mr. Xi’s Xi, sitting in the second row. ferred to Mr. Zuckerberg and his usual casual wardrobe the U.S. and Europe about
Congratulate, they did. leadership of China. Microsoft Corp. CEO Satya Mr. Cook as “comrades.” for a suit and a tie to see Mr. Russia’s use of its platform to
According to the official Peo- China hasn’t been an easy Nadella and iPhone manufac- Others said the executives Xi, should have seen this meddle with elections. In his
ple’s Daily, Mr. Cook ex- market for foreign companies turer Foxconn Technology looked like representatives coming. When Mr. Xi took remarks to Mr. Xi, Mr. Zucker-
pressed his admiration for in many sectors. Technology Group’s founder, Terry Gou, of the toothless government power in 2012, only Face- berg said, “If billions in the
Mr. Xi’s leadership in global is particularly fraught because were there, too, two of the advisory body, the Chinese book was blocked. Now Face- world could hear China’s
governance. Mr. Zuckerberg it influences the way people roughly two dozen advisory People’s Political Consulta- book’s Instagram is blocked voice, the world will become a
borrowed a phrase from Mr. think and thus is being brought board members to attend. tive Conference, reporting to and WhatsApp is partially better place.” A question is
Xi’s speech to the congress, under ever tighter control by A five-minute report Mr. Xi. Some publications blocked. Apple has had to what will Facebook do when it
“Never forget where you Mr. Xi’s government. shown on national televi- closed off their social-media police its app offerings in is the Communist Party’s voice
started,” and said he hoped Mr. Zuckerberg and the sion’s prime-time newscast posts’ comment function. China, removing applications that demands to be heard?
China would develop as fast other American technology featured 10 seconds of ap- During Mr. Xi’s first five that circumvent censorship.
as it has the past 30 years. leaders should recognize plause for Mr. Xi from the years in power, censorship has Especially challenging for Follow Li Yuan on Twitter
Asked about the meeting, that China is entering a executives. That was after he grown more severe, taking aim the foreign tech leaders to un- @LiYuan6 or write to
Apple declined to comment “new era”—a phrase used in told them that the goal of at critical remarks and foreign derstand is that the party’s pri- li.yuan@wsj.com.
AutoNation Gears Up
To Provide Repairs
For Waymo’s Fleet
BY ADRIENNE ROBERTS ship group could have a role in
the commercialization of self-
Autonomous cars may not driving vehicles.
need a driver, but they still “We’re able to put in place
need a good mechanic. the strategic maintenance and
Waymo LLC, the driverless- care program for each vehicle
car unit of Google parent Al- that will proactively make sure
phabet Inc., signed up Auto- it’s always operating at the
Nation Inc. to service robo- highest safety levels and will
vans that are being tested in optimize the life cycle of the
Arizona and California. The vehicle,” Mr. Jackson said.
agreement, announced Thurs- In a statement, Waymo
day, shows the Silicon Valley Chief Executive John Krafcik
tech giant is getting closer to said the two companies have
deploying vehicles on public “a shared vision of enhancing
roadways without humans be- the in-car experience” and Au-
hind the wheel. toNation would help to ensure
BRITTA PEDERSEN/DPA/ZUMA PRESS
The agreement is separate “Waymo vehicles are always in

from a June deal in which Avis top condition as we bring fully
Budget Group Inc. agreed to self-driving cars to the pub-
park Waymo vehicles at rental lic.”
lots and do routine mainte- “This is additional business
nance, including oil changes, for us,” said Mr. Jackson. “I
tire rotations and cleaning. believe Waymo is going to
AutoNation, the largest dealer- grow—I think they have the
ship chain in the U.S., will pro- right approach and we’re go-
Microsoft believes its HoloLens augmented-reality headset will find a niche with corporate trainers, designers and repair technicians. vide mechanical and cosmetic ing to grow with them.”
repairs to Waymo’s fleet. AutoNation said its techni-
Microsoft Flips Script on Headsets

Waymo is considered a cians have the expertise to
leader in autonomous-car re- maintain and repair the vehi-
search and has been transi-
tioning to operating a fleet of
BY JAY GREENE new ways for people to interact vals swoop in and dominate. engineering team working on hundreds of Pacifica minivans
with software through gestures, While Google Glass initially what is arguably Microsoft’s built by Fiat Chrysler Auto-
Tech giant gets closer
TOKYO—When Japan Air- voice and even the direction sputtered, Alphabet released a most consumer-focused busi- mobiles NV that are retrofit- to deploying its
lines Co. sent Takashi Wada to they gaze. Apple Inc., Alphabet version for corporate customers ness—its Xbox game division. ted with extensive software
Microsoft Corp.’s headquarters Inc., Facebook Inc. and others in July, counting Deutsche Post But the market for higher-end and other gear so the vehicles
autonomous vehicles
two years ago to try its Holo- also are racing to define what AG’s DHL among its adopters. virtual-reality devices, steered can drive themselves. Waymo, on public roadways.
Lens augmented-reality head- could emerge as the next major In June, Apple released soft- heavily toward gamers, has which is competing with sev-
set, the pilot grudgingly won- computing interface. ware to help developers build been slow to develop. eral auto makers in the driver-
dered why he needed to travel “I have no doubt in my mind augmented-reality applications “You have to pay attention to less car race, showed off new
nearly 5,000 miles to Redmond, that this is the future,” said on its platform. signals,” said Microsoft’s Mr. demonstrations of its technol- cles but as the partnership
Wash., to examine a gadget Alex Kipman, a top executive on The market for head- Kipman. Businesses expressed ogy on Tuesday. grows, they will hire more
seemingly built for videogam- Microsoft’s HoloLens team. mounted displays includes aug- early enthusiasm for HoloLens, Auto dealers sell new and technicians to meet demand.
ers. Last year, U.S. businesses mented-reality devices such as he said, but acknowledged “it’s used cars but book a big chunk The Waymo deal is a part of
Today, Mr. Wada guides used about 400,000 “smart HoloLens, and virtual-reality still too expensive” for consum- of their profits on financing a broader AutoNation effort to
HoloLens-wearing trainees as glasses,” according to Forrester gear such as Facebook’s Oculus ers. and servicing vehicles. Many reduce its dependence on low-
they flip holographic switches Research Inc., including eye- Rift that occludes a person’s vi- HoloLens costs $3,000 to of them, including AutoNation, margin new-car sales. In the
as if they were sitting in a cock- wear with tiny screens such as sion, immersing them in digi- $5,000 apiece. Japan Airlines have been experimenting with last quarter, it opened “Auto-
pit. His conversion explains why Alphabet’s Google Glass and de- tally generated sights and says the device makes up for ways to become more relevant Nation USA” used-car centers
Microsoft believes its headset vices such as HoloLens, which sounds. the cost by helping it more effi- if car usage becomes more of a and expanded into branded car
initially will find a niche not overlays holographic elements That Microsoft came to steer ciently use its flight simulators, shared service. parts, auctions and collision
with zombie-hunting gamers on a person’s view of the real HoloLens to the workplace runs which run roughly $880 an AutoNation has begun ser- centers.
but with corporate trainers, de- world. Forrester expects the counter to how technology of- hour to use. The airline ac- vicing self-driving vehicles in Separately, AutoNation said
signers and repair technicians. number to climb to 6.4 million ten evolves. Consumers brought quired 10 HoloLens units and the Phoenix area, where quarterly net income from
Microsoft’s bid for com- by 2020 and 14.4 million by iPhones to work, for example, may add more, in part because Waymo has launched a pro- continuing operations fell 9.5%
manding position in the bud- 2025. often forcing employers to al- would-be pilots who train first gram that gives hundreds resi- from a year earlier to $1.00 a
ding market for augmented and Microsoft has been an early low corporate-email use on per- with the headset end up being dents free rides in the self- share, beating analysts’ expec-
virtual reality is critical, ana- mover before, such as in smart- sonal devices. much more productive in the driving cars. Mike Jackson, tations by 16 cents. Revenue
lysts say, as the devices usher in phone software, only to see ri- HoloLens emerged from an simulator, said Mr. Wada. AutoNation’s chief executive, fell 2.7% to $3.2 billion.
said he has been making regu- Same-store used-vehicle
lar visits to Waymo headquar- gross profit was up 9% from a
Twitter Worker Cuts Off Trump on Last Day ters and realized his dealer- year earlier.
BY GEORGIA WELLS aldtrump was “inadvertently service interruptions, known bility for the error. “That’s the
deactivated due to human er- for the “fail whale” icon. At last time I try to code,” the
Twitter Inc. blamed an em- ror by a Twitter employee.” the South by Southwest con- fake posting said.
ployee’s error for an 11-minute In an official tweet, Twitter ference in 2014, Twitter suf- “Seriously who is this per-
outage of President Donald said it would be “taking steps fered an outage when the com- son? I am unbelievable at
Trump’s account on Thursday to prevent this from happen- pany’s co-founder Biz Stone ‘code,’ ” the real Mr. Noto’s ac-
evening that quickly became ing again.” was speaking on stage. count tweeted.
one of the messaging plat- The glitch, which raised In recent years however, “I’ll file a JIRA ticket,”
form’s buzziest topics. questions about how Twitter Twitter has taken steps to im- tweeted another user.
Twitter said the error was employees can access users’ ac- prove its reliability. Mr. Trump returned to
made by a customer-support counts, demonstrates the vul- Some Twitter employees Twitter not long after his ac-
employee on his or her last nerabilities of the platform that and users took the error as an count was restored, tweeting
day of work at Twitter. has become one of Mr. Trump’s opportunity to crack jokes. about tax cuts and the Demo-
“We are conducting a full preferred ways of communicat- Twitter Chief Operating Offi- cratic National Committee.
WAYMO
internal review,” Twitter said ing with constituents. cer Anthony Noto retweeted a The topic “Trump’s Twitter,”
in a statement. Twitter earlier Twitter was infamous in its parody account pretending to referring to the outage, had
had said that @realdon- early years for its frequent be him that claimed responsi- more than 200,000 tweets. AutoNation will service robovans being tested in Arizona, California.
BUSINESS NEWS
More Subscribers Flee Discovery BlueApron

Posts Loss,
Smaller channels see
the most defections
but U.S. distribution
Drop in
revenue rises 6% Customers
BY KEACH HAGEY BY HEATHER HADDON
Discovery Communica- Blue Apron Holdings Inc.

tions Inc. reported an acceler- posted a loss and shed cus-
ating decline in subscribers to tomers in the third quarter,
its channels in the U.S., a sign straining to retain its edge in
that the unraveling of the ca- the saturated meal-kit market
ble-television bundle is picking just months after an initial
up speed. public offering of stock.
The media company lost 5% Shares in the company fell
of its U.S. channel subscribers 19% on Thursday to a new low
in the third quarter, an in- after Blue Apron reported a
crease from the second quar- loss of 47 cents a share. It
DISCOVERY CHANNEL/EVERETT COLLECTION
ter and up from 2% in the pe- now expects a net loss of $131
riod a year earlier. million to $138 million for the
The subscriber losses have second half of the year, rather
been concentrated among Dis- than a previously forecast net
covery’s smaller channels, loss in the range of $121 mil-
while its flagship channels like lion to $128 million.
Discovery channel, TLC and The stock closed off 87
Animal Planet have held rela- cents at $3.80.
tively steady. As a result, de- Blue Apron’s profitability
spite the subscriber decline, and customer count suffered
Discovery was able to increase from declines in advertising,
its domestic distribution reve- Discovery’s ‘Deadliest Catch.’ CEO David Zaslav said Discovery has been hurt by its absence from some of the new ‘skinny’ bundles. and the company expects sev-
nue in the third quarter by a erance costs associated with
healthy 6% and reaffirm its largest quarterly loss of cable- must pay to carry broadcast deal to acquire Scripps Net- recent layoffs to take a toll in
guidance for the year of “mid- TV subscribers in three years, networks. Echoing arguments Tuning Out works Interactive would close the current quarter. The com-
single-digit growth” in distri- while AT&T and Charter Com- long made by major Discovery Discovery Communications early next year. But Marci pany also dropped plans to
bution revenue. munications also recently re- shareholder John Malone, he share price this year Ryvicker, an analyst at Wells build a new fulfillment center
But the company’s results ported continuing pay-TV sub- argued that the inclusion of Fargo, said she was “watching in California, focusing on one
revealed just how rapidly cord- scriber declines. sports and broadcast networks $30 a share headlines” on the fate of the in New Jersey instead. “We
cutting and cord-shaving are Discovery has been posi- in essentially all pay-TV bun- pending merger between AT&T did a lot in a short period of
reshaping the television eco- tioning itself to beat these dles prices young people out of 25 and Time Warner Inc. The Wall time and it was a pretty ambi-
systems, particularly for media trends by investing in digital, the market, driving them to Street Journal reported Thurs- tious plan,” Chief Executive
companies that lack sports buying a stake in Facebook- cheaper options like Netflix. 20 day that the Justice Depart- Matt Salzberg said about the
within the U.S. market. Discov- feeding short-form video com- Mr. Zaslav said Discovery’s ment was weighing blocking company’s facility changes.
ery shares were down 7.5% in pany Group Nine and beefing subscriber picture also has the Time Warner acquisition if The company reported
15
midday trading. up its direct-to-consumer been hurt by its absence from Thursday the companies and the govern- $210.6 million in revenue for
“As subscriber declines con- some of the new generation of Reported a decline ment can’t agree on terms to the September-ended quarter,
tinue across the pay-television so-called “skinny” bundles put 10 in subscribers satisfy antitrust concerns. higher than the $191.5 million
landscape, we continue to pur- together by YouTube and Hulu, $17.31 Overall, Discovery’s net in- analysts expected.
sue our strategic pivot, to take
Results showed just and that talks with those com- come in the third quarter was Blue Apron is still the larg-
5 ▼9.7%
our content to consumers how rapidly cord- panies continue. Like Viacom flat at $218 million, as better est U.S. maker of meal kits,
across every screen and ser- Inc., another company lacking operating results were offset which provide preapportioned
vice,” said Discovery Commu-
cutting is reshaping sports in its channel portfolio,
0
by $142 million in charges tied ingredients for customers to
nications Chief Executive Da- television landscape. Discovery said it is in talks 2017 to its pending merger with assemble at their homes. But
vid Zaslav in a call with with distributors and its fellow Source: FactSet Scripps Networks Interac- competitors have started to
analysts Thursday. programmers to create a new, THE WALL STREET JOURNAL. tive. Earnings per share in- introduce products marketed
Distributors also have been sports-free skinny bundle. The creased to 38 cents, due to as more flexible and faster to
reporting accelerating declines streaming business in Europe Wall Street Journal has re- the company’s international buybacks. Revenue grew 6% to cook than Blue Apron’s.
in their pay-TV subscribers in with its Eurosport Player. ported that the entertainment- division, where the distribu- $1.65 billion, driven by an 11% Blue Apron’s customer
the latest quarter as customers Mr. Zaslav pinned blame for focused bundle is in the works tion revenue outlook was low- rise in the company’s interna- count fell to 860,000 in the
turn to more-affordable bun- the subscriber declines racking and could cost about $20 a ered, in part due to power out- tional business and a 4% rise third quarter, a 9% drop from
dles of online channels and the pay-TV industry on sports month. ages in Mexico. domestically. Analysts had ex- the second quarter and down
streaming services. Last week, programming and the rising The other unpleasant sur- Discovery executives reiter- pected revenue of $1.64 billion, from a peak of just over one
Comcast Corp. reported its fees that pay-TV distributors prise for investors came from ated their expectation that its according to FactSet. million earlier this year.
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B6 | Friday, November 3, 2017 THE WALL STREET JOURNAL.
EARNINGS WATCH EARNINGS
Shell’s Profit Nearly Triples

TEVA PHARMACEUTICAL lion in 1991.
For the quarter, revenue was
U.S. Price Pressures $5.7 billion, down 0.2% from a
Weigh on Drugmaker year ago. Profit was $788.5 mil-
lion, or 54 cents a share, com-
The world’s biggest seller of pared with $801 million, or 54 Recovering oil prices,
generic drugs, Israel’s Teva Phar- cents a share, a year ago. On an
maceutical Industries Ltd., cut adjusted basis, earnings per increased production
its full-year outlook for the sec- share came in at 55 cents. Ana- and cost cutting help
ond time this year, blaming price lysts polled by Thomson Reuters
pressure in its U.S. business and had expected revenue of $5.8 lift quarterly results
greater competition. billion and adjusted earnings per
Third-quarter adjusted net share of 55 cents. BY SARAH KENT
profit was $1 billion, compared —Austen Hufford
with $1.4 billion a year ago, while LONDON—Royal Dutch
revenue rose slightly to $5.6 bil- BOMBARDIER Shell PLC said its profit nearly
lion. Teva said it expects adjusted tripled in the third quarter
earnings per share of $3.77 to Plane Maker Touts compared with a year earlier,
$3.87 for 2017, down by roughly Airbus Partnership helped by recovering oil
ALEJANDRO CEGARRA/BLOOMBERG NEWS

30 cents from earlier guidance. prices, better conditions for its
Teva’s American depositary re- Bombardier Inc. missed ana- refineries and an increase in
ceipts were down 20% to $11.23 lysts’ revenue estimates in its oil-and-gas production.
in New York Stock Exchange latest quarter as the plane and The British-Dutch giant
composite trading at 4 p.m. train maker touted its new part- said its quarterly profit on a
Thursday. Teva’s stock is down nership with Airbus SE as a current cost-of-supplies ba-
more 60% since the end of 2016. “game-changing” step. sis—a number similar to the
—Rory Jones The Montreal company’s net income that U.S. oil com-
third-quarter revenue of $3.8 bil- panies report—was $3.7 bil-
STARBUCKS lion was less than the $4.1 billion lion, up from $1.4 billion a
expected by analysts polled by year earlier. Shell’s share price has climbed to levels not seen since before prices crashed three years ago.
Unilever to Buy Thomson Reuters. In the year- Shell’s earnings were lifted
Tazo Tea Brand earlier quarter, the company had by conditions that have giant BP PLC said it could 2014 peak of $114 a barrel. be “lower forever.”
revenue of $3.7 billion. boosted the fortunes of most cover its spending and divi- This week, Brent climbed Shell’s share price has
Starbucks Corp. said it would Bombardier last month an- giant oil companies, which dends with cash, with oil at above $60 a barrel for the climbed to levels not seen
sell its Tazo brand of teas in the nounced it would team with Air- have regained a level of equi- $49 a barrel. first time in two years. since before prices crashed
coffee seller’s latest move to fo- bus to accelerate production of librium after years of scram- Driving the results are Shell said it was able to three years ago. It rose 2.4% in
cus on its core operations. its CSeries, dealing a blow to bling to adapt to the sharp modestly recovered oil prices cover its shareholder payouts London, on a day when other
Unilever PLC is paying $384 longtime Airbus rival Boeing Co. drop in oil prices since 2014. and a raft of cost cuts that with cash at current oil energy shares and Brent crude
million for the brand, which —Cara Lombardo Last week, Exxon Mobil Shell and others say have prices—a newly important prices were down.
Starbucks bought for $8.1 mil- and Jacquie McNish Corp and Chevron Corp. both changed how they do business. metric for investors worried Strong performance in
reported increases in third- The international oil price about the safety of their divi- Shell’s refining and chemicals
quarter profit of about 50% benchmark, known as Brent, dends in a low-oil-price world. division helped underpin earn-
compared with the prior averaged around $52 a barrel The company’s chief executive, ings in the third quarter.
year. French oil major Total in the third quarter, up since Ben van Beurden, has vowed The company’s exploration
SA saw its earnings jump dipping below $30 a barrel in that the company’s mind-set and production arm also re-
40%. On Tuesday, British oil early 2016 but much below a on oil prices is that they will turned to profit in the quarter.
DowDuPont Expects Delay in Breakup

BY JACOB BUNGE planned spinoff companies, materials and specialty prod- ported sales increases except
AND ALLISON PRANG Mr. Breen said. DowDuPont, ucts, executives said Thursday for agriculture.
formed in September from the after the company reported Dow and DuPont in 2015
DowDuPont Inc. could take merger of Dow Chemical Co. better-than-anticipated profits pitched their blockbuster com-
longer than expected to split and DuPont Co., had previ- in its first quarterly report bination as a way to unite re-
CHRISTOPHER JUE/GETTY IMAGES
into three new companies af- ously aimed to execute the since the merger closed. spective strengths ranging
ter the newly merged chemical breakup within 18 months. In its latest quarter, DowDu- from farm pesticides to silicone
giant revamped its separation The conglomerate plans to Pont reported pro forma net and bulletproof fibers. Some
strategy, Chief Executive Ed cut jobs and close or sell some income of $232 million, down activist investors contested the
Breen said. facilities to save $3 billion in 53% from a year ago. Excluding breakup strategy, arguing that
DowDuPont now projects annual costs. DowDuPont aims items including restructuring, the split as originally proposed
the three-way split to take up to streamline operations be- pro forma net income rose 14% wouldn’t create the most com-
to two years as some busi- fore forming three new com- to $1.29 billion, or 55 cents a petitive spinoffs. In September
For the quarter, Starbucks revenue was $5.7 billion, down 0.2%. nesses are shifted among the panies focused on agriculture, share. Almost all segments re- DowDuPont revised the plan.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
FleetCorTech FLT 183.61 11.0 PublicStoragePfX PSApX 25.79 0.1 AndeavorLog ANDX 43.21 -1.9 OmegaHealthcare OHI 27.32 -0.6 iShU.S.Insurance IAK 66.69 0.7 UBSWellsFargoETN BDCS 20.29 -1.4
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Gallagher AJG 64.06 0.4 QTS Realty QTS 59.48 0.1 AnteroMidstream AMGP 17.60 -5.1 Omnicom OMC 65.94 -2.1 iShEdgeMSCIMultif ACWF 30.18 -0.1 ETRACS2xBDC BDCL 15.50 -5.0
Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest session. HanoverIns THG 106.66 2.6 Q2Holdings QTWO 43.65 -2.3 ArlingtonAsset AI 11.11 -1.8 Owens&Minor OMI 18.64 -10.9 iShGlobal100 IOO 91.65 0.3 VanEckBDCIncome BIZD 16.53 -1.9
% CHG-Daily percentage change from the previous trading session. HawaiianElec HE 36.64 0.5 RPC RES 25.56 1.1 BT Group BT 16.63 -4.5 PenneyJC JCP 2.46 -4.1 iShMSCIAllPeruCap EPU 42.40 0.7 VangdTelecom VOX 86.72 -1.8
HealthSouth HLS 49.99 6.6 Rayonier RYN 30.98 1.4 BlueApron APRN 3.75 -18.6 PitneyBowes PBI 11.09 -1.8 iShMSCIAustriaCap EWO 24.21 1.3
Thursday, November 2, 2017

HiltonGrandVac HGV
Hilton HLT
42.22
73.31
-1.0
...
ResoluteForest RFP
RockwellCollins COL
7.40
136.50
23.1
0.1
CBS B
CBS A
CBS
CBS.A
54.00
55.34
-3.1
-2.8
PrestigeBrands PBH
QwestNts2054 CTV
43.23
24.01
-6.7
-3.3
iShMSCIFranceETF EWQ
iShMSCIGermanyETF EWG
31.50 0.4
33.50 0.4
NYSE American highs - 2
HollyFrontier HFC 41.34 1.5 RoyalDutchA RDS.A 64.24 1.9 Cabco JCP PFH PFH 11.09 -4.2 Qwest7%Nts2056 CTAA 24.42 -3.6 JPM DivRetIntl JPIH 30.34 0.4 Chase CCF 121.70 -1.2
52-Wk % 52-Wk % 52-Wk % HondaMotor HMC 32.94 2.9 RoyalDutchB RDS.B 66.06 1.3 CapitolInvIV A CIC 9.60 -0.1 QwestNts2052 CTX 24.08 -1.9 OShFTSEAsiaPacQlty OASI 31.78 2.2 LadenburgThalmann LTS 3.16 4.6
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg HubSpot HUBS 88.50 0.3 Seacor CKH 51.59 8.8 CapsteadMtg CMO 8.63 -1.9 QwestNts2052 CTU 23.56 -1.4 OppGlbESGRevenue ESGF 30.74 0.3
BkNovaScotia BNS 65.40 1.1 ConEd ED 86.82 1.2
HyattHotels
IONGeophysical IO
H 70.48
11.95
6.2
53.2
SabineRoyalty
SantanderConUSA SC
SBR 42.85
17.02
-2.5
0.7
CardinalHealth
CircorIntl
CAH
CIR
60.33
42.51
-1.8
...
QwestNts2057 CTDD
RAIT Financial RAS
23.62
0.41
-3.5
-26.3
PIMCO DynMultIn MFDX
PIN
26.38 0.3
26.01 0.2
NYSE American lows - 10
NYSE highs - 155 Bard CR BCR
BectonDickinsonPfA BDXA
335.57
59.88
2.7
5.5
CreditSuisse
CubeSmart
CS
CUBE
16.46 4.9
28.21 2.5
ITT ITT 51.65 10.0 SiteOneLandscape SITE 64.67 1.5 ClearBridgeEnMLPFd CEM 13.17 -1.8 SafetyIncome
Satrn JCPen
SAFE
HJV
17.80
10.00
-0.3
-2.9
PwrShIndia
PwrShRussTop200Val PXLV 38.32 0.3
AsteriasBiotherap AST
BioPharmX BPMX
2.25 -2.1
0.16 -3.5
AerCap AER 54.50 0.3 Ingevity NGVT 74.47 0.6 SocialCapHed IPOA.U 10.97 -1.1 CobaltIntlEner CIE 0.62 -37.9 PwrShS&P500xRate XRLV 32.62 0.5
BectonDickinson BDX 224.73 7.7 CurtissWright CW 120.13 1.7 Scana SCG 41.15 -1.5 Biotime BTX 2.27 3.9
AirLease AL 45.15 1.5 Insperity NSP 104.50 4.6 Southern SO 53.27 2.2 ContainerStore TCS 3.59 -1.4 PwrShS&P500Mom SPMO 33.34 0.3
BrightHorizons BFAM 93.13 2.4 Dana DAN 31.41 1.6 SocialCapHedWt IPOA.WS 1.55 -3.1 CRH Medical CRHM 2.10 -6.4
AlamoGroup ALG 112.00 0.4 iStarPfdD STARpD 25.70 -0.2 Spire SR 79.60 -0.1 Corts JCPen JBS JBN 9.92 -4.2 PwrShWldrClean PBW 24.80 0.7
Brown&Brown BRO 50.81 0.6 Danaher DHR 93.14 -0.2 SpectrumBrands SPB 98.11 -6.9 ComstockMining LODE 0.09 -6.1
Albemarle ALB 143.69 -3.8 CF Industries CF 39.04 1.3 DaqoNewEnergy DQ 40.51 0.3 iStarPfdI STARpI 25.91 2.0 SpiritAeroSys SPR 83.05 4.3 Corts JC KTP KTP 11.08 -6.2 ProShrUltraDow30 DDM 119.07 0.8 GoldStandrdVntr GSV
StandardMotor SMP 42.66 0.3 1.27 2.3
AlexandriaRealEst ARE 125.99 -0.5 CNOOC CEO 141.11 3.6 Deere DE 135.04 0.1 Kennametal KMT 48.89 9.4 StellusCap5.75Nt22 SCA 25.63 0.3 Coty COTY 14.43 -5.6 ProShrUltraFnl UYG 120.27 1.5 IsoRay
TevaPharm TEVA 10.85 -19.9 ISR 0.38 -11.3
Alibaba BABA 191.22 -0.7 CVR Energy CVI 30.92 1.2 DelekUS DK 28.35 0.8 Kyocera KYO 69.78 0.5 Strats GSG GJS GJS 20.39 2.4 CushingTotRetFd SRV 10.79 -2.5 ProShrUltraJapan EZJ 126.09 0.3 PacGE pfB
TimeInc. TIME 10.55 -4.5 PCGpB 27.06 -4.1
AlleghenyTechs ATI 26.59 2.2 CVR Refining CVRR 12.85 -0.8 DukeEnergy DUK 88.73 0.8 LazardGlblFd LGI 17.23 -0.4 SunCommunities SUI 92.22 0.1 DeanFoods DF 9.36 -3.0 ProShUltDow30 UDOW 80.74 1.0 RegionalHlthProp RHE
TreeHouseFoods THS 40.50 -35.2 0.41 56.3
Allstate ALL 98.21 3.8 CabotOil COG 28.29 1.3 EMCOR EME 81.61 0.8 Leidos LDOS 64.12 ... TableauSoftware DATA 82.32 1.7 DeutscheStratMuni KSM 11.84 ... SPDRS&P1500ValTilt VLU 99.41 0.1 TelInstrElec
TriangleNts22 TCCB 23.99 -0.9 TIK 2.40 1.3
AllyFinancial ALLY 26.77 0.7 CadenceBancorp CADE 25.14 2.3 EPAM Systems EPAM 99.16 9.4 LibertyProperty LPT 43.84 0.9 TaiwanFund TWN 21.68 -0.1 EP Energy EPE 2.23 -7.0 SPDR DJIA Tr DIA 235.17 0.3
LincolnNational LNC 77.46 1.5 EastmanKodak KODK 4.99 -1.9 TriangleCap TCAP 8.91 -21.0
AlonUSAPartners ALDW
Ameren AEE
13.28
62.49
4.1
0.8
CAE
Calpine
CAE
CPN
18.18
15.11
0.2
-0.2
Ecopetrol
EmployersHldgs
EC
EIG
11.56 -1.1
49.60 1.3 Loews L 49.93 -0.1
TelecomArgentina TEO
TeledyneTech TDY
34.20
179.01
1.0
4.8 EastmanKodakWt KODK.WS.A 0.02 -55.4 TriangleNts
TwoHarbors
TCCA
TWO
24.09
15.60
-1.6
59.3
SPDR EurSTOXX FEZ
SpinFieldUVAUncons FFIU
41.92 0.3
25.15 0.6 Nasdaq highs - 128
AEP AEP 74.92 -0.4 CanNaturalRes CNQ 35.55 0.7 EntergyMS Bds EMP 25.10 0.3 MSCI MSCI 127.23 6.7 Teleflex TFX 263.97 5.4 EdgewellPersonal EPC 61.91 -3.9 USAACoreInterBd UITB 50.25 ... ACI Worldwide ACIW 25.00 -3.1
Manpower MAN 125.84 1.3 Enbridge ENB 36.62 -4.2 UnderArmour C UA 10.42 -4.0
AmerWaterWorks AWK 90.22 2.6 Care.com CRCM 17.10 13.8 Exelon EXC 40.81 1.4 Teradata TDC 38.08 11.3 USGasolineFd UGA 32.12 2.4 ALPS/DorseyMom SWIN 29.41 0.1
MarathonPetrol MPC 62.34 2.1 EvolentHealth EVH 14.45 -2.6 UnderArmour A UAA 11.45 -2.2
Andeavor ANDV 111.27 0.5 CatchMarkTimber CTT 13.20 1.0 ExtraSpaceSt EXR 85.92 1.9 TerrenoRealty TRNO 38.06 1.3 VanEckIndiaSC SCIF 63.77 0.7 Ansys ANSS 155.14 9.6
MarriottVacations VAC 141.88 4.1 FS Investment FSIC 7.65 -1.9 VoyaPrimeRate PPR 5.11 -0.2
AsiaPacificFund APB 14.68 -0.5 CenturyComm CCS 29.20 -4.5 FangHoldings SFUN 4.77 2.6 Total TOT 56.60 0.6 VanEckOilRefin CRAK 29.20 0.9 AdobeSystems ADBE 181.48 2.7
WesternGasPtrs WES 45.34 -2.0
AutoNation AN 55.77 14.8 CharlesRiverLabs CRL 119.05 -0.5 FederalSignal FSS 23.64 9.1 McDonalds MCD 168.47 1.0 TowerIntl TOWR 33.15 4.4 FT SrFR Incm FCT 13.03 -0.2 WisdTrIndiaEarn EPI 27.36 0.3 AlliedMotionTech AMOT 30.50 7.2
WideOpenWest WOW 12.65 0.9
AveryDennison AVY 108.58 1.3 Cigna CI 205.75 0.3 FidelityNatlFin FNF 38.07 -0.1 MetLife MET 55.91 3.5 ToyotaMotor TM 125.49 0.7 FivePoint FPH 12.00 -4.4 XtrkrsMSCIAWxUS DBAW 28.21 0.1 AlnylamPharm ALNY 147.63 10.3
XeriumTech XRM 4.07 -6.0
MiXTelematics MIXT 10.84 4.7 Travelers TRV 135.71 0.9 GameStop GME 18.22 -0.5 XtrkrsMSCIAWxUSHi HDAW 26.85 0.4 Altaba AABA 72.47 -0.1
ModineMfg MOD 23.55 2.9 26.70 0.8 GeneralElec GE 19.63 -0.4
MonmouthRealEst MNR 17.40 1.2
TwoHarborsPfdB TWOpB
VailResorts MTN 233.77 0.6 GenieEnergy GNE 5.02 0.6 NYSE Arca highs - 54 XtrkrsMSCIHiDiv HDEF
XtrkrsMSCIEurope DBEU
25.41 ... AndinaAcqnIIUn ANDAU 12.00 17.6
29.13 0.4 AtlanticaYield ABY 24.13 3.1
Moog A MOG.A 89.38 1.8 ValeroEnergy VLO 82.19 1.1 GlaxoSmithKline GSK 35.86 -0.7 ALPSIntlDivDogs IDOG 28.65 0.5 AveXis AVXS 108.27 4.4
NRG Energy
NatlPrestoInds NPK
NRG 27.44
120.05
4.5
1.9
VirtusGlbDiv&Incm ZTR
VishayPrecision VPG
13.47
24.95
0.1
1.2
GranitePointMtg GPMT
HeclaMining HL
17.70
4.57
-5.4
-1.1
CSOPFTSEChinaA50 AFTY
ColumbiaEMCoreXCh XCEM
18.07
28.96
0.1
0.4
NYSE Arca lows - 22 AxoGen
BallardPower
AXGN
BLDP
23.80 10.4
5.64 10.5
ADVERTISEMENT NewJerseyRscs NJR 44.85 0.1 WNS WNS 39.21 1.4 Interpublic IPG 18.92 -2.7 DirexFinlBull3 FAS 62.05 2.1 AIPoweredEquity AIEQ 24.62 -0.7 Biomerica BMRA 3.18 6.2
NexPointCreditFd NHF 23.98 -0.2 Wal-Mart WMT 89.17 1.0 Intrexon XON 15.62 -0.4 E-TRACS Lvstk UBC 21.19 4.0 DBCommodityDblLong DYY 2.08 9.5 BlueprintMed BPMC 73.22 0.7
NexPointResidentl NXRT 26.88 6.7 WellCareHealth WCG 204.06 ... KKRIncomeOppsRt KIOr 0.28 18.5 DirexFinlBear3 FAZ 13.06 -1.9 Bruker BRKR 32.09 -1.9
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NorthstarRltyEur NRE 13.95 1.1 Winnebago WGO 49.90 -3.3 KayneAnderson KED 15.09 -2.0 FT Dow30EW EDOW 21.14 0.2 ETRACSMthPay2xLev DVHL 19.75 -0.8 CB FinSvcs CBFV 30.50 0.2
NuvMtgOppTermFd JLS 25.97 0.4 XPO Logistics XPO 72.46 2.7 KayneAnMLPInv KYN 15.28 -2.8 FT FinlsAlpDx FXO 30.53 0.3 ETRACSWFBusDev BDCZ 20.38 -3.1 CH Robinson CHRW 81.35 0.3
OaktreeSpecNts24 OSLE 25.25 0.1 YumBrands YUM 80.66 6.5 KinderMorgan KMI 17.73 -1.8 FT GlbEngg FLM 58.48 0.3 GlbXSuperIncPfd SPFF 12.30 -0.2 CME Group CME 140.57 3.1
Oppenheimer A OPY 22.90 4.6 Zendesk ZEN 35.00 12.2 KinderMorganPfdA KMIpA 37.02 -1.2 FrankUSLowVol FLLV 29.20 0.1 GuggBS2025HYCpBd BSJP 24.96 ... CRA Intl CRAI 43.73 1.6
To advertise: 800-366-3975 or WSJ.com/classifieds Orix IX 89.46 1.5 Zoetis ZTS 67.85 4.3 Luby's LUB 2.40 0.4 GlbXSciBetaAsiaXJ SCIX 26.13 0.3 Inspire100ETF BIBL 25.02 -0.1 CadenceDesign CDNS 43.84 1.8
OrmatTech ORA 65.91 0.9 MSG Networks MSGN 16.45 1.8 GlbXSciBetaJapan SCIJ 32.06 0.1 ProShShtBasicMat SBM 18.24 -0.4 CalumetSpecialty CLMT 9.40 4.5
OwensCorning
PBF Energy
OC
PBF
83.31
31.67
-1.0
2.6
NYSE lows - 92 MacquarieInfr
MedleyMgmt
MIC
MDLY
65.57
5.55
-3.6
-0.9
GraniteS&P Comm COMG
IQ HedMacrTrac MCRO
26.32
26.52
0.3
0.2
ProShShtDow30 DOG
ProShShtFinls SEF
15.76 -0.4 CanadianSolar
11.97 -0.8 CanterburyPark CPHC
CSIQ 18.68 4.2
13.20 -1.3
PSBusParksPfdW PSBpW 25.62 -1.0 AES AES 10.46 2.1 Mednax MD 40.56 0.7 IQMergerArbitrage MNA 31.13 0.2 ProShUltShtDow30 SDOW 22.99 -0.9 CasellaWaste CWST 20.90 13.1
BANKRUPTCIES ParkerHannifin PH 189.83 2.8 AK Steel AKS 4.21 -2.8 NCR NCR 30.43 -3.1 iPathBlmIndMetalTR JJM 29.62 0.4 ProShUltShDow30 DXD 9.70 -0.6 CavcoIndustries CVCO 157.80 -1.8
PrefApartment APTS 20.84 1.9 ARCDocumentSolns ARC 3.01 -21.6 NOW DNOW 10.54 -0.6 iPathLgRus1000 ROLA 285.20 1.6 ProShrUSFnl SKF 22.44 -1.5 CboeGlobalMkts CBOE 115.74 2.6
PrincipalFin PFG 69.40 2.6 AT&T T 32.93 -1.1 NewellBrands NWL 29.70 -26.8 iShCoreMSCIPacific IPAC 59.10 0.4 ProShrUS MSCI EAFE EFU 23.60 -0.8 Celcuity CELC 19.49 -0.2
Progressive PGR 50.14 1.0 AdvanceAuto AAP 80.21 1.2 NielsenHoldings NLSN 35.84 1.8 iShCurrHdgNikk400 HJPX 30.30 0.2 ProShrUS MSCI Jpn EWV 27.62 -0.5 ChemungFinl CHMG 48.49 2.4

Prologis PLD 66.25 1.4 AlaskaAir ALK 63.56 -3.2 Nordstrom JWN 39.28 -1.5 iShUSFinlServices IYG 124.90 0.8 ProShrUSSemi SSG 10.32 -1.1 ChinaInfoTech CNIT 1.39 1.5

ProPetro PUMP 17.35 -0.5 AmericanRenal ARA 11.08 -1.2 NuSTAREnergy NS 31.97 -3.8 iShUS Finls IYF 115.86 0.7 2xLevLgETRACSWF LBDC 15.80 -5.7 Continues on Page B9
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MARKETS DIGEST
EQUITIES
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
23516.26 s 81.25, or 0.35% Trailing P/E ratio 21.31 19.61 2579.85 s 0.49, or 0.02% Trailing P/E ratio 24.16 24.31 6714.94 t 1.59, or 0.02% Trailing P/E ratio * 26.00 24.09
High, low, open and close for each P/E estimate * 19.54 17.19 High, low, open and close for each P/E estimate * 19.49 18.02 High, low, open and close for each P/E estimate * 21.55 19.35
trading day of the past three months. Dividend yield 2.18 2.62 trading day of the past three months. Dividend yield 1.92 2.16 trading day of the past three months. Dividend yield 1.07 1.21
All-time high 23516.26, 11/02/17 All-time high: 2581.07, 10/27/17 All-time high: 6727.67, 10/31/17
Current divisor 0.14523396877348

23500 2570 6700
Session high
DOWN UP 23000 2540 6600
t
Session open Close
Close Open
t
22500 2510 6500

Session low
22000 2480 6400
21500 2450 65-day moving average 6300

65-day moving average 65-day moving average
21000 2420 6200
Bars measure the point change from session's open

20500 2390 6100
July Aug. Sept. Oct. July Aug. Sept. Oct. Aug. Sept. Oct.
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 909,187,337 10,586,396
Industrial Average 23531.38 23350.98 23516.26 81.25 0.35 23516.26 17888.28 31.2 19.0 10.6 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 393,291,239 5,056,672
Transportation Avg 9811.87 9679.28 9778.33 -5.48 -0.06 10038.13 8053.09 21.4 8.1 3.8 Most-active issues in late trading Decl. volume* 502,395,269 5,382,762
Utility Average 755.25 746.54 750.97 2.02 0.27 754.80 625.44 14.3 13.9 8.0 Volume After Hours Issues traded 3,065 332
Company Symbol (000) Last Net chg % chg High Low Advances 1,468 149
Total Stock Market 26728.99 26581.63 26714.24 8.02 0.03 26743.96 21514.15 24.1 14.8 8.4
Apple AAPL 8,306.9 172.08 3.97 2.36 174.35 166.68 Declines 1,492 167
Barron's 400 687.22 682.97 685.37 -2.11 -0.31 691.56 521.59 31.4 13.9 8.5
Intel INTC 8,232.6 47.25 0.15 0.32 47.33 46.41 Unchanged 105 16
Nasdaq Stock Market SPDR S&P 500 SPY 7,331.9 257.69 0.10 0.04 257.77 257.17 New highs 155 2
Nasdaq Composite 6719.97 6677.55 6714.94 -1.59 -0.02 6727.67 5046.37 32.7 24.7 13.2 iShares MSCI Hong Kong EWH 6,475.9 25.06 -0.04 -0.16 25.10 25.06 New lows 92 10
6243.74 6194.58 Closing tick 156 46
Nasdaq 100 6236.39 -12.25 -0.20 6248.65 4660.46 33.3 28.2 14.5 Ford Motor F 5,573.2 12.43 0.01 0.08 12.45 12.31
Closing Arms† 1.40 1.06
iShares MSCI Emg Markets EEM 5,057.2 46.76 0.18 0.39 46.76 46.55
Standard & Poor's Block trades* 6,494 103
Starbucks SBUX 4,376.7 53.05 -1.82 -3.32 55.27 50.75
500 Index 2581.11 2566.17 2579.85 0.49 0.02 2581.07 2085.18 23.5 15.2 8.5 Nasdaq NYSE Arca
General Electric GE 3,869.9 19.93 -0.01 -0.05 19.95 19.82
MidCap 400 1837.71 1826.18 1831.34 1.24 0.07 1839.12 1476.68 24.0 10.3 8.9 Total volume*2,236,529,092 216,607,084
SmallCap 600 909.58 900.74 906.67 0.25 0.03 918.72 703.64 28.9 8.2 10.1 Percentage gainers… Adv. volume*1,063,478,414 140,194,810
Decl. volume*1,133,760,449 67,467,149
Other Indexes Diana Containerships DCIX 28.2 3.45 0.95 38.00 3.90 2.70
Issues traded 3,042 1,289
Russell 2000 1499.94 1487.73 1496.55 3.77 0.25 1512.09 1156.89 29.4 10.3 8.4 Boot Barn Holdings BOOT 6.7 9.89 1.49 17.74 10.10 8.40
Advances 1,639 728
NYSE Composite 12377.09 12316.77 12372.96 10.08 0.08 12430.52 10289.35 20.0 11.9 4.5 Cardtronics Cl A CATM 77.1 21.45 2.98 16.13 25.99 18.47 Declines 1,265 531
Value Line 541.72 538.80 540.25 -0.71 -0.13 545.98 455.65 18.6 6.7 3.0 Floor Decor Cl A FND 15.4 42.20 4.43 11.73 42.20 38.84 Unchanged 138 30
NYSE Arca Biotech 4166.31 4088.29 4145.28 59.50 1.46 4304.77 2834.14 46.3 34.8 7.3
Entravision Commun EVC 7.9 5.75 0.60 11.55 6.01 5.10 New highs 128 54
New lows 76 22
NYSE Arca Pharma 535.88 532.25 533.85 -2.36 -0.44 560.52 463.78 15.0 10.9 0.2 ...And losers
Closing tick 608 59
KBW Bank 102.49 100.81 102.31 0.62 0.61 102.31 73.36 39.3 11.5 12.4 CBL Assocs Properties CBL 228.8 6.95 -1.04 -13.02 7.99 6.90 Closing Arms† 1.38 0.71
PHLX§ Gold/Silver 82.28 81.00 81.30 0.02 0.03 96.72 73.03 -9.0 3.1 7.8 Clean Energy Fuels CLNE 67.9 2.10 -0.29 -12.13 2.39 1.90 Block trades* 8,012 1,116
PHLX§ Oil Service 135.05 131.80 132.89 -0.63 -0.47 192.66 117.79 -11.9 -27.7 -18.9 Bovie Medical BVX 8.4 3.50 -0.47 -11.84 3.95 3.50 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 1280.60 1263.76 1277.34 5.83 0.46 1277.34 802.88 58.1 40.9 25.8 Pandora Media P 714.4 6.56 -0.85 -11.47 7.70 6.56 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 10.89 9.67 -0.27 -2.65 22.51 9.19 -55.0 -29.3 -10.9 issues with the volume of shares rising and falling. An
9.93 Tableau Software DATA 307.0 73.00 -9.17 -11.16 82.20 70.76 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2981.65 5.03 0.17 17.8 ION Geophysical IO 11.95 4.15 53.21 11.95 3.20 86.7 Funko Cl A FNKO 7.07 -4.93 -41.08 ... ... ...
DJ Global Index 385.54 0.30 0.08 18.2 Payment Data Systems PYDS 3.38 0.97 40.25 4.10 1.17 86.7 Kemet KEM 15.98 -8.84 -35.62 27.35 3.60 335.4
DJ Global ex U.S. 260.43 0.36 0.14 21.7 AAC Holdings AAC 10.02 2.47 32.72 13.06 5.99 28.5 TreeHouse Foods THS 43.03 -23.33 -35.16 90.42 40.50 -38.3
Americas DJ Americas 620.17 0.29 0.05 14.8 Electro Scientific Inds ESIO 21.06 4.75 29.12 21.98 4.54 355.8 Impinj PI 21.55 -11.25 -34.30 60.85 19.97 -14.8
Brazil Sao Paulo Bovespa 73823.74 … Closed 22.6 Dicerna Pharmaceuticals DRNA 7.23 1.59 28.19 7.89 2.42 162.0 Allena Pharmaceuticals ALNA 9.98 -4.02 -28.71 ... ... ...
Canada S&P/TSX Comp 16014.99 –14.34 –0.09 4.8 Almost Family AFAM 51.30 10.90 26.98 62.95 38.05 25.9 OraSure Technologies OSUR 13.76 -5.26 -27.66 23.01 7.09 88.2
Mexico S&P/BMV IPC 48334.45 … Closed 5.9 Xenetic Biosciences XBIO 2.80 0.59 26.70 5.90 1.75 -30.0 Nuvectra NVTR 10.06 -3.74 -27.10 15.00 4.63 104.3
Chile Santiago IPSA 4182.63 –57.68 –1.36 29.8 China Internet Nationwide CIFS 37.89 7.69 25.46 43.30 10.81 ... Newell Brands NWL 30.01 -10.99 -26.80 55.08 29.70 -37.0
U.S. Global Investors A GROW 3.27 0.66 25.29 3.32 1.25 124.0 Oclaro Inc OCLR 5.96 -2.06 -25.69 11.30 5.93 -25.9
EMEA Stoxx Europe 600 394.94 –1.83 –0.46 9.3
Juno Therapeutics JUNO 59.91 11.60 24.01 60.00 17.52 163.7 MicroVision MVIS 1.66 -0.55 -24.89 3.25 1.01 58.1
Eurozone Euro Stoxx 399.80 –0.64 –0.16 14.1
Belgium Bel-20 4102.26 –14.24 –0.35 13.8 Resolute Forest Products RFP 7.20 1.35 23.08 7.40 3.70 80.0 Habit Restaurants Cl A HABT 9.30 -3.05 -24.70 19.75 9.05 -34.5
France CAC 40 5510.50 –3.79 –0.07 13.3 Med Transcription Billing MTBC 4.09 0.72 21.36 5.44 0.29 381.8 ARC Document Solutions ARC 3.48 -0.96 -21.62 5.55 3.01 0.6
Germany DAX 13440.93 –24.58 –0.18 17.1 Lantheus Holdings LNTH 22.60 3.90 20.86 22.75 7.95 162.8 BioScrip BIOS 1.91 -0.49 -20.42 3.39 0.98 -26.0
Israel Tel Aviv 1427.62 –15.28 –1.06 –2.9 ZAGG Inc ZAGG 18.85 3.15 20.06 19.38 5.65 201.6 Teva Pharmaceutical ADR TEVA 11.23 -2.79 -19.90 43.46 10.85 -71.4
0.24 19.8 Alliance One Intl AOI 13.20 2.20 20.00 19.50 9.85 -8.3 AMAG Pharmaceuticals AMAG 12.80 -3.15 -19.75 36.83 11.93 -46.2
Italy FTSE MIB 23046.05 54.06
Netherlands AEX 553.83 –0.66 –0.12 14.6
Russia RTS Index 1118.66 –7.77 –0.69 –2.9 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 10457.80 –48.90 –0.47 11.8
Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Sweden SX All Share 597.41 –0.19 –0.03 11.8 Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Switzerland Swiss Market 9279.65 11.83 0.13 12.9
Teva Pharmaceutical ADR TEVA 117,209 346.1 11.23 -19.90 43.46 10.85 SPDR Portfolio Small Cap SPSM 5,270 11215 29.35 0.38 29.71 22.75
U.K. FTSE 100 7555.32 67.36 0.90 5.8
General Electric GE 77,656 43.6 19.94 -0.40 32.38 19.63 Cambria Shareholder Yield SYLD 217 3047 36.13 0.35 36.40 29.04
Asia-Pacific AT&T T 71,531 158.2 33.17 -1.13 43.03 32.93 iShares Govt/Credit Bond GBF 602 2656 114.21 0.13 115.82 111.23
Australia S&P/ASX 200 5931.70 –6.10 –0.10 4.7 Bank of America BAC 58,726 -9.3 27.87 1.24 27.98 16.35 American River Bankshares AMRB 170 2048 14.93 -1.13 15.99 12.00
China Shanghai Composite 3383.31 –12.60 –0.37 9.0 Brocade Comms Sys BRCD 57,519 628.7 12.58 7.16 12.72 11.43 Granite Point Mtg Trust GPMT 3,515 1966 17.76 -5.43 19.30 17.70
Hong Kong Hang Seng 28518.64 –75.42 –0.26 29.6 Finl Select Sector SPDR XLF 50,238 -1.4 26.89 0.94 26.93 19.40 Intellia Therapeutics NTLA 7,244 1936 21.00 -17.55 33.34 10.83
India S&P BSE Sensex 33573.22 –27.05 –0.08 26.1 SPDR S&P 500 SPY 49,064 -23.4 257.59 0.04 258.43 208.38 CF Cl A CFCO 8,391 1856 9.68 -11.76 12.25 9.55
Japan Nikkei Stock Avg 22539.12 119.04 0.53 17.9 Advanced Micro Devices AMD 47,438 -18.3 10.85 0.46 15.65 6.22 Attunity ATTU 464 1677 7.65 16.44 9.54 4.15
Singapore Straits Times 3380.50 –11.11 –0.33 17.3 Newell Brands NWL 47,303 852.2 30.01 -26.80 55.08 29.70 iShares NA Tech-Mult IGN 224 1627 45.40 -2.18 47.91 39.94
South Korea Kospi 2546.36 –10.11 –0.40 25.7 Chesapeake Energy CHK 42,963 45.9 3.66 -7.58 8.20 3.41 TreeHouse Foods THS 13,844 1581 43.03 -35.16 90.42 40.50
Taiwan Weighted 10788.51 –17.85 –0.17 16.6 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Sources: SIX Financial Information; WSJ Market Data Group 5,000 shares =Has traded fewer than 65 days
CREDIT MARKETS & CURRENCIES Currencies

U.S.-dollar foreign-exchange rates in late New York trading
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race US$vs, US$vs,
andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Country/currency
Thurs YTDchg
in US$ per US$ (%) Country/currency
Thurs YTDchg
in US$ per US$ (%)
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
Americas Thailand baht .03022 33.090 –7.6
A consumer rate against its Home Equity Vietnam dong .00004403 22713 –0.3
3.75% Argentina peso .0571 17.5210 10.4
benchmark over the past year 10% Brazil real .3060 3.2681 0.4 Europe
Bankrate.com avg†: 5.19%
WSJ Dollar index Canada dollar .7808 1.2808 –4.7 Czech Rep. koruna .04538 22.037 –14.2
WaterStone Bank, SSB 1.95% 3.00 5
s
s Chile peso .001590 629.00 –6.1 Denmark krone .1567 6.3836 –9.7
6.00% Wauwatosa, WI 414-258-5880 Euro .0003303 3028.00 1.1658 .8578 –9.8
2.25 0 Colombia peso 0.9 Euro area euro
Home equity loan Cambridge Savings Bank 2.99% Ecuador US dollar 1 1 unch Hungary forint .003750 266.64 –9.4
Thursday
t
t 5.00 1.50
Cambridge, MA 888-418-5626 –5 Mexico peso .0527 18.9826 –8.5 Iceland krona .009428 106.07 –6.1
Peru new sol .2942 3.399 1.4 Norway krone .1229 8.1356 –5.9
4.00 City National Bank of West Virginia 2.99% 0.75 –10 Uruguay peso .03431 29.1500 –0.7 Poland zloty .2753 3.6323 –13.2
t
s Yen
t
Charleston, WV 304-925-6611 One year ago Venezuela b. fuerte .090905 11.0006 10.1 Russia ruble .01718 58.197 –5.0
Prime rate 0.00
3.00 Third Federal S&LA 3.24% –15 Asia-Pacific Sweden krona .1191 8.3946 –7.8
1 3 6 1 2 3 5 710 30 2017 Switzerland franc 1.0006 .9994 –1.9
Cleveland, OH 888-THIRDFED Australian dollar .7714 1.2963 –6.6
2.00 month(s) years Turkey lira .2634 3.7972 7.8
Dollar Bank, a Federal Savings Bank 3.74% China yuan .1513 6.6102 –4.8
N D J FMAM J J A S ON maturity Ukraine hryvnia .0371 26.9396 –0.5
Hong Kong dollar .1282 7.8012 0.6
2017 Pittsburgh, PA 800-828-5527 UK pound 1.3058 .7658 –5.5
India rupee .01550 64.505 –5.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Middle East/Africa
Indonesia rupiah .0000741 13493 –0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Japan yen .008766 114.08 –2.5 Bahrain dinar 2.6472 .3778 0.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Kazakhstan tenge .002987 334.74 0.3 Egypt pound .0566 17.6535 –2.6
Federal-funds rate target 1.00-1.25 1.00-1.25 0.25 l 1.25 1.00 Corporate Borrowing Rates and Yields Macau pataca .1244 8.0391 1.6 Israel shekel .2851 3.5076 –8.9
Malaysia ringgit .2362 4.2345 –5.6 Kuwait dinar 3.3033 .3027 –0.9
Prime rate* 4.25 4.25 3.50 l 4.25 1.00 Yield (%) 52-Week Total Return (%)
Bond total return index Close Last Week ago High Low 52-wk 3-yr New Zealand dollar .6914 1.4463 0.2 Oman sul rial 2.5950 .3854 0.1
Libor, 3-month 1.39 1.38 0.88 l 1.39 1.16 Pakistan rupee .00950 105.255 0.8 Qatar rial .2746 3.642 0.04
Money market, annual yield 0.32 0.32 0.26 l 0.36 -0.10 Treasury, Ryan ALM 1461.370 2.117 2.191 2.237 1.482 –1.142 2.051 Philippines peso .0195 51.386 3.6 Saudi Arabia riyal .2666 3.7504 –0.01
Five-year CD, annual yield 1.47 1.47 1.19 l 1.47 -0.06 10-yr Treasury, Ryan ALM 1734.358 2.347 2.452 2.609 1.783 1.993 1.902 Singapore dollar .7359 1.3589 –6.1 South Africa rand .0715 13.9783 2.1
30-year mortgage, fixed† 3.95 4.00 3.61 l 4.33 -0.12 South Korea won .0008990 1112.35 –7.9
DJ Corporate 380.087 3.047 3.085 3.390 2.730 3.169 3.991 Close Net Chg % Chg YTD%Chg
Sri Lanka rupee .0065104 153.60 3.5
15-year mortgage, fixed† 3.24 3.30 2.85 l 3.50 0.01 Aggregate, Barclays Capital 1942.220 2.610 2.660 2.790 2.100 0.927 2.442 Taiwan dollar .03313 30.180 –7.0 WSJ Dollar Index 87.72 –0.03–0.04 –5.62
Jumbo mortgages, $424,100-plus† 4.31 4.38 4.23 l 4.88 -0.01 High Yield 100, Merrill Lynch 2866.043 5.233 5.157 6.448 4.948 9.084 4.136 Sources: Tullett Prebon, WSJ Market Data Group
Five-year adj mortgage (ARM)† 3.48 3.53 3.13 l 4.03 -0.29
Fixed-Rate MBS, Barclays 1987.230 2.870 2.950 3.120 2.270 0.554 2.122
New-car loan, 48-month 3.01 3.02 2.85 l 3.36 -0.23
HELOC, $30,000 5.19 5.19 4.57 l 5.30 0.74
Muni Master, Merrill 521.467 1.991 1.978 2.516 1.677 1.745 2.630 COMMODITIES
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 807.661 5.431 5.544 6.290 5.279 6.463 5.656 Commodities Thursday 52-Week YTD
banks.† Excludes closing costs. Pricing trends on someClose
raw materials, or commodities
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch Net chg % Chg High Low % Chg % chg
DJ Commodity 604.29 1.05 0.17 604.29 527.06 14.27 6.53

Get real-time U.S. stock quotes and track most-active Track the Markets 188.13 0.10 195.14 2.59 -2.28
WSJ
TR/CC CRB Index 0.18 166.50
stocks, new highs/lows and mutual funds. Plus, Compare the performance of selected global stock Crude oil, $ per barrel 54.54 0.24 0.44 54.54 42.53 22.12 1.53
deeper money-flows data and email delivery of key indexes, bond ETFs, currencies and commodities at Natural gas, $/MMBtu 2.935 0.042 1.45 3.93 2.56 5.99 -21.19
.COM WSJ.com/TrackTheMarkets
stock-market data. Available free at WSJMarkets.com Gold, $ per troy oz. 1274.90 0.80 0.06 1346.00 1127.80 -2.09 10.86
COMMODITIES WSJ.com/commodities
Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
Open
interest Open
Contract
Open
interest
Metal & Petroleum Futures Nov 16.65 16.74 16.46 16.56 –.07 4,661 Dec .8777 .8824 .8771 .8788 .0017 268,235
Agriculture Futures Dec 15.88 15.99 15.69 15.73 –.16 4,079 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Contract Open Cocoa (ICE-US)-10 metric tons; $ per ton. Nov .7779 .7808 .7776 .7807 .0042 1,433
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. Dec 2,127 2,127 2,048 2,052 –71 86,529 Dec .7776 .7816 .7769 .7809 .0043 152,485
Copper-High (CMX)-25,000 lbs.; $ per lb. Dec 347.75 352.00 347.50 350.50 2.25 770,705 March'18 2,120 2,120 2,051 2,055 –64 112,932 British Pound (CME)-£62,500; $ per £
Nov 3.1300 3.1470 3.1275 3.1355 0.0025 1,317 March'18 361.25 365.25 360.75 364.00 2.25 356,368 Coffee (ICE-US)-37,500 lbs.; cents per lb. Nov 1.3294 1.3294 1.3051 1.3066 –.0188 1,166
Dec 3.1370 3.1710 3.1145 3.1435 0.0010 152,545 Oats (CBT)-5,000 bu.; cents per bu. Dec 123.35 127.60 122.55 126.40 3.45 118,155 Dec 1.3266 1.3316 1.3057 1.3078 –.0188 173,981
Gold (CMX)-100 troy oz.; $ per troy oz. Dec 272.00 272.75 264.25 264.50 –7.00 4,830 March'18 126.80 130.95 126.10 129.85 3.40 67,821
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Nov 1272.20 1274.80 1270.30 1274.90 0.80 135 March'18 274.00 274.00 269.00 269.50 –5.50 2,693 Dec 1.0001 1.0078 .9994 1.0036 .0042 76,077
Dec 1275.20 1285.10 1274.00 1278.10 0.80 372,240 Soybeans (CBT)-5,000 bu.; cents per bu. March 14.65 14.65 14.15 14.23 –.38 419,204
May 14.70 14.70 14.26 14.36 –.33 136,130 March'18 1.0102 1.0144 1.0091 1.0104 .0042 172
Feb'18 1279.70 1289.20 1278.30 1282.40 0.80 97,120 Nov 979.50 989.50 979.50 989.00 8.00 9,125 Australian Dollar (CME)-AUD 100,000; $ per AUD
April 1285.00 1292.90 1283.00 1286.40 0.90 16,779 Jan'18 990.25 1000.50 990.00 999.25 8.00 322,388 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
March 27.29 27.29 27.29 27.28 .03 2,743 Nov .7674 .7727 .7674 .7715 .0048 1,291
June 1290.40 1297.00 1286.60 1290.20 0.80 14,750 Soybean Meal (CBT)-100 tons; $ per ton. Dec .7675 .7726 .7669 .7713 .0049 127,800
Dec 1304.30 1307.60 1298.90 1302.40 0.80 10,552 Dec 313.50 317.80 313.30 317.40 3.80 125,179
Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec 68.40 69.30 68.11 69.08 .91 103,148 Jan'18 .7697 .7723 .7693 .7711 .0049 732
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan'18 315.60 319.80 315.40 319.40 3.70 95,489 Feb .7695 .7721 .7691 .7710 .0049 494
March'18 68.35 69.00 68.06 68.97 .82 88,636
Dec 1001.55 1003.80 985.35 994.00 –4.15 29,746 Soybean Oil (CBT)-60,000 lbs.; cents per lb. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. March .7669 .7722 .7669 .7709 .0050 743
March'18 986.00 995.15 s 980.05 985.90 –4.15 5,041 Dec 34.83 35.10 34.59 34.86 –.04 142,972 Nov 151.90 152.80 151.90 155.75 2.85 51 Mexican Peso (CME)-MXN 500,000; $ per MXN
Platinum (NYM)-50 troy oz.; $ per troy oz. Jan'18 35.01 35.25 34.75 35.02 –.04 105,874 Jan'18 152.05 155.40 151.25 154.90 2.85 5,694 Nov .05218 .05226 .05202 .05270 .00053 29
Nov 914.40 917.20 914.00 924.10 –8.90 9 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec .05202 .05246 .05189 .05238 .00053 176,479
Jan'18 935.40 937.90 926.10 927.80 –8.90 70,521 Nov 1125.00 1125.00 1115.00 1115.00 –5.00 161
1155.50 1155.50 1143.50 1143.50 –7.00 9,155
Interest Rate Futures Euro (CME)-€125,000; $ per €
Silver (CMX)-5,000 troy oz.; $ per troy oz. Jan'18 Nov 1.1639 1.1690 1.1633 1.1667 .0041 5,457
Nov 17.065 17.065 17.060 17.094 –0.038 264 Wheat (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Dec 1.1651 1.1715 1.1640 1.1688 .0041 424,276
Dec 17.150 17.255 17.050 17.137 –0.039 143,592 Dec 417.50 426.75 417.50 426.00 8.00 286,564 Dec 152-290 153-220 152-220 153-150 23.0 732,276
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March'18 436.00 445.50 435.75 444.50 8.50 140,503 March'18 152-000 152-150 151-210 152-110 24.0 9,659
Dec 54.28 54.84 53.99 54.54 0.24 560,089 Wheat (KC)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
Jan'18 54.52 55.04 54.19 54.77 0.26 337,388 Dec 415.25 426.75 415.25 425.75 10.00 158,677 Dec 124-310 125-085 124-285 125-045 7.5 3,201,191 Mini DJ Industrial Average (CBT)-$5 x index
Feb 54.59 55.15 54.29 54.89 0.27 146,764 March'18 433.50 444.25 433.25 443.50 10.00 93,309 March'18 124-240 124-295 124-190 124-265 8.0 27,899
Dec 23359 23472 s 23289 23444 72 156,890
March 54.60 55.17 54.32 54.93 0.27 249,437 Wheat (MPLS)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March'18 23358 23459 s 23280 23436 72 1,644
Dec 613.50 624.00 613.50 622.75 8.75 34,725 Dec 117-055 117-102 117-040 117-072 3.2 3,078,271
June 54.15 54.79 53.96 54.58 0.31 217,512 S&P 500 Index (CME)-$250 x index
March'18 627.75 638.25 627.75 636.50 8.75 25,997
March'18 116-292 117-025 116-287 117-002 3.7 37,822
Dec 52.66 53.16 52.51 52.98 0.24 269,670 Dec 2571.90 2578.20 2563.00 2576.70 1.90 59,360
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Dec 107-207 107-220 107-202 107-210 .7 1,645,329 Mini S&P 500 (CME)-$50 x index
Dec 1.8632 1.8673 1.8380 1.8539 –.0086 138,611 Nov 159.725 160.550 s 157.500 157.925 –1.775 8,794 Dec 2571.50 2578.50 2562.25 2576.75 2.00 3,131,769
March'18 107-157 107-167 107-155 107-160 1.0 34,753
Jan'18 1.8637 1.8680 1.8400 1.8555 –.0078 84,275 Jan'18 160.725 161.550 s 157.375 158.225 –2.425 28,844 March'18 2572.50 2578.50 2562.75 2577.00 2.00 71,058
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Cattle-Live (CME)-40,000 lbs.; cents per lb. Nov 98.843 98.843 98.843 98.843 … 212,829 Mini S&P Midcap 400 (CME)-$100 x index
Dec 1.7460 1.7874 s 1.7340 1.7697 .0287 161,419 Dec 126.325 127.875 s 123.900 124.325 –2.275 129,993 Jan'18 98.625 98.630 t 98.620 98.630 … 355,393 Dec 1824.80 1837.30 1818.60 1830.30 1.30 91,921
Jan'18 1.7188 1.7478 s 1.7081 1.7347 .0198 87,562 Feb'18 129.650 130.625 s 128.000 128.750 –1.300 97,199 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 100.953 101.203 100.938 101.063 .219 28,607 Dec 6230.0 6263.0 s 6192.5 6235.8 –5.0 269,121
Dec 2.900 2.957 2.881 2.935 .042 323,458 Dec 66.475 66.475 65.300 65.800 –.800 105,328 1 Month Libor (CME)-$3,000,000; pts of 100% March'18 6240.0 6275.0 s 6206.0 6248.8 –5.0 1,672
Jan'18 3.019 3.076 3.005 3.051 .034 228,433 Feb'18 71.950 72.225 71.000 72.050 –.100 63,426 Dec 98.5575 98.5575 t 98.5575 98.5525 –.0075 2,264 Mini Russell 2000 (ICE-US)-$100 x index
Feb 3.025 3.083 3.011 3.058 .034 83,911 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Eurodollar (CME)-$1,000,000; pts of 100% Dec 1490.40 1501.70 1482.50 1496.20 4.30 66,219
March 2.984 3.051 2.980 3.025 .033 171,023 Nov 468.60 471.00 438.00 449.00 –17.40 757 Nov 98.5850 98.5875 98.5825 98.5850 –.0025 96,341 March'18 1494.50 1499.30 1492.90 1497.20 4.30 78
April 2.850 2.894 2.844 2.875 .022 123,120 Jan'18 454.20 456.50 s 443.60 443.60 –10.00 5,017 Dec 98.4800 98.4900 98.4750 98.4850 … 1,709,356 Mini Russell 1000 (ICE-US)-$100 x index
May 2.836 2.877 2.836 2.861 .020 78,235 Milk (CME)-200,000 lbs., cents per lb. March'18 98.3350 98.3450 98.3300 98.3400 .0050 1,270,831 Dec 1426.90 1428.50 1420.90 1427.90 1.40 254
Dec 98.0600 98.0800 98.0500 98.0750 .0200 1,578,604
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 94.67 94.70 94.31 94.59 –.12 46,633
Currency Futures
Cash Prices | WSJ.com/commodities Thursday, November 2, 2017 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March'18 94.32 94.40 94.09 94.30 –.12 2,209
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Nov .8765 .8806 .8759 .8775 .0017 2,675 Source: SIX Financial Information
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
months.
Thursday Thursday Thursday Bonds | WSJ.com/bonds
(U.S.$ equivalent) 17.0800 SoybeanMeal,Cent IL,rail,ton48%-u 313.90
Energy Coins,wholesale $1,000 face-a 12917 Soybeans,No.1 yllw IL-bp,u 9.4950 Tracking Bond Benchmarks
Propane,tet,Mont Belvieu-g 0.9573 Other metals Wheat,Spring14%-pro Mnpls-u 7.5775
Butane,normal,Mont Belvieu-g 1.0416 Wheat,No.2 soft red,St.Louis-bp,u 4.3450 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
NaturalGas,HenryHub-i 2.690 LBMA Platinum Price PM *931.0 Wheat - Hard - KC (USDA) $ per bu-u 3.5775 highs and lows for different types of bonds
NaturalGas,TranscoZone3-i 2.700 Platinum,Engelhard industrial 938.0 Wheat,No.1soft white,Portld,OR-u 5.2750 Total Total
NaturalGas,TranscoZone6NY-i 1.990 Platinum,Engelhard fabricated 1038.0 return YTD total Yield (%) return YTD total Yield (%)
Palladium,Engelhard industrial 1013.0 Food close return (%) Index Latest Low High close return (%) Index Latest Low High
NaturalGas,PanhandleEast-i 2.480
NaturalGas,Opal-i 2.610 Palladium,Engelhard fabricated 1113.0 Beef,carcass equiv. index Mortgage-Backed Bloomberg Barclays
Aluminum, LME, $ per metric ton *2188.0 Broad Market Bloomberg Barclays
NaturalGas,MarcellusNE PA-i 0.930 choice 1-3,600-900 lbs.-u 185.29
NaturalGas,HaynesvilleN.LA-i 2.650 Copper,Comex spot 3.1355 select 1-3,600-900 lbs.-u 172.59 1942.22 3.3 U.S. Aggregate 2.610 2.100 2.790 1987.23 2.3 Mortgage-Backed 2.870 2.270 3.120
57.850 Iron Ore, 62% Fe CFR China-s 59.3 Broilers, National comp wghtd-u,w 0.8481
Coal,C.Aplc.,12500Btu,1.2SO2-r,w U.S. Corporate Indexes Bloomberg Barclays 1954.37 1.8 Ginnie Mae (GNMA) 2.830 2.170 3.090
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.750
Shredded Scrap, US Midwest-s,w 286 Butter,AA Chicago 2.2225
Steel, HRC USA, FOB Midwest Mill-s 620 Cheddar cheese,bbl,Chicago 171.50 2784.09 5.8 U.S. Corporate 3.160 2.950 3.520 1165.41 2.5 Fannie mae (FNMA) 2.890 2.300 3.120
Metals Cheddar cheese,blk,Chicago 174.00
Fibers and Textiles 2623.69 4.0 Intermediate 2.710 2.360 3.010 1794.91 2.6 Freddie Mac (FHLMC) 2.900 2.310 3.130
Gold, per troy oz Milk,Nonfat dry,Chicago lb. 72.50
Engelhard industrial 1279.82
Burlap,10-oz,40-inch NY yd-n,w 0.6100 Cocoa,Ivory Coast-w 2344 3859.91 9.8 Long term 4.120 4.110 4.710 521.47 4.5 Muni Master 1.991 1.677 2.516
Cotton,1 1/16 std lw-mdMphs-u 0.6833 Coffee,Brazilian,Comp 1.2209
Engelhard fabricated 1375.81 568.24 4.3 Double-A-rated 2.640 2.290 2.870 364.97 5.1 7-12 year 1.998 1.674 2.618
Cotlook 'A' Index-t *79.25 Coffee,Colombian, NY 1.4179
Handy & Harman base 1279.20
Hides,hvy native steers piece fob-u n.a. Eggs,large white,Chicago-u 0.8950 718.96 6.4 Triple-B-rated 3.440 3.320 3.870 409.08 6.0 12-22 year 2.444 2.114 3.047
Handy & Harman fabricated 1419.91
Wool,64s,staple,Terr del-u,w n.a. Flour,hard winter KC 15.60
LBMA Gold Price AM *1279.25 High Yield Bonds Merrill Lynch 394.19 6.2 22-plus year 2.930 2.592 3.622
Hams,17-20 lbs,Mid-US fob-u 0.78
LBMA Gold Price PM *1277.05 Grains and Feeds Hogs,Iowa-So. Minnesota-u 67.08 417.56 7.5 High Yield Constrained 5.532 5.373 6.858 Global Government J.P. Morgan†
Krugerrand,wholesale-e 1328.50
Barley,top-quality Mnpls-u n.a. Pork bellies,12-14 lb MidUS-u n.a.
Maple Leaf-e 1341.27 417.93 8.7 Triple-C-rated 10.517 9.584 13.189 544.17 1.3 Global Government 1.420 1.080 1.560
Bran,wheat middlings, KC-u 74 Pork loins,13-19 lb MidUS-u 0.9316
American Eagle-e 1341.27
Corn,No. 2 yellow,Cent IL-bp,u 3.5050 Steers,Tex.-Okla. Choice-u n.a. 2866.04 6.8 High Yield 100 5.233 4.948 6.448 756.42 0.4 Canada 2.010 1.390 2.190
Mexican peso-e 1548.16 Corn gluten feed,Midwest-u,w 93.2 Steers,feeder,Okla. City-u,w 165.75
Austria crown-e 1255.11 379.64 7.8 Global High Yield Constrained 5.022 4.934 6.450 372.39 0.9 EMU§ 1.048 0.835 1.363
Corn gluten meal,Midwest-u,w 473.0
Austria phil-e 1341.27 Cottonseed meal-u,w 230
Fats and Oils
Silver, troy oz. 308.26 7.4 Europe High Yield Constrained 1.993 1.993 3.814 712.66 0.9 France 0.810 0.540 1.210
Hominy feed,Cent IL-u,w 88 Corn oil,crude wet/dry mill-u,w 34.5500
Engelhard industrial 17.1700 Meat-bonemeal,50% pro Mnpls-u,w 220 Grease,choice white,Chicago-h n.a. U.S Agency Bloomberg Barclays 509.94 -0.9 Germany 0.430 0.170 0.620
Engelhard fabricated 20.6040 Oats,No.2 milling,Mnpls-u 2.9450 Lard,Chicago-u 0.3600 1640.13 2.2 U.S Agency 1.980 1.330 2.010 287.79 -0.1 Japan 0.410 0.170 0.460
Handy & Harman base 17.1250 Rice, 5% Broken White, Thailand-l,w 372.00 Soybean oil,crude;Centl IL-u 0.3349
Handy & Harman fabricated 21.4060 Rice, Long Grain Milled, No. 2 AR-u,w 24.00 Tallow,bleach;Chicago-h 0.2550 1466.60 1.4 10-20 years 1.820 1.140 1.840 562.53 -0.7 Netherlands 0.560 0.290 0.760
LBMA spot price £12.9800 Sorghum,(Milo) No.2 Gulf-u 7.7313 Tallow,edible,Chicago-u n.a.
3361.78 7.5 20-plus years 2.930 2.670 3.460 920.93 0.8 U.K. 1.580 1.340 1.790
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; 2458.55 4.9 Yankee 2.820 2.470 3.090 807.66 9.3 Emerging Markets ** 5.431 5.279 6.290
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 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
as of 11/1
Source: WSJ Market Data Group ** EMBI Global Index Sources: Merrill Lynch; Bloomberg Barclays; J.P.Morgan
Borrowing Benchmarks | WSJ.com/bonds Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Money Rates November 2, 2017 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
guide to general levels but don’t always represent actual transactions. Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
Week —52-WEEK— Week —52-WEEK— 1.500 U.S. 2 1.620 s l 1.616 1.491 0.821
Inflation Latest ago High Low Latest ago High Low 2.250 10 2.345 t l 2.373 2.343 1.805
Sept. index Chg From (%)
level Aug. '17 Sept. '16 Secondary market 2.750 Australia 2 1.827 t l 1.846 1.968 1.650 20.7 23.0 82.8
Euro interbank offered rate (Euribor)
2.750 10 2.664 t l 2.712 2.857 2.356 31.8 33.9 55.2
U.S. consumer price index Fannie Mae One month -0.372 -0.371 -0.366 -0.375
All items 246.819 0.53 2.2 30-year mortgage yields Three month -0.329 -0.331 -0.311 -0.332 0.000 France 2 -0.590 s l -0.590 -0.490 -0.600 -221.0 -220.6 -142.1
Core 252.941 0.19 1.7 30 days 3.467 3.508 3.865 3.032 Six month -0.276 -0.274 -0.210 -0.276 2.750 10 0.629 t l 0.630 0.739 0.446 -171.6 -174.3 -135.9
60 days 3.488 3.540 3.899 3.063 One year -0.189 -0.183 -0.069 -0.189 0.000 Germany 2 -0.743 s l -0.745 -0.693 -0.633 -236.3 -236.1 -145.4
International rates
Value 52-Week
Other short-term rates Latest Traded High Low 0.500 10 0.376 s l 0.375 0.454 0.133 -196.9 -199.8 -167.1
Week 52-Week
Latest ago High Low Week 52-Week 0.050 Italy 2 -0.212 t l -0.209 -0.109 0.007 -183.2 -182.5 -81.4
Latest ago high low DTCC GCF Repo Index
2.050 10 1.804 s l 1.803 2.144 1.598 -54.1 -57.0 -20.7
Prime rates Treasury 1.210 24.100 1.366 0.244
U.S. 4.25 4.25 4.25 3.50 Call money 0.100 Japan 2 -0.161 s l -0.162 -0.113 -0.252 -178.1 -177.7 -107.4
MBS 1.205 115.750 1.506 0.257
Canada 3.20 3.20 3.20 2.70 3.00 3.00 3.00 2.25 0.100 10 0.053 t l 0.061 0.071 -0.058 -229.2 -231.2 -186.3
Japan 1.475 1.475 1.475 1.475 Open Implied
Commercial paper (AA financial) Settle Change Interest Rate 2.750 Spain 2 -0.374 t l -0.363 -0.282 -0.179 -199.4 -197.9 -100.0
Policy Rates 1.450 10 1.483 s 1.475 1.677 1.198 -89.8
90 days 1.30 1.28 1.31 0.62 l -86.2 -60.7
Euro zone 0.00 0.00 0.00 0.00 DTCC GCF Repo Index Futures
Switzerland 0.50 0.50 0.50 0.50 1.750 U.K. 2 0.407 t l 0.484 0.432 0.183 -121.4 -113.2 -63.8
Libor Treasury Nov 98.840 -0.005 8062 1.160
Britain 0.50 0.25 0.50 0.25 4.250 10 1.265 t l 1.346 1.329 1.068 -108.1 -102.8 -73.7
Australia 1.50 1.50 1.50 1.50 One month 1.24212 1.24166 1.24333 0.53256 Treasury Dec 98.705 -0.010 2038 1.295
Three month 1.39139 1.37796 1.39139 0.88094 Treasury Jan 98.610 -0.010 450 1.390 Source: Tullett Prebon
Overnight repurchase
U.S. 1.23 1.10 1.38 0.15
Six month 1.58907 1.56447 1.58907 1.24267
Weekly survey Corporate Debt
One year 1.86317 1.84289 1.86317 1.55622
Latest Week ago Year ago in that same company’s share price.
U.S. government rates Euro Libor Investment-grade spreads that tightened the most…
Discount One month -0.399 -0.403 -0.376 -0.405 Freddie Mac Spread*, in basis points Stock Performance
1.75 1.75 1.75 1.00 Three month -0.378 -0.381 -0.322 -0.381 30-year fixed 3.94 3.94 3.54 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Six month -0.316 -0.322 -0.212 -0.322 15-year fixed 3.27 3.25 2.84 Select Income REIT SIR 3.600 Feb. 1, ’20 69 –52 n.a. 24.58 1.53
Federal funds One year -0.233 -0.233 -0.075 -0.233 Five-year ARM 3.23 3.21 2.87 Delphi Automotive DLPH 3.150 Nov. 19, ’20 31 –27 n.a. 99.31 –0.07
Effective rate 1.1700 1.1700 1.2000 0.3500
High 1.3125 1.3125 1.3125 0.5625 Prudential Financial PRU 4.500 Nov. 15, ’20 42 –15 n.a. 112.94 2.13
Low 1.0500 1.0000 1.1600 0.2500 Notes on data: Intel INTC 4.000 Dec. 15, ’32 81 –10 77 47.10 0.83
Bid 1.1600 1.1600 1.1700 0.3000 U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Hershey HSY 2.300 Aug. 15, ’26 66 –9 71 106.59 –0.13
Offer 1.1700 1.1700 1.1900 0.3200 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 Macy's Retail Holdings M 4.500 Dec. 15, ’34 357 –8 321 … …
Treasury bill auction Trust & Clearing Corp.'s weighted average for overnight trades in applicable CUSIPs. Value traded is in Apple AAPL 2.850 May 6, ’21 5 –7 8 168.11 0.73
billions of U.S. dollars. Federal-funds rates are Tullett Prebon rates as of 5:30 p.m. ET. Futures on the Bnp Paribas BNP 5.000 Jan. 15, ’21 23 –7 24 ... ...
4 weeks 1.020 1.005 1.300 0.240 DTCC GCF Repo Index are traded on NYSE Liffe US.
13 weeks 1.130 1.105 1.180 0.350
26 weeks 1.260 1.245 1.260 0.500
Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
General Electric Capital Corp.; Tullett Prebon Information, Ltd.
…And spreads that widened the most
Teva Pharmaceutical Finance TEVA 6.150 Feb. 1, ’36 387 76 n.a. … …
Mylan NV MYL 3.950 June 15, ’26 174 19 139 35.34 –4.10
Exchange-Traded Portfolios | WSJ.com/ETFresearch Bnp Paribas S.A.
Canadian Imperial Bank of Commerce
BNP
CM
7.625 March 30, ’49
2.100 Oct. 5, ’20
106
46
18
18
101
48
...
88.79
...
0.58
Closing Chg YTD Newell Brands* NWL 3.150 April 1, ’21 58 15 40 30.01 –26.80
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
General Motors GM 4.200 Oct. 1, ’27 164 14 157 42.60 –1.23
Closing Chg YTD SPDR S&PMdCpTr MDY 333.02 0.08 10.4 Pitney Bowes PBI 3.625 Sept. 15, ’20 265 13 n.a. 11.19 –1.84
Thursday, November 2, 2017
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 257.59 0.04 15.2
Closing Chg YTD SPDR S&P Div SDY 92.60 0.16 8.2
General Electric GE 5.000 Jan. 21, ’49 84 12 64 19.94 –0.40
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 46.58 0.13 33.0 TechSelectSector XLK 62.99 0.05 30.3
AlerianMLPETF AMLP 10.68 –2.02 –15.2 iShMSCIEurozoneETF EZU 44.11 0.39 27.5 UtilitiesSelSector XLU 55.01 0.36 13.3 High-yield issues with the biggest price increases…
CnsmrDiscSelSector XLY 91.33 –0.75 12.2 iShMSCIJapanETF EWJ 59.05 0.12 20.9 VanEckGoldMiner GDX 22.58 0.44 7.9 Bond Price as % of face value Stock Performance
CnsStapleSelSector XLP 53.13 –0.24 2.7 iShNasdaqBiotech IBB 312.06 –0.04 17.6 VangdInfoTech VGT 163.29 0.07 34.4 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
DBGoldDoubleLgETN DGP 24.07 0.25 19.6 iShNatlMuniBdETF MUB 110.58 0.05 2.2
VangdSC Val VBR 129.05 0.36 6.7
DBGoldDoubleShrt DZZ 5.59 –0.15 –18.4 iShRussell1000Gwth IWF 129.97 0.07 23.9 Alliance One International AOI 9.875 July 15, ’21 92.500 2.50 88.750 13.20 20.00
VangdDivApp VIG 97.10 0.36 14.0
EnSelectSectorSPDR XLE 68.48 –0.29 –9.1 iShRussell1000ETF IWB 143.36 0.04 15.2
VangdFTSEDevMk VEA 44.37 0.20 21.4 Murray Energy MURREN 11.250 April 15, ’21 57.500 2.50 58.938 ... ...
FinSelSectorSPDR XLF 26.89 0.94 15.7 iShRussell1000Val IWD 119.81 0.01 6.9
VangdFTSE EM VWO 44.88 0.31 25.4
GuggS&P500EW RSP 96.59 –0.02 11.5 iShRussell2000Gwth IWO 180.11 0.01 17.0 Mattel MAT 5.450 Nov. 1, ’41 91.945 2.18 n.a. 13.04 –3.76
VangdFTSE Europe VGK 58.69 0.26 22.4
HealthCareSelSect XLV 80.94 –0.46 17.4 iShRussell2000ETF IWM 148.71 0.30 10.3
VangdFTSEAWxUS VEU 54.04 0.32 22.3 Resolute Forest Products RFP 5.875 May 15, ’23 102.875 1.63 101.063 7.20 23.08
IndSelSectorSPDR XLI 71.90 0.57 15.6 iShRussell2000Val IWN 124.25 0.50 4.5
VangdGrowth VUG 136.24 –0.25 22.2 PBF Holding PBFENE 7.000 Nov. 15, ’23 105.500 1.38 n.a. ... ...
iShIntermCredBd CIU 109.74 0.03 1.4 iShRussell3000ETF IWV 152.65 0.03 14.8
VangdHlthCr VHT 150.73 –0.23 18.9
iSh1-3YCreditBond CSJ 105.04 ... 0.1 iShRussellMid-Cap IWR 200.33 0.04 12.0
VangdHiDiv VYM 82.79 0.13 9.3
Seagate HDD Cayman STX 4.875 June 1, ’27 98.000 1.38 97.500 … …
iShRussellMCValue IWS 85.63 –0.10 6.5
iSh3-7YTreasuryBd IEI 123.06 0.07 0.4
VangdIntermBd BIV 84.42 0.08 1.6 CF Industries CF 5.150 March 15, ’34 101.563 1.19 100.000 38.55 1.34
iShCoreMSCIEAFEETF IEFA 65.48 0.20 22.1 iShS&PMC400Growth IJK 208.98 0.24 14.7
iShCoreMSCIEmgMk IEMG 56.17 0.14 32.3 iShS&P500Growth IVW 148.23 0.04 21.7
VangdIntrCorpBd VCIT 87.78 0.06 2.4 USG USG 4.875 June 1, ’27 104.000 1.08 104.281 33.95 –1.45
iShS&P500ValueETF IVE 109.52 0.05 8.0 VangdLC VV 118.30 0.01 15.6
iShCoreMSCITotInt IXUS 62.45 0.16 23.7
iShCoreS&P500ETF IVV 259.37 0.05 15.3 iShUSPfdStk PFF 38.29 0.03 2.9 VangdMC
VangdMC Val
VO
VOE
148.62
106.12
–0.22
–0.42
12.9
9.2
…And with the biggest price decreases
iShCoreS&PMdCp IJH 182.61 0.04 10.4 iShTIPSBondETF TIP 113.87 0.15 0.6
iShCoreS&PSmCpETF IJR 74.42 0.12 8.2 iSh1-3YTreasuryBd SHY 84.23 0.02 –0.3 VangdREIT VNQ 83.30 0.85 0.9 CHS Com Hlth Sys CYH 5.125 Aug. 1, ’21 93.905 –3.10 97.625 … …
iShS&PTotlUSStkMkt ITOT 59.02 0.05 15.1 iSh7-10YTreasuryBd IEF 106.20 0.13 1.3 VangdS&P500 VOO 236.64 0.04 15.3 Qwest CTL 6.750 Dec. 1, ’21 108.000 –2.59 110.640 … …
109.35 1.2 iSh20+YTreasuryBd TLT 125.30 0.44 5.2 VangdST Bond BSV 79.55 ... 0.1
iShCoreUSAggBd AGG 0.05
VangdSTCpBd VCSH 79.81 –0.03 0.6
EP Energy EPENEG 8.000 Feb. 15, ’25 72.000 –2.50 72.750 ... ...
iShSelectDividend DVY 94.85 0.26 7.1 iShRussellMCGrowth IWP 116.18 0.12 19.3
iShEdgeMSCIMinEAFE EFAV 71.65 –0.01 17.0 PIMCOEnhShMaturity MINT 101.71 –0.03 0.4 VangdSC VB 143.22 0.19 11.1 Treehouse Foods THS 4.875 March 15, ’22 101.125 –2.26 n.a. 43.03 –35.16
VangdTotalBd BND 81.73 0.10 1.2
iShEdgeMSCIMinUSA USMV 51.40 0.25 13.7 PwrShQQQ 1 QQQ 151.81 –0.19 28.1 Tesla TSLA 5.300 Aug. 15, ’25 94.875 –1.88 97.563 299.26 –6.80
iShGoldTr IAU 12.27 0.16 10.7 PwrShS&P500LoVol SPLV 46.75 0.26 12.4 VangdTotIntlBd BNDX 54.93 0.09 1.2
iShiBoxx$InvGrCpBd LQD 120.99 –0.02 3.3 PwrShSrLoanPtf BKLN 23.11 ... –1.1 VangdTotIntlStk VXUS 56.14 0.21 22.4 Frontier Communications FTR 7.125 Jan. 15, ’23 74.125 –1.63 76.750 9.18 3.61
iShiBoxx$HYCpBd HYG 87.97 –0.06 1.6 SPDRBloomBarcHYBd JNK 37.02 –0.05 1.6 VangdTotalStk VTI 132.47 0.02 14.9 Valeant Pharmaceuticals International VRXCN 6.125 April 15, ’25 82.750 –1.50 83.750 ... ...
iShJPMUSDEmgBd EMB 116.15 0.28 5.4 SPDR Gold GLD 121.19 0.07 10.6 VangdTotlWrld VT 72.45 0.11 18.8 Endo Dac ENDP 6.000 July 15, ’23 77.870 –1.38 83.500 … …
iShMBSETF MBB 106.74 0.01 0.4 SchwabIntEquity SCHF 34.26 0.29 23.8 VangdValue VTV 102.18 0.23 9.9
iShMSCIACWIETF ACWI 70.52 0.14 19.2 SchwabUS BrdMkt SCHB 62.28 ... 15.0 WisdTrEuropeHdg HEDJ 66.64 –0.09 16.1 *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.
iShMSCI EAFE EFA 69.91 0.30 21.1 SchwabUS LC SCHX 61.55 0.02 15.6 WisdTrJapanHdg DXJ 58.55 –0.20 18.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCIEAFESC SCZ 63.06 –0.22 26.5 SPDR DJIA Tr DIA 234.96 0.33 19.0 XtrkrsMSCIEAFE DBEF 32.22 0.19 14.8 Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
NYSE Arca, NYSE MKT and Nasdaq Stock t-New 52-week low. EnelGenChile EOCC 26.06 0.60 Ingredion INGR 129.28 1.49 NatlOilwell NOV 33.36 -0.70 S&P Global SPGI 155.50 -1.06 Unilever UL 55.71 -0.05 CA CA 32.41 -0.52 lululemon LULU 60.76 -0.73
Market listed securities. Prices are composite dd-Indicates loss in the most recent EnergyTrfrEquity ETE 17.51 -0.41 ICE ICE 68.67 2.45 NatlRetailProp NNN 41.13 0.89 SINOPECShanghai SHI 59.42 -1.69 UnionPacific UNP 118.39 1.39 CDK Global CDK 63.39 0.40 MKS Instrum MKSI 107.15 1.55
quotations that include primary market trades four quarters. EnergyTransfer ETP 17.46 -0.20 InterContinentl IHG 56.27 0.14 NewOrientalEduc EDU 81.67 -0.79 SK Telecom SKM 26.23 0.11 UnitedContinental UAL 58.27 -0.37 CDW CDW 70.00 1.08 MarketAxess MKTX 176.50 0.77
Entergy ETR 86.64 0.97 IBM IBM 153.35 -0.68 NY CmntyBcp NYCB 12.60 0.11 SLGreenRealty SLG 95.19 ... UnitedMicro UMC 2.56 -0.02 s CH Robinson CHRW 79.55 0.22 s Marriott MAR 119.64 -0.52
as well as trades reported by Nasdaq OMX FD-First day of trading.
BXSM (formerly Boston), Chicago Stock h-Does not meet continued listing EnterpriseProd EPD 24.55 -0.47 IntlFlavors IFF 148.20 -0.12 t NewellBrands NWL 30.01-10.99 Salesforce.com CRM 102.60 0.65 UPS B UPS 116.87 -0.59 s CME Group CME 140.30 4.16 MarvellTech MRVL 18.28 -0.01
Exchange, CBOE, National Stock Exchange, ISE standards Equifax EFX 108.92 -0.88 IntlPaper IP 57.50 -0.22 NewfieldExpln NFX 29.49 -1.41 Sanofi SNY 46.22 -0.26 UnitedRentals URI 145.58 1.91 CSX CSX 51.62 1.47 s MatchGroup MTCH 27.57 0.77
and BATS. lf-Late filing EquityLife ELS 89.10 0.15 t Interpublic IPG 18.93 -0.52 NewmontMining NEM 36.48 0.79 s SantanderConUSA SC 16.94 0.12 US Bancorp USB 54.88 0.40 s CadenceDesign CDNS 43.79 0.78 MaximIntProducts MXIM 52.34 0.01
The list comprises the 1,000 largest q-Temporary exemption from Nasdaq EquityResdntl EQR 66.85 -0.96 InvitationHomes INVH 23.21 0.56 NextEraEnergy NEE 149.86 -3.52 Sasol SSL 29.66 -0.15 US Steel X 27.59 0.29 Carlyle CG 22.50 0.40 MelcoResorts MLCO 25.54 -0.98
companies based on market capitalization. requirements. EssexProp ESS 253.84 -8.69 IronMountain IRM 39.89 0.08 t NielsenHoldings NLSN 36.81 0.65 t Scana SCG 42.01 -0.62 UnitedTech UTX 121.46 1.34 s CboeGlobalMkts CBOE 115.57 2.94 MercadoLibre MELI 236.00 -3.02
Underlined quotations are those stocks with t-NYSE bankruptcy EsteeLauder EL 120.15 -1.97 IsraelChemicals ICL 4.24 0.06 Nike NKE 55.12 0.05 Schlumberger SLB 63.25 -1.03 UnitedHealth UNH 211.10 1.57 Celgene CELG 98.20 -2.33 MicrochipTech MCHP 93.46 0.47
large changes in volume compared with the v-Trading halted on primary market. EverestRe RE 227.44 -7.35 ItauUnibanco ITUB 12.68 0.03 NiSource NI 26.94 0.36 SchwabC SCHW 45.06 0.82 UniversalHealthB UHS 102.40 0.28 Cerner CERN 65.47 -0.02 MicronTech MU 44.34 -0.04
issue’s average trading volume. vj-In bankruptcy or receivership or EversourceEner ES 63.23 0.55 JPMorganChase JPM 101.59 0.67 NobleEnergy NBL 27.85 -0.70 ScottsMiracleGro SMG 99.84 -0.26 UnumGroup UNM 52.91 0.91 CharterComms CHTR 337.66 -0.56 Microsemi MSCC 53.74 0.58
Boldfaced quotations highlight those issues being reorganized under the s Exelon EXC 40.72 0.57 JacobsEngineering JEC 58.74 0.45 Nokia NOK 5.03 0.09 SealedAir SEE 43.89 -0.07 VEREIT VER 7.92 0.05 CheckPointSftw CHKP106.62 3.61 Microsoft MSFT 84.05 0.87
whose price changed by 5% or more if their Bankruptcy Code, or securities s ExtraSpaceSt EXR 83.12 1.52 JamesHardie JHX 15.07 -0.05 NomuraHoldings NMR 5.71 -0.05 SemicondctrMfg SMI 7.96 -0.27 VF VFC 69.91 -0.24 ChinaLodging HTHT123.68 -3.91 Middleby MIDD 116.62 0.83
previous closing price was $2 or higher. assumed by such companies. ExxonMobil XOM 83.53 -0.34 JanusHenderson JHG 34.93 0.40 t Nordstrom JWN 39.35 -0.59 SempraEnergy SRE 117.81 1.18 Visa V 110.98 -0.09 CincinnatiFin CINF 72.56 1.85 Momo MOMO 30.28 -0.08
FMC FMC 90.15 -1.75 J&J JNJ 139.93 -0.05 NorfolkSouthern NSC 132.15 0.92 SensataTech ST 48.09 -0.16 s VailResorts MTN 231.80 1.33 Cintas CTAS 147.55 0.43 Mondelez MDLZ 41.16 -0.11
FactSet FDS 189.98 4.59 JohnsonControls JCI 40.65 -0.55 NorthropGrumman NOC 301.36 7.19 ServiceCorp SCI 35.24 0.18 Vale VALE 10.26 0.22 CiscoSystems CSCO 34.21 -0.41 MonsterBeverage MNST 57.45 -0.35
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FederalRealty FRT 128.10 6.40 JonesLangLaSalle JLL 129.11 -1.69 Novartis NVS 82.78 0.01 ServiceMaster SERV 46.99 -0.17 s ValeroEnergy VLO 81.59 0.88 CitrixSystems CTXS 82.36 0.13 Mylan MYL 35.34 -1.51
changes in the closing prices from 4 p.m. the previous day. FedEx FDX 225.30 -0.16 JuniperNetworks JNPR 24.40 -0.46 NovoNordisk NVO 49.64 -0.05 ServiceNow NOW 124.34 -0.17 Vantiv VNTV 68.80 -1.05 Cognex CGNX 127.42 2.46 NXP Semi NXPI 117.46 0.16
Ferrari RACE117.11 -2.89 KAR Auction KAR 48.35 0.95 Nucor NUE 58.45 -0.35 ShawComm B SJR 23.14 0.21 VarianMed VAR 104.67 0.45 CognizantTech CTSH 74.36 0.82 Nasdaq NDAQ 73.17 0.76
Thursday, November 2, 2017 Net Net FiatChrysler FCAU 17.86 0.28 KB Fin KB 53.38 0.43 t NuSTAREnergy NS 32.08 -1.27 SherwinWilliams SHW 392.11 -3.66 Vedanta VEDL 21.30 0.08 Coherent COHR 254.47 -2.30 NatlInstruments NATI 44.79 -0.20
Stock Sym Close Chg Stock Sym Close Chg FibriaCelulose FBR 16.19 0.07 KKR KKR 19.90 -0.01 OGE Energy OGE 36.06 -0.54 ShinhanFin SHG 45.42 0.18 VeevaSystems VEEV 60.95 0.40 Comcast A CMCSA 35.15 -0.93 NetApp NTAP 44.25 -0.28
Net
s FidelityNatlFin FNF 37.74 -0.04 KT KT 14.06 -0.07 ONEOK OKE 53.35 -1.18 Shopify SHOP 99.89 3.69 Ventas VTR 63.84 0.77 CommerceBcshrs CBSH 58.11 0.33 Netease NTES 276.10 0.13
Stock Sym Close Chg BHPBilliton BHP 42.80 0.77 Chemours CC 55.83 -1.14
FNFV Group FNFV 17.85 0.35 KSCitySouthern KSU 105.75 0.29 OccidentalPetrol OXY 67.90 2.44 SimonProperty SPG 159.36 2.27 Verizon VZ 47.46 -0.37 CommScope COMM 33.49 -0.74 Netflix NFLX 199.32 1.32
BHPBilliton BBL 37.86 0.72 Chevron CVX 115.33 -0.57 SmithAO AOS 60.08 0.16 VistraEnergy VST 19.12 -0.09 NewsCorp A NWSA 13.80 0.09
NYSE BP BP 40.67 -0.09 ChinaEastrnAir CEA 26.21 -0.21
FidelityNtlInfo FIS 93.36 0.25
58.com WUBA 67.37 -0.10
Kellogg
KeyCorp
K 62.38 -0.63
KEY 18.44 0.16
Och-Ziff
Olin
OZM 3.50 -0.31
OLN 35.78 -0.42 Smith&Nephew SNN 36.42 -0.49 VMware VMW118.90 -0.22
Copart CPRT 36.50 0.66
CoStarGroup CSGP 293.62 -1.51 NewsCorp B NWS 14.05 ...
BRF BRFS 13.27 -0.11 ChinaLifeIns LFC 17.60 -0.02
KeysightTechs KEYS 44.36 -0.21 t Omnicom OMC 66.19 -1.44 Smucker SJM 103.13 -2.09 VornadoRealty VNO 74.03 -0.57 COST 164.95 2.26 Nordson NDSN 126.46 0.08
ABB ABB 26.09 -0.15 FirstAmerFin FAF 54.25 -0.26 Costco
t BT Group BT 16.76 -0.79 ChinaMobile CHL 50.76 -0.01 Snap SNAP 14.55 0.04 VoyaFinancial VOYA 42.51 1.21 NorthernTrust NTRS 94.01 0.60
t AES AES 10.79 0.22 FirstData FDC 17.06 -0.28 KilroyRealty KRC 72.12 0.43 Oracle ORCL 50.28 -0.36 Ctrip.com CTRP 46.46 -1.09
BWX Tech BWXT 61.35 0.99 ChinaPetrol SNP 74.55 0.74
KimberlyClark KMB 111.55 -0.50 SnapOn SNA 158.50 0.14 VulcanMaterials VMC124.27 3.25 NorwegianCruise NCLH 54.91 0.71
Aflac AFL 84.41 0.12 FirstRepBank FRC 93.89 -2.97 Orange ORAN 16.61 0.14 DISH Network DISH 48.27 -0.50
BakerHughes BHGE 31.28 -0.57 ChinaSoAirlines ZNH 39.47 0.60
KimcoRealty KIM 18.96 0.41 SOQUIMICH SQM 58.05 -3.23 WABCO WBC 148.99 1.73 NVIDIA NVDA 205.94 -1.26
t AT&T T 33.17 -0.38 FirstEnergy FE 32.60 0.04 OrbitalATK OA 132.70 -0.07 DentsplySirona XRAY 61.16 ...
Ball BLL 41.80 -0.90 ChinaTelecom CHA 50.59 0.31 t KinderMorgan KMI 17.80 -0.33 s Orix Sony SNE 44.89 1.35 WEC Energy WEC 67.61 0.66 OReillyAuto ORLY 214.52 6.96
AbbottLabs ABT 54.37 0.37 s FleetCorTech FLT 182.31 18.00 IX 89.37 1.28 DiamondbackEner FANG 108.97 -0.81
BancoBilbaoViz BBVA 8.71 0.02 ChinaUnicom CHU 14.83 0.29 s Southern SO 53.25 1.17 W.P.Carey WPC 68.55 0.32 t DiscoveryComm A DISCA 17.31 -1.85 OldDomFreight ODFL 121.43 1.46
AbbVie ABBV 91.02 -1.42 Flowserve FLS 39.14 -4.85 Knight-Swift KNX 41.47 0.38 Oshkosh OSK 87.03 -0.63
BancodeChile BCH 92.61 1.31 Chipotle CMG 279.46 9.26
s OwensCorning OC 81.50 -0.79 SoCopper SCCO 42.94 -0.06 Wabtec WAB 76.43 -0.21 ON Semi ON 21.24 0.07
Accenture ACN 143.43 0.47 Fluor FLR 44.46 0.52 Kohl's KSS 42.24 0.34 t DiscoveryComm C DISCK 16.26 -1.83
BancoMacro BMA 119.73 -0.97 Chubb CB 149.26 -2.05 SouthwestAirlines LUV 53.99 ... s Wal-Mart WMT 88.80 0.86 OpenText OTEX 34.20 -0.06
AcuityBrands AYI 161.23 -4.49 FomentoEconMex FMX 86.09 -0.85 KoninklijkePhil PHG 41.12 -0.12 PG&E PCG 56.65 -0.59 s DollarTree DLTR 92.55 1.43
BcoSantChile BSAC 31.18 0.22 ChunghwaTelecom CHT 33.79 0.02 SpectraEnerPtrs SEP 43.29 -0.38 WasteConnections WCN 69.75 -0.12 s PTC PTC 66.45 0.64
Adient ADNT 81.08 -3.85 FordMotor F 12.42 0.07 KoreaElcPwr KEP 17.36 -0.03 PLDT PHI 33.25 0.19 E*TRADE ETFC 44.45 0.91
BancoSantander SAN 6.77 ... Church&Dwight CHD 45.43 -0.75 t SpectrumBrands SPB 102.30 -7.54 WasteMgt WM 81.65 0.55 Paccar PCAR 71.96 0.98
t AdvanceAuto AAP 81.69 0.94 ForestCIty A FCE.A 24.90 -0.06 Kroger KR 21.18 0.28 PNC Fin PNC 138.40 1.46 EastWestBancorp EWBC 59.89 0.16
BanColombia CIB 37.52 -0.22 s Cigna CI 198.39 0.55 s SpiritAeroSys SPR 82.62 3.41 Waters WAT 197.91 -0.14 PacWestBancorp PACW 47.63 0.09
AdvSemiEngg ASX 6.20 0.10 Fortis FTS 36.57 -0.12 s Kyocera KYO 69.73 0.34 POSCO PKX 73.00 -0.04 eBay EBAY 37.40 -0.14
BankofAmerica BAC 27.87 0.34 CimarexEnergy XEC 120.87 -0.34 Sprint S 6.43 -0.03 Watsco WSO 166.05 0.62 Paychex PAYX 64.54 0.40
Aegon AEG 6.00 0.05 Fortive FTV 73.31 0.45 LATAMAirlines LTM 13.52 0.08 PPG Ind PPG 116.16 0.24 ElbitSystems ESLT 149.70 1.84
BankofMontreal BMO 77.39 0.71 Citigroup C 74.74 0.71 Square SQ 36.07 -0.40 Wayfair W 62.84-11.57 PayPal PYPL 72.25 -0.13
s AerCap AER 53.01 0.15 FortBrandsHome FBHS 64.56 -0.64 L Brands LB 47.10 3.49 PPL PPL 36.90 -0.04 ElectronicArts EA 112.69 -1.78
BankNY Mellon BK 51.40 -0.25 CitizensFin CFG 38.74 0.37 StanleyBlackDck SWK 161.81 0.77 s WellCareHealth WCG 200.93 0.02 People'sUtdFin PBCT 18.62 0.09
Aetna AET 172.32 0.52 Franco-Nevada FNV 80.30 0.48 LG Display LPL 13.19 0.06 PVH PVH 127.56 -0.35 s Equinix EQIX 488.68 21.62
s BkNovaScotia BNS 65.33 0.74 Clorox CLX 129.28 1.26 StarwoodProp STWD 21.67 0.04 WellsFargo WFC 56.48 0.66 PilgrimPride PPC 31.62 0.03
AffiliatedMgrs AMG 185.34 -0.77 FranklinRscs BEN 43.03 0.62 LINE LN 41.90 -0.18 PackagingCpAm PKG 116.21 -0.36 Ericsson ERIC 6.33 0.05
Barclays BCS 9.71 0.02 Coca-Cola KO 45.88 0.08 StateStreet STT 92.51 0.26 Welltower HCN 67.72 0.70 Priceline PCLN 1911.14 -1.92
AgilentTechs A 68.13 0.11 s Bard CR Freeport-McMoRan FCX 14.23 -0.15 L3 Tech LLL 187.56 2.01 PaloAltoNtwks PANW 143.23 -0.76 ErieIndemnity A ERIE 122.70 0.52
BCR 335.57 8.79 Coca-Cola Euro CCE 39.61 -0.79 Statoil STO 20.34 -0.08 WestPharmSvcs WST 100.00 -0.89 Qiagen QGEN 33.74 -0.52
AgnicoEagle AEM 44.05 -0.21 FreseniusMed FMS 47.84 -0.65 LabCpAm LH 151.81 0.50 ParkHotels PK 29.05 0.12 Exelixis EXEL 25.52 1.29
BarrickGold ABX 14.10 -0.12 Coca-Cola Femsa KOF 67.48 -0.02 Steris STE 87.72 -1.53 WestarEnergy WR 53.31 0.46 Qorvo QRVO 74.30 -0.16
Agrium AGU 108.32 -1.19 GGP GGP 19.67 0.23 LambWeston LW 51.80 0.64 s ParkerHannifin PH 187.12 5.13 Expedia EXPE 123.51 1.46
BaxterIntl BAX 64.07 -0.13 Colgate-Palmolive CL 70.94 0.38 STMicroelec STM 23.97 0.19 WestAllianceBcp WAL 56.51 0.48 Qualcomm QCOM 54.84 1.38
AirProducts APD 159.41 -0.51 s BectonDickinson BDX 224.02 15.96 ColonyNorthStar CLNS 12.37 0.03
s Gallagher AJG 63.88 0.28 LasVegasSands LVS 64.90 0.53 ParsleyEnergy PE 26.73 -0.36 ExpeditorsIntl EXPD 58.16 -0.31
LAZ 46.87 -0.53 PSO 9.08 -0.17 Stryker SYK 155.02 0.59 WesternGasEquity WGP 38.16 -0.70 RandgoldRscs GOLD 90.58 -7.61
t AlaskaAir ALK 63.65 -2.13 Berkley WRB 69.18 0.64 Comerica CMA 79.44 0.99 Gap GPS 26.45 0.47 Lazard Pearson ExpressScripts ESRX 60.32 -2.00
LEA 176.83 -0.32 PembinaPipeline PBA 33.55 -0.11 SumitomoMits SMFG 8.11 0.04 t WesternGasPtrs WES 46.39 -0.93 RegenPharm REGN 397.45 0.45
s Albemarle ALB 136.91 -5.42 BerkHathwy A BRK.A 2834343433.99 SABESP SBS 9.18 -0.09 GardnerDenver GDI 29.31 0.37 Lear
s SunCommunities SUI 91.23 0.12 F5Networks FFIV 121.01 0.41
Alcoa AA 47.46 -0.24 Gartner IT 120.34 -5.26 Leggett&Platt LEG 46.11 -0.39 Pentair PNR 69.93 0.67 WesternUnion WU 20.08 0.10 Facebook FB 178.92 -3.74 RossStores ROST 64.36 0.88
BerkHathwy B BRK.B 188.61 1.44 ConagraBrands CAG 33.86 -0.27 SunLifeFinancial SLF 39.18 0.21 WestlakeChem WLK 85.62 -0.31 Ryanair RYAAY 112.33 -0.82
s AlexandriaRealEst ARE 124.56 -0.65 Gazit-Globe GZT 9.48 0.02 s Leidos LDOS 62.82 -0.01 PepsiCo PEP 110.05 -0.08 Fastenal FAST 47.58 0.80
BerryGlobal BERY 58.52 -0.65 ConchoRscs CXO 139.98 -0.28 SuncorEnergy SU 34.86 0.45 WestpacBanking WBK 25.65 0.13 SBA Comm SBAC 156.10 3.52
s Alibaba BABA184.81 -1.27 BestBuy BBY 57.34 1.33 ConocoPhillips COP 52.48 0.38 GeneralDynamics GD 203.82 2.20 Lennar A LEN 55.10 -1.86 PerkinElmer PKI 72.07 -0.20 s FifthThirdBncp FITB 29.26 0.30
SunTrustBanks STI 60.64 0.11 WestRock WRK 59.82 -1.51 SEI Investments SEIC 64.60 0.22
Alleghany Y 567.00 2.43 Bio-RadLab A BIO 216.94 -0.92 s ConEd ED 86.80 1.00 t GeneralElec GE 19.94 -0.08 Lennar B LEN.B 46.74 -2.36 Perrigo PRGO 81.27 -1.28 FirstSolar FSLR 57.87 0.66
SynchronyFin SYF 33.22 0.39 Weyerhaeuser WY 35.61 -0.20 Sina SINA 108.34 -4.79
Allegion ALLE 82.23 -0.50 BlackKnight BKI 45.95 0.85 ConstBrands A STZ 214.32 -1.68 GeneralMills GIS 51.76 -0.27 LennoxIntl LII 189.83 -0.04 PetroChina PTR 68.82 2.78 Fiserv FISV 126.58 1.06
Syngenta SYT 92.30 -0.04 WheatonPrecMetals WPM 20.68 -0.05 SS&C Tech SSNC 40.48 0.55
Allergan AGN 175.38 -9.20 BlackBerry BB 10.71 -0.07 ContinentalRscs CLR 41.14 -0.60 GeneralMotors GM 42.60 -0.53 LeucadiaNatl LUK 25.45 0.12 PetroleoBrasil PBR 10.80 -0.03 Flex FLEX 18.00 -0.03
Sysco SYY 55.84 0.28 Whirlpool WHR 163.41 -1.01 SVB Fin SIVB 218.92 0.19
AllianceData ADS 226.24 0.04 COO 226.90 -7.07 Genpact G 30.27 0.05 s LibertyProperty LPT 43.79 0.37 PetroleoBrasilA PBR.A 10.36 ... FlirSystems FLIR 46.72 0.17
BlackRock BLK 474.92 5.63 Cooper TAL Education TAL 27.40 0.36 Williams WMB 28.11 -0.68 ScrippsNetworks SNI 80.97 -2.55
AllianceBernstein AB 26.05 0.15 BlackstoneGroup BX 32.51 -0.38 Corning GLW 31.58 -0.05 GenuineParts GPC 88.53 1.10 EliLilly LLY 83.13 0.24 Pfizer PFE 35.46 0.20 Fortinet FTNT 38.61 -0.16
TE Connectivity TEL 91.57 -0.30 WilliamsPartners WPZ 36.51 -0.64 Seagate STX 36.77 -0.19
AlliantEnergy LNT 43.06 -0.01 t Coty COTY 14.46 -0.85 Gildan GIL 29.19 -0.11 s LincolnNational LNC 76.72 1.16 PhilipMorris PM 102.80 -0.95 Gaming&Leisure GLPI 36.36 0.04
BoardwalkPipe BWP 14.16 -0.02 Telus TU 36.34 -0.07 Wipro WIT 5.18 -0.03 SeattleGenetics SGEN 60.78 0.49
AllisonTransm ALSN 44.08 0.32 Boeing BA 262.63 4.13 Credicorp BAP 207.04 -1.56 t GlaxoSmithKline GSK 35.95 -0.25 LionsGate A LGF.A 28.49 -0.76 Phillips66 PSX 93.46 1.16
Ternium TX 29.84 -0.09 Garmin GRMN 58.86 -0.94
s Allstate GlobalPayments GPN 102.81 0.26 LionsGate B LGF.B 27.34 -0.50 PinnacleFoods PF 54.10 -0.52 WooriBank WF 43.97 -0.51 GileadSciences GILD 73.81 -1.02 Shire SHPG 145.44 -0.31
ALL 97.85 3.60 BorgWarner BWA 52.90 0.20 s CreditSuisse CS 16.38 0.77 TIM Part TSU 18.38 0.02
s AllyFinancial ALLY 26.54 0.19 GoDaddy GDDY 46.72 -0.11 LiveNationEnt LYV 40.92 -1.55 PinnacleWest PNW 87.92 0.46 Wyndham WYN 107.46 0.24 Goodyear GT 29.94 -0.29 SignatureBank SBNY 130.47 0.77
BostonProperties BXP 122.77 0.79 CrestwoodEquity CEQP 25.00 -0.20 TJX TJX 70.21 0.49 s XPO Logistics XPO 71.56 1.86 SiriusXM SIRI 5.34 -0.10
AlticeUSA ATUS 24.50 -0.44 BostonScientific BSX 27.44 -0.41 CrownCastle CCI 106.37 1.23 Goldcorp GG 13.06 -0.11 LloydsBanking LYG 3.63 -0.07 PioneerNatRscs PXD 147.80 -6.17 s TableauSoftware DATA 82.17 1.41 Grifols GRFS 23.24 0.04
GoldmanSachs GS 246.88 2.62 LockheedMartin LMT 310.86 4.26 PlainsAllAmPipe PAA 20.21 -0.39 XcelEnergy XEL 49.26 0.03 HD Supply HDS 35.77 0.31 Skyworks SWKS 111.76 0.44
Altria MO 63.90 -0.80 Braskem BAK 31.17 0.17 CrownHoldings CCK 59.88 -0.69 TaiwanSemi TSM 42.15 0.05
GGG 131.06 0.57 s Loews L 49.50 -0.04 PlainsGP PAGP 20.25 -0.47 Xerox XRX 29.48 -0.81 HAS 89.61 -0.86 Splunk SPLK 66.55 -0.44
AlumofChina ACH 19.65 0.32 Bristol-Myers BMY 62.23 0.07 Cullen/Frost CFR 98.99 0.25 Graco Tapestry TPR 41.35 0.67 Hasbro
GWW 199.03 3.45 Lowe's LOW 76.65 -3.27 PolarisIndustries PII 118.40 -0.24 Xylem XYL 67.06 0.91 HenrySchein HSIC 76.30 -0.94 Starbucks SBUX 54.87 -0.26
Ambev ABEV 6.28 -0.01 BritishAmTob BTI 64.71 -0.08 Cummins CMI 173.29 0.46 Grainger TargaResources TRGP 42.82 0.81
s Ameren GreatPlainsEner GXP 32.82 0.33 LyondellBasell LYB 103.54 0.11 Potash POT 19.42 -0.21 YPF YPF 24.66 0.16 HOLX 38.42 0.22 SteelDynamics STLD 37.50 -0.48
AEE 62.32 0.52 BroadridgeFinl BR 86.26 -0.16 DTE Energy DTE 110.80 0.52 Target TGT 59.79 0.93 Hologic
M&T Bank MTB 169.03 1.75 Praxair PX 147.90 -0.02 s YumBrands YUM 79.15 4.84 t Stericycle SRCL 67.92 -0.79
AmericaMovil AMX 17.21 0.10 BrookfieldMgt BAM 41.61 0.08 DXC Tech DXC 90.69 -0.81 GpoAvalAcciones AVAL 8.42 -0.01 TataMotors TTM 33.21 0.22 JBHunt JBHT 107.38 1.43
MGM Resorts MGM 30.71 -0.11 s PrincipalFin PFG 68.89 1.76 YumChina YUMC 40.17 0.28 Symantec SYMC 29.38 -2.78
AmericaMovil A AMOV 17.10 0.10 BrookfieldInfr BIP 42.22 -0.26 s Danaher DHR 92.71 -0.20 GpFinSantandMex BSMX 8.28 0.03 TechnipFMC FTI 28.25 0.49 HuntingtonBcshs HBAN 13.87 0.06
GrupoTelevisa TV 21.11 -0.51 MPLX MPLX 34.84 -0.44 Procter&Gamble PG 86.51 -0.38 ZTO Express ZTO 16.71 -0.21 s IAC/InterActive IAC 129.50 1.11 Synopsys SNPS 86.95 0.83
AmCampus ACC 41.73 -0.47 s Brown&Brown BRO 50.40 0.31 Darden DRI 81.81 -0.27 TeckRscsB TECK 20.98 -0.12
s AEP s MSCI s Progressive PGR 49.31 0.51 ZayoGroup ZAYO 35.62 0.04 TD Ameritrade AMTD 49.87 0.57
AEP 73.72 -0.29 Brown-Forman A BF.A 56.24 0.07 DaVita DVA 59.52 -0.31 GuidewireSoftware GWRE 80.41 2.48 MSCI 125.42 7.83 s TelecomArgentina TEO 34.11 0.34 IdexxLab IDXX151.83 -7.41
s Prologis PLD 65.94 0.94 ZimmerBiomet ZBH 112.32 -2.77 TESARO TSRO 110.87 -3.08
AmericanExpress AXP 95.98 0.19 Brown-Forman B BF.B 55.93 0.50 s Deere DE 134.44 0.17 HCA Healthcare HCA 76.43 -0.40 Macerich MAC 55.65 0.68 TelecomItalia TI 8.95 0.26 IHSMarkit INFO 42.93 0.23
t MacquarieInfr MIC 67.56 -2.51 PrudentialFin PRU 112.94 2.36 s Zoetis ZTS 67.31 2.80 T-MobileUS TMUS 58.30 -1.45
AmericanFin AFG 103.00 1.19 BuckeyePtrs BPL 52.70 -0.96 DellTechnologies DVMT 81.86 -0.54 HCP HCP 26.95 0.93 TelecomItalia A TI.A 7.30 0.14 INC Research INCR 57.05 -0.15
Prudential PUK 48.90 -0.05 TRowePrice TROW 94.63 2.06
AIG AIG 64.98 0.32 HDFC Bank HDB 94.96 1.66 Macy's M 18.78 -0.17 IPG Photonics IPGP 207.34 0.90
AmerTowerREIT AMT 142.44 1.63
Bunge BG 69.13 -0.43 DelphiAutomotive DLPH 99.31 -0.07
HP HPQ 21.44 -0.03 MagellanMid MMP 66.86 -1.41 PublicServiceEnt PEG 49.79 0.28
s TeledyneTech TDY 178.09 8.23 NASDAQ IRSA Prop IRCP 55.50 -0.50
TakeTwoSoftware TTWO 108.50 -2.06
BurlingtonStores BURL 98.12 2.77 DeltaAir DAL 50.34 -0.01 s Teleflex TFX 254.80 13.09 Tesla TSLA 299.26-21.82
s AmerWaterWorks AWK 89.45 2.24 CBD Pao CBD 22.79 -0.15 DeutscheBank DB 17.06 0.50 HSBC HSBC 48.35 -0.33 MagnaIntl MGA 55.23 0.10 PublicStorage PSA 208.33 1.81 TelefonicaBras VIV 15.34 -0.07 AGNC Invt AGNC 19.85 -0.35 IcahnEnterprises IEP 55.75 -0.19
s Manpower MAN 125.43 1.59 PulteGroup PHM 30.09 -0.32 TexasInstruments TXN 96.79 0.44
Amerigas APU 45.00 -0.35 CBRE Group CBG 39.21 -0.04 DevonEnergy DVN 38.83 -0.25 Halliburton HAL 42.69 -0.36 Telefonica TEF 10.47 0.01 s Ansys ANSS 148.68 13.08 Icon ICLR 120.47 -0.46
QuantaServices PWR 36.56 -0.78 TractorSupply TSCO 59.66 0.38
Ameriprise AMP 160.56 3.18 t CBS A CBS.A 55.34 -1.59 Diageo DEO 134.99 0.56 Hanesbrands HBI 20.08 -1.93 ManulifeFin MFC 20.70 0.28 TelekmIndonesia TLK 29.89 0.47 ASML ASML 182.25 0.85 Illumina ILMN 208.82 1.08
Trimble TRMB 39.79 -0.58
AmerisourceBrgn ABC 73.23 -3.39 t CBS B CBS 54.46 -1.73 DigitalRealty DLR 118.77 1.83 HarleyDavidson HOG 48.32 0.52 MarathonOil MRO 15.44 0.57 Qudian QD 25.27 -1.78 Tenaris TS 30.58 3.21 Abiomed ABMD 190.05 1.16 Incyte INCY 106.51 -1.45
s MarathonPetrol MPC 62.17 1.28 s Intel 21stCenturyFoxA FOXA 25.81 -0.17
Ametek AME 68.38 1.13 s CF Industries CF 38.55 0.51 DiscoverFinSvcs DFS 66.93 0.03 Harris HRS 137.10 -0.05 QuestDiag DGX 93.75 0.65 Teradyne TER 42.55 0.01 ActivisionBliz ATVI 65.45 0.12 INTC 47.10 0.39
s InteractiveBrkrs IBKR 54.99 1.14 21stCenturyFoxB FOX 25.15 -0.23
Amphenol APH 87.59 0.72 CGI Group GIB 52.75 0.15 Disney DIS 98.35 -0.68 HartfordFinl HIG 55.71 0.46 Markel MKL 1090.39 10.32 QuintilesIMS Q 107.30 -1.13 t TevaPharm TEVA 11.23 -2.79 s AdobeSystems ADBE 180.94 4.69 UltaBeauty ULTA 202.90 -1.93
AnadarkoPetrol APC 49.39 -0.75 CIT Group CIT 46.33 0.05 DolbyLab DLB 58.65 0.30 HealthcareAmer HTA 29.87 0.10 Marsh&McLennan MMC 83.66 1.24 RELX RENX 22.13 -0.20 Textron TXT 54.28 0.88 AkamaiTech AKAM 52.29 -0.40 Intuit INTU 152.15 0.79
UltimateSoftware ULTI 210.84 7.72
s Andeavor ANDV 109.73 0.52 CMS Energy CMS 48.12 0.38 DollarGeneral DG 82.51 1.28 Heico HEI 91.19 1.30 MartinMarietta MLM208.96 -8.34 RELX RELX 22.88 -0.19 ThermoFisherSci TMO 191.28 -2.91 AlexionPharm ALXN 115.63 -0.43 s IntuitiveSurgical ISRG 379.75 3.71
UniversalDisplay OLED 144.35 1.65
AB InBev BUD 120.93 -1.21 CNA Fin CNA 54.48 0.02 DominionEner D 80.84 0.35 Heico A HEI.A 76.60 1.30 Masco MAS 38.89 -0.48 RPM RPM 52.68 -0.18 ThomsonReuters TRI 44.46 0.23 AlignTech ALGN 233.47 -1.48 IonisPharma IONS 51.82 -5.94
VEON VEON 3.82 -0.11
AnnalyCap NLY 11.29 -0.23 s CNOOC CEO 141.04 4.93 Domino's DPZ 178.09 0.84 Helmerich&Payne HP 54.88 0.29 Mastercard MA 148.25 -0.64 RalphLauren RL 91.73 2.28 ThorIndustries THO 136.72 -0.10 Alkermes ALKS 48.84 0.19 JD.com JD 37.88 0.02
VeriSign VRSN 109.38 0.52
AnteroResources AR 18.90 -0.78 CPFLEnergia CPL 16.77 ... Donaldson DCI 47.89 0.28 Herbalife HLF 70.47 -0.37 McCormick MKC 98.05 -1.80 RaymondJames RJF 86.02 2.21 3M MMM 232.23 2.05 s AlnylamPharm ALNY 133.59 12.50 s JackHenry JKHY 110.97 1.21
VeriskAnalytics VRSK 91.02 1.14
Anthem ANTM 210.59 1.06 CRH CRH 36.56 -0.23 DouglasEmmett DEI 39.71 -0.18 Hershey HSY 106.59 -0.14 McCormickVtg MKC.V 97.51 -2.54 Raytheon RTN 184.02 3.76 Tiffany TIF 93.01 -0.97 Alphabet A GOOGL 1042.97 0.38 JazzPharma JAZZ 136.94 -4.53
VertxPharm VRTX 144.90 2.27
Aon AON138.96 -3.88 CVS Health CVS 69.38 0.38 Dover DOV 95.04 0.50 Hess HES 44.41 0.11 s McDonalds MCD 168.10 1.73 RealtyIncome O 54.92 0.99 TimeWarner TWX 94.70 -3.69 Alphabet C GOOG 1025.58 0.08 JetBlue JBLU 18.92 -0.03 t Viacom A VIA 28.65 -2.00
Apache APA 41.68 -0.55 s CabotOil COG 28.26 0.35 DowDuPont DWDP 72.04 -1.28 HewlettPackard HPE 13.63 0.03 McKesson MCK 137.06 -2.61 RedHat RHT 120.99 -0.27 Toll Bros TOL 43.79 -2.84 s Altaba AABA 70.51 -0.08 KLA Tencor KLAC 106.38 1.23
t Viacom B VIAB 23.40 -1.38
ApartmtInv AIV 43.60 -0.74 CamdenProperty CPT 90.80 -0.62 DrPepperSnap DPS 85.34 -0.55 s Hilton HLT 72.44 ... Medtronic MDT 77.87 -2.44 RegencyCtrs REG 65.28 3.16 Torchmark TMK 85.54 0.78 Amazon.com AMZN 1094.22 -9.46 KraftHeinz KHC 78.03 0.33
s HollyFrontier HFC 40.25 0.60 LKQ 37.74 0.32 Vodafone VOD 29.34 0.02
ApolloGlobalMgmt APO 30.64 -0.99 CampbellSoup CPB 46.85 -0.68 DrReddy'sLab RDY 37.62 1.95 Merck MRK 55.37 0.03 RegionsFin RF 15.71 0.15 Toro TTC 62.76 -0.38 Amdocs DOX 63.25 -1.12 LKQ
HomeDepot HD 162.71 -2.67 s MetLife LamResearch LRCX 206.82 3.90 WPP WPPGY 86.32 -1.01
AquaAmerica WTR 35.93 0.50 CIBC CM 88.79 0.51 s DukeEnergy DUK 88.56 0.70 MET 55.73 1.86 ReinsuranceGrp RGA 149.07 -1.43 TorontoDomBk TD 57.32 0.45 Amerco UHAL 393.18 -2.99
s HondaMotor HMC 32.80 0.93 WalgreensBoots WBA 66.78 -0.23
Aramark ARMK 43.50 0.24 CanNtlRlwy CNI 80.33 0.31 DukeRealty DRE 28.71 ... MettlerToledo MTD 671.60-17.51 RelianceSteel RS 78.50 0.75 s Total TOT 56.57 0.35 AmericanAirlines AAL 47.36 -0.48 LamarAdvertising LAMR 69.74 0.50
Weibo WB 94.68 -1.92
ArcelorMittal MT 29.53 0.10 s CanNaturalRes CNQ 35.28 0.26 ENI E 33.37 0.38 Honeywell HON 145.41 0.48 MichaelKors KORS 47.93 -0.55 RepublicServices RSG 64.80 0.25 TotalSystem TSS 72.17 0.03 Amgen AMGN 172.41 -3.01 LibertyBroadbandA LBRDA 87.29 0.08
WesternDigital WDC 88.60 -0.64
ArcherDaniels ADM 40.16 -0.46 CanPacRlwy CP 175.21 1.88 EOG Rscs EOG 102.95 0.66 HormelFoods HRL 31.51 0.30 MicroFocus MFGP 34.86 -0.52 ResMed RMD 82.86 -2.91 s ToyotaMotor TM 125.31 0.88 AnalogDevices ADI 90.79 -0.20 LibertyBroadbandC LBRDK 88.00 0.02
s WillisTwrsWatson WLTW 157.48 -3.43
Arconic ARNC 25.24 0.18 Canon CAJ 37.73 0.04 EQT EQT 62.03 -0.03 DR Horton DHI 44.63 -0.10 MidAmApt MAA 102.17 -0.94 RestaurantBrands QSR 65.51 0.85 TransCanada TRP 47.84 -0.14 Apple AAPL 168.11 1.22 LibertyGlobal A LBTYA 31.62 0.28
Workday WDAY 110.60 0.33
AristaNetworks ANET 181.17-16.09 CapitalOne COF 92.45 0.55 EQT Midstream EQM 71.93 -1.19 HostHotels HST 19.46 -0.27 MitsubishiUFJ MTU 6.84 0.04 RiceEnergy RICE 28.27 0.06 TransDigm TDG 282.55 1.60 AppliedMaterials AMAT 56.26 0.55 LibertyGlobal C LBTYK 30.49 0.20
WynnResorts WYNN 150.05 -1.50
ArrowElec ARW 79.10 -3.05 t CardinalHealth CAH 61.07 -1.11 EastmanChem EMN 91.13 0.15 HuanengPower HNP 26.53 0.14 MizuhoFin MFG 3.68 ... RioTinto RIO 49.48 0.45 TransUnion TRU 53.44 -0.04 ArchCapital ACGL 95.38 -2.47 LibertyLiLAC A LILA 22.44 -0.17
Xilinx XLNX 72.48 -0.56
AstraZeneca AZN 34.11 -0.45 Carlisle CSL 109.97 0.14 Eaton ETN 79.38 -1.53 Hubbell HUBB 126.19 0.03 MobileTeleSys MBT 10.82 -0.22 RobertHalf RHI 51.85 0.30 s Travelers TRV 134.69 1.22 Atlassian TEAM 49.43 0.74 LibertyLiLAC C LILAK 22.56 -0.17
Yandex YNDX 33.44 -0.59
Athene ATH 47.58 -3.56 CarMax KMX 75.98 1.52 EatonVance EV 51.04 0.37 Humana HUM 256.35 0.87 MohawkIndustries MHK 257.79 -4.66 Rockwell ROK 199.22 4.06 TurkcellIletism TKC 9.45 -0.32 Autodesk ADSK 124.72 -0.06 LibertyQVC A QVCA 22.50 -0.10
ZebraTech ZBRA 112.70 -1.07
AtmosEnergy ATO 86.52 -0.45 Carnival CCL 65.20 0.63 Ecolab ECL 131.24 -0.03 HuntingtonIngalls HII 234.57 0.91 MolsonCoors B TAP 79.08 -1.96 s RockwellCollins COL 136.02 0.17 TurquoiseHill TRQ 3.05 -0.04 ADP ADP 114.34 -1.06 LibertyVenturesA LVNTA 57.22 0.67
Zillow A ZG 39.67 -0.86
Autohome ATHM 58.35 0.90 Carnival CUK 65.60 0.61 s Ecopetrol EC 11.27 -0.12 Huntsman HUN 31.66 -0.17 Monsanto MON 120.43 -0.71 RogersComm B RCI 51.65 -0.03 Twitter TWTR 19.71 -0.90 BOK Fin BOKF 86.55 0.57 LibertyFormOne A FWONA 36.38 -0.35
Zillow C Z 39.51 -0.79
Autoliv ALV 126.73 1.37 Caterpillar CAT 136.47 0.18 EdisonInt EIX 79.07 -0.01 s HyattHotels H 66.71 3.89 Moody's MCO 143.53 0.04 Rollins ROL 44.70 1.00 TylerTech TYL 174.64 -1.08 Baidu BIDU 242.09 -3.34 LibertyFormOne C FWONK 38.05 -0.41
ZionsBancorp ZION 46.85 0.63
AutoZone AZO 602.70 17.82 Celanese A CE 106.77 1.41 EdwardsLife EW 101.38 -0.44 ICICI Bank IBN 9.63 0.12 MorganStanley MS 50.42 0.79 RoperTech ROP 256.68 -1.53 TysonFoods TSN 73.15 -0.16 BankofOzarks OZRK 46.45 0.36 LibertyBraves A BATRA 22.76 -0.29
Avalonbay AVB 180.35 -3.05 Cemex CX 8.08 0.12 EmersonElectric EMR 63.62 -0.45 ING Groep ING 18.50 -0.02 Mosaic MOS 22.47 -0.17 RoyalBkCanada RY 79.10 0.79 UBS Group UBS 17.26 0.36 Biogen BIIB 309.40 -6.33 LibertyBraves C BATRK 23.00 -0.27 NYSE AMER
Avangrid AGR 50.45 -0.82 CenovusEnergy CVE 10.41 0.32 EnbridgeEnPtrs EEP 14.77 -0.64 Invesco IVZ 36.16 0.40 MotorolaSolutions MSI 90.02 -0.54 RoyalBkScotland RBS 7.47 -0.14 UDR UDR 38.13 -0.97 BioMarinPharm BMRN 82.74 1.82 LibertySirius A LSXMA 41.06 -0.54
s AveryDennison AVY 108.44 1.41 Centene CNC 95.81 -0.84 t Enbridge ENB 36.71 -1.61 IDEX IEX 128.48 0.45 s NRG Energy NRG 25.97 1.13 RoyalCaribbean RCL 123.09 2.23 UGI UGI 47.56 -0.30 Bioverativ BIVV 53.65 -1.00 LibertySirius C LSXMK 41.09 -0.54 CheniereEnergy LNG 47.34 -0.21
AxaltaCoating AXTA 32.77 -0.65 CenterPointEner CNP 29.74 0.03 Encana ECA 12.05 -0.08 IllinoisToolWks ITW 156.98 1.86 NTTDoCoMo DCM 24.22 -0.06 s RoyalDutchA RDS.A 64.22 1.18 US Foods USFD 27.59 0.10 bluebirdbio BLUE 154.05 11.10 LincolnElectric LECO 91.35 0.32 CheniereEnerPtrs CQP 27.75 -0.01
BB&T BBT 49.59 0.04 CentraisElBras EBR 6.21 -0.08 EnelAmericas ENIA 10.75 0.11 Infosys INFY 14.59 -0.06 NVR NVR 3199.93-62.36 s RoyalDutchB RDS.B 66.03 0.83 UltraparPart UGP 23.58 0.10 BrighthouseFin BHF 59.23 -2.82 LogitechIntl LOGI 35.53 -0.45 CheniereEnHldgs CQH 25.36 -0.02
BCE BCE 47.14 0.89 CenturyLink CTL 17.46 -0.39 EnelChile ENIC 5.80 0.17 Ingersoll-Rand IR 87.60 0.07 NationalGrid NGG 60.78 0.23 SAP SAP 115.52 -0.75 Unilever UN 57.14 ... Broadcom AVGO259.50 0.21 LogMeIn LOGM 122.90 -0.80 ImperialOil IMO 30.57 -1.66
Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from November 2. BlkRk Health Sci BME 6.7 .20 M Nov30 /Nov15 EtnVncTxMngGlDvEqInc EXG 9.8 .076 M Nov30 /Nov22 Nuveen CA Quality Muni NAC 5.1 .062 M Dec01 /Nov15
BlkRk Intl Grwth&Inco BGY 6.9 .038 M Nov30 /Nov15 EV National Municipal Opp EOT 4.7 .0859 M Nov30 /Nov22 Nuveen Credit Opps 2022 JCO 5.6 .047 M Dec01 /Nov15
Amount Payable / BlkRk Muni Inter Dur MUI 4.2 .0495 M Dec01 /Nov15 Genl American Investors GAM 1.3 .48 A Dec29 /Nov13 Nuveen Credit Strt Inc Fd JQC 6.9 .0475 M Dec01 /Nov15
Company Symbol Yld % New/Old Frq Record BlkRk Muni NY Inter Dur MNE 3.9 .0445 M Dec01 /Nov15 Genl American Investors GAM 1.3 2.61 A Dec29 /Nov13 Nuveen CT Qual Muni NTC 4.5 .045 M Dec01 /Nov15
Increased BlkRk MuniAssets Fd MUA 4.6 .0575 M Dec01 /Nov15 Guggenheim BS 2017 HY BSJH 1.1 .0245 M Nov07 /Nov03 Nuveen Enhncd Mun Val Fd NEV 5.7 .068 M Dec01 /Nov15
BlkRk Munienhanced MEN 5.7 .0565 M Dec01 /Nov15 Guggenheim BS 2018 HY BSJI 3.2 .0668 M Nov07 /Nov03 Nuveen GA Qual Muni NKG 4.0 .044 M Dec01 /Nov15
Cantel Medical CMD 0.2 .085 /.07 SA Jan31 /Jan17
BlkRk MuniHldgs MHD 5.4 .0745 M Dec01 /Nov15 Guggenheim BS 2019 HY BSJJ 4.1 .0842 M Nov07 /Nov03 Nuveen Gl Hi Incm Fd JGH 8.4 .12 M Dec01 /Nov15
CDW Corp. CDW 1.2 .21 /.16 Q Dec11 /Nov24
BlkRk MuniHldgs CA Qlty MUC 5.0 .0615 M Dec01 /Nov15 Guggenheim BS 2020 HY BSJK 4.4 .0909 M Nov07 /Nov03 Nuveen Hi Incm 2020 JHY 5.8 .049 M Dec01 /Nov15
Estee Lauder Cl A EL 1.3 .38 /.34 Q Dec15 /Nov30
BlkRk MuniHldgs II MUH 5.4 .0675 M Dec01 /Nov15 Guggenheim BS 2021 HY BSJL 4.5 .0946 M Nov07 /Nov03 Nuveen Hi Incm Nov 2021 JHB 5.9 .05 M Dec01 /Nov15
Lincoln National LNC 1.7 .33 /.29 Q Feb01 /Jan10
BlkRk MuniHldgs Inv MFL 5.7 .0715 M Dec01 /Nov15 Guggenheim BS 2022 HY BSJM 5.2 .1086 M Nov07 /Nov03 Nuveen High Incm Dec18 JHA 4.2 .035 M Dec01 /Nov15
Macquarie Infrastructure MIC 8.4 1.42 /1.38 Q Nov16 /Nov13
BlkRk MuniHldgs Qlty II MUE 5.6 .064 M Dec01 /Nov15 Guggenheim BS 2023 HY BSJN 5.2 .1153 M Nov07 /Nov03 Nuveen High Incm Dec19 JHD 5.2 .044 M Dec01 /Nov15
Natural Health Trends NHTC 2.5 .12 /.11 Q Nov24 /Nov14
BlkRk MuniHldgs Quality MUS 5.7 .0635 M Dec01 /Nov15 Guggenheim BS 2024 HY BSJO 4.9 .1059 M Nov07 /Nov03 Nuveen Ins CA NXC 3.8 .048 M Dec01 /Nov15
Rockwell Automation ROK 1.7 .835 /.76 Q Dec11 /Nov13
BlkRk MuniVest MVF 5.7 .046 M Dec01 /Nov15 Guggenheim BulletShr 2018 BSCI 1.5 .0257 M Nov07 /Nov03 Nuveen Insured NY Select NXN 4.1 .046 M Dec01 /Nov15
Schweitzer-Mauduit Intl SWM 3.8 .43 /.42 Q Dec22 /Dec01
BlkRk MuniVest II MVT 5.7 .073 M Dec01 /Nov15 Guggenheim BulletShr 2019 BSCJ 1.7 .0296 M Nov07 /Nov03 Nuveen Intermed Dur Mun NID 4.9 .053 M Dec01 /Nov15
Shore Bancshares SHBI 1.7 .07 /.05 Q Nov30 /Nov15
BlkRk MuniYield MYD 5.6 .067 M Dec01 /Nov15 Guggenheim BulletShs 2020 BSCK 1.9 .0344 M Nov07 /Nov03 Nuveen MA Qual Muni NMT 4.5 .0545 M Dec01 /Nov15
Simulations Plus SLP 1.5 .06 /.05 Q Nov20 /Nov13
BlkRk MuniYld Arizona MZA 4.9 .062 M Dec01 /Nov15 Guggenheim Bulletshs 2021 BSCL 2.2 .0384 M Nov07 /Nov03 Nuveen MD Qual Muni NMY 4.7 .05 M Dec01 /Nov15
Spectra Energy Partners SEP 6.7 .7263 /.71375 Q Nov29 /Nov13
BlkRk MuniYld CA Fd MYC 4.9 .062 M Dec01 /Nov15 Guggenheim BulletShs 2022 BSCM 2.4 .0419 M Nov07 /Nov03 Nuveen MI Qual Muni NUM 4.8 .0535 M Dec01 /Nov15
Westlake Chem Partners WLKP 6.7 .3756 /.365 Q Nov29 /Nov14
BlkRk MuniYld CA Quality MCA 4.7 .0585 M Dec01 /Nov15 Guggenheim BulletShs 2023 BSCN 2.4 .042 M Nov07 /Nov03 Nuveen MN Qual Muni NMS 4.8 .06 M Dec01 /Nov15
Reduced BlkRk MuniYld Ins Qlty MFT 5.7 .067 M Dec01 /Nov15 Guggenheim BulletShs 2024 BSCO 2.8 .0481 M Nov07 /Nov03 Nuveen MO Qual Muni NOM 4.0 .053 M Dec01 /Nov15
Apollo Global Mgmt A APO 5.1 .39 /.52 Q Nov30 /Nov21 BlkRk MuniYld Inv MYF 6.1 .078 M Dec01 /Nov15 Guggenheim BulletShs 2025 BSCP 2.8 .0486 M Nov07 /Nov03 Nuveen Mtg Opp Term Fd JLS 5.2 .1135 M Dec01 /Nov15
Ellington Financial EFC 10.7 .41 /.45 Q Dec15 /Dec01 BlkRk MuniYld MI Qlty MIY 5.5 .064 M Dec01 /Nov15 Guggenheim BulletShs 2026 BSCQ 2.9 .0478 M Nov07 /Nov03 Nuveen Mtg Opp Term Fd 2 JMT 5.5 .1125 M Dec01 /Nov15
Triangle Capital TCAP 12.4 .30 /.45 Q Dec20 /Dec06 BlkRk MuniYld NJ Fd MYJ 5.6 .075 M Dec01 /Nov15 Guggenheim TR Bd GTO 1.9 .0857 M Nov07 /Nov03 Nuveen Multi-Market Incm JMM 5.7 .036 M Dec01 /Nov15
BlkRk MuniYld PA Quality MPA 5.3 .0623 M Dec01 /Nov15 Guggenheim Ultra Shrt Dur GSY 1.3 .055 M Nov07 /Nov03 Nuveen Mun Credit Incm Fd NZF 5.9 .074 M Dec01 /Nov15
Initial BlkRk MuniYld Qlty II MQT 5.0 .054 M Dec01 /Nov15 HnckJohn TxAdv HTD 6.4 .138 M Nov30 /Nov13 Nuveen Muni 2021 Target NHA 2.1 .0175 M Dec01 /Nov15
Guggenheim BS 2025 HY BSJP .1145 Nov07 /Nov03 BlkRk MuniYld Quality MQY 5.7 .0725 M Dec01 /Nov15 Invesco Adv Mun Incm II VKI 5.8 .0547 M Nov30 /Nov15 Nuveen Muni Income Fund NMI 4.3 .0405 M Dec01 /Nov15
Guggenheim BulletShs 2027 BSCR .0543 Nov07 /Nov03 BlkRk NY Muni BQH 4.8 .059 M Dec01 /Nov15 Invesco Bond Fund VBF 4.2 .069 M Nov30 /Nov15 Nuveen Muni Value Fund NUV 3.8 .0325 M Dec01 /Nov15
XAI Octagon FR & Alt Incm XFLT .069 Dec01 /Nov15 BlRk MuHldg NY Qlty MHN 5.1 .058 M Dec01 /Nov15 Invesco CA Value Mun Incm VCV 5.0 .0535 M Nov30 /Nov15 Nuveen NC Qual Muni NNC 4.0 .044 M Dec01 /Nov15
BlRk Muyld NY Qlty MYN 5.0 .054 M Dec01 /Nov15 Invesco Credit Opps Fund VTA 6.8 .066 M Nov30 /Nov15 Nuveen NJ Munl Value Fund NJV 3.9 .0475 M Dec01 /Nov15
Funds and investment companies BlRkMunyldQltyIII MYI 5.8 .068 M Dec01 /Nov15 Invesco High Incm 2023 IHIT 6.0 .05 M Nov30 /Nov15 Nuveen NJ Qual Muni NXJ 5.1 .058 M Dec01 /Nov15
AllianzGI Conv & Inc 2024 CBH 5.8 .046 M Dec01 /Nov13 BulletShares 2017 CB BSCH 1.0 .0181 M Nov07 /Nov03 Invesco High Income Tr II VLT 6.8 .084 M Nov30 /Nov15 Nuveen NY AMT-Free NRK 4.7 .051 M Dec01 /Nov15
AllianzGI Conv & Incm NCV 11.0 .065 M Dec01 /Nov13 CS X-Links Multi-Asset Hi MLTI 3.2 .0755 M Nov21 /Nov13 Invesco Inv Grade Muni VGM 5.8 .0636 M Nov30 /Nov15 Nuveen NY Mun Value 2 NYV 3.8 .046 M Dec01 /Nov15
AllianzGI Conv & Incm II NCZ 11.0 .0575 M Dec01 /Nov13 Cushing Energy Incm Fd SRF 5.6 .04 M Nov30 /Nov16 Invesco Inv Grade NY Muni VTN 5.1 .0583 M Nov30 /Nov15 Nuveen NY Muni Value Fund NNY 3.8 .0315 M Dec01 /Nov15
AllianzGI Div Incm ACV 9.0 .167 M Dec01 /Nov13 Cushing Renaissance Fund SZC 8.9 .1367 M Nov30 /Nov16 Invesco Mun Incm Opps Tr OIA 5.2 .0344 M Nov30 /Nov15 Nuveen NY Qual Muni NAN 5.0 .058 M Dec01 /Nov15
Avenue Incm Cr Strat Fd ACP 10.0 .12 M Nov30 /Nov13 CushingMLPTotalReturnFd SRV 9.9 .0903 M Nov30 /Nov16 Invesco Mun Opportunity VMO 5.3 .0554 M Nov30 /Nov15 Nuveen OH Qual Muni NUO 4.5 .0555 M Dec01 /Nov15
BlackRck Rscs Comm Str Tr BCX 6.9 .0516 M Nov30 /Nov15 DoubleLine Incm Solutions DSL 8.6 .15 M Nov30 /Nov16 Invesco Municipal Trust VKQ 5.8 .0591 M Nov30 /Nov15 Nuveen PA Mun Value Fund NPN 3.7 .047 M Dec01 /Nov15
BlackRock 2022 Glbl Incm BGIO 6.0 .05 M Nov30 /Nov15 Doubleline Oppor Credit DBL 8.7 .167 M Nov30 /Nov16 Invesco PA Value Mun Incm VPV 5.2 .0521 M Nov30 /Nov15 Nuveen PA Qual Muni NQP 5.2 .0585 M Dec01 /Nov15
BlackRock CA Municipal Tr BFZ 5.0 .0595 M Dec01 /Nov15 Duff & Phelps Sel Energy DSE 15.3 .22 Q Nov20 /Nov13 Invesco Qlty Mun Inco IQI 5.3 .0546 M Nov30 /Nov15 Nuveen Pfd & Incm 2022 JPT 6.0 .1275 M Dec01 /Nov15
Blackrock Core Bond Tr BHK 5.5 .065 M Nov30 /Nov15 Eatn Vnc MI Muni MIW 4.3 .0475 M Nov30 /Nov22 Invesco Senior Income Tr VVR 5.6 .0205 M Nov30 /Nov15 Nuveen Pfd & Incm Opps Fd JPC 7.4 .065 M Dec01 /Nov15
BlackRock Corp Hi Yd Fd HYT 7.5 .07 M Nov30 /Nov15 Eatn Vnc NJ Muni EMJ 4.7 .0491 M Nov30 /Nov22 Invesco Value Mun Incm Tr IIM 5.1 .062 M Nov30 /Nov15 Nuveen Pfd & Incm Secs Fd JPS 7.2 .062 M Dec01 /Nov15
BlackRock Enh Eq Div Tr BDJ 6.1 .0467 M Nov30 /Nov15 Eatn Vnc NY Muni NYH 4.5 .0439 M Nov30 /Nov22 iSh Conservative Allocat AOK 1.4 .04134 M Nov08 /Nov03 Nuveen Preferred & Incm JPI 6.7 .1415 M Dec01 /Nov15
BlackRock Enh Gl Div Tr BOE 6.9 .078 M Nov30 /Nov15 Eatn Vnc OH Muni EIO 4.4 .0469 M Nov30 /Nov22 iSh Int Rate Hdgd Corp Bd LQDH 2.7 .21449 M Nov08 /Nov03 Nuveen Qual Mun Incm Fd NAD 5.2 .06 M Dec01 /Nov15
BlackRock FR Incm Strat FRA 5.2 .061 M Nov30 /Nov15 Eatn Vnc PA Muni EIP 4.6 .0486 M Nov30 /Nov22 iSh Int Rate Hi Yield Bd HYGH 4.8 .36452 M Nov08 /Nov03 Nuveen Real Asset Income JRI 7.1 .106 M Dec01 /Nov15
BlackRock Income Trust BKT 5.1 .0265 M Nov30 /Nov15 Eaton CA Trust CEV 3.6 .0371 M Nov20 /Nov13 iSh Interest Rate Hdg 10+ CLYH 3.2 .06855 M Nov08 /Nov03 Nuveen Sel 3 NXR 3.5 .0435 M Dec01 /Nov15
Blackrock Invest BKN 5.1 .062 M Dec01 /Nov15 Eaton MA Trust MMV 3.5 .0388 M Nov20 /Nov13 iSh Interest Rate Hdg EM EMBH 4.0 .0868 M Nov08 /Nov03 Nuveen Sel Tax Free NXP 3.7 .0455 M Dec01 /Nov15
BlackRock Long-Term Muni BTA 5.5 .0545 M Dec01 /Nov15 Eaton MI Trust EMI 3.6 .0391 M Nov20 /Nov13 iSh Yield Optimized Bd BYLD 3.3 .06936 M Nov08 /Nov03 Nuveen Sel TF NXQ 3.6 .042 M Dec01 /Nov15
BlackRock MA Tax-Exempt MHE 4.7 .053 M Dec01 /Nov15 Eaton NJ EVJ 4.6 .0457 M Nov20 /Nov13 iShrs Mrnngstr Multi Asst IYLD 2.5 .05403 M Nov08 /Nov03 Nuveen Select Maturities NIM 3.1 .026 M Dec01 /Nov15
BlackRock MD Muni BZM 4.1 .0474 M Dec01 /Nov15 Eaton NY Trust EVY 4.6 .05 M Nov20 /Nov13 Ivy High Income Opps Fund IVH 9.3 .12 M Nov30 /Nov15 Nuveen Senior Income Fund NSL 7.0 .0395 M Dec01 /Nov15
BlackRock Multi-Sector IT BIT 7.6 .1167 M Nov30 /Nov15 Eaton OH Trsut EVO 4.0 .0451 M Nov20 /Nov13 JHancock Pr Div PDT 6.9 .0975 M Nov30 /Nov13 Nuveen Shrt Dur Cr Opp Fd JSD 7.3 .106 M Dec01 /Nov15
BlackRock Mun BAF 5.4 .0685 M Dec01 /Nov15 Eaton PA Trust EVP 4.2 .0421 M Nov20 /Nov13 John Hancock Pfd II HPF 7.8 .14 M Nov30 /Nov13 Nuveen TX Qual Muni NTX 4.4 .053 M Dec01 /Nov15
BlackRock Mun 2030 Target BTT 3.9 .0718 M Dec01 /Nov15 Eaton Vance BuyWrite Opp ETV 8.8 .1108 M Nov30 /Nov22 John Hancock Pfd Inc III HPS 7.9 .1222 M Nov30 /Nov13 Nuveen VA Qual Muni NPV 4.2 .046 M Dec01 /Nov15
BlackRock Mun Inco BBF 5.9 .07238 M Dec01 /Nov15 Eaton Vance CA Mun Bd EVM 4.9 .0487 M Nov30 /Nov22 John Hancock Pfd Income HPI 7.7 .14 M Nov30 /Nov13 NuveenMuniIncoOpp Fd NMZ 5.7 .065 M Dec01 /Nov15
BlackRock Muni BBK 5.0 .0635 M Dec01 /Nov15 Eaton Vance Eqty Inco Fd EOI 7.3 .0864 M Nov30 /Nov22 Mangd Durtn InvGr Mun Fd MZF 4.0 .045 M Nov30 /Nov15 NuvFloatRteInco Fd JFR 7.0 .0675 M Dec01 /Nov15
BlackRock Municipal Trust BFK 5.5 .065 M Dec01 /Nov15 Eaton Vance Eqty Inco II EOS 7.0 .0875 M Nov30 /Nov22 MFS California Muni Fund CCA 4.4 .043 M Nov30 /Nov15 Templeton Global GIM 2.4 .0133 M Nov30 /Nov15
BlackRock NJ Muni BLJ 5.0 .0615 M Dec01 /Nov15 Eaton Vance FR 2022 EFL 4.8 .0396 M Nov20 /Nov13 MFS Charter MCR 8.7 .06225 M Nov30 /Nov15
BlackRock NJ Municipal Tr BNJ 5.4 .0696 M Dec01 /Nov15 Eaton Vance FR Incm Plus EFF 5.5 .075 M Nov30 /Nov22 MFS Govt Mkts Income Tr MGF 7.6 .03101 M Nov30 /Nov15 Stocks
BlackRock NY Municipal Tr BNY 4.9 .06 M Dec01 /Nov15 Eaton Vance FR Incm Tr EFT 5.8 .07 M Nov30 /Nov22 MFS Hi Inc Muni CXE 5.8 .0255 M Nov30 /Nov15 Comstock Mining LODE 1:5 /Nov10
BlackRock Science & Tech BST 5.0 .11 M Nov30 /Nov15 Eaton Vance Hi Incm 2021 EHT 5.9 .05 M Nov20 /Nov13 MFS Hi Yld Muni CMU 5.7 .0225 M Nov30 /Nov15
Blackrock Strategic Muni BSD 5.6 .065 M Dec01 /Nov15 Foreign
Eaton Vance Mun Bd Fd EIM 5.0 .0521 M Nov30 /Nov22 MFS Inc Tr MIN 9.1 .03169 M Nov30 /Nov15
BlackRock Taxable Mun Bd BBN 6.8 .1318 M Nov30 /Nov15 Cresud ADR CRESY 2.0 .44861 A /Nov13
Eaton Vance Mun Bd Fd II EIV 4.7 .048 M Nov30 /Nov22 MFS Intermed Hi Inc CIF 9.4 .02245 M Nov30 /Nov15
BlackRock Utility & Infr BUI 7.0 .121 M Nov30 /Nov15 CS XLinks Month Pay 2xLev REML 6.2 .1469 M Nov21 /Nov13
Eaton Vance Mun Incm 2028 ETX 4.2 .0709 M Nov30 /Nov22 MFS Invest Grade Muni CXH 4.7 .038 M Nov30 /Nov15
BlackRock VA Muni BHV 4.2 .063 M Dec01 /Nov15 Domtar UFS 3.5 .415 Q Jan15 /Jan02
Eaton Vance Mun Income EVN 5.2 .0541 M Nov20 /Nov13 MFS Multimkt MMT 8.7 .04457 M Nov30 /Nov15
BlackRockDurInco Tr BLW 6.0 .0795 M Nov30 /Nov15 IRSA Propiedades Com ADR IRCP 4.4 1.22397 SA /Nov13
Eaton Vance Sr Incm Tr EVF 5.7 .031 M Nov20 /Nov13 MFS Munl Inco MFM 5.5 .0315 M Nov30 /Nov15
BlackRockFL Muni 2020 BFO 2.5 .031 M Dec01 /Nov15 IRSA-Inversions GDR IRS 9.3 1.38001 SA /Nov13
Eaton Vance Tax-Mng Div ETY 8.7 .0843 M Nov30 /Nov22 MFS Special Value MFV 9.1 .05035 M Nov30 /Nov15
BlackRockMuni BLE 5.4 .065 M Dec01 /Nov15 Thomson Reuters TRI 3.1 .345 Q Dec15 /Nov16
Eaton Vance Tax-Mngd Opp ETW 9.2 .091 M Nov30 /Nov22 NewAmFd HYB 7.3 .06 M Nov30 /Nov16
BlackRockMuni 2020 BKK 3.1 .0395 M Dec01 /Nov15 Validus Hldgs Pfd. A VRpA 5.7 .36719 Q Dec15 /Dec01
Eaton Vnce NY ENX 4.9 .0515 M Nov30 /Nov22 Nuv Float Rte Opp Fd JRO 7.4 .0705 M Dec01 /Nov15
BlackRockMuni Tr BYM 5.0 .06 M Dec01 /Nov15 Validus Holdings Pfd. B VRpB 5.7 .3625 Q Dec15 /Dec01
Eaton Vnce CA2 EIA 4.5 .0442 M Nov30 /Nov22 Nuv Inter Duration Qlty NIQ 3.6 .039 M Dec01 /Nov15
BlackRockNY TrII BFY 4.6 .061 M Dec01 /Nov15 Eaton Vnce Ins MA MAB 3.9 .0434 M Nov30 /Nov22 Nuveen AMT-Free Mun NVG 5.7 .0725 M Dec01 /Nov15 Special
Blkrck MunHl NJ Qlty MUJ 5.7 .0675 M Dec01 /Nov15 EatonVance TxAdv Opport ETO 8.7 .18 M Nov30 /Nov22 Nuveen AMT-Free Mun Value NUW 4.2 .06 M Dec01 /Nov15 CVR Refining CVRR .94 Nov17 /Nov10
BlkrckNYMuni Qlty BSE 4.7 .052 M Dec01 /Nov15 EatonVnc SrFltRate EFR 6.0 .072 M Nov30 /Nov22 Nuveen AMT-Free Quality NEA 5.1 .058 M Dec01 /Nov15 Natural Health Trends NHTC 2.5 .15 Nov24 /Nov14
BlkRk Credit Alloc Incm BTZ 6.0 .067 M Nov30 /Nov15 Etn Vnc Short Dur Fd EVG 6.5 .0765 M Nov30 /Nov22 Nuveen AZ Quality Muni NAZ 4.4 .054 M Dec01 /Nov15
BlkRk Debt Strat Fd DSU 7.0 .0685 M Nov30 /Nov15 Etn Vnc Tax Mgd Buy-Write ETB 7.8 .108 M Nov30 /Nov22 Nuveen Build Am Bd Fd NBB 5.7 .103 M Dec01 /Nov15 Suspended
BlkRk Engy Res Tr BGR 6.8 .0776 M Nov30 /Nov15 EtnVnc TaxAdvDiv EVT 7.7 .145 M Nov30 /Nov22 Nuveen Build Am Bd Opp Fd NBD 5.1 .0955 M Dec01 /Nov15 FreightCar America RAIL Q Nov23 /
BlkRk Enh Cap Inco CII 6.2 .0828 M Nov30 /Nov15 EtnVncLtdFd EVV 6.9 .0806 M Nov20 /Nov13 Nuveen CA AMT-Free Qual NKX 4.8 .062 M Dec01 /Nov15
BlkRk Enhncd Govt Fd EGF 3.6 .041 M Nov30 /Nov15 EtnVncRskMngd ETJ 10.0 .076 M Nov30 /Nov22 Nuveen CA Mun Value Fd 2 NCB 4.2 .059 M Dec01 /Nov15 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
Blkrk FltRt InTr BGT 4.9 .0583 M Nov30 /Nov15 EtnVncTxAdvGblDiv ETG 7.1 .1025 M Nov30 /Nov22 Nuveen CA Muni Value NCA 3.9 .034 M Dec01 /Nov15 S2:1: stock split and ratio; SO: spin-off.
New Highs and Lows | WSJ.com/newhighs Stock

52-Wk %
Sym Hi/Lo Chg Stock
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Continued From Page B6 52-Wk % 52-Wk % LivaNova LIVN 78.36 6.7 PaymentDataSys PYDS 4.10 40.2 WillisTwrsWatson WLTW 165.00 -2.1 Caesarstone CSTE 23.28 -8.2 GenMarkDiagn GNMK 7.13 -0.5 Precipio PRPO 1.40 -3.6
MGPIngredients MGPI 70.75 11.2 PinnacleEnt PNK 26.74 1.0 WisdTrEM CpBd EMCB 73.96 0.9 CaladriusBiosci CLBS 2.63 -8.3 GenoceaBiosci GNCA 1.05 ... ProspectCapital PSEC 5.51 -5.3
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
ManTechIntl MANT 51.56 11.1 PwrShDynFinl PFI 34.27 0.5 Xunlei XNET 13.28 -4.3 CapitalaFinance CPTA 7.94 -3.6 GlobalEagle ENT 1.92 -8.1 RMG Networks RMGN 1.18 ...
Stock Sym Hi/Lo Chg FT DevMktsXUS FDTS 42.81 1.0 HaymakerAcqnUn HYACU 10.08 0.3 Marriott MAR 121.25 -0.4 QAD B QADB 31.40 2.1 ZAGG ZAGG 19.38 20.1 Cardtronics CATM 18.26 -18.2 GreenPlains GPRE 16.25 -7.6 RadiusHealth RDUS 29.54 -2.3
FTEurozoneAlpha FEUZ 43.72 0.2 HorizDAXGermany DAX 31.91 0.5 MatchGroup MTCH 27.64 2.9 QAD A QADA 38.80 2.8 Zogenix ZGNX 42.50 7.8 Cartesian CRTN 0.26 -40.4 HabitRestaurants HABT 9.05 -24.7 SearsHoldingsWt SHLDW 0.83 -8.1
ChurchillDowns CHDN 218.05 0.6 FT GerAlpha FGM 49.42 0.2 IAC/InterActive IAC 131.11 0.9 MercerIntl MERC 15.00 5.3 Qualys QLYS 57.40 2.7 Cherokee CHKE 2.00 5.0 HalladorEnergy HNRG 5.00 -1.4 SearsHometown SHOS 1.45 -7.6
Cimpress CMPR
CliftonBancorp CSBK
121.06
17.70
7.4
2.1
FT GlbNatRscs FTRI
FT JapanAlpha FJP
12.21 0.2 ILG
58.44 0.3 Immucell
ILG
ICCC
30.15
8.49
1.4
4.6
MerchantsBancorp MBIN
MonarchCasino MCRI
18.50 3.3 Radware
45.80 -1.1 ScientificGames
RDWR
SGMS
19.31
49.70
...
1.4
Nasdaq lows - 76 ChinaBiologic
Criteo
CBPO
CRTO
74.38
36.63
-3.3
-2.3
HawaiianHoldings HA
Impinj PI
32.50
19.97
-1.6
-34.3
SonusNetworks SONS
Stericycle SRCL
7.02
67.46
4.6
-1.1
CounterPath CPAH 3.00 -11.9 FT NasdGlblAuto CARZ 42.13 -0.1 Intel INTC 47.23 0.8 NICE NICE 84.61 2.2 SelectiveIns SIGI 60.50 1.4 ADMA Biologics ADMA 2.18 -9.6 Curis CRIS 1.45 -1.3 ImprimisPharm IMMY 1.35 -3.4 TICC Capital TICC 5.17 -10.1
Cresud CRESY 22.80 2.5 FlexShUSQualLC QLC 32.09 0.3 InteractiveBrkrs IBKR 55.66 2.1 NMI Holdings NMIH 17.08 14.6 Sigmatron SGMA 9.88 1.6 AMAG Pharm AMAG 11.93 -19.7 DepoMed DEPO 4.31 -11.5 iShESG1-5YCpBd SUSB 25.07 ... Teligent TLGT 5.29 -2.4
CumberlandPharm CPIX 7.77 4.7 ForresterResearch FORR 45.70 1.6 IntuitiveSurgical ISRG 384.20 1.0 NVE NVEC 88.38 2.5 SilvercrestAsset SAMG 16.80 3.4 Aceto ACET 9.08 -5.2 DiscoveryComm A DISCA 17.00 -9.7 KalaPharm KALA 13.51 -9.0 The9 NCTY 0.82 -7.8
DavisFinl DFNL 23.44 0.3 FoundationMed FMI 50.45 19.5 iShGlbCleanEnergy ICLN 9.38 0.3 Neurocrine NBIX 74.96 19.4 SinovacBiotech SVA 7.32 0.1 Airgain AIRG 7.60 -8.1 DiscoveryComm C DISCK 16.01 -10.1 KayneAnAcqnUn KAACU 9.90 -0.1 Travelzoo TZOO 6.50 -0.8
DavisWorldwide DWLD 25.41 -0.2 GilatSatellite GILT 7.50 0.5 iShGlbTimber WOOD 70.69 0.3 NewaterTech NEWA 15.28 1.0 SunHydraulics SNHY 58.94 2.2 AmCapSeniorFloat ACSF 10.60 -2.7 DragonVictory LYL 4.53 -7.2 LexiconPharm LXRX 9.88 0.6 Tuniu TOUR 6.69 1.6
DicernaPharma DRNA 7.89 28.2 GlacierBancorp GBCI 38.49 1.4 JackHenry JKHY 111.60 1.1 Novanta NOVT 52.35 11.9 TechTarget TTGT 12.60 0.9 ArgosTherap ARGS 0.13 -3.8 Egalet EGLT 0.91 2.3 LifePointHealth LPNT 45.60 -1.0 US Gold USAU 1.08 -5.2
DollarTree DLTR 94.80 1.6 GladstoneInvt GAIN 10.61 1.9 JunoTherap JUNO 60.00 24.0 NuvNasd100Dyn QQQX 23.78 0.8 TillCapital TIL 5.11 9.1 Atomera ATOM 2.88 -4.7 Energous WATT 8.51 -7.5 MeetGroup MEET 3.29 -1.8 VeecoInstr VECO 17.10 2.0
Ebix EBIX 68.90 1.9 GlbPartnerAcqnWt GPACW 1.05 19.2 KLX KLXI 56.69 1.7 Orbotech ORBK 49.23 5.6 TransActTechs TACT 12.05 19.4 BedBath BBBY 19.38 -3.0 Essendant ESND 9.15 -1.7 Net1UEPS UEPS 8.91 -1.5 VeraBradley VRA 7.01 -0.3
ElectroScientific ESIO 21.98 29.1 GoldenEnt GDEN 28.66 6.7 KellyServices B KELYB 28.00 21.7 OrigoAcqnRt OACQR 0.58 7.0 US GlobalInv GROW 3.32 25.3 Bojangles' BOJA 11.60 4.5 Evogene EVGN 3.60 -4.5 NY Mortgage NYMT 5.90 -2.1 Viacom B VIAB 23.39 -5.6
Equinix EQIX 491.80 4.6 GrandCanyonEduc LOPE 95.51 3.7 LGI Homes LGIH 61.66 -2.2 OtterTail OTTR 47.45 2.2 UniversalForest UFPI 114.28 ... BravoBrioRestr BBRG 1.80 3.8 FTD FTD 10.42 -0.5 NuCana NCNA 10.25 -12.1 Viacom A VIA 28.65 -6.5
FS Bancorp FSBW 57.00 0.1 HMN Fin HMNF 19.10 3.8 LakelandFin LKFN 50.00 1.9 PCSB Fin PCSB 19.25 2.7 UroGenPharma URGN 33.98 5.3 BroadwindEnergy BWEN 2.62 1.5 Finisar FNSR 18.88 -14.2 Oclaro OCLR 5.93 -25.7 WestwaterRscs WWR 0.78 -4.0
FifthThirdBncp FITB 29.39 1.0 HailiangEduc HLG 28.96 8.2 Lantheus LNTH 22.75 20.9 PTC PTC 67.12 1.0 UTStarcom UTSI 3.22 0.6 CF CFCO 9.55 -11.8 Fred's FRED 4.35 -3.3 OxfordImmunotec OXFD 12.40 -5.2 WheelerREITPfdB WHLRP 17.69 0.8
FT DevMkts FDT 61.27 0.5 Hardinge HDNG 17.41 4.1 LimelightNetworks LLNW 5.42 -1.5 Park-Ohio PKOH 47.80 3.0 ViperEnergyPtrs VNOM 20.24 -0.9 CHF Solutions CHFS 5.79 -8.4 FrontierCommPfA FTRPR 15.00 2.3 Patterson PDCO 35.69 -0.4 Ziopharm ZIOP 4.34 -1.6
B10 | Friday, November 3, 2017 * *** THE WALL STREET JOURNAL.
BANKING & FINANCE
AIG Absorbs Shocks From Storms
OLIVER CONTRERAS/WASHINGTON POST/GETTY

Insurer swings to loss stamp on the company with complicated property and ca- Duperreault said the strength- portfolios and some other
new hires. sualty policies to multination- ening was “based on additional items considered nonrecur-
totaling $1.74 billion; But the quarter also included als and other large compa- information that became avail- ring. AIG’s net loss of $1.74
separate claim reserve an unusual back-to-back string nies—had plagued the tenure able in the third quarter.” billion compares with a profit
of hurricanes that flooded of Mr. Duperreault’s predeces- Mr. Duperreault said AIG is of $462 million in the year-
surprises investors Houston for days and left much sor, and many investors are “laser focused [on] taking ac- earlier period.
of Puerto Rico devastated. hoping the worst is behind. tions to enhance underwriting AIG’s shares fell 2.7% in af-
BY LESLIE SCISM AIG’s pretax catastrophe tools and, more importantly, ter-hours trading.
losses totaled $3 billion, pri- our talent base—so much so Since arriving, Mr. Duper- Robert Mercer
American International marily from the hurricanes that I have declared 2018 the reault has shuffled the com-
A string of hurricanes
Group Inc. swung to a $1.74 bil-
lion third-quarter loss as it ab-
sorbed one of the insurance in-
Harvey, Irma and Maria. AIG
had estimated the catastrophe
cost last month at up to $3.1
resulted in pretax
catastrophe losses
‘Year of the Underwriter.’”
The reserve boost meant
AIG’s results didn’t meet ana-
pany’s structure and top lead-
ership, and hired numerous
senior executives from broker-
Mercer
dustry’s single biggest hits from
hurricanes and also boosted un-
related claims reserves.
billion. Across the global in-
surance industry, insurers are
facing a bill of $68 billion to
of about $3 billion.
lysts’ consensus expectation of
a loss of 79 cents a share on
an operating basis. Instead,
age and consulting firm Marsh
& McLennan Cos., which he
ran from 2008 to 2012, and
Quits
The results reflect the first
full quarter under the leader-
ship of Brian Duperreault, who
$148 billion based on esti-
mates by risk-modeling firms.
The separate pretax reserve The increase, which
AIG posted an operating loss
of $1.11 billion, or $1.22 a
share, compared with profit of
other insurance companies.
He has pledged to halt the
retrenchment that began when
As Fund
was named CEO in May as the
global insurance conglomerate
was struggling to improve its
boost of $836 million in AIG’s
commercial-insurance
came as a surprise. Reserve
unit
amounts to just under 2% of
reserves as of June 30, primar-
ily relates to policies sold in
$1.12 billion, or $1.01 a share,
in the year-earlier period.
Insurers’ operating results
AIG accepted a U.S. govern-
ment bailout in 2008. Leader
profitability. The industry vet- boosts at AIG—a leading 2016, the company said. In exclude realized capital gains Heard on the Street: AIG BY GREGORY ZUCKERMAN
eran has begun putting his world-wide seller of often Thursday’s news release, Mr. and losses in their investment needs refresher in risk....... B12
Hedge-fund billionaire Robert
Mercer, who gained attention
China’s Ruling Party Tied to Hot Property

outside Wall Street for backing
President Donald Trump, is re-
signing as co-CEO of Renais-
sance Technologies LLC.
BY WENXIN FAN For over two decades, Mr.
AND NATASHA KHAN Mercer helped Renaissance
generate gains that few rivals
HONG KONG—Hong Kong’s could match. But over the past
richest person has just reached year both Renaissance and Mr.
one of the world’s largest-ever Mercer have grown uncom-
property deals, and it involves fortable with the public focus
the Communist Party of China. on his political activities. Mr.
Billionaire Li Ka-shing’s CK Mercer wasn’t happy that the
Asset Holdings Ltd. sold its firm recently received nega-
stake in a skyscraper, The Cen- tive attention, according to
ter, for 40.2 billion Hong Kong someone close to the matter.
dollars (US$5.15 billion) to In recent weeks, some or-
CHMT Peaceful Development ganizations have publicly tried
Asia Property Ltd., a British to pressure universities, re-
Virgin Islands-incorporated ve- tirement funds and other in-
hicle set up specifically for the stitutional clients to pull
purchase, CK Asset said late money from the firm. One in-
Wednesday. vestor who called the firm
CHMT appears to stand for Wednesday was told by a firm
China, Hong Kong, Macau, and representative that negative
Taiwan, based on its name in publicity surrounding Mr.
Chinese characters. Mercer’s political activities
The transaction is the was a key reason behind his
world’s largest ever commer- resignation, according to
cial property deal for a single someone familiar with the call.
building, according to data The former computer pro-
from CBRE, a real-estate ser- grammer has long expressed
vices firm. distrust for the political estab-
About 55% of CHMT’s lishment and in recent years
shares are owned by a Hong was a backer of conservative
Kong unit of China Energy Re- media company Breitbart
serve & Chemicals Group, a News. He was little known
Beijing-based conglomerate outside the investing world
WARNER BROS/EVERETT COLLECTION
that specializes in the oil-and- until he provided crucial fi-

gas industry, the group con- nancial support for Mr. Trump
firmed to The Wall Street as the Republican’s candidacy
Journal on Thursday. lagged in the summer of 2016.
“We’re responding to Mr. Mercer and his daugh-
China’s call to explore the over- ter Rebekah advised the
seas market,” says Zhang Wen- Trump campaign and sug-
bin, a China Energy Reserve & gested the installation of two
Chemicals executive. In a tele- family confidants, Steve Ban-
phone interview, he confirmed China’s Communist Party has links to the buyer of a stake in The Center, a Hong Kong tower seen on right in ‘The Dark Knight.’ non and Kellyanne Conway.
he is also a director at two of In a letter to employees
its Hong Kong affiliates. “Our filings show. Mr. Zhang con- have a direct stake in any other China’s Extraordinary Rise.” ment of filmmaker Christopher sent Thursday morning, Mr.
wish is to own a few floors in firmed this. businesses in China, based on a The Communist Party “is Nolan’s Dark Knight Trilogy, Mercer, 71, said that the media
some of Hong Kong’s hallmark China Hualian, in turn, is ul- review of the nation’s company putting itself front and center “The Dark Knight,” in a scene has unfairly linked him to Mr.
office buildings and maybe put timately owned by the Interna- registry database. Other big of China going abroad, which where Batman plunges Bannon: “I have great respect
our logo on the top.” tional Department of the Cen- state-owned Chinese compa- fits into the narrative of the through a window to capture a for Mr. Bannon, and from time
“The price isn’t high,” he tral Committee of the nies have bought property in absolute role the party has for villain. It is the fifth-tallest to time I do discuss politics
added. Communist Party of China, the Hong Kong in recent years, but all things China—that it’s the building in Hong Kong, accord- with him. However, I make my
Unlike other Chinese com- filings show. those companies are owned by future and there’s no room for ing to the Skyscraper Center, a own decisions with respect to
panies that have grabbed over- The department represents the state, rather than the Com- anyone else,” he said. database. whom I support politically.”
seas assets in recent years, a the Communist Party in its munist Party. Mr. Zhang declined to com- Rumors that Mr. Li was seek- Mr. Mercer said in the let-
piece of the conglomerate is overseas affairs and deals with With this deal, “the party ment on the nature of his coming a buyer have been circulat- ter that he had also decided to
owned by China’s sole ruling foreign parties and political seems to be taking on a role pany’s link to the party depart- ing for months. Office rents in sell his stake in Breitbart to
party, corporate filings show. organizations in more than 160 traditionally reserved for ment and its involvement in Hong Kong’s Central district, his daughters.
One of China Energy Reserve & countries, according to its state-owned companies and the property deal. where The Center is located, Mr. Mercer declined to com-
Chemicals’ four owners is an website. private business,” said Fraser The Center, at 73 stories, is are the world’s most expensive, ment through a spokesman. Rep-
entity called China Hualian The department’s link to Howie, co-author of the book an instantly recognizable part according to CBRE, which resentatives for Breitbart and
International Trade Co., this huge property transaction “Red Capitalism: The Fragile of Hong Kong’s skyline. It was tracked prices in 121 districts Mr. Bannon couldn’t be reached
which holds a 15% stake, the is unusual: It doesn’t appear to Financial Foundation of featured in the second install- for the first half of the year. immediately to comment.
STREET Individualism and Economic Growth

The more individualistic a country is, the better it has used
tion Americans as
entrepreneurs. The effects
turn out to be significant but
Credit Suisse’s Focus
Continued from page B1
richer than the continent’s
its labor and capital.
1.0%
U.S. Sweden
leave room for debate about
how important individualis-
tic attitudes are to financial
On Wealthy Pays Off
Catholic South. and economic success. BY BRIAN BLACKSTONE to 382 million francs, boosted
Studies since have de- 0.9 China’s model allows for by strong growth in Asia.
bunked Weber’s ideas, show- Finland freedom within the business ZURICH—Credit Suisse Net new assets rose 8% to
ing that it is education and 0.8 world even as it permits lit- Group AG reported a sharp 10.4 billion francs, pushing as-
openness to ideas that mat- Denmark tle or no freedom of expres- rise in third-quarter profit on sets under management to a
Annual average TFP growth rate*
ter, not Protestantism itself. 0.7 Trend sion in politics, arts or cul- strong growth at its wealth- record 751 billion francs.
Hans-Joachim Voth, a pro- U.K. ture. As it moves toward management division, indicat- Credit Suisse shares jumped
fessor at the University of 0.6 Ireland domestically focused growth, ing the Swiss banking giant’s 4.5% to 16.34 Swiss francs, for
Zurich, points to higher liter- it will be a natural experi- strategic shift toward manag- their highest close since Janu-
acy levels in Protestant 0.5 ment: Is freedom within the ing wealthy clients’ money is ary 2016.
countries as recently as Austria financial and business paying off. Credit Suisse is two years
1900, a hangover from when Netherlands realms enough, or does a The results—which come af- into an overhaul under Mr.
0.4
early Protestants, unlike Canada successful economy require ter crosstown rival UBS Group Thiam. The bank is reorienting
early Catholics, read the Bi- 0.3 broader freedom of speech? AG reported strong profit away from profitable, but vol-
ble for themselves. These Portugal China’s economy had a good growth last week—provide re- atile, investment banking to-
same countries remain 0.2 run and produced plenty of lief for the Swiss banking sec- ward the more stable business
among the world’s richest. Norway technical and financial inno- tor, which has been beset for of managing money for well-
If it is education that mat- 0.1 Spain vation recently. But as the years by negative interest heeled clients.
ters to economic develop- Japan Belgium Italy regime grows increasingly rates, hefty legal settlements However, restructuring
ment, rather than a tradition France Germany authoritarian, can innovation and regulatory changes to hasn’t been without costs. The
0
of challenging authority, that 0.40 0.45 0.50 0.55 0.60 0.65 0.70 continue? bring its rules in line with bank’s shares are still down
is good news for China. The Liberty is an end in itself, global norms on the automatic about 30% since the turn-
country has a better educa- Index of modernism/individualism and human rights alone ar- exchange of client information. around program began. That is
tion system than most mid- *TFP=total factor productivity, 1990-2013 gue for more personal free- “I think in Switzerland peo- partly because of two capital
dle-income countries, and Source: Phelps, Ammous, Bojilov, Zoega (forthcoming) THE WALL STREET JOURNAL. dom in China. But the argu- ple can take comfort from the increases, in 2015 and this
students in four of its ment is much easier to make joint success of Credit Suisse year, which increased the
wealthy provinces produce Gylfi Zoega show that even use of labor and capital. if individual freedoms make and UBS,” Credit Suisse Chief number of shares, diluting
some of the world’s best re- in recent years, countries Less-individualistic cultures, people richer too. Luther Executive Tidjane Thiam told a their value.
sults in tests administered with more individualistic such as France, Spain and himself merely wanted to press conference. Mr. Thiam noted that Credit
by the Paris-based Organiza- cultures have more innova- Japan, showed less innova- grow closer to God, and Credit Suisse said quarterly Suisse’s 40 billion franc mar-
tion for Economic Coopera- tive economies. tion than the individualistic would surely be horrified to net profit was 244 million ket capitalization is back to
tion and Development. They demonstrate a link U.S. find he was one of the francs ($243.2 million), up where it was in early 2015.
Yet, research suggests a between countries that sur- As Mr. Bojilov points out, sources of capitalism. Yet from 41 million francs in the Credit Suisse said it gener-
lingering positive effect from veys show are more individ- correlation doesn’t prove the argument about how to year-earlier period. ated cost savings of about 400
individualism, not merely ualistic and total factor pro- causation, so they looked at balance individual and com- The increase was driven by million francs in the third
from education. Mr. Phelps ductivity, a proxy for the effects of country of ori- munity rages still. Will the improvement at its interna- quarter, taking nine-month cu-
and collaborators Saifedean innovation measuring gin on the success of second- individualism of the West tional wealth-management unit, mulative cost savings to about
Ammous, Raicho Bojilov and growth due to more-efficient , third- and fourth-genera- continue to triumph? where pretax income grew 59% one billion francs.
THE WALL STREET JOURNAL. * * * * * * Friday, November 3, 2017 | B11
MARKETS
Uploading
How many dollars one bitcoin buys
$7,400
Traders Digest Tax-Code Plan
Blue chips recover lysts expect a muted reaction.
7,300 “If taxes don’t get done, it
to set another high; won’t have a meaningful im-
7,200 lower corporate rate pact on markets,” said
Krishna Memani, chief invest-
would boost banks ment officer of Oppenheimer-
7,100 Funds. “Markets have rallied
BY MICHAEL WURSTHORN this year because of global
7,000 growth and earnings.”
The Dow Jones Industrial Other moves followed
6,900
Average recovered from early mixed quarterly results from
losses to close at a fresh high, U.S. companies.
as investors assessed House Shares of Newell Brands,
6,800 Republicans’ proposal for the the maker of Sharpie markers
Thursday biggest tax-code overhaul in and Rubbermaid containers,
*Price through 6 p.m. EDT decades. slumped 10.99, or 27%, to 30.01
PATRICK T. FALLON/BLOOMBERG NEWS

Source: CoinDesk The Dow after the company cut earn-
THE WALL STREET JOURNAL. THURSDAY’S i n d u s t r i a l s ings guidance for the year.
MARKETS fell more than Facebook, which remains
Bitcoin 80 points af-

ter a detailed
summary of the tax plan was re-
under scrutiny over alleged
Russian propagandists’ activ-
ity during the election, fell
Price ported, but the blue-chip index

rallied later in the session. De-
clines in shares of home build-
3.74, or 2%, to 178.92 after re-
porting a jump in profit.
Shares of Blue Apron
Exceeds ers and other consumer-discre-

tionary stocks kept pressure on
the S&P 500, which eked out a
A Lowe’s in Burbank, Calif. Its stock fell 4.1% as home-improvement shares were dragged down.
dropped 87 cents, or 19%, to
3.80—an all-time low—after the
meal-kit company posted a loss
$7,000 for slight gain for the day.

Shares of financial compa-
nies extended gains toward the
mally announced that he
would nominate Federal Re-
serve governor Jerome Powell
individual income-tax brackets
and eventually repeal the taxes
paid by large estates.
slid 0.8%.
Home builder Lennar fell
$1.86, or 3.3%, to $55.10, while
and shed customers in the third
quarter. The company went
public in June at $10 a share.
First Time close, helping major indexes

recoup earlier losses. A lower
corporate-tax rate, a key item
to be the next chairman of the
central bank, as expected.
The Dow industrials gained
Components for individual
taxpayers, such as limits on
the home mortgage-interest
PulteGroup declined 32 cents,
or 1.1%, to 30.09. Home-im-
provement companies were
Elsewhere, the Stoxx Eu-
rope 600 fell 0.5%.
Asia-Pacific stocks strug-
BY PAUL VIGNA in Republicans’ tax plan, would 81.25 points, or 0.3%, to deduction and caps on prop- dragged down too, with Home gled for direction early Friday.
immediately boost banks’ prof- 23516.26, its third consecutive erty-tax deductions, contrib- Depot shares falling 2.67, or Australian stocks stood out,
The price of the digital cur- its if passed, analysts said. day of gains and 55th record uted to moves among con- 1.6%, to 162.71 and Lowe’s de- hitting fresh 2017 highs amid
rency bitcoin smashed through “A lot of financial compa- close of the year. The S&P 500 sumer stocks, specifically clining 3.27, or 4.1%, to 76.65. commodity-price gains. The
the $7,000 mark for the first nies pay quite close to the full rose 0.49 point, or less than home builders, analysts said. Investors and analysts cau- S&P/ASX 200 was up 0.5% at
time on Thursday, a new mile- [tax] rate, so we’d expect that 0.1%, to 2579.85 and the Nasdaq “There’s a general disap- tioned to not read too deeply 5964. But Korea’s Kospi was
stone for the surging asset. positive sentiment to keep lift- Composite shed 1.59 points, or pointment in the individual into Thursday’s market moves flat and most benchmarks in
Bitcoin quickly slipped back ing that space,” said R.J. less than 0.1%, to 6714.94. side of things,” said Yousef since the tax plan could the region were within 0.2% of
below that mark before re- Grant, director of equity trad- The tax plan—long antici- Abbasi, global market strate- change as Republicans work to Thursday’s closing levels as
suming its ascent. ing at KBW Inc. pated by investors as a poten- gist at JonesTrading. “The push it through the House and Japan’s markets were closed
Late Thursday, the digital Financial stocks in the S&P tial boost for profits at U.S. biggest tax cut went to the the Senate. And if the plan fal- Friday for a holiday.
currency was trading at $7,051, 500 rose 0.9%. companies—aims to perma- corporations.” ters, similar to Republicans’ —Akane Otani
according to CoinDesk. It had Also late in the session, nently chop the corporate-tax Shares of consumer-discre- earlier attempts to overhaul and Lucy Craymer
traded as high as $7,355 ear- President Donald Trump for- rate, compress the number of tionary stocks in the S&P 500 the Affordable Care Act, ana- contributed to this article.
lier in the day.
The advance was just the lat-
est plateau for the currency,
which has surged this year de- Oil Climbs to Highest in Two Years HNA Group
Returns to
spite several setbacks. Those
have included a near-total ban in
China and a bitter fight within
the bitcoin industry over how
best to expand the network.
Bitcoin’s ability to shrug off
Debt Market
those developments shows BY ANJANI TRIVEDI
that its trading community,
which is still relatively small Acquisitive Chinese con-
and insular, remains bullish. glomerate HNA Group Co.
Based on the morning high, tapped the short-term debt
bitcoin was up as much as markets for the second time in
658% on the year. Thurs- a week, as a unit offered on
day’s jump also came amid Thursday to pay sharply
selling in most of the other higher interest rates to woo
big cryptocurrencies. Ether investors, according to people
was down 2.9% at $289 on familiar with the matter.
Thursday, ripple was down An HNA subsidiary agreed
0.7% at 20 cents, and litecoin to pay 8.875% interest on new
was down 0.7% at $54. On the U.S. dollar bonds that mature
other hand, Bitcoin Cash, itself in slightly under a year, the
a near-identical copy of bit- people said. That is nearly 3
coin, was up 16% at $588. percentage points more than
Bitcoin’s latest surge oc- what the same company
curred just days after CME agreed to pay on three-year
Group Inc. announced plans to debt it sold in May, which had
begin offering a bitcoin fu- a 6% coupon. Those bonds ma-
tures contract, a potentially ture in 2020 and were recently
LUKE SHARRETT/BLOOMBERG NEWS
significant development that yielding 6.7%.

would for the first time give The issuer, HNA Group (In-
Wall Street traders an avenue ternational) Co. Ltd., a Hong
to bet on bitcoin prices and Kong-based investment and
hedge against volatility. That foreign-capital subsidiary of
kind of market, which exists the parent company, is issuing
for more-mature assets, is be- bonds that mature in 363
lieved to be a crucial ingredi- days, according to an initial
ent in bitcoin’s move into in- term sheet for the offering.
stitutional and retail markets. Classic cars under a rainbow at a gas station in Burton, Mich. Stronger demand plus reduced supplies have lifted oil prices. The bonds are guaranteed
First unveiled in 2008, bit- by Hainan-based HNA Group.
coin is a digital asset that ex- Oil prices hit a two-year high by expectations that an Information Administration pub- Ritterbusch & Associates, wrote The company didn’t disclose
ists across a network of linked amid growing optimism that the agreement to cut output between lished data Wednesday showing in a research note. “This demand how much it is hoping to
computers that all run an crude glut is shrinking. the Organization of the Petroleum crude stockpiles fell by 2.4 mil- strength is crisscrossing against raise.
identical version of the same U.S. crude futures rose 24 Exporting Countries and other lion barrels in the week ended continued downsized OPEC The high interest rate indi-
program. The heart of that cents, or 0.4%, to $54.54 a major producers including Russia Oct. 27. production where compliance to cates investors are becoming
program is an open ledger of barrel, the highest since July 2, would be extended beyond its Stronger-than-expected this year’s agreement remains more concerned about HNA’s
transactions. 2015. The U.S. benchmark has current time frame of March demand plus reduced supplies much stronger than generally leverage and liquidity, and see
Every bitcoin trade goes gained in 15 of the past 19 2018. have converged to lift prices in expected.” significant default risk.
into the ledger, and each com- sessions. Brent, the global Analysts said oil remains un- recent weeks, analysts said. Still, the rally may be slowing The latest deal comes less
puter on the network main- benchmark, rose 13 cents, or derpinned by falling U.S. invento- “On a global basis, better- as market participants wait to than a week after a separate
tains an identical, constantly 0.2%, to $60.62 a barrel. ries, which is helping to drain than-expected oil demand is see whether OPEC will extend unit of HNA sold $300 million
updated copy of the ledger, Brent prices broke above $60 the buildup of global stocks, ac- likely developing off of strong its cuts when it meets Nov. 30. in 364-day debt at a 6.35%
which makes counterfeiting a barrel last week for the first cumulated over several years of world economies,” Jim —Alison Sider coupon, an offering that drew
bitcoins impossible. time since July 2015, supported surplus supply. The U.S. Energy Ritterbusch, president of and Sarah McFarlane tepid investor demand.
GOP Measure, Weaker Than Expected, Hurts Yields

BY DANIEL KRUGER tional Alliance Capital Mar-
Taxed kets. “They’re trying to get the
U.S. government bonds The yield on the 10-year Treasury note slipped as Republicans detailed out-year deficits down, and Treasury Sets Sales of $160 Billion in Debt
gained Thursday as investors tax-overhaul plans. the Treasury market is re-
assessed the impact of a Re- sponding positively.” The Treasury Department will notes, dated Nov. 15, 2017, ma-
publican plan to overhaul the 2.38% Yields were also pushed auction $160 billion in securities turing Nov. 15, 2020. Cusip num-
U.S. tax code. lower as U.K. government next week, comprising $118 billion ber: 9128283G3.
The yield on 2.37 bonds rallied after the Bank of in new debt and $42 billion in pre- Noncompetitive tenders for
CREDIT the benchmark England raised interest rates viously sold debt. Details (all with the bills must be received by 11
MARKETS 10-year U.S. 2.36 for the first time since the fi- minimum denominations of $100): a.m. EST Tuesday and competi-
Treasury note nancial crisis and as investors Monday: $42 billion in 13- tive tenders, by 11:30 a.m. For the
fell to 2.347%, 2.35 assessed the impact of the week bills, a reopening of an is- three-year notes, they are due by
the lowest close in two weeks, nomination of Federal Reserve sue first sold on Aug. 10, 2017, noon and 1 p.m., respectively.
from 2.378% Wednesday. Bond Board governor Jerome Powell maturing Feb. 8, 2018. Cusip Wednesday: $23 billion in
2.34
yields fall as prices rise. to become the central bank’s number: 912796NR6. 10-year notes, dated Nov. 15,
Bond yields had risen last next chairman. Also, $36 billion in 26-week 2017, maturing Nov. 15, 2027.
2.33
week as investors speculated Mr. Powell is viewed by in- bills, dated Nov. 9, 2017, matur- Cusip number: 9128283F5.
that Republicans would pro- Nov. 2 vestors as representing a con- ing May 10, 2018. Cusip number: Noncompetitive tenders must
pose measures that were Source: Thomson Reuters THE WALL STREET JOURNAL. tinuation of Fed Chairwoman 912796PF0. be received by noon EST
stimulative to the economy Janet Yellen’s gradual ap- Noncompetitive tenders for Wednesday; competitive tenders,
and which would lead to sig- proach to raising interest rates both issues must be received by by 1 p.m.
nificantly larger budget defi- left the top bracket for indi- on mortgage interest, which and returning monetary policy 11 a.m. EST Monday and com- Thursday: $15 billion in 30-
cits. The plan, as detailed viduals at 39.6%, as they had may restrain growth of the to its precrisis norms. petitive tenders, by 11:30 a.m. year bonds, dated Nov. 15, 2017,
Thursday, would slice the top expected a lower top rate to budget deficit. The market is relieved that Tuesday: $20 billion in 52- maturing Nov. 15, 2047. Cusip
corporate-tax rate to 20% provide more economic stimu- “The tax package is a lot “it’s the Powell Fed and not week bills, dated Nov. 9, 2017, number: 912810RZ3.
from 35%. lus. The proposal also included weaker than people expected,” the somebody-else Fed,” said maturing Nov. 8, 2018. Cusip Noncompetitive tenders must
Many investors, however, curbs on some popular indi- said Andrew Brenner, head of Jim Vogel, head of interest- number: 912796PD5. be received by noon EST Thurs-
were surprised that the plan vidual deductions, including global fixed income at Na- rate strategy at FTN Financial. Also, $24 billion in three-year day; competitive tenders, by 1 p.m.
MARKETS
Rate Increase Batters Pound, U.K. Yields
The British pound slid moment.”
sharply and bond yields fell
Thursday after the Bank of
Market Reactions In stock markets, the FTSE
100 index—which generates
England raised interest rates The British pound depreciated and government-bond yields fell even as the U.K. tightened monetary policy. roughly 68% of its revenues
for the first time in over a de- While the U.K. stock market rose, some lenders could be hurt by a slower pace of rate increases. outside the U.K., according to
cade but signaled that further FactSet—rose 0.9% Thursday,
How many dollars one British pound buys U.K. gilt yields
increases weren’t imminent. as many other major devel-
The BOE’s rate-setting com- $1.34 1.4% oped equity markets declined
mittee voted 7-2 to raise its and the wider Stoxx Europe
main policy rate to 0.5% from 1.3 600 index fell 0.5%.
0.25%. 10 year A weaker currency tends to
1.2 benefit multinational compa-
1.33 nies as they translate revenue
By Christopher
1.1
Whittall, Mike Bird from overseas.
and Riva Gold 1.0
Some of the FTSE 100 com-
panies that generate the great-
Though widely expected, 1.32 0.9 est share of foreign revenues
the move triggered a sharp climbed after the BOE an-
market reaction, spurring 0.8 nouncement as the pound fell,
sterling’s biggest one-day drop with shares of British Ameri-
against the euro in more than 0.7 can Tobacco and pharmaceu-
a year and driving bond yields 1.31 tical company Shire up 1.6%
lower—shifts that are usually 0.6 and 2%, respectively.
consistent with expectations 2 year Some analysts remain skep-
that the central bank won’t 0.5 tical, however, that a weaker
rush to raise interest rates currency will continue to sup-
1.30 0.4
further. port the FTSE 100 index for
“The market response to Monday Tuesday Wednesday Thursday Monday Tuesday Wednesday Thursday much longer.
the U.K. rate increase has been FTSE 100 Index Share-price performance U.K. consumer-price index “A recent return of U.K. in-
relief that the bank expects a flation and, importantly, the
very gradual hiking cycle,” 7560 1.0% 3.5% onset of the first hiking cycle
Mike Amey, head of sterling in 10 years, will likely lead to a
3.0
portfolios at Pacific Invest- 0
dislocation in the negative re-
ment Management Co., said in 7540 Royal Bank of Scotland 2.5 lationship between sterling
a note. and U.K. equities,” strategists
–1.0 2.0
The pound was down by at UBS wrote, noting currency-
1.7% against the euro at €1.121 7520 1.5 linked inflation can add to
at the end of the European –2.0 costs and hit local demand.
1.0
trading day. It fell 1.4% on the Smaller companies in the
day against the dollar in both 7500 0.5 U.K. showed a more muted re-
Europe and New York sessions –3.0 action to the BOE’s announce-
Lloyds Banking Group 0
and was trading at $1.3058 ment, with the FTSE 250 index
late Thursday in New York. 7480 –4.0 –0.5 adding just 0.3% and the FTSE
The yield on 10-year U.K. Mon. Tues. Wed. Thurs. Mon. Tues. Wed. Thurs. 2015 ’16 ’17 SmallCap index up 0.2%.
government debt fell around Shares of U.K.-focused lend-
0.09 percentage point to Note: £1 = $1.3058 All times GMT ers Royal Bank of Scotland
1.26%, according to Tradeweb. Sources: Thomson Reuters (currencies, gilts, FTSE); FactSet (shares); Office for National Statistics (CPI) THE WALL STREET JOURNAL. Group and Lloyds Banking
Yields fall as prices rise. Group lagged behind despite
Currencies typically decline market participants expect. “It doesn’t seem like they’re “I don’t really think this can Many investors believe gains in their more globally
when investors expect interest However, it said its outlook for giving a ‘one and done’ signal be a new trend in sterling. I those negotiations remain the oriented counterparts, both
rates to remain low, as they inflation and economic activ- on interest rates,” Mr. Patel don’t see how the Brexit nego- pivotal factor, rather than BOE falling 1% on Thursday. A
shift their investments toward ity were broadly similar to its said. “From my point of view, tiations can actually get worse officials, for whom Brexit has slower pace of interest-rate in-
those that offer higher yields. last projections in August. I’ll be buying this dip, basically.” than they were at the October been key when making their creases could hurt banks’
Moves in bond yields tend to “The BOE has displayed Jordan Rochester, foreign- meeting,” he said. decisions. lending revenues.
be heavily linked to short-term quite a conservative outlook exchange strategist at No- The pound has been under “There’s so much uncer- U.K. stocks remain unloved
interest rates. for the U.K. economy,” said Vi- mura, also saw Thursday’s de- pressure since the June 2016 tainty around where Brexit ne- by international investors last
In its new statement, the raj Patel, foreign-exchange cline in sterling as a short- Brexit vote, and analysts be- gotiations are going,” said An- month. The U.K. was the top
Bank of England didn’t reiter- strategist at ING Bank. term reaction. The U.K.’s lieve Britain’s negotiations and drew Mulliner, a portfolio underweight position held by
ate its guidance from Septem- He added that the pound negotiations over its exit from the political uncertainty manager at Janus Henderson global fund managers sur-
ber that interest rates might was more likely to appreciate the European Union are seen around them have held ster- Investors. “That’s the domi- veyed by Bank of America
need to rise by more than than fall from here. as key across British markets. ling back. nant driver for U.K. risk at the Merrill Lynch in October.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Tax Plan’s Happy Surprises for Investors OVERHEARD

Buy the rumor, but don’t would be small. boiled down to a calculation Give and you shall receive?
sell the “cut, cut, cut.” Creditworthy The corporate tax change about lower taxes and the re- That seems to be the idea at
The Republican tax plan Ebitda* to net debt of S&P 500 companies that may have the biggest sulting higher net profit. The Inspire Investing, which just
had few surprises for the short-term impact on the whole package—including launched its fourth biblically
market, which has been ris- 13 economy is the immediate the substantial changes to in- driven exchange-traded fund
ing in anticipation of a big deductibility of capital individual taxes and deduc- with a reduced expense ratio,
12
reduction in corporate taxes. vestments such as factories tions—is meant to unlock the Inspire 100 ETF.
The increases that legislators 11 and machinery. Currently higher economic growth. Inspire’s three existing ex-
proposed to fill the revenue companies depreciate these On the corporate side of change-traded funds, all
gap were a mixed bag for 10 expenses. the ledger that appears to be launched this year, have
companies, but none serious While shares of large-capi- the case as net profits would racked up $107.2 million in
enough to rattle investors. 9 talization stocks have done rise and more of those prof- assets between them. It has
The headline figure in the well recently—particularly its are likely to be invested pledged to donate half of its
Tax Cuts and Jobs Act is a 8 technology giants—they domestically. But the milder net profits made on manage-
permanent cut in the corpo- would benefit less from the measures on individual taxes ment fees to Christian
rate tax rate to 20%—higher 7 overall cut in the tax rate. appear to be a missed oppor- causes.
than the 15% that President 2000 ’05 ’10 ’15 Many already are paying ef- tunity to remove distortions The rapid asset growth is
Donald Trump had pined for, *Earnings before interest, taxes, depreciation and amortization fective tax rates not far that affect how the American noteworthy, and may owe
but the number that most Source: FactSet THE WALL STREET JOURNAL. above 20%. Smaller, domesti- public saves and invests. something to mainstream
were expecting. cally focused companies tend Aside from some tweaks media coverage of the tiny
But this bag of goodies for wouldn’t, on the other hand, sued by companies that to have fewer methods to to tax credits for health ex- firm for the wrong reasons—
corporate America has a few be affected by a wrinkle that could get pinched, but it ac- shield themselves from high penses, education and mort- policies considered by some
sour bits too. One is the would limit the deductibility tually makes sense since the taxes and benefit more. That gage interest, the largest im- to be outright discriminatory.
slightly higher-than-expected of interest to 30% of a modi- future supply of high-yield likely explains why, despite pact would be felt by In the end, what matters
proposed tax rate of 12% for fied measure of cash flow bonds would be reduced, the rally in big tech compa- residents of high-tax coastal to many prospective clients is
a one-time repatriation of called earnings before inter- making the existing crop nies, the S&P 500 has lagged states. results and costs. With fees
cash held by foreign subsid- est, taxes, depreciation and scarcer. Looking at the S&P behind the small-capitaliza- However the wrangling 10 times as high as the
iaries of U.S. companies. This amortization. It is notewor- 500 as a whole, interest ex- tion-focused Russell 2000 in- over legislation plays out, cheapest plain vanilla U.S.
mostly affects large multina- thy that the market prices of pense was less than one- dex by about 4 percentage the gains from tax reform al- stock ETF, divine intervention
tionals such as Apple, Micro- high-yield bonds barely tenth of Ebitda, so the over- points since the election. ready are priced into the may be needed for winning
soft and Coca-Cola. moved Thursday. That seems all impact of limiting the tax- Of course, the entire market. —Spencer Jakab results.
Those cash-rich companies odd since they tend to be is- deductibility of interest stock-market rally can’t be and Ken Brown
Apple Gets Some Help From iPad, Mac AIG Needs Refresher in Insurance Basics
Amid all of the stunning which include Apple’s App Brian Duperreault’s turn- with Berkshire Hathaway the very large companies
numbers Apple usually pro- Booting Up Store and content offerings, around job at American In- earlier this year was meant that AIG specializes in insur-
duces on earnings day, the Stock and index performance jumped 24% to $7.9 billion ternational Group will be to put a cap on losses from ing. In a statement, he said
most important data point— excluding the effect of a one- harder and take longer than these troubled commercial he would hire new staff to
future iPhone sales—remains 50% time adjustment. it first seemed. lines, but it covered only U.S. improve its analysis of risks,
unclear. 40 That should soothe inves- AIG reported earnings on policies written through and even declared 2018 to be
Apple
Apple’s fiscal fourth-quar- 30
tors who have been solely fo- Thursday that fell fall short 2015. AIG’s charge this time the “year of the under-
ter results Thursday con- cused on the iPhone of late. of analyst estimates due to around relates to business writer” at AIG.
firmed this year’s iPhone cy- 20 And financial performance yet another charge on its written in 2016, or outside Shareholders and analysts
cle is getting stretched. Unit 10 S&P 500 remains strong. Operations property-and-casualty book. the U.S. won’t take him at his word
sales of the iPhone rose only 0 generated about $63.6 billion The $3 billion of cata- Clearly, something went that the situation will be re-
3% despite the launch of the in cash in the quarter, bring- strophic hurricane damages badly wrong with underwrit- solved. Hiring underwriters
8 and 8 Plus models late in 2017 ing the company’s total cash was expected, but a separate ing practices at AIG. Policies and reworking the com-
the quarter. Apple also pro- Source: WSJ Market Data Group balance to nearly $269 bil- $836 million increase in re- were underpriced and risks pany’s risk analysis are com-
jected that overall revenue lion—nearly all of which serves for commercial insur- not properly anticipated. plicated tasks that will take
for the December quarter awhile. Wall Street expects rests offshore. ance lines wasn’t. The good news is that Mr. time to bear fruit. It won’t
would rise 7% to 11% year growth from the iPhone X to That could make Apple a This marks the third year Duperreault, who joined in be clear if the new policies
over year. That was within have a bigger impact on Ap- big beneficiary of the tax in a row that AIG has taken a May after his predecessor being written are more resil-
the range projected by ana- ple’s results next year. In the package circulating through surprise charge on this busi- was ousted, seems to recog- ient until they have been in
lysts who expect rather lim- meantime, the company’s Washington. And at the very ness, following a $3.6 billion nize the cause of the prob- force for some time.
ited supply of the iPhone X supporting cast is taking a least, it will give investors increase in reserves in the lem. In a recent post on Mr. Duperreault is proba-
that hits stores Friday. turn in the spotlight. Unit something new to ponder fourth quarter of 2015 and a LinkedIn, he stressed the bly the right man for this
So investors hoping for sales of the iPad and Mac while waiting to see if $5.6 billion charge in the limits of technology and the job. That doesn’t mean it
sure signs of an iPhone “su- jumped 11% and 10%, respec- iPhone X will make a strong fourth quarter of 2016. continued human role in will be easy or quick.
percycle” still have to wait tively. Services revenue, connection. —Dan Gallagher A reinsurance deal struck judging risks, especially for —Aaron Back
MALIKA FAVRE
HOMES | MARKETS | PEOPLE | UPKEEP | VALUES | NEIGHBORHOODS | REDOS | SALES | FIXTURES | BROKERS
© 2017 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Friday, November 3, 2017 | M1
WHITNEY KAMMAN FOR THE WALL STREET JOURNAL (3)

WIDE-OPEN SKY John Thompson and his fiancée, Cody Goettle, below right, at their $3.5 million contemporary home in Big Sky, Mont. Advances in glass technology make it easier to use large sheets of
glass. The living room, above, has full-height sliding doors that completely open up to the outside deck. The home, below left, is located in a ski and golf community called Spanish Peaks.
SKI & MOUNTAIN HOMES
The Quest
For Transparency
Affluent buyers say the best ski
homes offer wide-open views of
the slopes from the cozy indoors.
ergy-efficient than insulated walls. Still, the Wil- Alessandro, 74, a retired managing director of
BY CECILIE ROHWEDDER
son, Wyo., house, designed by Jackson-based Hambrecht & Quist, a San Francisco-based in-
Dynia Architects, offered sweeping views of the vestment bank now part of J.P. Morgan Chase &
THE TEMPERATURE OUTSIDE was 23-degrees Teton Range. After the sale closed, the Alessan- Co. “Glass technology has evolved so that people
below zero the day Michael and Shelia Ales- dros installed even more glass in the living room can have a house like this. It’s amazing that peo-
sandro bought their modern mountain home for to further enlarge the view. ple still want to build those old-style log cabins.”
$3.4 million in Wyoming’s Jackson Hole. Mr. Alessandro says the home is still warm Many affluent buyers say that the best ski
The frigid weather briefly gave them pause, and cozy, with monthly heating bills averaging homes are ones where you can see the snow and
since the five-bedroom, 6,800-square-foot home $538 in the 12 months through September. “You slopes while staying snug inside. Recent advances
had walls of glass—a design that can be less en- couldn’t have done this 100 years ago,” says Mr. Please turn to page M6
SPEND THE SUMMER IN SKI COUNTRY INSIDE
More second-home buyers are seeking out ski-resort towns for their summer amenities,
from high-altitude golf courses to outdoor pools and food festivals; using the lift for mountain bikes.
BY KATY MCLAUGHLIN
WHEN MIKE AND PEGGY

Grubbs first visited Victory
Ranch, a new development JUMBO JUNGLE
about 10 miles from the ski Don’t get burned by a
slopes of Park City and Deer credit freeze M8
Valley in Utah, they immedi-
ately put a deposit on a lot.
The location was perfect,
they said, for enjoying every-
thing the season has to offer.
The season in question,
for the Grubbses and a grow-
ing number of buyers in
mountain communities, is
summer. While the Grubbses
ski and engage in other win-
ter sports, they get the most
use out of their home in the SLOPE-SIDE STYLE
summer, when Ms. Grubbs Luxury ski homes
KIM RAFF FOR THE WALL STREET JOURNAL
lives there full time and Mr. on the market M10

Grubbs visits weekly from
their home in Newport
Beach, Calif.
Mountain towns, ski re-
sorts and developers in
these areas are making a big
push to create more reasons
for people to visit in the
summer. It is part of a sev-
eral-decades effort to diver- FAIR WEATHER BUYERS Mike and Peggy Grubbs, at Victory Ranch in Utah, get most use out of their home in the summer.
sify the economy in places
traditionally dependent on create value for land that ularly in California and low- length of the ski season, and Scott, research chair in Cli-
ski revenues. For the real-es- doesn’t lie at the base of the altitude resorts—there is a may eliminate it in some ar- mate and Society at the Uni- BODE MILLER
tate industry, a healthy ros- slopes. concern that climate change eas by the middle of the cen- versity of Waterloo in On- The skier on growing
ter of summer activities can In some locations—partic- is gradually eroding the tury, according to Daniel Please turn to page M4 up in the wild M12
M2 | Friday, November 3, 2017 NY THE WALL STREET JOURNAL.
MANSION
BEVERLY HILLS PRIVATE-EQUITY
ESTATE WITH EXECUTIVE PAYS
MINI TRAINS ASKS $52 MILLION FOR
$58.88 MILLION NEW YORK HOME
A Beverly Hills, Calif., estate with Joshua Harris, co-founder of pri-
a mansion, two guesthouses and vate equity firm Apollo Global Man-
miniature trains that can squire rid- agement, has purchased a 100-
ers around the property is seeking year-old mansion on Manhattan’s
$58.88 million. Upper East Side for $52 million.
The nearly 1¾-acre property has Though the property first listed
a 26,800-square-foot house with for $72 million in 2016, the sale
eight bedrooms and 15 bathrooms, still represents the second-highest
according to listing agent Christophe price ever paid for a New York City
Choo of Coldwell Banker Global Lux- residential townhouse, according to
ury. The house includes 12 antique agent Paula Del Nunzio of Brown
marble fireplaces imported from Harris Stevens. Financier J. Christo-
France, Italy and England, and a pher Flowers paid $53 million for
two-story wood paneled library with the Harkness mansion in 2006,
his-and-hers offices. There is also a setting the current record, accord-
5,000-square-foot master wing on ing to public records. And earlier
the second floor, Mr. Choo said. this year, art heir David Wildenstein
The grounds include a large lawn, sold his Upper East Side town-
croquet court, tennis court and pool
with a waterslide and waterfalls.
Both guesthouses have their own
two-car garages.
Train tracks meander through the
property and accommodate both
steam and diesel locomotives, both PRIVATE PROPERTIES
rideable and both built to 1/8th the
Michael Dell Buys

scale of the real thing.
The sellers are retired real-estate
developer Alan Casden and his wife,
Large Boston Penthouse

Susan. Mr. Casden said the trains
were inspired in part by his visits to
the railroad museum in Griffith Park.
The trains provided entertainment
for his children’s birthday parties, Dell Technologies founder and Any one of the units could set a dents’ club, restaurant and lap pool.
Mr. Casden said. CEO Michael Dell is in contract to record price for a Boston condomin- The building was designed by
The couple is selling because the buy an under-construction penthouse ium. The previous record was set last Henry N. Cobb of Pei Cobb Freed &
house is “just way too big for us at One Dalton, which will be Boston’s year by the $35 million sale of a Partners along with Gary Johnson of
now,” said Mr. Casden, 70, who tallest residential tower when com- penthouse at the city’s Millennium Cambridge Seven Associates. Tracy
added that he retired last year. They pleted, according to people with Tower, according to public records. Campion of Boston brokerage Cam-
plan to downsize, he said. knowledge of the deal. The exact size of Mr. Dell’s unit pion & Co. is leading sales. house for $79.5 million to an affili-
—Katy McLaughlin The penthouse is in the Four Sea- isn’t known; people familiar with the The penthouse wouldn’t be Mr. ate of Chinese conglomerate HNA
sons Private Residences One Dalton building said it is very similar to the Dell’s first big purchase in Boston. Holdings Group, records show; that
Street, shown in a rendering above. It other two penthouses. The pent- A limited-liability company controlled property is being used for commer-
is one of three penthouses, all on the house that is on the market for $40 by MSD Capital, an investment vehi- cial purposes, Ms. Del Nunzio said.
60th and 61st floors of the building. million is expected to be roughly cle controlled by Mr. Dell and his Until recently, the 21,000-
One penthouse went into contract for 7,300 square feet with a 570-square- family, bought a $10.9 million condo square-foot Dommerich Mansion
about $40 million last year, developer foot terrace. All of the penthouses at Millennium Tower last year, re- was occupied by the Center for
CLOCKWISE FROM TOP: FOUR SEASONS HOTEL & PRIVATE RESIDENCES (RENDERING); CARY HOROWITZ; GILES BRADFORD; NICK SPRINGETT
Carpenter & Company said at the include soaring ceilings and double- cords show, following a $60 billion Specialty Care, an outpatient facil-
time, and another went on the mar- height terraces with outdoor fire- deal by his company to acquire EMC ity for plastic surgery. The facility
ket in August for $40 million. The places, according to the project’s Corp., based in Hopkinton, Mass. A has since closed, and the property
price Mr. Dell has agreed to pay for website. Residents of the building spokesperson for Mr. Dell declined to is ready to be returned to its origi-
the third penthouse isn’t known. will have access to a private resi- comment. —Katherine Clarke nal purpose as a single family
mansion, Ms. Del Nunzio said. The
sellers are the family of James W.
Smith Jr., a plastic surgeon who
RECORD TERRITORY: PALM BEACH ESTATE ON THE MARKET FOR $105 MILLION bought the property in 1980 and
later converted it to the care facil-
A massive Palm Beach, Fla., estate security systems and time-equipment ity. They could not be reached for
is going on the market for $105 mil- products. Mr. Watkins declined to be comment.
lion. If it sells for that price, it would interviewed. Ms. Del Nunzio said Mr. Harris
be one of the most expensive homes The home is located on South fell in love with the scale of the
ever sold in the area, according to Ocean Boulevard, a street lined with property, which is 44 feet wide and
data from appraiser Jonathan Miller. the vacation houses of business has seven stories plus a basement
The record price paid for a Palm heavyweights like Blackstone Group and three elevators. The home was
Beach property was set in 2012 by CEO Stephen Schwarzman. built in 1917 for Otto Dommerich,
hedge-fund manager Ken Griffin’s The Watkins bought the more than an heir to a cotton empire and one
purchase of four adjacent lots on 2-acre site for just over $21.5 million of Manhattan’s wealthiest men at
nearby Blossom Way for about $130 in 2001, Mr. Pickett said, and then the time, according to the listing. It
million, Mr. Miller said. tore down the existing house. They has 14 marble fireplaces, a staircase
According to listing agent John O. built the 28,399-square-foot home topped with a stained-glass dome
Pickett of Brown Harris Stevens, the from scratch, completing it in 2004. and a rooftop terrace with views
house is owned by Edward G. Watkins The home was designed by architect of Park Avenue to the east and
II and his wife, Karen Watkins. Mr. Jeff Smith, with interiors by Bunny Fifth Avenue and Central Park to
Watkins was president and principal Williams, according to Mr. Pickett. the west. Mr. Harris declined to
owner of the Simplex Time Recorder The interior is configured around a umned seating areas, according to Mr. two-story winding marble staircase. comment. —Katherine Clarke
Co. until its $1.15 billion sale to Tyco central courtyard, with two symmetri- Pickett. Inside, the home features an There are seven bedrooms, eight full
International in 2001. Founded in the cal wings stretching out from the imported 18th-century fireplace from bathrooms and four half-bathrooms. See more photos of notable
late 1800s, Simplex manufactured, main axis. The courtyard has a pool, Italy, hand-carved coffered ceilings, The home is in very good condition, homes at WSJ.com/Mansion.
sold and serviced fire-alarm systems, landscaped gardens and shaded col- walls clad in carved shell stone and a Mr. Pickett said. — Katherine Clarke Email: privateproperties@wsj.com
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THE WALL STREET JOURNAL. Friday, November 3, 2017 | M3

INSIDE STORY
A Home With a Hint of Monastery

A Colorado couple with a passion for Japan and climbing builds a quiet home
BY CANDACE JACKSON
NORIE KIZAKI AND DAVID WOLF

knew just what they wanted for
the house they were building in
Colorado: a home that reflected
Ms. Kizaki’s childhood in a Bud-
dhist monastery in rural Japan,
where her father was a monk.
But they also wanted a light
touch: a relatively modest size and
an exterior that wouldn’t stand out
too much in their Boulder neigh-
borhood, with its mix of 1950s-era
ranch houses and colonial bunga-
lows. “We wanted to incorporate
the stuff we liked about Japanese
houses, but we didn’t want people
to say, ‘turn left at the Japanese
house,’ ” says Mr. Wolf.
CARMEL ZUCKER FOR THE WALL STREET JOURNAL (5)

The result is a 1,800-square-
foot, two-story, three-bedroom,
2½-bathroom modern minimalist
home. It has a typical gable roof
but with an enameled-steel wrap-
per that folds onto the flat top
surface. A contemporary porch
swing sits out front. “I think porch
swings feel really neighborly,” says
Mr. Wolf.
The Japanese element is visible,
but subtle. The front door and part
of the facade is shou-sugi-ban cy-
press, a Japanese charred-wood To fit three bedrooms and two SUBTLE Norie Kizaki and David Wolf,
technique that preserves the wood. bathrooms into the 700-square- inset, built a home with subtle Japa-
The home was completed in 2015 foot upper level, Mr. Meade says nese style on the facade, top, and rich
at a cost of $750,000 to $800,000. they kept hallways and corridors traditions inside, above and below.
Ms. Kizaki, a ski and climbing to a minimum and ceilings high to
guide, and Mr. Wolf, an avid create a feeling of space.
climber who runs a wealth-advi- Off the master bedroom is a
sory firm, hired architect E.J. cantilevered bathroom that holds a
Meade of Denver- and Boulder- wet room, or Japanese ofuru, with
based Arch11 to handle the a shower and a deep Japa-
design. As it happened, nese soaking tub. A win-
Mr. Meade was famil- dow placed above the
iar with many of the tub allows a view of
principles of Japa- the Flatiron Moun-
nese design. tains. “It’s the Jap-
The couple re- anese sense of a
used the founda- privileged view of
tion of the original nature, versus a
home they had pur- wall of windows,”
chased in 2010 and says Mr. Meade. WOODWORK The kitchen, left, has a painting of Japan by the couple’s friend
torn down. They The same is true of Craig Muderlak. The wood facade and door are made of shou-sugi-ban cypress.
bought the 1/3-acre prop- a front garden visible
erty for about $600,000. through a pair of low win- Wolf’s office downtown, and to a on the property since the 1950s.
The home’s interior has many dows in the tatami room. favorite market. In addition to the Mr. Wolf also planted Japanese
traditional Japanese elements. The The home has white oak floors 1950s teardown ranch house, the kabocha squash and, out front,
small entry room is inspired by a and white walls throughout. Furni- lot had a 575-square-foot guest there is a large rose bush that the
traditional genkan, where guests ture and decoration are kept to a who grew up on the border be- cottage, where they lived during couple liked so much they insisted
can slip off their shoes and change minimum, and include a couple of tween Iowa and Illinois, also construction of their home. Mr. Meade take it into account
into house slippers. paintings by friend Craig Muder- moved to Colorado for school, Today, they use the second floor when designing the house.
The main living space is set up lak. One, in the kitchen, shows earning a master’s in business and of the cottage as a guest space. With a baby due early next year,
around a tatami room, surrounded Mount Yotei, where Ms. Kizaki a law degree at the University of The ground floor also holds their the two plan to stay put this win-
by sliding shoji screen doors. With spends three months a year as a Colorado in Boulder. Volkswagen RV camper, and all ter. They have yet to decorate the
no furniture except for the rice backcountry ski guide. The two met in 2002 through a their ski and climbing gear. nursery, across the hall from a
straw mats on the ground, the Ms. Kizaki moved to Colorado mutual friend with whom they A central design element of the bedroom used as a home gym.
couple uses the space for medita- about 20 years ago to attend traveled to Ecuador for a month- home is the floating staircase of Mr. Wolf says the Japanese sen-
tion, dining or watching TV on a graduate school at Denver Univer- long climbing trip. They married plate steel and tension wires in the sibility in their home design is
set tucked behind a door, along sity for international communica- in 2008 in a ceremony at the mon- living room. The room also has big also related to their passion for
with silk pillows for sitting. Ms. tions. She took up mountain astery where Ms. Kizaki grew up. glass doors that open to a deck climbing, where “fast and light” is
Kizaki’s mother sleeps in the ta- climbing as a weekend hobby and They say they were drawn to and a large backyard. Outside, is a the name of the game.
tami room when she visits, using a soon left a consulting job to pur- the Boulder property by its prox- lawn, vegetable garden and Con- “It’s everything you need but
trifold Japanese futon. sue guiding full time. Mr. Wolf, imity to the mountains, to Mr. cord grape orchard that has been nothing more,” he says.
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M4 | Friday, November 3, 2017 THE WALL STREET JOURNAL.
FROM TOP: KIM RAFF FOR THE WALL STREET JOURNAL (3); REBECCA STUMPF FOR THE WALL STREET JOURNAL (2)
NO SNOW HERE Mike and Peggy Grubbs’s cabin, top,
which they plan on selling once their home is completed;
skeet shooting, above; an outdoor area, right.
SPEND SUMMER IN SKI COUNTRY

Continued from page M1 Sudie Kirkman, who live in Fort birthday party for Mr. Grubbs, Ms.
tario, Canada. Worth, Texas, bought a nearly Grubbs said.
By building communities with 4,600-square-foot house in 2011 in Victory Ranch is a 6,700-acre
facilities such as high-altitude golf Snowmass Village, Colo., about 8 community that Chicago-based de-
courses, rock-climbing walls, out- miles from Aspen. veloper Sterling Bay bought in
door pools and mountain-biking “If we were only skiers, we 2012, said Jim Moran, the commu-
paths, and by generating cultural would not have bought this house,” nity’s director of sales. The devel-
programming, developers and mu- which has a backyard, said Mr. Kirk- opment includes an 18-hole golf
nicipalities are aiming to create man, a 64-year-old attorney. “This course, club houses, a shooting fa-
destinations with a raison d’être is a summer house.” The Kirkmans cility, mountain-biking trails and a
beyond snow. paid $3.75 million for the home, ac- restaurant. It also offers a lounge
Summer is contributing more to cording to public records. Ms. Kirk- at the base of the town ski lift in
mountain town economies. Tax rev- man stays from late May to mid-Oc- Park City. While residents have a
enue this past summer was over tober; Mr. Kirkman travels back and drink or rest, a valet readies ski
50% higher than it was four years forth, working from a home office equipment at the foot of the lift or
ago in Telluride and Mountain Vil- in Snowmass. returns it to Victory Ranch.
lage, Colo., according to data col- This summer, the Kirkmans In Stowe, Vt., the popularity of
lected by Michael Martelon, presi- hiked a lot, Mr. Kirkman said, and mountain biking and craft beer is
dent of the Telluride Tourism shopped for fruits, vegetables, drawing interest in the summer,
Board. In Vail, summer tax revenue cheese and bread at Aspen’s farm- said McKee Macdonald of Coldwell
in 2016 was 34% higher compared ers market. They took in shows by Banker Carlson Real Estate in
with the same period four years Maroon 5, Keith Urban and Hall & Stowe. Two years ago, he sold a
prior, according to data provided Oates, Mr. Kirkman said. home in Stowe to Peter Harris, a
by the town of Vail. Aspen also hosts a high-profile 51-year-old investor who lives with
“The typical summer buyer in food-and-wine festival in the sum- his wife and three children in
Vail is from Texas or Florida. They mer, and 400 classical music Brookline, Mass.
come for four weeks over the win- events. The Aspen Institute, a think Mr. Harris said he was consider-
ter season, and then around June tank, began hosting the Aspen ing buying a beach property on
15th or so and they stay until the Ideas Festival each June in 2005; the island of Nantucket but was
kids go back to school,” said Bar- this season included presentations turned off by high prices and con-
bara Scrivens of LIV Sotheby’s In- by former U.S. deputy attorney cerns that the family wouldn’t be
ternational Realty. general Sally Yates and film pro- able to use the house much. In
In warm months, some resorts ducer Brian Grazer, among others. Stowe, the family paid $1 million
convert ski-equipment shops into On their first visit to Victory for a house with a view of the
bike shops, and use lifts to trans- Ranch, the Grubbses put in a de- Worcester Range mountains and
port mountain bikers to main- posit on a $750,000, 1.2-acre lot. spent roughly $500,000 renovat-
tained trails. Others offer zip lines They are now building a 6,700- ing. This summer they spent a
and alpine slides—long chutes nav- square-foot house that will cost month in the home, plus various
igated by carts. Many communities roughly around $3 million when it weekends. In the winter, they use
stage film, food, wine or beer fes- is finished next summer, said Mr. the home on weekends for skiing.
tivals and put on elaborate July 4 Grubbs, co-founder of a home SEASONAL LIVING Bill and Sudie Kirkman, of Ft. Worth, Texas, and their Mr. Harris said they were sur-
parades and fireworks. But for building company. Less than a year home in Snowmass Village, Colo.; Ms. Kirkman lives here from May to October. prised by how full Stowe is in the
many buyers, an array of sophisti- after deciding to buy the lot, the summer. “We were waiting just as
cated cultural offerings in a low- couple paid $1.6 million for a cabin pleted, Ms. Grubbs said. a golfing-shooting-fishing contest, long for tables at our favorite res-
key environment is the real draw. on a different lot, which they plan This summer, Mr. Grubbs and and Ms. Grubbs attended various taurants as we did in the winter,”
After years of renting, Bill and on selling once their home is com- some family members competed in sports clinics. They threw a 59th he said.
Micro Trends, Macro Context.

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THE WALL STREET JOURNAL. NY Friday, November 3, 2017 | M4A
M4B | Friday, November 3, 2017 NY THE WALL STREET JOURNAL.
NATED
I DO
A CHILD’S ABILITY TO READ HAS

A BIG IMPACT ON THEIR FUTURE.
DONATE AND GIVE THE GIFT
OF LITERACY, OPPORTUNITY,
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SPREAD SHEET | ADAM BONISLAWSKI
LEAVING LAS VEGAS

Cities with the highest eviction rates for high-earning renters
For high-
income rent-
ers, the odds
of eviction
are higher in
Las Vegas
than in San
Francisco.
A recent report from
rental-listings site Apart-
ment List found that locales
with higher rents, like New
York, Los Angeles and the
Silicon Valley area, have
among the lowest eviction
rates in the country. Some of
the highest rates were found
PING ZHU
in more modestly priced

spots like Memphis and Las
Vegas, according to survey
data the company collected those with incomes above notes, is that tight rental
from 8 million users over the $60,000—had eviction rates markets in these cities make
last three years. of 2.9% in Las Vegas and it difficult for borderline
The survey found similar 2.8% in Memphis, cities renters to get a lease in the
results for renters across the where the overall eviction first place. In these markets,
annual income spectrum. For rates were 5.5% and 6.1%, re- “Landlords have more discre-
instance, higher-income spectively. Renters in the tion in terms of who they are KAYA SURVIVED!
She was born 4 months
renters—defined here as same income bracket had renting to,” he says. “So if early and spent more than
eviction rates of you are a renter whose his- 5 months in the hospital.
0.8% in Boston and tory might suggest you would
Exit Strategy 0.9% in San Fran- have more difficulty paying
Eviction rates among higher-income cisco, areas with rent, you would probably
renters in selected top U.S. metro areas. overall eviction have a harder time even get-
HIGH- rates of 2% and ting your foot in the door.”
METRO AREA OVERALL INCOME 1.6%, respectively. Another factor could be
Las Vegas 5.5% 2.9% While the metro- strong tenant protections in
Dallas-Fort Worth 5.6% 2.8% level data used in certain high-rent spots like
the company’s anal- New York, Mr. Salviati adds.
Memphis 6.1% 2.8%
ysis could mask Real-estate lawyer Steve
Atlanta
Phoenix
5.7%
5.9%
2.7%
2.6%
higher rates of
renter displacement
Wagner, partner with Man-
hattan-based firm Wagner
Sign up at marchforbabies.org
Miami 3.5% 1.6% in specific rapidly Berkow, recalls a pair of
Washington, D.C. 2.4% 1.4% gentrifying neigh- cases involving high-income
borhoods, in general New York clients: “I was able
Chicago 3.1% 1.3%
the numbers indi- to keep two different tenants
Minneapolis 3.1% 1.2% cate that a strong in their apartments for over
Los Angeles 1.9% 1.2% local economy keeps six years without paying
New York 2.2% 1.1% eviction rates low rent.”
Seattle 2.3% 1.1% even in the face of He attributes the feat to
lofty rents, says both legal acumen and luck,
Denver 2.5% 1.1%
Christopher Salviati, adding that recent changes
San Francisco 1.6% 0.9% housing economist to the city’s housing laws
Boston 2.0% 0.8% at Apartment List. make such an outcome less
Also possible, he likely today. © 2017 March of Dimes Foundation
Source: Apartment List
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official rules, including prize description and odds, visit wsjplus.com/officialrules. Sponsor: Dow Jones & Company, 1211 6th Avenue, New York, NY 10036.
M6 | Friday, November 3, 2017 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, November 3, 2017 | M7
SKI & MOUNTAIN HOMES SKI & MOUNTAIN HOMES
SKI HOMES SEEK FULL TRANSPARENCY

Continued from page M1
in glassmaking and engineering
mean homes can have larger panes
of architectural glass with higher
levels of insulation. Two or three
panes, with sophisticated coatings
and argon gas between layers to
displace cold air, allow homeowners
to manage extreme climates with-
out inflated utility bills. Extra-clear
glass, low in iron, eliminates the
green tint that thick glass had in
the past. For safety, glass is lami-
nated like car windshields. To man-
age sunlight, it comes in versions
that darken like sunglasses, either
automatically or at the flick of a
switch. In contemporary mountain
homes, windows have narrow steel,
DAVID AGNELLO FOR THE WALL STREET JOURNAL (4)

aluminum or fiberglass frames.
“The goal is for the window
frame to go away,” says Alan Pick-
ett, resident architect at Pella
Corp., a window and door manufac-
turer in Pella, Iowa. “Clients want
more glass, less frame, less wall.”
Such transparency can be costly.
At Agnora, a company in Colling-
wood, Ontario, that makes large ar-
chitectural glass, prices rise with
the size of the panel and level of in-
sulation. Double-pane, high-perfor- WARM AND COZY Michael and Shelia Alessandro, top center, bought their modern mountain home for $3.4 million in Wilson, Wyo. Top left, the open-plan kitchen and dining area; top right, the living
mance glass with low emissivity room, where the Alessandros added even more glass after they bought the home. Mr. Alessandro says the home, above, is still cozy despite all the windows. Heating bills average $538 a month.
and argon gas costs three times as
much as single-pane glass. Triple- SEE-THROUGH Steve Brint and a closer connection to the landscape and gray. Floors are made of Mr. Thompson and his fiancée, Cody to pine trees behind. cold winters.
pane, triple-coated glass with argon Mark Brown’s $3 million, 4,100- than one larger house would, says brushed concrete that “really Goettle, feel one with the landscape. The living room has sliding “We can enjoy the view of the
costs more than five times as much. square-foot house in Aspen, Colo. Mr. Kundig, owner and design prin- grounds you,” says Ms. Atchison. Ms. Goettle, a kinesiologist and glass doors that open to a 900- snow without feeling the cold of
“In mountain areas, almost all The living room has sliding glass cipal at Seattle-based architectural At John Thompson’s contempo- recent graduate of Montana State square-foot deck with a glass rail- the snow,” says Mr. Brint, a retired
houses have double-pane glass, doors that open onto a deck. firm Olson Kundig. Public spaces, rary home in Big Sky, Mont., the University, and Mr. Thompson, who ing. The master suite also has ophthalmologist.
some have triple-pane,” says Rich- such as the living, dining and living room walls are full-height has traveled extensively in Australia, floor-to-ceiling windows. For Mr. With Mr. Brown, a retired ac-
ard Wilson, Agnora’s founder and “We have 360-degree views,” kitchen areas, are in one building; sliding doors that completely open say the house was inspired by that Brint, 71, the main goal in building countant, Mr. Brint is in Aspen six
president. Some homeowners re- says homeowner Tasha Atchison, a private spaces, including the master up to the outside deck. Glass walls country’s contemporary coastal ar- the modern-mountain house was a weeks in the winter and four
duce building costs by using pre- 44-year-old mother of two and re- bedroom, children’s room and den on the sides make the view even chitecture, with clean lines, natural seamless transition to the out- months in the summer, which the
mium glass on the main panoramic tired transportation engineer. are a short walk away in another. larger. Floor-to-ceiling windows in materials and emphasis on views. doors. At the same time, Mr. Brint pair spends hiking, biking and
windows and less-expensive vari- “Why ruin that with walls?” One challenge homeowners face the master bedroom create a sense “Glass technology is changing and his husband, 65-year-old Mr. horseback riding. They spent around
eties in less-prominent spaces. Ms. Atchison and her husband, with contemporary mountain of immersion in the outdoors. quickly,” says Reid Smith, a Boze- Brown, wanted the four-bedroom $600 per square foot building the
Others opt for smaller, more af- Shane, a 44-year-old chief market- homes: making them look cozy. To “When you’re in the house, it man, Mont., architect who de- home to feel warm and welcoming. house—around $3 million, including
fordable window panes with a grid ing officer of Utah-based software offset the stark look of glass, steel feels like you are in nature,” says signed the $3.5 million house. To create that sense of sense of outdoor space and garage—and
of muntins, even though it inter- firm Domo, completed the house in and straight lines, they ask for Mr. Thompson, who sells real es- “There is a world of innovation comfort, Aspen-based architect moved in 2015. Mr. Cunniffe, the ar-
feres with the view. 2012 and now spend weekends and earthy, textured materials for non- tate at Big Sky’s Yellowstone Club out there that is making it easier Charles Cunniffe matched the glass chitect, says the more glass there is
Architect Tom Kundig designed a vacations there with their children, glass walls, as well as soft fabrics and completed his house at Span- to use those large sheets of glass.” with textured sandstone walls. The on a house, the more expensive it
nearly translucent retreat in Wash- Keegan, 13, and Frances, 11. and warm colors for furnishings. At ish Peaks, a nearby ski and golf At Steve Brint and Mark roof has wide eaves that shade is—and modern mountain architec-
ington’s remote Methow Valley. The Sitting on 20 acres, the property the Atchisons’ house, Olson Kundig community, in 2015. “You just get Brown’s 4,100-square-foot house outdoor living space. And he de- ture needs a lot of it.
communal area of the 3,200- is composed of four separate build- designed a small kitchen area with lost in the view.” on the Roaring Fork River in As- signed a lighting system that cre- “The clients that contact us are
DAVID O. MARLOW (2)

square-foot, four-bedroom com- ings that are placed to frame views a low ceiling made of reclaimed The home uses highly insulated, pen, Colo., visitors are greeted by ates a warm atmosphere and pre- usually looking for a maximum
pound near Winthrop, Wash., has of the valley, Pearrygin Lake and the barnwood. Living-room armchairs triple-pane performance glass that a shimmering, two-story glass wall vents the glass panes from amount of nature and minimal
glass on three sides. Walls open up, Studhorse Ridge. The separate are upholstered in homey tartan. keeps out both cold and heat from exposing a floating staircase. Next becoming large mirrors at night. separation between them and na-
further blurring the boundaries be- structures, built like pioneer wagons Red dining chairs provide a pop of the sun and fends off ultraviolet to it is a glass front door that The glass itself is highly insulated, ture,” he says. “As much glass as
tween inside and outside. circling a campfire, give those inside color to the industrial black, brown rays. And it is clear enough to make opens a view through a corridor, preserving the heat in Colorado’s possible—that’s our No. 1 request.”
Our Reality
in Waiting
From defeating superbugs and hurricanes to understanding the
Bitcoin enigma, season 2 of The Future of Everything series explores
the challenges and possibilities of our impending way of life.
ApplePodcasts.com/FOE
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JUMBO JUNGLE | ROBYN A. FRIEDMAN
DON’T GET BURNED BY A CREDIT FREEZE

If you put a freeze on your credit and then apply for a mortgage, you will need to allow the lender access to your report
• Get alerts. While a

credit freeze “locks down”
your credit, a fraud alert still
allows creditors to pull your
credit report as long as they
verify your identity first, ac-
cording to the Federal Trade
Commission. For example, a
business may call you to ver-
ify that you are the person
requesting new credit. How-
ever, while fraud alerts may
make it more difficult for
others to open new credit
accounts in your name, they
may not prevent misuse of
your existing accounts. Plac-
ing a fraud alert is easier
than with a freeze. You need
only to contact one of the re-
porting agencies, which in
turn is required to notify the
others. A fraud alert is free.
• Know how the freeze
works. Understand the logis-
tics of lifting the freeze—and
make sure you allow enough
time for the lender to pull
CHRIS GASH
credit reports. Consumers
who deal directly with the
three credit-reporting agen-
cies are given a personal
Baby, it’s submitted by mail, online or credit card or even get a job. For borrowers applying where they need to close identification number to pro-
cold outside. over the phone to the three And existing creditors or debt for a mortgage, that freeze quickly. In those instances, it vide, either by phone, online
With major credit bureaus individ- collectors acting on their be- will probably only have to be might be tricky to unfreeze or mail, every time they
Equifax and ually (Equifax, TransUnion half will still have access. lifted once, because the the credit in time for the want to lift or remove the
other com- and Experian). You’ll need to “Freezing your credit can credit report would be good lender to pull credit reports freeze, according to David M.
panies re- provide your name, address, prevent others from opening for the typical 30- to 45-day and complete the underwrit- Blumberg, a spokesman for
porting date of birth and Social Se- new lines of credit in your period from contract to closing and pre-closing process. TransUnion. Alternatively,
massive data breaches this curity number. The fees vary name, but it also prevents ing, says Josh Moffitt, Here are a few consider- consumers can lock or un-
year, more consumers are by state but run from free to you from opening an account founder and president of Sil- ations if you’re applying for lock their credit using a
putting a freeze on their $10 each time you place or yourself,” says Sam Misch- verton Mortgage Specialists, a mortgage with frozen third-party service like
credit reports. And while a lift the freeze, and payments ner, chief sales officer and a direct-mortgage lender in credit. TransUnion’s TrueIdentity,
credit freeze won’t affect a can be made using a per- head of mortgage at Char- Atlanta. But there are certain • Watch yourself. While which is available online or
borrower’s ability to qualify sonal check, money order or lotte, N.C.-based Lending- situations where another re- freezing your credit protects in an app.
for a mortgage, it does re- credit card. (Fees may be Tree. “If you’ve instituted a port needs to be pulled by you from the time the freeze Here is contact informa-
quire the borrower to take waived for victims of iden- freeze on your credit but the lender nearer to the clos- becomes effective, it does tion for fraud and identity-
additional steps during the tity theft.) now want to apply for a ing. In that case, the bor- nothing to correct existing theft issues.
application process. Once placed, a credit loan, you will need to take rower may have to lift the credit issues. Get a copy of Equifax: 888-349-9960,
A credit freeze blocks any- freeze stays on your credit re- the extra step of allowing freeze—and pay for it—mul- your credit report from each www.equifax.com
one—including lenders and port until you lift or remove the lender access to your tiple times. of the three reporting agen- Experian: 888-397-3742,
employers—from accessing it. But remember: It can af- credit. You will have to con- In addition, borrowers cies, check them carefully www.experian.com
your credit report. Requests fect your ability to get a new tact each credit bureau to might run into problems in and correct any errors before TransUnion: 888-909-8872
for a credit freeze must be cellphone, apply for a store temporarily lift the freeze.” competitive housing markets you apply for a mortgage. www.transunion.com
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To Advertise Call: 800-366-3975

THE WALL STREET JOURNAL. NY Friday, November 3, 2017 | M9
North Palm Beach, Fl | $11,400,000 North Palm Beach, Fl | $9,975,000 Purchase, NY | $9,950,000 orleaNs, caPe cod, ma | $9,950,000 JohNs IslaNd, sc | $8,875,000
WEB ID: QTTQ4 WEB ID: QVPV4 WEB ID: FEDV4 WEB ID: ALXB4 WEB ID: MEHQ4
Unmatched views, deep water dockage, 120’ Contemporary masterpiece w/ endless water Built-for-entertaining estate on 7.23 acres Magnificent 4.4 acre Pleasant Bay waterfront One of the great early Georgian homes –
frontage. Once in a lifetime opportunity. views/dock; 11,071 total sf on one+ acres. with unrivaled sports complex. estate w/private beach, boathouse, pool. 52-acre plantation. 7 miles from Charleston.
Lost Tree Realty Lost Tree Realty Houlihan Lawrence Robert Paul Properties Carriage Properties
Peter Erdmann — 561.329.2383 Denice Sexton — 561.662.8344 Pollena Forsman — 914.420.8665 R. Kinlin / F. Schofield — 508.648.2739 Thomas Bennett — 843.906.0247
Falmouth, caPe cod, ma | $8,400,000 ostervIlle, caPe cod, ma | $6,900,000 ostervIlle, caPe cod, ma | $6,495,000 Palm Beach, Fl | $5,500,000 chIcago, Il | $4,925,000
WEB ID: CPZD4 WEB ID: HCAW4 WEB ID: KNSB4 WEB ID: XFDD4 WEB ID: OKRD4
Quaint waterfront living on Chapoquoit Exclusive waterfront residence in Oyster Beachfront on Nantucket Sound with sweep- AD Editor’s Selection – Timeless masterpiece – Iconic Park Tower. 4,200sf. Chef’s kitchen.
Island with assoc docks, beaches and tennis. Harbors w/ inground pool & deep water dock. ing views, spacious well-appointed interior. Corner top floor – Intracoastal, city views. Sumptuous master suite overlooking lake.
Robert Paul Properties Robert Paul Properties Robert Paul Properties Illustrated Properties-Luxury Collection Baird & Warner
R. Kinlin/B.Hussey — 508.648.2739 Robert Kinlin — 508.648.2739 Paul Grover — 508.364.3500 Shelly Newman — 612.860.4599 Sharon Glickman — 312.758.0718
savaNNah, ga | $4,500,000 North Palm Beach, Fl | $4,299,000 hIltoN head, sc | PrIce uPoN request ostervIlle, caPe cod, ma | $3,999,000 chIcago, Il | $3,995,000
WEB ID: LIBJ4 WEB ID: LUVC4 WEB ID: VEEJ4 WEB ID: RBUB4 WEB ID: AJJD4
C.1847 family compound,dockhouse,porches/ Contemporary 5 BR Smart Home, ocean MidCentury Sea Pines OceanFront, orig Estate style residence with beautiful water Classic recently renovated Georgian home has
historic appointments, stunning & glamorus. access, 1-acre lot, first class details. floorplan, excellent condition, lg lot, pool. views, in-ground pool and private dock. open floor plan & 2-car garage w/deck.
Cora Bett Thomas Realty & Associates Lost Tree Realty Cora Bett Thomas Realty & Associates Robert Paul Properties Baird & Warner
Cora Bett Thomas — 912.313.4200 Peter Erdmann — 561.329.2383 Cora Bett Thomas — 912.313.4200 Robert Kinlin — 508.648.2739 Jane Shawkey-Nye — 312.504.5055
sarasota, Fl | $3,600,000 e. Falmouth, caPe cod, ma | $3,195,000 vaNcouver, Wa | $2,888,600 North Palm Beach, Fl | $2,495,000 savaNNah, ga | $2,450,000
WEB ID: LJTD4 WEB ID: ENYQ4 WEB ID: VWVD4 WEB ID: ICJQ4 WEB ID: COHD4
The Ritz-Carlton Residences, Sarasota Waterfront with incredible views and a sub- Stately Georgian home. South facing “Sum Light filled 4BR 4BA garden home with pool 6,000+ sqft. estate/deep water, gated, pool,
offers unrivaled views & services. stantial dock on Green Pond, Assoc beach. of 10” Feng Shui with Columbia River views. in prestigious gated golf community. guest quarters, private dock, sunsets.
Michael Saunders & Company Robert Paul Properties Hasson Company Realtors Lost Tree Realty Cora Bett Thomas Realty & Associates
Julia DeCastro — 941.702.2300 R. Kinlin/B. Hussey — 508.648.2739 Steve Studley — 360.606.8816 Peter Erdmann — 561.329.2383 Bradford Moody — 912.844.4663
xypfi.
mequoN, WI | $2,147,000 savaNNah, ga | $1,750,000 hudsoN valleY, NY | $1,395,000 North Palm Beach, Fl | $1,395,000 tequesta, Fl | $1,275,000
WEB ID: BHFD4 WEB ID: RZQD4 WEB ID: GTWJ4 WEB ID: HKYU4 WEB ID: PTTQ4
Classic style, beautiful sunrises and Sophisticated, contemporary design, Stunning legacy compound: 3 dazzling homes 2 BR Water Club Condo 20th fl. South Tower. 4BR 5½BA Villa in prestigious Jupiter Hills
breathtaking views of Lake Michigan. marshfront, abundant light, 3 beds/baths. + pond on 17 private acres near Reservoir. Spectacular water views, dock available. Village. Large pool, screened lanai.
Shorewest, REALTORS® Cora Bett Thomas Realty & Associates Westwood Metes & Bounds Realty Lost Tree Realty Lost Tree Realty
Bridget Behrens — 414.339.7685 Cora Bett Thomas — 912.313.4200 Hayes Clement — 917.568.5226 Denice Sexton — 561.662.8344 Denice Sexton — 561.662.8344
Follow us on:
sarasota, Fl | $1,229,000 savaNNah, ga | $1,100,000 rIchmoNd, va | $998,000 hudsoN valleY, NY | $829,000 LUXURY HOMES FROM
WEB ID: VXOD4 WEB ID: NTHC4 WEB ID: KMYD4 WEB ID: BXGC4
The Mark offers a walkable, luxurious urban Historic Dist - restored 12’ ceilings, 7 frplcs, Reminiscent of the Cotswold in England Modern-art masterpiece on 24 acres, host to
lifestyle in downtown Sarasota. crtyard, side porches, hardwoods. and nestled on 7.42 acres of land. B-52s’ “Love Shack.” 90 minutes from UWS.
Michael Saunders & Company Cora Bett Thomas Realty & Associates Long & Foster® Real Estate, Inc. Westwood Metes & Bounds Realty
Georgia Kopelousos — 941.234.4323 Bradford Moody — 912.844.4663 Sylvia Burch — 804.301.5952 Hayes Clement — 917.568.5226
© 2017 Luxury Portfolio International.® Offering is subject to errors, omissions, change of price, or withdrawal without notice. All information considered reliable; however, it has been supplied by third parties and should not be relied on as accurate or complete. Equal Housing Opportunity.
M10 | Friday, November 3, 2017 * * THE WALL STREET JOURNAL.

RELATIVE VALUES
LUXURY HOMES MADE FOR THE SLOPES

Properties for sale in Colorado, Utah and Wyoming that were built for skiing enthusiasts
MICHAEL BRANDS (LEFT); DEER VALLEY REAL ESTATE GUIDE
GIBEON PHOTOGRAPHY
$50 million $17.9 million $16.95 million
Aspen, Colo. Park City, Utah Jackson Hole, Wyo.
Seven bedrooms, seven full bathrooms, three half-baths Nine bedrooms, 15 bathrooms Four bedrooms, six bathrooms
This 15,664-square-foot, ski-in/ski-out home was built in 2006 on This Park City ski-in/ski-out contemporary home has views of the This 7,302-square-foot home, built in 2016, is a cross-country ski
60 acres. The main home has a theater, pub and wine room, and mountains and forest, and sits between Boogeyman and Pipe property on 35 acres. Floor-to-ceiling sliding glass walls connect
is on a private ski run. An outdoor area has a heated dining area, Dream ski runs at Park City Resort. The home, built in 2011, has a the outside. It has two wings with guest suites. The owner’s level
fireplace and sunken hot tub. A caretaker home has another three heated saltwater pool, fireplace, indoor grill and sliding walls. has an office, library, and master suite with his-and-hers baths.
bedrooms and three baths. The property also has a 7,500-square- There are 14 fireplaces and 272 windows. A three-bedroom, four- There are fishing tributaries, and horse and cross-country trails.
foot barn with heated vehicle-care center. Agents: Eric Cohen and bath guesthouse is connected to the main house by a walkway. Agent: David A. NeVille, Jackson Hole Real Estate Associates
Craig Morris, Aspen Snowmass/Sotheby’s International Realty Agent: Erik Asarian, KW Park City Keller Williams —Stacey Altherr
ADVERTISEMENT
Distinctive Properties & Estates

To advertise: 800-366-3975 or WSJ.com/classifieds
FLORIDA MULTI STATE OFFERINGS FLORIDA

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HOUSE CALL | BODE MILLER
The ‘Naked Boy’ From the Woods

The former Olympic skier grew up in a wilderness home; today, golfing in Orange County, Calif.
EDGE Bode Miller, left, competing in

My childhood was
FROM TOP: ALEXIS BOICHARD/AGENCE ZOOM/GETTY IMAGES; JURE MAKOVEC/AFP/GETTY IMAGES; BODE MILLER
Switzerland, 2014; below, with media

pretty unorthodox. I in Austria in January; bottom, at
about 3 at his New Hampshire home.
grew up in the woods
of Franconia, N.H., part of my life. When we watched
the 1984 Winter Olympics together
next to the White on TV, I asked her how the skiers
Mountain National learned to do what they were do-
ing. She told me they were born
Forest. The wilderness just like me, but they had the
was my playground. drive and the right opportunity
and stuck with it. She helped me
My parents built our home understand what it took to be
themselves, a mile’s hike from the great.
nearest road. From the start, I had Today, my wife, Morgan, and I
a lot of freedom and spent much live with our four children in Or-
of my time on my own figuring ange County, Calif., near a national
how the world around me worked. park and mountains. We recently
I come from a long line of pio- had a house on 11 acres
neering types. My grandparents on a hill, but it was too
met near Lake Tahoe just after large for us.
World War II. My grandmother, Now we live in a white-
Peg, was a ski bunny there, and and-redbrick, 5,000-
my grandfather, Jack, was on leave square-foot Cape Cod.
from the Navy. The five-bedroom house
After they married in the late is near a golf course. I
1940s, he convinced her to move love golf—not because I
to the White Mountains to start a that I shared his passion for sports. grandparents’ prop- like hitting the ball. I just
ski lodge. He didn’t have to ask My family first took me skiing erty. With the help of love being outside.
twice. My grandmother was brash when I was 2. From the start, the family and friends, Living in a warm cli-
and an adventurous, fast-driving, sport felt natural. I was middle-of- they built a house us- mate isn’t a problem for
gambling type. My grandfather the-road, but I tried harder than ing the trees they had me. I had enough of the
was more introverted, but he had everyone else and I took more risks cut down to clear the snow, and I’m done with
a dynamic personality. and managed them differently. site. After I was born building a house, trying professional skiing.
When they settled in New My father’s family was from in 1977, they built a to make ends meet—took When I was little, my brother,
Hampshire in the late 1940s, the Burlington, Vt. His father was a three-story addition. a toll on their marriage. Chelone, and I used to hunt in the
White Mountains Region wasn’t surgeon, and his two brothers Our house was too They separated when I wilderness for rock crystals by go-
very populated. They bought a were doctors. My dad, Woody, was far off the grid for was 6, and I wasn’t ing through rockslides. I keep a
farmhouse on 150 acres in Easton. a gifted athlete and loved to play electricity and phone happy when my father few of those rocks in my office.
By the early ’50s, they started tennis. He played in a few tourna- lines. So we had two left. The years that fol- Chelone died in 2013 of a seizure,
Tamarack Ski Lodge, and in 1962 ments at Tamarack and liked beat- wood stoves, and our bathroom lowed were tough. My mother and the rocks are important to me.
they opened a tennis camp. ing my mother’s younger brothers. was an outhouse on the other side made crafts to sell. Her largest an- They remind me of my childhood.
My love of sports came from my At first, my mother, Jo, moved of a stream. Crossing that stream nual income was about $20,000. —As told to Marc Myers
time spent at that tennis camp in to Burlington to join him while he at night and weathering the win- When I was 8, she moved me,
the 1980s. Every summer, a large was in med school. But after they ters bred self-sufficiency and inde- my older sister Kyla, my younger
number of kids stayed there. I married, he dropped out against pendence. We had a utilitarian life- sister Wren and our little brother Bode Miller, 40, is a former Olym-
didn’t wear much, and everyone the wishes of his parents, and they style, and that’s all I knew. Chelone down to my grand- pic alpine ski racer and winner of
knew me as “the naked boy.” moved to Tamarack. My father didn’t have a fixed mother’s old house. My grand- six Olympic medals, including a
My mother’s brother Mike also One day, while picking raspber- occupation. He and my mom made mother had built a smaller house gold. He will be a commentator
was a big influence. He had been a ries on a hike, my parents came to maple syrup and sold it in town. for herself on the property. for NBC during the Winter Games
professional skier. He appreciated a clearing on a rugged corner of my Over time, all of those struggles— My grandmother was a huge in February.
REMARKABLE. STRIKING. ELEGANT.

AND THAT’S JUST THE BATHROOM.
Luxury homes that aren’t everything to everyone. But everything to a select few.
Browse our collection at berkshirehathawayhs.com
©2017 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC.
Most franchisees are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices
symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your property is currently
listed with a broker, this is not intended as a solicitation. Equal Housing Opportunity.

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