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DJIA 27492.56 g 0.07 0.0003%
What’s
News
Business & Finance
oftBank’s CEO faulted
S his judgment in champi-
oning WeWork, as the Jap-
anese conglomerate and its
Vision Fund wrote down
the value of their stakes. A1
 Uber’s stock hit a new low
as the expiration of the post-
IPO lockup period sent a flood
of shares into the market. B1
 California is probing
Facebook’s privacy practices
and accused the firm of fail-
ing to adequately comply
with information requests. B1
 Google is in discussions
about changing its politi-
cal ad policy, about a week
after Facebook and Twitter
diverged on the issue. A6
 Mattel and its auditor
effectively buried account-
ing issues related to one of
the toy maker’s assets, a
former executive said. B1
 Saudi Arabia is set to
push OPEC to make deeper
oil-production cuts ahead
of the Aramco IPO. B11
 An auction of some of
Brazil’s richest offshore oil
areas fizzled as many major
firms steered clear. A8
 Shares of Xerox and HP
rose after news of a possi-
ble tie-up of the legacy
technology companies. B4
 Huawei can survive with-
out U.S. suppliers, its CEO
said, dismissing Washington’s
campaign against the firm. B4
 Major U.S. stock indexes
were little changed after
notching a string of re-
cords in recent sessions. B11
 Prosecutors charged an
ex-UAW vice president with
conspiracy to commit fraud
and money laundering. B2
World-Wide
 Federal prosecutors
charged two former Twit-
ter employees and a Saudi
Arabian national with spy-
ing on some users of the
social-media platform who
were critical of Riyadh and
providing that information
to the kingdom’s officials. A1
 House Democrats said
open hearings with key im-
peachment-inquiry witnesses
would begin next week, as
they released the transcript
of testimony from acting
Ukraine envoy Taylor. A4
 Trump wanted Barr to
publicly declare that he
hadn’t broken any laws dur-
ing a phone call with the
Ukrainian president, but the
attorney general refused. A4
 Roger Stone lied to Con-
gress to shield Trump from
embarrassment, prosecutors
said at the start of the political
consultant’s criminal trial. A4
 U.S. pressure is rising
on Mexico’s president to
tackle the growing power of
drug cartels after the mas-
sacre of nine U.S. citizens. A8
 Democrat Beshear de-
clared victory in a tight
Kentucky governor’s race,
but incumbent Republican
Bevin refused to concede. A3
 Jeff Sessions plans to
announce on Thursday a
run to reclaim his old Sen-
ate seat in Alabama. A4
 A judge struck down an
administration rule that would
have let medical providers opt
out of procedures due to reli-
gious or moral objections. A3
 The U.S. collected a re-
cord $7 billion in import
tariffs in September. A2
CONTENTS
Banking & Finance.. B10
Business News....... B3
Capital Account.... A2
Crossword.............. A14
Heard on Street... B12
Life & Arts....... A11-13
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * * THURSDAY, NOVEMBER 7, 2019 ~ VOL. CCLXXIV NO. 110
NASDAQ 8410.63 g 0.3% STOXX 600 405.07 À 0.2%
Candles Light Up Beirut as Protesters Press for New Government
WAEL HAMZEH/EPA/SHUTTERSTOCK
CALL FOR CHANGE: Demonstrators burned candles in Lebanon’s capital on Wednesday, in a show of support for antigovernment protests
that have gripped the country. They are demanding officials form a new government to deal with an economic crisis. A18
SoftBank’s Founder Takes Blame
CEO calls his judgment
on WeWork ‘really bad’
as the Japanese group
us l,
takes a $4.7 billion hit
al a
BY PHRED DVORAK
e
AND MEGUMI FUJIKAWA
ci on
TOKYO—Masayoshi Son, the
billionaire founder of SoftBank
Group Corp., said Wednesday
his “really bad” judgment
championing U.S. office-sharing
er rs
company WeWork left the Jap-
anese conglomerate and its
m e
L.A. College Rebuffed
m rp
Admissions Scammer
BY JENNIFER LEVITZ
co Fo
AND DOUGLAS BELKIN
One day in 2012, an admis-
sions director at Occidental
College got a surprising email.
William “Rick” Singer proposed
that the school reconsider an
application from the academi-
cally challenged daughter of a
wealthy family.
Mr. Singer wanted the
school to overturn her rejec-
tion and suggested the parents
would give the school money
n-
above and beyond tuition. “Are
you kidding?” an incredulous
Mr. Singer wrote about her not
being admitted. “We can create
no
a win-win for both of us.”
Vince Cuseo, the admis-
sions official at the small Cali-
fornia liberal-arts school, gave
a simple response: No.
Mr. Singer, the admitted or-
ganizer of what federal prose-
cutors have called the largest
admissions-cheating scandal in
INSIDE
ISTOCK
THE MIDDLE SEAT
Office road warriors’
travel tips, from
cutting costs to
scoring upgrades A11
CHRISTIAN JUNGEBLODT FOR WSJ
Markets..................... B11
Opinion.............. A15-17
Sports....................... A14
Technology............... B4
U.S. News.... A2-4,6-7
Weather................... A14
World News... A8-9,18
> WORLD NEWS
Reagan statue backed
by White House stirs
political maneuvering
in Berlin A18
10-YR. TREAS. À 14/32 , yield 1.814%
on massive tech-investment fund
with the biggest quarterly loss
in its 38-year history.
Standing in front of a screen
projection of stormy seas and
dire Japanese-language head-
lines, Mr. Son told a news con-
ference in Tokyo that he had
made serious errors in judg-
ment that led the group to post
earnings “of the deepest red.”
SoftBank and the Vision
Fund wrote down the value of
their WeWork stakes by $4.7
billion and $3.5 billion, respec-
tively. The $100 billion Vision
Fund also wrote down the
the country, had reason to be
hopeful. He had made inroads
into selective schools such as
Yale, Georgetown and the Uni-
versity of Southern California,
exploiting higher education’s
focus on money and willingness
to give extra consideration to
wealthy applicants.
Mr. Singer’s illegal opera-
tion has spawned criminal
charges against 52 people, 29
of whom have pleaded guilty
or plan to. It also further high-
lighted the role of money in
admissions and the often wide
gulf between high ideals of
meritocracy and mercenary
business practices.
Occidental has charted a dif-
ferent path. Two generations
ago, it opted out of the chase
for well-heeled students and
put its money into scholarships
for less-well-off minorities.
Those decisions, however,
have come at a cost. Occiden-
Please turn to page A2
Renegade Pothole Fillers Hit
The Road to Smooth Out Streets
i i
Two friends, 384 holes, one mission to
fix a bumpy city; ‘instant relief’
BY CORINNE ABRAMS
MUMBAI—A used-car sales-
man and a fishmonger have
made it their mission to fill
the city’s potholes on their
own.
On a typical expedition, one
of them would wave away on-
coming traffic while the other
tossed bricks and other debris
into the hole, smashing the
detritus until the opening was
filled. They would then retreat
to the side of the road to see
how their handiwork stood up
under the weight of the city’s
dense traffic.
The two friends say they
filled 384 holes across Mum-
bai, India’s financial capital.
Irfan Machiwala, 45, who runs
his family’s wholesale fish
business, called it “instant re-
lief.” Then authorities told cit-
izens they shouldn’t do any
OIL $56.35 g $0.88
value of its holdings in U.S.
ride-hailing company Uber
Technologies Inc. and about 20
other investments, leading to
an operating loss—the fund’s
first—of nearly $9 billion for
the quarter, and a group-wide
net loss of $6.4 billion.
“My own investment judg-
ment was really bad. I regret it
in many ways,” Mr. Son said.
Mr. Son is fighting to pre-
serve his reputation as one of
the world’s savviest and most
influential tech investors after
the spectacular collapse of one
of his most prized portfolio
China Embraces Bankruptcy,
U.S.-Style, to Tackle Debt
After years of rescuing dying companies in the interest of stability,
Beijing rapidly builds a court system to manage defaults
XI’AN, China—In the
trenches of China’s debt-ad-
dled economy, the govern-
ment has made a startling
decision: Let companies fail.
That has left creditors an-
gry, debtors fighting to save
their businesses and judges
on a mission to promote the
benefits of bankruptcy.
After years of pumping
out financial support to keep
the economy humming and
workers happy, China has
embarked on a debt reckon-
ing. Beijing is building a
bankruptcy system to take
on a significant pickup in
corporate defaults.
The country now has more than 90 U.S.-
style specialized bankruptcy courts to help
sort through a morass of corporate debt that,
i
pothole repairs themselves,
putting their efforts on pause.
Wherever there are roads,
there are potholes—and hole-
filling vigilantes have popped
up in the U.S., too. But activ-
ists in India say they are fed
up with waiting for the gov-
ernment to act. India ranked
52nd in the world for infra-
structure, compared with sev-
enth for the U.S., according to
the World Bank. Prime Minis-
ter Narendra Modi has prom-
ised to improve the country’s
infrastructure and pledged 100
trillion rupees ($1.4 trillion) to
make it happen.
In India, more than 3,500
people died in accidents in-
volving potholes in 2017, ac-
cording to the latest data from
the Ministry of Road Trans-
port and Highways.
In September, a city office,
Please turn to page A10
WSJ.com
GOLD $1,490.20 À $9.40
.
ly
companies and the tumble in
value of several others.
WeWork, officially known as
the We Co., lost almost $40 bil-
lion in value after an attempt
to go public backfired a few
months ago amid widespread
skepticism about the company’s
profitability and management.
All told, SoftBank and the
Vision Fund have plowed nearly
$20 billion in debt and equity
Please turn to page A7
 Uber shares hit new low..... B1
 Heard on the Street: Son must
dial back ambitions.............. B12
Number of bankruptcy cases
Accepted Completed
20,000
15,000
10,000
5,000
0
2007 ’10 ’15
Source: Supreme People's Court of China
pay creditors over time.
China’s system differs significantly in at
CARE runs on
Oracle Cloud.
Learn more
oracle.com/care
HHHH $4.00
EURO $1.1066 YEN 108.98
Twitter
Workers
Spied for
Saudis,
U.S. Says
Two now-former
staffers charged with
mining personal data
of kingdom’s critics
BY ARUNA VISWANATHA
AND BETSY MORRIS
Federal prosecutors charged
two former Twitter Inc. em-
ployees and a Saudi Arabian
national with spying on some
users of the social-media plat-
form who were critical of Ri-
yadh and providing that infor-
mation to the kingdom’s
officials.
The complaint filed in fed-
eral court in San Francisco ac-
cuses Ahmad Abouammo, Ali
Alzabarah and Ahmed Al-
mutairi of acting as illegal
agents of a foreign govern-
ment.
Mr. Abouammo, one of the
former Twitter employees,
was arrested in Seattle on
Tuesday and is accused of try-
ing to obtain personal infor-
mation about Saudi Arabia’s
critics, U.S. authorities said
Wednesday. He made an initial
court appearance Wednesday,
prosecutors said.
Mr. Alzabarah, the other
former Twitter employee, al-
legedly used employee creden-
tials between November 2014
and May 2015 to obtain email
addresses, dates of birth and
Please turn to page A9
 California probes Facebook on
privacy............................................ B1
until recently, would have
been swallowed by state
banks and other creditors.
It is a sign that Beijing is
worried about the number of
failing companies and trying
to find a fix. The system is
helping, many lawyers, for-
eign investors and lenders
say, as it takes some pres-
sure off local governments
that lack the resources for so
many bailouts.
The bankruptcy system in
China, drawing on U.S. chap-
ter 11 provisions, aims to al-
’18
low companies to restructure
under court protection to
keep businesses alive and
Please turn to page A10
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Rx for Costs Has Unintended Consequences

At the heart International Monetary Fund, American Exceptionalism ber of new drugs.
of presidential project the federal govern-
The U.S. pays more for health-care providers and drugs than other countries,

candidate Sen. ment will, under her plan,
Elizabeth War- spend just under $52 trillion
ren’s ambi- over the next decade on
tious Medicare health care, slightly less than
for All plan is this tantalizing the private and public sectors
promise: the U.S. can spend are now projected to spend,
less on health care than it does largely by rooting out waste
now yet get a lot more for it: and using the leverage of a
32 million people currently un- single buyer.
insured will have coverage, For example, they note pri-
while co-pays and deductibles vate insurers spend 12.2% of
will disappear and everyone total premiums on administra-
will get long-term care. tive costs. By reducing that to
the 2.3% average that Medi-
F
inally, Ms. Warren pro-
although all struggle with health costs.
poses to save more than
Average health-care salaries in 2011, U.S. dollars Health-care spending as $1 trillion over 10 years
percentage of GDP* by slowing the growth of
U.S. Canada health spending to that of
$0 thousand 100 200 300 U.S. Germany
gross domestic product. This
Specialist physicians France Canada Italy would be a formidable under-
Japan U.K. taking. In most advanced
countries, health spending has
Primary care physicians
20% grown faster than GDP. The
reasons are structural: health
Pharmacists 17 care is more resistant to cost-
saving efficiencies than other
14
Registered nurses sectors, the demand for new

H
ow does she do it? By care spends, Ms. Warren would 11 procedures is infinite, and the
saving trillions of dol- save $1.8 trillion over a decade. elderly, who use more care,
lars spent on things Jonathan Gruber, a health EMTs and paramedics 8 are a growing share of most
she claims have zero value: economist at the Massachu- countries’ populations.
administrative overhead, in- setts Institute of Technology Practical and vocational nurses 5 The Congressional Budget
flated salaries of hospital ex- who helped design Obama- 2000 ’05 ’10 ’15 Office estimates aging alone
ecutives and sur- care, agrees big savings in ad- will boost federal health-care
geons, and exorbitant drug- ministrative costs are feasi- *Data break in 2003 for France; 2011 for Japan; 2012 for Italy; 2013 for the U.K. spending by 1.5% of GDP by
manufacturer profits. ble. But “not everything Sources: Jillian Chown, David Dranove, Craig Garthwaite, Jordan Keener, NBER Working Paper #26122 (salaries); OECD (spending) 2049. Mr. Berwick and Mr.
This premise has faced far private insurers do is waste,” Johnson say that if health-
less scrutiny than her tax and he says. Private insurers Warren saves by paying less pay more than foreigners is dren. As a result, they spent care costs do outstrip GDP
financing plans. After all, no guard against overuse of for each procedure could that American providers earn less time with each patient. growth, Ms. Warren has lots
one disputes that a lot of pri- health care by regulating be offset by patients using more than their foreigner Mr. Berwick disputes that of levers to slow costs,
vate spending on health care which care givers members more of them. counterparts. doctors would supply less such as automatically reduc-
is duplicative or useless. But can see, and how often. Ms. Warren notes Ameri- Ms. Warren claims most care but adds that Medicare ing provider payment rates.
that doesn’t mean all of it is. In a 2015 study of eight cans pay far more than for- doctors’ incomes will be little for All’s overseers would Good luck with that. In
By dispensing with many pri- New York counties, Mr. Gruber eigners for the same service: changed once savings on bill- watch for such effects and 1997 Congress decreed that
vate-market mechanisms, Ms. and two co-authors found that nearly five times as much as ing are counted. But North- could adjust payments to ad- Medicare payments to doctors
Warren risks unintended con- patients forced to switch from the Dutch on heart-bypass western University economist dress shortages, such as of would be automatically cut if
sequences such as overuse of Medicare Advantage plans, surgery and nine times as Craig Garthwaite says invari- primary-care physicians. costs grew too fast. Then
health care, fewer break- which are financed by Medi- much as Canadians on a CT ably some doctors will earn Ms. Warren would slash fearing a doctor and patient
through drugs and potentially care but administered by pri- scan. Her plan would narrow less—and supply less care as what the federal government backlash, it repeatedly sus-
fewer doctors. vate insurers, to regular fee- that gap in part by reimburs- a result. Mr. Garthwaite found pays for drugs to closer to pended the provision before

.
In an analysis prepared on for-service Medicare increased ing physicians at 100% and that in the 1990s many pedia- foreign levels. But numerous repealing it altogether in 2015.

ly
Ms. Warren’s behalf, Donald hospital usage by 60%. hospitals at 110% of current tricians saw reimbursement studies have found that drug Lawmakers have often
Berwick, a former health-care This doesn’t mean Medi- Medicare rates—significantly rates drop when patients innovation is correlated to ex- found that getting more
official under President care for All’s expenses will less than private insurers, switched from private insur- pected revenue. This suggests health care for less is easier
Obama, and Simon Johnson, a rise that much. It does mean, on though more than Medicaid. ance to a new federal-state government caps on drug said than done. Ms. Warren is
former chief economist at the though, that a lot of what Ms. A key reason Americans health-insurance plan for chil- prices would reduce the num- unlikely to be the exception.

College U.S. Took

us l,
al a
e
Rebuffed In Record
ci on

Singer $7 Billion
Continued from Page One In Tariffs
er rs

tal’s $434 million endowment

is about $70 million smaller BY JOSH ZUMBRUN
than what it might have been
had the private Los Angeles WASHINGTON—The U.S.
MATTHEW SCOTT GRANGER FOR THE WALL STREET JOURNAL

m e

college prioritized prestige and collected a record $7 billion in

wealth, according to Amos import tariffs in September,
Himmelstein, the school’s vice fresh figures show, as new du-
m rp

president for planning and fi- ties kicked in on apparel,

nance. While it boasts beauti- tools, electronics and other
ful beaux-arts architecture and consumer goods from China.
is building a new aquatic cen- Tariff revenue jumped 9%
ter, its infrastructure hasn’t from August and was up more
co Fo

kept up with improvements than 59% from a year earlier.

made by peers, he said. The revenue is a bounty for
The question, Mr. Cuseo the U.S. Treasury, but is an in-
said, is at what price “are you creasing burden on the Ameri-
willing to sell your soul?” can businesses that import
The once-booming, age-old Chinese products—and their
business model of higher edu- customers.
cation faces tremendous pres- Occidental College’s campus in Los Angeles lacks the high-end amenities of many competing schools, and its endowment is lower. The new figures are based
sure from demographic on an analysis of official Com-
changes, disruptive technology of the nation’s most racially The school eventually had to really prospered.” meetings where it’s been dis- merce Department data com-
and the tightest labor market and socioeconomically inte- dip into its endowment to pay Unlike other schools, it cussed,” Occidental Professor piled by Trade Partnership, an
in half a century. grated private colleges, long the bills. And today, while it doesn’t heavily prioritize ath- John McCormacks said. “But economic consulting firm. The
As a result, colleges and before many universities prior- maintains a strong reputation letes or legacies in admissions. it’s just not who we are.” data was released by Tariffs
universities face rising incen- itized diversity. and a middling $434 million Occidental fields 21 varsity In 2004, Mr. Singer assem- Hurt the Heartland, a coalition
n-

tives to cut corners or outright One concern quickly arose: endowment, it still faces fiscal teams but offers little credit in bled an advisory board for his of business and agricultural
lie to boost rankings. They are If it turned away wealthy white issues. In September, Moody’s the admissions process for then-company CollegeSource, groups who oppose the tariffs.
also under pressure to use le- students, who would pay the Investors Service revised the athletic prowess, according to which at the time had a legiti- The sharp rise was driven
gal backdoor strategies to at- bills? The question divided the outlook on Occidental’s $84 school officials. The idea isn’t mate division. The board in- by a new 15% levy on con-
no

tract affluent students and do- campus, said Mary Weisman- million in debt, which has a to be the best but to stay com- cluded five prominent higher- sumer goods that went into ef-
nations to boost bottom lines. tel, a young Occidental profes- solid Aa3 rating, to negative petitive, said Mr. Cuseo, now education figures, including fect Sept. 1. Imports of these
Mr. Singer exploited these sor in the 1980s. from stable, citing the school’s the vice president for enroll- Ted Mitchell, Occidental’s pres- items were valued at $111 bil-
forces to create what he called Today, Occidental is 49% “commitment to affordability” ment and dean of admissions. ident at the time. lion last year, according to an
his side-door strategy in which nonwhite and attracts fewer and lagging fundraising. In 2017 the school had to can- Mr. Mitchell, who left Occi- analysis by The Wall Street
he bribed college coaches to wealthy students than the vast These headwinds mean dor- cel the last four games of the dental in 2005, has said he was Journal.
tag clients’ children as walk-on majority of its peers. It also football season because there an unpaid adviser to Mr. The U.S. has always col-
athletes even though they boasts one of the highest per- weren’t enough healthy play- Singer’s venture 15 years ago lected tariffs on some items,
didn’t play the sport. He also centages of poor and working- ers. The team has since re- to provide counseling to low- but those duties have soared
rigged SAT and ACT scores. class students receiving Pell
Occidental opted out built. income students. under a series of new levies
Occidental—which gained Grants and has one of the high- of chasing wealthy In September, a study ana- The prominent Occidental that President Trump ordered
attention because President est rates of economic mobility, lyzing admission data at Har- alumnus who also knew Mr. on Chinese imports beginning
Obama attended for two years according to Harvard econo-
students and aided vard showed 43% of white stu- Singer recalls hearing Mr. last year. Mr. Trump said the
before transferring to Colum- mist Raj Chetty and Occidental. poorer ones instead. dents there were either Singer call Occidental “dumb” duties were needed to get
bia University—has largely re- But financial stress has fol- athletes, legacies or children of for having what he portrayed China to curtail trade prac-
sisted these temptations. A lowed. In 1995 Occidental’s en- donors or faculty. A similar as too thick of a wall between tices that penalize U.S. busi-
turning point came in the dowment ranked 120th in the count at Occidental was 18%, the admissions and fundraising nesses.
1980s, as Los Angeles trans- nation. By last year it was mitories are cramped and school spokesman Jim Tran- departments. The tariffs are assessed di-
formed into one of the nation’s 208th. nearly half are without air con- quada said. Mr. Cuseo said he has never rectly to importers in the U.S.,
most diverse cities. Occidental The school has lost ground ditioning. The lawn-irrigation Occidental also resists gam- felt pressure to take any stu- although Mr. Trump has at
trustees, many of them local partly because of its commit- system installed in the 1930s is ing college rankings. Perhaps dents if they don’t meet school times claimed China pays
business owners, felt there ment to students who need rusted out. The campus is the most widespread strategy standards. Five years ago, the them. But when he postponed
weren’t enough educated mi- grants. Occidental’s need-blind pretty and tranquil, but ameni- to manufacture an appearance development office recom- a batch of tariffs until Dec. 15,
norities to fill jobs. enrollment program climbed ties pale when compared with of selectivity is lowering the mended he look at an applicant he said he didn’t want to cast
Occidental reworked its cur- from 11% of the budget in the those offered elsewhere. bar for applicants in order to whose prominent and widely a pall over the holiday shop-
riculum and enrollment prac- mid-1980s to 24% by 1993. “Does that influence incom- attract more. That generates known name made his “eyes ping season.
tices to draw more black and That December, then-President ing freshman? I think it does,” more rejections, making a kind of open up,” he said. The rising cost of the tariffs
Latino students, said Eric New- John Slaughter said the in- said one prominent alumnus, school appear more selective. Yet “it was pretty darn clear has increased pressure from
hall, a retired Occidental Eng- creased spending “has escaped who has been active in fund- Occidental hasn’t done this. that the student didn’t deserve business groups to resolve the
lish professor who headed the the boundaries of reasonable- raising. “The sad reality is that “There are a lot of things to be admitted to Occidental,” trade dispute.
school’s faculty council then. ness,” according to an alumni colleges that have leveraged you can do that are pretty sim- he said. The school rejected “It’s a massive expansion of
The college emerged as one publication. white wealthy students have ple, and I’ve been in faculty the teen. taxation on American employ-
ers and consumers,” said Peter
Bragdon, chief administrative
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THE WALL STREET JOURNAL.
Voters Put
Pressure
On Vaping
Industry
BY JENNIFER CALFAS
As highly anticipated elec-
tions in Virginia, Kentucky and
Mississippi took center stage
Tuesday, millions of U.S. vot-
ers also weighed in on ballot
measures covering issues that
included vaping, affordable
housing and affirmative ac-
tion.
Early Wednesday tallies
showed that San Francisco
voters were poised to over-
whelmingly reject a proposal
that would have partially re-
versed a ban on e-cigarette
and vaping products, further
cementing restrictions on the
products in the home of Juul
Labs Inc. The city was the na-
tion’s first to implement such
a ban, and lawmakers and
health departments in other
states followed suit, creating
regulations as vaping-related
illnesses and deaths climbed
in the U.S. The results aren’t
expected to be official for at
least a week.
Voters in Washington state
voiced support for a state-im-
posed tax on vaping products
passed earlier this year, ac-
cording to unofficial results
from the state Secretary of
State’s office. The tax would
generate $178 million in its
first 10 years for public-health
services, the state said. The
ballot question was one of
several nonbinding questions
the state’s residents voted on
in a survey of public opinion
on tax measures.
On another contentious is-
sue, voters appeared to nar-
rowly defeat a measure allow-
ing the use of affirmative
action in public employment,
contracting and education ac-
cording to unofficial results
updated after 12 a.m. Wednes-
day local time.
In New York City, voters ap-
proved five ballot questions
including one that will bring
ranked-choice voting to city-
wide primaries and special
elections. Under the option,
voters will be able to rank
their candidates by preference,
rather than picking just one.
Tucson, Ariz., voters de-
feated a proposal to become a
sanctuary city, which would
Across U.S., ballot
issues are decided
on housing, taxes,
flood protection.
have established policies that
protect undocumented immi-
grants from law enforcement.
Voters in Albuquerque,
N.M., narrowly rejected a pro-
posal that would have updated
the city’s election code to al-
low residents to use govern-
no
ment-funded vouchers called
Democracy Dollars to donate
to candidates.
In San Francisco and Dur-
ham, N.C., voters appeared to
approve millions of dollars in
bonds for affordable-housing
projects.
In San Francisco, where
housing costs have soared
over the past decade, resi-
dents appeared to favor a
$600 million bond issue that
would help fund public hous-
ing, low-income housing, and
middle-income housing, senior
housing and housing for edu-
cators. Approval required a
two-thirds majority, and elec-
tion officials said they were
still counting votes.
Durham voters, meanwhile,
backed a $95 million bond
that will fund 1,600 new af-
fordable housing units, among
other projects.
Other real-estate measures
won approval around the
country. Jersey City, N.J., vot-
ers backed regulations on
Airbnb Inc., requiring owners
of short-term rentals to ac-
quire a city permit, among
other conditions.
Texans approved two disas-
ter-related measures proposed
following Hurricane Harvey,
which heavily damaged parts
of the state in 2017.
One will create a state fund
for flood mitigation and drain-
age infrastructure, and the
other will temporarily exempt
residents living in disaster-
stricken areas from property
taxes.
—Dan Frosch contributed to
this article.
* *
Kentucky Governor Won’t Concede
Democrat declares
victory over a GOP
incumbent and Trump
ally in close race
BY ARIAN CAMPO-FLORES
AND JENNIFER CALFAS
Democrat Andy Beshear de-
clared victory in the Kentucky
governor’s race and pressed
ahead with transition plans,
despite Republican Gov. Matt
Bevin’s refusal to concede and
his request for a formal review
of vote totals.
With 100% of counties re-
porting, Mr. Beshear led Mr.
Bevin by 5,189 votes out of
more than 1.4 million cast, ac-
cording to unofficial results
from the state Board of Elec-
tions. The race was too close to
call, the Associated Press said.
“I feel confident in declaring
Andy Beshear Gov.-elect
Beshear,” said Kentucky Secre-
tary of State Alison Lundergan
Grimes, a Democrat, in an in-
terview. But she said she would
follow established procedures
in response to any petitions
from Mr. Bevin.
On Wednesday, Mr. Bevin’s
campaign formally requested a
recanvass, or review of the
vote totals in each county, cit-
ing an “election too close to
call and multiple reports of
voting irregularities.” At a
news conference Wednesday,
Mr. Bevin said his campaign
was seeking to corroborate al-
leged incidents such as voting
machines that didn’t work
properly, and he criticized Ms. on
Grimes for calling the race.
“We want the people of
Injections Show Promise in PTSD Care
us l,
al a
e
BY BEN KESLING
ci on
A few anesthetic injections
to the neck can reduce the ef-
fects of PTSD, promising to
open up new avenues for treat-
er rs
ing troops and veterans suffer-
ing from combat trauma, a new
study shows.
The multimillion-dollar
m e
Army-funded effort was the
first to test how injections
commonly used to treat arm
m rp
pain and shingles might be
used to treat troops with post-
traumatic stress disorder. Re-
searchers found statistically
significant evidence that the
co Fo
injections alleviate the some-
times-debilitating symptoms of
past trauma.
“Now we have a strong
study with the highest level of
evidence that shows that [this
treatment] can really help
PTSD symptoms,” said Dr. Sean
Mulvaney, a study co-investiga-
tor who is a former Navy SEAL
and retired Army colonel.
“With this study we’re showing
clear efficacy.”
The treatment uses a series
n-
of shots, called stellate gan-
Judge Rejects New Rule on
Health Providers Opting Out
BY STEPHANIE ARMOUR
A federal judge struck down
a Trump administration rule
that would have let medical
providers opt out of participat-
ing in medical procedures
based on their religious or
moral objections.
The 147-page decision
Wednesday from the U.S. Dis-
trict Court in the Southern Dis-
trict of New York means the
rule won’t take effect as ex-
pected Nov. 22.
Nineteen states and family-
planning groups had sued to
block the Department of Health
and Human Services regulation
that sought to expand enforce-
ment of protections for medical
workers with moral or faith-
based objections to medical
procedures such as abortion,
assisted suicide or sterilization
at hundreds of thousands of
health organizations.
The court vacated the rule
in its entirety in a decision that
criticized the administration
for its rationale.
“The court’s finding that the
rule was promulgated arbi-
trarily and capriciously calls
into question the validity and
integrity of the rulemaking
venture itself,” U.S. District
Judge Paul Engelmayer wrote
in his decision. “Indeed, the
Court has found that HHS’s
stated justification for under-
U.S. NEWS
With all counties reporting, Democrat Andy Beshear, left, led GOP Gov. Matt Bevin by 5,189 votes in the Kentucky governor’s race.
Kentucky to have absolute con-
fidence that their votes were
counted,” Mr. Bevin said.
Ms. Grimes said her office
hadn’t received substantiated
reports of irregularities. She
scheduled the recanvass for
Nov. 14.
Eric Hyers, Mr. Beshear’s
campaign manager, said he
hoped Mr. Bevin would honor
the results of the recanvass.
Mr. Beshear, Kentucky’s at-
torney general and son of the
state’s most recent Democratic
Dr. Sean Mulvaney administering a stellate ganglion block in 2015 on a soldier suffering with PTSD.
glion blocks, which are injected
into the base of a patient’s
neck to block signals along ma-
jor nerve systems. These types
of shots have been used for de-
cades to treat chronic pain of
other kinds, and since the
taking rulemaking in the first
place—a purported ‘significant
increase’ in civilian complaints
relating to the conscience pro-
visions—was factually untrue.”
The Department of Health
and Human Services and the
Justice Department declined to
comment on the ruling.
“The refusal of care rule was
an unlawful attempt to allow
health-care providers to openly
discriminate and refuse to pro-
vide necessary health care to
patients based on providers’
Federal statute
already protects
medical workers’
conscience rights.
‘religious beliefs or moral ob-
jections,’ ” New York Attorney
General Letitia James said in a
statement.
The judge, who was ap-
pointed by former President
Obama, said the rule would
have impaired patient access,
adding that the agency “has
promulgated a rule that did not
respond to any documented
problem.”
The final rule released in
May significantly broadened
the agency’s enforcement au-
Thursday, November 7, 2019 | A3
FROM LEFT: BRYAN WOOLSTON/ASSOCIATED PRESS; TIMOTHY D. EASLEY/ASSOCIATED PRESS
governor, Steve Beshear, said disenfranchised under state Trump, invoking national is-
at a news conference he hadn’t law. sues like abortion, immigration
spoken with Mr. Bevin and was Apart from the recanvass, and the impeachment inquiry
moving ahead with transition Mr. Bevin can pursue another into the president.
plans. “We’re confident in the option under the state’s elec- Mr. Trump, who won Ken-
outcome of the election,” he tion laws: contest the results. tucky by 30 points in 2016,
said. “Today is about moving He would need to do so within pushed for Mr. Bevin’s re-elec-
forward. The election is over.” 30 days of their certification tion with a rally and a barrage
.
Mr. Beshear detailed some by the Board of Elections, and of tweets voicing his support.
ly
early priorities: rescind a Med- the process would be guided by But, as he acknowledged in a
icaid work requirement pur- a committee formed by the tweet late Tuesday, it didn’t
sued by Mr. Bevin, appoint a state House and Senate. appear to be enough to secure
new state Board of Education, Mr. Bevin, a 52-year-old for- victory for the Republican.
and restore voting rights for mer businessman, ran as a —Stephanie Armour
about 140,000 felons who were staunch ally of President contributed to this article.
JAMA Psychiatry journal.
The trial consisted of 108
troops who completed the
study. Among that group, most
were given the actual treat-
ment—a shot to the neck, then
another two weeks later—while
a small subgroup were treated
with a placebo. The group that
received the actual treatment
saw clinically significant im-
provement in things like de-
pression, distress, anxiety and
physical and mental function-
ing. Treatments led to a dou-
ble-digit drop in the score of
the CAPS-5 test, a multifactor
evaluation for assessing PTSD
symptoms. For many cases, the
relief came soon after the first
injection. For others it took
two treatments.
U.S. ARMY
“Although the new study is
promising, it does not ade-
quately support making [stel-
late ganglion blocks] more
1990s, researchers have docu- RTI International, a non- widely available across the
mented cases where PTSD profit research institute, con- Army,” said a spokesman for
symptoms have been treated ducted the eight-week trial us- the Army’s surgeon general.
with the shots. Dr. Mulvaney ing Army funding. They The Department of Veterans
has used the treatment more published their peer-reviewed Affairs doesn’t offer the injec-
than a thousand times on research Wednesday in the tions as a treatment, a spokes-
troops, he said. American Medical Association’s woman said.
thority and empowered HHS to
revoke federal funds for viola-
tions. Critics said it would cur-
tail access to care and permit
discrimination against many
women seeking to exercise re-
productive rights, as well as
the rights of gay and transgen-
der patients.
HHS had said the regulation
would protect health-care
workers who object to proce-
dures such as administering
vaccines derived from fetal tis-
sue, or to referring patients for
help in making end-of-life care
decisions, such as for the use
of breathing machines.
The number of entities cov-
ered by the rule would have in-
cluded more than 600,000 hos-
pitals, dentists’ offices,
ambulance services and others
that get federal funds. It also
included family-planning clin-
ics, community groups that
provide HIV treatment, state
and local governments, and
medical schools. The Trump
administration in June delayed
implementation of the rule un-
til later this month.
Federal statute already pro-
tects health-care-provider con-
science rights and prohibits re-
cipients of certain federal
funds from discriminating
against providers who refuse to
participate in these services
based on moral objections or
religious grounds.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Thursday, November 7, 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.

U.S. NEWS

Impeachment Case to Go Public

BY DUSTIN VOLZ
Trump
Asked for
AND NATALIE ANDREWS

WASHINGTON—House Dem-
Barr to
ocrats said that open hearings
with three key impeachment-
inquiry witnesses would begin
Clear Him
next week, a development that
will shift the probe of Presi-
dent Trump’s dealings with
Over Call
Ukraine from behind closed BY MICHAEL C. BENDER
doors onto television screens AND SADIE GURMAN
across the country.
The announcement of the WASHINGTON—President
public hearings came as Demo- Trump wanted Attorney Gen-
crats released the transcript of eral William Barr to publicly
testimony from Bill Taylor, the declare that he hadn’t broken
acting ambassador to Ukraine. any laws during a phone call
He told investigators it was his with the Ukrainian leader that
“clear understanding,” based is now at the heart of an im-
on conversations with other peachment inquiry, but Mr.
Trump administration officials Barr refused the request, an ad-
working on Ukraine policy, that ministration official said
security assistance to Kyiv in Wednesday.
its fight against Russia would Mr. Trump’s request for a
stay frozen until the new news conference came shortly
Ukrainian president committed after the White House released
JOSHUA ROBERTS/REUTERS

to pursuing political investiga- a rough transcript of the July

tions sought by Mr. Trump. 25 call in which Mr. Trump
Mr. Taylor, whom Democrats pressed Ukrainian President
view as a star witness in their Volodymyr Zelensky to under-
probe, is slated to testify next take investigations related to
Wednesday. George Kent, a Democratic presidential candi-
deputy assistant secretary of date Joe Biden, as well as the
state, is also scheduled to tes- Undersecretary of State David Hale arrived for a closed-door deposition as part of the House impeachment inquiry on Wednesday. 2016 election. Mr. Trump’s de-
tify Wednesday, while Marie sire for such a public announce-
Yovanovitch, the former am- standing,” Mr. Taylor said. “Se- ment was discussed among
bassador to Ukraine who was White House to Add ministration that it needs help Jared Kushner, the president’s curity assistance money would White House officials, who re-
recalled from her post amid at- coordinating a response to the son-in-law and senior adviser, not come” until Ukraine’s new layed it to the Justice Depart-
tacks on her from allies of the Two Aides for Fight House probe, and a compro- and White House counsel Pat president, Volodymyr Zelensky, ment, the official said.
president, is expected to ap- mise between competing fac- Cipollone. committed to the probes. A whistleblower from the in-
pear two days later. tions in the White House after The White House isn’t cur- Mr. Taylor also said that, telligence community said the
The impeachment inquiry is WASHINGTON—President a two-week deliberation over rently considering any addi- while he didn’t believe Ukrai- call showed Mr. Trump had

.
centered on the efforts by Mr. Trump is expected to add two which adviser to bring inside. tional impeachment-related nian officials knew of the hold tried to enlist a foreign power

ly
Trump and his personal lawyer, new aides to the White House Ms. Bondi had the backing hires, officials said. Ms. Bondi on aid before it became public, to help him in the 2020 presi-
Rudy Giuliani, to push Ukraine dedicated to impeachment-re- of Stephanie Grisham, the and Mr. Sayegh declined to Ukrainians believed there was dential election, spurring House
to investigate Democratic pres- lated matters as the House in- White House press secretary, comment. a separate potential trade-off: Democrats to launch an im-
idential candidate Joe Biden vestigation expands into public on and acting chief of staff Mick Ms. Bondi was the first the prospect of a White House peachment inquiry.
and his son, Hunter, as well as hearings, senior administration Mulvaney, White House aides woman to be elected Florida meeting between Mr. Trump Mr. Trump’s request that his
unfounded allegations that officials said. said. Ms. Bondi is also close to attorney general in 2010. and Mr. Zelensky in exchange attorney general publicly exon-
Ukraine interfered in the 2016 Pam Bondi, a former Florida the president, but her work as Mr. Sayegh was a Fox News for the investigations. erate him, earlier reported by
U.S. presidential election. Dem- attorney general, and former a lobbyist presented snarls to contributor and a Republican The transcript also offered the Washington Post, repre-
us l,

ocrats say such actions amount Treasury Department spokes-
to an abuse of presidential man Tony Sayegh are likely to
al a
e
power designed to boost Mr. join the West Wing on a tem-
Trump’s re-election prospects. porary basis and will be tasked
Mr. Trump has denied any with assisting on communica-
ci on
untangle for both the White strategist before joining the ad- new details about how Mr. Giu- sented an extension of a will-
House and her firm. ministration previously. liani communicated with the ingness throughout his presi-
Mr. Sayegh was pushed by —Michael C. Bender new administration in Kyiv. Mr. dency to pressure the Justice
Taylor testified that on July 10, Department to defend him.
he met with Mr. Zelensky’s It also sheds new light on

wrongdoing and called the im- tions, strategy and other spe- chief of staff and foreign minis- Mr. Barr’s handling of the con-
peachment inquiry a hoax. On cial projects, the officials said. ter, who said they had learned troversy surrounding the whis-
Wednesday, Mr. Giuliani an- Both were offered jobs this from Mr. Giuliani that a phone tleblower complaint.
nounced he hired Robert Cos- week, and details were being fi- call between the two presidents Democrats have criticized
tello to represent him. Mr. Giu- nalized, people familiar with the was unlikely to take place. him for his perceived closeness
er rs

liani has denied wrongdoing. matter said. Both are expected Mr. Taylor testified that Mr. to the president and for not
“Those open hearings will be to leave their current firms and Giuliani had conveyed that in- stepping aside from matters re-
J. SCOTT APPLEWHITE/ASSOCIATED PRESS

an opportunity for the Ameri- return after completing their formation to Yuriy Lutsenko, lated to the Ukraine contro-
can people to evaluate the wit- temporary assignments. the prosecutor general at the versy, even though Mr. Trump
m e

nesses for themselves, to make Mr. Trump and his team time who had fueled many of repeatedly told Mr. Zelensky
their own determinations about have resisted creating a new Mr. Giuliani’s ideas about elec- that he would have the attor-
the credibility of the witnesses, team to handle the probe, de- tion interference and the Bi- ney general call to discuss the
m rp

but also to learn firsthand about spite criticism from some Re- dens, who in turn relayed it to possible Biden investigation
the facts of the president’s mis- publican allies who have called Mr. Zelensky’s advisers. “As we and other issues. Mr. Barr has
conduct,” House Intelligence for a more consistent and know, Giuliani and Lutsenko denied he is Mr. Trump’s de-
Committee Chairman Adam structured response. talked a lot,” Mr. Taylor said. fender and instead has said he
Schiff (D., Calif.) told reporters. Adding Mr. Sayegh and Ms. Republicans have dismissed is defending the presidency.
co Fo

Republicans cast doubt that Bondi is both a tacit acknowl- testimony released this week— A Justice Department
the hearings would be equita- edgment from the Trump ad- Ex-Florida Attorney General Pam Bondi is close to the president. from witnesses who have de- spokeswoman declined to com-
ble, in part because Mr. Trump scribed the purported quid pro ment.
isn’t allowed to participate in quo of security aid to Ukraine After the transcript was re-
the process. Democrats plan to impeachment investigators, but of transcripts of closed-door major thrust of his testimony in exchange for the investiga- leased, the department said it
allow the president’s counsel to their public comments will be sessions. Mr. Taylor’s testimony was reported at the time—in- tions—as not tied to firsthand had evaluated the whistle-
participate when the hearings the first chance for the nation from last month was the fifth cluding the purported tie be- knowledge of the allegations. blower’s complaint to deter-
are in the Judiciary Committee. to hear from them directly and transcript disclosed this week. tween aid and investigations— Undersecretary of State for mine whether Mr. Trump had
“Don’t be fooled. Public evaluate their credibility. The Mr. Taylor told investigators the transcript adds new details Political Affairs David Hale, a violated campaign finance laws
hearings are not the same as impeachment proceedings that the release of nearly $400 about the daylong hearing. career member of the Foreign and concluded no crime had
FAIR hearings,” House Minority against two former presidents, million in U.S. aid to Ukraine According to the transcript, Service, also testified behind been committed. Mr. Trump ap-
Leader Kevin McCarthy (R., Ca- Richard Nixon and Bill Clinton, hinged on whether Kyiv would Mr. Schiff asked Mr. Taylor if closed doors on Wednesday. parently wanted Mr. Barr, who
lif.) tweeted. also featured televised hearings. agree to launch investigations he believed the aid was linked —Siobhan Hughes associates said had favored the
All three witnesses have al- The public phase of the in- related to Mr. Biden and the to the new investigations. and Rebecca Ballhaus transcript’s release, to make a
n-

ready testified privately before quiry also includes the release 2016 U.S. election. While the “That was my clear under- contributed to this article. more public announcement.

Jeff Sessions
Trial Lays Out Stone’s Efforts
no

Expected to
Enter the Race
For Senate Seat
To Contact WikiLeaks in 2016
We invite you to
BY LINDSAY WISE BY BYRON TAU make contact with WikiLeaks bad for Donald Trump.”
AND ANDREW RESTUCCIA AND SHELBY HOLLIDAY in July 2016, though they said Mr. Stone, a flamboyant Re-
the content of that call was publican consultant who has

Auction in New York! Former Attorney General

Jeff Sessions plans to an-
nounce a run for his old Sen-
WA S H I N G T O N — R o g e r
Stone lied to Congress to
shield his longtime friend and
unknown.
What Messrs. Trump and
Stone knew about the
advised Mr. Trump on and off
for years, is charged with lying
to Congress, trying to obstruct
ate seat in Alabama on Thurs- associate Donald Trump from WikiLeaks releases has long a congressional inquiry and in-
day, according to people embarrassment, federal prose- been of interest to the public timidating a witness. He faces
familiar with his decision. cutors alleged Wednesday at and to investigators probing as much as 20 years in prison,
Auctions Mr. Sessions has started the opening of the political Russian activity during the though first-time offenders
@ DOYLE.com making calls to let people consultant’s criminal trial. 2016 election. WikiLeaks pub- rarely get the maximum sen-
know he is running and to Prosecutors, in their open- lished several troves of Demo- tence.
212-427-2730
seek support, one of the peo- ing statement, said Mr. Stone cratic Party emails stolen by The charges stem from tes-
ple said. was in touch with people at Russian hackers as part of a timony Mr. Stone gave in 2017
He also has reviewed poll- the highest levels of the Kremlin campaign to boost Mr. to the House Intelligence Com-
ing and had discussions with Trump campaign about his in- mittee, which at the time was
allies and consultants about teractions with the organiza- investigating Russian interfer-
staffing his campaign. The fil- tion WikiLeaks during the ence in the 2016 election.
ing deadline is Friday. 2016 election.
In evidence were Mr. Stone has pleaded not
Mr. Sessions’ entry into a They introduced into evi- emails, texts and guilty.
crowded Republican primary dence emails, text messages His defense attorney argued
in Alabama comes despite his and call logs, many of which
call logs that hadn’t that Mr. Stone didn’t intend to
public falling out with Presi- hadn’t been made public, that been made public. deceive the committee, and
dent Trump—a rift so severe they said detailed an extensive that Mr. Stone was in turn de-
that the two men were barely campaign by Mr. Stone to con- ceived by some of his associ-
on speaking terms by the time tact the organization and ates about their level of access
Mr. Sessions resigned as Mr. share information about its Trump at the expense of his to WikiLeaks.
Trump’s attorney general ex- plans. Mr. Stone is charged Democratic rival, Hillary Clin- “These people were playing
actly one year ago Thursday. with lying to Congress about ton, U.S. intelligence agencies Mr. Stone. And Mr. Stone took
Rare Books
Mr. Sessions’ allies have those efforts. have concluded. the bait,” defense attorney
Autographs & Maps reached out to people close to Mr. Stone and Mr. Trump Prosecutors invoked Presi- Bruce Rogow said. “There
Auction Nov 12 the White House in an attempt were in constant communica- dent Trump from the outset of were no intermediaries.”
to gauge how the president tion shortly after key develop- the trial. “Roger Stone wanted Two former Trump cam-
might react to his candidacy. ments involving the hacking to hide what he’d done be- paign staffers—chairman
Mr. Sessions hadn’t spoken di- and leaking of Democratic cause the truth looked bad,” Steve Bannon and deputy cam-
rectly to Mr. Trump about his emails, according to call logs said federal prosecutor Aaron paign manager Rick Gates—
plans as of Wednesday eve- introduced in court. Zelinsky in his opening state- are expected to take the stand
DOYLE AUCTIONEERS & APPRAISERS NEW YORK ning, a White House official Prosecutors noted that one ment. and testify about the kind of
BEVERLY HILLS WASHINGTON, DC NORTH CAROLINA FLORIDA said. of their conversations oc- He added: “The truth information Mr. Stone was
MASSACHUSETTS CONNECTICUT PENNSYLVANIA NEW JERSEY CHICAGO Mr. Sessions didn’t return curred within an hour of Mr. looked bad for the Trump providing about WikiLeaks to
calls for comment. Stone telling an associate to campaign and the truth looked the campaign.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, November 7, 2019 | A5

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A6 | Thursday, November 7, 2019
Donors Eye Wealth-Tax Proposals Google
Revisits
Financial advisers
and charities expect
incentives in plans by
Warren and Sanders
BY RICHARD RUBIN
WASHINGTON—The wealth
taxes proposed by top Demo-
cratic presidential candidates
might spark a short-term
boom in billionaires’ donations
to charity, as they accelerate
gifts to avoid years of taxes
eroding their fortunes.
Facing an annual tax that
eats into returns and shrinks
wealth, billionaires would have
an incentive to move money
out of their control—and out
of the wealth-tax base. Other-
wise, every year would see
more of their money sent to
the government for public
projects and less to charities
of their choosing.
“It’s a tax policy that the
Red Hot Chili Peppers would
love, because they want you to
give it away now,” said Brian
Galle, a law professor at
Georgetown University.
The long-term effects of
proposals by Sens. Elizabeth
Warren and Bernie Sanders
would be much more uncer-
tain and dependent on individ-
uals’ giving strategies—and on
whether the tax prevents accu-
mulations of wealth in the
first place. Wealth taxes would
also put pressure on rules
meant to ensure that founda-
tion money gets spent on
charitable projects and pre-
vent people from benefiting
from charities they control.
In addition to other tax in-
creases, Ms. Warren and Mr.
Sanders have proposed annual
wealth taxes aimed at break-
ing up concentrated fortunes
and raising money to pay for
expanded federal programs.
The taxes are designed to
maximize revenue from bil-
lionaires or even split up for-
tunes over time if the levies
exceed annual returns. Ms.
Warren just bumped up her
top wealth-tax rate to 6%,
while Mr. Sanders’s plan tops
out at 8% a year.
no
© 2019 Dow Jones & Co., Inc. All rights reserved. 6DJ7213
U.S. NEWS
on
Bernie Sanders, shown campaigning in Minneapolis on Nov. 3, proposes a top wealth-tax rate of 8%.
us l,
Either tax would mark a is at least 14 months away
major expansion in U.S. taxes from being seriously consid-
al a
e
on the country’s wealthiest ered and even farther away
citizens, a possibility espe- from becoming law.
cially important to a philan- Economists and charity ex-
ci on
thropic sector that has become perts debate how tax policy
more top-heavy and increas- affects charitable giving. On
ingly reliant on donations one hand, higher taxes reduce
from the rich. how much money people have
Any wealth tax would re- available to give to charity.
er rs
quire a Democrat in the White The government also funds
House and Democratic majori- education, health and other
ties in Congress to enact, so it programs that overlap with
m e
m rp
co Fo
n-
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Customer Center
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THE WALL STREET JOURNAL.
On the other hand, higher
tax rates would reduce the
price of giving to charity. For
someone facing a 40% tax
rate, a $100 donation effec-
tively costs only $60. The
higher the tax rate goes, the
larger the government subsidy
for donations.
Mr. Arnold said a wealth
tax would provide an incentive
to accelerate some giving. But
he said it wouldn’t prompt
him and his wife, Laura Ar-
nold, to change that structure
or much of their behavior.
The same wealth-tax incen-
tive for accelerated charity
could spur other spending,
such as political donations or
personal consumption. Groups
organized under 501(c)(4) of
the tax code—social-welfare
organizations that have fewer
restrictions than charities and
foundations—could become
more attractive, said Beth
Shapiro Kaufman, a tax lawyer
at Caplin & Drysdale in Wash-
ington. But some kinds of con-
sumption—such as buying
property—would just turn tax-
able assets into other taxable
assets.
For some, a wealth tax
would create incentives for ag-
KEREM YUCEL/AGENCE FRANCE-PRESSE/GETTY IMAGES
gressive tax avoidance using
nonprofits.
“The gaps in these rules
would become a lot more visi-
ble when you put more weight
on them,” Mr. Galle said. “I’m
kind of picturing a barrel with
.
an elephant sitting on it.”
ly
Little direct tax-planning is
happening now, and people
are waiting to see what hap-
pens in the 2020 election and
beyond, said Melissa Berman,
president and chief executive
of Rockefeller Philanthropy
Advisers, which works with
charitable aims. Some donors foundations and donors.
may see higher taxes as a sub- New taxes and a significant
stitute for giving. expansion of the public sector
“There would be a belief might alter the current social
among some that if I’m paying compact, she said, encourag-
more in taxes than what one ing the wealthy to donate to
thought was fair or what one’s more niche causes.
recent tax liability was, that “We would start to become
that met the moral obligation a society that sees the public
or moral rationale for a lot of sector as being responsible for
the philanthropic giving,” said taking care of the disadvan-
John Arnold, a billionaire in- taged and for taking care of
vestor and philanthropist. the planet,” Ms. Berman said.
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Political
Ad Policy
BY EMILY GLAZER
Alphabet Inc.’s Google is in
discussions about changing its
political ad policy, according
to people familiar with the
matter, about a week after
Facebook Inc. and Twitter Inc.
publicly diverged on how to
handle those ads amid the
spread of misinformation.
Google has been holding in-
ternal meetings about chang-
ing its political ad policy and
is expected to share more in-
formation with employees this
week, the people said. It is un-
clear what the changes will be.
Some Google employees are
speculating the changes could
be related to what type of au-
dience targeting the company
allows ad buyers.
Google’s advertising poli-
cies are uniform across search
and YouTube, and any ad pol-
icy change would be reflected
across all of its platforms, a
Google spokesperson said.
Last week, Twitter Chief
Executive Jack Dorsey an-
nounced the company would
stop accepting political and is-
sue ads world-wide starting
Nov. 22, with exceptions such
as those encouraging voter
registration. Facebook, mean-
while, continues to accept po-
litical ads and has said it
won’t fact-check statements
from politicians, a stance that
has largely drawn criticism
from those on the left and
praise from the right.
Facebook CEO Mark Zucker-
berg has defended the com-
pany’s position and ad-trans-
parency initiatives.
Google has historically ac-
cepted political ads. Last
month it ran an ad by the
Trump campaign that included
an unsubstantiated claim
about former Vice President
Joe Biden’s role in the ouster
of a Ukrainian prosecutor.
—Jeff Horwitz
contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | A7

U.S. NEWS U.S. WATCH

Justices Seek
Compromise in
Maui Water Case
BY BRENT KENDALL tities to costly financial penal-
ties and new regulatory bur-
WASHINGTON—The Su- dens, Mr. Lin said.

FRANK ANDRUSCAVAGE/THE REPUBLICAN-HERALD/ASSOCIATED PRESS

preme Court signaled it was
seeking a compromise out-
come in a Hawaii pollution
case, untangling how the fed-
eral Clean Water Act applies
to pollution sources such as
pipes and wells whose dis-
charges mix with groundwater
instead of flowing directly into
rivers, lakes or oceans.
The case, argued Wednes-
day, focuses on a lawsuit from
the island of Maui, where en-
vironmentalists are challeng-
ing sewage-treatment and dis-
posal practices by Maui
County. The county injects its
treated wastewater under-
ground, via four wells. The
Arguments included
lawyers’ musings on
the meaning of the
word ‘from.’
wastewater eventually flows
with groundwater into the Pa-
cific Ocean.
Justices pushed backed,
starting with Chief Justice
John Roberts, who suggested
Mr. Lin’s position meant that
any pollutant that mixed with
groundwater would remove ju-
risdiction of the Clean Water
Act permitting program.
Mr. Lin agreed, saying regu-
lation would instead take
place in other ways.
Justice Stephen Breyer said
Maui’s position would create a
road map for polluters that
wanted to avoid having to get
a permit. A polluter, he said,
could “just cut off the pipes or
whatever five feet from the
ocean” and have the discharge FLAT BREAD: Bags of flour tortillas blocked Route 901 in Foster Township, Pa., after a mishap on Wednesday.
go into the ground instead of
directly into the water. FEDERAL RESERVE rate cuts and signaled that he MILWAUKEE White House spokesman
The arguments featured doesn’t see the need for further Judd Deere said the Trump ad-
lengthy musings on the mean- Two Officials Doubt action. Hate-Crime Alleged ministration has “repeatedly con-
ing of the word “from,” a cru- Need for New Cuts —Michael S. Derby In Acid Attack demned racism, bigotry and vio-
cial issue in the case. Maui ar- lence,” and said “the only person
gued that treated waste Two top Federal Reserve offi- ST. LOUIS Milwaukee prosecutors on responsible for this heinous act
reaching the ocean came cials said Wednesday that they Wednesday charged a 61-year- is the person who committed it.”
“from” the groundwater. Envi- don’t see a need right now for Troubled Streetcar old man with a hate crime for —Associated Press
ronmentalists said it came the central bank to press forward Gets a Reprieve allegedly throwing battery acid
“from” the wells, which meant with more rate cuts after lower- on a Hispanic man’s face. KANSAS CITY, MO.
a permit was needed. ing the cost of short-term bor- St. Louis’s financially troubled The decision from prosecu-
While the justices voiced rowing several times this year. Loop Trolley received funding to tors means Clifton Blackwell Vote Strips Dr. King’s
concerns that the position of “The three rate cuts we did continue operating through the could face an enhanced sentence Name From Street

.
The two sides disagree on Maui and the Environmental were very effective at managing end of the year, the service said if convicted of the charge of

whether the discharges are
harming a nearby coral reef.
Maui County lost in the lower
courts.
Environmentalists say Maui
needs a federal Clean Water
Act permit for the discharges;
the county disagrees, saying
Protection Agency could cre-
ate a loophole in the Clean
Water Act, some expressed
equal concern that the envi-
ronmentalists’ position could
expand the law to the point
that ordinary Americans could
face liability for things like
us l,
the risks” that slowing global
growth and trade uncertainty
present to the U.S. economy,
on New York Fed President John
Williams said at a Wall Street
Journal event in New York.
Monetary policy is now “posi-
tioned well” to help keep the
Wednesday.
The streetcar operator had
said it would have to close down
later this month if it didn’t re-
ceive additional funds. It had
asked local governments to kick
in $700,000 to keep operating
into next year, when it expects
ly
first-degree reckless injury.
Mahud Villalaz suffered sec-
ond-degree burns to his face Fri-
day night when he says Mr.
Blackwell confronted him over
the way he parked near a res-
taurant. Mr. Villalaz said Mr.
Blackwell threw acid at him af-
Kansas City voters on Tues-
day overwhelmingly approved re-
moving Dr. Martin Luther King’s
name from one of the city’s
most historic boulevards, less
than a year after the city council
decided to rename The Paseo
for the civil-rights icon.

groundwater is regulated in
other ways.
A permit is necessary only
when a point source of pollu-
tion “is the means of deliver-
leaking septic tanks.
The court’s eventual deci-
al a
e
sion, expected by June, could
have an immediate impact in
other pending cases, including
ci on
economy growing, and “where
we go from here will depend on
the information we receive, what
we’ve learned about the eco-
nomic outlook,” Mr. Williams
to begin operating a third refur-
bished streetcar that would en-
able it to offer full-time service.
Instead, the Loop Trolley
Transportation Development Dis-
ter accusing him of being in the
U.S. illegally and asking him why
he was invading the country.
Mr. Villalaz is a U.S. citizen
who emigrated from Peru.
Unofficial results showed the
proposal to remove the name re-
ceived nearly 70% of the vote.
The campaign has been divi-
sive, with supporters of Dr.

ing pollutants to navigable wa-
ters,” argued Maui County
lawyer Elbert Lin, saying the
wells don’t deliver pollution to
the ocean.
one from South Carolina in-
volving the rupture of a gaso-
line pipeline owned by a sub-
sidiary of Kinder Morgan Inc.
Some of the spilled gas alleg-
er rs
said, indicating that any future
changes in rates will be reactive
to incoming data and not fo-
cused at providing insurance
against thus-far unrealized risks.
trict, a semi-governmental en-
tity that owns the trolley, will
provide $90,000 to the trolley
operator, enough to make it to
the end of the year on its current
Milwaukee Mayor Tom Bar-
rett, a Democrat, blamed Presi-
dent Trump for inciting hatred
against minorities. The Republi-
can president has repeatedly re-
King’s name accusing opponents
of being racist, while supporters
of The Paseo name say city
leaders pushed the name change
through without following

To hold otherwise would edly traveled through ground- Chicago Fed leader Charles limited schedule while the search ferred to migrants attempting to proper procedures and ignored
“radically change the status water and seeped into wet- Evans, a fellow FOMC voter, also for additional funding continues. cross the U.S.-Mexico border as The Paseo’s historic value.
quo” and expose a range of en- lands and rivers. signed off on the central bank’s —Joe Barrett an “invasion.” —Associated Press
m e

SoftBank’s SoftBank net income, quarterly

m rp

¥1.0 trillion

Chief Takes
Blame
co Fo

0.5

Continued from Page One

into WeWork, yet value the
company at less than half that,
at $7.8 billion. 0
SoftBank had recently
stepped in with a $9.5 billion
bailout that boosted the group
and Vision Fund’s stake in We-
Work to 80%.
–0.5
The collapse was particu-
larly embarrassing for Mr. Son 2004 ’10 ’19
n-

because he had pushed for the Note: ¥1 trillion = $9.2 billion

investment in WeWork—which Source: S&P Global Market Intelligence
before the October bailout had
totaled more than $10 billion— internet bubble of the early missteps like WeWork if it is to
no

and championed its founder,
Adam Neumann. Mr. Son said
he had been too enamored of
Mr. Neumann’s positive quali-
ties and turned a blind eye to
negatives, including governance
problems.
Mr. Son pledged never to
mount another rescue of a
portfolio company and said
SoftBank and the Vision Fund
were now using the ability to
turn a profit in the future as
the premier yardstick for mea-
suring the value of its invest-
ments. He said the group is
working on guidelines to en-
sure good governance at its
portfolio companies.
Yet Mr. Son also mounted a
spirited defense of the Vision
Fund’s overall performance
and outlook, saying that de-
spite last quarter’s write-
downs the fund still had in-
vestment gains of $11 billion
since its inception in 2017. Mr.
Son said the Vision Fund’s re-
turn was well north of 13%.
Mr. Son also said his plans
for a second Vision Fund of
about the same size as the first
continue to move forward, de-
spite the WeWork mess. Some
potential investors have be-
come more cautious but ha-
ven’t pulled out, and many of
the first fund’s investors are
still interested in putting
money in its successor, he said.
“There’s no need for me to be
so overcome with regret that I
wither away,” Mr. Son said.
“The vision remains the same.”
SoftBank and Mr. Son are no
strangers to wild turns of for-
tune. SoftBank’s market capi-
talization skyrocketed with the
2000s, making Mr. Son briefly
the richest man in the world
before the dot-com crash de-
stroyed most of that value.
Skeptics said that SoftBank
would be crushed by Japan’s
telecommunications giants
when it rolled out supercheap
broadband services in the
mid-2000s, and that it would
fold under the massive debt it
took on when it bought the
country’s third-biggest mobile
carrier. Mr. Son prevailed.
Plans for a second
Vision Fund
continue to move
forward.
This time, despite the sizable
investment losses, SoftBank’s
balance sheet is buoyed by its
stake in Chinese e-commerce
behemoth Alibaba Group Hold-
ing Ltd. The stake’s value since
SoftBank last announced earn-
ings in August has risen $18 bil-
lion to about $123 billion—al-
most four times the size of its
entire commitment to the Vi-
sion Fund. The Alibaba cushion
means SoftBank’s ratio of debt
to assets is a relatively healthy
17%—well below the ceiling of
25% Mr. Son has imposed.
SoftBank has also been
buoyed by recent U.S. govern-
ment approvals of plans to
merge its poorly performing
U.S. telecom arm, Sprint Corp.,
with rival T-Mobile US Inc.
SoftBank can’t afford more
continue to attract investors to
its next fund and keep its in-
vestment operations humming.
Mr. Son said the first Vision
Fund hit its spending limit of
85% in September and could no
longer make new investments.
SoftBank is already starting to
invest from Vision Fund 2 using
its own money as seed capital,
he said.
One focus of investor con-
cern is how solid the valuations
of the 88 companies in the first
Vision Fund really are. Soft-
Bank has boasted it has a mul-
tistep valuation process, featur-
ing checks by independent
auditors hired by Vision Fund
investors. Yet that process
didn’t prevent the Vision Fund
from overpaying for WeWork,
although it did veto a sizable
Black beauty
follow-on investment that Soft-
Bank ended up doing from its
Tahitian Pearls
own balance sheet. Monumental pearls. Luminous hue. Perfect symmetry.
SoftBank said the Vision Extraordinarily rare for their grand size and silvery
Fund booked paper gains on 25
companies whose value went sheen, 29 perfectly matched 13-millimeter black
up during the quarter, particu- pearls comprise this classic necklace. Found only in
larly Indian budget-hotel chain the South Pacific, Tahitian pearls are highly prized for
Oyo Hotels & Homes. The Vi- their dark, incandescent coloring. 17” length. #30-9962
sion Fund now owns about 48%
of Oyo after leading an $800
million funding round in Sep-
tember at a valuation of $10
billion—double its value from a
fundraising the previous year.
Yet the Vision Fund itself is
responsible for leading most of
Oyo’s fundraising rounds dur-
ing the past few years. And Mr. 622 Royal Street, New Orleans, LA • 877-677-2801 • ws@rauantiques.com • MSrau.com
Son personally guaranteed a
Since 1912, M.S. Rau has specialized in the world’s finest art, antiques and jewelry.
loan to Oyo’s young founder
Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
that let him purchase $2 billion
worth of shares during the lat-
est funding round, The Wall
Street Journal reported.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A8 | Thursday, November 7, 2019
U.S. Presses Mexico to Take On Cartels
Lawmakers call for
sanctions, cooperation,
but López Obrador
resists changing policy
BY DAVID LUHNOW
AND NATALIE ANDREWS
MEXICO CITY—U.S. pressure
is rising on Mexican President
Andrés Manuel López Obrador
to tackle the growing power of
drug cartels after this week’s
massacre of nine U.S. citizens.
The killing of three mothers
and six children by suspected
gang members in northwestern
Mexico prompted President
Trump to call on Mexico to
wage war on the cartels, and
even offer U.S. troops, a sug-
gestion Mr. López Obrador
quickly declined.
Senators from both parties,
while not backing Mr. Trump’s
call for U.S. military involve-
ment, said Mexico needed to do
more to take on organized crime
gangs, which security analysts
say largely control as much as a
third of Mexico’s territory.
Sen. Josh Hawley (R., Mo.)
on Wednesday called for the
U.S. to impose sanctions on
Mexican officials who won’t
confront cartels. He wrote on
Twitter that cartels were flood-
ing Missouri with drugs and
trafficked children. “Cartels in-
creasingly call the shots in
Mexico, and for our own secu-
rity, we cannot allow this to
continue,” he said.
Monday’s killing under-
scored the growing brazenness
of drug gangs since Mr. López
Obrador took power last De-
cember. The president has
vowed to stop his predecessor’s
policy of pursuing the gangs,
saying violence only led to
more violence.
Mexico’s homicide rate hit
record levels in the January-to-
September period this year, ac-
cording to the country’s na-
tional statistics agency. The
Officials Cite Possible Case of Mistaken Identity
BY ANTHONY HARRUP
AND JUAN MONTES
MEXICO CITY—Mexican au-
thorities investigating the kill-
ing of nine U.S. citizens on a
road in northwestern Mexico
said that a shootout between
two rival drug gangs earlier
that day might have prompted
the attack.
Defense Ministry chief of
staff Gen. Homero Mendoza
said at a press conference on
Wednesday that an armed con-
frontation took place early
Monday in Agua Prieta, Sonora,
between members of La Línea
drug gang in Chihuahua and
Los Salazar gang in Sonora.
Agua Prieta is about 100
miles from where gunmen at-
tacked the victims—three
no
every
one
deserves a decent
place to live.
Members of the LeBarón family weeping in front of a burned car Tuesday in Bavispe, Sonora, where soldiers, below, patrolled the area.
Sinaloa cartel recently laid
siege to the northern city of
Culiacán and forced the gov-
ernment to release a son of
former cartel kingpin Joaquín
“El Chapo” Guzmán after hav-
ing just arrested him. Gang
members in Michoacán state
killed 13 police in October.
“Here we have a clear exam-
ple where U.S. national security
interests and lives of U.S. citi-
zens are in peril because of the
menace of Mexican crime
groups,” said David Shirk, di-
rector of the Trans-Border In- on
stitute at the University of Cal-
ifornia at San Diego.
Analysts say frustration is
mounting within U.S. law-en-
us l,
forcement and intelligence
communities over Mr. López
al a
e
Obrador’s approach. It marks a
sharp break from previous
Mexican administrations that
ci on
used U.S. intelligence and
money and deployed the Mexi-
can army to target the biggest
er rs
m e
women and six children who
were members of a local Mor-
mon community formed by a
m rp
breakaway group from the
Church of Jesus Christ of Lat-
ter-day Saints. Seven children
and a baby survived.
Gen. Mendoza said one line
co Fo
of investigation is that mem-
bers of La Línea were trying to
keep members of Los Salazar
from entering Chihuahua, and
decided to send an armed cell
to the area, leading to the at-
tack on the SUVs. He said the
vehicles were similar to those
used by criminal gangs in the
region, possibly explaining a
misidentification.
The general said the assail-
ants let some of the minors
go, suggesting that they didn’t
n-
mean to target the families.
Learn more at
habitat.org.
WORLD NEWS
cartels.
“I think the United States
will begin to move very ag-
gressively backstage, and
there will be severity in the
language in a way that we
didn’t see before,” said Ed-
uardo Guerrero, a former top
Mexican security official.
In a Senate hearing Tuesday
before the Homeland Security
Authorities suspect members
of La Línea gang but haven’t
yet identified the perpetrators.
Some family members ex-
pressed skepticism over the
government’s theory, espe-
Some family members
say the victims were
intentionally chosen
to send a message.
cially when they said one of
the female drivers jumped out
of the SUV she was driving
with her hands up when con-
fronted by the attackers.
“It’s offensive that they say
Brazil Oil Auction Falls Far Short of Goal
BY JEFFREY T. LEWIS
SÃO PAULO—Brazil threw
an oil party on Wednesday.
Few bothered to turn up.
The country held an auction
for some of its richest offshore
oil areas, expecting the world’s
leading firms to bid on what
was touted as one of the big-
gest auctions in industry his-
tory. Instead, only two Chinese
oil firms and Brazil’s own
state-controlled firm, Petróleo
Brasileiro SA, placed bids.
Two of the four blocks
weren’t sold, as Exxon Mobil
Corp., Royal Dutch Shell PLC,
BP PLC, Total SA and others
steered clear.
“Total disaster is the best
way to describe this morning’s
round,” said Ruaraidh Mont-
gomery, research director at
Welligence Energy Analytics in
Houston. “Not one major par-
ticipating is a glaring failure.”
Brazil’s government was
asking for $26.2 billion in up-
front fees, with the companies
expected to jack up production
and turn Brazil, now the
ninth-largest producer, into
the fifth-biggest. Instead, the
licensing fees amounted to
$17.2 billion.
And there was no windfall
of foreign investment, with
only $1.6 billion in upfront
fees coming from outside in-
vestors Cnooc Ltd. and
CNODC. Those two Chinese
companies will partner with
the state-controlled company,
known as Petrobras, in the
and Governmental Affairs Com-
mittee, Federal Bureau of In-
vestigation Director Christo-
pher Wray said the FBI offered
Mexican authorities help in in-
vestigating the crime, but that
its involvement will depend on
Mexico.
So far, however, the Mexican
leader has turned down offers
of U.S. help and rejected sug-
it was a confusion. That can’t
be. When a woman gets out
and they fire at her, it’s not
confusion but a direct attack,”
said Lenzo Widmar, a cousin
of one of the victims.
He said that there has been
no incident between drug
gangs and the LeBarón com-
munity in recent months. “My
speculation is that they
wanted to send a message of
strength to rivals and the
Mexican government,” he said.
A surge in trafficking of
methamphetamine and syn-
thetic opioids has led to rising
violence in the borderlands of
Sonora and Chihuahua states,
analysts say. Turf wars have es-
calated in the past two years
between Los Salazar, an affiliate
of the Sinaloa cartel that con-
A Petrobras official with an envelope containing the company’s bid
largest of the four fields on of-
fer, Búzios.
Petrobras is already pump-
ing oil from the Búzios block,
and has had test production
from the other three. Brazil’s
National Petroleum Agency es-
timates that there are up to 15
billion barrels of oil in the re-
gion where the fields are lo-
cated and will hold another
auction of other nearby fields
on Thursday.
The fees from Wednesday’s
auction are more than Brazil
has received from all previous
oil rights sales combined. But
the realization that Petrobras
THE WALL STREET JOURNAL.
jobs, that there be good
wages.”
Mr. López Obrador and his
allies say the arrest or killing
of cartel leaders often led to vi-
olent succession battles and
turf battles. Mexico’s homicide
rate quadrupled in the past 15
years to 30 per 100,000 resi-
dents, six times that of the U.S.
Mr. Shirk said the López Ob-
rador administration assumed
that if you simply stopped go-
ing after cartel leaders, vio-
HERIKA MARTINEZ/AGENCE FRANCE-PRESSE/GETTY IMAGES
lence would decline. “That’s a
terrible mistake,” he said. “Be-
cause Mexico was serving like
a referee between these
groups, and when you take
away the referee, the game
gets ugly.”
Another problem, analysts
say, is that successive Mexican
governments have used the
army to take on drug gangs but
failed to develop capable law
enforcement. Fewer than 1 in
20 homicides in Mexico are
ever solved.
Mr. López Obrador has dis-
banded the federal police built
up by two successive adminis-
trations, and is creating a new
National Guard made up mostly
of military police and some
federal police. But analysts say
the role of the guard in solving
crimes is unclear. Meanwhile,
funding for state and local po-
JOSE LUIS GONZALEZ/REUTERS
lice has been cut.
A top Mexican security offi-
cial said that the government’s
.
strategy is focused on training
ly
the National Guard as a deter-
rent to violence and is more
complicated than simply not
taking on cartels.
Democrats in the U.S. say
gestions that his “hugs, not Mr. Trump has focused too
bullets” strategy isn’t working. much on migration at the ex-
“What are we doing? What pense of other issues like
is our commitment? First to greater cooperation with Mex-
change the reality of insecurity ico on security. Sen. Ben Cardin
and violence,” the president (D., Md.) said the massacre
said Wednesday. “Not with the shows that there is a need for
use of force as the fundamental greater U.S. involvement in the
strategy but addressing the region, with U.S. intelligence
causes that led to insecurity and training to help Mexico
and violence—that there be combat the cartels.
trols drug routes in Sonora, and tended LeBarón family, which
La Línea—the armed wing of first settled in Mexico in the
the Juárez cartel—which con- 1920s as part of a wave of
trols much of Chihuahua state. Mormons who emigrated from
Gen. Mendoza said more the U.S. after being excommu-
than 200 used cartridges from nicated by the church for con-
assault weapons were found at tinuing to practice polygamy.
the sites of the attacks. The The LeBarón family has had
U.S.-made cartridges were conflicts with criminal gangs
Remington brand, with cali- in the past, although Julián
bers used by M-16 and AR-15 Lebarón, who is related to
rifles, he added. three of the victims, said that
Gen. Mendoza said the LeB- in recent years the cartels ha-
arón and Langford families ven’t threatened them.
who were attacked frequently More recently, in 2018, the
traveled along the route they family was involved in dis-
took Monday. That, he said, putes with other local commu-
could explain why there were nities who accuse the family of
only women and children trav- illegally using water from
eling in the vans without secu- wells to irrigate their pecan
rity measures. farms, according to local news
The victims of Monday’s at- reports. The LeBaróns denied
tacks were members of the ex- they illegally used water.
trol over development and
production than was offered.
Winning bidders would also
have to negotiate with Petro-
bras over compensation for in-
vestments the Brazilian com-
pany has already made in the
fields.
“The [signing] bonus was
already high,” said a lawyer
representing one of the com-
panies at the auction. “When
you add in what Petrobras was
asking, most companies real-
ized it was too expensive and
decided not to take the risk.”
Brazil’s government praised
LEO CORREA/ASSOCIATED PRESS
the outcome of the auction,
saying that raising $17.2 bil-
lion was more good news for
President Jair Bolsonaro’s ad-
ministration.
Petrobras said the auction
added to its portfolio of
world-class production assets
and that it will be able to pay
the licensing fees without add-
would pay most of the fees ing to debt.
and play a major role in pro-
duction led Brazil’s currency,
But the outcome disap-
pointed investors who had
the real, to tumble 2.2%
against the dollar. Meanwhile,
hoped for greater foreign par-
ticipation. At a time of a
Petrobras’s U.S.-traded shares world-wide oil glut, analysts
fell 2.5%. said that Brazil’s terms were
The Brazilian company was simply not palatable.
the sole bidder on the Itapu “It was too expensive,” said
field. There were no bids for Oswald Clint, an analyst at
the Sépia and Atapu blocks. Bernstein Research in London.
The large signing fees may “Búzios is the best deep-water
have curbed interest in the field ever discovered, and
auction, analysts said. Total’s none of the majors wanted
chief executive, Patrick Pouy- into it.”
anne, said in October that the —Luciana Magalhaes
company wouldn’t participate and Paulo Trevisani
because it wanted more con- contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Thursday, November 7, 2019 | A9

WORLD NEWS

Researchers Identify
New Strain of HIV
BY PREETIKA RANA
Scientists using advanced
DNA-sequencing technology
have documented a previously
unidentified strain of HIV un-
der the group that is responsi-
ble for the vast majority of hu-
man infections.
The previous strain in that
group was documented in 2000.
The latest strain was found
in just three people, but the
and P infections are rare but
can also affect humans.
Wednesday’s Abbott Labs
findings have established a 10th
group, M strain. The three peo-
ple who are known to carry it
live in what is now the Demo-
cratic Republic of Congo, where
the first HIV infection surfaced
in a human in the mid-1900s.
Decades later, the virus spread
rapidly around the globe.
Researchers and epidemiol-

ERIC FEFERBERG/AGENCE FRANCE-PRESSE/GETTY IMAGES

findings by Abbott Laborato-
ries—a maker of HIV tests—
are expected to strike up a
broader conversation about
how to classify new viral
strains that could surface. The
company described its find-
ings on Wednesday in an aca-
demic journal.
Strains from Group M are
the most common in humans
and are responsible for the
global AIDS pandemic. M
strains have infected about
90% of the 37.9 million people
that the World Health Organi-
ogists don’t expect the new
Group M strain to change the
way HIV is diagnosed or
treated. Existing diagnostic
tests and antiretroviral drugs,
which suppress the growth of
HIV, are designed to target the
parts of the virus that are
common to all groups.
Still, they say new strains
can offer clues on how HIV
evolved and spread.
“There’s a lot of mystery
around why certain things
happened. New strains can un- Iran’s President Hassan Rouhani, left, and France’s President Emmanuel Macron, second right, attended a 2016 meeting in Paris.
ravel some of that unknown

Macron Says Iran Puts Deal at Risk

zation estimated were living
with HIV last year. Group O, N
HIV Origins
A new strain under the
group responsible for the
vast majority of HIV
infections was documented.
The last strain under the
group was documented
nearly two decades ago.
history,” said Brian Foley, an
HIV geneticist at New Mexico’s
Los Alamos National Labora-
tory, which holds the largest
HIV gene bank and sets the
guidelines on classifying new
strains. Dr. Foley wasn’t in-
volved in Abbott’s research.
Eventually, he says, the
findings could help research-
ers engineer the Holy Grail in
the fight against the virus: an
BY LAURENCE NORMAN
AND SUNE ENGEL RASMUSSEN
French President Emmanuel
Macron, a staunch supporter
of the 2015 nuclear deal with
Iran, slammed Tehran’s deci-
sion to resume uranium en-
clear deal’s proponents say a 15-
year ban on the activity at the
site was a major Western win.
“I think that for the first
time, Iran has decided in an
explicit and blunt manner to
leave the…agreement, which
marks a significant shift,” Mr.
steps away from the deal lim-
its so far has been tepid, pro-
viding Tehran with little in-
centive not to go further. Paris
has tried to arrange a truce
between Washington and Teh-
ran, although Mr. Trump and
Iran’s Supreme Leader Ayatol-
the 2015 deal, which could
eventually unravel the accord
and reimpose international
sanctions on Iran. Diplomats
say there have been discussions
among the big European pow-
ers on what Iranian moves
would trigger the dispute

.
HIV vaccine. richment at an underground Macron said on Wednesday at mechanism in recent weeks.

At least three samples are
needed to establish a new HIV
strain. Two samples of the L
HIV1 groups strain were detected in the
Originated in gorillas and chimpanzees Democratic Republic of Congo
in 1983 and 1990. A third sus-
Origin: West, pected sample was found by
central an Abbott partner hospital
Democratic Cameroon Africa
us l,
nuclear facility, saying the
move raised the risk of the
multilateral accord collapsing.
on Mr. Macron has led Euro-
pean efforts to salvage the
deal after the U.S. pulled out
last year and imposed harsh
sanctions on Iran. The French
a news conference in China.
Tehran’s move sharpened
the incremental approach to
expanding its nuclear program
that Iran adopted in May and
signals to President Trump
that as long he maintains max-
imum economic pressure, Teh-
ly
Iranian President Hassan
Rouhani said Wednesday that
The French Fordow would soon be in full
president has led operation again, as Iranian of-
ficials transferred a cylinder
European efforts to containing around 4,400
salvage the accord. pounds of uranium gas to its
enrichment hall.

Republic there in 2001. But sequencing leader has argued the agree- ran can cause problems for the The Fordow move won’t
of the Congo Cameroon, technology at the time made it ment safeguards Europe’s se- White House. It also signals to have a major impact on the
al a

France
e
hard for company scientists in curity interests and ensures Iran’s domestic audience that lah Ali Khamenei have both at pace of production of enriched
N P Illinois, where the sample was Iran won’t obtain a nuclear Tehran won’t budge in the times dismissed the efforts. uranium, leaving Iran far from
O
Group M shipped, to read it accurately. weapon in coming years. face of U.S. pressure. However, the mood may be the so-called breakout point.
ci on

Subtypes: It was only in recent years,
A B C D with the falling cost of DNA
F G H J sequencing and the emergence
of so-called next generation
K L
sequencing technology, that
er rs
Iran began enriching uranium
on Wednesday at its Fordow nu-
clear plant, a facility buried
deep within a mountain that is
considered impregnable to most
The Islamic Republic has
since May repeatedly urged Eu-
rope to provide relief from U.S.
sanctions, saying that other-
wise, it would make fresh moves
changing in Europe, diplomats
say, as Iran’s breaches con-
tinue and concerns about other
Iranian nuclear activities build.
Some key European decision
But resuming enrichment at
the site, whose underground
location presents a major hur-
dle to any military effort
aimed at stopping the con-

Newest 90% of infections Abbott scientists were able to conventional weapons. Enriched away from the limits of the nu- makers, like Britain, appear struction of a nuclear weapon
strain worldwide isolate the viruses in the sam- uranium can be used as fuel for clear deal every two months. more willing to consider trig- there, has high global political
Source: Abbott Laboratories ple and read them. a nuclear weapon and the nu- Europe’s response to Iran’s gering a dispute mechanism in resonance.
m e

U.S. Moves to Fix Turkey Ties WINE OF THE MONTH

m rp

BY MICHAEL R. GORDON tweets that Mr. Erdogan in- In a statement in Ankara,

The Ultimate
formed him that Turkish forces Mr. Erdogan confirmed his
The Trump administration “have captured numerous [Is- plans to visit the U.S.
co Fo

moved to repair the U.S.-Turk- lamic State] fighters that were Earlier Wednesday, the State
ish relationship amid deepen- reported to have escaped dur- Department said James Jeffrey,

ing strains, congressional criti-
cism and reports of continued
skirmishing in northeast Syria
weeks after a U.S.-negotiated
truce took effect.
President Trump said in a
Twitter message that he had
spoken Wednesday by phone
with Turkish President Recep
Tayyip Erdogan, and added the
two would meet in Washington
on Nov. 13, in keeping with ear-
ing the conflict—including the
wife and sister of terrorist
killer [Abu Bakr] al-Baghdadi.”
Baghdadi died in a U.S. raid
on his compound in northwest-
ern Syria last month.
Mr. Trump said he and Mr.
Erdogan also spoke about the
Syrian border, terrorism and
ending longstanding Turkish
hostility toward the Syrian
Kurds, who have been close
n-
American Red
the top U.S envoy for Syria is-
sues, will travel to Ankara for
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other information about peo-
ple who had published posts
critical of the Saudi royal fam-
ily, prosecutors said.
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published these posts,” the
Justice Department said.
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has been accused of aggres-
sively going after the regime’s
detractors.
The Central Intelligence
Agency concluded last year
that Jamal Khashoggi, a jour-
nalist critical of Saudi Arabia,
was killed under order of
Saudi Crown Prince Moham-
med bin Salman, a close ally of
President Trump, The Wall
Street Journal has reported.
Saudi Arabia denied the alle-
Arrest warrants have been
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and Almutairi. Both are be-
lieved to be in Saudi Arabia.
Mr. Abouammo also was ac-
cused of destroying records in
the investigation.
“The criminal complaint un-
sealed today alleges that Saudi
agents mined Twitter’s inter-
nal systems for personal infor-
The government said
the data could have
been used to identify
Twitter users.
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the government and thousands
of other Twitter users,” said
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10 | Thursday, November 7, 2019
Pothole
Fillers Hit
The Road
Continued from Page One
the Municipal Corporation of
Greater Mumbai, announced a
new app for residents to re-
port potholes. “Mumbai,
we’ve found a ‘hole’-some so-
lution to pothole woes!” read
an official tweet about the
app.
Last Friday, the office
launched a weeklong chal-
lenge in which users can sub-
mit a selfie with a pothole
through the app or on the
web—and if it isn’t fixed
within 24 hours, the person
who first reported it would
get 500 rupees. A spokesman
said so far the office has re-
ceived 500 complaints about
China
Grapples
With Debt
Continued from Page One
least one respect: Bankruptcy
courts here sometimes are in-
clined to protect shareholders
over debtholders—with the
aim of averting social unrest.
Reorganizing or liquidating
companies is proving to be a
messy process in many cases,
marred by disagreements, pro-
tests and disarray in a country
with a steep learning curve in
the bankruptcy process.
Last year more than a thou-
sand people, including judges,
bankers, home buyers and em-
ployees packed into a univer-
sity auditorium here in China’s
northwest to hear how a
court-appointed law firm
would sort through more than
7.5 billion yuan ($1.07 billion)
in claims against a failed real-
estate company.
Hundreds of police officers
and security personnel stood
watch because of fears that
grievances would turn to vio-
lence.
About 7 miles away, a 21-
building complex had stood
unfinished since late 2014 af-
ter the company sold thou-
sands of apartments and
storefronts and then defaulted
on its debts.
Nothing but this
Liu Changyun, now 50 years
old, paid roughly $84,700 in
2013 for a storefront in the
hopes of opening a small res-
taurant in the complex. She is
still waiting, selling food from
a cart nearby. “I own nothing
in my whole life but this,” she
said recently.
China introduced formal
bankruptcy laws in 2007. But
courts routinely rejected ap-
plications from struggling
businesses and their creditors
because of concerns over po-
tential social unrest and large-
no
scale layoffs.
Many insolvent companies
chugged along with state sub-
sidies and loans from state-
owned banks. Some simply
walked away from their debts,
leaving creditors hanging.
Beijing is trying a new tac-
tic. Most of the country’s
bankruptcy tribunals have
opened since 2015. New courts
were added this year in Bei-
jing, Shanghai and Shenzhen.
Court-appointed administra-
tors—law firms and account-
ing firms that help verify
claims, organize creditors’
meetings, list and sell assets—
increasingly make use of
China’s online culture, as au-
thorities look to handle more
cases and process them faster.
After a decade of rapid ex-
pansion and heavy borrowing,
China’s growth is slowing.
Courts nationwide accepted
close to 19,000 corporate
bankruptcy filings in 2018,
more than triple the number
two years earlier.
They included the reorgani-
zation of steelmaker Bohai
Steel Group Co., which buckled
under more than $28 billion in
debt—the largest failure of a
state-owned Chinese enter-
prise in years. Some of Bohai’s
assets will be taken over by
another steel company and
creditors are in the process of
being repaid partially or in
full.
Authorities “sensed the
economic slowdown and that
weaker companies would not
survive, and needed a mecha-
nism to deal with that,” said
Ron Thompson, a managing
potholes and paid out around
42,000 rupees to citizens who
complained. All those pot-
holes have now been filled.
Mr. Machiwala and Mushaq
Ansari, who is 38 and runs a
used-car business, were in-
spired to start filling holes af-
ter they drove over a particu-
larly deep one on a scooter.
“We didn’t fall, but we got
scared,” said Mr. Ansari. They
registered a complaint with
the city but didn’t want to
wait. They went back the
same day to fill it.
When they fix the holes,
Mr. Ansari said, “the vehicles
will pass easily, the pedestri-
ans can cross easily. Their
feet won’t get hurt and no
one will fall in the potholes.”
The duo estimate the largest
they have filled was 10 feet
wide and at least 8 inches
deep.
Among others who have
taken up the pothole cause
across India is an artist in the
tech capital of Bangalore. Ear-
on
us l,
al a
e
ci on
A bankruptcy process restarted work on the Yihefang complex in Xi’an. China’s Supreme People’s Court, below, oversees the tribunals.
er rs
m e
m rp
co Fo
director of restructuring and
advisory firm Alvarez &
n-
Marsal who has worked in
China for close to three de-
cades.
Concerns grew last year
amid the U.S.-China trade con-
flict. In an opinion piece pub-
lished in a state-run media
outlet, Du Wanhua, a high-
ranking official at the Su-
preme People’s Court of China,
said higher trade tariffs could
lead to more bankruptcies.
The courts should start “re-
pairing the house before it
rains,” he wrote, using a tradi-
tional Chinese phrase.
‘Like the hospital’
There are more than $17
trillion in outstanding bank
loans in China, according to
Wind, a financial data pro-
vider.
Regulators have told banks
to recognize loans more than
90 days past due as nonper-
forming; official data put non-
performing loan ratios at
1.81%, reflecting a total unpaid
principal balance of about
$319 billion. That low ratio is
widely thought to understate
the level of bad debt on banks’
balance sheets.
The court system has re-
lieved some of the burden
from local governments that
kept companies afloat to pre-
vent the kind of mass layoffs
and financial losses that could
shake China’s economy and
political leadership.
The courts’ role in resusci-
tating or liquidating busi-
nesses is “not only an eco-
nomic issue but also a social-
responsibility issue,” said Ye
Bingkun, a 46-year-old bank-
ruptcy judge in Xiamen.
“Bankruptcy is like the hospi-
tal for companies.”
FROM PAGE ONE
lier this year, he created a
video of someone dressed in
an astronaut suit walking on a
street so badly pocked and
broken that it looked like the
surface of the moon. Authori-
ties fixed the street the next
day.
A truck driver in the city of
Rajkot recently buried himself
under a pile of rubble in the
road to draw attention to the
state of the streets. And a
Mumbai radio DJ created two
songs about the city’s pot-
holes, among other infra-
structure shortcomings, that
went viral.
“Should we fill the pot-
holes ourselves?” she sang to
a popular Bollywood tune as
she danced through her radio
station’s office with male
backing singers.
The problem is especially
bad in the June-through-Sep-
tember monsoon period,
when Mumbai gets more rain
in four months than London
gets in three years. Roads dis-
Some are still getting ac-
customed to the process.
As the real-estate and con-
struction company Zhejiang
Dengfeng Traffic Group was
undergoing liquidation in
Hangzhou, two law firms and
an accounting firm that a
court had appointed as case
administrators said in August
they had received threats from
individuals who disagreed
with the order in which credi-
tors were being repaid.
The company had been a
large employer, building high-
ways in and around the south-
eastern city. The case adminis-
trators have been auctioning
some of the company’s as-
sets—from unfinished apart-
ment buildings to jade sculp-
tures—on Alibaba Group
Holding Ltd.’s Taobao, an
eBay-like online marketplace,
to recoup funds for more than
2,000 creditors.
Borrowing Binge
Years of expansive debt policies in China have resulted in rising
stockpiles of troubled loans on commercial banks' balance sheets.
Corporate debt as a
percentage of GDP*
160%
140
120
100
80
60
1995 2000 ’15
*Excludes debt issued by financial institutions
†Special-mention loans comprise debt that banks deem problematic or at high risk of default.
Note: 1 trillion yuan = $142 billion
Source: Wind
integrate as rains and flood-
ing weaken them and a
scramble of cars, taxis, trucks,
motorbikes, buses and three-
wheelers hammer away at
them.
The holes fill with rainwa-
ter, making it difficult for
drivers and pedestrians to de-
termine their depth.
In one viral song, a
DJ sang, ‘Should we
fill the potholes
ourselves?’
Messrs. Machiwala and An-
sari said municipal pothole-
filling work disintegrates rap-
idly due to poor materials and
shoddy workmanship.
“The quality is not good.
Within four days it comes
out,” said Mr. Machi-
wala. “Taxpayer money is get-
Some people “have pre-
pared knives and collected the
personal information of judges
and administrators,” and
urged others to do the same,
the administrators said in a
public WeChat post. It said
staffers working on the bank-
ruptcy case at one point tem-
porarily moved from a local
government office into the
city’s court, where security
was tighter.
The process is already
fraught with emotion in China,
Judge Ye said, where “the in-
tegrity of a person is the foun-
dation of one’s life,” and de-
faulting on debt is seen as a
moral failing.
Chinese law only allows for
companies to declare bank-
ruptcy, not individuals. But the
stigma can make creditors and
borrowers unwilling to file,
Judge Ye said—whereas in the
U.S., “they think it’s giving
Outstanding problem loans
Nonperforming Special-mention†
6 trillion yuan
4
2 men, where Judge Ye presides,
0 than 80 bankruptcy cases in
2014 ’15 ’16 ’17 ’18
As a percentage of all loans
6%
4 96 cases, most of them private
2 ing sector.
0 Keeping people content
2014 ’15 ’16 ’17 ’18
* *** THE WALL STREET JOURNAL.
ting wasted.” He and Mr. An- the past five years.
sari said they mostly use
broken bricks they find lying
Mr. Karnani said authori-
ties sometimes take action
around to fill the holes. within a few hours, and some-
A spokesman for the Mu-
nicipal Corporation of Greater
times it can take a month.
After city officials tweeted
Mumbai denied the materials
were poor quality and said
the city worked to ensure citi-
out a message in August tell-
ing residents they shouldn’t
fill potholes themselves,
zens had good roads. Messrs. Machiwala and Ansari
Messrs. Machiwala and An- paused their rogue expedi-
sari have gotten attention in tions. They have turned their
local media, posing for photos attention for now to catalog-
showing off their handiwork. ing hundreds of manhole cov-
They have also documented ers that are broken or missing
their battle against the city’s from Mumbai’s streets—
road blemishes on a Twitter crushed by vehicles, stolen for
account they named “Pothole scrap or washed away in
Warriors,” with more than flooding—which they plan to
3,000 followers. report to the city. They’ve
“We are #PotholeKillers u also noted an abundance of
Can B Too!” trumpeted a re- streetlights that don’t work.
cent tweet from their account. They are still considering a
Trivankumar Karnani, a return to pothole filling.
high court lawyer in Mumbai, Some of the cities’ roads are
prefers a more official route. managed by different authori-
He founded an organization to ties, who haven’t said any-
bring citizens’ grievances to thing about whether citizens
the city that he said has re- should leave holes alone, they
ported hundreds of holes over note.
In some cases involving
publicly listed companies,
courts give priority to small
investors who have suffered
losses to keep them from stir-
ring social unrest, at the ex-
pense of debtholders and
other creditors that rank
higher in repayment priority,
said Xu Defeng, a law profes-
sor at Peking University.
After the state-owned and
FROM TOP: ZHOU WEI/THE WALL STREET JOURNAL; IMAGINECHINA/ALAMY
Shanghai-listed Fushun Spe-
cial Steel Co. underwent a
bankruptcy reorganization in
court last year, its debt pay-
.
ments to secured creditors
ly
were suspended. Under a
court-approved plan, the com-
pany agreed to pay them an
annual interest of 2.8% and
start to repay the principal
debt after five years.
Shareholders of the Shang-
hai-listed company have fared
better. Their shares rose in
value after Fushun emerged as
a debt-lightened company at
the end of 2018 when its bank-
ruptcy proceedings concluded.
In the U.S., by contrast,
shareholders in companies
that have filed for bankruptcy
businesspeople a chance for a usually lose their ownership
fresh start. That’s the differ- stakes or see them become ef-
ence.” fectively worthless when as-
In a Nanjing courtroom last sets are sold to pay creditors.
year, Li Xinghua, the chairman Unorthodox court decisions
and owner of a construction that protect shareholders at the
company, bowed in front of expense of debtholders are
judges, creditors and bank- hurting creditors’ rights and
ruptcy administrators and could potentially undermine the
pleaded for a second chance. bankruptcy system, Mr. Xu said.
He had made a stupid deci-
sion, he said, after a state-
owned bank refused to extend Blood and sweat
a new loan a few years earlier After construction of the
for his company, Nanjing 21-building Yihefang complex
Wonzeal Construction Decora- in Xi’an ground to a halt in
tion Shares Co.—and he bor- 2014, home buyers and other
rowed instead from private creditors begged the developer
lenders at high interest. and the local government to
The company racked up find a way to resume con-
more than $28 million in debt. struction.
When activity and revenue Some individuals called
dropped, it couldn’t repay the government officials on their
loans, and filed for bank- personal phones to implore
ruptcy. them to take responsibility for
On the other end was Qian the project, while others pro-
Xiaojun, who runs a small tested outside government of-
company that lent more than fices with banners, some read-
$855,700 to Wonzeal. He was ing “give my blood-and-sweat
among creditors who voted in money back,” according to
favor of a court plan that let several home buyers.
the company keep operating. The development was run
If the company closes shop, by Jiao Yanqin, a local busi-
“we won’t even get 1 cent nesswoman who had high am-
back,” Mr. Qian said. bitions for the 28.7-acre plot,
The plan covers salaries with a blueprint that included
and allows for a small share of a kindergarten, gardens and
Wonzeal’s debts to be repaid stores surrounded by high-
first, with larger creditors to rises.
be repaid over time. Mr. Li Like many private compa-
said the company has reduced nies that ran into financial
staff and is undertaking short- trouble, Ms. Jiao’s company
term projects that can gener- took out loans from nonbank
ate cash more quickly. lenders that charged rates of
more than 20%. The company
couldn’t sustain the payments.
Winners and losers In the summer of 2018, the
It is part of a shift from city’s court accepted a bank-
what Judge Ye described as ruptcy petition filed by one of
policy-mandated bankruptcy— Yihefang’s private lenders, and
the government largely de- reorganization proceedings
cides which companies fail or began. Ms. Jiao ceded control
survive—to a “market-oriented of the developer, and a local
bankruptcy” process that lets law firm was appointed as the
market forces decide who are case’s administrator.
the winners and losers. Following a bidding process
Many lawyers, foreign in- that drew half a dozen inves-
vestors and lenders say they tors, another developer was
have found Chinese courts ef- chosen to take over.
ficient in processing cases and The new firm estimates it
reorganizing or liquidating will cost $50 million to com-
companies. plete the project. Last month,
The caseload is growing. In workers were painting the
the southeastern city of Xia- outside walls of several build-
ings and construction eleva-
the local court accepted fewer tors had been installed. Stacks
of new building materials were
’19 the decade before the city set on-site.
up a bankruptcy and liquida- Ms. Liu, the food seller, said
tion tribunal in mid-2016. Last she spent her family’s life sav-
year, the new court processed ings to buy the storefront to
open a restaurant. A big draw
companies in the manufactur- for her, she said, was the com-
plex’s location near three sub-
way lines used by many morn-
throughout the process re- ing commuters.
’19
mains a concern. Chinese “If there are a lot of people,
courts sometimes ignore laws that will be good for breakfast
that dictate the order in which business,” she said.
creditors should be repaid. —Zhou Wei and Serena Ng
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
EDNA LESHOWITZ FOR THE WALL STREET JOURNAL
Melinda Katz was elected district attorney with 75% of the vote.
New Queens DA
To Push Changes
In Criminal Justice
BY CORINNE RAMEY
Queens’ next top prosecutor,
Melinda Katz, has pledged to
bring a left-leaning approach to
criminal justice in her new job,
a challenge in an office that has
long been known for its tradi-
tional law-and-order policies.
Ms. Katz, a Democrat, was
elected Tuesday as the bor-
ough’s district attorney with
75% of the vote in a decisive
victory over Republican candi-
date Joe Murray, a police-offi-
cer-turned-prosecutor who
supported more traditional
tough-on-crime policies.
She is set to take over an of-
fice where the last elected dis-
trict attorney, Richard Brown, a
Democrat who died in May af-
ter 28 years in office, publicly
supported policies associated
with quality-of-life enforce-
ment, such as prosecuting sub-
way fare beaters. By contrast,
Ms. Katz has talked of import-
ing progressive practices from
other boroughs, such as a con-
viction-review unit, which
Priorities include
starting a bureau for
housing protection
and worksite safety.
would examine old cases for
possible exonerations.
The victory gives Ms. Katz,
the Queens borough president,
a chance to implement her own
law-enforcement vision after a
bruising Democratic primary
during which she was labeled a
candidate of the establishment
while vying with a self-de-
scribed Democratic socialist
public defender, Tiffany Cabán.
no
Ms. Katz defeated Ms. Cabán in
the primary by 55 votes after a
recount of about 90,000 ballots.
Ms. Katz has spent the past
few months studying criminal-
justice initiatives in Philadel-
phia, New Jersey and Califor-
nia—places where local
officials have experimented
with progressive policy
changes in recent years. She
has had frequent conversations
with Eric Gonzalez, Brooklyn’s
left-leaning district attorney,
and met with law-school deans
to discuss recruiting.
“Now it’s on to really start-
ing a job,” Ms. Katz said last
week, sitting in her kitchen in
the borough’s Forest Hills
neighborhood. The home,
where she lives with her 8- and
11-year-old sons, has been in
her family for 75 years.
Ms. Katz, 54 years old, has
* *
GREATER NEW YORK
never worked as a prosecutor.
She spent four years as an as-
sociate at law firm Weil, Got-
shal and Manges LLP after
graduating from St. John’s Uni-
versity School of Law. She
spent the bulk of her career in
politics, as a member of the
state Assembly beginning in
1994, and then the New York
City Council from 2002
through 2009. She has been
Queens borough president
since 2014.
us l,
Ms. Katz joins the Queens
district attorney’s office at a
al a
e
time when new state laws are
requiring major changes.
During Mr. Brown’s tenure,
ci on
and that of his deputy now in
charge, the office followed a
more conservative approach,
with stricter requirements for
guilty pleas, for instance. Mr.
er rs
Brown was against legalizing
recreational marijuana and
criticized the plan to close the
New York City jail complex on
m e
Rikers Island.
Ms. Katz said during her
campaign that she would urge
m rp
lawmakers to legalize recre-
ational marijuana. She sup-
ported closing Rikers but criti-
cized the process for building
new jails.
co Fo
The Queens office has also
criticized changes to state law
going into effect Jan. 1, includ-
ing one that requires judges to
set bail for fewer defendants.
On its website, the office has
posted a map that shows the
locations of 363 crimes alleg-
edly committed by people who
are currently in jail awaiting
trial but would be free under
the new bail policies.
Ms. Katz said the new re-
quirements would help ensure
n-
people get both fairness and
justice. She said she supported
a new law that requires prose-
cutors to turn over evidence
sooner to defense attorneys,
saying a good prosecutor could
work effectively under those
circumstances.
She said her priorities in-
clude starting a bureau for
housing protection and work-
site safety. She said some gun-
possession cases could be ad-
dressed through alternatives to
jail, a view embraced by left-
leaning district attorneys.
“I do believe that part of
lowering gun violence and low-
ering crime is to make sure
that people never end up in the
criminal-justice system in the
first place,” she said.
Still, she said she has a
strong sense of justice for vic-
tims, citing a driver who killed
her own mother when she was
3. “My whole life was knowing
that a criminal act killed my
mom,” she said.
NY
Murders, Shootings Rise
Gang-related violence
is behind the increase,
NYPD says; crime levels
remain at historic lows
BY BEN CHAPMAN
AND KATIE HONAN
Gang-related crimes have
led to an increase in murders
and shootings in New York
City this year, New York Police
Department officials said
Wednesday as they released
the latest crime statistics.
The NYPD’s crime data
show 29 murders in October,
an increase of 61% from 18
during the same month in
2018.
Murders in the city are up
3% for the year, with 267 re-
ported between Jan. 1 and
Nov. 1, compared with 259 in
the same period in 2018.
Shooting incidents have in-
creased 4.5% in 2019, with 670
on
Voters in Jersey City overwhelmingly approved a ballot measure Tuesday to beef up rules for operating short-term rental properties.
Jersey City Votes to Limit Airbnbs
BY JOSEPH DE AVILA
A regulatory crackdown is
on the way for Airbnb Inc. and
other similar short-term rental
companies in Jersey City, N.J.
Voters in Jersey City over-
whelmingly approved a ballot
measure Tuesday, by 69% to
31%, to beef up rules for oper-
ating short-term rental prop-
erties in the city. It was a blow
to Airbnb, which had spent
more than $4 million opposing
the measure, flooding the tele-
vision airwaves with commer-
cials and inundating residents
with mailers.
“It sends a very clear mes-
sage to other cities and a very
clear message to Airbnb that
regular people want reason-
able regulations,” Jersey City
Mayor Steven Fulop said in an
interview Wednesday. “And
this wasn’t even close.”
Upstate County Bucks Trend of Incumbent Wins
BY JIMMY VIELKIND
Incumbents held on to their
positions in elections to de-
cide control over several New
York counties. The notable ex-
ception was in Monroe County,
which includes Rochester,
where Democratic County
Clerk Adam Bello ousted Re-
publican Cheryl Dinolfo.
“That was a big, big win,”
recorded between Jan. 1 and
Nov. 1, compared with 641 in
the same period in 2018.
Meanwhile, robberies and
felonies assaults are also both
up roughly 1% this year com-
pared with 2018, while rapes
are up less than 1%.
Mayor Bill de Blasio said at
a news conference Wednesday
that crime in the city remains
at historically low levels, and
the NYPD will work to in-
crease public safety in the re-
maining months of the year.
“We’re going to keep fight-
ing to drive the numbers
down,” Mr. de Blasio said. “We
can and will do better going
forward, and this year ain’t
over, and we’re very confident.”
Police officials partially at-
tributed the increase in violent
crimes to gang activity and
the illegal drug trade, espe-
cially in areas of north Brook-
lyn, south Queens and upper
Manhattan.
October’s spike in murders
The new rules, which go
into effect in January, would
require owners of short-term
rentals to acquire a city per-
mit and set caps on the size
and number of units that can
be used for such purposes. A
property can be rented for a
maximum of 60 days a year if
the owner isn’t physically on
the site. Renters also would be
barred from using their units
as short-term rentals under
the proposed ordinance.
“From the start of this cam-
paign, we knew this was going
to be one of the toughest
fights we’ve faced, with the
big New York hotel industry
determined to fight home
sharing, but we had an obliga-
tion to stand up for our com-
munity,” a spokesman for
Airbnb said in a statement.
The Hotel Trades Council,
along with a hotel industry-
Gov. Andrew Cuomo, a Demo-
crat, said during a Wednesday
radio interview. “Statewide, the
Democrats did very, very well.”
Mr. Bello will be the first
Democrat to hold the seat
since 1991. His win means the
Democratic Party will control
the five most populous coun-
ties outside of New York City.
Two Democrats, Erie
County Executive Mark Polon-
Thursday, November 7, 2019 | A10A
was also partially driven by a
pair of quadruple homicides
that occurred over consecutive
weekends. A suspect has been
arrested in one of the inci-
dents while the other remains
under investigation.
NYPD Commissioner James
O’Neill said at the news con-
ference that the murder rate
in New York City is roughly 3.4
per 100,000 people. In 1990,
the murder rate was 30 per
100,000, he said.
“The numbers are small,
the percentages might be up,
but the numbers are very
small,” Mr. O’Neill said.
The NYPD’s monthly brief-
ing on crime statistics was the
last for Mr. O’Neill, who is
stepping down from his post
at the end of November. He
will take on a new role as se-
nior vice president and global
head of physical security for
Visa Inc. on Dec. 2, the com-
pany said Wednesday.
NYPD Chief of Detectives
.
ly
funded coalition called Share
Better, spent about $1 million
backing the new short-term
rental regulations.
“Airbnb thought it could
spend millions of dollars to
undo common-sense home-
sharing regulations,” said Pe-
ter Ward, president of the New
York Hotel and Motel Trades
Council. “But Jersey City resi-
dents could not be fooled.”
Mr. Fulop, a Democrat,
along with members of the City
Council began efforts to enact
stronger short-term rental
rules earlier this year. City offi-
cials said Jersey City residents
were complaining about short-
term rental properties being
used for loud parties and a
rush of illegal hotels were
pushing up housing prices.
The City Council approved
the new regulations in June,
but Airbnb and its supporters
carz and Suffolk County Execu-
tive Steve Bellone, were re-
elected Tuesday. Two
Republican incumbents in ma-
jor counties were also re-
elected—Marc Molinaro in
Dutchess County, which in-
cludes Poughkeepsie, and Ryan
McMahon in Onondaga County,
which includes Syracuse.
Republican State Committee
Chairman Nick Langworthy
Dermot Shea, a Queens-raised
son of Irish immigrants, will
succeed Mr. O’Neill as com-
missioner on Dec. 1.
Mr. de Blasio has faced crit-
icism from some elected offi-
cials for not appointing a per-
son of color as NYPD’s top cop.
At Wednesday’s news confer-
ence, the NYPD’s top black of-
ficial, First Deputy Commis-
sioner Benjamin Tucker, said
he was disappointed he wasn’t
offered the job.
“At the same time, it’s the
mayor’s call, right?” Mr.
Tucker said. “And I’ll leave it
there.”
At the news conference, Mr.
de Blasio expressed some
worry over criminal-justice
changes set to begin Jan. 1, in-
cluding the elimination of cash
bail for most misdemeanors
and nonviolent felonies.
“I have some concerns as
well,” Mr. de Blasio said, citing
a need to reduce incarceration
while maintaining public safety.
KENA BETANCUR/GETTY IMAGES
were able to obtain enough
signatures to place the mea-
sure on Tuesday’s ballot to
give voters a final say.
That strategy previously
worked in San Francisco when
the company defeated a ballot
measure in 2015 that would
have limited short-term hous-
ing rentals there. In 2018,
elected officials in San Diego
rescinded new regulations on
short-term rentals rather than
put the question before voters.
Mr. Fulop said the city will
be hiring additional staff in the
division of Housing Preserva-
tion to handle the registration
process under the new rules.
“We do think that responsi-
ble home sharing has a place
in cities,” Mr. Fulop said. “That
said, we aren’t interested in
the commercial operators that
absorb housing and put pres-
sure on affordable housing.”
said the GOP did well in areas
it needs to rebuild going into
next year’s elections for Con-
gress and the state Legislature.
“We went on offense in
Democrat strongholds that re-
sulted in many pickups, and
despite coming up short in a
few, we held very competitive
elections that energized our
grass roots,” Mr. Langworthy
said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A10B | Thursday, November 7, 2019
MARK KAUZLARICH FOR THE WALL STREET JOURNAL (2)
A view of Central Park from the Park Hyatt New York’s new $50,000-a-night suite on the 59th floor of a tower on West 57th Street. The suite’s salon, below.
Suite Offered for $50,000 a Night
Park Hyatt New York
ups the ante in battle
for ultra-rich travelers;
butler service included
BY KEIKO MORRIS
A hotel on Manhattan’s Bil-
lionaires’ Row is trying to lure
royal families, billionaire fi-
nanciers and other ultra-
wealthy customers with a new
expansive suite in the sky that
charges $50,000 a night.
The Park Hyatt New York
hotel on West 57th street has
converted a three-bedroom
apartment at the tower it
shares with luxury condo resi-
dents into a marquee suite.
The 4,200-square-foot accom-
modation comes with a butler
and chef, a walk-in closet
styled by Nordstrom with
clothes for purchase, and 11-
foot-high ceilings. Suite guests
can take helicopter rides to
and from the airport.
The postcard views stretch
from the southern tip of Cen-
tral Park to the George Wash-
ington Bridge and Yankee Sta-
dium.
Hotel representatives said
they are seizing an opportu-
nity to expand its reach in this
small but profitable niche of
specialty suites. The new suite
is about twice the size of the
hotel’s second-biggest suite
and costs about $15,000 more
no
It’s called
“Greenwich MeanTime”
for a reason
Hand-built on British shores, we aim
to restore English watchmaking to its
original prominence.
ci on
er rs
m e
m rp
a night.
Unlike other suites in the
Park Hyatt, the new palatial
lodging on the 59th floor re-
quires a seven-day stay, said
co Fo
Gus Pitkethley, director of
sales and marketing for the
Park Hyatt New York.
With suites making up al-
most half of the hotel’s rooms,
the Park Hyatt has experi-
enced a growing demand for
these larger lavish suites, es-
pecially from big groups trav-
eling together, according to
Mr. Pitkethley.
“In order for us to grow
that suite market and target
international [customer] mar-
n-
kets coming to New York, we
MBIII 10th Anniversary
Limited Edition
NY * * THE WALL STREET JOURNAL.
GREATER NEW YORK
GREATER NEW
YORK WATCH
CONNECTICUT
Local Political Figure
Dies on Election Night
A local political leader in Con-
necticut has died after being
struck by a car on election night.
John Deeb was the chairman
of the Manchester Republican
Town Committee. Police said he
was struck by the car near the
party’s headquarters around 6:30
p.m. Tuesday.
The driver stropped and coop-
erated with police, authorities
said.
The 75-year-old Mr. Deeb was
hit when he went to pick up
some papers that had fallen onto
the street, witnesses said. They
said it appeared he was taking
clipboards to the Republican
headquarters for people to mark
down results at the polls.
Mr. Deeb had been a Republi-
can leader in Manchester for
nearly two decades. He wasn’t a
candidate for any office.
The cause of the accident is
under investigation.
—Associated Press
NEW JERSEY
Two People Killed
In Early-Morning Fire
A fast-moving fire that roared
through a New Jersey home has
left two people dead.
Middlesex County authorities
.
said the fire in Jamesburg broke
ly
out around 3:45 a.m. Wednes-
day. The two bodies were found
Patrick Scholes, senior lodging a short time later inside the sin-
on and leisure analyst with Sun- gle-family home.
Trust Robinson Humphrey Inc. The names of the victims ha-
“This is for the one-tenth of ven’t been released, and their
1% or even more exclusive cause of death hasn’t been de-
than that.” termined.
us l,
The Park Hyatt New York’s No firefighters or police offi-
other 92 suites have done well cers were injured in the blaze.
al a
e
with customers from Russia, —Associated Press
the Middle East, South Ameri-
can countries such as Brazil NEW YORK CITY
and in Asian markets like
China, Mr. Pitkethley said. Trump to Appear at
Park Hyatt is taking aim at Veterans Day Parade
the city’s other opulent suites,
including the Four Seasons’ Ty President Donald Trump ac-
Warner Penthouse, which cepted an invitation to kick off
comes with a 360-degree view the New York City Veterans Day
of the city, four glass balco- Parade next week.
nies, a ceiling-to-floor water- United War Veterans Council
fall and a chauffeured Rolls- Chairman Douglas McGowan
Royce. The midtown Baccarat’s and the White House said on
premium suite is adorned with Wednesday that Mr. Trump will
were seeking the opportunity of the suite take a shine to the crystal sconces, marble coun- offer a tribute to veterans at the
to have a larger specialty building. “We anticipate many tertops and works of art from opening ceremony of Monday’s
suite,” he said. of their guests will fall in love the Baccarat collection. 100th annual parade.
The Park Hyatt can thank with everything One57 has to The Park Hyatt suite also After his remarks, the presi-
Manhattan’s high-end condo offer and return as buyers,” a includes prints and litho- dent will lay a wreath at the
glut for the opportunity. The spokeswoman said. graphs from artists like Philip Eternal Light memorial in Madi-
hotel sits at the base of Extell While suites often represent Guston and Mariah Robertson. son Square Park, White House
Development Co.’s 90-story a tiny fraction of a hotel’s room The hotel tailored a collection spokesman Judd Deere said.
residential skyscraper known count, they can account for a of high-end coffee-table books More than 25,000 parade
as One57, where about 15% of disproportionately high per- from publisher Assouline to participants including veterans,
its units are unsold, including centage of a property’s reve- potential customers’ tastes active-duty military personnel
the apartment that Park Hyatt nue. Luxury hotels draw cus- with titles such as “Arabian and their supporters are ex-
is turning into a suite, the de- tomers who travel with Horses, The World of Ajmal pected to march along Fifth Av-
veloper’s spokeswoman said. extended family members, nan- Arabian Stud,” “The Impossi- enue.
The hotel signed a yearlong nies, security guards and other ble Collection of Watches” and —Associated Press
lease with Extell for the apart- staff. These guests tend to fill “Windows at Tiffany & Co.”
ment and has the possibility of other hotel rooms and can run “It’s a nod to the kind of NEW YORK STATE
extending that lease for multi- up large room-service tabs and clientele that we expect to be
ple years. other bills at the property. staying in the hotel,” Mr. Pit- Storm Closes Some
Extell is hoping that guests “This isn’t for the 1%,” said kethley said. Adirondack Areas
Hikers, hunters and other
Dry for Decades, Town Repeals Law people planning to head into the
Adirondack backcountry may
find some of their favorite trails
BY JIMMY VIELKIND inaccessible due to damage from
the Halloween storm.
Residents of the upstate
town of Argyle can finally
The Department of Environ-
mental Conservation has posted
toast the end of Prohibition
after approving a referendum
an advisory online listing condi-
tions and closures. Many roads
on Tuesday to repeal dry and highways were damaged,
laws banning the sale of alco- some seasonal roads are im-
RICHARD BEAVEN FOR THE WALL STREET JOURNAL (2)
hol in the rural community. passable, and many hiking trails
A group of residents in- are blocked by fallen trees or
cluding farmers who grow in- have washed-out bridges.
gredients used to brew beer Powley Piseco Road in the
pushed for the repeal. The Ferris Lake Wild Forest has se-
referendum passed 2 to 1. vere washouts and is closed for
Rick Dennis, co-owner of the foreseeable future. Gulf
Highlander Brewing Co. in Brook Road into the Boreas
Argyle, said he was pleased Pond Tract in North Hudson is
with the resounding result. closed due to washout.
“Keep an eye on Argyle, In the Siamese Ponds Wilder-
and see some of the im- ness, 13th Lake Road is washed
provements that are going to out and state Route 8 has
be possible, and the small washouts in several places.
businesses that are going to Rick Dennis, co-owner of Highlander Brewing Co., plans to open a There are washouts on Route
expand and take advantage taproom on his farm in Argyle. Below, a house on Main Street. 30 in Indian Lake.
of this,” he said on Wednes- —Associated Press
day.
Mr. Dennis plans to open a NEW JERSEY
taproom on his farm in com-
ing months, pending approval Woman Wants Late
from the State Liquor Au- Husband’s Ashes Back
thority.
The sale of alcohol has A South Amboy woman
been outlawed in Argyle whose home was burglarized is
since the Prohibition Era, asking that the thieves return a
continuing even after the box containing her late husband’s
federal ban was lifted in ashes.
1933. Jamie Stratton, niece of the
Alcohol has been legal to victim, says burglars kicked down
consume in the community— the front door, stole the box and
and many residents indulge— jewelry that included a commem-
but it had to be purchased orative wedding-band set. She
outside town limits. said her aunt, Liz Stratton, “just
Over the decades, voters in wants the box to be returned,”
Argyle have rejected more and the jewelry has no value
than 10 efforts to allow the compared with the ashes.
sale of alcohol. —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Lessons From the Office Travel Guru
Everyone knows that veteran flier who’s aware of all the shortcuts to better, cheaper business and personal trips
S
ome co-workers know all
the hottest new restau-
rants for people in search
of a special meal. Others
pitch in with clever bud-
geting workarounds. But when
you’re the office oracle for travel,
your advice is in constant demand.
In addition to the jet lag and
frustrations that come with fre-
quent travel, road warriors say an
increasing part of their job is be-
ing the travel adviser for co-work-
ers. No question is out of bounds,
from maximizing frequent-flier
miles to changing diapers on air-
planes.
Most embrace the role, often
because they had a travel mentor
when they started learning the ins
and outs—and they know how dif-
ficult travel can be.
“If you let business travel
bother you, it will eat you alive,”
says Dave Menton, a vice president
at a retail industry association.
Co-workers often quiz him about
his travel strategies.
Travel is one area where many
people assume someone else has a
secret solution. Some people al-
ways seem to score that upgrade
or stay at the best hotels for next
to nothing.
Since more travel is self-booked,
even at the corporate level, there
often aren’t professionals available
to help. The office road warrior be-
comes the unofficial travel agent.
Airline tickets are full of rules
and penalties. It can be challeng-
ing to find good value in rewards
programs. Safety is always a con-
cern, especially with little-known
carriers. And life on the road is
full of potholes and stress.
“I think there’s always that feel-
ing that maybe you’re getting
screwed. Did I actually get the
best deal or not?” says Paul Singh,
chief executive of a venture-capital
firm in the Washington, D.C., area,
who finds himself frequently an-
swering questions from people at
companies he invests in because,
well, he’s the one always traveling.
“I think the airlines are their own
worst enemy. Things shouldn’t be
as hard as they are,” he says.
Sometimes questions get very
detailed and even delicate, like the
diaper question.
“You see a look of sheer terror
on someone’s face just thinking
about having to do that,” says Mr.
Singh. His answer: “Ask a flight at-
tendant which bathroom has a
foldout changing table.”
Todd Matlovsky, a San Fran-
cisco-based division vice president
for a hamburger chain, manages a
team of workers based all over the
country. He sees part of his job to
be helping co-workers book trips
efficiently so they keep expenses
down, such as the best way to get
somewhere like Rapid City, S.D.
“It’s probably best to fly to
Sioux Falls and drive,” Mr. Mat-
lovsky says, even though it’s more
than a four-hour drive. “You have
better air service there.”
no
BY CARYN JAMES
WITH HER WITTY, self-destructive
lead character, “Fleabag” creator
Phoebe Waller-Bridge burst open
the doors for the heroine du jour:
the deeply flawed but endearing
train wreck. Joining that group is
Daisy Haggard, who created, co-
wrote and stars in another British
comic drama, “Back to Life.”
Her damaged heroine, Miri, in
her 30s, returns to her seaside
town after 18 years in prison. “I
thought it would be lovely to have
a central character who had done
something terrible,” Ms. Haggard
says. “What if the worst thing had
happened at a very young age?
Then how would you start your
life?” The series premieres Nov. 10
with two episodes on Showtime
and then all six available on Show-
time’s On Demand and streaming
platforms.
Ms. Waller-Bridge’s Emmy-win-
ning series, brought to the U.S. by
Amazon, didn’t create the marred-
heroine pattern, which owes some-
thing to Lena Dunham’s HBO hit
“Girls” and includes Hulu’s current
“This Way Up,” created by and
SHOWTIME
starring the Irish comedian Aisling
Bea as a woman recovering from
an emotional breakdown. But it is
a touchstone. When “Back to Life”
aired on the BBC this spring, it re-
ceived wide critical praise and was
heralded as the new “Fleabag,”
also a BBC production. It shares
that show’s producers, Two Broth-
ers Pictures.
“Back to Life” is the first show
Ms. Haggard, 41 years old, has had
LIFE&ARTS
THE MIDDLE SEAT | SCOTT McCARTNEY
on
us l,
al a
e
Mr. Matlovsky’s current favorite
piece of advice: Avoid the bus ride
to a remote lot for catching a taxi
ci on
at New York’s LaGuardia Airport
during the construction mess. In-
stead, exit from Terminal B, use
94th Street to cross to the other
side of Grand Central Parkway and
er rs
catch an Uber or Lyft within 10
minutes from there.
Many people are knowledgeable
about travel, but still seek reassur-
m e
ance from the experts. Several of-
fice oracles say they simply tell
colleagues what they do and which
m rp
brands they use. They don’t want
the responsibility of recommend-
ing something that turns out
badly.
What surprises them most is
co Fo
how many co-workers don’t bother
to sign up for trusted traveler pro-
grams like Global Entry from Cus-
toms and Border Protection and
PreCheck from the Transportation
Security Administration. (Signing
up for Global Entry puts you in
PreCheck as well.) Many are also
big users of Clear, a private service
that uses biometrics to identify
members and lets them jump to the
front of an airport security line.
Traveling with one regional
manager one time, Mr. Matlovsky
n-
was shocked at how many “mis-
takes” the employee made. He was
ill-prepared for TSA screening, for
example, struggling to organize his
The Age of the Flawed Heroine
produced although she says she
has been writing as long as she
has been acting, nearly 20 years.
Her best-known role is Myra, the
humorless head of an American
television network’s comedy divi-
sion, in the Showtime series “Epi-
sodes,” starring Matt LeBlanc.
Tips From the Semi-Pros
Road warriors often find themselves dispensing travel advice in the
office. Here are some of their suggestions:

Use trusted traveler programs
(Global Entry, PreCheck, Clear)

Fly, then drive. Don’t wait for a
small plane to a small airport with
infrequent service. Better to land at
the nearest well-served airport and
drive.

Search by duration. Time matters
more than price.

Don’t book tight connections.
Rookie mistake.
clothes and baggage and then los-
ing things as he reassembled.
“You have to have a ritual,” he
says. “Everything in the same
place each time.”
Other rookie mistakes: waiting
to select your seat when you
book—always do it right away—
and booking a connection that’s
too tight, especially on evening
flights. A small delay can mean
missing your connection and get-
ting stuck someplace overnight if
it’s the last flight out.
“It’s happened to me about four
times and I learned that’s a really
bad idea,” says Mr. Menton, who is
The “Back to Life” concept, Ms.
Haggard says, came from the idea
of “how hard we are on women
who have done something bad and
how quick we are to vilify them,
when we’re more forgiving of
men.” Viewers learn in episode
three why Miri was in prison, but
Thursday, November 7, 2019 | A11
ly

Accumulate points at cheaper ho-
tels. Redeem at nice brands.

Have a routine at security so you
don’t lose things or slow up the line.

Don’t be afraid to check your bag.

Pick a seat as soon as you book
a flight.

Use points frugally. If the price in
points is too high, it’s better to pay
cash.
almost always connecting in At-
lanta since he lives near Fort Lau-
derdale, Fla. He books connecting
flights at least 90 minutes apart,
especially in summer thunder-
storm season.
Because of his longer layovers,
he uses miles for an annual Delta
Sky Club membership so he has a
comfortable place to work and
avoid crowds.
Ellen Prinzi, a vice president for
business development for a media
company, once bounced around the
U.S. as a member of the St. Louis
Cardinals front office. She says be-
cause of her travels she stays cur-
from the start see the town’s ani-
mosity after she returns to live
with her parents—graffiti scrawled
outside their house, a brick thrown
at Miri.
Ms. Haggard’s love of coming-
of-age films also informed the
character. “I thought the show
.
SERGE BLOCH
rent on the best new restaurants
in lots of cities and is happy to re-
search places for friends.
“They ask about authentic expe-
riences because they don’t want
touristy,” she says. “They get lazy
about it and trust me.”
Another area she frequently
gets questions about: travel anxi-
ety, especially from women con-
cerned about safety and logistics.
“It’s a compliment when they
ask,” she says.
Mr. Singh says there’s satisfac-
tion for travel tipsters when their
disciples stop dreading time on
the road.
“What I really, really enjoy is
when people get past this mental
block and see travel as not that
unachievable thing. You see the
spark in their eyes when they start
to enjoy it,” he says.
Mr. Menton is a bag checker—
many frequent fliers have come to
loathe the overhead bin “crampeti-
tion” and recognize that airline
baggage handling actually has im-
proved. And he’s frugal in how he
redeems his frequent-flier miles.
He takes an annual fishing trip
with a friend, and sometimes a
coach ticket months in advance re-
quires 60,000 or 70,000 miles. It’s
cheaper to pay cash at that re-
demption level.
“I can get two round trips for
that many miles,” he says.
With ‘Back to Life,’ Daisy Haggard
joins TV’s genre of damaged heroines.
would only work if she was an op-
timist, if she had a sweetness
about her, an innocence,” she says.
“It felt like that was interestingly
at odds with what she’d done.”
Miri’s lighter side is a source of
much of the show’s comedy. “She’s
a bit of a goofball,” Ms. Haggard
says. In the first episode she cuts
her own bangs just before heading
out to a job interview, which goes
even more disastrously wrong
than her haircut. She is sur-
rounded by comically dysfunc-
tional family and friends. Her par-
ents’ problems include a sexually
transmitted disease, and Miri has
a blasé, cookie-chomping parole
officer. “You can be shocked and
saddened in one minute and then
have the giggles the next, as in
life,” Ms. Haggard says of the
show’s mix of comedy and drama.
Harry Williams, a producer of
“Fleabag” and “Back to Life,” says,
“That kind of flawed heroine is
certainly something we’re seeing
more of. It feels like people aren’t
afraid to go to darker places now
and put these heroines front-and-
center with real problems to ex-
plore.”
Ms. Haggard says that heroines
like Miri are touching viewers now
because, “You just want to see an
interesting, rounded character,
don’t you, not someone who’s
cardboard and perfect. I think
we’re enjoying allowing them to
not be perfect, but also to be
loved.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
A12 | Thursday, November 7, 2019
FROM TOP: MICHAEL MONTELLA; GREG MIONSKE
The New College Rock Stars
BY HILARY POTKEWITZ
AMANDA WOOTEN, a 20-year-old
from suburban Atlanta, transferred
to Georgia Tech last year. A big
part of the draw: the school’s ex-
cellent competitive rock-climbing
club.
Ms. Wooten was a top-ranked
climber in high school. But the col-
lege she initially attended didn’t
have a strong club. Georgia Tech’s
team, on the other hand, placed
second in a college climbing cham-
pionship this year, and boasts a
50-member team.
The school is one of a growing
number of colleges where students
are leading a surge in competitive
climbing. A generation of kids who
grew up amid the boom in climb-
ing gyms is transforming the col-
lege scene from ragtag recre-
ational clubs into a competitive
league. More than 260 colleges
now have competitive climbing
teams, up from about 175 two
years ago, according to USA Climb-
ing, the sport’s national governing
body.
Rock climbing is not an NCAA
sport; there are no athletic schol-
arships. The teams are student-led
and most lack coaches. Students
compete in local and regional com-
petitions run by USA Climbing,
culminating in a national college
championship in the spring. Next
April, for the first time, ESPN is
planning to broadcast the event.
Teams from more than 100
schools competed in the 2019
DANCE REVIEW
no
Paul Taylor Dance Company Still Has Legs
BY ROBERT GRESKOVIC
New York
THE CURRENT SEASON of Paul Taylor Ameri-
can Modern Dance at Lincoln Center’s David
H. Koch Theater (through Nov. 17) is called
“Paul Taylor: Celebrate the Dancemaker” and
marks the troupe’s first time there under the
artistic direction of Michael Novak. The 37-
year-old dancer, who retired from the stage on
Tuesday during this run, was appointed by
Taylor to succeed him as artistic director in
2018, months before the choreographer’s
death that August.
On view during Mr. Novak’s debut Lincoln
Center season as director are
19 dances by Taylor (some af-
ter long hiatuses), as well as
new and very recent reper-
tory additions by other chore-
ographers. The troupe, which
here numbers 20 dancers, in-
cludes three women and two
men most recently hired by
Mr. Novak.
“Only the Lonely,” the run’s
solitary world premiere—by
Kyle Abraham, the last chore-
ographer commissioned by
Taylor himself—was unveiled
on an Oct. 30 gala program.
Set to seven recorded songs
evocatively sung by Shirley
Horn and running 20 minutes,
the eight-dancer suite glows
with color and activity from
start to finish. The inspired
mix of Karen Young’s casual
costumes, Dan Scully’s glow-
ing lighting, Mr. Abraham’s
choreography and the danc-
ers’ individually vivid per-
forming sets it all comfort- Robert Kleinendorst and Sean Mahoney perform in ‘Only the Lonely’
LIFE & ARTS
championships in April, up from
67 schools just two years ago.
Stanford placed first, followed by
on
Georgia Tech, Dartmouth, the Uni-
versity of Utah and Tufts.
“Our goal is to become an NCAA
sport,” says Rachel Owens, the
us l,
new Collegiate and Paraclimbing
Series manager at USA Climbing,
al a
e
who was hired in part to push for
NCAA status. “The grassroots
movement that’s been happening
ci on
is amazing given the limited re-
sources these clubs have.” (The
NCAA says it’s in the “information
gathering stage.”)
Rock climbing has burst into
er rs
mainstream culture in recent
years. The documentary “Free
Solo” won an Oscar this year and
its star climber Alex Honnold
m e
gained fame on the talk-show cir-
cuit. The sport will make its Olym-
pic debut at the 2020 Tokyo Sum-
m rp
mer Games.
Indoor climbing has steadily
grown in popularity among kids
and teens, thanks to an explosion
of new climbing gyms over the past
co Fo
decade. There are about 520 com-
mercial climbing gyms in the U.S.,
up from 230 in 2010, according to
the Climbing Business Journal, a
trade publication. More than 90%
of them have competitive youth
climbing programs. Some 2.27 mil-
lion kids under 18 went rock climb-
ing in 2017, up from 1.59 million in
2007—a 43% increase over the de-
cade, according to the Outdoor
Foundation, a nonprofit established
by the outdoor industry.
n-
ably alongside any number of Taylor’s more in the first cast, slyly sultry Michelle Fleet in-
ambiguous and poetic creations.
The suite begins with some sass, as a
male-and-female couple cheekily maneuvers
to “Wild Is Love.” An encounter, initially for
two men, to “Loads of Love” follows and pro-establish subtle characters who eventually cou-
vokes laughter, some of it perhaps nervous, ple up before joining all their fellow dancers to
when it becomes evident that the third
dancer cutting a statuesque figure in slit-skirt
sheath dress, heeled pumps, blond bob and
rhinestone earrings is in fact devil-may-care A rare revival of “Variations, Opus 30”—a
Lee Duveneck, one of the troupe’s newer and solo originally choreographed by George
more eye-catching men.
The following back-to-back songs in the formed it in 1959 as a guest modern dancer
work feature solo dancers. In the first of these,
triguingly faces away from the audience during
“Ten Cents a Dance.” Subsequently, grave but
buoyant Devon Louis mostly faces forward
during the title song, “Only the Lonely.” Both
conclude things with “Who Am I,” leaving the
audience to ponder how these distinct individ-
uals would answer that question.
Balanchine for Taylor, who famously per-
with New York City Ballet—was also pre-
sented on the gala night. Re-
cently retired Taylor com-
pany dancer Michael
Trusnovec performed the of-
ten knotty and contorted
choreography to Anton von
Webern’s music with an ease
that ultimately deprived the
dance of its potentially dra-
matic, formidable edge.
The revivals of “Scudo-
rama” (1963), to a some-
times eerie and throbbing
score by Clarence Jackson,
and “Post Meridian” (1965),
to a scrappy sound collage
by Evelyn Lohoeffer de
Boeck—and which hasn’t
been performed since 1989—
both have striking designs
by Alex Katz. Each will be
part of “Icons: Taylor/Katz,”
a four-part bill, co-produced
by the American Dance Fes-
tival, on Monday.
The 1960s Taylor efforts
on offer here show him at his
most experimental and least
THE WALL STREET JOURNAL.
Left, climbers on the University of
Colorado’s team, which held tryouts
after interest surged. Below, Amanda
Wooten, now at Georgia Tech.
When he started looking at col-
leges, Steven Kroleski had spent
about five years on the youth team
at The Rock Club, an indoor climb-
ing gym in New Rochelle, N.Y.
He narrowed his list to a hand-
ful of big state universities with
top engineering programs. Then he
looked for competitive climbing. “I
knew that Texas had great youth
climbing, they always win a lot at
nationals, so I knew they’d have a
good college team,” Mr. Kroleski
said. The 19-year-old is now a
sophomore mechanical engineer-
ing major at the University of
Texas and the top speed climber
on the 80-member team.
Harry Ainsworth, from Cam-
bridge, Mass., also used an engi-
neering-plus-climbing formula in
his college search and chose the
University of Colorado. The 20-
year-old junior is a computer sci-
ence major and captain of the CU
climbing team, which placed sev-
enth at the 2019 championships.
The club ballooned to 107
climbers last year, so for the first
time this fall, Mr. Ainsworth and
his co-leaders held tryouts and
made cuts. There are now 48 com-
petitive climbers on the roster.
“We’re all students, so we’re judg-
ing our peers and had to make
some really difficult decisions,” he
said.
Climbing is also getting more
competitive at the University of
Utah. The team has been on the
podium in each of the last three
Collegiate National Champion-
ships, and captain Ben Roa says
.
more than a dozen teenage climb-
ly
ers and their parents, many from
out of state, have contacted him
about the climbing program.
Students are leading a
boom in competitive
rock-climbing teams on
college campuses.
This year about 70 climbers
tried out, says Mr. Roa, a fifth-
year biology and computer science
major. He and his fellow student-
officers whittled it down to 20
men and 20 women. “I can’t write
workout plans for the entire team
anymore because some of them
are way better climbers than I
am,” Mr. Roa said. Nearly two-
thirds of the team were competi-
tive youth climbers, compared
with just a handful four years ago.
Audrey Miller, a sophomore
from Atlanta, is one of them. Her
school choice surprised her par-
ents at first. “I think they were
just worried that I was going so
far away,” she said. “And that I
was being impulsive.” But the 19-
year-old mechanical engineer has
no regrets. “I thought about what I
really loved, and it was climbing.”
Last year she encouraged three
younger members of her youth
team to consider the University of
Utah. “It wasn’t even on their ra-
dar,” she says. Now they’re fresh-
man on the climbing team.
light-hearted. “Scudorama” comes with a
quote from Dante about “the nearly soulless”
and resembles a catatonic rite. “Post Merid-
ian” has a related sinister air; four of its fe-
male dancers sport handsomely colored Katz
costumes with one scarlet, gloved sleeve and
occasionally suggest conjoined twins in Tay-
lor’s configurations, all part of an array of
stylish grotesqueries.
Elsewhere, the run brings back Taylor’s
“Company B” (1991), originally performed to
recordings of the Andrews Sisters but now
presented with live accompaniment by Duch-
ess, a three-woman singing group. The result
is a refreshed crowd-pleaser, stocked with
Taylor’s vivid dance numbers. Some brim with
brio, as when a spectacles-wearing Mr. Duve-
neck bounds through “Oh Johnny, Oh Johnny,
Oh!” Others are more shadowy, such as “There
Will Never Be Another You” embodied by a
melancholy Heather McGinley and ghost-like
Sean Mahoney.
Alas, Margie Gillis’s Bach-accompanied
“Rewilding,” first given this June, remains the
same shapeless meander it proved to be in its
initial outings. The 15-dancer, 20-minute ef-
fort—dressed in pastel, hippie-like clothing by
Santo Loquasto—spreads over its stage like
endless, pale wallpaper.
Overall, it’s been a rich run so far, especially
in the rewarding way the company, veterans
and new hires alike, is performing. Notable
highlights to come include further works on
which Mr. Katz and Taylor collaborated. Among
these: “Sunset” (1983), to elegiac music by Ed-
ward Elgar; “Private Domain” (1969), to an aus-
tere composition by Iannis Xenakis; and “Dig-
gity” (1978), to a giddy score by Donald York.
All have especially memorable choreography
closely wedded to Mr. Katz’s distinctive visual
designs, revealing various felicities of his paint-
erly sensibility.
For his first season as director in this set-
ting, Mr. Novak’s aim to “Celebrate the
Dancemaker” is taking flight nicely, propelling
NINA WURTZEL
Paul Taylor’s legacy into a lively future.
Mr. Greskovic writes about dance for the
Journal.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
CONFESSIONAL singer-songwrit-
ers have been around since at least
the 1960s, and the solitary, guitar-
clutching figure who offers inti-
mate songs drawn from personal
experience is one of pop’s enduring
archetypes. But in the past decade,
a few artists in the indie-folk realm
have taken such narratives to de-
tail-rich extremes. Phil Elverum,
the sole member of Mount Eerie, is
such a performer. His recent al-
bums, filled with lyrics heavy on
in-the-moment observations, deliv-
ered in a stream-of-consciousness
style, are among the most critically
acclaimed of his career.
Mr. Elverum, formerly based in
the small town of Anacortes,
Wash., and more recently in New
York, has long made music that
touches on his interior life. But his
aesthetic, shaped in response to
tragedy, has grown especially stark.
Following the 2016 death of his
wife, artist Geneviève Castrée,
from cancer, which happened
shortly after the birth of their
first child, Mr. Elverum has used
Mount Eerie as a platform for ex-
ploring loss and grief with an al-
most unbearable level of detail
and intimacy. His 2017 album, “A
Crow Looked at Me,” which fo-
cused exclusively on her passing
and the wrenching aftermath,
placed highly on many year-end
RIN SAN JEFF MILLER
polls and set the emotional tone
for his subsequent releases. While
it may sound like you need to
know the details of Mr. Elverum’s
story to appreciate his music, ac-
tually the opposite is true—the
words he sings provide all the re-
quired information, and the songs
stand on their own.
“Lost Wisdom Pt. 2,” Mr. El-
verum’s new Mount Eerie LP, out
Friday on his own imprint, is a
moving next chapter in the proj-
ect’s development. Here, he shares
vocals with Julie Doiron, a Cana-
dian singer who played in the
1990s indie rock band Eric’s Trip
and has recorded more than a
dozen albums under her own
name. This set’s title suggests a
sequel to the 2008 Mount Eerie
album that included contributions
from Ms. Doiron, but the approach
here is in line with Mr. Elverum’s
hyper-personal music from the
past few years, including up-to-
the-minute developments.
In 2018, Mr. Elverum married
the actress Michelle Williams
(“Manchester by the Sea,”
“Venom”), and several of these
tracks appear to be about their re-
THE 2019 INNOVATORS ISSUE
no
art
CINDY SHERMAN
fashion
RICCARDO TISCI
Thursday, November 7, 2019 | A13
LIFE & ARTS
The lack of pretension of Phil
Elverum and Julie Doiron is essential
to the album’s success.
dence with the quotidian scenes
happening outside. “I think about
a snorkeler surfacing / Tangled in
kelp,” he sings, trading lines with
Ms. Doiron. It’s an atypical subject
for a song, but that’s what makes
it so alluring.
The music throughout the re-
cord is extremely spare, often just
a lightly strummed acoustic guitar
and bits of piano, with silences
that ring as loudly as the notes.
Both Mr. Elverum and Ms. Doiron
sing with a limited range, but be-
tween them they outline simple,
pretty melodies in a welcoming
tone. Their plainspoken clarity
and lack of pretension are essen-
tial to the album’s success. What
could feel voyeuristic and uncom-
fortable becomes more like a
warm conversation, hearing
thoughts from two sensitive peo-
ple attuned to what is happening
MUSIC REVIEW | MARK RICHARDSON around them, with insights that
might apply to your own life.
From Personal Tragedy, Their quietly devastating lines
suggest that music of outsize feel-
ing can come from artists operat-
.
ing on a small scale.
ly
An Artistic Triumph
Mr. Elverum shares harrowing
details in songs like “Widows,” in
which he picks up his young
on daughter from school right before
Mother’s Day and commiserates
with others who have lost a part-
‘Lost Wisdom Pt. 2,’ Phil Elverum’s new Mount Eerie LP, is filled ner. But everything circles back to
the necessity of connection de-
with pain, joy, uncertainty and the mystery of existence itself.
us l,
spite tragedy. By the album’s clos-
ing track, “Belief Pt. 2,” he returns
al a
e
lationship and subsequent split (it ing to the person mentioned, and for material about love and loss, to the question of whether allow-
was reported that they separated notes her uneasy reaction. Mr. Elverum writes about the ing himself to love again after all
earlier this year). On the opening It’s an uncanny sensation, to mystery of existence itself. “When he’s been through is worth the
ci on
“Belief,” he reflects once again on hear a song that is in part about I Walk Out of the Museum” zeroes pain, and the answer is a resound-
Ms. Castrée’s passing, and then its own creation, and this strange in on the precise moment de- ing yes. It’s a little triumph on an
mentions finding someone new, meta quality, upending assump- scribed by its title, that feeling album filled with them.
which brings an overwhelming tions about performance and au- when you’ve spent hours being
rush of both joy and uncertainty. thorial distance, lends Mr. El- awed by art and then you find Mr. Richardson is the Journal’s
er rs
Mr. Elverum even describes play- verum’s music a special poignancy. yourself blinking on the street, rock and pop music critic. Follow
ing the composition we are hear- When he’s not mining his life trying to square such transcen- him on Twitter @MarkRichardson.
m e
m rp
co Fo
on sale saturday • wsjmagazine.com
n-
acting & activism design entertainment
JULIANNE MOORE STUDIO KO EDDIE MURPHY
film music social justice
MELINA MATSOUKAS TYLER, THE CREATOR BRYAN STEVENSON
presenting sponsor sponsored by
© 2019 DOW JONES & COMPANY, INC. ALL RIGHTS RESERVED. 6DJ117
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

SPORTS
LSU Leaves the Past Behind to Get Back on Top
The Tigers used to be known for smash-mouth football. But to keep up with its top rivals, they had to embrace change.
BY ANDREW BEATON AND LAINE HIGGINS

E
d Orgeron was audition-
ing to become LSU’s head
football coach and he de-
vised an unusual prop: a
book that featured a long
list of everything he had done
wrong in his career.
A coach who was willing to con-
front all the ways this proud, foot-
ball-rich school had erred turned

FROM TOP: CHUCK COOK/REUTERS; GERALD HERBERT/ASSOCIATED PRESS; CHRIS GRAYTHEN/GETTY IMAGES
out to be exactly what LSU needed.
The Tigers had always played old-
school, smash-mouth football, a
style based on running the ball
that was steeped in the program’s
culture. And that was the problem.
While offenses across the rest of
the football universe evolved, the
Tigers were left behind because
their identity was tied to an anti-
quated way of playing the game.
This year, LSU is undefeated and
ranked No. 2 in the country heading
into its Saturday showdown against
No. 3 Alabama, a school that has
lorded over the sport precisely be-
cause it changed with the times in a
way the Tigers did not.
But more shocking than LSU’s
success is the fact that they’re play-
ing nothing like the LSU
of old. They’re running
spread offense schemes,
throwing the ball aggres-
sively and have one of the
most potent passing at-
tacks in the country.
The person they chose

.
to install it was Orgeron, Ed Orgeron, left, and a radical vision revitalized a once-great LSU program that had fallen behind its biggest rivals.

ly
someone who had abjectly
failed in his only other “LSU-style football was good for known simply as Coach O. He had heralded quarterback who trans-
head coaching job but was three losses a year—in a good year,” flamed out as a head coach at Ole ferred from Ohio State in May 2018.
unusually qualified to on said James Carville, the famed po- Miss before going to Southern Cali- The second was Joe Brady, an assis-
overhaul the team and litical strategist and Tigers die- fornia, serving as the interim coach tant with the New Orleans Saints
bring its offense into the hard. there, and then returning back to whom Orgeron hired as the team’s
future. Orgeron, born and Slowly, the Tigers faced a new his home state. passing game coordinator.
raised on the bayou, is as reality. While they could still recruit Orgeron got the full-time job by Fans had been longing for this
us l,

Cajun as étouffée. That the likes of Leonard Fournette and selling Alleva on an unlikely vision: day, but it was still a style of foot-
made him perhaps the some of the other best players in LSU had to become less like LSU. ball that was sacrilege in Baton
al a
e
only person who could the country, they were getting “He knows the world we live in Rouge. But even before the public
make such large-scale lapped by the competition strategi- today: You can’t just score 21 points debut of the team’s new-look of-
changes here palatable. cally. The same thing that had been and hope your defense holds the fense, Orgeron was dumbfounded
ci on

“I can tell you there’s the school’s greatest source of pride other team to 17,” Alleva said. “And by its rapid evolution. At the last
nobody in Louisiana who turned into the same thing you can’t score more points lin- scrimmage before the spring
has ever seen LSU have holding it back. ing up in the I-formation with game—where tens of thousands
this kind of offense,” said “Since forever I watched a fullback.” show up to make spot judgments of
John Bel Edwards, the LSU, it’s always been run the The team improved in the future of the program—Orgeron
er rs

governor of Louisiana and ball, run the ball, run the 2017 and 2018, Org- watched in awe as Burrow com-
a friend of Orgeron. “He’s ball,” said junior tight end eron’s first two full pleted 80% of his passes against ar-
a Louisiana native, and he Thaddeus Moss. “It didn’t seasons, but that guably the best defense in the en-
brings excitement like we matter how many people was playing tire country. If he could do that,
m e

never had before.” Then came Les Miles, who con- were in the box, you knew mostly with Orgeron knew, LSU would be spe-
LSU had forever been inextrica- tinued that legacy to great suc- they were gonna run it.” players Miles cial. He was right.
bly tied with hard-nosed football. cess—at first. He took the 2007 ti- In Miles’s last full sea- had recruited. Burrow is now a front-runner to
m rp

The Tigers bruised other teams into tle and even a famous 2011 son, 2015, LSU passed the Wholesale win the Heisman Trophy: 79% of
submission, produced outstanding showdown against Alabama. It was ball on 37.7% of its changes were in the 260 throws he’s made this sea-
defenders and, most notably, ran the first time two SEC teams met in plays—113th out of 128 the works, son have been completed.
the ball up the gut. the regular season as No. 1 and No. FBS teams, according to Stats though, and the With Burrow at the helm, LSU’s
That wasn’t a problem when the 2, and LSU won the “Game of the LLC. Miles was fired four keys were two offense is passing the ball 54% of
co Fo

Tigers won a national championship Century” in the most LSU possible games into the 2016 season. guys named the time, or 42% more than it did
in 1908 and the forward pass ap- way: by a final score of 9-6. “As the league grows, you Joe. The first just a few years ago under Miles.
peared to be a fad like hoverboards. These two teams met again in can’t just do the same was Joe Bur- Orgeron calls it “basketball on
They won their next title in 1958 on the championship that year. It was thing,” said Terrace Mar- row, a grass.”
the back of a running back aptly only a month later, but it felt like shall, a wide receiver from As LSU gears up to face No. 3 Al-
named Billy Cannon, who later won millennia had passed by. The Tigers Bossier City, La. abama this Saturday in what very
the Heisman Trophy and became lost to the Crimson Tide 21-0 in a To hold the interim job, well could be the “Game of the Cen-
the No. 1 pick in the NFL draft. shutout that was the beginning of a then-athletic director Joe All- tury: Part II,” Orgeron offered a
They were still a run dominant referendum on their inability to eva promoted Orgeron, the prediction Tiger fans are not
team when they won the champion- score the ball. College football— then-defensive line coach Quarterback Joe Burrow used to hearing.
ship in 2003 under a coach named flush with high-octane, passing of- who speaks with a mouth- is a leading Heisman “I expect our offense to come
Nick Saban. fenses—was changing. LSU wasn’t. ful of gumbo and is Trophy contender. out on fire.”
n-

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
OPINION
Has Warren Wrecked the Left?
The fallout
from the re-
lease of Sen.
Elizabeth
Warren’s
Medicare for
All plan is the
WONDER
LAND biggest event
so far in the
By Daniel
2020 presi-
Henninger
dential cam-
paign. It’s big
enough that Sen. Warren’s
campaign may have buckled be-
neath the weight of her plan’s
fantastic details. But it might
be bigger than that. The War-
ren meltdown could prove to be
the Democratic left’s Cher-
nobyl, a lasting catastrophe.
In 2016, capitalizing on so-
cialist Bernie Sanders’s strong
performance in the primaries
against Hillary Clinton, the or-
ganized left muscled the Dem-
ocratic establishment out of
the picture and captured the
party’s levers of power and its
ideological direction.
Her health-care
details show that
progressivism is
pie in the key.
Recall earlier this year what
happened when the party’s
presidential candidates began
their 2020 runs. Bernie was
back, and in short order the
progressives put down an ar-
ray of policy markers and lit-
mus tests—Medicare for All,
the Green New Deal, free pub-
lic college tuition, forgiveness
of student debt.
The astonishing thing then
wasn’t Bernie bellowing about
Medicare for All or even Ms.
Warren waving it forward.
When I Faced Adam Schiff
By Karl Rove
R
ep. Adam Schiff re-
cently revealed that, be-
fore he entered politics,
he wanted to be a screen-
writer. He even penned scripts
for a courtroom drama and an
action-filled spy thriller. Mr.
Schiff, now leading the Demo-
cratic push to impeach Presi-
dent Trump, hasn’t lost his
theatrical flair.
He insisted for months that
there was “ample evidence of
collusion in plain sight” be-
fore the Mueller report blew
that claim to hell. Then there
was Mr. Schiff’s opening
statement for the impeach-
ment proceedings, in which he
reimagined Mr. Trump’s call
with Ukrainian President Vo-
lodymyr Zelensky, presenting
an alternate script. It was
largely panned as a B-movie
“Godfather” rip-off.
Now the would-be drama-
tist is staging a new produc-
tion: “Impeaching the Presi-
dent.” His script features
secret sessions in the Capitol
basement, anonymous
no
whistleblowers, constant and
selective leaks of testimony,
and, of course, a brilliant per-
formance by the heroic lead.
Count me as a skeptic, and
not only because we know
how this drama is likely to
end: with an almost straight
party-line vote by the House
to impeach Mr. Trump and a
near-straight party-line vote
by the Senate not to remove
him from office.
I’m also skeptical because I
was cast in an earlier Schiff
Don’t Take Walking for Granted
By Fay Vincent
A
s I gaze on the busy
world from my wheel-
chair, I tend to notice
the way people walk. My fa-
ther, who was nearly bald, no-
ticed men with a full head of
hair. My envy is not that many
walk easily and sturdily, as I
did after recovering from a
fall in college that left me
partly paralyzed, but rather
that they can take walking for
granted, as I did before aging
took a tight grip of me.
Not long before he died,
Joe DiMaggio told me he had
been to his doctor that day
and learned he weighed 165
pounds and was 5-foot-10. He
softly added that when he was
playing he stood 6-foot-2 and
weighed 190. I had little to say
to comfort him. Even majestic
athletes have discs in their
backs that shrivel up.
I understand how Joe felt.
More surprising was how
quickly more “moderate” Dem-
ocrats, such as Sens. Kamala
Harris and Cory Booker, sa-
luted the left’s agenda. Both
signed on to a Green New Deal
resolution introduced in Feb-
ruary by the left-wing social-
media influencer Rep. Alexan-
dria Ocasio-Cortez.
Recall also how the Ameri-
can Action Forum estimated
that the Green New Deal, in-
cluding its “social justice” poli-
cies, could cost $51 trillion to
$93 trillion between 2020 and
2029. No matter. The bended-
knee obeisances of the Demo-
cratic presidential candidates
to most of this stuff were a
testament to the progressive
left’s ascendancy.
Then Elizabeth Warren be-
gan to introduce her “plans.”
In retrospect, the purpose of
her incredible policy detail
seems clear: She would be
competing with Mr. Sanders in
the same lane for progressive
primary voters. To distinguish
herself from Bernie’s mystical
left-wing status, Ms. Warren
offered a welter of progressive
policy detail.
Her schools plan, for in-
stance, is a paint-by-numbers
Valentine to the progressive-
controlled teachers unions, a
force in producing party voter
turnout. She promised to “qua-
druple” federal spending on
education, to $800 billion over
a decade. (You almost have to
admire a candidate who vows
to quadruple spending.) This
came after her $1.07 trillion
“universal child-care” plan.
Somehow Ms. Warren was
slipping by with all this
maxed-out progressivism, in-
cluding kid-glove media pro-
files—until last week and the
us l,
release of her Medicare for All
plan. Uh-oh.
al a
e
ci on
production, following my Sep-
tember 2007 departure as
deputy White House chief of
er rs
staff. On May 22, 2008, the
House Judiciary Committee
subpoenaed me to answer
questions regarding the Bush
m e
administration’s removal of
nine U.S. attorneys starting in
2006 and the prosecution of
m rp
Don Siegelman, a former Dem-
ocratic governor of Alabama,
who was convicted in 2006 of
bribery and fraud and sen-
tenced to seven years.
co Fo
A 2008 Judiciary
Committee hearing
was heavy on drama,
short on substance.
A New York Times editorial
supported the Judiciary Com-
mittee’s demand, speculating
that I “may have been directly
n-
involved” in the “possibly ille-
gal firings” of the U.S. attor-
neys and claiming Mr.
Siegelman’s prosecution “ap-
pears to have been politically
motivated.” Never mind that
U.S. attorneys serve at the
president’s pleasure, that all
nine were removed for cause,
and that a career deputy U.S.
attorney with an impeccable
reputation led Mr. Siegelman’s
prosecution.
An Alabama lawyer named
Dana Jill Simpson stoked Mr.
Siegelman’s complaints that I
had railroaded him. On “60
Minutes” and MSNBC, she al-
leged I recruited her as an op-
When I dream, I’m never in a
wheelchair. I’m “normal.” But
my wheelchair offers perspec-
tives that may escape those
who hustle by me on the side-
walk or into the elevator. Sit-
ting at the waistline of most
others, I notice what people
are wearing and the size of
their waists. I also immedi-
ately notice how they react to
my limitations.
Even DiMaggio had
discs in his back that
shriveled in old age.
Most people are pleasant
and ignore my situation. I
rarely encounter rude or even
thoughtless behavior. Perhaps
the most common reaction is
my own insecurity when I sus-
pect, as I often do, that ac-
commodating my limitations
together in detail so many pro-
gressive wish lists, she has
made clear how difficult, if not
impossible, it is for them to
survive the most basic tests of
political or fiscal plausibility.
Mr. Sanders has always un-
derstood this, which is why he
has risen by never offering
anything more substantive
than the wings and prayers of
SCOTT OLSON/GETTY IMAGES
his stirring stump speech. His
pitch to millennials and white
gentry liberals is wholly
emotional.
No wonder Ms. Ocasio-Cor-
tez chose to endorse Bernie.
Like him, AOC knows the pro-
Elizabeth Warren gressive enterprise is about
sailing into power on a river of
So this is what nationalized aspirational rhetoric.
health care looks like. We In the wake of Ms. Warren’s
knew that half the U.S. popula- plan reveal, it just got a lot
tion—some 177 million peo- harder for the party’s presi-
ple—would lose their private dential candidates to dismiss
insurance. Now we find out or duck questions about the
that federalized health care price tag for their spending
would cost nearly $52 trillion policies. Surely this is why
over 10 years, paid for by myr- Nancy Pelosi, a self-described
iad bureaucratic “savings” and woman of the left, warned this
new taxes. There’d be a new week: “What works in San
Employer Medicare Contribu- Francisco does not necessarily
tion (i.e., a tax) plus an annual work in Michigan.”
tax on the unrealized capital The party’s “moderate” can-
gains of the “wealthiest,” plus didates—Joe Biden, Amy
a threat to abrogate drug com- Klobuchar and the reimagined
panies’ patents if they don’t Pete Buttigieg—have been crit-
comply with federal price con- icizing Ms. Warren’s health-
trols. Doctors, some warned, care plan, but whether they
might leave the profession. will separate themselves from
If costs outpace economic the party’s dreamland left re-
growth (and they would), “I mains to be seen.
will use available policy tools, President Trump has been
which include global budgets, telling audiences: You may or
population-based budgets and may not like me, but you’re go-
automatic rate reductions to ing to have to vote for me to
bring it back in line.” The left avoid the Democrats destroy-
onmay never forgive Elizabeth ing the gains in your 401(k).
Warren for releasing all this It’s not a bad line. Now Mr.
detail. Trump can say—finally: Don’t
Ms. Warren has let the cat take my word for it. Read for
out of the bag: Progressivism yourself what’s in the Demo-
is basically undeliverable pie cratic “plan” after he’s gone.
in the sky. Indeed, by stringing Write henninger@wsj.com.
position researcher to take Messrs. Schiff and Conyers to
down Mr. Siegelman because spin the information and “kick
he threatened the GOP’s hold my ass.” Predictably, they ac-
on the White House. This was cused me of sidestepping an
absurd: I never met Ms. Simp- agreement not to discuss my
son, the governor was never testimony. I’d never made any
going to be president, and her such agreement.
claims on TV sounded un- Soon Mr. Schiff wrote a
hinged because they were. Huffington Post article to get
None of this mattered. As in his shots. He claimed his in-
House Judiciary Committee terviews of former White
Chairman John Conyers ex- House counsel Harriet Miers
plained, “We’re closing in on and me revealed that “the
Rove. Someone’s got to kick White House brought an un-
his ass.” precedented level of partisan
The subpoena raised issues pressure to bear” in the deci-
of executive privilege and was sion to fire the U.S. attorneys,
stalemated until the Obama and raised the question of
administration intervened to “whether criminal charges are
broker a compromise. So on warranted.”
July 7, 2009, I met with Judi- No criminal charges were
ciary Committee staff for a ever filed by the special pros-
day of questioning. On July 30, ecutor who investigated the
I appeared for nearly 10 hours matter, but Mr. Schiff enjoyed
before Mr. Schiff, the commit- his moment in the cable-news
tee’s designated interrogator. sun, even though the
He hadn’t even prepared. Siegelman issue somehow
His staff gave him a large note- disappeared.
book full of questions, which Now Mr. Schiff probably
he was evidently seeing for the hopes the public impeachment
first time. There were long hearings will allow him to re-
pauses as he reviewed ques- prise Tom Cruise’s role in “A
tions before asking them. He Few Good Men” as Lt. Daniel
was repetitive, leading my law- Kaffee—“I want the truth!”
yer to object frequently that I But I know from experience
had already answered a ques- that Mr. Schiff isn’t much in-
tion several times. Mr. Schiff terested in the truth. He’s
barely touched the Siegelman more interested in drama, fic-
issue and never raised Ms. tion and fame. His calm de-
Simpson’s accusations. His meanor masks the heart of a
staffers later admitted to me fierce, untrustworthy partisan.
that they found her a com-
pletely unreliable witness. Mr. Rove helped organize
Following my appearance, the political-action committee
in the interest of transpar- American Crossroads and is
ency, I gave my emails and author of “The Triumph of
other documents to reporters. William McKinley” (Simon &
I didn’t want to wait for Schuster, 2015).
has resulted in some imposi- ply do not want the different
tion on others. I feel I need to status of the handicapped per-
apologize. son. Pride and vanity tug at
Many people move around me. Obviously I am missing
cities using motorized scoot- much, and there are admirable
ers and wheelchairs. I find reasons to change this pat-
myself staring at them, offer- tern. Yet for me the effort to
ing silent cheers of encour- get more active is daunting.
agement. I see them on side- I do swim daily and enjoy
walks with their front baskets the water, where I am most
full of groceries. They are fre- like others who do not share
quently alone. I marvel at my limitations. Even riding in
their independence and wish I a car—I no longer drive—can
knew their stories and how be uncomfortable.
they manage. They tend to be Like the great DiMaggio I
elderly. They will never know dwell on brighter days, when I
how much their example walked without assistance and
shines as they roll through the did not draw attention by be-
rigors of their daily efforts. ing “different.” But the harsh
Many of us have some form reality is that we are all dif-
of disability. I take for granted ferent, in differing ways. We
my eyesight and my hearing want to be like everyone else
while I focus on what I do not while hoping we can find ways
have. Sadly I must center my to make a difference.
life on things I can do without
having to use the wheelchair. Mr. Vincent was commis-
I rarely go out to dinner, mov- sioner of Major League Base-
ies or sporting events. I sim- ball, 1989-92.
Thursday, November 7, 2019 | A15
BOOKSHELF | By Arthur Herman
When Bigger
Is Not Better
The Great Reversal
By Thomas Philippon
(Belknap/Harvard, 343 pages, $29.95)
‘T
he idea that US markets are the most competitive
in the world has been widely accepted in economics
for several decades,” economist Thomas Philippon
writes in “The Great Reversal.” The thrust of his argument
is that this idea is largely a myth. Even before the financial
crash of 2007-08, he says, many Americans felt that there
was something not right about the economy—that it wasn’t
performing as advertised. Still, it is routinely assumed that
America is a dynamic, wealth-creating powerhouse
compared with its sluggish European rivals, burdened as
they are by statist oversight and intervention. What few
realize, Mr. Philippon says, is that Europe is fast becoming a
haven for free-market competition; it’s the U.S. that has be-
come mired in an anti-competitive, quasi-monopolistic envi-
ronment where companies that are “too big to fail” wield
influence to crowd out newcomers and drive prices up while
pushing investment and productivity down.
Mr. Philippon, a professor of finance at New York
University’s Stern School of Business, begins “The Great
Reversal” with a simple observation: “Why on earth are US
cell phone plans so expensive? . . . Why do consumers in
Europe or in Asia pay less for cellular service and, on average,
get much more?” He points to a 2017 study showing that
American consumers could save as much as $65 billion a year
if mobile rates were compar-
able with German ones.
Another study from 2015
makes the same point about the
cost of internet service, which in
the U.S. is as much as 3½ times
higher than it is in France.
.
According to Mr. Philippon,
ly
the key drivers of U.S. economic
growth—from telecoms and
airlines to banking, health care,
pharmaceuticals and Big Tech—
are crippled by arrangements that
thwart dynamism and efficiency.
He homes in on three problems in
particular, providing a variety of data-rich
charts and graphs to document his claims. First,
evidence indicates that competition has declined in most
sectors of the American economy, including the high-tech
sector, where Silicon Valley’s vaunted reputation would lead
us to expect endless innovation and productivity but where
increasing concentration has slowed both. Second, the lack
of competition is due to the influence of lobbying and
campaign spending, aimed at goading politicians and policy
makers to protect monopoly advantage and limit market
entry by potential challengers. Third, as competition de-
clines, big players don’t have to lure investors by improving
their game. The result, Mr. Philippon says, is “lower wages,
lower investment, lower productivity, lower growth, and
more inequality.” These are the fruits of economic policies
that are geared to protect the biggest corporations and
concentrate “market power” in as few hands as possible.
Market power measures inelasticity of demand—i.e., the
ability of a company to raise its prices and increase profits
at the expense of its customers, because there are no
alternatives or too few. “My central argument,” Mr. Philippon
writes, “is that there has been a broad increase in market
power across the US economy, and that this increase has
hurt US consumers.” This harm largely derives from
increased concentration in key economic sectors, where “su-
perstar firms” dominate and freeze out competitors. Mr.
Philippon does point out that some concentration can be
good, when it results in greater efficiency. An example is
Walmart and big-box retail stores, which overall, from the
mid-1980s to the mid-2000s, cut costs to consumers by
some 30%. But elsewhere the effect has been mostly bad,
and the trend toward bigness only accelerates when super-
star firms can increase their market share through a strategy
of mergers and buyouts, even as productivity stagnates or
declines—and government sits by and lets it happen.
Competition has declined in most sectors of the
American economy. Where to look for a truly
competitive environment? Europe, of all places.
Mr. Philippon’s examples of market power include Big
Tech, everyone’s worry these days. The massive increase in
lobbyist spending by companies like Microsoft, Amazon and
Google, he argues, aims at restraining antitrust action and
other measures that might hurt their market dominance.
The same companies face a different fate in Europe,
however, where their lobbying dollars can’t buy them
immunity from the European Union’s efforts to protect
consumers by pursuing antitrust action—or by blocking
mergers, like the one between GE and Honeywell that U.S.
authorities had approved. Mr. Philippon sees today’s
Europe, ironically the home of government-driven market
intervention, as the place that has figured out how to set
markets free by spurring competitiveness and thus keeping
services up and prices down. Although the U.S. pioneered
the business model of low-cost airlines in the 1980s, most
have disappeared. Instead, it’s Europe that has seen an
explosion of low-cost airlines like Ryanair and easyJet,
thanks to targeted deregulation.
While Elizabeth Warren might like Mr. Philippon’s
diagnosis,she won’t like his solution: lots more deregulation,
backed by aggressive antitrust action to keep market concen-
tration down and push more opportunities for newcomers.
Mr. Philippon is no fan of regulation. On the contrary, in his
view political lobbying ensures that regulatory regimes ben-
efit the status quo by limiting the entry and growth of small
firms that might become challengers to big market players.
If we could make the economy as competitive as it was 20
years ago, Mr. Philippon concludes, overall GDP would increase
by 5%. Even more dramatic would be the effect on wages,
when competition means having to pay more to hire and keep
the best workers: “My calculations suggest that the lack of
competition has deprived American workers of $1.5 trillion of
income,” he writes. “This is more than the entire cumulative
growth of real compensation between 2012 and 2018.”
“The Great Reversal” argues that the United States has
much to gain by reforming how domestic markets work but
also much to regain—a vitality that has been lost since the
Reagan years. We don’t know if Mr. Philippon is a fan of
Donald Trump, but his analysis points to one way of making
America great again: restoring our free-market
competitiveness.
Mr. Herman is a senior fellow at the Hudson Institute and
the author, most recently, of “1917: Lenin, Wilson, and the
Birth of the New World Disorder.“
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A16 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Anti-Republican Trend Doc Warren’s Proposal: Fiscal Malpractice

D
emocrats watched to their dismay as avoided talking about Mr. Trump and mobilized Barack Obama sold the public on It’s true that Sen. Warren’s “tax” on
the political reaction to Barack teachers unions with promises of pay raises. Mr. ObamaCare with three untruths of employers in the amount of what
major proportions. He guaranteed “they” pay in health-insurance costs is
Obama’s polarizing governance cost Trump campaigned for Mr. Bevin on election
that under his plan: “If you like your really a middle-class tax on employ-
them the House, most gover- eve and rallied some GOP vot- doctor, you can keep your doctor. If ees. Workers receive compensation in
norships and state legisla- The GOP loses voters ers, but these days Mr. Trump you like your health care plan, you both dollars and benefits. The money
tures, and finally the Senate in the suburbs for the is a double-edged turnout can keep your health care plan,” and paid for that insurance is really in-
and the White House. Republi- sword. it would “cut the cost of a typical come to workers. Pretending that
cans are now experiencing the third election in a row. The governing conse- family’s premium by up to $2,500 a middle-class workers won’t be paying
reverse effect under President quences will be most severe in year.” the government for this under the
Trump, as they learned again Virginia, where the GOP was Sen. Elizabeth Warren is offering Warren plan is pure sophistry.
Tuesday amid more Democratic victories in off- outspent as the national left, led by Mike even bigger lies (“Warren Has a (Fan- GLENN HARRIS
year elections. Bloomberg’s gun-control operation, poured in tasy) Plan,” Review & Outlook, Nov. Santa Fe, N.M.
Democrats flipped the state House of Dele- millions of dollars. Democrats will use their new 4). She is promising that her Medi-
care for All plan will bring no adverse Sen. Warren’s plan involves taxing
gates and Senate in Virginia, which means they majorities to move the state left on spending, a
consequences to the middle class and investors on the increased value of
will control the entire state government for the higher minimum wage, gun regulation, mandates will be paid for by heavily taxing the their assets but doesn’t account for
first time in 25 years. They also appear to have for renewable energy and public unions. rich and corporations. The middle subsequent steep drops in the value of
won the governorship in Kentucky, though the Virginia Democrats received an assist this class will pay nothing, she says. All those assets. Having owned shares in
Republican hasn’t conceded, and they came year from federal judges who redrew the legis- this is in addition to the high cost of Enron, Tyco, WorldCom, Health-
closer than they should have to winning the lative map after liberal groups said they were her other “free stuff” proposals. Source, General Electric and Sears, I’d
governorship in conservative Mississippi (los- racially gerrymandered. The Supreme Court de- Static analyses, such as hers, al- be hard-pressed to support any tax on
ing by 5.6% compared to 34% in 2015). clined on a 5-4 vote to let the GOP House of Del- ways assume no changes resulting unrealized investment gains.
Worse than the defeats for Republicans is egates defend its map on appeal. Democrats will from the draconian taxing of the pri- PAUL L. NEWMAN
the voting trend, which continued the suburban try to gerrymander state legislative and U.S. vate sector. Her tax proposals for Merion Station, Pa.
corporations will likely bring about a
losses of 2017 and 2018 that cost them control House districts after the 2020 census to cement
bigger recession than in 2008. The Do you have a problem with a little
of the U.S. House. In Virginia they could in the their majorities for a decade. Do not wait for wealthy will simply find ways to move totalitarianism if it is conducted by a
past overcome their deficits near Washington, complaints about this from the Washington their money to friendlier nations. master Ivy League academic for the
D.C., with gains downstate. But now their losses Post or former Attorney General Eric Holder, Millions of the assumed beneficia- benefit of us little people? I only went
extend to the suburbs around Richmond and the whose group only opposes gerrymanders that ries will become unemployed as the to a state school, but the economics
state’s southeast. Republicans also lost big in favor Republicans. economy contracts into recession, not professors I had thought they were
local elections in suburban Philadelphia, includ- These results forecast nothing definitive to mention the decimation of the quite capable of correctly structuring
ing Delaware and Bucks counties. about 2020, though the anti-GOP trend of three medical insurance industry, where society. Give the lady a chance.
Kentucky Governor Matt Bevin was crushed years should worry the White House. Mr. Trump nine out of 10 will lose their jobs. JACK WOODRUFF
in the Louisville (99,000 votes) and Lexington won in 2016 on an inside straight in the Elec- The current financial balances be- Vail, Colo.
(36,000) metro areas. Mr. Bevin lost the Lexing- toral College, and he has never had a job ap- tween privately insured patients and
Medicare and Medicaid patients will Sen. Warren wants Congress to
ton area by only 10,000 in 2015 and around Lou- proval rating above 50% despite a good econ-
be destroyed. Overall payments for pass a law that makes the health-in-
isville by 38,000. But turnout statewide this omy. His divisive rhetoric on immigration and medical services will be reduced, surance industry illegal and would
year was up about 50% from 2015, as Democrats so much more may thrill his base but it alien- causing doctors to leave the profes- close the doors of, for example, Unit-

.
showed again that they are highly motivated in ates others. His approval rating with white col- sion and deterring new ones from en- edHealthcare and its competitors.

ly
the Trump era. lege-educated women in particular is dread- tering it. Isn’t that a “taking” under the Fifth
This turnout trend has now continued for ful—34% in the latest WSJ-NBC poll. DEREK HANLEY Amendment to the Constitution that
three Novembers, and Republicans who try to The fair judgment a year from Election Day Santa Barbara, Calif. entitles shareholders to “just compen-
explain it away are fooling themselves. The GOP in 2020 is that Mr. Trump is highly vulnerable
on sation” for the value that Congress
under Mr. Trump is losing more college-edu- in his bid for a second term. He could benefit While very few taxpayers will be has taken from them? What about the
cated suburban voters, especially women, than if the economy rebounds from its recent 2% rate hit with a tax on wealth starting at pension funds that own these stocks?
it is gaining rural voters or working-class for- of growth, and perhaps Democrats bent on im- $50 million, it will eventually be the Where does the Warren plan tell us
responsibility of all taxpayers to item- what amounts would be paid to those
us l,

mer Democrats. peachment will overreach. But Mr. Trump may

ize their wealth to prove they don’t shareholders and how that money
Tuesday’s vote wasn’t a straight referendum need Democrats to nominate an opponent meet that threshold. And when the would be raised by the government?
on Mr. Trump, who wasn’t on the ballot, but in whose agenda is far enough to the left to scare
al a

TIM KELLY
e
funding for all the social programs
Kentucky it was a referendum on the Trump suburban voters who are tired of the daily being planned fall short, as they al- Naples, Fla.
governing style. Mr. Bevin shot from the lip and melodrama of the Trump Presidency. ways do, will the thresholds be re-
ci on

campaigned on cultural issues like immigration, Senate Republicans know this, and they duced? The real question is whether we
abortion and political correctness. The state’s know their majority is also at risk. They can’t DIRCK W. TEN BROECK want to perpetuate a health-care sys-
4.4% unemployment rate wasn’t enough to win merely by turning out the Trump base. The Scio, Ohio tem which will equal almost 20% of
overcome his personal unpopularity. GOP needs a strategy and agenda to regain sup- GDP by 2027. I don’t, for two reasons.
Democrat Andrew Beshear, the son of a for- port in the suburbs or they will lose the House, Estimates vary, but at any given All other developed countries in the
er rs

time, probably 10%-15% of the physi- world pay about half of what we do
mer Governor, ran a centrist campaign that the White House and the Senate in 2020.
cians in clinical practice are well per capita, and these countries have
above the traditional retirement age one form or another of a national

Hope and Despond in Colorado of 65 and are still in practice because health system.
m e

they like what they do, not because As an old, retired guy, I admit that

T
they have to keep working to make Medicare works very well for me.
hey didn’t make the biggest headlines, that the proposition’s point was to let the state ends meet. However, they are neither PHILLIP HAWLEY
m rp

but Tuesday’s elections in Colorado in- government keep more taxpayer money. Voters desperate nor stupid, and they are La Jolla, Calif.
cluded two results that deserve na- weren’t fooled. The measure failed, 45% to 55%, not going to continue to work in a
tional attention. First, a wide as of the tally Wednesday. money-losing reimbursement system. Sen. Warren is correct in saying
margin of voters refused to Voters stood up for The electoral story was less Sen. Warren’s proposal would in- that total health-care costs should not
weaken the state’s Taxpayer encouraging in Denver, where stantly create the biggest doctor go up. We are already paying a lot
tax refunds—but not
co Fo

shortage our country has ever seen. more for it than anyone else. Given
Bill of Rights, a constitutional the teachers union appears to
KEITH O. REEVES, M.D. this, and without significant improve-
provision that prevents state charter schools. have wrested control of the Houston ments in outcomes, it’s legitimate to
tax collections from outpac- school board. As we wrote last ask why we can’t be more efficient at
ing inflation plus population week, charter schools in Den- delivering health care. Let’s face it,
growth. ver have flourished, and the district has a sys- the system is byzantine, inefficient
Voters approved TABOR, as it’s commonly tem of merit pay that’s intended to reward good Richard Feynman on Good, and opaque at best.
called, in 1992. Since then it has delivered Colo- teachers. Now Denver schools seem likely to re- Honest Science and Bad The primary obstacles to reforming
radans about $3.5 billion in tax refunds, which verse course. the American health-care system are
are required whenever state revenue exceeds Three of the Board of Education’s seven Andy Kessler’s excellent “Follow the varied vested interests of the
the calculated limit. But politicians, being poli- seats were up for election. As of the returns on Michael Crichton’s Rule” (Inside View, health-care/pharmaceutical/insurance
ticians, would much prefer to spend the extra Wednesday, all three of the union-backed candi- Nov. 4) on the dumbing down of “sci- complex.
ence, the data and the studies” brings OTTO SZENTESI
funds. Proposition CC would have eviscerated dates were leading. Two of them, Tay Anderson
to mind the great Nobel physicist Hickory, N.C.
n-

TABOR by allowing the state to put any revenue and Scott Baldermann, support a moratorium Richard Feynman’s 1974 Caltech com-
windfall into schools and roads. of some kind that would block new charter mencement address entitled “Cargo People now on Medicare have rea-
A point of worry among fiscal conservatives schools. The third, Brad Laurvick, spoke at the Cult Science.” Feynman’s instructive son to wonder how the addition of 155
was the ballot question’s wording, which began: state Capitol in February in favor of striking words to the students (many of them million people with employer-based
no

“Without raising taxes . . . ” Perhaps this was teachers. future scientists) echoes strongly to- private insurance to “their” plan
strictly accurate, since no tax rates would have Yes on tax refunds, and no on charters—such day: “For example, if you’re doing an would affect the health-care services
changed. But it was misleading in spirit, given is life, apparently, in a purple state. experiment, you should report every- they have now, the rationing that they
thing that you think might make it in- would be subject to and the wait
valid—not only what you think is right times they would experience.
Iran’s Nuclear Escalation about it: other causes that could pos-
sibly explain your results; and things
I ask Sen. Warren: How would my
Medicare benefits, for which I paid

P
you thought of that you’ve eliminated taxes for some 40 years, compare to
resident Hassan Rouhani has announced gela Merkel, Emmanuel Macron and Boris John- by some other experiment, and how the benefits given to someone who ar-
that Iran will violate restrictions on the son have to do more than talk. On Monday the they worked—to make sure the other rived in this country illegally—say six
Fordow underground nuclear facility Trump Administration announced fresh sanc- fellow can tell they’ve been elimi- weeks ago? She should give us that
starting Wednesday. President tions against advisers to Su- nated. Details that could throw doubt answer.
Trump’s detractors will say Time for Europe to join preme Leader Ayatollah Ali on your interpretation must be given, DON SCHOEN
this proves that leaving the Khamenei, the latest pressure if you know them. You must do the Northbrook, Ill.
2015 nuclear deal was a mis-
the U.S. maximum- against the country’s authori- best you can—if you know anything at
take, but this is one more sign pressure campaign. tarian ruling class. Nothing all wrong, or possibly wrong—to ex- Has Sen. Warren explained how she
of the defects in the deal that would focus minds in Tehran plain it. . . . In summary, the idea is to will convince federal and state govern-
give all of the information to help oth- ment employees, police, teachers and
Europe should be helping the more than Berlin, Paris, Lon-
ers to judge the value of your contri- other unionized employees to agree to
U.S. to address. don and Washington coming together to reim- bution [theory]; not just the informa- give up their existing health-care ben-
In a speech Tuesday the Iranian leader said pose the so-called snap-back sanctions that tion that leads to judgment in one efits in favor of Medicare for All?
the regime would begin injecting gas into the were supposed to be the response to Iranian nu- particular direction or another.” EDWARD J. KMIEC
1,044 centrifuges at Fordow, an open violation clear escalation. PHILLIP RULAND Black Mountain, N.C.
of the Joint Comprehensive Plan of Action. This The U.S. wants a revised deal to limit Iranian Newport Beach, Calif.
follows news on Monday that Iran is running ballistic missile development, allow unlimited
new and advanced centrifuges, which shortens inspections of suspect nuclear sites, and re- Pepper ...
its path to a nuclear weapon. The regime al- move the sunset clauses that allow restrictions Rep. Katie Hill Should Take And Salt
ready has been openly violating the deal for on Iran to expire. Recall that Barack Obama ini- Responsibility for Her Acts THE WALL STREET JOURNAL
months by enriching uranium at higher concen- tially wanted the Fordow facility closed in the
Regarding your editorial “Katie Hill
trations and storing more of it. deal but was unable to get the Iranians to agree
Tries the Al Franken Defense” (Nov.
“When they uphold their commitments we to anything beyond the limited restrictions they 2): Do we need another Democrat bel-
will cut off the gas,” said Mr. Rouhani. “So it is are now reversing. President Trump’s pressure lyaching about victimhood? Couldn’t
possible to reverse this step.” The Iranian strat- campaign is meant to bring the regime back to Rep. Katie Hill take responsibility for
egy has been to escalate its violations of the the negotiating table with more leverage than the consequences of her decisions?
deal step by step, hoping to intimidate Mr. Mr. Obama had. That’s the leadership example we need
Trump and divide the U.S. from Europe. One risk is that the mercurial Mr. Trump from the Democratic Party these days.
The strategy worked for a time, but then Iran loses patience with his own strategy and tries ANDREW BLEKE
attacked Saudi oil fields. German, French and to cut a deal favorable to Tehran ahead of his Atlanta
British leaders responded in a statement that re-election campaign. That’s why you can ex-
Iran should “accept negotiation on a long-term pect more Iranian threats to break out of the Letters intended for publication should
framework for its nuclear programme as well deal and perhaps more attacks on U.S. allies in be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
as on issues related to regional security, includ- the Middle East. The best response is for Eu- or emailed to wsj.ltrs@wsj.com. Please
ing its missiles programme and other means of rope and the U.S. to reforge a common front to- include your city and state. All letters
delivery.” ward Iran that shows it will have to return to are subject to editing, and unpublished “Remember, a meeting is only
It was a fine statement—and no small feat the negotiating table to have any hope of sanc- letters can be neither acknowledged nor a failure if you came in with
returned.
that Europe called for a new deal—but now An- tions being eased. expectations of accomplishment.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, November 7, 2019 | A17

OPINION

Parallel Lives of Donald Trump

By Lance Morrow Mr. Trump has boundless confidence nius.” On that, the jury is deadlocked.

CORBIS VIA GETTY IMAGES; OLIVIER DOULIERY/AFP VIA GETTY IMAGES

arry S. Truman kept a set
of Plutarch’s writings at
hand in the White House.
He said that in Plutarch’s
“Parallel Lives,” he could
find everything worth knowing about
leaders—how they behave, what
makes them tick.
In the “Lives,” Plutarch (A.D.
47-120) would compare a famous
Greek to a famous Roman—setting
Alexander the Great, for example,
next to Julius Caesar, or Demosthe-
nes beside Cicero. It was moral por-
traiture; Plutarch had a genius for
details. He believed that a trivial de-
tail can reveal a man more pro-
foundly than a great event. Cicero,
If Plutarch studied
American presidents, to
which would he compare
and contrast the 45th?
for example, became alert to an un-
expected subtlety of Julius Caesar’s
character after noticing, one day in
the Senate, the way he adjusted his
forelock with one finger.
Suppose Plutarch undertook to
write one of his “Parallel Lives” on
the subject of Donald Trump. If Plu-
tarch were to study the biographies
of the previous American presidents,
to which of them would he compare
the 45th?
Like Franklin D. Roosevelt, Mr.
in himself. Like FDR, Mr. Trump has
been known to lie. Unlike Roosevelt,
Mr. Trump is a businessman. (FDR
failed in his minor efforts at busi-
ness investment during the 1920s.)
Roosevelt undertook to make Amer-
ica great again by mobilizing the
federal government against the “eco-
nomic royalists” in a great depres-
sion; Mr. Trump wants to accomplish
the same goal by demobilizing the
regulators and resisting the cultural
autocracy of the left.
Mr. Trump is best understood as
a businessman and a performer. If
you analyze him at the intersection
of those two identities, you begin to
understand him. As an actor on the
world stage, his favorite role is a
version of Stanley Kowalski.
Like Calvin Coolidge, Mr. Trump
believes that the primary business of
America is business. Like Truman,
Mr. Trump has presided over busi-
nesses that failed. Unlike Coolidge,
who was famously laconic, Mr.
Trump is noisy.
Unlike Teddy Roosevelt and
Woodrow Wilson, Mr. Trump does
not read books. In that he resembles
Lyndon B. Johnson and Franklin
Roosevelt, both of whom preferred
to gather information in conversa-
tion, face-to-face or on the tele-
phone. Dwight D. Eisenhower read
Zane Gray westerns to help him fall
asleep.
LBJ liked to have three television
sets going so that he could monitor
the major networks simultaneously;
Mr. Trump watches Fox News.
Plutarch, in a pairing of opposites,
Plutarch and President Trump
tween Mr. Trump and Jimmy
Carter—Mr. Carter hammering away
for Habitat for Humanity, Mr. Trump
putting up Trump Towers.
Mr. Trump’s enemies consider
him a monster of racism. He claims
to be “the least racist man who ever
lived.” Twelve American presidents,
starting with George Washington
and Thomas Jefferson, owned slaves.
Wilson was assuredly a racist. In
early 1933, President-elect Roosevelt
visited the state capitol in Montgom-
ery, Ala., where Jefferson Davis had
taken the oath of office as president
of the Confederacy; FDR referred to
it as “this sacred spot.” Truman and
LBJ routinely used the N-word be-
fore they got to the White House. Yet
Truman racially integrated the
armed forces and Johnson told Con-
gress “we shall overcome” as he
pushed through the greatest civil
Intellectuals tend to despise Mr.
Trump. They also dismissed Eisen-
hower and Reagan as dunces.
Edward Gibbon, author of “The
History of the Decline and Fall of the
Roman Empire,” summarized a half-
dozen early emperors as follows:
“the dark, unrelenting Tiberius, the
furious Caligula, the stupid Claudius,
the profligate and cruel Nero, the
beastly Vitellius, and the timid inhu-
man Domitian.”
Think of how one might compile a
similar list of modern presidents:
“the glamorous, amoral Kennedy; the
Machiavellian, self-destructive John-
son; the saturnine Nixon; the touch-
ingly decent Ford; the fussy weakling
Carter.”
Like Julius Caesar, Mr. Trump is Plutarch or Gibbon would likely
fussy about his hair. Unlike any other have loved to write about Donald
president, Mr. Trump has been mar- Trump and his headlong, unfiltered
ried three times. (Ronald Reagan singularity. Would they have enter-
was divorced once, and five other tained (before rejecting it) the
presidents remarried after their first theory that Mr. Trump’s apparently
wives died.) Like John F. Kennedy fantastic ego is mere performance,
and Bill Clinton, Mr. Trump has a mere misdirection? That all of the
history of womanizing and marital Trumpian ego is an act that has
infidelity. served to get and keep the world’s
In a famous remark, Justice Oliver attention, that has gotten him
Wendell Holmes Jr. described FDR as elected president, and allowed him
a man with “a second-class intellect to disarm his enemies, in part by re-
but a first-class temperament.” (The ducing them to incoherent rage and
story was told secondhand, and some hatred?
thought that the aged Justice Holmes Whether he has deployed it
was referring to the earlier Roose- consciously or simply cannot help
velt, Teddy, whom he had also himself, his personality has taken
known). In fact, FDR had a first-class him far in an unhappy, disrupted
intellect. So, notably, did Thomas Jef- land. It is also about to get him
ferson, Abraham Lincoln, Wilson and impeached.
(as a manager if not as a philoso-
pher) Eisenhower. Mr. Trump has de- Mr. Morrow is a senior fellow at

.
Trump is an illusionist. Like FDR, might have explored the contrast be- rights acts in American history. scribed himself as a “very stable ge- the Ethics and Public Policy Center.

ly
City Liberals, Country Sitting Ducks on Notable & Quotable: A Joke
By Megan Keller undergo much greater liver growth, he’s confident the New York farms Poppy Noor writing for the Guard- way to tragedy, I know mine
but Messrs. Saravia and Henley will win. At the very least, they ian, Oct. 31: wouldn’t.”

S
Liberty, N.Y. contend the birds suffer no ill ef- won’t give up without a fight. We can only guess that Trump
us l,

ergio Saravia has a law de-
gree, but he prefers the com-
pany of ducks to the court-
room. Mr. Saravia, 38, wants to be
a foie gras farmer for the rest of
fects. Only 4.38% of Hudson Val-
ley’s ducks and less than 4% of La
al a
e
Belle’s die before slaughter. Studies
of pekin ducks found mortality
rates of 5% and 5.2% in the U.S. and
ci on
Mr. Saravia sees it as his duty to
treat the people around him like
family. Officials like Mr. de Blasio,
by contrast, claim to champion the
interests of workers and immi-
Word on the street is that on said this in jest, of course. But that
Tuesday, at a private fundraising line can be read in so many ways that
event for top Republican fundraisers, soon, it was an online talking point
Donald Trump went a little rogue. for people eager to share their views
At first he was just reminiscing, on his and Melania’s relationship.

his life. But politicians in New York
City—2½ hours southeast of here
by car—have other ideas. Last
week the New York City Council ap-
proved a ban on the sale of foie
U.K., respectively.
In Hudson Valley’s gavage area,
the ducks appear to be in good
health. The birds I saw were 16
days into the force-feeding period,
er rs
grants but seem unconcerned about
the harm their laws will do. “I don’t
believe the government’s going to
help me,” Mr. Saravia says. “A per-
fect example is New York City.”
thinking about that time the Loui- Maybe he is saying Melania
sana [sic] Republican Steve Scalise Trump hates him so much she
got shot—as you do. wouldn’t even cry at his funeral.
But then he came out with this Maybe he’s saying that after all the
gem of a line: “[Scalise’s wife] cried strain that their marriage has gone

gras within city limits, and Mayor
Bill de Blasio is expected to sign it.
When it takes effect in 2022, Mr.
Saravia expects he’ll have to shut
but they were able to stand and
waddle about their 24-square-foot
pens with ease.
No New York City Council mem-
m e
her eyes out when I met her at the through, she has no more tears left
Ms. Keller is an assistant edito- hospital that fateful day . . . I mean to give? Maybe he was genuinely be-
rial features editor at the Journal. not many wives would react that ing funny. Who knows?

down his farm. ber visited the farms, despite re-

peated invitations. A staffer for the
bill’s chief sponsor, Councilwoman
m rp

Farmers in a poor upstate Carlina Rivera, says she had “seri-

ous concerns” that the tours did
county look ahead to a not honestly depict the process.
grim future under New If the ban survives, it will likely
shut down both farms. New York
York’s foie gras ban.
co Fo

City sales bring in around a third of

The ban, which the council
passed 42-6, was pushed by a coali-
tion of animal-rights groups. They
say gavage, the process by which
farmers fatten ducks’ livers into
foie gras, is abusive. Farmworkers
put pipes down a bird’s throat to
induce it to consume large quanti-
ties of feed until its liver swells to
seven to 10 times its usual volume.
The process “causes significant de-
their revenue, and one of their
highest costs, heating the birds’ en-
closures, is fixed. Sullivan is one of
the state’s poorest counties, so the
loss of 400 jobs and $50 million a
year in revenue will hurt.
The area will also lose the
farms’ business and charity. Both
farms buy their feed locally and
give their manure to neighbors at
no charge. Hudson Valley runs a
health clinic and La Belle an addic-
tion center, both free and open to
n-

cay in the liver almost immedi-
ately,” Matt Dominguez of Voters
for Animal Rights tells me. “You
start seeing bloodshot eyes, trouble
no
the public. Mr. Saravia, whose legal
specialty is immigration, gives his
employees free legal assistance.
Asylum seekers on staff receive

breathing.” Farmers are “basically
torturing” the ducks, Mr.
Dominguez says.
Farmers disagree. Both the foie
gras farms here in Sullivan
County—Mr. Saravia’s La Belle
Farm and Marcus Henley’s Hudson
Valley Foie Gras—begin gavage
when the ducks are 12 weeks old.
They live longer than the pekin
ducks used for ordinary meat,
which are typically slaughtered at
around 7 weeks. Foie gras ducks
are fed a gradually increasing
quantity of liquid feed three times
a day for 21 days through a 6-inch
rubber tube about half an inch
wide. The farmers say the liver ex-
pansion mimics a natural process
in which ducks’ livers grow to as
much as double their original size
before migration. Foie gras ducks
free housing. Mr. Saravia can relate
to their predicament: His family
fled war-torn El Salvador when he
was 8, and when their asylum claim
was denied, a farmer at Hudson
Valley Foie Gras petitioned for
them to stay.
“This is home,” Mr. Saravia says
over coffee at the town diner. Will
he have to leave when the ban takes
effect? He pauses and says there
will be lawsuits. That approach
hasn’t worked in California, where
a statewide foie gras ban was set to
take effect in 2012. It was delayed
when a district judge held that the
federal Poultry Products Inspection
Act pre-empted the California law.
But the Ninth U.S. Circuit Court of
Appeals reversed that ruling, and
the Supreme Court declined to hear
an appeal. Still, Mr. Henley says

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WORLD NEWS

Russia Hits Dissenters in Bank Accounts

Crackdown on backers For Mr. Yegorov, a longtime
Navalny supporter, the bank-ac-
of opposition leader count move sent an unmistak-
puts hundreds nearly able message: The cost of stand-
ing up to President Vladimir
$1.2 million in debt each Putin is rising to a level few or-
dinary Russians can withstand.
BY THOMAS GROVE “It can psychologically break
a person knowing you have no
MOSCOW—One morning in access to your cash and you
September, Andrei Yegorov have a debt that you’ll never
woke to discover his bank ac- pay off,” Mr. Yegorov said.
count was frozen and in the Mr. Navalny, a 43-year-old
red to the tune of 75 million lawyer who entered the public
rubles, almost $1.2 million. eye in 2012 when he organized
Across Russia, opposition street protests against Mr. Pu-
activists say hundreds of peo- tin, has emerged as Russia’s
ple have found that they, too, most effective opposition leader
inexplicably are 75 million ru- in years. His Anti-Corruption
bles in the hole—the same Fund has become the closest
amount state investigators al- thing Russia has to a nation-
lege Russian opposition leader wide opposition movement. His
Alexei Navalny’s organization campaign has exposed alleged
had laundered for underworld graft by top officials, including
crime lords. Mr. Putin’s top lieutenant,
Russia’s Investigative Com- Prime Minister Dmitry Medve-
mittee opened an investigation dev, who has dismissed the
into Mr. Navalny’s opposition claims, calling them fabricated.
group in August, a probe he While Mr. Putin long ago
calls a politically motivated at- quashed dissent within the
tempt to destroy it. country’s tightly controlled
political system, Mr. Navalny
and supporters such as Mr. Ye-
gorov have become a growing
irritant.
The measures against Mr.
Navalny and other opposition
leaders, introduced quietly af-
ter the protests ended, have
brought the Kremlin’s at-
tempts to quash political ac-
tivism to a new level.
Mr. Navalny’s followers and
other opposition activists
joined forces in Moscow over
the summer to rally against
what they called arbitrary and
unlawful detentions of protest-
ers, the biggest show of dis-
sent against pro-Kremlin au-
thorities in years. He also led
efforts to oust pro-Putin city
council members in a Moscow
municipal vote in September.
“I know what I’m facing in
opposing the Kremlin, and my
family members understand it,
too,” Mr. Yegorov said.
Russian authorities for
years have pressured Mr. Na-
valny’s support base and have
targeted his anticorruption
campaign in particular. “they’ve decided to destroy our
An earlier probe by state network before we enlist sev-
investigators accused his or- eral million people in a strategy
ganization of laundering 75 of smart voting,” Mr. Navalny
million rubles in donations said. “What we’re facing now is
from Russian crime bosses. intimidation and the destruc-
Mr. Navalny said the latest tion of our infrastructure.”
crackdown is retribution for In addition to blocks on
September’s city elections. After around 500 bank accounts
many opposition figures were held by Navalny supporters,
according to the Anti-Corrup-
tion Fund, the organization
has faced many court cases in
Alexei Navalny and connection with Moscow pro-
his supporters are a tests. Mr. Navalny and other op-
position leaders are facing more
growing irritant to than 32 million rubles in claims.
President Putin. Kremlin spokesman Dmitry
Peskov said Mr. Putin was aware
of raids on opposition support-
ers, but that the president
banned from running, he called wasn’t familiar with the details.
for supporters to vote for any- Mr. Yegorov suspects he first
one but Mr. Putin’s candidates, drew the attention of Russia’s
a strategy he calls smart voting. security forces seven years ago.
As a result, candidates affil- Now 35, he said his home
iated with the pro-government was one of more than 200 po-
United Russia party lost lice raided in September.
around a third of their seats in Shortly after, an SMS message
the Moscow City Council. from his bank popped up on his
With the latest raids, phone. His checking account
was 75 million rubles in debt.
Mr. Yegorov said he
couldn’t understand how it
could have happened. He
called his bank, which said a
Moscow court had ordered the
amount to be blocked off and
taken from his account.
The Wall Street Journal in-
dependently reviewed his ac-
count statement at Alfa Bank,
which also provided the order
from a Moscow city court that
froze the account, which Mr.
Yegorov said had just 2,000 ru-
bles in it. The bank didn’t pro-
vide any additional information.
Mr. Yegorov said life 75 mil-
lion rubles in the red is more
difficult than before.
But he hasn’t changed his
decision to support Mr. Na-
valny’s political movement, he
said.
“When you sign up for the
opposition, you have to know
what you’re getting into,” he
said. “You could be saddled
with a 75-million-ruble debt,
you could be killed. But you’ve
decided to fight.”

Berlin at Last Receives a Statue of Reagan South

BY BOJAN PANCEVSKI Korea
BERLIN—Ronald Reagan
loved Berlin. For the German
capital, things are more com-
Military
plicated.
To Shrink

.
FROM TOP: CHRISTIAN JUNGEBLODT FOR THE WALL STREET JOURNAL; ROLAND HOLSCHNEIDER/DPA/ZUMA PRESS

For years, the city’s succes-

ly
sive governments have re-
sisted gentle prodding by U.S. BY DASL YOON
dignitaries to erect a statue of AND TIMOTHY W. MARTIN
the late president, who fa- on
mously called in a 1987 speech SEOUL—South Korea’s de-
here on his Soviet counterpart clining birthrate has become a
Mikhail Gorbachev to tear national security challenge:
down the wall that had di- Fewer young men are around
us l,

vided the city since 1961. for military service.

Now, the Trump adminis- That is why Seoul officials
al a
e
tration has decided to break said Wednesday that South
the stalemate by simply put- Korea’s active military will
ting up a Reagan statue on the shrink to half a million per-
ci on

U.S. Embassy’s terrace over- sonnel by 2022, from the cur-

looking the spot where the rent total of about 600,000.
speech took place. South Korea, one of a few
The 7-foot statue, partially countries with ongoing na-
visible from the street, will be tional-service conscription,
er rs

formally inaugurated by Secre- has the lowest fertility rate

tary of State Mike Pompeo on among developed countries.
Nov. 8, a day before the 30th Women are giving birth to
anniversary of the fall of the fewer than one child on aver-
m e

Berlin Wall. age, according to South Ko-

The Ronald Reagan Presi- rean government estimates,
dential Foundation, which far below the 2.1 newborns
m rp

commissioned the artwork, ex- necessary to keep population

pressed regret that it couldn’t steady.
be placed in a public space. The military service, which
Some Berlin politicians said The Ronald Reagan statue on the rooftop terrace of the U.S. Embassy in Berlin. Below, the U.S. president in the city on June 12, 1987. lasts between 18 to 22 months,
there was no need to give Rea- is viewed as a rite of passage
co Fo

gan special honors since he parliament in charge of monu-
had already been made an ments. “At least until now.”
honorary citizen of the city. Singling out Reagan for
The stance partly reflects rem- special remembrance, she said,
nants of the West German would be unfair to the many
left’s fierce opposition in the foreign leaders who supported
1980s to Reagan’s unapolo- German reunification and to
getic devotion to capitalism the people of East Germany
and his deployment on Ger- who on their own rose up and
man soil of nuclear-capable tore down the wall.
missiles. His visits to Berlin After the end of World War
were accompanied by violent II, Germany was divided into
riots from far-left protesters. two entities: the Soviet-domi-
While West Germany was a nated German Democratic Re-
n-
as president to help bring for South Korean men. But the
down the barrier in a city he pool of able-bodied draftees is
loved, according to John Heu- projected to shrink by nearly
busch, head of the Reagan half over the next two de-
Foundation. cades, according to South Ko-
In the run-up to the centen- rea’s defense ministry.
nial celebration of Reagan’s The reduced numbers test a
birth in 2011, efforts intensi- South Korean military that
fied to honor him. Reagan provides the first line of de-
statues sprang up across for- fense against a potential North
mer socialist states in Central Korean attack. Home to the
and Eastern Europe. But the largest overseas U.S. military
Berlin campaign ran aground, base, South Korea for decades
said Mr. Heubusch. has provided ample foot sol-

close ally of the U.S. then, re- public, or GDR, and the Federal This year, the U.S. ambassa- diers intended to cooperate
lations have frayed since Pres- Republic of Germany, a combi- dor to Germany, Richard A. with American air and naval
ident Trump, a frequent and nation of the U.S., British and Grenell, named the embassy forces. North Korea’s military
blistering critic of German French occupation zones that terrace overlooking the Bran- is an estimated 1.2 million.
no

Chancellor Angela Merkel, later became a member of the denburg Gate after Reagan and To meet its staffing chal-
came to power. Western alliance. suggested erecting a sculpture lenge, the South Korean mili-
“There have been many U.S. The Berlin Wall, erected in there. tary plans to use surveillance
presidents who could be hon- 1961 by the East German gov- “We had to place it on drones, satellites and un-
ored,” said Sabine Bangert, a ernment to stop the stream of American soil,” Mr. Heubusch manned combat aircraft, as
member of the liberal Green citizens defecting to the West, said of the embassy site, “but well as increasing the number
Party and chairwoman of the became a symbol of that divi- at least that soil is going to re- of women serving. The Seoul
committee of the Berlin state sion. Reagan saw it as his task side in the city of Berlin.” government also plans to re-
duce the number of national-

WORLD WATCH
service conscripts staffing lo-
cal police and fire
departments and serving at
government facilities or re-
COLOMBIA LEBANON sure on officials to form a new In their third week, protesters mass protests. The protesters search institutes.
government to deal with the have adopted a new tactic of agreed on Tuesday to shift the The reductions could com-
Defense Chief Quits Protesters Keep Up country’s economic crisis. surrounding state institutions to focus of the protests and open promise South Korea’s defense
Over Children Deaths Pressure on Officials Dozens of people gathered disrupt their work. They accuse main roads to ease up traffic and readiness at a time when the
Wednesday outside the justice, officials of dragging their feet on allow people to get back to work. regime of North Korean leader
The deaths of eight children in Lebanese protesters sur- education and other ministries as forming a new government after —Associated Press Kim Jong Un has conducted a
an air force bombardment of a rounded state institutions and well as the state-run electricity Prime Minister Saad Hariri re- series of short-range weapons
jungle camp operated by a drug- ministries to keep up the pres- company and the tax department. signed on Oct. 29 in response to BURKINA FASO tests this year that threaten
trafficking group led to the resig- Seoul, military and security
nation of the defense minister on Attack on Mining experts say. During the recent
Wednesday night. Convoy Kills 37 diplomacy with Pyongyang,
Guillermo Botero stepped both Seoul and Washington
down a day after a heated con- Gunmen attacked a convoy have agreed to cancel or pare
gressional hearing during which a near a Canadian mining site in back joint military exercises.
senator revealed the medical ex- Burkina Faso, killing at least 37 “This is a disturbing situa-
aminer’s office’s determination people and wounding 60 others, tion for the military,” said
that children between the ages of the regional governor said Chun In-bum, a retired lieu-
12 and 17 were among more than Wednesday. tenant general and former
15 people killed in the Aug. 29 Montreal-based Semafo said special-forces commander of
bombing in southern Colombia. the bloodshed happened about the South Korean army.
Congressional opponents of 25 miles from its Boungou mine Seoul’s defense ministry de-
President Iván Duque’s govern- in the African nation’s Eastern clined to comment.
ment had criticized Mr. Botero for region and involved five buses of “We will reform the struc-
not having made public the employees who were being ac- ture of the military force to be
SUNDAY ALAMBA/ASSOCIATED PRESS

deaths of children, even though companied by a military escort. centered around science and
their identities had been known “Boungou mine site remains technology,” South Korea’s
since September. The opposition secured and our operations are government said in a Wednes-
has also cited allegations of hu- not affected,” Semafo said in a day news release.
man-rights abuses by soldiers. statement, adding it is working South Korea has a rapidly
The minister has said he didn’t to ensure the safety of its em- aging population due to the
know about the presence of chil- ployees. A Canadian foreign min- low birthrate. The government
dren in the camp at the time of istry spokeswoman said there expects the population to peak
the attack but defended the were no reports of any Canadian in the next decade at 52 mil-
strategy. MARKET DISASTER: Emergency personnel in Lagos, Nigeria, battled a fire Wednesday at the citizens among the casualties. lion before dropping to 39 mil-
—Juan Forero Balogun Market, one of the nation’s largest textile shopping centers. Two fires broke out Tuesday. —Associated Press lion by 2067.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
BUSINESS & FINANCE
© 2019 Dow Jones & Company. All Rights Reserved.
S&P 3076.78 À 0.07% S&P FIN À 0.41%
Uber Hits Low as Insiders Sell
Stock is now about
40% below its IPO
price as lockup period
expires
BY HEATHER SOMERVILLE
Uber Technologies Inc. hit
a record low Wednesday as
early stockholders and em-
ployees began selling shares
after its May listing, delivering
a blow to a company that has
struggled to satisfy investors.
The expiration of what is
known as the lockup period
Talk of Rolling Back Tariffs Lifts Copper, Oil
BY SARAH TOY
Prices of copper and oil are
climbing alongside stocks, as
investors hope that a possible
U.S.-China trade deal could
boost global growth.
Front-month copper fu-
tures have gained 4.1% in the
past month, while U.S. oil
prices have risen 6.7%, helped
by a spate of unexpectedly
sturdy U.S. economic data and
reports that officials in the
world’s two largest economies
are considering rolling back
some tariffs to help clinch a
partial trade agreement. The
gains have helped lift the
Bloomberg Commodity Index
2.8% in that time.
Negotiations between the
world’s two largest economies
have seesawed for months,
sparking swings in commodity
prices.
Investors are wagering that
a breakthrough between the
two countries will help lift
growth and demand for raw
materials and energy.
The latest boost came
Tuesday, with reports that ef-
forts to reach a trade agree-
ment between the U.S. and
China would include a roll-
back of tariffs. A stage-one
deal would also include Chi-
nese purchases of U.S. farm
goods, rules to deter currency
manipulation and some provi-
sions to protect intellectual
property and open up Chinese
industries to U.S. firms, offi-
cials have said.
U.S. Commerce Secretary
Wilbur Ross said over the
STREETWISE | By James Mackintosh
Aramco’s IPO Math Probably Doesn’t Add Up
no
Is Saudi
Arabia’s oil
monopoly
more like
Exxon Mobil
or a dodgy
government bond? Valuing
Saudi Aramco ahead of its
planned initial public offer-
ing produces an unusually
large range between $1 tril-
lion and more than $2 tril-
lion depending on what in-
vestors think they are
buying. Maybe it is worth
Mattel, Auditor Hid Accounting Issues
BY JEAN EAGLESHAM
AND PAUL ZIOBRO
Mattel Inc. was already
struggling at the start of 2018
when the finance team deliv-
ered more bad news. It had un-
covered an accounting error
that had reduced Mattel’s loss
for the previous year’s third
quarter and threatened to be
an embarrassment or worse
for the toy company.
The maker of Hot Wheels
cars and Barbie dolls had just
finished a weak holiday sea-
son; Toys “R” Us Inc., the big-
gest specialty toy retailer in
the U.S., had filed for bank-
ruptcy; and Mattel had re-
jected a takeover offer from ri-
val Hasbro Inc. Mattel’s shares
had lost half their value over
the previous 12 months.
The accounting problem
was tied to Mattel’s ownership
of Thomas & Friends, an ani-
TECHNOLOGY: DEAL TALK BOOSTS XEROX AND HP SHARES B4
S&P IT g 0.01%
sent a flood of shares onto the
market, pushing the stock as
low as $25.58, down 43% from
its IPO price. While stock vola-
tility and losses are common
following lockup expirations,
the loss of $2 billion from its
market capitalization in 24
hours added injury to Uber af-
ter a lackluster earnings re-
port this week.
Lockups prevent early
shareholders and employees
from selling shares in the first
months after an initial public
offering. Typically, the expira-
tion of the lockup is highly an-
ticipated, giving employees
Commodity futures prices, year to date
50%
40
30
al a
20
ci on
10
er rs
m e
0 Copper
m rp
–10
Jan. Feb. March
co Fo
Sources: FactSet (futures prices); Commodity Futures Trading Commission (net bets)
weekend that the two coun-
tries were making “good prog-
ress” and that licenses for U.S.
companies to do business with
Chinese telecom company
Huawei Technologies would
n-
even less than that.
Start with the basics:
Aramco is big, jaw-drop-
pingly big. Country big. At
the low end it will still be
worth more than all Brazil-
ian stocks, and the top valu-
ation would make it worth
more than South Korean,
Australian, Swiss or German
stocks. This is an asset class
all on its own.
Assuming the IPO offi-
cially announced on Sunday
actually goes ahead, Aramco
mated children’s show about
talking trains. The finance
team discussed fixing the
problem and restating earn-
ings, with the expectation that
Mattel would have to admit to
shortcomings in its accounting
and reporting procedures, said
Brett Whitaker, who was Mat-
tel’s director of tax reporting
at that time, in an interview.
Instead, senior finance exec-
utives and Mattel’s auditor,
PricewaterhouseCoopers, de-
cided to change the accounting
treatment of the Thomas asset,
effectively burying the prob-
lem, according to Mr. Whitaker
and documents reviewed by
The Wall Street Journal. The
executives agreed not to tell
Mattel’s then-chief executive
or its board, an internal inves-
tigation found.
“It was known within Mat-
tel that if we took this ap-
proach, at worst we might get
* * * * THE WALL STREET JOURNAL.
DJ TRANS g 0.18%
and early investors an oppor-
tunity to get cash for equity
they have been sitting on.
Uber priced the shares in its
May IPO at $45, which gave it
a valuation of $82 billion.
Even before Wednesday’s sell-
off, Uber’s stock performance
had disappointed investors.
Approximately 130 million
shares traded hands on
Wednesday, much more than
the 65-day daily average of 11
million and higher than the
typical trading volume at a
lockup expiration, said Jay
Ritter, a corporate-finance and
IPO expert at the University of
Trump threatens
new tariffs
on
us l,
e
April May June July
be coming shortly.
Those developments added
to optimism that trade de-
tente could send copper prices
higher still.
China is one of the world’s
will be the world’s most
profitable company, with the
biggest oil reserves and the
lowest cost of extraction per
barrel. Its planned $75 bil-
lion dividend next year will
be five times bigger than Ap-
ple’s dividend for its 2019
fiscal year, itself the biggest
of any S&P 500 company.
At the same time,
Aramco’s actual listing will
be pitifully small and con-
fined for now to Saudi Ara-
bia’s domestic stock ex-
a slap on the wrist from the
Securities and Exchange Com-
mission,” Mr. Whitaker said.
“But if the company disclosed
a material weakness, a senior
executive said to me it would
be ‘the kiss of death.’”
Mr. Whitaker resigned from
Mattel in March of last year.
Mattel on Oct. 29 admitted
the accounting error and said
an internal investigation found
weaknesses in its procedures.
The company said its chief fi-
nancial officer, Joe Euteneuer,
will leave. Based on firsthand
knowledge of how Mattel han-
dled the issue, according to
Mr. Whitaker, Mr. Euteneuer
would have been aware of the
decision not to disclose the er-
ror. Mr. Euteneuer said he had
no comment to add to Mattel’s
statement.
Mattel said in a statement
that its investigation had de-
termined that the error “was
WSJ $ IDX À 0.04% LIBOR 3M 1.904
Florida. It is unclear how
many of those were shares
sold for the first time due to
expiration of the lockup.
A spokesman for Uber de-
clined to comment.
Financial-services firm
Wedbush Securities estimates
that 763 million shares be-
came eligible for trading on
Wednesday. Out of those,
Wedbush estimates that 500
million to 520 million shares
are underwater, as Uber held
several private financing
rounds since 2015 at a share
price that was significantly
higher than Wednesday’s trad-
U.S. reports partial
trade deal with China
Crude oil
+24.1%
Year to date
+1.3%
Aug. Sept. Oct. Nov.
largest copper consumers and
accounts for about half of
global demand for the metal.
Copper futures for Novem-
ber delivery settled Tuesday
at their highest level since
change. Almost none of the
massive company will be on
offer, with bankers talking of
selling between 1% and at
their most optimistic 5%.
That could still be the
biggest IPO ever, but mostly
it will just make visible what
we already know: The Saudi
government owns the big-
gest oil company. (Aramco
won’t dominate global stock
indexes because they exclude
the government holding.)
Just how big Aramco’s
an honest mistake” and that
the change in the accounting
treatment of Thomas was ap-
propriate.
The investigation was
started after Mattel received a
whistleblower letter on the
subject in August, forcing it to
scrap a debt refinancing. Mr.
Whitaker said he declined an
invitation to give evidence to
the internal investigation, add-
ing that he told the company
he had already provided the
relevant information before he
left.
Joshua Abrahams, the PwC
partner who led the Mattel au-
dit team, has been put on ad-
ministrative leave, according
to a person close to PwC. He is
expected to leave the firm as a
result of his conduct during
PwC’s investigation into the
whistleblower allegations, the
person said. Mr. Abrahams
Please turn to page B2
Thursday, November 7, 2019 | B1
NIKKEI (Midday) 23294.96 g 0.04%
ing price. Daniel Ives of Wed-
bush said that 25%, or about
190 million, of the unlocked
shares would be contenders to
sell Wednesday.
The stock was already down
more than 10% this week after
Uber’s third-quarter earnings
report failed to reassure inves-
tors. Uber reported higher rev-
enue and a narrower net loss.
After the results, Chief Execu-
tive Dara Khosrowshahi said
the company expects to turn a
profit in 2021, on an adjusted
basis excluding interest, taxes,
depreciation and amortization.
Please turn to page B2
Net bets on higher
U.S. crude prices, weekly
300,000 contracts
.
200,000
ly
100,000
0 vacy investigation by the Fed-
Jan. June Oct.
Net bets on higher
copper prices, weekly
25,000 contracts
0
–25,000
–50,000
–75,000
Jan. June Oct.
late July, though prices
slipped Wednesday after re-
ports emerged that an interim
deal could be delayed until
December. Hedge funds and
Please turn to page B11
IPO ends up depends on the
valuation method. In its mul-
tistage nationalization in the
1970s, the Saudi government
compensated the owners—
four U.S. oil companies now
consolidated into Exxon and
Chevron—at around book
value. If the market were to
pay the Saudis on the same
basis, Aramco would be val-
ued at a puny $380 billion.
Back then, the Saudis had
the U.S. over a barrel. Inves-
Please turn to page B11
INSIDE
FINANCE
A new credit score aims to benefit people who hold
a professional license, such as hairdressers. B10
See more at WSJ.com/Markets
California
Probes
Facebook
On Privacy
BY SEBASTIAN HERRERA
California is investigating
Facebook Inc.’s privacy prac-
tices, the state’s attorney gen-
eral revealed Wednesday in a
lawsuit that accuses the Sili-
con Valley tech giant of failing
to adequately comply with in-
formation requests.
Attorney General Xavier
Becerra said he has asked the
San Francisco Superior Court
to force Facebook to comply
with investigators’ subpoenas,
the latest of which were is-
sued in June.
“The responses we have re-
ceived to date are patently in-
adequate,” he said.
California prosecutors be-
gan probing Facebook in 2018,
shortly after the company said
data from as many as 87 mil-
lion of its users may have been
improperly shared with Cam-
bridge Analytica, a British po-
litical consulting firm that
worked on President Trump’s
2016 campaign and has since
shut down. Facebook says it
has complied with requests
from California authorities.
As it sought to settle a pri-
eral Trade Commission, Face-
book uncovered emails that
appeared to connect Chief Ex-
ecutive Mark Zuckerberg to
potentially problematic pri-
vacy practices at the company,
The Wall Street Journal previ-
ously reported. Facebook’s un-
earthing of the emails while it
responded to the federal probe
raised concerns internally that
they would harm the company,
at least from a public-relations
standpoint.
The emails suggest Mr.
Zuckerberg and other senior
executives didn’t make compli-
ance with an existing FTC con-
sent decree a priority, the
Journal reported. The poten-
tial impact of the internal
emails was a factor in the tech
giant’s desire to reach a
speedy settlement.
In July, the FTC approved a
roughly $5 billion settlement
with Facebook related to pri-
vacy missteps by the company.
California said in its legal
filing that it doesn’t believe
Facebook has searched the
emails of either Mr. Zucker-
berg or Chief Operating Offi-
cer Sheryl Sandberg in re-
sponse to the subpoena.
“We have cooperated exten-
sively with the state of Cali-
fornia’s investigation,” Face-
book Vice President of State
and Local Policy Will Castle-
berry said Wednesday. “To
date, we have provided thou-
sands of pages of written re-
sponses and hundreds of thou-
sands of documents.”
Mr. Becerra’s office said it
issued a first round of subpoe-
nas to Facebook on June 4,
2018, including about the com-
pany’s ties to Cambridge Ana-
lytica. It waited more than a
year for responses from the
Please turn to page B4
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
B2 | Thursday, November 7, 2019
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Fujifilm ............. B11, B12
Abbott Laboratories...A9
Adidas..................B3,B12
Agilent Technologies B10
Air Products &
Chemicals................B10
Alibaba Group Holding
A7,B12
Alphabet......................A6
B I
Bank of America.......B12
BMW....................B3,B12
Bohai Steel Group....A10
BP................................A8
Buffalo Wild Wings....B6
C ranks.
Chesapeake Energy .. B11
Cimarex Energy.........B11
CNODC.........................A8
CNOOC.........................A8
CVS............................B11
D Noble Energy.....B10,B11
Discovery...................B10
DISH Network.............B2
E Petroleo Brasileiro......A8
Experian .................... B10
Exxon Mobil................A8
F Puma ......................... B12
Facebook................B1,B4
Fox...............................B3
INDEX TO PEOPLE
A Ives, Daniel.................B1
Ashton, Joe.................B2
B
Bacow, Lawrence S. ... B6
Becerra, Xavier ........... B1
Bilson, Don..................B4
Bye, Stephen...............B2
C Continued from page B1
Cappelleri, Frank.......B11
Carolan, Shawn...........B2
Charles Evans.............A7
Coster, Paul.................B4
E Visentin, John ..... B4,B12
Ergen, Charlie ............. B2
H-I
Hodgkins, Gerald ...... B10
Icahn, Carl...................B4
Dish Chooses Veterans
For Wireless Venture
BY DREW FITZGERALD
Dish Network Corp. ap-
pointed two cellular-industry
veterans to run its fledgling
wireless business, a sign the
company is plowing more re-
sources into the venture.
The wireless division of the
Englewood, Colo., company
hired former Nokia Corp. exec-
utive Marc Rouanne to be its
chief network officer and ex-
Sprint Corp. technology boss
Stephen Bye as its chief com-
mercial officer. Dish said both
executives will start in Decem-
ber and report directly to
Chairman Charlie Ergen.
Dish has spent years amass-
ing a war chest of valuable
wireless spectrum licenses. Its
wireless plans inched forward
earlier this year after the com-
pany struck a deal with the U.S.
Department of Justice to ac-
quire divested assets from T-
Mobile US Inc.’s planned pur-
chase of Sprint.
T-Mobile’s merger with
Lockup
End Sends
Stock Down
Continued from page B1
The timeline did little to raise
investor enthusiasm.
The company’s shares de-
clined 3.8% Wednesday to
close at $26.94.
Venture capital-backed
companies on average see
their stock price fall by 2% the
day before, day of and day af-
ter a lockup expiration, ac-
cording to Mr. Ritter at the
University of Florida. Analysts
and investors caution that the
stock losses could continue.
“It is going to get worse
from a cumulative stand-
point,” said Eric Schiffer, CEO
of private-equity firm the Pa-
triarch Organization, who is
bracing for a 10% stock drop
over the coming weeks. “And
there’s not a lot that is push-
ing this stock forward because
investors are skeptical about
their true path to profitabil-
ity.”
Ultimately, investor senti-
ment hinges not on one day of
trading but on Uber’s core
business performance.
Long-term investors have
reason to believe in Uber, said
Mark Mahaney an analyst at
RBC Capital. Uber’s core ride-
hailing business remains prof-
itable before interest, taxes,
depreciation and amortization,
and its leading market share
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Ex-UAW Official Faces U.S. Charges
Royal Dutch Shell.......A8
G Saudi Aramcol......B1,
B11 BY NORA NAUGHTON UAW President Rory Gamble Mr. Ashton is also the sec- members, according to the
General Motors...........B2
Semafo......................A18
H said in a statement the ond former UAW vice presi- charging document filed in a
Slack Technologies ... B12
Federal prosecutors charged charges were inexcusable and dent to be charged in the in- U.S. federal court in Michigan.
Hasbro.........................B1 Société Générale.......B11
former United Auto Workers violate the union’s standards vestigation, which first The money came from a
HP.................B4,B11,B12 SoftBank Group.A1, B12
Sprint..............A7,B2,B12
vice president and ex-General of conduct. became public in 2017 and had jointly run UAW-GM training
Huawei Technologies
B1,B4 Starbucks....................B6
Motors Co. board member Joe Mr. Ashton’s attorney, Je- initially focused on misuse of center in Detroit, the docu-
Ashton with conspiracy to rome A. Ballarotto of New Jer- UAW training-center funds at ment says.
T
commit fraud and money laun- sey, didn’t immediately return Fiat Chrysler Automobiles NV. GM and the UAW agreed to
Inspire Brands.............B6 Tesla..........................B12 dering, according to court doc- a phone message requesting Fiat Chrysler has said the mis- close the training center in a
J T-Mobile US...........A7,B2 uments filed Wednesday, the comment. conduct was perpetrated by a new labor contract approved
Total............................A8
Juul Labs.....................A3 latest charges in a yearslong Mr. Ashton, who ran the small group of individuals act- last month by GM workers.
Toys “R” Us ................ B1
M criminal investigation into UAW’s GM department and led ing in their own interest. In exchange for arranging
Twitter........................A6
corruption in the union’s top negotiations with the auto The latest charges mark an- the contract, Mr. Ashton, along
Mattel..........................B1 Tyson Foods..............B10
maker earlier in the decade, is other setback for the UAW with two other UAW officials,
N U Mr. Ashton, who retired now the 13th person charged leadership at a time when accepted hundreds of thou-
Nanjing Wonzeal Uber TechnologiesA1,B1, from the UAW in 2014 and left in the Justice Department’s union officials are still trying sands of dollars in bribes and
Construction B11, B12
the GM board in 2017, is ac- widening criminal probe into to secure new labor contracts kickbacks from the chiroprac-
Decoration Shares..A10 UBS Group.................B10
cused of helping to orchestrate allegations of corruption, brib- at Ford Motor Co. and Fiat tor, prosecutors alleged. The
New York Times.........B3 UniCredit...................B11
a scheme to personally enrich ery and other financial mis- Chrysler. The UAW late last chiropractor visited Mr. Ash-
Nike......................B3,B12 W himself and other UAW offi- conduct among top-ranking of- month reached a new labor ton’s house regularly to deliver
WeWork..............A1, B12 cials by steering contracts to ficials at the UAW, one of the agreement with GM after a 40- cash payments of $5,000 to
Nokia...........................B2 Woodbridge Group of vendors in exchange for bribes nation’s oldest unions. The in- day nationwide walkout. $30,000, prosecutors said.
P Cos...........................B10 and kickbacks, prosecutors al- vestigation has potentially im- As part of the alleged fraud The watches were delivered
X leged. plicated UAW President Gary scheme, Mr. Ashton in 2012 to the training center in 2014
Pioneer Natural Xerox HoldingsB4, B11, GM said in a statement it Jones, who over the weekend and 2013 arranged a nearly $4 but never distributed to work-
Resources................B11 B12 was disturbed by the charges took a leave of absence. Mr. million contract for his per- ers and remain stored in a
Z involving Mr. Ashton, and the Jones hasn’t been charged and sonal chiropractor to provide warehouse, the document said.
Q-S Zhejiang Dengfeng company wasn’t aware of the his attorney said he took vol- more than 50,000 custom- —Mike Colias contributed to
Qualcomm............B3,B11 Traffic Group .......... A10 alleged illegal conduct. Acting untary leave. made wristwatches to union this article.
Mattel’s
S
K
Khosrowshahi, Dara ... B1
Schiffer, Eric...............B2
Scholz, Olaf...............B10
Seibert, Steffen........B10
Accounting
Krüger, Harald...........B12
L
Lores, Enrique.............B4
Shapiro, Robert.........B10
Snyder, Shawn..........B11
Son, Masayoshi...A1,B12
Challenged
M T
Mahaney, Mark...........B2 Thummel, Rob...........B11 didn’t respond to a phone call
Moynihan, Brian ....... B12 Tick, Lyle.....................B6
JULIA ROBINSON FOR THE WALL STREET JOURNAL
or a LinkedIn message seeking
.
N Tran, Michael............B11
comment.
V
ly
Neumann, Adam.........A7 The whistleblower letter
Nohria, Nitin...............B6 Velikonja, Urska........B10 also questioned PwC’s inde-
R pendence. Mattel’s investiga-
W tion found Mr. Abrahams vio-
Ren Zhengfei .............. B4
Ritter, Jay...................B1
Rorsted, Kasper..........B3 Z
on
Wong, Tai..................B11 lated some independence rules
by recommending candidates
Rouanne, Marc............B2 Zipse, Oliver..............B12 for Mattel’s senior finance po-
sitions. Mattel said that PwC,
us l,
which has audited Mattel for
45 years, will continue in that
al a
e
role.
PwC said in a statement Brett Whitaker, Mattel’s former director of tax reporting, questions its handling of past losses.
that “integrity is at the heart
ci on
of who we are and how we op- “walking down the hall, high- Friends, Barney & Friends, and PwC partner told me that they
erate” and the firm takes “ap- fiving people, after this deci- Bob the Builder. Reducing the were looking for a way to say
Sprint is on hold while the car- propriate actions in response sion was made,” Mr. Whitaker allowance lowered Mattel’s this isn’t a material weakness.”
riers fight an antitrust lawsuit to any allegations of miscon- said. A PwC spokeswoman de- loss for the quarter. Mattel decided to reclassify
brought by a coalition of state duct.” nied that this had occurred. Soon after, the company did the Thomas asset in a way that
er rs
attorneys general who argue When PwC received the Auditors often look for ways an internal review of its intan- would have made its treatment
the wireless merger will hurt whistleblower letter this sum- to avoid disclosing errors, es- gible assets. Finance executives in the third quarter correct,
competition. Dish has said its mer, it promptly alerted Mattel pecially given that typical ac- discovered that because of the and recorded a tax expense in
intervention will replace what- and conducted an internal in- counting standards can be way the HIT liability had been the fourth quarter that offset
m e
ever competitive force is lost vestigation that involved 30 open to interpretation, accord- categorized, it shouldn’t have the earlier error, according to
from Sprint’s demise. interviews and a review of ing to people who have worked been used to reduce Mattel’s Mr. Whitaker.
That case is scheduled to go nearly 45,000 documents, its at Big Four audit firms. loss, according to an internal The company and PwC
m rp
to trial on Dec. 9, though Mr. statement said. Mattel was a significant cli- memo reviewed by the Journal. agreed that no restatement
Ergen is pressing ahead with Mr. Whitaker, who said he ent for PwC, which last year “It was definitely an ‘oh, was needed, he said.
plans to set up a fourth nation- isn’t the August whistleblower, earned more than $9 million in shit’ moment,” said Mr. Whita- The review of the Thomas
wide cellphone network using said that when Mattel didn’t fees from the company, includ- ker, who discovered the error asset had been started before
assets peeled off from the en- restate earnings or admit to ing $1.2 million for tax ser- when doing the review. “I of- the error came to light, Mattel
co Fo
larged T-Mobile as a spring- accounting problems in 2018, vices, according to securities fered my job, that’s how big it said in its statement, although
board. he believed it was a coverup. filings. was.” the decision to reclassify and,
Mr. Rouanne held several “My team was dumb- The accounting error was After the issue was reported in effect, retroactively fix the
positions at Nokia and was its founded by it,” said Mr. Whita- tied to a $562 million valua- internally, Mattel’s heads of ac- error was made later.
president of mobile networks ker, a tax professional who be- tion allowance—a reserve for a counting and internal control The restatement announced
until 2018. He also served as gan his career at Big Four firm potential loss in value—that believed it was a material er- last week increased the re-
chairman of Alcatel-Lucent, a Ernst & Young and has worked Mattel created against its de- ror that needed to be dis- ported loss for the third quar-
rival network-gear maker that for a number of public compa- ferred tax assets in September closed, said Mr. Whitaker. ter by $109 million—the
Nokia later acquired. nies. 2017. Mattel said the question of amount of the error—offset by
Mr. Bye served as Sprint’s PwC was involved in the de- The allowance was reduced whether the errors required a a $109 million reduction in the
chief technology officer from cision not to disclose the error, by $109 million, which came restatement was “a complex is- net loss for the following quar-
2011 to 2015. He later ran tech- which the firm would have had from deferred tax liabilities re- sue that required assess- ter.
nology and operations at south- to admit it missed, Mr. Whita- lated to the company’s 2011 ac- ment…by appropriate experts.” There was no impact on
eastern regional cellphone car- ker said. quisition of HIT Entertainment The auditors took a differ- Mattel’s full-year financial re-
n-
rier C-Spire. A PwC tax partner was Ltd., which included Thomas & ent view, Mr. Whitaker said. “A sults, the company said.
Uber Technologies shares fell to a new low on Wednesday.
no
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gives it an advantage when it become profitable and main- late 2017, receiving slightly Seth Godin’s
comes to pricing power, he tain growth rates,” he said. less than $1 billion through Stop Stealing DreamS, at
said. Menlo Ventures investor the sale.
“The ride-sharing business Shawn Carolan, who led his Early Uber investor Lower- bookshout.com/giveaway with
globally is a massive market, firm’s early investment in case Capital didn’t sell shares the code PROMO
and it’s increasingly clear to Uber, said Tuesday on Twitter or distribute shares to limited
say the global leader in most that the firm would hold its partners on Wednesday when
markets is Uber,” Mr. Mahaney shares after the lockup was the lockup expired, and has no
said. lifted. “Eight years after our immediate plans to do so, ac-
The lockup expiration initial investment, we remain cording to a person familiar
“doesn’t affect core fundamen- inspired,” Mr. Carolan wrote. with the matter.
tals if Uber can continue to re- Menlo Ventures sold less —Katie Roof
duce overall losses and con- than half of its Uber stake to and Sebastian Herrera
vince people that it can SoftBank in a tender offer in contributed to this article.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Adidas Sales Rise, but Rival Leads Race
Company holds its
own in sneaker retail
even as Nike streaks
ahead in performance
BY SARA GERMANO
BERLIN—Adidas AG is in-
creasing sales around the
world and has rebounded from
supply-chain challenges and
stumbles in its home market.
But Nike Inc.’s rising domi-
nance in shoe technology could
put the German sportswear
maker on the back foot.
For weeks, the talk of the
sneaker industry has been
Nike’s controversial Vaporfly
shoes—which have enabled
recreational runners to slash
their race times, according to
running app Strava, and played
a part in two record-shattering
marathons. Vaporflys are so
widely believed to enhance
performance, due to their
unique incorporation of an ex-
tra-thick sole and a carbon-fi-
ber plate, that some in the run-
ning world question whether
they should be permitted in
professional races.
Where does that leave Adi-
QUALCOMM
Profit Slump
Starts to Ease
Qualcomm Inc. signaled a
strong year ahead for 5G phone
sales. The San Diego chip maker
gave its first forecast for global
5G smartphone shipments of
between 175 million and 225
million next year. It reported rev-
enue in its fiscal fourth quarter
of $4.81 billion, down 17% from a
year earlier, but exceeding a
FactSet analyst survey consen-
sus estimate of $4.76 billion.
On an adjusted basis, earnings
per share fell to 78 cents, above
analysts’ expectations and at the
higher end of a range manage-
ment forecast three months ago.
The company said it shipped
152 million chips in the quarter,
JOURNALISTS DON’T
‘JUST WRITE STORIES.’
THEY RECORD HISTORY.
no
* * * *
das? According to analysts—
and the company’s third-quar-
ter results—it is financially and
operationally on track. But
some say there is a lack of ex-
citement around the brand’s
footwear offerings. The white-
hot demand for its Superstar
and Stan Smith fashion shoes
has cooled in recent years and
Adidas’s performance-running
line, the Boost, is more than
six years old.
“Adidas is doing a nice job,
not a great job, while others
are doing better from a prod-
uct and consumer engagement
standpoint,” said Christopher
Svezia, footwear and apparel
analyst at Wedbush Securities.
“They’ve got to come up with
something more exciting.”
The company’s shares fell
2.6% to €274 ($303) in Frank-
furt trading on Wednesday.
Adidas Chief Executive
Kasper Rorsted said there have
been many product updates
within the Boost line since its
debut in 2013.
“We are striving to build the
top running shoe for the best
athletes and the top running
shoe for people like you and
me, who go out and run in the
morning,” he said. “I’m not go-
down 34% from a year earlier, un-
derscoring the effect of trade tur-
moil and a handset market where
many manufacturers are trying to
sell down 4G phone inventories
before they introduce 5G ones.
—Asa Fitch
FOX
Revenue Gains From
us l,
Programming Fees
al a
e
Fox Corp. said Wednesday its
quarterly revenue rose 5%,
boosted by growth at its televi-
ci on
sion unit and higher proceeds
from its Los Angeles studio lot,
which is being leasing to rivals.
Fox, which was spun off from
21st Century Fox earlier this
er rs
year after a sale of most of its
assets to Walt Disney Co., is
now built around Fox News, the
m e
m rp
co Fo
n-
Learn more about the impact your journalism career
can have on the world. Wall Street Journal reporter
Erin Ailworth and others share career advice at
dowjonesnewsfund.org/careers.
BUSINESS NEWS
The German sportswear maker’s performance-running line, the Boost, is more than six years old.
ing to comment on our compe-
tition specifically, but our aim
is of course to have the best
running shoe in the market.”
The company reported
higher third-quarter sales, in-
cluding in the North American
and Asia-Pacific markets.
According to a Wall Street
EARNINGS WATCH
Fox broadcast network and tele-
vision stations, and Fox Sports.
Revenue for the quarter
ended Sept. 30 was $2.67 billion,
roughly in line with analysts’ es-
timates. Revenue at the televi-
on sion unit grew 6.2% to $1.36 bil-
lion, thanks in part to a 14% rise
in programming fees from third-
party Fox affiliates and higher
average rates per subscriber.
Fox and The Wall Street
Journal parent News Corp share
common ownership.
—Kimberly Chin
and David Marcelis
NEW YORK TIMES
Subscriptions Fail to
Offset Ad Losses
New York Times Co. reported
strong digital-subscription growth
Journal analysis of the six ma-
jor global marathons, Adidas
athletes have won fewer titles
since the Vaporflys were intro-
duced by Nike in 2017, with
just two victories in 2019,
down from four in 2016. Nike
runners won 10 major mara-
thon titles this year, up from
in the third quarter, but earnings
suffered from a drop in advertis-
ing revenue, which the company
said would accelerate in the fol-
lowing quarter.
The Times reported net in-
come of $16.4 million, or 10 cents
a share, for the quarter, down
34% from $25 million, or 15 cents
a share, in the same period a
year earlier. On an adjusted basis
to exclude severance and some
retirement costs, earnings per
share were 12 cents.
Revenue rose 2.7% to $428.5
million from $417.3 million in the
third quarter last year, driven by a
3.7% increase in subscription rev-
enue and a 26% rise in other rev-
enue, mostly coming from the
Times’s new television program,
“The Weekly.”
Analysts polled by Thomson
Reuters had forecast adjusted
Thursday, November 7, 2019 | B3
Inside Adidas, frustration
about the Vaporfly shoes isn’t
directed at Nike but at the In-
ternational Association of Ath-
letics Federations, according to
a person familiar with the mat-
ter. Executives want the sport
to be more proactive about de-
termining if specific shoes con-
fer competitive advantages, the
person said.
Earlier this year, the IAAF
formed a group to review
whether a footwear rule
change is needed. Its results
PACO FREIRE/SOPA IMAGES/ZUMA PRESS
are expected before year-end.
Adidas’s Mr. Rorsted said
the world-class-athlete market
is “very important” to the
company but is a small con-
tributor to the commercial suc-
cess of its running business.
Net sales of Boost running
shoes totaled roughly €2.5 bil-
lion in the first nine months of
the year. Precise sales of the
Vaporfly franchise weren’t im-
eight in 2016. mediately available.
In the past year, both the Adidas’s sales for the quar-
men’s and women’s marathon ter ended in September rose
world records were smashed 9% from the year-earlier pe-
by runners wearing Vaporflys, riod to €6.4 billion, while profit
and marathoner Eliud Kip- fell 2% to €646 million, in line
choge set a new standard for with the company’s guidance.
the two-hour marathon in an —Laine Higgins
unsanctioned race in October. contributed to this article.
earnings of 10 cents a share on large cost-cutting program ear-
revenue of $429.1 million. lier this year after its profit mar-
.
Advertising revenue fell 6.7% gin was eroded by slowing sales
ly
to $113.5 million. Revenue from and the costs of shifting toward
digital advertising declined 5.4% electric cars and self-driving
to $54.7 million, while print adver- technology. It said its efforts to
tising revenue dropped 7.9% to boost earnings were bearing
$58.9 million. The company fore- fruit and could see it achieve an-
cast that both total advertising nual savings of €12 billion ($13.3
revenue and digital ad revenue billion) by the end of 2022.
would fall in the fourth quarter Net profit in the quarter rose
by a percentage in the midteens. to €1.52 billion from €1.36 billion a
—Lukas Alpert year earlier. Its closely watched
pretax profit margin in its automo-
BMW tive business rebounded to 6.6%
of sales from 4.4% a year ago.
Results Bounce Back Revenue rose nearly 8% to
On SUV Sales Boost €26.7 billion on strong sales in
China. New car sales rose 3.6%
BMW AG returned to profit on the back of higher X3 and X4
in the third quarter, helped by SUV sales. BMW’s quarterly
cost-cutting and a sales shift to earnings were largely in line
higher-margin sport-utility vehi- with analyst forecasts
cles. The company undertook a —William Boston
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Thursday, November 7, 2019 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Xerox, HP Stocks Gain Amid Deal Talk

The acquisition target is significantly larger than its suitor. BY PATRICK THOMAS pline and an eye towards what ties to shed expenses—to the “The question now is whether
AND CARA LOMBARDO is in the best interest of all tune of more than $2 billion, Icahn (or someone else) is also
30%
our shareholders,” HP said. according to people familiar on the other side and in a po-
Xerox Shares of Xerox Holdings Shares in HP rose 6.4%, with the matter. sition to put pressure on
Market
Corp. and HP Inc. rose after while Xerox shares rose 3.6%, JPMorgan Chase & Co. ana- [HP’s] new CEO, Enrique
capitalization
The Wall Street Journal re- in a sign shareholders of both lyst Paul Coster said in a re- Lores,” Gordon Haskett ana-
20
ported on a possible tie-up of companies might approve of a search note that Xerox Chief lyst Don Bilson said in a re-
the legacy tech companies. union. Executive John Visentin is search note.
HP Xerox Xerox has made a cash-and- HP, which had a market well-equipped to cut costs and Mr. Bilson also said that
$29B $8.2B stock offer for the maker of value of about $29 billion as restructure a combined com- should HP not be receptive,
10
personal computers and print- of Wednesday’s close, is sig- pany. Mr. Coster said a merged the window to launch a proxy
ers, people familiar with the nificantly larger than Xerox, entity could innovate faster. fight for board seats opens on
matter said. The Journal re- whose market capitalization The drawbacks would be Christmas.
HP ported late Tuesday that a bid was about $8 billion. The bid the size and complexity of a It could be the second re-
0
might be forthcoming. includes a takeover premium deal, he said. “The combined cent example of Mr. Icahn or-
HP said late Wednesday and is less than $23 a share, company will still be con- chestrating a deal in which the
that it has held discussions the people familiar with the fronted with the challenge of buyer is smaller than the
with Xerox in the past about matter said. HP stock closed mid-single-digit secular de- seller. Eldorado Resorts Inc. in
–10
combining the businesses and Tuesday at $18.40. cline in printing industry reve- June agreed to acquire Icahn-
received a proposal for such a A deal would join two nues,” Mr. Coster said. backed Caesars Entertainment
Share-price performance combination on Tuesday. household names that have Billionaire investor Carl Corp., which is twice its size,
“We have a record of taking been trying to retool their Icahn, who owns a 10.6% stake for roughly $9 billion.
–20
action if there is a better path businesses as the need for in Xerox and with a partner
Aug. Sept. Oct. Nov. forward and will continue to printed documents declines. A controls its board, would likely  Heard on Street: Merger may
Source: FactSet act with deliberation, disci- union could afford opportuni- play a big role in the outcome. only be good on paper........B12

WhatsApp’s Rise Worried Giant Rival

BY SAM SCHECHNER “Those companies are trying competing platform is defi- Duncan Campbell, an Irish jour-
AND PARMY OLSON to build social networks and re- nitely something I’m super- nalist, said on his website
place us,” Mr. Zuckerberg said paranoid about,” Mike Vernal, Wednesday that the court doc-
In the months before acquir- of a trio of Chinese and Korean who was a senior Facebook ex- uments were sent to him anon-
ing WhatsApp in 2014, Face- messaging apps that he had de- ecutive, said in a separate in- ymously in February of this
book Inc. executives described cided should be blocked from ternal email thread in Septem- year, and he supplied them to
the messaging service and oth- advertising on the social net- ber 2013. various publications.
ers like it as a threat to the work in a January 2013 email Facebook announced its The Wall Street Journal
company’s core business, offer- thread that included more than purchase of WhatsApp in Feb- wrote about some of the docu-
ing potential evidence to regu- a dozen senior executives in- ruary 2014 and closed the ments last year, and a subset
lators in the U.S. and Europe cluding Sheryl Sandberg, Face- roughly $22 billion deal eight of the nearly 7,000-page cache
that are pursuing antitrust book’s chief operating officer. months later. The acquisition, was subsequently released by

BEN MARGOT/ASSOCIATED PRESS

.
probes into the social-network- In the same thread, Javier the U.K. Parliament, which was

ly
ing company. Olivan, the company’s head of considering more stringent
In a trove of internal Face- growth, said chat-app firms regulation of social-media
book documents published were dangerous because they
A Facebook executive companies. The latest files
Wednesday, including email could “morph into Facebook,” on was ‘super-paranoid’ could nevertheless present
chains and presentations, Chief then pointed to a recent an- fresh problems for Facebook
Executive Mark Zuckerberg and nouncement from WhatsApp
before the messaging as it faces a range of regula-
other executives repeatedly that it had processed 18 bil- app was acquired. tory inquiries on both sides of
called messaging apps includ- lion messages in a day on the Atlantic into how it treats State Attorney General Xavier Becerra is seeking court action.
us l,

ing WhatsApp a threat to Face- Dec. 31, 2012. competitors and safeguards
book and to its own chat app, The shift to mobile devices, users’ data.
California the companies sought to stifle
al a
e
Facebook Messenger. The dan- combined with the rise of mo- as well as the company’s 2012 News Corp, owner of The competition, potentially harm-
ger was perceived to be mount- bile-messaging services that purchase of photo-sharing app Wall Street Journal, has a com- ing consumers.
ing as the social network’s us- could become social networks, Instagram for $715 million, has mercial agreement to supply
Scrutinizes Federal officials are also ex-
ci on

age moved from desktop to is “the biggest competitive been a focus for antitrust reg- news through Facebook. amining whether other big
smartphones, where chat apps threat we face as a business,” ulators who are looking into Eleanor Fox, a New York tech companies, including Ap-
had proven popular, the docu-
ments showed.
Mr. Olivan wrote.
“WhatsApp launching a
whether Facebook purchased
technology startups to keep
them from challenging its em-
University professor focusing
on market regulation, said evi-
dence that Facebook feared
Facebook ple Inc. and Amazon.com Inc.,
exert too much power over
competitors. Google has said it
er rs

pire. WhatsApp and viewed messag- is complying with the probe.

ADVERTISEMENT The U.S. Federal Trade ing platforms as a potential re- Continued from page B1 Apple and Amazon have gen-

The Marketplace
Commission has reached out placement for Facebook could social-media giant, the attor- erally said they don’t engage
to the founders of WhatsApp, be of use to antitrust investiga- ney general’s office said. in anticompetitive behavior.
m e

Jan Koum and Brian Acton, to tors. “The FTC could use that A second round of informa- While California, where
To advertise: 800-366-3975 or WSJ.com/classifieds
schedule a meeting as part of under the merger statute to tion requests was issued this Facebook is based, hasn’t been
its probe into Facebook’s com- show this was meant to be an- past June. In that case, the involved in the effort by state
m rp

AUCTIONS petitive practices, according to ticompetitive,” she said of the company didn’t answer 19 of attorneys general, Mr. Becerra
a person familiar with the acquisition. 27 sets of written questions, hasn’t officially ruled out the
 
       
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Facebook and other tech gi- Konstantinos Papamiltiadis,
  
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B "   8 9"  BY DAN STRUMPF a concern of his and that Hua-
: :  11 J 7 9: 11 4G ##: ,#&  0!   &# + I 553 AND EVA DOU wei, the world’s largest maker
of networking equipment and
BUSINESS OPPORTUNITIES TRAVEL Donate today at care.org/cyclonehelp SHENZHEN—Huawei Tech- No. 2 smartphone vendor,
nologies Co. can survive with- doesn’t figure into the battle
 
   Photo: Josh Estey/CARE out U.S. suppliers, Chief Execu- because “we have virtually no
 
    tive Ren Zhengfei said, business dealings in the U.S.”
$%  “Our home has been destroyed by the cyclone. dismissing Washington’s cam- In May, the U.S. added Hua-
&& paign against it. wei to a Commerce Department
 & We lost everything. NOTHING IS LEFT.” — JULIA, 37
Mr. Ren also said the Chi- “entity list,” preventing many
'''$% nese telecom company has yet American suppliers from doing
$%   %$! "" Since Cyclone Idai slammed southern Africa, more than 2.6 million to receive any expressions of business with the Shenzhen-
   survivors fear further death, destruction from flash floods, and interest from U.S. companies to based company.
   
       outbreak of disease. use the intellectual property Beijing has insisted on a re-
  ! " # underpinning its 5G technol- prieve for the company as a
 

  
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  % 
%& " & '   ' % # CARE is in Malawi, Zimbabwe and Mozambique addressing the ogy—a workaround floated ear- condition for any bilateral trade
       
  $   $( & ) "" ("
  ) & *  *  immediate needs of survivors, including emergency food and water, lier this year after years of be- deal.
(+ %&  # %"  shelter and family kits, and rescue missions.
ing blocked in the U.S. on Huawei last year bought $11
  "  )+   "$#
&"! %(,--
national-security grounds. The billion of technology from
 
   Your emergency gift to CARE will DOUBLE*, sending help to those proposal remains on the table, American suppliers, including
PUBLIC NOTICES   who have lost everything. he said. software from Alphabet Inc.

 
  



 
   In an interview with The and Microsoft Corp., and chips
  
 
  
 

  Wall Street Journal, Huawei’s from several manufacturers.
 !"#  #
      

 
  
  


    
   
FIGHT for Idai’s survivors. FIGHTWITHCARE ®
75-year-old founder struck a The Chinese company has

  

  
 
defiant tone on the Trump ad- moved to find backup sources,
      !" ministration’s recent moves while also working on its own
#
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&
    

     *All gifts to CARE’s Cyclone Idai emergency fund will be
matched starting March 26, 2019, up to $200,000.
against the company, while chips and software.

  
 '(
 $ '
 

 praising the U.S.’s entrepre- Huawei executives say the

) 
 $   * 
  A donation to this appeal supports CARE’s emergency
 
)  response in southern Africa in the aftermath of Cyclone neurial spirit. company is building its entire

   $    
   Idai. At least 70 cents in every dollar donated will directly
support this emergency response in Mozambique, “We can survive very well portfolio of 5G networking
 
) +
 #     
 Zimbabwe and Malawi. Other funds raised will support without the U.S.,” Mr. Ren said. products without any American
,-... / * 0  1 2  -33
 
  45.67

  CARE’s vital lifesaving work including other emergency

responses around the world. © 2019 CARE He also said trade talks be- technology, at a clip of 5,000
8
   
 


 --9,,9-: 
tween China and the U.S. aren’t base stations a month.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, November 7, 2019 | B5

.
ly
on
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the Expense Ratio,

what are you missing?
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B6 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

MANAGEMENT

Women Gain in M.B.A. Pursuit Buffalo Wild Wings

BY KATHRYN DILL Fires 2, Vows Changes
As applications to American
business schools decline, the
percentage of women enrolled
After Racist Incident
in full-time M.B.A. programs BY JAEWON KANG group, Marcus Riley, said some
continues to rise, climbing this AND BEN KESLING of the staff seemed embar-
fall to an average of 39% at rassed about the incident but
more than 50 of the top pro- Buffalo Wild Wings Inc. managers at the store didn’t
grams in the U.S., Canada and fired two store employees, apologize or tell the families
Europe, new data show. banned a customer from its they were welcome. The group
Washington University in restaurants and plans to speed eventually walked out before
RYAN COLLERD FOR THE WALL STREET JOURNAL

St. Louis Olin Business School up sensitivity training in the posting their story to social
came closest to an even split wake of a racist incident in media.
between male and female stu- suburban Chicago. Buffalo Wild Wings Presi-
dents, with 49% women en- The company is accelerating dent Lyle Tick met with Naper-
rolled this fall, according to the training after its employees ville Mayor Steve Chirico and
data collected by the Forté told a group dining at its res- other community leaders on
Foundation, a nonprofit fo- taurant in Naperville, Ill., on Tuesday to discuss ways to de-
cused on advancing women. Saturday that a regular cus- velop a sensitivity training
Others with high percentages tomer didn’t want to sit by specific to the Chicago region
of female students include the them because they were black. where the incident happened,
Wharton School of the Univer- Christopher Fuller, a spokes- said Mr. Fuller. Atlanta-based
sity of Pennsylvania and the man for Buffalo Wild Wings, Buffalo Wild Wings, part of In-
University of Michigan’s Ross The Wharton School of the University of Pennsylvania had 45% or more women enrolled this fall. said two employees involved in spire Brands Inc., has also met
School of Business, which each the incident had been fired and
had 45% or more women en- would challenge her, she said. that all of its restaurant staff-
rolled. Harvard Business ulty of Harvard Business Even as business schools ers will take part in training
A customer who
Altogether, 19 Forté mem- School in 1988, after earning a become more savvy about re- this fall that aims to address
ber schools had 40% or more School Dean Leaves Ph.D. from the Massachusetts cruiting, some face intractable unconscious bias toward race didn’t want to sit
women enrolled, including Institute of Technology. impediments to attracting fe- and sexual orientation.
Harvard Business School, the During Mr. Nohria’s tenure male candidates, such as a ru- The incident makes Buffalo
near a group of black
Kellogg School of Management Harvard Business School as dean, the school launched ral or remote location. These Wild Wings the latest restau- people was banned.
at Northwestern University, said Dean Nitin Nohria will Harvard Business School On- schools struggle to recruit rant chain to face criticism
Yale School of Management step down in June 2020. line, a digital learning platform, women, said Forté Chief Exec- over its handling of conflicts
and Duke University’s Fuqua Mr. Nohria is the school’s and created two joint-degree utive Elissa Sangster, because involving race at its stores.
School of Business. Women’s 10th dean and has held the po- programs, the Masters in Sci- it can be hard for their part- Starbucks Corp. closed thou- with officials from the neigh-
enrollment in U.S. M.B.A. pro- sition for the past 10 years. ence/Masters in Business Ad- ners to find work when cou- sands of stores for an after- boring city of Aurora and state
grams was also up compared According to a statement, he ministration in Engineering Sci- ples relocate. “There are built- noon last year to conduct anti- and federal officials.
with programs in Europe and will take a sabbatical beginning ences and the MS/M.B.A. in in issues that are hard to bias training after two black Buffalo Wild Wings said
Canada, which report average in June. Biotechnology: Life Sciences. overcome, no matter what men were arrested at a cafe in members of the family in-
women’s enrollment of 36% Harvard University Presi- The school also expanded its kind of amazing program you Philadelphia for allegedly re- volved in the incident hadn’t
for fall 2019. dent Lawrence S. Bacow said Doctor of Business Administra- offer,” she said. fusing to leave the cafe after responded to the company’s at-

.
Forté representatives said the search for Mr. Nohria’s suc- tion degree into a Ph.D. in Tory Voight worked at they were denied use of the tempts to contact them.

ly
the rising share of women in cessor would begin soon. Business Administration. Google for nine years before restroom. The men weren’t “We really want to open a
M.B.A. programs—up from Mr. Nohria joined the fac- —Kathryn Dill leaving to pursue an M.B.A. at charged with any crimes. dialogue with families af-
nearly 38% last year and 32% Harvard this fall. She wanted Justin Vahl, a member of fected,” Mr. Fuller said. He said
in the fall of 2011—reflects im- on to prepare for a leadership the group of 18 people that the customer who refused to
proved recruiting efforts by Schools have increased ef- the school’s efforts to support role at a big tech company and gathered at the Buffalo Wild sit near Mr. Vahl and his group
business schools, which have forts to showcase the versatil- women as students, including to gain experience outside Sili- Wings in Naperville on Satur- has been permanently banned
highlighted on-campus diver- ity of an M.B.A.—once consid- a parental-leave policy and a con Valley. Ms. Voight was day to celebrate a child’s birth- from Buffalo Wild Wings
sity and harnessed alumni net- ered a direct path to the fast support group for M.B.A. stu- drawn to both the diversity day, said the host at the res- stores. He didn’t reveal the
us l,

works to help female candi- track on Wall Street or at ma-
dates envision themselves in jor U.S. corporations—in en-
al a
e
programs they once might trepreneurship or tech. They
have assumed were predomi- have also worked to build ties
nantly male. with female students as un-
ci on
dents who are mothers, as im-
portant factors in enrolling
more women.
Mollie Breen, a mathemati-
cian who previously worked at
she saw at Harvard Business
School and the platinum ros-
ter of female alumni working
at the top of the industry.
“There’s this criticism that
taurant told him that a regular
customer didn’t want to sit
near his party because they
were black.
“I was immediately aston-
identity of the customer.
“I have met with the leader-
ship of Buffalo Wild Wings at
their request, and they con-
firmed the events,” Mayor

Last year, the University of dergraduates, increasing the
Southern California Marshall chance they will consider an
School of Business was the M.B.A. as part of their career-
first Forté M.B.A. member to building plans earlier.
report more than half of its in- Chad Losee, managing di-
er rs
the Defense Department, said
she visited many schools that
felt like a natural fit during
the M.B.A. application process.
But she gravitated toward
it’s not an accurate reflection
of the business world, this ide-
alistic environment,” Ms. Voi-
ght said. “I would disagree.
Maybe 20 years from now
ished that I was even asked
this question,” he said at a
press conference Tuesday. Mr.
Vahl and his party still took
their seats. He said a manager
Chirico said Wednesday. “I
made it known that what oc-
curred to the families is unac-
ceptable.” He said he has also
reached out to the Vahl family.

coming full-time M.B.A. class rector of M.B.A. admissions Harvard because she believed some of us will also be leading then told them they would A lawyer for the affected fami-
was female. This year, USC’s and financial aid at Harvard the cultural and professional companies and changing the have to move. The group re- lies didn’t respond to a request
incoming class is 42% women. Business School, pointed to diversity of the students statistics.” fused. Another member of the for comment.
m e
m rp
co Fo

DECEMBER 3, 2019 | CONRAD HOTEL | NYC

n-

What are the lessons learned Speakers

no

after experiencing Cybercrime? Alissa Abdullah

Senior Vice President and Deputy Chief Security Oficer
Mastercard Operations & Technology
For one day only in NYC, WSJ Pro Cybersecurity Executive Forum will
Jamil Farshchi
bring together cybersecurity industry leaders. On stage with senior WSJ
Chief Information Security Oficer
editors, they’ll examine timely topics including: lessons from the most Equifax
recent major hacks, what and how to report to the board and navigating
Christine Izuakor
the complexities of cyber-insurance. Senior Manager, Global Strategy and Awareness
United Airlines

Kevin McNamee
Attendees Include: Director, Threat Intelligence
Nokia

Anne Neuberger
AAA National Nasdaq
Director, Cybersecurity Directorate
NSA
Bank of America Oshkosh Corp
Nasrin Rezai
Bayer Procter & Gamble Global Chief Information and Product Security Oficer
General Electric
Black Knight Inc Tableau
Roger Severino
EY Tompkins Financial Corporation Director, Ofice for Civil Rights,
Department of Health and Human Services
GE Aviation Unisys Corporation
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THE WALL STREET JOURNAL. Thursday, November 7, 2019 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
27492.56 t 0.07, or 0.0003% Trailing P/E ratio 20.36 21.97 3076.78 s 2.16, or 0.07% Trailing P/E ratio * 23.48 21.96 8410.63 t 24.05, or 0.29% Trailing P/E ratio *† 25.28 22.87
High, low, open and close for each P/E estimate * 18.15 15.97 High, low, open and close for each P/E estimate * 18.55 16.59 High, low, open and close for each P/E estimate *† 22.25 19.18
trading day of the past three months. Dividend yield 2.24 2.12 trading day of the past three months. Dividend yield * 1.89 1.95 trading day of the past three months. Dividend yield *† 0.99 1.07
All-time high 27492.63, 11/05/19 All-time high 3078.27, 11/04/19 All-time high: 8433.20, 11/04/19

Current divisor 0.14744568353097

27600 3100 8550

27000 3050 8375

65-day moving average

26400 3000 8200

25800 2950 8025

Session high
65-day moving average
DOWN UP 25200 2900 7850
t

Session open Close

Close Open 65-day moving average

t

24600 2850 7675

Bars measure the point change from session's open Session low
24000 2800 7500
Aug. Sept. Oct. Aug. Sept. Oct. Aug. Sept. Oct.
* Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 988,134,067 10,869,128
Industrial Average 27526.05 27407.81 27492.56 -0.07 0.0003 27492.63 21792.20 5.0 17.9 15.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 405,010,883 3,418,963
Transportation Avg 11043.33 10952.00 11030.04 -19.99 -0.18 11098.99 8637.15 2.9 20.3 11.0 Most-active issues in late trading Decl. volume* 573,192,282 7,246,799
Utility Average 854.73 848.74 850.36 2.10 0.25 880.50 692.00 13.8 19.3 9.2 Volume After Hours Issues traded 3,052 275
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 31467.70 31351.23 31454.72 -3.81 -0.01 31491.40 24126.04 8.5 22.3 13.5 Advances 1,331 129
VanEck Vectors Gold Miner GDX 13,339.2 27.27 -0.03 -0.11 27.33 27.25
Barron's 400 700.78 698.06 700.28 -0.94 -0.13 720.53 571.68 -1.8 14.9 9.8 Declines 1,623 134
General Electric GE 7,290.3 11.04 0.02 0.18 11.04 11.00
Unchanged 98 12
Nasdaq Stock Market Utilities Sel Sector SPDR XLU 6,333.3 63.07 0.21 0.33 63.07 62.44 New highs 106 4
Nasdaq Composite 8426.57 8379.33 8410.63 -24.05 -0.29 8434.68 6192.92 11.1 26.8 18.6 SPDR S&P 500 SPY 6,181.5 307.28 0.18 0.06 307.51 307.07 New lows 33 5
Nasdaq 100 8204.34 8157.36 8196.03 -14.15 -0.17 8210.66 5899.35 13.8 29.5 20.7 iSh Core MSCI Europe IEUR 4,510.2 48.02 0.05 0.10 48.02 48.02 Closing Arms† 1.37 1.62
Roku Cl A ROKU 4,270.2 119.88 -21.17 -15.01 141.05 117.56 Block trades* 6,580 111
S&P
SLM Corp SLM 3,733.2 8.90 -0.01 -0.11 8.91 8.90

.
500 Index 3078.34 3065.89 3076.78 2.16 0.07 3078.27 2351.10 9.3 22.7 13.8 Nasdaq NYSE Arca
Fitbit FIT 3,581.3 6.99 -0.04 -0.57 7.06 6.98
1997.71 1985.73 -8.98 -0.45 1999.33 1567.40 19.7

ly
MidCap 400 1990.35 4.2 10.4 Total volume*2,329,057,086 234,389,869
SmallCap 600 989.19 982.42 984.54 -5.64 -0.57 992.06 793.86 -0.8 16.5 11.7 Percentage gainers… Adv. volume*1,012,266,992 97,442,926
InflaRx IFRX 817.8 3.22 0.63 24.32 3.53 2.84 Decl. volume*1,300,976,220 135,540,125
Other Indexes on Conifer Holdings CNFR 878.4 4.50 0.82 22.27 4.50 4.50 Issues traded 3,264 1,611
Russell 2000 1598.42 1587.02 1589.54 -10.07 -0.63 1614.98 1266.93 0.5 17.9 11.0
Advances 1,137 703
NYSE Composite 13364.94 13319.79 13351.57 11.98 0.09 13355.44 10769.83 5.3 17.4 9.1 DexCom DXCM 319.4 179.85 26.73 17.46 185.00 153.12
Declines 2,004 879
Value Line 536.80 532.98 534.02 -2.78 -0.52 552.12 446.06 -2.9 13.1 5.4 Livongo Health LVGO 163.7 24.00 2.80 13.21 24.95 21.49
Unchanged 123 29
NYSE Arca Biotech 4513.70 4459.54 4465.05 -38.71 -0.86 5261.79 3890.37 -8.4 5.8 15.6
GoDaddy Cl A GDDY 167.9 69.49 6.53 10.37 77.00 62.22
New highs 92 81
us l,

NYSE Arca Pharma 604.10 600.15 603.40 3.07 0.51 612.45 535.91 1.4 6.1 8.9 ...And losers New lows 76 4
KBW Bank 108.97 108.04 108.67 -0.09 -0.08 108.76 80.78 7.1 26.7 14.0 Fossil Group FOSL 236.7 9.33 -3.23 -25.72 12.56 8.80 Closing Arms† 0.73 1.10
al a
e
PHLX§ Gold/Silver 94.59 92.99 94.09 0.75 0.81 101.76 61.84 43.5 33.2 1.8 TPI Composites TPIC 94.5 17.01 -4.62 -21.36 21.63 16.26 Block trades* 14,106 1,461
PHLX§ Oil Service 71.54 68.96 69.44 -2.04 -2.85 124.56 59.66 -44.2 -13.8 -22.6 Aerie Pharmaceuticals AERI 158.6 19.42 -4.40 -18.47 23.90 19.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1722.20 1699.49 1715.67 -14.48 -0.84 1730.15 1069.39 36.4 48.5 28.8 Puma Biotechnology PBYI 424.7 5.85 -1.28 -17.95 7.14 5.30 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 13.39 12.60 12.62 -0.48 -3.66 36.07 12.01 -22.9 -50.4 -17.5 Roku Cl A ROKU 4,270.2 119.88 -21.17 -15.01 141.05 117.56 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er rs

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 3147.64 6.09 0.19 15.1 Constellation Pharm CNST 28.10 13.33 90.25 45.42 4.01 368.3 Fluidigm FLDM 2.51 -2.60 -50.88 14.90 2.34 -67.7
0.03
m e

DJ Global Index 416.17 0.12 18.6 Boingo Wireless WIFI 12.57 2.87 29.59 26.67 8.85 -49.5 BlueLinx Holdings BXC 17.87 -13.13 -42.35 35.40 17.81 -32.3
DJ Global ex U.S. 254.71 0.08 0.03 14.4 comScore SCOR 3.15 0.66 26.51 23.89 1.43 -80.9 Plantronics PLT 25.00 -14.44 -36.61 62.97 23.14 -57.7
0.01 Venator Materials VNTR 3.65 0.72 24.57 7.24 1.85 -46.3 Vapotherm VAPO 8.17 -4.31 -34.54 24.63 7.60 ...
m rp

Americas DJ Americas 725.13 0.07 22.1

Brazil Sao Paulo Bovespa 108360.22 –358.80 –0.33 23.3 Aquestive Therapeutics AQST 5.23 1.00 23.64 18.49 2.95 -70.8 Supernus Pharmaceuticals SUPN 19.93 -9.20 -31.58 49.25 19.35 -55.9
Canada S&P/TSX Comp 16745.64 63.72 0.38 16.9 Trupanion TRUP 29.62 5.58 23.21 37.13 20.84 9.8 NextCure NXTC 67.01 -25.21 -27.34 109.00 13.86 ...
Mexico S&P/BMV IPC 43818.51 206.67 0.47 5.2 SunOpta STKL 2.44 0.42 20.79 6.90 1.30 -58.8 Neonode NEON 1.70 -0.59 -25.76 3.80 1.31 -30.6
Chile Santiago IPSA 3296.24 –93.69 –2.76 –12.4 Provention Bio PRVB 8.29 1.42 20.67 22.82 1.52 143.8 Town Sports Intl Hldgs CLUB 1.57 -0.51 -24.52 8.13 1.11 -79.5
0.21 Precision Biosciences DTIL 8.11 1.23 17.88 19.00 6.24 ... ANI Pharmaceuticals ANIP 60.17 -18.74 -23.75 86.96 36.92 8.9
EMEA Stoxx Europe 600 405.07 0.84 20.0
co Fo

0.22 Forty Seven Cl A FTSV 8.01 1.20 17.62 23.83 5.53 -38.4 Eloxx Pharmaceuticals ELOX 5.14 -1.41 -21.53 17.50 2.87 -63.8
Eurozone Euro Stoxx 397.88 0.87 21.1
Belgium Bel-20 3859.71 7.83 0.20 19.0 Aircastle AYR 32.27 4.68 16.96 32.28 15.75 60.6 Camber Energy CEI 2.03 -0.54 -21.01 6640.63 1.92 -100.0
Denmark OMX Copenhagen 20 1070.64 –3.01 –0.28 20.1 Stage Stores SSI 3.04 0.43 16.48 3.12 0.55 73.7 Sierra Wireless SWIR 8.92 -2.36 -20.92 19.81 8.91 -54.9
France CAC 40 5866.74 19.85 0.34 24.0 Computer Programs & Sys CPSI 26.84 3.63 15.64 34.00 20.72 -5.0 HyreCar HYRE 2.01 -0.52 -20.55 8.03 1.54 -22.1
Germany DAX 13179.89 31.39 0.24 24.8 Office Depot ODP 2.53 0.34 15.53 3.82 1.23 -25.8 Amneal Pharmaceuticals AMRX 2.76 -0.68 -19.77 21.22 2.27 -86.6
1664.04 –0.45 13.7 Paysign PAYS 11.43 1.51 15.22 18.67 2.94 212.3 Adesto Technologies IOTS 7.60 -1.71 -18.37 11.97 4.10 64.5
Israel Tel Aviv –7.56
Italy FTSE MIB 23373.22 8.40 0.04 27.6
Netherlands AEX 594.93 4.28 0.72 21.9
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1471.38 10.88 0.74 37.7 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
South Africa FTSE/JSE All-Share 57652.58 405.66 0.71 9.3
Spain IBEX 35 9398.40 –9.55 –0.10 10.1 Chesapeake Energy CHK 347,589 487.4 0.91 -29.15 3.79 0.79 Schwab 5-10 Year Corp Bd SCHI 1,607 26417 49.84 0.26 50.13 49.65
Sweden OMX Stockholm 658.21 –0.77 –0.12 25.3 FuelCell Energy FCEL 184,794 1503.2 0.54 101.57 11.64 0.13 Constellation Pharm CNST 8,186 6602 28.10 90.25 45.42 4.01
0.44 Uber Technologies UBER 131,102 1058.1 26.94 -3.85 47.08 25.58 Aircastle AYR 11,276 4091 32.27 16.96 32.28 15.75
Switzerland Swiss Market 10318.10 45.12 22.4
n-

101143.74 0.62 10.8 NIO ADR NIO 113,976 279.4 2.03 -13.25 10.64 1.19 William Lyon Homes WLH 6,897 1914 20.32 10.43 21.70 9.85
Turkey BIST 100 618.42
0.12 9.9
General Electric GE 77,939 13.2 11.02 0.46 11.29 6.40 Plantronics PLT 8,776 1867 25.00 -36.61 62.97 23.14
U.K. FTSE 100 7396.65 8.57
U.K. FTSE 250 20216.59 –78.40 –0.39 15.5 SELLAS Life Sciences SLS 76,314 656.6 0.14 -32.78 2.46 0.10 Fidelity MSCI Con Staples FSTA 2,186 1780 36.46 0.41 36.85 29.04
HP HPQ 63,132 405.2 19.57 6.36 25.72 15.93 Invsc DWA Financial Mom PFI 767 1683 37.40 0.65 39.23 26.89
no

Asia-Pacific
iShares MSCI Emg Markets EEM 60,664 0.8 43.76 -0.32 44.84 38.04 Invsc Variable Rate Pfd VRP 4,440 1678 25.74 0.16 25.76 22.26
Australia S&P/ASX 200 6660.20 –36.92 –0.55 18.0
Advanced Micro Devices AMD 51,597 -10.9 35.93 -0.61 37.18 16.03 8i Ents Acqn JFK 94 1332 9.95 -0.20 11.50 9.19
China Shanghai Composite 2978.60 –12.97 –0.43 19.4
Altice USA Cl A ATUS 50,551 897.9 25.98 -17.13 31.78 15.15 SPDR Bloomberg ST Int Tr BWZ 654 1327 30.43 -0.52 31.18 30.19
Hong Kong Hang Seng 27688.64 5.24 0.02 7.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 40469.78 221.55 0.55 12.2 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23303.82 51.83 0.22 16.4
Singapore Straits Times 3262.69 14.06 0.43 6.3 Track the Markets
South Korea Kospi 2144.15 1.51 0.07 5.1 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11653.07 9.04 0.08 19.8 global stock indexes, bond ETFs,
Thailand SET 1623.99 –2.88 –0.18 3.8
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Wed YTDchg Wed YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004310 23200 0.02
Americas
Argentina peso .0168 59.6679 58.5 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2449 4.0836 5.2 Czech Rep. koruna .04334 23.075 2.9

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7586 1.3182
.001349 741.40
–3.4
6.8
Denmark krone
Euro area euro
.1481 6.7516 3.7
1.1066 .9037 3.7
notes and bonds major U.S. trading partners .000300 3338.65 .003334 299.91 7.1
Money market accounts Colombiapeso 2.8 Hungary forint
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .008037 124.43 7.1
benchmark over the past year 4.00% Mexico peso .0522 19.1453 –2.6 Norway krone .1090 9.1711 6.1
Bankrate.com avg†: 0.71% 8%
Yen Uruguay peso .02682 37.2800 15.1 Poland zloty .2594 3.8544 3.0
s

earn.bank 2.05% Russia ruble .01566 63.869 –7.8

t One year ago 3.00 Asia-Pacific
2.00% San Diego, CA 844-371-3276 t 4 Sweden krona .1039 9.6248 8.7
Federal-funds Australian dollar .6885 1.4524 2.4
HSBC Direct Savings 2.05% Switzerland franc 1.0072 .9929 1.2
target rate 1.50 2.00 China yuan .1429 6.9982 1.7
0 Turkey lira .1739 5.7511 8.7
Blue Bell, PA 800-975-4722 Hong Kong dollar .1278 7.8267 –0.1
Ukraine hryvnia .0406 24.6094 –11.2
Money market India rupee .01408 71.010 2.1
2.07%
t
1.00 Vio Bank 1.00 –4 s UK pound 1.2857 .7778 –0.8
account yields t Phoenix, AZ 888-999-9170 Tradeweb ICE Wednesday Close WSJ Dollar index s Indonesia rupiah .0000714 14015 –2.5
Middle East/Africa
Euro Japan yen .009176 108.98 –0.6
0.50 TAB Bank 2.10% 0.00 –8 Kazakhstan tenge .002571 389.02 1.2 Bahrain dinar 2.6527 .3770 0.01
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 710 30 Macau pataca .1239 8.0704 0.02 Egypt pound .0620 16.1406 –9.9
0.00 2018 2019 Malaysia ringgit .2417 4.1370 0.1 Israel shekel .2867 3.4884 –6.7
Live Oak Bank 2.15% month(s) years
ND J FMAM J J A S O N New Zealand dollar .6369 1.5701 5.5 Kuwait dinar 3.2943 .3036 0.1
Wilmington, NC 866-518-0286 maturity Pakistan rupee .00640 156.200 11.7 Oman sul rial 2.5974 .3850 unch
2019
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0197 50.653 –3.5 Qatar rial .2744 3.644 0.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7357 1.3592 –0.3 Saudi Arabia riyal .2667 3.7502 –0.04
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008609 1161.58 4.2 South Africa rand .0675 14.8142 3.2
Federal-funds rate target 1.50-1.75 1.75-2.00 1.75 l 2.25 1.25 Sri Lanka rupee .0055356 180.65 –1.2
Yield (%) 52-Week Total Return (%) Close Net Chg % Chg YTD%Chg
Bond total return index Close Last Week ago High Low 52-wk 3-yr Taiwan dollar .03288 30.410 –0.6
Prime rate* 4.75 5.00 4.75 l 5.50 1.25 Thailand baht .03300 30.300 –6.3 WSJ Dollar Index 90.84 0.03 0.04 1.30
Libor, 3-month 1.90 1.91 1.89 l 2.82 1.02 U.S. Treasury, Barclays 2273.600 1.770 1.780 3.120 1.510 10.53 2.31
Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.71 0.71 0.49 l 0.78 0.44 U.S. Treasury Long, Barclays 4050.460 2.240 2.220 3.410 1.880 25.42 4.35
Five-year CD, annual yield 1.44 1.53 1.44 l 2.07 0.24 Aggregate, Barclays 2116.420 2.330 2.330 3.660 2.060 11.14 3.06 Commodities
30-year mortgage, fixed† 3.94 3.98 3.60 l 4.99 0.33 Wednesday 52-Week YTD
Fixed-Rate MBS, Barclays 2133.490 2.590 2.560 3.810 2.200 9.09 2.45 Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.33 3.35 3.14 l 4.34 0.48
High Yield 100, ICE BofAML 3125.834 5.217 5.196 7.825 5.100 7.74 5.99 DJ Commodity 628.37 -5.05 -0.80 639.65 572.87 1.52 9.69
Jumbo mortgages, $484,350-plus† 4.36 4.35 4.16 l 5.01 0.07
Muni Master, ICE BofAML 561.885 1.706 1.720 2.905 1.459 8.88 3.10 TR/CC CRB Index 180.51 -1.58 -0.87 191.34 167.89 -5.66 6.31
Five-year adj mortgage (ARM)† 4.31 4.32 3.94 l 4.86 1.18
EMBI Global, J.P. Morgan 864.946 5.092 5.235 7.372 5.026 12.72 4.47 Crude oil, $ per barrel 56.35 -0.88 -1.54 66.30 42.53 -8.63 24.09
New-car loan, 48-month 4.56 4.56 4.49 l 4.81 1.60
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 2.828 -0.034 -1.19 4.837 2.070 -20.45 -3.81
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. 1490.20 9.40 0.63 1550.30 1199.20 21.53 16.58

Get real-time U.S. stock quotes and track most-active stocks, new highs/lows and mutual funds. Plus, deeper money-flows data and email delivery of key stock-market data. Available free at WSJMarkets.com
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B8 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, November 6, 2019
Metal & Petroleum Futures Sugar-World (ICE-US)-112,000 lbs.; cents per lb. These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
March 12.71 12.71 12.54 12.56 –.15 535,795 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
May 12.82 12.82 12.66 12.68 –.14 174,190 months.
Open High hi lo Low Settle Chg interest
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Copper-High (CMX)-25,000 lbs.; $ per lb. Jan 26.82 26.82 26.82 26.82 … 975
Wednesday Wednesday Wednesday
Nov 2.6700 2.6700 2.6700 2.6610 –0.0340 1,342 Platinum,Engelhard fabricated 1033.0 Wheat,No.2 soft red,St.Louis-bp,u 5.4100
May 26.97 26.97 26.97 26.97 .02 1,388 Energy
Dec 2.6995 2.7015 2.6605 2.6650 –0.0355 130,299
Cotton (ICE-US)-50,000 lbs.; cents per lb. Palladium,Engelhard industrial 1804.0 Wheat - Hard - KC (USDA) $ per bu-u 4.3025
Gold (CMX)-100 troy oz.; $ per troy oz.
Nov 1483.20 1491.00 1480.80 1490.20 9.40 36 Dec 63.81 64.11 63.45 63.69 –.12 103,167 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 65.400 Palladium,Engelhard fabricated 1904.0 Wheat,No.1soft white,Portld,OR-u 5.9750
Dec 1484.30 1495.90 1483.80 1493.10 9.40 474,763 March'20 65.35 65.70 65.13 65.27 –.20 90,942 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 12.150 Aluminum, LME, $ per metric ton *1813.5
Feb'20 1491.20 1503.00 1491.20 1500.30 9.50 119,370 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Copper,Comex spot 2.6610 Food
April 1498.20 1508.10 1497.00 1505.60 9.60 37,940 Nov 95.40 95.40 95.40 95.40 –.95 443 Metals
Iron Ore, 62% Fe CFR China-s 83.4 Beef,carcass equiv. index
June 1502.20 1513.00 1501.70 1510.50 9.60 39,061 Jan'20 100.55 100.80 99.00 99.25 –1.10 13,825
Aug 1510.50 1515.00 1510.30 1515.20 9.30 6,573 Gold, per troy oz Shredded Scrap, US Midwest-s,m 212 choice 1-3,600-900 lbs.-u 199.47
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Engelhard industrial 1487.00 Steel, HRC USA, FOB Midwest Mill-s 500 select 1-3,600-900 lbs.-u 174.14
Nov … … … 1763.60 14.40 Engelhard fabricated 1598.53 Broilers, National comp wtd. avg.-u,w 0.7892
Dec 1747.50 1772.90 1739.00 1761.10 14.40 21,741 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Fibers and Textiles
Dec 184-050 185-310 184-040 185-200 1-23.0 1,153,436 Handy & Harman base 1486.05 Butter,AA Chicago 2.0550
March'20 1739.90 1768.90 1736.50 1757.30 14.30 4,207
June 1756.00 1756.00 1754.90 1750.20 13.80 1,532 March'20 183-300 185-050 183-090 184-270 1-23.0 12,715 Handy & Harman fabricated 1649.52 Burlap,10-oz,40-inch NY yd-n,w 0.5000 Cheddar cheese,bbl,Chicago 239.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% LBMA Gold Price AM *1504.60 Cotton,1 1/16 std lw-mdMphs-u 0.6319 Cheddar cheese,blk,Chicago 214.75
Nov ... ... ... 928.30 1.50 25 Dec 157-310 159-050 157-310 158-310 1-03.0 984,267 Cotlook 'A' Index-t *74.70 Milk,Nonfat dry,Chicago lb. 120.50
LBMA Gold Price PM *1488.95
Jan'20 932.90 936.90 925.90 931.70 1.10 84,217 March'20 157-120 158-090 157-040 158-050 1-03.0 11,159
Krugerrand,wholesale-e 1551.26 Hides,hvy native steers piece fob-u 39.000 Coffee,Brazilian,Comp 1.0741
Silver (CMX)-5,000 troy oz.; $ per troy oz. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Dec 128-310 129-125 128-300 129-105 13.0 3,729,336 Maple Leaf-e 1566.18 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.4278
Nov 17.525 17.580 17.370 17.558 0.042 15
17.555 17.630 17.360 17.598 0.030 156,247 March'20 129-000 129-125 128-305 129-110 13.5 179,133 American Eagle-e 1566.18 Eggs,large white,Chicago-u 0.8850
Dec
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Grains and Feeds
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Mexican peso-e 1806.42 Flour,hard winter KC 13.95
Dec 57.26 57.85 56.11 56.35 –0.88 396,036 Dec 118-155 118-227 118-152 118-215 6.5 4,511,885 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.81
March'20 118-247 119-002 118-242 118-310 6.7 197,871 Austria crown-e 1465.07
Jan'20 57.30 57.87 56.16 56.38 –0.91 251,632 Bran,wheat middlings, KC-u 110 Hogs,Iowa-So. Minnesota-u 60.75
Feb 57.14 57.71 56.01 56.20 –0.95 139,793 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Austria phil-e 1566.18
Dec 107-186 107-210 107-186 107-200 1.5 3,793,951 Corn,No. 2 yellow,Cent IL-bp,u 3.7000 Pork bellies,12-14 lb MidUS-u n.a.
March 56.76 57.35 55.67 55.84 –1.00 181,742 Silver, troy oz.
June 55.41 56.04 54.37 54.52 –1.07 177,303 March'20 107-247 107-266 107-241 107-256 1.7 273,420 Corn gluten feed,Midwest-u,w 107.7 Pork loins,13-19 lb MidUS-u 0.9410
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Engelhard industrial 17.6000 Steers,Tex.-Okla. Choice-u n.a.
Dec 53.46 54.03 52.47 52.63 –1.06 177,562 Corn gluten meal,Midwest-u,w 385.6
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Nov 98.4250 98.4250 98.4225 98.4250 .0025 387,286 Engelhard fabricated 21.1200 Steers,feeder,Okla. City-u,w 154.50
Cottonseed meal-u,w 215
Dec 1.9601 1.9689 1.9199 1.9278 –.0288 134,141 Jan'20 98.4550 98.4750 98.4500 98.4700 .0150 414,338 Handy & Harman base 17.6480
10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Hominy feed,Cent IL-u,w 105
Jan'20 1.9534 1.9621 1.9139 1.9209 –.0292 79,964 Handy & Harman fabricated 22.0600 Fats and Oils
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 97-165 97-255 97-105 97-230 13.5 78,524 Meat-bonemeal,50% pro Mnpls-u,w 213
Eurodollar (CME)-$1,000,000; pts of 100% LBMA spot price *£13.9800 Oats,No.2 milling,Mnpls-u 3.2400
Dec 1.6790 1.6790 1.6226 1.6262 –.0484 146,455 Corn oil,crude wet/dry mill wtd. avg.-u,w 29.7500
Jan'20 1.6586 1.6619 1.6092 1.6120 –.0444 95,902 Nov 98.1050 98.1175 98.1050 98.1150 .0100 332,052 (U.S.$ equivalent) *18.0450 Rice, Long Grain Milled, No. 2 AR-u,w 25.25 Grease,choice white,Chicago-h 0.2250
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 98.0850 98.1100 98.0850 98.1000 .0150 1,496,069 Coins,wholesale $1,000 face-a 12989
March'20 98.3000 98.3250 98.2950 98.3150 .0200 1,582,531
Sorghum,(Milo) No.2 Gulf-u 7.3888 Lard,Chicago-u n.a.
Dec 2.873 2.891 2.820 2.828 –.034 283,614 Other metals
Jan'20 2.952 2.969 2.899 2.907 –.033 229,633 Dec 98.4000 98.4500 98.4000 98.4350 .0350 1,221,441 SoybeanMeal,Cent IL,rail,ton48%-u 300.40 Soybean oil,crude;Centl IL-u 0.3168
Feb 2.896 2.918 2.850 2.858 –.028 79,222
LBMA Platinum Price PM *925.0 Soybeans,No.1 yllw IL-bp,u 8.9000 Tallow,bleach;Chicago-h 0.2400
March 2.733 2.754 2.689 2.696 –.028 143,121 Currency Futures Platinum,Engelhard industrial 933.0 Wheat,Spring14%-pro Mnpls-u 7.0825 Tallow,edible,Chicago-u 0.3500
April 2.436 2.444 2.402 2.407 –.020 85,322
Japanese Yen (CME)-¥12,500,000; $ per 100¥
May 2.400 2.411 2.369 2.371 –.022 79,704
Nov .9184 .9195 .9165 .9186 .0024 1,882 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; H=American Commodities Brokerage Co;
Dec .9180 .9210 .9179 .9200 .0024 172,202 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. *Data as of 11/5
Agriculture Futures Canadian Dollar (CME)-CAD 100,000; $ per CAD
Corn (CBT)-5,000 bu.; cents per bu. Nov .7613 .7604 .7581 .7585 –.0016 612 Source: WSJ Market Data Group
Dec 382.25 385.00 377.50 378.75 –3.00 663,358 Dec .7604 .7606 .7580 .7586 –.0015 187,891
March'20 391.75 393.25 387.00 387.75 –4.00 413,842 British Pound (CME)-£62,500; $ per £
Oats (CBT)-5,000 bu.; cents per bu. Nov 1.2883 1.2901 1.2850 1.2858 –.0031 1,102
Dec 298.25 307.75 298.25 307.00 6.25 4,286 Dec 1.2897 1.2913
Swiss Franc (CME)-CHF 125,000; $ per CHF
1.2859 1.2868 –.0031 202,302 Bonds | WSJ.com/bonds
March'20 299.00 302.50 295.00 301.50 5.25 2,222
Soybeans (CBT)-5,000 bu.; cents per bu. Dec 1.0103 1.0113 1.0089 1.0105 .0010 67,742
Nov 922.25 922.50 914.25 915.00 –6.75 1,273 March'20 1.0176 1.0183 1.0159 1.0174 .0010 101 Tracking Bond Benchmarks
Jan'20 934.00 935.75 927.00 927.50 –6.75 323,861 Australian Dollar (CME)-AUD 100,000; $ per AUD
Nov .6897 .6909 .6872 .6881 –.0013 686
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Soybean Meal (CBT)-100 tons; $ per ton.
Dec 302.60 303.00 298.50 298.90 –3.80 146,223 Dec .6900 .6914 .6876 .6886 –.0013 159,527 highs and lows for different types of bonds
Jan'20 304.90 305.30 300.80 301.30 –3.80 106,094 Mexican Peso (CME)-MXN 500,000; $ per MXN Total Total
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Nov .05218 .05210 .05188 .05209 .00013 2 return YTD total Yield (%) return YTD total Yield (%)
Dec 31.60 31.84 31.45 31.75 .18 167,823 Dec .05179 .05193 .05164 .05186 .00012 298,912 close return (%) Index Latest Low High close return (%) Index Latest Low High
Jan'20 31.82 32.06 31.68 31.96 .17 125,261 Euro (CME)-€125,000; $ per €
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Nov 1.1076 1.1101 1.1074 1.1077 .0003 2,756 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays

.
Nov 1173.00 1173.00 1170.00 1173.00 2.00 2 Dec 1.1102 1.1121 1.1091 1.1097 .0003 534,478
2116.42 8.3 U.S. Aggregate 2.330 2.060 3.660 2133.49 5.8 Mortgage-Backed 2.590 2.200 3.810

ly
Jan'20 1195.00 1205.00 1189.00 1200.00 3.00 8,318
Wheat (CBT)-5,000 bu.; cents per bu. Index Futures U.S. Corporate Indexes Bloomberg Barclays 2091.21 5.5 Ginnie Mae (GNMA) 2.530 2.090 3.780
Dec 515.50 521.75 513.50 516.75 1.50 183,352
Mini DJ Industrial Average (CBT)-$5 x index 1255.72 5.9 Fannie mae (FNMA) 2.610 2.250 3.820
March'20 521.00 525.75 518.75 521.50 1.25 117,061
Dec 27420 27470 27337 27430 9 110,829
3103.90 13.3 U.S. Corporate 2.920 2.770 4.370
Wheat (KC)-5,000 bu.; cents per bu.
Dec 428.75 432.25 426.25 427.75 –.75 154,048
March'20 27403
on 27454 27330 27418 6 4,298 2868.31 9.3 Intermediate 2.500 2.360 4.060 1930.90 6.0 Freddie Mac (FHLMC) 2.620 2.230 3.840
March'20 439.00 442.75 436.25 437.75 –1.75 78,819
S&P 500 Index (CME)-$250 x index
Dec 3070.70 3077.50 3064.00 3075.60 3.70 22,694 4461.68 21.6 Long term 3.690 3.480 5.050 561.89 6.3 Muni Master 1.706 1.459 2.905
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March'20 3081.00 3081.00 s 3081.00 3077.70 3.70 1
Nov 147.825 147.850 146.150 146.800 –1.050 5,500
Mini S&P 500 (CME)-$50 x index 633.32 10.0 Double-A-rated 2.380 2.190 3.740 395.73 6.9 7-12 year 1.685 1.386 2.935
Jan'20 145.525 145.700 143.600 144.425 –1.350 20,737
Dec 3071.50 3078.00 3063.00 3075.50 3.50 2,550,577 449.12 8.0 12-22 year 2.013 1.741 3.315
Cattle-Live (CME)-40,000 lbs.; cents per lb. 817.52 14.6 Triple-B-rated 3.220 3.110 4.720
us l,

March'20 3073.25 3079.75 3065.50 3077.75 3.75 121,874

Dec 119.225 119.600 118.200 119.000 –.450 126,176
Feb'20 124.600 124.825 123.750 124.700 .025 88,522
Mini S&P Midcap 400 (CME)-$100 x index High Yield Bonds ICE Data Services 437.00 8.9 22-plus year 2.489 2.185 3.747
Dec 1997.80 2001.50 1984.40 1990.30 –9.10 71,945
Hogs-Lean (CME)-40,000 lbs.; cents per lb. 457.24 12.0 High Yield Constrained 5.825 5.681 8.107 Global Government J.P. Morgan†
March'20 1920.50 2002.60 1989.40 1994.30 –9.10 93
al a

Dec 67.375 67.650 64.450 64.775 –2.500 99,601

e
Feb'20 73.925 74.075 72.100 72.775 –.975 69,195 Mini Nasdaq 100 (CME)-$20 x index 419.90 5.1 Triple-C-rated 12.201 10.558 13.784 586.17 6.7 Global Government 0.970 0.690 1.850
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 8208.0 8228.3 8161.0 8207.3 –3.5 224,847
389.50 394.00 385.70 388.10 –6.20 319 March'20 8231.8 8248.5 8183.0 8228.8 –3.0 1,973 3125.83 11.7 High Yield 100 5.217 5.100 7.825 807.41 4.4 Canada 1.630 1.260 2.510
ci on

Nov
Jan'20 405.10 405.10 393.70 396.00 –9.10 2,341 Mini Russell 2000 (CME)-$50 x index
Dec 1598.50 1602.40 1586.90 1592.40 –7.00 458,619 413.13 11.7 Global High Yield Constrained 5.529 5.465 7.561 404.98 8.2 EMU§ 0.397 0.109 1.420
Milk (CME)-200,000 lbs., cents per lb.
20.33 20.34 20.23 20.23 –.07 5,437 March'20 1600.90 1603.00 1590.00 1594.30 –7.00 2,296
Nov
Mini Russell 1000 (CME)-$50 x index 323.49 9.6 Europe High Yield Constrained 3.041 2.749 4.869 767.26 6.7 France 0.200 -0.160 0.930
Dec 19.79 19.79 19.62 19.64 –.12 4,865
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1695.10 1699.40 1691.40 1697.10 –.20 7,895 U.S Agency Bloomberg Barclays 541.15 4.2 Germany -0.200 -0.590 0.490
Dec 2,491 2,492 2,427 2,444 –40 54,708 U.S. Dollar Index (ICE-US)-$1,000 x index
March'20 2,506 2,511 2,454 2,472 –28 108,211 Dec 97.76 97.81 97.60 97.76 –.04 44,525 1763.56 5.8 U.S Agency 1.870 1.700 3.210 299.04 2.4 Japan 0.150 -0.070 0.490
er rs

Coffee (ICE-US)-37,500 lbs.; cents per lb. March'20 97.34 97.40 97.24 97.36 –.05 2,279
1555.08 4.2 10-20 years 1.770 1.620 3.110 601.88 5.0 Netherlands -0.080 -0.490 0.610
Dec 105.80 108.20 105.05 108.00 2.20 101,189
March'20 109.45 111.70 108.65 111.55 2.10 89,823 Source: FactSet 3824.57 13.0 20-plus years 2.370 2.010 3.700 1013.91 8.3 U.K. 1.060 0.730 1.790
2703.43 10.2 Yankee 2.690 2.470 4.050 864.95 12.2 Emerging Markets ** 5.092 5.026 7.372
Macro & Market Economics
m e

*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds

Watching the Gauges: U.S. Supply and Demand ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
m rp

Inventories, imports and demand for the week ended November 1. Current figures are in thousands of barrels
or thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas
Global Government Bonds: Mapping Yields
import and demand data are available monthly only. Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Inventories, 000s barrels Imports, 000s barrels per day selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Current change week ago avg avg Current change week ago avg avg Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
co Fo

1.500 U.S. 2 1.601 t l 1.629 1.400 2.932

Crude oil and
1.625 10 1.814 t l 1.862 1.530 3.231
petroleum prod 1,279,426 ... 1,276 1,253 1,280 1,256 8,463 ... 9,201 9,443 8,466 9,437
Crude oil 5.750 Australia 2 0.917 s l 0.898 0.642 2.052 -68.4 -73.1 -88.0
excluding SPR 446,782 1,400 439 432 438 453 6,077 ... 6,697 7,539 6,232 7,564 2.750 10 1.284 s l 1.212 0.899 2.732 -53.0 -65.0 -49.9
Gasoline 217,229 ... 220 228 222 217 493 ... 673 591 629 567 0.000 France 2 -0.585 s l -0.592 -0.698 -0.408 -218.6 -222.0 -334.0
Finished gasoline 22,207 -1,700 22 24 23 26 140 ... 145 9 118 52 0.500 10 -0.025 t l -0.022 -0.279 0.801 -183.9 -188.4 -243.0
Reformulated 41 ... 0 0 0 0 0 ... 0 0 0 0
0.000 Germany 2 -0.633 s l -0.634 -0.776 -0.601 -223.4 -226.2 -353.3
Conventional 22,166 ... 22 24 22 26 140 ... 145 9 118 52
0.000 10 -0.332 t l -0.307 -0.586 0.437 -214.6 -216.9 -279.4
Blend. components 195,022 ... 198 204 199 191 353 ... 528 582 511 515
0.050 Italy 2 -0.182 s l -0.192 -0.268 0.942 -178.2 -182.1 -199.0
Natural gas (bcf) 3,695 ... 4 3 4 4 ... ... ... ... ... ...
3.000 10 1.027 s l 1.018 0.830 3.407 -78.7 -84.5 17.6
Kerosene-type
0.100 Japan 2 -0.195 s l -0.237 -0.332 -0.127 -179.6 -186.5 -305.9
jet fuel 39,393 ... 40 42 41 39 175 ... 210 152 173 133
Distillates 119,132 -1,200 120 123 121 130 306 ... 158 166 199 146 0.100 10 -0.086 s l -0.134 -0.211 0.129 -190.0 -199.6 -310.2
n-

Heating oil 11,472 ... 11 10 11 14 0 ... 1 3 1 36 0.050 Spain 2 -0.413 s l -0.418 -0.525 -0.251 -201.3 -204.7 -318.3
Diesel 107,662 ... 108 113 109 116 305 ... 157 163 198 88 0.600 10 0.304 t l 0.322 0.123 1.584 -151.1 -154.0 -164.7
Residual fuel oil 28,797 ... 28 30 28 37 212 ... 156 102 126 168
3.750 U.K. 2 0.537 t l 0.587 0.354 0.815 -106.3 -104.2 -211.7
Other oils 306,050 ... 308 291 308 273 1,051 ... 1,135 744 970 721
no

1.625 10 0.716 t l 0.775 0.445 1.404 -109.9 -108.7 -182.7

Net crude, petroleum
Source: Tullett Prebon
products, incl. SPR 1,920,378 ... 1,917 1,908 1,922 1,937 1,439 ... 773 2,106 390 3,952
Corporate Debt
Weekly Demand, 000s barrels per day Natural gas storage Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals that same company’s share price.
Current change week ago avg avg Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Total petroleum Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
4250
product 21,134 ... 21,597 20,386 21,200 20,099
Five-year average Bank of Montreal BMO 4.800 Aug. 25, ’49 189 –18 203 75.44 –0.05
Finished for each week 3250 Macy's Retail Holdings M 2.875 Feb. 15, ’23 139 –15 156 … …
t Pitney Bowes PBI 4.625 March 15, ’24 411 –14 n.a. 5.10 –3.41
motor gasoline 9,145 ... 9,784 9,099 9,468 9,196
4.263 April 10, ’25 125 –13 n.a. ... ...
t
2250 AIB AIB
Kerosene-type
Natural gas, Under Armour UA 3.250 June 15, ’26 240 –12 194 16.51 1.23
jet fuel 1,811 ... 1,830 1,749 1,836 1,684 lower 48 states
1250 Walgreens Boots WBA 3.450 June 1, ’26 136 –12 107 59.49 –2.81
Distillates 4,296 ... 4,263 4,318 4,250 4,054
Fluor FLR 4.250 Sept. 15, ’28 271 –11 254 18.35 –4.18
Residual fuel oil 404 ... 285 148 360 357 Kroger KR 4.450 Feb. 1, ’47 183 –10 200 27.00 –2.98
Propane/propylene 1,107 ... 1,001 907 1,110 ... 250
Other oils 4,372 ... 4,434 4,165 4,177 ... N D J F M A M J J A S O …And spreads that widened the most
2019
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Hewlett–Packard Company* HPQ 4.050 Sept. 15, ’22 90 35 44 … …
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Walgreens Boots WBA 3.300 Nov. 18, ’21 90 26 51 59.49 –2.81
Unum Group* UNM 4.500 Dec. 15, ’49 256 18 255 29.49 –1.47
Deutsche Bank AG DB 4.500 April 1, ’25 340 12 330 7.65 0.53
Exchange-Traded Portfolios | WSJ.com/ETFresearch British Telecommunications BRITEL 5.125 Dec. 4, ’28 145 10 125 ... ...
Closing Chg YTD Kohls KSS 4.250 July 17, ’25 140 10 140 54.39 –1.65
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) L3Harris Technologies LHX 4.400 June 15, ’28 107 10 105 195.95 1.51
SchwabUS Div SCHD 56.56 0.32 20.4 Eaton ETN 2.750 Nov. 2, ’22 28 9 n.a. 91.20 0.62
Wednesday, November 6, 2019 Closing Chg YTD
ETF Symbol Price (%) (%) SchwabUS LC SCHX 73.35 0.10 22.9

ETF
Closing Chg YTD
Symbol Price (%) (%) 76.85 –0.05 19.8
SPDR DJIA Tr DIA 274.80 –0.00 17.8 High-yield issues with the biggest price increases…
iShMSCI ACWI ACWI SPDR S&PMdCpTr MDY 362.70 –0.42 19.8
iShMSCIBrazil EWZ 44.34 –2.01 16.1 SPDR S&P 500 SPY 307.10 0.02 22.9 Bond Price as % of face value Stock Performance
CnsmrDiscSelSector XLY 122.02 0.11 23.2 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
CnsStapleSelSector XLP 61.01 0.41 20.1 iShMSCI EAFE EFA 68.21 –0.04 16.0 SPDR S&P Div SDY 106.14 –0.05 18.6
60.04 –2.04 4.7 iShMSCI EAFE SC SCZ 60.18 –0.18 16.1 TechSelectSector XLK 84.97 –0.05 37.1
EnSelectSectorSPDR XLE
iShMSCIEmgMarkets EEM 43.76 –0.32 12.0 UtilitiesSelSector XLU 62.86 0.38 18.8 Venator Finance Sarl VNTR 5.750 July 15, ’25 86.500 5.25 80.500 … …
FinSelSectorSPDR XLF 29.63 0.51 24.4
HealthCareSelSect XLV 94.23 0.34 8.9
iShMSCIJapan EWJ 59.61 –0.22 17.6 VanEckGoldMiner GDX 27.30 1.22 29.4 SESI SPN 7.750 Sept. 15, ’24 59.000 2.75 56.875 ... ...
iShNatlMuniBd MUB 113.68 0.03 4.3 VangdInfoTech VGT 227.13 –0.10 36.1
IndSelSectorSPDR XLI 81.37 0.06 26.3
37.31 9.0
William Lyon* WLH 6.625 July 15, ’27 108.000 2.63 105.500 20.32 10.43
iShPfd&Incm PFF 0.16 VangdSC Val VBR 133.94 –0.35 17.4
InvscQQQI QQQ 199.76 –0.22 29.5 Vertiv CORTNP 9.250 Oct. 15, ’24 97.500 2.00 94.550 ... ...
iShRussell1000Gwth IWF 165.33 0.04 26.3 VangdSC Grwth VBK 187.15 –0.49 24.3
InvscS&P500EW RSP 111.28 –0.11 21.8
iShRussell1000 IWB 170.17 –0.01 22.7 VangdDivApp VIG 120.26 0.34 22.8
InvscS&P500LowVol SPLV 57.09 0.46 22.4
iShRussell1000Val IWD 132.41 ... 19.2 VangdFTSEDevMk VEA 42.96 –0.09 15.8
Nouryon Finance SPCHEM 8.000 Oct. 1, ’26 102.750 1.75 100.622 ... ...
iSh3-7YTreasuryBd IEI 126.14 0.17 3.9 Ferroglobe GSM 9.375 March 1, ’22 60.750 1.63 n.a. 0.64 0.27
iShRussell2000 IWM 158.23 –0.58 18.2 VangdFTSE EM VWO 42.95 –0.16 12.7
iShCoreDivGrowth DGRO 40.47 0.17 22.0
iShCoreMSCIEAFE IEFA 64.03 –0.09 16.4
iShRussell2000Val IWN 124.99 –0.58 16.2 VangdFTSE Europe VGK 56.22 –0.05 15.6 Cheniere Corpus CHCOCH 5.125 June 30, ’27 109.329 1.58 108.000 ... ...
iShRussell3000 IWV 179.78 –0.03 22.4 VangdFTSEAWxUS VEU 52.47 –0.10 15.1
iShCoreMSCIEmgMk IEMG 52.52 –0.36 11.4 iShRussellMid-Cap IWR 57.19 –0.33 23.0 VangdGrowth VUG 171.47 –0.13 27.6
Gulfport Energy GPOR 6.000 Oct. 15, ’24 70.800 1.30 65.000 3.46 –1.14
iShCoreMSCITotInt IXUS 60.55 –0.08 15.3 91.73 –0.21 20.1
iShRussellMCValue IWS VangdHiDiv VYM 91.01 0.18 16.7
iShCoreS&P500
iShCoreS&P MC
IVV
IJH
308.88
198.88
0.05
–0.42
22.8
19.8
iShS&P500Growth IVW 183.94 0.01 22.1 VangdIntermBd BIV 87.39 0.24 7.5 …And with the biggest price decreases
iShS&P500Value IVE 124.97 0.03 23.6 VangdIntrCorpBd VCIT 90.97 0.35 9.8
iShCoreS&P SC IJR 81.07 –0.45 17.0 iShShortCpBd IGSB 53.61 0.17 3.8 VangdLC VV 140.94 –0.01 22.7 Chesapeake Energy CHK 6.625 Aug. 15, ’20 85.499 –13.75 n.a. 0.91 –29.15
iShS&PTotlUSStkMkt ITOT 69.41 –0.06 22.3 110.53 0.01 0.2
iShCoreUSAggBd AGG 112.40 0.15 5.5
iShShortTreaBd SHV VangdMC VO 170.94 –0.30 23.7 Brazos Valley Longhorn BVLFIN 6.875 Feb. 1, ’25 69.000 –5.75 79.000 ... ...
iShTIPSBondETF TIP 116.28 0.32 6.2 VangdMC Val VOE 115.63 –0.18 21.4
iShSelectDividend DVY 103.60 –0.34 16.0 iSh1-3YTreasuryBd SHY 84.69 0.06 1.3 VangdMBS VMBS 53.20 0.14 3.3 MDC Partners MDZACN 6.500 May 1, ’24 91.000 –4.75 95.875 ... ...
iShEdgeMSCIMinEAFE EFAV 75.16 –0.03 12.8 iSh7-10YTreasuryBd IEF 111.28 0.29 6.8 VangdRealEst VNQ 92.23 0.22 23.7 Gran Tierra* GTE 7.750 May 23, ’27 91.250 –4.65 95.375 1.09 –6.84
iShEdgeMSCIMinUSA USMV 63.56 0.55 21.3 iSh20+YTreasuryBd TLT 137.98 0.61 13.6 VangdS&P500ETF VOO 282.11 0.05 22.8
iShEdgeMSCIUSAMom MTUM 119.49 0.36 19.2 iShRussellMCGrowth IWP 144.46 –0.17 27.0 VangdST Bond BSV 80.64 0.10 2.6 Mallinckrodt International Finance S.A. MNK 5.625 Oct. 15, ’23 28.500 –4.00 35.750 … …
iShEdgeMSCIUSAQual QUAL 95.69 0.02 24.7 iShUSTreasuryBdETF GOVT 26.05 0.25 5.7 VangdSTCpBd VCSH 80.98 0.14 3.9 Hulk Finance GFLENV 7.000 June 1, ’26 103.000 –3.38 106.500 ... ...
iShFloatingRateBd FLOT 50.93 0.06 1.1 JPM UltShtIncm JPST 50.46 0.02 0.7 VangdSC VB 159.27 –0.44 20.7
iShGoldTr IAU 14.26 0.49 16.0 PIMCOEnhShMaturity MINT 101.60 0.02 0.6 VangdTotalBd BND 83.90 0.22 5.9
Rowan RDC 4.875 June 1, ’22 66.250 –3.25 72.000 ... ...
iShiBoxx$InvGrCpBd LQD 126.87 0.56 12.5 SPDR BlmBarcHYBd JNK 108.15 –0.16 7.3 VangdTotIntlBd BNDX 58.12 0.09 7.1 California Resources CRC 6.000 Nov. 15, ’24 24.500 –3.00 22.938 8.59 –7.14
iShiBoxx$HYCpBd HYG 86.81 –0.12 7.0 SPDRBloomBar1-3MTB BIL 91.47 0.01 0.0 VangdTotIntlStk VXUS 54.26 –0.17 14.9
iShIntermCorpBd IGIB 57.81 0.33 10.3 SPDR Gold GLD 140.45 0.43 15.8 VangdTotalStk VTI 156.19 –0.04 22.4 *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.
iShJPMUSDEmgBd EMB 112.59 0.04 8.4 SchwabIntEquity SCHF 33.32 –0.03 17.5 VangdTotlWrld VT 78.04 –0.01 19.2 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMBSETF MBB 107.93 0.11 3.1 SchwabUS BrdMkt SCHB 73.47 0.01 22.6 VangdValue VTV 115.79 0.13 18.2 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Thursday, November 7, 2019 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. Flowserve FLS 49.58 0.14 IBM IBM 138.78 Marsh&McLen MMC 103.45 1.75 PPL
0.89 PPL 33.31 -0.26 s Qorvo QRVO 101.40 0.10 Salesforce.com CRM 158.93 0.78
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. FomentoEconMex FMX 88.92 -0.21 IntlFlavors IFF 133.01 MartinMarietta MLM 256.60 3.30 PRA HealthSci PRAH 97.39 -3.22 Qualcomm
-1.45 QCOM 84.63 -0.83 Sanofi SNY 46.15 0.51
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four FordMotor F 8.92 -0.10 IntlPaper IP 45.40 MarvellTech MRVL 26.66 -0.38 PTC
0.16 PTC 71.77 -1.40 QuantaServices PWR 43.33 -0.42 SantanderCons SC 24.89 -0.17
that include primary market trades as well as quarters. Fortinet FTNT 93.11 1.47 Interpublic IPG 22.36 Masco
-0.04 MAS 46.11 -0.45 PVH PVH 93.20 -1.75 QuestDiag DGX 101.11 0.29 SareptaTherap SRPT 92.31 -1.19
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Fortis FTS 40.63 0.27 InterXion INXN 84.57 Masimo
-0.63 MASI 140.81 -1.38 Paccar PCAR 79.68 0.01 Sasol SSL 19.36 -0.14
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Fortive FTV 73.19 -0.32 Intuit INTU 253.42 Mastercard MA 269.86 0.86 PackagingCpAm PKG 112.36 -0.87
0.26 R S
Schlumberger SLB 35.56 -1.16
Nasdaq ISE. standards FortBrandsHome FBHS 61.82 -0.18 IntuitiveSurgical ISRG 554.16 MatchGroup MTCH 67.04 -1.73 PagSeguroDig PAGS 34.05 -0.05
-9.21 SchwabC SCHW 43.08 -0.34
The list comprises the 1,000 largest companies lf-Late filing FoxA FOXA 33.10 0.27 InvitatHomes INVH 30.00 MaximIntProducts MXIM 59.64 -1.23 PaloAltoNtwks PANW 232.69 -0.83 RELX
0.37 RELX 23.77 0.05
Sea SE 30.65 0.10
based on market capitalization. q-Temporary exemption from Nasdaq FoxB IonisPharma IONS 55.60 1.21 RPM RPM 73.73 0.10
FOX 32.33 0.18 McCormick MKC 159.32 0.30 ParkHotels PK 24.15 -0.05 Seagate STX 57.84 0.17
Underlined quotations are those stocks with requirements. IronMountain IRM 33.63 RalphLauren RL 100.88 -1.18
Franco-Nevada FNV 96.96 1.27 0.24
McCormickVtg MKC.V 159.71 -0.31 ParkerHannifin PH 199.17 0.51 SealedAir SEE 38.73 -3.06
large changes in volume compared with the t-NYSE bankruptcy IsraelChemicals ICL 4.64 ...
RaymondJames RJF 88.33 0.21
FranklinRscs BEN 28.56 -0.43 McDonalds MCD 194.18 2.00 Paychex PAYX 82.66 0.07
issue’s average trading volume. v-Trading halted on primary market. ItauUnibanco ITUB 8.96 -0.23
Raytheon RTN 215.33 2.24 SeattleGenetics SGEN 108.06 1.74
FreeportMcM FCX 10.64 -0.27 McKesson MCK 135.65 -2.12 PaycomSoftware PAYC 213.56 0.76 SempraEnergy SRE 143.22 -0.13
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being RealPage RP 59.74 -1.41
FreseniusMed FMS 37.46 0.02 MedicalProp MPW 19.44 0.26 PayPal PYPL 100.63 -0.36 SensataTechs ST 53.82 0.16
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, J K L Medtronic MDT 106.87 1.34 Pearson PSO 9.00 -0.01
RealtyIncome O 78.80 0.57
ServiceCorp SCI 43.98 0.16
previous closing price was $2 or higher. or securities assumed by such companies. G H I JD.com JD 32.87 -0.11
MelcoResorts MLCO 21.76 -0.57 Pegasystems PEGA 75.60 -0.66
ReataPharm RETA 197.33 -16.81
RegencyCtrs REG 66.72 -0.03
ServiceNow NOW 241.35 -0.51
MellanoxTech MLNX 114.47 -0.03 Peloton PTON 23.02 0.28 ShawComm B SJR 20.36 -0.11
GCI LibertyA GLIBA 68.86 -0.97 JPMorganChase JPM 129.30 0.20 MercadoLibre MELI RegenPharm REGN 324.49 -8.11
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and 482.95 -2.11 PembinaPipeline PBA 35.55 0.07 SherwinWilliams SHW 575.24 10.33
Galapagos GLPG 187.78 5.03 s Jabil JBL 39.12 0.19
Merck MRK 83.25 0.33 Pentair
RegionsFin RF 17.06 -0.14
changes in the closing prices from 4 p.m. the previous day. PNR 42.93 -0.22 ShinhanFin SHG 37.14 -0.26
Gallagher AJG 91.64 1.66 JackHenry JKHY 147.49 1.85 ReinsGrp RGA 167.96 2.79
MetLife MET 48.60 0.22 Penumbra PEN 166.04 2.03 RelianceSteel RS
Gaming&Leisure GLPI 41.90 0.59 JacobsEngg JEC 96.94 -0.39 117.20 -1.37 Shopify SHOP 295.02 -0.48
MettlerToledo MTD 709.78 -4.62 People'sUtdFin PBCT 16.76 -0.19 SignatureBank SBNY 124.46 -0.02
Wednesday, November 6, 2019 Net Net Gap GPS 17.73 -0.20 JamesHardie JHX 17.27 -0.20 MicrochipTech MCHP RenaissanceRe RNR 186.22 2.28
95.62 -4.40 PepsiCo PEP 134.44 0.43 RepublicSvcs RSG 86.13 0.41 SimonProperty SPG 155.08 -1.33
Stock Sym Close Chg Stock Sym Close Chg GardnerDenver GDI 32.73 0.09 JazzPharma JAZZ 127.27 -0.53
Net Garmin GRMN 93.22 -0.07 JefferiesFin JEF 19.41 -0.22
MicronTech MU 47.68 -1.00 PerkinElmer PKI 86.05 -1.03 ResMed RMD 143.25 -0.74 SiriusXM SIRI 6.78 -0.05
Stock Sym Close Chg BankNY Mellon BK Microsoft MSFT 144.06 -0.40 Perrigo PRGO 50.51 -3.64 RestaurantBrands QSR 65.82 0.18 SkechersUSA SKX 38.82 -0.49
49.13 -0.04 ContinentalRscs CLR 31.31 -0.57 Gartner IT 158.42 0.69 JetBlue JBLU 19.66 0.04
MidAmApt MAA 136.41 0.75 PetroChina PTR 50.26 -0.25 RingCentral RNG 167.03 5.07 Skyworks SWKS 98.13 -0.59
BkNovaScotia BNS 58.00 0.02 Cooper COO 291.49 0.55 Generac GNRC 92.90 -0.70 J&J JNJ 130.96 0.54
A B C Barclays BCS 8.61 -0.08 Copart CPRT 81.86 -0.39 GeneralDynamics GD 181.57 2.27 JohnsonControls JCI 44.23 0.34
Middleby MIDD 118.27 -6.47 PetroleoBrasil PBR 15.95 -0.41 RioTinto RIO 55.66 -0.16 SlackTech WORK 20.14 -0.61
MitsubishiUFJ MUFG 5.34 0.03 PetroleoBrasilA PBR.A 14.57 -0.32 RobertHalf RHI 58.23 -0.01 SmithAO AOS 52.03 0.14
GLW 29.84 -0.21 GeneralElec GE 11.02 0.05 JonesLang JLL 157.85 -3.80
s ABB ABB 21.65 0.07 BarrickGold GOLD 16.90 0.36 Corning MizuhoFin MFG 3.17 ... Pfizer PFE 37.61 0.13 Rockwell ROK 178.42 -3.45 Smith&Nephew SNN 42.94 0.09
CTVA 26.13 0.47 GeneralMills GIS 52.47 0.88 JuniperNetworks JNPR 25.96 0.62
ACADIA Pharm ACAD 40.99 -0.63 BauschHealth BHC 25.67 -0.46 Corteva MobileTeleSys MBT 9.32 0.16 PhilipMorris PM 83.70 -0.50 RogersComm B RCI 47.68 0.58 Smucker SJM 108.33 0.89
BAX 78.37 0.89 CoStar CSGP 551.15 -3.63 GeneralMotors GM 38.42 0.19 KB Fin KB 37.06 -0.74
ADT ADT 7.87 -0.17 BaxterIntl MohawkInds MHK 150.17 1.47 Phillips66 PSX 118.42 -0.50 Roku ROKU 141.05 1.48 Snap SNAP 14.41 -0.42
BectonDicknsn BDX 250.79 4.11 Costco COST 301.57 2.39 Genesee&Wyoming GWR 111.39 0.21 KKR KKR 29.30 -0.06
AECOM ACM 41.99 -0.22 KLA KLAC 172.52 0.54
MolinaHealthcare MOH 119.87 -0.57 PilgrimPride PPC 30.55 0.28 Rollins ROL 38.42 -0.26 SnapOn SNA 166.81 -1.26
AES AES 17.68 0.49 BeiGene BGNE 189.59 -0.48 Coty COTY 13.02 1.56 Genmab GMAB 21.96 0.32
MolsonCoors B TAP 54.48 0.10 s Pinduoduo
WRB 68.79 1.16 CoupaSoftware COUP 131.26 0.89 Genpact G 40.19 0.58 s KSCitySouthern KSU 151.40 1.64
PDD 43.49 -0.04 RoperTech ROP 343.97 3.02 SolarWinds SWI 19.24 0.12
Aflac AFL 53.70 0.76 Berkley Momo MOMO 37.22 -0.21 PinnacleWest PNW 91.17 0.39 RossStores ROST 112.26 0.20 SonocoProducts SON 58.34 0.06
Gentex GNTX 29.15 -0.18 Kellogg K 64.41 0.89
AGCO AGCO 78.21 -1.15 BerkHathwy B BRK.B 222.00 1.12 CousinsProperties CUZ 39.88 0.12 Mondelez MDLZ 52.22 0.52 Pinterest PINS 20.04 -0.43 RoyalBkCanada RY 82.00 -0.03 Sony SNE 60.73 -0.71
BerkHathwy A BRK.A 3328551355.00 Credicorp BAP 212.52 -0.02 GenuineParts GPC 107.74 0.50 KeurigDrPepper KDP 28.17 0.14
AGNC Invt AGNC 17.11 0.13
BBY 75.05 0.21 CreditAcceptance CACC 423.62 -6.75 GileadSciences GILD 65.41 0.02 KeyCorp KEY 19.13 -0.06 MongoDB MDB 127.03 1.97 PioneerNatRscs PXD 133.57 -2.29 RoyalBkScotland RBS 5.57 -0.05 Southern SO 61.85 0.49
Ansys ANSS 218.73 0.77 BestBuy MonolithicPower MPWR 160.15 -2.43 PlainsAllAmPipe PAA 18.74 -0.11 RoyalCaribbean RCL 112.78 -0.73 SoCopper SCCO 36.94 -0.63
TECH 204.19 -0.51 CreditSuisse CS 12.98 -0.06 GSK GSK 44.36 0.09 KeysightTechs KEYS 103.38 -0.74
ASETech ASX 5.18 -0.04 Bio-Techne KilroyRealty KRC 83.17 0.10 MonsterBev MNST 55.99 -0.48 Polaris PII 101.71 -1.37 RoyalDutchA RDS.A 59.87 -0.29 SouthwestAir LUV 57.86 -0.02
GlobalPayments GPN 167.06 0.53
ASML ASML 268.74 -3.06 Bio-RadLab A BIO 347.33 -1.08 CrowdStrike CRWD 47.83 -0.87 Moody's MCO 215.80 2.74 Pool POOL 202.31 2.78 RoyalDutchB RDS.B 60.48 -0.22 SpiritAeroSys SPR 86.44 1.36
Biogen BIIB 289.00 -3.18 CrownCastle CCI 133.91 2.25 GlobeLife GL 98.52 0.39 KimberlyClark KMB 131.72 1.35
AT&T T 39.25 0.08 MorganStanley MS 48.56 -0.19 PostHoldings POST 106.19 1.34 RoyalGold RGLD 109.48 -1.26 Splunk SPLK 123.40 0.03
0.80 KimcoRealty KIM 21.39 0.11
AXA Equitable EQH 22.32 -0.19 BioMarinPharm BMRN 74.84 0.19 CrownHoldings CCK 75.53 0.25 GoDaddy GDDY 62.96
Morningstar MORN 161.22 -0.48 PrincipalFin PFG 56.31 0.04 Ryanair RYAAY 83.75 1.19 Spotify SPOT 148.48 -1.89
BlackKnight BKI 57.65 -4.69 CubeSmart CUBE 31.36 0.34 GoldmanSachs GS 218.42 -0.22 KinderMorgan KMI 20.21 -0.31
AbbottLabs ABT 83.12 0.78 KinrossGold KGC 4.81 0.03 Mosaic MOS 20.68 -0.97 Procter&Gamble PG 120.32 1.42 SAP SAP 135.11 1.55 Sprint S 6.15 0.01
AbbVie ABBV 82.08 0.24 s BlackRock BLK 489.54 7.10 Cullen/Frost CFR 93.44 -1.69 Graco GGG 46.55 -0.43
MotorolaSol MSI 158.60 1.51 Progressive PGR 70.93 2.03 S&P Global SPGI 253.39 2.20 Square SQ 61.34 0.28
52.04 -0.75 Cummins CMI 181.39 1.46 Grainger GWW 321.26 -1.21 KirklandLakeGold KL 46.65 1.28
Abiomed ABMD 214.61 -2.93 Blackstone BX
Knight-Swift KNX 38.62 0.10 Mylan MYL 17.17 -0.62 Prologis PLD 87.57 1.67 SBA Comm SBAC 231.50 2.74 StanleyBlackDck SWK 159.24 -0.76
ACN 189.23 2.35 Boeing BA 354.19 -4.10 CurtissWright CW 138.80 0.89 GuardantHealth GH 64.65 -3.34
Accenture
BookingHldgs BKNG 2012.09 -13.34 CypressSemi CY 23.32 0.03 Guidewire GWRE 113.11 -0.48 Kohl's KSS 54.39 -0.91 s NICE NICE 158.57 -0.11 Proofpoint PFPT 114.33 -0.93 SEI Investments SEIC 62.59 -0.04 Starbucks SBUX 82.99 1.10
ActivisionBliz ATVI 56.36 0.82 NRG Energy NRG 39.58 -0.03 ProsperityBcshs PB 71.76 0.07 SK Telecom SKM 22.98 -0.15 StarsGroup TSG 21.46 -0.06
BAH 71.79 0.56 CyrusOne CONE 68.80 -0.28 HCA Healthcare HCA 134.87 0.53 KoninklijkePhil PHG 43.96 -0.13
Adobe ADBE 287.40 -1.89 BoozAllen NVR NVR 3515.00124.56 PrudentialFin PRU 90.55 -1.50 SLGreenRealty SLG 84.63 -0.31 StarwoodProp STWD 24.26 0.04
HDFC Bank HDB 62.11 1.12 KoreaElcPwr KEP 11.63 0.42
AdvanceAuto AAP 169.70 1.56 BorgWarner BWA 44.82 -0.24 KHC 33.14 0.23 NXP Semi NXPI 116.47 -2.19 Prudential
AdvMicroDevices AMD 35.93 -0.22 BostonProps BXP 137.92 1.60
D E F HD Supply HDS 40.83 -0.08 KraftHeinz
Nasdaq NDAQ 99.92 1.50 PublicServiceEnt
PUK 35.82 -0.12 SS&C Tech SSNC 57.41 -0.50 StateStreet STT 70.99 0.73
PEG 61.93 0.01 StoreCapital STOR 39.00 0.08 SteelDynamics STLD 30.84 -0.59
Aegon AEG 4.62 0.05 BostonSci BSX 40.72 0.13 HP HPQ 19.57 1.17 Kroger KR 27.00 -0.83
DISH Network DISH 33.52 -1.12 NationalGrid NGG 57.45 0.18 PublicStorage PSA 214.49 -0.78 SVB Fin SIVB 231.47 -8.06 Steris STE 145.49 0.01
s AerCap AER 59.87 0.82 BrightHorizons BFAM 146.39 1.37 DTE Energy DTE 123.90 0.19 HSBC HSBC 38.50 0.07 LATAMAirlines LTM 11.20 -0.05
NatlInstruments NATI 42.79 -0.49 PulteGroup PHM 38.83 0.55 Sabre SABR 22.45 0.15 STMicroelec STM 23.40 -0.05
AgilentTechs A 75.79 0.24 Bristol-Myers BMY 56.96 0.57 Haemonetic HAE 121.33 -0.38 LINE LN 38.13 -0.16
DXC Tech DXC 29.06 -0.58 Halliburton HAL 20.60 -0.45 LKQ LKQ 35.41 -0.28 NatlOilwell NOV 23.63 -0.52 Qiagen QGEN 31.00 0.71 SageTherap SAGE 138.71 -5.73 Continued on Page B10
AgnicoEagle AEM 59.53 0.48 BritishAmTob BTI 36.40 0.37
Danaher DHR 134.86 1.39 Hanesbrands HBI 15.89 NatlRetailProp NNN 56.31 0.61
AirProducts APD 218.85 2.27 BrixmorProp BRX 22.13 -0.01 -0.03 LPL Financial LPLA 86.50 0.25
Darden DRI 112.79 0.02 HarleyDavidson HOG 38.54 NetApp NTAP 57.88 -1.65
AkamaiTech AKAM 87.40 -0.39 Broadcom AVGO 313.16 -0.88 -0.91 L3HarrisTech LHX 195.95 2.91
Datadog DDOG 33.06 -1.85 HartfordFinl HIG 61.08 0.69 LabCpAm LH 165.27 0.13 Netease NTES 299.31 5.27
IPO Scorecard
AlaskaAir ALK 71.37 -0.01 BroadridgeFinl BR 116.84 -6.56 DaVita DVA 70.51 8.07 Hasbro LamResearch LRCX 275.51 -2.44 Netflix NFLX 288.59 0.56
Albemarle ALB 66.72 -0.65 BrookfieldMgt BAM 56.25 0.30 Deere HAS 94.86 -0.93
Neurocrine NBIX 102.56 0.19
Alcon ALC 58.54 -0.13 BrookfieldInfr BIP 49.78 -0.30
DellTechC
DE 175.97 -2.95 HealthcareAmer HTA 29.48
DELL 54.33 -0.10 HealthpeakProp PEAK 34.53
0.18 s LamarAdv LAMR 82.78 0.39
NewOrientalEduc EDU 120.97 -1.18
Performance of IPOs, most-recent listed first
0.12 LambWeston LW 79.07 2.21 % Chg From % Chg From
AlexandriaRlEst ARE 155.01 -0.07 Brown&Brown BRO 37.75 0.66 DeltaAir DAL 57.58 0.07 Heico A NewResidInvt NRZ 16.03 0.05
AlexionPharm ALXN 106.63 -0.60 Brown-Forman B BF.B 65.28 0.15 DentsplySirona XRAY 55.59 0.69 HEI.A 93.95 -0.40 LasVegasSands LVS 63.15 -0.58
Wed's
LEA 123.94 -2.49 NY CmntyBcp NYCB 12.18 0.05 Company SYMBOL Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
Alibaba BABA 184.16 2.16 Brown-Forman A BF.A 62.06 -0.07 DeutscheBank DB Heico HEI 122.08 -0.01 Lear NewellBrands NWL 20.13 0.16
AlignTech ALGN 256.16 -1.75 Bruker BRKR 48.21 0.62
7.65 0.04 HenrySchein HSIC 68.60 0.87 s Leggett&Platt LEG 54.54 0.54 NewmontGold NEM IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close
DevonEnergy DVN 22.08 -0.90 Herbalife Leidos LDOS 85.13 1.95 37.65 0.10
776.44 20.21 Bunge BG 55.21 -0.38 HLF 44.95 0.30 10.00 ... ... Oyster Point 16.28 1.8 –13.3
Alleghany Y DexCom DXCM 153.12 -0.44 Hershey HSY 140.82 0.53 Lennar A LEN 59.22 0.86 NewsCorp B NWS 13.98 -0.21 Merida Merger I
Allegion ALLE 116.58 -0.52 BurlingtonStrs BURL 202.96 4.43 Diageo DEO 160.51 0.53 LEN.B 46.79 0.61 NewsCorp A NWSA 13.55 -0.20 MCMJU Nov. 5/$10.00 OYST Oct. 31/$16.00
Allergan AGN 178.55 0.14 CBRE Group CBRE 53.08 -2.46 t DiamondbkEner FANG 77.20 -13.03 Hess HES 68.66 -1.04 Lennar B NextEraEnergy NEE 227.49 0.38
AlliantEnergy LNT 51.90 0.19 CBS A CBS.A 40.88 -1.12 s HewlettPackard HPE 16.94 0.11 LennoxIntl LII 251.15 2.64
NielsenHoldings NLSN 20.09 -0.80 Q&K Intl Grp 18.08 6.3 2.5 RAPT Thera 15.00 25.0 15.4
DigitalRealty DLR 122.70 -0.63 Hexcel HXL 77.35 0.77 LeviStrauss LEVI 17.15 -0.20 Nike
Allstate ALL 106.95 1.11 CBS B CBS 36.82 -0.67
DiscoverFinSvcs DFS 83.18 0.08 Hill-Rom NKE 89.48 -0.40 QK Nov. 5/$17.00 RAPT Oct. 31/$12.00
AllyFinancial ALLY 31.90 -0.62 CDK Global CDK 50.17 -2.64 HRC 103.22 -0.24 LibertyBroadbandA LBRDA 116.62 -1.41 NiSource NI
DiscoveryA DISCA 27.69 -0.26 27.09 0.15
AlnylamPharm ALNY 90.53 -1.52 CDW CDW 132.96 -2.85 DiscoveryC DISCK 25.80 -0.33 Hilton HLT 99.57 -0.58 LibertyBroadbandC LBRDK 116.59 -1.41 NobleEnergy NBL
20.90 -0.77
Fangdd Ntwk 13.00 ... ... Aesthetic Med Intl Hldgs 8.22 –31.5 –18.0
-2.47 LibertyGlobal A LBTYA 25.03 -0.37 Nokia
3.59 0.05 DUO Nov. 1/$13.00 AIH Oct. 25/$12.00
Alphabet A GOOGL 1291.01 -0.43 CF Industries CF 46.39 -1.34 HollyFrontier HFC 53.42 NOK
Disney DIS 131.27 -0.18 Hologic HOLX 48.56 0.46 LibertyGlobal C LBTYK 23.68 -0.39
Alphabet C GOOG 1291.80 -0.23 CGI GIB 79.44 1.76 DocuSign DOCU 66.08 0.08 NomuraHoldings NMR 4.74 0.06 FinServ Acquisition 10.06 0.6 0.1 Cabaletta Bio 11.00 ... 10.0
Alteryx AYX 93.23 -0.22 CH Robinson CHRW 78.61 2.27 DolbyLab HomeDepot HD 234.01 1.81 LibertyFormOne A FWONA 38.48 -0.97 Nordson NDSN 162.56 -1.81
DLB 65.79 0.09
AlticeUSA ATUS 25.98 -5.37 CME Group CME 198.59 1.64 DollarGeneral DG 159.61 -0.08 HondaMotor HMC 27.67 -0.14 LibertyFormOne C FWONK 40.42 -1.08 NorfolkSouthern NSC 192.96 -0.82 FSRVU Nov. 1/$10.00 CABA Oct. 25/$11.00
Altria MO 45.91 -0.34 CMS Energy CMS 61.36 0.63 DollarTree Honeywell HON 180.81 0.13 LibertySirius C LSXMK 45.60 -0.70 s NorthernTrust NTRS 106.01 0.51
-0.02 LibertySirius B LSXMB 45.56 2.06 NorthropGrum NOC 344.02 6.17 Osprey Technology Acquisition 10.00 ... ... Happiness Biotech Grp 4.74 –13.8 5.3
DLTR 112.79 -0.49
HormelFoods HRL 41.60 s
Amarin AMRN 17.48 0.15 CNA Fin CNA 45.12 -0.01 DominionEner D 80.94 -0.41
Amazon.com AMZN 1795.77 -5.94 CNH Indl CNHI 10.95 -0.61 Domino's DR Horton DHI 52.05 1.34 LibertySirius A LSXMA 45.33 -0.72 NortonLifeLock NLOK 24.00 -0.19 SFTW.U Nov. 1/$10.00 HAPP Oct. 25/$5.50
DPZ 277.82 1.51 LibertyProperty LPT 58.94 0.88

.
Ambev ABEV 4.26 -0.13 CNOOC CEO 156.80 -2.17 Donaldson HostHotels HST 17.43 0.02
DCI 55.75 -0.06
Huazhu HTHT 37.00 0.50 EliLilly LLY 113.82 2.57 NorwegCruise NCLH 52.06 -0.43
Amcor AMCR 9.97 -0.03 CPFLEnergia CPL 16.18 -0.25 DouglasEmmett DEI 43.22 -0.09 Novartis NVS 87.46 0.57 Sources: Dow Jones Market Data; FactSet
-1.13 LincolnElectric LECO 92.29 -0.57 NovoNordisk NVO

ly
Amdocs DOX 66.32 0.41 CRH CRH 36.93 -0.10 Dover Hubbell HUBB 144.01 56.69 0.23
DOV 109.46 -0.04 LincolnNational LNC 60.36 -0.72
s Amerco UHAL 424.50 2.45 CSX CSX 73.64 -0.24 Dow HubSpot HUBS 145.08 -6.49
DOW 54.28 0.08
10.19 Linde LIN 201.12 0.81 Novocure NVCR 77.19 -0.30
Ameren AEE 75.56 0.60 CVS Health CVS 70.93 3.61 DrReddy'sLab RDY 40.30 0.10 Humana HUM 304.94
LiveNationEnt LYV 61.37 -0.58 Nucor NUE 55.14 -0.33
AmericaMovil AMX 16.01 0.08 CableOne
AmerAirlines AAL 30.96 -0.22 CabotOil
CABO 1342.66 12.27 Dropbox DBX 20.56 -0.31
JBHunt
COG 18.38 0.27 DukeEnergy DUK 93.36 0.21 HuntingtonBcshs HBAN 14.91
JBHT 119.92 0.03
0.04
LloydsBanking LYG 2.92 -0.04 Nutrien
LockheedMartin LMT 379.79 6.16 NVIDIA
NTR 49.08 -0.68
NVDA 207.63 -1.98
Borrowing Benchmarks | WSJ.com/bonds
AmCampus ACC 48.29 -0.36 CadenceDesign CDNS 67.14 -0.06 DukeRealty DRE 34.90 0.19 HuntingIngalls HII 233.99 3.85
Loews L 50.87 0.38
Money Rates
AEP AEP 91.98 0.58 CAE CAE 25.45 0.12 Dunkin'
AmerExpress AXP 119.69 0.92 CaesarsEnt CZR 12.42 0.10 DuPont
AmericanFin AFG 107.83 1.15 CamdenProperty CPT 112.26 0.17 Dynatrace
AmHomes4Rent AMH 25.86 0.15 CampbellSoup CPB 46.60 0.11 ENI
DD
DT
E
70.33 -2.05
20.00 -0.48
31.24 -0.24
on
DNKN 75.94 0.82 HyattHotels H

IdexxLab
78.21
IAC/InterActive IAC 212.59
s ICICI Bank IBN 13.40
IDXX 261.45
0.19
-9.46
0.29
-2.70
LogitechIntl LOGI 41.77 0.04
Lowe's
lululemon
Lyft
LOW 112.67 0.47
LULU 200.74 6.40
LYFT 42.92 1.55
O P Q
OGE Energy OGE 42.76 -0.04
ONEOK OKE 70.76 -1.08 Key annual interest rates paid to borrow or lend money in U.S. and
November 6, 2019

AIG 55.52 0.71 CIBC CM 87.06 0.26 EOG Rscs EOG 71.42 -2.59 IHS Markit INFO 69.36 0.87 OReillyAuto ORLY 440.83 7.11
OccidentalPetrol OXY 39.61 -2.30 international markets. Rates below are a guide to general levels but
AIG LyondellBasell LYB 97.06 -0.31 t
AmerTowerREIT AMT 207.98 1.97 CanNtlRlwy CNI 94.01 0.31 EPAM Systems EPAM 178.41 0.60 ING Groep ING 11.77 ...
OKTA 108.23 1.43 don’t always represent actual transactions.
us l,

AmerWaterWorks AWK 121.59 1.50 CanNaturalRes CNQ 25.89 -0.58 EPR Prop EPR 74.60 0.02 Invesco IVZ 18.04 -0.08
M N Okta
AmericoldRealty COLD 38.06 0.39 CanPacRlwy CP 235.21 -0.24 E*TRADE ETFC 43.43 -0.10 IPG Photonics IPGP 148.54 -4.56 s OldDomFreight ODFL 193.14 0.87
s Ameriprise AMP 157.87 -0.42 Canon CAJ 27.32 -0.22 EXACT Sci EXAS 80.84 -3.39 IQVIA IQV 138.04 -1.85 M&T Bank MTB 166.25 0.07 OldRepublic ORI 22.73 0.15
Week —52-WEEK—
AmerisourceBrgn ABC 84.71 -1.42 CanopyGrowth CGC 19.42 -0.44 EastWestBncp EWBC 45.41 -0.40 ITT ITT 68.67 0.68 s MDU Rscs MDU 29.20 -0.05 OmegaHealthcare OHI 42.47 0.08 Inflation Latest ago High Low
al a

Ametek AME 96.37 0.12 CapitalOne COF 97.04 -0.26 EastmanChem EMN 81.09 -0.25 IcahnEnterprises IEP 67.22 -0.99 MGM Resorts MGM 30.52 0.13 Omnicom OMC 78.71 -0.29
e
Amgen AMGN 216.40 1.32 CardinalHealth CAH 51.43 -0.07 Eaton Icon ICLR 149.75 0.22 MKS Instrum MKSI 112.86 -1.30 ON Semi ON 21.51 -0.28 Sept. index Chg From (%)
ETN 91.20 0.56 60 days 3.326 3.360 4.628 2.890
Amphenol APH 102.89 -1.52 s Carlisle CSL 159.91 -0.43 eBay EBAY 35.50 0.02 IDEX IEX 159.66 -0.88 MPLX MPLX 25.25 -0.78 OneMain OMF 41.63 -0.14 level Aug. '19 Sept. '18
AnalogDevices ADI 112.03 -1.42 CarMax KMX 94.27 -1.22 Ecolab ECL 192.96 -0.01 s IllinoisToolWks ITW 177.55 1.37 MSCI MSCI 241.28 2.81 OpenText OTEX 40.95 -0.03
Other short-term rates
ci on

Anaplan PLAN 46.33 0.26 Carnival CCL 44.37 -0.49 Ecopetrol EC 18.71 -0.33 Illumina ILMN 297.25 -3.62 MadisonSquGarden MSG 275.72 4.44 Oracle ORCL 55.70 0.03 U.S. consumer price index
AngloGoldAsh AU 19.96 0.08 Carnival CUK 41.94 -0.49 EdisonInt EIX 65.67 -0.47 ImperialOil IMO 26.39 -0.13 MagellanMid MMP 60.48 -0.59 Orange ORAN 15.99 0.11
AB InBev BUD 79.33 0.23 CaseysGenStores CASY 172.81 -0.54 EdwardsLife EW 235.22 2.81 Incyte INCY 83.68 -0.45 MagnaIntl MGA 56.54 0.30 Orix IX 78.61 0.03 All items 256.759 0.08 1.7 Week 52-Week
AnnalyCap NLY 9.04 0.07 Catalent CTLT 49.12 -1.31 ElancoAnimal ELAN 26.68 -0.75 Infosys INFY 9.88 0.16 s ManulifeFin MFC 19.31 0.13 Oshkosh OSK 88.63 -1.08 Core 264.522 0.13 2.4 Latest ago high low
Anthem ANTM 277.32 4.32 Caterpillar CAT 145.49 -0.88 Elastic ESTC 73.00 -2.25 Ingersoll-Rand IR 131.45 0.69 MarathonOil MRO 12.18 -0.46 OwensCorning OC 63.26 0.07
Aon AON 194.74 1.61 Celanese CE 125.08 0.60 s ElbitSystems ESLT 166.08 1.82 Insulet PODD 159.99 15.18 MarathonPetrol MPC 64.28 -2.16 OwlRock ORCC 17.45 0.15 International rates
Apache APA 23.62 -0.34 Celgene CELG 108.24 0.55 ElectronicArts EA 98.67 0.41 Intel INTC 57.60 0.36 Markel MKL 1178.58 9.66 PNC Fin PNC 151.71 0.68 Call money
ApartmtInv AIV 53.55 -0.08 Cemex CX 3.89 0.03 EmersonElec EMR 73.60 -0.19 ICE ICE 91.11 1.70 MarketAxess MKTX 347.81 4.08 POSCO PKX 46.73 -0.89
Week 52-Week
3.50 3.75 4.25 3.50
ApolloGlbMgmt APO 42.87 -0.84 CenovusEnergy CVE 8.82 -0.24 Enbridge ENB 36.91 -0.01 InterContinentl IHG 61.67 0.04 Marriott s
MAR 132.58 -1.11 PPG Ind PPG 129.77 0.88
er rs

Apple AAPL 257.24 0.11 Centene CNC 50.83 -1.01 Encana ECA 4.65 -0.17
Latest ago High Low
ApplMaterials AMAT 55.82 -0.06 CenterPointEner CNP 28.77 0.03 EncompassHealth EHC 70.05 1.02 Commercial paper (AA financial)
Aptargroup ATR 109.49 0.83 CentraisElBras EBR 9.84 -0.16 EnelAmericas ENIA 9.67 -0.06 Prime rates 90 days 1.78 1.84 2.80 1.71
Aptiv APTV 95.58 0.35 CenturyLink CTL 13.36 -0.31 EnergyTransfer ET
AquaAmerica WTR 44.83 0.53 CeridianHCM CDAY 50.32 0.32 Entegris
12.26 -0.40
ENTG 48.06 -0.41 Dividend Changes U.S. 4.75 5.00 5.50 4.75
Libor
Aramark ARMK 43.21 -0.31 Cerner CERN 66.97 -0.24 Entergy ETR 116.35 0.70 Canada 3.95 3.95 3.95 3.95
ArcelorMittal MT 15.82 -0.54 CharlesRiverLabs CRL 128.74 -1.83 EnterpriseProd EPD 26.32 -0.33 Dividend announcements from November 6. 1.475 1.475 1.475 1.475
m e

Japan One month 1.75500 1.78138 2.52238 1.75500

ArchCapital ACGL 41.32 0.78 CharterComms CHTR 469.03 -4.22 Equifax EFX 135.18 1.93
ArcherDaniels ADM 42.88 -0.09 CheckPoint CHKP 113.74 0.35 Equinix EQIX 531.88 4.69 Amount Payable / Three month 1.90425 1.90913 2.82375 1.89050
Policy Rates 1.91950 2.90788 1.90238
Arconic ARNC 29.44 -0.07 Chemed CHE 413.11 2.16 Equinor EQNR 19.22 -0.28 Company Symbol Yld % New/Old Frq Record Six month 1.92388
AristaNetworks ANET 190.43 1.65 CheniereEnergy LNG 61.04 -1.00 EquityLife Euro zone 0.00 0.00 0.00 0.00
m rp

ELS 67.55 -0.21 One year 1.97663 1.97988 3.14413 1.85313

ArrowElec ARW 82.04 -0.54 CheniereEnerPtrs CQP 42.80 -0.05 EquityResdntl EQR 85.58 0.77 Increased Switzerland 0.50 0.50 0.50 0.50
AspenTech AZPN 115.73 -1.53 Chevron CVX 119.90 -2.04 ErieIndemnity A ERIE 176.83 -5.04
Assurant AIZ 127.55 1.37 Chewy CHWY 23.64 -0.89 EssexProp Chesapeake Granite Wash CHKR 28.0 .0374 /.0323 Q Nov29 /Nov19 Britain 0.75 0.75 0.75 0.75 Euro Libor
ESS 317.95 -0.38
AstraZeneca AZN 47.34 0.14 ChinaLifeIns LFC 13.55 0.14 EsteeLauder EL 187.06 3.06 Delek US Hldgs DK 2.9 .30 /.29 Q Dec02 /Nov18 Australia 0.75 0.75 1.50 0.75
Athene ATH 43.43 -0.52 ChinaMobile CHL 40.83 -0.19 EuronetWorldwide EEFT 147.90 1.04 Emerson Electric EMR 2.7 .50 /.49 Q Dec10 /Nov15 One month -0.505 -0.508 -0.407 -0.522
Atlassian TEAM 115.25 1.06 ChinaPetrol SNP 59.02 -0.35 EverestRe RE 261.68 2.50 Huntington Ingalls Inds HII 1.5 1.03 /.86 Q Dec13 /Nov29 Overnight repurchase Three month -0.446 -0.437 -0.324 -0.482
AtmosEnergy ATO 108.77 0.85 ChinaTelecom CHA 42.93 0.34 Evergy EVRG 62.92 0.39 Utah Medical Products Six month -0.397 -0.401 -0.288 -0.474
Autodesk ADSK 151.51 -0.22 ChinaUnicom CHU 9.92 -0.05 EversourceEner ES
UTMD 1.1 .28 /.275 Q Jan03 /Dec13 U.S. 1.63 1.87 3.40 1.63
81.39 0.31
Autohome ATHM 69.08 -8.42 Chipotle CMG 744.31 3.55 Exelon One year -0.296 -0.300 -0.159 -0.428
co Fo

EXC 44.82 0.04 Reduced

Autoliv ALV 84.39 -0.16 Chubb CB 152.18 3.35 Expedia EXPE 135.36 0.34 U.S. government rates Value 52-Week
ADP ADP 159.66 2.65 s ChunghwaTel CHT 37.12 0.12 ExpeditorsIntl EXPD 77.00 -0.55 ECA Marcellus Trust I ECT 27.8 .021 /.037 Q Nov29 /Nov19
AutoZone AZO 1161.48 10.42 Church&Dwight CHD 67.51 0.24 ExtraSpaceSt EXR 108.90 1.79 Discount Latest Traded High Low
Avalonbay AVB 212.29 1.63 Ciena CIEN 36.73 -0.20 ExxonMobil XOM 71.49 -1.60 Foreign
Avangrid AGR 49.48 0.02 Cigna CI 183.13 1.28 F5Networks FFIV 147.91 1.53 Argo Group Intl Hldgs 2.25 2.50 3.00 2.25 DTCC GCF Repo Index
ARGO 1.9 .31 Q Dec13 /Nov29
Avantor AVTR 15.40 0.55 CincinnatiFin CINF 110.89 0.86 s FMC FMC 97.52 0.64 BrightSphere Invt Group BSIG 4.0 .10 Q Dec27 /Dec13
AveryDennison AVY 132.02 -1.29 Cintas CTAS 264.95 -2.04 Facebook FB 191.55 -2.77 Federal funds Treasury 1.601 51.010 6.007 1.601
AxaltaCoating AXTA 29.90 0.09 CiscoSystems CSCO 48.27 0.51 FactSet FDS 256.98 1.68
CS X-Links Crude Oil ETN USOI 17.3 .3272 M Nov25 /Nov20 MBS 1.619 71.800 6.699 1.619
Effective rate 1.5600 1.8200 2.4800 1.5600
BB&T BBT 55.25 -0.11 Citigroup C 74.42 -0.41 FairIsaac FICO 329.93 -1.44 CS X-Links Silver ETN SLVO 6.8 .0571 M Nov25 /Nov20
BCE BCE 47.65 0.04 CitizensFin CFG 37.68 -0.22 Fastenal FAST 37.15 -0.13 PartnerRe Pfd. F PREpF 5.7 .36719 Q Dec02 /Nov21 High 1.6200 1.8700 3.0000 1.6200
Notes on data:
BHP Group BHP 51.40 -0.45 CitrixSystems CTXS 109.59 0.80 FederalRealty FRT 134.49 0.84 PartnerRe Pfd. G PREpG 6.1 .40625 Q Dec02 /Nov21 Low 1.4500 1.5000 2.4400 1.4500
BHP Group BBL 44.94 -0.36 Clorox CLX 148.65 0.82 FedEx FDX 163.17 -1.68 PartnerRe Pfd. H U.S. prime rate is the base rate on corporate
BOK Fin BOKF 83.00 -0.10 Coca-Cola KO 52.80 0.38 Ferrari
PREpH 6.7 .45313 Q Dec02 /Nov21 Bid 1.5300 1.7800 2.4400 1.5300
RACE 165.44 -0.16 loans posted by at least 70% of the 10 largest
BP BP 39.40 -0.43 Coca-Cola Euro CCEP 51.55 -0.43 FiatChrysler FCAU 15.88 0.01 PartnerRe Pfd. I PREpI 5.7 .36719 Q Dec02 /Nov21 Offer 1.5500 1.8200 2.5000 1.5500 U.S. banks, and is effective October 31, 2019.
BRF BRFS 8.66 -0.49 Cognex CGNX 53.22 -1.29 s FidNatlFin FNF 46.89 0.61 Teekay Offshore Pfd. B TOOpB 9.2 .5313 Q Nov15 /Nov08
Other prime rates aren’t directly comparable;
BWX Tech BWXT 60.70 0.42 CognizantTech CTSH 62.26 0.34 FidNatlInfo FIS 130.89 -1.30 Teekay Offshore Pfd. E TOOpE 9.6 .5547 Q Nov15 /Nov08 Treasury bill auction lending practices vary widely by location;
Baidu BIDU 107.36 -0.69 ColgatePalm CL 66.52 0.56 FifthThirdBncp FITB 30.43 0.08 Teekay Offshore Ptrs Pfd TOOpA 8.1 .4531 Q Nov15 /Nov08
BakerHughes BKR 21.95 -0.68 ColumbiaSportswr COLM 92.55 -0.70 58.com WUBA 55.03 -1.21 Tsakos Energy Pfd D 4 weeks 1.570 1.710 2.470 1.570 Discount rate is effective October 31, 2019.
TNPpD 8.9 .54688 Q Nov29 /Nov25
Ball BLL 66.66 1.95 Comcast A CMCSA 44.22 -0.06 FirstAmerFin FAF 62.57 0.61 13 weeks 1.520 1.620 2.465 1.520 DTCC GCF Repo Index is Depository Trust &
BancoBilbaoViz BBVA 5.38 -0.13 Comerica CMA 70.35 -0.82 FirstCitizBcshA FCNCA 502.30 -1.15 Tsakos Energy Pfd E TNPpE 9.8 .57813 Q Nov29 /Nov25
26 weeks 1.535 1.610 2.505 1.535 Clearing Corp.'s weighted average for overnight
BancoBradesco BBDO 8.01 -0.15 CommerceBcshrs CBSH 66.19 -0.36 FirstRepBank FRC 109.60 -0.21 Westpac Banking ADR WBK 7.1 .55176 SA Dec30 /Nov12 trades in applicable CUSIPs. Value traded is in
t BancodeChile BCH 24.60 -1.07 SABESP
n-

SBS 13.26 -0.34 FirstSolar FSLR 53.36 -0.51

BancSanBrasil BSBR 11.60 -0.35 ConagraBrands CAG 27.84 0.23 FirstEnergy FE 47.11 0.17 Special Secondary market billions of U.S. dollars. Federal-funds rates are
t BcoSantChile BSAC 24.17 -0.48 ConchoRscs CXO 71.66 -1.05 Fiserv FISV 104.91 0.91 American Financial Group Tullett Prebon rates as of 5:30 p.m. ET.
AFG 1.7 1.80 Nov25 /Nov15
BancoSantander SAN 4.11 -0.05 ConocoPhillips COP 57.63 -0.88 FiveBelow FIVE 126.82 -2.11 Fannie Mae
BanColombia CIB 54.45 -0.52 ConEd ED 88.62 0.30 FleetCorTech FLT 294.07 2.34 Sources: Federal Reserve; Bureau of Labor
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: 30-year mortgage yields Statistics; DTCC; FactSet;
BankofAmerica BAC 32.79 -0.03 ConstBrands B STZ.B 193.24 1.81 Flex FLEX 11.71 -0.08
BankofMontreal BMO 75.44 -0.04 ConstBrands A STZ 193.21 1.49 FlirSystems FLIR 53.39 -0.19 spin-off. 30 days 3.315 3.345 4.607 2.871 Tullett Prebon Information, Ltd.
no

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 Stock
52-Wk %
Sym Hi/Lo Chg
FdnBuilding FBM 21.93 4.8 LunaInnov LUNA 7.20 7.8 RPTRealty RPT 14.83 0.5 WesternUnion WU 27.51 3.6 BiomX PHGE 8.11 -3.9 FlexLNG FLNG 8.65 -4.2 PriorityTechn PRTH 3.18 -3.3
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Freshpet FRPT 53.96 3.7 MBIA MBI 10.90 10.8 RadNet RDNT 16.46 3.5 XOMA XOMA 23.00 7.0 Blucora BCOR 19.14 -13.4 Fluidigm FLDM 2.34 -50.9 ProPetro PUMP 7.23 -1.3
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low FrontYardRes RESI 12.68 1.4 MDU Rscs MDU 29.46 -0.2 ReproMedSys KRMD 5.01 5.0 Xerox XRX 38.00 3.5 bluebirdbio BLUE 77.26 -2.8 FreightCarAmer RAIL 2.90 -6.4 QuadGraphics QUAD 4.10 -6.2
GladstoneCap GLAD 10.09 0.5 MFAFinPfdB MFApB 25.88 0.2 RymanHospitality RHP 91.15 0.8 Xunlei XNET 7.20 7.6 BlueLinx BXC 17.81 -42.4 GranTierraEner GTE 0.97 -6.8 RTI Surgical RTIX 1.80 -3.7
in the latest session. % CHG-Daily percentage change from the previous trading session.
GladstoneInvt GAIN 13.65 1.7 ManulifeFin MFC 19.33 0.7 SapiensInt SPNS 23.70 2.3 ZealandPharma ZEAL 33.24 1.9 BrickellBiotech BBI 2.20 5.6 GreatPanther GPL 0.47 ... RattlerMidstrm RTLR 14.55 ...
GraphicPkg GPK 16.11 0.7 MarriottVacations VAC 119.15 2.3 SaratogaInvt SAR 26.33 0.5 ZimmerBiomet ZBH 144.44 2.1 BrighamMin MNRL 18.10 -4.7 GulfIslandFab GIFI 4.71 -3.4 RegalwdGlbEnWt RWGE.WS 0.22 -22.6
Wednesday, November 6, 2019 HaymakerAcqnII HYACU 10.48 0.3 MidPennBancorp MPB 27.30 1.1 SaratogaInv6.25Nts SAF 26.45 1.0 CHF Solutions CHFS 0.74 -1.5 HackettGroup HCKT 14.54 -13.3 Revolve RVLV 19.02 1.1

Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
HerculesCapNts33 HCXY
HewlettPackard HPE
27.22
17.03
0.2
0.7
MidWestOneFin MOFG
ModelN MODN
35.22
32.00
-0.8
0.4
SchweitzerMaud SWM
SouthState SSB
45.50
82.76
0.9
0.3
Lows CPI Card
CamberEnergy CEI
PMTS 1.59 -1.2
1.92 -21.0
HeliusMedical HSDT
Hi-Crush HCR
1.11 -5.0
1.13 -8.0
RibbonComms RBBN
RockwellMedical RMTI
4.22 -2.1
1.93 -3.9
HorizonTherap HZNP 31.25 -0.6 MomentaPharm MNTA 16.29 6.2 SpecialOppFdPfB SPEpB 25.68 0.5 AGBA AcqnWt AGBAW 0.07 -22.2 CasaSystems CASA 3.64 -5.3 HomologyMed FIXX 11.69 -4.8 SRAX SRAX 1.51 -6.9
AvadelPharm AVDL 5.75 -2.0 CompassPfd CODIpB 25.62 -0.6 ICICI Bank IBN 13.43 2.2 MurphyUSA MUSA 121.12 -0.9 SportsmansWrhs SPWH 7.48 1.2 AMC Networks AMCX 39.53 -0.5 Celcuity CELC 13.80 -8.1 ItauCorpBanca ITCB 8.14 -1.9 SalariusPharm SLRX 4.15 -7.5
Highs BRileyFinlPfdA RILYP
B.RileyPrMerg BRPM.U
25.10
10.18
0.2
0.3
Compugen
ComputerTask CTG
CGEN 6.22
5.98
-7.3
-2.3
Ichor ICHR 32.55 0.2 NICE NICE 160.25 -0.1 StageStores SSI 3.12 16.5 A-MarkPrecMetals AMRK
ANGI Homesvcs ANGI
9.85 -7.0
6.39 -4.0
Ceragon CRNT
ChesapeakeEner CHK
1.75 -6.2
0.79 -29.1
IterumTherap ITRM 2.56 -6.8 SandRidgeMS SDT
SentinelEnerWt STNLW
0.26 7.2
0.00 -97.1
IllinoisToolWks ITW 177.62 0.8 NewProvidenceA NPA 9.78 ... Stericycle SRCL 62.79 1.5 JerniganCap JCAP 17.40 -1.5
ABB ABB 21.66 0.3 Balchem BCPC 106.56 4.9 ConsldWater CWCO 17.87 0.1 AVEO Pharma AVEO 0.47 -4.5 ChesapeakeEnPfd CHKpD 19.00 -24.0 SierraWireless SWIR 8.91 -20.9
InglesMarkets IMKTA 43.66 3.1 NewMarket NEU 492.44 1.4 SunLifeFinancial SLF 46.06 0.9 Jiayin JFIN 7.12 14.4
AberdIncmCrRt ACPr 0.42 12.5 BancFirst BANF 60.00 -0.2 ConstellPharm CNST 45.42 90.3 AbraxisPetrol AXAS 0.26 -7.3 Civeo CVEO 0.96 -2.1 SpartanEnerWt SPAQ.WS 0.57 -5.0
InnatePharma IPHA 6.46 2.2 NorthernTrust NTRS 106.07 0.5 SykesEnterprises SYKE 37.54 -0.6 Koss KOSS 1.70 4.7
ADDvantage AEY 2.55 1.3 BancorpNJ BKJ 18.79 0.8 Volaris VLRS 11.42 1.5 AcaciaResearch ACTG 2.46 -1.6 CocrystalPharma COCP 0.70 -7.0 StrongbridgeBio SBBP 1.45 13.2
Innospec IOSP 107.10 8.8 NorthwestPipe NWPX 33.57 1.3 TFF Pharm TFFP 5.34 0.2 Lovesac LOVE 13.70 -18.1
AdvDrainageSys WMS 38.05 0.8 BankofHawaii BOH 89.50 0.2 CrossCtyHlthcr CCRN 12.99 9.0 AcelRxPharm ACRX 1.89 -5.9 CerveceriasUnid CCU 19.33 -0.8 SundialGrowers SNDL 2.66 9.6
InsightEnt NSIT 66.47 -4.9 OaktreeCapPfdA OAKpA 27.30 -0.2 TeledyneTech TDY 340.57 0.7 MidatechPharma MTP 0.85 -3.3
AerCap AER 62.86 1.4 BarrettBus BBSI 95.64 8.8 Cubic CUB 75.20 -0.6 ConcretePumping BBCP 3.16 0.9 SupernusPharms SUPN 19.35 -31.6
InterParfums IPAR 81.40 -0.6 OilDriAmerica ODC 38.15 0.7 Thermon THR 27.73 ... AchieveLifeSci ACHV 0.99 -13.9 Morphic MORF 12.03 -5.9
AgileTherap AGRX 2.97 2.9 ContainerStore TCS 3.85 -0.7 Synchronoss SNCR 4.13 -7.8
BlackRock BLK 491.58 1.5 DouglasDynamics PLOW 51.82 4.3 j2Global JCOM 99.34 0.9 OldDomFreight ODFL 193.31 0.5 Tredegar TG 20.93 ... Akerna KERN 4.15 -9.6 MySize MYSZ 0.40 -0.3
AirLease AL 47.48 -0.2 CorbusPharm CRBP 4.37 -3.9 Tengasco TGC 0.54 ...
BloominBrands BLMN 23.51 11.1 EatonVance EV 47.86 ... Jabil JBL 39.24 0.5 OrionGroup ORN 5.60 1.1 TylerTech TYL 276.44 1.6 AkernaWt KERNW 0.33 -7.5 NaturalResPtrs NRP 24.55 -6.8
Aircastle AYR 32.28 17.0 CyclerionTherap CYCN 2.03 -8.3 TitanMedical TMDI 0.38 3.5
BrookfieldRenew BEP 43.57 0.7 ElbitSystems ESLT 166.77 1.1 KSCitySouthern KSU 151.93 1.1 OrisunAcqn ORSNU 10.08 0.1 UltraClean UCTT 23.26 -0.4 AltusMidstream ALTM 2.15 -3.5 Neuronetics STIM 5.07 -6.6
9.28 0.5 DFB Hlthcr DFBH 9.21 -3.8 TitanPharm TTNP 0.16 5.7
Allot ALLT Brooks Auto BRKS 44.96 0.3 EnvivaPartners EVA 35.82 0.4 KaryopharmTherap KPTI 14.70 -1.1 PPG Ind PPG 130.03 0.7 Unifirst UNF 209.52 1.1 ApexTechAcqnWt APXTW 0.90 ... NexTierOilfield NEX 4.05 -10.0
DiamondbkEner FANG 76.51 -14.4 TonixPharm TNXP 2.50 11.7
Amerco UHAL 426.50 0.6 CF Finance CFFA 10.17 0.3 EverQuote EVER 30.34 4.9 KiteRealty KRG 18.50 -0.5 PapaJohn's PZZA 62.05 6.9 UrstadtBiddle UBP 19.15 -0.4 ApproachRscs AREX 0.08 -5.8 OccidentalPetrol OXY 39.37 -5.5
DiffusionPharm DFFN 0.57 -8.2 Uber UBER 25.58 -3.9
AmerSoftware AMSWA 16.48 -0.1 CNB FinPA CCNE 33.09 0.2 Exagen XGN 21.05 7.8 Koppers KOP 35.29 -0.9 PennsWoodsBncp PWOD 31.57 -0.3 Vectrus VEC 52.83 11.2 ArgoGroup ARGO 60.36 5.6 OpGen OPGN 1.25 3.9
ECA Marcellus ECT 1.05 -1.9 UltragenyxPharm RARE 37.05 -5.9
Ameriprise AMP 158.88 -0.3 CapitalCityBank CCBG 30.78 -0.1 FMC FMC 98.17 0.7 Kulicke&Soffa KLIC 25.53 -0.3 Pinduoduo PDD 45.25 -0.1 VielaBio VIE 26.75 3.9 Astrotech ASTC 1.29 -0.8 EQM Midstream EQM 27.30 -0.9 OysterPtPharma OYST 16.07 -4.3 UnionAcqnII LATNU 10.05 -0.3
ApexTechAcqn APXTU 10.32 0.2 Cardtronics CATM 38.69 2.6 FidelityD&D FDBC 70.00 4.6 LCI Inds LCII 107.06 3.9 Progyny PGNY 20.24 0.6 VinceHolding VNCE 23.87 -0.1 AtlanticAmerican AAME 1.95 -13.3 EmbotellAndinaA AKO.A 14.73 -3.6 PintecTech PT 0.80 -0.2 Uniti UNIT 6.67 -1.9
ArborRealty ABR 15.03 3.9 Carlisle CSL 160.52 -0.3 FidNatlFin FNF 46.95 1.3 LSI Inds LYTS 5.59 6.3 ProspectCapNt28 PBY 26.69 0.6 VoyaFinancial VOYA 59.00 2.6 BancodeChile BCH 24.32 -4.2 EmbotellAndinaB AKO.B 16.70 -2.7 PioneerPwrSols PPSI 3.02 -3.0 UnumTherapeutics UMRX 1.23 -3.9
ArrowFinancial AROW 36.39 0.2 Chase CCF 124.45 -0.1 FinInstitutions FISI 32.45 0.3 LamarAdv LAMR 84.71 0.5 PureCycle PCYO 11.83 -2.9 Walker&Dunlop WD 64.95 0.8 BcoSantChile BSAC 23.84 -1.9 EnelChile ENIC 3.82 1.3 Plantronics PLT 23.14 -36.6 Vapotherm VAPO 7.60 -34.5
ArtisanPtrsAsset APAM 30.18 0.2 ChunghwaTel CHT 37.20 0.3 FlyLeasing FLY 22.46 2.4 Leggett&Platt LEG 54.69 1.0 Qorvo QRVO 102.31 0.1 WaterstoneFinl WSBF 18.95 0.5 BeasleyBroadcast BBGI 2.80 -2.4 Exelixis EXEL 15.02 -3.4 PrefApartment APTS 12.91 1.5 VerbTech VERB 0.81 -8.7
AssuredGuaranty AGO 48.55 1.4 CoeurMining CDE 6.13 2.8 Forterra FRTA 11.41 3.3 LibertySirius B LSXMB 45.56 4.7 RLJLodgingPfdA RLJpA 27.75 -0.4 WestBancorp WTBA 24.40 0.5 Biocept BIOC 0.63 -5.1 Ferroglobe GSM 0.60 0.3 PrimoWater PRMW 10.07 -8.7 WesternMidstrm WES 20.10 -2.7

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 19.91 -0.05 21.3 EqInc 18.87 +0.05 20.8 IncomeFd NA ... NA BalAdml 38.25 +0.03 17.9 USGroAdml 108.06 +0.05 24.3 WndsrII 38.07 +0.06 23.7
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. EdgewoodGrInst 35.83 -0.02 24.5 SrsGlobal 12.99 -0.01 17.2 JPMorgan R Class PIMCO Funds I2 CAITAdml 12.05 ... 6.1 ValAdml 45.17 +0.08 20.6 VANGUARD INDEX FDS
Fidelity SrsGroCoRetail 18.04 -0.03 27.7 CoreBond 11.93 +0.02 8.4 Income NA ... NA CapOpAdml r158.57 -0.26 20.1 WdsrllAdml 67.57 +0.12 23.8 MdCpVlAdml 59.92 -0.06 23.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
500IdxInstPrem107.04 +0.09 24.8 SrsIntlGrw 17.25 +0.03 28.7 CorePlusBd 8.48 +0.02 8.7 PIMCO Funds Instl DivAppIdxAdm 32.63 +0.11 24.4 WellsIAdml 66.25 +0.21 14.4 SmValAdml 57.50 -0.24 19.0
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
ExtMktIdxInstPre 63.48 -0.28 21.4 SrsIntlVal 10.00 ... 16.3 Lord Abbett A IncomeFd NA ... NA EMAdmr 35.71 -0.10 14.8 WelltnAdml 74.72 +0.24 18.9 TotBd2 11.02 +0.02 8.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r IntlIdxInstPrem 42.93 +0.02 18.4 TotalBond ShtDurIncmA p 4.21 TotIntl
10.89 +0.02 9.2 ... 4.9 Price Funds EqIncAdml 78.56 +0.23 20.6 WndsrAdml 75.38 -0.05 24.2 17.40 -0.01 17.0
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not MidCpInxInstPrem 23.14 -0.05 24.6 Fidelity SAI Lord Abbett F BlChip 116.93 -0.04 21.8 ExplrAdml 96.46 -0.23 24.0 TotSt 76.01 +0.01 24.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; VANGUARD FDS
SAIUSLgCpIndxFd 16.56 +0.02 24.8 TotalBd 10.52 +0.02 9.2 ShtDurIncm 4.21 ... 5.0 EqInc 32.67 +0.05 21.7 ExtndAdml 91.16 -0.39 21.4 DivdGro 30.33 +0.15 25.0 VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. SmCpIdxInstPrem 20.51 -0.12 19.4 First Eagle Funds Lord Abbett I EqIndex 82.02 +0.06 24.6 GNMAAdml 10.56 +0.01 5.6 BalInst 38.26 +0.03 17.9
INSTTRF2020
24.14 +0.02 14.8
TMktIdxInstPrem 87.30 ... 24.2 GlbA 59.81 -0.02 17.5 ShtDurInc p 4.21 +0.01 5.1 Growth 69.98 -0.10 22.5 GrwthAdml 88.29 -0.05 28.8 INSTTRF2025
24.62 +0.01 16.3 DevMktsIndInst 13.82 +0.01 18.0
Wednesday, November 6, 2019 USBdIdxInstPrem 11.93 +0.02 8.2 FPA Funds Metropolitan West HelSci 77.57 -0.25 15.8 HlthCareAdml r 86.11 +0.12 12.0 INSTTRF2030
24.91 +0.01 17.3 DevMktsInxInst 21.60 +0.01 18.0
Net YTD Net YTD Net YTD Fidelity Advisor I FPACres 33.86 -0.08 16.8 TotRetBd 11.04 +0.03 8.6 InstlCapG 43.09 -0.07 20.7 HYCorAdml r 5.91 ... 14.0 INSTTRF2035
25.20 +0.01 18.3 ExtndInst 91.16 -0.39 21.5
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret NwInsghtI 33.18 +0.01 22.9 Franklin A1 TotRetBdI 11.03 +0.02 8.8 IntlStk 18.12 -0.01 21.0 InfProAd 26.07 +0.08 7.7 INSTTRF2040
25.48 ... 19.2 GrwthInst 88.30 -0.04 28.8
Fidelity Freedom CA TF A1 p 7.62 ... 8.3 TRBdPlan 10.38 +0.02 8.8 MidCap 95.18 -0.37 24.6 IntlGrAdml 97.16 -0.03 22.6 INSTTRF2045
25.68 ... 19.9 InPrSeIn 10.62 +0.03 7.7
American Century Inv Baird Funds EmMktCorEq 21.04 -0.06 11.5 FF2020 16.35 ... 14.5 IncomeA1 p 2.30 -0.01 12.8 MFS Funds Class I N Inc 9.70 +0.02 8.7 ITBondAdml 11.84 +0.03 10.0 InstIdx 278.85 +0.28 24.8
Ultra 50.75 -0.07 25.5 AggBdInst 11.22 +0.03 9.0 IntlCoreEq 13.39 +0.01 17.1 INSTTRF2050
25.72 ... 20.0
FF2025 14.31 ... 15.6 FrankTemp/Frank Adv ValueI 43.39 +0.17 24.2 NHoriz 61.59 -0.21 27.8 ITIGradeAdml 10.04 +0.02 9.9 InstPlus 278.87 +0.28 24.8
American Funds Cl A CorBdInst 11.56 +0.03 9.5 IntSmCo 18.42 -0.01 16.7 IntlVal 37.24 +0.05 16.0
FF2030 17.77 ... 17.3 IncomeAdv 2.28 -0.01 13.0 MFS Funds Instl OverS SF r 11.04 ... 18.7 LTGradeAdml 11.06 +0.05 19.5 InstTStPlus 66.06 ... 24.2
AmcpA p 32.70 -0.04 17.9 BlackRock Funds IntSmVa 18.88 ... 14.8 LifeCon 20.85 +0.02 13.5
Freedom2020 K 16.34 ... 14.6 FrankTemp/Franklin A IntlEq 27.67 +0.14 23.6 R2020 22.58 +0.01 15.6 MidCpAdml 211.68 -0.62 25.0 MidCpInst 46.76 -0.14 25.0
AMutlA p 43.15 +0.08 16.7 HiYldBd Inst 7.68 -0.01 12.9 LgCo 23.78 +0.02 24.7 Growth A p 112.34 +0.05 R2025 LifeGro 35.29 +0.01 18.6
Freedom2025 K 14.29 ... 15.7 24.8 Northern Funds 18.01 ... 16.7 MuHYAdml 11.73 ... 8.3 MidCpIstPl 230.62 -0.68 25.0
BalA p 28.30 +0.02 15.3 BlackRock Funds A TAUSCoreEq2 19.62 -0.03 23.5 Freedom2030 K 17.75 ... 17.3 RisDv A p 67.96 +0.12 23.8 StkIdx 35.60 +0.03 24.7 R2030 26.28 ... 17.8 MuIntAdml 14.43 ... 6.2
LifeMod 28.48 +0.02 16.0
RealEstaInstl 20.24 +0.05 26.8
BondA p 13.25 +0.02 7.5 GlblAlloc p 19.31 ... 13.5 US CoreEq1 25.17 -0.04 23.9 Freedom2035 K 14.86 ... 19.1 FrankTemp/Franklin C Nuveen Cl I R2035 19.29 -0.01 18.6 MuLTAdml 11.91 ... 7.7 PrmcpCor 28.56 +0.01 22.1 SmCapInst 76.26 -0.35 21.8
CapIBA p 62.53 +0.09 13.8 BlackRock Funds Inst US CoreEq2 23.12 -0.04 23.2 Freedom2040 K 10.37 ... 19.6 Income C t 2.33 -0.01 12.1 HYMunBd 17.90 ... 10.7 R2040 27.49 -0.01 19.4 MuLtdAdml 11.06 ... 3.5 STAR 27.76 +0.03 17.9 STIGradeInst 10.73 +0.01 5.4
CapWGrA 50.36 -0.04 19.5 EqtyDivd 20.55 +0.05 22.3 US Small 34.64 -0.18 17.3 Fidelity Invest FrankTemp/Temp Adv Oakmark Funds Invest Value 36.98 +0.05 21.0 MuShtAdml 15.84 ... 2.1 TgtRe2015 15.62 +0.01 12.7 STIPSIxins 24.71 +0.02 4.1
EupacA p 54.50 -0.07 21.0 MultiAstIncome 10.85 ... 11.8 US SmCpVal 33.89 -0.17 13.9 Balanc 24.20 -0.01 19.3 GlBondAdv p 10.66 -0.02 -0.6 OakmrkInt 24.88 -0.08 21.6 PRIMECAP Odyssey Fds PrmcpAdml r146.22 -0.06 20.9 TgtRe2020 32.85 +0.02 14.7 TotBdInst 11.06 +0.02 8.4
FdInvA p 61.92 -0.07 20.6 StratIncOpptyIns 9.94 ... 6.6 US TgdVal 23.10 -0.13 17.7 BluCh 100.03 -0.15 23.4 Guggenheim Funds Tru Old Westbury Fds AggGrowth r 44.45 -0.17 16.1 RealEstatAdml130.76 +0.32 26.8 TgtRe2025 19.78 +0.01 16.3 TotBdInst2 11.02 +0.02 8.3
GwthA p 51.34 -0.09 20.1 Bridge Builder Trust USLgVa 38.15 -0.04 20.7 Contra 13.30 -0.01 21.9 TotRtnBdFdClInst 27.24 +0.05 4.8 LrgCpStr 15.14 ... 19.7 Growth r 40.77 ... 17.4 SmCapAdml 76.27 -0.34 21.7 TgtRe2030 36.14 +0.01 17.3 TotBdInstPl 11.06 +0.02 8.4
HI TrA p 9.92 -0.02 9.0 CoreBond 10.46 +0.02 7.0 Dodge & Cox ContraK 13.32 ... 22.1 Harbor Funds Parnassus Fds Stock r 35.08 +0.03 21.9 SmGthAdml 65.77 -0.33 24.7 TgtRe2035 22.24 ... 18.2 TotIntBdIdxInst 34.89 +0.02 8.2
ICAA p 39.20 -0.01 17.4 CorePlusBond 10.33 +0.02 6.9 Balanced 103.29 -0.08 15.5 CpInc r 10.06 -0.03 15.2 CapApInst 76.38 -0.01 23.3 ParnEqFd 48.30 +0.18 24.6 Schwab Funds STBondAdml 10.58 +0.01 4.6 TgtRe2040 38.50 ... 19.2 TotIntlInstIdx r116.42 -0.02 17.1
IncoA p 23.25 +0.02 15.2 Intl Eq 11.77 -0.01 18.2 GblStock 13.06 -0.02 18.4 GroCo 20.32 -0.05 26.8 Harding Loevner PGIM Funds Cl Z 1000 Inv r 69.57 +0.03 24.7 STIGradeAdml 10.73 +0.01 5.4 TgtRe2045 24.22 ... 19.8 TotItlInstPlId r116.44 -0.02 17.1
N PerA p 46.33 -0.03 23.0 Del Invest Instl Income 14.12 +0.02 9.0 GrowCoK 20.35 -0.05 26.9 IntlEq NA ... NA TotalReturnBond NA ... NA S&P Sel 47.79 +0.04 24.7 TotBdAdml 11.06 +0.02 8.4 TgtRe2050 38.99 +0.01 19.9 TotStInst 76.06 +0.02 24.2
NEcoA p 46.14 -0.05 18.8 Value 22.27 +0.05 15.4 Intl Stk 43.56 +0.06 18.0 InvGrBd 11.57 +0.02 9.2 Invesco Funds A PIMCO Fds Instl TSM Sel r 54.12 -0.01 24.2 TotIntBdIdxAdm 23.25 +0.01 8.2 TgtRet205542.32 ... 19.9 ValueInst 45.17 +0.08 20.6
NwWrldA 70.00 -0.19 22.0 Dimensional Fds Stock 195.63 -0.35 18.8 LowP r 47.40 +0.05 18.0 EqIncA 10.50 ... 16.5 AllAsset NA ... NA TIAA/CREF Funds TotIntlAdmIdx r 29.11 -0.01 17.1 TgtRetInc 13.99 +0.02 11.4 WCM Focus Funds
SmCpA p 57.23 -0.18 22.0 5GlbFxdInc 10.96 ... 3.9 DoubleLine Funds Magin 10.92 +0.02 23.1 Invesco Funds Y ShortT 9.78 ... 2.4 BdIdxInst 11.12 +0.02 8.1 TotStAdml 76.04 +0.01 24.1 TotIntBdIxInv
11.63 +0.01 8.1 WCMFocIntlGrwIns 17.79 ... 26.9
TxExA p 13.29 ... 6.5 DFARlEst 40.91 +0.16 26.5 CoreFxdIncmI NA ... NA OTC 11.98 -0.02 29.1 DevMktY 44.59 -0.02 18.6 TotRt 10.46 +0.03 8.4 VANGUARD ADMIRAL TxMCapAdml158.20 +0.09 24.8 WellsI 27.35 +0.09 14.4 Western Asset
WshA p 47.71 +0.10 20.0 EmgMktVa 27.93 -0.12 5.7 TotRetBdI NA ... NA Puritn 22.04 +0.02 16.1 JPMorgan I Class PIMCO Funds A 500Adml 284.40 +0.32 24.8 TxMIn r 13.80 +0.01 17.9 Welltn 43.27 +0.14 18.8 CorePlusBdI NA ... NA
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Thursday, November 7, 2019 * * THE WALL STREET JOURNAL.

BANKING & FINANCE

SEC Fines Rise to 30-Year High

BY DAVE MICHAELS Total sanctions The 10 largest judgments SEC officials said they had a curred more than four years ago.
Germany
Signals
WASHINGTON—A crackdown
targeting the sale of higher-fee
$5. billion
Forfeiture of illegal profits Civil fines as a share of total sanctions
60%
banner year despite headwinds,
such as a U.S. Supreme Court
decision that limited the
The SEC conducted a similar
sweep during the Obama ad-
ministration, when it charged
Support of
mutual funds boosted enforce-
ment results for Wall Street’s
main regulator in 2019, driving
4
40
agency’s ability to claw back il-
legal profits from wrongdoers.
They said the agency returned
72 brokerage firms with failing
to update the investor disclo-
sures for municipal-bond offer-
Bank Union
its annual fines to their highest 3 $1.2 billion to harmed investors ings they sold. BY JULIE STEINBERG
total in more than 30 years. last year, a five-year high that Securities lawyers say both
The Securities and Exchange 2 includes amounts tied to cases enforcement efforts were exam- Germany’s finance ministry
Commission brought 526 en- 20 settled in past years. ples of “broken windows” po- for the first time opened the
forcement actions in the past Securities regulators often ar- licing, in which authorities go door to policies that could
1
fiscal year, which ended Sept. gue that annual fine totals are a after seemingly minor miscon- pave the way for a more uni-
30. The tally was lifted by 95 flawed indicator of their success. duct that can encourage other fied European banking system,
cases against investment advis- 0 0 Investigations often take years types of wrongdoing. But the though questions remain over
ers for inadequately disclosing FY2013 ’14 ’15 ’16 ’17 ’18 ’19 FY2016 ’17 ’18 ’19 before producing settlements or SEC says last year’s invest- whether the political will ex-
their practice of selling more Note: The fiscal year ends on Sept. 30. Source: Securities and Exchange Commission litigation, meaning some recent ment-adviser cases were differ- ists to push through the long-
expensive funds to retail cli- cases could have started during ent because the regulator’s talked-about overhauls.
ents, according to SEC data. SEC enforcement attorney and tration, compared with $12.4 bil- the Obama administration. work earned money back for in- The ministry in a paper sig-
The SEC’s civil caseload pro- now a partner at Covington & lion from 2014 through 2016. Many factors, including how fi- vestors and saved them from naled support for a key aspect
duced monetary sanctions to- Burling LLP. The largest fine obtained last nancial markets are performing, paying extra fees in the future. of closer cooperation that has
taling $4.3 billion, the highest Among the 10 largest fines year, $892 million, stemmed influence their caseload. “These were fraud cases so far held up greater integra-
tally in nominal dollars since at this year, 55% of the total sanc- from the SEC’s lawsuit against But the number of new SEC filed against sophisticated reg- tion: a European deposit-in-
least 1987, according to data tions came from cases in which the defunct Woodbridge Group investigations has been falling. istrants,” Mr. Peikin said. surance program to protect
from Georgetown University individuals and shell compa- of Companies LLC, which au- The SEC opened 869 enforce- Separately, the Commodity depositors in the event of a
law professor Urska Velikonja. nies—entities with no real op- thorities say fleeced 8,400 peo- ment investigations in 2018, Futures Trading Commission, bank collapse.
The total shows how the fo- erations—are responsible for ple through sham real-estate in- compared with 965 in 2017 and the regulator of U.S. derivatives Shares in some of Europe’s
cus on protecting less sophisti- paying the judgments, accord- vestments. The trustee 1,063 during 2016, according to markets, claimed enforcement banks briefly shot higher after
cated traders, as opposed to ing to Ms. Velikonja’s data. handling Woodbridge’s bank- agency budget reports. sanctions last year of $1.3 bil- the paper was released
scouring for bigger cases where “One would expect FY 2019 ruptcy has identified more than “That is a reflection of try- lion, the highest level since 2015, Wednesday. UBS Group AG
institutional or wealthy inves- collections to decline precipi- ing to be judicious in what we according to an agency official. was among those ending
tors were defrauded, can still tously,” Ms. Velikonja said. “All are opening, and that is a re- The agency’s total heavily higher.
yield big fines. It isn’t known, of this means that [SEC Chair- flection that we are operating depends on a single lawsuit Supporters of the idea
though, how much of that man Jay] Clayton’s focus on re-
The agency’s civil with reduced resources and we that obtained $978 million in claim it would make the euro-
money will be collected. tail fraud sounds nice in theory caseload produced are trying to be smarter,” said restitution for investors. The zone’s banks and its govern-
A higher share of the SEC’s but…[t]he SEC’s ability to pun- Steven Peikin, co-director of CFTC filed the suit in 2009 ments more resilient to eco-
largest cases in 2019, as com- ish individuals who cannot pay
monetary sanctions the SEC’s enforcement division. against brokerage firm WG nomic shocks.
pared with prior years, was the fine is limited.” totaling $4.3 billion. The SEC in 2019 returned to Trading Co. and its executives Europe’s lenders are strug-
against private companies or in- According to agency data, the using “sweeps,” or industry- for stealing hundreds of mil- gling to compete with their
dividual defendants, according SEC collects about 57% of its en- wide enforcement campaigns, lions of dollars in client assets. U.S. rivals, having been hit
to Ms. Velikonja, whose research forcement sanctions but has cre- to target what it calls en- The executives, Paul Green- hard by ultralow interest rates
focuses on SEC enforcement. ated a dedicated unit to go after $800 million in assets that trenched misconduct. wood and Stephen Walsh, went that in some cases have meant
Fines against such defen- scofflaws skipping out on fines. could be used to pay claims, ac- More than 90 investment ad- to prison after pleading guilty. central banks have charged

.
dants are usually harder for the “Returning money to cording to court filings. visers who steered clients into The agency filed 69 new them to deposit cash.

ly
government to collect. Unlike harmed retail investors is of The SEC also obtained a $100 higher-fee mutual funds without cases, consistent with its annual Many have responded with
Wall Street banks and public paramount importance, and we million fine against Woodbridge adequately disclosing their prac- average over the past five years. sweeping cost-cutting and re-
companies that are quick to will pursue our efforts with owner Robert Shapiro, who was tice were required to repay $135 The CFTC’s enforcement structuring efforts, while oth-
pay, individuals and smaller vigor no matter how difficult it on sentenced to 25 years in prison million to customers. The com- output this year included 12 ers have sought to add heft by
firms accused of brazen frauds may be,” Mr. Clayton said. in a parallel criminal case. His panies included Wells Fargo & cases against futures traders at merging operations. However,
have often spent much of the The SEC levied fines totaling attorney, Ryan O’Quinn, said Mr. Co. and Raymond James Finan- banks such as JPMorgan Chase the lack of a eurozone-wide
money they took in, said Gerald $12.1 billion during the past three Shapiro was unlikely to be able cial Services Advisors Inc. In & Co. accused of spoofing, a deposit-insurance program has
Hodgkins, formerly a senior years under the Trump adminis- to pay that sum. some cases, the misconduct oc- type of market manipulation. been an impediment to that.
us l,

In addition to member
states’ own deposit programs,
al a
e

A Job License Could Help You Get a Loan

funds would be gathered in a
European deposit-insurance
fund, according to the paper,
ci on

and could be meted out as

BY ANNAMARIA ANDRIOTIS necessary as repayable loans.
The goal of deposit protection
A new credit score will is to prevent bank runs and
soon factor in consumers’ rent stabilize the financial system,
er rs

payments and professional li- the ministry said.

censes to help them get ap- Germany has until now op-
proved for loans. posed such a plan, reluctant to
The score, created by credit- expose savers to problems
m e

reporting firm Experian PLC, elsewhere in the bloc and sub-

is called Lift and can give bor- sidize bailouts in other mem-
rowers a boost if they handle ber states.
m rp
ADAM DELGIUDICE/AGENCE FRANCE-PRESSE/GETTY IMAGES

payday loans responsibly or Finance Minister Olaf

are licensed as hairdressers, Scholz also outlined proposals
real-estate professionals or in for the banking union, includ-
other jobs. Those data sets ing deposit insurance, in the
aren’t typically factored into Financial Times on Wednes-
co Fo

traditional credit reports. day. Mr. Scholz, who repre-

Experian’s new score is the sents the Social Democratic
latest change aimed at helping Party, needs approval from the
lenders make more loans to senior coalition partner, Ger-
consumers with no or limited man Chancellor Angela
borrowing histories. Many Merkel’s conservatives, to
lenders are wary of extending move forward. The conserva-
credit to risky consumers and tives have traditionally been
are looking for more data that more cautious about pooling
could help them identify peo- risks and liabilities among eu-
ple they might overlook. Experian’s new credit score called Lift could help consumers who hold any of about 5,000 professional licenses, such as hairdressers. rozone member states.
The potential field is huge. Ms. Merkel’s spokesman,
About 53 million U.S. adults ple who have a professional li- moves are dressing up risky payments in regular Experian Experian’s priority with Lift Steffen Seibert, appeared to
don’t have credit scores and cense tend to be more likely to borrowers to look like safer credit reports, potentially in- is to increase the number of distance himself from Mr.
n-

another roughly 56 million pay their debts. Experian says bets than they actually are and creasing their FICO scores. people approved, though the Scholz’s proposal on Wednes-
have subprime scores, accord- it identified this correlation whether this could lead to Experian will begin selling company says the new score day.
ing to Fair Isaac Corp., creator with auto lenders and credit- higher loan losses when unem- the Lift score to about 10 lend- can also help lenders identify The proposal was a “contri-
of the widely used FICO scores. card issuers who have pur- ployment begins to rise. ers in a pilot this month. The people who might be riskier bution to a debate” that would
no

Experian says the Lift score chased professional-license For decades, credit reports company says the score will than their traditional credit need to be discussed in detail
could help about 40 million data from the firm. and scores have been based help lenders decide whether to records suggest. The score both in Europe as well as
consumers who might not oth- Proponents of the new mostly on consumers’ history lend to potential borrowers ranges from 300 to 850, like
erwise get approved for loans. lending strategy say the paying back debt. That began who don’t have a regular the FICO scores that are used
Consumers who hold any of changes signal lenders’ confi- to change last year when FICO credit score. Lenders can use it by most U.S. lenders for con- Mr. Scholz’s
about 5,000 professional li- dence in the economy and announced a new score that as a second-chance score when sumer underwriting. plan needs
censes could get a boost. their belief that many consum- would factor in how consum- a consumer’s regular score is In some cases, Lift will fac- approval from
The metrics can help lend- ers are judged too harshly by ers handle their bank ac- too low, either because of a tor in only positive informa- the German
ers determine whether con- the traditional credit reporting counts. Experian later said it lack of borrowing history or tion. On-time rent payments chancellor’s
sumers are likely to repay and scoring systems. would allow consumers to add because of delinquencies or will be counted, but missed conservatives
their loans. For example, peo- Critics question whether the their cellphone and utility bill other negative marks. payments won’t be. to go forward.

Low Liquidity Spurs Volatility in Earnings Season within the German coalition,
Mr. Seibert said at a press
conference.
An official at Mr. Scholz’s
BY GUNJAN BANERJI translates to higher volatility, have shown high predictive the two days after reporting re- potential for liquidity exacer- party said the proposal fell
they said. When liquidity for power when estimating for- sults, above the five-year aver- bating earnings-day moves,” short of what was needed, and
Earnings season has driven shares of an individual com- ward volatility metrics.” age of 1%. the analysts wrote. that Mr. Scholz had been too
explosive moves for some pany is lower than usual ahead Earnings this season have Goldman measured liquidity Liquidity has come to the beholden to the hawkish leg-
stocks. Poor liquidity is likely of earnings, stocks move 12% largely beaten expectations, based on how easy it was to forefront in derivatives, bond acy of his predecessor, Wolf-
exacerbating the swings. more than normal the day of helping major U.S. stock in- trade a stock each day and the and stock markets in recent gang Schäuble, a member of
Declining liquidity—roughly, earnings, the analysts wrote. dexes break through a narrow market impact that such trad- years and become a headache Ms. Merkel’s party.
how easy or difficult it is to On the other hand, stocks with trading range and hit records. ing would have. for traders at times. The paper’s other proposals
trade shares of different com- better liquidity move 4% less Underneath the surface, the re- The analysts said Noble En- It can be difficult to mea- urged more efficient supervi-
panies—over the past two than normal, they wrote. sults have driven larger-than- ergy Inc., Agilent Technolo- sure, but its impact on swings sion and winding-down of
years has stoked volatility “The relationship between normal swings for shares of in- gies Inc., Tyson Foods Inc., across markets was on display banks, as well as a uniform re-
around earnings, Goldman liquidity and volatility has dividual companies. Discovery Inc. and Air Prod- over the summer, when it got duction of nonperforming
Sachs Group Inc. analysts wrote gained increasing significance,” Through last week, shares of ucts & Chemicals Inc. have tougher to trade stocks, bonds loans across member states.
in a report Wednesday. Goldman analysts wrote. companies that beat analyst lower liquidity ahead of earn- and currencies, driving big —Bojan Pancevski
Basically, lower liquidity “Broad measures of liquidity forecasts rose an average 2% in ings in coming weeks. “We see moves in markets. contributed to this article.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
Continued From Page B9 Net Net Toro TTC 77.98 0.44 US Foods USFD 40.57 -0.27 VailResorts MTN 236.75 0.01 VulcanMatls VMC 138.12 -2.91 Welltower WELL 84.87 -0.68 XPO Logistics XPO 83.46 -0.21
Net Stock Sym Close Chg Stock Sym Close Chg TorontoDomBk TD 57.84 0.09 t Uber UBER 26.94 -1.08 Vale VALE 12.17 -0.21 WestPharmSvcs WST 147.35 0.44 XcelEnergy XEL 61.26 0.72
Stock Sym Close Chg TCF Financial TCF 42.51 -0.26 TeladocHealth TDOC 80.00 -0.12
Total TOT 54.29 -0.51 UltaBeauty ULTA 243.99 -1.43 ValeroEnergy VLO 100.35 -0.74 W X Y Z WesternDigital WDC 53.72 -0.42 s Xerox XRX 37.66 1.29
ToyotaMotor TM 140.37 -0.37 UnderArmour A UAA 18.17 0.27 VarianMed VAR 124.42 0.68 t WesternMidstrm WES 20.29 -0.56 Xilinx XLNX 93.77 -1.63
StoneCo STNE 34.22 -0.80 TD Ameritrade AMTD 39.83 0.03 s TeledyneTech TDY 339.43 2.38 WABCO WBC 134.97 0.21
TractorSupply TSCO 95.93 -1.64 UnderArmour C UA 16.51 0.20 Vedanta VEDL 8.87 -0.05 s WesternUnion WU 27.47 0.96 Xylem XYL 78.20 -1.47
Stryker SYK 201.01 2.64 TE Connectivity TEL 93.94 -0.62 Teleflex TFX 334.95 -1.27 WEC Energy WEC 91.21 0.21
TradeDesk TTD 194.42 -5.11 Unilever UN 59.96 1.12 VeevaSystems VEEV 140.85 0.17 WestlakeChem WLK 73.48 -1.20 Yandex YNDX 34.20 -0.32
SumitomoMits SMFG 7.27 0.02 Telus TU 35.89 0.33 Ericsson ERIC 8.88 0.03
Tradeweb TW 40.58 0.44 Unilever 60.39 0.95 Ventas VTR 60.31 -0.15 WEX WEX 196.41 1.54 YUM 100.09 2.16
SunComms SUI 156.30 1.05 TIM Part TSU 15.28 0.49 TelefonicaBras VIV 13.32 -0.03 TransDigm
UL
W.P.Carey WPC 86.18 -0.30 WestpacBanking WBK 18.58 -0.04 YumBrands
TDG 536.42 0.95 UnionPacific UNP 176.34 -1.43 VeriSign VRSN 185.66 -0.90 WRK 39.24 -0.38 YumChina YUMC 42.64 -0.10
s SunLifeFinancial SLF 46.02 0.40 TJX TJX 58.83 -0.39 Telefonica TEF 7.49 -0.08 TransUnion TRU 80.78 WPP WPP 63.52 -0.29 WestRock
1.51 UnitedAirlines UAL 93.34 0.22 VeriskAnalytics VRSK 140.78 2.00 ZTO Express ZTO 22.17 -0.03
SuncorEnergy SU 31.18 -0.41 T-MobileUS TMUS 81.86 0.39 TelekmIndonesia TLK 29.29 -0.40 Travelers Wabtec WAB 77.92 0.25 Weyerhaeuser WY 29.54 -0.13
TRV 132.35 1.08 UPS B UPS 121.95 0.56 Verizon VZ 60.13 0.63 ZayoGroup ZAYO 34.29 0.06
SunTrustBanks STI 71.27 -0.15 TRowePrice TROW 120.06 0.93 Tenaris TS 21.92 -0.43 Trimble TRMB 40.13 -0.85 UnitedRentals URI 147.14 0.16 VertxPharm VRTX 195.97 -1.17 WalgreensBoots WBA 59.49 -1.72 WheatonPrecMet WPM 27.07 0.16
ZebraTech ZBRA 242.73 1.41
Suzano SUZ 8.98 -0.27 TaiwanSemi TSM 53.64 0.09 Teradyne TER 63.02 0.42 Trip.com Walmart WMT 119.50 0.64 Whirlpool WHR 156.46 -1.31
TCOM 35.05 -0.70 US Bancorp USB 58.76 0.17 Viacom B VIAB 22.01 -0.38 Zendesk ZEN 70.32 -0.39
SynchronyFin SYF 36.82 0.54 TakeTwoSoftware TTWO 116.68 -0.57 Tesla TSLA 326.58 9.36 TripAdvisor TRIP 40.79 WasteConnections WCN 90.27 0.43 Williams WMB 22.24 -0.71 Zillow C
-0.19 UnitedTech UTX 148.31 0.46 Viacom A VIA 24.39 -0.55 Z 33.63 0.27
Synnex SNX 118.99 -1.84 TakedaPharm TAK 19.34 0.07 TevaPharm TEVA 8.10 -0.44 Twilio WasteMgt WM 109.93 1.62 WillisTowers WLTW 186.67 1.66 Zillow A
Synopsys SNPS 136.57 0.94
TWLO 92.27 0.94 UnitedHealth UNH 250.52 0.22 Vipshop VIPS 11.71 0.11 ZG 33.61 0.32
Tapestry TPR 25.93 -1.02 TexasInstruments TXN 120.36 0.50 Twitter TWTR 29.54 -0.27 UnivDisplay OLED 198.83 -2.84 Visa V 176.77 0.40 Waters WAT 213.07 -0.51 Wipro WIT 3.89 -0.07 s ZimmerBiomet ZBH 143.22 2.91
Sysco SYY 81.06 0.98 WIX 127.18 -0.74 ZionsBancorp ZION 50.37
TargaResources TRGP 39.47 -1.14 Textron TXT 46.93 -0.37 s TylerTech TYL 276.06 4.22 UniversalHealthB UHS 139.92 0.06 VistraEnergy VST 25.75 -0.61 Watsco WSO 178.70 0.23 Wix.com -0.34
Target TGT 110.51 0.45 ThermoFisherSci TMO 294.57 1.94 TysonFoods TSN 83.47 83.76 2.26 Woodward WWD 110.85 1.72 Zoetis
T U V TataMotors TTM 12.18 0.01 ThomsonReuters TRI 66.76 0.13 UBS Group UBS 12.37
1.54 UnumGroup UNM 29.49
... VEREIT VER 9.36
-0.44
-0.13
VMware
Vodafone
VMW 163.91
VOD 20.85
0.66
...
Wayfair
Weibo
W
WB 51.62 -0.71 WooriFin WF 31.41 -0.23 ZoomVideo ZM
ZTS 121.47
66.83
1.22
-0.06
TAL Education TAL 43.68 0.35 TechnipFMC FTI 20.53 -0.56 3M MMM 174.00 -1.27 UDR UDR 48.65 0.15 VF VFC 86.11 -0.09 VornadoRealty VNO 65.26 -0.10 WellCareHealth WCG 289.50 -2.70 Workday WDAY 161.55 0.17 Zscaler ZS 43.91 -0.52
TC Energy TRP 50.35 0.65 TeckRscsB TECK 16.88 -0.46 Tiffany TIF 124.69 0.39 UGI UGI 47.09 -0.21 VICI Prop VICI 24.18 0.12 s VoyaFinancial VOYA 57.62 1.46 WellsFargo WFC 53.80 0.50 WynnResorts WYNN 122.56 -4.04 Zynga ZNGA 6.29 ...
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.
THE WALL STREET JOURNAL.
Saudis Seek OPEC Cuts Before Listing
BY BENOIT FAUCON
AND SUMMER SAID
Saudi Arabia is set to push
the Organization of the Petro-
leum Exporting Countries to
make deeper oil-production
cuts by pressuring laggard
members ahead of its state-
run oil company’s massive ini-
tial public offering.
The effort is
COMMODITIES aimed at bol-
stering oil
prices and reminding potential
Aramco investors of Saudi Ara-
bia’s considerable sway within
OPEC, people familiar with the
plan said. Nigeria has agreed
to improve compliance and
lobby other African producers
to follow suit, they said.
Saudi Arabian Oil Co., or
Aramco, this week officially un-
veiled its plan for an IPO on the
Saudi stock market beginning
Aramco’s
Worth in
Question
Continued from page B1
tors don’t have the same
power. It is true that the
Saudis now want to raise
cash as part of their plan to
shift the country’s economy
away from oil, but there is
no risk of the country run-
ning out of cash soon.
V
aluation will be based
on something closer
to cash flow, earnings
or dividends. Put Aramco on
the same multiple of esti-
mated 2020 earnings as
Exxon or Chevron and it is
worth roughly $1.5 trillion.
Saudi oil is so cheap to get
out of the ground that it is
unreasonably profitable, jus-
tifying a much higher multi-
ple of book value than other
companies.
Focus on cash rather than
earnings, and things don’t
look quite so good. Exxon
trades at 8.4 times 2020
cash flow, and Chevron at
seven times. Aramco would
DONAT SOROKIN/TASS/GETTY IMAGES
no
Front-month copper futures have gained 4.1% in the past month.
Stocks Pause as Energy Shares Move Lower
BY PAUL VIGNA
AND AVANTIKA CHILKOTI
Major U.S. stock indexes
were little changed after notch-
ing a string of records in recent
sessions.
The Dow Jones Industrial
Average eased 0.07 point to
27492.56. The S&P 500 added
2.16 points, less than 0.1%, to
3076.78. The
WEDNESDAY’S technology-
MARKETS heavy Nasdaq
Composite
dropped 24.05 points, or 0.3%,
to 8410.63.
The three indexes have set
highs this week, driven by opti-
mism about the potential for a
partial trade deal between the
U.S. and China, easing mone-
tary policy from the Federal
Reserve and a better-than-
feared earnings season.
Given the lingering uncer-
tainty over the trade war,
though, “seeing a quiet pause
at new highs is the best-case
scenario right now,” said Frank
Cappelleri, executive director at
Instinet.
Some investors remain cau-
tious because there have been
head fakes in the trade talks
before. Markets are seeking
clarity on any concessions of-
* * * *
on Dec. 11. On Dec. 5, Saudi Ara-
bian delegates are scheduled to
join OPEC’s 13 other oil-produc-
ing nations along with 10 na-
tions from a Russian-led coali-
tion for a meeting in Vienna.
“They will be under enor-
mous pressure to succeed [in
pushing prices up] just before
the IPO,” which is taking place
six days later, a Saudi oil ad-
viser said.
Saudi Crown Prince Moham-
med bin Salman wants to keep
oil prices high before Aramco’s
stock-market debut, a Saudi of-
ficial said. The oil giant’s
growth assumptions, as well as
the dividend it promises inves-
tors, are predicated on oil prices
around $65 a barrel, according
to a document for investors pre-
pared by one of the bookrun-
ners for Aramco’s IPO and seen
by The Wall Street Journal.
Brent crude—the global
be valued at less than $1 tril-
lion on this basis. As ana-
lysts at Bernstein suggest,
adjust for Aramco’s lower
debt and a cash-flow-based
valuation could reach $1 tril-
lion to $1.25 trillion.
The Saudis want investors
to focus on the dividend,
promising to keep paying it
on the stock they sell even if
they have to cut the payment
to themselves. Like preferred
shares, this is a stock with
the characteristics of a bond,
which should make the divi-
dend more attractive. Put it
on Exxon’s 5.3% estimated
2020 dividend yield and
Aramco would be worth $1.4
trillion, or $1.7 trillion at
Chevron’s 4.3% yield. To
reach the $2 trillion the
Saudi crown prince once de-
us l,
manded would mean a divi-
dend yield of 3.8%, lower
al a
e
than Western major oil com-
panies.
ci on
A
ramco shares are like
preferred stock in an-
other way, too: Private
shareholders will have no
power to influence the
er rs
board. The government will
still have the vast majority
of votes, so will be able to
do what it likes with Aramco
m e
even without changing the
law.
m rp
co Fo
n-
fered by China and the U.S. to
resolve the dispute.
“The market’s a bit shy
when it comes to the trade
stuff and doesn’t want to pull
the trigger until they see these
things in writing,” said Shawn
Snyder, head of investment
strategy at Citi Personal Wealth
Management.
Without new trade-related
headlines, investors focused on
single stock moves.
Index and sector performance Wednesday
0.5%
0
–0.5
–1.0
–1.5
–2.0
–2.5
10 a.m. 11 noon
Source: FactSet
MARKETS
benchmark—is trading around
$63 a barrel, and has declined
12% over the past six months,
as OPEC struggles to respond
to rising U.S. shale production.
At the December OPEC meet-
ing, Saudi Arabia, the cartel’s de
facto leader, is expected to back
the continuation of the group’s
pact to cut collective produc-
tion by 1.2 million barrels a day.
It will also put pressure on pro-
ducers that haven’t respected
the existing agreement to en-
sure the price of oil is as high
as possible on the day of
Aramco’s IPO, Saudi oil advisers
and an OPEC official said.
If the Saudis were to get
overproducing countries such as
Iraq, Nigeria, non-OPEC member
Kazakhstan and a few others to
comply with the agreement, the
result would bring about an ef-
fective cut of 500,000 barrels a
day, the Saudi oil advisers said.
Put simply, shareholders
are silent investors with the
Saudi government. The bull
case for the shares is that
the Saudis are serious about
wanting to modernize their
economy and sell more
Aramco stock in the future
so need to treat private in-
vestors well.
And Aramco’s IPO comes
with global oil stocks 16%
below the high of October
last year and more than a
third below 2008’s high—
with dividend yields at their
highest in data back to 1994.
But it would be easy for
the government to revert to
on the past norm of using
Aramco as a piggy bank to
finance the projects they
want, like camel beauty con-
tests. The company has ap-
pointed nonexecutive direc-
tors to try to reassure
investors about governance.
My concern is that what-
ever the valuation, it will fail
to take sufficient account of
the political risk. Saudi Ara-
bia has kept its absolute
monarchy going with a com-
bination of crackdowns and
bribery. I can’t predict when
or if it might go wrong, but
if it does, Aramco stock
could end up worthless. That
justifies a discount to below
$1 trillion.
Trade
Hopes Lift
Copper, Oil
Continued from page B1
other speculative investors
are the least bearish they
have been on copper since
April, according to the Com-
modity Futures Trading Com-
mission.
“Investors are looking at
the U.S. and China and saying,
‘Maybe the worst-case sce-
nario isn’t going to come to
pass anymore,’” said Tai
Wong, head of base- and pre-
cious-metals derivatives trad-
ing at Bank of Montreal.
A more positive view on
the outcome of the U.S.-China
Shares of HP rose $1.17, or
6.4%, to $19.57 after The Wall
Street Journal reported that
Xerox Holdings is considering
making a cash-and-stock offer
for the personal-computer
maker. Xerox shares rose $1.29,
or 3.6%, to $37.66.
Shares of Uber Technologies
fell $1.08, or 3.9% to $26.94 as
the lockup period on the com-
pany’s initial public offering ex-
pired, meaning investors in the
S&P 500
Energy sector
1 p.m. 2 3 4
Saudi Arabia’s new energy
minister, Prince Abdulaziz bin
Salman, sees the pressure cam-
paign as a way to establish his
credibility as a tough negotia-
tor after succeeding oil veteran
Khalid al-Falih in September,
two senior Saudi officials said.
“If everyone complies with
cuts, you effectively come out
with a cut without coming up
with new targets,” a Gulf OPEC
delegate said.
Saudi Arabia has persuaded
Nigeria to lobby other African
producers to reduce their pro-
duction, OPEC officials said.
Iran, which is often at logger-
heads with Saudi Arabia within
OPEC, also expects to see more
production cuts at the meeting.
“We will see a further decrease
by OPEC to the market,” Iran’s
semiofficial Mehr news agency
quoted Iranian Oil Minister Bi-
jan Zanganeh as saying.
The IPO of the world's biggest oil company comes at a time when
oil stocks and crude prices are far below their peaks.
Saudi Aramco's worth depends on what
investors think the yield should be....
Estimated 2020 dividend yield
Aramco worth $ trillion
3.8%
Aramco worth $1 trillion
Aramco worth $1 trillion
Exxon Mobil
Average of eight Western oil majors
Average emerging-markets oil majors
...and global oil stocks have never yielded so much.
FTSE All-World Oil & Gas dividend yield
4.5%
4.0
3.5
3.0
2.5
2.0
1994 2000
Sources: Refinitiv (index dividend, performance, oil prices); AB Bernstein (estimated dividend)
trade talks is also boosting
the investor outlook on oil.
Net bets on rising U.S. oil
prices hit a nine-month low in
mid-October on fears of soft-
ening demand amid strong
production from the U.S., but
have risen in recent weeks.
U.S. crude futures fell 1.5%
on Wednesday, snapping a
three-session win streak to
settle at $56.35 a barrel.
Brent, the global gauge of
prices, slipped 1.9% to settle
at $61.74 a barrel, though it
has gained 5.8% in the past
month.
A lot of investors say the
market will be oversupplied
next year, said Michael Tran,
energy strategist at RBC Capi-
tal Markets.
“That’s why the bulls in the
market are hanging their hat
on a trade-war resolution—so
the economic backdrop and
demand can improve,” he said.
initial offer can now sell shares.
The stock is down about 40%
from its May IPO price.
Shares of CVS Health rose
$3.61, or 5.4%, to $70.93 after
the company posted a stronger-
than-expected profit and raised
its outlook.
After the bell, shares of
Qualcomm rose 5.8% after the
company beat earnings expec-
tations, even though revenue
fell 17% from a year earlier.
Energy shares were the
weakest performers in the S&P
500 on Wednesday.
What is notable about the
sector, Instinet’s Mr. Cappelleri
said, is energy stocks are un-
derperforming commodities
prices, suggesting investors are
nervous about investing in the
companies regardless of the
short-term price of oil. U.S.
crude fell 1.5%.
Chesapeake Energy
slumped 37 cents, or 29%, to 91
cents after it said Tuesday it
might not be able to stay in
business if commodities prices
don’t rise.
Overseas, the Stoxx Europe
600 index gained 0.1%. Banks
were among the biggest gainers
in Europe. Shares in Société
Générale rose 3.4% after a
measure of the French lender’s
The Saudis are also commu-
nicating to other members that
a cut deeper than the current
agreement—which runs through
March—could be discussed at
the December meeting.
“Saudi Arabia knows that it
would be difficult to get any-
one to agree on this, but they
want to put it out there,” an-
other Saudi official said.
But the kingdom is unlikely
to push hard for a change in
collective-reduction targets be-
cause it wants to avoid bearing
much of the burden on its own.
The Saudis also want to
avoid encouraging rival U.S.
shale producers to budget for
high production as they com-
plete spending plans for next
year, the OPEC officials and
the Saudi oil adviser said.
OPEC still needs to assess
first-quarter oil demand, these
people said. They added that
5.0%
5.3%
5.7%
6.3%
’10
The rise of crude, combined
with a rally in natural-gas
prices bolstered by forecasts
for cold November weather, is
helping to boost shares of
beaten-down energy produc-
ers. Cimarex Energy Co., No-
ble Energy Inc. and Pioneer
Natural Resources Co. have
all gained more than 4% this
week.
Energy stocks in the S&P
500, however, remain down
roughly 13% over the past 12
months, dragged lower by
worries about a glut.
If a trade deal collapses or
signs of slowing demand
mount, any rally in crude
could prove short-lived.
Still, investors are optimis-
tic about a breakthrough.
“Hopefully, the worst of the
China-U.S. trade war is over,”
said Rob Thummel, senior
portfolio manager at energy
investment firm Tortoise.
capital strength improved in
the third quarter. UniCredit
shares increased 1% as the Ital-
ian lender moved a bad-loan
portfolio off its books in what
it said would amount to a “sig-
nificant risk transfer.”
The U.K.’s FTSE 250 index,
which includes companies that
are more exposed to the do-
mestic economy than their
larger peers, dropped 0.4% as
political parties prepared for
the Dec. 12 election.
In Asia, the Shanghai Com-
posite Index slipped 0.4%, while
the Hong Kong and South Ko-
rean gauges ended the day lit-
tle changed. In early trading
Thursday, the Shanghai Com-
posite was up 0.2%, Hang Seng
was down 0.3% and Kospi was
up 0.1%.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. All bids are awarded at a single price at the
market-clearing yield. Rates are determined by the
difference between that price and the face value.
10-YEAR NOTES
Applications
Accepted bids
" noncompetitively
" foreign noncompetitively
Auction price (rate)
Interest rate
Bids at clearing yield accepted
Cusip number
The notes, dated Nov. 15, 2019, mature on Nov. 15,
2029.
Thursday, November 7, 2019 | B11
Russia—the main participant in
the cuts outside OPEC—had pri-
vately told the group it wants to
maintain the current targets un-
til March. Still, in the medium
term, OPEC’s forecasts suggest
it will have to sharply reduce
production again. Demand for
OPEC crude is expected to fall
by 1.1 million barrels a day next
year compared with 2019, the
cartel said in its latest report.
OPEC on Tuesday said it ex-
pects its oil supplies to fall con-
tinuously in the next five years.
Still, experts say Aramco
has potential to thrive as a
cheap oil producer in a world
that has lower crude demand.
“The last barrel of oil de-
mand is the cheapest,” said
Ayed al-Qahtani, OPEC’s direc-
tor of the research division.
“The long-term advantage will
be the hands of low-cost pro-
ducers.”
But stocks move
with crude oil prices.
Brent crude-oil futures
$150 a barrel
100
7.5%
.
ly
50
0
1994 2000 ’10
Index performance
400%
4.52% 300
200
100
0
FTSE All-World Oil & Gas
1994 2000 ’10
Xerox, HP
Bonds Fall
On Tie-Up
Possibility
BY MATT WIRZ
Xerox Holdings Corp.’s po-
tential takeover of HP Inc.
provided a lift to shareholders
of both companies Wednesday.
For bondholders, not so much.
The planned cash-and-stock
offer from Xerox could be
funded in part by borrowing
more debt. That prospect sent
bond prices for the potential
target and acquirer tumbling.
HP’s $1.2 bil-
CREDIT lion bond due
MARKETS 2041 fell about
6% to 106.24
cents on the dollar following a
report about the possible ac-
quisition.
HP has a triple-B invest-
ment-grade credit rating, but
Xerox has a double-B credit
rating, which places it on the
highest rung of the junk-debt
category.
Xerox’s bonds due 2039 fell
to about 99 cents on the dollar
from 104 cents on Tuesday, ac-
cording to data from Market-
Axess.
The bonds had risen Tues-
day after the company’s an-
nouncement that it would sell
a 25% stake in its joint venture
with Fujifilm Holdings Corp.
for $2.3 billion.
HP stock closed up 6.4%,
and Xerox closed up 3.6%
Wednesday.
Printer manufacturer Xerox
is part-owned by activist in-
vestor Carl Icahn, and the
company has been cutting
costs this year while pursuing
a large acquisition. The mar-
ket value of HP, which princi-
pally makes personal comput-
ers, had dropped about 10%
this year before the Journal’s
$79,965,982,900 report.
$39,784,731,300
$20,011,800
U.S. government bond
$0 yields slid Wednesday. The
99.462502
(1.809%)
yield on the benchmark 10-
1.750% year Treasury note settled at
45.79%
912828YS3
1.814%, down from 1.865%
Tuesday. Yields fall as bond
prices rise.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B12 | Thursday, November 7, 2019 THE WALL STREET JOURNAL.

HEARD STREET ON
THE
FINANCIAL ANALYSIS & COMMENTARY

SoftBank Must Dial Back Ambitions Adidas

Vulnerable
Stung by WeWork, the firm is planning another mammoth fund, but shareholders want it to slow down
A chief executive likely knows
Despite
he has gone too far when he is
asked if the company has any con-
trol process to make sure he
Better Sales
doesn’t go crazy. SoftBank Chair-
man Masayoshi Son, who took that
question from a reporter during Market-share losses to
the company’s earnings briefing Nike remain a concern
Wednesday, needs to do more to
convince his investors.
Mr. Son’s erratic investment Adidas has recovered from the
style has certainly caused him problems with its supply chain ear-
some pain lately: SoftBank’s oper- lier this year. Continued market-
KAZUHIRO NOGI/AGENCE FRANCE-PRESSE/GETTY IMAGES

ating loss in the September quar- share losses in some regions still
ter amounted to $6.5 billion, the leave its expensive stock vulnerable,
first quarterly loss since 2005. Its though.
big bet on WeWork, whose valua- Sales in the three months
tion has fallen to $7.8 billion from through September increased by 6%
a peak of $47 billion, is the major versus the year-earlier quarter,
reason for the loss. As of Septem- stripping out currency movements,
ber, SoftBank, together with its the company reported Wednesday.
near $100 billion Vision Fund, had Demand picked up in North Amer-
lost around two-thirds of its $10.3 ica, where Adidas is growing at
billion investment into the com- more than twice the rate of larger
pany. But SoftBank decided to dou- competitor Nike. Its domestic busi-
ble down on the investment last ness also improved; European sales
month after WeWork’s failed ini- increased by 3% in the third quar-
tial public offering. Uber and The company’s chairman, Masayoshi Son, addressing the WeWork investment., ter, compared with a flat perfor-
Slack—two of the Vision Fund’s mance in the second. A new man-
other investments—also have lost to stop supporting them. pany could quickly put cash to for its shareholders. agement team in place since the
more than 30% over the quarter. He also emphasized free cash work growing revenue, even if that SoftBank is trading at a deep middle of last year is beginning to
Mr. Son tried hard to assure in- flow as the most important metric growth turned out to be unsus- discount to its net asset value. It turn the unit around.

.
vestors that the WeWork debacle to evaluate whether to invest in a tainable. has a market value of $82 billion— More even growth will help Chief

was a one-off. He said SoftBank startup. That, however, isn’t too
won’t generally do similar bailouts reassuring for investors given that
of portfolio companies, even if he was talking about projected
some run into trouble in the fu- cash flows a few years down the on
ture. That is a smart pledge to road. Mr. Son’s rosy views could
make, given investors’ worry that well be far away from reality.
SoftBank will have to foot the bill The ultimate problem for Soft-
if more of the Vision Fund’s in- Bank’s Vision Fund has been that
us l,
Paradoxically, a more prudent
SoftBank might further drive down
the value of its investments, at
least in the short term.
That is why Mr. Son is eager to
launch another $100 billion fund,
which could keep the party going.
He said the fund remains on track,
ly
less than half of the combined Executive Kasper Rorsted to achieve
value of its three largest listed in- his 2020 target of an 11.5% operat-
vestments: a 26% stake in Chinese ing margin and average annual
e-commerce giant Alibaba, an 85% sales growth of 10% to 12% between
stake in wireless carrier Sprint 2015 and 2020. The company’s
and a 66% stake in its Japanese three strategic markets—China, the
telecom unit. But monetizing those U.S. and e-commerce—are all doing
assets may not be easy: There well.

vestments go sour, effectively it is hard to invest such an im-
throwing good money after bad. mense sum in such a short period
al a
e
But it may not be credible. Since without pushing valuations into
many of those companies are cash- the stratosphere. WeWork became
burning startups, it is unclear one of SoftBank’s largest invest-
ci on
but it is unclear how many exter-
nal investors will still put money
in after the WeWork debacle.
Eventually, this may just mean
more of SoftBank’s own money in
would be a big tax bill for selling But Adidas is losing market share
its Alibaba shares, for example. in Europe, where Nike is growing
This discount will persist until sales at a pace four times faster.
Mr. Son has demonstrated he has The German company also is un-
learned his lesson. derperforming the $360 billion

where SoftBank will draw the line ments probably because the com- the fund, which means more risk —Jacky Wong global sportswear market, which is
expected to expand by 7.7% this
year, according to data provider Eu-
romonitor. Smaller competitor

Xerox-HP BMW Takes a Hybrid Approach Puma is outpacing it, with an antic-
er rs

ipated sales increase of 15% in 2019.

Catching up would help Adidas
to defend its pricey valuation. The
May Only stock is up 50% since the beginning
m e

Investors looking for a radical A surprising bright spot is the of the year and now trades just
new approach from BMW’s new company’s thriving Chinese busi- one-tenth below Nike’s as a multiple

Be Good boss are in for a disappointment. ness. While the world’s largest of projected earnings. In January,
m rp

Oliver Zipse, who replaced car market is shrinking as a the discount was one-quarter.
Harald Krüger as chief execu- whole, luxury-car sales there Adidas will be helped by the

On Paper tive of the German car maker

in August, showed no signs of
deviating from the strategy
are holding up well—those of
BMW in particular: Sales in
China were up 14.5% for the
Euro 2020 soccer championship
next year, which will boost demand
for football kits. But competition in
co Fo

followed by his predecessor
There are some problems Wall in his first public comments
Street’s deal machine may be well to the investment community
suited to solve. Getting people to on Wednesday.
print more isn’t one of them. This strategy above all fa-
That would be only one of the vors flexibility. While other car
challenges faced by a combined Xe- makers are increasingly turning
rox-HP. The Wall Street Journal re- to dedicated electric-vehicle-pro-
ported Tuesday night that Xerox is duction platforms, BMW is integrat-
considering a bid for HP Inc., the ing all possible drive types—tradi-
PC-and-printer half of the former tional, hybrid, all-electric—into a
Hewlett-Packard empire. No price single manufacturing model.
velopment costs were up 9.4%.
The whole car industry is being
squeezed between rising manufac-
first nine months. This running footwear is intensifying.
mainly reflects a decision to As a growth stock, Adidas has
locally produce the X3 SUV. shown impressive endurance in re-
Growth will slow next year as cent years, but after such a strong
year-over-year comparisons run it may be due for a breather.
become less flattering. —Carol Ryan
The investment case for
BMW depends in large part on Global sportswear market growth
whether it ends up needing its
10%
prized flexibility. A rapid adoption
of the all-electric vehicles due to
be released over the coming years 8
HECTOR RETAMAL/AGENCE FRANCE-PRESSE/GETTY IMAGES

has been reported, other than a Flexibility may help BMW navi- turing costs and slower sales. BMW to please environmental regulators
promise that the offer would mark gate what is likely to be a very is responding by finding savings, will reward those that have bet big
n-

a premium to HP’s share price, messy transition to battery technol- with a target of €12 billion ($13.3 on the technology. Greater con- 6
which hit a two-year low last ogy in Europe and China over the billion) by the end of 2022. Up to sumer interest in hybrid cars will
month. This was in the wake of a coming years. But the approach half of the drivetrain options on make BMW’s more hedged ap-
string of events that included a hints at indecision, and it could also traditional engine vehicles will be proach look smart. 4
no

surprise leadership change, disap- constrain BMW’s electric-vehicle axed by 2021, for example. But in- BMW is to investors as hybrids
pointing quarterly results and an designs at a crucial time relative to vestors won’t see the savings, which are to consumers: the choice for
ambitious restructuring move. rivals with purpose-built platforms. will instead finance investments in those who don’t want to be too 2
As such, any bid from Xerox Flexible production doesn’t seem new technology. BMW expects to dependent on battery technology
would certainly have an opportu- to be cheap either. BMW’s capital make an operating margin of be- in an industry currently subject to
0
nistic feel. It still would be a spending rose 14.5% in the third tween 6% and 8% this year, exclud- unusual uncertainty. One thing is
stretch financially, though. Xerox quarter from the same period last ing a one-time antitrust charge it clear: the company under Mr. 2018 ’19 ’20 ’21 ’22
may be landing a $2.3 billion wind- year, the company reported took in the first quarter—below its Zipse isn’t going to change course. Note: 2019 through 2022 are projections.
fall from its settlement with Fujif- Wednesday, while research-and-de- longer-term target of 8% to 10%. —Stephen Wilmot Source: Euromonitor
ilm, but it has relatively little cash
of its own with a net debt position
of about $3.9 billion. Any offer that
would represent an attractive pre-
mium to HP’s unaffected $27 bil- China’s Smog Gauge Is Signaling Trouble
lion market value probably would
rely heavily on issuing a mix of OVERHEARD
more debt plus Xerox’s stock. There is a running joke in Bei- China smog and housing, Two broader gauges measuring
Any such bid also represents a jing that if you want to know how change from a year earlier particulate levels in the Yangtze
gamble from Xerox that it has a Bank of America is taking the the Chinese economy is doing, just Housing prices Air pollution River Delta and northern central
40%
better idea of how to run a print- adage “time is money” to quite look out of your window. The Metals, cement, (five cities)* China respectively averaged 8% and
ing business that is in secular de- the extreme. thicker the smog, the better things glass, power Air pollution 21% lower than a year before in the
cline. Both HP and Xerox have been CEO Brian Moynihan this are. 20 output* (Beijing) three months to September. This
hurt by the fact that consumers week touted the ability to com- In reality, air pollution lines up comes even as policy makers are
and businesses are printing less plete $500 million payments for best with particular parts of the softening pollution targets to help
these days. HP’s stated plan to ad- corporate clients via the bank’s economy—especially the housing- 0 struggling factories. The govern-
dress this involves a shift from its Apple Watch app. A treasurer or driven heavy-industry sector. Dur- ment said in October it was seeking
longstanding practice of taking a chief financial officer on the go ing the last two big run-ups in a 4% drop in fine particulate matter
–20
loss on printer hardware to make can start the ball rolling on his home prices in early 2017 and late in northeastern China this winter,
money on consumables. or her mobile device and finish 2018, pollution levels roared back less ambitious than the 5.5% draft
That is no sure thing as far as things off with a security code after dipping. –40 target.
the market’s judgment goes: HP generated by the watch. In recent months they have been These signs of softening in heavy
2015 ’16 ’17 ’18 ’19
was fetching one of the lowest Mobile payments are clearly trending sharply lower again in industry, along with rising bond
multiples in tech at just over eight moving up the value chain. Last much of China. That adds to other *Average change yields, help to explain the Chinese
Note: Pollution figures six-month moving averages.
times forward earnings before year, Tesla garnered headlines signs that China’s construction sec- Five cities are Beijing and capital cities of Hebei,
central bank’s unexpected 0.05-per-
news of the potential bid. by making it possible to buy an tor, after two years of steady Shandong, Jiangsu and Guangdong provinces. centage-point cut to rates on one of
Xerox would need to show that electric car by tapping a finger strength, is starting to weaken. Source: CEIC its key lending facilities Tuesday.
it can do better while also running with Apple Pay. A columnist at The clues hinting at that deterio- The People’s Bank of China doesn’t
the world’s second-largest PC Inc. magazine accidentally put ration have been piling up for a are now up around 8% from a year want to set off another lending
maker by market share. The fact $2,500 down on a $100,000 ve- while. China’s purchasing managers earlier, versus 11% in mid-2019. frenzy; home prices are still rising,
that Xerox’s relatively new CEO, hicle while lying in bed. index for the construction sector Air-pollution data is the latest if less strongly than before, and
John Visentin, and other top exec- Sadly, Mr. Moynihan won’t be remained at a high level in October, confirmation of this trend. On a food prices are out of control be-
utives there have logged tenures at able to take advantage of the but was down sharply compared three-month moving-average basis, cause of the African swine fever ep-
HP may help them make their case. service himself, he told analysts: with the same month of last year. the concentration of fine particu- idemic. But officials may have de-
But HP holders will still need good “They don’t let me have that Heavy-industry output growth is late matter in Beijing’s air has cided it was time for a reminder
reasons—likely several billion of kind of authority to send weakening, and steel prices are fallen sharply from a year earlier that the central bank stands ready
them—to make what feels like a money.” down around 20% from their since April. to intervene if the housing market
premature vote of no confidence in late-2018 peak. Home-price mo- That is a month after heavy-in- deteriorates too rapidly.
their current team.—Dan Gallagher mentum has weakened, too: Prices dustry output growth peaked. —Nathaniel Taplin