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.
DJIA 28235.89 À 100.51 0.4%
What’s
News
Business & Finance
U .S. business activity
improved to a five-
month high in December,
and China’s industrial out-
put and consumer spending
accelerated in November,
signs the global economy is
regaining some footing. A1
 The Dow, S&P 500 and
Nasdaq closed at records as
the economic data added to
bullish sentiment. The Stoxx
Europe 600 index set its first
new high in over four years. B1
 Boeing said it would
suspend production of its
737 MAX, an escalation of
the crisis facing the firm
that will ripple through the
global aerospace industry. A1
 Amazon is blocking its
third-party sellers from using
FedEx’s ground delivery net-
work for Prime shipments, cit-
ing a performance decline. A1
 Purdue Pharma generated
more than $10 billion since
2008 for the Sackler family
members who own the Oxy-
Contin maker, a report says. B1
 Netflix released new met-
rics on its operations in a bid
to persuade Wall Street to
focus more on its expansion
outside the U.S. market. B1
 The SEC is scrutinizing
whether claims by invest-
ment firms touting new prod-
ucts as socially responsible
are at odds with reality. B1
 Uber is in talks to sell
its food-delivery business
in India to local rival Zomato
as the U.S. company seeks
a path to profitability. B4
 Ex-Renault CEO Bolloré
had demanded an indepen-
dent audit of Nissan’s inquiry
into Ghosn, a demand the Jap-
anese car maker rejected. B3
World-Wide
 Once articles of impeach-
ment against Trump arrive in
the Senate, Republicans will
take control of the process
for the first time. A grow-
ing number want a speedy
trial without witnesses. Yet
there is no consensus among
GOP senators on how a trial
should look, and the president
has his own ideas. A1, A10
 The U.S. and Mexico ap-
peared to settle an 11th-hour
labor dispute that had threat-
ened to sour a planned con-
gressional vote on a new
North American trade deal. A3
 Lawmakers in Congress
unveiled a nearly $1.4 trillion
spending deal that would
fund the government through
the rest of the fiscal year, aim-
ing to avoid a shutdown. A6
 People will have more
time to sign up for health
coverage on the federal
ACA exchange after some
experienced problems us-
ing the website Sunday. A2
 Demonstrations against
a new citizenship law that
disadvantages some Mus-
lim immigrants have
spread across India. A8
 The number of people
sentenced to death in the U.S.
fell this year to the second-
lowest level since 1973. A3
 China’s Xi praised Hong
Kong leader Lam and her
handling of antigovern-
ment protests in the city. A18
 The U.S. envoy to North
Korea reaffirmed Washing-
ton’s desire to resume nuclear
talks with Pyongyang. A18
 Protests in Lebanon
have paralyzed the search
for a prime minister. A18
CONTENTS
Banking & Finance. B10
Business News.. B3,5
Capital Journal...... A4
Crossword.............. A12
Heard on Street. B12
Life & Arts....... A11-13
s 2019 Dow Jones & Company, Inc.
All Rights Reserved
* * * * * TUESDAY, DECEMBER 17, 2019 ~ VOL. CCLXXIV NO. 143
NASDAQ 8814.23 À 0.9% STOXX 600 417.75 À 1.4%
Muslim Protests Spread Against India’s New Citizenship Law
REUTERS
STANDOFF: Students of Darul Uloom Nadwatul Ulama, an Islamic university in Lucknow, India, were stopped by police during
a protest Monday against a new citizenship law that favors non-Muslims. The law was backed by the Modi government. A8
Boeing to Temporarily Halt
on
Production of 737 MAX Jet
us l,
al a
e
Boeing Co. said it would sus-
pend production of its 737 MAX
jetliner, in an escalation of the
ci on
crisis facing the giant plane
maker that will ripple through
the global aerospace industry.
The company said Monday
that it plans to halt production
er rs
in January, having assembled
around 40 planes a month at
its plant near Seattle since the
MAX was grounded globally in
m e
March following two fatal
crashes of the aircraft within
m rp
Xi Backs Hong Kong Leader
co Fo
HONG KONG GOVERNMENT/EPA/SHUTTERSTOCK
n-
no
Chinese President Xi Jinping in Beijing on Monday praised
embattled Hong Kong leader Carrie Lam and her handling of
the antigovernment protests that have gripped the city. A18
Spotify Insists
You Love
‘Let It Go’
i i
Streaming giant
i
recaps user habits
that some disavow
BY ANNE STEELE
Sarah Iqbal can’t stand Lady
Gaga. Spotify says otherwise.
According to the streaming
giant’s data, the 35-year-old
Londoner has listened to
“Shallow,” the hit duet the pop
Markets..................... B11 star sings with Bradley Cooper
Opinion.............. A15-17
Sports....................... A14 in the “A Star is Born” movie
Technology............... B4 soundtrack, more than almost
U.S. News............. A2-6 any other song this year.
Weather................... A12
World News. A8-9,18
Mrs. Iqbal shares her ac-
count with her three children,
who adored the song, and her
> husband, whom she describes
as a fan of such big belt-it-out
ballads. She recalls the
months after her family dis-
covered the hit as “trying.”
“Suddenly it was everywhere
Please turn to page A9
10-YR. TREAS. g 20/32 , yield 1.890%
By Andrew Tangel,
Doug Cameron
and Alison Sider
five months. The two accidents
in Indonesia and Ethiopia
claimed a combined 346 lives.
Chicago-based Boeing plays
a big role in the U.S. economy:
It is the largest U.S. manufac-
turing exporter and one of the
nation’s top private employers.
And the MAX is its best-selling
Amazon Prime Blocks
FedEx Ground Shipments
BY PAUL ZIOBRO
Amazon.com Inc. is blocking
its third-party sellers from us-
ing FedEx Corp.’s ground deliv-
ery network for Prime ship-
ments, citing a decline in
performance heading into the
final stretch of the holiday
shopping season.
The ban on using FedEx’s
Ground and Home services
starts this week and will last
“until the delivery performance
of these ship methods im-
proves,” according to an email
Amazon sent Sunday to mer-
chants that was reviewed by
The Wall Street Journal.
Amazon has stopped using
FedEx for its own deliveries in
the U.S., but third-party mer-
chants had still been able to
use FedEx. Such sellers now ac-
count for more than half of the
merchandise sold on Amazon’s
website, including many items
listed as eligible for Prime.
FedEx said the decision im-
pacts a small number of ship-
pers but “limits the options for
OIL $60.21 À $0.14
plane.
The plane maker employs
around 12,000 workers at its
737 assembly plant in Renton,
Wash. Production of the 737
MAX also supports thousands
of jobs across a network of
over 600 suppliers and hun-
dreds of other smaller firms in
the global MAX supply chain.
Boeing said that it planned
to reassign its workers and
didn’t expect furloughs or lay-
offs. The company didn’t share
Trump Trial Looms,
But What Kind?
Many GOP senators want quick affair, no
witnesses; president wants vindication
BY MICHAEL C. BENDER
AND LINDSAY WISE
WASHINGTON—President
Trump wanted Ukraine to
help legitimize his 2016 elec-
tion, show that his predeces-
sors abused political power
and raise doubts about a rival
in the 2020 election.
Now, he wants Senate Re-
publicans to do the same, ac-
cording to people who have
discussed plans with him.
On the verge this week of
becoming just the third U.S.
president to be impeached by
the House, Mr. Trump doesn’t
those small businesses on some
of the highest shipping days in
history.” The carrier said it still
expects to handle a record
number of packages this holi-
day season. “The overall im-
pact to our business is minus-
cule,” a FedEx spokeswoman
said.
An Amazon spokesman said
the policy change is to ensure
customers receive their pack-
ages on time and the e-com-
merce company is managing
delivery cutoffs so that orders
arrive by Christmas. He said
the ban is temporary and will
be lifted once FedEx service
levels improve.
In its email to merchants,
Amazon said sellers can use
FedEx’s speedier and more ex-
pensive Express service for
Prime orders or FedEx Ground
for non-Prime shipments.
Daily package volumes dou-
ble during the holiday season
compared with the average vol-
ume throughout the year, and
carriers have battled difficult
Please turn to page A4
WSJ.com
GOLD $1,475.00 g $0.60
.
ly
details on the expected dura-
tion of a production shutdown
that will impact suppliers
around the world.
“It would be hard to have
any other single company stop
the production of a single
product and have it hit the
economy as hard as this
would,” said Luke Tilley, chief
Please turn to page A6
 Heard on the Street: Haste is
waste for Boeing................... B12
just want to be acquitted in
the Senate trial that would
follow, these people say. He
hopes to be vindicated.
“I wouldn’t mind a long
process,” Mr. Trump said Fri-
day, suggesting that a Senate
trial, expected to begin in
January, would be used to
unmask the whistleblower,
settle scores with House In-
telligence Chairman Adam
Please turn to page A10
 Gerald F. Seib: American
politics’ tribalization.............. A4
 More on-the-fence Democrats
back impeachment............... A10
Standing tall.
For the fourth straight quarter, Dell Technologies
is #1 in Scale-Out NAS. We’re proud to provide
industry-leading storage options such as Isilon
that always measure up.
Revenue Growth (YoY)
Learn more at DellTechnologies.com/Storage
Source: IDC Quarterly Enterprise Storage Systems Tracker 2Q 2019. Numbers represent
Dell Technologies revenue for the Scale Out NAS segment. Revenue compares from
2Q18-2Q19 against revenue from 2Q17-2Q18. Rankings inclusive of sales from companies
acquired by Dell Technologies.
HHHH $4.00
EURO $1.1146 YEN 109.55
Growth
Outlook
Improves
As Trade
Fears Ebb
Stock indexes get boost
from signs of a rebound
in China and better
prospects in the U.S.
BY ERIC MORATH
AND PAUL HANNON
The global economy is re-
gaining some of its footing,
with recent economic and
trade developments in the U.S.
and China easing concerns
about a slowdown.
U.S. business activity im-
proved to a five-month high in
December, a new survey showed
Monday, and China’s industrial
output and consumer spending
accelerated in November.
The Dow Jones Industrial
Average, S&P 500 and Nasdaq
Composite closed Monday at
the highest levels ever, their
latest milestones in a long
string of records this year. Eu-
rope’s benchmark Stoxx Eu-
rope 600 index set its first
new high in more than four
years, though new data
showed the continent remains
mired in low growth.
The economic measure-
ments came as the U.S.
reached a limited trade deal
with China and put the finish-
ing touches on a new trade
pact with Mexico and Canada.
Lawmakers in Washington also
reached a deal to keep the
government operating through
September, avoiding a repeat
of the government shutdown
Please turn to page A2
 Stocks get lift from Chinese,
U.S. data........................................ B1
Do-Good Funds
Draw Scrutiny
The SEC is asking funds to
verify claims that they are
socially responsible. B1
Flows into funds that focus
on socially responsible
investments by year
$20 billion
15
10
5
0
2015 ’16 ’17 ’18 ’19*
*Through the end of November.
Source: Morningstar
 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 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

U.S. NEWS
Kentucky Cancels Medicaid Work Rule Deadline
Extended
BY ARIAN CAMPO-FLORES thing to do,” Mr. Beshear said an executive order saying that proval, earlier this month. Mr. Beshear said Monday

Kentucky’s new Democratic

governor, Andy Beshear, halted
at a news conference Monday.
Under Democratic Gov. Steve
Beshear—Mr. Beshear’s father,
if courts barred the work re-
quirement from being imple-
mented, he would end the
Mr. Trump and Republicans
promote the policy as a way to
make beneficiaries more self-
that he was ending Kentucky’s
participation in the litigation
and had asked the court to dis-
For ACA
the state’s push to add a work
requirement for Medicaid re-
cipients, a policy pursued by
who held office from 2007 to
2015—Kentucky expanded Med-
icaid, the federal-state health
state’s Medicaid expansion. Mr.
Beshear’s executive order Mon-
day rescinded that order.
reliant and help transition them
to employer-provided health
coverage. Democrats say it
miss the state from the lawsuit.
Arkansas is the only state to
have fully implemented a work
Coverage
his Republican predecessor program for poor and disabled leads many people to lose cov- requirement, which lasted
that became entangled in court people, and created a health ex- erage and undermines the pro- about 10 months before the BY STEPHANIE ARMOUR
fights. change. Republican Gov. Matt gram’s purpose of providing a federal judge halted it. During
Mr. Beshear sent the federal Bevin dismantled the exchange
A policy pursued by safety net for low-income and that period, more than 18,000 People will have more time
Centers for Medicare and Med- after taking office in 2015 and the governor’s GOP disabled people. people in Arkansas lost Medic- to sign up for health coverage
icaid Services a letter Monday proposed changes to Medicaid A federal judge in U.S. Dis- aid coverage. on the federal Affordable Care
saying the state was ending a that he said were necessary to
predecessor became trict Court for the District of In Kentucky, Mr. Beshear Act exchange after some expe-
pilot program, known as a keep costs down. entangled in court. Columbia blocked Medicaid said nearly 100,000 people rienced problems using the
waiver, that included a work re- Among the policies he pur- work requirements in Kentucky, would have lost coverage had website Sunday, Trump admin-
quirement. He also said he was sued was a requirement that Arkansas and New Hampshire the work requirement been put istration officials said.
signing an executive order pro- recipients perform a minimum earlier this year. He ruled that in place. He cited a Government The deadline is being ex-
tecting the state’s expansion of number of hours of work or Kentucky is one of 10 states in approving them, the federal Accountability Office report tended three days, to Wednes-
Medicaid under the Affordable other activities like volunteer- that secured approval for a government didn’t adequately this year that estimated that day, after some consumers said
Care Act, which resulted in ing. CMS, which has supported Medicaid work requirement consider the potential for recip- implementing the program they experienced internal error
more than 400,000 Kentuckians work requirements under Presi- from the Trump administra- ients to lose coverage. An ap- would cost Kentucky $271 mil- messages, difficulties updating
obtaining coverage. dent Trump, approved the plan tion, according to the nonprofit pellate court heard arguments lion. “This Medicaid waiver passwords, long waits on hold
“Rescinding this waiver is in 2018, triggering a lawsuit Kaiser Family Foundation. in October in the federal gov- would have cost Kentucky at the call center, and an in-
not only the right thing to do, challenging it. South Carolina became the ernment’s appeal of the Ken- money, lives and jobs,” Mr. ability to load the Health-
it is the moral, faith-driven That year, Mr. Bevin signed most recent state to receive ap- tucky and Arkansas decisions. Beshear said. Care.gov webpage.
The original Dec. 15 dead-
line to sign up for health insur-
U.S. WATCH ance through the health law’s
federal exchanges brought a
heavy volume of traffic, as
WORLD WAR II many people typically wait un-
til the last day to sign up for
U.S. Veterans Mark coverage beginning Jan. 1.
Battle of the Bulge Federal officials said some
consumers who logged in or
Side by side, the Allies and created an account were
former enemy Germany together routed to a waiting system, but
marked the 75th anniversary of that it only affected a portion
one of the most important bat- of consumers for a few min-
tles in World War II—the Battle utes. People who contacted the
of the Bulge, which stopped Hit- call center were instructed to

.
ler’s last-ditch offensive to turn

ly
the tide of the war.
At dawn on Dec. 16, 1944,
over 200,000 German soldiers
People who want to
started the most unexpected on enroll in the health-
breakthrough through the dense
woods of Belgium and Luxem-
care exchange have
bourg’s hilly Ardennes. until Wednesday.
Making the most of the sur-
us l,

prise move, the cold, freezing

weather and wearied U.S. troops,
al a
e
the Germans pierced the front leave their contact information
line so deeply it came to be and would be allowed to enroll
JULIEN WARNAND/EPA/SHUTTERSTOCK

known as the Battle of the in a plan after the Dec. 15

ci on

Bulge. deadline, a spokeswoman with

Initially outnumbered, U.S. the Centers for Medicare and
troops delayed the attack Medicaid Services said.
enough in fierce fighting to allow “This additional time will
reinforcements to stream in and give consumers the opportu-
er rs

turn the tide of the battle by nity to come back and com-
Christmas. plete their enrollment for Jan.
At a ceremony in Bastogne, 1 coverage,” CMS officials said
Belgium, U.S. Secretary of De- Monday, referring to the dead-
m e

fense Mark Esper paid tribute to American veterans of World War II and others commemorated the 75th anniversary of the Battle of the Bulge on Monday in Belgium. line extension.
over 19,000 U.S. troops who Some Democratic presiden-
died in one of the bloodiest bat- MISSISSIPPI four times in connection with a GEORGIA been removed, they can be eas- tial candidates had joined con-
m rp

tles in the nation’s history. quadruple slaying in the city of ily and quickly reinstated. gressional Democrats in calling
U.S. Army veteran Malcolm Man Tried 6 Times Winona in 1996. Two other trials Judge Allows Purge In October, the state released on the administration to ex-
“Buck” Marsh took the tributes in For Killings Gets Bail ended in mistrials. Of Voting Rolls a list of over 313,000 voters tend the sign-up deadline.
stride Monday as he addressed Each of the convictions was whose registrations were at risk Enrollment on the ACA ex-
royalty, military leaders and top A Mississippi man whose overturned. A federal judge is allowing of being canceled, about 4% of changes is closely watched by
co Fo

government officials. “It is great murder conviction was over- Circuit Judge Joseph Loper Georgia to proceed with a mass the state’s registered voters. No- both supporters and critics of
to be here but I’m glad I’m not turned by the U.S. Supreme said it was “troubling” that pros- purge of its voting rolls planned tices mailed in November gave the law. Declines in sign-ups
digging a foxhole,” Marsh said. Court for racial bias was granted ecutors had not responded to a for Monday evening, but he also voters 30 days to respond to could embolden Republicans
After the fighting in the Bat- his freedom for the first time in defense motion to drop the scheduled a hearing later in the keep their registration valid. who say the ACA is failing by
tle of the Bulge ended on Jan. 22 years Monday while prosecu- charges against Mr. Flowers. week to hear more arguments Fair Fight Action, a voting making premiums unaffordable
28, 1945, Allied forces invaded tors decide whether to retry him Assistant District Attorney about the matter. rights group founded by Demo- for many. It could also inflame
Germany, eventually leading to for a seventh time. William Hopper left the court- That decision came after a crat Stacey Abrams, had filed an Democrats who say the Trump
the Nazi surrender and the end A judge set a bond of room without speaking to re- lawyer for the state assured him emergency request asking the administration cut the ACA
of the war in Europe. $250,000 for Curtis Flowers. porters. that if the judge finds later that court to halt the purge. outreach budget and took
—Associated Press Mr. Flowers was convicted —Associated Press some people shouldn’t have —Associated Press other actions that have led to
a drop in coverage.
The issue could provide fuel

Global Signs of Growth partment’s latest data, but

orders for civilian aircraft and
50.6, pointing to meager
growth. The index’s readings
for candidates in the Demo-
cratic presidential debate
n-

U.S. business activity expanded to a five-month high and China’s parts were down 25%. for the year’s final quarter so Thursday. Health care has con-

Economy
industrial output accelerated in November. The global economy has far are the weakest since 2013, sistently been an issue.
U.S. composite purchasing Change from a year earlier in steadied in recent months, al- when the currency area faced Enrollment in the ACA’s in-
managers index* China's industrial output though global growth is ex- twin government-debt and dividual plans available on the

Picks Up
no

pected to slow to 3% for 2019— banking crises. federal and state exchanges
58 9%
the lowest rate since the The European Central Bank’s has been falling in recent
economic crisis, the Interna- economists Thursday lowered years. Overall sign-ups peaked
8 tional Monetary Fund said in their economic growth forecast at almost 12.7 million in 2016
56
Continued from Page One October. The IMF expects im- for next year to just 1.1%, the but have steadily declined to
in early 2019. The result of the 7 provement next year, estimat- latest in a series of downgrades about 11.4 million in 2019, ac-
U.K.’s election also eased some 54 ing 2020 global growth at 3.4%. stretching back to June 2018. cording to the Kaiser Family
uncertainty about how and 6 “That is to say, a rebound. At a news conference Thurs- Foundation.
when the country would leave But we are also saying there are day, ECB President Christine From Nov. 1 through Dec. 7,
52
the European Union. Mean- 5 quite significant downside risks Lagarde gave no indication that almost 3.9 million consumers
while, the U.S. Federal Reserve to this forecast,” IMF Director policy makers were considering picked a plan in the 38 states
said it would pause interest- 50 Kristalina Georgieva said last another round of stimulus mea- that use the federal sign-up
4
rate cuts, suggesting the econ- week at The Wall Street Jour- sures to follow those an- portal, off 6% from last year.
omy has found stability. nal’s CEO Council. nounced in September, instead Sign-up deadlines are later
“We’re looking at moderate 48 3 Meanwhile, the eurozone’s pointing to “some initial signs in many of the states that
economic growth in 2020,” said ’17 ’18 ’19 ’16 ’17 ’18 ’19 economy continues to flirt with of stabilization.” don’t use the federal platform,
Scott Brown, chief economist at *Readings over 50 indicate expansion stagnation. Surveys of purchas- “What I think gives us some so final enrollment tallies
Sources: IHS Markit; China’s National Bureau of Statistics via CEIC Data
investment firm Raymond ing managers across the euro- hope…is the fact that those won’t be available for some
James. “The downside risks zone Monday pointed to a downside risks that we had on time. The pace of sign-ups
look much less severe than they improvement in business confi- The U.S. economy has grown sharper decline in the export- the horizon are less pro- tends to be more robust in
did back in August.” dence and a recovery in invest- at a 2% pace in recent quarters oriented manufacturing sector nounced,” she said. these states.
Figures released Monday by ment,” they said. and advanced 2.5% in 2018, ac- in December, offset by a slightly In the U.K., a similar survey Outages and problems with
China’s National Bureau of Sta- U.S. purchasing managers cording to government mea- stronger expansion in the more of purchasing managers pointed the website have also occurred
tistics showed industrial output were more optimistic about surements. domestically focused services to another month of declining in previous years, and the
for November was 6.2% higher economic activity early this Monday’s data is the latest sector. activity. In Japan, such surveys ACA’s first open enrollment
than a year earlier, accelerating month, pushing a measure of to indicate the U.S. manufactur- IHS Markit’s composite pur- also pointed to stagnation in season was marred by technol-
from a 4.7% year-over-year in- overall output to a five-month ing sector has stabilized after a chasing managers index for the December, as they did in No- ogy problems that were widely
crease in October. According to high, IHS Markit said Monday. tumultuous year marked by currency area was unchanged at vember. criticized by Republicans.
a separate release, China’s retail The gain was led by expecta- trade uncertainty. In addition to
sales climbed 8% in November tions of solid growth in the ser- trade developments, oil prices
from a year earlier, compared
with October’s 7.2% increase.
vices sector. U.S. manufacturing
is still expanding but at a
are up about 30% from a year
earlier, a trend that could halt
CORRECTIONS  THE WALL STREET JOURNAL
(USPS 664-880) (Eastern Edition ISSN 0099-9660)

After the release of the data,

economists at UBS and Oxford
slower pace than in November.
The survey was conducted be-
further contraction in energy-
related manufacturing. Auto
AMPLIFICATIONS (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241)
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Economics raised their fore- tween Dec. 5 and Dec. 13, before makers also have labor agree- Periodicals postage paid at New York, N.Y., and other mailing offices.
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nomic growth to 6%, up from funding developments. A final economic slowdown doesn’t ap- reached a deal to spin off and All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of
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part reflects that the U.S. and “The welcome signs of im- A remaining risk factor is Fragrances Inc. A headline Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com
China deal likely means the provement help to ward off re- setbacks at Boeing Co., which with a Business & Finance ar- Need assistance with your subscription?
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nomic consequences should dis- economist at IHS Markit. The MAX next month. quiring IFF. WSJ back issues and framed pages: wsjshop.com
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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.
Death Penalty Falls More Out of Favor
Only 22 people were
executed this year,
second-lowest level in
nearly three decades
BY LAURA KUSISTO
The number of people sen-
tenced to death dropped this
year to the second-lowest
level since 1973, as executions
have fallen into disuse in all
but a handful of states.
So far in 2019, fewer than
40 death sentences are likely
to be imposed, according to a
report to be released Tuesday
by the Death Penalty Informa-
tion Center, a nonprofit that
researches the death penalty.
The number of executions fell
to 22, the second-lowest level
in nearly three decades, ac-
cording to the report.
“In 2019 we saw the death
penalty disappear from entire
regions of the country and
erode in others,” said Robert
Dunham, the center’s execu-
tive director.
The Death Penalty Informa-
Flynn Is
Set to Be
Sentenced
In January
BY BYRON TAU
WASHINGTON—A federal
judge Monday rejected a last-
ditch effort by former national
security adviser Michael
Flynn’s attorneys to dismiss
the criminal case against him
and set a sentencing date of
Jan. 28.
Mr. Flynn, who briefly
served as President Trump’s
first national security adviser,
pleaded guilty two years ago
to a single count of lying to in-
vestigators about his contact
with the Russian ambassador.
He became a cooperating wit-
ness in former special counsel
Robert Mueller’s investigation
while awaiting sentencing.
Relations between Mr.
Flynn and the government
grew acrimonious earlier this
year after Mr. Flynn replaced
his longtime legal counsel at
the firm Covington & Burling
and retained Sidney Powell, a
conservative lawyer and tele-
vision commentator.
Ms. Powell accused the
government of withholding ev-
idence from the defense and
had asked for the case against
Mr. Flynn to be dismissed—
even though he had pleaded
guilty—a long-shot legal ma-
neuver.
In an opinion released Mon-
day, Judge Emmet G. Sullivan
rejected the effort to dismiss
the case and moved to sen-
tence Mr. Flynn.
no
“It is undisputed that Mr.
Flynn not only made those
false statements to the FBI
agents, but he also made the
same false statements to the
Vice President and senior
White House officials, who, in
turn, repeated Mr. Flynn’s
false statements to the Ameri-
can people on national televi-
sion,” Judge Sullivan con-
cluded.
Mr. Flynn was charged with
lying to investigators during
his 24-day stint as national se-
curity adviser in the early
weeks of the Trump adminis-
tration about his interactions
with the Russian ambassador.
U.S., Mexico Appear to Settle Labor Controversy in USMCA
The U.S. and Mexico ap-
peared to resolve an 11th-hour
labor dispute that had threat-
ened to sour a planned con-
gressional vote on a new North
American trade agreement.
By William Mauldin
in Washington
and Anthony Harrup
in Mexico City
Mexican Foreign Affairs Un-
dersecretary Jesús Seade had
objected over the weekend to
language in the U.S. legislation
implementing the U.S.-Mexico-
Canada Agreement after a new
version of USMCA was signed
by all three countries last week.
The legislation stipulates
that the U.S. would name up to
five additional U.S. Labor De-
* * * *
tion Center doesn’t take a po-
sition on the death penalty
but is critical of how it is ad-
ministered in the U.S.
Plummeting rates of violent
crime, greater scrutiny of
wrongful convictions and the
increasing expense and diffi-
culty of carrying out execu-
tions all have contributed to a
two-decade-long plunge in the
use of the death penalty.
States also have increasingly
adopted the sentence of life in
prison without parole, which
polls show is gaining in popu-
larity as an alternative to
death sentences.
States representing more
than half of the U.S. popula-
tion have either abolished the
death penalty or frozen execu-
tions. California, which has
the largest death-row popula-
tion, this year imposed a mor-
atorium on executions, with
Gov. Gavin Newsom saying no
executions would occur under
his administration.
Death-penalty supporters
say the trend toward fewer ex-
ecutions doesn’t represent a
fundamental shift in Ameri-
on
us l,
al a
e
ci on
er rs
m e
m rp
The design Tommy Fisher, president of Fisher Industries, showed off Dec. 9 is being challenged.
Private Border Wall Is Mired in Legal Fight
co Fo
BY ELIZABETH FINDELL
McALLEN, Texas—An effort
to build a privately funded
wall along the U.S.-Mexico
border, as the Trump adminis-
tration’s efforts progress
slowly, is running into trouble
over concerns that its design
may alter the border itself.
Construction of the three-
n-
mile section in South Texas
was halted last week after the
U.S. attorney for Texas’s
Southern District obtained a
temporary restraining order
Dec. 5 against its builder,
Fisher Industries, a North Da-
kota-based contractor.
The attorney’s office argued
that the wall is being built too
close to the Rio Grande and
could violate a treaty with
Mexico by eroding soil and po-
tentially altering the course of
the waterway, which demar-
cates the U.S. border in Texas,
when it floods.
Meanwhile, a group called
We Build the Wall has raised
$25 million online and said it
has contributed $2 million to-
ward the wall’s construction.
Such private moves to build
partment officials as attachés to
the U.S. Embassy in Mexico City
or to consulates in the coun-
try—raising concerns in Mexico
that they would act as labor in-
spectors. The trade pact itself
calls for resolving labor dis-
putes with three-member panels
that could lead to facility visits.
Mr. Seade met U.S. trade
representative Robert Lighthi-
zer in Washington on Monday,
and afterward Mr. Lighthizer
released a public letter to Mr.
Seade clarifying the role of the
attachés. “These personnel will
not be labor inspectors and
will abide by all relevant Mexi-
can laws,” Mr. Lighthizer said.
After meeting Mr. Lighthi-
zer, Mr. Seade said at the Mex-
ican Embassy that authorities
in Mexico are satisfied with
U.S. NEWS
Number of executions in the U.S. per year*
120
100
80
60
40
20
0 tually vanished from the
1980 ’90
*2019 figure is through Dec. 12.
Source: Death Penalty Information Center
cans’ views. Rather, they say,
it signals a sense of compla-
cency as the crime rate has
fallen.
“The tide is going to start
turning as the crime rate goes
up,” said Michael Rushford,
president and chief executive
of the Sacramento-based
Criminal Justice Legal Founda-
tion, a nonprofit that advo-
cates for the death penalty.
“We’ve got more homeless on
sections of wall come as sup-
porters of President Trump,
who agree with him that more
secure barriers could help stop
illegal immigration and related
crimes, seek to speed con-
struction. The federal govern-
ment has built or strength-
ened only 90 miles of wall
since Mr. Trump took office
nearly three years ago, and
virtually none in Texas, due in
part to resistance from land-
owners.
Fisher Industries this
month won a $400 million
contract from the U.S. Army
Corps of Engineers to build 31
miles of government-funded
border wall near Yuma, Ariz.
The Pentagon’s internal
watchdog said Thursday it
would investigate the contract
award after reports that
Fisher Industries, which re-
ceived the award after vocal
support from Mr. Trump,
hadn’t previously met qualifi-
cation criteria.
Fisher Industries hopes it
can demonstrate the value of
the company’s preferred con-
struction style to help it win
future federal contracts. “Most
the USTR’s assurance that at-
tachés will not be inspectors.
Mr. Lighthizer said the atta-
chés “would work with their
Mexican counterparts, workers
and civil society groups on im-
plementation of the Mexican
labor reform, including by pro-
viding technical assistance and
disbursing capacity building
funds, and provide assistance
to the new U.S. government in-
teragency labor committee.”
The House Ways and Means
Committee is set to hold a
hearing on the new version of
the pact on Tuesday, with a
vote expected in the full House
on Thursday.
House Democrats indicated
Monday that the latest con-
cerns in Mexico wouldn’t de-
rail the process of ratifying
Tuesday, December 17, 2019 | A3
been put on hold since a pre-
liminary injunction blocking
the executions. If the Trump
administration wins in court,
that could lead to a spate of
new executions, Mr. Dunham
said.
“The Justice Department
upholds the rule of law—and
we owe it to the victims and
their families to carry forward
the sentence imposed by our
justice system,” Attorney Gen-
eral William Barr said in July.
The death penalty has vir-
2000 ’10 northeastern corner of the
country and has eroded signif-
icantly in the West, Mr. Dun-
ham said. Executions are now
the streets, the subway is not largely concentrated in the
as safe as it used to be. There south, led by Texas, Tennessee
are indications that there are and Alabama.
more problems.” Death sentences are also
Executions could tick up now limited to a couple of
next year if the Trump admin- dozen mostly larger counties
istration succeeds in its effort with the considerable re-
to resume federal executions sources needed to try to carry
after a 16-year hiatus. The out a death sentence. Cuya-
Justice Department issued hoga County, which encom-
death warrants setting execu- passes Cleveland, led the way
tion dates for five death-row by sentencing three people to
inmates in July, but they have death in 2019.
Border Barriers
The wall from Fisher Industries has some similarities and
differences with sections of wall under construction now by the
U.S. government in several states.
Fisher
.
The wall stands
ly
around 18-feet tall,
with 5-inch gaps.
A horizontal plate at
the top is designed to
halt climbers
Lack of horizontal
structures is designed
to prevent ladders
from hanging
ELIZABETH FINDELL/THE WALL STREET JOURNAL
Steel bollards are
filled with concrete in
both models. The
Fisher model, which
uses galvanized steel,
is supposed to resist
rust, lessening
climbing traction
Note: Not to scale
Sources: Fisher Industries; U.S. Customs and Border Protection
people wouldn’t invest $40 his wall wouldn’t pose a flood
million on the fly unless they danger. Federal attorneys said
really believe in it,” the com- in a court hearing last week
pany’s president, Tommy that they feared Fisher Indus-
Fisher, said, referring to the tries’ flattening of the natural
projected cost of the wall. river bank and dredging be-
The property being used for hind it had already done irrep-
construction is owned by a arable damage. The govern-
family that supports Mr. ment typically builds its
Fisher’s work. The river banks border walls up to a mile north
themselves, however, belong of the Rio Grande to avoid af-
to the government, under the fecting the river and causing
potential ecological damage.
The fight between some of
the most ardent supporters of
A U.S. attorney said
Mr. Trump’s border-security
the barrier could policy and his own administra-
tion’s U.S. attorney for the
alter the course of area illustrates how divisive
the Rio Grande. the issue has become and how
difficult constructing a wall
can be in practice.
Much of the rallying for pri-
treaty with Mexico. Mr. Fisher vate-wall construction has
began construction last month come from the group We Build
by clear-cutting the thick the Wall. In addition to its on-
brush that lines the river and line fundraising, the group has
making the natural vertical posted frequently on social
bank into a beach. He hasn’t media about the Fisher Indus-
yet begun installing the wall’s tries South Texas barrier, re-
vertical panels. ferring to it as “our” wall and
Mr. Fisher said he was at- seeking donations to continue
tempting to conduct an envi- building it. We Build the Wall
ronmental analysis to prove also regularly posts videos of
USMCA in the U.S. or allowing and will never allow it,” Mr.
the agreement to enter into Ebrard said. “No country can
force internationally. designate attachés in Mexico
Mexican Foreign Minister unless the foreign relations
Marcelo Ebrard said earlier ministry accepts, or authorizes
Monday that the modifications them,” he added.
to the USMCA signed last The AFL-CIO took the rare
week in Mexico City and rati- step of endorsing a U.S. trade
fied by the Mexican Senate re- agreement last week after
main intact. Democrats worked with Mr.
He said that the U.S. imple- Lighthizer on boosting Wash-
menting bill is an internal U.S. ington’s ability to enforce the
matter that isn’t subject to pact’s new labor rules, which
discussion with Mexico, “just are significantly stronger than
as Mexico won’t consult an- those in the North American
other country on its imple- Free Trade Agreement, or
menting laws,” he said. Nafta, the 1994 pact that
Mr. Ebrard said there is al- USMCA would replace.
ready a labor attaché at the Sen. Sherrod Brown (D.,
U.S. Embassy in Mexico, Ohio), who along with Sen.
though that person isn’t au- Ron Wyden (D., Ore.) proposed
thorized to make site visits. labor inspections in Mexico as
“Our rules don’t allow it a way to jump-start talks be-
However, Republican Ohio
Gov. Mike DeWine has halted
executions temporarily until
the state can develop a new
lethal injection protocol after
a federal judge cited expert
testimony comparing the cur-
rent practice to waterboard-
ing, suffocation and chemical
fire.
Drug manufacturers in Eu-
rope and the U.S. have
clamped down on selling
drugs used in lethal injections,
making it challenging for
states to carry out executions.
The push to abolish the
death penalty has received in-
creasing bipartisan support at
the state level. Most notably,
New Hampshire abolished the
death penalty in May with sig-
nificant support from Republi-
can legislators.
“For people who don’t think
the government can efficiently
deliver the mail, it makes
sense we don’t think they can
carry out death sentences,”
said Hannah Cox, national
manager of Conservatives
Concerned About the Death
Penalty.
U.S. government
The wall ranges from
18-30-feet tall, with
4-5-inch gaps.
a man nicknamed “Foreman
Mike” giving updates on the
wall’s construction. Mr. Fisher
said, however, that “Foreman
Mike” had no role in the wall’s
construction and came to the
site only to film videos.
The U.S. attorney’s office
initially included We Build the
Wall in its lawsuit seeking to
halt the Fisher Industries wall.
The court removed the group
from the suit after its attor-
neys said it has almost noth-
ing to do with the project.
Brian Kolfage, who founded
We Build the Wall, said his
group didn’t hire Fisher Indus-
tries, doesn’t have any author-
ity over the project and has
paid only about 5% of its pro-
jected cost. He said his group
didn’t want to invest more be-
cause he knew “it was going to
be dicey” with potential suits.
However, Mr. Kolfage de-
fended his group’s public asso-
ciation with Fisher Indus-
tries’s wall. “We created this
movement,” he said of the pri-
vate-wall movement. “It
doesn’t matter how much
money we put down, we’re
taking ownership.”
tween Democrats and the
Trump administration, said
Monday that having these la-
bor attachés at the U.S. Em-
bassy in Mexico will help the
U.S. to monitor Mexico’s im-
plementation of its labor law
and to ensure the country lives
up to its labor obligations in
the agreement.
Mexico has insisted that
USMCA doesn’t allow U.S. in-
spectors in Mexico, only the
establishment of dispute reso-
lution panels to deal with la-
bor issues. Mr. Lighthizer on
Monday touted the pact’s
three-person panels “to re-
quest on-site verifications in
any of our three countries.”
USMCA is expected to be
ratified relatively easily in
Canada.
 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 | Tuesday, December 17, 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

On Impeachment, Tribalization Rules the Day more clearly liberal areas,

increasingly centered in
coastal urban states that are
more diverse and have shift-
ing cultural values.
Those areas of the coun-
try have less in common
than they used to, and the
CAPITAL JOURNAL politics of those who repre-
By Gerald F. Seib sent them reflect that. They
are expected to pull on their
red or blue jerseys and go
When Donald Trump into the political arena to
launched his 2016 presiden- fight for their side, no ques-
tial bid, he did so almost as tions asked.
an independent, openly dis- This expectation is re-
dainful of the Republican flected in support and oppo-
Party establishment, and en- sition to President Trump.
joying little support within it. Republicans have swallowed
When the House votes on their misgivings about Mr.
impeachment Wednesday, Trump and the pressure he
Mr. Trump is likely to enjoy put on the Ukrainian govern-
complete sup- ment because he now is cap-
port from that tain of their team, and the

ZACH GIBSON/BLOOMBERG NEWS

same Republi- team is what really matters.
can Party, and So they have swung behind
will be depen- him, knowing that there will
dent upon be a steep price to pay with
that support GOP voters back home unless
for his survival. That repre- they do so.
sents one of the most re- Similarly, Democrats face
markable transformations in great peril if they utter any
modern American politics. words of support for a presi- President Trump with Vice President Mike Pence and Idaho Republican Gov. Brad Little at the White House on Monday.
More than that, it suggests dent despised among their
that, while impeachment will base voters. Some may have is 20 points wider than the Those who do happen to switching parties to become Republican challenger to file
be remembered for many misgivings about impeach- gap seen at this point in the hold dissenting views don’t a Republican. Rep. Justin to oppose them in a primary
things, one of the most im- ment, but the pressure from presidency of Barack Obama, stick around for long. The Amash similarly left the GOP next year.
portant is how it may be above and below them who was considered a polar- biggest threat for many to become an independent a This atmosphere doesn’t
completing the tribalization within the party is to swal- izing figure himself. By con- members of Congress comes few months ago. merely affect the impeach-
of politics in America. low those misgivings and trast, the same partisan gap not from the opposing party It used to be that this ment process. There is less
line up with the team. at this point in Jimmy but from a primary-election kind of intense partisanship room within each party for

I
n a sense, the politics of This process accounts for Carter’s presidency was a challenge within their own was more acute in the House dissenting views more gener-
impeachment is the logi- an almost complete division mere 16 percentage points. party. The most vocal Trump than in the Senate. Yet there ally. Good luck trying to sur-

.
cal conclusion of the ide- of views of Mr. Trump along critics within the Republican is less and less difference be- vive as a Democrat opposed

ological, geographical and party lines—a division far
socio-economic sorting of greater than any seen previ-
the two major parties. Re- ously in modern American
publicans in Congress now politics. In the most recent onshowing a very slight plural-
tend to represent more Wall Street Journal/NBC
clearly conservative sectors News poll, 91% of self-identi-
of the country, which in- fied Republicans said they
creasingly lie outside urban approve of the job President
us l,
W
ly
ith that kind of Party have left the scene: tween the partisan tone of to abortion rights, or as a
stark polarization, Sen. John McCain of Arizona the two chambers. Republican who supports an
reflected in polls has died, and Sens. Bob Indeed, one of the princi- aggressive program to com-
Corker of Tennessee and Jeff pal advantages Mr. Trump bat climate change.
ity favoring impeachment, Flake of Arizona have quit. will have if impeachment Bottom line: There is al-
Democrats feel they almost Two have been replaced by proceedings move from most no space within either
have to proceed, and Repub- more compliant Republicans, House to Senate is that sev- party for dissenting views of
licans feel they almost have the third by a Democrat. eral moderate GOP senators, a polarizing president. That

areas and in places where Trump is doing, while just to stand with the president. And in the House, Demo- who might conceivably wa- is the canvas upon which the
traditional cultural norms 6% of Democrats said they This is a world of black and cratic Rep. Jeff Van Drew, an ver in their support for him, impeachment picture is be-
al a
e
prevail. Democrats represent approve. That 85-point gap white, not gray. impeachment critic, is know there is still time for a ing painted.
ci on

Study Probes Voting-Machine Risks Trump Threatens to

BY ALEXA CORSE Bypass Debate Group
er rs

A voting machine that is

widely used across the country BY KEN THOMAS tion and vice-presidential de-
contains some parts made by bates since 1988.
m e

companies with ties to China WASHINGTON—President “Our record is one of fair-

and Russia, researchers found, Trump threatened to pull out ness, balance and non-parti-
fueling questions about the se- of a system of presidential sanship,” the commission said.
m rp

curity of using overseas sup- campaign debates that has The debate commission’s
pliers, which has also sparked been in place for more than board members include lead-
scrutiny in Washington. three decades and accused the ers from politics, media, aca-
Voting-machine vendors nonpartisan commission that demia and the business com-
could be at risk of using inse- oversees them of bias. munity. The board includes
co Fo

cure components from such Mr. Trump said in a series former Sen. Olympia Snowe
overseas suppliers, which gen- of tweets Monday that he (R., Maine), former Rep. Jane
erally are difficult to vet and would consider participating Harman (D., Calif.) and former
monitor, said a report released in more than the three cur- Sen. John Danforth (R., Mo.).
Monday by Interos Inc., an rently scheduled debates, Mr. Trump’s campaign
Arlington, Va.-based supply- while bypassing the Commis- didn’t comment on the tweets.
chain monitoring company sion on Presidential Debates, The Republican National Com-
MARK MAKELA/REUTERS

that has consulted for govern- which he said was “stacked mittee and the Democratic Na-
ment agencies and Fortune with Trump Haters & Never tional Committee also didn’t
500 companies. Trumpers,” without elaborat- comment.
The findings could fan wor- ing on that claim. Most public polling taken
ries about whether voting-ma- He went on to put forth other during the three fall debates
chine vendors are doing options, “including doing them in 2016 found that Democratic
enough to defend themselves A report cited potential vulnerabilities in a type of voting machine. Vendors said safeguards are in place. directly,” adding that “I will nominee Hillary Clinton did
n-

against foreign interference make a decision at an appropri- better than Mr. Trump in the
ahead of the 2020 U.S. elec- have specifically cited voting components weren’t necessar- The researchers didn’t ex- ate time but in the meantime, televised encounters, and Mrs.
tions, which U.S. intelligence machines as an area of con- ily made in China, and the In- amine “the protocols and safe- the Commission on Presidential Clinton received a small boost
officials say hostile powers cern, among such other prod- teros data doesn’t necessarily guards currently employed by Debates is NOT authorized to in polling after the debates.
no

could try to disrupt. ucts as telecom equipment cover the entire supply chain, the industry,” said a statement speak for me (or R’s).” In his tweets Monday, the
Voting-machine vendors as- made by Chinese firm Huawei the researchers noted. The re- from Election Systems & Soft- It wasn’t clear whether the president resurfaced his past
sailed the research, which In- and antivirus software from searchers declined to name ware, Dominion Voting, Hart eventual Democratic nominee claims that he was using a de-
teros conducted indepen- Russia-based Kaspersky Lab. the maker or model of the ma- InterCivic, Smartmatic USA would agree to debate Mr. fective microphone in the first
dently, saying the report failed A spokesman for the Rus- chine, citing the sensitivity of Corp. and Unisyn Voting Solu- Trump in a forum other than debate and asserted that the
to note safeguards such as sian embassy in Washington the issue, saying only that it tions Inc. the presidential debates con- commission was “forced to
testing done at the federal, said that Kaspersky is “a pri- is “widely used” in the U.S. The vendors added: “Fur- vened by the nonpartisan com- publicly apologize for modu-
state and local levels, and the vate company with offices in Voting machine vendors Elec- ther, the practice of assessing mission, which has organized lating my microphone.”
vendors’ internal protocols. the U.S.” and called allegations tion Systems & Software LLC, risk based solely—or even pri- every one since 1988. The com- Following the debate, the
The report comes as U.S. of Russian interference in U.S. Dominion Voting Systems marily—on the geography of a mission released its plan in Oc- commission issued a one-sen-
lawmakers and national-secu- elections a “witch-hunt.” The Corp. and Hart InterCivic Inc. supplier’s corporate locations tober to hold one vice-presi- tence statement: “There were
rity officials increasingly have Chinese embassy in Washing- said they didn’t think it was is a practice that has been dential debate and three issues regarding Donald
sounded alarms about supply- ton didn’t immediately reply one of their products. widely discredited.” general-election debates, the Trump’s audio that affected the
chain risks. Although supply to a request for comment. “Technology is created in Ms. Bisceglie said the Inte- first of which is scheduled for sound level in the debate hall.”
chains that span the globe are The report examined one different parts of the world, ros report doesn’t claim that a Sept. 29 at the University of The first debate between
common in the tech industry, voting machine as a case and you may not be able to machine had been compro- Notre Dame in South Bend, Ind. Mr. Trump and Mrs. Clinton
Russia and China pose con- study. In that machine, around avoid working with those busi- mised. “All the report was try- The commission said in a generated 84 million viewers,
cerns because of how, accord- 20% of the components in the nesses,” said Interos founder ing to do was trying to elevate statement that the “televised according to Nielsen data,
ing to U.S. officials, they press supply chain that Interos was and CEO Jennifer Bisceglie. the conversation around the general election debates are making it the most watched in
companies for access to tech- able to identify came from “But just asking those ques- fact that every company and an important part of our dem- modern presidential history.
nology within their borders. China-based companies, ac- tions” can help companies every country is hypercon- ocratic process,” noting that it —Alex Leary
Washington lawmakers cording to the research. Those mitigate risk, she said. nected,” she said. has conducted 30 general-elec- contributed to this article.

Amazon Amazon made itself were 93.7%

on time, according to ShipMa-
trix Inc., a software provider
meeting service-level commit-
ments and that the network
overall is performing well. On
of delivery problems. He wrote
on Twitter that some of the
company’s deliveries were im-
pared with last year, according
to parcel research firm SJ Con-
sulting Group Inc.
timated that Amazon is already
shipping nearly half of its U.S.
packages on its own, and esti-

Ban Aims that analyzes shipping data.

FedEx said it is experiencing
weather challenges and some
Monday, UPS also said it had
temporary problems with on-
line shipping software at its
pacted by weather earlier that
week “but we quickly rebal-
anced capacity and it’s all sys-
Jerry Kozak, owner of Ann
Arbor T-Shirt Co., which sells
about 10,000 items through
mates that Amazon is poised to
launch a third-party shipping
option that will pose a greater

At FedEx of the highest-volume days in

Continued from Page One
weather in recent weeks.
FedEx, United Parcel Services
Inc. and Amazon are facing a
challenging calendar this holi-
day season, with six fewer days
between Thanksgiving and
Christmas to deliver millions
more packages than last year.
During the week after Black
Friday, UPS deliveries were on
time 92.7% of the time, while
FedEx’s deliveries were 90.4%
on time and deliveries that
its history, but “our networks
are flexing as designed to ac-
commodate the surge of pack-
ages.” When packages have
been delayed, FedEx said it is
working to get them quickly
delivered with a focus on en-
suring holiday deliveries make
it on time.
UPS said it has faced delays
due to winter storms in Colo-
rado, Utah, the Upper Midwest
and the Northeast, and has de-
ployed resources and extended
work schedules as a result. A
spokesman said that a “vast
majority” of UPS packages are
UPS stores.
Amazon, too, has dealt with
delivery and logistics issues as
it handles more of its own de-
liveries and ramps up spending
to match a plan to offer free
one-day delivery for many
Prime orders. Typically, Ama-
zon has offered free two-day
delivery with Prime. ShipMa-
trix said customers may be ex-
periencing delays with Amazon
fulfilling orders and getting all
parcels on its vans for the last-
mile delivery.
On Dec. 6, Amazon Senior
Vice President Dave Clark re-
plied to customer complaints
tems go now.”
Earlier this year, Amazon
and FedEx ended two major
Amazon, said it is common for
third-party sellers to use both
UPS and FedEx for shipments,
threat to the incumbent deliv-
ery giants.
The firm adds that Ama-
shipping contracts, totaling so adjusting to Amazon’s order zon’s promise to deliver more
some $900 million in revenue this week shouldn’t be too bur- product in one day is resetting
for FedEx. The overnight-deliv- densome. Mr. Kozak’s company expectations for fast shipping
ery pioneer is shifting its focus primarily uses UPS when ship- and putting pressure on other
to retailers such as Walmart ping to consumers but has retailers to match that. As
Inc. and Target Corp. that com- used FedEx in the past. such, the analysts view the
pete with Amazon. “My biggest concerns as a move “as a potential trojan
The breakup came as Ama- seller are that my products horse to drive long-term adop-
zon is increasingly building up that I send are getting there in tion of an eventual” shipping
its own delivery network, buy- the time frame customers ex- option provided by Amazon.
ing cargo jets and thousands of pect and are in good shape,” FedEx is slated to report its
vans or trucks. The Seattle gi- Mr. Kozak said. “After that, it latest quarterly results on
ant is poised to deliver twice as doesn’t matter to me too much Tuesday.
many packages to homes dur- which carrier is taking it.” —Sebastian Herrera
ing the holiday season com- Morgan Stanley recently es- 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. Tuesday, December 17, 2019 | A5

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A6 | Tuesday, December 17, 2019 * *** THE WALL STREET JOURNAL.

U.S. NEWS

Warren Targets Familiar Turf: Economy Agreement

On Federal
BY JOSHUA JAMERSON

WASHINGTON, Iowa—Dem-
ocratic presidential candidate
Spending
Elizabeth Warren is trying to
get back to talking about in-
creasing economic opportuni-
Reached
ties and programs for the mid-
dle class, after scrutiny over BY ANDREW DUEHREN
Medicare for All blunted her AND RICHARD RUBIN
momentum in the 2020 race.
Ms. Warren is embarking WASHINGTON—A nearly
Monday on the final stretch of $1.4 trillion spending agree-
her “Fair Share Road Show” ment released Monday would
across southeast Iowa. After fund the federal government
months of questions surround- through the rest of the fiscal
ing her single-payer health year, permanently repeal a
plan, she is trying to return to number of health-care-related
the theme that shot her to the taxes and raise the legal age
top of the polls here earlier for purchasing tobacco prod-
this fall: taxing the wealthy, ucts to 21.
BRENDAN HOFFMAN FOR THE WALL STREET JOURNAL

corporations and Wall Street The agreement follows

to finance programs and ini- months of negotiations be-
tiatives that would benefit tween Democrats and Republi-
middle-class Americans. cans in Congress and the
Ms. Warren is arguing White House, and it leaves just
ahead of the Feb. 3 caucuses, days before government fund-
which kick off the Democratic ing expires after Friday for
nominating contest, that a lawmakers to pass the bill and
populist economic vision and President Trump to sign it.
robust anticorruption plat- The spending deal lasts
form is the best Democratic through the rest of the fiscal
message to beat President year ending Sept. 30, 2020. It
Trump in 2020. raises discretionary federal
At a town hall here, she The Massachusetts senator has been emphasizing her populist economic vision during recent town hall appearances in Iowa. spending by about $50 billion,
touted her proposal to boost compared with last fiscal year.
Social Security benefits by Street Journal. to the Warren campaign. 50 days until the caucuses. “I posed new taxes that would Mr. Trump was expected to
$200 a month in response to a The Massachusetts senator As much as Ms. Warren is think a lot depends on this tour push federal tax rates on some back the agreement, but as of
question from Jacqui Williams, hopes such moments, framed trying to move past criticism she’s on now and if she can stir billionaires and multimillion- Monday night, aides were still
74 years old, who said her around household economics, of her Medicare for All plans, people up,” said Tom Courtney, aires above 100%. reviewing the text, according
family was struggling with will boost her standing in Iowa. she got questions on the topic the party co-chair in Des She wants to return the top to an administration official.
medical costs. In late September, Ms. Warren at town halls in Iowa, includ- Moines County. income-tax rate to 39.6% from It includes provisions
Another attendee inter- was at the top of the pack in ing how a dramatic expansion Asked in the interview 37%, impose a new 14.8% tax sought by both parties, includ-

.
rupted: “How’s $200 a month the Real Clear Politics average of government-run health in- how she would move past for Social Security, add an an- ing a compromise on a wall

going to help her?” of Iowa surveys. On Sunday,
“Ask her,” Ms. Warren re- she was fourth in that polling
sponded. average, though only a few per-
Ms. Williams turned to the centage points separated the on
person who interrupted and top candidates, who also in-
said that with the additional clude South Bend, Ind., Mayor
cash, she could fill her pre- Pete Buttigieg, Sen. Bernie
scriptions and buy toilet pa- Sanders of Vermont and for-
us l,
surance might be perceived by
the broader electorate if she is
the Democratic nominee. Ms.
Warren has also begun in re-
cent days talking up the
choices Americans would have
under her plan, unveiled last
month, to transition to single-
that scrutiny, Ms. Warren
said she would remind voters
that health care is an eco-
nomic issue.
She also said she needed to
frame her agenda around
eliminating corruption and
“this ultimate value choice be-
ly
nual tax of up to 6% on accu-
mulated wealth and require
rich investors to pay capital-
gains taxes at the same rates as
other income even if they don’t
sell their assets.
Many economists think
that taxes on profits, capital
along the U.S.-Mexico border.
Under the deal, Congress
would approve about $1.38 bil-
lion in funding for the wall.
Mr. Trump had originally
sought $8.6 billion, but the
spending bill wouldn’t curb his
ability to redesignate funds.

per instead of picking one mer Vice President Joe Biden. payer over three years. tween leaving great wealth gains and dividends discour- Mr. Trump has redirected
purchase. “It’s just back to basics and Some Iowa Democrats, from with the top one-tenth of 1% age investment and hurt eco- money from other agencies to-
al a
e
“The reminder: It’s about driving the message that put party chairs to Ms. Warren’s or making an investment in an nomic growth. ward the wall, though the
hard economic choices,” Ms. her on the map in the first supporters, are wondering entire generation.” —Chad Day spending bill wouldn’t replace
Warren said afterward in an place,” said Adam Jentleson, a whether she has enough time To pay for her economic and Richard Rubin the funding for the projects
ci on

interview with The Wall Democratic strategist with ties to regain footing, with about plans, Ms. Warren has pro- contributed to this article. that lost money to the wall-
construction effort.
Congress would also fund

Bloomberg Launches Campaign Ground Game

$425 million in election-secu-
rity grants, $25 million for
er rs

gun-violence research and a

3.1% pay raise for both mili-
BY TARINI PARTI The former New York City $20 million to register can Convention, when you- 200 staffers in its headquar- tary and civilian federal em-
mayor is bypassing the first 500,000 voters in five states, know-who comes to town. And ters and 100 in the states. It is ployees, under the agreement.
m e

CHARLOTTE, N.C.—Billion- four nominating contests and including North Carolina. we’ll be staying through Nov. expected to hire hundreds of Because Congress must ap-
aire Michael Bloomberg’s pres- competing only in states that “We are here for the long 3, when we defeat you-know- organizers in coming weeks prove the funding bills to
idential campaign, which has start voting in early March, haul,” Mr. Bloomberg said at who and turn North Carolina and to announce more field of- avoid a government shutdown,
m rp

so far invested more than some of which will be compet- the office opening Sunday, after blue,” he said. fices, including in general elec- lawmakers are attaching
$100 million on TV ads, itive in a general election Of the top-tier presidential tion battleground states. other measures to promote
launched the ground-game against Mr. Trump. candidates, Massachusetts As the campaign looks to their passage.
portion of its operation Sun- The new office, the first of Sen. Elizabeth Warren is the scale up quickly, top officials Among the other changes,
day, opening a field office in a 11 the campaign plans to open
Billionaire former only one with offices and staff have been reaching out to Dem- the deal would remove several
co Fo

state where most other Demo- in the Tar Heel State alone, is
crats have none. less than a mile from the arena
The investment in North where Mr. Trump will again ac-
Carolina, one of the Super cept his party’s nomination at
Tuesday states that will hold the Republican National Con-
Democratic primaries on vention. It already has nearly
March 3, is part of Mr. two dozen staff members.
Bloomberg’s overlapping pri- Even if he doesn’t become
mary and general-election the Democratic nominee, Mr.
strategy that his advisers be- Bloomberg plans to keep the
lieve keeps their sights on offices in North Carolina open
President Trump while putting to help the party in the gen-
resources into states that are eral election, he said Sunday.
more delegate-rich than the He previously announced a
n-
mayor opens first of
11 planned offices in
North Carolina.
attending a service at a local
church with the city’s mayor.
“Other campaigns come in,
and then they disappear after
Super Tuesday. But we’re here,
and we’re going to stay here
not just through Super Tues-
in the state—four offices and
20 staffers, according to her
campaign. The bulk of Ms.
Warren’s investments, like
those of most other presiden-
tial candidates, have been in
states that will vote before
North Carolina.
“What you see candidates
doing in Iowa and New Hamp-
shire, we’ll be doing all over
the country,” said Kevin
Sheekey, Mr. Bloomberg’s cam-
paign manager.
ocratic operatives and activists
with high-paying offers, say
people familiar with the activity.
Even field organizers are
being offered salaries of
$6,000 a month—much higher
than what campaigns usually
pay for that position. Some
Democrats approached for
higher-level jobs said they
were asked to suggest their de-
sired salary to come on board.
—Emily Glazer
and Joshua Jamerson
provisions that Congress cre-
ated to pay for the Affordable
Care Act in 2010. If passed,
the bill would permanently re-
peal the so-called Cadillac tax
on high-cost employer health
insurance, which never took
effect, and a tax on medical
devices that was set to resume
in January. Both taxes were
opposed by industry and by
lawmakers in both parties.
—Stephanie Armour
and Andrew Restuccia

earlier nominating contests. commitment of $15 million to day but through the Republi- The campaign already has contributed to this article. contributed to this article.

Boeing to Cutting 737 MAX production will ripple through the global airline industry and Boeing's supply chain,
no

as partsmakers have already been hit by slower production and a drop in spares sales.

Halt MAX 737 deliveries

Analysts estimate more than
400 finished MAX planes
MAX order backlog

North Asia Unidentified

4,545 total U.S. commercial aerospace
orders and shipments,
seasonally-adjusted
Selected 737 MAX suppliers’
content per jet
Spirit

Production were undelivered this year.

600
America
690
planes
451 1,046
$25 billion AeroSystems
$6.30 million

20 United
29
Continued from Page One Technologies
Deliveries
economist at investment-man- Shipments
Central 15
agement firm Wilmington 400 & South Leasing Arconic 1
Trust. He estimated that stop- America companies 10
ping MAX production for one Europe 362
200 520 1,129
quarter would shave 0.3 of a Allegheny
11
Middle 5 Technologies
percentage point from quar-
terly annualized GDP growth. Monthly peak production East
New orders
The MAX grounding has 0 & Africa 0
Hexcel 
dragged on the U.S. economy 2010 ’15 ’19* 347 2018 2019
this year, denting exports and *Monthly production cut to 42 from 47 in April Note: The first 737 MAX arrived in 2017
durable-goods orders, federal Sources: the company (deliveries and backlog); Commerce Dept. (shipments); the companies, Cowen & Co. (suppliers)
figures show.
“It’s not catastrophic, but lion to cover higher production Co. and Safran SA—to catch up to service. The FAA previously criti- caused problems for airlines
we don’t need anything more costs and $6.1 billion for com- from production bottlenecks Airlines and government of- cized Boeing for failing to pro- that operate the MAX. Carriers
corrosive in manufacturing pensation. Ms. Kahyaoglu said that hobbled deliveries last ficials don’t expect that ap- vide prompt or sufficient around the world have pared
right now,” said Diane Swonk, both figures could double. year. proval to come until February backup for proposed fixes to routes, paused expansion and
chief economist at Grant The plane maker also said it GE has said it expects the at the earliest. the MAX’s flight-control com- canceled thousands of flights
Thornton LLP. “It erodes our would leave its annual dividend grounding to drain as much as The planned production halt puters. In its statement Mon- they had planned to operate
ability to grow because it’s unchanged for the first time in $1.4 billion from its cash flow comes less than a week after day, the company pledged to with the grounded aircraft.
such a big-ticket item.” eight years. this year as its factories pro- U.S. regulators warned Boeing improve on that front: “It is Southwest Airlines Co. and
Boeing is facing a mounting Boeing shares fell further in duce fewer engines for the air- that it had set unrealistic ex- our duty to ensure that every United Airlines Holdings Inc.
financial squeeze resulting after-hours trading, after drop- craft and can’t get paid for pectations for the plane’s re- requirement is fulfilled, and ev- aren’t planning to fly the MAX
from the buildup of undeliv- ping 4% during Monday’s ses- them in full. turn to service. Through the ery question from our regula- commercially until March.
ered jets. The production halt sion. Shares of big suppliers Many suppliers had said spring and summer, Boeing and tors answered.” American Airlines Group Inc.
could help the plane maker also fell, with fuselage maker they favored Boeing maintain- FAA officials suggested the jet Boeing has been assisting has removed the MAX from its
weather that pressure. Spirit AeroSystems Holdings ing some production, citing the could be flying again in Novem- suppliers by easing payment schedule until early April.
The temporary suspension Inc. down 4% after hours. risk of losing workers in a tight ber or December. That schedule terms and extending working Southwest last week said it
in production will halve the Boeing had 4,545 MAX or- labor market during a halt. was undermined by technical capital, companies have said. reached an agreement with
$4.4 billion in cash that Boeing ders in backlog as of Nov. 30 They said furloughing staff and challenges, testing delays and Boeing is paying Spirit Aero- Boeing to address $830 million
has burned through each quar- and had been building the air- stopping machinery would be complaints by foreign regula- Systems to produce 52 fuse- in lost operating income result-
ter by making and storing jets, craft at a rate of 42 a month harder than lowering produc- tors that they weren’t on board lages a month in a deal set to ing from the grounding this
Jefferies LLC analyst Sheila since April, according to the tion, and that restarting assem- with the timeline. run through May. Thousands of year.
Kahyaoglu estimated. company. Most MAX suppliers bly lines would be costly. The FAA has also sought re- employees at Spirit took un- The airline didn’t disclose
Still, suspending production had already cut output in line Boeing said it would focus cently to highlight its indepen- paid furlough days over the the terms of that deal but said
will also likely inflate costs with that rate, which allowed on delivering the backlog of dence, publicly rebuking Boe- summer as the manufacturer it would distribute $125 million
over time by spreading fixed some—such as engine maker around 400 finished MAX jets ing’s leaders for attempting to cut costs because of the MAX to employees.
expenses over fewer planes. CFM International, a joint ven- after receiving regulatory ap- pressure regulators to speed up grounding. —Andy Pasztor
Boeing has set aside $3.6 bil- ture between General Electric proval for the aircraft to return the vetting process. The grounding has also 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. Tuesday, December 17, 2019 | A7

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KONG
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A8 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

WORLD NEWS
Protests Widen Against India Law Senator
Hints at
Modi calls for calm
as clashes grow over
citizenship rule that
Afghan
Muslims call unjust Drawdown
BY KRISHNA POKHAREL BY CRAIG NELSON
AND NEWLEY PURNELL
KABUL—President Trump
NEW DELHI—Protests could order a sharp reduction
against a new citizenship law in U.S. troops in Afghanistan
that disadvantages some Mus- without endangering the Penta-
lim immigrants have spread gon’s ability to prevent another
across the country, with critics catastrophic terrorist attack on
assailing what they call Prime American shores, a close ally of
Minister Narendra Modi’s at- the president said Monday.
tempts to rewrite India’s secu- Sen. Lindsey Graham, on a
lar political underpinning. one-day visit to the Afghan
Police struck demonstrators capital for talks with U.S. and
with batons and fired tear gas Afghan officials, hinted that
at students from New Delhi’s Mr. Trump might soon autho-
DIBYANGSHU SARKAR/AGENCE FRANCE-PRESSE/GETTY IMAGES

Jamia Millia Islamia University rize a drawdown of U.S. forces

who were protesting Sunday here, currently numbering
against the Citizenship Amend- about 13,000.
ment Act, according to local TV If the president decides “in
news footage and student lead- the next few weeks” to reduce
ers. The burned-out remnants America’s military presence in
of several buses could be seen Afghanistan, “I could support
on streets near the university’s that,” said the Republican sen-
campus Monday morning. ator from South Carolina. He
No one was killed in the has been a vocal critic of any
clashes in the capital, but else- negotiated settlement of the
where, five people died in re- 18-year war, America’s longest,
cent unrest in India’s north- that would bar the U.S. from
eastern state of Assam, near maintaining a military pres-
the border with Bangladesh. ence in Afghanistan.
Unlike the protests in Delhi, The senator’s suggestion
which oppose the law’s exclu- Protesters on Monday attended a rally in Kolkata against a law that a U.N. spokesman called ‘fundamentally discriminatory in nature.’ that Mr. Trump might soon or-
sion of Muslim refugees, dem- der a troop pullout follows a
onstrators in Assam argue the if they aren’t Muslim. Critics shot tear gas at crowds, dis- “Raise your peaceful voice will have to leave the country? NBC News report over the
law should be more restrictive, call it an effort to marginalize persing the demonstrators, and against the exclusion of Mus- The answer is no,” Mr. Kumar weekend saying the president

.
expelling all illegal immigrants India’s broader Muslim com- then clashed with students in- lim migrants from citizenship,” said. would announce, perhaps as

ly
regardless of religion or munity, which makes up about side the university campus. He said a pamphlet produced by Mr. Modi’s party, with the early as this week, a draw-
ethnicity. 14% of the country’s 1.3 billion estimated some 100 students students. “Our fight is for a backing of allies, this year down of some 4,000 troops as
Demonstrations against the population. were injured. secular and inclusive India. It banned a special method of di- he seeks to fulfill a campaign
perceived unfairness of the law The citizenship law is “fun- on “Despite provocations, po- is for saving the Constitution,” vorce allowed under Muslim pledge to bring an end to what
have unfolded in other parts of damentally discriminatory in lice showed maximum re- it said. religious law. It also termi- he has described as America’s
New Delhi, and in cities such as nature,” a spokesman for the straint,” M.S. Randhawa, a Sanjay Kumar, director of nated the special treatment “endless wars” and readies for
Chennai, Bangalore and Luck- United Nations High Commis- spokesman for the Delhi Police, the Centre for the Study of De- and extra autonomy provided next November’s election.
now. sioner for Human Rights said said in a news conference Mon- veloping Societies, which con- to India’s only Muslim-majority U.S. defense officials have
us l,

On Monday, Mr. Modi called Friday.
on Twitter for people to “main- The bill is anti-Muslim, said
al a
e
tain peace, unity and brother- Ajaz Choudhary, a 22-year-old
hood.” He said, “We cannot al- postgraduate student at Jamia
low vested interest groups to Millia Islamia University. “We
ci on
day. He said the police have
registered two cases against
unidentified protesters for ri-
oting and arson. The students
whom the police had arrested
ducts electoral polling, said
protesters view the act as com-
promising “the basic feature of
the Indian constitution, which
is secularism.”
state, Jammu and Kashmir.
Mr. Modi, speaking Sunday
at a rally, said opposition par-
ties were responsible for the
clashes and called lawmakers’
said the U.S. military could re-
duce the number of troops to
8,600 without compromising
its counterterrorism capability.
In his remarks on Monday,

divide us and create distur- want this act to go away,” he
bance.” said Monday.
The new legislation, which Mr. Choudhary said he was
was signed into law last week, among what he estimated to be
eases citizenship for individu- 10,000 students and members
er rs
Sunday have been released,
adding that “the protest has
ended peacefully,” he said.
Many students assembled
outside the university cam-
Still, he said while India’s
academics and intelligentsia
might find the bill unsettling,
Mr. Modi’s Bharatiya Janata
Party still retains broad popu-
moves to approve the new law
a “1,000% correct decision.” He
said, “Those who are creating
violence can be identified by
their clothes itself,” which
Sen. Graham said 8,600 U.S.
personnel, if deployed in the
right configuration, would
pack a “very lethal punch” to
ensure against another attack

als from persecuted religious of the local Muslim community
groups from Pakistan, Bangla- who gathered Sunday to pro-
desh and Afghanistan, but only test the new act. He said police
m e
m rp
pus Monday morning, vowing lar support. some took to refer to the tradi- on the U.S. similar to the Sept.
to continue their demonstra- “The common man says, tional garb worn by many 11, 2001, terrorist attacks on
tions. does this law mean all Muslims Muslims. New York and Washington.

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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.
U.S., Rights Groups Seek Journalist’s Release in Nigeria
BY JOE PARKINSON
Few people outside Nigeria
noticed when armed agents of
the west African nation’s secu-
rity services in August snatched
from his hotel room a U.S.-based
journalist and activist who runs
an online news website.
Now the State Department
and U.S. lawmakers are calling
for the release of Omoyele So-
wore, framing the case as a
test of the democratic creden-
tials of Africa’s largest econ-
omy and one of America’s top
counterterrorism allies.
Democratic Sens.
Cory Booker—a presidential
candidate—and Robert Menen-
dez, both of whom represent
Mr. Sowore’s home state of New
Jersey, have urged his release
after armed agents from Nige-
ria’s Department for State Ser-
vices re-arrested him this
month, less than a day after he
was granted bail. He was
dragged screaming and shouting
Spotify
Thinks You
Love Gaga
Continued from Page One
I went,” she says. “In the car, on
the Alexa in the lounge.”
Though she thinks more than
six months have passed since
anyone in the family has lis-
tened to the track, it featured
prominently on her Spotify
“Wrapped,” an annual personal-
ized marketing campaign in
which the streaming service re-
caps each subscriber’s listening
habits since the beginning of the
year. “It reminded me of being
physically trapped in the car,”
says Mrs. Iqbal, “and having to
listen to Gaga and Bradley Coo-
per serenade each other, with
no way for me to escape.”
This year, in addition to 2019
data, Wrapped offered users in-
formation about their top artists
no
JODI, heart attack and stroke survivor.
from a court hearing. The DSS
later rearrested him outside the
courtroom, claiming he had
failed to meet bail conditions.
Mr. Sowore, who mounted a
longshot bid for Nigeria’s
presidency in February, has
been held on treason charges
after calling for nationwide
demonstrations to try to push
President Muhammadu Buhari
from power.
Video footage from the high
court in the capital Abuja that
was shot by attendees and news
organizations showed pande-
monium as DSS agents pinned
Mr. Sowore to the floor as law-
yers and a judge ran for safety.
The latest detention “is a
shocking affront to the coun-
try’s rule of law, and Nigeria
must cease its dangerous at-
tacks on freedom of expres-
sion,” Mr. Booker said.
The DSS said Mr. Sowore
manufactured the courtroom
chaos to further his aims of
destabilizing the state
and songs over the past decade,
and playlists of their most-lis-
tened-to songs for each year
they’ve been a subscriber.
Many of the service’s sub-
scribers across the world took to
social media to share the thou-
sands of hours they spent listen-
ing to their favorite pop star or
indie band. Others, like Mrs.
Iqbal, are ambivalent. Some are
just scratching their heads.
The data-driven reports are
surfacing information many lis-
teners didn’t know about them-
selves—or would prefer not to
know. They are prompting mem-
ories of an ex or cramming on a
thesis deadline. They’re forcing
us l,
listeners to come to terms with
their own taste in music, or the
al a
e
taste of friends, spouses or chil-
dren who share their accounts.
Many are too embarrassed to
ci on
post them publicly.
Tyler Ostrander, 26, prefers
to keep his videogame hobby to
himself. He says his music tastes
range from classic country and
er rs
modern rock to alternative and
electronica. When he tired of his
normal playlists this spring, he
m e
m rp
182
co Fo
100
n-
THIS IS WHAT HIGH BLOOD PRESSURE LOOKS LIKE.
You might not see or feel its symptoms, but the results – a heart attack or stroke – are far from invisible or silent.
If you’ve come off your treatment plan, get back on it, or talk with your doctor to create a new exercise,
Tuesday, December 17, 2019 | A9
WORLD NEWS
couldn’t immediately be eration against the militant
reached for comment. group Boko Haram.
After Mr. Buhari won a Feb- Several other prominent Ni-
ruary election marred by alle- gerian journalists are behind
gations of voting irregulari- bars as well.
ties, Mr. Sowore said the The Nigerian Senate is con-
ballot wasn’t credible and sidering two bills relating to
called for revolution. freedom of expression online,
“All that is needed for a including one that proposes
#Revolution is for the op- the death penalty for hate
pressed to choose a date they speech. Human-rights group
desire for liberty, not subjected Amnesty International has
AFOLABI SOTUNDE/REUTERS
to the approval of the oppres- said the bills represent “an
sor,” he tweeted on Aug. 2. alarming escalation in the au-
He was arrested a day later. thorities’ attempts to censor
While Nigerian officials call and punish social-media users
Mr. Sowore an agitator seek- for freely expressing their
ing to overthrow the elected opinions.”
government, critics say his Last week, a coalition of
Fighting broke out in an Abuja courtroom as Nigerian security treatment fits an alarming civil-rights organizations is-
services tried to re-arrest journalist Omoyele Sowore, center. pattern of a media clampdown sued a 14-day ultimatum to
under Mr. Buhari, a former the government to release Mr.
and said he was detained case file to the Ministry of military junta leader. Sowore or face mass protests.
again because he “resorted to Justice, local media reported, In January, the army raided In Haworth, N.J., Mr. Sowore’s
acts inimical to secu- a day after a group of senior the offices of the independent home, residents have regularly
rity,” without elaborating. attorneys asked Mr. Buhari to Daily Trust newspaper and ar- gathered to call for his release,
On Friday, Nigeria’s attor- set up a judicial commission of rested two reporters for “un- pinning ribbons to a tree in
ney general ordered the DSS enquiry into the DSS’s storm- dermining national security” the town center for each day
to hand over Mr. Sowore’s ing of the court. The DSS by reporting on a planned op- he has been in custody.
FROM PAGE ONE
turned to videogame sound- year as an undercover fan of the
tracks to help him get through biggest pop stars on the planet,”
monotonous tasks at work as a says Alex Bodman, Spotify’s cre-
ruining his Wrapped by listen-
ing to the singer for 42 hours.
“Your parents have made a
one to blame but himself.
Among his top tracks, which in-
cluded lots of movie sound-
cataloger at a history museum. ative director. “For anyone in-
Now three of his top five art- spired to make some new musi-
ists for the year are videogame- cal resolutions, it’s the perfect
very special place in their union
for a certain sultry star. That’s a
beautiful thing, but maybe it’s
tracks, was the wistful TV
theme song from the American
version of “The Office.”
music composers, including No- time of year. Next year’s
buo Uematsu, of the Final Wrapped will tell you how you
Fantasy series. did.”
something you shouldn’t have to
see,” Spotify replied. “Let your
parents enjoy their smooth
“I was like damn,” he says,
“am I really that weird?”
Mr. Boardman, 25, was sur-
Because he For those la- adult contemporary on their prised by the apparent random-
.
queues playlists menting on public own account.” ness of the music Spotify said
ly
based on genre, he forums about the A separate account wouldn’t he favored. He’s even more put
says he usually outcome of their have helped Bea Glassman. Spo- off by his results for the decade:
ends up listening 2019 Wrapped due tify told her she listened to 483 “I am not particularly proud of
on to only a few songs to account sharing, new artists this year but “really the amount of times I listened
from many differ- Spotify offered a vibed with” a 3-minute-42-sec- to ‘Fireflies’ by Owl City.”
ent artists. That, solution: Upgrade ond track called “Box Fan”—the Jeb Baker is a fan of the indie
he reckons, is how to a family sub- sound of a whirring electric mo- band Car Seat Headrest, whose
his one-or-two- The awful truth scription for un- tor and the whoosh of air blow- music made up all the 18-year-
month binge of Mr. limited listening ing. Ms. Glassman, 19, had old’s top songs for the year.
Uematsu’s greatest hits earned for up to six users—each getting played the white noise for more “The cringiest part of my Spo-
the 60-year-old Japanese video- an independent account unsul- than 12 hours over two nights in tify Wrapped was either me lis-
game composer the top slot for lied by the others’ habits—at a hotel room she shared with tening to 190 hours of what can
the decade. $14.99 a month versus a $9.99 her snoring mother. best be described as ‘whiny emo
Each subscriber’s Wrapped is individual subscription. “I had completely forgotten band,’ ” he says, “or having to
generated based on the number Spotify tweeted personal re- about the entire experience, so I see my top artists from 2015.”
of times they stream an artist or sponses to dozens of users, en- was really surprised when I Still, “as much as I hate to
song. “Wrapped is like audio ticing them with a three-month logged on to view my Wrapped say it, nothing in my Spotify
truth serum, whether that free trial. One user posted a and was greeted by the sound of Wrapped was misinterpreted or
means you’re reminded that screenshot with Julio Iglesias a fan blowing through my head- wrong,” he says. “I definitely lis-
you’re sharing an account with leading his top artists for the phones,” she says. tened to 190 hours of Car Seat
mom or discover you spent the year and blamed his parents for Trevor Boardman finds no Headrest.”
diet and medication plan that works better for you.
Go to LowerYourHBP.org before it’s too late.
 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.

A9A | Tuesday, December 17, 2019 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Tuesday, December 17, 2019 | A9B

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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 | Tuesday, December 17, 2019
Trump
Trial
Looms
Continued from Page One
Schiff (D., Calif.) and under-
mine others who view his
dealings with Ukraine as
highly improper.
Once articles of impeach-
ment arrive in the Senate, Re-
publicans will take control of
the impeachment process for
the first time. A growing num-
ber, including Senate Majority
Leader Mitch McConnell, want
a quick trial without wit-
nesses, which they view as the
easiest path to acquittal. Yet
there is no consensus among
Senate Republicans on how a
trial should look. All it would
take is a few GOP senators
breaking ranks to upset Mr.
McConnell’s plans.
While two-thirds of the
Senate is required to remove
the president, a simple major-
ity of 51 votes would be
needed to determine almost
every step of the process, from
rules and witness testimony to
the timing of a final vote. With
53 Republicans in the Senate,
the GOP could in theory dic-
tate the entire procedure. In
practice, it won’t be easy for
Mr. McConnell to get his cau-
cus to vote as a bloc.
Mr. Trump has publicly sig-
naled his openness to a short
trial, and White House aides
are pitching him on the idea
that a quick acquittal would be
its own form of vindication.
Privately, though, he has said
he wants not just a quick pro-
cess, but also the ability to call
a list of witnesses. It isn’t clear
how Mr. McConnell could de-
liver both of those things.
‘Day in court’
Sen. David Perdue (R., Ga.),
who speaks to the president
frequently, said Mr. Trump
“wants his day in court. He
feels like he has not been able
to have any defense over in the
House. He has not. He’s been
denied the No. 1 right all of us
have, which is to face his ac-
cuser and have our defense
represented.”
House Republicans gave the
president a taste of that in re-
cent weeks, using much of their
time in public impeachment
hearings not to defend the
president on the substance of
the Ukraine allegations but to
attack Hunter Biden and raise
doubts about his father, former
Vice President Joe Biden, who
is seeking the Democratic pres-
idential nomination next year.
Republicans have accused
the younger Mr. Biden of seek-
ing to profit from his father’s
position, and Mr. Trump asked
Ukraine’s leader to investigate
the Bidens—an act at the cen-
ter of the House’s impeachment
inquiry. Both Bidens deny any
wrongdoing.
Democrats leading the im-
peachment inquiry say Mr.
Trump’s request—that a for-
eign leader undertake investi-
gations that would benefit the
no
president politically—was an
abuse of power. Several im-
peachment witnesses testified
they believed there was a link
between Mr. Trump’s decision
to freeze aid to Ukraine in July
and the investigations the pres-
ident wanted.
Senate Democrats are op-
posed to a short trial with no
More On-the-Fence Democrats Back Impeachment
WASHINGTON—More Demo-
crats from competitive House
districts said they would back
the impeachment of President
Trump, putting the effort on
track to pass this week despite
some fears that their position
could put their seats at risk.
By Siobhan Hughes,
Lindsay Wise
and Natalie Andrews
The House plans to vote on
Wednesday. With Mr. Trump’s
impeachment looking likely,
Democratic leaders are also to
soon announce which members
had been suggested as im-
peachment managers—essen-
tially prosecutors—during the
Senate trial, which is expected
to kick off in January.
Democrats have largely
united behind impeachment. By
Monday afternoon, at least 17
from the 31 Democratic-held
districts that Mr. Trump won in
the 2016 presidential race had
announced they would support
the abuse-of-power and ob-
struction of Congress charges,
‘I wouldn’t mind a long process,’ Mr. Trump has said, suggesting a Senate trial would be used to unmask the whistleblower, settle scores and undermine critics.
witness testimony. “That
wouldn’t be a real trial would
it?” said Illinois Sen. Dick
Durbin, the No. 2 Democrat in
the Senate. Senate Minority
Leader Chuck Schumer sent a
letter on Sunday to Mr.
McConnell, proposing to sub-
poena four witnesses: acting
White House staff chief Mick
Mulvaney, his deputy, Robert
Blair, former national security
adviser John Bolton and Office
of Management and Budget of-
ficial Michael Duffey.
If Messrs. McConnell and
Schumer can’t come to an
agreement on how to proceed,
Democrats could propose mo-
ci on
tions to call their witnesses
during the trial. That strategy
could test Mr. McConnell’s con-
trol over his own caucus, since
it would only take a handful of
er rs
Republicans voting with Demo-
crats to pass such motions, and
not all Republicans are con-
vinced witness testimony is a
m e
bad idea, especially if both
sides get to subpoena whom-
ever they want.
m rp
With Mr. Trump enjoying
extensive support from Repub-
lican voters, GOP senators
don’t want to cross the presi-
dent. Several Republican law-
co Fo
makers view the president’s
dealings with Ukraine as inap-
propriate but not worthy of
impeachment, and fear that
opening the door to witnesses
may make it harder for them
Do you support President
Trump's impeachment and
removal from office?
Support Don’t support
50%
n-
49
48
47
46
45
44
43
Oct. Nov.
Note: Moving average of several major polls
Source: Real Clear Politics
according to a Wall Street Jour-
nal survey, with two saying
they are opposed.
With the new announce-
ments of support, and assum-
ing no unexpected defections,
Democrats have enough votes
to impeach the president. While
Americans nationally are about
evenly split on whether they
back impeachment, according
to an average of polls by Real-
ClearPolitics, some of the Dem-
ocrats in the Trump-won dis-
tricts acknowledged potential
political risks.
“I’ve been told more times
that I can count that the vote
I’ll be casting this week will
mark the end of my short polit-
ical career. That may be,” Rep.
Elissa Slotkin of Michigan, a
first-term Democrat, wrote in
an opinion article saying she
was backing impeachment be-
cause of the danger to democ-
racy from Mr. Trump’s behav-
ior.
She added: “There are some
decisions in life that have to be
made based on what you know
in your bones is right.”
FROM PAGE ONE
to acquit him.
Key administration officials
involved in Mr. Trump’s
Ukraine policy, including Mr.
Mulvaney, Secretary of State
Mike Pompeo, Vice President
Mike Pence and Mr. Bolton, re-
fused to testify during the
House probe run by Democrats.
on That position could become
more tenuous in a Republican-
controlled Senate if new wit-
nesses, such as the Bidens, are
called to testify.
us l,
Sen. Lindsey Graham (R.,
S.C.) said each side had a long
al a
e
list of people they might sum-
mon to testify. “I’m not in the
camp of calling a bunch of wit-
nesses,” Mr. Graham said.
Interviews with 20 Republi-
can senators last week showed
divisions over trial strategy.
Some said attorneys for both
sides should bring whatever
witnesses they wanted, while
others have objected to specific
witnesses, such as calling Mr.
Schiff. Some said it was unnec-
essary to call any witnesses.
Mr. McConnell (R., Ky.) has
indicated to his own members,
as well as to the White House,
his preference for a quick trial.
Unlike House Republicans, who
lost the majority last year and
are left with members in dis-
tricts that overwhelmingly sup-
port Mr. Trump, Senate Repub-
licans have a majority that
rests on lawmakers from swing
states where fewer support a
blind defense of the president.
In a private meeting last
week with fellow Senate Re-
publicans, Mr. McConnell said
it would be a mistake to call
witnesses who would drag out
the proceedings, potentially re-
veal new information and make
things difficult for lawmakers
seeking re-election, according
to people familiar with the
matter. “Mutually assured de-
struction,” Mr. McConnell said.
Mr. McConnell has said
that, at the moment, there
isn’t a single vote in the Re-
publican caucus to support
impeachment.
Sen. John Cornyn (R.,
Dec. Texas) warned that live wit-
ness testimony could turn the
trial into an unpredictable
Rep. Joe Cunningham of
South Carolina also said he
would support impeachment.
“If I wanted to do what was
easy politically, I would just
vote ‘no’ and move on,” he
told the Post and Courier
newspaper.
Two Democrats have said
they are opposed, including
one, Rep. Jeff Van Drew of New
Jersey, who has indicated he
will switch parties over his de-
cision to break with Democrats
over impeachment. Rep. Collin
Peterson of Minnesota has also
said he would vote against im-
peachment.
Several members of Mr. Van
Drew’s staff resigned over the
weekend after he informed
them of the planned party
switch. Mr. Van Drew hasn’t of-
ficially informed Democratic
leadership that he is switching
parties, according to a Demo-
cratic aide.
Democrats have a majority
of about three dozen seats in
the House, so they can afford
some defections. No House Re-
publicans support impeach-
The Impeachment Process
Now that the House has drawn up articles of impeachment
for President Trump, here are the possible next steps:
The House votes on the articles of impeachment
HOUSE BREAKDOWN:
DEM: 233 REP: 197
Less than a
majority votes for
impeachment
Trump remains
in office
Trial begins in the U.S. Senate
SENATE BREAKDOWN:
DEM: 47† REP: 53
Less than two thirds
of Senate votes
to convict
Trump remains
in office
*Includes one independent and four vacancies †Includes two independents
(Bernie Sanders and Angus King) who caucus with Democrats
“three-ring circus.”
“No lawyer wants to put a
witness on when they haven’t
had a chance to question them
under oath and can cross ex-
amine them if they deviate
from that,” said Mr. Cornyn, a
former state attorney general
and Texas Supreme Court jus-
tice. “Witnesses say the darnd-
est things.”
Mr. McConnell has said he
expects Chief Justice John Rob-
erts, who would preside over a
trial, to follow precedent and
allow the 100-member Senate
to vote by simple majority on
any motions brought by House
members acting as prosecutors,
the president’s lawyers or sen-
ators themselves.
“There are a lot of differ-
ment. Rep. Justin Amash of
Michigan, an independent who
left the Republican Party ear-
lier this year, is expected to
vote with Democrats.
Mr. Trump has called the
impeachment effort a partisan
effort to remove him from of-
fice. “The Impeachment Hoax is
the greatest con job in the his-
tory of American politics!” he
Democrats have a
big majority in the
House and can
afford defections.
said on Twitter Monday.
“The hatred Democrats have
for President Trump and their
obsession with impeaching him
will cost them their majority
next November,” said Chris
Pack, a spokesman for House
Republicans’ campaign arm.
The House Judiciary Com-
mittee early Monday released a
* * THE WALL STREET JOURNAL.
.
ly
Majority votes for
impeachment
Trump
impeached
After trial, senators vote on
removing Trump from office
67 or more senators
vote to convict
Trump removed
from office
Vice President Pence
becomes president
ent scenarios, as you can
imagine, with 100 different
senators, 100 different sce-
narios,” said Sen. John Bar-
rasso (R., Wyo.). “I think right
now, at this minute, there’s
not 51 votes for anything.”
Middle ground
White House advisers are
trying to find some middle
ground between appeasing Mr.
McConnell’s moderate mem-
bers and the president’s in-
stinct to come out swinging.
The president has been pre-
sented internal Republican
polling and data that shows his
standing in battleground states
has improved since the im-
peachment problem opened.
658-page report summarizing
their case for impeaching Mr.
Trump on the grounds that he
abused his power by withhold-
ing nearly $400 million in aid
to Ukraine and a coveted White
House meeting with the na-
tion’s president to pressure
Kyiv to announce investigations
that could benefit him politi-
cally. The panel has also ap-
proved an article charging Mr.
Trump with obstructing Con-
gress.
“In the history of the Repub-
lic, no President has ever or-
dered the complete defiance of
an impeachment inquiry or
sought to obstruct and impede
so comprehensively the ability
of the House of Representatives
to investigate ‘high Crimes and
Misdemeanors,’ ” the Demo-
crats said in the report.
At a news conference, Sen-
ate Minority Leader Chuck
Schumer (D., N.Y.) discussed his
proposal that the Senate hear
from four additional witnesses,
including former national secu-
rity adviser John Bolton and
acting White House chief of
MICHAEL CANDELORI/NURPHOTO/ZUMA PRESS
Publicly released polling shows
views on the president have
largely remained steady.
Campaign officials also have
told him that impeachment has
goosed fundraising and volun-
teer efforts. One Trump ad-
viser, asked if a lengthy trial
would be better for the presi-
dent, responded: “Better for
the president or better for the
campaign? Because those are
two different questions.”
Mr. Trump has viewed the
impeachment probe through a
similar lens as he viewed the
Mueller investigation, which
looked into Russian meddling
and potential coordination with
Mr. Trump’s campaign team in
2016. He sees both as attempts
by Democrats to undermine the
legitimacy of his election, and
has wanted to exact revenge on
his rivals.
That goal was a motivating
factor when Mr. Trump made
his July 25 call to Ukrainian
President Volodymyr Zelensky.
A day before the call, Mr.
Trump watched from inside the
White House as Special Coun-
sel Robert Mueller testified to
Congress about his probe.
The morning of the call with
Mr. Zelensky, Quinnipiac Uni-
versity released a poll showing
Mr. Trump trailing Mr. Biden
by 8 percentage points in a hy-
pothetical matchup in Ohio,
and virtually tied with the rest
of the field. Those close to the
president said he picked up the
phone with Ukrainian president
thinking less about specific
presidential rivals and more
about the next move to coun-
terattack Democrats.
On July 26, the day after his
call with Ukraine, he com-
plained about a Fox News poll
that showed him trailing all
four top Democratic contenders
in a national survey, including
Mr. Biden, whom he nicknamed
“Sleepy Joe.”
“Even considering the fact
that I have gone through a
three-year vicious Witch Hunt,”
Mr. Trump wrote on Twitter.
“There can be NO WAY, with
the greatest Economy in U.S.
history, that I can be losing to
the Sleepy One.”
staff Mick Mulvaney.
Mr. Schumer is set to meet
with Majority Leader Mitch
McConnell (R., Ky.) ahead of
the trial.
“Leader McConnell has
made it clear he plans to meet
with Leader Schumer to discuss
the contours of a trial soon.
That timeline has not changed,”
said Doug Andres, a spokesman
for Mr. McConnell.
Sen. Richard Blumenthal (D.,
Conn.) said “very informal con-
versations” had begun between
Senate Democrats and some Re-
publicans about possible coop-
eration on procedural motions.
“They might eventually vote
against impeachment, but
they’d vote with us on the pro-
cess,” he said. “All we need is a
handful.”
Among those Republican
senators who Democrats hope
might vote with them, at least
on some matters related to
rules or witnesses, are Susan
Collins of Maine, Mitt Romney
of Utah, Lisa Murkowski of
Alaska and Lamar Alexander of
Tennessee, who is retiring.
 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.
De Blasio Aides Use Encrypted Messages
Good-government
groups warn that such
apps can be used to
hide communications
BY KATIE HONAN
Top aides to New York City
Mayor Bill de Blasio sent mes-
sages back and forth on a re-
cent Sunday afternoon, asking
about his schedule and
whether he would visit a
Queens neighborhood where a
sewage backup flooded homes.
The text messages, which
were viewed by The Wall Street
Journal, were sent via Signal,
an encrypted-messaging app.
The use of such programs—
which make retrieving messages
difficult or impossible without
access to a user’s phone—has
increased among governmental
employees nationwide. Some
fear hackers or a repeat of the
WikiLeaks scandal that revealed
former Secretary of State Hil-
lary Clinton’s emails. Good-gov-
City Bans
Nearly All
Flavored
E-Cigs
BY MELANIE GRAYCE WEST
New York City Mayor Bill de
Blasio on Monday signed into
law a bill that bans the retail
sale of nearly all flavored e-
cigarette products, which
health officials have said are
popular among young people.
The city joins some 230
municipalities and states
across the country that have
enacted restrictions on the
sale of the products. The New
York City Council passed the
ban in late November. Mint
and wintergreen flavors are
included in the ban, but not
tobacco-flavored products.
The ban will take effect on
July 1, 2020. Enforcement will
primarily focus on seizure of
product and fines, city offi-
cials said.
Speaking during a public
signing ceremony for the bill,
Mr. de Blasio said that the
city’s ban, in the absence of
federal efforts, sends a mes-
sage to other cities that they
can also take such steps. He
called underage vaping “a
man-made health crisis” and
said there shouldn’t have been
a presumption that vaping
products were ever safe.
Pending litigation has
blocked a statewide ban. Eight
states have issued emergency
rules to temporarily ban the
sale of flavored e-cigarettes,
but due to legal challenges the
bans are in effect in only three
states: Massachusetts, Rhode
Island and Washington, ac-
cording to the Campaign for
no
Tobacco-Free Kids.
Lawmakers and health offi-
cials are concerned about
deaths and illnesses poten-
tially linked to vaping, as stud-
ies show a rise in vaping
among young people.
Pro-vaping advocacy organ-
izations and vape-shop owners
have said that a ban on fla-
vored products will create a
black market and cause adults,
who use flavored products as
smoking-cessation devices, to
go back to cigarettes. They ar-
gue that it will also deal a
blow to business owners.
“Congratulations to the New
York City Council for taking
away the most successful quit-
smoking tool from their citi-
zens,” Gregory Conley, presi-
dent of the American Vaping
Association, an advocacy
group for the industry, said.
* *
GREATER NEW YORK
ernment advocates warn, how-
ever, that such apps can be used
to hide records and communica-
tions from the public.
A spokeswoman for the
mayor defended the use of the
app, saying it is the same as
email or text messaging. “City
Hall abides by the rules for re-
cord retention,” Freddi Gold-
stein said. “Use of a messaging
app does not change that.”
The rules require employees
to only keep records dealing
with audits, personnel actions
and policy memos, she said.
Ms. Goldstein declined to an-
swer questions about how long
the aides have been using Signal,
how records on an encrypted
app are kept or if any Signal
messages have been turned over
to a records-access officer, who
handles requests through the
Freedom of Information Law for
city departments.
Under city law, policy mak-
ers—employees with “substan-
tial policy discretion”—are re-
quired to save communications
until their service ends. That
on
us l,
al a
e
ci on
er rs
m e
m rp
co Fo
Adrian Perez, part of a group of Beacon High School students protesting what they say are racist occurrences at the Manhattan school, spoke with reporters Monday.
Discrimination Claims Spark Student Protest
BY LESLIE BRODY
Students at prestigious Bea-
con High School in Manhattan
talked of peers throwing
around the N-word. Of some-
body defacing a “Black Lives
n-
Matter” sign with the word
“don’t.” And of teachers failing
to confront students who
made antigay slurs.
Frustration concerning such
allegations boiled over into a
daylong sit-in Monday. Lead-
ers of Beacon United Unions, a
coalition of student groups,
said more than half of the
school’s roughly 1,400 stu-
dents skipped class to join
peer-led discussions about dis-
crimination and inclusion.
The city’s Department of
Education didn’t provide a
participation estimate.
By the day’s end, teenagers
declared progress in negotia-
tions with administrators and
called off a proposed boycott
set for Tuesday. Their success
“was incredibly empowering,”
said Toby Paperno, a student
leader.
Students said the protest
was sparked by an incident in
which a white senior—who
didn’t get into her first-choice
NY
includes any form of contact
created and received by senior
officials in the process of con-
ducting business on behalf of
New York City, including calen-
dars, appointments, tasks and
associated attachments.
Non-record emails, such as
personal and spam messages,
may be culled, the rules say.
Mr. de Blasio, a two-term
Democrat, pledged after he
was elected in 2013 to in-
crease transparency. But he
fought the release of emails
between him and five advisers
who were designated as
“agents of the city” although
they weren’t city employees.
The New York Post and NY1
sued in 2016 for the release of
the emails, which the city’s
lawyers argued were exempt
from Freedom of Information
Law requests because of the
relationship between the ad-
visers and the mayor.
Mr. de Blasio’s office released
some emails later in 2016 in an
effort to fight the lawsuit,
which sought even more corre-
college early—was overheard
last week belittling minority
students for getting college of-
fers through affirmative ac-
tion. That teenager couldn’t be
reached for comment.
Student leaders said her re-
marks were the latest in years
of transgressions by other stu-
dents that the selective public
high school had done little to
deter or reprimand.
“Muslim students have been
called terrorists, Mexican stu-
dents have been called rapists,
and white students have used
the N-word so regularly that
students of color are unable to
confront them about it every
single time,” said Fatima Ze-
kic, a Muslim student leader.
Principal Ruth Lacey de-
clined to answer calls on the
matter, her assistant said.
In an email to students
about the planned demonstra-
tion, she wrote about her de-
sire to work with them “to
seize the energy and passion
of our community” to improve
the school and its culture.
“While we investigate alle-
gations about an incident last
week, we will support the
school community’s efforts to
foster a welcoming learning
spondence. The remainder were
released following a court order.
Today, government-watchdog
groups worry about the prolif-
eration of encrypted-messaging
apps in official government
communications. The app and
other similar messaging pro-
grams allow users to also set an
automatic deletion of messages.
John Kaehny, executive di-
‘City Hall abides by
the rules for record
retention,’ a mayoral
spokeswoman said.
rector of the good-government
group Reinvent Albany, said
state law doesn’t discriminate
on how messages are sent. To
his knowledge, a message sent
on encrypted apps has never
been disclosed in a Freedom of
Information request to gov-
ernment officials in New York
environment for everyone,”
said a city Department of Edu-
cation spokeswoman.
She said there would be
regular joint meetings among
the school administration, the
Parent Teacher Association
and students.
Students said administra-
tors agreed to a timeline for
meeting most of the students’
demands, including an assem-
bly Thursday clarifying the
30%
of Beacon High School students
face economic hardship.
code of conduct, efforts to di-
versify the faculty and addi-
tional antibias training for
students and staff. Department
officials confirmed that inter-
pretation.
Teenage activists in New
York City have shown their so-
cial-media savvy in staging
rallies and news conferences
to bolster integration. An ad-
vocacy group called Teens
Tuesday, December 17, 2019 | A10A
state, probably because they
aren’t archived.
“It could be a scroll of papy-
rus, charcoal written on a rock,
email or text—if you are com-
municating about government
business and issuing instruc-
tions to a subordinate or issu-
ing policy instructions on how
city agencies should do things,
then that’s a public record and
it’s subject to disclosure under
the Freedom of Information
Law,” Mr. Kaehny said.
A spokesman for Signal Foun-
dation, the nonprofit organiza-
tion affiliated with the app, de-
clined to comment. The Signal
app has been designed to limit
how much data the company re-
tains on users, according to the
Signal Foundation’s website.
In 2016, the Eastern District
of Virginia sent a subpoena to
Signal to provide information
on two users for a federal
grand-jury investigation. The
company said it couldn’t hand
over any of the requested data.
“These apps are used for the
explicit purpose of not keeping
.
ly
Take Charge has organized
strikes weekly since mid-No-
vember to call for an end to
the selective admissions pro-
cess used at many public high
schools, including Beacon.
Paula Castillo, a Hispanic
senior who joined the Beacon
sit-in, said she was angered
by her classmate’s alleged
claim that students of color
benefited unfairly from pro-
grams that seek to provide
more equitable access to op-
portunities.
Ms. Castillo, whose parents
are employed as a deli cook
and an office cleaner, said she
had to work extra hard in high
school to make up for attend-
ing an underperforming mid-
dle school in the Bronx and
couldn’t afford tutoring and
test prep.
Programs that aim to help
low-income students of color
succeed are “about leveling
the playing field, not giving
some kind of advantage,” she
said.
Before school started on
Monday, students in Beacon
United Unions handed out col-
ored rubber bands for brace-
lets to assign their peers ran-
domly to different floors for
records,” said Jordan Libowitz,
communications director for
Citizens for Responsibility and
Ethics in Washington, D.C.
“Why would they use them if
not to be hiding something?”
At the beginning of this de-
cade, New York Gov. Andrew
Cuomo was criticized for his use
of the BlackBerry Messenger
app to communicate with aides.
And when former New York City
Mayor Michael Bloomberg was
in office, he and a top deputy
used an email address from his
private company, limiting the
archiving of messages during
his three terms in office.
Representatives for Mr.
Cuomo and Mr. Bloomberg de-
clined to comment.
Daniel Bevarly, the executive
director of the National Free-
dom of Information Coalition,
said the group is looking at the
issue. “Using these type of en-
crypted apps gives the impres-
sion they want the option to
hide these communications if
they decide to do that,” he said.
“That’s not being transparent.”
KEVIN HAGEN FOR THE WALL STREET JOURNAL
discussions about conflict res-
olution and fair treatment.
Many teenagers dressed in
black to show support.
Beacon is more diverse than
some top city high schools.
About 47% of its students are
white, 20% Hispanic, 14% black
and 9% Asian, according to
city data.
Mayor Bill de Blasio’s
daughter Chiara attended the
school.
Beacon admits students
based on a mix of grades, state
test scores, a portfolio of aca-
demic work and two essays.
Supporters of such screening
say advanced learners deserve
to study alongside accelerated
peers, but critics say that ad-
missions policy exacerbates
segregation by race and in-
come. About 30% of Beacon’s
students face economic hard-
ship, compared with 71% in the
public system overall.
“The racism in the school is
a tumor,” said Adrian Perez, a
junior, adding that students
must hold each other account-
able for progress. “Until we di-
agnose that tumor as a com-
munity, we will never be able
to surgically remove it,” he
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 | Tuesday, December 17, 2019 NY * * THE WALL STREET JOURNAL.

GREATER NEW YORK

BQE Might Get

Repairs Sooner
Than Expected
BY PAUL BERGER
New York City may need to
overhaul a 1.5-mile stretch of
the Brooklyn-Queens Express-
way as early as 2021, accord-
ing to members of a panel
convened by Mayor Bill de
Blasio, buying the city more
time to replace the roadway.
JAMES SPRANKLE FOR THE WALL STREET JOURNAL (2)
construction.
Other groups, including an
architecture firm and mayoral
hopefuls, weighed in with
their own proposals, which in-
cluded moving the highway to
ground level and building new
parkland above it next to
Brooklyn Bridge Park.
Panelists said the ultimate

Mr. de Blasio formed the decision will be left to the city,

panel in April to assess the
city’s contentious proposals to
rebuild one of the busiest
stretches of highway in the
city, which cuts through an up-
scale Brooklyn neighborhood.
The Brooklyn-Queens Ex-
pressway runs on two levels of
a cantilever bridge as it
rounds Brooklyn Heights.
About 150,000 vehicles rumble
over this section of the high-
way each day below a prome-
An exhibition of rare prewar German menorahs from the collection of Tsadik Kaplan, below, will be on display at the Center for nade that affords sweeping
Jewish History in Manhattan until Dec. 30. Over the years, he has amassed a notable collection of menorahs and other artifacts. views of Manhattan.
Last year, the city unveiled
but their research concluded
that the city’s projections for
future traffic growth on the
stretch of highway could be
inaccurate. Traffic demands
could fall in the coming years
due to new expected road fees
and that a like-for-like re-
placement of the cantilever
might not be the best option,
they said.
“The long-term solution is
going to be extraordinarily
complicated and it will require
more information and more
data,” one panelist said.

Collector Showcases Judaica Treasures proposals to replace the high-

BY TYLER BLINT-WELSH and chatting with auction
houses across Europe. He even
Tsadik Kaplan makes a liv- writes a regular appraisal col-
ing selling antique Jewish ob- umn for the Jewish Press, the
way during the next eight
years. The plans were based,
in part, on the idea that the
cantilever would become un-
safe for heavy trucks by 2026.
But the panel conducted re-
search in recent months, in-
A significant portion of to-
day’s traffic on the cantilever
is bound for a toll-free route
to New Jersey through Man-
hattan via the Brooklyn Bridge
and Manhattan Bridge.
But the planned implemen-
tation of congestion pricing in

.
jects to wealthy clients. But largest independent U.S. cluding having sensors placed Manhattan, in 2021, could

ly
his trade is about more than weekly Jewish newspaper. in the roadway, which found shift up to one-third of today’s
money. It’s his passion. Mr. Kaplan’s collection is that the cantilever is deterio- cantilever traffic to the tolled
His proudest accomplish- exclusively pre-World War II rating faster than the city ini- Hugh L. Carey Tunnel, said
ment, he says, isn’t the on artifacts, an interest he said tially believed. Bruce Schaller, a traffic con-
$30,000 jewelry box he sold to was carved out by his family’s Some panelists believe the
a collector, his biggest sale. own experience with the Holo- cantilever could become un-
It’s the fact that the New-York caust. His maternal grandpar- safe within five years. They
Historical Society currently ents met in a displaced per- say the report likely would
Some experts think
us l,

has a plaque of his, honoring sons camp, after his recommend imposing restric- the cantilever could
the children of Jewish mi- grandfather’s family was tions next year on the largest
become unsafe
al a
e
grants who served in World slaughtered and after his and heaviest trucks that use
War II, on long-term loan. grandmother was released the BQE, as well as a plan for within five years.
“I don’t treat these objects from years in forced labor and repairs beginning in 2021.
ci on

like it is the stock market,” concentration camps. His That work would require
Mr. Kaplan said. “For me, it is mother, he said, was born in night and weekend closures or
purely an emotional, historical the camp where they met. a full closure of the highway sultant and former city trans-
ride that I am taking when I “It becomes much more stretch until it is made safe, portation department official.
try to get something I see as meaningful, obviously, and panelists said. That could buy Mr. Schaller, who didn’t ad-
er rs

valuable.” emotional when you’re dealing the city more time to design a vise the panel, said that such a
The 43-year-old’s decades- with items belonging to Jews replacement for the road. shift in traffic could allow the
long obsession with antique that lived in Europe before the Carlo Scissura, who led the city to reduce the number of
Judaica has led him to amass war, where a great many did panel, declined to discuss its lanes on the cantilever to four
m e

a collection of dozens of me- not survive,” he said. findings. Mr. Scissura, presi- from six.
norahs and other artifacts. Mr. Kaplan has sourced an- dent of the New York Building Panelists said they also
He has lent some, such as a tiques from countries includ- Congress, a trade group, em- considered whether a recent
m rp

menorah made in a displaced- As she learned more about
persons camp during World his work, Ms. Evers said, she
War II, to museums in Europe. realized what a passionate col-
Others, including a rare ce- lector Mr. Kaplan was and she
ramic menorah from the same decided to look for another
co Fo
menorahs, Kiddush cups, can-
dlesticks and Torah ornaments
to learn their potential value.
Such interactive events are
a rarity for the institute, Ms.
ing England, Denmark, Ger-
many and France. But it is the
attics of upper Manhattan, he
says, that consistently have
brought him value.
phasized that the report is
still being drafted and won’t
be published until January.
“As of now, nothing has
been finalized,” he said in an
push by federal lawmakers in
the region to implement two-
way tolling on the Verrazzano-
Narrows Bridge could affect
traffic demand on the cantile-

era worth nearly $25,000, sit opportunity to showcase his
in a New York storage unit be- collection.
cause of security concerns. This year, the institute—
It was Mr. Kaplan’s trove of which is part of the Center for
early 1920s dominoes and card Jewish History in Manhattan—
games that first caught the will display eight of Mr. Kap-
eye of Renate Evers, director lan’s pre-World War II meno-
of collections at the Leo Baeck rahs until Dec. 30.
Institute in New York, one of And in an experiment of
the world’s largest archives of sorts for the Leo Baeck Insti-
German-Jewish history. tute, Mr. Kaplan also will host
Mr. Kaplan offered the an “Antiques Roadshow”-
games to Ms. Evers on loan, esque appraisal event in New
giving the institute the ability York City on Sunday that in-
n-
Evers said, adding that budget
constraints typically make it
difficult to gain access to a col-
lection as deep as Mr. Kaplan’s.
“We’re very confident be-
cause of what we have seen
from him and what he knows,”
she said. “He’s an expert, and
his collection is just first-
class.”
What started as a “little ob-
session” has grown into a
daily endeavor for Mr. Kaplan.
He said he scours the web for
One of the menorahs on
display at the Leo Baeck Insti-
tute—a brass, art nouveau-
style ornament dating to
around 1900—was brought to
the Upper East Side by a fam-
ily that settled there after
fleeing Germany in the 1930s.
“There are more unique
Jewish objects in the attics of
New York City apartments and
homes, than there are in all
the Jewish museums in Amer-
ica, just waiting to be discov-
interview.
A spokesman for Mr. de
Blasio said the city would re-
view report when it is com-
plete.
Members of the panel said
they have spent a great deal of
time discussing repairs that
would keep the road in work-
ing order for the next decade.
They noted that the group is
likely to reject the two propos-
als unveiled by the city last
year, which envisaged a $4 bil-
ver. Tolls on the bridge cur-
rently only apply to eastbound
traffic.
Advocates for local commu-
nities said they are encouraged
that the panel appears to be
looking at the project through
a broader, regional lens. They
also are relieved that the panel
might reject the city’s plans
and recommend a reduction to
a four-lane highway.
Hilary Jager, a co-founder
of the advocacy group A Bet-

to digitize them. vites visitors to bring in old hours, searching for rarities ered,” Mr. Kaplan said. lion project to rebuild the can- ter Way, said residents realize
tilever roughly as it is today. that whatever the city does,

GREATER NEW YORK WATCH

Brooklyn Heights residents they will have to endure years
opposed both proposals. They of heavy construction. But she
no

were particularly incensed by said it would be worth it if the

ROMAN BAROCCO COLLECTION | robertocoin.com

what appeared to be the city’s city sets its sights on a more

NEW JERSEY
Legislators Pass Pot,
Driver’s License Bills
New Jersey lawmakers sped
through a host of legislation on
the last voting session of the
year, including a measure putting
marijuana legalization before vot-
ers and another allowing driver’s
licenses for illegal immigrants.
Both Democratic-controlled
chambers passed a bill Monday
that would add an initiative to
the November 2020 ballot let-
ting New Jersey voters decide
whether to legalize recreational
marijuana. Lawmakers also
passed legislation allowing immi-
grants who lack proof of lawful
residence in the U.S. to obtain a
driver’s license if they can pro-
vide proof of identity and age,
as well as two documents
showing New Jersey residency.
Gov. Phil Murphy, a Democrat,
is expected to sign both bills.
Doug Steinhardt, chairman of
New Jersey’s Republican Party,
said the Democratic Party’s leg-
islative agenda, including putting
room as a shooting outside the preferred plan to temporarily transformative highway proj-
school left one man injured. reroute the six-lane highway ect that benefits residents, as
The man, who had dropped onto the promenade during well as drivers.
off a child at the Catholic Acad-
emy of New Haven, was shot
several times outside the build-
ing and is expected to survive,
police said.
Authorities were searching
for the shooter.
Of 10 shots fired, seven hit
the school building, with one
bullet entering a prekindergarten
classroom, the Archdiocese of
Hartford said. The archdiocese
praised faculty and staff at the
school for how they executed a
crisis plan.
—Associated Press
MANHATTAN
Slain Student Died
Of Wounds to Torso
A Barnard College freshman
who was fatally stabbed last
week in a park near the school’s
Manhattan campus died from
wounds to the torso, the city’s
medical examiner said Monday.
As many as three youths con-
ALEXANDER COHN/THE WALL STREET JOURNAL

recreational marijuana on the fronted 18-year-old Tessa Majors

ROBERTO COIN BOUTIQUE
Westfield World Trade Center
Oculus | Main Level C2 | New York, NY | 212.287.1299
2020 ballot, encourages criminal
behavior.
—Joseph De Avila
CONNECTICUT
Bullet Flies Through
Pre-K Classroom
A bullet whizzed into a pre-
kindergarten classroom filled
with 11 children Monday, some-
how missing everyone in the
as she walked in Morningside
Park just before 7 p.m. on
Wednesday, police said. A 13-year-
old boy was arrested Friday on
charges including felony murder.
Police said he admitted he
was with the group that con-
fronted Ms. Majors, but said he
didn’t stab her. The boy is being
held in a juvenile-detention facil-
ity and is due back in family
court on Tuesday. About 150,000 vehicles rumble over a section of the BQE each
—Associated Press day below a promenade that affords sweeping views of Manhattan.
 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.
Make Your Job Application Robot-Proof
It takes planning to make sure AI gatekeepers don’t bounce your résumé before a human can make a call
BY SUE SHELLENBARGER
J
ob seekers often spend
hours online researching
employers and polishing
their applications and ré-
sumés. Then they hit
send.
And they hear nothing. Ever.
Looking for a job is hard
enough without being rejected by
a robot. But applicant-screening
and tracking systems are increas-
ingly powerful job-market gate-
keepers. After scanning résumés,
they hurl most applicants into a
digital black hole.
These machine-learning systems
save time and money for employ-
ers swamped by online applicants,
and they could potentially reduce
bias in hiring. But the tools also
risk magnifying employers’ exist-
ing prejudices and rejecting wor-
thy applicants. Most vulnerable
are the most active job seekers,
such as recent college grads look-
ing for entry-level positions or
older workers idled by layoffs.
“It’s a hot-button issue with col-
lege students,” prompting eye-rolls
and cynicism, says Mary O. Scott,
a West Hartford, Conn., campus
researcher and consultant who just
completed a series of in-depth stu-
dent interviews at 14 universities.
One senior spoke of using her
“trigger finger” to respond to hun-
dreds of online postings, but she
expects few if any replies, Ms.
Scott says.
Savvy job seekers can improve
their odds of getting past these
gatekeepers by understanding how
they work. Among valuable tactics:
Spice up your résumé with specific
on-the-job results, use meaningful
job titles and tailor your choice of
words to match companies’ re-
quirements.
These systems scan résumés
and applications for keywords
showing hard skills, such as finan-
cial analysis or cybersecurity, and
sometimes for softer skills, like
team leadership. They may ask
knockout questions for must-have
attributes, such as whether you
can work at a particular location.
Some use text tools or chatbots to
administer skills tests. Most dis-
qualify applicants who don’t meet
basic requirements, then list oth-
ers in a ranked order, based on
how well they fit the employer’s
specs.
Some tools serve as job-market
matchmakers. ZipRecruiter
Tough Decisions After
Breast Implant Recall
BY BRIANNA ABBOTT
THE FIRST TIME Michelle Peter-
son heard that there might be a
no
problem with her breast implants
was when a friend at work told
her they had been pulled off the
market. Mrs. Peterson spent the
weekend researching the connec-
tion between her specific type of
breast implant and a rare cancer.
“The longer I thought about it, I
thought, ‘There’s no way I’m keep-
ing these in my body,’ ” said Mrs.
Peterson, a 38-year-old breast can-
cer survivor who lives in Nashville,
Tenn. “I did not sit around waiting
for signs of this type of cancer.
I’ve already been through the
wringer.” Within weeks, she had
the implants removed.
Allergan recalled certain textured
breast implants in July after U.S.
regulators said there was an in-
creased risk of a rare type of can-
cer. Mrs. Peterson is one of hun-
dreds of thousands of women who
have received these implants and
face a difficult decision as they nav-
igate competing risks.
The devices have been discontin-
ued, but the Food and Drug Admin-
istration recommended that women
who already have them keep them
in unless symptoms emerge. The in-
creased cancer risk is small, and
surgery to remove the implants car-
ries its own risks. But for some
women, especially those who re-
ceived the implants after undergo-
ing breast cancer treatment, it is a
more complicated calculus.
“A lot of patients are really anx-
ious about it,” said Daniel Maman,
a plastic surgeon in private prac-
tice in New York.
The FDA first warned of a poten-
tial cancer link for patients with
textured implants in 2011. The
agency originally decided not to
ban or recall any implants but re-
versed course this July, when more
LIFE&ARTS
matches candidates and employers
by scanning applicants’ qualifica-
tions and employers’ postings,
tracking users’ behavior on the
site and employing algorithms
on
similar to those used by Amazon
for suggesting products, CEO Ian
Siegel says.
Rock Brouwer has hired many
us l,
candidates ZipRecruiter has
brought to his attention. “When I
al a
e
get one of those, it just makes my
day,” says Mr. Brouwer, hiring
manager for Pacific Service Center,
ci on
a Portland, Ore., trucking-fleet re-
pair company.
About 60% of employers admit
such tools cause them to miss
some qualified candidates, how-
er rs
ever, according to a 2016 survey of
1,200 job seekers and managers by
CareerArc, a human-resources
technology company, and Future
m e
Workplace, a research firm. Critics
say the systems give too much
weight to small differences be-
m rp
tween candidates.
They amount to a black box.
“Often a job candidate doesn’t
even know a system is in use,” and
employers aren’t required to dis-
co Fo
close it, says Sarah Myers West, a
researcher at the AI Now Institute,
n-
cases and deaths came to light of a
rare cancer called anaplastic large
cell lymphoma, or ALCL.
Patients with Allergan textured
implants have about six times the
risk of developing ALCL compared
with people with textured implants
from other manufacturers avail-
able in the U.S., according to the
FDA. The agency says that hun-
dreds of thousands of women have
received the recalled implants,
though they represent less than
5% of implants sold in the U.S.
Most women with implants in the
U.S. have ones with smooth sur-
faces, which ha-
ven’t been linked
to an increased
ALCL risk.
Patients with
the recalled im-
plants should be
on the lookout for
symptoms such as
swelling on one
side, breast pain
or, occasionally, a
rash, doctors say.
They should con-
tact their surgeons
if any of those
symptoms arise or
they notice any
changes. Patients
should also return
for regular follow-ups.
Aside from having textured im-
plants, doctors don’t yet know if
there are other factors that in-
crease a patient’s risk, or whether
the chances of developing the can-
cer will change in the future.
“Patient safety is a priority for
Allergan and we are committed to
ensuring the safe and effective use
of our products,” Allergan said in a
statement. “Patients are advised to
speak with a board-certified plastic
surgeon about the risks and bene-
fits of their implant type and ad-
dress any concerns they may have.”
Six Ways to Outsmart
The Computers
n Network to build contacts
inside the company who will put
in a good word for you.
n Use a text-based app like Word
for your online application, rather
than a PDF or other format.
n Include in your résumé
keywords and phrases from the
employer’s job posting.
n Quantify past results, citing
dollars earned or other stats.
n Camouflage brief gaps in work
history by listing years only,
rather than years and months.
n List job titles in a way that
shows increasing responsibility
and status.
a New York University research
group. A new Illinois law will go
into effect next month requiring
employers to disclose and get con-
sent for use of AI video-interview-
ing tools with job applicants.
Most vendors refuse to tell em-
Worldwide, there have been 573
reports of ALCL and 33 deaths, the
FDA says. The agency estimates
the chance of developing the can-
cer ranges from 1 in 3,000 to 1 in
30,000 cases for textured implants.
If the cancer is caught early, re-
moving the implant and surround-
ing scar tissue is thought to cure
the disease, plastic surgeons say.
The replacement or removal
surgery comes with its own set of
risks, such as bleeding, infection,
inflammation or blood clotting, es-
pecially if surgeons also remove
the surrounding tissue.
Tuesday, December 17, 2019 | A11
vertently train a screening tool to
downgrade applicants who partici-
pated in sports played mostly by
women, such as field hockey.
One employer intent on reduc-
ing employee turnover found that
people who lived closer to its of-
fices tended to stay with the com-
pany longer. But screening appli-
cants based on distance from the
worksite turned out to be a proxy
for race, resulting in a lack of di-
versity.
The systems can easily stack the
deck against older workers, says
William A. Rivera, senior vice
president of litigation for the
AARP Foundation. An employer
who wants to hire applicants with
three to five years’ experience can
award candidates three points for
three to five years’ experience, two
points for five to seven years and
one point for more than seven
years, Mr. Rivera says. The result:
The most experienced workers,
ILLUSTRATION BY ROB WILSON
who are also typically older than
others, would likely receive a
lower score and a lower ranking
on a candidate list.
It’s sometimes possible to tell
whether an employer is using an
AI-driven tool by looking for a
vendor’s logo on the employer’s
career site. In other cases, hover-
.
ployers how their algorithms ing your cursor over the “submit”
ly
work. And most employers lack
deep, accurate performance data.
button will reveal the URL where
your application is being sent.
The systems risk magnifying Otherwise it’s best to assume a
managers’ prejudices if those bi- robot will be your first-round
ases are reflected in the makeup of judge. To pass the test, use clear,
the employer’s current workforce, functional job titles that reflect
according to a 2018 study by Up- progress in your career, and prove
turn, a Washington, D.C., nonprofit your value by quantifying results
promoting fairness in the use of in dollars earned or number of
digital technology. customers gained, says Robert
High performers may share Meier, chief executive of Restore
traits that have nothing to do with Hope Resources, a Tampa, Fla.,
job performance, skewing out- job-coaching firm.
comes, says Mark Girouard, a Min- Some applicants try to game the
neapolis attorney who advises em- systems by choosing answers to
ployers on pre-employment knockout questions that are obvi-
screening. One vendor built a ré- ously desirable rather than accu-
sumé-screening tool that tagged rate, says Jim D’Amico, president
being named Jared and playing of the Association of Talent Acqui-
high school lacrosse as factors sition Professionals. Others fudge
predicting success. “The system their ZIP Code to make it look as
didn’t have a very deep set of though they live in the employer’s
learning data,” he says. The em- target area.
ployer didn’t put it to use. These ploys risk annoying hir-
Even if employers and vendors ing managers, Mr. D’Amico says.
aren’t trying to reject female or Candidates weigh the risks against
minority applicants, they still risk potential rewards.
doing so if they train algorithms “Some candidates think, ‘To
on data gleaned from a current know me is to love me. If I can
workforce that lacks diversity. An just get in front of you, you’re go-
employer with mostly male em- ing to love me,’ ” he says. “And
ployees, for example, might inad- sometimes that’s true.”
cial reasons.
Plastic surgeons say that for
now, most of their patients are de-
ciding to keep the implants. But
for some women, taking them out
is the right call.
Especially among women who
have already had breast cancer,
the anxiety of knowing that some-
thing in their body could cause
cancer can outweigh other consid-
erations, says Andrea Bradford, a
clinical health psychologist and an
assistant professor at Baylor Col-
lege of Medicine. The recall also
sparked painful memories of the
original cancer diagnosis for pa-
tients and their families.
“If they’re worried and think
about it every single day, and we
have something we can use to
solve that problem, let’s solve it,”
said Michael Burgdorf, a plastic
surgeon at Music City Plastic Sur-
gery in Nashville and Mrs. Peter-
son’s surgeon.
Women who want to remove
Above, Vanessa Joy Walker decided their implants must contend with
to undergo surgery following the the cost of surgery, which costs
recall. Michelle Peterson, at left with $4,700 on average for removal, ac-
family, had her implants removed. cording to cosmetic surgery plat-
form RealSelf, on which Dr. Haws
“If every woman who had tex- is an advisory board member. Not
tured breast implants all had them all insurance companies are paying
out, there would be more prob- for the procedure. Allergan is cov-
lems with that than with the num- ering the cost of a new, smooth
ber of women that are going to get implant; if a woman is diagnosed
ALCL,” said Melinda Haws, a clini- with ALCL, Allergan will cover sur-
cal assistant professor of plastic gery and diagnostic costs up to a
surgery at Vanderbilt University, a certain amount.
FROM TOP: ANNIE TRITT FOR THE WALL STREET JOURNAL; MICHELLE PETERSON
past consultant for breast implant “For someone who wasn’t antic-
manufacturers including Allergan. ipating a surgery and then they
But Dr. Haws also says women feel like they have to get the im-
should weigh the risks with their plants out, you still have $5,000
plastic surgeon and make the deci- you have to come up with,” said
sion that is best for them. Last Jennifer Hillman, 47, who had her
week, Dr. Haws caught and treated implants replaced in August.
a case of ALCL in a patient who had Vanessa Joy Walker, a 45-year-
gone to visit her because of the re- old in Brooklyn, N.Y., had a double
call, she says. It’s the first case that mastectomy after a second breast
Dr. Haws has seen in her practice. cancer diagnosis. The tissue ex-
Breast implants aren’t meant to panders used in her breast recon-
be lifetime devices, surgeons say, struction were part of the implant
so all implant patients should re- recall. In October, she decided to
move or replace their implants at undergo surgery. “Just because
some point. Signs of the cancer one person is good with it doesn’t
typically don’t appear until the im- mean that someone else is going
plants are six to 10 years old, so to be able to live with it,” she said.
some patients are waiting to re- “You can’t measure the impact
move them for personal or finan- that has on a patient.”
 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 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

LIFE & ARTS

ILLUSTRATION BY FEDERICO GASTALDI

YOUR HEALTH | SUMATHI REDDY

Male Scientists Outshout Women

.
ly
MALE SCIENTISTS PORTRAY women, which the researchers
on Dr. Lerchenmueller says his more likely to receive a higher
their studies as “unprecedented,” think played a role in 13% more ci- team was unable to look at score from a reviewer and 10% to medicine at University of Chicago
“remarkable,” “excellent” and tations. The researchers controlled whether reviewers and journals 13% more likely to get a grant. Medicine, has done research show-
us l,

“novel” more often than female sci- for outside factors by comparing held women to a different standard “What we found was the biggest ing that female physicians are pe-
entists, a new study finds, which only work published in the same because they didn’t see the original cause of disparity between male nalized for demonstrating so-called
al a
e
may contribute to gender differ- journal within the same time frame submissions. and female applicants was the lan- male traits starting as early as
ences in pay and promotion in the and in the same research field. Other research has found similar guage that they used to describe their training.
medical world. “There is a benefit to promote findings. Julian Kolev, an assistant their ideas,” Dr. Kolev says. “Men The result: When women try to
ci on

The study, published Monday in yourself by using these terms,” professor at SMU Cox School of tended to use broad language—lan- get an article published in a high-
the British Medical Journal, ana- says Anupam B. Jena, an associate Business in Dallas, is a co-author guage that covers multiple topics profile journal they may be more
lyzed more than 6.2 million articles professor at Harvard Medical on a working paper published in and papers across different areas. conservative in stating their find-
published in journals between School and senior author on the April as part of a National Bureau Women tended to use topic-spe- ings. “It’s possible that women are
2002 and 2017. study. cific words, much narrower lan- punished for using these words,
er rs

The researchers found that stud- Experts say the study helps shed guage.” and they know that and are playing
ies in prestigious journals with a light on why women make up only The researchers looking at the the straight and narrow to get
male first or last author (or both) 25% of medical professors. Dr. Men use more sweeping Gates data also examined whether their paper in,” Dr. Arora says.
were 12% more likely to use sweep- Jena’s previous research has shown words like ‘remarkable’ in the broader language helped over- One explanation for the study’s
m e

ing, positive terms—“unique,” “ro- gender differences in pay and pro- sell an idea or was actually sub- findings, Dr. Arora says, is that
bust,” “prominent”—than those motions in medicine, even when research, which may play a stantive. They found that it was men and women write differently.
where women were credited, which accounting for numerous variables, role in pay and influence. mostly a case of overselling. Another potential explanation is
m rp

they believe contributed to the such as differences in education “The proposals with broad lan- that men who use more positive
male studies getting about 10% levels. guage actually underperformed rel- words are treated differently in the
more citations. The first author is Marc Lerchenmueller, an assis- ative to narrow language propos- peer review and editorial process
the researcher who took the lead tant professor of technological in- of Economic Research series. The als, based on publications, ability than women who do so. “My hunch
on the paper, the last generally is novation and management science paper is under review for publica- to attract follow-up funding and at- is that it’s a two-way street,” she
co Fo

the most senior author. at the University of Mannheim in tion. tract new collaborations,” Dr. Kolev says. “That women are less likely
Citations are often used in hir- Germany and first author of the Dr. Kolev says the Gates Founda- says. to use those words, and when they
ing and promotion decisions. study, says the use of superlatives tion let his team examine the foun- The takeaway, he says, is that do, they’re probably more harshly
The effect was most pronounced by men was driven by the higher- dation’s grant-review process of reviewers shouldn’t be giving favor criticized.”
in a subset of 60,000 of the most impact journals. about 5,000 applicants for health to broader language and should be Given that only 25% of medical
prestigious medical journals, which There are roughly one million research projects between 2008 trained to focus more on the tech- professors are female, Dr. Arora
include those with the largest read- life sciences papers published a and 2017. Researchers wanted to nical details of an application. Ap- says, answering questions about
ership and that are cited by scien- year, he notes. “Research volume is see why men are ranked favorably plicants also should avoid broader what contributes to such disparities
tists most often. exploding. If you’re flying under more often than women, even language, because this can under- is essential. “How do we ensure eq-
For these journals, men were the radar and not noticed, then it’s though the reviewers don’t see mine the substance of their re- uitable reviews across gender so
21% more likely to use stronger, harder in hiring and pay conversa- identifying information for the ap- search. that we do not see these findings?”
more positive language than tions.” plicant. Men were about 12% to 16% Vineet Arora, a professor of she says.
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.
Edmonton
d <0 1 2 3 4 5 6 7 8 9 10 11 12 3 Pocket money 34 Nickname for
either of two
no

Vancouver
V
Calgary
C algary
-0s 0s 13 14 15 16 4 Presidential
biopic of 1991 Spice Girls
-0s 10s
Seattle Winnipeg
ip 17 18 19 36 Thumb a ride
20s 5 Big Brit.
20s 20s 20s 20 21 22 reference 37 Music’s Yoko
l
Helena 40s 0s Montreal 30s
Portland ttawa
Ottawa
Bismarckk 6 Leave out 38 Sense of self
20s g
Billings 10s 20s Augusta
A t 40s 23 24 25 26
g
Eugene20s Boise
i phonetically
20s p s / . Pa
Mpls./St. P
Paul Toronto
Toronto Albany
A b y
bany t
Boston 50s 40 Diner figure
30s 27 28
Milwaukee k
ff l
Buffalo tfordd
Hartford 60s 7 Postgame 41 Sacha Baron
20s 10s Pierre
P Detroit
t
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Sioux ll Ch
Chic
Chicagog C
Clevelandd
New Yorkk
ew Y
70s 29 30 31 32 33 34 35 36 37 38 moper Cohen character
50s Reno20s Salt LLake
ke City
ake C
City
Che
h y
Cheyenne
Deses Moines
Omahah
Indianapolis Pittsburgh
b
P hil d lph
Philadelphia 80s 39 40 41 42 8 Vegetable oil 42 Not the least bit
Sacramento Springfield
p g h g on D.C.
Washington DC
10s Denver 90s brand scandalous
San
an Francisco Kansas
20s Colorado
C l d
Topeka
Topek
City 30s Charles
Charleston
Richmond
h d 100+
43 44 45
9 Eats
30s LVe Las p
Springs hit
Wichita St.. Lou
Louis LLouisville
ou ill 47 Somebody born
Vegas 46 47 48 49 50
Santa a Fe
F 40s Nashville
h ill Charlotte
Ch Raleigh
l i h
10 NBA Hall of under the sign of
Los A
Ange
Angeles
Memphishi 60s 51 52 53 54 55 56 57 58 Famer Thomas the scales
Albuquerque
Alb q q Atlanta
A Columbia
C b
San Diego 60s PhPhoenix Oklahoma
klahoma
ahoma City
Warm Rain 48 Grandson of Eve
20s Little Rock 11 Nearsighted
Tucson
T c
D ll
Dallas mingh
Birmingham 59 60 61
El Paso Ft. Worth
th Jack
Jackson 70s individual 50 Periodic table
Cold T-storms
50s Mobile
b JJacksonville
k ill 62 63 64 65 12 More abbr.
0s -0s A ti
Austin
t
Houston
l d
Orlando
Stationary Snow 66 67 68 reasonable 51 Belt setting
ew Orleans
New
10s 80s an Antonio
San A t i Tampa
Ta p
15 March Madness
A h g
Anchorage 80s 69 70 71 52 Name on a title
Honolulu
l 60s Miami Showers Flurries org.
20s deed
30s 70s 18 Patricia of “Hud”
40s 53 Answer
70s
Ice
TWO-PART HARMONY | By Ross Trudeau
19 Radius 54 GM cars of the
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 28 “I take it 61 Roller coaster neighbor 1990s
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Air rifle ammo that’s ___” cry
Omaha 37 14 s 35 25 s Frankfurt 53 45 pc 51 40 pc 24 Hip-hop apparel 55 Melodies
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice 29 Many a craft 62 Face-to-face
Orlando 85 64 pc 65 46 c Geneva 53 42 c 53 38 pc 4 “We Didn’t Start company since
Today Tomorrow Philadelphia 42 30 r 40 18 sf Havana 85 66 t 82 64 t brew, for short 56 Britain’s Isle ___
City Hi Lo W Hi Lo W
the Fire” singer 66 Aunt of Bart, 1992
Phoenix 63 41 s 65 39 pc Hong Kong 76 68 pc 76 66 pc 57 Counting rhyme
Anchorage 25 19 c 27 17 pc Pittsburgh 36 23 r 26 12 sn Istanbul 60 49 s 60 51 s
Billy 31 Group of Lisa and Maggie 25 Noggin, in
second-stringers start
Atlanta 64 32 sh 48 31 s Portland, Maine 33 23 sn 35 13 sf Jakarta 88 77 t 90 76 t 8 Sudden fancies 67 Seller of Nantes
Austin 56 26 pc 61 27 s Portland, Ore. 46 36 c 47 43 sh Jerusalem 58 44 s 60 43 s
35 Mary Jane, e.g. Colormate towels 58 Befitting a
Baltimore 48 29 r 40 20 sf Sacramento 55 38 c 54 40 sh Johannesburg 80 61 pc 81 62 t 13 Alley-___ 26 Nonsense queen
Boise 36 23 pc 38 29 c St. Louis 36 19 s 33 20 s London 45 35 r 50 47 pc (basketball play) 39 Mouth-to-mouth and DieHard
Boston 38 30 sn 40 14 sf Salt Lake City 32 17 s 35 20 pc Madrid 51 35 sh 49 46 pc batteries 29 Furious feeling 63 Angst-ridden
Burlington 31 20 sn 31 8 sn San Francisco 58 48 c 56 47 sh Manila 90 77 s 89 77 pc 14 Arsonist or 43 Canyon sound 30 Chest muscle, rock
Charlotte 66 34 sh 50 27 s Santa Fe 36 15 s 43 19 pc Melbourne 84 62 s 98 69 pc burglar 68 Soul maker
44 “Twilight” heroine briefly 64 Historic period
Chicago 33 12 s 23 16 s Seattle 49 40 c 47 43 sh Mexico City 71 43 pc 66 40 pc 69 Check the fit of
Milan 50 47 r 54 46 r 16 Course that 32 Flow out
Cleveland 37 25 sn 27 14 sf Sioux Falls 29 8 s 29 17 s 45 In addition 65 Telepath’s gift,
Dallas 51 29 s 59 32 s Wash., D.C. 53 32 r 43 23 s Moscow 37 35 sf 41 37 r doesn’t require 70 Football center’s
Denver 39 24 s 50 28 pc Mumbai 90 66 pc 90 68 pc cramming 46 Cry following a action 33 “You ___ Here” for short
Detroit
Honolulu
34 21 pc 22 12 sf
84 73 pc 84 72 s
International Paris
Rio de Janeiro
58
92
42 r
75 s
51 48 pc
85 74 pc 17 Heart-to-heart
good fútbol move
71 Wriggly fish Previous Puzzle’s Solution
Houston 55 33 s 60 31 s Today Tomorrow Riyadh 61 51 pc 62 48 pc 49 Computer
20 Cry to avoid a Down E L I U H I S T Z I T I
Indianapolis 33 19 pc 25 8 s City Hi Lo W Hi Lo W Rome 65 52 pc 64 51 sh introduced in L O G N I S O U P E C H O
Kansas City 36 17 s 37 28 s Amsterdam 54 39 r 46 41 pc San Juan 86 76 sh 87 75 pc green bean? 1998 1 Extremely M O O S D A L T A N O U N
S P R A E D Y O U RW I N G S
Las Vegas 49 33 s 50 33 pc Athens 64 50 s 64 55 s Seoul 54 23 r 37 23 pc 21 Does a casino job successful, in D E N L I T
Little Rock 47 27 s 53 26 s Baghdad 65 46 pc 66 46 s Shanghai 60 46 r 49 41 r 51 Shoulder-to- theater lingo G O O D F O R N O T H I N G
Los Angeles 65 46 pc 64 45 c Bangkok 96 77 s 96 77 s Singapore 83 75 c 84 76 t 22 King Kong, e.g. shoulder C O Z I L Y A E R B O I
Miami 85 69 pc 80 62 sh Beijing 40 16 pc 35 15 pc Sydney 75 62 s 80 66 s 2 Element between A T A L E A N D T A S E R
Milwaukee 32 12 s 19 14 pc Berlin 52 46 c 50 39 pc Taipei City 84 65 pc 75 67 r 23 Back-to-back 59 Sense of wonder beryllium and S T R E T C O H H E L L
T A K I N G T H E R E I N S
Minneapolis 22 -5 s 14 11 pc Brussels 58 41 r 49 45 pc Tokyo 56 49 r 63 46 s 27 Game played 60 ___ bourguignon carbon on the D E G MA C
Nashville 43 26 pc 46 24 s Buenos Aires 80 69 s 84 70 s Toronto 35 22 c 23 7 sn D O T C O M E X P L O S I O N
New Orleans 54 37 sh 55 38 s Dubai 85 71 c 79 69 sh Vancouver 46 41 sh 47 40 r
with a revolver (simmered dish) periodic table A U R A A X E L L E D G E
New York City 38 30 r 37 16 sf Dublin 41 32 pc 48 42 r Warsaw 49 38 pc 52 35 s I C E R N A N O T E L L S
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

S H E D M A Y S K E E T
Oklahoma City 48 22 s 53 29 s Edinburgh 42 29 c 41 37 pc Zurich 51 38 c 51 36 pc
 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. Tuesday, December 17, 2019 | A13

LIFE & ARTS

MUSIC REVIEW | MARK RICHARDSON

‘Fine Line’:
Styles Over
Substance
Harry Styles’s classic-rock inflected new album
is more imitative than original
SINCE BOY BAND One Direction
went on indefinite hiatus in 2015,
Harry Styles has carved out an un-
usual space in the music sphere.
You might expect famous singers
of his age (25) and background
(1D, as their fans call them, came
to the world’s attention via the tal-
ent show “The X Factor” and made
big-sounding modern pop) to
chase current trends—getting rap-
pers to guest on a few tracks, say,
or working with song-doctors to
craft a radio-ready sound. But Mr.
Styles has had other ideas.
As heard on his self-titled 2017
debut, Mr. Styles has an ear for
classic rock sounds of the 1960s,
’70s and ’80s. He name-checks art-
ists like Van Morrison and Harry
Nilsson, has appeared onstage
with and has befriended Stevie
Nicks, and his own work looks to
them for inspiration. This often
means strummed acoustic guitars
spective, no new angle on love
that demands to be aired.
Some weakness comes from the
songwriting and some from Mr.
Styles’s singing, which is profi-
cient and often powerful but falls
short when subtlety is required.
“Watermelon Sugar,” the second
track here, aims to be a sly and
playful ode to lust, but Mr. Styles
sings it stiffly. To compare his per-
formance to a singer from the era
that inspires him, Rod Stewart
could take a trifle such as this and
sell it with a clever raised eye-
brow. The song calls for an ap-
proach that is earthy and lived-in
and a little funky, but that’s not
Mr. Styles’s way.
That said, Mr. Styles and his
band understand the milieus they
tackle here. Album-opener
“Golden,” which Mr. Styles has
fairly described as a song meant
for a cruise down the Pacific Coast
Highway, has background
vocals that sound so
much like Crosby, Stills &

.
Nash it’s almost eerie—

ly
even if the melody isn’t
up to those standards.
“Adore You” time-trips to
the 1980s and brings to
on
mind the jazzy ambience
of Sting mixed with a bit
of R&B, a formula that
worked for Bruno Mars.
us l,

But once we get to the

sparkling piano-led pop
al a
e
shuffle “Lights Up,” we’re
four tracks into the al-
bum and there still
ci on

hasn’t been a single

memorable line.
In the album’s first
and folk-inflected pop tunes with half, “Cherry” is the only keeper.
sunny harmonies that focus on Over a plucked acoustic guitar, Mr.
er rs

troubled relationships. His new al- Styles sings a breakup song con-

HÉLÈNE MARIE PAMBRUN

bum “Fine Line” (Columbia/Er- vincingly in a smooth and dreamy
skine), out now, refines the for- register. “Cherry” also features the
mula, improving on his first speaking voice of model Camille
m e

record while also raising ques- Rowe, who dated Mr. Styles for a
tions about how his music speaks time, and has a line about the af-
to those who don’t care about the termath of their relationship.
m rp

details of his fame.
The challenge in emulating art-
ists like Ms. Nicks and Mr. Nilsson
is that they are odd and singular
musicians writing from a highly
These are the kinds of details Mr.
Styles’s obsessive fans pore over,
but there’s nothing special about
the lyrics without knowledge of
his celebrity.
co Fo
Former One Direction member Harry Styles’s new album, ‘Fine Line,’ is out now.
and convincing acid-fried guitar either the best track on the record fectious energy. Most important,
solo from Mitch Rowland, the kind or the worst, though I am leaning none of Mr. Styles’s heroes could
of fiery coda that defined the toward the former. The cheery have written it, nor would they

personal point of view. Mr. Styles’s
songs, written in collaboration
with members of his current band,
including Kid Harpoon (aka Tom
Hull, who has worked closely with
Florence + the Machine), are ear-
nest, forthright and delivered with
polish—but there’s no fresh per-
The second half of “Fine Line” is
better than the first because it’s a
bit weirder, with choices that don’t
seem obvious, and it also gives us
a sense of the quirks that make
Mr. Styles distinctive. “She” is a
bluesy ballad filled with melodic
twists that ends with a lengthy
heavier side of classic rock. And
while “Canyon Moon” is straight
Fleetwood Mac pastiche, jaunty
and whimsical, it’s crafted well
enough to work, with lyrics that
sound great on a line-by-line basis.
Late in the LP comes “Treat
People With Kindness,” which is
chorus, delivered by what sounds
like an overenthusiastic glee club,
is terribly close to syrupy and
cloying but ends up being rather
touching. It’s a song many would
be afraid to write because it’s so
on-the-nose, but Mr. Styles pres-
ents it with utter sincerity and in-
have thought to even try. That’s
an idea that might serve as a
starting point for some future,
and better, album.
Mr. Richardson is the Journal’s
rock and pop music critic. Follow
him on Twitter @MarkRichardson.

BY PAUL JACOBS A rendering shows proposed changes to

Geffen Hall
n-

WHEN OFFICIALS at Lincoln Center,

earlier this month, announced details of soda straw to a telephone pole.
the planned $550 million “reimagina- A pipe organ is destined to become
tion” of Geffen Hall, home of the New a fixed part of the architecture in
no

York Philharmonic, one detail was con-
spicuously absent: whether the new
space would have a pipe organ.
According to Adam Crane, vice presi-
dent of external affairs for the orches-
tra: “There will be an organ. We just
don’t know what type it will be,
whether a pipe organ or an electronic
one.” That and other aspects of the hall
are in the design and development
stage, he added, with space being one
of the factors playing a role in the deci-
sion-making. Maybe there’s hope Geffen
will include a real pipe organ, not an
electronic substitute.
Shortly after I moved to New York in
2003, it became clear to me that the or-
gan was not a priority: The Aeolian-
Skinner pipe organ at Avery Fisher Hall
(now Geffen) had been removed in 1976 and
was never replaced. Carnegie Hall, too, had
abolished its pipe organ in the early 1960s
which is resides. Organ builders work
routinely with architects to discover
successful strategies to incorporate
their instruments into available space,
even if it’s limited. Provided the vision
and commitment exist, a solution usu-
ally isn’t far behind.
While some organists today refer to
electronic organs as “digital,” it’s not
uncommon to hear them more colloqui-
ally called “toasters.” And the compari-
son to a household appliance isn’t a
compliment. Certainly, there are occa-
sions when organists have no choice but
to play a “toaster,” but it’s generally not
preferred. The reasons become clear af-
ter spending time with fine acoustic in-
struments—like those played by every
CULTURAL COMMENTARY other member of the symphony orchestra.
Would a discerning audience derive the same
How About a Little Pipe Music satisfaction from Beethoven’s “Emperor” pi-
ano concerto rendered on a state-of-the-art

and chose not to replace it during renova-
tions in the mid-1980s.
For centuries, canonical composers such
as Bach, Handel, Mozart, Mendelssohn, Schu-
mann, Brahms, and Liszt all played and
wrote for the instrument. And the orchestral
repertoire involving the organ is vast. Hun-
dreds of works exist, a few being Gustav
Mahler’s “Resurrection” Symphony and
“Symphony of a Thousand,” Richard Strauss’s
“Also Sprach Zarathustra,” Ottorino Respi-
ghi’s “Pines of Rome,” and Camille Saint-
Saëns wildly popular “Organ” Symphony. Ad-
ditionally, there is a burgeoning number of
At Geffen Hall?
the cost of an organ would be relatively mi-
nor—roughly an added 1%. Elsewhere, the
organ has been on the ascent; other orches-
tras have included the instrument in their
renovation designs and come to realize how
programming symphonic works with organ
can be an integral and riveting experience
for concertgoers.
The Cleveland Orchestra, under the baton
of Franz Welser-Möst, rediscovered the
unveiled in 2006. Likewise, this year the
Nashville Symphony and Giancarlo Guerrero
undertook a live recording project that will
include three diverse works by Horatio
Parker, Wayne Oquin, and Paul Hindemith,
whose colossal Organ Concerto had its pre-
miere by the New York Philharmonic in 1963.
Allow me, as someone who has devoted his
entire professional life to the organ, to urge
the New York Philharmonic not to choose an
Kurzweil keyboard? Would the violinists, obo-
ists and trumpeters ever consider trading in
their instruments for electronic imitations?
The modern pipe organ traces its roots
back to Ancient Greece. It’s been a wind in-
strument for over 2,000 years and remains
the most complex of any instrument. Any-
one who steps for the first time inside an
organ chamber and stands amid a forest of
organ pipes is immediately awed—even be-
fore a note of music is played. But when hu-
man expression is coaxed from those thou-
sands of pipes, the astonishment turns to
profound emotion.
LINCOLN CENTER AND NEW YORK PHILHARMONIC

splendid contemporary organ concertos.
Yet two generations of New York music
lovers have been deprived of any substan-
tive encounters with organ music in the
concert hall. There are no concerts in New
York presenting the organ and a full sym-
phony orchestra—other than the rare excep-
tion at a handful of the city’s largest
churches. (While Alice Tully Hall does have
a pipe organ, the space is scaled primarily
for chamber music and solo recitals.) Given
the proposed renovation budget for Geffen,
beauty of its historic Skinner organ in Sever-
ance Hall when it was restored to use in
2000. Since then, they regularly program or-
gan works, and audiences now embrace the
instrument as a point of pride. In May 2020,
the orchestra is releasing a recording of Aus-
trian composer Bernd Richard Deutsch’s bril-
liant 2015 organ concerto, “Okeanos,” which
we performed together last season. The Phil-
adelphia Orchestra and conductor Yannick
Nézet-Séguin are fully committed to the in-
strument, part of Verizon Hall since it was
electronic version. The pipe organ is a mag-
nificent instrument, providing an unparal-
leled thrill when its forces are combined with
those of a large ensemble. Whether purring
gently beneath an orchestra or in fiery con-
versation with it, it is transformative in a
way that no other combination can match.
Electronic organs, whose synthesized sound
is emitted through loudspeakers, cannot com-
pete with the richness of tone produced by
authentic organ pipes—thousands of vibrat-
ing columns of air—ranging in size from a
The great Scottish philosopher and essay-
ist Thomas Carlyle famously said, “Listen,
and for organ music thou wilt ever, as of
old, hear the Morning Stars sing together.”
Somehow, I doubt he would have said the
same thing after listening to a “toaster.”
Mr. Jacobs is a Grammy Award-winning
organist who regularly performs as a soloist
with major symphony orchestras and is
chairman of the organ department at the
Juilliard School.
 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 | Tuesday, December 17, 2019
FROM TOP: BOBBY ELLIS/GETTY IMAGES; ROBERT DEUTSCH/REUTERS
A Small-Minded Argument
Against a 17-Game NFL Schedule
You don’t need to be a New York Jets fan to think expanding the regular season is a bad idea.
The NFL, the country’s
most prosperous pro-
fessional sports outfit,
is considering expand-
ing its regular season.
The idea at the mo-
ment? Adding another game, to
make it a 17-contest campaign.
Sure. Fine. Why not? It’s not
like any of us are doing anything
with our lives, anyway. What’s an-
other Sunday of not talking to our
families? What’s another weekend
of weeping while watching the
Cincinnati Bengals?
You know how it goes in this
country when a product is success-
ful. It’s more, more, more. Until
it’s too much. Even then, it’s OK,
as long as there’s a paying audi-
ence. They’ve made approximately
140 Star Wars movies, and they’re
cranking out more. I hear Disney
has an X-wing hangar in the Da-
gobah swamp, with 5,000 Yodas on
5,000 typewriters, pecking away at
Star Wars scripts. The installment
coming out this week is suppos-
edly the finale of the Skywalker
saga. I said “supposedly.” I’m not
sure I can take the finale claim se-
riously. These Skywalkers, they’re
like the Urban Meyers of outer
space. Just wait until a Skywalker
comes out of retirement to coach
the Dallas Cowboys. Or maybe
Kylo Ren to USC. Nothing’s ever
How U.S. Women’s
Basketball Won a Raise
no
BY RACHEL BACHMAN AND BEN COHEN
THE MARKETPLACE for the best
women’s basketball players in the
world is a curious one. They can
make more than $1 million when
they play in Russia, China and Tur- wumike and the injured Elena
key. And they were paid a maxi-
mum salary of $117,500 last season
in the United States.
The economic opportunity
abroad is the reason that WNBA
stars move overseas during their
off-season. They use their break
from basketball to play basket-
ball—for a lot more money.
But those economic in-
centives don’t neces-
sarily align with
$150
their long-term in-
terests. Diana Tau-
rasi and Sue Bird
had stopped play- The per diem paid to
ing abroad in re- U.S. women’s basketball
cent years so they players for the
could preserve 2016 Rio Olympics.
their bodies as they
neared the end of
their legendary careers.
The former college team-
mates and four-time Olympians
were together at a Team USA
training camp last year when they
had a better idea.
What if they spent the year be-
fore the Olympics getting paid by
USA Basketball?
Taurasi and Bird were in a
South Carolina cafe near their
practice gym. They grabbed the
nearest writing instrument to
sketch out their vision. It hap-
pened to be a crayon their agent
had brought for her son. Taurasi
and Bird told USA Basketball offi-
cials that they would commit to a
yearlong national team training
JASON GAY
on
us l,
al a
e
ci on
er rs
m e
truly over.
I oppose the expansion of 17
m rp
games on principle. It is my belief
that no sports season needs to ex-
pand in length; we’re over sched-
uled and cluttered enough as it is.
Every league could use a haircut. I
co Fo
could trim a solid 50 games off the
162-game baseball season—start it
up in late May, wrap it up in Sep-
tember, make it so you don’t need
to wear mittens to the ballpark.
The hockey season can shrink.
Basketball doesn’t need a full 82.
n-
camp leading up to the Tokyo
Games. As it turned out, they
weren’t the only ones.
There are now six more women
with plans to participate: Sylvia
Fowles, Chelsea Gray, Skylar Dig-
gins-Smith, A’ja Wilson, Nneka Og-
Delle Donne.
The eight perennial WNBA All-
Stars in this experiment can earn
$100,000 if they participate in ev-
ery window of the extended train-
ing camp—compared with the $150
per diems they received for Rio
2016.
The money isn’t the point of the
program, said USA Basket-
ball officials, and it
wasn’t enough for
some players to
forego their seven-
figure paychecks.
But for players like
Bird and Taurasi,
who no longer go
overseas, or Delle
Donne and Diggins-
Smith, who never did,
the deal is a win-win.
“For some, money is ev-
erything, and they’re, like, I’m go-
ing to the highest bidder no mat-
ter what,” Bird said. “I got to a
point four or five years ago where
it was becoming too much basket-
ball, so the money didn’t speak to
me anymore.”
There are few teams in the his-
tory of Olympic sports that have
been as dominant for such a long
period of time as the U.S. women’s
national basketball team. They are
playing for their seventh consecu-
tive Olympic gold, which means
there will be some players on
Team USA who have never lived in
a world in which the Americans
SPORTS
They’re resting basketball players
with boredom these days. They
call it “load management,” and it’s
some kind of voguish injury pre-
vention theory, but I honestly
think it’s just plain old boredom.
Who can pay attention all the way
from October to mid-June? Not
me, and I supposedly watch this
stuff for a living.
College basketball, meanwhile,
should start in February, right af-
ter the Super Bowl, when we need
something new. Play for five
Diana Taurasi and Sue Bird committed to a yearlong Team USA training camp.
weren’t the reigning world cham-
pions. They are likely to be over-
shadowed again by the men’s
team, especially now that the men
are coming off a seventh-place
showing in the World Cup, but it’s
worth remembering that the U.S.
men’s national team lost three
games this year while the U.S.
women’s national team hasn’t lost
a game in a FIBA competition in 13
years.
“It’s the right time in the sports
culture to amplify the profile of
the women’s national team pro-
gram and the sport of women’s
basketball,” said Jim Tooley, the
CEO of USA Basketball.
Even if the results suggest the
exact opposite, USA Basketball of-
ficials say they could feel the rest
of the world closing the gap. The
training camps were too short.
THE WALL STREET JOURNAL.
degrees, smartphones, waistlines,
Netflix Martin Scorsese mob ca-
pers. They made “Big” Cheez-Its,
they seriously did. They did Oreos,
then Double Stuf Oreos, and now
we have Most Stuf Oreos. Yes:
Most Stuf Oreos is actually a food
product that exists in the world.
Next, I suppose they will bring an
Oreo truck to your house, drag a
hose across the lawn, bring it into
the living room, and just pour
creme filling straight into your
mouth. Who ate a Double Stuf
Oreo and said to themselves: You
know what, that’s just not enough
Stuf.
I feel that way about a 17-game
NFL season. Sixteen games is more
than sufficient. If you’re a Bengals
fan, 16 games was probably 15 too
many. Jets fans are tired. Exasper-
ated Raiders fans booed the Raid-
ers off the field in Oakland Sunday,
as they now head off to Las Vegas
in a dented Mercury Comet. Even
fans of good teams shouldn’t want
to grow the schedule. Do Ravens
fans want to see an extra game
right now? No. They do not. They
would like to see Lamar Jackson
wrapped in bubble wrap until
early January. Same with the Nin-
ers and Jimmy Garoppolo.
Maybe Bills fans would like a
little more of the 2019 regular sea-
son—sakes alive, what if the Bills
actually knock off the Grumpy
Lobster Boat Captain and the Pa-
triots from the top of the AFC
East—but is it really necessary for
the season to be continued just for
a Buffalo Bills revenge fantasy?
(Bills fans: Yes. Yes it is. Bring
on New England.)
If anything, eliminate or drasti-
cally pare down the preseason
.
schedule. I’m not saying anything
ly
Top: The Bengals and Patriots are original here; everyone knows
headed in wildly different directions, that’s a total waste of money. Pre-
making a 16-game schedule more season football’s like a fish dinner
than sufficient. Bottom: Fans of the at the airport. It’s to be avoided,
5-9 New York Jets don’t look like always.
they want a supersized NFL season. If I could wave a wand and start
the NFL playoffs next week,
weeks, then roll right into March wouldn’t a lot of folks be on
Madness. See, you think that’s a board? Yes: there’s some seeding
great idea. Because it is a great and home field action to be de-
idea. cided, but the top of the league
Somewhere along the way we seems fairly sorted. They haven’t
became a supersized nation, con- yet figured out the NFC East, but
vincing ourselves there’s no such who cares. The NFC East is not
thing as too much of a good thing. producing a Super Bowl winner
Or at least we tolerated expansion this season. The Cowboys and Ea-
because it was somehow un-Amer- gles should be forced to have a
ican to be antigrowth. But some of cupcake eating contest to pick a
the growing was dubious. We now winner. Wouldn’t you rather watch
have 900 college football bowls, a cupcake eating contest than an-
and only about 5 of them are other minute of the NFC East?
meaningful. Half of these bowls I know my resistance is futile.
sound made up. The Tony the Ti- We’re probably getting 17 games,
ger Sun Bowl? What is that? That even if the odd number will create
can’t be a real thing. It is? Tropi- issues for home-away scheduling.
cal Smoothie Cafe Frisco Bowl? The will to do it appears there,
The Cheez-It Bowl? What is that even if everything we know about
locker room speech like? Fellas, football in 2019 says football play-
this isn’t the [bleeping] Wheat ers should probably play less foot-
Thins Bowl! This ain’t the [bleep- ball, not more. You know what it’s
ing] Saltines Bowl. This isn’t the like when there’s money on the ta-
Fancy Water Crackers You Only ble. We’re insufferable; we’re hun-
Break Out When the In-Laws Visit gry; can’t help ourselves. Someday
Bowl! This is the [bleeping] Cheez- soon, we’re going to have another
It Bowl. week of the Bengals. And the Jets.
It’s not just sports. Everything May the Force—and the Most
is oversized. Houses, cars, college Stuf—be with you.
million trapped in the sofa cush-
ions of their airy offices. The infu-
sion of revenue will come from ex-
hibitions against top college teams
like Oregon (to which the U.S.
women lost last month when the
Ducks were No. 1), UConn and Lou-
isville, and marketing from the
NBA. The idea was to pay the play-
ers enough to make it worth their
time in the special circumstances
of an Olympic year.
“You have this amazing oppor-
tunity to essentially get paid to be
able to stay home and practice,”
Diggins-Smith said. “And I’m play-
ing against the best in the world?
Of course I’m going to say yes.”
A competitive offer for some of
the players wasn’t enough to com-
pete for others. Brittney Griner,
who won a gold medal in 2016, re-
portedly is making $1.5 million
SHANNON STAPLETON/REUTERS
playing in the WNBA off-season
for a pro team in Russia. USA Bas-
ketball couldn’t match that salary
but assured Griner that playing
overseas wouldn’t hurt her
chances of making the national
team.
But other former Olympians
were thrilled about the opportu-
nity. Fowles, a three-time gold
The players were too exhausted medalist, used to play in Russia
from playing the entire year. and Turkey before moving to
Something had to change. “All of China for the WNBA off-season
our success is based on our best from 2013 to 2018. It was a lonely
players wanting to play again and experience with one foreigner per
again and again,” said Carol Cal- team, and Fowles eventually got
lan, USA Basketball’s women’s na- tired of being tired. She decided
tional team director. not to go back last season.
USA Basketball’s deal comes as Her plan for the WNBA off-sea-
the WNBA Players Association ne- son was to stay home, work out
gotiates a new collective-bargain- with a trainer and spend time with
ing agreement, and as the U.S. her family. As soon as this alterna-
women’s soccer team sues the U.S. tive was presented, the three-time
Soccer Federation for pay discrim- Olympian says she knew what she
ination. In fact, the women’s soc- wanted to do, and she had to run
cer team and its ability to generate it by her agent to make sure it
game revenue between major tour- made sense. It hadn’t even crossed
naments was part of the inspira- her mind that this would be a pos-
tion for the increased investment sibility until Taurasi and Bird
in Olympic women’s basketball came along.
players. “You’ve got to thank the legend
USA Basketball officials say and the GOAT because they made
they didn’t exactly have nearly $1 it happen,” Fowles 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.
THE WALL STREET JOURNAL.
A Job for Adam Schiff
Now that his
impeachment
work is over,
here’s a new
assignment
for Adam
Schiff: To in-
MAIN
STREET vestigate
whether the
By William
bad intel in
McGurn
the Christo-
pher Steele
dossier was there because the
former British spy was a
sloppy partisan—or because
he was the patsy in a Russian
disinformation campaign.
As chairman of the House
Intelligence Committee, Mr.
Schiff is plainly the man for
the job. Such an investigation
fits comfortably with his oft-
stated complaint that Vladimir
Putin interfered in the 2016
presidential election and will
do so again in 2020 if we don’t
stop him. Meanwhile, the alle-
gation that the Steele “dos-
sier” was a product of Russian
disinformation comes from
one of Mr. Schiff’s own star
witnesses, Fiona Hill.
Ms. Hill was senior director
for European and Russian Af-
fairs for President Trump’s Na-
tional Security Council. In her
public impeachment testi-
mony, she accused Trump sup-
porters who say that Ukraine
interfered in the 2016 election
(but Russia didn’t) of promot-
ing “politically driven false-
hoods that so clearly advance
Russian interests.” She related
how former national security
adviser John Bolton described
Rudy Giuliani as a “hand gre-
nade” for what he was doing
in Ukraine. She also said she
Lessons From the Tory Landslide
Last week’s
U.K. general
election re-
vealed two po-
litical dynam-
ics that the
rest of the
GLOBAL
world should
VIEW
study closely.
By Walter
The first is
Russell Mead
very old: Those
whom the gods
would destroy, they first make
mad. Jeremy Corbyn and the
tightly knit clique of pro-Hez-
bollah, pro-Maduro doctrinaire
Marxists and viscerally anti-Se-
mitic conspiracy fans clustered
around him mistakenly thought
the British working class was
hungry for revolutionary social
change. They have received
their just reward.
The second dynamic, which
helped propel Boris Johnson to
the greatest Tory majority
since Margaret Thatcher’s 1987
landslide, will haunt his pre-
miership and determine its
outcome. More than a personal
triumph for a man whose po-
litical career last year ap-
peared over, more than a his-
toric recasting of the British
electoral map, more than the
ignominious collapse of the
Liberal Democrats, more than
the triumph of Scottish nation-
no
alism, the election result dem-
onstrates the power of the
most disruptive force in global
politics today.
Mr. Corbyn misdiagnosed
that force as a rejection of cap-
italism. It’s more subtle. Voters
around the world want the
prosperity and opportunity
that global capitalism pro-
vides, but many fear and reject
The 2010s Have Been Amazing
By Johan Norberg
T
he 2010s have been the
best decade ever. The
evidence is overwhelm-
ing. Start with the United Na-
tions Development Report.
Framed as a warning about in-
equality, it plays down the
good news: “The gap in basic
living standards is narrowing,
with an unprecedented num-
ber of people in the world es-
caping poverty, hunger and
disease.”
The World Bank reports
that the world-wide rate of ex-
treme poverty fell more than
half, from 18.2% to 8.6%, be-
tween 2008 and 2018. Last
year the World Data Lab calcu-
lated that for the first time,
more than half the world’s
population can be considered
“middle class.”
Health progress has been
remarkable. People have better
access to water, sanitation,
health care and vaccines than
ever. The incidence of malaria
in Africa declined almost 60%
from 2007 to 2017, and anti-
OPINION
told Ambassador Gordon
Sondland that the effort to get
the Ukrainians to investigate
former Vice President Joe Bi-
den and his son Hunter were
“all going to blow up.”
In other words, Ms. Hill is
no Trump apologist. Which
makes her Oct. 14 closed-door
deposition to the House Intelli-
gence, Oversight and Foreign
Affairs committees all the
more compelling. In this depo-
sition, Ms. Hill said she wor-
ried that Mr. Steele may have
been “played” by Russian dis-
information.
“Their goal was to discredit
the presidency,” she said.
“Whoever was elected presi-
dent, they wanted to weaken
them. So, if Secretary Clinton
had won, there would have
been a cloud over her at this
time if she was President Clin-
ton. There’s been a cloud over
President Trump since the be-
ginning of his presidency, and
I think that’s exactly what the
Russians intended.”
In her public testimony a
month later, she deemed Mos-
cow’s effort a success. “The
Russians’ interests, frankly, is
to delegitimize our entire
presidency. . . . And I think
that what we are seeing here
as a result of all these narra-
tives is this is exactly what the
Russian government was hop-
ing for.”
What Ms. Hill says is strik-
ingly similar to what the
House Intelligence Committee
included in its “Report on Rus-
sian Active Measures” of
March 2018, when the commit-
tee was still chaired by Califor-
nia Republican Devin Nunes:
us l,
al a
e
the social consequences of the
free market. Large-scale immi-
gration, job losses to automa-
ci on
tion and foreign competition,
the unequal distribution of
capitalism’s rewards, and the
financial instability and risk
associated with innovation are
er rs
all massively disruptive and
inspire backlash—a global
surge of populism and identity
politics. From Hungary and
m e
Turkey to India and beyond,
voters are embracing politi-
cians who attack classic liberal
m rp
political and economic values
and vow to defend the cultures
and communities this ava-
lanche of change seems to
threaten.
co Fo
It is easy but profoundly
misguided to conflate Mr. John-
son’s Conservatives with these
movements. Though he recog-
nizes and aims to address the
discontent liberalism and capi-
talism evoke, Mr. Johnson
hopes to draw on the Burkean
traditions central to the Con-
servative Party’s long history to
develop what we might call Na-
tional Conservatism. His will be
a fundamentally liberal and pro-
enterprise political approach
n-
that is nevertheless grounded
in the traditional sentiments
and loyalties of the people it
seeks to represent.
For Mr. Johnson—as for
Thatcher and Ronald Reagan—
nationalism isn’t a liability
when it comes to reconciling
the tension between the eco-
nomic and the social demands
of British voters. It is the criti-
cal ingredient that makes syn-
thesis possible.
Edmund Burke’s “Reflec-
tions on the Revolution in
retroviral therapy reduced
HIV/AIDS deaths more than
half.
Global life expectancy in-
creased by more than three
years in the past 10 years,
mostly thanks to prevention of
childhood deaths. According to
the U.N., the global mortality
rate for children under 5 de-
Health, wealth and
the environment are
all better than ever.
clined from 5.6% in 2008 to
3.9% in 2018. A longer perspec-
tive shows how far we’ve come.
Since 1950, Chad has reduced
the child mortality rate by 56%,
and it’s the worst-performing
country in the world. South Ko-
rea reduced it by 98%.
Hasn’t this all come at the
cost of a despoiled environ-
ment? No. At a certain point
developed countries start pol-
luting less. Death rates from
air pollution declined by al-
“The Committee is con-
cerned with the degree to
which the Kremlin may have
sought to influence informa-
tion that was ultimately pro-
vided to Steele—through the
potential provision of disinfor-
mation or otherwise—consis-
tent with its ongoing efforts
‘to undermine public faith in
the US democratic process.’ ”
The chairman should
look into how he was
taken in by Russian
disinformation.
Finally there is the Horo-
witz report. Whether the
Steele dossier was Russian dis-
information, the inspector
general wrote, “wasn’t within
the scope” of his review. But
he did ask FBI officials
whether they’d considered the
possibility. Bill Priestap, assis-
tant director of the counterin-
telligence division, told inves-
tigators he had, but added that
if Russians were trying to fun-
nel disinformation through
Steele, “then I’m struggling
with what the goal was.”
It isn’t such a struggle if
Ms. Hill is right. She says the
Russian goal was less to elect
Mr. Trump than to undermine
the legitimacy of whoever was
elected. If she’s right, clearly
the Russians succeeded be-
yond all their expectations.
Think about that. If the
Steele dossier was the prod-
onuct of disinformation, it
means the FBI used Russian
France,” a prophetic analysis
of the French Revolution that
predicted the terror and des-
potism into which it fell, ar-
gues that a human society is
an organic entity that develops
over generations. While pro-
gressives often see the tradi-
tions and associations arising
from that history as obstacles
to innovation and reform,
Burke believed that only by
A vindication for the
Burkean idea that
nationalism can
advance liberalism.
understanding, respecting and
building on the past can a soci-
ety truly improve. The more
one seeks change, the more
deeply one must study, honor
and build on tradition.
From this perspective,
Brexit is less a retreat from
globalization than a first step
in re-establishing the national
unity and cohesion that will
prepare the U.K. for the
changes ahead. The same can
be said for Mr. Johnson’s con-
quest of Labour territory in
the North—Britain’s equiva-
lent of America’s Rust Belt.
The area’s defection may be
the first step toward revital-
izing its sluggish economic
growth and defensive politi-
cal attitudes. If the Conserva-
tives can translate rhetoric
into effective policy, Mr.
Johnson’s embrace of the
North could shift British poli-
tics into a more optimistic,
most a fifth world-wide and a
quarter in China between 2007
and 2017, according to the on-
line publication Our World in
Data.
Rich countries use less alu-
minum, nickel, copper, steel,
stone, cement, sand, wood, pa-
per, fertilizer, water, crop acre-
age and fossil fuel every year,
as Andrew McAfee documents
in “More From Less.” Consump-
tion of 66 out of 72 resources
tracked by the U.S. Geological
Survey is now declining.
Global warming remains a
challenge, but wealthy societ-
ies are well-positioned to de-
velop clean technologies and
to deal with the problems of a
changing climate. Annual
deaths from climate-related di-
sasters declined by one-third
between 2000-09 and 2010-15,
to 0.35 per 100,000 people, ac-
cording to the International
Database of Disasters—a 95%
reduction since the 1960s.
That’s not because of fewer di-
sasters, but better capabilities
to deal with them.
Progress isn’t guaranteed.
disinformation to get war-
rants to spy on former Trump
campaign associate Carter
Page. It means FBI Director
James Comey used Russian
disinformation to brief the
president. It means that presi-
dential briefing, which be-
came the news peg to publish
the dossier, was itself used to
disseminate Russian disinfor-
mation to the American peo-
ple.
It means that the Russians
succeeded in planting their
disinformation in the 2017 in-
telligence community assess-
ment of Russia’s role in recent
U.S. elections. And it means
that when Mr. Schiff read alle-
gations from the Steele dossier
into the congressional record
during an open House Intelli-
gence Committee hearing with
Mr. Comey, he too was repeat-
ing Russian disinformation.
Mr. Schiff, who has been
wrong about most things re-
lated to Russia, is nonetheless
right when he says Moscow
hasn’t given up on efforts to
manipulate American elec-
tions. He’s also still chairman
of the Intelligence Committee.
So how about bringing Ms. Hill
back before the committee to
kick off an investigation into
whether the Steele dossier was
the product of a Russian disin-
formation campaign?
It would be a good way for
Mr. Schiff to claw back some
credibility, to keep the Russians
from doing in 2020 what they
did in 2016—and maybe even to
get back at Mr. Putin for helping
to make Mr. Schiff look like such
a boob these past three years.
Write to mcgurn@wsj.com.
forward-looking, and pro-en-
terprise mode for the long
term.
Mr. Johnson can’t take suc-
cess for granted. Rejuvenating
the North of England while
managing Brexit is an enor-
mous task. Farther north,
Scottish nationalists are gain-
ing power. A medium-size,
open economy, Britain remains
vulnerable to global shocks,
and the difficulties of manag-
ing its economic and political
relationships with the U.S., Eu-
rope, China and Russia are
likely to grow as long as world
trade and political tensions
continue to increase.
Still, British conservatives
have a secret weapon: Britain.
The country that developed
the idea of limited parliamen-
tary government, launched the
Industrial Revolution, made a
peaceful transition to democ-
racy, and led the process of
globalization for more than
two centuries is most itself
when it is open to change. The
embrace of capitalism in eco-
nomics, tolerance in religion,
and democracy in politics
stands at the heart of the na-
tional traditions to which An-
glo-American (and, for that
matter, Scottish) conservatism
appeals.
Those who believe national-
ism is fundamentally hostile to
capitalism and liberal values
need to study British and
American history. Anglo-Amer-
ican conservative nationalism
is more of a revolutionary
force than a reactionary one. If
Boris Johnson unleashes it, he
may just make Britain great
again.
Look how wealthy Venezuela
collapsed under the burden of
crazy policies. A war between
major powers, or a financial
crash after a decade of easy
money, could throw the world
off course. So could never-end-
ing trade wars and an unravel-
ing of globalization.
Yet we’ve lived through a
period of populist revolts and
geopolitical tensions, and
wherever societies have been
open and markets free, scien-
tists, innovators and busi-
nesses persisted and made
greater progress than ever.
That’s the case for opti-
mism. Tin-pot strongmen,
looting politicians and punc-
tilious bureaucrats make mis-
chief with societies and econ-
omies. But mankind creates
faster than they can squander,
and repairs more than they
can destroy.
Mr. Norberg is a senior fel-
low at the Cato Institute and
author of “Progress: Ten Rea-
sons to Look Forward to the
Future.”
Tuesday, December 17, 2019 | A15
BOOKSHELF | By Andrew Stuttaford
Feeding
The Enemy
The Russian Job
By Douglas Smith
(Farrar, Straus & Giroux, 303 pages, $28)
T
he American troops who landed in Russia to help
reverse the Bolshevik coup of 1917 did little to change
history, but cast as imperialist villains, they were
useful to Soviet propagandists charged with rewriting it.
In “The Russian Job: The Forgotten Story of How America
Saved the Soviet Union From Ruin,” Douglas Smith tells the
remarkable tale of a different, largely forgotten yet
infinitely more effective intervention.
Between 1921 and 1923, the United States, acting
through Herbert Hoover’s American Relief Administration,
supplied food and other aid to more than 10 million
people caught up in the famine—created by war,
revolution and the Bolshevik assault on the peasantry—
then raging in the former Russian empire. The ARA
operated, Mr. Smith tells us, “across a million square
miles of territory in what was the largest humanitarian
operation in history.”
Suspicious of, and
embarrassed by, assistance
from such a politically
inconvenient source, the
Kremlin accepted the ARA’s
help only grudgingly and,
once the crisis was over,
“began to erase the memory
of American charity,” Mr.
Smith writes. “What it could
not erase, it sought to distort
into something ugly” by
depicting the ARA as a nest of
spies and reactionaries. For
.
many of the thousands of Russians
ly
who had worked for the ARA, their
reward was persecution.
The damage done to Hoover’s reputation in America by
the Great Depression may help explain why this episode is
so little-known in the U.S. today. But something else may be
at play. Mr. Smith argues that the ARA may “quite possibly”
have prevented “the collapse of the Soviet state.” Did the
decades of communist atrocity that followed cast a shadow
over what was a very grand American gesture?
That said, in an earlier history of the ARA’s work in
Russia, “The Big Show in Bololand” (“Bololand” being the
land of the Bolsheviks)—a study that Mr. Smith rightly
acknowledges as definitive—Bertrand Patenaude describes
how in 1921 Karl Radek, a leading Bolshevik, “seemed to
take a special delight” in telling Western visitors that the
regime would survive: “Only famine victims die from
famine.” Radek (who would receive his comeuppance in the
Gulag in 1939) might not have been wrong. Ensuring that
industrial workers in the major population centers were fed
was essential to the survival of Lenin’s new order. If that
meant taking food from a peasantry the Bolsheviks despised
as socially backward, so be it. Indeed, their tragedy was an
opportunity. “It is precisely now,” Lenin wrote, “when in
the famine regions people are eating human flesh, and the
roads are littered with hundreds if not thousands of
corpses,” that the Soviet leadership should start the
systematic expropriation of yet another dangerous relic of
old Russia—the church. And so it did, in the name of
famine relief. How much of what was confiscated was
“turned into bread,” Mr. Smith points out, “is unknown.”
Few remember that in the early 1920s
America supplied food to a starving Soviet
Union, quite possibly preventing its collapse.
Lenin’s reference to “hundreds if not thousands of
corpses” was an understatement. According to Soviet
forecasts, some 30 million faced starvation. The effects of
the famine were spilling over into the Bolshevik strongholds
and, regardless of Radek’s bravado, could no longer be
contained. In response, Lenin permitted elements of the
market to slip back into the national economy and cut back
on grain requisitions from the peasantry. In July 1921, the
writer Maxim Gorky was allowed to send out an appeal for
help. Hoover, who had been overseeing food-relief efforts in
Europe since shortly after the German invasion of Belgium,
might have been a fierce anticommunist, but, as Mr. Smith
observes, he “knew what had to be done.”
The impulse to help was genuine and unselfish; the
results, orchestrated by Hoover with the organizational
aplomb for which he was already legendary, were
extraordinary. In Mr. Smith’s not unreasonable view of the
number of lives saved, “an estimate of more than ten
million does not seem exaggerated,” a feat made all the
more impressive by the small number of Americans—never
more than 200 at a time, and less than 400 in total—who
ended up in Russia, often in towns and cities far from
anywhere but never far enough from apocalypse. If the
term “good Samaritan” is to mean anything, it’s what many
of these men were, risking their lives amid disease and
disorder, through scenes so terrible they were almost
impossible to bear: “I walk with my eyes on the ground,”
wrote one.
But good is not necessarily the same as saintly. Bololand
was the new great unknown, and many of the ARA’s
Americans were drawn there by a sense of adventure as
well as an urge to help—a number of them had originally
gone to Europe to take part in the Great War—and had no
great desire to return home. “Trying to kill people may
sound more exciting than trying to keep them alive,” one
ARA man explained, “but don’t you ever believe it’s so.”
Amid the horror—well-described by Mr. Smith, who makes
excellent use of contemporary sources (one American, upon
arriving in Samara, passes “two dogs fighting in the street
over a partially eaten corpse”)—there were pretty girls,
hard partying and, for some, a chance to scoop up valuables
at the bargain prices that upheaval left in its wake.
The ARA departed after the worst was past, but famine
returned to the U.S.S.R. less than a decade later, a
consequence of collectivization transformed, in Ukraine, to
genocide. Millions died, but there were no calls for
assistance from the Kremlin—only denials.
While Mr. Patenaude’s volume remains definitive, its
length will be a deterrent to some. Mr. Smith, a biographer
of Rasputin and the author of “Former People”—on the fate
of the aristocrats who stayed on in the new Soviet state—
has, in “The Russian Job,” produced a well-written account
of a story that should not have passed into obscurity. Less
comprehensive than Mr. Patenaude’s tome, Douglas Smith’s
book is still much more than an introduction.
Mr. Stuttaford, who writes frequently for the Journal,
works in the international financial markets.
 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 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

The Incredibly Incurious Mr. Comey Organ Transplantation Needs More Organs

J
ames Comey has finally admitted some the Clinton campaign.” A team of FBI officials David Weill claims there isn’t an criteria. This means that transplant
“sloppiness” over the surveillance war- interviewed Mr. Steele in early October. Nobody organ shortage for transplantation. centers with low metrics may be re-
He is wrong (“Supply Isn’t the Prob- luctant to list patients or accept or-
rant for former Trump campaign aide asked about his employer.
lem With Organ Transplants,” Review, gans that carry risk of a poor out-
Carter Page. The former FBI Nor did they ask if Mr. Dec. 7). In 2018 there were 36,529 or- come. Changing the evaluation
director should re-read In- The IG report shows Steele had been the source of gan transplants from 17,570 donors. metrics to include transplant rates
spector General Michael Horo- investigators who didn’t a Sept. 23, 2016 Yahoo News But there are currently more than (the percentage of listed patients
witz’s report because it lays article that revealed the FBI 113,000 patients on the waiting list who are transplanted) would moti-
out a record of willful incuri- investigate Steele. was looking into Trump-Rus- for an organ transplant. While Dr. vate transplant centers to accept
osity about Christopher Steele sia collusion. Various case Weill says that deceased donors can more organs. Fewer organs likely
and his dossier that is hard to agents at the time of publica- provide up to eight organs for trans- would be discarded.
credit as mere incompetence. tion expressed alarm that Mr. Steele was talking plantation, that is the exception— Organ transplantation is one of
The report quotes Bill Priestap, a key FBI to the press (he was), and a draft version of the most deceased donors provide around the most regulated fields in medi-
player in the 2016 Crossfire Hurricane probe FISA application fingered him as the leaker. But three organs. Living donors provide cine. Transplant professionals are
one organ. Lack of sufficient organs constantly trying to make all aspects
into the Trump campaign, that the FBI had the IG says nobody at the October meeting
is the main problem facing transplan- of the transplant process better for
“concerns” about Mr. Steele’s “reporting the asked Mr. Steele if he talked to the press. The tation in the U.S. patients.
day we got it . . . [S]ome of it was so sensa- final FISA application incorrectly asserted to Dr. Weill is correct in pointing out RICHARD J. HOWARD M.D., PH.D.
tional, that we just, we did not take it at face the court that Mr. Steele had not. some of the perverse incentives for Gainesville, Fla.
value.” The Crossfire sleuths also went to great ef- organ procurement organizations Dr. Howard is past president of
But if the FBI was initially skeptical, it isn’t fort to deny information to Justice Department (OPOs) and transplant centers. Both the American Society of Transplant
evident in the IG report. The report shows how attorneys reviewing the FISA application. The organizations are evaluated by the Surgeons.
the FBI avoided taking any action, or asking any IG “did not find any written communications in- Centers for Medicare and Medicaid
question, that might have undermined its use dicating that anyone on the Crossfire Hurricane Services (CMS), the United Network I hope that Dr. Weill’s warning to
of the dossier in its application to the Foreign team advised [Justice] about the potential or for Organ Sharing, state agencies and not “believe the truism about a sup-
Intelligence Surveillance Court. specialty organizations and insur- ply problem” doesn’t discourage peo-
suspected political connections to Steele’s re-
ance companies. CMS can revoke an ple from considering organ donation.
The Crossfire team obtained Mr. Steele’s porting.” One Justice lawyer, Stuart Evans, OPO or transplant center’s charter if JAMES SPRINGATE
dossier on Sept. 19, 2016. The FISA court didn’t asked the FBI team three times if Mr. Steele “is performance fails to meet certain Williamsville, N.Y.
grant its warrant on Mr. Page until Oct. 21, 2016, affiliated with either campaign and/or has con-
giving it weeks to explore Mr. Steele’s revela- tributed to either campaign.”
tions. The former British spook had operated The Crossfire team answered only the sec-
as a confidential FBI source since 2013, which ond part of his question, saying that because
Food Stamps and Helping the Poor to Work
meant he had his own “Delta” file, containing Mr. Steele was a “foreign national” he was “un- Regarding your editorial “Food changes should be surprising—but
all information concerning sources. able to contribute to either campaign.” Mr. Ev- Stamps in Good Times” (Dec. 5): It isn’t.
Yet the IG says the FBI didn’t bother looking ans told the IG that he remembered being “frus- strikes me that the food stamp pro- G.T. MCMORROW
at Mr. Steele’s file prior to obtaining the first trated and annoyed” by the answer. The FBI gram (and every such program) should San Jose, Calif.
be reformed to make sure that what-
FISA warrant. Even Mr. Steele’s overseas han- ultimately acknowledged that Mr. Steele was
ever help is being provided is intended I am pro-work for adults who are
dling agent was astonished at this, telling the working on “political opposition research,” but to enable the person to graduate from physically and mentally able, but I
IG that the Crossfire team should have “turned rolled past Mr. Evans’s concern that the applica- government subsidies. have learned firsthand the obstacles

.
the file upside down” two months earlier, when tion was not worth the “risk” of going after As a longtime operator of a small that keep many poor people from em-

ly
first handling Mr. Steele’s information. such a “politically sensitive” warrant. business in California, I am accus- ployment opportunities.
The FBI also waited until November to talk Which brings us to Mr. Comey’s incredible tomed to feeling the shortage of avail- Lack of transportation is a primary
to anyone who had worked with Mr. Steele dur- incuriosity. Crossfire Hurricane was among the able workers for clerical and customer- obstacle. When employment centers
ing his tenure at Britain’s MI6—after the FBI most politically fraught investigations in recent
on service workers. Every time there is a aren’t accessible and you have no car
had fired him for talking to the press. Only then American history. Yet the IG says Mr. Comey re- booming economy, hiring employees and there is no or poor public trans-
did it learn that former colleagues believed Mr. calls few details, says he was only periodically becomes challenging. Small businesses portation, it is difficult to get or keep a
Steele was prone to “rash judgments” and had updated on the “status,” and didn’t make any must complete with high-tech or gov- job. Companies often have varying
ernment organizations that offer at- shifts, which often means it is difficult
us l,

a “lack of self awareness.” It didn’t bother talk- “significant investigative decisions.” This is at
tractive wages and benefits. This latest to line up transportation. Federal and
ing to his primary source until January 2017, odds with former Attorney General Loretta boom, however, is different. We are state governments focus on mass tran-
when it discovered that much of the reporting Lynch’s testimony to the IG that Mr. Comey in
al a
e
seeing a segment of the workforce, sit, which isn’t effective for many jobs,
Mr. Steele provided was gossip. spring 2016 went out of his way to “[pull] her usually single mothers, who want to especially second- and third-shift jobs.
The IG confirms that the FBI also made no aside” to tell her the FBI believed the Russians work but can’t work too many hours Child support is an obstacle. Moth-
ci on

effort to “determine who was financing Steele’s intended to “use Page for information.” because they would lose their federal, ers need support for their children, but
election related research.” Mr. Steele told the Had the FBI done even basic due diligence state and local subsidies. Government the way it works now doesn’t benefit
IG he knew who his paymasters were by late on Mr. Steele, his financiers and sources, it assistance programs should be de- those who need it. Child care is a very
July, and Justice official Bruce Ohr told Con- would never have sought a FISA warrant. Mr. signed to allow people to make prog- urgent need but is so expensive, and
gress that he warned FBI officials in August that Comey and his investigators have more to an- ress, earning more and building up regulations are so difficult for many
er rs

savings so they can eventually be fi- agencies or private child-care opera-

Mr. Steele was hired by somebody “related to swer for than sloppiness.
nancially independent. Instead, many tions that they often close.
of these capable people are locked into DEBORAH HUNDLEY

Achieving Quantum Wokeness a cycle of dependence. President

m e

The fact that no one in government Providence Services of Syracuse Inc.

T
is leading the charge to make such Syracuse, N.Y.
wo months ago researchers at Google colonialism.” Instead of “supremacy,” they sug-
m rp

published a paper in Nature saying they gest using the term “quantum advantage.”
had achieved “quantum supremacy.” It’s There it is, folks: Mankind has hit quantum
a term of art, meaning Google’s
Political correctness
wokeness. Our species, akin to Cultural Cohesiveness Helps Utah’s Economy
quantum computer had zipped Schrödinger’s cat, is simulta-
through some calculating that neously brilliant and brain- In his eloquent report on “Why the highest in the country.
barges into a computer
co Fo

Utah Has Become America’s Economic The state legislature is around 90%
would take eons on a classical dead. We built a quantum com-
Star” (Cross Country, Dec. 7), Stephen Mormon. Political involvement is en-
supercomputer. science breakthrough. puter and then argued about Moore doesn’t include one other very couraged and supported by the mas-
Don’t you see the problem? whether the write-up was lin- interesting statistic which is signifi- sive network of churches here. To take
“We take issue with the use of guistically racist. cant and telling. Of all U.S. states, only one example, while liquor laws
‘supremacy’ when referring to quantum comput- Taken seriously, the renaming game will Utah has the highest rate of children were liberalized 20 years ago, one
ers,” as 13 academics and researchers wrote last never end. First put a Sharpie to the Supremacy graduating from high school living can’t find beer at many grocery
week, also in Nature. “We consider it irresponsi- Clause of the U.S. Constitution, which says fed- with both birthparents. Home is more stores.
ble to override the historical context of this de- eral laws trump state laws. Cancel Matt Damon than an address. As non-Mormons we might get in-
scriptor, which risks sustaining divisions in race, for his 2004 role in “The Bourne Supremacy.” CARL MONSON vited to events where we are likely to
gender and class.” Make the Air Force give up the term “air suprem- Tallahassee, Fla. get proselytized, but little else. The
The word “supremacy,” they claim, is tainted acy.” Tell lovers of supreme pizza to quit being exclusive social environment largely
Mr. Moore rightly attributes Utah’s offsets the economic virtues that Mr.
with “overtones of violence, neocolonialism and so chauvinistic about their toppings. Please in-
successes in part to the dominant Moore praises. My wife is called a
n-

racism.” They lament that “inherently violent form Motown legend Diana Ross that the Su- Mormon religion, but this has other heathen by her righteous co-workers.
language” already has crept into other scientific premes are problematic. consequences. While income disparity J. JOSEPH PERRY
fields, as with talk of human “colonization” or The quirks of quantum mechanics, some peo- is low, the gender gap in pay is among Salt Lake City, Utah
“settlement” of outer space. These terms “must ple argue, are explained by the existence of many
no

be contextualized against ongoing issues of neo- universes. How did we get stuck in this one?
America’s ‘Forever War’ All Real Politics Is Local,
Retreat Is China’s Gain But Impeachment Is Not
The Voter Theft That Wasn’t Regarding Josh Hawley’s “End Daniel Henninger suggests that

L
iberals are howling that Republicans are residency and identification. ‘Forever Wars’ and Face China’s Democrats will likely be disappointed
Threat” (op-ed, Nov. 25): Mr. Hawley with voters’ response to the party’s
trying to steal the 2020 election after a State judge Paul Malloy on Friday ordered the rightly identifies China as this coun- “Take Down Trump Project” (“Frac-
state judge in Wisconsin on Friday or- commission to enforce the law or get the Legis- try’s principal geopolitical challenge. tured Democratic Fairy Tales,” Won-
dered more than 200,000 vot- lature to change it. Yet liberals Yet in dismissing “forever wars” in der Land, Dec. 5). This is spot on and
ers removed from the rolls to A Wisconsin judge are now accusing Republicans the Middle East, he overlooks the re- brings to mind the experience of a ca-
protect ballot integrity. The enforces the law. of trying to “disenfranchise” gion’s importance to Sino-American reer military officer who attempted a
complaints as usual are over- Democrats since more than competition. run for Congress in his upstate New
wrought. Liberals cry foul. half of notices were sent to Where the U.S. has disengaged, Xi York district, hoping to be a force in
Three voters represented places like Milwaukee and Jinping and his Communist cabal guiding U.S. foreign policy. When
by the Wisconsin Institute for Madison where Hillary Clinton have stepped in. China has coaxed campaigning throughout his district,
Law and Liberty in November sued the state won more votes than Donald Trump, according Middle Eastern states into its Belt he was astonished that nobody cared
and Road Initiative and now trades as about his views on this subject. All
elections commission for disregarding a state to the Milwaukee Journal Sentinel.
much as $500 billion of goods with they wanted to know was what he in-
law that requires voters who haven’t responded College students and renters are more likely the region annually. Beijing also has tended to do about the price of milk.
to a notice verifying their address to be deacti- to move and vote for Democrats. But nobody its sights set on controlling the Medi- He lost his bid.
vated after 30 days. The state law is intended knows how these folks voted in 2016, and the terranean and Persian Gulf, home to MICHAEL A. SMITH
to prevent voters from registering and casting Wisconsin Democratic Party says it plans to use U.S. military bases and shipping lanes Wells, Maine
ballots in multiple places. the state open records law to reach out to and that ensure the free flow of global
In October 2019 the commission of three Re- re-register deactivated voters. “This is an orga- commerce. Defense ties, though small
publicans and three Democrats sent notices to nizing challenge, not a crisis,” said state Demo- for now, will serve as another path Pepper ...
234,000 voters who had been flagged by a cratic Party chairman Ben Wikler, a voice of lib- for Chinese expansion in the Middle
East. Washington shouldn’t assume
And Salt
multi-state electronic system as movers. These eral reason.
are folks who had changed their mailing ad- Note that Democratic Gov. Tony Evers de- that partners and allies in the region THE WALL STREET JOURNAL
will shun China simply because it’s
dress with the U.S. Postal Service or registered feated Scott Walker last year even after hun-
our competitor.
vehicles at different places than where they dreds of thousands of voter registrations were Though fighting endless conflicts
were registered to vote. deactivated. Republicans also voted with Demo- against weak adversaries isn’t in the
But the commission decided not to deacti- crats on the commission not to remove voters national interest, preventing Beijing
vate registrations until 12 to 24 months after until after the 2020 election, so this isn’t a from dominating the Middle East cer-
voters failed to respond rather than 30 days. scheme hatched by conservatives to re-elect Mr. tainly is.
The commission also jettisoned a formal rule- Trump, who won the state by 23,000 votes in DANIEL J. SAMET
making, which state law requires when an 2016. Both parties are spending heavily to drive The Atlantic Council
agency changes statutory interpretation or en- turnout in Wisconsin next year. Washington
forcement. Enforcing the state law will merely help en-
Only 16,500 or so voters who received no- sure that a liberal University of Wisconsin stu- Letters intended for publication should
tices have registered at a new address, and the dent doesn’t vote in both Madison and Milwau- be addressed to: The Editor, 1211 Avenue
of the Americas, New York, NY 10036,
commission says it doesn’t want to create con- kee—or a Trump supporter in Wisconsin and or emailed to wsj.ltrs@wsj.com. Please
fusion by removing the 200,000 or so others Iowa. Democrats use cries of disenfranchise- include your city and state. All letters
before next year’s elections. But voters who ment to motivate their voters, but voter integ- are subject to editing, and unpublished
are mistakenly removed can re-register online rity shouldn’t be a partisan issue and it isn’t in letters can be neither acknowledged nor “Naughty? Nice?
returned.
or at the polls on Election Day with proof of this case in Wisconsin. It’s a bit more nuanced than that.”
 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.
The ‘1619 Project’ Gets Schooled
By Elliot Kaufman
‘S
o wrong in so many
ways” is how Gordon
Wood, the Pulitzer Prize-
winning historian of the
American Revolution,
characterized the New York Times’s
“1619 Project.” James McPherson,
dean of Civil War historians and an-
other Pulitzer winner, said the Times
presented an “unbalanced, one-sided
account” that “left most of the history
out.” Even more surprising than the
criticism from these generally liberal
historians was where the interviews
appeared: on the World Socialist Web
Site, run by the Trotskyist Socialist
Equality Party.
The New York Times tries
to rewrite U.S. history, but
its falsehoods are exposed
by surprising sources.
The “1619 Project” was launched in
August with a 100-page spread in the
Times’s Sunday magazine. It intends
to “reframe the country’s history” by
crossing out 1776 as America’s found-
ing date and substituting 1619, the
year 20 or so African slaves were
brought to Jamestown, Va. The proj-
ect has been celebrated up and down
the liberal establishment, praised by
Sen. Kamala Harris and Mayor Pete
Buttigieg.
A September essay for the World
Socialist Web Site called the project
a “racialist falsification” of history.
That didn’t get much attention, but in
November the interviews with the
historians went viral. “I wish my
books would have this kind of reac-
tion,” Mr. Wood says in an email. “It
still strikes me as amazing why the
Impeachable or Not, Trump’s Foreign Policy Is Reckless
By Robert B. Zoellick
A
s Congress debates whether
President Trump’s dealings
with Ukraine constitute an
abuse of power, Americans should
ask what Mr. Trump’s behavior says
about his foreign policy. Mr. Trump’s
conduct sends conflicting signals and
risks big mistakes.
Why was Gordon Sondland, ambas-
sador to the European Union, usurp-
ing policy toward Ukraine, which is
not in the EU, and under whose in-
structions? What did Mr. Sondland
seek to accomplish—beyond arrang-
ing meetings and calls—regarding
Ukraine, Russia and Europe? Rudy
Giuliani dropped in as a bizarre presi-
dential emissary, a mishmash of Mr.
Trump’s private lawyer, unseemly
deal-maker and political fixer. The
secretaries of state and defense, along
with the national security adviser,
shrank to the shadows.
The civil servants and military of-
ficers who testified before the House
Intelligence Committee were trying
to execute legacy policies to counter
Russian aggression. Moscow had
seized Ukrainian territory, threatened
to widen the battleground, probed
the security of the Baltic states and
the North Atlantic Treaty Organiza-
tion, manipulated U.S. and European
elections, and assisted in shooting
no
Forgiveness Isn’t Divine When It Comes to Student Debt
By Beth Akers
T
he Democratic presidential
primary so far has been a
race to see who can present
the most generous taxpayer-funded
plan to fix every problem from
health care to higher education.
President Trump has noticed and is
reportedly eager to develop a com-
peting plan to tackle student debt.
There is plenty he can do to help
with the burdensome cost of col-
lege, but the solutions on the table
miss the mark.
The Democrats’ general ap-
proach, full loan forgiveness for all
indebted students, is a wasteful
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NY Times would put its authority be-
hind a project that has such weak
scholarly support.” He adds that fel-
low historians have privately ex-
pressed their agreement. Mr.
McPherson coolly describes the proj-
ect’s “implicit position that there
have never been any good white peo-
ple, thereby ignoring white radicals
and even liberals who have supported
racial equality.”
The project’s creator, Nikole Han-
nah-Jones, is proud that it “decenters
whiteness” and disdains its critics as
“old, white male historians.” She
tweeted of Mr. McPherson: “Who con-
siders him preeminent? I don’t.” Her
own qualifications are an undergradu-
ate degree in history and African-
American studies and a master’s in
journalism. She says the project goes
DAVID GOTHARD
beyond Mr. McPherson’s expertise, the
Civil War. “For the most part,” she
writes in its lead essay, “black Ameri-
cans fought back alone” against rac-
ism. No wonder she’d rather not talk
about the Civil War.
To the Trotskyists, Ms. Hannah-
Jones writes: “You all have truly re-
vealed yourselves for the anti-black
folks you really are.” She calls them
“white men claiming to be socialists.”
Perhaps they’re guilty of being white
men, but they’re definitely socialists.
Their faction, called the Workers
League until 1995, was “one of the
most strident and rigid Marxist
groups in America” during the Cold
War, says Harvey Klehr, a leading his-
torian of American communism.
“Ours is not a patriotic, flag-wav-
ing kind of perspective,” says Thomas
Mackaman, the World Socialist Web
Site’s interviewer and a history pro-
fessor at King’s College in Wilkes-
Barre, Pa. He simply recognizes that
the arrival of 20 slaves in 1619 wasn’t
a “world-altering event.” Slavery had
on
existed across the world for millen-
nia, and there were already slaves
us l,
al a
e
down a civilian airliner. If President
Vladimir Putin could reabsorb a bro-
ci on
ken Ukraine, he could re-establish a
Russian empire for the 21st century,
pressing upon Europe’s weak eastern
border.
The career officials saw Ukraine as
er rs
a troubled young democracy on the
European frontier—plagued by cor-
ruption and a struggling economy,
under attack overtly and covertly by
m e
Russia. American policy recognized
Ukraine as a trans-Atlantic border-
land, geographically and politically.
m rp
U.S. officials were seeking to help
Ukraine defend itself, perhaps creat-
ing a basis for negotiations with Rus-
sia once the U.S. changed Moscow’s
calculation of easy gains versus mini-
co Fo
mal costs.
There is no evidence that Mr.
Trump recognized this analysis of
Russian aggression, or this legacy
Ukraine policy, although many in Con-
gress approved of both. So how might
one make sense of his policy?
Walter Russell Mead postulates in
these pages that some Republicans
play down Ukraine in the belief that
“the center of gravity of American
policy must move from the Atlantic
to the Indo-Pacific.” This assessment
would fit Mr. Trump’s nagging of
n-
Germany, a key actor in Europe; his
delight at Brexit; and his dismissal of
the political-security logic of an inte-
policy intended to win political fa-
vor with highly educated voters.
Contrary to the popular narrative,
high earners bear an outsize share
of student debt as they’re much
likelier to have attended an expen-
sive college and stayed longer,
sometimes borrowing again for
graduate or professional school.
Sen. Elizabeth Warren’s plan
phases out eligibility for the high-
est earners but is still highly re-
gressive overall. According to the
Brookings Institution, the bottom
60% of borrowers by income would
receive only about a third of the fi-
nancial benefits of Ms. Warren’s
plan.
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OPINION
elsewhere in what would become the
U.S. before 1619.
But “even if you want to make
slavery the central story of American
history,” he says, the Times gets it
backward. The American Revolution
didn’t found a “slavocracy,” as Ms.
Hannah-Jones puts it. Instead, in Mr.
Mackaman’s telling, it “brought slav-
ery in for questioning in a way that
had never been done before” by
“raising universal human equality as
a fundamental principle.” Nor was
protecting slavery “one of the pri-
mary reasons” the colonists declared
independence, as Ms. Hannah-Jones
claims. It’s no coincidence the aboli-
tionists rapidly won votes to end
slavery in five of the original 13
states, along with Vermont and the
new states of the Midwest.
Ms. Hannah-Jones insists “anti-
black racism runs in the very DNA of
this country.” Mr. Mackaman calls that
grated Europe as an American part-
ner. Ironically, President Obama’s dif-
fidence and “pivot” to Asia
foreshadowed Mr. Trump’s disdain
for Europe.
If Mr. Trump’s disregard for Eu-
rope amounts to a de facto strategic
choice, then Americans ought to de-
bate it.
He begins with disruption
—breaking things—but
lacks the patience and
attention to rebuild.
Mr. Trump ignores geography and
international politics. The idea of geo-
politics arose just over a century ago
from a recognition of the strategic
importance of Eurasia—Europe and
Asia. The vast territory, population
and resources of Eurasia make this
landmass more significant than any
other. More recently, Johns Hopkins
historian Kristina Spohr has observed
that in 1989 Eurasia’s two Communist
giants chose different paths. The So-
viet Communist Party yielded power,
and the country fragmented. China
maintained strict political control
while adapting party ideology to al-
low a market-oriented “socialism with
Those who struggle the most to
make payments tend to have only a
few thousand dollars in debt. Delin-
quency and default are most fre-
quent among borrowers with less
than $5,000 in debt, because many
of them didn’t finish college. An ef-
fective debt-relief program would
focus on aiding this class of loan re-
cipients.
A first step would be to give ev-
ery student borrower a $5,000 re-
fundable tax credit. This would be
enough to wipe away the debt of
the majority of those who are really
struggling. It would also help bor-
rowers with larger amounts of debt
shorten their repayment terms or
Notable & Quotable
From a Dec. 16 CNN.com report:
Former Republican presidential
candidate Carly Fiorina said she
thinks it is “vital” that President
Donald Trump be impeached. . . .
The former Hewlett-Packard CEO
told CNN on “Boss Files with Poppy
Harlow” that she sees the Presi-
dent’s conduct as impeachable and
“destructive to the republic.” . . .
Fiorina said she did vote for
Trump in 2016, citing her disap-
proval of then-Democratic nominee
Hillary Clinton, but since then she
has been “bitterly disappointed.”
But when asked whether she would
vote for Trump in next year’s presi-
dential election, Fiorina did not
rule out voting for him again.
“It depends who the Democrats
put up,” she said.
Tuesday, December 17, 2019 | A17
claim “anti-historical.” Proving it re-
quires her to belittle the most pro-
gressive declaration of modern his-
tory: “that all men are created equal.”
Ms. Hannah-Jones calls this a “lie” and
claims its drafters didn’t even believe
it. The abolitionists disagreed. So did
Martin Luther King Jr: He saw it as a
“promissory note.”
Mr. Mackaman also protests Ms.
Hannah-Jones’s “cherry-picking” of
quotes to present Lincoln as a “gar-
den-variety racist.” He attributes the
misleading picture to her “totally ra-
cialist interpretation.” If whites and
blacks are supposed to be “diametri-
cally opposed to each other,” he says,
.
“then you have to disregard all the
ly
history that runs contrary to that—
and there’s an awful lot.”
Other “1619 Project” essays are
similarly tendentious. Sociologist
Matthew Desmond marshals substan-
tially discredited research to tar the
Chinese characteristics,” which Presi-
dent Xi Jinping is now reframing to
underscore the dominance of the
Communist Party.
Russia and China both understand
Europe’s importance. Mr. Putin wants
Russia to have a hand in Europe’s af-
fairs, while standing apart, thereby
re-establishing Russia’s historical
role as arbiter, manipulator and
sometime protector of European
states. Mr. Xi’s China is building Belt
and Road transportation corridors
across Asia to Europe as the founda-
tion for a new international hierarchy
of tributary relations.
Thus in geopolitical terms alone, a
U.S. strategy to address China’s rise
and Russia’s restoration needs a Eu-
ropean dimension. Europe’s popula-
tion size, level of development, tech-
nical capacity and military potential
demand American attention. Henry
Kissinger has warned that Europe
may become a strategic appendage of
Eurasia if it fails to develop a unified
perspective and strategic outlook.
U.S. strategy, however, does not
rely on geopolitics alone. President
Reagan recognized that the American
standard of freedom is both a
strength and a rallying point for al-
lies and aspirants. Europeans are
America’s natural partners, ideologi-
cally as well as geopolitically—as are
Canada, Mexico, Japan, South Korea,
reduce their monthly installments.
This relief would add to current
provisions that allow debtors to re-
duce their payments when their in-
come is low.
Those who struggle the
most are dropouts who owe
a few thousand. Here’s a
plan to target help to them.
Another positive step would be to
replace the Pell Grant program,
which gives a small amount of aid to
lower-income students. In its place,
lawmakers should promote flexibil-
ity with a new system of federal col-
lege savings accounts, which would
let students choose when and how
to spend the funds. A huge share of
beginning college students don’t
know whether or when they’ll com-
plete their degrees. Swapping grants
for a savings account would allow
them to cover most or all of their
first year of study and walk away
debt-free if they don’t continue.
This would likely increase federal
spending, but would reduce the cost
associated with reliance on repay-
ment plans that ultimately cost tax-
payers. Going to college would be-
come a much less risky proposition.
Next, the president and Congress
should streamline the student-loan
repayment program. Too few debt-
ors are aware of federal provisions
that allow them to postpone or re-
structure their payments. When
they do seek these protections, they
whole of American capitalism as a
legacy of slavery. Legal activist Bryan
Stevenson presents the war on drugs
and broken-windows policing as suc-
cessors to lynching, the Black Codes
and other white “strategies of racial
control.” Times columnist Jamelle
Bouie claims Republican opposition
to raising the debt ceiling in 2011 was
of a piece with Southern defenses of
slavery and Jim Crow.
Joseph Kishore, the Socialist
Equality Party’s national secretary,
says the “1619 Project” is aimed at le-
gitimizing the politics of the Demo-
cratic Party and at “dividing work-
ers” by race. “The interests of a black
worker on the line in an auto plant
and a white worker,” he says, “are
fundamentally the same, and a mil-
lion miles from the interests of an
Oprah Winfrey or a Hillary Clinton.”
He rejects the “pseudo-left politics”
of identity, which “fight out conflicts
within the top 10% or so over access
to positions of power and privilege”
through diversity programs, then
“denounce white workers for being
supposedly privileged even as they
suffer from a decline in life expec-
tancy and horrific social conditions.”
Nobody is better at deflating the pre-
tensions of progressives than the Left
Opposition.
To be sure, the Trotskyists have
wild ideas of their own: The World
Socialist Web Site’s September essay
claims “the event that had the great-
est impact on the social condition of
African-Americans” was the Russian
Revolution. But the Times’s equally
extreme ideas are being feted by the
intelligentsia and turned into lesson
plans for schoolteachers. “A re-edu-
cation is necessary,” the “1619 Proj-
ect” webpage warns. Even commu-
nists now tell the Times to cool it.
Mr. Kaufman is an assistant edito-
rial features editor at the Journal.
Australia, New Zealand and other de-
mocracies along the Pacific Rim.
This wider lens reveals that for-
eign-policy methods must involve
more than military might, even
though armed power is vital. Diplo-
macy aims to build coalitions and de-
velop mutually useful rules and insti-
tutions. The U.S., as a full-service
power with global reach, has been
best-positioned to muster and per-
suade, as well as to deter and dis-
suade. America’s experience and con-
tacts in Europe and Asia—as well as
in other regions—build diplomatic
capital. This diplomatic strategy
sounds very different from the dis-
cordant notes of the Trump adminis-
tration’s foreign policy.
Fire without light, fury without
purpose, activity without aim—each
of these summarize Mr. Trump’s mis-
adventure in Ukraine. Policy for this
president is all about personal poli-
tics. He begins with disruption—
breaking things—but lacks the pa-
tience and attention to rebuild. The
U.S. is a powerful, resourceful coun-
try with a reservoir of resilience. But
Americans cannot afford to dissipate
their strengths—and tarnish their
purposes—without end.
Mr. Zoellick is a former World
Bank president, U.S. trade represen-
tative and deputy secretary of state.
often fail to benefit because the
complicated application makes it
difficult to represent their income
properly. The pending reauthoriza-
tion of the Higher Education Act
should include a simplification of
the repayment process.
The final, boldest step would be
to replace the myriad federal stu-
dent-loan options with a single loan
that recipients would repay through
income withholding. Much of the
student-debt problem is owing to
avoidable errors by debtors, like un-
necessary delinquency or setting
monthly payment rates either too
high or too low. A system based on
income withholding would allow re-
payments to be set to a reasonable
percentage of an person’s income,
and waived automatically during
low-earning months. Students
would agree to pay a set fraction of
their income over a fixed period. In
exchange for the increased reliabil-
ity of automatic payments, the gov-
ernment could eliminate compound-
ing interest, which piles on
difficulty for the worst-off debtors.
These ideas may not have the
rhetorical flash of a loan-forgive-
ness jubilee, but they are better tai-
lored to the actual problem of stu-
dent debt. Mr. Trump should resist
the temptation to follow in the
steps of the Democrats who are
promising to enact wasteful poli-
cies, on the backs of taxpayers, sim-
ply to gain political favor.
Ms. Akers is a senior fellow at
the Manhattan Institute and author
of “Game of Loans: The Rhetoric
and Reality of Student Debt.”
 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.

A18 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

WORLD NEWS

Australia Says Janitor Helped Pyongyang

Prosecutors allege
suspect brokered deals
for missile parts, coal
on the black market
BY RACHEL PANNETT

SYDNEY—With little more

than an internet connection, a
laptop and a cellphone, Chan
Han Choi, a soft-spoken jani-
tor in his early 60s, allegedly
played a central role in a plot
to help North Korea sell mis-
sile parts and coal on the Nations were tightening sanc-
black market. tions to make it illegal for
Working from a rented North Korea to sell its coal
apartment in a Sydney suburb, abroad. Mr. Choi allegedly
the South Korean-born Austra- kept trying.
lian citizen spoke in code In one alleged deal involv-
while negotiating with groups ing an undisclosed buyer in In-
suspected of working on donesia, he discussed whether
Pyongyang’s behalf, police to make the coal look as if it
said, adding that he used bo- originated in Russia or China,

KCNA/REUTERS
tanical terms such as “little the police documents say. The
pine tree” to describe missiles Indonesian side expressed
and “nursery” to refer to concerns about sanctions and
weapons factories. the deal fizzled, according to
These and other details— Australian prosecutors paint Chan Han Choi, right, as a foot soldier generating income for the regime of North Korea’s Kim Jong Un, above. the police statement.
contained in investigation doc- Another alleged deal—to
uments prepared by Australian transfer North Korean coal dis-
police—are being used by U.S. Envoy Urges counterparts in Pyongyang dur- Mr. Biegun criticized North Kim now would mean the regime guised as Russian anthracite to
prosecutors to paint a picture ing a visit to Seoul on Monday. Korea’s recent weapons tests intends to drive up tensions next a company in Vietnam—was
of an eager foot soldier for North Korea to Talk “Let’s get this done. We are here. and threats of more such ac- year, some analysts said. held up, with Mr. Choi saying:
North Korean dictator Kim And you know how to reach us.” tion. He rejected the North’s de- “Things are getting cold and “There is no ship to enter our
Jong Un who operated unde- Mr. Biegun, whom President mand that Washington offer it dark,” said Kim Yeol-su, a senior port, because of economic
tected and generated impor- SEOUL—The U.S. envoy to Trump nominated in October for additional concessions by the researcher at the Korea Institute sanctions,” police allege.
tant income for Pyongyang for North Korea reaffirmed Wash- the post of deputy secretary of end of the year. for Military Affairs. “The North Police allege he later began
years before international ington’s desire to resume stalled state, was speaking to reporters “The United States does not Koreans are likely to huddle up a second round of negotiations
sanctions were tightened. nuclear talks with Pyongyang, on what will likely be the year’s have a deadline. We have a following today’s Biegun remarks.” to sell North Korean coal to In-
The police and prosecutors publicly urging the regime to re- last trip to South Korea by a goal,” he said, referring to last He said he wouldn’t be sur- donesia, with plans to route it

.
allege he has been an eco- turn to the negotiating table. senior U.S. official overseeing year’s pledge between Mr. prised if North Korea declares through another country to il-

ly
nomic agent of North Korea “It’s time for us to do our talks with the North. He met Trump and North Korea’s Kim an end to its moratorium on licitly disguise its origin. That
since at least July 2013, and jobs,” said Stephen Biegun, the with South Korean officials, and Jong Un to improve relations tests of long-range missiles and was disrupted by his arrest in
brokered commodity sales for U.S. special representative to is scheduled to travel to Tokyo and pursue denuclearization. nuclear bombs this month. 2017, the police statement said.
Pyongyang as early as 2008, North Korea, addressing his on for similar purposes this week. A lack of response from Mr. —Andrew Jeong In the months before his ar-
before tighter international rest, the police said, Mr. Choi
sanctions were in place. was also allegedly working to
Handcuffed and accompanied gued that his right to lawyer- transactions were completed. ological reasons or for money. tion over this transaction, broker deals to sell missiles and
by three prison guards, Mr. Choi client confidentiality is being The police said Mr. Choi Unlike North Korean diplo- which occurred before tighter related technology and exper-
us l,

appeared in a Sydney court on violated because his phone
Dec. 5. Dressed in a green conversations must be in Eng-
al a
e
prison sweatshirt, slacks and lish, which Mr. Choi doesn’t
green sneakers, he spoke softly speak well, and prison guards
to a translator, self-consciously regularly monitor these calls to
ci on
told investigators he dealt
with North Korea business
contacts through intermediar-
ies in China. He said he was
aware that sanctions were in
mats who face scrutiny while
overseas, sympathizers from
outside the country are able to
travel, open bank accounts and
conduct business that can aid
international sanctions. Prose-
cutors say the transaction es-
tablishes that he had a long
history with North Korea and
was capable of doing big deals.
tise from North Korea to undis-
closed entities represented by a
businessman in Taiwan.
Police arrested Mr. Choi be-
fore any supply could begin.

combing his hair with his hand. check that he is speaking with
A judge that day dismissed an approved person. Mr. Choi
his application to have the also suspects authorities are
case thrown out. listening in on his prison visits,
Mr. Choi has spent nearly his attorney said, although he
er rs
place with North Korea and
that he hasn’t taken any action
that contravened any sanc-
tions laws, police said.
Mr. Choi’s case has become
Pyongyang.
Born in South Korea, Mr.
Choi arrived in Australia in
1987 as an economic migrant.
He worked in construction and
Mr. Choi set up a string of
companies, including one
called Auskor Engineering Pty.
Ltd., according to the police
statement. He traveled exten-
Mr. Choi told supporters he
believes he was turned in by
South Korean officials after he
tried to broker a deal with a
company there.

two years in one of Australia’s didn’t provide any evidence.
most notorious prisons. He is Mr. Choi was arrested in
classified as a National Secu- late 2017 and has pleaded not
rity Interest prisoner, a desig- guilty to eight charges, includ-
m e
a cause célèbre for a small, started reading up on North sively to countries with a his- In the police interview, he
politically active group of sup- Korea, friends said. In 2001, he tory of dealings with North Ko- said that in about April 2015, he
porters who think he is being became an Australian citizen. rea, including Syria, Russia and attempted to broker the sale of
held unfairly. About a dozen One deal in 2008 allegedly Sudan, police documents show. North Korean coal to a South

nation authorities can impose ing providing services for a supporters took part in a pro- involved more than 11,000 Mr. Choi also traveled to Korean business at inflated
if they think there is a risk that weapons-of-mass-destruction test outside the courthouse on tons of North Korean anthra- North Korea nine times be- prices as part of a plan to
an inmate may engage in activ- program. He is set to stand Nov. 29, calling for his release. cite sold to a company in tween 2007 and 2011, the doc- smooth over relations between
m rp

ities that seriously threaten trial in February.
the peace, or incite others to The Wall Street Journal has
do so. His defense counsel ar- seen a 39-page police state-
gued at a recent bail hearing ment of allegations, a docu-
that he doesn’t pose a serious ment that was referred to in
co Fo
They say he believes interna-
tional sanctions against North
Korea are unjust.
Some security experts
worry that ethnic Koreans liv-
South Korea, with proceeds
sent to a Russian bank that
had instructions to deposit
about $400,000 in a bank ac-
count in Mr. Choi’s name in
uments show.
Police allege that he regu-
larly emailed a person or people
with links to a noodle restau-
rant in Cambodia that served as
Seoul and Pyongyang after the
sinking of a South Korean war-
ship in 2010. An international
investigation found North Korea
torpedoed the ship, but Pyong-

threat to the community and court during an unsuccessful ing abroad could leverage Pyongyang, police said. The a conduit for communicating yang denied responsibility.
said Mr. Choi had an allegiance application for bail in October. their contacts and Korean lan- police statement doesn’t say with military and government —Dasl Yoon
to Australian society. Mr. Choi’s defense team has ar- guage skills to help Pyongyang what happened to the money. officials in North Korea. and Alastair Gale
His defense counsel had ar- gued that none of the alleged evade sanctions, either for ide- Mr. Choi isn’t facing prosecu- By 2017, the U.S. and United contributed to this article.

WORLD WATCH
LEBANON
China’s Xi Endorses
Protests Paralyze
Search for Leader
Hong Kong Leader
n-

An upswell in Lebanon’s pro- BY CHUN HAN WONG rocked the city since June.
tests has paralyzed the search Mr. Xi’s remarks Monday
for a new prime minister, as po- Chinese President Xi Jin- echoed his expressions of sup-
litical gridlock deepens the coun- ping praised what he called port for Mrs. Lam in recent
no

try’s economic crisis. the courage and commitment weeks, suggesting that the re-
President Michel Aoun post- of Hong Kong’s embattled cent electoral setback hasn’t
poned Monday a series of meet- leader, Carrie Lam, underlining shifted Beijing’s calculus in
ings with members of Parlia- Beijing’s support for her han- keeping Hong Kong’s belea-
ment who appeared poised to dling of monthslong antigov- guered chief executive in
name Saad Hariri as prime min- ernment protests despite a place.
ister. Mr. Hariri had quit the public rebuke of the establish- Hong Kong has been bat-
same post in October amid ment in local elections last tered by mass protests since
REHAN KHAN/EPA/SHUTTERSTOCK

growing protests, but re- month. June, which plunged the city
emerged after Lebanon’s ruling At a meeting in Beijing on into a recession.
parties failed to find an alterna- Monday, the Chinese leader Initially triggered by oppo-
tive compromise candidate ac- told Mrs. Lam that Beijing sition to Mrs. Lam’s efforts to
ceptable to political elites and “fully affirms” the work she pass legislation that would
protesters. and her government have put have allowed people in Hong
Mr. Aoun’s decision came as in to calm social tensions in Kong to be sent to face trial
clashes between security and the partially autonomous Chi- under China’s opaque legal
protesters escalated over the nese city, where protesters are system, the protest movement
weekend. The clashes were the GRIM ANNIVERSARY: Pakistan students in Karachi mark the fifth anniversary of a Taliban massacre challenging Beijing’s growing has since widened its demands
most violent yet in the two- at an army-run public school in Peshawar that killed about 150 people, most of them children. authority.
month standoff in cities across Describing 2019 as “the
the small Mediterranean nation.
The president’s delay has pre-
The more aggressive fiscal
policy partly comes as Prime
promised during this fall’s elec-
tion campaign and introduced in
remain in Iran.
He was released on Dec. 7 as
most challenging and compli-
cated year for Hong Kong”
The support comes
served a combustible status quo. Minister Justin Trudeau faces the legislature last week. Also part of a prisoner exchange that since its return to Chinese rule as Beijing faces
Lebanon’s political elite have
been reluctant to make conces-
the challenge of running a mi-
nority government that will
causing deficits to expand are
increased expenses related to
saw America release a detained
Iranian scientist. It was a rare
in 1997, Mr. Xi told Mrs. Lam
that Beijing will continue to
challenges to its
sions that would sacrifice long- likely require support from left- government-employee pension diplomatic breakthrough be- firmly support her in efforts to growing authority.
held privileges. Protesters have leaning parties that advocate for plans, the result of lower-than- tween Tehran and Washington restore peace and prosperity
called for a complete overhaul of greater public spending. anticipated bond yields. after months of tensions. to the former British colony.
the sectarian-based political Canada’s Finance Minister Bill —Paul Vieira “We urge world leaders to The meeting was part of
system. Morneau issued an economic and come together and find the Mrs. Lam’s annual trip to Bei- to include calls for an indepen-
The two-month-long stand- fiscal update on Monday that IRAN compassion and common ground jing to account for her work dent inquiry into alleged po-
still has deepened a yearslong projects budget deficits for this to free all political prisoners as before China’s top leadership. lice misconduct against pro-
economic crisis in Lebanon. fiscal year and the next four to- Freed Scholar Asks soon as possible,” the couple It also marked her first formal testers, as well as for greater
—Nazih Osseiran taling 111.5 billion Canadian dol- Release of Others said in a statement. “Where encounter with Mr. Xi since democratic rights, including
lars ($84.7 billion), an increase of there is a will, there is a way.” Hong Kong voters expressed full universal suffrage in
CANADA nearly 50% from estimates in A Princeton University scholar Mr. Wang, a Chinese-Ameri- their discontent with the gov- choosing Hong Kong’s leader.
March for the 2019 budget plan. who was freed from Iran this can academic, was arrested in ernment at the city’s district- Speaking to reporters after
Tax Cut, Pension Fix For the fiscal year ending month after three years in cap- Iran in 2016 while conducting re- council elections late last Monday’s meetings, Mrs. Lam
Will Boost Deficit March 31, Canada now projects a tivity said Monday that his re- search. month, handing pro-democ- claimed a degree of success in
C$26.6 billion budget shortfall, lease “is a victory of humanity Multiple other hostages and racy politicians a resounding curbing violence. “Everyone
Canada’s re-elected Liberal versus an earlier C$19.8 billion and diplomacy across nations detainees remain in Iran. They victory against Beijing-leaning can see that violent activities
government said it would be re- deficit estimate. A deficit of and political differences.” include Robert Levinson, a for- establishment candidates. have declined and the number
cording markedly wider-than- C$26.6 billion would represent Xiyue Wang and his wife, mer FBI agent who vanished in That result marked a set- of rioters has decreased,” she
projected deficits over the next 1.2% of gross domestic product. In Hua Qu, said that the family Iran in 2007, as well as U.S. back for Beijing, which had in- said, insisting that the restora-
half decade, while signaling its contrast, the U.S. budget deficit was doing well and overjoyed by Navy veteran Michael White, sisted that a “silent majority” tion of peace and order is a
intent to keep the fiscal taps for 2018 stood at 3.8% of GDP. the support they have received. who is serving a 10-year espio- in Hong Kong opposed the vio- prerequisite for further public
open to help buoy economic The wider deficits are partly They say their joy is tempered nage sentence. lence that has accompanied dialogue on Hong Kong’s social
prospects. attributed to financing a tax cut by the fact that other prisoners —Associated Press the mass protests that have problems.
 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.

TECHNOLOGY: INTEL EXPANDS PUSH INTO ARTIFICIAL INTELLIGENCE B4

BUSINESS & FINANCE

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THE WALL STREET JOURNAL.

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Tuesday, December 17, 2019 | B1

See more at WSJ.com/Markets

Netflix Stresses Strong Growth Overseas

Gains abroad show mation for non-U.S. operations
came Monday in a federal se-
intensifying curities filing. Investors and
competition for analysts have been eager for
more granular information
streaming business about the nature of Netflix’s
business.
BY JOE FLINT Europe, the Middle East
and Africa—grouped as a re-
Netflix Inc. released new gion in Netflix’s numbers—has
metrics revealing how fast it more than doubled in sub-
is expanding in specific re- scribers since the start of
gions of the world, in an effort 2017, and is the largest non-
to persuade Wall Street to fo- U.S. region, the data show.
cus more on its growth out- Latin America has also posted
side the increasingly competi- sharp growth, while Asia is
tive U.S. market. promising but still a small
The disclosures of detailed portion of the overall busi-
subscriber and revenue infor- ness.
Overall, Netflix has 158.3
million members globally.
Netflix’s subscription
growth in the U.S. has long
been a key signal for Wall
Street and a major driver of
the stock. But growth has be-
gun to slow, and the company
is set to face greater competi-
tion as new streaming rivals
come online.
Last month, both Walt Dis-
ney Co. and Apple Inc.
launched new direct-to-con-
sumer streaming services.
Next year AT&T Inc.’s Warner-
Media will debut its new
streaming service HBO Max,
and Comcast Corp.’s NBCUni-
versal will roll out its Peacock
platform. Pricing competition
in the U.S. also will be intense.
The Disney+ service is $6.99 a
month compared with $12.99 a
month for Netflix’s most popu-
lar plan. Comcast is planning a
low-cost ad-supported service.
Netflix shares are down 16%
from mid-July, when the com-
pany’s second-quarter report
showed the first drop in U.S.
subscribers in nearly a decade.
Under its new financial-re-
porting approach, Netflix is
grouping U.S. results with
Canada’s, which could
brighten the results mildly: In
the quarter ended Sept. 30,
the U.S. and Canada together
gained 613,000 customers for
a total of 67 million, according
to the filing. In its quarterly
report for that same period
filed in October, Netflix had
said 520,000 U.S. customers
were added, bringing the total
to around 60 million.
Netflix began a massive in-
ternational expansion in 2016
when it tripled its reach by
launching in 130 countries.
That has required navigating
tricky regulations and invest-
ing in local programming.
Global scale is central to Net-
flix’s business model, giving
the company the financial
wherewithal to spend huge
sums in Hollywood to develop
content.
In the Europe, Middle East
and Africa region, Netflix said
it had 47.4 million subscribers
as of Sept. 30, compared with
19.7 million subscribers as of
March 31, 2017, a 140% jump
over that span. Revenue dur-
ing that same time frame
nearly tripled to $4 billion.
Latin America has nearly
doubled to 29.4 million sub-
scribers from 15.4 million in
the same period, the company
said, and revenue more than
doubled to $2 billion.
Please turn to page B2

It’s Not You. Clothing Sizes Are Confusing. Stocks Get

BY SUZANNE KAPNER Lift From
Christopher Moore has a
doctorate in physics from MIT
A sampling of size 26 women’s
skinny, midrise jeans from seven
2” Chinese,
and has worked on projects Difference in
different retailers showed
ranging from tracking the waistband width
U.S. Data

.
world’s oil supply to searching differences in measurements.

ly
for new cancer drugs. His lat-
est gig is turning out to be the Waist*: 26”–30” BY ALEXANDER OSIPOVICH
hardest: Helping shoppers find AND AVANTIKA CHILKOTI
their correct clothing size. on
There are no standard Rise: Stocks on both sides of the
clothing sizes, something that 8”–9.75” Atlantic clinched records Mon-
anyone who has stood in a day as investors doubled down
dressing room trying on jeans, on bets that some of the big-
us l,

tops or dresses can attest. As gest risks to financial markets

shopping has shifted online, Inseam: are easing.
al a
e
the problem has worsened. 27”–32.25” The Dow Jones Industrial
Size and fit are among the top Average, S&P 500 and Nasdaq
reasons for returning online Composite closed at the high-
ci on

orders, according to e-com- est levels ever, their latest

merce software company Nar- milestones in a string of re-
var Inc.—adding an extra layer cords this year. Meanwhile,
of costs that further erode re- Europe’s benchmark Stoxx Eu-
tailers’ already thin profit rope 600 index set its first re-
er rs

margins. cord in more than four years.

“Sizing is poorly defined. Investors were reassured as
What do you mean by a size data showed U.S. business ac-
2?” said Mr. Moore, the chief tivity improving to a five-
m e

analytics officer at True Fit month high in December.

Corp., which uses specifica- In addition, reports showed
tions from different brands to surprising strength in China’s
m rp

help find the right size for economy. That helped ease
consumers who provide their concerns about a global eco-
body measurements. nomic slowdown spurred by
True Fit is among a crop of the trade war between the U.S.
companies that are trying to and China.
co Fo

solve the fit problem. Others The data also added to bull-
include apps that take 3-D ish sentiment after break-
*Waist size is measured by doubling waistband width. Source: WSJ measurements of store-bought jeans Photograph by Michael Bucher/THE WALL STREET JOURNAL
body scans, knitting machines throughs last week in the
that produce garments with trade war and the protracted
less than 1% variation and cus- 20. There is no standard that from different brands fit dif- In September, Human Solu- how hard it was to find drama over the U.K.’s exit
tom tailoring services. requires an 8 in one brand to ferently on purpose. “The tions of North America Inc. clothes that fit. Seventy per- from the European Union,
None of them provide a fit the same as an 8 in an- brands use the data to tailor mapped the sizes of 18,000 cent of respondents said it which had dogged markets for
perfect solution, according to other. Men have it a little eas- their fit to who they think are people in the U.S. and Canada, was very difficult. months.
industry executives. That is ier. Their clothes are based on their target customers,” said ages 6 to 75, using its 3-D The measurements underly- The U.S. indexes opened
because the problem is so verifiable chest, waist and in- Mr. Gribbin, who is now chief body scanners. The study, ing current size charts are so higher and never wavered. Ten
complicated, particularly for seam measurements. engagement officer of Impac- which was sponsored by major out of date that companies are of 11 sectors in the S&P 500
women’s clothes, which range Ed Gribbin, who developed tiva, which helps brands and retailers including Gap Inc. having trouble finding fit rose, as did 23 of 30 compo-
in sizes from 00 to 18, with one of the first body-scanning retailers with quality and and Target Corp., also asked a models who meet their speci- nents in the Dow industrials.
plus sizes generally starting at machines in 2001, said clothes other production issues. series of questions, including Please turn to page B2 UnitedHealth Group gained
n-

2.3%, Apple rose 1.7% and

Goldman Sachs added 1.4%.

SEC Questions Do-Good Funds OxyContin Maker Purdue “People feel relieved that
there is clarity over some of
no

these issues that had been

BY JULIET CHUNG
Paid $10 Billion to Owners hanging over the market,” said
Michael Stritch, chief invest-
AND DAVE MICHAELS

Regulators are scrutinizing

In Midst of Opioid Crisis ment officer at BMO Wealth
Management. “The continued
path of least resistance is go-
whether claims by investment BY ANDREW SCURRIA and profitability, the report ing higher,” he added.
firms touting new products as doesn’t shed light on how The Dow Jones Industrial
socially responsible are at OxyContin manufacturer wealthy the Sacklers are today Average climbed 100.51 points,
odds with reality. Purdue Pharma LP generated or the location of family mem- or 0.4%, to 28235.89, returning
The Securities and Ex- more than $10 billion since bers’ assets. Please turn to page B11
change Commission has sent 2008 for the Sackler family The Sacklers have offered
examination letters to firms as members who own the com- to return $3 billion in cash
record amounts of money flow
into these funds. These funds
market themselves as trying
pany, according to a report
that will influence the debate
among state and local govern-
and surrender ownership of
Purdue to resolve lawsuits by
states, counties, cities and Na-
INSIDE
to invest in companies that ments over how much of that tive American tribes that ac-
pursue strategies to address money should be returned. cuse the company of hiding
environmental, social or gov- The report, written by Pur- OxyContin’s addictive risks
ernance, or ESG, challenges, due adviser AlixPartners LLP and contributing to the opioid
such as climate change and and filed in a New York bank- epidemic.
NOAH WILLMAN FOR THE WALL STREET JOURNAL

corporate diversity. ruptcy court Monday, is the The company has pitched
But some critics of the most thorough accounting yet the proposal, which requires
growth in these funds argue of dividends collected by the court approval, to fund efforts
investment funds should focus controlling Sackler family dur- to ameliorate opioid addiction
solely on returns, and some ing years in which opioid con- while avoiding the expense of PHARMACEUTICALS
firms have faced questions sumption grew into a nation- prolonged litigation. Amylyx’s treatment for
about how strictly they adhere wide crisis. Purdue and the Sacklers
to ESG principles. AlixPartners traced cash have denied that the company
Lou Gehrig’s disease
The SEC initiative is based distributions to affiliated acted improperly. Over- shows promise in
out of the agency’s Los Ange- companies, compensation paid whelmed by the cost of de- clinical trial. B3
les office, according to a per- to Sackler family members, le- fending itself against thou-
son familiar with the matter. gal expenses paid on their be- sands of claims, the company
It has focused on advisers’ Hester Peirce says the investments lack common meaning. half as well as pension, travel filed for bankruptcy protec-
criteria for determining an in- and fringe benefits from 2008 tion in September, having
vestment to be socially re- ments, according to a copy of “This is a relatively new through Sept. 30. rounded up support for the
sponsible and their methodol- the letter viewed by The Wall area,” said Betty Moy Huber, In that time, Purdue paid proposed settlement to re-
ogy for applying those criteria Street Journal. co-head of law firm Davis Polk roughly $4.1 billion to the solve the litigation nation-
and making investments. It follows a similar exami- & Wardwell LLP’s environmen- Sacklers, $1.6 billion to affili- wide.
One letter the SEC sent this nation letter sent last year to tal, social and corporate gov- ated companies and $4.6 bil- Some attorneys general in
year to an investment manager other asset managers, suggest- ernance group. “Now the SEC lion for taxes, according to the mostly Democratic states have
with ESG offerings asked for a ing the regulator decided to is saying, ‘Wait, how do you report. objected to the settlement COMMODITIES
list of the stocks it had recom- broaden its examination. know these are ESG products An AlixPartners consultant proposal, saying the family Copper, oil and other
mended to clients, its models It couldn’t be determined and that you don’t have a fos- previously estimated in court should contribute more to
for judging which companies which specific firms or how sil fuel company with known, testimony that Purdue sent up compensate communities for
materials get a boost
are environmentally or socially many received letters from the poor ESG performance in to $13 billion to the Sacklers. the costs of addiction. from improving
responsible and its best- and SEC. The SEC declined to com- there?’ ” While the audit offers in- Purdue said Monday’s re- data in China. B11
worst-performing ESG invest- ment. Please turn to page B11 sight into Purdue’s operations Please turn to page B2
 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 | Tuesday, December 17, 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 F
Advantest..................B12
Alibaba Group.............B4
Alphabet......................B4
Amazon.com..........A1,B4
Amylyx Pharmaceuticals
.....................................B3
Ant Financial Services
Group.........................B4
Apollo Global
Management...........B11
Apple......................B1,B4
AT&T............................B1
Avalara......................B10
B Southwest Airlines .. B12
Bausch Health .......... B12
Boeing.....A1,A2,B11,B12
Bruin Sports Capital...B5
C Interos.........................A4
CallMiner...................B10
Cineplex.......................B3
Cineworld Group.........B3
Cisco Systems.............B4
Coca-Cola.....................B2
Comcast.................B1,B5
D LendingClub...............B10
Dalian Wanda Group .. B3
Delivery Hero............B12
Deloitte Touche
Tohmatsu................B10
Dominion Voting
Systems....................A4
DuPont de Nemours
............................. A2,B11
E
eBay.............................B4
Election Systems &
Software...................A4
Etfmg Prime Mobile
Payments................B10
INDEX TO PEOPLE
A Dwek, Esty................B11
Allison, Jonathan......B11
Arroyo, Manolo...........B2
B Huber, Betty Moy.......B1
Bernhardt, Alex ........ B11
Bolloré, Thierry...........B3
Burke, Steve ............... B5
C
Cannon, Frederick.....B10
Chamberlain, Richard
.....................................B2
Cohen, Josh.................B3
Connolly, Daniel..........B2
Crespo, Francisco........B2
D
Dorsey, Jack..............B10
Clothing
Sizes Are
Confusing
Continued from page B1
fications, said Andre Luebke,
North American general man-
ager for Human Solutions. The
biggest change is waist sizes
have gotten bigger.
Some large retailers, includ-
ing Walmart Inc., are taking
steps to ensure their clothes
fit better. A Walmart spokes-
woman said the company was
working with industry experts
and using technology to better
understand and solve issues
related to consistency in size
and fit.
Inaccurate size tables are
only part of the problem. Of-
tentimes, those tables are ge-
neric and don’t reflect the
measurements of actual items,
Coca-Cola Brings Back Role
Of Chief Marketing Officer
BY NAT IVES
Two years after eliminating
the role of chief marketing offi-
cer in favor of a more powerful
chief growth officer, Coca-Cola
Co. is resurrecting the post.
Francisco Crespo, who has
overseen marketing and other
duties as Coca-Cola’s first chief
growth officer since 2017, will
retire in 2020, the company
said. Manolo Arroyo, president
of the company’s Asia Pacific
Group, was named to take on
the marketing portion of Mr.
Crespo’s responsibilities under
Netflix
Stresses
Overseas
Continued from page B1
* *** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
Partners Group Holding
Facebook......................B4 .....................................B5
FedEx...........................A1 Prosus........................B12
Fidelity Investments B11 Purdue Pharma...........B1
Fiserv.........................B10 Q
G Qorvo.........................B12
Global Payments.......B10 R
Goldman Sachs....B1,B10 Renault........................B3
GreenSky...................B10 S
H Sigma Prime Ventures
Habana Labs ............... B4 ...................................B10
Skyworks Solutions..B12
Hart InterCivic............A4
Smartmatic.................A4
H&M ............................ B2
I
Spirit AeroSystems
Intel.............................B4 Holdings..................B12
International Flavors & Spotify Technology.....A1
Fragrances.........A2,B11 Square.......................B10
Sunny Optical
J Technology Group...B12
Jackson Square T
Ventures ................. B10 Takeaway.com...........B12
Just Eat.....................B12 Target..........................A4
L U
RICHARD B. LEVINE/ZUMA PRESS
Uber......................B4,B12
London Stock Exchange UnitedHealth Group....B1
Group.......................B11 United Parcel Services
M .....................................A4
Mastercard................B10 V
MediaTek...................B12 Virtu Financial..........B10
N
W
NBCUniversal..............B5 Walmart......................A4
Netflix.........................B1 Walt Disney................B1 The chain’s owner, which is responding to a challenge by online rivals, saw stronger quarterly sales. An H&M in New York’s Times Square.
NewSpring Capital....B10 WPP.............................B5
H&M Strategy Shift Shows Gains
Nissan Motor..............B3
X-Z
Novartis.......................B3
Xiaomi.......................B12
O-P Zomato Media.....B4,B12
On Deck Capital........B10 Zuora.........................B10
BY SAABIRA CHAUDHURI H&M is working to speed H&M shares climbed 2.2% RBC analyst Richard Cham-
The owner of H&M reported
stronger quarterly sales, a
up its supply chain and stock
its stores more efficiently by
ramping up its analysis of cus-
in Stockholm trading as some
analysts said the change in
strategy appeared to be work-
berlain earlier this month said
H&M is gradually improving
its product offerings, leading
Muilenburg, Dennis..B12 sign the fast-fashion giant’s tomer data. It had previously ing. However, analysts are di- to a sales recovery that should
H P
efforts to navigate changing relied on discounting billions vided on the company’s ability boost earnings. He forecasts a
shopper habits and increased of dollars worth of clothes to to significantly improve its small improvement in margins
.
Hanson, Tristan........B11 Papa, Joseph.............B12
competition are starting to clear unsold stock, hurting profit margins, which have for the latest quarter and
Q
ly
K
pay off. profit. been hurt by discounting. Full thinks cash flow will also im-
Quincey, James...........B2
Hennes & Mauritz AB, On Monday the company fiscal-year results, including prove. RBC’s surveys have
Kahn, Masha...............B4 S
Kaneva, Natasha.......B11
which also owns the Cos ap- reported a 9% rise in fiscal profit, are due out in January. shown H&M’s markdowns have
Shearer, Gregory.......B11 parel brand, has for decades fourth-quarter sales to 61.7 Analysts estimate H&M’s eased.
Khosrowshahi, Dara
............................. B4,B12
Klee, Justin.................B3
on
Shell, Jeff....................B5
Shenoy, Navin.............B4
Skoll, Jeff..................B11
relied on selling low-price gar-
ments ordered in bulk, months
billion Swedish kronor ($6.59
billion). Adjusting for the im-
fourth-quarter sales declined
in Germany—its biggest mar-
H&M rival Inditex SA,
which owns the Zara chain,
L Stritch, Michael..........B1 in advance. But it is now over- pact of Black Friday falling ket—and in Sweden but rose last week reported quarterly
hauling that strategy as con- one week later this year, in the U.K. In the U.S., promo- profit that beat analyst esti-
us l,
Laplanche, Renaud....B10 Sullivan, ChristopherB11
Luzon, Ronen..............B2 Swan, Bob...................B4 sumers increasingly shop on- H&M’s sales for the period, tions at malls aimed at at- mates. It also said cash flow
M T-Y line, where H&M faces fierce which ended Nov. 30, rose 10% tracting shoppers and clearing climbed strongly, partly be-
al a
e
McGlashan, William Jr. Teotia, Sagar.............B10 competition from more nimble from a year earlier, in line out unsold products are ex- cause of better coordination of
...................................B11 Yawger, Robert.........B10 digital-only rivals. with analyst estimates. pected to have buoyed sales. stock in stores and online.
ci on
said Don Howard, executive di-
rector of Alvanon Inc., a con-
sulting firm that helps brands
doesn’t fare much better when
she visits her local stores. On
a recent trip to Target, she
startup called My Size Inc. dis-
covered that shoppers weren’t
always happy with the size
out military uniforms, accord-
ing to the National Institute of
Standards and Technology.
the same.
The SizeUSA study last de-
cade determined there were
and retailers with size and fit. bought a Wild Fable denim recommendation when it Women’s ready-to-wear more than 300 standard mea-
er rs
They also don’t explain how jumpsuit in an extra small, but tested its body-scanning app clothing took off in the 1930s, surements, resulting in thou-
fabrics fit. A stretchy fabric when she tried on a turtle in a New York pop-up store in and by the end of that decade sands of size combinations.
might mean downsizing; a fab-
ric with less give could require
neck from the same brand in
the same size, it was too tight.
July.
“They’d say, ’I’m not a
the U.S. Department of Agri-
culture conducted the first
Manufacturers didn’t need to
make them all, but the data
m e
sizing up. “Sometimes, I’ll be an extra large, I’m a medium,’” said large-scale study of women’s was sent to them raw and de-
Further complicating mat- small, sometimes I’ll be a me- Ronen Luzon, My Size’s chief body sizes. Technicians took coding it would have required
ters is the diverse body shapes dium,” the St. Louis resident executive. To get around the 59 measurements from about a statistician, Ms. Boorady
m rp
of American consumers. A said. “The sizing is all over the problem, MySize ran a second 15,000 women. The data were said.
study in the early 2000s spon- place.” flawed, partly because the Some brands are sidestep-
sored by clothing retailers and A Target spokeswoman said study only included white ping the size issue altogether.
manufacturers called SizeUSA sometimes items are designed women, said Lynn Boorady, a Instead of small, medium and
measured more than 10,000 to fit differently based on the
‘Sizes will go out the professor at Oklahoma State large, athletic-wear maker Gr-
co Fo
people and found that the hip style, and these details are of- window 10 years University, who has studied rrl Clothing names its sizes af-
circumference of women with ten included in the item de- the subject. ter female athletes, including
a 28-inch waist varied from 32 scription on its website.
from now,’ Levi In the mid-1940s, the Mail Heidi Cordner, a 6-foot arm-
inches to 45 inches. Some executives are pre- Strauss CEO says. Order Association of America, wrestling champion, and
Brands have tried to solve dicting that sizes will become which was grappling with high Zhang Weili, a strawweight
for this problem by adding obsolete. return rates, urged a predeces- champion in the Ultimate
new silhouettes such as curvy “Sizes will go out the win- sor of the Institute to reana- Fighting Championship.
or straight, sometimes creat- dow 10 years from now,” Levi test in which it replaced sizes lyze the Agriculture Depart- Shoppers still have to
ing even more confusion for Strauss & Co. CEO Chip Bergh with colors. ment data. The result became match their measurements to
consumers. said last month. “Everybody Most apparel in preindus- the basis for clothing sizes in those posted on the website
Madison Price said she has will be able to do their own trial America was made-to- 1958. for each athlete. “But they
stopped buying clothes online body scan on a camera.” measure at home or by profes- As Americans got bigger, don’t have to deal with the
because she is tired of return- Body-scanning offers preci- sional dressmakers and tailors. manufacturers adopted vanity stigma of ordering a XXL,”
ing items that don’t fit. Yet, sion, but it can cause a differ- That changed during the Civil sizing in the 1980s; clothing Chief Executive Kortney Olson
n-
the 27-year-old musician ent type of discomfort. A War, when factories churned got larger, but the sizes stayed said.
Purdue can support the settlement
no
structure,” the company said.
Daniel Connolly, an attor-
Paid Out ney for family members de-
Give the gift of
scended from the late com-
the title of CMO. pany co-founder, Raymond
Although most big compa-
nies employ marketing chiefs,
the title has become less popu-
Billions Sackler, said the distribution
numbers “were known at the
time the proposed settlement
FLOORLINER ™
lar in recent years. was agreed to by two dozen
When Coca-Cola named Mr. Continued from page B1 attorneys general and thou-
Crespo as chief growth officer port includes “an extraordi- sands of local governments.”
and cut the CMO role, Chief Ex- nary amount of detailed finan- He said the report “reflects
ecutive Officer James Quincey cial information about this the fact that more than half
explained that marketing was privately-held company and was paid in taxes and rein-
becoming less neatly separated the disbursements made to its vested in businesses that will
from other activities. shareholders.” be sold as part of the pro-
CARGO/TRUNK LINER
Mr. Arroyo has more market- “Purdue is providing this posed settlement.”
ing experience than Mr. Crespo exceedingly rare level of The judge overseeing Pur-
did when he became chief transparency to help ensure due’s bankruptcy has extended
growth officer. Mr. Arroyo will that all claimants, including a shield against litigation to
continue in the Asia Pacific role. attorneys general and the cover the Sacklers, hoping to
communities they represent, encourage negotiations.
filing, the U.S. and Canada still
provide Netflix with the high-
est average monthly revenue
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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.
Regal Deal
Creates
No. 1 Chain
Of Cinemas
BY PETER STIFF
The owner of Regal cinemas
agreed to buy Canada’s Cine-
plex Inc. for 2.18 billion Cana-
dian dollars ($1.65 billion), a
deal that creates North Amer-
ica’s largest cinema operator.
The deal is the latest sign
of consolidation in the indus-
try, as cinema operators look
to cut costs and invest in the-
aters and new screens to
guard against the rising threat
of streaming services and
other forms of entertainment.
Cineworld Group PLC said
Monday it would pay C$34 a
share for Cineplex, about a
42% premium to its closing
price Friday. Including debt,
the deal is valued at C$2.8 bil-
lion. Cineplex shares jumped
41% to C$33.90 in Toronto.
The acquisition of Cine-
plex—Canada’s largest cinema
operator, with a 75% box-of-
fice market share—comes just
two years after Cineworld
bought America’s Regal Enter-
tainment Group for $3.6 bil-
lion.
The latest deal will give the
British company more than
11,200 screens globally and
make it North America’s larg-
est operator, with 8,906, top-
ping rival AMC Entertainment
Holdings Inc. AMC, part of
China’s Dalian Wanda Group,
has also expanded in recent
years, buying the Odeon & UCI
Cinemas Group in Europe in
2016.
Cineworld hopes the Cine-
plex deal will allow it to de-
liver $65 million in cost sav-
ings, as well as generate an
additional $65 million of reve-
nue from initiatives like roll-
ing out its subscription pro-
grams and improving
concession-stand sales.
The deal comes toward the
end of what has been a disap-
pointing year at the box office.
—Adrià Calatayud
contributed to this article.
KRISTINA GOLJI
A Lou Gehrig’s disease fundraiser was held in Cape Cod in September.
ALS Drug Shows
no
Promise in Study
BY JONATHAN D. ROCKOFF
An experimental drug
slowed the paralyzing march of
amyotrophic lateral sclerosis,
or Lou Gehrig’s disease, in a
clinical trial, according to re-
searchers who say the results
are a fresh sign that recent in-
sights into the condition may
soon bring new medicines.
The drug’s maker, closely
held Amylyx Pharmaceuticals
Inc., is releasing only the barest
outlines of the midstage trial
for now, as researchers con-
tinue to analyze the results.
The drug slowed the rate of
ALS’s progression in patients as
measured by a widely used
scale, said the researchers and
the company’s founders.
“We’re just another step
closer to hopefully stopping
this illness,” said Merit Cudko-
wicz, who heads the Healey
Center for ALS at Massachu-
setts General Hospital in Bos-
ton and helped design and co-
ordinate the study.
If the drug is ultimately ap-
proved, it would add a much-
needed weapon to a relatively
limited arsenal of ALS treat-
ments and cap an improbable
drug-discovery effort by former
Brown University students Josh
Cohen and Justin Klee, who be-
gan the project in a dorm room.
More than 16,000 Americans
have ALS, which kills off the
nerve cells that control muscle
Renault CEO Lost Job After Clash
At Nissan board
meeting, Bolloré
blasted alliance
partner’s Ghosn probe
Three days before he lost
his job in October, then-Re-
nault SA chief Thierry Bolloré
demanded an independent au-
dit of Nissan Motor Co.’s in-
vestigation into Carlos Ghosn,
By Nick Kostov in Paris
and Sean McLain
in Tokyo
citing concerns the probe was
tainted by conflicts of interest,
according to a letter by Mr.
Bolloré.
Nissan rejected the demand,
accusing Mr. Bolloré of being
sympathetic to Mr. Ghosn, the
onetime chairman of both Nis-
san and Renault. The board-
room clash points to how be-
hind-the-scenes moves by
Nissan executives last year
that led to Mr. Ghosn’s arrest
are still disrupting manage-
ment.
At a meeting of the Japa-
nese car maker’s board on Oct.
8, Mr. Bolloré read out a letter
calling for an audit. He said his
demand was prompted by arti-
cles in The Wall Street Journal
that highlighted how Nissan’s
general counsel and former au-
dit chief had concerns about
the scope of the Ghosn investi-
gation and potential conflicts
of interest involving a Nissan
executive and the auto maker’s
outside law firm.
“To my astonishment, none
of these problems has been
raised to my attention by Nis-
san’s management or gover-
nance bodies,” Mr. Bolloré said
us l,
in the letter, which was viewed
by the Journal.
al a
e
Later that week, Mr. Bolloré
was fired as Renault’s chief ex-
ecutive officer. The next
ci on
month, he also gave up the
Nissan board seat he had held
as part of the global alliance
between the French and Japa-
nese auto makers.
er rs
A Nissan spokeswoman said
Monday: “Nissan was and re-
mains satisfied that its inter-
m e
m rp
co Fo
n-
movements. As these motor
neurons die, patients lose the
ability to eat, speak, move and
breathe. Within three to five
years of symptoms, most pa-
tients die.
Only two drugs have been
approved to treat the underly-
ing cause of the disease, and
neither provides a cure.
About 20 drugs are in clini-
cal testing, doctors and scien-
tists say, after research fur-
nished new insights in recent
years about the roots and
course of the disease and
thereby provided drug re-
searchers promising targets for
experimental medicines.
At least five medicines are
in the late stages of develop-
ment, Dr. Cudkowicz said.
Among them is an agent from
Biogen Inc. attacking a genetic
mutation that plays a role in
the disease’s inherited form.
ALS doctors said they were
intrigued by Amylyx’s drug, but
would need to wait for the full
results from the study before
they could say whether its drug
might make a difference for pa-
tients.
Raymond Roos, director of
the ALS treatment center at the
University of Chicago Medical
Center, said he couldn’t be cer-
tain of the benefit from Amy-
lyx’s medicine without seeing
how much it slowed ALS’s pro-
gression and its impact on spe-
cific functions.
Tuesday, December 17, 2019 | B3
BUSINESS NEWS
TIM MCGUINNESS/MIRRORPIX/NEWSCOM/ZUMA PRESS
The two auto makers are still patching up their global alliance following last year’s arrest of Carlos Ghosn. Nissan’s plant in Newcastle, U.K.
nal investigation was properly say people familiar with Re- and its consultants. would “no longer be involved
conducted.” nault board proceedings. “By mutual agreement with in any way in the misconduct
In a letter of response to In addition to prompting a Jean-Dominique Senard, it was matters.”
Mr. Bolloré, excerpts of which backlash at Nissan, Mr. Bol- decided that I would speak for At the Oct. 8 board meeting,
were viewed by the Journal, loré’s actions at the Oct. 8 the directors who represented directors decided to remove
Nissan said it wouldn’t “inves- board meeting peeved Mr. Se- Renault on the Nissan board of Mr. Nada from his role over-
tigate the investigation.” The nard, who at the same meeting directors, by reading this doc- seeing legal affairs. But in its
response, which followed the had to navigate discussion of ument emanating from Re- later response to Mr. Bolloré,
board meeting by several Nissan’s next CEO, according nault,” Mr. Bolloré said Mon- Nissan rejected the suggestion
weeks, said the former Renault to a person close to Renault. day. that harsher measures were
.
chief’s letter included inaccu- In the letter, Mr. Bolloré required.
ly
rate information and “read like took particular aim at Hari Regarding Latham & Wat-
allegations that one would ex- Thierry Nada, a Nissan executive who kins, Mr. Bolloré said the law
pect to be made by a represen- Bolloré’s oversaw legal and compliance firm conducted its investiga-
on tative of Mr. Ghosn.” outspokenness issues and was one of the com- tion “despite multiple, clear
Mr. Ghosn, who was ar- at the meeting pany executives to take allega- conflicts of interests” because
rested in November 2018, is peeved tions against Mr. Ghosn to it had earlier advised Nissan
living in Tokyo and awaiting Renault’s prosecutors, and Latham & about some of the issues being
trial on charges of financial chairman. Watkins, the law firm hired by examined.
wrongdoing. He says he is in- Nissan to conduct its investi- “There is no basis to sug-
nocent of all the charges. gation. gest that Latham’s previous
The Bolloré letter casts new “The issues raised in the Mr. Bolloré questioned why advice to the company has
light on the Renault CEO’s letter are legitimate, they’re Mr. Nada retained his roles at compromised the investiga-
ouster after less than a year solid. But you can raise them Nissan despite having had tion’s findings in any way,”
on the job. Renault Chairman in a much more subtle man- prior knowledge of alleged Nissan wrote in its response.
Jean-Dominique Senard had ner,” the person said. wrongdoing by Mr. Ghosn and Latham has defended its
for weeks been having conver- Mr. Bolloré disputed that he signing an agreement to coop- role in the investigation, say-
sations about a change in part acted out of turn, saying that erate with prosecutors in re- ing it was regularly vetted by
because he feared Mr. Bolloré’s the statements he made to turn for not being charged. Nissan management. Latham
rocky relationship with Nissan Nissan’s board were decided Mr. Bolloré said the board representatives didn’t respond
was threatening the viability together with Mr. Senard and needed to take immediate to requests for comment Mon-
of the 20-year-old partnership, had been prepared by Renault steps to ensure that Mr. Nada day.
Novartis
Drops an
Asthma
Treatment
BY DENISE ROLAND
Novartis AG said it was
abandoning a potential block-
buster drug for asthma after it
failed late-stage trials, punc-
turing the company’s hopes of
pioneering a novel way to treat
the respiratory disease.
The Swiss health-care giant
said the experimental treat-
ment, called fevipiprant, per-
formed no better than a pla-
cebo in reducing
exacerbations, or episodes in
which symptoms suddenly
worsen, in two large trials on
patients with moderate to se-
FIND THEM
vere asthma.
Novartis has been pivoting
toward high-value branded
drugs and away from over-the-
counter treatments and ge-
neric drugs under Chief Execu-
tive Vasant Narasimhan.
BEFORE THEY
However, the prospect for
higher profits is accompanied
by increased risk of failure.
The company had recently
FIND YOU.
highlighted fevipiprant as one
of its promising new drugs,
with plans to submit it to regu-
lators next year if the trials
were successful. At a recent
EXPOSE THE DARK THREATS.
event, Novarits said it has
some two dozen potential
ELIMINATE THE RISK.
blockbusters—drugs that could
make more than $1 billion rev- NETSCOUT solves the toughest security and service
enue a year—in its pipeline.
The company’s shares rose assurance problems for the world’s largest companies.
slightly on Monday.
Novartis envisioned fevipip- Leveraging the most pervasive visibility on the market, we
rant addressing a gap in treat-
ment options for those with give you a single view across multi-cloud environments,
severe asthma. Most patients
can keep their symptoms un-
next-gen data centers, and 5G networks to deliver cohesive
der control using inhaled drugs and scalable detection, prevention, and analytics.
alone but it is more difficult
for those with severe asthma. That’s VISIBILITY WITHOUT BORDERSTM.
A new wave of injectable
treatments, including Novar-
tis’s own Xolair, have proved
See what the others are missing at goNETSCOUT.com
effective, but 10% to 20% of
people with severe forms of
the disease don’t respond to
the injections and need fresh
alternatives.
Filling that gap could have
generated around $1.5 billion a
year in sales for Novartis, ac-
cording to analysts at Jefferies.
 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 | Tuesday, December 17, 2019 * *** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Court Backs Cisco on Counterfeit Gear

Injunction requires would be hard to update and that the four Chinese compa-
keep secure. nies account for more than
Amazon, Alibaba, Cisco is trying to use the half of the counterfeit trans-
others to stop selling ruling to galvanize other sup- ceiver market.
pliers to build an industrywide The total transceiver mar-
knockoff equipment effort to curb counterfeit ket was estimated to be nearly
sales. $7 billion in 2018 sales glob-
BY AARON TILLEY The U.S. government and ally, according to research firm
tech companies have been IHS Markit Ltd. Counterfeit ex-
Cisco Systems Inc. has won leaning on China to do more perts say fakes can account for
a legal battle against counter- to crack down on counterfeit 5% or more of tech equipment
feit versions of networking products. sales.
equipment, securing an in- U.S. Trade Representative The injunction requires on-
junction that requires big on- Robert Lighthizer last week line commerce sites—includ-
line marketplaces, including said as part of a recent trade ing Alibaba, Amazon, and
Amazon.com Inc. and Chinese deal with China, Beijing made eBay Inc.—to remove any list-
VCG/GETTY IMAGES

rival Alibaba Group Holding specific commitments on intel- ings of Cisco-labeled products
Ltd., to halt the sale of some lectual property, including on the pages of those compa-
knockoffs. counterfeiting, patent and nies. Amazon said it was com-
Cisco secured the sales ban trademark issues and pharma- mitted to halting the sale of
in a temporary injunction seen ceutical rights. counterfeits. The other online
by The Wall Street Journal. Cisco’s suit, filed in federal The company hopes its legal battle will cause others to join in an industrywide effort. vendors had no immediate
The company had argued that court in the Eastern District of comment. Cisco hopes its legal
counterfeit items threatened New York, alleges that four ceiving digital information. facilities and corporate data many companies. battle in the transceiver case
U.S. national security and Chinese companies made The company’s transceiv- centers. Rowan TELS Corp., a new will cause other networking
health systems, in part, be- counterfeit versions of its ers are used widely in net- Counterfeit transceivers are San Francisco consultant that gear makers to join an effort
cause the items were more transceivers, a component working gear to pass data easy to sell because they gen- assists companies dealing with to crack down on counterfeit
failure-prone and the software necessary for sending and re- throughout hospitals, military erally look the same across counterfeit products, estimates products.

Uber Talks Sale of India Food Unit Intel Deepens AI Push

BY NEWLEY PURNELL With $2 Billion Deal
NEW DELHI—Uber Tech- BY ASA FITCH use the Intel hardware.
nologies Inc. is in talks to sell AND MICHAEL DABAIE Habana fits into Intel’s
its food-delivery business in In- broader strategy of going after
dia to a local rival, according to Intel Corp. is expanding its large new computing markets
people familiar with the mat- push into the artificial-intelli- instead of simply maintaining
ter, a potential boost for the gence market with an approxi- its dominant share of the mar-
American company as Chief Ex- mately $2 billion deal for Ha- ket for computers’ main pro-

.
ecutive Dara Khosrowshahi bana Labs, an Israel-based AI cessing chips, Navin Shenoy,

ly
seeks a path to profitability. chip-making startup. the general manager of the In-
A deal, which could be an- Intel said the deal strength- tel division focused on data
nounced as soon as this week, ens its lineup of artificial-in- centers and AI, said in an in-
would see the San Francisco- on telligence chips for use in data terview.
based firm unload the costly centers. Those are the large “We have a relatively small
Indian operations of its global information-storage facilities share in a large, growing mar-
CHANDAN KHANNA/AGENCE FRANCE-PRESSE/GETTY IMAGES

food-delivery arm, Uber Eats, where companies increasingly ket, so our intent is to go after
to competitor Zomato Media are running AI algorithms to that,” he said.
us l,

Pvt. Ltd., the people said. analyze data to, for instance, Intel said it expects the
Uber has discontinued food- identify customer trends that market for chips to power AI
al a
e
delivery operations in a coun- otherwise might be too hard to grow to $25 billion by
try only once before. It faced to spot. 2024. Almost half that reve-
stiff local competition in Even before announcing the nue, it said, would be gener-
ci on

South Korea, and in Septem- Habana purchase, the chip- ated from selling chips to be
ber it said it would stop deliv- making giant said it expected used in big data centers. Intel
ering food there. to generate more than $3.5 Chief Executive Bob Swan has
Last week, European food- billion in AI-related sales this made AI one of the company’s
delivery company Delivery year, up around 20% from last investment priorities.
er rs

Hero SE agreed to buy a South year. Artificial intelligence is one

Korean competitor for $4 bil- Intel in recent years has of the hottest areas in technol-
lion, ramping up the global been shopping for several new ogy. It is underpinning voice
battle to satisfy consumer de- The company is seeking to unload its food-delivery business in India to competitor Zomato. In the growth opportunities as it assistants such as Amazon.com
m e

mand for delivered meals. past, Uber has retreated from markets where it struggled against local rivals. deals with challenges in some Inc.’s Alexa, a key feature in
An Uber spokesman said the of its core markets, including the development of self-driving
company “does not comment Chinese business to Didi Chux- million of losses a year. as a private company the year powering personnel comput- cars, and helping companies
m rp

on speculation.” A spokes- ing Technology Co., receiving Mr. Khosrowshahi, who be- Mr. Khosrowshahi took over. ers. It acquired Israeli automo- such as Google and Facebook in
woman for Zomato said the a 20% stake in Didi. came Uber’s chief executive in Uber’s shares have fallen tive-camera maker Mobileye targeting advertising.
company doesn’t “comment on While Uber now has no op- 2017, is trying to improve the about a third from the initial- NV in 2017 for $15.3 billion in That, in turn, has driven
rumors or speculation.” erations in those markets, in company’s finances. Last public-offering price of $45. a bet on self-driving car tech- the creation in recent years of
The talks were reported India it would continue oper- month, Uber reported a net Since launching in India in nology. Habana and dozens of other AI
co Fo

earlier by the Times of India. ating its ride-hailing business,
Uber has in the past re- where it is locked in a tight
treated from markets where it battle with ANI Technologies
struggled against local rivals. Inc.’s Ola. Eliminating its food-
Last year, it sold its local op- delivery business, which has
erations in Southeast Asia for involved deep discounts to
a 27.5% stake in homegrown compete for customers, could
champion Grab Inc. provide Uber with substantial
In 2017, it combined its savings, analysts said.
Russian operations with Yan- “India is just too competi-
dex.Taxi, forming a joint ven- tive, in our view,” said Masha
ture with parent company Kahn, an analyst at HSBC
Yandex in exchange for a Global Research. She said exit-
nearly 37% stake in the com- ing from food delivery in India
n-
Exiting the nation
could eliminate $500
million in losses a
year, an analyst said.
loss of $1.2 billion for the
three months ended Sept. 30,
its third largest since the com-
2017, Uber has spent heavily
on discounts to compete with
Indian players like Zomato,
which is backed by Ant Finan-
cial Services Group, an affili-
ate of Alibaba Group Holding
Ltd. Zomato has been operat-
ing in India since 2008.
Uber is also up against
Swiggy, which last year raised
$1 billion in a fundraising
round led by South Africa tech-
nology investor Naspers Ltd.
—Parmy Olson
The Habana deal isn’t In-
tel’s first acquisition to bolster
its lineup of artificial-intelli-
gence products. It bought
startup Nervana Systems Inc.
in 2016 for around $400 mil-
lion. It followed that transac-
tion with the purchase of Mo-
vidius, an Irish startup, in
another bet on AI growth.
Its Nervana unit in Novem-
ber unveiled its first produc-
tion chips. Facebook Inc.,
which has invested heavily in
chip startups to help power
those processes. Venture capi-
talists that largely shied away
from chip investments because
of the high development costs
have jumped in given the sec-
tor’s promise.
Interest in AI has driven ac-
quisitions across the tech in-
dustry landscape. Apple Inc.
has made a series of acquisi-
tions, mostly of startups for
undisclosed amounts. Alphabet
Inc.’s Google has similarly been

pany. Uber in 2016 sold its could eliminate about $500 pany began reporting earnings contributed to this article. AI, at the time said it would on an AI acquisition spree.
no

“There are
no better
Engage
$100,000
headphones
for flying.”
employees with
– Don Lindich,
Syndicated Columnist

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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.
NBCUniversal Sets
Shake-Up in Top
Executive Ranks
BY COLIN KELLAHER
Comcast Corp. said Steve
Burke, chief executive of NBC-
Universal, plans to retire in
August following the Summer
Olympics in Tokyo.
Jeff Shell, who currently
oversees the company’s film
and network television busi-
nesses, will become CEO of
NBCUniversal on Jan. 1, while
Mr. Burke assumes the role of
chairman, Comcast said Mon-
day.
Upon Mr. Burke’s retire-
ment, Mr. Shell will report di-
rectly to Brian Roberts, chair-
man and CEO of Comcast, the
company said.
The Wall Street Journal on
Friday reported that Mr.
Burke, who also is a senior
vice president of Comcast, was
planning to step down when
his current contract expires
after a two-decade run at the
cable and entertainment giant.
The 61-year-old Mr. Burke
has served as NBCUniversal
chief since Comcast acquired
Leading Eye-Care Group
Sold in $2.2 Billion Deal
BY LAURA COOPER
AND TED BUNKER
Partners Group Holding AG
said it is adding one of the
largest U.S. optometry and
ophthalmology services groups
to its portfolio of health-care
investments in a transaction
that a person familiar with the
matter said values the business
at $2.2 billion including debt.
The deal to acquire a major-
ity stake in EyeCare Partners
LLC marks an exit by FFL Part-
ners, which invested in the op-
tical care provider in 2015.
Under FFL’s ownership, the
company’s revenue grew at a
compounded rate of 65%, the
DECADE
IN REVIEW
no
© 2019 Dow Jones & Co., Inc. All rights reserved. 6DJ7655
control of the company in
2011. The role oversees a
sprawling operation that in-
cludes the NBC broadcast net-
work, the Universal studio and
theme parks, cable channels
such as MSNBC, USA Network
and Bravo and Spanish-lan-
guage network Telemundo.
Mr. Burke’s main objectives
during his remaining time at
NBCUniversal are overseeing
the April launch of Peacock,
the company’s direct-to-con-
sumer streaming service, and
coverage of the Olympics in
Tokyo, people familiar with
the matter said.
A 14-year Comcast veteran,
Mr. Shell has held a variety of
positions including overseeing
international operations and
cable networks such as the
company’s regional sports
channels. In his current post,
he essentially is in charge of
all entertainment content in
the television and movie oper-
ations.
—Joe Flint contributed
to this article.
firm said. EyeCare Partners also
grew to 435 locations from 63.
The sale process for the deal
was led by investment bank
Moelis & Co. and marketed to
potential buyers at about $135
million in projected 2019 earn-
us l,
ings before interest, taxes, de-
preciation and amortization,
al a
e
according to another person fa-
miliar with the matter.
St. Louis-based EyeCare
ci on
Partners operates across 13
states. Company management
is also investing in the deal.
With more than 4,400 em-
ployees, the group offers a
er rs
range of eye-care services, in-
cluding eye exams and correc-
tive lenses.
m e
m rp
co Fo
n-
BUSINESS NEWS
Ad giant WPP sold an 80% stake in Two Circles, whose clients include Wimbledon. Serena Williams was upset at the tournament in July.
Sports Investor Bets on Data-Based
Marketing for World’s Top Leagues
BY SAHIL PATEL
Bruin Sports Capital, a
holding company investing in
sports media, marketing and
technology companies, said it
has agreed to buy a majority
stake in sports marketing
agency Two Circles from ad-
vertising giant WPP PLC.
White Plains, N.Y.-based
Bruin is acquiring an 80% stake
in Two Circles, which values
the company at $42 million,
according to a person familiar
on
with the matter.
London-based Two Circles
has about 180 employees and
roughly 300 clients, including
the NFL, the Premier League,
UEFA, Wimbledon and Formula
1. It builds data management
platforms that use a range of
information on fans to inform
its work, said the firm’s chief
executive, Gareth Balch.
While many traditional ad
venues have become less effi-
cient as audiences splinter,
sports continue to draw large
live audiences online, on TV
and in person.
Discover the moments that defined
the past ten years.
Read our special report tomorrow.
Data has become increas-
ingly important to the way
marketers, sports leagues and
teams reach fans, especially as
sports content gets consumed
across more platforms and
screens. NBA teams are using
TV and social viewing data, for
example, to determine how to
price sponsorship assets such
as branded patches on jerseys.
Leagues use audience data
to inform them how to market
and sell tickets and subscrip-
tions to their direct-to-con-
sumer streaming services.
Bruin, which was founded in
2015 by former Nascar and
IMG executive George Pyne,
has raised more than $900 mil-
lion and has made 17 acquisi-
tions and investments to date.
Its portfolio includes streaming
video technology provider Del-
tatre SpA, direct-to-consumer
streaming services operator
OverTier and marketing agen-
cies Engine Shop LLC and Soul-
sight LLC.
Two Circles is Bruin’s first
acquisition since it raised
$600 million in November
Tuesday, December 17, 2019 | B5
from CVC Capital Partners and
Jordan Co.
Mr. Pyne said the Two Cir-
cles acquisition is part of
Bruin’s efforts to build a port-
folio spanning four areas of
sports marketing: sponsor-
ships, ticket sales, hospitality
and direct-to-consumer prod-
ucts such as NFL Game Pass.
.
“Technology is disrupting
ly
each of those pillars, which is
making data and the relation-
ship with the consumer criti-
cal,” Mr. Pyne said.
Sports teams, leagues and
marketers are seeking a deeper
understanding of fans and cus-
tomers, said Jon Stainer, man-
aging director of Nielsen
Sports Americas, a sports mar-
ket research arm of measure-
ment company Nielsen Hold-
ings PLC. “It is important to
know how a consumer is mone-
tized, whether it is from a
sponsorship, merch, licensing
or media rights perspective.”
Mr. Pyne said he plans to in-
vest more money in Two Cir-
cles, especially as the agency
ramps up its expansion in the
TOBY MELVILLE/PRESS POOL
U.S. At the same time, Two Cir-
cles can help Bruin build rela-
tionships with clients outside
of the U.S., he added.
WPP, under new leadership
since Chief Executive Martin
Sorrell’s exit last year, has been
divesting what it considers
“noncore” assets. That has led
to deals to sell properties in-
cluding market research firm
Kantar and sports and enter-
tainment company Chime
Group Holdings.
“Our minority investment
strikes the right balance be-
tween simplifying our business
and benefiting from the oppor-
tunities for Two Circles and
our clients as it expands in on-
demand, digital-led sports
rights,” a WPP spokeswoman
said.
WPP was also an investor in
Bruin Sports Capital and sold
its stake to Jordan Co. and an
undisclosed investor last year.
Bruin plans to raise addi-
tional capital for purchases and
investments, Mr. Pyne said.
“We are going to take on a
much bigger canvas,” he 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.

B6 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

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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. Tuesday, December 17, 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
28235.89 s 100.51, or 0.36% Trailing P/E ratio 21.02 19.65 3191.45 s 22.65, or 0.71% Trailing P/E ratio * 24.85 20.96 8814.23 s 79.35, or 0.91% Trailing P/E ratio *† 26.42 21.19
High, low, open and close for each P/E estimate * 18.79 15.38 High, low, open and close for each P/E estimate * 19.27 16.15 High, low, open and close for each P/E estimate *† 23.39 18.57
trading day of the past three months. Dividend yield 2.26 2.40 trading day of the past three months. Dividend yield * 1.84 2.03 trading day of the past three months. Dividend yield *† 0.99 1.12
All-time high 28235.89, 12/16/19 All-time high 3191.45, 12/16/19 All-time high: 8814.23, 12/16/19

Current divisor 0.14744568353097

28400 3200 8950

65-day moving average

27875 3125 8725

27350 3050 8500

26825 2975 8275

Session high
DOWN UP 65-day moving average
26300 2900 8050
t

Session open Close

Close Open 65-day moving average

t

25775 2825 7825

Session low
Bars measure the point change from session's open
25250 2750 7600
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
* 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*1,070,851,605 15,432,994
Industrial Average 28337.49 28191.67 28235.89 100.51 0.36 28235.89 21792.20 19.7 21.0 12.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 780,596,998 7,311,102
Transportation Avg 10923.96 10824.71 10867.32 91.56 0.85 11098.99 8637.15 15.6 18.5 5.8 Most-active issues in late trading Decl. volume* 278,068,464 7,790,978
Utility Average 867.33 856.64 867.33 10.48 1.22 880.50 692.00 18.5 21.7 9.7 Volume After Hours Issues traded 3,056 285
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 32706.47 32566.00 32632.83 237.09 0.73 32632.83 24126.04 24.9 26.9 11.6 Advances 2,045 139
SPDR S&P 500 SPY 14,126.1 319.66 0.16 0.05 319.87 319.44
Barron's 400 729.70 726.09 726.33 4.37 0.60 726.33 571.68 17.5 19.1 6.4 Declines 919 138
iShares MSCI Emg Markets EEM 10,081.4 43.96 0.10 0.23 43.96 43.86
Unchanged 92 8
Nasdaq Stock Market VanEck Vectors Gold Miner GDX 9,751.5 27.41 0.02 0.07 27.41 27.33 New highs 223 15
Nasdaq Composite 8833.45 8789.77 8814.23 79.35 0.91 8814.23 6192.92 30.5 32.8 17.5 Caesars Entertainment CZR 7,825.0 13.25 … unch. 13.33 13.23 New lows 20 4
Nasdaq 100 8584.78 8542.42 8570.33 82.62 0.97 8570.33 5899.35 32.9 35.4 20.4 New Residential Invt NRZ 7,187.8 15.88 0.13 0.83 15.88 15.74 Closing Arms† 0.85 1.21
Fitbit FIT 6,911.9 6.58 -0.05 -0.75 6.63 6.55 Block trades* 5,524 129
S&P
Callon Petroleum CPE 6,007.0 4.40 … unch. 4.40 4.40

.
500 Index 3197.71 3183.63 3191.45 22.65 0.71 3191.45 2351.10 25.4 27.3 12.2 Nasdaq NYSE Arca
Carrizo Oil Gas CRZO 5,558.3 7.67 … unch. 7.83 7.65
2047.07 2034.64 13.74 2038.46 1567.40 22.6

ly
MidCap 400 2038.46 0.68 20.3 6.9 Total volume*2,375,878,227 230,873,604
SmallCap 600 1015.70 1007.58 1007.93 5.14 0.51 1009.59 793.86 17.5 19.3 6.2 Percentage gainers… Adv. volume*1,572,441,401 182,011,271
Agios Pharmaceuticals AGIO 101.2 48.10 2.19 4.77 48.96 45.86 Decl. volume* 776,832,948 46,095,882
Other Indexes on Signet Jewelers SIG 64.2 20.45 0.65 3.28 20.48 19.80 Issues traded 3,319 1,606
Russell 2000 1658.62 1647.20 1649.94 11.96 0.73 1649.94 1266.93 19.7 22.3 6.5
Advances 2,005 1,269
NYSE Composite 13825.76 13781.65 13795.15 97.81 0.71 13795.15 10769.83 19.6 21.3 7.4 Tallgrass Energy TGE 670.6 18.86 0.57 3.12 18.86 18.29
Declines 1,215 320
Value Line 547.75 541.41 545.05 3.64 0.67 552.12 446.06 12.9 15.4 2.2 Avon Products AVP 984.0 5.73 0.16 2.87 5.84 5.57
Unchanged 99 17
NYSE Arca Biotech 5182.00 5119.66 5164.31 72.59 1.43 5261.79 3890.37 18.9 22.4 17.3
Immunogen IMGN 168.4 4.00 0.11 2.83 4.00 3.89
New highs 343 538
us l,

NYSE Arca Pharma 646.84 642.33 644.08 5.47 0.86 644.08 535.91 14.4 13.2 10.2 ...And losers New lows 63 55
KBW Bank 114.18 113.06 113.08 0.44 0.39 113.75 80.78 29.3 31.8 7.2 Clovis Oncology CLVS 641.8 10.70 -1.41 -11.64 12.20 10.25 Closing Arms† 0.82 0.91
al a
e
PHLX§ Gold/Silver 100.80 99.16 99.24 -1.04 -1.03 101.76 66.14 43.4 40.5 10.6 Essential Prop Realty Tr EPRT 71.1 24.02 -1.15 -4.57 26.25 24.02 Block trades* 11,087 1,083
PHLX§ Oil Service 76.39 74.82 74.88 0.73 0.98 102.39 59.66 -15.0 -7.1 -26.3 Roku Cl A ROKU 642.7 134.10 -4.25 -3.07 138.40 132.00 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 1830.13 1813.09 1813.31 17.27 0.96 1813.31 1069.39 56.0 57.0 26.3 REV Group REVG 70.8 11.76 -0.32 -2.65 12.08 11.76 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 12.53 11.71 12.14 -0.49 -3.88 36.07 11.54 -50.5 -52.2 -0.2 SLM Corp SLM 823.4 8.79 -0.17 -1.90 8.98 8.79 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 3237.86 22.32 0.69 18.4 Mirum Pharmaceuticals MIRM 17.28 9.09 110.99 22.43 6.51 ... WAVE Life Sciences WVE 16.79 -20.81 -55.35 50.23 16.78 -64.0
m e

DJ Global Index 429.34 2.89 0.68 22.4 Axsome Therapeutics AXSM 79.80 33.01 70.55 88.00 1.94 2780.9 Gossamer Bio GOSS 15.96 -9.41 -37.09 27.15 14.49 ...
DJ Global ex U.S. 261.14 1.59 0.61 17.3 Mkt Vectors Dbl Lg Euro URR 31.50 7.70 32.35 54.50 12.13 90.5 Kewaunee Scientific KEQU 13.80 -3.95 -22.25 34.84 12.90 -41.1
Sifco Industries SIF 3.39 0.69 25.56 4.20 2.31 -0.3 Communications Systems JCS 7.69 -1.80 -18.97 9.90 2.03 246.4
m rp

Americas DJ Americas 751.32 5.37 0.72 26.6

Brazil Sao Paulo Bovespa 111896.04 –668.82 –0.59 27.3 TravelCenters of America TA 11.06 2.17 24.41 26.75 8.77 -41.3 Avalon GloboCare AVCO 1.88 -0.38 -16.81 13.50 1.40 -34.5
Canada S&P/TSX Comp 17056.36 53.23 0.31 19.1 Goldfield Corp GV 3.34 0.61 22.34 3.39 1.97 62.1 Cohen Co COHN 3.85 -0.71 -15.63 9.50 2.79 -56.6
Mexico S&P/BMV IPC 44356.22 101.79 0.23 6.5 La Jolla Pharmaceutical LJPC 4.07 0.72 21.49 13.90 2.30 -66.6 Tutor Perini TPC 13.30 -2.43 -15.45 20.52 9.24 -20.0
Chile Santiago IPSA 3484.45 –6.15 –0.18 –7.4 BioXcel Therapeutics BTAI 8.19 1.40 20.62 12.00 2.41 119.6 PG&E PCG 9.67 -1.57 -13.97 25.19 3.55 -60.4
1.39 Ikonics IKNX 6.22 0.93 17.57 9.20 5.05 -31.1 PDS Biotechnology PDSB 2.38 -0.37 -13.45 11.80 2.02 -71.8
EMEA Stoxx Europe 600 417.75 5.73 23.7
co Fo

1.10 Taiwan Liposome ADR TLC 6.41 0.95 17.50 11.00 4.61 8.6 Liquidia Technologies LQDA 3.20 -0.45 -12.33 27.44 3.17 -84.4
Eurozone Euro Stoxx 406.05 4.43 23.6
Belgium Bel-20 3977.89 41.78 1.06 22.6 Lazydays Holdings LAZY 4.58 0.68 17.44 7.03 3.60 -13.4 Live Ventures LIVE 7.07 -0.98 -12.17 9.45 5.65 -19.7
Denmark OMX Copenhagen 20 1140.69 21.67 1.94 27.9 Relmada Therapeutics RLMD 40.00 5.86 17.16 48.00 4.60 769.6 Diamedica Therapeutics DMAC 3.30 -0.44 -11.76 5.93 1.70 2.8
France CAC 40 5991.66 72.63 1.23 26.7 Pyxus International PYX 6.84 1.00 17.12 32.69 5.78 -44.2 Gritstone Oncology GRTS 8.17 -1.08 -11.63 23.90 7.00 -60.4
Germany DAX 13407.66 124.94 0.94 27.0 Hlth Sciences Acqns HSAC 13.55 1.97 17.01 13.90 9.57 ... NuCana ADR NCNA 6.41 -0.84 -11.59 19.28 4.01 -60.7
0.24 15.6 Amneal Pharmaceuticals AMRX 5.56 0.80 16.81 16.59 2.27 -65.7 LMP Automotive Holdings LMPX 25.39 -3.30 -11.50 44.00 4.90 ...
Israel Tel Aviv 1692.62 4.13
Italy FTSE MIB 23524.76 195.43 0.84 28.4
Netherlands AEX 610.67 7.81 1.29 25.2
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Russia RTS Index 1517.16 15.74 1.05 42.0 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 56749.12 … Closed 7.6
Spain IBEX 35 9680.62 116.92 1.22 13.4 Danaher DHR 92,052 1082.4 151.44 1.97 153.54 94.59 Mirum Pharmaceuticals MIRM 8,437 15253 17.28 110.99 22.43 6.51
Sweden OMX Stockholm 677.28 5.81 0.86 29.0 SPDR S&P 500 SPY 81,784 36.6 319.50 0.69 320.15 233.76 Nuveen ESG Hi Yd Corp Bd NUHY 967 5035 25.28 0.17 25.30 24.92
Switzerland Swiss Market 10541.67 112.40 1.08 25.1 Chesapeake Energy CHK 78,804 1.0 0.77 -2.48 3.57 0.55 Invesco Dynamic Media ETF PBS 236 3632 33.17 0.95 35.17 26.83
n-

0.59 21.8 iShares MSCI Emg Markets EEM 77,685 34.8 43.86 0.85 44.87 38.04 WAVE Life Sciences WVE 4,437 1746 16.79 -55.35 50.23 16.78
Turkey BIST 100 111125.51 648.92
2.25 11.8
Amarin ADR AMRN 59,785 604.1 22.88 -5.14 26.12 11.78 Choice Hotels Intl CHH 6,485 1624 102.41 1.05 103.33 66.71
U.K. FTSE 100 7519.05 165.61
U.K. FTSE 250 21920.69 412.91 1.92 25.2 Advanced Micro Devices AMD 58,775 13.6 42.35 2.92 42.98 16.03 Randolph Bancorp RNDB 177 1602 16.10 -3.42 18.34 13.16
Uber Technologies UBER 57,340 167.2 30.05 5.48 47.08 25.58 BlueStar Israel Tech ITEQ 167 1408 43.31 0.93 43.38 29.60
no

Asia-Pacific
Naked Brand Group NAKD 57,207 165.9 0.02 -11.92 1.11 0.02 VanEck Vectors Steel ETF SLX 210 1377 38.48 -0.47 42.28 30.97
Australia S&P/ASX 200 6849.70 110.02 1.63 21.3
General Electric GE 55,394 6.6 11.17 -1.50 11.84 6.51 Plantronics PLT 8,458 1205 25.96 8.17 53.92 22.80
China Shanghai Composite 2984.39 16.72 0.56 19.7
PG&E PCG 51,227 137.1 9.67 -13.97 25.19 3.55 Kewaunee Scientific KEQU 66 1086 13.80 -22.25 34.84 12.90
Hong Kong Hang Seng 27508.09 –179.67 –0.65 6.4
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
India S&P BSE Sensex 40938.72 –70.99 –0.17 13.5 5,000 shares =Has traded fewer than 65 days
Japan Nikkei Stock Avg 23952.35 –70.75 –0.29 19.7
Singapore Straits Times 3206.09 –7.95 –0.25 4.5 Track the Markets
South Korea Kospi 2168.15 –2.10 –0.10 6.2 Compare the performance of selected CURRENCIES & COMMODITIES
Taiwan TAIEX 11939.77 12.04 0.10 22.7 global stock indexes, bond ETFs,
Thailand SET 1549.74 –24.17 –1.54 –0.9
currencies and commodities at Currencies
WSJ.com/TrackTheMarkets
Sources: FactSet; Dow Jones Market Data
U.S.-dollar foreign-exchange rates in late New York trading
US$vs, US$vs,
Mon YTDchg Mon YTDchg
CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency
Vietnam dong
in US$ per US$ (%)
.00004315 23178 –0.1
Americas
Argentina peso .0167 59.7800 58.8 Europe
Consumer Rates and Returns to Investor Benchmark
Treasury Yields
yield curve Forex Race Brazil real .2461 4.0633 4.7 Czech Rep. koruna .04381 22.825 1.8

U.S. consumer rates Selected rates and

Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar
Chile peso
.7600 1.3159
.001313 761.50
–3.5
9.7
Denmark krone
Euro area euro
.1491 6.7063 3.0
1.1146 .8972 2.9
notes and bonds major U.S. trading partners .000298 3354.00 Hungary forint .003390 295.01 5.4
Money market accounts Colombiapeso 3.3
A consumer rate against its
Ecuador US dollar 1 1 unch Iceland krona .008149 122.71 5.6
benchmark over the past year 4.00% Mexico peso .0528 18.9319 –3.7 Norway krone .1110 9.0102 4.3
Bankrate.com avg†: 0.57% 8%
Uruguay peso .02643 37.8400 16.8 Poland zloty .2618 3.8196 2.1
Vio Bank 2.02% Russia ruble .01601 62.466 –9.8
One year ago 3.00 Asia-Pacific
2.25% Phoenix, AZ 888-999-9170 4 s Sweden krona .1068 9.3622 5.8
t t Yen Australian dollar .6885 1.4524 2.4
earn.bank 2.05% Switzerland franc 1.0177 .9826 0.1
Federal-funds 1.75 2.00 China yuan .1432 6.9825 1.5
0 Turkey lira .1710 5.8494 10.6
target rate San Diego, CA 844-371-3276 Hong Kong dollar .1283 7.7923 –0.5
Ukraine hryvnia .0425 23.5028 –15.2
India rupee .01410 70.915 1.9
2.05%
t
1.25 HSBC Direct Savings 1.00 –4 s UK pound 1.3335 .7499 –4.3
s Indonesia rupiah .0000714 14005 –2.6
Money market Blue Bell, PA 800-975-4722 Tradeweb ICE Monday Close WSJ Dollar index Middle East/Africa
Euro Japan yen .009128 109.55 –0.04
account yields t 0.75 0.00
TAB Bank 2.10% –8 Kazakhstan tenge .002599 384.73 0.1 Bahrain dinar 2.6522 .3771 0.03
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 710 30 Macau pataca .1246 8.0235 –0.6 Egypt pound .0624 16.0380 –10.5
0.25 2019 Malaysia ringgit .2414 4.1425 0.2 Israel shekel .2859 3.4974 –6.5
Live Oak Bank 2.15% month(s) years
J F M A M J J A S O ND New Zealand dollar .6596 1.5161 1.9 Kuwait dinar 3.2955 .3034 0.1
Wilmington, NC 866-518-0286 maturity Pakistan rupee .00646 154.735 10.7 Oman sul rial 2.5971 .3850 0.01
2019
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0198 50.630 –3.6 Qatar rial .2748 3.639 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7382 1.3547 –0.6 Saudi Arabia riyal .2666 3.7504 –0.03
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields South Korea won .0008558 1168.48 4.9 South Africa rand .0696 14.3625 0.01
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00 Sri Lanka rupee .0055185 181.21 –0.9
Yield (%) 52-Week Total Return (%) Taiwan dollar .03320 30.119 –1.5 Close Net Chg % Chg YTD%Chg
Prime rate* 4.75 4.75 4.75 l 5.50 1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03310 30.210 –6.5 WSJ Dollar Index 90.15 –0.08–0.09 0.54
Libor, 3-month 1.90 1.89 1.89 l 2.82 0.90
U.S. Treasury, Barclays 2270.270 1.840 1.800 2.790 1.510 8.16 3.64 Sources: Tullett Prebon, Dow Jones Market Data
Money market, annual yield 0.57 0.57 0.53 l 0.78 0.31
2.280 18.77
Five-year CD, annual yield 1.41 1.41 1.41 l 2.07 0.19 U.S. Treasury Long, Barclays 4041.990 2.230 3.090 1.880 8.14
Commodities
30-year mortgage, fixed† 3.84 3.90 3.60 l 4.69 -0.30 Aggregate, Barclays 2121.910 2.340 2.330 3.420 2.060 9.56 4.37 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.34 3.34 3.14 l 4.04 0.01 Fixed-Rate MBS, Barclays 2138.800 2.520 2.570 3.530 2.200 7.20 3.58
Jumbo mortgages, $484,350-plus† 4.21 4.23 4.15 l 4.71 -0.39 DJ Commodity 637.29 6.11 0.97 639.65 572.87 6.80 11.25
High Yield 100, ICE BofAML 3176.833 4.598 4.882 7.825 4.598 11.36 6.04
Five-year adj mortgage (ARM)† 4.32 4.41 3.94 l 4.78 0.75 TR/CC CRB Index 185.21 1.40 0.76 189.66 167.89 4.10 9.07
Muni Master, ICE BofAML 565.617 1.610 1.632 2.615 1.459 7.64 4.54 Crude oil, $ per barrel 60.21 0.14 0.23 66.30 42.53 20.71 32.59
New-car loan, 48-month 4.44 4.41 4.41 l 4.81 1.43
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan n.a. n.a. 4.950 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 2.341 0.045 1.96 3.838 2.070 -33.65 -20.37
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgn; S&P Dow Jones Indices; Bloomberg Barclays; ICE BofAML Gold, $ per troy oz. 1475.00 -0.60 -0.04 1550.30 1247.40 18.25 15.39

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B8 | Tuesday, December 17, 2019 THE WALL STREET JOURNAL.

COMMODITIES WSJ.com/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures Feb'20 127.075 127.900 s 126.775 127.250 –.300 169,957 March'20 .05192 .05220 s .05181 .05215 .00026 284,491 Dec 2027.00 2048.20 2027.00 2038.70 12.60 45,961
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € March'20 2030.80 2051.60 2030.50 2042.20 13.40 38,608
Contract Open Feb 69.525 70.900 69.075 70.500 1.000 114,414 Dec 1.1128 1.1158 1.1123 1.1153 .0031 47,528 Mini Nasdaq 100 (CME)-$20 x index
Open High hi lo Low Settle Chg interest April 76.525 77.875 76.075 77.450 1.225 65,796 March'20 1.1197 1.1228 1.1192 1.1218 .0027 525,303 Dec 8507.0 8587.8 s 8503.3 8576.0 82.0 154,501
Copper-High (CMX)-25,000 lbs.; $ per lb. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'20 8534.0 8617.5 s 8530.0 8606.0 85.0 86,731
Dec 2.7965 2.8205 2.7965 2.8205 0.0400 2,031 Jan 405.00 413.90 403.90 410.80 6.20 1,740 Index Futures Mini Russell 2000 (CME)-$50 x index
March'20 2.7865 2.8185 2.7815 2.8115 0.0305 154,126 March 415.00 423.00 412.60 420.40 6.20 1,007 Dec 1643.00 1660.70 s 1641.90 1652.10 11.20 315,063
Gold (CMX)-100 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. Mini DJ Industrial Average (CBT)-$5 x index March'20 1645.50 1664.20 s 1644.80 1656.20 12.00 219,276
Dec 1473.80 1476.60 1473.80 1475.00 –0.60 736 Dec 19.41 19.41 19.36 19.39 –.01 4,607 Dec 28192 28345 s 28159 28253 85 65,037
Feb'20 1480.00 1484.50 1477.40 1480.50 –0.70 506,435 Jan'20 18.00 18.01 17.29 17.35 –.68 4,582 March'20 28188 28350 s 28154 28263 98 47,776
Mini Russell 1000 (CME)-$50 x index
Dec 1764.90 1766.50 s 1762.60 1762.80 12.40 3,563
April 1485.80 1490.00 1483.40 1486.10 –0.80 96,011 Cocoa (ICE-US)-10 metric tons; $ per ton. S&P 500 Index (CME)-$250 x index
June 1491.40 1494.70 1488.70 1491.60 –0.70 63,408 March 2,556 2,612 2,542 2,545 –27 126,004 Dec 3188.50 3197.00 s 3188.50 3194.30 22.30 27,812 March'20 1764.90 1768.40 s 1763.80 1764.90 12.40 6,810
Aug 1498.50 1500.00 1494.80 1497.10 –0.60 19,307 May 2,570 2,626 2,563 2,566 –21 80,093 March'20 3183.70 3201.50 3182.10 3198.40 23.20 4,102
U.S. Dollar Index (ICE-US)-$1,000 x index
Dec 1505.40 1509.40 1503.90 1506.70 –0.20 10,533 Coffee (ICE-US)-37,500 lbs.; cents per lb. Mini S&P 500 (CME)-$50 x index Dec 97.15 97.15 96.93 96.97 –.21 14,226
Palladium (NYM) - 50 troy oz.; $ per troy oz. Dec 135.85 135.85 135.85 135.80 6.35 289 Dec 3176.50 3198.75 s 3173.75 3194.25 22.25 1,840,790 March'20 96.72 96.73 96.50 96.58 –.17 31,215
Dec 1933.00 1950.00 s 1933.00 1963.50 73.10 28 March'20 129.75 141.50 s 129.45 138.95 8.05 116,970 March'20 3179.50 3202.50 s 3177.00 3198.50 23.25 1,346,946
March'20 1907.30 1969.80 s 1907.10 1963.60 72.00 24,203 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Source: FactSet
June 1911.30 1960.00 s 1886.60 1957.90 71.30 2,268 March 13.45 13.58 13.22 13.29 –.21 453,259
Sept 1925.00 1930.00 s 1925.00 1951.30 70.70 137 May 13.50 13.63 13.31 13.38 –.18 205,247
Platinum (NYM)-50 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
Dec
Jan'20
...
930.10 938.30
... ...
927.80
929.30
931.30
2.60
2.50
23
59,079
March
May
25.90
26.20
25.90
26.20
25.90
26.20
25.90
26.20
.02
.02
2,419
1,525
Bonds | WSJ.com/bonds
Silver (CMX)-5,000 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb.
Dec 16.980 17.000
March'20 17.005 17.140
16.940
16.955
17.019 0.107
17.113 0.101
611
159,486
March
May
66.80
67.94
67.43
68.56
66.43
67.60
66.97
68.13
.17 120,276
.16 38,039
Tracking Bond Benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Jan 59.87 60.34 59.71 60.21 0.14 153,718 Jan 97.55 98.55 97.25 98.15 .80 11,187
Feb 59.83 60.29 59.62 60.14 0.16 386,540 March 99.90 101.00 99.90 100.60 .70 6,492
highs and lows for different types of bonds
March 59.46 60.00 59.32 59.85 0.18 270,176 Total Total
April 59.01 59.59 58.95 59.46 0.20 124,528 Interest Rate Futures return YTD total Yield (%) return YTD total Yield (%)
June 58.15 58.67 58.02 58.56 0.23 196,196 close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 55.53 56.11 55.53 56.02 0.22 206,220 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Dec 185-000 186-230 184-240 184-270 –2-02.0 2,735 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays
Jan 1.9813 2.0115 1.9807 2.0045 .0181 80,178 March'20 185-210 185-270 183-220 183-300 –2-03.0 1,234,977
Feb 1.9868 2.0102 1.9803 2.0031 .0171 90,388 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 2121.91 8.6 U.S. Aggregate 2.340 2.060 3.420 2138.80 6.1 Mortgage-Backed 2.520 2.200 3.530
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Dec 158-210 158-270 157-190 157-210 –1-12.0 9,841
March'20 157-290 158-020 156-240 156-270 –1-12.0 1,017,188 U.S. Corporate Indexes Bloomberg Barclays 2091.40 5.6 Ginnie Mae (GNMA) 2.510 2.090 3.490
Jan 1.6586 1.6747 1.6532 1.6627 –.0005 91,158
Feb 1.6623 1.6791 1.6587 1.6678 .0006 92,318 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3131.66 14.2 U.S. Corporate 2.890 2.770 4.280 1260.26 6.3 Fannie mae (FNMA) 2.530 2.250 3.540
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Dec 129-000 129-010 128-165 128-170 –18.0 18,970
Jan 2.296 2.377 2.285 2.341 .045 193,251 March'20 128-285 128-300 128-130 128-135 –19.5 3,661,463 2879.31 9.7 Intermediate 2.500 2.360 3.990 1937.56 6.3 Freddie Mac (FHLMC) 2.530 2.230 3.560
Feb 2.279 2.351 2.274 2.326 .044 267,378 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
March 2.237 2.285 2.226 2.265 .037 255,183 Dec 118-117 118-152 118-070 118-070 –9.2 21,506 4543.06 23.8 Long term 3.600 3.480 4.930 565.62 7.0 Muni Master 1.610 1.459 2.615
April 2.177 2.217 2.171 2.200 .030 127,800 March'20 118-217 118-225 118-130 118-132 –10.5 4,240,369
May 2.198 2.232 2.188 2.218 .031 106,590 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 636.46 10.4 Double-A-rated 2.400 2.190 3.580 398.70 7.7 7-12 year 1.575 1.386 2.607
Oct 2.326 2.359 2.315 2.343 .028 75,104 Dec 107-167 107-175 107-154 107-147 –3.0 26,161
March'20 107-225 107-227 107-199 107-195 –3.9 3,550,514 827.40 15.8 Triple-B-rated 3.170 3.110 4.670 452.85 8.9 12-22 year 1.913 1.741 3.034
Agriculture Futures 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. High Yield Bonds ICE Data Services 440.88 9.9 22-plus year 2.388 2.185 3.540
Dec 98.4475 98.4475 98.4425 98.4450 –.0025 262,680
Corn (CBT)-5,000 bu.; cents per bu. Jan'20 98.4450 98.4500 98.4400 98.4450 .0000 434,368 464.04 13.7 High Yield Constrained 5.444 5.444 8.107 Global Government J.P. Morgan†
March 383.50 389.50 383.25 388.00 7.00 788,955 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
July 395.50 401.75 395.25 400.25 6.50 243,607 Dec ... ... ... 96 -265 –23.5 61,969 430.92 7.8 Triple-C-rated 11.524 10.558 13.784 584.08 6.3 Global Government 1.030 0.690 1.650
Oats (CBT)-5,000 bu.; cents per bu. March'20 101-260 102-060 101-135 101-135 –24.5 56,194
March 300.25 308.75 299.00 307.50 10.25 5,170 Eurodollar (CME)-$1,000,000; pts of 100% 3176.83 13.5 High Yield 100 4.598 4.598 7.825 804.86 4.0 Canada 1.700 1.260 2.130
May 297.00 303.50 294.75 303.00 9.25 270 Dec 98.1025 98.1050 98.1000 98.1015 –.0035 1,512,386
Soybeans (CBT)-5,000 bu.; cents per bu. March'20 98.2550 98.2700 98.2450 98.2500 –.0150 1,662,170 418.96 13.3 Global High Yield Constrained 5.225 5.225 7.561 402.45 7.6 EMU§ 0.473 0.109 1.261
Jan 912.50 922.75 912.50 922.00 14.50 204,713 June 98.3550 98.3550 98.3150 98.3150 –.0400 1,303,889 764.57 6.3
327.80 11.0 Europe High Yield Constrained 2.696 2.696 4.869 France 0.250 -0.160 0.880
March 927.00 936.50 926.50 936.00 14.50 299,652 Dec 98.4350 98.4350 98.3750 98.3800 –.0600 1,131,603
Soybean Meal (CBT)-100 tons; $ per ton. U.S Agency Bloomberg Barclays 538.74 3.8 Germany -0.150 -0.590 0.330
Jan 298.20 301.50 297.30 301.30 4.40 89,139 Currency Futures
March 302.50 305.90 301.80 305.80 4.50 178,003 1764.20 5.8 U.S Agency 1.910 1.700 2.930 298.13 2.1 Japan 0.180 -0.070 0.400
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan 32.70 33.20 s 32.63 33.14 .54 92,890 Dec .9145 .9145 .9132 .9134 –.0014 26,276 1556.19 4.3 10-20 years 1.800 1.620 2.830 599.44 4.6 Netherlands -0.040 -0.490 0.460
March 32.95 33.48 s 32.90 33.43 .56 215,147 March'20 .9198 .9199 .9171 .9178 –.0023 171,409
Canadian Dollar (CME)-CAD 100,000; $ per CAD 3820.81 12.9 20-plus years 2.410 2.010 3.390 1005.41 7.4 U.K. 1.140 0.730 1.650
Rough Rice (CBT)-2,000 cwt.; $ per cwt.
1249.50 1263.50 s 1249.50 1260.50 9.00 4,978 Dec .7589 .7625 .7584 .7602 .0018 45,374
Jan 2722.31 11.0 Yankee 2.680 2.470 3.910 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
March 1275.00 1288.00 s 1275.00 1286.00 9.50 4,634 March'20 .7592 .7629 .7587 .7606 .0018 135,529

.
Wheat (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
1.3350 1.3421 1.3324 1.3349 .0009 83,447

ly
March 534.75 556.75 534.75 549.75 17.25 204,412 Dec ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan
July 539.00 558.00 539.00 551.25 13.50 71,111 March'20 1.3386 1.3461 1.3360 1.3389 .0011 188,202
Wheat (KC)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF
March
May
444.50
453.00
467.00
474.50
444.50
452.00
462.00
469.75
19.25 160,125
19.25 46,049
Dec
March'20
1.0163
1.0237
1.0183
1.0254
1.0157
1.0226
1.0182
1.0249
.0017
.0015
19,956
61,668
Global Government Bonds: Mapping Yields
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
Jan
March
146.000
146.350
146.550
146.925
144.900
145.150
Cattle-Live (CME)-40,000 lbs.; cents per lb.
145.250
145.600
–.425
–.650
16,801
16,408
Dec
March'20
on
.6870
.6887
.6899
.6913
Mexican Peso (CME)-MXN 500,000; $ per MXN
.6869
.6883
.6892
.6906
.0023 41,462
.0023 148,099
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Dec 122.500 122.875 122.000 122.300 –.075 8,273 Dec .05253 .05275 s .05241 .05271 .00022 104,152 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
us l,

1.500 U.S. 2 1.639 s l 1.610 1.614 2.741

Cash Prices | WSJ.com/commodities Monday, December 16, 2019

1.750 10 1.892 s l 1.827 1.833 2.894
al a

2.000 Australia 2 0.781 t l 0.827 0.812 1.992 -85.8 -78.3 -74.9

e
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
2.750 10 1.165 t l 1.266 1.174 2.471 -72.7 -56.2 -42.3
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
0.000 France 2 -0.606 s -0.613 -0.590 -0.440 -224.5 -222.3 -318.1
ci on

l
months.
Monday Monday Monday 0.000 10 0.025 s l 0.003 -0.015 0.710 -186.7 -182.5 -218.3
Platinum,Engelhard fabricated n.a. Wheat,No.2 soft red,St.Louis-bp,u 6.1500 0.000 Germany 2 -0.621 t l -0.617 -0.639 -0.604 -225.9 -222.6 -334.5
Energy Palladium,Engelhard industrial 1970.0 Wheat - Hard - KC (USDA) $ per bu-u 4.5950
Palladium,Engelhard fabricated n.a. Wheat,No.1soft white,Portld,OR-u 5.9500 0.000 10 -0.272 s l -0.288 -0.331 0.258 -216.3 -211.6 -263.5
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 61.550
11.750 Aluminum, LME, $ per metric ton *1763.5
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w Food 0.050 Italy 2 -0.194 s l -0.213 -0.087 0.843 -183.3 -182.3 -189.8
Copper,Comex spot 2.8205
er rs

Metals Iron Ore, 62% Fe CFR China-s 93.9 Beef,carcass equiv. index 3.000 10 1.195 s l 1.160 1.241 2.944 -69.6 -66.7 5.0
Shredded Scrap, US Midwest-s,m 271 choice 1-3,600-900 lbs.-u 193.37
Gold, per troy oz Steel, HRC USA, FOB Midwest Mill-s 560 0.100 Japan 2 -0.135 s l -0.138 -0.194 -0.149 -177.3 -174.8 -289.1
select 1-3,600-900 lbs.-u 179.38
Engelhard industrial 1478.00 Broilers, National comp wtd. avg.-u,w 0.8489 0.100 10 -0.027 s l -0.028 -0.070 0.035 -191.8 -185.5 -285.9
Engelhard fabricated n.a. Fibers and Textiles
Butter,AA Chicago 1.9800
Handy & Harman base 1477.90 0.050 Spain 2 -0.392 s l -0.395 -0.362 -0.119 -203.0 -200.5 -286.0
m e

Burlap,10-oz,40-inch NY yd-n,w 0.5200 Cheddar cheese,bbl,Chicago 161.00

Handy & Harman fabricated 1640.47 Cotton,1 1/16 std lw-mdMphs-u 0.6447 Cheddar cheese,blk,Chicago 177.00 0.600 10 0.415 t l 0.424 0.434 1.415 -140.4 -147.9
LBMA Gold Price AM *1470.60
-147.7
Cotlook 'A' Index-t *76.40 Milk,Nonfat dry,Chicago lb. 126.50
LBMA Gold Price PM *1466.60 Hides,hvy native steers piece fob-u 38.000 Coffee,Brazilian,Comp 1.2762 3.750 U.K. 2 0.601 s l 0.552 0.549 0.726 -103.8 -105.8 -201.6
m rp

Krugerrand,wholesale-e 1535.35 Wool,64s,staple,Terr del-u,w n.a. Coffee,Colombian, NY 1.6329

Maple Leaf-e 1550.12
1.625 10 0.825 s l 0.794 0.730 1.110 -106.7 -103.4 -178.3
Eggs,large white,Chicago-u 1.0950
American Eagle-e 1550.12 Grains and Feeds Flour,hard winter KC 14.05 Source: Tullett Prebon
Mexican peso-e 1787.97 Barley,top-quality Mnpls-u n.a. Hams,17-20 lbs,Mid-US fob-u 0.87
Austria crown-e 1450.07 63.04
Austria phil-e 1550.12
Bran,wheat middlings, KC-u
Corn,No. 2 yellow,Cent IL-bp,u
134
3.7900
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u n.a. Corporate Debt
Silver, troy oz. Corn gluten feed,Midwest-u,w 129.0 Pork loins,13-19 lb MidUS-u 0.8999 Price moves by a company's debt in the credit markets sometimes mirror and sometimes anticipate, moves in
co Fo

Engelhard industrial 17.0000 Corn gluten meal,Midwest-u,w 398.1 Steers,Tex.-Okla. Choice-u n.a.
Engelhard fabricated n.a. Steers,feeder,Okla. City-u,w 158.00
that same company’s share price.
Cottonseed meal-u,w 253
Handy & Harman base 17.0170 Hominy feed,Cent IL-u,w 108 Fats and Oils Investment-grade spreads that tightened the most…
Handy & Harman fabricated 21.2710 Meat-bonemeal,50% pro Mnpls-u,w 173 Spread*, in basis points Stock Performance
LBMA spot price *£12.6500 Oats,No.2 milling,Mnpls-u 3.2900 Corn oil,crude wet/dry mill wtd. avg.-u,w 31.5000 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
(U.S.$ equivalent) *16.9350 Rice, Long Grain Milled, No. 2 AR-u,w 25.25 Grease,choice white,Chicago-h 0.2300
Coins,wholesale $1,000 face-a 12535 Sorghum,(Milo) No.2 Gulf-u 7.5813 Lard,Chicago-u n.a. General Electric GE 5.000 Jan. 21, ’49 278 –111 283 11.17 –1.50
Other metals SoybeanMeal,Cent IL,rail,ton48%-u 302.30 Soybean oil,crude;Centl IL-u 0.3272 Unum UNM 4.500 Dec. 15, ’49 223 –23 259 30.39 0.16
LBMA Platinum Price PM *933.0 Soybeans,No.1 yllw IL-bp,u 9.0850 Tallow,bleach;Chicago-h 0.2650 Bank of America BAC 6.300 March 10, ’49 313 –18 n.a. 34.70 0.75
Platinum,Engelhard industrial 935.0 Wheat,Spring14%-pro Mnpls-u 6.8700 Tallow,edible,Chicago-u n.a. Apache APA 4.250 Jan. 15, ’30 218 –17 272 22.07 3.37
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; British Telecommunications BRITEL 3.250 Nov. 8, ’29 137 –13 155 ... ...
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 12/13 Occidental Petroleum OXY 4.200 March 15, ’48 195 –13 n.a. 38.32 1.62
Source: WSJ Market Data Group Walgreens Boots Alliance WBA 3.800 Nov. 18, ’24 114 –13 113 57.80 –0.14
PepsiCo PEP 2.750 March 1, ’23 16 –12 20 137.06 –0.64

Borrowing Benchmarks | WSJ.com/bonds …And spreads that widened the most

n-

Spirit AeroSystems 4.600 June 15, ’28 163 11 153 78.88 –1.57
Money Rates December 16, 2019
Boeing*
SPR
BA 2.700 Feb. 1, ’27 n.a. 7 70 327.00 –4.29
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Air Lease AL 3.625 April 1, ’27 114 6 120 47.47 0.57
Deutsche Bank AG* DB 7.500 April 30, ’49 591 6 614 7.69 2.81
guide to general levels but don’t always represent actual transactions.
Dow Chemical DOW 4.375 Nov. 15, ’42 160 5 168 54.17 1.67
no

Inflation Week —52-WEEK— Week —52-WEEK— Pitney Bowes PBI 4.625 March 15, ’24 434 5 376 4.32 1.89
Latest ago High Low Latest ago High Low
Nov. index Chg From (%)
General Motors Financial GM 3.450 Jan. 14, ’22 75 4 83 … …
level Oct. '19 Nov. '18 Switzerland 0.50 0.50 0.50 0.50 Offer 1.5700 1.5500 2.5000 1.5400 Altria MO 4.000 Jan. 31, ’24 76 4 83 50.60 0.88
Britain 0.75 0.75 0.75 0.75
U.S. consumer price index Australia 0.75 0.75 1.50 0.75 Treasury bill auction High-yield issues with the biggest price increases…
4 weeks 1.540 1.500 2.470 1.500 Bond Price as % of face value Stock Performance
All items 257.208 –0.05 2.1 Overnight repurchase 13 weeks 1.540 1.520 2.465 1.520 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Core 265.108 0.02 2.3
U.S. 1.55 1.55 3.40 1.50 26 weeks 1.550 1.520 2.505 1.520
Envision Healthcare EVHC 8.750 Oct. 15, ’26 65.000 7.77 50.500 ... ...
International rates Secondary market
U.S. government rates Rowan RDC 7.375 June 15, ’25 58.500 4.00 52.000 ... ...
Week 52-Week Blue Racer Midstream BLURAC 6.625 July 15, ’26 90.250 3.75 84.750 ... ...
Latest ago High Low Fannie Mae
Discount Noble Holding International NE 5.250 March 15, ’42 33.000 2.88 n.a. … …
30-year mortgage yields
Prime rates 2.25 2.25 3.00 2.25 Transocean RIG 6.800 March 15, ’38 72.000 2.75 63.300 6.03 –0.99
30 days 3.300 3.288 4.306 2.871
U.S. 4.75 4.75 5.50 4.75 California Resources CRC 8.000 Dec. 15, ’22 40.000 2.50 35.500 8.52 –3.07
Federal funds 60 days 3.310 3.296 4.322 2.890
Canada 3.95 3.95 3.95 3.95 Party City Holdings PRTY 6.625 Aug. 1, ’26 67.750 2.50 60.968 1.86 –3.12
Japan 1.475 1.475 1.475 1.475 Effective rate 1.5800 1.5500 2.4800 1.5500 Other short-term rates
High 1.6000 1.6000 3.0000 1.5200
Valaris VAL 5.200 March 15, ’25 53.500 2.50 48.000 5.33 ...
Policy Rates Low 1.4500 1.4500 2.4400 1.4000
Euro zone 0.00 0.00 0.00 0.00 Bid 1.5300 1.5300 2.4400 1.5200 Latest
Week
ago
52-Week
high low
…And with the biggest price decreases
Banco Bilbao Vizcaya Argentaria S.A. BBVASM 6.125 Nov. 16, ’49 101.500 –1.50 101.750 ... ...
Call money CBL & Associates CBL 5.950 Dec. 15, ’26 60.482 –1.39 65.000 1.04 –0.95
3.50 3.50 4.25 3.50 3.950 Jan. 12, ’28 103.311 –1.29 n.a. 40.64 1.68
Key Interest Rates Jabil
CenturyLink
JBL
CTL 7.650 March 15, ’42 104.750 –1.02 104.000 13.58 –0.15
Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial)
90 days 1.71 1.64 2.78 1.63 F–Brasile SpA FORTGL 7.375 Aug. 15, ’26 105.000 –1.00 n.a. ... ...
on actively traded noninflation and inflation-indexed issues that are Harland Clarke Holdings HARCLA 8.375 Aug. 15, ’22 73.000 –1.00 74.500 ... ...
adjusted to constant maturities. Data are from weekly Federal Reserve Libor Oasis Petroleum OAS 6.875 Jan. 15, ’23 97.000 –1.00 94.750 2.84 5.97
release H.15. One month 1.74488 1.71763 2.52238 1.69113 Tutor Perini TPC 6.875 May 1, ’25 98.125 –0.88 98.500 13.30 –15.45
Week Ended 52-Week Week Ended 52-Week Three month 1.89850 1.88838 2.82375 1.88500
Dec 13 Dec 6 High Low Dec 13 Dec 6 High Low Six month 1.89338 1.88013 2.90788 1.87863 *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.
One year 1.95963 1.93525 3.10388 1.85313 Note: Data are for the most active issue of bonds with maturities of two years or more
Federal funds (effective) 6-month 1.57 1.57 2.55 1.57 Sources: MarketAxess Corporate BondTicker; Dow Jones Market Data
1.55 1.56 2.44 1.55 1-year 1.55 1.57 2.69 1.55 Euro Libor
2-year 1.63 1.58 2.75 1.49
One month -0.521 -0.513 -0.407 -0.522
Commercial paper 3-year 1.65 1.60 2.75 1.42
Three month -0.433 -0.439 -0.324 -0.482
Nonfinancial 5-year
7-year
1.68
1.78
1.62
1.73
2.74
2.81
1.38
1.45 Six month -0.386 -0.399 -0.288 -0.474 Dividend Changes
1-month 1.61 1.63 2.50 1.58 One year -0.281 -0.292 -0.159 -0.428
2-month 1.61 1.65 2.53 1.61 10-year 1.84 1.79 2.89 1.50 Dividend announcements from December 16.
3-month n.a. 1.74 2.57 1.62 20-year 2.12 2.10 3.03 1.79 Value 52-Week
Latest Traded High Low Amount Payable / Amount Payable /
Financial Treasury yields (secondary market) Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
1-month 1.64 1.61 2.47 1.59 1-month 1.52 1.54 2.43 1.52 DTCC GCF Repo Index Algonquin Pwr Nts 2078 AQNA 6.2 .42969 Q Apr17 /Apr03
2-month 1.72 1.63 2.56 1.63 Increased
3-month 1.53 1.53 2.41 1.52 Treasury 1.643 40.760 6.007 1.568 Assrd Grty Mun Hldg 5.6% AGOpF 5.4 .35 Q Jan15 /Dec31
3-month 1.76 1.71 2.78 1.71 Abbott Laboratories ABT 1.5 .36 /.32 Q Feb14 /Jan15
6-month 1.53 1.53 2.49 1.53 MBS 1.664 68.050 6.699 1.584 Assrd Grty Mun Hldg 5.6% AGOpF 5.4 .35 Q Apr15 /Mar31
Discount window primary credit Alico ALCO 0.7 .09 /.06 Q Jan10 /Dec27
TIPS Broadcom AVGO 4.0 3.25 Q Dec31 /Dec23
2.25 2.25 3.00 2.25 Notes on data: American Tower REIT AMT 1.8 1.01 /.95 Q Jan14 /Dec27
5-year 0.07 0.07 1.12 0.04 City Office REIT CIO 7.5 .235 Q Jan24 /Jan10
U.S. prime rate is the base rate on corporate Choice Hotels Intl CHH 0.9 .225 /.215 Q Jan16 /Jan02
7-year 0.10 0.09 1.08 -0.01 City Office REIT Pfd A CIOpA 6.5 .41406 Q Jan24 /Jan10
Treasury yields at constant loans posted by at least 70% of the 10 largest CubeSmart CUBE 4.4 .33 /.32 Q Jan15 /Jan02
Enbridge 6.375% Nts 2078 ENBA 5.9 .3984 Q Jan15 /Jan01
maturities 10-year 0.14 0.13 1.06 -0.06 Edison Intl EIX 3.4 .6375 /.6125 Q Jan31 /Dec31
20-year 0.33 0.33 1.15 0.12 U.S. banks, and is effective October 31, 2019. Enbridge 6.375% Nts 2078 ENBA 5.9 .3984 Q Apr15 /Apr01
1-month 1.55 1.56 2.48 1.55 Other prime rates aren’t directly Norwood Financial NWFL 2.5 .25 /.24 Q Feb03 /Jan15
3-month 1.56 1.56 2.47 1.55 Long-term avg 0.47 0.45 1.20 0.31 GreenTree Hospitality ADR GHG .23 Dec30 /Dec24
comparable; lending practices vary widely by Nucor NUE 2.8 .4025 /.40 Q Feb11 /Dec31
ING Gp 6.125% Prp. Dbt Sc ISG 5.8 .38281 Q Jan15 /Jan01
Notes on data: location; Discount rate is effective October Initial ING Gp 6.125% Prp. Dbt Sc ISG 5.8 .38281 Q Apr15 /Apr01
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates 31, 2019. DTCC GCF Repo Index is iShares MSCI China ETF MCHI 1.4 .57437 SA Dec20 /Dec17
Byline Bancorp BY 1.9 .03 Jan07 /Dec24
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Depository Trust & Clearing Corp.'s weighted iShares MSCI Russia ETF ERUS 4.9 2.49534 SA Dec20 /Dec17
average for overnight trades in applicable Patriot Transportation PATI ... .15 Jan30 /Jan15
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Nutrien NTR 3.7 .45 Q Jan16 /Dec31
primary credit rate is charged for discounts made and advances extended under the Federal CUSIPs. Value traded is in billions of U.S. Stocks
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; dollars. Federal-funds rates are Tullett ShiftPixy PIXY 1:40 /Dec16 Special
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid Prebon rates as of 5:30 p.m. ET. Patriot Transportation PATI ... 3.00 Jan30 /Jan15
yields for all TIPS with remaining terms to maturity of 10 years or more; Sources: Federal Reserve; Bureau of Labor Foreign
Sources: Federal Reserve; for additional information on these rate data and their derivation, Statistics; DTCC; FactSet; AEGON 6.2996% Fltg Perp. AEB 4.2 .25278 Q Mar16 /Mar01 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual;
please see, www.federalreserve.gov/releases/h15/data.htm Tullett Prebon Information, Ltd. Algonquin Pwr Nts 2078 AQNA 6.2 .42969 Q Jan17 /Jan03 S2:1: stock split and ratio; SO: spin-off.
 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. Tuesday, December 17, 2019 | B9

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, s-New 52-week high.
CVS Health CVS 74.40 0.81 Cullen/Frost CFR 97.68 1.06 ExxonMobil XOM 70.00 0.77 IBM IBM 134.13 -0.08 MolinaHealthcare MOH 134.21 4.67 QuestDiag DGX 106.18 0.98 TelefonicaBras VIV 13.99 0.32
NYSE Arca, NYSE American and Nasdaq Stock t-New 52-week low.
CableOne CABO 1516.28 1.79 Cummins CMI 181.81 -0.67 F5Networks FFIV 138.70 -0.55 IntlFlavors IFF 120.00-13.98 MolsonCoors A TAP.A 62.33 0.33 Telefonica TEF 7.60 0.12
Market listed securities. Prices are composite dd-Indicates loss in the most recent s CurtissWright CW 142.79 R S
CabotOil COG 16.89 0.79 -0.61 s FMC FMC 99.52 0.34 IntlPaper IP 46.20 -0.16 MolsonCoors B TAP 51.98 1.17 TelekmIndonesia TLK 28.16 -0.07
quotations that include primary market trades four quarters. CadenceDesign CDNS 69.06 CypressSemi CY 23.38 ... Facebook 10xGenomics TXG 61.99 1.02
1.14 FB 197.92 3.81 Interpublic IPG 22.89 -0.14 Momo MOMO 36.43 0.34
as well as trades reported by Nasdaq BX FD-First day of trading. CAE CAE 26.21 0.23 CyrusOne CONE 62.12 1.04 FactSet 0.32 InterXion INXN 81.18 1.06 s RELX RELX 25.01 0.75 Tenaris TS 22.46 0.03
FDS 271.60 Mondelez MDLZ 53.71 0.47
(formerly Boston), Chicago Stock Exchange, h-Does not meet continued listing s CaesarsEnt CZR 13.25 0.07 FairIsaac FICO 362.28 5.40 Intuit INTU 263.50 3.86 MongoDB MDB 132.26 3.85 RPM RPM 75.26 0.16 s Teradyne TER 68.32 1.63
Cboe, NYSE National and Nasdaq ISE. standards CamdenProperty CPT 105.63 0.38 D E F Fastenal FAST 37.41 0.38 IntuitiveSurgical ISRG 590.04 10.39 s MonolithicPower MPWR 177.23 2.63 RalphLauren RL 117.71 0.79 s Tesla TSLA 381.50 23.11
The list comprises the 1,000 largest lf-Late filing CampbellSoup CPB 47.96 0.10 FederalRealty FRT 128.45 0.68 InvitatHomes INVH 29.18 0.15 MonsterBev MNST 62.49 0.28 RaymondJames RJF 91.05 0.17 TevaPharm TEVA 9.86 0.22
companies based on market capitalization. q-Temporary exemption from Nasdaq CIBC CM 83.55 0.64 DISH Network DISH 34.47 0.34 FedEx FDX 164.10 -1.57 IonisPharma IONS 65.27 2.22 s Moody's MCO 236.10 1.02 Raytheon RTN 219.29 1.89 TexasInstruments TXN 127.07 0.43
Underlined quotations are those stocks with requirements. CanNtlRlwy CNI 90.70 0.69 DTE Energy DTE 127.48 2.62 Ferrari RACE 165.25 1.32 iQIYI IQ 19.74 -0.66 MorganStanley MS 50.72 0.48 RealtyIncome O 73.04 0.54 Textron TXT 44.08 0.63
large changes in volume compared with the t-NYSE bankruptcy CanNaturalRes CNQ 30.16 -0.20 DXC Tech DXC 37.02 -0.50 FiatChrysler FCAU 15.10 0.26 IronMountain IRM 31.80 0.21 Morningstar MORN 151.08 2.59 ReataPharm RETA 206.31 -0.44 s ThermoFisherSci TMO 321.46 1.15
v-Trading halted on primary market. s CanPacRlwy CP 253.07 1.92 s Danaher DHR 151.44 2.92 FidNatlFin FNF 46.68 -0.05 ItauUnibanco ITUB 8.76 -0.04 Mosaic RegencyCtrs REG 61.78 0.87 s ThomsonReuters TRI 72.54 0.38
issue’s average trading volume. MOS 19.48 0.85
vj-In bankruptcy or receivership or Canon CAJ 28.25 0.12 Darden DRI 116.02 0.44 FidNatlInfo FIS 137.01 -1.18 MotorolaSol MSI 161.40 0.90 RegenPharm REGN 376.01 -0.41 3M MMM 170.75 1.96
Boldfaced quotations highlight those issues being reorganized under the CanopyGrowth CGC 20.36 -0.32 Datadog DDOG 38.79 ... J K L s RegionsFin RF 17.24 0.07
FifthThirdBncp FITB 30.92 -0.05 Mylan MYL 19.03 -0.11 Tiffany TIF 133.60 -0.10
whose price changed by 5% or more if their Bankruptcy Code, or securities s CapitalOne COF 103.33 -1.04 DaVita DVA 72.48 -0.23 58.com WUBA 62.19 -0.38 NICE NICE 156.56 1.29 ReinsGrp RGA 165.22 0.54 s Toro TTC 79.90 -1.26
previous closing price was $2 or higher. assumed by such companies. Capri CPRI 38.10 -0.68 Deere DE 172.85 0.35 FirstAmerFin FAF 61.00 0.25 JD.com JD 34.64 0.64 NRG Energy NRG 40.12 0.75 RelianceSteel RS 118.87 -0.88
TorontoDomBk TD 56.61 0.28
s s RenaissanceRe RNR 197.69
1.05 JPMorganChase JPM 137.34 0.53
CardinalHealth CAH 53.70 0.04 DellTechC DELL 49.49 0.14 s FirstRepBank FRC 115.93 2.89
NVR NVR 3860.00 61.65 Total TOT 53.70 0.74
Carlisle CSL 159.91 0.95 DeltaAir DAL 58.42 1.69 s Jabil JBL 40.64 0.67 RepublicSvcs RSG 89.29 0.14
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FirstEnergy FE 48.51 0.56 NXP Semi NXPI 124.30 0.42 ToyotaMotor TM 142.53 0.43
DentsplySirona XRAY 57.52 1.14 s Fiserv JackHenry JKHY 146.38 0.52 s ResMed RMD 156.00 2.37
changes in the closing prices from 4 p.m. the previous day. CarMax KMX 98.00 0.12 FISV 116.51 -0.24 s Nasdaq NDAQ 105.20 0.72 TractorSupply TSCO 93.72 -1.21
Carnival CCL 46.99 -0.46 DeutscheBank DB 7.69 0.21 JacobsEngg J 89.27 -0.76 s NationalGrid NGG 62.52 0.64 RestaurantBrands QSR 65.68 -0.40
TradeDesk TTD 253.84 1.39
FiveBelow FIVE 120.13 -3.73
Carnival CUK 44.46 -0.28 DevonEnergy DVN 23.85 0.37 JamesHardie JHX 19.43 0.05 RingCentral RNG 165.67 1.92
FleetCorTech FLT 307.61 2.89 NatlOilwell NOV 23.85 0.05 Tradeweb TW 46.11 1.29
Monday, December 16, 2019 Net Net Catalent CTLT 53.11 0.92 DexCom DXCM 212.41 8.58 JazzPharma JAZZ 148.80 0.92 RioTinto RIO 58.82 1.10
Flex FLEX 12.44 0.44 NatlRetailProp NNN 52.11 0.39 TransDigm TDG 575.34 -0.47
Stock Sym Close Chg Stock Sym Close Chg Caterpillar CAT 145.36 -0.17 Diageo DEO 165.91 3.28 JefferiesFin JEF 21.57 0.08 RobertHalf RHI 61.88 0.24
Net FlirSystems FLIR 52.68 -0.49 NetApp NTAP 63.54 0.30 TransUnion TRU 86.06 0.66
Celanese CE 123.68 -0.79 DiamondbkEner FANG 87.69 2.60 J&J JNJ 141.79 0.41 Rockwell ROK 204.41 0.94
Travelers
Stock Sym Close Chg AmerExpress AXP 123.68 -1.04 BancoBradesco BBDO 7.91 0.07 Flowserve FLS 48.37 -0.04 Netease NTES 304.66 0.66 TRV 136.18 0.52
CenovusEnergy CVE 9.73 0.06 DigitalRealty DLR 115.49 1.78 JohnsonControls JCI 40.60 0.16 RogersComm B RCI 48.73 0.29
Trimble
AmericanFin AFG 110.83 1.01 BancodeChile BCH 22.58 -0.03 FomentoEconMex FMX 94.84 -0.48 Netflix NFLX 304.21 5.71 TRMB 40.41 0.06
DiscoverFinSvcs DFS 86.13 -0.55 JonesLang JLL 171.22 1.12 Roku ROKU 138.35 5.86
A B C AmHomes4Rent AMH 25.83 0.21 BancSanBrasil BSBR 11.04 0.24
Centene CNC 60.02 2.31
DiscoveryA DISCA 32.35 0.01
FordMotor F 9.39 0.16
JuniperNetworks JNPR 24.11 -0.02
Neurocrine NBIX 108.79 -1.80
Rollins ROL 32.97 0.02
Trip.com
s TruistFinl
TCOM 34.09 0.31
AIG AIG 51.90 0.30 BcoSantChile BSAC 23.29 0.24
CenterPointEner CNP 26.35 0.41 s Fortinet FTNT 107.24 1.60 s NewOrientalEduc EDU 122.76 -0.44 TFC 56.22 0.20
s ABB CentraisElBras EBR 8.89 0.17 DiscoveryC DISCK 30.09 0.03 KB Fin KB 41.86 -0.19 RoperTech ROP 351.94 1.44
Twilio TWLO 98.85 0.87
ABB 23.79 0.28 AmerTowerREIT AMT 215.60 3.08 BancoSantander SAN 4.15 0.06 Fortis FTS 41.62 0.80 NewResidInvt NRZ 15.75 0.05
CenturyLink CTL 13.58 -0.02 Disney DIS 148.46 2.08 KKR KKR 29.51 0.36 RossStores ROST 114.39 -1.10
ACADIA Pharm ACAD 46.06 1.72 AmerWaterWorks AWK 120.90 1.70 BanColombia CIB 54.21 1.39 Fortive FTV 76.16 0.97 NewellBrands NWL 18.41 -0.80 Twitter TWTR 30.97 0.58
s CeridianHCM CDAY 63.20 0.69 DocuSign DOCU 73.64 -0.08 s FortBrandsHome FBHS 65.46 KLA KLAC 172.06 0.82 s NewmontGold NEM 40.99 -0.30 RoyalBkCanada RY 79.65 0.23
ADT ADT 8.04 -0.44 AmericoldRealty COLD 32.95 -0.11 s BankofAmerica BAC 34.70 0.26 0.37 TylerTech TYL 289.95 5.25
Cerner CERN 72.67 0.44 DolbyLab DLB 68.40 0.65 KSCitySouthern KSU 152.99 1.55 RoyalBkScotland RBS 6.96 0.15
AECOM ACM 43.06 0.18 s Ameriprise AMP 167.44 ... BankofMontreal BMO 77.35 0.42 FoxA FOXA 36.81 0.04 NewsCorp B NWS 14.09 0.18 TysonFoods TSN 89.95 1.98
s CharlesRiverLabs CRL 147.71 1.88 DollarGeneral DG 152.77 -1.86 Kellogg K 66.28 0.03 RoyalCaribbean RCL 126.20 0.56
s AES AES 19.37 0.45 AmerisourceBrgn ABC 85.96 1.11 BankNY Mellon BK 50.16 -0.06 FoxB FOX 35.89 0.03 NewsCorp A NWSA 13.73 0.14 UBS Group UBS 12.45 0.18
CharterComms CHTR 470.23 -5.04 DollarTree DLTR 94.22 0.63 KeurigDrPepper KDP 28.90 0.14 RoyalDutchA RDS.A 58.16 0.72
Aflac AFL 53.07 -0.10 Ametek AME 99.26 0.70 BkNovaScotia BNS 56.28 0.31 Franco-Nevada FNV 97.88 -0.62 NextEraEnergy NEE 239.47 2.52 UDR UDR 46.32 0.06
CheckPoint CHKP 113.18 -0.13 DominionEner D 81.64 0.76 KeyCorp KEY 20.11 0.05 RoyalDutchB RDS.B 58.34 0.93
AGCO AGCO 77.35 0.32 s Amgen AMGN 243.20 6.46 s Barclays BCS 10.14 0.40 FranklinRscs BEN 26.17 0.18 NielsenHoldings NLSN 19.98 0.03 UGI UGI 44.50 0.54
s Chemed CHE 441.41 1.29 Domino's DPZ 292.15 -2.78 KeysightTechs KEYS 105.17 -2.64 RoyalGold RGLD 114.66 -1.16
AGNC Invt AGNC 17.39 -0.12 s Amphenol APH 107.79 0.90 BarrickGold GOLD 17.42 -0.16 FreeportMcM FCX 12.95 0.08 s Nike NKE 98.81 1.04 s Ryanair US Foods USFD 40.38 0.18
CheniereEnergy LNG 61.22 0.23 Donaldson DCI 56.79 0.12 KilroyRealty KRC 81.84 0.29 RYAAY 87.61 0.30
UBER 30.05 1.56
s Ansys ANSS 257.94 4.01 AnalogDevices ADI 118.86 0.09 BauschHealth BHC 30.32 -0.68 FreseniusMed FMS 36.74 0.02
KimberlyClark KMB 135.82 -0.12
NiSource NI 27.17 0.29
SAP SAP 139.39 0.89
Uber
CheniereEnerPtrs CQP 41.02 0.72 DouglasEmmett DEI 42.72 0.33 Ubiquiti UI 187.50 0.41
ASETech ASX 5.58 -0.01 NobleEnergy NBL 22.76 0.38
Anaplan PLAN 52.74 0.95 BaxterIntl BAX 83.86 -0.10 s Dover KimcoRealty KIM 20.40 0.09 S&P Global SPGI 272.61 1.41
s ASML ASML 292.97 3.08 AngloGoldAsh AU 19.66 -0.28 s BectonDicknsn BDX 269.88 1.16
Chevron CVX 119.36 1.40
Dow
DOV 113.13 -0.52
DOW 54.17 0.89
G H I KinderMorgan KMI 20.58 0.38 Nokia NOK 3.59 0.07 SBA Comm SBAC 234.68 -0.80
UltaBeauty ULTA 249.10 -4.40
AT&T T 38.59 0.33 Chewy CHWY 28.03 -0.23 NomuraHoldings NMR 5.10 0.01 UltraparPart UGP 5.58 0.15
AB InBev BUD 80.01 2.10 BeiGene BGNE 165.09-10.94 ChinaLifeIns LFC 13.67 0.08 DrReddy'sLab RDY 40.23 -0.22 GCI LibertyA GLIBA 68.80 0.15 KirklandLakeGold KL 41.92 -0.93 s SEI Investments SEIC 66.12 0.32
AXA Equitable EQH 24.83 0.19 AnnalyCap NLY 9.44 -0.05 Berkley WRB 69.27 -0.29 Nordson NDSN164.81 3.29 UnderArmour C UA 18.59 0.81
ChinaMobile CHL 39.86 0.65 Dropbox DBX 17.12 0.32 GDS Holdings GDS 49.06 ... Knight-Swift KNX 36.73 -0.67 SK Telecom SKM 22.82 0.18
AbbottLabs ABT 86.40 0.05 Anthem ANTM 291.78 7.66 s BerkHathwy A BRK.A 3403802299.90 Nordstrom JWN 38.86 0.48 UnderArmour A UAA 20.43 0.90
ChinaPetrol SNP 57.81 0.07 DukeEnergy DUK 90.49 0.39 Galapagos GLPG 211.42 2.21 Kohl's KSS 49.79 1.51 SLGreenRealty SLG 88.40 -0.30
AbbVie ABBV 89.43 1.59 s Aon AON 207.01 0.86 s BerkHathwy B BRK.B 226.85 1.48 NorfolkSouthern NSC 190.56 0.49 Unilever UN 61.34 0.82
ChinaUnicom CHU 8.94 0.06 DukeRealty DRE 34.44 0.23 s Gallagher AJG 95.02 0.57 KoninklijkePhil PHG 47.86 0.29 SS&C Tech SSNC 60.17 1.12
Abiomed ABMD 176.31 -5.54 Apache APA 22.07 0.72 BerryGlobal BERY 47.09 0.39 NorthernTrust NTRS 108.21 0.17 Unilever UL 61.91 0.97
Chipotle CMG 822.79 7.47 Dunkin' DNKN 74.27 -0.49 Gaming&Leisure GLPI 41.78 0.64 KoreaElcPwr KEP 11.77 0.06 StoreCapital STOR 37.42 0.12
s Accenture ACN 205.00 -1.66 s BestBuy NorthropGrum NOC 344.69 0.04 s UnionPacific UNP 180.09 3.06
ApartmtInv AIV 51.37 0.22 BBY 85.79 1.50 Chubb CB 155.53 0.89 DuPont DD 64.89 0.09 Gap GPS 17.05 0.36 KraftHeinz KHC 31.74 0.14 SVB Fin SIVB 251.22 1.91
s ActivisionBliz ATVI 58.61 -0.04 s ApolloGlbMgmt APO 46.48 2.07 Bio-Techne TECH 218.87 5.85 NortonLifeLock NLOK 25.97 -0.03 Sabre
UnitedAirlines UAL 88.63 1.05
ChunghwaTel CHT 36.73 -0.49 Dynatrace DT 25.33 0.97 GardnerDenver GDI 36.18 0.64 Kroger KR 28.31 0.22 SABR 22.70 0.18
UnitedMicro UMC 2.74 0.07
s Adobe ADBE 323.80 5.86 s Apple AAPL 279.86 4.71 Bio-RadLab A BIO 366.89 12.27 NorwegCruise NCLH 55.22 -0.56 Salesforce.com CRM 161.96
Church&Dwight CHD 68.92 -1.07 ENI E 30.31 0.18 Garmin GRMN 97.79 0.36 LATAMAirlines LTM 11.55 0.12 Novartis NVS 93.07 0.08
0.83
UPS B UPS 119.12 0.50
AdvanceAuto AAP 153.50 -1.71 ApplMaterials AMAT 59.96 0.09 Biogen BIIB 301.40 4.57 s Sanofi
Ciena CIEN 41.25 -0.13 EOG Rscs EOG 77.91 2.42 Gartner IT 157.94 0.27 LINE LN 47.36 -0.14
s NovoNordisk NVO 58.13 0.88
SNY 50.47 0.68
s UnitedRentals URI 165.16 2.42
s AdvMicroDevices AMD 42.35 1.20 Aptargroup ATR 114.32 0.35 BioMarinPharm BMRN 83.50 3.33 Cigna CI 195.13 5.26 EPAM Systems EPAM 212.20 2.18 Generac GNRC 101.19 2.14 s LKQ LKQ 35.94 -0.17
Novocure NVCR 81.98 1.89
SantanderCons SC 23.75 0.26
s US Bancorp USB 60.66 0.39
Aegon AEG 4.63 0.02 Aptiv APTV 94.96 1.41 BlackKnight BKI 63.47 0.33 CincinnatiFin CINF 105.70 0.25 E*TRADE ETFC 45.70 0.55 GeneralDynamics GD 180.59 1.56 s LPL Financial LPLA 93.49 0.59 Nucor NUE 56.49 0.02
SareptaTherap SRPT 135.35 3.30
s UnitedTech UTX 149.46 0.39
AerCap AER 61.43 -0.48 AquaAmerica WTR 45.56 0.54 s BlackRock BLK 502.05 3.44 EastWestBncp EWBC 48.47 0.70 GeneralElec GE 11.17 L3HarrisTech LHX 201.34 1.16 Sasol SSL 18.98 0.29
Cintas CTAS 260.73 -1.08 -0.17 Nutanix NTNX 32.66 -0.09 s UnitedHealth UNH 292.03 6.55
AgilentTechs A 84.45 0.74 Aramark ARMK 43.75 -0.03 Blackstone BX 54.53 0.90 EastmanChem EMN 78.92 0.35 GeneralMills GIS 52.38 0.78 LabCpAm LH 167.31 0.72 Schlumberger SLB 39.40 0.40
CiscoSystems CSCO 45.98 0.68 Nutrien NTR 48.45 0.83 UnivDisplay OLED 198.24 4.33
AgnicoEagle AEM 59.99 -1.15 ArcelorMittal MT 18.42 0.26 Boeing BA 327.00-14.67 Citigroup C Eaton ETN 94.08 0.48 GeneralMotors GM 36.11 0.46 LamResearch LRCX 284.25 2.30 SchwabC SCHW 49.72 -0.23
76.91 0.52 NVIDIA NVDA 225.15 1.16 UniversalHealthB UHS 141.67 -2.67
AirProducts APD 234.44 3.70 ArchCapital ACGL 42.06 0.31 BookingHldgs BKNG 1995.02 21.42 CitizensFin CFG 40.29 0.17 eBay EBAY 35.40 -0.08 Genesee&Wyoming GWR 111.34 0.08 LamarAdv LAMR 85.02 -0.70 Sea SE 38.00 1.20
AkamaiTech AKAM 85.50 0.81 s ArcherDaniels ADM 45.98 0.78 LambWeston Seagate STX 59.06 UnumGroup UNM 30.39 0.05
BoozAllen BAH 69.79 -0.77 Ecolab ECL 185.98 0.95 LW 83.97 -0.13 0.30
AlaskaAir ALK 69.00 1.59 s Arconic ARNC 31.80 0.15 BorgWarner BWA 44.14 0.34
CitrixSystems CTXS 111.70
Clorox CLX 151.59
1.35
-0.11 Ecopetrol EC 19.83 0.29
Genmab
Genpact G
GMAB 21.97
41.65
-0.20
0.18 LasVegasSands LVS 68.10 -0.17
O P Q SealedAir SEE 38.59 0.58
VEREIT VER 9.21 0.06
Albemarle ALB 66.20 -0.43 s VF VFC 94.04 0.89
s arGEN-X ARGX 164.21 7.10 BostonProps BXP 135.65 0.54 Coca-Cola KO 54.42 ... EdisonInt EIX 74.00 1.31 Gentex GNTX 28.59 0.84 Lear LEA 139.02 9.67 OGE Energy OGE 43.85 0.54 SeattleGenetics SGEN 114.73 0.86
Alcon ALC 56.25 0.45 s BostonSci BSX 45.20 0.11 s SempraEnergy SRE 150.64 VICI Prop VICI 24.61 0.28
AristaNetworks ANET 198.64 5.72 Coca-Cola Euro CCEP 50.16 0.12 EdwardsLife EW 234.96 2.32 GenuineParts GPC 105.35 0.19 Leggett&Platt LEG 51.18 0.46 ONEOK OKE 73.39 0.22 1.86
s VailResorts MTN 248.00 5.11
AlexandriaRlEst ARE 156.37 -0.10 ArrowElec ARW 84.99 0.54 BrightHorizons BFAM 151.84 1.29 Cognex CGNX 55.58 1.05 ElancoAnimal ELAN 28.31 0.53 Gildan GIL 28.69 0.11 s Leidos LDOS 91.64 -0.20 OReillyAuto ORLY 440.52 -0.83 SensataTechs ST 52.71 0.73
AlexionPharm ALXN 111.37 0.95 ServiceCorp SCI 45.59 Vale VALE 13.16 0.10
ArrowheadPharm ARWR 65.38 -1.08 Bristol-Myers BMY 63.50 -0.32 CognizantTech CTSH 61.66 0.02 ElbitSystems ESLT 161.80 -4.15 GileadSciences GILD 66.12 0.35 Lennar B LEN.B 45.87 -0.37 OccidentalPetrol OXY 38.32 0.61 -0.06
ValeroEnergy VLO 95.14 1.33
s Alibaba BABA 206.97 2.06 AspenTech AZPN 120.29 1.16 s BritishAmTob BTI 42.24 1.54 ColgatePalm CL 68.87 0.18 ElectronicArts EA 105.72 1.17 s GSK Lennar A LEN 58.11 -0.19 ServiceNow NOW 281.79 8.81
GSK 46.88 0.90 Okta OKTA 116.23 -0.46 s VarianMed VAR 143.26 1.73
AlignTech ALGN 270.01 3.95 Assurant AIZ 130.42 0.27 BrixmorProp BRX 20.97 0.10 ColumbiaSportswr COLM 94.26 1.03 EmersonElec EMR 76.16 0.18 GlobalPayments GPN 179.30 0.37 LennoxIntl LII 258.00 2.61 OldDomFreight ODFL 186.01 -0.40 ShawComm B SJR 20.26 0.07
Allakos ALLK 125.33 2.14 s AstraZeneca AZN 49.31 0.95 SherwinWilliams SHW 579.51 7.28
Vedanta VEDL 8.50 -0.08
Broadcom AVGO 323.13 7.71 Comcast A CMCSA 43.53 -0.05 Enbridge ENB 38.63 0.32 s GlobeLife GL 106.14 0.52 LeviStrauss LEVI 18.78 -0.18 OldRepublic ORI 22.58 0.15 VeevaSystems VEEV 147.67 1.57
Alleghany Y 796.29 1.61 s Athene ATH 46.18 0.86 BroadridgeFinl BR 120.88 1.16 Comerica CMA 71.85 -0.08 EncompassHealth EHC 69.77 -0.62 s GlobusMedical GMED 58.62 0.26 LibertyBroadbandA LBRDA 119.28 -1.25 OmegaHealthcare OHI 41.15 0.12 ShinhanFin SHG 38.24 -0.50
Allegion ALLE 121.66 -1.08 Shopify SHOP 393.63 8.06 Ventas VTR 56.27 0.77
Atlassian TEAM 121.22 1.41 BrookfieldMgt BAM 57.91 0.51 s CommerceBcshrs CBSH 67.35 1.11 EnelAmericas ENIA 10.94 0.03 GoDaddy GDDY 67.97 0.72 LibertyBroadbandC LBRDK120.25 -1.64 Omnicom OMC 81.77 -0.27 VeriSign VRSN 192.66 1.17
Allergan AGN 190.12 1.78 AtmosEnergy ATO 108.43 1.38 BrookfieldInfr BIP 51.10 0.07 SABESP SBS 14.37 0.24 EnelChile ENIC 4.72 0.06 s GoldmanSachs GS 228.04 3.04 LibertyGlobal A LBTYA 22.01 -0.02 s ON Semi ON 23.46 0.33 Sibanye-Stillwater SBGL 9.22 0.02
AlliantEnergy LNT 53.48 0.56 s Autodesk ADSK 184.37 4.96 s Brown&Brown BRO 38.98 0.12 SignatureBank SBNY 135.75 0.76 VeriskAnalytics VRSK 149.69 0.50
ConagraBrands CAG 28.80 0.42 EnergyTransfer ET 12.80 0.07 Graco GGG 51.29 0.21 LibertyGlobal C LBTYK 20.92 -0.13 s OneMain OMF 43.83 0.45 Verizon VZ 61.23 0.42
AllisonTransm ALSN 49.13 0.21 Autohome ATHM 74.63 0.09 Brown-Forman B BF.B 64.24 0.39 ConchoRscs CXO 80.73 1.98 s Entegris ENTG 50.63 0.62 Grainger GWW 337.22 4.91 LibertyFormOne C FWONK 43.86 0.01 OpenText OTEX 43.80 0.69 SimonProperty SPG 145.58 1.23
Allstate ALL 109.62 -0.08 SiriusXM SIRI 6.95 0.03 VertxPharm VRTX 219.50 0.52
Autoliv ALV 85.52 0.90 Brown-Forman A BF.A 59.94 0.10 ConocoPhillips COP 62.82 0.12 Entergy ETR 119.12 0.82 Grifols GRFS 22.93 0.16 LibertyFormOne A FWONA 41.76 0.08 Oracle ORCL 53.99 -0.52 ViacomCBS B VIAC 39.75 1.11
AllyFinancial ALLY 31.33 -0.13 ADP ADP 168.59 0.33 Bruker BRKR 49.48 0.61 ConEd ED 88.23 0.40 EnterpriseProd EPD 27.70 0.18 GuardantHealth GH 76.66 0.76 LibertySirius A LSXMA 47.38 -0.21 Orange ORAN 14.79 0.10 SkechersUSA SKX 41.65 0.04
AlnylamPharm ALNY 120.12 2.38 s Skyworks SWKS 113.16 1.30 ViacomCBS A VIACA 42.35 0.81
AutoZone AZO 1225.22-10.10 Bunge BG 55.92 0.15 ConstBrands A STZ 182.89 0.83 Equifax EFX 138.25 -0.45 Guidewire GWRE 105.54 0.81 LibertySirius B LSXMB 48.08 -0.22 Orix IX 84.84 0.41 Vipshop VIPS 13.85 0.22
s Alphabet A GOOGL 1360.70 13.83 Avalonbay AVB 209.37 0.73 BurlingtonStrs BURL 224.45 -1.45 ContinentalRscs CLR 33.54 0.16 Equinix EQIX 562.80 10.96 HCA Healthcare HCA 143.67 0.81 LibertySirius C LSXMK 46.92 -0.19 Oshkosh OSK 92.19 1.17 SlackTech WORK 21.41 0.02
s Alphabet C GOOG 1361.17 13.34 s CACI Intl SmithAO AOS 46.19 -0.33 Visa V 186.24 1.10
Avangrid AGR 50.04 0.67 CACI 242.36 2.14 Cooper COO 318.97 2.05 Equinor EQNR 18.91 0.14 HDFC Bank HDB 63.26 -0.19 LibertyProperty LPT 59.50 -0.19 OwensCorning OC 65.20 0.62 VistraEnergy VST 24.24 0.53
Alteryx AYX 99.11 3.58 Avantor AVTR 18.56 0.44 s CBRE Group CBRE 59.22 0.96 Copart CPRT 90.19 1.57 EquityLife ELS 69.58 -0.27 HD Supply HDS 40.33 0.11 EliLilly LLY 122.85 1.32 OwlRock ORCC 18.00 -0.20 Smith&Nephew SNN 47.51 1.26
AlticeUSA ATUS 26.56 -0.02 Smucker SJM 102.64 1.13 VMware VMW 150.89 -0.41
AveryDennison AVY 130.81 0.82 CDK Global CDK 55.32 0.36 Corning GLW 28.62 -0.12 EquityResdntl EQR 81.50 0.49 HP HPQ 20.52 0.17 LincolnNational LNC 60.42 0.69 PG&E PCG 9.67 -1.57 Vodafone VOD 19.69 0.16
Altria MO 50.60 0.44 AxaltaCoating AXTA 30.36 0.12 s CDW Linde LIN 210.02 0.97 Snap SNAP 15.11 0.02

.
CDW 140.69 2.92 Corteva CTVA 27.55 1.06 ErieIndemnity A ERIE 172.15 3.35 HSBC HSBC 38.92 0.49 s PNC Fin PNC 159.00 0.36
s Amarin AMRN 22.88 -1.24 SnapOn SNA 171.14 VornadoRealty VNO 65.39 0.12
BCE BCE 47.90 0.40 CF Industries CF 46.88 1.74 CoStar CSGP 589.37 8.81 EssexProp ESS 300.99 0.48 Haemonetic HAE 117.98 1.49 LiveNationEnt LYV 63.56 -0.78 POSCO PKX 51.16 0.34 0.76
VoyaFinancial VOYA 58.18 0.26
Amazon.com AMZN 1769.21 8.27 BHP Group BHP 55.19 1.03 s CGI s LloydsBanking LYG 3.57 0.15 SonocoProducts SON 61.63 0.28

ly
GIB 83.32 0.30 Costco COST 293.50 1.63 EsteeLauder EL 204.03 0.82 Halliburton HAL 24.35 0.36 s PPG Ind PPG 133.25 0.24 VulcanMatls VMC 142.35 -0.65
Ambev ABEV 4.67 0.09 BHP Group BBL 47.48 0.89 CH Robinson CHRW 77.05 0.50 Coty COTY 11.01 -0.07 EuronetWorldwide EEFT 156.37 1.86 HartfordFinl HIG 61.06 -0.01 LockheedMartin LMT 385.95 -0.52 s PPL PPL 36.25 0.61
s Sony SNE 68.25 0.68
Amcor AMCR 10.76 0.20 s EverestRe RE 276.37 1.70 Loews L 51.07 0.46 Southern SO 62.27 1.51
BOK Fin BOKF 87.69 1.54 CME Group CME 203.18 -1.41 CoupaSoftware COUP 143.24 2.78 Hasbro HAS 102.26 -1.66 PRA HealthSci PRAH 104.43 2.80 W X Y Z
s Amdocs DOX 71.08 0.51 BP BP 37.44 0.50 CMS Energy CMS 61.87 0.88 Credicorp BAP 207.20 -0.70 Evergy EVRG 63.20 0.44 HealthcareAmer HTA 29.30 0.35 s LogitechIntl LOGI 45.51 0.21 PTC PTC 74.38 -0.25 SoCopper SCCO 41.23 -0.26
Amerco UHAL373.11 13.22 BRF BRFS 8.53 0.31 CNA Fin CNA 45.06 0.66 CreditAcceptance CACC 444.04 2.90 EversourceEner ES 82.05 0.71 HealthpeakProp PEAK 32.43 0.18 Lowe's LOW 120.08 1.58 PVH PVH 104.50 0.09 SouthwestAir LUV 54.35 0.20 WABCO WBC 135.16 -0.18
Ameren AEE 75.76 0.74 s BWX Tech BWXT 62.74 0.39 CNH Indl CNHI 10.91 ... CreditSuisse CS 13.50 0.16 ExactSciences EXAS 91.38 4.18 Heico HEI 127.06 0.88 lululemon LULU 225.35 1.80 s Paccar PCAR 82.82 0.81 SpiritAeroSys SPR 78.88 -1.26 WEC Energy WEC 90.63 1.45
Lyft LYFT 47.93 1.18 Splunk SPLK 146.31 2.80 WEX
AmericaMovil AMX 15.67 -0.07
AmerAirlines AAL 27.92 0.44
AmCampus ACC 46.24 0.23
AEP AEP 93.03 0.98
Baidu

Ball
BIDU 123.19 4.05
BakerHughes BKR 23.95 0.31
BLL 63.97 0.63
BancoBilbaoViz BBVA 5.57 0.11
CNOOC

CSX
CEO 151.75 2.73
CPFLEnergia CPL 16.55 0.41
s CRH CRH 40.15 0.19
CSX 72.79 0.01
on CrowdStrike CRWD 49.45
CrownCastle CCI 134.50
CrownHoldings CCK 72.57
CubeSmart CUBE 30.34
0.04
1.82
0.83
0.12
Exelon
Expedia
EXC 44.70 0.88
EXPE 114.23 1.47
ExpeditorsIntl EXPD 76.26 0.11
ExtraSpaceSt EXR 103.24 0.95
Heico A

Herbalife
Hershey
HEI.A 97.33
HenrySchein HSIC 68.69
0.33
0.20 LyondellBasell LYB 93.65 1.03
HLF 46.39 1.22
HSY 146.78 -0.37 M N
PackagingCpAm PKG 110.01
PagSeguroDig PAGS 31.75
PaloAltoNtwks PANW 229.69
ParkHotels PK 24.94
-1.03
1.36
2.70
0.21
Spotify
t Sprint
Square
SPOT 150.78
S 5.19
SQ 66.53
StanleyBlackDck SWK 164.05
3.58 W.P.Carey WPC 77.61
-0.02 s WPP
1.73 Wabtec
WEX 204.89

WPP 68.49
WAB 74.76
-0.49 WalgreensBoots WBA 57.80
1.51
0.35
0.77
-0.40
-0.08
Hess HES 64.60 2.28 M&T Bank MTB 170.03 -0.07 ParkerHannifin PH 207.59 1.10
HewlettPackard HPE 16.08 0.05 Paychex PAYX 84.91 -0.17 Starbucks SBUX 88.78 0.11 Walmart WMT 120.54 0.25
s MGM Resorts MGM 32.95 0.20 s StarsGroup TSG 24.96 0.09 WasteConnections WCN 89.63 -0.04
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Hexcel HXL 76.73 -0.59 PaycomSoftware PAYC 259.48 2.49

Exchange-Traded Portfolios | WSJ.com/ETFresearch
MKS Instrum MKSI 109.94 0.61 s StarwoodProp STWD 24.84 0.10 WasteMgt WM 112.03 0.01
Hill-Rom HRC 109.78 0.60 MPLX MPLX 25.69 0.95 Paylocity PCTY 118.83 2.00
s Hilton HLT 108.48 1.28 PayPal PYPL 109.57 1.92 StateStreet STT 79.62 0.49 Waters WAT 234.02 -0.09

HollyFrontier HFC 51.54 1.35

MSCI MSCI 261.19 1.10
Pearson PSO 8.69 -0.06 SteelDynamics STLD 33.97 -0.71 Watsco WSO 179.24 0.47
Closing Chg YTD MadisonSquGarden MSG 283.17 1.87 Stericycle SRCL 64.19 0.16 Wayfair W 86.94 -2.99
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Hologic HOLX 53.56 0.41 MagellanMid MMP 63.27 0.58 Pegasystems PEGA 77.46 1.19 WellCareHealth WCG 320.71 8.22
Largest 100 exchange-traded funds, latest session
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ETF Symbol Price (%) (%) HomeDepot HD 215.53 1.45 Peloton PTON 31.34 -0.19
Steris STE 150.75 -1.18
WellsFargo WFC 54.22 0.43
MagnaIntl MGA 55.48 0.60 STMicroelec STM 27.02 -0.26 Welltower WELL 78.67
SchwabUS LC SCHX 75.87 0.77 27.1 HondaMotor HMC 29.35 0.13 ManulifeFin MFC 19.56 0.27 PembinaPipeline PBA 36.17 0.44 ...
Monday, December 16, 2019 Closing Chg YTD Honeywell HON 176.40 -0.58 Pentair PNR 45.92 0.07 StoneCo STNE 39.39 -0.13 WestPharmSvcs WST 147.25 0.88
SPDR DJIA Tr DIA 283.07 0.34 21.4 MarathonOil MRO 13.13 0.41 Stryker SYK 204.25 1.32 WesternDigital WDC 56.50
ETF Symbol Price (%) (%)
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Closing Chg YTD SPDR S&PMdCpTr MDY 372.09 0.61 22.9 HormelFoods HRL 44.87 -0.03 MarathonPetrol MPC 60.75 2.14 People'sUtdFin PBCT 16.86 0.21 2.20
DR Horton DHI 54.70 -0.11 PepsiCo PEP 137.06 -0.88
SumitomoMits SMFG 7.47 0.07 WesternMidstrm WES 19.34 0.39
ETF Symbol Price (%) (%) iShMSCIBrazil EWZ 45.56 0.99 19.3 SPDR S&P 500 SPY 319.50 0.69 27.8 Markel MKL 1138.92 1.59 SunComms SUI 151.86 -1.28 WesternUnion WU 27.13
HostHotels HST 18.27 0.32 MarketAxess MKTX 374.69 0.80 PerkinElmer PKI 95.67 1.28 0.10
CnsmrDiscSelSector XLY 123.71 0.44 24.9 iShMSCI EAFE EFA 69.62 1.07 18.4 SPDR S&P Div SDY 107.66 0.59 20.3 SunLifeFinancial SLF 44.98 0.47 WestlakeChem WLK 70.07 -0.43
iShMSCI EAFE SC SCZ 61.97 0.91 19.6 TechSelectSector XLK 90.29 0.89 45.7 Huazhu HTHT 36.44 -0.43 s Marriott MAR 147.90 1.74 Perrigo PRGO 53.97 0.04
CnsStapleSelSector XLP 63.00 0.35 24.1 SuncorEnergy SU 32.14 0.37 WestRock WRK 40.90 0.01
iShMSCIEmgMarkets EEM 43.86 0.85 12.3 UtilitiesSelSector XLU 64.16 1.25 21.2 Hubbell HUBB 147.38 0.93 s Marsh&McLen MMC 111.65 1.11 PetroChina PTR 48.77 0.36
Suzano SUZ 9.64 0.15 Weyerhaeuser WY 29.65
EnSelectSectorSPDR XLE 61.12 1.34 6.6 0.01
iShMSCIJapan EWJ 60.29 0.46 18.9 VanEckGoldMiner GDX 27.39 –1.19 29.9 HubSpot HUBS 157.38 6.37 s MartinMarietta MLM 274.59 -1.71 PetroleoBrasil PBR 15.39 0.08
SynchronyFin SYF 37.18 -0.51 WheatonPrecMet WPM 27.62 -0.57
FinSelSectorSPDR XLF 30.82 0.36 29.4 s Humana HUM365.88 12.75 MarvellTech MRVL 25.93 0.21 PetroleoBrasilA PBR.A 14.49 -0.11
iShNatlMuniBd MUB 114.01 –0.12 4.6 VangdInfoTech VGT 240.46 0.90 44.1 SyneosHealth SYNH 56.28 0.23 Whirlpool WHR 149.10 0.68
HealthCareSelSect XLV 101.97 1.08 17.9 JBHunt JBHT 114.49 1.49 Masco MAS 47.10 0.09 Pfizer PFE 39.14 0.81
iShPfd&Incm PFF 37.37 0.35 9.2 VangdSC Val VBR 136.29 0.65 19.5 Synnex SNX 128.33 1.22 Williams WMB 22.82 0.11
IndSelSectorSPDR XLI 81.67 –0.05 26.8 HuntingtonBcshs HBAN 15.34 -0.01 Masimo MASI157.06 0.44 PhilipMorris PM 86.25 1.58
iShRussell1000Gwth IWF 173.35 0.83 32.4 VangdSC Grwth VBK 196.58 0.62 30.5 Synopsys SNPS 136.60 -0.10 s WillisTowers WLTW 201.17 1.13
er rs

InvscQQQI QQQ 209.27 1.00 35.7 HuntingIngalls HII 252.31 1.07 s Mastercard MA 296.96 0.87 Phillips66 PSX 114.14 1.15
iShRussell1000 IWB 176.24 0.75 27.1 VangdDivApp VIG 124.22 0.41 26.8 s Sysco SYY 84.23 0.69 Wipro WIT 3.76 0.05
InvscS&P500EW RSP 114.76 0.63 25.6 s HyattHotels H 84.98 1.51 MatchGroup MTCH 72.31 0.40 PilgrimPride PPC 32.22 0.08 Wix.com WIX 119.18 0.10
iShRussell1000Val IWD 135.21 0.67 21.8 VangdFTSEDevMk VEA 44.40 1.00 19.7
InvscS&P500LowVol 0.56 IAA Pinduoduo PDD 38.68 2.22
iSh3-7YTreasuryBd
SPLV
IEI
57.66
125.72 –0.23
23.6
3.6
iShRussell2000Gwth IWO 212.16 0.82 26.3 VangdFTSE EM VWO 44.06 0.85 15.6
IAA 45.55 0.01
IAC/InterActive IAC 225.99 1.35
MaximIntProducts MXIM 60.47 0.88
McCormickVtg MKC.V 167.70 -3.30 PinnacleWest PNW 87.60 1.46
T U V Woodward WWD 122.50
WooriFin WF 30.95
-1.98
-0.02
iShRussell2000 IWM 163.88 0.71 22.4 VangdFTSE Europe VGK 58.64 1.30 20.6
iShCoreDivGrowth DGRO 41.77 0.64 25.9 s ICICI Bank IBN 15.19 0.01 McCormick MKC 167.62 0.12 Pinterest PINS 18.21 0.76 s TAL Education TAL 46.00 0.48 Workday WDAY 160.45 0.99
iShRussell2000Val IWN 127.02 0.73 18.1 VangdFTSEAWxUS VEU 54.07 1.03 18.6
iShCoreMSCIEAFE IEFA 65.31 1.05 18.7 IdexxLab IDXX 255.47 2.57 McDonalds MCD 197.88 0.76 PioneerNatRscs PXD 143.37 3.38 TC Energy TRP 51.66 0.73 WynnResorts WYNN 130.94 1.16
iShRussell3000 IWV 186.13 0.68 26.7 VangdGrowth VUG 179.77 0.81 33.8
iShCoreMSCIEmgMk IEMG 52.53 0.77 11.4 s IHS Markit INFO 74.91 0.31 McKesson MCK 142.20 1.60 PlainsAllAmPipe PAA 17.70 0.42 TCF Financial TCF 45.76 0.02 s XP XP 35.80 -1.91
m e

iShRussellMid-Cap IWR 58.91 0.72 26.7 VangdHlthCr VHT 189.97 1.10 18.3
iShCoreMSCITotInt IXUS 61.48 0.96 17.0 ING Groep ING 12.02 0.06 MedicalProp MPW 20.13 0.26 PlanetFitness PLNT 73.41 0.74 TD Ameritrade AMTD 51.81 -0.25 XPO Logistics XPO 82.53 -0.78
iShRussellMCValue IWS 93.34 0.65 22.3 VangdHiDiv VYM 93.57 0.65 20.0
iShCoreS&P500 IVV 319.32 0.72 26.9 Invesco IVZ 17.90 0.28 Medicines MDCO 84.35 0.13 Polaris PII 99.86 1.00 TE Connectivity TEL 95.21 1.21 XcelEnergy XEL 63.03 0.77
iShS&P500Growth IVW 190.62 0.64 26.5 VangdIntermBd BIV 87.32 –0.21 7.4
iShCoreS&P MC IJH 203.20 0.64 22.4 IPG Photonics IPGP 145.78 1.16 s Medtronic MDT 114.54 1.02 Pool POOL 208.32 2.89 Telus TU 37.99 0.13 Xerox XRX 36.81 -0.03
iShS&P500Value IVE 128.96 0.78 27.5 VangdIntrCorpBd VCIT 91.28 –0.21 10.2
iShCoreS&P SC IJR 0.41 IQVIA IQV 146.53 1.68 MelcoResorts MLCO 23.33 -0.25 PostHoldings POST 106.26 0.05 s TIM Part TSU 17.89 0.17 Xilinx XLNX 96.38 0.15
m rp

82.64 19.2 iShShortCpBd IGSB 53.59 –0.09 3.8 VangdLC VV 146.74 0.73 27.8
iShS&PTotlUSStkMkt ITOT 71.79 0.71 26.5 ITT ITT 73.19 0.65 MellanoxTech MLNX 116.70 0.78 PrincipalFin PFG 54.38 0.09 TJX TJX 60.60 0.23 Xylem XYL 77.28 -0.44
iShShortTreaBd SHV 110.54 –0.01 0.2 VangdMC VO 176.77 0.72 27.9 IcahnEnterprises IEP 61.30 0.36 MercadoLibre MELI 582.18 14.51 s Procter&Gamble PG 125.56 0.09 T-MobileUS TMUS 75.47 ... s Yandex YNDX 42.84 -0.41
iShCoreUSAggBd AGG 112.58 –0.20 5.7 iShTIPSBondETF TIP –0.23 VangdMC Val VOE 118.51 0.44 24.4
iShSelectDividend DVY 104.61 0.80 17.1
116.54 6.4 Icon ICLR 163.24 3.93 s Merck MRK 89.29 0.10 Progressive PGR 71.10 -1.07 TRowePrice TROW 123.24 0.02 YumBrands YUM 100.89 0.78
iSh1-3YTreasuryBd SHY 84.62 –0.06 1.2 VangdMBS VMBS 53.15 –0.19 3.2 IDEX IEX 167.20 -0.17 MetLife MET 50.48 0.10 Prologis PLD 88.36 -0.18 TaiwanSemi TSM 58.54 0.29
YumChina YUMC 47.94 0.66
iShEdgeMSCIMinEAFE EFAV 74.31 0.85 11.5 iSh7-10YTreasuryBd IEF 110.64 –0.47 6.2 VangdRealEst VNQ 91.00 0.72 22.0 ZTO Express ZTO 22.12 0.55
IllinoisToolWks ITW 177.47 0.20 MettlerToledo MTD 781.27 11.57 Proofpoint PFPT 113.67 0.07 TakeTwoSoftware TTWO 122.71 0.89 s
iShEdgeMSCIMinUSA USMV 64.93 0.47 23.9 iSh20+YTreasuryBd TLT 137.79 –0.90 13.4 VangdS&P500ETF VOO 293.50 0.71 27.7 ZayoGroup ZAYO 34.38 0.13
Illumina ILMN 327.74 3.02 s MicrochipTech MCHP 103.26 1.17 ProsperityBcshs PB 71.68 0.58 TakedaPharm TAK 20.25 0.02 s ZebraTech ZBRA255.45
iShEdgeMSCIUSAQual QUAL 99.93 0.67 30.2 iShRussellMCGrowth IWP 151.37 0.75 33.1 VangdST Bond BSV 80.55 –0.11 2.5 -2.35
ImperialOil IMO 25.32 0.02 s MicronTech MU 52.94 1.74 PrudentialFin PRU 94.49 0.35 Tapestry TPR 25.48 -0.46 Zendesk ZEN 76.73 0.98
iShFloatingRateBd FLOT 50.95 –0.02 1.2 iShUSTreasuryBdETF GOVT 26.00 –0.29 5.5 VangdSTCpBd VCSH 80.94 –0.11 3.8 Incyte INCY 92.66 1.15 s Microsoft MSFT 155.53 1.00 Prudential PUK 38.34 1.27 TargaResources TRGP 37.51 0.40 Zillow C Z 43.00 0.73
iShGoldTr IAU 14.12 ... 14.9 JPM UltShtIncm JPST 50.48 0.01 0.7 VangdSC VB 164.34 0.61 24.5 Infosys INFY 10.13 0.05 MidAmApt MAA 130.54 0.04 PublicServiceEnt PEG 59.35 0.80 s Target TGT 125.96 -1.26 Zillow A ZG 42.54 0.73
co Fo

iShiBoxx$InvGrCpBd LQD 128.10 –0.23 13.5 PIMCOEnhShMaturity MINT 101.66 0.01 0.7 VangdTotalBd BND 83.96 –0.27 6.0 Ingersoll-Rand IR 133.34 -0.47 Middleby MIDD109.76 1.50 PublicStorage PSA 206.18 0.75 TataMotors TTM 12.39 0.03 ZimmerBiomet ZBH 150.00
iShiBoxx$HYCpBd HYG 0.19 1.93
87.78 8.2 SPDR BlmBarcHYBd JNK 109.42 0.23 8.6 VangdTotIntlBd BNDX 58.07 –0.05 7.0 Ingredion INGR 90.44 2.75 s MitsubishiUFJ MUFG 5.47 ... PulteGroup PHM 40.02 -0.36 TechnipFMC FTI 19.95 -0.05 ZionsBancorp ZION 51.19 0.04
iShIntermCorpBd IGIB 57.97 –0.24 10.6 SPDR Gold GLD 139.04 –0.01 14.7 VangdTotIntlStk VXUS 55.96 0.96 18.5 Insulet PODD 174.69 -0.96 MizuhoFin MFG 3.15 0.01 Qiagen QGEN 41.25 0.09 TeckRscsB TECK 17.24 0.42 Zoetis ZTS 126.46 2.01
iShJPMUSDEmgBd EMB 113.85 0.06 9.6 SchwabIntEquity SCHF 33.59 0.93 18.5 VangdTotalStk VTI 162.51 0.73 27.3 Intel INTC 57.70 -0.09 s MobileTeleSys MBT 9.73 0.04 s Qorvo QRVO 115.00 1.59 TeledyneTech TDY 347.21 -0.50 ZoomVideo ZM 66.35 2.81
iShMBSETF MBB 107.96 –0.15 3.2 SchwabUS BrdMkt SCHB 75.94 0.69 26.7 VangdTotlWrld VT 80.82 0.85 23.5 ICE ICE 92.27 0.36 Moderna MRNA 18.52 -0.10 Qualcomm QCOM 88.43 0.60 Teleflex TFX 364.29 4.41 Zscaler ZS 46.96 0.98
iShMSCI ACWI ACWI 78.51 0.74 22.4 SchwabUS Div SCHD 57.58 0.35 22.6 VangdValue VTV 119.77 0.71 22.3 InterContinentl IHG 66.62 1.15 MohawkInds MHK 137.35 -0.59 QuantaServices PWR 40.67 -0.39 Ericsson ERIC 9.29 0.23 Zynga ZNGA 6.27 0.05

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
Dover DOV 115.26 -0.5 GoresHldgsIII GRSH 10.29 0.5 LloydsBanking LYG 3.58 4.4 NuvESGHYCorpBd NUHY 25.30 0.2 SeacoastBkgFL SBCF 30.99 1.4 UnitedRentals URI 166.27 1.5 GeniusBrands GNUS 0.19 -30.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE Ducommun DCO 53.41 -1.5 Gorman-Rupp GRC 38.99 1.7 LogitechIntl LOGI 45.81 0.5 OhioValleyBanc OVBC 41.46 2.4 Seaspan SSW 14.43 ... US Bancorp USB 61.11 0.6 GolarLNGPartners GMLP 8.42 -2.9
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low EagleBncpMT EBMT 22.59 -1.7 GreatSouthernBncp GSBC 63.93 1.9 LuckinCoffee LK 33.58 0.9 OmegaFlex OFLX 105.25 5.8 SempraEnPfdA SREpA 120.45 0.9 UnitedTech UTX 150.67 0.3 GreenlandTech GTEC 5.20 ...
in the latest session. % CHG-Daily percentage change from the previous trading session. Eastern EML 30.41 1.3 GrAeroportuario OMAB 62.71 2.1 Lumentum LITE 77.17 1.4 ON Semi ON 23.63 1.4 SempraEnPfdB SREpB 120.10 0.9 UnitedHealth UNH 295.44 2.3 GreenVisionAcqnWt GRNVW 0.09 ...
EchoStar SATS 44.78 2.2 GpoAeroportuar PAC 124.15 4.2 LunaInnov LUNA 7.73 2.0 1347PropInsPfdA PIHPP 26.96 0.6 SempraEnergy SRE 150.79 1.3 VF VFC 94.51 1.0 Hi-Crush HCR 0.65 -5.5
EidosTherap EIDX 66.56 3.4 GuarantyBcshrs GNTY 34.09 0.4 MFA Financial MFA 7.83 0.5 OneMain OMF 44.62 1.0 ServisFirstBcshs SFBS 38.15 1.1 VailResorts MTN 251.81 2.1 HornbeckOffshore HOS 0.28 -3.5
Monday, December 16, 2019 EldoradoResorts ERI 56.09 1.5 HannonArmstrong HASI 31.43 0.8 MGM Resorts MGM 33.07 0.6 OpusBank OPB 26.45 0.7 SierraBancorp BSRR 29.05 1.3 VarianMed VAR 143.28 1.2 IZEA IZEA 0.21 6.0
52-Wk % 52-Wk % 52-Wk % Entegris ENTG 51.07 1.2 HlthSciencesAcqWt HSACW 1.85 20.0 MSA Safety MSA 128.18 -0.2 OriginBancorp OBNK 37.57 -0.2 SifcoInd SIF 4.20 25.6 Veru VERU 2.76 14.1 IderaPharm IDRA 1.45 -9.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg EverestRe RE 277.24 0.6 HlthSciencesAcq HSAC 13.90 17.0 MVB Financial MVBF 22.76 0.4 OspreyTechUn SFTW.U 10.08 0.1 SiTime SITM 22.28 8.5 WPP WPP 69.19 1.1 InsigniaSystems ISIG 0.75 ...
ExperienceInvtA EXPC 9.85 0.3 HealthcareMergerUn HCCOU 11.30 9.7 Macatawa MCBC 11.42 0.4 PNC Fin PNC 160.87 0.2 Skyworks SWKS 114.42 1.2 WaterstoneFinl WSBF 19.10 0.7 InterNAP INAP 0.88 -8.8
Ardagh ARD 20.03 -1.4 CRA Intl CRAI 56.04 -1.5 ExperienceInvt EXPCU 10.10 0.2 HighlandIncmPfdA HFROpA 25.35 0.2 MackinacFin MFNC 16.94 4.9 PPG Ind PPG 134.36 0.2 SmartFinancial SMBK 23.99 0.7 WattsWater WTS 100.80 -0.6 J.Jill JILL 0.96 -6.5
Highs
n-

AresMgmt ARES 34.61 -0.4 CRH CRH 40.44 0.5 FB Financial FBK 40.33 0.9 Hilltop HTH 26.28 -0.7 MagyarBancorp MGYR 12.87 3.8 PPL PPL 36.25 1.7 Soligenix SNGX 1.46 12.7 WellesleyBancorp WEBK 45.70 0.6 JumeiIntl JMEI 1.65 -6.6
arGEN-X ARGX 166.89 4.5 CSW Industrials CSWI 78.11 1.4 FMC FMC 100.98 0.3 Hilton HLT 109.30 1.2 MalvernBancorp MLVF 23.75 -2.4 PRA Group PRAA 37.80 -0.2 Sony SNE 68.47 1.0 WestBancorp WTBA 25.37 1.0 KewauneeSci KEQU 12.90 -22.3
ABB ABB 23.90 1.2 ArrowFinancial AROW 38.00 0.4 CaesarsEnt CZR 13.35 0.5 Fabrinet FN 64.24 1.8 HopeBancorp HOPE 15.30 1.3 Marriott MAR 148.95 1.2 Paccar PCAR 83.41 1.0 SouthPlainsFin SPFI 20.00 -0.6 WestamericaBncp WABC 67.84 1.5 KingswayFin KFS 1.73 -0.6
AES AES 19.38 2.4 ArtisanPtrsAsset APAM 31.53 0.7 CanPacRlwy CP 253.92 0.8 FarmersNatlBanc FMNB 16.29 2.1 HorizonBancorp HBNC 19.39 0.8 Marsh&McLen MMC 111.83 1.0 PanAmerSilver PAAS 21.67 -0.6 SouthState SSB 86.96 1.2 WestAllianceBcp WAL 56.99 0.8 KitovPharmaWt KTOVW 0.03 -39.0
AGNC InvtPfdE AGNCO 25.83 0.6 AspenAerogels ASPN 8.40 0.6 CapitalOne COF 105.70 -1.0 FellazoUn FLLCU 10.14 0.1 HorizonTherap HZNP 34.88 4.3 MartinMarietta MLM 279.38 -0.6 ParkNational PRK 104.49 1.2 SouthernFirstBcsh SFST 44.43 -0.8 WesternCopper WRN 0.87 10.5 Kopin KOPN 0.36 -3.1
Ansys ANSS 259.56 1.6 AssuredGuaranty AGO 50.76 0.7 CapStarFin CSTR 17.48 1.9 Fellazo FLLC 9.96 0.1 Humana HUM 370.59 3.6 MastechDigital MHH 10.51 12.3 ParkeBancorp PKBK 25.15 2.8 SoNtlBcpVA SONA 16.70 0.9 WhiteMtnIns WTM 1118.89 0.3 LineageCell LCTX 0.65 -3.2
ASGN ASGN 70.70 -1.0 AstraZeneca AZN 49.60 2.0 Carlyle CG 30.42 2.2 FirstBancorpNC FBNC 40.92 0.6 HuronConsulting HURN 70.50 -0.1 Mastercard MA 299.48 0.3 PeapackGladFinl PGC 31.65 ... SouthsideBcshs SBSI 37.12 1.3 WillisTowers WLTW 201.95 0.6 Lipocine LPCN 0.32 -6.1
ASML ASML 293.95 1.1
no

Athene ATH 46.30 1.9 CarolinaFin CARO 43.31 0.8 FirstBancorp FNLC 29.86 1.6 HyattHotels H 85.63 1.8 Medtronic MDT 114.97 0.9 PebblebrookPfdF PEBpF 27.08 0.8 SparkEnergyPfdA SPKEP 26.60 -0.3 WyndhamDest WYND 50.68 0.9 LiquidiaTechs LQDA 3.17 -12.3
AccelEntWt ACEL.WS 2.85 7.5 AuburnNatlBncp AUBN 49.35 4.0 CarriageSvcs CSV 28.50 -1.9 FirstBusFinSvcs FBIZ 26.16 0.1 ICICI Bank IBN 15.25 0.1 MercantileBank MBWM 36.98 1.4 Pennant PNTG 32.34 1.4 Stantec STN 27.90 0.4 XP XP 38.49 -5.1 LiquiditySvcs LQDT 5.45 -1.7
AccelEnt ACEL 12.62 2.9 AudioCodes AUDC 25.82 3.4 CedarRealtyPfB CDRpB 27.51 1.2 FirstChoiceBncp FCBP 26.99 3.2 IGM Biosci IGMS 33.18 3.6 Merck MRK 90.00 0.1 PennsWoodsBncp PWOD 34.75 1.8 StarsGroup TSG 25.12 0.4 Yandex YNDX 43.53 -1.0 McEwenMining MUX 1.02 -5.5
AcceleronPharma XLRN 51.36 0.8 Autodesk ADSK 184.87 2.8 CntlValCmntyBk CVCY 21.90 ... FirstCitizBcshA FCNCA 537.96 ... IHS Markit INFO 75.36 0.4 MeridianBancorp EBSB 20.78 1.9 PeoplesFinSvcs PFIS 52.02 3.0 StarwoodProp STWD 24.98 0.4 ZaiLab ZLAB 44.06 -6.0 MedalistDivREIT MDRR 3.64 -5.1
Accenture ACN 208.66 -0.8 AvonProducts AVP 5.61 5.1 CeridianHCM CDAY 63.81 1.1 FirstCmwlthFin FCF 14.90 0.8 INTL FCStone INTL 49.37 8.2 Meridian MRBK 20.64 -1.2 PerformanceFood PFGC 48.38 2.3 Stereotaxis STXS 4.77 -1.7 ZayoGroup ZAYO 34.40 0.4 MereoBioPharma MREO 1.16 -19.6
ActIIGlbAcqn ACTT 9.97 ... AxcelisTechs ACLS 24.42 0.3 CharlesRiverLabs CRL 150.46 1.3 FirstFinBkshs FFIN 36.28 2.6 Ichor ICHR 34.25 0.6 MetropolitanBk MCB 48.50 1.1 Pfenex PFNX 13.65 7.7 SummitFin SMMF 27.83 0.8 ZebraTech ZBRA 260.30 -0.9 NakedBrand NAKD 0.02 -11.9
ActivisionBliz ATVI 59.34 -0.1 AxsomeTherap AXSM 88.00 70.5 Chemed CHE 445.10 0.3 FirstFinIN THFF 46.20 0.8 Infinera INFN 7.39 3.7 MicrochipTech MCHP 104.95 1.1 PiperJaffray PJC 82.55 -0.4 Synaptics SYNA 66.05 2.8 NebulaAcqnWt NEBUW 0.57 13.6
Actuant EPAC 26.98 0.3
Acushnet GOLF 32.40 1.8
B.RileyPrincWt BRPM.WS 0.84
BWX Tech BWXT 63.07
2.5
0.6
ChimeraInvt
ChinaDistanceEd DL
CIM 20.84
9.01
-0.4
3.2
FirstFoundation FFWM
FirstHawaiian FHB
17.26
29.40
2.3
1.4
InnovSolSuprt ISSC
Intergroup INTG
6.45
37.90
8.9
3.3
MicronTech
Microsoft
MU
MSFT
54.30 3.4
155.90 0.6
Plexus
PointsIntl
PLXS
PCOM
79.64
15.06
-0.4
...
Sysco
TAL Education TAL
SYY 84.31
46.49
0.8
1.1
Lows OneConnectFinTech OCFT
OriginAgritech SEED
9.75 -2.5
4.70 -0.8
Adecoagro AGRO 8.19 2.4 BancFirst BANF 62.43 1.9 ChurchillDowns CHDN 137.42 -0.1 FirstMerchants FRME 41.92 1.6 IntlSeaways INSW 28.41 1.0 MidPennBancorp MPB 28.50 2.8 Popular BPOP 59.36 0.6 TIM Part TSU 17.99 1.0 A-MarkPrecMetals AMRK 8.71 -2.3 PLDT PHI 19.33 -0.5
Adobe ADBE 325.25 1.8 BancorpNJ BKJ 19.64 2.2 CirrusLogic CRUS 78.36 0.8 FirstLongIsland FLIC 25.19 1.0 Intevac IVAC 6.69 0.5 MidlandStBncp MSBI 29.22 1.5 PreferredBankLA PFBC 58.68 1.9 TTM Tech TTMI 15.00 0.5 AEternaZentaris AEZS 0.77 -2.5 ParingaResources PNRL 1.40 -2.1
AdvMicroDevices AMD 42.98 2.9 BankofAmerica BAC 35.09 0.8 CivistaBcshrs CIVB 23.28 0.3 FirstRepBank FRC 116.60 0.9 InvescoMtg IVR 16.73 0.1 MiratiTherap MRTX 115.36 0.4 PremierFinBncp PFBI 20.38 -2.7 Target TGT 128.00 -1.0 AethlonMedical AEMD 0.95 -8.2 PhoenixNewMedia FENG 2.00 5.1
Aegion AEGN 23.22 3.8 BankofAmPfd2 BMLpH 20.55 0.4 ClearsideBiomed CLSD 2.28 22.7 1stSource SRCE 53.11 1.0 Investar ISTR 26.46 -1.1 MirumPharm MIRM 22.43 111.0 PrestigeCnsHlth PBH 40.13 2.3 TeekayLNG PfdA TGPpA 26.85 0.2 AlkalineWater WTER 1.03 -3.7 PingtanMarineEnt PME 1.05 9.4
Alibaba BABA 209.15 1.0 BankofAmPfdL BMLpL 24.14 -0.1 CodorusValleyBncp CVLY 23.60 2.1 Fiserv FISV 118.00 -0.2 IovanceBiotherap IOVA 27.52 5.2 MitsubishiUFJ MUFG 5.52 ... Primerica PRI 138.05 0.6 TeekayTankers TNK 22.74 1.6 AquaMetals AQMS 0.45 -19.9 PioneerPwrSols PPSI 2.12 0.2
AllegiantTravel ALGT 178.47 0.6 Barclays BCS 10.22 4.1 Cohu COHU 21.00 1.4 FormFactor FORM 25.76 0.3 IronwoodPharm IRWD 13.03 1.2 MobileTeleSys MBT 9.80 0.4 PrincipiaBio PRNB 52.63 4.9 TenetHealthcare THC 38.54 2.2 AstroNova ALOT 13.52 -3.2 QurateRetailB QRTEB 8.03 -0.4
AlliedMotionTech AMOT 48.37 0.3 BectonDickinsonPfA BDXA 65.34 0.4 CommerceBcshrs CBSH 67.76 1.7 Fortinet FTNT 107.77 1.5 Itron ITRI 85.36 -1.0 ModelN MODN 34.26 4.5 Procter&Gamble PG 126.35 0.1 Teradyne TER 69.12 2.4 BionanoGenomWt BNGOW 0.08 -9.1 RTW Retail RTW 0.85 -2.5
Alphabet C GOOG 1364.68 1.0 BectonDicknsn BDX 270.08 0.4 CommBkSys CBU 70.61 1.7 FortBrandsHome FBHS 66.07 0.6 JELD-WEN JELD 24.21 1.1 MonolithicPower MPWR 178.73 1.5 ProvidentFin PROV 22.99 -0.8 TerritBanc TBNK 32.26 0.3 BrickellBiotech BBI 1.41 -15.1 RaMedicalSys RMED 0.70 -1.0
Alphabet A GOOGL1363.53 1.0 BellRingBrands BRBR 21.72 0.7 CommunityFin TCFC 35.33 0.9 Franchise FRG 27.49 -7.9 JPMorganChase JPM 138.84 0.4 Moody's MCO 239.52 0.4 PrudentialSkis PUKp 27.65 1.2 Tesla TSLA 383.61 6.4 Bristol-MyersRt CELGr 0.35 -0.6 SalemMedia SALM 1.35 -2.1
Amarin AMRN 26.12 -5.1 BerkHathwy A BRK.A 341784 0.7 CmntyTrBcp CTBI 47.02 1.1 FultonFin FULT 17.92 0.6 Jabil JBL 40.83 1.7 MorganStanleyPfdK MSpK 28.32 0.3 QCR Holdings QCRH 43.67 1.9 TheBancorp TBBK 12.85 3.6 CARBOCeramics CRR 0.26 -17.8 ShiftPixy PIXY 7.17 -9.2
Amdocs DOX 71.10 0.7 BerkHathwy B BRK.B 227.81 0.7 COPEL ELP 16.36 2.3 GAMCOGlbGoldPfB GGNpB 25.35 0.8 JPMorganPfdGG JPMpJ 25.54 ... MorphoSys MOR 36.49 2.3 QVC Nts 2068 QVCC 25.34 ... ThermoFisherSci TMO 324.18 0.4 Canaan CAN 4.56 -11.3 ShilohIndustries SHLO 3.43 -4.4
AmerantBancorpA AMTB 23.59 2.3 BestBuy BBY 86.86 1.8 CompassDiversif CODI 25.41 -0.2 GDL Fd PfdC GDLpC 51.35 0.1 KBR KBR 30.71 2.4 NBT Bancorp NBTB 41.21 1.4 Qorvo QRVO 116.81 1.4 ThomsonReuters TRI 72.87 0.5 CapitalSrLiving CSU 3.22 -8.0 SparkNetworks LOV 4.33 -1.1
AmerFinl5.125%Deb AFGC 25.98 -0.1 Bill.com BILL 40.23 -6.7 ConnectOneBncp CNOB 26.29 2.3 GSXTechedu GSX 20.84 -0.4 Kadant KAI 108.16 -2.0 NantKwest NK 3.19 10.8 RELX RELX 25.31 3.1 TompkinsFin TMP 91.13 0.5 CapricorTherap CAPR 1.00 -15.1 SpartanEnerWt SPAQ.WS 0.49 1.0
AmericanWoodmark AMWD 108.62 0.2 BioNTech BNTX 38.75 7.9 Constellium CSTM 15.10 -2.3 Gallagher AJG 95.47 0.6 KaiserAlum KALU 115.67 -0.1 Nasdaq NDAQ 106.72 0.7 RaPharm RARX 47.55 -0.2 Toro TTC 81.81 -1.6 CastorMaritime CTRM 2.02 -6.8 Sprint S 5.15 -0.4
Ameriprise AMP 169.74 ... BlackRock BLK 506.81 0.7 Cosan CZZ 21.39 1.4 GenieEnergyPfd GNEpA 9.22 0.6 Kaman KAMN 68.24 -0.5 NatlGeneralPfdC NGHCN 25.43 0.5 RegionsFin RF 17.54 0.4 TowerSemi TSEM 24.58 2.6 Celcuity CELC 8.91 -11.1 SummerInfant SUMR 0.20 -12.2
AmerisBancorp ABCB 44.90 0.8 BostonSci BSX 45.68 0.2 Costamare CMRE 9.53 2.1 GeospaceTech GEOS 17.15 -1.8 LGL Group LGL 15.86 4.8 NatlGeneralPfdB NGHCO 25.59 -0.1 RenaissanceRe RNR 199.33 1.5 TownsquareMedia TSQ 9.81 1.7 CemtrexPfd CETXP 0.34 -14.5 SummitWireless WISA 0.52 -6.4
Amgen AMGN 244.53 2.7 Bottomline EPAY 53.04 1.1 CountyBancorp ICBK 26.98 1.9 Gerdau GGB 4.53 -0.2 LGL Systems Un DFNSU 10.15 0.1 NationalGrid NGG 62.58 1.0 Rent-A-Center RCII 28.63 0.6 Tredegar TG 23.48 -2.0 Check-Cap WtC CHEKZ 0.10 -16.7 Teligent TLGT 0.39 -10.4
Amphenol APH 109.32 0.8 BritishAmTob BTI 42.61 3.8 Crawford A CRD.A 11.90 1.1 GermanAmerBncp GABC 35.26 0.7 LIVCapAcqnUn LIVKU 10.04 0.1 NeuBaseTherap NBSE 8.30 5.5 ResMed RMD 156.20 1.5 TriStateCapital TSC 25.98 1.1 CocrystalPharma COCP 0.41 -4.1 TencentMusic TME 11.27 0.6
AmplitudeHlthcr AMHCU 10.04 0.2 BrooklineBcp BRKL 16.59 1.5 CrescentAcqn CRSAU 10.35 1.5 GlacierBancorp GBCI 45.70 1.6 LKQ LKQ 36.38 -0.5 NewOrientalEduc EDU 125.00 -0.4 RushEnt B RUSHB 48.50 1.4 TritonIntl TRTN 38.95 2.2 Conn's CONN 12.33 -1.4 TherapixBiosci TRPX 1.15 -11.3
Aon AON 208.00 0.4 Brown&Brown BRO 39.32 0.3 CrescentAcqn CRSA 9.98 0.1 GladstoneInvt GAIN 15.02 0.5 LPL Financial LPLA 93.93 0.6 Newmark NMRK 13.64 1.7 Ryanair RYAAY 88.13 0.3 TriumphBancorp TBK 38.91 -1.2 CrossTimbers CRT 7.37 -0.7 36Kr KRKR 8.10 -7.1
ApolloGlbMgmt APO 46.90 4.7 CACI Intl CACI 242.91 0.9 CueBiopharma CUE 15.20 11.1 GSK GSK 47.26 2.0 LSI Inds LYTS 6.46 -3.5 NewmontGold NEM 41.45 -0.7 RyersonHolding RYI 12.17 -0.1 TruistFinl TFC 56.75 0.4 Digirad DRAD 2.47 -3.7 TransEnterix TRXC 1.76 -7.8
ApolloInv AINV 18.00 2.1 CAI Intl CAI 29.46 14.0 CurtissWright CW 144.82 -0.4 GlobeLife GL 106.82 0.5 LandcadiaII A LCA 9.89 -0.1 Nike NKE 99.34 1.1 SB Financial SBFG 19.20 3.2 TurningPtTherap TPTX 60.66 6.0 EastsideDistilling EAST 2.51 -6.8 TuanChe TC 1.58 -4.3
Apple AAPL 280.79 1.7 CB FinSvcs CBFV 30.78 0.7 Danaher DHR 153.54 2.0 GlobusMedical GMED 58.75 0.4 LandmarkBncp LARK 25.30 -1.0 NorthfieldBanc NFBK 17.30 1.4 SBOneBancorp SBBX 24.94 1.2 TwoHarborsPfdB TWOpB 27.34 1.6 Energous WATT 1.80 -7.5 US Antimony UAMY 0.34 0.5
AppliedIndlTechs AIT 68.21 -0.5 CBRE Group CBRE 59.41 1.6 DarlingIngred DAR 25.66 0.3 GoldResource GORO 5.39 -2.3 LawsonProducts LAWS 53.60 1.7 NorwoodFin NWFL 37.70 2.6 SEI Investments SEIC 66.66 0.5 TwoRiverBancorp TRCB 22.00 1.1 EnvisionSolarIntl EVSI 3.91 -5.1 VillageSuper A VLGEA 23.91 -0.6
ArcherDaniels ADM 46.23 1.7 CDW CDW 141.75 2.1 DecipheraPharm DCPH 66.43 -1.1 Goldfield GV 3.39 22.3 LegacyAcqn LGC 10.35 -0.5 NovaMeasuring NVMI 37.89 1.4 SMART Global SGH 36.19 8.1 US BancorpPfdA USBpA 862.00 ... EpsilonEnergy EPSN 2.92 -9.4 WAVE LifeSci WVE 16.78 -55.3
Arconic ARNC 31.99 0.5 CGI GIB 83.96 0.4 DeltaApparel DLA 29.81 0.1 GoldmanSachs GS 230.70 1.4 Leidos LDOS 92.50 -0.2 NovoNordisk NVO 58.47 1.5 SandySpringBncp SASR 36.93 1.5 US BancorpPfdH USBpO 25.78 0.1 Farmmi FAMI 0.85 ... WestwaterRscs WWR 2.10 -4.1
Arcosa ACA 44.95 1.5 CNO Financial CNO 19.11 0.6 Diodes DIOD 51.59 1.1 GoldmanSachsPfC GSpC 23.22 -0.5 LincolnElectric LECO 96.79 1.8 Nuvasive NUVA 77.17 1.2 Sanofi SNY 50.53 1.4 UnionPacific UNP 180.84 1.7 FivePoint FPH 6.30 -6.5 YoungevityIntl YGYI 3.54 -3.3

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
NA TotRetBdI
... NA OTC 12.72 +0.12 37.0 DevMktY 45.02 +0.17 19.8 PIMCO Funds I2 BalAdml 39.21 +0.13 20.8 USGroAdml 109.70 +1.07 31.5 WndsrII 39.40 +0.30 28.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. Edgewood Growth Instituti Puritn 22.53 +0.12 20.1 JPMorgan I Class Income NA ... NA CAITAdml 12.10 ... 6.8 ValAdml 46.71 +0.31 24.7 VANGUARD INDEX FDS
EdgewoodGrInst 37.92 +0.39 31.7 SAIUSQtyIdx 14.55 +0.11 32.9 EqInc 19.32 +0.09 25.2 PIMCO Funds Instl CapOpAdml r167.06 +1.75 26.6 WdsrllAdml 69.92 +0.52 28.1 MdCpVlAdml 61.38 +0.30 26.2
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e Fidelity SrsEmrgMkt 20.13 +0.11 25.7 JPMorgan R Class IncomeFd NA ... NA DivAppIdxAdm 33.70 +0.14 28.5 WellsIAdml 67.11 +0.06 15.9 SmValAdml 58.54 +0.39 21.1
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, CoreBond
500IdxInstPrem110.60 +0.79 29.8 SrsGlobal 13.08 +0.12 20.6 11.87 -0.04 8.6 Price Funds EMAdmr 36.55 +0.19 17.5 WelltnAdml 76.51 +0.28 21.8 TotBd2 11.02 -0.03 8.6
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r Contrafund K6 14.25 +0.12 29.0 SrsGroCoRetail 19.42 +0.20 BlChip TotIntl
37.4 Lord Abbett A 122.38 +0.96 27.9 EqIncAdml 80.74 +0.55 24.0 WndsrAdml 78.24 +0.59 28.9 17.92 +0.16 20.5
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not ExtMktIdxInstPre 64.23 +0.53 26.3 SrsIntlGrw 17.44 +0.14 34.9 ShtDurIncmA p 4.21 ... 5.3 DivGro 52.69 +0.32 29.5 ExplrAdml 101.08 +0.79 30.0 VANGUARD FDS TotSt 79.05 +0.58 29.0
available due to incomplete price, performance or cost data. NE-Not released by Lipper; IntlIdxInstPrem 42.98 +0.47 22.1 SrsIntlVal 9.91 +0.11 19.9 Lord Abbett F EqInc 31.71 +0.24 25.1 ExtndAdml 94.84 +0.76 26.3 DivdGro VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. 31.49 +0.18 29.8
MidCpInxInstPrem 23.93 +0.16 28.9 TotalBond 10.91 -0.02 9.7 ShtDurIncm 4.21 ... 5.4 EqIndex 84.74 +0.60 29.6 GNMAAdml 10.54 -0.02 5.7 INSTTRF2020 24.60 +0.07 17.0 BalInst 39.22 +0.13 20.8
SAIUSLgCpIndxFd 17.07 +0.13 29.9 Fidelity SAI Lord Abbett I Growth 72.10 +0.53 28.6 GrwthAdml 92.52 +0.72 34.9 INSTTRF2025 25.17 +0.10 18.9 DevMktsIndInst 14.26 +0.15 21.8
Monday, December 16, 2019 SmCpIdxInstPrem 20.77 +0.15 24.2 TotalBd 10.50 -0.02 9.7 ShtDurInc p 4.20 -0.01 5.2 HelSci 80.56 -3.82 27.7 HlthCareAdml r 93.91 +0.86 22.2 INSTTRF2030 25.54 +0.12 20.2 DevMktsInxInst 22.29 +0.23 21.7
Net YTD Net YTD Net YTD TMktIdxInstPrem 89.43 +0.66 29.2 First Eagle Funds Metropolitan West InstlCapG 45.14 +0.34 26.4 HYCorAdml r 5.96 +0.01 15.6 INSTTRF2035 25.89 +0.14 21.5 ExtndInst 94.84 +0.76 26.4
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret USBdIdxInstPrem 11.93 -0.03 8.5 GlbA 60.83 +0.27 19.5 TotRetBdI 10.93 -0.04 9.0 IntlStk 18.84 +0.18 25.9 InfProAd 26.14 -0.06 8.0 INSTTRF2040 26.25 +0.16 22.8 GrwthInst 92.53 +0.72 35.0
Fidelity Advisor I FPA Funds TRBdPlan 10.28 -0.03 9.0 MidCap 94.24 +0.63 30.0 IntlGrAdml 101.55 +1.32 29.9 INSTTRF2045 26.52 +0.19 23.9 InPrSeIn 10.65 -0.03 8.0
American Century Inv Baird Funds EmgMktVa 28.43 +0.09 7.6 NwInsghtI 32.52 +0.25 27.9 FPACres 34.65 +0.17 19.5 MFS Funds Class I N Inc 9.71 -0.02 9.1 ITBondAdml 11.81 -0.04 10.0 INSTTRF2050 26.55 +0.18 InstIdx 290.03 +2.07 29.8
Ultra 53.67 +0.52 32.7 AggBdInst 11.23 -0.03 9.3 EmMktCorEq 21.29 -0.01 12.9 23.8
Fidelity Freedom Franklin A1 ValueI 44.97 +0.29 28.8 NHoriz 59.02 -6.39 NA ITIGradeAdml 10.03 -0.03 10.1 InstPlus 290.05 +2.06 29.8
American Funds Cl A CorBdInst 11.58 -0.02 9.9 IntlCoreEq 13.78 +0.03 21.4 IntlVal 38.50 +0.34 19.9
FF2020 16.74 +0.07 17.3 CA TF A1 p 7.66 +0.01 9.2 MFS Funds Instl OverS SF r 11.42 +0.11 22.8 LTGradeAdml 11.17 -0.06 21.1 InstTStPlus 68.72 +0.49 29.2
AmcpA p 34.53 +0.32 24.5 BlackRock Funds IntSmCo 19.46 +0.20 23.3 IntlEq LifeCon 21.17 +0.04 15.2
FF2025 14.68 +0.06 18.6 IncomeA1 p 2.32 +0.01 14.3 27.71 +0.30 27.7 R2020 23.12 +0.09 18.4 MidCpAdml 218.92 +1.51 29.3 MidCpInst 48.36 +0.33 29.3
AMutlA p 44.54 +0.24 20.5 HiYldBd Inst 7.75 ... 14.6 IntSmVa 19.28 -0.36 17.2 FF2030 R2025 LifeGro 36.32 +0.22 22.1
18.31 +0.10 20.9 FrankTemp/Frank Adv Northern Funds 18.50 +0.08 19.9 MuHYAdml 11.78 ... 9.1 MidCpIstPl 238.51 +1.65 29.3
BalA p 29.00 +0.12 18.1 BlackRock Funds A LgCo 24.47 -0.09 28.3 Freedom2020 K 16.73 +0.07 17.4 IncomeAdv 2.30 +0.01 14.5 StkIdx NA ... NA R2030 27.06 +0.14 21.3 MuIntAdml 14.48 ... 6.8
LifeMod 29.11 +0.11 18.6
RealEstaInstl 19.96 +0.13 25.1
BondA p 13.25 -0.03 7.8 GlblAlloc p 19.70 ... 15.8 TAUSCoreEq2 20.34 +0.14 28.0 Freedom2025 K 14.67 +0.07 18.7 FrankTemp/Franklin A Nuveen Cl I R2035 19.91 +0.11 22.4 MuLTAdml 11.97 ... 8.6 PrmcpCor 29.71 +0.22 27.0 SmCapInst 78.76 +0.53 25.7
CapIBA p 64.03 +0.39 16.5 BlackRock Funds Inst US CoreEq1 25.61 -0.31 26.1 Freedom2030 K 18.29 +0.09 20.9 RisDv A p 68.82 +0.22 28.3 HYMunBd 18.00 +0.01 11.9 R2040 28.42 +0.18 23.4 MuLtdAdml 11.08 ... 4.0 STAR 28.61 +0.14 21.5 STIGradeInst 10.72 -0.01 5.6
CapWGrA 52.17 +0.41 23.8 EqtyDivd 20.70 +0.15 26.4 US CoreEq2 23.39 -0.40 24.7 Freedom2035 K 15.40 +0.11 23.4 FrankTemp/Franklin C Oakmark Funds Invest Value 37.58 +0.28 25.0 MuShtAdml 15.85 ... 2.4 TgtRe2015 15.85 +0.03 14.4 STIPSIxins 24.80 -0.01 4.5
EupacA p 56.80 +0.33 26.1 MultiAstIncome 10.93 ... 13.1 US Small 34.60 -0.67 17.2 Freedom2040 K 10.77 +0.08 24.2 Income C t 2.36 +0.01 14.0 OakmrkInt 25.03 +0.35 24.6 PRIMECAP Odyssey Fds PrmcpAdml r153.52 +1.47 26.9 TgtRe2020 33.49 +0.11 17.0 TotBdInst 11.06 -0.03 8.7
FdInvA p 64.69 +0.54 26.0 StratIncOpptyIns 9.94 ... 7.0 US SmCpVal 34.76 +0.21 16.8 Fidelity Invest FrankTemp/Temp Adv Old Westbury Fds AggGrowth r 46.99 +0.41 22.7 RealEstatAdml128.98 +0.88 25.0 TgtRe2025 20.22 +0.08 18.9 TotBdInst2 11.02 -0.03 8.7
GwthA p 54.02 +0.50 26.3 Bridge Builder Trust US TgdVal 23.54 +0.16 20.0 Balanc 24.37 +0.14 23.2 GlBondAdv p 10.50 -0.09 -1.7 LrgCpStr 14.91 +0.08 23.9 Growth r 42.65 +0.35 22.8 SmCapAdml 78.76 +0.53 25.7 TgtRe2030 37.05 +0.18 20.2 TotBdInstPl 11.06 -0.03 8.7
HI TrA p 10.02 +0.02 10.9 CoreBond 10.43 -0.03 8.9 USLgVa 39.21 +0.28 24.0 BluCh 106.40 +1.17 31.3 Guggenheim Funds Tru Parnassus Fds Stock r 36.36 +0.24 26.4 SmGthAdml 69.13 +0.47 31.1 TgtRe2035 22.86 +0.13 21.5 TotIntBdIdxInst 34.82 -0.05 8.1
ICAA p 40.98 +0.38 22.7 CorePlusBond 10.19 -0.02 9.1 Dodge & Cox Contra 13.50 +0.11 28.0 TotRtnBdFdClInst 27.14 -0.08 4.7 ParnEqFd 46.83 +0.23 29.9 Schwab Funds STBondAdml 10.56 -0.01 4.7 TgtRe2040 39.66 +0.25 22.7 TotIntlInstIdx r119.90 +1.08 20.6
IncoA p 23.82 +0.14 18.0 Intl Eq 12.27 +0.14 23.2 Balanced 106.19 +0.40 18.8 ContraK 13.52 +0.12 28.2 Harbor Funds PGIM Funds Cl Z 1000 Inv r 72.37 +0.53 29.7 STIGradeAdml 10.72 -0.01 5.6 TgtRe2045 25.01 +0.17 23.8 TotItlInstPlId r119.93 +1.08 20.6
N PerA p 48.35 +0.39 28.4 LargeCapValue 13.64 +0.09 27.4 GblStock 13.55 +0.14 22.8 CpInc r 10.22 +0.03 18.4 CapApInst 81.33 +0.94 31.3 TotalReturnBond NA ... NA S&P Sel 49.72 +0.36 29.8 TotBdAdml 11.06 -0.03 8.6 TgtRe2050 40.25 +0.28 23.8 TotStInst 79.10 +0.57 29.1
NEcoA p 48.55 +0.37 25.0 Del Invest Instl Income 14.18 -0.02 9.5 GroCo 21.82 +0.24 36.2 Harding Loevner PIMCO Fds Instl TSM Sel r 56.30 +0.41 29.2 TotIntBdIdxAdm 23.20 -0.04 8.1 TgtRet2055 43.69 +0.30 23.8 ValueInst 46.71 +0.31 24.7
NwWrldA 72.31 +0.29 26.1 Value 22.87 +0.20 18.5 Intl Stk 45.04 +0.53 22.0 GrowCoK 21.85 +0.23 36.3 IntlEq NA ... NA AllAsset NA ... NA TIAA/CREF Funds TotIntlAdmIdx r 29.98 +0.27 20.6 TgtRetInc 14.16 +0.02 12.8 WCM Focus Funds
SmCpA p 60.61 +0.49 29.2 Dimensional Fds Stock 203.41 +1.29 23.6 InvGrBd 11.58 -0.02 9.6 Invesco Funds A TotRt 10.40 -0.04 8.2 BdIdxInst 11.12 -0.03 8.3 TotStAdml 79.09 +0.57 29.1 TotIntBdIxInv 11.60 -0.02 7.9 WCMFocIntlGrwIns 18.81 +0.18 34.5
TxExA p 13.34 ... 7.2 5GlbFxdInc NA ... NA DoubleLine Funds LowP r 49.76 +0.41 25.0 EqIncA 10.18 +0.04 18.8 PIMCO Funds A VANGUARD ADMIRAL TxMCapAdml164.69 +1.20 29.9 WellsI 27.70 +0.02 15.8 Western Asset
WshA p 49.30 +0.32 24.0 DFARlEst 39.69 -0.23 22.7 CoreFxdIncmI 11.09 -0.02 7.8 Magin 10.07 +0.07 29.5 Invesco Funds Y IncomeFd NA ... NA 500Adml 295.77 +2.11 29.8 TxMIn r 14.24 +0.15 21.7 Welltn 44.30 +0.16 21.7 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 | Tuesday, December 17, 2019 * *** THE WALL STREET JOURNAL.

BANKING & FINANCE

Investors Throw Doubt on Oil Gains Fintech

Unicorns
Trade progress, U.S. crude-oil price U.S. crude stockpiles, weekly providers and infrastructure.

planned production
cuts haven’t driven a
$62 a barrel U.S. and China announce
limited trade deal
500 million barrels
Neither the OPEC cuts nor the
trade deal has persuaded the
firm to pull back on that, he
Get Mixed
sustained rise
60
OPEC finalizes cuts
400

300
said.
“It didn’t change our in-
vesting perspective and how
Reception
BY SARAH TOY we’re positioning our clients,” BY PAUL VIGNA
he said. “Nothing caused us to
Easing trade tensions and 200 change our mind and catapult It has been hard to find a
production cuts by the Organi- oil-demand growth to the top losing strategy in the equities
zation of the Petroleum Ex- 100
of our list in terms of invest- markets these days. Growth’s
58
porting Countries have ments we’re planning on mak- a winner. Value’s a winner.
boosted oil prices recently, but ing.” Even bonds are having a good
some investors remain dubi- 0 Mr. Thummel also noted the year.
ous that even those long- 2019 relatively brief duration of the One group
awaited developments will be
56
OPEC cuts. “If OPEC really ABREAST OF that hasn’t
enough to push crude beyond
Net bullish bets on
wanted to boost prices, they THE MARKET kept up with
its recent trading range. should have run the cuts the market’s
U.S. crude, weekly
U.S. crude prices hit a fresh through the entirety of 2020,” record year: Fintech unicorns.
three-month high on Monday 300,000 contracts he said. “The fact that they It is surprising, because fin-
after the U.S. and China late Monday are re-evaluating in March— tech seems so hot. Whether it
54
last week reached a limited $60.21 that’s causing some uncer- is blockchain or mobile bank-
trade agreement that helped +0.2% tainty.” ing, everybody wants a piece
ease investors’ worries that 200,000 For others, the OPEC cuts of fintech. Startups in the sec-
slowing global growth would and trade deal signal a strong tor raised nearly $9 billion in
hurt demand. 52 year ahead for oil prices. the third quarter, a record
A week earlier, OPEC and “The deal is very construc- amount, according to data
100,000
its Russia-led allies agreed to tive for oil prices looking into from market-data research
new crude-production cuts, Attacks in Saudi Arabia 2020, especially when com- firm CB Insights.
which also boosted prices. bined with the very firm back- Few of those companies
Yet both rallies quickly 50 0 ing from OPEC,” said Gary have hit the public markets,
stalled. Optimism about the Ross, chief executive of Black though, and the ones that are
Sept. Oct. Nov. Dec. 2019
trade pact fizzled Friday after- Gold Investors LLC, who is there have gotten a mixed re-
noon, with U.S. crude prices Sources: FactSet (price); U.S. Energy Information Administration (stockpiles); U.S. Commodity Futures Trading Commission (bets) betting on exploration-and- ception.
paring gains from earlier in production companies.
the day to settle up 1.5% for Saudi Arabia agreed to re- Oil prices remain well be- remain robust going into next Another bullish sign, ac-
the week at $60.07 a barrel.
On Monday, they inched up
duce output by 167,000 barrels
a day to 10.151 million, but the
low their April highs, weighed
down by concerns of oversup-
year. The cartel left its world
oil-demand growth estimates
cording to Mr. Ross: a post-
election surge in the British
Seven such
0.2% to $60.21, lifted by up- kingdom already produces an ply and waning demand for 2019 and 2020 unchanged pound that is weighing on the companies have hit
beat economic data from
China.
estimated 400,000 barrels a
day less than its previous
caused by slowing global
growth, even after the initial
and forecast that non-OPEC
supply would stay strong next
U.S. dollar. Oil is bought and
sold in the U.S. currency, so oil
the public market
Some doubt that the OPEC quota. trade agreement between the year. The same day, the EIA prices often move in the oppo- since 2014.

.
cuts—which would hold back a And some OPEC members, U.S. and China eased some reported another weekly rise site direction of the dollar.

total of around 1.7 million bar- including Nigeria and Iraq,
rels a day from global oil mar- have struggled with curbing
kets and deepen the current supply, making it difficult to
curb of 1.2 million barrels a gauge how effective the cuts on
day—will meaningfully reduce will be.
global supplies in the coming “Why would they change
year. next year just because they
While those production cuts made a pledge?” said Giovanni
us l,
ly
growth worries. in domestic crude inventories, Net bets on higher U.S.
“The upside to prices is defying analysts’ predictions crude prices by hedge funds
limited,” said Robert Yawger, of a drawdown and marking a and other speculative inves- “When they move into the
director of the futures division sixth week of increases out of tors jumped to their highest public markets, there’s more
at Mizuho Securities USA. the past seven. level since May during the differentiation between what’s
“There is just so much supply Rob Thummel, senior port- week ended Dec. 10, Commod- a tech firm and what’s a finan-
out there.” folio manager at the energy ity Futures Trading Commis- cial firm,” said Frederick Can-
OPEC and the U.S. Energy investment firm Tortoise, said sion data show. non, the global director of re-

could boost oil prices in 2020, Staunovo, commodities analyst
some energy experts are skep- at UBS Global Wealth Manage-
al a
e
tical about whether they will. ment.
ci on
Information Administration
signaled Wednesday that
global oil supply would likely
it is slowly moving its invest-
ments—still largely in oil and
gas—toward global electricity
Net bullish bets, however,
are still well below their April
peaks.
search at KBW.
That differentiation has
been stark for the fintech uni-
corns, or companies with valu-
ations of $1 billion or more.

SEC Expected to Push to Ease Auditor Rules

Seven such companies have
hit the public market since
2014. Shares of five of those
seven—LendingClub Corp., On
BY MARK MAURER Deck Capital Inc., GreenSky
er rs

Inc., Virtu Financial Inc. and

The U.S. Securities and Ex- Zuora Inc.—are down this
change Commission’s planned year. Moreover, they have
changes to auditor indepen- been dragging on portfolios
m e

dence rules would loosen regu- since their respective

lation of audit firms, giving launches, down anywhere from
them more discretion in as- 28% for Zuora to 85% for On
m rp

sessing conflicts of interest in Deck since their first public

their relationships with compa- trades.
nies they audit, according to Essentially, these are com-
people familiar with the mat- panies that are more “fin”
ter. than “tech.” Investors have
co Fo

SEC Chairman Jay Clayton separated companies that are

said on Dec. 9 that changes to basically financial-services
auditor independence rules firms—that need capital to op-
were a priority of the regulator erate—from ones that just rely
in the next year. His remarks, on a services model, like
at a conference in Washington Square Inc., Mr. Cannon said.
hosted by the American Insti- Take LendingClub. The San
tute of Certified Public Accoun- Francisco-based company had
tants, didn’t provide specifics a fat valuation of $3.8 billion
JACQUELYN MARTIN/ASSOCIATED PRESS

about possible changes. before its 2014 IPO, according

But the plans—expected to to CB Insights. After the IPO,
be considered by April 2020, that rose to $5.4 billion.
according to a biannual agenda But the company has been
of rules to be weighed by the dogged by technology that
n-

commission—will seek to relax hasn’t worked as expected,

regulatory control over exter- questionable lending practices
nal auditors, the people said. that resulted in founder Re-
The planned rules, which naud Laplanche being dumped
no

would follow the approval in as chief executive, and a strug-

June of softer rules governing Chairman Jay Clayton recently said changes to independence rules are a priority of the regulator in the next year. gle in trying to find new cus-
auditors’ and funds’ financial tomers.
ties to the same lender, are hibited from providing a range funds had said the rule cap- an alteration to the require- the year ahead. LendingClub made its debut
part of the SEC’s broader shift of services that could create tured relationships that posed ment that U.S. companies plan- The SEC’s detection of sev- on Dec. 11, 2014, at $24.78. It
from strict guidance toward a conflicts of interest, put them no threat. ning to go public ensure their eral alleged independence vio- reached a high of $26 on Dec.
principles-based approach gov- in the position of auditing their The amendment replaced auditor’s independence during lations in recent years involv- 26, and has been falling since
erning corporate disclosures. own work or result in their the threshold with a squishier the two-to-three-year “look- ing firms such as then. Even after a 5:1 reverse
The SEC’s office of the chief acting as an employee of their form of appraisal known as a back” period before the IPO. PricewaterhouseCoopers and stock split, it is trading at
accountant is making progress clients. “significant influence” test, Auditor independence was Deloitte Touche Tohmatsu around $13.15.
on providing recommendations The SEC’s most recent which seeks to determine one of the five most common showed that some auditors had Ultimately, LendingClub
on additional changes to the change to the auditor indepen- whether a beneficial owner or deficiencies found in the in- a difficult time following exist- was another financial interme-
auditor-independence rule to dence rules, issued in June, re- loan relationship may impair spections conducted by the ing rules, said Robert Conway, diary that had all the require-
the commission, the SEC’s moved a rule that prevented a the auditor’s independence. For Public Company Accounting a retired audit partner at ments of other financial inter-
chief accountant, Sagar Teotia, firm from auditing a fund example, an auditor could eval- Oversight Board over the past KPMG and former head of mediaries.
said at the AICPA conference. while also borrowing money uate a fund’s governance struc- year, according to a Dec. 11 PCAOB offices in Southern Cal- “If you need a balance
A spokeswoman for the SEC from a lender with a stake ture, contractual agreements document from the PCAOB, ifornia. sheet, you need capital; it’s
declined to comment, citing a above a certain threshold in and governing documents to which regulates audits of pub- “Independence is founda- hard to grow that fast,” Mr.
policy prohibiting the agency the same fund. make that determination. lic companies and is overseen tional to the integrity of the Cannon said.
from commenting on the spe- The rule was intended to The loan amendment con- by the SEC. auditor’s report,” Mr. Conway To further illustrate that
cifics of potential rules. prevent business relationships tained a list of other potential The PCAOB said auditor in- said. “I think the solution is for point, the other two fintech
Under the Sarbanes-Oxley from jeopardizing an auditor’s future changes to indepen- dependence will be a key focus audit firms to do a better job unicorns tracked by CB In-
Act of 2002, auditors are pro- independence. Audit firms and dence. One example given was of attention for inspections in of compliance.” sights that have been money-
makers are both services
firms.

Goldman Unit Puts $75 Million in AI-Powered Firm Jack Dorsey’s Square is up
more than 450% since its de-
but in 2015, and Seattle-based
Avalara Inc., which sells tax-
BY JARED COUNCIL representatives. Among other ital, Jackson Square Ventures Eureka, including helping it of customer interactions. compliance software, is up
things, the platform can recom- and Sigma Prime Ventures. It make more prescriptive recom- CallMiner competes against 66% since its 2018 IPO.
CallMiner Inc., a developer mend what an agent should say has about 400 customers in- mendations. companies including NICE Ltd., For investors who aren’t
of speech-analytics software and determine whether em- cluding Equifax Inc., Banco “I want it to be able to tell Verint Systems Inc., and Gene- hard-core techies, the easiest
powered by artificial intelli- ployees’ answers comply with Santander SA, Sirius XM Hold- the enterprise, ‘Hey, did you sys Telecommunications Labo- way to feel fintech-smart
gence, said Monday that it company protocols. ings Inc. and Dell Technologies know when you have a caller ratories Inc. in a category For- might be to just head over to
raised $75 million in new ven- Eureka uses natural lan- Inc. on the line, and they mention rester Research Inc. calls “AI- the world of exchange-traded
ture funding from GS Growth, guage processing and other Holger Staude, a managing this competitor and they’re fueled speech analytics.” funds.
an investment unit of Goldman techniques to understand the director in Goldman’s mer- calling about product A, if you Enterprise demand for such The ETFMG Prime Mobile
Sachs Group Inc. words and sentiment used in chant-banking division, will want to upsell them, here’s how technology has grown in recent Payments ETF, for example—
The Waltham, Mass.-based calls, web chats, emails, sur- join CallMiner’s board. you do it,’ ” Mr. Gallino said. years along with advances in which counts Global Pay-
company, which has about 250 veys and texts. “CallMiner is well positioned to Eureka has historically fo- deep-learning techniques, said ments Inc., Fiserv Inc., and
employees, has raised a total of The deal marks the first in- transform the way organiza- cused on contact-center opera- Kjell Carlsson, a Forrester ana- Mastercard Inc. as its top
$142 million since it was vestment in CallMiner by GS tions operate,” he said in a tions, Mr. Gallino said, adding lyst. three holdings—is up 99%
founded in 2002. Growth, which is part of Gold- statement. that the company wants to ac- Not only has the technology since it made its debut in
CallMiner’s software plat- man’s merchant-banking divi- Jeff Gallino, CallMiner’s celerate an expansion into improved but companies are 2015.
form, called Eureka, uses AI to sion. CallMiner previously founder and chief technology other areas, such as marketing more interested than ever in That is a lot easier than
analyze conversations between raised $67 million from inves- officer, said his company plans or customer experience, that improving customer experi- trying to catch a unicorn. Or
customers and a company’s tors including NewSpring Cap- to use the money to enhance could benefit from the analysis ence, he added. blockchain.
 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.
Industrial Metals Rally on Growth Hopes
BY AMRITH RAMKUMAR
Copper, aluminum and
zinc—base metals vital to
construction and manufactur-
ing—climbed Monday, as im-
proving eco-
COMMODITIES nomic data in
China fueled
hopes that global growth will
accelerate in 2020.
Most-active copper futures
for March delivery rose 1.1%
to $2.8115 a pound on the
Comex division of the New
York Mercantile Exchange,
extending a recent rally that
has pushed the industrial
metal to its highest level
since early May. Prices are up
more than 7% in the past nine
sessions.
In energy markets, U.S.
crude-oil prices inched up
0.2% to $60.21 a barrel, hit-
ting a three-month peak.
Brent crude, the global gauge
of prices, advanced 0.2% to
$65.34 a barrel and is also at
its highest level since mid-
September.
Data showing that growth
in Chinese retail sales and in-
dustrial output accelerated
last month boosted commodi-
ties to start the week because
China is the world’s largest
consumer of raw materials.
Figures showed industrial
output for November was
6.2% higher than a year ear-
lier, accelerating from a 4.7%
Stocks Get
Lift From
Rosy Data
Continued from page B1
to record territory for the first
time since late November.
The S&P 500 added 22.65
points, or 0.7%, to 3191.45, its
29th record close
MONDAY’S of the year. The
MARKETS tech-heavy Nas-
daq Composite
rose 79.35 points, or 0.9%, to
8814.23.
Overseas, the Stoxx Europe
600 index, which tracks com-
panies across the continent
and in the U.K., gained 5.73
points, or 1.4%, to 417.75. The
index has climbed 24% this
year, putting it on track for its
best performance in a decade.
Many of the concerns that
have given investors pause
during this year’s rally eased
last week.
Within a few days, the U.S.
reached a trade truce with
China, U.K. voters gave Prime
Minister Boris Johnson a re-
sounding election victory and
Democrats in Congress backed
a new trade deal with Canada
and Mexico.
“Unless we get any bad
data, I think the market is go-
ing to continue to ride because
this was a big, big hurdle
cleared for markets with this
‘phase one’ deal,” said Esty
Dwek, head of global market
no
strategy at Natixis Investment
Managers.
U.S. purchasing managers
were more optimistic about
economic activity early this
month, pushing a measure of
overall output to a five-month
high, IHS Markit said.
Chinese economic activity,
including factory production
and consumer spending, im-
proved in November. The bet-
ter-than-expected results may
help alleviate investors’ con-
Regulators
Question
ESG Funds
Continued from page B1
SEC examiners are separate
from the regulator’s enforce-
ment division but can seek in-
formation from a broad group
of firms to learn about new
trends or concerns.
Examiners can issue defi-
ciency letters based on their
findings that tell companies
they are out of step with rules.
While the letters don’t trigger
fines, examiners can refer
their findings to SEC enforce-
ment attorneys for a formal
investigation.
The regulator in the letter
asked whether the adviser fol-
lowed well-known policies for
socially responsible investing,
including the United Nations’
Principles for Responsible In-
* * * *
The rally has pushed copper to its highest level since early May, and prices are up more than 7% in the past nine sessions.
year-over-year increase in
October.
Retail sales climbed 8% in
November from a year earlier,
compared with October’s 7.2%
increase.
Europe Benchmark
Joins Record March
on
Europe’s benchmark equity in-
dex hit its first record in more
us l,
than four years, thanks in part to
the lifting of geopolitical clouds.
al a
e
The Stoxx Europe 600 index,
which tracks companies across
the Continent and in the U.K.,
ci on
has climbed 24% this year, put-
ting it on track for its best per-
formance in a decade.
On Friday, investors’ opti-
mism that the U.K. would pro-
er rs
ceed with Brexit and the U.S.
might halt its trade war with
China helped the benchmark in-
dex briefly cross its April 2015
m e
record. It surpassed that record
Monday after climbing 1.4%.
Europe has spent much of
m rp
cerns about growth in the
world’s second-largest econ-
omy. Still, few investors say
co Fo
they believe the global econ-
omy is in the clear. Govern-
ment-bond yields have risen
lately but remain low.
Yields tend to rise and fall
with the economic outlook.
That they are so low signals
that any pickup in economic
activity “is likely to remain
muted,” said Christopher Sulli-
van, chief investment officer
at United Nations Federal
Credit Union.
The yield on the 10-year
n-
Treasury note ticked up to
1.890% Monday from 1.820%
on Friday. Bond yields rise as
prices fall.
Earlier this year, fears of a
slowdown in the U.S. economy
increased when yields on lon-
ger-term Treasurys dropped
below those on shorter-term
bonds—a phenomenon known
as an inverted yield curve that
has been a good predictor of
recessions.
The yield curve is no longer
inverted, which has helped
dispel recession fears.
Across the Atlantic, U.K.
stocks have climbed since re-
vestment.
Investment firms, including
BlackRock Inc. and Fidelity In-
vestments have signed onto
the U.N. framework, according
to the PRI, which administers
the effort in partnership with
the United Nations.
The SEC also homed in on
proxy voting in the letter,
which some investors say is a
powerful tool that can be used
to influence a company’s gov-
ernance and might show how
an investment fund is carrying
out its ESG goals.
The letter asked for proxy
voting records and documents
that related to how the adviser
decided to vote on an ESG is-
sue.
Investors’ focus on the en-
vironmental and social impact
of companies has grown in re-
cent years as issues like cli-
mate change and gender
equality have become more
mainstream.
Mounting data suggest pay-
ing attention to such factors
can boost returns, say inves-
tors.
MARKETS
Monday’s gains came after
an initial trade accord be-
tween the U.S. and China
boosted a range of markets at
the end of last week. Stocks
around the world also
the past decade grappling with
uneven economic growth. The
aftermath of the sovereign-debt
crisis, vulnerability to global trade
tensions and uncertainty around
the U.K.’s plans to leave the Eu-
ropean Union added to the woes.
“The experience of equity in-
vestors in Europe over the last
20 years has been pretty dread-
ful,” said Tristan Hanson, multi-
asset fund manager at M&G In-
vestments. “People have been on
the lookout in thinking ‘what can
go wrong?’ all the time.” He said
European bank stocks, which
have risen tepidly this year, have
room to go higher.
The performance of the Euro-
pean equity market was in line
with that of the U.S. from the
end of 1993 until the Greek sov-
ereign-debt problem erupted in
2009. Since the end of that year,
Index performance Monday
1.2%
1.0
0.8
0.6
0.4
0.2
0 0.1% to $64.89.
10 a.m. 11 noon 1 p.m.
Source: FactSet
sults of Thursday’s general
election showed Mr. Johnson’s
Conservative Party winning a
large majority in Parliament.
The result paves the way for
the U.K. to leave the European
Union next month, clearing
some of the political uncer-
tainty that has hung over the
country’s economy since the
2016 Brexit referendum.
Other topics frequently
grouped under the ESG um-
brella include companies’ use
of natural resources and how
they treat workers, including
those based overseas where
domestic regulations and stan-
dards may be different.
Senior SEC officials have
sometimes expressed concern
Impact investing
has been widely
embraced by Wall
Street.
that focusing too narrowly on
corporate morality could un-
dermine a money manager’s
duty to act in the best interest
of clients.
That could become a prob-
lem for pension funds pursuing
ESG strategies if their retirees
and beneficiaries aren’t as in-
terested in sustainability but
are nevertheless locked into
climbed Monday, highlighting
how better-than-feared eco-
nomic figures are pushing in-
vestors to take on more risk
toward the end of the year.
Oil and copper had lagged
including dividend reinvestments,
the difference remains stark, with
the pan-continental index gaining
129% as the S&P 500 rose 250%.
This year’s resurgence in Eu-
rope has been led by sectors
such as technology, construction
and materials, and financial ser-
vices, which includes asset man-
agers and stock exchanges. A
flurry of deal making related to
London Stock Exchange Group
PLC sent its shares up 82%.
Many of the factors weighing
on Europe have been the catalyst
for the rebound. Italy has long
been a cause for worry over its
weak banks and heavy govern-
ment debt. This year, however, it
is Europe’s best-performing major
stock market, as investors were
relieved over a change in the rul-
ing government coalition that
took a less confrontational ap-
Nasdaq
Composite
S&P 500
Dow Jones
Industrial
Average
2 3 4
“It takes the risk of a no-
deal Brexit immediately off the
table and it gives you some
certainty, so that’s better than
where we were,” said Thomas
Pugh, U.K. economist at Capi-
tal Economics.
In corporate news, shares
of Boeing declined 4.3% to
$327, weighing on the Dow.
The aerospace company is
funds’ investment choices, Re-
publican SEC commissioner
Hester Peirce said last year.
Ms. Peirce has criticized
ESG for having no enforceable
or common meaning.
“While financial reporting
benefits from uniform stan-
dards developed over centuries,
many ESG factors rely on re-
search that is far from settled,”
she said in a speech last year to
California State University Ful-
lerton’s Center for Corporate
Reporting and Governance.
Ms. Peirce said in separate
remarks last year to the SEC’s
Investor Advisory Committee,
“I think that should be part of
the discussion, trying to figure
out to what extent ESG might
stand for ‘enabling stakeholder
graft.’”
Flows into funds focused on
socially responsible investing
have soared from $2.83 billion
in 2015 to $17.67 billion this
year through November, ac-
cording to Morningstar.
“In every asset class, in ev-
ery region, ESG product devel-
opment is the thing right
Tuesday, December 17, 2019 | B11
“Hopes for a sustained re-
covery in global manufactur-
ing have boosted demand
prospects” for copper, JPMor-
gan Chase analysts Natasha
Kaneva and Gregory Shearer
said in a note to clients.
Economic activity in the
U.S. has also eased fears of a
sharp growth slowdown, in-
creasing focus on whether
the lagging eurozone can sta-
bilize and further support the
world economy heading into
2020. U.S. purchasing manag-
ers were more optimistic
ZHANG BIN/CHINA NEWS SERVICE/VISUAL CHINA GROUP/GETTY IMAGES
about economic activity this
month, pushing a measure of
overall output to a five-
month high, IHS Markit said
Monday.
Because many investors re-
main cautious on commodi-
ties due to heavy supply of
materials, some analysts say
an unwind of bearish bets
could give the recent rally
even more momentum in the
coming days.
At the same time, any set-
backs in coming trade discus-
sions between the U.S. and
China could send commodi-
ties reversing once again.
Elsewhere in commodities
Monday, natural-gas futures
behind stocks for much of the rebounded 2% to $2.341 a
year and are still below their million British thermal units,
April peaks, but more upbeat with cold weather expected
data points could push com- to support demand for the
modities even higher, ana- heating fuel and ease some
lysts say. fears of excess supply.
.
Treasurys
ly
proach to economic relations with
the rest of Europe.
Drop on
Since the U.K.’s decision in
June 2016 to divorce from the
trading bloc, Brexit limbo has
weighed on U.K. stocks, which
account for about a quarter of Reports
the pan-continental index.
Last week’s electoral victory
By Beijing
for Prime Minister Boris Johnson,
who has pledged to exit from
the EU by the end of next BY SAM GOLDFARB
month, helped the FTSE 250 in-
dex, which tracks British compa- U.S. government-bond
nies with a significant domestic prices fell Monday following
focus, close at a record on Friday. better-than-expected Chinese
“On the Brexit front, this has economic data.
broken the paralysis a bit,” said CREDIT The yield on the
Jonathan Allison, investment di- MARKETS benchmark 10-year
rector at Aberdeen Standard In- U.S. Treasury note
vestments. “This sort of extends settled at 1.890%, recovering
into the European market as some ground after it slipped to
well.” 1.820% at the end of last week.
—Caitlin Ostroff Yields, which rise when
bond prices fall, climbed after
China’s statistics bureau said
considering either suspending that value-added industrial
or cutting back production of output in the country rose
the 737 MAX, The Wall Street 6.2% in November from a year
Journal reported. earlier.
Deepening production cuts That was up from 4.7% in
would inflate Boeing’s costs October and above the 5% in-
and trigger charges against its crease forecast by economists.
financial results as fixed ex- China’s retail sales climbed
penses would be spread 8% in November from a year
among fewer planes. earlier, topping the consensus
International Flavors & forecast for 7.6% growth.
Fragrances fell 10% to $120 Taken together, the data
after DuPont de Nemours helped further ease investors’
reached a deal to combine its anxieties about the health of
nutrition business with IFF in the global economy—providing
a deal that will give DuPont a a boost to riskier assets like
$7.3 billion cash payment and stocks at the expense of Trea-
about 55.4% of the new com- surys.
pany. Shares in DuPont gained Treasury yields have
climbed since early September,
At midday Tuesday in To- thanks in large part to im-
kyo, the Nikkei was up 0.3%, proved economic data and a
Hong Kong’s Hang Seng Index brightening trade outlook as
was up 0.9% and the Shanghai the U.S. and China neared a
Composite was up 0.6%. limited trade deal that was an-
The dollar moved lower. nounced Friday.
The WSJ Dollar Index, which Investors hope that reduced
compares the currency to a trade tensions between the
basket of 16 others, fell 0.1% to world’s two largest economies
90.15. The dollar dropped can provide a positive effect to
against the euro and British other regions such as the eu-
pound but rose against the rozone, which relies on ex-
Japanese yen. ports and is exposed to any
—Sam Goldfarb weakness in China.
contributed to this article. Even so, yields fell Friday,
suggesting investors were
somewhat disappointed by the
now,” said Alex Bernhardt, U.S. initial details of the trade
head of responsible invest-
ments at investment consul-
agreement.
As part of the deal, the U.S.
tant Mercer. canceled plans to impose fresh
Impact investing has been
widely embraced by Wall
tariffs on $156 billion in an-
nual imports of Chinese-made
Street.
Fidelity in September an-
nounced a partnership with a
goods that were set to go into
effect Sunday.
The U.S. will also slash the
startup called Ethic that is in- tariff rate on roughly $120 bil-
tended to help advisers create lion of goods to 7.5% from 15%.
portfolios reflecting their cli- Still, U.S. tariffs of 25%
ents’ values. would remain on roughly $250
BlackRock and Pacific In- billion in Chinese goods, in-
vestment Management Co. cluding machinery, electronics
have unveiled ESG initiatives and furniture.
in recent years. Private-equity
firms including Bain Capital,
KKR & Co. and Apollo Global AUCTION RESULTS
Management also have ESG Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
offerings. clearing yield. Rates are determined by the difference
between that price and the face value.
One of the most star-stud-
13-WEEK AND 26-WEEK BILLS
ded efforts is TPG’s the Rise
13-Week 26-Week
Fund, started in 2016 by Wil- Applications $113,281,630,500 $94,547,713,800
liam McGlashan Jr., Bono and Accepted bids $42,040,426,500 $36,034,978,800
" noncomp $1,025,683,200 $695,030,700
Jeff Skoll. Mr. McGlashan de- " foreign noncomp $1,000,000,000 $1,000,000,000
parted TPG this year after he Auction price (rate) 99.610722 99.216389
was charged in a college ad- (1.540%) (1.550%)
Coupon equivalent 1.572% 1.588%
missions cheating scandal. He Bids at clearing yield accepted 59.92% 96.62%
has pleaded not guilty. The Cusip number 912796TL3 912796SV2
Both issues are dated Dec. 19, 2019. The 13-week bills
second Rise fund is raising mature on March 19, 2020; the 26-week bills mature
money. on June 18, 2020.
 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 | Tuesday, December 17, 2019
Chinese Home
Builders Face Threat
To Funding Source
City’s scrutiny of developers’ favored financing
ploy could pose worrying precedent for sector
The favored funding source of
China’s real-estate developers is un-
der scrutiny in one of the country’s
largest urban areas, posing a threat
to a sector that has stretched cre-
ative financing to its limits.
On Friday, the city of Xi’an in
central China opened a consultation
process on instituting an escrow
system that would ensure develop-
ers hold on to funds valued at 1.2
times the cost of building a new
property when booking a presale.
There is no existing escrow system
of this kind in China, so funds from
presales are used to cover existing
liabilities.
The price of newly developed
residential buildings in Xi’an has
risen by 56% in the past three
years. The civic authorities may be
motivated by a desire to cool an
overheating market. For developers,
better-known funding routes are al-
ready congested. After a borrowing
binge this year, Chinese developers
make up half of the Asian high-yield
dollar bond market.
Nationally, the system of presales
has overwhelmed sales of com-
pleted homes in recent years. At the
beginning of 2007, around one-third
of residential properties sold had
already been built. In the 12 months
35% Sales of completed
residential properties
in China as a share of
30 total sales
25
20
15
10
5 debts owed to bondholders, fidgety
0 developers may start to find the fi-
2008 ’10 ’19
Source: National Bureau of Statistics
Why Uber Is Shrinking
Its Food-Delivery Menu
Investors’ newfound taste for
profits instead of growth at all
costs is triggering a wave of consol-
no
idation in the meal-delivery sector.
Uber Eats is in talks to sell its In-
dian food business to local competi-
tor Zomato Media, The Wall Street
Journal reported Monday. The news
follows Friday’s announcement that
Frankfurt-listed Delivery Hero will
buy 88% of privately owned Woowa.
Meanwhile in Europe, meal-order-
ing website Takeaway.com and
technology investor Prosus—both
listed in Amsterdam—are locked in
a bidding war to buy British peer
Just Eat.
Despite rapid growth, companies
that specialize in online takeout or-
ders and delivery have more incen-
tives to combine than they used to.
One reason is that investors have
become more focused on how
would-be tech companies can break
even following high-profile prob-
lems at money-losing companies
such as WeWork and Uber.
The latter’s Chief Executive Dara
Khosrowshahi told investors last
month that the ride-hailing com-
pany will cash out of food markets
where it isn’t the No. 1 or No. 2
player. By exiting the hypercompeti-
tive Indian market, Uber would
eliminate annual losses of around
$500 million, according to HSBC
Global Research estimates.
Similarly, unlisted companies
such as Woowa may be tempted to
sell amid signs that private inves-
tors are cooling on the sector. In
the third quarter, the amount of
money venture-capital firms poured
into on-demand services such as
food delivery and ride-sharing fell
22% from the same period of 2018,
according to Goldman Sachs data.
Without that wall of private cash to
fund profit-sapping market-share
battles, teaming up with a rival be-
comes more appetizing.
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
to October, less than 13% of prop-
erty sales registered in China were
completed houses.
While investment by real-estate
developers has risen by 46% in the
past five years, funding from depos-
its and other advanced payments
has more than doubled. It is likely
to reach around 6 trillion yuan
($860.47 billion) this year, the
source of more than one-third of to-
tal investment.
The presales funding route is at-
tractive to developers because mil-
lions of uncoordinated households
can do little if developers delay
construction of their homes. In a
sector where bonds often carry
double-digit yields, presales are a
kind of financing that is effectively
interest-free.
The relative impotence of home
buyers also allows for some com-
mercial creativity in the path from
advertisement to construction. Last
month, a development in Changsha
made domestic TV news when it
was opened with a faux water fea-on
ture made of blue plastic, in place
of the park views promised in sales
materials.
Fixing the aesthetics of new
us l,
complexes may be the least of de-
velopers’ problems: The rapid rise
al a
e
in presales, compared with tepid
growth in actual completions,
means many buyers will likely be
ci on
waiting years longer than they ex-
pected for their homes. News sto-
ries, or even protests about home
buyers’ predicament, could prompt
a sharper reaction against develop-
er rs
ers from Chinese authorities.
If Xi’an goes ahead with its sug-
gestion, the immediate impact on
developers’ bottom line would be
m e
limited. But the policy would stand
as an example to other cities with
frenetic housing markets of how to
m rp
crack down on freewheeling devel-
opers. Placed between the large
Chinese home buyers and an in-
creasingly skeptical government,
co Fo
nancing environment in coming
years increasingly lean and cold.
—Mike Bird
n-
Share-price reactions to
M&A announcements
120%
100 Delivery Hero/
Takeaway.com
Takeaway.com
80
60
40
Delivery Hero
20
Delivery Hero/
Woowa
0 caused the stock to collapse
2019
Source: FactSet
The big debate in the online meal
market is how much companies
need to invest in their own delivery
services. Just Eat makes high mar-
gins in the U.K. because it links res-
taurants and diners, rarely handling
delivery itself. Some in the industry,
such as Prosus, think the next phase
of growth will come from handling
the logistics. But that is a low-mar-
gin business model that only works
at scale, encouraging deals.
For investors this creates a vola-
tile situation in which companies
can face very tough competition but
stocks can suddenly soar if deals
are announced. Delivery Hero’s
shares rose 23% on Friday as share-
holders anticipated a more benign
environment in South Korea, a key
market for the company. Take-
away.com’s shares jumped 28% this
time last year after it agreed to buy
Delivery Hero’s German business.
The troubling economics of food
delivery don’t make the takeout
sector a very appealing investment
prospect. But the global consolida-
tion game has a way of cooking up
opportunities. —Carol Ryan
ON
THE
Regulators have said the MAX is unlikely to be cleared to fly before February, worsening a cash drain for the company.
Haste Is Waste for Boeing
Plane maker’s push to speed the 737 MAX’s return to service has backfired
Boeing’s decision to temporarily
halt production of its 737 MAX jet is
a tough pill to swallow, but adds lit-
tle information about the actual fi-
nancial risks faced by the company.
The bigger problem is how its upper
management is handling the crisis.
Boeing’s stock dropped more
than 4% on Monday after The Wall
Street Journal reported that the
plane maker would suspend produc-
tion of the MAX at its 12,000-em-
ployee factory in Renton, Wash., un-
til January. Consequences will likely
be felt across the U.S. economy.
Shares of Spirit AeroSystems,
which makes the MAX’s fuselage,
were down nearly 2% Monday.
The decision is a result of regula-
tors’ statements that the MAX is
unlikely to be ungrounded before
February, given that building these
planes without selling them is a
huge cash drain for Boeing—which
had been relying on cash from its
787 Dreamliner and higher debt is-
suance to keep production rates at
42 a month.
Earnings will suffer, though,
given that the company accounts
for MAX’s profit margin based on
projections of its whole life cycle—
and selling fewer of them means
less profit per unit. Sheila Kahyao-
glu, analyst at Jefferies, calculates
an additional 6% damage to earn-
ings per share in 2020.
However, it is unlikely that this
news caught investors entirely off
guard. Delays in the MAX’s return
Why trade stocks when you
can litigate the aftermath
instead?
Bausch Health Cos., the maker
of drugs and contact lenses for-
merly known as Valeant Pharma-
ceuticals International, announced
Monday it has agreed to settle a
2015 securities litigation related
to Valeant’s then-plunging shares.
The price tag: $1.2 billion.
Winners are in short sup-
ply. Settlement money to inves-
tors will repair only some of the
damage. Scrutiny over Valeant’s
pricing practices, and a contro-
versy surrounding a mail-order
pharmacy the company controlled,
Investors in China’s 5G Revolution Too Hopeful
Chinese consumers will likely
buy a lot more 5G phones next
year—but perhaps not enough to
justify investors’ recent enthusiasm
for the sector.
The rollout of the ultrafast mo-
bile-internet network is off to a
good start in China. Around 5.1 mil-
lion 5G smartphones were shipped
to retailers and wireless carriers in
the country last month, accounting
for 15% of smartphone shipments,
according to government data.
Those numbers will likely rise:
Around one-third of current 4G mo-
bile users in China plan to upgrade
within the next year, according to a
Bernstein survey of 2,000 users.
Cheaper phones will likely speed up
adoption. Chinese smartphone
maker Xiaomi priced its new Redmi
K30 below 2,000 yuan ($286) last
week, making it the cheapest 5G
model yet on the market, and other
Chinese phone manufacturers will
likely follow suit.
China will be by far the biggest
THE WALL STREET JOURNAL.
TED S. WARREN/ASSOCIATED PRESS
35% Share-price and index performance
30
S&P 500
25
.
ly
20
15
10
5
Boeing
0
–5
2019
Source: FactSet
to service beyond January were al- pushback, leading the Federal Avia-
ways thought to imply production tion Administration to criticize Boe-
cuts. And given that recertifying the ing for an “unrealistic” schedule
plane has become very politically that could be “designed to force
charged, it has been entirely uncer- FAA into taking quicker action.”
tain when it may be able to fly Boeing has a great plane catalog
again. Indeed, carriers such as and can certainly overcome the
Southwest Airlines have been re- MAX fiasco, but Mr. Muilenburg’s
warded by the market for penciling priority after the grounding was to
in conservative assumptions about get officials on board by erasing
the MAX’s return. perceptions of a culture of short-
What should worry investors is termism. This is even more impor-
that Boeing’s Chief Executive Dennis tant now that the FAA, whose image
Muilenburg, who is already under also has been tarnished by the
pressure to resign, hasn’t chosen to MAX’s crashes, is trying hard to get
be conservative as well. In October, both the public and overseas regula-
he maintained that 2019 recertifica- tors back on its side. Somehow,
tion was still on track. Last week, it Boeing’s management is failing to
emerged that this in itself created take this on board. —Jon Sindreu
OVERHEARD
nearly 95% from 2015 to 2017. after the brunt of this saga,
Valeant shed about $87 billion in noted in a news release that the
market value over that time. settlement “removes a cloud of
And while Bausch Chief Executive uncertainty,” Bausch will have to
Joseph Papa, who took the top job pay up for the privilege. To fund
the settlement, the company
plans to use cash on hand, its re-
volving credit facility and, poten-
tially, a capital raise.
It is a different story for the
lawyers. A paper by several law
school professors earlier this year
found that the largest 10% of se-
BRIAN SNYDER/REUTERS
curities litigation settlements gen-
erate an average of $39.5 million
in plaintiff attorney fees.
That might have many on
Wall Street considering a differ-
ent career.
market initially. Bernstein expects phone makers. On the other hand,
the country to account for nearly the intense price competition
70% of the 223 million 5G phones among smartphone manufacturers
likely to be shipped around the in China seems likely to eventually
world next year. squeeze suppliers’ margins.
While this all bodes well for 5G That means the rally in many
adoption, it doesn’t necessarily component stocks may already have
mean a big increase in overall priced in much of the growth poten-
tial. For example, shares in Japan’s
Advantest, which makes testing
equipment for chips including 5G
An increase in adoption ones, have gained 158% this year.
doesn’t necessarily mean Taiwan’s MediaTek, which supplies
chipsets to 5G phones, has nearly
a big increase in overall doubled. Skyworks Solutions and
smartphone sales. Qorvo, which make chips used to
manage wireless signals, are up
more than the wider market. Even
some stocks that aren’t directly re-
smartphone sales. These are on lated to 5G have joined the party:
track to fall for the third consecu- Sunny Optical, which makes handset
tive year in China in 2019. lenses, more than doubled this year.
Even if smartphone shipments 5G could get bigger in China, but
remain lackluster, component mak- a promising adoption curve should
ers will still benefit from higher 5G not blind investors to the need to
adoption because it requires them pick stocks wisely.
to sell better and pricier chips to —Jacky Wong