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Daniel Henninger
The Best and Obama’s Legacy:
Worst Airlines Trump and Bernie
THE MIDDLE SEAT | D1 OPINION | A11
* * * * * * THURSDAY, JANUARY 14, 2016 ~ VOL. CCLXVII NO. 11 WSJ.com HHHH $3.00
DJIA 16151.41 g 364.81 2.2% NASDAQ 4526.06 g 3.4% STOXX 600 344.63 À 0.4% 10-YR. TREAS. À 9/32 , yield 2.070% OIL $30.48 À $0.04 GOLD $1,087.50 À $1.90 EURO $1.0877 YEN 117.68
What’s
After Iran Frees U.S. Sailors, Questions Linger
Stocks Take
News Beating as
Alarm Grows
Business & Finance
.S. stocks slid, spurring

U investors to seek safety.
The Dow fell 364.81, or 2.2%,
to 16151.41, nearing correc- Investors flee amid hai Composite Index breached
tion territory. The S&P 500 its lows from last summer’s
and the Nasdaq are already anxiety over global crash, but recovered some of
in correction mode. Asia mar- economy, oil; Dow nears the losses and at lunchtime
kets sank early Thursday. A1 was down 1.2%. A strengthen-
Bond investors snapped correction territory ing yen, which hurts Japanese
up $46 billion in AB InBev exporters, drove Japan’s Nik-
debt, the second-largest cor- BY SAUMYA VAISHAMPAYAN kei Stock Average down 3.7%.
porate bond sale on record. C1 AND IRA IOSEBASHVILI Traders said stock declines
Investors pulled $207.3 Wednesday were fueled by
billion in 2015 from U.S. mu- The new year’s stock-mar- fresh concerns that a U.S. eco-
tual funds that hand pick their ket rout deepened Wednesday, nomic expansion entering its
positions and poured $413.8 dragging the Dow Jones In- seventh year is vulnerable to
billion into index funds. C1 dustrial Average down almost softening growth overseas, par-
10% from its highs of late last ticularly in China and emerging
GE said it would move its
year and sending investors economies, as well as increas-
headquarters to Boston from
flocking to safety. ing volatility in other financial
Connecticut, ending a fierce
The Dow ended the day markets including oil and other
contest to lure the firm. B1, B2
perilously close to what trad- commodities. Brent crude oil,
MetLife’s move to shed a ers call correction territory, the European benchmark,
chunk of its U.S. life-insurance defined as a drop of 10% or traded below $30 a barrel for
unit is expected to raise pres- more from a recent peak. The the first time in a decade.
sure on rivals to shrink. C1, C2 broader S&P 500 and Nasdaq Investors have begun to sell
Composite indexes are already stocks broadly. Energy stocks
Goldman is planning to
in correction mode, having en- tumbled, as did shares of eco-
cut up to 10% of its fixed-in-
dured a swift and tumultuous nomically sensitive U.S. firms
come traders and salespeo-
RIB/ASSOCIATED PRESS
descent in just two weeks. ranging from auto makers to

ple later this quarter. C4
The selloff continued early home builders to home-goods
Auto executives, con- Thursday in Asia. The Shang- Please see STOCKS page A2
vinced that cheap oil is here
to stay, are issuing bullish
Behind the Pain:

forecasts for 2016. B1
CAPTURED: A video released by Iran Wednesday shows U.S. sailors detained after their small boats
VW’s meeting with the EPA
drifted into Iranian waters. The U.S. said it would take action if they were treated inappropriately. A9
over the emissions scandal
ended quickly, suggesting the
two sides remain at odds. B4
Al Jazeera is shutting its
U.S. cable channel. The chan-
CHOCOLATE MAKERS
Misplaced Faith
nel, backed by oil-rich Qatar, BY GREG IP markets will take a bigger hit
cited economic factors. B6 than the relative importance
GoPro forecast revenue
below expectations. Its shares
dropped 25% after hours. B3
FIGHT MELTING SUPPLY National home prices never
go down. Eurozone countries
don’t default. Saudi Arabia
of either China or oil can ex-
plain.
Exports to China constitute
won’t let the price of oil less than 1% of U.S. annual
Mondelez, other manufacturers spend $1 billion to boost cocoa output crash. China’s demand for raw gross domestic product. The
World-Wide materials is infinite. U.S. is also a net importer of
These are some of the oil, so a fall in oil prices
BY ALEXANDRA WEXLER As a result, the pressure is most cherished assumptions should be positive.
Clinton has begun attacks on Ms. Amekudzi and her Chocolate Growers of investors and policy mak- Yet, some economists esti-
on Sanders’s policy agenda ABANKROM, Ghana—Yaa team of five employees at Cocoa bean production in Ghana ers in the past decade, as- mate, in the fourth quarter of
as polls show her rival ahead Amekudzi bounces along dirt Mondelez International Inc., and Ivory Coast, which churn out sumptions that have under- 2015 the U.S. economy grew
in New Hampshire and clos- roads in a sport-utility vehicle the maker of Cadbury Dairy 60% of the world's crop pinned trillions only about 0.5% at an annual
ing the gap in Iowa. A1 from one village to the next as Milk bars and Oreo cookies, to ANALYSIS of dollars of in- rate. Manufacturing may al-
Cruz didn’t disclose to part of a $1 billion scramble help cocoa farmers boost Ghana Ivory Coast vestment and ready be in recession: For two
election officials a pair of by the world’s top chocolate their dwindling crop yields. 2.0 million metric tons debt. The U.S. months the Institute for Sup-
loans he took from Wall makers to fix the industry’s “They need to change the housing bust and eurozone ply Management’s index of
Street banks when he first most vexing problem. way they farm,” says Ms. debt crisis demonstrated the factory purchasing managers
ran for the Senate in 2012. A6 Demand for chocolate is Amekudzi, who runs Monde- 1.5 havoc that comes when such has been below 50, the line
stronger than ever, especially lez’s cocoa sustainability oper- assumptions are proven between expansion and con-
Multiple explosions and
now that more consumers in ations in Ghana. “We don’t wrong. traction.
gunfire erupted in Indone- 1.0
China and India are buying have the forest cover we had, Something similar may be At Wednesday’s close, the
sia’s capital Thursday. At
bars and bonbons long con- we don’t have the rain our happening now. A pronounced S&P 500 index is down more
least one person was killed. A7
sidered an unaffordable lux- grandfathers had, and the soil 0.5 slowing in China’s industrial than 10% from its recent high,
The Islamic State bomber ury. But cocoa production is isn’t as fertile…Young people sector and a steep drop in oil while the Dow Jones Trans-
who killed 10 German tour- down, including a steep slide often leave to seek a better prices have taken investors, portation Average and the
ists in Istanbul registered in last year in Ghana, the sec- life in the city.” 0 business and policy makers Russell 2000 index of small-
Turkey as a Syrian refugee ond-largest cocoa-growing She gives cocoa farmers 2011 ’12 ’13 ’14 ’15 by surprise. That doesn’t company shares, both of
without setting off alerts. A7 country. Cocoa prices have advice on better ways to Note: Seasons ended Sept. 30 mean a crisis or recession are which are sensitive to eco-
jumped nearly 40% since the space seedlings, apply fertil- Source: International Cocoa Organization in the cards. But it could nomic momentum, are down
Iran released videos of
start of 2012. Please see COCOA page A10 THE WALL STREET JOURNAL. mean the U.S. economy and Please see PAIN page A2
the U.S. sailors held over-
night that raised questions
as to whether their treat-
ment was inappropriate. A9 In Truth, Bill and Tony As Sanders
Denmark’s government
won cross-party backing for a
plan to seize asylum seekers’
cash and valuables to help
Talked Bananas, Not Ham
i i i
Makes Gains,
Clinton Goes
Oracle #1
meet the cost of their stay. A7
The Supreme Court wres-
tled with whether Congress
went too far in aiding terror
Transcripts of former leaders’ calls
prompt spoofs; plate spinning, Disneyland On the Attack Cloud ERP
victims in a case that seeks to
BY JENNY GROSS and said he had admired the BY LAURA MECKLER
collect money from Iran. A9
castle, but “I knew that Tony AND PETER NICHOLAS
Last week’s shooting of LONDON—Matthew Doyle, a Blair hadn’t been to Disney-
a Philadelphia police officer longtime adviser to former Brit- land,” said Mr. Doyle. He quickly Hillary Clinton all-but ig-
is being investigated as a ish Prime Minister Tony Blair, realized some of the transcripts nored rival Bernie Sanders for
terrorist act, the FBI said. A3 pored over transcripts released were fakes. months, hoping to avoid alien-
late last week of private tele- Mr. Doyle was among mem- ating his fervent backers
Chicago dropped its op-
phone calls between bers of the political es- whose support she’ll need if
position to releasing video
his old boss and for- tablishment and public she wins the Democratic presi-
of the fatal 2013 shooting of
mer U.S. President on both sides of the dential nomination. Now, she
a black teen by police. A3
Bill Clinton. Atlantic who were ini- no longer has that luxury. 1,675 150
He was gripped tially taken in by a As polls show Mr. Sanders
CONTENTS Opinion............... A11-13 by the intimate con- batch of spoof tran- ahead in New Hampshire and Oracle Cloud Workday Cloud
Arts in Review..... D4
Business News.. B1-7
Sports.......................... D5
Style & Travel.... D2-3
versations between scripts released Friday, closing the gap in Iowa, Mrs. ERP Customers ERP Customers
Crossword................. B7 Technology............... B5 the two men when the day after genuine Clinton, her daughter and top
Global Finance........ C3 U.S. News............. A2-6 they were in power, ones were published campaign aides have un- “Oracle has their act together better than SAP”
Heard on Street.... C8 Weather..................... B7 covering topics rang- by the William J. Clin- leashed a string of attacks on
In the Markets....... C4 World News. A7-9,14
Aneel Bhusri, Workday CEO
ing from domestic ton Presidential Li- the Vermont senator’s policy
politics to world brary and Museum. agenda.
> events and family Tony Blair The Clinton Presi- The shift in tone marks a
life. Then he spotted dential Library returning point in the Demo-
something that struck him as leased more than 500 pages of cratic race as Mrs. Clinton
Midsize and large scale Enterprise Fusion ERP Cloud customers.
not quite right. transcripts of discussions be- Please see RACE page A4
In one conversation, the for- tween 1997 and 2000. They dis- oracle.com/modern-finance or call 1.800.ORACLE.1
s Copyright 2016 Dow Jones &
Company. All Rights Reserved mer prime minister referred to a cuss important issues, including More coverage of the 2016 Copyright © 2015, Oracle and/or its affiliates. All rights reserved.
trip he had taken to Disneyland Please see SPOOF page A10 presidential election.......... A4-6
A2 | Thursday, January 14, 2016 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Deficit Falls to Lowest Level Since 2007
BY NICK TIMIRAOS Government spending will that was part of a highway- over the coming decade, while
rise further after last fall’s bi- spending package Congress Democratic candidates have
WASHINGTON—The U.S. partisan agreements between approved last month. proposed costly expansions of
budget deficit ended last year President Barack Obama and Deficits have fallen below college education and public
at its lowest level since 2007, Congress that boost discre- levels that many budget ana- benefits.
marking the sixth straight an- tionary spending caps through lysts expected at the begin- Much of the spending
nual drop. But the declines September 2017 and extend a ning of the decade, in part be- growth in recent months has
may not last without a pickup series of tax breaks for busi- cause borrowing costs have been driven by programs that
in economic growth. nesses and households. remained low, holding down aren’t appropriated on an an-
The deficit in calendar year Economists at Goldman interest costs on the national nual basis by Congress, such
2015 was $478 billion, or Sachs estimate the deficit debt. as Medicare and Social Secu-
BLOOMBERG NEWS
around 2.6% of gross domestic could rise to $650 billion, or The U.S. has added nearly rity. Costs for these programs
product, down from a year- 3.5% of GDP, in the fiscal year $8 trillion in debt since 2007, are projected to climb as more
earlier level of $488 billion, or ending Sept. 30 and to $575 and the nation’s debt-to-GDP baby boomers retire, poten-
2.8% of GDP, the Treasury De- billion, or 3% of GDP, in fiscal ratio has doubled to around tially squeezing discretionary
partment said Wednesday. 2017. 73%, based on federal debt spending.
After the financial crisis, The budget deficit has fallen for six straight years, but the The U.S. ran a deficit of $14 held by the public. Last year, “When I get asked back
the annual deficit peaked in downward trend may not last if the economy doesn’t pick up. billion in December, though af- debt-service costs for the U.S. home, ‘Why are there the bat-
2009 at a level not seen since ter adjusting for certain calen- government fell to 1.2% of tles that you have about gov-
World War II as revenues fell to rise two years ago, but defi- nues rose 6%, versus a 10% dar-related changes in when GDP, from 1.7% in 2008. ernment spending?’ it’s be-
sharply and stimulus flowed. cits continued falling because of gain in 2014. payments are made and re- Critics of larger deficits cause the slice of the pie that
Deficits began to recede in strong receipts to the Treasury, “The tremendous progress ceipts are collected, the govern- worry the presidential cam- we control on the discretion-
2010 as the stimulus faded in part from tax increases that over the past six years in re- ment would have run a surplus paign will further relax fiscal ary side gets smaller and
and revenues stabilized. Con- took effect in 2013. ducing red ink appears to have of around $38 billion, according restraints. Republican presi- smaller and smaller,” House
gress cut spending further af- Now, these dynamics may ended,” said Greg Valliere, to a Treasury analysis. dential candidates are pushing Budget Committee Chairman
ter Republicans took control of be fading. Outlays last year chief global strategist at Hori- December’s receipts in- tax cuts that even under gen- Tom Price (R., Ga.) said
the House in 2011. rose 5%, roughly the same zon Investments, in a recent cluded a large, one-time trans- erous assumptions would add Wednesday at an event at the
Government spending started pace as the year before. Reve- note to clients. fer from the Federal Reserve trillions of dollars to deficits Brookings Institution.
Response PAIN Collateral Damage

China's slowdown and slumping prices for oil and other commodities has made itself felt in U.S.
rise in total U.S. industrial ca-
pacity between 2009 and 2014.
But in late 2014, Saudi Ara-
manufacturing, investment and borrowing costs.
To Device Continued from Page One
27% and 22%, respectively,
ISM economic activity indexes Net investment as a share of
total U.S. industrial capacity
Bond yields for energy and
non-energy companies
bia stopped defending that
price and ramped up produc-
tion to claw back market share
Risk Is from their all-time highs.

Blame this on how dramati-
cally sentiment has changed.
70
Non manufacturing
4% 18%
from the U.S. Shale production
in the U.S. has been slow to de-
cline but investment has col-
EXPANSION
Manufacturing
65 3 16
Faulted China is the world’s biggest

consumer of many commodi-
ties; through October 2015 it
60 2
Energy
14
Energy
lapsed.
Indeed, while U.S. auto pro-
duction rose last year to meet
BY THOMAS M. BURTON accounted for around half of 55 1 12 consumer demand as gas
the world’s consumption of prices sank, Mr. Thomas notes
The Food and Drug Admin- aluminum, copper, nickel and 50 0 10 that was more than offset by a
istration took 17 months to no- zinc, according to BCA Re- collapse in orders for ma-
tify doctors and the public of search, an investment advisory 45 –1 8 chined parts, precision tools,
CONTRACTION
“superbug” infection dangers firm. As recently as 2012, the engines, transmissions, pumps
from certain scopes used in International Monetary Fund 40 –2 6 and other “intermediate”
gastrointestinal procedures in predicted China would grow an goods for the global commod-
hospitals, according to a re- average of 8.6% a year from 35 –3 Excluding energy 4 Excluding energy ity production chain. Many
port by Senate Democrats re- 2015 through 2017. That out- RECESSION companies earlier in the chain
leased Wednesday. look led many suppliers to in- 30 –4 2 didn’t realize how exposed
The report said that in Sept. vest in added capacity, assum- ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’09 ’10 ’11 ’12 ’13 ’14 2014 ’15
they were to the commodity
2013 staff at a Seattle hospital ing China’s appetite would bust.
Sources: Institute for Supply Management via Federal Reserve Bank of St. Louis (ISM indexes); Carlyle Group (energy and non-energy
had “traced a cluster of antibi- grow indefinitely. investment and bond yields).
The selloff has spilled into
otic-resistant infections to a What they didn’t appreciate THE WALL STREET JOURNAL. the financial system. Yields on
medical device” called a duo- was that China’s own leaders bonds of energy companies
denoscope, but that it wasn’t had concluded that that have shot up and smaller
until early 2015 that the FDA growth, driven by excessive banks are announcing signifi-
issued a public warning. borrowing, was unsustainable. cant reserves against lending
“The agency took no action China grew an estimated 7% to energy companies. The
to alert hospitals, doctors and last year, and the government’s stress has spread to other bor-
the public to the risk” posed informal target is just 6.5% this rowers: Yields on bonds issued
by the medical scopes, Senate year, a figure many private by nonenergy companies have
investigators wrote. economists consider too high. risen to 7.7% from 5.3% in
The report was commis- Moreover, the economy’s most mid-2014.
sioned by Sen. Patty Murray of commodity-hungry sectors— “Credit-market shocks of
Washington, the top Democrat heavy industry and construc- the sort triggered by the com-
DONG NAIDE/FEATURECHINA/ZUMA PRESS
on the Senate Committee on tion—have led the slowdown. modity-price collapse can
Health, Education, Labor and “Resource development prove quite damaging to
Pensions. A concentration of spending was based on a linear broader economic conditions,”
cases in Seattle made the issue extrapolation of demand from Mr. Thomas says.
a particular concern to Ms. China, which has just proven How bad will it get? Be-
Murray, her aides said. far too optimistic,” says Jason cause output per worker is
A spokesman for committee Thomas, director of research at much higher in manufacturing
chairman Lamar Alexander (R., Carlyle Group, a private-equity and mining than in services,
Tenn.) declined to comment on firm. the pullback in those sectors
why Republican committee The U.S. didn’t sell many affects GDP more than employ-
members didn’t participate in commodities directly to China, ment. Indeed, overall job
the investigation and report. but it sold things to countries The industrial-sector slowing has taken investors by surprise. Here, an aluminum-products factory in China. growth and demand for ser-
FDA officials said Wednes- that did. Their growth has vices so far remain buoyant.
day that they would “carefully slumped along with commod- on oil has been even more dra- Cheng, an analyst at Barclays. ects premised on oil between China’s growth appears to
consider” the Senate report’s ity prices, and capital has fled, matic. From 2011 through early “In early 2014, the general as- $80 to $100, and in loans and have steadied. So absent even
recommendations—such as driving down their currencies 2014, Brent oil was almost al- sumption by industry was that bond issues that valued the more contagion, the U.S. seems
having devices’ identification and pushing up the dollar, cre- ways above $100 per barrel. it can’t drop below $90 be- companies’ reserves at $80 to likely to escape a recession.
numbers included in insurance ating headwinds to U.S. ex- “You had the illusion that it cause Saudi Arabia would de- $100 per barrel. Mr. Thomas Even so, this year will likely
billing records—and that reports. was sustainable because vola- fend it.” estimates that energy ac- provide another object lesson
ducing bacterial infections “is The reversal of sentiment tility was very low,” says Paul That fueled a boom in proj- counted for two-thirds of the in taking trends for granted.
a top priority for the agency.”
In August 2015, the agency
recommended more rigorous
cleaning steps for the devices.
The scopes are snaked
down the esophagus into the
STOCKS investors should buckle up for a
bumpy ride.
“Uncertainty over China has
filtered into all asset markets,”
are considered more defensive
bets, have slipped 0.3% this
year.
For the year to date, the Dow
sharp decline in energy compa-
nies’ earnings is pressuring the
outlook for broad stock in-
dexes.
“We were actually joking in-
ternally that even if the U.S.
goes into recession, this com-
bined company will probably
top of the small intestine for Continued from Page One said Brian Daingerfield, a cur- is down 7.3%, the S&P has fallen Buyers piled into A-B InBev’s benefit,” said Christopher Coo-
diagnostic and treatment pro- retailers. Technology stocks rency strategist at RBS Securi- 7.5% and the Nasdaq lost 9.6%. bond sale, which attracted lidge, a portfolio manager at
cedures. These involve the also bore the brunt of the exo- ties. Nymex crude has fallen 18% and more than $100 billion of or- Brandywine Global Investment
liver, bile ducts and pancreas, dus. The Dow industrials fell Brent crude is down 19%. ders. Many said they were en- Management, which manages
and are often used in patients Investors scrambled to buy 364.81 points, or 2.2%, to “You look across the spec- ticed by the relatively attrac- about $69 billion in assets and
with cancer-related blockages. high-grade bonds, which are 16151.41. The S&P 500 dropped trum, and there’s been nowhere tive yields offered on the debt put an order in for the bonds.
The FDA has estimated more viewed as a haven from eco- 2.5% and the Nasdaq Composite to really go and hide,” said Sa- and the company’s investment- “If we hit a recession, every-
than 660,000 procedures a nomic and financial unrest. declined 3.4%. hak Manuelian, managing di- grade credit ratings, which are body drinks more.”
year are done with the devices. Brewer Anheuser-Busch InBev Some of the biggest gainers rector in equity trading at Wed- in the single-A range. Indirect bidding at Wednes-
Difficulty in cleaning scopes NV on Wednesday sold $46 bil- of 2015 fell. Amazon.com Inc., bush Securities. The bonds also give inves- day’s Treasury auction, a proxy
between patients has led to in- lion of bonds to fund its acqui- which contributed the most Home Depot Inc. shares de- tors exposure to a relatively re- for foreign demand, jumped to
fection outbreaks, including at sition of rival SABMiller PLC, in points to the S&P 500 last year, clined 4.8%, leading the Dow cession-resistant source of con- 71%, the second-highest on re-
Virginia Mason Hospital and the second-largest corporate fell 5.8%. Shares of Google par- Industrials lower. The retailer sumer spending and a haven cord for the 10-year auction.
Medical Center in Seattle. debt sale on record after a 2013 ent Alphabet fell 3.5% and Face- has rallied 17% over the past 12 away from troubled energy and —Mike Cherney and Min Zeng
The report said that from sale by Verizon Communica- book shares lost 4%. The Nas- months as investors bet that mining companies. contributed to this article.
2012 through spring 2015, such tions Inc. There were more the housing sector, a core area
scopes were linked to at least than $2 of orders for each dol- of the U.S. economy, remained
‘You look across the
CORRECTIONS
THE WALL STREET JOURNAL
25 different incidents of drug- lar of bonds sold, a sign that in- on relatively solid ground. (USPS 664-880)
resistant infections that sick- vestors are eager for securities spectrum and there’s “The cheapest stocks are the (Eastern Edition ISSN 0099-9660)
AMPLIFICATIONS
(Central Edition ISSN 1092-0935)
ened 250 patients world-wide. issued by firms whose pros- ones that have the highest level (Western Edition ISSN 0193-2241)
“Patients should be able to pects are less sensitive to eco-

been nowhere to of economic sensitivity,” said
Editorial and publication headquarters:
1211 Avenue of the Americas,
trust that the devices they nomic conditions. really go and hide.’ Thomas Digenan, head of U.S. New York, N.Y. 10036
Published daily except Sundays and general legal
need for treatment are safe Demand for a $21 billion sale equities at UBS Asset Manage- The surname of Rep. Cathy holidays. Periodicals postage paid at New York, N.Y.,
and effective,” said Ms. Mur- of 10-year U.S. Treasury bonds ment, pointing out auto stocks McMorris Rodgers (R., Wash.) and other mailing offices.
POSTMASTER: Send address changes to The Wall
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Olympus Medical Systems mark bond slid to 2.07%, its “I think 2016 will be a more bringing its year-to-date loss to News article about the Repub- Department, Dow Jones & Co. Inc., 1155 Avenue of
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and the Pentax division of Yields decline when prices rise. markets,” said Paul Markham, watch the transports for early the Union address. final acceptance of the advertiser’s order.
Hoya Corp. Fujifilm said pa- The moves underscore how global equity portfolio manager signs on the health of the econ- Letters to the Editor:
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
tient safety is its highest pri- nervous markets have grown in at Newton Investment Manage- omy. The first name of Housley
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adequately test whether the growth expectations, and while of nervousness among inves- but are likely to further punish Readers can alert The Wall Street (1-800-568-7625)
Journal to any errors in news articles Or by live chat at wsj.com/
scopes could be cleaned reli- few analysts now predict a U.S. tors. Those stocks, which tend the earnings of U.S. multina- by emailing wsjcontact@wsj.com or livechat
ably in real-world settings.” recession, many are saying that to pay out high dividends and tional firms at a time when a by calling 888-410-2667.
THE WALL STREET JOURNAL. * * * * * Thursday, January 14, 2016 | A3
U.S. NEWS
Officer’s
Shooting
New Wish List for Safety Board
With no airliner crash
Probed as in seven years, NTSB
focuses on highway
Terrorism and rail enhancements
BY DEVLIN BARRETT BY ANDY PASZTOR
The shooting of a Philadel- The U.S. National Transpor-

phia police officer last week is tation Safety Board released
being investigated as a sus- its annual list of “most
pected act of terrorism, the wanted” transportation im-
Federal Bureau of Investiga- provements, but for the first
tion said Wednesday. time in years none of them
FBI Director James Comey specifically target reducing
told reporters that was the commercial aviation hazards.
case when he was asked about Wednesday’s announcement
the shooting during a visit to reflects the steady gains in air-
Pittsburgh. line safety, with the last fatal
Philadelphia police arrested crash of a U.S. scheduled pas-
30-year-old Edward Archer for senger flight occurring nearly
allegedly shooting Jesse Hart- seven years ago. Some aviation
nett three times in a late-night experts said it was the first
ambush as the officer was in time in two decades that com-
his patrol car. Mr. Hartnett, mercial air transport wasn’t
who was shot in the arm, is explicitly singled out in the
being treated at a hospital. agency’s annual ranking as a
Police officials previously high-priority area.
said Mr. Archer told detectives “The good news is that air-
he was inspired by the extrem- line accidents have become,
ist group Islamic State, but of- thankfully, very rare in Amer-
ficials cautioned they didn’t ica,” NTSB Chairman Christo-
know if the suspect had any pher Hart said at a news con-
actual ties to the group. ference. But he added that the
Investigators have been try- fatal accident rate for private Experts said an automatic train-stop system might have prevented an Amtrak crash in Philadelphia last year that killed eight people.
ing to understand the mo- aircraft has remained “stub- Meantime, there hasn’t been a fatal commercial airliner crash in nearly seven years in the U.S.
tive—to what extent the attack bornly resistant to improve-
was inspired by terrorists and ment for many years.” But as airline safety im-
to what extent it was the re- The 2016 list emphasizes proved in nearly every region
SAUL LOEB/AGENCE FRANCE-PRESSE/GETTY IMAGES , PATRICK SEMANSKY/ASSOCIATED PRESS

sult of mental illness or anger potential dangers that cut of the world, the safety board’s
toward police. across all modes of transporta- “most wanted” improvements
Investigators are closely tion, including fatigue-related have shifted to systems such
scrutinizing Mr. Archer’s back- accidents, the need for en- as urban mass transit, rail-
ground, including his trip to hanced passenger protection roads and helicopters.
Saudi Arabia in late 2011 and and hazards related to distrac- In calling for stepped-up
another to Egypt in 2012, to tions from cellphones or other oversight of rail networks—a
see if those travels are in any electronic devices. Other top- new topic for the annual list—
way related to his alleged at- ics focus on technologies such the NTSB said “rail transit
tack on the police officer. as automated braking or colli- must be subject to competent
Police arrested Mr. Archer sion-avoidance systems in oversight bodies that have
shortly after the shooting and cars, trucks and trains. standards and rules, and the
recovered a 9mm pistol they The safety board also urges power to enforce those rules.”
believe was used in the inci- continued progress to combat The board said technology
dent. The gun was reported drug and alcohol abuse in to prevent locomotive engi-
stolen in 2013 from the home transportation, and for greater neers from speeding or disre-
of a police officer, officials use of crash-resistant record- garding signals could have pre-
said, but it is unclear how Mr. ing devices, sometimes includ- vented the fatal May 2015
Archer obtained the weapon. ing video cameras, inside air- derailment of an Amtrak train
Mr. Archer has been liner and helicopter cockpits, in Philadelphia, which hurtled
charged with attempted mur- in the cabs of trucks and through a tight curve at twice
der, aggravated assault and buses, and on board ships. the speed limit.
gun crimes. An attorney for Some of the new recom- With drunken drivers ac-
him didn’t respond to a re- mendations touch on overall counting for one-third of high-
quest for comment. A court aviation safety, including one way deaths over the past 15
hearing is scheduled for Mr. item that calls for enhanced years, Mr. Hart said recent two decades ago it first issued electronics that help drivers crashes,” Ms. Hersman said in
Archer later this month. efforts to reduce what are data indicate that “prescribed, recommendations for technol- avoid a dangerous lane change. a statement. The NTSB’s list,
The suspect’s mother told called “loss of control” acci- over-the-counter and recre- ogy to prevent rear-end high- Deborah Hersman, a former she said, amounts to “a road
the Philadelphia Inquirer her dents—often stemming from ational drugs are exacerbating way collisions. Now, the NTSB NTSB chairman and currently map guiding us toward zero
son had been “hearing voices pilot confusion—affecting the problem.” wants federal regulators to president and chief executive deaths on our roads.”
in his head” and thought po- small private aircraft. To eliminate driver distrac- mandate safeguards such as of the National Safety Council, Created in 1974 as an inde-
lice were targeting him. Over the years, the NTSB’s tions, the NTSB called on automatic braking as standard praised the safety board for pendent safety watchdog, the
Mr. Archer has a criminal annual list has been studded states to begin banning even equipment on new vehicles. re-emphasizing highway colli- NTSB has no regulatory or en-
history, according to court re- with suggested improvements hands-free cellphone use on The 2016 list promotes vari- sion-avoidance technology in forcement authority. But it has
cords: In November, he was for airlines and aircraft mak- the road. “A driver’s mind ous highway safety technolo- its 2016 list. issued some 13,000 safety rec-
convicted of forgery, driving ers. Last year’s list included a must be on the driving, just as gies, from collision-avoidance “Our cars are safer and ommendations over the years,
without a valid license and call for commercial pilots to their hands must be on the systems to “adaptive head- smarter than ever before, yet and its views are closely fol-
four other charges in Delaware strictly follow flight-safety wheel,” Mr. Hart said. lights” that rotate to illumi- we continue to lose 35,000 lowed by regulators, operators
County outside Philadelphia. procedures. The safety board said that nate roads around bends to people each year in car and lawmakers.
Chicago Relents on Latest Police Video Obama

Seeks Boost
BY MARK PETERS they ended such objections, his hands, the teenager raised
CHICAGO—The administra-
tion of Mayor Rahm Emanuel
saying in the wake of the
McDonald video the Emanuel
administration is trying to
only one hand and then ran
from the car.
During the foot chase, the
For Medicaid
dropped its opposi-
tion Wednesday to releasing
strike a balance between
transparency and the judicial
teenager turned slightly and
Officer Kevin Fry saw a dark
Expansion
CHARLES REX ARBOGAST/ASSOCIATED PRESS
video of the fatal shooting in process. object that he believed was a BY LOUISE RADNOFSKY
2013 of a black teenager by The release of the video handgun. The officer fired his
police, clearing the way for footage is now in the hands of weapon four times, killing Mr. The Obama administration
the footage to become public U.S. District Judge Robert Get- Chatman, according to the is proposing to extend a finan-
as criticism of the mayor and tleman. The city filing came court filings. cial sweetener the federal gov-
police department remain ahead of a hearing on the A lawyer for Mr. Fry said ernment offers states that ex-
strong. video footage scheduled the video will demonstrate the pand their Medicaid programs,
City lawyers had fought to for Thursday. facts in the incident are clear in a bid to persuade more to
block the release of the video Lawyers for the family of and an expert in police use of do so before the president
of the shooting of 17-year-old Mr. Chatman have been pres- force concluded the shooting leaves office.
Cedrick Chatman, but changed suring the city to release the was justified. White House officials said
their stance as the Emanuel Chicago Mayor Rahm Emanuel, right, and John Escalante, interim video. Mark Smolens, a lawyer for that President Barack Obama
administration remains under police superintendent, in December. Mr. Chatman was shot by the Chatman family, said the will ask Congress to include
pressure in the wake of the re- police in January 2013 as offi- teenager was fleeing from po- three years of full federal
lease two months ago of a times by a city police officer. video is part of a lawsuit filed cers investigated a carjacking. lice when shot and was hold- funding of expansion for any
dashboard video of the police The video of the 2014 shooting against the city by the family In court documents, city law- ing in his hand the box an state that extends eligibility
shooting of Laquan McDonald. has led to the dismissal of the of Mr. Chatman arguing the yers say two officers ap- iPhone comes in. He said the for the program to most low-
The McDonald video, which police superintendent, a Jus- shooting was unjustified. Law- proached a car that matched shooting was captured on sur- income residents. Officials
the Emanuel administration tice Department investigation yers for the city have said the the description of the vehicle veillance cameras in the area said that the proposal will be
had also attempted to keep and calls by protesters for Mr. release of the video could in the carjacking and con- and described the video foot- made in Mr. Obama’s fiscal
from being released, shows Emanuel to step down. taint the jury pool in the case. fronted Mr. Chatman, who was age, which he has reviewed, as 2017 budget, to be released
the teenager being shot 16 The fight over the new But in a filing Wednesday, in the car. When told to show sickening. Feb. 9.
That funding has previously
only been available to states
Speaker Ryan Tries to Get His House in Order for the calendar years of 2014,
2015 and 2016—meaning that
its value had all but expired
for the 20 states that haven't
BY KRISTINA PETERSON nouncement on the floor last cally two or five minutes. legislation. The bill is aimed at House agreed unanimously to agreed to participate. Under
AND SIOBHAN HUGHES week about keeping vote times Lawmakers often dawdle, ensuring that individuals in- consider the vote “null” and the terms of the 2010 Afford-
closer to the allotted time,” with most arriving in a rush volved in Iran’s ballistic-mis- redo it the week of Jan. 25. able Care Act, the federal gov-
House Speaker Paul Ryan Brendan Buck, a spokesman toward the end of the 15 min- sile program or terrorism The House will be out of ses- ernment funds most of the
sent a message to the House for Mr. Ryan, said Wednesday. utes, prompting the presiding won’t get any of the sanctions sion the rest of this week as cost of expansion, but states
on Wednesday: enough with “While we’ll continue to make officer to keep the votes open relief Iran is due to receive as Republicans meet for a retreat eventually have to pay around
the lollygagging. that a priority, because many for much longer to accommo- soon as the nuclear deal in Baltimore, and the chamber 10% of the costs of expansion.
The Wisconsin Republican members missed this impor- date latecomers. reached with the U.S. and five is on recess next week. Louisiana is set to become
last week started nudging the tant vote, it was vacated and Not any longer. other nations is implemented House Minority Leader the 31st state to participate af-
chamber to get more efficient we’ll revote when we return.” “As a point of courtesy to in coming days. The bill passed Nancy Pelosi (D., Calif.) said ter the surprise win of Demo-
when voting. His message Mr. Ryan, elected speaker at each of your colleagues, voting in a 191-106 vote. Wednesday that while the Iran crat John Bel Edwards in last
must not have sunk in, because the end of October, last week within the allotted time would When it was clear that a vote was cut off in a “prema- November’s gubernatorial
so many lawmakers missed warned lawmakers they should help with the maintenance of significant number of lawmak- ture” way, she supported Mr. race. Mr. Edwards signed an
weighing in on high-profile arrive on the House floor for the institution,” Mr. Ryan said. ers from both parties were up- Ryan’s efforts to streamline executive order to initiate that
Iran sanctions legislation that votes within the 15 minutes But extracting punctuality set to have missed the vote, the voting process. “The process on Tuesday, a day af-
GOP leaders ended up scrap- typically set as the minimum from 435 voting lawmakers House Majority Leader Kevin speaker is rightfully serious ter he was sworn in.
ping the vote and rescheduling amount of time for the first has proved difficult. On McCarthy (R., Calif.) asked to about expeditiously dealing Mr. Obama is set to travel
it for later this month. vote in a series. Subsequent Wednesday, 137 members vacate it. Because no one ob- with the votes in a timely fash- to Louisiana Thursday to
“The speaker made an an- votes are often shorter, typi- didn’t vote on the sanctions jected to that request, the ion,” she said. praise the move.
A4 | Thursday, January 14, 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.
TV Attacks Mount in GOP Race

BY REID J. EPSTEIN Mr. Rubio, who has a super the first contest in Iowa. a Monmouth University poll shooting at me,” he said here.
Trump,
Haley Mix
AND PATRICK O’CONNOR
BEDFORD, N.H.—The Re-

PAC bashing Mr. Christie, who
regularly attacks Mr. Rubio on
the campaign trail.
The sheer volume of politi-
cal advertising has left New
Hampshire voters like Bed-
released Monday, has largely
gone unscathed as Messers.
Bush, Rubio and Christie at-
“You never shoot at somebody
behind you. They’re either
next to you or ahead of you, if
It Up Over
publican Party’s parallel fights
are set to converge at Thurs-
day’s presidential debate, with
Meanwhile, Mr. Rubio and
Mr. Cruz have fired at each
other for weeks over immigra-
ford’s Tracy Richmond feeling
like the presidential campaign
is not just noise, but an inces-
tack each other.
“You look at the Kasich
numbers, we’ve gone from 6 or
you’re shooting at ’em.”
Mr. Christie isn’t the only
candidate interpreting their
Migrants
separate squabbles between tion and national security. In sant tone that never stops. “I 7% to 13 or 14% with a minimal opponents’ attacks as evidence BY HEATHER HADDON
Sen. Ted Cruz and Donald Iowa, former Pennsylvania don’t even watch them any- presence on TV,” said Tom of their rising fortunes. Mr.
Trump, and among the four Sen. Rick Santorum and the more,” Ms. Richmond, 46 years Rath, a former New Hampshire Cruz said on a Boston radio South Carolina Gov. Nikki
candidates battling for the ethanol lobby are pounding attorney general who is a Ka- show Tuesday night that Mr. Haley has become the latest
GOP’s establishment mantle. Mr. Cruz. And retired neuro- sich adviser. Trump has only begun sug- proxy in the war between the
While the Texas senator and surgeon Ben Carson has been
It is a dizzying task That doesn’t mean Mr. Ka- gesting that his Canadian birth Republican Party’s establish-
New York businessman spar in a war of words for weeks to keep track of who sich’s campaign is above makes him ineligible to be ment wing and its presidential
from rallies and on cable with his former advisers. whacking his opponents. president because Mr. Cruz front-runner, Donald Trump.
shows, Florida Sen. Marco Ru- The upshot is the GOP pri-
is going after whom An Airstream RV decorated passed him in Iowa polling. The infighting broke out af-
bio, New Jersey Gov. Chris mary is turning into a cacoph- over which issue. with the Kasich banner ap- Mr. Cruz, who has pledged ter Mrs. Haley, responding to
Christie, Ohio Gov. John Kasich ony of negativity, even for can- peared Wednesday at a pair of to not “go into the mud” with President Barack Obama’s
and former Florida Gov. Jeb didates such as Mr. Rubio and Mr. Christie’s New Hampshire Mr. Trump, changed course Tuesday State of the Union ad-
Bush and surrogates are at- Mr. Bush who had pledged to old, said of the ads. events. Men from the vehicle Tuesday by delivering his most dress, urged her party and oth-
tacking each other nonstop on run on reassuring messages The candidates lobbing at- distributed fliers, bearing the direct attacks to date against ers not to follow “the siren call
New Hampshire’s TV airwaves. about the future. The fierce tacks make no apology for the official Kasich campaign logo, the party’s front-runner. of the angriest voices.”
It is a dizzying task to keep tone stems in part from the aggression they and their sup- favorably comparing Mr. Ka- “Donald comes from New On CNN Wednesday, she
track of who is attacking candidates’ attempts to show porters are mounting. “It’s sich’s record to Mr. Christie’s York, and he embodies New confirmed that she was refer-
whom over which issue. On they understand and share the called politics,” Mr. Bush told on such issues as job creation, York values and, listen, the ring in part to Mr. Trump, who
WMUR, New Hampshire’s lone frustration that has been boil- reporters Wednesday in Ur- the budget, pensions and the Donald seems to be a little bit has railed against Mexicans
broadcast TV station, the suing among GOP activists for bandale, Iowa. “This is a rough state’s credit rating. rattled,” Mr. Cruz said. and Muslims.
per PAC backing Mr. Bush has years. It is also a reflection of and tumble business.” Mr. Christie said he revels —Rebecca Ballhaus “We see Republicans who
TV ads in heavy rotation how unsettled the primary Mr. Kasich, who rose to sec- in the attacks against him. “I in Urbandale, Iowa, are not always being responsi-
mocking the footwear worn by race is just weeks away from ond place in New Hampshire in love the fact that people are contributed to this article. ble with their words in terms
of extending our tent," said
Mrs. Haley, an Indian-Ameri-
RACE can and two-term governor

who is considered by some
party operatives as a potential
vice presidential choice.
Continued from Page One Mr. Trump on Wednesday
works to avoid back-to-back accused Mrs. Haley of being
defeats in the first two presi- “weak on illegal immigra-
dential contests. tion,” and sarcastically noted
Clinton aides say her rival she asked him for campaign
is dodging scrutiny by not re- contributions over the years.
leasing a health-care plan and He shunned the prospect of
bending to the gun lobby in Mrs. Haley as a running mate,
backing liability protections based on her immigration
for manufacturers. The Clinton stance. “I feel very strongly
camp also is warning that about illegal immigration. She
nominating Mr. Sanders would doesn’t,” Mr. Trump said on
be akin to turning the White Fox News.
House over to Republicans. For establishment leaders
NICKI KOHL/ASSOCIATED PRESS, JOE RAEDLE/GETTY IMAGES
“We’re in that stage of a who have watched the rise of

campaign where we’ve each Mr. Trump with alarm, Mrs.
been introducing ourselves. Haley’s willingness to confront
We’ve been talking about our him publicly was cheered.
particular views on issues. “When Trump is attacking
Now it’s time to draw some people on their ethnicity or re-
contrasts,” Mrs. Clinton ligion, it’s a horrible thing. It
said Wednesday on NBC. doesn’t reflect mainstream Re-
Mrs. Clinton likely could publican thinking,” said Char-
weather one loss, but two of lie Black, a former adviser to
them would puncture the inev- both Bush campaigns.
itability that has surrounded Meanwhile, moments after
her campaign since before it Mrs. Haley finished her re-
began, and could prompt some marks, a tweet by conservative
of her supporters to give Mr. commentator Ann Coulter say-
Sanders fresh consideration. Hillary Clinton, above, campaigning Tuesday in Dubuque, Iowa, is in a tight race with Sen. Bernie Sanders, below, in Des Moines Monday. ing that Mr. Trump “should
“Everything is moving in deport Nikki Haley” went viral
Bernie’s direction and usually many already don’t care for The sharpest Clinton at- on the Internet, and soon
when that happens it doesn’t Mrs. Clinton. The attacks from tacks have been over gun re- thereafter radio host Laura In-
erode on its own,” said Doug- the Clinton team suggest they strictions, one of the few areas graham characterized the re-
las Schoen, a former campaign have concluded drawing these where she stands to Mr. Sand- marks as being tone deaf to
adviser to former President contrasts is worth any poten- ers’s left. She has focused on the party’s base.
Bill Clinton. “If you’re Hillary tial backlash among Demo- his vote to give immunity to Several Haley critics drew
and you stay positive, the cratic voters. gun manufacturers from law- parallels between her remarks
most likely result is you lose. On Wednesday, the Clinton suits and, although he’s and the president’s warning
You have to go negative and campaign hosted a conference backed other gun restric- against language that scape-
erode the momentum. It could call to draw attention to the tions, on Wednesday she told goats “fellow citizens who
backfire, but it’s a chance they fact that Mr. Sanders hasn’t NBC that Mr. Sanders has been don’t look like us, or pray like
believe they have to take.” said how he would pay for the “a pretty reliable vote for the us, or vote like we do.”
Mr. Sanders has thrown single-payer national health gun lobby.” Mrs. Haley’s political capital
some policy punches, too, be- program—he calls it “Medicare Mr. Sanders replied on rose last year after she sup-
littling Mrs. Clinton’s Wall for all’’— that is central to his MSNBC that he has low rat- ported the removal of the Con-
Street regulation plan and de- agenda. ings from the National Rifle federate flag from the Colum-
manding details of her plan for “One can only draw the Association and called her at- bia, S.C., statehouse and called
paid family leave. conclusion that the Sanders tack “a mean-spirited and un- for calm after a racially moti-
He has cast the Clinton at- campaign does not want to payroll tax. troduced into Congress. That fair and inaccurate statement.” vated church shooting. During
tacks as a sign of desperation. outline what is going to The Sanders campaign has version would have directed Meantime, her campaign is her tenure, the 43-year-old fis-
“When you see that many at- amount to a massive across- sent mixed signals about when states to administer the health also focusing on the stakes of cal conservative also signed a
tacks, and I am sure that more the-board tax hike on working it will put forward its own program, which Mrs. Clinton the election, and how much law cracking down on illegal
will be coming, it is an indica- families,” Jake Sullivan, the health plan, which could open says would give too much damage could be inflicted by a immigration.
tion that the Clinton campaign campaign’s senior policy ad- the senator to attacks over its power to Republican gover- Republican White House. She was chosen to deliver
is getting very, very nervous,” viser, told reporters. details. Last summer, aides nors. Mrs. Clinton has taken that the Republican response to the
he told CBS News Tuesday. The leading single-payer said it would be ready soon, “I personally think that’s a message to the TV airwaves, president by House Speaker
“You know, for many months, plan pending in Congress is and Mr. Sanders told CNN this very risky proposition,” she arguing that if Mr. Sanders is Paul Ryan of Wisconsin and
they basically ignored estimated to cost an additional week that estimates of the tax said Tuesday in Iowa. “I don’t the Democratic nominee, he Senate Majority Leader Mitch
us.…They’re not ignoring us $15 trillion over 10 years. To implications would be released know about you, but I would would lose in November to McConnell of Kentucky, ac-
right now, that’s for sure.” cover the cost, national before the Iowa caucuses not want [Iowa Republican] whomever the GOP picks. cording to an aide to the
While the debate is sharp, it health-care plans typically in- on Feb. 1. But his top aides Gov. [Terry] Branstad running “Who’s the one candidate who House Republican.
centers on policy differences, a clude significant payroll taxes, have said not to expect a full my health care.” can stop them?” a narrator “Gov. Haley did a great job
contrast to the personal taunts though workers and employers health-care plan ahead of vot- The Sanders campaign asks. “Hillary Clinton.” with her speech, had the pen,
that Republican presidential would no longer have to pay ing in Iowa. counters that the 2013 legisla- Mr. Sanders has replied by and didn’t need much input
candidates have exchanged. health-insurance premiums. Meanwhile, Mrs. Clinton tion provided for a national pointing to polls that show he from us,” Ryan spokeswoman
The Clinton approach isn’t A plan Mr. Sanders intro- and her daughter, Chelsea, program and that the federal does better than Mrs. Clinton AshLee Strong said.
risk-free. Sanders supporters duced in 2013 would have have gone after the details of government would step in if in hypothetical general-elec- —Reid Epstein
are intensely loyal to him, and been funded in part through a the last plan Mr. Sanders in- states wouldn’t participate. tion matchups. contributed to this article.
Thursday night brings an- ticular have been followed by

Debate Bounces—and Dips other Republican debate and improvement in the polls.
Support in the polls has often changed after the Republican debates, with strong performances rewarded. Candidates have another chance for the candi- The polling trends also
dates to turn national televi- show, once again, that Donald
another chance to build momentum with Thursday night's televised event in North Charleston, S.C. sion exposure into momentum. Trump is different than tradi-
Biggest bumps Biggest declines Other candidates Percentage point difference in the 10 days after debate The first five debates didn’t tional candidates: His support
produce any knockout mo- moves independently of the
ments that disqualified a can- televised debates. Support for
Aug. 6 debate Sept. 16 debate Oct. 28 debate Nov. 10 debate Dec. 15 debate didate, but polling data sug- Mr. Trump has declined or re-
gest good performances have mained flat after most de-
35% 35% 35% 35% 35% 2.1 been rewarded with a boost of bates, yet he remains the
Trump support. GOP’s national front-runner.
30 30 30 30 30
Former Hewlett-Packard Two noteworthy dips came af-
Trump
CEO Carly Fiorina was widely ter the first two debates, in
declared a winner of the sec- which Mr. Trump and his asser-
25 Trump 25 25 25 25 ond televised gathering, which tive, unorthodox public pres-
-6.5 2.5
-2.0 marked her promotion from ence were main focal points.
Carson Carson -2.6
20 20 Carson 20 20 20 the undercard to the prime- Mr. Trump has been such a
Cruz 2.0 time debate stage. Her support pervasive media fixture that
-3.7 more than tripled in polling the debates don’t seem to
15 15 15 15 15 over the following 10 days, drive public impressions of him
Bush 8.5 2.8 though it wasn’t sustained and as they do for other candi-
Fiorina Rubio 1.4 she was relegated to Thurs- dates. Other candidates don’t
10 -2.2 10 10 3.4 10 10 -2.0
Cruz Carson day’s early debate by the host, have that advantage. With only
4.0 Cruz Fox Business Network. one more debate before the
5 Fiorina 5 Rubio 5 5 5 Support for Texas Sen. Ted Feb. 1 Iowa caucuses—set for
3.0
Fiorina -2.8 Cruz, who generally has won Jan. 28 in Des Moines—any
0 0 0 0 0 praise for strong debate per- polling bumps or drops that
Aug. 6 Aug. 16 Sept. 16 Sept. 26 Oct. 28 Nov. 7 Nov. 10 Nov. 20 Dec. 15 Dec. 25 formances, has climbed after follow Thursday’s event could
every debate, except for one. be particularly significant.
Source: Real Clear Politics THE WALL STREET JOURNAL. The last three debates in par- —Dante Chinni
THE WALL STREET JOURNAL. Thursday, January 14, 2016 | A5
Heard on the Stump

Trump Considers though he would tone it down. ‘Duck Dynasty’ Star dard: “Is he or she godly? Does
“I’ll do modified tweets. They he or she love us? Can he or she
‘Modified Tweets’ may not be as aggressive,” he said. Says Cruz Fits Bill do the job?” And lastly: “Will ‘Well, I’ll fund
Should he be elected presi- Mr. Trump routinely attacks Phil Robertson has endorsed they kill a duck and put him in a
dent, Republican front-runner his opponents and the media on Ted Cruz for president, in a video pot and make him a good duck my campaign.’
Donald Trump doesn’t plan to Twitter, sending out boasts, poll released by the campaign that gumbo?”
give up on tweeting. But he may numbers and putdowns to the shows the “Duck Dynasty” real- “Ted Cruz is my man. He fits
turn it down a notch. 5.67 million accounts that follow ity-TV star and the Texas sena- the bill. He’s godly, he loves us, HILLARY CLINTON,
Asked in an interview with him. During the State of the tor clad in camouflage in a duck he’s the man for the job, and he asked on ABC News
The Wall Street Journal if he Union, he used Twitter to offer blind. will go duck hunting,” Mr. Robert- what she would do if
would still send messages on commentary, calling President Mr. Robertson says he has son says, as the video shows she won the Powerball
Twitter if elected to the White Barack Obama’s speech “boring.” four main criteria for his vote. them calling ducks.
House, Mr. Trump said he would, —Heather Haddon The first three are fairly stan- —Tim Hanrahan
EXHIBITION
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2015.12.04 TO
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A6 | Thursday, January 14, 2016 NY * ***** THE WALL STREET JOURNAL.
Harsh Political Season for Bankers

BY ANUPREETA DAS
Cruz Didn’t
Adequately
AND EMILY GLAZER Disclose
Wall Street is confronting a
presidential election unlike
2012 Loans
any it has seen: one in which BY BRODY MULLINS
the banking industry is de-
nounced by candidates on the WASHINGTON—Texas Sen.
left and the right. Ted Cruz didn’t disclose to
The banker bashing is election officials a pair of
prompting uncertainty and loans he took from Wall
disagreement in the industry Street banks when he first ran
about how, or whether, to re- for the Senate in 2012.
spond. Mr. Cruz, a Republican,
Democratic challenger Ber- helped pay for his 2012 elec-
nie Sanders has said “the busi- tion campaign in part by tak-
ness model of Wall Street is ing out personal loans from
fraud,” while party front-run- Citigroup Inc. and Goldman
ner Hillary Clinton has vowed Sachs Group Inc. that were
to rein in risky financial activ- eventually worth a total of
ity. between $500,001 and $1 mil-
In the Republican Party, lion, according to financial
where financial firms typically disclosure forms that he filed
can count on a friend, Sen. with the Senate. Mr. Cruz’s
Marco Rubio has said big wife, Heidi, worked for Gold-
banks have been “bragging” man Sachs at the time. There
RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS
that they are too big to fail. is no indication that his wife
Ohio Gov. John Kasich, a for- was involved with the loan.
mer banker, has said Wall
‘The business ‘If the big banks ‘These big banks ‘Would you Mr. Cruz disclosed those
Street needs “a good ethics model of Wall don’t play by go around bail out the big loans to Senate officials as re-
lesson...on a regular basis.” quired by congressional rules
Sen. Ted Cruz, whose wife is a
Street is fraud. the rules, I will bragging about it banks again? ... but didn’t tell federal election
banker, has said he wouldn’t That’s what it is.’ break them up.’ [too big to fail].’ Absolutely not.’ authorities about the loans, as
bail out “rich Wall Street required by election rules.
banks.” Even former Florida The omission was first re-
Gov. Jeb Bush, who worked at BERNIE SANDERS HILLARY CLINTON MARCO RUBIO TED CRUZ ported by the New York
Lehman Brothers and Barclays Times on Wednesday.
PLC, has said banks should be Mr. Cruz told reporters late
required to hold even more nancial institutions. held public ire over banks’ role “There is a nasty and igno- mont senator “ignores the cri- Wednesday that “those loans
capital. Not all banks are on board. in the financial crisis and their rant view of Wall Street, but I sis-era mergers that the have been disclosed over and
The bashfest has put banks Some forum members believe subsequent taxpayer-funded don’t see it translating into a government urged large banks over and over again on multi-
in a quandary: Do they defend an outreach campaign could bailouts. Critics have accused legislative bloodbath for to make to stabilize the econ- ple filings. If it was the case
themselves or sit it out? hurt the industry more than banks of failing to learn the banks,” said Gregory Valliere, omy. Since Dodd-Frank, large that they were not filed ex-
Some bankers, including help it at a time when public lessons of the crisis and for chief global strategist of Hori- banks have actually gotten actly as the FEC requires,
those at J.P. Morgan Chase & opinion is tilted heavily enriching themselves—or be- zon Investments, an asset smaller.” Dodd-Frank is the then we’ll amend the filings.
Co. and Citigroup Inc., are fed against banks, the people said. coming bigger—at the expense manager. “But the industry 2010 law designed to limit But all of the information has
up enough with what they They say much of the anti- of working people. needs to spend more time ed- risks to the U.S. financial sys- been public and transparent
consider inaccurate portrayals bank rhetoric is politically ex- What has irked some senior ucating people.” tem. for many years and that’s the
that they are encouraging a pedient, and that the candi- bankers isn’t that they are be- Hamilton Place Strategies, a Analysts say both sides are end of that.”
trade group to reach out to dates generally have more- ing demonized, but that some consulting firm whose clients appealing to voters’ distrust of A spokesman for Goldman
candidates, according to peo- nuanced views of the industry of the presidential hopefuls include large banks and the Fi- the financial sector. Guggen- Sachs declined to comment.
ple familiar with the matter. than they have stated publicly. are going after a version of nancial Services Forum, has heim Securities LLC banking Citigroup also declined to
The Financial Services Fo- They also worry that any out- the biggest banks that the in- been doing just that. Hours af- analyst Jaret Seiberg cau- comment. There is no allega-
rum has held talks with its reach could be seen as the industry insists doesn’t exist ter Mr. Sanders attacked banks tioned investors “not to get tion that the banks did any-
members about whether to en- dustry’s attempt to shape can- anymore. Many are bracing for in a speech last week about bogged down” by whether Mr. thing improper.
gage with advisers from the didates’ messages. more fire on Thursday night, Wall Street reform, the firm Sanders’s commentary about Mr. Cruz disclosed to the
presidential campaigns to de- As a result, the group could when Fox Business Network sent out a client note titled banks was “technically true.” FEC at the time that he had
tail how their industry has decide to leave it to individual hosts the first GOP presiden- “Sanders wrong on large Bankers and their trade put in roughly $1 million in
gotten smaller and safer since bankers to make their cases tial debate of the year, where banks, again.” representatives say they have personal funds into his elec-
regulations were implemented with candidates, they said. candidates will discuss eco- Responding to a charge that already been reaching out in- tion campaign, but he didn't
after the 2008 financial crisis, Still, this election is un- nomic issues. Democratic can- banks have gotten bigger since formally to their contacts at disclose that the source of
the people said. The forum usual: Candidates on both didates will debate Sunday on the crisis, the note from Ham- the various campaigns, direct- that money may have been
represents 16 of the largest fi- sides are playing to widely NBC News. ilton Place said that the Ver- ing staffers to research about the loans he received from
bank debt, capital and liquid- Citigroup and Goldman Sachs
ity levels. at about the same time.
The push for the most re- Mr. Cruz first disclosed the
cent outreach discussions with loans on his congressional fi-
the forum came after the nancial disclosure forms in
fourth Republican debate in July 2012, a few months be-
November, where candidates fore the election. Those fil-
were asked about financial re- ings show that he took out a
form. “margin loan” of between
Thanks The candidates’ comments

prompted J.P. Morgan Chair-
man and CEO James Dimon to
compare some aspects of the
$100,001 and $250,000 from
Goldman Sachs earlier in
2012.
Mr. Cruz’s July 2012 finan-
to our Republican debates to reality

television. In November, Mr.
Dimon, who has identified as a
cial report to the Senate also
shows that he took a “line of
credit” from Citigroup of be-
Democrat, told the bank’s ana- tween $250,001 and $500,000.
Business lysts and others that people

should eat popcorn and grab a
beer when watching Republi-
The loan from Goldman
was later increased to be-
tween $250,001 and $500,000,
can debates because they can according to subsequent fi-
Customers. be more entertaining than in-

formative, according to people
familiar with the speeches.
nancial disclosure reports for
2012 that Mr. Cruz made after
being elected to the Senate.
“Highest in
Customer
Satisfaction with
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Banking in
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THE WALL STREET JOURNAL. * * * * * * Thursday, January 14, 2016 | A7
WORLD NEWS
Denmark At Least 6 Explosions Rock Downtown Jakarta
JAKARTA—At least one per-
Plans to son was killed in multiple ex-

plosions and a shootout in
downtown Jakarta on Thurs-
Target day, witnesses said.

Witnesses saw at least six
explosions, including one at a
Migrants’ police station and at a Star-

bucks cafe near Sarinah shop-
ping mall in Jakarta, and said
Assets one police officer was killed.

Witnesses said they heard
gunfire and saw a man shoot a
BY CHARLES DUXBURY police officer near the intersec-
tion between the mall and the
Denmark’s government se- Starbucks. The Associated
cured cross-party backing for Press reported that at least
a plan to seize cash and valu- three suicide bombers exploded
ables from asylum seekers to themselves in the cafe. It was
help meet the cost of their unclear whether that officer
stay, highlighting how mis- was killed.
trust toward migrants is Police confirmed those ex-
growing across Europe. plosions. Images on local TV
The Danish minority gov-
BAY ISMOYO/AGENCE FRANCE-PRESSE/GETTY IMAGES

showed smoke emanating from
ernment, which relies on sup- buildings in the area, while lo-
port from an anti-immigrant cal media said other explosions
party in Parliament, said it occurred near the embassies of
would seek lawmakers’ ap- Pakistan and Turkey.
proval on Jan. 26 and hopes Indonesia has been on high
to put the plan in place by the alert since the arrest in Decem-
start of February. ber of nine militants suspected
Under the seizure plan, of plotting a series of attacks.
Danish police would be given The arrests heightened fears
the power to take cash and that the rise of Islamic State
valuables valued at more than might strengthen homegrown
10,000 kroner ($1,450), al- terror groups. —Ben Otto
though items of special per- and Resty Woro Yuniar
sonal value, such as wedding
rings or family portraits,
would be exempt.
Bomber Entered Turkey as Refugee

Outlining the plan, Danish
Immigration Minister Inger
Stojberg said: “In Denmark,
you should support yourself if
you can.”
During a debate in Parlia- Syrian set off no were killed and at least 11 conference with his Turkish suggested that their countries lists shared with Turkey by
ment on Wednesday, opposi- other people were wounded. counterpart in Istanbul. “I see accept only Christian refugees. other countries, said Turkish
tion lawmaker Johanne security alerts, though Five suspects have been ar- no reason to avoid trips to Republican presidential candi- Interior Minister Efkan Ala.
Schmidt-Nielsen, of the Red his brother had blown rested in connection with the Turkey.” date Donald Trump has called Mr. Fadli was born in Saudi
Green Alliance, said the plan attack, officials said without Mr. Fadli’s apparent ability for a temporary ban on Mus- Arabia and left the country
provided no remedy to the mi- himself up months ago providing details. to enter Turkey, register with lims entering the U.S. with his family when he was 8
grant crisis. “The focus is not The German tour group had immigration officials and carry Turkey is already home to years old, Saudi Arabia’s Inte-
on finding international solu- The Islamic State suicide gathered in a square near the out the attack without trigger- more than two million Syrian rior Ministry said.
tion it is on scaring them bomber who killed 10 German picturesque Blue Mosque for a ing any international terror refugees who have fled the He grew up in the northern
away from Denmark,” she tourists in the heart of Istan- day of sightseeing when the alerts is likely to fuel concerns nearly five-year war in Syria. Syrian town of Manbij, now
said. bul registered here as a Syrian man approached them and that Islamic State extremists The refugee crisis has at times under control of Islamic State,
Liberal Party lawmakers, refugee without setting off se- detonated his explosives. Nine are exploiting the migrant cri- overwhelmed European lead- said Mr. Taaei. The Fadli fam-
who drew up the proposal, other Germans were injured by sis to sneak across borders to ers, who have pledged to give ily belongs to the ethnic Turk-
have provided few details By Dion Nissenbaum the blast, but officials said stage attacks. Turkey $3 billion to help stem man minority, which to some
other than to say police and Ayla Albayrak they didn’t believe their na- The coordinated attacks in the human tide from Syria, made his attack in Turkey sur-
wouldn’t be confiscating peo- in Istanbul and Raja tionality was a factor. Paris by Islamic State-affili- Iraq, Afghanistan, North Africa prising, he said.
ple’s possessions as they enter Abdulrahim in Beirut “There are no indications ated terrorists, including two and other parts of the world. When he was fingerprinted,
the country. Rather, police or that the attack specifically tar- who allegedly traveled to Eu- Turkish officials said Mr. Mr. Fadli said he had been
other officials would conduct curity alerts—even though his geted Germans,” German Inte- rope posing as refugees, have Fadli was fingerprinted on smuggled into Turkey from
an appraisal as they check the brother had blown himself up rior Minister Thomas de Maiz- sparked alarm in Europe and Jan. 5 when he registered. He Syria five days earlier, accord-
identity of asylum seekers be- in Syria, Turkish officials said. ière said during a news the U.S. Some politicians have wasn’t on any terror watch ing to one Turkish official. Ad-
fore deciding what, if any- The revelation highlighted nan Alhussen, another Syrian
thing, the new arrivals should concerns that extremists are opposition activist, said Mr.
yield. using the migrant crisis to Fadli had been part of a rebel
Denmark’s police officers’ cross borders and carry out group near Aleppo that joined
union, known as Politiforbun- terrorist attacks. Islamic State in 2014, when it
det, has said police officers Turkish officials identified took over his town.
would find it hard to value the Istanbul bomber as Nabil As investigators tried to fig-
jewelry or other valuables. Fadli, a Syrian born in 1988, ure out how Mr. Fadli got the
Spokesman Claus Oxfeldt de- who was fingerprinted in Tur- explosives used, Prime Minis-
clined to comment on the pro- key last week while registering ter Ahmet Davutoglu casti-
posal on Wednesday. as a refugee with immigration gated Islamic State as a “sub-
The United Nations’ refu- officials, but wasn’t on any contractor” for “other players
gee agency has sharply criti- watch list. acting behind the scenes.”
cized the initiative, appealing Muneef Taaei, a former Syr- He criticized the Russian
to Denmark to scrap it. ian opposition activist in the military for focusing most of
Some Danish politicians town where Mr. Fadli grew up, its airstrikes on other rebel
have protested, saying the said Mr. Fadli was a regular forces, including those backed
proposal risked tarnishing the foot soldier in Islamic State by Turkey and the U.S., instead
country’s image amid news re- whose brother had blown him- of targeting Islamic State.
ports drawing parallels to self up a few months ago in an Russian leaders have de-
OZAN KOSE/AGENCE FRANCE-PRESSE/GETTY IMAGES
Nazi Germany. attack on Syrian regime forces fended their military backing
But the Danish government at an airport. Mr. Taaei, who for Syrian President Bashar al-
is continuing to press ahead now lives in Kuwait, said he Assad’s regime as a fight
with measures authorities de- had spoken to relatives, in- against Middle Eastern terror-
scribe as attempts to make cluding Mr. Fadli’s cousin. ism, but the U.S. and its allies
the country less attractive to Turkish officials looking have criticized President
immigrants. into Mr. Fadli’s background Vladimir Putin for propping up
Last year, as the number of said they also learned that his the Syrian dictator.
migrants fleeing Syria was brother had been a suicide Turkey will step up its in-
rapidly rising, the Danish gov- bomber at an airport in Syria. telligence gathering opera-
ernment took out ads in Leba- Investigators matched Mr. tions, but it won’t change its
nese papers to promote the Fadli’s fingerprints to those policy toward refugees, an of-
fact that it was cutting bene- found Tuesday at the blast ficial at its emergency agency
fits for new arrivals. site, where 10 German tourists People in Istanbul held a tribute Wednesday to victims of the deadly suicide bombing a day earlier. said.
Mayo Clinic experts are expanding the boundaries of what’s possible

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A8 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
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THE WALL STREET JOURNAL. * * * * * NY Thursday, January 14, 2016 | A9
WORLD NEWS
Top Court U.S. Sailors’ Treatment Questioned

Weighs BY FELICIA SCHWARTZ
Iran Victim AND GORDON LUBOLD
Iran released a set of videos
Payments of U.S. sailors who were re-

leased Wednesday after being
captured and detained over-
BY BRENT KENDALL night, raising questions about
whether the country’s hard-
WASHINGTON—The Su- line military force mistreated
preme Court wrestled with the Americans or violated in-
whether Congress went too far ternational law by using them
in assisting terrorism victims for propaganda purposes.
in a case that seeks to collect One video, broadcast on
money from Iran’s central Iranian television and released
bank. world-wide, showed several
The court on Wednesday Americans kneeling, with their
was hearing an appeal in a hands clasped behind their
long-running legal fight where heads. Another showed a U.S.
victims of terrorism attacks, service member speaking to a
including the 1983 Marine bar- questioner, admitting wrong-
racks bombing in Beirut and doing and apologizing.
the 1996 Khobar Towers Obama administration offi-
bombing in Saudi Arabia, won cials have said their initial de-
ASSOCIATED PRESS
judgments against Iran. They termination is that the 10 sail-
haven’t been able to collect, ors were treated well and with
leading lawmakers in 2012 to respect after Iranian forces
pass legislation giving them detained their two small Navy
the explicit right to about $2 boats in the Persian Gulf on
billion in frozen assets tied to Tuesday. But the videos de- A photo released by the Iranian government on Wednesday shows the U.S. sailors being detained at an undisclosed location in Iran.
the Bank Markazi, the coun- picted questionable actions by
try’s central bank. Iran’s elite military force, the years ago,” Secretary of State sailors as unjustifiable, and as- flict was under way. tional confrontation.
Chief Justice John Roberts Islamic Revolutionary Guard John Kerry said in a speech at sailed the White House and But James Ross, legal and The Pentagon said the Navy
said he was concerned Con- Corps. the National Defense Univer- State Department for praising policy director of Human had lost contact with the two
gress had gone too far in dic- The Geneva Conventions, sity. “It is clear that today is a Iran over the episode. Rights Watch, said it has long boats while they were en route
tating how courts must handle which govern military con- testament to the critical role “The administration is pre- been recognized that it is un- from Kuwait to Bahrain on a
a legal matter. Other justices flicts, ban the practice of pa- that diplomacy plays in keep- tending as if nothing out of lawful for governments to use training mission, and Iranian
suggested Congress has the rading prisoners for purposes ing our country safe, secure the ordinary has occurred,” photographs or videos of mili- state media said the vessels
power to apply new laws to of “insults” and propaganda. and strong.” said Sen. John McCain (R., tary detainees for propaganda had trespassed by more than a
pending court cases. The State Department said The diplomatic scramble Ariz.), chairman of the Senate purposes, including publicly mile into Iranian waters.
“The political branches Wednesday afternoon that U.S. headed off a potential military Armed Services Committee. releasing a “confession.” They were held overnight
have a great deal of power in officials were looking into the confrontation. A U.S. military “By failing to affirm basic “While the Geneva Conven- on Iran’s Farsi Island. The
this area, even when it comes videos and would respond if official said Wednesday that a principles of international law, tions may not formally apply IRGC gave them food and
to very particular controver- the U.S. determined that the plan for a possible, eventual here, the Iranian government blankets, Mr. Kerry said.
sies,” Justice Elena Kagan said. sailors were treated inappro- rescue was being assembled actions would appear to be The IRGC released the sail-
The outcome of the Bank priately. but was “throttled back” as
The U.S. and Iran contrary to the intention of ors early Wednesday after de-
Markazi v. Peterson case “We’ve seen no indications the State Department neared a touted the sailors' the Geneva Conventions,” Mr. termining that they entered
wasn’t clear. thus far that they were mis- diplomatic solution. Ross said. Iranian waters unintentionally,
Because of other recent leg- treated during their period of Mr. Kerry noted that until
release as a product A senior administration of- Iran said. The sailors left Farsi
islative developments, the vic- detention,” State Department recently, the two sides hadn’t of improved relations. ficial said it was unclear which Island aboard the same boats
tims might be in line to collect spokesman Mark Toner said. spoken in 35 years. faction of the government in and were met by a U.S. Navy
some money even if the case Both the U.S. and Iran The State Department has Iran released the videos. The cruiser in international wa-
doesn’t go their way. touted the swift resolution of yet to determine whether the it places our Navy and Coast video could be a manifestation ters.
A congressional spending the incident—the sailors were Geneva Conventions apply in Guard vessels and the men of Iran’s domestic politics at Officials are looking into
deal reached in December calls released less than 24 hours af- this case, or whether the and women who sail them at play and the administration’s whether one of the sailors
for compensating terror attack ter they were detained—as a treatment of the sailors shown increased risk in the future.” response would depend on may have “fat-fingered” a nav-
victims through a government product of the closer ties they in the video is in violation of Though Iran is a signatory who put the video out, the of- igation unit, entering errone-
fund, including with money have built in the negotiating of the international treaties, to the applicable parts of the ficial said. ous coordinates and veering
the government obtained the Iranian nuclear deal and a which governs the treatment Geneva Conventions, experts The release of the 10 sailors into Iranian waters by mis-
through $9 billion in penalties potential model for the future. of war prisoners. on international law said that, and two U.S. naval vessels take.
levied against BNP Paribas SA “I think we can all imagine Regardless, some U.S. law- based on what is known so far, Wednesday ended an episode —Colleen McCain Nelson
for violating U.S. economic how a similar situation might makers described the arrest the treaties might not formally that briefly threatened to and Carol E. Lee
sanctions. have played out three or four and detention of the 10 U.S. apply because no armed con- mushroom into an interna- contributed to this article.
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A10 | Thursday, January 14, 2016 * * THE WALL STREET JOURNAL.
FROM PAGE ONE
SPOOF ister’s official country residence.

“Steven Spielberg? You are?” re-
plies Mr. Clinton.
Interactions like those caught
the U.K. he will bring one so the
two men can punch it together.
In another, Mr. Clinton says he
ran a bowling competition for
challenge each other politically
and intellectually but also hu-
morously,” Mr. Doyle said. He
added that he hasn’t spoken to
and Clinton “was bizarre.”
The advent of the Internet,
where snippets of information
can be widely circulated without
Santa Monica beaches. “Tell Ste-
ven Spielberg I hate coming all
the way out here and not get to
see him because he is hanging
Continued from Page One the eye of Michael Spicer, a lit- the unemployed, and in a third, his former employer about the context, has meant satirists like out in Chequers,” says Mr. Clin-
the situation in Iraq and the tle-known comedian with a full- he talks about how he mastered transcripts but thought he Mr. Spicer can be taken literally. ton, referring to Mr. Blair’s offi-
peace process in Northern Ire- time job writing copy for a ship- plate spinning. would be amused by them. Also in recent days, Dead- cial country retreat. “I will cer-
land, as well as other world ping company. Having read the In another of the spoof A Twitter account that has line.com, a provider of enter- tainly,” Mr. Blair responds.
leaders like Russia’s Vladimir transcripts the day they were re- scripts, the two men discuss cas- been used by Carl Bildt, former tainment news, apologized after “It almost sounds made up
Putin and events such as the leased, the 38-year-old got the tles with Mr. Clinton at one prime minister of Sweden, at- erroneously reporting a can- because it’s so bland the way it’s
death of Princess Diana. idea to lampoon them that night point describing the one in Dis- tached a screenshot of a fake celed meeting between actor written down like that,” Mr.
Throughout the conversa- as he was falling asleep. Early neyland as “impressive.” Re- transcript onto a tweet and said: Sean Penn and the head of Is- Spicer said. “That’s what makes
tions, Messrs. Clinton and Blair the next morning before work, sponds Mr. Blair: “Yes it is.” “There is no denying that there lamic State, saying one of its edit so brilliant.”
display a casual familiarity, with he wrote five of his own spoof Mr. Doyle said he initially be- is a special relationship between itors misinterpreted a satirical A spokesman for Mr. Clinton
some at-times unusual mo- transcripts, which he posted on lieved the spoof transcripts were the U.S. and the United King- story on the New Yorker maga- declined to comment.
ments. At one point, Mr. Clinton to his Tumblr blog using the real because they convincingly dom.” zine’s website inspired by Mr. Ben Macon-Cooney, a spokes-
tells Mr. Blair about the “big, same font and format of the captured the genuine closeness Mr. Bildt couldn’t be reached Penn’s meeting with drug lord man for Mr. Blair, said he didn’t
ugly, brownish” banana he is originals. of the two leaders, the playful for comment. Joaquín “El Chapo” Guzmán. know if the former prime minis-
holding as they speak, before They quickly went viral, fool- nature of their relationship, and Also fooled was George Gallo- Mr. Spicer says he was ini- ter had read the fake transcripts.
Mr. Blair says, “Now Bill, I ing people in the political and their individual traits—such as way, who had served as a British tially surprised people believed Mr. Macon-Cooney said the
thought we should have a word media establishments as well as the former president’s propen- member of Parliament until last his spoofs because they were so genuine transcripts show the
about Kosovo.” ordinary members of the public, sity to stray off subject and Mr. year. Mr. Galloway, a vocal ridiculous. But he says it was strength of the two leaders’ rela-
In another moment, the for- who were both incredulous and Blair’s sometimes terse phone critic of Mr. Blair who retweeted possible because there were so tionship and their commitment
mer president puts on hold a amused. manner. one of the fake transcripts, said many absurd moments in the to solve some of the major polit-
conversation about Iraq to let In one of Mr. Spicer’s The fake transcripts pick up he hadn’t realized it was a spoof genuine transcripts. ical challenges of the day. He
out his dog, Buddy. Mr. Blair in scripts, Mr. Clinton brags to Mr. on the reality that “these were until he was contacted by The During the exchange about added: “We can, however, con-
another conversation says he is Blair about how he punched a two guys at ease with one an- Wall Street Journal and that he Mr. Spielberg, Mr. Clinton says firm that Mr. Blair and President
having tea with filmmaker Ste- ham to get out his frustration other, and who enjoyed each had believed it because the rela- he is in California watching peo- Clinton have never punched a
ven Spielberg at the prime min- and that next time he comes to other’s company and who could tionship between Messrs. Blair ple skateboarding along the ham together.”
COCOA cent Manu, a World Cocoa

Foundation coordinator in
Ghana. “They don’t have busi-
ness skills, so they don’t invest
Continued from Page One and they’re back to square one.
izer and prune trees. It’s a big problem.”
Similar instructions to farm- And there is yet another
ers in neighboring Ivory Coast, looming threat: climate change.
the world’s No. 1 cocoa grower, “Even if they do continue to
have helped produce back-to- improve their infrastructure
back record crops, companies and pump more and more
say. But average crop yields are money into the system, we’re
THIERRY GOUEGNON/REUTERS; ALEXANDRA WEXLER/THE WALL STREET JOURNAL (YOBOUA)

just one-third as big as they still going to be dealing with
could be if all cocoa farmers in Mother Nature,” says Hector
Ghana and Ivory Coast followed Galvan, senior market strategist
good agricultural practices. at brokerage firm RJO Futures,
The problems worry the in- a unit of R.J. O’Brien & Associ-
dustry so much that 10 of the ates LLC.
largest chocolate producers and
cocoa processors agreed in
2014 to begin sharing with each Shriveled cocoa pods
other a wide swath of private Mohammed Tahiru farms
data on farming practices and four hectares of six-year-old co-
crop yields. The move was un- coa trees in Mantukwa, Ghana.
precedented. During the season that ended in
The gregarious Ms. Ame- September, his production
kudzi is a big part of the next dropped 26% despite his trees
step in the process. She travels being a year closer to peak pro-
back and forth between hun- duction age.
dreds of villages in Ghana to “It’s because of the weather
help retrain farmers and meet conditions,” says Mr. Tahiru, a
with community leaders. father of six, while looking at
She is responsible for about the shriveled black pods on a
a quarter of the $400 million nearby tree. “The pods on the
committed by Mondelez to its trees aren’t reaching maturity.
cocoa-sustainability program Cocoa beans drying in Ghana. Ten big companies are spending about $1 billion on cocoa-sustainability programs to boost productivity. It is quite worrisome.”
through 2022. The industry- Below-average rainfall per-
wide total of about $1 billion sisted in Ivory Coast and Ghana
includes spending on cocoa- Chocolate Crunch through the start of the current
sustainability programs dis- Chocolate consumption is rising, ...but cocoa production has lagged... ...and the market had a net deficit of cocoa season. Now the weather phe-
closed by the 10 big chocolate especially in Asia... beans since the 2005 growing season. nomenon known as El Niño is
producers and cocoa proces- further threatening production.
sors. Chocolate sales volume Cocoa bean production Surplus or deficit‡ This El Niño has helped bring
“I think we’re going to see much of Africa its most severe
successes,” says Bill Guyton, 8 million metric tons 4 million metric tons 300 thousand metric tons drought conditions in about
MORE DEMAND MORE PRODUCTION
former president of the World three decades.

Rest of
Cocoa Foundation, the industry the world In addition, a seasonal dusty,
group that is helping coordi- 6 +11% 3 150 dry wind from the Sahara that
nate the information-sharing 2005-17 blows over West Africa has
initiative. been worse than usual, hurting
So far, though, it has been 4 2 0 developing cocoa pods.
Other
hard for the chocolate compa- Asia Pacific
Global chocolate companies
nies to agree on how to mea- +47% are also battling the entrenched
sure progress. “It has chal- 2 1 –150
use of child labor. Last year, a
India
lenges on all sides,” Mr. Guyton Tulane University study com-
says. +539% missioned by the Labor Depart-
Barry Parkin, Mars Inc.’s China ment calculated an 18% rise
0 +142% 0 –300
chief sustainability officer, said from 2008 to 2014 in the num-
the maker of M&Ms and Snick- 2005 ’07 ’09 ’11 ’13 ’15* ’17 2005† ’07 ’09 ’11 ’13 ’15 2005† ’07 ’09 ’11 ’13 ’15 ber of children who work on
ers bars realizes that keeping *Projections for 2015 and later †For growing seasons ended Sept. 30 ‡Surplus or deficit is based on cocoa bean production minus volume ground into powder and other semi-finished products. Ivorian and Ghanaian cocoa
up with demand “will require a Sources: Euromonitor International (chocolate sales); International Cocoa Organization (production, surplus/deficit) THE WALL STREET JOURNAL. farms under hazardous condi-
big investment,” since there are tions such as clearing land, car-
“still one to two billion con- season with a slight surplus. Indeed, Mr. Yoboua’s own Farmers and industry offi- rying heavy loads, or for long
sumers around the world that Rare Commodity The volume of cocoa ground farm, with which he supports cials say poor productivity is hours, at night or with expo-
don’t eat chocolate today, and Cocoa was one of the few into powder and other semifin- two wives and a dozen chil- aggravated by a shortage of la- sure to agrochemicals.
we think they will.” Mr. Parkin commodities that rose in 2015. ished products declined more dren, has been overrun with co- bor as more people migrate to Nestlé set up a child-labor
also is the industry group’s than production did because of coa swollen shoot virus disease, cities. monitoring system in Ivory
chairman. $4,000 a metric ton general macroeconomic weak- shriveling his production to six Cocoa production in Ghana Coast in 2013 that has identi-
ness and weaker currencies in tons last season from a peak of also was hurt when the govern- fied some 4,000 children work-
emerging markets where con- 50 tons. ment changed its cocoa-subsidy ing on family farms in hazard-
Voice-mail weather 3,500
sumers are more price sensi- Because of the small crop, “I program, including paying ous tasks the company
Some previous efforts on a tive. must confess that I do not have farmers a higher price for their classified as child labor.
far smaller scale have been suc- 3,000 Still, candy makers have con- money to buy fertilizer,” Mr. beans so they would buy fertil- Ivory Coast and Ghana have
cessful. Hershey Co. and the cluded that widespread changes Yoboua says. “I used to have izer and seedlings directly. The largely banned the use of child
World Cocoa Foundation deliv- in farming are essential to good agricultural practices.” government previously distrib- labor, but it is hard for authori-
2,500
ered weather and marketing in- keeping up with rising long- Ivory Coast and Ghana each uted those items to farmers. ties to check all the farms in
formation to Ghanaian farmers term global demand. But gov- have about 800,000 cocoa The changes backfired. Many rural areas. “Child labor is a
by text and voice mail from 2,000 ernment officials are reluctant farmers, with an average age farmers pocketed the extra complex problem, and there are
2011 to 2013. Hershey says to allow some of those changes. older than 40. Many live far no quick or easy solutions,”
farmers who used the informa- For example, Mars has sent from good roads or social ser- says Darrell High, cocoa man-
tion increased their yields by 1,500 Ivory Coast agronomists on a vices and have farmed the same ager at Nestlé.
46%. 2011 ’12 ’13 ’14 ’15 three-month training course in way for decades. Nestlé provides school sup-
Global demand for chocolate Note: ICE cocoa futures Indonesia, the world’s No. 3 Ms. Amekudzi is spearhead- plies, obtains birth certificates
rose 0.6% to a record 7.1 million Source: FactSet producer. There they learn the ing the drive to retrain them so children can register for
tons in 2015, led by a 5.9% jump THE WALL STREET JOURNAL. ancient technique of grafting for Mondelez, which is based in classes and helps farmers de-
in Asia, according to research new plants onto old ones to Deerfield, Ill., and had revenue velop other income-generating
firm Euromonitor International. commodity index. While prices speed growth. A new cocoa tree of $22.27 billion in the first activities, like growing and sell-
Cocoa production fell 3.9% to slipped at the start of this year, spliced into an older trunk can nine months of 2015. ing food crops.
4.2 million tons, estimates the the long-term surge has led begin production in nine “Yes, Mondelez is corporate, “The biggest challenges re-
International Cocoa Organiza- companies such as Hershey, months. but I am a development main…making cocoa farming a
tion. The two totals are differ- Nestlé SA and Lindt & Sprüngli Yields from a small plot of worker,” she said on her way worthwhile occupation for fu-
ent because the ingredients in AG to hike chocolate prices grafted trees in the Ivorian vil- out of one village recently, sigh- ture generations,” says Mr.
chocolate include sugar and of- since the start of 2014. lage of Petit Bondoukou have ing deeply as her SUV sprang High. Chocolate companies
ten milk. Farmers in Ivory Coast and swelled to 3,000 kilograms of down another rural road lined have to help make cocoa-grow-
In the growing season that Ghana receive a fixed price for cocoa per hectare, or about six with cocoa trees. “You are the ing look appealing enough to
ended Sept. 30, Ghana’s cocoa their cocoa beans from the gov- times the national average. Pur- steward for Mondelez’s money,
‘I must confess that I attract young people who are
production slid 18% from a year ernment. That means supply ple and yellow pods drip from but you need to be accountable do not have money to increasingly drawn to the pos-
earlier because of disease, dry doesn’t increase from one sea- the grafted trees. to the communities as well.” sibilities of city life.
weather and shifts in govern- son to the next to take advan- After a year, farmer Date Chocolate companies say
buy fertilizer,’ says Standing recently in front of
ment policy. Ivory Coast’s cocoa tage of short-term squeezes in Yoboua was eager to spread the farmers could easily grow 1,500 farmer Date Yoboua. dozens of Ghanaian cocoa
harvest increased 2.8%. the market, unlike wheat and practice across all 50 hectares kilograms per hectare with the growers inside a tin-roofed
Many analysts expect pro- corn. of his land but was told “this right knowledge, planting mate- building in Abankrom, Ms.
duction in those two countries, Cocoa trees also take two to could not be done, because it rial and fertilizers. Average out- cash instead of investing it in Amekudzi shouted her typical
which grow about 60% of all four years to yield pods, so out- was a pilot project,” he says. put is now roughly 500 kilo- their farms. The government greeting: “Ghana!” The farmers
cocoa, to drop in the current put can’t rise rapidly from one Government officials are re- grams per hectare. decided last year to backtrack. shouted back “Cocoa!”
season, hurt by problems such season to the next. luctant about the widespread Most West African cocoa Meanwhile, some cocoa “We need to break this cycle,
as the old age of many trees, The world isn’t about to run use of grafting. Some of them trees have long passed their farmers have sold their prop- improve productivity and in-
more bad weather and disease. out of chocolate, an extreme fear grafting trees could spread peak production age of 10 to 20 erty to gold prospectors becomes, and inspire the next
While prices for nearly all scenario referred to in some disease faster, since it can take years. The Ghanaian govern- cause cocoa production looks generation to become cocoa
commodities fell last year, co- news articles as the “chocopa- more than a year to tell ment estimates that 40% of the less appealing. “It’s a quick way farmers,” Ms. Amekudzi said.
coa rose about 10%. It was the lypse.” The global market actu- whether a tree is infected with country’s trees are unproduc- to make some money, but there “Without the next farming gen-
best performer in the S&P GSCI ally ended the latest growing certain viruses. tive because of age or disease. are long-term costs,” says Vin- eration, there will be no cocoa.”
OPINION
Obama’s Legacy: Trump and Bernie BOOKSHELF | By Howard W. French
There is Ba-
rack Obama’s
State of the
producing jobs, which is true,
and that it is “peddling fic-
tion” to say the U.S. economy
price. More businesses being
born than dying is where real
jobs come from, not the gov-
awake every night thinking
about jobs making . . . wind-
mills and solar panels.
The Other
Union and
there is the
state of the
union anyone
“is in decline.” Really?
The U.S. economy’s average
annual growth rate since
World War II has been about
ernment tooth fairy. This data
is a portrait of an economy
losing its innate dynamism.
That’s the real cause of
And we’ve got a revolution.
People wonder what ac-
counts for the rise of Donald
Trump and Bernie Sanders.
Refugee Crisis
WONDER
LAND else can see.
The new
3%. In Mr. Obama’s seven
years it has been about 2%.
“anger” in the U.S. electorate.
We’re supposed to believe
Maybe the better question is
how the Obama years could
City of Thorns
By Daniel
year began Some 65% of people think the that long-term “structural” not have produced a Trump By Ben Rawlence
Henninger
with an un- U.S. is on the wrong track. factors are causing these and Sanders. (Picador, 384 pages, $26)
T
derground You can discover a lot about shifts. Maybe. And if you Both the Republican and,
nuclear-bomb test in North the wrong track in that miss- want to wail about income to a lesser extent, Demo- he most absorbing book in recent memory about life in
Korea, the worst first week ing 1% of economic growth, cratic parties have elements refugee camps opens nowhere near that miserable,
for the Dow since 1897, and Mr. Obama’s “new normal.” now who want to pull down cloistered world. Disarmingly, Ben Rawlence begins
Iran forcing 10 U.S. sailors to The president is correct How could Obama’s the temple. But for all the “City of Thorns: Nine Lives in the World’s Largest Refugee
their knees. that the economy is creating politicized agitation, both Camp” in a room without windows at the White House. As
But the man delivering the jobs, but an alternative view policies not have these movements, in power, an expert on the Horn of Africa, he was there in October
State of the Union is “opti- would be that he has proven it produced the Donald would produce stasis—no 2014 to brief members of the National Security Council
mistic” because “uncondi- is not possible to kill an econ- change at all. about Dadaab, a scorching, ramshackle conurbation of some
tional love” will win. omy with a GDP of $16 trillion. and Bernie Sanders? Donald Trump would pre- 500,000 people in remote northern Kenya, near that coun-
Let’s get just one SotU Here’s what the new nor- side over a divided govern- try’s border with Somalia.
venting out of the way before mal looks like. The gold stan- ment or, as he has promised Mr. Rawlence, a former researcher for Human Rights Watch
considering what Mr. Obama dard of new job creation is disparity, go ahead. But if so, and un-promised, a trade war who had spent time in the camp, had come to Washington in
has wrought for his country business starts. Indeed, Mr. it is the president’s job to get with China. Hillary or Bernie hopes of persuading the policy makers of how wrong their ap-
and its politics as he turns Obama said his new online impediments out of the way. will enlarge the Obama eco- proach to the Somali refugee crisis was. The hundreds of
into his final year. tools “give an entrepreneur Instead, this presidency has nomic regime. Either outcome thousands of people flowing out of that failed country were
It is beyond any conceiv- everything he or she needs to created them. guarantees four more years of being systematically abused by
able pale that Mr. Obama start a business in a single For example, Kauffman’s at best 2% economic growth. Kenya, America’s most impor-
would fail at least to note the day.” Perhaps not everything. report also notes that the rate That means more of the above. tant ally in the region. For its
14 Americans gunned down in According to the U.S. Bu- of entrepreneurship among That means 18-year-olds vot- security forces, the displaced
San Bernardino by committed reau of Labor Statistics, the people age 20-34—who hire ing for the first time this year people had become the targets
Islamic terrorists, even as he number of business establish- employees like themselves, will face historically weak job of an immense racket.
stood there lecturing the ments less than one year old new breadwinners—began opportunities through 2020 at Desperate Somalis were
country, at least three times, rose steadily from 550,000 in dropping fast in 2011. The least. fleeced at roadblocks on their
about not turning against 1997, peaked at about president said Tuesday that Under any of these three, way into the country or rounded
others’ religion. In the past, 650,000 in 2006, and then ObamaCare would help new- an Americanized European up on the streets of Nairobi, where
he said, we have “turned to- has gone straight down. The business formation. It is social-welfare state will they were forced to pay exorbitant
ward God.” Ugh. Kauffman Foundation’s 2015 doing the opposite. Millenni- evolve because Washington— bribes or subjected to having their
In fact, seven years of the entrepreneurship report puts als, assumed to be the Obama and this will include many identity papers ripped up on the
Obama presidency have left startups in 2012 at just over base, have entered adulthood “conservatives”—will answer spot. They were often beaten, raped
the United States with a his- 400,000. to endure a decade of slow still-rising popular anger or returned to their violence-
torically weak economy and a The Brookings Institution growth. with new income redistribu- stricken homeland. Meanwhile, according
degraded national politics. in a 2014 report noted that The leaders of Communist tions. to Mr. Rawlence, the Kenyan government had all
The causal legacy of those since 2008 businesses closing China lie awake at night And for years afterward, but annexed adjacent regions of Somalia, which it used to run
two realities are—Donald annually have exceeded start- worrying about creating 10 Barack Obama will stroll off an elaborate operation that generated millions of dollars from
Trump and Bernie Sanders. ups for the first time. Their million new jobs every year to the 18th green, smiling. Mis- a bustling underground trade in smuggled sugar, which Ken-
Mr. Obama said in his yearly analysis dates to 1978. prevent a revolution. The sion, finally, accomplished. yan leaders use to finance their political machines.
speech that the economy is That relative decline has a elected leader of the U.S. lies Write to henninger@wsj.com The NSC staff nodded politely as he detailed his views.
But when it came to asking questions, they had but one pre-
occupation: Were the abusive conditions he described lead-
The GOP’s Chase for Undecided Iowans ing to Islamic radicalization? If not, Mr. Rawlence concludes,
“the refugees could be safely forgotten.”
But not by him. In the ensuing months, working not as a
By Karl Rove Pennsylvania Sen. Rick Santo- Most late deciders are not slow territories and the District of human-rights advocate but as a writer, Mr. Rawlence was
W
rum sat in sixth place in Iowa, to wake up to the campaign. Columbia start to vote in early able to give a fairly definitive answer to the NSC query. The
hen the GOP presiden- with 6% in the Real Clear Poli- Rather, they are deciding late March. half-million people of Dadaab, mostly Somalis, but also Su-
tial candidates gather tics average. But late deciders because they hope to absorb as The morning after each con- danese, Ethiopians, Eritreans and others, some of them al-
in North Charleston, helped him jump to 24.6% and much information as possible. test, news coverage will focus ready encamped there for three generations, exhibit few
S.C., on Thursday—19 days be- win the state. Former Speaker So they have heard all the cam- not only on who won—that signs of religious extremism. Their overwhelming dream,
fore the Feb. 1 Iowa caucuses— Newt Gingrich, who led 19 paigns’ shopworn lines, and obviously matters—but also on which few of them will ever realize, is to find a way out,
for the Fox Business debate, days out with 26%, finished in candidates will need something any surprises. If someone fin- whether through refugee lotteries conducted by various
much will hang on their perfor- fourth place with 13.3%. new to close the sale. ishes better than predicted, it Western countries or via the perilous and costly illegal trek
mances. Even more could de- That’s much different from Organization counts, too, will draw attention, possibly a to Europe. Some retain the hope that Somalia will somehow
pend on the Jan. 28 Fox News what happened in Iowa in particularly in a caucus state lot. Expected outcomes, even if be restored to economic viability and peace.
debate in Des Moines. These 2008: 19 days out that year, like Iowa where turnout is they are solid finishes, could be
are the last big opportunities former Govs. Mike Huckabee low—19% in 2012, compared treated as nonevents. Such cov-
for candidates to impress a with 24.5% in the New Hamp- erage could winnow the field. Dadaab, the world’s largest refugee camp,
large audience and shake up shire primary. Volunteers in That could blunt Mr. Trump’s is also a city replete with movie theaters,
the race, just as many early- At this point in 2012, each precinct who beg, inspire, ability to win delegates in the
state voters are deciding whom cajole and push supporters to early March proportional states soccer leagues, markets, hotels and hospitals.
to back. Rick Santorum—who the polls can make all the dif- and keep him from carrying
In 2012, 46% of New Hamp- won the caucuses—sat ference. winner-take-all states starting
shire GOP primary voters said Candidates have an advan- mid-March. Mr. Rawlence’s major feat is stripping away the anonym-
they made up their mind in the sadly at 6% support. tage if their support is drawn What happens in Iowa rarely ity that so often is attached to the word “refugee” by delving
contest’s final three days, and primarily from groups that are foreshadows what happens deeply into the lives of nine people in the camp. By doing so,
21% waited until Election Day, more likely to vote, like party next. But the outcome in New he transforms its denizens from faceless victims into three-
according data from the and Mitt Romney were first activists, seniors and die-hard Hampshire has historically dimensional human beings. Along the way, Dadaab emerges
University of New Hampshire and second in the Real Clear conservatives. Here Texas Sen. changed minds in South Caro- from the ever-present heat and dust to become much more
Survey Center cited in this Politics average, with 34% and Ted Cruz may have an edge in lina—and may have an even than a refugee camp. It is a real, if very peculiar, city; a
newspaper. 23.3%, respectively. They fin- Iowa: He beats Donald Trump bigger effect this year. In 2008 world of mud huts with tin roofs but replete with movie the-
A similar pattern held in the ished in that order with 34.4% 36% to 21% among “conserva- there were 18 days between the aters, soccer leagues, markets, hotels and hospitals. Most of
2012 Iowa caucuses on Jan. 3 and 25.2%. tive” and “very conservative” two primaries; this year there Dadaab’s people are poor, but there is a middle class and a
of that year: 28% of Republican What will influence late voters, and 27% to 24% among are only 11. Momentum from wealthy elite, some of whom got their starts in the black
caucusgoers said they decided deciders? One thing is how voters over 45, according to a the Granite State matters. market by selling their own ration cards. What unites many
whom to support “in the last many days each candidate Jan. 7 poll by Marist, NBC and In a few weeks, our national of these people, Mr. Rawlence writes, is buufis, a Somali
few days,” and 18% on caucus spends in Iowa and New Hamp- The Wall Street Journal. obsession with the latest polls word coined in the camp. “It is a kind of depression rooted
day, according to exit polls. shire, and the quality of their Candidates must have gives way to actual voting. Now in an inextinguishable hope for a life elsewhere that casts
Another 21% said that they events. Late deciders are look- money in the bank and big lists is the moment for great candi- the present into shadow.”
made up their mind in Decem- ing for energetic and appealing of donors, especially of Internet dates to raise their game. “City of Thorns” is built around its characters, several of
ber. So a whopping 67% of Re- presentations, delivered up contributors, to see them them couples, and they are chosen particularly well. Early in
publicans chose their horse in close and personal. Watch who through the race. Time spent at Mr. Rove helped organize the book, we follow the harrowing flight from Mogadishu of
the last month before the cau- struts their stuff in the early fundraisers now is time not the political-action committee a young man named Guled, who is rounded up by the ex-
cuses. states in coming weeks. spent pressing the flesh in American Crossroads and is tremist militia known as al-Shabaab and forced to work for
But will these late deciders Contenders better have Iowa, New Hampshire and even the author of “The Triumph of its morality police, the Hizbat.
upset the contest, as they did fresh, substantive messages; South Carolina, where the focus William McKinley: Why the When he finally reaches Dadaab, after a tense, cinematic es-
in 2012? Nineteen days before regurgitating tired stump will soon move. Then the pres- 1896 Election Still Matters” cape that includes a nighttime ride atop a rickety truck over-
that year’s caucuses, former speeches may not do the job. sure explodes, as 21 states, two (Simon & Schuster, 2015). loaded with sacks of sugar, he becomes obsessed with finding
a way to have his wife, Maryam, join him. Some months later,
she arrives pregnant and increasingly aggrieved that the ideal-
The EPA’s Politics in the Raw ized picture of life in the camp that he had provided her has
little basis in reality. Unable to find good work, he gives his life
over to soccer, causing her to return home with their children
By A.J. Kritikos “covert propaganda.” Simply builders of the administrative the details, lawmakers have amid much anger and mutual recrimination.
I
put, citizens deserve to know state imagined that regulators delegated away their exclusive Muna and Monday, another couple, come from starkly dif-
t’s official: The Environ- when messages presented to would be unbiased experts, who power to make law. ferent backgrounds. The rebellious Muna, like nearly all So-
mental Protection Agency them were created by their would come to objective con- Most of the Supreme Court malis, is Muslim. Monday, a southern Sudanese, is Christian.
has violated federal law by government. clusions about the best policy. is complicit. Alone among the The two met and fell in love in the camp. For crossing this re-
engaging in “covert propa- The violation for “grassroots That notion has been shown to sitting justices, Clarence ligious divide in a camp effectively segregated by nationality
ganda” and “grassroots lobby- lobbying” stemmed from an be woefully naive. Thomas has suggested a will- and religion, they face death threats, and their marriage be-
ing.” That is the finding of a EPA blog post that linked to Anyone who doubts that the ingness to invalidate these gins breaking down under the strain. But their situation also
Dec. 14 report by the Govern- websites encouraging readers EPA views itself as a political unconstitutional delegations. In provides a seeming way out: an asylum case based on reli-
ment Accountability Office— to, for example, “urge your sen- actor should read its response a concurring opinion last year, gious persecution.
though EPA bureaucrats are ators to defend Clean Water Act to the investigations. Liz Mr. Thomas wrote that the jus- Typical of Mr. Rawlence’s closely observed reporting is a
unrepentant. safeguards for critical streams Purchia, a public affairs offi- tices “have too long abrogated pre-departure interview the two of them hold with Australian
The investigation began in and wetlands.” Federal law pro- cial, argued in a blog post that our duty to enforce the separa- immigration officials via video conference. “A young blond
June, after Sen. Jim Inhofe (R., hibits administrative agencies the Thunderclap page was tion of powers.” He lamented man asked Muna and Monday questions about their problems
Okla.) requested that the GAO from lobbying the public to sup- properly labeled, and that the the growth of “a vast and unac- in the presence of their children and two interpreters and
review the EPA’s online activi- port or oppose pending legisla- EPA never urged the public to countable administrative appa- they told him their story just as they had told it countless
ties, including its aggressive tion. As the GAO report notes, contact lawmakers. ratus that finds no comfortable times before,” he writes. “They made a kiss for the Australian
promotion of the new “waters at least a dozen bills in Con- What’s telling is Ms. Pur- home in our constitutional even though they had spent the whole morning waiting in si-
of the United States” regula- gress sought to prevent the chia’s tone. She wrote that crit- structure.” lence not talking to each other and had already come to a pri-
tory rule. EPA’s new waters rule from be- ics are “grasping at anything to Hear, hear. The questions vate arrangement that when they got to Australia they would
Investigators concluded ing implemented. distract from and derail our facing the country don’t lend live in separate houses.”
that the EPA illegally used At bottom, the report con- progress.” She attacked “those themselves to objective, expert It is the rare, ultimate success of people like these that
Thunderclap, a social media cluded that the EPA’s overtly who question the well-estab- answers, and choosing what to makes life survivable, even if only barely, for the thousands
site, “to correct what it political actions “preclude a lished science behind climate do with scarce resources al- who will likely grow old and die in the camp. The fate of the
viewed as misinformation.” good faith characterization” of change.” And she assailed ways involves trade-offs. The Dadaab refugees has been almost completely overshadowed by
Government use of social me- the facts. Sen. Inhofe has now “backward-thinkers” who want way to take politics out of another refugee crisis, namely the hundreds of thousands of
dia is not unlawful in itself. requested that the GAO review the EPA to “operate as if we administrative agencies is people who have been streaming into Europe from Syria. But
But the agency crossed the the way that the EPA promoted live in the Stone Age.” simple: Take from them the even if the Dadaab refugees hadn’t been disregarded, in a
line by asking supporters to its Clean Power Plan, which Who do we have to blame power to make policy. world now flooded with tens of millions of displaced people,
share an EPA-written message requires states to cut carbon- for this state of affairs? Con- chances are that the West would have done very little.
on Facebook or Twitter with- dioxide emissions from elec- gress, for one. By passing Mr. Kritikos, a former clerk
out attributing it to the gov- tricity-generating plants. vague statutes with general for the U.S. Court of Appeals Mr. French teaches at Columbia’s Graduate School of Jour-
ernment. This failure to attri- Executive agencies aren’t goals and authorizing execu- for the Third Circuit, is a nalism. He is the author of “China’s Second Continent: How a
bute caused the violation for supposed to be political. The tive agencies to come up with lawyer in private practice. Million Migrants Are Building a New Empire in Africa.”
A12 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The Clinton Mail Baggage The PC Orcs Lay Siege to Our Civilization
H
illary Clinton has taken to attacking you choose, but there is no documentary evi- Daniel Henninger’s “Revolt of the class ones who might even be consid-
Bernie Sanders in the wake of polls dence that she made this classified versus un- Politically Incorrect” (Wonder Land, ered among the elite. They see that
Jan. 7) brings back painful memories political correctness has stymied
showing the Vermont socialist is beat- classified distinction to Mr. Sullivan. There is when I, as a junior professor at Ore- thought. As Mr. Henninger says, “A
ing her in Iowa and New evidence of the former Secre- gon State University, wrote an article fair-minded person would concede
Hampshire. The fascinating Are Hillary’s ethics tary of State instructing an to the school’s newspaper, the Barom- that many of these controversial sub-
question is how much Bernie’s behind the Bernie aide to ignore security proce- eter, about the useless nature of the jects involve legitimate and complex
comeback is related to his dures that State presumably Difference, Power and Diversity Pro- issues.” PC has closed down thinking
message, and how much to the Sanders surge? had in place for a reason. gram that was due to get a one-sum- about these complex issues and has
continuing doubts about Mrs. The State Department’s in- mer defunding, which I agreed with made us all more foolish. It has made
Clinton’s honesty and thus her ability to find a record of in no uncertain terms. What followed us into people who exchange atti-
ability to win in November. transmittal counts for little, given that State was very similar to what we see tudes, not thoughts. It isn’t really
The former Secretary of State wants voters has proven incapable of tracking the private years later. It was the boiling out of that Mr. Trump “tells the truth.” He
the ground of J.R.R. Tolkien’s orcs. says what he thinks, and he is able to
to believe that her private email server scandal email accounts of employees, or even locating
My office door got a few nasty notes. do that in a world that lives off
is old news, but every month brings new evi- and producing documents requested in Free- I was pilloried for my words. The staged attitudes. Who would ever
dence that she put state secrets at risk in order dom of Information Act requests. Last week the nasty rhetoric hurt nothing like the have thought of Twitter as a tool for
to hide her emails from the public. The slow State Department Inspector General skewered silence of those who agreed with me. calling us back to thinking?
public release of new emails commanded by a the department for giving “inaccurate and in- What saved me from defrocking was I, too, would love to see someone
judge, combined with an expanding FBI probe, complete” answers to groups seeking Mrs. Clin- the editor of the local newspaper and with more depth on the political is-
may be making Democratic voters wonder if ton’s records. the editor of the Barometer. Yes, the sues that face us catch the anti-PC
they should nominate such an ethically chal- IG Steve Linick included the example of State school paper spoke up for my right to wave, but so far no one else has been
lenged nominee. in 2013 telling an outside group that it had no free speech. I resigned as president- able to.
The latest cache hit Friday when the State De- information about Mrs. Clinton’s use of private elect of the OSU Faculty Senate be- CHARLES SPINOSA
partment released 1,262 more of Mrs. Clinton’s email for public business, though “dozens of se- cause of the raw cowardice of so New York
many members of the faculty and ad-
emails. That dump contained another 66 emails nior officials throughout the Department” knew
ministration. Perhaps the time of liberation has
deemed classified, which means State has now about it. State has its own interest in hoping the My beliefs about serious discrimi- come for those of us who have re-
discovered some 1,340 instances of the nation’s email issue goes away. nation come from the fairness I sisted buckling under to the progres-
top diplomat handling sensitive material on an Meanwhile, Fox News reported Monday that found in the military and working for sive tyranny of political correctness.
unsecure server—including spy satellite infor- three intelligence sources say the FBI has ex- a timber company prior to academe. I This may be the moment when we
mation and the name of at least one confidential panded its email probe and is now looking at believe in merit. Never would I turn have restored the freedoms of speech,
CIA source. Given that we know Mrs. Clinton’s the “intersection” between Mrs. Clinton’s State down someone who could prove what thought and expression to ourselves.
server was the target of attempted hacks, this Department business and her Clinton Founda- they can “do.” But, alas, political cor- One of the great ironies of the past
is grossly negligent behavior. tion work. Mrs. Clinton told the Des Moines rectness has degraded our universi- quarter century has been that the
Mrs. Clinton’s assurance that none of these Register that “there is nothing like that that is ties, turning too many students into rebels of the 1960s and ’70s have
emails were classified “at the time,” and that happening” at the FBI, but the question is how whiners, ne’er-do-wells with 3.9 been the authors and enforcers of the
GPAs, and debt-ridden, jobless 25- oppression of what is deemed allow-
she always handled such material properly, also Mrs. Clinton would know. The FBI rarely alerts somethings. able communication in the public
looks to be undercut by one recently released subjects on the details of its probes. ROBIN ROSE square. Those who seek to repress
message. In a June 17, 2011 email thread, aide Voters may get more insight into this “inter- Corvallis, Ore. what is expressed by others are only
Jake Sullivan tells Mrs. Clinton that he can’t get section” this spring now that State has belat- exposing their own fears. Let the
her certain documents she wants because “They edly and begrudgingly agreed to process and I think Mr. Henninger gets Donald First Amendment flourish.
say they’ve had issues sending secure fax.” Mrs. release the personal emails of Mrs. Clinton’s top Trump supporters right, at least the RICHARD JACOBSON
Clinton appears to direct Mr. Sullivan to ignore aide, Huma Abedin, who appears to have been ones that I know—the non-working Wilmington, Del.
protocol and send the information by insecure the nexus between Mrs. Clinton’s official and
methods. “If they can’t, turn into nonpaper nonofficial duties.
[with] no identifying heading and send nonse- The Clintons are banking that most of the
cure,” she wrote. media will continue to ignore the email scandal. A Democrat Finds Common Cause With Cruz
The State Department says it can find no Democratic elites and their media allies have As a Democrat, I never thought I most kinds—except those benefiting
proof the information was sent. On CBS’s “Face invested their hopes for 2016 on Mrs. Clinton’s would say this, but I agree with Sen. Big Oil. But whatever his motiva-
the Nation” Sunday, Mrs. Clinton said she was electoral inevitability. Mr. Sanders’s latest poll- Ted Cruz—on ethanol. As “Cruz tions, on this issue at least, Ted Cruz
only requesting the transmittal of information ing boomlet is a message that many rank-and- Takes on Ethanol In Iowa—and Vice is right.
that was “unclassified.” You can believe this if file Democrats are having second thoughts. Versa” (page one, Jan. 7) points out, ROBERT M. SHRUM
Mr. Cruz could become the first can- Los Angeles
Deport Nikki Haley

didate in either party to oppose the
ethanol mandate and win the Iowa Kudos to Sen. Cruz for having the
caucuses. guts to take on the ethanol lobby in
W
hen Nikki Haley offered the Republi- welcome in South Carolina”? Who signed a law It’s time to stop catering to the Iowa. The requirement to add this
ethanol lobby by endorsing a flawed corrosive contaminant to gasoline is
can response to President Obama’s fi- toughening the state’s illegal immigration re-
policy that science shows is worse the worst current example of govern-
nal State of the Union, the American form act, which requires employers to verify for our environment and climate than ment power being used to enrich the
people heard an articulate con- the immigration status of new gasoline. If Mr. Cruz prevails in the few (corn farmers and ethanol pro-
servative who has twice been She fails the new right hires? Who has fought Presi- Iowa Republican caucuses, the hand- ducers) at the expense of the many
elected Governor in South Car- litmus test against dent Obama’s bid to resettle writing will be on the election-night (everyone using gasoline-powered
olina. It’s a sign of the GOP’s unvetted Syrian refugees? And returns. Bad policy on ethanol isn’t engines), all justified by bogus envi-
distemper that some conserva- any immigration. whose state has joined 16 oth- good politics anymore, even in Iowa. ronmental benefits.
tives denounced her because ers in a lawsuit against Mr. I wish my fellow Democrats, climate- JAMES G. RUSSELL
she didn’t denounce legal im- Obama for what they say is his change champions, would come to Midlothian, Va.
migration. unconstitutional executive order on illegal im- the same realization.
Gov. Haley’s parents came to America from migration? When I was a senior adviser in the
India. Her father taught botany at Voorhees The distinction Gov. Haley is trying to make
Gore and Kerry campaigns, the etha- Censorship Is Not the Way
nol cause seemed like a win-win. We
College. Her mother started what would be- is between a functioning, legal immigration sys- believed it was good politics in Iowa
To Win Against Terrorism
come a multimillion-dollar clothing company tem that works in America’s interest—which and good policy, too. The science Regarding your editorial “Mus-
out of the living room of the family home. As Republicans say they want—and the unlawful, wasn’t there yet showing that etha- lims and the Police” (Jan. 9): As
she put it Tuesday, “I am the proud daughter broken and arbitrary system that encourages nol exacerbates the global warming it part of the settlement with plain-
of Indian immigrants who reminded my broth- illegality—which is what we now have and was supposed to reduce. In his 2009 tiffs suing over New York Police De-
ers, my sister and me every day how blessed we which President Obama exploits to the Demo- book on climate change, Al Gore partment spying, the department
were to live in this country.” crats’ political advantage. wrote that he made a rare mistake has agreed to remove from its web-
Her conservative critics unloaded. “Trump The attacks on Ms. Haley show that many on on environmental policy by endors- site a 2007 report titled “Radical-
should deport Nikki Haley” went one tweet. The the right these days oppose any immigrants, ing corn ethanol as he courted Iowa ization in the West: the Homegrown
voters. Mr. Cruz’s rationale is obvi- Threat.” Deleted it may be, but the
next morning on “Fox & Friends,” Donald even those who arrive legally. They also want
ously different. He instinctively op- report is readily accessible through
Trump declared that Gov. Haley is “very weak to make opposition to immigration a GOP litmus poses mandates and subsidies of a Google search, and here at John
on immigration.” test. A party that rejects Nikki Haley as a Jay College of Criminal Justice a
Are we talking about the same Nikki Haley? spokeswoman is one that doesn’t really want hard copy is on the shelves in Spe-
The woman who says “illegal immigration is not to build a governing majority. Congress Must Change Gun cial Collections. As a librarian, I am
appalled that censorship was a com-
Dealer Law, Not AG Lynch
GE Escapes Connectitax
ponent of the settlement. If the
To say that the president doesn’t plaintiffs had an argument with the
need lawmakers’ approval to reclas- content of that report, the remedy
H
ard to believe, but Connecticut was money from segregated funds. But another hole sify unlicensed vendors as gun deal- was to counter it in detail, not deny
once a low-tax haven in the Northeast. is looming. Over the next two years spending is ers is misleading (“Challenges Await access to the public.
Gun-Control Measures,” U.S. News, JEFFREY A. KROESSLER
Its business climate has grown so hos- set to rise by $1.5 billion, including $700 million Jan. 6). While the executive branch Lloyd Sealy Library
tile in recent years, however, in higher personnel costs. Pen- has discretion in implementing laws, John Jay College of Criminal Justice
that General Electric on The company flees sion payments are soaring. many legal scholars, including my- City University of New York
Wednesday announced that it the high-tax state Connecticut’s pension system self, believe that what the president New York
will move its headquarters to is 48% funded, third worst in is doing with his plan is far outside
Boston. When Taxachusetts that hates business. the country after Illinois and his authority. The law that Congress
becomes a reprieve, Governor Kentucky. enacted to regulate firearms dealers, Grappling With the Right
Dan Malloy ought to know Mr. Immelt says GE, which codified at 18 U.S.C. Section
921(a)(11), clearly states that a
African Colonial Conflict
Connecticut has a problem. has been headquartered in Fairfield since 1974,
GE CEO Jeff Immelt began entertaining re- selected Boston after considering 40 other loca- “dealer” is someone who is “en- Richard Holledge’s “Grappling
gaged in the business” of dealing With History” (Arts in Review, Jan.
location offers last summer after Connecticut’s tions and being pursued by New York, Rhode Is-
firearms, and the law enacted by 6) mentions the Boer War in the
legislature grabbed an additional $1.3 billion in land and Georgia. Mr. Immelt flogged Beantown’s Congress explicitly exempted from context of a painting with “1879” in
tax hikes, the fifth increase since 2011. A com- “diverse, technologically-fluent workforce” as regulation persons who make only its title and a reference to a primi-
pany statement noted that the “Connecticut well as a “package of incentives” valued at as “occasional sales.” tive-appearing enemy with masks,
economy continues to struggle as other states much as $145 million. Attorney General Loretta Lynch, feathers, etc. The author seems to
offer more opportunities and a better environ- It probably didn’t escape GE’s notice that in connection with the announce- be confusing the Boer War (1899 to
ment for business growth.” Massachusetts has the lowest taxes in the ment of the president’s actions, 1902) with the Anglo-Zulu War
The state’s $40.3 billion two-year budget Northeast outside of New Hampshire, which stated that the executive branch (1879). The Boer War didn’t have
boosted the top marginal tax rate on individuals doesn’t offer the urban cultural amenities that could consider persons who engage much in the way of feathers, etc.,
earning more than $500,000 to 6.99% from 6.7% are attractive to young techies and executives. in as few as one or two transactions but did feature modern-for-the-time
and 6.5% in 2010. Mr. Malloy also extended for The Tax Foundation ranks Massachusetts’s to be dealers. This isn’t a clarifica- Mauser rifles and taught the Em-
tion of existing law—it’s a rewriting pire, in Kipling’s words, “no end of a
the second time a 20% corporate surtax that his business tax climate 25th in the country, ahead
of the law that removes important lesson.” As an aside, the Zulu War
Republican predecessor Jodi Rell had imposed in of Georgia (39), Connecticut (44), Rhode Island exemptions and definitions that was no walkover either, and fea-
2009. To add liability to injury, he required cor- (45) and New York (49). were deliberately provided for by tured the last victory (Isandlwana)
porations to report their “unitary” business in- Massachusetts has worked to shake its high- Congress. of an indigenous army armed mostly
come from affiliates around the world and limited tax image by cutting its corporate rate to 8% MARC GREENDORFER with traditional weapons against a
deductions for carried-forward losses. from 9.5% and flat income tax to 5.15% from 5.3% Red Level, Ala. modern army equipped with fire-
The tax hikes have failed to cure Connecti- in 2008. In the same period, Connecticut has arms and artillery.
JACO VAN DER COLFF
cut’s chronic budget woes, which are symptoms raised its corporate rate to 9% from 7.5% and its CORRECTION Woodland Hills, Calif.
of a bloated government payroll and paltry eco- top income tax rate to 6.99% from 5%.
nomic growth. Since 2010 the Constitution Governors across America, including some
Amanda Botfeld, a writer and re-
State has recorded zero real GDP growth, the Democrats, are trying to make their states mec- Letters intended for publication should
searcher for the pro-Israel organiza- be addressed to: The Editor, 1211 Avenue
lowest in the nation save Louisiana (-0.7%) and cas for business, which means more jobs and tion StandWithUs, was the author of of the Americas, New York, NY 10036,
Maine (-0.6%). Connecticut is one of only four investment and more tax revenue. Governor the Jan. 13 op-ed “Facebook and Is- or emailed to wsj.ltrs@wsj.com. Please
states (Illinois, Vermont, West Virginia) whose Malloy is an exception because he is all but rael: What’s Not to ‘Like’? Lots, It include your city and state. All letters
populations have declined since 2012. owned by the public unions that dominate Con- Seems.” Ms. Botfeld did not inform are subject to editing, and unpublished
Last month the state legislature shellacked necticut politics. The last business to leave, us that Sheila Kugel was a pen name letters can be neither acknowledged nor
returned.
a $254 million mid-year budget gap by diverting please turn out the lights. until after the article was published.
OPINION
Why We’re Suing Obama Over Keystone

By Kristine Delkus approved two very similar, large agreements. When the U.S. govern-
W
cross-border pipelines that transport ment signed Nafta, it committed to
hen President Obama exactly the same type of oil that the provide Canadian investors with
ANDREW CABALLERO-REYNOLDS/AGENCE FRANCE-PRESSE/GETTY IMAGES

denied a permit in Keystone XL pipeline would have various protections against unfair,
November that would carried from the same region in inequitable, and uncompensated
allow our company to Alberta, Canada, to the U.S. expropriatory and discriminatory
build the Keystone XL TransCanada already operates U.S. regulatory actions. The agree-
pipeline, TransCanada responded the initial Keystone pipeline, which ment enables companies, like
that “misplaced symbolism was was approved in 2008. And in 2009 TransCanada, to recover damages
chosen over merit and science— the State Department under Secre- through international arbitration
rhetoric won out over reason.” Last tary Hillary Clinton and Mr. Obama when Nafta’s provisions have been
week the company filed a federal permitted Enbridge, a direct com- violated.
lawsuit asserting that the president petitor to TransCanada, to build White House press secretary
lacks the power under the U.S. Con- another. Each of these permit Josh Earnest said on Nov. 3 that
stitution to prohibit construction of reviews took about two years. “there’s probably no infrastructure
the pipeline. Keystone XL was very different. project in the history of the United
TransCanada also gave notice of For seven years the State Depart- States that has been as politicized
its intent to recover damages ment and eight other federal agen- as this one.” No doubt—as was the
caused by the administration’s cies considered issues related to administration’s decision to deny a
denial of a permit as a violation of environmental and economic permit, which rested entirely on the
the North American Free Trade impact, supply security, stability president’s belief that his interna-
and relations with Canada, and tional reputation and negotiating
other factors. Celebrating the Keystone pipeline cancellation outside the White House, Nov. 6. leverage on climate leadership
The president canceled the The Obama administration’s deci- required the symbolic act of deny-
sion to deny the pipeline explicitly in negotiating with other countries, Article I of the Constitution pro- ing the permit.
pipeline in a purely political acknowledged that building it including at the coming Paris vides Congress with power over the The damage to TransCanada is
move that violated the law would benefit the U.S. economy, climate conference. domestic and international com- clear. It has lost the value of the
create jobs, increase energy secu- In other words, the pipeline and merce at issue. And in early 2015, project and incurred significant
and the U.S. Constitution. rity, advance relations with Canada, its benefits were sacrificed to in- both houses of Congress passed costs in pursuing what should have
not harm the environment and crease the president’s negotiating legislation—later vetoed by the been a robust regulatory process
cause no significant increase in leverage with other countries. president—directing that the Key- based on facts and established crite-
Agreement (Nafta). Given the sig- greenhouse-gas production. Expert This decision was unlawful in stone XL pipeline be constructed ria, not based on meeting misplaced
nificance of the administration’s de- analysis concluded, and Secretary two respects. First, it was contrary without any further presidential symbolic political objectives.
cision and our actions in response, of State John Kerry admitted, that to basic principles of constitutional action. The administration’s actions
further context and explanation are approving or denying the pipeline law. The president can exercise only Still, even if Congress had not harm business and public interests
warranted. would likely not have a significant powers granted by a statute or the acted, Mr. Obama’s action is unlaw- that extend far beyond a particular
For 65 years, TransCanada has impact on oil production in Canada Constitution. The administration ful because it falls far outside of pipeline. The decision calls into
built oil and gas pipelines in North (principally because other transport acknowledged that no statute the limited tradition of presiden- question the entire process for
America. It’s a job the company is options and markets exist). supports its action. Nor does the tial-permit approvals. Presidents cross-border facility approvals. It
good at, and one we much prefer to But environmental activists made Constitution. have for many decades lightly regu- strongly suggests that investing in
building lengthy legal filings that rejection of the project a litmus test The Supreme Court’s famous lated certain border facilities the U.S. is subject to a level of “sov-
could take several years to resolve. of the president’s climate-change 1952 ruling in Youngstown Sheet & through a permit-approval process ereign risk” usually associated with
Still, when TransCanada in 2008 credentials. The State Department’s Tube Co. v. Sawyer, rejecting Presi- focused on distinctly cross-border far less developed economies.
walked its application for a presi- official Record of Decision reasoned dent Truman’s claim that he could and operational concerns. No presi- Unless they are remedied in
dential permit into the U.S. State that permitting the pipeline to pro- seize private steel mills, sets out dent before has prohibited con- court or arbitration, the Keystone
Department, the company was pre- ceed would “undermine U.S. climate the governing principles that also struction of a major infrastructure decision and the political expedi-
pared for an extensive evidentiary leadership” because “the under- defeat President Obama’s similar project affecting such extensive ency underlying it will also encour-
process—albeit one that has tradi- standing of the international com- claim of unilateral power. Unless domestic and international com- age future administrations to con-
tionally been straightforward. munity”—contrary to the adminis- Congress expressly or implicitly merce. Nor has any other president clude that they, too, can disregard
Until the Keystone XL pipeline, tration’s own findings—was that the approves of presidential action, the ever claimed the power to block the most basic legal requirements.
no U.S. administration had prohib- pipeline would increase greenhouse- president has no independent cross-border trade to enhance his
ited the cross-border construction gas emissions. Permitting construc- power to act unless the matter falls negotiating power abroad. Ms. Delkus is an executive vice
of a major oil pipeline. And within tion would “undercut the credibility beyond the scope of Congress’s con- Second, the administration’s president and general counsel at
the past decade, U.S. regulators and influence of the United States” stitutional interests. decision violates international TransCanada.
A Federal Reserve Oblivious to Its Effect on Financial Markets

By Martin Feldstein The strategy worked well. Share more rapidly to put a damper on the sent only about one third of the faster rise in inflation by increasing
T
prices jumped 30% in 2013 alone reach for yield that has led to mis- total capital market. The Fed has no the federal-funds rate more rapidly
he sharp fall in share prices and house prices rose 13% in that priced assets. Instead the FOMC ability, for example, to reduce risks this year and next.
last week was a reminder of year. The resulting rise in wealth stressed that the federal-funds rate in the shadow banking or insurance Fed officials also make the case
the vulnerabilities created by increased consumer spending, lead- will creep up very slowly and remain industries. that stimulating the economy by
years of unconventional monetary ing to higher GDP and lower unem- below its equilibrium value even The Dodd-Frank law imposed continued monetary ease is desir-
policy. While chaos in the Chinese ployment. after the economy has achieved full restrictions on bank portfolios and able as protection against a possi-
stock market may have been the But excessively low interest rates employment and the Fed’s target increased banks’ capital require- ble negative shock—such as a sharp
triggering event, it was inevitable have caused investors and lenders, rate of inflation. ments, which have created new fall in exports or in construction—
that the artificially high prices of in their reach for yield, to accept problems by reducing liquidity in that could push the economy into a
U.S. stocks would eventually decline. excessive risks in equities and fixed- financial markets. When bond inves- new recession. That strategy in-
Even after last week’s market fall, income securities, in commercial real The Federal Open Market tors and bond mutual funds look to volves unnecessary risks of finan-
the S&P 500 stock index remains estate, and in the overall quality of sell, there may be no ready buyers cial instability. There are alterna-
30% above its historical average. loans. There is no doubt that many Committee last month to prevent sharp falls in bond tive tax and spending policies that
There is no reason to think the assets are overpriced, and as the Fed didn’t even mention risk prices. The resulting rise in long- could provide a safer way to main-
correction is finished. normalizes interest rates these term interest rates could then tain aggregate demand if there is a
The overpriced share values are a prices will fall. It is difficult to know from persistent low rates. reduce equity prices as well. negative shock.
direct result of the Federal Reserve’s if this will cause widespread finan- Moreover, the Fed is planning a The Fed needs to recognize that
quantitative easing (QE) policy. cial and economic declines like those path for short-term interest rates its employment goals have essen-
Beginning in November 2008 and seen in 2008. But the persistence of Fed officials say that macropru- that is likely to raise the rate of tially been reached and that the
running through October 2014, the very low interest rates contributes dential policies should be used to inflation too rapidly in the next two inflation rate will reach its target of
Fed combined massive bond pur- to that systemic risk and to the pos- prevent financial instability. But years. The December FOMC minutes 2% in the foreseeable future. The
chases with a commitment to keep sibility of economic instability. there are few such policies in the show that members expect to have a economy would be better served by
short-term interest rates low as a Unfortunately, the recently re- U.S. beyond the increased capital negative real federal-funds interest a more rapid normalization of short-
way to hold down long-term interest leased minutes of December’s Federal requirements for the commercial rate until sometime in 2017, much term interest rates.
rates. Chairman Ben Bernanke ex- Open Market Committee meeting banks. Nothing has been done to too low for an economy already at
plained on several occasions that the made no mention of financial-indus- limit the loan-to-value ratios of res- full employment. The danger is that Mr. Feldstein, chairman of the
Fed’s actions were intended to drive try risks caused by persistent low idential mortgages or the leverage very low interest rates in this envi- Council of Economic Advisers under
up asset prices, thereby increasing interest rates for years to come. in commercial real-estate invest- ronment would lead to a higher rate President Ronald Reagan, is a pro-
household wealth and consumer There was also no suggestion that ments. Moreover, the commercial of inflation and higher long-term fessor at Harvard and a member of
spending. the Fed might raise interest rates banks supervised by the Fed repre- rates. The Fed could prevent that the Journal’s board of contributors.
Chronic Indifference at Veterans Affairs

By Jerry Moran “essential.” And “those employees a Dec. 16 Washington Post report. the VA has refused to hold them for the VA to fire corrupt or incom-
And Jeff Miller that have violated the trust of the It is now clear that the VA’s most- accountable. petent employees. It’s an open ques-
D
nation and of veterans must be, and serious problems are rooted in its The overwhelming majority of VA tion as to why Messrs. McDonald and
uring his Senate confirmation will be, held accountable.” leaders’ routine and pervasive refusal employees are honest and hardwork- Obama refuse to stand with these
hearing in July 2014 to head Sixteen months have passed but to seriously discipline those who ing. But by repeatedly declining to groups in their quest to reform VA’s
the Department of Veterans the VA’s culture of indifference have engaged in proven incompe- take serious action against those en- broken culture.
Affairs, Robert McDonald pledged to persists, and the climate of account- tence, corruption and malfeasance. gaged in proven mismanagement and Congress also wants to give the
“transform” the vast agency. After ability Mr. McDonald promised is Consider: corruption, VA leaders are only fur- VA the authority it needs to recover
horrific reports of wait-time man- nowhere in sight. • After the biggest scandal in VA ther eroding the department’s credi- questionable bonuses (H.R. 280) and
ipulation, coverups and even deaths at “Veterans still facing major medical history, in which 110 VA medical bility with the veterans it serves. annuities on pensions of VA employ-
VA medical facilities across the coun- delays at VA hospitals,” read an Oct. facilities across the country main- ees convicted of felonies committed
try, veterans and the American people 20 CNN article; “VA execs demoted, tained secret lists to hide long waits on the job (H.R. 1994 and S. 290).
were calling for honest leadership to but get to keep their jobs and fraud for care, only three low-level VA A year and a half after The money these bills are intended
restore their trust in the department money,” reported a Nov. 23 Daily employees have been fired for wait- to recover could go toward filling the
created to serve them. Caller piece. “VA’s own internal time manipulation. Not one senior- vowing to ‘transform’ the nearly 41,000 open positions for
Transformation wouldn’t be easy, probe finds impunity of agency lead- level executive has been fired for the agency, the VA’s leadership doctors, nurses and other health care
Mr. McDonald said, but it was ers at scandal-ridden hospital,” said same violation. professionals at the VA, helping
• In September the VA’s Office of has shown little progress. improve the quality and timeliness of
Inspector General revealed that two care for veterans across the country.
VA senior executives inappropri- The VA has refused to support these
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY ately used their authority to game What’s more, the White House and bills, which enjoy strong bipartisan
the agency’s hiring system, allowing VA are actively opposing congressio- support.
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp them to benefit from more than nal efforts to give Secretary Sixteen months into Secretary
Gerard Baker William Lewis $400,000 in taxpayer-funded relo- McDonald the tools and flexibility he McDonald’s tenure, the VA remains
Editor in Chief Chief Executive Officer and Publisher cation expenses. Instead of recover- needs to tackle the agency’s account- an agency under a specter of scan-
Rebecca Blumenstein; Matthew J. Murray, Deputy DOW JONES MANAGEMENT:
ing the money and firing the two ability crisis head-on. Mr. McDonald dal—a place where, all too often,
Editors in Chief; Almar Latour, Executive Editor Anna Sedgley, Chief Financial Officer; individuals, the VA is planning to refuses to support, and President employees who have demonstrated
DEPUTY MANAGING EDITORS: Ashley Huston, Chief Communications Officer; give them assistant-director jobs Obama has issued a veto threat on, incompetence or corruption are let
Paul Meller, Chief Technology Officer;
Michael W. Miller, Senior Deputy;
Mark Musgrave, Chief Human Resources Officer;
paying more than $100,000 and ig- the House-passed VA Accountability off with a free pass. Until VA leader-
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Katie Vanneck-Smith, Chief Customer Officer noring calls from Congress and vet- Act (H.R. 1994). This legislation ship makes good on its promise to
Neal Lipschutz, Ethics and Standards; OPERATING EXECUTIVES: erans service organizations to re- would give the VA secretary the au- support real accountability, efforts to
Alex Martin, Enterprise; Ann Podd, Global Edwin A. Finn, Jr., Barron’s; Edward Roussel, coup the funds on behalf of thority to swiftly fire or demote any reform the department are doomed
Production; Andrew Regal, Global Head of Video; Innovation; Ingrid Verschuren, Data Strategy;
Jessica Yu, Global Head of Visuals
veterans and taxpayers. employee for poor performance or to fail, and the VA will never be
Suzi Watford, Marketing;
Paul A. Gigot, Editor of the Editorial Page; Professional Information Business, Sales: • In December the public learned misconduct while protecting whistle- transformed into an organization
Daniel Henninger, Deputy Editor, Editorial Page Nancy McNeill, Global; William Ashworth, of two internal VA investigations blowers and limiting the agency’s truly worthy of the veterans it is
Americas; Florence Lefevre, Europe; Tomasz that found whistleblowers at the ability to place misbehaving employ- charged with serving.
WALL STREET JOURNAL MANAGEMENT:
Rustowski, Asia
Trevor Fellows, Head of Global Sales; Phoenix VA Hospital were retaliated ees on paid leave.
Chris Collins, Advertising; Christina Komporlis,
Circulation; Jason P. Conti, Legal;
against by two senior managers for Nearly every major veterans ser- Mr. Moran, a Republican from
Joseph B. Vincent, Operations; Larry L. Hoffman, reporting dangers to patient care vice organization, including Veterans Kansas, is a member of the Senate
Production and financial mismanagement. More of Foreign Wars, the American Committee on Veterans’ Affairs. Mr.
EDITORIAL AND CORPORATE HEADQUARTERS: than a year after investigators rec- Legion, Vietnam Veterans of America Miller, a Republican from Florida, is
1211 Avenue of the Americas, New York, N.Y., 10036 ommended to Secretary McDonald and Iraq and Afghanistan Veterans of chairman of the House Committee on
Telephone 1-800-DOWJONES
that the managers be disciplined, America, supports making it easier Veterans’ Affairs.
A14 | Thursday, January 14, 2016 * *** THE WALL STREET JOURNAL.
WORLD NEWS
In Venezuela, Opposition Cedes Legislative Edge Amid Economic Crisis
Three opposition lawmakers
gave up their seats in Venezu-
Beijing
ela’s National Assembly on
Wednesday, stripping President
Nicolás Maduro’s adversaries of
Trade
the supermajority they had
won in December’s legislative
elections and limiting the scope
of their intended overhauls.
Figures
The move, which comes as
the country battles an eco-
nomic crisis, was designed to
Doubted
resolve an acrimonious battle
in the legislature. The Supreme BY MARK MAGNIER
Court, which is packed with Mr. AND WEI GU
Maduro’s supporters, opened
an investigation into alleged BEIJING—China’s better-
vote-buying by the three law- than-expected trade figures
makers and ordered that they have sparked questions over
not be sworn in. The lawmak- whether trade flows have been
ers denied they had committed inflated by investors evading
wrongdoing. capital controls and incentives
JUAN BARRETO/AGENCE FRANCE-PRESSE/GETTY IMAGES
Government adversaries in offered by government agen-

the National Assembly on cies to prop up exports.
Wednesday approved the move China reported Wednesday
by the three lawmakers to give that exports in December de-
up their seats to defend them- clined 1.4% year on year. This
selves as the Supreme Court was much better than the 8%
reviews the alleged voting ir- drop expected by economists
regularities in the remote state in a survey by The Wall Street
of Amazonas. At right, resi- Journal and compared with a
dents of the state rallied in 6.8% decline in November.
front of the general prosecu- Imports fell by 7.6% last
tor’s offices in Caracas to pro- month, better than the ex-
test the move. pected 11% decline and com-
—Anatoly Kurmanaev pared with an 8.7% drop in No-
vember.
Of particular note was a
South Korea Tests Ties to China

64.5% jump in China’s imports
from Hong Kong, the strongest
pace in three years. This com-
pared with a 6.2% decline for
the January-November period.
“It really looks like capital
Seoul urges action gave another indication that pivotal figure in blunting Seoul’s intentions. Now, Seoul veto in the council. flight,” said Oliver Barron,
her gambit of forging closer North Korea’s military adven- suddenly finds itself in a posi- China’s foreign ministry on China research director with
against Pyongyang, links with China to rein in turism. Beijing supplies almost tion where it must change its Wednesday reiterated Beijing’s
but call to new hotline Pyongyang faces tests, calling all of Pyongyang’s oil and has entire diplomatic approach,” opposition to the North Ko-
publicly for Beijing to take close trade and military links South Korea’s biggest circula- rean nuclear-weapons pro- Trade Slide
to Beijing unanswered strong punitive action against with the impoverished state. tion newspaper, Chosun Ilbo, gram and said its foreign min- China's monthly exports,
its volatile neighbor. “The best Eyeing that leverage, Ms. wrote in an editorial. ister has spoken to his South year-over-year change
BY ALASTAIR GALE partners are those who will Park made a strategic bet soon In her televised speech on Korean counterpart about the
AND KWANWOO JUN hold your hand in difficult after taking office in 2013 to Wednesday, Ms. Park said matter. 60%
times,” Ms. Park said in a foster close ties with Beijing. China should prove its resolve “We will work together
40
SEOUL—Soon after North speech. She has met with Chinese not to tolerate nuclear prolif- with all members of the six-
Korea detonated a nuclear Her appeal to China came President Xi Jinping six times, eration. Inaction would lead to party talks, including [South 20
bomb last week, South Korea’s on a day of low-level confron- most recently as the only further nuclear tests by North Korea], to press ahead with
defense minister sought an tation between the two Koreas. leader of a U.S. ally to attend a Korea, undermining peace and denuclearization of the Korean 0
emergency call with his Chi- Seoul’s military said a small Chinese military parade in stability in the region, she Peninsula,” ministry spokes-
nese counterpart. flying object, likely a drone, September. The two nations said. man Hong Lei said, referring –20
A hotline had recently been traveled a few meters over the have pledged wide-ranging co- “I do believe China will play to the nations that have tried
created as part of an array of border from North Korea on operation in areas from eco- a necessary role as a perma- collectively in the past to talk –40
new agreements by Seoul and Wednesday but turned back nomic deals to cultural ex- nent member of the United North Korea into giving up its 2009 ’10 ’11 ’12 ’13 ’14 ’15
Beijing to increase their ties. after warning shots were fired changes. That approach is Nations Security Council,” Ms. nuclear weapons: the U.S., Source: General Administration of Customs
But the call request received at it. The two sides continued under scrutiny. Park said. Japan, South Korea, China and of China
no response, a South Korean to blast propaganda at each “Ms. Park’s focus on bol- Seoul is seeking new U.N. Russia. THE WALL STREET JOURNAL.
official said. other through speaker systems stering diplomatic ties with sanctions against Pyongyang, —Chun Han Wong
On Wednesday, South Ko- at their border. China ended up making her a move that must win the sup- and Te-Ping Chen in Beijing investment bank North Square
rean President Park Geun-hye South Korea sees China as a other allies suspicious of port of Beijing since it holds a contributed to this article. Blue Oak. “This has artificially
inflated the total import data.”
China has struggled to ad-
A Stricter Islam Displaces Old Ways in Malaysia

just to massive capital out-
flows as Chinese investors
seek better returns overseas.
Under Beijing’s strict capital
Conservative Wahhabi doctrines are redefining the way Islam is practiced; some rituals are banned controls, consumers are al-
lowed to purchase only
BY JAMES HOOKWAY Performers such as 84- $50,000 worth of dollars each
year-old Yar Daut shrug off calendar year. But manipulated
KUALA LUMPUR—Kelana what he says is a misplaced foreign-trade deals offer a way
Indra Sakti is one of Malay- attempt to turn Malaysia around tightening restrictions,
sia’s most successful sha- into Arabia. “What nonsense. economists say.
mans. Framed testimonials We’ve been performing like Also having a potential im-
from his customers hang this for over 200 years,” he pact on the December export
from his office walls. In the said during a break from his figures are incentives offered
driveway of his house he band’s practice sessions. by Chinese government agen-
JAMES HOOKWAY/THE WALL STREET JOURNAL
keeps a stretch Mercedes- Malaysian author Eddin cies. Customs spokesman

Benz limousine given to him Khoo says that in some cases Huang Songping said that De-
by a grateful client. His traditional music and rituals cember’s stronger export data
name, meaning “Adventurer, are surviving precisely be- partly resulted from compa-
Heavenly Magic,” was because they are being driven nies rushing to meet year-end
stowed on him by one of Ma- to the margins. “People are targets.
laysia’s wealthy sultans. finding a way to keep it alive, James Mao, who runs a
Lately, though, Mr. Kelana whether the religious author- Shanghai-based company that
has supplemented his consul- ities go along with it or not,” exports biochemical materials
tations with readings from Mr. Khoo said. to the U.S., said the Shanghai
the Quran. “People just ex- Some shamans, or bo- government promised at a De-
pect it these days, so I do it,” mohs in Malay, have gotten cember meeting to pay him
said the 70-year-old shaman. Kelana Indra Sakti, a Malaysian shaman, has begun to supplement his consultations with readings into trouble with the law. Re- and other exporters between
Islam in Malaysia is tak- from the Quran at the request of an increasingly conservative clientele. ligious authorities declared 500,000 yuan ($76,054) and 1
ing a more conservative turn. in April that a bomoh devi- million yuan if they raised
The Muslim faith, brought has been known. show off their Islamist cre- tolerant forms of the faith. ated from Islamic teachings their year-over-year fourth-
here by Arab traders hun- Signs of change abound, dentials. The opposition Pan- Security forces have detained when he performed a rite to quarter exports by $1 million.
dreds of years ago, has coex- from the Arab-inspired archi- Islamic Party strict adher- over 120 people for sus- locate the missing Malaysia “It is difficult to earn a mil-
isted for generations with tecture of Malaysia’s admin- ence to Shariah has helped pected ties to Islamic State; Airlines Flight 370 with bin- lion yuan from actual business
customs such as shamanism, istrative capital to the more build its support in rural ar- scores of others have trav- oculars and a couple of coco- nowadays,” said Mr. Mao. “If
other forms of traditional widespread application of eas. And a government in- eled to Syria to join it. nuts. the government is willing to
medicine and the country’s Shariah. In the northeastern vestment fund—under the The cultural shift is com- Mr. Kelana, who is Mus- give me the money, why not
sizable Buddhist, Christian state of Kelantan, one of the control of the Muslim-ori- plicating life for Malaysians lim, reckons it is better to take it?”
and Hindu communities. most conservative parts of ented ruling party—was re- holding on to shamanism and bend with the wind, as he As the economy has slowed,
But more recently, conser- the country, lines in super- cently set up to pay for vil- other old Malay customs. In puts it. If his clients want Beijing has reduced red tape
vative Wahhabi doctrines, of- markets are separated by lage leaders to make the Hajj Kelantan state, the local Isla- him to perform some spells and boosted incentives to help
ten spread by Saudi-financed gender, and men are banned pilgrimage to Mecca. mist government has out- or incantations, as in the old traders.
imams, are redefining the from watching women’s net- Malaysian security offi- lawed traditional healing rit- days, or read from the Quran, Pu Jiang county in eastern
way Islam is practiced and, ball tournaments. cials worry that the changed uals, leaving musicians who well, he’s ready to do that. Zhejiang province announced
for some, eroding the toler- Politicians are now com- climate is encouraging youn- lead them to practice under “If it fits the part, why on its website in October a
ance for which the country peting with each other to ger Muslims to turn to less cover of darkness. not?” Mr. Kelana said. sliding scale bonus of up to
300,000 yuan for companies
that export up to $50 million
mad, Masood Azhar, was among from governments, foundations annually. The National High-
World those detained, a Pakistani secu-
rity official said.
and corporations to strengthen
the world’s defenses against
Tech Zone of Ningbo, a major
port near Shanghai, said in Au-
Watch Islamabad’s swift actions ap-
peared aimed at keeping a na-
pandemics, calling them one of
the greatest risks to humanity.
gust on its website that the
top five companies that in-
scent reconciliation process be- Economic losses from pan- creased exports by at least 10%
tween the estranged neighbors demics can cost more than $60 could collect bonuses of up to
moving ahead. Indian investiga- billion a year globally when they 500,000 yuan.
tors say the attackers crossed occur, the group said. The report An official with a Shanghai
PAKISTAN the two countries’ border unde- is one of several produced in the government commercial hotline
tected and penetrated a front- wake of the Ebola crisis. who declined to give her name
Militants Arrested line air base. All the attackers It called on the Group of said companies that exported
CRIS TOALA OLIVARES/REUTERS
After India Attack were killed. —Saeed Shah Seven, the larger G-20 bloc and $1 million in the fourth quarter
Pakistan’s premier said his the United Nations to corral and $5 million for the year
country’s security forces had ar- SCIENCE funding for better public-health would receive an undisclosed
rested several members of a lo- systems in countries that lack bonus. Many government agen-
cal militant group blamed by In-
Panel Seeks Billions them, to strengthen the World cies don’t publish bonus details
dia for an attack that killed To Fight Pandemics Health Organization, and to ac- in case they run afoul of World
seven Indian security personnel A commission of global celerate the development of vac- Trade Organization rules gov-
on an air base in early January. health experts convened by the cines, drugs and interventions to erning subsidies, she added.
The leader of Pakistan-based U.S. National Academy of Medi- thwart epidemics. STRANDED: Five sperm whales 25-40 feet long, beached on a —Olivia Geng
Islamist group Jaish-e-Moham- cine called for $4.5 billion a year —Betsy McKay Dutch island in the Wadden Sea died early Wednesday. contributed to this article.
CITY NEWS A16, A17, A19 | SPACES A18 | HEARD & SCENE A19 | SPORTS A20
Brooklyn Brush Up Mariah Carey

CASSANDRA GIRALDO FOR WSJ
For Unicef
Army Terminal renovations SPACES | A18 HEARD & SCENE | A19
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Thursday, January 14, 2016 | A15
Governor
Puts Forth
His Agenda
Cuomo pushes big convicted lawmakers and the
closing of a loophole that al-
infrastructure plans, lows limited-liability compa-
fixes for ethics woes nies to contribute enormous
sums to campaign accounts.
in emotional speech He also advanced a few new
efforts, primarily limiting
BY ERICA ORDEN state lawmakers’ outside in-
KEVIN HAGEN FOR THE WALL STREET JOURNAL
AND JOSH DAWSEY come to no more than 15% of

their base salary, which is now
ALBANY—New York Gov. $79,500 a year for their part-
Andrew Cuomo on Wednesday time work.
delivered a State of the State G o v e r n m e n t - w a tc h d o g
and budget address designed groups seized on what wasn’t
to assert him as an advocate clear in his speech: how he
of social and economic liberal- will coax the Legislature into
ism, advance an ambitious in- accepting the income limit or
frastructure plan and correct any of the other measures.
ethics shortcomings that have “New York has an unprece-
plagued the Capitol. dented series of scandals, and
Gov. Andrew Cuomo gave his State of the State address Wednesday in Albany. Legislative leaders were noncommittal on his proposals. The annual event is usually it deserves a comprehensive
a predictable hodgepodge but response. The governor offers
Mayor’s Ideas Are Echoed

this year took some unex- a package which is commensu-
pected turns, as Mr. Cuomo rate with the size of the prob-
faced heckling from an assem- lem,” said Blair Horner, legis-
blyman and, later, the brunt of lative director at the New York
his own emotions, as he Public Interest Research
BY JOSH DAWSEY pushed Mr. Cuomo to match tle criticism afterward. He had ganizer for VOCAL-NY, a choked up recalling his father’s Group. “How hard is he going
AND ERICA ORDEN him. met with Mr. Cuomo for 30 homeless advocacy group, said dying days and his girlfriend’s to push? Where this fits in
And the governor an- minutes earlier and said the Mr. Cuomo’s speech heartened battle with breast cancer. end-of-budget triage, it’s too
ALBANY—First, New York nounced 12 weeks of paid pa- meeting was “productive.” him but he feared the “devil For lawmakers, however, early to tell.”
Gov. Andrew Cuomo showed a rental leave for workers in “The speech today certainly could be in the details” once perhaps the most crucial mo- Legislative leaders, mean-
video Wednesday that high- New York state, one week af- included a lot of progress on policies were spelled out. ments came when Mr. Cuomo while, were noncommittal. As-
lighted universal prekinder- ter Mr. de Blasio announced important issues,” Mr. de Bla- In other common themes, attempted to address the sembly Speaker Carl Heastie, a
garten across New York six weeks at City Hall. sio said. “It’s great to see the Mr. Cuomo promised 100,000 events that scandalized the Democrat, said his members
state—a signature initiative of Even if Messrs. Cuomo and state making serious, impor- additional units of affordable state Capitol in 2015: the ar- were open to outside-income
Mayor Bill de Blasio. de Blasio have squabbled over tant commitments on these housing statewide. Mr. de Bla- rest and subsequent convic- proposals but declined to en-
Later in his State of the policy and haven’t worked fronts.” sio focused the second year of tion of both legislative leaders dorse Mr. Cuomo’s plan on
State address, Mr. Cuomo said well together, several of the “In broad strokes, this is a his term on affordable hous- stemming from their use of Wednesday.
he wanted to pay for 20,000 governor’s proposals and ini- good day for sure,” Mr. de Bla- ing. The governor pushed a public offices for private gain. Senate Majority Leader
units of supportive housing, tiatives he touted Wednesday sio said. $15 minimum wage, though Referring only to “the con- John Flanagan, a Republican,
which provide homeless and mirrored those Mr. de Blasio The mayor appeared to be his aides declared it a non- text of the past year,” Mr. said he doesn’t support limit-
mentally ill people services as had already undertaken in in a good mood. He cut off a starter when Mr. de Blasio Cuomo put forth measures he ing outside income, adding
well as shelter. Mr. de Blasio New York City. press aide who encouraged proposed $13 last year. has previously unsuccessfully Please see CUOMO page A16
had announced 15,000 new Mr. de Blasio sat in the him to wrap up a news confer- It is unclear how many of proposed, including the public
units after talks fell apart this third row, sometimes clapping ence. the 100,000 units will benefit financing of political cam- Assemblyman heckles
fall on a joint venture and for the governor, and had lit- Jeremy Saunders, a lead or- Please see MAYOR page A16 paigns, pension forfeiture for governor during speech..... A16
Sweetener
New York City forgoes billions in tax dollars
to spur developers to build apartments.
FY 2016
$1.26 billion
A Titanosaur Moves to Manhattan
$1.2 billion BY ANDY BATTAGLIA
1.0 Move over, T. rex and Baro-

saurus. There is a new prehis-
0.8 toric giant in town, set to be
unveiled this week at the
0.6
American Museum of Natural
History.
The creature, known as the
0.4
Titanosaur, goes on public view
Friday. The biggest dinosaur
0.2
ever exhibited at the museum
and among the largest ever
0
discovered, it stretches 122
FY 1998 ’00 ’02 ’04 ’06 ’08 ’10 ’12 ’14 ’16 feet long and will rise nearly
Sources: NYC Office of Management & Budget (1998-2015); Note: Fiscal year ends June 30 20 feet to reach the ceiling. It
Independent Budget Office of the City of New York (2016) THE WALL STREET JOURNAL. is believed to have weighed,
when walking the Earth
Developers’ Tax Break roughly 100 million years ago,

some 70 tons—as heavy as at
least 10 African elephants.
Teeters as Talks Stall Exhibited alongside the

cast-model skeleton will be
DR. ALEJANDRO OTERO
some of the best-preserved

BY JOSH BARBANEL a memorandum of agreement bones from the Titanosaur’s
by Friday on a construction- recent discovery, including its
The property-tax exemption wage formula to save the tax nearly 8-foot-long thigh bone.
program that has played a cen- exemption. “Everything was extremely
tral role for decades in the con- If they fail to agree, the tax large,” said Diego Pol, one of
struction of apartment build- program known as 421-a will the paleontologists who exca- A Titanosaur bone, compared with the length of a man, gives an idea of the dinosaur’s huge size.
ings across New York City automatically end. vated the previously unknown
appeared headed for trouble as The program is a linchpin of dinosaur in Argentina in 2014. “The first visit was exciting The term “titanosaur” actu- cial name and log the discov-
negotiations bogged down be- Mayor Bill de Blasio’s efforts to “After a few days working, we when we discovered the fe- ally refers to a group of giant ery in the dinosaur record.
tween developers and construc- build more affordable apart- realized it was huge.” mur,” he said, referring to its dinosaurs of similar make and “If the name goes out be-
tion unions. ments and, by extension, criti- The Titanosaur’s initial dis- formidable thigh bone, “but it size, according to Don Phillips, fore the paper, then the name
Under the terms spelled out cal to his broader campaign covery began with a call from was the second or third visit president of the New York Pa- becomes invalid,” said Mr. Pol.
in a law passed last June by against income inequality. a farmer who thought he had that we really knew the impor- leontological Society and a lec- “Those are the rules of zoolog-
state legislators, and signed by A spokesman for Mr. de Bla- found fossils in a remote des- tance of the discovery.” turer at New York University. ical nomenclature.”
Gov. Andrew Cuomo, the two sio declined to comment, but ert region of Argentine Patago- “These are your classic Whatever the name, the
sides are supposed to produce Please see TAX page A19 nia, in the southernmost long-necked, long-tailed, really skeletal model newly installed
reaches of South America. A
‘They were probably big dinosaurs,” Mr. Phillips at the museum will introduce
quick survey by Mr. Pol and not much of a threat said. “They are the largest the creature to an audience be-
37°
colleagues from the Museo Pa- land animals that ever lived.” yond dinosaur experts.
Weather N.Y. Sports Lineup leontológico Egidio Feruglio in
...unless you got Titanosaurs are thought to The work to make that hap-
TODAY’S
Real Feel the city of Trelew suggested it stepped on by one.’ have been herbivores, feasting pen was described by Mr. Pol
9 a.m. 19° 7 p.m. might be a significant find. on plants. “They were proba- as a fruitful collaboration be-
HIGH Thursday
5 p.m. 29° “Sometimes there’s a piece bly not much of a threat if you tween scientists at the Trelew-
Rangers @ that doesn’t lead to anything,” The more than 200 fossils lived back then,” Mr. Phillips based museum and a team at
Record Low Islanders Mr. Pol said, “and sometimes exhumed from the site come added, “unless you got stepped the American Museum of Nat-
-5° (1914)
you are lucky and find a fan- from a species not previously on by one.” ural History, along with a Ca-
CLOUDS Sunrise/Sunset 9 p.m. tastic set of bones.” known, Mr. Pol said, and pro- Currently, the Argentine pa- nadian company, Research
& SUN 7:19 a.m./4:52 p.m. Thursday José Luis Carballido, an- vide clues about the existence leontologists are awaiting Casting International, revered
Devils @ other paleontologist on the ex- of a creature among the big- word about the publication of for its model-making.
Avalanche cavation team, said it took gest ever found. a scientific paper already sub- The skeleton’s “bones” took
Friday’s High
some time for the dinosaur to The dinosaur is so new, it mitted, the acceptance of their shape from plaster casts
47° For N.Y. sports coverage, see A20 reveal its full glory. doesn’t have an official name. which would establish an offi- Please see FOSSIL page A19
CITY NEWS
Lawmaker Turns Heckler in Albany

BY JOSH DAWSEY
ALBANY—Several minutes
into Gov. Andrew Cuomo’s
State of the State speech
Wednesday, a New York City
assemblyman stood up and
heckled him loudly and at
length over his economic and
poverty policies.
Once he left the room, As-
semblyman Charles Barron of
East New York said he wanted
to “vomit” after watching a
lengthy montage of people
thanking the Democratic gov-
ernor for activities across the
state. He said he had planned
a disruption to get media at-
tention because Mr. Cuomo
was a “hypocrite.”
“What’s happening in there
is not really the state of the
state,” said Mr. Barron, a Dem-
ocrat. He added that black
people and poor people were
being overlooked in places like
East New York.
The crowd seemed to side
with Mr. Cuomo during the ep-
isode, roaring as the gover-
nor’s voice rose to drown out
Mr. Barron’s. Mr. Cuomo asked
the assemblyman to sit down
and be quiet on several occa-
sions, which Mr. Barron re-
fused to do. The governor kept
his cool, trying to talk over
MIKE GROLL/ASSOCIATED PRESS

Mr. Barron and calling him a
naysayer.
“Just because you yell
doesn’t mean you’re right,”
BOUTIQUE Mr. Cuomo said at the podium
New York 5th Ave as Mr. Barron continued to
yell, the governor’s own voice
rising.
The scene was politically Assemblyman Charles Barron interrupted New York Gov. Andrew Cuomo’s address on Wednesday.
shocking. Mr. Barron punctu-
ated an otherwise quiet room tion hall. The governor’s office officials have made similar ments.
of hundreds just as the gover- declined to comment on the complaints, while the Cuomo A member of the Harlem
nor began to speak. exchange. administration said the cuts branch of the Black Panther
Mr. Barron said he was pre- Mr. Barron said the gover- were necessary because of dif- Party in the late 1960s, Mr.
pared for the backlash but nor’s policies haven’t helped ficult fiscal times. Barron said during a 2002
wasn’t escorted out of the his district in East New York, The assemblyman, who said speech about slavery repara-
chamber; he said he left on his and the governor cut the Ad- he hoped his remarks would tions that he wanted “to go up
own. Press aides to Mr. Cuomo vantage program, which pro- encourage others to scream at to the closest white person”
stood and watched as Mr. Bar- vided rent subsidies to home- the governor, has a history of and “slap him just for my
ron talked outside the conven- less individuals, in 2011. City making provocative state- mental health.”
Leica M-P (Typ 240)

Digital Rangefinder Camera MAYOR
24MP Leica MAX Full-Frame CMOS Sensor Continued from page A15
0.68x Optical Viewfinder Magnification New York City, or whether the
3.0" 920k-Dot LCD with Sapphire Glass Legislature will pass the wage
increase.
Classic Appearance without Red Leica Dot Mr. de Blasio had some ar-
Full HD 1080p Video eas for concern Wednesday,
however, and the day didn’t
$6,996 (Lens not included) mark an overall thaw in his
PRICE REFLECTS 12% INSTANT SAVINGS relationship with the gover-
nor. The state announced ad-
ditional scrutiny on the city’s
LEICA BINOCULARS ON SALE homeless shelters and gave
City Comptroller Scott
KEVIN HAGEN FOR THE WALL STREET JOURNAL
Willoughby’s Is The Place To Buy Your Leica Stringer, a frequent de Blasio

adversary, oversight power.
Mr. Cuomo also wants to
shift some costs from the
state to New York City on
www.willoughbys.com Medicaid and the City Univer-
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298 Fifth Avenue, NY, NY 10001 drain hundreds of millions
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termined the specifics.
Mr. de Blasio said he
shared his concerns with the Mayor Bill de Blasio at the convention center in Albany ahead of Gov. Cuomo’s speech on Wednesday.
governor, but details weren’t
available on either proposal. said. thought process—and how Al-
C RA F T I NG E T E R N I T Y
And he cited the “fine print,”
being careful to temper his re- 100,000 Heather Briccetti, president
and chief executive of the
bany works—is obviously for
you guys to analyze,” Mr. de
marks. Additional affordable-housing Business Council of New York Blasio said.
S I N C E 1 755 Mr. Cuomo also pushed to units that New York Gov. State, said she agreed with
require outside political con- Andrew Cuomo promised in his much of what Mr. Cuomo said
sultants who advise politicians State of the State address. on controlling spending. She We Want to Hear
to register as lobbyists, which said she had noticed a left- From You
could affect several of Mr. de were troubled by some of the ward turn on economic issues, Have something to say about
Blasio’s top advisers. governor’s leftward lurch on which she doesn’t like, and an article in Greater New
Ken Sherrill, a professor economic policy, while liberal didn’t understand the “psy- York? Email us, along with
emeritus of political scientist activists were pleased. chology” behind it. your contact information, at
at CUNY-Hunter, said he didn’t Bill Lipton, the New York The mayor, who said last gnyltrs@wsj.com. Your letter
think Mr. Cuomo was directly state director for the liberal year the governor engaged in could be published in our
threatened by the more liberal Working Families Party, said political “vendettas,” de- weekly Feedback column on
Mr. de Blasio but understood the speech had pleasantly sur- murred Wednesday when Friday. Letters will be edited
the broader “shifting winds” prised him. “First de Blasio, asked by a reporter about the for brevity and clarity. Please
of the Democratic Party. and now Cuomo is really put- governor’s political motiva- include your city and state.
Business groups said they ting working families first,” he tions. “The governor’s specific
CUOMO New York City and Buffalo, as

well as thousands of new sup-
portive-housing units.
Mr. Cuomo proposed a $145
mand for interventionist poli-
cies at the state level.
Ms. Wylde added that her
members didn’t like the anti-
came when he brought up his
late father, former Gov. Mario
Cuomo, and his girlfriend,
Sandra Lee, who was treated
Continued from page A15 billion budget for the fiscal business rhetoric in the for breast cancer last year.
that Senate Republicans are year. speech, driven home by Pow- “Life is such a precious gift,
HARMONY
“philosophically opposed to The homelessness aid ap- erPoint slides showing and I have kicked myself every
D UA L T I M E the public financing of cam- peared to many observers to McDonald’s, which Mr. Cuomo day that I didn’t spend more
paigns.” represent a political flogging has long accused of receiving time with my father at that
Aside from ethics, Mr. of the governor’s foe for the corporate welfare, because its end period,” Mr. Cuomo said,
Cuomo, a second-term Demo- past two years: New York City employees make so little they his voice cracking.
crat, spent much of the 90- Mayor Bill de Blasio, who was have to seek public assistance. Using the moment to advo-
minute speech at the Empire in attendance during the Al- Still, such instances re- cate for paid family leave, the
State Convention Center pro- bany address. The governor ceived considerably less atten- governor added: “I could have
posing ideas long championed mentioned him by name only tion than the heckler, Brooklyn taken off work, I could have
by the political left and more once during the speech. Assemblyman Charles Barron, cut days in half, I could have
recently embraced by him. Some observers perceived a Democrat, who for several spent more time with him…but
They included a statewide other political motives in Mr. minutes shouted at the gover- there are many people in this
$15 minimum hourly wage that Cuomo’s remarks. Kathy nor while walking down the state who do not have the
would make New York’s the Wylde, president of the Part- aisle toward the stage. choice.”
highest in the country; 12 nership for New York City, a As the audience booed Mr.
weeks of paid family leave; us- business group, said the gov- Barron, Mr. Cuomo raised his
ing $7.5 million in criminal-for- ernor was increasingly under voice to speak over him, and
Notice to Readers
feiture funds to expand higher- pressure because of the Demo- the lawmaker eventually left. Ralph Gardner Jr. is away. The
education programming in cratic Party’s leftward shift But for many people in the Urban Gardner column will
state prisons; and greater scru- nationally and in New York, room, the most striking parts resume next week.
tiny of homeless shelters in which has resulted in a de- of the governor’s address
THE WALL STREET JOURNAL. * * * * Thursday, January 14, 2016 | A17
CITY NEWS
Atlantic City Greater

New York
Faces Takeover Watch
BY KATE KING a news conference in Atlantic
City Wednesday in a show of
New Jersey lawmakers have unity against the state pro-
proposed expanding the state’s posal. BROOKLYN
oversight of Atlantic City’s “It took us 30 years to get
troubled finances, sparking into this mess,” Mr. Guardian
Apartment Prices
outrage from local leaders said later Wednesday. “You Up 12% Last Year
who say they are already un- gotta give us a few years to Median apartment prices in
der heavy state control. dig ourselves out.” Brooklyn rose 12% in 2015 and
Atlantic City’s budget and A spokesman for Gov. Chris house prices hit a record per
administration have been sub- Christie declined to comment square foot, according to a mar-
ject to approval by a state on the bill. ket report out Thursday from
monitor since 2010, and an Atlantic City Council Presi- Brown Harris Stevens.
emergency manager has over- dent Marty Small said the Brooklyn prices climbed faster
seen the city’s day-to-day fi- state already controls most of than those in Manhattan earlier
MEL EVANS/ASSOCIATED PRESS
nances for the past year. the city’s operations, including in the year but lagged behind in
Legislation introduced in hiring, firing and spending. the fourth quarter, said Gregory
the Senate this week would The state’s latest proposal ap- Heym, an economist at Brown
expand the state’s control to pears aimed at taking over Harris Stevens.
municipal authorities and as- and possibly selling the Atlan- The median apartment price
sets and keep the city under tic City Municipal Utilities Au- in Brooklyn was $553,500 in the
state supervision for 15 years. thority, he said. fourth quarter, up from $500,000
“This takes away the major- The authority, which pro- in the last quarter of 2014. One-
ity of the powers from the lo- vides the city’s drinking water Atlantic City Mayor Don Guardian in the rotunda of the New Jersey Statehouse on Tuesday. to four-family houses reached a
cal governing body,” said state and operates on a $15 million record $411 per square foot, and
Sen. Paul Sarlo, who is co- budget, is financially indepen- part of that effort, he said. not painful to our most vul- Atlantic City. the median house price was
sponsoring the bill with Sen- dent but run by board mem- The utility’s executive di- nerable residents,” he said. “The local government $759,000 in the latest quarter.
ate President Steve Sweeney, a bers who are appointed by the rector, G. Bruce Ward, said he Mr. Small said a state take- needs to clean up their house Aleksandra Scepanovic, man-
fellow Democrat, and Sen. council. There have been dis- opposes privatization because over is a slippery slope that and finances, and no one has aging director of Ideal Properties
Kevin O’Toole, a Republican. cussions over the past year it would dramatically increase would effectively negate the confidence in them right now,” Group, said that she expects
Atlantic City Mayor Don about leasing or privatizing water costs for residents, votes residents cast in last No- he said. prices in North Brooklyn and
Guardian said a further state the utility, which Mr. Sweeney many of whom live below the vember’s council election. On Tuesday, Assemblyman brownstone Brooklyn to continue
takeover is unnecessary be- said could sell for $100 mil- poverty line. “You’re disenfranchising Jon Bramnick, the chamber’s to grow in 2016 “although the
cause the city is cooperating lion. “We recognize of course the voters,” he said. “If this GOP leader, said the state is rate will likely not be as rapid as
with its current state supervi- Mr. Sarlo said Atlantic City that the city has financial happens in Atlantic City, it can better equipped than local of- we have seen.”
sors. Mr. Guardian, a Republi- needs to “begin to divest itself challenges and we will work happen in any town.” ficials to change the city’s con- In Queens, a report by Doug-
can, locked arms with Demo- from assets that could help with the city to find alterna- Mr. Sarlo said state law- tracts and negotiate with local las Elliman showed median home
cratic City Council members at the city.” The utility would be tives and solutions that are makers are tired of bailing out unions. prices rose 9.2% in the fourth
quarter, to $470,000 from
$430,475 a year earlier.
Prosecutors Consider Next Step in Brooklyn Rape Case LONG ISLAND

—Josh Barbanel
BY PERVAIZ SHALLWANI Prosecutors could instead in Brooklyn Criminal Court and father and woman were having School professor and former
decide to take a step back, re- held on $2,500 bail. He wasn’t sex when they came upon chief of the sex crimes unit in
Robbery Suspects
Brooklyn prosecutors were lease the teens and use the required to enter a plea. them in the playground. the Brooklyn prosecutor’s office, Caught After Chase
weighing whether to put a 180 days allowed by law to His attorney, Debbie Silber- Additionally, authorities exe- said such outside involvement Two bank-robbery suspects
closely watched gang rape build a case that could lead to man, said the case was getting cuted a search warrant for a was “totally inappropriate.” were arrested Wednesday fol-
case before a grand jury, as a an indictment, which is re- “weaker and weaker.” cellphone video that a defense “Police and prosecutors lowing a police chase and crash,
fifth teen was arraigned quired by law in felony cases. The case has proved com- attorney for one of the suspects should be operating with an authorities said.
Wednesday, officials said. “All aspects of this case are plex from the outset. The says shows the moments lead- eye only toward one thing, The incident prompted a lock-
The Brooklyn district attor- being investigated and we will woman and her father had been ing up to the alleged attack. getting to the truth,” she said. down of Syosset public schools.
ney’s office has until Friday to evaluate every piece of evi- drinking beer in the park when The case has also been un- “That happens only when you Police said the suspects robbed a
secure indictments or release dence,” said Oren Yaniv, they say the five teens, one car- der a microscope by politi- give them enough time to in- bank in Bay Shore shortly after 9
the four teens arraigned ear- spokesman for the Brooklyn rying a gun, chased the father cians and community activists, vestigate the case and develop a.m. and were captured about 20
lier on rape charges in the al- district attorney’s office. away and assaulted the woman. who say the New York Police a trusting relationship with miles away in Syosset after hit-
leged attack last week on an The last suspect arrested, 17- But according to authori- Department should have the victim and witnesses.” ting a police cruiser on Jericho
18-year-old woman at a play- year-old Travis Beckford, was ties, two of the suspects sepa- alerted the public sooner. —Thomas MacMillan Turnpike.
ground in the Brownsville area. arraigned Wednesday evening rately said that the 39-year-old Lisa Smith, a Brooklyn Law contributed to this article. —Associated Press
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SPACES THURSDAY
Brooklyn ‘Annex’
To Bring Back
Manufacturing
CASSANDRA GIRALDO FOR THE WALL STREET JOURNAL (2)

Renovation fulfills ‘original design intent’
During World War II, the complete $15 million rehabil-
Administration Building at itation is the latest chapter
the Brooklyn Army Terminal in the EDC’s more than $280
directed a hive of activity. million renovation of the
Supply depots and barracks terminal complex. Designed
down the East Coast were all as a warehouse and shipping
controlled by staff in the depot during World War I,
Sunset Park neighborhood. the Army Terminal was later
“You had lit- used to store and destroy
SPACES erally an army large quantities of alcohol
CORINNE of people man- seized during Prohibition, The interior of the Annex,
RAMEY aging all the then as an operations head- above. The EDC is currently
soldiers passing quarters during World War leasing space. The Brooklyn
through every II. Army Terminal, seen at right in
supply depot and every One particularly famous a 1940s photos, served as the
camp within a couple hun- soldier—Elvis Presley— largest military supply base in
dred miles of New York shipped out from the termi- the U.S. through World War II.
City,” said Andrew nal in 1958.
Gustafson, vice president of The building, which has intent,” she added.
Turnstile Tours, which five floors, was designed by In 1981, the city took over
works with the city’s Eco- architect Cass Gilbert, who management of the six-
nomic Development Corp. to also designed the Woolworth building complex, and the
give tours of the Brooklyn Building and the U.S. Su- first renovations were com-
Army Terminal. preme Court Building. Gil- pleted in 1985. The Adminis-
Now the Administration bert wanted the building to tration Building, which the
Building, which had fallen be used for manufacturing agency calls the Annex, is
into disrepair after sitting va- after World War I, said Jen- designed for digitally ori-
cant for more than four de- nifer Sun, the EDC’s Sunset ented high-tech companies
NYCEDC
cades, is poised for its next Park director. and small-scale manufactur-
act. “It’s exciting to see we’re ing, Ms. Sun said.
The building’s nearly fulfilling that original design The 55,000-square-foot
building is painted pale yel- bridge, which has yet to be that may occupy two floors more within the next decade,
low with maroon window renovated, may eventually of the building. Ms. Sun said. Tenants use the
frames. The EDC sought to become communal space, Construction of the complex for garment and
create simple, customizable Ms. Sun said. Brooklyn Army Terminal be- high-tech manufacturing,
space, said Ms. Sun. The in- The EDC is now leasing gan in 1918, and was com- wholesale distribution and
terior white walls are un- space on the top two floors, pleted in September 1919. back-office operations,
adorned and sunlight for rents starting at about The complex is made from among other uses, she added.
streams through the large $20 a square foot. In Sunset reinforced concrete. Instead Gilbert’s great-grand-
windows, which were re- Park, rents for traditional in- of using a steel structure, daughter, Helen Post Curry,
cently replaced. dustrial spaces range from workers poured concrete in said the architect, who died
“[Cass Gilbert] had a real $15 to $20 a square foot, wooden molds at the termi- in 1934, would have ap-
interest in the play of light and for high-tech manufac- nal. The technique, which proved of using the build-
and shadow,” she added. turing firms from $22 to hadn’t previously been used ings for what to him would
A skybridge connects the $25, said Michael O’Brien, a for a project of the termi- seem like newfangled busi-
building to another building Brooklyn-based industrial nal’s scale or complexity, al- nesses.
in the complex. It was built broker. lowed for the entire complex “He was a real pragma-
so that workers could move Later this month, the EDC to be built quickly, Mr. tist,” said Mrs. Curry, who
goods between buildings said it will put out a pro- Gustafson said. now organizes tours of the
without disturbing the rail posal request to find an op- Today, the entire complex Woolworth Building’s lobby.
The Administration Building at the Brooklyn Army Terminal, now yard underneath, Mr. erator to manage an ad- is home to 3,700 jobs, and “I think he’d be very, very
called the Annex, has just undergone a $15 million renovation. Gustafson said. The sky- vanced manufacturing center the EDC hopes to add 1,000 pleased.”
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THE WALL STREET JOURNAL. * * Thursday, January 14, 2016 | A19
HEARD & SCENE
JONATHAN LEIBSON/GETTY IMAGES (2)

Clockwise from above: David
Beckham is honored at the
Unicef benefit; Nicole Kidman;
and Mariah Carey onstage.
DAVID X PRUTTING/BFA
JORDAN STRAUSS/ASSOCIATED PRESS

Brian Wilson performs at
Stella McCartney’s party
at Amoeba Music.
Brian Wilson Shines for Stella Show

B I
EVERLY HILLS, Calif.— Among the guests were de- Carey. “We’re always cutting f the Unicef benefit lins, Kate Hudson, Gwyneth Knows,” “Barbara Ann” and
It’s hard to top the signer Nicolas Ghesquière, albums together. In my car.” seemed particularly star- Paltrow, Anthony Kiedis, “Good Vibrations.”
Golden Globes, but Jennifer Connelly and Paul Ms. Carey, in a slinky studded and classy, a Demi Lovato, Beck, Pamela It was crazy. It was totally
somehow Tuesday wound up Bettany (in from Brooklyn), Louis Vuitton gown, sang party Stella McCartney Anderson and Kate Upton. the kind of special evening
an evening of even more epic Selena Gomez, Miranda Kerr, several songs, including threw across town to cele- But the attendees were re- you will tell your grandchil-
proportions in Los Angeles, French actresses Adèle Exar- “Hero” and “We Belong To- brate her latest collection ally only a tiny fraction of dren about, the oh-my-god-
at least on the party scene. chopoulos and Léa Seydoux, gether.” (Ms. Exarchopoulos was even more, shall we say, this party’s, well, total and this-is-really-happening-and-
First, there was the black- and Nicole Kidman, a vora- sang along to every word of off the chain. complete amazingness. Same I-almost-skipped-this-party
tie Unicef Ball at the Beverly cious reader who was heart- the latter.) Ms. McCartney took over goes for the thrill of being in kind of night, one that even
Wilshire which marked the ily recommending Elena Fer- “I don’t have your fancy Amoeba Music on Sunset this enormous record store the seen-it-all fancy guests
charity’s offi- rante books. drinks,” said Ms. Carey, ges- Boulevard in Hollywood, one alone and at night. seemed taken aback by.
cial partner- The evening honored Uni- turing to the wine and of the last of the country’s “This is actually kind of “I can’t believe I just saw
ship with cef Goodwill Ambassador Da- Champagne on all of the remaining music superstores. impossibly hip,” said the co- the Beach Boys,” said Dree
Louis Vuitton. vid Beckham with the Danny ballroom’s tables as she Vignettes of models in her median Whitney Cummings Hemingway, who just re-
The fashion Kaye Humanitarian Leader- went to coat her throat. “I latest designs were stationed as she clowned around with cently bought a house in
company has ship award and USC presi- just have my tea with in the middle of pinball ma- Ms. Upton in aisle one. Laurel Canyon. “It’s insane.”
MARSHALL just released dent C. L. Max Nikias with Manuka honey.” chines and racks of compact There were also several She wasn’t the only one
HEYMAN the Silver the Spirit of Compassion During a live auction, Ms. discs by Creedence Clearwa- musical performances on the who was left completely as-
Lockit, a spe- Award; it was hosted by ac- Kerr and the French film- ter Revival and Genesis. Amoeba stage, including Pink tounded by what she ex-
cial pendant tress Angie Harmon. maker Xavier Dolan each do- Nearly every major celebrity and Marilyn Manson who pected to be just a typical
and bracelet of which $200 “I’m so nervous, I could nated around $10,000 to pro- in town came to see them. performed with Johnny Hollywood party.
from each piece sold will be throw up,” said Ms. Harmon, vide children in need with That included Katy Perry, Depp. But no one expected “I’m never going out
donated to Unicef. who explained she was espe- micronutrients, and Ms. Con- Orlando Bloom, Maya Ru- the ultimate pièce de résis- again,” explained the CAA
Because of Louis Vuitton’s cially excited by the gala’s nelly and Ms. Gomez both dolph, Lola and Jemima tance: Brian Wilson, who agent Maha Dakhil, “because
involvement, this benefit centerpiece, a performance gave $5,000 for water Kirke, Amber Heard, Ringo sang a panoply of songs like it’s never going to be this
was particularly starry. by the one-and-only Mariah pumps. Starr, Selma Blair, Lily Col- “California Girls,” “God Only fun.”
CITY NEWS
FOSSIL U.S. Treasury to Track

Continued from page A15
of the originals and by newer
Some Apartment Sales
technological means such as BY JOSH BARBANEL transactions for more than $1
scanning and 3-D printing, Mr. AND SAMUEL RUBENFELD million in greater Miami.
Pol said. Both orders take effect on
To fill missing parts of the The U.S. Treasury Depart- March 1 and continue in ef-
puzzle, pieces were created us- ment has imposed a new level fect for six months.
ing the evidence at hand—such of scrutiny on expensive The information reported
as a skull designed in part Manhattan residential proper- by title agents will be added
from a single remaining tooth. ties purchased in cash by cor- to a database of currency
The Titanosaur model bene- porations, partnerships and transaction reports on trans-
fited from the unusually large limited liability companies. actions for more than $10,000
DENIS FINNIN/AMERICAN MUSEUM OF NATURAL HISTORY
sample of well-preserved The directives issued and reports of suspicious ac-

bones, scientists said. Wednesday by the Treasury’s tivities that will be available
“It’s really cool to see them Financial Crimes Enforcement to U.S. law enforcement, said
because they’re this beautiful Network were designed to Steve Hudak, a Treasury
color, this deep maroon with “combat money laundering in spokesman.
pinks and grays,” said Mick the real estate sector,” ac- The rule only covers trans-
Ellison, senior principal artist cording a statement announc- actions valued at $3 million
for the paleontology depart- ing the action. or more that were paid for at
ment at the museum. “And The orders direct represen- least in part using cash, a ca-
they’re huge, of course.” tatives of title-insurance com- shier’s check, a traveler’s
The Titanosaur will be panies to prepare a form at check or a money order. The
shown in a walking pose with each closing for $3 million or reporting requirement applies
its neck more horizontal than more, listing the major indi- only to owners of at least 25%
vertical, Mr. Pol said. He vidual owners behind the cor- of a corporate entity
called it “the least controver- The cast-model skeleton of the Titanosaur stretches 122 feet long and rises nearly 20 feet high. porate structures. Copies of New York real-estate bro-
sial [pose] possible,” refer- driver’s licenses, passports or kers said they didn’t think the
ring to one of the many open In fact, it still doesn’t. In ad- vertebra in a museum, of guest researcher at the Uni- other similar documents are Treasury orders would have a
questions related to making dition to grazing the gallery’s course the bones are really versity of Chicago, the Titano- to be included. noticeable impact on sales
and shaping a beast that has ceilings, the museum’s newest big,” said Mr. Carballido, on saur’s unveiling is something The names would be in- because of the secrecy in-
been extinct for millions of prehistoric inhabitant will poke the phone from Argentina be- of a homecoming. He worked cluded in a government law- volved.
years. its head and neck out of the fore another trip out into the at the museum while getting enforcement database but not “It is de minimis,” said
Physical limitations played fourth-floor hall toward the el- field. “But when you see the his Ph.D. in New York and re- be made public. There were Howard M. Lorber, chairman
a part, as well: “The animal is evators, providing visitors with animal with a complete skele- mains a research associate more than 1,800 transactions of Douglas Elliman, a large
so gigantic that if we had put an arresting introduction to ton, you realize how amazing there a decade later. last year in Manhattan for Manhattan-based brokerage.
the neck going up,” he said, the larger skeleton. the dinosaur was.” “For us,” he said, “it’s really more than $3 million. A sec- “This will have little effect on
“it wouldn’t fit.” “When you see a femur or a For Mr. Pol, currently a big.” ond group of orders covers the market.”
TAX It has become a target of ad-

vocates for the poor, who said
the city was giving up too
much tax revenue to provide
weeks ago, the talks had gone
nowhere. “Would need a Hail
Mary pass,” said one person fa-
miliar with the talks.
a statement expressing his
hopes for a program to pro-
mote affordable housing, and
didn’t mention a continuation
prevailing wages would mean a
13% increase in construction
costs for projects with afford-
able housing.
tor of the Fiscal Policy Insti-
tute, a left-leaning policy
group, questioned the Indepen-
dent Budget Office study show-
Continued from page A15 subsidies to luxury developers. Asked Tuesday about the of 421-a. “Since developers are receiving higher costs for buildings
pointed a reporter to a com- Last June, the program was impasse, a spokeswoman for According to people familiar ing public funds, they have a with prevailing wages. He said
ment made by the mayor Mon- extended for four years but Mr. Cuomo said: “The deadline with the talks, one proposal responsibility to pay good union construction workers are
day suggesting 421-a could be tightened at the behest of Mr. is Friday, not tomorrow.” that circulated in recent weeks wages with benefits and ensure better trained, more skilled and
saved with the right changes. de Blasio to exclude exemptions The unions, facing a loss of was to add back to the program safe work sites, unlike what the more productive than nonunion
If 421-a expires, it would be for most new condo buildings. market share in residential con- most new condominiums—as majority of affordable housing workers, providing cost savings
up to the governor, the Demo- For the first time, it also re- struction, had lobbied to re- long as construction workers contractors do today, Mr. La- for contractors and developers
cratic-controlled Assembly and quired new rental buildings to quire at least some of the were paid so-called prevailing Barbera said in a statement. to offset the higher wages and
the Republican-controlled Sen- set aside up to 30% of units for buildings with subsidies to pay wages. In practice, these are Jamie McShane, a spokes- benefits.
ate to consider whether to rein- affordable housing. the equivalent of union wages union contract wages and bene- man for the Real Estate Board Richard Lambeck, chairman
state it in some form. The measure also included a and benefits. Developers, how- fits. of New York, said that adopting of the construction manage-
The program provided $1.11 self-destruct clause: The pro- ever, were loath to commit to But the plan faced objections prevailing wages in the 421-a ment department at New York
billion in tax abatements in the gram would end on Jan. 15 if the higher pay. in Albany that changing the program “will result in a large University’s Schack Institute of
fiscal year that ended in June the real-estate industry and the Gary LaBarbera, president of content of the law exceeded the increase in government spend- Real Estate, said that while
2015 to promote the develop- construction unions failed to the Building and Construction mandate of the two groups at ing to cover wages and benefits there has been a difference in
ment of housing. It has grown sign an agreement spelling out Trades Council, and other the table. that are well above what the skill levels over the years, some
during the current fiscal year, wage levels for projects cov- union leaders declined to com- The two sides negotiating market pays or a dramatic de- larger nonunion contractors
which ends June 30, to $1.26 ered by the program. ment on the talks. sharpened their rhetoric this crease in the production of have also developed skilled
billion, according to an analysis Several people familiar with John H. Banks, III, president week as they responded to a both market and or affordable, workforces.
of tax bills provided the city’s the negotiations said this week of the Real Estate Board of New finding by the Independent rental housing.” “The advantages are shrink-
Independent Budget Office. that after optimism a few York, an industry group, issued Budget Office that requiring James Parrott, deputy direc- ing,” he said.
A20 | Thursday, January 14, 2016 * **** THE WALL STREET JOURNAL.
SPORTS
Giants to Promote McAdoo to Head Coach
The offensive coordinator McAdoo rejuvenated the offense dinator Steve Spagnuolo, who had
with a “West Coast offense” that had served as the Rams head coach from
will succeed Tom Coughlin quarterback Eli Manning, who at age 2009 to 2011, as well as former Bills
as the team’s co-owners 35 is just three years younger than head coach Doug Marrone and for-
the coach, throwing shorter, quicker mer Falcons head coach Mike Smith.
opt for continuity passes that neutralized the deficien- By selecting McAdoo, the co-own-
cies of the Giants’ injury-plagued of- ers are choosing continuity over the
BY STU WOO fensive line. Helping McAdoo has unknown. While the Giants went
been the emergence of Odell Beck- 6-10 in McAdoo’s first two seasons
In a move that will be popular ham Jr., who has had the most pro- with the team, that is largely the
with the Giants’ biggest stars, the lific two-year start of any NFL re- fault of the defense, which ranked
team was close to finalizing a deal to ceiver. 29th in the league in yards a game in
have offensive coordinator Ben Both Manning and Beckham have 2014 before dropping to last in 2015.
McAdoo succeed Tom Coughlin as said they liked McAdoo. “Great re- Fans have been upset with some
head coach, a person familiar with spect for coach McAdoo and the of McAdoo’s play-calling, especially
the matter said Wednesday night. whole offensive staff,” Manning said when he has opted to pass instead of
The promotion would cap a re- last week. “I think we’ve done good run with the Giants holding a late
markable ascension for the 38-year- things and I feel very comfortable. I fourth-quarter lead. His biggest
old McAdoo, who two years ago was think we work well.” Said Beckham blunder came in the 2015 season
a little-known quarterbacks coach last week: “He’s been great.” opener against Dallas, when he for-
with the Green Bay Packers before The big question during the got to remind Manning to take a
the Giants made him their offensive coaching search was whether Giants sack instead of throwing the ball
coordinator. co-owners John Mara and Steve away in the game’s final minutes,
In 2013, the year before McAdoo Tisch would feel comfortable hiring giving the Cowboys the time needed
GETTY IMAGES
arrived, the Giants offense ranked someone who has no head-coaching to engineer a comeback.
28th in the NFL in yards a game. The experience, let alone someone who The Philadelphia Eagles, the Gi-
offense improved to 10th in the didn’t hold a coordinator-level posi- ants’ NFC East rival, had also inter-
league in his first season and then to tion until two seasons ago. The team viewed McAdoo for their head-
eighth last season. had also interviewed defensive coor- coaching vacancy. Giants quarterback Eli Manning has said he has great respect for Ben McAdoo.
Big Blue Draws Blood in Quest to Gain an Edge

BY STU WOO sugar in his diet and now feels more
energetic in the afternoon.
EAST RUTHERFORD, N.J.—The Gi- Blood testing is mandatory for Giants players in training Weiss also said that as a result of
ants had a reputation for being old- camp, but optional during the season because of the the blood tests, the Giants worked
fashioned under Tom Coughlin, the league’s collective-bargaining agreement. with their cafeteria staff to post
69-year-old former head coach who clearer labeling on food, so players
in his resignation remarks last week can avoid things they’re allergic to.
complained that today’s players The blood testing is mandatory
lacked toughness and begged out of for players during training camp, but
games because of a “toothache.” voluntary during the season because
Yet despite the Giants’ fusty im- the collective-bargaining agreement
age, the coach who succeeds Cough- between the league and players’
lin, who according to a team source union can’t compel players to take
will be Giants offensive coordinator blood tests after the preseason,
Ben McAdoo, will inherit a football Weiss said. Richard Schwabacher,
program that is among the NFL’s executive director of Quest Diagnos-
most innovative in the field of tics Sports and Human Performance,
sports science. said about half the Giants partici-
The team’s most sophisticated ini- pate in the voluntary program.
tiative: a blood-testing service that One deterrent to joining the vol-
has drawn rave reviews from players untary program: the amount of
who say it helps improve athletic blood drawn. One Giants player who
performance—as well as complaints asked not to be named said he didn’t
that it draws too much blood. opt into the regular-season program
Over the past three years, the Gi- because he felt that the tests took
ants have experimented with new
technology to try to gain an edge.
Players wear GPS chips during prac-
The Giants have one of
tice so trainers can make sure the most innovative
they’re not fatigued. Their urine is
tested weekly to ensure they’re hy-
sports science programs
drated. They wear electronic sleep in the NFL.
monitors to improve their slumber.
The most elaborate project is a
partnership with Quest Diagnostics, too much blood and would hinder
the Madison, N.J.-based laboratory- recovery for games. “It is a lot,” said
testing company. Since the 2014 sea- Cunningham, who participates in the
son, Quest Diagnostics has provided program. “They get a lot of vials. It’s
mandatory blood tests to players like 13 of them.”
ASSOCIATED PRESS
during training camp and voluntary A Quest Diagnostics spokes-

tests about once a month during the woman said the blood tests require
regular season. special treatment, additives and pro-
The tests help players determine cessing temperatures and must be
whether they have any allergies or collected in different tubes, which
any deficiencies—in iron or folates, may make it seem like more blood is
for example—to help them train bet- thing excellent came out of that.” as much, you don’t eat as much be- largely oversees the program for the being drawn than is actually the
ter and to make sure their bodies As part of the deal, Quest Diag- cause you’re not quite as hungry.” Giants, gave feedback to Quest Diag- case. She said the blood drawn is
are in peak form on game day. nostics got the naming rights to the Fullback Nikita Whitlock said he nostics, saying the players wanted about 1% of an athlete’s total vol-
Head athletic trainer Ronnie Giants’ training facility here and the started adding spinach to his ome- something more visual. The firm ume, whereas the typical volume for
Barnes said Quest Diagnostics con- two sides worked together to de- lets because the tests found he was came up with new results sheets a blood donation, one pint, would be
tacted his staff three years ago, but velop the blood-testing program, low in folic acid, which helps the that showed something like speed- about 8%.
he redirected the call to the market- called Blueprint for Athletes. body produce red blood cells. It also ometers for the biomarkers, as well “It looks like a lot of blood,”
ing department since the team was Giants linebacker Mark Herzlich helps him monitor his cholesterol, as specific recommendations for Weiss said. “We brought that back to
looking for a new sponsor. He later learned two things from the testing. which he said was high for heredi- each player. Quest and we’ve told them our play-
realized that Quest Diagnostics was First: He had a moderate peanut al- tary reasons. “You can actually physically see ers are concerned. And they’ve
seeking more than a marketing deal. lergy. “It halts my metabolic process About a week after the tests, what you’re deficient in,” tight end helped us with that and from year
“They were really talking about and my performance dwindles if I do Quest Diagnostics gives the results Jerome Cunningham said. “It’s like: one to year two, we decreased the
wearable technology and patches have peanuts in my diet,” he said. He to players and offer them consulta- ‘Oh, I’m really tired.’ Well, you need number of vials.”
that might look at sodium loss or also learned he was not eating tions. When the program first began more iron or calcium or something Should any amateur athletes want
salt loss, and then of course all of enough by December. “Practices tain the 2014 season, the results were like that to incorporate into your to try the service, Quest Diagnostics
the markers for fatigue,” Barnes per off at the end of seasons,” he mostly blocks of text. Assistant ath- diet.” Cunningham said after start- plans to start offering Blueprint for
said. “Really, on a cold call, some- said. “Sometimes when you don’t do letic trainer Leigh Weiss, who ing the tests, he reduced added Athletes to consumers this year.
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BUSINESS & TECH.

GoPro Stock Plunges Al Jazeera to Shut
As Competition Rises U.S. Cable Channel
TECHNOLOGY | B3 MEDIA | B6
© 2016 Dow Jones & Company. All Rights Reserved. * * THE WALL STREET JOURNAL. Thursday, January 14, 2016 | B1
GE Decamps to Boston
City beats back fierce broader effort by GE to cut cor- scribed as an inhospitable environment in which the most
porate costs and streamline op- business climate. promising talent want to work.
competition as the erations for what it portrays as The move, which is expected The company has been pre-
company moves its a new industrial era that will re- to begin this summer with some paring to pull up stakes for
CHARLIE RIEDEL/ASSOCIATED PRESS
volve around software innova- workers occupying temporary months. It even has put the art
base from Connecticut tion as much as bended on the walls inside its Fairfield
$145M
metal—one that will make it a offices up for sale in an inter-
BY TED MANN priority to attract the talented nal auction for employees.
AND JON KAMP workers who prefer to live and The company said Wednes-
work in cities. Approximate value of incentives day it will sell the 68-acre
General Electric Co. will Several states, including offered to attract GE to Boston Fairfield campus as well as
relocate its headquarters from Georgia, Rhode Island and two floors of offices it had
Auto makers are profiting from big demand for trucks and SUVs.
leafy suburban Connecticut to
Boston’s busy waterfront, end-
ing a fierce competition
Texas, worked to attract GE.
New York pressed hard to
bring the headquarters to
800 kept for executives at Rocke-
feller Center in New York City.
The headquarters relocation
Number of employees likely to
Cheap Oil Puts

among states to lure one of Manhattan or Westchester be based at GE headquarters likely will have little effect on
the nation’s largest companies. County. Connecticut tried to the majority of GE’s 360,000-
Officials in Massachusetts avoid losing one of its most person global workforce. About
said Wednesday they had of- iconic corporate citizens, quarters in Boston, should be 200 Fairfield staff will relocate
Auto Executives
fered incentives worth up to though far from its largest completed by 2018. and another 600 workers even-
$145 million to the conglomer- employer. People familiar with the tually will be housed at the
ate. GE, which since 1974 has GE first publicly threatened company’s thinking also said GE new headquarters.
been based in Fairfield, Conn., its move in June, blaming a had outgrown its dated office GE hasn’t yet selected a
In Bullish Mood
promised to bring about 800 Connecticut budget deal that campus in suburban Fairfield— specific site, but said it plans
jobs to Boston. raised corporate taxes and a relic of a corporate era that to move to Boston’s fast-grow-
The move comes amid a what company officials de- no longer reflects the sort of Please see GE page B2
BY CHRISTINA ROGERS make some changes.”

AND GAUTHAM NAGESH Later this month Mr. Mar-
chionne is expected to outline
DETROIT—Convinced that a plan to retool factories to
low oil prices are here to stay, better feed America’s hunger
auto executives here shrugged for heavier vehicles. Ford Mo-
off concerns about a potential tor Co., meanwhile, plans to
plateau in global automobile add four more SUVs to its
demand, issuing bullish fore- lineup in coming years.
casts for 2016 and pledging “Our forecast assumes low
billions of dollars in additional oil prices,” Ford Chief Finan-
proceeds for shareholders. cial Officer Bob Shanks said in
Oil slipped below $30 a bar- an interview. Later he spoke at
rel earlier this week for the a Detroit banking conference
first time since 2003, as auto at which Ford said its 2016 op-
companies gathered in Detroit erating profit could top last
for an annual North American year’s expected record. “As we
International Auto Show fo- look forward, we expect [oil
cused on self-driving and elec- prices] to be low for longer,
tric cars. However, the world’s but do expect over time that
car companies are profiting they’ll gradually recover to
DAMIAN DOVARGANES/ASSOCIATED PRESS
from a surge in demand for more normalized levels.”

trucks and sport-utility vehi- For several years, auto mak-
cles. While those products ers feared spikes in gasoline
have been all but unmentioned prices, which have periodically
at the auto show, their popu- triggered a sharp change in
larity puts U.S. auto makers in buying behavior and damped
the driver’s seat. demand for the cash cows like
“We believe there has been SUVs that have traditionally
a permanent shift in consumer delivered the bulk of Detroit’s
choice,” Fiat Chrysler Auto- profit. Ford, Fiat Chrysler and
mobiles NV Chief Executive General Motors Co. have put
Sergio Marchionne said at a billions of dollars into devel- A plan to move the St. Louis Rams to Los Angeles didn’t call for public funding toward the planned $1.9 billion stadium in Inglewood.
news conference here. He said oping more-efficient passen-
Cities Rethink Sports-Team Deals

his company was taking “a ger cars, including electric ve-
hard look at our North Ameri- hicles, that are in low demand.
can footprint, and we have to Regulations call for increas-
ingly efficient vehicles over
Heard on the Street: GM still the next decade, so fuel-sip- For decades, cities and stadium. Mayor Libby Schaaf said. She 80,000-seat stadium and a
needs a turbo boost.............. C8 Please see OIL page B4 states around the country have Similar attitudes have af- plans to reach out to the Raid- massive complex that would
opened their checkbooks to fected deals for numerous ers to try to resume discus- include media studios and
professional sports teams projects in the state. In North- sions and is open to offering other commercial space.
High-Stakes Television looking for glitzy new stadi-

ums and arenas.
ern California, the Golden
State Warriors are planning a
$1 billion basketball arena
$90 million in infrastructure
improvements as well as real-
estate development rights as
The NFL on Tuesday chose
Mr. Kroenke’s plan over a com-
peting proposal for the San Di-
By Eliot Brown,
For Disney’s Sherwood Jim Carlton
and Matthew
without public funding, while
the 49ers’ new stadium in
Santa Clara had relatively lit-
part of a new stadium, she
said.
The St. Louis Rams—owned
ego Chargers and Oakland
Raiders to relocate to a pro-
posed stadium in Carson. Mov-
BY JOE FLINT ney Media Networks. With the Futterman tle public aid. by Stan Kroenke, a successful ing to Los Angeles to become a
exception of ESPN, Mr. Sher- And in Oakland, city offi- developer who married into tenant in a Rams-controlled
When Ben Sherwood was wood oversees Walt Disney And then there is California. cials on Wednesday reiterated the Wal-Mart Stores Inc. for- facility is unlikely for the Raid-
president of ABC News, he was Co.’s TV operations, which in- The National Football that no public funding would tune—held an expiring lease at ers and Chargers, people in-
notorious for calling the conclude the ABC network and League on Tuesday announced be devoted to building a sta- the Edward Jones Dome in St. volved in the process said.
trol room at all hours with stations, cable networks ABC that the St. Louis Rams would dium to keep the Oakland Louis, the team’s home since The Chargers have two
tips, corrections and queries. Family and Disney Channel move to the Los Angeles sub- Raiders from walking away. 1995. During the past two years to work out a deal to
“He’d send notes at 11:30 at and all TV production. urb of Inglewood in a deal that “There is not support from years, Mr. Kroenke gained con- share the Rams’ stadium, but
night to my clients who are In this role, Mr. Sherwood called for no public funding to- my residents to subsidize sta- trol of permitted land in Ingle- the NFL will also give the team
anchors on ‘Nightline.’ The guy signs off on all programming ward the planned $1.9 billion dium construction,” Oakland wood large enough for an Please see NFL page B2
is relentless,” said United Tal- and distribution strategies in-
ent Agency partner Jay Sures. cluding this week’s name
London BecomesNFL’sNew Frontier

That relentlessness rankled change of ABC Family to Free-
some, but it pushed ABC’s form and where and how Dis-
“Good Morning America” past ney should sell its shows. He
NBC’s “Today” as the most- also sweats the small stuff
watched morning show in such as getting heavily in- BY JOSHUA ROBINSON
2012 and helped “World volved in the promotion and AND MATTHEW FUTTERMAN
News Tonight” close the gap marketing of last year’s Acad-
against NBC’s top-rated emy Awards telecast, accord- Now that the National
“Nightly News.” ing to executive producer Football League has settled
It also got Mr. Sher- Craig Zadan. on which team will play in Los
wood promoted to president Almost a year into the job, Angeles, the question on the
of the Disney/ABC Television the 51-year-old has had to take minds of fans is which city will
Group and co-chairman of Dis- Please see DISNEY page B6 become the new object of the
league’s affections.
The odds-on favorite: Lon-
JED LEICESTER/PRESS POOL
Cutting the Cord don.

The decline of pay TV subscribers and the rise of streaming services are After NFL owners
among the challenges faced by ABC/Disney executive Ben Sherwood. voted Tuesday to allow the St.
Louis Rams to break ground
on a new stadium in Ingle-
800 thousand
Quarterly net change in pay TV subscribers wood, potentially bringing a
second team along with them,
London has moved to the front The NFL has held 14 regular-season games at London’s 90,000-seat Wembley Stadium since 2007.
400
of the queue of cities that may
be next in line for teams that strong vital signs in London, According to the NFL, aver- the London games and the Su-
want to relocate. and has already begun to make age attendance for the so- per Bowl. This season, Yahoo
0
The league hasn’t said pub- money there. Since 2007, the called “International Series” of Inc. paid about $17 million for
licly that it plans a London NFL has held 14 regular-season London games is 83,062, with the live-streaming rights to a
move. Its strategy of playing games in London, turning the all but one drawing over London game. By comparison,
–400
games in the British capital 90,000-seat Wembley Stadium 80,000. In the U.K., the pri- CBS Corp. pays about $50 mil-
hinges on “creating more into a football carnival of red- mary broadcaster for NFL lion for the media rights of
–800
fans,” according to David Tos- white-and-blue novelty—com- games is Sky PLC. But in 2015, each of eight games played on
sell, the NFL’s European head plete with fireworks, cheer- the NFL and the British Broad- Thursday night.
2007 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 of public affairs. leaders, and two national casting Corporation signed a Sky is 39%-owned by 21st
Sources: MoffettNathanson THE WALL STREET JOURNAL. But the NFL has shown anthems. separate two-year deal to air Please see LONDON page B2
B2 | Thursday, January 14, 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
ABC Entertainment....B6
Access Industries ....... B5
Franklin Resources......C2
Freddie Mac.................C8
Frontier Airlines ......... B7
Porsche Automobil
Holding......................B4
Prudential Financial
LONDON
................................C1,C2 Continued from the prior page
Al Jazeera America....B6 G
Q Century Fox, which until June
Allegiant Travel..........B7 GE Capital .............. C1,C8 2013 was part of the same
AllianceBernstein........C2 Qorvo...........................C8 company as The Wall Street
General Dynamics.......B3
Alphabet......................B4 Qualcomm ................... C8 Journal parent News Corp.
General Electric B1,B2,C2
Altec Lansing..............D1
General Motors...........C8 R For 20 years, the vacant Los
Amazon.com...............A2 Angeles market served as a
Goldman Sachs Group C4 R.J. O'Brien &
American Airlines Group Associates..............A10 negotiating weapon for the
H NFL. When team owners
.....................................B7 Robert Bosch .............. B4
American International Herring Broadcasting . B6 wanted to extract concessions
S from public officials and tax-
Group....................C1,C2 Hershey.....................A10
Anheuser-Busch InBev SABMiller....................C1 payers to build or renovate
EZRA SHAW/GETTY IMAGES

Hillshire Brands..........B2
Shenzhen Jufei their stadiums, they hinted at
............................... A2,C1 Home Depot................A2
Optoelectronics.........C3 the possibility of moving there
Appaloosa Management HSBC Holdings (UK and usually ended up with a
Skyworks Solutions....C8
..................................... C3 Reg)...........................C3 better deal at home.
SoundCloud.................B5
Aurelius Capital Hulu.............................B6 “Los Angeles was incredibly
Management.............C3 Spirit Airlines ............. B7
Huntington Ingalls valuable,” said Frank Hawkins,
Avago Technologies....C8 Industries..................B3 St. Louis Rams......B1,D5 the former senior vice presi-
Supervalu....................B6 If the Rams’ return to Los Angeles triggers more such moves, will a team one day land in London? dent for business affairs for
B I
T the NFL. “For teams that don’t
NFL
Bank of America.........C8 Intel.............................C8 have deep roots being able to
TAG Group...................B6
Biogen ......................... B2
J
TDK..............................C8
Why St. Louis Didn't Measure Up point to LA as a realistic alter-
Boeing ......................... B7 native that in some ways more
J.P. Morgan Chase......C1 Toyota Motor..............B4
The Rams have been at or near the bottom of the rankings for NFL
Bombardier..................B6
attendance in recent years, and arguably a greater percentage of valuable than their present cir-
L T. Rowe Price..............C2 Continued from the prior page cumstances worked very well.”
C Angelenos tuned into the NFL this season.
Lindt & Spruengli.....A10 Tyson Foods................B2 $100 million if it pursues a He added he is certain the
Chipotle Mexican GrillB2 Average attendance for the top five teams in 2015...
Lowe's.........................A2 U new venue in San Diego. Talks “league is going to try to use
Cisco Systems.............B5 with San Diego officials have 1. Dallas Cowboys 91,459 London as a similar lever in
CIT Group .................... C8 M United Continental been ongoing. The Raiders future stadium negotiations.”
2. New York Giants 79,001
Holdings....................B2
Citigroup.................C1,C8 Mars..........................A10 would be able to move in with The NFL has long been in
United Talent Agency.B1 3. Green Bay Packers 78,413
Continental ResourcesC2 MetLife..............C1,C2,C8 the Rams if the Chargers de- every major U.S. market ex-
U.S. Bancorp................C1 cide not to and can receive 4. New York Jets 78,160 cept Los Angeles. Now that it
CSX..............................B6 MFS Investment
Management.............C2 V $100 million from the NFL for 5. Denver Broncos 76,922 is there, London, with a popu-
D
Mondelez International
a new stadium in Northern lation of 8.4 million and not
Darrell High .............. A10 Vanguard Group..........C2 ...and the bottom five teams
California—the preferred loca- much farther from New York
.....................................A1 Verizon Communications 28. Cincinnati Bengals 61,389
Delphi Automotive ..... B4 tion for owner Mark Davis, than Seattle is from Miami, is
F N ............................... A2,C1 presuming he can reach a fa- 29. Detroit Lions 61,347 the now the largest and best
National Football
Vivendi ........................ B5 vorable deal there. 54,613 available option.
Facebook......................B5 30. Oakland Raiders
League.......................B1 Volkswagen.................B4 Public funding of pro sports Nevertheless, many hurdles
Fannie Mae..................C8 arenas and stadiums has long 31. Minnesota Vikings 52,430 remain. The first is whether
Nestlé........................A10 Volvo Car.....................B4
Fiat Chrysler been a fixture of American 32. St. Louis Rams 52,402 the NFL players union will ap-
Automobiles........B1,B4 P W
politics as local elected offi- prove the notion of having
Fidelity Investments .. C2 Pershing Square Capital Walt Disney................B1 cials, fearing the wrath of vot- members in another country.
Ford Motor..................A2 Management.............C8 Wells Fargo.................C1 ers, often go to great lengths Average TV audience for St. Louis Los Angeles There are the tax and immi-
Sunday Night Football
to avoid losing a hometown
in 2015
212,400 1,014,750 gration issues created by hav-
INDEX TO PEOPLE team.

Stadiums and arenas with
hundreds of millions of dollars
Sources: ESPN (attendance);
NBC (TV audience)
(11.8%)
share of
households
(12.3%) ing more than 200 staff and
players suddenly relocate to
the U.K. A league spokesman
A Havens, David.............C2 Mellor, Neil..................C4 of public aid are planned or THE WALL STREET JOURNAL. said that the NFL has started
Ackman, Bill................C8 Hefner, Hugh .............. D5 Müller, Matthias.........B4 rising in Minneapolis, subur- had conversations with the
Amekudzi, Yaa............A1 Herring, Charles..........B6 Murphy, Tom...............C2 ban Atlanta and Milwaukee sports facilities rarely spur of stadiums on their own, and U.K. government to better
Hogan, Brian ............... C2 P and others, typically after pro real-estate development that that public aid is justifiable grasp those challenges. “I
B
teams threatened to move to wouldn’t have happened any- given that teams are part of a wouldn’t say we’ve made prog-
Baldanza, Ben.............B7
I Paulson, John..............C2
another state or nearby city. way. city’s identity. That is partly ress,” Mr. Tossell said, “but
Biffle, Barry................B7 Icahn, Carl..............C2,C8 S Not all of California is im- California’s biggest cities because costs have risen by we’ve identified some of the
Blume, Oliver..............B4 Immelt, Jeff................B2 Schorr, Glenn...............C4 mune to such financial court- are rethinking such deals now. hundreds of millions of dollars issues.”
C J Seifert, Cathy..............C2 ship. Sacramento has pledged The Bay Area and Los Angeles in recent years amid booming Then there is the question
Shanks, Bob................B1 more than $250 million for a are such large media markets, demand for lucrative luxury of finding a stadium prepared
Carr, Housley..............A2 Jackson, Mike.............B4
Sherwood, Ben............B1 new basketball arena, while with such prosperous econo- boxes as well as expanded to host an NFL team. All 14
Clinton, Bill.................A1 K San Diego officials have of- mies, that they have a strong food options and giant games so far have taken place
Shields, Meyer............C2
Conner, Ray.................B7 Kandarian, Steven ...... C2 fered $350 million in public position from which to negoti- screens. at Wembley Stadium, home of
Simpson, John M........B4
Cullman, Ellie..............D3 Kinar, Yaron.................C2 assistance to keep the Char- ate, said Robert Baade, an eco- But such facilities can prove the England national soccer
Sing, Allen...................C3
D Krafcik, John...............B4
gers from bolting. nomics professor at Lake For- cash drains even when some team. But in the coming years,
Snyder, Ed...................C8 This comes despite a wealth est College in Illinois who public aid is involved. The Bar- the plan is to begin rotating
Daingerfield, Brian.....A2 Kroenke, Stan.............B1 Spencer, Joshua..........C2 of academic studies showing studies stadium finances. clays Center arena, built in venues. By 2018, the NFL
Dudash, Steve.............C1 L Stoddard, Haig............B4 that stadiums and arenas are “This is not Green Bay Wis- Brooklyn in 2012, has gener- hopes to have five games here
G Lambert, Paul..............C4 T poor investments when it consin,” Mr. Baade said of Los ated tens of millions of dollars in one season: two at Wembley
Galvan, Hector..........A10 Levitan, Steve.............B6 Tepper, David .............. C3 comes to economic develop- Angeles. “They can play hard- less in income than antici- Stadium, two at the stadium
ment. Without pro teams, ball with the NFL in the way pated. It recently was valued under construction for Totten-
Goforth, Ray ............... B7 M Z would-be fans spend money on lot of cities cannot.” $825 million, less than its ham Hotspur, and one more at
H Marchionne, Sergio .... B1 Zarfos, Todd................B7 other local entertainment, Pro teams often say that nearly $1 billion construction Twickenham, which hosts Eng-
Hamm, Harold.............C1 McCarthy, Gina...........B4 Zukunft, Paul..............B3 economists have found, while they can’t afford the full cost cost. land’s rugby internationals.
GE Flees the Suburbs, GE highways and walkable urban

neighborhoods, according to
one person familiar with the
Joining Corporate Pack Continued from the prior page

ing Seaport District. Chief Ex-
talks. But the discussions
never got off the ground.
This person said GE had
In Move to City Centers ecutive Jeff Immelt and others

will begin working from tem-
porary offices later this year,
long intended to leave the
state, pointing to Wednesday’s
announcement from the com-
BY LAUREN WEBER to pivot from being a maker of the company said. pany that it had been consider-
industrial products to a greater For most of GE’s 124-year ing the relocation for three
In selecting Boston as its focus on software innovation. history, it was based in New years. A GE spokeswoman said
new home base, General Elec- That shift requires access to a York. The company maintains discussion revolved around
tric Co. will join dozens of workforce with new and rap- a global research center and ways to redefine the role of the
corporate giants forsaking the idly-evolving skills who tend to manufacturing facilities corporate headquarters, and
suburbs for urban centers. gravitate toward urban areas. around the town of that last year’s budget deal had
The trend is accelerating, In Boston, GE’s offices will Schenectady, north of Albany, prompted GE to hasten its exit.
experts say, due to employers’ be home to 600 digital and and a management training Relations with Connecticut
BOB CHILD/ASSOCIATED PRESS
thirst for the kind of educated, technology workers, as well as center along the Hudson River. took a turn in 2011 during a
technologically-savvy workers the GE Digital Foundry, an in- The rest of its operations are fight in Washington about a GE
who are clustering in cities cubator for “product develop- sprawled across the globe. product that it wouldn’t even
such as Chicago, San Fran- ment with customers, startups Its jet-engine business is manufacture in the state: a pro-
cisco, and Seattle. and partners,” the company based in Ohio and its oil and posed alternate engine for the
Suburban office parks are said. gas operation is based in Lon- F-35 Joint Strike Fighter. The
falling out of favor as compa- Boston boasts several don. The company is moving primary contractor for the exist-
nies recognize their locations world-class universities, which its health-care division to Chi- ing engine was Pratt & Whitney,
affect their ability to compete could deliver GE a ready sup- cago from London. General Electric has had its headquarters in Fairfield, Conn., since 1974. a division of Hartford-based
for skilled workers, said Pat- ply of the employees to assist The relatively small number United Technologies Corp.
rick Phillips, global chief exec- in its transition from an indus- of jobs at stake didn’t dimin- centives New York offered was include up to $25 million in city Gov. Dannel Malloy was
trial-era firm to one that can ish the attraction to state and larger than the $145 million property tax breaks and as much among the politicians who at-
compete in a knowledge econ- city officials who hoped to offered by Massachusetts, ac- as $120 million in state spending tended a rally at Pratt after
Employers want the omy, Mr. Phillips said. score a major corporate scalp. cording to people familiar on infrastructure, such as new the state delegation helped
kind of educated, “Boston has been overshad- New York Gov. Andrew Cuomo with the discussions. New roads and parking facilities. block GE’s effort to get a green
owed by Silicon Valley for the made an aggressive effort to York officials were still trying Meanwhile, officials in Con- light to develop the alternative
tech-savvy workers last several years” as an incu- woo GE, offering state-owned to seal a deal with GE in re- necticut struggled to convince engine. In a news conference
who gravitate to cities. bator of high-tech innovation, property for a corporate head- cent days, according to people GE to stay. They offered to Wednesday, Mr. Malloy said
he said. But it is still “a really quarters in New York City, as familiar with the matter, but purchase the $84 million Fair- the anger over that rally “has
key asset in the knowledge well as a research facility in the state’s pitch faced other field campus and relocate the clouded our relationship with
utive of the Urban Land Insti- economy.” Utica, N.Y., people familiar hurdles, including higher per- company to Stamford, where GE for the last five years.”
tute, a land-use think tank. What makes an area like with the matter said. sonal income-tax rates. it would have had direct ac- —Erica Orden
“GE is such a high-profile ex- Boston attractive to the kind The total value of the in- The Massachusetts incentives cess to mass transit, interstate contributed to this article.
ample that it will underscore of workers GE wants is the
this trend.” number of opportunities, or
In Chicago, United Conti-
nental Holdings Inc. and
Hillshire Brands, now owned
what the economist Enrico
Moretti calls the “thickness”
of the labor market.
Chipotle Stays Upbeat Costa Rica 9 Day Tour $1095
Guided Tours Since 1952 +tax,fees
by Tyson Foods Inc., both re- “It means workers can find BY JULIE JARGON Prevention could soon call an Guatemala, Tikal 10 days $1295
located from suburban towns the best match for their end to the outbreak linked to ● Costa Rica 9 days $1095
to the city center in recent skills,” and that opportunities Chipotle Mexican Grill Inc. the restaurant chain, which Panama & Canal 8 days $1195
years. exist for two spouses in cou- executives voiced confidence has sickened more than 50 Nova Scotia, P�E�I� 10 days $1395
In the Boston area, bio- ples where both partners that the company can rebound people across the country. Canadian Rockies 9 days $1595
pharmaceutical maker Biogen work, said Mr. Moretti, a pro- from recent foodborne-disease “I’m confident we’ll recover Grand Canyon 8 days $1395
Inc. returned most of its staff fessor at the University of Cal- outbreaks, and said they plan from this and win back our Volcanoes, Rainforests, and California Coast 8 days $1395
to Cambridge, Mass., in 2013, ifornia, Berkeley, and author of to start a marketing campaign customers,” Chipotle founder Beaches. All Meals Included! Mount Rushmore 8 days $1295
a few years after some depart- “The New Geography of Jobs.” next month aimed at winning and co-Chief Executive Steve Caravan makes it so easy and New England 8 days $1295
ments left for the nearby town A dense labor market also back customers. Ells said at the event. affordable to visit Costa Rica.
of Weston, Mass. gives workers confidence that Speaking at an investor con- Matthew Wise, who leads 9-Day fully guided vacation “ Brilliant, Affordable Pricing ”
—Arthur Frommer, Travel Editor
Ire over Connecticut’s cor- their skills will be in demand ference in Florida on Wednes- the CDC’s outbreak response package. Call for choice dates.
porate taxes was a driver of if they choose to leave one day, Chipotle executives said it team, said since the cause of —¡Hasta la vista! Free 28-Page Brochure:
GE’s relocation plans, but the employer or if they are laid appears that no customers the outbreak still hasn’t been
realities of the labor market off, Mr. Moretti said. That acts have reported getting sick with determined, “we’re more cau-
may have made such a change as a form of insurance in an E. coli since late November, tious about closing it. It’s a
inevitable, especially given economy that guarantees and that they think the Cen- conversation we’ll have over
that the conglomerate is trying dwindling job security. ters for Disease Control and the coming weeks.”
THE WALL STREET JOURNAL. * * Thursday, January 14, 2016 | B3
BUSINESS NEWS
GoPro Cuts Jobs

After Weak Sales
BY SARAH E. NEEDLEMAN $30 million to $35 million for
AND CHELSEY DULANEY excess inventory, excess parts
and obsolete tooling to make
GoPro Inc., struggling with the cameras.
disappointing sales of its latest “They totally misjudged the
wearable camera, said market on that one,” said Jan
Wednesday it would cut about Dawson, chief analyst at Jack-
7% of its workforce, or about daw Research. He said the
105 jobs. move undercut the company’s
The company also forecast other products and likely de-
revenue for the fourth quarter pressed profit margins.
below Wall Street expectations In all, GoPro said it expects
ELAINE THOMPSON/ASSOCIATED PRESS

and its own October estimate. fourth-quarter revenue to be
The company’s shares $435 million. In October, the
plunged on the news, with the company had forecast quar-
stock price dropping 25% after terly revenue of $500 million
hours to $11.02, a new low that to $550 million.
would leave it with a market Analysts polled by Thomson
capitalization of less than $2 Reuters had forecast $512 mil-
billion. That is a nearly 90% de- lion in revenue.
cline from the stock’s high of The company’s larger crisis
$93.85 in October 2014. centers on whether the market
GoPro said it was hurt in for action cameras has reached The U.S. has just two working icebreakers, with a third out of commission for the past five years because of engine problems.
Plans Set for New Icebreakers

the key holiday quarter by its apex—and whether GoPro
slower-than-expected sales at can diversify into other revenue
retailers. The San Mateo, Ca- streams. The company plans to
lif., company had pinned much release a consumer drone later
of its holiday-season hopes on this year, and last year it began
the Hero4 Session, an ice- licensing content shot on its
cubed sized camera it cameras to media companies— Coast Guard aims tries Inc. and General Dynam- ability Office, a congressio- Shipyards Lockport LLC, East-
launched in July. an early step toward nascent ics Corp., the two largest Navy nal watchdog, said this time- ern Shipbuilding Group Inc.
But the camera didn’t sell plans to become a media com- to acquire two ships shipbuilders, have expressed line meant a new ship and General Dynamics—are
well, and by December two pany. But neither of those pur- expected to cost interest in bidding to build the wouldn’t enter service until contesting the cutter contract,
rounds of price cuts had re- suits has yet generated mean- planned new ships, and the 2024, and could leave the expected to be worth around
duced its retail price to $199, ingful revenue. over $1 billion each Coast Guard said it has had U.S. with no heavy icebreak- $10.5 billion, with a decision
half the initial $400. On GoPro, facing more competi- discussions with other yards. ers for up to six years unless expected in the summer.
Wednesday, GoPro said it tion from overseas manufactur- BY DOUG CAMERON The two that built the Coast the two aged ships are refur- Adm. Zukunft said the
would record a $21 million ex- ers and better smartphone Guard’s existing icebreakers bished again. The office esti- Coast Guard would consider
pense for “price protection re- cameras, expects to pay be- The U.S. Coast Guard on have both closed, but Adm. mates a new ship would cost leasing rather than buying
lated charges” associated with tween $5 million and $10 mil- Wednesday announced plans Zukunft said industry was between $900 million and new icebreakers, and the ser-
the price cuts. It also said it lion mainly in severance ex- to acquire two new icebreak- confident it could build the $1.1 billion. vice has examined sharing
would record an expense of penses as a result of the layoffs. ers expected to cost more than new ships. Analysts said the Coast technology with other coun-
$1 billion apiece to support in- The Department of Home- Guard’s decision to provide a tries to design a new vessel.
creased sea traffic and busi- land Security, which oversees detailed outline of its ice- While the focus of the pro-
ness activity in the Arctic. the Coast Guard, has said it breaker requirements to in- posed new ships is on the Arc-
Coast Guard Commandant may need as many as six new dustry indicates funding may tic, Adm. Zukunft said they
Adm. Paul Zukunft said at an icebreakers to protect and be included in the fiscal 2017 would also support national-
industry conference the ser- support U.S. interests in polar budget due to be announced security interests in Antarc-
vice will meet shipbuilders in regions, but the past three on Feb. 1, though Adm. Zuku- tica.
DAVID PAUL MORRIS/BLOOMBERG NEWS
March to discuss the plans, White House budget submis- nft didn’t provide details. He Some industry analysts said
though it has yet to detail how sions cut development funding said a request for proposals to it would be cheaper to find an
it would pay for the vessels. and pushed back the planned build the ships was expected overseas partner, such as Fin-
The U.S. has just two work- purchase. within two years. land or Canada.
ing icebreakers, with a third However, President Barack The service, which has an “U.S. expertise in icebreak-
out of commission for the past Obama last September revived annual budget of $10 billion, is ing technology has atrophied,”
five years because of engine the project when he called for already in the midst of a big said Heather Conley, in a re-
problems. Adm. Zukunft said the U.S. to have at least one modernization drive, including port for the Center for Strate-
Russia had 42 and was build- new heavy icebreaker by plans to buy 25 new offshore gic & International Studies, a
ing an additional 14. 2020. patrol cutters. think tank that hosted
GoPro CEO Nick Woodman shows the Hero4 Session camera. Huntington Ingalls Indus- The Government Account- Three companies—Bollinger Wednesday’s event.
# TONIGHT #
FOX BUSINESS NETWORK
GETS DOWN TO
BUSINESS
THE GOP DEBATES
6 PM
ET ALSO STREAMING LIVE ON
FOXBUSINESS.COM
9 PM
ET
B4 | Thursday, January 14, 2016 * *** THE WALL STREET JOURNAL.
AUTOS
All Eyes on Detroit: Car Makers Show Off Sleek Headlight Designs
JOHN D. STOLL/THE WALL STREET JOURNAL (5)

CHRISTINA ROGERS/WSJ (BEETLE)
Volvo Car Corp. has made a Toyota Motor Corp. sig- Fiat Chrysler Automobiles The Dune version of Volks- Porsche AG brought a famil- The VLF Force 1 V10—a col-
push to get back to simple, naled its new design direction NV’s Dodge Challenger comes wagen AG’s Beetle retains the iar German face to America’s laboration between ex-GM exec-
Scandinavian design and the with the narrow and futuristic with one of the meatiest en- headlights of an iconic mass- premier auto show with the lat- utive Bob Lutz and designer
minimalist S90 head lamp un- lamp of the new Lexus LC500 gines on the road, and distinc- market auto design still on est version of its classic 911 Henrik Fisker—features ultrathin
derscores that goal. shown in Motown. tive round head lamps. sale in the 21st century. Turbo. lights and a carbon fiber body.
—John D. Stoll
Volkswagen Meeting With Regulator Ends Quickly

CEO Müller and EPA repair to the vehicles are con- Mr. Müller was joined at the
tinuing and there could still be EPA meeting by Herbert Diess,
chief huddle a day a deal reached between the head of the Volkswagen brand.
after diesel-emissions two sides, analysts said, add- He said earlier this week that
ing that the uncertainty makes he wanted to “reignite Ameri-
repair plan is rejected it hard for Volkswagen to be- cans’ love for Volkswagen” and
gin rebuilding trust with con- that he was “very optimistic
BY WILLIAM BOSTON sumers and others in the U.S. that we will be able to find a
AND MIKE SPECTOR Mr. Müller had hoped that solution soon” with U.S. regu-
he could break the logjam in lators.
Top Volkswagen AG and the talks through a personal Michael Horn, Chief Execu-
U.S. environmental officials encounter with Ms. McCarthy. tive of Volkswagen Group of
met briefly for the first time He said on Sunday that his re- America, said on the sidelines
on Wednesday and parted quest to meet with the EPA of the Detroit motor show that
agreeing to continue discus- chief was a show of good man- the U.S. recall would be multi-
sions to resolve the auto ners and that he hoped for a faceted. It would include a fix
maker’s emissions violations, positive outcome. “I just want for the emissions systems, but
an outcome that suggests the to say ‘hello,’ ” he said, add- could also include other ele-
two sides remain at odds. ing: “We’ve been talking to the ments such as good public
They gave no hint of prog- EPA for months. It’s a question works and possibly buying
ress following an hourlong of politeness.” back emissions credits that
meeting at Environmental Pro- Instead, talks between Volkswagen was awarded un-
ULI DECK/DPA/ZUMA PRESS
tection Agency offices in Volkswagen and U.S. environ- der false pretenses.
Washington, D.C. In nearly ment officials appear stuck “We want to make this
identical statements, Volks- over complex technical issues. right in the American way,”
wagen Chief Executive Mat- Europe’s largest auto maker Mr. Horn said. “We’ll do every-
thias Müller and Gina McCar- has been unable to sell its two- thing in our power to make it
thy, head of the EPA, thanked and three-liter diesel-powered right.”
the other for taking time to vehicles in the U.S. because of The California environmen-
meet, and pledged to keep Matthias Müller hoped to break a logjam through a personal encounter with the EPA’s Gina McCarthy. the violations and lack of cer- tal regulators rejected the plan
talking. tification for new models. for fixing tainted vehicles, say-
The face-to-face meeting, vague and inadequate. The Blue Book, adding she wasn’t emissions tests. The company In Detroit this week Volks- ing the proposals didn’t in-
which was requested by Volks- EPA said it agreed with Cali- surprised there was no resolu- admitted that it had installed wagen executives repeatedly clude enough information to
wagen, came a day after Cali- fornia’s assessment. tion reached because of the software on some diesel-pow- apologized for deceiving regu- allow them to fully evaluate
fornia regulators rejected the “Every day there is not a complexity of the issues. ered vehicles that could dupe lators and consumers. They the proposed solution. They
car maker’s plan to fix nearly resolution is a bad day for In September, U.S. regula- emissions tests by running appeared confident that they said it was unclear how the so-
500,000 diesel-powered vehi- Volkswagen,” said Rebecca tors revealed Volkswagen die- more cleanly in the lab than were close to a deal on a re- lution would impact the per-
cles that were rigged to cheat Lindland, senior analyst at au- sel-powered cars had been on the street. call, and stressed their deter- formance, safety and emis-
on emissions tests, calling it tomotive research firm Kelley rigged for years to cheat on Technical negotiations on a mination to resolve the issue. sions of the vehicles.
Google Cars Can Still Need a Human Touch Porsche

BY MIKE RAMSEY cles in California is required to
make these disclosures. Google
CEO Sees
Autonomous cars tested by
Alphabet Inc.’s Google X divi-
sion are getting better, but
has, by far, the most extensive
fleet of autonomous vehicles
driving on public roads.
Stable
they still have to hand over
control to human test engi-
The results show that de-
spite big improvements, the Earnings
NOAH BERGER/AGENCE FRANCE-PRESSE/GETTY IMAGES
neers on rare occasions. vehicles aren’t able to navigate

Google filed a report with the all circumstances without a BY ILKA KOPPLIN
state of California on Tuesday driver ready to jump into the
that outlined 272 occurrences situation. DETROIT—Porsche AG
during a 14-month period where On Tuesday, John Krafcik, Chief Executive Oliver Blume
the software on its vehicles de- the chief of Google’s self-driv- said he expects operating
tected a problem that required ing car program, said the com- profit in the next few years to
an immediate handover to the pany is firmly committed to remain stable at around the
human test driver. making vehicles that require level of the past two years,
Of those, Google analyzed no human backup. given high investments, speak-
that if a human hadn’t taken Other suppliers and auto ing on the sidelines of the
over, there likely would have makers, including Robert Bo- North American International
been 13 “contacts” with other sch GmbH and Delphi Auto- Auto Show in Detroit.
vehicles or objects. motive PLC, made similar re- In December, Porsche’s su-
The report also showed that ports with a higher frequency Google filed a report outlining 272 incidents that required a person to take over its self-driving vehicles. pervisory board approved €1
the number of disengagements of interventions. Delphi’s re- billion ($1.09 billion) in out-
declined significantly during port detailed the causes of the The Google report served as vehicles that don’t require hu- mine the company’s efforts. lays for the sports-car maker’s
the period, going from once ev- disengagements, which fre- fuel for safety advocates who mans to be involved. “The [Department of Motor electric-car project. That fol-
ery 785 miles in the first quar- quently involved poor roadway don’t want to allow cars like Last month, California re- Vehicles] got it exactly right lowed approval over the sum-
ter of testing to once every lane markings, bright sunlight Google’s to be introduced on leased proposed regulations and is putting our safety mer of a €1 billion package to
5,318 miles in the most recent. blinding cameras, construction public roads without a driver for autonomous cars that re- first,” John M. Simpson, Con- modernize production sites.
Each auto maker or sup- zones and erratic behavior in command. quire specially licensed drivers, sumer Watchdog’s Privacy Mr. Blume said he couldn’t
plier testing autonomous vehi- from other drivers. Google’s vision is to build which essentially would under- Project director said. rule out a decline in operating
profit as a result, a reversal
for the brand that contributed
OIL sharp increase in 2015. Mean-

while, production of more-effi-
cient passenger cars—such as
sedans and coupes—continues
prices and political tensions.
Volumes in South America and
Russia have sunk.
Concerned investors have
a big chunk of parent Volks-
wagen AG’s profit in the past.
The brand’s financial re-
sults could show some consoli-
Continued from page B1 to shrink, according to Ward- driven down shares of GM, dation, Mr. Blume cautioned,
pers will remain on dealer sAuto.com. Ford and AutoNation so far but noted that depending on
lots. But industry leaders say WardsAuto.com industry this year. Nerves are rattled market and currency develop-
it would take a dramatic in- analyst Haig Stoddard said because global volumes of ments, operating profit could
crease in oil prices to make those numbers only tell part of about 85 million are moderat- be slightly higher or lower
people clamor for Chevrolet the story. There also will be an ing at a time when the U.S.’s than the average level attained
Malibus or Ford Fusions. increase in crossover SUVs contribution of 17.5 million is over the past two years.
“The American consumer built outside North America, viewed as potentially flatlin- In 2014, Porsche’s operating
has concluded that there are including Jeeps built in Italy ing. profit was up 5.4% from a year
going to be low gasoline prices and Buicks built in China. To shift sentiment, GM and earlier, and jumped around
for quite some time, because Ford are promising to put 30% in the first nine months
the unrest in the Middle East more money in investors’ of 2015 to €2.55 billion.
has not caused a rise,” said
GM and Ford are hands. GM on Wednesday an- Porsche ended the year on a
Mike Jackson, chief executive promising to put nounced an 80% increase in a positive note, he said. In the
of AutoNation Inc., the largest share buyback plan, pledging fall, the company forecast con-
U.S. car retailer. “They’re go-
more money in to repurchase $9 billion in siderably higher sales and oper-
ing, ‘oh, [$2 gasoline] is here investors’ hands. stock through 2017, plus a div- ating profit for the full year,
to stay.’ You tell me what idend increase. Ford will pay compared with 2014. Deliveries,
event it is going to take to out a $1 billion special divi- a proxy for sales, were up about
change that mind-set,” he said The optimism about oil dend. 19% in 2015, to 225,000 cars.
as he sat at the Mercedes- prices comes as underlying Executives at those compa- For 2016, Mr. Blume expects
Benz show stand. global auto demand is under nies stressed this week that growth in deliveries in at least
Mr. Jackson said $4-a-gal- pressure. Volumes in Europe GM and Ford will have re- a single-digit-percentage range.
lon gasoline modestly affects are booming, but margins are turned $35 billion to share- Mr. Blume said he didn’t ex-
car-buyer behavior, but $5 a thin because of pricing pres- holders between 2012 and pect parent Volkswagen AG’s
gallon is the “freak-out num- sures. Chinese growth is mod- 2017. emissions scandal to harm the
ber, where buyers trade the erating; giving rise to concern GM shares shot up as much brand’s image.
Cadillac Escalade for the com- that a price war will accelerate as 5.3% Wednesday, but they Mr. Blume took the helm at
pact sedan.” in the world’s largest market fell back to finish at $30.49, up Porsche AG from Matthias
Auto makers are betting on and squeeze profits. 19 cents, while Ford shares de- Mueller, who was appointed
Mr. Jackson’s thesis, boosting Other once-promising clined 5.1% to $12.20. chief executive of the Volks-
light-truck production by 3% emerging markets have col- — Jeff Bennett wagen group after the scandal
in the first quarter, following a lapsed amid lower commodity contributed to this article. broke in September.
THE WALL STREET JOURNAL. Thursday, January 14, 2016 | B5
TECHNOLOGY @wsjd | wsjd.com
Google Maps Suggests Destination

Based on searches
Universal,
SoundCloud
and stored locations,
updated app chooses
In Harmony
BY HANNAH KARP
places to recommend
Vivendi SA’s Universal Mu-
BY ALISTAIR BARR sic Group has agreed to li-
cense its music to Sound-
Alphabet Inc.’s Google is Cloud, allowing the world’s
using its Android mobile oper- largest music company to col-
ating system and algorithmic lect revenue from the popular
smarts to predict users’ wants audio-sharing platform.
and needs. Their deal comes more than
The latest example: a new a year after Access Indus-
Maps app feature called Driv- tries’ Warner Music Group be-
ing Mode that suggests desti- came the first major record
nations and times to reach company to enter into a simi-
those locations without users lar agreement with the Ger-
selecting a place to go. man music-streaming service.
Google does this by analyz- The licensing deals empha-
ing the places you’ve already size the importance of Sound-
been, your home and work lo- Cloud as a marketing tool for
GETTY IMAGES
cations (either stored by users record labels, despite their

in the Maps app or inferred by growing frustration with the
repeat visits) and searches for paltry revenue that ad-sup-
destinations in the app or on ported music platforms have
the company’s general search Google Maps plans to launch a new feature called Driving Mode that will suggest destinations automatically, when it is turned on. generated for them relative to
engine that a user has done the amount of music con-
within the past hour. launched Maps to begin driv- than waiting for people to more data for Google to make eral years. Google is integrat- sumed on such free sites.
Armed with this data and ing, Google would show the type a search query into a useful predictions. ing this “push” technology In October 2014, shortly be-
other information like the way to that retail establish- white box online. Google Now, a digital per- into its main mobile search fore Warner Music signed its
time of day, Google Maps sug- ment and estimate how long it This is in response to users sonal assistant launched in app. The Driving Mode feature deal with SoundCloud, Univer-
gests destinations un- will take to get there. switching online activity to 2012, uses data from emails, will be included in an updated sal Music Chairman Lucian
prompted. So if a user It is part of a broader push smartphones, which are calendars and smartphone lo- version of the Google Maps Grainge said at The Wall
searched for a local hardware by the company to answer harder to type on than per- cations to make suggestions app that will be released in Street Journal’s WSJD Live
store 30 minutes ago and then questions, proactively, rather sonal computers but provide and send reminders for sev- coming days. technology conference that he
still needed to hear what
SoundCloud’s “business plan is
Cisco Reports Rapid Rise in Unauthorized Usage of Cloud going to be.”

Universal decided to work
with SoundCloud after watch-
ing the company sharpen its
BY DON CLARK said. But a more accurate av- But many analysts agree that sites like YouTube, data-stor- tor of advanced services. advertising strategy, hire ad-
erage is 1,120, the Silicon Val- few corporate technology de- age services like Dropbox Inc., “People gravitate to the sales teams and reiterate its
It is no secret that employ- ley company said Wednesday. partments have an accurate and polling tools like those of- place that has the least earlier promises to launch a
ees supplement their employ- Such activity, known in the in- assessment of cloud services fered by SurveyMonkey. Many amount of friction,” said paid subscription service in
ers’ in-house information tech- dustry as shadow IT, is up being used by their employees. are free of charge for individ- Moisey Uretsky, co-founder addition to its free site, ac-
nology with external cloud nearly 70% from roughly six “Shadow IT has become a ual users. and chief product officer at cording to a person familiar
computing services—but even months ago, the company said. big problem for technology de- Another is the ease with DigitalOcean, a cloud service with the matter.
chief information officers may Cisco compiled its report by partments,” said Zeus Kerrav- which new users can take ad- that mainly targets develop- Universal’s deal allows it to
not realize just how often. surveying CIOs and running ala, an analyst at the market- vantage of them. Where a soft- ers. He said Cisco’s numbers control what music it makes
New data from Cisco Systems software that tracked activity research firm ZK Research. ware developer might wait “sound pretty realistic.” available on the free platform,
Inc. suggest that employees on networking and security One reason shadow IT is weeks for his employer to ar- But Andras Cser, an analyst and to adjust the lengths of
route around corporate net- devices it sold to corporate pervasive is the sheer range of range use of a server on its at Forrester Research, said the snippets of songs that us-
works to a startling extent, customers. Its announcement cloud services available. They premises, that person can use Cisco’s numbers seem exagger- ers can share with friends on
posing risks for security and is part of a promotional effort include online expense-man- a credit card and in minutes ated and probably reflect social media, this person said.
data governance. for a new service that helps agement tools, Web-based start running jobs at Amazon large U.S. companies. He esti- The company has roughly
CIOs estimate their organi- companies monitor cloud us- email and word processing, Web Services or Microsoft mated about 30% to 40% of 175 million monthly listeners,
zations use 91 cloud comput- age. Some analysts think social networks like Facebook Corp.’s Azure service, said Bob cloud-based applications were more than double the size of
ing services, on average, Cisco Cisco’s figures are overstated. Inc., music and entertainment Dimicco, Cisco’s senior direc- used on an unsanctioned basis. Pandora Media Inc.’s users.
THE SHORT ANSWER by Willa Plank & Tristan Wyatt

What’s the Future for the Wearables Market?
The product category of fitness trackers, smartwatches and other devices worn
on the body is relatively new. But analysts predict that device makers will soon
offer more holistic systems—including clothing with embedded sensors—that
collect better data to provide consumers more constructive lifestyle advice.
WORLD-WIDE SHIPMENTS ESTIMATED U.S. ADULT
OF WEARABLE WEARABLE USERS BY GENDER
DEVICES
2016 forecast 2015 2015
111.1M 19.8M 19.7M
2015 estimate
80.0M 2014
2014 13.2M
11.8M
2014
28.8M
2013
8.0M
TOP SMARTWATCH OPERATING SYSTEMS BY GLOBAL MARKET SHARE

2016 forecast: 62.9%
20.5% WORLD-WIDE WEARABLE DEVICES

BY FORM FACTOR, 2016 FORECAST
5.9%
Watch: 48.2%
5.6%
Real-Time
Operating System 3.4%
Linux 0.9%
0.7%
U.S. ADULT WEARABLE USERS AS A Shown:

Apple Watch
PERCENTAGE OF AGE GROUP, 2015 EST.
25% Wristband: 44.1% Shown:
Fitbit Flex
20
15
10
Clip-on: 4.7%
5 Clothing: 1.9%
Other: 0.3%
0
Eyewear: 0.8%
18-24 25-34 35-44 45-54 55-64 65+ Total
Sources: Apple (photo); eMarketer (users by gender, age group);
Fitbit (photo); IDC (form factor, operating systems, shipments) THE WALL STREET JOURNAL.
B6 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
MEDIA
Cheap Oil Ends Al Jazeera Foray After purchasing Al Gore’s

Business
Watch
U.S. cable channel arm
Current TV for nearly $500
of Qatar government million, Al Jazeera put some
to cease operations by $2 billion into Al Jazeera
America, said people familiar SUPERVALU
April 30, shift to online with the matter. It hired some
800 journalists at launch and
Tough Competition
BY KEACH HAGEY opened 12 bureaus. Weighs on Chain
AND JOE FLINT The channel hoped to dif- Supervalu Inc. on Wednesday
ferentiate itself from other ca- reported a worse-than-expected
When Al Jazeera America ble and broadcast news outlets 2.6% decline in third-quarter rev-
was launched to great fanfare by doing investigative journal- enue as the supermarket chain
in 2013, its then-leader ism. The strategy paid off in continues to face increased com-
boasted he didn’t have to awards for its work. High rat- petition.
worry too much about profits. ings and distribution proved “We continue to operate in a
After all, the cable news more challenging. challenging environment,” Chief
channel was backed by the oil- Al Jazeera America’s televi- Executive Sam Duncan said.
BEBETO MATTHEWS/ASSOCIATED PRESS

and-gas-rich government of sion audience was small, often “Improving sales is a primary
Qatar, and oil was trading fewer than 25,000 viewers, focus as we look to complete
around $100 a barrel. giving the independent chan- the fiscal year.” Mr. Duncan has
On Wednesday, with oil nel little leverage with either said he would retire from the
trading near $30, Al Jazeera advertisers or distributors. company next month after join-
made an about-face, announc- Partly as a result of its ing in early 2013.
ing it was shutting its Ameri- weak negotiating position, Al Supervalu owns supermarket
can cable channel by April 30 Jazeera America was forced to chains including Cub, Fresh Farm
for economic reasons. stop streaming Al Jazeera and Shop n’ Save, as well as a
“The economic landscape of English online in the U.S., distributor arm that works with
the media environment has Cable channel Al Jazeera America at its launch in 2013 employed 800 journalists around the U.S. which had helped it build in- independent grocers. As with
driven its strategic decision to fluence thanks to its close-up many of its peers, Supervalu has
wind down its operations and of Herring Broadcasting Co., ment. Trade publication Multi- channels, including its flagship coverage of the Arab Spring. struggled to distinguish itself in
conclude its service,” wrote Al which runs the conservative channel News earlier reported Arabic channel, said people fa- As part of its announce- the highly competitive super-
Anstey, an Al Jazeera execu- One America News Network, Herring’s interest. miliar with the matter. The ment on Wednesday, Al market industry.
tive who took over as chief ex- said his company is interested The move follows internal government of Qatar, which Jazeera said it will now “ex- For the fiscal quarter ended
ecutive of the American chan- in buying the channel because announcements from its Doha backs Al Jazeera, gets about pand its existing international Dec. 5, Supervalu’s earnings fell
nel in May after its founding of its valuable affiliation headquarters that there would 90% of its budget from the en- digital services to broaden its to $34 million, or 13 cents a
CEO was ousted. agreements. A spokesman for be significant cuts at Al ergy industry, according to the multiplatform presence in the share, from $79 million, or 30
Charles Herring, president Al Jazeera declined to com- Jazeera, which runs several International Monetary Fund. United States.” cents a share, a year prior. Ex-
cluding severance costs and ex-
penses related to the potential
TV Blackouts in U.S. Hit Record Last Year

Save-A-Lot spinoff, per-share
earnings were 16 cents. Revenue
fell to $4.11 billion from $4.23
billion a year prior.
BY JOHN D. MCKINNON blackouts last much longer. hamstrung by limited legal au- clude their transmissions in broadcast signals in multiple Analysts polled by Thomson
Even more bickering likely thority, and broadcasters are packages offered to customers. markets in an effort to use Reuters had forecast 16 cents a
Television viewers around lies ahead. lobbying against major That programming can in- the games as leverage. share in profits on $4.16 billion
the country endured a record Some experts fear the changes. Broadcasters have clude widely watched pro- “We were kind of stunned in revenue.
193 blackouts in 2015, up from blackout problem will become been reluctant to give up the grams, like ABC’s “Scandal” or by some of the things they —Austen Hufford
94 the previous year and eight more prominent in the run-up leverage that comes from the “The Big Bang Theory” from [Dish] said,” said Terry Hur-
in 2010, due to an intensifying to marquee TV events such as power to withhold their pro- CBS, and other desirable ley, Cordillera’s president, BOMBARDIER
battle between cable compa- the Super Bowl, set for Feb. 7 gramming. broadcasts like the National adding that Dish made no ef-
nies and the broadcasters who on CBS, and the Oscars, Feb. A number of observers pre- Football League playoffs. fort to prevent a service dis-
Plane Maker Ends
provide a key part of their 28 on ABC. dict that any tightening of FCC Blackouts occur when a local ruption. Its Deal With TAG
programming. The Federal Communica- oversight of the negotiations broadcaster pulls its signal The two sides settled their Bombardier Inc. on Wednes-
Already so far in 2016, at tions Commission is examining ultimately will be modest, and from a pay-TV provider’s sys- differences over the week- day said it would take more di-
least 13 new blackouts have steps it can take to rein in the further blackouts appear likely tem because the two sides dis- end, but some viewers rect responsibility for its busi-
occurred in markets from Tuc- problem. in coming months. agree on terms. missed weekend coverage. ness aircraft sales around the
son, Ariz., and Tulsa, Okla., to The FCC is expected to an- The disputes mark one of One conflict erupted last Similarly, pay-TV advo- world as the company looks to
Lexington, Ky., and Lafayette, nounce new rules this year for the latest upheavals in the week, for example, when cates say Media General Inc. boost profits and revitalize sales
La., according to pay-TV carri- refereeing the increasingly television industry’s tumultu- sports fans were eagerly pulled broadcast signals in of the lucrative planes.
ers and their allies. prominent disputes between ous new landscape. awaiting the NFL wild-card several markets last July, The Montreal-based plane
Many of the interruptions broadcasters, such as NBC or Most viewers now get their playoff games. Dish Network causing some viewers to and train maker said it would
are brief, lasting perhaps a CBS, and pay-TV providers, TV from cable or satellite LLC accused a local media miss Major League Baseball’s end a long-standing deal with
day, but they are enough to meaning cable, satellite and companies. These, in turn, conglomerate, Minnesota- All Star Game. TAG Aeronautics Ltd. under
disrupt programming and of- other subscription carriers. must negotiate with local TV based Cordillera Communica- Media General declined to which the TAG Group Ltd.
ten infuriate viewers. Some But the agency appears stations for the right to in- tions LLC, of pulling its comment. unit served as Bombardier’s ex-
clusive sales representative and
distributor for new Challenger
ADVERTISEMENT
DISNEY and Global series business air-
craft in 21 Middle Eastern and
North African countries. Bombar-
The Mart
To advertise: 800-366-3975 or WSJ.com/classifieds
Continued from page B1
dier said it would assume all
sales activities previously per-
on the immense challenges formed by TAG.
facing the television indus- Flagging emerging markets in
AVIATION try—but is still looking to South America, Asia and the
make his mark. He is among Middle East, once a crucial life-
the next generation of media line to growth in the wake of

leaders who must confront
cord-cutting and ad-skipping,
the global financial crisis, forced
REX FEATURESASSOCIATED PRESS
Bombardier to cut production of

which are threatening the core its biggest Global business jets,
of the TV business. At the the largest contributor to its
same time, the competition for commercial revenue. High pro-
viewers is intensifying, with duction rates of the big globe-
more than 400 scripted shows hopping business aircraft offered

produced in 2015. a crucial cushion to Bombardier,

There are also some new which relied on the steady flow
headaches looming at Mr. of cash to finance the delayed

Sherwood’s old stamping Executive Ben Sherwood at an event in Los Angeles in November. development of its new flagship
!!" !!!# grounds. “Good Morning CSeries jetliner and business jet.
America” now trails NBC’s ABC Family and ESPN for the ingratiated himself with the —Jon Ostrower
“Today” in the key 25-to-54- new service, a person familiar Hollywood community. and Carolyn King
BUSINESS FOR SALE BUSINESS OPPORTUNITY year-old demographic, and with the talks said. “He was very inquisitive,”
Lester Holt has proven an able With regard to Netflix, Steve Levitan, co-creator of CSX
successor to Brian Williams as Mr. Sherwood has emerged as a ABC’s hit sitcom “Modern
MIDWEST BUSINESSES
BUSINESSES FOR SALE
* RESTAURAUNT - Award winning. Excellent staff anchor of NBC’s “Nightly voice of caution. Disney has Family,” said of his first meet-
Rail Cargo Volumes
* GROCERY - w/ commercial rentals / real proper-
ty strip center. MO. #70552RB
& equip. Incls R/E. #70927JHH News.” This season, ABC’s sold reruns of high-profile ing with Mr. Sherwood. “He Face Heavy Pressure
* HVAC - Residential & light commercial. Major * HVAC - Residential; 10 techs; major Texas metro prime time is down 12% in to- shows to Netflix like ABC’s didn’t come in with an atti- CSX Corp. executives said on
area. #70884SV
metro. 1500+ accts. #70716BB tal viewers but is a close sec- “How to Get Away with Mur- tude of ‘I know everything so Wednesday that current pressures
* MANUFACTURING - Septic tanks, vaults & lin- * PUBLISHER - Distribution of sheet music retail &
on-line. Established & profitable! #70933RB ond to NBC in adults 18 to 49 der.” But Mr. Sherwood also watch what I can do.’ It was, ‘I on rail cargo volumes are at levels
ers. Includes R/E. #70720MM
* REC FACILITY - bowling, arcade, volleyball, Incls * TESTING Lab - Diverse capability - food to medi- if sports isn’t included, ac- gave ABC Family the green light come from a different world not seen outside a recession.
3 acs & 25000 s.f. bldg. Owner retiring. #70747BB cal & biological. #70972RB cording to Nielsen. to opt out of licensing some so help me learn.’” “You have multiple aspects
* STAFFING - Nurse staffing for hospitals & nurs- * AUTOMOTIVE - Engine rebuilding shop. Estab- In addition, Fusion, the news/ shows to the streaming ser- Mr. Sherwood’s promotion working against you: the low
ing homes. Absentee owner. #70883BB lished. Incls R/E. #70974SV lifestyle channel ABC co-owns vice—particularly those aimed has been an adjustment for [natural] gas prices, the low com-
* FREIGHT CO. - Vans, cattle pots, grain trlrs, * FABRICATION - Marble & granite. Greater Hous-
flatbeds, etc, Excellent on-time & safety record. with Univision that Mr. Sher- at younger viewers—in favor of some particularly Paul Lee, the modity prices, the strength of the
ton area. Incls R/E #70996BB
#70964GG International Business Exchange wood championed has been in-house digital platforms. head of ABC Entertainment, ac- dollar,” Chief Executive Michael
International Business Exchange 512-310-2699 struggling, and now Disney is Mr. Sherwood wants Hulu, cording to people familiar with Ward said during an earnings call
512-310-2966
ibectx@aol.com looking to exit the venture. the streaming service that Dis- the men. When ABC was devel- with analysts. “Except for mar-
ibectex@aol.com
Disney has the luxury of a ney has a one-third stake in, to oping shows for the 2015-16 kets like automotive and housing-
PROFESSIONAL SERVICES
surging film unit thanks in be a more aggressive competi- television season, Mr. Sher- related, you’re seeing pressure on
large part to the latest install- tor to Netflix. That means focus- wood wondered whether the most of the markets.”
BUSINESS OPPORTUNITY
ment of Star Wars. But the ing on growth overseas where network relies too heavily on se- The railroad said it expects
Doing Business in Korea? company’s TV business still ac- Netflix is expanding rapidly. rialized dramas such as “Scan- stabilization and per-share earn-
Expert available to help with your counts for 44% of its revenue On the advertising front, dal” and should instead focus ings growth to return late this
Korean business initiative.
Will Sell $120K of credit Practical Korean business and cultural knowledge.
and 60% of profit, so finding Mr. Sherwood assumed over- more on procedural shows like year or next year, if economic in-
Recently developed business ways to grow is a high priority. sight of research and con- “NCIS” in which each episode is dicators, including forecasts for a
card income for $100K. Pay in Korea successfully. Since taking over for Anne sumer insights and put former a self-contained story, according rise in industrial production later
back $2,308.00 / week.
Let me know what your needs are. Sweeney last February, Mr. Wal-Mart Stores Inc. executive to a senior ABC executive. Such this year, pan out. But the com-
Contact: koreanbusiness@icloud.com Sherwood has begun a rethink Cindy Davis in charge of a Se- shows are often easier to sell in pany still projected a decline in
Jack 281-352-2044 of Disney’s relationship with attle-based team focusing on syndication and in international earnings for the full year.
TRAVEL Netflix Inc. amid concerns that targeting ads to viewers to markets. Despite the rail industry’s cur-
the streaming powerhouse’s better compete with Alphabet Mr. Lee bristled, according rent problems, mergers aren’t
popularity cuts into traditional Inc.’s Google and Facebook Inc. to people familiar with the the solution, CSX executives told
HIGH YEILD RETURNS 6%-10%
TV viewership. And he has A Harvard University gradu- matter, and ultimately ABC analysts during the call. They
BUSINESS ADVANCES & SECURED
made a push to develop so- ate and Rhodes Scholar, the stuck with its current pro- were referring to Canadian Pa-
REAL ESTATE DEALS. phisticated data analytics and patrician Mr. Sherwood is gramming strategy. cific Railway Ltd.’s recent $30

ad-targeting capabilities for known for being hypercompeti- Disney executives have ad- billion bid for rival Norfolk
EQUITY INCLUDED

(866) 815-2799

Disney’s networks. tive and exacting. He even cor- vised Mr. Sherwood that with Southern Corp. While Norfolk
!"##$ Mr. Sherwood also has rected Disney Chief Executive so much terrain to cover, he Southern rebuffed the advances,
played a key role in Disney’s Robert Iger on a bowling score should keep focused on bigger CP has said it may wage a
CAPITAL REQUIRED on-again off-again negotia- during a recent company re- issues, one senior staffer said. proxy fight and take the deal to
We have developed a Unique Investment

tions with Apple Inc., which treat, people at the outing said. “He’s chasing mice while the shareholders instead.
Opportunity to provide food, beverage and enter-
has been vying to launch an Unlike Ms. Sweeney, who elephants go stomping by,” said CSX on Tuesday reported
tainment facilities for our service men and
women on Military Bases in Hawaii and through-

online TV service with a gave her team a fair amount of a Disney executive of Mr. Sher- earnings of $1.97 billion in 2015,
out the Mainland. Preferred returns of 12% to

20%.Capital required $2.7 to $3.9M
slimmed-down package of autonomy, Mr. Sherwood has wood’s tendency to microman- compared with $1.93 billion the
jacinta@bgconsultingusa.com

!" channels. Disney is trying to been much more involved in age. In recent weeks, he has ad- prior year. Revenue declined 7%
hammer out an agreement to the day-to-day operations of opted a more low-key approach, to $11.81 billion last year.
package ABC, Disney Channel, the Disney/ABC TV Group and people inside the company said. —Laura Stevens
THE WALL STREET JOURNAL. * * * * Thursday, January 14, 2016 | B7
BUSINESS NEWS
Boeing Reaches Pact

With Engineers’ Union
BY JON OSTROWER tinue through Oct. 6, 2022.
The agreement comes as
Boeing Co. and its white- Boeing is preparing for its
collar engineers’ union steepest-ever production
said Wednesday they had ramp-up as it introduces
reached a tentative agree- its updated 737 Max single-
ment on a new six-year con- aisle jetliner. Boeing is slated to
tract extension, avoiding begin test flying the jet in the
a potentially bruising fight coming weeks and is heavily re-
NATHAN W. ARMES FOR THE WALL STREET JOURNAL
that would have renewed long- liant on the company’s union-

standing tensions between ized engineers to undertake
employees and management. those tests and analyze data.
The existing four-year con- Negotiations in 2012 and
tract was set to expire in Octo- early 2013 between Boeing and
ber, and, if renewed, would Speea were bitterly divisive and
provide Boeing with labor sta- confrontational. A federal me-
bility into the 2020s and shift diator at one point during the
the last large group of its talks advised suspending the
unionized employees away stalled negotiations and recom-
from a defined benefit pension mended reconvening weeks
program. later. A final agreement was
The Society of Professional reached months later, but only
Frontier Airlines is set to begin service by June on 56 new routes from cities such as Milwaukee, Pittsburgh and Austin, Texas. Engineering Employees in Aero- after engineers and technical
space, which represents more workers split on ratification.
Frontier Taps ‘Overpriced’Routes

than 20,000 of the aerospace Boeing in January
giant’s engineers and technical 2014 reached an eight-year deal
workers in Washington state, with its larger machinists and
Oregon, Utah, California and aerospace workers union that
Discount carrier plans have a lot of competition. He ment. For all of 2014, it re- accommodate the expansion Florida, has a rocky and acri- gave the company deep cuts to
called the routes “overpriced, ported profit of $129 million by adding nine new planes to monious history with Boeing.
to start flights to cities overlooked and underserved.” on $1.57 billion of revenue. its 56-aircraft fleet this year. However, the union’s leadership
A contract extension
where it sees potential The idea is to bring Frontier’s Spirit has focused its re- Success isn’t certain. Larger struck a rare conciliatory tone
ultralow basic fares—aug- cent growth on major routes airlines could match Frontier’s in announcing the new deal. would provide
to undercut big airlines mented by fees for seat as- between big cities. Larger car- fares or swamp the targeted “These negotiations were
signments, carry-on bags and riers have been cutting fares routes with new flights. Fron- possible because Speea and
Boeing with labor
BY SUSAN CAREY checked luggage—to people aggressively on many such tier is still recovering from a Boeing decided not to let our stability for years.
who wouldn’t otherwise fly. routes to match Spirit’s prices. high rate of late and canceled areas of disagreement prevent
Frontier Airlines, one of a While Frontier accounts for The competition has pum- flights last year and a spike in us from making progress on
trio of discount carriers roil- just a tiny share of the U.S. meled the airline’s stock. Last customer complaints. items where we do agree,” Ray health care and a transition to
ing the U.S. airline industry, is air-travel market, its expan- week Ben Baldanza, stepped Its new routes are from cit- Goforth, Speea’s executive di- a defined contribution retire-
sharply expanding service sion is likely to extend the down abruptly as Spirit’s CEO. ies such as Milwaukee, Pitts- rector, said in a statement in exchange for placing a
this spring by targeting routes battle between discounters A third ultra-budget carrier, burgh and Austin, Texas. Many ment. “These contract exten- massive new wing and aircraft
where it thinks it can substan- and established carriers. That Allegiant Travel Co.’s Alle- will go to larger cities like San sions are the result of a lot of factory in Everett, Wash., for
tially undercut larger rivals, a clash has intensified as cheap giant Air, mainly links small Francisco, Chicago and At- hard work and good its 777X jetliner.
top executive said. fuel makes it more practical to cities to warm-weather vaca- lanta. By undercutting prevail- will. Hopefully, this gives us a Todd Zarfos, a Boeing vice
Frontier this month an- add flights and lower fares. tion spots, including Las Vegas ing fares, Frontier hopes to template for the future.” president of engineering, said
nounced 56 new routes it will Over the past two years, and San Diego. It has avoided persuade more people to fly. Boeing’s commercial air- the latest contract agreement
begin by June. Though that’s a Frontier has transformed itself the fare fray by being the only From Columbus, Ohio, to plane chief executive, Ray doesn’t provide any spe-
roughly 40% increase from the under new management into operator on most of its routes. Philadelphia, the average fare Conner, said in a statement cific guarantee of future work,
carrier’s current 120 routes, it an ultralow-cost carrier along Frontier is aiming for a is $228 one way, according to that “as our competitive envi- unlike the Machinists’ contract
represents about a 20% in- the lines of Spirit Airlines middle ground. Some of its Transportation Department ronment gets tougher, ratifica- which was tied to 777X devel-
crease in total capacity. That’s Inc., which pioneered that planned routes have no non- data. Starting in June, Fron- tion will enable Boeing to be opment and production.
because the Denver-based car- niche in the U.S. stop competition. On others, tier plans thrice-weekly ser- more competitive in today’s The company would provide
rier will fly to many of the Frontier, now owned by an mainly serving business fliers, vice on that route for $59. and tomorrow’s commercial extra assistance for employees
new destinations just three or investment firm with stakes in travelers may face a layover at “Leisure passengers aren’t and defense markets.” if their roles were relocated
four days a week, not daily. budget airlines around the a large airline’s hub before going to spend $228 one way,” The union’s leadership said outside the bargaining unit. If
In an interview, Frontier world, earned $114 million in reaching their destination. Mr. Biffle said. American Air- it had unanimously endorsed accommodations couldn’t be
President Barry Biffle said the the first nine months of 2015 “There’s no one with our lines Group Inc. is selling tick- the agreement, recommending met to preserve their jobs, the
plan is to connect medium- on revenue of $1.2 billion, ac- cost structure on the vast ma- ets for $377 roundtrip on the its members ratify the exten- contract calls for 26 to 60
size cities to larger airports on cording to data it provided jority of these routes,” said route in June, according to Ex- sion which, if approved, would weeks of pay and six months
routes that typically don’t to the Transportation Depart- Mr. Biffle. He said Frontier can pedia.com. take effect Feb. 11 and con- of health coverage.
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
Edmonton <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 27 Farmer’s activity
0s -0s 0s 0s 1 Rudimentary during droughts
V
Vancouver C ary
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l l Miami ignition engine
20s 70s
40s 70s 51 Celebrity chef
30s Ice 10 Trailer target
WINGSPANS | By Alice Long DiSpirito
11 Race starters 52 Autumnal hue
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 23 Irish actor 51 Band aide
12 Constituency
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t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
24 Swing trumpeter Mark, Carrie
Orlando 67 59 c 76 53 r Geneva 40 27 c 36 27 sn 5 Stock symbol?
Today Tomorrow 54 Some jazz 13 Fit for sentry and Harrison
Philadelphia 43 32 pc 51 39 pc Havana 73 65 sh 80 65 sh Les ensembles
City Hi Lo W Hi Lo W Phoenix 64 44 pc 63 43 s Hong Kong 64 60 r 64 62 r 10 Bean variety duty
25 Feeler, of a sort 56 Favorable to
Anchorage 25 19 c 26 18 c Pittsburgh 40 32 sf 46 33 pc Istanbul 52 41 r 52 48 s 55 “Oklahoma!”
Atlanta 59 41 pc 53 42 sh Portland, Maine 29 17 pc 34 30 pc Jakarta 90 76 t 90 76 t 14 Innocent 19 Casual shirts mold
Austin 64 45 c 68 36 s Portland, Ore. 46 41 r 50 43 c Jerusalem 57 43 s 54 40 pc
30 Winged creature character who
15 Garth Brooks 21 Animator’s 57 Adoptee of
Baltimore 47 29 pc 49 36 sh Sacramento 54 47 r 58 47 pc Johannesburg 78 58 t 76 57 t 31 Galley tool sings “I Cain’t
song “Why ___ output Claudius
Boise 41 30 c 40 25 c St. Louis 56 44 pc 44 25 r London 41 32 sn 41 32 sh Say No”
Boston 33 26 pc 41 36 pc Salt Lake City 34 25 sn 34 23 sn Madrid 51 37 sh 48 29 pc Running” 32 Begat 58 Colorful
Burlington 29 16 sn 35 30 c San Francisco 55 50 r 58 52 pc Manila 90 76 s 90 75 pc 60 Patio party 25 High-protein
16 One might evoke 34 Saw grass, e.g. food membrane
Charlotte 57 34 s 46 38 r Santa Fe 42 18 s 38 19 c Melbourne 65 57 r 67 52 pc decoration
Chicago 38 35 c 38 21 sf Seattle 49 41 r 50 42 c Mexico City 66 45 pc 70 44 pc screams 37 Mountain 26 Farmer’s 59 Breaks off
Cleveland 39 34 sf 44 32 r Sioux Falls 33 13 pc 14 -4 c Milan 43 29 r 48 28 pc 62 Winged
Dallas 67 43 pc 61 39 pc Wash., D.C. 47 34 pc 52 38 sh Moscow 25 -1 sn 11 -3 c 17 Winged creature growths creature hope during 61 Angst-ridden
Denver 43 16 pc 35 17 pc Mumbai 84 64 pc 83 66 pc 39 Bejeweled band droughts genre
18 Earns a 63 Euro division
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35 33 c
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41 26 r
International Paris
Rio de Janeiro
45
88
33 sh
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41 31 sh
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Today Tomorrow
Previous Puzzle’s Solution
Houston 64 53 r 66 43 pc Riyadh 68 42 s 74 45 s perhaps 42 Band together N A R N
I A P AM P A S
Indianapolis 42 36 pc 43 25 r City Hi Lo W Hi Lo W Rome 59 52 c 57 37 c 65 Far from fertile O N I O
N Y C O N F I R M
Kansas City 53 29 s 35 17 c Amsterdam 42 36 sh 41 31 r San Juan 82 72 pc 82 71 pc 20 They may be 44 Bowl’s kin E N C O
D E M A R I A N N E
Las Vegas 57 40 pc 60 40 pc Athens 60 49 s 60 56 c Seoul 31 21 s 37 23 s delivered to a 66 H.S. yearbook L E A S
E F I S T S K I A
Little Rock 62 48 s 60 33 pc Bangkok 90 77 pc 93 78 pc Shanghai 46 33 pc 51 36 pc lot of people 46 Kilmer of “Top section E
X P E D I A O Y E R
T N T F A L D O R B S
Los Angeles 64 47 pc 62 48 pc Beijing 37 13 s 37 17 pc Singapore 90 79 pc 88 78 t Gun” 67 Stevie Nicks O O H U T I L I OWA N
Miami 73 68 r 81 64 t Berlin 37 29 c 34 24 sf Sydney 100 61 t 71 63 r 22 Hope’s “Boy, Did U T U R N Z E E N E E L Y
Milwaukee 36 31 c 38 19 sn Brussels 43 35 sh 41 28 r Taipei 62 58 c 65 60 r I Get a Wrong 47 Winged creature album “___ Little” T I M I D E C I G A P P
Minneapolis 31 21 c 21 -3 c Buenos Aires 90 66 pc 89 65 pc Tokyo 52 39 pc 48 40 c B B S MA H A L R O D
Number!” 49 Brief, intense 68 Search hastily, P H D S C A R OM E D
Nashville 59 43 s 54 34 r Calgary 33 15 sn 19 3 c Toronto 29 23 sn 40 33 c A I R T I N T S A I MA T
New Orleans 67 54 r 68 48 pc Dubai 73 61 s 73 60 s Vancouver 45 33 c 43 37 sh co-star downpours in cop slang W H I T E A S H E D G I L Y
New York City 38 34 pc 48 40 c Dublin 40 32 c 42 30 sn Warsaw 30 25 sf 32 21 sn N A V A R R E D E I C E R
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 62 33 s 53 30 pc Edinburgh 36 29 c 37 26 pc Zurich 37 29 sn 35 28 sn S T E V I A O R T E G A
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B8 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
IMAGINATION IN
PRODUCTION.
C E N T R A L N E W YO R K F I L M H U B
S Y R AC U S E N E W YO R K
INNOVATION AT
THE SPEED OF LIGHT.
A I M I N T E G R AT E D P H OTO N I C S
R O C H E S T E R N E W YO R K
A BRIDGE
TO THE FUTURE.
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INSURANCE C2 | IN THE MARKETS C4 | MARKETS DIGEST C5
GM Might Be
BILL PUGLIANO/GETTY IMAGES

China’s Visible Hand Stuck in Neutral
WAYNE MA/WSJ
HEARD ON
Companies urged to support stocks GLOBAL MARKETS | C3 THE STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Thursday, January 14, 2016 | C1
DJIA 16151.41 g 364.81 2.21% S&P 1890.28 g 2.50% NASDAQ 4526.06 g 3.41% 10–YR. TREAS. À 9/32, yield 2.070% OIL $30.48 À $0.04 EURO $1.0877 YEN 117.68 See more at WSJMarkets.com
Investors Ditch Money Managers MetLife’s

Index-tracking funds
gain favor as actively
Most of the withdrawals,
roughly $169 billion, were
2015 was the first net outflow
from traditional money man-
Actively managed funds
Net flow
Passively managed funds
$413.8B
Breakup
from funds that research indi- agers since the 2008 financial
managed peers suffer
deep outflows in 2015
vidual U.S. stocks. The out-
flows represent a stark change
in investor attitude toward eq-
crisis and the largest-ever
from actively managed U.S.
stock funds, according to
$400 billion
Signals
BY SARAH KROUSE
AND CORRIE DRIEBUSCH
uities as investors wrestle with
new stresses in a bull market
that has lasted nearly seven
Morningstar.
Ironically, it came during a
year in which actively man- 200
New Era
years. The Dow Jones Indus- aged mutual funds overall did
More investors are losing trial Average fell 2.2% on better than market-cloning Forget too-big-to-fail.
faith in old-school money man- Wednesday and is now down competitors for the first time The operative question for
agers as financial markets 7.3% for the year. since 2012, even as both the country’s largest financial
sputter. “The tone is definitely dif- groups suffered losses. firms is increasingly whether
Clients yanked $207.3 bil- ferent” among clients, said The shifts are the latest evi- 0 the government has made it
lion in 2015 from U.S.-based Steve Dudash, president of IHT dence of a sea change in the too expensive to be big.
mutual funds that hand pick Wealth Management in Chi- asset-management business in On Tuesday, insurer
their positions while pouring cago. “For the first time in a which investors are increas- MetLife Inc. became the sec-
$413.8 billion into funds that long, long time, clients are re- ingly opting for products that ond major firm in the past 10
mimic broad indexes for a ally concerned. I mean, calling track the market rather than –$207.3B months to decide that the de-
–200
fraction of the cost, according at 6:30 in the morning, want- relying on managers to pick mands of being “systemically
to new data from research firm ing to talk about the markets.” winners. 2008 ’10 ’15 2008 ’10 ’15
Morningstar Inc. The movement of money in Please see FUNDS page C2 Source: Morningstar THE WALL STREET JOUNRAL. By Ryan Tracy,
Christina Rexrode
and Emily Glazer
$100 Billion in Bids for $46 Billion in Bonds important” in the eyes of reg-
ulators may outweigh the ben-
efits of continuing to operate
BY MIKE CHERNEY at its current size. General
Electric Co. made the same
Investors snapped up $46 bil- choice in April for its giant fi-
lion in bonds from Anheuser- nance arm, GE Capital.
Busch InBev NV on Wednesday, The moves show that while
the second-largest corporate- the U.S. government hasn’t
bond sale on record and a sign heeded populist calls to “break
that demand for high-quality up” the nation’s largest finan-
corporate debt remains strong. cial firms, those demands are
Orders totaling more than at times being answered
$100 billion were placed for the through indirect pressure from
bonds. The company had regulators.
planned to sell about $30 billion
$641 billion
worth but was able to boost the
deal even as stocks tumbled.
FRANCOIS LENOIR/AKOS STILLER/BLOOMBERG NEWSREUTERS
Investors have been favoring

large bond offerings over Amount of capital large banks
smaller ones. Bigger deals are have added to meet tougher
easier to trade, an attractive fea- regulatory rules since 2009
ture as banks have been step-
ping back from the market amid
tighter capital rules. Next up could be MetLife ri-
They also have shown a vals Prudential Financial Inc.
strong appetite for higher-rated and American International
debt as concerns about global Group Inc., analysts say. The
growth have rattled markets and latter is facing a challenge
driven the S&P 500 down by from investors, including Carl
more than 7% already this year. Icahn, who argue in part that
“It’s in a sector that’s less the firm is “too big to suc-
pressured,” Scott Kimball, who ceed” given the regulatory re-
manages the $980 million BMO quirements it now must meet
TCH Core Plus Bond Fund, said Fermentation tanks at an SABMiller brewery. AB InBev is using some of the bond proceeds for its proposed acquisition of SABMiller. that restrain profits.
of the beer giant. “It’s expected The very largest U.S. banks,
to maintain its quality, and it’s sales ground to a halt and re- syndicate at Mischler Financial investment-grade credit ratings, some of whom report earnings
going to be very liquid because
it’s a very large deal.”
turns on investment-grade debt
were a negative 0.8% for the
Group.
Investment-grade firms like
which are in the single-A range.
The bond sale will help fund
Upsized this week, are also facing in-
creasing questions about
Biggest corporate-bond deals on
One of the bonds sold month. AB InBev sold about $1.2 trillion AB InBev’s acquisition of rival record whether they can remain prof-
Wednesday, maturing in 10 Investors said the deal sets of new bonds in the U.S. last SABMiller PLC—a deal that is itable at their current size. In
Verizon Communications:
years, yielded 1.6 percentage the stage for another big year year, the fastest pace on record facing regulatory hurdles. AB In- recent years, the Federal Re-
$49 billion
points above benchmark U.S. for bond sales, despite a deci- for the fourth year in a row. Bev’s chief executive, Carlos serve and other overseers
Treasurys, or roughly 3.67%. sion last month by the Federal The deal trailed only the $49 Brito, appeared before a Senate Anheuser-Busch InBev: have made it clear that being
Bank of America Merrill Lynch, Reserve to raise interest rates billion in bonds sold by Verizon subcommittee in December to $46 billion big will come with costs: Large
Barclays and Deutsche Bank led from near zero. Communications Inc. in Sep- defend the acquisition against Actavis Funding: $21 billion U.S. banks have added $641
the sale. “People are clamoring for tember 2013. Many investors concerns that it could stifle billion of capital since 2009 to
The tone in the market better-rated corporate credits,” said they were enticed by the competition. He stressed that AT&T: $17.5 billion meet tougher regulatory rules,
Wednesday was a sharp reversal said Ron Quigley, managing di- relatively attractive yields of- the company is divesting itself Apple: $17 billion according to the Fed.
from mid-December, when bond rector and head of fixed-income fered on the debt and AB InBev’s Please see BEER page C2 Source: Dealogic Those requirements make it
tougher for firms to produce
outsize returns.
Cold Comfort for U.S. Banks

In the banking sector,
where policy makers have fo-
cused the toughest rules on
roughly 30 banks with $50 bil-
BY JOHN CARNEY sult in low revenues from lion or more in assets, smaller
There and Back J.P. Morgan’s fixed-income, banks with between $5 billion
It has been a chilly new KBW Nasdaq Bank index currency and commodity and $50 billion in assets are
year for banks. trading unit. about 10% more profitable
ALEXANDER COHN/THE WALL STREET JOURNAL
Shares of many have been 80 And despite the Federal than banks that are above that
hammered in recent weeks. Reserve rate increase late in level, according to an analysis
The KBW Nasdaq Bank index the fourth quarter, low long- by Keefe, Bruyette & Woods.
is off by nearly 75 term bond yields threaten to The shares of those midsize
AHEAD OF 20% since its keep net-interest margins banks accordingly trade at a
THE TAPE most recent flat at best. higher valuation than lenders
peak of the 70 Debt underwriting also is with $50 billion or more in as-
past likely to look weaker thanks sets, according to the analysis.
year. Shares of all 10 of the in part to a strong quarter “It’s like saying if you have
biggest U.S. banks have in the prior-year period. a super fast race car…we’ll
65
fallen by more than 5% in And trading revenue could make sure you only go 70
January alone. 2015 ’16 be hampered by volatility of miles per hour,” says Art Wil-
Harold Hamm says oil glut will ease substantially in months ahead. This may have left some Source: WSJ Market Data Group the sort that caused inves- marth, a law professor at
investors with a sense of tors to sit on their hands. George Washington University
He Isn’t Kidding: Oil déjà vu. Bank shares tum-

bled at the start of last Jan-
uary as well, only to rally.
report earnings per share of
$1.27, a 6.7% improvement
from a year earlier. But that
One possible bright spot:
Equity underwriting and
merger-advisory fees could
who specializes in banking
regulation.
Another major test looms in
At $60 by End of Year Could the pessimism about

banks once again be prelude
to a rally?
is 14% lower than what ana-
lysts were forecasting for
the quarter just six months
come in stronger.
In other words, results
are likely to be a mixed bag,
the coming weeks when regu-
lators have to decide whether
12 top banks have credible
BY CHRISTIAN BERTHELSEN lifting of the U.S. government’s The answer to that ques- ago. but without big surprises. plans describing how they
40-year ban on oil exports, Mr. tion may turn on comments Since then, shares of J.P. That, coupled with the fact could fail without a bailout—
Energy executive Harold Hamm said. of top bankers when they Morgan are down almost that sentiment on the sector dubbed “living wills”—or
Hamm says oil prices should The supply glut has been a announce fourth-quarter re- 13%. is pretty sour, means it may whether to begin pressing
double to $60 by the end of major factor behind the dwin- sults. First up is J.P. Mor- With expectations and not take too much improve- those firms to simplify or
2016—a contrary prediction for dling price for oil over the gan Chase & Co. on Thurs- share prices lowered, inves- ment to kindle some inves- shrink.
a market currently bracing for past 18 months. Benchmark day. Wells Fargo & Co., tors can hope the bar will tor warmth toward bank Policy makers say they
oil to fall to $20. U.S. oil futures briefly dipped Citigroup Inc. and U.S. Ban- be easier to clear. stocks. aren’t explicitly telling firms
He also believes that Saudi below $30 Tuesday, their low- corp follow on Friday. A weak capital-markets Please see ERA page C2
Arabia made a “monumental est level since 2003. On J.P. Morgan is expected to environment will likely re- Email: tape@wsj.com
mistake” in continuing to pump Wednesday, U.S. oil settled up MetLife move puts more heat
oil at a fast pace. The move not four cents at $30.48 a barrel on INDEX CD Rates............................................................. C8 Futures................................................................. C7 IPO Scorecard.................................................. C6 Mutual Funds........................................... C8 on rivals.........................................C2
only depressed world prices the New York Mercantile Ex- Bond Tables............................................... C7 Dividend News............................................... C3 Global Finance................................................. C3 Markets Digest.............................................. C5 New Highs & Lows...................... C4,6,7 Heard on the Street: Why
Cash Prices................................................. C7 Exchange-Traded Funds......................... C3 Heard on the Street................................... C8 Money Rates................................................... C8 Stock Listings........................................... C6
but likely contributed to the Please see OIL page C2 banks won’t follow................. C8
C2 | Thursday, January 14, 2016 * * THE WALL STREET JOURNAL.
MONEY & INVESTING
OIL
Continued from the prior page
MetLife Move Puts Heat on Rivals
change. Analysts say AIG and Late Tuesday afternoon, MetLife an opening to create a AIG has been under pres- best interest of shareholders.
Mr. Hamm, chief executive MetLife announced it repository for lower-return, sure to split up since last fall, As for Prudential, Deutsche
of top U.S. shale-oil producer Prudential face similar was seeking to divest a large capital-intensive businesses. when billionaire investors Carl Bank AG analyst Yaron Kinar
Continental Resources Inc., pressure to shrink to piece of its U.S. life-insurance MetLife Chief Executive Icahn and John Paulson pro- told clients that MetLife’s plan
believes that the current glut unit as part of an effort to Steven Kandarian wasn’t avail- posed breaking the global in- raises the question of whether
will ease substantially this year cut capital burden ease some of the capital bur- able for comment Wednesday, surance conglomerate into the Newark, N.J., company
as U.S. shale companies ratchet den it is expected to face un- but on Tuesday he said that three separate companies as a “would need to consider sepa-
down production until the mar- BY LESLIE SCISM der new federal regulations the company concluded “an in- way to become small enough ration plans of its own in or-
ket recovers. U.S. output has AND JOANN S. LUBLIN that categorize it as a systemi- dependent new company to escape the SIFI tag. General der to remain competitive
been falling recently but not as cally important financial insti- would be able to compete Electric last year said that it with MetLife, if its plan suc-
rapidly or by as much as many MetLife Inc.’s move to shed tution, or SIFI. On Wednesday, more effectively and generate would get out of the banking ceeds.”
investors anticipated. a chunk of its U.S. life-insur- shares rose 92 cents, or 2.2%, stronger returns for share- business. “These actions portend a
He said that will end soon. ance business elevates pres- to $42.91, on a day that saw holders…[and] this risk of in- Analyst Meyer Shields at greater trend in the industry
“We’re heading toward a sure on rivals to similarly slim the Dow Jones Industrial Aver- creased capital requirements Keefe, Bruyette & Woods told and likely will put pressure on
short supply situation unfortu- down, analysts said. age sink 365 points. contributed to our decision to clients Tuesday night that a AIG, Prudential and a handful
nately,” he said in an interview The result could be a MetLife has more than reg- pursue the separation of the favorable market reaction to of other insurers, forcing them
on Wednesday. “That’s going to broader shake-up of the insur- ulatory reasons to separate business.” MetLife’s plans would pressure to reassess their business
get very concerning in the lat- ance industry’s biggest compa- the historic core of the com- MetLife, AIG, Prudential AIG Chief Executive Pe- mixes,” said Cathy Seifert, an
ter part of the year.” nies, including American In- pany. Many of the businesses and a unit of General Electric ter Hancock “to unveil some- equity analyst with S&P Capi-
With oil prices currently ternational Group Inc. and that MetLife aims to move Co. were the four nonbank fi- thing similarly dramatic” at a tal IQ.
covering only half the cost of Prudential Financial Inc., as into the new entity—sales of nancial firms designated as strategic update scheduled by A spokesman for Prudential
industry operations, Mr. Hamm they contend with increasing life insurance to U.S. house- systemically important under AIG for Jan. 26. said that while the insurer is
said U.S. producers are cutting regulatory pressures. MetLife’s holds as well as retirement-in- the 2010 Dodd-Frank financial- AIG declined to comment, “continuously evaluating op-
output at a rate of 1.6 million action comes as AIG is under come annuities with lifetime regulatory overhaul law. The saying it would discuss its portunities for enhancing
barrels a year. That could fire from big investors to income guarantees—are pres- firms eventually will be ex- plans for streamlining opera- shareholder value,” it believes
quickly take the U.S. back to boost its sagging profits. sured by ultralow interest pected to have ample money tions, narrowing its focus and asset sales and other moves
levels three years ago. Though “The heat just went up” on rates and other economic fac- on hand as a capital cushion to returning more capital to over the years have left it with
companies can continue to AIG and Prudential, said David tors, some analysts said. As a address unexpectedly large shareholders this month. AIG “opportunities to drive returns
pump at this price, they can’t Havens, a credit analyst with result, heightened regulatory losses and avoid harming the has been adamant that a that have trended above our
afford to drill new wells, ramp- Imperial Capital LLC. oversight in some ways gave broader economy in a collapse. three-way breakup isn’t in the peer group.”
ing down future supplies, he
said.
Once supply deficits begin,
they can’t reverse quickly. It
could take one to two years to
bring output back on line, Mr.
ERA Size Matters
A look at the assets
Nonbank assets
GE
Peak
Prudential
Change from 2010
$900 billion Capital AIG Financial MetLife 12% Dodd-Frank

Hamm said. With Saudi Arabia Continued from the prior page controlled by some large
already pumping near maxi- to break up, but they also U.S. banks and financial
mum capacity, there will be lit- make clear they wouldn’t be 600 8
tle ability to make up the unhappy with that outcome. firms since the Dodd-
shortfall, he added. Fed governor Daniel Tar- Frank overhaul of 2010 300 4
Mr. Hamm, 70 years old, ullo, the central bank’s regula-
built his multibillion-dollar for- tory czar, has said the goal is 0 0
tune as an oil wildcatter, turn- essentially to provide any firm ’08 ’10 ’15 ’07 ’10 ’15 ’10 ’14 ’10 ’14 ’10 ’15
ing Continental into a top oil that could bring down the fi-
producer and a leader of the nancial system with a choice. Six largest U.S. banks’ assets Peak Change from 2010
U.S. shale revolution—particu- Firms can shed businesses Bank of J.P. Morgan
$2.5 trillion Citigroup America Chase 8%
larly in the Bakken formation that the Fed considers risky or
of North Dakota. His Oklahoma maintain the associated high 2.0 Wells 6
Fargo
City-based company had out- capital levels, he has said. 1.5 Morgan Goldman 4
put of about 80 million barrels Firms that fund themselves Stanley Sachs
1.0 2
last year. with more capital, as opposed
The energy mogul’s personal to debt, can better weather 0.5 0
fortune remains heavily tied up losses. But they also can look 0 –2
in Continental stock, which has less profitable because profits ’06 ’10 ’15 ’07 ’10 ’15 ’10 ’15 ’07 ’10 ’15 ’10 ’15 ’10 ’14 ’10 ’15
twisted under the oil-price col- are measured against capital
lapse of the last 18 months. Mr. provided by investors. Source: SNL Financial Note: 2015 figures are through the third quarter; peak is the height of the time series, not of all time. THE WALL STREET JOURNAL.
Hamm owns 68% of the com- In the intensifying presi-
pany’s shares outstanding, a dential campaign, politicians pected, if not explicitly in- nomic Advisers. would be for MetLife or other has shrunk total assets by 17%
stake that has fallen from from the left and right have tended, consequences of To be sure, MetLife said the insurance firms. since the end of 2007, to $1.81
about $20 billion to less than been attacking large Wall tighter financial oversight that risk of increased capital re- Privately, some government trillion from $2.18 trillion. It
$5 billion during that time, his Street firms. And liberals such began with the 2010 Dodd- quirements “contributed to officials are questioning has jettisoned units consid-
company said. as Vermont Sen. Bernie Sand- Frank financial overhaul law. our decision,” suggesting whether MetLife’s decision ered risky or tangential—such
His views on a rapid oil re- ers, a contender for the Demo- “People are pretty happy other factors were at play as was entirely regulatory-driven as a Japanese company that
bound put him at odds with the cratic nomination, regularly with a large firm that we think well. While its plan would hive as opposed to driven by mar- runs call centers, or the sub-
call for “breaking up” the larg- is systemically important de- off some businesses that regu- ket considerations. prime lender OneMain Finan-
est banks. ciding to split itself into lators had flagged as risky, On the banking side, those cial—but it has also gotten rid
Once supply deficits Most officials, even under groups that aren’t,” said An- such as certain guaranteed an- at the very top of the size of units that some investors
begin, they can’t Democratic President Barack drew Metrick, a Yale Univer- nuities, that business was also spectrum have faced the most would have preferred they
Obama, won’t openly say they sity finance professor who facing profitability pressures stringent rules, and have made keep, like the wealth manage-
reverse quickly, want to go that far. Still, de- previously worked on the amid low interest rates. The a mantra of saying they want ment firm Smith Barney.
Harold Hamm says. velopments like the MetLife Dodd-Frank law while a staffer Fed also hasn’t yet specified to be smaller and simpler. —Rachel Louise Ensign
announcement amount to ex- at Obama’s Council of Eco- what the rules of the road Citigroup Inc., for example, contributed to this article.
analyst consensus as well as

with the market itself. Several
Wall Street analysts, including
Barclays PLC, recently marked
down year-end forecasts, with
BEER for companies and investors
have put a premium on liquidity.
Last year, companies sold
$181.6 billion in bonds in deals
some calling for oil to fall to Continued from the prior page that were bigger than $10 bil-
$20 a barrel. Those recently re- of SABMiller’s U.S. business to lion, nearly four times the
vised forecasts reversed more Molson Coors Brewing Co., amount during the previous
bullish calls for prices to re- which is slated to acquire Miller- year, according to data provider
bound in 2016. December Coors LLC in a $12 billion deal. Dealogic.
prices are currently trading in AB InBev will buy back the Before the sale, investors said
the market at around $38 a bonds at 101% of their face value they expected AB InBev to sell
barrel. if the SABMiller takeover isn’t roughly $30 billion in Wednes-
While his position as an oil completed by Nov. 11. The com- day’s deal.
executive may make his views pany has the option of extending But by early afternoon, in-
naturally more bullish than its window to May 11, 2017, if it vestors began to hear the com-
those on Wall Street, his role in provides written notice to bond- pany would increase the size of
the industry gives him insight holders, according to a prospec- the sale as the magnitude of the
on its condition and direction. tus. demand became known.
Mr. Hamm was especially The beer-bond binge might “You might have a harder
critical of the decision by the not be over yet. Investors said time doing a $500 million deal
Organization of the Petroleum AB InBev could seek to sell more than a $35 billion deal,” said
Exporting Countries and Saudi bonds in foreign currencies Tom Murphy, head of invest-
YVES HERMAN/REUTERS
Arabia to defend their market overseas, such as British pounds ment-grade credit at Columbia
share by pumping at elevated or euros, to help pay the rest of Threadneedle Investments, add-
rates despite the growing SABMiller’s price tag. ing that market participants
global glut. Massive bond offerings have would be less focused on a
He portrayed that effort as a become increasingly common in smaller sale.
direct attack on the U.S. oil in- recent years, as ultralow interest —Ben Eisen
dustry but said its member AB InBev could seek to sell more bonds overseas to help pay the rest of SABMiller’s price tag. rates reduced borrowing costs contributed to this article.
countries now are suffering for
the results more than the U.S.
itself.
“We have to support a com-
pany,” Mr. Hamm said. “They
have to support a country.”
FUNDS and will benefit from a rising-
interest-rate environment. A
new online ad from Boston-
based Fidelity Investments
Humans vs. Clones
Actively and passively managed
funds have traded performance
their benchmarks last year, at
46.7%, up from 26.9% in 2014.
“The market was very
choppy last year and the main
while the average passive fund
was down 2.3%. The S&P 500
fell 0.7% for the year.
Outflows from all actively
OPEC’s move also played Continued from the prior page says that “active management victories in recent years. way to outperform was to buy managed funds accelerated
into the U.S. oil industry’s ef- The moves have boosted works around the globe.” good companies when they fell during the second half of the
fort to lift the four-decade ban companies such as indexing pi- Rising interest rates will 40% Annual total return out of favor,” said Joshua year as markets turned more
on American oil exports, he oneer Vanguard Group, while likely make it easier for other Spencer, manager of the T. volatile following a stock slide
said. Mr. Hamm was one of the hurting firms that have long active managers to beat their Rowe Price Global Technology in China and a decline in the
most outspoken industry advo- been synonymous with their benchmarks in the coming 20 Fund, the top-performing value of U.S. junk bonds. In De-
cates in favor of lifting the ban, star stock pickers. Vanguard years, said Brian Hogan, presi- stock fund in 2015. The fund cember, investors took a net
which U.S. producers wanted last year attracted an industry dent of Fidelity’s equity divi- returned 21.1% during the year, $14.5 billion out of actively
badly so they could fetch record inflow of $236 billion. sion, which manages about 0 according to Morningstar. managed U.S. stock funds, add-
higher prices in global markets The $413.8 billion collected $800 billion in assets. The advantage for active ing to the $19.8 billion inves-
for their oil. by all index funds in 2015 was “We have been a good –2.2% managers over passive rivals tors yanked out of such funds
“We couldn’t have gotten the second-highest haul ever, house in a bad neighborhood Actively came from funds focusing on in November.
–20 managed –2.7%
the export ban lifted without after 2014. over the last five years. My international stocks and those Some of the money pulled
them doing what they did to us Several money managers sense is that the neighborhood Passively using hedge-fund-like strate- out of these mutual funds
managed
last year,” Mr. Hamm said. that derive the majority of is turning,” Mr. Hogan said. gies, according to the data. likely found its way back into
–40
While exports are still in their revenue from actively The average Fidelity equity But in more-standard stock stocks through exchange-
their nascent stage and are managed funds, including Alli- fund outperformed its bench- 2008 ’09 ’10 ’11 ’12 ’13 ’14 ’15 and bond funds, passive man- traded funds or other passive
starting with Europe, U.S. oil anceBernstein LP, MFS In- mark by 1.78 percentage points Source: Morningstar agers did better. stock funds. Traders and
executives believe that future vestment Management and net of fees in 2015, according THE WALL STREET JOURNAL. The average actively man- money managers also say
sales could go as far as Latin Franklin Resources Inc., are to a spokeswoman, making last aged taxable-bond fund lost some went to bonds and some
America and even Asia. striking back by publishing re- year the best for stock-fund tively managed open-end 1.8%, while the average passive remains in cash.
He added that with U.S. exports on the benefits of hand- performance at the firm since funds tracked by Morningstar fund lost 0.2%. The Barclays But the withdrawals have
ports poised to gain global picking stocks and bonds. 2009. across all categories lost 2.2% U.S. Aggregate Bond Index, exacerbated the sharp declines
market share, he viewed OPEC They argue that active fund The better performance by on average during 2015, less which tracks the performance in the stock market in 2016,
as “almost a nonentity” that is managers outperform passive active managers in 2015 came than the 2.7% loss recorded by of broad swaths of investment- traders say. Even if money
losing its ability to dictate funds over longer periods, will as volatility and a stock-mar- passively managed funds. A grade bonds, returned 0.55%. managers were inclined to buy
market prices as it has for be able to stand out as more ket downturn provided more larger percentage of actively The average actively man- dips in the broader indexes,
many decades. money flows into index funds chances to cushion losses. Ac- managed stock funds also beat aged stock fund lost 2.9%, they have less money to do so.
THE WALL STREET JOURNAL. * * * * Thursday, January 14, 2016 | C3
GLOBAL FINANCE
In China, the Visible Hand
BY SHEN HONG through government-affiliated that in July, the bourse sent a Regulatory Commission
Market Whispering
When Chinese stocks plummet, regulators step up a behind-the-
scenes campaign to get companies, fund managers and brokers to
support the market.
July 4 July 8 Jan. 7
funds. letter demanding the company couldn’t be reached for com- 5500 June 30, 2015 July 9 Jan. 4-13, 2016
As Chinese markets sank The hand of the regulators release a statement saying its ment.
last week, corporate China ap- was most apparent last sum- controlling shareholders Market watchers say it isn’t Shanghai Composite
5000
peared to be rallying to their mer, when a 43% plunge in the wouldn’t unload stock. Last clear how effective such inter-
support. Shanghai Composite Index over week, the exchange was more vention is. Stocks slid last year 4500
At least 75 Chinese compa- slightly more than two months low-key, he said, calling to urge despite a similar chorus of
nies issued statements during was accompanied by dozens of the company to release another prominent Chinese companies, 4000
the past week and a half, say- declarations by brokerage statement to set an example brokers and funds swearing off
ing their biggest shareholders firms and fund managers ab- for other firms. stock sales. 3500
would be holding on to their juring stock sales, as well as The flurry of companies de- In recent days, exchange of-
stakes to protect investors’ in- huge purchases of shares in claring their support for the ficials have sought statements 3000
terests. market in recent days shows of market support from smaller
Officially, the companies Chinese regulators haven’t listed companies rather than 2500
were acting spontaneously. But
Companies were given up on behind-the-scenes big state-run firms, because it 2015 ’16
privately, people close to Chi- urged by exchange efforts to guide the direction of would look more spontaneous JUNE 30, 2015 JULY 8
nese regulators as well as some stocks. from them, a person familiar u 13 leading Chinese private-equity u 111 state-owned enterprises
of the companies themselves
officials not to sell “We issued the statement with regulators’ deliberations fund managers issue statements pledge not to reduce shareholdings.
said they were prompted to is- shares amid a rout. because the [Shenzhen] ex- said. vowing to stay bullish.
JULY 9
sue the statements by exchange encouraged listed firms Over the past few months, JULY 4 u The regulatory commission bans
change officials, who had called to maintain shareholdings,” the national team has shifted u 28 companies “voluntarily” major shareholders, those with stakes
and asked them for expressions bellwether Chinese stocks by a said an executive at LED-device investments away from blue suspend IPOs. The China Securities of 5% or more, from selling shares for
of support. In many cases, the shadowy group of firms known maker Shenzhen Jufei Opto- chips and into a wider variety Regulatory Commission suspends IPO six months.
issuance.
statements contained similar as the “national team.” electronics Co. “You can think of stocks, including small JAN. 4-13, 2016
or nearly identical language. Brokers, company executives of this as a concerted effort by listed firms, said another per- u 21 big brokerages set up a 120 u At least 75 companies promise
The behind-the-scenes activ- and people close to Chinese listed firms to voluntarily sta- son familiar with policy mak- billion-plus yuan fund to purchase that major shareholders won't reduce
stock. They promise not to sell shares stakes.
ity reflects the secretive, unof- regulators say tactics have be- bilize the market.” ers’ deliberations.
in proprietary trading when
ficial side to Chinese regula- come more subtle during the The executive later back- CSFC also has stopped mak- Shanghai's benchmark is below JAN. 7
tors’ attempts to bolster the recent market downturn. The tracked and said the statement ing purchases through ac- 4,500. u The regulatory commission issues
country’s sagging stock mar- national team hasn’t been mak- didn’t come at the behest of counts in its name at big Chi- new rules restricting share sales by
u 25 fund managers pledge to major shareholders.
kets. The regulators’ varied ar- ing the high-profile buys of six regulators. Privately, a number nese brokerages and switched
subscribe to more equity funds and
senal includes tactics such as months ago, and regulators of firms that issued similar to investing through small, hold for at least one year.
Sources: China Securities Regulatory
Commission, Securities Association of China
phone calls from exchange offi- have been less overt in their re- statements said they had done scattered mutual funds—moves and the State-Owned Assets Supervision &
cials to big holders of shares, quests for cooperation. so at the urging of Shenzhen that make its buys harder to u The controlling shareholders of 28 Administration Commission and Asset
companies on the startup-heavy Management Association of China (timeline);
urging them not to sell, as well An executive at one environ- exchange officials. detect, the person said. ChiNext board promise not to sell Shanghai and Shenzhen Stock Exchanges;
as pumping hundreds of bil- mental-technology firm listed Officials at the Shenzhen ex- —Yifan Xie shares. WSJ Market Data Group
lions of yuan into the markets on the Shenzhen exchange said change and the China Securities contributed to this article. THE WALL STREET JOURNAL.
Wagers Against Yuan Face Risk From Central Bank

BY MIA LAMAR ment LP is one of Wall against the yuan late last year the currency bounce back as set the rate at which it trades Many said they expect the
AND ANJANI TRIVEDI Street’s most successful firms. in the so-called offshore mar- much as 2.9% from its weakest in the domestic market stron- yuan to gradually weaken as
They also have underscored ket for the currency, convinced level last week. ger against the dollar. The cur- the PBOC grapples with giving
HONG KONG—In mid-No- one big risk faced by those it was set for another fall “It’s a risky trade,” said Al- rency’s different paths in the market forces a bigger role to
vember at the Grand Hyatt ho- betting against the yuan: the against the dollar following len Sing, a portfolio manager two markets means the gap allow the yuan to decline
tel in Midtown Manhattan, chance the People’s Bank of the International Monetary at SAIL Advisors Ltd. in Hong between the yuan’s value at against the U.S. dollar.
prominent hedge-fund inves- China could intervene at any Fund’s decision on Nov. 30 to Kong, which invests in hedge home and abroad is widening “Certainly the PBOC has
tor David Tepper told an audi- time to stem the currency’s add the yuan to its elite basket funds. “It’s a bet against policy again, a trend that spurred the discovered a new way of man-
ence gathered to hear money- fall. of reserve currencies. intervention, which doesn’t PBOC’s heavy intervention in aging the currency, which is
making ideas that “the Now, following the PBOC’s The offshore yuan slid as make sense in this environ- the offshore market beginning through liquidity,” said one
problem with China right now successful fight back against much as 2.7% in the first four ment.” late last week. hedge-fund manager that has
is they have a very overvalued what it has called “specula- trading days of the year, a ma- Early Thursday in China, After 2016’s rocky start, in- been betting against the yuan.
currency.” tors” driving down the yuan’s jor move by currency market the yuan fell sharply in the vestors and traders say they “The difficult part is what’s
The Chinese currency’s gy- value, the question is whether standards. offshore market, wiping out now expect a period of calm next. I think we stay in a
rations so far this year have in the markets will continue to But from last Friday on- some of the gains the currency and are reluctant to place new pretty stable zone.”
part borne out forecasts made test the central bank’s resolve. ward, heavy yuan buying by made earlier in the week. The bets just yet. Sentiment to- A spokesman for Mr. Tep-
by the likes of Mr. Tepper, Investors from New York to Chinese state-owned banks— yuan’s fall in the offshore mar- ward the yuan, though, re- per declined to comment on
whose Appaloosa Manage- Hong Kong stepped up bets prompted by the PBOC—saw ket came even after the PBOC mains fragile. his bets against the yuan.
turns for shareholders. The U.S. successfully sued Argentina in

Finance was considered because of its
large economy and strong regu-
U.S. courts.
“The Argentine government
Watch latory regime. The possibility of
relocating there has been side-
has committed itself to making
an offer to solve the judicial dis-
lined in part because of the rela- pute during the week of January
tively small size of HSBC’s 25, expecting that at the same Get instant access to markets data and business news when you’re on EXCLUSIVELY
American business and because time the other party will present the go. With real-time tickers, graphs and news alerts, it’s your instant FOR
a U.S. tax on stock dividends its own negotiating proposal,”
markets briefing delivered straight to your iPhone. If it’s worth knowing, SUBSCRIBERS
HSBC HOLDINGS would hit many foreign HSBC the ministry said in a two-para-
shareholders, the people said. graph statement. it’s in the What’s News App.
Headquarters Move —Margot Patrick, In brief comments to report-
To U.S. Is Unlikely Max Colchester ers after the talks, Finance Sec-
HSBC Holdings PLC probably retary Luis Caputo said that all
won’t be moving its headquar- ARGENTINA DEBT major creditors were present at
ters to the U.S. the meeting and that he planned
Ahead of an update next
Hedge Funds to Get to fly back to Argentina on
month, when the bank may clar- Offer This Month Thursday without holding addi-
ify its plans on a potential new Argentina’s Finance Ministry tional talks. The meeting in-
home, officials have all but ruled said late Wednesday it will cluded representatives of U.S.
out moving to the U.S. The bank make an offer to U.S. hedge hedge funds, including Elliott
will likely decide this year be- funds later this month to end a Management Corp., which is
tween staying in London or relo- legal standoff that has locked headed by Paul Singer, and Au-
cating to either Hong Kong or the country out of global credit relius Capital Management LP,
Paris, people familiar with the markets for more than a decade. which sued Argentina after it
matter said. HSBC’s board is re- Plans to make the offer come declined to pay them in full for
viewing whether it should leave after Argentina on Wednesday bonds bought after Argentina
the U.K. and shift to a country resumed talks in New York with defaulted on them in 2001.
where it can make better re- a group of hedge funds that had —Taos Turner
Dividend Changes Amount Payable /

Company Symbol Yld % New/Old Frq Record
Dividend announcements from January 13.
Amount
Funds and investment companies
Payable /
Company Symbol Yld % New/Old Frq Record Abeerden Asia-Pacific FAX 9.5 .035 M Jan28 /Jan21
Aberdeen Global FCO 11.4 .07 M Jan28 /Jan21
Increased Boulder Grwth & Inco BIF 5.6 .033 M Jan29 /Jan22
Black Hills Un BKHU 7.1 .9688 /.73194 Q May01 /Apr16 MS Income Secs ICB 3.2 .045 M Jan29 /Jan22
Delphi Automotive DLPH 1.7 .29 /.25 Q Feb29 /Feb17 Pacholder Fund PHF 10.0 .05 M Jan29 /Jan27
Standard Motor Products SMP 1.9 .17 /.15 Q Mar01 /Feb16
Foreign
Initial Tsakos Energy 8% Pfd B TNPpB 9.2 .50 Q Feb01 /Jan29
Black Hills Un BKHU 7.1 .73194 Q Feb01 /Jan15 Tsakos Energy Pfd C TNPpC 10.6 .55469 Q Feb01 /Jan27
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: Special
semiannual; S2:1: stock split and ratio; SO: spin-off. Ford Motor F 4.9 .25 Mar01 /Jan29
Exchange-Traded Portfolios | WSJ.com/ETFresearch

Largest 100 exchange-traded funds, latest session Closing Chg YTD Closing Chg YTD
ETF Symbol Price (%) (%) ETF Symbol Price (%) (%)
Wednesday, January 13, 2016
iShMSCIEurozoneETF EZU 32.81 –1.97 –6.4 SchwUS LrgCap SCHX 44.87 –2.52 –7.6
Closing Chg YTD
ETF Symbol Price (%) (%) iShMSCIGermanyETF EWG 24.25 –2.49 –7.4 SPDR DJIA Tr DIA 161.35 –2.18 –7.3
iShMSCIJapanETF EWJ 11.36 –0.87 –6.3 SPDR GldTr GLD 104.72 0.49 3.2
AlerianMLPETF AMLP 9.71 –6.27–19.4 iShMSCIUSAMinVol USMV 39.87 –1.58 –4.7 SPDR S&PMdCpTr MDY 231.66 –2.70 –8.8
CnsmrDiscSelSector XLY 72.48 –3.37 –7.3 iShNasdaqBiotech IBB 280.14 –5.42–17.2 SPDR S&P 500 SPY 188.83 –2.49 –7.4
CnsStapleSelSector XLP 48.84 –1.83 –3.3 iShNatlAMTFrMuniBd MUB 111.21 0.04 0.5 SPDR S&P Div SDY 69.02 –1.75 –6.2
DBGoldDoubleLgETN DGP 19.33 0.89 6.6 iShRussell1000Gwth IWF 91.68 –2.94 –7.8 TechSelectSector XLK 39.73 –2.69 –7.2
DBGoldDoubleShrt DZZ 8.30 –0.95 –6.4 iShRussell1000ETF IWB 104.60 –2.56 –7.7 UtilitiesSelSector XLU 43.15 –0.05 –0.3
DeutscheXMSCIEAFE DBEF 25.31 –1.52 –6.8 iShRussell1000Val IWD 90.51 –2.12 –7.5 VangdInfoTch VGT 99.20 –2.80 –8.4
EnSelectSectorSPDR XLE 53.66 –2.40–11.0 iShRussell2000Gwth IWO 122.61 –3.71–12.0 VangdHlthCr VHT 120.50 –3.17 –9.3
–2.60 –8.9
REAL-TIME IN NO TIME.
FinSelSectorSPDR XLF 21.72
iShRussell2000ETF IWM 100.38 –3.21–10.9 VangdSmCapValue VBR 89.64 –2.74 –9.2
FTDorseyWrightFoc5 FV 21.01 –3.62–10.6 iShRussell2000Val IWN 83.02 –2.82 –9.7 VangdDivApp VIG 73.25 –1.88 –5.8
FstTrDJIntrnt FDN 65.82 –4.18–11.8
iShRussell3000ETF IWV 110.71 –2.62 –8.0 VanguardFTSEDevMk VEA 34.14 –1.50 –7.0
GuggenheimSP500EqW RSP 70.30 –2.51 –8.3
HealthCareSelSect XLV 66.05 –2.97 –8.3
iShRussellMid-Cap IWR 146.61 –2.66 –8.5 VanguardFTSEEmgMk VWO 29.64 –1.13 –9.4
IndSelSectorSPDR XLI 48.94 –2.41 –7.7
iShRussellMCValue IWS 63.12 –2.23 –8.1 VanguardFTSEEurope VGK 46.38 –1.90 –7.0
iShIntermCredBd CIU 107.97 0.19 0.6 iShS&PMC400Growth IJK 147.42 –2.74 –8.4 VangdAllWldxUS VEU 40.06 –1.57 –7.7
iSh1-3YCreditBond CSJ 104.71 0.04 0.1 iShS&P500Growth IVW 107.13 –2.79 –7.5 VangdGrowth VUG 97.85 –2.98 –8.0
iSharesTIPSBondETF TIP 110.34 0.21 0.6 iShS&P500ValueETF IVE 81.99 –2.12 –7.4 VangdHiDivYld VYM 62.50 –1.87 –6.4
iSh3-7YTreasuryBd IEI 124.13 0.20 1.2 iSharesUSPreferred PFF 38.35 –0.65 –1.3 VngdInter-Term BIV 84.18 0.32 1.3
iShCoreMSCIEAFEETF IEFA 50.47 –1.64 –7.2 iSh1-3YTreasuryBd SHY 84.65 0.06 0.3 VangIntrCorpBd VCIT 84.67 0.22 0.7
iShCoreMSCIEmgMk IEMG 35.90 –1.07 –8.9 iSh7-10YTreasuryBd IEF 107.71 0.39 2.0 VangdLgCap VV 86.41 –2.52 –7.6
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iShCoreS&P500ETF IVV 189.79 –2.43 –7.4 iSh20+YTreasuryBd TLT 124.99 0.99 3.7 VangdMdCap VO 109.21 –2.79 –9.1
iShCoreS&PMdCp IJH 127.08 –2.65 –8.8 iShChinaLarge-Cap FXI 30.82 –1.85–12.7 VangdReit VNQ 76.27 –1.43 –4.3
iShCoreS&PSmCpETF IJR 99.66 –2.72 –9.5 iShRussellMCGrowth IWP 83.68 –3.10 –9.0 VanguardS&P500 VOO 173.11 –2.45 –7.4
iShCoreUSAggBd AGG 108.84 0.23 0.8 MktVectorsBiotech BBH 108.09 –4.83–14.9 VangdShrtTrm BSV 79.98 0.11 0.5
iShSelectDividend DVY 71.58 –1.50 –4.8 MktVectorsOilSvcs OIH 22.54 –3.05–14.8 VangShrtCorpBd VCSH 79.09 0.03 0.1
iSharesGold IAU 10.57 0.48 3.3 MktVectorsPharm PPH 59.73 –2.26 –8.5 VangdSmCap VB 99.69 –2.99 –9.9
iShiBoxx$InvGrCpBd LQD 114.88 0.31 0.8 MktVectorsRetail RTH 71.91 –3.42 –7.5 VangdTtlBndMkt BND 81.36 0.25 0.7
iShiBoxx$HYCpBd HYG 78.60 –1.11 –2.5 MktVectorsSemi SMH 47.94 –2.94–10.0 VanguardTtlIntlStk VXUS 41.71 –1.37 –7.5
iShMBSETF MBB 108.56 0.07 0.8 PwrShrs QQQ QQQ 101.90 –3.45 –8.9 VangdTtlStock VTI 96.04 –2.58 –7.9
iShMSCIACWIETF ACWI 51.51 –2.03 –7.7 PS SP500LoVoltlPrt SPLV 36.65 –1.50 –5.0 VangdTotlWrld VT 53.00 –2.23 –8.0 © 2016 Dow Jones & Co., Inc. All rights reserved. 3DJ2115
iSharesMSCIEAFESC SCZ 46.55 –1.42 –6.8 SPDRBarclaysHiYdBd JNK 33.06 –1.34 –2.5 VangdValue VTV 75.67 –2.08 –7.2
iSharesMSCIEAFEETF EFA 54.56 –1.55 –7.1 SchwIntlEqty SCHF 25.57 –1.54 –7.2 WisdomTreeEurope HEDJ 49.92 –2.40 –7.2
iShMSCIEmgMarkets EEM 29.25 –1.05 –9.1 SchwUS BrdMkt SCHB 45.15 –2.53 –7.9 WisdomTreeJapanHdg DXJ 45.81 –0.67 –8.5
C4 | Thursday, January 14, 2016 * *** THE WALL STREET JOURNAL.
IN THE MARKETS
Pound Falls on Global Gloom Goldman
BY TOMMY STUBBINGTON
Plans Job Cuts
In Fixed-Income Area cember meeting—at which it
Weak Start raised interest rates for the BY JUSTIN BAER 60%, and you need to con-
The British pound tumbled The pound has slumped against the dollar this year. first time in nearly a decade— stantly adjust.”
to a more than 5½-year low How many dollars £1 buys* show U.S. officials worried Goldman Sachs Group Inc. Morgan Stanley, one of
this week, as concerns about about weak growth overseas. is planning to cut up to 10% of Goldman’s closest rivals,
China help push back expecta- $1.70 But U.K. central bankers ap- its fixed-income traders and moved to shed 1,200 people,
tions of a long-anticipated in- pear to be particularly sensi- salespeople later this quarter, including some 25% of its
terest-rate increase in the U.K. tive to a slowdown in China a steeper-than-usual pruning fixed-income traders and
When the U.S. Federal Re- 1.60 and to the commodity bust. of the firm’s least-productive salespeople, last month. And
serve raised interest rates last The BOE in November signaled employees, according to peo- some of the biggest European
month, the that gloomier prospects for ple familiar with the matter. banks have appointed new
CURRENCIES Bank of Eng- 1.50 the world economy had made Goldman annually sheds chief executives who are
land was ex- the need for higher interest about 5% of its total workforce widely expected to retreat
pected to be rates less urgent, backing in March, often to make room from the debt markets.
the first central bank in a ma- 1.40 away from Mr. Carney’s hints for new hires. This year, Debt traders faced a diffi-
jor economy to follow, and earlier last year that a rate though, the New York firm is cult second half of 2015, with
’10 ’11 ’12 ’13 ’14 ’15 ’16
soon. Then came China-linked rise was getting closer. preparing to make deeper cuts concerns over economic
market turmoil. Now, the Source: WSJ Market Data Group THE WALL STREET JOURNAL. Weak U.K. industrial output within its debt, currencies and growth, commodity prices and
BOE’s return to raising rates data on Wednesday com- commodities division, a busi- public policy leaving many in-
may be on hold, as it, and of currency at London-based tral banks contemplating lift- pounded worries that the Brit- ness whose prospects have vestors less willing to take
other central banks, assess the asset manager Insight Invest- ing rates has left sterling vul- ish economy, the world’s fifth dimmed with the onset of new risks.
effects of lower growth in the ment. “That hasn’t happened nerable. The currency had biggest, is at risk. regulations on bank risk tak- “These issues,” Barclays
world’s No. 2 economy. at all.” rallied on expectations of Further casting a shadow ing and capital, the people PLC bank analysts
Expectations of rising inter- Derivative contracts linked higher rates, which attract in- over the currency, is an EU said. wrote Wednesday in a re-
est rates boost currencies as to future interest rates indi- vestors seeking higher yields. referendum that could come The cuts will affect no more search note, “appear to be
money flows in looking for cate investors aren’t now ex- The prospect of further Fed as soon as this year, and could than 250 people, the people continuing into” 2016.
higher returns. That happened pecting a rate increase until rate rises continues to make result in the U.K. leaving the said. “I’m going to rely on Gold-
to the pound, leaving it vul- May 2017, according to UBS. the dollar attractive. Curren- trading bloc. While most ana- Many of the world’s largest man management to know the
nerable to disappointment. At the end of 2015, that expec- cies such as the euro and the lysts believe the British will banks have shrunk their fixed- difference between fat, and
Sterling slumped to tation was for October of this yen tend to rise in times of vote to stay in Europe, few are income trading businesses, muscle and bone,” Mr. Schorr
$1.4352 on Tuesday in London year. market stress, mainly as inves- discounting the chance and all both in head count and in the added. “It’s a very difficult
trading, the lowest since May The pound’s poor start to tors bring home money that warn of a protracted period of bonds and other securities balancing act.”
19, 2010. 2016 is also due to specific do- was borrowed in these curren- uncertainty. they keep on their books, to Even Goldman, one of the
Since the middle of last mestic factors, including dis- cies to invest in other regions. In other currency trading help lift returns weighed down few big banks to tout its con-
month, the pound has been appointing economic data and That makes the pound one Wednesday, the dollar fell 0.2% by the extra capital they are tinued commitment to the
the worst performer among worries that a coming referen- of the few obvious major cur- against the euro to $1.0877. It now required to hold. debt markets, has trimmed
the major globally traded cur- dum on the U.K.’s membership rencies to sell when a global was little changed at ¥117.68. The move by Goldman un- some employees and assets.
rencies, including those in the European Union could growth scare hits. derscores how difficult condi- On a conference call with ana-
weighed down by the plunging hurt the economy. “The pound has been a vic- tions are in bond trading. The lysts in October, after the firm
price of commodities, such as The U.K. has been among tim of unrequited expectations AUCTION RESULTS firm historically has made out- had reported a drop in fixed-
Here are the results of Wednesday's Treasury
the Canadian and Australian the fastest-growing developed about monetary policy,” said auction. All bids are awarded at a single price at the size profits in that business income trading revenue, Gold-
market-clearing yield. Rates are determined by the
dollars. economies in recent years, the Neil Mellor, a currency strate- difference between that price and the face value. and has remained more com- man finance chief Harvey
In late New York trading on reason that central bankers gist at BNY Mellon. “Last year, NINE-YEAR, 10-MONTH NOTES mitted to the debt markets Schwartz noted the firm had
Wednesday, the pound was were expected to raise rates. [BOE Gov. Mark] Carney Applications $58,132,399,600 than many peers. cut more than 10% of its fixed-
Accepted bids $21,000,041,600
down 0.3% on the day at But investors say growing dusted off his hawkish rheto- " noncompetitively $19,469,600
“If any company in the income staff over several
$1.4407. fears over China have clouded ric, but then oil and China " foreign noncompetitively $0 business wasn’t doing some years and reduced its balance
Auction price (rate) 101.412894
“There was a feeling that the prospects for a U.K. rate came along.” (2.090%)
version of this, that would be sheet by 20%.
once the Fed got moving, ex- rise. While Britain isn’t alone The BOE isn’t the only bank Interest rate 2.250% a bigger question,” said Glenn “In this part of the cycle,
Bids at clearing yield accepted 36.29%
pectations for the Bank of Eng- in being exposed to a global to display nerves over Chinese Cusip number 912828M56
Schorr, an analyst with Ever- we have been very disciplined
land would get pulled for- growth slowdown, the BOE’s weakness and falling commod- The notes, dated Jan. 15, 2016, mature on Nov. 15, core ISI. “We’ve had an indus- about how we manage those
ward,” said Paul Lambert, head status as one of the few cen- ities. Minutes of the Fed’s De- 2025. try revenue pool go down by resources,” Mr. Schwartz said.
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 Stock
52-Wk %
Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg Stock
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Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock FleetCorTechs FLT 116.86 -5.3 IronMountain IRM 25.04 -1.2 MyersIndustries MYE 11.89 -4.5 RoyceGlbValueTr RGT 6.59 -2.2 USACompressionPtrs USAC 8.94 -9.2 DeutscheXMSCIAWxUS DBAW 21.44 -1.7
Market stocks that hit a new 52-week intraday high or low in the latest session. FlotekIndustries FTK 7.80 -7.5 IsraelChemicals ICL 3.82 -5.7 NCR NCR 19.70 -3.2 RycMcroCap RMT 6.34 -4.3 USDPartners USDP 5.32 -4.7 DeutscheXMSCIBrazl DBBR 7.41 -1.0
% CHG-Daily percentage change from the previous trading session. ForesightEnergy FELP 1.85 ... iStarFnl pfE STARpE 21.60 -1.1 NOW DNOW 13.07 -2.8 RoyceValTr RVT 10.16 -3.5 USG USG 19.82 -5.8 DirexnBrazilBull3X BRZU 8.30 -6.4
Wednesday, January 13, 2016 ForestarGroup FOR 8.86 -3.5 iStarPfdD STARpD 21.48 -4.6 NtlOilwellVarco NOV 29.01 -4.4 RymanHospitality RHP 43.96 -7.5 UltraPetroleum UPL 1.59 1.2 DrxDevMktBull 3x DZK 39.68 -4.5
52-Wk % 52-Wk % 52-Wk % FortressInvtA FIG 4.04 -8.9 iStarPfdF STARpF 21.20 -2.0 NtrlResPtnrs NRP 0.84 0.5 SEACORHoldings CKH 43.73 -2.9 Unisys UIS 8.83 -7.7 DrxEmMktBull 3x EDC 8.50 -3.4
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg FortressTransport FTAI 8.78 -1.8 iStarPfdI STARpI 20.94 -1.4 NavigatorHoldings NVGS 11.35 -2.6 SM Energy SM 12.67 -13.3 Unit UNT 7.36 -9.1 DrxEnrgBull 3x ERX 15.80 -6.9
BkNovaScotia BNS 36.85 -2.6
Frank'sIntl FI 13.60 -3.5 iStar STAR 10.47 -1.4 NaviosMaritimeMid NAP 6.58 -1.2 STAGIndustrialPfd STAGpA 25.39 -1.3 UnitedContlHldgs UAL 47.76 -5.5 DirexionChBull3X YINN 11.49 -5.4
Comerica CMA 36.48 -4.8
NYSE highs - 13 BarclaysADR BCS 11.43 -3.3 CommunityHlthSys CYH 19.68 -10.5
FranklinResources BEN 32.94 -3.0 ItauUnibancoADR ITUB 5.94 -2.5 NaviosMaritime NMM 1.77 -13.2 SafeBulkers8%PfdC SBpC 6.57 -1.7 UtdParcel B UPS 90.10 -2.6 DirexFTSEEurBull3x EURL 19.38 -5.6
Furmanite FRM 5.26 -7.5 JMPGrpNt2023 JMPB 24.56 -0.8 NavistarIntl NAV 6.58 -5.2 SafeBulkersPfdD SBpD 6.29 -8.7 UnitedRentals URI 56.60 -5.8 DrxFinancBull 3x FAS 21.79 -7.8
BancofCADepPfdD BANCpD 26.45 0.3 Barnes&Noble BKS 8.05 -2.5 EngGr-Cmg ADR C CIG/C 1.27 -0.8
GAINCapHldgs GCAP 6.63 -7.8 JMPGroupNts2021 JMPC 24.14 -0.7 NeffClA NEFF 5.26 -2.8 SafeBulkers SB 0.33 -15.1 Univar UNVR 14.16 -2.5 DrxDlLtAmBull 3x LBJ 8.68 -2.5
BlRkMuyldPAAQlty MPA 15.61 1.3 BarnesGroup B 31.53 -4.0 COPELADR ELP 4.90 -3.4
GAMCOInvestorsClA GBL 25.95 -5.7 JanusCapitalGroup JNS 12.08 -6.3 Nelnet A NNI 29.62 -3.8 SafeguardSci SFE 12.17 -4.5 UnvlTechInst UTI 2.81 -5.2 DXNDlyNatGas3XBl GASL 2.70 -5.0
EaglePoint7%Nts20 ECCZ 25.00 0.3 BarracudaNetworks CUDA 9.92 -2.0 CSC CSC 28.68 -3.3
GATX GMT 35.48 -4.4 JohnHancockHdgFd HEQ 13.57 -2.1 NetSuite N 72.00 -4.5 SalientMidstream SMM 6.81 -10.5 UnumGroup UNM 29.15 -3.0 DirexnPharmBull2X PILL 28.11 -3.1
ExtrSpcStor EXR 91.99 -1.1 BeazerHm BZH 8.81 -7.0 ConchoResources CXO 76.89 -2.6
BerkHathwy A BRK/A189540 -1.8
GOLLinhasADR GOL 0.34 -12.1 JohnsonControls JCI 34.34 -3.5 NewGermanyFund GF 12.59 -1.2 SanchezEnergy SN 2.76 -7.2 VEREIT VER 7.13 -3.4 DirexRgBanksBull3X DPST 21.84 -11.1
GabelliMultimedia GGTpB 26.93 2.5 ConcordMedADR CCM 4.31 -6.1
GabelliConv GCV 4.35 -2.9 JonesEnergyClA JONE 2.74 -6.1 NewHome NWHM 9.90 -7.2 SanofiADR SNY 39.47 -2.1 VTTIEnergyPartners VTTI 16.15 -5.6 DirexnS&PBiotechBl LABU 9.47 -20.6
GldmnSachs pfB GSpB 26.30 -0.4 BillBarrett BBG 2.73 -10.9 ConocoPhillips COP 38.87 -3.1
GabelliDividend GDV 16.14 -3.4 JonesLangLaSalle JLL 139.64 -2.8 NewMountainFinance NMFC 11.47 -4.9 SantanderCnsmrUSA SC 13.23 -3.0 ValeADRClAPfd VALE/P 1.72 -4.4 DirexionS&POil&Gas GUSH 3.58 -9.8
NuvMuniInco NMI 13.12 0.9 BlkRkEngyResTr BGR 10.93 -2.6 ConsolEnergy CNX 5.77 -9.7
BlkRkGlOpEqTr BOE 11.51 -1.5 ContinentalBldg CBPX 14.50 -5.7
GabelliTr GAB 4.74 -2.5 JoyGlobal JOY 8.71 -2.8 NewResidentialInvt NRZ 10.21 -8.2 SasolADR SSL 23.22 -1.7 ValeADR VALE 2.21 -5.9 DrxSmlCapBull 3x TNA 43.56 -9.6
PublicStorage PSA 254.66 -0.3 GabelliGlbMultMed GGT 6.78 -3.7 KCAP7.375%SrNt2019 KAP 24.34 -0.6 NewcastleInvt NCT 3.32 -10.5 ScorpioBulkers SALT 2.83 -19.5 ValleyNatlBancorp VLY 8.57 -3.5 DirexionValLnS&MC VLSM 21.08 -1.8
QwestNts2054 CTV 26.99 -0.7 BlkRkIntlGrInco BGY 5.76 -0.9 ContinentalRscs CLR 19.43 -6.5
GabelliHlthcrTr GRX 9.39 -2.4 KTADR KT 11.30 -0.4 Nwcastle pfB NCTpB 18.13 -12.7 ScorpioTankers STNG 5.64 -7.8 Vectrus VEC 19.56 -8.0 DirexionZacksMLPHi ZMLP 14.32 -5.2
SovranSelfStorage SSS 112.11 -0.1 BlackRckRscComStr BCX 6.01 -1.5 Costamare CMRE 7.45 -3.3
BlackstnGSOSrFloat BSL 14.35 -1.3 CrawfordA CRD/A 4.07 -7.7
Gallagr AJG 36.99 -2.3 K12 LRN 7.20 -9.4 Newcastle pfC NCTpC 17.35 -7.5 ScorpioTankersNt20 SBNA 19.00 -3.6 VeriFoneSystems PAY 23.19 -3.6 ETRACSMthPay2xLev CEFL 13.50 -4.1
TorchmarkDeb2052 TMKpB 26.01 -0.1
BlackstoneGroup BX 24.21 -2.9
GasLog GLOG 6.22 -1.7 Kadant KAI 36.11 -4.6 NewcastleInv pfD NCTpD 16.75 -15.1 SeaDrill SDRL 2.38 -5.9 VirtusTotalRetFd DCA 3.46 -1.1 ETRACSMthPay2xLev DVHL 14.15 -5.2
WstAstMuniPtnr MNP 16.16 0.1 Crawfrd B CRD/B 4.37 -7.4
GasLogPerpPfdA GLOGpA 14.76 -9.9 KSCitySo KSU 67.74 -4.1 NewparkResources NR 4.36 -4.1 SeadrillPartners SDLP 2.56 -9.4 VMware VMW 51.66 -1.1 ETRACSMly2xDJRlEst RWXL 25.41 -4.2
ZionsBncpNt28 ZBK 29.02 -0.6 BluelinxHldgs BXC 0.30 -23.4 CreditSuisseADR CS 19.25 -2.8
BootBarnHoldings BOOT 7.28 -2.9 GasLogPartners GLOP 11.16 -5.9 KayneAndersonEnTR KYE 6.15 -10.3 NexPointCreditFd NHF 18.46 -3.1 Semgroup A SEMG 19.93 -11.5 voxeljetADR VJET 4.05 -2.4 ETRACSMortgageREIT MORL 10.93 -6.3
CryoLife CRY 9.40 -4.5
NYSE lows - 765 BorgWarner BWA 32.99 -9.5 CullenFrostBankers CFR 49.43 -5.4
Gazit-Globe GZT 8.66 -4.1 KayneAndersonMLP KYN 12.46 -6.8 NimbleStorage NMBL 7.13 -3.6 SensataTech ST 37.06 -5.7 VoyaEmgMkHiIncmDiv IHD 6.65 -0.1 ETRACS2xLevxEn LMLP 9.06 -4.5
BostonBeerClA SAM 166.32 -3.0 CushingEnIncmFd SRF 6.51 -4.8
GencoShipping GNK 1.03 -6.2 KayneAndMidstrEngy KMF 8.33 -11.3 Noble NE 7.83 -5.3 SensientTechs SXT 56.08 -4.2 VoyaFinancial VOYA 30.90 -3.7 ETRACSMthPay2xLev MRRL 11.27 -7.5
ACCOBrands ACCO 5.79 -3.8 Gener8Maritime GNRT 6.15 -8.5 Kemper Corp KMPR 32.86 -3.0 NordAngliaEduc NORD 15.02 -4.0 ShakeShackClA SHAK 31.31 -2.9
BoxClA BOX 10.50 -5.2 CushingTotRetFd SRV 8.55 -7.3
VoyaGlbAdvantage IGA 9.66 -1.8 ETRACSMthlyPay2x SMHD 10.76 -6.5
AES AES 8.57 -1.3 GenAmInv GAM 28.68 -2.0 KennedyWilson KW 19.54 -3.9 NordicAmerOffshore NAO 3.56 -4.8 ShopifyClA SHOP 21.25 -9.9 VoyaNaturalRscs IRR 4.73 -2.5
AES Tr pfC AESpC 48.77 -1.7 Briggs&Stratton BGG 15.84 -2.8 CushingRenaissance SZC 12.70 -3.6 ETRACSMnly2xLevISE HOML 15.49 -5.2
Bristow BRS 19.84 -4.8 CypressEnergyPtrs CELP 5.60 -2.5 GenlCbl BGC 10.50 -5.0 KenonHoldings KEN 9.11 -1.0 Nordstrom JWN 45.84 -2.5 SilverBayRealtyTr SBY 14.36 -0.4 WABCO Hldg WBC 87.00 -2.3 ETRACSS&P500VEQ VQTS 19.53 -1.7
AGMortgageInvt MITT 11.97 -3.3 GenDynam GD 128.82 -2.1 KeyEnergyServices KEG 0.20 -29.7 NorfolkSouthern NSC 70.09 -5.9 SimpsonMfg SSD 30.87 -3.1
BrookdaleSrLiving BKD 14.37 -7.0 DHTHoldings DHT 5.76 -8.9
W&TOffshore WTI 1.55 -8.2 ETRACS2xMS&PMLP MLPV 6.42 -12.8
AMCEntHldg AMC 21.65 -2.4 GeneseWY A GWR 45.39 -6.0
BrookfieldDTLAPfdA DTLAp 18.55 -1.8 DanaHolding DAN 11.56 -7.1 KeyCp KEY 11.57 -3.1 NortelInversoraADR NTL 13.50 4.6 SonicAutomotiveA SAH 18.09 -2.6 WEX WEX 71.71 -1.8 ETRACSUBSBloomberg UCIB 11.18 -2.5
ARCDocumentSolns ARC 3.40 -5.5 GenesisHealthcare GEN 2.72 -11.8 KeysightTechs KEYS 24.40 -3.2 NorthStarAssetMgmt NSAM 10.32 -5.6 SouthcrossEnPtrs SXE 0.63 -6.7 WPGLIMCHER WPG 9.72 -2.3
AVX AVX 10.58 -2.4 BrookfieldGlb INF 10.12 -3.1 DaVitaHlthcrPtrs DVA 65.95 -2.0 E-TRACS Engy UBN 5.31 -3.5
GenuineParts GPC 77.33 -2.8 KilroyRealty KRC 57.64 -1.5 NorthStarRealty NRF 12.91 -6.6 Sparton SPA 17.17 -5.7 WPXEnergy WPX 4.10 -4.0 E-TRACS CMCI UCI 11.15 -0.8
AberdeenSingapore SGF 7.95 -0.5 Brunswick BC 42.87 -5.6 DeckersOutdoor DECK 42.17 -3.1
GenworthFinClA GNW 2.32 -4.8 KinderMorgan KMI 12.75 -4.8 NuveenAllCapEnMLP JMLP 4.97 -6.8 Sprint S 3.05 -8.0 WPXEnergyPfdA WPXP 23.99 -3.4 EGBeyondBRICs BBRC 13.22 -0.4
Accuride ACW 1.06 -5.3 BuckleInc BKE 26.55 -1.3 DelEnhGlDivInc DEX 8.53 -1.7
CAIInternational CAI 7.02 -2.5 DelekLogisticsPtrs DKL 27.78 -5.5 GerdauADR GGB 0.85 -7.7 Kindred KND 8.45 -5.8 NuvCorEqAlpha JCE 13.02 -3.6 StJudeMedical STJ 54.98 -7.0 Wabtec WAB 61.27 -2.7 EGAEMDmestcDemand EMDD 16.01 -1.4
AdamsDivEquityFd ADX 11.82 -2.4
C&JEnergyServices CJES 2.84 -5.3 DelekUS Hldgs DK 19.41 -7.6
Gildan GIL 25.82 -2.7 Kirby KEX 45.31 -1.2 NuveenEnMLPTotal JMF 8.02 -7.3 Starrett A SCX 8.62 -4.9 Waddell&ReedFin WDR 23.31 -6.0 ElemntsRogrEngy RJN 1.95 -1.2
AdamsNaturalRscsFd PEO 15.35 -2.3
CBD Pao ADR CBD 8.14 -6.3 DelticTimber DEL 53.54 -1.8 Glatfelter GLT 15.29 -3.0 KnightTransport KNX 20.62 -3.9 NuveenGlbHiIncmFd JGH 13.00 -3.0 StrwdHtlRsrt HOT 60.75 -6.2 WeatherfordIntl WFT 6.02 -6.6 EnSelectSectorSPDR XLE 53.08 -2.4
AdvanceAuto AAP 141.76 -4.0
CBL Assoc CBL 11.21 -1.4 DeluxeCp DLX 50.77 -3.4
Glaukos GKOS 18.15 -26.0 Knoll KNL 16.94 -3.2 NuveenRealAsset JRI 14.02 -2.6 StateSt STT 56.72 -4.3 WellsFargoGlbDiv EOD 5.44 -2.3 EthoClimateLeader ETHO 22.51 -1.2
AdvDrainageSystems WMS 20.01 -4.9
CBREClarionGlb IGR 7.00 -2.2 Demandware DWRE 42.45 -4.7 GlobalNetLease GNL 6.38 -5.5 KoppersHoldings KOP 15.40 -3.1 NuvTaxAdv JTA 10.61 -2.2 StatoilADR STO 11.45 -2.0 WstAstEmergMkt EMD 9.23 -1.7 FIEnhancedEur50ETN FIEU 82.40 -4.1
AdvntClymrFd AVK 12.34 -3.4
CBRE Group CBG 29.05 -4.1 DeutscheGlbHiIncm LBF 7.13 -1.6
GlblPwrEquipment GLPW 3.13 -1.6 KoreaFund KF 29.50 0.5 NuvTaxAdDivGr JTD 12.62 -3.1 SteelPartnersHldgs SPLP 14.08 -4.9 WstAstGlHiInco EHI 8.26 -1.5 FidelityMSCIEn FENY 15.09 -2.1
AdvntClymrSecII AGC 5.01 -2.2 WesternAssetMort WMC 9.58 -4.2
CDI CDI 4.87 -4.4 DevonEnergy DVN 24.22 -3.6 GlobalShipLeaseClA GSL 2.20 -3.5 KronosWorldwide KRO 4.33 -5.0 OMAssetManagement OMAM 12.16 -5.0 Steelcase SCS 12.74 -4.1 FidelityMSCIMatls FMAT 21.50 -2.4
AegeanMarine ANW 6.24 -4.4
Goldcp GG 10.82 -2.4 KyoceraADR KYO 43.23 -0.5 OasisPetroleum OAS 5.36 -7.9 StewInfo STC 33.02 -5.7 WesternGasEquity WGP 29.27 -8.3 FinSvsSectorSPDR XLFS 27.79 -2.6
AerCapHoldings AER 35.83 -4.7 CEB CEB 53.92 -4.1 DiamondResortsIntl DRII 22.06 -3.7
CFIndustries CF 31.56 -2.4 GoldmanSachs GS 157.92 -4.1 LSBIndustries LXU 4.61 -7.3 OceaneeringIntl OII 31.97 -3.5 StifelFinancial SF 35.05 -5.3 WesternGasPartners WES 35.00 -7.2 FstTrEngyAlpDx FXN 11.46 -5.0
AffiliatedManagers AMG 130.00 -3.8 DiamndrckHspty DRH 8.21 -8.7
CGG ADR CGG 2.12 -8.5 DianaShipping DSX 2.15 -13.7 GSMLPEnergyRen GER 4.11 -10.0 LaQuintaHoldings LQ 11.21 -5.3 Olin OLN 15.59 -2.4 STMicroelectronics STM 5.95 -4.2 WesternUnion WU 16.51 -2.6 FTHeitmanPrmRlEst PRME 19.17 -3.4
AirLease AL 26.07 -4.3 WestlakeChemical WLK 43.45 -3.9
CIT Grp CIT 34.10 -3.3 DianaShip8.875PfdB DSXpB 8.82 -9.6 GoldmanSachsMLPInc GMZ 6.26 -9.1 LaZ Boy LZB 21.38 -4.9 OnDeckCapital ONDK 7.05 -13.9 StoneHarborEmMkts EDF 10.76 -3.8 FstTrISEGlblEngCon FLM 40.49 -0.5
AirProducts&Chems APD 118.39 -2.2
CNAFinancial CNA 33.23 -1.3 DianaShippingNts DSXN 14.13 -10.4 GoodrichPetroleum GDP 0.14 -22.4 LadderCapitalClA LADR 10.30 -8.6 OneLiberty OLP 20.17 -1.7 StoneHarbEMTotIncm EDI 10.14 -2.8 WestRock WRK 37.89 -1.0 FstTrISE NatGas FCG 3.46 -2.2
Alcoa AA 7.08 -2.1 Westwood WHG 44.51 -6.5
CNHIndustrial CNHI 6.13 -1.9 GovtPropIncoTr GOV 13.78 -1.4 LaSalleHtl LHO 21.45 -7.6 OneBeaconInsClA OB 11.72 -1.9 StonegateMortgage SGM 4.20 -7.1 FstTrMatAlpDX FXZ 25.31 -2.0
AlcoaDepPfdB1 AApB 25.41 -0.8 Diebold DBD 24.63 -4.5
CVRPartners UAN 6.35 -3.2 DiscoverFinSvcs DFS 49.16 -3.1 Graham GHM 14.39 -0.7 LaSalleHtlPropPfdH LHOpH 24.55 -1.8 OppenheimerHldgsA OPY 14.41 -4.4 SummitHotelProp INN 10.00 -6.4 Whirlpool WHR 129.68 -3.2 FTMidCapValue FNK 23.71 -3.2
Alexander&Baldwin ALEX 29.78 -2.5
CYSInvestments CYS 6.54 -3.2 DivRealAssetIncmFd DRA 14.38 -1.4 GrahamHoldings GHC 430.00 -2.7 LaSalleHotelPfI LHOpI 24.06 -3.1 Oracle ORCL 33.87 -3.6 SummitMaterialsClA SUM 15.57 -5.6 WhitingPetroleum WLL 5.90 -8.7 FTSTOXXEurSel Div FDD 11.50 -1.8
AlexREEq ARE 81.16 -2.7 WilliamLyonHomes WLH 12.14 -5.5
CalAtlanticGroup CAA 31.76 -2.1 DouglasDynamics PLOW 17.49 -3.1 Grainger GWW 184.88 -1.1 LatAmDiscv LDF 6.71 -0.2 OrionMarineGroup ORN 3.33 -0.9 SunLifeFinancial SLF 27.24 -2.5 FstTrVal100Fd FVL 18.12 -2.9
AllncBrnstnHldg AB 19.50 -5.7
Caleres CAL 23.30 -3.8 Ducommun DCO 13.33 -5.3 GrphPackHldg GPK 11.99 -1.3 LazardGlblFd LGI 11.65 -2.4 OutfrontMedia OUT 20.27 -1.9 SuncorEnergy SU 21.73 -4.0 Williams WMB 12.77 -17.7 FlexSharesCurrHdDM TLDH 22.34 -1.9
AllianzGIConv&Incm NCV 5.08 -3.8 WilliamsPartners WPZ 15.92 -16.3
CaliforniaRscs CRC 1.30 -15.1 Duff&PhelpsGlb DPG 13.14 -1.6 GreatAjax AJX 11.20 -2.4 Lazard LAZ 33.01 -6.4 OwensIL OI 13.61 -3.2 SunocoLogistics SXL 18.97 -10.1 FlexGlbUpstmNatRsc GUNR 19.87 -1.2
AllianzGICnvIncmII NCZ 4.52 -3.4 WilliamsSonoma WSM 51.80 -2.4
CallonPet10%PfdA CPEpA 33.51 -7.8 Duff&PhelpsSelEn DSE 4.27 -11.6 Greatbatch GB 42.00 -4.7 LzrdDivIncFd LOR 8.07 -1.7 PIMCODynamicCredit PCI 17.12 -2.2 SunstoneHotelInv SHO 10.69 -6.8 FlexSharesIntl IQDY 20.41 -1.4
AllianzGIDivIncm ACV 16.22 -3.2
Greenbrier GBX 21.44 -5.7 LeggMasonBWGlbIncm BWG 10.76 -2.4 PIMCOIncOpFd PKO 19.81 -2.8 SunstoneHotelPfdD SHOpD 24.88 -1.2 Winnebago WGO 17.00 -4.1 FlexSharesIntlQual IQDF 19.81 -1.4
AllisonTransmissn ALSN 23.35 -0.8 CIBC CM 60.15 -3.1 DunBradst DNB 92.47 -1.8
Greenhill GHL 21.21 -6.5 LeggMason LM 33.15 -5.7 PIMCOIncmStratFdII PFN 8.26 -2.1 SuperiorIndsIntl SUP 16.45 -2.8 WyndhamWorldwide WYN 66.78 -3.1 FlexMDevexUSFac TLTD 50.89 -1.6
AllyFinancial ALLY 15.73 -2.3 CanNtlRlwy CNI 50.20 -3.3 DynagasLNGPartners DLNG 6.76 -8.5
CndNatRes CNQ 16.84 -1.7 Greif A GEF 27.00 -5.2 Leggett&Platt LEG 37.98 -3.9 PacificCoastOil ROYT 1.00 -4.8 Supervalu SVU 4.95 -15.5 XPOLogistics XPO 20.82 -8.6 FlexSharesEmMktsFa TLTE 37.88 -1.3
AlonBlueSquareADR BSI 2.00 -29.5 DynexCapital DX 5.94 -4.1
CanPacRlwy CP 104.71 -5.8 Gp1Auto GPI 58.72 -3.1 LendingClub LC 8.77 -6.4 PackCpAm PKG 57.61 -3.1 SwiftTransprt SWFT 12.32 -7.7 XeniaHotels XHR 13.91 -4.6 FlexMrnUSMktFtrTlt TILT 76.35 -2.7
AlpineGlblDyn AGD 8.10 -2.2 ECAMarcellusTrustI ECT 1.21 -8.2
CanonADR CAJ 27.83 -0.6 ESV 10.59 -6.3 GrubHub GRUB 20.72 -2.7 LeucadiaNational LUK 15.38 -1.7 PandoraMedia P 9.57 -2.5 SynchronyFinancial SYF 27.52 -4.6 YPFADR YPF 13.40 -3.6 FlexQltyDivDynamic QDYN 30.59 -2.3
AlpnGlblPrProp AWP 5.28 -1.5 ENSCO
CapOneFnl COF 63.41 -3.3 EPEnergyClA EPE 2.59 -10.7 GpoAeroportSurADR ASR 125.53 -2.8 LexingtonRealtyTr LXP 7.21 -1.6 PanhandleOil&Gas PHX 12.88 -2.0 TAL IntGrp TAL 10.59 -9.3 YanzhouCoalADR YZC 4.05 -3.1 FlexSharesSTOXXGlb NFRA 38.75 -1.7
AlpineTotDynDiv AOD 7.08 -1.7
CapOneFnlWt COF/WS 23.46 -7.0 EagleMaterials EXP 51.62 -4.3 GuggenheimEnhFd GPM 6.67 -2.8 LibtyASG ASG 4.01 -2.4 ParkerDrilling PKD 1.35 -2.9 TCFFinancial TCB 12.23 -4.7 ZweigFund ZF 12.02 -2.1 GldmnSchsGSCnnct GSC 17.62 -0.8
AltisourceResid RESI 10.80 -5.2
HCIGroup HCI 30.47 -1.5 LightInTheBoxADR LITB 2.24 -10.8 ParkwayProperties PKY 13.93 -1.7 TELUS TU 25.79 -2.4
AmericanAssets AAT 37.01 -0.7 CapSrLvng CSU 15.19 -5.4
CapsteadMortgage CMO 8.35 -2.2
EastmanKodakWt125% KODK/WS 1.21 -34.6
EatonCorp.PLC ETN 48.35 -3.0 HFF A HF 25.75 -6.7 LincolnNational LNC 41.52 -4.0 PeabodyEnergy BTU 3.97 -8.7 TRIPointeGroup TPH 10.07 -3.7 NYSE Arca highs - 21 GlbXBrazilConsumer BRAQ 7.15 -1.8
AmericanAxle AXL 13.32 -16.9 GlblX ChEnrgy CHIE 8.84 -3.5
CapsteadMrtgPfdE CMOpE 22.80 -0.9 EatonVance EV 27.56 -4.0 HNI HNI 30.81 -3.9 LithiaMotorsClA LAD 79.76 -5.5 PebblebrookHotelTr PEB 24.21 -3.9 TargaResources TRGP 17.15 -21.5 DBCrudeOilDblShrt DTO 220.02 1.4 GlblXChnaIndust CHII 10.68 -1.3
AmEqtyLf AEL 19.05 -4.0
AmericanExpress AXP 62.23 -2.4 Carlisle CSL 78.25 -2.1 EclipseResources ECR 1.24 -8.7 HP HPQ 10.44 -2.2 LiveNationEnt LYV 21.80 -4.5 PennyMacFinSvcsClA PFSI 12.75 -5.3 TargaResPrtnr un NGLS 10.51 -21.2 DB3xJapanGovtBdFut JGBT 27.67 2.8 GlblX ChnMtrs CHIM 10.78 -3.5
AmerprsFncl AMP 92.25 -3.9 CarMax KMX 45.98 -3.0 EllingtonFinl EFC 16.06 -2.5 HSBCHoldingsADR HSBC 35.80 -1.7 LloydsBankingADR LYG 3.87 -4.7 PennyMacTr PMT 14.21 -3.3 TaylorMorrisonHome TMHC 12.76 -4.8 DrxDevMktBear 3x DPK 38.59 4.6 GlbXCopperMiners COPX 9.25 -1.9
CarpenterTech CRS 24.75 -1.7 EllingtonResiMtg EARN 11.15 -4.7 Halliburton HAL 30.39 -3.2 Luby's LUB 3.75 -7.6 PerformanceSports PSG 6.96 -4.7 TeamHealthHolding TMH 38.45 -7.9 DrxEnrgBear 3x ERY 42.07 7.1 GlbXFTSENordReg GXF 20.11 -1.6
Ametek AME 47.34 -2.2
CeladonGroup CGI 6.80 -6.5 EmpresasICAADR ICA 0.61 -2.9 HalyardHealth HYH 25.47 -4.3 M&T Bnk MTB 106.49 -3.4 PermianBasin PBT 4.71 -3.7 Team TISI 25.72 -7.0 DirexionHlthcrBr3X SICK 48.86 8.8 GlbXMLP&EnergyInfr MLPX 9.45 -6.2
AmpcoPittsburgh AP 9.39 -1.9
AnadarkoPetroleum APC 34.00 -6.6 Celestica CLS 9.94 -3.0 EnbridgeEngy EEQ 17.95 -5.6 HarleyDavidson HOG 41.71 -1.3 M&TBankWt MTB/WS 36.65 0.8 PetroChinaADR PTR 55.97 -2.1 TeckResourcesB TCK 2.56 -2.2 DirexionNatGasBr3x GASX 103.15 3.6 GlobalXMLPETF MLPA 8.35 -5.6
AnadarkoPeteUn AEUA 29.00 -5.3 CtrCoastMLP&InfrFd CEN 7.56 -7.1 EnbridgePtnr EEP 18.11 -4.9 HarmanIntlInds HAR 82.40 -4.0 MDC Hldgs MDC 22.09 -2.5 PetroleoBrasilADRA PBR/A 2.58 -5.8 Teekay TK 5.95 -9.9 DirexnS&POil&GasBr DRIP 142.33 10.8 GlbXMSCINigeria NGE 5.95 -4.6
AnixterIntl AXE 51.00 -3.1 CtrlEuropeRussiaFd CEE 15.11 -0.7 Encana ECA 4.16 -7.7 Harsco HSC 6.21 -3.8 MGIC Inv MTG 7.49 -1.6 Pier 1 PIR 4.18 -4.8 TeekayOffshore TOO 3.54 -13.0 DrxSmlCapBear 3x TZA 63.52 9.5 GlbXMSCIPakistan PAK 12.59 ...
AnworthMtg ANH 4.15 -2.1 CenturyLink CTL 23.00 -1.6 EndoChoiceHoldings GI 6.60 -6.3 HarteHanks HHS 2.56 -0.7 MVCCapital MVC 7.02 -3.3 PIMCO IncStrFd PFL 9.03 -2.2 TeekayOffshorePfd TOOpA 9.80 -4.0 GuggenheimBull2021 BSCL 22.64 -0.1 GlblXSuperDividend SDIV 18.14 -2.0
Aon AON 85.52 -1.4 ChathamLdgTr CLDT 18.60 -2.7 EnduroRoyalty NDRO 2.00 -7.0 HarvstNatRes HNR 0.30 -13.5 MVOilTrust MVO 3.93 1.0 PioneerEnergySvcs PES 1.39 -6.6 TeekayOffshorePfdB TOOpB 12.02 -3.0 MktVecMuni PRB 24.71 -0.1 GlbXSuperDivEM SDEM 11.01 -1.8
ApolloResidentlMtg AMTG 11.09 -3.0 Chegg CHGG 5.80 -3.2 Energen EGN 30.91 -3.8 HatterasFin HTS 12.17 -3.4 MacqFstTrGlbl MFD 10.75 -2.5 PitneyBowes PBI 18.55 -2.2 TejonRanch TRC 17.84 -4.7 ProShrShrtRus RWM 69.93 3.3 GlobalXUraniumETF URA 12.40 -3.0
ArcelorMittalADR MT 3.27 -5.2 Chemours CC 3.24 -15.6 EnergizerHoldings ENR 30.86 -1.7 HavrtyFurn HVT 19.01 -1.7 MacqGlblInfra MGU 17.06 -2.2 PlainsGPHldgsClA PAGP 6.86 -15.2 TeklaHealthcare HQH 24.18 -5.9 ProShrShrtRusl2000 SRTY 41.36 9.8 GSActiveBetaIntlEq GSIE 22.60 -1.5
ArcherDan ADM 33.42 -2.3 CherryHillMortgage CHMI 12.60 0.5 EngyTrnsfrEqty ETE 7.38 -9.9 HelixEnergySolns HLX 4.06 -7.9 MadisonSquGarden MSG 147.12 -2.4 Plantronics PLT 42.75 -3.0 TeklaLifeSciences HQL 18.94 -6.1 ProShrUltShFTSEEur EPV 67.64 3.9 GuggenheimBS2018HY BSJI 23.47 -0.5
AROC 5.22 -9.2 ChesapkLdgTr CHSP 23.73 -4.1 Enerplus ERF 2.24 -4.6 HerculesTechNts19 HTGZ 25.03 0.2 MadisonStratSec MSP 10.07 -2.8 PlatformSpecialty PAH 7.82 -9.6 TeklaWorldHlthcrFd THW 13.87 -5.3 ProShsUltShHmbldrs HBZ 24.00 5.7
Archrock GuggenheimBS2019HY BSJJ 22.40 -1.1
ArdmoreShipping ASC 9.12 -11.5 ChinaDgtlTVADR STV 1.42 -4.1 EnLinkMidstream ENLK 11.80 -4.2 HershaHospitalityA HT 18.17 -5.6 MagnaChipSmcndctr MX 3.63 -3.6 PlyGemHoldings PGEM 9.66 -5.9 TeledyneTechs TDY 78.34 -6.0 ProShrUS MSCI EAFE EFU 47.46 3.1
GuggenheimBS2020HY BSJK 22.20 -1.0
AresCommrclRealEst ACRE 10.86 -3.0 ChinaFund CHN 13.60 -1.2 EnovaInternational ENVA 5.30 -3.1 HertzGlobal HTZ 10.29 -6.6 Manitowoc MTW 13.26 -3.6 PolyOne POL 26.16 -4.7 TelefonicaADR TEF 10.10 -1.6 PrShrsMidCp MZZ MZZ 48.54 5.0
GuggenheimBS2021HY BSJL 22.51 -1.2
Argan AGX 28.44 -2.5 ChinaLifeInsADR LFC 13.39 -2.2 Entercom ETM 9.36 -5.0 Hess HES 38.22 -2.6 ManulifeFinancial MFC 12.85 -2.3 PrincipalFinancial PFG 37.90 -3.5 TeleData TDS 22.76 -5.0 ProShrUSOilGas DUG 90.65 4.1
GugCnEngy ENY 5.77 -2.1
ArlingtonAstInv AI 11.42 -4.5 ChinaYuchaiIntl CYD 8.97 -2.7 Envestnet ENV 23.06 -4.2 HewlettPackardEnt HPE 12.53 -3.8 MarathonOil MRO 8.44 -7.1 ProspectCap6.25%Nt PBB 19.81 -2.9 TempltnDrgn TDF 15.72 -1.5 ProShsUltShOil&Gas SOP 50.24 5.1
GuggenheimDJIADiv DJD 23.78 -1.2
ArmstrongWInd AWI 40.44 -3.3 ChoiceHotelsIntl CHH 42.50 -5.1 EraGroup ERA 8.40 -6.4 Hexcel HXL 40.14 -4.8 Marcus&Millichap MMI 23.65 -4.5 PrsprtyBc PB 38.13 -6.7 TemplMktFd EMF 9.04 -1.1 ProShrUlShtRus TWM 49.68 6.4
GugFrMkts FRN 9.74 -3.1
ArrowElec ARW 47.04 -2.1 Church&Dwight CHD 78.47 -6.1 EssentGroup ESNT 19.30 -2.7 HHGregg HGG 2.00 -14.5 MarinSoftware MRIN 2.88 -4.6 ProtoLabs PRLB 55.55 -4.7 TenarisADR TS 20.58 -2.7 ProShrUlShtSmC600 SDD 45.66 3.1
GuggenheimS&P500Eq RYE 39.56 -3.3
ArtisanPtrsAsset APAM 28.83 -4.1 CircorIntl CIR 33.63 -4.6 EssexPropTrPfdH ESSpH 25.16 -0.4 HiCrushPartners HCLP 4.25 -11.2 MasoniteIntl DOOR 56.38 -1.3 PrudentialFin PRU 71.18 -1.8 TenetHlthcr THC 21.91 -6.6 MktNtrlAnti-Beta BTAL 22.27 0.9
GuggenheimS&P500 RTM 67.26 -1.0
AsburyAutomotive ABG 48.61 -5.7 CitigroupWt19 C/WS/A 0.15 -3.8 EverBankFin EVER 13.97 -4.0 HilltopHoldings HTH 16.48 -6.6 MasTec MTZ 14.37 -3.1 PrudentialADR PUK 39.03 -1.6 Tennant TNC 52.39 -2.6
AshfordHospitality AHT 4.68 -6.9 Citigroup C 44.97 -3.6 EverBankFinlPfdA EVERpA 24.55 -1.8 HiltonWorldwide HLT 18.49 -5.2 MatadorResources MTDR 13.15 -4.2 PumaBiotechnology PBYI 47.48 -13.7 Tenneco TEN 37.96 -7.8 NYSE Arca lows - 375 GuggenheimS&P600 RZV 46.16 -3.0
GugIntlMltyAst HGI 12.89 -1.3
AshfordHsptyPfdE AHTpE 23.56 -4.7 Civeo CVEO 0.97 -7.4 Evertec EVTC 14.71 -4.6 HollyEnergyPtrs HEP 25.00 -8.8 Materion MTRN 21.68 -5.0 PzenaInvtMgmt PZN 7.50 -5.6 Teradata TDC 22.53 -1.6 ALPSIntlDivDogs IDOG 21.45 -1.5
GugMultiAstInco CVY 16.90 -2.1
AshfordHsptyPfA AHTpA 23.43 -5.0 CleanHarbors CLH 39.27 -5.0 EvolentHealthClA EVH 10.48 -2.8 HoraceMn HMN 30.12 -2.3 McGrawHillFin MHFI 83.81 -4.9 QEPResources QEP 10.74 -4.5 Textainer TGH 10.48 -5.7 ALPSMedBreak SBIO 24.61 -6.7
GuggS&PGlbl LVL 7.97 -1.6
AshfordHsptyPfdD AHTpD 22.17 -6.2 ClearBridgeAmEn CBA 5.88 -7.9 ExtendedStayAmer STAY 13.78 -4.9 HornbeckOffshore HOS 7.44 -2.6 McKesson MCK 156.31 -3.8 QuadGraphics QUAD 7.92 -4.8 Textura TXTR 16.92 -4.6 ARKGenomicRev ARKG 17.53 -6.0
GuggenheimShipping SEA 10.38 -2.8
Ashland ASH 96.63 -1.7 ClearBridgeEnMLPFd CEM 11.08 -6.6 FNB Cp FNB 11.79 -3.7 HsptlyProp HPT 23.81 -3.4 MeadJohnNutr MJN 68.85 -2.2 QuantaServices PWR 17.93 -2.3 ThermonGrpHldgs THR 15.34 -3.9 AdvisorShEquityPro EPRO 26.04 -0.6
GuggenheimSolar TAN 24.65 -3.5
AsiaPacificFund APB 9.37 -1.2 ClrbridgeEngyMLP EMO 9.33 -7.7 FTIConsulting FCN 29.91 -7.7 HostHotels&Resorts HST 13.38 -6.1 MedPropTr MPW 10.47 -1.6 RLJLodging RLJ 18.40 -5.9 ThirdPointReins TPRE 11.47 -3.4 AlerianEnergyInfr ENFR 14.75 -3.8
HuntStratEcoLog HECO 32.71 -1.7
AtlasEnergyGroup ATLS 0.50 -16.5 ClearbridgeEnMLPTR CTR 8.75 -7.3 FederatedInvestors FII 25.39 -3.4 HowardHughes HHC 89.31 -8.1 MedleyCapital MCC 6.50 -4.7 RackspaceHosting RAX 19.13 -3.7 ThomsonReuters TRI 35.03 -1.5 AlerianMLPETF AMLP 9.53 -6.3
IQ CndaSmCap CNDA 10.51 -0.5
AtwdOcn ATW 7.00 -9.5 ClearwaterPaper CLW 39.70 -0.4 FedEx FDX 129.61 -3.3 HudBayMinerals HBM 2.42 -5.7 MedleyCapNts MCV 22.70 -4.5 RealogyHoldings RLGY 32.41 -1.4 ThorIndustries THO 49.72 -2.0 ArrowDowJonesGlbYd GYLD 15.74 -1.6
IQ50%HdgFTSEEur HFXE 16.75 -0.8
AutoNation AN 46.81 -2.3 CloudPeakEnergy CLD 1.43 -14.3 Felcor FCH 5.92 -10.2 HudsonPacificProp HPP 24.58 -0.6 MedleyManagementA MDLY 4.05 -6.2 RegalBeloit RBC 52.92 -4.2 3DSystems DDD 7.48 -3.9 ArrowQVMEquityFact QVM 21.07 -2.1
IQGlobalResources GRES 19.46 -0.3
AvenueIncmCrStrat ACP 10.59 -2.7 ClubCorpHoldings MYCC 14.06 -10.1 Felcor pfA FCHpA 23.95 -2.1 HyattHotels H 39.20 -3.4 MensWearhs MW 10.75 -5.8 Regal A RGC 17.29 -2.0 Tiffany TIF 66.36 -2.5 BarcETNFIEnhEur50 FEEU 79.20 -3.6
IQHedgeEventDriven QED 18.67 -0.5
Axiall AXLL 10.25 -8.8 CobaltIntlEnergy CIE 3.55 -0.5 Ferro FOE 9.46 -1.4 HysterYaleMatls HY 47.48 -1.6 Meredith MDP 37.45 -3.5 RegionsFinancial RF 8.28 -4.7 TimeInc. TIME 13.18 -4.6 BarcETN+FIEnhGlHY FIGY 81.02 -2.3
IQUSRESmallCap ROOF 22.23 -2.3
BB&T BBT 33.61 -3.4 CoeurMining CDE 1.96 -1.0 FNFVGroup FNFV 9.53 -3.8 IDT Cp B IDT 10.83 -5.1 Meritor MTOR 6.88 -3.2 ReinsuranceGrp RGA 80.34 -2.6 TorontoDominionBk TD 35.72 -2.3 Barrons400ETF BFOR 27.00 -3.3
8.54 -5.4 InfraCapMLPETF AMZA 7.56 -3.2
BHPBillitonADR BHP 20.20 -1.3 C&SMLPIncm&EngyOpp MIE 7.18 -13.6 FidcryClymrOppFd FMO 10.02 -9.7 IHSClA IHS 102.91 -1.9 MesabiTrust MSB 3.29 -6.9 RentechNitrogen RNF 7.92 -6.1 TortoiseEnIndFd NDP CSOPFTSEChinaA50 AFTY 12.31 -2.8
IVZ 28.88 -2.4 MetaldynePerform MPG 15.21 -5.0 RestorationHardwr RH 64.47 -3.8 TortoisePipe&En TTP 10.78 -7.2 InnovatorIBD50Fund FFTY 19.75 -4.0
BHPBillitonADR BBL 17.73 -1.5 ChnStrOppFd FOF 10.35 -0.9 FstAmFinc FAF 32.32 -7.0 Invesco CTrksETNsMillerHwd MLPC 12.51 -5.3
IRSA GDR IRS 9.49 -1.9 MichaelKorsHldgs KORS 36.06 -3.7 Revlon A REV 24.34 -6.1 TortPwEnInfrFd TPZ 14.65 -3.4 CambriaGlbValue GVAL 16.77 -1.4
iPathBloomCopperTR JJC 22.27 ...
BP Prudhoe BPT 21.94 0.4 ChnStrInfra UTF 17.21 -1.6 FirstBanCorp FBP 2.71 -5.5 iPathBloomEnergyTR JJE 4.66 -1.3
BakerHughes BHI 38.65 -4.4 ColonyCapital CLNY 17.82 -4.1 FirstTrEnInfrFd FIF 12.04 -5.2 ITT Corp. ITT 31.90 -2.8 MidSoBcp MSL 7.65 -3.3 Rexnord RXN 14.72 -4.4 Transocean RIG 9.51 -4.7 CambriaValue VAMO 22.04 -1.7
IndependenceContr ICD 3.64 -3.9 MidstatesPetroleum MPO 0.93 -3.6 RiceMidstreamPtrs RMP 10.20 -2.6 TransoceanPartners RIGP 7.04 -7.9 CitigrCTracksETN DIVC 21.38 -4.4 iPathBloomNickelTR JJN 9.79 -0.2
BancoBilbaoVizADR BBVA 6.60 -2.8 ColonyCap8.5%PfdA CLNYpA 23.94 -1.8 FirstTrMLP&EnIncm FEI 10.14 -7.8 iPathGSCI nts GSP 11.38 -0.9
BancoBradescoPfADR BBD 4.21 -3.2 ColonyStarwood SFR 20.99 -2.0 FirstTrNewOppsMLP FPL 8.57 -8.5 InlandRlEstPfd IRCpA 24.90 -0.1 MillerHowardHiIncm HIE 9.76 -3.7 RoadrunnerTrans RRTS 6.50 -9.9 TravelCtrsAmerica TA 7.56 -5.4 ColumbiaSelLCGrwth RWG 40.85 -3.0
IntelsatPfdA IpA 7.99 -8.9 MineralsTechs MTX 36.78 -3.8 RobHalfIntl RHI 42.34 -3.6 TrecoraResources TREC 10.01 -8.4 ColumbiaSelLCValue GVT 38.76 -1.2 iPathPBBroadCmod BCM 22.19 -0.4
BankofAmericaClAWt BAC/WS/A 4.26 -6.4 ColumbiaPipeline CPGX 16.85 -2.6 FstTrAbrEmOpp FEO 12.04 -1.5 iPat PBCrudeOil OLEM 12.25 -1.3
BankofAmericaBWt BAC/WS/B 0.23 -8.1 ComericaWt CMA/WS 10.59 -7.4 FiveStarQuality FVE 2.51 -4.1 Intelsat I 2.70 -9.6 ModineMfg MOD 6.62 -6.2 Rogers ROG 41.92 -1.5 TreeHouseFoods THS 67.50 -2.7 CSXLinksCushingMLP MLPN 14.67 -7.5
IBM IBM 131.10 -1.3 MonogramResident MORE 8.72 -1.9 RosettaStone RST 6.28 -1.2 TrinityIndustries TRN 19.85 -3.1 CSXLinksMultiAsst MLTI 24.14 -1.6 iPathS&P500DynVIX XVZ 25.48 3.4
Interoil IOC 24.05 -7.6 MS ChinaShrFd CAF 16.32 -2.4 RouseProperties RSE 13.17 -5.3 TsakosEnergyPfdC TNPpC 20.43 -1.8 CurShsCanDlr FXC 68.98 -0.6 iPathS&PMLPETN IMLP 14.60 -6.2
Online>> IntrepidPotash IPI 2.00 -5.1 MS EmMktDomDebt EDD 6.53 -2.2 RowanCos RDC 12.62 -3.8 TurquoiseHillRscs TRQ 1.83 -3.2 DBInvJapanGovBdFut JGBS 16.99 0.1 iShA/PDividend DVYA 35.67 -1.6
iShCoreMSCIEAFEETF IEFA 50.37 -1.6
During the trading day, 52-week highs and lows are updated hourly Intrexon XON 21.23 -7.8 MS EmMktDebtFd MSD 8.09 -1.4 RoyalBkCanada RY 48.04 -3.1 TutorPerini TPC 13.42 -3.8 DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 20.91 -5.3
InvenSense INVN 7.81 -5.3 MorganStanley MS 26.50 -5.5 RoyalBkScotlandADR RBS 7.93 -3.2 Twitter TWTR 18.47 -4.8 DeutscheXHarCSI300 ASHR 22.95 -5.1 iShCoreMSCIEmgMk IEMG 35.81 -1.1
at WSJMarkets.com. Lists for each market are available free, along InvescoMrtg IVR 11.66 -3.5 MuellerIndustries MLI 24.23 -2.1 RoyalDutchADRA RDS/A 38.80 -2.5 TycoInternational TYC 29.66 -2.5 DeutscheXCSI500ChA ASHS 30.94 -6.9 iShCoreMSCIEurope IEUR 39.09 -1.9
with easy access to charts and headlines. InvRlEst IRET 6.46 -1.2 MurphyOil MUR 17.00 -5.2 RoyalDutchADRB RDS/B 38.34 -2.8 UCPClA UCP 5.84 -6.5 DBXHighYieldCorpBd HYIH 21.22 -1.0 Continued on Page C6
THE WALL STREET JOURNAL. Thursday, January 14, 2016 | C5
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16151.41 t 364.81, or 2.21% Trailing P/E ratio * 15.34 16.09 1890.28 t 48.40, or 2.50% Trailing P/E ratio * 21.63 19.16 4526.06 t 159.85, or 3.41% Trailing P/E ratio * 22.01 23.06
High, low, open and close for each P/E estimate * 15.22 15.05 High, low, open and close for each P/E estimate * 15.75 16.75 High, low, open and close for each P/E estimate * 17.65 19.60
trading day of the past three months. Dividend yield 2.75 2.49 trading day of the past three months. Dividend yield 2.26 1.90 trading day of the past three months. Dividend yield 1.23 1.28
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

18500 2150 5300
18000 2100 5150
17500 2050 5000
17000 2000 4850

Session high
DOWN UP
65-day moving average
t
65-day moving average Session open Close 16500 1950 65-day moving average 4700
Close Open
t
16000 1900 4550

Session low
Bars measure the point change from session's open
15500 1850 4400
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* 1,185,161,982 9,315,683
Industrial Average 16593.51 16123.20 16151.41 -364.81 -2.21 18312.39 15666.44 -7.3 -7.3 6.2 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 113,306,743 2,328,973
Transportation Avg 7013.79 6675.54 6721.37 -256.84 -3.68 9178.48 6721.37 -22.7 -10.5 6.4 Most-active issues in late trading Decl. volume* 1,065,547,999 5,931,881
Utility Average 583.61 577.03 579.01 -0.48 -0.08 652.11 541.97 -8.2 0.2 8.1 Volume After Hours Issues traded 3,217 376
Company Symbol (000) Last Net chg % chg High Low Advances 375 90
Total Stock Market 20039.34 19356.43 19402.24 -519.68 -2.61 22287.78 19402.24 -7.4 -8.1 8.2
SPDR S&P 500 SPY 13,942.3 189.11 0.280 0.148 207.75 188.65 Declines 2,796 273
Barron's 400 482.96 463.28 465.42 -15.35 -3.19 586.75 465.42 -11.5 -9.9 7.1
PwrShrs QQQ Tr Series 1 QQQ 4,209.9 101.90 unch. unch. 109.58 101.83 Unchanged 46 13
Nasdaq Stock Market iPath SP 500 VIX Sht Tm VXX 4,077.3 25.24 0.040 0.16 25.50 18.94 New highs 13 1
Nasdaq Composite 4713.98 4517.56 4526.06 -159.85 -3.41 5218.86 4506.49 -2.4 -9.6 13.1 iShares MSCI Japan ETF EWJ 3,610.6 11.36 -0.002 -0.02 11.44 11.36 New lows 765 57
4359.50 4177.30 Closing tick 392 34
Nasdaq 100 4183.12 -150.60 -3.48 4719.05 4016.32 0.9 -8.9 15.0 Corning Inc GLW 3,060.3 17.06 unch. unch. 17.06 17.00
Closing Arms† 1.23 0.69
GoPro Inc. GPRO 3,004.6 11.04 -3.570 -24.44 14.67 10.29
Standard & Poor's Block trades* 6,159 95
Cisco Systems CSCO 2,408.1 24.62 0.02 0.081 24.95 24.60
500 Index 1950.33 1886.41 1890.28 -48.40 -2.50 2130.82 1867.61 -6.0 -7.5 8.7 Nasdaq NYSE Arca
Bank Of America BAC 2,336.3 14.92 0.020 0.13 15.55 14.88
MidCap 400 1315.90 1270.46 1274.37 -35.20 -2.69 1549.44 1274.37 -10.7 -8.9 6.4 Total volume* 2,455,771,670 475,036,047
SmallCap 600 628.12 604.78 607.34 -17.36 -2.78 742.13 607.34 -10.4 -9.6 7.3 Percentage gainers… Adv. volume* 289,254,815 90,478,515
Decl. volume* 2,153,772,746 384,350,813
Other Indexes Mosaic MOS 274.4 25.94 1.80 7.46 28.42 23.80
Issues traded 2,971 1,438
Russell 2000 1050.66 1005.69 1010.19 -34.51 -3.30 1295.80 1010.19 -14.2 -11.1 4.7 Clean Energy Fuels CLNE 11.4 3.10 0.20 6.90 3.10 2.90
Advances 411 328
NYSE Composite 9644.45 9349.47 9374.23 -202.29 -2.11 11239.66 9374.23 -11.3 -7.6 2.5 EP Energy Cl A EPE 35.0 2.78 0.18 6.75 2.90 2.60 Declines 2,487 1,091
Value Line 415.20 399.17 400.58 -11.31 -2.75 522.42 400.58 -17.9 -10.1 1.6 Visteon VC 6.4 106.75 5.82 5.76 106.75 102.11 Unchanged 73 19
NYSE Arca Biotech 3381.76 3166.98 3173.57 -177.74 -5.30 4431.87 3173.57 -12.2 -16.8 24.7
Newell Rubbermaid NWL 361.5 40.16 2.19 5.76 44.33 37.94 New highs 12 21
New lows 576 375
NYSE Arca Pharma 517.75 502.21 502.66 -11.29 -2.20 605.94 502.66 -7.9 -7.2 9.2 ...And losers
Closing tick 254 179
KBW Bank 67.58 64.53 64.79 -2.30 -3.43 80.41 64.79 -4.2 -11.3 6.8 GoPro Inc. GPRO 3,004.6 11.04 -3.57 -24.44 14.67 10.29 Closing Arms† 1.23 1.34
PHLX§ Gold/Silver 43.72 42.19 43.05 0.20 0.48 82.07 42.85 -41.2 -5.0 -35.9 Aegon ADR AEG 578.3 4.78 -0.99 -17.16 5.86 4.78 Block trades* 8,476 1,926
PHLX§ Oil Service 141.85 134.82 135.31 -3.90 -2.80 224.32 135.31 -28.5 -14.2 -16.5 Ambarella AMBA 284.3 39.50 -5.09 -11.42 44.59 39.32 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 613.17 588.75 589.48 -19.08 -3.14 746.08 559.59 -10.9 -11.2 13.5 Enphase Energy ENPH 5.7 2.35 -0.15 -6.00 2.50 2.35 †(TRIN) A comparison of the number of advancing and declining
26.11 21.44 2.75 40.74 11.95 38.5 issues with the volume of shares rising and falling. An
CBOE Volatility 25.22 12.24 17.4 23.6 Men's Wearhouse MW 5.7 10.22 -0.64 -5.89 10.86 10.22 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 2167.59 –15.20 –0.70 –7.2 Jaguar Animal Health JAGX 4.31 0.81 23.15 7.06 1.69 ... Alon Blue Square ADR BSI 2.11 -0.88 -29.49 32.50 2.00 -91.3
The Global Dow Euro 1881.19 –17.30 –0.91 –7.1 Direxion S&P Biotech Bear LABD 60.71 10.60 21.15 66.40 24.00 ... LendingTree TREE 61.14 -25.49 -29.42 139.58 38.85 37.6
DJ Global Index 285.60 –2.53 –0.88 –7.3 ProSharesUltVIXST UVXY 43.46 7.29 20.15 170.05 23.83 -71.8 Glaukos GKOS 18.59 -6.53 -26.00 33.92 18.15 ...
World DJ Global ex U.S. 196.23 1.77 0.91 –6.6 VS 2x VIX Short Term TVIX 9.54 1.59 20.00 37.40 5.31 -71.8 Ocera Therapeutics OCRX 2.11 -0.68 -24.37 7.16 2.02 -66.5
CyberArk Software CYBR 45.27 7.43 19.64 76.35 33.00 19.9 ZAIS Group Holdings Cl A ZAIS 6.09 -1.75 -22.32 12.73 5.41 -41.9
Americas DJ Americas 448.49 –11.34 –2.47 –8.0
Sao Paulo Bovespa 38944.44 –10.2 Banco Bradesco Ord ADR BBDO 5.13 0.79 18.20 11.63 4.15 -55.9 Multi-Fineline Electronix MFLX 12.86 -3.54 -21.59 26.05 11.09 12.3
Brazil –569.39 –1.44
12170.41 –6.5
UltraPro Shrt Biotech ZBIO 34.51 4.76 16.00 38.85 17.00 ... Targa Resources TRGP 17.28 -4.74 -21.53 108.63 17.15 -79.8
Canada S&P/TSX Comp –203.49 –1.64
CounterPath CPAH 2.84 0.35 13.83 9.70 2.02 -62.6 Targa Resources Partners NGLS 10.61 -2.85 -21.17 50.40 10.51 -74.9
Mexico IPC All-Share 41008.78 –13.96 –0.03 –4.6
0.09 Titan Pharmaceuticals TTNP 3.41 0.41 13.67 10.00 2.83 ... Direxion S&P Biotech Bull LABU 9.58 -2.48 -20.57 59.82 9.47 ...
Chile Santiago IPSA 2820.56 2.67 –4.2
DRDGOLD ADR DRD 2.27 0.27 13.50 2.88 1.10 19.5 Eyegate Pharmaceuticals EYEG 1.63 -0.42 -20.49 35.00 1.60 ...
Europe Stoxx Europe 600 344.63 1.41 0.41 –5.8
Emerge Energy Services EMES 3.35 0.37 12.42 63.00 2.77 -93.9 MeetMe MEET 2.95 -0.76 -20.49 4.54 1.32 104.9
Euro zone Euro Stoxx 325.73 0.72 0.22 –5.6
Nobilis Health HLTH 2.68 0.28 11.67 9.34 2.15 -19.3 Scorpio Bulkers SALT 3.01 -0.73 -19.52 35.39 2.83 -87.6
Belgium Bel-20 3528.10 9.66 0.27 –4.7
Acorn International ADR ATV 8.35 0.86 11.48 20.85 1.77 -13.6 Williams Cos WMB 13.61 -2.93 -17.71 61.38 12.77 -67.2
France CAC 40 4391.94 13.19 0.30 –5.3 Natural Health Trends NHTC 21.38 2.20 11.47 55.45 10.40 71.0 Halozyme Therapeutics HALO 10.06 -2.16 -17.68 25.25 10.03 -33.3
Germany DAX 9960.96 –24.47 –0.25 –7.3 Patriot National PN 5.95 0.61 11.42 19.32 5.16 ... EPIRUS Biopharmaceuticals EPRS 2.30 -0.49 -17.56 11.75 2.30 -70.7
Israel Tel Aviv 1497.78 –4.82 –0.32 –2.0
Italy FTSE MIB 20139.87 169.77 0.85 –6.0
Netherlands AEX 418.05 1.64 0.39 –5.4 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8934.50 19.10 0.21 –6.4 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 474.23 1.81 0.38 –6.1
Switzerland Swiss Market 8414.83 82.79 0.99 –4.6 SPDR S&P 500 SPY 206,856 72.4 188.83 -2.49 213.78 182.40 Fidelity MSCI Telecom Svs FCOM 865 1872 25.08 -1.76 28.55 24.24
5960.97 0.54 –4.5 iPath SP 500 VIX Sht Tm VXX 119,108 84.7 25.20 10.00 37.35 15.48 Tuttle Tactical Mgt Multi TUTI 331 1835 22.38 -0.36 26.27 22.35
U.K. FTSE 100 31.73
Bank Of America BAC 116,932 44.8 14.90 -2.68 18.48 14.60 Amplify Snack Brands BETR 3,388 1388 9.73 -0.31 17.20 9.15
Asia-Pacific DJ Asia-Pacific TSM 1296.14 20.65 1.62 –6.7 Ford Motor F 101,793 256.0 12.20 -5.06 16.74 10.44 LendingTree TREE 6,629 1294 61.14 -29.42 139.58 38.85
Australia S&P/ASX 200 4987.40 62.30 1.26 –5.8 Finl Select Sector SPDR XLF 99,951 131.9 21.72 -2.60 25.62 18.52 Guggenheim S&P 500 EqWtCnRHS 1,240 1246 111.53 -2.16 117.82 69.51
China Shanghai Composite 2949.60 –73.26 –2.42 –16.7
VelocityShares 3x Lg UWTI 76,343 108.3 2.19 -1.79 43.20 2.04 DB 3x Japan Govt Bd Fut JGBT 167 1204 27.47 2.77 27.67 24.22
Hong Kong Hang Seng 19934.88 223.12 1.13 –9.0
iShares MSCI Emg Markets EEM 70,455 12.5 29.25 -1.05 44.19 29.18 Guggenheim S&P 500 Fncls RYF 697 1190 39.33 -2.72 45.80 30.83
India S&P BSE Sensex 24854.11 172.08 0.70 –4.8
iShares Russell 2000 ETF IWM 69,160 103.2 100.38 -3.21 129.10 99.65 Gazit-Globe GZT 72 1190 8.67 -4.09 13.57 8.66
Japan Nikkei Stock Avg 17715.63 496.67 2.88 –6.9
PwrShrs QQQ Tr Series 1 QQQ 65,458 98.1 101.90 -3.45 115.75 84.74 Biotie Therapies ADR BITI 198 1043 13.97 -0.21 25.39 12.43
Singapore Straits Times 2696.50 4.72 0.18 –6.5 Microsoft MSFT 65,167 74.7 51.64 -2.16 56.85 39.72 PwrShs SP 500 Hi Quality SPHQ 2,741 1012 21.77 -2.07 23.94 18.67
South Korea Kospi 1916.28 25.42 1.34 –2.3
* 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 7824.61 56.16 0.72 –6.2 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
Home Equity US$vs, US$vs,
A consumer rate against its Wed YTDchg Wed YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 4.96% 10 WSJ Dollar index
4.00 s Americas Thailand baht .02756 36.280 0.7
Bank of North Carolina 1.99% 5 Vietnam dong .00004459 22426 1.2
5.00% High Point, NC Argentina peso .0739 13.5375 4.6
Home equity loan 877-842-4180 3.00 s
Europe
0 Yen Brazil real .2490 4.0158 1.4
t Carthage FS LA 1.99%
4.00 Wednesday t –5 Canada dollar .6972 1.4343 3.6 Czech Rep. koruna .04025 24.845 –0.2
Carthage, NY 800-232-0450 2.00
Chile peso .001374 727.60 2.7 Denmark krone .1458 6.8610 –0.2
–10 s Colombia peso .0003051 3277.67 3.2 Euro area euro 1.0877 .9194 –0.1
3.00 Republic Bank Trust Company 1.99% 1.00
t
t Euro Ecuador US dollar 1 1 unch Hungary forint .003442 290.50 unch

Louisville, KY 888-540-5363 One year ago –15
Prime rate Mexico peso .0557 17.9481 4.3 Iceland krona .007697 129.92 –0.2
2.00 0.00 –20
Tompkins Trust Company 2.24% Peru new sol .2919 3.426 0.3 Norway krone .1134 8.8194 –0.3
1 3 6 1 2 3 5 710 30 2015
Ithaca, NY 888-273-3210 Uruguay peso .03262 30.6600 2.5 Poland zloty .2499 4.0013 2.0
1.00 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01305 76.633 6.6
FMAM J J A S O N D J Norwood Bank 2.99%
maturity Asia-Pacific Sweden krona .1172 8.5289 1.0
2015 Norwood, MA 781-762-1800 Switzerland franc .9940 1.0060 0.4
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .6954 1.4380 4.8
Turkey lira .3304 3.0262 3.7
China yuan .1521 6.5767 1.3
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0433 23.1115 –3.7
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1288 7.7619 0.1
UK pound 1.4407 .6941 2.3
India rupee .01494 66.918 1.1
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 .0000724 13817 –0.1 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008498 117.68 –2.2 Bahrain dinar 2.6558 .3765 –0.1
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002727 366.68 8.2 Egypt pound .1277 7.8301 unch
Libor, 3-month 0.62 0.62 0.25 l 0.62 0.32
Macau pataca .1251 7.9946 –0.1 Israel shekel .2539 3.9384 1.2
Money market, annual yield 0.28 0.28 0.25 l 0.43 -0.25 Treasury, Ryan ALM 1429.461 1.723 1.830 1.957 1.305 –0.168 2.083
Malaysia ringgit .2275 4.3955 2.1 Kuwait dinar 3.2879 .3041 0.2
Five-year CD, annual yield 1.36 1.41 1.36 l 1.53 0.02 10-yr Treasury, Ryan ALM 1719.329 2.070 2.177 2.480 1.669 –2.064 2.250 New Zealand dollar .6515 1.5349 4.9 Oman sul rial 2.5953 .3853 0.1
30-year mortgage, fixed† 3.85 4.01 3.71 l 4.22 0.20 DJ Corporate 345.016 3.286 3.349 3.462 2.633 –0.705 2.309 Pakistan rupee .00952 105.065 0.2 Qatar rial .2747 3.641 unch
15-year mortgage, fixed† 3.09 3.28 2.94 l 3.42 0.10 Aggregate, Barclays Capital 1843.210 2.450 2.530 2.630 1.920 0.286 1.846 Philippines peso .0211 47.367 1.1 Saudi Arabia riyal .2664 3.7539 unch
Jumbo mortgages, $417,000-plus† 4.48 4.51 4.00 l 4.97 0.39 Singapore dollar .6960 1.4367 1.3 South Africa rand .0604 16.5691 7.1
High Yield 100, Merrill Lynch 2352.165 7.930 7.649 8.056 5.016 –5.628 0.692 South Korea won .0008263 1210.24 2.9
Five-year adj mortgage (ARM)† 3.55 3.58 3.14 l 4.00 0.47 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1919.820 2.640 2.710 2.900 2.280 1.723 2.326 Sri Lanka rupee .0069440 144.01 –0.2
New-car loan, 48-month 3.21 3.17 2.71 l 3.33 0.40 Taiwan dollar .02993 33.408 1.5 WSJ Dollar Index 91.11 0.05 0.06 1.04
Muni Master, Merrill 503.355 1.636 1.638 2.099 1.475 2.492 2.878
HELOC, $30,000 4.96 4.60 4.24 l 4.96 0.32
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 663.318 6.921 6.715 6.921 5.679 0.787 –0.276 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 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 432.11 1.56 0.36 584.70 430.55 -20.72 -4.78

ONLINE
WSJ
Reuters-Jefferies CRB 162.39 0.32 0.20 231.77 162.07 -27.27 -7.87
Crude oil, $ per barrel 30.48 0.04 0.13 61.43 30.44 -37.13 -17.71
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 2.269 0.012 0.53 3.23 1.76 -29.82 -2.91
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1087.50 1.90 0.18 1300.70 1050.80 -11.90 2.57
WSJMarkets.com
C6 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
BIGGEST 1,000 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 Mosaic MOS 24.14 -0.42 QuestDiag DGX 66.68 -1.56 TEGNA TGNA 22.87 -0.77 WestarEnergy WR 41.58 0.03 Ctrip.comIntlADR CTRP 42.01 -2.58 NXP Semi NXPI 74.25 -3.53
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock MotorolaSolutions MSI
Exchange, ISE and BATS. 63.37 -1.54 QuintilesTransnat Q 63.76 -1.38 t TELUS TU 25.87 -0.64 t WesternGasEquity WGP 29.67 -2.68 t DISHNetworkClA DISH 52.07 -1.87 Nasdaq NDAQ 55.73 -1.85
The list comprises the 1,000 largest companies based on market capitalization. NTTDoCoMoADR DCM 20.88 0.16 RELXADR RENX 15.92 -0.35 TERNIUMADR TX 10.60 -0.26 t WesternGasPartners WES 36.25 -2.82 Dentsply XRAY 55.52 -0.97 NetApp NTAP 22.52 -0.08
Underlined quotations are those stocks with large changes in volume compared with the issue’s NVR NVR 1526.74-50.08 RELXADR RELX 17.01 -0.27 TJX TJX t
67.69 -1.23 WesternUnion WU 16.59 -0.44 Dexcom DXCM 71.32 -6.57 NeteaseADR NTES 157.81 -3.05
average trading volume. NationalGridADR NGG 67.89 -0.23 RPM RPM 40.30 -0.92 TableauSoftware DATA 82.15 -6.34 t WestlakeChemical WLK 43.97 -1.79 DiscoveryCommsA DISCA 25.54 -0.79 Netflix NFLX 106.56-10.02
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous t NtlOilwellVarco NOV 29.08 -1.35 RalphLaurenA RL 100.78 -3.18 TaiwanSemiconADR TSM 20.48 -0.27 WestpacBankingADR WBK 21.44 -0.29 DiscoveryCommsC DISCK 24.62 -0.63 NewsCorpClA NWSA 12.19 -0.24
closing price was $2 or higher. NtlRetailProp NNN 39.14 -0.58 RayJamFnl RJF 48.52 -2.18 Target TGT 71.64 -1.72 t WestRock WRK 37.96 -0.39 DollarTree DLTR 75.48 -3.22 NewsCorpClB NWS 12.53 -0.29
Footnotes: listing standards vj-In bankruptcy or t NetSuite N 73.45 -3.48 Raytheon RTN 121.31 -3.59 TaroPharm TARO 145.43 -2.50 Weyerhaeuser WY 26.75 -0.27 DunkinBrands DNKN 38.36 -0.38 NrthnTrust NTRS 64.75 -1.56
s-New 52-week high. lf-Late filing receivership or being NewOrientalEducADR EDU 28.11 -0.46 t RealogyHoldings RLGY 32.51 -0.47 TataMotorsADR TTM 26.64 -0.16 t Whirlpool WHR 129.96 -4.35 s Dyax DYAX 37.89 -0.10 NorwegianCruise NCLH 52.31 -3.54
t-New 52-week low. q-Temporary exemption from reorganized under the NY CmntyBcp NYCB 14.99 -0.51 RealtyIncome O 51.84 -0.59 TaubmanCtr TCO 71.45 -1.67 WhiteWaveFoods WWAV 35.03 -1.09 E Trade ETFC 25.49 -1.49 NuanceComms NUAN 18.54 -0.36
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities Newell NWL 37.97 -2.00 RedHat t
recent four quarters. t-NYSE bankruptcy assumed by such companies. RHT 76.60 -2.08 TecoEnergy TE 26.86 -0.11 Williams WMB 13.61 -2.93 t EastWestBancorp EWBC 35.58 -1.91 NVIDIA NVDA 29.26 -0.92
FD-First day of trading. v-Trading halted on primary NewfldExpl NFX 28.17 -1.14 RegencyCtrs REG 67.43 -0.66 TelecomItaliaADR TI/A 9.43 -0.07 t WilliamsPartners WPZ 16.22 -3.17 eBay EBAY 25.41 -0.80 OReillyAuto ORLY 235.68 -7.45
h-Does not meet continued market. NewmtMin NEM 17.48 0.47 t RegionsFinancial RF 8.33 -0.41 TelecomItaliaADR TI 11.47 -0.32 t WilliamsSonoma WSM 52.16 -1.28 ElectroArts EA 63.38 -2.24 t OldDomFrght ODFL 52.99 -2.37
NextEraEnergy NEE 104.62 -0.76 t ReinsuranceGrp RGA 80.58 -2.18 Teleflex TFX 129.35 -0.04 WiproADR WIT 11.07 -0.29 EndoInternational ENDP 52.65 -2.39 OpenText OTEX 45.01 -0.62
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Nidec ADR NJ 16.80 0.18 RenaissanceRe RNR 111.19 -0.74 TelefonicaBrasADR VIV 8.22 -0.12 WooriBankADR WF 21.12 -0.04 Equinix EQIX 305.58 -9.34 t Paccar PCAR 44.30 -0.89
changes in the closing prices from 4 p.m. the previous day. NielsenHoldings NLSN 44.62 -0.67 RepublicServices RSG 43.82 -0.84 t TelefonicaADR TEF 10.13 -0.16 Workday WDAY 71.26 -0.64 EricssonADR ERIC 9.10 -0.14 t PacWestBncp PACW 37.14 -1.75
Wednesday, January 13, 2016 NikeClB NKE 58.78 -1.16 ResMed RMD 53.12 -0.01 TelekmIndonesiaADR TLK 45.46 -0.05 t WyndhamWorldwide WYN 67.40 -2.18 Expedia EXPE 106.37 -5.53 PaneraBreadClA PNRA 189.36 -1.13
Net Net
Net Stock Sym Close Chg Stock Sym Close Chg NipponTelegraphADR NTT 39.80 -0.52 RestaurantBrands QSR 31.76 -0.55 t TenarisADR TS 20.65 -0.57 XL Group XL 35.03 -0.90 ExpeditrInt EXPD 42.62 -0.88 Paychex PAYX 46.38 -1.08
NiSource NI 19.47 -0.07 ReynoldsAmer RAI 47.39 -0.86 Tesoro TSO 91.92-12.73 XcelEnergy XEL 36.11 -0.22 ExpressScriptsHldg ESRX 79.69 -5.89 PayPalHoldings PYPL 32.12 -0.96
Stock Sym Close Chg
CardinalHealth CAH 78.17 -1.72 t Gildan GIL 25.86 -0.73 NobleEnergy NBL 27.94 -0.66 RioTinto ADR RIO 23.81 -0.21 TesoroLogistics TLLP 44.21 -2.27 Xerox XRX 9.22 -0.31 F5Networks FFIV 94.00 1.39 People'sUnitedFin PBCT 14.49 -0.53
t Carlisle CSL 78.30 -1.65 GlaxoSmithKlineADR GSK 39.16 -0.29 NokiaADR NOK 7.28 -0.18 RiteAid RAD 7.68 -0.07 TevaPharmADR TEVA 62.78 -1.62 Xylem Inc. XYL 33.38 -0.89 FacebookClA FB 95.44 -3.93 PilgrimPride PPC 23.57 -0.18
NYSE t CarMax KMX 46.24 -1.42 GlblPymts GPN 56.40 -2.12 NomuraHoldingsADR NMR 5.19 -0.03 t RobHalfIntl RHI 42.42 -1.60 Textron TXT 37.95 -1.13 t YPFADR YPF 13.70 -0.51 Fastenal FAST 38.77 -0.66 t Premier PINC 31.88 -0.99
ABBADR ABB 16.30 -0.36 Carnival CCL 52.38 -2.30 GoDaddyClA GDDY 29.55 -0.70 t Nordstrom JWN 45.95 -1.17 Rockwell ROK 92.97 -1.35 ThermoFisherSci TMO 133.77 -3.20 t YanzhouCoalADR YZC 4.08 -0.13 FfthThrd FITB 17.33 -0.94 PricelineGroup PCLN 1098.90-50.02
ACE ACE 110.06 -2.04 Carnival ADR CUK 54.78 -2.40 t Goldcp GG 11.16 -0.28 t NorfolkSouthern NSC 71.44 -4.49 RockwellCollins COL 87.19 -1.62 t ThomsonReuters TRI 35.13 -0.52 YoukuTudouADR YOKU 27.06 ... FirstSolar FSLR 61.37 -3.85 Qiagen QGEN 22.51 -0.12
ADTCorp. ADT 29.65 0.23 Carters CRI 91.71 -0.99 t GoldmanSachs GS 158.99 -6.72 NorthrpGrum NOC 184.86 -4.06 RogerComm B RCI 33.53 -0.95 3M MMM 138.72 -2.14 YumBrands YUM 69.03 -0.08 Fiserv FISV 86.83 -2.48 t Qorvo QRVO 40.39 -4.39
t AES AES 8.64 -0.11 Caterpillar CAT 60.89 -0.71 GraceWR GRA 91.45 -0.75 Novartis ADR NVS 81.09 -1.15 RollinsInc ROL 25.30 -0.59 t Tiffany TIF 66.70 -1.71 ZayoGroupHoldings ZAYO 24.63 -1.05 FlextronInt FLEX 9.75 -0.30 Qualcomm QCOM 46.10 -0.42
Aflac AFL 56.91 -0.89 Celanese A CE 62.79 -0.53 t Grainger GWW 185.60 -2.05 NovoNordiskADR NVO 54.13 -1.30 RoperTechnologies ROP 170.76 -5.30 TimeWarnerCable TWC 179.57 -4.01 ZimmerBiomet ZBH 101.20 -1.67 Fortinet FTNT 28.39 -0.34 QunarCaymanIslADR QUNR 39.39 1.23
AGLResources GAS 63.38 -0.19 CemexADR CX 4.29 -0.17 GpoAeroportuarADR PAC 81.79 1.19 Nucor NUE 35.62 -0.67 t RoyalBkCanada RY 48.20 -1.55 TimeWarner TWX 70.65 -0.44 Zoetis ZTS 43.25 -1.72 t FrontierComms FTR 4.17 -0.21 RandgoldRscsADR GOLD 61.72 0.73
AT&T T 33.74 -0.16 CencosudADR CNCO 5.58 0.04 GpoAvalAccionesADR AVAL 6.15 -0.07 NuSTAREnergy NS 32.67 -1.77 t RoyalBkScotlandADR RBS 7.94 -0.26 Toll Bros TOL 29.90 -0.30 Garmin GRMN 32.46 -0.69 RegenPharm REGN 459.57-15.41
AbbottLabs ABT 40.28 -0.92 CenovusEnergy CVE 11.39 -0.22 GpFinSantandMexADR BSMX 7.60 -0.11 OGEEnergy OGE 24.58 -0.48 RoyalCaribbean RCL 89.04 -4.98 Torchmark TMK 53.52 -1.11 NASDAQ GileadSciences GILD 92.54 -4.56 RossStores ROST 52.19 -2.26
AbbVie ABBV 51.18 -3.09 Centene CNC 61.26 -1.78 GrupoTelevisaADR TV 26.92 -0.13 ONEOK OKE 20.97 -0.88 t RoyalDutchADRA RDS/A 38.94 -0.99 t TorontoDominionBk TD 35.89 -0.84 AMCNetworks A AMCX 74.21 -2.31 Goodyear GT 27.69 -1.43 RyanairHoldingsADR RYAAY 85.90 -1.09
AccentureClA ACN 99.26 -1.75 CenterPointEnergy CNP 17.07 -0.23 HCAHoldings HCA 64.95 -1.70 ONEOKPartners OKS 24.97 0.05 t RoyalDutchADRB RDS/B 38.40 -1.12 TotalADR TOT 40.42 -0.46 t SBACommunications SBAC 97.72 -3.11
Ansys ANSS 84.45 -1.96 Grifols ADR GRFS 14.94 -0.34
AcuityBrands AYI 199.57 -9.54 t CenturyLink CTL 23.02 -0.38 HCP HCP 36.20 -0.65 OccidentalPetrol OXY 60.40 -0.57 SAPADR SAP 78.43 -1.93 TotalSystemSvcs TSS 44.95 -1.55 ARMHoldingsADR ARMH 41.42 -1.29 HDSupplyHoldings HDS 26.43 -1.02 SEIInvestments SEIC 45.64 -1.83
t AdvanceAuto AAP 142.16 -5.91 Chevron CVX 81.33 -0.82 HDFCBankADR HDB 59.59 -0.30 Och-ZiffCapMgmt OZM 5.25 -0.30 SINOPECShanghaiADR SHI 39.33 -0.87 ToyotaMotorADR TM 114.99 -0.84 t ASMLHolding ASML 80.01 -2.64 Hasbro HAS 68.48 -2.35 SS&CTechs SSNC 58.69 -2.02
AdvSemiEnggADR ASX 5.14 0.03 ChinaEasternAirADR CEA 25.42 0.62 t HP HPQ 10.58 -0.24 OldRepublic ORI 18.09 -0.47 SKTelecomADR SKM 19.00 ... TransCanada TRP 30.81 -0.76 t SVBFinancialGroup SIVB 99.09 -5.20
AcadiaHealthcare ACHC 58.12 -3.01 HenrySchein HSIC 144.67 -1.78
AegonADR AEG 5.77 0.36 t ChinaLifeInsADR LFC 13.44 -0.30 t HSBCHoldingsADR HSBC 35.97 -0.64 OmegaHealthcare OHI 33.62 -0.70 SLGreenRealty SLG 102.15 -0.82 TransdigmGrp TDG 221.08 -8.23 ActivisionBliz ATVI 34.86 -2.26 Hologic HOLX 35.47 -1.18 Sabre SABR 25.66 -0.41
t AerCapHoldings AER 36.10 -1.80 ChinaMobileADR CHL 51.70 -0.09 t Halliburton HAL 30.46 -1.01 OmnicomGroup OMC 69.25 -1.55 Salesforce.com CRM 72.35 -2.11 TransUnion TRU 25.83 -0.41 AdobeSystems ADBE 88.30 -1.52 t JBHunt JBHT 65.73 -1.98 SanDisk SNDK 71.80 -2.99
Aetna AET 104.88 -4.27 ChinaPetroleumADR SNP 53.77 -1.00 Hanesbrands HBI 29.76 -0.86 OneMainHoldings OMF 32.82 -2.05 t SanofiADR SNY 39.62 -0.87 TravelersCos TRV 106.06 -1.92 AkamaiTechnologies AKAM 45.82 -1.06 HuntgBcsh HBAN 9.75 -0.43 SeagateTechnology STX 31.07 -0.50
t AffiliatedManagers AMG 131.16 -5.21 ChinaSoAirlinesADR ZNH 32.63 0.81 t HarleyDavidson HOG 41.80 -0.55 OpkoHealth OPK 8.29 -0.44 t SantanderCnsmrUSA SC 13.36 -0.41 TurkcellIletismADR TKC 8.43 0.26 AlexionPharm ALXN 157.92 -8.20 t IACInteractv IACI 54.68 -2.56 SeattleGenetics SGEN 36.36 -1.57
AgilentTechs A 36.86 -1.33 ChinaTelecomADR CHA 43.89 0.61 t HarmanIntlInds HAR 82.85 -3.44 t Oracle ORCL 34.08 -1.29 t SasolADR SSL 23.26 -0.40 t TurquoiseHillRscs TRQ 1.84 -0.06 AlignTechnology ALGN 58.86 -2.91 IdexxLab IDXX 67.40 -1.86 ShireADR SHPG179.81 -1.09
AgnicoEagleMines AEM 28.98 0.45 ChinaUnicomADR CHU 10.98 0.11 Harris HRS 85.40 -3.51 OrangeADR ORAN 16.79 -0.34 SCANA SCG 60.23 -0.39 t Twitter TWTR 18.68 -0.94 Alkermes ALKS 63.85 -4.15 IPG Photonics IPGP 81.35 -1.67 SignatureBank SBNY 134.47 -3.36
Agrium AGU 83.35 -0.37 ChipotleMex CMG 428.28 24.02 HrtfrdFnl HIG 40.09 -1.28 OrbitalATK OA 88.20 -2.79 Schlumberger SLB 63.95 -0.79 t TycoInternational TYC 29.81 -0.76 AlnylamPharm ALNY 75.24 -6.59 t IcahnEnt IEP 56.83 -1.99 SiliconwareADR SPIL 7.71 -0.03
t AirProducts&Chems APD 118.55 -2.66 Chubb CB 129.03 -0.86 HealthNet HNT 65.70 -1.37 OrixADR IX 67.18 -0.71 SchwabC SCHW 27.71 -1.53 TylerTechnologies TYL 157.50 -6.41 AlphabetClA GOOGL 719.57-25.77 Illumina ILMN 164.49 -4.15 SiriusXMHoldings SIRI 3.71 -0.08
Airgas ARG 138.18 -0.32 ChunghwaTelecomADR CHT 30.59 0.04 HelmPayne HP 44.94 -1.09 OwensCorning OC 43.31 -1.30 ScrippsNetA SNI 54.60 0.12 TysonFoodsClA TSN 53.12 -0.46 AlphabetClC GOOG 700.56-25.51 Incyte INCY 78.42 -9.67 SironaDental SIRO 100.31 -1.64
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PG&E Amazon.com AMZN 581.81-36.08 Intel
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Amerco UHAL 355.06 -7.16 Intuit
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AA PPG Ind PPG 93.05 -2.07 AmericaMovilClAADR AMOV 12.68 0.20 s IntutvSrgcl ISRG545.14 3.02
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Alleghany Y 474.50 -1.50 Coach COH 31.52 -1.07 HollyFrontier HFC 35.25 -3.21 t PackCpAm PKG 57.65 -1.85 SherwinWilliams SHW 241.16 -5.26 UnileverADR UL 40.88 -0.56 Amgen AMGN 145.46 -5.33 JackHenry JKHY 75.78 -2.12 Symantec SYMC 20.25 -0.40
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AmTrustFinSvcs AFSI 54.57 -1.03 JazzPharma JAZZ 122.93 -7.03
Allergan AGN 287.33 -8.70 Coca-ColaFemsaADR KOF 66.64 -0.11 HondaMotorADR HMC 29.70 -0.19 ParkerHannifin PH 89.72 -0.79 SignetJewelers SIG 124.02 -2.93 t UnitedContlHldgs UAL 48.06 -2.80 AnalogDevices ADI 50.10 -1.55 JetBlue JBLU 19.98 -0.90 TDAmeritrade AMTD 30.01 -1.10
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AlliantEnergy LNT 61.70 0.04 t ColumbiaPipeline CPGX 17.00 -0.46 DR Horton DHI 27.24 -0.96 PembinaPipeline PBA 19.17 -0.40 SixFlagsEnt SIX 52.28 -1.45 USB 39.01 -1.61 TRowePrice TROW 64.87 -1.84
US Bcp ArchCapitalGroup ACGL 66.90 -0.73 KraftHeinz KHC 70.81 -2.42
Allstate ALL 57.91 -0.74 t Comerica CMA 36.67 -1.84 t HostHotels&Resorts HST 13.46 -0.87 Pentair PNR 45.07 -1.05 SmithAO AOS 63.24 -3.15 6.74 -0.15 TeslaMotors TSLA 200.31 -9.66
US Steel X AthenaHealth ATHN 154.41 -2.76 LKQ LKQ 25.38 -1.64
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AltriaGroup MO 57.78 -1.60 t ConchoResources CXO 78.40 -2.12 HUBB 89.02 -3.26 PepsiCo PEP 96.50 -1.12 Smucker SJM 119.16 -2.51 UnitedHealthGroup UNH 109.23 -3.03 TractorSupply TSCO 81.55 -3.11
Hubbell Autodesk ADSK 50.87 -3.92 LamarAdvertisingA LAMR 57.57 -1.31
AlumofChinaADR ACH 7.23 -0.16 t ConocoPhillips COP 39.00 -1.25 HUM 163.89 -4.94 PerkinElmer PKI 47.09 -1.39 SnapOn SNA 161.51 -3.32 UniversalHealthB UHS 109.10 -3.20 TrimbleNav TRMB 19.51 -0.13
Humana ADP ADP 77.34 -2.13 LibertyBroadbandA LBRDA 48.11 -1.64
AmbevADR ABEV 4.14 -0.06 ConEd ED 66.68 1.18 HuntingtonIngalls HII 122.91 -6.11 Perrigo PRGO 143.08 -3.49 SOQUIMICH ADR SQM 16.36 -0.09 t UnumGroup UNM 29.27 -0.92 AvagoTech AVGO 123.31 -6.61 LibertyBroadbandC LBRDK 48.33 -1.94 TripAdvisor TRIP 72.94 -4.42
Ameren AEE 43.14 -0.24 ConstBrands A STZ 144.13 -2.91 t HyattHotels H 39.89 -1.42 t PetroChinaADR PTR 56.18 -1.22 SonyADR SNE 22.49 -0.36 t VEREIT VER 7.17 -0.25 BaiduADR BIDU 166.04 -6.87 t LibertyGlobalClA LBTYA 33.74 -1.40 21stCenturyFoxClA FOXA 25.88 -0.55
AmericaMovilADR AMX 12.74 0.16 ConstBrands B STZ/B 146.58 -0.29 ICICIBankADR IBN 6.97 -0.01 PetroleoBrasilADR PBR 3.35 -0.14 Southern SO 46.80 0.35 VF VFC 56.63 -1.09 t BedBath BBBY 44.44 -1.19 t LibertyGlobalClB LBTYB 34.64 -1.56 21stCenturyFoxClB FOX 25.81 -0.65
AmCampus ACC 39.68 -0.48 t ContinentalRscs CLR 19.63 -1.36 t IHSClA t PetroleoBrasilADRA PBR/A 2.60 SoCopper SCCO 22.66 -0.11 73.10 -1.66 UltaSalon ULTA 179.09 -6.53
IHS 103.72 -2.04 -0.16 VISAClA V Biogen BIIB 267.25-11.42 t LibertyGlobalClC LBTYK 32.59 -1.55
AEP AEP 57.95 -0.22 Cooper COO 125.45 -2.15 IMSHealthHoldings IMS 23.56 -0.31 Pfizer PFE 30.37 -0.63 SowestAir LUV 40.40 -2.28 VailResorts MTN 117.10 -4.67 t BioMarinPharm BMRN 84.12 -8.99 LibertyGlbLiLACAWi LILA 37.10 -0.64 UltimateSoftware ULTI 170.06 -7.86
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BlackBerry BBRY 7.08 -0.30 LibertyGlbLiLACClC LILAK 39.53 -0.56
AmericanFinancial AFG 66.78 -1.21 CotyClA COTY 22.57 -0.58 t Invesco IVZ 29.09 -0.71 PhilippineLgDisADR PHI 40.22 -0.60 SpectraEnergyPtrs SEP 42.88 0.89 ValeantPharmIntl VRX 85.54 -2.37 VeriSign VRSN 76.09 -3.20
Broadcom BRCM 53.22 -1.50 LibertyInteractQVC QVCA 25.31 -0.57
AmIntlGp AIG 56.67 -1.29 Credicorp BAP 88.96 -2.43 ITCHoldings ITC 39.33 -0.57 Phillips66 PSX 75.25 -2.57 SpectrumBrndsHldgs SPB 98.16 -2.48 ValeroEnergy VLO 65.03 -6.16 VeriskAnalytics VRSK 71.89 -2.64
t CreditSuisseADR CS 19.29 -0.56
CA CA 26.35 -0.42 LibertyVenturesA LVNTA 39.90 -1.48
AmericanTowerREIT AMT 92.15 -2.33 IEX 69.99 -1.44 PiedmontNaturalGas PNY 57.88 -0.04 SpiritAeroSystemsA SPR 45.30 -1.85 VAL 78.26 -2.03 t VertxPharm VRTX 96.37 -7.27
IDEX Valspar CBOE Holdings CBOE 62.71 -0.95 LibertyMediaA LMCA 35.57 -1.10
AmericanWaterWorks AWK 60.09 -0.10 CrescentPntEnrg CPG 8.98 -0.13 IllinoisToolWorks ITW 82.48 -1.31 PinnacleFoods PF 43.01 -1.43 t Sprint 3.10 -0.27 Viacom A VIA 43.06 -0.85
S Vantiv VNTV 44.39 -2.54 CDKGlobal CDK 42.43 -2.11 LibertyMediaC LMCK 34.27 -1.09
Amerigas APU 37.00 -0.45 CrestwoodEquity CEQP 14.39 -1.27 InfosysADR INFY 16.46 -0.11 PinaclWCap PNW 63.87 0.17 t StJudeMedical STJ 55.04 -4.15 Viacom B VIAB 40.79 -0.90
VarianMed VAR 75.31 -1.05 CDW CDW 37.95 -2.19 LinearTechnology LLTC 38.89 -0.62
t AmerprsFncl AMP 92.41 -3.74 CrownCastl CCI 82.78 -1.28 PioneerNaturalRscs PXD 114.20 0.96 StanCorpFinancial SFG 113.71 0.01 VimpelComADR VIP 2.98 0.04
Ingersoll-Rand IR 51.39 -0.93 Ventas VTR 54.54 -1.35 CH Robinson CHRW 62.69 -0.29 LinnEnergy LINE 1.06 ...
AmeriSrcBrg ABC 93.14 -1.04 CrownHoldings CCK 45.54 -1.22 StanleyBlDck SWK 96.23 -1.68 VodafoneGroupADR VOD 31.51 -0.64
Ingredion INGR 91.22 -2.23 PlainsAllAmPipe PAA 19.85 -2.11 Verizon VZ 44.15 -0.78 CMEGroupClA CME 84.17 -3.08 lululemonathletica LULU 55.97 -0.85
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ICE -1.27 t CSX CSX 22.35 -1.35 Markit
AmphenolClA APH 46.55 -0.88 Cummins CMI 84.90 -1.73 WalgreensBootsAll WBA 79.93 -1.89
InterContinentlADR IHG 35.21 -1.55 PlumCrk PCL 42.90 -0.24 StarwoodPrTr STWD 19.56 -0.42 t VMware VMW 52.27 -0.57 CadenceDesign CDNS 18.66 -0.48 t MarriottInt A MAR 60.27 -4.05
t AnadarkoPetroleum APC 34.86 -2.47 DDR Corp DDR 16.13 -0.14 t IBM t StateSt STT 56.81 t WstnDgtl WDC 49.99 -2.37
IBM 131.17 -1.73 PolarisIndustries PII 79.37 0.23 -2.54 VornadoRealtyTrust VNO 92.93 -1.35 CaseyGnStr CASY 115.93 -3.25 MarvellTch MRVL 8.29 -0.19
AnheuserBuschADR BUD116.14 -2.86 DTEEnergy DTE 80.25 0.65 IntFlavor IFF 116.05 -2.28 t StatoilADR STO 11.56 -0.24 t VoyaFinancial VOYA 30.99 -1.18 MAT 26.26 WholeFoods WFM 31.25 -0.88
PotashCp POT 15.69 0.10 Celgene CELG 100.67 -6.18 Mattel -0.85
AnnalyCap NLY 9.14 -0.12 Danaher DHR 86.52 -2.03 36.05 -0.30 STE 67.00 -2.62 WillisTowersWatson WLTW 112.85 -2.70
DRI 61.86 -0.65
InternationalPaper IP Praxair PX 98.01 -1.88 Steris VulcanMaterials VMC 83.55 -3.16 Cerner CERN 58.33 -0.83 MaximIntProducts MXIM 32.11 -1.04
AnteroResources AR 19.90 -0.05 Darden Interpublic IPG 21.68 -0.37 PrecisionCastparts PCP 232.17 -0.18 t STMicroelectronics STM 5.95 -0.26 t WABCO Hldg WBC 87.21 -2.08 CharterComms CHTR 167.99 -7.33 Medivation MDVN 36.80 -1.60 WynnResorts WYNN 52.47 -3.15
Anthem ANTM 134.14 -1.46 t DaVitaHlthcrPtrs DVA 66.13 -1.32 t IronMountain IRM 25.06 -0.31 Xilinx XLNX 41.91 -1.45
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Procter&Gamble PG 75.85 -0.66 -0.06 W.P.Carey WPC 56.63 -1.03 CincinnatiFin CINF 55.24 -1.03 MercadoLibre MELI 100.55 -4.30
Apache APA 35.60 0.18 DelhaizeGroupADR DEG 24.30 -0.15 t ItauUnibancoADR ITUB 5.96 -0.15 t SunLifeFinancial SLF 27.37 t Wabtec t ZionsBcp ZION 22.89 -1.12
DelphiAutomotive DLPH 70.15 -4.80
ProgressiveCorp PGR 30.11 -0.62 -0.70 WAB 61.65 -1.68 Cintas CTAS 84.81 -2.04 MichaelsCos. MIK 20.83 -0.46
ApartmtInv AIV 38.44 -0.74 JPMorganChase JPM 57.34 -1.62 Prologis PLD 40.50 -0.19 t SuncorEnergy SU 21.81 -0.91 WalMart WMT 61.92 -1.70 CiscoSys CSCO 24.60 -0.75 MicrochipTech MCHP 41.31 -0.54 Zynga ZNGA 2.37 -0.02
ApolloGlobalMgmtA APO 13.93 -0.19 DeltaAir DAL 44.94 -2.02 t PrudentialFin PRU 71.82 t SunocoLogistics SXL 18.99
JacobsEngineering JEC 38.25 -0.81 -1.30 -2.14 WasteConnections WCN 52.39 -1.51 CitrixSystems CTXS 67.27 -3.52 t MicronTechnology MU 12.06 -0.66
AquaAmerica WTR 29.04 -0.28 DeutscheBank DB 22.17 -0.76
JamesHardieADR JHX 10.75 -0.32 t PrudentialADR PUK 39.12 -0.64 SunTrustBanks STI 38.10 -1.29 WasteMgt WM 52.26 -0.94 CognizantTechSolns CTSH 57.77 -1.88 Microsoft MSFT 51.64 -1.14
NYSE MKT
Aramark ARMK 31.70 -0.57 t DevonEnergy DVN 24.80 -0.92
Jarden JAH 51.44 -1.96 PublicServiceEnt PEG 38.78 0.18 t SynchronyFinancial SYF 27.57 -1.33 Waters WAT 123.92 -2.90 Comcast A CMCSA 53.55 -1.32 Middleby MIDD 92.49 -1.36 BritishAmTobADR BTI 105.54 -1.32
t ArcelorMittalADR MT 3.28 -0.18 DiageoADR DEO 105.27 -1.00 s PublicStorage PSA 249.35 t WeatherfordIntl WFT 6.22 -0.44 t CheniereEnergy LNG 32.59
JohnsJohns JNJ 97.02 -1.22 -0.82 SyngentaADR SYT 73.35 -0.84 CommScopeHldg COMM 23.06 -0.45 MondelezIntlClA MDLZ 40.59 -1.53 -0.88
t ArcherDan ADM 33.47 -0.80 DigitalRealtyTrust DLR 77.63 -0.45 t JohnsonControls JCI 34.66 -1.24
t DiscoverFinSvcs DFS 49.40 -1.60
PulteGroup PHM 16.30 0.07 Sysco SYY 40.04 -0.66 WellsFargo WFC 49.73 -1.63 CoStarGroup CSGP 180.23 -5.04 MonsterBeverage MNST 143.67 -3.63 CheniereEngyPtnr CQP 23.01 -0.64
AristaNetworks ANET 64.71 -1.77 t JonesLangLaSalle JLL 140.06 -4.01 Qihoo360Technology QIHU 70.04 -0.79 TEConnectivity TEL 57.11 -1.35 Welltower HCN 66.58 -1.45 CostcoWholesale COST 152.12 -3.94 Mylan MYL 48.89 -1.20 t ImpOil IMO 28.15 -0.95
t ArrowElec ARW 47.30 -1.02 Disney DIS 98.48 -2.98 t JoyGlobal JOY 8.84 -0.25
t Ashland ASH 97.76 -1.71 DollarGeneral DG 68.48 -2.25
JuniperNetworks JNPR 25.66 -0.59
69.02 0.12
New Highs and Lows | WSJ.com/stocks
Assurant AIZ 78.45 0.66 DominionResources D
KARAuctionServices KAR 34.03 -0.64 52-Wk % 52-Wk % 52-Wk %
AstraZenecaADR AZN 31.45 -0.25 Dominos DPZ 107.96 -1.80
KBFinancialGrpADR KB 26.12 0.02 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
AtmosEnergy ATO 61.74 -0.35 DouglasEmmett DEI 28.74 -0.18
KKR KKR 13.32 -0.22
Autoliv ALV 111.92 -2.70 Dover DOV 55.32 -1.15 t KTADR Continued From Page C4 52-Wk % 52-Wk % SupremeIndustries STS 6.50 -2.0 BiotaPharmas BOTA 1.67 -11.7 EmpireResortsRt NYNYR 0.07 ...
KT 11.37 -0.04
t AutoNation AN 46.92 -1.09 DowChemical DOW 43.63 -1.16 52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg TasekoMine TGB 0.25 -3.0 BldrsDev100 ADRD 19.24 -1.8 EncoreCapitalGroup ECPG 17.85 -12.1
t KSCitySo KSU 68.36 -2.91
AutoZone AZO 704.20-24.79 DrPepperSnap DPS 90.39 -2.33 Stock Sym Hi/Lo Chg PowerShDWANASDAQ DWAQ 66.04 -3.7 USCFStockSplitIndx TOFR 13.90 -1.9 TianyinPharm TPI 0.11 9.6 Blucora BCOR 8.35 -4.4 Endocyte ECYT 2.95 -11.9
DrReddysLabADR RDY 43.21 -0.31 Kellogg K 70.90 -0.57
Avalonbay AVB 177.00 -2.51 t KeyCp KEY 11.68 -0.37 iShCoreMSCITotInt IXUS 45.53 -1.6 PowerShDevEuroPac FXEP 24.92 -2.9 ETRACS2xBDC BDCL 12.73 -7.2 TimberlineRscs TLR 0.08 -11.7 BlueEarth BBLU 0.32 -8.5 EnergyXXI EXXI 0.71 -10.0
Avangrid AGR 36.72 -0.55 DuPont DD 56.79 -1.81 0.09 -1.0 ENTG 10.94 -3.9
DukeEnergy DUK 71.70 0.43
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AveryDennison AVY 58.67 -1.23 24.23 -2.5 USCopperIndex CPER 12.99 -0.5 TofuttiBrands TOF 3.50 1.4 BlueprintMedicines BPMC 17.52 -7.1 Enteromedics ETRM 1.17 -12.8
DukeRealty DRE 19.53 -0.24 KimberlyClark KMB 125.46 -0.67 iShCurHdgMSCIUS HAWX 20.60 -1.4 PwrShrEmrgInfra PXR
Aviva ADR AV 13.68 -0.37 KimcoRealty KIM 25.21 -0.30 11.96 -1.8 TransAtlanticPetr TAT 0.80 -14.0 BluStrTABIGIIsrael ITEQ 22.20 -2.5 EsperionTherap ESPR 14.10 -14.4
EMC EMC 24.19 -0.47 iShCurrHdgMSCIEM HEEM 18.42 -1.3 PwrShsIntDivAch PID USDieselHeatingOil UHN 10.65 -1.7
Avnet AVT 38.37 -0.71 t KinderMorgan KMI 12.95 -0.65 19.07 -3.0 TransEnterix TRXC 1.77 -8.3 BofIHolding BOFI 17.02 -3.4 Essendant ESND 28.39 -2.8
AxaltaCoatingSys AXTA 25.06 -0.64 ENIADR E 27.47 -0.26 iShCurHdgMSCIItaly HEWI 20.35 -1.1 PwrShrWtrRes PHO USGasolineFd UGA 24.05 -3.4
KingDigitalEnt KING 17.89 0.05 iShCurHdgMSCISpain HEWP 18.93 -2.4 PwrShsDynEngy PXE 18.43 -4.7 US12moOilFd USL 14.23 -2.2 Versar VSR 2.63 -5.0 BoPrvt BPFH 10.15 -3.7 Etsy ETSY 6.76 -4.9
AxisCapital AXS 54.41 -0.48 EOG Res EOG 64.17 1.42
Kohl's KSS 49.98 -0.25 iShIntlSelDividend IDV 26.29 -1.7 PwrShsDynOil PXJ 9.69 -3.7 VangdMatrls VAW 83.73 -2.3 VoltInfoSci VISI 6.91 -2.6 BrainstormCellTher BCLI 1.90 -13.5 Euroseas ESEA 2.32 -13.4
t BB&T BBT 33.72 -1.18 EQT EQT 51.16 0.10
KoninklijkePhilADR PHG 24.43 -0.63 iShTransportAvg IYT 119.75 -3.6 PwrShsDynRtl PMR 34.10 -3.2 VangdEngy VDE 73.31 -2.1 BrcadeComm BRCD 8.01 -2.3 EvokePharma EVOK 2.47 -4.8
BCE BCE 38.25 -0.79 EQTMidstreamPtrs EQM 64.29 -3.58
KoreaElcPwrADR KEP 21.54 0.49 iShUSBasicMaterial IYM 62.27 -2.3 PwrShrETFEmgMk PXH 12.60 -1.3 VangdSmCapValue VBR 89.16 -2.7
Nasdaq highs - 12 Brooks Auto BRKS 9.15 -2.0 EvolvingSystems EVOL 5.20 -0.9
t BHPBillitonADR BHP 20.38 -0.26 EastmanChemical EMN 62.71 -0.30
Kroger KR 39.20 -2.04 24.06 -0.9 VanguardFTSEDevMk VEA 34.04 -1.5 ArowanaRt ARWAR 0.32 ... BrynMawrBank BMTC 27.69 -3.8 EyegatePharm EYEG 1.60 -20.5
t BHPBillitonADR BBL 17.86 -0.28 t EatonCorp.PLC ETN 48.43 -1.52
t KyoceraADR KYO 43.48 -0.24
iShU.S.EnergyETF IYE 29.97 -2.1 PwrShrETFDvMkt PDN
38.81 -0.9 VanguardFTSEEmgMk VWO 29.55 -1.1 Chuy'sHoldings CHUY 37.34 -1.3 CASIPharmaceutical CASI 0.58 -24.5 FAROTechnologies FARO 23.02 -4.9
BPADR BP 28.77 0.12 Ecolab ECL 103.13 -2.59 iShUSOilEquip&Svcs IEZ 30.22 -3.1 PwrShrAPac ex-Jap PAF
LBrands LB 92.25 -2.87 33.47 -1.6 VanguardFTSEEurope VGK 46.31 -1.9 Dyax DYAX 38.01 -0.3 CIFC CIFC 4.52 -3.4 FateTherapeutics FATE 2.59 -2.6
BRFADR BRFS 12.36 -0.22 EcopetrolADR EC 5.84 0.03
LGDisplayADR LPL 9.07 -0.11 iShUSOil&GasExpln IEO 44.32 -3.7 PwrShrDevMkt ex-US PXF
17.12 -1.1 VangdAllWldxUS VEU 39.97 -1.6 EmpireResortsRt NYNYR 0.11 ... CMFinance CMFN 9.18 -2.3 Federal-MogulHldgs FDML 4.63 -6.0
BTGroupADR BT 33.81 -0.55 EdgewellPersonal EPC 73.64 -0.33
L-3Communications LLL 114.18 -2.76 iShEmgMktDividend DVYE 27.20 -1.5 PerShsFndHiYlCpBd PHB
24.84 -0.2 HennessyCapAcqnII HCAC 9.83 1.9 CSICompressco CCLP 8.16 -2.1 FifthStreetAssetA FSAM 2.77 -3.4
t BakerHughes BHI 39.25 -1.79 EdisonInt EIX 59.38 -0.02
LabCpAm LH 111.77 -3.35 iShEnhIntlLgCp IEIL 21.48 -1.5 PwrShsIntlCorpBd PICB VangdMdCap VO 108.90 -2.8
33.26 -3.4 VanguardS&PSmCp600 VIOO 89.32 -2.7 IntutvSrgcl ISRG 572.01 0.6 CSX CSX 21.75 -5.7 FifthStreetFinance FSC 5.19 -5.4
Ball BLL 68.64 -1.95 EdwardsLife EW 74.81 -2.94
LasVegasSands LVS 36.97 -1.94 iShEnhancedUSLC IELG 29.40 -1.9 PS KBW Banks KBWB
Embraer ADR ERJ 27.92 -1.01 46.18 -2.6 Vanguard SC600Gr VIOG 95.90 -2.8 OceanShoreHolding OSHC 18.06 0.4 CVDEquipment CVV 8.80 -8.9 FinancialEngines FNGN 27.24 -5.4
t BancoBilbaoVizADR BBVA 6.62 -0.19 t Lazard LAZ 33.24 -2.27 iShEnhancedUSSC IESM 26.74 -2.5 PS KBW Cap Mkts KBWC
EmersonElectric EMR 43.26 -0.96 26.67 -3.3 52.85 -2.2 RMRGroupClA RMR 17.87 3.6 CalamosConvHi CHY 9.41 -3.9 FinjanHoldings FNJN 0.97 1.0
BancodeChileADR BCH 57.86 0.08 LearCorp LEA 107.93 -4.49 iSharesEuropeETF IEV 37.22 -1.7 PSRussMCPureGrwth PXMG VangdTotlWrld VT
EmpresaNacADR EOC 35.45 0.39 21.33 -2.5 WBITacticalLCS WBIL 21.55 -1.3 SimulatnsPls SLP 11.50 -2.3 CalamosConvOp CHI 8.91 -3.0 FstFnlOH FFBC 16.28 -2.6
BcoSantChileADR BSAC 16.73 -0.05 t Leggett&Platt LEG 38.10 -1.53 iShMtgRealEstCap REM 8.98 -2.7 PwrShRuss1000EqWt EQAL
t EnbridgePtnr EEP 18.55 -0.95 35.69 -1.8 WBITacticalSMS WBID 20.07 -1.6 SurgicalCareAff SCAI 43.37 -4.2 CalamosDynConvIncm CCD 16.84 -3.5 FirstTrBrazil FBZ 8.01 -0.5
BancoSantanderADR SAN 4.36 -0.12 LennarClA LEN 41.50 -1.58 iShFactorMSCIUSA LRGF 22.31 -2.3 PSRussellTop200EW EQWL
Enbridge ENB 29.81 -1.43 26.35 -1.6 WBITacticalSMV WBIB 21.27 -1.4 UnityBancorp UNTY 13.60 -2.6 CalamsGlblDynInc CHW 6.53 -3.4 FirstTrEmgMkSC FEMS 24.58 -1.2
BanColombiaADR CIB 25.69 ...
t Encana LennarClB LEN/B 34.23 -1.19 iShIRHdg10+ CLYH 23.21 -0.9 PSRussTop200PureV PXLV FirstTrEurAlphaDEX FEP 27.27 -1.9
ECA 4.22 -0.35 27.77 -3.0 WBITacticalSMY WBIC 20.30 -1.4 WebMD Htlh WBMD 54.71 6.0 CalamosGlblTot CGO 10.37 -2.9
BankAm BAC 14.90 -0.41 LennoxIntl LII 115.67 -2.72 iSharesJPMUSDEmgBd EMB 104.25 -0.4 PSRussell2000EW EQWS
BMO 50.19 -1.82 t EngyTrnsfrEqty ETE 8.09 -0.89 24.84 -4.0 CalamosStratTot CSQ 8.75 -3.2 FstTrGlbNaturalRsc FTRI 8.57 -0.9
BkMntrl
EnergyTransfer ETP 25.12 -2.03
t LeucadiaNational LUK 15.40 -0.27 iShLatinAmerica40 ILF 19.06 -1.4 PWSH SP500HiBeta SPHB WilshireMicroCap WMCR 22.59 -3.3 Nasdaq lows - 576 FTRBAAmIndRenaiss AIRR 14.62 -3.2
BankNY Mellon BK 36.46 -1.26 16.93 -1.5 CalumetSpecialty CLMT 15.63 -8.4
t Enerplus ERF 2.29 -0.11 Level3Comm LVLT 47.37 -1.38 iShACWILowCarbon CRBN 85.74 -1.2 PwrShsWldrHill PUW WisTrexJpFd AXJL 49.59 -1.0
FTRBAQualityIncm QINC 18.80 -1.9
t BkNovaScotia BNS 36.94 -0.97 13.64 -3.2 WisTrAusDiv AUSE 39.70 -0.7 ACADIA Phar ACAD 22.74 -14.5 Camtek CAMT 1.78 0.5
EnersisADR ENI 11.08 0.10 LibertyPropertyTr LPT 29.77 ... iShMSCIAllPeruCap EPU 18.42 -1.3 PwrShsZacks PZI FTSSIStratCvSec FCVT 23.85 -0.3
t BarclaysADR BCS 11.45 -0.39 35.21 -0.4 WisdomTreeCoalFund TONS 30.36 -3.6 ADMABiologics ADMA 6.37 -5.1 CancerGenetics CGIX 2.13 -13.4
t EnLinkMidstream ENLK 12.07 -0.53 EliLilly LLY 79.30 -1.10 iShMSCIAsiaxJpMV AXJV 42.95 -1.1 PrincipalEDGEActv YLD FirstTrTwnAlphaDEX FTW 25.76 -6.5
Bard CR BCR 176.10 -2.81 27.12 -0.6 WisdmTrEmMktFd DGS 32.12 -1.0 ANIPharmaceuticals ANIP 35.93 -6.9 CapPdtPtnr CPLP 3.93 -7.7
BarrickGold ABX 8.04 0.14 Entergy ETR 68.20 -0.20
t LincolnNational LNC 41.78 -1.72 iShMSCIAustralia EWA 16.74 -1.8 ProShares30YTIPS RINF FirstTrUKAlphaDEX FKU 36.78 -1.8
33.41 -1.3 WisdomTreeEurope HEDJ 49.77 -2.4 ARCAbiopharma ABIO 3.05 -7.7 CapricorTherap CAPR 2.05 -5.1
BXLT 40.32 0.01 EntPdtsPtnr EPD 21.79 -1.56 LinkedInA LNKD 203.13 -7.30 iShMSCIBRICETF BKF 26.12 -1.7 ProShrsDivGrowers EFAD FrstTrstVLFd TUSA 22.20 -2.0
Baxalta 27.96 -4.9 WisdomTrGlbxUSDiv DXUS 20.75 -1.4 ASMLHolding ASML 79.87 -3.2 CarbylanTherapeutc CBYL 2.00 -3.3
BaxterIntl BAX 34.83 -0.65 EnvisionHealthcare EVHC 21.70 -2.34
LionsGateEnt LGF 28.66 -0.77 iShMSCIBrazilCap EWZ 18.58 -2.3 ProShrUlBscMtls UYM FlexSharesRealAsst ASET 23.04 -0.7
33.83 -3.8 AVHI 10.80 -7.0 CardiomePharma CRME 5.81 -13.0
BectonDksn BDX 141.38 -1.07 Equifax EFX 101.04 -1.38
t LiveNationEnt LYV 22.08 -1.05 iShMSCIBrazilSC EWZS 6.19 -0.8 ProShUltFTSEEurope UPV WisdmtrGlbexUSREFd DRW 24.01 -1.4 AVHomes
ForbesEnergySvcs FES 0.18 11.1
36.38 -3.7 WisTreGlbexUSUtlFd DBU 14.43 -1.3 AbeonaTherapeutics ABEO 2.40 -6.7 CareTrustREIT CTRE 10.10 ...
Berkley WRB 49.62 -1.25 EquityLife ELS 65.29 -0.44
t LloydsBankingADR LYG 3.89 -0.19 iShMSCICanadaETF EWC 19.27 -2.2 ProShXinhuaChina25 XPP ForresterResearch FORR 27.11 -2.6
14.85 -1.9 WisdomTreeGlbHiDiv DEW 36.44 -1.4 AbraxasPetroleum AXAS 0.78 -5.7 Carlyle CG 12.46 -6.9
t BerkHathwy A BRK/A 190499-3500.49 EqResdntl EQR 79.17 -0.77
LockheedMartin LMT 214.40 -3.56 iShMSCIChinaETF MCHI 38.91 -2.2 ProShsUltHomebldrs HBU ForwardPharmaADR FWP 16.48 -2.9
20.49 -1.5 WisTrGlNatRes GNAT 9.52 -1.1 AcaciaResearch ACTG 3.44 -2.5 CarrizoOil CRZO 20.84 -2.7
BerkHathwy B BRK/B 126.25 -2.55 EssexProp ESS 233.78 -1.00 Loews L 35.18 -0.72 iSharesMSCIEAFEETF EFA 54.41 -1.6 ProShrsUltBrzl UBR FossilGroup FOSL 29.53 -2.9
55.77 -5.4 WisdomTreeGlbRlRtn RRF 37.13 -2.8 AcastiPharma ACST 1.52 -12.6 CarverBancorp CARV 3.27 -5.4
BestBuy BBY 29.26 -0.87 EsteeLaudr A EL 83.10 -1.13 Lowe's LOW 69.90 -3.37 iShMSCIEmgMarkets EEM 29.18 -1.0 ProShrUMdCp400 MVV FosterLB FSTR 9.51 -4.0
LuxotticaGroupADR LUX 62.52 -1.33 ProShrUlOilGas DIG 23.36 -4.0 WisdmTrIntDiv DOO 35.47 -1.6 AcelRxPharm ACRX 2.90 -7.2 CECO Env CECE 6.85 -2.8
BioMedRealtyTrust BMR 23.67 -0.04 EvrstReGrp RE 172.78 -2.88 iShMSCIEurMinVol EUMV 22.42 -1.2 FrontierComms FTR 4.13 -4.8
LyondellBasell LYB 74.94 -3.21 ProShsUltraOil&Gas UOP 14.65 -14.2 WisdomTreeIntlEqty DWM 43.22 -1.7 Achaogen AKAO 4.36 -10.5 CellectarBiosci CLRB 0.41 -9.5
BlackKnightFinSvcs BKFS 30.11 0.86 EversourceEnergy ES 51.30 0.18 iShMSCIEurozoneETF EZU 32.71 -2.0 FrontierCommsPfdA FTRPR 83.09 -4.1
t M&T Bnk MTB 106.72 -3.77 ProShrUltraRus UWM 61.75 -6.5 WisdomTreeIntlHi DTH 34.96 -1.7 Actua ACTA 9.43 -5.4 CellularBiomed CBMG 14.00 -10.7
BlackRock BLK 304.61 -8.98 Exelon EXC 27.54 -0.40 iShMSCIFranceETF EWQ 22.57 -1.9 FuelSysSol FSYS 3.35 -6.9
t BlackstoneGroup BX 24.45 -0.72 s ExtrSpcStor EXR 89.55 -0.96 MGMResortsIntl MGM 20.02 -1.11 ProShrUlSmC600 SAA 42.80 -3.9 WisdmTrIntLgCp DOL 39.98 -1.6 AegerionPharm AEGR 7.21 -5.7
Celsion CLSN 1.36 -15.3
iShMSCIFrontier100 FM 22.85 -2.6 CenturyAluminum CENX 2.76 -6.0 FuelTech FTEK 1.75 -2.2
BlockHR HRB 31.55 -0.77 ExxonMobil XOM 75.65 0.45 MPLX MPLX 30.34 -2.66
iShMSCIGermanyETF EWG 24.17 -2.5
ProShrsMidCap400 UMDD 36.68 -8.1 WisdmTrIntMdCp DIM 51.44 -1.6 AehrTestSystems AEHR 1.14 -18.4 FullCircleCapital FULL 2.17 -3.8
BdwlkPipePtnr BWP 10.92 -0.43 FMC FMC 34.33 -1.22 MSCI MSCI 67.76 -1.44 ProShrsRusl2000 URTY 50.84 -9.8 WisdmTrIntSmCp DLS 54.19 -1.1 AEternaZentaris AEZS 2.62 -6.1
Ceres CERE 0.20 -13.5
Macerich MAC 78.13 -0.68 iShMSCIGloblEnProd FILL 14.64 -1.2 CeruleanPharma CERU 2.46 -8.9 G&KServicesClA GK 57.63 -1.2
Boeing BA 128.12 -3.80 FMCTechnologies FTI 24.75 -0.50 PureFdsISEBigData BDAT 21.00 -2.8 WisTreeJpnRealEst DXJR 24.27 -1.4 Affimed AFMD 3.80 -13.1
MacquarieInfr MIC 67.87 -1.29 iShMSCIGlbMet&MnPr PICK 7.01 -1.1 CescaTherapeutics KOOL 0.13 -6.5 GSITechnology GSIT 3.33 -0.3
BoozAllenHamilton BAH 30.16 -0.35 FactSetResearchSys FDS 146.35 -4.11 PureFdsISEJrSilver SILJ 4.51 -2.0 WisdmTrLrgCapVal EZY 58.34 -1.9 Agenus AGEN 3.20 -8.9
Macys M 38.64 0.03 iShMSCIPacificxJp EPP 34.40 -1.6 ChemoCentryx CCXI 4.04 -12.3 GSV Capital GSVC 5.45 -6.1
t BorgWarner BWA 33.84 -3.56 FedRlty FRT 146.81 0.40
MagelnPtnrs MMP 64.79 -1.88 iShMSCIRussiaCpd ERUS 10.00 -1.6
QuantSharesHdgDiv DIVA 21.60 -6.5 WisdmTrSCEarn EES 66.59 -3.4 AgiosPharm AGIO 45.01 -12.6 GTX GTXI 0.46 -7.4
ChnJo-JoDrgSt CJJD 1.58 -4.2
BostonProperties BXP 118.73 -2.28 t FedEx FDX 130.29 -4.42
MagnaInt MGA 36.02 0.60 iShMSCISaudiArabia KSA 20.98 -0.8
RealityDIVCONLdrs LEAD 22.77 -2.1 WorkplaceEquality EQLT 24.40 -2.0 AimmuneTherapeutic AIMT 14.13 -9.1 GalmedPharma GLMD 5.24 -10.2
ChinaSunergyADR CSUN 0.86 -0.9
BosSci BSX 17.55 -0.24 Ferrari RACE 42.67 -0.99
Mallinckrodt MNK 61.83 -4.14 iShMSCISingapore EWS
RBC YorkvilleMLP YGRO
9.33 -2.1 SPDRBarclaysHiYdBd
8.39 -5.1 YorkvilleHiIncmETF YMLI 9.96 -4.9 AixtronADR AIXG 3.52 -5.9 Gaming&LeisureProp GLPI 25.51 -2.1
FiatChryslerAutos FCAU 7.86 -0.33 JNK 33.02 -1.3 ADHD 4.77 -7.9 ChinaXDPlastics CXDC 3.08 -12.5
BristolMyers BMY 61.28 -2.16
ManpowerGroup MAN 74.35 -4.10 iShMSCISpainCapped EWP 26.18 -2.0 YorkvilleHiIncmMLP YMLP 3.80 -5.5 Alcobra GarrisonCapital GARS 11.29 -4.1
BrixmorPropertyGrp BRX 25.34 0.16 FibriaCelulose ADR FBR 11.14 -0.13 SPDRBclysShTrmHiYd SJNK 25.23 -0.9 AlexzaPharm ALXA 0.40 -4.4 CinedigmClA CIDM 0.24 -0.1
t ManulifeFinancial MFC 12.91 -0.30 iShMSCISwedenETF EWD 27.03 -1.4 SPDR BofA ML EM GenoceaBiosciences GNCA 3.38 -9.5
BdridgeFnlSol BR 49.64 -1.63 FidNtlFnl FNF 32.18 -0.02
t FNFVGroup FNFV 9.60 -0.38 t MarathonOil MRO 8.54 -0.65 iShUSASizeFactor SIZE 59.86 -2.2 SPDREUROSTOXX50
EMCD 26.17 0.9 NYSE MKT highs - 1 Alico ALCO 33.33 -2.6 CityHolding CHCO 41.41 -3.3
Gentex GNTX 13.60 -3.8
BrookfieldMgt BAM 28.54 -0.45 HFEZ 32.33 -2.0 AllegianceBcshs ABTX 20.59 -1.5 CleanDieslTech CDTI 0.65 ...
FidelityNtlInfo FIS 59.12 -0.87 MarathonPetroleum MPC 42.28 -4.11 iShMSCIUK EWU 14.79 -1.7 SPDREUROSTOXXSC EtnVncPA EIP 13.98 0.9 ClovisOncology CLVS 24.00 -11.9 GeospaceTechs GEOS 9.56 -10.8
BrookfieldInfr BIP 33.56 1.13 SMEZ 45.10 -1.8 AlliedHealthcare AHPI 0.97 -1.9
MarineHarvestADR MHG 13.14 -0.07 iShMSCIEAFEValue EFV 42.69 -1.5 SPDRMFSSysValueEqu Gevo GEVO 0.38 -3.4
BrownFormanClA BF/A 101.46 -3.25
BrownFormanClB BF/B 91.51 -3.06
58.comADR WUBA 56.72 -3.15
FirstRepublicBank FRC 60.86 -1.16 Markel MKL 839.56-13.25 iShMornMCGrowth JKH 138.02 -2.8 SPDRMSCICdaQuality QCAN
SYV 48.18 -2.8 NYSE MKT lows - 57 AlliquaBioMedical ALQA 1.57 -12.5 CodeRebel
CoffeeHolding JVA
CDRB 2.07 -5.7
3.26 -2.1 GladstoneCap GLAD 6.15 -4.0
40.50 -0.6 AlphaMarkActiveMgd SMCP 18.83 -3.4
BuckeyePartners BPL 55.68 -2.82 FirstEnergy FE 31.50 -0.68 MarshMcL MMC 52.23 -0.44 iShMornSCGrowth JKK 117.14 -3.5 SPDRMSCIEM50 EMFT 33.99 -1.2 AberdChileFd CH 5.23 -1.5 AltraIndlMotion AIMC 21.80 -1.6 CoherusBioSciences CHRS 13.68 -15.7 GladstoneLand LAND 7.85 -2.6
Bunge BG 64.87 -0.30 Fitbit FIT 19.85 0.22 MrtnMarMat MLM 122.88 -5.08 iShNorthAmNatRscs IGE 24.49 -2.5 SPDRMSCIEmgQuality QEMM 43.08 -2.4 AberdeenEmgSmCos ABE 9.90 -1.8 Amaya AYA 10.82 -2.6 ColumbusMcKinnon CMCO 15.75 -4.7 GlbBloodTherap GBT 20.43 -8.9
t CBRE Group CBG 29.09 -1.24 t FleetCorTechs FLT 117.66 -6.63 Masco MAS 24.54 -0.98 iShRussell2000Gwth IWO 121.85 -3.7 SPDRRussell2000ETF TWOK 59.26 -2.4 AbrdnGlobIncFd FCO 7.38 -1.9 AmbacFinGroup AMBC 12.14 -2.1 CombiMatrix CBMX 0.50 -1.0 GlbPartnerAcqnUn GPACU 9.81 -1.4
CBSClA CBS/A 49.50 -1.86 FlwrsFoods FLO 21.42 -0.43 MasterCard MA 89.19 -2.25 iShRussell2000ETF IWM 99.65 -3.2 SPDRS&P1500ValTilt VLU AbrdIndonesiaFd IF 5.06 -6.1 AmerFirstMultifam ATAX 4.57 -3.3 ComrclVehGp CVGI 2.27 -1.3 GlbXSuperDividAlt ALTY 13.11 -3.1
71.05 -1.7
CBSClB CBS 44.94 -2.08 Flowserve FLS 37.40 -0.62 McCormick MKC 84.88 -0.63 iShRussell2000Val IWN 82.45 -2.8 SPDRS&PBank KBE AberdLatAmEq LAQ 13.73 -1.0 AmCapMortgageInvt MTGE 13.34 -2.3 CommsSystems JCS 7.23 -2.4 GlbXSuperDivdREIT SRET 11.91 -2.3
29.72 -3.4
t CFIndustries CF 31.76 -0.78 Fluor FLR 41.67 -0.73 McCormickVtg MKC/V 85.13 -0.01 iShMicro-CapETF IWC 62.93 -3.5 SPDRS&PEmgLatAmer GML AmericanFarmland AFCO 5.50 -6.5 AmCapSeniorFloat ACSF 9.09 -4.4 ComputerTaskGroup CTG 5.91 -4.4 GlobusMaritime GLBS 0.12 -24.6
31.85 0.1
CGI Gp A GIB 37.79 -0.73 FomentoEconMexADR FMX 85.41 -0.70 McDonalds MCD 115.12 -2.32 iShGlobalEnergyETF IXC 24.75 -1.7 SPDRS&P500FossFree SPYX AmpliphiBioscien APHB 2.66 -11.3 AmericanPubEdu APEI 14.85 -6.1 GloriEnergy GLRI 0.30 -6.2
t McGrawHillFin MHFI 84.37 -4.35 45.87 -0.1 ComtechTel CMTL 18.59 3.5
t CIT Grp CIT 34.39 -1.19 FootLocker FL 61.65 -1.47 iShGlobalMaterials MXI 40.25 -1.7 SPDRS&P500HiDiv SPYD 27.59 -1.7 AsteriasBiotherap AST 2.58 -9.7 AmerCarMart CRMT 21.77 -6.6 ConatusPharma CNAT 1.58 -11.2 GluMobile GLUU 2.10 -4.9
CMSEnergy CMS 36.13 0.22 FordMotor F 12.20 -0.65 t McKesson MCK157.84 -6.17 iShIntlPfdStock IPFF 14.20 -1.0 SPDRS&PGlbDividend WDIV AvinoSilvr&GldMnes ASM 0.74 -2.2 Amyris GlycoMimetics GLYC 4.53 -8.7
t MeadJohnNutr MJN 69.09 -1.58 53.50 -1.2 AMRS 1.22 -9.2 ConnectOneBancorp CNOB 17.16 -2.4
t CNAFinancial CNA 33.24 -0.43 ForestCityRealtyA FCE/A 19.86 -0.13 iSharesGlobalInfra IGF 33.71 -1.4 SPDRS&PGlbInfr GII B2Gold BTG 0.80 1.0 Andersons ANDE 27.38 -5.3 GolarLNG GLNG 13.08 -6.7
Mednax MD 66.38 -1.36 38.75 -1.4 Conns CONN 14.34 -4.2
CNOOCADR CEO 91.70 -0.30 ForestCityRealtyB FCE/B 19.84 -0.37 iShChinaLarge-Cap FXI 30.66 -1.8 SPDRS&PGlbNatRes GNR BancroftFd BCV 16.89 -1.8 ApogeeEnt APOG 38.34 -1.5 GoPro GPRO 14.32 0.1
Medtronic MDT 74.65 -1.79 28.45 -1.2 CnsmrPortfolioSvs CPSS 4.05 -5.8
CRHADR CRH 26.40 -0.58 FortBrandsHomeSec FBHS 47.17 -2.72 JPMorgAlerian AMJ 23.44 -6.0 SPDRS&PHlthCareEqp XHE BluerockResREIT BRG 10.25 -4.4 ApproachResources AREX 0.86 -0.2 GreatBasinScien GBSN 0.23 -17.0
Merck MRK 50.66 -1.10 39.84 -2.2 Control4 CTRL 5.75 -5.3
CSRA CSRA 28.76 -0.26 Franco-Nevada FNV 46.87 0.20 JohnHancockMultiLC JHML 24.17 -2.7 SPDRS&PHlthCareSvs XHS CEL-SCIWt CVM/WS 0.10 -32.8 ApricusBiosci APRI 0.78 -4.5 GrtLksDrdgDck GLDD 3.12 -5.1
CVSHealth CVS 94.11 -1.58 t FranklinResources BEN 32.98 -1.02 MetLife MET 42.91 0.92 50.68 -4.1 CoriumIntl CORI 5.62 -7.5
JohnHancockMultTch JHMT 24.53 -2.0 SPDRS&POil&GasEq XES 14.23 -3.6 CheniereEnergy LNG 31.56 -2.6 AptoseBiosciences APTO 2.03 -2.3 CovenantTransportA CVTI 14.65 -8.3 GreenBancorp GNBC 8.49 -3.9
Cablevision CVC 30.81 -0.65 Freeport-McMoRan FCX 3.74 -0.37 MettlerToledo MTD 311.58 -5.44
JPMorganDivRetUS JPUS 49.81 -1.8 SPDRS&PTelecom XTL 50.27 -2.8 CloughGlblFd GLV 11.86 -2.0 AratanaTherapeutic PETX 2.96 -10.2 CowenGroup COWN 3.06 -6.1 GreenBrickPartners GRBK 5.29 0.5
CabotO&G COG 15.70 0.22 FreseniusMedADR FMS 40.52 -1.45 t MichaelKorsHldgs KORS 36.15 -1.37
KraneBoseraChinaA KBA 28.54 -4.6 SPDRS&PTransport XTN 37.40 -4.2 CloughGlbEqFd GLQ 11.29 -2.4 ArbutusBiopharma ABUS 3.60 -2.4 Cowen8.25%Nts2021 COWNL 24.50 -1.0 GrnlghtCapRe A GLRE 16.95 -3.3
Calpine CPN 13.33 -0.36 t Gallagr AJG 37.00 -0.88 MidAmApt MAA 89.30 -0.17
MindrayMedADR MR 26.51 -0.30 LatticeDevXUSStrat RODM 22.06 -1.0 SPDRSSgAGlbAll GAL 31.52 -0.8 CloughGlblOpp GLO 9.62 -3.0 ArcadiaBiosciences RKDA 2.15 -5.1 Crocs CROX 8.65 -3.1 Groupon GRPN 2.52 -3.0
CamdenPropertyTr CPT 73.81 -0.79 Gap GPS 22.48 -0.37
MitsubishiUFJADR MTU 5.73 -0.06 LatticeUSEquStrat ROUS 22.16 -0.6 SchwEmrgMktEq SCHE 17.67 -1.2 ConTomka CTO 45.33 -6.2 ArcBest ARCB 17.66 -4.5 Cutera CUTR 10.90 -2.0 HSN HSNI 47.38 -2.8
Cameco CCJ 11.10 -0.35 Gartner IT 84.08 -2.57
MizuhoFinancialADR MFG 3.80 -0.03 MadronaIntl FWDI 22.11 -3.6 SchwabFundEmgLrg FNDE 16.69 -0.8 CoreMldTch CMT 9.27 -2.3 ArrayBioPharma ARRY 3.29 -7.5 CymaBayTherapeutic CBAY 1.20 -11.1 HalladorEnergy HNRG 3.96 -4.9
CameronIntl CAM 59.17 -0.54 t Gazit-Globe GZT 8.67 -0.37
MobileTeleSysADR MBT 5.99 0.12 MktVecAfrica AFK 15.62 -2.4 SchwabFundIntLrgCo FNDF 21.93 -1.6 CorindusVascular CVRS 2.35 -6.8 AscentCapGrpA ASCMA 13.50 -4.8 CynapsusTher CYNA 12.88 -5.6 HalozymeThera HALO 10.03 -17.7
CampbellSoup CPB 52.79 -0.69 t GenDynam GD 129.05 -2.75
t CIBC CM 60.38 -1.94 Mobileye MBLY 33.85 -3.89 MktVecAgBusETF MOO 43.00 -1.7 SchwabFundIntlSmCo FNDC 24.65 -1.1 CorMedix CRMD 1.33 -9.5 AscentSolarTch ASTI 0.06 -21.6 CytoriThera CYTX 0.14 -14.7 HancockHolding HBHC 21.82 -5.1
GenElec GE 28.24 -0.40
t CanNtlRlwy CNI 50.77 -1.72 GeneralGrowthProp GGP 25.80 0.04 MohawkIndustries MHK 169.50 -9.47 MktVecCoal KOL 5.37 -3.2 SchwIntlEqty SCHF 25.48 -1.5 DocumentSecSys DSS 0.14 0.6 AssemblyBioscience ASMB 5.63 -15.4 Cytosorbents CTSO 4.06 -11.9 Harmonic HLIT 3.27 -2.9
t CndNatRes CNQ 17.24 -0.29 GeneralMills GIS 55.30 -1.07 MolsonCoors B TAP 87.59 -1.99 MktVecEgypt EGPT 33.60 -7.1 SchwIntSmCpEq SCHC 26.66 -1.5 EarthstoneEnergy ESTE 11.22 -12.0 AtlasAirWorldwide AAWW 32.94 -2.4 CytRx CYTR 1.78 -12.5 HarvardBioSci HBIO 2.64 -3.9
t CanPacRlwy CP 104.82 -6.44 GeneralMotors GM 30.49 0.19 Monsanto MON 91.19 -1.33 MV EM HY BOND ETF HYEM 21.86 -0.3 SchwUS SmCap SCHA 46.38 -3.1 EllsworthGrw&Incm ECF 7.16 -1.4 AtlassianClA TEAM 26.00 -0.3 DISHNetworkClA DISH 51.48 -3.5 HarvestCap7%Nt2020 HCAPL 24.00 -2.1
t CanonADR CAJ 27.90 -0.16 Genpact G 23.30 -0.72 Moodys MCO 87.11 -4.06 MktVecEnvSvc EVX 54.28 -2.3 SPDR DJMCap RSCO 68.80 -2.4 Enservco ENSV 0.42 -10.2 aTyrPharma LIFE 6.30 -8.5 DXPEnterprises DXPE 16.07 -7.6 HaynesIntl HAYN 30.18 -5.1
t CapOneFnl COF 63.64 -2.16 t GenuineParts GPC 77.40 -2.24 t MorganStanley MS 26.89 -1.57 MVFallenAngelETF ANGL 23.89 -0.2 SPDR DJRlEst RWX 36.84 -1.1 EvolutionPetro EPM 3.80 -3.2 AvalancheBiotechno AAVL 5.98 -4.9 DAVIDsTEA DTEA 10.20 -3.4 HlthStrm HSTM 19.32 -4.3
MktVecGaming BJK 28.08 -3.2 SPDR EurSTOXX FEZ 31.82 -2.1 EvolutionPetroA EPMpA 17.20 -9.6 AviatNet AVNW 0.64 -5.8 DepoMed DEPO 13.88 -6.6 HerculesOffshore HERO 1.16 -10.4
MktVecGulfShr MES 19.94 -0.4 SPDR MSCI exUS CWI 28.40 -1.5 FriedmanIndustries FRD 4.75 -2.9 AvisBudget CAR 26.87 -7.2 Determine DTRM 1.85 -4.6 HeritageCrystal HCCI 8.28 -4.7
IPO Scorecard MktVctrsIntlHiYdBd IHY 22.23 -0.5 SpdrSPIntDiv DWX 30.59 -1.6 GAMCOGlbNat&Inc GGN 4.13 -4.7 B/EAerospace BEAV 39.12 -3.6 DianaContainershps DCIX 0.55 -11.5 HerzfeldCaribBasin CUBA 5.56 -2.2
Performance of IPOs, most-recent listed first MktVectorsIsrael ISRA 27.12 -1.5 SPDR S&P IntEngy IPW 13.30 -1.8 GabelliUtilInco GLU 15.42 -0.7 BINDTherapeutics BIND 1.56 -14.4 DicernaPharma DRNA 7.19 -10.0 Histogenics HSGX 2.52 -10.8
% Chg From % Chg From MktVecMngstrItl MOTI 24.70 -1.1 SPDR S&P IntMtrls IRV 15.03 -1.7 GastarExplnPfdB GSTpB 9.52 -4.2 BMCStockHoldings STCK 13.02 -6.4 DigitalTurbine APPS 1.07 -6.9 HorseheadHolding ZINC 0.64 -52.2
Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day MVMortgageREITIncm MORT 18.21 -2.6 SPDRIntlMidCap MDD 27.21 -1.2 HC2Holdings HCHC 3.85 -10.8 BOKFinancial BOKF 49.68 -8.3 DimensionTherap DMTX 7.29 -14.3 HubGroupClA HUBG 28.97 0.5
IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close MktVectorsOilSvcs OIH 22.49 -3.1 SPDR S$P Russ RBL 12.36 -1.1 ImmunoCelrTherap IMUC 0.26 -8.9 BOS BettrOnln BOSC 1.70 -6.2 DipexiumPharma DPRX 7.99 -6.5 JBHunt JBHT 65.41 -2.9
MktVctRErthStrMtl REMX 11.70 -1.8 SPDR S&P Biotch XBI 54.56 -6.9 ImpOil IMO 27.87 -3.3 BancFstOK BANF 55.09 -3.6 DscvryLbs DSCO 0.17 -0.7 IACInteractv IACI 54.42 -4.5
Yirendai 6.98 –30.2 –23.3 Mimecast 8.17 –18.3 –19.1 Iberiabank IBKC 47.03 -5.8
YRD Dec. 18/$10.00 MIME Nov. 19/$10.00 MVRussiaSmCp RSXJ 17.39 -0.4 SPDR S&P BRIC BIK 16.59 -2.0 IndependenceRealty IRT 6.81 -3.8 Bazaarvoice BV 3.60 -1.1 DvsfdRestaurant SAUC 1.45 4.4
MktVecSteel SLX 16.25 -2.6 SPDR SP EmMkt GMM 47.19 -1.3 Libbey LBY 15.35 -16.2 BedBath BBBY 44.31 -2.6 DixieGroup DXYN 4.51 -1.3 IcahnEnt IEP 56.25 -3.4
Atlassian 26.73 27.3 –3.8 Square 11.61 29.0 –11.2 MktVectorsTrea THHY 21.42 -0.8 SPDR S&P Home XHB 30.03 -3.4 MedgenicsWt MDGN/WS 0.14 -44.0 BelFuse BELFB 14.70 -5.8 DormanProducts DORM 41.34 -4.1 ImmunePharma IMNP 0.51 -11.3
TEAM Dec. 10/$21.00 SQ Nov. 19/$9.00 MatlsSelSectorSPDR XLB 38.48 -2.3 SPDR S&P MtlMng XME NTNBuzztime NTN 0.13 3.0 BelFuse A DynamicMaterials BOOM 5.30 -2.2 InnophosHoldings IPHS 24.25 -5.0
12.38 -2.0 BELFA 13.72 ...
Axsome Thera 10.22 13.6 16.9 Instructure 19.62 22.6 9.0 MSCushMLPHI MLPY 5.30 -5.1 SPDRS&POilGasExpl XOP 24.85 -3.4 NeubrgBermMLPIncm NML 5.68 -11.1 BioBlastPharma ORPN 2.58 -5.2 EPIRUSBiopharma EPRS 2.30 -17.6 InovioPharma INO 5.13 -6.7
AXSM Nov. 19/$9.00 INST Nov. 13/$16.00 NashvilleAreaETF NASH 23.61 -3.9 SPDR S&P Retail XRT 40.06 -3.3 NrthrnOilGas NOG 2.90 -2.0 Bio-Techne TECH 82.22 -3.3 EVINELiveClA EVLV 1.26 -1.5 InsightEnt NSIT 22.23 -3.4
OppNavellOverA100 RWV 43.39 -1.2 SPDR S&P exUS GWL 23.74 -2.0 NovaCopper NCQ 0.20 -4.8 BioCryst BCRX 7.26 -8.2 EXACTSciences EXAS 6.65 -8.7 InteractiveIntel ININ 22.64 -1.2
Duluth Hldgs 14.36 19.7 5.2 Mesoblast 6.05 –24.4 –25.4 InterceptPharm ICPT 120.60 -6.2
DLTH Nov. 19/$12.00 MESO Nov. 13/$8.00 OppenheimerRevWtd RTR 26.57 -1.2 SPDR STOXX Eu50 FEU 29.43 -1.8 NuveenDivCmmdtyFd CFD 8.42 -0.1 BioDeliveryScience BDSI 3.54 -7.5 EagleBlkShip EGLE 2.10 -8.6
OppenheimUltraDiv RDIV 25.24 -2.0 2xLevLgETRACSWF LBDC 13.65 -1.8 RetractableTechs RVP 2.65 -4.9 BioLineRXADR BLRX 1.00 -2.8 EastWestBancorp EWBC 35.41 -5.1 InterNAP INAP 3.89 -16.5
Match Grp 13.30 10.8 –9.8 Xtera Comm 3.85 –23.0 –23.0 PowerSharesChinaA CHNA 24.30 -3.4 UBSNatGasMLPETN MLPG 17.56 -4.6 RexahnPharm RNN 0.29 -8.2 BioMarinPharm BMRN 83.67 -9.7 EchoStar SATS 34.41 -1.9 IntlMultiAssetDiv YDIV 14.65 -2.3
MTCH Nov. 19/$12.00 XCOM Nov. 13/$5.00 PwrShsDBComTr DBC 12.24 -0.6 UBSMLPWellsFargo MLPW 16.98 -0.4 RingEnergy REI 4.82 -5.4 BioScrip BIOS 1.20 -4.5 ElectroRent ELRC 7.87 -4.1 Inventure SNAK 5.43 -4.5
PowerSharesDBEnFd DBE 9.54 -1.9 UBSAG-2xAlerian MLPL 13.62 -9.7 SifcoInd SIF 7.65 -2.1 BioShrsBiotechClin BBC 20.71 -7.7 ElkhornS&P500Cap CAPX 21.00 -1.1 InVivoThrptcsHldgs NVIV 4.50 -7.9
Sources: WSJ Market Data Group; FactSet Research Systems PSDWAEmergingMkts PIE 13.63 -1.2 E-TRACS AlrInfr MLPI 20.43 -6.0 SunlinkHealth SSY 0.78 -0.2 BioShBiotechProds BBP 24.70 -5.6 EmpireResorts NYNY 12.08 -5.5 Continued on Page C7
THE WALL STREET JOURNAL. Thursday, January 14, 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
June 99.2050 99.2200 s 99.1850 99.2100 .0050 1,213,209 Index Futures
Metal & Petroleum Futures Dec 98.9850 99.0150 s 98.9500 99.0000 .0100 1,297,883
Contract Open Contract Open Mini DJ Industrial Average (CBT)-$5 x index
Open High hi lo Low Settle Chg interest Open High hilo Low Settle Chg interest March ... 16533 t 16025 16056 –307 65,846
Currency Futures June 16400 16469 t 15956 15981 –309 373
Copper-High (CMX)-25,000 lbs.; $ per lb. Wheat (KC)-5,000 bu.; cents per bu. Japanese Yen (CME)-¥12,500,000; $ per 100¥
Jan 1.9525 1.9665 t 1.9495 1.9505 –0.0025 1,496 March 480.00 481.75 s 474.25 476.00 –4.75 110,941
S&P 500 Index (CME)-$250 x index
March .8505.8511 .8457 .8501 –.0012 240,199 March 1926.00 1946.20 t 1878.00 1881.40 –43.50 98,385
March 1.9595 1.9800 t 1.9510 1.9560 –0.0030 138,942 July 499.25 502.00 s 494.00 496.25 –4.00 45,636 June .8500.8532 .8482 .8524 –.0014 966 June ... 1934.60 t 1877.60 1874.10 –43.50 2,185
Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (MPLS)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Jan 1081.50 1093.90 1081.50 1087.50 1.90 232 March 505.75 507.25 498.50 500.00 –7.00 33,549
Mini S&P 500 (CME)-$50 x index
March .7007 .7049 t .6954 .6964 –.0045 161,959 March 1922.50 1946.50 t 1878.00 1881.50 –43.50 2,728,789
Feb 1086.80 1095.60 1079.40 1087.10 1.90 227,953 May 512.75 513.75 505.00 506.75 –7.00 15,120 June .7030 .7052 t .6960 .6969 –.0045 3,072
April 1086.60 1095.70 1079.80 1087.40 2.00 86,307 June 1916.75 1939.00 t 1870.75 1874.00 –43.50 12,967
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £ Mini S&P Midcap 400 (CME)-$100 x index
June 1086.50 1096.00 1080.60 1087.90 2.00 33,070 Jan 160.825 161.725 159.775 160.775 .550 5,284 March 1.4427 1.4477 1.4380 1.4445 .0013 238,223 March 1300.10 1312.70 t 1264.40 1269.30 –30.50 96,280
Aug 1089.10 1096.00 1080.90 1088.50 2.00 10,552 March 157.125 158.850 156.025 157.200 .200 15,812 June 1.4474 1.4479 1.4388 1.4451 .0012 546
Dec 1089.90 1096.50 1083.90 1090.10 2.00 16,868
Cattle-Live (CME)-40,000 lbs.; cents per lb. Mini Nasdaq 100 (CME)-$20 x index
Palladium (NYM) - 50 troy oz.; $ per troy oz. Swiss Franc (CME)-CHF 125,000; $ per CHF March 4308.8 4365.0 t 4167.3 4175.8 –137.0 300,315
Feb 132.250 133.175 131.225 132.100 .500 81,385 March .9995 .9997 .9918 .9960 –.0040 46,220
Jan 492.70 492.70 492.70 486.55 16.65 4 June 4329.8 4356.5 t 4163.0 4170.5 –137.0 334
April 133.575 133.975 132.025 133.025 .325 89,562 June 1.0050 1.0101 1.0026 1.0006 –.0039 171
Feb 485.40 496.50 485.40 487.45 16.65 30
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini Russell 2000 (ICE-US)-$100 x index
March 468.20 499.95 467.25 486.65 16.85 26,053 Australian Dollar (CME)-AUD 100,000; $ per AUD March 1041.00 1047.70 t 999.70 1006.90 –29.90 405,878
Feb 62.100 62.625 s 61.150 61.625 –.275 46,975 March .6955 .7028 .6929 .6939 –.0025 121,053
June 475.00 493.75 475.00 486.35 15.90 1,053 June 1015.00 1015.00 t 1015.00 1003.70 –29.90 14
April 67.425 67.875 s 66.525 67.150 –.150 54,892 June .6961 .6998 .6903 .6911 –.0025 490
Platinum (NYM)-50 troy oz.; $ per troy oz. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Russell 1000 (ICE-US)-$100 x index
Jan 837.20 854.00 836.50 850.20 12.70 803 Mexican Peso (CME)-MXN 500,000; $ per MXN March 1072.00 1074.80 t 1038.20 1038.40 –26.50 7,581
Jan 256.70 257.00 253.60 255.00 –1.20 63 March .05558 .05604 .05546 .05556 –.00012 135,598
April 836.00 855.80 833.00 851.30 12.70 63,509 U.S. Dollar Index (ICE-US)-$1,000 x index
March 247.80 252.20 247.10 247.60 2.60 3,493 June .05538 .05569 .05514 .05523 –.00011 13,075
Silver (CMX)-5,000 troy oz.; $ per troy oz. March 99.11 99.40 98.91 98.98 –.05 71,976
Jan 13.850 14.100 13.850 14.145 0.405 85
Milk (CME)-200,000 lbs., cents per lb. Euro (CME)-€125,000; $ per € June 99.33 99.49 98.99 99.07 –.05 1,549
Jan 13.75 13.77 13.71 13.74 .02 3,669 March 1.0867 1.0905 1.0821 1.0894 .0022 394,352
March 13.785 14.205 13.750 14.156 0.405 125,739
Feb 13.59 13.74 13.54 13.68 .12 5,109 June … 1.0936 1.0854 1.0926 .0023 2,845 Source: SIX Financial Information
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Cocoa (ICE-US)-10 metric tons; $ per ton.
Feb 30.54 31.71 30.10 30.48 0.04 237,424
March 2,865 2,902 2,865 2,892 32 80,213
March 31.60 32.67 31.07 31.39 –0.13 492,537
2,872 2,905 2,871 2,897 32 50,952
April
May
32.94
33.88
33.63
34.57
t 32.08
t 33.01
32.35 –0.29
33.28 –0.42
145,873
88,329
May
Coffee (ICE-US)-37,500 lbs.; cents per lb. Bonds | WSJ.com/bonds
June 34.79 35.42 t 33.84 34.12 –0.51 147,837 March 114.50 115.90 114.35 114.80 .45 94,423
117.00 118.20 116.65 117.10 .40 37,843
Dec 38.05 38.77 t 37.14
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal.
37.41 –0.73 174,472 May
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Tracking Bond Benchmarks
Feb .9880 1.0061 t .9597 .9694 –.0207 66,635 March 14.05 14.57 14.05 14.47 .42 348,533 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
1.0069 1.0243 t .9794 .9886 –.0202 75,662 May 13.79 14.25 13.78 14.11 .33 179,111
March
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
highs and lows for different types of bonds
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Total return Yield (%), 52-Week Range l Latest
Feb 1.0678 1.1059 t 1.0408 1.0528 –.0320 75,998 March 26.10 26.10 s 26.05 26.08 .12 3,395
May 26.10 26.10 s 26.10 26.10 .08 2,173 close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
March 1.0974 1.1306 t 1.0707 1.0821 –.0276 80,574
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Cotton (ICE-US)-50,000 lbs.; cents per lb. 1843.21 0.9 Broad market Barclays Aggregate 2.450 1.920 l 2.630
Feb 2.263 2.323 2.256 2.269 .012 124,961 March 61.50 62.43 61.50 62.14 .55 115,182
March 2.267 2.324 2.267 2.290 .029 231,925 May 62.07 62.87 62.06 62.60 .44 32,141 2491.12 0.8 U.S. Corporate Barclays Capital 3.590 2.780 l 3.710
April 2.345 2.363 2.324 2.337 .017 106,049 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 132.00 134.75 t 130.65 131.35 –.65 10,057 2433.60 0.7 Intermediate 3.000 2.210 l 3.120
May 2.375 2.409 2.373 2.385 .015 75,694
Sept 2.520 2.530 2.497 2.507 .014 43,755 May 132.65 134.90 t 131.10 131.75 –.65 1,783 3190.54 1.2 Long term 4.960 4.030 l 5.110
Oct 2.550 2.555 2.523 2.533 .014 62,202
Interest Rate Futures 524.58 1.0 Double-A-rated 2.550 1.980 l 2.700
Agriculture Futures Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 616.66 0.6 Triple-B-rated 4.260 3.280 l 4.330
Corn (CBT)-5,000 bu.; cents per bu. March 157-140 159-040 156-230 158-170 31.0 508,114
March 356.00 360.75 355.50 358.00 1.25 710,005 June 155-150 157-160 155-150 157-040 31.0 121 327.01 -1.1 High Yield Constrained Merrill Lynch 9.093 5.853 l 9.093
May 361.50 365.75 361.00 363.00 .75 221,344 Treasury Notes (CBT)-$100,000; pts 32nds of 100% 274.93 -1.6 Triple-C-rated 18.781 10.017 l18.781
Oats (CBT)-5,000 bu.; cents per bu. March 127-235 128-085 127-135 128-020 7.5 2,648,439
June 127-000 127-165 127-000 127-160 7.5 2,639 2352.17 -0.9 High Yield 100 7.930 5.016 l 8.056
March 206.50 207.25 203.50 205.00 –.50 6,956
May 206.00 206.00 202.75 204.00 –1.00 1,762 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 300.60 -1.1 Global High Yield Constrained 8.701 5.894 l 8.701
Soybeans (CBT)-5,000 bu.; cents per bu. March 119-160 119-265 119-100 119-217 4.0 2,421,507
June 119-030 119-152 119-030 119-107 4.0 1,239 260.49 -1.0 Europe High Yield Constrained 5.908 3.550 l 5.908
Jan 892.00 899.00 890.75 899.00 8.25 1,262
March 875.00 880.75 871.00 880.00 5.50 329,114 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 1593.33 0.8 U.S Agency Barclays 1.510 1.110 l 1.680
Soybean Meal (CBT)-100 tons; $ per ton. March 108-292 108-312 108-272 108-305 1.0 1,032,299
Jan 274.80 275.10 s 272.10 272.90 –1.80 318 June 108-230 108-255 108-230 108-257 1.7 2,770 1437.17 0.6 10-20 years 1.310 0.940 l 1.480
March 276.10 276.50 273.70 275.50 –.10 188,374 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. 3080.59 2.5 20-plus years 3.110 2.490 l 3.370
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Jan 99.665 99.665 t 99.663 99.665 … 170,310
Jan 29.42 29.47 29.36 29.36 .35 289 Feb 99.645 99.645 s t 99.640 99.645 –.005 137,022 1919.82 0.7 Mortgage-Backed Barclays 2.640 2.280 l 2.900
March 29.18 29.73 29.13 29.54 .36 171,993 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% 1898.12 0.6 Ginnie Mae (GNMA) 2.540 2.170 l 2.860
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 104.328 105.031 s 104.078 104.828 .234 28,819
Jan ... ... ... 1107.50 –41.50 78 1 Month Libor (CME)-$3,000,000; pts of 100% 1122.85 0.7 Fannie mae (FNMA) 2.670 2.300 l 2.910
1172.50 1172.50 t 1115.50 1130.00 –42.00 9,756 Jan ... ... s ... 99.5750 1,423 1728.19 0.8 Freddie Mac (FHLMC)
March 2.700 2.310 l 2.930
Wheat (CBT)-5,000 bu.; cents per bu. Eurodollar (CME)-$1,000,000; pts of 100%
March 480.50 484.25 s 476.50 478.00 –3.25 227,687 Jan 99.3750 99.3800 99.3750 99.3775 … 217,119 503.36 0.7 Muni Master Merrill Lynch 1.636 1.475 l 2.099
July 491.50 494.75 s 487.50 489.00 –3.75 66,824 March 99.3000 99.3150 99.2900 99.3050 .0050 1,301,800
352.06 1.0 7-12 year 1.628 1.498 l 2.144
389.24 0.7 12-22 year 2.050 1.924 l 2.636
Cash Prices | WSJ.com/commodities Wednesday, January 13, 2016

370.16 0.8 22-plus year 2.725 2.542 l 3.351
2244.29 0.3 Yankee Barclays 3.000 2.390 l 3.110
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 526.62 1.0 Global Government J.P. Morgan 1.470 1.240 l 1.780
months. 764.67 1.2 Canada 1.510 1.380 l 1.970
Wednesday Wednesday Wednesday 359.43 0.5 EMU 1.178 0.724 l 1.609
NaturalGas,HenryHub-i 2.300 NaturalGas,Opal-i 2.220 686.47 0.6 France 1.020 0.490 l 1.360
Energy NaturalGas,TranscoZone3-i 2.280 NaturalGas,MarcellusNE PA-i 1.360
Propane,tet,Mont Belvieu-g 0.3356 NaturalGas,TranscoZone6NY-i 2.830 NaturalGas,HaynesvilleN.LA-i 2.230 498.65 0.9 Germany 0.640 0.160 l 1.040
Butane,normal,Mont Belvieu-g 0.4763 NaturalGas,PanhandleEast-i 2.130 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250 279.76 0.6 Japan 0.610 0.570 l 0.890
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.700
546.51 0.7 Netherlands 0.790 0.240 l 1.130
New Highs and Lows | WSJ.com/stocks Metals

Gold, per troy oz
841.02 1.9 U.K. 2.130 1.730 l 2.480
663.32 -1.1 Emerging Markets ** 6.921 5.679 l 6.921
Continued From Page C6 52-Wk % 52-Wk % Engelhard industrial 1087.49
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Engelhard fabricated 1169.05 *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
Stock Sym Hi/Lo Chg PICOHoldings PICO Handy & Harman base 1088.15 ** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
8.94 -3.5 Stratasys SSYS 19.30 -5.1 Handy & Harman fabricated 1207.85
iShCommodSelStrat COMT 25.22 -1.2 PRAGroup PRAA 28.26 -5.8 Strattec STRT 51.34 -3.3 LBMA Gold Price AM
*1094.85
iShEurDevRealEst IFEU 34.80 -2.3 PTC
iShGlbTimber WOOD 42.76 -1.8 PTCTherapeutics PTCT
PTC 29.91 -3.5
21.44 -5.1
StrongbridgeBiophm SBBP 3.84 -14.1
SucampoPharmClA SCMP 13.15 -6.9
LBMA Gold Price PM *1085.40 Global Government Bonds: Mapping Yields
Krugerrand,wholesale-e 1131.00
iShIntlDevRealEst IFGL 26.20 -1.4 Paccar PCAR 44.12 -2.0 SunHydraulics SNHY 25.70 -2.6 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
SunEdisonSemicon SEMI 5.11 -8.4
Maple Leaf-e 1141.88
iShMSCIACWIexUSETF ACWX 36.41 -1.5 PacWestBncp PACW 36.97 -4.5
SunshineHeart SSH 1.00 -6.5
American Eagle-e 1141.88 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
iShMSCIEmgMktLA EEML 22.14 -0.6 ParkOhioHoldings PKOH 27.63 -9.9
SRDX 18.18 -2.8
Mexican peso-e 1319.20
iShMSCIUAECapped UAE 14.38 -2.4 Patterson PDCO 40.20 -3.6 SurModics
TOR 0.35 -21.6 Austria crown-e 1068.97 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
iShNasdaqBiotech IBB 279.46 -5.4 PttrsnUtiEngy PTEN 12.45 -4.3 SutorTech
Latest(l) 0 20 40 60 80 100 120 Previous
SNPS 40.36 -3.5 Austria phil-e 1141.88 Coupon (%) Maturity, in years Month ago Year ago Latest Prev Year ago
IturanLocation ITRN 16.76 -3.9 PennantPrkInv PNNT 5.46 -4.0 Synopsys
KBSFashionGroup KBSF 1.50 -4.5 PnsWdsBcp PWOD 38.58 -2.1 SyntaPharm SNTA 0.23 -6.7 Silver, troy oz. 1.000 U.S. 2 0.911 t l 0.928 0.887 0.545
KCAPFinancial KCAP 3.25 -4.3 PennTexMidstream PTXP 11.07 -5.7 SynutraIntl SYUT 3.62 -6.2 Engelhard industrial 13.9700 2.250 10 2.065 t l 2.102 2.124 1.902
KLX KLXI 27.49 -1.1 PepBcp OH PEBO 17.67 -3.5 TASERInternational TASR 15.33 -3.8 Engelhard fabricated 16.7640
PFBX 8.74 -0.5 TESARO TSRO 35.34 -8.8 Handy & Harman base 14.2000 5.500 Australia 2 2.008 t l 2.017 2.084 2.160 109.7 109.0 161.5
KaryopharmTherap KPTI 6.82 -15.0 PeoplsFnl
KimballElectronics KE 9.31 -3.0 PeoplesFinclSvc PFIS 33.50 -4.0 THL Credit TCRD 9.72 -3.3 Handy & Harman fabricated 17.7500 3.250 10 2.714 t l 2.744 2.860 2.621 64.9 64.2 71.9
Kirklands KIRK 11.89 -4.8 PerfumaniaHldg PERF 2.21 -0.9 THT HeatTrans THTI 0.20 15.3 LBMA spot price £9.6135
Kopin KOPN 2.18 -3.5 Perseon PRSN 0.07 -19.0 TICCCapital TICC 4.29 -16.8 (U.S.$ equivalent) 13.8300 4.250 France 2 -0.332 s l -0.338 -0.273 -0.058 -124.4 -126.6 -60.3
KratosDefense KTOS 3.01 -3.1 Pixelworks PXLW 1.99 -3.3 TTMTechnologies TTMI 5.19 -3.0 Coins,wholesale $1,000 face-a 12849 1.000 10 0.887 t l 0.915 0.868 0.739 -118.8 -116.3
-117.8
LDRHolding LDRH 19.69 -8.8 Plexus PLXS 30.69 -3.0 T2Biosystems TTOO 8.08 -6.2 Other metals
LPLFinHoldings LPLA 35.71 -6.5 PluristemThera PSTI 0.78 -10.1 TechTarget TTGT 7.47 -4.8 LBMA Platinum Price PM *843.0 0.500 Germany 2 -0.382 t l -0.379 -0.340 -0.117 -129.3 -130.7 -66.2
LNDC 10.82 -1.6 PointsIntl PCOM 7.80 -2.7 TeleNav TNAV 5.12 -4.3 Platinum,Engelhard industrial 844.0
Landec 1.000 10 0.505 t l 0.534 0.543 0.480 -156.0 -156.8 -142.2
LeadingBr LBIX 1.80 -10.5 Popular BPOP 24.21 -3.0 TenaxTherapeutics TENX 2.72 -6.0 Platinum,Engelhard fabricated 944.0
LegacyReservesPfdA LGCYP 3.57 -11.5 PowelInd POWL 24.19 -1.7 Tesco TESO 5.54 -5.6 Palladium,Engelhard industrial 493.0 4.500 Italy 2 0.007 t l 0.030 0.134 0.484 -90.5 -89.8 -6.1
LegacyReservesPfdB LGCYO 3.22 -6.6 PowerSolutions PSIX 13.23 1.2 TesseraTechs TSRA 26.69 -3.3 Palladium,Engelhard fabricated 593.0
TetraphasePharma TTPH 5.51 -9.2 2.000 10 1.568 t l 1.618 1.538 1.791 -49.7 -48.5 -11.1
LibertyGlobalClA LBTYA 33.49 -4.0 PSDBOptYdDivCmdty PDBC 14.26 -0.6 Aluminum, LME, $ per metric ton *1457.0
LibertyGlobalClB LBTYB 34.54 -4.3 PowerShDWATactical DWTR 22.47 -4.2 TheStreet TST 1.31 -0.2 Antimony-d 2.5250 0.100 Japan 2 -0.030 t l -0.025 -0.027 -0.026 -94.1 -95.3 -57.1
LibertyGlobalClC LBTYK 32.52 -4.5 PwrShrGlblAgricult PAGG 20.96 -2.2 ThrshldPharm THLD 0.35 -8.4 Copper,Comex spot 1.9505
TitanMachinery TITN 8.57 -2.7 0.300 10 0.211 t l 0.220 0.314 0.263 -185.3 -188.2 -163.9
LibertyTax TAX 18.04 -6.3 PwrShSP CnsDscr PSCD 41.77 -2.6 Lead,NA solder-d 100.634
LifetimeBrands LCUT 11.36 -4.5 PwrShSP SmEnrg PSCE 12.09 -3.2 TobiraTherapeutics TBRA 6.99 -11.4 0.500 Spain 2 0.045 s l 0.018 0.100 0.446 -90.9 -9.9
TokaiPharma TKAI 4.93 -8.2
Iron Ore, 62% Fe CFR China-s 39.3 -86.6
LimelightNetworks LLNW 1.19 ... PwrShSP SmInds PSCI 38.49 -2.7 Shredded Scrap, US Midwest-s,w 184
26.58 -2.5 TonixPharmHldg TNXP 5.02 -15.6 2.150 10 1.782 t l 1.827 1.611 1.622 -28.3 -27.5 -28.0
Limoneira LMNR 13.51 -7.3 PwrShSP SmMatr PSCM Stainless steel scrap,US-d 1560
LECO 48.42 -3.0 PranaBiotechADR PRAN 0.54 -9.2 TopImageSystems TISA 2.33 -6.3
LnclnElec
Towerstream TWER 0.25 -2.3
Steel, HRC USA, FOB Midwest Mill-s 393 1.000 U.K. 2 0.494 s l 0.483 0.576 0.386 -41.7 -44.5 -15.8
LiquiditySvcs LQDT 5.57 -4.1 Premier PINC 31.12 -3.0 Tin,NA solder-d 827.834
LivePerson LPSN 5.80 -0.3 PrismTechs PRZM 0.64 11.9 Transgenomic TBIO 0.72 -6.7 2.000 10 1.749 t l 1.750 1.818 1.589 -31.6 -35.3 -31.3
TransGlobeEnergy TGA 1.23 -7.4 Zinc,NA-d 74.270
LoncarCancerETF CNCR 21.68 -7.4 ProfessionalDivers IPDN 0.38 2.5 Source: Tullett Prebon
LoralSpace LORL 33.93 -4.1 ProgenicsPharm PGNX 4.27 -8.4 Travelzoo TZOO 7.45 -4.0
TrilliumTherap TRIL 8.40 -8.8
Fibers and Textiles
MER Telmg MTSL 0.73 -7.1 ProNAiTherapeutics DNAI 10.44 -6.8
MTSSystems MTSC 52.25 -3.5 ProQRTherapeutics PRQR 6.19 -12.9 TrinityBiotechADR TRIB 10.35 -3.2 Burlap,10-oz,40-inch NY yd-n,w
Cotton,1 1/16 std lw-mdMphs-u
0.5250
0.6239
Corporate Debt
48.30 -10.8 TrustcoBank TRST 5.54 -2.3
MagellanPetroleum MPET 0.31 -23.8 ProShrUltNdBTh BIB Cotlook 'A' Index-t *68.50 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
31.80 -16.1 Trustmark TRMK 20.65 -3.5
Manitex MNTX 4.95 -4.0 UltraPrNASDQBiotec UBIO Hides,hvy native steers piece fob-u 73.000 that same company’s share price. Here’s a look at both for two companies in the news.
8.98 ... TurtleBeach HEAR 1.35 -8.9
MarathonPatentGrp MARA 1.29 ... Psychemedics PMD Wool,64s,staple,Terr del-u,w n.a.
TwinDisc TWIN 8.63 -1.5
MarinePetroleumUn MARPS 3.10 -5.5 Pulmatrix PULM 3.15 -8.0
UMBFinancial UMBF 40.81 -5.3
Investment-grade spreads that tightened the most…
MktVectorsGenDrugs GNRX 25.13 -0.8 PyxisTankers PXS 0.55 10.3 Grains and Feeds Spread*, in basis points Stock Performance
QRVO 38.90 -9.8
USA Truck USAK 13.88 -8.9
Marketo MKTO 21.71 -2.1 Qorvo Barley,top-quality Mnpls-u n.a. Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
0.66 -5.7
Umpqua UMPQ 14.36 -2.9
MarriottInt A MAR 60.13 -6.3 QuantumFuel QTWW Bran,wheat middlings, KC-u 104
uniQure QURE 14.44 -10.3 ZFS Finance 6.450 Dec. 15, ’65 77 –54 111 ... ...
MaterialiseADR MTLS 6.26 -5.8 RCIHospitality RICK 8.45 -0.1 Corn,No. 2 yellow,Cent IL-bp,u 3.4950
ZURNVX
UnitedFinBncp UBNK 11.44 -3.9
MentorGraphics MENT 16.10 -3.9 REGENXBIO RGNX 12.08 -6.6 Corn gluten feed,Midwest-u,w 111.0 Teck Resources TCKBCN 2.500 Feb. 1, ’18 1787 –28 1535 ... ...
UnvlStnlss USAP 7.00 -4.9
Methanex MEOH 24.60 -3.5 RPX RPXC 10.13 -2.5
UnvlTrckldSvc UACL 11.83 -8.5 Corn gluten meal,Midwest-u,w 449.9 Leggett & Platt LEG 4.400 July 1, ’18 138 –24 n.a. 38.10 –3.86
MicronTechnology MU 11.91 -5.2 RXIPharmaceuticals RXII 0.27 -12.2 248
VCA WOOF 46.95 -9.1 Cottonseed meal-u,w Marathon Oil MRO 3.850 June 1, ’25 487 –22 460 8.54 –7.07
MidConEnergyPtrs MCEP 0.87 -4.7 RadaElectronicInds RADA 0.28 -2.8 95
ValideaMktLegends VALX 21.00 -2.2 Hominy feed,Cent IL-u,w
MillerHrm MLHR 25.37 -3.2 RadioOneClA ROIA 1.43 -3.5 EMC EMC 1.875 June 1, ’18 310 –16 336 24.19 –1.91
Vanguard7.75%PfdC VNRCP 5.15 -14.8 Meat-bonemeal,50% pro Mnpls-u,w 205
Mimecast MIME 8.13 -4.4 RadioOne D ROIAK 1.40 -4.1
5.03 -8.1
VanguardRuss3000 VTHR 85.79 -2.6 Oats,No.2 milling,Mnpls-u 2.6000 Walgreens Boots Alliance WBA 3.300 Nov. 18, ’21 180 –16 n.a. 79.93 –2.31
ModusLink MLNK 2.16 -2.7 RaveRestaurant RAVE VanguardRuss2000 VTWO 80.00 -3.2 Rice, 5% Broken White, Thailand-l,w 351.00 Citigroup C 2.500 July 29, ’19 120 –14 121 45.19 –3.60
MoneyGramIntl MGI 5.37 -3.5 RavenIndustries RAVN 14.60 -1.7 VangrdRss2000Grwth VTWG 88.93 -3.7 Rice, Long Grain Milled, No. 2 AR-u,w 23.00
MorgansHotelGroup MHGC 2.34 -6.3 ReadingA RDI 10.67 -4.7 ConocoPhillips COP 3.350 Nov. 15, ’24 275 –12 223 39.00 –3.11
VangrdRss2000Val VTWV 71.68 -2.8 Sorghum,(Milo) No.2 Gulf-u 7.4200
NIIHoldings NIHD 3.63 -4.9 RealIndustry RELY 5.82 -7.4 VanguardTtlIntlStk VXUS 41.56 -1.4 SoybeanMeal,Cent IL,rail,ton48%-u 284.50
NMIHoldingsClA NMIH 5.56 -5.4 RealNetworks RNWK 3.50 -8.9 Verastem VSTM 1.32 -9.6 Soybeans,No.1 yllw IL-bp,u 8.7800 …And spreads that widened the most
NabrivaTherapADR NBRV 7.48 -13.0 RedHillBioADR RDHL 10.26 -6.5 VerintSystems VRNT 37.56 -4.1
12.40 -7.2
Wheat,Spring14%-pro Mnpls-u 6.1000 Noble Holding International 4.000 March 16, ’18 1105 188 n.a. … …
Navient NAVI 9.42 -5.9 Rent-A-Center RCII VertexEnergy VTNR 0.88 -2.9
NE
RTK 2.16 -7.9
Wheat,No.2 soft red,St.Louis-bp,u 4.3550
Neonode NEON 2.02 -2.8 Rentech VertxPharm VRTX 95.68 -7.0 Freeport–McMoRan FCX 3.875 March 15, ’23 1493 108 1184 3.74 –9.00
NeosTherapeutics NEOS 9.62 -12.0 ReprosThera RPRX 0.91 -10.8 Wheat - Hard - KC (USDA) $ per bu-u 4.5400
Vicor VICR 7.59 -3.3 Wheat,No.1soft white,Portld,OR-u 5.3400 Glencore Funding GLENLN 4.000 April 16, ’25 813 102 681 ... ...
Neothetics NEOT 1.01 -4.5 RexEnergy REXX 0.66 -11.0 VictoryCEMPDevEnh CIZ 29.08 -1.6
NephroGenex NRX 1.05 -12.4 RichdsnElec RELL 5.10 -3.4 Transocean RIG 6.500 Nov. 15, ’20 1721 100 1466 9.80 –4.67
VictoryCEMPItlHiDv CID 30.13 -1.5 Food
Net1UEPS UEPS 11.11 -5.4 RigNet RNET 14.73 -2.0 VictoryCEMPUSDiscv CSF 31.07 -2.6 MPLX MPLX 4.500 July 15, ’23 580 89 413 30.34 –8.06
7.05 -4.0 Beef,carcass equiv. index
NetScout NTCT 25.54 -3.0 RockwellMedical RMTI VictoryCEMPUSEQInc CDC 33.33 -1.5
ROSG 0.75 -15.2 choice 1-3,600-900 lbs.-u 210.85 Anglo American Capital AALLN 4.125 April 15, ’21 1393 74 n.a. ... ...
Neuralstem CUR 0.67 -22.4 RosettaGenmcs VictoryCEMPUS500 CFO 32.96 -2.5
NY MtgTr NYMT 4.82 -5.3 RoyalGold RGLD 30.15 -0.8 select 1-3,600-900 lbs.-u 203.49 Marathon Oil MRO 2.800 Nov. 1, ’22 570 49 490 8.54 –7.07
VictoryCEMPUS500 CFA 33.08 -1.8 Broilers,dressed 'A'-u 1.1300
NewLinkGenetics NLNK 25.53 -8.3 RushEnt A RUSHA 18.63 -1.4 VictoryCEMPUSLC CDL 32.54 -0.8 Diamond Offshore Drilling DO 5.875 May 1, ’19 507 44 415 17.51 –2.40
NewtekBsSvcs NEWT 11.66 -6.4 SBACommunications SBAC 97.52 -3.1 Broilers, National comp wghtd-u,w 0.8799
VictoryCEMPUSSmCp CSB 30.25 -2.5 Butter,AA Chicago 2.1000
NicholasFinancial NICK 10.68 -0.3 SCYNEXIS SCYX 4.55 -3.3 VictoryCEMPUSSmCp CSA 30.07 -1.2 Cheddar cheese,bbl,Chicago 152.00
High-yield issues with the biggest price increases…
NivalisTherapeutic NVLS 4.93 -14.4 SFXEntertainment SFXE 0.08 -20.7 VidentCoreUSEquity VUSE 22.62 -2.7 Cheddar cheese,blk,Chicago 149.50 Bond Price as % of face value Stock Perfomance
Nordsn NDSN 56.03 -2.5 SVBFinancialGroup SIVB 98.77 -5.0 Videocond2hADR VDTH 7.03 -4.9 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Nortek NTK 37.14 -4.0 Sanmina SANM 17.05 -3.1 Milk,Nonfat dry,Chicago lb. 74
VirtusInvtPartners VRTS 91.45 -5.2 Cocoa,Ivory Coast-w 3335
NowestBioTher NWBO 2.03 -6.0 SchmittIndustries SMIT 2.24 -4.7 VoyagerTherapeutic VYGR 14.59 -9.7 Nine West Holdings JNY 8.250 March 15, ’19 25.000 3.50 n.a. ... ...
NorthwestBiotherWt NWBOW 1.00 -22.1 ScientificGames SGMS 6.03 -8.6 Coffee,Brazilian,Comp 1.1864
Vringo VRNG 1.72 -5.9 Caesars Entertainment Operating CZR 10.000 Dec. 15, ’18 31.000 2.00 30.750 … …
NovaMsrInst NVMI 9.31 -2.9 SeanergyMaritime SHIP 2.01 2.5 Coffee,Colombian, NY 1.3268
WSIIndustries WSCI 3.56 -4.0 CBRE Services 5.000 March 15, ’23 102.250 1.50 101.250 29.09 –4.09
O2MicroIntlADR OIIM 1.33 -6.2 SearsCanada SRSC 3.87 -3.0 Eggs,large white,Chicago-u 0.9450 CBG
WarrenRes WRES 0.11 -10.8
OceanBioChem OBCI 1.93 -10.3 SecondSightMedProd EYES 3.70 -9.8 Flour,hard winter KC 13.75 Whiting Petroleum WLL 5.000 March 15, ’19 73.500 1.50 77.000 6.00 –8.68
WernerEnterprises WERN 21.28 -4.8
OceanPwrTech OPTT 1.40 -9.7 SelectComfort SCSS 19.72 -4.4 WesBanco WSBC 27.56 -4.1
Hams,17-20 lbs,Mid-US fob-u 0.53
Hogs,Iowa-So. Minnesota-u 54.31 Boxer Parent BMC 9.000 Oct. 15, ’19 58.000 1.19 56.000 ... ...
OceanRigUDW ORIG 1.25 ... ShilohIndustries SHLO 3.98 -2.2 West WSTC 18.55 -6.8
OceraTherapeutics OCRX 2.02 -24.4 SierraWireless SWIR 13.26 -3.5 WstnDgtl WDC 49.47 -4.5 Pork bellies,12-14 lb MidUS-u n.a. DFC Finance DLLR 10.500 June 15, ’20 65.000 1.00 63.000 ... ...
OcularTherapeutix OCUL 5.67 -11.2 SigmaDesigns SIGM 5.72 -4.5 WestportIn WPRT 1.38 -4.8 Pork loins,13-19 lb MidUS-u 0.9268 Sunoco SUN 6.375 April 1, ’23 93.750 1.00 94.250 33.19 –4.02
OfficeDepot ODP 4.90 -2.6 SignalGenetics SGNL 0.65 -7.1 WeycoGroup WEYS 25.11 -2.4 Steers,Tex.-Okla. Choice-u n.a. COMINV 7.750
USI Jan. 15, ’21 93.000 0.95 94.032 ... ...
OldDomFrght ODFL 52.46 -4.3 SinoGloblShip SINO 0.50 -6.4 WheelerRealEstInvt WHLR 1.44 -12.6 Steers,feeder,Okla. City-u,w 182.83
OldNtlBcp ONB 11.91 -4.0 Sizmek SZMK 3.17 -4.8 WhiteHorseFinance WHF 10.36 -4.1 …And with the biggest price decreases
Omeros OMER 10.07 -10.0 SkySolarADR SKYS 4.00 -10.0 WTBofAMerLynHiYd HYND 18.75 -1.1
Fats and Oils
ON Semi ON 8.16 -2.9 SkywrkSol SWKS 61.90 -6.7 WisdomTreeInvs WETF 11.11 -5.7 Corn oil,crude wet/dry mill-u 40.0000 Oasis Petroleum OAS 6.875 Jan. 15, ’23 44.500 –13.00 n.a. 5.47 –7.91
OncoGenexPhrm OGXI 0.75 -9.0 Solazyme SZYM 1.76 -6.3 WisdomTreeMEDivFd GULF 15.25 -1.9 Grease,choice white,Chicago-u 0.2200
Lard,Chicago-u 0.2400
EP Energy EPENEG 9.375 May 1, ’20 44.250 –7.75 63.750 ... ...
OnconovaTherapeutc ONTX 0.70 -5.4 SorrentoTherap SRNE 6.02 -12.4 XTLBiopharmADR XTLB 1.30 -3.7
OncoSecMedical ONCS 1.63 -10.3 SthsdBcsh SBSI 20.51 -3.5 Xcerra XCRA 5.10 -3.6 Soybean oil,crude;Centl IL-u 0.2842 BioMarin Pharmaceutical BMRN 0.750 Oct. 15, ’18 114.032 –7.47 126.470 84.12 –9.66
1-800-FLOWERS.COM FLWS 6.36 -2.3 SpartnMtr SPAR 2.75 -5.5 xGTechnologyWt XGTIW 0.02 29.9 Tallow,bleach;Chicago-u 0.2325 Meg Energy MEGCN 6.375 Jan. 30, ’23 58.250 –6.25 69.750 ... ...
1347CapitalWt TFSCW 0.12 30.0 SpartanNash SPTN 19.10 -5.0 XploreTechnologies XPLR 4.10 -10.4 Tallow,edible,Chicago-u 0.2450
Light Tower Rentals LHTTWR 8.125 Aug. 1, ’19 45.000 –5.58 n.a. ... ...
OpexaTherapeutics OPXA 1.91 -8.1 SpctrmPharm SPPI 4.80 -6.4 YRC Worldwide YRCW 10.13 -9.2
OsirisThera OSIR 8.64 -5.7 Splunk SPLK 49.83 -3.9 Ziopharm ZIOP 5.57 -9.7 KEY TO CODES: A=ask; B=bid; BP=country elevator Weatherford International WFT 9.625 March 1, ’19 88.000 –5.00 97.747 6.22 –6.61
Ovascience OVAS 6.31 -16.3 SprottFocusTrust FUND 5.16 -2.6 ZebraTechsClA ZBRA 56.33 -5.6 bids to producers; C=corrected; D=Ryan's Notes; WPX Energy WPX 6.000 Jan. 15, ’22 64.250 –5.00 71.750 4.34 –3.98
Overstock OSTK 10.32 -3.9 StarBulkCarriers SBLK 0.31 3.3 ZillowGroupClC Z 21.31 -4.0 E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas
Intelligence; L=livericeindex.com; M=midday; Laredo Petroleum LPI 7.375 May 1, ’22 83.000 –4.69 91.500 6.53 2.83
OxfordLane7.50%Pfd OXLCO 23.47 -0.6 StateAutoFinancial STFC 18.99 -3.7 ZionsBcp Wt ZIONW 1.85 -13.7 N=nominal; n.a.=not quoted or not available; R=SNL
Oxigene OXGN 0.54 -4.6 StealthGas GASS 2.61 -4.7 ZionsBcp ZION 22.61 -4.7 Energy; S=The Steel Index; T=Cotlook Limited; *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.
PAM Transpt PTSI 22.30 -3.9 StemlineTherap STML 4.69 -6.7 ZionsBancorpWt ZIONZ 0.95 -17.4 U=USDA; W=weekly, Z=not quoted. *Data as of 1/12 Note: Data are for the most active issue of bonds with maturities of two years or more
PDFSolutions PDFS 8.80 -2.6 StoneCastleFin BANX 14.80 -3.0 ZynerbaPharma ZYNE 7.90 -4.6 Source: WSJ Market Data Group Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
C8 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Why Banks Won’t Follow MetLife OVERHEARD GM Still

Needs Sales
As it turns out, breaking executives expect. Fannie Mae just passed a
Breakup Book
up might not be so hard. But
it is way too early to say if
shareholders will really pre-
Price-to-book-value ratios
And while MetLife’s
shares rallied on the breakup
plan, it is far from certain
particularly ugly milestone.
Shares of the mortgage-fi-
nance giant have plummeted
Turbo Boost
fer the solitary life. 2.5 times this will last. CIT rose when in recent weeks along with A favorable earnings fore-
Not too long ago, the idea Citi its plans were announced in the rest of the stock market. cast gave General Motors
that MetLife might split up 2.0 Bank of America October. They have since As of Wednesday, the shares shares a lift, but it will take
in an effort to avoid the reg- MetLife fallen by 25%. Even if much were at less than $1.50, more more to snap them out of
ulatory costs that come with 1.5 of that decline stems from than 50% below their 52- their recent rut.
being designated a “systemi- the broader market’s distaste week high. Wednesday’s close The car maker on
cally important financial in- 1.0 for bank stocks, that only at $1.47 is the lowest the Wednesday increased its full-
stitution” was thought far- highlights the fact that this stock has traded since Octo- year adjusted earnings-per-
fetched. One analyst bluntly 0.5 isn’t a “seller’s market” for ber 2013. The next month, share outlook to $5.50 at the
stated it was “not on the banking assets. Pershing Square founder Bill midpoint of guidance, 5%
cards.” Indeed, the biggest banks Ackman disclosed his fund higher than earlier. That is
0
Now the company is plan- could rightly argue breaking had taken just under a 10% bolstered by a new share-
ning to spin off, sell or per- 2006 ’08 ’10 ’12 ’14 ’16 up today would amount to stake in Fannie and mortgage buyback authorization of $4
haps even take public one of Sources: FactSet; Bloomberg News (photo) MetLife’s New York selling at a low point. sibling Freddie Mac. billion through 2017. Half
its core business lines: sell- THE WALL STREET JOURNAL. headquarters That said, the fact that Particularly striking is that that amount in 2016 could
ing life insurance and other companies are taking diver- the shares have dropped so reduce the share count by
financial products to individ- drastic strategic reversal for at least have the potential to gent strategies is a feature, far with no obvious catalyst. about 4% at current prices.
uals and families across the a company that had earlier create shareholder value. not a bug, of the post-finan- The last time the stock was Shares rose modestly on
U.S. And it has said the deci- earned the dubious distinc- Investors hoping for a run cial-crisis regulatory over- in this neighborhood was Oc- another difficult day for the
sion was driven by the risk tion of being the first inten- of breakups may have to haul. Rather than a top- tober 2014. That was when a broader market. But for GM
of increased capital require- tionally created SIFI. bide their time, though. The down, centralized order to federal judge threw out a to reverse the negative trend
ments expected to accom- In light of MetLife’s deci- notion that selling assets can shrink, regulators have cre- lawsuit filed by investors pro- in its stock price—down 13%
pany the SIFI designation. sion, many investors are no release a company from ated a set of rules that re- testing a government deci- over the past 12 months—in-
MetLife isn’t the first to doubt asking if other finan- higher capital requirements quire companies to bear the sion to “sweep” profits from vestors need to be convinced
go down this road; GE Capi- cial companies will take a and closer supervision is costs of the risks they im- Fannie and Freddie. the industry can maintain its
tal has been shedding its similar route. Carl Icahn al- widely accepted and theoret- pose on the financial system Perhaps investors are no torrid recent U.S. sales pace.
banking assets in an effort to ready has called upon AIG to ically appealing. But it is un- or stop imposing those costs. longer as enamored with the That is very much an open
exit the SIFI designation. break itself up. And with proven. It may be that regu- In other words, companies fact that Fannie’s shares have question. Americans bought
Last autumn, CIT an- some of the biggest banks lators will keep companies in and investors have choices. caught the eye of marquee cars in December at a sea-
nounced it was looking to now trading below book the SIFI penalty box for lon- Now, it is up to them to pick investors. The bright lights sonally adjusted annual rate
slim down by selling its Can- value, notably Citigroup and ger than anticipated or re- ones that create the most have definitely dimmed. of 17.3 million—a strong fig-
ada and China operations—a Bank of America, breakups quire more downsizing than value. —John Carney ure, but down from Novem-
ber’s pace of 18.2 million.
And while GM expects con-
Qualcomm Chooses to Walk Down a Different Deal Path tinued sales growth in China
this year, worries about the
world’s second-largest econ-
Faced with the choice of ate across more networks Exposure to RF filters than $12 billion, more than omy haven’t gone away. GM
build it or buy it, Qualcomm Tuned In globally. Filters also are a gives Qualcomm access to double its level two years says it expects “modest” in-
wisely took the middle road. Market value of chip makers notable hole in Qualcomm’s more chip slots in wireless ago. Even Qorvo, down by dustry growth around the
That is a surprise: Many specializing in RF components own portfolio, largely cen- devices. And unlike base- more than half in the past world.
believed the company’s war Avago
tered around baseband pro- bands, which are typically six months, still is worth It is certainly possible
In billions
chest of nearly $20 billion in $34 cessors that connect wireless limited to one per phone, the more than $6 billion. That is that investors are too pessi-
net cash would fund an ex- NXP devices to networks. market for RF chips can out- more than double Qual- mistic on the car market’s
tension of last year’s chip- 26 Qualcomm has about two- pace the market for devices comm’s largest deal to date. prospects. If so, the forward
sector M&A party. But Qual- Skyworks thirds of the baseband mar- themselves. The dollar value Joint ventures typically earnings multiple of under
comm on Wednesday 12 ket now. But the business of RF chips in the iPhone 6s shield participating compa- six times makes for a solid
Qorvo
announced a $3 billion joint 6 has come under attack from rose by 25% versus its prede- nies from downside while opportunity. The mean Wall
venture with TDK. This Qualcomm/TDK* Chinese competitors and In- cessor, estimates Ed Snyder also limiting the upside. In Street analyst price target is
could expand its footprint in 3 tel, who have been under- of Charter Equity. this light, Qualcomm’s latest $42, according to FactSet,
wireless devices beyond the *Stated value of joint venture Source: FactSet pricing Qualcomm in an ef- That also has made RF move probably won’t trans- representing upside of
modem chips that form the fort to build up their own chip makers much more ex- form its business. But it nearly 40%.
core of its existing business. ters. These are chips that re- share. Revenue for Qual- pensive than they used to be. should help the company rev But to win over investors,
TDK, which is best known duce interference from comm’s chip business fell 8% Avago sports a market value up its smartphone offerings, stronger sales figures start-
for audio and video cassette crowded airwaves, as smart- in the fiscal year ended Sept. of $35 billion, partially the while also keeping plenty of ing with January results sure
tapes, also has a business in phones and other wireless 27, while pretax earnings result of its own M&A spree. fuel in the tank for future wouldn’t hurt.
radio-frequency, or RF, fil- devices are designed to oper- plunged 35%. Skyworks is worth more endeavors. —Dan Gallagher —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
BANKRATE.COM® MMA, Savings and CDs
Net YTD TotBdAdml 10.74 +0.02 1.0 STAR 22.15 -0.31 -4.9 BalInst 27.94 -0.41 -4.4
Explanatory Notes Data provided by Fund NAV Chg % Ret Average Yields of Major Banks Tuesday, January 12, 2016
TotIntBdIdxAdm 21.24 +0.04 0.7 STIGrade 10.60 +0.01 0.4 DevMktsIndInst 11.03 -0.10 -6.8
Top 250 mutual-funds listings for Nasdaq-published share classes with MFS Funds Class A
net assets of at least $500 million each. NAV is net asset value. TotIntlAdmIdx r 22.46 -0.23 -7.3 TgtRe2015 13.76 -0.11 -3.3 ExtndInst 56.97 -1.83-10.4 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
Percentage performance figures are total returns, assuming reinvestment ValueA p 30.60 -0.64 -6.7 TotStAdml 46.74 -1.25 -8.0 TgtRe2020 26.02 -0.28 -4.2 GrwthInst 50.38 -1.54 -8.0
of all distributions and after subtracting annual expenses. Figures don’t MFS Funds Class I TxMIn r 11.01 -0.11 -6.9 TgtRe2025 InPrSeIn 10.32 +0.02 0.5
National average
14.87 -0.18 -4.8
reflect sales charges (“loads”) or redemption fees. NET CHG is change in ValueI 30.76 -0.65 -6.7 ValAdml 29.51 -0.64 -7.3 TgtRe2030 Savings 0.09 0.07 0.07 0.09 0.14 0.23 0.38 0.38 0.81
26.20 -0.36 -5.5 InstIdx 172.71 -4.40 -7.5
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR MFS Funds Instl WdsrllAdml 54.86 -1.34 -7.7 TgtRe2035 Jumbos 0.18 0.07 0.08 0.10 0.15 0.26 0.42 0.42 0.85
%RET is trailing three-year return annualized. 15.81 -0.24 -6.1 InstPlus 172.72 -4.40 -7.5
IntlEq 19.11 -0.25 -7.1 WellsIAdml 58.44 -0.27 -1.6 TgtRe2040 26.53 -0.46 -6.7 InstTStPlus 42.29 -1.13 -8.0 Weekly change
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Mutual Series WelltnAdml 60.73 -0.78 -4.4 TgtRe2045 MidCpInst 29.89 -0.84 -9.0 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. 16.57 -0.28 -6.8
GlbDiscA 26.98 -0.42 -6.5 WndsrAdml 58.17 -1.58 -9.9 MidCpIstPl 147.41 -4.16 -9.0 Jumbos 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock TgtRe2050 26.54 -0.46 -6.8
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. GlbDiscz 27.44 -0.43 -6.5 VANGUARD FDS SmCapInst 47.74 -1.48-10.0
TgtRetInc 12.23 -0.05 -1.8
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Oakmark Funds Cl I DivdGro 21.11 -0.41 -5.9 STIGradeInst 10.60 +0.01 0.4
TotIntBdIxInv 10.62 +0.02 0.7 TotBdInst
incomplete price, performance or cost data. NE-Not released by Lipper; data
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
EqtyInc
Oakmark
26.97 -0.40 -5.6 GNMA
57.23 -1.38 -9.0 HlthCare r
10.72 ... 0.6
201.74 -5.45 -8.4 WellsI 24.12 -0.12 -1.6 TotBdInstPl
10.74 +0.02 1.0
10.74 +0.02 1.0
Consumer Savings Rates
OakmrkInt 19.44 -0.13 -9.0 IntlVal 28.83 -0.30 -7.3 Welltn 35.17 -0.45 -4.4 TotIntBdIdxInst 31.87 +0.05 0.6 Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
Wednesday, January 13, 2016
Net YTD Net YTD Old Westbury Fds INSTTRF2025 18.15 -0.22 -4.8 WndsrII 30.92 -0.75 -7.7 TotIntlInstIdx r 89.84 -0.89 -7.3 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the second quarter
LrgCpStr 11.58 -0.22 -7.1 LifeCon 17.39 -0.11 -2.5 VANGUARD INDEX FDS TotItlInstPlId r 89.85 -0.89 -7.3 of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
Fund NAV Chg % Ret Fund NAV Chg % Ret
Oppenheimer Y LifeGro 25.63 -0.39 -6.0 500 174.43 -4.45 -7.5 TotStInst 46.75 -1.24 -8.0 not an indication of financial strength or weakness. Information is believed to be reliable, but not
American Century Inv ContraK 91.08 -2.59 -7.9 22.07 -0.24 -4.3 ExtndIstPl 140.60 -4.52-10.4 VirtusFunds Cl I
DevMktY 27.22 -0.33 -9.2 LifeMod guaranteed.
Ultra 32.18 -0.92 -8.1 CpInc r 8.86 -0.09 -3.0 91.70 -2.51 -8.0 TotIntl 13.43 -0.13 -7.3 EmMktI 8.43 -0.02 -5.9
IntGrowY 33.63 -0.44 -6.3 Primcp r
American Funds Cl A DivIntl 32.49 -0.45 -7.3
Parnassus Fds PrmcpCor 19.28 -0.48 -7.4 TotSt 46.73 -1.24 -8.0 Western Asset High yield savings
AmcpA p 23.86 -0.69 -8.1 DivIntlK r 32.43 -0.44 -7.3 VANGUARD INSTL FDS CorePlusBdI 11.47 +0.01 0.5
ParnEqFd 34.40 -0.82 -7.0 SelValu r 23.47 -0.73 -9.2 Bank/rank Yield Bank/rank Yield
AMutlA p 31.68 -0.68 -6.4 GroCo 123.32 -4.33 -9.9 Phone number Minimum (%) Phone number Minimum
PIMCO Fds Instl (%)
BalA p 22.83 -0.34 -4.2 GrowCoK 123.24 -4.32 -9.9
AllAsset NA ... NA Money market and savings account Six-month CD
BondA p
CapIBA p
12.67
53.36
+0.02 0.7 InvGrBd
-0.63 -4.5 LowP r
11.09 +0.01 0.6
44.55 -0.81 -6.7
ShortT
TotRt
NA ... NA
10.09 +0.03 0.3
Borrowing Benchmarks | WSJ.com/bonds iGObanking.com /3 $25,000 1.10 AloStar Bank of Commerce /5 $1,000 0.90
CapWGrA 40.35 -0.72 -6.9 LowPriStkK r 44.51 -0.81 -6.7 (888) 432-5890 (877) 738-6391
PIMCO Funds A
EupacA p 42.14 -0.48 -7.1 MagIn 81.91 -2.44 -8.4 $0 1.05 $1,500 0.90
FdInvA p 46.90 -1.24 -7.5 OTC 73.59 -2.88-11.8
TotRetA
PIMCO Funds D
10.09 +0.03 0.3 Money Rates January 13, 2016 GE Capital Bank /0
(855) 730-7283
EverBank /4
(855) 228-6755
GwthA p 37.59 -1.16 -9.0 Puritn 19.23 -0.36 -5.4 Ally Bank /4 $0 1.00 California First National Bank /5 $5,000 0.90
IncomeFd NA ... NA Key annual interest rates paid to borrow or lend money in U.S. and
HI TrA p 9.17 -0.05 -1.7 SrsInvGrdF 11.10 +0.02 0.6 (877) 315-2559 (800) 735-2465
PIMCO Funds Instl
... NA international markets. Rates below are a guide to general levels but
ICAA p 30.90 -0.77 -7.4 StratInc 10.04 -0.03 -1.0
IncomeFd NA One-month CD One-year CD
IncoA p 19.30 -0.24 -4.6 TotalBond 10.29 ... 0.4
N PerA p 33.05 -0.72 -8.2 Fidelity Selects
PIMCO Funds P don’t always represent actual transactions. Lone Star Bank /3 $1,000 0.15 EverBank /4 $1,500 1.30
IncomeP NA ... NA
NEcoA p 32.81 -0.95 -8.8 Biotech r 186.55 -12.96-20.9 Inflation Other short-term rates (713) 358-9400 (855) 228-6755
Price Funds
NwWrldA 46.40 -0.49 -7.2 Health r 186.11 -7.18-10.6
BlChip 65.39 -2.41 -9.7 Nov. index Chg From (%)
VirtualBank /4 $10,000 0.15 AloStar Bank of Commerce /5 $1,000 1.26
Week 52-Week
SmCpA p 39.65 -0.86 -9.1 Fidelity Spartan
CapApp 23.93 -0.35 -4.5 Latest ago high low (877) 998-2265 (877) 738-6391
level Oct. '15 Nov. '14
TxExA p 13.16 ... 0.6 500IdxInv 66.45 -1.69 -7.5 AloStar Bank of Commerce /5 $1,000 0.10 California First National Bank /5 $5,000 1.26
EmMktS 25.83 -0.17 -9.4
WshA p 35.68 -0.84 -7.2 500IndInst 66.45 -1.70 -7.5 Call money (877) 738-6391 (800) 735-2465
EqInc 26.19 -0.53 -8.0 U.S. consumer price index
AMG Managers Funds Fidelity Spartan Adv
YacktmanFd 19.84 -0.29 -4.9 500IdxAd 66.45 -1.69 -7.5
EqIndex 50.85 -1.30 -7.5 All items 237.336 –0.21 0.5 2.25 2.25 2.25 2.00 Two-month CD Two-year CD
AQR Funds Growth 48.36 -1.82 -9.9 Core 244.075 0.04 2.0 Lone Star Bank /3 $1,000 0.15 EverBank /4 $1,500 1.52
ExtMktAd r 45.01 -1.43-10.3
HelSci 60.93 -2.38-11.5
Commercial paper
MgdFutStrI 10.47 +0.01 2.8 IntAd r 33.47 -0.32 -6.8 ... ... ... (713) 358-9400 (855) 228-6755
HiYield 6.11 -0.02 -0.9 International rates 30 to 270 days n.q.
Artisan Funds TotMktAd r 53.98 -1.44 -8.0 VirtualBank /4 $10,000 0.15 Silvergate Bank /4 $25,000 1.47
Intl Inv 26.59 -0.43 -7.3 First Eagle Funds InstlCapG 25.94 -0.98-10.2 Commercial paper (AA financial) (877) 998-2265 (800) 353-6436
BlackRock Funds A Intl G&I 12.27 -0.15 -6.1 Week 52-Week
GlbA 48.59 -0.61 -5.4 90 days 0.56 0.60 0.64 0.06 Applied Bank /5 $0 0.05 AloStar Bank of Commerce /5 $1,000 1.46
GlblAlloc p 17.06 -0.16 -4.4 FMI Funds IntlStk 14.11 -0.21 -7.7 Latest ago High Low (800) 616-4605 (877) 738-6391
BlackRock Funds C LgCap 17.34 -0.37 -6.8 MCapGro 66.89 -1.95 -8.8 Euro commercial paper
GlblAlloc t 15.54 -0.15 -4.4 FPA Funds MCapVal 23.23 -0.46 -6.9 Prime rates 30 day n.q. -0.08 -0.02 -0.12 Three-month CD Five-year CD
N Horiz 38.26 -1.23 -9.9 U.S. EverBank /4 $1,500 0.55 EverBank /4 $1,500 2.35
BlackRock Funds Inst FPACres 29.35 -0.36 -5.5 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09
EqtyDivd 19.51 -0.42 -7.1 FrankTemp/Frank Adv N Inc 9.43 +0.02 0.8 (855) 228-6755 (855) 228-6755
Canada 2.70 2.70 3.00 2.70 Three month n.q. n.q. 0.01 -0.08
GlblAlloc 17.15 -0.16 -4.4 IncomeAdv 1.97 -0.02 -4.8 OverS SF r 8.36 -0.10 -7.0 California First National Bank /5 $5,000 0.55 Barclays /4 $0 2.25
Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00
HiYldBd 7.04 -0.03 -1.1 FrankTemp/Franklin A R2015 13.12 -0.14 -4.1 (800) 735-2465 (888) 720-8756
R2020 18.72 -0.25 -4.9 Policy Rates
Five month n.q. n.q. 0.04 0.01
StratIncOpptyIns 9.73 -0.01 -0.3 CA TF A p 7.56 ... 0.8 Six month n.q. n.q. 0.05 0.02 First Internet Bank of Indiana /4 $1,000 0.45 Synchrony Bank /5 $25,000 2.25
Davis Funds A Fed TF A p 12.42 -0.01 0.6 R2025 14.11 -0.22 -5.6 (888) 873-3424 (800) 903-8154
R2030 20.45 -0.35 -6.2 Euro zone 0.05 0.05 0.05 0.05
NYVen A 27.73 -0.87-10.2 Growth A p 67.91 -1.68 -7.4 Libor
14.72 -0.27 -6.8 Switzerland 0.50 0.50 0.50 0.50
Dimensional Fds IncomeA p 1.99 -0.02 -4.8 R2035
R2040 20.95 -0.42 -7.2 Britain 0.50 0.50 0.50 0.50 One month 0.42550 0.42200 0.42950 0.16675 High yield jumbos - Minimum is $100,000
5GlbFxdInc 10.99 +0.01 0.8 RisDv A p 44.57 -0.82 -6.7 Three month 0.62200 0.61710 0.62360 0.25210
SmCapStk 34.89 -0.95 -9.6 Australia 2.00 2.00 2.50 2.00 Money market and savings account Six-month CD
EmgMktVa 18.73 -0.13 -8.2 FrankTemp/Franklin C Six month 0.85970 0.85120 0.85970 0.35390
EmMktCorEq 14.54 -0.09 -7.7 Income C t 2.01 -0.02 -4.8 Value 28.81 -0.66 -7.8
Schwab Funds
Overnight repurchase One year 1.16310 1.17310 1.17800 0.60990 Silvergate Bank /4 1.11 AloStar Bank of Commerce /5 0.90
IntlCoreEq 10.57 -0.11 -7.2 FrankTemp/Temp A (800) 353-6436 (877) 738-6391
IntSmCo 16.09 -0.12 -6.5 GlBond A p S&P Sel 29.21 -0.74 -7.4 U.S. 0.44 0.47 0.48 0.07 Euro Libor
11.27 +0.01 -2.7 ableBanking,adivisionofNortheastBank/4 1.00 EverBank /4 0.90
IntSmVa 17.43 -0.12 -6.7 Growth A p 20.08 -0.28 -8.4 TIAA/CREF Funds
One month -0.221 -0.210 -0.003 -0.221 (877) 505-1933 (855) 228-6755
Dimensional Fds FrankTemp/Temp Adv EqIdxInst 13.87 -0.37 -8.0 U.S. government rates
Three month -0.141 -0.129 0.045 -0.141 EH National Bank /2 0.86 My e-BAnC by BAC Florida Bank /4 0.85
US CoreEq1 15.75 -0.43 -8.3 GlBondAdv p 11.23 +0.01 -2.6 Tweedy Browne Fds
US CoreEq2 14.94 -0.41 -8.6 GMO Trust Class IV GblValue 23.40 +0.06 -4.3 Discount Six month -0.059 -0.039 0.126 -0.059 (888) 392-5265 (855) 512-0989
VANGUARD ADMIRAL 1.00 1.00 1.00 0.75 One year 0.048 0.057 0.275 0.031
US Small 25.63 -0.78 -9.6 IntlEq 18.74 -0.19 -6.7 One-month CD One-year CD
US SmCpVal 27.25 -0.85-10.6 Harbor Funds 500Adml 174.44 -4.44 -7.4
Federal funds Euro interbank offered rate (Euribor) USAA /5 0.22 EverBank /4 1.30
USLgVa 28.24 -0.76 -8.4 CapApInst 55.12 -1.90 -9.4 BalAdml 27.93 -0.42 -4.4
-0.220 -0.214 0.007 -0.220 (800) 583-8295 (855) 228-6755
Dodge & Cox IntlInst r 55.09 -0.72 -7.3 CAITAdml 11.94 +0.01 0.9 Effective rate 0.3700 0.3600 0.3800 0.0600 One month
VirtualBank /4 0.15 My e-BAnC by BAC Florida Bank /4 1.30
Balanced 89.22 -1.51 -5.5 Invesco Funds A CapOpAdml r 107.70 -3.28 -9.2 High 0.5600 0.5600 0.5900 0.2500 Three month -0.144 -0.136 0.069 -0.144
-0.054 -0.044 0.162 -0.054 (877) 998-2265 (855) 512-0989
Income 13.30 +0.01 0.1 EqIncA 9.04 -0.16 -6.0 EMAdmr 24.75 -0.24 -9.4 Low 0.3000 0.2500 0.3200 0.0100 Six month
One year 0.049 0.056 0.315 0.039 AloStar Bank of Commerce /5 0.10 AloStar Bank of Commerce /5 1.26
Intl Stk 33.05 -0.44 -9.4 John Hancock Class 1 EqIncAdml 57.93 -1.18 -6.5 Bid 0.3600 0.3500 0.5500 0.0000
ExplrAdml 66.88 -2.15-10.5 Offer (877) 738-6391 (877) 738-6391
Stock 149.06 -3.94 -8.4 LSBalncd 13.51 -0.19 -5.1 0.5000 0.5000 0.5600 0.0500 Value 52-Week
DoubleLine Funds LSGwth 13.83 -0.25 -6.7 ExtndAdml 56.97 -1.84-10.4 Latest Traded High Low Two-month CD Two-year CD
TotRetBdI NA ... NA John Hancock Instl GNMAAdml 10.72 ... 0.6 Treasury bill auction VirtualBank /4 0.15 EverBank /4 1.52
TotRetBdN NA ... NA DispValMCI 17.44 -0.47 -8.9 GrwthAdml 50.38 -1.54 -8.0 4 weeks 0.220 0.200 0.235 0.000 DTCC GCF Repo Index (877) 998-2265 (855) 228-6755
Fidelity Advisor A JPMorgan Inst Class HlthCareAdml r 85.09 -2.30 -8.4 13 weeks 0.215 0.215 0.280 0.000 Treasury 0.434 118.754 0.639 0.059 Applied Bank /5 0.05 CIT Bank /4 1.47
NwInsghtA p 23.97 -0.67 -8.3 MdCpVal 31.29 -0.75 -7.9 HYCorAdml r 5.48 -0.02 -0.9 26 weeks 0.470 0.500 0.585 0.065 MBS 0.449 104.000 0.705 0.075 (800) 616-4605 (855) 462-2652
Fidelity Advisor I JPMorgan R Class InfProAd 25.35 +0.07 0.6
Open Implied Citizens Trust Bank /3 0.05 AloStar Bank of Commerce /5 1.46
NwInsghtI 24.42 -0.68 -8.3 CoreBond 11.67 +0.01 1.0 IntlGrAdml 61.62 -0.91 -8.1 Secondary market
Settle Change Interest Rate (404) 659-5959 (877) 738-6391
Fidelity Freedom JPMorgan Select Cls ITBondAdml 11.40 +0.03 1.3
FF2020 13.79 -0.18 -5.1 CoreBond 11.66 +0.02 1.0 ITIGradeAdml 9.73 +0.02 1.0 Fannie Mae DTCC GCF Repo Index Futures Three-month CD Five-year CD
FF2025 11.72 -0.18 -5.8 USLgCpCorPls 24.30 -0.70 -9.4 LTGradeAdml 10.07 +0.04 1.9 30-year mortgage yields EverBank /4 0.55 EverBank /4 2.35
Treasury Jan 99.540 unch. 7812 0.460
FF2030 14.15 -0.26 -7.0 Lazard Instl MidCpAdml 135.31 -3.82 -9.0 (855) 228-6755 (855) 228-6755
MorgAdml 70.70 -2.28 -8.4 30 days 3.434 3.485 3.750 3.024 Treasury Feb 99.565 unch. 5723 0.435
FreedomK2020 12.83 -0.17 -5.1 EmgMktEq 12.41 -0.08 -7.7 First Internet Bank of Indiana /4 0.45 Synchrony Bank /5 2.25
MuHYAdml 11.40 +0.01 0.8 60 days 3.466 3.518 3.788 3.080 Treasury Mar 99.480 unch. 4176 0.520
FreedomK2025 13.30 -0.20 -5.7 Loomis Sayles Fds (888) 873-3424 (800) 903-8154
FreedomK2030 13.33 -0.25 -7.0 LSBondI NA ... NA MuIntAdml 14.37 +0.01 0.9 AloStar Bank of Commerce /5 0.40 CIT Bank /4 2.25
Notes on data:
FreedomK2035 13.62 -0.29 -7.7 Lord Abbett A MuLTAdml 11.84 +0.01 0.9 (877) 738-6391 (855) 462-2652
FreedomK2040 13.65 -0.29 -7.7 ShtDurIncmA p 4.31 ... 0.1 MuLtdAdml 11.06 ... 0.4 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks; Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
Fidelity Invest Lord Abbett F MuShtAdml 15.82 ... 0.2 Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
AMgr50% 15.43 -0.16 -3.8 ShtDurIncm 4.31 ... 0.1 PrmcpAdml r 94.99 -2.60 -8.0 Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable are based on method of compounding and rate stated for the lowest required opening deposit to
Balanc 20.03 -0.36 -5.6 Metropolitan West REITAdml r 108.02 -1.59 -4.4 CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
BalancedK 20.03 -0.35 -5.6 TotRetBd 10.69 +0.01 0.7 SmCapAdml 47.75 -1.47-10.0 NYSE Liffe US. month, three (3) of which may be checks. Rates are subject to change.
BluCh 62.44 -2.16 -9.5 TotRetBdI 10.69 +0.01 0.7 STBondAdml 10.48 +0.01 0.5 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
Contra 91.15 -2.58 -7.9 TRBdPlan 10.07 +0.01 0.8 STIGradeAdml 10.60 +0.01 0.4 General Electric Capital Corp.; Tullett Prebon Information, Ltd. Internet: www.bankrate.com
STYLE & TRAVEL
Antique, Yet Modern Hef’s Home for

The Rams?
Mixing old with new TRICKS OF THE TRADE | D3 JASON GAY | D5
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Thursday, January 14, 2016 | D1
A New York Comeback Wireless

Earbuds Are
Department stores are on
a building spree in a city Gold Rush
Locations of current
79t
hS
t.
Barneys New York
Freeing But
that still loves them
BY CHRISTINA BINKLEY
and planned
high-end department
stores in Manhattan
Frustrating
Bergdorf Goodman BY GEOFFREY A. FOWLER
Only in New York: It’s boom
57t
2. Barneys
times for the old-fashioned depart- hS New York
One of the gadget industry’s lit-
t.
ment store in Manhattan. tle white lies is “wireless” head-
Five new stores—representing Nordstrom phones. Sure, you can buy Blue-
more than 650,000 square feet of tooth over-the-air earbuds, but
space—are set to open in Manhat- 42n 3. Henri Bendel they still tether your left and right
dS
tan by 2018. Barneys New York t. ears like a jump rope. Go for a run,
will lead the push, opening a new and a cable slaps your neck—
store at its original location on Saks Fifth Avenue thwack, thwack, thwack.
West 17th Street in mid-February. Neiman Marcus Now we can finally set our ears
Hudson River
Saks Fifth Avenue will open the (Mid 2018) Lord & Taylor free. Wireless tech has gotten good
first of two new stores in Brook- 4. Macy’s Bloomingdale’s enough to give stereo earbuds
field Place in lower Manhattan 34r
dS
their indepen-
later this year. Neiman Marcus and t. dence. At the CES
Nordstrom have each decided to gadget extrava-
build their first stores in the city. 1. Barneys 23r ganza in Las Ve-
dS
The building boom defies the (Feb. 2016) t. gas last week, a
indications that these stores na- host of head-
tionally are on the wane amid 14t
hS
t. East River
PERSONAL phone brands de-
fierce competition from online TECHNOLOGY clared their inten-
shopping and a variety of other re- tion to cut the
tail options. Sales at U.S. depart- cable, including
ment stores fell last year by Onkyo, Kanoa, Altec Lansing and
roughly 2% through November, ac- E Alpha Audiotronics. I’ve been test-
cording to the U.S. Census Bureau. Bloomingdale’s . Houston ing two of the first you can actu-
St .
Barneys has closed stores in places Saks Men’s Brookfield ally buy—the $300 Earin wireless
such as Dallas in recent years. (Spring 2017) earbuds, and the $300 Bragi Dash,
Macy’s is closing about 40 stores which combines wireless music
amid a downturn in revenue, and with touch controls, a robotic
activist investors are pressing it to voice and body-sensing capabili-
Saks Brookfield
spin off its real estate, which by (Spring 2016)
ties borrowed from science fiction.
some estimates is more valuable Untethering is one of the big-
than its core business. gest upgrades in years to the
So what makes New York the headphone experience. When these
focus of so much optimism now?
The answer lies in the recent evo-
1 THE WALL STREET JOURNAL. earbuds work, running, dancing or
otherwise jamming to music with-
lution of the city, where new out a leash is pure joy—despite in-
neighborhoods have blossomed in herent compromises in sound. Go
former industrial zones, with ris- ahead, whip your hair back and
ing luxury apartments drawing forth.
young, wealthy residents who But that’s when they work.
don’t shop uptown. Both products I tested suffer from
Barneys decided to make the first-to-market problems, including
move to Chelsea after realizing sound that cuts out in some set-
that downtown residents weren’t tings. The Dash, with 23 sensors
coming to its Madison Avenue crammed inside the earbuds,
flagship. “We weren’t serving the wants to be the Fitbit of ears—a
downtown client,” says Daniella “hearable” computer—but it needs
Vitale, chief operating officer of
Barneys.
2 to improve its software to deliver
on that promise.
Hudson Yards, where Neiman 1. Construction under way of a new Barneys New York in its original Chelsea location. The spiral staircase is a nod Earin and Bragi have accom-
Marcus is going, is expected to to the staircase in the original store. 2. Barneys New York’s midtown store 3. Henri Bendel with its Lalique plished leaps of technology to
continue the transformation of the windows lit up at night on Fifth Avenue 4. Macy’s Herald Square in 1912, the year its co-owner, Isidor Straus, and make earbuds truly wireless. The
Manhattan’s far west side along his wife died in the sinking of the Titanic problem is our heads. It’s not just
the river from a no-man’s-land to a that they’re hard; they’re full of
vibrant center. Similarly, Brook- water, which stops wireless signals
field Place in lower Manhattan is dead.
at the heart of the redevelopment Earin, made by a Swedish
of the World Trade Center loca- startup, uses familiar tech. It con-
tion, with vast residential and nects its left bud to your phone via
business complexes, as well as Bluetooth; that bud uses special
FROM TOP: BARNEYS NEW YORK; GETTY IMAGES (3)
crowds of tourists drawn to the antennas to bounce a second Blue-

area’s memorials. tooth connection off walls and
“The city is changing,” says other surfaces to the right earbud,
Marc Metrick, president of Saks, completing the stereo pair.
pointing to trendy shopping neigh- It almost works. Earin’s right
borhoods such as the Meatpacking bud cut out often enough to be an-
District south of Hudson Yards. noying in my tests using the latest
Tourists are a big part of the iPhone and Samsung Galaxy
equation for Neiman Marcus’s phones. The problems mostly oc-
215,000 square-foot-store, ex- curred outdoors, where the Blue-
pected to open in 2018 near the tooth signals can’t reflect off
northern end of the High Line, a
Please see STORES page D2
3 4 walls. On my 30-minute test runs,
Please see EARBUDS page D2
Rating U.S. Airlines: The Best and Worst of 2015

BY SCOTT MCCARTNEY GEE Operations Solutions, for- flights operated by regional part- actually sell the tickets and counts average. The number of bags that
merly called masFlight, about 80% ners for each major airline and in- only domestic flights. were mishandled—late or lost—by
Customers have plenty of issues of U.S. airline flights arrived at the ternational trips—a truer measure GEE and FlightStats, flight- the eight airlines included last
with airlines: how they shrink gate no later than 14 minutes be- of what travelers can expect than tracking firms that compiled data year and this year dropped 9%, to
space while inflating fees, lose hind schedule—the DOT definition DOT on-time data, which segre- for The Wall Street Journal, also 1.5 million for the 12 months
bags and strand passengers. But of on-time. That’s up from about gates performance of regional car- found that U.S. airlines canceled ended Oct. 31, the latest period re-
overall the industry is actually get- 76% in 2014. The results include riers from the bigger airlines that about 100 fewer flights a day, on ported by DOT, compared with the
ting more reliable. It’s canceling same period a year earlier.
fewer flights, staying on schedule
more often and investing profits in
2015 Airline Scorecard | Rankings of major carriers in key operational areas, best to worst
Spirit Airlines, a Scorecard
newcomer since the DOT only be-
better equipment and even more Overall On-time Canceled Extreme 2-hour tarmac Mishandled Involuntary gan reporting data on the low-fare,
baggage handlers. rank arrivals flights delays delays baggage bumping Complaints high-fee carrier in 2015, made its
This year’s annual Middle Seat debut next-to-last, behind United
Scorecard, which ranks airline per- 1 Alaska Alaska Frontier Alaska Alaska Virgin Amer. JetBlue Alaska but ahead of American. Spirit
formance on seven ranked worst among nine airlines
THE MIDDLE different measures 2 Virgin Amer. Delta Virgin Amer. Delta Southwest JetBlue Virgin Amer. Southwest
in on-time arrivals and in “ex-
SEAT important to trav- treme” delays of 45 minutes or
3 Delta Southwest Alaska Southwest Virgin Amer. Delta Delta Delta
elers, reveals longer, according to GEE and
progress in air 4 Southwest Virgin Amer. Southwest Virgin Amer. Delta Spirit Spirit JetBlue FlightStats.
travel. Delta Air Lines, which has Spirit says it plans a tight
led the reliability push at big air- 5 JetBlue JetBlue Delta American Frontier Frontier Alaska Virgin Amer. schedule to save money, leaving it
lines, continued its improvement. little time to catch up when flights
Southwest and United airlines had 6 Frontier United JetBlue United JetBlue United American United get delayed. Bad luck with weather
turnaround years, though United last summer ended up biting the
still lags behind many competitors. 7 United American Spirit JetBlue Spirit Southwest United American airline. In addition, first-time
Alaska and Virgin America still Spirit customers who book
lead the pack. 8 Spirit Frontier United Frontier United Alaska Southwest Frontier through travel agencies often don’t
“We’ve come to recognize that realize they’ll have to pay fees to
completion factor—getting people 9 American Spirit American Spirit American American Frontier Spirit reserve seats, stow carry-on bags
from point A to B—is the most im- in overhead bins or even get a
Sources: On-time and canceled flights data for full year 2015 from GEE Operations Solutions. Inclues regional affiliate flights THE WALL STREET JOURNAL.
portant metric,” says United vice and international; extreme delays, which are defined as 45 minutes or longer, compiled by FlightStats Inc.; two-hour tarmac glass of water, so they complain.
chairman Jim Compton. delays, mishandled baggage and consumer complaints from Transportation Department based on 12 months ended in Oct.; “If you fly on Spirit and don’t
According to data compiled by DOT involuntary bumping based on 12 months ended September. Please see AIRLINES page D2
D2 | Thursday, January 14, 2016 THE WALL STREET JOURNAL.
STYLE & TRAVEL
EARBUDS
a sports assistant, measuring heart
rate, movement, temperature and
oxygen saturation. It presents the
results in its app and with a ro-
Continued from the prior page botic voice in your ear. The heart
EMILY PRAPUOLENIS/THE WALL STREET JOURNAL (2)

the right earbud typically cut out monitor worked fine while I was
for a split second three or four sitting but lost my pulse every
times. Some early owners have re- time I took it on a run. (Bragi says
ported a much worse problem with I probably hadn’t put the device in
dropouts, judging by BestBuy.com my ear properly, but I kept trying.)
reviews. With so many functions, the
In other ways, the Earin was Dash required some far-out ideas
straightforward to use. It’s only about how to operate it. Both ear-
for audio—there isn’t even a built- buds are touch-sensitive, so you
in microphone for taking calls. The can pause a song, take a call or
stylish, sweat-resistant buds fit summon Siri on an iPhone, all with
four different people snugly with the swipe of a finger. This is an in-
the help of memory-foam cushion- triguing idea, but you have to
ing. To my ears, the music Bragi’s Dash wireless earbuds, left, play learn to tap just the right spot,
sounded satisfactory for a work- music, enable hands-free calling and even with just the right force.
out, but evidently compressed. It’s track fitness; Earin earbuds, above, stylish Dash’s voice means you don’t
not nearly as rich as what you’d and straightforward, are just for audio. have to look at the phone to, say,
get from $300 over-the-ear wire- activate the fitness tracker. This
less headphones, or even a much challenge with a different wireless continue to fine-tune audio quality. fritzed out and became unrespon- made the Dash feel akin to the
cheaper pair of wired earbuds— tech. Near-field magnetic induc- The Dash can last more than sive until I put it back in its charg- earpiece the main character wore
but then, neither is as fun to take tion, or NFMI, is considered “med- three hours on a single charge, ing case. Buyer beware: These are in Spike Jonze’s near-futuristic
on a run. ical grade” wireless tech, used for which it also gets from a compan- surely signs that the software is a film “Her.”
How do you avoid losing those nearly a decade in hearing aids. ion battery case. Each Dash bud is work in progress; Bragi says an Totally wireless headphones are
tiny buds in your gym bag? Earin According to its maker, NXP Semi- roughly double the size of the update is coming, installed by in their infancy. But they’re likely
comes with a tube for storing and conductors, it creates a kind of Earin, but still lays flat inside my plugging the case into a computer. to grow up fast, especially if
charging the earbuds. You have to “bubble around one’s head through ear. (Silicone sleeves of multiple The Dash has 4GB of memory smartphone makers save space by
be vigilant about using it: When which the sounds travels from one sizes help fit different-size ears.) I so you can load up with MP3s to nixing traditional headphone jacks.
they are out of the case, they are ear to the other.” almost never felt like the Dash play while you’re running or away Both of the first models I tested
on. A red light on the tube glows The Dash, sold online and com- would fall out. from your phone. A microphone al- come with too many strings at-
when the earbuds are charging, ing soon to shops, kept going even But in testing, another problem lows you to take calls or use a tached for most people. If you are
but it didn’t let me know when the when I wore it in the shower. Br- emerged: The Dash still connects “transparency” mode blending dying to liberate your ears, espe-
tube’s own battery needed a agi says even when you are swim- via Bluetooth to the phone itself, your music and voices of people cially for music and indoor exer-
charge. Away from the tube, Earin ming, the waterproof earbuds and that connection dropped even around you. This was helpful in cise, Earin’s buds were less flaky
buds can play for nearly three work, playing music stored di- more often than the Earin, particu- the office where I didn’t want to and might be worth it. For the
hours on a single charge. rectly on them. The audio, again, larly on outdoor runs. I bought an force others to listen to my David same money and a bit more hassle,
The Bragi Dash, from a German was fine for working out, although armband case for my phone so I Bowie retrospective, but less help- the daring will be drawn to the
company that made a splash on even a bit more compressed than could get a more consistent con- ful during a run due to wind shear. Dash, if only to see—and hear—the
Kickstarter, tackles the thick-head the Earin buds. Bragi says it will nection. A few times, the Dash Still more: The Dash doubles as next revolution in wearable tech.
STORES Historic Moments for New York

movies from “Miracle on 34th prodigal son’s return to the neigh-
Street” to “Elf.” Residents are also borhood, and started renovations
famous for their loyalty to individ-
ual stores. Who doesn’t have a fa-
in February 2015 for a five-floor,
55,000-square-foot store.
Department Stores
Continued from the prior page vorite and know her mother’s fa- Mr. Lee isn’t keen on calling 1861: Bloomingdale’s opens on bers include Eleanor Roosevelt,
popular park built on an elevated vorite as well? Barneys a department store, and the Lower East Side selling its Elizabeth Arden, and fashion
rail line. “The number of tourists New Yorkers can be stubbornly presses to position it differently.
coming through Hudson Yards and neighborhood-identified, with “We’re a specialty store,” he cor- first item, the hoop skirt. editor Carmel Snow.
the population that is moving to cool-hunting downtowners brag- rects, using an industry term that 1910: Gimbels opens first store 1939: Bonwit
and living in the West Side of the ging that they don’t venture to more often refers to small inde-
City will continue to grow,” says midtown’s tourist-packed avenues. pendent retailers. “A big specialty in New York Teller hired its
Karen Katz, chief executive of Nei- That is one reason Barneys is restore, but nevertheless, that’s what City in Her- first artist to de-
man Marcus. turning to its roots—opening its we consider ourselves.” ald Square, sign the window
Nordstrom’s new location, on new store on a block it first occu- The store will carry young- inspiring displays, Salva-
West 57th Street, is pied in 1923 and abandoned in trending labels such as Vetements
ON STYLE closer to the tradi- 1997 after opening its Madison Av- and Hood by Air (as well as Gucci, the adage dor Dalí.
tional shopping cen- enue flagship. “It’s very emo- Saint Laurent, Valentino and ‘Would 1947: Christmas film ‘Miracle on
tral area in midtown tional,” says Ms. Vitale. Givenchy), while offering food de- Macy’s tell 34th Street’ takes place in the
south of Central Park where its The new Barneys store is set to livery from its 120-seat restaurant. Gimbels?’
competitors have their flagships. open in mid-February, with a strat- There will be a cocktail bar to help Herald Square Macy’s, starring
It isn’t clear that New York can egy focused on the fabric of the build evening business. implying competing companies John Payne and Natalie Wood.
absorb 650,000 square feet of new Chelsea neighborhood that was the A massive curving staircase will never share business secrets.
department stores so quickly. For- retailer’s first home. After Barneys anchor the store—a visual refer- 1976: Queen
eign tourists are shopping less due closed that store amid financial ence to a staircase at the original
1912: Macy’s Elizabeth II stops
to the strong dollar, and local resi- pressures, a Loehmann’s discount Barneys. Cosmetics and facials will co-owner Isidor by Blooming-
CHRONOLOGICALLY: CORBIS; GETTY IMAGES; BETTMANN/CORBIS; GETTY IMAGES (2)
dents have more places to buy fashion store moved in. By 2013, it be offered on the ground floor. Straus and his dale’s during
clothing—online or in stores—than was Loehmann’s that was ailing fi- Higher floors will carry womens- wife Ida die in the
at any time in recent history. nancially. At Barneys, now owned wear, men’s goods, and its restau- her visit for the
Still, New Yorkers love their de- by investors including majority rant, Fred’s.
sinking of the United States
partment stores. Retail palaces are owner Perry Capital, Chief Execu- There will be fewer cash regis- Titanic. Bicentennial
deeply woven into the culture and tive Mark Lee pounced, recogniz- ters than in most department 1924: Macy’s celebration.
image of the city, as showcased in ing an opportunity to market this stores and more iPads and mobile
checkouts, with sales associates holds its first ever 1980: Bonwit Teller is bulldozed
using apps to help recognize shop- Christmas Parade, now Macy’s and replaced by the Trump
pers who have agreed to be Thanksgiving Day Parade. The
tracked. Digital beacons will beam Tower in 1983.
first parades included borrowed —Abbey Crain
photos and information to those
shoppers’ mobile devices as they animals from the Central Park
move around the store. The store Zoo.
will accept Apple Pay. None of this
is groundbreaking technology in 1930: The Fashion Group was
2016, but it is more than most de- founded and stylists were hired
partment stores currently employ. by department stores to advise
“We’re very focused on the ex- male executives of female cus-
CORBIS
perience,” says Ms. Vitale. “We’re

really in a neighborhood. We’re tomers’ taste. Founding mem-
Bloomingdale’s East Side store is a New York City institution. not a tourist destination.” Sources: Jan Whitaker and Michael Lisicky
AIRLINES
Despite its strong operational per- in October, customers were still con-
ADVERTISEMENT formance in recent years, Delta still necting from one airline to another,
boosted its on-time percentage and re- slowing baggage handling and leading
Leisure Travel
To advertise: 800-366-3975 or WSJ.com/classifieds
Continued from the prior page
duced cancellations, mishandled bags
and bumped passengers. “I like the fact
to higher rates of complaints, says
Robert Isom, American’s chief operat-
know what you’re getting into, you that all airlines are improving,” says ing officer.
may be in for a surprise,” Spirit Dave Holtz, Delta’s senior vice presi- In addition, stormy weather hit the
FRANCE spokesman Paul Berry says. dent for operations. “I’m fairly heart- Dallas area hard in February, May and
United boosted its on-time perfor- ened by where we are as an industry December. The airline didn’t go a day
mance and baggage handling and re- compared to 10 to 15 years ago.” in May without some flights diverting.
duced cancellations and bumping pas- Southwest, which operates more Last fall, the airline opened a new op-
sengers off overbooked flights. Its flights than any other big airline and erations center combining staffs from

improvement moved it off the bottom struggled some with operations after the two airlines. “The hope is we’re
of the overall rankings. But the airline its 2011 merger with AirTran Airways, into clearer skies here,” Mr. Isom says.
has a long way to go to catch up to also improved. After on-time rates Hawaiian Airlines scores well in
some rivals. It remained in the lower dropped, Southwest overhauled its many of the seven categories studied,
half of every category measured. schedule starting in late 2014, building but isn’t included in the rankings be-

Mr. Compton says the airline fo-
cused on reliability, investing in every-
in more time on the ground between
flights. Like United, it invested in bet-
cause of its lack of exposure to main-
land U.S. weather and congestion.

thing from better software for manag-
ing cancellations to upgraded hand-
ter software to recover from storms
faster.
Spirit says the biggest reason it
ends up on the bottom of on-time
held bag-tag scanners that alert ramp The airline struggled with checked- rankings is that it doesn’t build cush-
workers when a bag is on a tight con- baggage volume because it offers to ion into its schedule—it schedules
nection. transport bags free. But last year bag- flights for the actual time it takes to
The “cancel analyzer” software had gage handling improved: Southwest fly if everything goes correctly. That
the biggest impact, says Tracy Lee, hired more runners to move bags to allows the airline to keep costs lower,
United’s vice president for network op- connecting flights as they come out of since airlines typically pay crews the
erations. When bad weather is fore- planes, rather than waiting for all bags greater of actual time or scheduled
cast, it looks at United’s schedule and to be taken off a flight before routing time for each flight, and it lets Spirit
other airlines and predicts how many to connecting flights, says Steve schedule a few more flights with the
flights a hub airport can accommodate Hozdulick, Southwest’s managing di- same size fleet, since planes aren’t sit-
in 30-minute blocks, and which flights rector of operational performance. ting on the ground as long.

United should cancel to minimize im- American’s merger with US Airways In July, bad weather left a large

pact on passengers. The result is fewer continued to affect operations last number of Spirit pilots and flight at-
cancellations: In January and February year. Until reservation systems merged tendants stuck in Chicago. Then a trop-
last year, United deiced more airplanes ical storm moved into Texas, ground-
than the same two months of 2014, in- ing flights there. “For about a four-day
RAFTING dicating weather was perhaps worse. period, we were crippled,” Mr. Berry
SHOWCASE But the airline canceled 17,000 fewer says. When Spirit cancels flights, it can
ALAN DIAZ/ASSOCIATED PRESS
flights in those two months than a take longer than other airlines to re-
YOUR LEISURE year earlier. book customers, since it flies only a
Grand Canyon Excitement Delta has dramatically reduced can- couple of trips a day on many routes
with Tour West TRAVEL cellations. It started its focus on reli- and most flights are full. It took six
Enjoy the best rafting in the West. ability several years ago after sitting at weeks to recover from the summer
Family rates & group discounts. DESTINATION HERE the bottom of Scorecard rankings in mess, Mr. Berry says.
For a brochure call 1-800-453-9107. 2010. The carrier has worked to reduce Spirit has made changes to try to
cancellations to record-low levels and prevent a repeat, such as improving
www.twriver.com Call 1-800-366-3975
is trying to become more predictable American Airlines placed last among the ways to contact pilots and flight atten-
for customers when bad weather hits. nine U.S. airlines in the Scorecard. dants.
THE WALL STREET JOURNAL. Thursday, January 14, 2016 | D3
STYLE & TRAVEL
At Home, How to Keep Antiques From Feeling Dated

BY CHERYL LU-LIEN TAN
Collecting antiques can be easy.

Five Tips
Displaying them well, seamlessly Avoid having multiple antiques
working them into your home’s dé- from the same country and time
cor, can be a much more difficult period in one room.
chore. Ellie Cullman, co-founder of
New York City interior-design firm Juxtapose antiques with furniture
Cullman & Kravis, says it’s worth or upholstery with obvious modern
keeping a few things in mind. touches.
Ms. Cullman’s Manhattan apart-
ment and Connecticut house are If working a heavy, imposing piece
filled with the an- into a room, keep other furniture
TRICKS OF tiques she’s col- pieces light in look.
THE TRADE lected for more
than 40 years. She With dramatic pieces, try mixing
says she likes the items from different eras but the
feel an older piece lends to a room. same country together.
“It’s a connection with the past
and often, a connection with a tre- Before committing to an antique
mendous amount of elegance and piece, try it out in your living space
refinement,” she says. for 24 hours.
“Antiques also speak to the peo-
ple who come into your home be- tiques but says some styles can be
cause they can see what you’re in- challenging to work into a modern
terested in,” adds Ms. Cullman, home. “There are so many incredi-
who is honorary design chair of ble pieces from the Victorian pe-
New York City’s Winter Antiques Interior designer Ellie Cullman in her New York apartment. With her antiques, she enjoys mixing periods. Above, her riod, but they’re so heavily
Show, which begins Jan. 21. “I have living room features a Bouillotte table (France, 18th century) and one of a pair of Regency armchairs (England, 1820). carved,” she says. “Large baroque
antiques from Persia, India...and Below, the foyer features figures from three Chinese dynasties, a 1960s circular mirror and a pair of French Empire pieces or ones that are very
American antiques.” candlesticks mounted as lamps. gilded” can be harder to mesh with
When working antiques into a modern pieces.
modern home, Ms. Cullman likes to Sometimes, it’s good to work
mix things up. It works best, she two distinct, dramatic pieces from
says, if you don’t have too many the same country but different
pieces that look alike or are from eras into a room, Ms. Cullman
the same era and area in one room. says. She likes mixing up Ming and
“The point is not to create a his- Qing dynasty furniture from China.
DOROTHY HONG FOR THE WALL STREET JOURNAL (3)

torical replica of a room that you Comfort is important, even with
might see in a museum,” Ms. Cull- antiques. Ms. Cullman is mindful of
man says. “What I love is to have a working pieces that can serve
dialogue between different histori- practical purposes into living
cal periods and cultures, and see- spaces. “If you have end tables that
ing it all come together.” are so small that you can’t put
To give older pieces new life, anything on them, that would not
Ms. Cullman likes juxtaposing them be inviting at all,” she says. In her
with pieces that are overtly con- library, she has paired an 1829 ma-
temporary. “I love metallic fab- hogany English Regency desk with
rics,” she says. She has upholstered relatively contemporary chairs
pieces done in a cream fabric with from the 1930s. “Antique chairs are
metallic threads that look like “lit- often not so comfortable, and this
tle bits of glitter.” was a desk I was going to sit at a
Pairing this with antique Chi- The Cullman & Kravis Way” and utilitarian purpose, filled with ance the overall look. In her dining lot,” she says.
nese porcelain or early 20th cen- “The Detailed Interior: Decorating newer items such as place mats room, she has antique cabinets Before committing to a piece,
tury lacquered furniture gives a Up Close with Cullman & Kravis.” and napkins and flanked by “young that “go down to the floor.” To bal- Ms. Cullman suggests asking the
new feel. “To have antiques look Ms. Cullman sometimes fills her and vibrant” rock-crystal lamps ance that heavy, imposing look, dealer or seller if you can have the
young, you have to put them in a antique pieces with modern items. that have a modern aesthetic. Ms. Cullman made sure that the piece in your home. “Take it home
young environment,” says Ms. Cull- A 1780 Georgian sideboard in her With larger antique pieces, Ms. rest of her furniture was perched for 24 hours,” she says. “If you’re
man, who co-wrote two design dining room isn’t just treated as a Cullman tries to make sure the rest on legs. worried about making a mistake,
books—“Decorating Master Class: decorative object; it also serves a of the room feels lighter, to bal- Ms. Cullman is a fan of all an- try the piece out.”
Ask Teri Columnist Teri Agins Where the De Niros Go to Unwind

Answers Questions Grace Hightower De Niro has
Q: I am a classic dresser—and my
wardrobe contains items that
have served me well for years. Some
sheets, whose higher prices reflect
higher thread counts.
Retail prices reflect the costs that
isolated one spot on the planet
where she finds serenity: the
COMO Shambhala Estate, set out-
cotton-knit tops or pants from even a go into design and marketing, raising side the artists’ colony of Ubud,
decade ago are still not pilling or fuzz- the price of garments produced in small Bali, and surrounded by rice pad-
ing—yet their “sisters” purchased in batches in countries like Italy and dies and giant palms.
more recent years (same brand, same France when compared with mass-mar- The Hightower De Niro family
retailer) might last only a year. Obvi- keted goods stamped out by the thou- took its first holiday to this well-
ously the manufacturer is providing a sands in low-cost manufacturing coun- ness retreat six years
more cheaply made alternative. Aside tries like China and India. Be wary of DREAM ago, and the former
from purchasing used items (as I new designer labels that sell mainly to SPACE actress and singer of-
sometimes do), how can one gauge small boutiques—it’s that narrow distri- ten recalls its peace-
the quality and lifespan of cotton bution that jacks up the retail prices. fulness. “I love the
knits? —S.A. Looking for top-of-the-line cotton fact that there was this river that
knits? Pay close attention to how the flows through the property and
A: Here’s a primer on modern ap-

parel making. Fast-fashion gi-
ants like Zara and Uniqlo have won
fabric feels, which should be sturdy,
thick and soft. Treat your finest cotton
knits with care: wash them by hand in
you can hear it from anywhere,”
she says. “For me it was like a
beautiful song constantly playing
over consumers as they skillfully pro- cold water. Block cotton sweaters to air through nature.”
duce fashionable garments that tele- dry, so they retain their shape and last Ms. Hightower De Niro’s favor-
graph upscale, such as “100% cotton” or longer. Choose affordable cotton knits ite of the resort’s five residences
“pure merino wool” at affordable prices. that are thicker, with a smidgen of was called Clear Water. “It was as
Old-line apparel makers couldn’t afford stretch, which makes them more dura- though the house was built in a
to be smug in their superiority; to com- ble and pill-resistant. And keep them lake,” she says. When you went to Grace Hightower De Niro, founder and chief executive of Coffee of Grace,
pete they were forced to cut corners out of the dryer. the dining room, you’d have to found serenity and adventure at the COMO Shambhala Estate in Bali.
such as by using cheaper materials. Whose fault is it that quality has walk along a stone path across wa-
It’s no surprise that the cotton-knit eroded? Apparel makers have little inter. The outdoor tub looks like it is
garments from a brand you swore by a centive to make cotton knits (or any cut out of a rock. “The whole ex-
FROM THE TOP: COMO HOTELS AND RESORTS (2); GRANT LAMOS IV/GETTY IMAGES
decade ago may not be as long-lasting other fabrics) as long-lasting as they perience was very surreal.”
as they used to be. And how about used to be. Contemporary consumers It was also adventurous and
those cotton knits that boomers couldn’t care less about durability; to- physically challenging. Ms. High-
bought more than 20 years ago? Are day’s generations simply don’t know tower De Niro, 60, did tai chi
they still holding up? Today’s compara- the difference. They buy what looks classes daily, and some white-wa-
ble fabrics just don’t measure up. trendy—and cheap. Those flimsy cotton ter rafting. “It was terrifying,” she
What’s a shopper to do? knits that might make you cringe are says.
If you’re a stickler for the highest good enough for most people. Good The Mississippi-born entrepre-
quality and insist on the best cotton enough to last for a season, after neur finds a connection between
knits, start out by narrowing your which people will blithely discard them, her business home of Rwanda and
search to higher price upscale gar- to make room for what’s new. her spiritual home of Bali, even
ments. But don’t trust that the $400 though she has been there only
cotton knit “designer” sweater will be Email questions to once. She is the founder and chief
superior. Sweaters aren’t fancy bed askteri@wsj.com executive of the sustainable coffee
maker and distributor Coffee of
Grace, which sources its beans
from Rwanda. Ms. Hightower De
Niro travels often to Rwanda to
oversee the beans’ handpicking,
sorting and washing, along with
every aspect of packaging and dis-
tribution.
She lives in New York with her The Rwandan families lived off
4-year-old daughter and her 17- what they grew, then sold the ex-
year-old son. She is married to the cess for profit—like Ms. Hightower
actor Robert De Niro. DeNiro’s youth in central Missis-
Not long after she heard sippi with 10 brothers and sisters,
Rwanda’s President Kigame give a she says.
speech about his poverty-stricken She had no grand plan to go
country needing “trade, not aid” into the coffee business, she says,
about four years ago, Ms. High- “but I tasted the coffee, and it was
ROBERT NEUBECKER FOR THE WALL STREET JOURNAL
tower De Niro launched Coffee of absolutely delicious.” When she

Grace. The coffee is sold at Bed, came back to New York, she de-
Bath & Beyond, Saks.com and on cided to start a company that
the Coffee of Grace website. would source directly from the
“For a poor country that had farmers, particularly the women
experienced atrocities less than who ran the farms.
two decades before, that was that coffee was a great natural re- Ms. Hightower De Niro consid-
something out of nowhere,” she source in their home country. Ms. ers herself a moderate coffee
says, adding it made a strong im- Hightower De Niro and Mr. De drinker and a pretty bad traveler.
pression on her. Niro went to Africa and found doz- “I’m not huge on flying long dis-
She went to meet with Rwan- ens of small, family-owned farms tances, unless it’s to somewhere
dan immigrants who were living in “with maybe 100 coffee trees per really special,” she says.
White Plains, N.Y. They explained farm.” —By Heidi Mitchell
ARTS IN REVIEW
PHOTOGRAPHY SIGHTINGS
What’s a Photograph?
Ocean of Images: New
Photography 2015
Museum of Modern Art
Through March 20
BY RICHARD B. WOODWARD
‘N
New York
ew Photography” is a
regular exhibition at
the Museum of Mod-
ern Art that regularly infuri-
ates. Like the Whitney Biennial,
it is supposed to identify the
JACK WASSERMAN
latest trends, a purpose that
makes enemies. Dismissive
MISHKA HENNER/BRUCE SILVERSTEIN GALLERY
judgments typically range from

“Haven’t we seen this umpteen
times before?” to “How dare
they call this photography?” Walter at the Copacabana in 1949. His listeners included the likes
Despite these sometimes of Marlon Brando, Noël Coward, Arthur Miller and Cole Porter.
justified complaints, the event
has an estimable record of
spotting talent. Dozens of art-
ists with blue-chip careers,
Cy Walter’s Cocktail
from Abelardo Morell and Paul
Graham to Olafur Eliasson and
Rachel Harrison, had valuable
Piano, With a Twist
exposure in these showcases. ‘The Sun,’ pages 1-2 from volume one of Mishka Henner’s ‘Astronomical’ (2011). BY TERRY TEACHOUT wonder how the man who re-
I
The 25th anniversary edi- corded them could possibly
tion, “Ocean of Images: New elements. Together they illus- Saveri (Italian, b. 1980), a col- landing. She has fractured the t’s the grossest of under- have fallen into obscurity.
Photography 2015,” is distinc- trate, according to the press laboration with the American original of this MoMA favorite statements to say that The main reason, I suspect,
tive for its size and interna- notes, “the process by which media company Alldayevery- into hundreds of overlapping cocktail pianists get no re- is that Walter’s playing was a
tional scope. Curators Quentin photography often displaces day, is a re-creation of the zine scans, and added three more spect. They spend most of bit tricky to categorize. He
Bajac, Lucy Gallun and Roxana the reality it documents.” To and record pop-up store they staircases, one of them with their lives playing for people wasn’t a jazz pianist, prefer-
Marcoci, with assistance by commission doll houses of installed in a Brooklyn subway Ben-Day-dotted figures, an who aren’t listening, a not-in- ring to describe himself as “a
Kristen Gaylord, have chosen places where members of the station in 2013-14. Its popular- homage to Roy Lichtenstein. significant number of whom specialist in show tunes.” In-
work by 19 artists from 14 secret police directed atrocities ity with MoMA’s visitors sug- But perhaps the standout are either drunk or en route to stead of going off on melodic
countries. is perverse in itself. Odder still, gests that photographs on pa- here is an artist’s book by Da- being so. And while I never ac- tangents, he played a tune the
This survey corroborates re- Mr. Šerpytyté has further re- per have an enduring appeal, a vid Horvitz (American, b. 1982). tually heard anyone ask for way the songwriter wrote it,
ports from the frontier by moved us from buried histori- tangible fact underscored by On a Wikipedia page called “Melancholy Baby” in the long- embedding its familiar con-
other curators—namely, that the rapidity with which crowds “Mood disorder,” he inserted a ago days when I gigged in bars, tours in a richly wrought ac-
the avant-garde is again turn- have been walking away with photograph he had taken of it’s usually safe to assume that companiment from which it
ing images into sculpture and For today’s artists, the free offset lithographs by himself, head in hands, feigning when somebody does have a shone forth like a well-framed
architecture, as photographers computer skills are the Angolan artist Edson Cha- sadness. His piece consists of request, it’ll be for something painting. Though his playing
did in the 1960s. Impurity gas (b. 1977), part of his 2013 paper downloads from the web, you’ve played an octillion recalled the equally virtuosic
rules. With the Internet the now more needed than piece “Found Not Taken, Lu- examples from newspapers, times. On the other hand, it’s style of Art Tatum, his good
primary image source, com- camera know-how. anda.” drug companies or Facebook also true that most cocktail pi- friend and favorite pianist,
puter skills are now more Some of the most engaging that reused this “stock” image anists aren’t worth listening Walter rarely employed the
needed than camera know-how. artists here are represented by for stories or posts on suicide to, at least not very closely. chromatic substitute chords
Conceptualism remains the only a single work. The two- and depression. Sometimes they’re just going that Tatum loved to deploy,
dominant mode. In making cal truths instead of trying to channel video by Zbynĕk It’s the reverse of standard through the motions (and who nor did his playing swing the
puzzles with software, how- expose them. Baladrán (Czech, b. 1973), “Di- artistic practice these days: In- shall blame them?) and some- way Tatum’s did. He liked
ever, the young continue to mix David Hartt’s mordant pho- derot’s Dream,” uses the form stead of appropriating images times they simply aren’t very smooth, danceable tempos, and
analogue with digital, if only to tographs of the airless interiors of the serio-comic dialogue be- from the Internet, he let the his most staggering feats of
maintain that neither holds a at a public-policy think tank in loved by the French philosophe anonymous crowd appropriate prestidigitation, unlike Tatum’s
copyright on the Truth. Midland, Mich., are the most to pose a series of questions— his self-portrait for their own Cy Walter was one of watch-me-skip-on-the-high-
The show won’t appease its traditional in the show. The Ca- typed on the screen—about the ends. As more evidence that the finest popular wire stunts, were tossed off
critics. A gender-bending video nadian (b. 1967) documents the death of societies and the photographs are seldom reli- with the puma-footed stealth
by the American collective DIS gray cubicles and the stagger- death of stars. As with Diderot, able indexes of genuine emo- pianists of the 20th of P.G. Wodehouse’s Jeeves,
(founded 2010) in the first ing piles of paper housed and the style may be blithe but the tion, it’s clever. Whether he is century, a reputation who worked his own miracles
room isn’t nearly as provoca- generated in the place. His sat- effect is heady. more than that, though, I of discretion without ever rais-
tive as the curators think it is. ire might be more cutting if he The vastness of the cosmos couldn’t tell, as this is his only his son is working hard ing his voice.
A DJ with a black beard and a didn’t settle for glib ironies, and the poetry of photography piece in the show. to revive decades after That‘s what made Walter so
flowing white dress can’t com- such as a partition topped with are ingeniously combined in Museums in the past few popular in hotel lounges: You
pete with Caitlyn Jenner’s re- a small American flag that on “Astronomical,” an artist’s en- years have presented us with the musician’s death. could sit and marvel at his
cent transformation, and a close inspection reads “Made cyclopedia by Mishka Henner an array of new images charac- playing if you liked, or you
video of the robot Bina48 in China” on its plastic staff. (British, b. 1976). A map of the teristic of our digital age. “New could sip your martini and chat
prompts more admiration for Lucas Blalock (b. 1978) and solar system in 12 volumes, it Photography 2015” has given good. But a few such folk are with your companion of the
her inventor than for DIS. John Houck (b. 1977) are both proves that the inadequacy of us more compelling examples. true artists, and one of them, evening. Bob Bach put it well
Indre Šerpytyté (b. 1983) Americans who use digital ed- describing such a boundless It’s about time, though, that Cy Walter, was a very great in a 1946 profile quoted in the
had wood carvers make eight iting to place real-world ob- subject with cameras—most of curators did more than take a one, among the finest popular liner notes to “Sublimities”:
tiny models of buildings in his jects (strawberries or pencils the pages are black—hasn’t team photo. Which young art- pianists of the 20th century. “To describe the magic that Cy
native Lithuania where be- on tabletops) in computer-gen- thwarted the ceaseless desire ists are making bodies of work Walter, who died in 1968, Walter weaves around the bab-
tween 1944 and 1991 one of the erated backgrounds. Their to categorize the unknown. with diversity and depth? And spent most of his career play- ble of a crowded barroom is
Soviet-era intelligence services topsy-turvy still-lifes may one Katharina Gaenssler (Ger- which museum will be brave ing in classy hotel lounges for like trying to describe the feel
(NKVD, MVD, MGB or KGB) had day be described by photo-his- man, b. 1974) has taken Oskar and persuasive enough to ar- Manhattanites who got dressed of an expensive fabric.”
its headquarters. He then made torians as pioneering. For now, Schlemmer’s 1932 painting of a gue their case? up to do their drinking. He was Such players tend not to be
black-and-white photographs though, they’re more academic Bauhaus stairway as the basis closely identified with the properly appreciated by critics,
of the models. than arresting. for a wraparound photo-mural Mr. Woodward is an arts Drake Room of the now-de- most of whom turn up their
The piece consists of both “The Newsstand” by Lele on the museum’s third-floor critic in New York. funct Drake Hotel, where he noses at the imagined taint of
performed off and on from commercialism associated with
1945 until his death and where cocktail piano. Musicians, by
JAZZ his listeners included the likes contrast, know better. It’s no
of Tallulah Bankhead, Leonard surprise that Ethan Iverson,
Marching to a New Beat of the Drum

Bernstein, Marlon Brando, Noël who plays piano with the Bad
Coward, Arthur Miller, Cole Plus, a brilliantly quirky pro-
Porter, Jerome Robbins and gressive jazz combo, is a long-
Tennessee Williams. From 1945 time Walter admirer. So was
BY MARTIN JOHNSON sic of those three. Ms. to 1953 he was also a fixture Richard Rodgers, who once
D
Oliveros’s work is often medi- on network radio, performing wrote Walter a fan letter in
rummer Ches Smith is tative; Mr. Curran is kinetic, weekly on a series called “Pi- which he said that “I have
renowned in several mu- but often in a subdued manner; ano Playhouse.” But his celeb- never heard better taste.” Lis-
sic communities. He has and Mr. Frith is a master of rity, such as it was, dried up ten to the gently rippling 1946
drummed with indie rock working with unusual rhythms. when he died: Walter’s albums performance of Rodgers’s
bands, most notably Xiu Xiu; Mr. Smith played in various went out of print shortly “Falling in Love With Love” in-
he performs in Haitian percus- settings on the West Coast be- thereafter, and from then on cluded on the first “Sublimi-
sion groups; he has played in fore moving to New York in his name was known only to ties” CD and you’ll hear what
heralded jazz ensembles led by 2008 in search of more oppor- connoisseurs. he meant. No, it’s not jazz, but
guitarist Mary Halvorson and tunities to play his music. He Mark Walter, Cy’s son, is who cares? It’s music, and it’s
in the group Snakeoil led by quickly became a first-call trying to change all that. He gorgeous—with or without an
saxophonist Tim Berne. His drummer in some precincts of started by launching an un- olive.
own projects include Congs for the jazz community. commonly well-stocked web-
Brums, a solo percussion set- For decades, jazz recordings site, www.cywalter.com, that is Mr. Teachout, the Journal’s
PAOLO SORIANI/ECM RECORDS
ting with electronic accompa- led by drummers featured the online equivalent of a pri- drama critic, now writes
niment, and These Arches, a thunderous roars of percus- mary-source biography of his “Sightings” every other Thurs-
quartet with Ms. Halvorson, sion, but in the past few years father. Now he’s commemo- day. Write to him at ttea-
multi-instrumentalist Andrea a different approach has rated the recent centennial of chout@wsj.com.
Parkins and saxophonist Tony emerged. Billy Hart leads con- Cy Walter’s birth in 1915 by co-
Malaby. Yet none of those di- ventional groups that feature a producing a pair of compact
verse activities effectively pre- more conversational tone. Jeff discs called “Sublimities” (both Pepper ...
view the subtlety, texture and Ballard has a trio that engages of which can be ordered from
elegance of his new group, a Mat Maneri, Craig Taborn and Ches Smith, whose new album, in subtle interplay. Tyshawn Amazon) that contain a total of
And Salt
trio with keyboardist Craig ‘The Bell,’ is out Friday. Sorey wowed critics with 52 tracks by his father. Some THE WALL STREET JOURNAL
Taborn and violist Mat Maneri. 2014’s “Alloy” (Pi), a disc that are long-unavailable commer-
Mr. Smith’s new recording into a riff—but the silences are rative and riveting group im- brought contemporary classical cial recordings, others radio
“The Bell” (ECM, out Friday) charged, as if they constitute a provisations. “I’ll See You on effects to the genre. Mr. Smith airchecks that have never be-
features this group in a pro- fourth member of the group. the Dark Side of the Earth,” a is following in those footsteps; fore been released. On them
gram of eight stunning origi- And the band settles into an sly reference by Mr. Smith to a “The Bell” is an impressive Walter can be heard playing pi-
nals. The band will play the understated groove by the end classic Pink Floyd recording, chamber work. When I first ano solos and duets (he fre-
Winter Jazz Festival in New of the track, with Mr. Smith on features fascinating riffs heard Mr. Smith several years quently performed with Stan
York at the New School Tish- drums. He is an avid fan of the driven by the leader and ago in a band led by Ms. Hal- Freeman, a pianist of similar
man Auditorium on Friday and music of Thelonious Monk, who smartly accented by Messrs. vorson, his drumming was as- talent and stylistic inclination)
tour nationally Feb. 14-28. used silences to similar effect. Taborn and Maneri. sertive and cantankerous, as if and accompanying such sing-
The title track, which leads As if to confirm Mr. Smith’s Mr. Smith, who is 42 years he couldn’t wait for his sounds ers as Marlene Dietrich, Mabel
off the recording, begins with a interest in space, the second old, was born in San Diego and to reach the ears of the audi- Mercer and Frank Sinatra.
gentle rumble of Mr. Taborn’s composition is titled “Barely studied music at Mills College ence. His new music is so nu- Most of the tunes are blue-chip
piano clusters, plus long, pun- Intervallic,” and it features in California. His mentors there anced; he has mastered the standards, with a few original
gent notes from Mr. Maneri compelling group interplay were the composers Alvin Cur- fine art of drawing the listener compositions by Walter
and accents from Mr. Smith on highlighted by Mr. Smith’s ran, Pauline Oliveros and Fred to it. thrown in for good measure.
vibraphone and timpani. There drumming and Mr. Maneri’s Frith. If there’s a link on his ré- All are performed with a con-
are long swaths of silence as gripping bow work. “Isn’t It sumé to the music on this re- Mr. Johnson writes about summate elegance and techni- “Oh, I learned my lesson—
the band languorously settles Over?” features a tighter nar- cording, it could be in the mu- jazz for the Journal. cal wizardry that make you there’s no bad publicity.”
THE WALL STREET JOURNAL. Thursday, January 14, 2016 | D5
SPORTS
Heard On
The Field
Hue Jackson Is Latest

Coach of the Browns
Stop us if you’ve heard this one
before: The Cleveland Browns hired a
coach. What’s different this time is
that he may be the top coach on the
market this winter, as Bengals offen-
sive coordinator Hue Jackson (above)
accepted the job on Wednesday.
Jackson, who was head coach of
the Oakland Raiders in 2011, went
8-8 and was promptly fired. Jack-
son most recently re-made himself
as an assistant under Marvin Lewis
in Cincinnati. He tutored Andy Dal-
ton and led the offense to an AFC
North title this season.
The Browns coaching job has
been a mess over the past few
years. The Browns fired Mike Pettine
after a 3-13 season. Jackson is the
fifth Browns head coach since
2009—none of the previous ones had
a winning percentage higher than Arizona Cardinals’ star receiver Larry Fitzgerald is known as one of the most respectful players on the NFL field, forgoing trash talk for pleasantries.
.313 (Pettine and Eric Mangini both
Disarming Defenses With Kindness

held that mark.) —Kevin Clark
Ex-Tailback Phillips
Found Dead in Jail Cell
FEATURE: ASSOCIATED PRESS; GAY (L-R): LISA CORSON FOR THE WALL STREET JOURNAL; GETTY IMAGES; HOF (T-B): ASSOCIATED PRESS; GETTY IMAGES
Former NFL running back and Larry Fitzgerald catches nals into a divisional-round playoff a problem. Munnerlyn, who has met him one time!”
college star Lawrence Phillips was game against the Green Bay Packers faced Fitzgerald multiple times in Confronted with such positively
found dead in his prison cell, ac- opponents off guard with on Saturday, Fitzgerald is among the his career, said he will get himself decent behavior, players face a co-
cording to the California Depart- cordial remarks on field NFL’s leading receivers, with 109 fired up to face the Arizona receiver. nundrum on the field: How should
ment of Corrections and Rehabilita- catches for 1,215 yards. But he has But then Fitzgerald shows up. “All of they respond? Blackmon, who has
tion. He was 40. BY KEVIN CLARK emerged as the league’s runaway the sudden, I’ve got a guy coming up covered Fitzgerald since the corner-
Phillips (below) was found unre- leader in killing opponents with to me saying: ‘Hey, Captain, I see back was at Boston College and
sponsive in his cell early Wednes- Like most cornerbacks who have kindness. you, you’re doing so well this year, Fitzgerald was at Pittsburgh, said he
day morning during a security check to cover Larry Fitzgerald, Minne- “He’s asking how your family is,” keep it up!’” Munnerlyn said. “That’s used to responded to the nice com-
and pronounced dead at 1:27 a.m. It sota’s Captain Munnerlyn knew he said Washington Redskins corner- Fitz. He’s asking how you’re doing, ments—but has since realized that
is being investigated as a suspected had some serious work to do. back Will Blackmon. “And then he’s how your family is.” you do so at your own peril.
suicide, according to the CDCR. He would have to study film on trying to bomb you for 70 yards Wide receivers aren’t usually re- “What he’s trying to do, he’s try-
Phillips was imprisoned in 2008 Fitzgerald’s supreme route-running, right after.” nowned for their courteous conduct ing to relax you,” Blackmon said. “So
on a 31-year sentence for domestic his ability to make tough catches in Atlanta Falcons cornerback Des- on the field. But players believe eventually he keeps saying some-
violence, corporal injury to a spouse, traffic and how he uses his 6-foot-3 mond Trufant entered the league in Fitzgerald, who did not respond to thing like: ‘How’s your family?’ and
false imprisonment and vehicle frame to box out defenders. But 2013, long after his older brothers requests for comment for this story, you’ll say: ‘Oh great, how’s your fam-
theft. He was also in the early that wasn’t all Munnerlyn had to Marcus and Isaiah had started play- is being genuine when he throws ily?’ And then he’ll run and try to
stages of a trial for the 2015 mur- prepare for. ing in the NFL. Knowing his brothers niceties their way. That doesn’t make slam you.”
der of his cellmate. “I cannot take the bait,” Munner- a little bit, Fitzgerald cornered Tru- it any less uncomfortable, though. That’s what happened to Panthers
Phillips’s personal and legal prob- lyn said. “I’ve got to yell and get an- fant during their 2013 matchup just Former Pittsburgh Steelers defen- cornerback Josh Norman in a game
lems ultimately ended a once-prom- gry, I’ve got to get on him. I can’t let to inquire how they were doing. sive back Ike Taylor, who took on last year. Norman, one of the most
ising football career. A star at the him be so nice that I can’t get into “He played against my brothers Fitzgerald in Super Bowl XLIII, said outspoken cornerbacks in the NFL,
University of Nebraska, Phillips was game mode.” for years, he knew my whole family, the receiver’s affable behavior is a said he loves to have an ongoing dia-
drafted in 1996 by the Rams and It turns out facing Fitzgerald so he asked about that,” said Tru- year-round activity. logue with receivers he’s covering
played for three seasons for three brings with it a unique challenge. Al- fant. “There was all this casual talk. Taylor, now an analyst for the during a game—preferably with lots
different NFL teams. ready one of the best receivers in I was thrown off. I’m trying to focus NFL Network, said Fitzgerald is re- of trash talk. “If a receiver talks, he
—Andrew Beaton NFL history, Fitzgerald has rein- and he’s being a real good dude.” garded as “one of the rare guys who gets me going; if he doesn’t, I’ve got
vented himself as a slot receiver at Fitzgerald has long been known has lots of money and everyone to find myself something else to do,”
age 32 and is in the midst of what as one of the most respectful—and loves him. He respects the game.” Norman said.
may be his most impressive season. widely respected—players in the That respect, Taylor said, includes Going up against Fitzgerald, Nor-
But cornerbacks say one of the league. Seattle Seahawks corner- Fitzgerald’s uncanny knack for re- man readied himself for a battle of
biggest concerns before matching up back Richard Sherman has said membering nearly every fact about words. But Fitzgerald said nothing
with the Arizona Cardinals star is the Fitzgerald is off-limits when it players he’s met. “Larry remembers for the entire duration of the game.
slew of pleasantries, cordial remarks, comes to talk trash. people’s birthdays, anniversaries, It was, Norman remembered, one of
good-natured comments and other- But for players like Munnerlyn, just out of the blue,” Taylor said. the more professional encounters he
wise amiable chatter that Fitzgerald who like to whip themselves into a “You hear stories, guys are like: ‘Hey, can ever remember.
throws their way during a game. frenzy for some extra juice on the where’d this present come from? Oh, “He’s just a genuine human being”
As he prepares to lead the Cardi- field, Fitzgerald’s congeniality can be Larry Fitzgerald.’ And they’ve only said Taylor. “You can’t trash talk that.”
Say Hello to the

Playboy Rams of L.A.
A pair of seismic events happened If you’re rolling your eyes at this
in Los Angeles in recent days: First, mass football exodus, you’re not alone.
Hugh Hefner’s Playboy Mansion went Los Angeles is a city that’s already sur-
on the market, and second, NFL own- rendered two NFL clubs—the Rams
ers approved the right of one and pos- and the Raiders, in fact—but the own-
sibly two football teams to move to ers have decided the city has the foot-
the city, though they’ll ball fever again. Part of this is moti-
need a temporary housing vated by the oddity of the country’s
for next season. most popular sport not having a fran-
You see where this is chise in the country’s second-most
going. populous city. An NFL franchise in L.A.
NFL football at the is presumed to be worth many billions.
JASON Playboy Mansion in 2016. Not long ago, the NBA’s L.A. Clippers
GAY It makes too much sold for $2 billion. The Clippers!
sense. The former St. Another part of it, though, is the mad-
Louis Rams have to find a dening and never-ending habit of sports The Playboy Mansion recently went on the market in Los Angeles while the NFL approved the Rams return to L.A.
place to play until they complete their franchises trying to leverage better deals
bajillion-dollar football Xanadu in Ingle- in their home cities by threatening to their grandkids 1,000 miles away. sexual revolution has long passed. ming pool and its infamous grotto, it’s
wood, Calif. The San Diego Chargers are move elsewhere. The good news is that “It is a difficult process, and as [NFL A new business angle—football— not even the first NFL club with a swim-
also hunting for an L.A. home—league the public is getting wise to it—the idea commissioner] Roger [Goodell] said, it is would help. The price ($200 million) is ming pool. Jacksonville has one, though
ownership passed on the Chargers’ bid of a stadium-as-savior has faded, and bittersweet,” Garbo-esque Rams owner a pittance by current stadium stan- they cheaped out on building a grotto.
to build a stadium in Carson, Calif., with more cities have grown skeptical and are Stan Kroenke said Tuesday. “We under- dards. There’s enough land (five acres) One hitch is that there’s a contin-
the Oakland Raiders, but they did give resisting appeals for public cash. stand the emotions involved to our fans. to easily accommodate an NFL regula- gency that the 89-year-old Hefner gets
San Diego the OK to negotiate a deal But there’s almost always a sweeter It’s not easy to do these things.” tion field, though from the aerial photos to stay there for the rest of his life,
with St. Louis, which sounds a lot like offer someplace else. For years, Los Goodell said the Rams will play in it appears you might have to relocate a but this is not that big of a deal. Most
the time that random stranger at the Angeles served as the NFL’s Some- Los Angeles Coliseum until their fancy- few features. You probably don’t need NFL teams are used to an aging mogul
bar claimed to own a chateaux in France place Else. Maybe the next Someplace pants new home is done. You remem- Hef’s separate game house with poker wandering around the premises. Maybe
and said you could “use it any time.” Else is London. Or San Antonio. Maybe ber the Los Angeles Coliseum—the tables and pinball. The zoo might have not in a silk bathrobe, but I think that’s
Which is to say the housing situa- the whole circuit repeats itself and Raiders ran screaming from there in to go. Sorry, Playboy Zoo animals—but I a nice, homey touch.
tion sounds a little iffy for the Chargers. Someplace Else becomes St. Louis and 1995, fleeing back to Oakland. bet you guys might appreciate a new (Hef might insist that an NFL team
The Raiders got dumped, because San Diego. Which brings us back to the much home where you can get some sleep. at the mansion rename itself the Bun-
they’re the Raiders. Next year they The Rams won the NFL’s blessing better idea of the NFL, Hef, and the Seating? You can build temporary nies, but I believe we can fight him on
might be in Oakland. Or San Diego. Or with a proposal for not just a stadium, Playboy Manse. bleachers, but truthfully a Playboy NFL that. Come on, Hef. It’s 2016. We’ve all
Martha’s Vineyard. Who knows? but also mini-city of housing, retail and It just feels like a natural. Playboy is stadium should replicate most modern evolved.)
What’s with the Raiders asking the office space which will contain among fading—you might have seen this, but stadiums, and cater almost exclusively It’s too perfect. What better home
NFL for permission, anyway? The late other things the league’s in-house me- the magazine is no longer printing pho- to a moneyed audience. The sumptuous for the NFL than a shrine to an Ameri-
Raiders owner Al Davis used to put on dia operation, which was a canny tos of undressed humans, since the In- couches already there, along with the can institution that rose from nothing to
his sunglasses, pack up the van, and move, like promising your in-laws their ternet has decided to handle that for fine dining and valet parking. If you’re define the culture and build an empire—
park the team wherever he wanted. own guest room before you moved all eternity. The velvety heyday of the wondering what to do with the swim- and assumed it would prosper forever.
© 2016 Starbucks Coffee Company. All rights reserved.

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