Blended Families: Iowa Poses Test For Sanders

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Blended Families Gerald O’Driscoll Jr.

The Chances of
The four stages of building a happy home A Global Meltdown
when moms and dads remarry
GETTY IMAGES
PERSONAL JOURNAL | D1 OPINION | A13

* * * * * * * TUESDAY, JANUARY 26, 2016 ~ VOL. CCLXVII NO. 20 WSJ.com HHHH $3.00
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Iran Does
What’s
Billions in
News
Business & Finance
Business
ohnson Controls and
In Europe
J Tyco agreed to merge in a
$14 billion deal that will cre- European companies are
ate a giant provider of com- promising billions in new
mercial-building systems. B1 deals in Iran—€5.7 billion from
The merger will make Italian steelmaker Danieli and
Johnson Controls the latest more than €300 million from
U.S. company to move abroad French car builder PSA Peu-
in search of tax savings. B2
U.S. stocks fell, halting a By Stacy Meichtry
rally that lifted major inin Paris and
dexes last week, as oil slid Robert Wall in Tehran
5.7%. The Dow dropped
geot Citroën, among others—
208.29 points to 15885.22. C1
as Iranian President Hassan
Some hedge funds that
Rouhani works to revive trade
use computer programs to
and political ties on the Conti-
guide how they trade have
nent this week.
won big in January’s rout. C4
Mr. Rouhani landed in
MARK KAUZLARICH/REUTERS
Exxon Mobil cut its fore- Rome on Monday on his first

cast for annual energy-de- overseas trip since the Euro-
mand growth in China. B1 pean Union lifted sanctions on
Jan. 16 in return for Tehran’s
McDonald’s posted its
implementation of key restric-
best U.S. quarterly sales in
tions on its nuclear program.
nearly four years, driven
The trip will take Mr. Rou-
by its all-day breakfast. B1
Democratic presidential candidate Bernie Sanders greeted supporters after speaking at a campaign event in Iowa on Monday. hani from Vatican City—mark-
Bonds of major retailers ing the first meeting between
Iowa Poses Test for Sanders

that went through lever- an Iranian president and a
aged buyouts have fallen pope since 1999—to the gilded
to distressed levels. C1 halls of Paris’s Élysée Palace.
With a number of U.S. sanc-
The Supreme Court up-
tions still in place, European
held a federal rule calling for
payments to large electricity Sustaining grass-roots insurgent Democrats who have said during a Democratic town but in the end, Vice President countries are moving quickly
tried to travel a similar path— hall sponsored by CNN on Hubert Humphrey captured to re-establish ties to sell ev-
consumers that cut usage support has proved a including another Vermont Monday. “We need bold the Democratic nomination. erything from consumer goods
during peak demand. B3
challenge for earlier politician who briefly grabbed changes, we need a political In the 1988 primary, Rep. to aircraft.
Siemens reported a 42% the imagination of party vot- revolution.” Dick Gephardt of Missouri Italian and Iranian compa-
jump in earnings and raised Democratic candidates ers: Howard Dean. Going back decades, the rode his working-class appeals nies signed deals valued at
its full-year forecast. B4 The former governor failed Democratic Party has often to a win in Iowa, then soon about €17 billion ($18.36 bil-
BY PETER NICHOLAS to win the Iowa caucuses in seen presidential hopefuls find faded. Sen. Bill Bradley of New lion) late Monday ahead of a
Europe’s ultralow rates
AND LAURA MECKLER 2004, and his once promising early support in the face of Jersey gave Vice President Al formal dinner between Mr.
have prompted many Ger-
presidential bid collapsed. Mr. better-known, better-financed Gore an early primary chal- Rouhani and Italian Prime
mans to take on more risk. C1
IOWA FALLS, Iowa—The Sanders needs to change that establishment candidates, only lenge in 2000. Mr. Dean Minister Matteo Renzi. Earlier
Huntington Bancshares Iowa caucuses next Monday narrative to be viable in his to later falter. gained traction in the 2004 in the day, Italian steel firm
said it plans to acquire fel- have taken on growing impor- Democratic primary fight with Eugene McCarthy, a Minne- race with his opposition to the Danieli said it would sign deals
low Ohio lender FirstMerit. C3 tance for Sen. Bernie Sanders, former Secretary of State Hil- sota senator, inspired young Iraq war, but he won just one valued at about €5.7 billion
who is rising in stature but lary Clinton. voters with his fierce opposi- state, his own. during the visit. Other firms
still has to show he can turn “I think we are touching a tion to the Vietnam War in Four years later, Sen. Ba- signing agreements on Mon-
World-Wide grass-roots excitement into nerve with the American peo- 1968. His strong showing in rack Obama wrested the nom- Please see DEALS page A8
electoral achievement. ple who understand that es- the New Hampshire primary Please see RACE page A4
Hanging over that quest tablishment politics is just not ultimately led to President Suspected abductions test
European firms promised will be the memories of other good enough,” Mr. Sanders Lyndon Johnson’s withdrawal, Election 2016......................... A4-5 U.S.-Iran thaw............................ A8
billions in new deals in Iran
as President Rouhani began
McComeback
APPLE LOOKS TO KEEP Planned
a trip aimed at reviving
trade and political ties. A1
The disappearance of
three U.S. citizens in Iraq is McDonald's U.S. quarterly Parenthood
posing a fresh test of the
Obama administration’s re-
lationship with Iran. A8
same-store sales, change
from a year ago
10 %
THINGS BUZZING IN CHINA Foes Indicted
A Texas grand jury in- 8
dicted two antiabortion activ- Challenges loom as growth slows in world’s biggest smartphone market
ists who made covert videos 6 4th quarter 5.7%
at Planned Parenthood. A3 4 BY DAISUKE WAKABAYASHI signs of softer-than-expected global demand.
The Supreme Court On Jan. 19, China said its 2015 economic
2
ruled that prisoners sen- China, powered by a swelling middle class, growth was its slowest in 25 years. The com-
tenced to life as juveniles 0 last year became Apple Inc.’s biggest market bination has sent Apple shares down 25%
can seek parole. A3 after the Americas. To keep growing as since July.
–2 China’s economy cools, though, Apple needs As Chief Executive Tim Cook prepares to
Malaysia closed an in-
–4 2012 ’13 ’14 ’15 to reach people like Wang Tian, a waitress release results on Tuesday for Apple’s quar-
vestigation into transfers
near the southwestern city of Chongqing who ter ended Dec. 26, investors are focused on
made to Premier Najib’s Source: the company; John Taggart
for The Wall Street Journal (photo)
isn’t part of the brand-conscious market that the iPhone’s prospects in the world’s largest
private bank accounts. A7
has made the iPhone a booming success until smartphone market. “People will be paying
Syria peace talks between LOVIN’ IT: McDonald’s reported now. attention to what Tim Cook has to say about
the Assad regime and the its best U.S. quarterly sales in Ms. Wang makes about 1,000 yuan ($152) China,” said Mizuho Securities analyst Abhey
opposition are set to begin nearly four years, driven by all- a month, putting Apple’s flagship iPhone 6S, Lamba, “and whether they can buck the ON TAPE: David Daleiden, above,
Friday, a U.N. envoy said. A8 day breakfast sales, one of starting at 5,288 yuan, out of reach, she said. trend of what’s happening in the macro and another antiabortion activist
several initiatives brought by “It’s just not worth the money.” economy.” were indicted by a grand jury
The Pacific trade pact
Chief Executive Steve The iPhone and soaring sales in China Mr. Cook’s challenges: how to keep grow- investigating alleged misconduct
would have only a small direct
Easterbrook in the last year. B1 vaulted Apple into the world’s most profiting in China’s saturated smartphone market by Planned Parenthood. A3
effect on the U.S. labor mar-
able and valuable company. But it has without the red-hot economy that made Ap-
ket overall, a study said. A2
trimmed orders for the latest iPhones amid Please see APPLE page A10
Pakistan’s army chief,
credited with leading the
country’s antiterrorism
drive, will retire this year. A7
Apps Help Tipsy Texters, Talkers, Keep a Cork in It Fed’s Message Is Key
Islamic State threatened i i i
to strike the U.K. in a video
that appeared to show nine
of the Paris attackers. A8
Modern-day ‘drunk dialing’ gets a tech check; Adele’s backup To Soothing Markets
BY GREG IP the January meeting illustrates
Cairo was mostly quiet BY RYAN KNUTSON ing the text. draft a text message something few people, even at
after authorities warned “The devices of or tweet via his app, Not long ago, this week’s the central bank, truly appreci-
against protests to mark the The smartphone has be- power and productiv- the software analyzes Federal Reserve meeting looked ate. An important reason mar-
Tahrir Square uprising. A9 come one of the world’s most ity become weapons the contents of the like a nonevent. Having begun kets have tumbled and the risk
powerful communications of everything once missive and advises to raise rates from near zero in of recession, though low, is edg-
CONTENTS Heard on Street.... C8 tools. That can be a bad thing you have some alco- the author not to December, the central bank was ing up is the Fed’s shift to less
Arts in Review...... D5 In the Markets....... C4
Business News B2-4,6 Opinion............... A11-13
if you’re drunk. hol in you,” Mr. Rocha press “send” if it con- expected to stand pat in Janu- stimulative monetary policy.
CFO Journal............. B5 Sports.......................... D6 Ronnie Rocha learned that said. tains too many mis- ary while signaling more in- How could a quarter-point
Crossword................. B6 U.S. News............. A2-3 the hard way after texting a Mr. Rocha, who spellings or explicit creases later on. rise in rates—the total the Fed
Global Finance........ C3 Weather..................... B6 profanity-laced tirade, while lives in San Antonio, language. Now, after a bone-jarring has so far delivered—send mar-
Health & Wellness.. D2-4 World News....... A6-9
drunk, to his boss. In the mis- Texas, actually gained Humans have al- start to 2016, many investors kets into a tailspin, much less
sive, he demanded to be paid something from the most certainly been hope the Fed is having second threaten to pull the U.S. into re-
> more and given more respon- incident. Realizing making drunken thoughts about hiking rates cession? Most analysts blame
sibilities at his job as a com- that he was far from phone calls since not three or four more times this anxiety about China, emerging
puter programmer. alone in the tipsy-tex- iDrunk long after Alexander year. That raises the stakes markets and oil, none of which
Mr. Rocha, 23 years old at ting phenomenon, he breathalyzer Graham Bell placed around what the central bank have any direct relationship
the time, managed to keep his was inspired to build the first call in 1876. says in the statement it will re- Please see FED page A2
s Copyright 2016 Dow Jones &
Company. All Rights Reserved part-time gig. But he admits a free iPhone app, called the Mobile phones made such mis- lease Wednesday afternoon.
he had no recollection of send- Drunk Text Savior. When users Please see DRUNK page A10 The newfound attention on Stocks begin week in red.... C1
A2 | Tuesday, January 26, 2016 * *** THE WALL STREET JOURNAL.
U.S. NEWS
Small Jobs Impact Seen From Trade Pact
BY WILLIAM MAULDIN benefit more than others, and and that labor and environ- right opposition from presi-
the gains in manufacturing mental rules in the TPP would dential candidates Donald
The 12-nation Pacific trade jobs that would otherwise be prevent companies from cut- Trump and Hillary Clinton.
agreement that the U.S. is ex- expected through 2030 would ting corners in Vietnam, Ma- The administration, which
pected to sign next month be reduced by about one-fifth laysia and other countries in says the deal blunts China’s
would have a small effect as factory imports from Viet- the pact. gains in the Pacific, is relying
overall on U.S. workers but nam and other countries in Despite pressure on some on strategic as well as eco-
could slow the growth of the bloc grow more quickly manufacturing jobs, officials nomic arguments in Congress.
American manufacturing jobs, than exports, the study says. and many economists point to Meanwhile, labor groups
according to a study published Trade agreements, by re- the gains that other, bigger have questioned the economic
Monday. ducing tariffs and other barri- parts of the economy will see model that Messrs. Petri and
The economic arguments ers at the border, can expose from the agreement, which Plummer used to generate
KEVORK DJANSEZIAN/BLOOMBERG NEWS

are playing a large role in the less efficient industries and would break down barriers to their estimates of economic
trade debate between Demo- companies to withering com- services and Internet-related gains. A study published this
cratic lawmakers, most of petition from abroad, fre- businesses. The U.S. Chamber month by Tufts University
whom oppose President Ba- quently resulting in workers of Commerce, the American forecast that the TPP would
rack Obama’s trade policy, and switching jobs in favor of Farm Bureau and other indus- result in a hit of 0.54% to U.S.
Republicans, who overwhelm- more competitive firms and try and farm groups have GDP over 10 years. Other
ingly supported legislation industries. This “churn” in backed the deal, although economists say trade agree-
last year to expedite the com- jobs can hurt workers, espe- some sectors are pressing for ments could further increase
pletion and passage of the cially the elderly, those with side deals to improve their the U.S. trade deficit, result-
Trans-Pacific Partnership, or little training or employees in lots before the TPP comes to a ing in net job losses, or result
TPP. The trade agreement, economically disadvantaged The Pacific deal could hurt manufacturing jobs. Here, a check on a vote. in skewed benefits that exac-
which includes Japan but not parts of the country. lighting fixture at Littman Brands in Los Angeles on a recent day. The Peterson Institute erbate income inequality.
China, could come to a vote in Still, the Peterson Institute study “offers clear evidence “There is no presumption
Congress later this year. study says the TPP would that figure but still account Manufacturing has shrunk that TPP is an answer to chal- that there’s an automatic re-
The agreement would lift have only a small direct effect for only 0.2% of total U.S. job to about a 10th of the U.S. lenges on how middle class hiring of people who lose
U.S. gross domestic product on the U.S. labor market over- changes. economy, and labor groups workers will compete at home their jobs,” said Thea Lee,
and wages by a small amount all, with 53,700 additional “The benefits of the TPP to are opposing the TPP out of and how our nation’s economy deputy chief of staff at the
and give a big boost to trade jobs disappearing—and likely the U.S. economy will greatly concern the deal would lead will compete abroad,” said Mi- AFL-CIO, the biggest U.S. la-
in goods and services, accord- reappearing elsewhere in the outweigh adjustment costs, multinational companies to chael Froman, the U.S. trade bor federation. “And you’re
ing to the study published by economy—each year through and that economywide price shift more of their production representative, in a statement. probably putting downward
the Peterson Institute for In- 2030. When the indirect ef- and employment conse- offshore in favor of less ex- The immediate political pressure on wages and in-
ternational Economics, which fects on suppliers and other quences will be limited,” pensive labor. But Mr. Obama backdrop is difficult for the creasing inequality, and that’s
backs trade liberalization. firms are figured in, job dislo- wrote Peter Petri and Michael says the difficult part of glob- TPP, which is facing lukewarm what you don’t need in the
But some sectors would cations would rise to double Plummer in the study. alization has already occurred Republican support and out- U.S. economy right now.”
forcement officials said Monday. murder charges; and Bac Duong, Melissa Click, an assistant
U.S. The men were being held at
the Central Men’s Jail in Santa
43, who is facing attempted
murder charges. All three have
communications professor, ap-
peared on a video in November
Watch Ana while awaiting trial in Or-
ange County, south of Los Ange-
pleaded not guilty.
—Zusha Elinson
that showed her trying to take a
student’s camera, ordering him
les, when they escaped some to leave a public space and call-
time after a 5 a.m. check Friday. MISSOURI ing on others to bring “some
Sheriff’s Lt. Dave Sawyer muscle” when he refused.
urged anyone with information
Professor in Protest Columbia City Prosecutor Ste-
CALIFORNIA to come forward. Authorities are Faces Assault Charge phen Richey charged Ms. Click
offering $50,000 for information A University of Missouri pro- with third-degree assault, which
Authorities Warn leading to the men’s arrest. fessor caught on tape allegedly carries a possible 15-day jail sen-
On Escaped Inmates The men were identified as trying to intimidate a student tence. Ms. Click, who has apolo-
Three inmates who broke out Hossein Nayeri, 37, who is facing journalist during racially charged gized for her behavior, didn’t re-
of a California jail may be armed kidnapping and torture charges; protests last year was charged turn a request for comment.
and hiding in the area, law en- Jonathan Tieu, 20, who faces Monday with a misdemeanor. —Douglas Belkin
FED ference. After the Fed cut short-

term rates to near zero in 2008,
it was forced to rely on other
forms of stimulus: purchases of
WSJ PROMOTION points. And the S&P 500 index,
down 1.6% on Monday, is down
8.2% on the year at 1877.08.
While a quarter-point rise
Continued from Page One bonds and promises not to raise in interest rates shouldn’t tip
with the Fed. rates, which worked in great In-depth news and analysis the U.S. into recession, an
Those are indeed factors. part by raising confidence and of global central banks across-the-board tightening of
But the Fed’s influence goes far risk appetites throughout finan- financial conditions merits at-
beyond short-term interest cial markets. But by relying so Subscribe at WSJ.com/Pro tention. J.P. Morgan Chase
rates. It is also felt through a much on broader financial con- economist Jesse Edgerton
constellation of financial condi- ditions to drive growth, the Fed reckons recent real economic
tions: stock prices, corporate has even less say in the out- there is no neutral rate at all. So indicators such as business
bond yields, exchange rates and come relative to prior cycles. what then is a central bank to sentiment and building per-
most critically, yet least quanti- “If you are a central bank re- do? There’s nothing it can do.” mits imply a 21% probability
fiable, the appetite for risk. liant on increasing risk as your The commodity boom had of recession in the next 12
M u lt i - c o l o r e d B l a c k S o u t h S e a a n d Unlike short-term rates, the method for stoking spending real drivers, namely the U.S. months, marginally above the
W h i t e S o u t h S e a c u lt u r e d p e a r l n e c k l a c e Fed doesn’t dictate the behav- you’re going to run into a ma- shale-oil revolution and China. 18% average of any given year.
W i t h d i a M o n d S S e t i n 18 k W h i t e g o l d . ior of these broader conditions. jor problem,” says Peter Ber- But central banks greased the But financial indicators such
It is less orchestra conductor ezin of BCA Research. “You can skids. Investors, seeking some- as stocks and corporate bonds
than leader of a mob it inspires only increase risk so much. And thing better than the paltry re- put the probability at between
but doesn’t con- when investors pull back, they turns on bank deposits and 30% and 40%.
ANALYSIS trol. This creates do so in a very sharp way.” Treasury bonds, threw money A study by Jeremy Stein of
a dilemma: Even None of this means the Fed at emerging-market countries Harvard University and David
when the Fed was wrong to pursue such ag- and energy companies. López-Salido and Egon
sets interest rates correctly for gressive monetary policy in the The oil and commodity sell- Zakrajšek of the Fed finds that
the needs of the economy, mar- years since the financial crisis. off is similarly rooted in real when corporate bond senti-
kets routinely overreact, frus- It has brought unemployment factors, notably Saudi Arabia’s ment—as reflected in spreads
trating its plans. down to 5%, a reward almost decision to stop defending the between yields on corporate
In U.S. business cycles, legit- certainly well worth the associ- price of oil in 2014. But that and Treasury bonds—is unusu-
imate investment and financial ated financial risks. has been amplified by the really optimistic, growth is mea-
excess have always co-existed: Yet when the “neutral” inter- versal of the flow of easy surably weaker and unemploy-
bank loans to less-developed est rate, which keeps the econ- money, catalyzed by the Fed’s ment higher two to three years
countries in the 1970s and omy at full employment, is so determination, starting in early later, because such optimism
commercial real estate in the low, the Fed’s efforts to main- 2015, to move toward normaliz- usually reverses. Importantly,
1980s, stocks and bonds issued tain growth can easily result in ing rates. their methodology shows that
by technology, media and tele- financial excess that can unravel Short-term rates and short- bond investors aren’t forecast-
communications companies in at the first hint of tighter Fed term bond yields don’t capture ing a downturn in activity, they
the 1990s and subprime mort- policy. This leaves the Fed with how much the Fed has actually are causing it.
gage-backed securities in the little margin for error and few tightened. Since the end of These dynamics may be
2000s. Just as the Fed doesn’t options to stanch any bleeding. 2014 the trade-weighted dollar playing out in markets now. But
determine the breadth of the “It’s no longer neutral be- has risen more than 20% and the downturn need not turn
boom, it can’t control the scale cause it’s not consistent with risk premiums, or yields on into a recession: It’s something
of the bust. long-term stability,” says Mr. junk-rated bonds relative to for Fed officials to weigh as
The latest cycle follows the Berezin of BCA Research. “You those on safe Treasurys, have they contemplate what signal
pattern, with an important dif- end up with this possibility that jumped by three percentage to send.
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U.S. NEWS
Planned Parenthood Foes Indicted

In a surprise, a Texas branch of Planned Parenthood ress said in a statement that it
in August, after a call for a “uses the same undercover
grand jury charges probe of the videos by Texas techniques that investigative
opponents of group in Gov. Greg Abbott in July. journalists have used for de-
“We were called upon to in- cades in exercising our First
video case vestigate allegations of criminal Amendment rights to freedom
conduct by Planned Parenthood of speech and of the press, and
BY DAN FROSCH Gulf Coast,” said Ms. Anderson follows all applicable laws.” It
JACQUELYN MARTIN/ASSOCIATED PRESS

AND STEPHANIE ARMOUR in a statement. “As I stated at added: “Planned Parenthood
the outset of this investigation, still cannot deny the admissions
A Texas grand jury looking we must go where the evidence from their leadership about fe-
into alleged misconduct by leads us. All the evidence un- tal organ sales captured on
Planned Parenthood Federation covered in the course of this in- video for all the world to see.”
of America cleared the group vestigation was presented to The indictment comes at a
and instead indicted two anti- the grand jury. I respect their significant moment for Planned
abortion activists who made co- decision on this difficult case.” Parenthood, as it launches an
vert videos of the organization. Planned Parenthood praised offensive against efforts to cut
The grand jury in Harris the grand jury’s action. The its funding and investigate its
County, which includes Hous- Planned Parenthood Federation group this month filed a civil procedures.
ton, on Monday indicted David of America President Cecile lawsuit against Mr. Daleiden Though the undercover vid-
Daleiden and Sandra Merritt on Richards, shown in September. and others alleging they had en- eos had ignited GOP outrage in
felony charges of tampering gaged in an illegal conspiracy. Congress, in the face of Demo-
with a governmental record, ac- cussing providing fetal tissue for In that lawsuit, Planned Par- cratic opposition in the Senate
cording to Harris County Dis- medical research. They led to enthood alleged that the Center and White House, GOP leaders
trict Attorney Devon Anderson. Republican investigations in for Medical Progress violated a more recently steered lawmak-
It also indicted Mr. Daleiden Congress and an effort by the federal racketeering law. ers away from seeking to de-
on a charge of prohibition of GOP to end federal funding of Planned Parenthood alleged fund the group in must-pass
the purchase and sale of human the organization. Planned Par- that the activists used fake spending legislation, instead
organs, a misdemeanor, said enthood said in October it would drivers’ licenses and attended forming an oversight panel to TIFFANY CELEBRATION® RINGS
Ms. Anderson, a Republican. stop accepting reimbursements private conferences, and signed investigate the women’s health
The felony charge carries a pos- for the cost of supplying fetal non-disclosure agreements that group.
sible maximum 20-year prison tissue for medical research. they violated by making the Officials in 11 states—Kansas,
sentence, while the misde- Abortion opponents said the videos. It claimed that members Florida, Ohio, Washington,
meanor charge carries a sen- videos showed Planned Parent- of the group set up a fake non- Pennsylvania, Georgia, Indiana,
tence of up to a year. hood illegally profiting from fe- profit organization to pose as Massachusetts, Michigan, Mis-
The move represented a sur- tal tissue and changing abortion officials who were seeking fetal souri and South Dakota—have
prise twist in the case, which procedures to obtain better tissue for medical research. cleared Planned Parenthood of 800 843 3269 | TIFFANY.COM
was spurred by undercover vid- specimens. The health group “These people broke the law allegations that it profited from
eos of Planned Parenthood said it broke no laws, that the to spread malicious lies about fetal tissue donation, according
made in April by Mr. Daleiden, videos were edited to be mis- Planned Parenthood in order to to the organization.
founder of the antiabortion leading and that the clinics le- advance their extreme antiabor- Mr. Abbott, a Republican,
group the Center for Medical gally received money to cover tion political agenda,” said Eric said Texas authorities continue
Progress, and Ms. Merritt. the cost of procuring, storing Ferrero, a Planned Parenthood probing whether Planned Par-
Some of the videos posted and transporting tissue. Federation of America spokes- enthood broke any laws. B E L M O N D E AG L E I S L A N D LO D G E ,
online by activists showed The district attorney’s office man, in a statement. —Kristina Peterson B O T S WA N A
Planned Parenthood officials dis- began investigating a Texas The Center for Medical Prog- contributed to this article.
NOT ONE
TO FOLLOW
THE HERD?
JOSHUA ROBERTS/REUTERS
The Supreme Court after this weekend’s snowstorm. The justices’ ruling extends the possibility of freedom to up to 2,500 inmates.
High Court Widens Youth Parole HOTELS | TRAINS | RIVER CRUISES | JOURNEYS
8 0 0 - 2 3 7-1 2 3 6 O R C O N TAC T YO U R T R AV E L C O N S U LTA N T
BY JESS BRAVIN serving life without parole ent from adults in their level of as youth a chance to become BELMOND.COM
sentences for offenses commit- culpability,” deserving greater productive citizens,” he said.
WASHINGTON—The Su- ted when they were juveniles, solicitude under the Eighth Mr. Montgomery’s future, © 201 6 B elmond M a nagement Ltd . B elmond is a registered tradema rk .
preme Court ruled Monday according to the Campaign for Amendment’s protection from should he win parole, is un-
that convicts who received life the Fair Sentencing of Youth, cruel and unusual punishments, clear, Mr. Plaisance said.
sentences as juveniles can seek an advocacy group that op- Justice Kennedy wrote. “When you’ve been incarcer-
parole, extending the possibil- poses such sentences. Chief Justice John Rob- ated 52 years, it’s kind of hard
ity of freedom to as many as The decision is the latest in erts—who dissented in 2012— to figure out what to do.”
2,500 inmates who otherwise a line extending additional joined the opinion, along with The Louisiana attorney gen-
would die in prison. constitutional protections to Justices Ruth Bader Ginsburg, eral’s office had no comment.
The decision settles a ques- juvenile offenders since 2005, Stephen Breyer, Sonia Soto- In 2010, the court found life
tion that the court left open in when a 5-4 majority abolished mayor and Elena Kagan, all without parole unconstitu-
2012, when it first found un- the death penalty for crimes part of the original majority. tional for juveniles convicted
constitutional laws that auto- committed before age 18. In dissent, Justice Antonin of crimes other than homicide.
™ and A Diamond is Forever™ are Trade Marks used under license from The De Beers Group of Companies
matically sentence juveniles Monday’s ruling involved an Scalia accused the majority of Two years later, the justices
convicted of homicide to life appeal by Henry Montgomery, twisting procedural rules in held unconstitutional sentenc-
without any chance of parole. who in 1963 at the age of 17 order to hear the case. “This ing schemes that automatically
The court said then that killed a deputy sheriff in East whole exercise…is just a devi- impose life-without-parole
sentencing judges must take Baton Rouge, La. He was con- ous way of eliminating life sentences on juvenile killers.
into account factors associated victed of murder and ulti- without parole for juvenile of- Like the Supreme Court, the
with youth—immaturity that mately sentenced to life with- fenders,” he wrote, joined by Obama administration has been
lessens moral culpability and a out possibility of parole. Justices Clarence Thomas and reconsidering harsh treatment
greater chance for rehabilita- “Henry Montgomery has Samuel Alito. of juvenile offenders. It sided
tion among them. spent each day…knowing he The decision should affect with Mr. Montgomery in the pa-
The 2012 decision didn’t say was condemned to die in about 350 Louisiana state role case, a departure from the IT ’ S A LO N G J O U R N E Y TO
whether the new rule would prison,” Justice Kennedy prison inmates, said Mark Plai- Justice Department’s typical
apply retroactively. Justice wrote. He questioned whether sance, a public defender who practice of supporting state BECOME THE ONE.
Anthony Kennedy, writing for “this fate was a just and pro- argued the case for Mr. Mont- prosecutors against inmates.
the court Monday, said the portionate punishment for the gomery. “It is our hope that Late Monday, the White House
earlier opinion qualified as a crime he committed as a 17- state courts will now follow announced an end to solitary In our constant pursuit of absolute beauty,
“substantive” change in consti- year-old boy.” the lead of our highest court confinement for juveniles held every Forevermark diamond undergoes a
tutional rules requiring retro- The court’s rulings since and the majority of other in federal prisons, part of a journey of rigorous selection.
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Around 2,500 inmates are dren are constitutionally differ- give those convicted of crimes housing” for inmates.
world’s diamonds are worthy of the
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Nation’s Capital Still Digging Out After Storm our promise of beauty, rarity
and responsible sourcing.
BY DAVID HARRISON plowed, but some smaller were canceled Monday, ac- late the potential cost,
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AND STEPHANIE ARMOUR streets were impassable. The cording to flight-tracking though it is likely to be less
© Forevermark Limited 2014-2015. Forevermark™,
House canceled its votes for website FlightAware, though than a storm in January 2014
WASHINGTON—The capital the week, while the Senate de- Tuesday’s number was about that led to the cancellation of
struggled to come back to life layed a Tuesday vote until 500, a sign that operations more than 19,000 flights over
Monday as businesses and res- Wednesday afternoon. are slowly getting back to six days.
idents continued to dig out Other communities along normal. While New York-area Some in the Washington
from a weekend storm that much of the East Coast also airports reopened with lim- region took time to enjoy the
dumped about 2 feet of snow continued dealing with the ited schedules, Newark Lib- snow, donning cross-country
on the region. snowstorm’s aftermath. At erty International remained skis, playing in streets that
Government offices, schools least 37 deaths had been attri- severely restricted. Washing- were mostly devoid of traffic
and many businesses in the buted to the storm, according ton’s two main airports were and holding snowball battles Forevermark is part of The De Beers Group of Companies. FOREVERMARK.COM
Washington area were closed. to the Associated Press. open. organized whenever the area
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A4 | Tuesday, January 26, 2016 P W L C 10 11 12 H T G K B F A M 1 2 3 4 5 6 7 8 9 O I X X ****** THE WALL STREET JOURNAL.
Six Ways Presidential POLITICS COUNTS | Aaron Zitner
Change vs. Experience

Race May Soon Shift Obviously voters in both the was never the same after the
Democrats are divided about whether their nominee should be a
‘change candidate’ or someone with experience who may bring less
change. In surveys, Hillary Clinton wins among Democrats who prefer
early states and the nation collapse of Lehman Brothers experience; Bernie Sanders wins with those who want change.
generally have been using the shook the financial markets
opening rounds of campaign that September.
2016 to vent their displeasure Then there are the mile- The January Wall Street Journal/ Democrats were divided but opted for experience over change.
with the political system and stones we know are along the NBC News poll asked voters Republicans overwhelmingly chose change over experience.
to explore unconventional al- road—a Democratic candi- which they thought was more January 2016
52% Experience
CAPITAL JOURNAL ternatives. Small example: dates’ forum that was to be important: electing a president DEMOCRATS Change
GERALD F. SEIB Overall, six in 10 Americans held in Iowa Monday night, a who is experienced, even if that 45%
in the latest Wall Street Jour- full and formal Republican person brings fewer changes, or 18%
nal/NBC News poll said they debate in Iowa on Thursday, electing someone who will bring REPUBLICANS
O
80%
ne of the great things preferred a candidate who as well as others just before greater change, even if that
about campaigns is would make greater changes the New Hampshire and person has less experience. That result showed a reversal from the 2008 election, held while
that, eventually, voters rather than a more tested and South Carolina primaries. Republican George W. Bush was in the White House. Then, Republicans
get to have their say. And experienced one. Yet that Perception can become wanted experience and Democrats opted for change.
they can be full of surprises. sentiment may not last into reality. Bill Clinton in 1992 July 2008
This is worth remember- the voting booth. Among won less than 3% of the vote 12%
ing because we are less than Democrats in that poll, just in Iowa and finished second DEMOCRATS
84%
a week away from the first over half said they preferred in New Hampshire. Yet, be-
votes being cast in Iowa in a candidate of experience. cause he came close in New 80%
REPUBLICANS
what already has been a bi- This suggests that, when Hampshire to a virtual favor- 14%
zarre presidential race. Democrats get down to actu- ite-son, Massachusetts Sen.
A clear ally voting, Mrs. Clinton’s ex- Paul Tsongas, after a whiff of Many Democrats want continuity Among Democratic primary voters who:
picture of the perience may be more of an personal scandal along the now, in part because President
race in both asset than it has seemed. way, he successfully por- Barack Obama is still popular 76%
WANT
parties ap- Voters change their trayed his loss there as a within the party, muting the desire EXPERIENCE 19%
pears to be minds. Journal reporters’ in- rousing comeback. for change. But the feeling isn't Clinton supporters
emerging: terviews with voters have in- Candidates’ perfor- uniform. Bernie Sanders has built 40% Sanders supporters
WANT
Donald dicated that all sorts of seem- mance under stress matters— support by calling for a political CHANGE
Trump holds a commanding ingly incongruous choices are and we’re only now about to ‘revolution’ against the wealthy 51%
lead nationally in the Repub- find out how candidates han- and Wall Street.
lican race, and is fighting dle real stress. Sometimes
neck-to-neck with Sen. Ted
The campaign they don’t handle it so well. Mrs. Clinton isn't seen as a Results are for share who said they could see themselves
Cruz in Iowa; Democratic fa- picture for both On the night he underper- ‘change candidate.' Support for supporting Mrs. Clinton
vorite Hillary Clinton is being formed expectations by fin- her has fallen among Democratic Among Democratic primary voters who favor:
challenged in both Iowa and
parties could change ishing third in Iowa in 2004, primary voters who prefer 91%
87%
New Hampshire by Sen. Ber- a lot in a few weeks. Mr. Dean tried to pump his change to experience. 86% EXPERIENCE
nie Sanders while holding a supporters back up with a fi-
March 2015 Jan. 2016
considerable national advan- ery caucus-night speech.
CHANGE
tage. being made—the kind that That produced the famous 65%
But remember that at this could be unmade easily. Vot- “Dean Scream,” his much-rid-
point in 2004, Howard Dean ers have said they are choos- iculed climax in that speech But if Mrs. Clinton wins the All parties’
looked as if he might be the ing between Mrs. Clinton and that made him look slightly 36%
Democratic nomination, she EXPERIENCE registered voters
favorite for the Democratic Mr. Trump, or between Mr. unhinged and hastened a could face a challenge: The 38% Independents
presidential nomination; in Sanders and Mr. Trump. downward slide. By contrast, electorate values change over
2008, the miraculous come- A story out of Iowa in then-Vice President George experience. 61%
back of Sen. John McCain Monday’s Journal quoted a H.W. Bush also finished a dis- CHANGE
59%
hadn’t even begun; and that supporter of former Hewlett- appointing third in Iowa in
same year, Barack Obama was Packard Chief Executive Carly 1988, but then calmly gath- Source: WSJ/NBC News telephone polls, most recent of 800 registered voters conducted Jan. 9-13;
only beginning his topsy- Fiorina who said he might ered aides to say there would full-sample margin of error: +/–3.46 pct. pts. THE WALL STREET JOURNAL.
turvy journey from underdog switch to Mr. Trump. All of be no campaign shake-up or
to favorite to seriously em- that suggests that even vot- recriminations.
battled front-runner. ers who now say they are He instead put his cam-
In short, the race could
look quite different in a few
weeks. Here are six reasons:
Voters decide late, espe-
backing one candidate can
easily unhitch and move
somewhere else.
X factors come into
paign in the hands of New
Hampshire Gov. John Sununu
to lead him to a victory there.
That paved the way to nomi-
RACE
cially in the first states. Exit play. World events also are nation and the presidency. Continued from Page One
polls in recent election cycles campaign events. The terror ination from the establish-
T
suggest it’s normal for 40% of attacks in Paris and then in he point of all this is ment pick, toppling Mrs.
Iowa voters to make up their San Bernardino, Calif., shifted that, unlike a general- Clinton through his compel-
minds in the last week before the campaign agenda toward election campaign, ling life story, strong support
the caucuses, and half of New national security almost over- which is a long and slow slog from racial minorities and an
Hampshire voters do the night. This month’s stock- to a single destination point, optimistic message that gal-
JAE C. HONG/ASSOCIATED PRESS
same before the primary. market slide hasn’t pene- primary season is a series of vanized young voters.
Closing arguments matter. trated the campaign psyche rapid-fire twists and turns For some nervous Clinton
There is a difference be- in any discernible way, but it that are hard to navigate and allies, Mr. Sanders seems the
tween shopping and buying. could. The 2008 campaign harder still to predict. heir to the Obama campaign
of “hope and change,” while
she is running on Mr. Obama’s
On the Stump the “huge majority of economic
gains that have gone to the top
cream won’t be available in
stores. Mr. Cohen donated 25
approach to governing as
president.
1% since the end of the reces- pints to the Vermont senator’s “There are statements be- Sen. Bernie Sanders, who has a strong following among younger
Sanders Gets Own sion.” The ice cream beneath campaign; supporters can enter ing made that Bernie Sanders voters, mingled with supporters taking selfies in Iowa on Monday.
Ice-Cream Flavor represents “the rest of us.” Eat- a contest to win one. Mr. Cohen lacks experience, that I am
Ben Cohen, a co-founder of ers are instructed to smash the said he decided to make the fla- naive, that my ideas are pie- three groups that are least like a message candidate,
Ben & Jerry’s, is backing Demo- chocolate and mix it in. vor because he had received in-the-sky, that they just can’t likely to turn out. The Sand- rather than a candidate fo-
cratic presidential candidate Ber- The flavor isn’t associated many questions about whether happen,“ Mr. Sanders said at ers campaign is working to cused on the nuts-and-bolts
nie Sanders with an ice-cream with the Ben & Jerry’s brand, one existed since he and co- another event earlier Mon- train volunteers so they can of winning the nomination.
flavor called “Bernie’s Yearning.” which was sold years ago to founder Jerry Greenfield en- day.” Well, you and I heard explain the process to new- He drove to events in rental
Mint ice cream is topped by a Unilever, though the brand re- dorsed Mr. Sanders last summer. that set of arguments about comers. cars and flew on Southwest
disc of chocolate, representing mains based in Vermont. The ice —Rebecca Ballhaus eight years ago. They were “For whatever reason Airlines. In stump speeches
made against Barack Obama. there’s this myth or this per- he seldom wavered from his
They were not accurate then, ception that this somehow is point that middle class fami-
they are not accurate today.” a difficult thing to do and it’s lies were suffering at the
Mr. Sanders urged attend- not,” Mr. D’Alessandro said. hands of a political and eco-
ees to tell their stories of fi- After Iowa comes New nomic system “rigged” in fa-
Adjustable
Headrest
The most comfortable nancial hardship. One woman,
Anne Gordon, 65, said she is
forced to live on Social Secu-
Hampshire, where polls show
Mr. Sanders, from a neighbor-
ing state, is ahead. Then
vor of powerful families and
corporations. He refused to
criticize Mrs. Clinton.
office chair on earth rity payments totaling less
than $10,000 a year. To cut
her energy bills, she has
comes a swath of states
where Mrs. Clinton has the
edge.
Success has changed the
Sanders campaign—and it has
changed the way Mrs. Clinton
moved into her kitchen and Presidential historian deals with her rival.
dining room so she needn’t Douglas Brinkley said he sus- Mr. Sanders is now more
Visionary design and engineering heat her entire house. pects Mr. Sanders won’t have apt to criticize Mrs. Clinton
Proprietary Afterward, Ms. Gordon said the staying power of Mr. or punch back when he be-
Breathable Mesh have come together of Mr. Sanders: “He actually Obama, chiefly because of his lieves he has been at-
addresses issues that the poor standing among minor- tacked. Long disdainful of
to produce a chair
Height/Width common person would be ity voters in later states. what he describes as the su-
Adjustable Armrests so ergonomically perfect, concerned about.” “I think it’s a little bit perficiality of politics, he has
While winning loyal back- more of a Howard Dean-type borrowed a tactic of Donald
so completely re-imagined ers, the senator faces real situation,” Mr. Brinkley said. Trump and rattles off poll
hurdles. For one, his support “Iowa matters everything to numbers that show him faring
that it exists in a in Iowa is concentrated in col- Bernie Sanders. He must have better than Mrs. Clinton in
lege towns, and a dominant a win there.” matchups with Republicans.
category all its own.
Intuitive showing in any given precinct Senior Sanders strategist The Clinton campaign, af-
Fingertip or county doesn’t translate Tad Devine said the campaign ter months spent ignoring Mr.
Controls This is no mere office chair. into additional delegates. The won’t fall apart like Mr. Sanders, is now treating him
most recent Des Moines Reg- Dean’s and others did, partly as a serious threat. All three
Fully This is Vaya. ister-Bloomberg Politics poll because of its fundraising. His members of the immediate
Adjustable found Mr. Sanders just two campaign has pulled in nearly family—Hillary, Bill and Chel-
Lumbar points behind Mrs. Clinton as much money as Mrs. Clin- sea Clinton—have aimed criti-
Support
statewide, but 27% of his ton’s, largely through small cism at Mr. Sanders. And a
backers came from just three donations, though she also main surrogate, conservative
counties that are home to has an outside super PAC activist-turned-Clinton ally
Iowa’s big universities. Those raising money on her behalf. David Brock, has warned that
A Ken Okuyana Design
counties will account for just Mr. Devine said money Mr. Sanders’s self-proclaimed
14% of delegates awarded. would come in quickly if Mr. socialist views would spell
Pete D’Alessandro, Mr. Sanders does well in Iowa and trouble for Democrats in a
Sanders’s Iowa coordinator New Hampshire. “Then we’ll general election.
and a caucus veteran, said the have enormous resources to The Clinton campaign is
campaign is working to build move from battleground state also telegraphing to its sup-
support in parts of the state to battleground state,” he porters that defeat is a real
beyond his natural base. said. He also predicted that possibility next Monday. In an
“We came into this know- black and Latino voters would email to backers on Monday,
ing what the rules were,” Mr. give Mr. Sanders more con- Mrs. Clinton recalled the
D’Alessandro said. sideration after they learn 2008 election and how “pro-
Chrome Base The Register poll found Mr. more about what he stands found an impact” Iowa can
with Oversize Exclusively from Positive Posture
Casters
Sanders was strongest with for. have on the race.
Made in Japan 888-725-1799 vayachair.com younger voters, political inde- When he announced his “Our biggest hurdle yet lies
pendents and people who candidacy in Burlington, Vt., one week from today,” she
have never caucused before— in May, Mr. Sanders seemed said.
Kasich, Christie Bet Big on Granite State

BY HEATHER HADDON cism that he wasn’t conserva-
tive enough. In the 2016 race,
JIM COLE/ASSOCIATED PRESS; MATT ROURKE/ASSOCIATED PRESS

GOFFSTOWN, N.H.—Voters that profile more closely fits
Keith and Joyce Koerber have former Florida Gov. Jeb Bush.
signs for two Republican presi- While Mr. Bush has spent
dential candidates at each end more time in New Hampshire
of their lawn, and picking be- than in other early-voting
tween New Jersey Gov. Chris states, he hasn’t hunkered down
Christie and Ohio Gov. John to the same extent as Messrs.
Kasich has become fraught. Kasich and Christie. Instead, he
“We don’t know. We just has run a scaled-back version of
want people to think about the national strategy he began
them right now,” said Mrs. Ko- with. He was scheduled to head-
erber, a retiree who came to line a rally Tuesday in Nevada.
hear Mr. Kasich speak after Mr. Trump currently leads
Sunday services. in New Hampshire GOP polls
More than any other candi- with 32% support, followed by
dates, Messrs. Christie and Ka- Texas Sen. Ted Cruz at 13%
sich’s campaigns will live or GOP presidential candidates John Kasich. left, and Chris Christie campaign on Monday in New Hampshire ahead of the Feb. 9 primary. and Mr. Kasich with 12%, ac-
die by their showing in New cording to a Real Clear Politics
Hampshire on Feb. 9. They breaking out from the centrist Mr. Kasich celebrated his from both parties have to camp out in New Hamp- average of polls. Mr. Christie
have honed their presidential candidates bunched up in the 75th town hall Sunday with a turned things around. On the shire,” said Charlie Black, one had been beating Mr. Kasich in
ambitions in the intimate voter field. Notably, they were the two-tiered sheet cake divvied Democratic side, Bill Clin- of Mr. McCain’s top campaign polls several weeks ago, but
forums that New Hampshire only candidates campaigning among attendees. When a man ton’s tireless campaigning advisers, about Messrs. Chris- now ranks 6th with 7%.
voters crave and expect. in the state Sunday as most asked about government fund- led him to come in second tie and Kasich. On Monday, Mr. Christie
Republican Donald Trump others split their time working ing for space programs, Mr. place in the 1992 primary, Unlike the governors, Mr. picked up the endorsement of
has turned that playbook on Iowa’s Feb. 1 caucuses. Kasich belted out David making him a self-declared McCain also benefited from Mr. McCain’s former campaign
its head by largely eschewing Mr. Christie had held 156 Bowie’s “Ground Control to “comeback kid.” goodwill left over from win- chairman in New Hampshire,
retail campaigning for large events in the Granite State as Major Tom” as an attendee, In 2008, Arizona Sen. John ning the New Hampshire pri- Peter Spaulding. Mr. Bush and
rallies. The businessman held a of Monday, while Mr. Kasich wearing face paint and carry- McCain held his 100th town mary in 2000, Mr. Black said. others have been chasing Mr.
rally in Farmington, N.H., Mon- had logged 167, according to ing his guitar, accompanied hall meeting in New Hamp- Mr. McCain’s path also dif- McCain’s endorsement, but he
day night before jetting back the New England Cable News him. “Only in a town hall in shire shortly before winning fered in that he started out the doesn’t plan to back anyone
to Iowa Tuesday. candidate tracker. Sen. Lindsey New Hampshire,” Mr. Kasich the primary that propelled him 2008 race as the GOP front- before the primary, say people
Messrs. Christie and Kasich Graham still holds the record said of the moment. toward the nomination. runner. He hit bottom over the familiar with the matter.
have continued to grind out for state events, but dropped New Hampshire has been “There’s wisdom in what summer amid a fundraising —Beth Reinhard
voter forums in hopes of out of the race in December. a place where underdogs those guys are doing. It helps slump, staff layoffs and criti- contributed to this article.
Democrats Make
Pitches in Iowa
BY LAURA MECKLER chance to question the two of
them, along with former
Sen. Bernie Sanders on Maryland Gov. Martin O’Mal-
Monday defended his call for a ley, on the same stage before
more activist government, the caucuses.
saying the nation’s problems The questions from Demo-
are so severe that he is willing cratic voters ranged from farm
to bring back what has been policy to the environment to
called “the era of big govern-
ment.”
Appearing on a CNN forum
electability. Mr. O’Malley is
running a distant third but
said on CNN that he isn’t giv-
Advancing the Science
in Des Moines just a week be-
fore the Iowa caucuses, Mr.
Sanders embraced his call for
ing up.
“I am the only one of the
three of us who has a track re-
of Smart Energy
a robust role for government cord, not of being a divider
to even the scales between a but bringing people together
struggling middle class and to get things done,” he said.
the very rich. Appearing at the forum
“We cannot continue to first, Mr. Sanders said he is
have a government dominated willing to increase government
by the billionaire class,” the taxes on the wealthy to fi-
Vermont senator said during a nance free college tuition, the
prime-time CNN forum. same way government pro-
Questioned later at the vides free schooling from kin-
event, former Secretary of dergarten through high school.
State Hillary Clinton repeat- He also stood by his calls for
edly reminded voters that they taxes to be raised to expand
are also electing a com- Social Security.
mander-in-chief, and said at- On foreign policy, Mrs. Clin-
tacks on her have accumulated ton responded to Mr. Sand-
over the years but don’t ers’s charge that her 2002
amount to anything. “They vote for the Iraq war shows
throw all this stuff at me and she lacks judgment in foreign
I’m still standing,” she said. policy.
“You have to have somebody She reminded voters that
who is a proven, proven she had called the vote a mis-
fighter.” take, and pointed to her judg-
She also promised to work ment on many other decisions.
together with Republicans to She also noted that President
make progress if elected. “I Barack Obama asked her to
want to start from the belief serve as secretary of state.
that we can find common “He trusted my judgment and
ground,” she said. “You’ve got we worked side by side over
to bring people together.” those four years.”
The forum in Des Moines —Peter Nicholas
offered voters their last contributed to this article.
A global consortium of leading universities, the Siebel Energy

primary—where his unexpected
Campaign victory in Iowa helped propel
him past her.
Institute fosters innovative and collaborative energy research.
Wire “I think Bernie came in with
the luxury of being a complete The Institute funds research grants in data analytics, including
longshot and just letting loose,”
he said. statistical analysis and machine learning, to accelerate
The White House has said pre-
viously that Mr. Obama is ex- advancements in the safety, security, reliability, cost efficiency,
DEMOCRATIC PRIMARY pected to largely stay out of the
Democratic primary campaign and and environmental integrity of modern energy systems.
Obama Says Clinton is unlikely to make an endorse-
In Harsh Spotlight ment.
Wading into the increasingly —Byron Tau
contentious Democratic primary
contest, President Barack REPUBLICAN PRIMARY
Obama said Vermont Sen. Ber-
nie Sanders’s rise has been pro-
Rick Perry Endorses
A D V I S O R Y B O A R D
pelled by the tough scrutiny Fellow Texan Cruz
heaped on any presidential Picking sides in an intensify-
front-runner. ing 2016 rivalry, Rick Perry en-
“I think that Hillary [Clinton] dorsed his fellow Texan, Sen.
is tough and she has been Ted Cruz, for president, giving
through this before and she the senator a boost in his com-
could anticipate it. If you are a petition with Donald Trump in
front-runner, then you are under the run-up to Monday’s Iowa
more scrutiny and everybody is caucuses.
going to pick you apart,” Mr. Before abandoning his own
Obama said in an interview with 2016 presidential bid, Mr. Perry—
Politico released Monday. a former Texas governor—was
Mrs. Clinton has been the one of the most-pointed of Mr.
front-runner in the national polls Trump’s antagonists, criticizing
since entering the race last year, his anti-immigrant rhetoric and The Siebel Energy Institute is a project of the Thomas and Stacey Siebel Foundation.
though Mr. Sanders has surged calling him a “cancer on conser- All research results will be shared in the public domain. With some of the greatest minds in
to a lead in many early state vatism.” engineering and computer science, the Siebel Energy Institute will push the boundaries of
polls. Mr. Perry was the first of the
With just days before the major 2016 candidates to drop innovation to address today’s pressing energy challenges.
Iowa caucuses and the New out of the race. He is the second
Hampshire primary, the Demo- former candidate to endorse one
cratic race has gotten increas- of his rivals. The first was Sen. www.SiebelEnergyInstitute.org
ingly sharper in tone. Lindsey Graham of South Caro-
Mr. Obama rejected compari- lina, who is backing former Flor-
sons to his own campaign ida Gov. Jeb Bush.
against Mrs. Clinton in the 2008 —Janet Hook
A6 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
WORLD NEWS
Suu Kyi’s Plan Unsettles Military Indonesia
Looks to
Party leader’s pledge
to be above president
clouds transition of
Reduce
power in Myanmar Birth Rate
BY SHIBANI MAHTANI BY SARA SCHONHARDT
AND MYO MYO
JAKARTA—Indonesia is
YANGON, Myanmar—Aung bucking a regional trend, seek-
San Suu Kyi’s pledge to place ing to rein in its population
herself “above the president” growth in the hope it will help
in this nation’s future govern- promote more-sustainable
ment is causing friction with economic development.
the army, which will still have At the opening of a confer-
significant control after the ence on family planning the
handover of power. country’s president, Joko
Insiders in the incoming Widodo, said investment in
government say that choosing family planning was an abso-
a figurehead president to front lute necessity “to sustain eco-
NYEIN CHAN NAING/EUROPEAN PRESSPHOTO AGENCY
for Ms. Suu Kyi makes perfect nomic growth in every country
sense. The Nobel Peace Prize and every region.”
winner and former political Jakarta’s move to lower In-
prisoner, who met Monday donesia’s fertility rate to ener-
with the military’s com- gize economic growth in what
mander-in-chief, is barred by is now the world’s fourth-most
law from becoming president populous country comes as
because she was married to a China and Japan are striving
British national. Her children to do the opposite—to raise
are British too. fertility rates to address the
What else is she to do after threat aging populations pose
her party won last year’s na- to their own economies.
tional elections, they say. But Indonesia’s National Popu-
such a move would likely com- Gen. Min Aung Hlaing (right) met Monday with Aung San Suu Kyi. He is seen above on Jan. 12 at a conference in Naypyitaw. lation and Family Planning
plicate a drawn-out negotia- Board plans to inject more
tion with the army over who parts of the Southeast Asian a quarter of seats in the legis- what kind of role they envi- the problem is for Ms. Suu government money into edu-
really governs the country. country. lature and control over key sion for her compared to the Kyi’s party to amend the con- cation and services in the
“It was like she fired the “We discussed matters in- ministries including those in role she envisions for herself,” stitution that bars her from hope of easing the strain a
first shot to the Tatmadaw cluding how to achieve stabil- charge of defense and home said Sithu Aung Myint, a Yan- the presidency. But the mili- growing population puts on
with her comments,” said one ity during the postelection affairs. gon-based political analyst. tary has strongly hinted that it housing, water, education and
former high-ranking general transition period, parliamen- The clock is ticking. It is Hla Shwe, an outgoing law- was too soon for any changes employment, officials say.
who maintains close ties with tary issues, forming the gov- just over a month before a maker for the military-linked to the document, preferring “We realize the chal-
the military leadership and is ernment and how to achieve a new parliament dominated by Union Solidarity and Develop- what it calls a “disciplined de- lenges…faced by Indonesian
involved in transition talks real peace in the future after Ms. Suu Kyi’s National League ment Party and a former sol- mocracy” that guarantees it families in the future will only
with Ms. Suu Kyi’s party, using the signing of the national for Democracy is scheduled to dier, said that Ms. Suu Kyi’s continued power in any new get bigger,” Mr. Widodo said
the Burmese name for the cease-fire arrangement,” he select a head of state. plans were “totally against the political order, including con- at the conference, which aims
Myanmar army. “It is almost wrote. Party officials have con- constitution.” trol over key ministries. to address issues such as re-
like she is waiting for some Ms. Suu Kyi and her repre- firmed that the NLD will stick The stakes are high. Under The army’s blessing is re- productive health and access
kind of retaliation.” sentatives couldn’t be reached to its plan of picking a presi- the military-drafted constitu- quired for any amendments. to contraceptives by bringing
The military’s commander- to comment. dent by March 31 who will an- tion, the army can resort to Serving generals occupy a together world leaders and de-
in-chief met with Ms. Suu Kyi Her relationship with the swer solely to Ms. Suu Kyi. But unusual measures if it senses quarter of the seats in parlia- velopment experts.
in a closed-door session in the military, and whether it be- some with close ties to the its interests are compromised. ment and constitutional Indonesia’s fertility rate has
capital, Naypyitaw, on Mon- comes a tussle for absolute army say this could be a The commander-in-chief, for changes require a vote of recently fallen to 2.3 children
day. In a post to his Facebook control or a relatively friendly source of mistrust between instance, is able to take over more than 75% of the legisla- per woman from 2.6, accord-
page, Gen. Min Aung Hlaing working partnership, is inte- the country’s former military in case of an unspecified ture. The NLD, aware of this ing to a 2015 population sur-
wrote that the discussions gral to the success of this rulers and its most popular emergency, while the army difficulty, won’t be challenging vey, but the goal is to reduce it
spanned a variety of topics, transition. The army will be politician. will retain control of the secu- the military on that just yet, further to 2.1—the replace-
including how to secure a last- Ms. Suu Kyi’s bilateral partner “The bigger issue is how rity infrastructure even in a party executives say. It is ment rate—by 2025.
ing peace with armed ethnic even in this new democrati- the military is prepared to civilian administration. working on winning the —Resty Woro Yuniar
groups operating in remote cally elected government, with deal with [Ms. Suu Kyi], and The long-term solution to army’s confidence instead. contributed to this article.
Jesus and His Jewish Influences

Taught by Professor Jodi Magness

E D TIME OF
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1. Jesus and Judaism

2. Sacred Mountains and Law Giving in Judaism
off
4
3. The United and Divided Israelite Kingdoms

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BY F E B RU 5. The Jewish and Samaritan Schism

6. The Jewish Diaspora and the Golden Rule
7. Alexander the Great’s Impact on the Jews
8. Jews and Greek Rule: The Heliodorus Affair
9. Desolating Sacrilege and the Maccabean Revolt
10. Apocalyptic Works and the “Son of Man”
11. Jesus’s Jewish Lineage
12. Was Jesus a Pharisee?
13. Jewish Ritual Purity: The Sons of Light
14. The Dead Sea Scrolls: Earliest Hebrew Bible
15. Was Jesus an Essene?
16. The Hebrew Scriptures and the Septuagint
17. The Reign of Herod the Great
18. Pontius Pilate: A Roman Prefect
19. Anarchy in Judea
20. Jesus’s Prophecy: Jerusalem’s Destruction
21. Flavius Josephus: Witness to 1st Century A.D.
22. Rabbinic Judaism’s Traditions about Jesus
Unearth the Jewish Roots 23. Jesus’s Apocalyptic Outlook
24. Jesus’s Teachings and Sayings in Context
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WORLD NEWS
Pakistan Army’s Malaysia Office Clears Najib

Powerful Chief BY YANTOULTRA NGUI
AND TOM WRIGHT
Is Set to Retire
KUALA LUMPUR—Almost
$700 million transferred into
an alleged private bank ac-
count of Prime Minister Najib
BY SAEED SHAH policy, especially efforts to Razak before a close general
bring the Afghan Taliban into election in 2013 was a “per-
KARACHI, Pakistan—The peace talks, and relations sonal donation” from Saudi
powerful army chief who is with India, the U.S. and the Arabia’s royal family, a Malay-
credited with being the archi- Middle East. sian investigating body said.
tect of the country’s counter- Last year, giant billboards Malaysia’s Attorney General
terrorism drive will retire this put up in Karachi by the busi- Mohamed Apandi Ali, in a
year, the military said on Mon- ness community had thanked statement Tuesday, didn’t
day. Gen. Sharif for “saving” the name the specific donor or
In a country dominated by city. give a purpose for the transfer
its military, which has periodi- Security officials in Karachi of $681 million into Mr. Najib’s
OLIVIA HARRIS/REUTERS
cally staged coups and exer- have privately questioned accounts in March 2013.
cised decisive influence over whether the operation there Mr. Apandi said that $620
policy, the position of army would be continued with the million of the amount was re-
chief is closely watched and same force if Gen. Sharif returned to the Saudi royal fam-
speculation over whether Gen. tired. ily in August 2013 because it
Raheel Sharif’s term would be “Pakistan’s army is a wasn’t used.
extended had intensified in re- great institution. I don’t be- “As no criminal offense has The attorney general ended an investigation of Malaysian Prime Minister Najib Razak.
cent weeks. lieve in extension,” said Gen. been committed, there is no
An army chief retiring on Sharif, according to a state- necessity for Malaysia to make spond to a request to com- The attorney general said launched, including those at
time would be a boost to the ment from the military. “Ef- a request for a mutual legal as- ment. Mr. Najib has denied any there was no evidence that Mr. the nation’s anticorruption
country’s fragile democracy, forts to root out terrorism sistance to any foreign states wrongdoing or taking any Najib was aware of a separate body, the central bank and a
though it would raise ques- will continue with full vigor for the purpose of completing money for personal gain. At- transfer of around $14 million parliamentary committee. Out-
tions about the future of the and resolve.” the criminal investigation by tempts to reach Saudi authori- in late 2014 and early 2015 side Malaysia, investigations
country’s battle against terror- The military said it made the Malaysia Anti-Corruption ties weren’t initially success- into his private accounts. into 1MDB and Mr. Najib’s as-
ism, politicians and analysts the statement in response to Commission in relation to the ful. The earlier Malaysian gov- sets are under way in at least
said. If Gen. Sharif retires, he “baseless” speculation about said 2.08 billion ringgit ($681 An earlier Malaysian government probe found that $14 five countries. The fund has
would be the first army chief an extension in his tenure, million) donation,” he said. ernment investigation, re- million had entered his ac- said it would cooperate with
since 1998 who didn’t have an which was being discussed in The attorney general’s ported by The Wall Street counts from a unit of the Fi- all investigations.
extended tenure. the media. Some stories had statement ends a domestic in- Journal last year, found the nance Ministry, which Mr. Na- Mr. Najib set up 1MDB in
Gen. Sharif often overshad- said the government had de- vestigation into the transfers, $681 million had entered Mr. jib also heads, via a body 2009 to spur development but
owed the country’s elected cided to offer him a further whose existence became public Najib’s account from the ac- linked to state investment fund it is saddled with over $11 bil-
leader, Prime Minister Nawaz period in office. last summer, causing mass count of a British Virgin Is- 1Malaysia Development Bhd, lion in debt. 1MDB was used to
Sharif, winning praise for the There was no comment street protests in Malaysia lands-based company. The or 1MDB. After that investiga- help fund Mr. Najib’s 2013
improvement in the country’s from the government. against Mr. Najib. beneficial owner of that com- tion became public, a series of election campaign, the Journal
security situation and some Mr. Najib’s office didn’t re- pany wasn’t made public. other probes into 1MDB were reported in December.
foreign-policy initiatives. Gen.
Sharif and Mr. Sharif aren’t re-
Vietnam Communist Party Tussle Ends

lated.
“In Pakistan, an army chief
is one of the pivots of power,”
said Hasan Askari Rizvi, a mili-
tary analyst based in the east- BY JAMES HOOKWAY Trong emerged unopposed to But Mr. Trong used contest Mr. Trong for party lead-
ern city of Lahore. “Gen. Ra- stay in the role. cerns about Mr. Dung’s grow- ership before the Congress
AGENCE FRANCE-PRESSE/GETTY IMAGES
heel is strong because he was HANOI—The incumbent For a while, it appeared that ing influence to prevent the wraps up on Jan. 28. Delegates
able to deliver on terrorism.” leader of Vietnam’s Commu- Prime Minister Nguyen Tan Politburo from nominating him were still discussing the mat-
Gen. Sharif launched an of- nist Party is set to retain his Dung, the pro-business pre- as a candidate to become gen- ter late Monday before state
fensive against militants in position after the nation’s mier, might prevail. He culti- eral secretary, the country’s media reported that Mr. Dung
the northwest, oversaw an prime minister withdrew from vated a popular base in the most powerful post, according would leave the top levels of
operation against criminal the contest to lead the party party and the country at large to people familiar with the sit- the party. Mr. Dung couldn’t be
gangs and jihadist groups in on Monday. by promising economic re- uation. reached to comment.
the country’s biggest city, Ka- Modernizers and the party’s vamps and by taking a tougher, On Sunday, some of Mr. If confirmed as party chief,
rachi, and forces under his old guard had tussled for su- nationalist stance toward Dung’s supporters nominated Mr. Trong is expected to build
control started to tackle cor- premacy at this month’s piv- China and the two countries’ him to rejoin the party’s cen- on the country’s strengthening
ruption in politics. He was Gen. Raheel Sharif plans to otal party congress, but Gen- territorial disputes in the tral committee—a step that trade and military relation-
also instrumental in foreign leave his post this year. eral Secretary Nguyen Phu South China Sea. could have enabled him to con- ships with the U.S.
French Leaders Roll Into India for High-Level Talks

STEPHANE DE SAKUTIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
BECAUSE SOMEDAY
I’ll have all the

details ironed out.
From left, French Foreign Minister Laurent Fabius, President François Hollande and Indian Prime
Minister Narendra Modi rode a train Monday to attend the launch of a solar initiative outside New
Delhi. The two leaders said they were close to agreeing on the sale of 36 French Rafale jets to India.
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WORLD NEWS
Iraq Disappearances Test U.S.-Iran Thaw

Washington has asked The League of the Righ-
teous, Kata’ib Hezbollah and
Tehran whether it can the Badr Corps have formed a
help with missing coalition, called the Popular
Mobilization Front, to aid the
American contractors Iraqi government in fighting
Islamic State and have been
BY JAY SOLOMON particularly successful in re-
claiming territory in western
WASHINGTON—The disap- Iraq, often with support from
pearance of three U.S. citizens the IRGC.
in Iraq is posing a fresh test of The Popular Mobilization
the Obama administration’s Front has denied any of the
relationship with Iran, a week three militias played a role in
after the White House com- abducting the Americans.
pleted a high-stakes prisoner Iraq’s Prime Minister Haider
swap. al-Abadi said last week that he
Some U.S. intelligence offi- doubted Iran’s involvement in
cials and Iraqi police have said their disappearance.
in recent days they believe A number of former U.S. of-
hard-line Iraqi Shiite militias ficials who have worked on
with close ties to Tehran ab- Iran policy have voiced con-
ducted three American de- cerns that the Obama adminis-
fense contractors earlier this tration’s hopes for improved
month in a suburb of Baghdad. relations with Tehran weren’t
U.S. officials said they are being matched by Iranian ac-
specifically looking at three tions in the region.
KEVIN LAMARQUE/REUTERS
Iraqi militias for their possible They cited Iran’s ballistic
role in the kidnappings: Asa’ib missile tests in October and
Ahl al-Haq, or the League of November, the live firing of
the Righteous, Kata’ib Hezbol- rockets near U.S. aircraft car-
lah, and the Badr Corps. riers in the Persian Gulf, and
All of them, the Pentagon the capture and brief deten-
has long believed, receive tion by the IRGC’s navy this
training, arms and funding Messrs. Kerry and Zarif speaking in Vienna on Jan. 16. Mr. Kerry said he raised the issue of missing Americans with Mr. Zarif at Davos. month of 10 American sailors
from Iran’s elite military unit, who strayed into Iranian wa-
the Islamic Revolutionary prisoner swap—in which five Mr. Kerry and other Obama ways they could have an im- skeptical view of Iran’s will- ters in the Persian Gulf.
Guard Corps. U.S. citizens were freed from administration officials have pact on getting the right kind ingness to play a role in gain- American diplomats and in-
Secretary of State John Iranian captivity in exchange said there are no indications of outcome,” Mr. Kerry said ing the Americans’ freedom. telligence officials said they
Kerry last week raised the is- for the release of seven Ira- Iran played a role in abducting after his meeting with the The Iraqi militias, particu- believe Iran’s government is
sue of the missing Americans nian nationals held by the the Americans. They also ha- Iranian diplomat in Davos. “I larly the League of the Righ- deeply divided in the wake of
in Iraq with his Iranian coun- U.S.—and July’s landmark nu- ven’t ruled out the possibility asked him to give us that in- teous, have closely coordi- the nuclear agreement.
terpart, Javad Zarif, on the clear agreement, current and that the disappearances re- put.” nated their operations with Iranian President Hassan
sidelines of the World Eco- former U.S. officials said. sulted from criminal activity A spokesman for the Ira- the IRGC over the past decade, Rouhani and Mr. Zarif aggres-
nomic Forum in Davos, Swit- The Obama administration common in Baghdad. But they nian government didn’t re- these U.S. officials said. The sively pushed for the agree-
zerland, according to U.S. offi- is seeking to build Tehran into have said Tehran may be able spond to requests to comment. Pentagon believes the League ment and a bettering of ties
cials. a partner in combating Islamic to use its influence with the Mr. Kerry said last week that of the Righteous and the IRGC with Washington. But Iran’s
The suspected kidnappings State, and in ending wars in Iraqi militias to gain the Mr. Zarif said he had no infor- jointly planned the kidnapping Supreme Leader Ayatollah Ali
in Iraq serve as a fresh test for Syria and Yemen, but has been Americans’ release. mation on the fate of the U.S. of five U.S. soldiers in the Khamenei and the IRGC have
the White House’s efforts to receiving conflicting signals “I asked him [Zarif]…if nationals. Iraqi city of Karbala in 2007. continued to stress that the
strengthen its ties with Teh- from Iran’s theocratic leaders Iran knew any way to provide Some inside the U.S. intelli- The Americans were killed, ex- U.S. remains Iran’s chief ad-
ran in the wake of the recent and military. help or there were some gence community take a more ecution-style. versary.
DEALS vive the country’s hobbled job

market.
Another key plank of Iran’s
businesspeople went to Tehran
late last year to scout out
post-sanctions commercial
U.N. Says
Continued from Page One
day included oil-field services
ambitions is the revamping of
its creaky aviation industry.
Iranian officials say they plan
deals.
Peugeot’s investment in the
joint venture with Iran Khodro
Syria Talks
company Saipem SpA, energy
group Ansaldo Energia and
ship maker Fincantieri SpA,
to buy more than 100 new jets
from Airbus Group SE to re-
plenish the country’s small
could increase based on the
number of cars produced in
Iran, the person familiar with
To Begin
GREGORIO BORGIA/ASSOCIATED PRESS
but further details weren’t

available.
In France, auto makers, air-
and poorly maintained com-
mercial passenger fleet.
Mr. Rouhani’s meeting with
the matter said.
Before the EU imposed
sanctions in 2012, Iran was
On Friday
port operators and construc- Mr. Hollande in Paris on Peugeot’s second-biggest mar- BY DANA BALLOUT
tion firms were primed for a Thursday is timed to the un- ket after France, with sales AND NATHAN HODGE
raft of accords when Mr. Rou- veiling of about €400 million volume of around 400,000 cars
hani visits French President in contracts to expand Iran’s a year. Iran Khodro assembled BEIRUT—The United Na-
François Hollande on Thurs- aging airports for increased those vehicles using kits and tions special envoy to Syria
day. tourism and business traffic, spare parts sent from France. said the latest round of peace
French car maker Peugeot one of the people familiar with Even after Peugeot cut offi- talks between the regime of
is expected to complete an the matter said. President Rouhani, left, spoke Monday with Italy’s Matteo Renzi. cial ties with the country, Iran President Bashar al-Assad and
agreement to manufacture Tehran is expected to tap Khodro continued to make the Syrian opposition are set
cars in Iran as part of a 50-50 French airport operator Aéro- cars bearing the Peugeot to begin on Friday.
joint venture with auto maker
Iran Khodro valued at more
ports de Paris and construc-
tion-and-media conglomerate
Tehran’s Dealmaking With Europe name. In 2014, it produced
319,000 Peugeot-branded cars,
U.N. envoy Staffan de Mis-
tura said invitations would be
than €300 million, according Bouygues SA to design and according to Iranian car indus- sent on Tuesday and the par-
to a person familiar with the build a new terminal at Teh- Italian steel firm Danieli build a new terminal at try registration figures, sourc- ties would meet in Geneva,
matter. Under the planned ran’s Imam Khomeini Interna- agrees to $6.2 billion deal Tehran’s main airport ing its parts from local manu- Switzerland, on Friday.
deal, the car makers will ex- tional Airport, according to facturers and other The talks had been sched-
port vehicles made in Iran to the people. French construc- French car maker PSA French construction firm intermediaries. uled to begin on Monday, but
countries in the region, the tion firm Vinci SA will develop Peugeot Citroën to sign for 50- Vinci SA to develop airports in European companies such were postponed after dis-
person said. and operate airports in Mash- 50 joint venture with Iran Mashhad and another Iranian as Italian oil giant Eni SpA and agreements about who should
After years of sanctions, had and another Iranian city, Khodro to make cars in Iran, city German auto and truck maker be invited from the opposition.
Iran is eager to drum up for- the people said. some for export. Deal valued Daimler AG are among those Opposition groups have
eign investment, unlocking Mr. Rouhani’s European at more than €300 million Italian oil-field services expected to move quickly to called on the regime to lift
pent-up demand for invest- tour also provides him with a company Saipem SpA, energy resume business with Iran. sieges on opposition-con-
ment in transportation, energy stage to polish his image as a French airport operator group Ansaldo Energia, and Mr. Rouhani had originally trolled areas and release de-
and durable consumer goods relative moderate in Iran’s Aéroports de Paris and ship maker Fancantieri SpA planned his European visit for tainees as a prerequisite for
such as cars. Iranian consum- theocratic political system. construction-and-media signed agreements November, but postponed it in joining the talks.
ers have largely been limited Elected on a platform of im- conglomerate Bouygues SA to Source: bureau reports the wake of deadly terror at- Tens of thousands of people
to Chinese and Indian imports proving his country’s economy, tacks in Paris that month. have been killed in the Syrian
that dominated during the Mr. Rouhani will meet with Thursday, said Shahin Gobadi ness leaders are already vying As Mr. Rouhani left for Eu- war, while millions of others
sanctions era. Pope Francis inside Vatican of the National Council of Re- for Mr. Rouhani’s attention. rope on Monday morning, his have been displaced.
“This visit is taking place at City on Tuesday, bringing him sistance of Iran, to protest Just minutes after Mr. Rou- country’s deputy foreign minis- Secretary of State John
a very important juncture,” face-to-face with the leader of Tehran’s human-rights viola- hani landed in Rome, Italian ter, Seyyed Abbas Araghchi, Kerry spoke Monday with Rus-
Mr. Rouhani told reporters be- 1.3 billion Roman Catholics tions as well as its support of airline Alitalia SpA said it told reporters that business sian Foreign Minister Sergei
fore departing for Rome, ac- who has garnered popularity Syrian President Bashar al- would boost the number of ties between Iranian and for- Lavrov. The U.S. and Saudi
cording to the semiofficial world-wide for his emphasis Assad, whom France has ac- flights between Rome and Teh- eign business are returning to Arabia support several Syrian
Tasnim news agency. on humility and helping the cused of massacring his own ran from four times a week to normal, even as the Islamic Re- opposition groups, while Rus-
In opening its doors for poor. people. daily, starting March 27. public works on having re- sia is a financial and military
business, however, Tehran is Thousands of Iranian dissi- “We need to show to the Numerous European busi- maining sanctions removed. backer of Mr. Assad.
demanding European firms lo- dents are planning to counter world Rouhani is anything but ness delegations have visited —Asa Fitch The diplomats discussed
cate technological know-how Mr. Rouhani’s charm offensive a moderate,” Mr. Gobadi said. Iran in recent months. A dele- and Benoît Faucon preparations for the talks, in-
and factories inside Iran to re- by attending a rally in Paris on Despite the protest, busi- gation of about 300 Italian contributed to this article. cluding the formation of a rep-
resentative delegation of the
opposition, Russia’s foreign
Officials Warn Islamic State Plans Europe Attack ministry said. They set an
agenda of issues for discussion
including a cease-fire, a united
front to combat terrorist
European law-enforcement gees. On Monday, France’s in- conference in Amsterdam. groups, humanitarian issues
officials warned that Islamic terior minister, Bernard Caze- Connections between the and political reforms by mu-
State is planning a follow-up neuve, warned that Islamic leader of the Paris attackers, tual consent, it said.
to November’s deadly attacks State is producing fake pass- Abdelhamid Abaaoud, and “We’re going to have the
in Paris, as a video emerged in ports on an industrial scale. possible operatives in the U.K. meetings and they’re going to
AGENCE FRANCE-PRESSE/GETTY IMAGES
which the militant group is- Calling for the creation of a have been a particular concern start, but what we’re trying to
sued a threat to strike the U.K. task force to help with the for British security services. do is make absolutely certain
identification of fake or stolen Authorities have remained that when they start every-
By Matthew Dalton passports, Mr. Cazeneuve said tight-lipped on U.K. ties to the body is clear about roles and
in Paris and Valentina Islamic State had “managed to Abaaoud network, even as evi- what’s happening, so that you
Pop in Amsterdam seize passports in Iraq, Syria dence mounts that members don’t go there and wind up
and Libya and to set up a true of the cell that carried out the with a question mark or a fail-
The video, released by the industry of fake passports.” Paris massacres may have ure,” Mr. Kerry said in Laos,
group over the weekend, also Security services have been traveled to the U.K. weeks be- the latest stop on a diplomatic
appears to show nine of the on high alert since Islamic fore the attacks took place. tour that began last week in
Paris attackers, offering the The suspected Paris attacks leader appears in the new video. State slipped operatives past On Jan. 12, the U.K. police’s Davos, Switzerland.
strongest evidence yet that Europe’s border controls to most senior counterterrorism World powers backing the
they trained in Islamic State The video concludes with It wasn’t clear when the strike Paris on Nov. 13. officer, Mark Rowley, told law- talks—including the U.S., Rus-
strongholds. an image of U.K. Prime Minis- video was shot or why it was “Islamic State has the will- makers that reports linking sia, Saudi Arabia, Turkey and
Several of the men, some of ter David Cameron in cross being released now. ingness and capability to carry the events in Paris with ex- Iran—tentatively plan to meet
whom are seen beheading hairs, and the text: “Whoever At least two of the terror- out further attacks in Europe,” tremist groups in Britain were on Feb. 11 to resolve issues in-
prisoners in a desert land- stands in the ranks of (the in- ists involved the Paris attacks Rob Wainwright, head of Eu- “not all without foundation,” troduced in the first round of
scape, said they were acting fidels) will be target for our traveled on the migrant route ropol, the region’s law-en- but gave no further comment. talks, he added.
on orders from the group’s swords and will fall in humili- through Greece using Syrian forcement coordinating body, —Alexis Flynn in London —Felicia Schwartz
leader, Abu Bakr al-Baghdadi. ation.” passports and posing as refu- said Monday during a news contributed to this article. contributed to this article.
THE WALL STREET JOURNAL. NY Tuesday, January 26, 2016 | A8A
A8B | Tuesday, January 26, 2016 NY THE WALL STREET JOURNAL.
Look North SM
THE WALL STREET JOURNAL. * * * * NY Tuesday, January 26, 2016 | A9
WORLD NEWS
Egyptians
Quietly
Brazil Fights Virus at Olympic Sites
BY WILL CONNORS those affiliated with Team
Mark Day RIO DE JANEIRO—Health

officials here are seeking to al-
USA are aware of the CDC’s
recommendations regarding
travel to Brazil,” he said.
Of Revolt lay fears of tourists and ath-

letes coming to Rio for this
year’s Olympics by intensify-
Meanwhile, Brazil’s govern-
ment is trying to coordinate a
massive national campaign of
BY TAMER EL-GHOBASHY ing their efforts to tame a tri- mosquito eradication with
ple epidemic of mosquito- house-to-house searches to
CAIRO—The streets of the borne diseases, including the eliminate stagnant water
Egyptian capital were mostly Zika virus linked to cases of where the pests breed. In Rio,
quiet Monday after authorities infant brain damage. a team of 3,000 health work-
warned against any antigov- State health officials over ers is conducting searches,
ernment protests marking the the weekend said they would and during the Olympics a
fifth anniversary of the upris- increase the frequency of in- separate, dedicated team will
ing that toppled longtime spections of possible mosquito be assigned to Olympics sites.
leader Hosni Mubarak. breeding grounds at Olympic A record 1.65 million cases
DADO GALDIERI FOR THE WALL STREET JOURNAL

In the days leading up to venues in the months leading of dengue fever were reported
the anniversary, police were up to the Games, which run in Brazil in 2015. The illness is
on alert countrywide for any from Aug. 5 to 21, and conduct marked by sudden high fever,
signs of organized protests daily inspections during them. severe headaches and joint
and authorities made it clear If necessary, they said, they and muscle pain. Cases of chi-
no demonstrations against the would fumigate Olympics sites kungunya, with similar symp-
government of President Ab- before the Games. toms, have also risen sharply.
del Fattah Al Sisi would be tol- Organizers are also count- But it is the fast-spreading
erated. ing on cooler weather and less Zika virus that is causing the
It was five years ago Mon- rain in August, a winter month most concern. Brazilian au-
day that protests erupted in the Southern Hemisphere, thorities estimate as many as
against Mr. Mubarak, culmi- to curb mosquito activity. 1.5 million Brazilians may have
nating 18 days later in his res- “The Games will take place A mother brought her 6-month-old son for medical tests to a hospital in Recife, Brazil, last week. been infected since the begin-
ignation after nearly three de- in the winter here, so the tem- ning of last year. Health offi-
cades in office. The display of perature is a couple of degrees efforts to deal with the out- coaches, the mosquito issue Disease Control and Preven- cials here believe the virus is
popular will in the Arab down from the normal sum- breaks, which have affected isn’t yet a prime concern, with tion, and maintaining contact linked to nearly 4,000 cases of
world’s most populous country mer temperature, so naturally most of the country. There are the opening ceremony still with the International Olympic microcephaly, a condition in
galvanized what soon became there will be fewer mosqui- no vaccines for Zika or chikun- months away. But sports offi- Committee, organizing offi- which infants are born with
known as the Arab Spring. toes,” said Mario Andrada, a gunya. Brazilian authorities cials are paying attention. cials in Rio, the World Health undersize skulls and brains af-
The scene this year in Tah- spokesman for the Rio Olym- recently approved the use of a Patrick Sandusky, a spokes- Organization and infectious ter their mothers were bitten
rir Square was a far cry from pics organizing committee. new dengue vaccine, but it man for the U.S. Olympic Com- disease specialists with exper- by Zika-infected mosquitoes
those heady days. Unlike five But the fast spread of Zika, could take months to reach mittee, said the organization tise in tropical diseases. during pregnancy.
years ago, when hundreds of dengue fever and chikungunya the market. was closely monitoring the sit- "We’re taking steps to en- —Matthew Futterman
thousands of protesters had is so far outstripping officials’ For foreign athletes and uation through the Centers for sure that our delegation and contributed to this article.
thronged in the square to de-
mand the country’s dictator
leave office, only small clus- crackdown on dissent. the establishment of an interna-
ters of bystanders gathered to
wave Egyptian flags and hand
World Peter Dahlin was released
from police custody and sent
tional mission of observers to
verify the disarmament of Marx-
out flowers to the hundreds of
police standing guard. Watch back to Sweden on Monday, ac-
cording to a statement posted
ist guerrillas, a step hailed as
pivotal in ensuring a permanent
In Alexandria, Egypt’s sec- on his Facebook page by a end to Colombia’s civil conflict.
ond-largest city, police quickly spokesman for a legal aid non- The 15-member council ap-
dispersed dozens of anti-Sisi profit Mr. Dahlin helped set up in proved a resolution that would
protesters, state media re- 2009. Mr. Dahlin was detained establish a mission for at least
ported. CHINA on Jan. 3 and held for nearly 12 months soon after a peace
The ouster of Mr. Mubarak two weeks before being allowed pact is signed.
Beijing Expels
RODRIGO GARRIDO/REUTERS
in 2011 ushered in a brief pe- to meet with Swedish consular The Colombian government
riod of political freedom in Swedish Activist officers. —Josh Chin and the Revolutionary Armed
Egypt, including its first dem- China expelled a Swedish Forces of Colombia are working
ocratic presidential election, rule-of-law activist, whose de- COLOMBIA on steps needed for a cease-fire
which was won by Muslim tention on suspicion of endan- and disarmament, after begin-
Brotherhood official Moham- gering state security and subse-
U.N. Backs Mission ning peace talks in 2012. Both
med Morsi. But under Mr. Sisi, quent confession on Chinese To Monitor Cease-Fire sides said last year that an ac-
Egypt has reverted to authori- television drew international at- The United Nations Security cord could be signed by the end HIGH TIDE: Heavy surf pounds the coast in the Chilean city Viña
tarian-style rule. tention to the country’s latest Council unanimously approved of March. —Juan Forero del Mar. The navy warned tourists to stay away from beaches.
ELECTION
2016
Nick Jonas,
Think It Up Ambassador
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inspire students to pursue their passions
through student-powered, teacher-led
THE SHIFTING POLITICAL LANDSCAPE
learning projects in classrooms across the A SPECIAL ELECTION REPORT
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Students and teachers: How can you Primary season is here, and the Journal’s Election 2016 special section
spark great learning experiences in your has the insight and analysis you need to see the race from all angles.
We’ll look at demographic shifts in the electorate, what’s at stake for
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FROM PAGE ONE
APPLE Growth Market

China provides an increasing
proportion of Apple's sales.
Continued from Page One
World-wide sales
ple’s pricey product attainable,
how to persuade budget-con- $250 billion
scious consumers to move Total
from lower-cost domestic 200 China*
brands, and how to continue
maintaining good relations 150
with a government whose poli-
cies are sometimes at odds 100
with the West’s.
Apple declined to comment 50
for this article. 25%
0 14% 15% 17%
A key market FY ’12 ’13 ’14 ’15
It is hard to overstate *Includes Hong Kong and Taiwan
QILAI SHEN/BLOOMBERG NEWS; MIKE THEILER/REUTERS (TIM COOK)

China’s importance to Apple’s Note: Fiscal year ends in September.
growth. It represents about Source: the company
25% of the company’s global THE WALL STREET JOURNAL.
sales. In the three months
around Lunar New Year in said Duncan Clark, chairman
2015, Apple sold more iPhones of BDA, a Beijing-based busi-
in China than in the U.S. ness consultancy. “If you’re go-
In the fiscal year ended ing to be a certain scale in the
Sept. 26, Apple recorded $58.7 country, you just have to”
billion in revenue in China, up house data locally.
84% from a year earlier. In the Apple complies with Bei-
rest of the world, Apple grew jing’s wishes in other ways. In-
16%. side China, its App Store
In August, as Apple shares doesn’t carry apps involving
declined amid concerns about the Dalai Lama or certain apps
China’s growth, Mr. Cook took from free-speech activists. Ap-
the unusual step of assuring ple blocks its News app from
investors its business there re- Apple’s smartphones are popular among the brand-conscious in China. A customer tried out an iPhone 6S at a Shanghai Apple store. working in China.
mained strong. In October, he Mr. Cook has also fostered
said Apple was not “largely phones from Oppo, whose flag- informed we were about the saying it was operating within personal connections, travel-
dependent on minor changes” Dialing In ship model has a large screen potential opportunity for Ap- Chinese law. That triggered ing to China more than any
in China’s growth rate. Smartphone market share and half the iPhone’s price. ple.” angry editorials in state me- other country in the past three
Apple’s China success con- in China “It’s very difficult to get dia. Two weeks later, Mr. Cook years. He is on the advisory
trasts with experiences of share” from domestic rivals, apologized and vowed to board of Tsinghua University’s
some U.S. tech giants. Ama-
3Q 2014 3Q 2015
said Nicole Peng, a Shanghai- Local preferences change customer-service poli- School of Economics and Man-
Xiaomi 16% 16%
zon.com Inc. has struggled based analyst for research Over time, Apple has cies in China. Apple agreed to agement. He opened an ac-
15%
against local competitors. Mi- firm Canalys, who said Apple molded products and market- replace faulty iPhones under count on Sina Weibo, China’s
Samsung 14%
crosoft Corp. and Qualcomm needed to find new ways to ing to Chinese preferences. warranty with new handsets version of Twitter, and sat at
Inc. were targets of antitrust keep customers loyal through Until 2013, it made the iPhone and restart the warranty peri- the head table at September’s
investigations. Qualcomm set- services and apps tied to the in two colors. Then it added a ods. Apple has no such policy Washington, D.C., state dinner
11%
tled with regulators last year; iPhone while shortening the gold-color iPhone 5S version, in the U.S. for President Xi Jinping.
Microsoft’s investigation con- 10% time between new phone pur- because “many Chinese con- The uproar ended. “Some of Despite China’s sputtering
tinues. Sites of Alphabet Inc.’s Huawei 9% chases. sumers like the color gold,” what’s important here,” said economy, many consumers re-
Google, Facebook Inc. and Apple is, indeed, expanding Mr. Cook told Bloomberg Busi- Mark Natkin, managing direc- main cachet-conscious, posi-
Twitter Inc. aren’t directly ac- into services and apps to curry nessweek last year. tor of technology-market-re- tioning Apple’s strong brand
cessible in China. Vivo 6% customer loyalty. In Septem- In 2014, Apple opened its search firm Marbridge Con- to continue profiting among
Apple’s consumer products Apple 5% ber, it started selling movies iPhone software to virtual key- sulting, who has been in China them. In a January Bank of
are less politically sensitive Source: Canalys and books through iTunes for boards created by developers since 2002, “is demonstrating America Merrill Lynch survey,
than technology such as net- THE WALL STREET JOURNAL. the first time. It introduced outside of Apple, addressing a certain sense of humility, an 39% of 1,093 Chinese consum-
working equipment or social- Apple Music, its new stream- complaints the iPhone key- understanding that having ers said they expected their
media platforms, which are from lower-end markets Apple ing-music service, at a steep board wasn’t well-suited for market access here is impor- next smartphone purchase to
monitored closely by the gov- has avoided in the past. discount to the rest of the Chinese characters. tant and a privilege.” be an iPhone; 25% said Hua-
ernment. That would mean Apple world. In 2015, China passed That year, after years of ne- In 2014, CCTV called the wei.
And Apple has thrived on needs to reach people like Ms. the U.S. as the world’s biggest gotiations, Apple reached a iPhone a “national security Canalys said Apple sold 11%
the rising prosperity of China’s Wang, the waitress, who is market for apps downloaded deal with state-owned China risk” because of a feature that of China’s smartphones in the
urban upper-middle class, de- from Chongqing’s remote to Apple’s mobile devices, ac- Mobile Ltd., the country’s larg- 2015 third quarter, compared
fined by McKinsey & Co. as Changshou district of 900,000 cording to research firm App est carrier, helping Apple ex- with Huawei’s 16% and Xi-
households with annual in- people. Ms. Wang, 40, uses a Annie. pand the iPhone’s reach by aomi’s 15%. A year earlier, Ap-
comes between 106,000 yuan Nokia phone with only basic Apple has been taking steps tapping China Mobile’s nation- ple’s share was 5%.
($16,000) and 229,000 functions that can be bought to expand beyond big urban wide network of branches. Carl Pei, co-founder of One-
yuan—36 million households used for under 100 yuan. She markets. The majority of its 31 Apple also released its first Plus, a Shenzhen-based smart-
in 2012. By 2020, it projects says her colleagues at the res- stores in China, including television commercial specifi- phone manufacturer, said Ap-
193 million such households. taurant tend to avoid iPhones Hong Kong, are outside so- cally for China last year ahead ple distinguishes itself with a
These consumers, with dis- because “our generation is called tier-one cities of Beijing, of Lunar New Year. The spot is “culturally relevant” brand to
posable income and a pen- more frugal so we don’t want Shanghai, Guangzhou and similar to a U.S. ad featuring a which consumers flock be-
chant for brand cachet, have to spend that much money.” Shenzhen. By midyear, Apple young woman using Apple cause it represents something
made Apple China’s third-larg- Non-smartphone users like plans to have 40 stores. products to create a new ver- meaningful to them.
est smartphone seller after Ms. Wang represent the last The move into smaller cit- sion of an old song to play on “Once people reach a cer-
homegrown rivals Xiaomi Inc. largely untapped customer ies, said Joseph Foudy, an eco- an iPad for her grandmother. tain economic level,” he said,
and Huawei Technologies Co. base amid a stagnating overall nomics professor at New York Netflix Inc. CEO Reed Has- “they will select products that
Apple has said the iPhone is Chinese smartphone market. University’s Stern School of tings, who wants a license to they have an emotional or cul-
also serving as a gateway to Research firm IDC estimates Business, presents “more vir- operate in China, has repeatedly
Mr. Cook’s challenge: tural connection to instead of
its other products in China, the Chinese smartphone margin territory for Apple and an cited the iPhone as a model for how to keep growing just price.” In an economic
trumpeting strong sales of ket grew 1% in 2015, the seg- even greater opportunity for how patience is necessary to downturn, he says, people may
iPads and Mac computers in ment’s slowest since inception. growth.” break into the country.
in China without the forgo big purchases like cars
recent quarters. Such consumers of domestic Apple officially entered Navigating the current eco- red-hot economy. but still buy smartphones.
The iPhone, a status symbol lower-end brands are also mov- China in 2001 with a Shanghai- nomic risks in China, Apple is Apple’s three Chongqing
like a Prada bag or Rolex ing upmarket to Apple rivals based trading company. Early also arguably better equipped stores include one in a pedes-
watch, is sometimes called a like Huawei, which is pitching on, it struggled for a com- to handle the political risks can track user locations. The trian mall that resembles Ap-
“street phone” in large cities more premium offerings. And puter-market foothold but won because of lessons from early earlier dust-up in mind, Apple ple’s Fifth Avenue branch in
for its common sightings in the Chinese smartphone market a following among urbanites missteps. a day later said it “appreci- Manhattan. A glass cylinder
the streets. “If you don’t have increasingly comprises consum- by the time it opened its first In 2013, state-run China ates” CCTV raising an issue with Apple logo appeared to
one,” said Dong Lin, a 48-year- ers who are replacing their Chinese retail store in 2008. It Central Television accused Ap- the company cared about and float above a plaza surrounded
old Chinese-army officer out- smartphones rather than buy- started selling the iPhone in ple of skirting warranties and explained Apple doesn’t have by flowers as shoppers lined up
side a Beijing Apple store late ing their first, which means Ap- 2009. offering Chinese weaker ser- access to user locations. A last fall for preordered iPhones.
last year, “it feels like you are ple’s growth will partly hinge Ron Johnson, former head vice policies than elsewhere in month later, Apple said it had Pan Jiahui, a 23-year-old
missing out on something.” on taking share from Huawei on of Apple’s retail business, re- the world. It criticized Apple moved Chinese customers’ personal trainer who owns an
But that traditional turf of the higher end and Chinese members harboring doubts for repairing iPhones with re- data from overseas into a do- iPhone and Apple Watch, ex-
Apple’s may not sustain the brands like Oppo and Vivo in about opening stores in inland placement parts instead of mestic facility operated by plained the long lines. “The
company’s growth, said Cowen the midtier. China when he flew to Chong- providing new replacement China Telecom, assuaging iPhone is not just a phone. It’s
& Co. analyst Timothy Arcuri. Peng Xiu, a saleswoman at qing in 2010. His doubts disap- phones. some of Beijing’s security con- a fashion statement,” he said,
“Apple has gained pretty much a China Mobile store on peared as his plane descended It was the type of charge cerns. At the time, Apple said adding that Apple products’
all the market share that it’s Changshou’s modest main on the sprawling municipality that state-run media some- the move would improve per- cachet overrides the financial
going to gain in China,” he street, said the iPhone is a of 30 million people. “It looked times level against Western formance for its Chinese cus- burden of buying them.
said, estimating Apple holds tough sell there. “The iPhone like Manhattan,” said Mr. companies and that usually tomers, noting the data are “Whatever Apple releases,
about two-thirds of China’s is for young people and the Johnson, now CEO of e-com- elicits apologies. Apple didn’t encrypted and not accessible people will buy it.”
high-end smartphone market. nouveau riche,” she said, and merce startup Enjoy. “All we apologize immediately, trying by China Telecom. —Lilian Lin
Any growth, he said, will come customers tend to select could do was laugh at how un- to explain its warranty and “There’s no alternative,” contributed to this article.
DRUNK called “Mail Goggles” that re-

quired users to solve a math
problem when attempting to
send emails late at night on
some people say it’s not hard
enough.”
Subsequent experiences in-
formed new features. Once,
while inebriated and it can’t
block access to sites like Face-
book and Twitter.
The real solution to tipsy
Continued from Page One weekends. The function disap- while camping, Mr. Anton and transmissions may require
haps easier. Smartphones, peared in 2012. two friends walked several more than just slick software,
with their ability to send A Google spokesman said miles to the nearest bar—a said Michael Burke, a 47-year-
emails and post messages for that Mail Goggles was only an path that might have been old in Oceanside, Calif. He and
all to see on Facebook and experimental feature. “Mail hard to retrace. After the ex- a friend have created a breath-
Twitter, have further escalated Goggles had a few too many cursion, they created a feature alyzer that connects to a
the potential for danger. About late nights and didn’t make it called “Breadcrumbs,” which smartphone via Bluetooth and
two-thirds of Americans have to graduation,” he said. allows users to trace their pre- blocks social media posts if
them. Even celebrities like singer cise whereabouts the previous the user’s blood alcohol con-
In 2007, Amber Ferris and Adele have acknowledged night. The logic: it could come tent exceeds a preset limit.
Erin Hollenbaugh decided to sending regrettable tweets in handy when searching for The duo received a U.S. pat-
JOSHUA ANTON
research the drunk dialing while drunk. The solution: The items lost during a raucous ent for the device, which they
trend. They surveyed nearly star, who has said she no lon- outing. Unless, of course, you call the iDrunk. But after in-
500 college students at a Mid- ger drinks, has her own back- lost your phone. vesting as much as $80,000 of
western university. Out of 486 stop. “My management de- Another feature, called their own money, the project
undergraduates, 79% said they cided that you have to go Joshua Anton, second from left, and his team run an app called “Find My Drunk,” allows is stalled. Mr. Burke said they
had either placed or received a through two people and then Drunk Mode that helps prevent people from calling or texting groups of partygoers to share have a working prototype but
drunk dial. The results were it has to be signed off by while intoxicated. Other apps are similarly stepping up to help their locations with each other need several hundred thou-
published in 2011 in the Ohio someone,” she told a BBC stu- would-be drunk dialers save face. in real time. sand dollars to begin manufac-
Communication Journal. dio audience last year. A “I look at it as a drunken turing.
“Besides expressing posi- spokesman for Adele declined graduate of the University of bibers from texting and call- man’s tool kit,” said Mr. An- The remedy, however,
tive and negative feelings, one to comment. Virginia, said he was moved to ing. Users must solve a math ton, who added that he doesn’t necessarily go down as
type of drunk dial was quite And so it follows that, over build an app after receiving a problem involving triple digit doesn’t drink himself. easy as the booze—something
prevalent in our data—the the past few years, a cottage late-night drunken request for figures to turn it off, such as Drunk Mode is free and has Mr. Burke discovered while
flippant expression of love,” industry has sprung up—the ice from a swooning female 824 + 651 + 61. more than 1 million down- testing his own creation. “I
the authors wrote in another goal being to help keep peo- friend. She had no recollection “Some people think it’s too loads, about 25% of which use hated it,” he said. “Especially
version of the study. ple’s phones sober when their of the call the following day. hard, like ‘I can’t even do this the app monthly, according to on the nights where I was re-
Google’s popular Gmail ser- brains are not. His app, called Drunk Mode, sober,’ ” said Mr. Anton, who Mr. Anton. Still, it can’t stop a ally drunk and wanted to be
vice used to have a feature Joshua Anton, a recent temporarily discourages im- majored in commerce. “And user from sending emails able to post stuff.”
THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | A11
OPINION
What Ted Cruz Values BOOKSHELF | BY Charles R. Morris
Rancho
Mirage, Calif.
It’s 70 degrees
so wholly matched by the
sinister taint of an ambitious
sophist who takes his audi-
priced-in rate of running for
high office. It’s the full-frontal
assault on millions of GOP
Virginia where swing voters
still decide elections in this
country. Mr. Cruz needs to
Second Only to
in this desert
oasis, where
I’m attending
a writers’ fes-
ence for fools. Ted Cruz is the
guy who made Donald Trump
look tolerant and states-
manlike. That’s saying some-
voters who, on one issue or
another, share some of those
dreaded New York values. The
senator is trying to do to so-
answer how he plans to win
50.1% in those states, not 70%
of the Bible Belt. Such an an-
swer is available to a Republi-
The Rothschilds
GLOBAL
VIEW tival, and I’m
looking up at
thing.
Already it has been widely
cially moderate Republicans
what Democrats did to their
can nominee, but only one
who doesn’t demean other
The Fall of the House of Speyer
By Bret
a vista of mentioned that Mr. Cruz’s own social conservatives people’s values even when he By George W. Liebmann
Stephens
snowcapped wife, Heidi, is a senior execu- when they barred pro-life doesn’t share them. Mr. Cruz (I.B. Tauris, 244 pages, $35)
B
peaks, ceru- tive with Goldman Sachs, Pennsylvania Gov. Bob Casey needs to study old Ronald
lean skies and pink clouds that which isn’t exactly an Iowa from speaking at the 1992 Reagan clips to understand efore World War I, Edgar Speyer headed the London
looks like a Bob Ross painting, values kind of institution, and Democratic Convention. Yes, the difference between having branch of the German-based Speyer banking conglomer-
only happier. But there’s only that Mr. Cruz’s 2012 run for kids, there used to be Demo- strong beliefs and being an ate. Among other things, he was a great lover of music.
so much California positivity a crats who didn’t march in insufferable jerk about them. His mansion on Grosvenor Square was a cynosure for
man can handle, especially lockstep with Emily’s List. In the meantime, let’s put composers—Debussy, Elgar, Richard Strauss, Schoenberg—all
when he doesn’t play golf. The Texan is repelling There also used to be a in a word for those New York- of whom availed themselves of the luxuries of the house,
That snowbound den of de- theory of politics that, in two- ers and their values: the playing or conducting their work in private performances.
pravity known as Manhattan millions who believe party systems, it was in both immigrant strivers; the capi- “We live even more elegantly than kings and emperors,” Grieg
is calling me home. in an America of the parties’ interests to pitch the talist-philanthropists; the sky- wrote, referring to the mansion’s suite of rooms for visitors.
With apologies to Billy Joel, broadest possible tent; to scraper builders; the profes- Not all of Edgar Speyer’s interests were so ethereal. The
I’m in a New York values state future, not the past. have, as the great Si Kenen sional classes of lawyers and British Speyer branch was a key source of railroad finance, and
of mind. once put it, “no enemies, only publishers and doctors and Edgar himself was best known for creating—in partnership
Maybe I’d be a better per- friends and potential friends.” money-managers and (even) with Charles Yerkes, a Chicago entrepreneur—the London tube
son if I got away from the Senate was financed with the But that’s not Mr. Cruz’s journalists; the cops; the system, with its innovative
coasts more often, or visited a help of $1 million in low-inter- theory. He believes in the opera lovers; the headline “deep-tube” design. Edgar per-
gun range. Maybe my conser- est loans from Goldman. Also utility of enemies—the media; writers at the New York Post; sisted in expanding the system
vative principles would be less noted is that Mr. Cruz owes Washington; his fellow Republi- the people who believe their despite its precarious finances
attenuated if I weren’t sur- his political career to the can senators; other squishes— true identity lies in the near and for many years functioned
rounded, as Ted Cruz put it backing of billionaire Peter because they’re such easy foils future not the ancestral past. as its chief executive.
the other day, by people who Thiel, who is libertarian, gay, and because he’s convinced This is the America of aspira- Although Edgar Speyer was
“are socially liberal or pro- and perhaps wondering what that polarization works and tion and competition, of a baronet and a member of the
abortion or pro-gay mar- he was thinking. persecution complexes sell. honest self-reinvention, of king’s Privy Council, he would
riage,” and “focus around And it goes without saying Who cares about Republican getting along in crowded become a target of the McCar-
money and the media.” Maybe that most of us would prefer voters in New York (or Cali- places, of letting the smaller thy-style attacks that were di-
I should start listening to the values of the lowliest New fornia, or Massachusetts, or differences slide. rected at Germans in England
country music, the way Mr. York Fire Department cadet Illinois) when not one of their Mr. Cruz has the personal during World War I. The attacks
Cruz did after he decided, in over the cleverest Harvard votes will count in the Elec- biography to have made New grew to such an intensity—
good Soviet fashion, that his Law graduate any day we toral College? Why waste time York’s story his own. He made Speyer was accused of signaling
musical taste ought to be dic- need to get out of trouble that and energy courting the other choices. I know plenty to German submarines—that he resigned
tated by political consider- isn’t of our own making. center-right when doing so of New Yorkers won’t be shy his official positions, over the protests of the king and
ations. But the deeper problem will earn you the permanent about telling him what he prime minister. He soon liquidated the British branch of the
And maybe I wouldn’t be with Mr. Cruz’s assault on the enmity of the permanently ought to do with himself, and firm and joined his elder brother, James, in New York. James
quite so nauseated by the Big Apple isn’t his personal hy- angry? the rest of the Republican was then running the Speyers’ branch in America, but it too
junior senator from Texas if pocrisy, or his two-bit stereo- The answer to that one lies Party should take their would succumb before the next war broke out. It is this arc
the cynicism with which he types, or in biting the hands in Cuyahoga and Pinellas and views—and maybe even their of centuries-long success and sudden diminishment that
mounted his attack last week that fed him. That’s what we Loudoun counties—those pur- values—to heart. George W. Liebmann describes in “The Fall of the House of
on “New York values” weren’t expect of politicians; the ple lands in Ohio, Florida and Write bstephens@wsj.com Speyer,” a solid work of financial and social history. They
don’t make bankers like this anymore.
The Speyer bank, Mr. Liebmann tells us, had roots going
Europe’s Feckless Secularism back to the 14th century, at the threshold of a long surge in
international commerce. New forms of paper—bills of
exchange, letters of credit and much else—allowed traders to
Nearly a quar- The idea is that when you victim’s body. Even with all the own day when he noted that, in leverage up their businesses quite remarkably. Over time,
ter century boot religion off the public sex-ed in the world, it is hard America, free religion was the houses like those of Baring, Rothschild and Speyer shifted
ago, Yale’s square, you remove from public to envision European Muslims friend of liberty. The beauty of out of their traditional-goods trading for the higher volumes
Harold Bloom life the religious friction that in accommodating themselves the American approach is that and higher fees available from trading just the paper claims.
famously de- centuries past fueled devastat- any time soon to modern Euro- it avoided the aggressiveness The Speyers were known as the leading investment and
scribed Amer- ing conflicts. This same idea pean notions of sexuality. of both extremes: the throne- trading house in Frankfurt, Germany, usually ranked just
ica as a “dan- now animates the European To put it another way, not and-altar alliance of the ancien behind the Rothschilds in the Jewish financial imperium.
MAIN
gerously Union, and in principle leads to only is Euro-secularism failing régime on the one hand, and
STREET
religion- a more liberal, more cohesive to persuade Europe’s growing the militant secular state that
By William Speyer banks funded the London underground,
soaked, even and more inclusive society. Muslim minority of its merits; emerged from the French Revo-
McGurn
religion-mad, That’s the theory. increasingly it cannot protect lution on the other. placed the first Union Civil War bonds in
society.” The reality is that in many its own citizens. Perhaps most important
When Europeans gaze upon European cities today, a Jew for today, American secular- Europe and built the Madeira-Mamore railroad.
our shores, this is pretty much cannot walk the streets in ism does not require people
what they see. From our strip- safety. Just this month in Mar- Must even the most to deny their religious identi-
mall churches to the raucous seille, a man invoked Islamic ties to be good Americans. In Philip Speyer came to New York in 1837 and opened an
intrusions of faith into our pub- State as he tried to decapitate moderate Muslims an article for the New Repub- American branch. He was the first banker to place Union Civil
lic life to our presidents rou- a Jewish schoolteacher. The at- renounce their faith to lic entitled “Is it Time for War bond issues in Europe, and he introduced both Jacob
tinely invoking the Almighty, tack led to suggestions that the France to Abandon Laïcité?,” Schiff and Otto Kahn of Kuhn, Loeb to the American market.
they see an America hostage to targets of such attacks—French be good Europeans? Elizabeth Winkler puts it this James and Edgar were his nephews, born in New York in 1861
primitive beliefs. Jews—would be better off not way: and 1862, respectively, and both educated in Europe. James
At a moment when Europol wearing yarmulkes in public. “In the wake of terrorist at- may have been the more Germanophilic: He spent most
is reporting that Islamic State Many Jews have already But there’s the rub. Because tacks, it may strike some as summers in Germany and was on relaxed personal terms with
is planning more Paris-style given their answer: In 2015 a Europe is not the only model of counterintuitive to loosen—or the Kaiser, but he was also active in international peace
terror attacks, that’s unfortu- record number left Europe for secularism. America is also a even abandon—laïcité. But groups and made a number of attempts to forestall the
nate. It’s unfortunate because Israel. Most were French. secular state. allowing Muslims greater free- coming of World War I. Both brothers were small in stature,
America’s overt religiosity Women are also losing the The contrasts are illuminat- dom to express their beliefs in dapper, eager to collect beautiful objects and prickly to the
blinds Europe’s elites to the freedom to walk Europe’s ing. Where European secular- peaceful ways may make them point of imperiling their business relationships.
one part of the American ex- streets in safety. On New Year’s ism is built on unspoken agnos- feel more accepted and less As Mr. Liebmann relates, Edgar and James frequently
periment most relevant to their Eve in Cologne and other ticism about the ultimate stigmatized by the country partnered on massive financings in Latin America, mostly in
needs today: our secularism. German cities, hundreds of source of human dignity, Amer- they have made their home. It railroads, often in league with Percival Farquhar, a graduate
They have their own secu- women were robbed or sexu- ican secularism is rooted in a could also encourage their of Yale and the Columbia Law School and a former ward-
larism, of course. In France, ally assaulted by Arab and declaration of self-evident participation in public institu- heeler in the Tweed organization. Farquhar was reputed to
where it is most formalized, it North African asylum seekers truths about man and the tions, like schools and govern- be able to sell anything to anyone—the perfect frontman
is called laïcité—the idea that in what authorities now say divine source of his unalienable ment workplaces, fostering for a bond operation. In truth, he accomplished prodigies,
the state isn’t simply neutral was a planned campaign. Not rights. The result is a nation their adoption of French like the Madeira-Mamore railroad, designed to bypass the
toward religion but must ban- only did police do nothing, they that is a living, secular contra- values and identity—the very rapids of Amazonia; 3,600 men are reported to have died in
ish all things religious, includ- initially tried to cover it up. diction of contemporary Euro- thing laïcité aims, but often its construction. Another Farquhar road, running from São
ing religious arguments, from The reality is not much bet- pean orthodoxy: For not only is fails, to do.” Paulo to the city of Santos about 50 miles away, was called
the public square. Here note ter for sexual minorities. Only a the U.S. among the earth’s Europeans have spent the by a contemporary writer “one of the most difficult feats of
that Marine Le Pen’s right-wing month ago in Sweden, a teen- most religious nations, it is past decade obsessing about railroad engineering in the world executed with absolute
National Front is appealing to age refugee from North Africa also the most modern. bans on head scarves and perfection.” Many of Farquhar’s railroads are still in use,
the French public on the was charged with beating a gay In “Democracy in America,” burqas. Maybe it’s time they although they are now typically owned by governments, for
grounds that the party would man to death, and then wrap- Alexis de Tocqueville took on give Tocqueville a try. few of them made much money.
be the better enforcer of laïcité. ping a dead snake around the the European orthodoxy of his Write to mcgurn@wsj.com. There were many reasons why the Speyer bank did not
survive the interwar period. The J.P. Morgan bank was the
gatekeeper of financing for European reconstruction and
blackballed any Speyer participation, quite possibly because
FROM THE FORMER SECRETARY OF DEFENSE AND AUTHOR OF THE #1 BEST SELLER # D U T Y # of the Speyers’ Jewishness. Both brothers, moreover, may
have lost their taste for the business. Edgar concentrated on
his musical and charitable interests after he emigrated to
America, and James’s operation was a “one-man show,” with
RO BE RT M. GATE S
a small number of partners, and wound up both its New York
and Frankfurt branches within a year of his retirement in
1938. He may also have run the business on a shoestring; a
1923 legal action revealed that the firm’s capital was only
about $715,000, of which James owned a 30% share.
The author sums up: “The demise of the Speyer firm may
have been due to nationalism, personal prickliness, and the
PRACTICAL ADVICE brothers’ lack of sons.” But it may well have been doomed
anyway, as Mr. Liebmann notes. The firm “dealt primarily in
ON HOW TO MAKE government and railroad bonds,” he writes, and fixed-income
securities would not be good investments in a postwar world
TRANSFORMATIONAL “in which the gold standard had been renounced in favour of
the managed currencies of the Bretton Woods system.”
# CHANGE # Mr. Liebmann has done a service by bringing the history
of an important, but almost forgotten, banking family to
notice. But his execution can be frustrating. Whole chapters
can read like a recitation of investment activities or, in one
"Terrific…Fascinating case, of charitable bequests (the brothers were very
…This is a great book.” generous). There is also a good deal of jumping back and
forth between eras. And the notes are impossible. It is
Charles Ommanney / Getty Images
—HUGH HEWITT common for books to forgo, as “The Fall of the House of
Speyer” does, numbered notes in the text, but then the
“A powerful and pragmatic back matter includes snippets from the text to link to the
note. Here, the notes appear at the back but without textual
look at leadership.” clues. The curious reader must waste time trying to match
a source to the text it refers to. Surely Edgar Speyer
—PUBLISHERS WEE K LY treated his London house guests with more courtesy.
Mr. Morris is the author of “The Tycoons: How Andrew

Published by Knopf RobertGatesAuthor.com Carnegie, John D. Rockefeller, Jay Gould, and J.P. Morgan
Invented the American Supereconomy.”
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Deficit Rises Again It’s Not Just China and Oil Scaring the Market
P
erhaps you’ve heard President Obama’s deficits will continue to rise each year after In “Markets Are Scaring Them- Whether it’s coal, oil, steel or copper,
talking point that the federal budget Mr. Obama leaves office. “As a percentage of selves” (op-ed, Jan. 21), Alan S. China has been a huge buyer and rep-
Blinder says we needn’t worry about resented an even larger part of incre-
deficit has fallen by two-thirds on his GDP, the deficit remains at roughly 2.9 percent the impact of China’s woes or the mental demand. The massive slow-
watch. That overlooks that the through 2018, starts to rise, falling crude oil prices on the stock down in China has caused a
deficit first soared on his Obama has set up and reaches 4.9 percent by market. He asserts that China isn’t precipitous decline in demand and
watch, and then fell thanks deficits and debt to soar the end of the 10-year projec- that big a deal and that low oil prices contributed to 50% or more declines
largely to the GOP House and tion,” says the budget office. are good. He appears to assume that’s in prices. Because producers ex-
modest economic recovery, after he leaves office. This assumes that the econ- why sellers are driving the Dow panded capacity expecting more de-
and that as he leaves office he omy grows by 2.7% this year down. mand from China, financed by nega-
is going to need one more as- and 2.5% next year before lev- Mr. Blinder should focus on the tive real interest rates, they vastly
terisk: The deficit in 2016 has begun to rise elling off to an average of 2%, which also as- real issues driving down stock prices. overexpanded. This will likely result
again, in dollars and as a share of the economy. sumes there is no recession even though this Before China or oil prices became in a debt crisis.
news, the world economy was already While lower oil prices might ap-
And after he leaves office, it takes off. expansion is already long in the tooth into its
stalled. After the 2008-09 crash, pear to be a blessing, a drop to $27 a
That was the news Monday in the Congres- seventh year. Western banks eased the pain with barrel is too much of a good thing.
sional Budget Office’s largely ignored annual As ever, the big spending drivers will be cheap paper money, but never ad- The energy sector has been a major
budget and economic outlook. CBO’s gnomes entitlements, which are projected to rise to dressed the fundamental causes: low contributor to economic growth and
estimate that the annual federal deficit will in- 15% of the economy from the current 13.1% population growth, deficit spending capital spending. In fact, it’s been one
crease this year after six years of decline—to over 10 years. This is the fiscal time bomb and regulations that suppressed of the few high points of a subpar re-
$544 billion from $439 billion in 2015. It will that Mr. Obama will leave his successor, thank growth and innovation. Middle-in- covery. Energy producers are slashing
also rise as a share of the economy to 2.9% from you very much. come wages in the U.S. didn’t im- spending and laying off thousands of
2.5%. The nearby table tracks the numbers By the way, all of this is the optimist’s tale. prove. The only sectors that benefited workers. The net effect of a 70% drop
across the Obama post-recession era. The CBO estimates assume that discretionary from cheap money were Wall Street in oil prices is negative, not positive.
This deficit increase by itself shouldn’t cause spending will fall over the same period to 5.2% and the government. We may have to If you don’t believe me, look at the
go through a real economic collapse equity prices of retailers which were
great alarm, but the reasons to care are the ex- of the economy from 6.5%. This will never hap-
worse than 2008-09 before we learn. expected to benefit from lower en-
planation and the pen because it means HOLLISTER SYKES ergy costs. The stocks of most retail-
trend. The deficit is ris- The Obama Fisc defense spending Cranford, N.J. ers are way down.
ing again largely be- would have to shrink The key issue for the market is
Federal receipts, outlays and budget deficit in annual
cause spending is well below 3% of GDP, If Prof. Blinder is correct and we that the central banks have created a
dollars, and the deficit as a share of the economy, fiscal
climbing rapidly again, 2010-2016
a form of gradual uni- are better off when prices fall, why is bubble that has resulted in inflated
an estimated 6% this Deficit Deficit lateral disarmament. the Federal Reserve working overtime asset prices and the largest bout of
year, or triple the rate Receipts Outlays Amount Share of GDP So without entitle- to increase consumer costs by 2% a malinvestment in history. Unwinding
of inflation. As a share 2010 $2.163 tril. $3.457 tril. $1.294 tril. 8.7% ment reform or faster year? Why are they so willing to dis- it will be very painful, as we saw dur-
of GDP spending will economic growth, the tort markets in the process? ing 2007-08. Mr. Blinder has focused
climb by 0.5-percent-
2011 2.303 3.603 1.300 8.5
deficits are likely to be JAMES STOKIEN on the trees, not the forest.
2012 2.450 3.537 1.087 6.8 New York ROBERT M. SUSSMAN
age points to 21.2%. much higher. Paradise Valley, Ariz.
December’s budget 2013 2.775 3.455 680 bil. 4.1 The federal debt Mr. Blinder focuses on all the
deal explains the $32 held by the public— wrong issues regarding current world I wonder if Mr. Blinder would char-
2014 3.020 3.504 483 2.8
billion increase in 2016 the kind we have to economic weakness and its potential acterize the meteoric rise in the stock
in discretionary spend- 2015 3.249 3.688 439 2.5 pay back—has already to cause deflation, a debt crisis and a market over the last seven years,
ing (the kind Congress 2016 3.376 3.919 544 2.9 climbed to 73.6% of significant decline in equity prices. when the seeds for current global
approves each year). Source: Congressional Budget Office GDP (from 39.3% in Chinese economic weakness isn’t so woes and investor fears were sown,
Defense spending will 2008) on Mr. Obama’s important because of trade data; it’s as irrational.
“edge up slightly,” CBO watch and will in- because the country has been buying JESSE M. COHEN
says, while domestic discretionary climbs by crease to 75.6% this year. CBO expects it will 30%-50% of key commodities. West Orange, N.J.
4%. That leaves the big money to the usual sus- keep climbing to 86% in 2026.
pects—entitlements. Outlays for Medicare (net We realize such unhappy realities are not
of premiums), Medicaid, the children’s health supposed to intrude on a presidential cam- Bernie Sanders as a More Serious Candidate
insurance program and ObamaCare subsidies paign, and the American public long ago Regarding your editorial “Taking Democratic candidate who could force
will increase no less than 11%, or $104 billion, dropped spending and deficits as major con- Sanders Seriously” (Jan. 20): If we are me to vote for Donald Trump. Looks
this year. cerns. Voters care more about the economy and to take Bernie Sanders seriously, then like I’ll be holding my nose again as I
Even an estimated federal revenue increase terrorism, and there’s good sense to that. The we must realize that we are deeply in enter the voting booth this fall.
of 4% for the year can’t keep pace with this kind deficit will never vanish without faster eco- his debt because he has proved be- SAMUEL J. RADCLIFFE
of spending blowout. Receipts will rise to 18.3% nomic growth, and the various tax reform plans yond any reasonable doubt that any Milwaukee
of the economy, which is well above the average that Republicans are offering would spur American political campaign can be
of 17.4% from 1966 through 2015. So even as rev- growth. By all means let’s debate growth. successfully funded without accepting Your editorial cites how Sen. Sand-
big-money donations. In fact Sen. ers’s Social Security reform plan
enues return to their historical norm, they can’t On the other hand, any candidate who tells
Sanders has shown in his present would hike taxes on the middle class.
compensate for the spending on entitlements you that the country can keep spending as it is campaign that small contributions However, one must consider the Gov.
that Mr. Obama has refused to reform. without a day of reckoning probably believes have helped him enormously. Con- Chris Christie reform plan by compar-
Now for the bad news. CBO estimates that Mr. Obama’s spin about his fiscal record. versely, he has shown that “fat cat” ison. The Christie plan would elimi-
donations have hurt Hillary Clinton nate all Social Security benefits on
immeasurably. Whether Sen. Sanders those who make just over $200,000,
Google and the Tax Bandits wins or loses, this election might not
be as important as the impact that
essentially applying a 100% tax rate on
the earned benefits of these middle-
Y
ou know global tax hunting is out of called the payment “derisory.” this “big money out” campaign of his class earners.
control when the big scandal in Britain The tax-niks are offended that the deal will undoubtedly have on future STEVE WALDE
this weekend was that Google follows leaves in place the entirely legal accounting American elections. Rancho Santa Fe, Calif.
JOHN J. TEMPLETON SR.
the law. Someone fetch the methods by which Google at- Amherst, Mass. There is always an upside. The up-
smelling salts. The politicians, tributes some profits from its side of having a President Sanders is
The company agreed late we mean—not U.K. business to low-tax units Here is the thinking of one moder- that the U.S. will become more like
last week to pay £130 million in Ireland and elsewhere. And ate, economically conservative voter Cuba, and we will have no illegal im-
($185.5 million) in back taxes the companies. because the government has from the Midwest: Donald Trump is migration. People will start fleeing the
and interest after an audit. No concluded that Google paid the only Republican candidate who U.S.
one—not even the tax author- all the tax it owes, the com- could force me to vote for Hillary Clin- ANNA HOWLAND
ities—suggests Google broke the law to under- pany won’t be subject to the diverted-profits ton, and Bernie Sanders is the only St. Johns, Fla.
pay. Rather, starting in 2005 the company re- penalty tax that’s supposed to punish corpo-
lied on principles it had established with the rate cheats. That’s not what the politicians ex-
government in previous years for how to mea- pected when they hailed what they dubbed the
sure taxable profits for its British operations. “Google Tax” last year. Cue threats of parlia- Inflation Is Hardly a Worry for U.S. Economy
Following a routine reassessment that began mentary hearings to harass tax administrators Martin Feldstein’s detailed analysis have a large energy-input cost in
in 2009, the two sides have concluded those and executives for following laws that Parlia- of Fed policy and his use of cause- their products and services (like the
principles no longer apply to Google given how ment wrote. and-effect theories driving the Fed’s airlines).
its business has changed. The real game here is to stir public outrage effect on the economy leaves much to Mr. Feldstein says that “the danger
The re-evaluation has produced a higher to help the global tax brigade pass “reforms” be desired (“A Federal Reserve Obliv- is that very low interest rates in this
tax bill for previous years and also means that will boost the government take from mul- ious to Its Effect on Financial Mar- environment would lead to a higher
Google will pay more tax than it otherwise tinational companies. The surprise is that poli- kets,” op-ed, Jan. 14). Let’s start with rate of inflation and higher long-term
would have in the future. Westminster should ticians who have seen the growth boost arising his statement, “Moreover, the Fed is rates.” Where has Prof. Feldstein
be glad to receive this windfall, but politicians from a cut in Britain’s corporate tax rate to planning a path for short-term inter- been? We have had record low inter-
est rates that is likely to raise the est rates for six years, and inflation
and commentators are outraged that Google 20% from 28% in recent years don’t seem to
rate of inflation too rapidly in the has been going down, not up. With an
isn’t being forced to pay more. The Labour op- think there might be some economic benefits next two years.” Where is the sup- underperforming economy, where is
position’s shadow chancellor, John McDonnell, to taxing restraint. porting documentation that raising inflation going to come from or the
interest rates will affect inflation? We expected rise in long-term interest
know that raising rates will drive the rates? To have a viable economic
Chuck Grassley’s Guilty Politics dollar higher, reducing exports, in- theory you have to start out with
C
creasing lower-cost imports and low- some supporting evidence. We don’t
ongress has been inching toward bi- laws that protect our environment and en- ering economic activity—producing see such evidence here.
partisan criminal-justice reform, sure food and drug safety.” less not more inflation. THOMAS E. NUGENT
though the coalition could still come That’s a political scare tactic detached Oil dominates. While it is obvious Charleston, S.C.
unglued. Senate Judiciary from the real threat to jus- that oil price declines lower inflation
The GOP Senator and tice from the proliferation of through lower energy prices, we ex-
Chairman Chuck Grassley
(R., Iowa) didn’t help pros- the White House oppose criminal laws. A 2014 report
pect to see across-the-board reduc- Yes, They Voted for the Deal
tions in prices for companies that
pects last week when he crit- by the Congressional Re- But They Still Got Stiffed
icized a companion reform mens rea reform. search Service showed that Judge Steven Rhodes, who handled
to make sure people aren’t Congress created 439 new Drug Labels: Right to Know the Detroit bankruptcy, writes that
prosecuted for crimes they criminal offenses between UTGO bondholders who received 74%
had no intent to commit. 2008 and 2013. The number of federal crimi-
Vs. the Wider Public Interest of the value of their bonds didn’t get
The House Judiciary Committee last year nal laws now number in the thousands. In defending the FDA’s decision “stiffed” (Letters, Jan. 21). Well,
passed a bill on mens rea (Latin for “guilty As laws proliferate, the chances also in- not to require the warning label of UTGO stands for Unlimited Tax Gen-
mind”) reform that would create a default crease that innocent citizens do something Children’s Motrin to mention the pos- eral Obligation. Let me stress the
sibilities of “extremely rare” life- word “unlimited.” This used to be the
standard for criminal intent in instances they have no idea is illegal. This violates
threatening conditions (“Guilty for gold standard in the municipal bond
when no standard exists. Republican Senator the Western legal tradition that a party Obeying the Feds,” Review & Outlook, world. What the Detroit situation
Orrin Hatch and House Judiciary Chairman must have wanted to break the law to be Jan. 15), you explain that “the FDA is shows is that it is now only good
Bob Goodlatte would like to see it pass along found guilty. required to act in the interest of pub- when you don’t need it. The gold
with sentencing reform. Mr. Grassley wrote a sentencing reform lic health,” and, in doing so, “must standard is now trash. Yes, accepting
Now Mr. Grassley seems determined to de- that passed out of his committee last year, consider overall costs and benefits, a loss of 26% on a UTGO bond is get-
rail it. Last week the Iowa Republican said and he may fear that coupling it with mens such as whether more explicit warn- ting “stiffed.”
strengthening the requirements for criminal rea reform would doom the bill because of ing labels might discourage people KEITH AMBS
intent would make it harder to convict corpo- Democratic opposition. But mens rea reform who would otherwise be helped by Tucson, Ariz.
rations than under the current amorphous has the support of House Democrats like the product.” While most of us might
state of the law. That’s also the line from the Michigan’s John Conyers and Sheila Jackson consider a particular risk to be too Letters intended for publication should
small to warrant the forgoing of the be addressed to: The Editor, 1211 Avenue
Obama Administration, which fears that a de- Lee of Texas.
benefits of a particular drug, of the Americas, New York, NY 10036,
fault standard of criminal intent would make Republicans have already moved a long shouldn’t a person be able to decide or emailed to wsj.ltrs@wsj.com. Please
it harder to prosecute companies for regula- way to support the Grassley-White House for himself, or his child, what level of include your city and state. All letters
tory violations. The Administration said in sentencing reform. They should block any re- risk is acceptable? are subject to editing, and unpublished
a statement that reforming mens rea “would form that doesn’t clarify the meaning of TODD BANK letters can be neither acknowledged nor
returned.
undermine public health and safety, including criminal intent in federal law. New York
THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | A13
OPINION
The Chances of a Global Meltdown Ending the

By Gerald O’Driscoll Jr. countries (governments and private
Stealth
A
borrowers) were heavy borrowers in
re we headed for another
global financial crisis? The
dollars and are at risk of default on
these debts.
Filibuster
market convulsions of the In their 2009 book on financial
past week reflected a con- crises, “This Time Is Different,” Car- By Trent Franks
C
tinuation of a market sell- men Reinhart and Kenneth Rogoff
off that began on the first trading observed that countries are more onservatives are angry, and
day of 2016. Investors have reasons prone to default on foreign-held debt whether they know it or not
to be fearful—but not terrified. than debt held by their own citizens. abuse of the filibuster is a big
This year is likely to be one of Especially at risk are energy-produc- reason. Republicans hold a 54-46
financial crises in industries and ing, emerging-market countries as majority in the Senate, which voters
countries around the world. Whether they have been hit by a double understandably thought would give
those turn into a global financial whammy: steep drops in the price of the GOP the power to resist Barack
crisis is an open question, and the their leading export and rising debt- Obama’s dangerous agenda. But proce-
answer will likely turn on the health servicing costs in dollars. dural nonsense stands in the way.
of the U.S. financial industry and I am not going to predict which No major bill (budget reconciliation
broader economy. No crisis is global specific countries are likely to is an exception) can even be brought
if American financial markets hold default because there are many vari- to the Senate floor for debate or
up. The best I can foresee, at this ables, including the varying political amendment without a “motion to pro-
moment, is that a true global finan- situations. Default is as much a ceed to consider,” which requires 60
cial crisis is not likely. political decision as an economic votes to pass. That means even if all
Pundits are focused on collapsing necessity. But one country illustrates 54 Republicans agree to take up a bill,
oil prices, which reflect the techno- the ramifications for the U.S. of a at least six Democrats must also come
logical revolution in production default. Brazil is a large, emerging- to the Senate floor and vote “yes,” or
GETTY IMAGES/IKON IMAGES

among nimble private producers, market debtor. U.S. banks had $89 the motion is defeated.
combined with weakening global billion worth of loan exposure to This stealth filibuster, one of the
demand for their product. The result Brazil as of the middle of last year. Senate’s most insidious and hidden-in-
has been layoffs in the energy That debt was likely concentrated in plain-sight secrets, denies the majority
industry, and there will be more. a few large institutions. the essential capability to vote on, or
Weak and highly leveraged energy The Fed’s monetary policy of ex- even debate, critical legislation sup-
firms have gone bankrupt and more traordinarily low interest rates ported by the overwhelming majority
will. But bankruptcy doesn’t neces- helped create the asset bubbles in of Americans—for instance, a bill to
sarily mean that production will banking regulators aid and abet the least in part, trends in monetary stock and commodity prices that are stop the nuclear deal with Iran.
decline. process? They have in the past, and policy. The U.S. Federal Reserve im- now bursting. Low rates also dis-
rumor is that they are already doing plemented a long-expected, modest torted investment decisions. I have
so today. increase in short-term interest rates argued for the Fed’s increasing It’s a recipe for gridlock if
Investors have reasons to be The problem with extend and pre- in December, while other major cen- interest rates much sooner. Now the a Senate minority controls
tend is that it allows losses to accu- tral banks, like the European Central Fed has made a tentative step for-
fearful—but not terrified. mulate. When they finally must be Bank and the Bank of Japan, are ward on rates. It has done so, how- which bills can be taken up.
Here’s what to expect in realized, they are larger than they easing their monetary policies. The ever, with incredibly bad timing—
would have been, and some financial Fed’s action is seen as a prelude to a with the dollar already getting
the rocky months ahead. firms will collapse. This happened in series of interest-rate increases. That stronger and the global economy In other words, the Senate minority
the Texas banking crisis of the 1980s would further strengthen the dollar. weakening. The Fed is worried about can easily and nearly always prevent
and the nationwide savings-and-loan However, oil is priced globally in energy-industry loans. But how can “the world’s most deliberative body”
Creditors who lent to these crisis of the 1980s and ’90s. I am not dollars. When the dollar is getting oil prices recover with a rising U.S. from actually deliberating, no matter
energy producers will suffer losses predicting another banking crisis— stronger, oil becomes more expen- dollar? what the majority says or does. Could
on their loans, and they too might but pointing to the folly of extend sive for other countries, who have to In retrospect, the Fed’s rate hike there be a more perfect recipe for
become financially impaired. If past and pretend. sell more of their own currencies to last month will likely be viewed as gridlock in today’s polarized, truth-be-
is prologue, those lenders will be Regulators need to apply prompt afford it—and this dampens their monetary malpractice. The next hike damned political era?
reluctant to fully realize their losses, corrective action to overextended demand, putting further downward is on hold, and there is already talk Democrats know that the American
and they will continue to view lenders. New capital must be injected pressure on oil and other commod- of another round of quantitative eas- people are largely oblivious to this
future energy prices through too- by investors into solvent banks, but ity prices. In addition, a stronger ing. None of this is likely to forestall secret leverage they so routinely
rosy glasses. Banks will be reluctant those that are insolvent or too weak U.S. dollar makes it more expensive turmoil in credit markets. Investors abuse. This has allowed Democrats to
to mark down the value of nonper- to survive must be closed. for other countries to buy U.S. are wise to be worried, but it’s likely force the House of Representatives,
forming loans and book losses, or In addition to the world-wide oil goods, lowering U.S. exports. that 2016 won’t be a replay of 2008. especially its leadership, into an im-
even set aside sufficient loan loss glut, which will continue in 2016, A strong dollar also means that possible conundrum: Either pass legis-
reserves. They will instead “extend another important factor in the story those who borrowed in U.S. dollars Mr. O’Driscoll is a senior fellow at lation that Democrats approve of (the
and pretend”—i.e., extend maturities is the strong U.S. dollar. The dollar is but earn income in other currencies the Cato Institute and a former vice only way to get it through the Senate),
and pretend they expect the loans to at a near-term high against an index are stressed to pay back their dollar- president at the Federal Reserve which enrages the principled but mis-
be paid back. Will federal and state of other currencies. This reflects, at denominated debts. Emerging-market Bank of Dallas. informed Republican base; or allow
Democrats to shut down the govern-
ment, for which Republicans will be
A New Prescription for Lower Drug Prices unjustly but entirely blamed.
In fact, Democrats are hoping to
engineer an extended government
By Mark L. Baum The public is now experiencing market a 99-cent pill containing the FDA regulation and inspection of shutdown before this fall’s election.
F
firsthand the unintended conse- identical dosage of FDA-approved compounded-drug manufacturing is Extensive polling by both sides sug-
or three years in a row, accord- quences of federal policies that facili- pyrimethamine. We were able to do a good start, but more needs to be gests that a government shutdown
ing to a recent survey by tate monopolies by erecting regula- this by compounding it with leuco- done to bring prices down. Here are would hand Democrats decisive lever-
health-care data company Tru- tory barriers to new entrants. The vorin, a vitamin commonly used some recommendations: age to retain the presidency and retake
veris, prescription-drug prices in the result is protected markets for some along with pyrimethamine, creating a • Let Medicare buy cheaper drugs. control of the Senate. Eight years of
U.S. have risen by double digits. More drugs that have neither branded com- new formulation choice. In this way, Medicare doesn’t pay for com- Hillary Clinton or Bernie Sanders, with
than 75% of Americans now say their petition nor generic alternatives. In Imprimis made our pill available for pounded drugs. So it will pay $3,600 Supreme Court vacancies on the hori-
top health concern is the rising price this way, the government has created doctors to prescribe to patients with- a year for Premarin estrogen cream, zon, would turn what’s left of the
of prescription drugs, according to opportunities for gouging that would out having to go through a prohibi- but not $360 for compounded estro- constitutional order into kindling.
the Kaiser Family Foundation. never exist in a free market. tively expensive and time-consuming gen cream. And it will pay $750 per The filibuster rules must be altered
Increased copays and deductibles new round of FDA approvals. pill for Daraprim, but not 99 cents and their abuse raised to such a high
are causing more Americans to exam- Even at 99 cents a pill, Imprimis for the Imprimis alternative. This public profile that it becomes politi-
ine the costs of the medicines they Compounded-drug makers makes a respectable profit. But the needs to change. cally untenable. Otherwise it will
need. Congressional investigations ability of companies, including our • Provide incentives for doctors to remain impossible to enact policies
are under way, while presidential can bring inexpensive, off- own, to use compounding—personal- prescribe less-expensive drugs. Medi- necessary to save this country.
hopefuls Donald Trump and Ted Cruz patent medicines to market, ized prescriptions in which the care Part B pays doctors a percent- The primary goal of House conser-
have joined Hillary Clinton and Ber- ingredients are mixed in the specific age of the cost of the drugs they vatives is not to eliminate the filibus-
nie Sanders in condemning drug- if the FDA will let them. strength and dosage required by the prescribe. This is the wrong incen- ter, nor even to make the Senate
price increases. patient—to compete with other tive. Instead doctors should be “legislatively efficient” for the major-
Last year a few companies that overpriced brand-name and generic compensated by Medicare for mak- ity. Our goal is to adjust the filibuster
acquired the rights to lifesaving med- So what can be done? Price con- drugs was long hampered by federal ing the smartest decisions, receiving so at least the American people will
icines and immediately jacked up trols will not work, and importing regulation. a percentage of the savings to the know who is responsible for the
prices helped fan the flames. But drugs would expose Americans to The Drug Quality and Security patient and the taxpayer. deadlock in Congress.
these are only the most visible in- fake drugs from abroad. Instead, Act, passed in November 2013, is a • Allow compounded copies of Senate Majority Leader Mitch
stances of a broader phenomenon. Washington needs to promote more first step toward genuine competi- generics. Drugs approved by the FDA McConnell has the power to force a
The prices of 19 brand-name pre- domestic competition. One safe, cost- tion. The law established a category nevertheless have to go through a negotiated and bipartisan adjustment
scription drugs for skin conditions effective way to do so is by changing of FDA-registered compounded-drug long and costly new FDA approval to the filibuster by using the leverage
ranging from acne to cancer increased rules that inhibit competition, includ- production facilities, subject to process before another manufacturer of the “nuclear option”—the ability
500% on average between 2009 and ing making better use of the more agency registration and inspection. can bring the generic version to of a simple majority of senators to
2015. The makers of Edecrin, a than 8,700 off-patent generic drugs If the FDA opens a wide range of market. The agency instead should change procedural rules. Less than
diuretic used to treat high blood pres- the FDA has already approved. drugs to competition from such establish standards for generics three years ago, then-Senate Majority
sure, raised the drug’s price nine Consider what happened last facilities, our company and others producers and compounded-drug pro- Leader Harry Reid used the nuclear
times between May 2014 and Decem- September when Turing Pharmaceu- will be able to offer lower-cost alter- ducers to copy drugs that have been option to break the filibuster on judi-
ber 2015, from $470 a vial to $4,600. ticals raised the price of Daraprim by natives to needlessly expensive drugs off-patent for more than five years. cial confirmations.
Cuprimine, a treatment for genetic 5,000%. That drug is prescribed for by compounding their off-patent This would increase patients’ choices Those who object to these changes
liver disease, went from $888 in 2013 conditions including toxoplasmosis, active ingredients. for safe and reasonably priced drugs. often point out that when Republi-
to $26,189 in 2015. There are hun- which poses a special risk for per- Hospitals, physicians and patients Drug compounding is not a pana- cans were in the minority the filibus-
dreds of similar stories. sons with HIV. The patent for Dara- have long relied on safe, compe- cea. But it is a feature of the health- ter empowered them to stop legisla-
Some pharmaceutical company prim’s active drug ingredient, pyri- tently produced compounded drugs. care marketplace that Congress and tive overreach. This is true. However,
CEOs defend their actions by claim- methamine, expired in the mid-1970s. But the federal drug regulatory sys- the next president can immediately this argument does not consider the
ing that pricing their products is But the drug’s small market meant it tem, which sets the standards for tap to stimulate competition and long-term advantage of holding Dem-
complicated. But drug pricing isn’t faced no generic competition, creat- what Medicare and insurance compa- keep many drug prices in check. ocrats (and Republicans) distinctly
unusually complicated. What all ing the opportunity Turing exploited. nies reimburse, has only now begun accountable for their positions and
these drugs share in common is a Imprimis Pharmaceuticals, the to consider this essential component Mr. Baum is chief executive officer the performance of their policies.
nearly complete lack of competition. company I run, quickly brought to of a well-functioning market. of Imprimis Pharmaceuticals Inc. By continuing to stand by while
Democrats use this stealth filibuster
to stoke the rage within the GOP base
and the American people, Senate
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch Robert Thomson
Notable & Quotable Republicans hasten the day when
angry voters will put them back into
Executive Chairman, News Corp Chief Executive Officer, News Corp From social philosopher Eric or, failing this, a chance to acquire the minority (perhaps more perma-
Gerard Baker William Lewis Hoffer’s “The True Believer: new elements of pride, confidence, nently). When that time comes,
Editor in Chief Chief Executive Officer and Publisher Thoughts on the Nature of Mass hope, a sense of purpose and worth Democrats will not hesitate to force
Rebecca Blumenstein, Matthew J. Murray DOW JONES MANAGEMENT:
Movements” (1951): by an identification with a holy changes in the filibuster for anything
Deputy Editors in Chief Ashley Huston, Chief Communications Officer; cause. An active mass movement and everything on their agenda.
DEPUTY MANAGING EDITORS: Paul Meller, Chief Technology Officer; People who see their lives as offers them opportunities for both. The filibuster rules have made Con-
Mark Musgrave, Chief People Officer;
Michael W. Miller, Senior Deputy;
Edward Roussel, Chief Innovation Officer;
irremediably spoiled cannot find a If they join the movement as full gress impotent against a rogue presi-
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Anna Sedgley, Chief Financial Officer; worth-while purpose in self-advance- converts they are reborn to a new dent, robbed lawmakers of their con-
Neal Lipschutz, Ethics and Standards; Katie Vanneck-Smith, Chief Customer Officer ment. The prospect of an individual life in its close-knit collective body, stitutional “power of the purse,” and
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OPERATING EXECUTIVES: career cannot stir them to a mighty or if attracted as sympathizers they destroyed government accountability.
Production; Andrew Regal, Global Head of Video;
Jessica Yu, Global Head of Visuals
Nancy McNeill, Corporate Sales; effort, nor can it evoke in them find elements of pride, confidence Unless the filibuster is changed, the
Steve Grycuk, Customer Service; faith and a single-minded dedica- and purpose by identifying them- American people may very unwisely
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International;
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: tion. They look on self-interest as selves with the efforts, achieve- declare a pox on both chambers of
WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher; Kenneth Breen, on something tainted and evil; ments and prospects of the move- Congress. If that happens, future gen-
Trevor Fellows, Head of Global Sales; Commercial; Edwin A. Finn, Jr., Barron’s; something unclean and unlucky. ment. erations, along with the Founding
Chris Collins, Advertising; Jason P. Conti, Legal; Professional Information Business:
Suzi Watford, Marketing and Circulation; Christopher Lloyd, Head; Anything undertaken under the To the frustrated a mass move- Fathers’ dreams for all that America
Joseph B. Vincent, Operations; Ingrid Verschuren, Deputy Head auspices of the self seems to them ment offers substitutes either for might be, will be at grave risk.
Larry L. Hoffman, Production foredoomed. Nothing that has its the whole self or for the elements
EDITORIAL AND CORPORATE HEADQUARTERS: roots and reasons in the self can be which make life bearable and which Mr. Franks, a Republican from Ari-
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Telephone 1-800-DOWJONES
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CITY NEWS A16, A17, A19 | THEATER TUESDAY A18 | HEARD & SCENE A19 | SPORTS A20
Emotional Ride Minor Crimes

Get a Rethink
GETTY IMAGES
Mets fans elated over Cespedes SPORTS | A20 CITY NEWS | A19
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | A15
New Jersey
Bailing Out,
Once Again
Waves whipped up by pact of the weekend blizzard
became clearer, and travel for
winds eroded beaches, thousands of commuters re-
flooded homes; Lt. Gov. mained a challenge.
Many schools were closed,
tours southern shore and Newark said its schools
will remain closed Tuesday.
BY KATE KING Many Newark streets were
AND LESLIE BRODY still impassable in the evening
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL

as dozens of buried cars re-
NORTH WILDWOOD, N.J.— mained in the way of emer-
John and Nancy Hughes, a cou- gency vehicles and snowplows.
ple in their 70s, spent six A Trader Joe’s store in West-
hours huddling in their car to field, where a part of the roof
stay dry with their anxious collapsed in the storm, was
Yorkie-poo, Max, as a massive closed for major repairs,
storm flooded their house with though the company said it in-
8 inches of water. tends to reopen.
The couple had spent In Hackensack, in Bergen
$50,000 to clean the mold and County, a 78-year-old woman
other water damage after su- was found dead in a car in a
perstorm Sandy in 2012, and Burger King parking lot Mon-
they dreaded the prospect of day morning. Hackensack po-
another major cleanup. lice said the woman, from In Middle Village, Queens, 66th Road was still impassable on Monday. ‘No one’s saying “mission accomplished” here,’ said the mayor.
“We’re seriously consider- Medford, N.Y., had parked her
Queens Seethes Over Buried Streets

ing selling right now,” Ms. car on Saturday evening and
Hughes said Monday. “We’re told the restaurant’s employ-
getting too old for this.” ees she would stay there be-
Across New Jersey, resi- cause she was uncomfortable
dents and business owners ex- driving in the snow. BY CORINNE RAMEY Sanitation, more than 900 touched by a plow. or innovative or new about a
pressed frustration as the im- Please see FLOOD page A16 AND HENRICK KAROLISZYN were deployed in Queens on “It really is amazing to me snowstorm,” he said.
Monday and 96% of routes that in 2016 the city still Clearing snow from Queens
As New York City kept dig- there had been plowed by 11 hasn’t figured out how to has been a problem during
ging out Monday from the sec- a.m., officials said. The de- clean Queens streets in an ex- past storms as well, said State
ond-largest snowfall on re- partment has hired 920 people peditious and efficient man- Sen. Jose Peralta, who repre-
cord, residents and elected to clear snow and ice from pe- ner,” said Mr. Lancman, a sents parts of Queens. “If
officials in Queens said their destrian areas after storms. Democrat. Queens has been an issue, why
borough got short shrift. Kathryn Garcia, the city’s not get ahead of the curve?”
Mayor Bill de Blasio ap-
plauded sanitation workers for
‘With all of the sanitation commissioner, said
the agency was grappling not
said Mr. Peralta, a Democrat.
“I’m hoping now with all of
overall storm response at a outcry...maybe next only with more snow in many the outcry and outpouring of
news conference Monday, but
said he wasn’t satisfied with
time they’ll have a areas of Queens but also nar-
rower streets. She said sanita-
constituents that maybe next
time they’ll have a better
ANDREW RENNEISEN/GETTY IMAGES
the cleanup in some Queens better plan.’ tion workers will have to use plan.”
neighborhoods, including Sun- special equipment to “literally Queens Community Board
nyside, Woodside, Elmhurst drag” some of the snow off 5, which includes Ridgewood,
and Corona. But some Queens officials city streets there and haul it Maspeth, Middle Village and
“No one’s saying ‘mission said they were concerned their away in trucks. Glendale, had received 20
accomplished’ here,” he said. borough had been left behind. Mr. Lancman, though, com- complaints of impassable
“If I’m living on one of those City Councilman Rory Lanc- pared the Queens situation to streets by Monday, said Gary
blocks, I’m upset.” man, who represents parts of the movie “Groundhog Day,” Giordano, the board’s district
Of 2,000 pieces of snow-re- eastern Queens, said Monday where the same scenario hap- manager. Main arteries and
An employee of Fred’s Tavern and Liquor cleaned up Sunday after moval equipment being used afternoon that some streets in pens after every storm. bus routes were largely clear,
the weekend storm caused flooding in the Stone Harbor, N.J., shop. by the city’s Department of his district hadn’t been “There’s nothing mysterious Please see STORM page A16
Officer’s Trial Opens in Shooting Death

BY REBECCA DAVIS O’BRIEN passed,” Mr. Fliedner said. Gurley, a “million-to-one prob- dau, entered the darkened
The trial of Officer Liang, ability.” stairwell of the Louis H. Pink
New York Police Depart- who has pleaded not guilty to Ms. Koshetz said Officer Li- Houses in East New York for a
ment Officer Peter Liang reck- manslaughter and other ang’s partner, who is expected routine patrol just as Mr. Gur-
lessly pulled his gun and shot charges in Mr. Gurley’s death, to be a witness for the prose- ley and his girlfriend, Melissa
28-year-old Akai Gurley in the began Monday with opening cution, “refused to call [the Butler, stepped into the stairs
stairwell of a Brooklyn hous- statements and witness testi- shooting] in himself.” She said a floor below, authorities said.
JESSE WARD/PRESS POOL
ing project, then made no mony that painted starkly dif- her client was in a “state of Officer Liang’s gun fired,
move to save the man’s life, a ferent portraits of the officer’s shock” after the shooting, and a bullet struck Mr. Gurley
Brooklyn prosecutor said Mon- conduct and the panicked con- which she described to jurors in the chest.
day. fusion that November 2014 as an “accident.” How the gun fired, and
Instead, Officer Liang night. Ms. Koshetz said Officer Li- what happened in the follow-
“whined and moaned” to his Mr. Liang’s lawyer, Rae Ko- ang, now 28, was charged with ing minutes, is at the heart of
partner about how he was go- shetz, told the jury that the “horrendous crimes,” and she the case. The prosecution has New York Police Department Officer Peter Liang in court Monday.
ing to lose his job, Assistant rookie officer, working over- suggested that the jury might said Mr. Liang didn’t intend to
District Attorney Marc Flied- time in a crime-ridden housing wonder why. “So do we,” she shoot Mr. Gurley, but that his tionwide. Mr. Gurley’s death charges against police officers.
ner said in an impassioned project, was “truly unaware” said. actions were still criminal. took place in the months after Ms. Koshetz urged jurors to
opening statement in state Su- that a bullet had hit anybody. The shooting occurred The rare prosecution of a the police-involved deaths of set aside the national debate
preme Court in Brooklyn. She said the bullet rico- shortly after 11 p.m. Nov. 20, New York City police officer unarmed black men in Fergu- over policing.
“They argued, as minutes cheted off the stairwell’s cin- 2014, when Officer Liang and for an on-duty shooting comes son, Mo., and on Staten Island, “The NYPD isn’t on trial
passed, as Akai Gurley der block wall, striking Mr. his partner, Officer Shaun Lan- amid scrutiny of policing na- neither of which resulted in Please see LIANG page A19
40°
TODAY’S
Weather
Real Feel
‘Grease’ Is the Word
9 a.m. 31°
HIGH
5 p.m. 33°
Max. Humidity
For New Kind of Show
88% BY PIA CATTON ilton,” said the choice was
made to serve the comedy in
MOSTLY Sunrise/Sunset With Sunday night’s broad- the exuberant original mate-
CLOUDY 7:12 a.m./5:06 p.m. cast of “Grease: Live,” two cul- rial, first staged as a Broad-
tural trends will meet on the way show in 1972, then made
Wednesday’s High small screen: Immersive the- into a 1978 film starring John
ater and live musicals broad- Travolta and Olivia Newton-
40° cast on TV. John.
THEATER A Paramount “The musical comedy
Television pro- rhythms of ‘Grease’ required
N.Y. Sports Lineup duction, to be it,” said Mr. Kail, who wanted
presented on Fox, “Grease” the jokes and laughs to pop
7 p.m. Tuesday comes after three other live back and forth between the
Devils musicals have been screened actors and viewers.
@ Penguins since 2013 on NBC. In contrast In traditional TV-studio
with those shows, “Grease” is seating, the audience is heard
DAVID KORINS DESIGN
pushing the concept by adding through laughter but rarely

7:30 p.m. a live audience stationed seen. Such a model can seem
Tuesday throughout locations on the out of step in an era of highly
Thunder set, within sight of television successful immersive-theater
@ Knicks viewers. projects such as “Sleep No
Director Thomas Kail, most More,” a loose adaptation of The Rydell High gym, shown in the rendering above, also will serve as the school cafeteria in Fox’s
For N.Y. sports coverage, see A20 recently of Broadway’s “Ham- Please see GREASE page A18 ‘Grease: Live.’ The audience in the ‘cafegymnatorium’ will cheer at the dance contest and pep rally.
CITY NEWS
TIMOTHY A. CLARY/AGENCE FRANCE-PRESSE/GETTY IMAGES

KATHY KMONICEK/ASSOCIATED PRESS
Workers cleared tracks at the Long Island Rail Road’s Port Washington branch Monday; a man negotiated the snow on Park Avenue; a front-end loader moved snow for melting near the World Trade Center site.
STORM cause the entire block was

shut down with more than 2
feet of snow.
“We are angry,” said Ms.
pected to return on Tuesday
afternoon, the Port Authority
of New York and New Jersey
said.
Continued from page A15 Szymanski. “The only plowing The Port Authority re-
but smaller residential streets I see is on TV.” ported that John F. Kennedy
were still buried, he said. Her husband called 311 yes- International Airport had
On 70th Street and 66th terday, she said. “Nobody fewer than 50 flight cancella-
Drive in Middle Village, the came,” he said. “There’s just tions on Monday, while La
entire block and cul-de-sac no way to get out now.” Guardia Airport had more
was full of unplowed snow on The city also faced some than 100 and Newark Liberty
Monday. criticism for opening schools International Airport had
on Monday, including from more than 200.
Public Advocate Letitia James, Mr. de Blasio said he spoke
‘We are angry,’ said who called for a delayed start. with Gov. Andrew Cuomo half
RICHARD DREW/ASSOCIATED PRESS

one Queens resident. Mr. de Blasio said opening a dozen times during the
schools was the right decision. storm, and that shutting down
‘The only plowing I “We owe it to the parents,” he above ground subway seg-
see is on TV.’ said. The city Department of ments was the right call.
Education said attendance Mr. Cuomo said Monday
Monday was about 74%, com- that instituting a travel ban,
“This is ridiculous,” said pared with about 90% on an which prohibited people from
Bruce Freiss, 59, retired and average day. roads in New York City and
on disability. “Nobody has Even though Aaron Pride, Long Island, had allowed the
come here since the storm. 25, who lives in Crown region to clear roads more
People need to be able to leave Heights, only needed to go a “It’s a struggle definitely For the Long Island Rail Road, branches, according to Metro- quickly.
their homes and they can’t.” couple blocks to drop off his walking through this disaster service on the Port Washing- politan Transportation Au- “I feel very good about the
Sophia Szymanski, 66, and 3-year-old daughter, Aaliyah, right now,” Mr. Pride said. ton branch resumed Monday thority officials. actions that we took,” he said.
her husband, Witold Szyman- at day care, he said it was dif- By Monday, much of the afternoon, but service re- PATH service between New- —Zolan Kanno-Youngs,
ski, 78, both retired, had to ficult pushing a stroller city’s transit system was remained suspended on the Far ark Penn Station and Journal Mara Gay
keep their car in the garage through the slush and snow on stored, including most of the Rockaway, Hempstead, Long Square will be suspended and Joseph De Avila
and couldn’t go anywhere be- Monday morning. subway system and city buses. Beach and West Hempstead Tuesday morning, but is ex- contributed to this article.
FLOOD
Continued from page A15
High winds accompanied the
weekend blizzard, whipping up
waves that flooded the barrier
islands during high tide. Most
of the flooding came from the
islands’ back bays, local offi-
cials said.
Gov. Chris Christie said
Monday that floodwaters in
the Southern New Jersey coun-
ties of Cape May, Atlantic,
Ocean and Cumberland had
mostly receded, and almost all

who lost power had it restored.
Mr. Christie, who is vying
Waves along the beach in Stone Harbor, N.J., on Sunday. for the Republican presidential
nomination, came home to
New Jersey on Friday to over-
see the storm’s response but
was back in New Hampshire by
midday Sunday. Some resi-
dents in southern New Jersey A construction employee works to clean up flood damage Sunday in a Stone Harbor, N.J., building.
said the governor was playing
down the storm damage to re- Ms. Guadagno and state en- this weekend and suffered the
turn to the campaign trail. vironmental officials visited Soaked N .Y. same damage as she did during
“He couldn’t say it was a di- four of the hardest hit beaches, New Jersey Lt. Gov. Sandy. “You’re replacing the
saster, because then he’d have including in Stone Harbor, Kim Guadagno same stuff again,” Ms. Lawler
Don’t just to stay here,” said Maui D’An-

tuono, a North Wildwood resi-
dent and restaurant owner.
On Monday, Lt. Gov. Kim
Guadagno defended Mr. Chris-
tie, saying the flooding was
which suffered severe erosion.
Stone Harbor Mayor Suzanne
Walters said the damage likely
reached $10 million.
The U.S. Army Corps of En-
gineers has spent hundreds of
surveyed flooding and
beach erosion from
the weekend blizzard.
PA. Trenton
said. “The dishwasher was full
of water, the stove was full of
water. The fridge was full of
water.”
In Newark, many streets
were still impassable Monday
walk down “not unusual for any of us who

live at the Jersey shore.”
millions of dollars repairing
and fortifying New Jersey Ortley Beach
evening as dozens of cars bur-
ied in snow remained in the
At la nt ic O cea n
beaches since superstorm way of emergency vehicles and

Sandy. On Monday, state De- snowplows, city officials said.
NEW JERSEY
We Want to Hear partment of Environmental Some streets hadn’t been
the aisle...
From You Protection Commissioner Bob plowed at all.
Have something to say about Martin said the Army Corps’ Mayor Ras Baraka appealed
Holgate section
an article in Greater New dune system helped protect the of Long Beach
to the state for assistance and
York? Email us, along with southern coastline from ocean- Township expects the state to send 60
your contact information, at front flooding. more plows early in the morn-
gnyltrs@wsj.com. Your letter Monday’s visit was part of ing. After recruiting private
could be published in our the state’s effort to assess the vendors, the city expects it will
Stone Harbor
weekly Feedback column on storm’s damage, which must have about 200 plows and
North Wildwood
Friday. Letters will be edited surpass $12 million to qualify trucks for carting snow to
for federal disaster funds, Mr. 25 miles dump it in county parks Tues-
for brevity and clarity. Please
include your city and state. Martin said. THE WALL STREET JOURNAL. day, or more than twice the
Own it. “Obviously there’s signifi-

cant damage up and down the
number Monday.
Many people trying to cross
coast, so there’s a very good installed waterproof porcelain the street Monday evening
CORRECTIONS chance we would apply, but we
won’t know that until we do
tile and brick walls, so the
damage wasn’t too bad when
struggled to climb over large
snow banks. Dozens lined up in
AMPLIFICATIONS the work,” he said.
In Stone Harbor, several
his store took in several inches
of water this weekend.
the street to wait for buses as
snow covered most sidewalk
Let our Wedding Consultants help you choose business owners said they In North Wildwood, street curbs.
the perfect wedding suit or tuxedo Becca and Rachel Robert- learned lessons from super- sweepers drove up and down “They really didn’t do a
son attended BroadwayCon, a storm Sandy that helped this roads strewn with brown muck good job of plowing the
festival for theater fans. A time around. from the bay, shells, rocks and street,” said Jennifer Freeman,
photo caption on Saturday in- Chris Cooke, owner of the broken twigs. Residents who 43, who works at the Pruden-
correctly gave their last name gift shop Across the Way, said live on the barrier island year- tial building. “All they did was
as Robinson. he invested more than $30,000 round said the risk of flooding either block you in or cut you
Custom clothing for the knowing man. storm-proofing his business. is part of island life but a bur- off to where you can hardly
Readers can alert The Wall Street Mr. Cooke and his business den nonetheless. walk.”
Journal to any errors in news articles
Learn more about our complimentary wedding services - jimmy@mysuitny.com by emailing wsjcontact@wsj.com or partner raised the shop’s elec- Jane Lawler said she saw 13 —Zolan Kanno-Youngs
by calling 888-410-2667. trical wiring off the floor and inches of water in her house contributed to this article.
THE WALL STREET JOURNAL. * * * * Tuesday, January 26, 2016 | A17
CITY NEWS
House Fire in Queens Damages Home and Injures Four
Political Circles
Fight Proposed
Disclosure Rule
BY ERICA ORDEN on several City Hall policy
campaigns, including his push
“To the esteemed members for universal prekindergarten.
of the New York Press Corps,” “It is difficult to see how a
the email read, if the state eth- P.R. professional seeking to
ics commission “has its way, persuade a reporter or editor
this note will have to be re- to write or broadcast some-
ported to the government.” thing about the professional’s
The letter, sent earlier this client or its position could ever
month from a group of Repub- constitute ‘delivery’ of a cli-
lican consultants, was intended ent’s message to a public offi-
PETER J. SMITH FOR THE WALL STREET JOURNAL

to set off alarms. cial,” Mr. Celli wrote.
And it did, intensifying an Consultants aren’t the only
already vivid debate in New ones alarmed. In an interview,
York political circles about lob- Donna Lieberman, the execu-
bying, communications and tive director of the New York
free speech with regard to con- Civil Liberties Union, called
sulting rules proposed by the the proposal “antithetical to
state’s Joint Commission on free speech.” “Editorial boards,
Public Ethics. The panel is set columnists, Joe Schmo who
to address the proposed regu- happens to have a lot of Twit-
lations on Tuesday. ter followers,” Ms. Lieberman
The commission is seeking said, “these are not public offi-
to require disclosure of three cials.” TO THE RESCUE: Three firefighters and one resident sustained minor injuries Monday morning when a fire tore through a house in the
types of activity by political The concept of regulating Jackson Heights neighborhood of Queens, the fire department said. The cause of the blaze is under investigation, officials said.
consultants. The proposed dis- communication with media as
closure of two of the activi- “grass-roots lobbying” has
ties—when consultants initiate some supporters. Benton
De Blasio Jabs at Bloomberg Run

contact with public officials on Campbell, chairman of the New
behalf of their clients and York City Bar Association’s
when consultants attend meet- Committee on Government
ings between clients and pub- Ethics, suggested in a letter to
lic officials—has attracted lit- JCOPE that its proposed stan- BY MARA GAY declined to comment. Mr. de Blasio waited months Mr. Bloomberg, who ran for
tle opposition. dard was too narrow, because Mr. de Blasio said the strug- before endorsing Mrs. Clinton, mayor in 2001 as a Republican
It is the third, which defines it requires the consultant to be Michael Bloomberg is too gles of the middle class and in- saying he wanted to hear more but later dropped his party af-
consultants’ work on “grass- involved in both the delivery rich and too out of touch to be come inequality are at the about her vision on income in- filiation and declared himself
roots campaigns” as lobby- and the creation of the con- president, New York City heart of the 2016 campaign— equality. He endorsed her in an independent, bore echoes of
ing—even when the work intent, rather than allowing for Mayor Bill de Blasio said Mon- issues he said Mr. Bloomberg late October after canceling a the 2013 mayoral campaign.
volves contacting only a one or the other. day. declined to tackle as mayor. presidential forum he had While campaigning for mayor,
member of the media, rather A spokesman for the com- Mr. de Blasio said his prede- “I don’t think he’s focused hoped Mrs. Clinton and other Mr. de Blasio said Mr.
than a public official—that has mission, Walt McClure, said cessor’s great wealth and fail- on income inequality in his ca- candidates would attend. Bloomberg was out of touch
sparked First Amendment- the proposal originated not ure to address income inequal- reer in government,” the Mr. de Blasio said even Don- with average New Yorkers be-
fueled outrage. from a specific incident but in- ity while mayor doomed his mayor said. ald Trump spoke more often cause of policing policies that
“Any attempt by a consul- stead from “trends in the in- prospective candidacy for the Mr. de Blasio said while he about income inequality than he said targeted minorities.
tant to induce a third-party— dustry.” White House. had “a lot of respect” for Mr. Mr. Bloomberg. New York Gov. Andrew
whether the public or the It is perhaps for that reason “The people of this country Bloomberg and agreed with “He has talked about the Cuomo, also a Democrat, said
press—to deliver the client’s that the proposed regulations are not going to turn to a bil- him on some issues such as problem of the hedge funds he would support Mrs. Clinton
lobbying message to a public have attracted the attention of lionaire to solve problems that health policy, he remained a not paying their fair share in for president, but praised Mr.
official would constitute lobby- virtually everyone in New York were created largely by billion- supporter of Democratic hope- taxes. He has talked about peo- Bloomberg. “Michael
ing under these rules,” politics who uses or is a lobby- aires,” Mr. de Blasio said at a ful Hillary Clinton. ple’s economic anxiety and the Bloomberg is a friend. He was
JCOPE’s proposal reads. ist, consultant or communica- news conference. “I’m very convinced she’s decline of the middle class,” the mayor at the same time
The new standard would ap- tions adviser. Mr. Bloomberg, who served going to be the next president Mr. de Blasio said of Mr. that I was the governor.…I
ply “if the consultant con- In November, for example, three terms as mayor, is ex- of the United States,” said the Trump, a Republican. “I think think he’s a good man,” he said
trolled the delivery of the mes- Jim Calvin, president of the ploring a presidential bid as an mayor, who was the campaign that’s part of what’s fueling his in a speech at the Harvard
sage and had input into its New York Association of Con- independent candidate. A manager for Mrs. Clinton’s suc- support.” Club in Midtown. “I wish Mi-
content,” it says. That has venience Stores, wrote to spokesman for Mr. Bloomberg cessful 2000 U.S. Senate race. Mr. de Blasio’s criticism of chael nothing but the best.”
caused a wide range of consul- JCOPE, suggesting that the
tants, civil-liberties groups and commission had an overly
others to cry foul. broad interpretation of activity
That standard “reaches con-
duct outside the scope of per-
that he considers ancillary to
lobbying efforts.
Greater
mitted inquiry, and deep into
the heart of protected free
“Packing snowballs,” he
said, “is not combat.” New York
speech,” said attorney Andrew
Celli in a letter to the commis-
But, Mr. Calvin added,
“while someone who packs Watch
sion on behalf of several pub- snowballs should not be obli-
lic-affairs firms. They included gated to report, I agree that
BerlinRosen, which has close someone who both packs and
ties to New York City Mayor throws snowballs should be re-
Bill de Blasio and has worked quired to do so.” MANHATTAN
Opening Statement
In Art-Forgery Trial Johnson Controls and Tyco to Merge
For 14 years, the head of one
of New York’s oldest art galleries
acquired fake abstract master-
pieces from a Long Island dealer
who said they belonged to a man
known only as “Mr. X” or “Secret
KEVIN HAGEN FOR THE WALL STREET JOURNAL
Santa,” an attorney told jurors in

Manhattan federal court Monday.
The gallery made millions turn-
ing around and selling the paint-
ings to unwitting art collectors.
Attorney Emily Reisbaum laid
out that case during her opening
statement of a fraud and racke-
teering trial that centers on what
was once one of Manhattan’s
premier art galleries.
Ms. Reisbaum’s clients, Do-
An ethics panel in Albany is set to take up the new disclosure rule. menico and Eleanore De Sole, al-
lege that Ann Freedman, then-
president of the now-closed
Skelos and Son Seek Knoedler & Co., knowingly sold

them a fake Mark Rothko paint-
ing in 2004, one of several dozen
Acquittal, New Trial forgeries the gallery sold be-

tween 1994 and 2008.
Ms. Freedman and Knoedler
BY REBECCA DAVIS O’BRIEN spond to a request for com- have said they believed the art-
ment. A spokeswoman for works they sold were authentic.
Lawyers for former New the Manhattan U.S. Attor- —Thomas MacMillan
York state Senate Majority
Leader Dean Skelos and his
ney’s office declined to com-
ment. CONNECTICUT
THE DEAL SIGNALS THAT RECENT MARKET
son, who were convicted in
December on public-corrup-
The defense called no wit-
nesses in the trial, which
Teachers Union Seeks DECLINES WON’T STOP COMPANIES FROM
tion charges, filed a motion
Monday seeking acquittal on
lasted four weeks. But
throughout the trial, lawyers
To Curb Use of Tests
Connecticut’s largest teachers
STRIKING BIG MERGERS.
all counts and a new trial. for the former senator—Dean union called on the state Monday
The Nassau County Repub- Skelos lost his seat automati- to end the requirement that stu-
lican, 67 years old, and his cally after the conviction— dents’ standardized-test scores
son, Adam Skelos, 33, were and his son said the Manhat- be included in educators’ perfor- WSJ broke the story. Be the first to get exclusive news that
found guilty on all eight tan U.S. Attorney’s office was mance evaluations.
criminal counts they faced, attempting to criminalize po- The Connecticut Education As- can impact markets. Go to WSJ.com
including conspiracy, bribery litical behavior and cast a fa- sociation also criticized standard-
and extortion, in what prose- ther-son relationship as an ized tests in general, saying test
cutors said was a wide-rang- unlawful conspiracy. prep takes away too much time
ing scheme to use the sena- U.S. District Judge Kimba from other aspects of learning.
tor’s political power for his M. Wood, who presided over Connecticut will begin in two
son’s financial benefit. the Skeloses’ trial, denied a years to use the test results of
In a three-page filing Mon- motion for acquittal from the Smarter Balanced Assess-
day, their lawyers said the their lawyers immediately af- ment, a Common Core-aligned
evidence presented at the ter the trial ended, but be- test, as part of teacher evalua-
trial was “legally insuffi- fore the jury returned with tions. The CEA says that test
cient” and asked the court to its verdict. shouldn’t be linked to teacher
set aside the jury’s verdict. Sentencing for the two evaluations.
A lawyer for Adam Skelos men has been set for March The Connecticut Department
declined to comment Monday 3. The top charges each carry of Education didn’t take a posi- © 2016 Dow Jones & Co., Inc. All rights reserved. 3DJ9329
night. A lawyer for Dean Ske- a maximum sentence of 20 tion on the proposal.
los didn’t immediately re- years in prison. —Joseph De Avila
A18 | Tuesday, January 26, 2016 * * THE WALL STREET JOURNAL.
THEATER TUESDAY
CLOCKWISE FROM TOP LEFT: DAVID KORINS DESIGN (3); AGATON STROM FOR THE WALL STREET JOURNAL
The Frosty Palace set as a model, above, and finished product,
right. With a whisk of a curtain and rotation of scenery, the diner
becomes the setting for the number ‘Beauty School Dropout.’
In ‘Grease,’ Sets
And Audiences
Now Go Together
Continued from page A15
“Macbeth” playing since 2011
in renovated Chelsea ware-
houses, or the now-closed
Brooklyn-based production of
“Then She Fell,” a riff on “Al-
‘Part of the fun we
ice in Wonderland” where au- are having is letting
dience members could join the
tea party.
the audience in...on
Such shows, void of the how things happen.’
proscenium that separates
viewers from the action, are
designed to allow audiences to formed piece by piece into a
interact with casts, wander gleaming roadster. Because
through sets or, at the very there isn’t time to edit foot-
least, participate as an active age, such scenes happen on TV
observer in a story. as they might on a theater
“We started thinking, Production designer David stage.
maybe the audience [is] not Korins, above. The gym, right, With the whisk of a curtain
just for purposes of energy will include audience members. and rotation of scenery, for ex-
and comedy, but maybe the ample, the Frosty Palace diner
audience becomes part of the Rydell High and its lovable becomes the dream setting for
experience,” said “Grease: cliques, the T-Birds and the the number “Beauty School
Live” producer Marc Platt. Pink Ladies. Dropout,” complete with Boyz
With the goal of creating a The result: an ambitious II Men popping out of a soda
unique language for the show, project on the Warner Bros. fountain.
they considered techniques of lot, spread over two large On theater stages, the use
live theater, TV and film. Mr. sound stages and an outdoor of turntables or flying walls is
Kail even drew on observa- set, plus a tent in case of rain. common, but they aren’t part
tions of how sports fans inter- As many as 650 audience of what audiences expect in
act with ever-changing team members will be stationed in storytelling on television or
narratives: While in Los Ange- sections throughout. What film. “You don’t see a movie
les, he went to a Lakers game they can’t see in front of them, where the wall rotates
to see how Kobe Bryant’s re- they will see on monitors. around,” said Mr. Korins.
tirement season resonated Audience members will be Conversely, he had the lux-
with the Staples Center crowd. seated on bleachers outside ury of borrowing film trickery
Translating that “language” the high school as the cast, led with lighting and remote-con-
into something physical was by Julianne Hough as Sandy ence in view of the broadcast. At the beginning of the the 1950s. trol cars to make the famous
left to production designer Da- and Aaron Tveit as Danny TV watchers will also be show, the camera will follow Within the story, “Grease” drag race in “Grease” happen
vid Korins, whose current Zuko, arrives for the first day able to occasionally glimpse pop singer Jessie J on a walk has a number of scenes where live on the small screen.
Broadway credits include of school. backstage doings, from stars through the studio lot as she the teenagers dream big, re- Even with all the various el-
“Hamilton” and “Misery.” Others will be seated in the being driven between loca- sings the theme song quiring quick set changes. ements, Mr. Platt said the pro-
Last March, Mr. Korins and “cafegymnatorium,” cheering tions via golf carts to last- “Grease.” “They start in realism, they duction has been efficient, en-
Mr. Kail dived into “Grease” at the pep rally, dance contest minute makeup checks. Her presence is solidly in evolve into a big theatrical gineered to fit the budget set
scene by scene. They spent a and more. “Part of the fun we are hav- the “now” of 2016—a creative thing, then they come back to by Paramount.
full month generating ideas “They will be sometimes 12 ing is letting the audience in, parallel to the 1978 film, which realism,” said Mr. Korins. “I don’t think we are the
about where the story would feet away from the action,” from time to time, on how opened with a song written by In the number “Grease most expensive that’s been
have natural peripheral char- said Mr. Korins, who designed things happen,” said Mr. Platt, Barry Gibb of the Bee Gees, Lightning,” for example, a done,” said Mr. Platt. “It’s re-
acters within the world of the sets to keep the live audi- the producer. even though the story is set in shop-class jalopy is trans- source allocation.”
Michelle and Scott Suskauer, “Side Show” co-star and fre-

SpongeBob on Stage The ‘Psycho’ Family
Backstage residents of Palm Beach Gar-
dens, Fla., brought their two The last time a Broadway “American Psycho” is shaping
quent collaborator Emily Skin-
ner, Feb. 3-6.
Buzz Broadway-crazed daughters—Ta-
lia, 19 years old, and, Becca, 17—
musical really went under the
sea was when Disney brought
up as a family affair. The musi-
cal’s leading man Benjamin
—Pia Catton
to New York for the festival, plus its “Little Mermaid” to the Lunt- Walker, as serial killer Patrick
seats at “Hamilton” and “Some- Fontanne in 2007. Bateman, will have a significant ‘Nice Fish’ Extended
thing Rotten!” on Saturday. Now, another aquatic crea- mother figure played by Tony- Now that the three-time Tony-
When snow nixed the shows,. ture is swimming closer to the winning actress Alice Ripley. winning actor Mark Rylance has
Snow Blasts Shows “it was extremely devastating,” Great White Way: Ethan Slater, “I am intent on playing her finally been “discovered” by Holly-
Broadway felt the chill this said Becca, who was celebrating who recently appeared in a Del- as a really good mom, who wood—he was nominated for an
weekend as nearly 27 inches of her birthday this weekend. aware production of Sheryl thinks he’s perfect and doesn’t Oscar for his role in Steven Spiel-
snow fell on the city, prompting The family paid $350 each Crow’s musical adaptation of want to see anything else,” she berg’s “Bridge of Spies”—he’s
the cancellation of Saturday’s for the “Hamilton” tickets, pur- the movie “Diner,” has been cast said. “When you are reading the even more of a ticket-sales driver
matinee and evening shows. chased via Ticketmaster’s resale as SpongeBob SquarePants in book, you think, ‘Where does in his stage work.
The aftermath continued platform. While they secured a the “SpongeBob Musical,” set to this come from?’ ” A month before opening at St.
Monday as the Broadway refund, Michelle Suskauer said Awakening,” which closed on open June 7 at the Oriental Ms. Ripley, who didn’t see the Ann’s Warehouse in Dumbo,
League announced that weekly they might have scrapped the Sunday but wasn’t able to per- Theatre in Chicago. musical’s London production, will “Nice Fish,” a play Mr. Rylance
grosses couldn’t yet be accu- whole trip if the early snow form its Saturday shows. Tina Landau co-conceived also be sharing the stage with wrote with poet Louis Jenkins,
rately calculated and distributed forecast had been more accu- “We would have loved to and will direct; Lilli Cooper will Jennifer Damiano, who played has already been extended by
since some box offices were still rate. have performed for our two play SpongeBob’s friend Sandy her daughter in “Next to Nor- two weeks. It will now run Feb.
processing returns for snowed- “It seemed to be very mis- sold-out audiences on Saturday, Cheeks. Music is by a who’s- mal,” the musical for which Ms. 14 to March 27.
out performances. leading,” she said. but Mother Nature is the most who of chart-toppers, including Ripley won a 2009 Tony Award. An exploration of fishing and
The cancellations ruined —Charles Passy powerful producer around,” said Steven Tyler, John Legend, “American Psycho” starts existentialism, “Nice Fish” is di-
weekend plans for theater fans producer Ken Davenport. “We’re Cyndi Lauper and Lady Antebel- previews on March 24. Mean- rected by Mr. Rylance’s wife, the
who had paired tickets to shows proud of what we accom- lum. while, Ms. Ripley is onstage at composer Claire van Kampen.
with attendance at Broadway- A Little Less ‘Spring’ plished. We entertained…and —Marshall Heyman Feinstein’s/54 Below with her —Marshall Heyman
Con, the fan festival at the New The weekend also brought a started an important conversa-
York Hilton Midtown. bittersweet end to “Spring tion about accessibility in the
arts.”
—Pia Catton Oscar nominee
Costa Rica 9 Day Tour $1095 Mark Rylance
in ‘Nice Fish,’ now
Guided Tours Since 1952 +tax,fees ‘Hamilton’ Warning running Feb. 14
Guatemala, Tikal 10 days $1295 “Hamilton” producer Jeffrey to March 27.
● Costa Rica 9 days $1095 Seller posted a personal note on
Panama & Canal 8 days $1195 the musical’s website Monday,
Nova Scotia, P�E�I� 10 days $1395 announcing a new block of tick-
Canadian Rockies 9 days $1595 ets and issuing a warning:
Grand Canyon 8 days $1395 “There are many people and
Volcanoes, Rainforests, and California Coast 8 days $1395 sites that are selling wildly over-
Beaches. All Meals Included! Mount Rushmore 8 days $1295 priced, and in some cases, fraud-
Caravan makes it so easy and New England
L-R: NICKELODEON; EVGENIA ELISEEVA
8 days $1295 ulent tickets,” he wrote, advising

affordable to visit Costa Rica. buyers to use HamiltonBroad-
9-Day fully guided vacation “ Brilliant, Affordable Pricing ” way.com and Broadway.com, or
—Arthur Frommer, Travel Editor
package. Call for choice dates. go directly to the box office of
—¡Hasta la vista! Free 28-Page Brochure: the Richard Rodgers Theatre.
Tickets through January 2017
are now available to American
Express card holders and will be
on sale to the public Feb. 2.
—Pia Catton
THE WALL STREET JOURNAL. * * * * Tuesday, January 26, 2016 | A19
HEARD & SCENE
L-R: ZAZA WEISSGERBER; WALTER MCBRIDE/WIREIMAGE

End of the Reign
For Young Royals
Of ‘King Charles’ Oliver Chris, Richard Goulding and Lydia Wilson, above left, and in ‘King Charles III,’ above, with Tim Pigott-Smith, center, as the king.
Since October, the young Oliver Chris, who plays he dug into a prawn-and-Chi- when he arrived in the fall some sugar-pea shoots, his Bartlett’s script, which is
royals have been our guests William; Richard Goulding, nese chive dumpling, while he splurged on a larger-than- New York experience has spoken in verse.
in New York. Or at least a who plays Harry; and Lydia Ms. Wilson, who is a vege- necessary apartment in been relatively low-key, save “Even on the first night,
facsimile, in Wilson, who plays Kate, have tarian, tackled a morel crys- Tribeca that “I’m still not for the occasional over- we weren’t sure what we
the shape of been performing together tal dumpling. He has also sure I can afford.” whelming trip to Whole had,” said Mr. Goulding, who
three British steadily since the show been a de facto den mother But it gave him the oppor- Foods. had originally gone in for the
actors who opened at London’s Almeida to the rather large cast. tunity to host many of his Meanwhile, Ms. Wilson, role of William, when the di-
have been per- Theatre in April 2014. So as Mr. Chris previously ap- cast mates on a regular ba- who has family in Manhat- rector, Rupert Goold, sug-
forming as one of their last bittersweet peared on Broadway in 2012, sis. This included a particu- tan, has enjoyed her time gested he read for Harry.
MARSHALL them nightly hurrahs, they met for post- playing opposite James larly elaborate Thanksgiving enough here that she has re- “It’s kind of like this big,
HEYMAN in the ac- performance drinks and a Corden in the comedy “One dinner. cently been contemplating a beautiful, graceful narwhal,”
claimed Mike nosh at Hakkasan, just Man, Two Guvnors.” He re- “Who knew that watching move, she said, as she asked said Mr. Chris, apropos of
Bartlett play around the corner from the members the play as a par- a turkey cook could be that Mr. Goulding to pass the pea not much, referring to the
“King Charles III.” Music Box, on 43rd Street. ticularly out-of-the-ordinary interesting?” Mr. Chris shoots. After “King Charles” sleek-tusked whale that, he
But Prince William, his It was an inspired choice experience because it was asked. “But it was.” ends, however, she will re- explained, glides through the
brother Harry and William’s inadvertently close to their met, here, with buckets of Ms. Wilson, 31, and Mr. turn home to London to film ocean.
wife Kate Middleton will hearts. Like the three actors, laughs. (“King Charles” audi- Goulding, 36, are far quieter more of the television series “What’s a narwhal?”
pack it up this weekend and Hakkasan, a Cantonese ences have not been quite as than Mr. Chris. A running “Ripper Street.” asked Ms. Wilson, laughing
head back to the other side mega-restaurant that would vocal, said Mr. Chris.) Coin- joke among the “King When they first read the at Mr. Chris’ eccentric de-
of the Atlantic when “King fit right in on “Sex and the cidentally, it also played at Charles” cast, they ex- play, none of them had imag- scription.
Charles” closes on Sunday at City,” also got its start in the Music Box, “so I knew plained, is that Mr. Chris ined their roles in “King An iPhone was pulled out
the Music Box Theatre to London, circa 2001, though everyone at the theater could easily not stop talking, Charles” would take them to show Ms. Wilson, who
make way for the new only Mr. Chris had been to it. when I got here,” he re- ever. this far. wasn’t completely convinced
George C. Wolfe/Savion Mr. Chris, 36 years old, is called. Besides, Mr. Goulding and “I’ve gone on record say- about the comparison. But it
Glover musical “Shuffle the social butterfly and Remembering his previous his wife recently had a baby, ing it was always a strange didn’t matter; it was time to
Along,” to open in April. foodie of the trio, he said, as experience in Manhattan, so, he said, as he partook in piece,” said Mr. Chris, of Mr. order dessert.
CITY NEWS
Misdemeanor Bills Gather Support

BY MARA GAY
AND PERVAIZ SHALLWANI
New York City Council leg-

islation that would reduce
JESSE WARD/PRESS POOL
penalties for violations such

as urinating in public and lit-
tering appeared on Monday to
have the initial support of
Mayor Bill de Blasio and the
New York Police Department.
Assistant District Attorney Marc Fliedner delivered his opening The bills would allow police
statement Monday in the trial against NYPD Officer Peter Liang. officers to issue civil tickets
instead of criminal summonses
LIANG peared at the door of Ms. Lo-

pez’s fourth-floor apartment,
crying and her hands, palms
up, covered in blood, Ms. Lo-
for low-level offenses. De Bla-
sio administration officials
said the shift would spare
thousands of nonviolent, mi-
Continued from page A15 pez said. nor offenders from jail time,
MIKE SEGAR/REUTERS
here,” Ms. Koshetz said. “This Mr. Gurley was lying on the making the city’s criminal-jus-
is not a referendum on polic- fifth-floor landing of the stair- tice system fairer, particularly
ing in this country. Nor is this well, she said. for black and Latino men.
case about retribution.” “Everything was happening The eight bills are largely
The courtroom was packed really fast,” Ms. Lopez said. the result of a push by
with reporters and onlookers, She called 911, relaying in- Speaker Melissa Mark-Viverito A pair of New York City Police Department officers patrolling in lower Manhattan last month.
and extra court security was structions to Ms. Butler as she and other liberal lawmakers.
on hand to escort Officer Li- tried to revive Mr. Gurley. They follow a year and a half stead of monetary penalties for “These New Yorkers simply would be overwhelmed.
ang to and from the court- Two police officers were of negotiations between Ms. low-income people. do not belong in jail,” said From November 2008
room. standing nearby, Ms. Lopez Mark-Viverito, New York Po- Mr. de Blasio said at a news Councilwoman Vanessa Gib- through 2013, 800 people ac-
Officer Liang, dressed in a said, although she said she lice Commissioner William conference on Monday that son, a Bronx Democrat and counted for 18,713 of the total
suit and tie, appeared somber. wasn’t sure when they arrived. Bratton, and other administra- while discussions over the leg- head of the council’s public- incarcerations in New York
He has been on modified duty “They weren’t doing any- tion officials. islation continue, he supports safety committee. “That is the City, costing $129 million, ac-
since the shooting. thing,” she said. During a hearing on Monday giving the NYPD more flexibil- bottom line.” cording to a study published
The top charge he faces, A recording of the 911 call at City Hall, Ms. Mark-Viverito ity in the way it enforces mi- Councilman Jumaane Wil- last year in the American
second-degree manslaughter, was played for the jury. In it, said the bills would protect nor crimes. He also reiterated liams, a Brooklyn Democrat, Journal of Public Health.
carries a maximum sentence of Ms. Butler’s screams can be those who commit misde- his support for police enforc- said he is “proud the council Elizabeth Glazer, director
15 years in prison. He also heard above the dispatcher’s meanor crimes from paying ing so-called quality-of-life was addressing systems in of the Mayor’s Office of Crim-
faces counts of criminally neg- instructions, saying “He’s not “far too high a price” by going crimes. place that keep cycling the inal Justice, said at the time
ligent homicide, assault, reck- breathing!” to jail. NYPD Deputy Inspector Tom same people in the criminal- that the study served as a
less endangerment and two Ms. Lopez said Officer Li- The bills, known collectively Taffe said the patrol guide justice system at dispropor- snapshot of a “needless and
counts of official misconduct. ang didn’t seem emotional in as the Criminal Justice Reform would be changed and telefaxed tionate rates.” expensive cycle.”
The prosecution’s first wit- the stairwell, asking her sev- Act, would allow the NYPD to to all officers through a depart- Mr. Williams also said he Some 88.7% of people with
ness was Kimberly Ballinger, eral times for her address as send offenders to a civil court ment-wide message, in an ef- is concerned that the bills the most jail stays are
Mr. Gurley’s domestic partner. he held his phone. run by the city’s Office of Ad- fort to put the changes quickly would leave the decision to charged with misdemeanors,
She briefly described identify- Under cross-examination, ministrative Trials and Hear- into effect. He said the city has refer a case to civil instead of the study found.
ing Mr. Gurley’s body on the Robert E. Brown, a lawyer for ings instead of a criminal one recorded a 50% drop in crimi- criminal court to the NYPD On Monday, Ms. Glazer
day after he was shot. Officer Liang, asked Ms. Lopez for a number of offenses: pos- nal summonses for public uri- and “whatever police com- said she supports the City
The second witness, Melissa about statements she made to sessing an open container of al- nation so far this year, commissioner happens to be in Council legislation, saying it
Lopez, a resident of the Pink investigators. cohol; littering; urinating in pared with the same period last office.” could “affect hundreds of
Houses, told the jury that she Ms. Lopez had said Officer public; unreasonable noise; and year. Others are more skeptical. thousands of New Yorkers ev-
heard a single gunshot the Liang appeared “shocked, like, violating park rules. The civil Several City Council mem- Councilman James Vacca, a ery year, avoiding undue col-
night Mr. Gurley was killed. stuck,” according to a tran- court handling the cases could bers spoke in favor of the legis- Bronx Democrat, said he wor- lateral consequences and im-
Minutes later, Ms. Butler ap- script of her earlier remarks. mandate community service in- lation. ries that the city’s civil courts proving fairness.”
C RA F T I NG E T E R N I T Y S I N C E 1 755
A20 | Tuesday, January 26, 2016 * * THE WALL STREET JOURNAL.
SPORTS
A fan holds a sign welcoming Yoenis Cespedes, left, to the Mets during
batting practice before the team’s game against the Nationals on Aug. 1.
Mets Fans Weathered Their Own Storm

The emotional toll of the “This could happen to no other
franchise, that they could lose the
Cespedes sweepstakes
plays out on social media
heart of their order to their direct ri-
val, in their division, coming off a
Mets to Retire Piazza’s Number
World Series,” said Andrew Strauss, a One week after legendary Met was truly special and I want to
BY ANDREW BEATON 25-year-old fan. “That doesn’t happen, catcher Mike Piazza’s long-awaited thank Fred, Saul, Jeff and the en-
and it could only happen to the Mets.” enshrinement into baseball’s Hall of tire organization for this incredible
Last Thursday, the Mets sent out The spring training tweet, fans Fame, he will take part in another gesture.”
what seemed like the most innocuous say, was the latest example of the ceremony cementing his place in Piazza, who hit 220 of his 427
tweet possible: “Pitchers & catchers disconnect between the team’s front Mets franchise lore. home runs during his eight years in
report in 27 days! #Mets #Spring- office and its faithful supporters, The Mets will retire Piazza’s No. New York, will become the fourth
Training,” it read. Attached was a who at that moment were concerned 31 on Saturday, July 30, before their Met to have his number retired.
photo of star closer Jeurys Familia. with Cespedes and only Cespedes. game against the Colorado Rockies, The others are pitcher Tom Seaver
But nothing that day was innocu- Many of the responses, using un- the team announced Monday. The (41), manager Gil Hodges (14) and
ous in Mets world. Rumors had be- printable language, demanded that event will highlight an entire week- manager Casey Stengel (37).
gun circulating that Yoenis Ces- the Mets get to work on the deal. end devoted to Piazza at Citi Field: “We are truly thrilled to honor
pedes, the slugger who had carried One fan wrote, “If you let the Nats On Friday, the Mets will give away a Mike by retiring his number during
the team to the playoffs after being sign Cespedes, all hell will break replica Piazza jersey to all fans in a weekend-long celebration recog-
acquired at the trade deadline, was loose... Just a warning.” attendance, and on Sunday, the first nizing his incredible career,” Mets
on the verge of leaving the Mets for Others found humor and pathos 15,000 fans will go home with a Pi- chief operating officer Jeff Wilpon
a nine-figure contract with the rival in it. Strauss, a lawyer, tweeted a GIF azza bobble-head. said. “His offensive prowess, ability
Washington Nationals. of actor David Tennant standing “It is such a tremendous honor to deliver in the clutch, and tireless
As the city prepared for a historic glumly in the rain in an episode of to have my number retired along- work ethic helped him become one
blizzard, Mets fans were busy grab- the British television series “Doctor side the great Tom Seaver,” Piazza of the great catchers of all time.”’
bing their torches and pitchforks. Who.” His message: “Thanks for let- said in a statement. “My time as a —Jared Diamond
The Nationals had already lured away ting us down again.”
Daniel Murphy, the talismanic second “We all wanted to know about
baseman who had mashed the Mets Cespedes,” said Joel Romain, a 28- did in that situation.” reports said the signing was pending fears about the Mets’ ability and will-
to the World Series. Now it appeared year-old Mets fan from Brooklyn These fans were so desperate that a physical—often an overlooked ele- ingness to spend money like the ma-
they were taking Cespedes, too. who joined the fray. “Everything else they were even hoping the Yankees ment of any deal, but one that had al- jor-market franchise they are. In re-
While Cespedes mulled the teams’ was irrelevant.” would swoop in and sign Cespedes— ready torpedoed a midseason trade cent years, the team’s frugality has
competing offers, Mets fans melted One of the most popular com- anybody, so long as it wasn’t the Na- for outfielder Carlos Gomez. “How infuriated fans enough to engender
down online. ments came from Dan Pirozzi, who tionals. Mostly, they were resigned classic Mets would it be to re-sign calls for Fred Wilpon to sell the team.
“Get the f— off Twitter and sign replied to the Mets saying “@Mets to another case of “same old Mets,” him and then have him fail the physi- Last year, Gary Palumbo, a 40-
Cespedes,” read the first response to my wife left me.” assuming the team wouldn’t, or cal and then the Nats swoop in?” year-old fan from New Hampshire,
the Mets spring training tweet. Pirozzi’s wife didn’t actually leave couldn’t, spend enough money to re- When they finally came to accept crowd-sourced money and erected a
“Every moment of my life is pure him. He isn’t even married. But he tain an important player. it, the fans realized it was a white billboard in Flushing demanding just
agony. What did I do to deserve this thought the reply encapsulated his Then as the snow began blanketing Christmas, just a few weeks late. Ro- that. Recently he had prepared new
pain,” read another. frustration. As he read reports of New York, something unbelievable main couldn’t sleep all night. Strauss billboards to go up near Major
Then the real bombshell dropped: Washington’s multiyear offer to Ces- happened. The same Twitter-ob- ran upstairs and woke up his father. League Baseball’s headquarters in
Cespedes agreed with the Mets on a pedes, he was getting emails from the sessed fans starting seeing the re- Abruscato blasted Cespedes’s custom Manhattan, these pointing out that
3-year, $75-million deal that includes Mets asking him to upgrade his ticket ports that Cespedes might return. stadium walk-up music and danced the Mets had boosted revenue in
an opt-out clause after the first sea- package—only adding to his anger. As Mets fans, skepticism is a nat- around his apartment. “I was freaking 2015 and reached the playoffs, but
son, leaving a reported $25 on the “I was pretty sick. My voice was ural defense mechanism. “I wanted out,” Abruscato said. “My girlfriend hadn’t added to the payroll thus far
table to not move to Washington. completely gone. If I wasn’t sick at to believe that he was coming, but is still making fun of me.” during the off-season.
But it was too late: Thousands of that point, I would have lost my another chapter of being a Mets fan Strauss tweeted simply, “I love you.” Now that the Mets have splurged
Mets fans had already lost their voice from screaming,” Pirozzi said. is that they’re setting me up for a Beyond the initial euphoria, some for Cespedes, those billboards will
minds at the prospect of losing him “I would never abandon my team, bigger fall,” Strauss said. fans say that the Cespedes signing not go up. “The protest is over,”
to a division rival. but I wouldn’t fault someone if they Dylan Abruscato, 25, noted that the has, at least for now, settled their Palumbo said.
The Worst Defenses in NFL History Belong to Steve Spagnuolo

Many Giants fans think fondly of
defensive coordinator Steve Spag-
nuolo this time of year. After all, he Indefensible
was the architect of one of the great Here are the defensive coordinators behind the worst NFL defenses (ranked by yards
game plans in football history, the one allowed) since the 16-game era began in 1978, and the teams’ coordinators the next season.
YARDS DEFENSIVE
Take a Number TEAM SEASON RECORD ALLOWED COORDINATOR NEXT SEASON DC
Saints 2012 7-9 (.438) 7,042 Steve Spagnuolo Rob Ryan
that propelled the team to a stunning Colts (Bal) 1981 2-14 .(125) 6,793 Charlie Weber Bud Carson
upset over the unbeaten New England Giants 2015 6-10 .(375) 6,725 Steve Spagnuolo Spagnuolo
Patriots in Super Bowl XLII. Cowboys 2013 8-8 (.500) 6,645 Monte Kiffin Rod Marinelli
The subsequent years haven’t
been so kind. Spagnuolo has since Saints 2015 7-9 (.438) 6,615 Rob Ryan/Dennis Allen Dennis Allen
helmed two of the worst defenses Packers 2011 15-1 (.938) 6,585 Dom Capers Dom Capers
(measured by yards allowed) in NFL Patriots 2011 13-3 (.813) 6,577 none Matt Patricia
history, including this season’s Giants.
But unlike all but one of the coordina- Lions 2008 0-16 (.000) 6,466 Joe Barry Gunther Cunningham
tors of these terrible defenses, Spag- Eagles 2015 7-9 (.438) 6,426 Bill Davis Jim Schwartz
nuolo is set to return to the same job Packers 1983 8-8 (.500) 6,403 John Meyer Dick Modzelewski
next year.
This season, the Giants allowed Source: Stats, LLC The Wall Street Journal.
6,725 yards to opponents (420.3 a
game), the third-most since the NFL
went to a 16-game schedule in 1978. Saints ditched Spagnuolo for Rob Colts, Carson was the architect of the eight years ago to chase Tom Brady ing. The only other defensive coordi-
The only two defenses that allowed Ryan. fabled Steel Curtain defense in Pitts- all over the field in the Super Bowl. nator to survive an all-time worst de-
more: defensive coordinator Charlie Carson (who later coached the burgh. And Ryan lost his job this sea- For that, he’ll need Jerry Reese’s help. fensive performance was Dom
Weber’s 1981 Colts (424.6), and Jets’ defense) lasted only one year son with the fifth-worst defense ever. Of course, the defensive line assem- Capers, but he gets an asterisk: De-
Spagnuolo’s 2012 New Orleans Saints with the Colts, while Ryan trans- This suggests that players matter bled by the general manager this sea- spite the terrible defense, his 2012
(440.1). Neither coach returned the formed the Saints’ defense into the much more than coaching. So maybe son ranked third-worst in sack rate. Packers finished 15-1 after a Super
following season—the Colts replaced fourth-best unit in yards allowed for all the Giants need are the kinds of Even if it wasn’t all his fault, Bowl title the previous season.
Weber with Bud Carson and the the 2013 season. Prior to joining the pass rushers that Spagnuolo employed though, Spagnuolo’s return is shock- —Michael Salfino
GETTY IMAGES (CESPEDES, PIAZZA); TAN: ASSOCIATED PRESS

CFO JOURNAL B5 | CROSSWORD B6
BUSINESS & TECH.

High Court Power Case Ford Calls It Quits
Is Blow to Utilities In Japan and Indonesia
ENVIRONMENT | B3 AUTOS | B3
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | B1
Tyco, Johnson Controls Bet Bigger Is Better

Merger reflects a Controls’ business selling heat- that had grown sprawling and conglomerates that have tenta- deal, then promptly announced nies with long and distinct
ing and air-conditioning equip- unwieldy from previous acqui- cles in widely arrayed indus- that it was considering split- corporate histories. For Tyco,
growing push toward ment for skyscrapers, schools, sitions. Tyco, which today has tries. At the same time, executing the final company. Last the merger would be the final
companies that are hospitals and other structures about $10 billion in annual rev- tives still see value in month, Dow Chemical Co. and chapter of a decadelong dis-
with Tyco’s lines of security enue, shrank itself from a con- combining businesses in the DuPont Co. agreed to combine mantling of a holding com-
larger, more focused and fire-suppression gear into glomerate with some $41 bil- same or similar industries to into a chemical giant worth pany that was once one of the
a company with more than lion in sales and segments that more than $120 billion before largest industrial conglomer-
BY BOB TITA AND DANA MATTIOLI $30 billion a year in sales. made electronics components splitting up into three compa- ates in the U.S. under former
Johnson Controls share- and surgical equipment. John-
Agreement would nies focused on three separate CEO L. Dennis Kozlowski.
Johnson Controls Inc. and holders will own about 56% of son Controls has moved to create a company sectors. DuPont CEO Edward The combination would al-
Tyco International PLC the new company, which will shed automotive-parts units Breen was Tyco’s CEO when it low Johnson Controls to offer
agreed to merge in a $14 bil- be renamed Johnson Controls that once accounted for more
with more than $30 did much of splitting, and re- building owners and managers
lion deal that creates a new gi- PLC but will maintain Tyco’s than two-thirds of its revenue billion a year in sales. mains its chairman. a more complete suite of
ant provider of commercial- Irish legal domicile—making as Chief Executive Alex Molin- Monday’s deal, which The equipment along with data-
building systems and reflects a the deal the latest in a string aroli has sought to focus on Wall Street Journal reported collection services to analyze
growing push by some execu- of so-called inversions that higher-margin businesses. give them greater market clout. on Sunday was imminent, and manage power consump-
tives and shareholders toward bring shareholders tax benefits Those changes reflect, in Similar dynamics have been comes as both companies look tion and predict maintenance
companies that are bigger but but have stirred controversy. part, a broader dissatisfaction evident in some other big re- to boost their stock prices in Please see TYCO page B2
more focused. Both Tyco and Johnson Con- among shareholders—espe- cent deals. In November, Pfizer the face of slowing industrial
The deal, announced Mon- trols in recent years have made cially some activist investors— Inc. and Allergan PLC agreed activity. It represents a water- Johnson shifted focus........... B2
day, would combine Johnson moves to unstitch businesses with the concept of sprawling to combine in a $155 billion shed for two industrial compa- Deal adds to tax exodus..... B2
Even in a Web World, Super Bowl Ads Reign Chinese

Companies find the
reach, resonance of
Slowdown
pitches during big game
impossible to beat
Crimps Oil
BY SUZANNE VRANICA
Outlook
BY BRADLEY OLSON
When digital marketing vet- AND BRIAN SPEGELE
eran Joanne Bradford was seek-
ing to launch the first major ad- A bedrock belief among oil
vertising campaign for online forecasters has been that
lender Social Finance Inc., her China’s voracious appetite for
first inclination was to go all fossil fuels would stoke global
digital. energy demand for decades to
As chief operating officer come. That assumption now
of the privately held startup, appears increasingly shaky.
whose $4 billion valuation A highly anticipated new
makes it one of Silicon Val- energy-demand projection
ley’s so-called unicorns, she from Exxon Mobil Corp. re-
sought out proposals from a leased Monday cuts the com-
range of digital publishers pany’s expectations for China.
SOFI
last fall including BuzzFeed, And a slew of data is emerging

Vox and Yahoo. A scene from Social Finance’s first Super Bowl ad, which it hopes will build the brand awareness that other companies have achieved. that points to the toll a weak-
But Ms. Bradford found she ened economy has taken on
wasn’t going to generate the Chinese energy demand, which
large-scale awareness or buzz is among the most important
she wanted for SoFi, as the factors in determining the
company is commonly known, price of crude oil.
by unveiling the ads solely Exxon cut its forecast for
through digital outlets. annual energy-demand growth
Instead, she opted for a in China by almost a 10th to
THE COMPANIES
marketing vehicle many 2.2% a year through 2025.

brands—digital and brick-and- Over a decade, the revision
mortar alike—have put their amounts to more than Brazil’s
faith in: the Super Bowl. current annual oil consump-
The lender, which offers stu- Mophie debuted a Super Bowl ad in 2015. WeatherTech aired ads in 2014 and 2015. Gildan Activewear advertised in 2013. tion. Exxon also predicts that
dent-loan refinancing, mort- China’s thirst for energy will
gages and personal loans, will Mophie WeatherTech Gildan Activeware peak by 2030.
ramp up a $20 million TV and The company played down
digital ad effort with a spot Budget: About 47%
of 2015 Budget: About of 7% Budget: About 20% of the change to its figures based
during the Feb. 7 NFL title U.S. measured ad spending. annual ad spending. It its 2013 media spending. on its previously held view
game between the Denver advertised in 2014 and 2015. that China’s working popula-
Broncos and the Carolina Pan- Payoff: A 41%
increase in site visits for Payoff: An increase of 90% in sales tion is reaching its apex, said
thers. SoFi will spend about Jan. 25 through Feb. 10 over previous year. Payoff: An increase of in 46% of Gildan retail brand items in 2013, Bill Colton, vice president of
website visits from February through about 20% more than expected. Stores
20% of its annual ad budget on
the Super Bowl push.
An 840% increase in Google searches
March of last year compared to 2013. carrying Gildan products increased 50%.
corporate strategic planning.
“Countries sometimes have
for Mophie.
Ad prices for the big game to go through transitions,” he
have increased about 75% during Sources: the companies (WeatherTech, Gildan, Mophie payoff); Kantar Media (Mophie budget) THE WALL STREET JOURNAL. said. “One thing about eco-
the past decade, according to ad- nomics, it’s never a straight
tracker Kantar Media. This year, advertiser takes over all the ads some success luring marketing 114 million viewers—the Super that moment” and the “brand line.”
companies are paying broad- on the site’s home page as well dollars away from TV, touting Bowl still reigns when it comes awareness that it offers,” said Oil prices fell 7.4% to
caster CBS up to $5 million for as pre-roll ads before videos, their precision at targeting to blasting out a message to as Ms. Bradford, whose career $29.80 a barrel after Chinese
30 second’s worth of ad time. can cost about $500,000 a day, specific audience groups. But many consumers as possible. has included stints at compa- data released Monday showed
By comparison, a major cam- according to an ad buyer. with a huge live audience—last Nothing could beat the Su- nies such as Microsoft, Yahoo that diesel fuel use fell in 2015
paign on YouTube, when one Digital outlets have had year’s game attracted a record per Bowl for the “impact of Please see ADS page B2 Please see EXXON page B4
As Stock Prices Slump, All-DayBreakfastFuelsMcDonald’s

Don’t Count on Buybacks BY JULIE JARGON
BY RICHARD TEITELBAUM to pinch pennies now. “CFOs McDonald’s Corp. posted

are going to be very cautious its best U.S. quarterly sales in
As global stock indexes about spending the cash they nearly four years, driven by
tumble, market logic dictates have,” said Douglas Skinner, all-day breakfast, in the stron-
companies should ramp up professor of accounting at the gest indication that Chief Ex-
share repurchases. If history is University of Chicago’s Booth ecutive Steve Easterbrook’s re-
any guide, that School of Business. building initiatives are gaining
CFO won’t happen. “The big countervailing fac- traction less than a year after
JOURNAL The irony is tor is the uncertainty about he took the helm.
that companies the economy. A lot people are Sales at McDonald’s U.S. res-
tend to buy back concerned that we are at an taurants open at least 13
shares when their coffers are economic tipping point,” he months jumped 5.7% in the
full. That’s also typically when said. fourth quarter. That was well
RICHARD B. LEVINE/ZUMA PRESS
their stock prices are high— That may sound familiar. In above the 2.7% growth analysts
precisely when they should be 2007, share repurchases hit a had expected and the best
selling, not buying, shares. record $723 billion, according same-store sales results in the
On Monday, the S&P 500 in- to data from Citigroup Inc. U.S. in 15 quarters.
dex was down 12% from Then the financial crisis Signs that a turnaround un-
its 52-week high and other struck In 2009, as stocks hit der Mr. Easterbrook was begin-
benchmarks down even more. their nadir, people worried ning to take hold emerged in
“If you’re flush with cash, about the survival of the the third quarter, when
you may want to buy back world’s capital markets. Buy- McDonald’s U.S. division posted McDonald’s U.S. same-store sales rose 5.7%. A restaurant in New York’s Times Square earlier this month.
stock; when you don’t have backs that year fell to $155 bil- its first quarterly increase in
cash, not so much,” said Ste- lion. same-store sales in two years. throughout the U.S. in 2009. On Monday, McDonald’s ment to the swift changes we
ven Fazzari, professor of eco- U.S. stocks took off from That momentum continued Investors had expected all- shares closed up 80 cents at made and the early impact of
nomics at Washington Univer- there, and share repurchases into the fourth quarter with the day breakfast to boost sales, $119.20, while U.S. markets our turnaround efforts,” and
sity in St. Louis. “It’s an followed suit, hitting a pro- launch of breakfast all day in but not to this degree. Glob- were lower overall. said he expected the momen-
interesting contradiction.” jected $677 billion in 2015, ac- October—the company’s big- ally, same-store sales rose 5%, Mr. Easterbrook, who be- tum to continue.
What’s more, there are rea- cording to Citigroup. gest strategic change since it while analysts were expecting came CEO last March, called the He cautioned, however, that
sons to expect finance chiefs Please see STOCK page B5 rolled out McCafe beverages growth of 3.2%. fourth-quarter results “a testa- Please see SALES page B6
B2 | Tuesday, January 26, 2016 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

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-C
Albertsons...................C2
Alcoa............................B4
Allergan ................. B1,B2
Fitbit ........................... A2
Florin Court Capital....C4
Ford Motor..................B3
G-H
N-P
Neiman Marcus GroupC2
Netflix..........................C8
Nine West Holdings ... C1
Johnson Controls CEO Shifted Focus
Amazon.com...............A2 NRG Energy.................B3 BY BOB TITA uled to start trading this fall.
General Motors ..... B3,B5 Mr. Molinaroli, who joined
American Apparel.......B3 Office Depot................B6
GLC Advisors...............C2
Apollo Global Goldman Sachs Group C4
Pfizer...........................B1 Alex Molinaroli spent nearly Johnson Controls in 1983 as
Management.............C2 Google....................A2,C8 R-S three decades working at part of its building-efficiency
Apple.................A1,C1,C8 Green Dot....................C2 Rite Aid.......................B5 Johnson Controls Inc. as it unit, has used the proceeds
Aspect Capital.............C4 Gymboree....................C1 Schlumberger..............B5
Bain Capital.................C2
built itself into a large manu- from the sales to bolster the
Halliburton..................B5 Siemens.......................B4
Baker Hughes ............. B5 Southwest Airlines .... B5
facturing company. He has buildings business, buying ven-
Harvest Capital
BlackRock....................B5 Strategies ................. C2 Staples........................B6 spent much of his two-plus- tilation-equipment maker Air
Bloomberg...................C4 Hilton Worldwide T-V years as chief executive work- Distribution Technologies Inc.
Buffalo Wings & Rings Holdings....................B5 ing to pull it apart. for $1.6 billion and striking a
.....................................A2 Takata..........................B4
Bunge...........................C2
Huntington Bancshares Target..........................B6 Mr. Molinaroli, 56 years old, deal for a 60% stake in Hitachi
..................................... C3 Toyota Motor..............B3 came in as the firm’s CEO in Oc- Ltd.’s commercial air-condi-
Calpine.........................B3
Caterpillar....................C4 I-J Toys “R” Us.................C1 tober 2013 determined to re- tioning business. Johnson Con-
Iran Khodro.................A8 TPG..............................C2
Citigroup......................C4 Trulia............................C3 duce the Milwaukee-based com- trols expects revenue of about
Claire's Stores.............C1 J.C. Penney..................B6 pany’s reliance on car seats, $32 billion in the current fiscal
Twitch.tv.....................A2
CVS Health..................C2 J. Crew Group ............. C1
Johnson Controls
Twitter.........................C8 dashboards, roof liners and year, which ends Sept. 30.
D-F Tyco International other automotive components. Mr. Molinaroli’s tenure
JASON ALDEN/BLOOMBERG NEWS

.......................... B1,B2,C8 .......................... B1,B2,C8
Dow Chemical.............B1 J.P. Morgan Chase.C3,C4 Those auto-related businesses— hasn’t been without hitches. In
D.R. Horton............B5,C4 Valeant Pharmaceuticals
DuPont ........................ B1 K-M .....................................B4 built up under his predeces- 2014, the company’s board
Dynegy ........................ B3 KKR..............................C2 Visa..............................C2 sors with a series of acquisi- fired a management consulting
Eaton Vance................C4 LeaseAccelerator ........ B5 Vornado Realty Trust.C2 tions—accounted for more than firm following his disclosure of
Elliott Management ... B4 Lehman Brothers W-Z two-thirds of the company’s an- an extramarital affair with one
Envestnet....................C4 Holdings....................C3 Walgreens Boots nual revenue, which to- of the firm’s principals. The
Exxon Mobil................B1 Man Group...................C4 Alliance................B5,C2
Fiat Chrysler MasterCard..................C2 WD-40.........................B5
taled $42.7 billion in fiscal 2013. company’s board determined
Automobiles ............. B3 McDonald's ............ B1,C4 Zillow...........................C3 But Mr. Molinaroli argued that no misuse of the com-
FirstMerit....................C3 Morton Salt ................ D2 Zions Bancorp.............C3 that continued exposure to the Alex Molinaroli became CEO of Johnson Controls in October 2013. pany’s assets had occurred but
auto industry caused investors said he hadn’t complied with
INDEX TO PEOPLE to discount its stock to ac-

count for sharp swings in vehi-
cle demand and typically low
mostly on building operations.
Johnson Controls already
owned York-brand heating and
CEO job, he began selling parts
of the automotive electronics
business. In 2014, when he
the company’s ethics policy
and reduced his 2014 perfor-
mance incentive bonus by 20%
A-C Johnson, Ben...............C4 R margins on sales of auto parts. air conditioning gear and the couldn’t find an outright buyer over the incident.
Andres, Bob.................C4 K Rembolt, Jay...............B5 Just the ninth CEO in the systems to control it, giving for the company’s low-margin Once the merger with Tyco
Bloomberg, Michael....C4 Kaeser, Joe..................B4 Reynertson, Soren......C2 company’s history—it was Mr. Molinaroli a base to build auto-interiors business, he is complete, which is expected
Bouchard, Andre ......... C3 Keeler, Michael...........B5 Romo, Tammy.............B5
Cabana, Mark..............C4
founded in 1885—Mr. Molin- on. But the pivot from the au- spun it off into a joint venture by the end of 2016, Mr. Molin-
Krauss, Thomas .......... C1 S aroli set out to recreate John- tomotive industry also was with Chinese supplier Yanfeng aroli will stay on as CEO and
Charney, Dov...............B3
Cook, Tim....................A1
L Schmidt, Holger..........C2 son Controls with a focus on risky given the size of that Automotive Trim Systems Co. chairman for 18 months. After
Laster, J. Travis .......... C3 Schneider, Paula.........B3
D-F Shannon, Brendan ...... B3 higher-margin businesses business: Johnson Controls was The biggest move came last that, he’ll be replaced as CEO
Lee, Thea .................... A2 mostly connected to providing the world’s sixth-largest sup- July with a plan to spin off the by Tyco chief George Oliver;
Dombret, Andreas.......C2 Leonard, Robert..........B5 Shedlin, Gary .............. B5
Dorsey, Jack................C8 Silverblatt, Howard....B5 climate-control equipment plier of parts based on sales in auto-seating business and re- Mr. Molinaroli will turn over
Easterbrook, Steve.....B1 M-O Simmons, Harris.........C3 and other systems for com- 2013. The previous CEO, Ste- maining auto lines to share- the chairman’s title to Mr. Oli-
Fazzari, Steven...........B1 Molinaroli, Alex.....B1,B2 Skinner, Douglas.........B1 mercial buildings, schools and phen Roell, had invested more holders—a move that would ver 12 months after relinquish-
Froman, Michael.........A2 Oliver, George.............B2 Smith, Doug................B6
hospitals. The deal an- than $1 billion in the auto-seat- slice off more than half of John- ing the CEO’s job.
G-J P Smith, Hamish............C1
Steinour, Stephen.......C3 nounced on Monday to merge ing businesses about two years son Controls’ annual sales and Mr. Molinaroli said in an in-
Gaffney, Charles ......... C4 Pannell, Otis ............... B6
Streit, Steve................C2 with Tyco International PLC before retiring. complete its exit from supply- terview, “Certainly we’ve got a
Gayle, Alan..................C4 Paulson, Henry............C4
Geithner, Timothy.......C4 Pearson, Michael........B4
Stutz, Olaf...................C2 doubles down on that strategy, Mr. Molinaroli wasted little ing components for new vehi- lot on our plate, [but] the time
Griffith, Sean..............C3 Petri, Peter.................A2 W resulting in a much larger time executing his plan. Even cles. The new company, which frame is right” for him to exit
Hampton, Karen..........B3 Plummer, Michael.......A2 Weiss, Larry................C1 company but one focused before officially taking the will be called Adient, is sched- the company.
Merger Adds to U.S. Tax Exodus

BY LIZ HOFFMAN M&A activity rebounded after moved the U.S.-based company sulting company—Allergan
AND RICHARD RUBIN the financial crisis, those new abroad. Last summer, Pentair PLC, with a $117 billion market
firms became major players in bought U.S.-based Erico value—is big enough to serve
Johnson Controls Inc. is a wave of cross-border, tax- Global for $1.8 billion. as the inversion partner for
set to become the latest Amer- lowering deals, enabling Amer- Tyco’s health-care business Pfizer Inc., in what would be
ANHEUSER-BUSCH
ican company to move abroad ican companies with about $70 was eventually hived off into the largest corporate expatria-
in search of tax savings—and billion in annual revenue to two new companies, both of tion ever. The deal is pending.
to do so on the coattails of the slip out of the U.S. tax net. which have enabled tax-lower- And if a combined Pfizer-
dismantled Tyco empire. Tyco paid 12% of its profit ing combinations. A more than Allergan spins off its generics
Last year’s Pac-Man-inspired spot failed to revive Bud Light sales. Johnson Controls, an indus- in taxes over the past three $40 billion takeover of Covid- business, as is widely ex-
trial-systems and battery years, versus an average 29% ien PLC, which housed Tyco’s pected, it would create a po-
ADS maker WeatherTech enjoyed a

46% increase in website visits
from February through March,
compared with the same pe-
maker whose Milwaukee roots
stretch back to 1885, said
Monday it will merge with
Tyco International PLC and
by Johnson Controls, accord-
ing to S&P Capital IQ. Johnson
Controls said its effective tax
rate before certain items was
medical-device business, al-
lowed U.S.-based Medtronic
Inc. to invert last year.
Meanwhile, Mallinckrodt
tential inversion partner for a
host of big U.S. drugmakers.
The Johnson Controls-Tyco
deal is at least the 12th inver-
Continued from the prior page riod in 2013. Calls to Weath- take on Tyco’s Irish tax ad- around 19% over the past two PLC, Tyco’s legacy pharmaceu- sion pursued by American
and Pinterest. erTech’s 1-800 number also dress. The deal, valued at years ended Sept. 30. ticals arm, has used its lower companies since the U.S. De-
Another problem with were up 26% during the pe- roughly $14.4 billion, is a so- In some ways, Monday’s tax rate to advantage as an ac- partment of the Treasury
launching through digital part- riod, the company said. called inversion that should al- deal has its roots in the ac- quirer. In its 2½ years as a moved in September 2014 to
ners is that it would require But David MacNeil, founder low Johnson Controls to lower counting scandal that rocked stand-alone company, Mall- curb these deals, according to
creating customized ads for and chief executive of Weath- its tax rate over time. Tyco more than a decade ago. inckrodt has spent nearly $11 a Wall Street Journal review.
each digital platform, adding erTech, which will make its The merger—the first fresh After CEO Dennis Kozlowski’s billion on takeovers of higher- That is roughly the same num-
to the cost, she noted. third Super Bowl appearance megadeal of 2016—highlights conviction, breakup artist Ed- taxed U.S. drug assets. ber in the 16 months before
“While they are all fantastic this year, said the benefits go the self-perpetuating nature of ward Breen took over with a Monday’s deal also under- the move.
[digital publishers] and I will beyond goosing sales “in the inversions, as American com- mandate to pare Tyco’s scores the snowball effect of “This is yet another exam-
use them all, not one could hours, days or months” after panies that move their legal sprawling empire, which at the inversions. As such deals pile ple of why we need tax reform
stand on its own like Super the big game; it is about mak- homes abroad create opportu- time included everything from up in a particular industry, to keep our employers and
Bowl,” Ms. Bradford added. ing sure a brand sticks with a nities for others to follow. pharmaceuticals to burglar they enable more—and—big- jobs in America, rather than
In addition to the big audi- consumer for years. Those deals, in turn, further alarms. Many of the resulting ger companies to follow suit. encouraging them to move
ence, there is another benefit WeatherTech’s Super Bowl challenge U.S. regulators try- offshoots have become targets That is because U.S. rules re- overseas,” said House Speaker
for marketers: Super Bowl ads investment, representing ing to stanch the exodus of tax for U.S. companies seeking in- quire foreign targets to be of a Paul Ryan (R., Wis.), who has
often generate free publicity about 7% of its annual ad dollars overseas. version partners, while others certain size relative to their pushed for a tax overhaul that
and have a longer life online. spending, is its single largest Tyco was an early expat, have used their lower tax rates buyers. would, among other changes,
The Super Bowl “jump for a specific media. decamping first to Bermuda in to become consolidators, buy- Witness what happened in lower the rates U.S. companies
started our brand awareness” Pairing a Super Bowl ad 1997 and finally settling in Ire- ing U.S. assets—which on aver- the pharmaceutical industry. pay. Johnson Controls is the
and “our awareness among re- with digital ads in the weeks land. Over the years, it age pay higher rates—and In 2013, a New-Jersey based largest public company based
tailers,” said Rob Packard, vice leading up to the game and spawned a crop of spinoffs and squeezing tax savings that drug company called Watson in Mr. Ryan’s home state of
president of marketing and re- after is the best way to get subsidiaries that inherited one way. In 2012, Tyco sold its Pharmaceuticals inverted by Wisconsin.
tail for Gildan USA, a unit of the most bang for the buck, of Tyco’s most valuable assets: pump-and-filter business to buying a small Irish rival. Af- —Dana Mattioli contributed
Montreal-based T-shirt maker ad executives say. The Super its foreign tax address. When Pentair PLC, an inversion that ter a series of deals, the re- to this article.
Bowl ad “acts as a rock in the
The Super Bowl pond to stimulate these other
still reigns when it

comes to blasting
activities, if done well,” said
Wes Nichols, co-founder,
MarketShare, a firm that
works with advertisers to
TYCO
out a message. measure the return of their Continued from the prior page
ad spending. requirements.
SoFi’s Ms. Bradford will run The companies said the
Gildan Activewear Inc., which ads on digital channels such as merged entity would save at
used the Super Bowl in 2013 to Facebook, YouTube and Insta- least $150 million a year on
PETER STEFFEN/EUROPEAN PRESSSPHOTO AGENCY
launch a year-long ad effort gram to support her Super taxes and at least $500 million
that included digital ads. Bowl ad that carries the tag- in costs over the first three
The company spent about line: “Don’t Bank. SoFi.” years after the completion of
$20 million on U.S. ads during The Super Bowl isn’t a pan- the deal.
2013, Kantar data shows. acea, ad experts say. Last year, The merger “will create a
The Super Bowl ad led Bud Light ran a 90-second better company,” Mr. Molin-
more retailers to carry Gildan commercial featuring a man aroli said on a conference call,
products, making them avail- participating in a real-life “that will transform our abil-
able in 15,000 stores, up 50% game of Pac-Man didn’t boost ity to capture opportunities in
from before the Super Bowl. the perennial Super Bowl ad- a fast-moving market place.”
The result: a roughly 90% vertiser out of a sales funk. Mr. Molinaroli will lead the
jump in sales of Gildan retail Even when a Super Bowl ad new company for 18 months
brand items in 2013, about goes awry, it still can have after the tie-up is complete.
20% more than the company some benefit. In 2011, a spot Tyco CEO George Oliver will Johnson Controls has moved to shed auto-parts units that accounted for more than two-thirds of revenue.
had expected. for Groupon was slammed for then become CEO and Mr. Mo-
Auto maker Kia Motors being offensive because it linaroli will become executive Tyco’s Mr. Oliver approached Controls’ board met in Milwau- ceive slightly less than one
America will make its seventh poked fun at a humanitarian chairman for a year, before Mr. Molinaroli about a smaller kee. Meanwhile, Tyco’s board share of Johnson Controls stock
appearance in the Super Bowl cause—the plight of Tibetans. ceding that title to Mr. Oliver deal involving the Johnson Con- met in Ireland where they are for each of their Tyco shares.
this year with a commercial “[The controversy] was hard as well. Mr. Breen will give up trols’ system controls business. required to meet on major Johnson Controls paid an 11%
featuring actor Christopher to go through,” but the ad “did his chairmanship of Tyco. As talks progressed, Mr. Oliver strategic decisions because of premium for Tyco, which is
Walken. generate a lot of awareness As a result of Johnson Con- in the past few months broached its Irish domicile, people famil- lower than typical premiums in
The company’s Super Bowl and made Groupon a house- trols’ inversion, the company’s the idea of a full merger, accord- iar with the matter said. deals billed as “merger of
ad last year was a major rea- hold name,” said Andrew Ma- effective tax rate will be 18% or ing to the companies. Under the deal, Johnson equals.” The average premium
son that sales of the Sorento, a son, Groupon’s founder and 19%, said people familiar with The two sides had to nego- Controls shareholders will re- paid in a merger of equals last
crossover utility vehicle, former CEO. tax structure. Tyco paid 12% of tiate the final details with an ceive one share of the com- year was 20%, according to data
surged 13% for 2015, faster —Steven Perlberg its profit in taxes over the past impending snowstorm which bined company or cash equal provider Dealogic.
than the segment’s 10% growth contributed to this article. three years, versus an average made air travel difficult. to $34.88 a share, a weighted A large portion of the deal is
during the period, said chief 29% by Johnson Controls, ac- Mr. Molinaroli was at last average of the price of John- structured in stock, which made
operating officer Michael MORE ON MOBILE cording to S&P Capital IQ. John- week’s World Economic Forum son Controls’ shares over the recent market volatility easier to
Sprague. The day after the son Controls said its effective in Davos, Switzerland, and past five trading days. Com- deal with than if it would have
game, sales leads coming Follow a live blog tax rate before certain items managed to make it out of pany representatives didn’t been a cash deal with a set pre-
through the website were 31%
above January’s daily average.
After running a Super Bowl
WSJ
.COM
of Super Bowl
commercials
during the game,
was around 19% over the past
two years ended Sept. 30.
The deal started to take
Switzerland on Friday night be-
fore airports closed, said a per-
son familiar with the matter.
immediately respond to re-
quests for comment on the
deal’s overall value.
mium, said some of the people.
—Michael Siconolfi
and Joann S. Lublin
ad last year, car floor mat- at wsj.com/CMO. shape in late summer when Over the weekend, Johnson Tyco shareholders will re- contributed to this article.
THE WALL STREET JOURNAL. * * Tuesday, January 26, 2016 | B3
BUSINESS NEWS
Top Court Deals Blow to Utilities American

Apparel’s
Big energy consumers
can get payments for
cutting electricity use
Exit Plan
BY LILLIAN RIZZO
during peak periods
A bankruptcy-court judge on
BY BRENT KENDALL Monday approved the chapter 11
AND REBECCA SMITH exit plan for American Apparel
Inc., handing the retailer over to
WASHINGTON—The Su- its bondholders and ending for-
preme Court on Monday up- mer Chief Executive Dov Char-
held a federal rule that calls ney’s hope of regaining control
for payments to businesses, of the company he founded.
schools and other large energy Judge Brendan Shannon ap-
consumers that reduce their proved the plan following a
electricity usage at times of two-day hearing last week in
peak demand. U.S. Bankruptcy Court in Wil-
The court’s 6-2 ruling was a mington, Del., where the court
win for environmentalists and heard the testimony of Paula
others that promote energy ef- Schneider, American Apparel’s
ficiency and conservation, in- current CEO.
cluding a growing cottage in- The plan, which had been
dustry of firms helping unanimously approved by cred-
companies cut energy costs. itors nearly two weeks ago,
The decision was a blow for will swap $230 million in debt
power generators and utilities for equity with bondholders,
JOSHUA ROBERTS/REUTERS
that had accused a federal en- wiping out Mr. Charney’s stake.
ergy regulator of unlawfully American Apparel’s bondhold-
distorting energy markets and ers include Standard General
suppressing demand for the LP, Monarch Alternative Capi-
electricity they sell. tal LP, Goldman Sachs Asset
Shares of big power sellers Management LP and Pentwater
including NRG Energy Inc., Capital Management LP.
Dynegy Inc. and Calpine Corp. The Supreme Court’s majority sided firmly with FERC on central legal questions in the case, a development that came as a surprise. The retailer is expected to
fell sharply on the ruling, emerge from bankruptcy in
though some power suppliers in ruling for the commission. is costly for electricity genera- wholesale markets. Benenati said the ruling “allows the next five to 10 days, ac-
said the decision wasn’t all bad. The decision reversed a tors to increase supply, so Justice Kagan, writing for us to continue realizing billions cording to a person familiar
The high court, in an opin- federal appeals court ruling wholesale market operators the court’s majority, rejected in annual savings from innova- with the matter.
ion by Justice Elena Kagan, from 2014 that invalidated the sometimes pay large energy that argument. She said FERC tive incentives and business “I just want to run the busi-
said the Federal Energy Reg- FERC order. consumers such as factories, rules invariably will have some models that ensure we use our ness, not fight a war,” Ms.
ulatory Commission acted FERC said its rule provided big-box stores, hospitals and effect on retail electricity mar- electricity system efficiently.” Schneider said. “We have some
lawfully in a 2011 order requir- fairness in wholesale electricity schools to cut their use instead. kets, but that didn’t make John Shelk, president and liquidity, we have some really
ing wholesale electricity mar- markets and reduced the pros- Under the FERC rule, orga- them unlawful. CEO of the Electric Power great strategies in place, a really
ket operators to pay higher pect of blackouts and brown- nized energy markets are re- “FERC set the terms of Supply Association, a lead great management team and an
levels of compensation to outs when the nation’s power quired to let consumers re- transactions occurring in the plaintiff in the lawsuit, de- incredible brand.”
power customers that agreed grid becomes strained. It also duce their energy demand in organized wholesale markets, clined to comment. Mr. Charney said he was dis-
to reduce their electricity use. said the rule produced billions exchange for payments compa- so as to ensure the reason- Even though shares of sev- appointed with the judge’s deci-
The court’s majority sided of dollars in consumer benefits rable to what power genera- ableness of wholesale prices eral power suppliers dropped sion to sign off on the plan and
firmly with the commission on by reducing wholesale electric- tors would have received to and the reliability of the inter- on Monday’s ruling, some said expressed doubt that manage-
both central legal questions in ity costs that consumers bear. provide similar power. state grid—just as the [Federal the decision came with a silver ment can turn around the com-
the case, a development that Jon Wellinghoff, a former A key legal question in the Power Act] contemplates,” lining. Dynegy Chief Executive pany. “At the end of this saga, I,
came as a something of a sur- FERC chairman who led the case stemmed from the dual Justice Kagan wrote. Bob Flexon said he would like the many former stockhold-
prise. commission when it issued the nature of electricity regulation. Justices Antonin Scalia and rather have market rules set ers, will most likely be left with
When the Supreme Court rule, said the decision makes FERC regulates at the whole- Clarence Thomas dissented, by FERC than by 50 states. nothing,” Mr. Charney said in
heard oral arguments in Octo- energy-control technology more sale level, while the states reg- saying they believed FERC’s NRG Energy said it felt the an interview.
ber, conservative justices valuable “and allows you to use ulate retail electricity markets. efforts wrongly focused on re- court decision was fair. The New American Apparel’s $90
voiced skepticism about the it, not only to reduce your own Industry challengers argued tail-level energy consumption. Jersey company sells electricity million bankruptcy financing
FERC’s efforts. On Monday costs but to get additional FERC’s rule intruded on the The White House, which from its large fleet of generating included a stipulation that an
two conservatives—Chief Jus- value by selling your services to domain of the states because considers the rule an important plants and offers energy man- exit plan had to be confirmed
tice John Roberts and Justice a larger market or allowing the commission was targeting factor in helping address cli- agement services to big users. by Feb. 2. If not, the company
Anthony Kennedy—joined with someone else to sell it for you.” retail electricity use, even if mate change, welcomed the de- —Amy Harder would have to line up replace-
the court’s four liberal justices At times of peak demand, it the rule itself applied only on cision. Spokesman Frank contributed to this article. ment debt.
Introducing
The Pinnacle Residences
KOJI SASAHARA/ASSOCIATED PRESS
Own a Penthouse Residence and Ski the Holidays

in Stowe, Vermont
Ford sold only 5,000 vehicles in Japan in 2015, or 0.1% of the market. Above, a Ford Fiesta in Tokyo.
Ford to Exit Japan, Indonesia

Amid Dim Prospects for Profit
BY YOKO KUBOTA Asia but has a vehicle market Obama’s Trans-Pacific Partner-
AND CHRISTINA ROGERS that represents a fraction of ship, an agreement that would
what is sold in Japan. phase out U.S. duties on im-
Ford Motor Co. is packing The moves, announced Mon- ported cars from 12 Pacific na-
its boxes in two Asian markets, day to the nearly 350 Ford em- tions, including Japan. Ford
announcing plans to close ployees in those two countries, has argued the deal doesn’t
sales operations in Japan and follow the company’s recent adequately address currency
Indonesia by the end of 2016 closure of an Australian factory. manipulation.
Enjoy a luxurious 2,500 square foot penthouse (for 8 fixed weeks)
amid a broader pullback by General Motors Co. has also The top three Japanese auto located in the acclaimed Stowe Mountain Lodge
Detroit car companies from been retreating from money- makers held a combined 32%
unprofitable ventures. losing businesses, recently market share in the U.S. last
The decision follows years making moves to exit or reduce year. Ford, GM and Fiat Chrys- Includes:
of frustration for U.S. auto exposure to Russia, Indonesia, ler Automobiles NV accounted
makers looking to make in- Australia and Thailand. for about 0.3% of Japan auto • 2 Daily Ski Passes in winter
roads in Japan, among the top After decades of chasing sales over the same period, • 2 Daily rounds of golf in summer
car markets in the world. global market share and domi- while domestic brands ac-
American automotive execu- nance in as many markets as counted for more than 90% of • Access to The Spa at Stowe Mountain Lodge
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about non-tariff barriers, in- are conserving resources as Karen Hampton, a Ford
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that put importers at a disad- tions are expected to demand pany has 52 dealerships in • Your choice of New Year’s, Christmas, MLK or President’s holiday weeks
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Like most foreign auto mak- and Ford have also begun in- ing for more than four de-
ers, Ford is a small player in a vesting or experimenting with cades. The official said the
Japanese market dominated by offering alternative mobility company will remain active in Starting at $260,000
domestic companies, including services, such as car sharing. Asia however, pointing to
Toyota Motor Corp. The No. 2 “It has become clear that growing operations in a China Find out what The Pinnacle ownership feels like by taking a 2 night Test Drive.
U.S. auto maker in terms of there is no path to sustained market that continues to be a
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cles there in 2015, or 0.1% of an acceptable return over time growth market for interna-
the market, and those vehicles from our investments in Japan tional auto makers.
were imported. or Indonesia,” Ford said in a Auto demand in Japan is ex- Stowe Mountain Resort is a proud sponsor of the 2016 FCS Race for Kids
In Indonesia, Ford held 0.6% statement. The impact to reve- pected to wane due to an aging
market share in 2015, with
sales falling by nearly 50%
during the year to about 6,100
nue and profit will likely be
minimal due to the company’s
limited sales in both markets.
and shrinking population, and
that dims Ford’s chances for
success, Ms. Hampton said.
Living at the heart of it all
vehicles. Japanese auto makers Ford has recently cited ob- Ford sales topped 1 million in
also dominate car sales in In- stacles to selling cars in Asian China last year, growing 3%. This is neither an offer to sell nor a solicitation of an offer to buy to residents of any state in which registration requirements have not been fulfilled. The features and amenities and other improvements described and depict-
ed in the artists renderings or otherwise herein are subject to change without notice. No guarantee is made that the proposed features, amenities or other improvements are the same number, type, size or nature as depicted
donesia, which is the most countries as a reason for op- —Ben Otto contributed or described. Access to and rights to use recreational amenities within the development may be subject to payment of use fees, membership requirements or other limitations.
populous nation in Southeast posing U.S. President Barack to this article.

B4 | Tuesday, January 26, 2016 * * THE WALL STREET JOURNAL.
BUSINESS NEWS
Siemens Starts Year Strong

Currency effects aid
German giant’s results;
health-care business
also helps drive profit
BY CHRISTOPHER ALESSI
MUNICH—German indus-
trial giant Siemens AG posted
a 42% jump in net profit for
the first quarter of fiscal year
2016 and raised its guidance
STEPHEN MORTON/BLOOMBERG NEWS
for the full fiscal year.

Net profit for the three
months ended Dec. 31 totaled
€1.53 billion ($1.65 billion),
compared with €1.1 billion dur-
ing the same period a year
earlier. Favorable currency ef-
fects helped boost profitability,
the company said Monday.
The latest results beat ana-
Aluminum billets are loaded at an Alcoa plant in South Carolina. lysts’ expectations. Analysts
had forecast a first-quarter net
Hedge Fund Elliott profit of €1.08 billion, accord-

ing to a recent poll conducted
by The Wall Street Journal.
Boosts Stake in Alcoa The company said it now

expects basic earnings per
share in a range of €6 to €6.40,
BY ANNE STEELE ecutives, including Chief Exec- up from a previous guidance
utive Klaus Kleinfeld. Elliott’s range of €5.90 to €6.20.
ARMIN WEIGEL/DPA/ZUMA PRESS

Hedge fund Elliott Man- determination that Alcoa is First-quarter revenue rose
agement Corp. has increased the most undervalued of U.S. 8% to €18.89 billion. New or-
its stake in Alcoa Inc. to 7.4%, metals and mining companies ders increased 27% to €22.8
reiterating its support for the prompted the initial invest- billion, boosted by an €8 bil-
lightweight-metals manufac- ment, people familiar with the lion power-generation contract
turer’s previously announced matter have told The Wall in Egypt.
split. Street Journal. Profit was driven in part by
In November, the hedge Prices for raw aluminum the health-care division, whose
fund had accumulated a 6.4% have fallen sharply since 2011, profit margin rose to 16.5%, Siemens has been affected by China’s slowdown and lower oil prices. A plant in Amberg, Germany.
stake in the company after its a decline, Alcoa and Elliott be- compared with 14.5% a year
decision to spin off its parts- lieve, that masks the prosper- earlier, boosted by strong which produces industrial soft- Gas division continued to be Last year, the company
making business from its raw- ity of the company’s aero- earnings at the diagnostic-im- ware and factory-automation squeezed by weak oil and gas signed a deal to supply Egypt
aluminum operations. space and auto businesses and aging unit. Siemens last year gear. That unit has come under markets, with the profit mar- with three natural-gas-fired
According to a filing with was behind the aluminum made the health-care business pressure in recent quarters begin dropping to 9.5% from power plants and deliver as
the Securities and Exchange company’s announcement in a separate legal entity, a move cause of its strong exposure to 11.3% a year earlier. many as 12 wind farms to the
Commission, Elliott bought late September that it would that many analysts say signals the slowing Chinese economy. Chief Executive Joe Kaeser, country.
more Alcoa shares from mid- spin off its more profitable an eventual spinoff or sale of Digital Factory’s first-quar- who took over in summer But analysts and investors
December through last week. and diverse parts-making the business. ter profit margin fell to 16.9% 2013, moved to build up Sie- remain concerned over Sie-
In the filing, it noted that Al- units. The deal is expected to The company released quar- from 18.8% a year earlier, mens’s oil and gas opera- mens’s capability to execute
coa shares “are dramatically close in the second half of the terly results a day earlier than partly because of “industrial tions—including through a $7.6 the project amid political un-
undervalued by the public year, with Alcoa shareholders planned. At the same time, it deceleration” in China, Sie- billion acquisition of U.S. oil- certainty in Egypt.
market” and that the spinoff owning all shares outstanding announced plans to acquire mens said. equipment maker Dresser- Siemens’s quarterly results
“will create value substan- of both companies. Roy Har- U.S.-based simulation software The economic slowdown in Rand—just as petroleum prices came a day ahead of the com-
tially above the current share vey, currently executive vice supplier CD-adapco in a stock- China is one of a number of started to plunge last year. pany’s annual shareholders
price.” president and president of purchase agreement valued at macroeconomic factors, in- However, the quarterly or- meeting. Investors were ex-
Representatives of Elliott, a global primary products at Al- $970 million. cluding lower global oil prices, der intake at the division was pected to push Mr. Kaeser to
New York hedge fund founded coa, will serve as chief execu- CD-adapco will be inte- that have been holding back helped by the Egypt contract, show more operational profit-
by Paul Singer, have been tive of the new upstream com- grated into Siemens’s profit- growth at Siemens. the largest in Siemens’s his- ability this year after two
meeting with senior Alcoa ex- pany. able Digital Factory division, The company’s Power and tory. years of restructuring.
Takata Is Pummeled as Recalls Get Larger Valeant

BY YOKO KUBOTA mura said, declining to give
further details.
than 60 million vehicles have
been recalled, Japan’s trans-
looking into the root cause.
One is led by Takata and a
out metal shards that put driv-
ers and passengers at risk.
Chief Is
TOKYO—Takata
shares on Monday hit their
Corp.
lowest level since 2009 after

Takata said in a written
statement Monday that it
hasn’t made a decision on
port ministry has said.
Despite the recalls, Takata
has said it expects to post ¥5
German research institute; the
second by Honda, Takata’s big-
gest customer; and the third
Analysts have estimated
that Takata could face billions
of dollars in recall-related
Recovering
U.S. regulators said recalls in- whether to seek financial aid billion in net profit for the by a consortium of auto mak- charges. BY AUSTEN HUFFORD
volving Takata-made air bags from auto makers. year ending in March. That is Takata is set to announce
would expand by about five Shares in Takata closed because many of the recall-re- its latest quarterly results Michael Pearson, the head
million vehicles, triggering down 9.8% in Tokyo trading. lated payments the company is
Shares in the on Feb. 5. As of Sept. 30, of Valeant Pharmaceuticals
concern over wider recall The company’s intraday low of likely to make aren’t reflected company touched Takata had ¥61.7 billion in International Inc., who is out
costs. ¥579 ($4.87) a share was the on its financial statements. cash and cash equivalents. on medical leave, said he is
Takata is meeting with auto lowest level since March 2009, Auto makers are currently
their lowest level Rival inflater makers Daicel “on the road to recovery” in a
makers this week and they are and its market capitalization shouldering the costs of recall- since March 2009. Corp. of Japan and Autoliv Inc. statement issued by the drug-
likely to discuss its financial has fallen to about ¥50 billion, ing millions of vehicles, pend- of Sweden have been produc- maker Monday.
condition, including how to or roughly $421 million. ing a resolution between those ing some of the replacement Mr. Pearson was hospital-
split recall-related costs that Ten deaths world-wide are companies and Takata about ers that have recalled vehicles inflaters in vehicles that were ized around Christmas for
could climb into the billions of linked to the problem of how the burden should ulti- over Takata inflaters. recalled. pneumonia. Valeant initially
dollars, two people briefed on Takata inflaters exploding mately be split. The inflater contains explo- Takata said Monday it was appointed a three-man office
the matter said. with excess force. The companies and Takata sives inside a metal casing. It in talks with Daicel over how of the chief executive to lead
Honda Motor Co. plans to The latest action by U.S. have said they would decide is designed to release gas to the two companies could the company during Mr. Pear-
attend a meeting on Fri- regulators raised the number once they identify why the in- fill the air bag in the event of supply inflaters in a stable son’s medical leave, but earlier
day during which Takata will of vehicles recalled over the flaters are prone to exploding a crash. manner. this month it named Howard
describe its business plans, problem to more than 24 mil- with too much force. When the inflater explodes —Kosaku Narioka B. Schiller as interim CEO.
Honda spokesman Ben Naka- lion in the U.S. Globally, more Three separate probes are with too much force, it shoots contributed to this article. In a memo to employees,
Mr. Pearson didn’t say when
he would return to work,
EXXON Big Trouble in Slowing China

Change from previous year in China's GDP and energy consumption
Expectations of robust en-
ergy demand have always
been about more than just
China. India, Asian tiger coun-
numbers reflect uncertainty
around the accuracy of data
coming out of China. Yet even
accounting for the possibility
other than that he looks “for-
ward to being back at work
when able.” He said “some un-
expected complications re-
12%
Continued from page B1 tries and other emerging that GDP data is inflated, the sulted in a longer hospital stay
from a year earlier. Energy consumption GDP economies with vast popula- decoupling of economic and than anticipated.”
A study issued last week by 10 tions eager to move into the energy growth suggests that Mr. Pearson, 56 years old,
consultancy ESAI Energy said middle class were supposed to China’s transformation simply has been the architect of
China’s oil-demand growth 8
follow China’s lead economi- may not require as much fossil Valeant’s business strategy,
rate between now and 2030 cally and on the energy-de- fuels as many have predicted. which focused on buying and
would be less than half that of mand front. Once-prominent Just as energy companies selling existing drugs—often
the previous 15-year period. 6 fears that the world would underestimated Chinese de- with steep price increases—
“If demand won’t come soon run out of oil have been mand in the first decade of over the drug-industry model
from China, who will step in to upended by plentiful supplies this century, they may be of investing in research. He
4
fill China’s shoes?” said Erica unleashed in recent years. overestimating it now, said also was leading the com-
Downs, a senior analyst for Now emerging concerns about Anthony Barone, senior vice pany’s response to recent con-
the Eurasia Group who focuses 2 peak demand are starting to president for deals and re- troversy about this approach.
on the country’s energy sector. percolate. structuring at Argo, a Chicago- This week, Mr. Schiller is
Some energy companies From 2000 to 2010, China’s based consulting firm. expected to testify at a con-
0
have already taken concrete rapid industrialization created BP PLC’s 2015 energy out- gressional hearing that will
steps to pivot from oil because 2010 ’11 ’12 ’13 ’14 ’15 soaring demand for oil to look forecast 3.9% energy de- explore drug-price increases.
China’s economic transforma- Sources: China National Development and Reform Commission power an economy tied to mand growth for China Before the executive was
tion and global efforts to re- (energy consumption); World Bank (GDP) THE WALL STREET JOURNAL. manufacturing and exports. through 2020, more than four hospitalized, Valeant an-
duce carbon emissions make Over that decade, China ac- times higher than last year’s nounced a long-term distribu-
its future less certain. that will liquefy natural gas so last week for the first time counted for more than 40% of actual increase in the coun- tion agreement with Wal-
Royal Dutch Shell PLC, it can be shipped overseas to since 2003. the growth in global demand try’s consumption. greens Boots Alliance Inc. that
Chevron Corp. and others have Asia and beyond. The current oil glut was ini- for crude oil. The International Energy was aimed at boosting sales.
pursued multibillion-dollar But those steps may prove tially spurred by technology The seemingly insatiable Agency’s 2015 energy-growth The move came after Valeant
projects that hinge on natural problematic if energy demand breakthroughs that unlocked need caught the market by forecast was nearly double the cut ties with a mail-order
gas, which emits less carbon doesn’t pick up in emerging more fuel reserves from the surprise, helping push oil actual demand figure. pharmacy that it had counted
than oil and is cheaper or economies. ground. But the oversupply is prices to a record $147 a bar- Predictions of a tremendous on for sales growth.
more lucrative to use in power Chinese energy consump- being prolonged and deepened rel in 2008. But since 2010, wave of energy growth from Separately, Valeant said the
generation. Some analysts be- tion rose just 0.9% last year, by weaker-than-expected de- China’s energy demand growth China, India and other fast-ex- Food and Drug Administration
lieve gas will eventually over- according to government esti- mand. has slowed faster than its GDP. panding countries are based has accepted for review the
take oil as the world’s most mates, as gross domestic That confluence of factors In 2012, for instance, China’s on a very real trend. As those application for brodalumab in-
dominant source of fuel. product increased 6.9%, the has made this oil downturn GDP rose at nearly double the economies mature, hundreds jection, a treatment for mod-
Shell is in the finishing weakest annual rate in a quar- particularly difficult to re- rate of energy-consumption of millions of people will enter erate to severe plaque psoria-
stages of acquiring global gas ter century. The unexpected solve. If tepid Chinese energy growth. Last year, China’s GDP the middle class and use more sis that Valeant is developing
powerhouse BG Group PLC for short-term drop casts a consumption continues, it grew six times faster than en- energy, driving cars or using with AstraZeneca PLC.
$50 billion, while Chevron and shadow over the prospect of could raise profound questions ergy-demand growth, accord- air conditioning. That is why Shares of Valeant, down
partners are spending more an oil-price rally this year. U.S. about the stability of oil and ing to figures from China and Exxon still believes that from 24% over the past three
than $80 billion to build two and global benchmark crude gas producers around the the World Bank. 2014 to 2040, global energy months, rose 4.6% to $92.63 in
massive plants in Australia prices fell below $27 a barrel world, analysts say. Some analysts believe the demand will grow by 25%. New York trading Monday.
THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | B5
CFO JOURNAL.
STOCK
The Big Number
Continued from page B1

Some companies are in-
$539B
Off-balance-sheet
creasing buyback authoriza-
tions amid the current stock- lease obligations on
market retrenchment.
Oil-field-service giant, the books of 100
Schlumberger Ltd., said last
week that it would launch a
large U.S. companies
new, $10 billion share buyback
program to replace one it
started in 2013 that is winding Finance chiefs have at least
down. Its shares are off 47% three years until they officially
from their 10-year peak in July have to bring trillions in off-bal-
2014. ance-sheet leases onto their
Earlier this month, General company’s books, but experts
Motors Co. said it would boost say they should be preparing.
the stock repurchase program There are two general types
it unveiled in 2015 by 80% to of leases. Capital leases are
$9 billion. GM stock has fallen long-term, and the lessee as-
14% so far this year. sumes ownership-like benefits
BlackRock Inc. CFO Gary and risks; they go on the bal-
Shedlin said in a Jan. 15 earn- ance sheet as assets and liabili-
ings call that the asset-man- ties. Operating leases are more
agement firm planned to re- common, covering everything
purchase “no less” than it did from property rent to tools to
last year, when it bought back vehicles. Financial information
$1.1 billion of stock. about these leases appear only
In an interview, he said the as footnotes in a company’s an-
firm avoids trying to time the nual report, not on its balance
market when repurchasing sheet, even though they repre-
shares. Forecasting market sent contractual commitments.
performance, or beta, is ex- The 100 public companies in
ceedingly difficult. “We are ab- the Fortune 500 with the most
solutely not trying to make a such obligations have a total of
beta call,” Mr. Shedlin said, over half a trillion dollars in off-
adding that BlackRock has balance-sheet leases, according
made exceptions based on the to a study from LeaseAccelera-
stock’s relative valuation. “Our tor Inc., a leasing-software firm.
JON KRAUSE
shareholders tell us they like Most companies will have to

predictable buybacks.” begin preparing for lease-account-
BlackRock shares are down ing-rule changes starting in 2017
15% this year. because they will need to pres-
Smaller companies are buy- day’s low-interest-rate envi- Romo. “We were very comfort- buybacks, more than enough Leonard said. ent two years of comparable
ing back stock, too. Jay Rem- ronment, the restrictions com- able accelerating $500 mil- to do M&A, more than enough S&P’s Mr. Silverblatt ex- books when reporting results
bolt, CFO of maintenance- panies put on the investments lion.” for capital expenditures.” pects companies to keep buy- under the new standard in 2019.
product maker WD-40 Co. said their CFO can make almost Companies have money to With earnings season under ing stock to reduce share Multinationals could have the
the company is targeting $30 guarantees low yields from its spare. Howard Silverblatt, se- way, many companies are in counts and cover options that trickiest task, evaluating leases
million to $40 million a year cash, he said. nior index analyst at S&P Dow blackout periods, during which will be expiring this year. That across the globe, said Michael
in share repurchases. It plans “They are not allowing com- Jones Indices, calculates that they are customarily limited in will spur both buybacks and Keeler, LeaseAccelerator’s chief
to buy back stock in 2016 on pany treasurers to buy high- cash and cash equivalents held what they can say or do, in- higher share prices. “If they executive. They spend more on
market weakness. So far this yield bonds or emerging mar- cluding initiating new share keep buying shares when they real-estate leases, but have
year, the stock is basically flat. ket stocks,” Mr. Johnsey said. repurchases. come out of the blackout peri- more equipment leases, which
“When the share price falls Helped by lower fuel prices,
BlackRock’s CFO Robert Leonard, head of the ods, the traders are going to are more complex and require
below where we’re accus- Southwest Airlines Co. last says it avoids trying special equity transactions pick up on it,” he said. more accounting assumptions.
tomed, we increase our share week reported quarterly net group at Citigroup, said buy- Mr. Silverblatt said that the Walgreens Boots Alliance
purchases,” Mr. Rembolt said. income nearly tripled to $536
to time the market backs are heating up, but stock selloff hasn’t changed Inc. tops the list, with $33.7 bil-
The company weighs such pur- million. in making buybacks. mostly under what are known economic fundamentals. After lion in off-balance-sheet assets
chases against other possible The airline also said it as rule 10b5-1 plans, through a strong first half, he added, at its most recent year-end.
uses of its capital, such as ac- would launch a $500 million which companies can repur- the buybacks are likely to trail That number would swell by
quisitions, expansion, and its accelerated share repurchase by the S&P 500 Industrials, chase shares using predefined off for the rest of 2016. nearly a quarter if it completes
dividend, which it raised by program on top of a $1.5 bil- which exclude financial, utility trading instructions. its acquisition of drugstore rival
11% last month. lion plan authorized last year. and transportation companies, “We are seeing increased VISIT ONLINE Rite Aid Corp., No. 15 on the list
A big cash hoard tends to The surge in profits gave CFO totaled $1.3 trillion as of Sept. activity on the desk,” he said. with about $8 billion.
invite pressure. “At some point Tammy Romo the opportunity 30. That’s about double what The big test will be when This coverage A spokesman for Walgreens
shareholders start complain-
ing,” said Grant Johnsey, head
of institutional brokerage at
to speed up the buybacks as
the stock has fallen 11% this
year. “It starts with what the
they held during the financial
crisis.
“There’s a ton of cash,” he
earnings period ends. “Once
those earnings releases are
out, companies can go into the
WSJ
.COM
was produced by
CFO Journal. For
more, please visit
said the new rules would have a
“material impact on our financial
position.”
Northern Trust Corp. In to- company can afford,” said Ms. said. “More than enough to do market to buy shares,” Mr. wsj.com/cfoj —Maxwell Murphy
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B6 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
BUSINESS NEWS
Sprint to Offer App for Ads Staples Head of Stores

Replaced in Shake-Up
Carrier experiments
BY DREW FITZGERALD Staples joins several U.S.
with new model of ad retailers that have fired or
display on phones; Staples Inc. is replacing its pushed aside store executives
longtime head of stores, the after a generally disappoint-
users to get $5 off latest in a series of departures ing holiday sales season. Tar-
at big U.S. retailers struggling get Corp. earlier this month
BY RYAN KNUTSON with weak sales as it tries to fired Chief Stores Officer
close a merger with rival Of- Tina Tyler and tapped its hu-
Some of Sprint Corp.’s pre- fice Depot Inc. man resources chief to fill the
paid customers will soon be Demos Parneros, the office role after the company tested
able to get $5 off their wire- supplier’s head of North new online delivery methods
less bill in exchange for put- American stores and online for the holiday rush. Depart-
ting up with more advertise- operations, will leave March ment store J.C. Penney Co.
ments on their smartphones. 31 after nearly 14 years on last week named Joe McFar-
DAVID PAUL MORRIS/BLOOMBERG
The option, available to the job. Online competition land to replace its stores
customers on Sprint’s Boost has sapped Staples’ in-store chief Tony Bartlett.
Mobile brand, provides the revenue as everyday shoppers Sales at Staples’ North
carrier with an opportunity to buy fewer office products and American stores fell 2% in the
experiment with a new model move more of their purchases third quarter, while revenue
of mobile advertising. to the Web. from its North American
Subscribers who choose to Mr. Parneros’s replace- commercial division, which
download the “Boost Dealz” ment, Otis Pannell, will lead makes up about 40% of sales,
app from the Android Play Telecom companies like Sprint are looking at ways to tap into the rising spending on mobile ads. the chain’s U.S. stores and re- increased 1%. The chain has
store will be frequently shown port to commercial chief spent the past two years
ads that cover their entire phabet Inc.’s Google and Face- its advertising technology. The Unlockd to offer the discount. Shira Goodman, who was pro- closing hundreds of stores
home screen after they unlock book Inc. Smartphones are be- carrier also launched an ad- Unlockd and Sprint share in moted to president of North and cutting the floorspace in
their smartphones. coming increasingly important supported video app targeted the advertising revenue gener- American operations. The some of its remaining loca-
Users can dismiss the ads to the overall advertising mar- at young people, called go90. ated above the $5 that is going heads of retail and business- tions in half.
by pressing a button to indi- ket. In 2015, spending on mo- Sprint’s move is just one to each customer. Unlockd to-business sales used to be Staples must also contend
cate whether they like or dis- bile ads is predicted to have step. The offer is only avail- manages the ad inventory and equivalent posts. with a troubled $6.3 billion bid
like the content, or they can surpassed spending on desk- able to customers with An- sells it to brands and market- “We are streamlining the for rival Office Depot, which
click on the ad to engage di- top ads for the first time. droid phones. Customers must ers. If it goes well, Sprint may organization and building a the companies announced
rectly with the brand. Digital ad tracker eMar- choose to enroll in the app expand the offer to Sprint’s simplified structure that will nearly a year ago. U.S. and Ca-
Telecom companies have keter estimates 52.4% of all and can turn it off at any time. broader customer base, or in- speed decision-making and nadian antitrust authorities in
spent billions of dollars build- digital ad spending was on “We thought it was a very crease the amount of money enable us to focus on driving December sued to block the
ing ubiquitous high-speed mobile in the U.S. in 2015, or low-risk way to understand users receive for interacting profitable growth,” Chief Ex- deal over worries that the
wireless networks, but they about $30.5 billion. Carriers how this type of value propo- with the advertisements, Mr. ecutive Ron Sargent said in a merger would hurt competi-
have struggled to profit from have been trying to find a way sition would go over with our Smith said. statement. The company also tion for large businesses that
the advertising revenue flow- into that market. Verizon customers,” said Doug Smith, Lachlan Murdoch, co-chair- named John Wilson, the buy office supplies.
ing over them. Those advertis- Communications Inc. took a director of Sprint’s prepaid man of News Corp, which president of Staples Europe, Staples shares have lost
ing dollars have largely gone step last year, paying $4.4 bil- product marketing. Sprint is owns The Wall Street Journal, to head its international op- nearly 50% of their value over
to Silicon Valley firms like Al- lion for AOL, in large part for working with a startup called is an investor in Unlockd. erations. the past year.
SALES boost to settle down.

“That’s why we’re working
on a number of other initia-
tives,” he told investors dur-
ency about how its food is
made, raised wages for work-
ers at company-owned stores
and announced that
through have improved cus-
tomer satisfaction scores, Mr.
Easterbrook noted.
The McDonald’s chief also
finding the right price offer-
ings. Its new “McPick 2”
menu allows customers to
pick a pair of items for a total
company said in a statement.
“Generating sustained, posi-
tive guest traffic remains a
top priority for the segment.”
Continued from page B1 ing a conference call, refer- McDonald’s will switch to an- staved off pressure to spin off of $2 from among four Overall, McDonald’s posted
it would take at least six more ring, in part, to a new mobile tibiotic-free chicken and cage- the Oak Brook, Ill., company’s choices: mozzarella sticks, a quarterly profit of $1.21 bil-
months of positive same-store app through which customers free eggs in the U.S. vast real estate holdings, an- small fries and the McDouble lion, or $1.31 a share, up from
sales growth before the com- can receive coupons. “This There have been structural nouncing plans instead to re- and McChicken sandwiches. $1.1 billion, or $1.13 a share, a
pany moves from a turn- isn’t a single-initiative turn- and management changes as turn more cash to sharehold- “McDonald’s U.S. business year earlier. Revenue declined
around mode to a growth around plan.” well, aimed at giving local ers, reduce spending and sell begins 2016 as a customer-led 3.5% to $6.34 billion.
mode. The McDonald’s chief has markets more autonomy over about 4,000 company-owned organization focused on de- Analysts projected earn-
While all-day breakfast ex- enacted numerous changes at the food McDonalds serves so restaurants to franchisees by livering outstanding customer ings of $1.23 a share on $6.22
ceeded the company’s expec- a burger chain that had been it can meet local taste prefer- the end of 2018. service through comprehen- billion in revenue for the
tations and helped the chain struggling to remain relevant ences. Earlier this month, the sive simplification efforts, quarter, according to Thom-
gain market share from rivals with consumers. He has pared Simplified menu boards company introduced a value core menu enhancements and son Reuters.
in the quarter, Mr. Easter- down the menu, provided cus- and a new system of confirm- menu that it expects to help a compelling everyday na- —Lisa Beilfuss
brook expects the initial tomers with more transpar- ing orders twice at the drive- solve problems it has had tional value platform,” the contributed to this article.
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.
d t
Edmonton 10s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 60 Former Georgia 22 ___ volente (God
-0s senator Sam willing)
20s 0s
V
Vancouver Calgary
l
Calgary 14 15 16
10s 61 Dizzying designs 25 Executive’s staff
Seattle 20s ip
Winnipeg 0s 17 18 19
30s 20s 62 Old TV character 26 Requirements
P d
Portland
Montreal 30s 20 21 22 who liked oats 28 Gas brand
l
Helena 40s Ottawa
Bismarckk 40s
g
Billings A g t
Augusta 23 24 25 26 63 Frittata absorbed by BP
g
Eugene Boise
10s Mpls./St.. Paul
Pau T
Toronto A bany
Albany
b t
Boston 50s ingredients 29 Simple type of
27 28 29 30
P
Pierre oux FFalls
Sioux ll rtford
Hartford 60s 64 Salon offerings question
Milwaukee k Detroit Buffalo
20s 20s Cleve d
Cleveland ew Y
New Yorkk 70s 31 32 33 34 35 36
Reno Ch g
Chic
Chicago 65 Puts a stop to 30 Language that
Sacramento
20s es Moines
Des
Pitts b h
Pittsburgh
Cheye
h
Cheyenne Omahah Phhil d lphi
h
Philadelphia 80s
Salt
Salt ltLake
Lake
L City
Ci
C y
Cit Indianapolis 37 38 39
Down gives us “enigma”
an Francisco
San Denver 30s Springfield
p g
hington
hi gton D.C.
Washington DC 90s and “acrostic”
30s Colorado Topeka Kansas Ch
Charleston 40 41 42 1 Bad for dieters
City 30s Richmond
h d 100+
60s LLas 10s Springs
hit
Wichita St.. Lou
L
Louis LLouisville
ou 31 Pile
Ve
Vegas
h ill
Nashville igh
Raleighh 43 44 45 2 Kauai greeting
Los A
Ange
Angeles Ch
Charlotte 32 Painful pang
anta Fe
Santa Oklahoma
kl City Memphi
Memphisp 46 47 48 49 50 51 3 Dullsville
San Diego
Ph
Phoenix Alb q q
Albuquerque 40s C b
Columbia
Warm Rain 33 Showing
Littlee Rockk Atl t
Atlanta 4 Performed
T c
Tucson h
Birmingham 52 53 54 55 potential
Ft. Worth
th D ll
Dallas Jack
Jackson
Cold
really badly
El P
Paso 60s T-storms 34 Reads for a part
50s b
bil
Mobile Jacksonville 56 57 58 59 5 Wind off of a
0s A ti
Austin Stationary Snow 38 Place setting
Houston
l d
Orlando 60 61 62 spool
20s 10s New Orleans
ew setting
80s an Antonio
San A Tampa
6 Film ___
Anchorage 70s Showers Flurries 63 64 65
A h g 30s Honolulu
l l Miami (hard-boiled 42 Arctic hazard
70s genre) 44 Animation frame
Ice
CLARIFICATION AT LAST! | By Alan Arbesfeld 7 Beach creature 45 Muttonheads
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 23 40-Across, 41 Case for a 8 Italian wine 48 Quart, for short?
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Stadium crowd e.g. dermatologist region
Omaha 31 14 c 39 29 s Frankfurt 49 44 pc 52 47 sh 49 Complete
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 73 59 pc 70 60 t Geneva 52 37 s 54 43 pc 5 Open, in a way 24 Earthling, in 42 Give a 9 Partridge’s place reversal
Today Tomorrow Philadelphia 43 34 c 41 21 pc Havana 80 66 pc 80 68 t
City Hi Lo W Hi Lo W
sci-fi benediction to
Phoenix 68 42 s 69 45 s Hong Kong 60 54 r 62 60 r 10 Like the first leg 10 Only somewhat 50 Like many floors
Anchorage 34 27 i 36 29 i Pittsburgh 45 26 c 33 20 c Istanbul 38 33 sn 42 39 pc of a triathlon 27 Person waiting 43 Jokester who built up
Atlanta 60 40 sh 47 35 r Portland, Maine 44 34 pc 41 17 pc Jakarta 86 76 sh 88 76 t by the stage door likes to take 51 Pays attention to
Austin 56 35 r 57 29 pc Portland, Ore. 52 45 r 57 50 c Jerusalem 40 30 c 41 25 sh 14 Piles after a show? bets? 11 Main, for
Baltimore 42 34 c 40 17 pc Sacramento 60 42 c 64 41 c Johannesburg 77 57 t 80 58 pc example 53 Back of the neck
Boise 44 28 pc 44 29 pc St. Louis 39 25 c 40 30 s London 54 51 sh 56 37 r 15 Language that 31 March 17 46 Harvey of
12 Caterer’s coffee 54 Ski slope lift
Boston 47 35 pc 43 26 pc Salt Lake City 35 20 pc 34 22 pc Madrid 60 41 pc 57 41 s gives us honoree, for “Reservoir Dogs”
Burlington 41 33 c 34 14 sf San Francisco 60 48 pc 61 48 pc Manila 85 77 s 86 80 s “ransack” and dispenser 55 Standard
Charlotte 57 44 pc 48 30 r Santa Fe 40 16 pc 47 21 s Melbourne 82 65 c 79 65 t short 47 Host of
Chicago 32 21 sf 32 27 pc Seattle 55 48 r 57 49 r Mexico City 68 40 pc 70 38 pc
“berserk” 13 Cops who catch 56 Counter’s
35 Paltry “Sexually
Cleveland 44 26 sf 33 23 sf Sioux Falls 27 11 c 37 27 pc Milan 53 35 pc 53 38 c 16 Old West Speaking,” AWOLs beginning
Dallas 51 32 pc 56 35 s Wash., D.C. 43 36 c 40 22 pc Moscow 15 13 c 32 27 c 36 Amusement
Denver 41 23 s 50 31 s Mumbai 87 69 pc 88 70 pc
lawman Wyatt familiarly 21 Cabinet div. 57 O in a love letter
park attraction
Detroit
Honolulu
39 27 sf 36 25 pc
82 66 pc 82 67 s
International Paris
Rio de Janeiro
53 48 c
92 76 pc
52 44 sh
92 75 pc
17 Staple of 52 Lingerie that
Previous Puzzle’s Solution
Today Tomorrow vegetarian 37 By way of, makes no
Houston 52 40 r 57 33 pc Riyadh 65 50 c 65 39 pc
Indianapolis 33 22 sf 33 24 pc City Hi Lo W Hi Lo W Rome 59 40 pc 58 43 pc cooking informally rustling sound? S
A
C
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AM
T O
S
O
E
R
E
P
A
L
B
U
O
B
Z
O
O S
A T
Kansas City 34 18 pc 43 29 s Amsterdam 49 47 sh 53 42 r San Juan 83 73 pc 83 75 pc 38 Plain ___ N E O N P I T
A S O O T Y
Las Vegas 59 38 s 60 40 pc Athens 55 40 pc 54 45 s Seoul 36 19 pc 37 21 pc
18 Gaucho’s rope 56 Largest G A M E T H E S
Y S T E M
Little Rock 49 27 pc 44 27 s Bangkok 81 66 s 87 71 s Shanghai 44 33 s 48 44 r (obvious) tributary of the E V I T A EWE L O B
19 S. Amer.’s Andes, R E C B E A R D E D E N E
Los Angeles 71 47 s 72 46 pc Beijing 32 7 s 34 8 s Singapore 86 77 t 88 79 pc
for example 39 Mimicked Mississippi G O A P E A N T E
Miami 78 69 pc 79 67 t Berlin 48 42 sh 50 46 sh Sydney 78 68 t 78 70 t S E T Y O U R S I G H T S O N
Milwaukee 33 19 sf 29 27 c Brussels 52 48 sh 52 44 sh Taipei 63 58 s 70 63 r 20 Par-beating score 40 Biogenesis 58 Forbidden A L UM T R E A T
Minneapolis 27 16 c 32 30 pc Buenos Aires 79 57 pc 80 66 s Tokyo 48 36 s 51 39 s I O N A MA S S E D O R E
in threatening baseball scandal 59 Season to be D N A N A T E S S E X
Nashville 46 28 c 40 23 pc Calgary 46 27 pc 42 32 c Toronto 42 27 c 32 20 c MA T C HW I T S W I T H
New Orleans 69 45 sh 52 39 r Dubai 78 66 s 77 66 pc Vancouver 50 44 r 53 45 r weather? nickname jolly S E E T O O H N O A R E A
New York City 40 34 c 41 26 pc Dublin 56 45 sh 52 35 sh Warsaw 41 36 r 42 40 sh A L L I N M I T E M I L L
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 48 28 pc 54 32 s Edinburgh 54 41 sh 50 37 r Zurich 52 33 s 51 39 pc D I T T Y E G O S I S L E
THE 10-POINT:
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IN THE MARKETS C4 | MARKETS DIGEST C5 | BIGGEST 1,000 STOCKS C6
Why Apple
RMICHAEL OCHS ARCHIVES/GETTY IMAGES
Bank Dealing Hasn’t Won TV
JASON HENRY FOR WSJ

HEARD ON
Huntington plans to acquire FirstMerit FINANCE | C3 THE STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | C1
DJIA 15885.22 g 208.29 1.29% S&P 1877.08 g 1.56% NASDAQ 4518.49 g 1.58% 10–YR. TREAS. À 9/32, yield 2.022% OIL $30.34 g $1.85 EURO $1.0850 YEN 118.30 See more at WSJMarkets.com
BOND SALE Investors have sold off the bonds of some private-equity backed retailers.
Stocks Begin
Week in Red
Dow industrials fall 208 points, as oil sinks 5.7%
BY SAUMYA VAISHAMPAYAN slid $1.85, or 5.7%, to $30.34 a
AND MICHAEL WURSTHORN barrel on the New York Mer-
cantile Exchange. The energy
U.S. stocks fell anew, halting sector led the S&P 500 lower,
a rally that lifted major in- declining 4.5%.
ASSOCIATED PRESS (J. CREW); (LEFT TO RIGHT) CORBIS, BLOOMBERG NEWS (2)
J. CREW dexes to their first week of “For better or for worse,

7.15% BONDS DUE 2019 gains this year. crude has been the center
The Dow point of the markets this year,”
–71% MONDAY’S Jones Industrial said Larry Weiss, head of trad-
CHANGE IN MARKETS Average de- ing at brokerage firm Instinet.
BOND PRICE clined 208.29 While several markets re-
SINCE END OF
points, or 1.3%, bounded last week, many in-
2014
to 15885.22, with losses deep- vestors said the factors that
ening in the last hour of trad- have dragged on stocks this
ing on Monday. year remain. Oil prices are
Driving action yet again, near multiyear lows, while
crude oil for March delivery Please see RED page C4
Trading Machine
Returns at computer-driven hedge funds have
GYMBOREE CLAIRE'S NINE WEST been strong to start 2016 as markets have slid.
9.125% BONDS DUE 2018 9% BONDS DUE 2019 8.25% BONDS DUE 2019
1700 HFRX Macro: Systematic Diversified CTA Index
–32% –39% –73%
Source: MarketAxess. (Prices Jan. 1, 2015-Jan. 22, 2016)
1650
Retail Bonds Get Distressed Look

1600
1550
BY MATT JARZEMSKY MarketAxess data. That is prospects as their private-eq- offerings by retailers.
1500
more than 70% below where uity owners remain bogged “The stock market is not
Bonds of major retailers they started 2015. Bonds is- down in the companies with conducive to taking very many
that went through leveraged sued by Claire’s Stores Inc. little prospect of selling them companies public today” and 1450
buyouts have fallen to dis- have lost nearly 39% to about off anytime soon. selling highly indebted retail-
tressed levels, a signal that 60 cents, Gymboree Corp. The companies aren’t on ers is “just no option,” said 1400
their private-equity owners bonds have plunged by 32% to the verge of default, as some Jim Zenni, chief executive of ’15 ’16
are running out of options. 26 cents. Some Toys “R” Us of the bond prices would typi- private-equity firm Z Capital
Investors have sent the Inc. bonds fell to 69 cents in cally indicate. Instead, the re- Partners LLC, which invests in Note: Data as of Jan. 22 Source: HFR THE WALL STREET JOURNAL.
price of bonds in J. Crew mid-December before rising tailers are caught between a distressed companies. “There Sharp declines in global stocks, big moves in currencies and
Group Inc. and Nine West again to about 82 cents. long-running shift in favor of are very limited ways out of sinking oil prices have been a winning formula this month for a
Holdings Inc. down to 27 The declines reflect grow- online competitors and trou- the room.” group of computer-driven hedge funds. C4
cents and 23 cents on the dol- ing nervousness among bond- bled public markets that aren’t Private-equity firms already
lar as of Friday, according to holders about the retailers’ likely to welcome initial public Please see RETAIL page C2
German Savers Find New Taste for Risk

BY MADELEINE NISSEN 1930s and supported by a said Thomas Krauss, a 55-year- savings returns, he said. The
strong postwar economy and old marketing expert from recent downturn in the stock
FRANKFURT—Europe’s long an inflation-averse central Düsseldorf who used to con- markets doesn’t make Mr.
experiment with ultralow in- bank that kept returns predict- tribute to a retirement-savings Krauss nervous. “The shift was
terest rates is prompting unex- able. plan. a strategic decision and inde-
pected changes in Germany’s But since the financial crisis Old-style pension plans pendent of short-term devel-
KRISZTIAN BOCSI/BLOOMBERG NEWS
deeply entrenched culture of hit and the European Central “yielded almost zero,” so dur- opments,” he said.
saving. Bank sliced interest rates for ing the financial crisis, Mr. Germans have among the
For decades, Germans have countries sharing the euro to Krauss opted to invest in index world’s highest household
faithfully parked much of their about zero, Germany’s saving funds. His wife of 30 years rates of saving, according to
personal wealth in old-fash- formula has collapsed—and “felt uneasy about changing the Organization for Economic
ioned savings institutions savers are reacting by taking from the familiar investment Cooperation and Development.
while shunning home buying on more risk. mix of insurance and saving Only 14% of Germans invest in
and its associated debt. Those “Permanent low interest deposits,” but they switched equities, compared with 56% in
habits were cemented by the rates changed my wife and me about six years ago and have the U.S. and 23% in Britain, ac-
A pedestrian checks out property ads in Ingolstadt, Germany. shock of hyperinflation in the from savers into investors,” since outperformed traditional Please see GERMAN page C2
Give Apple Stock More Respect

BY STEVEN RUSSOLILLO earnings contracted by 75%
Ripe for Picking over that time frame even as
At the core of Apple Inc.’s Apple’s forward price/earnings ratio earnings still were growing.
troubles right now is slowing Microsoft’s declined by 60%.
growth in iPhones. The situa- 16 times But Apple, fetching roughly
tion isn’t as dire as some in- 10 times projected earnings
vestors seem to think. 14 over the next 12 months, al-
Without a ready trades at a steep dis-
AHEAD hot new product count to its historical average
OF THE 12
to take the and to the broader Nasdaq
TAPE iPhone’s place Composite. The multiple ap-
BENOIT TESSIER/REUTERS
as a growth en- 10 pears even more modest if its

gine, investors huge cash hoard is taken into
worry that Apple’s go-go days account. That means Apple
8
are over. This has played into doesn’t face the same valua-
the stock’s 20% loss over the 2015 ’16 tion albatross that plagued
past six months. Source: FactSet other tech giants.
And it seems to cement Ap- What’s more, analysts still Cargo ships, such as the one above in port at Dunkirk, France, have been held up this month.
ple’s broader, yearslong shift In 2000, Cisco and Micro- are forecasting single-digit
Egypt Sparks Wheat Jitters

from a fleet-of-foot growth soft briefly sported market compound annual earnings
stock to a stodgier value play. values north of $500 billion growth over the next three
Such a transition typically as their valuations soared. On years. While that is a far cry
doesn’t bode well. Look at Mi- average between 2000 and from the past several years, it
crosoft and Cisco Systems at 2002, they had average for- still garners respect that Ap- BY ED BALLARD ment agencies typically toler- lem, where else are you going
the turn of the century. ward-earnings multiples of 32 ple shares aren’t commanding. ate small traces because it is to go with the current amount
But it is important to dis- and 34 times, respectively. Analysts expect earnings A French wheat cargo stuck difficult to guarantee that a of wheat in the market?” said
tinguish Apple’s value appeal Earnings per share kept for the period ended in De- in an Egyptian port for more shipment is completely clean. Hamish Smith, a commodities
now. No matter the knee-jerk growing at both, albeit at pe- cember of $3.23 a share, up than a month is one of several Meanwhile, three other expert at Capital Economics.
reaction following fiscal first- destrian single-digit rates, from $3.06 a year earlier. delays raising concerns about shipments to Egypt also were Egypt imported about 11.1
quarter results on Tuesday, a over those three years. Even if Apple has lost a wheat demand from Egypt, the held up this month as traders million tons of wheat in the
longer-term view suggests The unwinding of the tech hop in its step, its core still market’s largest buyer. reported delays receiving 2014 to 2015 marketing year,
Apple is nowhere close to fol- bubble began a significant looks strong enough. The 63,000 metric ton ship- guarantees of payment from accounting for nearly 7% of
lowing in its fellow tech bell- erosion of their market value. ment was rejected by Egyptian the Egyptian government amid global wheat imports of 158.8
wethers’ footsteps. Cisco’s multiple of forward Email: tape@wsj.com authorities in December after Cairo’s drive to conserve dol- million tons, according to the
they found traces of the poi- lars needed to pay for imports. U.S. Agriculture Department.
INDEX Commodities.................................................... C7 Dividend News............................................... C8 Global Finance................................................. C3 Mutual Funds........................................... C8 sonous ergot fungus. The fun- “If there is a key market At the most recent prices paid
Bond Tables............................................... C7 Credit Markets................................................ C7 Exchange-Traded Funds......................... C8 Heard on the Street................................... C8 New Highs & Lows............................... C6 gus can cause hallucinations that you are targeting and all by Egypt’s government, its an-
Cash Prices................................................. C8 Currency Trading.......................................... C5 Finance Watch................................................ C3 Money Rates................................................... C6 Stock Listings........................................... C6
and even death, but govern- of a sudden there is a prob- Please see GRAIN page C2
C2 | Tuesday, January 26, 2016 NY THE WALL STREET JOURNAL.
MONEY & INVESTING
Green Dot Comes Under Fire

BY ANNE STEELE
Harvest Capital Strategies

LLC said it is seeking immedi-
ate leadership and board
changes at Green Dot Corp.,
citing “continued mismanage-
ment and value destruction”
at the company in which it
holds a 6.2% stake.
Pasadena, Calif.-based
Green Dot issues prepaid Mas-
terCard Inc. and Visa Inc.
cards at retail stores, includ-
ing CVS Health Corp. and
Walgreens Boots Alliance Inc.
In a letter to the Green Dot
board, Harvest Capital said
SHAWN BALDWIN/BLOOMBERG NEWS
Monday that it aims to invest

in “misunderstood businesses
with capable, well-aligned fi-
RICHARD LEVINE/DEMOTIX/CORBIS
duciaries” and that “Green Dot
is the only company with lead-
ership and execution so prob-
lematic that we are compelled
to approach the board.”
A Green Dot representative
Workers carry bundles of wheat harvested in Monofeya, Egypt. said the company maintains an
active dialogue with share-
holders and is carefully evalu-
Who's Buying ating its capital allocation. Harvest Capital is calling for the immediate removal of Green Dot Chief Executive Steve Streit.
Top 10 wheat importers in the 2014–'15 marketing year, San Francisco-based Har-
in millions of metric tons vest Capital said it has worked The letter calls for the im- [sic] of running a larger com- the firm.
privately with the board over mediate removal of Chief Ex- pany and lacks the ability to The firm said it is willing to
Egypt 11.1 the past year, but last month ecutive Steve Streit, whom the execute on his strategic vi- work with the board on its
it became clear no leadership firm links as a constant factor sion,” the firm said. turnaround proposals but said
Indonesia 7.5 changes were under way. The in the company’s woes. Harvest Capital also points “activities within our rights as
firm points to missed consen- “Mr. Streit’s repeated fail- to senior leadership turnover shareholders may include a
Algeria 7.3 sus estimates or lowered reve- ure to achieve both short- and as “symptomatic of an un- proxy contest at the 2016 an-
nue guidance in each of the long-term targets is a symp- healthy culture.” Since its ini- nual meeting.”
Iran 6.3
past eight quarters, as well as tom of a deeper and more fun- tial public offering in 2010, all Shares of Green Dot, which
EU 6.0 missed annual revenue targets damental problem. He strug- but one named executive offi- have fallen 12% over the past
in three of the past four years. gles with the basic tenants cer has resigned, according to 12 months, edged up 2.9%.
Turkey 5.9
GERMAN
Japan 5.9 said the marketing push is so
Brazil 5.4
Shifting Ground intense—despite his obvious
Low rates are squeezing German banks and encouraging people to lack of interest—that it seems
Philippines 5.1 make riskier investments, such as buying homes. driven more by sales quotas
Continued from the prior page than financial acumen.
Mexico 4.4 cording to finance-industry as- Banks’ interest revenue Volume of residential “I have lost confidence that
sociation Deutsches Aktienin- real-estate transactions my bank would give me proper
Source: U.S. Department of Agriculture THE WALL STREET JOURNAL stitut. advice,” said the frustrated
€500 billion €25 billion
The shift in home buying is saver, whose displeasure is
GRAIN terred some trading firms

from participating in Egypt’s
most recent grain tender, trad-
ers said. Seven firms offered
more pronounced. The volume
of residential-real-estate trans-
actions almost quintupled to
€23.5 billion ($25.4 billion) in
400
300
20
15
shared by many Germans.
The Association of German
Banks said its members are
acting appropriately. “I do not
Continued from the prior page to supply wheat, down from 2015 from €4.8 billion in 2008, think that banks are pushing
nual purchases are worth the average of 17 in the 10 pre- according to Statista, a data products too much,” said
about $2.1 billion. ceding tenders. firm. 200 10 spokesman Thomas Schlüter.
European milling-wheat fu- The tender also under- Germans long have opted “The prices clients pay in Ger-
tures have fallen by 13% in the scores how grain is currently a for renting over buying, sup- 100 5 many for banking products are
past six months to about €166 buyer’s market. Despite the ported by tenant-friendly laws extremely low,” meaning banks
($179) a ton, their lowest since relative lack of suppliers, Gasc and a fear of debt. In German, must find other ways to earn
0 0
October 2014. bought 235,000 tons of wheat “debt” and “guilt” are the money, he said.
The French cargo, bought at just over $189 a ton, its same word, Schuld, and many ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 German banks over recent
for about $12 million from cheapest purchase in four Germans equate the two. Sources: Bundesbank (revenue); Statista (transactions) THE WALL STREET JOURNAL. years earned roughly 75% of
U.S.-based trading firm Bunge months. Now, however, low interest their income from the margin
Ltd. in October, arrived in the Grain is building up in silos rates have made borrowing ex- ments, one to live in and one their kids’ parties. between rates on savings ac-
Egyptian port of Damietta on across the world. Last week, tremely affordable and to rent. “The more you hear about counts and the loans they
a bulk carrier, the Amira, the International Grains Coun- sparked fears among some “After the risk of inflation it, the more you want to do it could make, according to sta-
on Dec. 21, according to Vessel cil lifted its forecast for how Germans of inflation. Home grew and the future of the on your own,” he said. “It was tistics from the Bundesbank,
Tracker, a data provider. large global grain stockpiles buying has become something euro became uncertain, I like becoming aware of the up- Germany’s central bank. Plung-
Egyptian grain inspectors will be at the end of the that offers risk-averse Ger- changed my mind,” said the side, when before you were ing rates dragged German
rejected the cargo after they 2015-16 marketing year to 455 mans a sense of security, said resident of Aschaffenburg, in looking only at the risk.” banks’ interest revenue down
found traces of ergot, accord- million tons, the highest in 29 Olaf Stutz, professor of asset Bavaria, who took the plunge The shift is being encour- to €204 billion in 2014 from
ing to a person familiar with years. management at the Frankfurt in 2012, when interest rates al- aged by German banks, which €419 billion in 2007, according
the matter. Three cargoes, sold by School of Finance & Manage- ready were falling markedly. are hawking more aggressive to the Bundesbank.
The rejection of the Bunge Glencore PLC and French farm ment. Real estate’s new haven sta- investment options as low in- “German banks’ business
cargo comes amid a public dis- groups Soufflet and InVivo, Buyers are people like tus trumps what Mr. Schmidt terest rates squeeze the mar- models are particularly vulner-
agreement between different also have been held up. That Holger Schmidt, an industrial calls a huge fear among Ger- gins on lending. able to low interest rates be-
branches of the Egyptian gov- wheat was scheduled for deliv- engineer who never considered mans: “What if I lose my job, “Advisers desperately try to cause Germany is a country
ernment over how much ergot ery in December, but didn’t buying a home until a few how will I pay the mortgage?” sell their overpriced products,” with very high saving depos-
to permit. Like the USDA, leave the French port of years ago. The 43-year-old fa- Parents now chat about the said Jürgen Becker, an office its,” Bundesbank board mem-
Egypt’s state grain buyer—the Dunkirk until last week, ac- ther of two bought two apart- rising value of their homes at worker near Düsseldorf. He ber Andreas Dombret said.
General Authority for Supply cording to people familiar
Commodities, or Gasc—allows with the matter. The sellers
wheat containing 0.05% ergot.
But the officials who spurned
Bunge’s cargo represented a
branch of the agriculture min-
were kept waiting for letters
of credit from Egyptian banks
that would guarantee that the
state buyer could pay.
RETAIL pany with debt of more than
six times earnings before in-
terest, taxes, depreciation and
amortization, or Ebitda.
istry that recently introduced Spokesmen for Glencore Continued from the prior page Claire’s, a tween accessories
a zero-tolerance policy. and Soufflet declined to com- have owned a number of retailer, and Gymboree, which
“Egypt is ergot-free, and ac- ment. InVivo didn’t immedi- chains for far longer than sells children’s clothing, both
cepting this shipment meant ately reply to a request for their usual five-year invest- carry debt at levels well above
WANG LEI/XINHUA/ZUMA PRESS
contaminating our crops and comment. ment horizon. Bain Capital that mark, according to
reserves,” an agriculture min- Egypt said in December it LLC and KKR & Co., for exam- Moody’s Investors Service.
istry spokesman said. He said would start buying grain on ple, have owned Toys “R” Us Apollo purchased Claire’s in
the grain was formally re- credit, rather than in cash. for more than a decade, while 2007, while Gymboree was
jected on Jan. 22. That comes amid a govern- Apollo Global Management taken private by Bain in 2010.
Officials from Gasc and ment-wide drive to preserve LLC took Claire’s private in An Apollo spokesman de-
Egypt’s Ministry of Sup- the country’s dwindling for- 2007. clined to comment. Represen-
ply told local media that eign-exchange reserves. Private-equity firms use a tatives for the retailers either
Gasc’s standards hadn’t Tourism to Egypt has plum- combination of cash and debt KKR has said its Toys “R” Us investment has hurt performance. declined to comment or didn’t
changed and that it would meted due to several terrorist to acquire companies with return calls seeking comment.
continue to tolerate limited er- attacks, cutting into a key plans to increase their value merger talks with Japan’s Fast about $5.4 billion, $1.2 billion Market watchers expect
got contamination. Gasc didn’t source of foreign currency and through operational improve- Retailing Co., according to of which comes due next year. tougher borrowing conditions
respond to requests for com- leaving both the government ments or financial engineer- Wall Street Journal reports. KKR in February said its to lead to more bankruptcies
ment. and private-sector buyers ing, then sell them or take Both plans were scrapped, and Toys “R” Us investment in the retail industry.
Bunge, based in White struggling to pay for imports them public. now investors are waiting on weighed on the performance Leonard Green’s Sports Au-
Plains, N.Y., had no immediate such as grain. Several private-equity holiday-season sales figures of its private-equity business. thority Inc. skipped an interest
comment. —Dahlia Kholaif backed retailers have carried for signs of a rebound that The owners had hoped to take payment earlier this month
On Thursday, confusion and Jacob Bunge heavy debt loads for years and could open up more options the company public a few and is in talks with its lenders,
over the shipment’s fate de- contributed to this article. long have had doubtful pros- for the retailer. years ago but disagreed over according to Moody’s. The rat-
pects for delivering block- “While our results are still timing, the Journal has re- ings firm downgraded the
buster returns to their owners. not where we’d like them to ported. company’s debt to Caa3, deep
ICP STRATEGIC CREDIT INCOME MASTER FUND LTD However, tougher capital mar- be, we’ve seen an encouraging A KKR spokeswoman de- in junk territory, reflecting a
IN OFFICIAL LIQUIDATION kets in recent months and response to our recent product clined to comment. Spokesmen “high likelihood of default.”
("THE MASTER FUND") consumers’ continued shift to and merchandising strategies,” for Vornado and Bain didn’t Sports Authority has “suffi-
buying online have further Mr. Drexler said on a confer- return calls seeking comment. cient liquidity to conduct its
TAKE NOTICE that concurrent meetings of creditors and contributories of the
Master Fund, registration number 154517, whose registered office is situated at c/o hurt the outlook for some of ence call with analysts in De- Market volatility has made business operations” but
Grant Thornton Specialist Services (Cayman) Ltd., 48 Market Street, 2nd Floor, these investments. cember. it harder for private-equity opted to skip the payment
Suite 4290, Canella Court, Camana Bay, Grand Cayman, Cayman Islands, are to be J. Crew is a case in point. A Leonard Green spokes- backers to sell even relatively amid discussions with credi-
held on Thursday 11 February 2016 at 9:30am at the registered office. The company, owned by Leon- woman didn’t return calls for well-positioned retailers. In tors “to explore options for
Attendance by telephone conference will be available on the dial-in details shown ard Green & Partners LP, TPG comment. TPG declined to late 2015, choppy equity mar- strengthening our balance
below. Those creditors or contributories wishing to attend the meetings by and J. Crew Chairman and comment. kets led luxury retailer Nei- sheet,” a spokeswoman said.
conference call are requested to advise the Liquidators in writing of their intention Chief Executive Millard Likewise, disappointing man Marcus Group Inc. and “Given the lack of liquidity
to do so by no later than 9:30am Monday, 8 February 2016, or you may be unable
to access the call.
“Mickey” Drexler, has lost sales have weighed on Toys grocery chain Albertsons Cos. in the credit markets, the
money for five quarters in a “R” Us, which was acquired by to delay plans to go public. overall level of debt on many
Dial In Number: +1-800-851-3547 row as customer complaints Bain, KKR and Vornado Re- Regulatory moves, mean- retail companies and the
about the fit and styling of its alty Trust in 2005 for $6.6 while, could thwart plans to changing ways in which con-
Conference access code: 1626333
women’s clothing took a toll billion. sell some deeply indebted re- sumers shop, we expect retail
Please note that a proof of debt and proxy (if required) are to be submitted to the
on sales. The retailer posted losses tailers to other private-equity bankruptcies to rise sharply in
Liquidators by returning the completed forms to the registered office or by emailing J. Crew moved toward an of $292 million for 2014, fol- firms. 2016,” said Soren Reynertson,
the documents to phillip.tyrrell@uk.gt.com prior to 9:30am Cayman time Monday, initial public offering in 2014, lowing a $1.04 billion loss the Banks largely have backed managing director at invest-
8 February 2016. Those forms may be obtained from the Liquidators office. about three years after its prior year. Its debt load, down from funding buyout ment bank GLC Advisors &
$2.8 billion buyout, and held meanwhile, has ballooned to deals that would leave a com- Co.
THE WALL STREET JOURNAL. * * * * NY Tuesday, January 26, 2016 | C3
GLOBAL FINANCE
Ohio Banks to Join Forces
Huntington advanced deal talks. tive of Huntington, a lender will make millions of dollars in
The largest U.S. lenders are known for its branches inside charitable donations to the
Bancshares would effectively prohibited by regu- Midwestern grocery stores. He area and commit to preserving
purchase FirstMerit in lators from doing big deals, said his bank first approached jobs there as part of the pro-
but regional banks have FirstMerit late in the spring of posed deal, Mr. Steinour said.
$3.4 billion deal steadily consolidated since the 2015. “We want to be Akron’s bank.”
financial crisis. Columbus-based Hunting- Branch closures will likely
BY EMILY GLAZER These banks face pressure ton, with $71 billion in assets, be a part of the deal, he said,
AND RACHEL LOUISE ENSIGN on profits from regulatory is one of the smaller banks to though jobs will be committed
costs and low interest rates, be subject to the Federal Re- to all branch employees in
Huntington Bancshares factors that have played a role serve’s “stress tests,” which good standing.
said it plans to acquire First- in some of this consolidation. apply to firms with at least Huntington was in ad-
Merit Corp. in a tie-up of two The deal could help the two $50 billion in assets. First- vanced deal talks to buy an-
Ohio-based lenders. Midwestern banks, which both Merit, which is scheduled to other regional bank, First Ni-
The deal was to be formally have long histories in the re- report fourth-quarter earnings agara Financial Group Inc., in
TY WRIGHT/BLOOMBERG NEWS
unveiled late Monday night. gion, boost their overlapping Tuesday, had $25.2 billion in October, people familiar with
The potential merger values footprints as well as spread assets as of Sept. 30. the matter said. Mr. Steinour
Akron-based FirstMerit at the increasingly expensive There were some concerns declined to comment on that
about $3.4 billion in stock and costs of government regula- during the talks about First- prospective deal. KeyCorp
cash, according to Huntington, tions, such as compliance, Merit’s role in Akron, includ- was the eventual buyer of
a premium to its nearly $2.7 over a broader revenue base. ing its substantial employee First Niagara. Key announced
billion market capitalization The proposed merger is “a base in the city and its chari- it was buying First Niagara for
before The Wall Street Journal tremendous strategic fit,” said table giving, a person familiar about $4.1 billion in late Octo-
reported the two sides were in Stephen Steinour, chief execu- with the talks said. Huntington ber. Regional banks like Huntington have been consolidating.
‘Nail in the Coffin’

Among M&A Suits
BY LIZ HOFFMAN Trulia’s action was poised
to, with the company agree-
Delaware’s chief corporate ing to disclose additional in-
judge on Friday delivered the formation about the deal
latest body blow to the and to pay the plaintiffs’
merger-litigation mill. lawyers a fee.
Chancellor Andre Mr. Bouchard said the ad-
Bouchard rejected a settle- ditional information in this
ment to re- case—which mainly ex-
MONEYBEAT solve a law-
suit over the
plained how Trulia’s bankers
decided that Zillow’s offer North America will export more
merger of was financially fair—mostly
real-estate websites Trulia
Inc. and Zillow Inc., finding
it would do nothing for in-
consisted of “trivialities”
that were “not material or
even helpful to Trulia stock-
oil than it imports by 2020.
vestors and enrich only the holders.”
lawyers who brought it. With dimming hopes for
Mr. Bouchard said the Del- easy settlement fees, plain-
aware Court of Chancery, the tiffs’ lawyers are bringing
The global energy landscape is changing dramatically. For
leading U.S. court on corpo- fewer cases. Over the first example, North American oil and natural gas production
rate matters, would be “in- nine months of 2015, 78% of is sending the region’s demand for imports plummeting
creasingly vigilant” when Delaware companies that
asked to sign off on such sold themselves faced at to historic lows. This creates opportunities as well as
pacts. least one lawsuit there, ac- risks. CME Group gives producers and suppliers the
The case, filed 16 months cording to a recent Wall tools they need to capture these opportunities while
ago, had been closely Street Journal analysis. But
watched. While other Dela- since Oct. 1, just 34% of managing risks in volatile oil and natural gas markets.
ware judges have shown mergers have been chal- This is how the energy industry can deliver in the face of
thinning patience with these lenged, after Vice Chancellor ever-changing consumer demand. This is how the world
types of settlements, the J. Travis Laster and others
more-senior Mr. Bouchard on the Delaware Chancery advances. Learn more at cmegroup.com/fuel.
had been reserved in his Court started voicing their
comments from the bench frustration—a club that Mr.
and had yet to reject a set- Bouchard now formally
tlement outright. joins.
“This is really the end of “Disclosure settlements
the easy, automatically ap- are likely to be met with
proved settlement,” said continued disfavor in the fu-
Sean Griffith, a professor at ture,” Mr. Bouchard wrote.
Fordham Law, calling the 42-
page decision “a nail in the MONEYBEAT
coffin.”
Takeover lawsuits in re- Read the
cent years have been virtu-
ally automatic. Few uncov-
ered bad behavior or
WSJ
.COM
continuously
updated look
inside the
recovered money for inves- markets, free
tors. Most settled like online at wsj.com/moneybeat
LEHMAN BROTHERS
Finance J.P. Morgan to Pay
Watch $1.42 Billion in Pact
J.P. Morgan Chase & Co. has
agreed to pay the remnants of
Lehman Brothers Holdings Inc.
$1.42 billion to settle most of
failed investment bank’s lawsuit
ZIONS BANCORP over claims the bank illegally si-
phoned billions of dollars from
Earnings Get Boost Lehman before its collapse.
From Rising Revenue The settlement comes after a
Zions Bancorp said its fourth- federal judge last fall ruled for
quarter earnings rose 2.3% on J.P. Morgan, saying the bank
stronger-than-expected revenue didn’t abuse its leverage as Leh-
and lower expenses. man’s primary clearing bank to
The regional bank also set force the investment bank to
aside more funds to cover en- hand over more collateral in the
ergy loans that it doesn’t expect weeks before its September
to collect as the result of low oil 2008 collapse.
and natural-gas prices. The deal, unveiled Monday
In the latest quarter, Zions’s night in a filing in U.S. Bank-
loan-loss provision reached $22.7 ruptcy Court in New York, re-
million, mostly related to its en- solves the bulk of Lehman’s $8.6
ergy portfolio, compared with billion lawsuit against J.P. Morgan
$11.6 million a year earlier. and the bank’s counterclaims
“We boosted the reserve level against Lehman. It also puts to
in the fourth quarter due to the rest Lehman’s challenges over J.P.
recent additional weakness in Morgan’s closeout of thousands
energy commodity prices, but we of derivatives contracts following
expect that our loan losses from the investment bank’s collapse.
this portfolio should be manage- Although the settlement
able,” Chief Executive Harris Sim- doesn’t resolve all the claims be-
mons said. tween Lehman and J.P. Morgan,
Mr. Simmons also said Zions’s it ends a “significant portion” of
overall credit quality trends re- their disputes, court papers said,
main strong. Excluding the en- and allows the postbankruptcy
ergy loan impacts, net loans and Lehman estate to make a further
leases rose 2% to $728 million $1.5 billion distribution to the in-
from the third quarter. vestment bank’s creditors.
Overall, Zions reported a As Lehman’s chief clearing
profit of $88.2 million, or 43 bank, J.P. Morgan provided cash
cents a share, up from $66.7 mil- advances of up to $100 billion a
lion, or 33 cents a share, a year day to Lehman to facilitate over-
earlier. Revenue increased 2.3% night repurchase, or repo, agree-
to $572.9 million. ments. That role resulted in J.P.
Analysts polled by Thomson Morgan being one of Lehman’s CME Group is a trademark of CME Group Inc. The Globe logo is a trademark of Chicago Mercantile Exchange Inc. All other trademarks are the property of their respective owners.
Reuters expected per-share main adversaries in numerous Copyright © 2016 CME Group. All rights reserved.
profit of 41 cents and revenue of disputes and one of its largest
$567 million. creditors.
—Tess Stynes —Patrick Fitzgerald
C4 | Tuesday, January 26, 2016 * *** THE WALL STREET JOURNAL.
IN THE MARKETS
RED and the first reading on
fourth-quarter economic
growth. The Fed also is set to
meet Tuesday and Wednesday.
Continued from page C1 At the same time, 135 com-
concerns about slowing panies in the S&P 500 are
growth in China, pressure on scheduled to report earnings
emerging markets and the this week, according to Fact-
Federal Reserve’s plan for rais- Set.
ing interest rates have worried In corporate news, home
investors. builder D.R. Horton posted
The S&P 500 fell 29.82 higher profit and revenue as
NICKY LOH/BLOOMBERG NEWS
points, or 1.6%, to 1877.08, orders climbed in the latest

down 8.2% on the year. The quarter. Shares fell $1.31, or
Nasdaq Composite Index 4.7%, to $26.40.
dropped 72.69 points, or 1.6%, McDonald’s fourth-quarter
to 4518.49. results topped expectations,
Demand for haven assets driven in part by the com-
picked up. Treasury prices pany’s move to all-day break-
rose, pushing the yield on the fast. The company reported its
A Tullow Oil vessel in Singapore. The market upheaval is benefiting some hedge funds. 10-year note down to 2.022% best quarterly sales in the U.S.
from 2.052% on Friday, as in nearly four years. Shares
For Some Traders, Rout Is Big Win

bond yields move inversely to rose 80 cents, or 0.7%, to
prices. Gold rose 0.8%, to 119.20.
$1,106.20 a troy ounce. Caterpillar fell 3.07, or 5%,
“The market is going to 57.91, notching the biggest
BY LAURENCE FLETCHER average were down 3.2% this fied fund, which was one of numbers sent to investors, through a turbulent time, and decline in the Dow industrials.
month, after losing money the world’s best-performing said a person who had seen we’re just hunkering down and Goldman Sachs Group cut its
Tumbling oil prices, sharp last year. hedge funds in 2014, was up the figures. That equates to a waiting it out,” said Alan rating on Caterpillar to “sell”
declines in global stocks and On Monday, the S&P 500 7.5% this month through profit of about $280 million. Gayle, director of asset alloca- from “neutral,” as it said it ex-
big moves in currencies have fell 1.6%, and the Stoxx Eu- Thursday, according to data And recently launched Flo- tion at RidgeWorth Invest- pects falling demand from the
been a winning formula this rope 600 dropped 0.6%. from the company, equating rin Court Capital LLP, which ments, which manages $39 bil- energy and mining sectors to
month for a group of com- Among the winners in Jan- to a profit of about $330 mil- manages about $370 million lion. Mr. Gayle doesn’t forecast continue.
puter-driven hedge funds, uary are Man Group PLC’s lion. Its $3 billion AHL Evolu- in assets and was set up by a recession in the U.S., which Elsewhere, the Stoxx Europe
which have made hundreds of $4.4 billion AHL Diversified tion fund has risen 4.7% over former AHL managers, was up is why he doesn’t expect U.S. 600 declined 0.6%.
millions of dol- fund, Aspect Capital Ltd.’s Di- the same period. 6% this month through stocks to go into free fall. Still, In Asia early Tuesday,
HEDGE lars during Jan- versified fund, and Cantab Aspect Capital, which over- Wednesday, having benefited he said he has been trimming Japan’s Nikkei was down 1.8%,
FUNDS uary’s selloff. Capital Partners LLP’s $2.6 sees $5 billion in assets, has from trades in power, com- his exposure to what he views Hong Kong’s Hang Seng Index
The market billion CCP Quantitative fund. seen its Diversified fund gain modities and emerging-mar- as the more volatile parts of was off 1.4% and the Shanghai
upheaval has “Trend-following CTAs are 5.5% this month through ket currencies, said a person the market, including U.S. Composite was down 1%.
provided near-ideal conditions having a good month with Thursday, said a person who familiar with the fund’s per- small-cap stocks and interna-
for commodity trading advis- short energy, long bonds and had seen the numbers, a formance. tional shares.
ers, or CTAs, hedge funds that a mix of currency positions profit of about $275 million. If CTAs hold on to this Meanwhile, stocks have AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
use computer programs to strongly positive so far,” said Aspect Chief Executive An- month’s gains, it would mark been volatile. The S&P 500 All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
guide how they trade. Anthony Lawler, portfolio thony Todd said in an email to one of the biggest monthly re- rose or fell by at least 2% on between that price and the face value.
While the S&P 500 was manager at GAM Holding. The Wall Street Journal that turns since the credit crisis. four days this year, compared 13-WEEK AND 26-WEEK BILLS
down 6.7% this month through Shorting means betting that the fund “continues to benefit Many of these funds strug- with zero days in the same pe- 13-Week 26-Week
Friday and the Stoxx Europe the price of a security will from the downwards trends in gled over the past five years riod a year ago. Applications $112,575,961,700 $94,945,800,400
Accepted bids $34,000,231,200 $28,000,300,400
600 had lost 7.5%, computer- fall, and taking a long position energy prices, and more re- as central-bank stimulus ef- Investors are looking for " noncomp $344,505,200 $414,700,400
driven funds had gained 4% means betting it will rise. cently the weakening of the forts reduced market volatil- clues about whether trouble " foreign noncomp $998,200,000 $900,000,000
Auction price (rate) 99.922903 99.790194
this month through Thursday, He added that wagers on Canadian dollar.” ity and some of the trends overseas could begin to de- (0.305%) (0.415%)
according to early numbers the Japanese yen rising and Another winner is Cantab that such funds like to latch press U.S. growth. Several up- Coupon equivalent 0.310% 0.423%
Bids at clearing yield accepted 66.03% 33.00%
from HFR Inc. Such funds U.K. sterling and emerging- Capital’s $2.6 billion CCP onto disappeared, although dates on the U.S. economy are Cusip number 912796GH6 912796JC4
manage about $260 billion market currencies falling also Quantitative fund, which had tumbling oil prices helped due this week, including data Both issues are dated Jan. 28, 2016. The 13-week bills
globally. had helped. risen 11% this month through such funds return to profit in on the housing market, orders mature on April 28, 2016; the 26-week bills mature on
July 28, 2016.
In contrast, hedge funds on Man Group’s AHL Diversi- Jan. 15, according to the latest 2014. for long-lasting factory goods
Hybrid Funds Set to Start Treasury May Tilt to Bills

BY DAISY MAXEY tors trade ahead of their last year for ETMFs from BY MIN ZENG market. The share hovers yield has dropped from 2.273%
funds. Eaton Vance as well as from around a historical low. at the end of last year. Bond
A new breed of fund with “We are excited about other asset managers that are Investors expect the U.S. At the same time, demand yields fall as their prices rise.
characteristics of both mutual starting to demonstrate” this licensing the design. Treasury to reduce the issu- has been strong for bills, espe- The Treasury has been try-
funds and exchange-traded new structure, said Stephen Mr. Clarke said NextShares ance of bonds maturing in a cially from money-market ing to balance short-term and
funds is set to begin trading Clarke, president of Next- is actively engaged in conver- few years to make room for an funds driven by strengthened long-term funding objectives
in late February. Shares Solutions. sations with a range of securi- increase in supply of shorter- regulations expected to come since the 2008 financial crisis.
But it will be available ini- A big issue for brokerage ties firms. term bills. into effect later this year. Bills Over the past few years, the
tially to most investors only firms, though, is that ETMFs Last year, Envestnet Inc., The changes could come as sold at an interest rate of zero Treasury has been lengthening
through one brokerage firm, are traded differently than which provides online invest- soon as its quarterly refunding since the financial crisis the average maturity of its
as the securities other securities, requiring ment tools, said it would make release due Feb. topped $1 trillion during the debt portfolios by raising
FUNDS industry hasn’t changes in the companies’ the funds available to finan- CREDIT 3, a number of summer of 2015. long-term debt sales. But at
rushed to em- systems. cial advisers on its wealth- MARKETS primary dealer The Treasury is “well posi- the same time, due to an im-
brace the new NextShares investors will management platform. En- banks—which tioned” to meet its funding need proving fiscal outlook, it has
product, known as an ex- place orders during the trad- vestnet has indicated that it is are obligated to in the short term, which gives cut sales in both bills and
change-traded managed fund. ing day to be executed at an waiting for an array of Next- underwrite Treasury-debt them “some room” to cut cou- shorter-dated Treasury notes.
Eaton Vance Stock Next- increment above or below the Shares funds to be available sales—told The Wall Street pon supply and bump up issu- Sales of longer-term debt, in-
Shares, a mutual fund/ETF hy- daily net asset value to be de- before offering them. Journal on Monday. ance of bills, said Mark Cabana, cluding benchmark 10-year
brid developed by Eaton Eighteen NextShares funds The last time the Treasury U.S. rates strategist at Bank of Treasury notes, have been
Vance Corp. subsidiary Next- that Eaton Vance plans to reduced sales of Treasury America Merrill Lynch in New holding steady in recent years.
Shares Solutions LLC, will list
Widespread adoption launch completed the paper- debt maturing from two years York, a primary-dealer bank. Analysts say the tweaking
on the Nasdaq Stock Market of ETMFs is likely work process with regulators to 30 years out was in Novem- Analysts say reduced supply, is likely to be rolled out grad-
under the symbol EVSTC on on Dec. 11. They include a ber 2014, when it decided to on the margin, makes auctions ually given the Treasury has
Friday, Feb. 26, the company
years away at best, broad range of actively man- cut the issuance of two-year easier to absorb by investors. long held a prudent approach
said Monday. one analyst says. aged strategies, including and three-year notes. Some money managers say a in changes of debt sales.
Individual investors, finan- stocks, bonds and multiasset A Treasury spokesman de- cut in supply, which comes as The primary objective is to
cial advisers and institutions funds. Additional fund clined to comment. demand for safer assets has finance the government’s bor-
will be able to trade shares of termined at the end of the launches will start later this The potential shift comes as been rising this month amid rowing needs at the lowest
the diversified stock fund day. Eaton Vance has offered quarter, the company said on the U.S. budget deficit fell last global market turmoil, pro- cost over time. Besides, given
through online brokerage ser- to help brokerages pay for re- Monday. year to the lowest level since vides another reason U.S. long- the important role the U.S.
vices Folio Investing and Folio quired upgrades. In addition, about a dozen 2007, as the economy slowly term bond yields are unlikely bond market plays in global fi-
Institutional beginning on Any widespread adoption asset managers have indicated regains its footing from the to rise sharply any time soon. nance, the Treasury has been
Monday, Feb. 29, Eaton Vance of ETMFs is likely years away they intend to enter into 2008 financial crisis. The “Reduced supply is a plus carefully communicating its
said. Those are services of Fo- at best, said Ben Johnson, di- agreements with NextShares lower fiscal shortfall has re- for the bond market,’’ said Bob plan to investors and dealers,
liofn Inc., based in McLean, rector of global ETF research to offer versions of duced the federal govern- Andres, managing partner at giving market participants
Va. at Morningstar Inc. That’s ETMFs. Some of those offer- ment’s funding needs. Analysts Andres Capital Management time to prepare for changes.
Like exchange-traded funds, partly because there hasn’t ings are likely later this year, project net issuance of Trea- LLC, which manages $700 mil- “It is not going to be all in
ETMFs can potentially offer been widespread interest by Mr. Clarke said. sury debt this year will fall to lion. “People still find Trea- one shot,’’ said Stanley Sun,
low costs and tax efficiency. securities firms and because Eaton Vance Stock Next- the lowest point since 2007. sury bonds a good place to interest-rate strategist at No-
But they won’t disclose hold- of a lack of demand, he said. Shares will invest in the same On top of that, the Treasury hide out. The global economy mura Securities International
ings daily, as almost all ETFs The average investor has underlying portfolio as the has signaled in recent months is going nowhere, and there is in New York, a primary dealer.
do. That may make the prod- likely never heard of Next- firm’s $83 million Eaton Vance that it would provide more li- little inflation.” “They want to minimize im-
uct attractive to asset-man- Shares, and that is likely the Stock Fund, managed by quidity to bills, debt that ma- The yield on the benchmark pacts on markets.”
agement firms that have pre- case with many financial ad- Charles Gaffney. That fund tures in a year or less. There 10-year Treasury note fell to To that end, interest-rate
viously been reluctant to offer visers as well, Mr. Johnson ranks in the top 10% of large- was $1.51 trillion of bills out- 2.022% Monday, from 2.052% strategists say the most likely
an actively managed ETF for said. blend stock funds over the standing at the end of last on Friday, as a renewed selloff candidates for a cut in supply
fear that insight into their ac- Eaton Vance had earlier past 10 years, according to year, an 11% share of the $13.2 in oil raised anxiety over the are still the two-year and
tivity could help other inves- hoped to have trading begin Morningstar. trillion U.S. government-debt global growth outlook. The three-year notes.
China’s Yuan Moves May Slow Group Seeking Greater Ties

BY MARGOT PATRICK by President Xi Jinping and tightly controlled onshore yuan Kong and London in helping to
President Barack Obama to fa- rate set daily by the People’s internationalize the yuan.
Efforts by a group of U.S. cilitate usage of the yuan in the Bank of China. Foreign banks Members, including big
heavyweights to foster closer U.S. trading offshore yuan were or- American and Chinese banks
ties to Chinese markets could be Not on the group’s agenda dered to start placing reserves such as J.P. Morgan Chase &
hampered by China’s moves to last week, but a pressing con- with the central bank, and some Co, Citigroup Inc. and Bank of
control its currency. cern for many banks and com- were forced to temporarily sus- China, formed four work
As China kept markets guess- panies doing yuan business, is pend some trading activities. streams at the meeting. They
STEPHANE MAHE/REUTERS
ing last week on the yuan’s next what further controls China At Wednesday’s meeting, Mr. will consider operating models,
move and future intervention, might put in place to stabilize Bloomberg said the recent vola- identify regulatory issues, look
the Working Group on U.S. RMB the currency. After years of be- tility in China, and the global at possible yuan products and
Trading and Clearing met for ing seen as a one-way upward market reaction, “shows services and assess market de-
the first time in New York last bet against the dollar, the yuan how interconnected the U.S. and mand.
Wednesday to look at ways to has weakened sharply since last Chinese economies are.” The plan is to submit a possi-
encourage more yuan trading year, leading to heavy interven- “That makes the work of this ble road map to U.S. authorities
and clearing in the U.S. tion in recent weeks by China’s Michael Bloomberg is a co-chairman of the U.S. working group. group even more important,” that will make it easier for U.S.
Led by former New York central bank. Mr. Bloomberg said. firms to transact in yuan. Mr.
Mayor Michael Bloomberg as Analysts predict China will ization and tight enforcement of breather,” they said. Renminbi, The meeting, at Bloomberg Bloomberg said trading and
chairman, and with co-chairmen take a pause on its longer-term existing capital controls in the often shortened to RMB, is an- LP’s headquarters, came days clearing yuan in the U.S. “will
that include former Treasury plans to loosen currency con- near term,” analysts at Standard other word for yuan. before reports that Mr. lower transaction costs, in-
secretaries Timothy Geithner trols, putting the future of off- Chartered PLC said in a note Much of the action this Bloomberg is considering enter- crease efficiency, and help build
and Henry Paulson, the meeting shore yuan business in doubt. last week. Recent measures by month by Chinese authorities ing this year’s presidential race. stronger trade and busi-
marked a new turn in China-U.S. “Given persistent large capi- China suggest “that capital ac- centered around the offshore The group was set up in Novem- ness partnerships—all of which
financial cooperation and fol- tal outflows, we expect to see a count opening and renminbi in- yuan, which trades freely out- ber to follow in the footsteps of creates jobs and spurs economic
lowed a September agreement slowdown in FX market liberal- ternationalization will take a side China, in contrast to the financial centers such as Hong growth.”
THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | C5
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
15885.22 t 208.29, or 1.29% Trailing P/E ratio * 15.44 16.66 1877.08 t 29.82, or 1.56% Trailing P/E ratio * 20.69 19.71 4518.49 t 72.69, or 1.58% Trailing P/E ratio * 20.95 24.25
High, low, open and close for each P/E estimate * 14.65 15.58 High, low, open and close for each P/E estimate * 15.38 17.01 High, low, open and close for each P/E estimate * 16.92 18.05
trading day of the past three months. Dividend yield 2.81 2.47 trading day of the past three months. Dividend yield 2.36 1.97 trading day of the past three months. Dividend yield 1.28 1.27
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18000 2100 5170
17500 2050 5020
17000 2000 4870
Session high 65-day moving average

16500 1950 4720
DOWN UP
t
Session open Close 65-day moving average

65-day moving average
Close Open 16000 1900 4570
t
Session low
15500 1850 4420
Bars measure the point change from session's open

15000 1800 4270
Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan. Oct. Nov. Dec. Jan.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT 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 MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,055,645,617 7,404,759
Industrial Average 16086.46 15880.15 15885.22 -208.29 -1.29 18312.39 15666.44 -10.1 -8.8 4.6 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 109,467,257 2,264,209
Transportation Avg 6770.62 6643.71 6651.78 -126.76 -1.87 9178.48 6625.53 -26.4 -11.4 4.3 Most-active issues in late trading Decl. volume* 933,845,681 4,607,000
Utility Average 589.48 582.11 584.04 -5.10 -0.87 652.11 541.97 -9.9 1.1 7.5 Volume After Hours Issues traded 3,219 377
Company Symbol (000) Last Net chg % chg High Low Advances 499 134
Total Stock Market 19545.19 19219.08 19231.53 -325.27 -1.66 22287.78 19071.84 -10.3 -8.9 7.0
Ford Motor F 58,633.6 12.00 0.020 0.167 12.30 11.95 Declines 2,671 230
Barron's 400 469.57 460.55 461.11 -9.39 -2.00 586.75 460.46 -14.8 -10.7 5.6
Huntington Bancshares HBAN 58,007.5 9.00 0.200 2.273 9.15 8.80 Unchanged 49 13
Nasdaq Stock Market Cisco Systems CSCO 22,257.4 23.17 … unch. 23.53 22.90 New highs 17 …
Nasdaq Composite 4590.44 4514.78 4518.49 -72.69 -1.58 5218.86 4471.69 -5.3 -9.8 12.8 General Motors GM 21,461.1 29.23 … unch. 29.55 29.07 New lows 103 6
Nasdaq 100 4268.11 4193.32 -63.24 4719.05 4016.32 -8.6 Closing tick 267 63
4196.53 -1.48 -1.9 15.3 Magna Intl MGA 21,416.0 34.49 0.400 1.17 35.32 33.91
Closing Arms† 1.50 1.03
SPDR S&P 500 SPY 12,776.0 187.63 -0.010 -0.01 207.75 183.79
Standard & Poor's Block trades* 5,567 72
Alcoa AA 11,743.6 6.85 0.05 0.735 7.29 6.47
500 Index 1906.28 1875.97 1877.08 -29.82 -1.56 2130.82 1859.33 -8.8 -8.2 7.7 Nasdaq NYSE Arca
Mkt Vectors Russia Tr SBI RSX 9,907.0 12.84 … unch. 13.40 12.18
MidCap 400 1283.20 1259.86 1261.38 -26.39 -2.05 1549.44 1254.93 -14.3 -9.8 4.8 Total volume* 1,914,600,618 359,039,425
SmallCap 600 613.36 602.26 603.09 -11.88 -1.93 742.13 601.59 -12.6 -10.2 5.9 Percentage gainers… Adv. volume* 346,793,377 60,892,620
RLYP 1,132.9
Decl. volume* 1,558,826,655 297,492,174
Other Indexes Relypsa 22.50 2.88 14.68 24.00 17.16
Issues traded 2,948 1,421
Russell 2000 1019.43 996.04 997.37 -23.29 -2.28 1295.80 994.87 -16.9 -12.2 3.3 Helmerich Payne HP 33.9 49.85 5.92 13.48 49.85 43.93
Advances 741 355
NYSE Composite 9393.54 9258.66 9262.99 -163.92 -1.74 11239.66 9156.84 -14.6 -8.7 1.3 Aratana Therapeutics PETX 24.3 3.60 0.41 12.85 3.60 3.14 Declines 2,149 1,052
Value Line 405.07 395.72 395.92 -9.15 -2.26 522.42 392.58 -20.7 -11.2 0.3 Teck Resources Cl B TCK 31.2 3.72 0.37 10.92 3.75 3.36 Unchanged 58 14
NYSE Arca Biotech 3242.40 3142.72 3147.19 -57.61 -1.80 4431.87 3108.08 -16.1 -17.5 23.3
Jumei International ADR JMEI 13.1 7.16 0.69 10.63 7.16 6.47 New highs 9 4
New lows 118 20
NYSE Arca Pharma 517.15 510.89 511.27 -2.63 -0.51 605.94 502.66 -7.5 -5.6 9.0 ...And losers
Closing tick 257 121
KBW Bank 62.06 60.03 60.10 -2.16 -3.46 80.41 60.10 -13.2 -17.8 3.6 M/A-COM Tech Solutions MTSI 33.3 35.73 -3.38 -8.64 40.98 35.73 Closing Arms† 1.55 1.54
PHLX§ Gold/Silver 42.45 41.23 42.09 1.16 2.85 81.92 38.84 -47.1 -7.1 -34.7 Alcatel-Lucent ADR ALU 130.5 3.68 -0.23 -5.88 4.10 3.55 Block trades* 6,944 1,538
PHLX§ Oil Service 139.98 131.81 131.86 -7.40 -5.31 224.32 128.61 -33.1 -16.4 -18.7 Zafgen ZFGN 152.7 7.57 -0.34 -4.30 7.91 7.42 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 598.22 588.60 589.81 -8.62 -1.44 746.08 559.59 -13.6 -11.1 12.4 Juniper Networks JNPR 265.0 25.09 -1.10 -4.20 26.19 25.09 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 24.31 22.38 1.81 40.74 11.95 32.6 issues with the volume of shares rising and falling. An
24.15 8.10 55.6 23.3 Quest Diagnostics DGX 26.1 63.52 -2.05 -3.13 65.94 62.57 Arms of less than 1 indicates buying demand; above 1
Philadelphia Stock Exchange Sources: SIX Financial Information; WSJ Market Data Group indicates selling pressure.
International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD Latest Session 52-Week Latest Session 52-Week
Region/Country Index Close Net chg % chg % chg Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World The Global Dow 2119.25 –18.78 –0.88 –9.3 EnerNOC ENOC 7.05 2.89 69.47 19.04 2.92 -59.0 OncoMed Pharmaceuticals OMED 10.04 -7.53 -42.86 29.83 9.15 -55.9
The Global Dow Euro 1842.13 –17.70 –0.95 –9.0 DB Commodity Dbl Long DYY 3.13 0.99 46.26 6.50 2.14 -10.6 DXN Dly NatGas 3X Bl GASL 2.25 -1.20 -34.78 247.00 1.53 -98.6
DJ Global Index 280.94 –2.26 –0.80 –8.8 Direxion Natl Gas Bear 3x GASX 87.64 22.64 34.84 158.95 37.50 ... Genesis Healthcare GEN 1.86 -0.89 -32.36 9.32 1.85 -79.1
World DJ Global ex U.S. 191.49 0.18 0.09 –8.9 SGOCO Group SGOC 2.72 0.64 30.77 3.80 1.00 19.3 Code Rebel CDRB 1.94 -0.72 -27.07 44.21 1.90 ...
Amira Nature Foods ANFI 10.75 2.45 29.52 14.56 2.51 -7.9 Ultra Petroleum UPL 1.84 -0.61 -24.90 18.04 1.27 -86.4
Americas DJ Americas 444.58 –7.56 –1.67 –8.8
Closed –12.3 VelocityShares 3x Inv DWTI 358.41 71.11 24.75 484.23 56.32 95.3 Jones Energy Cl A JONE 1.77 -0.57 -24.36 12.60 1.75 -83.2
Brazil Sao Paulo Bovespa 38031.22 …
–6.7
Jinpan Intl JST 5.24 1.02 24.17 5.48 3.12 9.2 VelocityShares 3x Lg UWTI 1.73 -0.50 -22.42 43.20 1.41 -93.4
Canada S&P/TSX Comp 12143.16 –246.42 –1.99
Direxion S&P Oil Gas Br DRIP 133.64 24.03 21.92 192.93 38.00 ... Perfumania Holdings PERF 2.15 -0.61 -22.10 6.00 2.03 -62.6
Mexico IPC All-Share 41476.35 –144.96 –0.35 –3.5
Amer Midstream Partners AMID 6.63 1.06 19.03 19.96 3.80 -63.0 Direxion S&P Oil Gas GUSH 3.26 -0.89 -21.45 41.06 2.43 ...
Chile Santiago IPSA 2817.76 –2.56 –0.09 –4.3
EPIRUS Biopharmaceuticals EPRS 3.28 0.49 17.35 11.75 2.20 -49.1 KapStone Paper Pkg KS 13.76 -3.69 -21.15 35.88 13.46 -57.0
Europe Stoxx Europe 600 336.27 –2.09 –0.62 –8.1
AEterna Zentaris AEZS 3.57 0.51 16.67 88.90 2.60 -93.4 Vanguard Natural Rscs VNR 1.66 -0.44 -20.95 19.50 1.29 -88.9
Euro zone Euro Stoxx 317.67 –1.86 –0.58 –8.0
ProSh Ult Bloom Crude Oil SCO 202.22 28.28 16.26 243.67 50.90 93.7 Ascent Cap Grp Series A ASCMA 10.61 -2.35 -18.13 48.16 10.52 -75.8
Belgium Bel-20 3436.15 –14.84 –0.43 –7.1
Histogenics HSGX 2.68 0.37 16.02 11.01 1.95 -67.9 Discovery Laboratories DSCO 1.78 -0.39 -17.97 25.48 1.78 -91.2
France CAC 40 4311.33 –25.36 –0.58 –7.0 eHi Car Services ADR EHIC 12.46 1.72 16.01 19.00 8.00 32.1 Bon-Ton Stores BONT 1.78 -0.38 -17.59 7.67 1.10 -66.0
Germany DAX 9736.15 –28.73 –0.29 –9.4 Catabasis Pharmaceuticals CATB 6.65 0.84 14.46 16.96 4.96 ... Diamond Resorts Intl DRII 18.41 -3.87 -17.37 35.42 18.19 -35.9
Israel Tel Aviv 1452.93 –11.01 –0.75 –5.0
Italy FTSE MIB 18641.47 –386.95 –2.03 –13.0
Netherlands AEX 418.07 –1.21 –0.29 –5.4 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8567.70 –155.20 –1.78 –10.2 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
Sweden SX All Share 467.82 –1.34 –0.29 –7.4
Switzerland Swiss Market 8253.34 –17.77 –0.21 –6.4 Bank Of America BAC 182,207 101.4 12.96 -4.42 18.48 12.94 SPDR SSgA Ultra Shrt ULST 4,326 43679 40.00 ... 41.00 39.63
–5.9 SPDR S&P 500 SPY 116,907 -13.2 187.64 -1.51 213.78 181.02 WisTree Jpn Real Estate DXJR 2,513 14541 23.54 -2.12 29.60 22.53
U.K. FTSE 100 5877.00 –23.01 –0.39
VelocityShares 3x Lg UWTI 116,110 157.7 1.73 -22.42 43.20 1.41 OncoMed Pharmaceuticals OMED 5,657 3622 10.04 -42.86 29.83 9.15
Asia-Pacific DJ Asia-Pacific TSM 1264.46 14.10 1.13 –9.0 iPath SP 500 VIX Sht Tm VXX 75,407 5.3 26.24 4.96 37.35 15.48 FlexShs Quality Dividend QDF 3,159 3590 32.20 -1.44 37.63 29.23
Australia S&P/ASX 200 5006.60 90.60 1.84 –5.5 Finl Select Sector SPDR XLF 60,366 26.8 20.85 -2.02 25.62 18.52 Fidelity Limited Term Bd FLTB 2,245 3557 50.03 0.44 52.47 48.43
China Shanghai Composite 2938.51 21.95 0.75 –17.0
iShares MSCI Emg Markets EEM 57,347 -12.3 28.83 -1.72 44.19 27.61 iSh Global Cons Discr RXI 2,799 3316 81.73 -1.49 94.68 78.18
Hong Kong Hang Seng 19340.14 259.63 1.36 –11.7
Freeport-McMoRan FCX 50,963 11.0 3.94 ... 23.97 3.52 iShares Global Healthcare IXJ 2,480 3005 96.33 -0.58 113.95 58.64
India S&P BSE Sensex 24485.95 50.29 0.21 –6.2
Apple AAPL 49,989 5.5 99.44 -1.95 134.54 92.00 iShares Dow Jones U.S. IYY 1,287 2233 93.22 -1.57 108.00 53.68
Japan Nikkei Stock Avg 17110.91 152.38 0.90 –10.1
iShares MSCI Japan ETF EWJ 49,003 16.5 11.05 -2.13 13.35 10.64 Brookfield TR Fund HTR 841 2191 22.14 5.53 25.14 20.17
Singapore Straits Times 2582.64 5.55 0.22 –10.4 Mkt Vectors Gold Miners GDX 45,230 -15.7 13.38 2.69 22.93 12.40 CorpBanca ADR BCA 1,287 1881 10.88 -2.68 18.99 10.58
South Korea Kospi 1893.43 14.00 0.74 –3.5
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Taiwan Weighted 7894.15 137.97 1.78 –5.3 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
30-year mortgage, Rate US$vs, US$vs,
A consumer rate against its Mon YTDchg Mon YTDchg
benchmark over the past year 5.00% 10% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.78%
4.00 WSJ Dollar index
s Americas Thailand baht .02785 35.910 –0.3
Pacific Finance Group, LLC 3.50% 5 Vietnam dong .00004468 22381 1.0
4.00% Bothell, WA Argentina peso .0727 13.7550 6.3
t 425-354-5602 3.00 Europe
0 Brazil real .2445 4.0903 3.3
30-year fixed-rate Garden State Home Loans 3.63% Canada dollar .6996 1.4294 3.3 Czech Rep. koruna .04015 24.905 0.1
3.00 2.00
mortgage Cherry Hill, NJ (609) 216-7912 –5 Chile peso .001384 722.70 2.0 Denmark krone .1454 6.8787 0.1
s s Colombia peso .0002942 3399.25 7.1 Euro area euro 1.0850 .9217 0.1
2.00 Sebonic Financial 3.63% Monday 1.00
t
t
–10 Euro Yen Ecuador US dollar 1 1 unch Hungary forint .003474 287.86 –0.9
One year ago
t
10-year Treasury Warminster, PA 877-721-6763

0.00 Mexico peso .0538 18.6033 8.2 Iceland krona .007644 130.83 0.5
note yield 1.00 Camelot Mortgage Group, Inc. 3.75% –15
Peru new sol .2885 3.466 1.5 Norway krone .1142 8.7590 –0.9
1 3 6 1 2 3 5 710 30 2015 ‘16
Franktown, CO 303-814-2310 Uruguay peso .03222 31.0400 3.8 Poland zloty .2424 4.1251 5.1
0.00 month(s) years Venezuela b. fuerte .158603 6.3051 unch Russia ruble .01248 80.110 11.4
FMAM J J A S O N D J Eagle Lending Corporation 3.75%
maturity Asia-Pacific Sweden krona .1167 8.5658 1.4
2015 Alpharetta, GA 678-455-0797 Switzerland franc .9873 1.0129 1.1
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .6955 1.4378 4.8
Turkey lira .3310 3.0214 3.6
China yuan .1519 6.5814 1.4
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0404 24.7790 3.3
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1283 7.7948 0.6
UK pound 1.4249 .7018 3.4
India rupee .01476 67.755 2.3
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000721 13876 0.3 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008453 118.30 –1.7 Bahrain dinar 2.6558 .3765 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002615 382.36 12.9 Egypt pound .1277 7.8317 unch
Libor, 3-month 0.62 0.62 0.25 l 0.62 0.32
Macau pataca .1246 8.0287 0.3 Israel shekel .2518 3.9710 2.0
Money market, annual yield 0.27 0.27 0.25 l 0.42 -0.24 Treasury, Ryan ALM 1435.568 1.673 1.672 1.957 1.305 0.165 2.392
Malaysia ringgit .2334 4.2854 –0.4 Kuwait dinar 3.2887 .3041 0.2
Five-year CD, annual yield 1.33 1.36 1.33 l 1.53 0.01 10-yr Treasury, Ryan ALM 1727.693 2.022 2.035 2.480 1.669 –1.672 2.623 New Zealand dollar .6454 1.5494 5.9 Oman sul rial 2.5977 .3850 unch
30-year mortgage, fixed† 3.78 3.82 3.72 l 4.22 0.14 DJ Corporate 341.907 3.413 3.354 3.462 2.633 –1.972 2.225 Pakistan rupee .00953 104.885 unch Qatar rial .2746 3.642 unch
15-year mortgage, fixed† 3.02 3.07 2.94 l 3.42 0.03 Aggregate, Barclays Capital 1843.580 2.440 2.420 2.630 1.920 –0.001 1.969 Philippines peso .0208 48.003 2.4 Saudi Arabia riyal .2667 3.7501 –0.1
Jumbo mortgages, $417,000-plus† 4.37 4.44 4.00 l 4.97 0.21 Singapore dollar .6993 1.4300 0.8 South Africa rand .0604 16.5430 6.9
High Yield 100, Merrill Lynch 2328.211 8.241 8.307 8.696 5.016 –6.923 0.155 South Korea won .0008335 1199.70 2.0
Five-year adj mortgage (ARM)† 3.28 3.34 3.14 l 4.00 0.30 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1924.230 2.600 2.600 2.900 2.280 1.855 2.507 Sri Lanka rupee .0069180 144.55 0.2
New-car loan, 48-month 3.20 3.23 2.71 l 3.33 0.57 Taiwan dollar .02982 33.532 1.9 WSJ Dollar Index 91.66 0.04 0.04 1.65
Muni Master, Merrill 503.932 1.609 1.617 2.099 1.475 2.586 2.828
HELOC, $30,000 4.98 4.98 4.24 l 4.98 0.37
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 661.085 6.997 7.062 7.128 5.679 –0.366 –0.515 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 430.93 -5.22 -1.20 584.70 420.23 -19.58 -5.04

ONLINE
WSJ
Reuters-Jefferies CRB 160.46 -3.34 -2.04 231.77 156.32 -25.73 -8.97
Crude oil, $ per barrel 30.34 -1.85 -5.75 61.43 26.55 -32.80 -18.09
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.158 0.019 0.89 3.02 1.76 -25.10 -7.66
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1106.20 9.00 0.82 1291.70 1050.80 -13.54 4.33
WSJMarkets.com
C6 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
BIGGEST 1,000 STOCKS

WSJ.com/stocks
How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades Gildan GIL 25.72 -1.01 ManulifeFinancial MFC 12.78 -0.44 RELXADR RELX 17.11 -0.10 TransCanada TRP 32.17 -0.95 ArchCapitalGroup ACGL 66.04 0.73 LinnEnergy LINE 0.98 -0.30
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. GlaxoSmithKlineADR GSK 39.68 -0.35 MarathonOil MRO 8.14 -0.88 RPM RPM 38.47 -0.93 TransdigmGrp TDG 220.13 -2.70 AthenaHealth ATHN 143.54 -0.37 lululemonathletica LULU 57.63 -0.40
The list comprises the 1,000 largest companies based on market capitalization. GlblPymts GPN 57.66 -1.20 MarathonPetroleum MPC 40.77 -2.06 RalphLaurenA RL 106.53 -0.44 TransUnion TRU 24.48 -0.25 AtlassianClA TEAM 23.67 -0.94 Markit MRKT 27.97 -0.33
Underlined quotations are those stocks with large changes in volume compared with the issue’s GoDaddyClA GDDY 29.42 0.25 MarineHarvestADR MHG 13.08 0.14 RangeResources RRC 24.90 -1.60 TravelersCos TRV 102.08 -1.06 Autodesk ADSK 47.97 -1.06 MarriottInt A MAR 60.12 -2.34
average trading volume. Goldcp GG 10.27 0.13 Markel MKL 841.59-17.14 t RayJamFnl RJF 42.80 -2.66 TurkcellIletismADR TKC 8.26 0.06 ADP ADP 80.09 -1.02 Mattel MAT 26.74 0.50
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous t GoldmanSachs GS 151.12 -5.74
closing price was $2 or higher.
Marsh&McLennan MMC 51.57 -0.72 Raytheon RTN 118.57 0.15 TurquoiseHillRscs TRQ 1.78 ... AvagoTech AVGO 124.49 -0.02 MaximIntProducts MXIM 31.63 -0.56
GraceWR GRA 85.05 -1.14 MrtnMarMat MLM 117.36 -6.24 RealogyHoldings RLGY 32.48 -0.75 Twitter TWTR 17.02 -0.82 BaiduADR BIDU 167.54 -3.63 Medivation MDVN 36.57 -1.08
Footnotes: listing standards vj-In bankruptcy or
s-New 52-week high. lf-Late filing receivership or being Grainger GWW 185.53 -1.70 Masco MAS 25.37 -0.20 RealtyIncome O 53.89 -0.15 TycoInternational TYC 34.15 3.56 BedBath BBBY 43.39 -0.30 MelcoCrownEntADR MPEL 13.40 -0.52
t-New 52-week low. q-Temporary exemption from reorganized under the GpoAeroportuarADR PAC 78.79 0.64 MasterCard MA 86.77 -1.23 RedHat RHT 71.74 -0.72 TylerTechnologies TYL 158.18 -4.52 Biogen BIIB 262.10 -6.82 MercadoLibre MELI 100.37 -0.78
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities GpoAvalAccionesADR AVAL 6.15 -0.22 McCormick MKC 80.94 -0.75 RegencyCtrs REG 69.56 -0.37 TysonFoodsClA TSN 51.29 0.07 BioMarinPharm BMRN 85.01 0.35 MichaelsCos. MIK 21.35 -0.76
recent four quarters. t-NYSE bankruptcy assumed by such companies. GpFinSantandMexADR BSMX 7.26 -0.19 McCormickVtg MKC/V 80.99 -0.44 RegionsFinancial RF 7.57 -0.36 UBSGroup UBS 16.15 -0.51 BlackBerry BBRY 6.82 -0.19 MicrochipTech MCHP 43.20 0.06
FD-First day of trading. v-Trading halted on primary GrupoTelevisaADR TV 25.90 -0.60 s McDonalds MCD119.20 0.80 ReinsuranceGrp RGA 79.86 -0.59 UDR UDR 35.41 -0.30 Broadcom BRCM 54.05 0.01 MicronTechnology MU 10.48 -0.59
h-Does not meet continued market.
HCAHoldings HCA 65.58 -0.24 McGrawHillFin MHFI 83.87 -1.63 RenaissanceRe RNR 109.88 -1.65 UGI UGI 32.29 -0.80 CA CA 26.25 -0.48 Microsoft MSFT 51.79 -0.50
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HCP HCP 36.64 -0.32 McKesson MCK 170.17 -0.01 RepublicServices RSG 42.41 -0.52 UltraparPartADR UGP 13.75 -0.33 CBOE Holdings CBOE 63.35 -1.36 t Middleby MIDD 83.74 -4.43
changes in the closing prices from 4 p.m. the previous day. HDFCBankADR HDB 55.51 0.66 MeadJohnNutr MJN 68.91 -1.25 ResMed RMD 58.66 1.09 UnderArmour A UA 68.16 -2.63 CDKGlobal CDK 42.94 -0.36 MondelezIntlClA MDLZ 40.20 -1.40
HP HPQ 9.49 -0.31 Mednax MD 68.54 0.11 RestaurantBrands QSR 33.59 -1.16 UnileverADR UN 42.66 0.02 CDW CDW 37.95 -0.40 MonsterBeverage MNST 140.09 -4.07
Monday, January 25, 2016 Net Net HSBCHoldingsADR HSBC 33.53 -1.02 Medtronic MDT 75.70 -0.22 ReynoldsAmer RAI 46.89 0.59 UnileverADR UL 42.11 -0.15 CH Robinson CHRW 62.72 -1.51 Mylan MYL 52.62 -0.49
Net Stock Sym Close Chg Stock Sym Close Chg
Halliburton HAL 29.28 -0.91 Merck MRK 50.92 -0.43 RioTinto ADR RIO 22.83 -0.94 UnionPacific UNP 68.79 -1.20 CMEGroupClA CME 84.64 -0.13 NXP Semi NXPI 72.38 -2.34
Stock Sym Close Chg Hanesbrands HBI 29.08
s Baxalta BXLT 41.62 -0.18 CrownCastl CCI 81.19 -0.43 -0.17 MetLife MET 43.00 -1.19 RiteAid RAD 7.71 -0.09 UnitedContlHldgs UAL 46.44 -0.28 CSX CSX 21.97 -0.45 Nasdaq NDAQ 56.60 -1.13
BaxterIntl BAX 36.05 -0.02 CrownHoldings CCK 45.00 -1.27 HarleyDavidson HOG 40.09 -0.64 MettlerToledo MTD 316.02 -0.23 RobHalfIntl RHI 42.85 -0.61 UtdParcel B UPS 89.42 -0.48 CadenceDesign CDNS 18.87 -0.65 NetApp NTAP 21.22 -0.29
NYSE BectonDickinson BDX 144.90 0.14 CubeSmart CUBE 30.21 -0.11 HarmanIntlInds HAR 77.85 -0.32 MichaelKorsHldgs KORS 36.73 -1.68 Rockwell ROK 90.66 -0.92 UnitedRentals URI 54.64 -3.10 Carlyle CG 12.91 -0.64 NeteaseADR NTES 158.48 4.98
ABBADR ABB 16.32 -0.22 Berkley WRB 47.95 -1.24 Cummins CMI 84.05 -2.36 Harris HRS 84.13 0.07 s MidAmApt MAA 92.53 1.05 RockwellCollins COL 80.48 -3.96 US Bcp USB 38.29 -1.08 CaseysGenStores CASY 115.55 -2.36 Netflix NFLX 99.12 -1.60
ADTCorp. ADT 28.83 -0.28 t BerkHathwy A BRK/A 187001-4394.99 DDR Corp DDR 16.37 0.12 HrtfrdFnl HIG 37.63 -1.08 MindrayMedADR MR 26.85 0.04 RogerComm B RCI 34.84 -0.26 US Steel X 6.92 -0.32 Celgene CELG 106.70 -2.11 Neurocrine NBIX 48.59 -1.78
AES AES 8.74 -0.43 t BerkHathwy B BRK/B 124.13 -2.91 DTEEnergy DTE 80.76 -0.57 HealthNet HNT 65.79 -1.02 MitsubishiUFJADR MTU 5.20 -0.18 RollinsInc ROL 25.86 -0.24 UnitedTech UTX 84.90 -1.45 Cerner CERN 56.18 -1.20 NewsCorpClA NWSA 12.50 -0.20
Aflac AFL 56.55 -0.72 BestBuy BBY 27.07 -0.20 Danaher DHR 84.38 -0.97 Helmerich&Payne HP 43.93 -3.10 MizuhoFinancialADR MFG 3.47 -0.11 RoperTechnologies ROP 166.09 -2.43 UnitedHealthGroup UNH 113.38 -0.95 CharterComms CHTR 172.34 -2.38 NewsCorpClB NWS 12.82 -0.22
AGLResources GAS 63.44 -0.39 BioMedRealtyTrust BMR 23.81 0.01 Darden DRI 61.47 -0.46 Herbalife HLF 45.25 -0.96 MobileTeleSysADR MBT 6.02 -0.15 RoyalBkCanada RY 46.97 -2.00 UniversalHealthB UHS 108.46 0.94 CheckPointSoftware CHKP 75.45 0.02 t NorthernTrust NTRS 58.79 -1.63
AT&T T 35.00 -0.14 BlackKnightFinSvcs BKFS 29.90 0.05 DaVitaHlthcrPtrs DVA 65.95 -0.94 Hershey HSY 83.77 -1.48 MohawkIndustries MHK 164.43 -2.56 RoyalBkScotlandADR RBS 7.24 -0.31 UnumGroup UNM 27.37 -0.65 CincinnatiFin CINF 54.16 -0.82 NorwegianCruise NCLH 47.32 -0.66
AbbottLabs ABT 39.66 -0.37 BlackRock BLK 289.72-10.84 Deere DE 71.78 -2.83 HertzGlobal HTZ 9.33 -0.42 MolsonCoors B TAP 87.60 -1.30 RoyalCaribbean RCL 83.37 -2.39 VEREIT VER 7.31 -0.07 Cintas CTAS 81.85 -0.59 NuanceComms NUAN 17.66 -0.51
AbbVie ABBV 58.65 -0.18 BlackstoneGroup BX 25.03 -1.18 DelhaizeGroupADR DEG 24.63 -0.32 Hess HES 34.38 -3.95 Monsanto MON 87.32 -4.55 RoyalDutchADRA RDS/A 39.51 -0.92 VF VFC 57.85 -0.24 CiscoSystems CSCO 23.17 -0.20 NVIDIA NVDA 28.42 -0.03
AccentureClA ACN 101.75 -0.49 BlockHR HRB 32.47 -0.22 DelphiAutomotive DLPH 64.28 -0.76 HewlettPackardEnt HPE 13.34 -0.01 Moodys MCO 86.75 -1.67 RoyalDutchADRB RDS/B 39.55 -0.83 VISAClA V 71.74 -0.96 CitrixSystems CTXS 66.05 -1.39 OReillyAuto ORLY 243.89 4.45
AcuityBrands AYI 192.38 -7.19 BdwlkPipePtnr BWP 10.22 -0.30 DeltaAir DAL 45.94 -0.82 HiltonWorldwide HLT 17.42 -0.85 MorganStanley MS 24.98 -0.63 SAPADR SAP 78.31 0.04 VailResorts MTN 123.18 -1.38 CognizantTechSolns CTSH 60.92 0.41 OldDominionFreight ODFL 51.33 -1.27
AdvanceAuto AAP 144.72 0.29 Boeing BA 124.01 -0.60 t DeutscheBank DB 17.87 -1.19 HollyFrontier HFC 33.84 -2.31 t Mosaic MOS 22.40 -1.45 SINOPECShanghaiADR SHI 38.95 -0.44 ValeADR VALE 2.15 -0.12 Comcast A CMCSA 54.21 -1.12 OpenText OTEX 46.72 0.20
AdvSemiEnggADR ASX 5.13 -0.05 BoozAllenHamilton BAH 28.96 -0.61 DevonEnergy DVN 22.77 -2.86 HomeDepot HD 121.71 -1.05 MotorolaSolutions MSI 62.42 0.38 SKTelecomADR SKM 18.45 -0.06 ValeantPharmIntl VRX 92.63 4.03 CommScopeHldg COMM 21.71 -0.81 Paccar PCAR 45.71 -0.82
AegonADR AEG 5.55 -0.17 t BorgWarner BWA 28.23 -0.85 DiageoADR DEO 104.81 -1.70 HondaMotorADR HMC 27.88 -0.84 NTTDoCoMoADR DCM 19.83 -0.20 SLGreenRealty SLG 101.66 -0.45 ValeroEnergy VLO 65.14 -2.72 CoStarGroup CSGP 170.97 -7.37 PacWestBancorp PACW 34.19 -2.09
AerCapHoldings AER 30.80 -2.15 BostonProperties BXP 117.81 -1.39 DigitalRealtyTrust DLR 75.72 0.96 Honeywell HON 96.48 -1.34 NVR NVR 1561.09 16.58 Salesforce.com CRM 69.92 -1.63 Valspar VAL 74.28 -0.95 CostcoWholesale COST 150.78 -2.91 PaneraBreadClA PNRA 184.38 0.62
Aetna AET 105.43 -2.15 BosSci BSX 17.53 -0.32 DiscoverFinSvcs DFS 47.59 -1.00 HormelFoods HRL 75.52 -0.46 NationalGridADR NGG 68.13 -0.31 SanofiADR SNY 41.09 -0.35 Vantiv VNTV 43.67 -1.03 Ctrip.comIntlADR CTRP 42.92 -0.01 Paychex PAYX 47.41 -0.78
AffiliatedManagers AMG 128.18 -6.35 BristolMyers BMY 62.92 -1.48 Disney DIS 95.29 -1.61 DR Horton DHI 26.40 -1.31 NtlOilwellVarco NOV 29.69 -1.54 SantanderCnsmrUSA SC 13.20 -0.27 VarianMed VAR 75.55 -0.78 DISHNetworkClA DISH 47.06 -2.04 PayPalHoldings PYPL 31.47 -0.22
AgilentTechs A 37.61 -0.37 BrixmorPropertyGrp BRX 25.52 -0.24 DollarGeneral DG 72.18 0.32 HostHotels&Resorts HST 13.57 -0.23 NtlRetailProp NNN 41.76 0.14 SasolADR SSL 23.14 -0.83 Ventas VTR 54.98 -0.52 Dentsply XRAY 57.43 -0.09 t People'sUnitedFin PBCT 13.64 -0.30
AgnicoEagleMines AEM 27.90 0.62 BdridgeFnlSol BR 51.53 -0.32 DominionResources D 69.56 -0.20 HuanengPowerADR HNP 30.93 -1.33 NetSuite N 67.92 -3.76 SCANA SCG 60.54 -0.63 Verizon VZ 47.03 -0.01 Dexcom DXCM 72.66 -1.36 PilgrimPride PPC 21.45 -0.21
Agrium AGU 84.77 -3.03 BrookfieldMgt BAM 28.36 -0.52 Dominos DPZ 110.73 -0.87 Hubbell HUBB 86.74 -1.71 NewOrientalEducADR EDU 29.40 -0.19 Schlumberger SLB 63.30 -1.90 VipshopHldgsADR VIPS 13.62 -0.21 DiamondbackEnergy FANG 62.08 -4.09 Premier PINC 31.91 -0.16
AirProducts&Chems APD 116.31 -2.66 BrookfieldInfr BIP 32.82 -0.30 DouglasEmmett DEI 28.47 -0.21 Humana HUM 163.29 -2.93 NY CmntyBcp NYCB 14.51 -0.35 SchwabC SCHW 25.17 -0.66 VMware VMW 48.76 -0.74 DiscoveryCommsA DISCA 26.25 -0.65 PricelineGroup PCLN 1097.93-20.18
Airgas ARG 137.91 -0.69 BrownFormanClA BF/A 101.59 0.79 Dover DOV 53.06 -0.23 HuntingtonIngalls HII 121.86 -1.00 Newell NWL 37.13 0.16 ScrippsNetA SNI 58.61 -0.43 VornadoRealtyTrust VNO 90.16 -0.61 DiscoveryCommsC DISCK 25.92 -0.51 Qiagen QGEN 22.83 0.17
AlaskaAirGroup ALK 69.79 -3.07 BrownFormanClB BF/B 92.14 -0.05 DowChemical DOW 42.18 -1.04 HyattHotels H 37.13 -1.53 NewMarket NEU 359.94 -6.27 SealedAir SEE 38.97 -1.99 VoyaFinancial VOYA 29.84 -0.44 DollarTree DLTR 76.60 -0.66 Qorvo QRVO 39.76 -1.30
Albemarle ALB 49.98 -1.31 BuckeyePartners BPL 53.80 -2.24 DrPepperSnap DPS 91.01 0.46 ICICIBankADR IBN 6.92 0.02 NewmontMining NEM 17.67 0.99 SempraEnergy SRE 92.07 -1.54 VulcanMaterials VMC 82.89 -2.48 DunkinBrands DNKN 37.91 -0.53 Qualcomm QCOM 47.58 -0.49
AlcatelLucentADR ALU 3.91 -0.07 Bunge BG 59.03 -0.90 DrReddysLabADR RDY 42.04 -0.49 t IHSClA IHS 96.56 -2.07 NextEraEnergy NEE 106.42 -0.18 ServiceCp SCI 23.25 -0.74 WABCO Hldg WBC 85.65 -1.90 E Trade ETFC 23.43 -0.63 QunarCaymanIslADR QUNR 44.19 1.10
Alcoa AA 6.80 -0.07 CBRE Group CBG 27.30 -1.45 DuPont DD 52.99 -1.75 IMSHealthHoldings IMS 23.06 -0.17 Nidec ADR NJ 16.58 -0.37 ServiceMasterGlb SERV 39.65 -0.11 WECEnergyGroup WEC 53.21 -0.41 t EastWestBancorp EWBC 32.95 -1.50 RandgoldRscsADR GOLD 65.61 -0.06
AlexREEq ARE 77.47 -0.83 CBSClA CBS/A 51.03 -0.03 DukeEnergy DUK 71.80 -0.38 INGGroepADR ING 11.47 -0.39 NielsenHoldings NLSN 44.73 -0.58 ServiceNow NOW 76.10 -0.57 W.P.Carey WPC 56.33 -0.73 eBay EBAY 26.14 -0.29 RegenPharm REGN 473.12 -9.87
AlibabaGroupADR BABA 69.72 -0.65 CBSClB CBS 46.29 -0.65 DukeRealty DRE 19.39 -0.13 Invesco IVZ 28.65 -0.83 NikeClB NKE 60.70 -0.18 ShawCom B SJR 16.54 -0.43 Wabtec WAB 62.58 -1.61 ElectroArts EA 69.92 0.56 RossStores ROST 53.62 -0.52
Alleghany Y 450.94-10.89 CFIndustries CF 28.60 -1.36 EMC EMC 23.98 -0.47 ITCHoldings ITC 39.04 -0.41 NipponTelegraphADR NTT 39.43 -0.16 SherwinWilliams SHW 244.14 -5.87 WalMart WMT 63.45 0.76 EndoInternational ENDP 57.84 -0.71 RyanairHoldingsADR RYAAY 80.42 -2.26
Allegion ALLE 59.19 -0.77 CGI Gp A GIB 38.63 -0.12 ENIADR E 27.64 -0.80 IDEX IEX 68.33 -1.69 s NiSource NI 20.38 0.10 ShinhanFinADR SHG 30.80 -0.42 WasteConnections WCN 58.53 -0.54 Equinix EQIX 299.93 2.88 SBACommunications SBAC 93.71 -0.31
Allergan AGN 295.95 -2.09 t CIT Grp CIT 29.35 -1.63 EOG Res EOG 61.59 -4.43 IllinoisToolWorks ITW 81.05 -1.11 NobleEnergy NBL 27.27 -1.76 SignetJewelers SIG 118.71 -3.83 WasteMgt WM 52.24 -0.74 EricssonADR ERIC 9.33 -0.01 SEIInvestments SEIC 43.76 -1.16
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AllncBrnstnHldg AB 19.04 -0.71 t CNAFinancial CNA 31.85 -0.48 EQTMidstreamPtrs EQM 62.68 -3.32 Ingersoll-Rand IR 48.82 -1.64 NomuraHoldingsADR NMR 5.06 -0.07 SimonPropertyGroup SPG 185.15 -2.17 WeatherfordIntl WFT 5.65 -0.72 Expedia EXPE 105.21 -1.91 SVBFinancialGroup SIVB 95.09 -9.31
AlliantEnergy LNT 62.36 -0.76 CNOOCADR CEO 90.66 -2.12 EastmanChemical EMN 60.76 -1.80 Ingredion INGR 88.51 0.45 Nordstrom JWN 46.87 -1.15 SixFlagsEnt SIX 47.95 -1.36 WellsFargo WFC 47.66 -1.36 ExpeditorsIntl EXPD 43.10 -0.55 Sabre SABR 25.31 -0.67
Allstate ALL 57.70 -0.83 CRHADR CRH 26.08 -0.45 EatonCorp.PLC ETN 47.27 -1.24 ICE ICE 248.77 -2.51 NorfolkSouthern NSC 67.73 -0.86 SkechersUSAClA SKX 27.24 -0.24 Welltower HCN 66.75 -1.00 ExpressScriptsHldg ESRX 72.31 0.08 SanDisk SNDK 61.74 -5.68
AllyFinancial ALLY 15.33 -0.40 CSRA CSRA 26.50 -1.35 Ecolab ECL 103.26 -1.73 InterContinentlADR IHG 32.45 -0.80 NorthropGrumman NOC 181.83 -2.28 SmithAO AOS 64.16 -1.44 WestarEnergy WR 41.02 -0.64 F5Networks FFIV 93.92 0.15 t SeagateTechnology STX 26.40 -1.53
AltriaGroup MO 58.40 0.12 CVSHealth CVS 94.07 -1.57 EcopetrolADR EC 5.58 -0.59 IBM IBM 122.08 -0.42 Novartis ADR NVS 81.62 -0.62 Smith&NephewADR SNN 32.40 -0.46 WesternGasEquity WGP 28.02 -0.31 FacebookClA FB 97.01 -0.93 SeattleGenetics SGEN 37.65 0.04
AlumofChinaADR ACH 7.38 -0.11 Cablevision CVC 31.10 -0.25 EdgewellPersonal EPC 71.88 0.19 IntFlavor IFF 110.40 -3.67 NovoNordiskADR NVO 55.26 0.52 Smucker SJM 121.85 -1.04 WesternGasPartners WES FAST 36.82 -1.16 ShireADR SHPG 180.81 -1.46
32.87 -1.44 Fastenal
AmbevADR ABEV 4.09 -0.02 t InternationalPaper IP 32.58 -3.87 NUE 34.86 -0.50 SnapOn SNA153.43 0.33 WesternUnion WU
CabotO&G COG 18.40 -1.14 EdisonInt EIX 59.92 0.19 Nucor 16.94 -0.47 t FifthThirdBancorp FITB 15.01 -0.93 SignatureBank SBNY 128.66 -6.70
Ameren AEE 42.67 -0.28 Calpine CPN 13.35 -1.16 EdwardsLife EW 80.20 1.36 Interpublic IPG 21.73 -0.41 NuSTAREnergy NS 30.20 -0.85 SOQUIMICH ADR SQM 15.23 -1.18 WestlakeChemical WLK 43.78 -1.98 FirstSolar FSLR 64.14 -2.30 SiliconwareADR SPIL 7.69 ...
AmericaMovilADR AMX 12.60 -0.38 CamdenPropertyTr CPT 71.65 -0.50 Embraer ADR ERJ 26.67 -0.51 IronMountain IRM 25.27 -0.24 OGEEnergy OGE 24.54 -0.24 SonyADR SNE 21.13 -0.61 WestpacBankingADR WBK 21.14 -0.16 Fiserv FISV 90.16 -1.33 SiriusXMHoldings SIRI 3.65 -0.08
AmCampus ACC 40.24 -0.20 Cameco CCJ 11.18 -0.41 EmersonElectric EMR 42.29 -0.88 IsraelChemicals ICL 3.90 -0.14 ONEOK OKE 23.62 -1.48 Southern SO 47.39 0.04 t WestRock WRK 32.11 -5.63 FlextronInt FLEX 9.36 -0.16 SironaDental SIRO 103.81 -0.51
AEP AEP 57.75 -0.78 CameronIntl CAM 59.11 -1.47 EmpresaNacADR EOC 35.53 -1.00 ItauUnibancoADR ITUB 5.62 -0.13 ONEOKPartners OKS 26.16 -1.10 SoCopper SCCO 23.49 -0.13 Weyerhaeuser WY 24.51 -0.91 Fortinet FTNT 27.21 -0.54 SkyworksSolutions SWKS 65.59 -1.44
AmericanExpress AXP 55.02 -0.04 CampbellSoup CPB 54.61 -0.04 EnbridgePtnr EEP 15.73 -1.23 JPMorganChase JPM 55.66 -1.29 OccidentalPetrol OXY 61.79 -2.01 SowestAir LUV 38.20 -0.80 Whirlpool WHR 133.22 -0.36 FrontierComms FTR 4.19 -0.17 Splunk SPLK 48.66 -1.57
AmericanFinancial AFG 67.14 -1.13 CM 59.97 -2.25 Enbridge ENB 31.55 -1.90 JacobsEngineering JEC 36.72 -0.69 Och-ZiffCapMgmt OZM 4.96 -0.25 SpectraEnergy SE 26.36 -1.03 WhiteWaveFoods WWAV 36.38 -0.41 Garmin GRMN 33.20 -0.64 Staples
CIBC SPLS 8.68 -0.23
AmericanIntl AIG 55.36 -0.99 CanNtlRlwy CNI 49.13 -0.63 Encana ECA 3.61 -0.48 JamesHardieADR JHX 11.18 -0.08 OldRepublic ORI 17.67 -0.41 SpectraEnergyPtrs SEP 40.94 -1.97 Williams WMB 18.31 -1.43 GileadSciences GILD 90.61 -1.22 Starbucks SBUX 57.71 -1.46
AmericanTowerREIT AMT 91.12 -2.13
CndNatRes CNQ 17.45 -0.96 EngyTrnsfrEqty ETE 9.17 -0.46
Jarden JAH 50.80 0.06 OmegaHealthcare OHI 33.95 -0.41 SpectrumBrndsHldgs SPB 89.60 -2.24 WilliamsPartners WPZ 22.14 0.69 Goodyear GT 27.81 -0.68 Stericycle SRCL 116.91 -1.04
AmericanWaterWorks AWK 61.44 -1.00
CanPacRlwy CP 113.80 -3.00 EnergyTransfer ETP 26.52 0.18 JohnsJohns JNJ 96.40 -0.35 OmnicomGroup OMC 69.88 -0.73 SpiritAeroSystemsA SPR 44.35 -0.40 WilliamsSonoma WSM 51.31 -0.98 Grifols ADR GRFS 15.01 0.06 Symantec SYMC 18.82 -0.65
Amerigas APU 36.63 0.17
CanonADR CAJ 27.70 -0.54 Enerplus ERF 2.45 -0.22
JohnsonControls JCI 34.21 -1.39 OpkoHealth OPK 7.96 -0.28 SpiritRealtyCap SRC 9.63 -0.16 WiproADR WIT 11.26 -0.12 HDSupplyHoldings HDS 24.84 -1.16 Synopsys SNPS 41.12 -0.58
AmerprsFncl AMP 90.32 -2.93 JonesLangLaSalle JLL 134.84 -5.71 Oracle ORCL 34.34 -0.46 Sprint S 2.52 -0.35 HAS 70.91 -2.00 TDAmeritrade AMTD 28.46 -0.58
t CapOneFnl COF 58.66 -2.44 EnersisADR ENI 11.10 -0.25 WooriBankADR WF 21.16 -0.18 Hasbro
AmeriSrcBrg ABC 91.27 0.27
CardinalHealth CAH 81.20 -0.39 EnLinkMidstream ENLK 12.67 -0.25
JoyGlobal JOY 8.88 -0.14 OrangeADR ORAN 16.92 -0.21 StJudeMedical STJ 54.16 -0.61 Workday WDAY 67.37 -2.10 HenrySchein HSIC 144.70 -1.87 TFSFinancial TFSL
16.79 -0.16
Ametek AME 45.90 -1.01
Carlisle CSL 79.47 -0.62 Entergy ETR 67.58 -1.15 JuniperNetworks JNPR 26.19 0.07 OrbitalATK OA 89.12 1.88 StanCorpFinancial SFG 114.33 -0.09 WyndhamWorldwide WYN 63.78 -3.28 Hologic HOLX 35.69 0.48 T-MobileUS TMUS 37.89 0.04
AmphenolClA APH 48.18 -0.52 KARAuctionServices KAR 33.07 -0.49 OrixADR IX 65.46 -0.41 StanleyBlDck SWK 93.61 -0.38 XL Group XL 34.74 -0.57 JBHunt JBHT 68.83 0.61 TRowePrice TROW 65.41 -2.02
CarMax KMX 44.98 -0.87 EntPdtsPtnr EPD 21.37 -0.21
AnadarkoPetroleum APC 32.31 -3.17
CCL 48.80 -0.77 EnvisionHealthcare EVHC 23.15 -0.29 KBFinancialGrpADR KB 24.19 -0.12 OwensCorning OC 44.34 -0.58 StarwoodHotels HOT 60.51 -2.48 XcelEnergy XEL 36.53 -0.10 HuntingtonBcshs HBAN 8.80 -0.35
Carnival TeslaMotors TSLA 196.38 -6.17
AnheuserBuschADR BUD 121.29 0.30
Carnival ADR CUK 51.15 -0.66 Equifax EFX 104.14 -0.70 KKR KKR 13.40 -1.01 PG&E PCG 51.61 -0.75 StarwoodPrTr STWD 17.73 -0.35 Xerox XRX 9.10 0.03 IACInteractv IAC 51.26 -2.18 TexasInstruments TXN 50.08 -0.22
AnnalyCap NLY 8.89 -0.12 KTADR KT 11.45 0.08 PNC FnlSvcs PNC 82.73 -3.01 StateSt STT 54.22 -1.61
Carters CRI 92.64 0.42 s EquityLife ELS 67.27 0.27 Xylem Inc. XYL 33.74 -0.29 IdexxLab IDXX 65.87 -0.49 TractorSupply TSCO 83.52 -1.32
AnteroResources AR 23.06 -0.84 KSCitySo KSU 65.20 -2.21 POSCOADR PKX 34.89 1.29 StatoilADR STO 11.90 -0.61 YPFADR YPF 14.28 -0.45 IPG Photonics IPGP 79.93 -1.56 TrimbleNavigation TRMB 18.79 -0.64
Caterpillar CAT 57.91 -3.07 EqResdntl EQR 78.20 0.48 STE 69.41 -0.15
Anthem ANTM 138.67 -2.73 Kellogg K 70.51 -1.10 PPG 91.11 -2.05 Steris
Celanese A CE 59.64 -1.44 EssexProp ESS 223.11 -1.74
PPG Ind YanzhouCoalADR YZC 3.92 -0.09 IcahnEnterprises IEP 52.90 -1.35 TripAdvisor TRIP 69.49 -1.16
Aon AON 85.74 -0.67 KeyCp KEY 10.85 -0.47 PPL PPL 33.76 -0.25 STMicroelectronics STM 6.28 -0.03 YoukuTudouADR YOKU ILMN 174.48 -2.23 21stCenturyFoxClA FOXA
APA 37.43 -1.95 CemexADR CX 3.97 -0.39 EsteeLaudr A EL 83.47 -2.22 KilroyRealty KRC 56.28 SYK 94.41 0.50 27.21 -0.01 Illumina 26.00 -0.38
Apache -0.43 PVH Corp. PVH 67.58 -2.25 Stryker INCY 78.31 -1.09 21stCenturyFoxClB FOX
ApartmtInv AIV 37.67 -0.09 CencosudADR CNCO 5.56 -0.36 EvrstReGrp RE 170.36 -2.08 KimberlyClark KMB122.69 -4.03 t PackCpAm PKG 50.19 -7.47 SumitomoMitsADR SMFG 6.62 -0.15
YumBrands YUM 67.39 -1.59 Incyte 26.00 -0.41
EversourceEnergy ES 51.64 0.06 24.44 -0.17 Intel INTC 29.60 -0.32 UltaSalon ULTA
CenovusEnergy CVE 12.14 -0.45 ZayoGroupHoldings ZAYO 175.66 -4.07
ApolloGlobalMgmtA APO 13.24 -0.56 KimcoRealty KIM 26.19 -0.39 PaloAltoNetworks PANW 146.57 -1.93 SunLifeFinancial SLF 26.75 -0.95
Centene CNC 61.38 -1.71
Exelon EXC 27.16 -0.87 ZimmerBiomet ZBH 99.06 -0.09 InteractiveBrokers IBKR 31.80 -1.36 UltimateSoftware ULTI 172.06 -7.47
AquaAmerica WTR 29.58 -0.21 ExtraSpaceStorage EXR 87.60 0.25 KinderMorgan KMI 14.19 -1.15 ParkerHannifin PH 88.12 -1.70 SuncorEnergy SU 20.98 -1.14 INTU 91.73 -1.88 UnitedTherapeutics UTHR
CenterPointEnergy CNP 17.10 -0.68 Zoetis ZTS 43.20 -0.20 Intuit 126.94 -2.50
Aramark ARMK 31.18 -0.54 ExxonMobil XOM 73.98 -2.59 KingDigitalEnt KING 17.92 0.01 PartnerRe PRE 139.89 -0.18 SunocoLogistics SXL 20.78 0.29 IntuitiveSurgical ISRG 558.22 -7.89
CenturyLink CTL 23.76 -0.04 VeriSign VRSN 74.62 -0.59
ArcelorMittalADR MT 3.54 -0.03 FMC FMC 33.65 -1.60 Kohl's KSS 47.36 -0.80 PearsonADR PSO 10.64 -0.22 t SunTrustBanks STI 34.12 -1.15 NASDAQ IonisPharma IONS 46.19 0.72
ArcherDan ADM 32.43 -0.80 Chevron CVX 80.89 -2.65 VeriskAnalytics VRSK 69.95 -1.19
FMCTechnologies FTI 23.38 -0.93 KoninklijkePhilADR PHG 24.63 -0.04 PembinaPipeline PBA 20.60 -0.94 SynchronyFinancial SYF 28.48 -0.58 JD.comADR JD 27.03 -0.24
ChinaEasternAirADR CEA 25.33 0.94 VertxPharm VRTX 92.12 -2.59
AristaNetworks ANET 59.90 -4.43 FactSetResearchSys FDS 144.71 -1.16 KoreaElcPwrADR KEP 21.16 0.18 Pentair PNR 43.58 -0.52 SyngentaADR SYT 70.40 -0.46 AMCNetworks A AMCX 72.60 -2.18 JackHenry JKHY 77.38 -0.94
ArrowElec ARW 48.66 -0.47 ChinaLifeInsADR LFC 12.20 -0.32 SYY 39.10 -0.49 Ansys ANSS 84.80 -2.00 JazzPharma JAZZ 131.40 -1.42 Viacom A VIA 44.93 -0.97
FedRlty FRT 148.86 -1.43 Kroger KR 36.67 -0.45 PepcoHoldings POM 26.34 0.08 Sysco
ChinaMobileADR CHL 53.28 -0.59 Viacom B VIAB 42.03 -1.18
Ashland ASH 95.68 -2.03 FedEx FDX 126.04 -1.52 KyoceraADR KYO 42.04 -1.91 PepsiCo PEP 95.94 0.09 TEConnectivity TEL 56.37 -1.63 ARMHoldingsADR ARMH 42.89 -0.04 JetBlue JBLU 21.57 0.06
Assurant AIZ 78.11 -1.36 ChinaPetroleumADR SNP 53.39 -1.39
Ferrari RACE 40.24 -1.61 LBrands LB 95.27 -0.65 PerkinElmer PKI 48.39 -0.74 TEGNA TGNA 23.27 -0.15 ARRISInternational ARRS 26.77 -0.07 KLA Tencor KLAC 64.65 -0.44 VimpelComADR VIP 3.00 -0.11
AstraZenecaADR AZN 31.55 0.07 ChinaSoAirlinesADR ZNH 29.88 0.61
FiatChryslerAutos FCAU 7.10 -0.19 LGDisplayADR LPL 8.94 -0.18 Perrigo PRGO 149.06 0.48 TELUS TU 25.91 -0.64 ASMLHolding ASML 89.72 -0.64 KeurigGreenMtn GMCR 88.91 -0.24 VodafoneGroupADR VOD 30.99 -0.59
AtmosEnergy ATO 63.84 -0.18 ChinaTelecomADR CHA 43.20 -0.68
FibriaCelulose ADR FBR 10.58 -0.31 L-3Communications LLL 110.27 -1.29 PetroChinaADR PTR 57.32 -2.01 TERNIUMADR TX 10.70 -0.59 AcadiaHealthcare ACHC 59.44 -0.64 KraftHeinz KHC 74.03 -0.36 WPPADR WPPGY 103.78 -1.69
ALV 112.30 1.37 ChinaUnicomADR CHU 10.56 -0.13 LabCpAm LH 110.99 PetroleoBrasilADR PBR 2.92 -0.11 TJX TJX 68.76 -0.19 ActivisionBliz ATVI 34.73 -1.19 LKQ WalgreensBootsAll WBA 78.71 -2.13
Autoliv FidNtlFnl FNF 31.57 -0.47 -1.97 LKQ 26.06 -0.71
AutoNation AN 45.18 -0.48 ChipotleMex CMG 442.17 -8.59
FNFVGroup FNFV 8.90 -0.59 LasVegasSands LVS 39.11 0.08 t PetroleoBrasilADRA PBR/A 1.99 -0.11 TableauSoftware DATA 77.75 -3.59 AdobeSystems ADBE 86.77 -2.86 LamResearch LRCX 68.00 -0.72 t WesternDigital WDC 42.47 -2.28
AutoZone AZO 728.52 0.20 Chubb CB 108.00 -2.04 Lazard LAZ 35.13 -0.96 Pfizer PFE 30.50 -0.21 TaiwanSemiconADR TSM 21.79 -0.14 AkamaiTechnologies AKAM 45.70 -1.21 LamarAdvertisingA LAMR 54.87 -1.35 WholeFoods WFM 28.85 -1.57
FidelityNtlInfo FIS 58.85 -0.60
Avalonbay AVB 174.27 -0.06 ChunghwaTelecomADR CHT 30.31 -0.03 LearCorp LEA 100.08 -1.37 PhilipMorrisIntl PM 86.68 -0.19 Target TGT 68.92 -0.80 AlexionPharm ALXN 154.54 -4.61 LibertyBroadbandA LBRDA 47.35 -0.88 WillisTowersWatson WLTW 110.12 -1.83
58.comADR WUBA 56.74 0.32
Avangrid AGR 37.05 -0.94 Church&Dwight CHD 79.45 -1.62 Leggett&Platt LEG 39.35 -0.04 PhilippineLgDisADR PHI 42.55 0.08 TaroPharm TARO 149.01 0.68 AlignTechnology ALGN 60.39 -0.56 LibertyBroadbandC LBRDK 47.22 -1.07 WynnResorts WYNN 61.00 1.83
FirstRepublicBank FRC 63.29 -2.73
AveryDennison AVY 58.16 -2.58 Cigna CI 135.85 -2.05 LennarClA LEN 40.60 -1.61 Phillips66 PSX 76.23 -3.80 TataMotorsADR TTM 24.49 -0.63 Alkermes ALKS 35.94 -0.22 LibertyGlobalClA LBTYA 33.84 0.14 Xilinx XLNX 47.50 -0.22
FirstEnergy FE 31.82 -0.46
Aviva ADR AV 13.20 -0.45 CimarexEngy XEC 75.60 -8.77 FleetCorTechs FLT LennarClB LEN/B 33.31 -1.41 PiedmontNaturalGas PNY 57.95 -0.02 TaubmanCtr TCO 70.63 -1.06 AlnylamPharm ALNY 75.52 -0.60 LibertyGlobalClC LBTYK 32.70 -0.01 Yahoo YHOO 29.78 0.03
119.01 -4.65
Avnet AVT 38.84 -0.27 Citigroup C 39.55 -1.51 FlwrsFoods FLO 19.92 -0.81 LennoxIntl LII 116.03 -2.69 t
PinnacleFoods PF 41.31 -0.78 TecoEnergy TE 26.98 -0.06 AlphabetClA GOOGL 733.62-11.84 LibertyGlbLiLACAWi LILA 33.84 -0.23 ZionsBancorp ZION 20.39 -1.12
AxaltaCoatingSys AXTA 23.51 -0.06 t CitizensFinancial CFG 19.79 -0.99 LeucadiaNational LUK 16.48 -0.35 PinnacleWestCap PNW 63.75 -0.35 TelecomItaliaADR TI/A 9.06 -0.35 AlphabetClC GOOG 711.67-13.58 LibertyGlbLiLACClC LILAK 35.80 -0.59 Zynga ZNGA 2.38 -0.02
Flowserve FLS 35.92 -1.10
AxisCapital AXS 52.62 -0.44 Clorox CLX 125.04 -1.78 Fluor FLR 42.35 -0.54 Level3Comm LVLT 46.75 -1.07 PioneerNaturalRscs PXD 107.75 -5.75 TelecomItaliaADR TI 10.98 -0.44 Amazon.com AMZN 596.53 0.15 LibertyInteractQVC QVCB 24.95 0.05
t BB&T BBT 31.11 -0.84 Coach COH 30.35 -2.08 FomentoEconMexADR FMX 87.91 0.19 EliLilly LLY 81.71 -0.77 PlainsAllAmPipe PAA 19.76 -1.23 Teleflex TFX 134.76 -1.16 Amdocs DOX 52.15 -0.53 LibertyInteractQVC QVCA 24.71 -0.56 NYSE MKT
BCE BCE 38.64 -0.49 CocaCola KO 42.16 0.10 FootLocker FL 64.47 -0.73 LincolnNational LNC 38.53 -1.06 PlainsGPHldgsClA PAGP 8.15 -0.21 TelefonicaBrasADR VIV 8.21 -0.13 Amerco UHAL 350.00 -7.46 LibertyVenturesA LVNTA 38.50 -1.17 BritishAmTobADR BTI 103.41 -0.47
BHPBillitonADR BHP 20.75 -0.73 Coca-ColaFemsaADR KOF 65.09 -0.56 FordMotor F 11.98 -0.16 LinkedInA LNKD 193.54 -5.92 PlumCrk PCL 39.12 -1.37 TelefonicaADR TEF 10.11 -0.17 AmericaMovilClAADR AMOV 12.58 -0.33 LibertyMediaA LMCA 35.33 -0.57 CheniereEnergy LNG 29.39 -2.23
BHPBillitonADR BBL 18.32 -0.39 CocaColaEnt CCE 45.62 0.28 ForestCityRealtyA FCE/A 19.44 -0.09 LiveNationEnt LYV 21.81 -0.31 PolarisIndustries PII 80.34 -1.61 TelekmIndonesiaADR TLK 46.06 -0.74 AmerAirlinesGrp AAL 38.88 -1.28 LibertyMediaC LMCK 34.00 -0.76 CheniereEngyPtnr CQP 22.71 -0.62
BPADR BP 29.47 -0.88 ColgatePalmolive CL 63.93 -0.68 ForestCityRealtyB FCE/B 19.44 -0.15 LloydsBankingADR LYG 3.66 -0.22 t PotashCp POT 14.84 -1.25 TenarisADR TS 19.38 -0.92 AmeriCapAg AGNC 16.29 -0.36 LinearTechnology LLTC 40.84 -0.89 ImpOil IMO 27.64 -1.39
BRFADR BRFS 11.38 -0.14 ColumbiaPipeline CPGX 17.25 -0.50 FortBrandsHomeSec FBHS 47.54 -1.00 LockheedMartin LMT 211.01 -1.03 Praxair PX 96.13 -1.96 Tesoro TSO 85.72 -5.01 Amgen AMGN 153.43 -2.65
BTGroupADR BT 33.66 -1.63 t Comerica CMA 32.04 -1.63 Franco-Nevada FNV 34.21 -0.79 PrecisionCastparts PCP 231.21 -0.27 TesoroLogistics TLLP 42.46 -2.62 AmTrustFinSvcs AFSI 54.49 -1.07
42.55 0.09 Loews L
ConAgraFoods CAG 39.08 -1.17 FranklinResources BEN 32.53 -1.51
BakerHughes BHI 39.18 -2.86
Ball BLL 66.63 -2.13 ConchoResources CXO 80.68 -5.19 Freeport-McMoRan FCX 3.94 ...
Lowe's LOW 69.90
LuxotticaGroupADR LUX 60.82
-0.60
-0.69
PrincipalFinancial PFG 37.23 -0.83 TevaPharmADR TEVA 63.17 -0.09 AnalogDevices ADI 51.05 -0.33
Procter&Gamble PG 76.85 -0.51 Textron TXT 36.83 -0.62 Apple AAPL 99.44 -1.98
Key Interest Rates
BancoBilbaoVizADR BBVA 6.26 -0.25 ConocoPhillips COP 34.20 -3.47 FreseniusMedADR FMS 41.96 0.81 LyondellBasell LYB 75.84 -2.65 ProgressiveCorp PGR 29.50 -0.45 ThermoFisherSci TMO 134.73 -0.58 AppliedMaterials AMAT 16.91 -0.14 Data postpone due to inclement weather.
BancodeChileADR BCH 57.92 -1.36 ConEd ED 67.81 -0.16 Gallagr AJG 36.88 -0.77 t M&T Bnk MTB 101.79 -2.79 ProgressWasteSol BIN 27.63 -0.19 ThomsonReuters TRI 35.84 -0.67
BcoSantChileADR BSAC 16.54 -0.46 ConstBrands A STZ 148.25 -0.51 Gap GPS 23.06 -0.60 MGMResortsIntl MGM 18.89 -0.45 Prologis PLD 38.22 -0.37 3M MMM 137.57 -1.95
BancoSantanderADR SAN 4.12 -0.20
BanColombiaADR CIB 26.61 -1.82
ConstBrands B STZ/B149.98 1.10 Gartner IT
ContinentalRscs CLR 17.04 -2.45 Gazit-Globe GZT 7.90 0.29
83.28 -0.84 MPLX
MSCI
MPLX 27.53
MSCI 66.31
-2.26
-0.68
PrudentialFin PRU 67.88 -1.99 Tiffany TIF 60.93 -0.72
PrudentialADR PUK 37.04 -1.21 TimeWarnerCable TWC 179.80 -2.24
Borrowing Benchmarks | WSJ.com/bonds
t BankAm BAC 12.96 -0.60 Cooper COO 125.51 -2.34 GenDynam GD 124.60 -1.77 Macerich MAC 77.74 -0.96 PublicServiceEnt PEG 38.98 -0.89 TimeWarner TWX 69.75 -1.14
GLW 16.76 -0.34 GenElec
BkMntrl BMO 50.25 -1.83
BankNY Mellon BK 34.67 -0.48
Corning
CotyClA
GE 28.04 -0.20
COTY 22.45 -0.45 GeneralGrowthProp GGP 26.92 0.11
MacquarieInfr MIC 63.12
Macys M 39.32
-0.95
-2.03
PublicStorage PSA 247.51 -0.22 t Toll Bros
PulteGroup PHM 15.91 -0.69 Torchmark TMK 52.22 -0.88
TOL 26.95 -1.26
Money Rates January 25, 2016
BkNovaScotia BNS 37.08 -1.37 Credicorp BAP 90.27 -0.82 GeneralMills GIS 54.80 -0.53 MagelnPtnrs MMP 58.88 -2.84 Qihoo360Technology QIHU 71.43 -0.21 TorontoDominionBk TD 35.15 -1.34
BarclaysADR BCS 10.39 -0.60 CreditSuisseADR CS 17.33 -0.51 GeneralMotors GM 29.23 -0.05 MagnaInt MGA 34.09 -1.08 QuestDiag DGX 65.57 -0.37 TotalADR TOT 41.34 -1.44
Key annual interest rates paid to borrow or lend money in U.S. and
Bard CR BCR 184.10 1.03 CrescentPntEnrg CPG 8.97 -0.89 Genpact G 23.74 -0.33 Mallinckrodt MNK 63.47 -0.83 QuintilesTransnat Q 63.00 -0.61 TotalSystemSvcs TSS 45.23 -0.25 international markets. Rates below are a guide to general levels but
BarrickGold ABX 9.27 0.69 CrestwoodEquity CEQP 12.31 -1.08 GenuineParts GPC 79.30 -0.43 ManpowerGroup MAN 72.63 -1.31 RELXADR RENX 16.00 -0.17 ToyotaMotorADR TM 113.41 -2.54 don’t always represent actual transactions.
Inflation Other short-term rates

New Highs and Lows | WSJ.com/stocks Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Dec. index
level
Chg From (%)
Nov. '15 Dec. '14 Latest
Week
ago
52-Week
high low
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock DirexRgBanksBear3X WDRW 63.35 12.5 BancFstOK BANF 51.14 -4.0 LegacyTexasFin LTXB 17.86 -5.6 U.S. consumer price index Call money
Market stocks that hit a new 52-week intraday high or low in the latest session. ProShShtS&PRegBkg KRS 29.08 5.2 BostonPrivateFinl BPFH 9.34 -3.9 LombardMedical EVAR 0.61 -9.5
% CHG-Daily percentage change from the previous trading session. All items 236.525 –0.34 0.7 2.25 2.25 2.25 2.00
BostonPrvtFnl Wt BPFHW 3.50 -10.5 Maiden7.25%PfdB MHLDO 46.85 -1.8
Monday, January 25, 2016 NYSE Arca lows - 20 CPICardGroup PMTS 7.34 0.9 MaidenHoldings MHLD 12.43 -3.6
Core 243.779 –0.12 2.1 Commercial paper
52-Wk % 52-Wk % 52-Wk % CSOPFTSEChinaA50 AFTY 12.00 -2.2 CRAInternational CRAI 17.23 -4.6 MatthewsIntlClA MATW 45.00 -1.8 30 to 270 days n.q. ... ... ...
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 20.90 -2.0 CVBFinancial CVBF 14.05 -1.8 MercerIntl MERC 7.04 -6.2
International rates
Commercial paper (AA financial)
ChinaXiniyaFashADR XNY 1.12 -3.1 KBR KBR 13.05 -5.7 DirexionMSCIEurCur HEGE 29.79 -1.1 CapitalCityBank CCBG 12.83 -3.7 Middleby MIDD 83.47 -5.0 Week 52-Week
NYSE highs - 17 CitizensFinancial CFG 19.73 -4.8 KpStnPaprPckg KS 13.46 -21.1 DirexRgBanksBull3X DPST 17.83 -11.7 Cardtronics CATM 29.97 -3.8 Misonix MSON 7.73 -4.0 Latest ago High Low
90 days 0.57 0.56 0.64 0.06
AllianceCal AKP 14.32 -0.6 ClearwaterPaper CLW 36.74 -6.9 KronosWorldwide KRO 3.98 -5.2 ETFSZacksEarnSCUS ZSML 18.95 -6.5 Charles&Colvard CTHR 0.85 ... MyoKardia MYOK 8.57 -1.1 Euro commercial paper
Baxalta BXLT 42.38 -0.4 ClubCorpHoldings MYCC 12.39 -4.1 LaSalleHotelPfI LHOpI 22.84 -0.2 ETRACSAlerianMLP AMUB 14.94 -11.8 Chiasma CHMA 9.04 -3.9 NMIHoldingsClA NMIH 4.70 -8.0 Prime rates 30 day n.q. n.q. -0.02 -0.12
BlkRkCA MI Tr BFZ 16.15 -0.3 Comerica CMA 31.92 -4.8 LeggMason LM 29.44 -5.5 FlexSharesCurrHdg TLEH 20.35 -1.2 ChinaNaturalRscs CHNR 0.97 -0.1 NakedBrandGroup NAKD 2.16 -16.7 U.S. 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09
CoreSiteRealty COR 61.63 1.4 ComericaWt CMA/WS 8.12 -12.0 M&T Bnk MTB 101.51 -2.7 iPathAIGCarbon GRN 6.05 0.1 CodeRebel CDRB 1.90 -27.1 NephroGenex NRX 0.81 -12.9 Canada 2.70 2.70 3.00 2.70 Three month n.q. n.q. 0.01 -0.08
DRDGOLDADR DRD 2.63 8.3 CostamarePfdB CMREpB 11.62 -0.2 MGIC Inv MTG 5.63 -10.2 iPathGEMSIndexETN JEM 27.40 -0.4 CogentixMedical CGNT 1.08 -6.1 NorthernTrust NTRS 58.74 -2.7 Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00
EduRltyTr EDR 38.79 -0.4 CostamarePfdC CMREpC 12.47 -5.9 ModineMfg MOD 6.05 -6.6 iShiBoxx$InvGrCpBd LQD 113.19 -0.1 CombiMatrix CBMX 0.42 -15.4 OldNtlBcp ONB 11.25 -3.3 Five month n.q. n.q. 0.03 0.01
EquityLife ELS 68.14 0.4 CostamarePfdD CMREpD 12.41 -9.4 Mosaic MOS 22.16 -6.1 iShiBondsMar2020Cp IBDC 102.81 -0.5 ConnectOneBancorp CNOB 16.54 -2.5 OncoMedPharm OMED 9.15 -42.9 Policy Rates Six month n.q. n.q. 0.04 0.02
GabelliDivInco pfD GDVpD 27.00 0.9 Cubic CUB 39.52 -2.7 NLIndustries NL 2.01 -9.5 JPMDivReturnEurope JPEU 47.58 -2.4 Conns CONN 13.03 -9.2 OpGen OPGN 1.42 -12.3 Euro zone 0.05 0.05 0.05 0.05
McDonalds MCD 121.90 0.7 CullenFrostBankers CFR 42.41 -4.8 MVInvG FltRt FLTR 24.56 -0.1 ContraFectWtClA CFRXW 0.68 2.0 PCM PCMI 8.24 -3.0 0.50 0.50 0.50
Libor
OFGBancorp OFG 4.87 -11.3 Switzerland 0.50
MidAmApt MAA 92.94 1.1 DtscheBkTrII DXB 24.89 -1.1 PackCpAm PKG 49.90 -13.0 MeidellTacticalAdv MATH 25.63 -0.6 DAVIDsTEA DTEA 9.58 -0.6 People'sUnitedFin PBCT 13.62 -2.2 Britain 0.50 0.50 0.50 0.50 One month 0.43060 0.42550 0.43060 0.16800
NewJerseyResources NJR 34.81 -1.4 DeutscheBank DB 17.84 -6.2 PartyCityHoldco PRTY 8.93 -4.8 PS KBW Banks KBWB 30.89 -3.4 DigiInternational DGII 8.48 -1.8 People'sUtahBncp PUB 14.91 -3.4 Australia 2.00 2.00 2.50 2.00 Three month 0.62130 0.61960 0.62430 0.25210
NiSource NI 20.43 0.5 DeutscBkTruPS DTK 25.43 -1.5 PennyMacFinSvcsClA PFSI 11.28 -5.9 PS KBW Regional Bk KBWR 34.29 -4.0 DscvryLbs DSCO 1.78 -18.0 PeoplesBancorpOH PEBO 16.34 -4.4 Six month 0.86570 0.84905 0.86570 0.35540
NuvAZ Prm NAZ 15.64 0.4 DeutschBkTruPS DKT 26.10 -1.5 PetroleoBrasilADRA PBR/A 1.99 -5.2 ProShares RAFI L/S RALS 38.02 0.1 DragonWaveWt DRWIW 0.01 ... PwrShSP SmMatr PSCM 25.41 -3.9 Overnight repurchase One year 1.15290 1.14510 1.17800 0.61790
NuvGA Fd2 NKG 13.82 0.4 DiamondResortsIntl DRII 18.19 -17.4 PotashCp POT 14.64 -7.8 ProShrUltSh3-7YrTr TBZ 26.89 -1.4 EastWestBancorp EWBC 32.89 -4.4 PremierExhibitions PRXI 0.50 -6.6 U.S. 0.46 0.44 0.50 0.07 Euro Libor
ONEGas OGS 53.00 -0.7 Domtar UFS 30.52 -6.9 ProsperityBcshs PB 33.57 -6.4 SPDRS&PBank KBE 27.59 -4.0 ElevenBiotherap EBIO 0.36 -5.5 QAD Cl A QADA 18.14 -4.3
PPLCapFundingNts PPX 26.59 -0.6 DynegyPfdA DYNpA 38.19 -9.7 SPDRS&PRegionalBkg KRE 34.21 -4.2 EmmComm pfA EMMSP 1.70 -8.1 QCHoldings QCCO 0.54 -44.4 One month -0.226 -0.224 -0.003 -0.226
RadianGroup RDN 9.30 -8.5 U.S. government rates Three month -0.166 -0.147 0.034 -0.166
TN Vly Parrs TVC 25.68 1.2 ENSCO ESV 8.81 -7.4 Ferroglobe GSM 7.61 1.5 QIWIADR QIWI 13.06 -7.0
EldoradoGold EGO 1.87 -7.9
RayJamFnl RJF 42.65 -5.9 NYSE MKT highs - 0 FifthThirdBancorp FITB 14.90 -5.8 RenewableEnergy REGI 6.15 -5.7 Discount Six month -0.089 -0.065 0.097 -0.089
NYSE lows - 103 Enersys ENS 47.70 -8.6
RedwoodTrust RWT 9.87 -3.2
FirstMerchants FRME 21.34 -2.4 ReprosThrptcs B Wt RPRXZ 0.06 -37.5 1.00 1.00 1.00 0.75 One year 0.020 0.046 0.239 0.020
AmericanAxle AXL 12.42 -5.8 EngilityHoldings EGL 12.89 -6.8
ResoluteForestProd RFP 5.53 -13.9 NYSE MKT lows - 6 FirstMidwestBncp FMBI 14.56 -3.9 Resonant RESN 1.84 -7.7
RivernorthOppsFund RIV 18.96 -1.6 Federal funds Euro interbank offered rate (Euribor)
AmEqtyLf AEL 16.74 -5.4 EssentGroup ESNT 16.57 -5.5 B2Gold BTG 0.60 -4.6 FirstNBCBankHldg FNBC 28.65 -3.8 SMTC SMTX 1.14 -4.4
SaratogaInvestment SAR 13.51 -4.2 One month -0.231 -0.222 0.005 -0.231
AmRltyInv ARL 3.89 -1.7 EverBankFin EVER 12.80 -3.2 ERBADiagnostics ERB 0.95 -9.5 FrstTrNASD ComBk QABA 33.02 -3.4 SPIEnergyADR SPI 11.34 -10.7 Effective rate 0.4000 0.3800 0.4000 0.0600
EveriHoldings EVRI 2.79 -16.0
SeventySevenEnergy SSE 0.33 -23.4 Three month -0.155 -0.142 0.055 -0.155
AspenAerogels ASPN 4.69 -9.1 IncoOppRlty IOT 5.85 3.1 FirstMerit FMER 15.33 -4.4 Sajan SAJA 3.20 3.1 High 0.5600 0.5625 0.5900 0.2500
AspenInsHldg pfA AHLpA 23.90 FNB 11.16 -4.1
StifelFinancial SF 31.96 -5.7 Six month -0.077 -0.054 0.138 -0.077
-1.2 FNB Cp TejonRanchWt TRC/WS 0.00 -20.0 FlexCredScoreUSLg LKOR 49.12 -0.1 SalemMediaGroup SALM 3.76 -2.3 Low 0.3400 0.3400 0.3500 0.0100
AssociatedBanc ASB 15.45 FirstBanCorp FBP 2.06 -9.6 SunTrustBanksClBWt STI/WS/B 2.50 -9.5 One year 0.028 0.049 0.277 0.028
-4.6 TofuttiBrands TOF 3.31 3.6 FoundationMedicine FMI 14.75 -4.0 SeagateTechnology STX 26.35 -5.5 Bid 0.3800 0.3000 0.5500 0.0000
AssuredGuaranty AGO 22.28 -5.5 GOLLinhasADR GOL 0.25 3.8 SunTrustBanksClAWt STI/WS/A 6.00 -0.3
UnvlSecInstr UUU 3.61 2.0 GlacierBancorp GBCI 22.14 -4.1 SkySolarADR SKYS 3.71 -6.9 Offer 0.5000 0.3500 0.5600 0.0500 Value 52-Week
AtwoodOceanics ATW 5.33 -7.1 GenesisHealthcare GEN 1.85 -32.4 SunTrustBanks STI 34.05 -3.3
GladstInv6.75PfdB GAINO 22.90 -2.4 SouthsideBcshs SBSI 19.54 -5.1 Latest Traded High Low
AutohomeADR ATHM 25.70 -4.2 Glatfelter GLT 14.09 -8.3 TCFFinancial TCB 11.54 -4.5 Nasdaq highs - 9 GloriEnergy GLRI 0.23 -6.1 SunHydraulics SNHY 24.66 -4.2 Treasury bill auction
BB&T BBT 31.07 -2.6 GlblPwrEquipment GLPW 2.62 -6.0 Toll Bros TOL 26.80 -4.5 4 weeks 0.250 0.220 0.250 0.000 DTCC GCF Repo Index
CUI Global CUI 7.76 -8.2 HabitRestaurantsA HABT 19.93 -4.6 SurgeryPartners SGRY 16.25 -4.5
BRTRealtyTrust BRT 5.41 -5.1 GoldmanSachs GS 151.12 -3.7 ValleyNatlBancorp VLY 8.31 -3.6 13 weeks 0.305 0.215 0.305 0.000 Treasury 0.487 99.936 0.639 0.059
Cray CRAY 37.51 10.3 Handy&Harman HNH 15.96 -2.2 TenaxTherapeutics TENX 2.52 -2.6
BancorpSouth BXS 19.47 -4.9 GrphPackHldg GPK 10.88 -9.7 Veritiv VRTV 28.43 -5.6 26 weeks 0.415 0.470 0.585 0.065 MBS 0.530 145.120 0.705 0.075
EZchipSemi EZCH 25.35 0.1 HorseheadHolding ZINC 0.23 -37.7 TXCapBcsh TCBI 32.20 -3.5
BankAm BAC 12.94 -4.4 GrubHub GRUB 18.01 -2.4 Visteon VC 58.83 4.0
IndBkMI IBCP 16.15 0.9 HovnanEnt pfA HOVNP 2.80 -1.0 TitanMachinery TITN 7.92 -6.1 Open Implied
BerkHathwy B BRK/B 123.90 -2.3 HillInternational HIL 2.62 -8.7 WPGLIMCHERPfdH WPGpH 24.43 -0.2 Secondary market
JinpanInt JST 5.48 24.2 HydraIndsAcqnWt HDRAW 0.14 -16.7 TransWorldEnt TWMC 3.10 -1.6 Settle Change Interest Rate
BerkHathwy A BRK/A186900 -2.3 HilltopHoldings HTH 14.28 -4.9 WalterInvMgmt WAC 9.40 -12.7
LancasterColony LANC 119.80 -0.6 IBERIABANKPfdB IBKCP 24.47 -0.1 Transgenomic TBIO 0.65 -5.6
BorgWarner BWA 28.16 -2.9 HudBayMineralsWt HBM/WS 0.10 -9.7 WestRock WRK 31.53 -14.9 Fannie Mae DTCC GCF Repo Index Futures
RMRGroupClA RMR 22.00 0.6 Iberiabank IBKC 42.20 -7.0 Umpqua UMPQ 13.46 -3.9
CIT Grp CIT 29.33 -5.3 IHSClA IHS 96.46 -2.1 Wiley A JW/A 40.17 -1.0 SparkEnergy SPKE 24.42 -0.7 IndependentBankGrp IBTX 30-year mortgage yields Treasury Jan 99.505 unch. 7113 0.495
27.29 -5.4 UnitedFinBncp UBNK 11.09 -2.7
CNAFinancial CNA 31.81 -1.5 IndustrsBachocoADR IBA 42.16 -2.2 XeriumTechnologies XRM 8.67 -5.7 WestburyBancorp WBB 19.63 5.1 InteractiveIntel ININ 21.47 -6.0 VOXXInternational VOXX 4.50 -5.5 30 days 3.358 3.337 3.750 3.052 Treasury Feb 99.535 0.010 6467 0.465
CapOneFnl COF 58.49 -4.0 InternationalPaper IP 32.50 -10.6 3.389 3.371 3.788 3.105 99.460 0.005 4515 0.540
CapOneFnlWt COF/WS 19.23 -8.5 IntrepidPotash IPI 1.75 -3.8 NYSE Arca highs - 4 Nasdaq lows - 118 IntBcshCp IBOC 21.33 -3.8 Vapor VPCO 0.03 -60.0 60 days Treasury Mar
InterpaceDiagnostics IDXG 0.20 -5.3 Videocond2hADR VDTH 6.15 -4.8
Chegg CHGG 5.52 -5.9 JMPGrpNt2023 JMPB 23.50 -3.9 ColumbiaInterMunBd GMMB 54.02 0.3 AccuShSptCBOEVIXUp VXUP 11.91 1.6 IntervalLeisureGrp IILG 11.95 -3.4 WashTrBcp WASH 34.76 -2.0 Notes on data:
Chicos CHS 9.61 -3.8 JonesEnergyClA JONE 1.75 -24.4 DB3xJapanGovtBdFut JGBT 28.16 1.5 AgileTherapeutics AGRX 5.96 -6.7 JanusEqRiskWtLgCp ERW 46.17 -5.2 WellesleyBancorp WEBK 18.05 -1.1 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
AlliedHealthcare AHPI 0.96 -3.0 KBSFashionGroup KBSF 0.37 -10.6 WesternDigital WDC 42.28 -5.1 prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
Online>> AmbacFinGroup AMBC 11.92 -4.0 KeyTechnology KTEC
Amedica AMDA 1.16 -23.6 LDRHolding LDRH
7.01 -0.1
17.72 -6.1
WTBarclaysUSZero AGZD
XcelBrands XELB
47.38 -0.4
5.06 -9.8
Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable
During the trading day, 52-week highs and lows are updated hourly CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on
AmCapSeniorFloat ACSF 8.12 -2.6 LPLFinHoldings LPLA 31.36 -1.6 XteraComms XCOM 3.00 -8.2 NYSE Liffe US.
at WSJMarkets.com. Lists for each market are available free, along AmericanCaresource GNOW 0.17 -19.0 LakeSunapeeBank LSBG 13.36 -2.7 ZionsBcp Wt ZIONW 1.50 -16.2 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information;
with easy access to charts and headlines. AscentCapGrpA ASCMA 10.52 -18.1 LakelandBcp LBAI 10.29 -4.6 ZionsBancorp ZION 20.33 -5.2 General Electric Capital Corp.; Tullett Prebon Information, Ltd.
THE WALL STREET JOURNAL. NY Tuesday, January 26, 2016 | C7
COMMODITIES & CREDIT MARKETS

Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Contract Open
Open High hilo Low Settle Chg interest May 2,854 2,880 2,815 2,823 –50 59,531 Canadian Dollar (CME)-CAD 100,000; $ per CAD
Metal & Petroleum Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. March .7072 .7085 .6992 .7027 –.0039 163,355
Contract Open Agriculture Futures March 114.70 117.15 114.15 116.45 .45 94,287 June .7074 .7085 .6997 .7029 –.0040 3,663
Open High hi lo Low Settle Chg interest Corn (CBT)-5,000 bu.; cents per bu. May 117.20 119.35 116.35 118.70 .45 43,847
British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. March 370.00 372.50 s 366.50 369.75 –.50 653,797 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. March 1.4269 1.4363 1.4205 1.4256 –.0025 270,587
Jan 2.0090 2.0180 1.9845 1.9955 –0.0030 771 May 374.00 376.75 s 371.25 374.75 … 230,689 March 14.38 14.39 14.08 14.10 –.32 329,413 June 1.4257 1.4340 1.4228 1.4261 –.0025 678
March 2.0015 2.0230 1.9815 1.9980 –0.0045 133,614 Oats (CBT)-5,000 bu.; cents per bu. May 14.16 14.16 13.91 13.94 –.23 186,134
March 205.00 207.50 201.25 205.25 –.25 6,556 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. 25.74 25.74 t 25.55 25.55 –.05 2,845 March .9857 .9950 t .9851 .9867 .0011 52,356
May 212.50 213.25 208.00 211.50 .50 1,882 March
Jan 1099.30 1109.30 1098.00 1106.20 9.00 183 May 25.89 25.89 t 25.60 25.62 –.07 2,485 June .9926 .9942 t .9901 .9912 .0010 204
Feb 1097.80 1109.20 1094.40 1105.30 9.00 145,830 Soybeans (CBT)-5,000 bu.; cents per bu.
March 876.50 886.50 870.75 880.50 4.00 300,020 Cotton (ICE-US)-50,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
April 1097.70 1109.50 1094.10 1105.60 9.30 164,515
May 876.75 886.75 872.25 881.75 4.50 140,038 March 62.37 62.49 61.41 61.60 –.85 116,601 March .6988 .7030 .6934 .6953 –.0037 127,965
June 1098.10 1109.80 1094.50 1106.10 9.60 39,873 62.81 62.84 61.93 62.10 –.73 36,414
Soybean Meal (CBT)-100 tons; $ per ton. May June .6966 .7000 .6908 .6925 –.0037 536
Aug 1101.00 1109.60 1095.90 1106.70 9.70 10,059
Dec 1105.10 1111.70 1097.10 1108.20 9.80 15,894 March 269.40 274.40 268.10 272.50 4.00 182,625 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
May 271.60 276.50 270.50 274.60 3.70 80,086 March 122.30 124.90 121.90 123.95 2.30 9,013 March .05407 .05424 .05312 .05360 –.00047 116,671
Palladium (NYM) - 50 troy oz.; $ per troy oz. Soybean Oil (CBT)-60,000 lbs.; cents per lb. May 122.40 124.95 122.40 124.10 2.00 2,554 June .05324 .05374 .05312 .05325 –.00047 53,853
Jan 486.50 486.50 486.50 489.70 –8.70 4 March 30.55 30.60 29.91 30.44 –.06 165,638
Feb 505.65 506.55 505.65 490.20 –8.70 25 Interest Rate Futures Euro (CME)-€125,000; $ per €
May 30.79 30.79 30.16 30.63 –.06 90,829
March 500.20 502.35 489.10 491.15 –8.70 24,390 March 1.0808 1.0890 1.0801 1.0849 .0046 394,092
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% June … 1.0907 1.0834 1.0882 .0046 3,467
June 498.55 499.30 490.00 491.85 –8.40 1,179 March 1100.00 1109.00 1081.00 1101.00 5.00 9,763 March 158-300 160-020 158-060 159-200 19.0 533,447
Platinum (NYM)-50 troy oz.; $ per troy oz. May 1125.00 1131.50 1109.50 1129.00 5.00 2,705 June 157-230 158-130 156-290 158-090 20.0 875
Jan 859.10 863.30 859.10 859.70 30.00 19 Wheat (CBT)-5,000 bu.; cents per bu. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Index Futures
April 833.00 864.80 833.00 861.50 29.90 65,004 March 476.00 483.75 472.50 481.50 6.00 214,176 March 128-100 128-235 128-025 128-175 5.5 2,819,601 Mini DJ Industrial Average (CBT)-$5 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 485.75 493.00 482.50 492.25 7.00 70,690 June 127-240 128-065 127-230 128-015 5.5 27,592 March 16008 16052 t 15727 15811 –193 58,834
Jan 14.095 14.290
14.095 14.240 0.197 23 Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% June 15950 15979 t 15680 15736 –190 653
March 14.065 14.360
14.020 14.254 0.197 111,019 March 472.50 477.75 469.00 474.00 3.25 107,817 March 119-305 120-070 119-265 120-012 1.5 2,609,143 S&P 500 Index (CME)-$250 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. July 492.25 496.50 489.25 494.75 4.00 48,167 June 119-217 119-272 119-190 119-237 1.7 19,279
March 1903.90 1904.00 1857.20 1870.20 –29.00 104,452
March 32.05 32.74 29.68 30.34 –1.85 606,884 Wheat (MPLS)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% June 1861.10 1862.10 –29.00 2,311
April 33.55 34.06 31.20 31.80 –1.71 184,052 March 497.00 502.50 496.75 499.75 2.75 32,324 March 109-030 109-050 109-017 109-032 .2 1,040,158
May 506.00 508.00 503.00 505.00 2.00 15,811 June 108-307 108-307 108-300 108-310 .2 10,416 Mini S&P 500 (CME)-$50 x index
May 34.62 35.25 32.57 33.11 –1.56 109,223 March 1899.50 1904.25 1855.75 1870.25 –29.00 2,841,461
June 35.61 36.24 33.70 34.21 –1.44 163,025 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Jan 160.300 160.925 157.750 160.225 .800 2,585 Jan 99.660 99.663 t 99.658 99.660 –.002 161,211 June 1892.00 1895.75 1848.25 1862.00 –29.00 20,299
Dec 39.00 39.50 37.22 37.69 –1.15 182,167
Dec'17 42.37 42.62 40.90 41.32 –0.65 84,790 March 157.300 159.450 155.000 157.775 –.125 15,886 Feb 99.640 99.645 t 99.630 99.635 –.005 123,231 Mini S&P Midcap 400 (CME)-$100 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% March 1283.10 1285.30 1248.50 1256.70 –26.40 102,886
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Feb 133.100 133.150 130.300 131.425 –.650 49,147 March 104.906 105.266 104.906 105.141 .172 31,530
Feb 1.0000 1.0140 .9236 .9353 –.0604 33,972 Mini Nasdaq 100 (CME)-$20 x index
April 133.700 134.000 131.250 132.225 –.850 109,995 1 Month Libor (CME)-$3,000,000; pts of 100% March 4247.5
4260.0 4119.0 4186.8 –60.8 272,777
March 1.0101 1.0253 .9379 .9501 –.0575 92,695
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Feb ... ... s ... 99.5650 –.0050 June 4249.0
4253.0 4115.0 4181.3 –61.0 393
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Feb 63.550 63.875 62.925 63.525 .525 32,160 Eurodollar (CME)-$1,000,000; pts of 100%
Feb 1.0821 1.1000 1.0195 1.0300 –.0538 35,842 Mini Russell 2000 (ICE-US)-$100 x index
April 69.375 69.850 s 68.575 68.775 –.225 67,879 Feb 99.3725 99.3750 99.3675 99.3650 –.0050 125,241
March 1.0955 1.1218 1.0420 1.0525 –.0556 116,174 March 1014.70 1017.70 992.00 994.60 –21.20 411,897
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 99.3350 99.3450 99.3250 99.3300 –.0050 1,298,035
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 235.10 241.40 t 232.50 233.30 –1.10 3,996 June 99.2600 99.2800 99.2500 99.2600 … 1,241,798 Mini Russell 1000 (ICE-US)-$100 x index
235.20 240.10 t 232.50 233.00 –1.00 861 Dec 99.0700 99.1100 99.0600 99.0800 .0050 1,284,208 March 1047.70 1047.70 1030.70 1030.70 –16.90 7,320
Feb 2.156 2.175 2.081 2.158 .019 25,779 May
March 2.162 2.171 2.082 2.155 .014 275,064 Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index
April 2.241 2.250 2.168 2.241 .017 121,023 Jan 13.73 13.75 13.72 13.72 … 3,406 Currency Futures March 99.64 99.66 99.28 99.41 –.24 74,262
May 2.299 2.314 2.239 2.309 .020 88,856 Feb 13.78 13.82 13.65 13.68 –.10 4,868 Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 99.73 99.73 99.40 99.51 –.24 1,911
July 2.415 2.437 2.364 2.434 .022 46,910 Cocoa (ICE-US)-10 metric tons; $ per ton. March .8427 .8515 .8419 .8447 .0020 244,543
Oct 2.477 2.488 2.419 2.484 .017 61,644 March 2,847 2,877 2,811 2,819 –53 78,457 June .8467 .8529 .8443 .8468 .0020 1,212 Source: SIX Financial Information
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1843.58 0.9 Broad market Barclays Aggregate 2.440 1.920 l 2.630 1125.65 1.0 Fannie mae (FNMA) 2.620 2.320 l 2.910
2471.37 0.1 U.S. Corporate Barclays Capital 3.690 2.780 l 3.710 1732.39 1.0 Freddie Mac (FHLMC) 2.650 2.320 l 2.930
2421.04 0.2 Intermediate 3.100 2.210 l 3.120 503.93 0.9 Muni Master Merrill Lynch 1.609 1.475 l 2.099
3145.00 -0.2 Long term 5.060 4.030 l 5.110 352.74 1.2 7-12 year 1.602 1.498 l 2.144
522.93 0.7 Double-A-rated 2.590 1.980 l 2.700 389.59 0.8 12-22 year 2.039 1.924 l 2.636
609.03 -0.5 Triple-B-rated 4.400 3.280 l 4.400 370.18 0.9 22-plus year 2.728 2.542 l 3.351
322.61 -2.5 High Yield Constrained Merrill Lynch 9.390 5.853 l 9.771 2236.44 -0.01 Yankee Barclays 3.040 2.390 l 3.110
267.44 -4.2 Triple-C-rated 19.504 10.017 19.774
l n.a. n.a. Global Government J.P. Morgan n.a. n.a. n.a.
2328.21 -1.9 High Yield 100 8.241 5.016 l 8.696 n.a. n.a. Canada n.a. n.a. n.a.
296.90 -2.3 Global High Yield Constrained 8.994 5.894 l 9.295 n.a. n.a. EMU n.a. n.a. n.a.
258.05 -1.9 Europe High Yield Constrained 6.122 3.550 l 6.412 n.a. n.a. France n.a. n.a. n.a.
1596.97 1.0 U.S Agency Barclays 1.460 1.110 l 1.680 n.a. n.a. Germany n.a. n.a. n.a.
1439.84 0.8 10-20 years 1.260 0.940 l 1.480 n.a. n.a. Japan n.a. n.a. n.a.
3098.05 3.1 20-plus years 3.070 2.490 l 3.370 n.a. n.a. Netherlands n.a. n.a. n.a.
1924.23 0.9 Mortgage-Backed Barclays 2.600 2.280 l 2.900 n.a. n.a. U.K. n.a. n.a. n.a.
1901.89 0.8 Ginnie Mae (GNMA) 2.530 2.170 l 2.860 661.09 -1.4 Emerging Markets ** 6.997 5.679 l 7.128
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
Global Government Bonds: Mapping Yields ** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
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
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1.000 U.S. 2 0.877 s l 0.873 0.998 0.491
2.250 10 2.024 t l 2.055 2.242 1.794
5.500 Australia 2 1.960 t l 1.970 2.037 2.131 108.3 109.7 164.0
3.250 10 2.690 s l 2.688 2.773 2.645 66.7 63.2 85.2
4.250 France 2 -0.370 t l -0.369 -0.283 -0.094 -124.7 -124.2 -58.4
1.000 10 0.789 t l 0.797 0.990 0.546 -123.5 -125.8 -124.8
0.500 Germany 2 -0.455 t l -0.439 -0.328 -0.160 -133.2 -131.2 -65.0
1.000 10 0.396 t l 0.416 0.631 0.323 -162.8 -164.0 -147.1
4.500 Italy 2 0.014 s l 0.011 0.109 0.306 -86.3 -86.2 -18.5
2.000 10 1.562 t l 1.583 1.668 1.499 -46.2 -47.3 -29.5
0.100 Japan 2 -0.024 t l -0.019 -0.010 -0.015 -90.1 -89.2 -50.6
0.300 10 0.225 t l 0.237 0.279 0.238 -179.9 -181.9 -155.6
0.500 Spain 2 0.009 t l 0.013 0.123 0.302 -86.9 -86.1 -18.9
2.150 10 1.725 t l 1.726 1.849 1.350 -29.9 -32.9 -44.4
1.000 U.K. 2 0.420 t l 0.434 0.618 0.326 -45.7 -43.9 -16.5
2.000 10 1.690 t l 1.715 1.922 1.480 -33.4 -34.0 -31.4
Source: Tullett Prebon
Corporate Debt
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news.
Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Freeport–McMoRan FCX 2.375 March 15, ’18 2522 –108 2505 3.94 ...
Williams WMB 3.700 Jan. 15, ’23 1022 –108 1063 18.31 –7.24
Teck Resources TCKBCN 6.250 July 15, ’41 1206 –67 1328 ... ...
Southwestern Energy SWN 4.050 Jan. 23, ’20 1533 –48 1721 7.93 –9.58
Williams Partners WPZ 4.000 Nov. 15, ’21 836 –32 730 22.14 3.22
Bhp Billiton Finance USA BHP 6.250 Oct. 19, ’75 520 –31 571 … …
Select Income Reit* SIR 4.500 Feb. 1, ’25 334 –29 325 18.26 –1.72
Transcanada Pipelines TRPCN 6.500 Aug. 15, ’18 210 –24 n.a. ... ...
…And spreads that widened the most

American Express AXP 6.800 Sept. 1, ’66 663 179 340 55.02 –0.07
Glencore Funding GLENLN 2.500 Jan. 15, ’19 1110 96 1015 ... ...
Noble Holding International NE 4.000 March 16, ’18 1513 76 957 … …
Freeport–McMoRan
Sesi
FCX
SPN
5.450 March 15, ’43
7.125 Dec. 15, ’21
1119
1264
67
64
1056
1069
3.94
…
...
…
Always Appropriate
Air Lease AL 3.875 Dec. 1, ’18 67 50 268 24.64 –3.49 South Sea Pearl Necklaces
salesforce.com CRM 0.250 April 1, ’18 732 43 698 69.92 –2.28
BBVA Bancomer S.A. de C.V. BBVASM 7.250 April 22, ’20 412 40 n.a. ... ... Brilliant luster. Grand size. Incomparable beauty. Hailing from the South
High-yield issues with the biggest price increases… Pacific, South Sea pearls are among the largest and most luminous in the
Bond Price as % of face value Stock Perfomance world. Their peerless luster is legendary, with each glowing orb appearing
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg to radiate from within. These pearls are outstanding examples of the
Peabody Energy BTU 6.000 Nov. 15, ’18 14.000 4.00 n.a. 3.73 8.12 perfectly round and smooth nature for which these exotic gems are prized.
Sabine Pass LNG CQP 7.500 Nov. 30, ’16 103.500 3.22 99.500 … …
Tenet Healthcare THC 4.500 April 1, ’21 99.750 2.50 96.250 24.80 –1.08 Tahitian Black Pearl Necklace Black pearls measuring 14mm
Sprint S 7.125 June 15, ’24 64.500 2.25 68.500 2.52 –12.20 to 16mm. 18” length. #30-4532
Tesoro Logistics TLLP 6.250 Oct. 15, ’22 88.375 2.13 94.500 42.46 –5.81 Multi-Colored South Sea Pearl Necklace White, grey, black, and
Netflix NFLX 5.375 Feb. 1, ’21 106.750 1.88 104.500 99.12 –1.59 golden pearls measuring 13mm to 15mm. 17” length. #30-2641
Mariposa Borrower NMG 8.750 Oct. 15, ’21 62.250 1.88 62.000 ... ...
Eclipse Resources ECR 8.875 July 15, ’23 29.750 1.75 34.250 1.14 –12.31
…And with the biggest price decreases

Virgin Media Finance VMED 4.875 Feb. 15, ’22 82.750 –7.50 89.500 ... ...
Sandridge Energy SD 8.750 June 1, ’20 18.250 –4.75 20.750 ... ...
Weatherford International WFT 6.500 Aug. 1, ’36 55.500 –4.50 62.500 5.65 –11.30
Kindred Healthcare KND 8.000 Jan. 15, ’20 91.250 –4.45 89.750 8.94 –7.84
Radian RDN 5.250 June 15, ’20 87.250 –4.25 n.a. 9.37 –8.50 630 Royal Street, New Orleans, Louisiana • 877-677-2801 • ws@rauantiques.com • rauantiques.com
Drill Rigs Holdings ORIG 6.500 Oct. 1, ’17 52.000 –3.75 56.000 … …
MEG Energy MEGCN 7.000 March 31, ’24 52.000 –2.25 64.500 ... ... Since 1912, M.S. Rau Antiques has specialized in the world’s finest art, antiques and jewelry.
Chesapeake Energy CHK 8.000 Dec. 15, ’22 44.063 –2.19 45.500 2.95 –15.95 Backed by our unprecedented 125% Guarantee, we stand behind each and every piece.
*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.
14MSRA018-01-129849-4
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
C8 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Apple: Why It Hasn’t Won the TV War OVERHEARD

For Apple, the battle for and video consumption. It is vast majority of services also Four top executives are
the living room might be To One’s Own Devices as easy to move among Net- can be viewed on any device leaving Twitter. That doesn’t
over before it got started. Digital-media streamer flix, Hulu, Amazon Prime and designed to bring content to bode well for fourth-quarter
In 2003, the computer gi- share of global shipments, YouTube as it is to listen to the TV screen. user growth.
ant took the music industry third-quarter 2015 music across Apple Music, That has caused fragmen- While the shake-up may
by storm with the launch of Google Spotify and Pandora. tation in hardware as well. be necessary for Twitter—its
the iTunes Music Store. TV is Apple TV Chromecast For its part, Apple now Google’s $35 Chromecast shares are down 26% this
20% 35%
proving a much tougher nut seems to be taking a differ- had the highest market share year—it also suggests things
to crack. Indeed, nearly a ent approach. In September, globally among digital-me- didn’t improve in the quarter
year after The Wall Street Amazon it announced the latest ver- dia-streaming devices in the ended in December. Twitter’s
Journal first reported that Fire TV sion of its Apple TV set-top third quarter of 2015 at 35% monthly active-user growth
Eric Risberg/Associated Press
Apple planned to launch an 16% box, with an operating sys- of shipments, according to a has slowed sharply, climbing
online-TV service in the fall tem that allows developers November report by Strategy by 8% year over year in the
of 2015, no such initiative ap- to create TV apps like they Analytics. Granted, that third quarter, down from 22%
pears imminent. Meanwhile, Roku 16% Others 13% might create an iPhone app. doesn’t reflect the perfor- in 2014’s third quarter. Chief
services such as Netflix are Note: Excludes gaming consoles, But while Apple may have mance of the new Apple TV, Jack Dorsey has had a goal
reshaping the TV experience Blu-ray players and smart TVs created a superior experi- which went on sale in Octo- of reversing that since return-
and making it less likely that Source: Strategy Analytics ence, the new user interface ber. If the $150 box takes off, ing in October to Twitter. To
a single player will dominate THE WALL STREET JOURNAL. is itself a reflection of how it could help Apple aggregate this end, Twitter is trying to
the living room. diffuse viewing habits have streaming services, perhaps monetize logged-off users
This matters for investors content companies appear to where it is going. As Apple become. Apps for Netflix, with bundled pricing. and convince them to sign up.
who have pegged growth have hit an impasse, possibly has grappled with whether to Hulu and HBO Now sit next But others are angling for It also has launched the Mo-
hopes for Apple and others because the latter are far manufacture a TV or launch to iTunes on Apple TV. the same role. And it is hard ments stream, featuring cu-
partly on the idea they might more attuned to the damage a service, video-streaming Moreover, unlike the to see how any tech company rated tweets about an event.
be the one to siphon value that services such as Netflix platforms are stealing a lead. iTunes library, which once can wring significantly more Whether these strategies
from the TV industry in a re- have done to their traditional And they are reshaping TV made it all but necessary to value out of the TV ecosys- have paid off won’t be clear
play of what happened in revenue streams. dynamics. Unlike purchased own an iPod, few streaming tem without live sports. until fourth-quarter results
music. Apple’s online-TV ser- A bigger issue: While such digital libraries of yesteryear services are tied to specific In the living room, Apple next month. But executives
vice reportedly was going to an online service could have that locked consumers into hardware. In an app-based and other tech players may don’t typically bail out of a
be a skinny bundle of about appeal, it would in some one platform, streaming has world, consumers can watch have to settle for a seat on a ship that is successfully
25 channels, priced at $30 to ways be more a reflection of significantly lowered the online-video content on any crowded couch. changing course.
$40 a month. But Apple and where TV has been than switching costs for music smartphone or tablet. The —Miriam Gottfried
China Can’t Paper Over Yuan Problems Tyco’s Merger Deal Won’t Set Off Alarms
The People’s Bank of China Cracking down on capital Large mergers are natu- well as $150 million in an- cal 2015, that is a significant
is trying to ease monetary Uneasy Feeling flows could restore the rally risky, but Johnson Con- nual tax savings due to the makeover of its portfolio.
policy without causing fur- Reserve-requirement rate for PBOC’s ability to ease without trols and Tyco Interna- change of domicile. That And while tax inversions re-
ther depreciation pressure on Chinese banks knocking the yuan. But this is tional’s tie-up is no reason should temper an inherently main legal and add value for
the yuan. So long as China is easier said than done. Com- to hit the panic button. cyclical business. Manage- shareholders, they heighten
even somewhat open to inter- 22% panies are adept at moving Johnson announced on ment didn’t detail projec- regulatory risk for compa-
national capital flows, this is 20 money in and out, disguised Monday that it is merging tions on revenue synergies, nies that pursue them. These
like trying to take a shower as trade flows. Harsher tac- with the fire-protection and but clearly have some in hurdles aside, Johnson is
without getting wet. 18 tics, such as lowering the security leader and relocat- mind, citing “immediate op- timing the deal fairly well,
According to leaked PBOC 16 $50,000 limit on individuals’ ing the combined company’s portunities for near-term limiting risks.
meeting minutes, the central foreign-currency purchases, legal domicile to Ireland. The growth through cross-sell- The price does, too. Tyco’s
bank is aware of contradic- 14 could spark a domestic panic. terms offer a 13% premium ing, complementary branch market value, adjusted for
tions in its monetary-policy 2011 ’12 ’13 ’14 ’15 ’16 China could get a reprieve of the 30-day average share and channel networks, and net debt, is about 10 times
stance. That would explain Source: People’s Bank of China if the U.S. Federal Reserve de- price for Tyco investors, who expanded global reach.” forward earnings before in-
the delay in using a usual eas- THE WALL STREET JOURNAL. lays rate increases, arresting will own about 44% of the The combined company terest, taxes, depreciation
ing tool: lowering banks’ level the dollar’s upward momen- combined company. faces its fair share of execu- and amortization. It traded
of required reserves. The fear: may help it get over the li- tum. But so long as the eco- The merger allows John- tion risks to get those syner- at over 12 times Ebitda as
unleashing reserves would quidity squeeze that typically nomic cycles of the U.S. and son to supplement its build- gies, however. Johnson is recently as June 2014.
put more downward pressure accompanies the Lunar New China are out of sync, Beijing ing-products and services planning to spin off its auto- Johnson has its hands full
on the currency. Year holiday spikes. But it will face the same dilemma. If businesses with Tyco’s fire motive-seating business, Adi- as it juggles an announced
So the central bank has isn’t a sustainable solution. If China’s economy keeps get- and security controls. The ent, in the early days of fis- merger to go with a planned
been limited to short-term the PBOC keeps pumping li- ting worse, the only direction companies say they have cal year 2017. Considering spinoff. Fortunately, this deal
tools for injecting liquidity quidity indefinitely, it still for the yuan is lower. identified $500 million in that Adient posted 44% of gives it some margin for er-
into the system. This trick will lead to outflows. —Aaron Back annual cost reductions, as total company revenue in fis- ror. —Charley Grant
Mutual Funds | WSJ.com/fundresearch 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
Net YTD MFS Funds Class I IncomeFd NA ... NA R2025 13.98 -0.14 -6.5 InfProAd 25.32 +0.05 0.4 VANGUARD FDS VANGUARD INDEX FDS
Explanatory Notes Data provided by Fund NAV Chg % Ret ValueI 30.32 -0.42 -8.0 PIMCO Funds Instl R2030 20.25 -0.22 -7.2 500 173.25 -2.75 -8.1
IntlGrAdml 60.57 -0.59 -9.7 DivdGro 21.01 -0.25 -6.3
Top 250 mutual-funds listings for Nasdaq-published share classes with
net assets of at least $500 million each. NAV is net asset value. Health r 189.55 -1.68 -8.9 MFS Funds Instl IncomeFd NA ... NA R2035 14.57 -0.17 -7.7 ITBondAdml 11.38 +0.02 1.2 GNMA 10.73 ... 0.8 ExtndIstPl 138.29 -2.98-11.9
Percentage performance figures are total returns, assuming reinvestment Fidelity Spartan IntlEq 18.83 -0.15 -8.4 PIMCO Funds P R2040 20.72 -0.26 -8.2 ITIGradeAdml NA ... NA HlthCare r 203.07 -1.99 -7.8 TotIntl 13.18 -0.13 -9.0
of all distributions and after subtracting annual expenses. Figures don’t 500IdxInv 66.00 -1.05 -8.1 Mutual Series IncomeP NA ... NA SmCapStk 34.43 -0.74-10.8 LTGradeAdml 10.05 +0.03 1.8 IntlVal 28.27 -0.32 -9.1 TotSt 46.32 -0.79 -8.8
reflect sales charges (“loads”) or redemption fees. NET CHG is change in 500IndInst 66.01 -1.05 -8.1 GlbDiscA 26.49 -0.40 -8.2 Price Funds Value 28.43 -0.42 -9.0 MidCpAdml 133.25 -2.53-10.4 INSTTRF2025 18.01 -0.16 -5.6 VANGUARD INSTL FDS
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR Fidelity Spartan Adv GlbDiscz 26.95 -0.40 -8.2 BlChip 65.56 -0.85 -9.4 Schwab Funds MorgAdml 70.74 -1.00 -8.4 LifeCon 17.31 -0.08 -3.0 BalInst 27.79 -0.27 -4.9
%RET is trailing three-year return annualized. Oakmark Funds Cl I DevMktsIndInst 10.81 -0.11 -8.6
500IdxAd 66.01 -1.05 -8.1 CapApp 23.90 -0.13 -4.6 S&P Sel 29.01 -0.46 -8.1 MuHYAdml 11.39 ... 0.9 LifeGro 25.37 -0.28 -6.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. ExtMktAd r 44.26 -0.95-11.8 EqtyInc 26.54 -0.27 -7.1 EmMktS 25.64 -0.18-10.0 TIAA/CREF Funds MuIntAdml 14.38 ... 1.0 LifeMod 21.91 -0.17 -5.0 ExtndInst 56.04 -1.21-11.9
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. IntAd r 32.81 -0.32 -8.7 Oakmark 56.02 -1.14-10.9 EqInc 25.76 -0.49 -9.5 EqIdxInst 13.76 -0.23 -8.7 MuLTAdml 11.84 ... 1.0 Primcp r 90.97 -1.45 -8.8 GrwthInst 50.45 -0.73 -7.9
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock InPrSeIn 10.31 +0.02 0.4
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. TotMktAd r 53.52 -0.90 -8.8 OakmrkInt 18.97 -0.19-11.2 EqIndex 50.50 -0.81 -8.1 Tweedy Browne Fds MuLtdAdml 11.07 ... 0.6 PrmcpCor 19.10 -0.28 -8.3
First Eagle Funds Old Westbury Fds GblValue 22.99 -0.05 -6.0 MuShtAdml 15.83 +0.01 0.2 SelValu r 22.94 -0.40-11.3 InstIdx 171.55 -2.73 -8.1
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Growth 48.30 -0.71-10.0
incomplete price, performance or cost data. NE-Not released by Lipper; data GlbA 47.95 -0.39 -6.6 LrgCpStr 11.55 -0.12 -7.4 VANGUARD ADMIRAL InstPlus 171.57 -2.72 -8.1
HelSci 61.32 -0.74-10.9 PrmcpAdml r 94.24 -1.50 -8.7 STAR 21.97 -0.20 -5.7
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. FMI Funds Oppenheimer Y 500Adml 173.26 -2.75 -8.1 InstTStPlus 41.94 -0.71 -8.7
REITAdml r 107.57 -0.69 -4.8 STIGrade 10.58 ... 0.3
LgCap 17.22 -0.27 -7.5 DevMktY 27.12 -0.18 -9.6 HiYield 6.01 ... -2.3 BalAdml 27.79 -0.27 -4.9 MidCpInst 29.43 -0.56-10.4
Monday, January 25, 2016 SmCapAdml 47.08 -1.06-11.3 TgtRe2015 13.68 -0.08 -3.9
FPA Funds IntGrowY 33.25 -0.24 -7.4 InstlCapG 25.90 -0.38-10.3 CAITAdml 11.95 ... 1.0 MidCpIstPl 145.17 -2.76-10.4
Net YTD Net YTD Intl G&I 11.96 -0.17 -8.5 CapOpAdml r 107.05 STBondAdml 10.49 +0.01 0.7 TgtRe2020 25.84 -0.20 -4.8 SmCapInst 47.08 -1.05-11.3
FPACres 28.79 -0.31 -7.3 Parnassus Fds -1.66 -9.8
Fund NAV Chg % Ret Fund NAV Chg % Ret
ParnEqFd NA ... NA IntlStk 13.92 -0.13 -8.9 EMAdmr 24.35 -0.14-10.9 STIGradeAdml 10.58 ... 0.3 TgtRe2025 14.75 -0.13 -5.6 STIGradeInst 10.58 ... 0.3
FrankTemp/Frank Adv MCapGro 65.85 -0.95-10.2 EqIncAdml TotBdAdml 10.73 +0.01 1.0 TgtRe2030 25.96 -0.27 -6.3
American Century Inv US CoreEq2 14.74 -0.31 -9.8 57.46 -0.85 -7.2 TotBdInst 10.73 +0.01 1.0
IncomeAdv 1.95 -0.01 -5.8 PIMCO Fds Instl TotIntBdIdxAdm 21.27 +0.02 0.8 TgtRe2035 15.65 -0.17 -7.1
Ultra 32.19 -0.52 -8.1 US Small 25.34 -0.58-10.6
FrankTemp/Franklin A AllAsset NA ... NA MCapVal 22.79 -0.45 -8.6 ExplrAdml 66.03 -1.56-11.7 TotBdInstPl 10.73 +0.01 1.0
American Funds Cl A US SmCpVal 26.67 -0.71-12.5 ... NA N Horiz 38.00 -0.64-10.5 ExtndAdml 56.04 -1.21-11.9 TotIntlAdmIdx r 22.05 -0.21 -9.0 TgtRe2040 26.24 -0.32 -7.8 TotIntBdIdxInst 31.92 +0.03 0.8
CA TF A p 7.57 +0.01 1.0 ShortT NA
TotStAdml 46.34 -0.79 -8.8 TgtRe2045 16.38 -0.20 -7.9
AmcpA p 23.76 -0.37 -8.4 USLgVa 27.56 -0.63-10.6
Fed TF A p 12.44 ... 0.8 TotRt 10.07 +0.01 0.2 N Inc 9.40 +0.01 0.6 GNMAAdml 10.73 ... 0.8 TotIntlInstIdx r 88.19 -0.84 -9.0
AMutlA p 31.77 -0.43 -6.1 Dodge & Cox OverS SF r 8.20 -0.10 -8.8 GrwthAdml 50.45 -0.73 -7.9 TxMIn r 10.80 -0.11 -8.6 TgtRe2050 26.24 -0.33 -7.9 TotItlInstPlId r 88.20 -0.84 -9.0
Growth A p 67.52 -0.92 -8.0 PIMCO Funds A ValAdml 29.04 -0.51 -8.7 TgtRetInc 12.19 -0.04 -2.1
BalA p 22.70 -0.19 -4.7 Balanced 87.66 -1.14 -7.2 R2015 13.03 -0.09 -4.8 HlthCareAdml r 85.65 -0.85 -7.8 TotStInst 46.35 -0.78 -8.8
IncomeA p 1.96 -0.02 -6.2 TotRetA 10.07 +0.01 0.2
WdsrllAdml 53.86 -1.08 -9.4 TotIntBdIxInv 10.64 +0.01 0.9
BondA p 12.65 +0.02 0.6 Income 13.24 +0.01 -0.4
RisDv A p 44.47 -0.57 -6.9 PIMCO Funds D R2020 18.57 -0.16 -5.7 HYCorAdml r 5.41 +0.01 -2.0 VirtusFunds Cl I
CapIBA p 53.29 -0.43 -4.6 Intl Stk 32.05 -0.71-12.1 WellsIAdml 58.16 -0.26 -2.1 WellsI 24.01 -0.11 -2.1 EmMktI 8.37 ... -6.6
FrankTemp/Franklin C WelltnAdml 60.17 -0.66 -5.3 Welltn 34.84 -0.38 -5.3
CapWGrA 39.97 -0.54 -7.8 Stock 145.49 -2.93-10.6
Income C t 1.99 -0.01 -5.7
Western Asset
EupacA p
FdInvA p
41.49
46.44
-0.40 -8.6 DoubleLine
-0.69 -8.4 TotRetBdI
Funds
NA ... NA FrankTemp/Temp A Exchange-Traded Portfolios | WSJ.com/ETFresearch WndsrAdml 56.91 -1.18-11.9 WndsrII 30.36 -0.60 -9.4 CorePlusBdI 11.41 ... ...
GlBond A p 11.18 -0.09 -3.2
GwthA p 37.35 -0.57 -9.5 TotRetBdN NA ... NA
Growth A p 19.64 -0.26-10.4 Largest 100 exchange-traded funds, latest session Closing Chg YTD
+0.02 -2.8 Fidelity Advisor A
HI TrA p
ICAA p
9.05
30.94 -0.49 -7.3 NwInsghtA p 23.83 -0.44 -8.9 FrankTemp/Temp Adv
GlBondAdv p 11.14 -0.08 -3.1
Monday, January 25, 2016
ETF
iShMSCIEurozoneETF
Symbol Price (%) (%)
EZU 32.33 –1.34 –7.7
Cash Prices | WSJ.com/commodities Monday, Jan. 25, 2016
IncoA p 19.15 -0.16 -5.3 Fidelity Advisor I GMO Trust Class IV Closing Chg YTD
iShMSCIGermanyETF EWG 23.97 –0.87 –8.5 These prices reflect buying and selling of a variety of actual or “physical”
N PerA p NA ... NA NwInsghtI 24.27 -0.45 -8.9
IntlEq 18.35 -0.21 -8.6
ETF Symbol Price (%) (%)
EWJ 11.05 –2.13 –8.8
-0.37 -9.7 Fidelity Freedom
iShMSCIJapanETF commodities in the marketplace—separate from the futures price on an
NEcoA p 32.48 Harbor Funds AlerianMLPETF AMLP 9.57 –3.53–20.6 iShMSCIUSAMinVol USMV 39.94 –0.84 –4.5
NwWrldA 45.71 -0.32 -8.6 FF2020 13.69 -0.11 -5.8 XLY 72.47 –1.15 –7.3 exchange, which reflects what the commodity might be worth in future months.
CapApInst 54.93 -0.83 -9.7 CnsmrDiscSelSector iShNasdaqBiotech IBB 283.20 –1.67–16.3
SmCpA p 38.87 -0.38-10.9 FF2025 11.63 -0.11 -6.5
IntlInst r 54.71 -0.40 -7.9 CnsStapleSelSector XLP 48.85 –0.89 –3.2 iShNatlAMTFrMuniBd MUB 111.36 0.05 0.6 Monday Monday
FF2030 14.02 -0.16 -7.8 DBGoldDoubleLgETN DGP 19.81 1.91 9.2
TxExA p 13.16 ... 0.7 Invesco Funds A iShRussell1000Gwth IWF 91.94 –1.25 –7.6 Cotton,1 1/16 std lw-mdMphs-u 0.6185
FreedomK2020 12.73 -0.11 -5.8 DZZ 8.07 –2.07 –9.0 IWB 103.80
Energy
WshA p 35.38 -0.56 -8.0 EqIncA 8.88 -0.11 -7.7 DBGoldDoubleShrt iShRussell1000ETF –1.56 –8.4 Propane,tet,Mont Belvieu-g 0.3230
Cotlook 'A' Index-t *68.90
FreedomK2025 13.19 -0.12 -6.5 DBEF 25.09 –1.68 –7.6 IWD 88.72
AMG Managers Funds John Hancock Class 1 DeutscheXMSCIEAFE iShRussell1000Val –1.85 –9.3 Hides,hvy native steers piece fob-u 71.000
FreedomK2030 13.21 -0.16 -7.8 XLE 53.14 Butane,normal,Mont Belvieu-g 0.4727
YacktmanFd 19.79 -0.18 -5.2 LSBalncd 13.37 -0.11 -6.0 EnSelectSectorSPDR –4.66–11.9 iShRussell2000Gwth IWO 122.17 –1.88–12.3 Wool,64s,staple,Terr del-u,w n.a.
FreedomK2035 13.49 -0.18 -8.6 XLF 20.85 –2.02–12.5 IWM 99.11 –2.22–12.0 NaturalGas,HenryHub-i 2.140
AQR Funds
FreedomK2040 13.52 -0.18 -8.6 LSGwth 13.66 -0.15 -7.9 FinSelSectorSPDR iShRussell2000ETF
NaturalGas,TranscoZone3-i 2.120
MgdFutStrI 10.54 +0.06 3.5 FTDorseyWrightFoc5 FV 20.73 –1.47–11.7 iShRussell2000Val IWN 81.34 –2.45–11.5 Grains and Feeds
Fidelity Invest John Hancock Instl NaturalGas,TranscoZone6NY-i 2.680
FDN 65.15 –1.70–12.7 iShRussell3000ETF IWV 109.82 –1.65 –8.7
Artisan Funds
AMgr50% 15.31 -0.11 -4.6 DispValMCI 17.03 -0.36-11.1 FstTrDJIntrnt NaturalGas,PanhandleEast-i 2.030
Barley,top-quality Mnpls-u n.a.
Intl Inv 26.43 -0.12 -7.8 Balanc GuggenheimSP500EqW RSP 69.60 –1.90 –9.2 iShRussellMid-Cap IWR 144.74 –1.78 –9.6 Bran,wheat middlings, KC-u 105
19.89 -0.24 -6.3 JPMorgan Inst Class IWS 61.92 NaturalGas,Opal-i 2.090
XLV 67.22 –0.93 –6.7 iShRussellMCValue –2.07 –9.8
BlackRock Funds A BalancedK 19.89 -0.24 -6.3 MdCpVal 30.89 -0.63 -9.1 HealthCareSelSect IJK 146.80 NaturalGas,MarcellusNE PA-i 1.300
Corn,No. 2 yellow,Cent IL-bp,u 3.6350
GlblAlloc p 16.89 -0.15 -5.3 BluCh IndSelSectorSPDR XLI 48.04 –1.23 –9.4 iShS&PMC400Growth –1.85 –8.8 Corn gluten feed,Midwest-u,w 115.6
62.21 -0.94 -9.8 JPMorgan R Class iShS&P500Growth IVW 107.36 –1.21 –7.3 NaturalGas,HaynesvilleN.LA-i 2.070
BlackRock Funds C iShIntermCredBd CIU 107.40 –0.02 0.1 Corn gluten meal,Midwest-u,w
Contra 90.75 -1.39 -8.3 CoreBond 11.68 +0.01 1.0 IVE 80.72
457.0
iSh1-3YCreditBond CSJ 104.64 –0.08 0.0 iShS&P500ValueETF –1.82 –8.8 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250
GlblAlloc t 15.39 -0.13 -5.4 ContraK JPMorgan Select Cls PFF 38.04 Cottonseed meal-u,w 248
90.69 -1.39 -8.3 iSharesTIPSBondETF TIP 110.16 0.19 0.4 iSharesUSPreferred –0.44 –2.1 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.700
BlackRock Funds Inst CpInc r 8.76 -0.03 -4.0 CoreBond 11.66 ... 1.0 iSh1-3YTreasuryBd SHY 84.75 ... 0.5 Hominy feed,Cent IL-u,w 95
iSh3-7YTreasuryBd IEI 124.48 0.10 1.5
EqtyDivd 19.23 -0.32 -8.4 DivIntl 32.01 -0.25 -8.7 USLgCpCorPls 24.05 -0.43-10.3
iShCoreMSCIEAFEETF IEFA 49.65 –1.33 –8.7 iSh7-10YTreasuryBd IEF 108.23 0.33 2.5 Metals Meat-bonemeal,50% pro Mnpls-u,w 193
GlblAlloc 16.98 -0.15 -5.3 DivIntlK r 31.94 -0.25 -8.7 Lazard Instl iSh20+YTreasuryBd TLT 126.02 0.54 4.5 Gold, per troy oz Oats,No.2 milling,Mnpls-u 2.6025
iShCoreMSCIEmgMk IEMG 35.36 –1.61–10.2
HiYldBd 6.96 +0.01 -2.0 GroCo 121.70 -1.70-10.9 EmgMktEq 12.33 -0.10 -8.3 iShCoreS&P500ETF iShChinaLarge-Cap FXI 29.98 –2.42–15.0 Engelhard industrial 1109.53 Rice, 5% Broken White, Thailand-l,w 357.00
IVV 188.57 –1.52 –8.0
StratIncOpptyIns 9.68 -0.01 -0.8 GrowCoK 121.57 -1.70-10.9 Loomis Sayles Fds IJH 125.88 iShRussellMCGrowth IWP 83.11 –1.56 –9.6 Engelhard fabricated 1192.74 Rice, Long Grain Milled, No. 2 AR-u,w 23.00
iShCoreS&PMdCp –2.02 –9.6
Davis Funds A InvGrBd 11.05 +0.01 0.4 LSBondI 12.41 -0.04 -3.6 iShCoreS&PSmCpETF IJR 98.96 MktVectorsBiotech BBH 108.04 –1.40–14.9 Handy & Harman base 1106.60 Sorghum,(Milo) No.2 Gulf-u 7.6300
–1.84–10.1
NYVen A 27.26 -0.58-11.8 LowP r 43.85 -0.53 -8.2 Lord Abbett A AGG 108.78 MktVectorsOilSvcs OIH 21.59 –5.06–18.4 Handy & Harman fabricated 1228.32 SoybeanMeal,Cent IL,rail,ton48%-u 281.50
iShCoreUSAggBd –0.06 0.7
Dimensional Fds LowPriStkK r 43.81 -0.53 -8.2 ShtDurIncmA p 4.29 ... -0.2 iShSelectDividend MktVectorsPharm PPH 61.26 –0.34 –6.2 LBMA Gold Price AM *1097.65 Soybeans,No.1 yllw IL-bp,u 8.7750
DVY 71.18 –1.62 –5.3
5GlbFxdInc 10.99 +0.01 0.8 MagIn 81.33 -1.49 -9.1 Lord Abbett F MktVectorsRetail RTH 72.31 –0.85 –7.0 LBMA Gold Price PM *1096.25 Wheat,Spring14%-pro Mnpls-u 5.9225
iSharesGold IAU 10.71 1.13 4.7
EmgMktVa 18.26 -0.08-10.5 OTC ShtDurIncm 4.28 ... -0.4 iShiBoxx$InvGrCpBd MktVectorsSemi SMH 48.14 –1.13 –9.6 Wheat,No.2 soft red,St.Louis-bp,u 4.4450
72.19 -1.31-13.5 LQD 113.42 –0.11 –0.5 Krugerrand,wholesale-e 1149.25
EmMktCorEq 14.32 -0.05 -9.1 Puritn Metropolitan West PwrShrs QQQ QQQ 102.23 –1.48 –8.6 Wheat - Hard - KC (USDA) $ per bu-u 4.5400
19.16 -0.19 -5.8 iShiBoxx$HYCpBd HYG 78.05 –0.99 –3.1 Maple Leaf-e 1160.30
IntlCoreEq 10.33 -0.12 -9.3 SrsInvGrdF PS SP500LoVoltlPrt SPLV 36.51 –0.90 –5.3 Wheat,No.1soft white,Portld,OR-u
11.05 +0.01 0.3 TotRetBd NA ... NA iShMBSETF MBB 108.75 0.04 1.0 American Eagle-e 1160.30 5.3825
SPDRBarclaysHiYdBd JNK 32.68 –0.85 –3.6
IntSmCo 15.65 -0.06 -9.1 StratInc 9.97 ... -1.5 TotRetBdI NA ... NA iShMSCIACWIETF ACWI 51.05 –1.49 –8.5 Mexican peso-e 1340.36
SchwIntlEqty SCHF 25.17 –1.53 –8.7 Food
IntSmVa 16.85 -0.14 -9.8 TotalBond 10.24 +0.01 ... TRBdPlan NA ... NA iSharesMSCIEAFESC SCZ 45.39 –0.70 –9.1 Austria crown-e 1086.17
SchwUS BrdMkt SCHB 44.78 –1.58 –8.7
Dimensional Fds Fidelity Selects MFS Funds Class A iSharesMSCIEAFEETF EFA 53.75 –1.34 –8.5 Austria phil-e 1160.30 Beef,carcass equiv. index
SchwUS LrgCap SCHX 44.51 –1.53 –8.4
US CoreEq1 15.58 -0.29 -9.3 Biotech r 185.33 -2.96-21.4 ValueA p 30.15 -0.43 -8.1 iShMSCIEmgMarkets EEM 28.82 –1.72–10.5 DIA 158.70 Silver, troy oz. choice 1-3,600-900 lbs.-u 205.72
SPDR DJIA Tr –1.30 –8.8
SPDR GldTr GLD 106.08 1.03 4.6 Engelhard industrial 14.2500 select 1-3,600-900 lbs.-u 200.19
SPDR S&PMdCpTr MDY 229.48 –2.07 –9.7 Engelhard fabricated 17.1000 Broilers,dressed 'A'-u 1.1190
SPDR S&P 500 SPY 187.64 –1.51 –8.0 Handy & Harman base 14.2750 Broilers, National comp wghtd-u,w 0.8764
Dividend Changes Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record SPDR S&P Div SDY 68.94 –1.42 –6.3 Handy & Harman fabricated 17.8440 Butter,AA Chicago 2.1650
TechSelectSector XLK 39.91 –1.16 –6.8 LBMA spot price £9.9853 Cheddar cheese,bbl,Chicago 143.00
WisdomTree High Div Fund DHS 4.9 .14 M Jan29 /Jan27
Dividend announcements from January 25. WisdomTree SmallCap Div DES 0.8 .11 M Jan29 /Jan27 UtilitiesSelSector XLU 43.43 –0.84 0.3 (U.S.$ equivalent) 14.2200 Cheddar cheese,blk,Chicago 146.00
VangdInfoTch VGT 98.82 –1.48 –8.7 Coins,wholesale $1,000 face-a 12880 Milk,Nonfat dry,Chicago lb. 71
Amount Payable / WisdomTree Strat Corp Bd CRDT 3.4 .20 M Jan29 /Jan27
VangdHlthCr VHT 122.31 –0.86 –8.0 Other metals Cocoa,Ivory Coast-w n.a.
Company Symbol Yld % New/Old Frq Record WisdomTree US Agg Bd AGGY 3.2 .12 M Jan29 /Jan27 VBR 87.99
VangdSmCapValue –2.24–10.9 LBMA Platinum Price PM *833.0 Coffee,Brazilian,Comp 1.2107
WisdTree Wstn Asset Uncon UBND 4.2 .15 M Jan29 /Jan27 VangdDivApp VIG 72.88 –1.01 –6.3
Increased Platinum,Engelhard industrial 864.0 Coffee,Colombian, NY 1.3439
WisTree Div Ex-Finls DTN 7.1 .04016 M Jan29 /Jan27 VanguardFTSEDevMk VEA 33.58 –1.44 –8.6
Fidelity Southern LION 2.5 .12 /.10 Q Feb15 /Feb04 Platinum,Engelhard fabricated 964.0 Eggs,large white,Chicago-u 1.3850
WisTree Tr LC Div DLN 4.6 .10022 M Jan29 /Jan27 VanguardFTSEEmgMk VWO 29.08 –1.66–11.1
Intel INTC 3.2 .26 /.24 Q Mar01 /Feb07 Palladium,Engelhard industrial 497.0 Flour,hard winter KC 13.40
WisTree Tr MC Div DON 5.8 .10164 M Jan29 /Jan27 VanguardFTSEEurope VGK 45.67 –1.30 –8.4
Nexstar Broadcasting A NXST 1.6 .24 /.19 Q Feb26 /Feb12 Palladium,Engelhard fabricated 597.0 Hams,17-20 lbs,Mid-US fob-u n.a.
WisTree Tr Total Div DTD 4.7 .11 M Jan29 /Jan27 VangdAllWldxUS VEU 39.41 –1.57 –9.2
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Funds and investment companies HYND M
BSV 79.95 Grease,choice white,Chicago-u 0.2200
WT BofA Mer Lyn Zero HYZD 4.8 .085 M Jan29 /Jan27 VangdShrtTrm –0.01 0.5 Tin,NA solder-d 847.650
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AdvisorShs Peritus Hi Yd HYLD 14.8 .20345 M Jan29 /Jan27 Special VangdTtlStock VTI 95.22 –1.64 –8.7 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes;
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HEALTH & WELLNESS
Courting Longevity The Zen of

Azarenka
How an NBA vet keeps up WHAT’S YOUR WORKOUT? | D3 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | D1
From Stepfamily to Family Researchers

Seek Clues to
Today, when 40% of new
marriages are remarriages, Heart Disease
it can take 10 years for
new relatives to unite
In New Groups
BY SUMATHI REDDY
BY ELIZABETH BERNSTEIN
When R. Shankar Nair was di-
Heidi and Rob Sykes each had agnosed with a partially blocked
three children from a prior mar- artery in June, his doctor knew
riage when they met. During the what the main contributing factor
five years they dated, they often was.
found activities they could share “Being South Asian was the big
with the children: pool parties, risk factor,” says the 71-year-old
pizza dinners, their daughters’ patient, who is slim and active and
soccer matches. “It was a lot of has never had a cardiac problem
fun,” says Mr. Sykes, a 59-year-old before. “There’s really nothing
realtor in Harrisburg, Pa. else.”
Then the couple married and Dr. Nair, who has a Ph.D. in civil
moved everyone in together. Be- engineering, is one of
fore long all six children were re- YOUR about 900 South
belling, and Mr. and Ms. Sykes HEALTH Asians participating
were in marriage counseling. in a long-term, feder-
Forty percent of all new mar- ally funded study try-
riages in the U.S. are remarriages ing to explain why South Asians
for one or both of the partners, ac- have such high rates of cardiovas-
cording to a 2014 Pew Research cular disease that can’t be ex-
Center report. In addition, a little The Sykes family joined six children plained by traditional risk factors
as a family when Rob and Heidi Syk
more than 40% of the U.S. popula- Here, the children at Hersheypark duri es married. such as smoking, high blood pres-
ng the summer of 2014. From left, Dyla
tion has at least one step relative: Abbey Higgins, Brittany Sykes, Jam n Sykes, sure or obesity.
three in 10 have a step-or half-sib- ie Higgins, Colby Sykes and Casey Higg The study began in 2010 with
ins.
ling; 18% have a living stepparent the recruitment of South Asian
and 13% have at least one step- men and women around Chicago
child, a 2011 Pew report found. and San Francisco with no previ-
It takes a lot more time than ous cardiac problems. It is called
people think—as long 10 years— Mediators of Atherosclerosis in
for stepfamilies to bond and build South Asians Living in America
trust, marriage and family thera- The Four Stages of (aptly shortened to the acronym,
pists say. One whole year alone Masala, which is also the name of
goes to cycling through birthdays Blending a Family an Indian spice mix).
and holidays, learning about estab- South Asians represent about
lished rituals and creating new ï FANTASY. When couples are in love and 60% of the world’s heart-disease
ones. working to impress and please new potential patients, according to World
The challenges in blending two family members. Health Organization statistics. In
families are many: a complex hier- the U.S., South Asian men and
archy between stepchildren, Mantra: ‘This is going to work out great.’ women have the highest mortality
thorny relations with ex-spouses, rates from coronary heart disease
children who are still grieving
ñ DISILLUSIONMENT. After a couple is compared with whites and other
their parents’ divorce or the death married and families move in together, dif- ethnic groups, studies have found.
of one parent and feel threatened ferences in household habits and parenting “South Asians have higher rates
by the new marriage. But the big- styles crop up, making children resentful. of cardiovascular disease but no
gest challenge, the experts say, is one knows why,” says Alka Kanaya,
how to parent children that aren’t
Mantra: ‘This is harder than we thought it principal investigator for the
ABOVE, at Knoebels Amusement Park in
your own. Elysburg, Pa., in 1999. From left Dylan, Jamie, would be.’ Masala study and a professor of
The solution, they say, is clear: medicine, epidemiology and bio-
Each spouse needs to parent his or
Casey, Abbey, Brittany and Colby. BELOW, Heidi and ó RESTRUCTURING. Get down to the busi- statistics at University of Califor-
Rob Sykes at a Little League game for Dylan at
her own children. Dads cannot ness of being a family. Get out the schedules; nia, San Francisco. Researchers at
Koons Memorial Park in Linglestown, Pa., in 1997.
subcontract out the parenting of set bedtimes and rules; decide whether to Northwestern University in Chi-
their children to their new wife. call a new parent Mom or Dad; do you put up cago also are participating in the
And stepparents must always take study.
the nurturing, “good cop” role a Christmas tree on Christmas Eve or after More than 70 years after the
with their stepchildren. Thanksgiving? seminal Framingham Heart Study,
When stepfamilies first start Mantra: ‘We can build trust over time.’ whose participants were largely
forming, there is a fantasy stage, white, researchers are trying to
when the couple is dating and ò REWARD. When a family has bonded shed light on cardiovascular risk
newly in love, according to Patricia after living with the combined set of rules factors for other ethnic groups.
L. Papernow, a psychologist in The Framingham study began in
Hudson, Mass., director of the In-
and values, has worked out the kinks and 1948 with about 5,200 men and
stitute for Stepfamily Education feels the satisfaction anticipated during the women from the town of Framing-
SYKES FAMILY (3)
and author of “Surviving and fantasy stage. ham, Mass., and led to the identifi-
Thriving in Stepfamily Relation- Mantra: ‘We are a family, for better or worse.’ cation of many of the now estab-
ships.” Each partner works to woo lished risk factors for coronary
Please see FAMILY page D2 Please see HEART page D3
New Training Trick for Athletes:

Boost Vitamin D to Avoid Injury
BY RACHEL BACHMAN least one bone fracture. Players eggs and fortified milk, as well as
who were released during the pre- pills and drops. Vitamin D helps
Professional and college sports season due to injury or poor per- the body absorb calcium to keep
AMY SANCETTA/ASSOCIATED PRESS
teams think they have found a cut- formance also had significantly bones dense, and helps maintain a
ting-edge advantage hidden in one lower D levels than those who variety of metabolic functions.
of the most basic nutrients: vita- made the team, the study found. Doctors are testing more pa-
min D. A 2011 study of the New York tients in the general population for
With millions of dollars at Giants, presented at a meeting of vitamin D deficiency as research
stake, elite teams are tracking the American Orthopaedic Society connects the nutrient to more im-
player health more precisely than for Sports Medicine, found an as- portant functions. Debate contin-
ever to make sure their athletes sociation between low vitamin D ues about how much vitamin D is
keep playing. As part of this push, levels and injuries. Team officials best, even after the nonprofit In-
teams in all U.S. major leagues, launched that study to see stitute of Medicine in 2010 tripled Studies of elite teams, including the Pittsburgh Steelers, suggest there may be
some college athletic departments whether levels of vitamin D, a hot the minimum recommended daily an advantage in making vitamin D intake a priority for athletes.
and the U.S. men’s and women’s research topic at the time, might intake to 600 international units
soccer teams have started moni- be connected to soft-tissue injuries (or 800 IU for those over age 70).
toring players’ vitamin D levels
and intake. A few are even recom-
such as muscle strains, says Mi-
chael Shindle, the study’s lead re-
That is equivalent to six cups of
fortified milk. But some sports di-
The ABCs of Vitamin D
mending more time in the sun, searcher. etitians say athletes should get at How can you get vitamin D? How much is necessary? The
which helps the body produce the Both studies were small—fewer least 1,000 to 2,000 IU of vitamin Through certain foods such as fatty Institute of Medicine recommends
nutrient. than 100 players each. But they D daily through food, supplements fish and eggs, or sun exposure. More 600 international units daily for most
The focus on vitamin D is part were intriguing enough that re- or both. than 1 billion people world-wide are adults (800 IU for those over age
of a growing emphasis on player searchers plan to do a larger study The Institute of Medicine rec- estimated to have insufficient or 70). That’s equivalent to six cups of
wellness, from proper sleep to with about 320 NFL players, says ommends no more than 4,000 IU deficient vitamin D levels. milk, most of which in the U.S. is
carefully planned nutrition, to Mark Duca, a Steelers team physi- of vitamin D daily to avoid poten- fortified with 100 IU. Adults
maximize performance. Team offi- cian and co-author on the Pitts- tial risks, which include a calcium Who’s at risk? People at higher shouldn’t take more than 4,000 IU
cials also are acting on eye-open- burgh study. buildup in the blood, which can latitudes and in colder climates such daily, the Institute says.
ing research that suggests vitamin “You can’t draw a definitive disrupt appetite and cause nausea as the northern U.S. and Europe are
D deficiency might increase an conclusion” that low vitamin D and vomiting. Taking 50,000 IU a at risk because of their lack of sun What are the risks of vitamin D
athlete’s risk of injury. levels increase fracture risk, Dr. day of vitamin D for months can exposure. Those with darker skin are deficiency? Low D levels have been
A study of the Pittsburgh Steel- Duca says. “But it certainly piques cause toxicity. Such cases are rare, at risk because pigmentation slows associated with higher risk for
ers published in 2015 in the Amer- our interest, particularly in a vio- according to a 2015 study pub- vitamin D production in the skin. diabetes, heart disease, many cancers
ican Journal of Sports Medicine lent contact sport like football.” lished in Mayo Clinic Proceedings. Those who are older, overweight or and bone loss, among other
was especially striking. It found For most people, sunlight is a Pro and college sports dieti- obese also are at higher risk. conditions.
that vitamin D levels were signifi- major source of vitamin D. It is tians engage in “smack talk” about
cantly lower in players with at also found in foods such as fish, Please see VITAMIN page D2 Sources: Institute of Medicine, Mayo Clinic Proceedings, Harvard School of Public Health
D2 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
HEALTH & WELLNESS
The Safest Ice-Melt Products for Your Pet in the Snow

BY LAURA JOHANNES from a variety of different salts, try dwellers, beware—urea can be
including rock salt, or calcium toxic to ruminants such as cows
The Ache: Ice-melt crystals, chloride, all of which can be toxic and goats, she adds.
ubiquitous in winter, can be toxic to pets if ingested. In buying ice melts, it is impor-
if ingested by pets and can cause The small amount a dog might tant to look at the ingredients, vet-
severe irritation to paws. lick off its paws won’t cause more erinarians say. Some products con-
The Claim: A growing number than drooling or vomiting, but a tain blends of urea and salt, so
of ice-melt products are labeled as couple of mouthfuls can raise salt they could still be toxic and irritat-
safer for pets. levels in the brain and cause sei- ing to paws. Others contain mag-
The Verdict: Ice-melt products zures or even death, says Ahna nesium chloride, a salt which is
labeled as pet safe vary widely, Brutlag, associate director of vet- less irritating to paws than regular
and some contain at erinary services and senior veteri- rock salt, but less gentle than
ACHES & least some ingredi- nary toxicologist at Pet Poison urea, Dr. Wismer says.
CLAIMS ents that aren’t actu- Helpline, affiliated with the Uni- Pet-safe ice melts are generally
ally safe for pets, vet- versity of Minnesota’s College of more expensive than standard rock
erinarians say. Veterinary Medicine. “When we salt, and may not be as effective at
Products made mostly from urea, see serious poisoning, it is almost low temperatures at melting ice.
also an ingredient in fertilizer, are always dogs, and it is almost al- Morton’s Safe-T-Pet melts ice in
gentlest on paws and least likely ways when the dog has chewed temperatures as low as 10 degrees
to cause poisoning, they say. through the bag,” she says. Fahrenheit, while its Safe-T-Salt
“We recommend using a urea- During Boston’s historic snow- product, containing rock salt, is ef-
based product. We don’t recom- storms last year, Angell Animal fective down to 5 degrees. Prod-
mend any particular brand,” says Medical Center, a large veterinary ucts made with another salt, cal-
Tina Wismer, medical director of hospital, had one dog die from ice- cium chloride, melt to much lower
STEVE VERNIK
the ASPCA Animal Poison Control melt poisoning, says senior staff temperatures, but those are even
Center in Urbana, Ill. veterinarian Virginia Sinnott. A more irritating to paws than rock
Safe Paw Ice Melter, from Gaia more common problem, she says, salt, Dr. Wismer says.
Enterprises Inc., Huntingdon Val- Safe Paw Ice Melter was an early entry among pet-safe ice-melt products. is cracked, irritated paws—some- To protect your dog on winter
ley, Pa., was an early entry on the times so severe they bleed, she walks, veterinarians recommend
market, in 1995. Another is Safe-T- says Gaia director of operations says Brian Grindley, senior brand says. covering paws with booties and
Pet from Morton Salt Inc., of Chi- Steven Vernik. manager for Ice Melt. Since dogs Urea products are much less ir- wiping them off with a wet cloth
cago, introduced in 2010. Neither The pet-friendly category has generally walk a whole neighbor- ritating because they don’t pull as soon as you get back into the
company has done animal studies been growing fast due to con- hood, “this is not just a product water from paws as much as salts house. It is also important to make
on its products, the companies say. sumer interest. Morton says its infor people who have dogs. It is a do, veterinarians say. If eaten, urea sure your dog has access to water
Gaia employees occasionally down ternal research shows that nearly product for people who have is nontoxic to dogs, though it may if it may have ingested ice melt,
a mouthful themselves at trade a quarter of ice-melt customers neighbors that have dogs.” cause vomiting or diarrhea, says veterinarians say, as harm is more
shows to demonstrate its safety, are looking for pet-safe products, Standard ice melts are made the ASPCA’s Dr. Wismer. But coun- likely if a dog is dehydrated.
FAMILY
teacher. “My resentment built up
until the arguments escalated and
there was a snowball effect.”
One day in marriage therapy,
Continued from the prior page Mr. Sykes had an epiphany. “I real-
the other’s children, and isn’t ized we didn’t have a marriage
closely involved with daily activi- problem, we had a stepfamily
ties. The children are often excited problem,” he says. He made an ex-
to see mom or dad happy again. treme suggestion: The couple
After the couple gets married, would buy a second home and
the disillusionment stage starts temporarily move half the family
pretty quickly. The finality of a into it. “You can run your kids
new marriage your way in your own house and I
BONDS: ON forces chil- can run my kids my way in mine,”
RELATIONSHIPS dren to let go he told his wife. Ms. Sykes agreed
of any linger- to the plan.
ing desires The Sykes bought a townhouse
they had about mom and dad get- near their home, and Ms. Sykes
ting back together. Both spouses and her three daughters moved
believe they have to parent the into it. The family continued to
children, and the children often re- have regular dinners, movie nights
SYKES FAMILY
sent their stepparent’s presence. and vacations. “It was one family
Next is the restructuring stage. under two roofs,” says Mr. Sykes.
Spouses have to deal with varia- Psychologists call this arrange-
tions in rules and habits. Family The Sykes family lived in two separate homes for four years, but did activities and traveled together. Game night, 1998. ment “Living Apart Together,” or
members are getting to know and LAT, and say it can be a very effec-
trust each other. dren. Take a parenting class or Doherty. “They should see you as mented a “no snacks outside of the tive solution for some stepfamilies.
Finally, families reach the re- read parenting books. Focus on the the nice parent.” kitchen” rule and turned off the The Sykes kept up this arrange-
wards stage. Some differences may nitty-gritty: What will the daily Remember that children feel Internet router at 9 p.m. ment for four years, until the chil-
remain. But members understand routine look like? What will the grief in any blended family—and When the stepchildren re- dren had moved out and gone to
their relationships to each other punishment be for breaking the for a long time. Often, this sadness belled—resenting Mr. Sykes’ new college. Then Ms. Sykes moved
and have created new family rules? “Blending a family takes a manifests itself as resistance or authority over their lives—his own back in with Mr. Sykes. Now, two
bonds. lot of intentional parenting,” says acting out. You can build trust and children followed their lead. The of Mr. Sykes adult sons live with
If you have a blended family, William J. Doherty, a marriage and intimacy by addressing the child’s children sneaked into his office to them, and the whole family gets
what can you do to move this pro- family therapist and professor of grief. (“Hey, I bet you miss your turn the router back on, climbed together for holidays and is plan-
cess along as smoothly as possi- family social science at the Univer- mom. Let’s call her.”) Spend qual- out of their bedroom windows late ning a beach vacation for Mr.
ble? sity of Minnesota. ity time alone with your own chil- at night to meet friends and com- Sykes’ 60th birthday this summer.
Start by realizing that blending Make sure that dad steps up so dren. This will help them under- plained to their mom when Mr. Mr. Sykes stepchildren even call
a family is a long process. You each parent has authority over his stand that they are special to you. Sykes tried to discipline them. him often for advice.
can’t force new relationships. If a or her original children. Tradition- The Sykes had different parent- Mr. Sykes’ stepchildren also “We deblended our family to
child doesn’t want to hug, or call ally, mothers are in charge of the ing styles before they moved their complained to their mother about save it,” he says. “I was no longer
you “Dad,” you need to be OK with domestic sphere; they set and en- children into a six-bedroom home his rules. “I was the bad guy in the the bad guy. I was someone who
that. “Accept where you are and force the rules. This arrangement together. Ms. Sykes had always eyes of her daughters,” Mr. Sykes loved them and wanted what was
move that forward,” says Ron doesn’t work well in a stepfamily. been a permissive parent. She con- says. His wife defended her chil- in their best interest.”
Deal, a licensed marriage and fam- Stepparents should take a tinued to let the children stay up dren, sometimes accusing him of
ily therapist in Little Rock, Ark. warm and nurturing role toward late, have multiple friends at a singling them out. The couple Write to Elizabeth Bernstein at
Make a parenting plan together. their stepchildren. “The way you time over for sleepovers and prac- fought more and more. elizabeth.bernstein@wsj.com or
Before you get married, discuss get in with kids is by being as sup- tice gymnastics in the living room. “I felt stuck in the middle,” follow her on Twitter or Facebook
how you will jointly raise the chil- portive as you can be,” says Dr. Mr. Skyes was strict. He imple- says Ms. Sykes, 55, a kindergarten at EBernsteinWSJ.
VITAMIN
link between vitamin D lev- sunshine abounds, checks its Flakes out, their vitamin D
els and injuries. One study, varsity athletes’ vitamin D levels were much better,”
of more than 5,000 female levels annually. Despite all she says. USC aims to get
U.S. Navy recruits, found a that sun, more than one- athletes to consume 1,000 to
Continued from the prior page 20% drop in stress fractures third of 223 USC athletes 2,000 IU daily of vitamin D
Custom Interior Protection For Whatever You Drive maintaining healthy vitamin after recruits received doses tested for a study published through foods, including yo-
630-769-1500 • 800-441-6287 D levels in their athletes, of calcium and vitamin D. in 2015 had insufficient vita- gurt and fish, but provides
says Lisa McDowell, sports The University of Virginia min D levels. vitamin D supplements for
www.WeatherTech.com dietitian for the Detroit Red has made 2,000 IU vitamin D Some USC athletes’ low players who need them.
Wings and a member of the supplements available to all vitamin D levels, along with The USC study, along
Collegiate and Professional of its athletes for at least the conversations about player with those of the Giants and
Sports Dietitians Associa- past six years, says Randy tastes, spurred a surprising Steelers, showed African-
tion. “It’s a source of pride Bird, director of sports nu- addition to the athletic de- American athletes tend to
when your team checks in trition. It is the only vitamin partment’s food offerings: have lower vitamin D levels.
with a good level.” he encourages every athlete Frosted Flakes. It’s fortified Athletes with darker skin are
Some teams also test ath- to take, he says. with vitamin D. Along with at higher risk for D defi-
letes for other nutrients such “The research on it out- vitamin D-fortified milk, it ciency because pigmentation
as iron and magnesium. side of muscle and bone in- provides quick fuel for morn- slows vitamin D production
Ms. McDowell aims to get juries is that it’s great for ing workouts and an impor- in the skin.
her players’ vitamin D levels your immune system,” Mr. tant dose of the nutrient, That is an important
between 40 and 80 nano- Bird says. says Becci Twombley, USC’s point, especially in leagues
grams per milliliter. Many Even the University of director of sports nutrition. such as the National Basket-
players show up to training Southern California, where “After we put Frosted ball Association, where a
camp with vitamin D levels majority of players are Afri-
in the teens, she says. can-American, says Elliott
An adequate vitamin D Schwartz, former physician
level for the average person for the Golden State War-
is between 20 and 50 ng/ml, riors. In that team’s training
with a level over 50 poten- camps of 2007, 2008 and
Laser Measured tially producing adverse ef- 2009, between nine and 12 of
fects, according to the IOM. 16 players tested vitamin D
FloorLiner™ But some experts have said insufficient and were given
the bottom end of that range 5,000-IU supplements daily,
is too low, and the Endo- Dr. Schwartz says.
“Factory Direct” Thousands of American made, crine Society recommends Dr. Schwartz, founder of
custom applications in stock! maintaining a level between the Northern California In-
99.9% shipped within 48 hours 40 and 60 ng/ml. stitute for Bone Health and a
Red Wings players get lit- physician for the Oakland
See our full line of Automotive Accessories tle sun due to the team’s Athletics, still tests and
For US Customers : Midwestern locale. Ms. Mc- treats dozens of injured pro
WeatherTech.com Dowell encourages players to athletes for vitamin D defi-
For Canadian Customers : spend time outside when the ciency.
WeatherTech.ca team plays in California so Yet he says the evidence
they can soak up vitamin D. isn't overwhelming that vita-
TOMAS JURCO
For European Customers : Only a handful of studies min D helps prevent injury.
WeatherTechEurope.com Made in America have focused on elite ath- He treats deficiency with
©2014 by MacNeil IP LLC letes and vitamin D. But a supplements, he says, be-
few larger studies of military The Detroit Red Wings made a point to get sun, which produces cause “there’s no harm, and
populations have drawn a vitamin D in the body, on their recent trip to California. it may be helpful.”
THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | D3
HEALTH & WELLNESS
Tayshaun Prince, Master of Longevity in the NBA

BY JEN MURPHY
Tayshaun Prince may not be the

hottest star in the NBA. But when
the Minnesota Timberwolves
signed the 35-year-old forward last
year, they saw his value as a vet-
eran player.
In a league where the average
career lasts five years, according to
the NBA, Mr. Prince is in his 14th
season, still starting games.
Mr. Prince credits his longevity
in a sport with endless travel and
an 82-game regu-
WHAT’S YOUR lar season to his
WORKOUT work with Arnie
Kander, named
ACKERMAN + GRUBER FOR THE WALL STREET JOURNAL (4)
the Timber-
wolves’ vice president of sports
performance in September. Mr.
Prince worked with Mr. Kander for
11 years when they were both with Minnesota Timberwolves forward Tayshaun Prince, above, trains with Arnie
the Detroit Pistons. Kander, the team’s vice president of sports performance, on a ‘gluteal
Over the years he has learned activation board,’ left, and a push-up board that strengthens hands and wrists.
that strenuous lifting isn’t the se-
cret to becoming faster and stron-
ger. “Most trainers tend to work
big muscles, but we tackle the
small muscles first,” Mr. Prince
says. “Arnie’s techniques put less
stress on the body but yield the
same results.”
The ball barely ever drifts when
Mr. Prince takes a shot. He credits the Timberwolves have a three- “The movement should occur in
his consistency to repetitive exer- game week, they’ll practice three the ankle, not at the waist. If I see
cises that focus on muscle balance days. If they have a four-game his hip drop, I make him repeat un-
and symmetry. Mr. Kander believes week, they practice twice. The til all of the movement is coming
efficient movement is a major con- team warms up with tai chi move- from the ankle.”
tributor to longevity. “I want my ments and seven minutes of run- Mr. Prince then puts the weight
players gliding on the court,” Mr. ning patterns. Players perform spe- on the front of the board and
Kander says. “The goal is energy cific exercises on Mr. Kander’s raises the weight off the ground by
efficiency. If players pick up bad custom-built balance boards before tilting the board back, dorsiflexing
habits, the body will twist and taking the court for practice. his ankle up. “To get into a defen- to touch a dot on the floor, then ers how to get around a screen and
torque to compensate. That stress Mr. Prince loads the back of a sive stance you need to bend the back to center, out to the side and dribble low beneath the pipe.
leads to wear and tear.” balance board with a 25-pound ankle before you shoot, jump or back to center, then behind him The team has one rest day a
Diet and recovery are central to weight and will balance on it with change direction,” he says. and back to center. “This small week, but Mr. Prince says when
Mr. Prince’s health. He takes sup- one foot. He’ll slowly tilt the board “Throughout the NBA season we movement tells me a lot about the you’re a veteran you can’t have an
plements like turmeric and fish oil forward until the edge touches the see 20% to 30% loss of dorsiflexion strength of the standing leg and off day. “I’m not 21 anymore,” he
to reduce muscle inflammation, ground and then goes back to neu- in athletes. The movement is key whether he has tightness in his hip notes. “It’s even harder to practice
and after practice he spends time tral. The movement simulates to performance.” joint,” Mr. Kander says. after an off day. I need to keep
in the sauna, steam room or cold plantar flexion, where the foot is Mr. Kander drilled rails into the On the court, Mr. Prince and his moving my body.”
tub, depending on what his body pointed downward. “When we gym walls to give players a stabil- teammates dribble down the court The Diet
needs. Mr. Kander even makes cus- jump or accelerate, we plantar-flex ity point when performing balance and throw passes to each other un- Breakfast is oatmeal, egg
tom bath soaks for him to use at the foot,” Mr. Kander says. exercise. Mr. Prince stands with his der PVC pipe set 2½ feet off the whites, roast potatoes and either a
home and on the road. Mr. Prince repeats the exercise left hip facing the wall and his left ground. “When a guy is trying to banana or fruit smoothie. Chicken
The Workout as Mr. Kander looks for imbal- fingers lightly touching the rail. As steal the ball, you need to pass and fish are lunch staples with
Practices during the season last ances. “If the board stutters I know he balances on the left leg, he low,” explains Mr. Kander. Other vegetables like asparagus, brocco-
from 90 minutes to two hours. If something is off,” Mr. Kander says. slowly moves the right leg forward pipes are set higher to teach play- lini, spinach or baked sweet pota-
toes. Sometimes he’ll have a turkey
burger. He drinks a protein shake
A Do-It-Yourself Muscle Soak Can Help Relieve Post-Exercise Soreness after workouts.
If he’s going to splurge, he does
Regular trips to the spa work won- Create a relaxing environment to one drop of peppermint oil, one drop it in October, during training camp,
ders on tired, sore muscles, but they help the body reap the maximum ef- of frankincense and one drop of ylang when he’s doing two-a-day work-
can be pricey. Do-it-yourself treat- fects. Mr. Kander suggests soaking at ylang for a rejuvenating foot soak. outs. “I feel it’s OK to cheat a bit
ments can be just as effective. least 20 minutes, or until the body For a relaxing foot soak, add one drop then, rather than in the off season
“You can create your own little has a physiological response. “You of sandalwood, two drops of myrrh when I’m not exercising as much,”
medicine cabinet to help relieve tired, don’t want to be in the bath on your and two chamomile tea bags to one Mr. Prince says. “And once I get
sore muscles,” says Arnie Kander. The cellphone doing work,” he says. “Try cup of base mix. into the second half of the season
vice president of sports performance to light a candle, relax, let your heart For a recovery bath soak, add four and my body is beat up, I really fo-
for the Minnesota Timberwolves cus- rate slow down, listen to your breath- to five drops of liquid arnica to two cus on nutrition.”
tomizes soaks for his players to use ing.” cups of base mix. Add eight to 10 He enjoys good food so if he’s
after practice and at home. When concocting his own soaks, crushed aspirins to the warm bath going to indulge, it’ll be on the
To maximize the benefits of your Mr. Kander starts with a base of one water. “This soak will help reduce in- “right stuff,” he says. “I look for
homemade muscle soak, it’s impor- cup Epsom salt, one cup sea salt and flammation and calm the muscle tis- restaurants that offer organic, glu-
tant to start with high-quality ingre- two cups baking soda, then adds es- sue,” Mr. Kander says. “I often sug- Mr. Kander concocts bath-salt mixes ten-free, non-GMO food,” he says.
dients, Mr. Kander says. “Look for or- sential oils. gest doing five minutes of gentle in his office at the Timberwolves’ A local favorite is French Meadow
ganic, pure ingredients,” he says. To one cup of the base mix, add stretching after.” —Jen Murphy Minneapolis practice facility. Bakery & Café in Minneapolis.
HEART
the other groups; and coro- the Journal of Clinical and as India and Pakistan are
nary artery calcium scores Experimental Research in now emerging and may pro-
FROM LEFT: ALKA M. KANAYA; MICHAEL SCHACT
are comparable to the Cauca- Cardiology in 2014 found vide important comparisons
sian group and higher than that South Asians who were to South Asians living
Continued from page D1 the other Mesa groups. very traditional in their cul- abroad.
heart disease, including high A 2014 study in the jour- tural beliefs, as well as those “There’s probably a
blood pressure and choles- nal Diabetes Care found that who were the least tradi- strong genetic component to
terol levels and smoking. South Asians had a much tional culturally, had rela- the increased heart disease
“We have good data on higher prevalence of diabetes tively thick carotid artery risk in South Asians that’s
Caucasians but relatively less than whites and higher than walls, which is a risk factor exacerbated by the environ-
information on other ethnic African-Americans. That for stroke. People who held ment and the Western life-
groups,” says David Her- can’t be explained by tradi- moderately traditional be- style,” Dr. Kandula says.
rington, a cardiovascular tional risk factors, the liefs had the thinnest carotid Studies of heart disease
medicine professor at Wake Masala researchers con- artery walls. risk in various ethnic groups
Forest School of Medicine, in Alka Kanaya, left, is lead investigator on the Masala study cluded. Instead, it may be “If we can figure out what can also benefit people out-
Winston-Salem, N.C. looking at South Asians. R. Shankar Nair, right, is a participant. caused by lower beta-cell these factors are that really side those groups, research-
Dr. Herrington is one of function in the pancreas and impact heart disease then we ers say. “Differences across
about 300 researchers work- pressure, than other ethnic doing CT-scans of the heart “an inability to compensate can start targeting interven- ethnicities tell us something
ing on another federally groups. However, these tradi- and conducting glucose-tol- adequately for higher glu- tions specific to lowering important about biology that
funded study following four tional risk factors haven’t erance tests. The researchers cose levels from insulin re- those risk factors,” Dr. Ka- could be exploited in differ-
separate groups: Caucasians, been able to explain the high have published 14 papers so sistance,” the study said. naya says. ent ways,” says Dr. Her-
African-Americans, Hispanics rates of cardiovascular dis- far. Among the participants, Another study, published Studies of South Asians in rington, of the Mesa study.
and Chinese-Americans. The ease in South Asians, so there have been 35 recorded in the International Journal other countries, including “The subtleties and the dif-
study, called the Multi-Ethnic there was a need to do a cardiovascular events, in- of Obesity in December, the United Kingdom, have ferences between ethnicities
Study of Atherosclerosis, or more in depth search for cluding heart attacks. found that South Asians’ similarly found higher rates can be very informative and
Mesa, began following 6,814 other explanations. Among the findings so body composition is very dif- of heart disease, Dr. Kandula can help us in ways that
people without coronary dis- The Masala researchers far: Prevalence of diabetes ferent from that of other says. Quality studies in studying one ethnicity can-
ease more than 15 years ago, completed their first round among South Asians is much ethnic groups, Dr. Kanaya South Asian countries such not.”
Dr. Herrington says. Its main of data collection on the higher than in ethnic groups says. Even though South
focus is tracking measures of study’s participants in 2013 in the Mesa study; blood Asians have a relatively low
vascular disease through im- and are currently in the sec- pressure in South Asians is body-mass index, they have
aging, including CT-scans ond round, which includes similar to the African-Ameri- more visceral fat around the
looking for calcium in coro- collecting genetic samples, can group but higher than in abdominal organs and fat in
nary arteries and ultra- the liver, and less lean-mus-
sounds looking for thicken- cle mass, she says.
ing in arteries to the brain.
The Masala and Mesa re-
When Heart Disease Ignores the Rules Researchers want to know
if that type of fat leads to
searchers are collaborating, Traditional risk factors for heart disease, such as high blood more inflammation and insu-
including using the same pressure and obesity, don’t explain very high rates of the disease lin resistance, which could
protocols and research meth- in South Asians. be causing cardiovascular
ods to enable them to com- disease, says Namratha Kan-
pare data among the various South Asian men and in the U.S. have a lower BMI dula, the principal investiga-
ethnic groups, Dr. Kanaya women represent about 60% of than most other ethnic groups tor at the Northwestern Uni-
says. the world’s heart-disease but have more visceral fat versity Masala site and an
Masala was born out of a patients. In the U.S., they have around the abdominal organs, associate professor of medi-
2006 pilot study that fol- higher mortality rates from more fat in the liver and less cine at Feinberg School of
lowed for 2½ years 150 heart disease than whites and lean muscle mass. Medicine. “The assumption
South Asians in the San other ethnic groups. has always been that the rea-
Francisco area who didn’t South Asians in the U.S. son South Asians have more
have documented heart dis- Caucasians in the U.S. have having very traditional cultural heart disease is because they
ease. The study found that a 6% prevalence of diabetes beliefs, or those who are the have more diabetes and insu-
despite having on average a and African-Americans have least traditional, have thicker lin resistance,” she says.
relatively low body weight 18%. For South Asians, it is walls of their carotid arteries— The Masala researchers
and high socioeconomic sta- 23%, between the ages of 45 a risk factor for stroke. Those also are looking at behav-
tus, South Asians had more and 84. who hold moderate cultural ioral and sociocultural fac-
risk factors for cardiovascu- views have thinner walls. tors, including diet, cultural
lar disease, including Type 2 Early findings of an ongoing Sources; WHO; Namratha Kandula, Feinberg beliefs, religion and spiritu-
diabetes and high blood study show that South Asians School of Medicine; Alka Kanaya, UCSF. ality. A paper published in
D4 | Tuesday, January 26, 2016 THE WALL STREET JOURNAL.
HEALTH & WELLNESS
Why Medical Researchers Experiment on Themselves

BY SHIRLEY S. WANG tation, including privacy concerns licly available genome data, says
about such highly personal infor- Dr. Church. Thousands more have
When Bob Hariri developed a mation and the possibility that the signed up to do so.
product he thought could be useful experimenter’s personal experi- The database can be used as a
as a human-skin replacement for ence will bias the research. point of comparison for any dis-
burn victims, he had no trouble Dr. Church, a professor at Har- ease, says Dr. Church. Some of the
finding a subject willing to test it-- vard Medical School, says he saw a projects where it is currently in
himself. decade ago how the vast amount use include as a control in re-
An entrepreneur and a neuro- of information resulting from se- search in age-related diseases, and
surgeon with both a medical de- quencing individuals’ entire ge- in studies that test the accuracy of
gree and a doctorate, nomes could be useful in better software interpreting the genome.
IN THE Dr. Hariri is one of a understanding disease. In 2005, he As self-experimentation gets
LAB number of scientists proposed the Personal Genome more widespread, Dr. Church says
who have experi- Project. He and his team dealt data-sharing will become more im-
mented on them- with issues of anonymity and iden- portant. “That information van-
selves with new or yet-to-be ap- tity of personal medical data by ishes in the wind if there’s no
proved medical products or simply telling participants that sharing of the data,” he says.
technologies, and who say such their confidentiality couldn’t be Dr. Hariri, the neurosurgeon
practice can be indispensable in guaranteed when their data was and biomedical entrepreneur, says
the development of innovative bio- made public. it is appropriate and even noble
medical treatments. To make sure people under- for scientists to test out an inno-
Some scientists are pushing for stood what they were signing up vation before subjecting a wider
self-experimentation data to be re- for, the team created a rigorous number of people to it.
ported publicly and more system- consent process, including multi-
atically to aid scientific progress. Dr. Jonas Salk, above, gave the polio vaccine to himself, lab scientists, his wife ple-choice comprehension ques-
Alex Zhavoronkov, chief executive and children before national testing in the 1950s; Dr. Alex Zhavoronkov, below, tions; they also required consent
Some scientists want
of an aging-research company plans a self-experimentation journal. from family members, because ge- self-experimentation
called InSilico Medicine Inc., and netic information yields informa-
others hope to start a peer-re- treatments they find online, says tion about relatives.
studies to be reported in
viewed journal on self-experimen- Charles Cantor, a retired professor When he proposed the project, a peer-reviewed journal.
tation, where scientists and other at Boston University, who is work- the Harvard human-subjects ethics
qualified individuals would publish ing with Dr. Zhavrononkov on the committee decided he should be
high-quality case studies of tests self-experimentation journal. He FROM TOP: ANDREW GARAZHA; BETTMANN/CORBIS
willing to do it himself if he was “Insofar as safety is concerned,
performed on themselves. He says he hasn’t tried self-experi- encouraging other people, and Dr. most pharma inventors reach a
plans to launch a crowdfunding mentation but is open to the idea. Church was one of the first to point where they have complete
operation in the next few months Some of the most visible at- have his genome sequenced. Every confidence in product they in-
to fund it. tempts at harnessing self-experi- procedure he has asked partici- vent,” says Dr. Hariri. “If you could
The idea is “to unlock the mentation data in recent years pants to do, he has tested on him- ask someone who invented a medi-
knowledge [of self-experimenta- have focused on the genome. Mi- self. cation, ‘Would you be willing to
tion] that resides there anyway,” chael Snyder, chair of the genetics “Almost every step of the way, take this?’ and they said no, that
says Dr. Zhavrononkov, who takes department at Stanford University, me walking through the trenches would be a red flag.”
an old diabetes drug called met- and a team of researchers ana- with the patients made for a more Dr. Hariri tested his skin-substi-
formin that is supposed to have lyzed Dr. Snyder’s own genome pleasant protocol design,” he says. tute product on himself prior to
anti-aging properties, even though and other personal molecular data, An early aim of the research commercialization when he suf-
it hasn’t been approved for that which they dubbed Snyderome, was to establish stem cell lines for fered a second-degree burn, as
purpose. and published the findings in the participants, which involved taking well as blisters from workouts. “If
Scientists have long experi- journal Cell. Looking at Dr. Sny- a skin sample using a “skin punch you’re someone who has the confi-
mented on themselves but often der’s data over a 14-month period, Advocates say self-experimenta- biopsy.” The procedure turned out dence to try this invention on
kept the practice quiet. Most of the team demonstrated that an tion can yield information that is to be quite painful due to an un- yourself and you get the results
the time, an individual case report, “integrative personal omics pro- hard to get from a clinical trial. necessarily large amount of skin you expected, it turns you into a
sometimes known as an “N of 1”, file” analysis could identify medi- The experimenter feels what it’s extracted and poor anesthetics, re- true believer,” Dr. Hariri says. Af-
isn’t considered scientifically rig- cal risks such as Type 2 diabetes, like to be the patient and gets in- calls Dr. Church, who did it first ter his self-experimentation, he re-
orous. The gold standard with new and molecular changes that oc- sight into how to improve testing and vetoed it. Then they discov- cused himself from the evaluation
medical treatments involves ran- curred between healthy and dis- procedures. Also, a number of in- ered the physician conducting the process to reduce the possibility of
domizing and systematically com- eased states. dividual reports, when cobbled to- biopsies had a better procedure bias during trials. The product
paring groups of people in order A larger-scale effort, called the gether, can start to yield a picture that he used with children, includ- now is on the market as Biovance.
to draw conclusions for the Personal Genome Project and initi- of whether a new treatment is ing medicinal cream and a punch “When I confirmed for myself
broader population. ated by the geneticist George likely to work or not, though one that was 36 times as small as the that my inventions work, I then
Self-experimentation, whether Church, encourages anybody to se- wouldn’t rely on those reports first. The researchers switched to immediately took myself out of the
by scientists or patients, is becom- quence their entire DNA and make alone to conclude safety or effec- that method. review process,” Dr. Hariri. “I’m
ing more commonplace. It has be- the data public for research pur- tiveness. Some 200 people so far have not going to be the one to sway
come easy for interested parties, poses. Dr. Church was one of the Undoubtedly, there are ethical publicly released their sequenced the evaluator here. I think that
including people with illnesses, to first in the project to publicly re- and scientific challenges involved genomes—which is thought to be protects you from the natural ten-
devote time to experimenting with lease his genomic data. in using data from self-experimen- the largest high-quality set of pub- dency to introduce bias.”
W S J + TA L K
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THE WALL STREET JOURNAL. Tuesday, January 26, 2016 | D5
ARTS IN REVIEW
ART
A Gift Tells the History of Japanese Art

MINNEAPOLIS INSTITUTE OF ARTS
tion and gave Mia, as deputy style. Now it boasts pieces by ations of quirky 18th- and 19th- sprightly lines and the white of Ishida Yutei’s ‘Flock of Cranes,’
Gifts of Japanese and director and chief curator Mat- eminent Rinpa artists, among century painters. Nagasawa paper left bare. By the same from the second half of the
Korean Art from the thew Welch says, a “transfor- them vibrant hollyhocks on a Rosetsu’s “Family of Cranes” token, while we see depictions 18th century.
Mary Griggs Burke mational” bequest that, as gilded screen by Ogata Kenzan (c. 1787), for example, captures of ungainly foreigners and sen-
Collection “Gifts” demonstrates, will en- (1663-1743), a naturalistic de- the birds’ ungainliness, while suous geishas, none are ukiyo- response, Mr. Marks presents
Minneapolis Institute of Art able the museum to present a piction of “Flowers of Summer on a monumental pair of e woodblock prints. Burke did convincing evidence that these
Through May 8 noteworthy overview of Japa- and Autumn” by Tawaraya So- screens from around the same not collect them. portrayals relied on more than
nese art. setsu (active mid-17th century), time he depicts a fanciful scene Other Mia benefactors, how- memory and on-the-spot
Seven Masters: Andreas Marks, curator for and a pair of hanging scrolls in of children clambering over a ever, did, making prints one of sketches. Alongside the labels,
20th-Century Japanese Korean and Japanese art, be- which Sakai Hoitsu (1761-1828) giant, doe-eyed elephant. the museum’s signal strengths. he placed reproductions of
Woodblock Prints gins with ancient ceramics, imbues his “Lillies With Hy- While Burke consulted with It was therefore wise for Mia photographs marketed to ka-
From the Wells then anchors us in Japan’s reli- drangea and Hollyhocks” with scholars, personal predilec- to stage “Seven Masters: 20th- buki fans in which the poses
Collection gious underpinnings with such a watery, tactile quality. tions nevertheless shine Century Japanese Woodblock and sometimes even the back-
Through March 13 marvels as a 15th-century Zen Lacquers and ceramics are through. Rosetsu’s are by no Prints From the Wells Collec- drop match those in the prints.
monk’s ethereal portrayal of a also much stronger thanks to means the only cranes, and tion” as a companion show. Its It seems obvious, yet nobody
bodhisattva and an early 12th- such remarkable pieces as a paintings from the Muromachi 100 or so works illustrate the to my knowledge has thought
BY LEE LAWRENCE century wood statue of a 19th-century monk’s robe stor- 1915-1962 shin-hanga, or “new to investigate this before.
seated Amida Buddha. The lat- age box of black lacquer with, print,” movement in which The hang itself is also inter-
A donor bequeathed
I
Minneapolis ter’s face captures the with- inlaid in lead, a fly-whisk fro- painters collaborated with esting. In many instances,
n an impressive display of drawal of deep meditation zen mid-swish, symbolically 670 pieces to the carvers and publishers to re- faces look up or down at one
“show, don’t tell,” the Min- while everything else about (and perpetually) flicking away vive the process of ukiyo-e another, so that isolated indi-
neapolis Institute of Art him exudes worldly presence. ignorance; or a late 16th- to museum, transforming prints. The subjects remained viduals become participants in
(Mia) put its permanent collec- A red patchwork robe ripples early 17th-century stoneware its collection. mostly the same—landscapes, unseen dramas. It is the same
tion of Japanese art in storage over the body, exposing a water jug in whose sags, cracks beautiful women, uber-expres- kind of calibrated intervention
and refilled those galleries—all broad chest and hands poised and slumps a tea master would sive kabuki actors—but they Mr. Marks deploys in the Japa-
10,000-plus square feet of in a gesture of welcome. appreciate the processes of now look different. Drawing nese galleries, where he co-
them—with “Gifts of Japanese A charming 12th- to 13th- life. The Korean gallery, too, period (1392-1573), when art- from a wider repertoire of Jap- coons the religious objects in
and Korean Art from the Mary century god and goddess and a highlights ceramics, a fitting ists looked to the expressive anese and European conven- soft lighting and the faint
Griggs Burke Collection.” A na- tall 12th-century disgruntled- tribute to the impact they had range of Chinese calligraphic tions, painters depicted women sounds of worship. Burke’s be-
tive of Minneapolis and long- looking guardian are part of a on Japan’s potters. brushstrokes, seem to tap into embracing modernity to vary- quest included an endowment
time resident of New York, clutch of Shinto works that The breadth of Burke’s be- Burke’s early love of abstract ing degrees and kabuki charac- for Mr. Marks’s position. Easy
Burke (1916-2012) bequeathed now fill a hole in Mia’s collec- quest is staggering. “Gifts” expressionism. In “River and ters who come across with a to believe she would be proud.
670 pieces to Mia and over 300 tion. Similarly, Mia had virtu- cuts off at the year 1900, and Sky in Evening Snow” (c. more intimate feel—less pos-
to the Metropolitan Museum of ally no Rinpa, a loose-knit the paintings alone range from 1602–03), for example, Kaiho turing and more emoting. Ms. Lawrence writes about
Art. Her allocation deepened school that prized naturalism works rooted in Chinese or Yusho relies solely on deep While this last statement Asian and Islamic art for the
and enriched the Met’s collec- and embraced a decorative Japanese classics to the cre- pools of ink, thin washes, may be a debatable, subjective Journal.
OPERA EXHIBITION
Revival—or Exhumation?
BY HEIDI WALESON
The Spirit of the West
T
New York
he New York City Opera
rose from the dead on
Wednesday with a per-
formance of “Tosca” at Jazz at
Lincoln Center’s Rose Theater
that felt like a historical re-en-
actment in more ways than
one. “Tosca” was City Opera’s
inaugural title in 1944; the
sets and costumes for this
2016 production were based
on sketches by Adolf Hohen-
SID RICHARDSON MUSEUM
stein for the opera’s Rome

SARAH SHATZ
premiere in 1900. I’m all for

historically informed perfor-
mance, but this one seemed to
be yearning for a time that is James Valenti as Mario Cavaradossi and Kristin Sampson in the
gone forever. title role of New York City Opera’s ‘Tosca.’
Earlier this month, NYCO
Renaissance—led by Roy Nie- itan Opera impossibly avant- experienced in their roles, was ‘Buffalo Runners—Big Horn Basin’ (1909), one of four works by Frederic Remington that reveal the
derhoffer, a former NYCO garde. vocally respectable if not scin- range of his techniques and that are being shown together for the first time.
board member, and Michael But this zombie “Tosca” tillating. Kristin Sampson was
Capasso, general director of just looked staid and old-fash- a steely, imperious Tosca, all sidered together, this quartet— ate an unnerving, eerie feeling.
the defunct Dicapo Opera The- ioned. In the intimate 1,100- attitude and not much feeling, Lonesome Dove: one from the Richardson, the In his diary, Remington called
atre—finally won its two-year seat Rose Theater, you could with only occasional flashes of The Art of Story others from Fort Worth’s the “unearthly” light he saw
court battle to resurrect City see the watercolor vagueness fire. As Cavaradossi, James Sid Richardson Museum Amon Carter Museum, Hous- and reproduced “the glorious
Opera, which declared bank- Valenti appeared awkward on Through June 19 ton’s Museum of Fine Arts and yellow glow of a rain storm.”
ruptcy in 2013. Part of Mr. Ca- stage, posing rather than act- Tulsa’s Gilcrease Museum—al- “The Stampede” also brings to
passo’s artistic plan for the New York City Opera’s ing, and his stentorian tenor BY WILLARD SPIEGELMAN lows a viewer to take the mea- life a remark made by Bailey,
company is period, represen- historically accurate was better suited to the revo- sure of an artist too easily dis- the cowboy diarist: “You bet
L
tational productions of core lutionary painter’s cries of Fort Worth, Texas missed as a mere “cowboy” they made the ground roar.”
repertory operas, thereby performance of ‘Tosca’ “Vittoria!” than to his melting egends may die hard, but painter, and to see the aston- In all four paintings you see
striking a blow for tradition in yearns for a time that arias of love. Michael Chioldi myths never die. They ishing range of his techniques not only Remington’s changing
an era when theatrical re- was a Scarpia out of Central change; they proliferate; within his short career. palette but also his deep con-
thinking and updating of these is gone forever. Casting, with his gravelly bari- they deepen. Consider the cow- His earlier work (like the cern for light and weather, for
works has become the norm tone and his brutal, gloating boy, the closing of the West, 1889 “Sentinel” here) is con- figures within a landscape. He
rather than the exception. The demeanor. everything that both recedes ventional in its composition pays equal attention to shad-
idea is supposedly to allow op- of the prettily painted drops Like the unsubtle vocal per- historically and burns bright and palette. In his last 15 years, ows and sunshine, night and
era novices to see these works (which occasionally billowed); formances, Lev Pugliese’s rou- through the haze of nostalgia. acknowledging that the West day, stasis and movement, indi-
set in their original time peri- historical gaslight might have tine directing did not capital- Larry McMurtry’s Pulitzer had retreated to the land of viduals and groups. Few paint-
ods and to please veteran fans been preferable to Susan ize on the intimacy of the Prize-winning “Lonesome myth, Remington embraced ers can make a viewer feel win-
who want their classics un- Roth’s brash lighting. The cos- theater; everything seemed Dove” (1985) inspired a televi- impressionistic techniques and try chill or summer heat as
adulterated, including those tumes and wigs were certainly oversized for the space. There sion miniseries that itself made many pictures of an al- well as he. In an adjacent room,
who found Luc Bondy’s rather period, though the sepia hue were occasional vivid staging spawned subsequent series. most elegiac darkness. the late “A Figure of the Night”
tame “Tosca” at the Metropol- of Tosca’s Act I dress was sad, touches: In Act II, Scarpia Now, at the small, excellent Sid The four centerpiece pic- (1908) from the Richardson’s
especially with its garish mint- seized Tosca by the scruff of Richardson Museum here, tures put his multiple talents permanent collection depicts a
colored sash and reticule, and her neck and practically “Lonesome Dove: The Art of on view. “The Fall of the Cow- single Indian on his horse, bun-
Pepper ... what was the point of the tall dragged her to the window, Story” (through June 19) pres- boy” (1895) is a winter study in dled in a shawl. The picture, in-
staff that she carried into the forcing her to watch the drum- ents production materials from gray, white and brown. If Whis- tense and ghostly, combines a
And Salt church and then left behind? mers marching to the execu- Texas State University’s Lone- tler had gone West he might palette of sickly blue, green
THE WALL STREET JOURNAL (It subsequently disappeared.) tion of her lover, Cavaradossi. some Dove Collection, pages have painted like this. The and white (for snow and ice) in
And, if we’re going to be slav- That moment, which set up from Mr. McMurtry’s manu- 1903 “Fight for the Waterhole” its lower half with a dark forest
ishly exact about all this, “Vissi d’arte,” kicked the scene script for his novel and others looks like a pastel, all pink, yel- of menacing shadows above
where was the angel on the out of conventional melo- from the screenplay, along with low and blue. The 1909 “Buf- and behind the solitary subject.
top of the Castel Sant’Angelo? drama. It was the first time film clips, storyboard sketches, falo Runners—Big Horn Basin” This little show—with its
Musically, the evening was these characters seemed real, costume drawings, a trail map has the thickest impasto and combination of the written and
a mixed experience. Most of instead of caricatures from of the mythical Texas-to-Mon- the brightest colors. Indians on spoken word, and the silence
the interest was in the orches- some outmoded idea about tana cattle drive, and the diary horses are racing across the of painting and sculpture—
tra, which for the most part what opera is supposed to be. of a cowboy named Jack Bailey prairie, beneath a big sky, their speaks volumes about both the
played with sweep and author- The reconstituted City Opera who participated in a real-life energy rendered in brash, dan- disappearance and the con-
ity, despite conductor Pacien will have to tap more of that 1868 cattle drive. These objects gerous brushstrokes. An al- tinuing presence of one crucial
Mazzagatti’s painfully sluggish energy if it is to be something will appeal to fans of the novel most palpable heat comes from American myth.
tempi in Act I and some mis- other than an exhumation, and and the TV series. the thickness of the paint.
communications between the if it is to find an audience that The highlight of the show Most astonishing is “The Mr. Spiegelman’s “If You
stage and the pit. is motivated by more than for art lovers, however, is a Stampede” (1908), with a single See Something, Say Something:
The production was double nostalgia. group of four paintings by sliver of lightning on the right A Writer Looks at Art”
cast, in order to fit six perfor- Frederic Remington side, and, in the background, a (DeGolyer Library), a selection
mances into five days. The Ms. Waleson writes about (1861-1909) that here hang driving rain rendered in deli- of his art criticism, will appear
“Is this a trick question?” opening-night cast, all singers opera for the Journal. jointly for the first time. Con- cate diagonal strokes that cre- later this spring.
D6 | Tuesday, January 26, 2016 * * THE WALL STREET JOURNAL.
SPORTS
Heard On
The Field
Los Angeles Marathon

To Expand Offerings
The company that owns the Los
Angeles Marathon is jumping head-
long into the fray of the booming
endurance competition market.
Three weeks before it hosts the
U.S. Olympic Team Trials Marathon,
the company that controls the Los
Angeles Marathon will re-launch as
Conqur Endurance Group and seek
to add more events in running, cy-
cling, duathlon and triathlon in Cali-
fornia, said Tracey Russell, the com-
pany’s chief executive. In January
2017, the company will hold the in-
augural Pasadena Half Marathon at
the Rose Bowl.
“Los Angeles is a place where
outside groups are always hoping
to put on an event because there
are so many active people,” said Victoria Azarenka, pictured during last year’s U.S. Open, ended 2015 ranked No. 22. After the season, she took a vacation to London, Paris and New York.
Victoria Azarenka Learns to Chill Out

Russell, who wants her company to
“create experiences of human grit.”
The company, which is controlled
by former Dodgers owner Frank
McCourt, will compete in an in-
creasingly crowded market that in-
cludes thousands of marathons and The former world No. 1, known for her intensity, has rediscovered her mojo by trying to sit around and do nothing
shorter races, Ironman triathlons,
obstacle races put on by Spartan BY TOM PERROTTA han, she finally decided to stop. She ing groundstrokes and loud shrieks gry,” Strycova said. “I think she is the
and Tough Mudder, and a new en- spent the next three weeks at home command attention, but there’s also one who can think about the trophy.”
durance event company launched Melbourne, Australia in Belarus for physical therapy, light her precision footwork, tactical acu- Azarenka’s gift is her intensity.
by Virgin founder Richard Branson. Before Victoria Azarenka began to training and swimming. men and quick hands at the net (she Before matches in Melbourne, she
The Los Angeles Marathon is train for this year’s Australian Open, “Other than that I literally didn’t played a lot of doubles as a young stands in the hallway of Rod Laver
among the largest in the nation she engaged in a few months of re- leave my house,” she said. She paused. pro and won a gold in mixed doubles Arena with her headphones on, hood
with some 26,000 participants. It programming. “OK, I went out to lunch once.” at the 2012 London Games). She covering her head, bouncing like a
will be held on Feb. 14 this year. She adjusted the way she pushed Then Azarenka took a vacation: sometimes seems impatient and boxer. She fights for points when
—Matthew Futterman off on her left foot, which had long London, Paris, a quick stop in Bel- edgy in news conferences, she said, ahead, when behind, when there’s
caused her pain. With the help of a gium to visit her coach, Wim Fis- because she finds them “distant and little chance of winning them. In the
UCLA Would Be Home specialist, she changed the way she sette, and his son, who was born impersonal” (one on one, she’s en- first round, she beat Alison Van Uyt-
To an Olympic Village moved her jaw—with lots of practice gaging and funny). She walks and vanck 6-0, 6-0. At one point in the
Organizers of the Los Angeles in front of a mirror—to give it more talks with confidence, but readily ad- first set, Azarenka had a comfortable
bid for the 2024 Olympics will use range of motion, and to help align
Azarenka’s 2015 season mits that by the fall of 2014, she was lead when Van Uytvanck served at
the city’s two best-known universi- her spine. She conquered her fear of was a disappointment, depressed. 40-0, one point from winning what
ties to provide most of the housing needles so she could try acupuncture. “It took me over a year to be able would likely be a meaningless game.
needs for the Games. And then there was the most im-
but she says it served as to control all that,” she said. Azarenka scrapped and won the next
Athletes and coaches would live portant challenge of all, something a year of personal growth On paper, Azarenka’s 2015 was a three points, and eventually the
at an Olympic village at UCLA, the hyperactive Azarenka had always disappointment: two Grand Slam game.
while the media will be housed at been too afraid even to attempt: She quarterfinals and a year-end rank- After winning her third-round
USC. The decision relieves organiz- learned how to sit around by herself earlier in the year. She flew to New ing of No. 22, a long way removed match 6-1, 6-1, Azarenka booked a
ers of a struggle to find land and and do nothing. York to celebrate Halloween. from her days as No. 1 in the world practice court for some fine-tuning.
developers to build new housing in “I had no idea how to rest—no On the day we met, she asked to and winner of two major singles ti- Fissette, who started coaching Aza-
one of the country’s most expen- idea,” Azarenka said. “I had to learn do something fun, rather than sit at tles, at the Australian Open in 2012 renka last season, said Azarenka is
sive real-estate markets. the hard way, because otherwise I a table for an interview. She sug- and 2013. Yet Azarenka said it was just as relentless in practice as she is
In making the decision, LA 2024, wouldn’t stop, I would just keep go- gested a graffiti tour of Brooklyn, so probably the most important year in matches.
the group leading the bid, is betting ing and keep going.” off we went to Bushwick. One of her of her life. “She’s aiming for a goal and once
that cost-effectiveness and sustain- Azarenka, 26, explained all this favorite finds: a crew of skeletons “People look at my year and say she reaches that goal, she’s really
ability, two goals that are supposed during a visit to New York City late under the words “live once, die she hasn’t done results, but they fist-pumping on the practice court,
to be a priority at the International last fall, just as the top players in twice.” Another: A portrait of Frida don’t see the other side of my life, saying: ‘Yes, I did it!’” Fissette said.
Olympic Committee under President the world—minus an exhausted Ser- Kahlo holding a paintbrush. We the personal growth for me,” she “I’ve never seen somebody doing
Thomas Bach, will win out over the ena Williams—were in Singapore stopped in a chocolate store, where said. “I’ve never been more moti- that in practice, but I love it.”
the glitz of new construction. competing at the season-ending Azarenka bought treats, hot choco- vated than I am now.” Azarenka has not beaten Williams,
“This is the most cost-conscious championships. Azarenka had ended late and a camouflage hat. She spoke Her opponents have noticed. Aza- the defending champion here, very
choice, but that was not the driver,” her season after retiring in a match so knowledgeably about cocoa beans renka has won every set she has often, but she pushes Williams like
said Los Angeles Mayor Eric Garc- in Wuhan, China in late September. that the shop’s saleswoman asked played at the Australian Open and few other players can. No matter the
etti. “We thought this was the At times last season, she said, her Azarenka if she was Peruvian. “No, lost a mere 11 games in four matches. opponent, Azarenka feels this year is
most athlete-centered solution.” foot hurt so badly that she needed do I look like it?” she asked. Barbora Strycova, her fourth-round bound to be better than the last.
Paris, Rome and Budapest are almost 5,000 milligrams of Tylenol It’s not unusual for people to mis- opponent, has played Azarenka at “It’s many more Grand Slams I
also bidding for the 2024 Games. to get through a match (that’s the take Azarenka for something she the Australian Open three years in a want to win, as many as I can,” she
The IOC will select the winner next equivalent of 10 extra-strength tab- isn’t, or to at least think she is much row. This year was different. said. “Let me achieve them first and
year. —M.F. lets). When the pain returned in Wu- less complex than she is. Her punish- “I have to say that she is very hun- then I’ll talk to you about it.”
Why the Denver Broncos Are Super Bowl Poison

The Denver Broncos are back in the
Super Bowl. Get ready for a blowout.
The Broncos have appeared in
Wake Me Up for the Ball Game
seven previous Super Bowls—one Ranking the 10 teams to have played in at least five Super Bowls by the most
seventh of the 49 that have been lopsided margin of victory:
played all time—and the record shows TEAM GAMES W/L PTS DIFF. AVG.
Denver Broncos 7 2-5 170 24.3
Oakland/Los Angeles Raiders 5 3-2 110 22.0
Washington Redskins 5 3-2 91 18.2
San Francisco 49ers 6 5-1 102 17.0
that their presence usually guaran- Miami Dolphins 5 2-3 77 15.4
tees that the title game will turn into Green Bay Packers 5 4-1 71 14.2
a lopsided clunker. Dallas Cowboys 8 5-3 111 13.9
In their seven Super Bowl outings, New York Giants 5 4-1 54 10.8
Denver’s games have produced a New England Patriots 8 4-4 70 8.8
whopping average margin of victory of
Pittsburgh Steelers 8 6-2 61 7.6
24.3 points. That’s nearly two touch-
downs worse than the 12.6 average Source: Stats LLC The Wall Street Journal.
winning margin in all the other cham-
pionship deciders. Of the 10 teams Clockwise from left, Peyton Manning (Super Bowl XLVIII),
that have played in at least five Super John Elway (XXIV), Craig Morton (XII).
Bowls, only the Raiders at 22 points
come close to Denver in serving up
such boredom on Super Bowl Sunday. Manning, against Seattle’s No. 1 de- Prior to Elway’s arrival, the Bron- Super Bowl XXXII, however, wasn’t turing a favorite between 3 and 6
Just two years ago, the Broncos fense. That rout brought back memo- cos lost Super Bowl XII to the Cow- decided until the closing moments. points, the average margin of victory
served up their latest Super Bowl ries of John Elway’s Super Bowl boys by 17. Even when they’ve won It’s not merely the fact that the has been 14.6 points, or more than
stinker, losing 43-8 to the Seahawks struggles in the 1980s when Denver the big game, the Broncos have pro- Broncos are playing that trouble two touchdowns, according to Spre-
in a game that had been hotly antici- lost games by 19, 32 and 45 points, vided few thrills, routing the Falcons those hoping for a barnburner. The adapedia. That includes the Broncos’
pated as a matchup between Den- including the worst-ever 55-10 loss to 34-19 in Super Bowl XXXIII. The Carolina Panthers opened as a four- 42-10 loss to the Redskins in Super
ver’s No. 1 offense led by Peyton the 49ers in Super Bowl XXIV. team’s 31-24 win over the Packers in point favorite. In 17 Super Bowls fea- Bowl XXII. —Michael Salfino
FEATURE: AGENCE FRANCE-PRESSE/GETTY IMAGES; THE COUNT (CLOCKWISE FROM LEFT): ASSOCIATED PRESS; SPORTS ILLUSTRATED/GETTY IMAGES; FOCUS ON SPORT/GETTY IMAGES; HOF: GETTY IMAGES

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