Sei sulla pagina 1di 28

WSJ

Thirty Years After


The Fall of the Wall

the innovators issue

REVIEW WSJ. MAGAZINE

THE WALL STREET JOURNAL WEEKEND


* * * * * * * * SATURDAY/SUNDAY, NOVEMBER 9 - 10, 2019 ~ VOL. CCLXXIV NO. 112 WSJ.com HHHH $5.00

Hong Kong Student’s Death Sparks Anger, Grief


What’s Two Giuliani
News Allies Pushed
World-Wide

T wo Giuliani associates
in late February urged
Ukraine Probes
Ukraine’s prior president to
announce probes similar to Months before President Ukrainian general prosecutor
those Trump later pressed Trump pressed Ukraine’s Yuriy Lutsenko, the people said.
on Zelensky in exchange for a newly installed leader to in- It came soon after Messrs. Par-
state visit to Washington. A1 vestigate Joe Biden’s son and nas and Fruman met with Mr.
 National-security officials allegations of interference in Giuliani, the president’s per-
testified in the impeach- sonal lawyer, and Mr. Lutsenko
ment inquiry that they were By Rebecca Ballhaus in New York in late January
taken aback by the efforts of and Alan Cullison in and again in Warsaw in mid-
Sondland to push Ukraine to Washington and February, Mr. Giuliani has said.
launch investigations. A4 Brett Forrest in Kyiv Mr. Lutsenko also attended
the late February meeting, the
 Trump disputed China’s
the 2016 U.S. election, two as- people said. Mr. Poroshenko
assertion that Washington
sociates of Rudy Giuliani urged didn’t ultimately announce that
and Beijing had agreed to
the prior Ukrainian president he was opening those investi-
roll back tariffs as part of
to announce similar probes in gations. Mr. Lutsenko, the pros-
an interim trade accord. A3
exchange for a state visit to ecutor, gave an interview to the
 Vitamin E oil was detected Washington, according to peo- Hill in March in which he said
in all 29 samples taken from ple familiar with the matter. he was opening an investiga-
vaping patients tested by A late February meeting in tion into alleged interference
the CDC, the agency said. A1 Kyiv between Lev Parnas, Igor Please turn to page A4
Fruman and then-Ukrainian
 Bloomberg is drawing up
President Petro Poroshenko  Ambassador’s efforts alarmed
a strategy to build campaign
took place at the offices of officials.......................................... A4
staff in states that hold March
2020 primary contests, as he
mulls a presidential bid. A5
 The administration is
proposing to raise the cost
of applying for U.S. citizen-
Banks Harbored
ship, as well as creating new
fees for some asylum seekers
and the DACA program. A3
Doubts on WeWork
PHILIP FONG/AGENCE FRANCE-PRESSE/GETTY IMAGES

 Brazil’s da Silva was re-


Banks jockeying for a role flecting their concerns about
leased from prison pending
in WeWork’s public debut WeWork’s unproven business
appeal of his corruption con-
wooed founder Adam Neu- model and Mr. Neumann’s un-
viction, following a ruling by
mann with sky-high valuations predictable behavior.
the nation’s high court. A7
that would make him a billion- When Wells Fargo & Co.
 Iran said it shot down a signed on to a $6 billion loan
foreign drone near one of its By David Benoit, earlier this year, Mr. Neumann
Persian Gulf ports close to Maureen Farrell said: “If the largest lender in
the border with Iraq. A6 and Liz Hoffman this country can get comfort-
able with this, then everybody
Business & Finance aire many times over. Their should.”
loans to the company told a Yet Wells Fargo, the fourth-
MOURNING: Vigils and rallies sprang up around Hong Kong after the death Friday of a university different story. largest U.S. bank, only started
 Banks jockeying for a role JPMorgan Chase & Co.,
student who was comatose for days from injuries sustained near the scene of a clash between lending to WeWork after an
in WeWork’s public debut police and protesters. The incident was expected to further inflame tensions over the weekend. A7 Goldman Sachs Group Inc. and executive at the bank prom-
wooed founder Adam Neu- other banks arranged giant ised to keep an eye on Mr.
mann with sky-high valua- Please turn to page A7
fees and strict protections re-
tions, but their loans to the
firm told a different story. A1
 Alibaba is aiming to raise
up to $15 billion with a new
listing in Hong Kong this
Vitamin E Fire Victims Confront PG&E Bankruptcy
month, reviving the offering
even as the city’s political
climate remains unstable. B1
Oil Linked
Chapter 11 rules essentially put a lid on compensation to California wildfire payouts
 China geared up for the
annual “Singles Day” con-
sumer splurge. This year’s
To Vaping
BY PEG BRICKLEY AND GRETCHEN MORGENSON
retail event is expected to
be bigger than ever. B3
 U.S. stocks clinched
Illness As many as 100,000 California resi-
dents who lost property, jobs and loved
fresh records and govern-
BY BRIANNA ABBOTT ones in fires linked to PG&E Corp. will
ment-bond yields notched AND JENNIFER MALONEY get their day in court. It will be in
their biggest weekly gain
bankruptcy court, where rules shield
in a month as investors
Vitamin E oil was detected in the utility giant from potentially crip-
grew more confident. B1
all 29 samples taken from vap- pling jury payouts.
 McDonald’s first ing patients tested by the Cen- PG&E isn’t broke. It is following the
learned roughly three weeks ters for Disease Control and survival strategy used by other trou-
ago of the relationship Prevention, the federal agency bled companies to put a lid on damage
that cost Easterbrook his said Friday, a tantalizing clue in claims. For victims, that amounts to a
RACHEL BUJALSKI FOR THE WALL STREET JOURNAL

job as chief executive. B3 the investigation into the cause loss of negotiating power and likely
of mysterious lung injuries. means a fraction of the compensation
 A Milan court convicted 13 Researchers found the oil in they might receive in a jury trial.
former and current executives
fluid taken from the lungs of pa- California investigators have con-
of Monte dei Paschi, Deutsche
tients with illnesses related to nected PG&E equipment to fires that
Bank and Nomura of a num-
vaping from 10 different states, killed more than 100 people, destroyed
ber of financial crimes. B12
the CDC said. No other suspi- 26,000 buildings and burned at least
 Blackstone is taking a cious substances were detected 330,000 acres in 2017 and 2018. Law-
majority stake in the owner aside from vitamin E oil, also yers for fire victims estimate that the
of dating app Bumble as it known as vitamin E acetate. utility, which filed for chapter 11 bank-
pushes to invest more in A CDC official described the ruptcy protection in January, is liable
fast-growing companies. B3 finding as a breakthrough, for as much as $54 billion in wildfire
since it links a concerning Please turn to page A9
 Amtrak inched closer to
substance found in the vaping Todd Vincze, 66, visits the land where his house burned down in the Camp Fire a year
breaking even last year as
products to biological samples  Crises test Californians’ resolve............... A9 ago Friday in Paradise, Calif., and awaits news about his PG&E and insurance claims.
rising ridership and cost cuts
from the patients.
continued to improve its
“For the first time, we have

EXCHANGE
financial performance. A3
detected a potential toxin of
concern” in patient samples,
She Climbed Kilimanjaro—and Kept Her Phone Alive
OPINION Anne Schuchat, the principal i i i
deputy director at the CDC,
Higher Education’s
Enemy Within A13
said on a call with reporters. Extreme conditions require unusual tactics; spooning with gadgets
“These findings provide direct
evidence of vitamin E acetate
CONTENTS Sports....................... A10
at the primary site of the in- BY ANUPREETA DAS do. I would have to spoon my over my gadgets, rather like a
Books..................... C7-12 Style & Fashion D2-3 jury within the lung.” phone. Then, feeling bad for all hen with mechanical eggs. “It
Food......................... D6-9 Travel...................... D4-5 Yet, the results aren’t MOUNT KILIMANJARO—At the other gadgets I had brought was too uncomfortable,” she
Heard on Street...B14 U.S. News............ A2-5 enough to be labeled a cause, 13,800 feet on Africa’s highest along on my weeklong quest to added, having tried it one night
Markets.................... B13 Weather.................. A10
Obituaries................. A8 Wknd Investor....... B4 according to Dr. Schuchat, who mountain, as the nighttime summit Kilimanjaro, I snuggled and woken up with a 1.3-pound
Opinion............... A11-13 World News....... A6-8 said more studies will need to temperature dipped and I my smartwatch, my AirPods, portable battery charger on her.
be conducted to determine drew my hot-water bottle two digital cameras, a head- After that, she stuffed her tech
whether vitamin E oil was be- closer, the following thoughts lamp, charging cables, three inside hats and pockets instead.
> hind the vaping injuries. STREAM WARS occurred in quick succession: power banks and several dozen Gadgets, especially smart-
Health officials also say The great I was toasty in my sleeping spare batteries inside my bag. phones and devices powered by
there might be more than one bag. My iPhone, sitting on the It was a little crowded. lithium-ion batteries, respond
cause of the illnesses and they
entertainment tent floor, was not. How would “I definitely could not have poorly to extreme cold. They
will continue to work to better battle is here. I survive if my phone died on nested with my tech,” said Lilla can freeze or develop glitches.
s 2019 Dow Jones & Company, Inc.
All Rights Reserved understand the outbreak. No one is safe. B1 the mountain? Zuill, my tentmate, after sev- Batteries drain alarmingly fast.
Please turn to page A2 There was only one thing to eral nights of watching me fuss Please turn to page A8
每日免费获取报告
1、每日微信群内分享7+最新重磅报告;
2、每日分享当日华尔街日报、金融时报;
3、每周分享经济学人
4、行研报告均为公开版,权利归原作者
所有,起点财经仅分发做内部学习。

扫一扫二维码
关注公号
回复:研究报告
加入“起点财经”微信群。。
A2 | Saturday/Sunday, November 9 - 10, 2019 * *** ** THE WALL STREET JOURNAL.

U.S. NEWS
THE NUMBERS | By Jo Craven McGinty

It Might Pay to Delay Planning Holiday Travel


Procrasti- said Alexis Tiacoh, a spokes- Up in the Air Even if the airlines were booked, cost $491 on aver-
nators who woman for Expedia.com, a Travel date operating at full capacity, age, or about $9 more.
have yet to travel-booking website Holiday travelers who delay Thanksgiving AAA cautioned that limited For Christmas, some trav-
book holiday whose data now show the buying plane tickets might SUN MON TUE WED FRI SAT availability near the holidays elers locked in their travel
flights might best prices for holiday spend less than those who 564 486 521 527 454 456 485 makes cheap seats hard to plans even earlier, and paid
still have a flights originating in the book early, but their options come by, especially for trav- more.
shot at getting reasonably U.S., regardless of the desti- are likely to be more limited. Christmas elers who are choosy about Those who made reserva-
priced tickets—especially if nation, are available two DEC. 19 20 21 22 23 24 26 their itineraries. tions 121 days to one year
Average ticket cost
they’re willing to play weeks to one month ahead 542 562 593 639 603 527 566 692 “It depends on your flexi- before the week of Christmas
chicken with the airlines. of travel. most popular bility and how important it spent between $616 and
AAA analyzed three years But this year, there is an $450 500 550 600 650 700 travel days is to be there on time,” said $659 on average, or $128 to
of domestic flights to iden- added wrinkle. Paula Twidale, vice president $171 more than the average
tify the best times to reserve for AAA travel services. “It’s cost of tickets purchased

T
Booking windows Flights for Thanksgiving
seats for Thanksgiving and he grounding of Boe- subject to flying when there seven to 13 days ahead of
JAN APRIL JULY OCT.
Christmas travel and found ing Co.’s 737 MAX af- is availability. It’s not neces- time.
that dawdlers got the best ter a fatal crash in In- sarily when you want to fly.” Those who bought tickets
prices. donesia last year and 61 to 90 days ahead of time

L
Those who waited until another in Ethiopia in March ast year, AAA esti- paid $551 on average. And
seven to 13 days before the means that some airlines mated 54.3 million those who waited until 28
Flights for Christmas
week of Thanksgiving paid will be short on inventory. Americans traveled and 60 days ahead paid an
$482 on average. Those who According to the Federal JAN APRIL JULY OCT. over Thanksgiving, and a to- average of $561.
waited until that close to the Aviation Administration, tal of 112.5 million traveled The findings are based on
week of Christmas paid there are 59 MAX operators through the end of the year domestic flights within the
around $488. world-wide with 387 of the over the full holiday season, continental U.S. booked
By those calculations, hol- aircraft in their fleets. including those visiting des- through AAA’s travel agents
Note: Ticket cost average is based on domestic flights within the continental U.S. from 2016
iday travelers who are will- In the U.S., where 74 of to 2018. tinations outside the U.S. and website from 2016
ing to gamble on getting the planes are registered, the Source: AAA Cautious fliers who through 2018.
similar deals this season operators include American wanted the most flexibility The organization declined
would have to hold out until Airlines Group Inc., South- “We had our schedule about 5% of Southwest’s purchased tickets far earlier to reveal how many flights
Nov. 11 through Nov. 17 to west Airlines Co. and United published through the holi- daily operation, has been re- than bargain hunters and were included in the data
purchase tickets for Thanks- Airlines Holdings Inc. days and beyond,” said Chris moved from the airline’s paid more for the certainty other than to say the records
giving. And for Christmas, The grounding, though Mainz, a spokesman for schedule through Feb. 8 and of locking in a preferred included “tens of thousands
they’d have to sweat it out temporary, is expected to Southwest, whose inventory there is no clear timeline for itinerary. of bookings.”
until Dec. 12 through Dec. 18. last through the entire holi- includes 34 MAX air- its return to service. Reservations booked be- But, Mrs. Twidale—who
In the past, early bookers day season. craft. “We had to revise Among other U.S. carriers, tween 61 and 180 days be- doesn’t sound like the sort of
got better deals, but now In addition to having that.” American Airlines, the coun- fore the week of Thanksgiv- person who plays chicken
they’re likely to pay more— fewer aircraft to transport Mr. Mainz declined to dis- try’s largest operator, has ing cost $522 on average— when she’s making travel ar-
and sometimes a lot more. passengers, travelers who cuss what the changes might grounded 24 MAX aircraft, about $40 more than those rangements—offered this ad-
“A few years ago, the ideal had been booked on the MAX mean for ticket pricing or representing about 1% of its made seven to 13 days ahead vice to travelers who are still
booking window for holiday will have to be accommo- seat availability in the com- daily departures, and United of time. Reservations booked dawdling: “If you haven’t
airfare might’ve been 30 to dated on other planes, fur- ing weeks, but he said the Airlines has grounded 14 of 28 to 60 days in advance, pushed the button,” she said,
60 days before your trip,” ther tightening the inventory. MAX, which represents the planes. when most flights are “you should be doing it now.”

U.S. WATCH
CHICAGO prison than he did for the abuse
has been released.
LAPD Veteran Named Tondalao Hall left a women’s
Interim Police Chief prison in McLoud, Okla., with her
sentence commuted after serv-
Chicago’s mayor said she ing 15 years behind bars.
would appoint Charlie Beck, the Ms. Hall was sentenced to 30
recently retired chief of the Los years in prison in 2006 after
Angeles Police Department as pleading guilty to failing to pro-
interim chief while the city tect two of her children. The
searches for a successor to Su- boyfriend, Robert Braxton Jr.,
perintendent Eddie Johnson. pleaded guilty to abusing the
PAM PANCHAK/PITTSBURGH POST-GAZETTE/ASSOCIATED PRESS

Mr. Beck, who stepped down children and was released on


as chief of the LAPD early last probation with credit for the two
year, maintained Los Angeles’s years he had already spent in jail.
relatively low violent crime rates —Associated Press
and boosted community policing
efforts. DISASTER RELIEF
Superintendent Johnson, who
ran the police force in the na- Farmers to Receive
tion’s third-largest city for four $800 Million in Aid
years, announced plans to retire
on Thursday. The federal government an-
During his tenure as chief, nounced $800 million in aid to
the LAPD faced criticism for farmers in three southern states
several officer-involved shoot- that were devastated by last
ings and for Mr. Beck’s refusal year’s hurricanes.
to release video of the incidents. Nearly half that money will
But Los Angeles remained rela- TRAIN TANGLE: Railcars lay on their side Friday after a derailment in Pennsylvania’s Westmoreland County. No injuries were reported. go to Florida, where timber
tively calm as protests over po- farmers suffered catastrophic
lice brutality raged across the ASTRONOMY innermost planet will appear The rest of North America, OKLAHOMA losses when Hurricane Michael
country. from Earth as a small black dot Europe and Africa will catch part came ashore in October 2018
Superintendent Johnson in Mercury to Transit on the solar disc as it passes di- of the action. Asia and Australia Sentence Commuted and destroyed 2.8 million acres
2016 took over a force demoral- Sun on Monday rectly between Earth and the will miss out. In Child-Abuse Case of commercially grown trees.
ized by the release of dashcam Sun. The entire 5½-hour event Telescopes or binoculars with The U.S. Department of Agri-
video showing the killing of a Mercury will on Monday tran- will be visible, weather permit- solar filters are recommended. An Oklahoma woman who culture said the funding also will
17-year-old African-American sit the Sun for the first time ting, in the eastern U.S. and Mercury’s next transit isn’t until failed to report her boyfriend for help Alabama and Georgia cover
and spiraling murders. since 2016. Canada, and all of Central and 2032. abusing her children and who hurricane losses.
—Joe Barrett The solar system’s smallest, South America. —Associated Press spent about 13 years longer in —Associated Press

ingest but potentially dangerous leading e-cigarette maker, said including jobs, frankly, be- fill pods, which government ing three from patients who had
Vaping to inhale, the CDC said.
New York state health offi-
its vaping products don’t con-
tain THC or vitamin E acetate.
cause it’s become a pretty big
industry. But we’re going to
data indicates are popular
among teenagers.
said they hadn’t used products
containing THC. Not all of the
cials highlighted vitamin E ac- Separately, President take care of that.” Altria, which has a 35% stake 29 fluid samples could be tested
Illness etate as a substance of con-
cern in early September, when
Trump said he supports rais-
ing the minimum purchase age
The White House is still
working out the details of a pol-
in Juul, rose 0.91% on the New
York Stock Exchange on Friday.
for all of the substances, and in-
haled substances might not al-

Link Found they found high concentra-


tions in THC products submit-
ted by lung illness patients. In-
for e-cigarettes nationwide to
21 from 18. To curb teenage
vaping, Mr. Trump said his ad-
icy to pursue legislation raising
the minimum purchase age for
e-cigarettes, according to a per-
Dozens of people have died
and thousands have been sick-
ened with confirmed and
ways show up in the lung fluid,
officials said.
Also on Friday, the Illinois
vestigators from at least one ministration will next week re- son familiar with the matter. probable cases of pulmonary health department and the CDC
Continued from Page One other state, Utah, have also lease details on a plan to re- It could include traditional illnesses related to vaping. To released findings about vaping
Vitamin E acetate is com- noted finding the substance in move from the U.S. market the cigarettes and other tobacco determine the substances at patients drawn from surveys of
monly found in food, dietary THC-containing products. THC sweet and fruity e-cigarette products, the person said. fault, doctors squirted a fluid vapers of all products who were
supplements and skin creams, is the psychoactive ingredient flavors that are popular with Altria Group Inc. and Reyn- into a patient’s lungs through injured and THC vapers who
according to health authorities. in cannabis. young people. olds American Inc., the two big- the mouth or nose and then weren’t. The injured patients
The thick oil is also sometimes So far, the evidence points “We’re going to be coming gest U.S. cigarette manufactur- collected the fluid, which were vaped THC more often than
added to vaping products con- to a connection primarily with out with a very important po- ers, both support an increase of later analyzed by the CDC. those who weren’t sickened and
taining the psychoactive ingre- THC oils, Dr. Schuchat said, sition on vaping,” Mr. Trump the minimum age to 21, as does Researchers testing the lung were more likely to use prod-
dient THC, especially illicit and federal and state officials told reporters outside the Juul, a startup that has been samples checked for plant oils, ucts containing THC exclusively,
products, to increase the heft. haven't reported finding vita- White House. “We have to take blamed by health officials for a mineral oils and other chemi- said Jennifer Layden, the chief
Adding the oil can increase min E acetate in any of the care of our kids, most impor- surge in underage vaping. On cals used to flavor vaping prod- medical officer and state epide-
profits, because each product tested nicotine products linked tantly. So we’re going to have Thursday, Juul said that it was ucts, the CDC said. The testing miologist at the Illinois Depart-
won’t need to have as much to the patients. an age limit of 21 or so…. We voluntarily stopping the sale of found nicotine in 16 samples, ment of Public Health.
THC. The substance is safe to Juul Labs Inc., the market- have a lot of people to look at, its mint-flavored e-cigarette re- and THC in 23 samples, includ- There are 2,051 cases of the
vaping-related illnesses spread
across 49 states, the District of
THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)
CORRECTIONS  AMPLIFICATIONS Columbia and the U.S. Virgin Is-
lands, according to the latest
(Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
CDC numbers.
Editorial and publication headquarters:
1211 Avenue of the Americas, New York, N.Y. 10036 Suzanne Kapner wrote a APG has €532 billion ($588 Roper v. Simmons, a case The CDC has confirmed 39
Published daily except Sundays and general legal holidays.
Business & Finance article Fri- billion) in assets under man- decided by the Supreme Court fatalities. Massachusetts re-
Periodicals postage paid at New York, N.Y., and other mailing offices. day about the departure of Gap agement. A Page One article in 2005 that found sentencing ported an additional death
Postmaster: Send address changes to Inc.’s chief executive, which in- Friday about pension-fund children under 18 to death to Wednesday, a man in his 50s
The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. cluded contributions from Mi- managers moving into riskier be unconstitutional, isn’t who has been reported vaping
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of cah Maidenberg. Ms. Kapner’s investments incorrectly gave among the cases on which both THC and nicotine, bring-
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1211 Avenue of
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s
byline was incorrectly omitted. the amount as €440 billion. Equal Justice Initiative lawyers ing the total deaths confirmed
order. Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. worked, and Bryan Stevenson by state and federal health of-
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com The Brooklyn U.S. attor- Cindy Sherman failed a didn’t serve as lead attorney. ficials to 40.
Need assistance with your subscription? ney’s office laid out criminal college photography course An article in November’s WSJ. The CDC warns that people
By web: customercenter.wsj.com; By email: wsjsupport@wsj.com charges against Aventura that was centered on tech- Magazine about Mr. Stevenson shouldn’t vape THC-containing
By phone: 1-800-JOURNAL (1-800-568-7625) Technologies Inc. on Thurs- nique. An article in Novem- incorrectly said that he was products. The agency also rec-
Reprints & licensing: day. A U.S. News article Friday ber’s WSJ. Magazine about lead attorney on the case and ommends people stay away
By email: customreprints@dowjones.com
By phone: 1-800-843-0008 about the case in one instance Ms. Sherman incorrectly said that the case is among those from illicit products and from
WSJ back issues and framed pages: wsjshop.com incorrectly said the charges she failed because she was too that EJI lawyers have won be- modifying products they have
Our newspapers are 100% sourced from sustainably certified mills. were announced on Monday. concerned about technique. fore the Supreme Court. purchased legally. It says peo-
ple should consider stopping
GOT A TIP FOR US? SUBMIT IT AT WSJ.COM/TIPS Readers can alert The Wall Street Journal to any errors in news articles by emailing wsjcontact@wsj.com or by calling vaping altogether while the in-
888-410-2667. vestigation is ongoing.
THE WALL STREET JOURNAL. * * * * * * * Saturday/Sunday, November 9 - 10, 2019 | A3

U.S. NEWS

Trump Says
No Deal Yet
On Tariffs
WASHINGTON—President as increased agricultural pur-
Trump on Friday disputed chases and new rules to pre-
China’s assertion that Wash- vent currency manipulation.
ington and Beijing had agreed “The heart of the problem
to roll back tariffs as part of is the U.S. wants to maintain
an interim trade accord, but as much tariff leverage as pos-
he also said progress was be- sible, but China wants assur-
ing made toward resolving the ances that they won’t be ex-

DANIEL ACKER/BLOOMBERG NEWS


long-running trade war. pected to do things in the
phase one agreement without
By Josh Zumbrun, a step down in tariffs,” said
Andrew Restuccia Rufus Yerxa, president of the
and Alex Leary National Foreign Trade Coun-
cil. “Whether the two can rec-
“I haven’t agreed to any- oncile that is still in doubt.”
thing,” Mr. Trump told report- Administration officials
ers at the White House. “But have previously confirmed
we’re getting along very well that they are negotiating over The U.S. is pushing for Beijing to commit to increased agricultural purchases. Above, a farmer moved corn this week in Buda, Ill.
with China. They want to removing some of the tariffs.
make a deal. Frankly, they In a sign that those talks are made clear that he isn’t con- sumer goods for the first time. One intermediate option close to the talks said the
want to make a deal a lot progressing, both sides have sidering removing all the tar- The first three tranches, would be for the U.S. to dial prospect of those tariffs would
more than I do.” been searching for a venue at iffs. which went into effect at vari- back the consumer-focused likely remain as leverage for
Stocks fell on the president’s which Mr. Trump and China’s “China would like to get ous points in 2018, now all September tariffs, but not re- future phases of the deal.
remarks, but regained their President Xi Jinping could somewhat of a rollback, not a have a 25% tariff rate, and move any of the earlier levies. But officials cautioned that
footing later in the session. meet to sign “phase one” of complete rollback because cover about $250 billion of The U.S. also has a final no decisions have been made
Markets soared a day earlier the agreement. they know I won’t do it,” Mr. goods. tranche of tariffs, covering and echoed Mr. Trump’s as-
after the Chinese Commerce Beijing has pressed the U.S. Trump said. These tranches are focused about $156 billion of goods, sessment that a complete roll-
Ministry said the U.S. and to end all the tariffs, describ- The U.S. has imposed its on items like machinery and largely consumer goods like back of the tariffs is unlikely.
China had agreed to roll back ing that as one of its bottom tariffs in four different raw materials that are pur- electronics and toys, currently “I like our situation very
tariffs as part of the accord. lines when talks fell apart ear- tranches, with different tariff chased by businesses but not planned for Dec. 15. much,” the president said Fri-
Some observers noted that lier this year. rates, ultimately covering directly by consumers. Administration officials day, referring to the amount of
tariffs are the main leverage Analysts have previously about $360 billion worth of The levies have been a boon have acknowledged that any tariff revenue that the U.S. is
held by the U.S. and that Mr. said China’s statement that a imports from China. for the U.S. Treasury, which phase one agreement would collecting. But he signaled he
Trump wouldn’t want to com- deal on tariffs had been set The latest tranche was a collected a record $7 billion in likely have concessions from was still inclined to make a
mit to lifting them until the may have been an effort to in- 15% tariff on $111 billion of import tariffs in September— the U.S., including potentially deal. “They want to make a
Chinese have agreed to other fluence negotiations. goods, imposed on Sept. 1. up more than 59% from a year holding off on imposing those deal much more than I do, but
terms the U.S. is seeking, such Mr. Trump’s remarks Friday Those tariffs hit many con- earlier. December tariffs. One official we can have a deal,” he said.

Fees for Amtrak Losses Shrink as Ridership Gains


Citizenship BY TED MANN It would, if achieved, be the
first time in Amtrak’s nearly

Applicants WASHINGTON—Amtrak
inched closer to breaking even
last year, the company re-
50-year history that the na-
tional passenger railroad has
reached the break-even point

To Jump ported Friday, as rising rider-


ship and cost cuts continued a
multiyear improvement in the
in the traditionally money-los-
ing business of moving people
by rail.
BY MICHELLE HACKMAN railroad’s financial perfor- “The best five years of Am-
AND ALICIA A. CALDWELL mance. trak’s history have been the
Amtrak reported an ad- last five,” said Anthony Coscia,
WASHINGTON—The Trump justed operating loss of $29.8 chairman of Amtrak’s board of
administration is proposing to million across the entire na- directors. “We’re within visi-
raise the cost of applying for tional railroad network, signif- bility of earning a profit for
U.S. citizenship, as well as cre- icantly beating a previous tar- the first time in the company’s
ating new fees for some asylum get of a loss of $75 million in history.”
seekers and the Deferred Action the 2019 fiscal year, which Mr. Coscia credited the
for Childhood Arrivals program. ended Sept. 30. Its operating leadership of Mr. Anderson,
PAUL HENNESSY/NURPHOTO/ZUMA PRESS

The proposed actions are loss in fiscal 2018 was $170.6 previously the CEO of Delta
the latest of the Trump admin- million. Air Lines Inc., and his prede-
istration’s rule changes, large Operating revenue rose to cessor Charles “Wick” Moor-
and small, that make it $3.3 billion, the company said, man, former chief of Norfolk
tougher for low-income people an increase of 3.6% over fiscal Southern Corp., for helping
to immigrate legally or be- 2018. the railroad grow its operating
come citizens of the U.S. The railroad’s fortunes were revenue while cutting costs.
The Department of Home- boosted by rising ridership in The company said it had
land Security published the a strong economy. The rail- boosted its capital investment
tentative new set of fees Fri- road recorded 32.5 million by more than 9% to $1.6 bil-
day evening, and the plan will customer trips, a record that Amtrak recorded 32.5 million customer trips, a record, as the railroad made more financial strides. lion in the past fiscal year.
be open to public comment for surpassed the previous year Amtrak is a private corpo-
30 days starting Nov. 14. by 800,000. Northeast regional trains. Rid- 1%, the company said. its rail network—not counting ration, chartered by Congress
Recipients of DACA, which Ridership on the premium ership on long-distance Amtrak Chief Executive the significant amounts it to operate the national pas-
provides legal protection for Acela service on the Northeast trains—which have been Richard Anderson has told spends maintaining trains, senger rail network, and al-
people brought to the U.S. ille- Corridor grew more than 4%, plagued by delays and unreli- Congress the railroad will tracks and tunnels—by next most fully owned by the gov-
gally as children, would need and was up almost 3% on ability—also grew by almost break even on the operation of summer. ernment.
to pay $275 to renew their
two-year legal permits.
In addition to the new or
raised fees, the government is
proposing to eliminate fee
waivers, meaning applicants
U.S. Women’s Soccer Players
with incomes under the fed-
eral poverty line would be re-
quired to pay the higher citi-
Win Round in Equal-Pay Suit
zenship fee and any costs BY RACHEL BACHMAN lowing the original case involv- team veteran Megan Rapinoe
associated with renewing a ing 28 players to expand to in- said of the judge’s ruling. “I
green card or work permit. The U.S. women’s soccer clude a few dozen more. think it’s a really positive step
U.S. Citizenship and Immi- team has been paid less per The 15-page ruling is proce- forward in this fight.”
gration Services, the DHS game than the U.S. men’s soc- dural and doesn’t decide the A U.S. Soccer spokesman
agency that processes citizen- cer team and suffered from in- merits of the case, but it pro- didn’t immediately comment.
ship and other immigration ap- ferior working conditions, said vides a window into the judge’s The case took on a global
plications, cited increased costs a federal judge who is presiding thinking. The trial is set for profile as the team dominated
and declining revenue to cover over the women’s ongoing pay- May 5, 2020. If the U.S. women the World Cup in France, win-
expenses as part of need to in- discrimination lawsuit against qualify for next summer’s To- ning it in July. After the final
crease fees. the U.S. Soccer Federation. kyo Olympics, as expected, they against the Netherlands, fans
USCIS said that without the U.S. District Judge R. Gary will begin play in July. chanted “Equal pay!” and have
increases, it could operate at a Klausner in Los Angeles “It’s almost a validation of continued chanting it at subse-
deficit of more than $1 billion granted class-action status, al- everything that we’re seeing,” quent games.
in the future. The U.S. women have won
“The adjudication of immi- four World Cups, including the
gration applications and peti- past two. The men haven’t won
tions requires in-depth a World Cup and failed to qual-
screening, incurring costs that ify for the 2018 tournament.
must be covered by the U.S. Soccer has said that any
agency, and this proposal ac- pay differences are due to their
counts for our operational separate collective-bargaining
needs and better aligns our agreements, not gender.
fee schedule with the costs of In his ruling, Judge Klausner
processing each request,” said pushed back on U.S. Soccer’s
Ken Cuccinelli, acting director argument that the U.S. women’s
of USCIS. players didn’t suffer any legal
Under the proposed new fee injury because they made more
schedule, immigrants looking money than the highest-paid
to become citizens would now men’s national-team players.
need to pay $1,170 rather than He wrote that U.S. Soccer
$640, a cost that almost no “presupposes that there can be
one would be permitted to no discrimination...where a fe-
MARK SMITH/ZUMA PRESS

waive. male employee’s total annual JOHN HARDY SOHO


Melissa Rodgers, director of compensation exceeds that of 118 PRINCE STREET
programs for the Immigrant similarly-situated males, re- 212.343.9000
Legal Resource Center, said gardless of whether the female
the proposed fees would likely employee receives a lower rate
NEW YORK ∙ MIAMI ∙ HOUSTON
price out many people who of pay than her male compara-
L A S V E G A S ∙ L O S A N G E L E S ∙ C O S TA M E S A
could have otherwise become tors. But Defendant cites no
citizens. “This is a wealth tax Megan Rapinoe, pictured after the U.S. won the 2019 World Cup in case law to support this prem-
on becoming a U.S. citizen.” France, called Friday’s ruling a ‘positive step forward in this fight.’ ise.”
A4 | Saturday/Sunday, November 9 - 10, 2019 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

POLITICS
pany “deceived customers” and interfere with the 2016 election. times vary based on race: Black Politics is usually close to last in among the former group; Bernie
used “threats, intimidation, and He is one of three lawyers now and Hispanic voters reported terms of revenue among Twit- Sanders leads among the latter.
gag clauses.” representing Giuliani in relation waiting longer than white voters. ter’s dozen-plus sales verticals.
The company president to his activities in Ukraine. COMMITTEE TURF WARS pre-
threatened customers in emails, GRASS IS ALWAYS GREEN- REPUBLICAN CANDIDATES in vent Congress from tackling dif-
the FTC said, including one OFF-THE-CHARTS voter enthusi- LAND: Ambassador Bill Taylor 2018 elections lost support in fuse problems like student loan
where he threatened costly litiga- asm could strain election re- said that his work to release fro- areas most exposed to tariffs debt, says freshman Rep. Katie
tion and introduced the customer sources in 2020. Nearly three- zen security assistance to Ukraine from U.S. trading partners in the Porter. The California Democrat
to company attorneys including quarters of voters say they’re was stymied because top-level midst of the trade war. Worse, says that giving one committee
Creizman. Creizman later com- highly interested in the election, a cabinet officials were too busy they didn’t see electoral gains in jurisdiction over the securitiza-

WASHINGTON plied with federal subpoenas and


was never accused of wrongdo-
number usually not seen until just
before election day. Turnout in
dealing with President Trump’s
idea to purchase Greenland. The
areas where employment was
protected by new U.S. tariffs, a
tion and underwriting process
and another committee respon-

WIRE ing. Creizman told the Journal


that he didn’t want to be on the
Tuesday’s Kentucky gubernatorial
race jumped from 31% in 2015 to
idea, first reported by the Journal,
“took up a lot of energy” on the
new analysis by Dartmouth Col-
lege and Peterson Institute
sibility for the federal govern-
ment’s student debt portfolio
advisory board, and that his 42% this year, and Pennsylvania National Security Council, Taylor economists shows. By mapping means no panel has ownership
Dispatches from the name was added to the board voters complained of long lines told the House Intelligence Com- the geographic distribution of of the politically unpopular topic.
Nation’s Capital without his consent. He later for low-level county and municipal mittee. “That’s disturbing for a exposure to the trade war and The broken structure, which also
backtracked and said he figured elections. Some blamed new whole different reason,” Chairman 2018 voting patterns, the re- affects data privacy and corpo-
there was no harm in being on touch-screen voting machines. Adam Schiff responded. searchers posit that five of Re- rate bankruptcy, “allows some of
BY GABRIEL T. RUBIN the board, which he described as Civil rights groups have docu- publicans’ lost House seats were the most pressing issues to fall
a way to make “customers more mented hundreds of poll closings TWITTER’S DECISION to cut out driven by retaliatory tariffs, through the cracks,” she said.
RUDY GIULIANI’S NEW LAW- comfortable with the company.” since the Supreme Court struck campaign ads won’t hurt its bot- mostly on agricultural products.
YER Eric Creizman is no “I never understood the com- down part of the Voting Rights tom line. In recent years, around MINOR MEMOS: Netflix gives
stranger to Washington contro- pany to be a fraud,” Creizman Act in 2013. Voter wait times 75% of Twitter’s political adver- DEMOCRATIC PRIMARY VOT- viewers an on-screen button to
versy. He advised an invention- said, though he was aware there doubled in 2018, compared with tising revenue came from trade ERS suggest in a recent WSJ/ skip political jokes in new Seth
promotion company that federal was a class action lawsuit against 2014, as turnout rose by 38%. associations, advocacy groups, NBC News poll that they are Meyers stand-up special.… Trump
regulators shut down in 2017 for the company alleging fraud. Around 6% of voters reported federal agencies and other organ- looking for revolution more than acting chief of staff Mick Mulva-
allegedly defrauding customers. Creizman previously repre- waiting for more than 30 min- izations. Twitter has focused restoration. Some 37% say they ney wears Montreal Expos hat
The company, World Patent sented George Papadopoulos, a utes in 2018, a tipping point for more heavily on the oil and gas, want a nominee who will build to Washington Nationals cele-
Marketing, also employed former former Trump campaign staffer political scientists who say long aerospace and defense industries, on President Obama’s legacy, bration at White House.… Man
Acting Attorney General Mat- who served two weeks in prison wait times can depress turnout rather than relying on political while 55% say they want some- who changed his name to “No-
thew Whitaker. The Federal for making false statements to in future elections among dis- campaigns that were already one who will take a new and dif- body” runs for governor of New
Trade Commission said the com- the FBI about Russian efforts to couraged voters. Crucially, vote spending less on its platform. ferent approach. Joe Biden leads Hampshire.

Democrats Savor Gains Sondland’s Efforts Startled Officials


In Election, With 2020 BY NATALIE ANDREWS
AND REBECCA BALLHAUS
29. While the broad outlines
of their closed-door testi-
mony had been previously re-
would get a long-hoped-for
White House meeting with
President Trump if Kyiv
Ukrainians “about how he
had an agreement with Chief
of Staff Mulvaney for a meet-

Picture Bullish, Fluid WA S H I N G T O N — W h i t e


House national-security offi-
cials testified in the House
ported, the transcripts of-
fered new details.
The testimony illustrates
launched new investigations.
Mr. Sondland told them such a
trade-off had been approved
ing with the Ukrainians if
they were going to go for-
ward with investigations.”
impeachment inquiry that how some officials, including by Mr. Mulvaney, according to Ms. Hill said she reported
BY GERALD F. SEIB home state of Senate Majority they were taken aback by the former national security ad- Ms. Hill’s testimony. back to Mr. Bolton, who in-
Leader Mitch McConnell, who efforts of Ambassador Gordon viser John Bolton, were The meeting was proceed- structed her to tell what she
Democrats this week peered faces his own re-election test Sondland to push Ukraine to alarmed by the efforts of Mr. ing in a typical fashion, she heard to NSC counsel John
into 2020 through the lens of next year, and after President launch investigations related Sondland, the U.S. ambassador said, but then, “Ambassador Eisenberg. “You go and tell
Virginia and Kentucky and Trump swooped into Ken- to U.S. elections, according to to the European Union, to seek Sondland blurted out: Well, we Eisenberg that I am not part
liked what they saw. tucky to try to save Mr. Bevin. transcripts released Friday the investigations. The offi- have an agreement with the of whatever drug deal Sond-
Meantime, Michael In both Kentucky and Vir- that also shed light on acting cials saw the efforts as run- Chief of Staff for a meeting if land and Mulvaney are cook-
Bloomberg peered into the ginia, the most encouraging Chief of Staff Mick Mulva- ning outside regular channels these investigations in the en- ing up on this.”
Democratic presidential field trend for Democrats was ney’s purported role in the and potentially undercutting ergy sector start.” Col. Vindman was also in
and didn’t like what he saw— their ability to win among controversy. bipartisan support for At that, Ms. Hill said Mr. the meeting with the Ukraini-
and set out to moderate suburban voters Fiona Hill, the former top Ukraine, currently locked in a Bolton abruptly ended the ans and testified that Mr.
 dramatically
shake it up.
who once leaned Republican.
Yet Mr. Bloomberg, the
Russia adviser on the Na-
tional Security Council, testi-
military conflict with Russia.
Ms. Hill provided new de-
meeting, but instructed Ms.
Hill to keep tabs on Mr.
Sondland told him he had dis-
cussed the push for investiga-
THIS Together, former mayor of New York, fied on Oct. 14, and Army Lt. tails on a pivotal July 10 meet- Sondland at a follow-up tions with Mr. Mulvaney.
WEEK the week’s ac- made a dramatic move illus- Col. Alexander Vindman, a ing, in which Mr. Sondland gathering. She said she re- —Andrew Restuccia
tions under- trating he doesn’t believe White House Ukraine expert, told Ukrainian officials that joined Mr. Sondland, whom and Siobhan Hughes
scored just the current crop of Demo- gave his deposition on Oct. President Volodymyr Zelensky she said was talking to the contributed to this article.
how fluid the political picture cratic candidates is capable
remains a year before the of capitalizing on the favor-
presidential election, with
Democrats both bullish about
their chances and deeply di-
able landscape. He began
laying plans to belatedly en-
ter the race for the party’s
An Earlier
vided on how to capitalize.
One thing Democrats could
agree upon was that the re-
2020 nomination.
The step amounts to a di-
rect challenge to the party’s
Push for
sults of off-year elections
were highly satisfying. In Vir-
ginia, Democrats tipped
top moderate contender, for-
mer Vice President Joe Bi-
den. Mr. Biden has argued
Biden Probe
enough seats to win full con- that he is the candidate Mr.
trol of the legislature, continu- Trump most fears, and that Continued from Page One
ing a steady transformation of the president’s obsession by Ukrainians in the 2016 U.S.
that state from Republican red with him is a sign that he’s election. He also said he had
to Democratic blue. also the Democrat most ca- evidence he wanted to present
The Virginia outcome also pable of winning. to the U.S. Justice Department
means Democrats are posi- The Bloomberg move ex- related to former Vice Presi-
tioned to oversee the re- plicitly signals doubts about dent Joe Biden and Burisma
drawing of congressional that claim. A Bloomberg en- Group, a Ukrainian gas com-
districts in a key state after try also takes oxygen away pany where Mr. Biden’s son,
VICTOR J. BLUE/BLOOMBERG NEWS

the 2020 census. from other moderates, partic- Hunter, was a director. Two
Democrats also scored a ularly Mayor Pete Buttigieg months later, in an interview
big victory in Kentucky. In- and Sen. Amy Klobuchar. with Bloomberg, Mr. Lutsenko
cumbent Republican Gov. Whether a party that has said he had no evidence of
Matt Bevin fell narrowly to moved left and features can- wrongdoing by the Bidens.
Democrat Andy Beshear, didates proposing new taxes The meeting, which hasn’t
though Republicans haven’t on rich Americans is ready previously been reported,
conceded defeat. That partic- to embrace a billionaire with shows associates of the U.S.
ularly delighted Democrats a Wall Street resume will be president’s personal lawyer as
because the win came in the an intriguing question. early as February were press- Igor Fruman, shown in New York last month, and Lev Parnas were clients of Rudy Giuliani.
ing the president of Ukraine to
open investigations that could connection with his represen- lion in aid to Ukraine put on munity and by special counsel
benefit Mr. Trump politically in tation of President Trump.” hold. A whistleblower com- Robert Mueller.
EMERGENCY APPEAL exchange for a White House
visit. No White House meeting
Mr. Giuliani has said his ef-
forts in Ukraine were on the
plaint following that phone
call triggered the impeach-
At least four current and
former administration officials
resulted from the discussions. president’s behalf, “done solely ment investigation by House have testified in closed-door
Mr. Poroshenko lost his re- as a defense attorney to defend Democrats, who allege Mr. hearings that they believed
election bid to Volodymyr Zel- my client against false charges.” Trump abused his office by President Trump was using a
ensky, who Mr. Trump in a July Messrs. Parnas and Fruman asking a foreign country for White House meeting with Mr.
call urged to investigate the Bi- were arrested last month on investigations that could have Zelensky, the new Ukrainian
dens, as well as other matters. campaign-finance charges. Both benefited his political for- president, and the aid to
Mr. Poroshenko at the time pleaded not guilty last month. tunes. Mr. Trump has termed Ukraine as leverage to press
was in a tight re-election race After Mr. Zelensky was the call “perfect” and the im- Ukraine to open investigations
and had expressed interest to elected in April but before his peachment investigation a into the Bidens and alleged
aides in visiting Washington. A inauguration, Messrs. Parnas hoax. The aid to Ukraine was 2016 election interference.
visit to the White House could and Fruman held discussions released in September under In February, Mr. Poroshenko
have improved his electoral with Serhii Shefir, a top ad- pressure from Congress. Public was anxious to engage with
chances with Ukrainian voters viser to Mr. Zelensky, about a hearings in the impeachment Mr. Trump as he tried to boost
because it could have en- possible meeting with Mr. Giu- probe begin next week. his poll numbers before the
hanced his stature, and he was liani, according to a statement presidential elections in
open to the idea proposed by Friday by Mr. Shefir. He said Ukraine in the following
Donate today at care.org/cyclonehelp Mr. Giuliani’s associates, one of the new Ukrainian government weeks, another person familiar
the people said. “He wanted to didn’t consider the men to be
Messrs. Parnas and with the matter said. Mr. Po-
Photo: Josh Estey/CARE come to Washington and meet representatives of the U.S. Fruman helped Mr. roshenko was angling for a
with Trump and then after the government and told them he high-profile visit to Washing-
“Our home has been destroyed by the cyclone. state dinner he would have an couldn’t discuss a possible
Giuliani in Ukraine ton in April, the person said,
We lost everything. NOTHING IS LEFT.” — JULIA, 37 interview” with a major news meeting until after the May 20 efforts. which would have been after
outlet, the person said of Mr. inauguration. He said he in- the first round of voting in
Poroshenko. “Then he would formed Mr. Zelensky of the late March, but before the
Since Cyclone Idai slammed southern Africa, more than 2.6 million say he would investigate med- discussions. runoff vote on April 21.
survivors fear further death, destruction from flash floods, and dling in 2016 and the Bidens.” Around that time, Mr. Giu- Hunter Biden served on the “He needed a Hail Mary and
outbreak of disease. Robert Costello, a lawyer liani has said he planned to board of Burisma Group while a state visit in Washington and
for Mr. Giuliani, said his client travel to Kyiv to meet with Mr. the former vice president was was ready to become Trump’s
CARE is in Malawi, Zimbabwe and Mozambique addressing the had no knowledge of the meet- Zelensky to urge him to under- spearheading an international best friend in order to secure
immediate needs of survivors, including emergency food and water, ing. Representatives of Mr. Po- take investigations into the Bi- anticorruption effort in the support,” the person said.
shelter and family kits, and rescue missions.
roshenko and Mr. Lutsenko dens and alleged election in- country, an arrangement Mr. Mr. Poroshenko’s approval
didn’t respond to requests for terference but canceled the Trump and Mr. Giuliani have de- rating sagged, and the ar-
Your emergency gift to CARE will DOUBLE*, sending help to those comment. Lawyers for Messrs. trip after news of it became scribed as corrupt. Both Bidens rangement discussed in the
who have lost everything. Parnas and Fruman declined public, saying on Fox News he have denied any impropriety; February meeting didn’t come
to comment. The White House felt he was being “set up” by Hunter Biden has called serving to fruition, the person said.
didn’t respond to a request for the Ukrainians. on the board given his father’s Mr. Poroshenko finished a dis-
FIGHT for Idai’s survivors. FIGHTWITHCARE ®
comment. Mr. Giuliani told the Jour- role showed “poor judgment.” tant second place in initial
Messrs. Parnas and Fruman nal in September that Mr. Mr. Trump and Mr. Giuliani voting in the March election.
were clients of Mr. Giuliani Trump was aware of his plan and their allies also have He told the Ukrainian Embassy
*All gifts to CARE’s Cyclone Idai emergency fund will be who helped him in his months- to meet Mr. Zelensky. Mr. Giu- pushed a theory, without evi- in Washington to prepare for a
matched starting March 26, 2019, up to $200,000.
long push for investigations in liani’s lawyer declined com- dence, that Ukraine, not Rus- possible U.S. visit before the
A donation to this appeal supports CARE’s emergency
response in southern Africa in the aftermath of Cyclone Ukraine. John Dowd, a former ment on the possible Zelensky sia, meddled in the 2016 elec- April 21 runoff, but an invita-
Idai. At least 70 cents in every dollar donated will directly
support this emergency response in Mozambique, attorney for Messrs. Parnas meeting. tion by hacking Democratic tion never came from the
Zimbabwe and Malawi. Other funds raised will support
CARE’s vital lifesaving work including other emergency
and Fruman, said in a letter to At the time of the July call National Committee servers— White House, the person said.
responses around the world. © 2019 CARE Congress last month that both with Mr. Zelensky, Mr. Trump a theory at odds with analysis —Thomas Grove in Kyiv
men “assisted Mr. Giuliani in had ordered nearly $400 mil- by the U.S. intelligence com- contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | A5

POLITICS

Bloomberg
Has Eye
The Democrats’ Voting Blocs
Biden, Warren and Sanders built separate coalitions that are propelling their 2020 campaigns
On March BY AARON ZITNER

Primaries Bernie Sanders draws sup-


port from lots of young men.
Joe Biden has a dominating
BY TARINI PARTI share of African-Americans.
AND EMILY GLAZER Elizabeth Warren is winning
the heart of the Democratic
Billionaire Michael Party’s progressive core—vot-
Bloomberg is drawing up a ers who call themselves both
strategy to build campaign “strong Democrats’’ and “very
staff in states that hold March liberal.”
2020 primary contests, ac- Democratic primary voters
cording to people familiar are dividing into clear groups
with his plans, as he leans to- by ideology,
ward entering the Democratic ELECTION race and other
presidential race despite a dif- personal quali-
ficult path to the nomination. 2 2 ties as they as-
Other Democratic presiden- sess their
tial campaigns have been more choices for the 2020 presiden-
invested in the first few states tial nominee, Wall Street Jour-
to vote, including Iowa and nal/NBC News polling shows.
New Hampshire, which cast A look at these core constitu-
ballots in early February. How- encies helps explain why three

JEENAH MOON/BLOOMBERG NEWS


ard Wolfson, an adviser to Mr. candidates have come to domi-
Bloomberg, said those candi- nate the Democratic primary
dates had a “big head start” in contest in national polling and
those states. points to which voter groups
Several strategists, voters would have to shift in order
and donors who support other for other candidates to rise.
centrist candidates say Mr. The picture of preferences
Bloomberg would likely further among Democratic primary
split the bloc in the Democratic voters comes from merging
electorate that wants a moder- Journal/NBC News polls from Sen. Elizabeth Warren has the largest segment of liberals but also draws meaningful shares across the spectrum of voter groups.
ate nominee. They say he September and late October to
would pull support away from produce a more robust sample. make up half of the primary Core Support
candidates such as former Vice Mr. Biden leads in the com- electorate.
Each of the top Democratic presidential candidates Candidate’s
President Joe Biden and South bined polls, with 29% support, Ms. Warren is competitive
has built a distinct coalition of voters, differing in support among Male
Bend, Ind., Mayor Pete Butt- followed by Ms. Warren, with with Mr. Sanders or leads each group Female
igieg, and potentially galvanize 24%, and Mr. Sanders, with among many subgroups that age, race, ideology and gender. 50+
progressives such as Massachu- 16%. Nine candidates had sin- tend to be liberal. Despite Mr. 18-49 White
setts Sen. Elizabeth Warren. gle-digit support, led by Pete Sanders’s appeal among youn- African-American
Asked about Mr. Buttigieg, with 7%. ger voters, more women under Moderate
Hispanic/other
Bloomberg’s potential run, Mr. The assessment shows that age 55 say they support Ms. Liberal
Biden said he had “no prob- each of the three leading can- Warren than Mr. Sanders, 27%
lem” with the former New didates is favored by at least to 21%. Ms. Warren also has
York mayor running. one major bloc within the pri- the larger share of younger Joe Biden Elizabeth Warren Bernie Sanders
Mr. Buttigieg didn’t com- mary electorate. Mr. Biden, the Democrats with four-year col- 21%
ment beyond welcoming Mr. former vice president, is lege degrees. 40%
Bloomberg in the race, while strong among older voters, Micah Roberts, a Republi-
another centrist candidate, moderates and African-Ameri- can pollster who works on 27%
Minnesota Sen. Amy Klobu- cans. Mr. Sanders, the Ver- Journal/NBC News polls, said
mont senator, leads among the data show why Mr. Sand-
young men. Ms. Warren, the ers faces strong competition %
39% 49%
senator from Massachusetts, from Ms. Warren as well as 25% 28%
Billionaire former has the largest segment of lib- from Mr. Biden. “Why is it not 33%
mayor weighs hiring erals but also draws meaning- a two-person race? Well, Eliz- 50%
ful shares across the spectrum abeth Warren starts to peel off
staff in the ‘Super of voter groups. these subgroups, such as
Biden is the top choice for 49% of Warren is favored by 33% of
Democrats who call themselves
Sanders is the top choice of 27% of
African-American Democrats. young Democrats and 21% of
Tuesday’ states. A finer look at the voter white women ages 18-39, and liberals. Democratic men.
groups points to opportunities then has this strength among Source: WSJ/NBC News telephone polls of 920 registered voters who say they will vote in the Democratic primary, conducted Sept. 13-16 and Oct.
for some candidates to grow. the liberal vote.” 27-30, 2019; margin of error +/- 3.2 pct. pts. Ellie Zhu/THE WALL STREET JOURNAL
Mr. Biden’s relatively weak The voter coalitions also
char, said Democrats didn’t hold on younger voters is ap- suggest that the leading candi-
“need anyone coming in and parent even among African- dates will meet both friendly
telling us that none of [the can- Americans. A substantial two- and challenging terrain as the
didates] … are good enough.” thirds of older African- primary process rolls from one
If he decides to enter the Americans, those age 55 and state to another. Ms. Warren’s
race, Mr. Bloomberg would lag above, say they back Mr. Biden lead among liberal voters, for
behind in setting up the orga- in the Democratic primary, example, is likely helpful to
nizational structure needed to compared with about one- her in Iowa, where more than
compete in a crowded field third of blacks under age 55. two-thirds of caucus-goers in
where many top-tier candi- “Age is really a dividing line 2016 called themselves liber-
dates have been preparing for here,’’ said Jeff Horwitt, a als. She leads in many polls of
a protracted primary fight. Democratic pollster who the state, while Mr. Biden of-
Mr. Bloomberg’s advisers works on the Journal/NBC ten places third or fourth.
said Thursday they were News surveys. “Biden is the Mr. Biden’s lead among Af-
working on filing paperwork leader among younger African- rican-Americans may prove
to appear on the ballot in Americans, but it’s more of a helpful in South Carolina,
states with early filing dead- competition, and there’s po- which votes after Iowa’s cau-
lines, including Alabama and tential for some shifting cuses and New Hampshire’s
Arkansas, two of the 14 states there,” he said. Already, Ms. primary. More than 60% of
holding contests on March 3, Warren, Mr. Sanders and Ka- South Carolina primary voters
known as “Super Tuesday.” A mala Harris, the California in 2016 were African-American
spokesman for Mr. Bloomberg senator, claim double-digit and only half of voters called
said he was taking those steps support among younger black themselves liberal.
after becoming “increasingly Democrats. Celinda Lake, a pollster for
concerned” about whether the The data also help explain Mr. Biden, said he would bene-
top Democratic candidates how Ms. Warren has come to fit from his support among
could defeat President Trump. overtake Mr. Sanders among older voters. Moreover, she
Amanda Renteria, who the party’s liberal voters—Mr. said, the racial diversity of Mr.
served as national political di- Sanders’s core constituency in Biden’s support would prove
rector for Hillary Clinton’s 2016 the 2016 primary. Ms. Warren important on Super Tuesday,
campaign and isn’t affiliated has 33% of liberal primary vot- the big, multistate day of vot-
with a 2020 candidate, said Mr. ers to Mr. Sanders’s 22%, ing that includes diverse and
Bloomberg wouldn’t be able to Journal/NBC News polling delegate-rich states such as
win the nomination by blanket- shows. Self-described liberals California and Texas.
ing the airwaves. Tom Steyer,
the only billionaire in the race
at the moment, has done that
but hasn’t been able to break
into the top tiers of polls.
California, one of the most
expensive states to compete in,
votes on Super Tuesday. The
state’s filing deadline is Nov. 26,
though candidates could get on
the ballot later by gathering
signatures, which is rarely done.
A person familiar with Mr.
Bloomberg’s ambitions said it is
Fit for a King
a key state for him to compete
in should he move forward.
Pietre Dure Tables
The electorate in many other Royal history. Unparalleled craftsmanship. Extraordinary rarity.
Super Tuesday states includes These pietre dure console tables represent Italian craftsmanship at
heavily African-American dis-
its finest. They are two of just 11 of their kind known; eight others
ELISE AMENDOLA/ASSOCIATED PRESS, JEENAH MOON/BLOOMBERG NEWS

tricts. Mr. Bloomberg’s imple-


mentation of “stop-and-frisk” are in the Prado (Madrid), while the ninth can be found in the Ajuda
policing in New York, which a Palace (Lisbon). Originally designed for Spain’s King Charles III, they
judge ruled in 2013 violated the can be counted among the most impressive and important pieces of
rights of minorities, could be hardstone artistry in the world. 66”w x 33”d x 361/2”h. #30-9252
problematic.
Ms. Warren and Vermont
Sen. Bernie Sanders—the pro-
gressives in the race who have
made raising taxes on the
wealthy a centerpiece of their
campaigns—have already been
fundraising off the news of Mr.
Bloomberg considering a run.
“There is nothing that 622 Royal Street, New Orleans, LA • 888-767-9190 • ws@rauantiques.com • msrau.com
Sanders and Warren want
more than a billionaire on the
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
[debate] stage to be the foil to Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
every position,” said Chris
Kofinis, a Democratic strate- Supporters of Sen. Bernie Sanders in New York in October, and
gist and pollster. fans of South Bend, Ind., Mayor Pete Buttigieg in Concord, N.H.
A6 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

WORLD NEWS
Militants Turn to Europe’s Courts Iran Says
It Downed
Islamic State widows, of terrorist attacks. Europe is

fighters held in Syria


lodge cases to return
still reeling from a series of Is-
lamic State attacks in France,
Germany and Belgium in
A Foreign
to their homes in EU
2015-16 that were perpetrated
by European nationals who re-
turned from Syria.
Drone
Jessie Van Eetvelde was a “It is difficult enough in Bel- Iran said it shot down an
Belgian supermarket cashier gium today as a Muslim immi- unidentified foreign drone near
who heard the Muslim call to grant to get the feeling of being one of its Persian Gulf ports
prayer on a vacation in Mo- accepted,” said Montasser close to the Iraqi border, risk-
rocco 11 years ago and con- AlDe’emeh, a researcher with ing another flare up in the
verted to Islam. Back home she Catholic University of Leuven. Middle East and further exac-
married a Dutch Muslim man, “In addition, security services erbating tensions in the region.
and in 2014 the couple headed don’t have enough resources to
to Syria to join Islamic State’s continuously monitor all re- By Aresu Eqbali in
self-professed holy war. turned people, including chil- Tehran
dren who are growing up.” And Sune Engel
By Valentina Pop in Ms. Van Eetvelde’s lawyer, Rasmussen in Beirut
Brussels and Isabel Mr. Ozdemir, has advised her to
Coles in al-Hol, Syria remain in al-Hol, as her chances The Iranian army said ex-
of being repatriated are better perts had collected debris
Today, Ms. Van Eetvelde is if the court knows her location. from the unmanned aircraft at
detained in a camp in northern Upon return, she could face up Bandar-e Mahshahr and would
Syria, a widow caring for her to five years in prison for par- provide more information.
two toddlers. She says she just ticipation in a terrorist organi- The drone was destroyed
wants to go home. But her zation—a charge she isn’t con- before it could reach sensitive
country doesn’t want her—and testing. locations, the commander of
is fighting a legal battle to keep Ms. Van Eetvelde said her the army’s air-defense force,

MANU BRABO FOR THE WALL STREET JOURNAL


her out. conversion to Islam in Morocco Brig. Gen. Alireza Sabahifard,
“We hope to get back,” she began peacefully. “I heard the was quoted as telling the
said in a WhatsApp voice re- call to prayer and it gave me a semiofficial Fars News Agency.
cording she made for The Wall warm feeling. Then I started The governor of Khuzestan
Street Journal. “That’s what we searching about Islam,” she told province confirmed that a
all wished from the beginning, the Journal in an interview in drone was shot down in the
but probably nobody cares al-Hol in March. region, according to Iranian
about us.” Her years in Syria have been state news agency IRNA.
European governments have the opposite. Islamic State mili- On Friday afternoon, nei-
resisted taking back their na- tants, and some wives, policed ther the U.S. nor Iran’s Gulf
tionals who joined Islamic State women’s outfits and would set neighbors had reported losing
in Syria. Now Europe’s courts their tents on fire if they a drone.
are weighing in. Jessie Van Eetvelde, who joined Islamic State but has since renounced it, hopes a ruling will force weren’t observant enough, she The alleged drone shooting
Cases brought by detainees Belgium to repatriate her and her two young sons from a refugee camp in Syria. Her country is reluctant. said. She played down her hus- comes after months of grow-
or family members in German, band’s role in Islamic State, as ing acrimony and skirmishes
French, Belgian and Dutch dire humanitarian conditions. repatriate her and her sons, or The government appealed many wives do. She said he between Iran and the U.S. and
courts are seeking to force Ms. Van Eetvelde, a 41-year- else pay damages of €22,500 and won on a technicality. The worked at a hospital and its allies in the Middle East, as
governments to bring them old Antwerp native, and her ($25,000) for each day of delay. case has since been reopened. manned a checkpoint. “He had a well as with Europe.
home. Most are widowed two young boys are now de- “The money is not important,” In both cases, the courts bad back so he couldn’t do In June, Iran downed a U.S.
women and their children, al- tained at the al-Hol refugee said Ms. Van Eetvelde’s lawyer, have largely agreed with the much. He never fought.” Navy drone over the Persian
though some cases involve camp in northern Syria. They Mohamed Ozdemir. “We can al- plaintiffs that the government The tide soon turned Gulf, the most recent example
male fighters now being held are part of a legal action in a ways negotiate that. What’s im- was neglecting its citizens, par- against Islamic State. By 2017, of Tehran targeting foreign
by Kurdish forces in Syria. Belgian court. portant is that they get home.” ticularly infants, under interna- its de facto capital of Raqqa drones.
Turkey’s recent incursion “The situation is really bad Belgian courts have so far tional human-rights laws. The was under attack by U.S.- The U.S. a month later shot
into northern Syria to push to live here,” Ms. Van Eetvelde sided with the plaintiffs. A Belgian government’s official backed forces. Then her hus- down an Iranian drone flying
back Kurds from the border al- said in her message. Al-Hol is a Brussels court on Oct. 30 or- policy is to facilitate the repa- band went missing. “Probably near an American warship in
lowed hundreds of people affili- tent city housing over 70,000 dered the government to repa- triation of children under 10 he died,” she said without the Strait of Hormuz.
ated with Islamic State to es- people, many times the number triate a 23-year-old woman and years of age, but not their emotion. “They haven’t seen Iran is accused by the U.S.
cape, giving legal ammunition it was intended to hold. “Hope- her two children within 75 days; mothers. his body, but he never came of sabotaging oil tankers off
to lawyers fighting in Europe on fully we [will] win and can get the government said it would Critics of such repatriations home.” its southern coast earlier this
their behalf. Detainees, the law- back with the children and have appeal. In December, another say Western societies are well- She has renounced Islamic year and of attacking vital
yers say, face a greater risk of a normal life.” court ordered Belgium to repa- meaning but ill-equipped to State but remains a practicing Saudi oil facilities with drones
execution now that the Syrian A court ruling is expected by triate two mothers and their six deal with reintegrating Islamic Muslim. “I never felt comfort- and missiles in September.
regime is allied with the Kurds the end of the month and could children or pay €30,000 for State affiliates back into their able from day one,” she said. Tehran has denied involve-
running the camps, along with force the Belgian government to each day of delay. societies and mitigating the risk “It was a nightmare.” ment in the attacks.

ADVERTISEMENT

Jewish Intellectual History:


IT
E D TIME OF 16th to 20th Century
FE
LIM

70%
R

Taught by Professor David B. Ruderman


U      
off
23
OR
DE

ER

R B 
U  
BY
NOVEM 1. On Studying Jewish History
2. Defining Modern Jewish History and Thought
3. Cultural Transformation in the Italian Ghetto
4. Seventeenth-Century Marranism and Messianism
5. The Challenge of Baruch Spinoza
6. Moses Mendelssohn and His Generation
7. The Science of Judaism
8. Heinrich Graetz—Jewish Historian
9. Abraham Geiger—The Shaping of Reform Judaism
10. The Neo-Orthodoxy of Samson Raphael Hirsch
11. Zecharias Frankel and Conservative Judaism
12. Samuel David Luzzatto—Judaism and Atticism
13. Zionism’s Answer to the Jewish Problem
14. Three Zionist Visions
15. The Jewish Adventure with Socialism
16. Hermann Cohen’s Religion of Reason
17. Leo Baeck’s Mystery and Commandment

Explore 400 Years 18. Martin Buber’s Religious Existentialism


19. Jewish Law—Martin Buber vs. Franz Rosenzweig
20. Mordecai Kaplan and American Judaism
of Jewish Thought 21. Abraham Heschel—Mystic and Social Activist
22. Theological Responses to the Nazi Holocaust
God. Torah. Israel. These three concepts have been the focus of Jewish thought 23. Feminist Jewish Theology
throughout history. But the last four centuries have presented difficult challenges 24. Current Trends in Jewish Thought
and questions. In a world with untold suffering, was the existence of an all-powerful
and comforting God still tenable? Could Jews still justify the notion of a “chosen
people” in a society in which Jewish integration had become the norm? Jewish Intellectual History: 16th to 20th Century
Course no. 4647 | 24 lectures (30 minutes/lecture)
In Jewish Intellectual History, you’ll learn how a small group of great thinkers
attempted to answer such challenges while providing a continuing sense of faith
and meaning for their fellow Jews. Taught by award-winning Professor David B. SAVE UP TO $215
Ruderman of the University of Pennsylvania, this thought-provoking 24-lecture
course explores how history impacted the writing of such prominent figures as
DVD $254.95 NOW $39.95
Baruch Spinoza, Moses Mendelssohn, Heinrich Graetz, Abraham Geiger, Karl +$10 Shipping & Processing and Lifetime Satisfaction Guarantee
Marx, and Judith Plaskow and, in turn, how their writings revolutionized thinking Priority Code: 174223
about Judaism over time.
For over 25 years, The Great Courses has brought the world’s foremost
Offer expires 11/23/19 educators to millions who want to go deeper into the subjects that

TGCU  .
 /5W matter most. No exams. No homework. Just a world of knowledge
available anytime, anywhere. Download or stream to your laptop or
PC, or use our free apps for iPad, iPhone, Android, Kindle Fire, or
1-800-832-2412 Roku. Over 700 courses available at www.TheGreatCourses.com.
THE WALL STREET JOURNAL. * * * * * * Saturday/Sunday, November 9 - 10, 2019 | A7

WORLD NEWS

Hong Kong Death


Inflames Tensions
HONG KONG—A university rallies and vigils were orga-
student died Friday after being nized throughout Friday at
comatose for days from inju- various locations in the city.
ries sustained near the scene Online and on the streets, peo-
of a clash between police and ple demanded to know what
protesters, sparking fresh an- had happened, and expressed
ger that has fueled antigovern- sorrow for his death.
ment demonstrations and un- At the parking garage where
rest for five months. Mr. Chow fell, several thou-
sand people—many dressed in
By Joyu Wang, black and wearing masks—
John Lyons gathered in the evening to pay
and Natasha Khan their respects, leaving white
flowers and lighting candles at
Chow Tsz-lok, a 22-year-old the scene.
student at the Hong Kong Uni- Hundreds of black-clad pro-
versity of Science and Technol- testers stayed behind to pre-
ogy, fell down a level in a mul- pare for a fight with police,

RODOLFO BUHRER/REUTERS
tistory parking garage early digging up bricks from side-
Monday morning, the govern- walks and building barricades.
ment said, sustaining brain in- Rallies elsewhere also
juries that left him in a coma. turned into confrontations
Around the time of his fall, of- with police later in the night.
ficers were nearby dispersing In some locations, demon-
protesters using tear gas and strators and bystanders
rubber bullets. shouted anti-police invective Former Brazilian President Luiz Inácio Lula da Silva gestures behind a banner reading ‘Lula is innocent’ after being released from jail.
The exact circumstances of and retreated without a fight,

Brazil’s Ex-Leader Freed After


Mr. Chow’s fall are unclear, but while protesters elsewhere
the incident has spurred de- hurled bricks and petrol bombs
mands that police actions re- at officers. Police fired tear gas
lating to his death be investi- and made a number of arrests.
gated, including whether Hong Kong’s antigovern-
officers caused a delay in the
ambulance reaching the injured
student. Police denied that.
The Hong Kong government
expressed sorrow and regret
ment protests were sparked by
an extradition bill that, if
passed, would have allowed
criminal suspects in this semi-
autonomous city to be tried in
Court Rules on Appeals Process
about the death, and said the mainland China, which has a BY PAULO TREVISANI “All my life, I’ve been talk- In rousing words to sup- for an ambitious package of
police crime unit was investi- more opaque legal system. AND JUAN FORERO ing to the Brazilian people,” porters, Mr. da Silva was defi- economic overhauls.
gating. The bill has since been Mr. da Silva said to supporters ant about his conviction, say- “We have big battles ahead
The incident is likely to in- withdrawn, but the movement BRASÍLIA—Former Presi- as they responded with a ing he wanted to prove that he of us, and Lula is the best per-
flame tensions over the week- has snowballed into calls for dent Luiz Inácio Lula da Silva, chant, “Lula, I love you.” “You had been wrongfully jailed. son to express our positions to
end, which had been expected greater democracy and a de- a standard-bearer of the Latin are the nourishment of democ- “I want to fight to prove the country,” said Sen. Hum-
to be relatively quiet after mand for a judge-led inquiry American left and a political racy,” he said. that if there is a criminal gang berto Costa, a member of the
weeks of intense street battles. into how police have handled force in Brazil, was released His release was expected af- in this country, it is this Workers’ Party.
After the news of his death, the protests. from jail pending appeals Fri- ter the Supreme Court on bunch,” said Mr. da Silva, re- The ruling freeing Mr. da
day, cutting short a long cor- Thursday ruled that defen- ferring to the prosecutors and Silva could affect nearly 5,000
ruption sentence that had pre- dants can’t be imprisoned be- right-wing politicians who people, including 38 of 159
vented him from contesting fore all their appeals are ex- pushed the case. “They didn’t who were convicted in the Car
the last presidential election. hausted. Jailed in April 2018 arrest a man, they tried to si- Wash investigation.
The 74-year-old former for graft and money launder- lence an idea and ideas don’t Mr. da Silva is expected to
president’s newfound freedom, ing, Mr. da Silva was serving go away.” travel the country campaign-
though possibly temporary, is an eight-year sentence after The Bolsonaro administra- ing for leftist candidates for
a jolt for Brazil’s right-wing having become the biggest tar- tion didn’t immediately re- next year’s municipal elec-
president, Jair Bolsonaro, an get of prosecutors in the spond. But one of the presi- tions, although legal hurdles
outspoken adversary of Mr. da sprawling “Car Wash” investi- dent’s sons, Carlos Bolsonaro, could still keep him from run-
Silva and the Workers’ Party. gations, which accused high- a Rio de Janeiro councilman ning for any office. In Curitiba,
Mr. da Silva, commonly ranking politicians and leading who frequently defends his fa- he left little doubt that he
known as Lula, walked out of entrepreneurs of pay-to-play ther on social media, wrote on would remain active in poli-
KIN CHEUNG/ASSOCIATED PRESS

jail in the southern city of Cu- business deals. He has denied his Twitter account that “Bra- tics.
ritiba at 5:45 p.m. local time, the charges. zil no longer accepts the hi- “The people are starving,
greeting well-wishers from his The release was a setback jinks of the bandits” from the unemployed, riding bikes to
Workers’ Party who were for Mr. Bolsonaro’s justice country’s political left. deliver pizzas, without the
camped outside. Speaking on minister, Sergio Moro, who Mr. da Silva’s release gives minimum respect,” he said.
the sidewalk outside the jail, oversaw the Car Wash probe fresh energy to the Workers’ “This country will be much
he raised a fist and showered and convicted the former pres- Party in its opposition to Mr. better when it has a govern-
praise on those who had sup- ident when serving as a lower- Bolsonaro’s administration ment that doesn’t lie so
Protesters Friday at a makeshift memorial for a student who died. ported him. circuit judge. and its plans to win approval much.”

FROM PAGE ONE

Banks Had WeWork’s unraveling has hit


hardest the wallets and reputa-
tions of SoftBank and the com-
Wells Fargo bankers ac-
knowledged internally that We-
Work’s business model was un-
a person familiar with the mat-
ter. He had been meeting with
JPMorgan CEO James Dimon
JPMorgan won. The bank
pushed other lenders to com-
mit at least $750 million apiece
The IPO ran into trouble al-
most immediately after docu-
ments were filed in August. In-

Doubts on pany’s other venture-capital in-


vestors. But with its money
and credibility, Wall Street also
proven but agreed to lend $100
million if the company set
aside cash as collateral, accord-
and Goldman CEO David Solo-
mon.
JPMorgan proposed a $6
toward the $6 billion total,
dangling a role in the IPO, ac-
cording to people familiar with
vestors balked at WeWork’s
growing losses and unusual fi-
nancial arrangements between

WeWork fed the company’s breakneck


growth.
WeWork’s model—leasing
ing to people familiar with the
matter and a memo reviewed
by the Journal.
billion loan that required We-
Work to raise $3 billion in the
stock market by the year’s end.
the negotiations. Some bankers
worried JPMorgan’s initial
terms were too lenient and de-
the company and Mr. Neu-
mann. The company called off
the IPO in September, which
office space, outfitting it with An internal committee ini- The package included a $2 bil- manded WeWork set aside killed the loan deal. WeWork,
Continued from Page One touches like free beer and tially rejected the loan, raising lion line of credit it could use more cash to back the loan, the suddenly found the banks un-
Neumann, according to people fruit-infused water, then sub- concerns about the company’s to continue to sign deals for people said. willing to reup.
familiar with the matter. leasing it—required a constant prospects and Mr. Neumann’s new space. Goldman proposed Eventually, the $2 billion It turned back to JPMorgan,
Banks harbored significant supply of credit. Landlords de- style, the people said. Roy $3.65 billion in loans, secured line was 100% collateralized, seeking a $5 billion lifeline,
doubts about We Co., as the manded bank letters that guar- March, the head of Wells by income from WeWork’s meaning WeWork would have people familiar with the matter
WeWork parent is known, even anteed several months of rent Fargo’s Eastdil real estate unit, buildings, people familiar with to pledge a dollar of cash for said. This time, the bank re-
as they pitched its stock to in- upfront. assured executives he was the matter said. The deal each dollar it borrowed, the fused to lend its own money
vestors, according to inter- JPMorgan was one of the close to Mr. Neumann and would allow WeWork to bor- people said. The lenders would without gauging demand from
views and documents reviewed biggest lenders to WeWork and would personally mentor him, row more if it hit certain mile- split about $250 million in fees investors, they said. It eventu-
by The Wall Street Journal. to Mr. Neumann. In 2015, it led the people said. stones—up to $10 billion over upfront, the people said, a high ally offered the full $5 billion
Running out of cash, the com- a $650 million loan to We- This summer, as WeWork time—and didn’t require the sum for a low-risk arrange- itself.
pany was rescued last month Work. Two years later, the prepared to go public, Mr. Neu- company to go public, some of ment. A day after it was final- WeWork took SoftBank’s
by Japanese conglomerate company went back for an- mann told friends a new round the people said. WeWork exec- ized, WeWork said it had cho- money instead.
SoftBank Group Corp. in a deal other $500 million, and Wells of bank financing would “blow utives wanted more money up- sen JPMorgan and Goldman to —Eliot Brown contributed to
that bounced Mr. Neumann. Fargo joined the bank group. the market away,” according to front, they said. lead its IPO. this article.

Danke schÖn, America!


In 1989, a peaceful revolution turned 2,000 events taking place in all 50 states
Germany into the happiest nation in the from Alabama to Wyoming.
world. Families reunited. Freedom prevailed.
We look forward to expanding our
Germany became whole and free.
precious bonds of friendship in the
The trust and friendship of our neighbors future. As a reliable, key ally in the
and allies helped bring about this unique center of a united Europe, Germany will
success story. We will never forget America’s continue to strive for freedom, human
support – from the Marshall Plan, to John rights, peace and security, and for the
F. Kennedy’s “ich bin ein Berliner,” to closest possible cooperation with our
Ronald Reagan’s “tear down this wall,” to transatlantic partners - with you!
the 2+4 negotiations that led to German
reunification.

Thirty years after the fall of the Berlin Wall,


we want to celebrate and say thank-you to
the American people. That is why we last
year launched the initiative “Wunderbar
together - Germany and the U.S.,” a year of
German-American friendship with over Visit us on social media @GermanyinUSA
Photograph of Wunderbar together hot air balloons courtesy of wunderbartogether.org. All other photos courtesy of picture-alliance/dpa.
A8 | Saturday/Sunday, November 9 - 10, 2019 * ******* THE WALL STREET JOURNAL.

FROM PAGE ONE WORLD WATCH

Climbing lated text from a colleague.


Our group of four hikers had
CHINA
Pork Prices Fuel Jump
Arms Reduction Treaty has
come under the spotlight after

REUTERS/JORGE SILVA PUBLISHED CREDIT: JORGE SILVA/REUTERS


brought at least seven power the demise earlier this year of
In Consumer Inflation
Kilimanjaro banks, two solar chargers and
dozens of batteries to charge
multiple iPhones, smartwatches, A doubling of pork prices last
the Intermediate-range Nuclear
Forces Treaty.
The New START agreement

With Tech digital cameras, headlamps, Air-


Pods, one Kindle, a mobile
hotspot, a satellite hotspot and
month sent Chinese consumer
inflation to its highest level in
nearly eight years, constraining
signed by President Obama and
then-President Medvedev in
2010 limits U.S. and Russian
an iPad. Beijing’s ability to stimulate the long-range nuclear arms.
Continued from Page One Ms. Zuill had come especially economy as growth continues But efforts to renew the
(On day two, as we climbed prepared. A Bermudian lawyer to slow. treaty before it expires in 2021
from 11,550 feet to 12,540 feet, with her own firm, she had China’s consumer-price index have stalled.
my phone’s battery went from packed enough gadgets to set rose 3.8% in October from a Russia’s Foreign Minister Ser-
100% to 72%. In airplane up a mobile office, including a year earlier, the National Bureau gei Lavrov told a nuclear nonpro-
mode.) satellite hotspot that was sup- of Statistics said on Saturday— liferation conference in Moscow
The internet is packed with posed to allow her to talk, higher than a median forecast that Washington was using non-
helpful hacks for climbing Kili- email, browse the web and even of 3.5% by economists polled by proliferation as a bargaining chip
manjaro, the 19,341-foot volcano tweet. She also brought the iPad The Wall Street Journal, and far for geopolitical gains and that
that straddles Tanzania and on the off-chance she could re- outpacing September’s 3.0% UNREST IN CHILE: Members of the security forces aimed their its stance would “erode the ar-
Kenya. How to keep your tech view legal documents. reading. weapons during an antigovernment protest in Santiago on Friday. chitecture of international legal
from freezing is a popular cate- It didn’t go as planned. October’s jump in consumer agreements in the area of arms
gory of advice, with suggestions Tweets sent recording our jour- inflation was fueled by a rise in prices continued to show signs RUSSIA control.”
ranging from stuffing gadgets ney failed to post. The hotspot hog prices, the fastest on record, of softness, pointing to weaken- President Trump, who called
into spare socks with hand- refused to work as advertised, amid an outbreak of the deadly ing demand in the world’s sec- Moscow Faults U.S. New START a “one-sided deal”
warmer packs to taking backup requiring Ms. Zuill to walk African swine fever. ond largest economy. Nonfood On Arms Control in 2017, has repeatedly said that
devices. around the campsite after din- Soaring pork prices lifted price inflation moderated further China, as well as Russia, should
“We’re addicted to our per- ner searching for an obstruc- overall food price inflation to a to 0.9% in October, from 1.0% in Time is running out for the be included in this arms-control
sonal technology so let’s not tion-free zone. Higher elevation more-than-11-year high, as con- September. U.S. to agree to a replacement framework.
have a philosophical proved more fruitful. sumer demand drove up prices China’s producer-price index for the last major nuclear-arms- Trump administration officials
discussion about “Suddenly, my office for pork alternatives including dropped deeper into deflationary control treaty, Russia warned have also said they favor a new
going cold turkey was a tent on the eggs and other meat products. territory in October, falling 1.6% Friday, as China joined Moscow approach that would count all
on technology while side of Mount Kili- Even as the surge in food in October from a year earlier, in blaming Washington for un- nuclear weapons, including battle-
on our Kilimanjaro manjaro,” Ms. Zuill prices limits Chinese policy mak- more than economists’ median dermining efforts to control the field systems and not just strate-
climb,” wrote Eddie said, after checking ers’ stimulus options, prices of forecast of a 1.5% decline. proliferation of nuclear weapons. gic long-range nuclear arms.
Frank, a longtime in with co-workers nonfood items and factory-gate —Grace Zhu The fate of the Strategic —Georgi Kantchev
Kilimanjaro guide, from 14,000 feet.

OBITUARIES
in a blog post ad- Eventually, I was
vising climbers on forced to observe
ways to stay con- that I’d undertaken
nected, including this adventure to dis-
buying a local SIM connect from normal
card. life and recharge my- G E R T B OY L E
On the moun- self rather than fret-
1924 — 2019
tain, temperatures ting about whether
can range from au- my tech was juiced

‘Tough Mother’ Stamped Image


tumnal in the lower or whether I could
reaches to Arctic at Don’t quit now send a mountain-
the top. Summit side witticism or
night can be especially rough on two via WhatsApp.

On Columbia Sportswear
batteries and screens. A woman I abandoned my search for a
from Hanover, Germany, on her phone connection. But here’s
way down, advised us to keep why I couldn’t let my iPhone
our phones and other gadgets in die. It was my main camera, my
“the third of the six or so layers alarm clock, my mirror in selfie
you will wear to the top so that mode, my flashlight, my elec-
body heat can keep the battery tronic diary—and as I discov- BY JAMES R. HAGERTY grew less popular, the company began
warm.” ered, my pedometer even with- selling outdoor clothing, including ski-

G
My tech angst increased with out a connection, allowing me ert Boyle took charge of her wear, diversified into manufacturing
the altitude. Accustomed to to track my progress in miles family business, Columbia and changed its name to Columbia
tracking and documenting my walked, steps taken and floors Sportswear, when her husband Sportswear. Gert Boyle designed a fish-
life via social media and apps— climbed. (64.3 miles, 157,631 died of a heart attack in 1970. She had ing vest that became a hit product.
and conditioned to expect con- steps, 883 floors.) been a housewife; her son and top When Neal Boyle died of a heart at-
nectivity everywhere—I was The day we reached base aide, Tim Boyle, was a journalism stu- tack in December 1970, the family
half expecting to tweet, text and camp, elevation 15,180 feet, I dent. They nearly ran the business into house was pledged as collateral for a
talk my way up to the “roof of texted a colleague: “I will try to the ground. $150,000 loan from the Small Business
Africa.” But 4G is spotty at best tweet from the mountain top.” Bankers prodded her to sell the Administration.
on the mountain, and nothing At 1:27 a.m., as we set off for company in the mid-1970s. Ms. Boyle Ms. Boyle and her son learned how
appears to drain a phone’s bat- Uhuru Peak, I dutifully stuffed agreed to negotiate with a potential to fight without wrecking the company.
tery faster than searching for a my phone into the pocket of my buyer. Then she abruptly showed him When he wanted to move production to
signal in the cold. There would fleece vest, the third of five lay- the door when she realized how mea- Asia, she resisted, but he finally pre-
be no Instagramming from Kili- ers, wondering how I would ger the proceeds would be: $1,400. vailed.
manjaro. whip it out to take photos. It The lady, a refugee from Nazi Ger- The idea to use Ms. Boyle in ads
One morning, I saw that 756 wouldn’t matter. For the next many, was no pushover. She and her came from a Portland ad agency, Bor-
messages had come in over- eight hours, I could think of son resolved to turn around Columbia ders Perrin Norrander.
night, but they refused to down- nothing but setting one foot in themselves. Through trial and error, “We asked ourselves one evening,
load. For days, the little red front of the other, as the air they transformed a regional maker of ‘How would you like working for your
bubble listing my unread mes- grew thinner and the snow ski jackets, fishing vests and other out- four-story house with three maids, but mother?’ ” Terry Schneider, a Borders
sages was a circle of hell. An- thicker. Dawn broke; photo op- erwear into a global company with an- her parents decided to flee Germany Perrin art director, told The Wall Street
other morning, at around 12,870 portunities were lost. nual sales of about $3 billion. “as Adolf Hitler’s plans for Jews like Journal in 2005. “It wouldn’t be easy.
feet, I woke up to find our When I finally reached the Ms. Boyle’s feisty image proved to us became clear,” Ms. Boyle wrote in We started thinking about presenting
guides and porters chatting on top, my guide offered to take a be Columbia’s crown jewel. her book, “One Tough Mother.” Rela- Mrs. Boyle as one tough mother—over-
F

their cellphones. A cell tower photo to record my triumph. My Starting in 1984, Columbia’s ads began tives in the U.S. helped arrange a protective, but making sure that the
was visible in the distance. phone still worked, but I forgot depicting her as a “tough mother,” or, as move to Portland, Ore., in 1937, when clothes would protect you.”
When I turned off airplane to check for a signal, let alone she put it in her 2005 memoir, a “cranky Gert was 13. Her maternal grand- After initial doubts, she relished the
mode, the first message that tweet from the peak, before it and crotchety old broad” who made sure mother stayed in Germany and died in tough-gal act. She became so famous
came through was a work-re- was time to go back down. customers were getting good value. a concentration camp. that the singer Jimmy Buffett insisted on
The ads made an obscure brand fa- meeting her when he performed in Port-

H
mous. In one, she displayed a bicep er father borrowed money from land. She gave him a Columbia jacket.
tattoo reading “Born to Nag.” Another his mother to buy Rosenfeld Hat Ms. Boyle, whose survivors include
In Memoriam described her as “obsessive, anal, fa-
natical. And that’s on a good day.” A
Co., a wholesaler of men’s hats.
Thinking Americans might dislike a for-
three children and five grandchildren,
used her wealth and fame to support
third advised: “If you want something eign-sounding name, he searched the the Special Olympics and donated more
 
 that mellows with age, drink wine.” phone book for ideas and settled on than $100 million for cancer research
   Ms. Boyle was still chairman (she re- Columbia Hat Co. at Oregon Health & Science University.
jected the term “chairwoman”) and the On a whim, Gert chose to enroll at She nixed the idea of having a build-
IN leathery face of the brand when she
died Sunday at age 95. On Monday, the
the University of Arizona in Tucson,
where she earned a degree in sociol-
ing named after her. “If I’m going to
have my name on any cement,” she

MEMORIAM
company named Tim Boyle acting ogy. At a fraternity party, where she said, “I’ll probably be under it.” In-
chairman. He remains chief executive. confessed she had drunk so much that stead, the university named a research
The accidental executive was born she had trouble standing up, she met building after her older sister, Hilde-
Gertrude Lamfrom, the middle of three her future husband, Neal Boyle, an gard Lamfrom, a noted molecular biol-
daughters, on March 6, 1924, in Augs- Irish Catholic. They married in 1948. ogist who died in 1984.
burg, Germany. Her father, Paul Lam- Mr. Boyle went to work for Columbia
from, owned a shirt factory. Hat and became head of the business  Read a collection of in-depth profiles at
The family lived comfortably in a in 1964, when her father died. As hats WSJ.com/Obituaries

DENNIS PICARD JAC K B R E E N


1932 — 2019 1934 — 2019


  
     ! " "#$$ %
" &$ '(    
& )&%  )   Defense Paid Off CEO Revitalized
For Raytheon Chief Sherwin-Williams
*&+ ,)  ) 
& -+  "#  !
" &" "#$$ % " & .
 -& *&  ") 
/' #0  1& "## %

W S
&) 0 # %  2%
#"  $&0  &$ ( # hen Dennis Picard within 10 days two major herwin-Williams Co. the takeover threat dissolved.
  "&  "$  &$ ( Honor your loved became chief exec- acquisitions, landing the de- slipped into the red in He swiftly hired new tal-
 ! "  3 "#"
&&" "  "0" #"
one’s life in The Wall utive of Raytheon fense operations of Hughes 1978 and stopped pay- ent, replacing about half the
' )"  (()" ( &( Street Journal Co. in 1991, the maker of Pa- Electronics Corp. and Texas ing dividends for the first top 110 executives in the
' $ 2' '   #" 4 ! triot missile-defense sys- Instruments Inc. for a total time in 93 years. The Cleve- first year, while setting up
$ " 5 6   60  tems and other military gear of nearly $13 billion. land-based paint maker, better incentive-pay plans,
 
'" 7$"%
  ,  ' !"  &" Share your loved was laying off workers. The Raytheon gained another struggling to compete with improving cash management
# () 1&#) 7$"%  one’s story with an end of the Persian Gulf War 22 years of independence. It discounters, was paying and reducing debt. He ex-
" *   ,) # () and the collapse of the So- now is preparing to merge heavy costs to close its creak- panded and smartened up
 7$"% ( 1& 5#&  announcement in the
viet Union pointed to a drop with United Technologies iest factories. The chief exec- the chain of Sherwin-Wil-
-#  .#$ *# ( ' pages of The Wall Street in U.S. defense spending. Corp. to form Raytheon utive officer, Walter O. Spen- liams paint stores.
$    52
' "%
5   0&%" (  )0%  Journal, either in our Mr. Picard considered Technologies Corp. cer, resigned, saying: “The The company resumed div-
' 8' 9 6#2&: $" ( national or regional buying a big engineering- Mr. Picard, who died Oct. job is no longer any fun.” idend payments in 1979 and
"  '&0) 0&% # 
"& (   &#  ( editions. Our In Memoriam services company to reduce 21 at age 87, relished some Such was the prelude to produced higher earnings for

' "%;" )" "0 $ &" notices provide a dignified dependence on the military. of his less-noticed feats, the 21-year reign of Jack 21 consecutive years, despite
 '" *("" )#"  )# He and his colleagues kicked such as catching a bluefin Breen, recruited from Gould the failure of a diversification
7$"%  &) 5 )) way for friends, family and around the idea of selling tuna off New England in the Inc. and installed as CEO in into drugstores. When Mr.
(  *&&0 "   colleagues to pay tribute.
$ )) ( )% 0("  && Raytheon’s defense busi- early 1990s. It weighed 1979. One of his first tasks Breen retired as chairman in
" '2  '"   )0$ ness. But he finally decided more than 500 pounds. was to fend off a corporate 2000, annual sales topped $5
00&;" &$"  )(#& '%" 
)2  '&   0& , To learn more, visit weaponry was the com- Though most of the fish was raider, Charles Bluhdorn of billion, up from $1.1 billion
)& # '&&  &  ' $ pany’s heritage—and dou- sold for sushi, he had the Gulf & Western Industries, when he arrived.
  5 ,$#  52
WSJ.com/InMemoriam bled down on it. tail preserved and mounted who had acquired a 13.5% Mr. Breen died Oct. 28 at


$) <     &# ( In early January 1997, on a wall at his home in stake. Mr. Breen negotiated age 85. He had been under
(&'" (" )%  )   % © 2019 Dow Jones & Company, Inc.
All Rights Reserved. outmaneuvering rival bid- Harwich, Mass. an agreement to buy back the treatment for a brain tumor.
( %# 
ders, Mr. Picard announced —James R. Hagerty shares for $21 million, and —James R. Hagerty
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | A9

FROM PAGE ONE

Crises Test Californians’ Resolve to Stay


BY IAN LOVETT gas prices in the country. faded; gas lines have been house burned down two years
State of the State
Housing prices are the second- hourslong; and heat has cut ago in the Tubbs Fire. That
Blackouts and wildfires are contributing to financial insecurity
UKIAH, Calif.—On the highest in the nation, trigger- out on freezing nights. blaze killed 22 people. The
and community disruption for some Californians, heightening
fourth morning without ing a statewide lack of afford- Kerry Randall, a facility ad- next day, PG&E cut electricity
existing challenges to life in the otherwise appealing state.
power, Carolyn Summers lay able housing. ministrator for the city of to both the laundromats Ms.
as still as possible in bed, try- Homelessness is surging in California’s rank on Gallup’s state well-being index Ukiah, estimated that 90% of Schmidt owns. Power didn’t
ing to delay the moment when the state’s major cities, de- the restaurants in town were come back to her business in
she ran out of oxygen. spite billions spent by state 1st Middle 50th closed during the blackout. Cloverdale for four days.
Her power generator, which and local governments to com- Overall “People are getting testier,” John Corippo, an 18-year
she had hoped would run her bat the problem. A drought, well-being Mr. Randall said on the third veteran of the Ukiah Valley
oxygen compressor, wouldn’t which gripped the state for 14th day without power. Fire Authority, said there are
start. The local hospital said it more than seven years, left Ukiah opened up a city hall fewer volunteer firefighters
couldn’t give her an extra some towns without clean wa- Components Californians report good health as a shelter. The first day, because the commitment in-
tank. ter. of well-being and high energy levels... scores of residents sat around volved is so much greater than
“I guess if you run out, you Now, more than two million the city council dais, charging in the past.
Physical
just die?” Ms. Summers wrote people have lost their power phones and oxygenators. “We’re so understaffed,”
on Facebook. Then the 62-year in Northern and Southern Cal- 9th The lights came back on Mr. Corippo said. “There’s
old lay still again, conserving ifornia in the past month and Social Oct. 30, but Mr. Randall said been some people the last cou-
energy and hoping for a mira- hundreds of thousands have the expenses, both for the city ple of years who we lost be-
10th
cle. evacuated their homes to and for businesses, would be cause they say, ‘I can’t see any
Rampant wildfires—and the avoid fire danger, a number Career considerable. more of this.’ I lost a couple to
precautionary blackouts that likely to grow before the year 22nd “Cities are property tax and PTSD.”
utilities including PG&E Corp. ends. sales tax oriented,” he said. By Wednesday morning,
Financial
have instituted to try to pre- Many of those hardest hit “When you have some of your Ms. Summers was completely
vent them—are reshaping life live in poorer rural and exur- 27th best restaurants not operating, out of oxygen tanks. She
across the Golden State and ban areas like Ukiah that ha- Community you’re not getting that sales posted on Facebook in a panic,
transforming the state’s repu- ven’t benefited as much from tax.” hoping someone could find
39th
tation. the economic boom as cities Many residents are taking one for her. Then, around
...but they also describe more financial stress
Long known as the home of like San Francisco that, due to and less satsifaction with their communities
steps to prepare for the next noon, the lights came back on.
easy living, with its beaches denser housing, are also safer compared with residents of other states. outage already. Sales of gener- Her compressor worked again.
and year-round sunshine, Cali- from wildfires. ators are up 400% in Califor- She said state officials need
fornia is increasingly seen as a “It’s like living in a third- Source: Gallup National Health and Well-Being Index Lindsay Huth/THE WALL STREET JOURNAL nia for Generac Holdings Inc., to rethink the blackouts. But
difficult place, where the gov- world country,” said Marilyn a major manufacturer. she said she wouldn’t leave
ernment and corporate insti- Dalton, 78, a resident of Potter nians this autumn’s fire season third ones rolled into each Small businesses have been Ukiah.
tutions can’t reliably offer ba- Valley, near Ukiah. and, experts predict, for many other here, with no break in among the hardest hit. Pam “I came here when I was
sic services. Some residents A city of 16,000 located two to come. between. Wildfires have come Schmidt evacuated her Santa five years old, and I’ve been
are questioning whether they hours north of San Francisco, Although Ukiah escaped the dangerously close, forcing res- Rosa home on Oct. 25, as the here ever since,” she said. “My
should leave as a result. Ukiah exemplifies the new re- first of PG&E’s intentional idents just outside town to Kincade Fire moved in. She whole family’s here. I won’t
California has the highest ality facing millions of Califor- blackouts, the second and evacuate. Cell signals have was joined by a friend whose want to leave. I love Ukiah.”

PG&E ceeding. To learn the extent of


PG&E liabilities, he took the
unusual step this summer of

Faces Fire ordering a state trial to hear


claims by victims of the 2017
Tubbs Fire in Northern Cali-

Liabilities fornia’s wine country.


State investigators found
PG&E likely didn’t cause the
fire, which killed 22 people
Continued from Page One and burned nearly 37,000
claims. acres. But lawyers for victims
Before filing, PG&E told in- have argued otherwise, saying
vestors its fire-related liabili- evidence has surfaced that
ties could total more than $30 points responsibility to nearby
billion. The company is now PG&E power lines.
offering $20.4 billion to cover If a jury finds the utility lia-
all damages, including reim- ble for the fire, PG&E would
bursement to insurance com- add as much as $18 billion to
panies. Of that, $7.5 billion is what it owes, according to
RACHEL BUJALSKI FOR THE WALL STREET JOURNAL

for residents and business lawyers for fire victims. After


owners hurt by the fires. Judge Montali ordered the
Richard Kelly, then the Tubbs Fire trial, PG&E shares
company’s chairman, said plunged 25%.
bankruptcy was “the only via- The trial, which is sched-
ble option to address the com- uled to begin Jan. 7, will be
pany’s responsibilities to the only opportunity for fire
stakeholders.” victims to allege PG&E wrong-
PG&E’s financial statements doing to a jury. No matter how
at the time it filed for bank- much money victims are
ruptcy showed the utility was awarded in the case, they can
solvent, with assets exceeding collect only from the fund
liabilities. The company’s most PG&E sets aside for all fire
recent annual report, filed in Lianna Price at home with her four boys, Austin, Jakob, Nathan and Gregory. Below, Raymond Rinaldi and his wife, Betty Record. victims in its bankruptcy plan.
February, showed nearly $77 U.S. District Judge James
billion in total assets, includ- Dow Corning Corp. filed for Donato will calculate the final
ing properties that could be chapter 11 in 1995 under a flood dollar amount owed all victims
used as collateral for loans— of lawsuits for its silicone in the estimation hearings, set
enough to cover $17.7 billion in breast implants. It exited bank- to start Feb. 18. His determi-
debt and the $30 billion esti- ruptcy in 2004, after reaching a nation will be the sum PG&E
mated for fire claims in its deal to pay $3.2 billion to must hold for payment before
bankruptcy filing. PG&E says it 175,000 women. W.R. Grace & it can exit bankruptcy. Argu-
will pay all it owes. Co. faced more than 129,000 ments over ground rules for
Bankruptcy rules are de- lawsuits related to its asbestos the hearings have been heated.
signed to give troubled com- products. The company filed for Judge Donato last month
panies a fresh start by allow- chapter 11 in 2001, and it criticized the way PG&E noti-
ing them to negotiate with emerged 13 years later with its fied fire victims about filing
creditors rather than answer- equity intact and two trusts for claims. At the time, only about
ing to a jury. Wildfire victims victims totaling $4 billion. half of the 100,000 potentially
are considered creditors owed PG&E also entered bank- eligible people had filed ahead
a debt by the utility. ruptcy to settle claims, Cecily of the Oct. 21 deadline.
Lawyers for PG&E and fire Dumas, a lawyer for the com- “Maybe PG&E should have
victims say there are between mittee representing fire vic- gone to each of the trailers”
70,000 and 100,000 people eli- tims in the bankruptcy, told provided by government emer-
gible to file wildfire claims the court in May. What is dif- gency services and asked,
against the company. Other ferent, she said, is that “this “How do we help you fill out
companies that have sought debtor is still manufacturing your form?” the judge said.
chapter 11 survived waves of the dangerous product,” refer- The utility has since extended
lawsuits filed by victims of as- ring to aged power lines. the deadline to Dec. 31.
bestos and silicon breast im- Popular sentiment has Arriving at a figure for fire
plants, among others. turned against the company damages will involve weeks of
The amount that fire vic- fairly and reasonably resolve to wait longer to collect. a leather jacket. He figured his after publicized safety lapses. debate among experts on such
tims are owed will be decided their claims.” The utility has The utility’s bankruptcy is total loss was about $380,000. Under the threat of wildfires matters as the cost a square
in a proceeding known as an so far paid out $21 million complicated by a fight for con- As he awaits news about his this year, the utility staged foot to replace homes de-
estimation. Only a handful of through an emergency fund to trol of the company. PG&E and PG&E and insurance claims, mass blackouts last month, stroyed, and the proper com-
them will get the chance to wildfire victims. its shareholders are allied Mr. Vincze drinks beer, he pulling the plug on millions of pensation for lives lost.
testify about their harm. Un- Mr. Rinaldi is among thou- against bondholders led by said, and tries “to keep from customers. The utility services Lawyers for fire victims say
less there is a settlement, a sands of people yet to receive hedge fund Elliott Manage- going bats—t crazy.” 70,000 square miles in North- PG&E should pay punitive
judge decides how much PG&E compensation for the Cascade ment Corp., which alleges that ern and Central California. damages because it knew its
sets aside for fire damage. Fire sparked by PG&E equip- the company is protecting The utility last faced jurors lines posed a public threat.
In the estimation hearings, ment two years ago. Those shareholders at the expense of Escape route in a criminal trial over the ex- “PG&E strongly disagrees
lawyers for the utility will try victims have been joined by fire victims. When the Camp Fire en- plosion of a gas pipeline in with the suggestion PG&E
to reduce the compensation tens of thousands of others in The two sides have compet- gulfed Paradise, Calif., Bob Aber- San Bruno, Calif. The 2010 di- knew of specific maintenance
sum; lawyers for victims will the Camp Fire a year ago. ing plans to settle claims, re- crombie and his wife, June, fled saster killed eight people and conditions that caused the
seek more. Another judge, who State investigators determined organize PG&E and exit bank- with only the clothes they wore. wrecked a neighborhood. After Camp Fire and nonetheless de-
is overseeing the bankruptcy, that it was started by a faulty ruptcy. Creditors will vote, and The blaze killed 85 people. PG&E was found guilty of vio- ferred work that would have
will be asked to approve a re- PG&E transmission line. The a judge will decide. “I don’t know if we should lating federal safety rules, the addressed those conditions,”
organization plan that frees fire burned away the town of Fire victims have agreed to expect anything out of PG&E,” judge ordered the company to the PG&E spokeswoman said.
the utility of liability. Paradise, Calif., in a matter of back the bondholder plan, said Mr. Abercrombie, an 85- pay a $3 million fine and run Victims also say PG&E
“I would love to get back hours. Survivors marked the which would pay them $13.5 year-old retired insurance TV ads publicizing the felony should pay for emotional dam-
what it’s cost me,” said Ray- first anniversary Friday. billion, more than what PG&E agent who nonetheless filed a conviction. age, another decision for
mond Rinaldi, a 78-year-old offered. The utility revealed claim. He had insurance for his PG&E has since settled with Judge Donato. The PG&E claim
retired jockey whose home Thursday that settlement talks house and everything that plaintiffs in civil lawsuits, of- form asks fire victims if they
burned in 2017. “But you know More claims could result in a payout close burned inside, but none for ten shortly before trials were had been diagnosed with men-
how it is when you fight these Possibly adding to its liabil- to $13.5 billion. the couple’s antique-car col- set to begin. tal or emotional injury as a re-
big companies—they’ll wait ities, PG&E disclosed that one California Gov. Gavin lection, which included a 1929 “They are terrified of see- sult of the fires.
you out until you die.” of its transmission lines failed Newsom has urged the two Ford Model A. ing a jury,” said Jared Ellias, a Lianna Price was 12 weeks
Mr. Rinaldi says PG&E owes in the area where the Kincade sides to reach a compromise State investigators have law professor at the University pregnant when she and her
him roughly $200,000, the Fire broke out last month in that improves safety before found that PG&E equipment of California’s Hastings Col- husband escaped Paradise
amount he spent on the new Sonoma County and burned the next fire season, and he caused more than a dozen lege of Law. “It’s difficult to with their three children, ages
mobile home he shares with more than 400 buildings. threatened a state takeover. fires, including the Cascade overstate the antipathy toward 5 and under. The kids are still
his wife, Betty Record, 83, in Bankruptcy rules put vic- Todd Vincze, a 66-year-old Fire, which killed four people PG&E here. I can’t imagine a troubled by what happened.
Marysville, Calif. His estimate tims of the Kincade Fire ahead former mechanic, is among and destroyed 264 structures less popular company.” “We drive somewhere, and
is over and above the $90,000 of others. By law, claims made those waiting. A year ago, he in October 2017. A PG&E spokeswoman de- there’s a dust cloud, and they
he received from the couple’s after PG&E’s January filing escaped Paradise on a bicycle, Faced with troubles of simi- clined to comment on how the say, ‘Mommy, is that a fire? Do
homeowners insurance. must be fully paid on or be- leaving behind his house, vio- lar scale, dozens of companies utility views jury trials. we have to go?’ ” she said.
PG&E said it was “commit- fore the day the utility exits lins, guitars, guns, a Jaguar, a have filed for bankruptcy pro- U.S. Bankruptcy Judge Den- —Elisa Cho and
ted to working with the re- bankruptcy. Victims of the Lincoln and all of his tools— tection against an onslaught of nis Montali is presiding over Jim Oberman
maining individual plaintiffs to 2017 and 2018 fires may have everything but his wallet and damage claims. the utility’s chapter 11 pro- contributed to this article.
A10 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

SPORTS

STACY BENGS/ASSOCIATED PRESS


Minnesota Golden Gophers
coach P.J. Fleck, right, leads his
team before a recent game.

The Gophers Are Still Undefeated


The perennially rebuilding football team has a hot coach in P.J. Fleck and a huge home game vs. Penn State
BY RACHEL BACHMAN phers booster who wrote the best “Think about the Vikings and other Glen Mason, who coached Minne- nies. “I’m not surprised by (the Go-
AND LAINE HIGGINS seller “Swim With the Sharks With- teams that have struggled here in sota for a decade and was named phers’) success but I am by how

T
out Being Eaten Alive.” the Twin Cities. People are just a lit- Big Ten coach of the year for mus- long it’s taken them to get there.”
he Minnesota Golden Go- “The hiring process at the Univer- tle bit disappointed by some of tering an 8-4 record in 1999, recalled The combination of new facilities
phers football team is sity of Minnesota has been very, those types of teams and they’re recruits missing visits due to snow- and Fleck has been irresistible—or
8-0. If that’s a foreign very consistent: They’ve done every- hesitant to jump on the band- storms and assistant coaches leaving at least less resistible—to recruits.
phrase, it’s because the thing wrong for basically 60 years,” wagon.” for higher salaries at Louisville and Quarterback Tanner Morgan com-
last time it happened Mackay said. The reluctance is evident in the East Carolina. mitted to play for Fleck at Western
was before Pearl Harbor. But Mackay, who helped land Lou ticket sales at TCF Bank Stadium. On For nearly three decades the Go- Michigan then, after Fleck took the
But 10 weeks into the 2019 sea- Holtz as Minnesota coach for two Thursday, it was possible to get doz- phers played in the 1982-vintage Minnesota job, followed him there.
son, AP-ranked No. 13 Minnesota is seasons in the 1980s before Holtz ens of tickets for as little as $85. Metrodome, whose roof resembled The first time Morgan set foot in the
one of the seven remaining un- bolted to Notre Dame, is sold on the That may be because of sagging at- mutant marshmallows oozing from a state was when he enrolled.
beaten schools. On Saturday the Go- creative leadership of Fleck—not tendance nationwide, or because of s’more. It sat off campus in down- Fleck also signed four-star recruit
phers host undefeated, fifth-ranked least because he led lowly Western the forecast: snow and highs in the town Minneapolis and hosted more Rashod Bateman, the No. 29 wide
Penn State in what is perhaps the Michigan to a 13-1 record in 2016. mid-30s. A school spokesman said events than the Summer Olympics. receiver in the class of 2018 from
program’s most important game in “I’ve told every friend that I have Thursday evening that the game had “When you got there, it didn’t Tifton, Ga.--not exactly prime re-
the last half-century. that he is unequivocally, without a sold out. look like a football field,” recalled cruiting territory for the Gophers.
Minnesota, which claims seven doubt, a Hall of Fame coach,” Mac- The last time Minnesota played in Mason of taking recruits to see the “P.J. Fleck has done a great job
national titles, has chronically un- kay said. the Rose Bowl was January 1962, dome. “There was always a monster- recruiting players out-state,” said
derachieved since its last one in Yet some people have been slow and even then the Gophers were the truck deal or snowmobile races.” Sid Hartman, longtime sports col-
1960. The Gophers haven’t won a Big to warm to the team’s hot start, conference’s second-place team. Tired of languishing, Minnesota’s umnist for the Star Tribune of Min-
Ten Conference title in 52 years and which has been boosted by a downy- (The faculty at first-place Ohio State powers-that-be secured more than neapolis. The 99-year-old, who still
have gone through coaches faster soft nonconference schedule and voted against a bowl trip by coach $100 million in public funds and in writes three columns a week, notes
than Sweet Martha’s cookies at the wins over Rutgers, Purdue and a Woody Hayes’ team, viewing it as 2009 opened the $300 million red- a sharp change from the Gophers’
Minnesota State Fair. struggling Nebraska. Gophers fans disruptive to the school’s academics. brick-and-stone TCF Bank Stadium mostly-Minnesotan national-champi-
Enter P.J. Fleck, the third-year, have been optimistic before, only to Wonder whatever happened to the on campus. A $166 million athletes’ onship teams of 1940 and ‘41.
38-year-old coach who sprints the be crying into their maroon-and- Buckeyes?) Since that game in Pasa- village opened last year with nearly Fleck has become so popular in
sideline before games and takes a gold overalls by Halloween. dena 57 years ago, all nine of the 340,000 square feet of space for the state that its politicians are co-
flying leap into a mosh pit of players “I didn’t think (an 8-0 record) other longstanding members of the training, tutoring, fueling and treat- opting his slogan.
in the locker room after them. was going to happen just because of Big Ten have made the trip. ing athletes. “We’ve had some heartbreakers
Fleck’s frenetic energy and never- past history of the team,” said Dar- For half a century the Gophers’ “I didn’t understand how Iowa in the past, but this is our year,”
give-up “row the boat” rallying cry rell Thompson, a record-setting run- strategic mistakes, an ill-fitting sta- and Wisconsin could win but not wrote U.S. Senator and Democratic
at first were viewed skeptically by a ning back for the Gophers in the late dium and neglect of training facili- Minnesota,” said Holtz, citing the presidential candidate Amy Klobu-
weary fan base, said Harvey Mackay, ‘80s who does radio color commen- ties combined in a wintry mix of school’s proximity to nightlife and char in an email to The Wall Street
a businessman and longtime Go- tary for Minnesota football games. mediocrity. the state’s 17 Fortune 500 compa- Journal. She added: “Row the Boat.”

Weather
Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
Edmonton
d t 0s <0
A Wild Scramble for the Cup
10s 0s
Vancouver
V Calgary
C l ary BY LAINE HIGGINS
40s 10s
Winnipeg
20s
Seattle 20s
30s MAJOR LEAGUE SOCCER
JON ENDOW/IMAGE OF SPORTS/NEWSCOM/ZUMA PRESS

Portland
P tl d
Por 30s
40s Helena
l 30s Ottawa
Montreal gave its playoff structure a
50s Billings
Bismarckk
Augusta
A g t 40s radical overhaul this year
Eugene Boise 40s
Mpls./St.
p / . Paul
pls Toronto
T t Ab
Albany Boston 50s hoping to propel its best
Pierre Sioux
oux FFalls
ll Buffalo
ff l 60s teams into the annual MLS
70s 40s P Milwaukeek Detroit
t Hartford
artford
Chicago
Ch g
Chic Cleveland
Clevel d
Cl 70s Cup final. But heading into
80s Reno Salt Lake
La
Lake
e City
Cit
C y Des
es Moines New
ew York
Cheyenne
y Omaha
h 40s 80s Sunday’s 2019 championship,
Sacramento Indianapolis
di p Pittsburgh
g Philadelphia
Phil
hil d lph
h hi
Denver Springfield
p g
Washington
gton D.C.
hington DC 90s the outcome of the big
Sann Francisco
i Kansas
Colorado
C l d Topeka
Topek
Cityy
Charleston
Charles
Richmond
h d 100+
change is more of the same.
Las Springs
p St.. Louis
L
Lou
Vegas 70s Wichita
hit Louisville
L
Lou ill
Raleigh
l igh
h
Seattle Sounders FC, the
Nashville
h ill
Los A
Angeles
Ange Charlotte
C h l tt No. 2 seed in the MLS West-
Santaa FFe Memphis hi
90s Phoenix
Ph Albuquerque
Alb q q Oklahoma
kl ma City 50s Columbia
C b ern Conference, will host To-
San Diego Atlanta
Atl t Warm Rain
80s TTucson
c
LLittlee Rockk
Birmingham
gh
ronto FC, the No. 4 team from
El Paso Dallas
D ll Jackson
Jack
Ft. Worth Cold T-storms the Eastern Conference. The
70s Mobile
bil Jacksonville two No. 1 seeds, New York
0s-0s 60s Austin
A ti Stationary
Houston
t Orlando
l d Snow City FC and Los Angeles Foot- Seattle players celebrates during the Western Conference final.
New
ew Orleans
10s 80s San
an Antonio Tampa 70s ball Club, have been sent
20s Anchorage
A h g Honolulu Miami Showers Flurries home–a common outcome in months of October, November have one-off playoff games
30s 80s
70s years past the league was try- and December criss-crossing you have a real urgency to
40s Ice
ing to fix with its revamp. the country. Players com- win games and host the play-
MLS made the change last plained that the travel was off games.”
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W winter to fix what critics per- exhausting and unnecessary, This season, things were
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 61 36 s 41 17 c Frankfurt 47 33 pc 46 32 pc ceived as a broken playoff as it hurt teams that com- going smoothly until the
Orlando 77 60 sh 81 62 pc Geneva 48 34 sh 45 33 sf system that did not confer piled the best records in the semifinals, when both lower
Today Tomorrow Philadelphia 43 35 pc 56 42 pc Havana 84 69 pc 83 67 pc
City Hi Lo W Hi Lo W Phoenix 87 64 pc 86 60 pc Hong Kong 78 68 s 79 70 s home-field advantage to the regular season as much as seeded teams pulled off wins.
Anchorage 38 32 pc 37 31 pc Pittsburgh 42 32 pc 50 40 c Istanbul 71 59 s 72 59 pc higher seeded team. It teams that barely sneaked Toronto defeated No. 2 seed
Atlanta 55 39 s 65 44 s Portland, Maine 40 28 pc 48 34 pc Jakarta 94 76 pc 93 76 t dumped the European model into the playoffs. This year, Atlanta United 2-1 and the No.
Austin 71 43 s 76 58 pc Portland, Ore. 58 47 c 61 47 pc Jerusalem 74 62 s 76 59 c
Baltimore 47 32 s 58 42 pc Sacramento 79 44 s 77 44 s Johannesburg 81 57 pc 74 60 pc of playoff rounds that consist only underdogs hit the road. 2 Seattle Sounders FC top-
Boise 58 38 pc 61 34 pc St. Louis 58 44 s 55 34 pc London 45 41 r 49 38 pc of two matches, home and For playoff games between pled the top seeded Los Ange-
Boston 43 35 s 53 41 pc Salt Lake City 62 36 s 61 39 s Madrid 54 40 sh 53 38 sh away, decided by aggregate 2003, the first year MLS ad- les FC 3-1.
Burlington 39 28 pc 45 29 c San Francisco 65 49 s 65 51 s Manila 90 77 sh 88 77 sh
Charlotte 53 31 s 64 39 s Santa Fe 63 29 s 64 29 pc Melbourne 56 51 c 65 50 c score. In its place is a straight opted the European format, Had those semifinal games
Chicago 46 33 pc 43 26 c Seattle 56 49 r 58 46 c Mexico City 72 51 pc 73 53 pc single-elimination bracket, and 2018, the higher-seeded gone the other way, MLS’s
Cleveland 44 36 pc 51 37 c Sioux Falls 51 26 pc 30 11 sn Milan 55 40 c 52 42 c which also had the effect of team advanced out of the new playoff format would
Dallas 67 46 s 72 55 pc Wash., D.C. 48 37 s 59 43 pc Moscow 41 39 c 48 43 c
Denver 70 37 s 60 22 pc Mumbai 88 78 pc 90 78 pc shortening the season by over conference semifinals 58% of have produced just the 8th
a month because there are the time, according to Stats MLS Cup in 17 years to fea-
Detroit
Honolulu
41 34 pc 46 29 c
86 72 pc 86 73 pc
International Paris
Rio de Janeiro
49
82
39 pc
74 c
47 36 sh
83 74 sh half as many playoff games. LLC. The conference finals ture a top seed. The last time
Houston 66 47 s 74 58 pc Today Tomorrow Riyadh 93 68 pc 88 67 s
Indianapolis 46 34 pc 50 35 c City Hi Lo W Hi Lo W Rome 64 46 sh 64 54 sh
MLS said the truncated brought more volatility, with the league championship was
Kansas City 63 39 s 53 27 s Amsterdam 50 35 pc 49 38 pc San Juan 88 76 pc 88 76 pc season would allow teams to higher-seeded teams winning played between two No. 1
Las Vegas 78 49 s 77 52 s Athens 72 63 pc 72 58 sh Seoul 61 39 pc 60 46 r capitalize on the warmer Oc- just 36% of matchups. seeded teams was 2003, its
Little Rock 58 39 s 68 48 s Baghdad 85 55 s 85 56 s Shanghai 68 50 pc 73 53 pc
Los Angeles 88 58 s 82 56 s Bangkok 89 70 pc 89 71 pc Singapore 89 77 pc 89 78 c
tober weather and avoid a “Traditionally the regular first year of existence.
Miami 82 73 t 83 73 pc Beijing 60 45 c 62 42 pc Sydney 67 58 pc 73 57 pc scheduling conflict with the season, it lacked a little This year’s championship
Milwaukee 43 32 pc 40 24 c Berlin 45 34 r 46 34 pc Taipei City 75 64 c 80 62 s upcoming 2022 World Cup, oomph going into the end of is familiar for another reason,
Minneapolis 42 25 pc 32 14 sf Brussels 47 33 pc 47 33 pc Tokyo 63 52 pc 63 54 s
Nashville 56 37 s 66 44 s Buenos Aires 72 65 pc 73 62 pc Toronto 39 34 c 43 29 c
which begins on Nov. 21 of the year,” said Taylor Twell- too: It’s the third time in four
New Orleans 64 51 s 71 59 s Dubai 92 77 s 86 74 t Vancouver 51 44 r 52 40 pc that year in Qatar. man, a former MLS All Star years that Toronto and Seat-
New York City 42 38 pc 52 43 pc Dublin 46 37 r 45 37 pc Warsaw 53 40 sh 46 35 r Under the previous format, who now calls games on tle have faced off with the
Oklahoma City 69 45 s 70 38 pc Edinburgh 43 29 pc 42 35 pc Zurich 46 29 sh 43 31 pc
playoff teams spent the ESPN. “But now when you MLS Cup on the line.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | A11

OPINION
THE WEEKEND INTERVIEW with Lam Wing-kee and Daxiong Guo | By Jillian Kay Melchior

Does Freedom Have a Future in China?


H
Taipei from vacation, so the book- traditional Chinese culture.
ong Kong bookseller seller became a smuggler. Af- Mr. Guo says by the time he
Lam Wing-kee was on ter his 2012 encounter with was born in 1975, “everyone
his way to visit his girl- authorities, Mr. Lam started had the same face, same bi-
friend when the Chinese shipping the books instead of cycle” and even the “same
police arrested him at personally carrying them into suit,” for men and women.
the border. Panic rose like heart- the mainland. But his girl- But communism didn’t offer
burn as officers seized his belong- friend lived in Shenzhen, and much by way of spiritual or
ings and hauled him off in a van. So on Oct. 24, 2015, police picked moral sustenance, and Mr.
the sight of a familiar face at the him up as he went to see her. Guo doesn’t think the party’s
Shenzhen police station flooded At the station, they locked leaders are true believers:
him with relief. What happened him overnight in a stiff metal “The truth is, they just be-
next terrified him. “tiger chair” with his hands lieve in money.” The Commu-
This 2015 incident wasn’t Mr. manacled behind his back. nist Party derives what legit-
Lam’s first brush with Chinese au- They took “turns screaming imacy it has from economic
thorities. They caught him smug- and accusing me,” Mr. Lam prosperity. Thus its rule is
gling forbidden literature into the says. “They said, ‘You are anti- tenuous amid economic chal-
mainland in 2012 but let him off government. You divided my lenges, including a trade war.
with a warning to desist. In the ear- country. Your behavior influ- In any case, Mr. Guo says, a
lier incident, Mr. Lam met an amia- enced our national security.’ ” value system built on money
ble young policeman who spoke of The next day, they blindfolded alone will never satisfy peo-
his travels in Hong Kong in fluent Mr. Lam and took him by train ple, because “human nature
DAXIONG

Cantonese. Three years later at the to a prison near Ningbo, hun- is not Darwinian.”
Shenzhen precinct, Mr. Lam recog- dreds of miles from home. “If you have no culture,
nized the officer and observed that They locked him in a sparse you have no future,” he con-
his manner seemed transformed. cell, constantly illuminated to make nism wouldn’t guarantee a free ing adherents. Mr. Guo knew Falun tinues, “but in culture, you have
“He already became like a Red it hard to sleep, and dressed him in China: “If the culture problem isn’t Gong was harmless—his own good culture and bad culture.” Mr.
Guard,” Mr. Lam recalls. He “would a reflective uniform to prevent a fixed, one after one, [governments] mother practiced it and he had Guo says affluent Chinese born in
bang on the table and scream, say, nighttime escape. They threatened are all the same.” read its books. One day he inter- the 1970s and ’80s often recognize
‘You are antigovernment!’ ” not to feed him unless he signed a The demand for banned books, vened when he saw police rough- the cultural deficiencies of the
Mr. Lam’s ordeal had only begun. waiver of his right to contact an at- like the demand for classical callig- ing up an elderly Falun Gong ad- Communist Party. But he worries
His interrogators later “asked why I torney or his family. “Don’t say I’m raphy, “means there is a cultural di- herent in the street. They arrested about the poor and the young. The
brought those books,” he says. “Ac- brave,” Mr. Lam says. “I actually vide that exists,” Mr. Lam says. He Mr. Guo. aggrieved poor could turn back to
tually, I told them, ‘It is very sim- have no guts. I need to cooperate points again to history, noting that He spent five days in jail before Maoism, and young Chinese are
ple: to make money.’ ” That doesn’t with them” to survive. in the early 1980s China was in- his editor found him and secured easily distracted. When they’re not
tell the whole story. Mr. Lam, 63, is Jailers questioned him for hours creasingly “open, and being open his release, but his newspaper ca- studying or working, they’re con-
soft-spoken and often grim, but his each day, asking about his child- brings freedom of thought.” The reer was over. Short on cash and sumed by videogames and movies.
voice becomes joyous when he hood, his family and the bookstore. loosening of strictures on thought long on time, Mr. Guo began to Those stories could help liberate
says, “I love reading." In his early A month in, they surprised him led to demands for political free- draw, submitting a collection of the minds of Chinese youth, but Mr.
20s, he devoured the works of Jack with detailed data about mainland dom, but the government answered sketches called “Chinese Ghost Sto- Guo sees a disheartening conflu-
London and Ernest Hemingway but clients taken from the bookstore’s in 1989 with the slaughter at Ti- ries” to a 2000 competition in ence between Beijing and much of
had trouble holding down a job. He computer. They extracted and vid- ananmen Square. It has severely re- Shanghai. He won. Eventually his the Western entertainment indus-
liked reading better than working. eotaped a confession to selling ille- stricted the flow of information work attracted attention beyond try: “Hollywood doesn’t care about
gal books and subverting state au- ever since, especially since Xi Jin- China. In 2005 he became the first culture, Hollywood cares about
thority. ping took power. Chinese artist to win a prize at the money.”
A Hong Kong bookseller

C
They dangled the possibility of Contraband ideas slip through, prestigious Angoulême Interna-
release, then snatched it away. but the government has made their tional Comics Festival in France, ommunist officials are aware
and a mainland artist both “They don’t have to torture you consumption more difficult and and in 2007 he debuted at San Di- that citizens yearn for mean-
endured arrest and now physically,” he says. “This is more dangerous. That’s probably enough, ego Comic-Con. ing. They appeal to patriotism
awful. They give you hope and then Mr. Lam suggests. Suppose “there His art was growing more indi- and “try to construct a Chinese
live in exile, but they take away, then threaten you that are 50 million people against Xi vidualistic—and more political. He model of heroism” in which protag-
disagree on the prospects you will forever be locked in this Jinping and communism—it sounds illustrated a book called “Nine onists “will sacrifice their life to
place, will never be released.” like a lot, doesn’t it?” But China is Commentaries on the Communist save the Chinese nation.” As an al-
for democratic reform. Evidently Mr. Lam’s captors a country of 1.39 billion, the Com- Party.” It details the Chinese gov- ternative, Mr. Guo’s art depicts cou-
thought they’d achieved his sub- munist Party has nearly 90 million ernment’s “propaganda, persecu- rageous Hong Kong protesters who
mission. In June 2016 they sent members, and many in the enlight- tion, famine, massacre, tyranny, are willing to sacrifice themselves
He solved the problem in 1994 him back to Hong Kong, where they ened minority believe “if you fight and censorship over half a cen- “for the freedom of your nation,
by opening a bookstore. Located in ordered him to dispute his own back, they would lock you up.” So tury,” in the words of its publisher, not for government.” His message:
touristy Causeway Bay, it attracted missing-persons report. They also Mr. Lam predicts China will remain the Epoch Times, a New York-based It “doesn’t matter how strong you
mainland Chinese on holiday as instructed him to retrieve the “a very closed country. I didn’t see newspaper founded by Falun Gong are, how rich you are, how super
well as Hong Kong residents. Mr. bookstore’s computer, perhaps in that there can be freedom and hu- practitioners. normal you are, even if you are
Lam watched as mainlanders hope of verifying the data they had man rights.” Chinese authorities harassed very weak, very little.” If “you are
snatched up lowbrow fiction imag- already acquired, and to bring it i i i and followed Mr. Guo for years but not afraid to stand with justice, you

D
ining the sex lives and scandals of back to the mainland. Instead, he New York didn’t arrest him until 2008, before are the hero.”
Chinese Communist Party lead- held a news conference in Hong axiong Guo, 43, takes a the Summer Olympics in Beijing. Protesters in Hong Kong often
ers. In Hong Kong, Mr. Lam says, Kong and told the world of his cheerier view. The mainland His jailers kept him in “a very carry posters bearing his artwork,
“we all know these are fake. We eight-month ordeal. “It can happen native and comic-book artist small room, very quiet” and de- and he believes it can help over-
don’t read them.” But mainlanders to you, too,” he warned. drew the most iconic of the Hong prived him of sleep. “You’re very, come Chinese skepticism. “If you
craved anything that deviated from Fearing for his safety, Mr. Lam Kong protest movement’s art. Once very sleepy,” he says, but he’d get go to mainland Chinese people and
the party line. “I let them read,” he fled to Taipei in April 2019 after a purveyor of subversive literature “maybe two minutes, maybe five say, ‘Look what China is doing in
says. “Then they will realize there the introduction of the extradition like Mr. Lam, he also spent time in minutes” before they awakened Hong Kong,’ they’ll say, ‘I com-
is nothing good about those books, bill that sparked the current crisis a Chinese prison but reached the him. After three months, he posted pletely disagree,’ and blow up into
their reading level will increase, in Hong Kong. He urges today’s opposite conclusions about China’s bail of about $14,000. The authori- a fight. But if you show them with
and I will recommend some better protesters to do the same. Yet Mr. fate: “I can see the future. It’s very ties froze his bank account and art, then they’ll think about that
books.” Lam says he would have smuggled good.” kept him under intense surveil- and it may make a difference in
Along with bodice-rippers, he books even if he had foreknown his Born in the northern province of lance, but he escaped to Hong Kong changing their minds.”
sold Tiananmen Square histories fate. “This is what I can do,” he Jilin, Mr. Guo was indoctrinated in with help from friends. He now “The Chinese government has
and nonfiction accounts of Commu- says. “Of course I can’t change any- childhood that the Communist splits his time between New York two weapons—one is lies, one is vi-
nist Party power struggles. Some thing by myself, but there is a hope Party “loved me, that there was and Toronto. olence,” Mr. Guo says. “So if you
clients sought ancient poems that if everyone does it. I do first. I only one truth, that communism Unlike Mr. Lam, Mr. Guo thinks fight with the Chinese government
weren’t banned in the mainland don’t care about the result.” was the one way.” In his early 20s traditional Chinese culture is com- with violence, you will be losers.
but printed exclusively in the sim- The despair Mr. Lam learned in he went to work as a reporter and patible with respect for human You must use the truth, and they
plified Chinese characters the Com- the mainland rubs through as he artist at a state-run newspaper. rights and the rule of law—and he will be weak.”
munists favor. Customers wanted talks about the political future of That made him aware of how much points to Taiwan and Hong Kong to He adds: “Art is a gift that God
traditional calligraphy, understand- China, where “the country is the the government distorts the truth. prove it. He notes it took centuries has given to us to solve problems
ing “the structure of Chinese char- most important thing, and the indi- In April 1999, thousands of Fa- for Western nations to enshrine in a merciful way.” On that at least,
acter matters, the beauty of the vidual is not important at all.” In lun Gong practitioners peacefully these values in their political sys- he and Mr. Lam ought to be able to
character.” his view those priorities long pre- assembled in Beijing, catching offi- tems. For China to do the same, he agree.
Some of Mr. Lam’s mainland cli- date Mao Zedong and produced cials by surprise. Authorities re- says, it must undergo a cultural
ents wanted to keep buying books “thousands of years of despotism.” sponded by declaring the spiritual “rebirth.” Ms. Melchior is an editorial page
even after they returned home Thus even a collapse of commu- practice an “evil cult” and arrest- Maoism did significant harm to writer at the Journal.

A Football Saturday—and a Cultural Reckoning—in Mid-America


Evanston, Ill. it’s clear from the way they’re slap- Inside Mustard’s Last Stand, Rick trudes, I think to myself: You are a I figured him as a Watergate-era
These people know ping one another’s shoulders that wants to know if I want brats or hot terminal Northeasterner, and the alumnus.
how to have fun. this is a reunion. They yell, “Go dogs. Brats, for the love of God. With way you live is ridiculous. Laptop, “We’re really old,” I tell Rick on
That’s what I’m Hawks!” and the photographer the works—relish and onions and iPhone, commuter train—mine is a our way out, “if that old guy is youn-
thinking as we make snaps, and then Rick and his sons other miserable things? No, just mus- quieter world, though the silence can ger than us.”
our way down tree- yell it back, and the group, over- tard. The guys at the counter razz be deafening. The game itself is less vivid than
lined blocks toward joyed, volley the call again. A few me. “Be a man,” one calls out, but This awareness is more poignant its trappings. It’s the Wildcats’ home-
CROSS
COUNTRY Ryan Field, where cars down, another guy, also about that’s about as hostile as it gets. because I grew up out here and al- coming, but they can’t muster much
the Northwestern our age, sits at the wheel of his car, If they put a platter of these brats ways wonder if things might have for the faithful. Iowa dominates with
By Paul
Wildcats are hosting door open, his stereo blaring a mar- in front of me, I’d mow them all turned out differently. I don’t care defense. I find myself isolating on
Beston
the Iowa Hawkeyes tial tune, his fist pumping, like an down and suit up for the Wildcats, what the brain science says; as far as their No. 9, safety Geno Stone, whose
in a crucial Big Ten untrained conductor. Iowa be damned. We eat outside, I’m concerned, when I left the Mid- smashing hits make me think that
football matchup. (All Big Ten foot- “That’s the Iowa fight song,” Rick among the thickening crowds. The west as a teenager, my genetic pro- America may yet stave off decline.
ball matchups are crucial.) I’m in for says with a smile, and he tries to re- scene resembles a boisterous church file switched time zones along with After an early touchdown, Iowa’s of-
the weekend from New York to visit member the words as we walk. social as much as a pregame tailgate. the rest of me. For whatever reason, fense sputters, but eventually it puts
my older brother, Rick, a University Within seconds, one of us has the I’ve chosen to live no closer than the together two soul-crushing drives,
of Iowa alumnus who lives in nearby lyrics pulled up on a phone. A de- outer perimeters of any community. punctuated by a clock-killing running
Naperville. We’re attending the game racinated college graduate, I know A pregame gathering in a Evanston makes visible the cost of attack, which eliminates any remain-
along with his sons, 21 and 19, both only the two most famous fight my choices. ing Northwestern hopes.
Hawkeyes themselves. It’s cloudy, songs: for Notre Dame and Michigan, Chicago suburb is like a As we drove to the game, Rick’s The rain starts in earnest in the
much colder-feeling than the 40-ish neither of which I attended. Iowa’s is boisterous church social phone had buzzed constantly with second half, and with Iowa leading
temperatures because of the wind, catchy, though, and it reminds me, texts, mostly Go Hawks-related 20-0, we decide we can safely skip
and the forecast threatens rain. the way music often does, that it’s a with beer and brats. messages. I couldn’t help but notice, the last few minutes and head to the
I’m also struck by the school and big world out there. in the text screen, names I recog- car. On the way home, Rick’s phone
alumni spirit and its harmonious, Now we’re on Central Street, and nized from long ago. Was it as sim- vibrates less often, and we listen as
civilized character. Don’t get me it’s like a collegiate arcade. All is I hear the exchange of graduation ple as staying in the Midwest? That the talk-radio jocks rip Northwestern
wrong, people are drinking: The beer school colors—purple for Northwest- years and the surnames of what I can’t be all of it. But the thought coach Pat Fitzgerald. “These guys
is flowing, and other spirits, too. But ern, black and yellow for Iowa. Mus- imagine to be legendary economics nags. just need to fill time,” Rick says. “He
most people are cooking something, tard’s Last Stand, a hot dog place, professors; older couples drink cans At the Ten Mile House on Central does a great job.”
and there seems as much attention adjoins a rectangular lot filled with of Modelo and hug everyone who ap- Street, where Rick and I stop for a “Who does Iowa have next?” I ask.
devoted to hot dogs, brats, and ba- people from both denominations. proaches, new arrivals to their party; beer, the bartenders are wearing “Wisconsin. It’s a huge game. Will
con and eggs—kickoff is at 11 a.m.— Some of the tailgating parties seem photos are handed around, and a few Northwestern purple. An older gen- you watch?”
and to crowding people into group happily integrated. Two young babies, too. tleman at the bar, clad in Iowa yel- “I will, actually.”
portraits for iPhone photos, as there women, each wearing one of the op- More than anything, I realize— low, turns to Rick and asks: “You an “You should—you’re part of the
is to chugging brew. posing color schemes, are tossing with the shock of the obvious—the Iowa graduate, too?” narrative now!”
A group of black-and-yellow-clad sacks in a game of cornhole. There game is an excuse to get together. “Yep,” Rick says. Go Hawks.
guys, looking to be about the age of isn’t a black-and-yellow America or a Kickoffs and tailgates are a bonus in “What year?”
my brother and me—we’re in the 50s purple America; there is only a Big marking another year, spared the “Nineteen eighty-five,” Rick says. Mr. Beston is managing editor of
set—pose for a sprawling shot, and Ten America. reaper. As this darker thought in- “You?” To our surprise, he says 1990. City Journal.
A12 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Water’s Fine, Mr. Bloomberg The Impeachment Inquiry Becomes Reality TV

T
he news that Michael Bloomberg might ingly detached from the private economy and Kimberley Strassel argues that Sedition Acts. Abraham Lincoln wasn’t
compete for the Democratic presiden- wealth creation. Progressives resent his wealth Democrats’ refusal to open up the im- impeached for suspending habeas cor-
peachment process and potentially pus during the Civil War. Franklin
tial nomination is causing consternation more than see it as a sign of ability.
gain Republican votes gave the GOP a Roosevelt wasn’t impeached for incar-
on the political left. But that’s Mr. Bloomberg also clashed powerful case against the proceedings cerating tens of thousands of Japa-
all the more reason to wel- The former New York with the teachers unions by (“A Partisan Impeachment Vote,” Po- nese-American citizens. Bill Clinton
come his candidacy to chal- mayor could be a strong promoting charter schools tomac Watch, Nov. 1). Your same-day wasn’t removed from office for lying
lenge a vulnerable President and teacher accountability in editorial “Defining Impeachment under oath about Monica Lewinsky.
Trump next year. Democratic nominee. New York. And his stellar re- Down” points out that the Democrats’ President Trump is at least saying ex-
“Memo to Bloomberg: cord in reducing crime, in- impeachment resolution “essentially actly what happened—he released the
Democratic Voters Don’t Want cluding support for such poli- keeps Intelligence Chairman Adam transcript and admitted to having the
More Candidates” blared a headline Thursday cies as stop-and-frisk, isn’t popular with the Schiff in charge and able to continue conversation.
night on the left-wing Huffington Post urging social-justice left. his secret hearings as long as he And Ms. Noonan appears to want
the former New York Mayor to stay out. The On the other hand, Mr. Bloomberg is no con- wants.” You suspect that Speaker President Trump removed because he
Nancy Pelosi knows that a partisan said to Ukraine: Hey, before the U.S.
piece was the first we saw of what will be many servative. He is a down-the-line cultural liberal,
process will go nowhere in the Senate gives you a couple hundred million
lecturing Democratic voters that they should be he has become the leading national financier for and is unlikely to change the minds of dollars, I want to know what the heck
happy with their field and don’t need a billion- candidates who support gun control, and he is swing voters, but she may not care as was going on with the Democratic
aire. But if that’s true, then the party’s progres- a zealot on climate change who would regulate long as she brands Mr. Trump with a Party and Joe and Hunter Biden and
sives have nothing to worry about. coal out of business (we’re not sure about natu- scarlet I and an appreciative Demo- the 2016 election?
The truth they don’t want to admit is that ral gas). None of these would be obstacles in the cratic base gets even more charged up If that is a high crimes and misde-
the Democrats now leading in the primary polls Democratic primaries. for next year’s showdown. meanor, then probably every president
have major vulnerabilities. Bernie Sanders and The main reason to welcome Mr. Bloomberg Democrats are making a cold politi- we’ve ever had, if we dug hard
Elizabeth Warren want to blow up American into the race is to shake up what has become cal calculation in moving ahead with a enough, could have been impeached
capitalism and replace it with their top-down, a stagnant Democratic contest and give voters rigged process, but the general media for some “impropriety” or “political
socialist designs. Their agenda might scare sub- another choice. He has the money to educate blessing of the secretive, biased exer- dealing.”
cise is inexcusable. Apparently the We are in dangerous territory here,
urban voters more than four more years of Mr. the public about the folly of Medicare for All whistleblower’s identity is a poorly and the constitutional danger isn’t
Trump does. and other progressive dreams. Though at age kept secret, yet journalists suddenly Donald Trump. The danger is using
Joe Biden often stumbles with his words on 77 he’s a generational peer of Mr. Biden and are acting to protect the hero. It could impeachment as a political weapon to
the stump and can’t escape the Ukraine imbro- would compete for some of the same voters, Mr. turn out that the whistleblower de- overturn duly elected political figures.
glio if impeachment goes to a Senate trial. He’s Bloomberg appears more vigorous. serves even less credibility than did RICHARD TATEM
also low on money. Pete Buttigieg is a glib and As is his habit, Mr. Trump dismissed Mr. ex-MI6 agent Christopher Steele and Tampa, Fla.
clever 37-year-old, but his only political experi- Bloomberg’s chances on Friday, saying “there’s his dossier alleging Trump-Russia col-
ence is as the mediocre mayor of a small and nobody I’d rather run against than Little Mi- lusion, but few in the media seem I am puzzled by Ms. Noonan’s hypo-
struggling city. Kamala Harris has been exposed chael.” But behind that familiar bluster, Mr. keen on finding out. thetical question to former National
as unprepared for the national stage and is run- Trump knows (or should know) that he is in real A sham impeachment process has Security Director John Bolton: “After
little downside for Democrats as long all you’ve seen, is it good for America
ning on her identity far more than ideas. Others danger of losing re-election.
as the press runs point. Maybe an un- that Donald Trump is president? Tell
like Amy Klobuchar have appeal as potential Mr. Trump has never expanded his support impeachable witness will come for- us about what you’ve observed about
Presidents, but they haven’t shown they can at- beyond his base and by conventional measures ward with a disclosure that dooms the nature and mind and character of
tract a large primary following. for an incumbent he is the underdog. His aver- President Trump. If not, impeachment Donald Trump.”
No wonder Mr. Bloomberg thinks he might age job approval is under 44% and millions of keeps the Trump administration What relevance would the opinion
have a chance. As three-term mayor of New swing voters want an alternative who looks like bogged down and dominates the news of anyone, irrespective of their posi-
York, he has more executive experience than a stable, safe choice. They’d also like a Demo- cycle. If even one Republican senator tion, to questions such as these have
anyone of the field. As a successful entrepre- cratic nominee who doesn’t want to hand over votes for conviction, the story will be in establishing the commission of
neur, he understands the private economy bet- another 10% or 20% of the private economy to that a bipartisan vote just couldn’t at- “high crimes and misdemeanors” by
ter than any candidate other than John Delaney, the federal government. tract enough GOP obstructionists. the president?
also a former CEO. Those would both be signifi- Mr. Bloomberg’s views and background are RAY GORDON TED MULLINS
Durham, N.C. Perkasie, Pa.
cant campaign assets against Mr. Trump in a heterodox enough that as President he might
general election. even be able to break up some of the calcified To respond to your editorial state- Ms. Noonan, why advocate im-
His bigger challenge would be getting the status quo. The primaries would test if Mr. ment that this should “all be left to the peachment and deprive all your
Democratic nomination. Success in business is Bloomberg could be that candidate, which may judgment of American voters in 2020”: friends, relatives and readers of decid-
a liability on the Democratic left that is increas- be what Mr. Trump really fears. Voters don’t have subpoena powers or ing whether or not to vote for Donald
the power to compel true testimony on Trump next November?
pain of perjury. Only Congress con- To nail down your case, you ask,
California’s Board Diversity Tax ducting an impeachment inquiry has
the tools to expose wrongdoing.
wouldn’t our esteem for FDR be
much less if we found out that in the

D
emocrats in California work hard to doing so could erode board expertise and expe- While the public record so far may election year 1940 he made a deal to
punish businesses and sometimes they rience. Hence, the researchers found, most not establish a definite case for im- give aid to Britain so long as Winston
peachment, neither did the public re- Churchill agreed to do him a political
succeed without trying. Consider a firms have instead expanded their boards by cord at the start of the Richard Nixon favor—in this case, calling the con-
2018 law that imposes gender adding a woman. They esti- impeachment inquiry. Had Nixon faced troversial aid a “loan”? Well, guess
quotas for boards of public A study finds that a mate that the median firm another election, could voters have what?
companies based in the state,
which a new study finds effec-
director mandate cost needing to add two female di-
rectors by 2021 will have to
properly judged him without the JON FOX
“smoking gun tape” the inquiry un- Linwood, N.J.
tively destroyed $60 billion in companies $60 billion. spend an additional $345,636 earthed?
wealth over night. on salaries and travel. ILYA SHLYAKHTER It’s about time that Adam Schiff
Last September the state This cost is trivial for large Allston, Mass. moved the impeachment inquiry out
enacted a law requiring all public companies corporations, but the cost makes up 0.76% of of the secret room in the Capitol to a
headquartered in California to have at least the market capitalization and 13.2% of sales Regarding Peggy Noonan’s “Im- more appropriate venue. How about
peachment Is Getting Real” (Declara- Salem, Mass.?
one female director by the end of 2019 and two for the smallest 10% of firms. Younger compa-
tions, Nov. 2): John Adams wasn’t im- SAL COVIELLO
by the end of 2021. Democrats claimed that in- nies are also disproportionately affected by peached for signing the Alien and Surprise, Ariz.
creasing board diversity would benefit corpo- the mandate, as are those in industries with
rations. Investors supposedly needed politi- fewer potential female candidates like engi-
cians to tell them what was in their best neering. For many firms, the financial penal-
financial interest. ties for noncompliance could outweigh the
Economists at Clemson University tested costs of compliance.
Appeasement Helped Hitler, but the RAF, Too
this hypothesis by examining the effects of the The economists say this explains why they Perhaps the greatest contribution to the outbreak of war, Spitfires and
law on public companies in California and how found that stock market returns of affected of “Appeasement” by Tim Bouverie, Hurricanes continued to roll off the
their shareholders reacted vis-a-vis those of firms declined on average 1.2% relative to other as reviewed by Andrew Roberts assembly lines, hundreds more pilots
companies in other states. About 28% of the companies the day after former Gov. Jerry (Books, Nov. 2), is the refutation of were trained and the radar net
the last argument of the lonely few around southern England was
602 public firms headquartered in California Brown signed the law, resulting in a wealth loss
who still defend the Munich Agree- brought to peak efficiency, along
needed to add a woman by the end of this year of over $60 billion. The strong negative market ment of 1938—that selling out Czech with the observer corps that sup-
and 88% over the next two years. In total, the reaction to the law does “not imply that the sovereignty to appease Adolf Hitler ported it.
law required more than 1,000 additional female presence of female directors destroys firm gave Britain an additional year to And, in the end, it was the RAF,
directors by 2021. value,” the economists note. But it does show prepare for war. “the few,” who made the difference.
Firms could comply with the mandate by re- that politicians mandating board diversity has As Mr. Roberts reports, it was the JOHN E. STAFFORD
placing a male director with a woman, though economic costs. Germans who “used the extra year Rye, N.Y.
between Munich and the outbreak of
war far better than the Western pow-
Louisiana: The Trial-Lawyer State ers.” Instead of rapidly expanding the
British armed forces, Neville Cham-
Beards Make Little Real
Difference in Modern War

L
berlain and his ministers spent that
ouisiana used to be a leader in U.S. energy neys at Talbot, Carmouche & Marcello, which brief interregnum wishfully thinking With respect to Lt. Col. Bill He-
production, but Governor John Bel Ed- raised $2 million for a super PAC supporting they had achieved “peace in our stir (“Grant and Lee’s Beards Never
wards has turned it into a leading lawsuit the Governor’s election and $640,000 for his re- time.” Saw Gas Masks,” Letters, Nov 2): I
producer instead. Jobs have declined while taxes election. Mr. Bel Edwards has demanded that But there was one critical excep- deployed to Afghanistan for the bet-
and auto insurance rates have risen. energy producers pay billions of dollars for tion to this policy: the Royal Air ter part of a year—my gas mask
Mr. Bel Edwards ran in 2015 as an anti-abor- coastal restoration. Force. Throughout 1938-39 right up stored safely in my foot locker the
tion Catholic and former Army ranger, rolling A new study by the Pelican Institute compar- entire time, far from my Apache he-
over Republican David Vitter who had been ing offshore drilling on state and federal land licopter. A beard would have made
caught patronizing prostitutes. Falling oil in the Gulf finds the lawsuits have scared off The Intoxication of Doing no difference one way or the other.
There is great value in our military
prices in 2015 had hurt tax revenues and energy producers. Oil and gas employment declined by Business With the Chinese projecting a professional image, but
employment, and Democrats blamed the state’s 2,000 in the six months after the first two law-
The article about Chinese Moutai also great value lost in the service
economic problems on GOP tax cuts. suits were filed, which was before oil prices brought back many happy memories going deliberately out of its way to
The new Governor persuaded his Republican plunged. The study estimates that litigation (“Popular Liquor Is Hard to Buy, have its members look distinctly dif-
Legislature to raise the state sales tax to shore risk has cost the state economy between $44 Tough to Swallow,” Page One, Nov. ferent than the society it serves.
up the budget and expand Medicaid. Louisiana’s million and $113 million. 1). In the 1990s I presided over my CAPT. JARED GRAHAM, USA (SEPARATED)
average state-local sales tax rate has risen to The lawsuits were supposed to go to trial employer’s joint venture in China. Savannah, Ga.
9.45%, among the highest in the country, and this year before a state judge whose re-election My responsibilities included numer-
its business tax climate has sunk to 10th worst campaign was supported by Talbot, Carmouche ous banquets with our Chinese part-
in the country from 14th, according to the Tax & Marcello, but energy producers are seeking ners. Surviving multiple rounds of Pepper ...
Foundation. Employment has fallen by a net to move them to federal court. Politicians from Moutai while remaining sober re-
quired a creative solution: Drain the
And Salt
5,000 jobs in Mr. Bel Edwards’ term. both parties play footsie with trial lawyers, but
cup; hold it upside down over your THE WALL STREET JOURNAL
Oil production has declined by nearly a quar- Mr. Edwards would make most blush.
head to prove it’s empty; then wipe
ter since January 2016 while increasing in most He hired a law firm that paid for his transi- your mouth with a napkin, while
energy-rich states and on federal land in the tion team to represent his Department of deftly spitting all of the beverage
Gulf of Mexico. Natural gas withdrawals have Health in opioid litigation. Louisiana has the into said napkin. After that, keep
returned to 2012 levels thanks to a new lique- second highest auto insurance rates in the your napkin away from open flames
fied-natural-gas export terminal. But industries country, and premiums have risen by more for the rest of the evening. Gan bei
downstream from energy such as manufactur- than half since 2011. According to the Ameri- (dry cup), indeed!
ing, utilities and construction are hurting. can Tort Reform Association, the state has KEVIN BAIN
One reason is that Mr. Bel Edwards, a former more than twice the national average in bodily Evansville, Ind.
trial attorney, has spent four years trying to injury claims but about the average in acci-
wring more money out of energy producers. In dents per capita. Letters intended for publication should
November 2013, two coastal jurisdictions sued Mr. Edwards has accused his Republican op- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
oil and gas companies for coastal erosion that ponent Eddie Rispone, who founded a construc- or emailed to wsj.ltrs@wsj.com. Please
was largely caused by levies on the Mississippi tion business, of receiving state tax breaks and include your city and state. All letters
River and natural forces. After getting elected, creating few jobs. That’s better than the Gover- are subject to editing, and unpublished
Mr. Bel Edwards joined the raid. nor who has paid off his political donors and cost letters can be neither acknowledged nor “About that insomnia—have you
returned.
Front-running the lawsuits were trial attor- jobs. The runoff election is November 16. tried counting billable hours?”
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | A13

OPINION

Higher Education’s Enemy Within


By José A. Cabranes dents, efforts to regulate the “per- Alumni must also become wiser in

A
missible limits” of classroom discus- their philanthropy. At big-name insti-
merican higher education sion, and the condemnation of tutions, bureaucratic bloat is made
seems to be in a permanent unwelcome ideas as “hate speech.” possible by immense endowments
state of crisis. Almost How did the university lose its and endless fundraising campaigns.
monthly, a federal court has way? How did this new alliance of ac- For too long, the exchange has been
occasion to reprimand some tivists and administrators supplant simple: Donors provide funds and, in
college or university for improperly the faculty? return, they receive recognition—but
chilling speech, even as some students Though there are many factors, little influence.
continue to complain that campuses they all point back to a far-reaching This should come to an end. Do-
are too friendly to the wrong kind of intellectual confusion that pervades nors should decline to provide single-
speakers. Many institutions have cut the nation’s campuses, from dorm lump gifts. Instead, donors should
back on faculty hiring, even as the rooms to classrooms. Too many in provide annual support for specific
cost of tuition grows. Two basic, and higher education are unwilling or un- programs—but only as long as cer-
mutually reinforcing, phenomena are able to maintain a distinction that tain criteria are met. Of course, do-
behind the chaos on campus. lies at the core of the liberal demo- nors have no business telling profes-
First, colleges and universities cratic project, and at the center of sors what to teach or write. But
have subordinated their historic mis- the West’s intellectual tradition: the neither should donors meekly trust
sion of free inquiry to a new pursuit distinction between inquiry and ac- CHAD CROWE that Alma Mater knows best.
of social justice. Consider the re- tion, speech and conduct. Above all, concerned trustees and
markable evolution of Yale’s mission At one time, not so long ago, it alumni should not shy away from us-
statement. For decades the university was obvious that colleges and univer- ing all available levers, including fi-
said its purpose was “to create, pre- sities were the embodiment of this set the tone on campus. windmills at which to tilt? nancial and political pressure, to re-
serve, and disseminate knowledge.” distinction, dedicated above all to se- A similar conceptual confusion has As the new species of bureaucrats assert the university’s true mission.
rious reflection. Their purpose was to facilitated the rise of today’s student and student activists have come to If they fail to do so, our country—
instruct students in methods and activists. dominate the university, they have not just its colleges and universi-
An army of nonfaculty habits of free inquiry. It was equally It may surprise you to learn that reshaped it in their image. Wherever ties—will be worse off. For even in
clear what universities were not. the faculty plays almost no role in the possible, they have sought to muddle this moment, our storied academic
staff push for action They were not places to absorb and admissions process at most universi- the distinction between intellectual institutions still maintain a gravita-
and social justice at the enforce “correct” answers to our un- ties. Instead, that process has been deliberation and political action— tional force, pulling in eager stu-
settled social, cultural, moral or eco- handed to specialized “admissions thus making certain thoughts, like dents from around the country, and,
expense of free inquiry. nomic debates. departments.” Faculty members who certain deeds, into crimes. as important, from around the
Maintaining that distinction be- want to be involved in admissions are What can be done to counteract world, to learn in a free and open
tween inquiry and action has always relegated to toothless advisory com- these baleful developments? We environment.
The language was banal enough, but been crucial to academic freedom. It mittees, where they are lucky to be must look to the faculty itself, which Indeed, reinforcements from
nevertheless on the money. In 2016, is difficult, after all, to obtain the invited to glimpse the making of the can still exercise substantial influ- abroad, attracted by the promise of
however, Yale’s president announced truth while you are being bludgeoned sausage. Admissions “professionals” ence, even if only in self-defense. what America’s institutions—includ-
a new mission statement, which no into submission. are less interested in traditional aca- The faculty, besieged though it is, ing its colleges and universities—
longer mentions knowledge. Instead, But today that distinction has demic criteria, such as scholastic tal- must reassert its historic centrality have to offer, may yet ensure that our
Yale is now officially “committed to been blurred, with nonfaculty admin- ent and intellectual openness, than in the university and stand ready to country remains a source of inspira-
improving the world” and educating istrators doing the blurring. Gone is they are in flashier virtues such as protect the search for truth. If it tion and hope.
“aspiring leaders”—not only through the approach that I took for granted “activism,” “leadership” or “overcom- fails to do so, faculty members have
research, but also through “practice.” when I was one such administrator. ing adversity.” Students now arrive only themselves to blame for their Judge Cabranes serves on the Sec-
Second, American colleges and As the legal adviser to three Yale on campus having been instructed to disempowerment. ond U.S. Circuit Court of Appeals. He
universities have been overwhelmed presidents, I was pleased to think promote themselves as “social entre- But the faculty needs help. Trust- was Yale’s first general counsel, and
by a dangerous alliance of academic that my job was largely to protect preneurs” or “change makers.” It has ees and alumni have a role to play. later served as a trustee of Yale, Co-
bureaucrats and student activists our faculty from undue risks, so that become common for applicants to Trustees can start by recalling their lumbia and Colgate universities. This
committed to imposing the latest so- the university could fulfill its core claim to have “founded,” at 17, some considerable legal authority. They is adapted from remarks delivered
cial-justice diktats. This alliance has mission as a place of inquiry. shiny-sounding nonprofit devoted to should demand detailed justifications Oct. 18 to the American Council of
displaced the traditional governors of But now the ambitions of univer- beneficent acts. for each and every deputy deanship Trustees and Alumni, which be-
the university—the faculty. Indeed, sity staff are much greater. They seek The contemporary admissions and assistant directorship that swells stowed on him its Merrill Award for
nonfaculty administrators and activ- to achieve diversity, inclusion and eq- process thus reflects and advances a the bureaucratic ranks. Trimming Outstanding Contributions to Liberal
ists are driving some of the most uity—defined, ever vaguely, on their transformation of the university nonfaculty staff positions would re- Arts Education.
dangerous developments in univer- terms. And so the nonfaculty staff— from a place of thought to an instru- quire effort, but it wouldn’t be impos-
sity life, including the erosion of the who, unlike the faculty, are dedicated ment of social action. Is it any won- sible—unlike faculty, these positions Peggy Noonan is away.
due-process rights of faculty and stu- to doing rather than deliberating— der that students go searching for lack the protections of tenure.

I Was a Reverse Commuter Across the Berlin Wall


By Peter Friedman of four East marks to one West mark, which the capitalists—chief among West, or to help other Free Univer- the “political situation” seemed to

O
instead of the GDR’s “official” one-to- them America and West Germany— sity students dig escape tunnels? me a convenient cover for some cal-
n Aug. 13, 1961—a Sunday, cho- one rate, giving them far more buying preserved their power. Court trials were officially open to culating aim. Whenever I approached
sen because fewer people power than other East Germans. I might be thrown in prison as a the public, but foreign visitors were East Berlin in my Fiat and, looking
would be out on the streets— The escapees hurt the economy spy on trumped-up charges—how, af- assigned a minder. Mine was Herr back, saw West Berlin’s factory
Berliners awoke to find East Berlin mainly by no longer contributing ter all, could I prove that I wasn’t a Sprissny, the press liaison officer, smokestacks, I already felt nostalgic.
being sealed off from West Berlin. In their labor to it. The border-crossers spy? Or a fatal “unfortunate acci- also assigned to keep foreign visitors I thought I would rather work in a
East Berlin the “People’s Police” were not only didn’t contribute; they were dent” might befall me. from embarrassing the courts or oth- West Berlin factory in freedom than
ripping up streets, piling up asphalt a net drain on the economy. They erwise harming the legal system. risk being jailed in East Berlin. I real-
and paving stones to form barricades, lived off East Germany’s subsidized He and I worked out an unspoken ized how easily my status could be
driving concrete posts into the ground food, housing and utilities while I went into East Germany agreement. First, he lectured me for changed there—from observer, to ac-
and erecting barbed wire around working in West Germany, an enemy half an hour or so on the superiority cused, and then to prisoner of a state
them, tearing up the surface of state. They were equivalent to some- to study. I’m lucky the of East Germany and its legal system. whose existence the U.S. did not even
Friedrich-Ebert-Strasse (running one living in company housing and ‘People’s Police’ never Then he took me into the courtrooms recognize diplomatically.
along the border with West Berlin to eating in the company cafeteria while to watch trials, provided the judges Each time I drove back to West
make vehicle traffic impossible, and working for a competitor. suspected otherwise. gave permission. Berlin, my car was thoroughly
holding bystanders in check with ma- I was a border-crosser, too, but in “People are beginning to ask ques- searched by the East German border
chine guns. “Factory Fighting reverse, crossing from West Berlin to tions about you,” Herr Sprissny said guards at Checkpoint Charlie. That I
Groups,” paramilitary units suppos- East Berlin—seemingly in the wrong What made me a greater fool was to me one day. By “people” he meant continued going into East Berlin
edly organized spontaneously to de- direction—to visit their courts, when- assuming that because nothing had his superiors. “We disapprove of probably confirmed my status as a
fend “our Socialist Accomplishments,” ever possible. happened to me on previous cross- what America is doing in Vietnam. fool. But I was a cautious fool, saved
helped the police prevent dissidents Each time I crossed into East Ber- ings, I’d be safe in the future. Proba- Perhaps in a few months the political by my not having tried to smuggle in
from escaping to the West. lin, I never knew whether I would be bly the opposite was true. By repeat- situation will have changed and we cheaply bought East German marks.
West Berliners stood on one side allowed to return to the West. In East edly going into East Berlin, I more can welcome you back again.” They
of the border, East Berliners on the German eyes, you were either for us, likely aroused suspicion than allayed did. Mr. Friedman, a former Fulbright
other, all of them, including me, or against us. No middle ground ex- it. What was I up to? Was I going to East German policies always had scholar in Berlin, is the author of the
stunned by what we saw. isted. Objectivity was a sham, behind try to smuggle someone out to the an element of arbitrariness. Talk of novel “Ideal Marriage.”
I had a Fulbright scholarship to
the Freie Universität in West Berlin,
to study East German law, the U.S.
having no Fulbright program in East
Germany.
Why Impeachment Will Stay Partisan
I still recall seeing on television Nobody doubts a Ukraine whistleblower. If Mr. Trump president doesn’t? the real crux: Mr. Trump’s oppo-
East Germany’s leader, Walter Ul- Democratic House were re-elected and she had failed Mr. Trump’s Ukraine actions are nents rejected his legitimacy from
bricht—smiling and garlanded in can produce 218 to pursue impeachment, a freight not illegal, and I doubt the sacred- the start, pushed fabricated allega-
flowers—as in his high, squeaky voice votes for impeach- train of blame would have come her ness of Ukraine policy matters to tions, spoke of impeaching him be-
he praised the wall for cutting off the ment. It probably way. Her chances of being re-elected many Americans. But any reason is fore he even took office.
escape movement, the 250,000 East doesn’t matter speaker would be nil. good enough if you believe an in- Voters had a right to expect bet-
Germans fleeing to the West annu- much what the Here’s guessing this is how we competent president should be re- ter from their elites—i.e., a more
BUSINESS
ally. Ulbricht denounced these “so- charges are. In really got today’s partisan impeach- moved for the sake of the country. productive response. Mr. Trump was
WORLD
called refugees” as leaving not of some sense, that’s ment. There is still a chance, of Is Mr. Trump incompetent? in no sense a Republican, a partisan,
By Holman W.
their own free will, but lured out by where impeach- course, that the charges themselves a conservative or a policy student.
Jenkins, Jr.
West German and NATO agents paid ment should land: could alter the equation, by shifting His gadfly presidency, under other
to induce citizens to betray the GDR The charges matter opinion in the body politic. Can the The arc of events has been circumstances, might be wrapping
(German Democratic Republic), as less than whether, under the totality Ukraine charges do it? No and yes— up now, with declarations of victory
East Germany called itself. of considerations, a president but Democrats are pushing bad as- determined by Trump’s and possibly having done some
From the GDR’s perspective the should be removed before his term sumptions that voters would be ad- opponents, who refuse to good. But the arc of events has been
“border-crossers”—the 50,000 to ends. vised to think twice about: determined by his opponents. They
75,000 East German residents with Democrats are still living down That Ukraine is our dear ally, in recognize his legitimacy. were not satisfied with opposing
jobs in West Berlin—were worse than previous quotes about the need for whose conflict with Russia we him. They sought to destroy him.
the escapees. Paid largely in West Ger- a broadly supported impeachment. should become deeply engaged. Mr. Trump, it’s easy to see, believes
man marks, the border-crossers ex- Nancy Pelosi, for one, likely re- That politics stops at the water’s He is a gadfly president, out of he must stick around and continue
changed them at the free-market rate garded herself as handcuffed by the edge. (It never did.) sync with many of the policy ema- to wrap himself in the immunities
That the only relevant descrip- nations of his own administration. and powers of the presidency simply
tion of Joe Biden is “political oppo- He plays his own game. There are as to defend himself and the legitimacy
nent of Donald Trump” rather than many ways to be president as there of his 2016 victory.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY “former high official whose actions have been presidents. Is this an in- When history assesses blame,
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
should rightly be scrutinized.” valid model? It’s hard to say so Hillary Clinton, and not Mr. Trump,
Matt Murray William Lewis
“Quid pro quo” has become this when so many voters continue to will be the biggest sinner of our
Editor in Chief Chief Executive Officer and Publisher year’s “if it doesn’t fit, you must ac- claim he’s been the president they time. Mrs. Clinton continues to flog
Neal Lipschutz Karen Miller Pensiero DOW JONES MANAGEMENT: quit.” But it doesn’t follow. The wanted. His actions have been ex- the claim, and increasingly wildly,
Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Constitution and voters both give traordinarily consistent with his targeting Greens and dissenting
Natalie Cerny, Chief Communications Officer;
Jason Anders, Chief News Editor; Kamilah Mitchell-Thomas, Chief People Officer; the president broad leeway to make promises. Democrats, that Russia controls our
Thorold Barker, Europe; Elena Cherney, Coverage Edward Roussel, Chief Innovation Officer; foreign policy. For this reason, it is The question of presidential com- politics. Any day now, she can be
Planning; Andrew Dowell, Asia; Alex Martin, Print Christina Van Tassell, Chief Financial Officer
& Writing; Michael W. Miller, Features & Weekend;
hard to delegitimize Mr. Trump be- petence, of course, is a sticky one— expected to declare that Michael
OPERATING EXECUTIVES:
Emma Moody, Standards; Shazna Nessa, Visuals; Kenneth Breen, Commercial; cause he doesn’t care as much Bay of Pigs, Vietnam, WMD, I could Bloomberg, now threatening to en-
Matthew Rose, Enterprise; Michael Siconolfi, Jason P. Conti, General Counsel; about a given Ukrainian govern- go on. By the results, Trumpism has ter the Democratic presidential
Investigations; Louise Story, Strategy and Interim Tracy Corrigan, Chief Strategy Officer; ment’s struggles as some of his offi- not been half bad, whatever hyste- race, is another “Russian asset.”
Product & Technology; Nikki Waller, Live Frank Filippo, Print Products & Services;
Journalism; Stephen Wisnefski, Professional News Kristin Heitmann, Chief Commercial Officer; cials do, or that he puts a higher ria he provokes over symbolic is- In a few years, Mr. Trump’s pas-
Nancy McNeill, Corporate Sales; priority on eliciting Kyiv’s coopera- sues like the Paris climate accord, sage through our national life will
Gerard Baker, Editor at Large Thomas San Filippo, Customer Service; tion in investigations of a previous or whatever the inflaming rhetoric not seem so hysterically important
Josh Stinchcomb, Advertising Sales;
Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; U.S. administration, or that he pur- he uses to advance his basically as it does now, though an opportu-
Daniel Henninger, Deputy Editor, Editorial Page sues these goals with his own
Jonathan Wright, International Obamaesque immigration and for- nity has been lost. Mrs. Clinton,
Barron’s Group: Almar Latour, Publisher agents outside normal (i.e., Trump- eign-policies. whatever she may have achieved in
WALL STREET JOURNAL MANAGEMENT: Professional Information Business:
Joseph B. Vincent, Operations; Christopher Lloyd, Head;
unfriendly) channels. Consider the Democracy, let us remind our- life, deserves to be remembered fi-
Larry L. Hoffman, Production Ingrid Verschuren, Deputy Head lazy and oxymoronic conflation that selves, is not a system for finding nally as the coward who put the
EDITORIAL AND CORPORATE HEADQUARTERS: you see everywhere accusing him of the ablest leaders but a system for country second because she
1211 Avenue of the Americas, New York, N.Y., 10036 using foreign policy to advance his legitimizing outcomes, good or bad couldn’t accept the legitimacy of
Telephone 1-800-DOWJONES
“personal political interests.” What or in between. Which brings us to her defeat.
A14 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

READY TO SERVE
THOSE WHO SERVE US

At T-Mobile, we’re committed to honoring our military, veterans, and


their families. We pledge to hire 10,000 veterans and military spouses by
2023. We stand committed to our dedication through career assistance,
community support, and special discounts, like 50% off family lines for
active service members, veterans, and military families.

50% off add’l price for lines 2–6 vs. Magenta; w/ AutoPay. Verify military serv. w/in 45 days or pay up to $20 more per line.
T-Mobile and the magenta color are registered trademarks of Deutsche Telekom AG. © 2019 T-Mobile USA, Inc.
BUSINESS | FINANCE
DJIA 27681.24 À 6.44 0.02%
|
Not So Fast
Moving to a low-tax
state can be harder
than it sounds B4

TECHNOLOGY |

NASDAQ 8475.31 À 0.5%


EXCHANGE
MANAGEMENT THE WALL STREET JOURNAL.
STOXX 600 405.42 g 0.3% 10-YR. TREAS. yield 1.930%
* * * * * *

OIL $57.24 À $0.09


Dial for Dollars
The phone hack that
cost one man
$24 million B5

Saturday/Sunday, November 9 - 10, 2019 | B1


GOLD $1,461.30 g $2.90 EURO $1.1019 YEN 109.25
*

Alibaba
THERE WILL BE BLOOD Readies
The great entertainment streaming battle is here as Disney, Apple, AT&T
and Comcast prepare to wage war with Netflix. No one is safe.
A Second
BY AMOL SHARMA AND JOE FLINT Listing
Firm looks to Hong Kong
to raise up to $15 billion
BY STU WOO AND JULIE STEINBERG

Alibaba Group Holding Ltd. is


aiming to raise $10 billion to $15 bil-
lion with a new listing in Hong Kong
this month, according to people fa-
miliar with the matter, reviving the
planned offering even as the city’s
political climate remains unstable.
The online-retailing giant, which
is already listed in New York and is
China’s most valuable company by
market capitalization, plans to
launch the share sale after its Nov.
11 “Singles Day” shopping festival,
the Chinese equivalent of Black Fri-
day. Alibaba expects to seek ap-
proval from Hong Kong’s stock ex-
change in the coming week and
launch the share sale shortly after-
ward, the people said.
A listing of $10 billion or more
would surpass Uber Technologies
Inc. as the biggest stock offering so
far this year, although it could quickly
be overtaken by oil producer Saudi
Aramco’s initial public offering.
A successful listing would further
bolster the finances of an already
soaring company. Hangzhou-based
Alibaba, which has a market value of
nearly half a trillion dollars, domi-
nates China’s online-retail industry,
and sales are continuing to swell.
This month it reported quarterly
sales of 119 billion yuan (about $17
billion) and net income of 70.7 bil-
lion yuan, beating expectations.
It recently threw itself a lavish
20th-birthday bash at a stadium,
which doubled as a retirement party
for outgoing executive chairman
ILLUSTRATION: DAN MATUTINA; ICONS: ISTOCK

Jack Ma, and hired pop star Taylor


Swift to perform for its coming Sin-
gles Day.
Alibaba started Singles Day as a
marketing gimmick in 2009. The
company sold $30.8 billion worth of
goods on Nov. 11 last year and is
widely expected to shatter that re-
cord on Monday. (See related article
on page B3.)
Please turn to page B2

A “ Stocks Hit
new era is dawning in the entertainment is under assault as consumers turn away from tradi-
world and you’re about to get a whole lot tional broadcast and cable TV. For them, selling stream-
more choices—for better or worse. The ing subscriptions to consumers has to work—and has to The next 18
streaming wars are here.
Titans of media and technology are wa-
gering billions that consumers will pay
be profitable. For Apple, while streaming can advance
its business, failure is an option.
Consumers will have choices to make as new entrants
months are going
to be the most
New Highs
them a monthly fee to stream TV and movies over the
internet. Walt Disney Co. is launching a $6.99-a-month
service next week, following Apple Inc.’s entry earlier
join the fray: Americans are willing to spend an average
of $44 monthly on streaming video and subscribe to an
average of 3.6 services, according to a survey of over
interesting in the
history of the
As Bond
this month. AT&T Inc. and Comcast Corp.’s NBCUniver-
sal next year will mount their own challenges to
streaming juggernaut Netflix Inc.
2,000 people in recent days by The Wall Street Journal
and the Harris Poll. That is up roughly $14 from what
most people pay now.
entertainment
business.
Yields Rise
The combatants are fighting on the same battlefield, But with so many existing players already in the mar- BY GUNJAN BANERJI
all seeking to lure in subscribers, but they have radi- ket—Netflix, Hulu, Amazon Prime Video, CBS All Access
cally different motivations—and some have far more at and ESPN+, among others—not everyone can emerge U.S. stocks clinched fresh records
stake than others. victorious. “This market is going to have to shake out— and government-bond yields notched
Legacy giants like Disney and AT&T’s WarnerMedia it doesn’t feel like all these players can continue to play their biggest weekly gain in a month
are racing to reinvent their core media business, which Please turn to page B6 as investors grew more confident
that the economic cycle isn’t nearing
its end.
Investors unraveled bets on tradi-
The Wall Street Journal and the Harris Poll surveyed roughly 2,000 adults about their streaming tionally safer investments such as
habits and how they might change as competition intensifies. Here’s what respondents said. U.S. Treasurys and dived back into
some of the riskier corners of the
stock market in a week that was
dominated by trade headlines. That
propelled the yield on the 10-year
Treasury note to its highest level

$44 3.6 1 in 5
since July and all three major U.S.
stock indexes to records Friday.
The amount Americans are The number of streaming The number of cable or satellite The moves marked a sharp shift
from much of the year, when inves-
willing to spend per month to services Americans are TV subscribers considering cutting
tors bought both government bonds
stream their entertainment willing to pay for the cord within the next year and stocks simultaneously in a signal
that unease was underpinning the
broader equity rally.
Some investors said they were
PERSONAL TECHNOLOGY | JOANNA STERN closely watching bonds for cues on
the stock market’s trajectory. The

What’s on TV? A Stream of Confusion


S&P 500 climbed 0.9% for the week,
extending its gains for 2019 to 23%.
“I’m much more focused on bond
yields,” said Jason Brady, chief exec-
utive of Thornburg Investment Man-
Five gajillion hours of entertain- Hulu, Amazon Prime and CBS All Access, or all of agement. “To me, interest rates and
ment for the whole family—even those cable-cutting services like Sling TV and You- Treasurys are leading a lot. They’re
your pet guinea pig! Tube TV. leading a lot of the capital alloca-
Original programming we’ll Yes, yes, the so-called Streaming Wars have be- tion. They’re leading a lot of the ro-
market at you until your eyes gun and, you, dear consumer, are right in the mid- tation.”
bleed! dle. If you’re just tuning in, the big media and The yield on the 10-year Treasury
Stream 300 different shows on 300 different tech companies have caught on to Netflix’s suc- note ended the week at 1.930%, its
devices all at once in stunning 4K! cessful equation: original shows and movies + big highest since July 31, before inves-
Enjoy Stream++++ Mega-Max... for just $5 a libraries of classics = $$$. tors were spooked by a spate of
month!* It means loads of new things to watch. It also weak economic data world-wide.
*We’ll definitely increase this price 100-fold means all-out confusion—more time hunting for Since then, the Federal Reserve
within three years. stuff to watch, more figuring out if your devices let has trimmed interest rates, and con-
you watch it, more money going where, exactly? Ac- sumer spending and jobs data have
OK, I made that one up, but what’s one more cording to a study by Deloitte, 47% of U.S. consum- NO PRESSURE elicited confidence in the strength of
streaming service these days? Apple TV+ just ers are frustrated by the growing number of sub- Disney is betting on the U.S. economy. Corporate profits
launched. Disney+ arrives on Tuesday. NBCUniver- scriptions and services required. Kevin Mayer to launch its have beaten expectations, helping
sal’s Peacock? April 2020. HBO Max? May 2020. What 100% of us need? To be able to just relax streaming service—and temper fears of a looming downturn.
And that doesn’t even take into account Netflix, Please turn to page B6 deliver its digital future. B8 Please turn to page B13
B2 | Saturday/Sunday, November 9 - 10, 2019 * ***** THE WALL STREET JOURNAL.

THE SCORE
THE BUSINESS WEEK IN 7 STOCKS

MCDONALD’S CORP. HP INC. WALT DISNEY CO.


PERFORMANCE OF BEVERAGE STOCKS
 McDonald’s fired Chief Execu-
tive Steve Easterbrook be-
Source: FactSet
 Xerox Holdings Corp. would
like to hit ‘print’ on a  Disney has a new story to
tell about its future. The
MCD cause of his consensual rela-
tionship with an employee.
4%
HPQ purchase of HP after making
a cash-and-stock offer for
DIS company’s hit movies, led by
“The Lion King” and “Toy
2.7% The burger giant announced 2 6.4% the maker of personal 3.8% Story 4,” once again helped
his firing Sunday, after the computers and printers. The drive strong quarterly results,
board voted Friday to terminate Mr. 0 proposed deal, first reported by The but the company is largely looking be-
Easterbrook. He resigned from Wall Street Journal, would join two yond the theater to a new streaming
McDonald’s board as well, writing in an household names that have been service called Disney+ that launches this
–2
email to McDonald’s employees that he PepsiCo trying to retool their businesses as the coming week. Overall, Disney’s profit
had violated company policy on personal Coca-Cola
need for printed documents declines. slumped by more than half to $1.05 bil-
conduct. McDonald’s said Mr. Easter- –4 Both companies are in cost-cutting lion, hurt by a sharp rise in costs stem-
brook would be succeeded by Chris mode and a union could afford new ming in part from the Disney+ produc-
Kempczinski, the chain’s U.S. president. –6 opportunities to shed expenses. The tion costs. Disney Chief Executive
McDonald’s later said its top human-re- news lifted shares of both companies. Robert Iger has spent billions of dollars
sources executive also left the company. –8 HP gained 6.4% Wednesday, and buying franchises, from the Avengers to
Shares fell 2.7% Monday. Xerox gained 3.6%. Star Wars. Shares rose 3.8% Friday.
National
–10 Beverage

UNDER ARMOUR INC. –12


ADIDAS AG T-MOBILE US INC.

 Under Armour shares fell


nearly 19% Monday after the
Mon. Tues. Wed. Thurs. Fri.
 The footrace between Adidas
and Nike is heating up. Adi-  T-Mobile is dialing up a deep
discount. The No. 3 carrier by
UAA company confirmed it was ADDYY das said in its latest quar- TMUS subscribers unveiled a
the subject of a federal inves-
19% tigation into its accounting NATIONAL BEVERAGE CORP. terly report Wednesday that
5.4% it has been growing sales
monthly data plan Thursday
-1.1% that starts at $15 as it re-
practices. On Sunday, The
Wall Street Journal reported that the  LaCroix is losing more of its fizz. Shares of the
company that produces the flavored seltzer
around the world, but Nike
Inc.’s rising prominence in shoe technol-
sponds to critics that its
planned merger with Sprint Corp. will
Justice Department and the Securities
and Exchange Commission were examin-
FIZZ drink fell 11% Thursday after Coca-Cola Co. an- ogy could put pressure on the German
sportswear maker. The running world is
lessen competition. If its Sprint takeover
is allowed to proceed T-Mobile said it
ing the sportswear maker’s revenue rec- 11% nounced its own bubbly water brand called AHA. abuzz with talk of Nike’s Vaporfly shoes, would sell phone plans with two giga-
ognition practices and whether it shifted which have slashed race times for recre- bytes of high-speed data for $15 a
sales from quarter to quarter to make It’s a late entry to the category popularized by LaCroix ational runners, powered two record- month, one of the lowest entry-level
them appear stronger. After the Journal maker National Beverage Corp. But LaCroix has lost market shattering marathons and reignited dis- prices from a major U.S. provider. The
published the article, Under Armour said share over the past year as new drinks crowd store cussion of whether there needs to be company previously charged $30 for its
it is cooperating with investigators and footwear regulation in professional run- lowest-cost unlimited plan. T-Mobile
that it began responding in July 2017 to shelves, including PepsiCo Inc.’s Bubly. ning. American depositary shares of Adi- shares fell 1.1% Friday.
requests for documents. das fell 5.4%. —Francesca Fontana

At first glance,
Saudi Aramco’s plans
for an enormous De-
Alibaba
ON BUSINESS | JOHN D. STOLL
cember IPO might
well suggest the fu- Readies
Oil Isn’t
ture of Big Oil is ro-
bust. Aramco earns
more than Amazon.com Inc., Apple
Inc. and Microsoft Corp. combined;
Listing
About
its market value is expected in the
$1.5 trillion to $2 trillion range. Continued from page B1
But not everyone can throw off The Hong Kong listing would
cash like a Saudi Aramco, which come five years after Alibaba’s

To Go
can get oil out of the ground more record-setting initial public offer-
cheaply than just about any big oil ing in New York that raised $25
company. Most of the world’s big billion.
oil companies face real challenges The company plans to use most
trying to convince investors that oil of the proceeds from the Hong

Green
isn’t in danger of becoming the Kong share sale to expand its
next coal, even if such concerns business in the face of increasing
may be wildly premature. competition from fast-growing
Oil majors like ExxonMobil Corp. domestic rivals, according to one
represent a shrinking share of the of the people.
S&P 500’s value. Naysayers look at Competitors such as Pin-
electric cars and anti-carbon legis- duoduo Inc. and Meituan Dian-
lation and predict oil’s best days Don’t count on ping are challenging Alibaba in e-
are behind it. the world’s biggest commerce, food delivery and
Many oil executives say they’ve other services.
heard their critics, and one way to energy companies Alibaba on Friday said it raised
respond is to fund a greener world. to deliver our its stake in a delivery-and-logis-
Royal Dutch Shell PLC and Total tics company it controls, from 51%
SA have each committed as much clean-energy future to 63%, with an investment of
as $2 billion annually to renewable 23.3 billion yuan, or roughly $3.3
technologies. BP PLC on Wednes- billion.
day said it is investing €10 million Bankers for the deal have met
($11 million) in Whim, a Finnish investors in recent weeks to
transportation app designed to re- sound out their interest in the of-
duce private car ownership. fering, according to some of the
And clean energy was an under- people.
lying theme at CERAWeek, the an- Two people who were briefed
nual IHS energy conference held about the upcoming deal said the
F. MARTIN RAMIN/ THE WALL STREET JOURNAL

this year in Houston. Electric cars company was considering selling


and the Green New Deal were as shares at a single-digit percent-
prominent as oil rigs and shale age discount to its U.S.-traded
wells.
All this talk doesn’t mean oil
companies are poised to underwrite The Hong Kong listing
a carbon-free future. History and
research suggest big business is would come five years
built for a different kind of green. after a record-setting
Sustainability ambitions will go un-
fulfilled until wind turbines and so- IPO in New York.
lar fields deliver the level of profit
oil assets do.
Oil companies aren’t wagering stock.
much on that happening anytime tives said a dividend increase may pool Corp. may want to shift more and-gas businesses. Alibaba’s U.S.-listed shares,
soon. not be in the cards. facilities to wind power, or a ship Mr. Wirth, the Chevron CEO, known technically as American
A report by CDP, a U.K. nonprofit Money problems are only part of operator like A.P. Moller Maersk said the conversation about Big depositary receipts, have gained
working with companies on envi- the equation. Mr. Mills said the A/S may want to transition to zero- Oil’s place in addressing climate 37% in 2019, outperforming the
ronmental-impact disclosure, found “epic-low valuations of these com- emission vessels. But those com- change is too polarized and one- S&P 500’s 23% rise.
the world’s top 24 publicly listed panies is being partially driven by mitments require big dollars and dimensional. “This idea of an en- The Wall Street Journal in Au-
oil-and-gas companies spent 1.3% of the fact they are on the wrong side long timetables to achieve. ergy transition is not a new idea. gust reported that Alibaba pushed
$260 billion in total capital expen- of the climate discussion.” Mega corporations won’t be the People will talk about this as if it back its planned Hong Kong list-
ditures on low-carbon solutions last Some think Big Oil is like the ones to deliver all the answers. As just came up.” ing amid protests that created
year. Energy consultant Wood buggy industry in 1900, or flip- Stanford Graduate School of Busi- He said Chevron itself has dem- market instability and political
Mackenzie estimates spending on phone makers at the dawn of Ap- ness lecturer Maxwell Wessel said, onstrated its ability to pivot in the uncertainty in the city.
clean-energy-related mergers and ple’s iPhone. The question for oil “big companies are really bad at in- past. On Friday, the death of a stu-
acquisitions was a measly $6 billion executives looking at those trans- novation because they’re designed “Our company’s been around for dent who had suffered injuries
over the past four years. to be bad at innovation.” 140 years,” he said. “When our near the scene of a clash between
Mark Mills, a partner with Cot- Mr. Wessel is also chief innova- company started we were not pro- police and protesters sparked
tonwood Venture Partners, said oil ‘It’s entirely legitimate tion officer at German software gi- ducing petroleum to fill vehicles fresh anger.
executives “have to genuflect in ant SAP SE and an evangelist of because Henry Ford had not in- Alibaba’s listing would give
the direction of what’s going on in to invest in oil and gas the “Industrialist’s Dilemma.” The vented the car yet, and the Wright Hong Kong’s equity capital mar-
climate-change circles.” Govern- because the world theory holds that the very things Brothers were decades away from ket a boost.
ments are pressing us to reduce that helped make the industrial their first flight. So we began pro- The Hong Kong stock ex-
our carbon footprint; investor ap- demands it.’ era’s most-profitable businesses ducing kerosene to replace whale change, which in October
petite for all-things-sustainable is are thwarting them as software re- oil for light.” dropped a nearly $37 billion bid
growing; no one wants to be la- makes the world. He says job No.1 Mr. Wirth says new forms of en- for rival London Stock Exchange,
beled a climate-change denier. But formations is, “will you matter for established companies is ergy have since “come on top” of handled $19.9 billion worth of IPO
executives realize they’ve got more when there is a windmill on ev- achieving operational efficiency, older sources, not in place of them. deals this year, according to Dea-
immediate headaches. ery corner and a solar panel on not reinvention. Under this logic the future will logic, putting it behind its U.S.
Mr. Mills, also a research fellow every roof?” Remember BP’s “Beyond Petro- have far more sources of energy, peers Nasdaq’s $31.2 billion and
with the Manhattan Institute, a This is a simplistic way of think- leum” effort? It came with billions not fewer. New York Stock Exchange’s
conservative think tank, said execu- ing about a complex energy puzzle. of dollars of investments in renew- Anyone thinking Mr. Wirth is $25.68 billion.
tives “got way over their skis” on No one really knows, for instance, ables. When executives scrapped out of step should take a look at Market sentiment had im-
costs when oil prices were high. when global demand for oil will be- the effort this decade, it choked off the revealing interview Ben van proved after U.S. and Chinese
Now, with those prices consistently gin to decline. Even with all the talk those initiatives. BP’s 2011 exit from Beurden did with Reuters a few leaders in October took an initial
low, these companies struggle to of a greener future, the world’s a 40-year attempt at building a so- weeks back. The Shell CEO warned step to cement a trade deal that
persuade Wall Street they can con- thirst for oil grows every year. Some lar business came with the admis- against demonizing oil and gas had previously been derailed.
tinue to deliver for investors accus- think that point of peak oil demand sion “we tried and struggled to and “unjustified” worries about Beijing on Thursday said the
tomed to cashing in via dividends could come in the next 20 years. make money.” the business model. U.S. and China had agreed to roll
and buybacks. Others say it could be much longer. Shell is currently chasing the re- “It’s entirely legitimate to invest back tariffs as part of a “phase
Profit fell 31% at large oil compa- “People don’t just reboot,” Chev- invention dream—but it will be in oil and gas because the world one” trade accord.
nies in the most recent quarter. In ron Corp. Chief Executive Officer costly. It aims to be No.1 in electric demands it,” Mr. van Beurden said. President Trump disputed
late October, Shell executives were Mike Wirth said during an inter- power by the early 2030s. That As true as that is, it’s impor- China’s statement on Friday but
interrogated by analysts after re- view at CERAWeek. Big changes, he business could potentially deliver tant to remember that some were said progress was being made to-
ducing a $25 billion share-buyback said, often require big capital out- equity returns of between 8% and saying the same thing about ward resolving the trade war.
commitment for 2020, and BP lays that are planned years in ad- 12%—handsome, but lower than the buggy whips until the Model T —Joanne Chiu
shares were hammered after execu- vance. A manufacturer like Whirl- 12% to 15% target for traditional oil- came along. contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | B3

BUSINESS & FINANCE NEWS

Battle of Midway Reunites Allies


BY ERICH SCHWARTZEL

LOS ANGELES—At the after-


afterparty for Tuesday’s pre-
RICHARD DREW/ASSOCIATED PRESS

miere of his war movie “Mid-


way,” director Roland
Emmerich posed for two pho-
tos back-to-back as he navi-
gated the sushi tables and tiki
torches around his home’s tile-
lined pool.

LIONSGATE/ENTERTAINMENT PICTURES/ZUMA PRESS (TOP); STARLIGHT MEDIA


One was with “Glee” star
Darren Criss, who appears in
Bumble’s Whitney Wolfe Herd the film as an American pilot
fighting the Japanese in the Pa-

Dating App cific. The other was with sev-


eral executives from Starlight
Culture Entertainment Group, a

Bumble Chinese company that financed


Mr. Emmerich’s movie.
“You’re first like, ’Whoa,

Gets New who are they?’” said Mr. Em-


merich, the director of block-
busters like “Independence

Investor Day” and “The Day After To-


morrow,” referring to the Chi-
nese executives. “But now
BY MIRIAM GOTTFRIED we’re friends.”
The new-found friends saved
Blackstone Group Inc. is his movie after Hollywood said
taking a majority stake in the no to it. Starlight and another
owner of dating app Bumble as Chinese firm were the unlikely ‘Midway’ features Woody Harrelson playing U.S. Admiral Chester Nimitz. Below, director Roland Emmerich, left, and backer Peter Luo.
part of the private-equity gi- financiers of Mr. Emmerich’s
ant’s broader push to invest $98 million drama about the tentionally play into that dy- cades; but the story has grown
more in fast-growing compa- 1942 battle of Midway—one of namic have found success at in popularity recently, with a
nies. the most expensive movies the Chinese box office. In 2016, museum on the Doolittle Raid-
The deal values dating-site made outside of a traditional Mel Gibson’s “Hacksaw Ridge,” ers opening in China last year.
parent company MagicLab at Hollywood studio in recent his- a gruesome depiction of the About 45% of the $98 mil-
about $3 billion, Blackstone tory. American fight against the Jap- lion budget of “Midway” was
said. Opening in theaters on Fri- anese in the battle for Okinawa, covered by foreign distribution
As part of the deal, Andrey day, “Midway,” starring Woody grossed $62 million in China, deals, Starlight Media Chief Ex-
Andreev, the founder and chief Harrelson and Mandy Moore, is just $5 million less than it did ecutive Peter Luo said. Star-
executive officer of MagicLab, among the more unlikely exam- in the U.S. light, a division of a Chinese
will be selling his stake in the ples of Hollywood’s compli- In a “Midway” subplot con- real-estate company that re-
company to Blackstone and cated relationship with China. cerning real-life U.S. Army Air cently expanded into entertain-
stepping down from his role. Its release comes at a time Force officer Jimmy Doolittle, ment, and another media firm,
Thirty-year-old Bumble founder when Chinese funding of Holly- the pilot crash-lands in China Shanghai RuYi Entertainment,
Whitney Wolfe Herd will retain wood has dried up and the two after leading a bombing raid on covered the rest.
the bulk of her stake and be- countries show little of the Tokyo. The Chinese citizens “Midway” writer Wes Tooke
come CEO of the company. China-U.S. camaraderie de- who find him are skeptical that said he knew Chinese moviego-
Together the two MagicLab picted on screen. he comes in peace until one ers responded to World War II
executives currently own But World War II narratives asks, “You bomb Japan?” Agents for the 63-year-old ing businesses to invest more narratives about the Japa-
roughly 80% of the company. from Hollywood have gained “I sure did,” Doolittle re- director had an idea, Mr. Em- within China’s borders. nese—“especially when they
Blackstone will be making a traction in China—particularly plies. The Chinese lower their merich said. “Let’s find you When Mr. Emmerich began lose.”
multibillion-dollar investment. when a Chinese subplot is guns. “Welcome!” they shout. some money in China,” they talking with Chinese companies Mr. Luo said he was drawn
MagicLab, which is profit- available and Japan loses the Studios were reluctant to told him. about financing “Midway,” he to a war film that would show
able and has annual revenue fight. It is an extension of sorts back “Midway” because Mr. China, for years, was a cru- found they knew the specifics the heroism and suffering of
growth of around 40%, is con- to the government-sponsored Emmerich’s recent record has cial source of financing for Hol- of the battle well because of the Chinese people. A note at
sidered a likely candidate for propaganda films about Japa- included some notable flops. It lywood, as the country’s box the Doolittle raids, he said. the end of “Midway” acknowl-
an eventual initial public offer- nese aggression that have aired wasn’t exactly franchise mate- office rose to become the sec- Acknowledgment of the edges that some 250,000 Chi-
ing, people familiar with the on Chinese TV for decades as rial either: even a critical 20th ond-largest in the world after bombing raids and Chinese co- nese were killed by Japanese
matter said. tension between the two coun- century battle doesn’t have the the U.S. But the Chinese gov- operation ebbed along with re- forces in a campaign launched
For Blackstone, which tries still simmers. same kind of name recognition ernment has cracked down on lations between Washington in retaliation to the Doolittle
launched a business dedicated Hollywood movies that unin- as Iron Man or Harry Potter. such investments recently, tell- and Beijing in the ensuing de- raids.
to growth-investing earlier this
year, the deal offers clues to

McDonald’s Probe
the firm’s future strategy in
that arena. Instead of taking a
minority stake in a cash-burn-
ing company such as ride-hail-
ing rivals Uber Technologies
Inc. or Lyft Inc., as peers like
TPG and KKR & Co. have done,
Blackstone is taking a control-
Of Relationship
ling stake in a sizable company
with strong cash flows.
“This company has really
outgrown most of the land-
Began Weeks Ago
scape of growth equity, but BY HEATHER HADDON of those people.
they haven’t outgrown Black- AND SUZANNE VRANICA “Steve and I were in a rela-
stone,” Jon Korngold, head of tionship and that ended ami-
CHINA STRINGER NETWORK/REUTERS

Blackstone Growth, said in an McDonald’s Corp., which cably a while ago,” said Ms.
interview. fired its chief executive last Paleothodoros, currently an
Bumble sets itself apart week over a consensual rela- executive director at Golin.
from other dating apps with its tionship with a female em- Mr. Easterbrook, 52 years
requirement that women initi- ployee, first learned of the old, was separated from his
ate a conversation that might matter roughly three weeks wife at the time that he be-
lead to a date. ago, according to people famil- came CEO in March 2015. They
With $554 billion in assets iar with the matter. are now divorced.
and a goal of achieving $1 tril- After an internal investiga- The board determined that
lion by 2026, Blackstone has ‘Singles Day’ is an e-commerce extravaganza held Nov. 11. A parcel-sorting facility in Hefei, China. tion, the company’s general the relationship didn’t violate
been looking for new ways to counsel, Jerry Krulewitch, in- company policy, and signed off
profitably invest significant
amounts of capital as global
economic growth slows. Invest-
ing in companies with robust
Chinese Shoppers and Sellers formed the burger giant’s
board of the matter, the peo-
ple said. The board hired New
York City law firm Wachtell,
on the relationship under as-
surances that Ms. Pale-
othodoros would be removed
from the McDonald’s account,
growth profiles has been a ma-
jor part of its plan. Along with
the growth-investing business,
Gear Up for Annual Splurge Lipton, Rosen & Katz to assess
the legal risk from the rela-
tionship, the people said. Mr.
some of the people familiar
with the matter said. She told
her employer about the rela-
it has started a unit dedicated BEIJING—Created as a gim- For Alibaba, each 'Singles Day' date was chosen because it is Krulewitch didn’t respond to a tionship and was moved off the
to investing in life sciences, an- mick by online retailer Alibaba has outdone the prior year’s. written with four ones. request for comment. Wachtell account, according to a person
other avenue leading it into a decade ago, “Singles Day” has The promotion contributed didn’t respond to a request for familiar with the matter.
earlier stage companies than entrenched itself on the Chi- Gross merchandise value to making Alibaba China’s most comment. Golin said an employee in-
would traditional private eq- nese calendar as a hybrid of on Nov. 11 valuable company, with roughly McDonald’s has a longstand- formed it in 2015 of a relation-
uity. Black Friday and Super Bowl $30 billion two-thirds of the country’s e- ing policy against its employ- ship she said she was having
The deal will mark a suc- Sunday—a colossal opportunity commerce market. Its Singles ees having relationships with with Mr. Easterbrook. The
cessful exit for Mr. Andreev. for both shops and shoppers. Day sales last year hit $30.8 direct and indirect reports at public relations firm said that,
The Russian-born billionaire This year’s Nov. 11 festival of 20 billion, up 27% from 2017 and all levels, which extends com- at the time, Mr. Easterbrook
founded Badoo in 2006 as the consumption is expected to be more than U.S. retailers sold pany-wide for McDonald’s CEO, “had no working relationship
first free dating site that com- bigger than ever—and so are online on Black Friday and Cy- company representatives said. with our firm” and didn’t over-
bined photo albums with in- the headaches that come with 10 ber Monday combined. The board eventually con- see public relations. Golin said
stant messages. He later began it. “If you’re a brand with any cluded that the relationship the employee was removed
allowing Badoo users to pay to Retailers fighting to be ambition, you have to partici- between the CEO, Steve East- from the McDonald’s account
gain access to premium fea- heard above the din have blan- 0 pate,” said Declan Kearney, erbrook, and the unidentified to “avoid any conflict of inter-
tures such as the ability for us- keted billboards and social- 2010 ’12 ’14 ’16 ’18
Asia managing director for employee was short-term and est,” and that it advised
ers to see who liked them, pio- media sites to promote the Edge by Ascential, an e-com- consensual, the people said. McDonald’s of the decision.
neering the revenue model that likes of half-price sneakers Note: Converted from yuan at Friday's rate. merce data and analytics com- But the situation also raised The couple dated for more
Source: the company
has become dominant across and discounted jewelry. Gov- pany that helps major brands questions about Mr. Easter- than two years, some of the
dating apps. ernment regulators, fearing on Singles Day. brook’s judgment regarding people said.
Though less well known in what an advertiser might do “Some of them must find me While some retailers slash his personal affairs and corpo- Mr. Easterbrook didn’t re-
the U.S., Badoo now has over to stand out, have issued extra very annoying,” she said. prices by 50% or more, Mr. rate conduct in the board’s spond to requests for comment.
450 million users across 190 warnings against misleading Shoppers should be “thick- Kearney recommends that well- view, one of the people said. McDonald’s current and for-
countries and is one of the or vulgar ads. skinned” in trying to corral known companies limit dis- After Mr. Easterbrook’s fir- mer executives said they take
largest dating platforms in the For hundreds of millions of friends with invitations, JD e- counts to 15% to 20%. “If you’re ing, a representative said he seriously information about
world. shoppers, it is a big enough commerce partner Fenxiang ad- a brand like Nike, you are com- “acknowledges his error in possible relationships between
Ms. Wolfe Herd met Mr. An- challenge just to keep track of vised via its WeChat program. pelled to offer a discount, but judgment and supports the company employees, especially
dreev in 2013 when she was the sales. It also recommends dealing the key is not to get in a price company’s decision.” after the company’s then-chief
working for Tinder, which is Chasing coupons for prod- with complaints in private in- war and not devalue your pre- Several years ago, before Mr. operating officer, Ralph Alva-
owned by rival Match Group ucts from Alibaba Group Hold- stead of in group chats, to mium image,” he said. Easterbook became McDonald’s rez, left the firm in 1998 follow-
Inc. She left Tinder and worked ing Ltd. and rival JD.com Inc., avoid losing members. It isn’t only retailers that chief executive, he had a rela- ing a personal relationship with
with Mr. Andreev to develop a Peng Yang joined 11 different Singles Day was dreamed up seek the Singles Day spotlight. tionship with Denise Pale- a female subordinate while a
women-centered dating app. groups on the WeChat messag- in 2009 by Alibaba Chief Exec- A chicken farm in Jiangsu prov- othodoros, a staffer at Golin, a regional director in California.
The idea for the new app took ing app. The more WeChat utive Daniel Zhang, who re- ince aims to supply a million public relations firm owned by Mr. Alvarez was later re-
off, and Bumble now has more friends she persuades to join cently also took on the role of eggs for Alibaba on Nov. 11, a Interpublic Group of Cos. that hired and rose up the ranks
than 75 million users. her, the more coupons she gets. executive chairman after co- local newspaper reported. Real- did work for McDonald’s, and before stepping down as COO
Last year, Match offered to “I feel so addicted,” said the founder Jack Ma retired. It was estate company Evergrande personally worked on the ac- in 2009. He said at the time
acquire MagicLab in a deal that 25-year-old human-resources intended as a sort of anti-Val- says it is slashing commissions count, according to people fa- that no issues of improper be-
valued it at roughly $1 billion, consultant in Shenzhen, who entine’s Day—an occasion for for homes sold that day. miliar with the matter. The havior prompted him to retire.
but Mr. Andreev declined, the estimates she has dragged in bachelors and bachelorettes to —Raffaele Huang board was made aware of the —Joann S. Lublin
Journal reported. dozens of people. splurge on themselves. The and Stu Woo relationship, according to some contributed to this article.
B4 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

WEEKEND INVESTOR
TAX REPORT | LAURA SAUNDERS

Not So Fast,Mr.Trump!
Relocating to a low-tax state can be harder than it sounds. The state that’s left behind may not want to let those tax dollars go.

Last week, Presi-


dent Trump con-
firmed on Twitter
that he is switching
his permanent resi-
dence from New York
to Florida. Mr. Trump
was born in New York City and
lived there most of his life, and he
has had a home in Palm Beach for
more than three decades.
The president joins a long line
of wealthy people who have left
high-tax states like New York, Con-
necticut and California for low-tax
states like Florida, Texas or Ne-
vada. Among the latest is billion-
aire Carl Icahn, who has an-
nounced that he is leaving his
native New York for Florida.
The tax differences are clear.
Florida, Texas and Nevada have
neither income nor estate taxes,
while New York and Connecticut
have both. California doesn’t have
an estate tax, but its top statutory
income-tax rate is the highest in
the nation: 13.3%.
For Americans considering simi-
lar moves, and for Mr. Trump him-
self, tax specialists have a warning:
Be careful, because states left be-
hind can subject leavers to intru-

KIERSTEN ESSENPREIS
sive audits and sometimes lawsuits
that drag on for years. In Kansas, a
residency case involving $43 mil-
lion of state tax for 2005 and 2006
from an entrepreneur who sold a
company that owned Pizza Hut
franchises is still unresolved.
“States are jealous of their tax bring a moving van onto Fifth Ave- chases to provide proof. be a sign of California domicile,” Spokespersons for the White
dollars and aggressive in trying to nue and put things important to The other test is the hazy issue he said. House and the Trump Organiza-
keep them. The New York audi- him in it, to make it clear he’s go- of domicile—a legal term for one’s Of special importance is the lo- tion didn’t respond to requests
tors are well trained, and they’ve ing. Then he must show that Flor- true principal home. Many factors cation of what the law calls “near for comment.
seen everything,” said Louis Vla- ida is now his home,” said David can come into play, such as voter and dear items,” such as heir- To change his domicile to Flor-
hos, an attorney with Farrell Fritz Lifson, a certified public accoun- registration; burial plots; the loca- looms, photo albums or jewelry. ida, they said, Mr. Trump should
in New York who frequently ad- tant with Crowe in New York who tion of primary doctors or even Don’t just take beloved objects to consider selling any homes in New
vises business owners planning to often counsels wealthy people. veterinarians for pets; and where the new home, specialists say. York. He should also make sure
move away. He cautions that someone who holidays are spent. Send them and get a receipt show- that New York auditors will agree
In residency battles, details leaves a state, but then moves State auditors often delve into ing their value. that he has severed management
matter. A New York administrative around to a few different places, these issues, for example by com- Mr. Vlahos urges retired busi- ties with his New York businesses,
judge held in 2017 that a former may find it hard to prove he or she paring the size and value of homes ness owners moving out of state to as he said he did upon becoming
New Yorker didn’t owe $430,000 has truly left the first home. in the prior state and the new be especially careful if they still president. Meanwhile, his White
of tax for 2009 and 2010 because States often have two tests for state. So if a couple’s house at the have a role in their firm. Modern House residence won’t bolster his
he had truly changed his home to determining if someone is a tax- Jersey shore is more valuable than communications make it easy to argument that he has left New
Texas. The clincher was that he able resident, and both matter. their new home in Florida, it could contribute to a business from afar, York because the law sees it as a
had moved his most cherished One involves whether the per- count against Florida domicile. and auditors can argue that such temporary move that doesn’t af-
possession—his large, elderly son spent more than 183 days per California auditors tend to participation reinforces domicile fect his domicile.
dog—to his home in Dallas. year in a state where they have a check travel records, said Chris in the prior state. If Mr. Trump does actually
In general, tax specialists say, home. Leavers often need to Parker, an attorney with Moss Ad- Based on these criteria, break up with New York, he would
people switching states must be able count days, and the rules defining ams in Sacramento. Messrs. Lifson and Vlahos both still owe New York taxes on tax-
to show that they have truly left one a day can vary from state to state. “If someone claims to live in suspect that Mr. Trump hasn’t yet able income generated in the state,
place and truly landed in another. Some advisers suggest making Boise but usually flies into and fulfilled the conditions for but he wouldn’t owe it on income
“I’d advise Donald Trump to frequent credit- or debit-card pur- out of San Francisco, that could switching his domicile to Florida. earned outside it.

Emerging markets THE INTELLIGENT INVESTOR | JASON ZWEIG More than Zero
have finally

Ironing Out an Investing Mystery


Companies based in emerging
emerged—by one
markets are far more likely than
measure, anyway.
those in the U.S. to barely break even.
It isn’t that com-
That suggests they may be
panies whose shares
managing their earnings to avoid
trade on the stock
reporting losses.
markets of developing nations
have been generating great re- ‘Earnings management’ has come to emerging markets Publicly traded companies
turns lately. Instead, they’ve ad- Unprofitable Profitable
opted at least one major charac- Reported 0 to 1% profitability
teristic of the world’s most- tiny losses and hordes of them re- ported numbers is rewarded analysts’ expectations for annual
advanced economies: artificially porting tiny profit. more than doing the hard work of earnings, according to accounting 6%
smoothing their earnings to pan- Using managerial discretion, managing the business, that in- professors Patricia Dechow of the
U.S.
OF COMPANIES

der to analysts and investors. accounting tricks, sweetheart centivizes some of the worst University of Southern California
PERCENTAGE

4
Research from Rayliant Global deals or government financing, forms of managerial behavior,” and Annika Wang of the University 2.1% of
Advisors, an investment firm emerging-market companies seem said Rayliant’s founder and chair- of Houston. Last year, 60% did. companies
2
based in Hong Kong, finds that to be pulling out all the stops to man, Jason Hsu. Share prices After a company reports a
such “earnings management” has report a profit—any profit. that rise in response to artifi- “positive earnings surprise,” or
0
become even more widespread in In the developing world, corpo- cially inflated earnings can profit higher than Wall Street ex-
emerging markets than in devel- rations often answer not just to prompt corporate managers to fo- pected, the expectations change. -50% 0% 50%
oped markets like the U.S., Europe financial markets but to politbu- cus on “accounting voodoo magic, Analysts ratchet up their fore- PROFITABILITY
or Japan. That could help explain ros and strongmen. In China, re- rather than business strategy and casts, investors bid up the
8%
the disappointing performance of porting losses is like playing with execution,” he says. shares—and the company’s man-
developing markets in recent fire: The Shanghai Stock Exchange Emerging-market firms aren’t agers, whose pay is tied to the China
years—and suggests they remain stock price, push harder. Now 6
riskier than some U.S. investors earnings have to meet or beat a
may think. higher hurdle. If they do, expecta- 4
5.1%
Rayliant sized up earnings tions will rise again. If they don’t,
management by tracking return the stock will tank. 2
on equity at thousands of compa- Blame the ventral tegmental
nies from 1998 through 2018. That area and the substantia nigra, 0
yardstick of profitability measures deep in the human brain, where
net income as a percentage of neurons monitor rewards. When
6%
shareholders’ equity, which is an you get exactly what you ex-
indicator of corporate net worth. pected, the activity in these neu- 6.2%
Analyzing return on equity rather rons doesn’t change. When you 4
than earnings prevents company get more than you anticipated, India
size from skewing the results. these neurons emit rapid-fire 2
The difference between devel- pulses of dopamine—one of the
oped and emerging markets is brain’s transmitters of learning 0
striking. and motivation. Finally, if you get
In the U.S., companies reported a smaller reward than you ex-
6%
a zero to 1% return on equity in pected, the dopamine dries up
1.7% of all instances. In China, that momentarily. 5.8%
happened only 0.29% of the time. Once earnings expectations 4
In 6.5% of cases, U.S. firms re- form, analysts, companies and in- Russia
ported a return on equity between vestors can all get locked into this 2
zero and negative 5%. In China, kind of primal craving for ever-
such minimal losses turned up will issue a “delisting risk warn- the only culprits. U.S. companies more-positive results. Disappoint- 0
only 1.7% of the time. ing” to a company that incurs a are notorious for managing earn- ment can lead to shock, as inves-
What about companies whose loss two years in a row. If the ings—both to avoid reporting a tors found in 2018; the MSCI
return was barely positive, rang- firm runs a third consecutive an- loss and to prevent falling short Emerging Markets index fell al- 6%
ing from just above zero to 5%? In nual loss, trading in its stock is of analysts’ forecasts. most 15%, while the S&P 500 re- 4.3%
the U.S., that happened at a 14% suspended. To be sure, many of those sur- turned a 4% loss. 4
frequency; in China, it occurred No wonder many emerging- prisingly buoyant results come be- Emerging-market stocks are Taiwan
28% of the time. market companies show piddling cause companies poured cold wa- cheaper than U.S. shares by sev- 2
Looking across Brazil, India, profit that, without aggressive ter on analysts’ expectations—not eral valuation measures, and
Russia, South Korea and Taiwan, earnings management, would because they managed earnings. some respected investors find 0
ALEX NABAUM

the Rayliant researchers found likely be a loss. Either way, companies are gam- them attractive. The earnings-
Note: Profitability measured by return on equity, or
the same peculiar pattern: almost In the game of managing earn- ing the market. From 1983 management game suggests, how- reported net income as percent of average book value
no companies reporting zero prof- ings, the investor is often the through 2018, on average, 55% of ever, that they may be less of a of shareholders’ equity, 1998-2018.
itability, extremely few reporting patsy. “When managing the re- U.S. companies matched or beat bargain than they appear. Source: Rayliant Global Advisors
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | B5

EXCHANGE
The first hint that TECHNOLOGY | ROBERT M CMILLAN
Michael Terpin was

He Thought His Phone Was Safe.


about to have his
digital life turned up-
side down—and lose
a cryptocurrency
windfall potentially

Then He Lost Millions to Hackers.


valued at $24 million—seemed like
an unremarkable annoyance. His
mobile phone lost its signal.
But Mr. Terpin wasn’t driving
between cell towers. He was work-
ing at a desk in his Las Vegas
home. Way off in Norwich, Conn.,
someone had just taken over his
phone number. Security researchers agree that for most people, adding text-message authentication is a big step up
Within minutes, the hackers be- from only using a password, but that can leave you open to a relatively new attack called SIM swapping
gan trying to take over his Gmail
accounts, using Google’s “Forgot
password?” account reset feature.
With access to his phone number
and email, they were quickly able
to steal millions in cryptocurrency
from digital wallets Mr. Terpin be-
lieved to be secure.
Online, phone numbers have
been slowly taking over passwords
as our last line of defense against
digital intrusions. As it has be-
come clear that passwords alone
don’t do enough to keep users se-
cure, technology companies have
been pushing an alternative—what
they call a second factor of au-
thentication. Most of the time, this
second factor is a text message to
a user’s mobile phone.

Criminal hackers
can carry out costly
SIM-swapping attacks
with surgical precision.

This past May, Google released


research showing that by adding
a phone number, users could
block most types of attacks on
their accounts.
Security researchers agree that
for most people, adding text-mes-
sage authentication is a big step
up from only using a password.
But Google said even when its us-
ers added a phone number as a se-
curity layer, about a third of tar-
geted attacks—where the criminal
has knowledge of the victim—man-
aged to succeed.
That is partly because of SIM
swapping, a relatively new attack
where criminals steal a victim’s
phone number. It is what undid Mr.
Terpin; and it is how hackers were
able to post racist and anti-Semitic
tweets to the feed of Twitter Chief
Executive Jack Dorsey in August.
The odds of someone being hit
with a SIM-swapping attack are in-
finitesimal, but the people who in-
vestigate these attacks consider
them some of the most harmful
they have ever seen. In its rush to
jury-rig the mobile phone to fix the
glaring problems with password se-
curity, the tech industry might have
created another long-term risk.
Even before Mr. Dorsey’s inci-
dent, law-enforcement agencies
across the country have been see-
ing a rise in SIM-swapping com-
plaints, and the attackers are get-
ting better organized and more
adept at covering their tracks,
said Nick Selby, director of cyber
NICHOLAS LITTLE

intelligence at the New York City


Police Department.
SIM swappers can operate with
surgical precision. Within minutes
of breaking into a victim’s Gmail
account, they will scour through
old email messages looking for any
evidence of financial accounts— Here’s How to Protect Yourself SquareSpace—have added This is a tricky step,
cryptocurrency accounts for sure, Getting to the heart of SIM swapping means understanding the different ways your support for them, which since it is hard to recover
but also social media, bank ac- account can be recovered when you forget your password. The harder you make things you can generally find in if you lose your phone or
counts and even IRAs, Mr. Selby for the SIM swappers, the harder it is going to be for you when you lose your phone or the security settings. security key, and not all
said. In New York, the NYPD is forget your password. These steps will take you closer to a state of super-security. If you can use a key, online services will let
now seeing victims whose online buy a couple of them and you. But if they do, it will
bank accounts were compromised. make them a required be in your account’s
“The speed in which this can
happen is astounding,” he said. 1 Call your carrier and
add a passcode on 2 Get a password
manager like Dashlane
example—can be reset
with little more than
form of authentication for
your important accounts.
security settings.

To get your number, criminals


pretend to be you. They might
bribe employees, or walk into retail
your mobile-phone
account, and save that
passcode in a place
and make sure you are
using different passwords
for your different accounts.
access to your email, so
lock that down first.
Store your keys in places
where you won’t lose
them.
6 If you are a high-
net-worth individual
and want to really lock
outlets with a fake identity card or
enough stolen data to trick the car-
rier into putting your number on a
where you won’t lose it.
(If you are paranoid, call
your carrier to see if 3 Try out the “Forgot my
password” option on
4 If you want to add an
additional factor, try
adding a security key such 5 Once you have a good
second factor in place
down your account, you
can enroll in Google’s free
Advanced Protection
new phone. (The term “SIM swap” you can get into your your important accounts as Yubikey or Google’s (such as Google’s program. Just make sure
refers to those little “subscriber account without and see how they work. Titan. Many companies Authenticator app or a that you have several
identity module” chips that your needing to use it.) AT&T You are likely to find that that offer online services— security key), turn off SMS security keys so you don’t
phone uses to store your number.) offers an “extra many important accounts from Facebook and authentication wherever get locked out
In May, federal authorities security” option. —bank accounts for Dropbox to Microsoft and possible. permanently.
charged two former AT&T contract
employees, saying criminals paid
them between $50 and $150 per be reset via text message when lesser-known cryptocurrencies “On a scale of 1 to 10, I’d say my with the county, but these investi-
SIM swap. Authorities say they you finally do recover your num- from him, which they quickly security protections were a 9.8 or gators have also seen SIM swap-
performed 41 SIM swaps for a ber. (Carriers can often restore traded for about 1,500 bitcoins. At higher,” he said. “But these hack- ping used to gather compromising
group of identity thieves that your service in as little as an the time, the booty was ostensibly ers, all they do is they sit around photos for extortion and black-
called themselves “the Commu- hour.) Instead, the crooks use Au- valued at $24 million. in a basement and figure out ways mail, she said.
nity.” A third man, who worked at thenticator, a slick mobile app Here is the really scary part: of hacking people.” Victims are often too embar-
Verizon, allegedly received $3,500 built by Google itself. With the Mr. Terpin had been SIM-swapped “It is unfortunate that Mr. Ter- rassed to pursue charges, Ms. West
to provide SIM swappers with the app, even if you recover your seven months earlier. He got lucky pin experienced this, but we dis- said. “You’re accessing everything
inside information needed to an- phone number, you can still be and didn’t lose any money that pute his allegations,” an AT&T about them. You’re accessing their
swer security questions designed locked out of your Gmail. time, but had taken serious steps spokesman said in an email mes- emails of their kids’ soccer games,
to protect user accounts, prosecu- The attack is “super dead sim- to prevent it from happening sage. (The company didn’t say but also the dispute they had with
tors said. Verizon said it had fired ple,” said Allison Nixon, a re- again. He had consulted with secu- which specific allegations it dis- their sister about their mom’s in-
the former employee and is work- searcher with the cybersecurity rity professionals. He had gone to puted.) The company is working heritance,” she said. “It’s a hideous
ing with law enforcement on the firm Flashpoint. an AT&T store and added a secu- with law enforcement, industry violation of privacy.”
investigation. Back in 2013, online gamers pio- rity feature to his account that re- partners and consumers to combat Meanwhile, phone carriers are
With your phone number under neered SIM swapping as a way of quired a secret six-digit PIN to SIM swapping, he said. getting better at flagging warning
their control, the SIM swappers stealing prestigious Twitter and In- make any changes. He removed SIM swapping can cost millions, signs and putting holds on ac-
use the “Forgot my password” tool stagram accounts. Sometimes they text-message authentication where but it is also a deeply personal at- counts that might be at risk, the
in various popular online services would do this for laughs, some- he could, replacing it with Google tack. Investigators with the Re- NYPD’s Mr. Selby said. But some
to take over online accounts. Gmail times for money, Ms. Nixon said. By Authenticator. gional Enforcement Allied Com- carriers are better at this than
is usually first, because Google 2016, some realized that they could Mr. Terpin believes employees puter Team, a law-enforcement others, he said, and he doesn’t
will typically let you reset a pass- make big money by targeting cryp- at an AT&T authorized dealer task force in California’s Santa think they can stop it outright.
word if you control the associated tocurrency enthusiasts, who were handed hackers control of his Clara Co., said they know of more “What is easier to do is to pro-
phone number. often big holders of digital cash. phone number, and those hackers than 3,000 victims, accounting for tect the accounts that are the ulti-
Once inside a Gmail account, Mr. Terpin, a cryptocurrency in- found a way into his digital wal- $70 million in losses nationwide. mate target,” he said. “You want to
the criminals lock you out. That vestor and marketer, was hit on lets by breaking into accounts of Most of those victims were hold- protect your accounts from being
means switching Google security Jan. 7, 2018, at the height of bit- his that couldn’t be protected by ing cryptocurrency, said Erin able to be reset simply because
settings so that the account can’t coin mania. The thieves stole some Authenticator. West, a deputy district attorney somebody has your phone number.”
B6 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. **** Saturday/Sunday, November 9 - 10, 2019 | B7

EXCHANGE
NEWCOMERS INCUMBENTS
Now Streaming: the company can reach deals with other
cable providers, it could be free to their
customers, too.

The Fight For A To some observers, that suggests Com-


cast wants to protect a traditional cable
business that is still lucrative, even if
APPLE TV+
PRICE: $4.99/month
NETFLIX
PRICE: $12.99/month for most popular tier

Screen Near You cord-cutting is siphoning customers


gradually. “The streaming business puts
them in a conflicted place,” said Gary
LAUNCH: Nov. 1
IDENTITY: Would you like some new TV shows with
LAUNCH: streaming since 2007
IDENTITY: Catch me if you can.
Newman, a former chairman of Fox’s that iPhone?
Continued from page B1 television group. PORTFOLIO OVERVIEW: With a vast library of TV shows and
this game forever,” said David People close to Comcast said the com- PORTFOLIO OVERVIEW: Apple is offering a handful of movies and a growing number of popular originals, Netflix
Wertheimer, a former president of digital pany is deeply committed to the stream- shows at a low price (or free for a year to those who doesn’t want to replace one channel. It wants to replace them all.
products at Fox Networks Group who is ing business and is simply taking a differ- buy a new device). TOTAL PROGRAMMING: 1,500 TV shows, 4,000 movies
now a media and tech investor. ent approach. TOTAL PROGRAMMING: launched with nine programs
Netflix is in an enviable position with a Comcast is debating various ways to SUBSCRIBERS: 158 million worldwide
big head start, but may be in for some sell Peacock to those who can’t get it ORIGINALS OF NOTE: “The Morning Show,” starring ORIGINALS OF NOTE: “Stranger Things,” “The Crown,”
turbulence. Nearly one in three Netflix through a cable provider. One idea is to Jennifer Aniston and Reese Witherspoon. “The Irishman”
subscribers said they would likely cancel offer a limited, free version with ads CLASSIC MOVIES: none
the service in the next three months to TV TO REWATCH: “Breaking Bad,” “Mad Men” and,
meant to draw users in—it might not
make room for a new entrant, according have various hit shows or might limit the TV TO REWATCH: none coming soon, “Seinfeld”
to the Journal-Harris Poll survey. Their number of episodes available, people fa- BIGGEST ASSET: access to 900 million potential customers CLASSIC MOVIES: “Rebel Without A Cause,” “Rocky”
stated intentions may not translate into an miliar with Comcast’s deliberations said. (Apple device owners) BIGGEST ASSET: a giant head start
actual cancellation. There are currently A second tier would charge a modest
158 million Netflix subscribers globally. subscription fee and would make all con- BIGGEST RISK: Apple won’t be able to lean on a library BIGGEST RISK: Lower-cost rivals eating into its
Netflix, like any subscription business, tent available, with ads, while a third tier of past TV and movie hits. No pressure, Jen and Reese! subscription base; programming costs rising.
has regular customer turnover, and some would charge a higher subscription fee
of those who cancel eventually return. with no ads, the people said.
“Like the competition, polls come and NBC’s prime-time broadcast shows DISNEY+ HULU
go,” a Netflix spokesman said. “But years now stream on Hulu. At launch, Peacock
PRICE: $6.99/month PRICE: $5.99/month with limited ads; $11.99 with no ads;
of experience have taught us that con- will be able to share much of that con-
$44.99 (60+ live channels as well as ad-supported Hulu)
sumers want control over when and how tent, and in September 2022 NBCUniver- LAUNCH: Nov. 12
they watch. . . .and that’s what we’ve al- sal will be able to terminate the deal and LAUNCH: 2008
IDENTITY: Darth Vader meets Elsa.
ways focused on providing.” have most NBC shows exclusively on Pea- SUBSCRIBERS: 28.5 million paid subscribers
Shots have already been fired, with cock, if it chooses, people familiar with PORTFOLIO OVERVIEW: TV and movie programming from
Apple and Disney setting ultracompeti- the agreement said. across Disney brands Pixar, Marvel and Star Wars, including IDENTITY: Disney after dark
tive prices and lavish spending by all AT&T will be the last major entertain- a deep library of animated classics
PORTFOLIO OVERVIEW: Primarily adult dramas and
parties to stock their services with the ment company to enter the fight, with its TOTAL PROGRAMMING: 7,500 TV episodes, 500 movies comedies that are too risqué for Disney+.
hottest programming, whether that is HBO Max service slotted for a May 2020
originals from a coveted producer or re- launch. Its biggest challenge: It will be at SUBSCRIBER TARGET: 60-90 million by September 2024 TOTAL PROGRAMMING: more than 86,000 TV episodes
runs of a 20-year-old TV classic. The ex- the top of the market at $14.99 a month. and 2,000 movies
ORIGINALS OF NOTE: Star Wars’s “The Mandalorian,”
plosion of options risks confusing con- HBO is in the name, and the service “High School Musical,” “Lady and the Tramp” remake ORIGINALS OF NOTE: “The Handmaid’s Tale,” “Castle Rock”
sumers. Which service has the “The has its entire current and past lineup.
Office,” which has “Seinfeld” and which But the goal is to have something much TV TO REWATCH: 30 seasons of “The Simpsons” TV TO REWATCH: “This Is Us” “Lost,” “ER”
has “Friends”? How do you sign up? broader, for just about everyone—car- MOVIE CLASSICS: “Frozen,” “Mary Poppins” MOVIE CLASSICS: “Hoosiers,” “Fatal Attraction”
“The next 18 months is going to be the toons, superhero movies, “The Lord of
most interesting in the history of the en- the Rings” movies, and one of the largest BIGGEST ASSET: big fan base for popular franchises BIGGEST ASSET: offers live TV and on-demand
tertainment business—the grounds are and most popular catalogs of re-watch- BIGGEST RISK: Original programming doesn’t meet BIGGEST RISK: Its strategy could get muddled under

MORNING SHOW: APPLE; STRANGER THINGS: NETFLIX; MANDALORIAN: HBO; THIS IS US: NBC; OFFICE: GETTY IMAGES; JACK RYAN, WHEN HARRY MET SALLY: EVERETT COLLECTION; STAR TREK: CBS
shifting,” said Hollywood veteran Steve able TV shows, notably “Friends” and superfan expectations. Disney’s control; it recently lost reruns of “Seinfeld.”
Mosko, chief executive of the production “The Big Bang Theory.”
company Village Roadshow Entertain- Some 41% of survey respondents said
ment, which is developing projects for they would be likely to subscribe. But
multiple streaming outlets. brand and service confusion might be an PEACOCK AMAZON PRIME VIDEO
issue. The company will encourage peo- PRICE: free for Comcast cable and broadband customers; PRICE: $8.99/month; included for those who pay for
Franchises and Oldies ple to switch from HBO Now, a different subscription pricing not announced for non-cable customers Amazon’s Prime shipping service.
Disney surprised the media world with a service offering just HBO programming at
low price for its Disney+ streaming ser- the same cost, over to HBO Max. LAUNCH: April 2020 LAUNCH: Streaming since 2011
vice that is nearly half of Netflix’s most What about people who get HBO on TV? IDENTITY: We are NOT the cable guy. IDENTITY: You bought the book, now watch the movie.
popular $12.99 monthly plan: Some 47% AT&T hopes to get them onto HBO Max by
of survey respondents were likely to sub- cutting deals with cable and satellite TV PORTFOLIO OVERVIEW: originals from NBC’s best-known PORTFOLIO OVERVIEW: a growing slate of originals, plus a
scribe to Disney+. Many were especially providers. If HBO Max pulls in all existing creators, plus a big library of classics huge library of older shows and movies
enthusiastic about its big franchises— U.S. HBO subscribers, it would have some TOTAL PROGRAMMING: over 15,000 hours TOTAL PROGRAMMING: Amazon doesn’t disclose this
Star Wars and Marvel, for example—as 35 million subscribers — and from there, statistic.
well as its large catalog of children’s clas- would try to build on its base. SUBSCRIBER TARGET: None disclosed yet.
sics, from “Cinderella” to “Aladdin” to ORIGINALS OF NOTE: “Battlestar Galactica” reboot; “Brave ORIGINALS OF NOTE: “The Marvelous Mrs. Maisel,”
“Moana.” Disney acquired 21st Century 900 Million Reasons Why New World” featuring Demi Moore “Jack Ryan”
Fox entertainment assets last year for Apple’s TV+ service, which launched Nov. 1, CLASSIC MOVIES: “True Grit,” “To Catch a Thief”
$71.3 billion. is part of a broader push into services—in- TV TO REWATCH: “The Office,” “Parks and Recreation,”
Disney is making a land grab for users cluding subscriptions and credit cards—as “Cheers,” “Everybody Loves Raymond” TV TO REWATCH: “Family Ties,” “Roseanne”
now and worrying about profits later on — it tries to offset declining sales of iPhones. MOVIE CLASSICS: “ET,” “Jaws,” “Back to the Future” BIGGEST ASSET: Amazon Prime has over 100 million
it expects to break even on the service in The tech powerhouse is charging $4.99 members, a huge potential audience.
BIGGEST ASSET: rich library of classic programming
2024. “They were brilliant thinking through per month for TV+. Its biggest advantage is
BIGGEST RISK: Being late to the game; motivating customers BIGGEST RISK: Dabbling in entertainment when its
the pricing. This is about aggregating con- a base of over 900 million mobile phone
competitors are going all out against each other.
sumers,” said analyst Michael Nathanson. users globally. Apple is building a TV eco- to drop Comcast’s traditional cable service.
Disney’s direct contact with its cus- system where it can sell you subscriptions
tomer base has come mostly through to its own original programs on TV+, plus
theme parks, Mr. Nathanson said, and the the ability to add on streaming services run HBO MAX CBS ALL ACCESS
streaming service will allow “a deeper set by others—Showtime, HBO and CBS All Ac- PRICE: $14.99/month PRICE: $5.99/month (limited commercials), $9.99 (commercial
of connections.” Disney could market its cess, for example.
LAUNCH: May 2020 free); both include live stream of CBS network
consumer products, cruises or theme The glaring challenge is that TV+ has
parks to streaming customers, some me- just nine shows at launch, and no library IDENTITY: It’s not HBO. It’s...HBO Max! LAUNCH: 2014
dia executives said. of past hits, putting a lot of pressure on IDENTITY: This isn’t your father’s streaming service—really!
A Disney spokeswoman declined to the company to find a successful show in PORTFOLIO OVERVIEW: all HBO content; programs and
comment. the early crop. movies across TNT, TBS and Cartoon Network PORTFOLIO OVERVIEW: a large library of current and older
Hulu, which is now controlled by Dis- “There is a lot of pressure on them be- TOTAL PROGRAMMING: 10,000 hours TV shows
ney, will become the home to more adult cause of the quality of Apple products,” TOTAL PROGRAMMING: 12,000 TV episodes and currently
and edgier fare. said Francis Lawrence, an executive pro- SUBSCRIBER TARGET: 75 to 90 million by end of 2025
36 movies
Comcast is taking a different path ducer of “See,” an Apple show about a ORIGINALS OF NOTE: “College Girls,” a comedy from creator
from its peers, reflecting its identity as world where a virus has left mankind blind. Mindy Kaling; “Strange Adventures,” a DC superhero ORIGINALS OF NOTE: “The Good Fight,” “Star Trek:
not just a content owner, but as the lead- Those who cut the cable TV cord to save anthology from producer Greg Berlanti Discovery,” “The Twilight Zone”
ing U.S. cable distributor. Peacock, the money may very well find themselves pay- CLASSIC MOVIES: “The Graduate,” “Moonstruck”
TV TO REWATCH: “Friends,” “The Big Bang Theory”
streaming service from its NBCUniversal ing as much by signing up to multiple
unit, is set to launch next April, featur- streaming services, said TV producer Mike MOVIE CLASSICS: “Casablanca,” “When Harry Met Sally” TV TO REWATCH: “The Brady Bunch,” “Cheers”
ing classics like “The Office,” “Frasier” Royce, whose credits include “Everybody BIGGEST ASSET: experience
BIGGEST ASSET: the HBO brand
and “Cheers,” plus originals from NBC’s Loves Raymond.”
stable. An ad-supported version will be “It’s going to be cable again in five BIGGEST RISK: Consumers could find the price too steep; BIGGEST RISK: Will it be able to keep pace with bigger
free to people who subscribe to Com- years, except it will be streaming ser- will shows like “Big Bang Theory” and “Friends” fit easily competitors while providing programming to rivals?
cast’s cable TV or broadband services. If vices,” Mr. Royce said. under the HBO brand?

TV Keeps news through Apple services.)

#1 Understand the Services


these in this column.
TV Everywhere: These apps
have been a source of some confu-
ing for the spotlight. All have orig-
inal content, and most—except for
Apple TV+—have catalogs of older
For instance, this year I bought
the first two “Toy Story” movies
for $40 on iTunes. For the same
always optimized. Sometimes ser-
vices that have their own stores will
offer to sell you a show you already
the chart below.
If you find that your TV won’t
support the latest apps, choose
subscribe to a service you’re confi-
dent you’ll watch. You should even
be wary of so-called free trials.
They’re going to make you want to
sit on your couch more. I can’t wait
to watch “Cars” on Disney+ with my

30% Changing I don’t want you to memorize ser-


vice names as if they were in the
periodic table of elements, but you
sion, so I’ll mention them, too:
They’re individual services tied to
particular networks such as CNN
stuff that could be otherwise hard
to find. These might be your main
entertainment, but they’re more
price, I could’ve gotten more
than five months of a $6.99
Disney+ subscription.
have free access to elsewhere.
If you want the true Switzer-
land of search, I recommend Reel-
one of the media streamers with
the most market share and most
active app support: Roku or Ama-
And if you subscribe to watch just
one show, don’t forget to cancel
when you’re done.
son and niece over Thanksgiving
week. But when we finish, the flashy
interface will be there recommend-
of Netflix subscribers
said they are likely to
cancel in the next
three months to
Its Channels should be familiar with these three
types of service:
Cable Killers: These offer live
or MTV, and they require a tradi-
tional pay-TV subscription. They
run on your phone, tablet, com-
likely an add-on.

#2 Know the Content


#3 Master the Search
Finding the perfect thing to watch
good (available on iOS and the
web) or JustWatch (available on
iOS, Android and the web). Both
zon. Those will likely be the first
places new services appear.
Streaming services tend to sup-
And here’s my +:
Mind Your Time
ing, based on what we’ve already
watched, even more stuff to watch.
The algorithms feed on our hab-
and on-demand TV programming puter and streaming-media box, The biggest annoyance of this new is now like figuring out who has services have sucked in the giant port the major phone, tablet and Industry experts told me a top met- its, and shape their offerings on
make way for new Continued from page B1 with access to traditional cable but they typically don’t offer streaming shake-up? Your favorite the best peaches at the farmers databases of all the streaming web browsers (although there’s no ric for measuring a service’s success whatever’s likeliest to keep us
streaming services. when we finally get some couch channels such as ESPN and TNT, shows you can’t just get from your shows will move from one service to market. You can perfect the App- services. Apple TV+ for Android). is the time you spend watching it. watching. Remember this when
time. With that, I present Joanna’s along with local broadcast net- cable or satellite box. another. That’s not always bad. In to-App Search Dance or you can Remember, Netflix CEO Reed Has- you get sucked in. Set limits for
5+ Rules for the Streaming Age. works. Services like Sling TV, Solo Streamers: These are the many cases, content that was previ- try your TV platform’s universal #4 Get the Right Hardware #5 Watch Those tings has said one of his service’s yourself and your family. Because
(Dow Jones & Co., publisher of FuboTV and YouTube TV replace stars right now. Netflix, Hulu, Am- ously available only for rent or pur- search function. On many, the Not all streaming TV hardware— Subscriptions biggest competitors is sleep. you know Stream++++ Mega-Max
The Wall Street Journal, has a cable, and can cost upward of $50 azon Prime Video set the stage, chase as a digital download will be search isn’t great, and slow. especially smart TVs—will have all If you leave this column with one You’re bound to find lots of great won’t do it for you. It didn’t earn
commercial agreement to supply a month. I’m not going to get into and now these newcomers are vy- added to a subscription service. Worse, the search engines aren’t the top services, as you’ll see in piece of advice, let it be this: Only stuff to watch on these new services. FOUR plus signs for nothing.

60% A Menu of Options // There are loads of new things to watch, but that means more time searching, more figuring out if devices will let you tune in, and, perhaps, a higher monthly bill
of millennial men
said they are likely
to subscribe to
Apple TV+.

AMAZON FIRE TV ANDROID TV APPLE TV LG SMART TV PLAYSTATION & XBOX ROKU SAMSUNG SMART TV SMARTPHONES/TABLETS WEB BROWSER

ILLUSTRATIONS: DAN MATUTINA; ICONS: ISTOCK


53%
You can count on Amazon’s Fire Found in select TVs from Sony, Apple’s TV box has a simple in- LG is a bit behind Samsung If you’ve already got a Sony Play- Whether you’ve got a set-top With a Samsung smart TV, A smartphone phone or tablet is Sometimes you just find yourself
TV for fast performance, great Sharp and others, Android TV terface and all the major stream- and others when it comes to Station or Microsoft Xbox in the box, HDMI stick, soundbar or TV there’s no need for extra gear to great for taking your shows or at work needing to finish
of Americans say new voice search and a handy Alexa- has the Google voice assistant, ing services. That said, its poorly apps. It lacks some of the living room for playing games, with Roku’s software, you’ll find access your favorite services, but movies on the road—just make that last 30 minutes of last
enabled remote—but Amazon a good selection of streaming designed, easily lost remote and streaming services—and all bets you also have support for many the remote and interface to be the built-in apps often lack fea- sure the streaming service sup- night’s show—open up a browser
or original shows and won’t let you forget that you’re services and built-in Chromecast $150 starting price make it a are off if you have an older of the most popular streaming dead simple, the universal search tures (like multiple profiles). Also ports downloads before traveling. and log into the service’s
movies make them more here first and foremost to spend so you can fling content from tough sell—even for those living model. Translation: If you buy services. The interfaces just to be thorough and the home- be careful: New apps might only iOS has all of the latest. No sur- website. You just may not get
likely to subscribe to a money on its own platform. your phone. What doesn’t it deep in the Apple ecosystem. an LG TV, it should be for the might not be as flashy as others. screen ads to be… annoying. be available on the latest models. prise: Android lacks Apple TV+. that sweet 4K, HDR quality.
streaming service. have? An elegant interface. picture quality.
SERVICES SERVICES SERVICES SERVICES SERVICES SERVICES SERVICES
SOURCE: WSJ-HARRIS Apple TV+ | Disney+ | Netflix SERVICES Apple TV+ | Disney+ | Netflix SERVICES Disney+ | Netflix | Hulu Apple TV+ | Disney+ | Netflix Apple TV+ | Disney+ | Netflix Apple TV+ | Disney+ | Netflix Apple TV+ | Disney+ | Netflix
POLL SURVEY CONDUCTED | Hulu | Amazon Prime Video | Disney+ | Netflix | Hulu | Amazon | Hulu | Amazon Prime Video | Disney+ | Netflix | Hulu | | Amazon Prime Video | | Hulu | Amazon Prime Video | | Hulu | Amazon Prime Video | | Hulu | Amazon Prime Video | | Hulu | Amazon Prime Video |
OCT. 31-NOV. 4 CBS All Access Prime Video | CBS All Access CBS All Access Amazon Prime Video CBS All Access CBS All Access CBS All Access CBS All Access CBS All Access
B8 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

EXCHANGE
flix’s most popular plan. Disney ex- League Baseball’s streaming service
pects the service to have between 60 as well as HBO Now.
million and 90 million subscribers by “That is probably the best acquisi-
Kevin Mayer, the end of fiscal year 2024. tion by any traditional media com-
photographed last pany ever,” said Marty Yudkovitz,
year at his Disney Mini-McKinsey who worked alongside Mr. Mayer in
office. He faces a A native of Bethesda, Md., Mr the strategic planning unit for years.
big test as the Mayer worked as a movie-theater “It was not at all sexy. But it was the
executive running usher in high school and took to critical factor of making this whole
the company’s new sales early in life. As a teenager, he over-the-top plan work.”
streaming service, sold his services as a window- Mr. Mayer’s previous acquisition
Disney+. washer to neighbors. A football ca- campaigns were puny compared to
reer at MIT and a business degree Disney’s Fox deal. Mr. Mayer pre-
from Harvard Business School fol- sented the case for buying Fox to
lowed before he joined Disney’s the Disney board, traveling to Mr.
strategic planning division in 1993. Murdoch’s Moraga winery in Los
The division, founded in the late Angeles to hash out terms. He was
1980s to stress-test the business at Mr. Iger’s side through a bidding
plans of Disney divisions, became war for the Fox assets launched by
Mr. Mayer’s home at Disney. It was Comcast Corp., eventually helping
staffed by a small number of recent to close the deal for $71.3 billion.
business-school graduates who Fox Corp. Chief Executive Lachlan
were given carte blanche to weigh Murdoch said Mr. Mayer was the
in on business plans from divisions “problem solver” during Fox negotia-
across the company. Colleagues de- tions, helping to resolve both minor
scribed it as a mini-McKinsey—a roadblocks and complex issues.
place where future executives like Fox Corp. and Wall Street Jour-
eBay Inc. CEO Meg Whitman cut nal parent News Corp share com-
their teeth. mon ownership.
Mr. Mayer ascended quickly and Winning the deal proved critical to
was named senior vice president of
strategic planning in 1998 at age 36.
Mr. Mayer specialized in finding ways
to connect Disney with new digital
tools. One of his initiatives: an at-
tempt to convince TV viewers watch-

89%
ing the Tostitos Fiesta Bowl to go on-
line and simultaneously follow the
game with trivia and games on their
personal computers.
of people likely to subscribe
“I don’t think he had a particular to Disney+ said Star Wars,
fascination with Disney,” said Jake Pixar and Marvel movies
Winebaum, the chair of Disney’s in- are major draws.
ternet division in the late 1990s.
“He had a real fascination with the
power of its brand and its various
distribution channels.”
Mr. Mayer started overseeing Dis-
ney’s internet ventures before leaving
MAYER: GIZELLE HERNANDEZ; ICONS: ISTOCK

in early 2000 for a very different


company: Playboy Enterprises Inc.
Mr. Mayer was hired to broaden
2024
the Playboy website’s audience and The year Disney expects
turn it into a destination for more to break even on its
than just pictures of naked women. new streaming service
The partnership didn’t last.
“Kevin is a square-jawed, corpo-
rate executive soldier, and Playboy SOURCE: WSJ-HARRIS POLL SURVEY
had a cast of characters,” said Al- CONDUCTED OCT. 31-NOV. 4; DISNEY
len Blankenship, a Los Angeles
real-estate agent who sold a men’s

Can This Man Deliver


entertainment site to Playboy soon
after Mr. Mayer took over. “It was the job Mr. Mayer now holds, since
not as polished a crew as I’m sure the Fox library of films and television
he was used to.” shows, including “The Simpsons” and
Mr. Mayer’s strategy failed to “Avatar,” is bolstering its streaming

The Future of Disney?


catch on, and he left the job less service’s offerings.
than a year after he started. After a “This deal wouldn’t be possible
few years working in media at Clear without Kevin’s unbelievably hard
Channel Communications and LEK work,” said Mr. Iger on a call an-
Consulting, he returned to the G- nouncing the Disney-Fox tie-up.
rated fold of Disney in 2005, when “He’s probably the only one in the
Mr. Iger took the top job. Mr. company who’s had less sleep than
Mayer’s Playboy tenure does not I have.”
Disney makes a big bet on the executive launching its streaming strategy appear in his Disney company bio.
Succession Planning
BY ERICH SCHWARTZEL AND JOE FLINT The Deal Maker In March 2018, about a year before
After returning to Disney, Mr. the Disney-Fox deal closed, Mr. Iger

O
Mayer began working on a series of reconfigured his company and
Burbank, Calif. as an industry colossus: Pixar En- Then there’s the question of Mr. big-ticket mergers that remade the placed two longtime lieutenants at
n the Walt Disney Co. tertainment, Marvel Studios, Lucas- Mayer’s management style. Current company over a decade of growth. the top. Mr. Mayer would be in
campus, longtime film Ltd. and 21st Century Fox. and former colleagues say he con- While Mr. Iger remained the public charge of direct-to-consumer and
executive Kevin Mayer Not everything in Mr. Mayer’s ac- fronts disagreements head-on, a de- face of the strategy, Mr. Mayer was international operations; Bob Cha-
has a nickname: Buzz quisition history has gone well. As parture from Disney’s cautious com- often in charge of the nuts-and- pek, who ran Disney’s theme parks,
Lightyear. he’s been charged with finding—or pany culture. When Mr. Mayer bolts of each deal. would take over licensing and con-
Mr. Mayer, 57 years hedging against—the next big thing oversaw Disney’s strategic planning Pixar Entertainment came first— sumer products such as Disney toys,
old, has the self-confidence, swagger in entertainment, Disney has made unit, his employees would tell new a $7.4 billion deal for the studio be- apparel and stores.
and jawline of the “Toy Story” char- questionable investments in virtual hires which nearby convenience hind “Toy Story.” Mr. Iger won over Many in the industry see the
acter—as well as the astronaut figu- reality, digital media, online video stores sold Red Bull and caffeine Pixar founder Steve Jobs, and Mr. promotions as a bake-off to be Mr.
rine’s relentlessly hard-driving style platforms and even 3-D printing. pills; long hours under him are a Mayer befriended Ed Catmull, a Iger’s successor as CEO. Mr. Iger is
and bravado. Mr. Mayer has virtually no oper- given. Disney declined to make Mr. company executive who specialized scheduled to retire in 2021, though
Now he is getting a very public ational experience at Disney: He’s Mayer available for an interview. in the technical details as president he has already delayed his retire-
test. After more than two decades never run a division such as the In recent years, Mr. Mayer has of Pixar and co-head of Walt Disney ment several times.
as one of Disney Chief Executive film studio or the theme parks. softened some of his rough edges, Animation Studios after the sale. In August, Mr. Mayer got a taste of
Robert Iger’s top lieutenants, Mr. Now, as head of Disney’s streaming people who have worked with him He was an early champion of the the public-facing aspect of his new
Mayer is launching Disney’s bet- strategy—an effort that also in- said. And colleagues attribute some plan to buy Marvel Studios at a role when he appeared alongside a
the-farm streaming service, Dis- cludes Hulu and an ESPN service— of his sharp-elbowed style to the time when only a handful of super- crew of “High School Musical” danc-
ney+, which will debut Nov. 12. he directs a team of producers cre- job he held as head of strategic hero films had hit at the box office. ers at the annual D23 fan convention
Success is critical for Disney. ating hundreds of hours of planning, which has little room for Mr. Mayer led negotiations for the to hawk Disney+ subscriptions ahead
Rather than continuing to sell its programming and dozens of engi- error or niceties. 2009 sale. of the service’s launch.
movies and television shows to Net- neers building a technical infra- “He has a relentless pursuit of “Kevin got it when most every- He was part of a presentation to
flix Inc., Disney is trying to become structure that must handle millions excellence which can be stressful one still didn’t,” said David Maisel, cheering fans that included Ewan
the Netflix alternative. The com- of subscribers at once. He also and exhausting at times,” said Nick then Marvel Studios’ chairman. McGregor confirming news he
pany has already spent billions of oversees Disney’s international op- van Dyk, a former Disney executive Disney bought Lucasfilm for $4 would return to the screen as Obi-
dollars producing programs for the erations, including broadcast hold- who worked for Mr. Mayer for billion in 2012, acquiring the “Star Wan Kenobi. The canine stars of a
service and constructing its techni- ings in dozens of countries. many years. “It is also the way his Wars” franchise in the process and live-action retelling of “The Lady
cal underpinnings. Mr. Iger has told The move has introduced Mr. people get their best work done.” capping a trifecta of deals costing and the Tramp” made an appear-
Wall Street he stakes the future of Mayer to the entertainment side of Wall Street has responded favor- about $16 billion that had trans- ance. Mr. Mayer was there as the
the company on it. the world’s largest entertainment ably to Disney’s streaming strategy so formed the company into a stable of suit in the mix, sounding more like
As Disney’s longtime deals ma- company. Unlike Mr. Iger, who rose far, recovering losses generated when Hollywood’s most valuable brands. he was speaking at a board meeting
ven, Mr. Mayer has been an impor- to the top after several roles in pro- the company acknowledged long- A less heralded but crucial deal than at a fan club event.
tant architect of the company’s re- gramming, Mr. Mayer, an engineer term subscriber declines due to ca- Mr. Mayer made was getting con- Disney+ is appropriate for “con-
cent success. He helped orchestrate by training, has had little interac- ble-cutting. Disney is pricing the ser- trol of BAMTech LLC, a technology sumers of all ages,” Mr. Mayer
the four acquisitions that expanded tion with the creative aspect of the vice with an initial cost of $6.99 a company known for creating the said. “We have the brands that
Disney into its modern incarnation company until now. month—about half the cost of Net- well-regarded architecture of Major matter most.”

Where Deals Come True


Disney executive Kevin Mayer helped orchestrate a number of successful acquisitions for the company,
though not all have been hits.
21st Century Fox assets
Major Disney deals in which Mr. Mayer played role OUTCOME: Hit Miss To be determined $71.3 billion ACQUISITION
The deal—Mr Mayer’s
DEAL VALUE Marvel biggest—boosted Disney’s
Pixar library for its streaming
Entertainment Lucasfilm Maker
Club Vice BamTech effort The companies are
Penguin Playdom Studios Media still integrating

2006 ’07 ’’08


08 ’09 ’10 ’’11
11
11 ’12 ’13
’1
13
13 ’14 ’15 ’16 ’17 ’18 ’’19
19
19
ANNOUNCEMENT YEAR

$7.4 billion $700 million $4.2 billion $763 million $4 billion $950 million $400 million $2.6 billion
ACQUISITION ACQUISITION* ACQUISITION ACQUISITION† ACQUISITION ACQUISITION‡ INVESTMENT ACQUISITION**
Mr Mayer befriended The multiplayer Mr Mayer hashed out Less than four years After ‘Star Wars: The ‘If I’m going to make a Disney ended up The company became
Pixar co-founder Ed online game geared the details of Marvel’s after Disney acquired Force Awakens’ broke bet on the future it’s taking a write- Disney Streaming
Catmull while Disney toward kids missed value at one point the social gaming records follow-up short-form video and down on its stake Services and is building
CEO Bob Iger courted early performance estimating the company it closed installments and a younger audiences’ Disney+ infrastructure
Steve Jobs targets and was shut box-office returns of most of its games and theme-park attraction Mr Mayer said Maker Mr Mayer oversees both
down in 2017 upcoming movies was finished by 2016 have disappointed has since floundered
*Includes $350 million performance payout that was not paid out †Includes $200 million performance payout that may not have been paid in full ‡Includes $450 million performance payout that may not have been paid in full **Over two deals
Source: staff reports Kara Dapena/THE WALL STREET JOURNAL
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | B9

MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Track the Markets: Winners and Losers
Last Year ago Last Year ago Last Year ago A look at how selected global stock indexes, bond ETFs, currencies and
27681.24 Trailing P/E ratio 20.50 21.76 3093.08 Trailing P/E ratio * 24.02 22.31 8475.31 Trailing P/E ratio *† 25.45 22.92 commodities performed around the world for the week.
s 6.44 P/E estimate * 18.38 16.39 s 7.90 P/E estimate * 18.65 16.75 s 40.80 P/E estimate *† 22.37 19.35
Stock Currency, Commodity, Exchange-
Dividend yield 2.35 2.26 Dividend yield * 1.88 1.93 or 0.48% Dividend yield *† 0.99 1.07
or 0.02% or 0.26% index vs. U.S. dollar traded in U.S.* traded fund
All-time high:
All-time high Current divisor All-time high Dow Jones Transportation Average 3.06%
8475.31, 11/08/19
27681.24, 11/08/19 0.14744568353097 3093.08, 11/08/19 Nymex natural gas 2.76
FTSE MIB 2.62
27500 3100 8550 S&P 500 Financials 2.43
65-day moving average Nikkei 225 2.37
27000 3050 8375 CAC-40 2.22
DAX 2.06
8200 Hang Seng 2.03
26500 3000
S&P 500 Energy 2.01
Session high
S&P 500 Materials 2.00
DOWN UP 26000 2950 8025
Euro Stoxx 1.93
t

Session open Close


65-day moving average Nymex crude 1.85
Close Open 25500 2900 7850 S&P 500 Industrials
t

1.85
Kospi Composite 1.76
Session low 65-day moving average
25000 2850 7675 S&P/TSX Comp 1.71
Bars measure the point change from session's open S&P 500 Information Tech 1.65
24500 2800 7500 Stoxx Europe 600 1.50
Sept. Oct. Nov. Sept. Oct. Nov. Sept. Oct. Nov. Dow Jones Industrial Average 1.22
S&P 500 Telecom Svcs 1.17
Weekly P/E data based on as-reported earnings from Birinyi Associates Inc. † Based on Nasdaq-100 Index
Nasdaq 100 1.16
South African rand 1.16
Major U.S. Stock-Market Indexes Trading Diary Nasdaq Composite 1.06
Latest 52-Week % chg Volume, Advancers, Decliners Comex copper 1.02
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. NYSE NYSE Amer. WSJ Dollar Index 0.94
Dow Jones Total volume* 823,933,099 10,098,072 S&P 500 0.85
Industrial Average 27694.95 27578.97 27681.24 6.44 0.02 27681.24 21792.20 6.5 18.7 14.7 Adv. volume* 444,649,707 4,711,777 S&P SmallCap 600 0.83
Transportation Avg 11102.51 11018.57 11067.16 -24.21 -0.22 11098.99 8637.15 5.2 20.7 9.9 Decl. volume* 359,403,115 4,779,090 S&P/ASX 200 0.82
Utility Average 839.51 831.34 835.30 -3.04 -0.36 880.50 692.00 13.1 17.2 7.7 Issues traded 3,050 279 FTSE 100 0.78
Total Stock Market 31628.40 31425.23 31628.38 88.51 0.28 31628.38 24126.04 10.5 23.0 12.7 Advances 1,559 134 S&P MidCap 400 0.75
Barron's 400 703.77 699.34 703.76 2.11 720.53 571.68 0.7 15.4 9.5 Declines 1,400 136 IBEX 35 0.70
0.30
Unchanged 91 9 Russell 2000 0.60
Nasdaq Stock Market New highs 107 8 Chinese yuan 0.59
Nasdaq Composite 8475.57 8405.89 8475.31 40.80 0.48 8475.31 6192.92 14.4 27.7 17.7 New lows 45 7 South Korean won 0.52
Nasdaq 100 8256.29 8186.31 8255.89 36.24 0.44 8255.89 5899.35 17.3 30.4 19.8 Closing Arms† 0.95 0.95 S&P BSE Sensex 0.39
Block trades* 5,762 99 S&P 500 Health Care 0.25
S&P
Nasdaq NYSE Arca
Shanghai Composite 0.20
500 Index 3093.09 3073.58 3093.08 7.90 0.26 3093.08 2351.10 11.2 23.4 13.1
Mexico peso 0.04
MidCap 400 1998.50 1985.83 1998.39 5.75 0.29 1999.33 1567.40 6.2 20.2 9.7 Total volume*1,984,353,121 218,486,008
iShiBoxx$HYCp 0.03
SmallCap 600 989.27 982.49 988.56 1.04 0.11 990.18 793.86 1.6 17.0 10.8 Adv. volume*1,213,928,398 63,304,672
Indonesian rupiah unch.
Decl. volume* 740,139,453 153,470,379
Other Indexes -0.19 iSh 1-3 Treasury
Issues traded 3,274 1,619
Russell 2000 1598.93 1587.49 1598.86 4.87 0.31 1614.98 1266.93 3.2 18.6 10.2 -0.22 S&P 500 Consumer Discr
Advances 1,662 787
NYSE Composite 13407.81 13343.02 13407.80 12.26 0.09 13407.80 10769.83 6.9 17.9 8.4 -0.26 IPC All-Share
Declines 1,474 797
Value Line 536.44 533.14 1.17 0.22 552.12 446.06 13.6
-0.38 Russian ruble
536.44 -0.6 4.7 Unchanged 138 35
-0.40 Norwegian krone
NYSE Arca Biotech 4612.72 4423.85 4582.68 121.72 2.73 5261.79 3890.37 -2.2 8.6 14.6 New highs 98 64
-0.44 Bloomberg Commodity Index
NYSE Arca Pharma 607.73 600.95 607.73 6.79 1.13 612.45 535.91 1.6 6.8 8.7 New lows 97 15
-0.50 Lean hogs
KBW Bank 109.80 108.78 109.72 0.15 0.14 109.72 80.78 8.4 27.9 13.4 Closing Arms† 0.69 1.96
-0.51 Soybeans
PHLX§ Gold/Silver 92.49 91.03 91.69 -0.12 -0.13 101.76 61.84 42.9 29.8 1.7 Block trades* 8,585 1,481
-0.52 Sao Paulo Bovespa
PHLX§ Oil Service 70.23 68.25 70.20 0.26 0.38 118.72 59.66 -40.9 -12.9 -22.5 * Primary market NYSE, NYSE American NYSE Arca only. -0.53 S&P 500 Consumer Staples
PHLX§ Semiconductor 1736.90 1710.96 1736.78 9.10 0.53 1736.78 1069.39 41.3 50.3 28.0 †(TRIN) A comparison of the number of advancing and declining
-0.56 iSh TIPS Bond
issues with the volume of shares rising and falling. An
Cboe Volatility 13.05 12.00 12.07 -0.66 -5.18 36.07 12.01 -30.5 -52.5 -13.6 -0.66 Canada dollar
Arms of less than 1 indicates buying demand; above 1
 Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. -0.67 iShNatlMuniBd
-0.75 Australian dollar
-0.78 Nymex ULSD
International Stock Indexes Percentage Gainers... -0.86 VangdTotIntlBd
Latest YTD Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg -0.97 Japanese yen
-1.02 VangdTotalBd
World The Global Dow 3157.91 –2.42 –0.08 15.5 Clovis Oncology CLVS 5.88 1.56 36.11 32.05 2.93 -62.4
Leaf Group LEAF 4.18 0.99 31.03 9.38 2.73 -54.2
-1.09 iShJPMUSEmgBd
DJ Global Index 417.05 –0.15 –0.04 18.9
TrueCar True 4.78 1.13 30.96 10.89 3.01 -52.4 -1.11 Wheat
DJ Global ex U.S. 254.28 –1.01 –0.39 14.2
Fulgent Genetics FLGT 15.82 3.50 28.41 16.28 3.05 340.1 -1.16 Indian rupee
Americas DJ Americas 728.62 1.54 0.21 22.7 Pacific Drilling PACD 3.50 0.73 26.35 3500.00 2.48 -99.8 -1.19 Swiss franc
Brazil Sao Paulo Bovespa 107628.98 –1951.59 –1.78 22.5 -1.27 UK pound
Sientra SIEN 8.84 1.84 26.29 19.38 4.78 -52.5
Canada S&P/TSX Comp 16877.42 71.67 0.43 17.8 -1.33 Euro area euro
RAPT Therapeutics RAPT 28.10 5.83 26.18 42.00 11.85 ...
Mexico S&P/BMV IPC 43702.23 –417.67 –0.95 5.0 -1.33 Nymex RBOB gasoline
Farmer Bros. FARM 16.29 3.30 25.40 26.25 10.26 -34.8
Chile Santiago IPSA 3361.81 12.98 0.39 –10.7
Axon Enterprise AAXN 65.29 12.88 24.57 74.93 39.43 24.9 -1.40 iShiBoxx$InvGrdCp
EMEA Stoxx Europe 600 405.42 –1.14 –0.28 20.1 Eventbrite EB 21.32 3.99 23.02 33.82 15.30 -34.4 -1.69 iSh 7-10 Treasury
Eurozone Euro Stoxx 399.01 –0.96 –0.24 21.5 Viela Bio VIE 33.00 6.01 22.27 33.43 18.20 ... -3.08 Corn
Belgium Bel-20 3876.94 –1.20 –0.03 19.5 Paringa Resources ADR PNRL 2.58 0.45 20.89 9.02 1.65 -65.6 -3.10 Comex gold
Denmark OMX Copenhagen 20 1098.02 16.26 1.50 23.2 Bloom Energy BE 5.17 0.87 20.23 19.87 2.44 -73.4 -3.67 S&P 500 Real Estate
France CAC 40 5889.70 –1.29 –0.02 24.5 QuinStreet QNST 15.31 2.57 20.17 20.02 10.15 -9.9 -3.73 S&P 500 Utilities
Germany DAX 13228.56 –60.90 –0.46 25.3 Adamas Pharmaceuticals ADMS 5.63 0.93 19.79 13.25 3.35 -52.7 -4.02 iSh 20+ Treasury
Israel Tel Aviv 1668.76 … Closed 14.0 -6.78 Comex silver
Italy FTSE MIB 23534.49 31.46 0.13 28.4 Percentage Losers *Continuous front-month contracts
Netherlands AEX 596.50 –0.61 –0.10 22.3 Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Sources: FactSet (stock indexes, bond ETFs, commodities), Tullett Prebon (currencies).
Russia RTS Index 1468.17 –18.86 –1.27 37.4 THE WALL STREET JOURNAL
South Africa FTSE/JSE All-Share 56617.02 –865.98 –1.51 7.4 AnaptysBio ANAB 10.18 -25.98 -71.85 83.10 10.00 -85.9
Spain IBEX 35 9393.70 –53.60 –0.57 10.0 Red Lion Hotels RLH 2.86 -3.60 -55.73 10.21 2.76 -68.4 See an expanded daily list of selected global stock indexes, bond ETFs, currencies
Sweden OMX Stockholm 662.09 0.49 26.1 Unit Corp UNT 1.04 -0.97 -48.26 23.00 0.99 -95.4 and commodities at WSJ.com/TrackTheMarkets
3.21
Switzerland Swiss Market 10309.23 –17.55 –0.17 22.3 Modine Manufacturing MOD 7.02 -4.83 -40.76 16.67 6.82 -47.3
Turkey BIST 100 103153.20 –391.15 –0.38 13.0 DIRTT Envtl Solutions DRTT 3.15 -1.45 -31.52 6.90 3.11 -40.6
U.K. FTSE 100 7359.38 –47.03 –0.63 9.4 Therapix Biosciences ADR TRPX 1.76 -0.69 -28.16 8.95 1.70 -78.5
U.K. FTSE 250 20357.63 –75.59 –0.37 16.3 Medifast
NV5 Global
MED
NVEE
74.36 -27.64 -27.10
53.08 -16.92 -24.17
165.70 66.50
89.35 51.46
-53.5
-38.4
Speed-Read the Markets
Asia-Pacific
DHI Group DHX 3.00 -0.82 -21.47 4.44 1.34 70.5
Australia S&P/ASX 200 6724.10 –2.53 –0.04 19.1
Altair Engineering Cl A ALTR 30.00 -7.47 -19.94 43.28 25.28 -6.6
China Shanghai Composite 2964.18 –14.53 –0.49 18.9 With 30-plus charts and concise analysis,
Hong Kong Hang Seng 27651.14 –196.09 –0.70 7.0 U S Concrete USCR 43.86 -10.10 -18.72 56.22 30.41 14.5
India S&P BSE Sensex 40323.61 –0.81 11.8 Teradata TDC 25.41 -5.71 -18.35 49.42 23.71 -32.5 The Daily Shot morning newsletter delivers an
–330.13
Japan Nikkei Stock Avg 23391.87 61.55 0.26 16.9 Green Dot Cl A GDOT 24.54 -5.41 -18.06 92.87 22.45 -71.4 overview of the trends impacting global markets.
Energous Corp. WATT 2.32 -0.51 -18.02 11.54 1.93 -74.9
Singapore Straits Times 3264.30 –21.41 –0.65 6.4 Sign up now at WSJ.com/DailyShot
South Korea 4.7
Arlo Technologies ARLO 2.84 -0.62 -17.92 13.71 2.71 -77.7
Kospi 2137.23 –7.06 –0.33 © 2018 Dow Jones & Co., Inc. All rights reserved. 2DJ6399
Taiwan TAIEX 11579.54 –27.02 –0.23 19.0
Thailand SET 1637.85 –3.03 –0.18 4.7
Most Active Stocks
Volume % chg from Latest Session 52-Week
Sources: FactSet; Dow Jones Market Data Company Symbol (000) 65-day avg Close % chg High Low

Chesapeake Energy CHK 69,008 8.1 0.90 -0.70 3.78 0.79 Currencies
Get real-time U.S. stock quotes and track most-active iShares MSCI Emg MarketsEEM 68,664 15.1 43.68 -0.91 44.84 38.04

WSJ stocks, new highs/lows and mutual funds. General Electric GE 62,466 -9.4 11.52 2.04 11.55 6.40 U.S.-dollar foreign-exchange rates in late New York trading
AXA Equitable Holdings EQH 62,014 2557.1 23.18 3.76 23.49 14.72 US$vs, US$vs,
Plus, deeper money-flows data and email delivery of Finl Select Sector SPDR XLF 53,808 2.4 29.84 -0.03 30.03 22.05 YTDchg YTDchg
Fri Fri
.COM key stock-market data. * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Available free at WSJMarkets.com 5,000 shares =Has traded fewer than 65 days Americas Vietnam dong .00004311 23199 0.02
Argentina peso .0168 59.5098 58.1 Europe
Brazil real .2402 4.1635 7.3 Czech Rep. koruna .04324 23.126 3.1
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Canada dollar .7559 1.3229 –3.0 Denmark krone .1475 6.7808 4.1

Selected rates
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Chile peso .001335 749.00 7.9 Euro area euro 1.1019 .9076 4.1
U.S. consumer rates notes and bonds major U.S. trading partners Colombiapeso .000299 3339.00 2.8 Hungary forint .003304 302.65 8.1
30-year mortgage, Rate Ecuador US dollar 1 1 unch Iceland krona .008003 124.96 7.6
A consumer rate against its
Mexico peso .0523 19.1031 –2.8 Norway krone .1095 9.1285 5.6
benchmark over the past year 4.00% 8%
Bankrate.com avg†: 3.95% Uruguay peso .02670 37.4600 15.7 Poland zloty .2584 3.8707 3.5
Farmers State Bank 3.50% One year ago Yen Asia-Pacific Russia ruble .01568 63.779 –7.9
t 3.00 4
s
Sweden krona .1031 9.7006 9.6
30-year fixed-rate 5.00% Waterloo, IA 877-FSB-1879 Australian dollar .6861 1.4575 2.8
mortgage Switzerland franc 1.0026 .9974 1.6
China yuan .1429 6.9960 1.7
t Capitol Federal Svgs Bk 3.63% 2.00 0 Turkey lira .1734 5.7668 9.0
4.00 Hong Kong dollar .1278 7.8271 –0.1
Shawnee, KS 800-222-7312 Ukraine hryvnia .0407 24.5416 –11.5
t India rupee .01401 71.360 2.6
10-year Treasury 3.00 CoreFirst Bank Trust 3.63% 1.00 –4 s Indonesia rupiah .0000714 14014 –2.5 UK pound 1.2775 .7828 –0.1
s
note yield Topeka, KS 785-267-8900 Tradeweb ICE Friday Close WSJ Dollar index Euro Japan yen .009154 109.25 –0.3 Middle East/Africa
t 0.00
2.00 –8 Kazakhstan tenge .002573 388.60 1.1 Bahrain dinar 2.6527 .3770 0.01
Dime Bank 3.63%
1 3 6 1 2 3 5 710 30 Macau pataca .1241 8.0597 –0.1 Egypt pound .0619 16.1499 –9.8
Norwich, CT 860-889-2318 2019
1.00 month(s) years Malaysia ringgit .2420 4.1330 0.01 Israel shekel .2862 3.4936 –6.6
D J FMA M J J A S O N First United Bank Trust 3.63% New Zealand dollar .6330 1.5798 6.2 Kuwait dinar 3.2911 .3039 0.2
maturity
2019 Oakland, MD 888-692-2654 Pakistan rupee .00642 155.650 11.3 Oman sul rial 2.5974 .3850 unch
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.550 –3.7 Qatar rial .2746 3.641 0.2
Singapore dollar .7356 1.3595 –0.2 Saudi Arabia riyal .2666 3.7503 –0.03
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0008630 1158.76
Sri Lanka rupee .0055399 180.51
4.0
–1.3
South Africa rand .0673 14.8623 3.5

Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.25 Yield (%) 52-Week Total Return (%) Taiwan dollar .03290 30.396 –0.6 Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr
Prime rate* 4.75 4.75 4.75 l 5.50 1.25 Thailand baht .03295 30.350 –6.1 WSJ Dollar Index 91.14 0.22 0.24 1.65
Libor, 3-month 1.90 1.89 1.89 l 2.82 1.02 U.S. Treasury, Barclays 2256.540 1.870 1.710 3.070 1.510 9.84 2.21 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.70 0.71 0.53 l 0.78 0.42 U.S. Treasury Long, Barclays 3958.600 2.370 2.160 3.370 1.880 22.64 3.92
Five-year CD, annual yield 1.43 1.49 1.43 l 2.07 0.22
30-year mortgage, fixed† 3.95 3.85 3.60 l 4.99 0.34
Aggregate, Barclays 2104.930 2.410 2.260 3.640 2.060 10.60 2.98 Commodities Friday 52-Week YTD
Fixed-Rate MBS, Barclays 2130.790 2.630 2.460 3.790 2.200 8.95 2.47 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.40 3.27 3.14 l 4.34 0.55
High Yield 100, ICE BofAML 3126.919 5.265 5.258 7.825 5.100 8.23 5.76
Jumbo mortgages, $484,350-plus† 4.38 4.28 4.16 l 5.01 0.11 DJ Commodity 629.56 0.01 0.001 639.65 572.87 2.31 9.89
Muni Master, ICE BofAML 560.099 1.768 1.674 2.884 1.459 8.34 3.01
Five-year adj mortgage (ARM)† 4.36 4.17 3.94 l 4.86 1.23 TR/CC CRB Index 181.28 0.29 0.16 189.66 167.89 -3.81 6.76
New-car loan, 48-month 4.51 4.56 4.49 l 4.81 1.54 EMBI Global, J.P. Morgan 862.225 5.145 5.026 7.372 5.026 12.74 4.07 Crude oil, $ per barrel 57.24 0.09 0.16 66.30 42.53 -4.90 26.05
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 2.789 0.017 0.61 4.837 2.070 -25.01 -5.14
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1461.30 -2.90 -0.20 1550.30 1199.20 21.13 14.32
B10 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

MARKET DATA
Futures Contracts Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Dec 18.98 19.11 18.76 19.09 .03 4,976 Mini Russell 2000 (CME)-$50 x index U.S. Dollar Index (ICE-US)-$1,000 x index
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1594.40 1601.30 1587.90 1598.90 4.00 466,384 Dec 98.00 98.25 97.95 98.20 .21 43,603
Contract Open
Dec 2,440 2,512 2,438 2,503 63 33,861 March'20 1594.30 1603.00 1590.40 1601.00 4.10 3,298 March'20 97.55 97.83 97.55 97.79 .21 2,293
Open High hi lo Low Settle Chg interest
March'20 2,450 2,507 2,448 2,498 48 115,952 Mini Russell 1000 (CME)-$50 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Coffee (ICE-US)-37,500 lbs.; cents per lb. Dec 1700.20 1707.20 1696.80 1706.80 4.20 7,863 Source: FactSet
Nov 2.6980 2.6980 2.6790 2.6780 –0.0460 1,016 Dec 108.75 109.90 108.30 109.45 .35 79,590
Dec 2.7120 2.7215 2.6765 2.6820 –0.0455 120,976 March'20 112.30 113.30 111.80 112.85 .25 100,429
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Nov
Dec
1469.10 1469.10
1469.00 1473.90
t 1461.30 1461.30 –2.90
1457.00 1462.90 –3.50
382
445,056
March
May
12.36
12.49
12.61
12.71
12.29
12.42
12.57
12.66
.18 532,850
.13 176,014
Bonds | WSJ.com/bonds
Feb'20 1476.00 1480.70 1463.40 1469.80 –3.50 165,908 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
April 1479.00 1485.40 1468.80 1475.10 –3.50 38,110 Jan 26.95 27.46 s 26.95 27.40 .48 927 Global Government Bonds: Mapping Yields
June 1486.30 1490.50 1473.90 1480.00 –3.60 37,906 March 27.44 27.50 s 27.40 27.50 .25 1,700
Dec 1500.50 1503.00 1488.80 1496.30 –1.40 7,393 Cotton (ICE-US)-50,000 lbs.; cents per lb. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 64.35 65.06 63.61 64.72 .37 88,467
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Nov … … … 1711.10 –69.20 March'20 65.93 66.93 65.50 66.57 .53 99,768
Dec 1767.70 1772.50 1707.10 1708.60 –69.20 21,150 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
March'20 1769.00 1769.00 1704.20 1705.50 –68.90 4,577 Nov 97.30 97.30 97.30 97.30 1.25 28 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
June 1750.00 1750.00 1700.00 1699.30 –67.50 1,513 Jan'20 99.05 100.75 99.00 100.30 .75 13,785 1.500 U.S. 2 1.662 t l 1.673 1.424 2.977
Sept 1735.60 1735.60 1719.00 1687.10 –67.50 98
1.750 10 1.929 s l 1.918 1.533 3.238
Dec 1728.00 1728.00 1715.00 1686.60 –67.70 n.a. Interest Rate Futures
Platinum (NYM)-50 troy oz.; $ per troy oz. 5.750 Australia 2 0.902 s l 0.876 0.647 2.085 -76.0 -79.8 -89.2
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Nov 923.00 923.00 923.00 889.40 –21.20 25 2.750 10 1.302 s l 1.217 0.901 2.766 -70.1 -47.3
Dec 181-290 183-030 180-260 181-080 –21.0 1,167,455 -62.7
Jan'20 913.80 914.30 889.60 893.10 –20.90 84,282
March'20 182-080 182-080 180-020 180-150 –21.0 15,879
Silver (CMX)-5,000 troy oz.; $ per troy oz. 0.000 France 2 -0.577 t l -0.566 -0.694 -0.392 -223.9 -223.9 -336.9
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Nov 16.845 16.875 t 16.765 16.783 –0.187 3 0.000 10 0.023 t l 0.047 -0.300 0.825 -187.1 -241.4
Dec 156-210 157-070 156-010 156-130 –8.0 998,325 -190.6
Dec 17.070 17.095 16.660 16.823 –0.187 144,406
March'20 155-280 156-120 155-070 155-180 –8.0 14,294
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. 0.000 Germany 2 -0.612 t l -0.605 -0.787 -0.575 -227.4 -227.8 -355.3
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 57.08 57.48 55.76 57.24 0.09 352,155 0.000 10 -0.260 t l -0.235 -0.592 0.460 -218.9 -215.2 -277.8
Dec 128-135 128-220 128-035 128-125 … 3,684,565
Jan'20 57.11 57.48 55.77 57.26 0.11 285,731
March'20 128-135 128-205 128-020 128-115 … 210,115
Feb 56.92 57.30 55.59 57.10 0.17 149,498 0.050 Italy 2 -0.109 s l -0.152 -0.262 0.957 -177.1 -182.5 -202.0
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 56.55 56.95 55.23 56.77 0.23 184,415 3.000 10 1.182 s l 1.158 0.843 3.401 -76.0 16.2
Dec 118-047 118-110 117-317 118-052 .7 4,471,376 -74.7
June 55.31 55.68 54.00 55.55 0.34 186,441
March'20 118-135 118-197 118-082 118-135 .7 256,582
Dec 53.31 53.68 52.14 53.59 0.38 179,873 0.100 Japan 2 -0.178 s l -0.193 -0.321 -0.134 -184.0 -186.7 -311.1
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 107-159 107-179 107-142 107-163 .7 3,748,879 0.100 10 -0.060 s l -0.086 -0.201 0.122 -198.9 -200.4 -311.6
Dec 1.9191 1.9256 1.8718 1.9181 –.0022 126,479
March'20 107-205 107-226 107-189 107-211 .7 341,346
Jan'20 1.9137 1.9190 1.8669 1.9132 –.0014 80,142 0.050 Spain 2 -0.381 t l -0.377 -0.516 -0.223 -204.3 -205.0 -320.1
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Nov 98.4300 98.4350 98.4275 98.4325 .0050 374,934 0.600 10 0.388 s l 0.375 0.121 1.608 -154.1 -154.3 -163.1
Dec 1.6399 1.6399 1.5885 1.6337 –.0018 131,056
Jan'20 98.4600 98.4650 98.4500 98.4550 –.0050 425,611
Jan'20 1.6258 1.6258 1.5773 1.6213 –.0015 103,731 3.750 U.K. 2 0.556 s l 0.546 0.324 0.841 -110.6 -112.7 -213.6
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 96-240 97-005 96-155 96-235 .5 79,502 1.625 10 0.794 t l 0.795 0.417 1.432 -113.6 -112.3 -180.7
Dec 2.792 2.822 2.755 2.789 .017 243,443
Eurodollar (CME)-$1,000,000; pts of 100% Source: Tullett Prebon
Jan'20 2.871 2.905 2.839 2.873 .014 239,684
Nov 98.1075 98.1075 98.1025 98.1025 –.0025 325,056
Feb 2.827 2.864 2.797 2.822 .005 84,323
Dec 98.0900 98.0950 98.0800 98.0850 –.0050 1,533,562
March
April
2.662
2.404
2.693
2.428
2.638
2.391
2.661
2.420
.007
.018
142,970
86,382
March'20 98.2800 98.2950 98.2600 98.2750 … 1,586,547 Corporate Debt
Dec 98.3600 98.3950 98.3300 98.3600 .0100 1,228,526 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
May 2.385 2.395 2.364 2.396 .022 82,236
Currency Futures that same company’s share price.
Agriculture Futures Investment-grade spreads that tightened the most…
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Corn (CBT)-5,000 bu.; cents per bu. Nov .9157 .9171 .9139 .9165 .0013 1,814 Spread*, in basis points Stock Performance
Dec 375.25 383.75 372.50 377.25 2.00 621,743 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Dec .9166 .9186 .9152 .9179 .0014 180,435
March'20 383.75 392.25 381.00 386.50 2.75 421,415
Canadian Dollar (CME)-CAD 100,000; $ per CAD Wells Fargo WFC 4.100 June 3, ’26 74 –24 110 54.10 0.19
Oats (CBT)-5,000 bu.; cents per bu. Nov .7590 .7591 .7555 .7560 –.0027 528
Dec 304.50 306.00 301.25 304.25 –1.00 4,312 American Equity Investment Life Hldg AEL 5.000 June 15, ’27 196 –19 233 28.40 0.67
Dec .7592 .7592 .7555 .7560 –.0027 184,292
March'20 299.75 301.50 297.00 299.75 … 2,459
British Pound (CME)-£62,500; $ per £ BAT Capital BATSLN 2.789 Sept. 6, ’24 123 –14 131 ... ...
Soybeans (CBT)-5,000 bu.; cents per bu. Private Export Funding PEFCO 1.750 Nov. 15, ’24 10 –11 n.a. ... ...
Nov 1.2818 1.2825 1.2773 1.2787 –.0038 1,171
Nov 924.50 926.75 915.75 919.50 –5.50 1,214
Jan'20 935.50 938.75 926.50 931.00 –5.50 320,795
Dec 1.2827 1.2836 1.2782 1.2797 –.0038 201,033 HSBC Holdings HSBC 3.600 May 25, ’23 67 –10 65 38.24 –0.52
Soybean Meal (CBT)-100 tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF Discovery Communications DISCA 5.200 Sept. 20, ’47 216 –9 n.a. 30.91 –0.40
Dec 1.0075 1.0082 1.0045 1.0049 –.0022 70,142
Dec 305.60 306.40 301.80 304.90 –.70 132,614 AstraZeneca AZN 2.375 June 12, ’22 35 –8 48 47.26 0.98
Jan'20 308.10 308.60 304.10 307.00 –.80 104,644 March'20 1.0139 1.0151 1.0118 1.0120 –.0021 189
Australian Dollar (CME)-AUD 100,000; $ per AUD Baker Hughes a GE BHI 3.138 Nov. 7, ’29 117 –8 n.a. ... ...
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
31.50 Nov .6883 .6907 .6850 .6857 –.0045 531
Dec
Jan'20
31.41
31.62
31.75
31.97
31.35
31.57 31.71
.07 156,957
.06 128,185 Dec .6898 .6913 .6853 .6861 –.0045 151,661 …And spreads that widened the most
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Mexican Peso (CME)-MXN 500,000; $ per MXN Patterson–UTI Energy PTEN 3.950 Feb. 1, ’28 305 42 258 9.15 0.99
Nov 1178.00 1178.00 1178.00 1180.00 3.00 5 Nov .05219 .05232 .05206 .05229 .00007 2
General Electric GE 5.000 Jan. 21, ’49 273 34 296 11.52 2.04
Jan'20 1203.00 1210.00 1199.50 1204.00 1.00 8,289 Dec .05195 .05214 .05178 .05207 .00008 303,361
Wheat (CBT)-5,000 bu.; cents per bu. Euro (CME)-€125,000; $ per € Apollo Management Holdings APO 4.872 Feb. 15, ’29 150 20 161 42.27 –0.70
Dec 512.50 517.75 505.50 510.25 –2.25 172,560 Nov 1.1054 1.1061 1.1023 1.1029 –.0024 2,576 Halliburton HAL 3.800 Nov. 15, ’25 129 16 121 21.28 1.53
March'20 517.25 521.50 509.50 514.25 –3.00 122,451 Dec 1.1076 1.1081 1.1042 1.1049 –.0024 539,128 Expedia EXPE 4.500 Aug. 15, ’24 102 15 n.a. 101.32 3.08
Wheat (KC)-5,000 bu.; cents per bu. Shell International Finance RDSALN 2.000 Nov. 7, ’24 42 11 n.a. ... ...
Dec 424.25 430.00 417.75 421.50 –3.25 140,192 Index Futures CVS Health CVS 4.000 Dec. 5, ’23 75 9 81 72.47 0.96
March'20 432.50 438.50 427.00 430.50 –3.00 81,936
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Nov 146.425 147.250 146.375 147.000 .225 3,874
Dec 27672 27717 27541 27631 –36 113,870 High-yield issues with the biggest price increases…
March'20 27665 27700 27535 27622 –33 4,383
Jan'20 145.675 146.275 144.950 145.875 .100 21,397 Bond Price as % of face value Stock Performance
Cattle-Live (CME)-40,000 lbs.; cents per lb. S&P 500 Index (CME)-$250 x index Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Dec 3089.90 3092.00 3074.00 3090.60 4.70 24,297
Dec 119.075 119.650 118.525 119.250 .250 114,201
March'20 3081.00 3081.00 3081.00 3092.90 4.70 1 Pyxus International PYX 9.875 July 15, ’21 65.750 5.25 61.500 10.33 12.04
Feb'20 124.875 125.400 124.300 125.025 .175 95,338
Mini S&P 500 (CME)-$50 x index Chesapeake Energy CHK 8.000 Jan. 15, ’25 60.500 4.75 67.156 0.90 –0.70
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 3086.25 3092.50 3072.50 3090.50 4.50 2,588,418
Dec 64.200 64.900 63.750 64.125 –.175 86,134 March'20 3088.50 3095.00 3075.00 3093.00 4.75 132,679 Brazos Valley Longhorn BVLFIN 6.875 Feb. 1, ’25 78.000 4.25 78.750 ... ...
Feb'20 73.775 74.150 73.175 73.900 .125 71,628 Mini S&P Midcap 400 (CME)-$100 x index Rayonier AM Products RYAM 5.500 June 1, ’24 70.250 4.25 69.750 4.35 13.58
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 1993.10 2000.30 1984.50 1998.50 5.70 72,410
Nov 381.40 381.70 377.30 379.90 –6.10 192 CommScope Technologies COMM 5.000 March 15, ’27 85.750 3.13 81.000 … …
March'20 1920.50 1998.80 1991.10 2002.40 5.60 93
Jan'20 392.90 396.30 388.10 393.00 –.30 2,426 Mini Nasdaq 100 (CME)-$20 x index CIT CIT 4.125 Nov. 13, ’29 101.500 1.50 n.a. 44.81 –0.33
Milk (CME)-200,000 lbs., cents per lb. Dec 8230.0 8264.3 8190.0 8257.3 26.8 226,060 Mallinckrodt International Finance MNK 5.625 Oct. 15, ’23 26.000 1.50 36.000 … …
Nov 19.90 20.06 19.80 20.02 .07 5,600 March'20 8253.0 8285.5 8213.3 8279.0 26.8 2,187 Adient Global Holdings ADNT 4.875 Aug. 15, ’26 86.250 1.25 80.500 … …

…And with the biggest price decreases


Exchange-Traded Portfolios | WSJ.com/ETFresearch Party Cty PRTY 6.625 Aug. 1, ’26 69.500 –11.75 97.000 2.34 17.00
Closing Chg YTD Revlon Consumer Products REV 5.750 Feb. 15, ’21 82.950 –2.30 n.a. … …
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) Crestwood Midstream Partners CMLP 5.625 May 1, ’27 96.250 –2.19 101.156 ... ...
Closing Chg YTD iShRussell2000 IWM 159.08 0.27 18.8 McDermott Escrow 1 MDR 10.625 May 1, ’24 11.250 –2.00 19.000 … …
Friday, November 8, 2019
ETF Symbol Price (%) (%) iShRussell2000Val IWN 125.43 0.07 16.6
Closing Chg YTD Uniti UNIT 8.250 Oct. 15, ’23 83.000 –2.00 85.750 6.05 –8.47
iShRussell3000 IWV 180.84 0.26 23.1
ETF Symbol Price (%) (%) iShEdgeMSCIMinEAFE EFAV 75.02 –0.36 12.5
iShRussellMid-Cap IWR 57.47 0.33 23.6 Antero Midstream Partners AM 5.750 March 1, ’27 78.750 –1.75 78.000 … …
CnsmrDiscSelSector XLY 121.34 0.04 22.6 iShEdgeMSCIMinUSA USMV 63.50 –0.03 21.2 Extraction Oil & Gas XOG 5.625 Feb. 1, ’26 49.500 –1.75 45.250 2.14 –4.04
iShRussellMCValue IWS 91.98 0.17 20.5
CnsStapleSelSector XLP 60.76 –0.07 19.7 iShEdgeMSCIUSAMom MTUM 120.44 0.68 20.2
iShEdgeMSCIUSAQual QUAL 96.21 0.21 25.3
iShS&P500Growth IVW 184.83 0.28 22.7 Shutterfly SFLY 8.500 Oct. 1, ’26 84.750 –1.71 88.094 ... ...
EnSelectSectorSPDR XLE 60.69 –0.41 5.8 iShS&P500Value IVE 125.92 0.22 24.5
FinSelSectorSPDR XLF 29.84 –0.03 25.3 iShFloatingRateBd FLOT 50.93 0.02 1.1
iShShortCpBd IGSB 53.50 ... 3.6 *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.
HealthCareSelSect XLV 95.13 0.73 10.0
iShGoldTr IAU 13.95 –0.57 13.5
iShShortTreaBd SHV 110.55 0.01 0.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShiBoxx$InvGrCpBd LQD 125.71 –0.14 11.4
IndSelSectorSPDR XLI 81.76 0.13 26.9 iShTIPSBondETF TIP 115.56 –0.06 5.5
InvscQQQI QQQ
iShiBoxx$HYCpBd HYG 86.85 0.09 7.1 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
201.23 0.40 30.4 iSh1-3YTreasuryBd SHY 84.60 0.01 1.2
iShIntermCorpBd IGIB 57.47 –0.02 9.6
InvscS&P500EW RSP 111.81 0.23 22.3 iSh7-10YTreasuryBd IEF 110.24 –0.14 5.8
iShJPMUSDEmgBd EMB 112.36 0.14 8.1
InvscS&P500LowVol SPLV 56.81 –0.16 21.8 iSh20+YTreasuryBd TLT 134.91 –0.42 11.0
iShMBSETF MBB 107.81 0.08 3.0
iSh3-7YTreasuryBd IEI 125.52 –0.04 3.4 iShRussellMCGrowth IWP 145.34 27.8
iShCoreDivGrowth DGRO 40.69 0.22 22.6
iShMSCI ACWI
iShMSCIBrazil
ACWI
EWZ
77.17
43.02
...
–3.39
20.3
12.6 iShUSTreasuryBdETF GOVT 25.86
0.43
–0.15 4.9 Dividend Changes
iShCoreMSCIEAFE IEFA 64.15 –0.15 16.6 iShMSCI EAFE EFA 68.38 –0.06 16.3 JPM UltShtIncm JPST 50.47 –0.01 0.7
iShCoreMSCIEmgMk IEMG 52.44 –0.91 11.2 iShMSCI EAFE SC SCZ 60.42 –0.07 16.6 PIMCOEnhShMaturity MINT 101.59 –0.01 0.6 Dividend announcements from November 8.
iShCoreMSCITotInt IXUS 60.66 –0.30 15.5 iShMSCIEmgMarkets EEM 43.68 –0.91 11.8 SPDR BlmBarcHYBd JNK 108.20 0.06 7.4
Amount Payable / Amount Payable /
iShCoreS&P500 IVV 310.67 0.22 23.5 iShMSCIJapan EWJ 59.93 –0.05 18.2 SPDR Gold GLD 137.39 –0.64 13.3
Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
iShCoreS&P MC IJH 199.72 0.27 20.3 iShNatlMuniBd MUB 113.18 –0.02 3.8 SchwabIntEquity SCHF 33.39 –0.15 17.8
iShCoreS&P SC IJR 81.38 0.15 17.4 SchwabUS BrdMkt SCHB 73.88 0.24 23.3 Increased Brookfield Property Ptrs BPY 7.0 .33 Q Dec31 /Nov29
iShPfd&Incm PFF 37.04 0.03 8.2
iShS&PTotlUSStkMkt ITOT 69.85 0.27 23.1 iShRussell1000Gwth IWF 166.52 0.40 27.2 SchwabUS Div SCHD 56.95 0.19 21.2 CABCO Tr GS Cap Fltg Rate GYB 3.9 .20764 Q Nov15 /Nov14
Aircastle AYR 3.7 .32 /.30 Q Dec13 /Nov29 Caesarstone CSTE ... .15 Q Dec10 /Nov20
iShCoreUSAggBd AGG 111.81 –0.05 5.0 iShRussell1000 IWB 171.17 0.27 23.4 SchwabUS LC SCHX 73.77 0.24 23.6 Atmos Energy ATO 2.0 .575 /.525 Q Dec09 /Nov25
iShSelectDividend DVY 104.16 0.25 16.6 iShRussell1000Val IWD 133.12 0.17 19.9 SPDR DJIA Tr DIA 277.07 0.01 18.8 Canadian Natural Res CNQ 4.1 .2844 Q Jan01 /Dec11
Cogent Communications CCOI 3.8 .64 /.62 Q Dec09 /Nov22 DJ 2xSelect Div ETN DVYL 7.3 .245 M Nov20 /Nov12
SPDR S&PMdCpTr MDY 364.22 0.29 20.3
Core-Mark Holding CORE 1.5 .12 /.11 Q Dec13 /Nov19 Domtar UFS 4.7 .455 Q Jan15 /Jan02
SPDR S&P 500 SPY 308.94 0.25 23.6
SPDR S&P Div Evergy EVRG 3.0 .505 /.475 Q Dec20 /Nov27 ETRACS 2xLev MSCI US REIT LRET 7.5 .0791 M Nov20 /Nov12
Borrowing Benchmarks | WSJ.com/bonds
SDY 106.13 –0.03 18.6
TechSelectSector XLK 86.12 0.56 38.9 Fidelity D&D Bancorp FDBC 1.5 .28 /.26 Q Dec10 /Nov20 ETRACS 2xLev US Hi Div HDLV 10.6 .2198 M Nov20 /Nov12
UtilitiesSelSector XLU 61.75 –0.42 16.7 Global Water Resources GWRS 2.3 .0241 /.02386 M Dec30 /Dec16 ETRACS 2xM 092548 PFFL 10.6 .2161 M Nov20 /Nov12
VanEckGoldMiner GDX 26.23 –0.98 24.4 Kemper Corp KMPR 1.3 .28 /.25 Q Dec04 /Nov18 ETRACS Month Pay 2x Lvgd SMHB 20.7 .1114 M Nov20 /Nov12
Money Rates November 8, 2019 VangdInfoTech VGT 230.20 0.54 38.0 KLA KLAC 1.7 .85 /.75 Q Dec03 /Nov18 ETRACS Monthly 2xLev ETN SMHD 18.8 .073 M Nov20 /Nov12
VangdSC Val VBR 134.27 0.17 17.7 National Bank Holdings NBHC 2.1 .20 /.19 Q Dec13 /Nov29 ETRACS Monthly 2xLev xEn LMLP 12.5 .0634 M Nov20 /Nov12
Key annual interest rates paid to borrow or lend money in U.S. and VangdSC Grwth VBK 188.68 0.65 25.3 Shore Bancshares SHBI 2.4 .12 /.10 Q Nov29 /Nov16 ETRACS Monthly Pay 2xLev MRRL 20.6 .1333 M Nov20 /Nov12
VangdDivApp VIG 120.64 0.17 23.2 ETRACS Monthly Pay 2xLev DVHL 14.5 .1288 M Nov20 /Nov12
international markets. Rates below are a guide to general levels but VangdFTSEDevMk VEA 43.06 –0.21 16.1
Strategic Education STRA 1.5 .60 /.50 Q Dec09 /Nov25
ETRACS Monthly Pay 2xLev CEFL 17.1 .1783 M Nov20 /Nov12
Uniti Group UNIT 3.3 .22 /.05 Q Jan15 /Dec31
don’t always represent actual transactions. VangdFTSE EM VWO 42.85 –0.90 12.5
WestRock WRK 4.6 .465 /.455 Q Dec03 /Nov19 ETRACS Mortgage REIT MORL 20.2 .1333 M Nov20 /Nov12
VangdFTSE Europe VGK 56.28 –0.11 15.8 FGL Holdings FG 0.4 .01 Q Dec09 /Nov25
Week —52-WEEK—
Inflation Latest ago High Low
VangdFTSEAWxUS VEU 52.55 –0.28 15.3 Reduced GeoPark GPRK ... .0413 Dec10 /Nov22
Sept. index Chg From (%) VangdGrowth VUG 172.33 0.20 28.3 4.65% Fltg. Rate STRATS GJO 3.2 .0521 /.05455 M Nov15 /Nov14 Israel Chemicals ICL 4.7 .05 Q Dec18 /Dec04
level Aug. '19 Sept. '18 Switzerland 0.50 0.50 0.50 0.50 VangdHlthCr VHT 177.29 0.81 10.4
Nielsen Holdings NLSN 6.9 .06 /.35 Q Dec05 /Nov21 Itau Unibanco Holding ADR ITUB 5.2 .00367 M Jan13 /Dec03
Britain 0.75 0.75 0.75 0.75 VangdHiDiv VYM 91.53 0.28 17.4 James Hardie Indus ADR JHX 1.4 .10 SA Dec20 /Nov18
STRATS Dom Res Ser 05-06 GJP 3.9 .0637 /.06376 M Nov15 /Nov14
Australia 0.75 0.75 1.50 0.75 VangdIntermBd BIV 86.78 –0.17 6.8 Manulife Financial 3.8 .1896 Q Dec19 /Nov19
U.S. consumer price index MFC
VangdIntrCorpBd VCIT 90.42 –0.09 9.1 Initial Navios Marit Acq NNA 17.6 .30 Q Jan09 /Dec17
All items 256.759 0.08 1.7
Secondary market VangdLC VV 141.83 0.26 23.5
Genco Shipping & Trading GNK ... .175 Dec05 /Nov21 Osisko Gold Royalties OR 1.8 .0379 Q Jan15 /Dec31
Core 264.522 0.13 2.4 VangdMC VO 171.50 0.19 24.1 Pan American Silver PAAS 0.8 .035 Q Nov29 /Nov18
Fannie Mae VangdMC Val VOE 116.25 0.30 22.0 Stocks
International rates 30-year mortgage yields VangdMBS VMBS 53.10 ... 3.1 SELLAS Life Sciences 1:50 /Nov08
Quarterhill QTRH 3.0 .0095 Q Jan10 /Dec13
SLS S&P 2xDiv Aristo ETN SDYL 5.0 .4588 M Nov20 /Nov12
VangdRealEst VNQ 91.09 –0.24 22.2
Sky Solar Holdings ADR SKYS 1:2.5 /Nov08 Scorpio Tankers STNG 1.3 .10 Q Dec13 /Nov25
Week 52-Week 30 days 3.388 3.169 4.601 2.871 VangdS&P500ETF VOO 283.80 0.24 23.5
Latest ago High Low 60 days 3.403 3.193 4.622 2.890 TRACON Pharmaceuticals TCON 1:10 /Nov08 Stantec STN 1.7 .11 Q Jan15 /Dec30
VangdST Bond BSV 80.50 0.02 2.5
Notes on data: Venus Concept VERO 1:15 /Nov08 Sun Life Financial SLF 3.4 .4173 Q Dec31 /Nov27
VangdSTCpBd VCSH 80.78 –0.06 3.6
Prime rates U.S. prime rate is the base rate on corporate VangdSC VB 160.14 0.46 21.3
TELUS Corp. TU 4.5 .4418 Q Jan02 /Dec11
Foreign
U.S. 4.75 4.75 5.50 4.75 loans posted by at least 70% of the 10 largest VangdTotalBd BND 83.39 –0.10 5.3 Special
U.S. banks, and is effective October 31, 2019. B2Gold BTG ... .00759 Dec13 /Nov29
Canada 3.95 3.95 3.95 3.95 VangdTotIntlBd BNDX 57.82 0.02 6.6 Genco Shipping & Trading GNK ... .325 Dec05 /Nov21
Other prime rates aren’t directly comparable; Brookfield Bus Partners BBU 0.6 .0625 Q Dec31 /Nov29
Japan 1.475 1.475 1.475 1.475 VangdTotIntlStk VXUS 54.34 –0.24 15.1 Safeguard Scientifics SFE ... 1.00 Dec30 /Dec23
lending practices vary widely by location. Brookfield Infrastructure BIP 3.9 .5025 Q Dec31 /Nov29
Complete Money Rates table appears Monday VangdTotalStk VTI 157.16 0.28 23.1 Vericity VERY ... 6.25 Dec06 /Nov21
Policy Rates Brookfield Prop 6.5% Pfd. BPYPP 6.2 .40625 Q Dec31 /Dec02
through Friday. VangdTotlWrld VT 78.35 0.08 19.7
Euro zone 0.00 0.00 0.00 0.00 Sources: Bureau of Labor Statistics; FactSet VangdValue VTV 116.70 0.33 19.1 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: spin-off.

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
HomeFedBncpLA HFBL 36.40 7.5 Pfenex PFNX 11.39 4.9 Vectrus VEC 53.59 1.7 CerveceriasUnid CCU 18.97 -2.3 Ideanomics IDEX 1.08 -4.8 Revolve RVLV 16.02 -15.5
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American ICICI Bank IBN 13.70 2.3 PhathomPharm PHAT 27.39 2.1 VielaBio VIE 33.43 22.3 ContainerStore TCS 3.83 -0.5 JMP JMP 3.24 -0.7 RibbonComms RBBN 4.13 -0.7
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest InMode INMD 43.64 -2.8 Phillips66 PSX 119.92 0.1 WashingtonPrmPfI WPGpI 21.16 -0.3 ConturaEnergy CTRA 20.55 -2.5 JasonIndustries JASN 0.18 -23.7 RockwellMedical RMTI 1.81 -5.4
session. % CHG-Daily percentage change from the previous trading session. Insulet PODD 171.96 2.8 Progyny PGNY 21.79 4.0 WellCareHealth WCG 303.40 2.1 CooTekCayman CTK 4.71 -2.0 JuniperIndustrial JIH.U 9.99 ... SLM Pfd B SLMBP 52.95 -1.8
j2Global JCOM 100.53 0.7 Q&K Intl QK 20.44 0.3 WestBancorp WTBA 24.61 0.1 CorbusPharm CRBP 4.19 1.7 KeyEnergySvcs KEG 0.30 -20.5 Safe-T SFET 5.64 -2.2
Friday, November 8, 2019 JuniperIndustrial JIH.U 10.01 ... Qorvo QRVO 104.22 2.7 WestportFuelSys WPRT 3.39 -6.6 Cresud CRESY 4.70 -3.7 KingoldJewelry KGJI 1.79 -6.6 SalariusPharm SLRX 3.86 7.0
KaryopharmTherap KPTI 15.48 1.7 Qualcomm QCOM 94.11 4.5 XOMA XOMA 24.12 3.3 CyclerionTherap CYCN 1.87 -10.4 Koss KOSS 1.65 -2.3 SeaDrill SDRL 1.65 -4.0
52-Wk % 52-Wk % 52-Wk % KimballElec KE 18.44 1.1 RAPT Therap RAPT 42.00 26.2 Xerox XRX 39.38 4.1 CytomXTherap CTMX 5.28 -3.3 LSC Comm LKSD 0.82 -3.5 SeelosTherap SEEL 0.80 -2.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg KodiakSciences KOD 22.38 -0.5 RPM RPM 75.88 2.4 ZTO Express ZTO 22.69 -0.3 DFB Healthcare DFBHU 10.05 -1.5 LianluoSmart LLIT 0.46 -26.0 SensusHealthcare SRTS 3.72 -5.2
Koppers KOP 44.75 7.6 RecroPharma REPH 17.86 11.1 ZealandPharma ZEAL 34.26 -0.3 DIRTT Envl DRTT 3.11 -31.5 LibertyTripAdvB LTRPB 7.39 -19.7 SequansComms SQNS 0.65 -4.4
Cardtronics CATM 39.70 2.3 ENGlobal ENG 1.48 23.5
Highs CassInfoSys
Celanese
CASS
CE
60.97
128.88
-0.9
1.2
EnstarPfdD
EnstarGroup
ESGRP
ESGR
27.60 0.5
204.77 0.9
KosmosEnergy KOS
Leggett&Platt LEG
7.54
55.42
...
0.2
RegionalMgmt RM
RetractableTechs RVP
34.93
1.46
-0.1
-2.9
ZimmerBiomet ZBH 144.96 1.5 DTEEnergy DTP
DiamondbkEner FANG
48.79
74.25
-0.7
-0.2
LifetimeBrands LCUT
LightpathTech LPTH
6.56
0.58
-5.6
-7.1
SierraOncology SRRA
SierraWireless SWIR
0.25
8.38
3.7
-3.6
AG Mortgage PfdC MITTpC 26.42
AMCIAcquisition AMCIU 10.37
0.6
0.2
Celgene CELG 109.75 0.5 EssentGroup ESNT 53.75 1.9
LibertySirius A LSXMA
LibertySirius C LSXMK
46.29
46.59
0.8
0.8
RitchieBros RBA
ScientificGames SGMS
42.97
31.63
-0.9
17.0
Lows Dynatronics
ECA Marcellus
DYNT
ECT
0.79
0.75
-1.3
-12.5
Macrogenics MGNX 8.24 -2.0 SlackTech
Sphere3D
WORK
ANY
19.69
0.91
0.8
-4.0
CentrusEnergy LEU 7.81 17.0 EssentialProp EPRT 26.11 1.7 AbraxisPetrol AXAS 0.26 0.1 ECMOHO MammothEnergy TUSK 1.40 -11.4
AMCI Acqn AMCI 10.06 0.1 MFA Financial MFA 7.74 0.4 Seagate STX 58.80 1.2 MOHO 9.43 1.0 SummitMidstream SMLP 4.05 -4.9
Chase CCF 127.50 0.6 Everi EVRI 12.57 4.8 AchieveLifeSci ACHV 0.88 -13.3 EQM Midstream EQM Marcus&Millichap MMI 27.84 -7.6
ActIIGlbAcqnWt ACTTW 1.06 6.0 MFAFinPfdB MFApB 25.89 ... SenecaFoods A SENEA 36.03 0.1 25.51 -1.1 Sunworks SUNW 1.65 -3.9
ChipMOSTechs IMOS 23.45 5.5 EverQuote EVER 30.75 2.7 Akerna KERN 4.00 0.5 EmbotellAndinaA AKO.A McDermottIntl MDR 0.93 -29.9
Actuant EPAC 26.96 0.2 MSA Safety MSA 125.76 0.9 Skyworks SWKS 100.81 1.8 14.17 -2.9 SuperCom SPCB 0.50 -2.5
ChunghwaTel CHT 37.42 0.3 FS Bancorp FSBW 59.70 1.0 AllenaPharm ALNA 1.90 -10.7 EmbotellAndinaB AKO.B Medifast MED 66.50 -27.1
AirLease AL 47.54 -1.8 MercantileBank MBWM 36.59 0.4 SouthernFirstBcsh SFST 42.90 0.7 16.33 -2.2 Synchronoss SNCR 3.72 10.6
Chuy's CHUY 29.16 14.1 FirstAmerFin FAF 63.02 0.7 AmphastarPharm AMPH 16.92 -3.7 EmersonRadio MeridaMergerIUn MCMJU 9.96 -0.1
AirProducts APD 234.61 2.8 MetropolitanBk MCB 45.26 0.7 StableRoadUn SRACU 10.14 0.5 MSN 0.74 6.0 TOP Ships TOPS 1.04 -13.8
CitizensFin CFG 38.62 0.9 FirstLongIsland FLIC 24.47 0.1 AnaptysBio ANAB 10.00 -71.8 Energous MeridianBiosci VIVO 7.63 -4.2
Allergan AGN 181.45 1.5 Microsoft MSFT 145.99 1.2 StandardMotor SMP 55.85 0.2 WATT 1.93 -18.0 TPIComposites TPIC 15.34 0.9
CoeurMining CDE 6.14 1.0 FlyLeasing FLY 23.21 -6.3 AnteroMidstream AM 6.10 -4.0 EnLinkMid MitekSystems MITK 8.01 -17.3
AmbacFin AMBC 21.95 -0.3 MicroStrategy MSTR 157.07 0.2 Stantec STN 26.79 4.0 ENLC 5.35 -4.2 TaubmanCtrs TCO 35.06 -1.6
CollegiumPharm COLL 19.99 10.9 ForumMergerII FMCI 10.16 ... AppliedDNA APDN 5.01 -10.7 EquitransMdstm ETRN ModineMfg MOD 6.82 -40.8
AmericanFin AFG 110.65 1.4 MidWestOneFin MOFG 35.50 ... SykesEnterprises SYKE 38.24 1.1 11.53 -0.1 Teradata TDC 23.71 -18.3
CollierCreek CCH.U 10.80 ... FranklinCovey FC 41.85 4.8 MolecularTemp MTEM 9.77 7.9 Synaptics 59.35 10.0 AquaMetals AQMS 1.45 1.3 ExelaTech 0.55 -6.4
MotifBio MTFB 0.13 -7.8
AmerSoftware AMSWA 16.59 1.8 SYNA XELA TherapixBiosci TRPX 1.70 -28.2
CommercialMetals CMC 20.52 1.6 FreedomHolding FRHC 14.76 4.0 MomentaPharm MNTA 16.65 1.5 TAL Education TAL 44.89 1.3 AssertioTherap ASRT 0.70 -3.7 Exterran EXTN 8.53 -8.5 NemauraMedical NMRD 0.65 -9.5
36Kr
Amgen AMGN 221.25 1.4 KRKR 12.58 -9.9
Apple AAPL 260.44 0.3 CommunityFin TCFC 34.42 1.2 FulgentGenetics FLGT 16.28 28.4 MonolithicPower MPWR 165.08 1.0 TelaBio TELA 15.05 2.7 AtlanticAmerican AAME 1.81 -8.2 FibroGen FGEN 33.51 9.6 OFSCapNts2026 OFSSI 24.51 ...
TonixPharm TNXP 2.30 3.1
ArborRealty ABR 15.77 -0.7 ConnectOneBncp CNOB 25.47 0.9 FullerHB FUL 52.18 -0.6 NetfinAcqn NFINU 10.14 -0.1 TFF Pharm TFFP 5.55 2.5 AxcellaHealth AXLA 4.32 -5.5 Finjan FNJN 1.67 -0.6 OccidentalPetrol OXY 38.30 2.7 ToughBuiltWt TBLTW 0.00 -11.1
AssurantPfdD AIZP 129.26 1.6 Costamare CMRE 8.31 6.9 GabelliDivRt GDVr 0.10 27.9 Neurocrine NBIX 111.08 7.4 TFS Fin TFSL 19.77 0.3 Biolase BIOL 0.52 -7.4 Fluidigm FLDM 2.31 -7.2 Ocugen OCGN 1.00 -13.8 TransAtlPetrol TAT 0.35 6.7
Assurant AIZ 131.04 2.0 Cummins CMI 186.73 2.0 GeneralElec GE 11.55 2.0 Newmark NMRK 12.16 2.2 TeledyneTech TDY 344.32 0.9 BiomX PHGE 8.03 -8.3 ForesightEnergy FELP 0.16 -6.9 OnconovaTherap ONTX 0.45 1.4 TransMedics TMDX 15.75 2.0
AssuredGuaranty AGO 49.86 -0.8 CustomersBncpPfdC CUBIpC 26.76 0.1 GigCapitalRt GIGr 1.04 2.0 NewMarket NEU 495.30 0.7 TownsquareMedia TSQ 8.51 -5.6 BioPharmX BPMX 0.27 -0.9 Fossil FOSL 8.92 -9.9 OnconovaTherapWt ONTXW 0.01 -36.3 Tupperware TUP 8.84 -3.4
AveryDennison AVY 133.88 0.9 Cutera CUTR 38.88 11.5 GladstoneNts2024 GLADL 25.72 0.1 NovoNordisk NVO 57.93 2.7 ToyotaMotor TM 144.58 1.1 BlinkChargingWt BLNKW 0.16 -29.2 FreightCarAmer RAIL 2.63 -6.3 OysterPtPharma OYST 15.50 -4.3 UltragenyxPharm RARE 36.73 3.7
AvitaMedical RCEL 9.82 1.0 DarlingIngred DAR 22.68 2.6 GladstoneInvt GAIN 13.69 2.2 NuanceComms NUAN 16.59 -0.2 Tredegar TG 21.94 1.9 bluebirdbio BLUE 75.02 2.7 GEE Group JOB 0.41 -16.5 PSBusParksPfdZ PSBpZ 24.41 -0.1 UnionAcqnII LATNU 10.04 -0.1
AzurePowerGlbl AZRE 13.38 3.2 DecipheraPharm DCPH 48.00 0.7 Grainger GWW 325.10 1.3 180DegreeCap TURN 2.28 1.4 TrinityMergerWt TMCXW 1.65 4.5 CHF Solutions CHFS 0.65 -4.4 GaleraTherap GRTX 11.50 ... PacBiosciCA PACB 4.37 -3.7 Unit UNT 0.99 -48.3
BancorpNJ BKJ 19.01 0.5 DeltaApparel DLA 27.50 4.4 GuarantyBcshrs GNTY 32.99 0.3 OrisunAcquisition ORSN 9.89 0.3 TrinityMerger TMCX 10.75 1.2 CIM Comm CMCT 14.25 -1.3 GarrettMotion GTX 8.46 -5.0 PagerDuty PD 21.72 -0.1 Uniti UNIT 5.90 -8.5
BeiGene BGNE 200.00 3.4 DigiIntl DGII 15.87 5.5 Guidewire GWRE 118.75 3.6 Oshkosh OSK 90.84 1.4 TriumphGroup TGI 28.15 5.1 Calyxt CLXT 3.83 -6.5 GasLog GLOG 10.81 -4.0 PintecTech PT 0.70 1.3 VenusConcept VERO 5.00 -9.7
BootBarn BOOT 39.95 4.4 DouglasDynamics PLOW 53.06 1.0 HBT Finl HBT 17.13 1.3 PRA Group PRAA 37.08 5.1 TylerTech TYL 278.89 1.3 CamberEnergy CEI 1.62 2.9 GulfIslandFab GIFI 4.45 -4.7 PlainsGP PAGP 18.19 -0.9 Waitr WTRH 0.26 -38.2
BorgWarner BWA 46.33 0.7 ECMOHO MOHO 10.62 1.0 HLAcquisitions HCCH 10.23 0.6 PackagingCpAm PKG 113.95 0.8 UMH Prop UMH 15.63 2.5 CambiumNtwks CMBM 7.08 -16.0 HancockJaffeLabs HJLI 0.50 -4.3 PolarPower POLA 2.77 -3.1 WesternMidstrm WES 19.14 1.2
BrookfieldInfr BIP 51.19 2.0 EaglePointNts28 ECCX 26.05 0.9 HainCelestial HAIN 26.49 1.5 PapaJohn's PZZA 63.29 -1.3 USAutoPartsNtwk PRTS 2.34 2.3 CapricorTherap CAPR 2.01 -12.4 Hi-Crush HCR 1.06 -0.9 ProPetro PUMP 7.11 1.8 Willdan WLDN 28.35 -4.5
CNS Pharm CNSP 4.75 14.3 EasterlyGovtProp DEA 22.97 -0.1 Hanger HNGR 25.00 4.7 ParTechnology PAR 29.87 14.8 UPS B UPS 125.31 0.7 Celcuity CELC 13.50 1.9 HighlandGlbAlloc HGLB 9.04 -3.1 QuorumHealth QHC 0.66 -32.3 XeneticBioWt XBIOW 0.00 -33.8
CableOne CABO 1436.97 5.1 Eaton ETN 92.37 1.5 Hess HES 72.19 1.6 Perma-Fix PESI 6.93 6.5 UnitedRentals URI 155.74 3.4 CocrystalPharma COCP 0.60 -7.6 HomologyMed FIXX 11.26 -3.7 QurateRetailA QRTEA 9.12 1.8 Yield10Bioscience YTEN 0.30 -5.7
CaesarsEnt CZR 12.83 -0.3 EllingtonFin EFC 18.85 1.0 HewlettPackard HPE 17.44 1.5 Perspecta PRSP 27.63 1.2 UnivElectro UEIC 60.00 8.2 ColonyCredRlEst CLNC 11.30 -17.5 HoustonAmEner HUSA 0.17 1.0 RedLionHotels RLH 2.76 -55.7 Yunji YJ 4.45 -7.5
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | B11

BIGGEST 1,000 STOCKS


YTD 52-Week Yld Net YTD 52-Week Yld Net YTD 52-Week Yld Net
How to Read the Stock Tables % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg % Chg Hi Lo Stock Sym % PE Last Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Stock Market listed securities. 50.51 111.45 68.45 Fiserv FISV ... 51 110.61 0.96 12.27 1216.47 950.16 Markel MKL ... 30 1165.42 -9.08 0.72 51.29 30.65 Schlumberger SLB 5.5 dd 36.34 0.26
Prices are composite quotations that include primary market trades as well as trades reported by Nasdaq BX 24.08 148.22 86.57 FiveBelow FIVE ... 45 126.96 -3.04 64.28 421.45 199.04 MarketAxess MKTX 0.6 66 347.15 -2.45 4.84 48.52 34.58 SchwabC SCHW 1.6 16 43.54 0.04
(formerly Boston), Chicago Stock Exchange, Cboe, NYSE National and Nasdaq ISE. 58.01 304.65 172.18 FleetCorTech FLT ... 28 293.45 -3.13 22.70 144.24 100.62 Marriott MAR 1.4 32 133.20 0.14 70.26 114.63 57.96 ScottsMiracleGro SMG 2.2 13 104.64 2.68
The list comprises the 1,000 largest companies based on market capitalization. Underlined quotations are those 55.58 12.54 7.16 Flex FLEX ... dd 11.84 0.01 29.54 104.86 74.30 Marsh&McLen MMC 1.8 35 103.31 0.12 180.04 38.00 10.52 Sea SE ... dd 31.70 0.75
22.28 55.54 40.52 FlirSystems FLIR 1.3 27 53.24 0.27 49.47 275.99 160.60 MartinMarietta MLM 0.9 28 256.90 -0.65 s 52.35 58.80 35.38 Seagate STX 4.4 9 58.79 0.67
stocks with large changes in volume compared with the issue’s average trading volume. Boldfaced quotations 29.22 54.16 35.88 Flowserve FLS 1.5 26 49.13 0.16 67.20 27.64 14.34 MarvellTech MRVL 0.9 dd 27.07 0.19 14.87 47.13 32.34 SealedAir SEE 1.6 17 40.02 1.20
highlight those issues whose price changed by 5% or more if their previous closing price was $2 or higher. 7.82 100.35 80.86 FomentoEconMex FMX 1.6 28 92.78 0.59 58.34 46.95 27.03 Masco MAS 1.2 18 46.30 0.07 91.21 108.79 51.50 SeattleGenetics SGEN ... dd 108.34 4.28
18.17 10.56 7.41 FordMotor F 6.6 22 9.04 0.15 33.14 160.25 98.23 Masimo MASI ... 43 142.95 1.57 31.36 148.90 104.88 SempraEnergy SRE 2.7 16 142.12 0.01
Footnotes: h-Does not meet continued listing v-Trading halted on primary market. 36.63 96.96 64.41 Fortinet FTNT ... 43 96.23 2.06 45.71 293.69 171.89 Mastercard MA 0.5 41 274.89 2.10 18.26 54.72 40.78 SensataTechs ST ... 18 53.03 -0.60
s-New 52-week high. standards vj-In bankruptcy or receivership or 19.51 42.80 31.80 Fortis FTS 3.6 15 39.87 -0.34 61.52 95.32 33.30 MatchGroup MTCH ... 39 69.08 -0.62 9.29 48.70 37.52 ServiceCorp SCI 1.6 20 44.00 -0.15
t-New 52-week low. lf-Late filing being reorganized under the 7.72 89.48 62.89 Fortive FTV 0.4 10 72.88 0.59 17.11 65.73 46.64 MaximIntProducts MXIM 3.2 21 59.55 -0.05 39.54 303.17 147.63 ServiceNow NOW ...1427 248.45 7.56
dd-Indicates loss in the most recent q-Temporary exemption from Nasdaq Bankruptcy Code, or securities 63.36 62.59 35.27 FortBrandsHome FBHS 1.4 21 62.06 0.50 14.56 171.00 119.50 McCormickVtg MKC.V 1.4 30 159.02 -0.08 11.72 21.07 17.50 ShawComm B SJR 4.5 19 20.21 0.09
four quarters. requirements. assumed by such companies. ... 41.95 29.70 FoxA FOXA 1.3 15 35.14 0.20 14.69 171.10 119.00 McCormick MKC 1.4 30 159.69 -0.74 47.75 589.00 365.20 SherwinWilliams SHW 0.8 39 581.35 11.89
FD-First day of trading. t-NYSE bankruptcy ... 41.73 29.61 FoxB FOX 1.3 14 34.43 0.18 9.03 221.93 169.04 McDonalds MCD 2.6 25 193.61 0.53 5.97 40.59 32.14 ShinhanFin SHG 2.8 ... 37.61 0.16
36.25 101.19 62.80 Franco-Nevada FNV 1.0119 95.61 -0.58 26.91 153.30 106.11 McKesson MCK 1.2 dd 140.20 2.89 114.98 409.61 117.64 Shopify SHOP ... dd 297.64 11.89
Stock tables reflect composite regular trading as of 4 p.m. and changes in the closing prices from 4 p.m. the previous day. -4.65 35.82 25.57 FranklinRscs BEN 3.7 12 28.28 -0.46 24.07 20.92 15.25 MedicalProp MPW 5.2 25 19.95 0.53 22.46 137.94 98.54 SignatureBank SBNY 1.8 11 125.90 1.20
11.74 14.68 8.43 FreeportMcM FCX 1.7 dd 11.52 0.25 17.67 112.05 81.66 Medtronic MDT 2.0 33 107.03 0.23 -8.04 191.49 145.28 SimonProperty SPG 5.4 22 154.49 -1.48
YTD 52-Week Yld Net 16.12 42.75 30.99 FreseniusMed FMS 1.2 16 37.61 -0.29 25.94 26.97 15.40 MelcoResorts MLCO 3.5 30 22.19 0.30 19.96 6.88 5.23 SiriusXM SIRI 0.8 34 6.85 0.05
Friday, November 8, 2019 24.55 121.12 78.86 MellanoxTech MLNX ... 37 115.06 0.07 72.70 40.50 21.45 SkechersUSA SKX ... 18 39.53 0.19
YTD 52-Week Yld Net
% Chg Hi Lo Stock Sym % PE Last Chg GHI 68.83 698.98 257.52 MercadoLibre MELI ... dd 494.42 2.43 s 49.87 100.81 60.12 Skyworks SWKS 1.8 19 100.44 1.80
40.19 48.38 32.03 CampbellSoup CPB 3.0 52 46.25 -0.17 9.40 87.35 70.89 Merck MRK 2.6 23 83.59 0.71 t ... 42.00 19.69 SlackTech WORK ... dd 20.50 0.16
% Chg Hi Lo Stock Sym % PE Last Chg 16.62 87.74 72.96 CIBC CM 5.1 10 86.93 -0.28
65.96 70.78 38.72 GCI LibertyA GLIBA ... 10 68.31 0.05 20.12 51.16 37.76 MetLife MET 3.6 7 49.32 0.28 21.97 56.66 40.38 SmithAO AOS 1.8 22 52.08 0.21
85.88 45.13 20.84 GDS Holdings GDS ... dd 42.92 -0.53
ABC 27.70 96.49 70.36 CanNtlRlwy
15.79 31.77 21.85 CanNaturalRes CNQ
CNI 1.7 20 94.64
4.1 9 27.94
-0.17
-0.14
105.77 191.63 85.00 Galapagos GLPG ... 38 188.77 4.97
25.33 873.51 500.74 MettlerToledo MTD ... 33 708.86
33.77 101.57 65.67 MicrochipTech MCHP 1.5 63 96.21
-11.95
0.85
13.70 48.93 35.39 Smith&Nephew SNN
13.67 128.43 91.32 Smucker SJM
1.7 27 42.50
3.3 23 106.27
-0.20
-0.86
23.68 92.74 68.19 Gallagher AJG 1.9 25 91.15 0.10 48.72 51.39 28.39 MicronTech MU ... 9 47.19 -1.21 157.53 18.36 4.82 Snap SNAP ... dd 14.19 0.03
14.52 21.81 17.71 ABB ABB 2.9 33 21.77 0.10 32.43 247.52 167.48 CanPacRlwy CP 1.1 19 235.23 -1.40 30.05 42.27 31.19 Gaming&Leisure GLPI 6.5 28 42.02 0.49
163.51 44.85 14.01 ACADIA Pharm ACAD ... dd 42.61 1.41 -0.04 30.12 25.49 Canon CAJ 4.6 18 27.59 0.06 s 43.70 145.99 93.96 Microsoft MSFT 1.4 27 145.96 1.70 14.90 174.00 135.29 SnapOn SNA 2.3 13 166.94 -0.03
-35.25 31.39 15.11 Gap GPS 5.8 7 16.68 -1.38 40.01 140.15 91.21 MidAmApt MAA 2.9 58 133.99 -1.27 40.49 21.22 12.25 SolarWinds SWI ... dd 19.43 0.01
32.28 8.39 4.25 ADT ADT 1.8 dd 7.95 0.16 -20.13 52.74 17.89 CanopyGrowth CGC ... dd 21.46 2.38 64.94 36.22 18.70 GardnerDenver GDI ... 31 33.73 0.49
60.15 42.87 24.83 AECOM ACM ... 23 42.44 0.21 28.67 99.62 69.90 CapitalOne COF 1.6 9 97.26 -0.04 16.86 142.98 96.65 Middleby MIDD ... 20 120.05 1.43 10.56 66.57 50.30 SonocoProducts SON 2.9 18 58.74 1.05
51.44 96.44 59.98 Garmin GRMN 2.4 23 95.89 0.93 10.68 6.01 4.49 MitsubishiUFJ MUFG 3.0 8 5.39 0.02 25.12 61.85 41.91 Sony SNE 0.4 10 60.41 0.01
21.99 18.52 13.55 AES AES 3.1 23 17.64 0.07 20.52 58.31 41.03 CardinalHealth CAH 3.6 12 53.75 0.55 25.44 171.78 120.89 Gartner IT ... 59 160.36 0.36
18.83 57.18 41.88 Aflac AFL 2.0 13 54.14 -0.01 57.08 160.52 93.01 Carlisle CSL 1.3 20 157.90 -0.14 5.33 3.50 2.66 MizuhoFin MFG 3.3 47 3.16 -0.01 39.48 63.09 42.50 Southern SO 4.0 14 61.26 0.55
87.93 98.37 45.43 Generac GNRC ... 23 93.40 0.71 34.14 9.63 6.64 MobileTeleSys MBT 7.7 64 9.39 -0.13 22.81 42.42 29.01 SoCopper SCCO 4.2 20 37.79 -0.23
43.38 80.64 51.48 AGCO AGCO 0.8 20 79.82 0.86 49.66 96.36 55.24 CarMax KMX ... 18 93.88 -0.21 17.73 193.76 143.87 GeneralDynamics GD 2.2 16 185.08 2.13
-1.31 18.29 14.51 AGNC Invt AGNC 11.1 dd 17.31 0.11 -8.62 62.52 39.92 Carnival CCL 4.4 10 45.05 ... 14.54 29.79 11.54 Moderna MRNA ... dd 17.49 -0.01 25.17 58.77 44.28 SouthwestAir LUV 1.2 13 58.18 -0.06
s 58.31 11.55 6.40 GeneralElec GE 0.3399 11.52 0.23 29.98 156.60 108.93 MohawkInds MHK ... 16 152.03 -0.09 21.75 100.34 64.48 SpiritAeroSys SPR 0.5 14 87.77 0.72
56.93 229.20 136.80 Ansys ANSS ... 44 224.31 -0.91 -13.11 61.59 38.11 Carnival CUK 4.7 10 42.34 -0.16 34.82 56.40 36.42 GeneralMills GIS 3.7 17 52.50 0.52
36.53 5.31 3.46 ASETech ASX 2.1 21 5.12 -0.11 30.19 174.88 116.23 CaseysGenStores CASY 0.8 28 166.82 -0.14 8.57 159.00 105.28 MolinaHealthcare MOH ... 11 126.18 4.76 19.25 143.70 83.69 Splunk SPLK ... dd 125.03 2.23
15.61 41.90 31.46 GeneralMotors GM 3.9 6 38.67 0.18 -7.11 71.50 54.42 MolsonCoors A TAP.A 4.0 81 57.44 -2.46 30.26 161.38 103.29 Spotify SPOT ... 88 147.85 -0.32
71.76 275.00 144.50 ASML ASML 1.1 45 267.29 -0.36 58.82 58.38 29.23 Catalent CTLT ... 53 49.52 0.27 50.42 111.54 68.27 Genesee&Wyoming GWR ... 30 111.34 -0.05
37.98 39.58 26.80 AT&T T 5.2 18 39.38 -0.04 16.60 148.41 111.75 Caterpillar CAT 2.8 14 148.16 1.15 -4.22 67.24 49.92 MolsonCoors B TAP 4.2 76 53.79 0.28 4.98 8.06 5.44 Sprint S ... dd 6.11 -0.08
35.02 22.20 13.72 Genmab GMAB ... 76 22.08 0.06 63.37 41.50 22.85 Momo MOMO ... 26 38.80 -0.36 11.34 83.20 49.82 Square SQ ... dd 62.45 -1.96
39.39 23.49 14.72 AXA Equitable EQH 2.6 11 23.18 0.84 s 41.50 128.88 82.91 Celanese CE 1.9 18 127.31 1.57 45.83 44.55 25.48 Genpact G 0.9 27 39.36 -1.02
15.77 88.76 65.44 AbbottLabs ABT 1.5 45 83.74 0.35 s 70.92 109.75 58.59 Celgene CELG ... 13 109.54 0.54 29.23 56.72 38.78 Mondelez MDLZ 2.2 19 51.73 -0.01 31.82 162.15 110.54 StanleyBlackDck SWK 1.7 34 157.84 -1.61
44.53 29.69 19.24 Gentex GNTX 1.6 18 29.21 -0.18 50.62 184.78 65.62 MongoDB MDB ... dd 126.13 2.37 26.97 99.72 60.42 Starbucks SBUX 2.0 28 81.77 -0.18
-7.57 94.98 62.66 AbbVie ABBV 5.5 39 85.21 3.20 -20.54 5.63 2.82 Cemex CX 1.3 30 3.83 -0.05 10.55 115.20 87.26 GenuineParts GPC 2.9 19 106.15 -0.27
-32.43 413.32 155.02 Abiomed ABMD ... 46 219.62 0.49 30.44 10.82 6.15 CenovusEnergy CVE 2.1 21 9.17 -0.03 s 41.97 165.08 106.50 MonolithicPower MPWR 1.0 72 165.04 1.68 31.78 22.23 12.59 StarsGroup TSG ...716 21.77 -0.14
4.52 72.90 60.32 GileadSciences GILD 3.9 31 65.38 1.42 18.16 66.38 47.74 MonsterBev MNST ... 30 58.16 1.52 23.08 24.96 19.16 StarwoodProp STWD 7.9 18 24.26 0.05
34.53 202.80 132.63 Accenture ACN 1.7 26 189.70 0.61 -4.49 74.49 41.62 Centene CNC ... 17 55.06 1.97 16.25 46.01 36.41 GSK GSK 4.5 19 44.42 0.21
16.60 57.52 39.85 ActivisionBliz ATVI 0.7 25 54.30 -0.25 1.95 31.42 26.81 CenterPointEner CNP 4.0 25 28.78 -0.22 55.76 223.82 129.26 Moody's MCO 0.9 32 218.13 -0.14 15.90 77.00 48.62 StateStreet STT 2.8 14 73.10 0.44
65.09 175.95 94.81 GlobalPayments GPN 0.5 69 170.26 1.27 23.96 49.89 36.74 MorganStanley MS 2.8 10 49.15 0.49 5.26 41.02 25.02 SteelDynamics STLD 3.0 9 31.62 ...
29.27 313.11 204.95 Adobe ADBE ... 52 292.46 1.69 43.62 11.69 5.56 CentraisElBras EBR ... 3 9.12 -0.63 32.74 99.62 69.68 GlobeLife GL 0.7 15 98.93 -0.01
6.31 186.15 130.09 AdvanceAuto AAP 0.1 28 167.40 -1.88 -2.38 19.53 9.64 CenturyLink CTL 6.8 dd 14.79 -0.09 40.23 163.94 99.67 Morningstar MORN 0.7 40 154.03 -4.42 70.05 63.02 34.36 Stericycle SRCL ... dd 62.39 ...
5.15 82.30 56.66 GoDaddy GDDY ...106 69.00 -4.03 -28.76 37.33 17.36 Mosaic MOS 1.0 dd 20.81 0.07 36.49 156.66 99.14 Steris STE 1.0 37 145.84 0.65
96.59 37.18 16.03 AdvMicroDevices AMD ...187 36.29 0.01 59.87 58.95 31.39 CeridianHCM CDAY ...375 55.14 5.11 33.44 231.69 151.70 GoldmanSachs GS 2.2 10 222.91 -0.38
-0.65 6.28 3.69 Aegon AEG 6.1 10 4.62 -0.01 28.36 76.47 48.78 Cerner CERN 1.1 43 67.31 0.48 43.39 182.28 108.25 MotorolaSol MSI 1.4 28 164.96 2.76 71.97 23.92 12.00 STMicroelec STM 0.9 20 23.87 0.22
12.47 53.91 38.59 Graco GGG 1.4 24 47.07 0.31 -35.73 37.06 16.63 Mylan MYL ...201 17.61 0.60 90.89 45.62 16.14 StoneCo STNE ... 67 35.20 1.21
52.60 62.86 36.16 AerCap AER ... 8 60.43 0.87 15.31 149.06 103.00 CharlesRiverLabs CRL ... 28 130.51 3.14 s 15.07 325.10 255.09 Grainger GWW 1.8 19 324.92 4.19
13.61 82.27 62.00 AgilentTechs A 0.9 23 76.64 0.73 64.84 479.18 272.91 CharterComms CHTR ... 85 469.75 1.31 46.51 161.01 102.56 NICE NICE ... 56 158.54 0.07 27.45 223.45 144.75 Stryker SYK 1.0 22 199.78 -1.00
-8.35 15.50 7.42 GrupoTelevisa TV 0.7 47 11.53 -0.22 -2.93 43.66 32.63 NRG Energy NRG 0.3 21 38.44 -1.60 12.75 7.97 6.33 SumitomoMits SMFG 3.7 8 7.34 0.02
42.70 64.88 33.41 AgnicoEagle AEM 1.2 dd 57.65 -0.75 12.44 132.75 98.57 CheckPoint CHKP ... 23 115.42 0.83 91.25 112.22 31.06 GuardantHealth GH
s 46.12 234.61 149.64 AirProducts 43.41 441.79 260.03 Chemed CHE 0.3 32 406.26 0.95 ... dd 71.89 7.69 40.47 3946.50 2257.04 NVR NVR ... 16 3423.25 -4.17 51.21 163.71 96.95 SunComms SUI 2.0 97 153.80 -0.92
APD 2.0 30 233.87 6.29 s 47.63 118.75 73.82 Guidewire GWRE ...477 118.44 4.15
38.39 93.12 57.18 AkamaiTech AKAM ... 31 84.53 -1.22 4.31 70.60 55.09 CheniereEnergy LNG ... dd 61.74 -0.05 60.51 120.03 67.62 NXP Semi NXPI 1.3 85 117.62 0.22 39.35 47.02 31.49 SunLifeFinancial SLF 3.4 16 46.25 -0.05
9.96 147.42 110.31 HCA Healthcare HCA 1.2 14 136.84 0.63 23.40 105.26 75.49 Nasdaq NDAQ 1.9 32 100.66 0.13 15.48 34.87 25.81 SuncorEnergy SU 3.9 14 32.30 0.10
16.96 74.83 53.39 AlaskaAir ALK 2.0 14 71.17 0.24 18.25 49.30 33.89 CheniereEnerPtrs CQP 5.7 29 42.69 0.15 19.34 65.89 44.34 HDFC Bank HDB 0.5 ... 61.81 -0.46
-11.79 104.50 58.63 Albemarle ALB 2.2 13 67.98 -3.41 11.16 127.34 100.22 Chevron CVX 3.9 17 120.93 -0.96 18.72 59.50 46.36 NationalGrid NGG 5.4 20 56.96 0.07 40.84 71.75 46.05 SunTrustBanks STI 3.2 13 71.04 0.43
8.82 47.13 35.35 HD Supply HDS ... 17 40.83 -0.10 -4.12 50.26 38.01 NatlInstruments NATI 2.3 36 43.51 0.43 -8.28 13.47 6.62 Suzano SUZ 1.1 43 9.08 -0.24
... 63.73 53.78 Alcon ALC ... ... 58.00 -0.65 ... 41.34 22.28 Chewy CHWY ... dd 22.99 0.02 -4.59 25.49 15.93 HP HPQ 3.3 7 19.52 0.13
33.56 160.25 109.04 AlexandriaRlEst ARE 2.6145 153.91 0.03 28.60 14.51 10.08 ChinaLifeIns LFC 0.6 16 13.49 -0.10 -9.03 35.62 18.05 NatlOilwell NOV 0.9 dd 23.38 0.05 57.46 37.33 21.77 SynchronyFin SYF 2.4 7 36.94 -0.02
-6.98 44.93 35.35 HSBC HSBC 6.7 12 38.24 -0.20 13.79 59.26 45.45 NatlRetailProp NNN 3.7 40 55.20 -0.98 47.48 122.43 71.83 Synnex SNX 1.3 14 119.22 -1.09
13.79 141.86 92.56 AlexionPharm ALXN ... 17 110.79 2.74 -14.88 55.84 39.77 ChinaMobile CHL 4.1 11 40.86 -0.10 19.06 140.36 80.23 Haemonetic HAE ... 92 119.12 -0.72
36.54 195.72 129.77 Alibaba BABA ... 33 187.16 0.50 -15.33 88.70 56.28 ChinaPetrol SNP 8.3 9 59.78 -0.10 -0.44 82.56 44.55 NetApp NTAP 3.2 15 59.41 0.47 61.69 146.66 79.14 Synopsys SNPS ... 33 136.21 0.98
-19.94 35.43 16.97 Halliburton HAL 3.4 16 21.28 0.32 27.05 309.24 208.63 Netease NTES 0.9 30 299.04 -1.09 28.31 81.60 59.44 Sysco SYY 1.9 25 80.40 -0.50
24.11 334.64 169.84 AlignTech ALGN ... 50 259.92 0.98 -16.50 57.09 42.14 ChinaTelecom CHA 3.4 11 42.36 -0.51 26.58 19.38 11.57 Hanesbrands HBI 3.8 10 15.86 0.02
24.38 808.50 577.59 Alleghany Y ... 88 775.30 -1.50 -8.35 13.66 9.05 ChinaUnicom CHU 1.8 18 9.77 -0.19 8.93 385.99 231.23 Netflix NFLX ... 93 291.57 2.00
45.09 119.39 74.83 Allegion ALLE 0.9 24 115.65 0.38 69.44 857.90 383.20 Chipotle CMG ... 67 731.62 -5.72
15.45 43.69 30.17 HarleyDavidson HOG 3.8 15 39.39
37.44 61.63 40.54 HartfordFinl HIG 2.0 13 61.09
0.14
0.09
s 55.12 111.08 64.72 Neurocrine NBIX ...656 110.77 7.61 TUV
s 35.63 181.45 114.27 Allergan AGN 1.6 dd 181.28 2.60 17.29 162.44 119.54 Chubb CB 2.0 19 151.51 -1.41 119.72 124.40 50.30 NewOrientalEduc EDU ... 59 120.43 -3.20
17.58 126.87 76.84 Hasbro HAS 2.8 46 95.53 0.32 14.07 17.82 13.63 NewResidInvt NRZ 12.3 19 16.21 0.08 s 67.13 44.88 24.66 TAL Education TAL ...132 44.59 0.59
22.32 54.59 40.68 AlliantEnergy LNT 2.7 23 51.68 0.18 s 4.55 37.42 33.61 ChunghwaTel CHT 3.0 27 37.42 0.11 14.93 31.57 24.21 HealthcareAmer HTA 4.3167 29.09 0.21 40.92 52.69 34.58 TC Energy TRP 4.5 16 50.31 0.63
30.93 109.55 77.00 Allstate ALL 1.8 14 108.19 0.47 2.77 80.99 59.64 Church&Dwight CHD 1.3 28 67.58 0.39 9.58 24.57 13.04 NewellBrands NWL 4.5 dd 20.37 0.33
20.62 37.93 26.58 HealthpeakProp PEAK 4.4 19 33.69 0.05 5.66 41.23 29.77 NewmontGold NEM 1.5 13 36.61 -0.32 17.45 48.16 34.62 TCF Financial TCF 3.3 14 43.00 0.06
39.28 35.42 20.60 AllyFinancial ALLY 2.2 8 31.56 -0.24 10.44 46.78 30.33 Ciena CIEN ... 26 37.45 0.30 48.70 113.69 57.84 Heico A HEI.A 0.1 42 93.68 -0.62 -17.32 57.88 32.69 TD Ameritrade AMTD 3.1 10 40.48 0.43
27.60 96.08 60.27 AlnylamPharm ALNY ... dd 93.03 1.49 -0.91 226.60 141.95 Cigna CI 0.0 17 188.20 2.86 14.55 15.01 10.85 NewsCorp B NWS 1.5 50 13.23 -0.56
57.06 147.93 71.47 Heico HEI 0.1 54 121.69 0.26 13.66 14.65 10.65 NewsCorp A NWSA 1.6 49 12.90 -0.42 24.16 97.99 69.84 TE Connectivity TEL 2.0 17 93.90 -0.11
25.27 1322.65 977.66 Alphabet A GOOGL ... 28 1309.00 2.06 40.40 118.19 71.21 CincinnatiFin CINF 2.1 20 108.70 -0.33 11.95 72.81 56.58 HenrySchein HSIC ... 21 68.91 0.17 13.79 38.32 32.46 Telus TU 4.5 17 37.71 0.31
26.63 1323.74 970.11 Alphabet C GOOG ... 28 1311.37 2.51 55.29 277.85 155.98 Cintas CTAS 1.0 31 260.88 -1.12 27.76 239.89 164.78 NextEraEnergy NEE 2.3 33 222.08 -1.01
-23.26 61.77 33.62 Herbalife HLF ... 21 45.24 0.07 -12.77 28.50 17.94 NielsenHoldings NLSN 6.9 dd 20.35 0.44 0.26 17.68 12.79 TIM Part TSU 2.9 7 15.38 0.14
56.38 147.79 47.07 Alteryx AYX ...492 93.00 1.34 12.69 58.26 40.25 CiscoSystems CSCO 2.9 19 48.83 0.41 31.53 162.20 100.80 Hershey HSY 2.2 23 140.97 -0.35 32.39 60.89 41.49 TJX TJX 1.6 24 59.23 -0.07
58.78 31.78 15.15 AlticeUSA ATUS ... 51 26.23 -0.18 46.22 76.28 48.42 Citigroup C 2.7 10 76.12 0.31 21.14 96.87 66.53 Nike NKE 1.0 34 89.81 -0.59
s 77.41 72.19 35.59 Hess HES 1.4 dd 71.85 1.12 4.18 30.67 24.36 NiSource NI 3.0 21 26.41 -0.27 27.24 85.22 59.96 T-MobileUS TMUS ... 21 80.94 -0.92
-6.03 66.04 39.30 Altria MO 7.2 49 46.41 0.43 s 29.57 38.62 27.62 CitizensFin CFG 3.5 10 38.52 0.33 s 31.95 17.44 12.09 HewlettPackard HPE 2.8 dd 17.43 0.25 29.53 121.80 84.59 TRowePrice TROW 2.5 15 119.58 -0.80
18.90 2035.80 1307.00 Amazon.com AMZN ... 79 1785.88 -2.32 8.07 112.27 90.28 CitrixSystems CTXS 1.3 24 110.73 0.62 14.23 28.40 17.11 NobleEnergy NBL 2.2 dd 21.43 0.87
35.07 87.00 53.50 Hexcel HXL 0.9 22 77.45 0.57 -38.66 6.65 3.50 Nokia NOK 4.8 dd 3.57 ... 43.13 54.37 34.21 TaiwanSemi TSM 3.0 27 52.83 -0.84
5.10 5.45 3.77 Ambev ABEV ... 23 4.12 -0.14 -3.98 167.70 143.58 Clorox CLX 2.9 23 148.00 0.98 17.41 111.63 81.85 Hill-Rom HRC 0.8 46 103.97 0.68 13.62 135.70 84.41 TakeTwoSoftware TTWO ... 43 116.96 0.05
... 11.77 9.18 Amcor AMCR 4.9 ... 9.77 -0.01 10.26 55.92 44.42 Coca-Cola KO 3.1 29 52.21 -0.08 28.49 4.82 3.05 NomuraHoldings NMR 1.0 17 4.78 -0.02
38.01 101.14 65.64 Hilton HLT 0.6 31 99.09 0.16 36.73 165.10 110.16 Nordson NDSN 0.9 30 163.19 -1.13 19.32 21.61 15.94 TakedaPharm TAK 3.1 75 20.07 0.52
14.58 67.57 52.60 Amdocs DOX 1.7 23 67.12 0.62 11.86 58.94 44.44 Coca-Cola Euro CCEP 2.7 ... 51.29 0.15 5.91 65.30 37.73 HollyFrontier HFC 2.4 11 54.14 -0.60 -19.32 42.75 18.54 Tapestry TPR 5.0 15 27.23 0.16
17.97 426.50 319.51 Amerco UHAL 0.0 21 387.07 -5.40 37.94 57.31 34.88 Cognex CGNX 0.4 55 53.34 -0.35 -21.37 66.60 25.01 Nordstrom JWN 4.0 12 36.65 -0.48
13.28 52.19 37.48 Hologic HOLX ... dd 46.56 0.36 30.69 211.46 138.65 NorfolkSouthern NSC 1.8 19 195.44 -0.14 10.77 51.87 32.00 TargaResources TRGP 9.1 dd 39.90 0.08
13.15 80.85 62.51 Ameren AEE 2.7 23 73.81 -0.82 -0.98 74.84 56.73 CognizantTech CTSH 1.3 17 62.86 -0.17 35.51 238.99 158.09 HomeDepot HD 2.3 23 232.84 -0.10 66.67 114.83 60.15 Target TGT 2.4 18 110.15 -0.44
11.58 16.50 12.00 AmericaMovil AMX 2.3 18 15.90 -0.07 11.95 76.41 57.51 ColgatePalm CL 2.6 25 66.63 -0.24 28.78 108.45 75.96 NorthernTrust NTRS 2.6 16 107.65 0.39
9.30 30.12 22.87 HondaMotor HMC 3.0 11 28.91 0.99 42.96 383.89 223.63 NorthropGrum NOC 1.5 18 350.11 6.68 -2.63 17.14 7.38 TataMotors TTM ... dd 11.86 -0.26
-4.20 40.58 24.23 AmerAirlines AAL 1.3 9 30.76 -0.13 11.34 109.74 80.03 ColumbiaSportswr COLM 1.0 20 93.63 0.55 37.16 181.99 123.48 Honeywell HON 2.0 21 181.21 1.55 5.21 28.57 18.20 TechnipFMC FTI 2.5 dd 20.60 0.09
13.82 50.94 39.37 AmCampus ACC 4.0 61 47.11 -0.11 32.72 47.27 32.61 Comcast A CMCSA 1.9 17 45.19 0.49 31.41 26.07 17.43 NortonLifeLock NLOK 1.2139 24.83 0.49
-1.66 46.26 37.00 HormelFoods HRL 2.0 23 41.97 0.34 22.25 59.71 39.36 NorwegCruise NCLH ... 12 51.82 -0.40 -21.12 25.75 14.51 TeckRscsB TECK 0.9 8 16.99 -0.28
19.17 96.22 72.25 AEP AEP 3.1 21 89.07 -0.27 4.57 88.96 58.54 Comerica CMA 3.7 9 71.83 0.05 47.58 54.42 32.39 DR Horton DHI 1.2 12 51.15 0.12 62.72 82.86 42.08 TeladocHealth TDOC ... dd 80.66 0.57
27.43 129.34 89.05 AmerExpress AXP 1.4 15 121.47 0.19 17.54 66.98 53.40 CommerceBcshrs CBSH 1.6 18 66.26 -0.08 16.48 95.00 72.56 Novartis NVS 2.1 17 88.37 1.38
3.00 20.34 15.51 HostHotels HST 4.7 11 17.17 0.22 s 25.61 57.93 43.12 NovoNordisk NVO 1.5 24 57.87 1.50 s 64.59 344.31 189.35 TeledyneTech TDY ... 34 340.81 2.96
s 22.08 110.65 84.18 AmericanFin AFG 1.6 15 110.52 1.48 59.36 14.60 6.96 SABESP SBS ... 18 12.86 -0.42 28.13 373.90 226.02 Teleflex TFX 0.4 35 331.18 -4.36
29.51 45.39 25.40 Huazhu HTHT ... 80 37.08 -0.19 137.54 98.70 26.02 Novocure NVCR ... dd 79.53 4.27
29.52 26.66 18.91 AmHomes4Rent AMH 0.8107 25.71 0.24 28.46 35.72 20.22 ConagraBrands CAG 3.1 19 27.44 -0.36 46.47 146.81 91.88 Hubbell HUBB 2.5 21 145.50 1.46 2.03 10.46 7.58 Ericsson ERIC 0.7 dd 9.05 0.21
41.87 58.66 36.16 AIG AIG 2.3 28 55.91 0.32 -29.22 139.99 61.37 ConchoRscs CXO 0.7 11 72.75 0.07 7.24 64.11 46.10 Nucor NUE 2.9 9 55.56 0.04
12.41 207.98 108.39 HubSpot HUBS ... dd 141.33 -1.36 4.49 56.66 43.96 Nutrien NTR 3.7 22 49.11 -0.20 8.30 14.47 10.91 TelefonicaBras VIV ... 11 12.92 -0.37
30.14 242.00 150.66 AmerTowerREIT AMT 1.8 57 205.87 0.18 -5.12 71.01 50.13 ConocoPhillips COP 2.8 8 59.16 -0.38 10.86 342.03 225.65 Humana HUM 0.7 17 317.58 2.44 -10.87 9.08 6.50 Telefonica TEF 5.1 10 7.54 -0.05
28.13 129.89 85.89 AmerWaterWorks AWK 1.7 33 116.30 -1.35 14.99 94.97 73.30 ConEd ED 3.4 21 87.92 0.70 55.64 211.70 124.46 NVIDIA NVDA 0.3 47 207.78 -0.56
28.96 122.29 83.64 JBHunt JBHT 0.9 28 119.98 -0.63 11.14 31.48 24.27 TelekmIndonesia TLK 2.2 20 29.13 -0.15
38.41 40.42 24.27 AmericoldRealty COLD 2.3197 35.35 -2.09 16.15 214.51 151.40 ConstBrands B STZ.B 1.4 55 191.27 -1.29
51.90 160.63 95.69 Ameriprise AMP 2.4 11 158.54 0.80 16.63 214.48 150.37 ConstBrands A STZ 1.6 49 187.56 -2.72
25.67 15.16 11.12 HuntingtonBcshs HBAN 4.0 12 14.98
32.00 254.14 173.80 HuntingIngalls HII 1.4 16 251.21
...
0.76
OPQ 3.52 30.32 19.90 Tenaris
102.39 65.44 28.73 Teradyne
TS 3.7 14 22.07
TER 0.6 23 63.51
0.16
0.94
15.69 94.75 69.36 AmerisourceBrgn ABC 1.9 19 86.07 1.99 -18.59 52.03 27.26 ContinentalRscs CLR 0.6 16 32.72 -0.28 15.04 81.57 63.45 HyattHotels H 1.0 17 77.77 -0.01 9.29 45.77 37.57 OGE Energy OGE 3.6 21 42.83 -0.12 1.30 379.49 176.99 Tesla TSLA ... dd 337.14 1.60
42.60 97.30 63.14 Ametek AME 0.6 26 96.54 0.34 14.50 344.32 228.65 Cooper COO 0.0 33 291.40 -3.35 20.16 268.72 158.29 IAC/InterActive IAC ... 40 219.95 -0.79 30.64 77.21 50.26 ONEOK OKE 5.2 23 70.48 0.71 -39.69 23.97 6.07 TevaPharm TEVA ... dd 9.30 0.83
s 13.58 221.25 166.30 Amgen AMGN 2.6 17 221.11 3.12 70.49 85.31 44.61 Copart CPRT ... 33 81.46 -0.16 s 31.97 13.70 9.20 ICICI Bank 27.56 446.78 326.71 OReillyAuto ORLY ... 25 439.23 -1.03 27.10 132.20 87.70 TexasInstruments TXN 3.0 22 120.11 0.19
IBN 0.2 47 13.58 0.30
26.76 105.51 74.95 Amphenol APH 1.0 27 102.70 0.17 0.53 35.34 26.75 Corning GLW 2.6 23 30.37 0.18 36.94 294.57 176.11 IdexxLab IDXX ... 53 254.74 -8.40 t -34.67 74.29 38.30 OccidentalPetrol OXY 7.9 26 40.10 1.07 1.35 58.00 42.30 Textron TXT 0.2 13 46.61 -0.52
31.68 124.78 80.08 AnalogDevices ADI 1.9 28 113.02 0.73 ... 32.78 24.35 Corteva CTVA 2.0 dd 26.20 0.05 45.17 71.05 44.52 IHS Markit INFO ... 74 69.64 -0.06 71.88 141.85 41.88 Okta OKTA ... dd 109.66 4.44 31.66 306.00 208.34 ThermoFisherSci TMO 0.3 33 294.65 1.11
79.88 60.36 20.60 Anaplan PLAN ... dd 47.74 1.02 62.84 639.41 315.85 CoStar CSGP ... 65 549.31 3.47 11.82 13.72 9.22 ING Groep ING 5.2 9 11.92 -0.16 57.24 196.81 115.00 OldDomFreight ODFL 0.4 25 194.18 -0.24 39.25 71.28 46.45 ThomsonReuters TRI 2.1142 67.27 0.54
52.03 23.85 9.17 AngloGoldAsh AU 0.3 37 19.08 -0.07 48.55 307.34 189.51 Costco COST 0.9 37 302.62 -2.59 6.45 22.18 15.15 Invesco IVZ 7.0 15 17.82 -0.05 10.84 24.10 19.55 OldRepublic ORI 3.5 10 22.80 0.11 -9.13 219.75 150.58 3M MMM 3.3 21 173.15 -1.37
19.25 102.70 64.55 AB InBev BUD 2.8 21 78.48 0.10 95.73 14.13 5.91 Coty COTY 3.9 dd 12.84 -0.16 29.98 182.17 104.64 IPG Photonics IPGP ... 31 147.25 -0.76 16.84 45.01 33.39 OmegaHealthcare OHI 6.5 26 41.07 -0.16 56.09 130.40 73.04 Tiffany TIF 1.8 27 125.67 0.67
-7.13 10.51 8.07 AnnalyCap NLY 12.1 dd 9.12 0.04 107.35 159.97 52.01 CoupaSoftware COUP ... dd 130.34 1.60 18.44 164.13 104.90 IQVIA IQV ...114 137.59 -0.25 10.28 85.05 68.58 Omnicom OMC 3.2 14 80.77 0.50 38.90 78.73 52.97 Toro TTC 1.2 31 77.62 0.13
7.41 317.99 227.16 Anthem ANTM 1.1 17 282.09 2.32 25.98 40.81 30.12 CousinsProperties CUZ 2.9117 39.81 -0.02 41.60 70.43 44.89 ITT ITT 0.9 20 68.35 -0.58 31.01 23.54 15.06 ON Semi ON ... 28 21.63 0.09 16.43 59.55 47.73 TorontoDomBk TD 3.9 12 57.89 -0.05
33.85 198.61 135.30 Aon AON 0.9 33 194.57 0.17 -6.73 252.49 199.83 Credicorp BAP 2.9 13 206.75 -10.58 71.51 43.28 22.47 OneMain OMF 2.4 7 41.66 -0.15 5.02 58.82 47.70 Total TOT ... 13 54.80 -0.09
17.99 79.37 50.33 IcahnEnterprises IEP 11.9 21 67.35 -0.01
-6.93 38.12 19.44 Apache APA 4.1 dd 24.43 0.35 13.49 509.99 356.12 CreditAcceptance CACC ... 13 433.25 8.92 27.48 44.49 30.99 OpenText OTEX 1.7 35 41.56 0.39 s 24.39 144.58 111.12 ToyotaMotor TM 2.4 12 144.39 1.53
12.92 165.13 118.10 Icon ICLR ... 22 145.91 0.63
17.51 55.49 43.37 ApartmtInv AIV 2.9 23 53.17 0.21 20.26 13.62 10.23 CreditSuisse CS ... 14 13.06 -0.07 25.12 60.50 42.40 Oracle ORCL 1.7 18 56.49 0.51 13.64 114.25 78.67 TractorSupply TSCO 1.5 21 94.82 -0.08
26.42 173.84 117.72 IDEX IEX 1.3 29 159.62 -0.76
72.25 44.18 22.63 ApolloGlbMgmt APO 4.8 21 42.27 -0.30 ... 101.88 44.58 CrowdStrike CRWD ... dd 47.21 1.71 -2.29 17.06 14.57 Orange ORAN 3.9 18 15.82 -0.10 68.47 289.51 102.35 TradeDesk TTD ... 94 195.53 2.78
s 64.92 260.44 142.00 Apple 39.25 179.29 117.75 IllinoisToolWks ITW 2.4 23 176.41 -0.10
AAPL 1.2 22 260.14 0.71 20.42 149.47 103.21 CrownCastle CCI 3.7 66 130.81 -1.10 -2.18 380.76 263.30 Illumina ILMN ... 45 293.39 -1.86 11.45 82.68 67.00 Orix IX 3.7 7 79.74 -0.57 ... 50.48 33.68 Tradeweb TW 0.7 53 42.69 1.22
71.14 57.29 28.79 ApplMaterials AMAT 1.5 19 56.03 0.09 80.42 78.28 39.05 CrownHoldings CCK ... 21 75.00 0.70 s 46.91 90.84 56.47 Oshkosh OSK 1.3 11 90.07 1.24 59.11 555.27 311.46 TransDigm TDG 0.0 41 541.08 2.78
5.37 32.41 23.66 ImperialOil IMO 2.5 10 26.68 -0.13
15.87 126.19 88.26 Aptargroup ATR 1.3 31 109.00 -0.40 7.98 36.32 27.97 CubeSmart CUBE 4.1 34 30.98 -0.37 42.31 65.22 40.64 OwensCorning OC 1.4 14 62.59 0.06 41.94 85.50 52.15 TransUnion TRU 0.4 42 80.62 -0.16
33.83 89.30 57.00 Incyte INCY ... 46 85.10 2.34
57.35 97.64 58.80 Aptiv APTV 0.9 25 96.88 0.39 7.07 106.23 79.86 Cullen/Frost CFR 3.0 13 94.16 -0.19 ... 18.15 15.02 OwlRock ORCC 0.7 17 17.70 0.20 11.31 155.09 111.08 Travelers TRV 2.5 15 133.29 0.28
1.68 12.08 8.76 Infosys INFY 2.5 19 9.68 -0.34
27.49 46.90 32.09 AquaAmerica WTR 2.1 62 43.59 -0.13 s 39.38 186.72 124.40 Cummins CMI 2.8 12 186.27 3.74 42.98 132.42 85.15 Ingersoll-Rand IR 1.6 23 130.44 1.34 30.19 154.75 108.45 PNC Fin PNC 3.0 14 152.20 -0.87 23.94 46.25 29.75 Trimble TRMB ... 32 40.79 -0.04
48.39 45.04 25.49 Aramark ARMK 1.0 20 42.99 -0.34 36.58 140.84 95.23 CurtissWright CW 0.5 20 139.48 -0.11 s 113.64 171.96 70.80 Insulet -11.59 62.95 41.14 POSCO PKX 4.0 12 48.57 0.99 26.27 46.50 25.00 Trip.com TCOM ... 96 34.17 -0.76
-17.76 25.46 12.53 ArcelorMittal MT 1.0 8 17.00 -0.17 PODD ...628 169.46 4.59
83.25 23.50 11.86 CypressSemi CY 1.9 30 23.31 -0.03 24.16 59.59 42.86 Intel INTC 2.2 14 58.27 0.22 26.11 130.42 94.41 PPG Ind PPG 1.6 25 128.92 -0.40 4.40 151.00 71.56 Twilio TWLO ... dd 93.23 2.17
51.87 42.86 24.79 ArchCapital ACGL ... 12 40.58 0.12 24.05 79.73 48.94 CyrusOne CONE 3.0 dd 65.60 -0.47 19.03 33.83 27.31 PPL PPL 4.9 14 33.72 0.47 1.64 45.85 26.26 Twitter TWTR ... 14 29.21 0.16
20.10 95.56 69.69 ICE ICE 1.2 24 90.47 -0.17
5.71 48.98 36.45 ArcherDaniels ADM 3.2 21 43.31 -0.23 8.93 121.98 82.12 PRA HealthSci PRAH ... 28 100.17 1.15 s 49.46 278.89 173.26 TylerTech TYL ... 84 277.72 3.57
6.89 71.02 53.65 InterContinentl IHG 1.9 27 61.42
71.83 29.55 15.63 Arconic ARNC 0.3 38 28.97 0.06
-8.59 331.27 173.31 AristaNetworks ANET ... 20 192.61 -1.83
DEF 21.06 152.95 105.94 IBM IBM 4.7 16 137.61
-0.38
-0.08 -11.66 102.47 62.05 PTC PTC ... dd 73.23 0.43 54.74 94.07 49.77 TysonFoods TSN 1.8 14 82.63 -0.62
41.45 44.66 23.22 DISH Network DISH ... 13 35.32 0.63 -1.09 152.95 104.86 IntlFlavors IFF 2.3 39 132.81 -0.61 5.39 134.24 67.41 PVH PVH 0.2 11 97.96 0.30 0.24 14.07 10.12 UBS Group UBS 5.5 11 12.41 -0.11
18.54 86.62 62.35 ArrowElec ARW ... dd 81.73 -0.06 40.13 80.57 53.43 Paccar PCAR 1.6 11 80.07 0.52 19.56 50.61 38.14 UDR UDR 2.9 79 47.37 -0.12
9.24 134.37 107.22 DTE Energy DTE 3.4 20 120.49 -1.29 14.49 48.24 36.45 IntlPaper IP 4.4 13 46.21 0.76
40.09 142.15 74.84 AspenTech AZPN ... 30 115.13 -0.31 s 36.47 113.95 77.90 PackagingCpAm PKG 2.8 14 113.90 0.95 -12.76 59.31 45.94 UGI UGI 2.5 25 46.54 -0.31
s 45.43 131.04 82.31 Assurant -43.43 69.45 26.02 DXC Tech DXC 2.8 7 30.08 0.54 11.34 24.68 19.56 Interpublic IPG 4.1 14 22.97 0.30
AIZ 1.8 33 130.07 2.59 49.28 102.66 50.05 InterXion INXN ...143 80.85 -0.68 80.35 53.43 17.02 PagSeguroDig PAGS ... 36 33.78 0.75 23.61 43.10 29.55 US Foods USFD ... 22 39.11 -0.49
24.43 49.22 35.30 AstraZeneca AZN 2.9 59 47.26 0.46 31.14 147.33 94.59 Danaher DHR 0.5 40 135.23 0.73
15.07 128.41 95.83 Darden DRI 3.1 20 114.91 1.43 30.48 295.77 182.61 Intuit INTU 0.8 44 256.85 -2.50 25.79 260.63 160.08 PaloAltoNtwks PANW ... dd 236.93 3.07 ... 47.08 25.58 Uber UBER ... dd 27.01 -0.37
10.32 47.77 36.00 Athene ATH ... 5 43.94 -0.13 33.79 201.38 140.82 ParkerHannifin PH 1.8 18 199.54 0.32 -2.27 368.83 224.43 UltaBeauty ULTA ... 20 239.29 -4.48
... 41.44 27.55 Datadog DDOG ... dd 32.81 1.52 14.62 589.32 430.24 IntuitiveSurgical ISRG ... 50 548.95 -2.94
33.68 149.80 65.17 Atlassian TEAM ... dd 118.95 4.25 27.78 88.43 61.32 Paychex PAYX 3.0 29 83.25 0.37 -0.62 27.72 16.52 UnderArmour A UAA ... 72 17.56 -0.03
35.74 70.51 43.40 DaVita DVA ... 27 69.85 0.66 46.96 31.32 19.21 InvitatHomes INVH 1.8629 29.51 -0.01
15.75 115.19 87.88 AtmosEnergy ATO 2.0 25 107.32 -0.86 78.37 259.71 107.46 PaycomSoftware PAYC ... 77 218.42 5.42 -1.79 24.55 15.05 UnderArmour C UA ... 65 15.88 -0.20
18.93 178.95 117.72 Autodesk ADSK ...605 152.96 1.14 19.57 179.69 132.68 Deere DE 1.7 17 178.36 0.47 5.55 86.58 48.27 IonisPharma IONS ... 19 57.06 1.71
11.13 70.55 41.57 DellTechC DELL ... 14 54.31 ... 31.27 29.18 14.35 iQIYI IQ ... dd 19.52 -0.48 20.61 121.48 75.47 PayPal PYPL ... 48 101.42 0.95 11.82 63.62 52.08 Unilever UN 2.6 15 60.16 0.67
-6.39 117.99 61.43 Autohome ATHM ... 19 73.23 2.38 -24.62 13.19 8.46 Pearson PSO 2.7 12 9.00 -0.03 14.76 64.84 50.80 Unilever UL 3.0 15 59.96 0.29
22.90 91.00 61.07 Autoliv ALV 2.9 35 86.31 0.36 15.39 63.44 45.08 DeltaAir DAL 2.8 8 57.58 -0.08 0.40 37.32 29.28 IronMountain IRM 7.6 28 32.54 -0.94
54.31 60.15 34.93 DentsplySirona XRAY 0.7122 57.42 0.34 -18.73 6.48 4.37 IsraelChemicals ICL 4.7 12 4.60 0.04 50.32 79.67 43.21 Pegasystems PEGA 0.2 dd 71.90 -4.50 27.40 180.54 128.08 UnionPacific UNP 2.0 21 176.10 -0.91
24.11 174.50 121.40 ADP ADP 1.9 30 162.73 0.63 ... 27.98 20.46 Peloton PTON ... dd 23.52 0.89 11.60 97.85 77.02 UnitedAirlines UAL ... 9 93.44 -0.36
39.07 1186.60 790.07 AutoZone AZO ... 18 1165.86 0.25 -6.38 10.27 6.44 DeutscheBank DB 1.6 dd 7.63 -0.13 -5.03 10.80 7.59 ItauUnibanco ITUB 5.2 13 8.68 -0.24
19.89 38.56 28.30 PembinaPipeline PBA 5.1 15 35.57 0.14 s 27.45 125.31 89.89 UPS B UPS 3.1 22 124.30 0.81
1.64 35.39 19.72 DevonEnergy DVN 1.6 7 22.91 0.23
20.57 222.87 167.01 Avalonbay
-3.41 53.47 47.45 Avangrid
AVB 2.9 29 209.85 0.71
AGR 3.6 25 48.38 -0.36 65.34 200.80 105.05 DexCom DXCM ... dd 198.08 3.38 JKL 14.80 45.70 34.50 Pentair
34.81 185.70 110.84 Penumbra
PNR
PEN
1.7 21 43.37
...428 164.74
0.22
-8.19
s 51.49 155.74 94.28 UnitedRentals URI
28.88 59.71 43.14 US Bancorp
... 11 155.32
USB 2.9 14 58.90
5.15
-0.20
... 19.59 13.33 Avantor AVTR ... dd 14.36 -0.94 12.16 176.22 137.24 Diageo DEO 2.2 24 159.04 -1.03 58.77 33.79 19.21 JD.com JD ... 55 33.23 -0.05
t -18.63 115.97 74.25 DiamondbkEner FANG 1.0 11 75.43 -0.13 17.53 18.03 13.66 People'sUtdFin PBCT 4.2 13 16.96 0.04 39.82 149.35 100.48 UnitedTech UTX 2.0 25 148.88 0.15
s 48.98 133.88 82.89 AveryDennison AVY 1.7 48 133.83 1.16 33.56 131.29 91.11 JPMorganChase JPM 2.8 13 130.38 0.38 20.50 140.45 105.03 PepsiCo PEP 2.9 15 133.13 -0.19 3.15 287.94 208.07 UnitedHealth UNH 1.7 19 256.97 0.51
29.08 32.20 21.57 AxaltaCoating AXTA ... 25 30.23 0.28 9.40 136.32 100.05 DigitalRealty DLR 3.7114 116.57 -2.11 58.37 39.43 21.49 Jabil JBL 0.8 22 39.26 0.08
43.62 92.98 54.36 DiscoverFinSvcs DFS 2.1 10 84.71 0.36 11.14 103.00 71.83 PerkinElmer PKI 0.3 42 87.30 0.19 113.62 230.32 78.78 UnivDisplay OLED 0.2 72 199.88 0.86
26.82 55.66 40.68 BB&T BBT 3.3 14 54.94 0.21 18.17 151.66 120.20 JackHenry JKHY 1.1 42 149.51 0.86 29.16 66.15 36.28 Perrigo PRGO 1.7 28 50.05 0.28 21.08 157.79 112.79 UniversalHealthB UHS 0.6 18 141.13 1.46
20.92 49.58 38.85 BCE BCE 5.0 19 47.80 -0.25 24.92 34.47 23.79 DiscoveryA DISCA ... 13 30.91 -0.12 61.82 98.08 55.17 JacobsEngg JEC 0.7 dd 94.60 -1.11
23.98 31.03 21.99 DiscoveryC DISCK ... 12 28.61 -0.09 -17.97 75.09 47.65 PetroChina PTR 3.3 12 50.49 -0.31 2.11 38.84 24.71 UnumGroup UNM 3.8 6 30.00 0.24
5.18 59.02 43.65 BHP Group BHP 5.2 15 50.79 -0.68 62.69 19.23 10.00 JamesHardie JHX 1.4 38 19.10 0.12 21.60 17.90 11.89 PetroleoBrasil PBR 1.6 12 15.82 -0.51 31.33 10.13 6.96 VEREIT VER 5.9 dd 9.39 0.03
5.51 51.87 38.04 BHP Group BBL 6.0 13 44.20 -0.84 25.82 147.15 100.35 Disney DIS 1.3 17 137.96 5.00 4.99 154.44 113.52 JazzPharma JAZZ ... 12 130.14 4.18
66.49 69.89 35.06 DocuSign DOCU ... dd 66.73 1.32 23.90 15.74 10.79 PetroleoBrasilA PBR.A 3.7 11 14.36 -0.68 29.67 93.88 63.23 VF VFC 2.2 27 87.07 0.66
12.71 93.72 69.96 BOK Fin BOKF 2.5 12 82.65 -0.62 19.94 20.89 15.16 JefferiesFin JEF 2.6 7 19.49 -0.05 -15.12 46.47 33.97 Pfizer PFE 3.9 13 37.05 0.14 29.29 24.73 17.64 VICI Prop VICI 4.9 17 24.28 0.29
3.35 45.38 35.73 BP BP 6.2 28 39.19 -0.13 7.28 71.77 56.09 DolbyLab DLB 1.1 27 66.34 0.40 21.86 19.93 15.19 JetBlue JBLU ... 10 19.57 ... 25.18 92.74 64.67 PhilipMorris PM 5.6 17 83.57 1.32 14.14 286.40 179.60 VailResorts MTN 2.9 33 240.63 3.79
44.54 9.96 4.99 BRF BRFS ... dd 8.21 -0.51 46.06 166.98 98.08 DollarGeneral DG 0.8 25 157.86 -1.37 3.06 148.99 121.00 J&J JNJ 2.9 25 133.00 1.57 s 38.94 119.92 78.44 Phillips66 PSX 3.0 12 119.70 0.13 -10.77 15.45 10.20 Vale VALE ... 17 11.77 -0.44
59.59 62.94 35.91 BWX Tech BWXT 1.1 29 61.01 0.80 22.18 119.71 81.02 DollarTree DLTR ... dd 110.35 -2.12 43.41 44.82 28.30 JohnsonControls JCI 2.4 68 42.52 0.23 101.48 32.71 14.83 PilgrimPride PPC ... 22 31.25 0.11 34.53 101.99 68.81 ValeroEnergy VLO 3.6 18 100.86 -0.54
-21.46 196.00 93.39 Baidu BIDU ... 18 124.56 2.69 12.34 83.73 67.41 DominionEner D 4.6 60 80.28 -0.03 27.68 173.32 119.79 JonesLang JLL 0.5 17 161.64 -0.24 92.65 45.25 16.53 Pinduoduo PDD ... dd 43.23 -0.08 10.11 142.50 103.92 VarianMed VAR ... 37 124.76 1.30
3.49 28.65 20.09 BakerHughes BKR 3.2 52 22.25 0.17 13.17 302.05 220.90 Domino's DPZ 0.9 31 280.66 -2.02 -2.75 30.68 22.42 JuniperNetworks JNPR 2.9 25 26.17 0.42 1.40 99.81 81.63 PinnacleWest PNW 3.6 19 86.39 -1.43 -24.09 11.84 7.04 Vedanta VEDL 11.8 8 8.76 -0.32
40.60 81.88 42.24 Ball BLL 0.9 40 64.65 -0.42 28.95 57.31 40.27 Donaldson DCI 1.5 27 55.95 -0.39 -10.93 43.70 30.83 KB Fin KB 3.7 6 37.39 -0.16 ... 36.83 18.71 Pinterest PINS ... dd 20.06 0.07 60.96 176.90 79.26 VeevaSystems VEEV ... 79 143.77 2.77
3.21 6.44 4.62 BancoBilbaoViz BBVA 4.3 7 5.46 -0.01 26.69 43.76 32.32 DouglasEmmett DEI 2.4 67 43.24 0.04 48.50 29.95 18.30 KKR KKR 1.7 15 29.15 0.10 2.64 178.22 114.79 PioneerNatRscs PXD 1.3 31 134.99 -1.58 1.62 75.40 56.52 Ventas VTR 5.3 45 59.54 -0.46
4.40 9.48 6.58 BancoBradesco BBDO 2.4 11 7.55 -0.45 54.12 110.81 65.83 Dover DOV 1.8 25 109.35 0.22 94.67 175.43 80.65 KLA KLAC 1.7 24 174.21 2.26 -9.23 25.27 17.78 PlainsAllAmPipe PAA 7.9 5 18.19 -0.16 23.94 221.78 138.77 VeriSign VRSN ... 34 183.79 -2.10
-13.78 32.83 23.34 BancodeChile BCH ... 7 24.66 -0.01 ... 60.52 40.44 Dow DOW 5.0 ... 55.99 0.19 -17.51 15.42 10.86 KT KT 3.4 10 11.73 -0.12 34.90 104.25 70.27 Polaris PII 2.4 20 103.44 0.05 25.41 164.97 102.74 VeriskAnalytics VRSK 0.7 49 136.75 -3.05
... 13.72 9.68 BancSanBrasil BSBR 4.2 22 11.13 -0.44 5.84 42.82 33.02 DrReddy'sLab RDY 0.7 22 39.90 -0.46 60.62 155.52 90.55 KSCitySouthern KSU 0.9 27 153.31 -0.52 35.95 228.19 137.02 Pool POOL 1.1 32 202.09 1.10 5.57 61.58 52.28 Verizon VZ 4.1 15 59.35 -1.18
-18.73 32.97 23.84 BcoSantChile BSAC 3.4 13 24.30 -0.07 -3.11 27.15 17.20 Dropbox DBX ... dd 19.80 -1.17 12.24 65.66 51.34 Kellogg K 3.6 30 63.99 0.26 21.48 202.94 151.80 VertxPharm
19.60 113.73 83.88 PostHoldings POST ... 48 106.60 0.61 VRTX ... 24 201.31 5.48
-8.04 5.25 3.65 BancoSantander SAN 6.2 9 4.12 -0.06 4.23 97.37 82.46 DukeEnergy DUK 4.2 20 89.95 -2.63 13.88 32.00 24.52 KeurigDrPepper KDP 2.1 43 29.20 -0.63 25.20 60.81 40.42 PrincipalFin PFG 4.0 12 55.30 -0.56 -11.48 33.35 20.93 Viacom B VIAB 3.5 6 22.75 0.18
40.97 55.40 35.52 BanColombia CIB 2.1 12 53.71 -0.73 33.55 36.04 24.66 DukeRealty DRE 2.7 31 34.59 -0.03 30.99 19.48 13.65 KeyCorp KEY 3.8 12 19.36 0.06 30.22 125.77 86.74 Procter&Gamble PG 2.5 80 119.70 0.08 -8.27 37.71 23.18 Viacom A VIA 3.1 6 25.51 0.04
34.98 33.60 22.66 BankofAmerica BAC 2.2 12 33.26 0.03 14.50 84.73 61.69 Dunkin' DNKN 2.0 26 73.42 0.01 69.54 105.62 53.21 KeysightTechs KEYS ... 65 105.25 1.53 117.58 12.15 5.03 Vipshop
22.11 84.96 56.71 Progressive PGR 0.5 14 73.67 1.11 VIPS ... 21 11.88 -0.06
16.42 79.35 62.79 BankofMontreal BMO 4.1 11 76.08 -0.17 -37.15 127.41 62.87 DuPont DD ... 67 71.13 -0.48 31.52 84.77 59.05 KilroyRealty KRC 2.3 30 82.70 0.11 35.64 187.05 121.60 Visa
48.28 92.49 55.21 Prologis PLD 2.4 31 87.07 -0.19 V 0.7 35 178.97 0.54
4.53 54.27 40.52 BankNY Mellon BK 2.5 13 49.20 -0.20 -0.25 36.34 28.54 ENI E 4.2 20 31.42 0.02 15.38 143.50 106.59 KimberlyClark KMB 3.1 23 131.46 -0.30 13.59 27.96 20.84 VistraEnergy
38.65 133.58 78.69 Proofpoint PFPT ... dd 116.20 1.99 VST 1.9 26 26.00 -0.21
15.96 58.22 48.34 BkNovaScotia BNS 4.8 12 57.83 -0.16 -14.34 108.78 64.33 EOG Rscs EOG 1.5 14 74.70 -0.04 42.32 21.82 14.29 KimcoRealty KIM 5.4 28 20.85 -0.04 15.65 75.36 57.01 ProsperityBcshs PB 2.6 15 72.05 -0.07 20.29 206.80 128.69 VMware VMW ... 11 164.95 1.31
13.00 9.24 6.54 Barclays BCS 4.1 ... 8.52 -0.13 63.12 201.00 104.77 EPAM Systems EPAM ... 44 189.23 -1.06 30.23 21.50 14.62 KinderMorgan KMI 5.0 22 20.03 -0.01 13.91 106.39 75.61 PrudentialFin PRU 4.3 10 92.89 1.05 7.26 21.73 15.53 Vodafone VOD 4.8 dd 20.68 -0.23
20.90 20.07 11.52 BarrickGold GOLD 1.0 36 16.37 0.01 14.10 80.75 62.75 EPR Prop EPR 6.2 28 73.06 -0.27 73.28 51.08 18.12 KirklandLakeGold KL 0.4 19 45.21 -1.11 -0.20 46.50 31.84 Prudential PUK 3.6 11 35.30 -0.53 6.03 72.50 58.60 VornadoRealty VNO 4.0 4 65.77 0.82
41.85 27.39 17.20 BauschHealth BHC ... dd 26.20 0.19 -0.91 54.08 34.68 E*TRADE ETFC 1.3 11 43.48 0.01 50.78 39.37 23.27 Knight-Swift KNX 0.6 17 37.80 -0.83 18.02 63.88 49.23 PublicServiceEnt PEG 3.1 21 61.43 0.16 43.05 59.00 36.66 VoyaFinancial VOYA 1.0 14 57.42 -0.39
19.28 89.93 61.40 BaxterIntl BAX 1.1 26 78.51 0.51 5.42 56.09 37.69 EastWestBncp EWBC 2.4 10 45.89 -0.08 -14.02 83.28 43.33 Kohl's KSS 4.7 13 57.04 0.30 4.42 266.76 193.89 PublicStorage PSA 3.8 25 211.35 -3.12 38.10 152.49 90.04 VulcanMatls VMC 0.9 30 136.44 -0.97
8.64 264.74 208.62 BectonDicknsn BDX 1.3 63 244.79 0.22 14.76 86.18 61.22 EastmanChem EMN 3.0 15 83.90 0.94 26.09 48.84 32.98 KoninklijkePhil PHG 1.8 28 44.27 0.03 46.90 41.22 23.21 PulteGroup PHM 1.2 12 38.18 0.13
s 34.31 92.37 64.46 Eaton
s 42.19 200.00 108.00 BeiGene
37.78 77.54 45.91 Berkley
BGNE ... dd 199.44 6.55
WRB 0.6 19 67.89 -0.11 25.19 42.00 26.01 eBay
ETN 3.1 16 92.22
EBAY 1.6 16 35.14
1.32
0.25
-20.47 15.78 9.90 KoreaElcPwr KEP ... dd 11.73 -0.05 -8.24 41.55 25.04 Qiagen QGEN ... dd 31.61 0.30 WXYZ
-23.68 54.87 24.86 KraftHeinz KHC 4.9 dd 32.85 0.13 s 71.32 104.22 54.73 Qorvo QRVO ... 50 104.04 2.73
8.39 223.59 186.10 BerkHathwy B BRK.B ... 20 221.31 -1.43 29.21 209.87 135.77 Ecolab ECL 1.0 37 190.39 -0.41 -1.75 31.98 20.70 Kroger KR 2.4 13 27.02 0.16 s 65.23 94.11 49.10 Qualcomm 25.46 146.68 98.90 WABCO WBC ... 21 134.67 -0.24
18.32 23.24 15.21 Ecopetrol EC 5.1 10 18.79 -0.14 QCOM 2.6 26 94.03 4.05
8.34 335041 279410 BerkHathwy A BRK.A ... 20 331526 -2334.00 9.13 12.30 7.62 LATAMAirlines LTM 0.4 88 11.24 -0.22 42.62 44.09 27.90 QuantaServices PWR 0.4 19 42.93 -0.21 26.81 98.19 66.75 WEC Energy WEC 2.7 25 87.83 -1.04
45.11 78.53 47.72 BestBuy BBY 2.6 14 76.85 0.84 16.79 76.45 45.50 EdisonInt EIX 3.7 dd 66.30 0.61 16.77 40.98 27.04 LINE LN ... dd 39.83 -0.94 21.98 107.97 78.95 QuestDiag DGX 2.1 19 101.57 -0.04 40.15 221.66 131.35 WEX WEX ...131 196.30 0.07
40.42 217.16 132.75 Bio-Techne TECH 0.6 85 203.21 0.24 52.88 241.82 139.64 EdwardsLife EW ... 64 234.16 -0.99 48.34 36.11 22.74 LKQ LKQ ... 25 35.20 0.10 29.26 93.62 63.76 W.P.Carey WPC 4.9 36 84.46 -0.68
51.77 358.89 220.05 Bio-RadLab A
-2.55 344.00 215.78 Biogen
BIO ... 29 352.45 6.97
BIIB ... 10 293.25 6.38
-13.64 35.46 25.51 ElancoAnimal ELAN ...107 27.23
1.26 104.10 60.78 Elastic ESTC ... dd 72.38
0.31
-0.54
42.40 89.89 54.90 LPL Financial LPLA 1.1 14 86.98 -0.39 RS 18.03 64.75 50.31 WPP
12.24 96.50 61.00 Wabtec
WPP 5.8 18 64.68
WAB 0.6 59 78.85
0.16
0.25
45.58 217.31 123.24 L3HarrisTech LHX 1.5 24 196.02 1.14
-10.86 100.13 62.88 BioMarinPharm BMRN ... dd 75.90 0.50 44.31 166.77 109.81 ElbitSystems ESLT 1.1 42 164.54 0.04 33.28 178.44 119.38 LabCpAm LH ... 22 168.41 2.61 15.94 24.99 19.66 RELX RELX 2.3 24 23.79 0.05 -13.30 86.31 49.03 WalgreensBoots WBA 3.1 14 59.24 0.57
25.74 64.80 42.30 BlackKnight BKI ... 56 56.66 -0.30 24.53 108.80 73.91 ElectronicArts EA ... 11 98.27 1.04 100.25 282.88 122.64 LamResearch LRCX 1.7 20 272.68 -1.43 s 28.65 75.88 51.95 RPM RPM 1.9 33 75.62 1.74 28.22 120.92 85.78 Walmart WMT 1.8 27 119.44 -0.79
24.79 495.39 360.79 BlackRock BLK 2.7 19 490.21 0.05 23.65 75.54 55.38 EmersonElec EMR 2.7 20 73.88 0.09 17.97 84.71 64.51 LamarAdv LAMR 4.7 22 81.61 0.95 9.97 133.63 82.69 RalphLauren RL 2.4 21 113.77 -1.90 19.65 97.93 70.28 WasteConnections WCN 0.8 42 88.84 -0.64
72.86 55.17 26.88 Blackstone BX 3.7 29 51.53 0.13 20.56 38.04 28.82 Enbridge ENB 5.9 22 37.47 0.74 7.33 83.86 58.83 LambWeston LW 1.0 24 78.95 -0.05 20.00 92.00 69.11 RaymondJames RJF 1.5 12 89.29 0.23 24.77 121.77 83.48 WasteMgt WM 1.8 27 111.03 0.68
8.84 446.01 292.47 Boeing BA 2.3 54 351.00 -6.31 -16.26 9.01 3.81 Encana ECA 1.5 4 4.84 0.17 23.11 69.60 47.39 LasVegasSands LVS 4.8 26 64.08 0.27 40.75 218.00 144.27 Raytheon RTN 1.7 18 215.84 0.84 11.36 255.21 173.41 Waters WAT ... 26 210.08 -1.90
9.10 2081.81 1606.27 BookingHldgs BKNG ... 21 1879.19 29.26 14.12 76.20 56.74 EncompassHealth EHC 1.6 22 70.41 0.34 5.09 160.00 105.10 Lear LEA 2.3 9 129.11 -0.34 21.07 82.17 59.93 RealtyIncome O 3.6 59 76.32 -1.25 27.76 180.69 131.88 Watsco WSO 3.6 28 177.77 0.38
59.29 78.01 43.24 BoozAllen BAH 1.5 23 71.79 0.10 10.23 10.36 7.47 EnelAmericas ENIA 3.9 8 9.68 -0.07 s 53.96 55.42 33.48 Leggett&Platt LEG 2.9 25 55.18 0.13 277.18 215.10 47.50 ReataPharm RETA ... dd 211.60 3.55 -6.51 173.72 76.60 Wayfair W ... dd 84.22 0.40
s 33.30 46.33 30.71 BorgWarner BWA 1.5 13 46.31 0.34 -19.80 5.62 3.82 EnelChile ENIC 4.5 13 3.97 -0.12 65.40 89.00 50.33 Leidos LDOS 1.6 19 87.20 1.20 10.19 70.26 55.50 RegencyCtrs REG 3.6 39 64.66 -0.32 -6.44 74.68 34.26 Weibo WB ... 21 54.67 0.02
22.91 140.35 107.84 BostonProps BXP 2.7 41 138.34 0.38 -7.49 15.98 11.68 EnergyTransfer ET 10.0 10 12.22 0.11 47.64 62.63 37.29 Lennar A LEN 0.3 10 57.80 0.51 -8.49 442.00 271.37 RegenPharm REGN ... 18 341.79 15.40 s 28.32 303.40 220.63 WellCareHealth WCG ... 24 302.96 6.10
14.63 43.84 31.56 BostonSci BSX ... 53 40.51 -0.21 71.18 50.15 24.43 Entegris ENTG 0.7 24 47.75 0.12 45.93 49.66 29.80 Lennar B LEN.B 0.3 8 45.72 0.33 26.16 17.78 12.39 RegionsFin RF 3.7 11 16.88 -0.03 17.40 55.04 43.02 WellsFargo WFC 3.8 12 54.10 0.10
28.52 168.28 105.15 BrightHorizons BFAM ... 47 143.24 -2.22 33.50 122.09 82.06 Entergy ETR 3.2 29 114.90 0.17 11.95 298.49 203.63 LennoxIntl LII 1.3 26 245.01 -1.29 19.77 169.26 129.17 ReinsGrp RGA 1.7 14 167.95 0.33 19.41 93.17 65.94 Welltower WELL 4.2 99 82.88 -0.37
11.62 58.46 42.48 Bristol-Myers BMY 2.8 17 58.02 0.44 7.08 30.86 23.33 EnterpriseProd EPD 6.7 12 26.33 -0.10 ... 24.50 16.00 LeviStrauss LEVI 3.5 17 17.13 -0.38 64.87 120.85 68.62 RelianceSteel RS 1.9 13 117.34 -0.10 50.70 152.10 91.75 WestPharmSvcs WST 0.4 48 147.73 -0.06
16.32 43.91 30.67 BritishAmTob BTI 7.0 11 37.06 0.34 43.84 148.59 88.68 Equifax EFX 1.2 dd 133.96 0.07 62.54 120.00 68.76 LibertyBroadbandA LBRDA ...534 116.72 0.90 38.06 195.18 118.28 RenaissanceRe RNR 0.7 14 184.59 0.23 40.71 65.31 33.83 WesternDigital WDC 3.8 dd 52.02 -1.22
46.83 22.50 14.11 BrixmorProp BRX 5.3 22 21.57 -0.06 50.42 609.97 335.29 Equinix EQIX 1.9 90 530.31 7.81 62.10 120.08 68.47 LibertyBroadbandC LBRDK ...535 116.76 0.96 19.55 90.61 68.94 RepublicSvcs RSG 1.9 26 86.18 0.68 t -27.77 35.75 19.14 WesternMidstrm WES 12.2 15 20.03 0.23
23.25 323.20 217.61 Broadcom AVGO 3.4 44 313.41 1.67 -6.99 25.24 16.24 Equinor EQNR 4.1 12 19.69 -0.12 16.31 28.62 19.88 LibertyGlobal A LBTYA ... 29 24.82 -0.02 26.33 149.96 90.64 ResMed RMD 1.1 50 143.85 1.67 63.36 28.00 16.42 WesternUnion WU 2.9 11 27.87 0.01
24.24 136.99 91.34 BroadridgeFinl BR 1.8 31 119.58 -0.90 37.59 70.54 46.46 EquityLife ELS 1.8 44 66.82 -0.65 27.23 79.46 50.20 RestaurantBrands QSR 3.0 34 66.54 0.26 12.89 81.04 55.82 WestlakeChem WLK 1.4 21 74.70 -0.12
n

13.61 27.84 19.24 LibertyGlobal C LBTYK ... 27 23.45 -0.02


47.01 56.86 36.58 BrookfieldMgt BAM 1.1 19 56.38 -0.18 27.22 89.55 63.17 EquityResdntl EQR 2.7 39 83.98 -0.09 27.66 40.81 26.63 LibertyFormOne A FWONA ... dd 37.94 0.11 106.00 177.99 64.41 RingCentral RNG ... dd 169.83 0.44 4.18 20.56 16.41 WestpacBanking WBK 7.2 12 18.20 -0.08
s 48.10 51.19 32.26 BrookfieldInfr BIP 3.9 dd 51.14 1.01 35.10 270.23 123.94 ErieIndemnity A ERIE 2.0 29 180.10 3.87 29.84 43.05 27.51 LibertyFormOne C FWONK ... dd 39.86 0.03 11.61 64.02 44.62 RioTinto RIO 6.1 7 54.11 -1.40 5.27 48.55 31.94 WestRock WRK 4.6 12 39.75 0.71
36.97 37.99 25.72 Brown&Brown BRO 0.9 27 37.75 0.11 28.43 334.17 235.51 EssexProp ESS 2.5 48 314.92 0.09 s 25.57 46.29 34.92 LibertySirius A LSXMA ... 28 46.21 0.37 1.29 69.08 51.90 RobertHalf RHI 2.1 15 57.94 -0.16 35.54 30.28 20.52 Weyerhaeuser WY 4.6 dd 29.63 0.28
35.56 66.15 44.57 Brown-Forman B BF.B 1.0 38 64.50 -0.18 43.94 207.50 121.47 EsteeLauder EL 1.0 37 187.27 0.13 s 25.82 46.59 34.84 LibertySirius C LSXMK ... 28 46.53 0.37 18.17 191.48 141.46 Rockwell ROK 2.3 21 177.82 0.79 34.56 30.90 15.08 WheatonPrecMet WPM 1.4 dd 26.28 -0.17
29.71 64.10 44.42 Brown-Forman A BF.A 1.1 36 61.51 -0.17 44.11 171.25 91.78 EuronetWorldwide EEFT ... 27 147.54 0.97 40.16 59.97 40.15 LibertyProperty LPT 2.8 21 58.70 -0.06 -7.74 55.93 45.94 RogersComm B RCI 3.2 16 47.29 -0.67 44.82 163.64 99.40 Whirlpool WHR 3.1 9 154.77 -1.54
60.90 52.23 26.10 Bruker BRKR 0.3 36 47.90 0.80 21.85 268.95 201.09 EverestRe RE 2.1 26 265.35 1.76 -1.89 132.13 101.36 EliLilly LLY 2.3 26 113.53 0.76 297.98 176.55 26.30 Roku ROKU ... dd 121.94 3.48 0.18 29.55 20.36 Williams WMB 6.9175 22.09 -0.04
4.58 63.76 47.26 Bunge BG 3.6 dd 55.89 0.44 11.08 67.81 54.57 Evergy EVRG 3.0 24 63.06 0.24 17.68 67.52 48.07 LincolnNational LNC 2.6 15 60.38 -0.74 7.15 43.91 31.36 Rollins ROL 1.1 62 38.68 -0.20 21.89 200.93 144.13 WillisTowers WLTW 1.4 27 185.10 0.11
24.64 209.36 136.30 BurlingtonStrs BURL ... 33 202.75 -1.81 22.09 86.55 62.61 EversourceEner ES 2.7 29 79.41 0.02 30.09 206.82 145.95 Linde LIN 1.7 20 203.00 0.40 26.63 385.51 245.59 RoperTech ROP 0.5 31 337.50 -2.83 2.14 4.62 3.51 Wipro WIT 0.3 17 3.93 -0.04
56.86 235.00 138.39 CACI Intl CACI ... 23 225.93 0.04 32.58 123.99 53.06 ExactSciences EXAS ... dd 83.66 3.71 28.24 73.72 46.02 LiveNationEnt LYV ... dd 63.16 0.49 34.40 114.83 75.91 RossStores ROST 0.9 25 111.82 -1.25 41.80 155.75 80.20 Wix.com WIX ... dd 128.10 1.44
37.09 56.60 37.45 CBRE Group CBRE ... 18 54.89 0.39 -0.86 51.18 43.10 Exelon EXC 3.2 19 44.71 0.01 10.94 3.46 2.30 LloydsBanking LYG 5.8 10 2.84 -0.06 19.70 82.58 65.76 RoyalBkCanada RY ... 12 82.02 -0.24 49.72 119.20 68.40 Woodward WWD 0.6 27 111.23 2.05
-12.83 58.38 35.02 CBS B CBS 1.9 5 38.11 0.31 -10.06 144.00 97.05 Expedia EXPE 1.3 30 101.32 3.03 45.84 399.96 241.18 LockheedMartin LMT 2.5 18 381.86 3.11 -1.97 7.31 4.33 RoyalBkScotland RBS ... 13 5.48 -0.07 -24.38 44.56 27.59 WooriFin WF 3.4 4 31.85 -0.25
-3.69 57.73 38.42 CBS A CBS.A 1.7 5 42.23 -0.15 13.48 81.15 62.90 ExpeditorsIntl EXPD 1.3 21 77.27 0.07 12.04 56.20 42.06 Loews L 0.5 28 51.00 -0.03 17.12 131.04 89.48 RoyalCaribbean RCL 2.7 13 114.53 -0.46 1.72 226.83 117.72 Workday WDAY ... dd 162.42 1.98
8.16 63.90 41.50 CDK Global CDK 1.2 58 51.78 0.79 17.47 124.45 86.99 ExtraSpaceSt EXR 3.4 33 106.29 -1.68 32.83 42.41 29.06 LogitechIntl LOGI 1.8 26 41.55 -0.18 3.40 66.48 54.56 RoyalDutchA RDS.A 5.3 12 60.25 -0.12 27.86 151.50 90.06 WynnResorts WYNN 3.2 20 126.47 0.98
64.74 136.31 74.32 CDW CDW 1.1 28 133.52 0.59 3.78 83.49 64.65 ExxonMobil XOM 4.9 21 70.77 -1.37 23.43 118.23 84.75 Lowe's LOW 1.9 36 114.00 1.40 1.23 67.45 54.64 RoyalDutchB RDS.B 6.2 12 60.68 -0.18 48.39 86.47 41.05 XPO Logistics XPO ... 25 84.64 -0.05
7.17 55.15 38.90 CF Industries CF 2.6 21 46.63 ... -8.41 188.87 121.36 F5Networks FFIV ... 21 148.41 0.79 67.86 209.02 110.71 lululemon LULU ... 50 204.13 1.31 32.59 138.78 70.16 RoyalGold RGLD 0.9 50 113.56 -0.19 21.94 66.05 47.70 XcelEnergy XEL 2.7 24 60.08 -0.25
31.17 80.59 57.35 CGI GIB ... 23 80.26 0.68 52.43 98.17 60.11 FMC FMC 1.6 24 97.70 0.87 ... 88.60 37.07 Lyft LYFT ... dd 43.23 -0.06 19.44 88.71 55.75 Ryanair RYAAY ... 21 85.21 0.09 s 96.61 39.38 18.57 Xerox XRX 2.6 14 38.85 1.54
-7.17 94.34 74.12 CH Robinson CHRW 2.6 16 78.06 -1.08 45.58 208.66 123.02 Facebook FB ... 30 190.84 0.42 17.11 98.91 68.61 LyondellBasell LYB 4.3 10 97.39 -0.10 37.06 140.62 94.81 SAP SAP 0.9 43 136.44 1.36 12.13 141.60 79.22 Xilinx XLNX 1.5 26 95.50 -0.18
5.34 224.91 161.05 CME Group CME 1.5 35 198.17 -0.83 23.28 305.38 188.31 FactSet FDS 1.2 27 246.72 -6.07 50.23 269.57 156.68 S&P Global SPGI 0.9 30 255.30 -0.29 15.90 85.67 60.65 Xylem XYL 1.2 27 77.33 0.01
20.06 65.31 47.63 CMS Energy
0.79 50.47 41.49 CNA Fin
CMS 2.6 27 59.61 -0.40
CNA 3.1 19 44.50 -0.11
77.32 373.24 170.26 FairIsaac
41.79 37.91 24.61 Fastenal
FICO ... 52 331.59
FAST 2.4 27 37.07
2.81
-0.07
MN 41.12 270.42 155.19 SBA Comm SBAC
35.15 63.22 42.27 SEI Investments SEIC
0.6190 228.46
1.1 20 62.44
1.73
-0.09
24.90 42.37 26.20 Yandex
7.59 119.72 86.10 YumBrands
YNDX ... 42 34.16
YUM 1.7 27 98.90
0.09
-0.76
22.04 11.99 8.41 CNH Indl CNHI 1.8 10 11.24 0.22 11.39 141.35 115.09 FederalRealty FRT 3.2 39 131.48 -0.60 17.09 176.11 133.78 M&T Bank MTB 2.4 12 167.59 0.76 -13.21 28.56 21.22 SK Telecom SKM 3.3 8 23.26 -0.10 30.78 48.36 31.35 YumChina YUMC 1.1 24 43.85 0.33
6.09 193.66 139.77 CNOOC CEO 5.2 9 161.73 2.01 1.17 234.49 137.78 FedEx FDX 1.6 11 163.22 -0.70 20.60 29.46 22.73 MDU Rscs MDU 2.8 18 28.75 0.01 8.75 97.59 75.45 SLGreenRealty SLG 4.0 43 86.00 0.85 s 41.82 22.69 15.30 ZTO Express ZTO ... 28 22.45 -0.06
3.72 18.17 13.00 CPFLEnergia CPL 1.5 13 15.35 -0.92 65.83 172.89 93.85 Ferrari RACE 0.7 38 164.90 -0.06 29.47 31.68 21.61 MGM Resorts MGM 1.72575 31.41 0.59 28.22 67.73 40.96 SS&C Tech SSNC 0.7 43 57.84 0.67 49.87 34.33 20.27 ZayoGroup ZAYO ... 56 34.23 -0.04
39.62 37.18 24.62 CRH CRH 2.2 18 36.79 -0.17 11.96 17.46 12.11 FiatChrysler FCAU ... 9 16.19 0.18 74.00 115.12 56.37 MKS Instrum MKSI 0.7 36 112.42 0.27 37.12 40.77 27.35 StoreCapital STOR 3.6 31 38.82 -0.36 51.89 248.83 140.95 ZebraTech ZBRA ... 27 241.86 1.40
19.15 80.73 58.47 CSX CSX 1.3 18 74.03 -0.05 49.49 47.14 29.50 FidNatlFin FNF 2.8 17 47.00 0.20 -18.32 35.85 24.33 MPLX MPLX 10.7 11 24.75 -0.17 25.63 263.16 177.70 SVB Fin SIVB ... 11 238.60 -0.85 21.35 94.89 45.60 Zendesk ZEN ... dd 70.83 0.99
10.61 82.15 51.72 CVS Health CVS 2.8 21 72.47 0.69 27.44 141.35 94.53 FidNatlInfo FIS 1.1 61 130.69 -1.66 66.18 249.25 134.28 MSCI MSCI 1.1 36 245.00 -1.68 4.67 26.40 19.41 Sabre SABR 2.5 27 22.65 0.05 19.09 50.99 26.20 Zillow A ZG ... dd 37.43 3.71
s 73.76 1436.97 767.15 CableOne CABO 0.6 52 1425.00 68.81 29.88 30.89 22.12 FifthThirdBncp FITB 3.1 10 30.56 0.05 4.20 315.95 240.33 MadisonSquGarden MSG ...602 278.94 -0.61 52.83 193.56 79.88 SageTherap SAGE ... dd 146.40 7.47 18.90 51.47 26.38 Zillow C Z ... dd 37.55 4.11
-17.81 27.64 16.01 CabotOil COG 2.2 10 18.37 0.01 1.92 74.17 47.20 58.com WUBA ... 9 55.25 -0.69 6.24 67.75 54.25 MagellanMid MMP 6.7 13 60.62 1.07 17.62 167.56 113.60 Salesforce.com CRM ...134 161.11 1.61 s 38.84 144.96 96.99 ZimmerBiomet ZBH 0.7 dd 144.00 2.07
54.32 77.08 40.31 CadenceDesign CDNS ... 44 67.10 0.23 s 40.55 63.02 42.53 FirstAmerFin FAF 2.7 12 62.74 0.45 24.42 57.09 42.51 MagnaIntl MGA 2.6 7 56.55 -0.12 5.64 47.47 40.00 Sanofi SNY 2.5 28 45.86 0.38 25.36 51.81 38.08 ZionsBancorp ZION 2.7 12 51.07 0.03
41.31 28.03 17.82 CAE CAE 1.3 29 25.93 0.40 35.61 516.13 355.18 FirstCitizBcshA FCNCA 0.3 13 511.30 -2.92 39.11 20.07 13.33 ManulifeFin MFC 3.8 9 19.74 0.19 40.76 27.75 16.10 SantanderCons SC 3.6 9 24.76 0.02 37.78 130.20 78.90 Zoetis ZTS 0.6 41 117.86 -3.17
s 87.26 12.83 5.83 CaesarsEnt CZR ... dd 12.71 -0.04 26.84 111.67 79.42 FirstRepBank FRC 0.7 22 110.22 0.21 -12.62 18.93 11.06 MarathonOil MRO 1.6 12 12.53 -0.03 -11.77 158.80 72.05 SareptaTherap SRPT ... dd 96.28 2.90 ... 107.34 59.94 ZoomVideo ZM ...1720 69.85 3.04
25.07 116.67 83.67 CamdenProperty CPT 2.9 66 110.12 -0.15 24.07 49.07 35.33 FirstEnergy FE 3.3 22 46.59 -0.13 12.24 69.65 43.96 MarathonPetrol MPC 3.2 14 66.23 -0.02 -32.02 34.03 16.48 Sasol SSL 3.5 39 19.91 -0.04 59.80 6.65 3.32 Zynga ZNGA ...164 6.28 0.05

Mutual Funds Data provided by


Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Edgewood Growth Instituti SrsEmrgMkt 19.83 -0.21 20.8 EqInc 18.96 +0.03 21.4 IncomeFd NA ... NA BalAdml 38.30 +0.05 18.0 USGroAdml 108.58 +0.47 24.9 WndsrII 38.49 +0.15 25.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 35.86 +0.05 24.6 SrsGlobal 12.99 -0.06 17.2 JPMorgan R Class PIMCO Funds I2 CAITAdml 12.01 -0.01 5.7 ValAdml 45.52 +0.15 21.5 VANGUARD INDEX FDS
Fidelity SrsGroCoRetail 18.21 +0.12 28.9 CoreBond 11.87 -0.01 7.8 Income NA ... NA CapOpAdml r160.11 +0.81 21.3 WdsrllAdml 68.30 +0.26 25.1 MdCpVlAdml 60.20 +0.16 23.8
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInstPrem107.67 +0.29 25.5 SrsIntlGrw 17.26 -0.05 28.8 CorePlusBd 8.43 -0.01 8.1 PIMCO Funds Instl DivAppIdxAdm 32.73 +0.06 24.8 WellsIAdml 66.04 ... 14.1 SmValAdml 57.66 +0.09 19.3
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
ExtMktIdxInstPre 63.92 +0.26 22.2 SrsIntlVal 10.01 -0.03 16.4 Lord Abbett A IncomeFd NA ... NA EMAdmr 35.63 -0.30 14.6 WelltnAdml 74.80 +0.05 19.0 TotBd2 10.96 -0.01 7.7
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlIdxInstPrem 42.96 -0.14 18.5 TotalBond 10.83 -0.01 ShtDurIncmA p 4.20 -0.01 TotIntl
8.6 4.7 Price Funds EqIncAdml 78.93 +0.18 21.2 WndsrAdml 75.86 +0.32 24.9 17.42 -0.06 17.1
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MidCpInxInstPrem 23.24 +0.07 25.2 Fidelity SAI Lord Abbett F BlChip 117.62 +0.33 22.5 ExplrAdml 97.18 +0.52 25.0 TotSt 76.45 +0.22 24.7
available due to incomplete price, performance or cost data. NE-Not released by Lipper; VANGUARD FDS
SAIUSLgCpIndxFd 16.65 +0.04 25.5 TotalBd 10.46 -0.01 8.6 ShtDurIncm 4.20 ... 4.8 EqInc 32.95 +0.14 22.8 ExtndAdml 91.79 +0.37 22.3 DivdGro 30.44 +0.03 25.5 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 20.63 +0.06 20.1 First Eagle Funds Lord Abbett I EqIndex 82.51 +0.22 25.3 GNMAAdml 10.53 ... 5.3 BalInst 38.31 +0.06 18.0
INSTTRF2020 24.13 -0.01 14.7
TMktIdxInstPrem 87.83 +0.26 25.0 GlbA 59.61 -0.23 17.1 ShtDurInc p 4.20 ... 4.8 Growth 70.52 +0.22 23.5 GrwthAdml 88.70 +0.21 29.4 INSTTRF2025 24.63 ... 16.3 DevMktsIndInst 13.84 -0.04 18.2
Friday, November 8, 2019 USBdIdxInstPrem 11.86 -0.01 7.6 FPA Funds Metropolitan West HelSci 78.99 +1.02 17.9 HlthCareAdml r 87.18 +0.86 13.4 INSTTRF2030 24.94 ... 17.4 DevMktsInxInst 21.64 -0.05 18.2
Net YTD Net YTD Net YTD Fidelity Advisor I FPACres 34.00 +0.03 17.3 TotRetBd 10.97 -0.01 8.0 InstlCapG 43.32 +0.09 21.3 HYCorAdml r 5.90 -0.01 13.9 INSTTRF2035 25.24 ... 18.5 ExtndInst 91.79 +0.38 22.3
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 33.42 +0.09 23.8 Franklin A1 TotRetBdI 10.97 ... 8.2 IntlStk 18.15 -0.05 21.2 InfProAd 25.91 ... 7.0 INSTTRF2040 25.54 ... 19.5 GrwthInst 88.70 +0.20 29.4
Fidelity Freedom CA TF A1 p 7.57 -0.01 7.6 TRBdPlan 10.33 ... 8.3 MidCap 95.53 +0.32 25.1 IntlGrAdml 97.23 -0.40 22.7 INSTTRF2045 25.76 +0.01 20.3 InPrSeIn 10.55 ... 7.0
American Century Inv Baird Funds EmMktCorEq 20.93 -0.19 10.9 FF2020 16.36 -0.01 14.6 IncomeA1 p 2.30 +0.01 12.8 MFS Funds Class I N Inc 9.66 ... 8.3 ITBondAdml 11.76 -0.01 9.3 InstIdx 280.44 +0.76 25.5
Ultra 51.19 +0.13 26.6 AggBdInst 11.16 ... 8.4 IntlCoreEq 13.43 -0.03 17.4 INSTTRF2050 25.80 +0.01 20.3
FF2025 14.32 -0.01 15.7 FrankTemp/Frank Adv ValueI 43.58 +0.08 24.8 NHoriz 62.51 +0.68 29.7 ITIGradeAdml 9.99 ... 9.4 InstPlus 280.46 +0.76 25.5
American Funds Cl A CorBdInst 11.50 ... 8.9 IntSmCo 18.51 -0.04 17.3 IntlVal 37.30 -0.14 16.2
FF2030 17.80 -0.01 17.5 IncomeAdv 2.28 +0.01 13.0 MFS Funds Instl OverS SF r 11.08 -0.02 19.1 LTGradeAdml 10.92 -0.03 18.0 InstTStPlus 66.46 +0.20 24.9
AmcpA p 32.93 +0.12 18.7 BlackRock Funds IntSmVa 18.96 -0.05 15.3 LifeCon 20.82 -0.01 13.3
Freedom2020 K 16.35 -0.01 14.7 FrankTemp/Franklin A IntlEq 27.72 -0.06 23.8 R2020 22.60 +0.01 15.7 MidCpAdml 212.33 +0.38 25.4 MidCpInst 46.91 +0.09 25.4
AMutlA p 43.39 +0.09 17.4 HiYldBd Inst 7.67 -0.01 12.8 LgCo 23.92 +0.06 25.4 LifeGro 35.37 +0.01 18.9
Freedom2025 K 14.30 -0.01 15.7 Growth A p 112.98 +0.40 25.6 Northern Funds R2025 18.04 +0.01 16.9 MuHYAdml 11.68 -0.01 7.8 MidCpIstPl 231.33 +0.42 25.4
BalA p 28.33 +0.03 15.4 BlackRock Funds A TAUSCoreEq2 19.76 +0.06 24.4 Freedom2030 K 17.78 -0.01 17.5 RisDv A p 68.27 +0.11 24.4 StkIdx 35.81 +0.10 25.4 R2030 26.33 +0.01 18.1 MuIntAdml 14.38 -0.01 5.8
LifeMod 28.49 ... 16.1
RealEstaInstl 19.99 -0.04 25.3
BondA p 13.18 -0.01 7.0 GlblAlloc p 19.33 ... 13.6 US CoreEq1 25.34 +0.07 24.8 Freedom2035 K 14.91 ... 19.5 FrankTemp/Franklin C Nuveen Cl I R2035 19.34 +0.01 18.9 MuLTAdml 11.86 -0.01 7.2 PrmcpCor 28.83 +0.11 23.2 SmCapInst 76.69 +0.31 22.4
CapIBA p 62.51 +0.05 13.7 BlackRock Funds Inst US CoreEq2 23.28 +0.06 24.1 Freedom2040 K 10.41 ... 20.1 Income C t 2.33 ... 12.1 HYMunBd 17.82 -0.02 10.2 R2040 27.57 +0.02 19.7 MuLtdAdml 11.05 ... 3.5 STAR 27.81 +0.02 18.1 STIGradeInst 10.71 ... 5.2
CapWGrA 50.46 -0.03 19.7 EqtyDivd 20.71 +0.04 23.2 US Small 34.86 +0.07 18.1 Fidelity Invest FrankTemp/Temp Adv Oakmark Funds Invest Value 37.15 +0.09 21.5 MuShtAdml 15.83 ... 2.1 TgtRe2015 15.60 ... 12.6 STIPSIxins 24.68 +0.01 4.0
EupacA p 54.58 -0.16 21.2 MultiAstIncome 10.83 ... 11.6 US SmCpVal 34.05 +0.01 14.4 Balanc 24.25 +0.03 19.6 GlBondAdv p 10.67 ... -0.5 OakmrkInt 24.92 -0.21 21.8 PRIMECAP Odyssey Fds PrmcpAdml r147.74 +0.64 22.1 TgtRe2020 32.85 ... 14.7 TotBdInst 11.00 -0.01 7.8
FdInvA p 62.30 +0.15 21.3 StratIncOpptyIns 9.93 ... 6.5 US TgdVal 23.23 +0.02 18.4 BluCh 101.06 +0.50 24.7 Guggenheim Funds Tru Old Westbury Fds AggGrowth r 45.10 +0.42 17.8 RealEstatAdml129.15 -0.29 25.2 TgtRe2025 19.79 ... 16.3 TotBdInst2 10.96 -0.01 7.8
GwthA p 51.74 +0.20 21.0 Bridge Builder Trust USLgVa 38.51 +0.07 21.8 Contra 13.40 +0.04 22.8 TotRtnBdFdClInst 27.11 ... 4.3 LrgCpStr 15.18 +0.01 20.0 Growth r 41.28 +0.25 18.9 SmCapAdml 76.69 +0.31 22.4 TgtRe2030 36.18 ... 17.4 TotBdInstPl 11.00 -0.01 7.8
HI TrA p 9.92 -0.01 9.0 CoreBond 10.40 -0.01 6.4 Dodge & Cox ContraK 13.42 +0.05 23.0 Harbor Funds Parnassus Fds Stock r 35.43 +0.15 23.1 SmGthAdml 66.37 +0.48 25.8 TgtRe2035 22.28 ... 18.4 TotIntBdIdxInst 34.73 -0.02 7.7
ICAA p 39.50 +0.15 18.3 CorePlusBond 10.28 -0.01 6.4 Balanced 103.80 +0.39 16.1 CpInc r 10.09 +0.01 15.5 CapApInst 77.23 +0.34 24.6 ParnEqFd 48.51 +0.17 25.1 Schwab Funds STBondAdml 10.55 ... 4.3 TgtRe2040 38.60 +0.01 19.5 TotIntlInstIdx r116.51 -0.44 17.2
IncoA p 23.24 +0.01 15.2 Intl Eq 11.79 -0.04 18.4 GblStock 13.17 +0.01 19.4 GroCo 20.50 +0.12 28.0 Harding Loevner PGIM Funds Cl Z 1000 Inv r 70.00 +0.20 25.5 STIGradeAdml 10.71 ... 5.2 TgtRe2045 24.30 +0.01 20.2 TotItlInstPlId r116.53 -0.45 17.2
N PerA p 46.46 +0.04 23.3 Del Invest Instl Income 14.08 ... 8.7 GrowCoK 20.53 +0.12 28.1 IntlEq NA ... NA TotalReturnBond NA ... NA S&P Sel 48.07 +0.13 25.5 TotBdAdml 11.00 -0.01 7.8 TgtRe2050 39.10 +0.01 20.2 TotStInst 76.50 +0.23 24.9
NEcoA p 46.47 +0.18 19.7 Value 22.45 +0.08 16.3 Intl Stk 43.64 -0.17 18.2 InvGrBd 11.51 -0.01 8.6 Invesco Funds A PIMCO Fds Instl TSM Sel r 54.45 +0.16 24.9 TotIntBdIdxAdm 23.14 -0.02 7.7 TgtRet2055 42.44 +0.01 20.2 ValueInst 45.52 +0.16 21.5
NwWrldA 70.13 -0.20 22.3 Dimensional Fds Stock 197.32 +1.12 19.9 LowP r 47.79 -0.01 19.0 EqIncA 10.58 +0.04 17.3 AllAsset NA ... NA TIAA/CREF Funds TotIntlAdmIdx r 29.13 -0.11 17.2 TgtRetInc 13.96 -0.01 11.2 WCM Focus Funds
SmCpA p 57.55 +0.12 22.7 5GlbFxdInc 10.96 ... 3.9 DoubleLine Funds Magin 10.95 +0.01 23.4 Invesco Funds Y ShortT 9.78 ... 2.4 BdIdxInst 11.06 -0.01 7.5 TotStAdml 76.49 +0.23 24.9 TotIntBdIxInv 11.58 ... 7.7 WCMFocIntlGrwIns 17.77 -0.03 26.7
TxExA p 13.24 -0.01 6.1 DFARlEst 40.35 -0.11 24.7 CoreFxdIncmI NA ... NA OTC 12.09 +0.04 30.2 DevMktY 44.53 -0.40 18.5 TotRt 10.38 ... 7.6 VANGUARD ADMIRAL TxMCapAdml159.12 +0.40 25.5 WellsI 27.26 ... 14.0 Western Asset
WshA p 48.02 +0.12 20.8 EmgMktVa 27.95 -0.16 5.7 TotRetBdI 10.66 ... 5.5 Puritn 22.11 +0.05 16.5 JPMorgan I Class PIMCO Funds A 500Adml 286.00 +0.79 25.5 TxMIn r 13.83 -0.03 18.2 Welltn 43.31 +0.02 19.0 CorePlusBdI NA ... NA
B12 | Saturday/Sunday, November 9 - 10, 2019 * *** THE WALL STREET JOURNAL.

BUSINESS & FINANCE NEWS

JPMorgan Steps on Fannie, Freddie Turf


Credit-risk transfers loans in the underlying pool of housing finance market in an made to borrowers with high
mortgages. effort to protect taxpayers. credit scores and low leverage,
stir hope for reduced In essence, JPMorgan has In September, the Trump making defaults relatively un-
role of government bought a type of insurance on administration outlined a plan likely. Maturities of the risk-
loans it had already made to to return Fannie and Freddie transfer securities were simi-
in mortgage market borrowers with high credit to the private sector and re- lar to those of the underlying
scores. That, in turn, should duce their market share while mortgages.
BY SAM GOLDFARB allow it to hold less capital continuing to provide them Investors in credit-risk
against those loans. with a government backstop. transfers issued by banks are
A recent move by JPMor- The deal is notable because Among its ideas: reducing the taking an additional risk that
gan Chase & Co. to shed risk some analysts think that a new amount of capital that banks the banks themselves could
on some of its mortgage loans market for credit-risk trans- would need to hold against a become insolvent, analysts
is stirring hope that the tactic fers issued by banks could pool of mortgages if they issue said. That could make it un-
could help reduce the govern- make it at least a little more credit-risk transfers. economical for all but the
ment’s role in the $11 trillion likely that banks would hold James Dimon, the chief ex- largest and most creditworthy
mortgage market.

AL DRAGO/BLOOMBERG NEWS
mortgages rather than selling ecutive of JPMorgan, has for banks to issue the securities.
JPMorgan last month be- them to Fannie and Freddie. many years been critical of Still, some have welcomed
came the first U.S. bank to is- By extension, such an outcome government regulations that JPMorgan’s deal as a step in a
sue credit-risk transfers tied would make taxpayers less ex- he says have made it overly positive direction.
to a pool of mortgages. The posed to mortgage defaults. difficult for banks to hold Credit-risk transfers could
bondlike instruments have Fannie and Freddie don’t mortgages. He has, though, of- be “the next little big thing”
been embraced by the govern- make loans but buy them from fered praise for the Trump ad- for banks, said Chris Helwig, a
ment-controlled mortgage lenders and bundle them into ministration’s proposals. managing director at Amherst
guarantors Fannie Mae and securities. They typically carry JPMorgan’s James Dimon has praised the Trump administration’s In the specific case of last Pierpont Securities.
Freddie Mac since their intro- a guarantee that Fannie and proposals to return Fannie and Freddie to the private sector. month’s deal, the roughly $750 At a minimum, it could help
duction in 2013. Freddie will pay investors if the million of mortgages linked to some banks shed risk and free
Like the credit-risk transfers underlying mortgages default, government control since the popular 30-year fixed-rate JPMorgan’s credit-risk trans- up capital that they can allo-
issued by Fannie and Freddie, leaving investors with only the start of the 2008 financial cri- mortgage. fers were likely never going to cate elsewhere, he said. It also
those sold by JPMorgan pay risk that the bonds will lose sis, Fannie and Freddie have al- For years, both Republicans be sold to Fannie and Freddie, “opens the door for banks to
investors a stream of income. value if interest rates rise. ways carried at least the im- and Democrats have consid- in part because the average put more loans on their bal-
In exchange, investors will As it stands, nearly half of plicit backing of the ered options for replacing the loan in the pool was too large, ance sheets.”
shoulder losses up to a certain U.S. mortgages are guaranteed government, which has been mortgage giants or introduc- analysts said. —Ben Eisen
level if homeowners default on by Fannie and Freddie. Under critical to preserving America’s ing more competition in the The loans, in general, were contributed to this article.

Former Alstom Executive Is Convicted in Bribery Case


BY DYLAN TOKAR lated to an $80,000 transfer side the U.S.,” said Christo- bribes while remaining safely on the level of control the parliament and top executives
that prosecutors alleged a con- pher Morvillo, a partner at outside the country. Connecticut subsidiary exerted of the country’s state-owned
NEW HAVEN, Conn.—A jury sultant had made to a bank ac- Clifford Chance LLP. “We will Although he worked for the over him. electricity company—took a
found a former Alstom SA ex- count in Indonesia for the pur- continue to work tirelessly to- parent company in Paris, Mr. Prosecutors said Mr. Hos- back seat.
ecutive guilty of helping or- pose of bribing a government wards clearing Lawrence’s Hoskins effectively acted as an kins’s role involved assisting Proving that Mr. Hoskins
chestrate a bribery scheme in official there. Sentencing is good name.” agent of a former Alstom sub- Alstom’s regional businesses, was an agent of Alstom Power
Indonesia, a verdict that rein- scheduled for Jan. 31. The verdict is a victory for sidiary based in Windsor, including by approving consul- became paramount for prose-
forces the reach of a U.S. law The case against Mr. Hos- Conn., prosecutors argued. tants. But final approval for cutors after the Justice De-
prohibiting bribes to foreign kins, a 69-year-old British citi- Lawyers for Mr. Hoskins consultants rested with the re- partment lost an appeal last
government officials. zen who worked in Paris and disputed the government’s gional businesses, they said, year related to the Hoskins
Lawrence Hoskins, a former never set foot in the U.S. dur-
Verdict backs reach view of his relationship with and Mr. Hoskins merely pro- case. The appeals court upheld
senior vice president at the ing his three years at Alstom, of U.S. law against the subsidiary, Alstom Power vided support. a ruling that placed more de-
France-based train maker, was was seen as a test of the Inc., saying it didn’t have suf- Lawyers for Mr. Hoskins fined limits on whom the Jus-
found guilty Friday of various FCPA’s reach. It is one of the
the bribing of ficient authority over him. said he worked in the upper tice Department could charge
counts of violating the U.S. longest-running FCPA cases foreign officials. The FCPA, enacted in 1977, echelons of the company and with a conspiracy to violate
Foreign Corrupt Practices Act, being litigated: Mr. Hoskins applies to companies listed on had final approval over the the FCPA.
as well as of money laundering was first indicted in 2013. U.S. stock exchanges and pri- consultant hiring process— Alstom in 2014 pleaded
and conspiracy charges. A lawyer for Mr. Hoskins vate companies organized un- which meant that he con- guilty and agreed to pay $772
Jurors at the U.S. District said his client was considering federal prosecutors who ar- der U.S. laws, as well as their trolled the subsidiary, and not million to resolve joint foreign
Court for the District of Con- an appeal. gued that letting the former shareholders, directors, em- the other way around. bribery probes by the Justice
necticut deliberated for one “Lawrence Hoskins is inno- executive off the hook risked ployees and agents and other With the focus at trial on Department and the Securities
day before reaching the ver- cent of these charges, which creating a loophole in the for- individuals who violate the Mr. Hoskins’s role at Alstom, and Exchange Commission.
dict. They acquitted Mr. Hos- relate to conduct by a British eign bribery law for foreign statute while in U.S. territory. details of the bribery The France-based company
kins of a single count of citizen that occurred more national “ringleaders” who Whether Mr. Hoskins qualified scheme—which implicated a sold its power business to
money laundering, which re- than 15 years ago entirely out- help U.S.-linked businesses pay as an agent depended in part former member of Indonesia’s General Electric Co. in 2015.

ADVERTISEMENT

The Marketplace
To advertise: 800-366-3975 or WSJ.com/classifieds

AUCTIONS BUSINESS OPPORTUNITIES

 
      
        ! ! !" "   # $ ! ! !
  " " % ! !!!" & '! ! ! & ()%  * + ,(,- .  !% ! !" "  / $0*
! ! ! 1 *  ! 2+ % "  *  3 ' * ' !45* 600!!*  4- !% 7 % 8))
   
% ' ! 7 ) )! !  !"  9  * #$! !  :   * # $  !) ! !    #  ! * !;) ! !"  %) !"*
  !%!  "  7 & 0"*  "   % !"  #  ! 7 %! $   &* $   &*
"
 
ALESSIA PIERDOMENICO/BLOOMBERG NEWS

! %!  "   < ! 7  )   ) ) ! = ! !)$! " !) !" '! !" " %  "! $!
7 #2 /&!  ! %!  ! !  &   "*%  "" ! * !% "" ! * "& %! ! !)$! >* ? 
>* " 77! , !*   ! 7 ) $ !  "  ! 7 !) ! !   ! !  &* " ) 7 7   !  $ 7"

 
 0 ) " ?) @ ""! 7 !$ ) ! # !  <!" & ! !)$!  !% & ()%  . ,5,- "  0!"
 % ! 1 < " 77! & ()%  A!",,- A ""! # !  <!" & !%  )$! ()%    
 
 + ,,-* " ! !"  "!)   !7" ! "!)  ! <!" $!0 7 B 7 " ) $ ! ) ! &
  ?! ,4,-  " C!  '! ! ))   +    " !  ! %  &  !!" ) & &!
" ! !     !  ! $   +  ,@,?  2@@  D! ! 2 = $! E !   # $
) 7 = $#! E ! 7 ' $! E ! "  7 3 F 7 7 = $#! E !   '! @* ?# $) COMMERCIAL REAL ESTATE
4 = $* G! 
A! 7 '!"  ) .! "* H  ?#)      = 
@
@ @(( 

@
5
(  
@@ 4-
 ?  2 445  D! ! 2 ' $ F 7 7 = $#!  ! *
' $! E ! 7 = $! E ! " = $#! E ! 7 ' $! E ! 7 '!* ?#)  = $* G!  
  

A! 7 '!"  ) .! "* 7 $ ?#)      =  544  !      
    

  

 ?  @2@5
-  D! ! 2 ' $! E ! !; "  "  ! " ' $        !" 

F 7 7 = $! E ! 7 '! * ?#)  = $* G! 
A! 7 '!"  ) .! "* 7 $ ?#)*    #$  
 % &&' 
   =  5  = 
 (5
- ? 
2-4
 D! ! 2  & ' $ " 3  ($    '   )($ Prosecutors said Italian bank Monte dei Paschi sought to misrepresent its financial health.
7 ! ! ! 7   !  I 7 G " !; "  "  !  ' $!  !  '! * ?#) 4 = $* G!   !)$ )$$* +,  +  - .
3 7 ?$ "  ) .! "*   ?# $)*      = 
  !$ !! / 0

BOATING BUSINESS OPPORTUNITIES


 !  *$& 1  

    
 
Court Convicts 13 Executives

   !   

     


    
PUBLIC NOTICES

  
     

In Italian Banking Scandal



 
     
       
     BY GIOVANNI LEGORANO disappointed with the verdict ecutives of collusion to design
       !"#$%& AND JENNY STRASBURG delivered by the Court. After and carry out two complex de-

         
     
      

   
  
         ! "#    $ thoroughly examining the con- rivatives trades which prose-
 !    
"#$" %
 
 
      %&    
      '%&   ( 
A Milan court convicted 13 tent of the judgment, the com- cutors said helped Monte dei
 
 
    
        
   !      $  )    former and current executives pany will consider all options, Paschi hide mounting losses.
 
   %&     '%&   ( 
 !  "   #
  
   ! * of Banca Monte dei Paschi di including an appeal.” In particular, prosecutors
 
 '+ , ) "- ."  /%- (  Siena SpA, Deutsche Bank AG The decision follows a alleged Monte dei Paschi’s ac-
     !  and Nomura International three-year trial and an investi- counting was false between
'( )* ")+ 
$   
%  &  % '
  
 ! % PLC of a number of financial gation lasting more than 1 1/2 2008 and 2012, with the
 crimes, in a long-running judi- years by Milan prosecutors bank’s actual earnings being
      cial saga tied to losses at the into two complex financial as much as 88% lower than
BUSINESS OPPORTUNITIES     
TRAVEL troubled Italian bank. transactions that Monte dei what it disclosed during that
  The court on Friday gave Paschi arranged in 2008 and time.
    
 the bankers suspended jail 2009 with Nomura and After many attempts to
 
       sentences of up to seven years Deutsche Bank, as well as keep Monte dei Paschi—the
  


and six months each, accord- other transactions that prose- world’s oldest bank—afloat
  
           


ing to a court document seen cutors said had helped the both with private and public
  
  
             by The Wall Street Journal. Tuscan bank misrepresent its money, Italy’s Economy Minis-


  


  

                  The court also ordered the financial health during and af- try stepped in to nationalize it
 


 
   

   
   

seizure of about €65 million ter the financial crisis. at the end of 2016, a few
  
 & '

( (  ($71 million) from Deutsche Deutsche Bank and Nomura months after the trial started.
  
      


 
  )(  '&'*   Bank and €88 million from No- were also defendants in the The bank, which had been a


       
&*  '
'
  mura plus a €3 million fine for trial, since, according to Italian perennial trouble spot in Eu-
 
   )
(    )
  (  + ( !  +  Deutsche Bank and €3.5 mil- law, companies can be charged rope’s most-troubled banking
)
   !  ,

( ( ,

( )

  lion for Nomura. with a direct liability for some system, has since made signif-
 
    
 +"(  ('&  (
'
 #'  
(
 '
 !
"
 ('   Giuseppe Iannaccone, a law- crimes committed by their rep- icant progress in cleaning up
 
     $
* ' (+
- %%
 

  yer for the Deutsche Bank for- resentatives. Monte dei Paschi its balance sheet and return-
   
 
mer and current managers, reached a plea-bargain agree- ing to profitability.
 




             


  



 
  said he “couldn’t hide his ment with the court in 2016. Convicted former managers




 shock for this verdict” and is The executives were at Monte dei Paschi include
!!!"#"
  $% &&
   ! fully confident the managers charged in October 2016 after ex-chairman Giuseppe Mus-
are innocent. Mr. Iannaccone Milan prosecutors said they sari, who was given a jail sen-
said the defendants will ap- had found evidence of the ma- tence of seven years and six
  
 
 
 
   

  
peal the verdict. nipulation of Monte dei Pas- months, the longest.

 
  “We are disappointed with chi’s stock and falsification of “This incredible verdict will

       
     
   
   


 the verdict. We will review the its accounting, and some of vanish, because Mr. Mussari is


     rationale for it once it is pub- the executives’ obstruction of innocent,” Mr. Mussari’s law-
      

 
   lished,” a Deutsche Bank the supervisory activity of yers said in a statement.



    



  
 
  spokesman said. A Nomura Italian authorities. —Francesca Chiarano
spokesman said the bank “is Prosecutors accused the ex- contributed to this article.
THE WALL STREET JOURNAL. * * * * Saturday/Sunday, November 9 - 10, 2019 | B13

MARKETS NEWS

Tick Index
Reveals
Bonds Fall Amid Trade Comments
BY DANIEL KRUGER end of July and up from an earlier climb in yields Thursday that pulled yields on negotiations, analysts said.

Market U.S. government bond prices


swung between gains and
1.924% Thursday, according to
Tradeweb.
Yields, which rise when
spurred by speculation that the
two countries were continuing
to make progress toward an
10-year sovereign debt above
zero in France and Belgium for
the first time in several
“Yesterday they said they
were close to a phase-one
deal,” said Ray Remy, head of

Strength losses Friday after President

CREDIT
Trump said he
hadn’t agreed to
bond prices fall, first slipped
after Mr. Trump’s comments,
then later recovered. The com-
accord. Hopes for an agree-
ment that would lower trade
barriers have helped improve
months.
While Mr. Trump’s com-
ments probably don’t repre-
fixed-income trading at Daiwa
Capital Markets America Inc.
“Today we’re not really there,
MARKETS roll back tariffs on ments put Mr. Trump at odds the outlook for global eco- sent a significant obstacle to and then we lurch to lower
BY ALEXANDER OSIPOVICH China, boosting de- with a statement from China nomic growth in recent weeks reaching an agreement, they yields.” Officials from China’s
mand for safe assets. that a reduction in tariffs and reduced the appeal of the are an example of the risks Commerce Ministry said
The U.S. stock market is in The yield on the benchmark would be part of the first phase safety of government bonds. that traders and investors face Thursday that tariff relief
the midst of its most persis- 10-year Treasury note settled of a new trade agreement. European government bond from the torrent of headlines would be part of the first
tent upswing in nearly two at 1.93%, the highest since the Bonds’ move helped reverse yields fell, following gains that have accompanied these phase in an agreement.
years, according to a technical
indicator called the New York
Stock Exchange Tick Index that
is followed by many day trad-
ers.
At any given time, the price
of any company’s shares has
just moved up or down. The
Tick Index is calculated by tak-
ing the total number of NYSE-
listed companies whose shares
just rose—or “ticked up”—and
subtracting the number of such
companies whose shares just
fell.
Through Friday, the tick in-

Technical indicator
shows stocks
holding strong for
15 straight sessions.

dex hadn’t registered below


negative 1,000 for 15 straight
trading sessions, according to
brokerage Instinet. That is the
longest such stretch since one
that lasted 16 sessions in De-
cember 2017 and January 2018.
In other words, from Oct. 21
through Friday, there wasn’t a
moment when an external
driver—like a piece of bad
macroeconomic news, or a

REUTERS
tweet from President Trump—
suddenly caused a large num-
ber of stocks to drop across Prices had rallied on the prospect of a trade truce boosting Chinese demand, but China is already importing crude at record rates. A terminal in the country’s Zhejiang province.
the board. Instead, a broad

Oil Rally Fades on Chinese Import Figures


contingent of stocks has
marched steadily upward, and
volatility has been muted.
Frank Cappelleri, chief mar-
ket technician at Instinet, said BY RYAN DEZEMBER On Friday, prices for U.S. to have evaporated,” Commer- production-cut targets in an Swelling U.S. oil stockpiles
there were several lengthy crude opened trading by los- zbank analyst Carsten Fritsch effort to bolster oil prices and have added pressure to prices.
stretches in 2017 when the A nascent rally in oil prices ing as much as 2.5%. They re- wrote in a note to the German reiterate the kingdom’s ability The U.S. Energy Information
NYSE Tick Index didn’t fall be- fizzled on Friday after Chinese covered in the afternoon as a bank’s clients. Chinese imports to muscle other OPEC mem- Administration said invento-
low negative 1,000. That was a customs data showed the widely cited barometer of U.S. were up 11.5% over the same bers on supply matters ahead ries climbed during the week
good year for investors, with country imported more crude drilling activity indicated a time a year ago, and through of the stock offering of its ended Nov. 1 to about 3%
the Dow Jones Industrial Aver- in October than ever before further slowdown, before clos- 10 months China had bought Saudi Arabian Oil Co. above the five-year average
age gaining 25%. despite the continuing trade ing essentially flat. 10.5% more crude than it did The IPO on the Saudi stock for this time of year as ex-
The takeaway for investors friction with West Texas Intermediate over the same period in 2018. exchange is scheduled for Dec. ports and consumption by re-
today: Stocks, which pushed COMMODITIES the U.S. futures for December delivery “A resolution to the trade 11, six days after the kingdom’s fineries declined, the Strategic
into record territory this past The disclo- settled up 0.16% at $57.24 a dispute is hardly likely to gen- delegates are to meet in Vi- Petroleum Reserve pumped
week, could go significantly sure eliminated some of the barrel on the New York Mer- erate additional impetus for enna with the 13 other OPEC 700,000 barrels into the mar-
higher before their inevitable optimism traders have held on cantile Exchange. Brent crude, oil demand,” Mr. Fritsch said. members and several other ket and imports ticked higher.
pullback, according to Mr. Cap- the assumption that a detente the global benchmark, gained That has traders focused on countries from a Russian-led Domestic drillers, mean-
pelleri. in the trade war between the 0.35% to end at $62.51 a barrel next month’s meeting of the coalition. The countries have while, continued to show signs
“People have been hesitant world’s two largest economies on London’s ICE Futures ex- Organization of the Petroleum been operating under an of slowing activity, which in-
to believe in an extended would lift demand for oil. change. Exporting Countries. Saudi agreement since June to curb vestors are hoping will sup-
breakout,” he said. “This Those hopes had sent oil “The euphoria over a possi- Arabia, the cartel’s leader, is output to support prices in the port prices. The number of
breakout could extend and prices 5.5% higher to start the ble trade deal between the planning to push other mem- face of a flood of shale oil rigs drilling on land in the U.S.
hold longer than people think.” month. U.S. and China already appears bers to more closely adhere to spilling out of the U.S. is down 25% from a year ago.

ning streak to five. The tech- higher from 95.5 at the end of
U.S. Stocks nology-heavy Nasdaq Compos-
ite rose 1.1%.
October.
The figures came after the
The week was marked by latest jobs report showed the
Achieve large moves in individual
stocks and sectors as earnings
U.S. economy is growing at a
stable but slower rate, despite

New Highs results trickled in and inves- signs of a global slowdown.


MARTIN BUREAU/AGENCE FRANCE-PRESSE/GETTY IMAGES

tors evaluated their outlooks “A lot of these policy


for value stocks, often defined risks…seem to have melted
as companies whose shares away to some extent. The
Continued from page B1 trade at a low multiple of their worst-case scenarios seem to
In the latest sign that inves- book value, or net worth. have been priced out,” said
tors are fleeing traditionally Investors positioned for Brian Nick, chief investment
safer bets, the to- value strategies to regain lus- strategist at Nuveen.
FRIDAY’S tal amount of neg- ter in September, and some Still, Friday’s latest trade
MARKETS ative-yielding debt analysts say the rotation can headlines highlighted their out-
world-wide has continue, citing trade negotia- size impact on stock and bond
fallen by about $4.5 billion in tions as a lingering headwind. investors.
recent weeks—to roughly $12.5 Marko Kolanovic, global President Trump said the
trillion, according to Deutsche head of quantitative and de- U.S. hadn’t committed to roll-
Bank Securities, from a peak of rivatives strategy at JPMor- ing back existing tariffs on Chi-
$17 trillion in August. gan, wrote in a research note nese goods, spooking investors
The boom in cloud computing has benefited Equinix and other owners of large facilities to house equipment. A bond market signal that Friday that rising yields would a day after Beijing indicated
previously had been flashing continue to make cyclical and such concessions would be part

Data-Center Stocks Face Risks red has eased, too, relieving


some worries about a possible
recession. This week shorter-
dated Treasurys all yielded
value stocks more attractive
because they reflect an im-
proving economic outlook.
New data showed consumer
of an initial deal.
The Stoxx Europe 600
notched its fifth consecutive
week of gains. The Shanghai

After Shares Double Since 2015 less than ones maturing later
for the first time since Novem-
ber 2018. Bond prices fall as
confidence ticked up in early
November.
The University of Michigan
Composite advanced for the
third straight week, and the
Hang Seng finished its second
BY ALEXANDER OSIPOVICH phabet Inc. and Amazon.com Netherlands-based Interxion yields climb. said Friday its preliminary in- consecutive week of gains.
Inc. dominate the cloud-com- Holding NV, are those whose The rise in yields helped dex of November consumer —Will Horner contributed to
Data-center stocks have puting field. Several years ago, data centers tend to be hubs spin a rotation in the stock sentiment was 95.7, edging this article.
benefited handsomely from as cloud demand was taking for customers in the same in- market.
the boom in cloud computing, off, the big providers began in- dustry. Equinix’s NY4 data Cyclical stocks such as Five-day index peformance
but analysts warn that inves- creasingly turning to the center in New Jersey is used those of financial and energy 1.5%
tors shouldn’t let past perfor- REITs rather than building by financial-services firms in- companies led the way in the
mance cloud their thinking. new data centers themselves, cluding Cboe Global Markets S&P 500 this week.
Shares of companies includ- fueling the rally in the shares Inc. and UBS Group AG. Meanwhile, real-estate and Dow industrials
ing Equinix Inc., CyrusOne of data-center specialists. The industry’s underper- utility companies—known for Nasdaq Composite
Inc. and CoreSite Realty Corp. Demand is likely to grow formers are those focused on being steady dividend payers— S&P 500
have more than doubled since further in the coming years what are known as hyperscale suffered their worst week 1.0
the beginning of 2015, handily with the adoption of 5G wire- facilities—centers serving the since December 2018.
beating the roughly 50% in- less technology. But whether tech giants. Digital Realty Mr. Brady said he is opti-
crease in the S&P 500 over the data-center providers can Trust Inc., a REIT with more mistic about the prospects for
that period. keep cashing in is unclear. than 200 data centers whose banks including JPMorgan
Typically structured as real- One potential risk: The tech customers include Facebook Chase & Co. as financial com-
estate investment trusts, such giants could return to running Inc. and International Business panies benefit from rising 0.5
companies own large ware- data centers in-house. “At the Machines Corp., has gained yields.
houselike facilities with racks end of the day, their prefer- 9.4% this year, trailing the 23% The sputtering rally for
upon racks of servers. They ence is to build it themselves,” increase in the S&P 500. bonds coincided with a fresh
make money by leasing them said Colby Synesael, an ana- Mr. Synesael said demand boost for stocks.
out to internet companies, lyst at Cowen & Co. for cloud computing, social The Dow industrials gained
banks and others that need All data-center companies networks and wireless is un- 333.88 points, or 1.2%, for the 0
lots of computing power. aren’t created equal. This year, likely to evaporate. “These are week, hitting their first new Monday Tuesday Wednesday Thursday Friday
Tech giants such as Micro- those whose stocks have fared real customers with real highs since July 15. The S&P
soft Corp., Google parent Al- the best, such as Equinix and money,” he said. 500 extended its weekly win- Source: FactSet
StartYourFi
nance

起点财经,网罗天下报告

Potrebbero piacerti anche