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* * * * * * WEDNESDAY, MARCH 23, 2016 ~ VOL. CCLXVII NO. 68 WSJ.com HHHH $3.00
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What’s Terror Strikes Europe’s Heart

News B R U S S E L S —Te r ro r i s t s
struck a European capital for
the second time in four
Business & Finance months, killing dozens here
Tuesday in bombings plotted
under the noses of authorities
just days after a prime suspect
A ctivist investor Ackman
played a central role
over the weekend as
in last year’s carnage in Paris
was captured.
Valeant moved to assuage Islamic State claimed re-
its investors following a sponsibility for the attacks at
series of board meetings. A1
Apple is facing the sug- By Natalia Drozdiak,
gestion that there may be Gabriele Steinhauser
a gap in the software pro- and Matthias Verbergt
tecting the contents of the
the Brussels airport and on a
company’s recent iPhones. B1
subway train, starkly demon-
Sales of U.S. commercial strating the ability of the ex-
real estate plunged in Febru- tremist network to direct or
ary, a sign that a six-year bull inspire deadly assaults in Eu-
market may be ending. C1 rope, even as it suffers heavy
setbacks from U.S.-led military
The Supreme Court ruled
strikes in its heartlands of
against Tyson in a case on fi-
Syria and Iraq.
nancial-damages calculations,
Belgian officials said they
dashing firms’ hopes for more
were—once again—conducting
curbs on class actions. B2
house searches countrywide in
Security at Bangladesh’s the hunt for one suspect. One
BELGIAN FEDERAL POLICE/ZUMA PRESS

central bank is in the spotlight raid in Brussels turned up an
after hackers stole funds from explosive device containing
its New York Fed account. C1 nails, along with an Islamic
A Philippine agency State flag and chemical prod-
filed criminal complaints in ucts, the federal prosecutor’s
connection with the heist. C2 office said.
Authorities had warned Is-
The Nasdaq remains in
lamic State could try to retali-
the red for the year, with a
ate after the capture here Fri-
handful of companies weigh-
day of an alleged Islamic State
ing heavily on the index. C1
operative suspected of direct Bombs ripped through the departure hall at the Brussels airport Tuesday, killing at least 11. At least 20 were also killed in a subway bombing.
The Dow industrials
involvement in the Nov. 13 at-
snapped a seven-session
tacks on Paris. killed at Brussels Airport and lashnikov. and ceiling tiles crashing to tion to the exit door and a
winning streak, dropping
But despite the warning, about 100 injured after two The terror attacks were the the ground. minute later the second blast
41.30 points to 17582.57. C4
additional raids and a heavy men blew themselves up in the most deadly in Belgian history. Mariama Touré Kindon, 33- happened, near the Brussels
Amazon sued a logistics police and army presence sent check-in area around 8 a.m. lo- “It was apocalypse,” said year-old barista at an airport Airlines counter, and I was hit
executive recently hired by to guard transport hubs and cal time, officials said. Accord- Samir Derrouich, an airport Starbucks, said she heard a by all the glass debris,” she
Target, citing violation of a tourist areas in Brussels, more ing to a person briefed on the worker who was standing small blast and immediately said. “Everything was covered
noncompete agreement. B1 bombs went off. attack, police also exchanged about 30 yards away from one thought it was a terror attack. in dust and smoke, people
At least 11 people were fire with a man firing a Ka- blast, with windows shattering “I ran in the opposite direc- Please see ATTACK page A6
VW told dealers it will
launch at least two new SUVs
With Security Back in Focus,

for American buyers. B3
Yahoo agreed to shut
Attacks Highlight Belgian Failure
Trump, Clinton Win Arizona
down its fantasy-sports
operations in New York. B4
DoorDash said it raised
$127 million in its latest
BY DAMIAN PALETTA ing Europeans need to do more
To Roll Up Extremist Network
funding round, primarily
to control their borders. BY MATTHEW DALTON last fall’s carnage in Paris. In-
from existing investors. B3
The deadly terror attacks in It was Republican Sen. Ted Attacks in Brussels vestigators are examining
Brussels abruptly refocused the Cruz who offered the starkest Even before Tuesday’s at- Bombings broaden EU rift whether the militant network
World-Wide agenda of the presidential race new plan, suggesting police in tack, European security ser- over borders..................... A6 was also behind the attacks
Tuesday, jolting the dwindling the U.S. should more aggres- vices believed a sprawling Airports confronted with that killed dozens in Brussels
group of candidates into a re- sively police Muslim communi- network of Islamist radicals new security challenge... A6 on Tuesday, officials familiar
Dozens were killed in newed debate over who was ties. “We need to empower law raised in the working-class Militants strike despite with the investigation said.
bombings claimed by Is- best-equipped to protect Amer- enforcement to patrol and se- districts of Brussels had battlefield setbacks....... A7 “It’s like a spiderweb: One
lamic State at the Brussels ica. cure Muslim neighborhoods be- emerged as the leading edge big Islamic State network oper-
airport and subway, just Republican front-runner fore they become radicalized,” of Islamic State’s campaign to ating within Europe,” says Pi-
days after authorities cap- Donald Trump, who won Tues- Mr. Cruz said. strike Europe. slam—but not rolling up his eter Van Ostayen, an expert in
tured a prime suspect in day’s Arizona primary, sug- Under Mr. Cruz’s plan, which If a link between the Brus- network—may have provoked Belgian jihadist networks.
the Paris attacks. A1, A6-7 gested the attacks, for which Mr. Trump said he supports, sels attacks and that terror- Tuesday’s attacks. “Even though the far ends of
The attacks provoked Islamic State claimed responsi- the selection of which neigh- ism network is confirmed, it “We were working harder the network don’t really know
expressions of shock and bility, vindicated his aggressive borhoods would receive in- would represent Belgian law after capturing Salah Abde- each other, they are all con-
solidarity throughout Eu- rhetoric about Muslims and creased patrols would depend enforcement’s failure to pene- slam than before,” a Belgian nected in some way,” he said.
rope but also galvanized others. He also called for new on input from law enforcement, trate a jihadist group it law-enforcement official said, “The Belgian government
critics of border security laws that would allow torture a person familiar with the pro- worked for two years to shut “because we knew we were was looking the other way,” he
and immigration. A6 when interrogating terror sus- posal said. down. Days after capturing really rattling the cage.” added. “They didn’t want to
pects. Leading Democratic can- Some of Mr. Cruz’s backers Salah Abdeslam, the lone liv- The Brussels bombings face this problem until it was
Trump and Clinton won
didate Hillary Clinton, who won had questions about the plan. ing alleged assailant from the have intensified scrutiny of a already too late.”
primary victories in Ari-
her party’s primary in Arizona, Please see RACE page A4 November Paris attacks, the network of Islamist radicals Financed by the proceeds of
zona, as the Brussels attacks
reiterated her experience as bombings have left Belgian of- raised in heavily Muslim dis- crime in Belgium, the network of
jolted presidential candi-
secretary of state and adopted For the latest election results, ficials facing the possibility tricts of Brussels who have al- French-speaking radicals sent
dates into a renewed debate
her own tough tone by suggest- go to WSJ.com that capturing Mr. Abde- ready been connected with Please see POLICE page A7
over who was best-equipped
to protect America. A1, A4
Obama concluded his
history-making visit to
Cuba by plunging into the
Inside Ackman Feels Pressure,
BUSINESS & TECH. | B1
prickly issues of civil lib-
erties and free elections. A8
The president on Wednes- Coke’s New Tries to Calm Investors
day plans to meet with Ar-
gentina’s Macri, who is re-
Business Formula BY DAVID BENOIT ing to people familiar with the
matter. Mr. Ackman himself
newing ties with the U.S. A8 William Ackman was feeling joined the board. Chief Executive
After missing targets, the the heat. Michael Pearson would leave,
A new rule would give
beverage giant is pushing plans to It was this past Friday, and saying he regretted the contro-
unions more knowledge of
sell U.S. manufacturing operations. the shareholder activist’s fund versy but believed in the com-
discussions employers are
was already down about 26% on pany. An internal board review
having with advisers on how PERSONAL JOURNAL | D1 the year and 47% from its Au- was nearing its end and hadn’t
to resist organizing drives. A3
gust highs. His Pershing Square found additional financial trou-
A Russian court sentenced A Workout Where Capital Management LP’s invest- ble. The Monday news release
a Ukrainian military pilot
accused of facilitating the
You Never Sweat ment in Valeant Pharmaceuticals
International Inc. had gone from
was more detailed than prior
communications from the com-
murder of two journalists a golden bet to his worst-ever pany, bearing fingerprints of Mr.
to 22 years in prison. A12 Gyms offer meditation classes loser, down 90% in seven Ackman, who had been urging
for stressed-out members months amid a seemingly cease- better disclosure.
Suu Kyi will assume a
looking for a place to relax. less string of bad news. He had The stock got a reprieve, ris-
cabinet role in Myanmar’s
just dropped $1 billion in one ing 18% in two days, including a
government, the parlia-
day on the stock and roughly $3 10% jump to $31.89 Tuesday.
ment’s speaker said. A12
The FDA said it would
Detroit Faces Its Demon, and It Is Red billion since he placed the bet
last year.
But Mr. Ackman is far from in
Please see ACKMAN page A2
institute safety-labeling i i i Mr. Ackman was one of the
changes for immediate-re- few investors who maintained
lease opioid painkillers. B2 Mythical imp blamed for city’s woes, but is he just misunderstood? faith in Valeant. His own inves- Pershing’s Pain
tors were asking why. Net asset value of Pershing
Died: Rob Ford, 46, the
He spent Friday taking calls Square Holdings since its IPO.
controversial former
BY CHRISTINA ROGERS “You think you can get rid its laundry list of woes. Leg- from his backers, said a person
mayor of Toronto. A12 $30 a share
of me? There is not enough end says the Nain Rouge, familiar with the matter. One
DETROIT—In front of sev- hope in this town,” he French for red dwarf, was investor, particularly con-
CONTENTS Home & Digital. D2-3 eral thousand people gathered growled. “I’m like death and spotted shortly before the cerned, pressed him that other
Arts in Review...... D5 In the Markets....... C4
Business News...... B2-4,8 Opinion................. A9-11 here, a red, devilish-looking taxes. I keep coming back.” city’s worst disasters, includ- funds that managed its assets
creature took to the stage and, Onlookers booed and ing the Detroit fire of 1805. were selling and wanted to 25
Crossword................. B8 Sports.......................... D6
Election 2016......A4-5 U.S. News......... A2-3,9 with a menacing, pointy- shouted back, yelling for him Since 2010, he has become know how he was protecting
Global Finance........ C3 Weather..................... B8
Heard on Street.. C16 World News. A6-8,12
toothed grin, announced: “I’m to go away and get out of the symbol of a yearly parade in their money if he wasn’t just
back, baby.” town. One held a sign that Detroit—the Marche du Nain getting out. Mr. Ackman said
20
The “Nain Rouge” had re- said “Au Revoir Nain.” Rouge—where revelers, wearing he knew how to fix Valeant.
> turned. “We’re chasing the demons elaborate masks and costumes, Over the weekend, he played
“City of entrepreneurs, out of Detroit,” said Nichole gather to run the alleged evil- a central role as Valeant moved
what a joke,” he taunted the Davila, who was wearing her doer out of town. to assuage investors following a
15
crowd. With long, claw-like own demonlike mask with Many are banking on De- series of board meetings, accord-
fingernails and hollowed-out long, pointy horns. troit’s economic revival after 2014 ’15 ’16
s Copyright 2016 Dow Jones &
Company. All Rights Reserved green eyes, he laughed at Long-suffering Detroit has a years of pain, and the Nain Valeant losses may hit Source: the company
them. mythical creature to blame for Please see NAIN page A2 retirement funds....................... C1 THE WALL STREET JOURNAL.
A2 | Wednesday, March 23, 2016 * *** THE WALL STREET JOURNAL.
U.S. NEWS
ACKMAN ages some $12 billion, roughly

half of the money can’t be
pulled.
The biggest chunk of that is
out of business by short-term
stock moves. Mr. Ackman’s first
hedge fund, Gotham Partners,
closed amid investor redemp-
sour bets for years and in many
cases turned them into big wins,
including one against bond in-
surer MBIA Inc. and another on
Ackman will be able to mount
many of the splashy activist
campaigns for which he has be-
come known. His plans, in part,
Products Corp., the chemical
company whose biggest holder
is Pershing Square, have plunged
while a bet on mortgage giants
Continued from Page One in a vehicle that went public in tions. mall owner General Growth hinge on the market coming Fannie Mae and Freddie Mac re-
the clear. Fixing Valeant will be October 2014 and has about $4 Pershing Square launched in Properties Inc. Through 2015, around to his views on the in- mains unclear amid legal and
easier said than done and it re- billion. Last summer, the fund 2004 and by 2007, Mr. Ackman Pershing Square returned 567% vestments. governmental fighting.
mains to be seen how he will do sold $1 billion in bonds. Em- was talking about going public. since its start in 2004, more Apart from turning around But Valeant is job No. 1. Mon-
it. Few big funds have suffered a ployee money counts for an- The financial crisis got in the than four times the S&P 500’s Valeant, the firm has a portfolio day, his first day officially on the
slide like Pershing Square has in other $1 billion. way, but in late 2012, he gain in that time, according to filled with challenges. board, Mr. Ackman held a town
the past six months. Of the remaining assets, launched Pershing Square Hold- an investor presentation. Mr. Ackman continues to bat- hall at Valeant headquarters
His funds would have to gain most investors are locked into ings Ltd. with a plan to take it Jonathan Grabel, chief in- tle Herbalife, a nutritional-shake with Mr. Pearson and Chairman
roughly 70% before he can col- agreements that allow them to public. vestment officer of Public Em- maker he has said for years is a Robert Ingram.
lect lucrative performance fees only take an eighth of their It performed well until ployees Retirement Association pyramid scheme. It will collapse Mr. Ackman told employees
from most investors. That is a money each quarter. That would Valeant started plunging. of New Mexico, said Mr. Ackman this year, he has said, though he believed Valeant held assets
hole it could take him years to mean roughly 6.25% of the total Mr. Ackman has certainly hasn’t “gone safe” as he has the stock continues to trade worth far more than the current
dig out of. assets, at worst, could be lost high-profile wagers before. grown, one reason Mr. Grabel is well above his break-even point. stock price implied and relayed a
Still, Mr. Ackman has protec- yanked per quarter. J.C. Penney Co. and Target sticking with him even amid Herbalife denies his charges and parable, according to people fa-
tion most hedge funds lack: He And indeed, so far investors Co. struggled as he targeted concerns about recent perfor- accuses Mr. Ackman of market miliar with the meeting. He had
has been engaged on a career- haven’t fled. By a February them, and he is on the wrong mance. manipulation. recently tried to eat at Chipotle
long project to build Pershing deadline, about 17% of the side of a nearly four-year fight “He’s stayed true to being an At Canadian Pacific Railway but found the line too long, so he
Square into a fortress that in money that could be withdrawn with Herbalife Ltd. Those losses activist and having a very con- Ltd., where Pershing Square went to Shake Shack instead.
theory gives him both time—and was, amounting to roughly 2% have hampered his reputation centrated portfolio,” Mr. Grabel mounted a board fight in 2012, Only recently, lines at the burrito
capital—to outlast a downturn. of all assets, the people said. Mr. among some on Wall Street and said. “I give him a lot of credit the CEO it installed, Hunter Har- purveyor had been truncated by
When hedge funds face per- Ackman long ago recognized his inside boardrooms where he for having the conviction and rison, is pushing a hitherto un- a health scare.
formance issues, investors ask- concentrated portfolio—typi- seeks to wield influence. courage.” welcome attempt to merge with Business is about trust, Mr.
ing for their money back can cally around 10 stocks—means Still, Pershing Square has Until and unless he can turn either Norfolk Southern Corp. or Ackman told Valeant staff, and
amount to a run on the bank. At he needs a structure that will won far more than it has lost. around Pershing Square’s per- CSX Corp. just as Chipotle won people
Pershing Square, which man- protect him from being forced He has also stuck with some formance, it isn’t clear how Mr. Shares of Platform Specialty back, so would Valeant.
NAIN Rouge, arguing he is being un-

justly vilified.
“Instead of shouting and
shaming him, we should cheer
Continued from Page One him,” said John E.L. Tenney, a
Rouge’s vilification essentially paranormal investigator who
doubles as an exorcism. lectures on the occult and has
“He’s a necessary villain,” worked as a researcher for TV
said Shane Stroud, one of the shows, such as “Unsolved Mys-
marchers, a 30-year-old skilled- teries” and “Sightings.”
trade technician from Dearborn, “This somewhat helpful na-
Mich. “He takes the blame for ture spirit has been turned into
us.” a demon,” Mr. Tenney said,
Sitting on a throne on a float, holding a sign above his head
KIMBERLY P. MITCHELL/DETROIT FREE PRESS/ASSOCIATED PRESS

the Nain Rouge was paraded that reads: “B Nice 2 Nain.”
through Detroit’s midtown The Nain Rouge’s heritage
neighborhood Sunday, drawing can be traced back to Northern
jeers. France, where folklore depicts
the imp as a mischievous crea-
ture that can be helpful at times,
The Nain Rouge was particularly to children, but
paraded through mean-spirited if offended. The
legend later became a blend of
Detroit’s midtown both Native American beliefs
neighborhood. and tales brought to Michigan
by early French settlers, say his-
torians.
The event included people on The first written account of
dirt bikes, roller-derby girls and Detroit’s Nain Rouge is believed
a steel drum band. Revelers to be in an 1883 book titled
wore bright face paint and red “Legends of le Détroit.” In this Revelers at Detroit’s Marche du Nain Rouge parade on Sunday. Legend says the Nain Rouge was spotted before the city’s worst disasters.
masks. One rode a bike with story, a fortuneteller warns De-
large, paper flowers and a fake troit’s founder, Antoine de la site, whacking the imp with his shambles, reeling from the auto once see trees growing on the rade-goers to “Stop Nain Shame.
sloth on his back. Mothe Cadillac, of “undue ambi- cane, and sure enough, misfor- industry’s collapse. Tens of rooftops of abandoned office “It seems as though everyone
The parade even attracted a tion” and tells him not to upset tune unfolds. thousands of people had lost towers, has begun to flourish wants to blame someone else,
small group of counter-protest- the Nain or he’ll be cursed. In 2010, when the parade be- their jobs, neighborhoods were with restaurants and businesses instead of taking responsibility
ers, who stuck up for the Nain Mr. Cadillac does the oppo- gan, Detroit was in economic upended with foreclosures and locating there. Investment is of their own problems,” said
the city was careening toward pouring in, and in some neigh- Coleen Parsons, a Nain-defender
CORRECTIONS AMPLIFICATIONS
THE WALL STREET JOURNAL bankruptcy. borhoods, rents and home with Mr. Tenney’s group.
(USPS 664-880)
(Eastern Edition ISSN 0099-9660) The parade’s co-founders, prices are rising. Kate Grandjean, an early
(Central Edition ISSN 1092-0935)
(Western Edition ISSN 0193-2241)
Francis Grunow and Joe Uhl, Detroit, however, has a ten- American historian researching
Editorial and publication headquarters: were law students at Wayne dency to backslide, which the the Nain Rouge for a book on
1211 Avenue of the Americas,
New York, N.Y. 10036 Valeant Pharmaceuticals Grove that appeared in some State University in Detroit, Nain Rouge knows well. The pa- Detroit, says it is difficult to de-
Published daily except Sundays and general legal
holidays. Periodicals postage paid at New York, N.Y.,
International Inc. is moving editions Tuesday incorrectly when they first came up with rade’s website includes a picture termine whose view on the imp
and other mailing offices. to replace Michael Pearson, said he was schooled in elec- the idea, drawing inspiration of the red creature and a quote is right.
POSTMASTER: Send address changes to The Wall
Street Journal, 200 Burnett Rd., Chicopee, MA 01020. its chief executive, but he will trical engineering. from New Orleans’ Mardi Gras. mocking those with renewed When it comes to folklore,
All Advertising published in The Wall Street
Journal is subject to the applicable rate card,
stay on until his successor is Banishing the Nain Rouge, hope, calling them “losers.” she says, “it’s sort of fluid.” Her
copies of which are available from the Advertising appointed. In some editions A photo caption Tuesday Mr. Grunow said, is intended to The Nain’s defenders say pa- research, however, has found
Services Department, Dow Jones & Co. Inc., 1155
Avenue of the Americas, New York, N.Y. 10036. Tuesday, a Page One What’s with an Election 2016 article be “cathartic”—a way for De- rade organizers have it all the Nain often portrayed as a
The Journal reserves the right not to accept an
advertiser’s order. Only publication of an
News summary incorrectly about Republican presidential troiters to take a symbolic stand wrong. defender of sorts for “those on
advertisement shall constitute final acceptance of said the company has broken candidate Donald Trump’s against their own misfortunes. Mr. Tenney, having spent his the losing end of history,” she
the advertiser’s order.
Letters to the Editor: ties with the CEO. speech Monday to the Ameri- The parade, timed around the career researching tales of su- said. “Historically, the Nain
Fax: 212-416-2891; email: wsj.ltrs@wsj.com
can Israel Public Affairs Com- start of spring, has since ex- pernatural creatures, argues the Rouge has mostly been a men-
NEED ASSISTANCE WITH Former Intel Corp. Chief mittee failed to indicate that ploded in popularity, attracting Nain Rouge isn’t the cause of ace to those in power.”
YOUR SUBSCRIPTION? Executive Andrew S. Grove attendees pictured were ap- thousands of revelers and doz- the city’s misfortune but a pro- Mr. Grunow, one of the pa-
CONTACT CUSTOMER SUPPORT. received a doctorate in chem- plauding during an address ens of sponsors. tector spirit appearing before rade co-founders, said pres-
By web: customercenter.wsj.com ical engineering from the earlier that day by Demo- The Nain-bashing has coin- disaster strikes to warn Detroi- ence of the pro-Nain crowd
By email: wsjsupport@wsj.com University of California at cratic presidential candidate cided with the city’s recovery. ters of dangers ahead. makes the parade weirder, in a
By phone: 1-800-JOURNAL Berkeley. An obituary for Mr. Hillary Clinton. While much of Detroit is still “You are not the real Nain,” good way. In any case, he says,
(1-800-568-7625) troubled, pockets of the city are yelled Mr. Tenney at the parade. the story of the Nain Rouge is
Or by live chat at wsj.com/
livechat Readers can alert The Wall Street Journal to any errors in news articles by starting to see new life. Detroit’s He was joined by more than a “a Detroit story and that’s the
emailing wsjcontact@wsj.com or by calling 888-410-2667. downtown, where visitors could dozen supporters calling on pa- point.”
© 2016 CHLOE. ALL RIGHTS RESERVED.
New York Bal Harbour Los Angeles South Coa st Pl az a L as Vegas

chloe.com
THE WALL STREET JOURNAL. * * Wednesday, March 23, 2016 | A3
U.S. NEWS
©T&CO. 2016
TIFFANY CELEBRATION® RINGS
DAMIAN DOVARGANES/ASSOCIATED PRESS
The University of California school system expects a $39 million-a-year tab for raises to avoid paying overtime to thousands of
workers and postdoctoral scholars. Here, the University of California, Los Angeles, campus.
Colleges Fret Overtime Rule

Schools say changes would be eligible for overtime
Cost Conundrum pay, up from about a third
planned by Obama Many colleges across the country fret proposed overtime rules that now. It would cost about $7 800 843 3269 | TIFFANY.COM
administration will they say will raise their costs significantly and make it more difficult million a year to increase sala-
to keep rising tuitions in check. ries of the newly eligible
drive up costs workers to keep them exempt
Public, two-year In-state students Private nonprofit from the rule—or more than
The Sentient Jet Card is a program of Sentient Jet, LLC (“Sentient”). Sentient arranges flights on behalf of jet card clients with FAR Part 135 direct air carriers that exercise full operational control of charter flights at all times. Flights will be operated by
I fly Sentient Jet.

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BY MELANIE TROTTMAN schools† $9 million to switch them to

$43,921
hourly employees logging 10
Schools across the country $40,000 hours of overtime weekly.
For me, life has always been an adventure.To get the
are bracing for a surge in per- “I can’t raise tuition at Van-
sonnel costs as they prepare derbilt to pick that up,” said most out of every journey, I want the confidence that
30,000
for the Obama administration’s Barbara Carroll, the univer- the details are taken care of, and I get to my destination
overhaul to overtime-pay rules. sity’s chief human-resources seamlessly.That’s why I carefully choose the right
The Labor Department pro- 20,000 $19,548 officer. “Almost certainly less partner to get me there, every time.
posal, due to be released in fi- work will get done.”
nal form as soon as this sum- Research universities reli- I fly for adventure.
10,000
mer, would make about 5 ant on postdoctoral associ- I fly for my reasons.
million U.S. workers newly eli- $3,435 ates—academic employees and I fly Sentient Jet.
gible for overtime pay by more 0 trainees who have earned
than doubling the salary ’05- ’10- ’15- ’05- ’10- ’15- ’05- ’10- ’15- Ph.D.s and take on labor-inten- 877.845.0055
threshold that generally deter- 06 11 16 06 11 16 06 11 16 sive projects to advance their sentient.com
mines who can and can’t get it. *Average costs for tuition and fees in 2015 dollars careers—will feel a particular
While the rule will apply to †Average costs for tuition, fees and room and board in 2015 dollars blow, say school officials who
employers of all kinds, higher- Sources: The College Board, Annual Survey of Colleges; NCES, IPEDS data fund some of these positions
education institutions say THE WALL STREET JOURNAL. with federal grants that have
their missions and circum- been stagnant or declining.
stances mean they’ll be hit in threshold is too extreme, for Administration officials say “It’s a finite bucket of
ways that other types of em- example. “Adding additional fi- inflation has eroded the value money in higher education,”
ployers aren’t. School officials, nancial burdens on higher edu- of the existing threshold of said David Blake, chairman of
who say they’re under pres- cation institutions does not $23,660 a year since it was the public-policy group for the
sure to keep a lid on tu- make good fiscal sense,” South- last updated in 2004, leaving College and University Profes-
ition, have warned of cuts in east Missouri State University too few workers eligible for sional Association for Human
student services, degree offer- told the Labor Department. overtime pay while working Resources.
ings and labor-intensive re- The university said the rule more than 40 hours a week. The University of California
search on issues such as cli- could cause schools to curb bo- If the threshold is raised to said in a regulatory filing that
mate change and cancer. nuses and other benefits. $50,440 as proposed, hourly it would have to boost salaries
The University of California The rule reached its final workers and those who earn for about 70% of nearly 12,000
school system, for instance, stages of review last week salaries of less than that could workers classified as postdoc-
faces a $39 million-a-year tab when the Labor Department get overtime pay while those toral scholars, librarians and
for raises to avoid paying over- sent it to the White House’s Of- with salaries of at least that specialists to avoid the hassle
time to thousands of postdoc- fice of Management and Bud- amount who work in white- of having to monitor and pay
toral scholars, librarians and get. That office will have 90 collar jobs generally could not. for overtime hours.
specialists. The University of days to review it, including an- Universities are busy deter- That’s about 8,200 employees,
Iowa says it would limit work alyzing the costs and benefits, mining which workers will be af- based on a tally from its
hours of staff. And a state uni- though that could be extended. fected and what their costs will 2013-2014 fiscal year.
versity in Missouri could cut Obama administration offi- be if regulators don’t scale back The cost: about $39 million
some employee benefits. cials wouldn’t comment on the proposal. Though professors a year, including raises that
The new requirements are colleges’ contention that the and others who primarily teach could exceed 20% of base pay
creating a clash between two rule undermines the presi- are expected to be untouched by instead of the typical cost-of-
White House priorities: dent’s goal of making college the rule under a longtime teach- living adjustment of 2% to
strengthening the middle class more affordable. ing exemption, that still leaves a 5% allotted in research grants. Sensible, intelligent private aviation ®
by raising pay for many work- An administration official huge swath of staff. “The required increase
ers and relieving tuition bur- said that under the Fair Labor To afford the cost of compli- would place enormous strain on
dens on college students. Standards Act, there’s a whole ance, institutions say they’ll the university’s budget, likely
Given the administration’s class of workers who aren’t likely use a combination of rais- forcing layoffs and causing de-
desire to rein in student debt, even subject to the overtime- ing salaries, paying overtime, lays and disruptions in ongoing
many colleges question the
wisdom of the details in the
overtime-pay proposal, saying
that doubling the salary
pay regulation, including many
at colleges and universities
who have teaching responsibil-
ities, such as professors.
and forbidding some work.
Vanderbilt University in
Nashville, Tenn., calculated
that nearly half its employees
research,” the school said. It
asked the Labor Department to
exclude postdoctoral scholars
and specialists from the rule.
PELICAN
Unions Win ‘Persuader’ Disclosure HILL ®
BY MELANIE TROTTMAN the workers too often don’t A trip to Italy by way
The Obama administration is
know the message they are
hearing was crafted by paid of Newport Beach
set to issue a new rule Wednes- outsiders, he said. The rule is
day to give unions greater “designed to ensure that work-
knowledge of discussions em- ers have the information they
ployers are having with outside need to make informed deci-
advisers on ways to resist sions about exercising critical
union-organizing campaigns, workplace rights such as
the latest in a string of federal whether to form a union or join
EDUARDO MUNOZ/REUTERS
initiatives to bolster labor. a union,” said Mr. Perez.

The rule, first proposed by The Obama administration
the Labor Department in 2011, vowed last summer to explore
will require employers and ways American workers could
third-party lawyers and other amplify their voices on the job,
labor consultants to disclose and it talked up labor unions
their relationships more fre- as one way to achieve that.
quently than under current law. Fast-food workers protested in New York in 2013 for the right to One rule that went into effect
Employers and their consul- unionize, among other things. last April was a National Labor
tants must now file reports only Relations Board regulation
when consultants have commu- ing campaigns. that is so clearly one-sided and aimed at streamlining union-or-
nicated directly with workers. “Some companies are not intended solely to benefit its ganizing elections. It was ap-
But under the new rule, they going to want to have to report big labor benefactors, rather proved by the Democratic ma-
will have to file reports even if and reveal the nature of the ar- than focusing on initiatives that jority on the NLRB appointed by
the consultants are giving cer- rangements that they have with would invigorate a still-under- President Barack Obama. As of
tain guidance to the employer outside consultants and law- performing economy,” said August, the average election
without contacting employees yers and how much they pay Randy Johnson, the U.S. Cham- time had fallen by 40%.
directly. them, and some law firms are ber of Commerce’s senior vice AFL-CIO General Counsel Golf Beach Spa | Direct Flights Daily
The rule has been long not going to want to report the president of labor. Lynn Rhinehart said unions and
sought by organized labor but relationships they have with In remarks to reporters, La- employees will be interested in
Newport Beach, California
opposed by the business com- clients,” said Michael Lotito, a bor Secretary Thomas Perez the new information. “I think Rates starting at $395
munity. Management lawyers lawyer with Littler Mendelson said about 75% of employers employees would be interested
say the changes threaten client P.C., who advises employers in hire consultants—sometimes to know the dollars being
confidentiality and will chill labor matters. known as “persuaders”—to spent” on union-avoidance PELICANHILL.COM
the ability of employers to get “It is a shame that the [La- help shape management’s mes- campaigns when their employ-
advice needed to respond to bor Department] would expend sage to employees who are con- ers might be telling them they 855.998.6373
union bargaining and organiz- its resources on a regulation sidering joining a union. But can’t afford raises, she said.
A4 | Wednesday, March 23, 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.
Trump Coasts to an Easy Win in Arizona

Majority of GOP in poll
Tuesday Results
say that candidate
As of 12:40 a.m. EDT Wednesday
with most delegates ARIZONA
should get nomination 21% of precincts reporting
TRUMP 46%
BY JANET HOOK
AND BYRON TAU
Cruz 22%
SCOTTSDALE, Ariz.—Don-
ald Trump won the Arizona Kasich 10%
primary on Tuesday, racking
up another victory in his quest Source: Associated Press
for the Republican presidential THE WALL STREET JOURNAL.
nomination before a month-
long period when GOP prima- he would benefit from a two-
ries will be fewer and farther man fight, which would allow
between. him to consolidate support from
The Arizona win could, anti-Trump voters like Scott
however, be offset in later re- Richardson, 67, a Scottsdale at-
turns in Utah, where Mr. torney who describes the possi-
Trump was expected to lag be- bility of a contested convention
hind rival Sen. Ted Cruz of as “fun.”
Texas in the GOP caucuses. “What I like about Cruz is
Based on an overwhelming that he’s not Donald Trump,”
lead in early-voting results, said Mr. Richardson. “I think
NANCY WIECHEC/REUTERS
the Associated Press declared the office deserves more than
Mr. Trump the winner in a Donald Trump.”
state where his signature is- Still, Mr. Kasich shows no
sue—immigration—was a top sign of dropping out of the
concern among GOP primary race and ceding the anti-
voters. Trump cause to Mr. Cruz, and
Mr. Cruz came in second, it might take both of them to
and Ohio Gov. John Kasich People wait to vote in the presidential primary in Glendale, Ariz., on Tuesday. Many voters already had cast early ballots as of Monday. stay in for all of the remaining
trailed far behind. Because Ar- 20 states to collect enough
izona’s primary runs by win- Mr. Cruz and Mr. Kasich are mean for the eventual nomi- to deny him the nomination at depending on candidate pref- delegates to stop Mr. Trump—
ner-take-all rules, Mr. Trump far behind, but they see in the nee’s general-election chances. the convention. erence: 82% of Trump backers if they act as a tag team.
was awarded all 58 of the states left to vote over the next Mr. Trump has warned of a “I think it’s a shame if they and 40% of other candidates’ Mr. Cruz is hoping to get a
state’s delegates to the Repub- two and a half months opportu- big voter backlash if he comes do,” said Mr. Richards, 61 supporters don’t want the con- boost from Utah’s Tuesday cau-
lican National Convention in nities to win delegates and keep close to winning a majority years old. “I don’t think any- vention to supplant the front- cuses. He was backed by Mitt
Cleveland in July. Mr. Trump from clinching the but is denied the nomination thing in politics is fair, but I runner. Romney, the 2012 GOP presi-
Mr. Trump wrote on Twit- nomination outright. at a contested convention. don’t think it’s right.” The poll also found that most dential candidate with deep
ter early Wednesday: “Much That is why, with more than “If they do, I will leave the A new CNN/ORC poll found Republicans seem to want the roots in the state and its Mor-
bigger win than anticipated in half of the primary season be- Republican Party,” said Candy that GOP opinion is cold to the primary season to end in a mon community. He also picked
Arizona. Thank you, I will hind them, Republicans are Matteson, a retiree here who idea of a contested convention. man-to-man fight: 70% said that up the endorsement of Rep. Mia
never forget!” still facing the possibility that voted for the New York busi- Six in 10 Republican voters say Mr. Kasich should end his bid Love, a popular Utah Republican
Even with that victory un- the race will end in a con- nessman. “I would have no that if no candidate has a ma- for the nomination now that it who had previously supported
der his belt and a big delegate tested convention. faith in them anymore.” jority of delegates at the con- is mathematically impossible Florida Sen. Marco Rubio.
lead over his rivals, Mr. Trump What is even more unset- Brian Richards, a Trump vention, delegates should go for him to win before the con- After that, Mr. Cruz has a
remains hundreds of votes shy tled is how the party’s rank- supporter here who works in with the candidate who had vention. lot riding on winning in Wis-
of the 1,237 he needs to clinch and-file would react to such an real estate, criticized the plans the most support. Mr. Cruz and his allies have consin, the next state to vote,
the nomination. outcome, and what that might of the Stop Trump movement Predictably, opinions differ been arguing for some time that on April 5.
Clinton Continues Momentum by Securing Big Prize

BY COLLEEN MCCAIN NELSON would take the race to more than 1,400 delegates. By con-
AND PETER NICHOLAS Tuesday Results favorable terrain. He not only trast, the 16 contests she lost
JASON REDMOND/AGENCE FRANCE-PRESSE/GETTY IMAGES
needs to win states but to in her last campaign offer only

As of 12:40 a.m. EDT Wednesday
Hillary Clinton won the big- carry them by large margins in about 600 delegates this year.
gest prize in Tuesday’s Demo- ARIZONA order to maximize his share of To assess how the next
cratic presidential contests, se- 21% of precincts reporting delegates. phase of the race suits Mrs.
curing a victory in Arizona’s Mrs. Clinton had swept Clinton, consider California.
primary and pulling further CLINTON 60% through the South, then won The state’s June primary will
ahead of Sen. Bernie Sanders all five states that held prima- allocate the biggest prize of
in the chase for delegates. ries last week. A look at the the entire race, 475 delegates.
Mr. Sanders was expected Sanders 37% calendar reveals limited op- In 2008, Mrs. Clinton won Cal-
to fare better in Idaho and portunities for the Vermont ifornia easily, defeating Mr.
Utah, which held caucuses Source: Associated Press senator to eat into Mrs. Clin- Obama by eight points.
Tuesday. But Mrs. Clinton’s THE WALL STREET JOURNAL. ton’s delegate lead. David Wasserman, a dele-
victory in Arizona, which Mr. Sanders could score gate analyst for the nonparti-
awards more delegates than project confidence late Tues- several victories in Western san Cook Political Report,
the other two states combined, day night, saying that his bid states and beyond. But nar- wrote recently that Mr. Sand-
further dimmed Mr. Sanders’s Hillary Clinton speaks during a rally in Seattle on Tuesday. for the White House is gener- rowing Mrs. Clinton’s delegate ers could string together sev-
hopes of regaining momentum ating energy and excitement. lead will require him to notch eral victories in the West and
in the race for the Democratic of our country, our values and border and investing in televi- “When we began this cam- landslides that produce big then stall in the more diverse
nomination. our future,” she said. sion ads. paign, we were considered a shares of available delegates. Northeastern states. “If there
Mrs. Clinton celebrated her With the primary season Mrs. Clinton was helped by fringe candidacy,” the Vermont An examination of the 28 is bad news for Clinton, it’s
victory at a rally in Seattle, half over, Mr. Sanders entered Arizona rules that limited par- senator said after Mrs. Clinton contests stretching from now that the next month of prima-
where she was campaigning Tuesday’s three nominating ticipation in the primary to was projected by the Associ- until mid-June shows opportu- ries could give the false im-
ahead of Saturday’s Washing- contests in urgent need of lop- Democratic Party members, ated Press to win Arizona. nities for Mrs. Clinton to hold pression that Sanders is on
ton state caucuses. She looked sided wins and a strategy for excluding independent voters, “Well, 10 months later, we her lead or even build on it. As track for a big comeback,” Mr.
past Mr. Sanders entirely and broadening his coalition be- who have tended to back Mr. have now won 10 primaries a presidential candidate in Wasserman wrote.
sharply criticized Republicans, yond the young and largely Sanders. The state’s large and caucuses and, unless I’m 2008, she faced then-Sen. Ba- Clinton campaign manager
particularly presidential front- white group of voters who share of older voters, who very mistaken, we’re going to rack Obama in each of those Robby Mook has described the
runner Donald Trump, and have boosted him so far. He strongly backed Mrs. Clinton win a couple more tonight.” states. She won 12 contests; former secretary of state’s del-
said voters understand that had devoted significant time in prior primaries, also made Mr. Sanders’s campaign has Mr. Obama won 16. egate lead as “nearly insur-
the race under way isn't just a and resources to Arizona, the state friendly territory for argued that the second half of But her 12 victories came in mountable.”
choice between candidates. holding events there almost her. The state awards 75 dele- the primary season, starting states and one territory, —Laura Meckler
“This is a contest between every day during the last gates on a proportional basis. with Tuesday’s contests and Puerto Rico, that in the 2016 and Byron Tau
fundamentally different views week, traveling to the Mexican Mr. Sanders continued to heavy on Western states, primaries account for more contributed to this article.
RACE Ohio Gov. John Kasich, a Re-

publican, called on President
Barack Obama to cut short his
historic trip to Cuba to address
the program on extremism at
George Washington University,
said it was wrong to portray
entire neighborhoods as over-
Primary Concerns
The attacks in Belgium could reverberate in the U.S. presidential
campaign, but voters' top priorities diverge sharply by party.
surveillance with the privacy
rights of Americans.
Facing a liberal challenge
from Vermont Sen. Bernie
Continued from Page One the issue. run by terrorist networks. Sanders in the Democratic pri-
“Generally every neighborhood The attacks have the poten- “This seems well beyond the What should be the top priority for the federal government? maries, Mrs. Clinton has long
is patrolled—that’s what local tial to further boost Mr. Trump, scope, and can you imagine Republicans Democrats stressed the importance of
law enforcement does,” said whose tough talk and far- what kind of message it civil liberties and the need for
National security 55% Job creation and 32%
Rep. Tim Huelskamp (R., Kan.), reaching proposals aided him sends?” Mr. Vidino said. and terrorism econ. growth government restraint. In De-
who has endorsed Mr. Cruz. following previous terrorist at- The Cruz campaign rejected Job creation and 14 National security 28 cember, she gave a speech in
“I’m not quite sure what he has tacks. Mr. Trump said Tuesday such criticism, saying law en- econ. growth and terrorism Minnesota calling on the gov-
in mind, but without a doubt that investigators should use forcement needed to act more Deficit and gov. 14 Health care 13 ernment and technology com-
there’s been no greater de- harsh interrogation techniques aggressively and ignore “politi- spending panies to “start working to-
6 Climate change 13
fender, no constitutional to pry information from Salah cal correctness.” Moral values gether to keep us safe from
scholar greater than Ted Cruz Abdeslam, who was arrested in Mr. Cruz added, “If you have Deficit and gov. 7 terrorists.”
Immigration 5 spending
in this race.” a neighborhood that is plagued But with Mrs. Clinton zero-
The attacks came as Utah by gang activity, it is standard ing in on the Democratic nom-
was also holding its nominating
Mr. Trump suggested and good law enforcement to
Which comes closer to your thinking?
ination after several big pri-
Among Republican America has not been Focus should be at home
contest Tuesday, while Demo- the Brussels attacks stop the gang members and primary voters strong enough because America can not mary wins over Mr. Sanders,
crats in Idaho held their cau- take them off the street.” throughout the world be the world’s police force she sounded more hard-line
cuses.
vindicated his The violent emergence of Is- on Tuesday. “I give quarter to
This isn’t the first time ter- aggressive rhetoric. lamic State in 2014, and its All GOP voters 66% 26% nobody in being as focused as
rorist attacks have reshaped ability to inspire or direct mas- Cruz/Carson voters 73 20 I can be,” she said on CNN.
the contours of the presidential sacres on five continents, has Speaking in Everett, Wash.,
campaign. Deadly assaults last Brussels last week and is ac- consumed law enforcement, in- Trump voters 57 37 Tuesday, Mrs. Clinton took aim
year in Paris and San Bernar- cused of taking part in last telligence, and military net- at Mr. Trump, alluding to the
dino, Calif., appeared to play to year’s Paris attacks. works around the world. The Among those who say terrorism is most important issue role of the Internet in terrorist
the strengths of Mr. Trump and “He may be talking, but he’ll next president will inherit Democrats Clinton 70% Sanders 30% recruitment. “Some of my op-
Mrs. Clinton in their respective talk a lot faster with the tor- these threats. ponents want to build walls
primary races. ture,” Mr. Trump said on CNN. In the days after the Decem- Republicans Trump 39% Other GOP candidates 61% and shut the world off,” she
Recently, the focus had re- Mrs. Clinton, for her part, ber terror attack in California, Sources: WSJ/NBC News December poll (priority, views); said. “Well, you tell me, how
turned to subjects like trade said the U.S. needs “to toughen Mr. Trump galvanized support Public Opinion Strategies March poll (top issue) THE WALL STREET JOURNAL. high does the wall have to be
and the economy, but the ex- our surveillance, our intercep- by proposing to temporarily to keep the Internet out?”
plosions in Brussels made each tion of communication” in or- stop the immigration of Mus- Middle East. On Monday, Mr. tion following the attacks in She also sought to contrast
of the campaigns immediately der to prevent new attacks. lims into the U.S. The proposal Trump took another step, sug- Brussels. her attitude toward American
pivot. Mr. Cruz, in second place In calling for law enforce- spooked many GOP leaders but gesting the U.S. should contrib- “We must strengthen our al- Muslims with that of the Re-
to Mr. Trump by GOP conven- ment to secure Muslim neigh- appeared to resonate with ute less to the North Atlantic liances as our way of life,” Mr. publicans, saying Muslims
tion delegates, held two news borhoods, Mr. Cruz waded into many primary voters. Treaty Organization and saying Kasich said in a statement. could alert authorities to sus-
conferences. Mrs. Clinton made a policing tactic that some The idea complemented more of the NATO burden For Mrs. Clinton, the Brus- picious doings.
unscheduled television appear- warned could further alienate other parts of Mr. Trump’s for- should be borne by European sels attacks force a direct con- —Josh Dawsey,
ances and hastily scheduled a religious minorities and violate eign-policy platform, which allies. frontation with a thorny ques- Kristina Peterson
Wednesday speech at Stanford people’s rights. would tighten U.S. borders and Messrs. Cruz and Kasich tion—how to balance the need and Laura Meckler
University on counterterrorism. Lorenzo Vidino, director of diminish engagement in the pounced on that recommenda- for government antiterrorism contributed to this article.
THE WALL STREET JOURNAL. * * * * * * Wednesday, March 23, 2016 | A5
Wisconsin to Test Cruz, Sanders TheClub

ForGrowth
Anti-Trump trend
favors Texan, history
of progressives bodes
Decidesto
well for Democrat BackTexan
BY REID J. EPSTEIN BY BYRON TAU
Wisconsin’s primary, up The conservative advocacy

next on the presidential nomi- group Club for Growth is
nating calendar, presents a key ratcheting up its campaign
test for the second-place Dem- against Republican front-run-
ocratic and Republican candi- ner Donald Trump, with its
dates: If Sens. Bernie Sanders first-ever presidential en-
and Ted Cruz can’t win there, dorsement, of Texas Sen. Ted
they face a diminishing belief Cruz.
that they can win in states that The group’s political action
follow. committee announced the en-
That is because both Mr. dorsement in a Wednes-
Cruz, who is chasing GOP day statement, calling Mr.
front-runner Donald Trump, Cruz “the best free-market,
and Mr. Sanders, who lags be- pro-growth, limited-govern-
hind Hillary Clinton in the ment candidate in the presi-
Democratic delegate count, dential race.”
hold distinct advantages in “The Club’s PAC has never
PAUL SANCYA/ASSOCIATED PRESS
Wisconsin. endorsed in a presidential

With two weeks be- race, but this year is different
tween Tuesday’s contests in because there is a vast gulf be-
Arizona and Utah and Wiscon- tween the two leading Repub-
sin’s vote on April 5, the candi- lican candidates on matters of
dates will be able to put down economic liberty,” said Club
roots in a way they haven’t for Growth President David
since before the February con- McIntosh in a statement.
tests in Iowa, New Hampshire Sen. Ted Cruz’s campaign has asked volunteers to form a ‘Camp Cruz’ in Wisconsin, akin to an earlier one in South Carolina, above. Formed in 1999, the organi-
and South Carolina. zation generally backs conser-
Among the GOP, the action Bay who organized the state “In southeast Wisconsin, Almost the entire state GOP Democratic primaries we go vative, free-trade and free-
has already started. Mr. Cruz for George W. Bush in 2004. the local conservative talk-ra- backed Wisconsin Gov. Scott for the person who is much market candidates. It has long
is scheduled to appear at a The state will award 42 Re- dio hosts have not followed Walker’s presidential bid, more out there on the progres- been critical of Mr. Trump’s
forum Wednesday in Wauke- publican delegates and 86 the lead of the national guys,” which he terminated in Sep- sive end of it,” said Thad Na- candidacy over his positions
sha County, a suburban Mil- pledged to the Democrats. said Charlie Sykes, who regu- tember amid low poll numbers. tion, who was an aide to the on trade and the size and
waukee area that is home to For Mr. Trump, Wisconsin’s larly criticizes Mr. Trump on Mr. Walker hasn’t endorsed a state’s last Democratic gover- scope of the federal govern-
the state’s largest concentra- population distribution poses his morning radio show in Mil- candidate since, and declined nor, Jim Doyle. ment.
tion of GOP voters and crucial a particular disadvantage. He waukee and is hosting Mr. an interview request. Mrs. Clinton has her own The club has already been
to any Republican’s electoral is highly unpopular in the Mil- Cruz at the Wednesday forum For the Democrats, the lat- strength in Milwaukee, home advertising against Mr. Trump
hopes. He also announced four waukee area, where local con- in Waukesha. “Trump has not est polling shows an even race to the vast majority of the across the country, and was
additional stops Thursday and servative talk-radio hosts have had the talk-radio air cover between Mrs. Clinton and Mr. state’s blacks and Hispanics. one of the first groups to do
Friday in Madison and the Fox been lamenting his rise for here that he’s had elsewhere.” Sanders. The Vermont senator And while Mr. Sanders and so. Its formal endorsement of
Valley, the GOP-rich area be- months. Mr. Trump’s Wisconsin is extremely popular among Mrs. Clinton have focused Mr. Cruz represents the fur-
tween Milwaukee and Green An analysis by Marquette footprint is light, and no sig- liberals in and around Madi- their ire of late on Mr. Trump, ther consolidation of conser-
Bay. Law School of its recent poll, nificant elected official in the son, where he held his first in Wisconsin they both figure vative forces against Mr.
To stress the importance of published Saturday in the Mil- state backs his campaign. Mr. major rally, drawing 20,000 to take aim at Mr. Walker, who Trump’s candidacy.
Wisconsin, the Cruz campaign waukee Journal Sentinel, Trump’s aides didn’t respond people in July. Wisconsin’s de- remains a highly polarizing Although it often supports
put out a call for volunteers to found Mr. Trump is viewed to a request for his Wisconsin mographics also tend to mirror figure despised by activist candidates in GOP primaries at
come to the state to establish positively by just 25% and neg- endorsements. those in neighboring Michigan Democrats. the congressional level, the en-
a “Camp Cruz,” which it hadn’t atively by 64% of GOP voters But the New Yorker in re- and Minnesota, both of which “Just mentioning Scott dorsement marks the group’s
done since South Carolina’s in the three suburban counties cent weeks suggested putting Mr. Sanders won. Walker will light a room on full-fledged foray into presi-
Feb. 20 primary. that ring Milwaukee. But in a Wisconsinite on the Supreme Also helping Mr. Sanders is fire,” said Democratic Rep. dential politics after years of
“Cruz has an opportunity, nearly three dozen rural coun- Court: Judge Diane Sykes of Wisconsin’s history of backing Mark Pocan, who hasn’t en- neutrality. Last year, the club
but he also has a lot of work to ties in the state’s west and the Seventh U.S. Circuit Court liberal mavericks, going back dorsed a candidate. “For the announced that it would start
do because most Wisconsinites north, the picture is reversed: of Appeals. The George W. to Sen. “Fighting” Bob La Fol- base, that’s filet mignon directing funds toward five
don’t know a lot about him,” Mr. Trump’s favorable ratings Bush appointee used to be lette, who founded the pro- wrapped in bacon.” Republican presidential candi-
said Mark Graul, a veteran Re- are 21 percentage points married to Mr. Sykes, the radio gressive movement a century —Peter Nicholas dates. Of those, Mr. Cruz is the
publican operative from Green higher than his negative ones. host. ago. “Time and time again in contributed to this article. only one left in the race.
Third-Party Run in Perot

Mold Faces Challenges
BY HEATHER HADDON
It was only eight months

before the 1992 general elec-
tion when Ross Perot took to
“Larry King Live” to announce
he would run for president if
supporters got him on the bal-
lot in all 50 states. Four
months later, Mr. Perot had
GARY STEWART/ASSOCIATED PRESS
cleared the bar in dozens of

states and led in national polls.
As many centrist Republi-
cans watch the rise of Donald
Trump in their presidential
primary with growing alarm,
some are mulling the prospect
of running a third-party or in-
dependent candidate as a pro-
business alternative. Ross Perot ran as an independent presidential candidate in 1992.
“I think that if Donald
Trump becomes the Republi- considered jumping into the Mr. Perot’s supporters got
can nominee, the Republican race as an independent this him on dozens of state ballots
Party ceases to be the party year, but decided this month before he left the race in July,
that I was an elected represen- to forgo a bid, saying that “it’s initially saying his candidacy
tative of,” Erick Erickson, clear to me that if I entered was no longer necessary and
founder of a conservative web- the race, I could not win.” later claiming threats of GOP
site, told National Public Radio One option for an outsider attacks on his daughter. He
last week. “So there is going to would be to seek the nomina- and his backers kept collecting
have to be the groundwork for tion of an established third signatures, and Mr. Perot
a new political party in the party. The Libertarian Party is spent millions of dollars before
country that represents people already on at least 32 state he got on all 50 ballots and re-
who typically have been Re- ballots, while the Constitution joined the race in October.
publican voters in the past.” Party is on 16, according to an At a peak in June, Mr. Perot
But successfully mimicking analysis by Richard Winger, an had the support of 39% of reg-
Mr. Perot’s effort—the most expert on state voting rules. istered voters, ahead of Mr.
successful independent White But an establishment Re- Bush at 31% and Mr. Clinton at
House run in modern history— publican would likely face op- 25%, a Gallup poll found. But
would be difficult so late in the position from those parties’ his pause hurt his standing.
election calendar and in the rank-and-file members. Gary Mr. Perot won 19% of the pop-
current political environment, Johnson, a former New Mexico ular vote but no states in the
say former Perot campaign governor who won 1.3 million Electoral College. He couldn’t
staffers and political scientists votes as the Libertarian nomi- be reached for comment.
who have studied his bid. nee in 2012 and is running this Since his run, states like
“It would take an extraordi- year, said a Republican trying Florida, Oklahoma, Georgia
nary set of circumstances that to win the party’s May conven- and Virginia have lowered the
I don’t think are present,” said tion would lose. bar for an independent or
Sal Russo, Mr. Perot’s former In his run, Mr. Perot es- third-party candidate, requir-
political director, who later chewed the usual trappings of ing fewer signatures today as a
founded the Tea Party Express. a presidential campaign, like percentage of the national vote
Mr. Trump has sought to Mr. Trump today. The Texas than in 1992, Mr. Winger said.
clamp down on any efforts to businessman used television But Mr. Trump has taken
float independent candidates, interviews for free publicity, over Mr. Perot’s space this
saying Monday “a third party and channeled anger in the year among independent-
will destroy the country.” electorate against establish- minded voters, and an estab-
Dates to get on state ballots ment candidates. In 1992, GOP lishment Republican may not
for the general election are President George H.W. Bush see such a groundswell of sup-
fast approaching. For example, faced Democrat Bill Clinton. port. An independent candi-
an independent candidate run- Mr. Perot quickly gained an date now would need to spend
ning in Texas must submit at army of passionate volunteers hundreds of millions of dollars
least 79,939 signatures by May to collect signatures for him. to be anything more than a
9. North Carolina comes next That grew to 6 million volun- spoiler to Mr. Trump, said Paul
at 89,366 petitions by June 9. teers, said Ed Rollins, a long- Abramson, a political-science
Former New York City time GOP strategist who professor at Michigan State
Mayor Michael Bloomberg worked for the campaign. University.
THE ATTACKS IN BRUSSELS
Bombings Broaden EU Rift Over Borders

Amid messages of push countries to pull down
controls on national borders
sympathy, politicians again,” said Daniela
say attacks prove case Schwarzer, Berlin office direc-
tor for the German Marshall
for hard line on migrants Fund of the United States, a
think tank. “But it’s now clear
The Brussels attacks pro- that there has to be a narra-
voked expressions of shock tive that the EU will get better
and solidarity throughout Eu- on the justice and home-af-
rope, as well as renewed accu- fairs pillar internally.”
sations of weak border secu- The attacks hit home for
rity and immigration policies EU policy makers, occurring at
that reflect growing divisions the main airport of the EU’s
across a continent in crisis. de facto capital and at a sub-
way stop frequented by Euro-
By Anton Troianovski pean officials and consultants.
in Berlin and Nicholas Ms. Schwarzer herself had just
Winning in London arrived by car at Brussels Air-
EVAN LAMOS/EURACTIV/EUROPEAN PRESSPHOTO AGENCY

port on Tuesday morning,
In London, Paris, Berlin and leaving town after a confer-
elsewhere, leaders said they ence, when she heard and felt
were standing by Belgium on an explosion, she said.
one of the country’s darkest The U.K.’s June 23 referen-
days. French President Fran- dum on whether to leave the
çois Hollande said: “Terrorism EU looms as another potential
has struck Belgium, but it was crisis.
Europe that was targeted and “British Prime Minister Da-
everyone is affected.” vid Cameron has argued that
“Our strength is in our the U.K. will be safer in the
unity,” German Chancellor An- EU, but these events will make
gela Merkel said. “Our free so- that narrative harder to sell,”
cieties will show themselves said Mujtaba Rahman, an ana-
to be stronger than terror- lyst for risk-consulting firm
ism.” An image provided by a Twitter user shows passengers leaving a train between the Arts-Lois and Maelbeek stations in Brussels. Eurasia Group.
But even in the first hours A Twitter post from Brus-
after the explosions at the Brus- stream of migrants, the Brus- Austria, far-right leader yet again!” said Germany’s other migrants arriving from sels by Mike Hookem, spokes-
sels airport and in its subway sels attacks appeared set to ex- Heinz-Christian Strache said Frauke Petry, co-head of the the Middle East and Africa. man for defense issues for the
system, politicians who have acerbate tensions as the bloc the attacks showed why “irre- populist and anti-immigrant While Ms. Merkel has insisted anti-EU UK Independence
called for tougher EU policies struggles with some of the big- sponsible mass immigration party that scored unprece- that the EU must welcome ref- Party, underscored that analy-
on migration, asylum and bor- gest rifts in its history. from the Arab world” and dented gains in state elections ugees and preserve Europe’s sis. “I’m in the center of the
der protection said the attacks In Italy, the anti-immigrant open EU borders “must be this month, on Facebook. “Fi- system of passport-free travel, EU, and it doesn’t feel very
proved them right. Northern League called for the ended once and for all.” Mr. nally accept it! It is time for critics elsewhere have called safe,” Mr. Hookem said.
Though it wasn’t initially immediate closure of borders Strache’s party currently leads change!” for tougher measures to keep Mr. Cameron shot back in a
clear Tuesday whether the as- and of mosques. In France, opinion polls in the country, The EU’s 28 member na- migrants out, in part out of television interview later in
sailants were Europeans already populist leader Marine Le Pen with more than 30% support. tions have squabbled for terrorism fears. the day that it was not the
on the continent or people who urged stepped-up border con- “The dream of a colorful months over how to respond “The German government’s time to debate the policy im-
had arrived within the EU’s trols and police sweeps. In Europe is dead, bombed away to an influx of refugees and goal remains eventually to plications of the attacks.
Airports Are Confronted With New Security Challenge

BY ROBERT WALL Most developed-world air- ministration to expand secu- subway stations.
AND SUSAN CAREY port checks have focused on rity perimeters at American Airport security far exceeds
keeping weapons and bombs airports in response to the at- that at major train stations,
The explosions that rocked off planes, subjecting passen- tacks. for instance, where passenger
a publicly accessible part of gers and luggage to screening But pushing checks out far- screening is rare. The Euro-
BELGIUM FEDERAL POLICE/ZUMA PRESS
Brussels’ main airport reig- before being allowed to pro- ther could raise other security star—the high-speed train that
nited an aviation-industry de- ceed to gates. That leaves pub- issues, industry executives say, links London with Paris and
bate over whether airports can lic spaces at the airport before and add costs and delays that Brussels—is among the few
be better secured, and at what those checks, largely accessi- may outweigh any security European routes where pas-
cost to travel. ble by anyone. benefit. sengers are screened. France
The airport attack Tuesday While such incidents are Douglas Laird, a retired avi- recently introduced passenger
ranks as one of the deadliest uncommon, it is a vulnerabil- ation security expert who once checks on some long-distance
assaults on a major air hub. ity attackers have exploited in ran security at Northwest Air- routes after a foiled train at-
That is expected to ratchet up the past. A suicide bomber in lines, said wherever the tack last year.
scrutiny of security measures 2011 struck Moscow’s Domod- screening is done at an air- But the bottlenecks that
that were in place at the Brus- edovo International airport, A video image shows three suspects in the attacks that took port—even a mile away at a aviation-industry officials have
sels airport before the attack, killing 37 people and injuring place in the publicly accessible part of Brussels’ airport Tuesday. remote location, “you still sought to avoid at airports
as well as measures taken at more than 100 others. It have the queues. If you cause make such screening even
airports around the world. spurred Russia to check any counterterrorism experts con- ternational Civil Aviation Or- congestion, a whole lot of peo- more problematic for train and
“Obviously, we’ve had active visitors before accessing air- tacted the aviation arm of the ganization over the years ple crammed together, it’s a subway stations, said Philip
shooters” at airports, said Jef- port buildings. United Nations to discuss po- hasn’t issued specific guidance target-rich environment no Baum, an aviation security au-
frey Price, an aviation manage- Many other airports around tential ways to enhance so- or standards on the topic. matter where it is.” thority.
ment professor at Metropoli- the world screen passengers called perimeter security Rep. Janice Hahn, a Demo- The second attack in Brus- Despite attacks against
tan State University of Denver. before they enter arrival and around major American hubs, crat from California and mem- sels—targeting a subway sta- trains and subways across Eu-
Much less frequent have been departure areas, particularly according to a person familiar ber of the U.S. House of Repre- tion in the heart of the city— rope, officials have resisted
“terminal bombings in areas in places where threat risks with the matter. But such sentatives’ transportation raises broader questions about those measures.
not considered a war zone,” he are deemed higher. moves would require longer- committee, called on the U.S. how to secure lower-profile, —Andy Pasztor
said. After Tuesday’s attacks, U.S. term preparation, and the In- Transportation Security Ad- public spaces around train and contributed to this article.
ATTACK detention, his lawyer said.

Mr. Abdeslam was charged
with committing “terrorist
murders” and participating in
Dual Attacks
Schaerbeek
year-old Najim Laachraoui, an-
other suspected Islamic State
operative whose DNA was
found in a Brussels apartment
Police raided a Departure hall
Continued from Page One a terrorist organization. His house following they believe was used to as-
Approximate location
were crying. It was horrific.” lawyer acknowledges he was attacks BRUSSELS
of at least one explosion, semble the suicide vests used
A I RP O RT
She had her right hand cut present in Paris on the night according to witnesses in Paris.
by the glass falling from the of the attacks and says he is The Islamic State announce-
hall’s glass wall and was hit by cooperating with investigators. Molenbeek ment said fighters kicked off
something heavy on the back. A U.S. official said the at- the attack at the airport with
BRUSSELS 3 miles
She managed to exit the air- tacks appeared to be an at- gunfire before “several” of
port and stayed for a while on tempt by Islamic State opera- 3 km them detonated explosive
the road access to the airport. tives to demonstrate their belts. It said a single bomber
“I got scared and I moved ability to rapidly retaliate in Rue d
detonated an explosives-belt at
away from the cars, I thought the wake of that arrest. Other e la L h the subway station.
R20
oi erg
e nb
there could be car bombs or officials said it was possible ort Alphonse Youla, who han-
d eC
more,” she said. Police officers that terrorists, perhaps a cell Maelbeek subway station EUROPEAN ue dles baggage security at the
en
took her to a doctor who directly linked to Mr. Abde- COMMISSION Av airport in the suburb of Za-
An explosion went off
stitched her hand. She was slam, accelerated an existing around 9 a.m. local time ventem, said he heard some-
then evacuated home, having plan once it became public one yelling in Arabic before
Rue B
left “my purse, everything, that he was cooperating with elliar
d COUNCIL the blasts. Afterward, he
even my car,” at the airport. authorities. OF THE helped carry the injured, he
BRUSSELS EUROPEAN
Aven
About an hour later, a rush- If that is the case, their suc- C IN QUANT E NA I R E said. “I saw people lying on
UNION PA R K
u
hour explosion in a subway car cess will again raise questions the ground with a lot of blood
e d’A
at the Maelbeek station, close about the ability of the hard- who weren’t moving any-
uder
to European Union offices, pressed Belgian authorities to more.”

ghem
EUROPEAN
killed at least 20 and injured manage a crisis in their midst. PA RL I A M E N T Then the powerful explo-
500 feet
about 130. Despite a well-publicized sion hit Maelbeek subway sta-
There were scant details manhunt, Mr. Abdeslam was tion, very near the heart of the
available about the identities four months on the lam and Sources: Brussels Airport (diagram); witness accounts Renée Rigdon and Brett Taylor/THE WALL STREET JOURNAL. European quarter in Brussels.
of the victims of Tuesday’s at- was caught near his home in “It was like an earthquake,
tacks, although U.S. officials Brussels’s district of Molen- Police released a photo of searches were being conducted nails. “Most of the injured are the ground was trembling,”
said at least nine Americans beek, harbored apparently by three men suspected of having throughout the country and heavily wounded; fractures, said Christian Thiercelin, who
were injured. The State De- accomplices who weren’t un- carried out the first attack, witnesses questioned. The burns, and also deep lacera- was standing outside. He said
partment late Tuesday issued der police surveillance. pushing luggage carts inside country’s terror threat level tions,” he said. he ran down to the tracks,
a travel alert for all of Europe, The Paris attacks, which the airport. Belgian broadcast- was raised from three to four, Security was tightened at where he said the explosion
urging U.S. citizens to consider killed 130 people, made Brus- ers reported that the three had the maximum level. airports and train stations happened. “I saw at least two
the risks of traveling there in sels a focus of European con- arrived by taxi and apparently Claudiu Rusu, a 25-year-old across Europe. The Brussels bodies on the ground. They
the aftermath of the attacks. cerns over Islamic radicalism. hid the bombs in their luggage. Brussels student on a class Airport was to remain closed weren’t moving anymore.”
Brussels, which was locked Investigators have said the at- Federal prosecutor Frédéric trip to Portugal, said he was in until at least Thursday, Mr. Police closed the access
down for four days in Novem- tacks were planned in Belgium Van Leeuw said two were be- the departure hall when the Feist said. road to the airport as emer-
ber after one of the Paris sus- and Belgians took part in them. lieved to have blown them- explosions happened. He had In a televised address to the gency vehicles rushed in. Hun-
pects fled back to his home- At least a dozen suspects, all selves up and the third, wear- blood on his face, which he nation, King Philippe called dreds of passengers were still
town, fell eerily quiet again as originating from the Brussels ing a light-colored jacket and a said came from flying glass. the attacks “cowardly and odi- being evacuated hours after
public transport was halted for region, have been arrested in hat, had apparently escaped “There were dead and in- ous,” and urged Belgians to the blasts, many wrapped in
hours and the government ad- relation to the attacks. and was being “actively jured people everywhere,” he “react with determination, airline blankets. Buses were
vised people not to leave their Islamic State claimed the sought.” said while pushing his suitcase calmness and dignity” and “re- arriving to take them away,
homes. Brussels attacks via its official Another explosive device down a blocked-off motor way tain trust, as this trust is our but some headed out on their
That suspect, a French citi- Amaq news agency, saying it that had been planted at the shortly after the explosions. strength.” own along a highway, pulling
zen named Salah Abdeslam, had targeted Belgium for par- airport didn’t go off, and was Marc Decramer, head of a Prime Minister Charles their suitcases behind them.
was arrested with an associate ticipating in the U.S.-led coali- later detonated by the bomb hospital in Leuven where Michel announced three days —Alan Cullison in
Friday after an intensive man- tion fighting the group in squad, according to Arnaud some of the airport victims of national mourning. “We Washington, and Julian E.
hunt. He has a court appear- Syria and Iraq. Belgian author- Feist, CEO of the Brussels Air- were being treated, said that have to be unified,” he said. Barnes and Valentina Pop in
ance set for Thursday to de- ities said the claim was still port. at least one of the bombs ap- On Monday, prosecutors Brussels contributed
cide on his continued being verified. Mr. Van Leeuw said house parently contained glass and said they were looking for 24- to this article.
THE WALL STREET JOURNAL. * * NY Wednesday, March 23, 2016 | A7
THE ATTACKS IN BRUSSELS
Militants
Strike
CHRISTIAN HARTMANN/REUTERS; MARTIN MEISSNER/ASSOCIATED PRESS (LEFT)

Despite
Battlefield
Setbacks
BY JULIAN E. BARNES
BRUSSELS—The bombings
in Belgium signal Islamic
State’s determination to pur-
sue its stated strategy to
strike Western capitals even
as it comes under growing
pressure in its Middle East
strongholds.
Western officials said early
indications are that the at- Mourners, left, honor the victims of Tuesday’s attacks on the Place de la Bourse in Brussels. Right, a police helicopter hovered over the city as it stayed on high alert.
tacks were long-planned but
A City’s Worst Fears Are Realized

that the timetable may have
been accelerated after Belgian
authorities on Friday arrested
Europe’s most wanted fugitive,
Salah Abdeslam, and got
closer to members of a Syrian- BY VIKTORIA DENDRINOU did some parts of the subway ing the subway system, building above the subway area, provided the sole sound-
trained radical cell. AND VALENTINA POP system. schools, universities and many station moving furniture and track to the otherwise eerily
Mr. Abdeslam, a suspect in “I totally understand the businesses, citing a serious listening to the radio for news quiet scenes.
the November attacks in Paris, BRUSSELS—In a city where extra security measures,” said and imminent threat of an at- on the airport attacks, when To many in Brussels, the
has told officials that follow- raids and heavily armed sol- Tony Vercauteren, a 57-year- tack. Before Friday’s capture he heard the subway blast. scenes brought back vivid
on attacks were being planned, diers have become the new old architect who lives just of Salah Abdeslam—the only “We arrest one terrorist memories from November,
according to Belgian officials. normal, Tuesday’s attacks around the corner from the suspected Paris attacker be- and a few days later they hit when the lockdown and con-
Since his capture, Belgium has brought home for the first Belgian government headquar- lieved to be still alive—tense again,” he said. “We have a big stant raids gave people a
increased the number of police time the real danger of terror- ters, about 700 yards where police raids were a frequent problem. This needs to stop.” sense that an attack on Bel-
officers and military personnel ism in the Belgian capital. an explosion killed at least 20 occurrence in his neighbor- The attacks hit Brussels de- gian soil was imminent.
on the streets. Brussels was paralyzed in people at the metro station. hood of Molenbeek, a heavily spite significantly beefed-up Flo, a 21-year-old Dutch in-
Tuesday’s attacks appeared the hours after multiple “But it’s not a good sign if de- Muslim district that authori- security over the past months, tern who declined to give her
designed to demonstrate the deadly blasts struck its airport mocracy needs to be protected ties say has become a hub for with army and police guarding last name, said she worked at
ability to strike even during a and a subway station. Mobile with guns.” jihadist networks. the city center and key loca- a firm about 150 yards from
state of heightened security. telephone networks were satu- The Belgian capital has But the series of explo- tions such as embassies and the Maelbeek metro stop. She
By attacking transport hubs at rated and the city’s transport been on high terror alert ever sions early Tuesday wiped the EU headquarters. said she had walked to work
rush hour, the attackers froze network was sus- since the attacks on Paris, car- away any hopes locals and On Tuesday, normally bus- Tuesday morning, even though
Brussels. Officials said Euro- pended. Flights to and from ried out by a team that in- authorities had that their city tling streets around the Schu- she was late, as she had
pean countries need to share the airport were grounded or cluded several men who grew would escape the type of car- man roundabout, where the stopped taking the metro after
more information, work more canceled, as were trains to up in Brussels. nage that had rocked the European Union’s headquar- Mr. Abdeslam’s capture Friday.
closely on intelligence matters, Brussels from London and The government put Brus- French capital. ters is located, were cordoned “I kept telling everyone to
and spend more money on po- Paris. Later in the day, some sels under an unprecedented “We will need time to re- off. For a while, police and walk, not to take the metro,
lice and security. rail services to and from Brus- four-day lockdown in the days cover from this,” said Rodol- ambulance sirens, as well as because it’s too dangerous,”
“Now all of Europe has to sels resumed their routes, as after the Nov. 13 attacks, clos- phe Devillez, who was in the helicopters hovering over the she said.
be concerned,” said Rep. Devin
Nunes (R., Calif.), the chair-
In Molenbeek District, a Refuge for Terror Cell

man of the House intelligence
committee. “If they can do this
what else can they do? Europe
is going to look hard at what
their next steps are.” BY VALENTINA POP members of that cell took ref- Mr. Abdeslam, the captured
U.S. officials noted that had uge in Molenbeek and other Under Scrutiny fugitive who is believed to
Belgian officials not arrested BRUSSELS—Since the Paris Muslim neighborhoods of Molenbeek was home to several suspected Paris attackers, including have been in charge of the lo-
Mr. Abdeslam, the attack on attacks in November, Belgian Brussels, according to Belgian Salah Abdeslam. gistics for the Paris attacks,
Brussels could have been more police have conducted scores officials. was arrested in 2010 for at-
deadly. of raids and intensified polic- Molenbeek is a community 1 Police say they believe they tempting to break into a park-
R20 BRUSSELS
European officials are working in Brussels’ Muslim com- of mostly Moroccan Muslims, missed Abdeslam by a few ing garage with Abdelhamid
ing on stepping up external munities. many poorly integrated into hours in a raid Nov. 17. Abaaoud, the alleged Paris
border checks and more effec- One neighborhood, Molen- Belgian society and unem- 3 4 ringleader. Several of Mr. Ab-
2 Fugitive Mohamed Abrini's
tively tracking citizens known beek, has been subject to the ployed. Many families have MO L EN B EEK deslam’s suspected accom-
business is raided Nov. 22.
to have traveled to Syria. most scrutiny. Four of the sons or cousins who were re- plices who helped him escape
Islamic State has responded Paris attackers came from Mo- cruited by Islamic State and 6 5 3 Abdeslam’s grandmother's and hide in Brussels have pre-
by having some of their fight- lenbeek, including Europe’s have traveled to Syria, with 1 house is raided Nov. 22. vious convictions for theft or
ers travel with fake passports, most-wanted fugitive, Salah some having returned. 4 District town hall other petty crimes, according
2
attempting to shelter unde- Abdeslam, who was arrested The neighborhood, and to Belgian officials.
tected inside the flows of refu- there Friday. other predominantly Muslim 1 mile 5 Abdeslam family house “Daesh has succeeded in
gees trying to flee the war in Investigators believe the neighborhoods, is a world 1 km R20 6 Abdeslam is arrested March 18. merging people from petty
Syria, according to Belgian neighborhood is also at the apart from the cosmopolitan criminality and radical Islam,”
and European officials. center of an international net- feel of Europe’s de facto capi- THE WALL STREET JOURNAL. said Claude Moniquet, a coun-
The Brussels attacks came as work smuggling radicalized tal. Shopkeepers serve fresh terterrorism expert and for-
Belgian authorities were clos- Muslims to Syria and back. mint tea and mobile ringtones Europe’s worst in integrating 30% of its 95,000 residents are mer French intelligence offi-
ing in on a cell made up of Bel- Belgian prosecutors haven’t play Arab songs. Tea houses immigrants into the labor unemployed. cer, using an Arabic name for
gian-born and Middle Eastern identified who they believe and snack bars are filled on market. According to Euro- Experts say that lack of Islamic State.
men who had trained in Syria were behind Tuesday’s attacks. weekdays with young men pean Union data, only 40.5% of jobs has put them at risk of The Molenbeek town hall
with Islamic State, according to But U.S. officials say they be- who don’t seem to hold a the country’s non-EU citizens radicalization. Security ex- has documented 85 people
Belgian and U.S. officials. lieve the terrorist cell that steady job for long. between 20 and 64 have a job, perts and government officials who were radicalized, said
—Damian Paletta helped plan the Paris attacks The neighborhood has come compared with 68.6% of Bel- have said radical Islamic re- Mohamed El Khannouss, a lo-
in Washington was also behind the terror at- to symbolize Belgium’s failure gian nationals. cruiters with ties to Islamic cal district counselor.
and Matt Bradley in Beirut tacks in Brussels. to integrate its Muslim popu- The situation in Molenbeek State have targeted young —Matthias Verbergt
contributed to this article. After the Paris attacks, lation. The country is among is particularly grim. Around petty criminals. contributed to this article.
POLICE found the keys to a stolen Audi,

burglary equipment and an Is-
lamic State flag drawn on a
door.
Continued from Page One He radicalized his two youn-
DIRK WAEM/AGENCE FRANCE-PRESSE/GETTY IMAGES
dozens of people to Syria start- ger brothers, taking one to Syria

ing in 2012, according to court in early 2014, court documents
documents. Once there, they show. His other brother was ar-
tended to be lower-level fighters rested in Morocco last year,
in the ranks of Islamic State; weeks before the Nov. 13 Paris
those who could speak Arabic attacks, on suspicion of terror-
rose higher, officials said, be- ism charges.
cause they could communicate Chakib Akrouh and Gelel At-
with Islamic State’s Iraqi and tar, two other members of the
Syrian leadership. Brussels network, left for Syria
A few of these men are now together in 2013.
in prison in Belgium. Others ei- Mr. Akrouh appeared to join a
ther died fighting in Syria or, of- battalion of fighters from Eu-
ficials fear, are hiding in Europe, People were evacuated from Brussels Airport on Tuesday. rope and Russia in Syria known
plotting other attacks. as Katiba al Muhajireen, court
At least one alleged member back home. served as recruiters there, en- documents show. He was killed
of the Brussels network was the Months later, at least three listing these mostly young men with Mr. Abaaoud in an apart-
subject of a manhunt by Belgian returned to Europe to plan and to commit petty crimes as a way ment north of Paris during a po-
police before Tuesday’s attacks carry out the attacks that left to finance the pipeline sending lice raid on Nov. 18, days after
and remains one now: Najim 130 dead in Paris in November, men from their neighborhoods killing dozens sitting in Paris ca-
Laachraoui, a 24-year-old from officials say, including Abdelh- to wage jihad in Syria. fes. Moroccan authorities ar-
the Schaerbeek district of Brus- amid Abaaoud, one of the Among the leaders of the net- rested Mr. Attar.
sels, who is still at large. Mr. group’s leaders, now dead. work convicted last summer was Mr. Laachraoui was one of
Laachraoui’s DNA was identified Officials are examining Khalid Zerkani, a Molenbeek res- the earlier members of the
on the suicide-bomb vests used whether Salah Abdeslam, who is ident who was convicted of radi- group to go to Syria, leaving in
in the Paris attacks, according to accused of helping organize the calizing youths and pushing February 2013 while studying
a police officer familiar with the Paris attacks, used the network them to Syria. Mr. Zerkani ran a electromechanical engineering
matter, fueling suspicions that to hide in and around Brussels network of thieves, using some in high school.
he might have built the devices. for four months until his capture of the proceeds to send people Once there, Mr. Laachraoui
He was charged but never ap- Friday. to Syria. He allowed the thieves was photographed with Mr.
peared in court. While Mr. Abdeslam’s deten- themselves to keep the rest, Abaaoud relaxing in a luxurious
The network operated for tion amounted to a major vic- earning him the nickname “Papa villa near the Syrian city of
several years before authorities tory for Belgian authorities, they Noel.” Mr. Zerkani’s lawyer Aleppo—images placed on their
tried to shut it down, highlight- allowed his accomplices to es- couldn’t be reached for com- Facebook accounts to lure family
ing how European security offi- cape, potentially sowing the ment. and friends to Syria.
cials long underestimated the seeds for Tuesday’s attack. Mr. Abaaoud was another key “The next ones just followed
risks posed by dozens of its citi- Interviews and court docu- figure in the network, according the first ones,” said Dimitri de
zens traveling to fight in Syria. A ments related to last summer’s to court documents. He spent Beco, a lawyer for one member
Brussels court convicted more trial portray dozens of young several stints in jail, most re- of the group. “It’s quite a good
than 30 members of the network people connected by a loose web cently in 2012 for assaulting example of how quickly and
in July of terrorist crimes, but of extended families and friends someone who attempted to buy without organization these
by then it was too late: Many of who live in the predominantly drugs from him. By 2014 he had young people can leave.”
them were already in Syria and Muslim neighborhoods of the gone to Syria: Police searched —Inti Landauro
plotting attacks against targets Belgian capital. A few key people his Molenbeek apartment and contributed to this article.
A8 | Wednesday, March 23, 2016 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
In Cuba, U.S. President Stresses Freedoms
Obama, in Havana, Havana. “They cannot defeat
America....What they can do is
says time has come to scare, and make people afraid,
‘bury’ remnant of Cold and disrupt our daily lives and
divide us. And as long as we
War in the Americas don’t allow that to happen
we’re going to be OK.”
BY CAROL E. LEE Watching Mr. Obama’s na-
AND JOSÉ DE CÓRDOBA tionally televised speech from
her home in Havana’s once up-
HAVANA, Cuba—President per-class Vedado neighbor-
Barack Obama concluded a hood, retired biologist Rosa
history-making visit to Cuba María Coro Antich said his
by plunging Tuesday into plea for reconciliation be-
prickly issues of civil liberties tween Cubans who support
and free elections, drawing the regime and those living
qualified approval but also a abroad made her eyes tear up.
measure of skepticism from Ms. Coro Antich, who aug-
Cubans and human-rights ad- ments a meager pension by
vocates. teaching English, said she
“I have come here to bury liked Mr. Obama’s vision of the
the last remnant of the Cold future.
RODRIGO ARANGUA/AGENCE FRANCE-PRESSE/GETTY IMAGES

War in the Americas,” Mr. But she said she was sad-
Obama said in a speech in Old dened that many of Cuba’s
Havana on the final day of his young people didn’t see a fu-
groundbreaking trip. “It is ture for themselves on the is-
time for us to look forward to land. “They are overwhelmed,”
the future together.” she said of the youths she
Mr. Obama largely aimed knows. “Most want to leave,
his speech at the people of and every time one leaves I
Cuba, particularly the younger suffer.”
generation. But he also had a Ms. Coro Antich said she,
message on human rights for for one, was already on Mr.
President Raúl Castro, who Obama’s wavelength, but that
was seated in the audience. the speech “might open the
“You need not fear the differ- eyes a bit of people who
ent voices of the Cuban peo- aren’t.”
ple,” Mr. Obama said. Mr. Obama sat between his wife, Michelle, and Cuban President Raúl Castro at an exhibition baseball game in Havana on Tuesday. Jesús, her husband, a re-
Cubans should be free to tired Communist official, was
speak their minds and protest seek democratic change of the Patriotic Union of Cuba, “There are people here who criticism for not breaking off dry-eyed. But he said Mr.
their government without fear through economic diplomacy. a prominent opposition group have been detained. Some in his trip after the Brussels ter- Obama had been brave to
of “arbitrary detentions of He also said he worried that whose leader, José Daniel Fer- the past, some very recently,” ror attacks, which killed more come to Cuba. “He came here
people who exercise those Washington isn’t pressuring rer, met with Mr. Obama, said Mr. Obama said. “They have than 30 people Tuesday. But with the idea of winning over
rights,” Mr. Obama said. “I be- Cuba’s government enough. the president sent a clear spoken out on behalf of the is- he said it was important that the Cuban people,” he said.
lieve those human rights are “Mr. Obama listened care- message for change, “but that sues they care deeply about.” people continue living their “He has helped Cuba a lot.”
universal.” fully to our concerns,” but de- it is in the hands of the Cuban He added that U.S. engage- lives despite threats, and Before leaving Havana late
He later met at the U.S. Em- fended his approach, said Mr. people.” ment aims to open up commu- lauded Boston’s response to on Tuesday for Argentina, Mr.
bassy with a group of 13 Cu- Rodiles, who said he had been Mr. Obama, who on Monday nications with dissidents and the 2013 marathon bombing. Obama attended an exhibition
ban dissidents. detained and beaten on Sun- clashed with Mr. Castro at a the Cuban people as a whole. “That is the kind of resil- baseball game between Cuba’s
Activist Antonio Rodiles, day and Monday. He added: news conference over the issue “This is an area where we con- ience and the kind of strength national team and the Tampa
one of the group, called the “To assess who was right, of human rights, said at the tinue to have deep differences that we have to continually Bay Rays. Tampa Bay won, 4-1.
two-hour gathering “frank and we’ll have to wait and see meeting with dissidents that with the Cuban government,” show in the face of these ter- —Dudley Althaus
intense,” but said he expressed what happens.” they were people who had Mr. Obama said. rorists,” Mr. Obama said, and Kejal Vyas
doubts about U.S. plans to Ovidio Martín Castellanos “shown extraordinary courage.” Mr. Obama drew political watching a baseball game in contributed to this article.
Argentina to Show Friendlier Face to Obama World

Watch
BY TAOS TURNER president of this country of 42 Macri moved fast in his first
million people signals a differ- days in office, eliminating
BUENOS AIRES—President ent approach in leadership at taxes on most farm and min-
Barack Obama will arrive in a time when South America’s ing exports, cutting personal
Argentina on Wednesday to political establishment is be- income taxes and replacing
meet with a new ally, Presi- ing upended by protests and the central-bank president. He BRAZIL
dent Mauricio Macri, who is the sharp downswing in com- also ended one of the world’s
renewing ties with the U.S. to modity prices. most stringent currency-con-
Da Silva Probe Moves
MARIA EUGENIA CERUTTI/ASSOCIATED PRESS
buoy his country in a region Brazil’s leftist president, trol systems, which prevented To Supreme Court
struggling with upheaval. Dilma Rousseff, whipsawed by Argentines from freely buying A Brazilian Supreme Court
Mr. Macri, the son of a a corruption scandal, is trying foreign currencies and banned judge ruled that a corruption in-
wealthy industrialist whose to survive an impeachment foreign firms from sending vestigation of former President
surprise election in November drive. In Venezuela, President profits back home. Luiz Inácio Lula da Silva be sent
put an end to more than a de- Nicolás Maduro is struggling “We have to create jobs and to the country’s highest tribunal,
cade of populist rule in Argen- with an imploding economy. attract investment,” said Mr. effectively eliminating the risk of
tina, said in an interview with Those two countries—along Macri, whose government his immediate arrest.
The Wall Street Journal that with Argentina under Mrs. forecasts 4% growth next year. Justice Teori Zavascki ordered
he is racing to undo the na- Kirchner and her late husband “I’m obsessed about lifting the that the case be removed from
tionalistic and interventionist Néstor, who preceded her— greatest number of Argentines the hands of lower-circuit prose-
policies of Cristina Kirchner, once led a group of South Mauricio Macri was sworn in as president in December. possible out of poverty as cutors investigating Mr. da Silva
part of a bloc of leftist Latin American countries that drew quickly as possible.” for allegedly benefiting from a
American leaders stridently closer to U.S. adversaries, worked in his first 100 days in we need to and are ready to That won’t be easy. corruption scheme surrounding
opposed to U.S. interests. among them Cuba and Iran, office to burnish Argentina’s start growing.” Mr. Macri noted the eco- the state oil company Petróleo
Mr. Macri, 57 years old, while countering Washington’s appeal for foreign investors. Just days after taking of- nomic woes in Brazil, which Brasileiro SA, a spokeswoman
said her policies harmed Ar- positions on everything from Last month, he agreed to pay fice, Mr. Macri broke with buys 40% of Argentina’s ex- for the Supreme Court said. The
gentina, making it a pariah for trade to human rights. hedge funds $4.6 billion to other South American leaders ports but is expected to see its team of prosecutors is led by
international financial markets Mr. Macri’s rise now sug- comply with a U.S. district and admonished Venezuela, a economy contract at least 3% Judge Sergio Moro. Mr. da Silva
and hamstringing its potent gests the pendulum is swing- court order and end a nearly staunch foe of the U.S., to re- this year, economists say. Ar- has denied wrongdoing.
agricultural sector. ing the other way. He said he 15-year-old legal dispute that lease political prisoners and gentina’s economy is forecast Last week, Mr. da Silva was
“I don’t believe in popu- wants to show citizens of his had prevented Argentina from pursue democratic norms. to contract 1% this year. The named chief of staff by Presi-
lism,” Mr. Macri said on a re- own and other Latin American borrowing money abroad. “You either respect people’s country also posted a 7% bud- dent Dilma Rousseff. That
cent afternoon at his office at countries that less ideological, “We are improving our rule liberties or you don’t,” Mr. get deficit in 2015, the biggest sparked a legal dispute culminat-
the presidential palace. “We more market-friendly policies of law and becoming an in- Macri said. “And in Venezuela since 1982. ing in an injunction issued Friday
have been isolated from the can create more jobs and lift creasingly trustworthy coun- today they are not being re- “This is a government that by another Supreme Court jus-
world for almost 12 years.” people from poverty. try and society,” Mr. Macri spected.” doesn’t think it has all the an- tice, Gilmar Mendes, that sus-
Mr. Macri’s emergence as To that end, Mr. Macri has said. “We have learned what On the economic front, Mr. swers,” Mr. Macri said. pended the appointment.
Tuesday’s order doesn’t re-
verse Mr. Mendes’s ruling block-
Backers of U.K. Split From Europe Are Also Split ing Mr. da Silva from taking up a
cabinet position, the spokes-
woman said. But she said the
Supreme Court took over the in-
BY NICHOLAS WINNING as the champion of grass-roots vestigation until it decides
euroskeptics. It has lent its where the case belongs.
LONDON—Those trying to support to Grassroots Out, also —Paulo Trevisani
unite the U.K. behind their known as Go, which was set up
campaign to leave the Euro- this year by Conservative and CANADA
pean Union have a hurdle to Labour politicians to coordi-
overcome: disunity within nate euroskeptic groups.
Government to Boost
their own ranks. Some Vote Leave members Funds for Aboriginals
A spirited battle has call their rivals amateurish and Canada’s Liberal government
emerged between two groups say that Mr. Farage’s focus on said it would significantly boost
ostensibly on the same side curbing immigration could put spending on education and infra-
ahead of the June 23 referen- off undecided Britons—a sug- structure for aboriginal people,
dum, with representatives of gestion Mr. Farage has dis- as it works toward its pledge to
each privately scathing of the missed. Leave.EU members ar- improve the livelihood of the
other’s strategy and staff. One gue their group is less driven country’s 1.4 million natives.
is called Vote Leave, the other by the political elite and more Canada pledged in its 2016
is called Leave.EU. representative. budget plan to spend a total of
STEFAN ROUSSEAU/ZUMA PRESS
Both plan to apply to the Leave.EU co-Chairman Ar- 8.37 billion Canadian dollars
U.K.’s election watchdog this ron Banks, an insurance entre- (US$6.4 billion) on aboriginal ini-
month to be the lead “Brexit” preneur and UKIP donor, has tiatives over the next five years,
campaigner, an official desig- openly criticized Vote Leave’s which it said marked the first
nation that brings with it leadership. Vote Leave said it significant boost to funding in
perks such as public funding wished Mr. Banks and his cam- nearly two decades.
and airtime. Leave.EU is apply- paign well. The move to boost expendi-
ing as part of an umbrella Matthew Goodwin, a poli- tures comes two months after a
group called Grassroots Out. Leave.EU, which is part of Grassroots Out, and Vote Leave are vying to lead the official campaign. tics professor at the University school shooting in the remote
The Electoral Commission of Kent, said rivalries in the aboriginal community of La
has until April 14 to decide, Cameron’s case for remaining ment ministers, the leader of The sole member of the leave camp don’t appear to Loche, Saskatchewan, cast an in-
based on support, campaign in the EU. Or it could help the the House of Commons and anti-EU UK Independence have hurt their backing in ternational spotlight on poor liv-
experience and other criteria. opposition to appeal to differ- London Mayor Boris Johnson. Party in Parliament, Douglas opinion polls. “Perhaps people ing conditions for many of the
It could decide not to anoint ent euroskeptic constituencies. More than 100 lawmakers Carswell, backs Vote Leave, al- are willing to overlook some of aboriginal people in the country.
either group. (Only one pro-EU Vote Leave is seen as the from Mr. Cameron’s Conserva- though UKIP party leader Nigel these divisions, which tend to About half of the promised
group is expected to apply.) voice of the so-called euro- tive Party are supporting it, as Farage supports Leave.EU. excite political anoraks per- spending will be focused on edu-
The lack of unity could skeptic political establishment, well as a few from the main Led by business executives, haps more than the average cation and skills training.
boost Prime Minister David with backing from six govern- opposition Labour Party. Leave.EU has positioned itself voter,” Mr. Goodwin said. —Kim Mackrael
THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | A9
OPINION
Trump’s Useless Revolution BOOKSHELF | By Amy Dockser Marcus
Trumpism
offers noth-
ing for Amer-
neighborhoods of black pov-
erty?
As Thomas Edsall points
Habits of Highly
icans who are
flocking to it
as much in
response to
out in the New York Times,
“African-American voters have
provided Democrats with their
margin of victory in elections
Productive People
BUSINESS
WORLD cultural anxi-
eties as eco-
at every level across the na-
tion, year after year. . . . How
Smarter Faster Better
By Holman W.
nomic ones. long can Democratic Party By Charles Duhigg
Jenkins, Jr.
A trade leaders and candidates con- (Random House, 380 pages, $28)
I
war with tinue to rely on African-Amer-
China will not bring back low- ican voters before African- was raised by a father who, whenever I complained
ASSOCIATED PRESS
skilled, high-wage manufac- American voters take matters about feeling overwhelmed by homework and
turing jobs. On the contrary, into their own hands—just as commitments, offered the same piece of advice. “Plan
Chinese workers themselves white working-class Republi- your work,” he exhorted. “And work your plan.” As a maxim
are being turfed out of their can voters have done this to spur productivity, those words still resonate. Charles
own factories by automation. year?” Duhigg’s “Smarter Faster Better” helps explain why.
Building a wall at the At the 2016 Aipac conference in Washington, D.C., March 21. The Trump phenomenon, At a time when both individuals and companies are facing
southern border won’t hold we’re told by those pro and increasing and complicated demands on time, Mr. Duhigg
back cultural changes in the federal and local level, highlight the ways welfare con, signals a political re- chronicles the emergence of a “science of productivity” that
America from the fact that which even then will not hold and tax policy impose high alignment. Realignments, by tries to identify the strategies that drive the most productive
Hispanics are a fast-growing off the need to restructure marginal rates at both ends of definition, aren’t confined to people. He says that his own interest in the topic began
economic and cultural bloc. At these promises. the income scale, discourag- one party but signify a re- while finishing up “The Power of Habit” (2012), an examina-
the risk of putting ideas in his Globalization will experi- ing work. Too many benefits shuffling of coalitions be- tion of brain science and its insights into habit formation.
head, Donald Trump would ence hiccups, as will the cul- for the poor and unemployed tween parties. Hooray. Let’s His productivity already appears worthy of emulation.
tural evolution of the United are effectively tied to place, hope for the best. He is not only a book author but a Pulitzer Prize-winning
States. But Mr. Trump and so moving in search of a job Voters are better at signal- investigative reporter at the New York Times and the father
Belgian terror attacks Trumpism aren’t a solution to means the safety net is ing dissatisfaction than think- of two young children. And yet he confesses to productivity
anything. yanked away just when it ing clearly about solutions. woes. Like many of us, Mr. Duhigg feels that his life consists
show why the U.S. True, some Americans have might help most to get a fam- Democracy’s great virtue is of endless to-do lists
needs to be more never been able to recapture ily back on its feet. not the wisdom of voters’ ev- and a constant stream
the standard of living that We shouldn’t fail to men- ery judgment but the fact that of unanswered emails.
dynamic, not less. their now-vanished factory tion that the bipartisan obses- an election is always coming, He is convinced that
job once gave them. But false sion, in the 1990s and early so voters can react against there must be a better
promises won’t help these 2000s, with luring low-in- choices that are not working. way.
have to increase the white people. Faster economic come families to take out The problem is matching The book covers a lot
birthrate and even then prob- growth would help them; re- mortgages has also ended up the candidate who can cap- of ground through meticu-
ably wouldn’t change the arranging social programs hindering their ability to ture the public’s imagination lous reporting and deft
emergence of an unfamiliar that have contributed to the move in search of work. with the policies that will analysis, presenting a wide
yet familiarly dynamic new woeful decline in the readi- For 40 years, moreover, it actually improve conditions. range of case studies. Mr.
America. ness of people to move in has been obvious that the Obama, in his 2008 race, Duhigg talks to researchers
Mr. Trump may well bene- search of a job would help. problem of chronic poverty, fulfilled the first condition. who mine a data set from a
fit politically from Tuesday’s Andy Puzder, CEO of the especially African-American Trump fulfills the first condi- recruiting firm looking for
terrorist attacks in Belgium. company that runs Carl’s Jr. poverty, is the problem of tion. clues about the personality
In the long run, we will be and Hardee’s, stirred up con- neighborhoods where crime, Sadly, this year the two and work habits of exceed-
thanking our lucky stars that troversy by admitting the bad schools, lack of jobs and parties are converging on ingly productive people. He
we get our cultural renewal fast-food industry’s interest family breakdown undermine candidates who, in their dif- tracks down two business-school
from largely Catholic immi- in automation is partly driven the existence and practicality ferent ways, appear unlikely professors who want to study the produc-
grants from the south rather by minimum-wage hikes. Fast- of good behavioral norms. to channel voter dissatisfac- tivity of the creative process. They write an algorithm to
than the Islamic proto-majori- food jobs may not be any- Champions of policies to help tion into productive policies, quantify the most creative scientific papers. Mr. Duhigg tries
ties that, in the lifetimes of body’s ideal, but if you’re new people escape such neigh- though we should not rule out to come away with insights that apply to the rest of us.
many of us, will fundamen- in town, it’s a job that almost borhoods, rather than poli- a pleasant surprise. Bracing The researchers studying the recruiting firm’s data set
tally alter the character not anybody can get. cies that pour money in, win up America’s internal dyna- find that the most productive people know how to focus.
just of the European Union (if Berkeley’s Alan Auerbach every seminar but never win mism and prosperity is surely They constantly try to develop new skills and meet other
it survives) but Russia. and Boston University’s Lau- control of policy in Wash- an urgent need. Most of all, people. They throw out ideas at meetings and eagerly solicit
Mr. Trump’s standpattism rence Kotlikoff, in a careful ington. Is that because life- it’s needed so America can re- help from colleagues. Mr. Duhigg finds that more productive
on entitlements and pensions new study, show that the time, gerrymandered sine- main a bulwark in an increas- thinking emerges when people tell stories about what is going
implies economy-killing tax great inequality panic of 2016 cures in Washington depend ingly dangerous and chaotic on around them, whether their assignments and obligations
hikes down the road at both is overblown. But they also on preserving concentrated world. are large or small. Constant narration helps people figure out
how to focus their attention where it is needed.
The researchers who write the algorithm learn that the
Still Time for a Conservative Independent most creative papers differ in length, subject matter and
author seniority. What they share is an approach. The papers,
and their authors, may start with any number of “conven-
D o n a l d number of signatures violated time remaining for indepen- fatally undermining his or her tional concepts,” Mr. Duhigg sums up, but end up with some-
Trump’s dis- the First Amendment’s guaran- dent candidates to file, but the credibility. Other individuals thing creative by mixing ideas together and applying them to
turbingly iso- tee of freedom of association. threshold that ballot petitions who step forward will proba- questions “in manners no one had considered before.”
lationist re- Anderson v. Celebreeze re- must meet is far from onerous. bly burn their bridges with the
marks to the mains a binding holding today, Thirty-four states require Republican Party, at least as it
Washington and it has had an impact. Mr. fewer than 10,000 signatures, now stands. Talking through their problems helped the
POLITICS Post’s edito- Winger points out that lower and only two (Florida and And there is a delicate tim- ‘Frozen’ songwriters craft a hit and a teenager
rial board this courts have used it to strike California) demand more than ing issue. It isn’t too late right
& IDEAS sort out baby-sitting duties with her father.
week have down June filing deadlines in 100,000. Moreover, some states now to mount an independent
By William
fortified the five states—Alaska, Nevada, make ballot access easier for candidacy, but it will be when
A. Galston
determina- South Dakota, Arizona and minor parties than for inde- the Republican Convention
tion of many Kansas. pendent candidates; others do convenes in late July. So this The ability to draw on personal knowledge and transfer it
Republicans to find a viable As matters now stand, most the opposite. venture would have to be to a new setting is one of the strategies that drive the team
alternative—at their conven- states’ deadlines are months In Florida, for example, an launched well before the iden- behind “Frozen” after an early screening of the movie for
tion if possible, through an away. Nine fall in July, 32 in independent candidacy would tity of the party’s nominee is Disney executives flops. At first, Mr. Duhigg tells us, the
independent conservative can- August, and five in September. take about 119,000 signatures known. The trick for the anti- movie’s creators aren’t sure how to fix things. They think
didacy if necessary. Four deadlines—Illinois, Indi- Trump forces is to proceed about the story again, but this time they try to find ways to
Some observers may be- ana, New Mexico and North simultaneously along two bring in their own experiences and connect them with the lives
lieve that such a candidate Carolina—are in June, and Anti-Trump forces tracks without allowing Plan B of Anna and Elsa, the two sisters at the center of the film.
couldn’t even get on the ballot precedent suggests that the to fatally weaken the effort to The new approach yields “Let It Go,” the song that ends
because the filing deadlines deadlines would be struck need a convention deny the New York billionaire up winning an Oscar. The ubiquitous chorus originates
have come and gone. If so, down if challenged. strategy plus a plan a first-ballot victory. during a walk in a park by Kristen Anderson-Lopez and her
they are wrong. Back in 1980, That leaves Texas, the only The most obvious objection husband and songwriting partner, Robert Lopez. They are
from a standing start in late state with a May filing re- to get ballot access. to this course has nothing to trying to imagine what it might feel like to be Elsa, who
April, Republican John Ander- quirement. Texas has never do with the technicalities of fears her own powers. Ms. Anderson-Lopez ruminates on
son’s underfunded indepen- been taken to court over this, ballot access. An independent her frustrations as a working mother, her fear of falling
dent presidential campaign but it seems clear that its law to get on the ballot; an orga- conservative candidate who short and being judged. She sees some of herself in Elsa’s
managed to get on the ballot would not survive a challenge. nized minor party, none what- earned even 5% of the popular story and tells her husband that she and Elsa both need “to
in all 50 states plus the Dis- Among other vulnerabilities, ever. vote would doom the Republi- let it all go.” “I think you just figured out the chorus,” her
trict of Columbia by mid-Sep- Texas imposes an earlier dead- A systematic effort to get on can nominee to defeat in husband says.
tember. line on independent presiden- the ballot everywhere would be November. The supporters of Mr. Duhigg concludes that being productive and creative
As Richard Winger, the tial candidates than on aspi- free to choose its approach, an independent effort would requires the ability to “broker your own experiences into
publisher of Ballot Access rants for any other office. state by state. A well-organized be compelled to press the case the wider world.” He looks at how such strategies can
News, has reminded me, the This flies in the teeth of the and funded effort could get the that Mr. Trump cannot win apply to the everyday lives of people faced with more
laws in 1980 were less hospi- Supreme Court’s opinion, which job done in a matter of weeks. anyway and also would bring quotidian choices.
table to independent candida- found that state-imposed re- This is not to say that Re- down the party’s Senate ma- In a poignant chapter, he tells the story of Delia, a
cies than they are today. The strictions on presidential elec- publicans who cannot accept a jority—and perhaps the House student from an impoverished background who takes an
reason: The Anderson cam- tions affect a “uniquely impor- choice restricted to Hillary as well, if the margin of defeat engineering class at her high school. The students there are
paign was determined to leave tant national interest.” More- Clinton or Donald Trump will were large. The independent taught to identify problems, gather data and test possible
a legacy of lowered barriers to over, said the court, a state have a smooth path. The Re- candidate might bring out solutions. The idea is to break problems down and make
the ballot for future candi- has a “less important interest publican National Committee enough traditional Republi- them more manageable. While taking on one of her early
dates, so the campaign pur- in regulating Presidential elec- is understandably opposed to cans to save their congressio- assignments, Delia grasps that the same approach might
sued the issue all the way to tions than statewide or local the idea of an independent nal majorities. help her solve a personal dilemma. Her father wants Delia
the Supreme Court, and Mr. elections.” It is hard to see candidacy. Months ago, every A more principled argu- to help out the family by baby sitting after school. But
Anderson prevailed. In 1983’s how a more stringent require- candidate in the race for the ment—albeit a harder sell for Delia wants to go to college and worries that baby sitting
Anderson v. Celebrezze, the ment for presidential candi- nomination pledged to support many loyal Republicans—is may derail her plans. She works with her classmates to
court held that Ohio’s early dates than for others could be their party’s nominee, which that Mr. Trump’s victory analyze her life as if it is an engineering problem.
deadline for independent can- squared with the court’s rea- would make it impossible for would spell catastrophe, not Delia writes out a schedule describing her day and what
didacies to file nominating soning. any of them to run as an inde- only for their party, but for it would look like if she had to take care of an infant from
petitions with the required Not only is there plenty of pendent conservative without the country. 3:30 p.m. to 7:30 p.m. every day. The students realize that,
with such a schedule, she won’t have time to participate in
Robotics Club or study in the school library before it closes,
Notable & Quotable: Self-Driving Caution

two things that will help her get into college. Baby sitting
will leave her too exhausted to do homework. In the
beginning, Delia frames her problem as a choice between
From a talk by Chris Urm- that it’s maybe three years, the traffic’s going in the same And here, everything is so helping her sister and letting down her family. Now she
son, director of Google’s self- maybe 30 years. And I guess direction. It’s all moving compact, cars are coming starts to see it in a different way. She explains to her father
driving car project, at a South I’m here to tell you that I about the same speed. The from every which way, there’s that she can help her family now or succeed in school and
By Southwest conference in think honestly, it’s a bit of road doesn’t change shape all kinds of traffic with pedes- contribute far more in the years ahead. Her father agrees
Austin, Texas, March 11: both. . . . quickly. trians and mixed interactions that they should find a different baby sitter.
So when we let human And then we move to driv- going on. And this is kind of “Every choice we make in life is an experiment,” Mr.
For many people, this isn’t drivers loose on the road, noring on boulevards . . . We the hardest type of driving. Duhigg writes. One of his most important findings is that
a kind of idle curiosity. mally we have this kind of have to add in cross-traffic So when we think about productive people “transform what life throws at them,
There’s people with health graduated system where we and traffic lights, but it’s com- the technology rolling out rather than just taking it as it comes.” This is what
conditions who are blind and either self-impose or our par- paratively easy. And then we over time, we imagine we’re ultimately connects “Frozen” to Delia—and, it turns out, to
can’t drive. Epilepsy, cerebral ents impose. The same is moved into residential streets. going to find places where the me as well. To “plan your work and work your plan” requires
palsy: all things that limit going to be true with self- And here these look easy, but weather is good, where the assessing priorities, accomplishing smaller tasks tied to a
their ability to get around in driving cars. If you look at the the stakes are high here roads are easy to drive, and larger goal, and taking control of your time and, ultimately,
the world today. . . . way we develop vehicles, we because we live there. And the technology might come yourself. My father was saying what science now confirms.
How quickly can we get started really driving on the people are close to the road, there first. And then once we To truly be productive, it’s best to create your own narrative.
this into those people’s freeways. And we started here and it matters. have confidence with that,
hands? And if you read the because it’s the easiest situa- And then finally we moved we’ll move to more and more Ms. Dockser Marcus is a Boston-based staff reporter for
papers, you’re going to see tion to drive in, because all into driving in urban centers. challenging locations. The Wall Street Journal.
A10 | Wednesday, March 23, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
From Syria to Brussels Obama, the Senate and the Supreme Court
A
uthorities warned for months that Brus- claim to be “degrading and destroying,” are per- Regarding your editorial “Obama’s an African-American) and tell them
sels was likely to be the target of an Isla- petrating one large attack after another in the Supreme Politics” (March 17): The Su- the GOP will support any effort they
preme Court isn’t supposed to be the make to get the president to nominate
mist terrorist attack, but that didn’t West. Islamist attacks large and small around
forum for political discourse. Presi- Janice Rogers Brown. Next they
lessen the shock when it hap- the world have become a daily dent Obama’s own description of Mer- should ask Judge Garland to support
pened Tuesday morning. At Terrorism spreads occurrence. rick Garland, not quoted by the Jour- her if Mr. Obama would nominate her.
least 30 were killed by a sui- from the failure to In part this is because the nal, provides a strong reason Judge Then they should publicly tell Presi-
cide bomber at the Brussels perception that Islamic State is Garland should not be considered. The dent Obama that they will support his
airport and in another bomb- destroy Islamic State. winning increases its appeal president said Judge Garland would nomination of her. Ms. Brown is fe-
ing barely an hour later on a among Western-born potential bring “integrity, modesty and an even- male, African-American and the
subway train near the Euro- followers. European officials handedness” to the Supreme Court. daughter of an Alabama sharecropper.
pean Union’s main office complex. Dozens more have warned repeatedly of the danger of Euro- It is not the job of the Supreme She has 11 years on the federal bench
were injured. pean citizens, radicalized at home or abroad, Court to be an “evenhanded” instru- and nine on the California Supreme
The attacks follow Friday’s arrest in Brussels who travel to Syria for terrorist training and ment of progressive compromise. Its Court. That’s calling Mr. Obama’s bluff.
role is to assure law is adjudicated in RON DUDLEY
of Salah Abdeslam, an alleged ringleader of No- then return. Several Paris attackers followed
accordance with our social contract: Sanibel, Fla.
vember’s Islamic State-inspired terror attacks that path. the Constitution. Antonin Scalia un-
in Paris, and Islamic State claimed responsibility Islamic State also is exploiting the instability derstood this means following its orig- The Democrats, particularly Harry
for the Brussels bombings. Tuesday’s murders it creates, especially through refugee flows. Au- inal meaning, not the progressive drift Reid, have been emphatic that the Re-
may be retaliation for the arrest, or perhaps a thorities have confirmed that two of the Paris in our language or personal decisions publicans are “shirking their duty” by
push to execute a long-planned attack before po- attackers entered Europe by pretending to be on current moral values. Those shifts not holding hearings. How does that
lice could use intelligence from Abdeslam to refugees and followed the so-called Balkan are supposed to be made through the compare to the more critical duty
thwart the plot. route to Austria from Greece before reaching formal process of amending the Con- shirked by Sen. Reid and the Demo-
The immediate temptation will be to point to Belgium and France. German police said last stitution. Otherwise we are an autoc- crats when there was no budget ap-
Belgium’s many and well-known policing fail- month that a married couple from Algeria al- racy ruled by that court. proved on their watch for four years?
ures, and authorities deserve the heat. Multiple leged to have planned an Islamic State-inspired BILL MILLS This is why people hate Washington—
Sterling, Va. the willingness of politicians to take
local and federal police departments with inef- attack in Berlin had entered the country posing diametrically opposed positions as
fective coordination struggle to track terror as Syrian refugees. Germany’s domestic intelli- The president’s trap in nominating things suit them.
cells, or other organized crime. After Abdeslam’s gence chief, Hans-Georg Maassen, said at the Judge Garland to the Supreme Court GREG BRESKIN
capture, at least one Belgian official over the time that officials across Europe have “seen re- may be even more complex than it ap- Pelham, N.Y.
weekend professed surprise the terrorist was peatedly that terrorists are being smuggled in, pears. If the Senate were to provide its
still in Belgium—the government thought he camouflaged as refugees.” advice and consent, this would then The way out of President Obama’s
was long gone. Europe seems determined to keep treating leave another opening on the Sen. trap is to hold hearings and expose the
Belgium, like many other European countries, this as a policing problem, or at least as anything Harry Reid Court of Appeals (formerly rulings of Judge Garland in which he
has allowed to develop what amounts to a paral- other than a call to bolster military efforts in the U.S. Court of Appeals, D.C. Circuit). has sided almost 100% of the time in
lel Islamist society. Multiple raids in the Molen- Syria. Officials dispatched more police to trans- Since Mr. Reid earlier invoked the nu- favor of the administrative state. The
clear option to pack the court with re- most important issues that will come
beek neighborhood of Brussels have uncovered port hubs across Europe and an all-points-
liably liberal judges, it is not incon- before the court have to do with the
large stockpiles of weapons, and Belgian officials search is underway for a man who is suspected ceivable that Judge Garland’s eventual executive branch “legislating” by exec-
said this weekend they were surprised by the of participating in the airport attack. replacement could be confirmed, even utive orders and the rulings which
number of people from whom Abdeslam re- There’s a role for policing in a counterterror by a Senate in which Republicans hold don’t interpret laws but which seek to
ceived support as a fugitive. strategy, but also a limit. Brussels, where au- the majority. expand their force into areas beyond
But Tuesday’s Brussels attacks, and Paris and thorities closed the subway system for several DAVE ERCHULL what Congress has debated and legis-
San Bernardino, Calif., before, are mainly an in- days in November, can’t live in perpetual lock- Tucson, Ariz. lated. If Congress is to regain some of
dictment of Western foreign-policy failures in down. Until the West is prepared to fight this its powers under Article I of the Con-
Syria. Terrorists linked to Islamic State, which terrorist threat at the source, Tuesday’s victims Had Justice Scalia lived, we’d have stitution, the hearings on Judge Gar-
Western governments initially ignored and now in Brussels won’t be the last. a justice reflecting an election out- land should be a first step.
come from 1984. Why, then, do con- FRANK NICOLAI
servatives object to a justice solely be- Fort Washington, Md.
An Inordinate Fear of Terrorism? cause he would reflect an election
outcome from 2012? The proposed mix of the Supremes
T
ILYA SHLYAKHTER would be five Catholics and four Jews.
uesday’s coordinated terrorist attacks countries budget for counterterrorism efforts. Cambridge, Mass. Since the population of the U.S. is
in Brussels have left at least 30 people Last we checked, nobody was spending that roughly 50% Protestant, I sense a huge
dead and more than 200 wounded, kind of money on bathtub safety. The best way to call President underrepresentation of that group.
shut down the capital of Eu- It’s true that most terror- Obama’s bluff is for the Judiciary Where are the diversity warriors on
rope and raised security Obama wants you ist attacks take place outside Committee to visit the Congressional this one? Who speaks for us?
alarms from Frankfurt to the West. But one reason the Black Caucus (whose members are up- RICHARD K. GIBSON
London to New York. (See
to keep cool about attacks in Brussels—or San set that the president didn’t nominate Carmel, Ind.
above.) So maybe it’s time we jihadist mass murder. Bernardino, or Paris, or Tel
all get over our inordinate Aviv—are so troubling is that
fear of Islamist terrorism. they are possible portents. If
Believe it or not, that’s the not-so-sublimi- ISIS has no regrets about killing 130 people in The Fans Blue With Envy Are the Devils’ Work
nal message we keep hearing from President Paris, they wouldn’t hesitate to murder many After reading “The Complicated to abhor those artifices at which he
Obama, even as he condemned the attacks dur- times that if they could. What’s missing isn’t Politics of Hating Duke” (Sports, only laughed before, and discovers
ing his visit to Cuba. “Obama frequently re- intent but the means. That may change as they March 17), out of my pompous, pre- how much the happiness of life would
minds his staff that terrorism takes far fewer expand their network of sleeper cells and lone- tentious, overbearing, swaggering, be advanced by the eradication of
lives in America than handguns, car accidents wolf sympathizers in the West. sneering, arrogant, cavalier, conde- envy from the human heart.”
and falls in bathtubs do,” reports Jeffrey Gold- This is missing from Mr. Obama’s analysis, scending, intolerable and altogether STEVEN T. CORNELIUSSEN
berg in a lengthy profile of the President’s na- and it reminds us of pre-9/11 thinking. Take haughty, high-handed and turbo- Poquoson, Va.
snooty sense of personal entitlement
tional-security thinking in the Atlantic maga- an op-ed by terrorism expert Larry C. John-
as a Duke alumnus, I hereby sentence I’d like to provide hope that the
zine. Islamic State, Mr. Obama is quoted as son, arguing that the data on terrorism didn’t everyone at The Wall Street Journal Duke-UNC antipathy can be overcome
telling adviser Valerie Jarrett, is “not coming justify the fears it generated. “Terrorism is to read this excerpt from Samuel or at least survived. Over 50 years
here to chop our heads off.” not the biggest security challenge confront- Johnson’s Rambler essay No. 183 ago my wife, who was born and
We wish we felt reassured. As Sohrab Ah- ing the United States,” Mr. Johnson con- from 1751: “When he that has given raised in Kentucky and earned a
mari notes nearby, there wasn’t a day in the cluded, “and it should not be portrayed that no provocation to malice, but by at- bachelor’s degree from UNC at Chapel
last week when Islamists didn’t undertake a vi- way.” The article ran in the New York Times tempting to excel, finds himself pur- Hill, married me, a guy whose degree
olent attack. That includes a shooting assault on July 10, 2001. sued by multitudes whom he never came from a school just a few miles
on a tourist resort in Ivory Coast that killed As Mr. Goldberg documents, Mr. Obama saw, with all the implacability of per- north of hers. We have had our dif-
16 people, and the bombing of a shopping dis- takes it as a point of pride that he isn’t con- sonal resentment; when he perceives ferences over the years, but my wife
trict in Istanbul in which four people were sumed by terrorism. The President, Mr. Gold- clamour and malice let loose upon and I continue to have a great life to-
him as a publick enemy, and incited gether, even if she does still seem to
killed, including two U.S. citizens. berg reports, “gets frustrated that terrorism
by every stratagem of defamation; prefer a funny, washed-out looking
“In 2014 the total number of deaths from keeps swamping his larger agenda”—the pivot when he hears the misfortunes of his shade of blue to the more intense and
terrorism increased by 80% when compared to to Asia, his efforts on climate change and, family, or the follies of his youth, ex- authoritative hue I adopted many
the prior year,” reports the Institute for Eco- more recently, his opening to Cuba. posed to the world; and every failure moons ago.
nomics and Peace (IEP) in its widely cited It’s not Mr. Obama’s fault that the mass of conduct, or defect of nature, ag- HOWARD SHOCKEY
Global Terrorism Index. In absolute terms, that murder in Brussels took place as he was court- gravated and ridiculed; he then learns Sewickley, Pa.
comes to 32,685 deaths from terrorism, up from ing a regime that, until recently, the State De-
3,329 at the turn of the century. The economic partment listed as a state sponsor of terror-
cost, the IEP adds, is somewhere north of $52 ism. As a matter of symbolism, however, the They’re Right to Distrust U.S. Data Security
billion, plus another $114 billion that various coincidence is inordinate.
Regarding Roslyn Layton’s “Eu- curity practices by a U.S. firm. Al-
rope’s Protectionist Privacy Advo- most every major retailer, financial
Andrew Stephen Grove cates” (op-ed, March 10): In 2000 the

U.S. assured Europe that a program
institution and health-care company
in the U.S. has admitted to clients
‘A
of self-certification would safeguard and customers that it failed to pro-
t last I meet the enemy face to face.” one. Americans—even some in the media—took the personal information of Europe- tect personal information.
That’s how Andy Grove greeted us, in pride in U.S. companies that led the world. Now ans transferred to the U.S. The federal government, which
1987, on a visit to Intel Corp. in Sili- the media elevate politicians and reality-show During the 15-year period of the continues to assure Europeans of the
con Valley. We had been fight- celebrities, and the country arrangement, the incidence of data strength of the U.S. approach to pri-
ing his efforts to persuade the The immigrant who isn’t better for it. breaches and identity theft has sky- vacy protection, last year lost control
Reagan Administration to im- rocketed in the U.S. The Federal of the records of every single federal
pose tariffs on the Japanese
built Intel with fierce theHaving fled Hungary after
failed anti-Soviet uprising Trade Commission just reported al- employee. Even unique biometric
competitive drive. most half a million complaints about identifiers and the sensitive Form
memory chips that competed of 1956, Grove is also an ex-
identity theft in the past year, an in- SF-86 for classified background
with Intel’s, and we proceeded ample of the many immi- crease of 47% from 2014. checks were hacked.
to get into an extended if civil grants who have driven Amer- There is hardly an American con- Foreign corporations and govern-
policy brawl. ican capitalism from its earliest decades. sumer who hasn’t had to change a ments would be negligent if they
That was vintage Andrew Stephen Grove, as Alexander Graham Bell came from Scotland be- credit-card account or received a data didn’t consider the risks that result
fierce a competitor in political debates as he fore founding what became AT&T. Robert Goi- breach notification because of lax se- from the transfer of personal data.
was in business. He died Monday, at age 79, zueta, who ran Coca-Cola during its glory The Europeans and Max Schrems may
having helped to build Intel into one of Amer- years, immigrated from Cuba. Google co- not have all the answers, but at least
ica’s great companies. He is the latest of many founder Sergey Brin is from Russia. They show Donald Trump Has a Point they are trying to solve the problem.
business giants who are dying with less recog- how the U.S. shortchanges itself by indulging Meanwhile, the U.S. government
About Our Imported Drugs holds fast to the view that “notice
nition than they deserve for creating America’s bursts of nativist exclusion.
Regarding your editorial “Donald and choice” will safeguard personal
post-World War II prosperity. Grove ran Intel as CEO from 1987 to 1998,
Trump’s Mexican Imports” (March 9): data.
Grove won his political battle as the Reagan remaining chairman until 2005, intellectually I am not a fan of Donald Trump. How- As long as that view prevails, U.S.
Administration negotiated a semiconductor active as ever. We recall a phone call amid the ever, it seems disingenuous to use fear consumers, including Ms. Layton, are
cartel with Japan that raised memory-chip post-Enron political furor in which he urged us of imported drugs as a hammer to likely to suffer ever more serious
prices for a while. But he lost the war thanks to resist then Senator Joe Biden’s misguided whack him. As recently as 2014, then- data breaches.
to his own business success, as we predicted attempt to force non-executive corporate chair- Food and Drug Administration Com- MARC ROTENBERG
he would. Intel’s technology breakthrough in men to sign off on company accounts under missioner Dr. Margaret Hamburg said, President
more complex microprocessors made the threat of criminal sanction. Grove’s point was “Eighty percent of the active pharma- Electronic Privacy Information Center
DRAMs of that era a low-priced commodity that this would drive independent voices out ceutical ingredients in drugs taken Washington
while Intel drove the innovation that led to the of boardrooms, and Mr. Biden failed. here are actually manufactured in
other countries and about 40% of the
new age of individual computing. Grove once told us that he loved reading Pe- Letters intended for publication should
finished drugs are coming from other be addressed to: The Editor, 1211 Avenue
This was a tremendous business and man- ter Drucker on management, and he wrote one countries.” of the Americas, New York, NY 10036,
agement achievement for which Grove was of the better business memoirs, “Only the Para- Is Dr. Hamburg wrong? If she is cor- or emailed to wsj.ltrs@wsj.com. Please
named Time magazine’s Man of the Year in noid Survive.” That’s good advice for those who rect, then using “foreign drugs” to at- include your city and state. All letters
1997. Grove’s appearance on Time’s cover sym- want to avoid complacency, in business or life, tack Mr. Trump seems misleading. are subject to editing, and unpublished
bolized an era when CEOs were admired for from a man who more than repaid America for MICHAEL P. CARTER, M.D. letters can be neither acknowledged nor
returned.
creating jobs and wealth that benefitted every- the great opportunity it offered him. Savannah, Ga.
THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | A11
OPINION
Global Jihad’s Deadly Calendar

By Sohrab Ahmari Consider the past 10 days. several vehicles. Also on Sunday, the
I
On Sunday, March 13, jihadists Istanbul governorate canceled a hotly
slamist terror struck at the sprayed gunfire on sunbathers in anticipated soccer match after receiv-
heart of the European Union Grand Bassam, a resort town in the ing “serious intelligence” regarding a
on Tuesday. Islamic State jiha- Ivory Coast popular with Westerners planned terror attack.
dists staged a triple-bombing and wealthy Ivorians. The attack, On Monday, March 21, Islamist
in the Belgian capital—two at which was claimed by al Qaeda in the fighters likely affiliated with al Qaeda
LAURENT DUBRULE/EUROPEAN PRESSPHOTO AGENCY

the Brussels airport and a third at a Islamic Maghreb, killed 16 people, in the Islamic Maghreb targeted a
metro station downtown—that killed including Burkinabe, Cameroonian, hotel in the capital of Mali, Bamako,
at least 30 people combined. It was French, German, Ivorian and Malian that houses a European Union mili-
the latest reminder that Islamic citizens. tary-assistance mission. EU person-
terrorism is now a permanent and On Monday, March 14, two Pales- nel were unharmed, and one attacker
ubiquitous hazard to life in every tinians fired on Israelis waiting at a was killed by hotel security.
city, on every continent. bus stop in Kiryat Arba, in the West Brussels was the first major ter-
In coming days European authori- Bank, wounding one soldier before rorist incident in the West since
ties will level reproaches about the Israeli forces killed both. A third November’s jihadist killing spree in
missed warning signs, security lapses Palestinian terrorist rammed his car Paris and December’s in San Bernar-
into an Israeli army vehicle in the dino, Calif. You could create a calen-
area and was shot dead. Israel has dar like this one that stretches back
There’s not a day that goes suffered a wave of Arab knife-and-car for weeks and months, and the above
by without an Islamist attacks for six months, known as the The scene outside the Brussels airport after a deadly terrorist attack Tuesday. doesn’t even include the civil wars
stabbing intifada. and humanitarian calamities in Iraq,
attack somewhere. On Tuesday, March 15, al Qaeda’s Boko Haram, an Islamic State affiliate On Saturday, March 19, a bomb Syria, Libya and Afghanistan.
Somali franchise, al-Shabaab, kid- that is Africa’s most savage terror went off in a tony shopping district The Syrian vortex is especially
napped three Red Crescent aid work- outfit. of Istanbul, killing three Israelis (two perilous. It has been drawing the
and the larger failure to integrate ers in the country’s southwest, On Thursday, March 17, the stab- of whom were U.S. citizens) and one barely stable nations that surround
Belgian Muslims. Commissions will according to local media. The abduc- bing intifada claimed a fresh victim Iranian, and wounding 39 others. Syria into its spin and spewing out
be formed. Sympathetic memes will tions followed al-Shabaab’s seizure of when a pair of Palestinian terrorists This was the fifth mass-casualty ter- battle-hardened jihadists along with
proliferate on social media. Je suis a village in central Somalia, amid a jumped and wounded an Israeli rorist bombing in Turkey in as many millions of legitimate refugees. The
Belge. broader Islamist resurgence in the soldier with a knife in Ariel, in the months, most of them claimed by or biggest refugee crisis since World
This routine has become numb- Horn of Africa. The aid workers were West Bank. Israeli security forces attributed to Islamic State. The same War II was bound to pose serious
ingly familiar. And these habitual freed a day later after local villagers killed both assailants. day, a mortar assault on a checkpoint security threats to Europe. Mean-
responses, while understandable, pleaded for their release. On Friday, March 18, suspected al in El-Arish, Egypt, killed 15 police- while, the longer Islamic State and al
defer a reckoning with a larger On Wednesday, March 16, a pair of Qaeda fighters fired rockets at the men. A Sinai-based Islamic State Qaeda thrive in Syria and Iraq, the
truth: Not a single day now goes by female suicide bombers blew them- Salah gas facility in Algeria. No one affiliate claimed responsibility. stronger their adherents and affili-
without an Islamist suicide bomb- selves up at a mosque in Nigeria, kill- was injured, but BP and Norwegian On Sunday, March 20, al-Shabaab ates elsewhere will become.
ing, rocket attack, shooting spree, ing 24. No group has claimed credit, oil giant Statoil, which operate the overran a Somali military base just 28
kidnapping or stabbing somewhere but the bombing took place in Nige- facility, withdrew some staff and sus- miles from the capital, Mogadishu, Mr. Ahmari is a Journal editorial
in the world. ria’s Borno state, the birthplace of pended operations. killing at least one person and seizing writer based in London.
The Lion of Silicon Valley

By Michael S. Malone to me for 10 years. Then, out of the start another chip company—and one ruined his ability to speak. His mind
I
blue, he called and ended the silence. of the worst when he found out that remained as fearsome as ever. In our
n the end, after the illnesses had Just like that. the co-founder would be Bob Noyce. 2012 interview, he started off by call-
taken away everything else, the His tough life philosophy was The ambitious Grove went along any- ing me an obscenity, and not in a par-
fiery intelligence remained. hard-earned. Grove had few happy way, becoming Intel’s first employee. ticularly jocular way. For the next two
When Andrew Grove, born András memories of his Jewish childhood in Such was the tension between Grove hours, though he had trouble enunci-
Gróf, died Monday at age 79, it was a Hungary, surviving Nazi occupation and Noyce (most of it one-way) that ating words, I was his intellectual
measure of the former Intel CEO and and then living under Soviet occupa- Intel, even as it became a global giant chew toy, even though he knew that,
chairman’s enduring importance to tion. He was a sickly child, made over the next two decades, managed as the writer, I would have the last
the digital age that—in an industry nearly deaf by scarlet fever, but only once to get the three leaders word. All he expected—as ever—was
so relentlessly focused upon the smart. Educational honors and oppor- together for an official photo. honesty for honesty.
future that it has little time or inter- tunities came his way, yet by age 20 Yet the relationship between His last important public appear-
est in the past—the news rolled he knew that he couldn’t endure the Grove and Noyce was far more com- ance was in 2013 for the debut of a
across Silicon Valley like a deep, corruption and contradictions of life plex than it seemed. In my last PBS documentary about the birth of
heavy shock wave. under Communism. extended interview with him, in 2012, Silicon Valley. The screening was held
So he escaped in 1956 and made Grove stunned me by suddenly say- at the Computer History Museum in
his way to the U.S., taking the name ing, with tears in his eyes, that of all Mountain View—a museum his
REUTERS
Escaping from Communist Andrew Grove and eventually earning the people he had known, “After all achievements helped make possible.
a doctorate in chemical engineering these years, I miss Bob the most.” Surrounded by a thousand of his
Hungary and building an in 1963 at the University of Califor- Andrew Grove in 1997, displaying a Noyce had died of a heart attack in friends, former employees and even
American business career nia, Berkeley. Even as he was writing DVD drive that would be coupled 1990 at age 62. Five years later, Grove some enemies, he seemed much
what would become a seminal text on with Intel’s new Pentium II processor. was diagnosed with prostate cancer, larger than his shrunken self. And as
that changed the world. semiconductors, he joined Fairchild then a few years later with Parkin- the lights went down, I saw him
Semiconductor. only person in Valley history not son’s disease. Typically, he fought turn and cast his fierce eyes over
It was an uneasy fit. Fairchild charmed by the charismatic Bob back hard, with everything from the audience, surveying his world
More than the careers of Steve was a nexus of young talent and a Noyce, Grove later said he stayed experimental treatments to massive one last time.
Jobs or David Packard or Mark Zuck- rich new market but also a hotbed only because of Gordon Moore, who philanthropic support of research pro-
erberg, Andy Grove’s was the ulti- of chaos and improvisation—pre- had recruited him. grams. And he did it publicly. Not an Mr. Malone writes often for the
mate Silicon Valley story. No one sided over by, in Grove’s eyes, an So, it was one of the happiest days easy thing in the Valley of Youth. But Journal about technology. His books
traveled further in a single lifetime— unforgivably indecisive general of Andy Grove’s life when Mr. Moore Grove let the world see the illness include “The Intel Trinity” (Harper-
from Hungarian refugee to the head manager, Robert Noyce. Possibly the told him he was leaving Fairchild to that slowly twisted his face and Business, 2014).
of one of the world’s most valuable
manufacturing companies. No one
was more central to the making of
the Valley—from the fabled Fairchild
Semiconductor in the 1960s, to the
In Campaign 2016, What’s Old Is News Again
founding of Intel in 1968, to the trade By Joseph Rago answer that question by refighting economy isn’t an opportunity but a about “the children of Reagan,” and
A
war against Japan in the 1980s, to battles from 20 years ago.” disaster, and he promises to revert to he doesn’t mean Maureen, Michael,
the tech revolution’s globalization. merican politics rarely switches But then she warned the audience the 20th-century model. Patti and Ron—his universal solvent
His decision to take Intel Corp. out of into reverse gear, generation- that her ideas “might sound quaint” “I love the old days, you know,” for any problem is to ask: WWRD?
memory chips in 1985 and bet every- ally speaking, but this election and spoke affectionately about the Mr. Trump said in February in Las But the Gipper, himself, didn’t appeal
thing on microprocessors—now the will likely prove an exception, amid union-dominated, corporatist econ- Vegas. “You know what I hate? to the authority of, say, Chester A.
heart of every important electronics so many other departures from nor- omy of the 1950s. She did also happen There’s a guy, totally disruptive, Arthur (Oct. 5, 1829).
device, from cellphones to supercom- mality. On the exit of Marco Rubio to mention the ’90s, twice, when “the John Kasich (May 13, 1952) can’t
puters—has reshaped the modern (date of birth: May 28, 1971), both typical family’s income rose by go three sentences without mention-
world. parties are primed to nominate can- $10,000. Some of you remember that.” Clinton and Sanders are ing his 1983-2001 tour in the House
For Time magazine’s 1997 Man of didates who are older than Barack Perhaps the only historical period stuck in the 1990s. Trump and his 2011-present Ohio governor-
the Year it wasn’t enough to ride the Obama (Aug. 4, 1961) and close to the Democrats don’t want to dissect ship. “I’ve done it twice, folks. I’ll do
tiger of the law named for his friend, George W. Bush (July 6, 1946). More is the past decade. They repudiate seems very 1980s. Cruz it thrice for the United States of
partner and mentor, Gordon Moore, to the point, the debate has a back- the economic results of Mr. Obama’s attaches himself to Reagan. America,” he frequently says. Mr.
or to run Intel. He also found time to ward-looking register that does not governance but not his policies, so Kasich is also fond, for reasons
be a widely read columnist and write attest to much reflection about the the post-2008 years are an awkward Kasich, well, he’s Kasich. known only to him, of name-drop-
two best sellers, “High Output Man- future. subject. But voters have been as ping forgotten political relics like
agement” (1983) and the classic The ancient mariners of the Dem- drawn to a 74-year-old socialist as Tim Penny, Trent Lott and Bono.
“Only the Paranoid Survive” (1996), ocratic Party, Hillary Clinton (Oct. 26, they’ve been underwhelmed by the throwing punches. We’re not allowed Of course, potential presidents are
the title of the latter a summation of 1947) and Bernie Sanders (Sept. 8, charismatic Mr. Rubio’s “new Ameri- to punch back anymore. I love the old supposed to talk about what they
Grove’s business philosophy and a 1941), have spent the balance of the can century” because their prospects days. You know what they used to do have achieved in a lower office, such
phrase still commonly heard across campaign litigating the 1990s. The seem so diminished. to guys like that when they were in a as governor. All campaigns must
Silicon Valley. former House representative has Mrs. Clinton recently got in trou- place like this? They’d be carried out inevitably dredge through former
That is a measure of the awe, and assailed the former first lady for ble for a gaffe about Nancy Reagan on a stretcher.” times, or at least they used to when
fear, that Andy Grove stirred through- Nafta, Wall Street deregulation, wel- and AIDS, which recalled the 1980s, Meanwhile, the political class is voters more highly valued experience
out the electronics industry during his fare reform, the crime bill and other the decade when the political charac- helpless to make sense of such state- and qualifications.
tenure at Intel, until his retirement as remnants of the era aside from neon ter of Donald Trump (June 14, ments, or Mr. Trump’s rise, without And yet. Both parties are converg-
chairman in 2005. If you worked with leggings and the “Macarena.” 1946)—and his taste—was formed. the crutch of historical analogies. Mr. ing on tribunes who would become a
him, for him or, worst of all, competed Mrs. Clinton answered his sniping He’s trailed by the ghosts of the Trump is a new George Wallace, or septuagenarian in the White House.
with him, you knew that in the end, in a Detroit speech this month. She past: Leona Helmsley, Le Club res- Benito Mussolini, or Charles Lind- When politics assumes such a retro-
Andy would win. I once wrote an arti- said the defining U.S. challenge is taurant, Spy magazine, the 2004 bergh; he demands Nazi salutes; the spective and sentimental cast, and so
cle about his beloved Intel that he how to “create the good jobs of the Israeli Day Parade, Roy Cohn, “Fat year is 1968, or 1939, or even 1914. many liberals and conservatives pine
didn’t like . . . and he refused to speak future,” and “I don’t think we can Tony” Salerno. Ted Cruz (Dec. 22, 1970) is a youn- for the recovery of a lost order,
Mr. Trump says he will make ger man selling an older man’s weird things happen.
America great again—an inherently agenda, namely, the one that be-
nostalgic slogan. For the business- longed to Ronald Reagan (Feb. 6, Mr. Rago is a member of the Jour-
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY man and his followers, the modern 1911). The Texas senator often talks nal’s editorial board.
Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp
Gerard Baker
Editor in Chief
Rebecca Blumenstein, Matthew J. Murray

William Lewis
Chief Executive Officer and Publisher
DOW JONES MANAGEMENT:

Notable & Quotable: ‘Only the Paranoid Survive’
Deputy Editors in Chief Ashley Huston, Chief Communications Officer; From “Only the Paranoid Sur- software was ready. Our marketing a fortified palace, and news from
DEPUTY MANAGING EDITORS: Paul Meller, Chief Technology Officer; vive: How to Exploit the Crisis manager had heard of the same sit- the outside has to percolate
Mark Musgrave, Chief People Officer;
Michael W. Miller, Senior Deputy;
Edward Roussel, Chief Innovation Officer;
Points That Challenge Every Com- uation at other companies as well. through layers of people from the
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, Operations; Jennifer J. Hicks, Anna Sedgley, Chief Financial Officer; pany” (Doubleday, 1996) by former I called up the software com- periphery where the action is. . . .
Digital; Neal Lipschutz, Standards; Alex Martin, Katie Vanneck-Smith, Chief Customer Officer Intel CEO Andrew Grove, who died pany’s CEO to tell him what I was The lesson is, we all need to
News; Ann Podd, Initiatives; Andrew Regal, Video;
OPERATING EXECUTIVES: Monday at age 79: hearing and asked, “Are you consid- expose ourselves to the winds of
Matthew Rose, Enterprise; Stephen Wisnefski,
Professional News; Jessica Yu, Visuals
Nancy McNeill, Corporate Sales; ering changing your strategy and change. We need to expose our-
Steve Grycuk, Customer Service; I recently listened to evaluations going directly to the new genera- selves to our customers, both the
Paul A. Gigot, Editor of the Editorial Page; Jonathan Wright, International;
Daniel Henninger, Deputy Editor, Editorial Page DJ Media Group: of a certain highly touted new soft- tion?” He said, “No way.” They ones who are staying with us as
WALL STREET JOURNAL MANAGEMENT: Almar Latour, Publisher; Kenneth Breen, ware from a company whose other were going to stay the course, they well as those that we may lose by
Trevor Fellows, Head of Global Sales; Commercial; Edwin A. Finn, Jr., Barron’s; products we already use. Our head had heard of no one having any sticking to the past. We need to
Chris Collins, Advertising; Jason P. Conti, Legal; Professional Information Business:
Suzi Watford, Marketing and Circulation; Christopher Lloyd, Head; of Information Technology told of problems with their strategy. expose ourselves to lower-level
Joseph B. Vincent, Operations; Ingrid Verschuren, Deputy Head unanticipated obstacles we were When I reported this to the indi- employees, who, when encouraged,
Larry L. Hoffman, Production running into by trying to adopt viduals who brought me the news, will tell us a lot that we need to
EDITORIAL AND CORPORATE HEADQUARTERS: this new software and therefore our IT manager said, “Well, that know. We must invite comments
1211 Avenue of the Americas, New York, N.Y., 10036 said that she was inclined to wait guy is always the last to know.” He, even from people whose job it is to
Telephone 1-800-DOWJONES
until the following generation of like most CEOs, is in the center of constantly evaluate and critique us.
A12 | Wednesday, March 23, 2016 * * THE WALL STREET JOURNAL.
WORLD NEWS
Ukraine Pilot Gets Prison Term in Russia

U.S. decries 22-year while Russian authorities said
she traveled voluntarily. Her
sentence for officer lawyers said in court that
who became symbol phone records proved she was
already in captivity when two
of national resistance Russian journalists were killed
in a mortar attack.
BY LAURA MILLS Lt. Savchenko said earlier
that she wouldn’t appeal any
MOSCOW—A Russian court conviction as she had no faith
sentenced Ukrainian military in the Russian justice system,
pilot Lt. Nadiya Savchenko to according to a post on the
22 years in prison Tuesday, Facebook page of Mark Feigin,
drawing condemnation and one of her lawyers.
calls for her release from Kiev The verdict brings to a
and Western capitals. close a monthslong trial
A judge convicted Lt. marked by frequent displays of
VASILY MAXIMOV/AGENCE FRANCE-PRESSE/GETTY IMAGES

Savchenko of facilitating the defiance from Lt. Savchenko,
murder of two Russian TV from verbal sparring with the
journalists in eastern Ukraine judge to hunger strikes.
in 2014 by guiding a mortar As the judge neared the end
attack. Lt. Savchenko, 34 years of the verdict, Lt. Savchenko
old, broke out singing a Ukrai- burst into a song about an up-
nian revolutionary song as the rising that ousted a pro-Rus-
judge finished the two-day sian president two years ago.
reading of the verdict, forcing After the sentence was read
a break before the sentence out, Mr. Poroshenko’s spokes-
was read. She denies the man, Svyatoslav Tsegolko, un-
charges. furled a Ukrainian flag.
Ukrainian President Petro The case has been con-
Poroshenko said after the ver- demned as a show trial in
dict that Ukraine didn’t recog- Ukraine and in the West. Am-
nize the court decision, but Lt. Nadiya Savchenko, seen in a defendant’s cage Tuesday, broke out in song as the judge finished reading the verdict in her trial. nesty International’s director
that he was willing to ex- for Europe and Central Asia,
change two Russian soldiers said Russia would act “in in a nearly two-year conflict Russia has held several TV journalists in eastern John Dalhuisen, called the
awaiting trial in Kiev in return strict accordance with na- with Russian-backed separat- high-profile trials against Ukraine. proceedings a “flawed, deeply
for Lt. Savchenko, who has be- tional law.” ists in the east of the country. Ukrainian citizens since 2014, Lt. Savchenko was on leave politicized trial.”
come a symbol of national re- U.S. State Department She was elected to parliament when Moscow annexed the from the Ukrainian army and Mr. Poroshenko said he was
sistance in Ukraine. spokesman John Kirby said after her capture by pro-Rus- Black Sea region of Crimea fighting in a controversial vol- prepared to exchange Lt.
“President (Vladimir) Putin the sentence demonstrated “a sian separatists in June 2014 and Russia-backed separatists unteer unit against Russia- Savchenko for two men Kiev
said that after the court deci- blatant disregard for the prin- and her portrait has adorned began fighting in east Ukraine. backed separatists in eastern says are Russian soldiers and
sion he would return Nadiya ciples of justice,” and called the rostrum of the chamber The court in the southern Ukraine when she was cap- who have been in Ukrainian
Savchenko to Ukraine,” said for Lt. Savchenko to be imme- and screens in the country’s Russian town of Donetsk near tured by rebel forces in late custody since May 2015. Rus-
Mr. Poroshenko. “The time has diately released and sent back main airport. In Russia, propa- the border with Ukraine ruled June 2014. She resurfaced in sia’s Defense Ministry has de-
come to carry out that prom- to Ukraine. ganda channels have vilified that Lt. Savchenko had di- Russian custody in early July. nied they were active soldiers
ise.” Lt. Savchenko has become a her as a dangerous killer with rected the fire in a mortar at- She said she was forcibly at the time of their capture in
A spokesman for Mr. Putin symbol of Ukrainian resistance nationalist, anti-Russian views. tack that killed two Russian transferred across the border, east Ukraine.
Gambia Gambit Feeds Suspicions in Taiwan Mystery of

the U.S. and other major pow-
ers maintain the equivalent of
Suu Kyi’s
embassies in Taipei. Their offi-
cers issue visas, promote
trade, produce political reports
New Role
and join the diplomatic cock-
tail circuit. These influential
friends are far more useful to
Is Solved
Taiwan than its regular diplo- BY SHIBANI MAHTANI
CHINA’S WORLD matic buddies. America, as AND MYO MYO
ANDREW BROWNE Taiwan’s main military backer,
ultimately guarantees Taiwan’s YANGON, Myanmar—Rul-
survival as independent in all ing-party leader Aung San Suu
SHANGHAI—Before they but name. Kyi will take a cabinet role in
DING HAITAO/XINHUA/ZUMA PRESS
called a truce in 2008, a con- Nor do diplomatic ties the incoming Myanmar gov-
test between China and Tai- make a country under interna- ernment, the speaker of par-
wan to capture each other’s tional law. The Montevideo liament said.
diplomatic allies among the Convention discusses four In a brief session of parlia-
world’s most impoverished na- qualifications for statehood: A ment on Tuesday, Speaker
tions had gotten out of hand. permanent population, a de- Mahn Win Khaing Than an-
China, wielding a larger fined territory, a government, nounced the names of 18 min-
checkbook, was poaching Tai- and the capacity to enter into isters who will form the cabi-
wan’s few remaining diplo- relations with other states. net led by Myanmar’s first
matic friends to isolate the The Gambian and Chinese foreign ministers signed the resumption of ties on March 17 in Beijing. Taiwan easily meets all of democratically elected govern-
government of then-President these definitions. ment in half a century. Ms.
Chen Shui- Last week, Beijing estab- force if necessary. have almost no global clout. What’s more, the conven- Suu Kyi, whose role in the ad-
bian, a pro-in- lished diplomatic ties with The main effect of Beijing’s tion declares that “the political ministration has been the sub-
G
dependence Gambia, a sub-Saharan African resumption of the diplomatic ambia, with a popula- existence of the state is inde- ject of intense speculation,
hothead with nation that used to be friends tug of war will be to inflame tion of just 1.9 million, pendent of recognition by the was included.
the Demo- with Taiwan. It did so when public opinion on Taiwan, broke off diplomatic re- other states.” A list distributed by the
cratic Pro- Mr. Ma was in Latin America where nervousness already lations with Taiwan in 2013, Arguably, Taiwan’s status in parliament office showed that
gressive Party meeting some of Taipei’s dip- runs high about China’s in- expecting to find friendship the world is underpinned by Ms. Suu Kyi will head four
that Beijing despises. lomatic partners. creasing economic sway over with a more richly endowed its thriving democracy, its eco- portfolios—minister for for-
Taiwan’s efforts to stay in Political analysts in Taiwan the island. benefactor, but in the spirit of nomic prowess and its attrac- eign affairs, minister in the
the game had gone embarrass- widely read Beijing’s move as a On Monday, Taiwan’s top the truce Beijing then showed tive social values—not the president’s office, minister for
ingly awry: A scandal over a warning to President-elect Tsai security agency said China’s no interest. flags that flutter from ambas- education, and minister for
missing $30 million paid to Ing-wen of the Democratic move was intended to put Some in Taiwan believe sadorial limousines in the cap- electricity and energy. These
middlemen to try to get Papua Progressive Party, who takes pressure on Ms. Tsai to “fall in that the island needs these ital. roles, which haven’t yet offi-
New Guinea to switch recogni- office in May after a landslide line” before her May 20 inau- countries to speak up for its Nevertheless, the Taiwan- cially been announced, will be
tion from Beijing forced the electoral victory. guration, Reuters News interests in the United Nations ese bitterly resent Beijing’s ef- put to a parliamentary vote
foreign minister and two other Agency reported. The National and other international bodies forts to diminish the island’s later this week.
P
senior officials to resign. A few ersonally, Ms. Tsai has Security Bureau, in a report to that exclude Taipei. international status. Ms. Suu Kyi’s National
months later, after presidential come out in favor of the the legislature, warned that And decades of government Ms. Tsai herself was cau- League for Democracy swept
elections, the Nationalist status quo, rather than the island’s remaining diplo- propaganda have conditioned tious on China’s move. In an to victory in elections in No-
Party’s Ma Ying-jeou took over independence for Taiwan, but matic ties are now at risk. the Taiwan public to believe interview with the island’s vember and many citizens re-
as leader and proposed a halt that’s not good enough for The bigger puzzle is why that formal diplomatic ties is a China Times she called for gard her as their rightful
to the rivalry. Beijing agreed as Chinese leaders who want her Taiwan cares as much as it marker of nationhood and that “goodwill” on both sides. leader. However, she is barred
a token of goodwill. to at least nod to their cher- does about this diplomatic the island’s place in the world The alternative is a flare-up from the presidency by a con-
But now that the China- ished “One China” principle. struggle with China, a legacy is wrapped up in embassies of tensions in East Asia—and stitution written under the
friendly Mr. Ma is getting China views Taiwan as a way- of their Cold War hostility. Ex- and the pomp of state visits. an unseemly scramble for dip- former military regime be-
ready to step down, the infor- ward province that must be cept for the Vatican, the is- None of these arguments lomatic favor among the cause she has close foreign rel-
mal truce is falling apart. united with the mainland, by land’s 22 diplomatic friends make much sense. For a start, world’s minnows and paupers. atives. Her two sons are Brit-
ish, as was her late husband.
Parliament last week con-
Rob Ford, Toronto Mayor Marked by Scandal, Dies firmed a confidant of Ms. Suu
Kyi, Htin Kyaw, as president.
She has said that she expects
to run the Southeast Asian
BY BEN DUMMETT race. He projected himself as tigative report alleging that he country behind the scenes.
an everyman, despite his fam- smoked crack cocaine. Representatives from the
TORONTO—Rob Ford, the ily’s wealth, focusing on bread- In response, Mr. Ford said NLD declined to comment on
controversial former Toronto and-butter issues and attack- he didn’t use cocaine and or confirm the cabinet ap-
mayor, died Tuesday after a ing what he called the city hall wasn’t a crack addict. But then pointments.
cancer diagnosis “gravy train.” in November, Mr. Ford admit- On Monday, the parliament,
OBITUARY put an end to a That approach allowed him ted to smoking crack cocaine in its first legislative act, cut
ROB political career to build a loyal suburban base “during one of my drunken the number of ministries to 21
FORD that had been that became known as “Ford stupors.” He apologized, but from 36. Mr. Htin Kyaw, who
1969-2016 watched around Nation,” and to exploit the di- refused to step down, saying takes office April 1 along with
the world be- vide between suburban and he was neither an alcoholic the rest of the new govern-
cause of the pol- downtown residents, whom he nor drug addict. The city ment, said the measure would
MARK BLINCH/REUTERS
itician’s admitted drug use and derided as elites and whose council stripped him of the save about $4 million over the
public lewd behavior. support he never won. most of his powers. five-year term and increase ef-
Mr. Ford, who died at a To- He never abandoned the Still, the mayor retained ficiency. With only 18 minis-
ronto hospital at age 46, had political formula he used to much of his political support, ters overseeing 21 ministries,
been receiving treatment since win the 2010 mayoralty elec- confounding many of his skep- some will take on multiple
the fall of 2014. The Ford fam- tion by a wide margin and tics as he continued to push portfolios.
ily announced the death in a without significant support Mayor Ford arrived at his family’s ‘Ford Fest’ in Toronto in 2014. his populist message of “fight- The constitution reserves
short emailed statement to from downtown wards. ing for the little guy.” security ministries for the mil-
media, requesting privacy. His sharp political instincts accused of making an obscene phone, an illegal act for To- He withdrew from a re-elec- itary, which also gets a quarter
A veteran municipal coun- were often overshadowed by gesture at a woman and her ronto drivers. At the time, the tion bid in 2014 to undergo of seats in parliament, enough
cilor and the son of a family his outlandish behavior, which daughter as they waited at a mayor’s office called the inci- chemotherapy to treat a ma- to veto any constitutional
prominent in Conservative became increasingly the focus stoplight next to a car the dent “a misunderstanding.” lignant liposarcoma. Mr. Ford changes. The list of ministers
Party circles, Mr. Ford beat out of national and then interna- mayor was driving. The In the spring of 2013, Mr. then ran instead for city coun- included two members of the
the city’s deputy mayor and tional attention. woman told reporters she had Ford’s troubles became more cil. He won that seat. former ruling, military-linked
Ontario’s deputy premier to In July 2011, after less than given him the thumbs down serious when the Toronto Star Rob Ford is survived by his Union Solidarity and Develop-
take the October 2010 mayor’s a year in office, Mr. Ford was while he talked on his cell- newspaper published an inves- wife, Renata, and two children. ment Party.
URBAN GARDNER A14 | CITY NEWS A15 | FOOD & DRINK A16 | ARTS & ENTERTAINMENT A17 | SPORTS A18
African Stars
At the Apollo Spit It Out
ASSOCIATED PRESS
ARTS | A17 City to ban chewing tobacco at stadiums | A18
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | A13
On Heightened Alert
Land Deal Is Examined
Comptroller questions had limited the use of Riving- ums, over the objections of the public’s benefit,” Mr. Finan
ton House on the Lower East some community leaders. said.
decision by city agency Side to a not-for-profit resi- Officials in the mayor’s of- Since March 1, all deed re-
to lift deed restrictions; dential health-care center. The fice and at the Department of striction applications at DCAS
118-year-old, 150,000-square- Citywide Administrative Ser- have been placed on hold
sale netted $72 million foot building at 45 Rivington vices, the agency that lifted pending a top-down review of
KEVIN HAGEN FOR THE WALL STREET JOURNAL
St. had previously served HIV/ the deed restriction, had un- the agency launched by the
BY REBECCA DAVIS O’BRIEN AIDS patients. derstood at the time that the new commissioner, who took
In early 2015, the Allure property would be turned into office in January, Mr. Finan
The New York City comp- Group, a for-profit nursing a for-profit nursing home, said.
troller is examining a decision care provider, purchased the Austin Finan, a spokesman for A representative from Al-
by Mayor Bill de Blasio’s ad- building for $28 million, and Mr. de Blasio, said Tuesday. lure couldn’t be reached for
ministration to lift deed re- months later paid the city “The city was as disap- comment.
strictions on a Manhattan $16.15 million to remove the pointed as local residents to In a March 7 letter to DCAS,
building, a move that led to a restrictions that limited the later learn not only that the Mr. Stringer questioned
nursing home operator making building’s use, records show. property would no longer pro- whether the deal shortchanged
a $72 million profit off the About three months after vide needed health services taxpayers and cited concerns
property’s sale. the city lifted the restrictions, but that the valuation of the about a lack of public discus-
SHOW OF FORCE: Deadly attacks in Brussels prompted New York Comptroller Scott Stringer Allure sold the building for deed restriction did not reflect sion about lifting the deed re-
Police Commissioner William Bratton to deploy more counterterrorism has asked a city agency for de- $116 million to a residential current market values that strictions.
units throughout the city. Coverage of the bombings is on A1, A6, A7. tails on its decision last year developer that plans to con- could have generated afford- Mr. Stringer, a Democrat
See a video of Mr. Bratton and Mayor Bill de Blasio at WSJ.com/NY to remove restrictions that vert it into luxury condomini- able housing or other uses for Please see SALE page A16
Measure Legalizing
Mixed Martial Arts
Passes in Assembly
BY ZOLAN KANNO-YOUNGS who added he has been talking
AND ERICA ORDEN in recent days to officials at
Madison Square Garden, Bar-
ALBANY—Hours before the clays Center and arenas up-
New York state Assembly state.
passed a bill Tuesday to legal- He said Bellator, owned by
ize mixed martial arts, the New York-based Viacom, is
president of an MMA major targeting August for its first
RICHARD BEAVEN FOR THE WALL STREET JOURNAL (2)

league was already planning event in the state.
events with venues across the “We’re in constant commu-
state. nication with the marquee
Scott Coker, president of MMA content providers and
Bellator MMA, said he had plan to bring the best of the
waited long enough to capital- sport to Brooklyn and deliver
ize on New York—the last the fights that fans want,”
state in the U.S. to move to le- said Brett Yormark, chief exec-
galize the sport. utive of Brooklyn Sports and
“There’s been a lot of false Entertainment, which oversees
starts in the past, so now peo- business operations and mar-
ple really realize it’s going to keting for Barclays Center.
happen,” Mr. Coker said. “The A spokesman from Madison
phone’s been ringing today.” Square Garden said MSG “will
now have the opportunity to A parishoner at St. Joseph’s Church in Poughkeepsie, N.Y. Below, children perform at the church’s annual St. Joseph’s Day feast.
host the first-ever UFC event
MMA will be under
Merged Parishes Make Voices Heard
by year’s end.…”
the supervision of For three hours on Tuesday
afternoon, Albany legislators
the New York State touched on everything from
Athletic Commission. “fight clubs” to violent video- BY MELANIE GRAYCE WEST very clear that the Polish na-
games, to slavery, to traumatic ture of our church—and the
brain injuries. The topics of Over the weekend, an annual personal nature of our church
The Democratic-controlled discussion incorporated even feast honoring St. Joseph took as a Polish-ethnic church—the
Assembly passed the bill pornography. on added significance for mem- cardinal needs to give us the
113-25 after three hours of of- “You have two nearly na- bers of the Roman Catholic right to carry on our worship in
ten raucous debate. The Re- ked, hot men trying to domi- parish by that name in Pough- that fashion, and we’ve been
publican-led Senate already nate each other,” said Assem- keepsie, N.Y. doing it since the church was
passed a version of the bill. blyman Daniel O’Donnell, a The parish was among those established in 1901.”
Gov. Andrew Cuomo, a Demo- Manhattan Democrat who is effectively closed last summer The amendments, which in-
crat, indicated he would sign openly gay. “That’s gay porn by the Archdiocese of New clude details on when unused
it into law. with a different ending.” York, part of 2015’s sweeping churches may be open and how
The move signaled an end But some politicians have reorganization of some 360 membership is defined for
to a yearslong battle in Albany supported MMA. Brooklyn parishes across the region. newly merged parishes, apply
for the forces of MMA. Many borough President Eric L. Ad- Dozens of parishes merged, re- to formal decrees created by
in the Assembly want nothing ams said legalizing the sport sulting in many closing or cut- the Archdiocese of New York
to do with what they describe is “about dollars and making ting back on services. when it announced the mergers
as a unacceptably violent sense.” St. Joseph parishioners took in November 2014. Decrees are
sport. “All over, every state but their appeal to the Vatican, and critical documents in canon
With the passing of the bill, New York has MMA, and for last week they got their answer law.
many promoters, fighters and people to deny New York, it in the form of an eight-page, In the case of St. Joseph, the
venue officials with connec- basically states that we’re do- 28-point response from the seph with St. Mary’s, a nearby the archdiocese that you just amendment says, the building
tions to New York are ready to ing economic development for Congregation for the Clergy, a parish also in Poughkeepsie, can’t arbitrarily close churches may be used for public and pri-
take advantage of the market every state but New York Vatican office that handles is- the Vatican office provided and not allow the people to use vate worship. In addition, it is
for the first time since the state,” Mr. Adams said. sues concerning priests and amendments that restore some it,” said Charles Shaw, a parish- to be open for the feast cele-
sport was outlawed in the MMA will be under the su- parishes. protections to parishioners who ioner of St. Joseph who has bration of the parish’s patron
state in 1997. pervision of the New York While it didn’t reverse the lost their houses of worship. helped to lead the appeals pro- saint and its anniversary.
“If you just look at the de- State Athletic Commission, archdiocese’s merger of St. Jo- “The Congregation is telling cess. “The Congregation was Please see CHURCH page A14
mographics and the martial- which also supervises boxing.
arts community there in New The legislation requires health
York City, I think it’s going to
be a big supporter of MMA
and a big hit,” said Mr. Coker,
insurance that covers life-
threatening injuries and guar-
Please see MMA page A14
Political Offensive Buoys Rezoning 67° TODAY’S
Weather
Real Feel
BY JOSH DAWSEY hind-the-scenes wrangling and have done more to stop law- 9 a.m. 47°
HIGH
AND MARA GAY deal-making, often with Mr. de makers and groups opposed to 5 p.m. 61°
Blasio and top aides intimately building affordable housing in
Record Low
New York Mayor Bill de Bla- involved. their neighborhoods from get-
12° (1875)
sio’s top aides felt momentum Some opposition to the ting their way.
building earlier this month for plan’s key elements remained, Only last fall, the plan had SUNNY, Sunrise/Sunset
their rezoning plan, and they though the council overwhelm- met with almost unanimous op- HUMID 6:53 a.m./7:12 p.m.
didn’t want it slowed by an- ingly approved them. Security position by council and bor-
other rowdy protest. teams removed protesters who ough boards. Hundreds of peo- Thursday’s High
So the night before a union- shouted at the council as it de- ple attended public meetings
backed coalition called Real Af- liberated. and accused the administration
62°
fordability for All was set to Many lawmakers said they of favoring developers and ig-
stage a demonstration March 9, believe the protests reflected noring residents’ needs.
the mayor’s office persuaded anxiety among some New York- “The continued pushback N.Y. Sports Lineup
the group to cancel. ers that they will be priced out was important to giving us le-
Instead, Mr. de Blasio stood of neighborhoods they have verage,” said Ms. Mark-Viverito, 7 p.m. Wednesday
on the City Hall plaza with a long called home. who added that the de Blasio Senators
bullhorn and led a rally of his “People bring an honest administration “couldn’t ex- @ Islanders
own. By the following Sunday, question,” said Councilman plain what they were proposing
administration officials and top Ydanis Rodriguez, a Manhattan and what these changes
GETTY IMAGES
City Council aides had ham- Democrat who voted yes. “Will meant.” 8 p.m.
mered out most of the deal that the plan work?” Sometime after November, Wednesday
council Speaker Melissa Mark- Councilman Jumaane Wil- the administration altered Bruins
Viverito announced last week. liams, a Democrat from Brook- course. Mr. de Blasio began to @ Rangers
Randy Brown, right, of Jamaica throws a kick against Matt The council passed the plan lyn, voted no. He said the mea- meet one-on-one with council
Dwyer of Canada in a bout at the Prudential Center in Newark. Tuesday after months of be- sure, while good overall, should Please see MAYOR page A14 For N.Y. sports coverage, see A18
CITY NEWS
RALPH GARDNER/THE WALL STREET JOURNAL (3)

A Personal Crest
Would Be Nice, future generations, I’m not
sure they’d want to be asso-
ciated with a lush.
I was growing excited at
the prospect of friends and
acquaintances opening a
But at What Cost?

I am a writer, however. “I thank-you note from me, and
can incorporate a quill, an being greeted by a tasteful
ink bottle, a book,” Mr. sugar maple in full leaf. So
Morentz offered. what if I haven’t written a
Smythson, a luxury statio- There are probably many Sounded sort of hokey. thank-you note, at least by
nery and leather-goods store, reasons my family never ac- Perhaps a pair of binocu- any means other than elec-
has been on Bond Street in quired one over the years, lars, since I’m an avid bird tronically, in years. I still
London since 1887. But it has among them our heritage. I watcher. The calligrapher have a box of unused statio-
been at 667 Madison Ave. for was under the impression suggested a bird sitting on nery dating from the 1980s.
just a couple of weeks, hav- that coats of arms were re- the “G,” in particular on the But I might start if I had
ing moved from West 57th stricted to those who could “beard,” as he explained that suitably august paper and
Street. trace their lineage back to little ledge in the uppercase envelopes.
Its clients the Knights of the Round Ta- is called. “The line can be ex- Sadly, my budding excite-
over the ble, or whatever. And I tended,” he said. “That can ment waned as soon as I
years have wasn’t aware of any Jewish function as a perch. Or the discovered the price: start-
included roy- ancestors that engaged in bird can sit atop the ‘R.’ ” ing at around $1,000 for 100
als ranging jousting. To be honest, I was start- cards.
from Queen But Barry Morentz, a cal- ing to feel unworthy. If I misspell a word, as I
URBAN Victoria to ligrapher who had been in- Clockwise from top left: Monograms Smythson created for Ralph We finally settled on a frequently do, and have to
GARDNER Princess Di, vited to assist me, suggested Gardner; calligrapher Barry Morentz; a sample of his work. simple maple tree, in dark start over I’m already down
RALPH Indian maha- I not jump to conclusions. green with hand-bordering 10 bucks. Smythson gra-
GARDNER JR. rajah HH “The Rothschilds had quite a terest,” he said. For example, Mr. Morentz, who told me on “ermine white laid” note- ciously offered to make me a
Prince wonderful crest,” he ob- if I were an architect I might he has been celebrated for cards. And the envelopes prototype, no strings at-
Dhairyashil- served. “I was at their plea- include drafting tools. But his penmanship since he at- would have matching green tached.
rao Gaekwar of Baroda, Kath- sure palace, Waddesdon I’m not an architect. tended P.S. 226 in Brooklyn, tissue lining. Maybe what I’ll do is take
arine Hepburn, Sigmund Manor.” “You might incorporate a mulled over symbols that “It’s really labor-inten- it home and make a thou-
Freud, and now possibly me. What Mr. Morentz didn’t golf club into the design,” he might encapsulate my wide- sive,” explained Anthony sand copies on my printer. I
The store asked whether say was that the Rothschild added, “depending what the ranging interests. Flynn, Smythson’s assistant realize it won’t have the
I’d be interested in having a coat of arms was granted by letters are.” I enjoy the occasional manager and bespoke statio- same impact as if the art-
personal crest created. Emperor Francis II of Aus- I don’t play golf. Besides, cocktail, which I suppose nery consultant. “Large tables work were stamped onto
Which may sound flattering, tria. Would mine be legiti- my initials—the letters R and could be denoted by a bottle, of ladies who sit around Eng- specially milled, water-
until you realize they’re as- mate if it came from a statio- G—might look weird with a jigger, flask or swizzle stick. land and chat” while they’re marked paper.
suming I don’t already have nery store? putter jutting from one of “The ‘G’ can be turned into a lining envelopes. “You can al- Then again, I won’t lose
a personal crest. “Or you can incorporate a them. Then again, maybe I wine glass quite easily,” Mr. most imagine the same pro- sleep every time I have to
In my case, that happened graphic into a monogram was just suffering from lack Morentz said. But if I’m cess being done 100 years throw a piece of stationery
to be a valid assumption. that speaks to a personal in- of imagination. passing down my insignia to ago.” into the trash.
CHURCH MAYOR staff outlined the challenges in

every council member’s dis-
trict—from height concerns to
overcrowded transit. “We pre-
Continued from page A13 Continued from page A13 pared a document for every
Finally, an amendment al- members. “He really turned on single member,” she said.
lows for all St. Joseph parishio- his charm offensive,” said one Several factors came to-
ners to formally become mem- councilman who met with the gether to seal the deal.
bers of the newly merged mayor. In early March, the adminis-
entity. St. Joseph is a so-called About a dozen members of tration agreed to require some
personal parish, meaning its the mayor’s staff began to meet developers to build housing for
membership isn’t defined by daily for at least an hour in those making 40% of the area
RICHARD BEAVEN FOR THE WALL STREET JOURNAL
geography but instead by the what they called a “war room” median income—or about
particular population—in this to discuss strategy. They $31,000 a year for a family of
case, Polish Catholics—that it reached out to council mem- four. Until then, the plan had
serves. bers, touched base with small required developers to include
Without the amendment coalitions, worked with com- some apartments that could be
concerning membership, ac- munity newspapers and
cording to Sister Kate Kuen- courted unions and influential
stler, a canon lawyer advising ministers, according to a city
‘These new rules on
St. Joseph and other parishes official briefed on the matter. developers are going
in the region, parishioners of Eventually, the administra-
St. Joseph were effectively tion made 17 commitments in a
to shape the city
locked out of having much say March 17 letter to the council, for generations.’
in what happens in the newly with some not associated with
merged parish entity. The Parishioners at the merged St. Joseph’s Church listen to an update on their appeal to the Vatican. building housing, including one
amendments can aid them in to look at ways to get more affordable to people who made
preserving their church build- and provide “parameters of a added. Those five cases include ment, and while the merger fresh food into certain council 60% of the area median income,
ings and community, she said. parish merger.” St. Elizabeth of Hungary and didn’t completely close the par- districts. or about $47,000. While some
“I see the Vatican paying Parishioners can further ap- Our Lady of Peace, two Upper ish, it did affect the frequency One person close to the liberal council members still
very close attention to a church peal decisions on mergers. The East Side parishes that were of Masses, he said. mayor said the administration weren’t soothed, Ms. Mark-Viv-
building,” said Sister Kuenstler, archdiocese said it doesn’t plan completely closed last July. It too benefited from a deci- was willing to “basically do erito was appeased.
“to remain in use as a church to challenge the Vatican’s latest We “believe that when they sion by the Congregation for whatever it took to make this Then, Real Affordability for
building.” rulings. Of the 14 appeals that have received all of the infor- the Clergy, which it received happen.” All agreed to sign on. That took
The amendments don’t up- have gone to the Congregation mation that they requested, this month. The revised decree “The council had all the heat off liberal council mem-
end the archdiocese’s decisions, for the Clergy, said Mr. Zwill- that the Congregation will up- says that “the church of St. An- cards here,” said Councilman bers. And, in final talks, the ad-
and they won’t grant parishio- ing, technical amendments hold those decisions,” said Mr. drew will continue to remain Donovan Richards, a Queens ministration agreed to height
ners the power to bring back a were offered to decrees in six Zwilling of the five remaining open to the daily access of the Democrat, because the plan restrictions and concessions on
beloved pastor or resume regu- cases, including St. Joseph. In cases. faithful and for the daily and was a mayoral priority but senior housing, including the
lar Masses. three cases, no amendments Joseph Canepa has led the Sunday celebration of Holy couldn’t pass without the coun- preservation of some parking
Joseph Zwilling, a spokes- were offered. appeals process for St. An- Mass with a regular schedule.” cil. spaces.
man for the Archdiocese of Another five cases are out- drew’s, a lower-Manhattan par- The Congregation for the The deal anchors the Just to be sure, on Tuesday
New York, said the amend- standing, and the Congregation ish that was formally merged Clergy’s amendments to St. An- mayor’s plan to build or pre- morning, the mayor’s office
ments from the Congregation for the Clergy has sought addi- with Our Lady of Victory. St. drew’s honor the unique mem- serve 200,000 units of afford- was still asking council mem-
for the Clergy clarify unclear tional information from the Andrew’s serves primarily bership of the parish, a deci- able housing, a cornerstone of bers who were expected to vote
aspects of the reorganization archdiocese, Mr. Zwilling court officers and law enforce- sion Mr. Canepa called “a gift.” his 2013 mayoral bid. It forces no to change their minds.
developers to include afford- Several who were out sick
able units when erecting apart- were offered rides to City Hall
MMA have worked with us to advo-

cate passage of this bill,” said
UFC chairman and CEO
Lorenzo Fertitta.
Mr. Belber said he would
prioritize MMA over other
sports, including the Albany
Devils, the affiliate of the
other health support for
fighters.
Mr. Washington added that
he is already getting calls
ment buildings while changing
zoning to allow them to build
bigger and taller towers.
“These new rules on devel-
by the administration if they
would come in and vote, ac-
cording to people familiar with
the matter.
Continued from page A13 The regional director for New Jersey Devils. from his former fighters who opers are going to shape the
antees revenue for the state. SMG, a venue-management Many promoters in New left the state to turn profes- city for generations,” said Wi-
Venues will be allowed to hold group, said he is planning to York City said the most im- sional. ley Norvell, a spokesman for We Want to Hear
events 120 days after the bill hold UFC events this fall at portant part of the bill is that The current Bellator light- the mayor’s office. From You
is signed into law. the Times Union Center in Al- it would regulate MMA at the heavyweight champion, Liam The administration hired a Have something to say about
The Ultimate Fighting bany. amateur level, which has McGeary, said he can’t wait political consultant, partially an article in Greater New
Championship—the biggest “The first major event that been legal but run without to fight in New York, where funded by the Campaign for York? Email us, along with
player in mixed martial arts— comes into this facility, with health requirements. he resides. One New York, a political group your contact information, at
has said MMA would gener- our 17,000 capacity, I don’t Mike Washington, owner “I’ve fought in the West affiliated with Mr. de Blasio, to gnyltrs@wsj.com. Your letter
ate more than $68 million an- think there’s any question if of the New York Fight Ex- Coast, I’ve fought in the mid- wage a campaign for the plan. could be published in our
nually in economic activity in there’s a championship-style change, a Long Island ama- dle of America,” said Mr. The push involved television weekly Feedback column on
New York, nearly half of that event that will sell out all teur MMA circuit, said the McGeary, who lives in Brook- and radio ads, rallies and social Friday. Letters will be edited
in upstate cities. 17,000,” said Bob Belber, who bill would get rid of “wild lyn. “To be able to fight in media. for brevity and clarity. Please
“New York’s amazing are- also oversees arenas in Syra- west promoters” who don’t the state I call my home With large maps in her of- include your city and state.
nas—upstate and downstate— cuse and Rochester. pay for ambulance crews and would be incredible.” fice, Ms. Mark-Viverito and her
THE WALL STREET JOURNAL. * * * * * Wednesday, March 23, 2016 | A15
CITY NEWS
Democrats Push Gearing Up for the Auto Show

Senate Measure
To End Tax Break
BY MIKE VILENSKY Leo Hindery, a manager at
InterMedia Partners, a New
Democrats in the New York York-based private-equity
state Legislature this year are fund, is advocating for Mr.
seeking to close what they call Klein’s effort even though it
the carried interest loophole, a would raise his taxes.
tax break that benefits pri- “I’m the beneficiary of this,
vate-equity and hedge-fund and, I think, improperly,” he
managers. said of the tax structure. Mr.
Sen. Jeff Klein, a Bronx Hindery said fund managers
Democrat, plans to introduce a don’t assume the same risk as
bill Wednesday that would their clients, so they shouldn’t
raise taxes on those who now be taxed the same way.
pay the lower rate. Congres- Proponents of the current
sional Democrats have long tax structure disagree, saying
tried to tackle the issue, which that investment gains are the
has received new attention in result of a partnership be-
the 2016 presidential election. tween clients and managers,
and that the tax rates should
be the same.
The bill in New York “There is zero difference
MIKE SEGAR/REUTERS
is being coordinated between carried interest and
any other type of capital gain,”
with efforts in Alexander Hendrie, federal af-
neighboring states. fairs manager for the trade
group Americans for Tax Re-
form, wrote in a rebuttal to SWEET RIDE: A Trans Am is prepped Tuesday ahead of the New York International Auto Show, which opens Friday at the Javits Center.
Carried interest refers to a the Assembly’s proposal.
part, sometimes a majority, of Lawmakers in Washington
a fund manager’s income that have sought unsuccessfully for
Christie Holds Firm on Atlantic City

comes from taking a percent- decades to end the tax break,
age of clients’ investment but the issue gained momen-
gains. Those sums are allowed tum earlier this year when Re-
to be treated as capital gains, publican presidential front-
profits from investments that runner Donald Trump and BY HEATHER HADDON wouldn’t adequately protect At- Prieto said in an interview. “He tions plummet since 2006 as
are taxed at a lower federal former GOP candidate Jeb lantic City workers’ collective- has the ability to be able to casinos have opened in sur-
rate than ordinary income. Bush came out in support of New Jersey Gov. Chris Chris- bargaining rights. avoid this problem.” rounding states.
Legislators in New York the idea. tie said Tuesday he won’t send “If both bills do not come to The governor also criticized Kevin Roberts, a spokesman
can’t change the federal tax President Barack Obama, Atlantic City a no-strings-at- my desk in exactly their current Atlantic City Mayor Don Guard- for Mr. Christie, said the bills
structure, but the new bill Democratic presidential front- tached financial rescue package, form, I will not sign them,” Mr. ian, a Republican, for opposing are “collecting dust on the
would add a state tax to part runner Hillary Clinton and standing firm a day after the Christie said. “And if what that the bill that would allow the speaker’s desk because he is
of a fund manager’s profits Democrat candidate Bernie city’s mayor said he planned to means is that Atlantic City goes state to take over much of the playing public union politics.”
that offsets the carried inter- Sanders have voiced support shut down the government. bankrupt, then go to Vincent city’s operations. A spokesman “This is on him exclusively
est tax break. for changing the tax structure Mr. Christie demanded the Prieto’s office and ask him for Mr. Guardian, who has and he has offered no alterna-
Fund managers “are selling for fund managers. state Assembly approve two why.” called the takeover a “fascist tive,” Mr. Roberts said.
a service,” Mr. Klein said in an A spokeswoman for Demo- bills passed this month by the Mr. Prieto said Tuesday that dictatorship,” said the mayor Mr. Prieto said it is the gov-
interview Tuesday, “and cratic Gov. Andrew Cuomo said Senate that would authorize he has asked Mr. Christie to sit would comment on Mr. Chris- ernor who has “refused to sit
should be taxed at the same he would review the legisla- the state to take over Atlantic down with him and the Legisla- tie’s criticisms and the City Hall down with all parties and nego-
rate for the fruits of their lation. City’s government and provide ture’s other Democratic leader, closures during a news confer- tiate.”
bor” as any other worker. Mr. Klein’s bill is being co- the city with financial relief. At- Senate President Stephen ence Thursday. “It’s on him,” said Mr. Prieto,
A spokesman for the Senate ordinated with efforts in Con- lantic City’s mayor and Assem- Sweeney, to negotiate for On Monday, Mr. Guardian referring to Mr. Christie. “It’s
Republicans, the majority in necticut, New Jersey and Mas- bly Speaker Vincent Prieto have weeks. He hasn’t gotten any re- said a stalemate over how to he who caused this problem.”
the chamber, declined to com- sachusetts, a strategy voiced criticism of the bills. sponse, he said. help Atlantic City pay its bills Mr. Sweeney declined to
ment on the bill. advocates devised to deter On Tuesday afternoon, the “The governor won’t sign it would force the city to shut comment through a spokesman
The bill matches an effort in fund managers from moving to governor singled out Mr. Prieto, any other way. And the way I down nonessential services on Tuesday. He has said he sup-
the Democratic-led Assembly nearby states if the measures a Democrat, who opposes the look at it, we are coequal April 8. The gambling-depen- ports the bills as they currently
introduced earlier this month. pass. legislation because he said it branches of government,” Mr. dent city has seen its tax collec- stand.
NEW YORK STATE The New York Thruway Au-

Greater Former Cuomo Aide thority officials are encouraging
commuters to get E-ZPass. Driv-
New York To Head Commission
An ethics board charged with
ers who don’t have one will re-
ceive toll bills in the mail once
Watch targeting government corruption
in New York has picked a former
the cash toll collection is shut
down.
aide to Gov. Andrew Cuomo as More than 80% of the 50 mil-
its new director. lion vehicles that cross the Hud-
The Joint Commission on son River on the bridge each year
Public Ethics on Tuesday named already use E-ZPass, officials said.
QUEENS Seth Agata to the position. Mr. The electronic billing process is
Agata, the Democratic governor’s part of the transition during con-
Three Men Killed former counsel, was picked last struction of a new Tappan Zee
In a House Fire year by Mr. Cuomo to head the Bridge. Peter Manning
FOUNDER
A house fire Monday night state’s Public Employment Rela- —Associated Press PETER MANNING NYC
claimed the lives of three men in tions Board.
the Elmhurst neighborhood of The commission was created MANHATTAN
Queens. to investigate potential violations
The New York Police Depart- by lawmakers and the executive.
‘Curious’ Play to End
ment identified two of the victims —Associated Press Broadway Run Sept. 4
as Craig Lott, 53 years old, and “The Curious Incident of the
Martin Devereux, 71, both of NEW YORK STATE Dog in the Night-Time” will end
42-28 Ithaca St., where the fire its two-year run on Broadway
began around 10:30 p.m. The third
Surge in Registration on Sept. 4.
victim hasn’t been identified. Of First-Time Voters Producers of the show about
The cause of the fire has yet More than 20,000 first-time a gifted 15-year-old mathemati-
to be determined. voters have registered with New cian with Asperger’s syndrome
—WSJ roundup York state in what officials are
calling an “unprecedented surge”
said the play will close after
800 regular performances. An idea that
MANHATTAN of voter interest ahead of the It won the Tony Award for
Restaurant Fire state’s April 19 primary.
Nearly 41,000 people filed on-
best new play and recouped its
$4.75 million capitalization. A
measures up.
At Grand Central line voter registration applica- U.S. tour will begin in October.
A small fire in a restaurant at tions between March 10 and 20. —Associated Press
Grand Central Terminal on Tues- The online registration system
day forced patrons to evacuate set a record on Friday with al- NEW JERSEY
but didn’t result in any injuries,
authorities said.
The fire was sparked inside
most 14,000 registration applica-
tions received.
Voters must register by Fri-
Sayreville Officer
Shot Himself: Police
Understanding
the ductwork of Junior’s on the
lower level just after 2 p.m., fire
day to participate in the primary.
—Associated Press
Authorities say an off-duty
Sayreville police officer found
what’s important.
officials said. shot to death in his car in the
Junior’s owner Alan Rosen NEW YORK STATE parking lot of a closed movie
said the fire may have started in theater complex killed himself.
part of the cooking equipment,
Tappan Zee Tolls Sayreville police chief John
but he wasn’t certain. “We’ll get To Stop Taking Cash Zebrowski said Tuesday that the
Peter Manning came to M&T Bank with little more than a concept for his
to work as soon as we can,” he The Tappan Zee Bridge will officer killed himself Monday
said. stop accepting cash at tolls on morning. business. But it was a big one – a clothing line for men 5'8" and under.
—Mark Morales April 23. —Associated Press
We understood his vision and customized a plan to get his dream off the
NEWARK ground. And today, this idea is thriving. Our eagerness to help businesses
New Officers Focus like Peter Manning is why M&T is a leading SBA lender 1 in the country and
On High-Crime Areas why we’ve been recognized by Greenwich Associates for excellence in
Thirty-six new police officers small business banking.2 To learn how M&T can help your business, visit
are being deployed to patrol high-
crime areas of Newark. mtb.com/businessbanking.
The officers will walk posts
throughout sections of Newark
where crime statistics show prob-
lems. It is part of Public Safety Di-
rector Anthony Ambrose’s 45-day
plan to enhance police services.
JULIO CORTEZ/ASSOCIATED PRESS
Mayor Ras Baraka said the of-

ficers, who graduated from the LENDING SOLUTIONS | MERCHANT SERVICES | TREASURY MANAGEMENT | DEPOSITORY SERVICES
police academy last week, will get

to know residents and focus on Equal Housing Lender.
quality-of-life issues. 1
According to statistics released by the U.S. Small Business Administration (SBA) for total approved loans through the SBA’s 7(a) lending program during the
The officers will be in three- federal fiscal year ending 9/30/2015.
2
Based on the 2015 Greenwich Excellence Awards in Small Business Banking.
person teams with a field training ©2016 M&T Bank. Member FDIC.
officer and a supervisor.
The Tappan Zee Bridge will stop accepting cash at tolls April 23. —Associated Press
FOOD & DRINK WEDNESDAY

As for the menu, Mr. Lomo-
The Feed naco said the emphasis will re-
main on the restaurant’s dry-
aged steaks, but he is adding
seasonally inspired dishes. Also
of note: Dover sole—“one of my
favorites,” Mr. Lomonaco said—
will now be featured on the
Whiskey Seminars regular menu.
And Harlem EatUp! He declined to say how
On Friday, the Mist Harlem much the renovation cost but
cultural center is playing host to called it “a heavy investment.”
the Harlem Whiskey Renaissance, Porter House Bar and Grill,
featuring single-malt Scotches, 10 Columbus Circle; porter-
bourbons, ryes and Irish whis- housenewyork.com
keys, all to be sampled in a set-
ting intended to evoke the “styl-
ish days of the Harlem
At Bouley, Just What
Renaissance,” said event organiz- The Doctor Ordered
ers. David Bouley will host the
Whiskey seminars, live music “Chef & the Doctor” series at his
and a savory buffet round out Bouley Botanical event space this
the offerings. Tickets are $100 spring, billing the dinners as occa-
($150 for VIP admission) and sions to celebrate food, health
proceeds will benefit Boys & Girls and wellness.
Harbor, an East Harlem youth or- The meals will pair Bouley’s
ganization. cuisine with a health-focused lec-
Also of note later this spring: ture from a medical professional,
Harlem EatUp! is returning for its who will also help curate the din-
second edition on May 19. The ner. For example, on Tuesday, Dr.
four-day festival will take place at Frank Lipman will discuss “Bust-
restaurants and venues around ing Common Myths About Food,
the neighborhood, highlighted by Health and Aging.” Dr. Lipman’s
a two-day tasting event, billed as approach to medicine incorporates
the Stroll, at Morningside Park. everything from nutritional coun-
Participating festival chefs include seling to physical therapy.
NOAH FECKS
those from both inside Harlem On April 19 there is dinner
(festival co-founder Marcus Sam- with Dr. Vincent Pedre, also
uelsson, Joseph “JJ” Johnson) known as the “Happy Gut” doctor.
and outside (Emeril Lagasse, Alex Chef Michael Lomonaco, standing at the newly renovated Porter House Bar and Grill, his restaurant in the Time Warner Center. Tickets for the dinners are
Guarnaschelli). $150 a person, plus tax and ser-
Harlem Whiskey Renaissance, restaurant Porter House New Michael Lomonaco, the restau- nearly 10 years in business. The vice.
Mist Harlem (46 W. 116th St.);
Porter House Returns, York reopens this week with a rant’s chef and one of its part- makeover includes new flooring Bouley Botanical, 281 Church
harlemwr.com Newly Renovated new interior design, new menu ners, said the changes were and lighting, and a reconceived St., davidbouley.com/bouley-bo-
Harlem EatUp!, harleme- After a one-month shut- items and a new name: Porter driven by the need to give Porter bar area. Seating expands to 272 tanical
atup.com down, the Time Warner Center House Bar and Grill. House a more modern look after from 250. —Charles Passy
SALE input from the community it

serves,” Mr. Stringer said.
Asked about concerns that
the $16.15 million payment
ing and health-care facilities
on the Lower East Side. The
letter also asks for the agency’s
policies on the sale and re-
Built in 1898 as a public
school, 45 Rivington St. was
bought in 1992 by VillageCare,
a not-for-profit that serves
$40,000 in 2013 and 2014, re-
spectively, on the services of
James F. Capalino & Associ-
ates, a city lobbying firm. The
Property Flipping
1898: 45 Rivington St. is built.
Continued from page A13 shortchanged the taxpayers, moval of restrictive deeds. people with chronic-care lobbying was focused on DCAS 1992: City sells the property to
who serves as the city’s chief Mr. Finan said the “processes In a letter dated March 11, needs, and became a nursing and the “deed restriction,” re- VillageCare for $1.55 million,
financial officer, said in a by which deed restrictions are Lisette Camilo, the new DCAS home for HIV/AIDS patients. In cords show. requiring the property be used as
statement he wanted the city valued, and restriction remov- commissioner, told Mr. 2014, citing declining patient A VillageCare spokesman a not-for-profit residential health-
to disclose the details behind als are authorized” are under Stringer that the agency was numbers, VillageCare said it didn’t respond to requests for care center.
the deal to ensure it was in the review and “subject to over- gathering the information he was closing the facility, accord- comment.
public’s best interest. haul.” requested. ing to meeting minutes from In February, the U.S. unit of February 2015: Allure Group
“It is incomprehensible that In Mr. Stringer’s letter, According to the deed modi- the local community board. China Vanke Co., together with buys the building for $28 million.
this property, which provided which was reviewed by The fication, which was signed by a At the time, leaders at the Slate Property Group and
long-term care for patients Wall Street Journal, the comp- DCAS deputy commissioner community board said they Adam America Real Estate, November 2015: City agrees to
with HIV/AIDS for more than troller asked DCAS for any ap- and an Allure executive, the hoped to have the building paid $116 million for the build- lift the restriction in exchange for
two decades, would reportedly praisals that were conducted city ordered an appraisal of the converted to a nursing home ing. A Slate co-founder said the $16.15 million from Allure.
be converted into market-rate to ascertain the value of the property. After a public hear- for the general population. group planned to convert the
luxury housing without robust deed restriction, as well as any ing in June 2015, the city re- City lobbying records show building into luxury apart- 2016: Allure sells the property
discussion, transparency and studies on the need for hous- moved the deed restriction. VillageCare spent $44,000 and ments. for $116 million.
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THE WALL STREET JOURNAL. * * Wednesday, March 23, 2016 | A17
ARTS & ENTERTAINMENT
LEFT TO RIGHT: MARIJE KUIPER; LORNE THOMSON/REDFERNS/GETTY IMAGES

Bombino says he is inspired to write about ‘the importance of preserving our Tuareg culture and identity.’ Ghanaian-born Jojo Abot’s songs celebrate the Ewe heritage of her mother and grandmother.
African Star Brings His Saharan Blues to the Apollo

BY STEVE DOLLAR concerts by James Brown, Jimi Hendrix in a small club “It has appealed to a ga- tas. For Jojo Abot, it was the experimental sounds. She
Otis Redding, Duke Ellington in London with about a hun- rage-rock kind of audience,” New York subway. found musicians bridging
When Africa’s reigning and other rock, rhythm-and- dred people in the room just he said, “people who listen “I was on a train ride from traditional and popular
guitar hero sings, he expects blues and jazz legends. before the rest of the world to the Black Keys and the Brooklyn to Queens when I forms such as highlife and
audiences to pick up his mes- The performer joins a caught on to who he was,” he White Stripes.” attempted to write my first hiplife with electronic trends
sage. They don’t need to lineup of rising African mu- said. “Bombino pretty much Bombino, who communi- song,” said Ms. Abot, recall- and new waves of dance mu-
speak the same language. sic stars who bring contem- melted the face off of every- cated by email with the aid ing the start of her musical sic. “They were finding new
“The lyrics of my songs porary style to sounds in- one that was there.” of a translator, recorded his life about four years ago. ways of expressing them-
are really just symbols used fused by tradition. They new album “Azel” in upstate The singer-songwriter was selves,” she said.
to express emotions,” said include Mokoomba from New York with producer born in Ghana but spent The singer, whose debut
Bombino, who sings in Zimbabwe and two artists
The desert ‘is the Dave Longstreth of indie- much of her childhood with recording “Fyfya Woto” can
Tamasheq, one of several with Brooklyn ties, Sudanese most inspiring and rock band Dirty Projectors. family in the U.S., arriving in be streamed from jo-
languages of the Tuareg, a Alsarah & the Nubatones and Although it features a more Brooklyn when she was 17. joabot.com, distills all of it
nomadic people who live in Ghanaian Jojo Abot.
beautiful place reggae-influenced bounce, An encounter with a Ghana- into her multilingual songs,
the Saharan desert. Bombino, born Omara in the world.‘ the African guitarist said his ian guitarist at a Brooklyn in which her jazz-diva voice
The music, with its gallop- Moctar, has been cultivating concerns remain the same. concert convinced her to give rises above delicate layers of
ing drums, snaking melodic a U.S. audience over the past “I am inspired to write music a try. percussion and electronics.
lines and choral chants, decade, with a boost from The popularity of Bombino about love, about the impor- “He told me, ‘Your speak- Her songs celebrate the Ewe
matches rhythmic urgency to fans such as the Black Keys. and the rich blues strain of tance of preserving our Tua- ing voice sounds like that of heritage handed down from
aching lyricism in a way U.S. The guitarist opened shows his songs recall the success reg culture and identity, a singer,’ ” she said, then mother and grandmother.
rock and soul music fans can for the rock duo, whose Dan of Malian guitarist Ali Farka about friendship and frater- laughed. “I particularly hate This also extends to her
instantly recognize, despite Auerbach produced his 2013 Touré in the 1990s, when the nity,” he said, always con- singing other people’s songs avant-garde sense of style.
its remote sources. album “Nomad.” performer recorded with es- scious of the music’s deep because I don’t think I can do “My mom was under the
Bombino, who grew up ob- Par Neiburger, artistic di- tablished American artists sense of place. them justice.” Her only impression that women
sessed with Jimi Hendrix, rector of the World Music In- such as Ry Cooder. But Mr. “Our music is the wind of choice: to compose her own. should wake up in the morn-
should feel at home Saturday stitute, which co-programs Neiburger suggests that the the desert,” Bombino said. Soon, a routine visit home ing and step into their queen
when he headlines the an- “Africa Now!” with the Apollo, North African desert blues of “It is the most inspiring and to Ghana became a three- zone,” Ms. Abot said. “March
nual “Africa Now!” concert at first saw Bombino several Bombino and other Tuareg beautiful place in the world.” year journey of discovery as into the world fierce. That
the Apollo Theater, the Har- years ago in North Carolina. acts such as Tinariwen plays Such inspiration can hap- Ms. Abot immersed herself in sort of was subconsciously
lem showplace famous for “It was like getting to see to a new generation. pen amid less dramatic vis- a music scene bubbling with absorbed.”
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A18 | Wednesday, March 23, 2016 * * THE WALL STREET JOURNAL.
SPORTS
City Council Votes to Ban Tobacco at Stadiums
Law, awaiting de Blasio’s
signature, gets mixed
reception from players
BY JARED DIAMOND
TAMPA, Fla.—A new sign ap-

peared on the bulletin board inside
the Yankees’ clubhouse here last
week, amid the typical notices about
lineups and travel information. It
reads: “Anyone Wanting Nicotine Re-
placement Therapy Supplies (Gum,
Lozenges, or Patches)—To Kick The
Habit—Please See Steve Donohue,”
the team’s trainer.
The Yankees were preparing for
the events of Tuesday, when the New
York City Council passed legislation,
by a vote of 44-3, prohibiting the
use of all tobacco products—includ-
ing smokeless chewing tobacco—at
any ticketed sporting event in the
city. The measure would take effect
immediately after being signed into
law by Mayor Bill de Blasio and
would cover Yankee Stadium and Citi
Field, the home of the Mets.
With this ordinance—which would
also apply to spectators at the city’s Smokeless tobacco has been a
stadiums and arenas—New York joins clubhouse staple in professional
a growing list of major American cit- baseball for more than a century.
ies, including San Francisco, Boston,
Los Angeles and Chicago, to outlaw
ASSOCIATED PRESS
tobacco at sporting events.
Major League Baseball has long with players often taking the field dren from seeing athletes—people he Eleven, that kind of stuff,” Miller about how and to what degree the
favored a ban of smokeless tobacco, with a wad of it tucked inside their described as role models—on televi- said. “But there’s rules that have to law would be enforced and how vio-
and a Mets team spokesman said lower lip. In locker rooms, some us- sion using smokeless tobacco. be followed.” lators would be punished. Those is-
Tuesday said that “the Mets support ers will carry around a cup to spit “By allowing smokeless tobacco at Third baseman Chase Headley, sues are still to be determined,
MLB’s position on the subject.” The into. the ballparks, we are sending mixed who doesn’t dip, sounded conflicted, though the penalty is expected to in-
Yankees echoed that sentiment, with The issue of tobacco use came to signals about the dangers of tobacco saying, “I don’t know what to think.” volve a fine.
a spokesman saying that they “fully the fore in June of 2014, when Hall of use,” Johnson said. On the one hand, he said, “The in- Whether it will actually stop play-
support the proposed local law.” Fame outfielder Tony Gwynn died, at With opening day less than two tentions behind it are probably the ers from dipping in private, however,
“You deal with it,” Yankees manage 54, of salivary gland cancer. Gw- weeks away, the news received a right thing,” but at the same time, remains to be seen.
ager Joe Girardi said Tuesday, before ynn attributed his illness to dipping. mixed response from players. he expressed concern over the idea “If you do it, make sure you do it
their spring-training game against Not long after, former All-Star pitcher Yankees reliever Andrew Miller, a of lawmakers reaching into the in a place where no one sees you,”
the Mets at George M. Steinbrenner Curt Schilling said he believed his former user, said that while the ban workplace. said veteran outfielder Carlos Beltran.
Field. “There’s other laws people pass oral cancer was caused by decades of won’t affect him personally, “From a “How is it legal around town, “Major League Baseball has cameras
we have to follow, right?” smokeless-tobacco use. philosophical standpoint, I don’t re- around wherever else, and just at all over the place, so you’ve got to
Smokeless tobacco has been a In a statement, New York City ally agree with it.” the ballpark it’s not?” Headley said. make sure that if you do it, make sure
clubhouse staple in professional Council Member Corey Johnson said “It’s a completely legal substance, “That’s my biggest question.” you do it somewhere where there are
baseball for more than a century, the ban is designed to prevent chil- it’s available to purchase at any 7- Several players raised questions no cameras around.”
Jets Unfazed by Rocky Off-Season

BY KEVIN CLARK
BOCA RATON, Fla.—Jets coach

Todd Bowles has a plan for who will
be the Jets’ quarterback. Actually, he
has four of them.
“You want everything to work out
fine,” Bowles said Tuesday. “But if it Todd Bowles, right,
doesn’t work out fine, you better said Tuesday the Jets
have plans B, C and D. And you still will need a winning
STACY REVERE/GETTY IMAGES
have to win with those plans.” plan for whoever starts

To the outside observer, Bowles is at quarterback. Below,
a coach without a quarterback. Last Geno Smith, Ryan
year’s starter, Ryan Fitzpatrick, is a Fitzpatrick and Bryce
free agent trying to lure top dollars Petty. Bottom, free
out of the Jets and a few other suit- agent Robert Griffin III.
ors. So on Tuesday, speaking at the
annual NFL owners’ meetings, Bowles
David Wright has officially had only one fielding chance so far this spring. outlined the team’s various contin-
gency plans—and frankly, none of
Wright: Please Hit Me the Ball them seemed as good as bringing

back the 33-year-old quarterback
who had the Jets in position for a
BY ANDREW BEATON playoff spot at the end of last season
before costing them that berth with
PORT ST. LUCIE, Fla.—David
You’re Grounded a bad game in Buffalo.
Wright has a plea to make to oppos- Here are the major-league teams that had the Fitzpatrick wants about twice as
ing teams: Please hit me the ball. fewest ground balls hit to third base in 2015. much money as the Jets are willing
Wright has slowly ramped up his TEAM TO 3B BATTERS PCT to give him. Complicating matters,
preparation for the regular season, a Cubs 379 5,997 6.32 the Jets are among the NFL teams
delicate process as he manages the Red Sox 375 6,225 6.02 with the least salary-cap space, with
discomfort from his spinal stenosis, Marlins 371 6,050 6.13 $2.7 million left to spend. With the
the chronic back condition that forced Mets 368 6,046 6.09
ever-increasing possibility that Fitz-
him to miss most of last season. He patrick doesn’t return, Bowles said
Braves 366 6,156 5.95
has played a total of 15 innings this the team has options. When he was
spring, going 3-for-9 at the plate with Cardinals 363 6,134 5.92 reminded Tuesday that star receiver
three singles and an RBI. Astros 361 5,965 6.05 Brandon Marshall has said that he
But Wright isn’t worried about at- Angels 359 6,096 5.89 wants Fitzpatrick back, Bowles shot
bats. He can control how many he Padres 338 6,093 5.55 back that his own son often asks for
gets several different ways: staying Nationals 289 5,975 4.84 things he can’t have.
in the game longer, facing pitchers in “I love Brandon to death, and he’s
Source: Stats, LLC The Wall Street Journal.
live batting practice, or playing in a good player...He doesn’t factor into
minor-league games. What he has no making the decisions on this team.”
control over is how often the ball is Bowles has met with Robert Grif-
hit to him in the field. Mets’ pitchers also allow very few fin III during this free-agency period,
“I can’t go out there in a minor- ground balls in his direction. Last sea- saying he had a good dinner with the
league game and tell the minor-league son, the Mets saw 368 balls fielded by former Redskins star and that he was
guys to hit me the ball,” Wright said. their third basemen—the seventh- impressed by Griffin’s football knowl-
“The only way to get comfortable is fewest in baseball, according to Stats edge. He also noted that even though
to get balls hit to you.” LLC. There’s reason to believe they’ll Griffin spent 2015 on the Washington the assertion that failing to re-sign
Wright, the Mets captain, is im- allow even fewer this year. bench behind Kirk Cousins, who led Fitzpatrick would be a step back for
portant enough that he probably Most of the Mets’ starting pitch- the team to a division title, he “prac- the Jets, and pointed to former Red-
could tell the minor leaguers to hit ers—Matt Harvey, Jacob deGrom, ticed every day.” skins coach Joe Gibbs, who coached
the ball to him and they’d do their Noah Syndergaard and Steven Griffin is the glitziest non-Fitzpat- Bowles during his own playing career
very best. But while he can simulate Matz—strike out batters at abnor- rick option on the market, but there and won multiple Super Bowls with
game-speed hitting to his heart’s mally high clips, so the ball is put in are boring ones. Bowles found him- different quarterbacks.
content, no type of practice can rep- play less often. The fifth starter, Bar- self praising former Jets starter Geno “He had [Joe] Theismann. He had
licate what it takes to field a hard- tolo Colon, had the 19th-highest fly- Smith, who was removed from the Jay Schroeder, Doug Williams. He
hit ground ball—the surprise of ball rate in baseball last year, accord- preseason quarterback competition had Mark Rypien. You learn from
(T-B) GETTY IMAGES; ASSOCIATED PRESS (2)
where it’s hit, the strange bounces it ing to FanGraphs. last year when a (now former) team- that standpoint,” Bowles said.
can take, and the reaction time nec- Jon Niese, who had the highest mate broke his jaw in a fight. Bowles was similarly unmoved by
essary to get a glove on it. ground-ball rate of any Mets starter “He’s grown a lot mentally and the Jets’ changes at defensive line
So far this spring, Wright has offi- last year, was traded to Pittsburgh he’s grown a lot physically that I saw and in the secondary. Veteran nose
cially had one fielding chance: a for second baseman Neil Walker dur- throughout the year,” Bowles said of tackle Steve McClendon has replaced
ground ball in his first game that he ing the off-season. Not only was Smith. “He just has to stay the path Damon Harrison, who departed for
fielded successfully. On Monday Niese’s ground-ball rate highest, but and keep doing what he’s doing. I the Giants, and cornerback Antonio
against the Marlins, the closest he opposing hitters pulled the ball think he handles situations differ- Cromartie was released. Bowles said
came was when he slid for a pop fly against him 40.3% of the time, ently than I saw him earlier in the Buster Skrine is likely to open camp
that drifted into the stands. He’s had higher than any starter but Matz. year. You learn from your mistakes, as a starting cornerback. The other
one other ball hit near him; it slipped (Since most hitters are right-handed, as we all do. It looked like, as the starter, Darrelle Revis, had wrist sur-
beneath his glove but was ruled a hit. pulled hits usually end up in the year went on, he learned valuable gery this month, an event that sur-
“I know he gets it,” manager Terry third baseman’s direction.) lessons. He was mature and he ap- Cleveland are essentially the only prised Bowles. But again, he’s not es-
Collins said of that ground ball. “I’ve All of this means Wright may not plied himself and he moved on from teams shopping for a starter, and the pecially worried.
seen him for six years get it.” see many opportunities in the field it, which was big.” rebuilding Browns are unlikely to pay “Guys play hurt all the time.
It might seem like chance and a this season. But he’d still like to be Of course, Fitzpatrick’s is still on a 33-year-old veteran big money. Whether they divulge it or not, that’s
small sample size are to blame for able to practice this spring for when the table, particularly since there’s a Fitzpatrick last season set career up to them,” he said. “You want them
Wright’s lack of action this March. To those hits occur. “There’s nothing I limited market for starting quarter- highs in touchdowns (31) and passing to say something, but I don’t think
some degree, this is true. But the can do,” he said. backs. Denver, Los Angeles and yards (3,905). Bowles disagreed with that affected the game.”
WSJ.D B6 | CAREERS B7 | CROSSWORD B8
BUSINESS & TECH.

GM Identifies Dozens Bang & Olufsen Names
Of Cybersecurity Gaps Its Hong Kong Suitor
AUTOS | B3 TECHNOLOGY | B6
© 2016 Dow Jones & Company. All Rights Reserved. * * * * * * * THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | B1
Apple Win Comes With Cost

FBI’s claim of an the contents of recent iPhones. Ballard Spahr and a former tigation’s new method for po-
Since 2014, Apple has said federal prosecutor in Virginia. tentially unlocking the phone,
alternate way into that it had no way of breaking U.S. Magistrate Judge Sheri and its author, remained un-
locked iPhone raises into phones using the most re- Pym late Monday suspended clear Tuesday. The government
cent versions of its software. In her Feb. 16 order that Apple said the “outside party” that
security concerns resisting the government’s order, help investigators unlock the brought it the information
Apple argued that creating soft- iPhone of Syed Rizwan Farook, wasn’t from the U.S. govern-
NATI HARNIK/ASSOCIATED PRESS

BY DAISUKE WAKABAYASHI ware to do so could endanger all who along with his wife killed ment. A law-enforcement offi-
AND ROBERT MCMILLAN of its customers. Late Monday, 14 people in the Dec. 2 terrorist cial said the government is still
the government postponed the attack in San Bernardino, Calif. testing the method, but is cau-
The Justice Department’s case, saying it was investigating Judge Pym postponed indef- tiously optimistic that it will
move to postpone a highly an- a method for getting into the initely a hearing scheduled for unlock Mr. Farook’s phone
ticipated showdown with Ap- phone without Apple’s help. Tuesday, averting a high-stakes without Apple’s help.
ple Inc. over unlocking a ter- “This suggests that the very showdown between Apple and During the telephone con-
rorist’s iPhone appears to be a thing that Apple feared already the Justice Department in a ference call with Judge Pym
victory for Apple. exists in some form and it ex- closely watched case over the on Monday, Apple lawyer The- Chief Justice John Roberts has praised the new federal rules.
But it comes at a cost: the ists outside of the walls of Cu- balance between security and odore Boutrous urged the
Companies Gain
suggestion that there may be a pertino,” said Edward McAn- privacy in the smartphone era. judge to suspend or revoke her
gap in the software protecting drew, a partner at law firm The Federal Bureau of Inves- Please see APPLE page B6
Some Ground on
Consumer Suits
BY JOE PALAZZOLO can be expensive, time con-
AND JESS BRAVIN suming and encourages out-of-
court settlements. While com-
Companies notched a quiet panies have had some success
win in December when the fed- curbing class-action lawsuits
eral courts adopted rules in- with 1990s legislative changes
tended to curb the scope of affecting some types of cases
pretrial evidence requests, a and occasional Supreme Court
change that could tip the scales wins, they maintain legal costs
in their decadeslong battle remain too high.
against consumer lawsuits. Chief Justice Roberts, who
The rules, heralded by Chief was a corporate lawyer in pri-
Justice John Roberts in his vate practice and worked in
GEORGE FREY/REUTERS
year-end annual report, con- Republican administrations,

gratulated judicial policy mak- appointed the judges, law pro-
ers for taking “a major stride fessors and practicing attor-
toward a better federal court neys who approved the new
system.” Chief Justice Roberts rules. This little-known
said the 2015 changes to the power—he serves as head of
Coca-Cola is seeking to sell off its U.S. manufacturing and distribution operations to focus on its concentrate-making business. Federal Rules of Civil Proce- the Judicial Conference—gives
dure were a watershed toward him the ability to shape the
Coke Tries ‘Asset Light’ Formula

tackling “the most serious im- law in ways that can be more
pediments to just, speedy and influential than a Supreme
efficient resolution of civil dis- Court opinion.
putes.” “These amendments will
BY MIKE ESTERL past two years, making it a Behind the changes affect- provide relief from the burden
Slimming Down possible acquisition target ing all types of federal litiga- and cost associated with un-
Coca-Cola Co. has changed Coca-Cola Co. will be smaller after divesting manufacturing and amid speculation that beer-in- tion was a concerted push by necessary preservation and
course yet again on a basic distribution in North America, Germany, China and South Africa. dustry leader Anheuser- corporate lawyers, long en- discovery practices, practices
part of its business model: Busch InBev SA could try to gaged in a multifront battle that are often used by plain-
how to control manufacturing Before and after Before and after, buy the company in a few against plaintiffs’ lawyers and tiffs to leverage settlement
and distribution without hav- in billions years. And Coke management class-action lawsuits. Compa- rather than to litigate claims,”
ing to own them. 2015 After knows it has to get moving to nies lobbied for the changes in Michael E. Klein, a lawyer for
Coke Moved to
And this might be its last 123,000 independent avoid becoming an acquisition a rule-making process that be- Altria and Philip Morris U.S.A.,
chance to get it right. bottlers $44.3 target. “The clock is ticking,” gan six years ago when the Ju- said in a comment letter to the
After years of snail-paced 84,000 Net revenue said Carlos Laboy, a beverage dicial Conference, the self-gov- civil rules advisory committee.
$28.5
progress, the beverage giant is analyst at HSBC. erning body of the federal Chief Justice Roberts de-
now racing to sell off its U.S. $10.4 Jettisoning asset-heavy op- judiciary, set out to update clined to comment.
Operating
manufacturing and distribu- income
erations will have a major ef- courtroom procedure. The most significant
$9.6
tion operations by next year fect on Coke. It estimates rev- The initiative fits into a amendments modify the early
so it can focus on its much Coke enue will drop to $28.5 billion broader business strategy that phase of litigation where par-
39,000 Capital $2.6
more profitable concentrate- from $44.3 billion in 2015 is also being waged in the ties exchange documents and
making business. expenditures $1.3 terms under the stepped-up courtroom, sometimes unsuc- other evidence related to their
This wholesale divestment 2015 After U.S. divestments announced cessfully. The Supreme Court dispute, a pretrial process
push wasn’t exactly what Coke Note: Figures are pro forma based on 2015 data last month. Operating margin on Tuesday ruled against Ty- called discovery. The previous
had in mind when it acquired Source: the company THE WALL STREET JOURNAL. will jump to 34% from 23% son Foods Inc. in a case com- rules said discovery requests
its largest bottler for $12.3 and head count will shrink to panies had hoped would limit must be “relevant”; the new
billion six years ago. would allow it to more quickly didn’t want the trucks without 39,000 from 123,000 as capi- the use of statistical methods language adds they must be
It initially planned to re- crank out new products to sat- the factories. Last September, tal-intensive factories, ware- to calculate damages in class- “proportional to the needs of
franchise delivery trucks and isfy consumers with rapidly Coke agreed to sell some U.S. houses and trucks come off its action lawsuits. the case” as well.
warehouses but hang onto its changing tastes. The new plants. Last month, it said it balance sheet. Plaintiffs’ attorneys filing Lawyers for Civil Justice, a
bottling plants. The goal was structure was also aimed at would sell all of them. Even so, Standard & Poor’s cases against businesses often Please see RULES page B2
to close some, modernize oth- enabling it to negotiate di- Its investors were getting Ratings Services cut Coke’s in- make sweeping discovery re-
ers and create a national man- rectly with big retailers. impatient after the beverage vestment-grade credit rating quests for documents and evi- Supreme Court rules against
ufacturing footprint that But Coke’s bottling partners giant missed profit targets the Please see COKE page B2 dence, which companies say Tyson foods................................ B2
Progress Is Hampered Amazon Sues New Target Executive

For Women in Tech Jobs BY GREG BENSINGER
BY LINDSAY GELLMAN studying science, technology, Amazon.com Inc. filed suit

AND GEORGIA WELLS engineering and math fields against a longtime logistics and
that typically launch tech ca- supply-chain executive recently
Technology companies have reers. Researchers found that hired by rival Target Corp.
disrupted other industries women make up 36.8% of en- over what it said was a viola-
with apps that dispatch cars, try-level workers in tech; in tion of a noncompete agree-
housekeepers or other industries, women ac- ment.
CAREERS pizzas in a mat- count for nearly half of entry- In the lawsuit, the Seattle
ter of minutes. level workers. retailer said Arthur Valdez, em-
But tech firms Yet the data, gathered from ployed by Amazon for 16 years,
lag behind those old-line busi- 26 tech companies and a sur- was in a position to reveal con-
FRED GREAVES/REUTERS
nesses when it comes to ad- vey of about 9,000 male and fidential strategy to its compet-
vancing women. female employees, suggests itor. Target had touted Mr. Val-
That is the main finding of that women currently in tech dez’s lengthy experience in a
a McKinsey & Co. and Lea- feel pessimistic about the cli- news release last month an-
nIn.Org report on the status of mate in their companies. Some nouncing his hiring.
women in tech. Not only are 29.9% of female tech employ- Amazon said Mr. Valdez is
women underrepresented at all ees polled said they felt gender bound by a noncompete agree- Workers prepared orders at an Amazon fulfillment center in Tracy, Calif., in November.
levels of technology firms, par- played a role in their missing a ment he signed in 2012, which
ticularly in key engineering, promotion or raise, and 37.1% requires an 18-month hiatus rior Court in Washington state. lieve this suit is without merit,” tion was more than $1 million
product and finance roles, re- of female tech employees said before he can take a position Amazon said Mr. Valdez was a Target spokeswoman said. annually, Amazon said. Target
searchers found, but plenty of they felt their gender would with similar responsibilities at privy to information about its “However, as this is pending didn’t disclose his expected
those women also believe that disadvantage them in the fu- a rival firm. plans around same-day package litigation we are not going to compensation as executive vice
their gender is holding them ture. In nontech fields, a Mr. Valdez’s new post will and grocery delivery and ware- comment further at this time.” president and chief supply-
back at work. smaller share of necessarily involve “the disclo- house operations, as well as its Mr. Valdez didn’t respond to chain and logistics officer.
Big companies including women—21.6% and 22.8% re- sure and use of Amazon’s confi- in-house, door-to-door delivery a request for comment, and Target has been working to
Cisco Systems Inc. and Micro- spectively—felt that way. dential and proprietary infor- service. Target declined to make him modernize its supply-chain op-
soft Corp. are tackling the tal- Some female executives mation to Amazon’s detriment “We have taken significant available for an interview. erations. Mr. Valdez, who is ex-
ent pipeline, investing in pro- say that stems from a paucity and Target’s advantage,” ac- precautions to ensure that any An Amazon spokeswoman pected to start his job on Mon-
grams to encourage and of women leading tech com- cording to the lawsuit, filed proprietary information re- declined to comment. day, was hired to help lead the
mentor girls and young women Please see TECH page B7 Monday in King County Supe- mains confidential and we be- Mr. Valdez’s total compensa- efforts.
B2 | Wednesday, March 23, 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
Aetna.........................C16
Air France-KLM...........C4
Alibaba Group.............B6
Facebook......................B7
FanDuel ....................... B4
Four Corners Property
Trust..........................B7
PAR Capital
P
Management.............B4
Pinterest ..................... B7
High Court Rules Against Tyson
Alphabet......................B6 G R Worker class-action
Altimeter Capital General Mills ......... B4,C1 gerous work” in the plant’s
Management.............B4 General Motors...........B3
Real Capital Analytics C1
Royal Caribbean
suit is upheld in case “kill, cut and retrim depart-
Amazon.comB1,B6,B7,C1
American Airlines
G-III Apparel Group....B4
Gilead Sciences...........B3
Cruises......................C4
Royal Dutch Shell.......C3
relying on statistical ments, where hogs are slaugh-
Group.........................C4 tered, trimmed, and prepared
Anheuser-Busch..........B1
Glencore.......................C3
Goldman Sachs Group C3
Ruane, Cunniff &
Goldfarb.....................C1
estimates of damages for shipment.”
Anthem......................C16 Goli Vada Pav..............B8 He added that the court long
Appaloosa Management S
GrabTaxi Holdings.......B4 BY JESS BRAVIN had approved the use of statisti-
................................... C16 Green Street AdvisorsC1 Samsung Electronics..B6
Apple ......... B1,B6,B8,C16 Gunvor Group..............C3 Sequoia Capital...........B3 cal evidence in wage and hour
Sharp...........................B6 WASHINGTON—The Su- cases. In 1946, the court upheld
ANDREW HARRER/BLOOMBERG NEWS

ATP H-J
Fondsmaeglerselskab Simon Property preme Court Tuesday dashed its use in a case where, like Ty-
.....................................B6 Harman International Group.......................C15
Industries..................B6 Sparkle Roll Group ..... B6 the hopes of businesses seek- son, a ceramics maker failed to
B-C Hearsay Social............B7 Spotify...................B6,B8 ing further limits on class ac- log employee hours.
Bang & Olufsen .......... B6 Hon Hai Precision Starboard Value..........B7
Berkshire Hathaway...C1 tions, ruling against Tyson “Today’s decision is a
Industry.....................B6 Starbucks....................B8
BP ................................ C3 Huawei Technologies..B6 SunEdison..................C16 Foods Inc. in a closely strong reaffirmation of work-
Broadmoor Management Humana.....................C16 T-V watched case on financial ers’ rights to join together in
..................................... C2 IEX Group....................C3 damages calculations. taking their employer to court
Campbell Soup............B4 Intel.............................A2 Target..........................B1
Carnival........................C4 Ionis Pharmaceuticals B3 Tencent Holdings........B6 The high court said it is ac- for failing to pay wages due
Chaayos.......................B8 J.P. Morgan TerraForm Global ...... C16 ceptable for courts to use statis- under state and federal laws,”
China UnionPay...........B6 Chase ................. C3,C16 Thomas Cook Group....C4 tical estimates when establish- said Scott Michelman, a law-
Cigna..........................C16 Tory Burch...................D1
K-M ing liability in multiparty cases yer with the advocacy group
Cisco Systems.............B1
Kellogg ................... B4,C1
Trafigura Group...........C3
Tyson Foods................B2 against companies, rejecting a
This ‘is a strong reaffirmation of workers Public Citizen, which helped
Citigroup....................C16
Coca-Cola ............... B1,B2 Kleiner Perkins Caufield
& Byers ..................... B3
Uber Technologies ...... B4
United Continental
push by businesses to limit rights to join together in taking their em- represent the workers.
ConAgra Foods.......B4,C1 damages to proven injuries. Tyson said it took consola-
Crowell & Moring........C2 Krispy Kreme
Doughnuts ................ B4
Holdings....................B4
Valeant Pharmaceuticals The decision was signifi-
ployer to court for failing to pay wages.’ tion in portions of the opinion
D Lumber Liquidators International........A2,C1 cant both because of its 6-2 requiring further lower court
Delta Air Lines............C4 Holdings....................B3 Vitol Group..................C3 vote and its sweep, explicitly Scott Michelman, advocacy group lawyer proceedings regarding the dis-
Delta Lloyd Asset Macy's.........................B7 Vivint Solar...............C16
Management.............B6 Mars............................B4 Volkswagen.................B3 declaring that corporate law- tribution of damages. “We are
Domino's Pizza...........B8 McDonald's..................B8 W-Y yers had read too much into studying the opinion and, in
DoorDash.....................B3 Merck...........................B3 recent precedents curbing particular, the issue of
DraftKings...................B4 Microsoft ............... B1,B6 Walt Disney...........B6,C1
Wells Fargo...............C16 class-action litigation. was invalid in class actions be- estimates in class actions, but whether damages can be law-
E-F N Wendy's ...................... B8 Tuesday’s case focused on a cause it relied on averages to Justice Kennedy wrote that fully allocated to ensure that
Eventbrite ................... B7 NASDAQ OMX Group . C3 Westlife Development
Evoq Properties .......... B7 Netflix.........................B7 .....................................B8
pork-processing plant in establish liability rather than the facts were far different. uninjured class members do
Express Scripts NextEV........................B7 Yahoo...........................B4 Storm Lake, Iowa, where em- proof that each plaintiff had “The plaintiffs in Wal-Mart not recover from the jury’s
Holding....................C16 Nike.............................B4 Yum Brands.................B8 ployees alleged Tyson had been injured in the same way. did not provide significant lump sum award,” Tyson
shorted more than 3,000 Writing for the court, Jus- proof of a common policy of Foods General Counsel David
INDEX TO PEOPLE workers out of overtime pay

for time spent putting on and
taking off protective equip-
tice Anthony Kennedy said such
an approach “would make little
sense.” Instead, he wrote, the
discrimination to which each
employee was subject,” wrote
Justice Kennedy—who, along
Van Bebber said in a written
statement.
Justice Clarence Thomas,
A J Schwarzer, Daniela.....A6 ment at the beginning and end applicability of statistical sam- with Chief Justice Roberts, joined by Justice Samuel Alito,
Ackman, William.........C2 Jacobsen, Brian...........C4 Shih, Clara...................B7 of their shifts. ples depends on the specific joined the majority in the Wal- dissented.
Jatia, Amit..................B8 Simard, Caroline.........B7 Because Tyson didn’t log facts of each case and the reli- Mart case. Tuesday’s decision was the
B
Swedish, Joseph.......C16 employee hours, plaintiffs’ at- ability of the analysis. The Wal-Mart plaintiffs latest suggestion the court is
Bacay-Abad, Julia.......C2 K torneys used statistical ex- In many cases, he continued, sought to overcome that prob-
Sweeney, Gerard.......C15 hesitating to further limit con-
Baltes, Kevin...............B3 Katsuyama, Brad.........C3 perts to estimate the unpaid representative evidence is “the lem by using a sample set of sumer and employee class ac-
Kaul, Ajay....................B8
T time. The analysis relied on only practicable means to col- women who would offer deposi- tions. In January, the court re-
Bansal, Rohit...............C3
Benisi, Mona.............C15 Kelberg, Larry..............C2 Takahashi, Kozo..........B6 744 videotaped observations lect and present relevant data.” tions regarding discrimination. jected a telemarketer’s
Bliss, Keith..................C4 Kempthorne, Dirk........C3 Taylor, Ian....................C3 of workers donning and doff- Chief Justice John Roberts Such estimates were too far argument that it could kill a
Krosby, Quincy............C4 Tetangco, Amando......C2 ing gear before heading to and Justices Ruth Bader Gins- from actual injuries to justify li- class-action case by offering
Borno, Ruba................B7
Topacio, Ferdinand......C2 their assignments. A federal burg, Stephen Breyer, Sonia ability, the court found, Justice the lead plaintiff the maximum
Boutrous, Theodore....B1 L-M jury sided with workers, and Sotomayor and Elena Kagan Kennedy wrote. “While the ex- damages provided under an
Brown, Alan................B3 Torres, Angela.............C2
Lenehan, William........B7 the Eighth U.S. Circuit Court joined the opinion. periences of the employees in anti-robocall law—in that
Buffett, Warren..........C1 Mathers, Jason.........C15 V of Appeals in St. Louis upheld Justice Kennedy went on to Wal-Mart bore little relation- case, $1,500.
C O Valdez, Arthur ............ B1 the $5.8 million judgment. clarify the scope of a 2011 de- ship to one another, in this case Another significant class-
Varma, Unnat..............B8 On appeal to the Supreme cision that dismissed a case each employee worked in the action case remains to be de-
Costa, Peter ................ C4 O'Meara, David ........... C2 Court, Tyson—backed by busi- alleging Wal-Mart Stores Inc. same facility, did similar work, cided before July. In it, data-
Costello, Jim ............. C15 W
P ness groups including the U.S. discriminated against some 1.5 and was paid under the same aggregator Spokeo Inc. argues
Craig, Anthony..........C15 Wiegand, Eric..............C4 Chamber of Commerce and the million female employees. policy,” he wrote. it can’t be held liable for post-
Pearson, Michael........A2
E Polcari, Kenny.............C4
Wong, Kam Sin...........C2 National Association of Manu- Business interests had hoped Justice Kennedy noted the ing online false information
Erni, Jacques...............C3 X facturers—argued that so- that precedent would lead to slaughterhouse employees about an individual if he can’t
R called representative evidence the elimination of statistical performed “grueling and dan- prove he was harmed by it.
G Rahman, Mujtaba.......A6
Xu, Tony......................B3
Xu, Weikang................C2
RULES
Goldfarb, Morris ......... B4 Robbins, Chuck ........... B7
Gou, Terry ................... B6 Y agreed it is too soon to gauge
S
Grove, Andrew S........A2
Sacconaghi, Toni.......C16
Yungui, Wang..............C2 the courtroom impact of the Judicial Appointments
new rules. “Implementation is
H Z Breakdown of federal judges appointed to the civil rules
Salmon, Christophe .... C3 the key—whether the judges
advisory committee, by party
Hartz, Julia ................. B7 Santos-Deguito, Maia.C2 Zegen, Josh...............C15 Continued from the prior page really give the amendments
corporate legal group that has the effect that their writers in- 100%
spent years lobbying for the tended,” Mr. Dahl said. 1971-2013
Republican appointed average
FDA Sets Label Rules changes, celebrated the rules.

“We all have an interest in le-
gal disputes being decided on
Republican presidents have
appointed every chief justice
since 1953, and in recent de-
80
60
Rules
committee
For Opioid Painkillers their merits rather than just

the economic pressure one
party can bring to bear on an-
cades those chiefs have dispro-
portionately selected Republi-
can-appointed judges and 40
27%
73%
BY LISA BEILFUSS side committee of experts un- other,” said Alexander Dahl, business-friendly lawyers to
AND THOMAS M. BURTON less the product has abuse-de- the group’s general counsel. serve on the rule-making com- Federal
20 bench
terrent properties. The group represents a variety mittees, research shows.
WASHINGTON—The Food In 2013, the agency man- of major companies such as A recent academic study Democratic appointed 47% 53%
and Drug Administration on dated labeling changes for ex- GlaxoSmithKline PLC, Royal published in the Nevada Law 0
Tuesday said it would institute tended-release and long-acting Dutch Shell PLC, Pfizer Inc., Journal found that from 1971 1971 ’75 ’80 ’85 ’90 ’95 ’00 ’05 ’10 ’13
safety labeling changes for im- opioids, which generally pack a General Electric Co. Johnson & to 2013, 73% of civil-rules com- Source: University of California, Berkeley and University of Pennsylvania Law School
mediate-release opioid pain- larger load of medicine and tend Johnson, Ford Motor Co., mittee members were Republi- THE WALL STREET JOURNAL.
killers, the agency’s latest step to be favorite choices of addicts. FedEx Corp., Microsoft Corp., can appointees, compared with
to reduce deaths from abuse But the immediate-release State Farm General Insurance 27% Democratic appointees. Judge Paul Grimm, a Barack eral revisions, the package re-
of the powerful drugs. versions make up about 90% Co. and others. The study, by law professors Obama appointee to a federal- ceived Supreme Court approval
The new drug labels will in- of the market, said FDA offi- The plaintiffs’ bar opposed Stephen Burbank of the Uni- district court in Greenbelt, and took effect Dec. 1, 2015.
clude a boxed warning about cials. The new rules—expected most of the changes. “We gen- versity of Pennsylvania and Md., who was chairman of a Federal judges retain enor-
the serious risks of misuse, to go into effect by the end of erally thought the rules Sean Farhang of the University civil-rules subcommittee. mous power to shape the liti-
abuse, addiction, overdose and the year, following comment— worked pretty well” as they of California, Berkeley, also The chief justice receives gation before them, potentially
death from medications in- clarify that immediate-release were, said Susan Steinman, se- concluded that the probability recommendations for appoint- limiting the impact of the
cluding oxycodone, hydro- opioids should be reserved for nior director of policy at the court rules would favor plain- ments from chief judges of fed- rules.
codone and morphine. severe pain with inadequate American Association for Jus- tiffs has declined sharply since eral district and circuit courts, “We don’t get quite as ex-
The FDA said it is also man- treatment alternatives, the tice, a plaintiffs’ bar group. 1963. and all federal judges are incited at the comments or the
dating a precaution that chronic agency said. She said the process is Judicial Conference officials vited to apply for committee rules or the makeup of com-
use of opioids during pregnancy “Opioid addiction and over- weighted against her side. said the system was fair, open posts. The new rules origi- mittees as the folks in the aca-
can result in neonatal opioid dose have reached epidemic Ms. Steinman said extensive and responsive to concerns nated at a committee-spon- demia world do, because we
withdrawal syndrome, which levels over the past decade,” discovery can be needed be- from different corners of the sored conference in 2010 at know we still have the discre-
may be life-threatening to new- said FDA Commissioner Rob- cause plaintiffs can face stall- legal profession. Duke Law School. The panel, tion necessary to do what we
borns if not recognized. ert Califf.” ing tactics and other obstacles “The political affiliation of split between Republican and consider equitable and fair,”
The actions follow separate Prescription painkillers when trying to build cases the person who appointed the Democratic appointees, held said Judge Lawrence O’Neill, a
FDA requirements unveiled have been linked to the over- against corporations. “They judges on that committee was hearings received more than George W. Bush appointee to
last month, including that any dose deaths of about 165,000 get the runaround,” she said. completely irrelevant to their 2,300 written comments, most the federal district court in
new opioid go before an out- since 1999, the CDC said. Mr. Dahl and Ms. Steinman dedication to the task,” said of them critical. Following sev- Fresno, Calif.
COKE egy. When Coke acquired

CCE’s U.S. assets in 2010, CCE
was already “a 25-year-old
problem’’ because of inade-
proved difficult, in part be-
cause about 25% of U.S. terri-
tory remained in the hands of
dozens of small bottlers that
Continued from the prior page quate investments, Coke Chief weren’t interested in selling or
by one notch to AA- in late Executive Muhtar Kent re- ceding control. Coke has 68
February, saying the asset cently told analysts. bottlers in the U.S. today,
sales should lower the com- While Coke says it has compared with 73 in 2010.
pany’s debt levels, but not made significant headway and
enough to keep its AA rating. achieved $350 million in an-
Coke isn’t alone in pursuing nual cost savings, the com-
It investors were
an asset-light strategy. Hotel pany has closed only about getting impatient
operators like Marriott Inter- one-tenth of the nearly 60
after Coke missed
RICHARD B. LEVINE/NEWSCOM/ZUMA PRESS
national Inc. have taken prop- soda-making plants it owns,

erties off their books through compared with the roughly profit targets.
franchise agreements or man- one-third to half it had tar-
agement contracts in recent geted, according to earlier es-
years. timates by some senior execu- Now Coke is handing its
Darden Restaurants Inc., tives. distribution and manufactur-
prodded by an activist inves- Coke has invested in infra- ing assets back to longtime
tor, said last year it would structure like the equipment bottling partners led by North
transfer hundreds of restau- to manufacture smaller cans. Carolina-based Coca-Cola Bot-
rants to a publicly traded real- Last year it opened a new re- tling Co. Consolidated, Hong
estate investment trust. gional distribution center in Kong’s Swire Pacific Ltd. and
Food companies, though, Jettisoning asset-heavy operations will have a major effect on Coke’s revenue and operating margin. Memphis, replacing two older Alabama-based Coca-Cola Bot-
often use distributors while ones that were located on op- tling Co. United. So far, Coke
keeping production in-house Coke says smaller U.S. part- from national scale. brands, has struggled with the posite sides of the Mississippi has signed deals with about 10
to control quality and their ners historically have been “The marriage of national problem. Coke created a giant River, requiring shipments companies, refranchising
ability to launch new prod- better distributors because of with local is the best of both U.S. bottler, Coca-Cola Enter- across the river. It developed a nearly half of its distribution
ucts. PepsiCo Inc. has no plans their local focus, and that a worlds,’’ said Sandy Douglas, prises, and retained a 49% common IT platform to share territory and 17 soda-making
to sell its two largest U.S. bot- new decision-making structure Coke’s North American chief. stake when it went public in with its partners and a na- plants. It announced last
tlers after acquiring them for among bottlers ensures manu- It isn’t the first time Coke, 1986. Yet Coke and CCE still tional product supply group. month it would sell the rest by
$7.8 billion in 2010. facturing will now benefit whose main asset is its clashed over pricing and strat- But more extensive changes the end of 2017.
THE WALL STREET JOURNAL. * * * * Wednesday, March 23, 2016 | B3
BUSINESS NEWS
Merck
Gets a Win
GM Gets Aid With Cyber Efforts
Car maker identifies dozens of security gaps in
In Patent its vehicles; expert warns of rising risk from apps
BY JOHN D. STOLL
Lawsuit General Motors Co. has re-
Technologies Inc.’s advanced
technology center, made waves
last summer when he and an
BY PETER LOFTUS ceived “three dozen or so” re- associate hacked into a Jeep.
ports of potential information- On Tuesday, he told conference
Merck & Co. won a legal security vulnerabilities in its attendees that hackers have
victory over rival Gilead Sci- vehicles as part of a public dis- spent heavily to learn how to
ences Inc. on Tuesday when closure program the auto crack into cars and trucks.
a California jury upheld the maker instituted to solicit help “There is a reason car hack-
validity of two patents that in recent months. ing isn’t profitable right now,”
Merck says should entitle it Kevin Baltes, a cybersecurity Mr. Valasek said. But a rise in
to a portion of the multibil- director at the nation’s largest the development of mobile ap-
lion-dollar annual sales of auto maker, said the reports plications designed for automo-
Gilead’s hepatitis C drugs. are part of feedback received biles could change that. Such
Financial repercussions of from the public on potential se- development could provide a
the decision weren’t immedi- curity risks. Mr. Baltes, speak- foothold for “malicious apps.”
ately clear. The jury still ing at an automotive security GM earlier this year invited
STEVE MARCUS/REUTERS
must consider what damages summit outside Detroit on computer researchers to essen-
to award to Merck and its co- Tuesday, said the company uses tially hack its vehicles. The ef-
owner of the patents, Ionis those reports to begin a rela- fort is type of so-called “bug
Pharmaceuticals Inc., for tionship, understand how vul- bounty” programs run by com-
past sales, Kenilworth, N.J.- nerabilities were identified and panies. GM isn’t offering cash
based Merck said in a state- fix the problem identified. but promises not to take legal
ment. A judge then will de- The practice comes as auto action against hackers so long Security experts Charlie Miller, left, and Chris Valasek exposed electronics vulnerabilities in cars.
cide on potential royalties on makers look to plug potential as they don’t disclose any vul-
future sales. cybersecurity risks that vehi- nerabilities until GM gives the don’t break the law; confirm with GM last year demon- than a million vehicles.
Merck said it “believes the cles face as they become more green light. they aren’t located in countries strated an ability to comman- No one was injured and Fiat
jury’s verdict accurately re- connected via in-cabin Internet Other requirements: hackers such as Iran; and confirm they deer controls of a moving Chrysler quickly fixed the prob-
flects the evidence in this or cellular connections. can’t cause harm to anyone; aren’t prohibited from doing Jeep from a laptop miles away, lem. Most vehicle hacks have
case.” Chris Valasek, who recently can’t compromise the privacy business in the U.S. leading parent Fiat Chrysler involved researchers with ex-
Gilead said in an emailed became security leader at Uber of customers or GM operations; Researchers not affiliated Automobiles NV to recall more tended access to vehicles.
statement it was disap-
pointed in the jury’s verdict,
VW Tells Auto Dealers New Models Coming

and that there are a number
of remaining issues to be de-
cided by the jury and the
judge.
The patent trial began BY WILLIAM BOSTON withdraw from the mass mar- Volkswagen brand, told the
earlier this month in federal AND MIKE SPECTOR ket in the U.S. U.S. dealers during the March
court in San Jose, Calif., “What was foremost in our 16 meeting, that the company
where Gilead argued that it Volkswagen AG is commit- discussion was the commit- would increase access to some
shouldn’t have to share any ted to launching at least two ment to volume in the United of the company’s highest-de-
of the sales of its hepatitis C new sport-utility vehicles for States in the mass-market seg- mand vehicles from Germany
drugs Sovaldi and Harvoni American buyers, its U.S. ment,” Mr. Brown said. “They and Mexico to ease dealer in-
with Merck. Last year, com- dealer association said Tues- assured us that this will hap- ventory problems.
bined U.S. sales of the two day, dismissing speculation the pen and any change toward a Volkswagen faces a March
drugs were $12.5 billion, out company could pull back from near premium position is not 24 deadline from a federal
of a global haul of $19.1 bil- the U.S. in the wake of its being considered.” judge to craft a plan to fix the
lion. emissions-cheating scandal. That reassurance is vital for affected diesel-powered vehi-
Merck staked a claim be- The German car maker told Volkswagen’s 650 U.S. dealers, cles. The German auto giant
BRENNAN LINSLEY/ASSOCIATED PRESS
cause it believes sofosbuvir, dealers last week that it would many of whom spent millions has so far been unable to reach
the active ingredient shared launch an entry-level SUV in of dollars during the past few an agreement with the U.S. En-
by Gilead’s drugs, infringes the U.S. and reaffirmed its years to modernize their deal- vironmental Protection Agency
two Merck patents that cover commitment to build a coupe erships as part of the car and California Air Resources
related compounds, and it derivative of a midsize SUV maker’s drive to substantially Board on an acceptable fix.
wants royalties from Gilead. that is set to begin production increase sales. The company has signaled it
In the trial, which arose from in Chattanooga, Tenn., later Mr. Brown said in the state- could have to buy back some
Gilead’s 2013 lawsuit against this year. ment that dealers are eager for affected vehicles.
Merck, Gilead was seeking a “Although nothing was Volkswagen to offer the coupe In addition, Volkswagen
judgment that the Merck pat- agreed in writing, we believe and the entry-level SUV, which faces criminal probes in the
ents are invalid and that it that in the very near future we Volkswagen outlined moves to address dealers’ supply concerns. would come in at a price below U.S. and elsewhere around the
owes Merck nothing. Merck will get a real commitment at that of the Tiguan, currently globe.
recently began selling its green lighting this vehicle,” conference in April. ered vehicles, which are now Volkswagen’s smallest cross- “We have been told all of
own hepatitis C drug, Zepat- Alan Brown, chairman of the “We take the concerns of sitting on dealer lots. over. Volkswagen wants to the things we needed to hear,
ier. Volkswagen National Dealer our partners in the U.S. very A handful of U.S. dealers launch an entry-level SUV and now it’s time to see if that
The case is one of several Advisory Council, said in a seriously and are in regular di- were in Wolfsburg, Germany, based on a smaller Tiguan plat- translates into execution,” Mr.
legal battles that have statement. alogue,” a Volkswagen spokes- last week as part of a broader form, but U.S. dealers would Brown said.
erupted over a new wave of Volkswagen is open to dis- man said, declining to com- gathering of Volkswagen deal- prefer to have the T-Roc, a Volkswagen dealers plan to
expensive hepatitis C drugs, cussing some form of financial ment on what was discussed at ers from around the world. compact SUV that Volkswagen meet on the sidelines of the
as companies try to assert help for its U.S. dealers, the as- the meeting. The Americans pressed the has presented as a concept car. National Automobile Dealers
the patent rights they will sociation said. “They are very Volkswagen sales in the U.S. case of U.S. dealers, who have Volkswagen is planning to Association convention that
need to grab a piece of the receptive to this,” Mr. Brown are plunging due to the auto felt the pain from collapsing launch the Golf Alltrak, an all- begins in Las Vegas on March
pie. added, noting Volkswagen and maker’s emissions-cheating demand in the wake of the wheel drive vehicle, in the U.S. 31. U.S. dealers are being
Merck said in a court doc- its dealers would discuss com- crisis and the company’s halt emissions scandal and are this year. wooed by law firms to sue
ument last month that it pensation in more detail at a to sales of affected diesel-pow- worried that Volkswagen could Herbert Diess, head of the Volkswagen for damages.
filed applications in 2002 for
patents covering the use of
Startup Raises $127 Million

certain compounds to fight NOTICE OF REDEMPTION BY
hepatitis C infection. PUBLIC STORAGE
Gilead said in a court docu- OF ALL OUTSTANDING DEPOSITARY SHARES
REPRESENTING INTERESTS IN ITS
ment last month that the orig- 6.5% CUMULATIVE PREFERRED SHARES, SERIES Q
inal applications for the Merck BY ROLFE WINKLER $40 million of the total, ac- credible team” that the com- NOTICE IS HEREBY GIVEN that, pursuant to paragraph (c)(1) of the Articles
patents weren’t specific cording to a person familiar pany hadn’t resorted to “em- Supplementary of the 6.5% Cumulative Preferred Shares, Series Q (“Preferred
enough to cover Gilead’s DoorDash Inc. said Tuesday with the matter. ployee-unfriendly terms” to Shares”) of Public Storage and Section 2.8 of the Deposit Agreement dated as of May
31, 2007 (the “Deposit Agreement”) by and among Public Storage, Computershare
drugs. it raised $127 million in its lat- “We plan to continue in- secure its latest capital. Trust Company, N.A. as Depositary (the “Preferred Shares Depositary”) and the
Gilead also said certain est funding round primarily vesting in our core technology The company also gave its holders from time to time of the depositary receipts issued by the Preferred Shares
Depositary under the Deposit Agreement, Public Storage has called for redemption,
claims in the Merck patents from existing investors, the to build the first software-en- investors the ability to block a and will redeem, on April 15, 2016 (the “Redemption Date”), all of the Preferred
weren’t added until several latest sign of the food-delivery abled logistics company,” said potential initial public offering Shares, and, in accordance with the Deposit Agreement, the Preferred Shares
years after the original appli- startup’s struggle to secure Mr. Xu in his blog post. if DoorDash can’t at least tri- Depositary will redeem, on the Redemption Date, all of the outstanding depositary
shares (the “Depositary Shares”) representing interests in the Preferred Shares.
cations, following patent ap- capital. The company’s fundraising ple their money from the lat- On the Redemption Date, (1) Public Storage will deliver, or cause to be delivered,
plications and research publi- Early investor Sequoia took months to complete at a est round price, according to out of funds legally available therefor, to the Preferred Shares Depositary
$375,000,000 in redemption of all of the 6.5% Cumulative Preferred Shares, Series Q
cations by scientists from Capital led the round, joined time when investors have corporate documents reviewed and (2) the Preferred Shares Depositary will pay to the holders of record of the
Pharmasset Inc., the company by previous backers Kleiner soured on lofty valuations. As by the Journal. Depositary Shares, in exchange for each Depositary Share, $25.00 (the “Redemption
Price”).
that developed sofosbuvir and Perkins Caufield & Byers and The Wall Street Journal re- Such terms often lead to Depositary Receipts representing the Depositary Shares, accompanied by proper
was acquired by Gilead for Khosla Ventures, said Door- ported in February, Sequoia additional dilution for ven- instruments of assignment and transfer if payment is to be made other than to the
more than $11 billion. Dash Chief Executive Tony Xu sought to drum up investment ture-backed startups, reducing registered holder(s), shall be surrendered for redemption at any of the following
places:
in a blog post. in the startup at a valuation of the value of employees’ equity
By Mail By Overnight Courier
New investors included Y $1 billion in October, according stakes, when investors negoti- Computershare Computershare
Flooring Firm Combinator’s Continuity

Fund, though San Francisco-
to people familiar with the
matter. Ultimately the com-
ate for more shares to permit
a lower-priced IPO to go for-
Attn: Corporate Actions
P.O. Box 43014
Providence, RI 02940
Attn: Corporate Actions
250 Royall Street
Canton, MA 02021
Settles Charges based DoorDash was created

from the startup incubator it-
pany settled for a valuation
closer to $700 million, a so-
ward. These blocking rights
are closely related to a so-
Delivery of the foregoing instruments and documents to any other address shall not
constitute valid delivery.
Over Safety self in 2013. The other new

investor is U.K.-based charita-
called down round since the
company sold its shares for
called ratchet, which firms like
Box Inc. and Square Inc. were
On or before the Redemption Date, Public Storage will deposit with
Computershare Inc., a Delaware corporation, the Redemption Price, for the pro rata
benefit of the holders of the Depositary Shares called for redemption. On and after
BY ANNE STEELE ble foundation Wellcome 16% less than during its March forced to employ when they the Redemption Date, all Depositary Shares and Preferred Shares shall be deemed no
longer to be outstanding; dividends thereon shall cease to accrue; and all rights with
Trust, which invests primarily 2015 funding. staged IPOs at lower-than-ex- respect to the Depositary Shares and Preferred Shares called for redemption shall
Lumber Liquidators Inc. in biotech and health-care Mr. Xu said in his blog that pected prices. forthwith at the close of business on the Redemption Date cease and terminate,
except only the right of the holders thereof to receive the Redemption Price of the
agreed to pay $2.5 million to startups. Sequoia contributed it was “testament to the in- DoorDash was started in shares so redeemed, but without interest, upon surrender of their Depositary Receipts.
California state regulators to 2013 by Stanford University Any moneys deposited by Public Storage and unclaimed at the end of five years
settle charges related to the students including Mr. Xu. The from the Redemption Date shall, to the extent permitted by law, be repaid to Public
Storage, after which repayment the holders of the Depositary Shares called for
safety of the hardwood-floor- company charges a flat fee of redemption shall look only to Public Storage for the payment thereof.
ing company’s laminate prod- $4 to $7 for each delivery, and
March 16, 2016 PUBLIC STORAGE
ucts sourced in China. works with independent con-
The company didn’t admit tractors who deliver food from
wrongdoing, according to a
regulatory filing, and it said the
popular restaurants.
DoorDash isn’t profitable Nova Scotia 10-Days $1395
California Air Resources Board and has struggled to keep Guided Tours Since 1952 +tax,fees
“concluded its review with no some of its delivery staff, Guatemala, Tikal 10 days $1295
formal finding of violation or known as “dashers,” from re- Costa Rica 9 days $1195
admission of wrongdoing on maining with the company Panama with Canal 8 days $1195
the part of the company.” for longer than a few Whale Watching • Nova Scotia, PEI 10 days $1395
Shares of the company rose months, raising costs to at- Come Visit the Canadian Canadian Rockies 9 days $1595
16% Tuesday, though they are tract and train employees, Maritimes!—Nova Scotia, Grand Canyon 8 days $1395
still down about 20% this year. according to people familiar New Brunswick and P.E.I. California Coast 8 days $1395
Mount Rushmore 8 days $1295
As part of the agreement, with the matter. Join the smart shoppers and
STEVE JENNINGS/GETTY IMAGES
New England 8 days $1295

Lumber Liquidators will imple- A DoorDash spokesman said experienced travelers who
ment a series of compliance the company is “cash flow rely on Caravan to handle all “ Brilliant, Affordable Pricing ”
procedures to ensure its floor- positive” in its “earliest mar- the details while you & your —Arthur Frommer, Travel Editor
ing products comply with kets,” including applicable family enjoy a well-earned, Order FREE 28-Page Brochure:
CARB’s formaldehyde stan- marketing and overhead ex- worry-free vacation.
dards, which are the most penses. He declined to name
stringent in the country. The those markets. Overall the
company and CARB also have company operates in 22 urban
agreed to collaborate to estab- ‘We plan to continue investing in our core technology to build the areas in the U.S. and Canada,
lish best practices. first software-enabled logistics company,’ says DoorDash’s Tony Xu. according to its website.
B4 | Wednesday, March 23, 2016 NY THE WALL STREET JOURNAL.
BUSINESS NEWS
A Top Apparel Maker Stumbles Nike’s

Sales Rate
G-III, producer of the company had better re-
Calvin Klein and others,

missed expectations
sults in its non-outerwear Cal-
vin Klein businesses, and in its
dress and team-sports apparel
Raises
in the fourth quarter
segments.
On a conference call, Mr.
Goldfarb said the company has
Concerns
BY JOSHUA JAMERSON a “reduced outerwear plan” BY SARA GERMANO
for its fiscal 2017 year. AND TESS STYNES
G-III Apparel Group Ltd. Mr. Goldfarb said G-III sees
on Tuesday reported lower strong growth across its other Nike Inc. posted a 20% jump
than expected fourth-quarter segments, and that the com- in quarterly profit in a difficult
profit and revenue on lower pany believes “it is prudent to retail environment, but its
sales and higher promotion protect the expectation of rel- sales growth was slower than
costs in its outerwear business atively secure, diversified expected and executives cau-
amid a warmer winter. growth in sales and operating tioned that Wall Street’s fore-
The results came as the profit from the kind of sea- casts may be too optimistic.
producer of apparel and prod- sonal risk we’ve just experi- The world’s largest sports-
ucts under labels such as Cal- enced.” wear maker said its revenue
vin Klein, Kenneth Cole and Mr. Goldfarb also noted the rose 7.7% to $8.03 billion for
Tommy Hilfiger said it doesn’t company saw softness in its the period ended Feb. 29, below
see sales of its outwear im- tourist-driven outlet locations, analyst expectations of $8.2 bil-
proving this year. in line with the trend of ham- lion, according to FactSet. Ex-
The company also issued pered tourism spending in the cluding currency fluctuations,
profit and revenue forecasts U.S. amid a stronger dollar. Nike said revenue rose 14%.
for 2016 and its first quarter For the three months ended Nike has outperformed
that mostly fell below Wall Jan. 31, G-III earned $7.96 mil- most apparel makers as it has
Street views. lion, or 17 cents a share, down expanded its e-commerce of-
Shares skidded more than from $22.2 million, or 48 ferings and logged strong
19% to $44.52 Tuesday. cents, a year ago. sales gains in China. On an
New York City-based G-III Overall sales rose 3% to earnings call Tuesday, Andy
said it expects to break even $527.4 million, largely on Campion, Nike’s chief financial
during its fiscal first quarter strength in G-III’s wholesale officer, said “not every dimen-
or earn as much as a nickel in businesses. sion of our portfolio will have
per-share profit on sales of Analysts polled had ex- the same level of momentum
$475 million. pected per-share profit of 42 each and every period.”
BEBETO MATTHEWS/ASSOCIATED PRESS
Analysts had expected per- cents on $569 million in reve- Shares of the company fell
share profit of 15 cents on nue. 6% in after-hours trading to
$461 million in revenue, ac- For the year, G-III said it $60.91. The stock had risen
cording to Thomson Reuters. expects per-share profit be- about 30% in the past 12
Morris Goldfarb, G-III’s tween $2.55 and $2.65, well months.
chief executive, said the re- below the average analysts’ The Beaverton, Ore.-based
sults in the fourth quarter estimate of $3.14. maker of athletic goods last
were “heavily impacted by the The company expects reve- week unveiled its latest pipe-
warmest winter ever re- nue of $2.56 billion in 2016. line of technological advance-
corded.” Analysts had expected $2.6 ments, including electronic
However, Mr. Goldfarb said billion. The producer of labels such as Calvin Klein says sales of outerwear fell amid a warm winter. running shoes that lace at the
push of a button. It also
showed a new app that com-
Yahoo to Shut Fantasy Sports in New York

bines Nike’s training software
with what it describes as a
personalized e-commerce
store that will give members
BY ANNE STEELE tries. exclusive access to products.
Yahoo said labeling a small For the quarter ended Feb.
Yahoo Inc. agreed Tuesday
The company announced it would close its daily operation, after percentage of “veteran” play- 29, Nike reported a profit of
to shut down its daily fantasy FanDuel and DraftKings did the same amid pressure from the ers—those who have entered $950 million, or 55 cents a
sports operations in New York, more than 1,000 contests share, up from $791 million, or
a day after FanDuel Inc. and
state attorney general, who says the contests constitute gambling. within a single year, have en- 45 cents a share, a year ear-
DraftKings Inc. did the same tered more than 250 contests lier. Analysts expected a per-
by settling with the state at- and prevailed in greater than share profit of 48 cents.
torney general’s office. 65% of them within a single Nike said futures orders,
“Following yesterday’s an- tasy sports while providing a of skill and not akin to gam- tition, and fantasy gamers fill year, or have won a single which reflect products sched-
nouncement that FanDuel and compelling fantasy sports ex- bling. out a lineup under an allotted prize of $1,000 or greater uled for delivery from March
DraftKings will follow the law perience for all of our users,” The attorney general had budget. more than three times within through July, rose 12% on a
and stop taking bets in New he said. moved to force the companies Earlier Tuesday, Yahoo a single year—with a distinct global basis, compared with an
York state, Yahoo has now in- The spokesman said Tues- to stop accepting money from rolled out new safety mea- badge will make it easier for increase of 2% a year earlier
formed my office that it will day’s agreement in New York New Yorkers and pay restitu- sures for its daily fantasy all players to know whom they and the 15% growth from the
do the same,” Attorney Gen- doesn’t impact users in other tion to contestants who lost sports operations. are up against. last quarter. Futures orders
eral Eric Schneiderman said in states. money playing on the sites. The Sunnyvale, Calif.-based Yahoo’s sports and finance are closely watched by inves-
a statement. FanDuel and DraftKings, the More than two dozen states Internet company said it product chief, Michael La tors as a benchmark for de-
A Yahoo spokesman con- two main players in the daily also are weighing legislation would limit daily fantasy play- Guardia, said Tuesday that the mand for Nike products.
firmed the company will sus- fantasy sports business, on daily fantasy sports. ers to a maximum of 10 en- company “values an environ- At quarter’s end, invento-
pend offering paid daily fan- agreed to shut down in New Unlike traditional fantasy- tries per user, per contest and ment that is transparent and ries were $4.6 billion, up 8%
tasy contests to residents of York, their largest market, as sports formats where players a single user’s entries to 1% of trustworthy.” from a year earlier.
New York beginning Wednes- part of a settlement with Mr. are drafted for a full season, the total in any contest. He said Yahoo’s fantasy Nike has used sponsorships
day, pending further review. Schneiderman, who has said daily fantasy games are based Moreover, it clearly will sports business has tens of to increase its market share in
“Yahoo believes that its daily fantasy sports consti- on one week or day of action. identify veteran players to millions of registered fans and sports such as soccer and bas-
contests are lawful, and we tutes gambling. Fantasy sites set a price on other users and prohibit the the changes are a result of ketball. In the latest period,
will continue to assess the le- The operators have said athletes, based on factors such use of scripting tools to auto- user experience and customer Nike increased such spending
gal environment for daily fan- daily fantasy sports is a game as talent and opposing compe- mate uploading or editing en- requests. by 10% to $804 million.
Krispy Kreme’s Holiday Quarter Proved Weak

Business Krispy Kreme Doughnuts
Watch Inc. reported weaker-than-ex-
pected revenue growth in the
holiday quarter and provided
profit projections that fell
short of analyst expectations,
Custom Interior Protection For Whatever You Drive sending shares down in after-
CONAGRA FOODS hours trading.
630-769-1500 • 800-441-6287 The Winston-Salem, N.C.,
Food Giant Plans company projected an adjusted
www.WeatherTech.com
To Add GMO Labels profit of 87 cents to 91 cents a
ConAgra Foods Inc. is going share for the current fiscal
nationwide with labels that say year, up from 80 cents a share
its Snack Pack pudding, Peter Pan for the year ended Jan. 31 but
peanut butter and other products below the average estimate of
are made with genetically modi- 93 cents a share by analysts
fied organisms, finding it to be surveyed by Thomson Reuters.
the easiest way to comply with a Shares, down 25% over the
Vermont law on labeling. past 12 months, fell 9.1% to
Other food giants including $13.98 in after-hours trading.
Kellogg Co., General Mills Inc., Over all, Krispy Kreme re-
Mars Inc. and Campbell Soup ported a fourth-quarter profit
Co. have all said they are chang- of $8.25 million, or 13 cents a
ing their food packaging across share, compared with $6.55
the country in response to that million, or 10 cents a share, a
state’s law requiring disclosure year earlier.
of GMOs as of July 1. Excluding provision for de-
These companies say it ferred taxes and other items,
JOHN GODBEY/ASSOCIATED PRESS
would be too complex and ex- profit rose to 22 cents a share

pensive to create a separate dis- from 17 cents a share a year
tribution network for the earlier. Revenue rose 4% to
Laser Measured 626,000 residents of Vermont. $130.4 million.
FloorLiner™ Last week, an effort by some
members of Congress to block
Analysts surveyed by Thom-
son Reuters had projected 21
Vermont’s law stalled. cents a share on $133 million in
Thousands of American made, ConAgra said it stands behind revenue.
“Factory Direct” the health and safety of all of its —Maria Armental
custom applications in stock!
99.9% shipped within 48 hours products, including those with
GMOs, but that it also believes
See our full line of Automotive Accessories consumers should know what’s Capital Management Inc.—hold Delta Air Lines Inc. in airline oper- GrabTaxi Holdings Pte. from
in their food. about a 7.1% United stake. Ear- ations before moving on to helm strengthening their foothold.
For US Customers : —Annie Gasparro lier this month, the pair nomi- software company Red Hat Inc. The protests by about 12,000
WeatherTech.com nated six directors in an attempt —Josh Beckerman taxi drivers revealed worsening
For Canadian Customers : UNITED CONTINENTAL to reshape the airline’s board. tensions, as competition heats
WeatherTech.ca The nation’s third-largest car- RIDE-SHARING up. Drivers for some of the big-
Dissidents Support rier by traffic named Mr. White- gest taxi fleets said they are
For European Customers :
Choices for Chairman hurst and Mr. Milton to its board
Taxi Drivers’ Protest struggling to make a living.
WeatherTechEurope.com Made in America
©2014 by MacNeil IP LLC
Two dissident shareholders of earlier this month, along with a Disrupts Jakarta The ride-sharing companies
United Continental Holdings Inc. third new independent director, Thousands of protesting taxi say they are cooperating with
said they “encourage” the airline’s James Kennedy. drivers brought parts of Jakarta the government to operate as
board to select James Whitehurst Mr. Milton spent years guiding to a standstill Tuesday, seeking legal entities and set their own
or Robert Milton as chairman. Air Canada and is now the lead action from the government to fares as technology companies.
The two firms—PAR Capital director of Air Lease Corp. Mr. stop ride-sharing apps such as —Resty Woro Yuniar
Management Inc. and Altimeter Whitehurst spent six years at Uber Technologies Inc. and and Sara Schonhardt
THE WALL STREET JOURNAL. NY Wednesday, March 23, 2016 | B5
BUSINESS NEWS
Comcast Teams
Up With Amazon
To Sell Services
BY SHALINI RAMACHANDRAN products like its home security
service through Amazon. He
Comcast Corp. has begun said the Amazon sales channel
selling its TV, Internet and will also make it easier for
phone service through Ama- people who are shopping for a
zon.com, marking the cable gi- TV set, for example, to be of-
ant’s highest-profile online re- fered Comcast’s video service.
tail partnership. Comcast said the pricing for
A new landing page on Am- bundles on Amazon will be the
azon.com now welcomes visi- same as on its own website.
tors to the “Amazon Cable Charter Communications
DAVID PAUL MORRIS/BLOOMBERG NEWS
Store,” which sells Comcast’s Inc. is also in discussions with

Xfinity-branded bundles, in- Amazon about a retail part-
cluding dedicated customer nership, a Charter spokesman
service for Amazon customers. said, though no final decisions
The deal came about when have been made. An Amazon
Comcast Chief Executive Brian spokeswoman declined to
Roberts and the cable divi- elaborate on other potential
sion’s president, Neil Smit, partnerships with cable com-
took a trip to Silicon Valley panies, though Amazon’s page
about a year ago, according to appears to be set up to also
The new 4-inch iPhone SE, shown above after an Apple event on Monday, is seen filling a niche in China’s smartphone market. a person familiar with the mat- sell other companies’ services.
An iPhone Built for China?

ter. The two talked with Ama- Cable companies have long
zon CEO Jeff Bezos about ways hawked their products through
to work together, and one idea their own sales channels and
that came up was selling Com- some authorized retailers, in-
cast products through the e-re- cluding brick-and-mortar stores.
tailer, the person said. Comcast is hoping that partner-
There is demand for try. East Asian mobile junkies out extra for Apple generally them refurbished replace- Over the course of a year, ing with Amazon will help im-
tend to favor larger smart- are looking for luxury, rather ments instead of brand-new the two companies hashed out prove its brand perception as it
Apple’s smaller iPhone phone screens, the better to than anything that their peers ones as the company had been a way to sell TV, Internet and seeks to reimagine its customer
in Asia, but it may not watch Korean soap operas. might ridicule as a “cheap” doing in other countries. phone service in a way that service, after some poor inter-
Apple Vice President Greg iPhone. Some online wags also would simplify the process. actions between Comcast repre-
become a blockbuster Joswiak had acknowledged Apple’s previous low-cost christened the iPhone SE, “They helped us in our sentatives and subscribers went
that most of their customers 4-inch handset, the iPhone 5C, which comes in rose gold, the thinking about how to simplify viral in recent years.
BY EVA DOU prefer larger phones as he un- had flubbed largely due to im- “Red iPhone”—a nod to bud- the experience and just make The cable giant last May
AND YANG JIE veiled the iPhone SE on Mon- age issues in China and other get smartphone maker Xi- it clean,” Mr. Smit said in an budgeted more than $300 mil-
day. But he said that 4-inch countries from its multicol- aomi’s most budget line, interview. For example, Ama- lion toward new customer ser-
The topic “cheapest iPhone devices remain an important ored plastic casing, according Redmi. zon helped Comcast reduce vice efforts such as hiring
in history” is trending on Chi- part of the business, with Ap- to analysts. Apple hardly needs to win the number of clicks that it more representatives and
nese social network Weibo. ple selling 30 million of them On Weibo, there were some over all buyers for the iPhone takes for a customer to com- opening more call centers. It
But that doesn’t necessarily last year. signs that some users had rel- SE to be a success. Its next plete a transaction. “We’re has also been renovating its
mean Apple’s new 4-inch The online reception was egated the iPhone SE to flagship iPhone is expected to partnering with a company physical stores to give them a
iPhone SE is what most Chi- lackluster in China on Tues- “cheap iPhone” status. Some include cutting-edge features that’s so good at the customer more Apple-like feel to en-
nese consumers want. day, with many Weibo com- immediately questioned to draw the most discriminat- experience—I think that’s re- courage people to play with its
One in five Chinese iPhone mentators carping on the sim- whether the iPhone SE’s simi- ing shoppers. The iPhone SE ally what excites me.” products and buy them.
buyers last year chose 4-inch ilar design to the previous lar design to the iPhone 5S can fill a smaller niche in Amazon will take a fee each A Comcast spokesman said
devices, with the rest opting iPhone 5S rather than express- meant it was built with recy- China’s 434 million-unit time a customer signs up for a it has set aside call centers in
for larger, pricier iPhones, ing glee over the low price or cled components—a false con- smartphone market. Comcast subscription through Tucson, Ariz., and Spokane,
says CK Lu, an analyst at mar- features. spiracy theory, to be sure, but “In general, users in China its site, a person familiar with Wash., employing about 90
ket research firm Gartner. In China, phone shoppers a reminder that Chinese buy- like bigger phones,” said IDC’s the deal said. Typical “referral representatives trained just to
That means that while there is have no shortage of budget ers haven’t quite forgiven and China head, Kitty Fok. “But fees” for goods sold on Ama- receive inquiries about Com-
a healthy market for a device options, with domestic brands forgotten the warranty scandal China is a very big market. zon by third parties can range cast sales made through Ama-
like an iPhone SE in Apple’s Huawei and Xiaomi offering of 2013. During that episode, it Even if in terms of percentage, from single-digit percentages zon. The representatives’ goal
largest market outside the devices that rival iPhones in emerged that when consumers smaller phones aren’t a major to 15% or more. is to “answer your call in 60
Americas, it is hardly likely to key specs at deep discounts. in China had broken their part of the market, it is still a Mr. Smit said that, down the seconds or less,” according to
be a blockbuster in the coun- So consumers willing to shell phones, Apple had been giving lot of phones.” line, Comcast could sell other Amazon’s landing page.
East Coast Ports Report A Business

Import Growth in February Degree
BY ROBBIE WHELAN
Imports at seaports on the

ports and exports are typically
divided by whether shipping
containers are loaded with
guish between loaded contain-
ers and empties.
Inventory levels across all That Works
for You.
U.S. eastern seaboard surged goods or if they are empties businesses, including retailers
in February, a sign that retail- being returned to a port. and merchant wholesalers,
ers and other merchants are Other East Coast ports also surged last summer and re-
stepping up their restocking of reported strong import vol- mained stubbornly high for
warehouses and store shelves ume in February. most of the year, before start-
heading into the spring shop- Loaded imports at the Port ing to fall after the holiday
ping season. season. Inventory stocks
The Georgia Ports Author-
ity reported that loaded im-
‘There’s some ticked up across most seg-
ments in January, according to
ports in February rose to cautious restocking the Commerce Department,
140,624 twenty-foot equivalent
units, or TEUs, a common
of inventories going when the ratio of business in-
ventories to sales reached the
measurement of shipping con- on,’ economist says. highest level since the
tainer volume, an increase of 2008-2009 recession.
8.5% from January and 22.7% “There’s some cautious re-
over the same month a year of Charleston rose 15% in Feb- stocking of inventories going
earlier. Georgia’s numbers are ruary compared with a year on,” said Charles Clowdis, a
driven mostly by the results at earlier, according to the South trade economist with IHS Inc.
the Port of Savannah, the sec- Carolina Ports Authority. Ex- “I think we will have into 2017,
ond-busiest container port on ports were flat compared with this steady, reliable consistent The Frank G. Zarb School of Business at Hofstra University is ranked among
the U.S. East Coast, after New a year ago. At the Port of Vir- 2% GDP growth, and that’s the nation’s top business schools by numerous organizations and publications,
York-New Jersey. ginia in Norfolk, import what we’re going to have to including Princeton Review (Best 296 Business Schools and Top 25 online
Loaded exports remained throughput rose 22.4% year- suffer through…I wouldn’t MBA programs, 2015); U.S. News & World Report (Best Online MBA programs,
flat from a year earlier at over-year in February, while look for a big inventory re-
105,745 TEUs, likely a result of exports rose 25%. The Virginia stocking blast over the sum- 2015 and Best Part-time MBA programs, 2016); and Bloomberg BusinessWeek
the strength of the dollar. Im- Port Authority doesn’t distin- mer.” (Nationwide Full-time MBA programs, 2014).
Graduate business degree options include:

A Self-Driving Idea From the ’70s • Traditional, on-site programs with various concentrations:
• Full-Time Cohort MBA
BY STEVE ROSENBUSH well,” Dr. Moravec recalled. “I takes a different approach, us-
concluded that we would have ing low-end cameras and algo- • Flexible MBA
The idea of the self-driving just barely enough computing rithms to navigate. • MS programs
vehicle might seem new, but in power to do this around the Laser sensor-based systems
fact the vision was formed de- year 2000. It was 30 years for autonomous vehicles are • Strategic Healthcare Management and Strategic Business Management
cades ago, when roboticists from where I was, but it was a coming to market faster, but focused programs:
such as Dr. Hans Moravec as- reachable goal.” Seegrid’s approach of using
• Completely Online MBA
sessed the monumental scien- He continued his research “stereo” vision to plot data in
tific challenges posed by the at Carnegie Mellon University a 3-D graph will produce a • Hybrid MBA program in Manhattan – located at 100 East 77th Street,
idea of autonomous machines, and in 2003—roughly 30 years more cost-efficient and ulti- offering classes online and on-site
and said, why not? after his robocar crawled mately more powerful solu-
His thesis, as a doctoral through his Stanford lab—he tion, Dr. Moravec maintains. • Saturday Executive MBA
student at Stanford University co-founded Seegrid Corp. to A human driver teaches a
in the ‘70s, laid out plans for bring his ideas to market. Seegrid vehicle how to navi-
the creation of a self-driving Dr. Moravec, now an ad- gate a route by guiding it Invest in your future with a graduate business degree from the
prototype, certainly among the junct faculty member at the through one trip. Seegrid Frank G. Zarb School of Business. Learn more during a
world’s first. The project pro- university’s influential Robot- maps the route, and can func-
duced a working robotic vehi- ics Institute, is co-founder and tion independently afterward, School of Business Graduate Programs Information Session,
cle. It had a top speed of one chief scientist at Seegrid. The improving its knowledge with Wednesday, March 23 beginning at 7:30 p.m.
room per five hours, state of small company is outfitting successive trips.
the art in its day. Dr. Moravec forklifts with technology that Still, Dr. Moravec said to- Visit hofstra.edu/wall to register.
viewed the proof of concept as allows them to drive autono- day’s technology hasn’t fin-
a success, although it was mously in warehouses and fac- ished evolving. Today’s robots
clear that bringing the tech- tories. “have some basic skills for
nology to market would re- Many of the autonomous survival in their environment,
quire a lifetime of effort. He vehicles that are expected to warehouses and factories,” he
stuck with it. come to market by 2020 tackle says. “The next step up is con-
“That taught me several perception by using laser sen- ditioned learning processes,
things, how hard the task was sors or high-definition cam- which allow machines to tune
and how much computing eras to absorb data about up behavior based on experi-
power we needed to do this their environment. Seegrid ence.”
B6 | Wednesday, March 23, 2016 * ****** THE WALL STREET JOURNAL.
TECHNOLOGY @wsjd | wsjd.com
Google’s Cloud
Unit Gains Client
BY JAY GREENE Oregon and Tokyo, opening
later this year. The company
Google’s business of selling said those sites would be the
time on its immense computer first of more than 10 data cen-
network is gaining high-profile ters to roll out through 2017.
customers. Google’s relationships with
The computing-on-demand Apple, Netflix, and Spotify are
division of Alphabet Inc. on significant steps forward for
Wednesday is expected to dis- the search giant’s cloud effort.
close Walt Disney Co.’s Disney All three are Amazon Web
Consumer Products and Inter- Services customers, and they
active Media is using its ser- continue to use that service as
vice. Sources say Alphabet well. Google Cloud Platform
also will announce several leader Diane Greene, who at
other customers at the Google the conference will make her
Cloud Platform Global User first public appearance since
CHRIS RATCLIFFE/BLOOMBERG NEWS

Conference in San Francisco taking the helm in November,
that starts on Wednesday. was hired in part to lure such
In addition, an executive of customers. Google declined to
Netflix Inc., a Google cloud make Ms. Greene available for
customer, is scheduled to this article.
speak at the event. Amazon Web Services,
which pioneered the cloud-
computing business a decade
The division lands ago, leads the public cloud
Disney as customer, market. Morgan Stanley esti- Denmark’s Bang & Olufsen said Qi Jianhong, a Hong Kong businessman, is working on a bid to buy the audio-equipment maker.
mates that the service gener-
after having added
Bang&OlufsenNamesSuitor
ated $7.9 billion in sales last
Apple and Spotify. year, while Microsoft Azure,
which has capitalized on long-
standing relationships with
In the past month, Google corporate customers, posted
Cloud Platform has landed two $1.1 billion in sales. Google A Hong Kong investor Bang & Olufsen on Tuesday public relations firm clarified agreed to $102 billion in for-
other marquee names: Apple Cloud Platform tallied less issued a statement referring that should an offer material- eign deals this year.
Inc. and Spotify AB. than $500 million, according is in talks to acquire investors to an announcement ize, it would emanate from a Bang & Olufsen is in the
The new customers repre- to Morgan Stanley. the maker of upscale by Mr. Qi, chairman of Hong separate entity, wholly owned midst of a makeover, trying to
sent important validation for “They are probably No. 3 in Kong-listed distributor Spar- by Mr. Qi and called Sparkle turn around its traditional
Alphabet’s computing-on-de- the market, but they are a audio equipment kle Roll Group Ltd. Roll Group Ltd. BVI. business of selling upmarket
mand division when it is weak No. 3,” said Lydia Leong, The announcement said Mr. Delta Lloyd Asset Manage- audio and television equipment
struggling to establish itself as an analyst with Gartner Inc. BY DOMINIC CHOPPING Qi was working on a bid for ment NV are the largest while expanding in lower-end
a leading provider of so-called Disney plans to use Bang & Olufsen shares, but had shareholders in Bang & consumer goods with a new
public cloud services, which Google’s storage, database and Denmark’s Bang & Olufsen yet to overcome certain obsta- Olufsen with a 13.4% stake, ac- brand, B&O Play. As part of the
offer metered computing application service to run A/S has disclosed the name of cles. Sparkle Roll is a distribu- cording to FactSet data. Dan- restructuring of its TV opera-
power over the Internet. “hundreds” of projects includ- its suitor, saying Qi Jianhong, tor of Bang & Olufsen products ish asset manager ATP Fonds- tions, the company said last
Google Cloud Platform is ing Disney Life, a subscription a Hong Kong investor who in Asia. maeglerselskab A/S holds week that it would stop mak-
working to catch up to rivals service in the U.K., the com- heads a luxury-goods distribu- “A condition for making an 12.4%, while Mr. Qi holds 5.6%. ing flat screens, sourcing them
Amazon.com Inc.’s Amazon pany said. tor, is in talks to buy the maker offer is that we are comfort- Should a deal succeed, it from South Korea’s LG Elec-
Web Services and Microsoft Nonetheless, analysts and of high-end audio equipment. able it will be possible for us would add to a surge in Chi- tronics Inc., instead.
Corp.’s Azure cloud service, industry observers believe The Danish company, cur- to acquire all shares in Bang & nese mergers and acquisitions Despite these efforts, and
which hold greater market Google hasn’t sufficiently rently valued at about 3 billion Olufsen at a price we find rea- that already look set to easily- the sale of the company’s au-
share. In particular, it is add- adapted its vast computing Danish kroner, or about $450 sonable,” Mr. Qi said in the top last year’s record $106 bil- tomotive sound-system busi-
ing features intended to ad- network, which is finely tuned million, on the stock market, statement lion investment in foreign ness to Harman International
dress the needs of large com- to its own operations, for use said in November that it had Public relations firm Kreab M&A deals. Industries Inc. last year, Bang
panies. Google announced on by outsiders, Ms. Leong said. been approached by a poten- initially said the Hong Kong- The Wall Street Journal re- & Olufsen hasn’t posted a full-
Tuesday the addition of two —Shalini Ramachandran tial buyer, but it didn’t dis- listed company was working ported last week that Chinese year profit for the past three
new massive data centers, in contributed to this article. closed the suitor’s identity. on a possible bid. Later, the companies already have years.
For Sharp and Foxconn, Deadlines Come and Go Oracle Fight

It’s the deal that keeps get-
ting delayed. Foxconn’s Top Deals
apart. Last month, Foxconn
beat out a rival bid from Inno-
approve any revised terms.
A Sharp spokesman de-
Heads Back
More than a month after
Terry Gou, chairman of the
world’s biggest electronics as-
If Foxconn seals a deal to take over Sharp, it would dwarf
most of its previous acquisitions.
vation Network Corp. of
Japan, or INCJ, a government
fund.
clined to comment. In a writ-
ten statement on Tuesday, Fox-
conn said both companies
To Court
sembler, Foxconn Technology Year Target Value, excluding debt “Terry thinks he’s the only were “working hard to reach a BY JAY GREENE
game in town,” said a person satisfactory agreement as soon
By Wayne Ma, 2016 Sharp (66% stake) Nearly $6 billion* familiar with the talks. “First as practically possible.” Longtime legal combatants
Atsuko Fukase 2010 Chi Mei Optoelectronics† 5.3 he negotiated soft. Now he’s In March 2012, Foxconn had Oracle Corp. and Hewlett-
and Takashi Mochizuki negotiating hard.” said it would buy a 10% stake Packard are taking their ongo-
2006 Premier Image Technology 1.3 Mr. Gou has also been push- in Sharp. But the deal slowly ing battle back to court.
Group, flew to Sharp Corp.’s 2004 Ambit Microsystems 1.0 ing Sharp to address some of unraveled after Sharp’s stock Oracle on Tuesday filed a
headquarters in Osaka to the contingent liabilities in its plunged following a dismal lawsuit alleging that Hewlett
2014 Asia Pacific Telecom (15%) 0.4
clinch a nearly $6 billion bid to next quarterly earnings report, earnings report. Packard Enterprise Co. im-
take over the floundering Jap- 2014 SK C&C (5%) 0.4 for the period ending March Mr. Gou, 65 years old, is a properly partnered with a
anese electronics company, the *Pending. Would include some relief for Sharp’s debtors through the purchase of preferred
31, by adding accounting pro- hard bargainer and is known third-party seller of support
two parties have yet to come shares. †Acquired by Innolux, whose controlling shareholder is Foxconn. visions or taking write-downs, to request favorable terms that for Oracle’s Solaris operating
to an agreement. Source: Dealogic THE WALL STREET JOURNAL. according to people familiar counterparties can’t accommo- system, Terix Computer Co.
Deadlines have come and with the talks. date, according to people who Oracle requires customers
gone and talks have been re- known formally as Hon Hai Foxconn is seeking to lower The amount of compensa- have worked with him. Fox- to buy technical support from
placed by shuttle diplomacy. Precision Industry Ltd., into a the price it plans to pay for tion Foxconn would pay conn didn’t make Mr. Gou it rather than from third par-
Sharp Chief Executive Kozo $120 billion contract-manufac- Sharp shares by as much as Sharp’s lenders is another area available to comment. ties.
Takahashi recently met with turing behemoth after starting ¥100 billion, people familiar of focus, the people said. Mr. As uncertainties surround- “[In] its effort to generate
Mr. Gou in Taipei in a bid to out with a loan from his with the situation said. The two Gou wants to reduce the ¥100 ing the current deal grow, in- additional support service rev-
salvage the deal after Sharp at mother four decades ago. sides are renegotiating how billion amount it offered banks vestors are becoming wary. On enues, HP falsely represented
the last minute disclosed ¥350 This time around, however, much of a stake Foxconn would for their preferred shares in Tuesday, shares in Sharp de- to customers that HP and
billion ($3.13 billion) in contin- Mr. Gou potentially has some take in Sharp, one person said. the bid outlined in February, clined 6.5% to ¥129 in Tokyo Terix could lawfully provide
gent liabilities, or future finan- leverage from Sharp’s March Previously, Foxconn—which as- the people said. Some bank of- trading as investors reacted to Solaris Updates and other sup-
cial risk, according to people 31 debt-repayment deadline. sembles iPhones for Apple Inc. ficials said they were consider- the possibility of revised port services at a lower cost
familiar with the matter. But Foxconn’s chairman has and a range of gadgets for ing all possibilities, including agreement terms. than Oracle, and then worked
Foxconn’s bid to take over trumpeted a number of invest- other electronics brands—of- lowering interest rates on the The shares have been buf- with Terix to improperly ac-
Sharp is mired in difficulties ment plans over the years that fered to pay ¥489 billion for a loans and lengthening the pay- feted this year by the deal’s cess and provide Oracle’s pro-
that evoke memories of a simi- then failed to materialize, giv- majority stake in Sharp. back schedule. ups and downs, hitting a low prietary Solaris Updates to
lar attempt to buy into the ing rise to a sense of déjà vu People familiar with the ne- Foxconn also is asking to of ¥109 in January before the customers,” Oracle claims in
company four years ago that among some investors. Some gotiations said that while they nominate four new board Foxconn offer emerged and a its suit.
was aborted by Mr. Gou. The executives at Sharp’s lenders were still hopeful that Foxconn members but this is propor- high of ¥179 in February when “As a matter of company
protracted talks mark a change said they would likely extend will come to an agreement to tionate to the stake the com- investors thought the deal was policy, Hewlett Packard Enter-
of pace for Mr. Gou, a normally the deadline by a month, giv- buy Sharp, negotiations were pany would take, one of the imminent. prise does not comment on
hard-charging tycoon who ing the company several more continuing and there was a people said. Sharp’s board —Eva Dou and Eric Pfanner ongoing legal cases,” an HP
built Taiwan-based Foxconn, weeks to close the deal. chance the deal could fall would need to reconvene to contributed to this article. Enterprise representative said
in an email.
Though Oracle doesn’t
APPLE
Apple executives have said ernment isn’t telling anyone, at break out maintenance fees in
repeatedly that securing its least for now. its financial reports, such fees
technology is a constant arms To some, the revelation can generate significant reve-
race and that no software is im- shifted a key question in the nue and margins for the com-
Continued from page B1 penetrable. case, from whether Apple has a pany. In the third quarter that
MARCIO JOSE SANCHEZ/ASSOCIATED PRESS
order, in part because he said “This will become another responsibility to help law en- ended Feb. 29, Oracle’s hard-
the government had implied tool in the FBI’s surveillance ar- forcement unlock a terrorist’s ware support revenue, which
that Apple had done some- senal until the vulnerability is iPhone to whether law enforce- includes maintenance, totaled
thing wrong in creating its en- found and patched,” said Casey ment has a responsibility to $324 million. The company
cryption and opposing the Ellis, chief executive and co- help Apple protect its custom- rang up a 61% margin on those
government’s order, according founder of cybersecurity firm ers from a potential vulnerabil- sales.
to a transcript. Bugcrowd. ity in the iPhone. Last spring, Oracle won a
Tracy Wilkinson, an assis- That runs counter to federal “The last entity that the FBI $57.7 million federal judge-
tant U.S. Attorney, said vacating policies encouraging companies will tell is Apple,” said Christo- ment against Terix. Oracle has
the order would be premature to share information about se- pher Soghoian, principal tech- sued other support providers
because the new method might curity flaws in software, so they nologist for the American Civil as well, alleging that they ob-
not work. “There have been a can be fixed. The U.S. Computer Liberties Union, which filed an Apple’s battle with the FBI was postponed. Above, CEO Tim Cook. tained copyrighted Solaris
lot of people who have reached Emergency Readiness Team amicus brief supporting Apple’s patches from Oracle’s cus-
out to us during this litigation was created in 2003 as a cen- opposition to the judge’s order. case “extremely disconcerting,” were using a horrific tragedy to tomer support website and
with proposed alternate meth- tral repository of the nation’s Security experts speculated noting that it filed the case try to set a precedent,” Mr. Lieu distributed them to their own
ods, and one by one they have knowledge of security bugs, and about several ways that the against Apple before exhausting said. customers.
failed for one reason or an- a place where federal agencies, iPhone could be breached. One all of its options and then asked A Justice Department Terix didn’t respond to re-
other,” said Ms. Wilkinson. security researchers and the scenario is that there is a previ- to delay the hearing before spokeswoman said the FBI had quests for comment.
The disclosure also under- private sector can coordinate ously undisclosed bug among knowing whether its new continually sought a way to ac- In the suit filed in federal
scores a troubling reality for the nation’s response to cy- the few pieces of software that method of unlocking the phone cess the phone’s data without court in the Northern District
Apple: It is in law enforcement’s berthreats. the government could access on will work. Apple’s help, and asked for the of California, Oracle alleges
best interests to not only find Monday, the government Mr. Farook’s phone. “Either there was a tremen- delay to test the recently pro- that HP Enterprises should
and exploit vulnerabilities, but said it knows about a potential On Capitol Hill Tuesday, Rep. dous lack of due diligence or posed method. have known that Terix
keep that information out of gap in the software protecting Ted Lieu (D., Calif.) said he the FBI wasn’t particularly in- —Kate O’Keeffe couldn’t provide the support
the company’s hands. Apple’s iPhones. But the gov- found the FBI’s actions in the terested in this iPhone and they contributed to this article. services legally.
THE WALL STREET JOURNAL. * * NY Wednesday, March 23, 2016 | B7
CAREERS
Macy’s Few Women in Key Roles in Tech

Employees serving a support role, such as human resources, are
Taps REIT considered 'staff,' while those contributing to a company's core

function or products are considered 'line.' Women hold a minority of
line roles in all industries, but are particularly scarce in tech, below.
Expert for Staff employees

51.5% are
Entry-level
32.4%
Line employees
Its Board women

42.1%
Manager
26.2%
BY JOSHUA JAMERSON
Director
Macy’s Inc. said Tuesday 35.7% 20.8%
that it has tapped William
Lenehan, an expert in real-es- Vice President
tate investment trusts, to be-
36.2% 15.7%
come a board member as the
company continues to face Senior Vice President
pressure to spin off its real es-
tate despite ruling out the 22.8% 17%
move last year. Senior Executive
Mr. Lenehan is chief execu-
tive of Four Corners Property 25.7% 9.4%
Trust Inc., a REIT formed last
Source: LeanIn.Org and McKinsey 2015 Women in the Workplace study
year. He also has held execu-
NIKKI RITCHER FOR THE WALL STREET JOURNAL

tive roles at a number of other THE WALL STREET JOURNAL.
REITs and his experience in-
cludes two years as special ad-
viser at Los Angeles-focused Starting Out Small, Getting Smaller
Evoq Properties Inc. Women are well represented at the entry level in most industries. In
Macy’s had been under tech, they make up just over a third of entry-level employees.
pressure from activist investor
Starboard Value LP to get Percentage of women in ...
more value out of its vast real- ... Nontech Entry-level ... Tech
estate holdings, including its
famous Herald Square store in 47.8% 36.8%
New York.
Manager
Starboard had pushed Padmasree Warrior, U.S. chief executive of Chinese electric auto startup NextEV, at The Wall Street
Macy’s to form a REIT last Journal’s Women in Technology event in San Francisco on Monday. 40.8% 30.5%
summer, saying the company’s
TECH
stock could be worth up to Rooney rule was born in the McKinsey and LeanIn study Director
$125 a share. Macy’s said it National Football League as a that tracked the progress of 34.4% 25.4%
wouldn’t spin off its property way to ensure that teams in- women in 118 firms across in-
into a REIT but instead would terviewed minority candidates dustries and polled tens of Vice President
seek joint-venture partners to Continued from page B1 for head-coaching jobs. thousands of men and women 29.5% 20.2%
take minority stakes. panies. “If you can’t see an Cisco is ensuring that job about the issues surrounding
In January, David Einhorn’s example of what you could be, candidates encounter at least women in corporate life. Senior Vice President
Greenlight Capital took a stake you really aren’t going to one interviewer of their same Both men and women in the 24.8% 19.1%
in Macy’s and said it could be have that extra incentive to gender or ethnicity, a practice tech industry face challenges
a takeover target. break through any types of that has resulted in a roughly balancing work and family. Senior Executive
Four Corners, the REIT Mr. barriers,” said Julia Hartz, co- 50% increase in the odds a Among tech employees, 18.7% 15.2%
Lenehan, 39, currently heads, founder and president of on- woman will be hired for a roughly 40% of men and
was established last year after line ticketing platform Event- given position, said Ruba women said their jobs make it Source: LeanIn.Org and McKinsey 2015 Women in the Workplace study
restaurant operator Darden brite Inc. Borno, a Cisco vice president harder for them to do things THE WALL STREET JOURNAL.
Restaurants Inc. transferred At a Wall Street Journal and chief of staff to Chief Ex- for their families. Netflix Inc.
about 430 of its more than event in San Francisco Mon- ecutive Chuck Robbins. and Amazon.com Inc., among ternity leave, but then don’t when women don’t find men-
1,500 restaurants to the trust day, several prominent tech About 36% of female tech others, have introduced new promote the person who took tors among their company’s
and leased them back. Darden executives said the most effec- employees hold product-de- parental-leave benefits, in part maternity leave, employees get predominantly male leader-
had also been prodded by tive way to create a more di- velopment or engineering to allay those worries. the message,” he said. ship. Autodesk’s Mr. Bass said
Starboard. verse workforce is for the roles, according to the data, Still, despite the generous The predominantly male men need to play a bigger role
Terry J. Lundgren, Macy’s heads of technology firms to versus about 57% of men. new benefits, many women be- cultures at many tech compa- in mentoring women. “In too
chairman and chief executive, lead by example. Hearsay Social Inc., a maker lieve they will face setbacks at nies can make them lonely many companies, the role of
said Mr. Lenehan would “con- Padmasree Warrior, U.S. of predictive-analytics soft- work for taking time off. Elisa places for women, said Caro- mentoring women is left to
tribute to our board’s exper- chief executive of electric auto ware for companies, wants to Steele, Jive Software Inc.’s line Simard, senior director of other women,” he said.
tise and working knowledge startup NextEV Inc., said she equip more staff, including CEO, said she makes a point to research at Stanford Univer- Some men worry that com-
on matters related to real es- asks her recruiting team daily women, to take on such roles, meet with women who are sity’s Clayman Institute for pany efforts to help women
tate, an important area of ac- for a list of diverse candidates. said Clara Shih, its co-founder pregnant at her company to Gender Research, which works get ahead will hurt men. “I
tivity as we work to create Now her team tells her who and CEO. Hearsay has begun emphasize that their jobs will with companies to identify and have heard men say, ‘What
shareholder value through the candidates are without her holding an in-house coding be waiting for them when they root out gender bias. about the boys? Are we put-
joint ventures or other part- needing to ask, she said. academy for employees; two return. “When you’re the only ting them at a disadvan-
nerships related to Macy’s Facebook Inc. and Pinter- customer-support representa- Carl Bass, CEO of Autodesk woman in the room, such as in tage?’” said Cisco’s Ms.
flagship stores and mall prop- est Inc. have tried out an ap- tives, both women, have Inc., the maker of 3-D design a top leadership position in a Borno, who acknowledges
erties.” proach known as the Rooney switched to software-engi- software, agreed. “As a leader, tech company, that feeling of these concerns, but doesn’t
Macy’s shares, up 25% in the Rule, which requires that at neering roles as a result, Ms. it’s not about what you say, it’s isolation on a day-to-day basis feel they should carry the day.
past three months but down by least one woman or underrep- Shih said. about what you do, and em- can be difficult,” Ms. Simard “Look, change is hard. We’re
a third from a year ago, were resented minority be inter- The data builds on Women ployees sense it immediately. said. going to be facing that as an
down less than 1% Tuesday. viewed for open jobs. The in the Workplace, a 2015 If you say it is fine to take ma- The problem is compounded industry.”
ADVERTISEMENT
Career Opportunities
To advertise: 800-366-3975 or WSJ.com/classifieds
CAREERS CAREERS CAREERS CAREERS CAREERS
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B8 | Wednesday, March 23, 2016 THE WALL STREET JOURNAL.
BUSINESS NEWS
U.S. Chains Redo Menus in India Streaming

Boosts
McDonald’s, Pizza Hut sumers blame the big fast-
rethink strategies
amid slowing sales,
food players for failing to keep
pace with changing tastes. For
much of the last decade, sam-
Record
growing competition
pling McDonald’s fare was an
exciting new experience.
“Earlier when we thought
Industry
BY PREETIKA RANA burgers, we thought BY HANNAH KARP
McDonald’s,” said 27-year-old
NEW DELHI—McDonald’s Suchi Sabhrawal, who assists Things are looking up for
Corp. had to do the unthink- an interior designer. “Now the music industry.
able this year: change the de- there are so many cooler op- Due largely to the growth
cades-old recipe of its signa- tions.” of such subscription-streaming
KARAN DEEP SINGH/THE WALL STREET JOURNAL

ture two-patty chicken burger McDonald’s share in India’s services as Spotify AB, the Re-
in India. fast-food chain market slid cording Industry Association
Battling a slump in sales, from 38% in 2009 to 26% in of America said its overall rev-
the Oakbrook, Ill.-based com- 2014, according to Euromoni- enues rose nearly 1% in esti-
pany redesigned the Big Mac tor. Pizza Hut’s share in the mated retail value last year to
of India—known as the Maha- pizza chain market slumped to $7 billion, or to about $5 bil-
raja Mac, one of its best sell- 18% from 31%. lion in wholesale value. It was
ers for 20 years. It switched to Sales growth has tapered the fifth consecutive year that
thicker chicken patties and off, too. In 2013, Yum’s sales in the market posted slight gains
added jalapeños and a haba- India grew 20%; last year, in wholesale value.
nero sauce in January. It also sales dropped by 5%. Westlife, Subscription-streaming rev-
launched a meatless Big Mac— which runs more than 200 enues jumped 52% to $1.2 bil-
a first—for India’s many vege- Pizza Hut offers a mini chickpea pizza for under $1. Above, a larger, spicier version for under $2. McDonald’s outlets in western lion, with consumers paying
tarian consumers, using two and southern India, reported for an average of 10.8 million
corn and cheese patties. has been weaker than ex- sales at 7.64 billion rupees last subscriptions for the full year,
“Everyone needs to rein- Slow Food pected. Hundreds of millions year. That represents 3% an- and about 13 million subscrip-
vent to stay relevant,” said Same-store sales growth has slowed and fallen at the biggest global of Indians still live below the nual growth, down from 26% tions in December. Streaming
Amit Jatia, vice chairman of fast-food chains in India. international poverty line of in 2013. now accounts for the biggest
Westlife Development Ltd., $1.90 a day, making fast food The chains have big expan- component of the U.S. market,
which runs the McDonald’s Year-on-year growth an expensive treat for the vast sion plans for India and need with 34% of the recorded-mu-
outlets in western and south- 30% Domino's Pizza McDonald's* Yum Brands† majority. to act swiftly to avoid Yum’s sic industry’s revenues reaped
ern India. “Even though the Meanwhile, India’s first fate in China, where a from streaming in 2015, up
market is tough, you can still 20 generation of fast-food fans— 2012 food-safety scandal from 27% the prior year.
do things that can get you the few who can afford french combined with a shift in din- The streaming boom was
ahead.” 10 fries—are increasingly switch- ers’ preferences and intense aided by the launches last year
India’s once seemingly insa- 0.1% 0% ing to newcomers. competition to erode much of of Apple Inc.’s Apple Music
tiable appetite 0 In recent years megacities the brand’s novelty, analysts and Jay Z’s streaming service
for fast food has hit a wall at have been flooded with new say. Last year, the company Tidal, and it has more than
McDonald’s, Pizza Hut, KFC –10 outlets from Starbucks Corp., decided to spin off its Yum offset declines in sales of CDs
and other established global Burger King Corp., Wendy’s China business into a sepa- and digital downloads. About
brands, deflating optimism –20 Co. as well as homegrown up- rate, publicly traded franchi- 122 million CDs were shipped
that untapped demand in the 2012 ’13 ’14 ’15 2012 ’13 ’14 ’15 2012 ’13 ’14 ’15 starts like spicy-potato slider see. last year, down from 142 mil-
1.2 billion-person market will *Outlets in west and south India †Includes Pizza Hut and KFC
chain Goli Vada Pav, tea chain Yum says it is restructuring lion in 2014, while 1 billion
offset slumping consumption Note: Year ends March 31 for Domino’s Pizza and McDonald’s Chaayos and India’s answer to the way it manages its outlets digital singles were sold, down
in the West and China. Source: the companies THE WALL STREET JOURNAL. Starbucks, Café Coffee Day. in India to revive growth. from nearly 1.2 billion singles
While the overall market The competition widened din- Other fast-food chains are in 2014. Digital album sales
for eating out is projected to dia more than 15 years ago are ers built too many stores too ers’ choices, analysts revamping their menu and up- declined 7% to 109 million.
expand, growth is slowing and trying to reinvent themselves, soon anticipating a ”deluge of say, leaving the first movers grading the look of their res- Revenue from such stream-
less of it is happening at the hoping to avoid the kind of guys coming into the middle struggling to retain the cachet taurants. Besides the rede- ing services as Internet radio’s
international chains that were demand implosion that class,” he said, but “that con- for customers who once as- signed Maharaja Mac, Pandora Media Inc. and satel-
the trailblazers in India. Eu- forced Yum Brands Inc., version has not happened.” pired to dine in their outlets. McDonald’s has introduced lite radio’s SiriusXM Holdings
romonitor International ex- which controls brands like The biggest global fast- “What used to be a play- new products to spice up its Inc. grew as well, though not
pects sales from India’s food- Pizza Hut, KFC and Taco Bell, food brands had been rolling ground for five big global menu, including an ice cream by nearly as much. SoundEx-
service industry to reach 8 to rethink its investments in out outlets at an ever-acceler- brands has now become a dish with chili flakes. change Inc., an offshoot of the
trillion rupees ($120 billion) China. ating rate in Asia’s third-larg- playground for 10 big brands Pizza Hut is currently offer- RIAA that collects and distrib-
this year, up 11% from last “The last two years have est economy. Nearly half of and hundreds of smaller playing a mini chickpea pizza for utes digital performance roy-
year. In 2008, in comparison, been the worst,” said Ajay Domino’s 1,000 stores in India, ers,” said Unnat Varma, who under $1 and said it is consid- alties from both of those ser-
the industry grew at 16%. Kaul, whose Jubilant Food- for example, were built in the heads Pizza Hut in India. ering inviting diners into the vices among others, paid out
The fast-food first movers works Ltd. runs Domino’s past five years. But the antic- India’s increasingly sophis- kitchens to create their own $802 million last year, up from
of the West that landed in In- Pizza in India. The early mov- ipated take off in customers ticated and demanding con- pizzas. $773 million in 2014.
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.
40s d
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V
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MORE WHERE THAT CAME FROM | floor
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Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
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CENTRAL BANKING C2 | IN THE MARKETS C4 | MARKETS DIGEST C6
© 2016 Dow Jones & Company. All Rights Reserved. * * THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | C1
DJIA 17582.57 g 41.30 0.23% S&P 2049.80 g 0.09% NASDAQ 4821.66 À 0.27% 10–YR. TREAS. g 4/32, yield 1.935% OIL $41.45 g $0.07 EURO $1.1218 YEN 112.37 See more at WSJMarkets.com
Valeant Losses Hit Retiree Funds

Sequoia Fund, big have offered Sequoia Fund by Ruane, Cunniff & Goldfarb data on firms that offer the years, so employees of these
Inc. as an investment option Inc., has lost 11.3% through fund also are based on 2014 companies had a rare opportu-
holder of drugmaker’s in their employee savings Monday and has underper- filings. nity to hold shares. Until re-
stock, is investment plans, according to 2014 data formed 98% of its peers so far Representatives for Disney cently, that access paid off.
from research firm Bright- this year, according to fund- and Berkshire Hathaway Inc., The fund has outperformed
KUNI TAKAHASHI/BLOOMBERG NEWS

option at over 50 firms Scope. research firm Morningstar Inc. which owns National Indem- the broader stock market
Sequoia’s largest holding— The performance may have nity, didn’t respond to re- since inception, with an aver-
BY SARAH KROUSE at one point last year more dealt a blow to some em- quests for comment. age annual total return of
than 30% of its portfolio—is ployee retirement accounts at For some savers in recent 14.01% versus a 10.75% return
Workers at companies from Valeant Pharmaceuticals In- companies such as Disney, years, having the Sequoia for the S&P 500, according to
Walt Disney Co. to National ternational Inc. The drug- where Sequoia was among the Fund in their retirement-plan figures published on Sequoia’s
Indemnity Co. may be experi- maker’s stock has tumbled most widely held investment fund lineup was a way to ac- website. But performance has
encing the downside of mem- about 70% this year amid options in a $5.8 billion plan, cess an exclusive product with declined recently because of
bership in an exclusive invest- questions about its accounting according to a 2014 Labor De- historical ties to Warren Buf- the fund’s large Valeant stake.
ing club. and business practices. Se- partment filing, the most re- fett. The fund has been mostly Sequoia sold about 1.5 mil- Bangladesh Bank Gov. Atiur
More than 50 companies quoia, a mutual fund managed cent available. BrightScope’s closed to new investors for Please see RETIRE page C2 Rahman has resigned.
Nasdaq Gaps for

Sees Red U.S. Commercial-Property Hackers
Over a Few Sales Plunge Found
Laggards In Dhaka
BY AARON KURILOFF
The stock-market rally has BY SYED ZAIN AL-MAHMOOD

left the Nasdaq behind.
While the Dow Jones Indus- DHAKA, Bangladesh—Ban-
trial Average and the S&P 500 gladesh’s central bank didn’t
have recovered from drops exactly leave the computer
earlier this year, the Nasdaq that connects it to the global
Composite Index still is in the banking system out in the
red. The index chipped away open—but it may still have left
at its deficit with a 0.3% gain it vulnerable.
Tuesday, as the Dow industri- San Francisco’s That terminal, for the inter-
als and S&P edged lower, but financial district bank messaging system Swift,
the Nasdaq remains down 3.7% is on the eighth floor of a 31-
in 2016. story building towering above
The Dow and S&P 500 are Commercial vacancies ...pushing rents higher, which has helped move ...but falling debt issuance and sales this year Dhaka’s financial district. It
up 0.9% and 0.3%, respectively, have been falling... building prices up.... are a warning sign. sits in a glass-walled enclosure
this year. known as the “dealing room,”
The decline in the tech-ori- Vacancy rates Asking rents, change Commercial-property U.S. CMBS first-quarter Sales volume, change locked behind doors that only
from a year earlier price index issuance from a year earlier
ented index is another exam- open with a fingerprint scan-
ple of how investors have 18% 2.0% 125 $30 billion 200% ner. Even IT technicians
shied away from risk amid un- weren’t given unsupervised ac-
Office
certainty about global growth cess, according to a former
and the state of the U.S. econ- 12 1.0 Office 100 20 100 central bank official who over-
omy. The Nasdaq outper- Retail saw information technology
formed its peers on the way for the bank.
up after the financial crisis. 6 Regional malls 0.0 Retail 75 10 0
But on the night of Feb. 4,
But the areas that helped it people familiar with the bank’s
Regional malls
surge have lagged behind this operations said, someone may
have left the terminal logged
0 –1.0 50 0 –100 on, creating a hole through
3.7% ’10 ’11 ’12 ’13 ’14 ’15 ’10 ’11 ’12 ’13 ’14 ’15 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’10 ’11 ’12 ’13 ’14 ’15 ’16 which more than $100 million
ultimately flowed out.
Nasdaq Composite’s decline in Note: 2016 price is through February; issuance in 2016 is through March 22; February 2016 volume is preliminary Photo: Steve Proehl/Corbis A spokesman for Bangla-
2016, compared with gains for Sources: Reis (vacancy, rents); Green Street Advisors (price); Commercial Mortgage Alert (issuance); Real Capital Analytics (sales) THE WALL STREET JOURNAL. desh Bank declined to com-
Dow industrials and S&P 500 Please see SWIFT page C2
BY PETER GRANT ment complexes and other tain sectors and geographies, Green Street’s broad valuation
commercial property changed according to analysts and mar- index was 8.7% higher in Feb-
year, raising concerns about U.S. commercial-real-estate hands last month, compared ket participants. An index of ruary from a year earlier, but
whether the broader U.S.
stock-market rally has the fuel
sales plummeted in February,
sending the
with $47.3 billion a year ear-
lier, according to deal tracker
hotel values compiled by real-
estate tracker Green Street
in the previous year the index
rose 11%.
Inside
to keep going. PROPERTY clearest signal Real Capital Analytics Inc. In Advisors, for example, was “Clearly there has been a
More than half of the Nas- REPORT yet that a six- January, sales were $46.2 bil- 10% lower in February than a plateauing,” said Jonathan
daq’s decline this year can be year bull mar- lion. year earlier, due in part to re- Gray, global head of real estate
attributed to 10 companies of ket might be Prices, which had been on a duced business and interna- for Blackstone Group, the
the composite’s roughly 2,600 coming to an end. steady march higher since tional travel. world’s largest private-prop-
market-cap-weighted compo- Just $25.1 billion worth of 2009, are beginning to plateau, Overall, commercial-property owner.
nents, according to data from office buildings, stores, apart- and have started falling in cer- erty values are leveling off. Please see SALES page C15
stock-market research firm
Birinyi Associates.
General Mills Stock: Too Sugary for Investors

Amazon.com Inc. is respon-
sible for almost one-fifth of
the decline, thanks to a 17% GLOBAL FINANCE | C3
drop in 2016. That is a change
from last year, when strong BY STEVEN RUSSOLILLO have a what-have-you-done- particularly millennials, by One Group That
gains from a handful of the Sugar High for-me-lately mind-set. As removing artificial flavors
Loves Low Oil
Nasdaq’s largest components, General Mills Inc. is General Mills' forward General Mills gears up for and synthetic colors. It also
including Amazon, helped lift showing its age. price/earnings ratio fiscal third-quarter re- has certified Cheerios as glu-
the index above the S&P 500 Celebrating its 150th an- sults Wednesday, it is fight- ten-free. Management is Traders who make money
and Dow industrials. The com- niversary this year, the 24 ing fierce regulatory battles hopeful these moves will moving oil and gasoline products
pany trades at 443 times the maker of Cheerios cereal and and trying to turn around de- help cereal sales rebound. around the globe are benefiting
last 12 months of earnings as Yoplait yogurt 18 clining cereal sales, all while The efforts, while promis- from crude’s collapse.
of Monday, according to Fact- AHEAD OF has come a long sporting a hefty valuation. ing, aren’t guaranteed to
Set. THE TAPE way from its 12 Expectations are pretty bear fruit. Meanwhile, the
Amazon, which rose $6.50, first flour mill low. Analysts forecast earn- shares are priced as if the
or 1.2%, to $560.48, Tuesday, in Minnesota. 6 ings for the period ended in bowl is more than half full.
has been an investor favorite With $17.6 billion in sales in February of 62 cents a share, General Mills stock trades
in recent years along with big its most recent fiscal year, down 11% from a year earlier. at 20 times projected earn-
0
tech firms, including Facebook General Mills is firmly en- Revenue is expected to have ings over the next 12 months,
Inc., Netflix Inc. and Google sconced as one of the iconic 2001 ’10 fallen by 6% to $4.1 billion. its highest valuation since
parent Alphabet Inc. Of those names in the food industry. Source: FactSet As the debate over geneti- February 2002 and higher
four, only Facebook is up this It has rewarded sharehold- THE WALL STREET JOURNAL. cally modified organisms has than that of rivals ConAgra
year. Microsoft Corp.’s 2.5% ers handsomely, too. Already heated up, General Mills said Foods Inc. and Kellogg Co.
decline also has weighed on up more than 5% this year three decades, nearly double last week that it would put Investors have grown
the Nasdaq, according to Bir- and near its record, the stock the S&P 500. And that GMO labels on its packaged fonder of reliable, dividend- HEARD ON THE STREET | C16
inyi. has risen by two-thirds over doesn’t even include divi- food nationwide ahead of a paying stocks this year. Even
Marking another reversal, the past five years and has dends, which General Mills Vermont law this summer. those, though, have to keep Parting the Clouds
seven of the 10 biggest drags more than doubled over the hasn’t cut in over a century. Furthermore, it has rejig- up with the times.
on the index are biotech or past 10. It also has surged by But as with any mature gered many of its cereal reci-
At SunEdison
health-care stocks. Biotech almost 1,500% over the past company, investors typically pes to cater to consumers, Email: tape@wsj.com
stocks have lured investors Opportunistic investors shouldn’t
with the potential for outsize wait too long after a 93%
INDEX Commodities............................................... C4 Currency Trading...................................... C6 Exchange-Traded Funds.................. C13 Global Finance............................................ C3 Money Rates............................................. C13 New Highs & Lows.......................... C5
gains that can follow research CD Rates................................................ C13 Credit Markets......................................... C16 Dividend News........................................ C16 Finance Watch........................................... C3 Heard on the Street............................. C16 Mutual Funds............................................. C5 Stock Listings.................................... C13 decline in SunEdison shares
Please see RED page C4 between last July and Monday.
C2 | Wednesday, March 23, 2016 * * THE WALL STREET JOURNAL.
MONEY & INVESTING
SWIFT ing codes and ultimately “pro-

cess and authorize SWIFT
transactions,” the report said.
“The security breach of the
Continued from the prior page SWIFT environment is part of
ment on whether the Swift a much larger breach that is
system was left logged on, but currently under investigation,”
said the central bank was re- the report said. FireEye inves-
viewing its processes with the tigators have warned Bangla-
help of cybersecurity experts. deshi officials at least 32 com-
“We are working with experts puters at the central bank may
as well as Swift and other have been breached by hackers
partners to strengthen our se- leading up to the attack
curity,” he said. on Feb. 5.
That hackers could pose as Swift said Monday it would
central-bank officials and steal ask customers to review their
tens of millions of dollars from internal security in light of the
Bangladesh Bank’s account at Bangladesh Bank breach.
the Federal Reserve Bank of “Our priority at this time is
NOEL CELIS/AGENCE FRANCE-PRESSE/GETTY IMAGES

New York prompted reactions of to investigate the interim find-
alarm in the international ings and to encourage custom-
money-transfer system. The ers to review and, where nec-
heist also called attention to a essary, to reinforce their local
little known but crucial piece of operating environments,”
financial plumbing: the highly Swift spokeswoman Natasha
sensitive Swift system that de Teran said.
banks rely on to order up money
transfers among themselves.
The Society for Worldwide
The heist has called
Interbank Financial Telecom- attention to the
munication, a cooperative set
up in 1973, connects more than
highly sensitive
11,000 financial institutions Swift system. Julia Bacay-Abad says her agency, the Philippines Anti-Money Laundering Council, is underfunded and understaffed.
and accounts for the bulk of
Two Charged in Bangladesh Theft

world-wide cross-border pay-
ments traffic. It processes mil- Bangladesh’s finance minis-
lions of transfer messages ev- ter accused the Federal Reserve
ery day using codes and a of negligence earlier this month
secure network that users can after news of the theft became BY CRIS LARANO Cybercriminals using offi- PhilRem’s president said an work overseas and who might
access directly, via leased lines, public, prompting the Fed to is- cial messaging codes on Feb. 5 additional $21 million was have to pay more to send
or over the Internet. Its motto: sue a statement saying “there MANILA—The Philippines’s transferred $81 million to ac- transferred to a local online money home if the country
“Failure is not an option.” is no evidence that any Fed sys- anti-money-laundering agency counts in Manila and $20 mil- gambling company called subsequently faces a down-
Swift said its network tems were compromised.” filed criminal complaints on lion to the account of a newly Eastern Hawaii Leisure Co., grade from the Financial Ac-
wasn’t breached. The Bangla- Attention has since focused Tuesday against two business- formed nongovernment organ- owned by Mr. Wong. tion Task Force, a multigov-
deshi end, however, was pene- on both physical and cyberse- men who are allegedly central ization in Sri Lanka, raising Meanwhile, RCBC, the bank ernment agency.
trated by what investigators curity at Bangladesh Bank’s figures in the theft of $101 mil- questions about varying bank- whose accounts were used to The FATF hasn’t scheduled
described as a sophisticated headquarters in Dhaka. It now lion from Bangladesh’s central ing security and anti-money- receive and transfer the funds a review of the Philippines,
and coordinated cyberattack in appears that despite the ef- bank. laundering standards around stolen from the Bangladesh which previously had been
a report seen by The Wall forts to control physical access In its filing with the Philip- the world. Bank account at the New York blacklisted for its money-laun-
Street Journal. to sensitive equipment, there pines’ Department of Justice, Officials in Bangladesh have Fed, said it was preparing to dering problem. It declined to
Silicon Valley-based cyber- may have been significant gaps the Anti-Money Laundering said the perpetrators at- file a criminal complaint comment on the case under in-
security firm FireEye, which in procedure. Council said probable cause tempted to steal close to $1 against the manager of the vestigation.
was hired by Bangladesh Bank At Bangladesh Bank’s head- exists to charge casino-junket billion. branch where the accounts Julia Bacay-Abad, executive
to probe the theft, said in the quarters in Dhaka’s busy Moti- operators Weikang Xu and The Philippine anti-money- were opened, Maia Santos-De- director of the Anti-Money
interim report that criminals jheel suburb, the official policy Kam Sin Wong, also known as laundering agency’s complaint guito, and her chief assistant, Laundering Council in Manila,
operating remotely had intro- is to log off the Swift terminal Kim Wong, with breaking the is based on witness testimony Angela Torres. said in a briefing earlier Tues-
duced malicious computer after working hours. In prac- Philippines’s anti-money-laun- heard at the Philippine Senate Ms. Deguito couldn’t be day that the agency was un-
code into the bank’s servers tice, the terminal was often dering laws by allegedly re- last week, which indicated that reached for comment. Her law- derfunded and understaffed.
that allowed them to lurk for left on due to the large volume ceiving some of the money the stolen funds initially were yer, Ferdinand Topacio, said She said the agency has a bud-
days before they reached the of interbank messages being taken during last month’s elab- deposited at accounts of Rizal RCBC’s move to file a criminal get of $2.1 million for this year
ultimate prize: the Swift ter- transmitted and received, a orate heist. Commercial Banking Corp., or complaint was part of a coverup and nine financial analysts on
minal housed in the dealing current and a former Bangla- Neither Mr. Xu nor Mr. RCBC, in Manila. on the part of the bank. its team to review some
room. By deploying software desh Bank official said. Wong could be reached for The president of PhilRem, a Ms. Torres couldn’t be 150,000 transactions of at
that kept track of keystrokes, —Katy Burne comment. local money-remittance firm reached for comment. least 500,000 pesos ($10,750),
they were able to steal operat- contributed to this article. Mr. Wong’s lawyer said his that helped transfer the RCBC said other branch and which are made each day.
client intends to testify to the money, testified that once the bank officials were expected to Ms. Abad said RCBC didn’t
Philippine Senate when it money was in the Philippines, face sanctions ranging from report what she called a “sus-
holds hearings on the heist on $29 million was directed to the termination to suspension picious transaction” involving
ADVERTISEMENT March 29. account of a man he identified once its own internal investi- Bangladesh Bank until she
Investigations have stepped as Mr. Xu at Manila-based So- gation is completed. telephoned RCBC on Feb. 12.
up in recent days as to how laire Resort & Casino. He also The ease with which the She said she made the call a
Legal Notices
$101 million was stolen from
the Bangladesh Bank’s account
said that approximately $30
million was delivered to Mr.
stolen funds entered the Phil-
ippines and were subsequently
day after Philippine central-
bank Gov. Amando Tetangco
at the Federal Reserve Bank of Xu in cash. transferred is unnerving both received a telephone call from
New York and channeled to the A lawyer for Solaire con- policy makers and the families his counterpart in Bangladesh
INTERNATIONAL NOTICES
Philippines and Sri Lanka. firmed the payments to Mr. Xu. of millions of Filipinos who the day before.

RETIRE China Looks

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PUBLIC NOTICES quoia that have concentrated is named for Nobel Prize-win-
bets. David O’Meara, senior inning economist James Tobin.
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vestment consultant at Willis “We are considering poli-

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hang themselves,” Mr. The research firm cited con- larly reviews the performance the month before to $3.202
CLASS ACTIONS O’Meara said. “We’re always a cerns over the potential for and appropriateness of all of trillion at the end of February,
little bit hesitant to put in any continued outflows and its the investment options in our after a decline of $99.5 billion
fund that is potentially too large Valeant position. plan and acts accordingly.” in January. Though February

high-octane.” Investors pulled $777.1 mil- A spokeswoman for Crowell marked the fourth consecutive
LEGAL
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tions to stocks and bonds as
ary. Valeant’s stock price
peaked at $262.52 in August.
said the fund is one of 30 in
the plan and that Sequoia has
months, aided by tighter en-
forcement of capital controls.
! &5 '!1! 9 (800) 366-3975 workers age, Mr. O’Meara In an annual report to been popular in part because —Liyan Qi
( $ 9 ': '! ' &5 ( 9 added. shareholders, the managers of it has closely tracked the per- WSJ PROMOTION
1!# ; <-7 9!5 9 ! sales.legalnotices@wsj.com
# 1& &5 ((! (!' 0 1 " Some plan managers say the Sequoia Fund said the formance of Berkshire Hatha-
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“I don’t follow the market
day to day when we are plan-
their “credibility as investors”
and led to heavy outflows, two
The Sequoia fund was
launched in 1970 by Bill Ru-
FINANCIAL REGULATION
#! 9 (9 9 ' !9
!5 ?9 : 1! 9! 8!9 ning for the long term,” said shareholder lawsuits and the ane, a friend of Mr. Buf- In-depth news, analysis
! 1!'1 ( ! '!:" © 2016 Dow Jones & Company, Inc.
( 5 1! 9 $ : 9! 8!9 All Rights Reserved. Larry Kelberg, who adminis- resignation of two out of five fett, and held concentrated and interactives
5 # +< '# ! !# 9
1(( ( 5 9 " ters the $8.8 million 401(k) independent directors. positions that made bets on
Profit Sharing Plan at Broad- Other companies with large what managers viewed as un- Subscribe at wsj.com/pro/finreg
moor Management Co. Se- savings plans that offered Se- dervalued companies.
THE WALL STREET JOURNAL. * * Wednesday, March 23, 2016 | C3
GLOBAL FINANCE
Oil Price Crashed? Traders Don’t Care
Businesses that move Trading houses are fa- crepancies at different times BP’s chief financial officer said
mously secretive, and the big and in different regions. in February that 2015 was “a
oil and gasoline are oil companies give little detail Though a drop in prices has good year for supply and
benefiting from the on their trading operations. dented revenue for traders, trading.” In its annual report
Gunvor’s privately held ri- market fluctuations can create published this month, Shell
volatility in crude val Vitol Group—the world’s the opportunity to make high- said that its trading business
biggest independent oil profit trades. contributed to a sharp in-
BY SARAH KENT trader—reported a drop in its For instance, last year the crease in profit in its refining-
annual revenue on Tuesday in spot price for oil fell below the and-marketing arm.
LONDON—There is one line with the slide in oil prices, cost of crude for later delivery. Glencore PLC said this
JASPER JUINEN/BLOOMBERG NEWS

chunk of the energy industry but didn’t say how it affected That allowed large traders month that earnings before in-
that stands to benefit from to- profit. Vitol did say it experi- with access to storage to make terest, taxes, depreciation and
day’s low oil prices: The trad- enced “solid performance money by stockpiling barrels amortization in its energy
ers who make money moving across all major business and selling them in the futures market division rose nearly
oil, gasoline and other petro- lines” and the volume of oil market. 50% in 2015 to $826 million.
leum products around the and fuel it traded rose 13%. Gunvor’s net profit climbed But there still are down-
globe. A big drop in oil prices last- to $1.3 billion last year from sides to traders from an over-
Switzerland-based Gunvor ing nearly two years has $267 million in 2014, boosted all slump in commodity prices,
Group Ltd. reported record thrown the oil sector into tur- by a 10% increase in gross because many invested
profit for 2015 on Tuesday, moil, hammering profits at profit at its trading and refin- A refinery in Rotterdam, Netherlands. Trading operations have in physical assets such as
even though the privately held companies that get most of ing businesses and proceeds helped big oil producers cushion the impact of weakening prices. mines in recent years. Despite
company’s revenue fell be- their income from producing from a string of asset sales. its trading arm’s success,
cause of low oil prices. The and selling oil and natural gas. Earnings before inter- In a statement emailed to profit nearly 7% to $1.1 bil- Glencore reported a large an-
volatile market created new But traders such as Gunvor est, taxes, depreciation and journalists, Vitol CEO Ian Tay- lion. Chief Financial Officer nual loss, largely attributable
and profitable trading oppor- and Vitol are much more sus- amortization rose 14% from lor noted that current market Christophe Salmon said at the to its mine holdings.
tunities for Gunvor and other ceptible to variations in mar- 2014 to $860 million. conditions favor traders, al- time that its core trading busi- Gunvor said its profit last
merchants, including Trafig- ket volatility than to the price “I think we can say that in though he said that overall the ness is “completely immune year was dented by impair-
ura Group PTE, which said itself. That is, they can benefit 2015 the group did well,” Chief situation for the sector is chal- against price risk.” ments it took on coal interests
2015 was its strongest trad- from big price changes re- Financial Officer Jacques Erni lenging. Trading also has helped the company holds in the U.S.
ing year on record, as well as gardless of whether that price said. “Underlying trading prof- In December, Trafigura said Shell and BP PLC cushion the and South Africa. Trafigura’s
the trading arms of big oil is going up or down. itability increased and refining its oil division recorded a 50% impact of weakening prices on impairment charges on its
companies such as Royal Oil traders make money by did very well and we’re very increase in gross earnings in the companies’ core explora- nonfinancial assets amounted
Dutch Shell PLC. taking advantage of price dis- happy with that.” 2015, helping to boost net tion-and-production business. to $407 million last year.
J.P. Morgan Throws Finance

Support Behind IEX Watch
BY DAVE MICHAELS structure strategy. “We are
supportive of their exchange
The U.S.’s largest bank by application.”
assets is siding with upstart The endorsement from J.P. NEW YORK FED
market IEX Group Inc. in its Morgan makes it just the sec-
effort to create a new stock ond big bank to publicly sup-
Probation Sentence
exchange that pledges to be a port IEX, which stands to For an Ex-Staffer
haven for investors. ramp up its share of trading if A former Federal Reserve
Executives at J.P. Morgan it graduates from private mar- Bank of New York employee
Chase & Co. said regulators ket to full-fledged stock ex- who pleaded guilty to misap-
should approve IEX’s bid to change. Goldman Sachs propriating central-bank docu-
become an exchange, a move Group Inc. said in January ments received two years’ pro-
that would allow the new- that it backed IEX’s effort to bation, the U.S. attorney’s office
comer to invade the ranks of build a market that would ap- in Manhattan said.
established rivals such as the peal to investors who “value A spokeswoman for U.S. At-
New York Stock Exchange, op- attributes other than the fast- torney Preet Bharara confirmed
erated by Intercontinental est venue.” that the former Fed employee,
THOMAS PETER/REUTERS
Exchange Inc., and Nasdaq IEX and its allies said its Rohit Bansal, was sentenced
Stock Market, owned by Nas- model neutralizes some of the to two years’ probation with
daq Inc. technological advantages held the condition that he serve 300
The bank’s endorsement il- by high-frequency traders and hours of community service and
lustrates how even the largest other automated-trading pay a $5,000 fine.
Wall Street banks have firms. These traders tend to A sentencing document pro-
warmed to a competitor that buy the fastest market-data Tokyo’s Ginza district, above, and other commercial areas saw double-digit-percentage increases. vided by the U.S. attorney’s of-
once said the stock market connections directly from each fice details how Mr. Bansal “at-
was rigged and vowed to dis-
rupt how shares are traded.
IEX said the design of its
market is aimed at thwarting
stock exchange, giving them a
leg up over investors who rely
on a consolidated view of
quotes that takes split seconds
Prices for Land Rise in Japan tempted to cooperate with the
government.” The government
“met with him on only one oc-
casion, and thereafter deter-
predatory strategies used by
some high-frequency traders
to exploit slower-moving in-
longer to update and may oc-
casionally show stale prices.
IEX’s speed bump delays or-
For the First Time Since 2008 mined not to pursue a coopera-
tion agreement with him,” the
document said.
vestors such as mutual-fund ders by about 350 millionths In November, the Federal Re-
and pension-fund managers. of a second. The tactic allows BY JUN HONGO the global financial turmoil in gains. Residential-land prices serve Board permanently barred
The Securities and Exchange IEX to ensure that its view of AND KOSAKU NARIOKA 2008 and only the third an- in Tokyo also rose slightly but Mr. Bansal, who went to work
Commission last week pro- the best available price is up- nual rise since the collapse of not enough to prevent a de- for Goldman Sachs Group Inc.,
posed an order that would al- dated before any high-fre- TOKYO—Japanese land Japan’s land-price bubble in cline in the national average. from the banking industry after
low IEX to use a “speed bump” quency trader can pick off a prices rose last year for the the early 1990s. “Signs that land prices are he pleaded guilty to obtaining
that briefly slows orders, an stale quote, the firm said. first time in eight years, led by “There is strong demand recovering can be clearly ob- Fed secrets.
invention that has riven an in- Chief Executive Brad Kat- strong demand for commercial for retail, hotels and the like served,” Hirotaka Sugiyama, Prosecutors investigating the
dustry accustomed to the suyama said IEX “greatly ap- properties in big cities, point- in the central areas of major president of developer Mitsub- leak of confidential Fed materi-
rapid pace of modern trading. preciates” J.P. Morgan’s sup- ing to one bright spot from cities,” the land ministry’s re- ishi Estate Co., said in a state- als in 2014 had accused Mr.
“IEX is one business with port. the Bank of Japan’s easy- port said. ment. He said a Mitsubishi Es- Bansal of obtaining secret doc-
an innovative approach to ad- IEX said it has given up money policy. The Bank of Japan’s poli- tate office building next to uments from a contact inside
dress certain challenges in the some profitable services to The single most-expensive cies, including large-scale pur- Nagoya Station that opened the New York Fed and using
current market structure,” minimize conflicts of interest square meter was underneath chases of government bonds, this month and another open- them to further his career.
said Brett Redfearn, J.P. Mor- and cater to the needs of insti- a store selling musical instru- have led to a steady fall in ing next month in Tokyo’s top —Katy Burne
gan’s global head of market tutional investors. ments and compact discs in long-term interest rates that financial district are both al-
Tokyo’s Ginza district, accord- has accelerated this year. Ma- most fully rented. INDONESIA
ing to the land ministry, which jor banks are now offering Chinese investors see Tokyo
estimated that its value rose home loans at an annual inter- as a relative bargain compared
Islamic Bond Sale
19%, to 40.1 million yen est rate of less than 0.5%, ex- with New York or London and Raises $2.5 Billion
($358,000). Double-digit-per- cluding initial fees. have helped push Japanese The government of Indonesia
centage increases were com- The banks are under pres- land prices higher. However, raised $2.5 billion from the of-
mon in Ginza and other com- sure because most government the economic slowdown in fering of a U.S. dollar-denomi-
mercial areas frequented by bonds are now yielding nega- China, global market turmoil nated Islamic bond, or sukuk,
tourists. tive interest in the wake of the and the yen’s recent rise could via two tranches, according to a
CHRIS GOODNEY/BLOOMBERG NEWS
By contrast, land prices fell Bank of Japan’s decision in make this year less favorable term sheet seen by The Wall
in most rural areas that are January to introduce subzero than 2015 for Japanese real- Street Journal. Indonesia sold
undergoing a rapid depopula- rates on certain deposits it ac- estate prices, observers said. $750 million of five-year bonds
tion, almost canceling out the cepts from commercial banks. The land ministry report in- to yield 3.40% and $1.75 billion
big-city increases. Overall, a Commercial-land prices in cludes prices for more than of 10-year bonds to yield 4.55%,
land ministry report issued Tokyo increased by an average 25,000 locations across Japan. the term sheet said.
Tuesday found that the aver- of 2.7% in 2015. The commer- The prices are estimated val- The sukuk was issued by Pe-
age price of land nationwide cial centers of Osaka and Na- ues calculated by real-estate rusahaan Penerbit SBSN Indo-
rose 0.1% in the 12 months to goya, two other large metro- appraisers and don’t represent nesia III, a special-purpose vehi-
J.P. Morgan’s new technology hub in Manhattan last month. Jan. 1, the first increase since politan areas, recorded similar actual sales prices. cle with full backing from
Indonesia’s Ministry of Finance,
the term sheet said.
—Carol Chan
U.S. Aims to Complete Retirement Investment-Advice Rule in April
BY ANDREW ACKERMAN raising the quality of the ad- which crafted the rule, is look- Mary Jo White has called for
vice they get. Brokerage and ing to announce its adoption her agency to craft its own,
WASHINGTON—The Obama insurance industries say the as early as April 4, according broader version of the rule,
administration has told inter- measure could make advice to people who have been Ms. White suggested it is un-
MANUEL BALCE CENETA/ASSOCIATED PRESS
ested parties that it is aiming too costly for many smaller briefed on administration likely the SEC would actually
to complete in early April a savers. plans. The move comes about advance such a measure while
far-reaching rule to hold re- In anticipation of the rule, two months after the White she is in charge.
tirement investment advisers some financial trade groups House Office of Management “It’s complicated, not fast
to stricter standards, accord- are preparing a possible law- and Budget confirmed in late by any means,” she said Tues-
ing to people familiar with the suit to try to block it from tak- January that it is reviewing day while testifying before a
matter. ing effect. The American the regulation, the last step House panel.
The closely followed rule, Council of Life Insurers has before it can be announced Critics say the lack of SEC TRUSTED NEWS AND
which has drawn intense op- retained a law firm and is publicly. action opened the way for the INSIGHTS
position from the financial in-
dustry, would impose a so-
gathering evidence in advance
of an expected court battle,
A precise date hasn’t been
set and still could slip until
Labor Department to advance
its own, tougher rule than
ON THE GO.
called fiduciary standard on according to its internal “30- Dirk Kempthorne later in the spring, these peo- what market regulators at the WSJ APP FOR iOS.
brokers and others who advise Day Plan for Fiduciary Rule ple said. President Obama SEC likely would have pro-
investors in IRA and 401(k) Release” reviewed by The Wall decide what next steps, if any, publicly embraced the rules in duced.
DOWNLOAD NOW
accounts, limiting the range of Street Journal. are needed.” He added the February 2015. It also opens up the possi-
advice they can offer. ACLI President and CEO courts “are not an ideal means A spokesman for Labor and bility for the Labor Depart-
President Barack Obama Dirk Kempthorne said on Mon- for achieving rational and con- a spokeswoman for the White ment and SEC to eventually
has called it a key component day that his group “will review structive policy—which this is- House declined to comment. have different versions of the
of his initiative to help work- the published rule closely with sue badly needs.” While Securities and Ex- same rule, increasing compli- ©2016 Dow Jones & Co., Inc. All rights reserved. 1DJ2461
ers save for retirement by our member companies and The Labor Department, change Commission Chairman ance burdens.
C4 | Wednesday, March 23, 2016 * *** THE WALL STREET JOURNAL.
IN THE MARKETS
Blue Chips Snap
7-Day Win Streak In the U.S., Delta Air Lines
Travel-related shares rose 12.79 points, or 0.3%, to
4821.66. shares fell 73 cents, or 1.5%, to
decline more than the Investors are used to at- 49.39, while American Air-
broader market after tacks such as the one in Brus- lines Group dropped 71 cents,
sels, several analysts said. or 1.6%, to 42.76.
bombings in Brussels “To get the market’s atten- Royal Caribbean Cruises
tion, it has to be a different lost 2.24, or 2.9%, to 75.99,
PATRICK T. FALLON/BLOOMBERG NEWS

BY LESLIE JOSEPHS scenario, something it hasn’t while competitor Carnival fell
AND RIVA GOLD seen before,” said Quincy 1.03, or 2.1%, to 48.75.
Krosby, market strategist at In Europe, Air France-KLM
U.S. stocks pared losses, but Prudential Financial. fell 4%, and Thomas Cook
travel-related shares slid after Stock-trading volumes were Group dropped 4.3%.
the terror attacks in Brussels. light again Tuesday leading up The Stoxx Europe 600
In recent years, financial to the Good Friday holiday, pared losses and finished 0.2%
markets have been resilient in adding to a cluster of quiet lower.
the wake of terrorism in West- sessions recently. Oil prices edged down, re-
ern cities. moving a key catalyst for the
4.7%
TUESDAY’S Markets from recent sharp rally in energy- Among travel and leisure companies whose stocks fell Tuesday, Delta Air Lines shares shed 1.5%.
MARKETS equities to company shares. U.S. crude oil
bonds and gold fell 0.2% to $41.45 a barrel in a Bank. mates as of Tuesday predicted dex snapped a seven-session
were little dis- Advance by the S&P 500’s choppy session. An index of “Central banks have created an 8.1% decline in first-quarter winning streak Tuesday, fall-
rupted by the Paris attacks energy sector this year, after it energy companies in the S&P a bit of a buffer for markets, profits for S&P 500 companies ing 0.6%. Early Wednesday, it
last November. posted 2015’s biggest drop 500 fell 0.3%. but we think there are still from a year earlier, down from was down 0.2% and Japan’s
The market “has largely Crude-oil prices have sufficient uncertainties that an increase of 0.9% forecast at Nikkei was up 0.2%.
grown numb to them and gained 12% this year, while en- will keep markets volatile this the end of last year, according
shrugged them off,” said Keith “I think a lot of people ergy companies in the S&P year,” said Eric Wiegand, se- to FactSet. AUCTION RESULTS
Here are the results of Tuesday's Treasury auction.
Bliss, senior vice president at stepped out of the market al- 500—the sector that posted nior portfolio manager at U.S. “There’s no reason to rally All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
brokerage Cuttone & Co. together,” said Peter Costa, the biggest decline last year— Bank Wealth Management, right now,” said Kenny Polcari, between that price and the face value.
The Dow Jones Industrial president of trading firm Em- has advanced 4.7% in 2016. pointing to questions around director at brokerage O’Neil FOUR-WEEK BILLS
Average snapped a seven-ses- pire Executions. Stocks have risen steadily China’s economy, commodities Securities. Applications $196,059,954,400
Accepted bids $55,001,949,400
sion winning streak, dropping However, travel and leisure from steep losses at the begin- prices and the U.S. labor mar- Gold rose 0.4% to $1,248.20 " noncompetitively $249,877,500
41.30 points, or 0.2%, to stocks fell more than the ning of the year, spurred by ket going forward. an ounce. " foreign noncompetitively $100,000,000
Auction price (rate) 99.979000
17582.57 after falling more broader market after a series improvements in U.S. eco- Meanwhile, U.S. corporate The yield on the 10-year (0.270%)
than 83 points earlier in the of bombings claimed by Is- nomic data, a rebound in com- earnings have declined in re- U.S. Treasury note rose to Coupon equivalent 0.274%
Bids at clearing yield accepted 26.54%
session. The S&P 500 fell 1.80 lamic State hit Brussels Air- modities prices and a more cent quarters and analysts are 1.935%, from 1.921% Monday, Cusip number 912796HM4
points, or 0.1%, to 2049.80, port and a subway station dovish stance from the Federal forecasting declines in first- as prices fell. The bills, dated March 24, 2016, mature on April 21,
while the Nasdaq Composite near European Union offices. Reserve and European Central quarter profits. Analyst esti- The Shanghai Composite In- 2016.
RED What a Drag

Ten companies account for more than half of
Index is down 22% this year.
Regeneron Pharmaceuticals
Inc. and Alexion Pharmaceuti-
Central Banks’ Impact:
Continued from page C1
breakthroughs, with the Nas-
the Nasdaq Composite Index’s fall this year.
Share of Nasdaq’s decline through Tuesday
cals Inc. both have fallen more
than 28%. Biogen Inc. and Cel-
gene Corp. are down more
Credit, Not Currencies
daq Biotechnology Index post- Amazon.com –19% than 14%. BY MIKE BIRD But in Japan’s govern-
ing double-digit-percentage in- Some investors said the sit- ment-bond market and Eu-
Regeneron Pharmaceuticals –6.0
creases the past seven years. uation could provide some Central-bank watchers rope’s corporate-bond mar-
But biotechs also are prone Express Scripts Holding –4.8 buying opportunities. seeing decreasing sway on ket, there have been big
to sharp pullbacks. One came Celgene –4.7 Craig Sterling, head of eq- markets from attempts to moves.
in late 2015, after presidential uity research at Pioneer In- stimulate economies might In Japan, the price of the
candidate Hillary Clinton Alexion Pharmaceuticals –4.4 vestments, which manages be looking in the wrong 40-year government bond
tweeted about “price gouging” Microsoft –4.0 about $235 billion in global place. They should check out has surged nearly 40% since
in the industry and released a Gilead Sciences –3.9 assets, said some health-care the credit markets. the BOJ’s move, driving the
proposal for controlling drug stocks have gotten “crazy Monetary-policy easing in yield down from around 1.5%
costs, which has become a Biogen –3.7 cheap,” despite a weak short- Europe and Japan hasn’t had at the turn of the year to be-
topic in the campaign. The in- Intel –3.5 term outlook. Mr. Sterling said much effect low 0.5% now.
dex, which rose 2.6% Tuesday, Vertex Pharmaceuticals –3.4
he is “looking hard” at adding MONEYBEAT on exchange In Europe, a bout of panic
hasn’t reached the same levels to health-care positions. rates this about credit in February has
since. Source: Birinyi Associates THE WALL STREET JOURNAL. The Nasdaq Biotechnology year. That is completely faded since the
“The Nasdaq has lagged Index was trading at 16.9 despite the Bank of Japan ECB announced its intention
simply because some of the Valeant Pharmaceuticals Inter- whose businesses resemble times the last 12 months of and the European Central to buy investment-grade cor-
speculative growth stories, es- national Inc., which expanded Valeant’s, and some analysts earnings as of Monday, Bank pushing interest rates porate debt later this year.
pecially biotech, haven’t really rapidly by buying companies. said the turmoil was making cheaper than the S&P 500’s into negative territory and The average yield on Bank
regained favor,” said Brian Ja- Valeant’s stock has lost nearly investors re-examine the en- 18.3 price/earnings ratio and the ECB stepping up its of America Merrill Lynch’s
cobsen, chief portfolio strate- 90% of its value since August tire sector. down from its average of 25.2 bond-buying program. index of corporate bonds in
gist at Wells Fargo Funds amid concerns about its busi- Between concerns about since 2011, according to Fact- Monetary-policy easing the eurozone periphery—the
Management, which manages ness and accounting practices. politics and drug pricing, in- Set. typically reduces a cur- credit-starved countries hurt
about $248 billion in assets. Shares fell last week after vestors are saying, “I can “The market has gone rency’s value, which both of most during Europe’s sover-
“Investors may be looking for Valeant cut its outlook for the move into something a little through a period this year these central banks need if eign-debt crisis—has fallen
real and provable growth year and said it was in danger safer,” said Christian O’Brien, with people asking, ‘What is inflation is going to rise be- to the lowest in a year. Mak-
rather than wishful growth.” of defaulting on some debt. who trades health-care stocks this really worth?’ But these low currently low levels. The ing it easier for companies
Other worries have Investors also sold other at Raymond James. are all good businesses,” Mr. lack of currency reaction re- to raise cash encourages
stemmed from troubles at specialty pharmaceutical firms The Nasdaq Biotechnology Sterling said. mains a mystery. them to borrow and invest.
Futures Contracts | WSJ.com/commodities Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Contract Open July 2.080 2.144 2.074 2.137 .037 98,747 Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Metal & Petroleum Futures Open High hilo Low Settle Chg interest Sept 2.155 2.224 2.154 2.218 .040 85,087 June 129-005 129-120 128-225 128-255 –7.0 2,647,232
Contract Open Oct 2.211 2.267 2.201 2.264 .040 77,175 Sept 128-150 128-185 128-140 128-175 –7.5 5
Open High hi lo Low Settle Chg interest Silver (CMX)-5,000 troy oz.; $ per troy oz. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. March 15.950 15.955
15.845 15.877 0.036 347 Agriculture Futures March 120-162 120-207 120-130 120-102 –5.2 49,951
March 2.2790 2.2890 2.2720 2.2845 –0.0050 807 May 15.855 16.040
15.790 15.885 0.038 122,954
Corn (CBT)-5,000 bu.; cents per bu. June 120-062 120-130 120-000 120-010 –5.2 2,342,019
May 2.2900 2.2945 2.2720 2.2895 –0.0030 96,644 Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 369.00 371.75 368.75 370.00 .50 629,418
May 41.59 41.90 40.77 41.45 –0.07 544,913 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Gold (CMX)-100 troy oz.; $ per troy oz. July 373.75 376.50 370.50 374.75 .50 318,172 March 109-057 109-062 109-055 109-040 –1.0 13,554
March 1244.00 1252.40 1243.80 1248.20 4.40 132 June 42.48 42.88 41.75 42.44 0.02 229,678
July 43.11 43.50 42.39 43.13 0.09 102,119 Oats (CBT)-5,000 bu.; cents per bu. June 109-005 109-032 108-315 109-000 –1.0 918,272
April 1244.30 1260.90 1242.80 1248.60 4.40 208,851 May 190.00 193.00 189.75 190.25 –.50 7,771
June 1246.20 1262.20 1244.30 1250.30 4.60 206,752 Sept 43.84 44.28 43.23 44.07 0.25 105,260 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Dec 44.54 45.06 s 44.01 44.87 0.36 187,736 July 202.00 203.25 200.00 200.25 –.25 2,386 March 99.635 99.638 99.635 99.637 –.001 84,890
Aug 1246.70 1262.80 1246.00 1251.70 4.80 28,542
Oct 1249.30 1262.10 1248.20 1252.90 5.00 11,200 Dec'17 46.80 47.19 46.38 47.08 0.28 102,255 Soybeans (CBT)-5,000 bu.; cents per bu. May 99.600 99.610 99.600 99.600 … 182,241
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. May 901.50 914.00 s 892.25 910.25 8.25 342,732 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Dec 1250.10 1264.50 1248.60 1254.20 5.10 21,101
April 1.2382 1.2606 1.2274 1.2521 .0147 45,550 July 907.75 920.00 s 898.75 917.00 8.75 175,815
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 104.313 104.344 103.734 103.859 –.188 24,946
March 607.05 607.05 s 607.05 605.35 2.85 27 May 1.2489 1.2709 1.2382 1.2626 .0132 89,880 Soybean Meal (CBT)-100 tons; $ per ton. 1 Month Libor (CME)-$3,000,000; pts of 100%
April 600.00 600.00 600.00 604.95 2.85 42 Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. May 268.80 273.40 266.00 271.00 2.20 163,881
May 99.5125 99.5125 99.5125 99.5100 –.0100 316
June 602.80 608.15 s 598.80 605.60 2.65 21,701 April 1.4588 1.5120 1.4487 1.4971 .0382 50,801 July 271.50 275.90 268.80 273.70 2.30 102,531
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
Sept 607.85 607.85 s 606.60 605.75 2.80 552 May 1.4908 1.5390 1.4802 1.5260 .0348 114,232 April 99.3475 99.3500 99.3400 99.3450 … 169,363
Dec 601.25 603.75 601.15 607.30 3.65 41 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 33.61 34.18 s 33.47 33.93 .35 211,431
June 99.2400 99.2600 99.2250 99.2300 –.0100 1,188,006
Platinum (NYM)-50 troy oz.; $ per troy oz. April 1.813 1.870 1.796 1.863 .035 79,032 July 33.84 34.40 s 33.70 34.15 .33 109,917
Sept 99.1550 99.1850 99.1300 99.1350 –.0200 1,070,938
March 979.40 979.40 979.00 996.30 15.00 1 May 1.888 1.944 1.874 1.937 .033 325,684 Rough Rice (CBT)-2,000 cwt.; $ per cwt. Dec 99.0650 99.1050 99.0400 99.0450 –.0200 1,198,625
April 984.40 999.90 980.20 996.80 15.00 30,673 June 1.984 2.042 1.968 2.035 .036 81,099 May 1035.00 1043.00 1026.00 1040.50 3.00 10,275
July 1064.00 1068.00 1057.00 1067.00 2.50 1,801
Wheat (CBT)-5,000 bu.; cents per bu. Currency Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Cash Prices | WSJ.com/commodities Tuesday, March 22, 2016
May
July
466.50 470.50
473.25 478.00
463.25 466.75
471.00 474.50
.25
1.00
213,835
119,303 June .8956 .9001 .8911 .8926 –.0035 145,953
Wheat (KC)-5,000 bu.; cents per bu. Sept .8969 .9029 .8944 .8957 –.0035 266
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— Canadian Dollar (CME)-CAD 100,000; $ per CAD
May 475.25 481.50 473.25 476.75 2.00 88,530
separate from the futures price on an exchange, which reflects what the commodity might be worth in future July 485.75 492.25 483.75 487.75 2.25 66,766 June .7636 .7676 .7612 .7667 .0012 95,671
months. Wheat (MPLS)-5,000 bu.; cents per bu. Sept .7647 .7676 .7616 .7669 .0011 1,408
Tuesday Tuesday Tuesday
May 512.50 518.50 511.50 514.75 2.25 26,536 British Pound (CME)-£62,500; $ per £
July 520.00 525.25 519.50 522.25 2.00 19,585 June 1.4371 1.4402 1.4194 1.4207 –.0189 246,711
Coins,wholesale $1,000 face-a 13959 Soybeans,No.1 yllw IL-bp,u 8.9650 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Sept 1.4411 1.4411 1.4206 1.4217 –.0189 823
Energy Wheat,Spring14%-pro Mnpls-u 5.7725
Propane,tet,Mont Belvieu-g 0.4543
Other metals March 162.425 162.600 161.150 161.550 –.825 2,442 Swiss Franc (CME)-CHF 125,000; $ per CHF
LBMA Platinum Price PM *978.0 Wheat,No.2 soft red,St.Louis-bp,u 4.7500 May 156.275 156.525 154.050 155.700 –1.075 14,760
Butane,normal,Mont Belvieu-g 0.5531 June 1.0340 1.0358 1.0309 1.0315 –.0037 38,287
Platinum,Engelhard industrial 995.0 Wheat - Hard - KC (USDA) $ per bu-u 4.4925
NaturalGas,HenryHub-i 1.750 Wheat,No.1soft white,Portld,OR-u n.a.
Cattle-Live (CME)-40,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
NaturalGas,TranscoZone3-i 1.740 Platinum,Engelhard fabricated 1095.0 April 137.500 138.150 135.375 136.425 –1.925 68,592 June .7551 .7614 .7522 .7587 .0020 107,919
NaturalGas,TranscoZone6NY-i 1.240 Palladium,Engelhard industrial 610.0 June 127.175 127.725 124.975 126.150 –1.700 118,307 Sept .7555 .7580 .7492 .7555 .0019 97
Palladium,Engelhard fabricated 710.0 Food
NaturalGas,PanhandleEast-i 1.590 Beef,carcass equiv. index Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
NaturalGas,Opal-i 1.610 Aluminum, LME, $ per metric ton *1486.0 April 69.325 70.200 69.275 70.150 .800 33,307
choice 1-3,600-900 lbs.-u 212.37 June .05700 .05739 .05664 .05733 .00025 103,089
NaturalGas,MarcellusNE PA-i 1.120 Copper,Comex spot 2.2845 June 81.850 83.000 81.575 82.850 1.000 86,317
Iron Ore, 62% Fe CFR China-s 57.9
select 1-3,600-900 lbs.-u 202.51 Euro (CME)-€125,000; $ per €
NaturalGas,HaynesvilleN.LA-i 1.680 Broilers,dressed 'A'-u 1.1143 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. June 1.1269 1.1289 1.1216 1.1247 –.0033 322,982
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250 Shredded Scrap, US Midwest-s,w 204 July 306.80 308.00 s 305.20 307.00 4.90 657
Broilers, National comp wghtd-u,w 0.8656 Sept 1.1306 1.1326 1.1256 1.1286 –.0033 1,865
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.450 Steel, HRC USA, FOB Midwest Mill-s 417 Sept 305.40 306.90 s 305.40 306.90 2.10 104
Butter,AA Chicago 1.9575
Fibers and Textiles Cheddar cheese,bbl,Chicago 147.00 Milk (CME)-200,000 lbs., cents per lb. Index Futures
Metals Cheddar cheese,blk,Chicago 149.00 March 13.82 13.82 13.82 13.82 –.01 3,803
Gold, per troy oz Burlap,10-oz,40-inch NY yd-n,w 0.5150 Milk,Nonfat dry,Chicago lb. 74 April 13.91 13.95 13.78 13.81 –.14 5,086 Mini DJ Industrial Average (CBT)-$5 x index
Engelhard industrial 1254.78 Cotton,1 1/16 std lw-mdMphs-u 0.5837 June 17532 17554 s 17431 17504 –24 86,044
Cocoa,Ivory Coast-w 3427 Cocoa (ICE-US)-10 metric tons; $ per ton.
Engelhard fabricated 1348.89 Cotlook 'A' Index-t *65.15 Coffee,Brazilian,Comp 1.3738 Sept 17390 17460 s 17366 17426 –24 205
May 3,056 3,068 3,025 3,035 –37 78,404
Handy & Harman base 1252.50 Hides,hvy native steers piece fob-u 73.500 Coffee,Colombian, NY 1.5160 July 3,057 3,068 3,029 3,039 –35 61,139 S&P 500 Index (CME)-$250 x index
Handy & Harman fabricated 1390.27 Wool,64s,staple,Terr del-u,w 3.65 Eggs,large white,Chicago-u 0.9450 June 2043.00 2047.00 s 2028.40 2042.50 –0.20 59,507
Coffee (ICE-US)-37,500 lbs.; cents per lb.
LBMA Gold Price AM *1244.25 Flour,hard winter KC 13.70 May 132.00 134.90 131.75 134.65 3.10 81,027 Sept ... 2038.00 s 2022.70 2034.50 –0.20 270
LBMA Gold Price PM *1244.90 Grains and Feeds Hams,17-20 lbs,Mid-US fob-u n.a. Mini S&P 500 (CME)-$50 x index
July 133.50 136.70 133.50 136.50 3.15 42,554
Krugerrand,wholesale-e 1298.23 Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 65.37 June 2043.25 2047.50 s 2028.75 2042.50 –0.25 2,804,277
Maple Leaf-e 1310.72 Bran,wheat middlings, KC-u 60 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Pork bellies,12-14 lb MidUS-u n.a. May 16.30 16.60 s 16.13 16.58 .29 316,930 Sept 2035.25 2039.50 s 2020.75 2034.50 –0.25 7,374
American Eagle-e 1310.72 Corn,No. 2 yellow,Cent IL-bp,u 3.6000 Pork loins,13-19 lb MidUS-u 0.9222 July 16.17 16.45 s 16.05 16.43 .24 231,624 Mini S&P Midcap 400 (CME)-$100 x index
Mexican peso-e 1513.08 Corn gluten feed,Midwest-u,w 90.7 Steers,Tex.-Okla. Choice-u n.a.
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June 1426.10 1429.60 1414.40 1425.50 … 84,796
Austria crown-e 1226.58 Corn gluten meal,Midwest-u,w 447.6 Steers,feeder,Okla. City-u,w 186.67
May 26.50 26.50 26.50 26.50 –.61 2,908 Sept 1420.00 1420.00 s 1418.70 1421.20 … 7
Austria phil-e 1310.72 Cottonseed meal-u,w 210
Silver, troy oz. Hominy feed,Cent IL-u,w 90 Fats and Oils July 26.50 26.80 s 26.50 26.38 –.37 2,151 Mini Nasdaq 100 (CME)-$20 x index
Meat-bonemeal,50% pro Mnpls-u,w 265 Cotton (ICE-US)-50,000 lbs.; cents per lb. June 4416.0 4440.5 s 4383.8 4434.5 18.3 205,603
Engelhard industrial 15.8500 Corn oil,crude wet/dry mill-u 41.5000
Oats,No.2 milling,Mnpls-u 2.4525 May 58.03 58.44 57.62 58.37 .20 112,657 Sept 4410.0 4433.0 s 4382.8 4429.0 18.3 102
Engelhard fabricated 19.0200 Grease,choice white,Chicago-u 0.3100
Handy & Harman base 15.8900 Rice, 5% Broken White, Thailand-l,w 364.00 Lard,Chicago-u 0.2900 July 57.93 58.21 57.55 58.17 .09 47,461 Mini Russell 2000 (ICE-US)-$100 x index
Handy & Harman fabricated 19.8630 Rice, Long Grain Milled, No. 2 AR-u,w 22.75 Soybean oil,crude;Centl IL-u 0.3231 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June 1092.90 1096.10 1083.70 1091.90 –2.10 385,992
LBMA spot price £11.1189 Sorghum,(Milo) No.2 Gulf-u 7.4113 Tallow,bleach;Chicago-u 0.3200 May 127.90 134.90 127.80 134.00 6.10 9,493 Mini Russell 1000 (ICE-US)-$100 x index
(U.S.$ equivalent) 15.8900 SoybeanMeal,Cent IL,rail,ton48%-u 277.50 Tallow,edible,Chicago-u 0.3400 July 128.50 134.45 128.50 133.80 5.80 1,926 June 1124.00 1131.70 s 1122.40 1130.10 1.40 6,733
U.S. Dollar Index (ICE-US)-$1,000 x index
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; Interest Rate Futures June 94.45 95.75 95.28 95.64 .34 52,054
L=livericeindex.com; M=midday; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly, Z=not quoted. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Sept 95.48 95.76 95.34 95.69 .36 1,176
*Data as of 3/21 June 161-290 163-000 161-210 161-290 6.0 489,526
Source: WSJ Market Data Group Sept 161-180 161-180 160-280 160-240 6.0 24 Source: SIX Financial Information
THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | C5
MUTUAL FUNDS This announcement is not an offer to purchase or a solicitation of an offer to sell Common Shares or ADSs (each as defined below). The U.S. Offer (as defined below) is made solely pursuant to the U.S. Offer to Purchase (as
defined below), dated as of March 23, 2016, any amendments or supplements thereto and the Common Share Acceptance Letter and ADS Letter of Transmittal accompanying the U.S. Offer to Purchase, and is being
made to all U.S. Holders (as defined below) of Common Shares and all holders of ADSs, wherever located. The making of the U.S. Offer in jurisdictions other than the United States may be restricted or prohibited by
Explanatory Notes Data provided by Fund
Net YTD
NAV Chg % Ret law. Purchaser (as defined below) is currently not aware of any jurisdiction where the making of the U.S. Offer is restricted or prohibited by law. If Purchaser becomes aware of any such restriction or prohibition on
Top 250 mutual-funds listings for Nasdaq-published share classes with the making of the U.S. Offer or the acceptance of the ADSs, Purchaser will make a good faith effort to comply or seek to have such prohibition or restriction declared inapplicable to the U.S. Offer. If, after a good
net assets of at least $500 million each. NAV is net asset value.
N Horiz 39.93 +0.15 -6.0 faith effort, Purchaser cannot comply, Purchaser will not make the U.S. Offer to holders of ADSs in that jurisdiction. In any jurisdiction where the securities, blue sky or other laws require the U.S. Offer
Percentage performance figures are total returns, assuming reinvestment N Inc 9.48 -0.01 1.9 to be made by a licensed broker or dealer, the U.S. Offer shall be deemed to be made on behalf of Purchaser by one or more registered brokers or dealers licensed under the laws of such jurisdiction.
of all distributions and after subtracting annual expenses. Figures don’t OverS SF r 8.85 -0.02 -1.6
reflect sales charges (“loads”) or redemption fees. NET CHG is change in R2015 13.88 -0.01 1.5
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR
%RET is trailing three-year return annualized.
R2020
R2025
19.89 -0.02
15.06 -0.01
1.0
0.7
Notice of U.S. Offer to Purchase for Cash
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply.
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data.
R2030
R2035
21.90 -0.01
15.80 -0.01
0.4
0.1 All Outstanding Common Shares Held by U.S. Holders and
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply.
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to
R2040
SmCapStk
22.54 -0.01
38.04 -0.02
-0.2
-1.5 All Outstanding American Depositary Shares Representing Common Shares
Value 31.48 -0.01 0.7
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. Schwab Funds of
Fund
Tuesday, March 22, 2016
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
S&P Sel
TIAA/CREF Funds
EqIdxInst
31.81 -0.02
15.12 -0.01
0.8
0.3
Syngenta AG
Tweedy Browne Fds for
American Century Inv 500IndInst 72.40 -0.05 0.8 GblValue 23.96 +0.03 -2.0
Ultra 34.21 +0.06 -2.3 Fidelity Spartan Adv VANGUARD ADMIRAL
American Funds Cl A
AmcpA p 25.97
500IdxAd
+0.02 0.1 ExtMktAd r
72.39
49.18
-0.06
+0.03
0.8
-2.0
500Adml
BalAdml
189.01 -0.13
29.44 -0.01
0.8
1.3
U.S. $465 Per Common Share
AMutlA p 34.75 -0.03 3.2 IntAd r 34.95 -0.06 -2.7 CAITAdml 11.91 ... 1.1 and
BalA p 24.01 -0.04 1.2 TotMktAd r 58.83 -0.03 0.3 CapOpAdml r 114.41 +0.40 -3.6
BondA p
CapIBA p
12.79
57.10
-0.01 2.0 First Eagle Funds
-0.16 3.1 GlbA 53.30 +0.12 3.8
EMAdmr
EqIncAdml
28.59 -0.05
63.39 -0.10
4.8
3.1 U.S. $93 Per American Depositary Share
CapWGrA 43.13 -0.01 -0.1 FMI Funds ExtndAdml 62.07 +0.05 -2.0
EupacA p 44.28 +0.04 -2.4 LgCap 19.14 -0.09 2.8 GNMAAdml 10.75 -0.01 1.5 by
FdInvA p 50.59 -0.08 0.1 FPA Funds GrwthAdml 54.24 +0.03 -0.7
GwthA p
HI TrA p
39.99
9.52
+0.05 -3.1 FPACres 31.08
... 3.3 FrankTemp/Franklin A
-0.07 0.1 HlthCareAdml r 82.72 +0.82
HYCorAdml r 5.62 -0.01
-8.8
2.7
CNAC Saturn (NL) B.V.
ICAA p 34.18 -0.01 2.9 CA TF A p 7.55 ... 1.3 InfProAd 26.03 -0.06 3.3 an indirect wholly-owned subsidiary of
IncoA p 20.53 -0.04 2.3 Fed TF A p 12.39 ... 1.0 IntlGrAdml 65.35 -0.16 -2.5
N PerA p 34.95 +0.02 -3.0 Growth A p 73.02 +0.02 -0.5 ITBondAdml 11.51 -0.01 2.8
NEcoA p
NwWrldA
34.64
49.82
+0.08 -3.7 IncomeA p
+0.03 -0.4 RisDv A p
2.12
49.63
FrankTemp/Franklin C
...
...
2.4
3.9
ITIGradeAdml
LTGradeAdml 10.26
9.81 -0.01
...
2.4
4.9
China National Chemical Corporation
SmCpA p 41.92 +0.07 -3.9 MidCpAdml 148.83 +0.11 0.3
TxExA p 13.14 ... 1.1 Income C t 2.14 -0.01 2.3 MuHYAdml 11.37 +0.01 1.3
WshA p 38.80 -0.11 1.4 FrankTemp/Temp A MuIntAdml 14.32 ... 1.1 THE U.S. OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 10:00 A.M., NEW YORK
AMG Managers Funds GlBond A p 11.50 +0.07 0.1 MuLTAdml 11.80 ... 1.2
YacktmanFd 21.60 -0.04 3.5 Growth A p 21.71 +0.01 -0.9 MuLtdAdml 11.04 ... 0.5 CIT Y TIME , ON M AY 23, 2 016, U NLESS T HE U. S. OF FER IS E X TEN DED.
AQR Funds FrankTemp/Temp Adv MuShtAdml 15.82 ... 0.3
MgdFutStrI NA ... NA GlBondAdv p 11.46 +0.08 0.3 PrmcpAdml r 101.04 +0.10 -2.2 CNAC Saturn (NL) B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under the laws of the Netherlands, having its
Artisan Funds Harbor Funds REITAdml r 115.29 +0.04 3.2 corporate seat in Amsterdam and registered with the trade register of the Chamber of Commerce under number 65434552 (“Purchaser”) and an indirect wholly-owned subsidiary of China
Intl Inv 27.20 -0.05 -5.2 CapApInst 56.99 +0.09 -6.3 SmCapAdml 52.81 ... -0.2 National Chemical Corporation, a state-owned enterprise organized under the laws of the People’s Republic of China (“ChemChina”), is offering to purchase (the “U.S. Offer”):
Baird Funds IntlInst r 59.57 -0.12 0.2 STBondAdml 10.51 ... 1.1 (i) up to 100% of the publicly held registered shares (Namenaktien), with a nominal value of Swiss francs (“CHF”) 0.10 per share, of Syngenta AG (“Syngenta”), a Swiss corporation
CorBdInst 11.05 ... 2.3 Invesco Funds A STIGradeAdml 10.64 ... 1.2 (Aktiengesellschaft) (collectively the “Common Shares” and each a “Common Share”), that are held by U.S. holders (as that term is defined under instruction 2 to paragraphs (c) and
BlackRock Funds A EqIncA 9.50 -0.01 -0.8 TotBdAdml 10.81 -0.01 2.2 (d) of Rule 14d-1 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (such holders collectively, “U.S. Holders” and each a “U.S. Holder”), and
GlblAlloc p 17.73 -0.01 -0.6 John Hancock Class 1 TotIntBdIdxAdm 21.73 +0.01 3.2 (ii) up to 100% of the outstanding American Depositary Shares representing Common Shares (collectively the “ADSs” and each an “ADS”), each ADS representing one-fifth
LSBalncd 14.22 ... -0.1 (1/5) of a Common Share, from all holders, wherever located,
BlackRock Funds C TotIntlAdmIdx r 24.08 -0.03 -0.3 at a purchase price of U.S. $465 per Common Share and U.S. $93 per ADS, in each case, in cash, without interest, payable in U.S. dollars, less the amount of any fees, expenses and
GlblAlloc t 16.14 ... -0.7 LSGwth 14.69 ... -0.9 TotStAdml 50.71 -0.02 0.3 withholding taxes that may be applicable (including, in the case of ADSs, a fee of U.S. $0.05 per ADS for the cancellation of tendered ADSs) and subject to any dilutive effects that may be
BlackRock Funds Inst John Hancock Instl TxMIn r 11.52 -0.02 -2.1 applicable (see “The U.S. Offer—Terms of the U.S. Offer—Consideration and Payment” of the U.S. Offer to Purchase (as defined below)), upon the terms and subject to the conditions set
EqtyDivd 21.12 -0.05 0.6 DispValMCI 19.00 +0.03 -0.8 ValAdml 32.09 -0.05 1.5 forth in the U.S. Offer to Purchase, dated as of March 23, 2016 (the “U.S. Offer to Purchase”) and in the Common Share Acceptance Letter or ADS Letter of Transmittal, as applicable,
GlblAlloc 17.84 ... -0.5 JPMorgan Inst Class WdsrllAdml 59.69 -0.14 0.4 accompanying the U.S. Offer to Purchase. Except for ADSs held in the former Global BuyDIRECT program, no fraction of a Common Share or ADS will be purchased from any holder
HiYldBd 7.20 -0.01 2.3 MdCpVal 34.97 -0.01 2.9 WellsIAdml 60.76 -0.07 3.0 and all payments to tendering holders of Common Shares and ADSs pursuant to the U.S. Offer to Purchase will be rounded to the nearest whole cent.
StratIncOpptyIns 9.66 ... -0.6 JPMorgan R Class WelltnAdml 64.04 -0.10 1.4 Simultaneously with the U.S. Offer, Purchaser is making an offer in accordance with the tender offer rules of Switzerland to purchase up to 100% of the outstanding Common
Dimensional Fds CoreBond 11.74 -0.01 2.0 WndsrAdml 63.38 -0.07 -1.8 Shares from all holders of Common Shares, wherever located, subject to certain restrictions (the “Swiss Offer,” and together with the U.S. Offer, the “Offers”) for the same price and on
5GlbFxdInc 11.07 ... 1.6 JPMorgan Select Cls VANGUARD FDS substantially the same terms as offered to purchase Common Shares in the U.S. Offer.
EmgMktVa 22.08 +0.05 8.2 CoreBond 11.73 ... 2.0 DivdGro 22.83 -0.06 2.1 The U.S. Offer is open to all holders of ADSs, wherever located, including Swiss-resident holders, and to all holders of Common Shares who are U.S. Holders. Holders of Common
EmMktCorEq 16.79 +0.01 6.5 ShtDurBnd 10.85 ... 0.5 GNMA 10.75 -0.01 1.4 Shares who are not U.S. Holders may only tender their Common Shares into the Swiss Offer. The Offers do not extend to Common Shares or ADSs that Purchaser, ChemChina or their
Fixd 10.30 ... 0.3 USLgCpCorPls 26.15 ... -2.5 HlthCare r 196.09 +1.93 -8.8 affiliates may, in the future, hold, or to Common Shares or ADSs held in treasury by Syngenta or its affiliates. Purchaser will accept for payment Common Shares or ADSs that are validly
IntlCoreEq 11.26 -0.02 -1.1 Lazard Instl IntlVal 30.95 -0.04 -0.5 tendered and not properly withdrawn before 10:00 a.m., New York City time, on May 23, 2016 (as it may be extended from time to time, the “Expiration Date”).
-0.01 -0.3 EmgMktEq 14.57 -0.02 8.4 After the Expiration Date, if all of the conditions to the Offers (as described in “The U.S. Offer—Conditions to the U.S. Offer” of the U.S. Offer to Purchase) have been satisfied or,
IntSmCo 17.16 INSTTRF2020 19.42 -0.01 1.2
-0.02 -0.6 Loomis Sayles Fds
to the extent permitted, waived by the Expiration Date and the Offers are declared successful but Purchaser has not acquired 100% of the total publicly held Common Shares and ADSs in
IntSmVa 18.56 INSTTRF2025 19.27 -0.01 1.0 issue, then a subsequent offer period (the “Subsequent Offer Period”) of ten (10) Swiss SIX Exchange (“SIX”) trading days will be provided. Under Swiss law and regulation, Purchaser is
Dimensional Fds LSBondI 13.17 +0.01 2.5
INSTTRF2030 19.10 -0.01 0.8 required to publish the provisional interim results (the “Provisional Interim Results”) of the period from the commencement date of the Offers to (and including) the Expiration Date (the
Lord Abbett A
US CoreEq1 17.32 -0.02 0.9 LifeCon 18.07 -0.01 1.7 “Main Offer Period”) on the SIX trading day immediately following the Expiration Date and publish the definitive interim results of the Offers (the “Definitive Interim Results”) no later
ShtDurIncmA p 4.31 ... 0.9
US CoreEq2 16.51 -0.02 1.0 LifeGro 27.43 -0.02 0.6 than on the fourth (4th) SIX trading day following the Expiration Date. The Subsequent Offer Period will be expected to commence on the SIX trading day immediately following the
Lord Abbett F
US Small 28.49 -0.08 0.5 LifeMod 23.32 -0.02 1.1 publication of the Definitive Interim Results. The Subsequent Offer Period will not be an extension of the U.S. Offer pursuant to the U.S. Offer to Purchase. To streamline the different
ShtDurIncm 4.31 ... 0.9
US SmCpVal 30.84 -0.08 1.1 Primcp r 97.52 +0.08 -2.2 processes under the Swiss Offer and the U.S. Offer, there will be two settlements if the Offers are declared successful and a Subsequent Offer Period is provided. The first settlement
Metropolitan West
USLgVa 30.97 -0.06 0.5 PrmcpCor 20.69 +0.01 -0.6 (the “First Settlement”) will take place after the Main Offer Period and the publication of the Definitive Interim Results of the Main Offer Period. Purchaser expects to complete the
TotRetBd 10.76 -0.01 1.7
Dodge & Cox SelValu r 26.09 -0.02 0.9 First Settlement within ten (10) SIX trading days after the Expiration Date. The second settlement (the “Second Settlement”) for Common Shares and/or ADSs tendered during the
TotRetBdI 10.76 -0.01 1.7 Subsequent Offer Period is expected to be completed within ten (10) SIX trading days after the expiration of the Subsequent Offer Period.
Balanced 94.75 -0.14 0.3 STAR 23.30 -0.01 ...
TRBdPlan 10.14 ... 1.8 U.S. Holders of Common Shares or holders of ADSs tendering into the Subsequent Offer Period, if one is provided, would receive the same price per Common Share and
Income 13.51 ... 1.7 MFS Funds Class A STIGrade 10.64 ... 1.2
Intl Stk 35.34 -0.05 -3.1 ValueA p TgtRe2015 14.42 -0.01 1.3 ADS, respectively, as will be paid in the Main Offer Period pursuant to the U.S. Offer to Purchase. Purchaser will not pay any interest on the purchase price for Common Shares
33.36 -0.11 1.7 or ADSs tendered during the Main Offer Period or the Subsequent Offer Period.
Stock 161.71 -0.35 -0.7 MFS Funds Class I TgtRe2020 27.47 -0.02 1.2
The Offers are being made pursuant to a Transaction Agreement, dated as of February 2, 2016 (as it may be amended, modified or supplemented from time to time in accordance with
DoubleLine Funds ValueI 33.55 -0.11 1.8 TgtRe2025 15.78 -0.01 1.0 its terms, the “Transaction Agreement”), by and among ChemChina, China National Agrochemical Corporation, a wholly-owned subsidiary of ChemChina (“CNAC”) and Syngenta. The
TotRetBdI NA ... NA Mutual Series TgtRe2030 27.93 -0.03 0.8 Transaction Agreement is more fully described in the U.S. Offer to Purchase. Under the terms of the Transaction Agreement, the Offers are subject to the satisfaction or waiver of various
TotRetBdN NA ... NA GlbDiscA 28.48 +0.01 -1.3 TgtRe2035 16.93 -0.01 0.5 conditions, including that Purchaser has received valid and irrevocable acceptances for such number of Common Shares and ADSs representing, when combined with the Common Shares
Fidelity Advisor A GlbDiscz 28.98 ... -1.3 TgtRe2040 28.55 -0.03 0.4 and ADSs that ChemChina and its subsidiaries will own at the time the U.S. Offer expires, at least 67% of all Common Shares that are issued at such time, receipt of certain regulatory
NwInsghtA p 25.48 ... -1.5 Oakmark Funds Cl I TgtRe2045 17.84 -0.01 0.3 approvals and the other conditions described in “The U.S. Offer—Conditions to the U.S. Offer” of the U.S. Offer to Purchase. The Offers are not subject to a financing condition.
Fidelity Advisor I EqtyInc 28.85 -0.10 1.0 TgtRe2050 28.57 -0.03 0.3 Pursuant to the Transaction Agreement, and subject to applicable law, the Main Offer Period may be extended at any time and from time to time, and during such extended period the
NwInsghtI 25.97 ... -1.5 Oakmark 62.35 -0.21 -0.8 TgtRetInc 12.62 -0.01 1.7 U.S. Offer will remain open and the acceptance for payment of Common Shares and ADSs tendered will be delayed. If one or more of the offer conditions described in “The U.S. Offer—
Fidelity Freedom OakmrkInt 20.69 +0.03 -3.1 TotIntBdIxInv 10.87 +0.01 3.2 Conditions to the U.S. Offer” of the U.S. Offer to Purchase is not satisfied, Purchaser will extend the Main Offer Period until such time as (i) all conditions to the Offers are satisfied or, to
FF2020 14.57 -0.01 0.3 Old Westbury Fds WellsI 25.08 -0.03 2.9 the extent permitted, waived and Purchaser accepts the Common Shares and ADSs tendered or (ii) Purchaser is permitted to terminate the Swiss Offer. In addition, Purchaser will extend
FF2025 12.44 ... ... LrgCpStr Welltn 37.09 -0.05 1.4 the U.S. Offer, to the extent required by applicable U.S. federal securities laws, if it makes a material change to the terms of the U.S. Offer, makes a material change in the information
12.41 -0.02 -0.5 concerning the U.S. Offer, or waives a material condition of the U.S. Offer. Moreover, Purchaser will extend the U.S. Offer so that the Main Offer Period of the U.S. Offer matches that of
FF2030 15.14 ... -0.5 Oppenheimer Y WndsrII 33.64 -0.07 0.4
FreedomK2020 13.56 ... 0.3 DevMktY VANGUARD INDEX FDS the Swiss Offer. During any of such extensions of the Main Offer Period, all Common Shares and ADSs tendered in the U.S. Offer and not withdrawn will remain subject to withdrawal
30.89 +0.01 3.0 rights. All U.S. Holders of Common Shares or holders of ADSs that validly tendered, and did not withdraw, their Common Shares or ADSs into the U.S. Offer prior to the Expiration
FreedomK2025 14.11 ... 0.1 IntGrowY 35.68 -0.05 -0.6 500 189.01 -0.14 0.8 Date, as extended, will receive the same price per Common Share or ADS, as applicable, regardless of whether they tendered before or during any extension period of the U.S. Offer.
FreedomK2030 14.27 -0.01 -0.4 Parnassus Fds ExtndIstPl 153.16 +0.12 -2.0 Pursuant to the Exchange Act, Syngenta is required to file a Solicitation/Recommendation Statement on Schedule 14D-9 with the Securities and Exchange Commission (the “SEC”)
FreedomK2035 14.65 -0.01 -0.7 ParnEqFd 37.86 -0.02 2.4 TotBd2 10.77 -0.01 2.2 within ten (10) business days from the date of commencement of the U.S. Offer. In the Schedule 14D-9, Syngenta is required to set forth whether Syngenta recommends acceptance or
FreedomK2040 14.68 -0.01 -0.7 PIMCO Fds Instl TotIntl 14.39 -0.02 -0.4 rejection of the U.S. Offer, expresses no opinion and remains neutral toward the U.S. Offer or is unable to take a position with respect to the U.S. Offer, and the reasons therefor. Under
Fidelity Invest AllAsset NA ... NA TotSt 50.69 -0.03 0.3 the terms of the Transaction Agreement, Syngenta has agreed to recommend acceptance of the U.S. Offer in the Schedule 14D-9. Such information will be available at the SEC’s website
AMgr50% 16.13 -0.01 0.6 ShortT NA ... NA VANGUARD INSTL FDS at www.sec.gov when filed by Syngenta. You should review such information when available.
Balanc 21.13 -0.01 -0.4 TotRt 10.10 -0.01 0.9 BalInst 29.44 -0.01 1.3 An ordinary dividend of up to CHF 11 gross (pre-tax) per Common Share for the financial year ended December 31, 2015, and, upon the Offers becoming unconditional, a
BalancedK 21.14 ... -0.4 PIMCO Funds A DevMktsIndInst 11.53 -0.02 -2.1 special dividend of CHF 5 gross (pre-tax) per Common Share, in each case, if approved by an ordinary meeting of Syngenta shareholders scheduled to take place on April 26, 2016,
BluCh 65.19 +0.08 -5.5 TotRetA 10.10 -0.01 0.8 ExtndInst 62.06 +0.04 -2.0 will be paid to Syngenta shareholders. The price payable by Purchaser per Common Share or per ADS tendered into the U.S. Offer will not be adjusted as a result of the payment
Contra 95.95 +0.03 -2.3 PIMCO Funds D GrwthInst 54.24 +0.03 -0.7 of such ordinary dividend and such special dividend.
ContraK 95.90 +0.03 -2.3 IncomeFd NA ... NA InPrSeIn 10.60 -0.03 3.2 ChemChina and Purchaser currently intend that, following the consummation of the Offers, depending on the acceptance rate, any remaining minority shareholders of Syngenta
CpInc r 9.13 -0.01 0.7 PIMCO Funds Instl InstIdx 187.15 -0.13 0.8 will be eliminated by any legal means available, including by way of a squeeze-out in accordance with Article 137 of the Financial Markets Infrastructure Act of Switzerland and the
DivIntl 33.90 -0.06 -3.3 IncomeFd InstPlus 187.15 -0.14 0.8 respective implementing ordinances or a squeeze-out merger in accordance with the Swiss Merger Act, as the case may be, and that Common Shares will be de-listed from the SIX
NA ... NA and ADSs will be de-listed from the New York Stock Exchange.
DivIntlK r 33.84 -0.06 -3.3 PIMCO Funds P InstTStPlus 45.88 -0.02 0.4 Registered holders of ADSs wishing to accept the U.S. Offer must deliver an ADS Letter of Transmittal properly completed and duly executed bearing your original signature, and all
GroCo 127.12 +0.38 -6.9 IncomeP NA ... NA MidCpInst 32.88 +0.03 0.3 other documents required therein, including American Depositary Receipts evidencing ADSs, if applicable, to The Bank of New York Mellon, the U.S. Tender Agent (the “U.S. Tender
GrowCoK 127.01 +0.38 -6.9 Price Funds MidCpIstPl 162.14 +0.11 0.3 Agent”), at one of its addresses set forth below for receipt, before 10:00 a.m., New York City time, on the Expiration Date, unless the U.S. Offer is extended. Holders of ADSs wishing
InvGrBd 11.22 -0.01 2.3 BlChip 67.91 +0.08 -6.2 SmCapInst 52.81 ... -0.2 to accept the U.S. Offer who hold ADSs through a broker or other securities intermediary must instruct such securities intermediary to tender such ADSs on their behalf through The
LowP r 48.32 +0.02 1.2 CapApp 25.40 +0.02 1.4 STIGradeInst 10.64 ... 1.2 Depository Trust Company (“DTC”). In connection with book-entry transfers, the U.S. Tender Agent must receive (i) a confirmation of such tender into the U.S. Tender Agent’s account
LowPriStkK r 48.28 +0.01 1.2 EmMktS 29.96 -0.02 5.1 TotBdInst 10.81 -0.01 2.2 at DTC and (ii) an Agent’s Message (as defined in the U.S. Offer to Purchase) before 10:00 a.m., New York City time, on the Expiration Date. DTC, participants in DTC and other
MagIn 86.79 -0.02 -3.0 EqInc 29.29 -0.07 2.9 TotBdInst2 10.77 -0.01 2.2 securities intermediaries are likely to establish cut-off times and dates that are earlier than 10:00 a.m., New York City time, on the Expiration Date for receipt of instructions to tender
OTC 75.74 +0.37 -9.2 EqIndex 55.37 -0.04 0.8 TotBdInstPl 10.81 -0.01 2.2 ADSs. In certain cases, ADS holders may tender in accordance with procedures for guaranteed delivery described in the U.S. Offer to Purchase.
Puritn 20.04 +0.01 -1.4 Growth 50.50 +0.03 -5.9 TotIntBdIdxInst 32.61 +0.01 3.2 U.S. Holders of Common Shares wishing to accept the U.S. Offer should (i) deliver or instruct your broker or other securities intermediary to deliver the Common Shares you wish
SrsInvGrdF 11.22 -0.01 2.3 HelSci 60.47 +0.91-12.2 TotIntlInstIdx r 96.28 -0.12 -0.4 to tender through the SIS settlement system to the U.S. Tender Agent’s account with UBS Switzerland AG specified in the Common Share Acceptance Letter, and (ii) deliver or instruct
TotalBond 10.45 ... 2.6 HiYield 6.27 ... 2.9 TotItlInstPlId r 96.29 -0.13 -0.4 your broker or other securities intermediary to deliver a properly completed Common Share Acceptance Letter bearing an original signature to the U.S. Tender Agent at one of its
Fidelity Selects InstlCapG 26.98 +0.03 -6.6 TotStInst 50.72 -0.02 0.3 addresses set forth below, in each case, to be received prior to 10:00 a.m., New York City time, on the Expiration Date. If you hold Common Shares through a broker or other securities
Biotech r 169.55 +5.02-28.1 Intl G&I VirtusFunds Cl I intermediary, you must contact such securities intermediary and instruct it to deliver the Common Shares you wish to tender on your behalf. Securities intermediaries are likely to establish
12.96 +0.01 -0.8
cut-off times and dates to receive instructions to deliver securities that are earlier than 10:00 a.m., New York City time, on the Expiration Date.
Health r 183.13 +2.49-12.0 IntlStk 15.18 -0.02 -0.7 EmMktI 9.12 -0.05 1.8 In any event, if you are a holder of ADSs, wherever located, and you intend to tender all or any portion of such ADSs into the U.S. Offer, or if you are a U.S. Holder of Common
Fidelity Spartan MCapGro 72.21 +0.10 -1.5 Western Asset Shares and you intend to tender all or any portion of your Common Shares into the U.S. Offer, in each case, you must follow the procedures set forth in the section of the U.S. Offer to
500IdxInv 72.38 -0.05 0.8 MCapVal 26.43 ... 6.0 CorePlusBdI 11.53 -0.02 1.6 Purchase entitled “The U.S. Offer—Procedure for Tendering into the U.S. Offer,” as applicable.
Payment for Common Shares and ADSs accepted for payment pursuant to the U.S. Offer will be made only after timely receipt of the required documents by the U.S. Tender Agent
(and in the case of Common Shares, timely receipt by the U.S. Tender Agent’s account with UBS Switzerland AG of the tendered Common Shares), in accordance with the procedures
New Highs and Lows | WSJ.com/stocks set forth in “The U.S. Offer—Procedure for Tendering into the U.S. Offer” of the U.S. Offer to Purchase. In the U.S. Offer, the U.S. Tender Agent will act as your agent for the purposes
of (i) receiving payments from Purchaser for your tendered Common Shares and/or ADSs, as applicable, and (ii) transmitting such payments to you. You will receive a check from the
U.S. Tender Agent for an amount equal to the aggregate purchase price of your tendered Common Shares that Purchaser has accepted for payment. If you are a registered holder of ADSs,
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock you will receive a check from the U.S. Tender Agent for an amount equal to the aggregate purchase price of your tendered ADSs that Purchaser has accepted for payment. If you hold ADSs
Market stocks that hit a new 52-week intraday high or low in the latest session. through a broker or other securities intermediary, the U.S. Tender Agent will credit DTC, for allocation by DTC to your broker or other securities intermediary, with an amount equal to
% CHG-Daily percentage change from the previous trading session. the aggregate purchase price of your tendered ADSs, as applicable, that Purchaser has accepted for payment. All payments will be less the amount of any fees, expenses and withholding
Tuesday, March 22, 2016 taxes that may be applicable (including, in the case of ADSs, a fee of U.S. $0.05 per ADS for the cancellation of tendered ADSs) and subject to any dilutive effects that may be applicable
(see “The U.S. Offer—Terms of the U.S. Offer—Consideration and Payment” of the U.S. Offer to Purchase).
52-Wk % 52-Wk % 52-Wk % The U.S. Offer provides for withdrawal rights as required by U.S. securities laws. Therefore, you will be able to withdraw any tendered Common Shares or ADSs, in accordance
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg with the procedures set forth in “The U.S. Offer—Withdrawal Rights” of the U.S. Offer to Purchase before 10:00 a.m., New York City time, on the Expiration Date. After this time on
TimeWarnerCable TWC 205.64 0.4 the Expiration Date, your withdrawal rights will be suspended until publication of the Definitive Interim Results, which will take place no later than on the fourth (4th) SIX trading day
NYSE highs - 70 Toro TTC 86.31 0.8 NYSE MKT lows - 3 following the Expiration Date. Subsequent to the publication of the Definitive Interim Results and subject to other terms and conditions to the Offers, Purchaser may accept for payment
ACCOBrands ACCO 8.90 9.4 TravelersCos TRV 116.78 ... NuveenL/SCmdtyTR CTF 14.95 -0.7 all of your Common Shares or ADSs that are timely and validly tendered and not withdrawn and your withdrawal rights will terminate upon Purchaser’s acceptance. Therefore, you may
U.S.BncpDepPfdH USBpO 26.15 0.3 not have an opportunity after 10:00 a.m., New York City time, on the Expiration Date to exercise your withdrawal rights prior to their termination. Under the U.S. securities laws, no
AllncBrnstnNa AFB 14.35 0.7 PacBookerMnl PBM 0.79 -11.4 withdrawal rights would apply to Common Shares or ADSs tendered during a Subsequent Offer Period and no withdrawal rights would apply during the Subsequent Offer Period with
AmTrustFinlDepPfdE AFSIpE 25.30 0.2 UnitedHealthGroup UNH 128.82 1.0 SparkNtwk LOV 2.63 -1.5 respect to Common Shares and ADSs tendered into the U.S. Offer during the Main Offer Period that were accepted for payment.
Aptargroup ATR 78.42 0.9 VEREITPfdSeriesF VERpF 25.15 0.2
ArmstrongWorldWi AWIw 38.81 1.6 WestPharmSvcs WST 66.58 1.5 Nasdaq highs - 39 All questions as to the form of documents and the validity, eligibility (including time of receipt) and acceptance for payment of any tender of Common Shares or ADSs, including
questions as to the proper completion or execution of any ADS Letter of Transmittal, Common Share Acceptance Letter, Notice of Guaranteed Delivery or other required documents
AsrdGrnt5.60Nts AGOpF 25.19 0.1 WstAstMuniHiInco MHF 8.16 0.6 AAON AAON 27.89 1.0 and as to the proper form for transfer of any Common Shares or ADSs, will be determined by Purchaser, in its sole discretion. Purchaser reserves the absolute right to waive any defect or
AveryDennison AVY 71.96 0.7 ZionsBncpNt28 ZBK 29.15 -0.1 Adtran ADTN 20.00 -0.9 irregularity in any tender of Common Shares or ADSs by any holder, whether or not similar defects or irregularities are waived in the case of other holders of Common Shares or ADSs.
BancofCalifornia BANC 16.49 0.6 AdvEnergyInds AEIS 33.89 3.5 No tender of Common Shares or ADSs will be deemed to have been validly made until all defects and irregularities have been cured or waived to Purchaser’s satisfaction. Purchaser also
BlkRk MI Tr BBF 15.82 1.6 NYSE lows - 9 BioPathHldgs BPTH 2.12 5.1 reserves the absolute right to reject any or all tenders of Common Shares and ADSs determined by it not to be in proper form or for which acceptance for payment or payment may be
BlackRockMuni2030 BTT 22.67 0.7 ArmstrongFlooring AFIw 12.09 -7.9 BridgfordFoods BRID 12.40 13.3 unlawful. None of ChemChina, Purchaser, the U.S. Tender Agent, The Bank of New York Mellon, acting as depositary for the ADSs, Georgeson LLC, the U.S. Information Agent
BlkRkMuniHldg MFL 15.12 0.5 AstraZenecaADR AZN 27.68 -0.8 Broadcom (the “U.S. Information Agent”), or any other person will be under any duty to give notification of any defect or irregularity in tenders or incur any liability for failure to give any such
AVGO 155.61 1.2
BlkrckMunHlNJQlty MUJ 15.00 BP Prudhoe BPT 13.63 -12.1 notification. Purchaser’s interpretation of the terms and conditions of the U.S. Offer (including any ADS Letter of Transmittal, Common Share Acceptance Letter, Notice of Guaranteed
0.4 CTIIndustries CTIB 5.35 7.5 Delivery or other required documents and as to the proper form for transfer of any Common Shares or ADSs) will be final and binding to the full extent permitted by law.
BlkRkMuniyldFd MYD 15.60 ... ForesightEnergy FELP 1.16 -6.2 CelatorPharm CPXX 10.46 3.1 For an explanation of certain effects of the Offers on the Common Shares and ADSs and the rights of holders thereof as a result of the transaction, see the section of the U.S. Offer
BlkrckMunYdMIQlty MIY 14.49 -0.2 ManchesterUnited MANU 13.30 -2.4 CharterComms CHTR 204.61 0.7 to Purchase entitled “Questions and Answers.”
BlkRkStrMuni Tr BSD 14.61 -1.0 NaviosMaritime NNA 1.61 -2.4 CondorHospltyPfdA CDORP 12.02 0.3 A U.S. holder (as defined in “The U.S. Offer—Income Tax Considerations—Certain U.S. Federal Income Tax Consequences of the U.S. Offer” of the U.S. Offer) that tenders
BraskemADR BAK 15.58 1.0 PepcoHoldings POM 21.12 -3.3 CyrusOne CONE 43.42 2.9 Common Shares or ADSs into the U.S. Offer generally will recognize gain or loss, for U.S. federal income tax purposes, in an amount equal to the difference, if any, between (i) the
CashAmInt CSH 38.87 0.1 VivintSolar VSLR 3.26 -1.2 DuluthHoldingsClB DLTH 20.60 -1.4 cash received in the U.S. Offer and (ii) the U.S. holder’s adjusted tax basis in the Common Shares or ADSs exchanged therefor. Gain or loss will be determined separately for each block
CharlesSchwabPfdD SCHWpD 25.58 0.3 XeriumTechnologies XRM 5.10 -5.4 ElbitSystems ESLT 99.84 8.0 of Common Shares or ADSs (that is, Common Shares or ADSs acquired at the same cost in a single transaction). Such gain or loss will generally be long-term capital gain or loss if the
CoreSiteRealty COR 68.66 0.1 EnergyRecovery ERII 10.60 -2.1 U.S. holder held the Common Shares or ADSs for more than one year. The tax consequences to you will depend on your individual situation.
DreyfStMnBd DSM 8.54 -0.1 NYSE Arca highs - 15 Exa EXA 13.39 7.5 There will be no Dutch withholding tax levied on the sale of Common Shares or ADSs pursuant to the U.S. Offer.
DreyfStrMuni LEO 8.97 -0.8 BarclaysETNShiller CAPE 83.69 0.1 1stCenturyBcshs FCTY 11.02 ... In general, no Swiss withholding tax will be levied on the sale of Common Shares or ADSs pursuant to the U.S. Offer. Any Swiss securities transfer stamp duty will be borne by
EdisonInt EIX 71.85 -0.6 DBGermanBundFut BUNL 31.07 3.6 FTDorseyWrightDyn FVC 20.13 ... Purchaser. Upon the sale of Common Shares or ADSs pursuant to the U.S. Offer, any gain or loss recognized by an individual who is not domiciled in or a resident of Switzerland for tax
S&P2xDivAristoETN SDYL purposes or by any legal entity that is not organized under the laws of or does not have its place of effective management in Switzerland and does not have a permanent establishment in
Exelon EXC 35.20 0.3 58.60 0.9 FLIR Sys FLIR 33.74 1.0 Switzerland (a “Non-Swiss Holder”) will not be subject to Swiss income tax. Upon the sale of Common Shares or ADSs pursuant to the U.S. Offer, any gain or loss recognized by any
FairIsaac FICO 106.64 0.5 ElemntsDJSelct DOD 21.60 1.9 GeorgetownBancorp GTWN 23.75 14.1 person other than a Non-Swiss Holder will be subject to Swiss taxes and exemptions set forth in Swiss income tax law.
FrstMajestcSlvr AG 7.05 -1.3 iPathBloomSugarTR SGG 38.49 1.7 HydraIndsAcqnUn HDRAU 10.90 3.3 You are urged to consult your tax advisor to determine the particular tax consequences to you of the U.S. Offer, including the application and effect of any U.S. federal, state,
GranitCnstr GVA 47.42 4.5 iPathSDJUBSSugar SGAR 26.29 2.9 InsteelIndustries IIIN 29.86 1.0 or local or non-U.S. income and other tax laws.
HnckJ TxAdvDiv HTD 22.95 -0.2 iShCoreHiDividend HDV 78.79 -0.2 InternetInitiatADR IIJI 10.68 0.7 The information required to be disclosed by paragraph (d)(1) of Rule 14d-6 of the Exchange Act is contained in the U.S. Offer to Purchase and the Common Share Acceptance Letter and
HanoverIns THG 87.44 0.7 PowerShS&P500xRate XRLV 26.25 ... KLA Tencor KLAC 71.57 0.3 the ADS Letter of Transmittal accompanying the U.S. Offer to Purchase and is incorporated herein by reference. To the extent required by law, the U.S. Offer to Purchase, the Common Share
HershaHospitalPfC HTpC 27.00 0.8 PowerShS&P500Qual SPHQ 24.54 -0.2 LeggMasonLowVol LVHD 27.20 -0.2 Acceptance Letter and the ADS Letter of Transmittal will be mailed to record holders of Common Shares and ADSs and will be furnished to brokers and other securities intermediaries whose
HessDepPfdSeriesA HESpA 69.42 0.3 S&P400LowVol XMLV 36.27 0.2 MMACapitalMgmt MMAC 15.80 3.3 names, or the names of whose securities intermediaries, are listed as participants in a clearing agency’s security position listing for subsequent transmittal to beneficial owners of securities.
Honeywell HON 113.47 0.3 PureFdsISEJrSilver SILJ 9.28 0.6 Markit MRKT 34.50 2.3 The U.S. Offer to Purchase, the Common Share Acceptance Letter and the ADS Letter of Transmittal contain important information. Holders of Common Share and/or
IDEX IEX 83.10 0.6 SPDRBarclay0-5TIPS SIPE 19.64 0.8 MellanoxTech MLNX 55.75 4.9 ADSs should carefully read them in their entirety before any decision is made with respect to the U.S. Offer.
IllinoisToolWorks ITW 102.47 0.5 SPDRFactSetInnTech XITK 52.70 0.4 NatlGenDepPfdB NGHCO 25.96 0.5 The U.S. Offer has not been approved or disapproved by the SEC, or any securities commission of any state of the United States, or the securities regulatory authorities of
TeucriumSugarFund CANE 11.12 0.1 any other jurisdiction, nor has the SEC, or any state securities commission, or the securities regulatory authorities of any other jurisdiction, expressed a view with respect to the
HnckJPrem PDT 15.05 -0.1 Oclaro OCLR 5.08 4.6 fairness or merits of the U.S. Offer or upon the accuracy or adequacy of the information contained in the U.S. Offer to Purchase. Any representation to the contrary is unlawful.
KimcoRltyDep6PfdI KIMpI 26.45 ... TierraXPLatAmRlEst LARE 28.31 0.7 PSRuss1000LowBeta USLB 25.46 0.3 Any questions or requests for assistance may be directed to the U.S. Information Agent at its telephone number and address set forth below. Additional copies of the U.S. Offer to
MFS InvestGrMuni CXH 10.27 0.1 PrincipalPriceSet PSET 25.02 0.1
MarineHarvestADR MHG 15.68 2.1 NYSE Arca lows - 11 SouthernFirstBcshs SFST 25.40 1.0
Purchase, the Common Share Acceptance Letter, the ADS Letter of Transmittal and other tender offer materials may be obtained from the U.S. Information Agent or from brokers,
dealers, commercial banks and trust companies, and such copies will be furnished promptly at Purchaser’s expense. Holders of Common Shares and ADSs may also contact their broker,
Marsh&McLennan MMC 60.22 -0.1 C-TRCKS ETN CVOL CVOL
-1.1 0.37 Tecogen TGEN 5.46 2.6 bank or other securities intermediary for assistance concerning the U.S. Offer.
Masco MAS 31.23 0.7 DirexionSP500Bear SPXS
0.1 15.53 TetraTech TTEK 29.60 0.4
MaxLinear MXL 18.82 0.3 DrxSmcdBear 3x SOXS
0.4 33.26 USATechnologies USAT 4.54 2.3 The U.S. Information Agent for the U.S. Offer is:
NatlRetailPropPfE NNNpE 25.94 0.1 DX DLYBNDMKT1XBR SAGG
-0.4 32.11 UnitedFire UFCS 43.24 0.5
NewYork NWY 3.55 3.9 DrxTechMktBear 3x TECS
-0.2 26.58 Vericel VCEL 5.50 1.5
NextEra5%PfdJrDebJ NEEpJ 25.48 -0.7 ProShrShrtDow30 DOG
0.2 21.97 WebMD Htlh WBMD 60.06 ...
NextEraEnergyUn NEEpQ 60.99 -1.5 ProSharesUltVIXST UVXY
-2.7 21.25 WintrustFinlPfd. WTFCM 27.83 2.1
NuvAMTFreeMuniIncm NEA 14.17 0.6 ProShrsShrtDow30 SDOW
0.5 16.00
NuvIntermedDurMun NID 13.25 0.2 ProShUltProShS&P SPXU
0.1 29.17 Nasdaq lows - 23
NuvMD Prm NMY 13.20 0.7 PrShrsUSDow30 DXD 18.97
0.4 AccuShSptCBOEVIXUp VXUP 6.93 -10.2
NuvMuniMkt NMO 14.22 0.2 ProShrUSInd SIJ 35.65
-1.0 AddusHomeCare ADUS
480 Washington Boulevard, 26th Floor
16.50 0.4
NuvNJ NXJ 14.12 0.3 Avinger AVGR 8.25 2.4 Jersey City, NJ 07310
NuvNY NAN 14.75 -0.3 NYSE MKT highs - 11
Blucora BCOR 5.08 -4.1 E-mail: syngentaoffer@georgeson.com
NuvPremInco2 NPM 14.69 AlexcoRes 0.7 AXU 1.17 9.0 Codexis CDXS 2.93 -8.0
NuvSelTxF NXP 14.77 1.4
BlkRkMunivestFd MVF 10.69 0.5 CoriumIntl CORI 3.95 -5.2 U.S. Toll Free Number for Holders of Securities: +1 (866) 431-2096
OmnicomGroup OMC 81.92 -0.2
EtnVncNY II NYH 13.06 1.2 DonegalGroupB DGICB 13.51 -3.3
ProgressiveCorp PGR 35.14 0.3
GreatPanthrSlvr GPL 1.08 4.0 FTDorseyWrightDyn FVC 20.05 ... The U.S. Tender Agent for the U.S. Offer is:
PutnmMgdMun PMM 7.62 1.1
InvescoAdvMuniII VKI 12.49 0.6 GordmansStores GMAN 2.25 -3.8
RenaissanceRe RNR 117.87 0.7
MAG Silver MVG 9.82 -1.3 Invuity IVTY 6.56 -5.5 The Bank of New York Mellon
RoyalBkCanadaPfdC2 RYpT 30.40 -2.8
NanoViricides NNVC 3.44 -6.7 ModusLink MLNK 1.64 -3.5
STAGInd6.875%PfdC STAGpC 25.75
By registered, certified or express mail: By overnight courier:
...
NuvCA Fd3 NZH 14.94 0.7 ParagonShippingClA PRGN 1.03 -7.3
SequansCommsADR SQNS 3.00 -2.0
NuvDivAdv 3 NZF 14.81 0.1 PopeyesLouisiana PLKI 50.11 -0.5 The Bank of New York Mellon The Bank of New York Mellon
SoJerseyInd SJI NuvDivAdvMuniIncm NVG 14.99 0.2 PrincipalShrhldrYd PY
28.00 0.3 24.94 -0.2 Voluntary Corporate Actions—Suite V Voluntary Corporate Actions—Suite V
Synnex OwensRealtyMtg ORM 16.30 7.3 REGENXBIO RGNX
SNX 102.83 2.2 11.06 1.5
RFIndustries RFIL 2.80 2.0 P.O. Box 43031 250 Royall Street
Online>> RevolutionLightTch RVLT
SummitTherapADR SMMT
5.69 -2.2
4.26 -5.3
Providence, Rhode Island 02940-3031 Canton, Massachusetts 02021
During the trading day, 52-week highs and SynergyPharms SGYP 2.59 -7.2 United States of America United States of America
lows are updated hourly at WSJMarkets.com. SynergyPharmsWt SGYPW 0.50 -16.7 March 23, 2016
TopImageSystems TISA 1.39 -5.5
Lists for each market are available free, along VS2xVIXShortTerm TVIX 4.75 -3.4
with easy access to charts and headlines. XploreTechnologies XPLR 3.62 ...
C6 | Wednesday, March 23, 2016 THE WALL STREET JOURNAL.
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
17582.57 t 41.30, or 0.23% Trailing P/E ratio * 17.98 16.91 2049.80 t 1.80, or 0.09% Trailing P/E ratio * 23.61 20.52 4821.66 s 12.79, or 0.27% Trailing P/E ratio * 21.45 23.52
High, low, open and close for each P/E estimate * 16.48 16.30 High, low, open and close for each P/E estimate * 17.05 17.62 High, low, open and close for each P/E estimate * 18.09 18.98
trading day of the past three months. Dividend yield 2.58 2.47 trading day of the past three months. Dividend yield 2.23 1.99 trading day of the past three months. Dividend yield 1.27 1.20
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

Session high 18000 2100 5080
DOWN UP
65-day moving average
t
Session open Close

17500 2050 4930
Close Open
t
Session low
17000 2000 4780

16500 1950 4630
16000 1900 4480
15500 1850 4330
Bars measure the point change from session's open

15000 1800 4180
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
* P/E data based on as-reported earnings from Birinyi Associates Inc.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % 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* 840,654,913 7,593,806
Industrial Average 17648.94 17540.42 17582.57 -41.30 -0.23 18312.39 15660.18 -2.4 0.9 6.6 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 332,428,187 4,438,687
Transportation Avg 8048.76 7980.24 8011.67 -63.71 -0.79 8908.39 6625.53 -10.1 6.7 9.0 Most-active issues in late trading Decl. volume* 488,287,821 3,064,555
Utility Average 660.05 654.34 654.99 -2.02 -0.31 663.19 541.97 11.2 13.4 9.6 Volume After Hours Issues traded 3,177 354
Company Symbol (000) Last Net chg % chg High Low Advances 1,445 161
Total Stock Market 21121.79 20949.20 21054.64 -12.52 -0.06 22287.78 18663.11 -4.0 -0.2 9.0
SPDR S&P 500 SPY 10,121.5 204.66 0.10 0.05 204.88 204.19 Declines 1,625 173
Barron's 400 514.38 508.78 512.72 -0.35 -0.07 586.75 446.15 -10.2 -0.7 8.1
Nike Cl B NKE 3,095.0 61.15 -3.75 -5.78 65.37 60.52 Unchanged 107 20
Nasdaq Stock Market Bank Of America BAC 2,081.7 13.76 … unch. 13.88 13.69 New highs 70 11
Nasdaq Composite 4835.60 4781.71 4821.66 12.79 0.27 5218.86 4266.84 -3.5 -3.7 14.1 iShares MSCI Emg Markets EEM 1,942.7 34.01 -0.01 -0.03 34.19 33.98 New lows 9 3
4450.76 4401.26 10.64 4719.05 3947.80 -3.4 Closing tick 197 4
Nasdaq 100 4437.62 0.24 0.1 16.6 iShares MSCI Brazil Cap EWZ 1,934.2 26.80 -0.13 -0.48 27.10 26.50
Closing Arms† 1.26 0.57
Microsoft MSFT 1,928.6 54.05 -0.02 -0.04 54.16 53.49
Standard & Poor's Block trades* 5,174 84
-0.09
Vanguard REIT VNQ 1,864.2 81.35 -0.01 -0.02 83.00 81.28
500 Index 2056.60 2040.57 2049.80 -1.80 2130.82 1829.08 -2.0 0.3 9.6 Nasdaq NYSE Arca
General Electric GE 1,751.7 31.11 0.05 0.16 31.22 30.84
MidCap 400 1433.79 1420.40 1429.93 0.27 0.02 1549.44 1238.82 -6.6 2.2 7.9 Total volume* 1,572,845,126 266,586,260
SmallCap 600 677.26 670.80 675.07 -1.59 -0.23 742.13 588.26 -7.3 0.5 8.5 Percentage gainers… Adv. volume* 857,775,563 96,930,437
Decl. volume* 703,548,815 167,176,455
Other Indexes Steelcase SCS 14.6 15.97 0.92 6.11 16.08 14.84
Issues traded 2,884 1,315
Russell 2000 1100.76 1090.00 1097.34 -1.24 -0.11 1295.80 953.72 -13.1 -3.4 5.1 ExOne Co. XONE 5.8 13.52 0.59 4.56 13.90 11.06
Advances 1,333 562
NYSE Composite 10226.51 10145.35 10194.20 -25.49 -0.25 11239.66 9029.88 -7.5 0.5 4.0 Affymetrix AFFX 389.3 14.99 0.62 4.31 15.99 14.30 Declines 1,452 710
Value Line 451.64 447.62 450.21 -1.00 -0.22 522.42 383.82 -12.7 1.0 3.5 Centrus Energy LEU 24.4 3.20 0.10 3.23 3.25 2.37 Unchanged 99 43
NYSE Arca Biotech 2968.79 2867.53 2958.80 78.16 2.71 4431.87 2642.53 -28.2 -22.4 18.2
Apache Corp APA 78.9 51.76 1.49 2.96 51.76 49.47 New highs 39 15
New lows 23 11
NYSE Arca Pharma 497.60 489.92 496.12 3.63 0.74 605.94 477.25 -14.3 -8.4 6.8 ...And losers
Closing tick 351 30
KBW Bank 66.13 65.16 65.82 -0.20 -0.30 80.41 56.51 -9.5 -9.9 5.1 Krispy Kreme Doughnuts KKD 35.9 14.36 -1.02 -6.63 15.38 14.30 Closing Arms† 0.75 1.49
PHLX§ Gold/Silver 72.62 70.78 71.32 -0.11 -0.16 75.36 38.84 1.1 57.4 -19.5 Nike Cl B NKE 3,095.0 61.15 -3.75 -5.78 65.37 60.52 Block trades* 6,834 1,365
PHLX§ Oil Service 163.72 160.77 161.32 -2.48 -1.52 224.32 128.61 -14.0 2.3 -12.4 Peabody Energy BTU 27.4 2.51 -0.15 -5.64 2.66 2.40 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 677.56 670.70 675.30 -0.66 -0.10 746.08 559.18 -5.9 1.8 16.2 Wendy's Co WEN 16.2 10.06 -0.48 -4.51 10.59 10.06 †(TRIN) A comparison of the number of advancing and declining
14.76 13.75 0.38 40.74 11.95 -22.2 issues with the volume of shares rising and falling. An
CBOE Volatility 14.17 2.76 4.0 1.5 Insys Therapeutics INSY 33.4 19.55 -0.91 -4.45 20.46 17.10 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 2317.30 –6.06 –0.26 –0.8 Akorn AKRX 26.32 7.60 40.60 57.10 17.57 -45.3 SunEdison SUNE 1.49 -0.52 -25.87 33.45 1.21 -94.0
The Global Dow Euro 1943.59 0.63 0.03 –4.0 Centrus Energy LEU 3.10 0.73 30.80 5.77 1.00 -39.2 G-III Apparel Group GIII 44.52 -10.71 -19.39 73.93 39.50 -21.1
DJ Global Index 306.31 0.12 0.04 –0.5 Lumber Liquidators LL 13.94 1.92 15.97 35.18 10.01 -51.6 Infinity Pharmaceuticals INFI 5.62 -0.90 -13.80 15.93 5.17 -64.3
World DJ Global ex U.S. 207.91 0.30 0.15 –1.1 OncoSec Medical ONCS 2.95 0.38 14.79 8.40 1.36 -56.6 Cellectar Biosciences CLRB 4.31 -0.65 -13.04 38.89 3.72 -84.3
Georgetown Bancorp GTWN 23.40 2.90 14.15 23.75 17.80 27.5 TerraForm Global Cl A GLBL 2.88 -0.43 -12.99 14.44 2.11 ...
Americas DJ Americas 491.49 –0.33 –0.07 0.9
Sao Paulo Bovespa 51010.19 –0.32 17.7 Can-Fite Biopharma ADR CANF 2.70 0.32 13.45 7.85 1.46 -49.7 Dorian LPG LPG 9.94 -1.44 -12.65 17.59 9.05 -17.6
Brazil –161.35
13493.49 –0.50 3.7
Bridgford Foods BRID 12.40 1.46 13.35 12.40 7.32 58.0 Solazyme SZYM 2.40 -0.33 -12.09 4.74 1.18 -17.2
Canada S&P/TSX Comp –67.60
0.33 GOL Linhas Aereas ADR GOL 9.10 1.05 13.04 30.00 2.44 -68.1 Dean Foods DF 16.92 -2.32 -12.06 21.17 14.56 2.8
Mexico IPC All-Share 45632.28 149.89 6.2
NQ Mobile ADR NQ 4.31 0.49 12.83 6.54 2.72 14.9 Zosano Pharma ZSAN 2.38 -0.32 -11.85 10.99 1.95 -76.8
Chile Santiago IPSA 3137.23 –13.99 –0.44 6.6
Trillium Therapeutics TRIL 9.47 1.02 12.07 29.92 6.62 -48.2 China HGS Real Estate HGSH 2.43 -0.31 -11.31 3.70 1.20 -2.3
Europe Stoxx Europe 600 340.30 –0.52 –0.15 –7.0
Natural Health Trends NHTC 36.05 3.81 11.82 55.45 15.90 97.1 Ocera Therapeutics OCRX 2.90 -0.36 -11.04 5.06 2.00 -40.6
Euro zone Euro Stoxx 324.76 0.33 0.10 –5.9
Syndax Pharmaceuticals SNDX 13.31 1.40 11.75 16.30 10.60 ... Elizabeth Arden RDEN 7.93 -0.96 -10.80 17.24 5.02 -53.6
Belgium Bel-20 3424.92 5.78 0.17 –7.4
Novogen ADR NVGN 2.77 0.29 11.70 9.50 1.79 -25.5 AccuSh Spot CBOE VIX Up VXUP 6.94 -0.79 -10.17 1123.72 6.93 ...
France CAC 40 4431.97 4.17 0.09 –4.4 Command Security MOC 2.30 0.24 11.65 3.08 1.34 16.7 Bellerophon Therapeutics BLPH 2.60 -0.29 -10.03 10.88 1.90 -74.7
Germany DAX 9990.00 41.36 0.42 –7.0 pSivida PSDV 2.95 0.29 10.90 5.81 2.37 -32.3 Seanergy Maritime Hldgs SHIP 2.52 -0.28 -10.00 7.20 1.10 -35.4
Israel Tel Aviv 1488.35 3.03 0.20 –2.6
Italy FTSE MIB 18698.82 1.89 0.01 –12.7
Netherlands AEX 443.12 –0.71 –0.16 0.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8992.00 –29.00 –0.32 –5.8 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 483.88 1.57 0.32 –4.2
Switzerland Swiss Market 7853.07 3.50 0.04 –10.9 SunEdison SUNE 94,347 109.2 1.49 -25.87 33.45 1.21 Global X MSCI Norway ETF NORW 2,780 3233 10.08 0.10 13.94 8.10
6192.74 0.13 –0.8 SPDR S&P 500 SPY 86,817 -41.7 204.56 -0.05 213.78 181.02 CareTrust REIT CTRE 7,194 2803 11.70 -0.76 14.49 9.12
U.K. FTSE 100 8.16
Bank Of America BAC 81,102 -40.3 13.76 -0.58 18.48 10.99 Elbit Systems ESLT 287 1872 97.50 8.02 99.84 69.28
Asia-Pacific DJ Asia-Pacific TSM 1367.17 10.98 0.81 –1.6 iPath SP 500 VIX Sht Tm VXX 56,622 -28.0 18.55 -1.33 31.48 15.48 ProShares Short Basic Mt SBM 278 1804 26.11 -0.06 34.75 23.80
Australia S&P/ASX 200 5166.60 … unch. –2.4 Valeant Pharm Intl VRX 53,295 272.2 31.89 10.04 263.81 25.99 G-III Apparel Group GIII 7,614 1689 44.52 -19.39 73.93 39.50
China Shanghai Composite 2999.36 –19.44 –0.64 –15.3
DXN DLY GLDMNR 3x BR DUST 43,806 46.8 3.13 -0.32 40.00 2.79 Markit Ltd. MRKT 7,409 899 34.29 2.33 34.50 24.96
Hong Kong Hang Seng 20666.75 –17.40 –0.08 –5.7
Mkt Vectors Gold Miners GDX 40,751 -48.0 20.58 0.05 21.42 12.40 Alpha Omega Semicndtr AOSL 1,101 892 10.92 -0.82 12.38 6.98
India S&P BSE Sensex 25330.49 45.12 0.18 –3.0
iShares MSCI Emg Markets EEM 40,018 -42.7 34.02 -0.23 44.19 27.61 Adecoagro AGRO 3,797 863 11.39 -9.39 13.42 6.71
Japan Nikkei Stock Avg 17048.55 323.74 1.94 –10.4
Pfizer PFE 39,107 -3.9 30.38 1.03 36.46 28.25 WisdomTree Eur Qlty Div EUDG 48 737 21.87 -0.15 24.85 20.16
Singapore Straits Times 2880.65 –0.04 –.001 –0.1 Finl Select Sector SPDR XLF 34,202 -48.0 22.62 -0.31 25.62 18.52 iSh MSCI Colombia Capped ICOL 52 719 12.62 3.69 18.32 9.08
South Korea Kospi 1996.81 7.05 0.35 1.8
* 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 8785.68 –27.02 –0.31 5.4 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
andtoRates
Yield 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
New car loan US$vs, US$vs,
A consumer rate against its 8% Tues YTDchg Tues YTDchg
benchmark over the past year 5.00% WSJ Dollar index Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.37% 6 s
Euro .02862 34.940 –3.0
s
4.00 4 Americas Thailand baht

Great Erie Federal Credit Union 1.74% Vietnam dong .00004485 22296 0.7
Prime rate 3.50% 2 Argentina peso .0695 14.3850 11.2
Orchard Park, NY (866) 662-6727 3.00 Europe
t 0 Brazil real .2791 3.5825 –9.6
PNC Bank 1.84% Tuesday
t
t 3.00 –2 Canada dollar .7663 1.3050 –5.7 Czech Rep. koruna .04149 24.100 –3.2
Decatur, AL 888-762-2265 2.00
–4 Chile peso .001486 673.10 –5.0 Denmark krone .1505 6.6441 –3.3
New car loan .0003301 3029.17 1.1218 .8915
Lake Elmo Bank 1.99% 1.00 –6 s Colombia peso –4.6 Euro area euro –3.2
2.50
One year ago Yen Ecuador US dollar 1 1 unch Hungary forint .003599 277.89 –4.3
t
Lake Elmo, MN 651-777-8365 –8

0.00 Mexico peso .0577 17.3282 0.7 Iceland krona .007985 125.24 –3.8
2.00 South State Bank 1.99% –10
Peru new sol .2935 3.407 –0.2 Norway krone .1190 8.4058 –4.9
1 3 6 1 2 3 5 710 30 2015 2016
Savannah, GA 912-629-6500 Uruguay peso .03104 32.2200 7.7 Poland zloty .2636 3.7938 –3.3
1.50 month(s) years Venezuela b. fuerte .158603 6.3051 unch Russia ruble .01484 67.393 –6.3
AM J J A S O N D J F M TrustCo Bank 2.12%
maturity Asia-Pacific Sweden krona .1215 8.2289 –2.6
2015 2016 Albany, NY 518-436-9043 Switzerland franc 1.0280 .9728 –2.9
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7621 1.3122 –4.4
Turkey lira .3488 2.8668 –1.7
China yuan .1541 6.4910 unch
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0382 26.1960 9.2
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7536 unch
UK pound 1.4209 .7038 3.7
India rupee .01498 66.755 0.8
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 .0000761 13138 –5.0 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008899 112.37 –6.6 Bahrain dinar 2.6522 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002895 345.45 2.0 Egypt pound .1126 8.8808 13.4
Libor, 3-month 0.63 0.64 0.27 l 0.64 0.34
Macau pataca .1252 7.9857 –0.2 Israel shekel .2604 3.8408 –1.3
Money market, annual yield 0.26 0.26 0.22 l 0.42 -0.24 Treasury, Ryan ALM 1447.512 1.626 1.678 1.957 1.351 0.964 2.505
Malaysia ringgit .2504 3.9934 –7.2 Kuwait dinar 3.3188 .3013 –0.7
Five-year CD, annual yield 1.29 1.28 1.28 l 1.53 0.07 10-yr Treasury, Ryan ALM 1745.094 1.935 1.961 2.480 1.642 –3.833 2.662 New Zealand dollar .6754 1.4806 1.2 Oman sul rial 2.5974 .3850 unch
30-year mortgage, fixed† 3.69 3.73 3.57 l 4.22 -0.20 DJ Corporate 354.813 3.047 3.169 3.462 2.641 1.161 3.325 Pakistan rupee .00954 104.817 –0.1 Qatar rial .2745 3.643 unch
15-year mortgage, fixed† 2.93 2.93 2.85 l 3.42 -0.10 Aggregate, Barclays Capital 1867.850 2.320 2.390 2.630 2.000 1.264 2.277 Philippines peso .0216 46.248 –1.3 Saudi Arabia riyal .2666 3.7505 –0.1
Jumbo mortgages, $417,000-plus† 4.23 4.24 4.00 l 4.97 -0.02 Singapore dollar .7353 1.3600 –4.1 South Africa rand .0657 15.2165 –1.7
High Yield 100, Merrill Lynch 2437.892 6.551 6.801 8.696 5.207 –4.131 1.442 South Korea won .0008641 1157.27 –1.6
Five-year adj mortgage (ARM)† 3.39 3.58 3.14 l 3.86 0.43 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1935.720 2.480 2.520 2.900 2.260 2.103 2.585 Sri Lanka rupee .0068799 145.35 0.8
New-car loan, 48-month 3.37 3.17 2.71 l 3.37 0.73 Taiwan dollar .03094 32.320 –1.8 WSJ Dollar Index 87.31 0.16 0.18 –3.17
Muni Master, Merrill 504.486 1.651 1.689 2.099 1.440 3.018 3.050
HELOC, $30,000 4.68 4.68 4.24 l 5.01 -0.19
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 704.823 6.172 6.419 7.128 5.679 4.331 2.388 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 Tuesday 52-Week YTD

Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 487.89 2.15 0.44 584.70 420.23 -10.69 7.51

ONLINE
WSJ
Reuters-Jefferies CRB 177.12 0.75 0.43 231.77 155.01 -17.82 0.48
Crude oil, $ per barrel 41.45 -0.07 -0.17 61.43 26.21 -12.76 11.91
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 1.863 0.035 1.91 3.02 1.64 -33.13 -20.28
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1248.20 4.40 0.35 1272.00 1050.80 4.74 17.72
WSJMarkets.com
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THOMSON REUTERS LIPPER FUND AWARDS 2016
LIPPER 2016
FUND FAMILY
WINNERS
IS THERE A PATH
OVERALL
FIRM SIZE
Large Company
TIAA Investments
TO HIGHER STOCK PRICES?

OVERALL
FIRM SIZE
Small Company
Thrivent Mutual Funds
EQUITY
FIRM SIZE
Large Company
Oakmark Family
THE SKIES COULD CLEAR — BUT NOT BEFORE SOME STORMS
of Funds
By Randy Myers
EQUITY
P
FIRM SIZE
Small Company residential candidates have spent much of the past year trying to find a path to the White House. As the
PRIMECAP election cycle heats up, investors face a similar challenge. Their goal isn’t the presidency, of course, but
Management Company rather some measure of success in the financial markets, where the road to reward has been anything
FIXED INCOME but clear over the past few months.
FIRM SIZE
Large Company In fact, it’s been downright muddy, as reflected in the search firm Thomson Reuters Lipper, while pumping a net
Metropolitan West volatile trading that’s characterized the start of the year. $12.9 billion into Treasury funds.
Asset Management, LLC The Standard & Poor’s 500 Index plunged 10.5 percent in Even the Federal Reserve appeared to turn more cau-
the first six weeks of 2016, then abruptly changed course tious. After raising short-term interest rates a quarter of a
FIXED INCOME
FIRM SIZE
and rallied — but still finished February 5.5 percent below percentage point in December — the first such hike since
Small Company where it started on the first of January. Losses in Europe 2006 — Fed officials indicated they were likely to bump rates
Guggenheim
over the two-month period were nearly twice as great, and up four more times in 2016, assuming continued moderate
Investments in Japan nearly three times as bad. In China, the Shanghai economic growth. But at a press conference in mid-March,
Composite Index fell a stunning 24.1 percent. Fed Chair Janet Yellen signaled that it’s more likely the Fed
MIXED ASSETS The roots of this volatility have been well-documented. will raise rates only two more times this year.
FIRM SIZE Investors are worried about slowing economic growth in Despite this uncertainty, some market analysts see a
Large Company
China; a long, steep slide in the price of crude oil that is path to higher stock prices in 2016, even if investors must
TIAA Investments pressuring corporate profits in the energy sector; a strong first endure more volatility. It begins, to a large degree,
dollar that is making U.S. goods less competitive over- with a more stable oil market. Despite high inventories of
MIXED ASSETS
FIRM SIZE
seas; and softening corporate profits. They also are trying oil around the world, Bill Riegel, senior managing director
Small Company to parse the implications of potentially higher short-term and chief investment officer for TIAA Investments, says he
Thrivent Mutual Funds
interest rates in the U.S., at the very time negative rates are expects oil prices to be higher at year-end than they were in
being embraced by policymakers in Europe and Japan. And February. He notes that in the U.S., now a major oil produc-
*Large and Small Break- they are wondering what all these developments mean for er, production peaked in April 2015 and continues to shrink
point set at roughly the U.S. economy and the financial markets. at a rate of about a million barrels per day. At the same time,
$57.7 billion AUM Their initial response has been to shun risk. Many in- gas-thirsty pickup trucks and sport utility vehicles are flying
For the complete list of vestors began the year bailing out of stocks and flock- off dealer lots, and American motorists are driving more,
Lipper Fund Award ing instead to perceived safe havens like gold, silver and which ultimately will drive up demand for oil. “We’re actu-
Winners, go to U.S. Treasury bonds. From the end of 2015 through ally going to need all that excess production elsewhere in
2016LipperAwards.com February 24, investors pulled a net $37 billion out of U.S. the world,” Riegel says.
equity funds, according to preliminary data from re- Continued on page C10
The Wall Street Journal news organization was not involved in the creation of this content. Illustrations by Michael Austin
WE WON.
AGAIN.
TURN THE PAGE
TO FIND OUT MORE
BUILT TO PERFORM.
CREATED TO SERVE.
TIAA Global Asset Management provides investment advice and portfolio management services through TIAA and over a dozen affiliated registered investment
advisers. ©2016 Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY 10017. Nuveen Securities, LLC, TIAA-CREF
Individual & Institutional Services, LLC, and Teachers Personal Investors Services, Inc. Members FINRA and SIPC, distribute securities products. C29904
Special
Advertising Section
THOMSON REUTERS
LIPPER FUND AWARDS 2016
LIPPER 3-YEAR WINNERS

Ticker
Symbol Full Fund Name Classification Name Management Company Name
VWETX Vanguard Long-Term Investment-Grade Fund, Admiral Corporate Debt A-Rated Funds Vanguard Group, Inc.
AIOPX Cavanal Hill Opportunistic Fund, Institutional Absolute Return Funds Cavanal Hill Funds
GIOIX Guggenheim Macro Opportunities Fund, Institutional Alternative Credit Focus Funds Guggenheim Investments
EMAYX Gabelli Enterprise Mergers & Acquisitions Fund, Y Alternative Event Driven Funds Gabelli Funds, LLC
SDLAX SEI Institutional Investments Trust Dynamic Asset Allocation Fund, A Alternative Global Macro Funds SEI Group
ASAIX AQR Multi-Strategy Alternative Fund, I Alternative Multi-Strategy Funds AQR Capital Management, LLC
FEGIX First Eagle Gold Fund, I Precious Metals Equity Funds First Eagle Funds
PYACX Payden Corporate Bond Fund, Investor Corporate Debt BBB-Rated Funds Payden & Rygel
NCHRX Nuveen California High Yield Municipal Bond Fund, I California Municipal Debt Funds Nuveen Fund Advisors, LLC
VCADX Vanguard California Intermediate-Term Tax-Exempt Fund, Admiral California Intermediate Municipal Debt Funds Vanguard Group, Inc.
MICDX Matthews China Dividend Fund, Institutional China Region Funds Matthews International Capital Management, LLC
LCSIX LoCorr Long/Short Commodities Strategy Fund, I Commodities General Funds LoCorr Fund Management, LLC
WAPSX Western Asset Core Plus Bond Fund, IS Core Plus Bond Funds Legg Mason
MCNVX MainStay Convertible Fund, I Convertible Securities Funds MainStay Funds
UFPIX ProFunds UltraShort Latin America, Investor Dedicated Short-Bias Funds ProFunds Group
PRILX Parnassus Core Equity Fund, Institutional Equity Income Funds Parnassus Investments
MYCIX MainStay US Equity Opportunities Fund, I Alternative Active Extension MainStay Funds
BESIX William Blair Emerging Markets Small Cap Growth Fund, I Emerging Markets Funds William Blair & Company, LLC
GMDFX GMO Emerging Country Debt Fund, IV Emerging Markets Hard Currency Debt Funds Grantham Mayo Van Otterloo & Company, LLC
HLDYX Hartford Emerging Markets Local Debt Fund, Y Emerging Markets Local Currency Debt Funds Hartford Funds
EROIX Eaton Vance Hedged Stock Fund, I Alternative Equity Market Neutral Funds Eaton Vance Management
IMLPX MainGate MLP Fund, I Energy MLP Funds Chickasaw Capital Management, LLC
FNORX Fidelity Nordic Fund European Region Funds Fidelity Management & Research Company
CPXIX Cohen & Steers Preferred Securities & Income Fund, I Flexible Income Funds Cohen & Steers Capital Management, Inc.
BURKX Burnham Financial Services Fund, A Financial Services Funds Burnham Asset Management Corporation
CLTAX Catalyst/Lyons Tactical Allocation Fund, A Flexible Portfolio Funds Catalyst Capital Advisors, LLC
N/A Fidelity Real Estate High Income Fund General Bond Funds Fidelity Management & Research Company
NQGIX Nuveen NWQ Global Equity Income Fund, I Global Equity Income Funds Nuveen Fund Advisors, LLC
GLIFX Lazard Global Listed Infrastructure Portfolio, Institutional Global Infrastructure Funds Lazard Asset Management, LLC
IILGX Thrivent Large Cap Stock Fund, Institutional Global Large-Cap Core Funds Thrivent Mutual Funds
QTRIX Quaker Global Tactical Allocation Fund, I Global Large-Cap Growth Funds Quaker Funds, Inc.
CEQIX Columbia Global Equity Value Fund, I Global Large-Cap Value Funds Columbia Funds
GBONX JPMorgan Global Bond Opportunities, R6 Global Income Funds J.P. Morgan Funds
WFCMX Wells Fargo Advantage CoreBuilder Shares — Series M General & Insured Municipal Debt Funds Wells Fargo Funds Management, LLC
USCGX USAA Capital Growth Fund Global Multi-Cap Core Funds USAA Asset Management Company
MGGIX Morgan Stanley Institutional Global Opportunity Portfolio, I Global Multi-Cap Growth Funds Morgan Stanley Investment Management, Inc.
PGVFX Polaris Global Value Fund Global Multi-Cap Value Funds Polaris Capital Management, LLC
VFIJX Vanguard GNMA Fund, Admiral GNMA Funds Wellington Management Company, LLP
ALTEX Firsthand Alternative Energy Fund Global Natural Resources Funds Firsthand Capital Management, Inc.
VGISX Virtus Global Real Estate Securities Fund, I Global Real Estate Funds Virtus Investment Partners, Inc.
OGIIX Oppenheimer Global Opportunities Fund, I Global Small-/Mid-Cap Funds OppenheimerFunds, Inc.
RGVGX American Funds US Government Securities Fund, R-6 General U.S. Government Funds American Funds
FLBAX Fidelity Spartan Long-Term Treasury Bond Index Fund, Fidelity Advantage General U.S. Treasury Funds Fidelity Management & Research Company
FBIOX Fidelity Select Biotechnology Portfolio Health/Biotechnology Funds Fidelity Management & Research Company
NHMRX Nuveen High Yield Municipal Bond Fund, I High Yield Municipal Debt Funds Nuveen Fund Advisors, LLC
FAGIX Fidelity Capital & Income Fund High Yield Funds Fidelity Management & Research Company
RYPIX Rydex Transportation Fund, Investor Industrials Funds Rydex Investments
NUIIX Nuveen Santa Barbara International Dividend Growth, I International Equity Income Funds Nuveen Fund Advisors, LLC
MPHQX BlackRock Total Return Fund, K Core Bond Funds BlackRock, Inc.
ICEIX Ivy International Core Equity Fund, I International Large-Cap Core Funds Ivy Investment Management Company
FDIKX Fidelity Diversified International Fund, K International Large-Cap Growth Funds Fidelity Management & Research Company
LIEIX Laudus Mondrian International Equity Fund, Institutional International Large-Cap Value Funds Charles Schwab Investment Management, Inc.
TIMUX Transamerica Intermediate Muni, I Intermediate Municipal Debt Funds Transamerica Funds
PISIX PIMCO StocksPLUS International Fund (US Dollar-Hedged), Institutional International Multi-Cap Core Funds PIMCO
MIOIX Morgan Stanley Institutional International Opportunity Portfolio, I International Multi-Cap Growth Funds Morgan Stanley Investment Management, Inc.
HILYX Hartford International Value Fund, Y International Multi-Cap Value Funds Hartford Funds
PFORX PIMCO Foreign Bond Fund (US Dollar-Hedged), Institutional International Income Funds PIMCO
FIRIX Fidelity Advisor International Real Estate Fund, Institutional International Real Estate Funds Fidelity Management & Research Company
GICIX Goldman Sachs International Small Cap Insights Fund, Institutional International Small/Mid-Cap Core Funds Goldman Sachs & Company
OSCIX Oppenheimer International Small-Mid Company Fund, I International Small/Mid-Cap Growth Funds OppenheimerFunds, Inc.
PNIGX BlackRock US Government Bond Portfolio, Institutional Intermediate U.S. Government Funds BlackRock, Inc.
JURIX Janus Real Return Fund, I Inflation-Protected Bond Funds Janus Capital Management, LLC
VPMAX Vanguard PRIMECAP Fund, Admiral Large-Cap Core Funds PRIMECAP Management Company
NASDX Shelton NASDAQ-100 Index Fund, Direct Large-Cap Growth Funds Shelton Capital Management
JLVMX JPMorgan Large Cap Value Fund, R6 Large-Cap Value Funds J.P. Morgan Funds
GIFIX Guggenheim Floating Rate Strategies Fund, Institutional Loan Participation Funds Guggenheim Investments
TMSEX Turner Medical Sciences Long/Short Fund, Institutional Alternative Long/Short Equity Funds Turner Investments, LP
VMATX Vanguard Massachusetts Tax-Exempt Fund, Investor Massachusetts Municipal Debt Funds Vanguard Group, Inc.
RFTTX American Funds 2010 Target Date Retirement Fund, R-6 Mixed-Asset Target 2010 Funds American Funds
RRCTX American Funds 2020 Target Date Retirement Fund, R-6 Mixed-Asset Target 2020 Funds American Funds
RFETX American Funds 2030 Target Date Retirement Fund, R-6 Mixed-Asset Target 2030 Funds American Funds
RFFTX American Funds 2035 Target Date Retirement Fund, R-6 Mixed-Asset Target 2035 Funds American Funds
PRRUX Putnam RetirementReady 2050 Fund, Y Mixed-Asset Target 2050 Funds Putnam Investment Management, LLC
RFJTX American Funds 2015 Target Date Retirement Fund, R-6 Mixed-Asset Target 2015 Funds American Funds
RFDTX American Funds 2025 Target Date Retirement Fund, R-6 Mixed-Asset Target 2025 Funds American Funds
RFGTX American Funds 2040 Target Date Retirement Fund, R-6 Mixed-Asset Target 2040 Funds American Funds
PRVYX Putnam RetirementReady 2045 Fund, Y Mixed-Asset Target 2045 Funds Putnam Investment Management, LLC
ATTIX American Century One Choice In Retirement Portfolio, Institutional Mixed-Asset Target Today Funds American Century Investment Management, Inc.
PRTLX Putnam RetirementReady 2055 Fund, Y Mixed-Asset Target 2055+ Funds Putnam Investment Management, LLC
VSEQX Vanguard Strategic Equity Fund, Investor Mid-Cap Core Funds Vanguard Group, Inc.
POAGX PRIMECAP Odyssey Aggressive Growth Fund Mid-Cap Growth Funds PRIMECAP Management Company
HAMVX Harbor Mid Cap Value Fund, Institutional Mid-Cap Value Funds Harbor Capital Advisors, Inc.
MDXBX T. Rowe Price Maryland Tax-Free Bond Fund Maryland Municipal Debt Funds T. Rowe Price Associates, Inc.
ASFYX Natixis ASG Managed Futures Strategy Fund, Y Alternative Managed Futures Funds AlphaSimplex Group, LLC
GTLLX Glenmede Large Cap Growth Portfolio Multi-Cap Core Funds Glenmede Investment Management, LP
FOCKX Fidelity OTC Portfolio, K Multi-Cap Growth Funds Fidelity Management & Research Company
BPAIX Boston Partners All-Cap Value Fund, Institutional Multi-Cap Value Funds Robeco Investment Funds
OPYMX Oppenheimer Rochester Minnesota Municipal Fund, Y Minnesota Municipal Debt Funds OppenheimerFunds, Inc.
PIMIX PIMCO Income Fund, Institutional Multi-Sector Income Funds PIMCO
FUNDX FundX Upgrader Fund Mixed-Asset Target Allocation Aggressive Growth Funds FundX Investment Group, LLC
BICPX BlackRock 20/80 Target Allocation Fund, Institutional Mixed-Asset Target Allocation Conservative Funds BlackRock, Inc.
PRWCX T. Rowe Price Capital Appreciation Fund Mixed-Asset Target Allocation Growth Funds T. Rowe Price Associates, Inc.
WFAIX Wells Fargo Advantage Index Asset Allocation Fund, Administrator Mixed-Asset Target Allocation Moderate Funds Wells Fargo Funds Management, LLC
FIRFX Fidelity Advisor Income Replacement 2042 Fund, Institutional Retirement Income Funds Fidelity Management & Research Company
NMNJX Nuveen New Jersey Municipal Bond Fund, I New Jersey Municipal Debt Funds Nuveen Fund Advisors, LLC
WEGYX Waddell & Reed Advisors Energy Fund, Y Natural Resources Funds Waddell & Reed Investment Management Company
MNOIX MainStay New York Tax Free Opportunities Fund, I New York Municipal Debt Funds MainStay Funds
FNYZX Franklin New York Intermediate-Term Tax-Free Income Fund, Advisor New York Intermediate Municipal Debt Funds Franklin Templeton Investments
VOHIX Vanguard Ohio Long-Term Tax-Exempt Fund, Investor Ohio Municipal Debt Funds Vanguard Group, Inc.
EKVYX Wells Fargo Advantage Pennsylvania Tax-Free Fund, Institutional Pennsylvania Municipal Debt Funds Wells Fargo Funds Management, LLC
FPBFX Fidelity Pacific Basin Fund Pacific Region Funds Fidelity Management & Research Company
CSDIX Cohen & Steers Real Estate Securities Fund, I Real Estate Funds Cohen & Steers Capital Management, Inc.
PLOIX PNC Multi-Factor Small Cap Core Fund, I Small-Cap Core Funds PNC Funds
PLTIX PNC Multi-Factor Small Cap Growth Fund, I Small-Cap Growth Funds PNC Funds
UBVLX Undiscovered Managers Behavioral Value Fund, Institutional Small-Cap Value Funds J.P. Morgan Funds
LCCIX Leader Short-Term Bond Fund, Institutional Short Investment-Grade Debt Funds Leader Capital Corporation
AIFBX Cavanal Hill Intermediate Bond Fund, Institutional Short-Intermediate Investment-Grade Debt Funds Cavanal Hill Funds
STRIX Wells Fargo Strategic Municipal Bond Fund, I Short-Intermediate Municipal Debt Funds Wells Fargo Funds Management, LLC
FSTGX Fidelity Intermediate Government Income Fund Short-Intermediate U.S. Government Funds Fidelity Management & Research Company
ORSYX Oppenheimer Rochester Short Term Municipal, Y Short Municipal Debt Funds OppenheimerFunds, Inc.
EILDX Eaton Vance Short Duration Government Income Fund, I Short U.S. Government Funds Eaton Vance Management
FSBAX Fidelity Spartan Short-Term Treasury Bond Index Fund, Fidelity Advantage Short U.S. Treasury Funds Fidelity Management & Research Company
FSELX Fidelity Select Electronics Portfolio Science & Technology Funds Fidelity Management & Research Company
MTGDX Morgan Stanley Mortgage Securities Trust, I U.S. Mortgage Funds Morgan Stanley Investment Management, Inc.
PTSHX PIMCO Short-Term Fund, Institutional Ultra-Short Obligation Funds PIMCO
VUIAX Vanguard Utilities Index Fund, Admiral Utility Funds Vanguard Group, Inc.
USVAX USAA Virginia Bond Fund, Fund Virginia Municipal Debt Funds USAA Asset Management Company
MIKOX Matthews Korea Fund, Institutional Pacific Ex-Japan Funds Matthews International Capital Management, LLC
For the complete list of Lipper Fund Award Winners, go to 2016LipperAwards.com

BEST OVERALL LARGE

FUND COMPANY 2013
BEST OVERALL LARGE
FUND COMPANY 2014
BEST OVERALL LARGE
FUND COMPANY 2015
BEST OVERALL LARGE
FUND COMPANY 2016
IS THERE AN ECHO IN HERE?
Discover how the professionals

at TIAA Investments delivered
unprecedented and consistent
performance at TGAM.com/perform
BUILT TO PERFORM.
CREATED TO SERVE.
From Thomson Reuters Lipper Awards, ©2016 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws
of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.
The Thomson Reuters Lipper Large Fund Award is given to the group with the lowest average decile ranking of three years’ Consistent Return
for eligible funds over the three-year period ended 11/30/15. TIAA was ranked among 37 fund companies in 2015 with at least five equity,
five bond, or three mixed-asset portfolios. Classification averages are calculated with all eligible share classes for each eligible classification.
The calculation periods extend over 36, 60, and 120 months. The highest Thomson Reuters Lipper Leader for Consistent Return (Effective
Return) value within each eligible classification determines the fund classification winner over three, five, or ten years. A detailed awards
methodology can be found at http://excellence.thomsonreuters.com/award/lipper. TIAA acquired Nuveen in 2014. Past performance does not
guarantee future results. Certain funds have fee waivers in effect. Without such waivers ratings could be lower. For current performance and
rankings, please visit the Research and Performance section on TIAA.org and Nuveen.com. TIAA Global Asset Management provides investment
advice and portfolio management services through TIAA and over a dozen affiliated registered investment advisers.TIAA-CREF Individual &
2013 2014 2015 2016 Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, members FINRA and SIPC, distribute
THOMSON REUTERS LIPPER FUND AWARDS securities products. C29906
BEST OVERALL LARGE FUND COMPANY Consider investment objectives, risks, charges and expenses
The Thomson Reuters Lipper Fund Awards are based on a
review of 36 companies 2012 and 48 companies 2013, 2014
carefully before investing. Go to TIAA.org for product and fund
and 37 companies 2015 risk-adjusted performance. prospectuses that contain this and other information. Read
carefully before investing. TIAA-CREF mutual funds are subject
to market and other risk factors.
Special Advertising Section Special Advertising Feature
THE AWARDS ARE IN. THOMSON REUTERS

Congratulations to our investment

professionals at TIAA Investments
and Nuveen Investments.
TIAA INVESTMENTS
BEST MIXED ASSETS
LARGE FUND COMPANY
NUVEEN INVESTMENTS
NUVEEN CALIFORNIA HIGH YIELD
MUNICIPAL BOND FUND ( NCHRX)
Over 3 and 5 years out of 112 and 106 California Municipal Debt Funds
NUVEEN CALIFORNIA MUNICIPAL

BOND FUND ( NCSPX)
Over 10 years out of 85 California Municipal Debt Funds
Continued from page C7 return of 5.2 percent while the Russell
NUVEEN HIGH YIELD MUNICIPAL In the meantime, Riegel says the
1000 Growth Index earned 3.4 percent.
If the bullish case for oil and the econ-
BOND FUND ( NHMRX) 70 percent slide in oil prices from June
2014 through the end of February
omy pans out, it’s not only U.S. stocks
Over 3 and 5 years out of 116 and 109 High Yield Municipal Debt Funds that could do well in 2016. Roseen says
should eventually prove an even bigger
stocks in developed markets outside the
boon to consumer spending — a ma-
NUVEEN MINNESOTA MUNICIPAL jor part of the U.S. economy — than it
U.S. could do even better, with negative
interest rates and a strong dollar stimu-
BOND FUND ( FYMNX) has thus far, as the full impact of lower
lating economic activity in Europe and
Over 10 years out of 27 Minnesota Municipal Debt Funds crude and gasoline prices usually takes
Japan. Some investors appear inclined
some time to be realized.
to agree. Preliminary data from Lipper
The path to higher stock prices also
NUVEEN NEW JERSEY MUNICIPAL depends on the U.S. economy not stall-
indicate that while investors pulled
$37 billion out of U.S. stock funds
BOND FUND ( NMNJX) ing, and on this score bullish market
through February 24 of this year, interna-
Over 3 and 10 years out of 45 and 31 New Jersey Municipal Debt Funds analysts believe general sentiment has
tional equity funds enjoyed net inflows of
become too bearish. Jeff Tjornehoj,
$7.2 billion. Emerging market equities
head of Americas Research for Thomson
NUVEEN NWQ GLOBAL EQUITY Reuters Lipper, expects U.S. gross do-
didn’t fare as well, with net outflows of
$3 billion, but after falling dramatically
INCOME FUND ( NQGIX) mestic product to grow about 3 percent
since last spring, they could be poised
Over 3 years out of 125 Global Equity Income Funds this year, bettering the approximately
to rebound, Riegel says — particularly if
2.1 percent pace it has averaged since
prices improve for oil and other commod-
the end of the 2008-09 recession. Among
NUVEEN PENNSYLVANIA MUNICIPAL other things, Tjornehoj sees reasons for
ities so important to their economies.
Firming oil prices and a resilient U.S.
BOND FUND ( NBPAX) optimism in the strength of the housing
economy could also be good for some
Over 10 years out of 42 Pennsylvania Municipal Debt Funds and auto markets. Last year, automak-
corners of the fixed-income markets
ers sold a record 17.47 million new cars
in 2016. Among the likely beneficiaries
NUVEEN SANTA BARBARA and trucks, topping the previous mark
of 17.41 million set in 2000. Meanwhile,
would be the high-yield sector, which
INTERNATIONAL DIVIDEND more new single-family homes were
came under intense selling pressure last
year in part because of worries about the
GROWTH FUND ( NUIIX) sold in 2015 than in any year since 2007.
The labor market is looking stron-
possibility of defaults on high-yield debt
Over 3 years out of 38 International Equity Income Funds issued by energy companies. “Subject to
ger, too, which also bodes well for con-
risk control, we see real value in the non-
sumer spending. Tom Roseen, head of
NUVEEN VIRGINIA MUNICIPAL Research Services for Thomson Reuters
energy areas of high yield,” Riegel says.
“And depending on how much risk you
BOND FUND ( NMVAX) Lipper, notes that new claims for unem-
ployment were at a 14-year low in late
can tolerate, opportunities are begin-
Over 10 years out of 23 Virginia Municipal Debt Funds ning to develop in the energy sector, too.”
January, and the unemployment rate fell
Not every strong performer in 2016
to 4.9 percent that month, down more
Thomson Reuters Lipper Best Fund Awards than half from its financial-crisis high
will be a rebound story. Tjornehoj sus-
pects municipal bonds, strong perform-
For delivering consistently strong, risk-adjusted performance, these of 10.0 percent in October 2009. As the
Nuveen Mutual Funds Class I shares were honored as Best Fund among ers in 2015, will do well again this year,
labor market has tightened, wages have
peers over the 3-, 5-, or 10-year periods ending November 30, 2015. particularly if the Fed does nudge interest
improved. Average hourly earnings in
rates higher. Municipals typically outper-
January 2016, according to preliminary
form Treasuries in a rising rate environ-
data from the Bureau of Labor Statistics,
ment, he notes, since rising rates usually
Get to know us at were 2.5 percent higher than they were
a year earlier. Higher wages usually lead
coincide with a strong economy. And in a
strong economy, municipal-debt issuers
TGAM.com/perform to more confident consumers and in-
creased consumer spending.
are generally in a strong position to meet
their obligations to bondholders.
Riegel says recent inflation figures
also suggest the U.S. economy is poised
to continue growing. Since early 2012, “SUBJECT TO RISK
the price index for personal consump- CONTROL, WE SEE
tion expenditures — the Fed’s preferred REAL VALUE IN THE
inflation metric — has held below the NON-ENERGY AREAS
Fed’s target of 2 percent. Persistently low
inflation — or worse yet, deflation — can
OF HIGH YIELD.”
hurt the economy. But in January, the BILL RIEGEL, Senior Managing
PCE Price Index increased 1.3 percent Director and Chief Investment
BUILT TO PERFORM. from a year earlier, up from a 0.7 per- Officer, TIAA Investments
cent increase in December. What’s more,
the January number was depressed by
CREATED TO SERVE. falling prices for energy goods and ser-
There are, to be sure, plenty of po-
tential roadblocks on the path to higher
vices and for food. Absent those drags,
stock prices. If the dollar continues to
prices for core goods and services were
From Thomson Reuters Lipper Awards, ©2016 Thomson Reuters. All rights reserved. Used by strengthen, it could put further pres-
1.7 percent higher year over year, near the
permission and protected by the Copyright Laws of the United States. The printing, copying, sure on U.S. corporate profits. Europe
redistribution, or retransmission of this Content without express written permission is prohibited. Fed’s target. “This makes it unlikely that
and Japan have ventured into largely
the Fed will have to join central banks in
The Thomson Reuters Lipper Mixed Asset Large Fund Award is given to the group with the uncharted territory with negative inter-
lowest average decile ranking of three years’ Consistent Return for eligible funds over the Europe and Japan in using negative inter-
three-year period ended 11/30/15. TIAA was ranked among 39 fund companies in 2015 with
est rates, making it impossible to say
est rates,” Riegel says. “That’s good news.”
at least five equity, five bond, or three mixed-asset portfolios. Classification averages are whether they will provide the economic
calculated with all eligible share classes for each eligible classification. The calculation periods Assuming oil prices stabilize and the
jumpstart policymakers want. China
extend over 36, 60, and 120 months. The highest Thomson Reuters Lipper Leader for economy remains resilient, Riegel says
Consistent Return (Effective Return) value within each eligible classification determines the continues to take measures to keep its
some of the stock market’s best perform-
fund classification winner over three, five, or ten years. A detailed awards methodology can economy on track — it reduced reserve
be found at http://excellence.thomsonreuters.com/award/lipper. Class I Shares have no sales ing sectors this year might include cycli-
requirements for Chinese banks in late
charge and may be purchased only by specified classes of investors. Other fund share class cal stocks that were laggards last year,
purchases may be subject to a front-end sales load. The total number of funds in a Thomson February — but could weigh further on
Reuters Lipper award classification may include multiple share classes of a single fund. TIAA
including energy, materials and manu-
the global economy if those measures
acquired Nuveen in 2014. Past performance does not guarantee future results. For current facturing shares. He also suspects that
performance and rankings, please visit the Research and Performance section on TIAA.org fail. Voters in the U.K. will cast ballots in
value stocks may outperform growth
and Nuveen.com. TIAA Global Asset Management provides investment advice and portfolio June to determine whether Great Britain
management services through TIAA and over a dozen affiliated registered investment advisers. stocks. That would mark another turn-
stays in the European Union, and a vote
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., about from 2015, when slowing econom-
and Nuveen Securities, LLC, members FINRA and SIPC, distribute securities products. C29904 to exit could unsettle financial markets.
ic growth in the second half of the year
And, of course, the U.S. is in the midst of
Consider investment objectives, risks, charges had investors looking for companies that
a presidential election in which a num-
offered earnings-growth certainty.
and expenses carefully before investing. Go The changeover may already be
ber of the candidates favor economic
policies outside the mainstream.
to TIAA.org or Nuveen.com for product and happening. The Russell 1000 Value
Financial markets always face mul-
fund prospectuses that contain this and other Index posted a total return — price
tiple threats, though. The important
change plus reinvested dividends — of
information. Read carefully before investing. -3.8 percent last year, while the Russell
news isn’t that there’s an easy journey
TIAA-CREF mutual funds are subject to market to higher stock prices in 2016, but that
1000 Growth Index earned 5.7 per-
there is, after so much volatility, at least
and other risk factors. cent. This year, Riegel says, from the
a plausible path.
stock market’s January low on January
20 through the end of February, the Randy Myers is a widely published business
Russell 1000 Value Index posted a total and financial writer.
Special
Advertising Section
THOMSON REUTERS
SOME FUNDS CATEGORIES MADE LAST YEAR LOOK LIKE A BREEZE

By Jeff Tjornehoj THE BEST CLASSIFICATION, ner generated a total return of 7.27 percent 9.11 percent. That’s a tax-equivalent return
annually over the past three years and of over 15 percent for top-bracket earners!
E
ON AVERAGE, OVER THE
ach year Thomson Reuters Lipper currently sports a 30-day yield of about Top group performance looks much dif-
presents awards to fund management PAST FIVE YEARS IS HIGH 4.51 percent — perfectly reasonable, con- ferent when we look back over the past 10
companies whose products produced YIELD MUNICIPAL DEBT, sidering its attention to delivering solid years. Here, the now-suffering Emerging
the best risk-adjusted returns over three, UP AN ANNUALIZED total returns. Other top-performing fund Markets Hard Currency Debt classification
6.64 PERCENT.
five, and 10 years. We use risk-adjusted re- strategies over three years include High enjoyed an average annualized return of
turns because investors care just as much Yield Municipal Debt (+3.35 percent) and 6.38 percent, despite a disappointing av-
about where their funds are going (in terms High Yield (+2.65 percent). erage annual loss of 0.76 percent over the
of performance) as they do about how they ing at each fund (which would take many The best classification, on average, over past three years. Other top groups over the
get there. Those fund managers who had pages), we’ll look at several fund catego- the past five years is High Yield Municipal past decade include High Yield (+6.16 per-
the foresight to navigate their portfolios ries over multiple periods to get a taste of Debt, up an annualized 6.64 percent. cent), General Bond (+5.72 percent), and
around storms that left their peers’ sails in the kinds of total return bond funds that What’s most remarkable about that re- General U.S. Treasury (+5.51 percent).
tatters — and weren’t afraid to brave swells investors have encountered over the past turn is that it is a pre-tax figure, meaning What the next 10 years hold for bond
that turned back the timid — have exhibit- several years. an investor in the top federal tax bracket of funds may not resemble what happened
ed excellence and leadership that deserve Lipper’s top-performing fund classi- 39.6 percent would have enjoyed a tax- over the last decade. With zero-rate poli-
recognition. We’re proud to be among the fication over the most recent three years equivalent return of nearly 11 percent. It cies spreading through central banks from
first to congratulate them. is Flexible Income, one of the lesser- wasn’t necessarily an easy living, since Japan to Switzerland and concerns that
And yet, as much as we like looking at known strategies that often focuses on muni yields spiked in 2011 and 2013, but China may remain weaker for longer than
risk-adjusted returns to evaluate manag- preferred shares, which straddle the line the end result has been astonishingly expected, bond fund investors will doubt-
ers, inevitably, conversations turn to total between stocks and bonds. Investors good. This year’s five-year winner not lessly need a steady hand on the tiller.
return performance, a figure that disre- have been drawn to these funds because only produced the best risk-adjusted re-
gards the risk and volatility the funds and of their yield, which lately, averages about turn among its peers, it also delivered the Jeff Tjornehoj is head of Americas Research
their investors withstood. Instead of look- 4.96 percent. This year’s fund award win- group’s best annualized total return of for Thomson Reuters Lipper.
LIPPER 10-YEAR WINNERS

Ticker
Symbol Full Fund Name Classification Name Management Company Name
VWETX Vanguard Long-Term Investment-Grade Fund, Admiral Corporate Debt A-Rated Funds Vanguard Group, Inc.
WYASX Waddell & Reed Asset Strategy Fund, Y Alternative Global Macro Funds Waddell & Reed Investment Management Company
INIVX Van Eck International Investors Gold Fund, A Precious Metals Equity Funds Van Eck Associates Corporation
DEEIX Delaware Extended Duration Bond Fund, Institutional Corporate Debt BBB-Rated Funds Delaware Management Company
NCSPX Nuveen California Municipal Bond Fund, I California Municipal Debt Funds Nuveen Fund Advisors, LLC
NCMAX Columbia AMT-Free California Intermediate Muni Bond Fund, Z California Intermediate Municipal Debt Funds Columbia Funds
LNGZX Columbia Greater China Fund, Z China Region Funds Columbia Funds
MWTIX Metropolitan West Total Return Bond Fund, I Core Plus Bond Funds Metropolitan West Asset Management, LLC
ANNPX AllianzGI Convertible Fund, Institutional Convertible Securities Funds Allianz Global Investors
GRZZX Leuthold Grizzly Short Fund Dedicated Short-Bias Funds Leuthold Weeden Capital Management, LLC
NSEIX Nicholas Equity Income Fund Equity Income Funds Nicholas Company, Inc.
DREGX Driehaus Emerging Markets Growth Fund Emerging Markets Funds Driehaus Capital Management, LLC
GSDIX Goldman Sachs Emerging Markets Debt Fund, Institutional Emerging Markets Hard Currency Debt Funds Goldman Sachs & Company
PRESX T. Rowe Price European Stock Fund European Region Funds T. Rowe Price Associates, Inc.
PRISX T. Rowe Price Financial Services Fund Financial Services Funds T. Rowe Price Associates, Inc.
SGIIX First Eagle Global Fund, I Flexible Portfolio Funds First Eagle Funds
RNPFX American Funds New Perspective Fund, R-5 Global Large-Cap Growth Funds American Funds
PZTRX Prudential Global Total Return Fund, Z Global Income Funds Prudential Investments
WMFDX Wells Fargo Advantage Municipal Bond Fund, Admn General & Insured Municipal Debt Funds Wells Fargo Funds Management, LLC
DGEIX DFA Global Equity Portfolio, Institutional Global Multi-Cap Core Funds Dimensional Fund Advisors, LP
JANWX Janus Global Research Fund, D Global Multi-Cap Growth Funds Janus Capital Management, LLC
BEGRX Franklin Mutual Beacon Fund, Z Global Multi-Cap Value Funds Franklin Templeton Investments
PDMIX PIMCO GNMA Fund, Institutional GNMA Funds PIMCO
PRNEX T. Rowe Price New Era Fund Global Natural Resources Funds T. Rowe Price Associates, Inc.
PURZX Prudential Global Real Estate Fund, Z Global Real Estate Funds Prudential Investments
RSLFX American Funds SMALLCAP World Fund, R-5 Global Small-/Mid-Cap Funds American Funds
PGOVX PIMCO Long-Term US Government Fund, Institutional General U.S. Government Funds PIMCO
PRHSX T. Rowe Price Health Sciences Fund Health/Biotechnology Funds T. Rowe Price Associates, Inc.
CXHYX Delaware National High-Yield Municipal Bond Fund, A High Yield Municipal Debt Funds Delaware Management Company
AGDAX AB High Income Fund, A High Yield Funds AllianceBernstein, LP
TGCFX TCW Core Fixed Income Fund, I Core Bond Funds TCW Investment Management Company
IVVYX Ivy International Core Equity Fund, Y International Large-Cap Core Funds Ivy Investment Management Company
APHIX Artisan International Fund, Institutional International Large-Cap Growth Funds Artisan Partners, LP
MAMTX BlackRock Strategic Municipal Opportunities Fund, Institutional Intermediate Municipal Debt Funds BlackRock, Inc.
FGFAX Federated International Leaders Fund, A International Multi-Cap Core Funds Federated Investors
OIGYX Oppenheimer International Growth Fund, Y International Multi-Cap Growth Funds OppenheimerFunds, Inc.
TRIGX T. Rowe Price International Growth & Income Fund International Multi-Cap Value Funds T. Rowe Price Associates, Inc.
TGBAX Templeton Global Bond Fund, Advisor International Income Funds Franklin Templeton Investments
GMFSX GMO Foreign Small Companies Fund, III International Small/Mid-Cap Core Funds Grantham Mayo Van Otterloo & Company, LLC
OSMYX Oppenheimer International Small-Mid Company Fund, Y International Small/Mid-Cap Growth Funds OppenheimerFunds, Inc.
DFIGX DFA Intermediate Government Fixed Income Portfolio, Institutional Intermediate U.S. Government Funds Dimensional Fund Advisors, LP
FXIRX PIMCO Fixed Income SHares Series R Inflation-Protected Bond Funds PIMCO
SMGIX Columbia Contrarian Core Fund, Z Large-Cap Core Funds Columbia Funds
NASDX Shelton NASDAQ-100 Index Fund, Direct Large-Cap Growth Funds Shelton Capital Management
SLVIX Columbia Select Large-Cap Value Fund, R5 Large-Cap Value Funds Columbia Funds
EIFHX Eaton Vance Floating-Rate & High Income Fund, Institutional Loan Participation Funds Eaton Vance Management
BPLSX Boston Partners Long/Short Equity Fund, Institutional Alternative Long/Short Equity Funds Boston Partners
SCMAX Deutsche Massachusetts Tax-Free Fund, S Massachusetts Municipal Debt Funds Deutsche Asset & Wealth Management
TRRAX T. Rowe Price Retirement 2010 Fund Mixed-Asset Target 2010 Funds T. Rowe Price Associates, Inc.
TRRBX T. Rowe Price Retirement 2020 Fund Mixed-Asset Target 2020 Funds T. Rowe Price Associates, Inc.
TRRCX T. Rowe Price Retirement 2030 Fund Mixed-Asset Target 2030 Funds T. Rowe Price Associates, Inc.
TRRDX T. Rowe Price Retirement 2040 Fund Mixed-Asset Target 2040 Funds T. Rowe Price Associates, Inc.
ATTIX American Century One Choice In Retirement Portfolio, Institutional Mixed-Asset Target Today Funds American Century Investment Management, Inc.
EISMX Eaton Vance-Atlanta Capital SMID-Cap Fund, I Mid-Cap Core Funds Eaton Vance Management
PMEGX T. Rowe Price Institutional Mid-Cap Equity Growth Fund Mid-Cap Growth Funds T. Rowe Price Associates, Inc.
VETAX Victory Sycamore Established Value Fund, A Mid-Cap Value Funds Victory Capital Management, Inc.
MDXBX T. Rowe Price Maryland Tax-Free Bond Fund Maryland Municipal Debt Funds T. Rowe Price Associates, Inc.
JVMIX John Hancock Disciplined Value Mid Cap Fund, Institutional Multi-Cap Core Funds John Hancock Group
FOCPX Fidelity OTC Portfolio Multi-Cap Growth Funds Fidelity Management & Research Company
JVAIX JPMorgan Value Advantage Fund, Institutional Multi-Cap Value Funds J.P. Morgan Funds
FYMNX Nuveen Minnesota Municipal Bond Fund, I Minnesota Municipal Debt Funds Nuveen Fund Advisors, LLC
LBNYX Lord Abbett Bond-Debenture Fund, I Multi-Sector Income Funds Lord Abbett & Company, LLC
MXAPX Great-West Aggressive Profile II Fund, Initial Mixed-Asset Target Allocation Aggressive Growth Funds GW Capital Management, LLC
VWIAX Vanguard Wellesley Income Fund, Admiral Mixed-Asset Target Allocation Conservative Funds Vanguard Group, Inc.
PRWCX T. Rowe Price Capital Appreciation Fund Mixed-Asset Target Allocation Growth Funds T. Rowe Price Associates, Inc.
JANBX Janus Balanced Fund, D Mixed-Asset Target Allocation Moderate Funds Janus Capital Management, LLC
NMNJX Nuveen New Jersey Municipal Bond Fund, I New Jersey Municipal Debt Funds Nuveen Fund Advisors, LLC
FANIX Fidelity Advisor Energy Fund, Institutional Natural Resources Funds Fidelity Management & Research Company
FTNYX Delaware Tax-Free New York Fund, A New York Municipal Debt Funds Delaware Management Company
MNYMX BNY Mellon New York Intermediate Tax-Exempt Bond Fund, M New York Intermediate Municipal Debt Funds Dreyfus Corporation
VOHIX Vanguard Ohio Long-Term Tax-Exempt Fund, Investor Ohio Municipal Debt Funds Vanguard Group, Inc.
NBPAX Nuveen Pennsylvania Municipal Bond Fund, I Pennsylvania Municipal Debt Funds Nuveen Fund Advisors, LLC
MRESX AMG Managers Real Estate Securities Fund Real Estate Funds Managers Investment Group, LLC
HSCSX Homestead Small Company Stock Fund Small-Cap Core Funds RE Advisers Corporation
BCSIX Brown Capital Management Small Company Fund, Investor Small-Cap Growth Funds Brown Capital Management, LLC
AASVX American Beacon Small Cap Value Fund, Y Small-Cap Value Funds American Beacon Advisors, Inc.
LLDYX Lord Abbett Short Duration Income Fund, I Short Investment-Grade Debt Funds Lord Abbett & Company, LLC
PMDRX PIMCO Moderate Duration Fund, Institutional Short-Intermediate Investment-Grade Debt Funds PIMCO
LTMIX Thornburg Limited Term Municipal Fund, Institutional Short-Intermediate Municipal Debt Funds Thornburg Investment Management, Inc.
FSTGX Fidelity Intermediate Government Income Fund Short-Intermediate U.S. Government Funds Fidelity Management & Research Company
CMDTX RidgeWorth Seix Short-Term Municipal Bond Fund, I Short Municipal Debt Funds RidgeWorth Funds
WSGIX Wells Fargo Advantage Short Duration Government Bond Fund, I Short U.S. Government Funds Wells Fargo Funds Management, LLC
FSCSX Fidelity Select Software and IT Services Portfolio Science & Technology Funds Fidelity Management & Research Company
TGLMX TCW Total Return Bond Fund, I U.S. Mortgage Funds TCW Investment Management Company
PTSHX PIMCO Short-Term Fund, Institutional Ultra-Short Obligation Funds PIMCO
GASFX Hennessy Gas Utility Fund, Investor Utility Funds Hennessy Funds
NMVAX Nuveen Virginia Municipal Bond Fund, I Virginia Municipal Debt Funds Nuveen Fund Advisors, LLC
For the complete list of Lipper Fund Award Winners, go to 2016LipperAwards.com

Special
Advertising Section
THOMSON REUTERS
FINDING THE UPSIDE AMIDST VOLATILITY

By Tom Roseen SINCE MOST OF US ARE based upon our Consistent Return mea-
sure. Being named the top risk-adjusted
I
HORRIBLE AT MARKET
t’s little wonder investors have contin- performer for any of the periods is a feat
ued to duck for cover so far in 2016. TIMING AND OFTEN LET OUR on its own, but holding that prowess over
The dangers that markets faced during EMOTIONS CONTROL OUR multiple periods or over multiple years is
much of 2015 — slowing global growth, INVESTMENT DECISIONS AT that much more impressive.
volatile commodity prices, conflicting THE WORST TIME POSSIBLE, The top-performing fund in Lipper’s
central bank intervention, and lower Pacific Region Funds classification was
corporate earnings expectations — con-
tinue today.
WE FREQUENTLY BUY AND
SELL AT THE WRONG TIME.
acknowledged seven times as an award
winner over the last three years, winning
LIPPER
In 2015, most equity mutual fund in-
vestors witnessed their first annual loss ten perceive periods of volatility and
for the three- and five-year periods in
2016 and 2015 and sweeping its group for
FUND AWARD
in five years, with the average equity
mutual fund declining 3.47 percent. And
downturn as signals to double-down on
investments or lighten up or rebalance
2014. For this reason, the fund demon-
strates a “stickiness” that investors often
METHODOLOGY
the beginning of 2016 hasn’t fared much holdings at market tops. What makes this seek for their investments. The Lipper Fund Awards honor
individual funds and fund man-
better. In the first 48 days of trading, the strategy difficult to implement is finding Even in the crowded Mixed-Asset agement firms that have delivered
Dow Jones Industrial Average experi- and evaluating good investments during Target Allocation Growth Funds space, stronger and more consistent risk-
enced 30 days of triple-digit moves, just market downturns. a prospective buyer can find strong adjusted performance than their
about equally divided between losses Performance measurement tools candidates to include in a portfolio. In peers over a given measurement
period. The Awards are held each
and gains. When the year-to-date pe- such as Thomson Reuters Lipper’s risk- this classification, the top-ranked fund year at ceremonies in 13 coun-
riod ended March 10, 2016, the aver- adjusted return rating — Consistent based on Consistent Return swept its tries and regions throughout Asia,
age equity mutual fund had declined Return — give us a means to evaluate how classification for the 2016 awards after Europe, MENA and the Americas.
3.37 percent. However, the most recent well a fund has steered its way through being a persistent 10-year winner from Lipper’s proprietary mutual fund
rating methodology is used to de-
nonfarm payrolls report and the jump in multiple performance periods compared 2011-15. termine the winners. To be consid-
oil prices have given investors reason for to its fund peers. It also corroborates These funds may or may not be right ered for a fund award in the U.S.,
optimism. many investors’ views of risk by dinging for your portfolio, but the message here is funds must have at least 36 months
Since most of us are horrible at market negative performance more heavily than that investors can find funds that fit their of performance history and must
be classified in a peer group with
timing and often let our emotions con- it rewards upside returns. needs via the Lipper Fund Awards and the at least 10 distinct portfolios. The
trol our investment decisions at the worst For the 2016 Lipper Fund Awards, we Lipper Leader ratings, even during times fund with the highest Lipper rating
time possible, we frequently buy and have identified a few funds that swept of market uncertainty. for Consistent Return value in each
sell at the wrong time. Many of us would their categories, taking the top position eligible classification determines
the classification winner over three,
benefit from taking a page from the play- in their classifications for the three-, Tom Roseen is head of Research Services for five, or 10 years. For a detailed
book of professional investors, who of- five-, and 10-year performance periods, Thomson Reuters Lipper. explanation of the process, please
review the Lipper Fund Awards
methodology document (U.S.) at
www.lipperfundawards.com
LIPPER AWARD FOR EXCELLENCE IN FUND MANAGEMENT

Group awards are also given in
two groups: large fund management
firms (which must have at least five
equity, five bond, or three mixed-as-
Presented to This is the fifth year we will present an award called the Lipper Award for Excellence in Fund set mutual funds) and small groups
Management. This award recognizes outstanding asset managers who have delivered consistent- (which need to have at least three
Vladimir “Val” ly strong risk-adjusted returns to their investors and, in the opinion of Lipper’s research analysts, equity, three bond, or three mixed-
asset mutual funds). Firms with the
represent the best of the funds industry. To qualify, managers had to have served a minimum of
de Vassal five years at a fund that is consistently top-rated by Lipper.
top 85 percent of mutual fund assets
are considered “large” and all oth-
Glenmede Investment Candidates were evaluated on criteria including risk-adjusted returns, total returns, expenses,
ers are considered “small.” An over-
all award is also given to firms that
Management and tenure. Evaluations were conducted in February 2016, based on data compiled through the
end of 2015.
meet all the asset class minimums in
their respective group size.
PRUDENTIAL INVESTMENTS, A PGIM BUSINESS | MUTUAL FUNDS
TWO GLOBAL FUNDS.

BEST IN CLASS OVER 10 YEARS.
Two of our mutual funds have earned 2016 Lipper Fund Awards, both leading
their categories over the 10-year period. We’re proud to know that our focus on
long-term results has been so rewarding for investors.
PRUDENTIAL GLOBAL REAL ESTATE FUND (PURZX)

Top Global Real Estate Fund over 10 years
PRUDENTIAL GLOBAL TOTAL RETURN FUND, INC. (PZTRX)

Top Global Income Fund over 10 years
Visit PrudentialMutualFunds.com to explore these and other funds across

a range of asset classes.
Consider a fund’s investment objectives, risks, charges, and expenses carefully before investing. The prospectus and summary prospectus contain this and other
information about the fund. Contact your financial professional for a prospectus or summary prospectus. Read them carefully before investing.
Only eligible investors, including various institutional investors and investors in certain mutual fund wrap or asset allocation programs, may purchase Class Z shares. See the
prospectus for eligibility requirements.
Prudential Global Real Estate Fund: #1 Global Real Estate Fund (Class Z) out of 32 funds for the 10-year period ended 11/30/2015. Rankings for the 3- and 5-year periods were 40 out
of 113 and 20 out of 94 funds, respectively. Prudential Global Total Return Fund, Inc.: #1 Global Income Fund (Class Z) out of 76 funds for the 10-year period ended 11/30/2015. Rankings
for the 3- and 5-year periods were 72 out of 182 and 28 out of 130 funds, respectively.
The awards are based on the risk-adjusted returns for the period ended 11/30/2015. In the Lipper Fund Awards, funds had to be registered for sale in the respective country as of the end
of 2015 and the fund had to have at least 36 months of performance history as of the end of the evaluation year. S&P 500 Index funds, specialty diversified equity funds and specialty/
miscellaneous funds were not eligible to receive classification awards. Rankings do not take sales charges into account. Past performance is no guarantee of future results.
Mutual fund investing involves risks. Some funds are riskier than others. The risks associated with each fund are explained more fully in each fund’s respective prospectus. There is no
guarantee a fund’s objectives will be achieved.
Mutual funds are distributed by Prudential Investment Management Services LLC. PGIM is a registered investment advisor and Prudential Financial company. © 2016 Prudential Financial,
Inc. and its related entities. PREI, the Prudential logo, and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
From Thomson Reuters Lipper Awards, © 2016 Thomson Reuters. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying,
redistribution, or retransmission of this Content without express written permission is prohibited.
0289571-00002-00
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 Hubbell HUBB 102.51 -0.26 NtlOilwellVarco NOV 32.02 -0.55 Schlumberger SLB 73.61 -1.28 Verizon VZ 53.21 -0.23 Celgene CELG 102.73 1.59 MicronTechnology MU 11.44 -0.09
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. Humana HUM 184.36 0.63 NtlRetailProp NNN 45.48 0.40 SchwabC SCHW 28.41 0.13 VipshopHldgsADR VIPS 12.78 -0.08 Cerner CERN 54.56 1.42 Microsoft MSFT 54.07 0.21
The list comprises the 1,000 largest companies based on market capitalization. HuntingtonIngalls HII 137.59 -0.25 NetSuite N 66.45 -0.71 SealedAir SEE 48.53 1.30 VMware VMW 52.85 0.48 s CharterComms CHTR 204.10 1.42 Middleby MIDD 104.89 1.98
Underlined quotations are those stocks with large changes in volume compared with the issue’s HyattHotels H 48.80 -1.02 NewOrientalEducADR EDU 34.46 0.15 SempraEnergy SRE 102.74 0.59 VornadoRealtyTrust VNO 92.43 -0.24 CheckPointSoftware CHKP 83.35 0.10 MondelezIntlClA MDLZ 39.91 -0.78
average trading volume. ICICIBankADR IBN 6.91 -0.09 NY CmntyBcp NYCB 15.86 0.19 ServiceCp SCI 23.94 0.19 VoyaFinancial VOYA 30.98 -0.30 CincinnatiFin CINF 65.15 -0.07 MonsterBeverage MNST 134.60 0.08
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous IHSClA IHS 125.00 2.91 Newell NWL 43.27 0.10 ServiceMasterGlb SERV 35.80 -0.90 VulcanMaterials VMC 104.95 0.04 Cintas CTAS 90.35 0.17 Mylan MYL 46.21 0.75
closing price was $2 or higher. IMSHealthHoldings IMS 26.19 -0.01 NewfldExpl NFX 33.03 -0.45 ServiceNow NOW 62.32 1.27 WABCO Hldg WBC 105.24 -0.32 CiscoSystems CSCO 28.28 0.09 NXP Semi NXPI 83.06 0.31
Footnotes: listing standards vj-In bankruptcy or INGGroepADR ING 12.61 -0.09 NewMarket NEU 392.85 -3.10 ShawCom B SJR 19.35 ... WECEnergyGroup WEC 58.24 -0.32 CitrixSystems CTXS 77.95 -0.07 Nasdaq NDAQ 65.42 1.15
s-New 52-week high. lf-Late filing receivership or being Invesco IVZ 30.82 -0.15 NewmontMining NEM 27.39 -0.40 SherwinWilliams SHW 282.00 8.71 W.P.Carey WPC 61.70 0.20 CognizantTechSolns CTSH 58.85 -0.67 NetApp NTAP 27.15 0.36
t-New 52-week low. q-Temporary exemption from reorganized under the ITCHoldings ITC 42.66 0.21 NextEraEnergy NEE 117.04 -0.53 ShinhanFinADR SHG 36.05 -0.09 Wabtec WAB 78.69 -0.60 Comcast A CMCSA 59.87 0.03 NeteaseADR NTES 149.48 0.79
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities s
recent four quarters. t-NYSE bankruptcy assumed by such companies. IDEX IEX 82.92 0.46 Nidec ADR NJ 18.03 0.13 SignetJewelers SIG 118.29 0.26 WalMart WMT 67.87 -0.10 CommScopeHldg COMM 27.15 -0.06 Netflix NFLX 99.84 -1.22
FD-First day of trading. v-Trading halted on primary s IllinoisToolWorks ITW 102.28 0.53 NielsenHoldings NLSN 51.80 -0.21 SilverWheaton SLW 17.89 0.08 WasteConnections WCN 65.09 -0.10 Copart CPRT 41.12 -0.26 NewsCorpClA NWSA 12.64 0.26
h-Does not meet continued market. InfosysADR INFY 18.51 -0.17 NikeClB NKE 64.90 0.18 SimonPropertyGroup SPG 202.37 -0.63 WasteMgt WM 58.46 -0.27 CoStarGroup CSGP 189.76 0.56 NewsCorpClB NWS 13.20 0.19
Ingersoll-Rand IR 61.57 -0.38 NipponTelegraphADR NTT 44.26 0.81 SixFlagsEnt SIX 54.00 -0.38 Waters WAT 129.98 -0.17 CostcoWholesale COST 152.23 -1.71 NorthernTrust NTRS 66.11 -0.02
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and IngramMicroClA IM 36.37 -0.08 NiSource NI 22.80 -0.09 SkechersUSAClA SKX 31.06 -1.44 Watsco WSO 130.90 0.16 Ctrip.comIntlADR CTRP 44.87 -0.29 NorwegianCruise NCLH 51.64 -1.07
changes in the closing prices from 4 p.m. the previous day. Ingredion INGR 104.90 -1.56 NobleEnergy NBL 33.74 -0.42 SmithAO AOS 75.54 -0.21 WeatherfordIntl WFT 7.67 0.07 DISHNetworkClA DISH 48.11 -0.18 NuanceComms NUAN 19.15 -0.17
Tuesday, March 22, 2016 Net Net ICE ICE 235.19 -1.91 NokiaADR NOK 6.06 0.03 Smith&NephewADR SNN 32.48 -0.07 WellsFargo WFC 50.37 -0.30 DentsplySirona XRAY 60.91 0.99 NVIDIA NVDA 33.85 -0.06
Stock Sym Close Chg Stock Sym Close Chg InterContinentlADR IHG 39.63 -1.09 NomuraHoldingsADR NMR 4.63 0.07 Smucker SJM 127.70 -0.64 Welltower HCN 66.74 -0.10 Dexcom DXCM 62.69 3.18 OReillyAuto ORLY 272.74 3.13
Net
Stock Sym Close Chg IBM IBM 148.10 -0.53 Nordstrom JWN 56.75 -0.92 SnapOn SNA 156.87 -1.15 s WestPharmSvcs WST 66.37 0.97 DiamondbackEnergy FANG 78.02 -0.03 OldDominionFreight ODFL 68.86 -0.49
Boeing BA 135.12 -0.74 DrPepperSnap DPS 89.37 -0.87 IntFlavor IFF 114.90 0.96 NorfolkSouthern NSC 84.30 0.26 SOQUIMICH ADR SQM 21.20 0.08 WestarEnergy WR 47.84 0.07 DiscoveryCommsA DISCA 28.87 -0.37 OpenText OTEX 49.83 0.35
BorgWarner BWA 37.56 -0.23 DrReddysLabADR RDY 45.88 -1.62 InternationalPaper IP 41.28 -0.18 NorthropGrumman NOC 194.34 0.16 SonocoProducts SON 48.35 -0.35 WesternGasEquity WGP 33.11 0.42 DiscoveryCommsC DISCK 27.33 -0.57 Paccar
NYSE BostonProperties BXP 125.32 -0.63 DuPont DD 63.93 -0.64 Interpublic IPG 21.53 0.03 Novartis ADR NVS 74.39 0.71 SonyADR SNE 26.26
PCAR 54.46 -0.47
-0.21 WesternGasPartners WES 42.32 0.12 DollarTree DLTR 79.01 -1.45 PaneraBreadClA PNRA 204.43 -3.89
ABBADR ABB 19.24 ... BosSci BSX 18.29 0.18 DukeEnergy DUK 78.88 -0.64 IronMountain IRM 32.96 0.57 NovoNordiskADR NVO 54.61 0.16 Southern SO 50.27 -0.21 WesternUnion WU 18.90 -0.20 DunkinBrands DNKN 45.97 -0.53 Paychex PAYX 54.05 -0.20
ADTCorp. ADT 40.91 -0.15 s BraskemADR BAK 15.45 0.15 DukeRealty DRE 21.81 0.06 IsraelChemicals ICL 4.34 ... Nucor NUE 46.59 0.18 SoCopper SCCO 28.40 0.18 WestlakeChemical WLK 47.42 -0.18 E Trade ETFC 25.21 -0.01 PayPalHoldings PYPL 41.32 0.18
AECOM ACM 31.32 0.32 BristolMyers BMY 62.80 0.10 EMC EMC 26.43 -0.05 ItauUnibancoADR ITUB 8.94 -0.18 NuSTAREnergy NS 42.37 0.83 SowestAir LUV 44.61 -0.38 WestpacBankingADR WBK 24.66 -0.13 EastWestBancorp EWBC 33.26 -0.15 People'sUnitedFin PBCT 16.17 0.04
AES AES 11.54 ... BrixmorPropertyGrp BRX 24.39 -0.01 ENIADR E 30.88 0.03 JPMorganChase JPM 60.24 -0.22 OGEEnergy OGE 27.93 -0.24 SpectraEnergy SE 30.90 0.01 WestRock WRK 40.19 0.08 eBay EBAY 24.13 -0.21 PilgrimPride PPC 24.30 -0.45
Aflac AFL 63.34 0.06 BdridgeFnlSol BR 57.60 -0.09 EOG Res EOG 75.90 -0.06 JacobsEngineering JEC 44.59 0.45 ONEOK OKE 30.21 0.52 SpectraEnergyPtrs SEP 48.89 0.02 Weyerhaeuser WY 30.59 0.32 ElectroArts EA 63.87 -0.07 PricelineGroup PCLN 1319.41-31.10
AGLResources GAS 64.34 0.01 BrookfieldMgt BAM 34.46 0.06 EQT EQT 63.73 0.40 JamesHardieADR JHX 13.56 -0.11 ONEOKPartners OKS 30.79 -0.15 SpectrumBrndsHldgs SPB 108.50 0.30 Whirlpool WHR 177.17 -0.29 EndoInternational ENDP 30.81 1.97 Qiagen QGEN 21.94 -0.02
AT&T T 38.63 -0.29 BrookfieldInfr BIP 40.66 -0.06 EQTMidstreamPtrs EQM 74.42 1.49 Jarden JAH 57.81 0.11 OccidentalPetrol OXY 69.61 -1.06 SpiritAeroSystemsA SPR 47.43 0.18 WhiteWaveFoods WWAV 39.61 -0.99 Equinix EQIX 319.04 1.65 Qorvo QRVO 51.75 1.11
AbbottLabs ABT 41.03 0.27 Brown&Brown BRO 35.47 0.11 EastmanChemical EMN 72.93 -0.68 JohnsJohns JNJ 107.38 0.10 Och-ZiffCapMgmt OZM 4.25 -0.08 SpiritRealtyCap SRC 11.02 0.08 Williams WMB 17.63 0.28 EricssonADR ERIC 9.80 0.05 Qualcomm QCOM 52.02 -0.19
AbbVie ABBV 57.50 1.49 BrownFormanClA BF/A 104.99 -0.43 EatonCorp.PLC ETN 63.42 -0.26 JohnsonControls JCI 38.48 -0.34 OldRepublic ORI 18.14 -0.02 Sprint S 3.37 0.16 WilliamsPartners WPZ 20.14 0.03 Expedia EXPE 108.92 -1.96 QunarCaymanIslADR QUNR 37.05 1.88
AccentureClA ACN 107.83 -0.33 BrownFormanClB BF/B 97.52 -0.20 Ecolab ECL 110.56 1.58 JonesLangLaSalle JLL 120.59 1.03 OmegaHealthcare OHI 34.48 0.20 StJudeMedical STJ 55.00 0.55 WilliamsSonoma WSM 55.66 -1.09 ExpeditorsIntl EXPD 48.38 -0.10 RandgoldRscsADR GOLD 92.75 0.65
AcuityBrands AYI 220.75 -0.29 BuckeyePartners BPL 67.63 0.62 EcopetrolADR EC 8.72 -0.18 JoyGlobal JOY 16.75 -0.07 s OmnicomGroup OMC 81.34 -0.14 StanleyBlDck SWK 103.18 -0.30 WiproADR WIT 12.31 -0.05 ExpressScriptsHldg ESRX 67.52 -1.82 RegenPharm REGN 378.31 7.27
AdvanceAuto AAP 158.19 -0.42 Bunge BG 55.09 -0.25 EdgewellPersonal EPC 82.23 0.06 JuniperNetworks JNPR 25.93 0.13 OpkoHealth OPK 11.60 0.39 StarwoodHotels HOT 83.84 -0.35 WooriBankADR WF 24.68 0.18 F5Networks FFIV 104.36 1.35 RossStores ROST 58.12 -0.31
AdvSemiEnggADR ASX 5.67 -0.06 CBRE Group CBG 29.51 0.65 s EdisonInt EIX 70.96 -0.42 KARAuctionServices KAR 37.03 -0.15 Oracle ORCL 41.38 -0.23 StateSt STT 59.36 -0.58 Workday WDAY 72.00 -1.03 FacebookClA FB 112.25 0.40 RyanairHoldingsADR RYAAY 82.91 -0.88
AegonADR AEG 5.70 -0.05 CBSClA CBS/A 59.00 -0.14 EdwardsLife EW 86.25 0.61 KBFinancialGrpADR KB 28.16 0.08 OrangeADR ORAN 17.43 -0.01 StatoilADR STO 15.82 -0.02 WyndhamWorldwide WYN 76.15 -0.92 Fastenal FAST 48.93 -0.94 SBACommunications SBAC 97.74 -0.69
AerCapHoldings AER 38.54 -0.03 CBSClB CBS 53.86 -0.16 Embraer ADR ERJ 25.75 0.36 KKR KKR 14.87 -0.06 OrbitalATK OA 82.12 -0.14 Steris STE 69.12 0.62 XL Group XL 36.91 0.08 FifthThirdBancorp FITB 17.38 0.01 SEIInvestments SEIC 41.55 0.11
Aetna AET 112.52 1.11 CFIndustries CF 33.93 -1.13 EmersonElectric EMR 55.32 0.33 KTADR KT 13.12 0.19 OrixADR IX 72.29 -1.22 STMicroelectronics STM 5.49 -0.15 XcelEnergy XEL 40.77 -0.28 FirstSolar FSLR 71.29 0.05 SS&CTechs SSNC 61.81 -0.29
AffiliatedManagers AMG 161.49 -0.89 CGI Gp A GIB 45.90 0.14 EmpresaNacADR EOC 42.04 -0.76 KSCitySo KSU 85.45 -1.07 OwensCorning OC 47.00 0.46 Stryker SYK 104.94 0.08 Xerox XRX 10.70 0.04 Fiserv FISV 99.92 -0.50 SVBFinancialGroup SIVB 100.98 0.60
AgilentTechs A 39.88 0.23 CIT Grp CIT 34.62 -0.42 EnbridgePtnr EEP 18.25 0.33 Kellogg K 74.43 -1.06 PG&E PCG 58.57 -0.01 SumitomoMitsADR SMFG 6.34 -0.12 Xylem Inc. XYL 39.40 -0.02 FlextronInt FLEX 12.01 0.25 Sabre SABR 27.54 -0.04
AgnicoEagleMines AEM 37.51 -0.56 CMSEnergy CMS 41.09 -0.23 Enbridge ENB 38.08 0.21 KeyCp KEY 11.41 -0.02 PNC FnlSvcs PNC 85.85 -0.35 SunLifeFinancial SLF 32.01 -0.07 YPFADR YPF 17.92 0.06 Fortinet FTNT 28.96 -0.70 SanDisk SNDK 77.12 0.32
Agrium AGU 91.04 -1.17 CNAFinancial CNA 31.92 -0.02 Encana ECA 6.09 0.11 KeysightTechs KEYS 28.22 0.28 POSCOADR PKX 45.93 0.23 SuncorEnergy SU 27.86 0.10 YanzhouCoalADR YZC 5.22 -0.01 FrontierComms FTR 5.31 0.04 ScrippsNetworksA SNI 64.11 -0.81
AirProducts&Chems APD 143.07 2.38 CNOOCADR CEO 116.06 -0.52 EngyTrnsfrEqty ETE 7.67 0.07 KilroyRealty KRC 60.72 0.22 PPG Ind PPG 109.84 0.95 SunocoLogistics SXL 24.88 0.41 YoukuTudouADR YOKU 27.47 0.02 Garmin GRMN 39.97 0.06 SeagateTechnology STX 37.04 0.50
Airgas ARG 141.59 ... CPFLEnergiaADR CPL 10.75 0.09 EnergyTransfer ETP 29.70 0.57 KimberlyClark KMB 133.64 -1.62 PPL PPL 37.01 -0.18 SunTrustBanks STI 36.97 -0.14 YumBrands YUM 78.98 -0.45 GileadSciences GILD 93.72 1.05 SeattleGenetics SGEN 36.77 2.24
AlaskaAirGroup ALK 82.03 -0.23 CRHADR CRH 27.74 -0.09 Enerplus ERF 3.71 0.01 KimcoRealty KIM 28.00 0.12 PVH Corp. PVH 88.99 -1.58 SynchronyFinancial SYF 28.61 -0.18 ZayoGroupHoldings ZAYO 24.19 -0.13 Goodyear GT 32.76 -0.03 ShireADR SHPG 168.06 1.78
Albemarle ALB 62.16 0.52 CVSHealth CVS 101.94 0.20 EnersisAmericasADR ENI 13.71 -0.08 KinderMorgan KMI 18.50 0.14 PackCpAm PKG 58.98 0.72 SyngentaADR SYT 82.00 -0.23 ZimmerBiomet ZBH 104.41 0.03 Grifols ADR GRFS 15.24 0.09 SignatureBank SBNY 140.70 -0.62
Alcoa AA 9.85 -0.04 Cablevision CVC 32.95 -0.04 EnLinkMidstream ENLK 12.36 0.55 KinrossGold KGC 3.17 0.01 PaloAltoNetworks PANW 158.43 3.53 Sysco SYY 46.34 -0.01 Zoetis ZTS 42.75 1.13 HDSupplyHoldings HDS 32.19 0.05
SiliconwareADR SPIL 7.49 -0.08
AlexREEq ARE 88.58 0.58 CabotO&G COG 21.77 -0.02 Entergy ETR 77.70 -0.70 Kohl's KSS 47.07 -0.84 ParkerHannifin PH 112.08 -0.24 TEConnectivity TEL 61.71 -0.10 Hasbro HAS 78.08 0.23 SiriusXMHoldings SIRI 3.92 0.01
AlibabaGroupADR BABA 78.18 0.07 Calpine CPN 14.65 -0.01 EntPdtsPtnr EPD 25.13 0.44 KoninklijkePhilADR PHG 27.78 -0.29 PearsonADR PSO 12.92 -0.10 TEGNA TGNA 24.15 0.17 NASDAQ HenrySchein HSIC 169.18 2.02 SkyworksSolutions SWKS 76.89 -0.32
Alleghany Y 494.16 0.80 CamdenPropertyTr CPT 82.10 0.37 Equifax EFX 112.51 0.29 KoreaElcPwrADR KEP 25.29 -0.22 PembinaPipeline PBA 26.50 0.59 TELUS TU 31.82 -0.01 AMCNetworks A AMCX 65.36 0.38 Hologic HOLX 34.99 0.54 Splunk SPLK 48.30 0.72
Allegion ALLE 64.22 -0.27 Cameco CCJ 13.07 -0.02 EquityLife ELS 71.24 -0.14 Kroger KR 37.95 -0.18 Pentair PNR 53.95 -0.11 TERNIUMADR TX 18.12 0.09 Ansys ANSS 87.48 -0.04 JBHunt JBHT 85.72 -0.65 Staples
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SPLS 10.30 0.73
Allergan AGN 277.22 2.89 CameronIntl CAM 66.72 -0.93 EqResdntl EQR 72.74 0.22 KyoceraADR KYO 45.40 0.71 -0.73 TIMPartADR TSU 11.30 0.13 ARMHoldingsADR ARMH 43.25 -0.29 HuntingtonBcshs HBAN 9.70 0.01 Starbucks SBUX
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AllianceData ADS 210.32 0.02 CampbellSoup CPB 63.30 -1.01 EssexProp ESS 228.48 2.23 LBrands LB 85.73 -1.04 PepsiCo PEP 100.77 -0.77 TJX TJX 77.81 -0.04 ASMLHolding ASML 98.24 0.42 IdexxLab IDXX 76.60 0.44 SteelDynamics STLD
22.16 0.07
AllncBrnstnHldg AB 22.73 -0.14 CIBC CM 75.47 0.22 EsteeLaudr A EL 93.18 -0.95 LGDisplayADR LPL 11.25 0.48 PerkinElmer PKI 48.68 0.23 TaiwanSemiconADR TSM 25.81 -0.12 AcadiaHealthcare ACHC 54.17 1.37 IPG Photonics IPGP 93.61 -0.09
Stericycle SRCL 123.62 0.62
AlliantEnergy LNT 71.93 -0.06 CanNtlRlwy CNI 61.10 -1.21 EvrstReGrp RE 193.51 -0.40 L-3Communications LLL 119.38 0.59 Perrigo PRGO 132.92 1.65 TargaResources TRGP 29.88 0.63 ActivisionBliz ATVI 32.54 0.50 IcahnEnterprises IEP 65.39 0.10
Symantec SYMC 18.82 -0.03
Allstate ALL 66.92 0.08 CndNatRes CNQ 27.66 0.44 EversourceEnergy ES 57.48 0.13 LabCpAm LH 113.89 -0.23 PetroChinaADR PTR 68.49 -0.70 Target TGT 81.70 -0.50 AdobeSystems ADBE 92.56 0.06 Illumina ILMN 156.36 1.23 Synopsys SNPS 47.94 0.34
AllyFinancial ALLY 18.37 -0.15 CanPacRlwy CP 130.76 -3.75 s Exelon EXC 35.00 0.12 LasVegasSands LVS 53.28 0.01 PetroleoBrasilADR PBR 5.77 0.13 TaroPharm TARO 140.53 0.30 AkamaiTechnologies AKAM 56.74 0.45 Incyte INCY 69.11 0.50 TDAmeritrade AMTD
TataMotorsADR TTM 28.08 31.59 0.07
AltriaGroup MO 61.00 -0.72 CanonADR CAJ 29.95 -0.35 ExtraSpaceStorage EXR 88.64 0.13 Lazard LAZ 39.89 0.10 PetroleoBrasilADRA PBR/A 4.45 0.02 ... AlexionPharm ALXN 135.71 4.65 Intel INTC 32.32 -0.02 TFSFinancial TFSL
TeckResourcesB TCK 8.54 17.42 -0.08
AlumofChinaADR ACH 8.46 -0.20 CapOneFnl COF 70.46 -0.35 ExxonMobil XOM 84.12 0.50 LearCorp LEA 112.25 0.07 Pfizer PFE 30.38 0.31 0.11 AlignTechnology ALGN 69.82 1.02 InteractiveBrokers IBKR 38.84 0.14
T-MobileUS TMUS 37.28 -0.07
AmbevADR ABEV 5.15 0.01 CardinalHealth CAH 81.16 0.31 FMC FMC 41.73 0.41 Leggett&Platt LEG 47.45 -0.22 PhilipMorrisIntl PM 96.74 -0.83 TecoEnergy TE 27.44 -0.05 Alkermes ALKS 32.55 1.84 Intuit INTU 102.15 0.14 TRowePrice TROW
PhilippineLgDisADR PHI 41.34 TelecomItaliaADR TI/A 9.54 -0.13 AlnylamPharm ALNY 62.22 0.91 IntuitiveSurgical ISRG 591.03 8.04 73.09 -0.27
Ameren AEE 48.87 0.09 Carlisle CSL 98.24 0.13 FMCTechnologies FTI 27.45 -0.37 LennarClA LEN 47.05 -0.23 -0.67
TeslaMotors TSLA 234.24 -4.08
AmericaMovilADR AMX 15.18 0.15 CarMax KMX 50.20 -0.37 FactSetResearchSys FDS 151.46 1.75 LennarClB LEN/B 37.27 -0.22 Phillips66 PSX 90.16 0.47 TelecomItaliaADR TI 11.61 -0.01 AlphabetClA GOOGL 760.05 -2.11 IonisPharma IONS 41.75 1.12
TFX 152.10 TexasInstruments TXN 56.90 -0.12
AmCampus ACC 45.90 0.16 Carnival CCL 48.75 -1.03 FedRlty FRT 153.72 -0.36 LennoxIntl LII 132.71 0.03 PiedmontNaturalGas PNY 59.59 0.04 Teleflex 0.42 AlphabetClC GOOG 740.75 -1.34 JD.comADR JD 26.99 0.03
TelefonicaBrasADR VIV 12.55 TractorSupply TSCO 89.06 -0.49
AEP AEP 64.77 -0.03 Carnival ADR CUK 49.82 -1.29 FedEx FDX 163.42 -1.12 LeucadiaNational LUK 16.33 -0.23 PinnacleFoods PF 46.08 0.13 0.06 Amazon.com AMZN 560.48 6.50 JackHenry JKHY 82.92 0.15
PinnacleWestCap PNW 72.63 TelefonicaADR TEF 11.15 -0.06 Amdocs TrimbleNavigation TRMB 24.84 0.02
AmericanExpress AXP 60.61 -0.60 Carters CRI 102.14 -0.75 Ferrari RACE 41.66 -0.38 Level3Comm LVLT 52.04 0.06 -0.23 DOX 59.83 0.05 JazzPharma JAZZ 122.36 3.15 TripAdvisor TRIP 64.04 -1.67
AmericanFinancial AFG 70.77 0.09 Caterpillar CAT 75.55 -0.34 FiatChryslerAutos FCAU 7.98 -0.01 LibertyPropertyTr LPT 32.57 ... PioneerNaturalRscs PXD 140.20 -1.88 TelekmIndonesiaADR TLK 51.96 -0.65 Amerco UHAL 351.70 3.78 JetBlue JBLU 20.13 -0.04
AmericanIntl AIG 53.72 0.15 Celanese A CE 66.79 -0.19 FibriaCelulose ADR FBR 9.56 0.06 EliLilly LLY 71.92 1.67 PlainsAllAmPipe PAA 24.11 0.42 TenarisADR TS 24.38 0.32 AmericaMovilClAADR AMOV 15.09 0.07 s KLA Tencor KLAC 71.44 0.18 21stCenturyFoxClA FOXA 27.96 -0.01
AmericanTowerREIT AMT 99.93 -0.41 CemexADR CX 7.21 0.08 FidNtlFnl FNF 32.67 0.01 LincolnNational LNC 41.14 -0.33 PolarisIndustries PII 99.75 -0.32 Tesoro TSO 91.59 2.02 AmerAirlinesGrp AAL 42.76 -0.71 KraftHeinz KHC 76.44 -0.15 21stCenturyFoxClB FOX 28.00 -0.04
LinkedInA LNKD 113.41 -1.13 PotashCp POT 18.14 -0.81 TesoroLogistics TLLP 45.56 0.90 AmeriCapAg AGNC 18.72 0.11 LKQ UltaSalon ULTA 191.65 -0.70
AmericanWaterWorks AWK 67.61 0.06 CencosudADR CNCO 7.41 -0.13 FNFVGroup FNFV 10.91 -0.32 LKQ 30.81 -0.06
LiveNationEnt LYV 22.73 -0.18 PX 112.58 -0.38 TevaPharmADR TEVA 54.78 0.56 Amgen UltimateSoftware ULTI 179.20 -1.58
Amerigas APU 43.30 0.60 CenovusEnergy CVE 13.32 -0.28 FidelityNtlInfo FIS 62.45 -0.30 Praxair AMGN 150.62 3.61 LamResearch LRCX 80.18 0.42 UnitedTherapeutics UTHR 126.47 1.83
AmerprsFncl AMP 93.35 -0.79 Centene CNC 60.38 2.40 58.comADR WUBA 57.86 -0.23 LloydsBankingADR LYG 3.96 -0.11 PrincipalFinancial PFG 40.68 -0.54 Textron TXT 36.61 0.25 AnalogDevices ADI 58.52 -0.33 LamarAdvertisingA LAMR 59.64 0.22
LockheedMartin LMT 220.73 -0.53 Procter&Gamble PG 82.74 -0.58 ThermoFisherSci TMO 138.85 -0.78 Apple VeriSign VRSN 89.35 0.77
AmeriSrcBrg ABC 87.16 0.03 CenterPointEnergy CNP 20.97 0.02 FirstDataClA FDC 12.16 -0.17 AAPL 106.72 0.81 LibertyBroadbandA LBRDA 57.62 0.03
Ametek AME 49.77 -0.13 CenturyLink CTL 31.62 -0.08 FirstRepublicBank FRC 67.17 0.39 Loews L 39.25 -0.09 s ProgressiveCorp PGR 35.04 0.11 ThomsonReuters TRI 39.52 0.04 AppliedMaterials AMAT 20.78 0.05 LibertyBroadbandC LBRDK 57.34 0.23 VeriskAnalytics VRSK 77.87 -0.13
Lowe's LOW 75.25 0.03 Prologis PLD 42.56 -0.05 3M MMM 164.91 0.07 ArchCapitalGroup ACGL 70.50 0.04 LibertyGlobalClA LBTYA 37.92 -0.18 VertxPharm VRTX 86.78 2.76
AmphenolClA APH 57.27 0.08 Chevron CVX 95.50 -0.94 FirstEnergy FE 35.76 -0.09
AnadarkoPetroleum APC 48.01 -0.60 ChinaEasternAirADR CEA 26.01 -1.33 FleetCorTechs FLT 146.86 0.07 LuxotticaGroupADR LUX 54.39 -0.70 PrudentialFin PRU 74.12 -0.43 Tiffany TIF 72.58 1.04 AthenaHealth ATHN 135.79 1.17 LibertyGlobalClC LBTYK 37.11 -0.04 Viacom A VIA 45.24 -0.10
AngloGoldAshADR AU 13.61 0.17 ChinaLifeInsADR LFC 12.49 -0.08 Flowserve FLS 46.68 -0.34 LyondellBasell LYB 86.07 -0.13 PrudentialADR PUK 38.47 -1.00 s TimeWarnerCable TWC 205.23 0.90 AtlassianClA TEAM 24.69 0.77 LibertyGlbLiLACAWi LILA 35.18 -0.01 Viacom B VIAB 40.78 -0.18
AnheuserBuschADR BUD 122.19 1.43 ChinaMobileADR CHL 54.37 -0.21 Fluor FLR 55.25 0.34 M&T Bnk MTB 112.44 -0.08 PublicServiceEnt PEG 45.83 0.12 TimeWarner TWX 72.82 0.68 Autodesk ADSK 57.98 -0.19 LibertyGlbLiLACClC LILAK 37.62 -0.03 VimpelComADR VIP 4.02 -0.04
MGMResortsIntl MGM 21.24 0.27 PublicStorage PSA 263.90 -0.36 Toll Bros TOL 29.02 -0.39 ADP VodafoneGroupADR VOD 31.24 -0.20
AnnalyCap NLY 10.45 0.01 ChinaPetroleumADR SNP 62.15 -0.59 FomentoEconMexADR FMX 94.24 1.61 ADP 88.64 -0.37 LibertyInteractQVC QVCA 24.75 -0.06
AnteroResources AR 26.10 0.08 ChinaSoAirlinesADR ZNH 30.86 -0.91 FootLocker FL 66.19 -0.46 MPLX MPLX 28.69 0.35 PulteGroup PHM 18.28 -0.02 Torchmark TMK 55.11 -0.33 B/EAerospace BEAV 47.21 -0.05 LibertyVenturesA LVNTA 38.41 -0.41 WPPADR WPPGY 113.46 -0.65
Anthem ANTM 140.87 0.87 ChinaTelecomADR CHA 50.81 0.14 FordMotor F 13.59 -0.07 MSCI MSCI 71.63 0.25 Qihoo360Technology QIHU 75.25 0.25 s Toro TTC 85.77 0.70 BaiduADR BIDU 188.40 1.28 LibertyMediaA LMCA 38.57 0.22 WalgreensBootsAll WBA 82.80 -0.75
MSCIndlDirect MSM 74.39 -0.49 QuestDiag DGX 69.88 -0.14 TorontoDominionBk TD 42.51 -0.03 BedBath WesternDigital WDC 51.34 2.05
Aon AON 101.46 -0.13 ChinaUnicomADR CHU 12.80 0.05 ForestCityRealtyA FCE/A 21.11 -0.11 BBBY 50.17 -0.27 LibertyMediaC LMCK 37.46 0.27
Macerich MAC 79.44 -0.21 65.30 0.70 TotalADR TOT 46.25 -0.47 Biogen WholeFoods WFM 32.93 -0.34
Apache APA 50.27 0.39 ChipotleMex CMG 471.76 9.28 ForestCityRealtyB FCE/B 21.28 -0.42 QuintilesTransnat Q BIIB 259.42 3.37 LinearTechnology LLTC 44.40 0.06
ApartmtInv AIV 40.46 0.20 Chubb CB 120.12 -1.27 FortBrandsHomeSec FBHS 54.59 -0.02 MacquarieInfr MIC 65.65 -0.53 RELXADR RENX 17.24 -0.03 TotalSystemSvcs TSS 45.94 0.29 BioMarinPharm BMRN 83.43 5.24 LinnEnergy LINE 0.60 ... WillisTowersWatson WLTW 121.47 0.02
ApolloGlobalMgmtA APO 17.47 0.39 ChunghwaTelecomADR CHT 33.44 0.16 Franco-Nevada FNV 63.93 -0.99 Macys M 43.78 -0.37 RELXADR RELX 18.46 -0.06 ToyotaMotorADR TM 108.60 1.46 BlackBerry BBRY 7.94 -0.10 lululemonathletica LULU 60.33 0.12 WynnResorts WYNN 95.00 2.26
MagelnPtnrs MMP 69.14 0.69 RPM RPM 46.64 0.87 TransCanada TRP 37.80 0.76 BlueBuffaloPetProd BUFF 24.95 0.44 s Markit MRKT 34.29 0.78 Xilinx XLNX 47.57 0.08
s Aptargroup ATR 78.07 0.69 Church&Dwight CHD 91.48 -0.52 FranklinResources BEN 39.05 ... YHOO 35.41 -0.06
AquaAmerica WTR 31.50 0.04 Cigna CI 138.95 0.80 Freeport-McMoRan FCX 10.99 0.19 MagnaInt MGA 42.44 -0.35 RalphLaurenA RL 97.76 -1.49 TransdigmGrp TDG 223.58 -0.28 s Broadcom AVGO 154.76 1.87 MarriottInt A MAR 70.92 -1.38 Yahoo
Mallinckrodt MNK 61.05 2.09 RangeResources RRC 32.78 -0.15 TransUnion TRU 26.90 0.32 CA Yandex YNDX 15.27 0.25
Aramark ARMK 32.65 0.28 CimarexEngy XEC 97.33 0.46 FreseniusMedADR FMS 42.77 0.09 CA 31.11 0.03 MarvellTch MRVL 10.41 -0.07
ArcelorMittalADR MT 4.25 -0.14 Citigroup C 43.38 -0.22 Gallagr AJG 44.10 ... ManpowerGroup MAN 79.93 0.53 RayJamFnl RJF 48.11 -0.13 s TravelersCos TRV 116.06 0.03 CBOE Holdings CBOE 64.71 -0.01 Mattel MAT 32.22 -0.38 ZionsBancorp ZION 25.35 -0.04
CitizensFinancial CFG 21.93 -0.07 Gap GPS 29.08 -0.75 ManulifeFinancial MFC 14.34 -0.19 Raytheon RTN 123.77 0.21 TreeHouseFoods THS 85.13 -0.86 CDKGlobal CDK 46.28 0.28 MaximIntProducts MXIM 35.47 0.15
ArcherDan ADM 37.61 -0.56
ArrowElec ARW 63.27 0.24 Clorox CLX 126.32 -1.13 Gartner IT 86.84 0.28 MarathonOil MRO 11.31 -0.12 RealogyHoldings RLGY 33.99 -0.12 TurkcellIletismADR TKC 10.78 ... CDW CDW 41.40 0.27 Medivation MDVN 39.03 2.08
NYSE MKT
Ashland ASH 108.44 0.24 Coach COH 38.86 -0.55 Gazit-Globe GZT 8.85 -0.13 MarathonPetroleum MPC 38.57 0.15 RealtyIncome O 60.88 0.11 TurquoiseHillRscs TRQ 2.77 -0.02 CH Robinson CHRW 73.48 -0.17 MelcoCrownEntADR MPEL 16.85 -0.23 BritishAmTobADR BTI 112.99 -1.12
Assurant AIZ 78.61 0.28 CocaCola KO 45.50 -0.17 GenDynam GD 135.24 0.46 s MarineHarvestADR MHG 15.68 0.32 RedHat RHT 75.71 0.81 Twitter TWTR 16.86 -0.03 CMEGroupClA CME 95.58 -0.22 MercadoLibre MELI 115.48 0.81 CheniereEnergy LNG 35.88 -0.01
t AstraZenecaADR AZN 28.17 -0.23 Coca-ColaFemsaADR KOF 81.56 2.21 GenElec GE 31.06 -0.03 Markel MKL 887.65 -3.23 RegencyCtrs REG 73.64 -0.32 TycoInternational TYC 36.17 -0.34 CSX CSX 26.37 -0.29 MichaelsCos. MIK 26.93 -0.20 CheniereEngyPtnr CQP 28.93 -0.02
AtmosEnergy ATO 71.61 0.29 CocaColaEnt CCE 49.52 -0.16 GeneralGrowthProp GGP 29.05 -0.05 s Marsh&McLennan MMC 59.73 -0.04 RegionsFinancial RF 8.18 -0.03 TysonFoodsClA TSN 66.69 -0.07 CadenceDesign CDNS 22.93 ... MicrochipTech MCHP 48.31 -0.44 ImpOil IMO 34.14 -0.03
Autoliv ALV 114.10 0.50 ColgatePalmolive CL 69.56 -0.87 GeneralMills GIS 60.79 -0.51 MrtnMarMat MLM 155.84 -0.31 ReinsuranceGrp RGA 95.50 -0.28 UBSGroup UBS 16.79 -0.11
s Masco MAS 31.07 0.21 RelianceStl RS 69.16 -0.18 UDR UDR 37.47 0.06
AutoNation AN 48.73 -0.43 ColumbiaPipeline CPGX 24.99 -0.03 GeneralMotors GM 31.90 -0.18
26.30 -0.07 MasterCard MA 91.76 -0.59 s RenaissanceRe RNR 116.96 0.79 UGI UGI 39.56 0.08
AutoZone AZO 785.99 -0.59
Avalonbay AVB 185.85 0.82
Comerica CMA 39.37
ConAgraFoods CAG 42.94
-0.16 Genpact G
-0.20 GenuineParts GPC 96.95 -0.57 McCormick MKC 94.02 -0.12 RepublicServices RSG 47.61 -0.56 UltraparPartADR UGP 19.10 0.08 BANKRATE.COM® MMA, Savings and CDs
Avangrid AGR 40.31 0.14 ConchoResources CXO 103.36 -0.97 Gildan GIL 29.90 -0.34 McCormickVtg MKC/V 93.67 -0.52 ResMed RMD 56.37 0.18 UnderArmour A UA 84.45 -1.06
McDonalds MCD 123.82 0.01 RestaurantBrands QSR 38.48 -0.11 UnileverADR UN 43.76 -0.41
s AveryDennison AVY 71.44 0.47 ConocoPhillips COP 41.92 -0.66 GlaxoSmithKlineADR GSK 39.80 -0.17
McGrawHillFin MHFI 97.20 1.00 ReynoldsAmer RAI 50.14 -0.60 UnileverADR UL 44.13 -0.45 Average Yields of Major Banks Tuesday, March 22, 2016
Aviva ADR AV 13.53 -0.17 ConEd ED 74.56 -0.19 GlblPymts GPN 59.62 0.14
Avnet AVT 44.73 0.73 ConstBrands A STZ 149.42 2.22 Goldcp GG 16.63 -0.20 McKesson MCK 156.61 -0.25 RioTinto ADR RIO 28.35 -0.56 UnionPacific UNP 82.06 -1.92 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
AxaltaCoatingSys AXTA 28.88 0.27 ConstBrands B STZ/B 149.24 0.67 GoldmanSachs GS 154.20 -2.09 MeadJohnNutr MJN 81.01 -0.49 RiteAid RAD 7.98 -0.01 UnitedContlHldgs UAL 60.49 -0.70
Mednax MD 64.40 0.20 RobHalfIntl RHI 43.95 0.27 UnitedMicroADR UMC 2.11 0.01 National average
AxisCapital AXS 55.06 0.01 ContinentalRscs CLR 30.20 -0.86 GraceWR GRA 70.68 0.37 0.09 0.07 0.07 0.09 0.14 0.24 0.37 0.37 0.79
BB&T BBT 34.40 -0.23 Cooper COO 149.86 -0.70 Graco GGG 82.75 -1.45 Medtronic MDT 74.94 0.11 Rockwell ROK 114.06 -0.01 UtdParcel B UPS 104.86 -0.29 Savings
GWW 228.47 1.02 Merck MRK 53.03 0.23 RockwellCollins COL 92.45 -0.22 UnitedRentals URI 63.77 0.23 Jumbos 0.18 0.07 0.08 0.10 0.15 0.27 0.41 0.40 0.83
BCE BCE 44.61 ... CoreLabs CLB 113.49 -0.85 Grainger
BHPBillitonADR BHP 26.71 -0.37 Corning GLW 20.31 0.14 GreatPlainsEnergy GXP 31.29 -0.16 MetLife MET 44.09 -0.42 RogerComm B RCI 38.84 -0.10 US Bcp USB 41.32 -0.06 Weekly change
BHPBillitonADR BBL 23.43 -0.33 CotyClA COTY 26.71 -0.30 GpoAeroportuarADR PAC 86.53 1.50 MettlerToledo MTD 336.86 2.04 RollinsInc ROL 27.10 0.30 US Steel X 15.59 0.44 Savings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01
MichaelKorsHldgs KORS 56.04 -0.88 RoperTechnologies ROP 182.02 0.70 UnitedTech UTX 98.66 -0.51
BPADR BP 30.94 -0.18 Credicorp BAP 128.06 -3.49 GpoAvalAccionesADR AVAL 7.53 0.21 s UnitedHealthGroup UNH 128.02 Jumbos 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 -0.01 0.01
BRFADR BRFS 15.33 0.14 CreditSuisseADR CS 14.75 -0.29 GpFinSantandMexADR BSMX 8.89 -0.05 MidAmApt MAA 99.43 -0.07 RoyalBkCanada RY 57.45 -0.12 1.28
MitsubishiUFJADR MTU 4.91 -0.01 RoyalBkScotlandADR RBS 6.63 -0.17 UniversalHealthB UHS 118.91 2.30
BTGroupADR BT 32.04 -0.70 CrescentPntEnrg CPG 14.35 0.13 GrupoTelevisaADR TV 27.62 -0.27
MizuhoFinancialADR MFG 3.16 -0.05 RoyalCaribbean RCL 75.99 -2.24 UnumGroup UNM 32.08 -0.24
BakerHughes BHI 46.43 -0.61
Ball BLL 70.52 0.63
CrestwoodEquity CEQP 10.27
CrownCastl CCI 86.00
0.19 HCAHoldings HCA 77.16 1.64
0.08 HCP HCP 32.18 -0.25 MobileTeleSysADR MBT 8.14 0.08 RoyalDutchADRA RDS/A 48.46 -0.59 VEREIT VER 8.61 0.04 Consumer Savings Rates
MohawkIndustries MHK 188.03 -0.47 RoyalDutchADRB RDS/B 48.90 -0.70 VF VFC 65.33 -1.17 Explanation of ratings: Safe Sound SM, (855) 733-0700, evaluates the financial condition of fed-
BancoBilbaoVizADR BBVA 7.03 -0.07 CrownHoldings CCK 49.31 0.31 HDFCBankADR HDB 59.06 -0.57
CubeSmart CUBE 31.97 HPQ 12.26 0.05 MolsonCoors B TAP 94.83 1.31 SAPADR SAP 79.56 -0.06 VISAClA V 72.96 -0.81 erally insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the fourth quarter
BancodeChileADR BCH 64.08 -0.16 0.05 HP
Monsanto MON 90.38 -0.93 SINOPECShanghaiADR SHI 48.78 0.05 VailResorts MTN 127.64 -0.21
BcoSantChileADR BSAC 19.63 0.04 Cummins CMI 109.45 -1.16 HSBCHoldingsADR HSBC 32.00 -0.55 of 2015 from federal regulators. 5: most desirable performance; NR: institution is too new to rate,
Moodys MCO 95.91 -0.03 SKTelecomADR SKM 20.40 -0.15 ValeADR VALE 4.23 ...
BancoSantanderADR SAN 4.64 -0.07 DDR Corp DDR 16.86 -0.05 Halliburton HAL 35.97 -0.41
MorganStanley MS 25.84 -0.10 SLGreenRealty SLG 96.17 0.07 ValeantPharmIntl VRX 31.89 2.91 not an indication of financial strength or weakness. Information is believed to be reliable, but not
BanColombiaADR CIB 33.70 0.52 DTEEnergy DTE 88.37 -0.54 Hanesbrands HBI 28.93 -0.38
Mosaic MOS 29.15 -0.57 Salesforce.com CRM 72.85 0.60 ValeroEnergy VLO 66.07 0.22 guaranteed.
BankAm BAC 13.76 -0.08 Danaher DHR 94.93 0.23 HarleyDavidson HOG 49.66 -0.09
BkMntrl BMO 60.39 0.02 Darden DRI 66.65 -0.57 HarmanIntlInds HAR 88.25 -0.60
MotorolaSolutions MSI 73.71 0.59 SallyBeauty SBH 32.38 -0.11 Valspar VAL 104.68
VNTV 53.44
1.46 High yield savings
DaVitaHlthcrPtrs DVA 72.69 HRS 79.62 1.06 NTTDoCoMoADR DCM 23.25 0.46 SanofiADR SNY 39.90 -0.12 Vantiv 0.55
BankNY Mellon BK 37.86 -0.27 0.40 Harris Yield
NVR NVR 1724.32 0.32 SasolADR SSL 31.14 0.13 VarianMed VAR 79.42 0.66 Bank/rank Bank/rank Yield
BkNovaScotia BNS 48.68 0.04 Deere DE 82.26 -0.46 HrtfrdFnl HIG 45.80 0.41
DelhaizeGroupADR DEG 25.94 HNT 64.81 2.15 NationalGridADR NGG 69.95 -1.03 SCANA SCG 67.88 -0.36 Ventas VTR 61.55 0.10 Phone number Minimum (%) Phone number Minimum (%)
BarclaysADR BCS 8.97 -0.36 ... HealthNet
Bard CR BCR 197.89 1.79 DelphiAutomotive DLPH 73.26 0.90 Helmerich&Payne HP 59.86 -1.12 Money market and savings account Six-month CD
BarrickGold ABX 14.50 -0.19
Baxalta BXLT 40.20 0.36
DeltaAir DAL 49.39
DeutscheBank DB 18.71
-0.73 Herbalife HLF 62.42 -0.55
-0.36 Hershey HSY 89.35 -1.53 Borrowing Benchmarks | WSJ.com/bonds Silvergate Bank /4
(877) 391-9381
$10,000 1.11 AloStar Bank of Commerce /5 $1,000
(877) 751-0294
1.01
BaxterIntl BAX 40.60 0.55 DevonEnergy DVN 28.01 -0.01 HertzGlobal HTZ 11.15 -0.16 iGObanking.com /3 $25,000 1.10 California First National Bank /5 $5,000 1.00
BectonDickinson BDX 149.55 0.38 DiageoADR DEO 106.60 -0.81 Hess HES 53.70 -0.14
Bemis BMS 52.70 0.26 DicksSprtgGds DKS 47.22 -0.17 HewlettPackardEnt HPE 17.51 -0.20 Money Rates March 22, 2016 (877) 412-1312
Barclays /5 $0 1.00
(877) 880-1647
EverBank /3 $1,500 0.91
Berkley WRB 54.68 0.33 DigitalRealtyTrust DLR 87.13 0.66 HiltonWorldwide HLT 22.28 -0.13
(877) 429-6548 (877) 280-5143
BerkHathwy A BRK/A 213400100.00 DiscoverFinSvcs DFS 50.17 -0.24 HollyFrontier HFC 38.36 2.44 Key annual interest rates paid to borrow or lend money in U.S. and
BerkHathwy B BRK/B 142.18 0.05 Disney DIS 97.58 -0.88 HomeDepot HD 130.59 -0.42 international markets. Rates below are a guide to general levels but One-month CD One-year CD
BestBuy BBY 31.78 -0.43 DollarGeneral DG 83.90 -0.72 HondaMotorADR HMC 27.59 -0.09 Lone Star Bank /3 $1,000 0.15 AloStar Bank of Commerce /5 $1,000 1.26
BlackKnightFinSvcs BKFS 29.88 -0.72 DominionResources D 72.96 -0.67 s Honeywell HON 112.98 0.30 don’t always represent actual transactions.
(877) 381-3269 (877) 751-0294
BlackRock BLK 340.22 -1.76 Dominos DPZ 130.73 -0.44 HormelFoods HRL 43.54 -0.09
BlackstoneGroup BX 27.80 -0.22 DouglasEmmett DEI 30.16 0.18 DR Horton DHI 29.78 -0.14 Inflation Other short-term rates VirtualBank /4 $10,000 0.15 My e-BAnC by BAC Florida Bank /4 $1,500 1.26
BlockHR HRB 26.97 -0.61 Dover DOV 66.30 0.15 HostHotels&Resorts HST 16.48 -0.34 Feb. index Chg From (%) Week 52-Week (877) 344-5618 (877) 878-8048
BdwlkPipePtnr BWP 14.42 0.35 DowChemical DOW 51.25 -0.29 HuanengPowerADR HNP 35.70 -0.71 level Jan. '16 Feb. '15 Latest ago high low AloStar Bank of Commerce /5 $1,000 0.10 California First National Bank /5 $5,000 1.26
(877) 751-0294 (877) 880-1647
U.S. consumer price index Call money
Two-month CD Two-year CD
Exchange-Traded Portfolios | WSJ.com/ETFresearch All items
Core
237.111
245.680
0.08
0.47
1.0
2.3
2.25 2.25 2.25 2.00
Lone Star Bank /3 $1,000 0.15 Silvergate Bank /4 $25,000 1.47
Commercial paper (877) 381-3269 (877) 391-9381
Largest 100 exchange-traded funds, latest session Closing Chg YTD 30 to 270 days n.q. ... ... ... VirtualBank /4 $10,000 0.15 AloStar Bank of Commerce /5 $1,000 1.46
Tuesday, March 22, 2016
ETF Symbol Price (%) (%) International rates (877) 344-5618 (877) 751-0294
iSharesUSPreferred PFF 38.72 0.23 –0.3 Commercial paper (AA financial)
Closing Chg YTD Week 52-Week
Applied Bank /5 $0 0.05 Synchrony Bank /5 $2,000 1.45
ETF Symbol Price (%) (%) iShShortTreasuryBd SHV 110.32 –0.01 0.1 90 days 0.56 0.59 0.64 0.06 (877) 622-7973 (877) 412-8426
Latest ago High Low
iSh1-3YTreasuryBd SHY 84.79 –0.06 0.5
AlerianMLPETF AMLP 10.99 1.38 –8.8 IEF 108.80
Euro commercial paper Three-month CD Five-year CD
iSh7-10YTreasuryBd –0.21 3.0
CnsmrDiscSelSector XLY 78.00 –0.17 –0.2 TLT 128.04
Prime rates 30 day n.q. -0.14 -0.02 -0.14 $10,000 0.83 Colorado Federal Savings Bank /3 $5,000 2.15
XLP 52.37
iSh20+YTreasuryBd –0.02 6.2 EH National Bank /2
CnsStapleSelSector –0.59 3.7 IWP 91.50 U.S. 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09 (877) 343-7302 (877) 412-8632
DGP 25.47
iShRussellMCGrowth 0.11 –0.5
DBGoldDoubleLgETN 1.19 40.4 BBH 104.19 Canada 2.70 2.70 2.85 2.70 Three month n.q. n.q. -0.01 -0.08
DZZ 6.27
MktVectorsBiotech 2.17–17.9 EverBank /3 $1,500 0.78 First Internet Bank of Indiana /4 $1,000 2.12
DBGoldDoubleShrt 1.29–29.3 GDX 20.58 Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00
DBEF 25.82
MktVectorsGoldMin 0.05 50.0 (877) 280-5143 (877) 412-9564
DeutscheXMSCIEAFE 0.23 –4.9 Five month n.q. n.q. 0.03 0.01
MktVectorsOilSvcs OIH 26.95 –1.53 1.9 California First National Bank /5 $5,000 0.55 State Farm Bank /4 $500 2.10
EnSelectSectorSPDR XLE 62.92 –0.55 4.3 Policy Rates
MktVectorsPharm PPH 57.84 1.17 –4.5 Six month n.q. n.q. 0.04 0.02 (877) 880-1647 (877) 412-5620
FinSelSectorSPDR XLF 22.62 –0.31 –5.1
MktVectorsRetail RTH 75.88 –0.20 –2.4 Euro zone 0.00 0.05 0.05 0.00
GuggenheimSP500EqW RSP 78.28 –0.08 2.1 Libor
HealthCareSelSect XLV 67.90 1.00 –5.7
MktVectorsSemi SMH 54.85 –0.05 2.9 Switzerland 0.50 0.50 0.50 0.50
One month 0.43150 0.44130 0.44185 0.17275
High yield jumbos - Minimum is $100,000
XLI 55.64
PwrShrs QQQ QQQ 108.12 0.31 –3.3 Britain 0.50 0.50 0.50 0.50
IndSelSectorSPDR –0.57 5.0 Three month 0.62835 0.63955 0.64195 0.26855
iShIntermCredBd CIU 108.80 –0.04 1.4
PS SP500LoVoltlPrt SPLV 39.82 –0.18 3.2 Australia 2.00 2.00 2.25 2.00 Money market and savings account Six-month CD
SPDRBarclaysHiYdBd JNK 34.48 –0.14 1.7 Six month 0.90490 0.91040 0.91740 0.39790
iSh1-3YCreditBond CSJ 105.07 –0.01 0.4 Overnight repurchase One year 1.22440 1.23120 1.24470 0.68465
Silvergate Bank /4 1.11 AloStar Bank of Commerce /5 1.01
SchwUS BrdMkt SCHB 48.97 –0.02 –0.1
iSharesTIPSBondETF TIP 113.26 –0.26 3.3 (877) 391-9381 (877) 751-0294
SchwUS LrgCap SCHX 48.57 –0.02 ... U.S. 0.31 0.47 0.51 0.07 Euro Libor
iSh3-7YTreasuryBd IEI 124.73 –0.11 1.7 ableBanking,adivisionofNortheastBank/4 1.00 EverBank /3 0.91
IEFA 53.12 SPDR DJIA Tr DIA 175.70 –0.18 1.0
iShCoreMSCIEAFEETF –0.17 –2.3 One month -0.329 -0.314 -0.014 -0.329 (877) 478-0834 (877) 280-5143
iShCoreMSCIEmgMk IEMG 41.35 –0.24 5.0 SPDR GldTr GLD 119.31 0.29 17.6 U.S. government rates Three month -0.249 -0.239 0.018 -0.249 EH National Bank /2 0.87 My e-BAnC by BAC Florida Bank /4 0.90
IVV 206.75 SPDR S&PMdCpTr MDY 259.81 –0.01 2.3
iShCoreS&P500ETF –0.06 0.9 Discount Six month -0.138 -0.127 0.072 -0.140 (877) 343-7302 (877) 878-8048
IJH 143.09 SPDR S&P 500 SPY 204.56 –0.05 0.3
iShCoreS&PMdCp 0.04 2.7 One year -0.015 -0.006 0.200 -0.028
iShCoreS&PSmCpETF IJR 110.98 –0.30 0.8 SPDR S&P Div SDY 79.29 0.04 7.8 1.00 1.00 1.00 0.75 One-month CD One-year CD
AGG 109.86 TechSelectSector XLK 43.75 0.02 2.1 Euro interbank offered rate (Euribor) 0.22 1.30
iShCoreUSAggBd –0.06 1.7 Federal funds USAA /5 My e-BAnC by BAC Florida Bank /4
DVY 81.49 UtilitiesSelSector XLU 48.42 –0.33 11.9 (877) 344-2397 (877) 878-8048
iShSelectDividend –0.29 8.4 One month -0.328 -0.313 -0.012 -0.328
iSharesGold IAU 12.05 0.33 17.8 VangdInfoTch VGT 107.99 0.12 –0.3 Effective rate 0.3900 0.3700 0.4000 0.0600 VirtualBank /4 0.15 AloStar Bank of Commerce /5 1.26
VBR 100.99 0.02 2.2
Three month -0.239 -0.227 0.021 -0.239
iShiBoxx$InvGrCpBd LQD 117.35 –0.19 2.9 VangdSmCapValue High 0.5625 0.5625 0.5900 0.3100 (877) 344-5618 (877) 751-0294
VHT 123.27 1.13 –7.2 Six month -0.132 -0.130 0.089 -0.141
iShiBoxx$HYCpBd HYG 82.09 –0.27 1.9 VangdHlthCr Low 0.3000 0.3200 0.3500 0.0200 AloStar Bank of Commerce /5 0.10 Synchrony Bank /5 1.25
VangdDivApp VIG 80.55 –0.11 3.6 One year -0.002 -0.006 0.202 -0.028
iShMBSETF MBB 108.99 –0.05 1.2 Bid 0.3700 0.3600 0.5500 0.0300 (877) 751-0294 (877) 412-8426
iShMSCIACWIETF ACWI 55.93 –0.13 0.2 VanguardFTSEDevMk VEA 35.91 –0.11 –2.2 Offer 0.5000 0.3800 0.5600 0.0500 Value 52-Week
iShMSCIEAFEMinVol EFAV 66.06 –0.09 1.8 VanguardFTSEEmgMk VWO 34.39 –0.43 5.1 Latest Traded High Low Two-month CD Two-year CD
iSharesMSCIEAFESC SCZ 49.49 –0.16 –0.9 VanguardFTSEEurope VGK 48.28 –0.54 –3.2 Treasury bill auction VirtualBank /4 0.15 Nationwide Bank /4 1.47
iSharesMSCIEAFEETF EFA 57.31 –0.17 –2.4 VangdAllWldxUS VEU 43.16 –0.19 –0.6 4 weeks 0.270 0.280 0.295 0.000 DTCC GCF Repo Index (877) 344-5618 (877) 351-8438
iShMSCIEmgMarkets EEM 34.02 –0.23 5.7 VangdGrowth VUG 105.38 0.09 –0.9 13 weeks 0.300 0.335 0.350 0.000 Treasury 0.322 114.500 0.639 0.075 Applied Bank /5 0.05 AloStar Bank of Commerce /5 1.46
iShMSCIEurozoneETF EZU 34.44 –0.33 –1.7 VangdHiDivYld VYM 68.82 –0.15 3.1 26 weeks 0.440 0.510 0.585 0.065 MBS 0.327 95.410 0.705 0.087 (877) 622-7973 (877) 751-0294
iShMSCIGermanyETF EWG 25.52 ... –2.6 VngdInter-Term BIV 85.19 –0.07 2.6 Citizens Trust Bank /3 0.05 Synchrony Bank /5 1.45
VangIntrCorpBd VCIT 86.15 –0.13 2.4 Open Implied
iShMSCIJapanETF EWJ 11.57 0.61 –4.5 Secondary market (877) 412-4382 (877) 412-8426
Settle Change Interest Rate
iShMSCIUSAMinVol USMV 43.57 –0.16 4.2 VangdLgCap VV 93.54 0.01 0.0
iShNasdaqBiotech IBB 263.10 2.58–22.2 VangdMdCap VO 120.20 0.09 0.1 Fannie Mae DTCC GCF Repo Index Futures Three-month CD Five-year CD
iShNatlAMTFrMuniBd MUB 111.10 0.02 0.4 VangdReit VNQ 81.36 ... 2.0 30-year mortgage yields EH National Bank /2 0.84 First Internet Bank of Indiana /4 2.11
VOO 187.63
Treasury Mar 99.575 0.010 5829 0.425
iShRussell1000Gwth IWF 99.21 0.12 –0.3 VanguardS&P500 –0.05 0.4 (877) 343-7302 (877) 412-9564
BSV 80.21
30 days 3.259 3.276 3.750 2.979 Treasury Apr 99.540 -0.005 2847 0.460
iShRussell1000ETF IWB 114.03 –0.01 0.6 VangdShrtTrm –0.10 0.8 EverBank /3 0.78 Nationwide Bank /4 2.10
VCSH 79.58
60 days 3.290 3.311 3.788 2.998 Treasury May 99.515 unch. 2566 0.485
iShRussell1000Val IWD 99.38 –0.16 1.6 VangShrtCorpBd ... 0.7 (877) 280-5143 (877) 351-8438
iShRussell2000Gwth IWO 130.39 0.12 –6.4 VangdSmCap VB 110.22 0.05 –0.4 First Internet Bank of Indiana /4 0.50 State Farm Bank /4 2.10
Notes on data:
iShRussell2000ETF IWM 109.22 –0.12 –3.0 VangdTtlBndMkt BND 82.22 –0.02 1.8 (877) 412-9564 (877) 412-5620
IWN 92.48 BNDX 54.41 0.11 2.9 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S.
iShRussell2000Val –0.29 0.6 VanguardTotIntlBd
prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
iShRussell3000ETF IWV 120.70 –0.01 0.3 VanguardTtlIntlStk VXUS 44.89 –0.20 –0.5 Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF
iShRussellMid-Cap IWR 162.38 0.06 1.4 VangdTtlStock VTI 104.20 –0.03 –0.1 are based on method of compounding and rate stated for the lowest required opening deposit to
Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable
iShRussellMCValue IWS 70.84 ... 3.2 VangdTotlWrld VT 57.24 –0.17 –0.7 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
iShS&PMC400Growth IJK 160.71 0.07 –0.2 VanguardValueETF VTV 82.29 –0.15 0.9 NYSE Liffe US. month, three (3) of which may be checks. Rates are subject to change.
iShS&P500Growth IVW 115.19 0.12 –0.5 WisdomTreeEurope HEDJ 52.23 –0.04 –2.9 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
iShS&P500ValueETF IVE 90.56 –0.20 2.3 WisdomTreeJapanHdg DXJ 44.21 0.89–11.7 General Electric Capital Corp.; Tullett Prebon Information, Ltd. Internet: www.bankrate.com
C14 | Wednesday, March 23, 2016 NY / NE THE WALL STREET JOURNAL.
THE PROPERTY REPORT

POPULOUS (2)
The Minnesota United FC stadium is seen in two renderings. The St. Paul City Council has approved $18 million in spending on infrastructure for the stadium, which will be exempt from property taxes.
Twin Cities to Get Yet Another Stadium boring real-estate development. public typically is far higher commercial and housing devel- mental bodies that have given governmental pocket. The
Minneapolis and St.
The stadium, which is other- than with traditional economic- opment to follow on an adja- public aid. Twins won about $350 million
Paul ready for sixth wise to be constructed with development programs. cent strip shopping center. For instance, the 19,000-seat from a countywide sales-tax
major sports facility— private dollars, also would be “I’ve lived in the Twin Cities Across the country, stadiums Target Center was built in Min- surcharge for a new stadium,
exempt from property taxes. since 1976, and have seen this and arenas have been multiply- neapolis in 1990 for the Minne- while the University of Minne-
a $150 million arena This amount of public aid is proliferation of new sports sta- ing for the past few decades. sota Timberwolves basketball sota, a public school, largely fi-
low compared with the other dia,” said Jane Prince, a St. Teams from all sports have team. But when the region at- nanced its own stadium. The
BY ELIOT BROWN nearby facilities—a new Minne- Paul city council member who been eager to get their own tracted a new hockey team, the Vikings were aided with city
sota Vikings football stadium, voted against the soccer-sta- specialized facilities, packed Minnesota Wild, a decade later, and state funds.
The Twin Cities of Minneap- for instance, was aided with dium aid package. “I just don’t with modern luxury suites that it did so by building an 18,000- “There’s not one group that
olis and St. Paul have been an about $500 million of public see the promised economic de- provide a major chunk of reve- seat arena in St. Paul as part of makes these decisions—it was
epicenter of the U.S. stadium dollars. velopment occurring in con- nue. a downtown economic-develop- two city governments, it was a
and arena boom, rolling out But taken with the other fa- junction with all of these.” Many joint football-baseball ment push. legislature, it was sports own-
five major sports facilities since cilities that have a combined The Minnesota United soc- stadiums have been jettisoned A few years later, angst grew ers,” said R.T. Rybak, the mayor
1990 that together cost more seat count of nearly 200,000, cer club declined to comment. in place of two separate facili- among fans and teams using of Minneapolis from 2002 to
than $2 billion. this latest project illustrates In the past the team has said it ties, in cities from San Fran- the Metrodome, the pillowy- 2014. Mr. Rybak said he had
Now, the neighboring cities how the Twin Cities are an needs its own stadium to win cisco to Washington, where topped stadium in Minneapolis long been critical of sports sub-
are readying for a sixth: a acute example of the rapid in- approval of a new Major plans were just announced for that was built in 1982 for the sidies but he grudgingly helped
20,000-seat, $150 million Major crease in stadiums and arenas League Soccer franchise. a new stadium for the Wash- Minnesota Twins, the Vikings craft the aid package for the Vi-
League Soccer stadium to be in U.S. cities. These develop- A spokeswoman for St. Paul ington Redskins. and the University of Minne- kings stadium after the team
built by 2018 in St. Paul about ments come despite a growing Mayor Chris Coleman said the The Twin Cities have been sota’s football team. The sta- was poised to move elsewhere.
halfway between the two chorus of warnings from econo- project will give a boost to an particularly zealous. Locals at- dium’s cost was low—less than That deal, and the others, he
downtowns. mists who say the stadiums are increasingly popular sport in tribute that in part to the un- $100 million—but it was never said, were “also driven by the
The St. Paul City Council almost always poor drivers of the state and represents a “cat- usual political dynamics of hav- popular with fans and lacked increasingly crazy politics of
earlier this month approved economic development. Even alytic opportunity for a 34.5- ing two cities adjacent to one amenities and lucrative luxury sports economics,” in which
$18 million in spending on in- when these facilities do spur acre area.” It is to be built on a another—with their downtowns boxes. teams want their own facilities,
frastructure for the stadium, nearby investment, economists former bus parking lot, and the just 12 miles apart—and a lay- Now, each has its own facil- custom-designed for their ideal
which is meant to spur neigh- and critics say the cost to the team has said it expects large ering of other different govern- ity with aid from a different crowd sizes.
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THE PROPERTY REPORT
GreenOption?Mallsvs.E-commerce SALES
Banks and insurance com-
panies are filling part of the
void. But they can charge
more and be more selective,
BY LIAM PLEVEN Continued from page C1 making loans primarily backed
The question is whether by trophy and fully leased
Could going to the mall be February was a temporary blip buildings in strong markets.
better for the environment or the beginning of a more- “There are deals falling out
than shopping online? lasting pullback. The Green of the system,” said Josh Ze-
That is the surprising claim Street index, which tracks gen, managing principal of
in a study from Simon Prop- higher-quality property owned Madison Realty Capital, an in-
erty Group, the nation’s larg- by real-estate investment vestment firm with more than
est mall landlord. trusts, is 24% above its 2007 $1 billion of loans outstanding.
The argument is that mall peak and 102% higher than the “I’m able to be very choosy.”
shoppers often travel in trough it hit in 2009. The real-estate debt mar-
groups and buy more than one Mr. Gray and others empha- kets began to tighten at the
item, reducing their environ- size that the commercial-prop- end of last year as concerns
mental impact. Online shop- erty market is much healthier grew about interest rates ris-
pers, meanwhile, return prod- than before the 2008 crash. ing and new regulations on
ucts more often, and Rents, occupancies and other lenders, enacted in response to
the shipping requires more fundamental factors are im- the world financial downturn,
packaging. proving for most property began to take effect.
“We wanted to make the types, analysts say. New supply Central banks eased up on
point that consumer choices growth has been limited, they their tightening of interest
matter,” said Mona Benisi, point out. rates, but the real-estate debt
head of sustainability at Si- “It’s too early to call the end market remained choppy at
SIMON PROPERTY GROUP
mon. of the cycle,” Mr. Gray said. the beginning of the year as
The issue isn’t settled, how- Still, some are heading for global stock and corporate-
ever. Other studies have found the exit. For example, Radnor, bond markets convulsed amid
that shoppers often can re- Pa.-based Brandywine Realty signs the Chinese economy
duce their environmental im- Trust has sold $765 million was weakening.
pact by shopping online, and worth of property this year, in-
experts say the outcome de-
pends on individual shoppers’
Simon Property Group owns Roosevelt Field, a shopping mall in Garden City, N.Y., seen here. cluding Cira Square, the for-
mer U.S. Post Office Building in
The question is if
circumstances and behavior. basket of four common prod- shopping, if shoppers bought researching products both in Philadelphia. February was a blip
“There’s just not a black-
and-white answer to this ques-
ucts—women’s tops, women’s
shoes, coffee makers and wine
the same number of products
both ways.
stores and online, or buying
online but picking up or re-
Gerard Sweeney, Brandy-
wine’s chief executive, said the
or the start of a
tion,” said Jason Mathers, a glasses—are distributed and “In analyzing shopping data turning in a store. As a result, real-estate investment trust is lasting pullback.
supply-chain specialist at the sold through the two channels, that represents actual cus- the thesis also found, “as more “accelerating” its property
Environmental Defense Fund, and the materials and energy tomer behaviors for mall and consumers leverage traditional sales. “We’ve made the call
which works with companies, used along the way. online shopping, Simon has brick-and-mortar alternatives that, given where we are in the As yields of junk bonds
including Simon, on environ- Among the factors Simon shown that mall shopping rep- to their online buying behav- real-estate cycle, now is a good soared, real estate became a
mental matters. “If you’re looked at was how many peo- resents a better sustainability iors, some of the environmen- time for us to be harvesting less attractive investment. At
looking to purchase one item ple went on the trip and “the performance over online shop- tal savings quickly erode.” value by selling,” he said. the same time, the spreads be-
and your choice is driving a idea that shoppers combine ping,” the report said. Anthony Craig, an assistant The market has slowed pri- tween real-estate borrowing
good distance to a facility or mall shopping trips with other But academic researchers professor of supply-chain marily because of forces at rates and Treasury bonds wid-
buying it online, you are likely errands.” The report also ex- have conducted similar analy- management at Iowa State work in the global capital mar- ened greatly.
to be better off buying it on- amined the impact of product ses and found that online University who was an adviser kets rather than problems Today loans that would
line.” returns both online and in shopping tends to have a on the MIT thesis, said in an stemming from real estate it- have been made with interest
Simon’s March 1 research stores. smaller environmental impact email about the Simon study: self. These forces, which also rates in the 4.5%-to-5% range
report comes as owners of re- Simon didn’t publicly rein many cases. A 2013 master “I’d love it if they made the caused global stock markets to now are being made above 5%.
tail real estate and their ten- lease all the data underlying thesis at the Massachusetts full data and analysis available plummet in the first two Borrowers who would have
ants contend with the rapid the analysis, some of which Institute of Technology’s Cen- so people could see how the months of this year, have made lent up to 75% of a property’s
growth of e-commerce. Last Ms. Benisi said was proprie- ter for Transportation & Lo- various assumptions impact debt—the lifeblood of real es- value have reduced their so-
year, U.S. retail sales rose 1.4% tary and came from operating gistics, for example, examined the results.” tate—more expensive and called loan-to-value ratios to
over 2014, but e-commerce malls. Examples of the propri- various ways consumers could Mr. Mathers of the Environ- more difficult to obtain. between 65% and 70%.
shot up 14.6%, according to etary data included the aver- shop in stores or online. mental Defense Fund said the The most striking sign has Those changes mean that
federal data. age number of products each “Results show that online Simon report is “valuable” be- been the sharp decline in many real-estate investments
Simon, which is based in In- adult purchased on a trip to a shopping is the most environ- cause it highlights the impor- bonds backed by commercial that would have made sense
dianapolis, owned or held a Simon mall and the distance mentally friendly option in a tance of how individual con- mortgages. In 2015, about $100 before no longer do.
stake in roughly 200 retail between the consumer’s home wide range of scenarios,” the sumers shop. billion of commercial mort- “Buyers have been hearing
properties in the U.S. and the mall. The report found thesis concluded. “The important question gage-backed securities were is- ‘no’ from lenders for the first
The report was prepared that online shopping had an The MIT thesis examined isn’t which is better,” he said. sued. This year experts believe time in a while,” said Jim Cos-
with help from Deloitte Con- environmental impact that how some shoppers combine “The question is, how can each volume will fall to $60 billion tello, senior vice president at
sulting LLP. It tracked how a was 7% greater than mall the two channels, sometimes be lower impact.” to $75 billion. Real Capital Analytics.
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HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Big Banks:
Expect the
Parting the Clouds at SunEdison OVERHEARD
The clouds over SunEdi- arose in early March by one As Apple moves down the
Burn Notice
Unexpected son keep getting thicker and
more menacing. There still is
a silver lining to be found,
Share-price percentage change
former and one current em-
ployee that its accounts
weren’t accurate.
price curve with its latest
iPhone, one challenge could
be maintaining the high gross
over seven months
A billion dollars here, a bil- though. A lack of audited accounts margins that its investors
lion dollars there. Pretty soon, Already down by some SunEdison TerraForm Power could in and of itself be a have become accustomed to.
it adds up. 93% between last July 0% death blow for a company as The new iPhone SE, an-
Even as big U.S. banks try and Monday’s close, the re- indebted as SunEdison since nounced on Monday, will
–20
to squeeze every last dime out newable-energy giant’s lenders eventually can de- start at $399. That is about
of their cost bases, unex- shares dived another 26% –40 clare it in default. On the 27% cheaper than the lowest
pected, big-ticket charges Tuesday after a Debtwire re- bright side, bankruptcy price on the company’s larger-
keep cropping up. In recent port said it is in talks for –60 could release its yieldcos screen smartphones.
years, these have typically in- debtor-in-possession financ- from their shackles; they are It also should cost less to
volved regulatory fines and ing. That often is a precursor –80 legally severable entities produce, with a smaller,
litigation expenses. to bankruptcy—a supposition now worth four times as lower-resolution display and a
–100
SUNEDISON
Though they often are re- reflected by the fact that its much combined as their con- casing design that is now
garded as one-time charges by unsecured debt fetches pen- 2015 ’16 trolling shareholder. Both four years old. Apple doesn’t
management and investors, nies on the dollar. Source: FactSet are down by nearly 80% disclose production costs or
the charges still hurt. Impor- Despite sharp dislocations THE WALL STREET JOURNAL. SunEdison solar panels from their peaks last year. segment profits, but most an-
tantly, they take big chunks in the energy market in the SunEdison has voting con- alysts estimate that the
out of retained earnings that past several months, SunEdi- seemed like a rare bit of tried to block the yieldco trol, but only a minority eco- iPhone lineup averages gross
otherwise could be used to son’s predicament is of its good news earlier this from helping to finance the nomic interest in the yield- margins in the low-to-mid
meet regulatory requirements own making. Its creation of month when Vivint canceled deal. Resulting litigation has cos. Their growth prospects 40% range.
for higher capital bases. and reliance on “yieldcos” the agreement, sending its probably chilled lenders’ en- are far worse now without a And low-price devices can
Investors are looking for- TerraForm Power and Ter- stock sharply higher But it thusiasm as well. creditworthy parent. Yet have an impact. In fiscal 2013,
ward to a time when these raForm Global to keep it later emerged that SunEdi- Last week, SunEdison their existing stable of proj- Apple’s gross margin slipped
kinds of expenses become less supplied with cash and to son’s lenders balked at lend- again delayed the filing of its ects are long term, tax-effi- to 37.6% from 43.9% as aver-
of a factor in earnings. Cer- take on its completed proj- ing it money without an au- annual report, citing among cient and annuity-like. age selling prices fell for both
tainly, the worst period of fi- ects was a fatal flaw. It en- dited annual report having other things, “material weak- With these yieldcos down the iPhone and iPad. The lat-
nancial crisis-related fines and couraged SunEdison to ramp been filed with securities nesses in its internal con- sharply on SunEdison’s latest ter was driven by the intro-
settlements appears to have up its growth and to take on regulators. trols over financial report- woes, opportunistic inves- duction of the smaller and
passed. In 2015, the big four a mammoth acquisition of Additionally, major Terra- ing.” While it blamed its tors shouldn’t wait until the cheaper iPad Mini. In the case
banks—J.P. Morgan Chase, Vivint Solar last summer. Form Power shareholder Ap- computer systems, the initial skies clear. of the former, Apple noted
Bank of America, Citigroup SunEdison got what paloosa Management has delay was due to claims that —Spencer Jakab surprisingly strong sales of
and Wells Fargo—had a com- its iPhone 4—nearly three
bined $5.3 billion of litigation years old at the time. This
expenses, according to regula-
tory data. That was down
sharply from $28.3 billion the
Health Insurers Throw Their Weight Around seemed to sap some demand
from newer devices.
The resulting margin
previous year. Health insurers’ bargain- whether or not to actually them agreed to purchase half. Anthem is one of Ex- crunch spooked investors,
Even so, unpleasant sur- ing power is set to grow. end it. Cigna for $48 billion, while press Scripts’ largest cus- leading them to slice more
prises have a way of recur- That is an issue for all Granted, companies often Aetna agreed to purchase tomers. And while many than one quarter off Apple’s
ring. On Tuesday, German me- health-care investors. throw out huge numbers in Humana for $34 billion. The analysts think that Anthem market value that year.
dia reported Citigroup is The latest reminder: news lawsuits, which rarely end up companies expect the deals is overstating its grievances, The impact of the iPhone
being investigated by German Monday that health insurer in payments that match the to close sometime this year. Express Scripts’ stock has SE won’t be clear until Apple
tax authorities over allegedly Anthem is suing one of its opening gambit. Express Assuming that they do, been hit. It is down by more reports fiscal third-quarter re-
unpaid taxes on dividend- vendors, the pharmacy-bene- Scripts has yet to respond in these deals would give the than 20% since Anthem first sults, which should happen
stripping stock trades. Au- fit-management company court but has said it believes insurers more leverage than said that it was entitled to sometime in July. Toni Sacco-
thorities could claim €706 Express Scripts Holding. the suit is without merit. ever before as they negotiate cost reductions. naghi of Bernstein Research
million ($790 million) in back And this isn’t a small-change And the lawsuit itself isn’t prices with health-care com- Pricing worries also have believes the new device
taxes from Citi for 2007 and legal action. necessarily a surprise; An- panies. That could have im- weighed on other pharma- would need to increase total
2008 and possibly more for Anthem is seeking $15 bil- them CEO Joseph Swedish plications for the pricing ceutical and biotech stocks. iPhone unit sales by 10% to
the following three years, ac- lion in damages over what it first raised the company’s power of companies As insurers grow bigger, affect the smartphone’s gross
cording to German daily Han- says is a violation of its con- grievance in January. throughout the system. they are more likely to throw margins by 1% to 1.5%.
delsblatt. Citi says it doesn’t tract with Express Scripts Yet the legal action should The suit against Express their weight around, in nego- Of course, growth in
believe it owes such tax. that involved overcharging be viewed in the context of a Scripts underscores how tiations or the courtroom. iPhone unit sales would be
So long as rock-bottom-infor prescription drugs. An- larger industry negotiation— much more likely they are to Given that, Anthem’s suit welcome, and could have the
terest rates keep squeezing them also asked for a judg- one in which insurers expect press any advantage. should be seen as a battle in added benefit of boosting Ap-
net-interest margins, big ment that would allow it to to gain more heft. Insurers and private em- a wider struggle. And it is ple’s services businesses.
banks can’t afford anything terminate the contract, Major insurers such as ployers hire pharmacy-bene- one in which insurers may The trick will be to make
that drives up costs. though the insurer said in a Anthem have been bulking fit managers to negotiate have the advantage. the trade-off worthwhile.
—Aaron Back statement it hasn’t decided up of late. Last summer, An- lower drug costs on their be- —Charley Grant
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks Corporate Debt
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
highs and lows for different types of bonds that same company’s share price. Here’s a look at both for two companies in the news.
Total return Yield (%), 52-Week Range l Latest Investment-grade spreads that tightened the most…
close YTD total return (%) Index Latest Low 0 5 10 15 20 25 High Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
1867.85 2.2 Broad market Barclays Aggregate 2.320 2.000 l 2.630
Repsol Oil & Gas Canada TLMCN 3.750 Feb. 1, ’21 539 –46 n.a. ... ...
2544.21 2.9 U.S. Corporate Barclays Capital 3.380 2.830 l 3.710 Husky Energy HSECN 4.000 April 15, ’24 279 –44 n.a. ... ...
2465.00 1.9 Intermediate 2.800 2.230 l 3.120 CA CA 2.875 Aug. 15, ’18 136 –40 n.a. 31.11 0.10
3320.22 5.2 Long term 4.710 4.170 l 5.130 Motorola Solutions MSI 3.500 March 1, ’23 315 –28 351 73.71 0.81
534.40 2.6 Double-A-rated 2.460 2.070 l 2.700 Enbridge Energy Partners EEP 4.375 Oct. 15, ’20 376 –27 n.a. 18.25 1.84
634.39 3.1 Keybank NA KEY 2.500 Dec. 15, ’19 104 –27 n.a. … …
Triple-B-rated 3.950 3.300 l 4.450
Devon Energy DVN 3.250 May 15, ’22 440 –25 519 28.01 –0.04
342.82 3.6 High Yield Constrained Merrill Lynch 8.200 5.868 l 10.099 MPLX MPLX 4.875 June 1, ’25 385 –25 424 28.69 1.24
290.29 3.9 Triple-C-rated 18.516 10.174 l 21.753
…And spreads that widened the most
2437.89 2.7 High Yield 100 6.551 5.207 l 8.696
Transocean RIG 6.500 Nov. 15, ’20 1512 110 1468 10.00 –5.03
313.85 3.3 Global High Yield Constrained 7.851 5.894 l 9.437
Morgan Stanley MS 6.625 April 1, ’18 190 73 122 25.84 –0.39
267.24 1.6 Europe High Yield Constrained 4.957 3.776 l 6.412 Societe Generale S.A. SOCGEN 5.922 April 5, ’49 397 46 n.a. ... ...
1605.27 1.5 U.S Agency Barclays 1.440 1.170 l 1.680 Teck Resources TCKBCN 3.750 Feb. 1, ’23 857 46 868 ... ...
1444.80 1.1 10-20 years 1.240 0.980 l 1.480 Citigroup C 3.500 May 15, ’23 164 25 164 43.38 –0.50
Comcast CMCSA 2.750 March 1, ’23 90 23 75 59.87 0.05
3156.63 4.9 20-plus years 2.970 2.700 l 3.370
Anadarko Petroleum APC 8.700 March 15, ’19 344 18 409 48.01 –1.23
1935.72 1.5 Mortgage-Backed Barclays 2.480 2.260 l 2.900 Barclays BACR 4.375 Jan. 12, ’26 257 18 255 ... ...
1911.94 1.3 Ginnie Mae (GNMA) 2.390 2.180 l 2.860
High-yield issues with the biggest price increases…
1132.76 1.5 Fannie mae (FNMA) 2.500 2.270 l 2.910 Bond Price as % of face value Stock Performance
1743.66 1.6 Freddie Mac (FHLMC) 2.530 2.300 l 2.930 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
504.49 1.0 Muni Master Merrill Lynch 1.651 1.440 l 2.099 Bill Barrett BBG 7.000 Oct. 15, ’22 60.500 4.50 n.a. 5.81 –0.17
Chinos Intermediate Holdings A JCG 7.750 May 1, ’19 49.500 3.50 n.a. ... ...
352.48 1.1 7-12 year 1.675 1.398 l 2.144
BioMarin Pharmaceutical BMRN 0.750 Oct. 15, ’18 116.255 2.76 117.158 83.43 6.70
390.01 0.9 12-22 year 2.073 1.898 l 2.636 Triumph TGI 4.875 April 1, ’21 91.000 2.65 88.250 33.04 –0.63
372.36 1.4 22-plus year 2.741 2.593 l 3.351 Bon–Ton Department Stores BONT 8.000 June 15, ’21 40.750 1.75 39.000 2.29 –4.58
2294.00 2.4 Yankee Barclays 2.860 2.430 l 3.110 Rowan RDC 5.400 Dec. 1, ’42 58.500 1.75 54.250 16.00 –2.50
Enquest ENQLN 7.000 April 15, ’22 42.500 1.50 n.a. ... ...
539.43 3.4 Global Government J.P. Morgan 1.170 1.160 l 1.780 Aercap Ireland Capital AER 4.500 May 15, ’21 103.687 1.44 101.500 … …
760.53 0.6 Canada 1.610 1.360 l 1.970
…And with the biggest price decreases
368.38 3.0 EMU 0.889 0.728 l 1.609
Terraform Global Operating GLBL 9.750 Aug. 15, ’22 71.063 –5.44 75.000 … …
706.53 3.6 France 0.690 0.490 l 1.360
Freeport–McMoRan FCX 3.100 March 15, ’20 80.000 –2.50 80.000 10.99 1.76
511.59 3.5 Germany 0.320 0.160 l 1.040 Intelsat Jackson Holdings S.A. INTEL 6.625 Dec. 15, ’22 53.000 –2.50 59.375 ... ...
293.24 5.4 Japan 0.150 0.150 l 0.890 United States Steel X 6.875 April 1, ’21 71.750 –2.25 67.500 15.59 2.90
561.90 3.5 Netherlands 0.470 0.240 l 1.130 Halcon Resources HKUS 8.625 Feb. 1, ’20 76.000 –2.06 66.500 ... ...
865.45 4.9 U.K. 1.910 1.760 l 2.480 California Resources CRC 8.000 Dec. 15, ’22 44.500 –2.00 39.938 1.44 –2.70
704.82 5.1 Sprint S 7.625 Feb. 15, ’25 76.500 –2.00 76.750 3.37 4.98
Emerging Markets ** 6.172 5.679 l 7.128
Boyd Gaming BYD 6.875 May 15, ’23 105.750 –1.50 105.562 19.85 5.75
*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 *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.
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Global Government Bonds: Mapping Yields Amount Payable /
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Dividend Changes Company
Deutsche X EAFE Hi Div
Symbol
HDEF
Yld % New/Old Frq
2.1 .11885 Q
Record
Mar29 /Mar24
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Deutschex DJ Hgd Real Est DBRE 0.4 .02382 Q Mar29 /Mar24
Dividend announcements from March 22. Direxion All Cap In Sent KNOW 2.5 .45018 Q Mar30 /Mar24
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Amount Payable / Direxion iBillionaire ETF IBLN 0.5 .03 Q Mar30 /Mar24
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago Company Symbol Yld % New/Old Frq Record Direxion NASDAQ100 EW Idx QQQE 2.6 .41243 Q Mar30 /Mar24
0.750 U.S. 2 0.889 s l 0.884 0.754 0.585 Increased Direxion S&P500 Bull 1.25 LLSP 10.8 .68848 Q Mar30 /Mar24
Direxion Zacks MLP Hi Inc ZMLP 10.0 .40 Q Mar30 /Mar24
1.625 10 1.937 s l 1.917 1.755 1.932 Cross Timbers Royalty Tr CRT 9.2 .1228 /.07202 M Apr14 /Mar31 Elkhorn S&P 500 Cap Exp CAPX 1.7 .09561 Q Mar28 /Mar24
Realty Income O 3.9 .199 /.1985 M Apr15 /Apr01
5.500 Australia 2 1.981 s l 1.947 1.850 1.778 109.2 106.3 119.3 First Tr Engy Infr Fd FIF 8.4 .11 M Apr15 /Apr05
Sealed Air SEE 1.3 .16 /.13 Q Jun17 /Jun03 First Tr MLP & Engy Incm FEI 10.3 .1183 M Apr15 /Apr05
4.250 10 2.614 s l 2.575 2.466 2.393 67.7 65.8 46.1 ServisFirst Bancshares SFBS 0.8 .08 /.06 Q Apr15 /Apr11 First Tr Mortgage Incm Fd FMY 6.3 .075 M Apr15 /Apr05
W. P. Carey Inc. WPC 6.3 .9742 /.9646 Q Apr15 /Mar31
4.250 France 2 -0.411 s l -0.414 -0.412 -0.162 -130.0 -129.8 -74.7 First Tr New Opps MLP FPL 10.4 .105 M Apr15 /Apr05
Reduced First Tr Strat High Fd II FHY 10.4 .10 M Apr15 /Apr05
0.500 10 0.556 t l 0.570 0.531 0.436 -138.1 -134.7 -149.6 First Tr/Abrdn Glbl Opp FAM 8.3 .075 M Apr15 /Apr05
Enduro Royalty Trust NDRO 4.3 .0099 /.02431 M Apr14 /Mar31
0.500 Germany 2 -0.468 s l -0.474 -0.520 -0.232 -135.6 -135.8 -81.7 Fifth Street Asset Mgmt A FSAM 11.9 .10 /.17 Q Apr15 /Mar31 First Trust Dynamic Eur FDEU 9.0 .121 M Apr15 /Apr05
Mesa Royalty Trust MTR 1.7 .0104 /.02375 M Apr29 /Mar31 Fst Tr Hi Inc Lg/Shrt Fd FSD 7.3 .09 M Apr15 /Apr05
0.500 10 0.214 t l 0.236 0.179 0.155 -172.3 -168.2 -177.7 FT Interm Duration Pfd FPF 8.9 .1625 M Apr15 /Apr05
Permian Basin Royalty Tr PBT 2.6 .013 /.02168 M Apr14 /Mar31
4.500 Italy 2 -0.008 t l 0.001 0.056 0.184 -89.7 -88.3 -40.1 RF Industries RFIL 2.6 .02 /.07 Q Apr15 /Mar31 MS Emerging Mkts Debt MSD 6.5 .15 Q Apr15 /Mar31
San Juan Basin Royalty Tr SJT 1.0 .0043 /.01761 M Apr14 /Mar31 MS EmMktDomDebt EDD 10.4 .20 Q Apr15 /Mar31
2.000 10 1.252 t l 1.259 1.527 1.182 -68.5 -65.8 -75.1 Tortoise NA Pipeline Fund TPYP 4.4 .211 Q Mar31 /Mar24
0.100 Japan 2 -0.217 t l -0.212 -0.209 0.009 -109.6 -57.7
Initial YieldShares Hi Incm YYY 10.6 .16 M Mar28 /Mar24
-110.6 BoA Pfd. Series CC BACpC .3875 Apr29 /Apr01
0.100 10 -0.100 t l -0.092 0.001 0.324 -203.6 -200.9 -160.8 Foreign
Deutsche x FTSE Dev xUS DEEF .14061 Mar29 /Mar24 China Unicom HK ADR CHU 2.0 .26216 A Jun20 /May17
Deutsche x Russell 1000 DEUS .18036 Mar29 /Mar24
4.500 Spain 2 0.022 t l 0.027 0.053 0.131 -86.6 -85.7 -45.5 Consolidated Water CWCO 2.6 .075 Q Apr30 /Apr01
Funds and investment companies Enerplus ERF 2.4 .00749 M Apr15 /Mar31
2.150 10 1.442 s l 1.441 1.657 1.174 -49.5 -47.7 -75.8 Pingtan Marine Enterprise PME 3.2 .01 Q Apr15 /Mar31
1st Tr Sr Fltg Rt Fd II FCT 6.6 .07 M Apr15 /Apr05
1.250 U.K. 2 0.477 t l 0.497 0.338 0.537 -41.2 -38.7 -4.8 Alpine Glbl Dynamic Div AGD 9.3 .065 M Apr29 /Apr22 Silicom SILC 3.1 1.00 A Apr14 /Apr04
Alpine Tot Dyn Div AOD 9.3 .0575 M Apr29 /Apr22 Telefonica Brasil ADR VIV .05712 /Apr05
2.000 10 1.458 t l 1.481 1.392 1.540 -47.9 -43.6 -39.2
AlpnGlblPrProp AWP 11.0 .05 M Apr29 /Apr22 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
Source: Tullett Prebon Deutsche X All xUS Hi Div HDAW 1.7 .09507 Q Mar29 /Mar24 semiannual; S2:1: stock split and ratio; SO: spin-off.
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Rock Star Cars The Tourney

Fried My Phone
A romance wrapped in a song MY RIDE | D4 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | D1
Get the Boss to Say Yes The Gym

Class Where
You Never,
Ever Sweat
BY RACHEL BACHMAN
Gyms that promote exhausting

workouts have a new pitch for
If You Want to members: not moving a muscle.

Fitness centers increasingly are
Go to a
offering classes that feature medi-
tation. Organizers say they’re re-
sponding to the demands of
Conference ...
stressed-out members seeking in-
trospection and relaxation in a
place they already frequent.
Antigravity Cocooning, a class
Promise results
Write a proposal predicting potential revenue gains if
Five strategies Be part of the show
Volunteer to serve as a speaker or panelist to earn a free
launched in January at a Crunch
Gym location in New York, puts
you attend. Promise to present new contacts and ideas
when you return.
for making pass. members in sling-style hammocks
that hang from the ceiling.
a persuasive pitch
RISK: You have to work so hard preparing that you fall The class consists of about 20
RISK: You’ll pay a career price if you don’t deliver. behind on other tasks. minutes of stretches and brief ab-
REWARDS: A bottom-line promise makes it hard for any REWARD: You attract positive attention to your dominal exercises, followed by 15
boss to say no. And if you deliver, you’ll improve the odds employer. minutes of guided relaxation, with
participants stretched out in the
of attending more conferences.
hammocks, their arms crossed like
mummies. Soft music and dimmed,
colored lighting enhance the ef-
fect.
“When I’m in the cocoon and
I’m lying down like that, I’m here
JASON SCHNEIDER FOR THE WALL STREET JOURNAL (5)
for me,” says Constantine Theodo-

ratos, a Crunch member who usu-
ally lifts weights or does cardio at
the gym but has taken a few of the
antigravity classes. “I just feel
calm.”
People become so relaxed that
a few have fallen asleep in the
class, says Donna Cyrus, Crunch’s
senior vice president for program-
ming. It soon will expand beyond
Crunch’s West 19th Street location
to more than 10 locations in New
York, Miami, San Francisco and
Los Angeles.
Pad your agenda Work your way through Time your request The class works where previous
Include in your plans a visit to a client near the conven- Volunteer to hand out badges or hang coats at the show. Ask during your performance review to attend, in time to attempts at meditation-centered
tion site or other job-related tasks. RISK: You may not have enough time to do anything else. add your ticket to the corporate budget. classes at Crunch fizzled, Ms.
RISK: You fall farther behind on your job. RISK: Others may see you as self-centered or having a Cyrus says, largely because of the
REWARD: You get a free pass and at least some access hammocks. They are surging in
REWARD: You accomplish multiple goals with one trip. to people and events. sense of entitlement.
popularity indoors and out.
REWARD: You’re free at the conference to pursue your For about a year, the YMCA of
interests and needs. Greater New York has offered half-
hour meditation classes at its Up-
Your employer thinks the trip attendees to Austin, Texas. your chances of being invited to speak. per West Side Manhattan location.
“Yes, wouldn’t everybody?” Jordan Me- If sending you to a conference isn’t a line Locations in Queens and Brooklyn
sounds like a boondoggle, but you nashy, marketing vice president and co- item in your employer’s budget, persuading also offer the class.
think it is a great opportunity; founder of Bench in Vancouver, British Co- the boss to pay your way can be hard. Con- Please see MEDITATE page D2
lumbia, says he replied. ference passes usually cost about $300 to
how some make the case for travel “The hipper the conference, the harder the $1,400; travel and lodging increase the tab.
LEAH LATELLA/THE WALL STREET JOURNAL
sell,” says Ms. Burgwin, the company’s com- Someone may have to cover your job while
BY SUE SHELLENBARGER munications director. She won Mr. Menashy’s you’re away.
approval by explaining that her activities at The employees who make the strongest
You tell your boss you’re dying to go to a the conference could help fulfill one of case, with data and specific projections, are
big conference in your field, but she looks at Bench’s goals: increasing public-speaking op- most likely to get a green light. Account exec-
you as if you just asked for an extra vacation. portunities for Ian Crosby, chief executive of- utives Greg Carpiniello and Jade Goodman
Don’t give up. There are ways to go about ficer and co-founder of the provider of ac- wanted to improve sales and customers’ re-
winning your boss over. counting services and software. Both Ms. sponse to the pay-per-click ads they were
Natalie Burgwin’s boss laughed when she Burgwin and Mr. Menashy were satisfied with creating at MSCO, a Rye Brook, N.Y., market-
said she wanted to attend the South by the result: She returned from the conference ing and business-advisory firm. After doing
Southwest Interactive Festival, an annual last week with dozens of new contacts and some research, they decided attending Hero
tech conference that draws more than 33,000 ideas, including how to network to improve Please see CONFERENCE page D3 Crunch employee Diánna Martin
relaxes during an Antigravity
Cocooning class.
For Tory Burch, It’s More Than a Store: It’s Marketing

BY ELIZABETH HOLMES where the online and offline Robert Burke, a luxury retail con-
worlds merge. A big cube in the sultant. He points to a spate of
In the age of e-commerce, is an middle of the Tory Sport store has new store openings in New York
expensive, flashy store really nec- an interactive tabletop where cus- City, including the new uptown
essary? tomers can view projected images store for bohemian label Isabel Ma-
Tory Burch made the case for from the Tory Sport lookbook. rant and Sonia Rykiel’s library-like
yes on a tour of the designer’s new Does anyone need a $350 navy boutique. Menswear label Todd
Tory Sport store in New York City. ponte blazer with a white, hooded, Snyder is opening its first U.S.
It is the first permanent retail out- zipped-in nylon dickey? Probably store this fall in New York, with a
post for a fledgling brand in the no. But when you are in the store, tailor shop and a whiskey bar.
world of athleisure, the fast-grow- can you imagine throwing it over a “The major statement and pur-
ing, still-confusing mode of dress- sleeveless white piqué tunic dress pose is to make the announcement:
ing that has overtaken the apparel ($225) after a tennis match? Or ‘This is who I am, this is my
industry. pairing it with cropped flared brand,’ ” says Arnold Aronson,
At Tory Sport, tennis dresses pants ($185) for a business lunch? managing director, retail strategies,
and sports bras hang alongside Somehow, yes. at Kurt Salmon and former chief
wide-leg sweatpants With just one or two sizes of executive of Saks Fifth Avenue.
#THIS and knit midi skirts. most styles on display, the Tory Many designers see their own
BENJAMIN HOSTE FOR THE WALL STREET JOURNAL
Ms. Burch stretched Sport store isn’t meant to be stores as a direct line to the con-
the knee of a pair of shopped the way mass-market sumer, more controlled (if also
yoga leggings to show the thick- flagship stores are. Those behe- more costly) than selling through
ness of the fabric. She turned a moths, chock full of product, have crowded department stores. It
running jacket inside out to reveal a stack-’em-high-and-watch-’em-fly isn’t an either-or situation, Mr.
its seamless construction. She approach. (A Tory Sport spokes- Aronson notes. Tory Sport also be-
stroked the sleeve of a cashmere woman says the store carries the gan selling at select Barneys New
sweater with “Coolmax” fibers, de- full size range.) York stores this week.
signed to wick moisture and be Instead, a designer store is a Ms. Burch’s persona and repu-
cool to the touch. place to immerse and entertain tation will draw in shoppers; in re-
It was the kind of hands-on ex- shoppers in the fictitious, tightly turn, she will get direct feedback
perience that even the sleekest controlled world the brand creates. from them. “It’s an opportunity for
website can’t reproduce. “People It’s a chance to show and explain [Ms. Burch] to get a pure unadul-
are still tactile. They want to feel The designer, at the new Tory Sport store in New York City. all that a brand stands for—and to terated, unvarnished reaction to
the product,” says Ms. Burch, the seduce a shopper into buying what she’s doing,” Mr. Aronson
designer, chairman and co-CEO at tion) since last fall. The big new come. something. says.
Tory Burch LLC. store, which opened March 18 on Stores are changing, Ms. Burch Such stores are an effective Both Ms. Burch and Roger
Tory Sport has been available Fifth Avenue, is a significant in- says. Their purpose is to engage form of advertising. They are a Farah, Ms. Burch’s co-chief execu-
online and at a single small store vestment for the brand and a po- customers and to build a commu- good way to introduce customers tive, insist the Tory Sport store re-
(the brand calls it a “pop up” loca- tential launching pad for stores to nity. They also can be a place to a new fashion concept, says Please see STORE page D2
D2 | Wednesday, March 23, 2016 THE WALL STREET JOURNAL.
HOME & DIGITAL
Do Children Learn When Flat Stanley Travels Abroad?

BY GINANNE BROWNELL MITIC often a report compiled by the per-
son who took Flat Stanley around,
London unless the parents (like Luciano’s
I sent Flat Stanley packing. He mother) insist that the children do
left, back to the American Midwest the research at home.
in a puffy envelope filled with pho- My Detroit Flat Stanley traveled
tos from his travels plus a few sou- with me to Kosovo (I have a photo
venirs. He’s had a great time of him I took with a customs’ offi-
abroad—while in Ethiopia he saw cer at Pristina’s airport). Chicago
the ancient capital of Aksum and Flat Stanley trooped around Lon-
hung out with some shepherd boys don with me, dining on eggs Bene-
in the Simien Mountains. In Poland dict in an upmarket Chelsea eatery,
he took a train from Warsaw to riding the Tube, and even being
Poznan and sat in on an interview run over by a double-decker red
with the country’s most renowned bus. I also took Chicago Flat Stan-
modern art collector. He even did a ley to Paris, and I tried to get my
bit of sightseeing in London, where hand out of the way when I took a
I live—getting to sit in the right- picture of him in the Place
side driver’s seat of my car and Vendôme.
riding in a black London taxi. It isn’t easy to take a photo of a
And his clingy presence filled paper boy when the wind is blow-
me with low-level animosity during up dust in Ethiopia, or to have
ing his entire stay. a hotel doorman in Warsaw hold
EXPAT As an expat, I am up Flat Stanley for a photo on Kra-
GINANNE BROWNELL MITIC (2)

prime material to be kowskie Przedmiescie, one of the
a Flat Stanley chaper- city’s most famous streets, when it
one. This is my third Flat Stanley is raining heavily.
and hopefully my last. Flat Stanley could be used bet-
Flat Stanley was originally a ter to create connections, either in
book written by Jeff Brown in other classrooms or to have chil-
1964. A schoolteacher in Ontario in dren find other children to connect
1994 started the Flat Stanley Proj- with on the project. To have adults
ect, with the conceit being that One Flat Stanley from Chicago traveled to Paris, above left. Another Flat Stanley went to Ethiopia, where he was do it seems to miss the whole
students would send Flat Stanleys photographed with some shepherd boys in the Simien Mountains. point. I think Flat Stanley needs to
(each child decorates and personal- find friends his own age. Though,
izes one) to other schools, creating given to children (actually to their The first Flat Stanley came to needed to be sent back and where of course, if I am asked to do it
a pen-pal situation for kids. That is parents and their parents’ friends), me from the daughter of a college ideally I would take him. But this again, I probably will.
something I am all on board for. where they send it to a person who friend in suburban Detroit. My sec- most recent one came with only a
Somehow, however, Flat Stanley lives far away—and preferably ond Flat Stanley came to me from copied form letter from the Read more articles for life overseas
has morphed from serving as an someone like an expat who travels first-grader Luciano in suburban teacher. and global nomads everywhere at
exchange between children. Now a lot. Some expat friends now re- Chicago, who handwrote a nice ex- Children report to their class http://blogs.wsj.com/expat
he seems to be an assignment fuse to do them anymore. planatory note of when Stanley Jr. where Flat Stanley has been; this is
LEAH LATELLA/THE WALL STREET JOURNAL (2)
Crunch gym member Rashanna Fort, left, participates in a class called Antigravity Cocooning in New York City. In it, members swaddle themselves in sling-style hammocks suspended from the ceiling.
MEDITATE
StrengthFarm, a Portland, Ore., ness.” Common thoughts that sur- in Scottsdale, Ariz., used to offer covers the head and upper legs,
gym that offers CrossFit and face while people exercise—that one-on-one guided meditation ses- leaving the lower legs exposed but
sports-training workouts, has they are fat or weak, for in- sions in a soundproof room for giving the person inside a feeling
twice-monthly 90-minute mindful- stance—can hurt progress, he says. $20. After about eight months, the of privacy.
Continued from the prior page ness sessions in its industrial-style The mindfulness sessions, typi- gym dropped the option due to Frank Napolitano, 24 Hour Fit-
In April, luxury gym chain Equi- space. They are led by Richard Go- cally done sitting or lying down, lack of demand. Most of the gym’s ness president, has talked to So-
nox launches HeadStrong, a condi- erling, a Hillsboro, Ore., police are “actually pretty exhausting members like to get in their work- madome about placing units at
tioning class that invites members lieutenant who completed a year- mentally,” says Hannah Slater, a outs and go, manager Melissa some of its gyms. He’s intrigued by
to “start training our brains the long facilitator training at UCLA’s 25-year-old jewelry buyer’s assis- Hevner says. devices that aid meditation, be-
way we train our hearts, lungs and Mindful Awareness Research Cen- tant who joined StrengthFarm pri- But many see meditation as a cause gyms often have tight space
muscles.” The fourth and final porter. marily for workouts that include part of gyms’ future. The 24 Hour and plenty of noise.
tion of the 60-minute class is Mr. Goerling says the goal of pull-ups and Olympic weightlifting. Fitness chain is talking to a com- “I can meditate in a subway
called reboot. It includes targeted the class is “teaching awareness “But when you’re done, it’s very pany called Somadome that makes car,” he says. “So I think some
breathing techniques done lying and self-compassion as two basic refreshing.” pods that use sound and light to people can [meditate anywhere],
down, according to Michael Ger- tools to help people perform bet- Meditation isn’t right for every help people meditate. They consist with a lot of practice. But the ma-
vais, one of the class creators. ter in their quest for physical fit- gym. An Anytime Fitness location of a seat with a small dome that jority of people can’t.”
STORE
Continued from the prior page

mains very much about
P DCASTS sales, though. “We’ve built
the store to make money,”
BENJAMIN HOSTE FOR THE WALL STREET JOURNAL (2)
Mr. Farah says.

“We definitely want it to
ENHANCE YOUR be profitable but we also

want the experience to be
one that people really like
COCKTAIL CHATTER and get to know,” Ms. Burch
says.
U.S. sales of sports-in-
spired, performance and out-
door apparel reached $67.4
billion last year, according to
market research firm Eu-
romonitor, which projects
sales will top $82 billion by
2020. Above, items in the Tory Sport line include, from left, a $325
No wonder Tory Burch, tennis sweater and a $395 laser-cut tennis skirt, and a $395
like so many brands, is bet- tennis tote; at left, a swimwear display in the store.
ting big on athleisure. (Ms.
Burch and her team don’t from Lululemon, Nike and store’s rear section is etched
use the term, instead calling Athleta. The shiny-orange with a diamond pattern,
the in-between apparel lacquer that is a hallmark of much like a net. “Every sport
“Coming and Going.”) Late the Tory Burch brand has has nets,” says Renée Viola,
last year, Tory Burch laid off been recast as bright white vice president of global store
about 100 employees, or for Tory Sport. design.
roughly 3% of its workforce. But that’s where the simi- Silver beams suspended
Mr. Farah says the company larities end. The Tory Sport from the ceiling are mobile
shifted resources to its digi- store evokes a kind of lodge displays for hanging clothes.
tal team and to Tory Sport. where Scandinavian ski Four Jean Royére chairs and
“It’s a very high priority,” he meets ’70s surf, Ms. Burch wooden ottomans can be
Join Speakeasy host Christopher Farley for the latest says of the new brand. says. The original Tory moved out to clear space for
in arts and entertainment, plus illuminating interviews Tory Sport appeals to the Burch stores, in contrast, a yoga class.
with marquee guests. Tory Burch customer and were inspired by the de- Ms. Burch’s decade in re-
also to a younger shopper, Tory Burch brand; the re- signer’s own Upper East Side tailing shows: Everything in
Ms. Burch says. Price points maining 60% are new cus- home. the new Tory Sport store is
Listen now and discover more at WSJ.com/podcasts range from $25 for a knit tomers, Mr. Farah says. Blue lines along the floor mobile and entirely inter-
wristband set to $495 for a With 3,900 square feet of in the front of the store are changeable—unlike the per-
laser-cut tennis dress— selling space, the Tory Sport meant to evoke lap lanes in a manent, heavy fixtures of
slightly lower than the Tory store is situated in the Flat- swimming pool. Leather rail- her first stores. “Our visual
Burch line. Around 40% of iron neighborhood, the hub ings mimic the handle of a team is over the moon. They
Tory Sport shoppers online of athleisure retailing in New tennis racket. Nickel-plated can move anything they
are crossing over from the York City, near big stores trim in the entryway to the want,” Ms. Burch says.
THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | D3
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A French Stand-Up Star Takes On New York City

BY POLYA LESOVA Mr. Elmaleh also speaks Moroccan
Arabic and Hebrew, reflecting his Jew-
The other day Gad Elmaleh was ish upbringing in Casablanca. He has
overwhelmed. He had just met a super- appeared in numerous French movies
fan who had flown from London to (such as “Priceless,” opposite Audrey
New York to see his stand-up comedy Tautou) and a few American ones (in-
show at Joe’s Pub. The enormity of the cluding a small part in Woody Allen’s
gesture had struck a chord with the “Midnight in Paris”). But stand-up com-
Moroccan-French comedian. Later that edy comes first: “I get a little bored on
JESSICA EARNSHAW FOR THE WALL STREET JOURNAL (2); JON ASHER (LOWER RIGHT)
day, he posted a selfie with the fan on a movie set,” he says.

his Twitter account, where he has 5.48 Mr. Elmaleh is often on the road.
million followers, writing: “I am so He has started taking melatonin when
touched.” he arrives at a destination to help
Mr. Elmaleh is very popular in Eu- with jet lag. He isn’t a big reader, but
rope, especially always has books with him, such as
WHAT’S IN France, where he has Steve Martin’s memoir “Born Standing
YOUR BAG? sold out big arenas. Up: A Comic’s Life” or “Outline of a
In recent months, the Theory of Practice,” a sociology book
44-year-old has by Pierre Bourdieu, a French intellec-
moved to Manhattan’s Tribeca neigh- tual. “I think stand-up comedy is a
borhood and embraced the anonymity kind of sociology.”
that comes with building a name in a In his black Dior bag, he brings
foreign country and a foreign language. headphones so he can listen to jazz
He debuted his first all-English show in and National Public Radio. He writes
an initial 10-night run at Joe’s Pub in ideas for his shows in notebooks cre-
2015 and he is now halfway through a ated by French designer Sarah Lavoine:
six-month residency there. Mr. Elmaleh “It’s very chic. This is where I work so I
will embark on his first North American want it to be nice.”
theater tour in late August, hitting Chi- He packs very few clothes, mostly
cago, Seattle and Vancouver, British black. He usually wears jeans and a
Columbia, among others. black T-shirt. “I like simple because my
“I love every minute I’m here,” he brain is constantly working. I don’t
says about New York. “I have a very Across the Ocean want my brain wasting time for cloth-
normal life and this is really interesting Gad Elmaleh, a Moroccan-French comedian, in front of New York’s Joe’s Pub, above, where he is performing an English- ing.” He carries a baseball cap from
for my work. It brings me back down language stand-up show during a residency, below right. Among the items he packs, below left, are an amethyst from his San Francisco and several pairs of Per-
to earth. I can write. I’m not the center older son and a painting by his younger son. ‘It’s a little, how do you say that, a little porte-bonheur, it brings you luck?’ sol sunglasses.
of attention except when I go on The comedian says he is a little su-
stage.” perstitious, so he carries good-luck
For the English-language project, charms from his two sons, ages 15 and
called “Oh My Gad,” he wanted to im- 2. One is an amethyst his older son
merse himself in New York and Ameri- brought him from a school trip when
can life. To improve his English skills, he was 5, and another is a colorful
he works with a language teacher and painting from his younger son. Mr. El-
a dialect coach. maleh also says a prayer before a per-
In his show, Mr. Elmaleh finds hu- formance or a flight to have a success-
mor in the mundane—from ordering an ful show and a safe trip.
Uber to deciphering the meaning of While growing up in Morocco, Mr.
emojis in text messages. He also revels Elmaleh remembers his parents had
in sharing his perspective on some some difficult times. His father worked
American concepts, such as spouses as a salesman and an amateur mime.
going on a date night (like winning the To this day Mr. Elmaleh says he can’t
jackpot when you own the casino, he leave his apartment without cash on
says) or having friends with benefits him.
(in France, they just call them friends). “I think it’s a little trauma from my
His goal is to have a great stand-up childhood,” he says. “I got into so many
show in English: “This is why I’m doing situations when I needed money and I
that project—I want to be excited. I got stuck. $50 is not going to save you
want to start over.” from anything, but it’s like a symbol.”
CONFERENCE
Some of the richest takeaways from a
conference can be difficult to quantify. Work and Family Mailbox | Columnist Sue
“Sometimes you get inspiration and energy
just from being around smart people with Shellenbarger answers readers’ questions
Continued from page D1 good ideas. That energy is infectious,” says
Conf, a marketing conference in Philadelphia
next month, would provide the information
they needed.
Adam Justice, a vice president of Grid Con-
nect, a Naperville, Ill., maker of industrial
sensors.
Q: Now that so many re-
cords are accessible on-
line, what’s the best way to do
form on the cloud, or multiple
servers accessible over the Inter-
net. Create strong passwords
becoming too big a chore, Ms.
Duffy suggests breaking it into
small chunks, such as 15 min-
They waited until their boss, chief execu- Listening to a panel discussion at a con- a giant document purge at and opt for two-step verification utes a week.
tive officer Mark Stevens, was in a good ference several years ago, Mr. Justice says, home without losing hard copies for any cloud-storage service Avoid storing sensitive docu-
mood, laughing and joking with colleagues. he started jotting down possible names for a of the things we actually want you choose, such as Google ments in the cloud, such as So-
Then they hustled him into a conference new product line and came up with one the to keep, such as tax filings? Drive, Dropbox, Microsoft One- cial Security cards, passports and
room and pitched him as if he were a client, company is still using today. —A.T. Drive or Apple iCloud Drive. birth and death certificates. Back
screening an interactive slide presentation Opening your wallet to share the cost can It’s OK to store tax filings in them up in two places, such as
they’d titled “The Road to Philadelphia.” The
conference would pay for itself, they
claimed, if attending enabled them to keep
help persuade an employer. Kevin Stanton,
senior strategist at Phear Creative, a New
York creative-content agency, knew his
A: Start by shredding doc-
uments that are also
available online, such as bank
digital form only, the IRS says,
although many people keep pa-
per copies, too.
on a disc, external hard drive or
flash drive, and then wrap the
documents in plastic and store
just one client one month longer. bosses could look askance at a request to at- and credit-card statements and Rather than spending time them in a safe or safe-deposit
Pleased that his employees were taking tend an Internet-media conference in Barce- utility bills. Other records you creating a complicated online file box. Other paper items to keep
the initiative to learn new strategies, says lona just six months after he had been hired. want to keep, such as old con- system, consider simply ar- in both paper and digital form in-
Mr. Stevens, he agreed to the plan. “Wow,” chief executive officer Elliott tracts, correspondence, purchase chiving old documents by year, clude wills, diplomas, deeds, ti-
Employees are more likely to get a green Phear says he asked when he heard Mr. and sale records, important re- says Jill Duffy, author of “Get tles, licenses and trust and re-
light if they present proposals promising to Stanton’s request. “There are a lot of confer- ceipts and project notes, can be Organized” and ProductivityRe- tirement-plan documents.
look for ways to increase sales or revenue, ences in the U.S. Why Barcelona?” scanned and stored on an exter- port.org, a website on productiv-
cut costs or make valuable new contacts, Mr. Stanton presented a one-page pitch nal hard drive or flash drive, ity research and strategies. To Email
says Megan Tanel, a senior vice president of itemizing the costs and summarizing the po- then backed up in encrypted keep scanning your archive from sue.shellenbarger@wsj.com
the Association of Equipment Manufactur- tential benefits, including learning about In-
ers, a Milwaukee trade group. Many conven- ternet marketing in cities outside the U.S.
tion websites offer “attendance justification” He also offered to cover his $800 hotel bill ADVERTISEMENT
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D4 | Wednesday, March 23, 2016 THE WALL STREET JOURNAL.
CARS
A Rock Star’s Lasting Loves Date to His First Hit

Jim Peterik, 65, Grammy winning
singer/songwriter from Burr Ridge, Ill.,
who co-wrote the Rocky III theme song
“Eye of the Tiger,” on his pair of old
Chevys, as told to A.J. Baime.
In high school, I co-founded a band
called The Ides of March. We did it be-
cause we loved music, not because we
thought we’d be successful. At the time, I
was madly in love with this
MY RIDE girl named Karen. I had a
souped-up 1964 Plymouth Val-
iant, and she was always ask-
ing for rides. I drove her to modeling
school every week. I was hoping flames
would ignite—but they didn’t.
I came home one day, dejected, and
thought: all I am is her vehicle. And I
thought: Wow! Vehicle! I came up with
this song, taught it to the band, and the
next thing I knew, we were recording in a
CBS studio. The song—called “Vehicle”—
KATRINA WITTKAMP FOR THE WALL STREET JOURNAL (3)
became a world-wide hit in 1970. “I’m

your vehicle baby/I’ll take you anywhere
you wanna go!”
So who starts calling? Karen. I often
joke: If you want to get a girl, write a hit
song. I’m still married to her—43 years
now. And I’m still her vehicle.
As a kid, I always loved cars, and at
age 5, I used to sit on the corner in my
hometown watching them go by. The 1955
Chevy Bel Air was my favorite. Once in a
while I’d see a red and cream one, and I
just wanted that car. The other car I loved
was the Corvette.
After success in music [Mr. Peterik has
worked with bands such as Survivor, Jim Peterik, Grammy winning singer/songwriter, with his wife of 43 years Karen Peterik, and their 1955 Chevy Bel Air convertible. Mr. Peterik wrote a
Sammy Hagar and 38 Special], I could fi- 1970 hit single about driving his wife around (before they were married), called ‘Vehicle.’ Below left, with the 1958 Corvette. Below right, the Bel Air.
nally afford these cars. I found a 1955
Chevy in the color scheme I love—red and
cream—in 2007. Two years later, I was at
a Corvette show when I saw a 1958 ‘Vette
being rolled off a trailer, in the same color
scheme. Before it hit the ground, I pointed
and said, “That one!”
Now I’m the proud owner of two mint
condition cars. The romance of driving
these cars—it’s like driving a time ma-
chine into a simpler era. When Karen and
I go cruising, I just chuckle. These are the
cars I always pictured her in, almost 50
years ago.
Contact A.J. Baime at

Facebook.com/ajbaime.
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THE WALL STREET JOURNAL. Wednesday, March 23, 2016 | D5
ARTS IN REVIEW
ART
A Mold in Which to Cast a New Orthodoxy molds and models, ultimately ately: “In 1933, these statues not allow for the artist’s imagi- “anthropologists found” they Malvina Hoffman’s sculptures
Looking at Ourselves: creating 104 bronze sculptures showed non-European peoples nation and is astonishing for spend “only 2.5 days a week of a Tamil man climbing a tree
Rethinking the for a new hall to be called “The as ‘others,’ dividing humanity its lack of evidence. working. They lead rich social (left.) and a Pueblo woman
Sculptures of Malvina Races of Mankind.” Out of that into ‘us and them.’” They were In another sculpture, “prim- lives, telling stories and creat- (right).
Hoffman collection, some 50 have now used “to support racism”—a itiveness” really does appear in ing art in their free time”—a
The Field Museum been selected by the curator point the film drives home with the shape of a large knife held finding tossed in here without Even descriptions of the
Through Jan. 1, 2017 Alaka Wali and painstakingly images of neo-Nazis and the Ku by a Samoan. The text insists considering either its rele- Field’s original exhibition need
restored. Here are two kneel- Klux Klan. That is that Hoffman imposed the vance, or argu- qualification. We are told that
BY EDWARD ROTHSTEIN ing Indonesian men, looking as why these primitivism, since the man ac- two scientists “wanted the
fierce as the birds they hold in sculptures were tually was a dancer and sculptures to be arranged to
M
Chicago place for a cockfight. A Tamil put into storage the knife “was used as a show human progress—with
any natural history man from southeast India in 1969 and have baton in the dance.” the white race as its pinna-
museums, when they shimmies up a only now been But, in her memoir cle”—a strange phrasing be-
came into being in the palm to tap brought out and Hoffman notes that cause, in fact, they may have
latter part of the 19th century, its sap for restored to dem- the man was hold- “wanted” it, but this did not
had a clear mission: They were making onstrate how ing his “ancestral happen. Early racialist plans
secular temples devoted to wine. A they were once war knife, which and eugenic arguments were
Western science and civiliza- used to support had a big hook at actually sidelined from the
tion. Their displays demon- racist thought. the end, with sculpture exhibition and ap-
strated a mastery of the nat- Accompanying notches to represent peared, greatly modified, in
ural world, and another photographs of re- the number of heads subsidiary displays. Photo-
kind of mastery over cul- cent Black Lives cut off.” His father, graphs show formal galleries
tures deemed closer to Matters demon- she says, may have meant to inspire apprecia-
that world than ours. strations are meant added a few more tion and wonder, not to de-
And if Homo sapi- to suggest the need notches to the heir- lineate racial hierarchies.
ens was the pin- for continuing vigi- loom. In this “war Moreover, in the preface
nacle of evolu- lance. dance,” then, it was to the 1933 booklet pub-
t i o n a r y Or so we are told. clearly more than just lished in conjunction with
progress, But that is not what an ordinary baton. the exhibition, Berthold
Western we see in these Other sculptures be- Laufer, a curator in
man was sculptures at all. De- come pretexts for political the department of an-
the cul- spite the project’s messages; a poised, sen- thropology, explicitly
tural—and initial motivations, suous portrait of a dismisses hierarchical
for some, ra- over and over, Hoff- Pueblo woman, for ex- schemes. “The behav-
cial—pinnacle man gives us the ample, inspires a re- ior of a nation,” he
of human progress. A few sense that we are minder that the writes, “is not deter-
decades into the 20th century, central looking not at racial Pueblo refused to be mined by its biological
these last ideas began to lose African types but at individu- “pushed off” origin, but by
their appeal as Nazism took woman als with particular their land its cultural
the racial obsession of eugen- squints personalities (about and in 1680 t r a d i -
ics to its horrific limits. above two half have now been “pushed tions.” The
JOHN WEINSTEIN/THE FIELD MUSEUM (2)
This is the heritage we are enormous identified by name). back” in rebel- exhibition,
reminded of again and again in plates around There are some mis- lion. Is this commentary con- he believes, is
a new exhibition at the Field which the flesh of taken ethnic identifica- nected with the figure being ments “based on profound human
Museum, “Looking at Our- her lips has been tions, but no signs of shown? Not at all. during the past half- sympathies.”
selves: Rethinking the Sculp- stretched. racial hierarchy or con- The real caricatures, it turns century that question that as- He writes: “If the visitors to
tures of Malvina Hoffman.” It A congregation of descension or an im- out, are not from the 1930s sertion. the hall will receive the im-
is really an exhibition about an such meticulously re- posed conceptual show but from the current one. As for villainy: “Europeans pression that race prejudice is
exhibition, a return to the arti- alized and ex- grid—other than the Many complaints about older invented the concept of ‘race,’” merely the outcome of igno-
facts of another era in order to pressive figures one being created by museum orthodoxies are justi- we read, “as a way to catego- rance and will leave it with
remind us of earlier the current exhibition. fied, but here a new one has rize people based on their their sympathy for mankind
distortions and ar- That new grid is taken hold. The exhibition is physical differences.” But it is deepened and strengthened
gue for their per- extraordinarily shaped by an anthropological hardly a singular invention. It and with their interest in the
sistent, perni- rigid. It consistently romance now several decades is impossible to read any liter- study of mankind stimulated
cious effects. questions the old, in which world villainy has ature, ancient or modern, that and intensified, our efforts will
Uninten- sculptures’ strate- does not categorize peoples by not have been futile and will
tionally, the gies and virtues. In their physical differences and have fulfilled their purpose.”
new exhibition a lovely full-body An exhibition that connect appearances to behav- In fact, the 1933 hall may
also does some- sculpture, for ex- goes out of its way to ior. Blame, though, is being have marked the weakening of
thing quite different: It lets us was originally meant to be a ample, a young African woman, fixed: “Where did Nazis get a museum orthodoxy even as
see a new orthodoxy at work. catalog of human races. The sometimes called a “dancer,” is find racism where their ideas from?” the text eugenics was being champi-
The focus of attention is a anthropologist Sir Arthur caught midpose, making a gra- none exists. asks. We find out: “Eugenics oned by the Nazis. The current
remarkable collection of sculp- Keith, one of the museum’s ad- cious offering with an ex- programs flourished in the U.S. exhibition, on the other hand,
tures by Malvina Hoffman visers, wanted to use the stat- tended hand. The exhibition before they were adopted by enshrines a new racialist ideol-
(1887-1966), who had studied ues “to show that human phys- objects; the original source is a the Nazis.” That is true—as it ogy in which the world is re-
with Rodin and who, during ical and behavioral differences photo of a woman gesturing a singular source while un- is true of many other countries mapped with formulaic rigid-
the early 1930s, received from were caused by evolution” and mid-conversation. She became spoiled non-Western cultures in an era when eugenics was ity. Someday, perhaps, the
the Field perhaps the most un- could be assessed by measur- known as a dancer (the text as- possess a kind of sanctity. widely celebrated. The Ameri- Field might mount an exhibi-
usual commission given a ing “skull size, skin color, lip serts) only because Hoffman Don’t condescend to the can embrace was influential, tion about that.
sculptor in recent centuries. and nose shape, and hair tex- was indulging in a racial cari- hunter-gatherers, we are but the approach here restricts
She would travel the world, ture.” A film in the new exhibi- cature of African “primitive” warned regarding the sculp- perspective rather than ex- Mr. Rothstein is the Jour-
bringing back photographs, tion puts it less dispassion- dance—an assertion that does tures of southern African San: panding it. nal’s Critic at Large.
PHOTOGRAPHY
How We See a Conflicted Space cause it was the site of Yit- educational, health and em-
This Place zhak Rabin’s assassination. ployment opportunities in the
Brooklyn Museum The housing project to the region.
Through June 5 right of his “Har Homa, East Mr. Brenner, in that same
Jerusalem” (2009) is dramati- interview in the Jewish Week,
BY WILLIAM MEYERS cally situated, but the real said, “I came to feel that only
drama is the back story that through the language of art-
F
Brooklyn, N.Y. concerns the right of Israelis ists could we hope to create
rédéric Brenner has a to build there. an encounter
talent for raising money. Mr. Koud- that truly re-
Mr. Brenner (French, b. elka calls the The result of a dozen flected the
1959), a photographer known wall Israel photographers complexity of
for his documentation of Jews built to pro- the place,
in many lands, raised $6 mil- tect itself exploring Israel and with all its
lion for a project that sent from the sui- the West Bank. rifts and para-
him and 11 other photogra- cide bombings doxes.” This is
phers to Israel and the West of the second the hyperbole
JUNGJIN LEE
Bank. The members of this di- intifada “a of fundraising,

verse and distinguished group crime against the landscape,” Mr. Brenner’s strong suit. The
were given free rein to shoot and his extensive documenta- parties to the conflict in Israel
whatever interested them, and Above: Jungjin Lee’s ‘Unnamed tion makes clear how ugly it and the West Bank will not be
574 of the resulting images Road 003’ (2010); right: from is. In his text, Mr. Koudelka, swayed by the language of
are on display at the Brooklyn Wendy Ewald’s ‘At Home’ one of the world’s great pho- artists. Only donors will.
Museum in “This Place,” cu- project (2012). tographers, makes an analogy
rated by Charlotte Cotton. The between Israel’s wall and the Mr. Meyers writes on pho-
works range in size from the 5 camera to record quotidian Berlin Wall—but the analogy tography for the Journal. See
3/8-by-6 7/8-inch prints of scenes, landscapes and city- is off. The latter was built to his work at www.williammey-
pictures taken under the su- scapes. “South of Zefat” (Jan- keep people prisoner, to pre- ersphotography.com.
pervision of Wendy Ewald uary 14, 2010), taken in the vent their escape; the former
(American, b. 1951) for her “At north, shows a hill whose rich for security, any country’s
Home” project to the mural- green covering is broken with first responsibility. Pepper ...
size black-and-white prints of scattered white rocks. The For “Desert Bloom,” a se-
Josef Koudelka (Czech, b. vast treeless expanse of ries of aerial views of sites as-
And Salt
1938) titled “Wall: Israeli and “Large Crater, Negev Desert” sociated with the Bedouins of THE WALL STREET JOURNAL
Palestinian Landscape (2009) has in it the remains the Negev, Fazal Sheikh
WENDY EWALD
2008-2012.” of a single vehicle. (American, b. 1965) began by

Mr. Brenner was quoted in Rosalind Fox Solomon consulting B’Tselem, the Ne-
an interview in the Jewish (American, b. 1930) has up an gev Coexistence Forum, Ac-
Week saying, “What I felt was impressive collection of black- tiveStills, Breaking the Silence
needed was not more images, and-white portraits hung in and Zochrot—far-left groups
but a new grammar and syn- salon fashion. Her subjects what seems to be a baby trees on top of a hill has what that cloak their activities in
tax.” What he got was pre- are Jews, Christians and Mus- stroller piled with laundry looks like agricultural hosing the rhetoric of human rights
cisely more images. What a lims shot in an informal set- and within reach of a bottle of running through it. In “Un- but seek to discredit Israel.
new grammar and syntax ting. There are two black men Persil. named Road 010” (2011) a slab Aerial photography requires
might be, I do not know, but it in “Bethlehem, West Bank” Jungjin Lee (Korean, b. of concrete or macadam stops interpretation to be under-
is not apparent. In spite of, or (2011) standing before a 1961) produces moody, dark abruptly; there no telling stood, and these pictures,
possibly because of, its diver- painting of a biblical scene; landscapes. Her “Unnamed what it might have been. which purport to show Israel’s
sity, “This Place” as a whole is one of them, dressed in a Road” (2011-12) is made up of In many of these projects, indifference to its Bedouin cit-
quite meaningless. white shirt, suit and tie, holds large-format, meticulously it is what is not apparent that izens and a disregard for envi-
That said, there are some a child and has a defective printed scenes in which traces is most important. Thomas ronmental concerns, actually
wonderful images. Stephen eye. The heavy-set white of human activity, but not of Struth (German, b. 1954) took document the need for the “Part of me wants to pre-
Shore (American, b. 1947), woman with a scarf wound people, create an aura of am- a rather conventionally com- plans that the government has scribe Zoloft, and part of me
known for his snapshot style, around her neck in “Tel Aviv” biguity. In “Unnamed Road posed picture of “City Hall, been trying for several years wants to chase you around
used an 8-by-10-inch view (2011) sits in a chair beside 003” (2010) a small clump of Tel Aviv” (2011) at dusk be- to implement to improve the the room.”
D6 | Wednesday, March 23, 2016 * * THE WALL STREET JOURNAL.
SPORTS
The NCAA Tournament Destroyed My Phone
Underdog winners say rest of time, wasn’t on Twitter back
then. But his phone’s battery still
deluge of calls, texts and died faster than ever before. He had
alerts cause mobiles to fail so many Facebook friend requests in
such a short space of time that he
BY BEN COHEN actually exceeded the site’s limit. “So
you couldn’t ask to be my friend
It was 11 a.m. on the day of Ar- anymore,” he said.
kansas-Little Rock’s first game in the Then there were the text mes-
NCAA tournament when Chris Beard sages. It turns out hitting one of the
disconnected from the outside world most iconic shots in the history of
by turning off his phone. It was 8 college basketball is all it takes to
p.m. when the coach turned his hear from people who you haven’t
phone back on and discovered that spoken with in years. “Even people I
the entire outside world was trying didn’t really like,” he said.
to get in touch with him. Farokhmanesh tried to respond to
What happened in between was everyone who texted, but it was im-
that No. 12-seeded Little Rock had possible to type back when his phone
pulled off an improbable upset of was shaking. “My mom and my girl-
No. 5 Purdue in double overtime af- friend at the time got mad at me,” he
ter a series of increasingly audacious said, “because I didn’t respond to
shots that made Beard’s team the their text messages right away.”
darling of the Big Dance—at least for Farokhmanesh actually had it eas-
a day. Beard suddenly had hundreds ier than other players. His shot came
of people reaching out to him at al- in the second round, so he had al-
most exactly the same time. There most a week before his next game,
was just one problem: He couldn’t instead of the one day off between
respond to any of them. first- and second-round games or the
“My phone had completely Syracuse’s Trevor Cooney Sweet 16 and Elite Eight this week.
blown up,” he said. “I mean, like, checks his phone in the For some reason, though, the
just destroyed.” locker room. NCAA tournament doesn’t allow the
The NCAA tournament is where proper time for players to respond to
CHARLIE RIEDEL/ASSOCIATED PRESS
college basketball’s legends are their hundreds of text messages,
born—and where their phones die. fancy paperweights. the messages coming their way. It’s school history. Yale coach James which can be distracting as teams try
The tournament makes people very After his team’s upset win, Beard like dipping into a plunge pool only Jones had more, and Middle Tennes- to prepare for their next opponent.
famous, very fast for a very short checked his phone and noticed to be swept away by a tsunami. see’s players had even more. They New York Knicks forward Kyle
amount of time. Their phones often something unusual. He didn’t have “Our phones were buzzing non- reported 500 text messages—which O’Quinn, a key player on the No. 15-
can’t keep up with the attention. any texts or calls. stop,” said Middle Tennessee State is a lot even for teenagers. seeded Norfolk State team that beat
Apple didn’t respond to a request “I have no idea who contacted guard Jaqawn Raymond after his Most of them were congratulatory. Missouri in 2012, admitted then that
for comment, but a representative me,” he said. “So if any of my team’s monumental upset of No. 2 But some were from people who he was up later than usual that night
for Best Buy’s technical support divi- friends or recruits are out there: I’m seed Michigan State. were rooting against them. They had and earlier than usual the next morn-
sion, Geek Squad, said a flood of not getting a big head; I’m not turn- This doesn’t happen in the NBA. picked Michigan State to win the na- ing. “It was tough going to bed, but
messages and alerts can overload ing into somebody else. My phone’s It doesn’t even happen to others in tional championship. “A lot of people when I fell asleep I was out cold,” he
even the newest smartphones and not working. But I hope that you’ll the NCAA tournament. Players on were mad,” said Reggie Upshaw Jr. said. “Text messages woke me up.”
cause them to freeze up. text me again so I can thank you.” top-seeded teams are used to being “We messed everybody’s bracket up.” It turns out this type of phone
The technological paralysis was For basketball players in college on national television, and Duke or It didn’t used to be this way. Only trouble is a good problem. Under-
more prevalent than ever this year and the NBA, what makes this even North Carolina winning in the first recently have smart phones and so- dogs can use their phones normally
with a record 10 upsets involving worse is that their phones are more round doesn’t warrant the same re- cial media turned March’s stars into again as soon as their run at the
double-digit seeds in the first round important than certain body parts. sponse as a half-court bank shot basketball’s version of viral phenom- tournament comes to an end. Or at
of the tournament. Many of the play- (Wisdom teeth, for example, still from Northern Iowa. ena. And few people on the planet least that’s usually the case. Little
ers and coaches on those teams were can’t Snapchat.) Every postgame So the stars of smaller schools re- know the feeling of NCAA tourna- Rock lost in the second round Satur-
essentially anonymous when they locker room scene looks more or less turn to their locker room and soon ment fame like Ali Farokhmanesh. day, but Beard’s phone is still on the
woke up. Then, at the exact moment the same: tall men in sweats staring learn that their phones are almost Farokhmanesh, the former North- fritz, said a representative for the
that more people than ever wanted at their phones. But that becomes all unusable. Yale forward Justin Sears’s ern Iowa guard whose dagger that coach. He’s working with his net-
to contact them, they found their but impossible after a crazy NCAA phone showed nearly 300 texts after eliminated No. 1 seed Kansas in 2010 work carrier to recover any texts he
phones were nothing more than tournament outcome because of all the first NCAA tournament win in will be shown every March for the might have missed.
In Havana, Nine Carefully Staged Innings

Havana cret the island game is hurting. Rays ace Chris Archer didn’t fully
Several seats away from the aisle A mass exodus of star players to understand how much baseball mat-
where President Barack Obama stood MLB has decimated Cuba’s domestic tered here until fans gave him a hard
Tuesday, Derek Jeter was looking winter league. And since players who time about the fact that he wasn’t
sheepish. The retired New York Yan- defect are not allowed to represent scheduled to pitch in the game. “They
kees captain had tried to play it cool, Cuba in international competition, there were mad,” he said. “It was hard for
avoiding the crush of people jostling isn’t much of a national team left. Add me to explain that it was just based
for a presidential hand- to that the fact that young Cubans are on my spring training schedule.”
shake. But Obama spot- increasingly shifting their focus to soc- Three and a half hours before the
ted him anyway, waved cer, and baseball has its share of chal- first pitch, thousands of fans flooded
him over and patted him lenges here. But the passion Tuesday’s the streets around the stadium. As
on the back. game stirred in the hours, days and Rays hitters stepped in and out of a
There were scenes weeks leading up to it was a vivid re- batting cage built just for this game
BRIAN like this one in abun- minder why Cuba matters to MLB. outside the ballpark, dozens of fans
COSTA dance at Estadio Latino- “The pride that Cubans take in any- gathered to watch.
americano on Tuesday, thing they are responsible for is really There is nothing unusual about
where the Tampa Bay striking,” MLB commissioner Rob Man- players taking a few practice swings,
Rays defeated the Cuban national team, fred said. “That sense of pride is impor- but through every pregame routine,
4-1, as baseball and diplomacy collided. tant to appreciate as we move forward.” fans were riveted. Inside the stadium,
Before the first pitch, Cuban players Murray Cook, MLB’s international fans watched intently as Rays pitch-
doffed their caps to Cuban president field guru, spent the past five weeks ers played catch in left field, and
Raul Castro. Rays players lined up to overseeing massive upgrades to the roared when a ball was thrown into
AL DIAZ/TNS/ZUMA PRESS
shake hands with Obama through the 70-year-old stadium. The league im- the stands.
protective net behind home plate. Jeter, ported 60 tons of clay to remake the Even Cuban players seemed trans-
clad in a tee shirt and sunglasses, was infield, which previously resembled “a fixed by the scene. Instead of returning
MLB’s most visible ambassador, chat- box of rocks,” Cook said. to their locker room after batting prac-
ting frequently with Obama. The entire field was re-sodded. tice, they lined the dugout and
For the league, it was more than a Since Cuba lacks modern field mainte- watched as the Rays hit. When the
chance to position itself at the epicen- nance equipment, the dirt around the Rays trotted off the field, the Cubans
ter of a historic presidential visit. This warning track had to be spread by returned for infield practice, a rarity for Dayron Varona, right, is greeted by Cuba’s Frank Camilo Morejon Reyes.
was a day that reaffirmed what base- hand. The infield grass was planted by MLB teams and a sign of how seri-
ball means to Cuba—and what Cuba hand. It took hundreds of local workers ously Cuba took the game. The noise game. When Rays outfielder and Cuban James Loney’s two-run home run in
means to baseball. to get it all done. was earsplitting as fans clad in red ser- defector Dayron Varona stepped to the the fourth inning, they walked to the
The first game involving an MLB “I’ve never worked with people who enaded them with chants of “Cuba!” plate in the first inning, he was met middle of the infield and traded jerseys
team in Cuba since 1999 was a bit of a had more passion,” Cook said. “If we There was an element of stagecraft with only tepid applause. But genuine with the Cubans. Rays manager Kevin
dud, quieting the ballpark as afternoon had to move a pile of sand, it was like, to it all, since the Cuban government moments abounded. Cash said, “We won’t experience any-
turned to early evening. And it’s no se- ‘Let’s go, let’s get it.’” controlled ticket distribution for the After the Rays won, propelled by thing like this again.”
Break OUT c
RORY MCILROY - N. IRELAND
c THE
BRACK ETS
DEFENDING CHAMPION
d IN AUSTIN
JORDAN SPIETH JUSTIN ROSE
USA ENGLAND
TODAY Continues Thursday - Sunday
JASON DAY DUSTIN JOHNSON

AUSTRALIA Wed - Fri 11:00 AM Wed - Fri 2:00 PM Sat 2:00 PM USA
Sat - Sun 10:00 AM Sun 3:00 PM

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