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Jordan Spieth’s
Clues to Solving World Tour
A Medical Mystery
PERSONAL
PERSONAL JOURNAL
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D1 SPORTS | D6
* * * * * * TUESDAY, JANUARY 5, 2016 ~ VOL. CCLXVII NO. 3 WSJ.com HHHH $3.00
DJIA 17148.94 g 276.09 1.6% NASDAQ 4903.09 g 2.1% STOXX 600 356.66 g 2.5% 10-YR. TREAS. À 8/32 , yield 2.245% OIL $36.76 g $0.28 GOLD $1,075.10 À $14.80 EURO $1.0832 YEN 119.45
What’s Markets Begin Year With a Thud

News Concern about China’s
economy sparks global
clined for a 10th consecutive
month in December. China’s cur-
rency, the yuan, pulled back and
the open.
What concerns U.S. investors
isn’t just China. It is the spread-
Reversal
Stocks around the world, which had rebounded from the big
rout; Dow has worst the dollar rose against most ma- ing signs that weak global scare in China's markets last summer, opened the new year in
Business & Finance jor rivals. growth and a rising U.S. dollar
start in eight years Worries deepened that are harming U.S. corporate earn-
the red after a steep drop in Shanghai.
Performance
China’s growth slowdown is ings and economic output, and
First day 2016 4Q 2015
he Dow started 2016 BY E.S. BROWNING harming the world economy and could continue to do so this
T with its worst opening-
day loss since 2008, ending The Dow Jones Industrial Av-
that its financial and economic
shakiness could roil markets fur-
year. On Monday, investors
learned that U.S. manufacturing
–6.9% Shanghai Composite 15.9%
1.6% lower after falling 276.09 erage began 2016 with its big- ther. China’s growth rate is pro- activity declined in December –4.3% DAX 11.2%
to 17148.94. The drop followed gest opening-day loss since jected to fall to 6.3% in 2016, ac- for the second consecutive –3.1% Nikkei 225 9.5%
a selloff in Asia and Europe 2008, as financial markets cording to the International Please see STOCKS page A2
on worries about China. A1 struggled with the same prob- Monetary Fund, from more than –2.5% 5.2% Stoxx Europe 600
Shanghai stocks plum- lems that disrupted them last 10% in 2010. The Shanghai Com- China stocks are hit by ‘panic
meted 6.9%, triggering year. posite Index plummeted 6.9%, selling’............................................. C1 –2.1% Nasdaq Composite 8.4%
new circuit breakers that The Dow’s 1.6% drop was triggering circuit breakers that Emerging countries’ –1.6% DJIA 7.0%
shut down the market. C1 triggered by a selloff in Asia and shut down the market. In early currencies plummet................ C1
Emerging-market cur- Europe following news that Chi- trading Tuesday in Asia, stocks U.S. factories log worst run Source: FactSet THE WALL STREET JOURNAL.
rencies from China to Russia nese manufacturing activity de- were up slightly after a drop at since 2009................................... A2
declined against the dollar. C1
The Justice Department
sued VW, seeking billions in
penalties in the wake of the
emissions-cheating scandal. B1
Mideast
GM invested $500 million
in Lyft, a bet that ride-hailing
services will be crucial to au-
Internal
tonomous vehicles’ future. B1
CEO Barra was named
GM’s chairman, in a vote of
Politics
confidence by the board. B2
Baxalta agreed to pay Dan-
ish biotech Symphogen up to
Fuel Rift
$1.6 billion to co-develop six BY YAROSLAV TROFIMOV
cancer drugs, as the U.S. firm
negotiates its sale to Shire. B1
Saudi Arabia’s escalat-
U.S. factories ended last ing crisis with Iran, sparked by
REUTERS (2); GETTY IMAGES (2)
year mired in their worst the execution of a leading Shi-

slump since 2009, according ite Saudi cleric, is as much
to a report from the ISM. A2 about domestic politics in both
nations as it is about their re-
Puerto Rico was set to
gional tussle for domination of
pay some investors at the ex-
the Middle East.
pense of others, likely opening
For now, at least, the flare-
new clashes with creditors. C3
up has benefited both the Saudi
China’s Dalian Wanda is Presidential candidates and their supporters, including, from left, Hillary Clinton, Chris Christie, Ted Cruz and former President Bill government and its most viru-
close to a deal for control of Clinton, are stepping up their campaign in the weeks ahead of the first-in-the-nation balloting at the Iowa caucuses on Feb. 1. lent foe, the powerful conserva-
Legendary Entertainment. B3 tive elements of the Iranian re-
Establishment Candidates Battle

gime. The additional winner
Target fired the head of its
has been Islamic State, as usual
stores, the latest move to re-
thriving on discord.
make its executive ranks. B3
Saturday’s execution of
To End Flirtation With Outsiders

Nemer al-Nemer, a Shiite cleric
World-Wide from eastern Saudi Arabia,
wasn’t a surprise: His death
sentence, on sedition charges,
Saudi Arabia’s confronta- BY PATRICK O’CONNOR a crowd Monday at St. Anselm “I do not believe in my life- was first announced in October
tion with Iran escalated, as Election 2016 College in Manchester, N.H. He time anybody has run for this 2014.
Saudi regional allies severed With less than a month be- Gerald F. Seib: Voters’ questioned the seriousness of job at a moment of greater im- Neither was the furious re-
or downgraded their diplo- fore voting begins, establish- mood clear, consequences businessman Donald Trump as portance, who was better action by Iran, which is fighting
matic ties with Tehran. A1, A6 ment presidential candidates, less so .................................... A4 a candidate, saying these are qualified by knowledge, expe- Riyadh in a series of proxy con-
thrown off stride by insurgent Ex-president trumpets his “dangerous, perilous times” rience and temperament to do flicts across the Middle East,
Establishment candidates
rivals through much of last wife as the next................ A4 for the nation and the world, what needs to be done now,” from Syria to Yemen. What re-
for president are urging vot-
year, are urging voters to Rubio, Christie sharpen and added: “We are not elect- Mr. Clinton said Monday at a mained in suspense was only
ers to move toward conven-
move toward conventional attacks..................................... A5 ing an entertainer-in-chief.” community college in Nashua. the timing of the execution—
tional choices and end flirta-
choices and end their flirta- Not far away, former Presi- As those entreaties suggest, and what form the Iranian re-
tions with outsiders. A1, A4-5
tion with the field’s novices dent Bill Clinton made a simi- the weeks ahead will reveal Please see SAUDI page A6
Obama is expected to and outsiders. calendar has turned to 2016 lar argument to New Hamp- whether the populist anger that
announce executive actions The efforts reflect the hope and real choices are nearly at shire voters on behalf of the has been animating the White Saudi allies join widening rift
to expand background on the part of such candidates hand. Democratic candidacy of his House race is just a case of with Iran....................................... A6
checks for gun buyers and that the dynamic of the cam- “Showtime is over,” New wife, former Secretary of State Americans venting their frus- Mideast tensions pose new
tighten other rules. A3 paign will change now that the Jersey Gov. Chris Christie told Hillary Clinton. Please see RACE page A5 challenge for OPEC................ A6
The group that seized a fa-
IRS Tees Off

cility in Oregon said the move
was a last resort after trying
Armed
On Golf Courses’ Green Tax Claims
to help a ranching family in a
legal dispute with the U.S. A3 Protesters
Sweden and Denmark
began enforcing tighter
i i i
Make Case
border controls to curb the Clubs’ use of environmental breaks is STANDOFF: Ammon
influx of asylum seekers. A7 Bundy, a leader of a
Myanmar’s Suu Kyi said
full of holes; sandtraps vs. Venus flytraps group that is occupying
the headquarters of a
JIM URQUHART/REUTERS
peace with ethnic minorities

U.S. wildlife refuge in
is the top goal when her
BY RICHARD RUBIN the tees, the boxes, the trails, Oregon, said they are
party forms a government. A7
even if they were paved,” said protesting federal control
Pakistan said it was using Curtis Richardson doesn’t Mr. Richardson. “This just flies over public lands that
leads from India to investi- play much golf these days. But in the face of what a conserva- pushes out people who
gate an assault by militants there he was, tramping through tion area is.” want to use them. A3
on an Indian air base. A7 the rough and scrutinizing each The IRS won vindication last
hole at courses along the North month when the U.S. Tax Court
Four elements are joining
Carolina coast. ruled it was unimpressed by the
the periodic table, the first
The director of the Duke Uni- courses’ natural splendor. In
to be added since 2011. A7
Islamic State fighters
attacked two oil terminals
versity Wetland Center was col-
lecting soil and water
samples for a client
short, there were too many sand
traps and
enough Venus fly-
not SUPERMINES FEED
in eastern Libya. A7
Russia’s director of mili-
tary intelligence died unex-
he never expected:
The Internal Revenue
Service.
traps.
“Patches of na-
tive vegetation and
VICIOUS METALS CIRCLE
The IRS has been wildlife” don’t jus-
pectedly, the Kremlin said. A7
battling wealthy land- tify seven-figure tax Giant sites, begun when prices were high, weigh down copper, iron ore
owners, including golf breaks, wrote Judge
CONTENTS In the Markets....... C4 clubs, over an envi- Thomas Wells, put-
Business News.. B1-6 Opinion................. A9-11
CFO Journal............. B6 Sports.......................... D6
ronmental incentive ting a hole in the BY JOHN W. MILLER producers.
Crossword................. B6 Technology................ B5 that lets taxpayers clubs’ tax strategy. As Cerro Verde’s towering concrete con-
Global Finance........ C3 U.S. News............. A2-5 deduct sums well into The ruling CERRO VERDE, Peru—In this volcanic des- centrators grind out copper to be made into
Health & Wellness.. D2-4 Weather..................... B6 the millions. In the Venus flytrap marked a green- ert, a dusty moonscape patrolled by bats, pipes and wires in Asia, it will add to produc-
Heard on Street.... C8 World News........ A6-7
North Carolina case, jacket moment for snakes and guanacos, America’s biggest miner tion coming from newly built giant mines
the government hired Mr. Rich- the IRS in an odd corner of the is piling on to the new force in industrial re- around the world, in a wave of supply that is
> ardson to challenge a claim by tax code that pairs legal arcana sources: supermines. It’s a strategy that could compounding the woes of the depressed min-
two St. James Plantation with nitpicking inquiries into be driving miners into the ground. ing sector.
courses to score nearly $8 mil- carnivorous plants and Ameri- Freeport-McMoRan Inc. is completing a Slowing growth in China and other emerg-
lion in conservation-related tax can alligators. yearslong $4.6 billion expansion that will tri- ing markets has dragged metals prices into a
breaks. Politicians and taxpayers ple production at its Cerro Verde copper deep downturn, just a few years after mining
s Copyright 2016 Dow Jones &
Company. All Rights Reserved “They were claiming every may bash the burdensome tax mine, turning a once-tiny, unprofitable state companies and their investors bet billions on
inch: the greens, the fairways, Please see GOLF page A8 mine into one of the world’s top five copper Please see MINES page A8
A2 | Tuesday, January 5, 2016 * *** THE WALL STREET JOURNAL.
U.S. NEWS
Factories Log Worst Run Since ’09
BY JEFFREY SPARSHOTT Monday downgraded its fore- months and still faces head-
U.S.
Watch
cast for fourth-quarter eco- winds including falling de-
U.S. factories ended last nomic output after the ISM re- mand for oil, gas-field and
year mired in their worst port showed manufacturers mining equipment; weakness
slump since 2009, highlighting drawing down inventories and overseas; and shifting curren- HEALTH
the global forces set to weigh a weaker-than-expected gov- cies. A strong dollar has cur-
further on the manufacturing ernment report on construc- tailed demand for U.S. exports
Rules Tightened on
sector in the new year. tion spending in the U.S. The while also making imported Pelvic-Surgery Mesh
The Institute for Supply bank is expecting gross domes- goods cheaper. The Food and Drug Adminis-
SHIHO FUKADA/BLOOMBERG NEWS

Management, a group of pur- tic product to grow only 1% in Sales at Joy Global Inc. fell tration is tightening regulations
chasing managers, said Mon- the final months of 2015, ver- by 24% in the fourth quarter for surgical mesh products used
day that its gauge of manufac- sus an earlier forecast of 2%. of the year as prices for coal, to repair a condition known as
turing activity fell to 48.2 last The Federal Reserve Bank copper and other commodities pelvic organ prolapse, after years
month from 48.6 in November. of Atlanta’s estimate for crashed. The Milwaukee-based of scrutiny by the regulator and
A reading below 50 indicates fourth-quarter GDP fell to 0.7% mining equipment maker’s many lawsuits by women who
the sector is contracting. from 1.3% after incorporating outlook for 2016 isn’t much allege they have suffered harm.
December’s figure was the data from Monday’s construc- better. The products will be reclassi-
lowest since the end of the re- tion and manufacturing re- “The mining industry in fied as high-risk rather than
cession and marks the first A gauge of manufacturing activity is at its lowest level since the ports, and a trade report re- 2016 will be defined by moderate-risk medical devices
time since 2009 for consecu- recession. Here, a Mitsubishi-Hitachi plant in Pooler, Ga. leased in late December. strained cash flows, further when used in procedures that go
tive months in contraction ter- The start of 2016 isn’t ex- austerity measures and asset through the vagina to repair or-
ritory. peared even darker amid the Manufacturing accounts for pected to be so glum as the consolidation,” President and gan prolapse. The FDA will re-
“The very strong dollar, latest indication that China’s about 12% of U.S. economic weather remains relatively Chief Executive Ted Doheny quire manufacturers to submit
weak global growth, low oil manufacturers are struggling output. Other sectors, fueled mild, consumers get a boost told investors last month. data on the effectiveness and
prices severely depressing en- further. Caixin Media Co. said by domestic consumer de- from lower energy prices and That has led to job losses safety of such devices before
ergy sector investment, and Monday that its China manu- mand, have appeared more ro- businesses stop running down across the industry and prom- they are allowed on the market.
excessive inventories continue facturing purchasing manag- bust. Still, the broader econ- inventories. J.P. Morgan econ- ises of more to come this year. Many of the available mesh
to weigh heavily on the manu- ers’ index, a private measure omy has been stuck in slow- omist Michael Feroli is pre- “We have plans to deliver $85 kits were approved through an
facturing sector,” said Morgan of activity, was at 48.2 in De- growth mode since the latest dicting 2.25% growth in the million in cost savings in 2016 expedited review in which manu-
Stanley economist Ted Wiese- cember, the 10th straight recession ended 6½ years ago. first quarter of 2016. as we optimize our staffing facturers need only demonstrate
man. month indicating contraction That appears unlikely to The manufacturing sector levels and footprint,” Mr. Do- that a product is substantially
The global outlook ap- in the sector. change. J.P. Morgan Chase on has slumped over the past 12 heny said. similar to ones on the market.
—Shirley S. Wang
Demand Ramps Up El Niño to Slam California for Next Two Weeks SUPREME COURT
Solicitor General:
Scrap Abortion Law
For Office Space The Obama administration
Monday urged the Supreme
Court to strike down Texas
BY ELIOT BROWN grew 8.1% during 2015 to an av- abortion regulations it said ef-
erage of $27.67 a square foot, fectively would eliminate access
U.S. employers are leasing the most in the country, ac- to the procedure for large num-
additional office space at the cording to Reis. It was followed bers of women across the state.
fastest pace since the reces- by San Francisco and the San The high court is set to hear
sion, showing a new appetite Jose area, which includes Sili- argument in March on a Texas
for expansion after years of con Valley, where rents grew law requiring clinics offering the
sluggish growth. 6.1% and 6%, respectively. procedure to meet the standards
Employers added 15.3 mil- Such growth extends be- of ambulatory surgical centers
lion square feet of office space yond tech clusters on the West and doctors who perform it to
in the fourth quarter, more Coast. hold admitting privileges at a
than any other quarter since Early last year, online lender hospital within 30 miles.
the third quarter of 2007, ac- Avant Inc.’s headquarters in “The requirements at issue
cording to real-estate research Chicago was about 30,000 here are far more restrictive
service Reis Inc. That pushed square feet. With its head than any this court has yet ap-
the vacancy rate down to count swelling, the company proved…and they undermine the
16.3%, while rents sought by first signed a lease for very government purpose they
landlords hit $30.86 a square 80,000 square feet for a new purport to advance,” U.S. Solici-
foot, up from $29.94 a year headquarters, and then this fall tor General Donald Verrilli wrote
earlier, according to Reis. it added another floor to bring in a friend-of-the-court brief.
For all of 2015, employers its total to 120,000 square feet. Abortion-rights groups say
NICK UT/ASSOCIATED PRESS
occupied an additional 42.4 An Avant spokeswoman said that if fully implemented, about
million square feet. That is up the company plans to add 600 three-fourths of Texas clinics
from 31.4 million square feet in employees this year. would have to shut down.
2014, Reis said. On the other end of the —Jess Bravin
The growth shows new- spectrum is the energy sector.
found strength in a sector that Low oil prices are taking a toll HIGHER EDUCATION
experienced tepid growth on the Houston market. Com-
for most of the recovery—hob- panies there have dumped mil- FLOOD-PROOFING: El Niño storms have lined up over the Pacific and started soaking California,
More Colleges Under
bled by slow expansion in the lions of square feet onto the with rain expected to last for most of the next two weeks, forecasters said Monday. Here, people Financial Scrutiny
financial industry and trends sublease market while a rash in Glendora in Los Angeles County stockpile sandbags to protect their homes from flash floods. The number of colleges and
such as denser work spaces. of new construction is adding universities subject to increased
“Demand is really starting to supply. financial oversight by the federal
ramp up,” said Ryan Severino, Houston’s vacancy rate rose government rose to 540 in De-
an economist at Reis, which
surveyed 79 markets.
Driving much of the growth
has been the technology sec-
to 15.6% from 14.5% a year ear-
lier, according to Reis, and
many real-estate experts expect
it to get much higher.
STOCKS could slow. Copper, which is
sensitive to global growth pros-
pects, dropped 2.6%.
The 10-year U.S. Treasury
profits in the stock market’s en-
ergy sector.
Meanwhile, with the Fed ex-
pected to raise interest rates
cember from 499 three months
earlier, according to a list posted
to the U.S. Department of Edu-
cation website late last month.
tor, with startups and tech gi- “The next 12 to 24 months Continued from Page One note, a refuge in times of worry, three or even four times this The Dec. 1 tally includes 77
ants alike propelling fast-ris- are going to be tough for land- month and that construction rose 8/32 in price, pushing its year, the U.S. dollar has been on new institutions being monitored
ing occupancy in markets like lords as tenants have the upper spending fell in November. yield down to 2.245%, as bond the rise. Higher interest rates for concerns including late or
Silicon Valley, Seattle and hand,” analysts at Evercore ISI “The near-term outlook for yields move inversely to prices. make dollars more attractive for missing financial statements and
Austin, Texas. said of the Houston market in a stocks is not so good. There are Gold, another haven asset, rose global investors. accreditation issues. Three dozen
In Seattle, for instance, rents note to clients Monday. lots of drivers: the Federal Re- 1.4%, to $1,075.10 a troy ounce. The stronger dollar is good schools were deleted since the
serve tightening monetary pol- “It is just unsettling on the for consumers because it makes Sept. 1 count. The list includes
icy, China down, global instabil- first trading day of the year to imports cheaper. But it harms for-profit cosmetology and art
CORRECTIONS AMPLIFICATIONS ity, oil prices remaining weak
and the stronger dollar,” said
get a bashing like we had today,”
said Andy Brooks, head of U.S.
multinationals, whose profits
come partly in foreign curren-
colleges, Bible schools, histori-
cally black institutions and com-
Krishna Memani, chief invest- stock trading at T. Rowe Price cies. As the dollar rises, foreign- munity colleges.
Yield to maturity is the im- ing in the Midwest incorrectly ment officer at Oppenheim- Group Inc., which oversees currency profits are worth less —Melissa Korn
plied interest rate that makes said the Meramec flows into erFunds Inc., which oversees $725.5 billion. He put part of the in dollar terms.
the present value of all of a the Mississippi west of St. $222 billion. blame on the saber-rattling be- Expectations for higher inter- IMMIGRATION
bond’s future cash flows equal Louis. “But the U.S. economy isn’t tween Saudi Arabia and Iran. A est rates alone have contributed
to the bond’s current market falling apart,” Mr. Memani said. rift between the two countries to stock-market jitters. Higher
Crackdown Results
price. The Dec. 26 Intelligent Axel Springer SE was incor- He said he expects continued was sparked by the Saudis’ exe- rates make borrowing more ex- In 121 People Held
Investor column incorrectly rectly referred to as Axel wage increases, growth in earn- cution of a Shiite cleric. pensive for consumers and busi- Immigration agents over the
defined yield to maturity as Springer AG in a Business News ings and economic output, and Analysts are projecting a nesses. They also make it more weekend took 121 people into
interest income divided by article Monday about Berlin’s modest stock gains in 2016. 0.6% decline in earnings for S&P expensive for investors to buy custody, mainly adults with chil-
market price. emergence as a business hub. The declines were a reminder 500 companies for 2015, the stocks and bonds with borrowed dren, to show that the U.S. is
of China’s strong pull on global first yearly pullback since the fi- money, which reduces the cash, determined to crack down on
The U.S. Agency for Inter- A photo accompanying a markets months after a surprise nancial crisis, according to Fact- or liquidity, available to markets. Central Americans crossing the
national Development has Money & Investing article Sat- devaluation of its currency con- Money managers have become border, Homeland Security Sec-
pledged $8.3 million to a urday about U.S. stocks’ perfor- tributed to a period of severe particularly worried about li- retary Jeh Johnson said Monday.
United Nations fund to rebuild mance in 2015 showed an oil- turbulence last summer. Global
Worries deepened quidity in junk-bond and devel- Mr. Johnson said Immigration
Iraq. A World News article well site near Walden, Colo. stocks have rebounded from that China’s growth oping-country markets. and Customs Enforcement, a
Monday about the task of re- The caption incorrectly gave those lows but remain vulnera- Still, the start of January is unit of the Department of
storing the Iraqi city of Ra- the location as Walden, Wyo. ble to concerns about the coun-
slowdown is harming typically a period of market Homeland Security, had con-
madi incorrectly gave the fig- try’s outlook. the world economy. strength, as institutions and re- ducted sweeps mainly in Geor-
ure as $8.3 billion. The illustration with The After Monday’s sharp stock tirement funds put new money gia, North Carolina and Texas.
Week Ahead article Monday selloff, China’s central bank into stocks. Investors, typically He said agents targeted those in
The Meramec River flows about the Consumer Electronics plans to inject 130 billion yuan Set. Analysts forecast a rise of an optimistic bunch, are usually the U.S. who have evaded a re-
into the Mississippi River Show was by Harry Campbell. in short-term funds to help calm just 0.8% in 2016’s first quarter setting themselves up for the moval order, which is issued by
south of St. Louis. A U.S. News It was incorrectly credited to investors, according to people and 4% in the second quarter. new year. an immigration judge.
article Saturday about flood- John Locher/Associated Press. familiar with the matter. They expect stronger gains in A problem that has stifled —Miriam Jordan
Stock indexes took hits the second half, but their fore- optimism in recent months,
Readers can alert The Wall Street Journal to any errors in news articles by around the world Monday. casts have been coming down. though, is that stocks have be- SOUTH CAROLINA
emailing wsjcontact@wsj.com or by calling 888-410-2667. Japan’s Nikkei Stock Average fell Forecasts were too optimistic come expensive. The S&P 500
3.1%, Germany’s DAX index early last year, and money man- finished 2015 at 23 times its
Bail Is Approved
THE WALL STREET JOURNAL (USPS 664-880) dropped 4.3% and the U.K.’s agers fear they could be this component companies’ net prof- For Former Officer
(Eastern Edition ISSN 0099-9660) (Central Edition ISSN 1092-0935) FTSE 100 index declined 2.4%. year, as well. its, far above the historical aver- A state judge approved bail
(Western Edition ISSN 0193-2241)
Editorial and publication headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036
The Dow tumbled 276.09 “I am worried about whether age of 15.5, according to Birinyi Monday for a former South Car-
Published daily except Sundays and general legal holidays. points to finish at 17148.94. It our earnings expectations are Associates. To push stock prices olina police officer charged with
Periodicals postage paid at New York, N.Y., and other mailing offices. has fallen 3.2% over three con- too high,” said Leo Grohowski, much higher, money managers killing an unarmed black motor-
POSTMASTER: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. secutive trading days for the chief investment officer at BNY said, they need some kind of ist, Walter Scott. Circuit Judge
All Advertising published in The Wall Street Journal is subject to the applicable rate card, copies of worst three-session drop since Mellon Wealth Management, positive sign on corporate earn- Clifton Newman allowed a
which are available from the Advertising Services Department, Dow Jones & Co. Inc., 1155 Avenue of
the Americas, New York, N.Y. 10036. The Journal reserves the right not to accept an advertiser’s order.
the start of September. which oversees $183 billion. ings, and right now the outlook $500,000 surety bond for Mi-
Only publication of an advertisement shall constitute final acceptance of the advertiser’s order. Other U.S. indexes also de- Earnings are suffering from is murky. chael Slager and set an Oct. 31
Letters to the Editor: Fax: 212-416-2891; email: wsj.ltrs@wsj.com clined Monday, as did oil and the same double whammy that Mr. Grohowski of BNY Mellon trial date. Mr. Slager, who is
copper prices. The S&P 500 fell hurt them last year: oil and the said he expects U.S. stocks to white, was charged with murder
NEED ASSISTANCE WITH YOUR SUBSCRIPTION? 1.5%. U.S.-traded crude declined dollar. Instead of stabilizing near rise this year, but he said, “In- in the death of Mr. Scott last
CONTACT CUSTOMER SUPPORT. 0.8%, to $36.76 a barrel, after $50 a barrel, as many analysts vestors need to brace them- April. The former North Charles-
By web: customercenter.wsj.com the weak manufacturing data had hoped, crude has continued selves that 2016 could be an- ton officer is shown on cell-
By email: wsjsupport@wsj.com out of China sparked concerns to fall, down 27% in the past 12 other very volatile year.” phone video firing eight times as
By phone: 1-800-JOURNAL (1-800-568-7625) that oil demand in the world’s months. Although cheaper oil is —Lingling Wei Mr. Scott ran from a traffic stop.
Or by live chat at wsj.com/livechat
second-largest crude consumer good for consumers, it damages contributed to this article. —Associated Press
THE WALL STREET JOURNAL. * * * * Tuesday, January 5, 2016 | A3
U.S. NEWS
Oregon Protesters Cite Family’s Legal Woes

Group says occupation dispute between some ranch-
ers and the federal govern-
was last resort after ment over land-use rights and
effort to help ranchers access to public lands.
A spokeswoman for the Bu-
in dispute with U.S. reau of Land Management, the
federal agency that manages
BY JIM CARLTON public lands in the U.S., said
the government never at-
MALHEUR NATIONAL tempted to buy the Ham-
WILDLIFE REFUGE, Ore.—The monds’ land.
leaders of a group that seized However, as part of a civil
the headquarters of this fed- settlement reached with the
eral sanctuary said on Mon- BLM over the fires, the Ham-
day that they did so as a last monds agreed to offer to sell a
resort after trying to help a lo- parcel of their land to the gov-
cal ranching family resolve a ernment first, if they needed
legal dispute with the U.S. gov- to sell in order to pay a
ernment. $400,000 fine required under
The armed group, whose the settlement. The fine was
leaders include Ammon Bundy, paid without selling the land, a
the son of a Nevada rancher, BLM spokeswoman said.
had petitioned state and local A lawyer for the Hammond
officials to intervene in what family didn’t respond to re-
they call attempts by federal quests for comment, but in a
officials to punish Dwight past statement, he said: “Nei-
Hammond Jr., 73 years old, ther Ammon Bundy nor anyone
and his son Steven, 46, for re- within his group/organization
RICK BOWMER/ASSOCIATED PRESS

fusing to sell the government a speak for the Hammond Fam-
ranch that had been in their ily.” The Hammond family
family for generations. couldn’t be reached for com-
On Monday, the Hammonds ment.
reported to a low-security fed- Monday’s news conference
eral prison in San Pedro, Calif., was intended in part to show
to begin serving more time af- the public that the occupation
ter being ordered back to group is peaceful and has no
prison to serve a mandated intention of harming the prop-
five-year sentence for arson. erty, the leaders said. Members of a group occupying a federal facility near Burns, Ore., Monday. Some protesters said they were defending the Constitution.
An Oregon jury convicted They allowed media to tour
the Hammonds of arson on the complex and go inside two willing to retake the rights un- have said they are working on
public lands in 2012. The of the buildings—including a der the Constitution,” he said a peaceful resolution, but au-
Hammonds said they set the fire bunkhouse where food as he patrolled the grounds in thorities generally have been
fires as preventive burns to items were stored in boxes. an all-terrain vehicle. reluctant to engage with such
protect their property, a tactic It was unclear how many Others in the group justified armed protests in order to pre-
sometimes used in fighting protesters occupied the their actions as defending the vent violent outcomes like
wildfires. The government ar- sprawling site. Organizers de- Constitution, which they say those at Ruby Ridge in 1992
gued they set the fires in one clined to give a number, but on has been violated by federal and Waco in 1993. Mr. Bundy’s
instance to conceal illegal deer Monday there appeared to be bureaucracy exerting too much father, Cliven Bundy, was in-
hunting. about a dozen people in some control over Western lands. volved in an armed standoff
“We felt we had exhausted areas of the complex. There was no sign of law with federal officials in 2014
all prudent measures,” Mr. One, Ryan Payne, 32, said enforcement near the complex over grazing fees.
Bundy said in a news confer- he took a break from his job as about 30 miles south of Burns, Harney County Sheriff said
ence at the snow-covered en- an electrician in Anaconda, Ore. Mr. Bundy said his group the county has requested help
trance to the complex of more Mont., to join the takeover. He has been in touch with law en- from Oregon State Sheriff’s As-
than a dozen refuge buildings. said the facility was unat- forcement through intermedi- sociation and the Oregon State
“Do we allow this to go on, or tended at the time, and “we aries, and that he has been as- police “to make sure the citi-
do we make a stand?” just drove in and took it over.” sured authorities won’t seek to zens of Harney County are
The case became the latest “What is exciting is to fi- forcibly retake the facility. safe.” He urged protesters to
flashpoint in a long-running nally have a movement that is Law-enforcement officials end their occupation.
Members of the group were
vague on when they plan to
Ranch Rift leave the facility. Mr. Bundy
Armed protesters who took over a federal complex in Oregon say they are taking action against the said, “We intend to go to
expansion of government control over land. work” and start returning con-
trol of the land to the county.
Federal lands managed by: LaVoy Finicum, 45, a rancher
WASHINGTON from Arizona who is part of
Bureau of Land Management
the occupation, implored local
Fish and Wildlife Service Pacific
O ce a n ranchers who visited the fa-
National Park Service 84 cility Monday to join in. It happens. Especially when you’re flying in the
Portland
Forest Service The ranchers said they sup- Bombardier Global 6000 offered by NetJets. That’s
ported the goals of the group,
Salem OREGON but not necessarily the take-
because it’s the largest business jet capable of accessing
Burns the world’s most difficult-to-reach airports, like Aspen
20 IDAHO over. “I’m not moving in,” said
Mitch Siegner, 43. “I’ve got and London City. Offering unparalleled luxur y and
Eugene Bend
cows in the field, and kids in uncompromising performance, the Global 6000 truly
205
Mal he ur DETAIL school. But I’m glad there are rises above the rest. To learn more, visit aworldabove.com
Lake people willing to stand up and
Harney 5
Refuge get something done.”
Lake Refuge
headquarters Not everyone agrees with
headquarters
the occupation. Members of
MA LHE U R
Medford the Oregon Cattlemen’s Associ-
NATI O NA L
OREGON WI LD LI FE
ation said that “they do not
RE FUGE support the illegal activity
taken against the government
Frenchglen
10 miles CALIFORNIA N E VA DA but has, and will continue, to
60 miles support the Hammonds via av-
enues that are in accordance
Source: National Atlas THE WALL STREET JOURNAL. with the law.”
Obama to Expand Gun-Buyer Reviews B E L M O N D H OT E L S P L E N D I D O, P O R T O F I N O
BY COLLEEN MCCAIN NELSON Dave Workman, senior edi-

NEW
AND GARY FIELDS tor of the Second Amendment BEGINNINGS.
Foundation’s The Gun Mag,
WASHINGTON—President said the definition of a gun
Barack Obama is expected to
announce executive moves on
dealer lacks specifics and
would likely create confusion
NEW JOURNEYS.
Tuesday to expand background and concern for gun-show at-
checks for gun buyers and
tighten rules for people who
tendees.
“There will be a genuine
NEW MEMORIES.
JIM WATSON/AGENCE FRANCE-PRESSE/GETTY IMAGES
purchase some of the most concern from people who at-

dangerous weapons, bypassing tend gun shows and operate
Congress on a hot-button is- gun shows and who are hobby-
sue. ists and collectors that they
The long-expected actions will end up on the wrong side
won’t prevent all gun violence of the new gun regulation,”
or negate the need for con- Mr. Workman said.
gressional action on the issue, Mr. Obama’s actions also
the president said Monday, but aim to tighten rules on back-
“will potentially save lives and ground checks for individuals
spare families the pain and the buying weapons such as ma-
extraordinary loss that they’ve chine guns and sawed-off shot-
suffered.” guns. Around 90,000 people a
The package of initiatives is year have avoided background
narrow in scope and falls far President Barack Obama speaking with Attorney General Loretta checks by acquiring such fire-
short of the broad overhaul of Lynch at the White House on Monday. arms through trusts, corpora-
firearms laws that gun-control tions and other legal entities,
advocates have sought. Key el- cans and gun-rights advocates. whether their transactions are the White House said. A Bu-
ements appear hard to enforce. “It can’t be we’ve had three conducted at gun shows or reau of Alcohol, Tobacco, Fire-
The president vowed to days of hype, and this is all through the Internet. arms and Explosives rule will
make guns a political issue af- they are coming out with,” “It is not where you are lo- make clear that people cannot
ter October’s deadly shooting said John Velleco, director of cated, but it is what you are avoid being screened by mak-
rampage at a community col- operations for Gun Owners of doing that determines whether ing purchases through trusts
lege in Oregon. America. “Maybe they’re you are engaged in the busi- or corporations.
With an entrenched Con- smart enough to know that if ness of dealing in firearms,” The president’s proposals to
gress and little chance of pass- he did everything he wanted to Attorney General Loretta spend an additional $500 mil-
ing gun-control legislation do, it would be blatantly un- Lynch said in a briefing Mon- lion to improve access to men-
during his final year in office, constitutional.” day for reporters. tal-health care and to provide
Mr. Obama decided to act on The centerpiece of the pres- Ms. Lynch said it was im- resources for 200 new ATF
his own. ident’s move is to broaden possible to predict how many agents and investigators would
While the president’s action who counts as a gun dealer. firearms sellers would be af- require approval from the Re-
is unlikely to yield sweeping The actions would require fected by this effort, in part publican-controlled Congress.
changes, it spurred strong op- more sellers to be licensed and because of the rapid growth of —Byron Tau contributed to
position from many Republi- screen buyers, regardless of Internet sales. this article.
A4 | Tuesday, January 5, 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.
Voters’ Mood Clear, Consequences Less Socans want to tear things Washington getting anything one who can convey a more
down and start over, or be-
A Pensive Electorate done.” Republican Whit Ay- positive “light at the end of
The country enters the election year in a mood marked by anxiety
lieve that government/politi- res, who advises Sen. Marco the tunnel sentiment.”
and agitation:
cians are trustworthy Rubio’s campaign, says: “The Mr. McInturff has a simi-
enough to make required Americans have doubts about ...they give President Obama's mood of the country reminds lar view. He sees a search
changes.” the country's direction... performance middling grades... me of the last years of the for someone who offers a
At the outset of any pres- Where the country is headed President’s job approval Carter presidency: We are “believable approach” to re-
CAPITAL JOURNAL idential campaign there are 70% 70% frustrated with apparent solving an “ongoing battle
GERALD F. SEIB two mega-questions facing American impotence in between the new America—
every candidate: What is the 60 60 world affairs, fearful about pro-gay rights, younger, La-
mood of voters? And what is the economy and unsettled tino, socially tolerant—and
T
Wrong track Disapprove
he election year is the election going to be 50 50 about the future course of the traditional America.”
upon us, and Republi- about? The answers set the the country.” Mr. Zogby sees “half the
can pollster Kellyanne baseline for all that follows. 40 40 country…angry at politicians
F
Conway describes the na- To get a better feel for Right direction Approve inding somebody who beyond anything we have
30 30
tion’s mood heading into it those baseline sentiments, can disperse the ever seen before, while the
this way: “Sour and dour. Capital Journal asked a 20 20 clouds appears to be other half just wants to fix
Nervous, on edge, a feeling dozen public-opinion pros— more important than any things and move ahead.”
of vulnerability and a lack of Republican, Democratic and 2015 2015 specific issue or set of is- Democrats, of course, are
control.” independent—to offer their ...they harbor rising ...and they have only modest sues, though Republican likely to bank on Hillary
Demo- views on those two overrid- fears of terrorism... expectations for the economy pollster David Winston Clinton as the person who
cratic polling questions at the start of thinks the basic rule of voter can convince the country she
ster Fred this election year. Percentage who think national security in the new year. priorities still applies: “The can bridge those gaps. Re-
and terrorism should be the top How respondents think economy
Yang sounds The answers provided re- priority for the federal government will fare in the next 12 months* election will be about jobs, publicans face some more in-
similar markable similarity in de- wages and the economy, tricate choices.
tones: “Anx- scribing the nation’s pensive with foreign affairs and
M
40% About 50% 24 Better
ious, dissat- mood. But they also pro- the terrorism having emerged rs. Conway frames
isfied, impatient and basi- duced a surprising split on same now as the clear next issue the two parties’
Not
cally any other word that what action will follow—that 21% sure 2 of concern.” choices this way:
connotes uncertainty.” is, whether voters will de- Mr. Zogby sees “no par- Will Mrs. Clinton run prom-
And where will all that cide to, in the words of Re- 24 Worse ticular issue” rising to the ising the third term of Presi-
anxiety lead by the time vot- publican pollster Frank April December *Asked of 252 respondents top “because the country is dent Barack Obama, or the
ers actually start casting Luntz, settle the score with Source: WSJ/NBC News telephone polls, most recent of 1,000 split in an Armageddon sort third term of her husband,
ballots? So far, of course, the the political establishment, adults conducted Dec. 6-9; margin of error: +/-3.1 pct. pts. THE WALL STREET JOURNAL. of way—that is, if the other Bill Clinton?
national mood has helped or, having vented their frus- side wins, we are all dead.” Is it possible, Mrs. Con-
fuel the rise of the anties- trations, revert to more con- was basically on a war foot- McInturff, who, along with But are Americans going way asks, that “the anti-
tablishment outsiders Don- ventional choices as voting ing. the Democrat Mr. Yang, con- to turn to an outsider or a Washington, anti-political-
ald Trump, Ben Carson and begins. Still, these public-opinion ducts The Wall Street Jour- novice to address their deep- class antipathy has created a
Sen. Bernie Sanders. On one item there was experts see a kind of dark- nal/NBC News survey. seated concerns? Maybe so, path so wide and so deep
But pollster John Zogby unanimity: America is in an ness out there. The country Democrat Celinda Lake suggests Mr. Luntz: “This that only Trump can fill it?”
thinks voters are setting up anxious and unhappy mood. is “unable to shake the per- summarizes Americans’ election is about settling And has the GOP establish-
for themselves a fundamen- It’s possible, of course, to petual feeling of the blues— views succinctly: “They think scores and getting even with ment become merely a wing
tal choice, the outcome of overstate the anxiety. This anxious and upset and angry the future is weak for them- everyone and everything.” of its own party, with “con-
which isn’t at all certain: isn’t 2008 and its atmo- that our politics cannot selves and the next genera- Others aren’t so sure. Mr. servatives at its core?”
“Overriding any particular sphere of genuine crisis. Nor seem to fix these problems,” tion, and they despair of pol- Yang says the candidate who The answers, like the
issue will be whether Ameri- is it 2004, when the country says Republican pollster Bill iticians especially in will prevail is likely to be year, will be intriguing.
Ex-President Trumpets His Wife as the Next FIVE THINGS
Unpredictable
Bill Clinton, in New Hampshire, steers clear of Trump’s barbs to say his choice is most seasoned candidate
Race Seems
BY PETER NICHOLAS Such restraint is fine with
NASHUA, N.H.—Former
the Clinton camp. As a cam-
paign surrogate in the Dem-
Set to Break
President Bill Clinton made
his campaign-trail debut on
ocratic primary race in the
2008 cycle, Mr. Clinton occa-
Many Rules
behalf of his wife Mon- sionally caused headaches
day, depicting her as the for his wife. In South Caro- No election in decades has of-
most seasoned candidate in lina, he drew criticism from fered more cause for humility
the field while steering clear African-American leaders in among political prognosticators
of recent barbs by Republi- the party when he appeared than the 2016 presidential race,
can front-runner Donald to diminish then-Sen. Barack now just weeks from its first
Trump. Obama’s primary victory as real contests. Still, there are
Though 15 years out of a feat no more impressive some certainties, or at least
office, Mr. Clinton is a popu- than the Rev. Jesse Jackson’s near-certainties, all of which
lar draw among Democrats wins there in the 1980s. serve to highlight the total
and an avid campaigner who In Monday’s speech in weirdness of the 2016 cam-
Hillary Clinton hopes will Nashua, Mr. Clinton said his paign.
energize core party voters in wife’s plan for the country
the run-up to the Iowa and “offers the best chance to THE NOMINEES WILL BE
New Hampshire contests
next month. Polls show his
have the most rapid move-
ment toward more rapidly
1 UNUSUALLY DISLIKED
Leading candidates for either
favorability rating among all shared prosperity.” party don’t normally summon
Americans is upward of 60%. Without mentioning any- wide support across the elec-
After speaking at a com- one’s name, he questioned torate at this stage in the race,
munity college here, Mr. whether various rivals would but they are at least usually
Clinton spent about an hour be able to carry out their well-liked. Front-runners Hillary
greeting scores of lunchtime plans should they get Clinton and Donald Trump have
customers at a restaurant in elected. terrible ratings among the vot-
Manchester, then appeared “You’ve got to take them ing population. Just shy of half
again at a late afternoon seriously,” he said. “But you of voters in the latest WSJ/
rally in Exeter’s town hall. also have to take seriously NBC poll had negative views of
After citing Mrs. Clinton’s whether they have any the leading Democrat, Mrs.
work as a U.S. senator from chance of doing what they Clinton, while 59% felt that
New York and in Arkansas say they’re going to do.” way toward Mr. Trump.
BRIAN SNYDER/REUTERS
when he served as governor, At the Puritan Backroom

he said, “she’s proved she restaurant in Manchester, he ANY GOP VICTOR WILL
knows how to get things
done.” He added: “She’s
shook every outstretched
hand, complied with every
2 EXPLODE PRECEDENTS
Most Republican nominees win
pretty much the same girl I request for a picture and vis- on the second or third try and
fell in love with in law ited every table, taking time have been senior senators or
school,” prompting a collec- Former President Bill Clinton at a campaign rally for his wife, Hillary, in Nashua, N.H., on Monday. to marvel at plates piled big-name governors. This time,
tive “aww” from the Exeter high with french fries and the top four candidates—Mr.
audience. ignore the billionaire’s at- Trump wrote: “I hope Bill his stop at the Manchester fried chicken fingers. Trump, Sens. Ted Cruz and
While the crowds wel- tempts to spotlight the scan- Clinton starts talking about restaurant, showing little ap- Mr. Clinton’s second- Marco Rubio and retired neuro-
comed Mr. Clinton’s return dal over the former presi- women’s issues so that vot- petite for a quarrel with Mr. place finish in New Hamp- surgeon Ben Carson—are all in
to retail politicking, Mr. dent’s relationship with a ers can see what a hypocrite Trump or anyone else and shire in 1992 helped jump- their first presidential run and
Trump was something of an White House intern that he is…” describing himself as a start his successful have a combined eight years of
unwanted shadow through- dominated much of his sec- The 42nd president didn’t “happy grandfather.” campaign that year. either congressional or state-
out the day. Clinton cam- ond term. answer a reporter’s question “I’m not mad at any- “It’s great to be back,” he wide political experience, the
paign aides say they plan to In a tweet last week, Mr. about the Republican jab in body,” he said. told the diners. usual path to the presidency.
REPUBLICANS MAY NOT

Heard on the Stump 3 LIKE THEIR FINAL PICK
Sen. Bernie Sanders’s push has
sown the seeds for disappoint-
One group of diners included leased by Mr. Rubio’s campaign ment on the left if Mrs. Clinton
Christie Jokes: ‘Don’t A Former President the mother and grandmother of
Super PAC Pokes Fun ahead of a debate last year that assumes the Democratic man-
Push It, Father’ Works Lunch Crowd one of the agents assigned to At Fantasy Football shows the Florida senator puz- tle. But anger in the GOP over
New Jersey Gov. Chris Chris- Bill Clinton, after an appear- protect him. It was sheer coinci- A super PAC backing GOP zling out his fantasy football the eventual nominee is bound
tie made the mistake of calling ance to promote his wife’s Dem- dence. When Mr. Clinton learned candidate Ted Cruz has begun lineup. “Yeah, I know I have a de- to be deeper. Large portions of
on a persistent priest Monday. ocratic presidential bid, worked of the connection, the agent was airing television ads that ques- bate, but I gotta get this fantasy the party say they will never
After the Republican candi- the tables at the Puritan Back- summoned to the table. Grand- tion whether Marco Rubio is se- football thing right,” Mr. Rubio vote for a number of the lead-
date delivered a speech before room in Manchester, N.H. mother, mother and son all rious enough to be president. says into the phone. ing candidates, with Mr. Trump
the Manchester Rotary Club, a It’s not a place for the calorie- posed for a photo with him. The ad opens with images of “Tell Marco Rubio: America among the most divisive.
Roman Catholic priest asked Mr. obsessed or heart-healthy eaters, At times, Mr. Clinton, now out the Syrian refugee crisis and of can’t afford to gamble with its
Christie if he would return to as is Mr. Clinton. Upon his arrival, of office for 15 years, seemed a war zones, overlaid with the safety,” the ad concludes. THE PARTISAN DIVIDE
their meeting if he was elected
to the White House.
the owner greeted him and said:
“We’re not the most vegan-
bit wistful. “Even the bad days
were good,” he said of his time
text: “The world is in need of
leadership.” What, the spot asks,
The ad is part of a $1 million
campaign announced last week
4 WILL ONLY DEEPEN
Whatever the outcome, noth-
“When I’m elected ... I can friendly restaurant but we have in the White House. would Mr. Rubio’s leadership look that is being aired by the set of ing suggests it will lead to a
guarantee you that the four something for you.” —Peter Nicholas like? It then cuts to video re- super PACs backing Mr. Cruz, lessening of partisan division
words running through my head each of which is named a varia- and bitterness either in Wash-
will be, ‘Thank you, New Hamp- tion of Keep the Promise. ington or across the U.S.
shire,’ ” Mr. Christie said. Unsatis- Mr. Rubio’s campaign hit back
fied, the priest pressed further: ‘We are not electing an entertainer- on Monday. A Rubio senior ad- THE PARTIES EACH HAVE
Would Mr. Christie come back to
the Rotary Club meeting?
in-chief. Showmanship is fun, but viser tweeted a link to a Buzz-
feed video of Mr. Cruz doing im-
5 STEEP HILLS TO CLIMB
For Democrats, succeeding an
“Don’t push it, Father. I am it is not the kind of leadership that pressions of characters on “The unpopular, two-term president
from New Jersey still,” said Mr. Simpsons,” and wrote: “Next from your party isn’t easy. For
Christie. Relenting, he promised will truly change America.’ @tedcruz PAC ad script … ISIS, Republicans, the primary could
to return—with one condition: Iran, Refugee Crisis, Lisa Simp- push candidates to the right on
“Let me tell you, it better be a son Impersonation, how can issues that play differently in a
really big meeting.” CHRIS CHRISTIE, during a speech in New Hampshire @tedcruz lead?” general-election setting.
—Heather Haddon —Rebecca Ballhaus —Neil King Jr.
THE WALL STREET JOURNAL. * * * * * Tuesday, January 5, 2016 | A5
H H H H H
CAMPAIGN
WIRE
Rubio, Christie Sharpen Attacks
BY HEATHER HADDON Mr. Christie said Monday at the ate professor of political sci-
H H H H H New Hampshire Institute of ence at Seton Hall University in
MANCHESTER, N.H.—Flor- Politics at Saint Anselm Col- New Jersey.
ida Sen. Marco Rubio took a lege. “Christie has played the
POLICY PROPOSAL veiled shot at fellow Republican Mr. Christie did name celeb- ‘adult’ in the room before,” Mr.
presidential hopeful Sen. Ted rity businessman Donald Hale said. “It is a great strategy
Carson Calls for Flat Cruz of Texas in a foreign-pol- Trump, Mr. Cruz and retired for him to try and replicate on
14.9% Income Tax icy speech Monday, saying “iso- neurosurgeon Ben Carson as the presidential stage.”
Republican presidential candi- lationist candidates” would having successfully channeled Several attendees of Mr.
date Ben Carson called for im- make the U.S. less safe. anger among the electorate Christie’s speech Monday said
posing a 14.9% flat tax rate on Mr. Rubio has clashed with during the presidential contest, they wanted to hear more from
income, ending taxes on capital Mr. Cruz for weeks about for- and said that he understood the candidate before rendering
gains and dividends and abolish- eign policy. Mr. Cruz has said voter frustration. a verdict on him.
ing the charitable deduction and the U.S. shouldn’t put troops on “I don’t believe that they are “He’s not my first choice,
all tax credits. the ground in hot spots such as merely blinded by a cult of per- but I’m glad to hear him,” said
GRETCHE ERTL/REUTERS
Estimates on the government Syria, and should rely on air sonality, or that they have em- Don Donahue, a 76-year-old Re-
revenue and the distribution of power instead. Mr. Rubio has braced values and beliefs out- publican voter from Bedford,
the tax burden weren’t available, disagreed. side the mainstream,” Mr. who said his top choice is now
but the Carson plan likely would Gov. Chris Christie, mean- Christie said. “Many of their Mr. Cruz.
lower taxes on the wealthiest while, said that the GOP nomi- criticisms of recent U.S. policy Mr. Rubio also sought to
households, who get much of nee would need executive expe- are legitimate, and should be portray himself as an outsider
their income from investments rience to lead the country, and taken more seriously.” Republican candidate Chris Christie arrives at a gathering of the on Monday, frequently calling
that would go untaxed and from suggested that his run as New The twin remarks by Messrs. Manchester Rotary Club in Manchester, N.H., on Monday. Congress “they,” despite the
pass-through business income Jersey governor made him Rubio and Christie reflect deep fact that he is a U.S. senator.
now taxed at a top rate of more qualified than the Wash- divisions in the Republican executive experience already “It’s not enough to express an- “They talk about it, but they
39.6%. ington lawmakers and political Party this presidential election have dropped out of the race as ger. We must elect someone don’t do anything about it,”
Mr. Carson’s flat tax would novices who fill out much of as terrorism becomes a central voters have gravitated to candi- who actually knows how to get said Mr. Rubio when asked
apply only to income above the GOP field. issue in the race. The two can- dates without long-term political things done.” about his record on immigra-
150% of the poverty level, mean- “If we are going to turn our didates have both sought to experience. Mr. Trump, who has Mr. Christie called for a Re- tion. “I will do something about
ing a family of four would face frustration and anger with the embody the hawkish wing of never held elected office, contin- publican nominee who can be a it,” he said in his speech at the
almost no income taxes on the D.C. insiders, the politicians of the party on foreign policy, ues to lead the field in polls. “grownup” on serious GOP is- American Legion hall in Hook-
first $36,375 of earnings. yesterday and the carnival while Mr. Cruz and Kentucky Mr. Christie sought Monday sues. sett, N.H.
In some respects, Mr. Carson’s barkers of today, into some- Sen. Rand Paul have expressed to channel some of the anger of It is something he has spo- Mr. Rubio didn’t mention a
plan is similar to those of other thing that actually changes caution about intervening in voters. ken about in New Jersey, and it 2013 bill on immigration that
GOP candidates, all of whom American lives, we must elect foreign fights. Mr. Christie, a former U.S. could also translate nationally, he helped author and has since
want to lower tax rates, broaden someone who has been tested,” Three GOP governors with prosecutor in New Jersey, said: said Matthew Hale, an associ- backed away from.
the tax base and place little or no
emphasis on avoiding bigger bud-
get deficits. But he goes further—
RACE Crossover
RYAN KANG/ASSOCIATED PRESS

he would repeal the estate tax,
JOE RAEDLE/GETTY IMAGES

Appeal
BRIAN SNYDER/REUTERS
the mortgage-interest deduction,

state and local tax deductions,
the alternative minimum tax and Continued from Page One Republican primary
depreciation rules. tration, or represents a more
Under Mr. Carson’s plan, fundamental shift in what type
voters are divided
many lower-income households of candidate voters want to among three main
would pay more in taxes than lead the country. voting blocks...
they do now. That’s because the Mr. Trump and Vermont Sen. SOCIAL ESTABLISHMENT
plan eliminates breaks such as Bernie Sanders, who is chal-
the earned income tax credit and lenging Mrs. Clinton, have ener-
TRUMP VOTERS CONSERVATIVES CENTRISTS
child tax credit, which currently gized legions of voters in their A largely male bloc of voters, Many of these voters Many of these voters call
allow about 45% of U.S. house- respective parties who are fed many without college degrees, describe themselves as very themselves “moderate” or
holds to pay no federal income up with traditional politicians who tend to be strongly conservative and strongly “somewhat conservative” and
tax. Payroll taxes would remain. and the calculated nature of opposed to increased opposed to gay marriage and tend to support candidates
—Richard Rubin typical campaigns, but it has immigration and trade. abortion. backed by party leaders.
been more than a century since Key candidates Donald Trump Ben Carson, Ted Cruz Jeb Bush, Marco Rubio
IOWA CAUCUSES either major party picked a true
Clinton’s Warning: outsider to be its nominee. Share of GOP primary voters 30% 38% 31%
Democrats seem to be co-
Health Law Imperiled alescing around Mrs. Clinton as Supporters by gender 36% 64% 46% 54% 55% 45%
Hillary Clinton warned Mon- their pick to succeed President
day that a Republican president Barack Obama, but polls in
Supporters that call themselves
would repeal the Affordable Care Iowa and New Hampshire show
Very conservative 32% 28% 38% 51% 27% 20% 20% 32% 48%
Act, roll back environmental and she is vulnerable in both. And Somewhat conservative
gun rules, enact tax cuts for the her campaign has been shaped Moderate/liberal
wealthy, and “rip away” progress from the beginning by the more
Democrats have made. progressive, anti-Wall Street Supporters by education
She told a Davenport, Iowa, fervor championed by Mr. High school/some college 64% 36% 50% 49% 44% 55%
audience that congressional Re- Sanders, her stronger-than-ex- College degree or higher
publicans are set to send Mr. pected rival.
Obama legislation repealing the Over the weekend, the Sand- Supporters by income Less than $75K 54% 46% 45%
2010 health-care law, and said if ers campaign said it raised $33 More than $75K 38% 45% 50%
he is replaced by a Republican, million since September, close
the health law would disappear. to the Clinton camp’s fundrais- Supporters who say they attend Weekly or more 39% 56% 47%
Mrs. Clinton’s event in Daven- ing mark. Mr. Sanders also religious services
port was the first of six stops boasts a sprawling turnout op-
Never 19% 10% 9%
on a two-day swing that will eration in the first-in-the-na-
take her from one end of the tion caucus state of Iowa, a sign ...and Ted Cruz and Marco Rubio show the strongest appeal beyond their own bases of support.
state to the other with less than he could pull closer to the Share of voters in each category who can see themselves supporting candidates from another lane
a month to the Iowa caucuses. front-runner.
She is ahead of Democratic rival In the GOP primary, Mr.
Bernie Sanders in recent polls
here, though some surveys put
Trump has traded on his celeb-
rity, his lack of political experi-
Donald Trump —— 57% 23%
her lead in single digits. ence and his penchant for prov-
The Iowa race carries signifi- ocation to build—and sustain—
cance beyond its borders. Many
New Hampshire polls show Mr.
a sizable lead over the rest of
the GOP field in national public-
Ted Cruz 66% —— 45%
Sanders, of neighboring Vermont, opinion surveys.
ahead there. If Mrs. Clinton were When his support is added
to lose the first two states, her to the shares of Republicans Marco Rubio 45% 69% ——
campaign would be on its heels. backing Texas Sen. Ted Cruz
—Laura Meckler and retired neurosurgeon Ben
ADVERTISING
Carson, more than 60% of GOP
primary voters say they favor a
Jeb Bush 30% 46% ——
political newcomer or a candi-
Trump TV Ad Shows date running against party Note: Analysis based on a question offering voters a five-candidate ballot for presidential nominee.
California Terror Scene leaders, according to polling av- Source: WSJ/NBC News telephone poll of 400 registered voters who say they would vote in the GOP primary conducted Dec. 6-9; full-sample margin of error: +/-4.9 pct. pts.
Donald Trump, who has domi- erages compiled by Real Clear THE WALL STREET JOURNAL.
nated the Republican primary Politics.
contest for months without Furthermore, there is no ob- The heated rhetoric and persona and promise to end il- ers for their top choice if only said they would consider back-
spending a cent on television vious alternative for Republi- large candidate field have legal immigration. five contenders were in the ing Mr. Cruz, while only 23%
ads, released his first spot Mon- cans who favor a candidate made the Republican primary With about one-third of vot- race: Messrs. Trump, Cruz, Car- said they’d consider Mr. Trump.
day and said he would spend at with prior political experience. race look loud and messy. But ers in each camp, according to son, Rubio and Jeb Bush. They Which candidates would the
least $2 million a week on TV in Florida Sen. Marco Rubio, for- here’s a simple way to view indications in December Wall also asked which candidate most conservative voters con-
the early-voting states of Iowa mer Florida Gov. Jeb Bush and the landscape: The GOP elec- Street Journal/NBC News poll- they would be willing to consider beyond Messrs. Cruz and
and New Hampshire. Mr. Christie all split a share of torate is divided into three ing, the stage is set to see sider supporting outside their Carson? Here, Mr. Rubio does
The ad shows images of the that vote, obscuring the choice broad groups, each roughly which candidate can best reach own “lane.” well. Nearly 70% of Cruz and
suspects in the San Bernardino, for more centrist, business- equal in size. beyond his or her core group to Some 66% of Trump voters Carson voters, whose re-
Calif., terrorist attacks, Islamic friendly Republicans looking to The socially conservative build the biggest coalition. said in December polling that if sponses were merged, said
State militants and immigrants back a candidate not named wing has elevated Sen. Ted The short answer, based on the businessman were to fiz- they would back Mr. Rubio.
appearing to run across the Carson, Cruz or Trump. Cruz and Ben Carson. The Journal/NBC News polling: Mr. zle, they could imagine them- The data lay out a steep
southern border of the U.S. “This historically large field GOP’s establishment-friendly, Cruz looks well-positioned to selves backing Mr. Cruz. challenge for Mr. Bush: More
“That’s why he’s calling for a has splintered the early states’ centrist wing backs Sen. Marco draw voters from outside his Mr. Cruz does fairly well than half of the socially conser-
temporary shutdown of Muslims electorate and allowed Trump Rubio and a few others. Donald cadre of social conservatives. among more centrist Republi- vative voters are ruling him out,
entering the United States, until and Cruz to grab those six out Trump voters are a largely To assess the candidates’ cans: Some 45% of Rubio and and nearly 70% of Trump voters
we can figure out what’s going of 10 voters who are unhappy working-class and male group appeal, Journal/NBC News poll- Bush voters, whose responses said they won’t consider him.
on,” says the narrator. and mad,” said Scott Reed, se- drawn together by his unique sters asked GOP primary vot- were merged for this analysis, —Aaron Zitner
So far, the billionaire busi- nior political strategist for the
nessman has spent only about U.S. Chamber of Commerce who
$200,000 on radio ads, claiming ran Kansas Sen. Bob Dole’s 1996 echoes anti-elite themes of Pat numbers into actual votes. He this money on ads,” said Mr. plans to underscore his anti-
he is “$35 million under bud- presidential campaign. Buchanan’s bids in 1992 and performs best among GOP pri- Trump, while addressing a ca- Wall Street message on Tues-
get”—an apparent dig at what This fragmentation among 1996. But unlike earlier up- mary voters who register as pacity crowd at the Tsongas day by outlining a series of re-
the super PAC backing former the so-called establishment starts, he brings unrivaled star Democrats or independents, as Center arena here Monday forms he would advance to rein
Florida Gov. Jeb Bush has spent wing of the GOP is a big shift power to the 2016 race. Esti- well as those voters who are night. “We can’t be silent any- in big financial firms.
on advertising, as he remained from recent history in which mates vary, but he has gener- least likely to turn out in the more folks.” Whatever the outcome of the
mired in single digits in the polls. conservatives struggled to ated millions of dollars in free fall, according to statistical Mr. Sanders has galvanized Democratic primary, Mr. Sand-
—Beth Reinhard unite behind a lone standard- media coverage, far surpassing models built by Civis Analytics, many of the liberal voters who ers has had an unmistakable
bearer. In 2012, evangelical what he or any other candidate a Democratic data firm born are lukewarm on, or outright impact on the race.
CAPITAL JOURNAL Christians and other more con- could spend airing television from Mr. Obama’s re-election opposed to, Mrs. Clinton by Mrs. Clinton has unveiled de-
servative voters split their sup- ads. And Mr. Trump has fed effort. running on his opposition to tailed policy prescriptions on a
Sign up to get port between former House that frenzy by picking fights The Trump campaign claims entrenched financial interests, range of issues, including many
WSJ
.COM
analysis and
insights driving
Washington
Speaker Newt Gingrich and for-
mer Pennsylvania Sen. Rick
Santorum, giving Mitt Romney
with rivals and advocating pro-
vocative policies that fire up his
supporters and infuriate his de-
a vigorous ground game in Iowa
and New Hampshire. Still, its
decision this week to begin air-
from big banks to big donors.
He trails Mrs. Clinton by
double digits in most national
with an obvious appeal to liber-
als and populists in her party.
She introduced a series of fi-
delivered to your a clearer lane to the nomina- tractors. ing television ads suggests a polls, but he is running closer nancial-market reforms that in-
inbox every morning: tion. Similar trends played out The big question facing Mr. back-to-basics shift in strategy. in Iowa and leads the former cluded a “risk fee” on banks
http://on.wsj.com/ in 1996, 2000 and 2008. Trump’s campaign is whether “Honestly I feel guilty. All first lady in most New Hamp- —Heather Haddon
CapitalJournalSignup Mr. Trump’s campaign he can translate strong poll these people are spending all shire surveys. Mr. Sanders contributed to this article.
A6 | Tuesday, January 5, 2016 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
Saudi Allies Join Widening Rift With Iran
Three Sunni countries canceled all commercial air
traffic between Iran and the
join kingdom in cutting kingdom.
or downgrading ties Other Saudi allies were
more reticent. Egypt, which
with Islamic Republic received a pledge of $4 billion
in aid from Riyadh early last
Saudi Arabia and its closest year, condemned the attacks
Sunni allies escalated a con- on Saudi diplomatic sites
frontation with Iran that is Monday but gave no indication
laying bare the central ten- that it was reviewing its diplo-
sions in the Mideast, as three matic ties with Tehran.
countries cut or downgraded Iran’s Vice President Eshaq
ties to Tehran and Saudi au- Jahangiri lashed out at Saudi
thorities halted air traffic to Arabia, urging it to stop its
the Islamic Republic. “hasty and unreasonable” ac-
tions on Monday. “It’s you who
By Ahmed Al Omran will lose by cutting relations
in Riyadh with Iran,” he said, according
and Asa Fitch in Dubai to the official Islamic Republic
News Agency.
The moves followed Saudi Escalating tensions be-
Arabia’s decision the day between Saudi Arabia and Iran
fore to sever diplomatic ties have been particularly sensi-
with Iran after protesters—an- tive for Iraq, a majority Shiite
KARIM KADIM/ASSOCIATED PRESS

gered by Riyadh’s execution of country whose government is
a Shiite cleric—stormed and recruiting Sunni citizens to
set fire to the Saudi Embassy fight the Sunni extremist
in Tehran. group Islamic State.
The deepening rift raises Iraq’s Foreign Ministry
troubling questions for Saudi condemned two bombing at-
Arabia’s Western and Muslim tacks Sunday night on Sunni
allies who worry that it will mosques in Baghdad, which
undermine efforts to crush People in Najaf, Iraq, on Monday protested the Saudi execution of a Shiite cleric, which has sparked tensions across the Middle East. also appeared to have been
common foes, namely Islamic prompted by the execution of
State and other terror groups. Kerry to Iranian counterpart Washington, D.C.” fellow at the Washington In- the kingdom’s effort to unify Nemer al-Nemer, the dissi-
Among Saudi Arabia’s al- Javad Zarif, and to Saudi Ara- Neither he nor other U.S. stitute for Near East Policy. Sunni countries to counter Ira- dent cleric put to death in
lies, Pakistan expressed con- bia’s deputy crown prince, Mo- officials backed the Saudi po- “They consider Iran their nian influence in battlefields Saudi Arabia’s mass execution
cern Monday that “dark forces hammed bin Salman. sition that the Iranian govern- primary strategic threat, and from Yemen to Syria. of 47 convicts Saturday.
of extremism and terrorism Publicly, U.S. officials held ment was behind the attack on don’t believe the U.S. takes On Monday, some showed Prince Mohammed and
can take advantage of any dis- fast to a posture of neutrality, Saudi Embassy in Tehran. that threat seriously,” Mr. their loyalty by also severing other Saudi leaders have said
unity” that have resulted from maintaining Washington’s “I think it’s too soon to tell Singh said. ties with Iran. they realize the difficulty they
the escalating tensions. longstanding alliance with Ri- who was at fault,” Mr. Kirby King Salman and his son Bahrain and Sudan fully face in confronting the twin
The Obama administration yadh while building bridges to told reporters. Prince Mohammed, who also severed diplomatic ties with challenges of declining oil and
contacted both Iranian and Tehran. The cutting of ties between serves as defense minister, Iran, while the United Arab facing up to Iran.
Saudi officials over the past “We think the best solu- Gulf countries and Iran is a have confronted Iran more Emirates, another ally, with- “We must consider that we
two days in an attempt to de- tions are ones that come from symptom of the widening stra- openly than previous Saudi drew its ambassador from are going through exceptional
escalate tensions, senior U.S. the region,” State Department tegic gap between the U.S. and rulers. Tehran and ordered a reduc- circumstances, very difficult
officials said Monday. spokesman John Kirby said traditional Middle Eastern al- The 30-year-old deputy tion in the number of Iranian circumstances,” the prince
The contacts included calls Monday. “Real long-term solu- lies including Saudi Arabia, crown prince in particular has diplomatic staff in its capital, told a group of Saudi elites in
by Secretary of State John tions won’t be legislated from said Michael Singh, a senior played an instrumental role in Abu Dhabi. Saudi authorities a closed meeting recently.
U.N. Works to
Mideast Tensions Pose New Test for OPEC Keep Peace
BY BENOÎT FAUCON
AND SUMMER SAID Oil Clash
Talks On Track
After years of sanctions, Iran hopes to regain lost ground to Saudi UNITED NATIONS—Senior
LONDON—The diplomatic Arabia in the oil markets. Crude production, millions of barrels a day: U.N. officials and diplomats on
crisis between Saudi Arabia Monday engaged in a flurry of
Iran Saudi Arabia
and Iran presents a new test diplomatic initiatives to contain
10.0
for the Organization of the Pe- the growing crisis between Iran
troleum Exporting Countries and Saudi Arabia.
at a challenging time for the 7.5 The effort, they said, was to
oil-producing cartel. prevent U.N.-led peace initia-
The 13-nation group that tives in Syria and Yemen from
controls more than a third of 5.0 being derailed, after Saudi Ara-
the world’s oil supplies has bia and its allies severed or
been able to function in the downgraded ties with Iran over
past even when its members 2.5 attacks against the Saudi em-
HEINZ-PETER BADER/REUTERS
were at war. Iraq and Iran sent bassy in Tehran.

representatives to OPEC meet- The U.N. Security Council
ings during their war in the 0 later Monday issued a state-
1980s, and Saddam Hussein’s 2005 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15* ment condemning the attacking
oil officials sat at the table of the embassy and SaudI con-
with representatives of Ku- 2009 OPEC cuts 2010 EU bans 2012 EU and U.S. 2015 Iran signs sulate in Mashad—by Iranians
wait’s exiled government after production after oil investment impose sanctions agreement to protesting the kingdom’s exe-
Iraq invaded in 1990. oil slump in Iran on Iran oil exports lift sanctions cution of a Shiite cleric—and
But the confrontation over Saudi Arabian Oil Minister Ali al-Naimi at a Dec. 4 OPEC meeting. *Through November Source: OPEC THE WALL STREET JOURNAL. sharply criticized Iran’s govern-
Saudi Arabia’s execution of a ment for failing to protect dip-
prominent Shiite cleric, Nemer political leaders in Shiite-ma- guably the two most powerful day. Iranian oil minister Bijan agreement or a coordinated lomatic premises. It also called
al-Nemer, could prove to be an jority OPEC member Iraq have OPEC members—were already Zanganeh was visibly upset action,” said Mohammad al- on all parties to maintain dia-
even trickier situation because criticized Saudi Arabia for the at odds over oil-production when he left the meeting. Sabban, a former senior ad- logue and take steps to reduce
of the sectarian anger it has execution of the cleric. policy. Iran is expected to Saudi Arabia has pumped at viser to the Saudi oil minister. tensions in the region.
unleashed across the Middle “We have not encountered a boost international exports of record levels over the past Now, “Iran will refuse to coor- U.N. Secretary-General Ban
East in countries whose econ- similar situation before,” said its crude early this year after year and encouraged other dinate on a cut and Saudi Ara- Ki-moon called the foreign min-
omies have been slammed by one OPEC delegate from a Per- the likely end of western sanc- members to do so as well, a bia won’t compromise.” isters of Iran and Saudi Arabia
depressed oil prices. Saudi sian Gulf Arab country. tions over its nuclear program. strategy that diverges from its The mood among some in on Sunday and Monday to ex-
Arabia is primarily a Sunni The difference this time, At last month’s OPEC meet- policy in the past of propping Tehran was equally pessimis- press his concerns over the cri-
Muslim country, while Iran is the delegate said, was Ameri- ing in Vienna, Iranian officials up the market with production tic over the potential damage sis and seek reassurance that
mostly Shiite. can oil production, which has called for other members to cuts. inflicted to OPEC. the two countries would remain
Other Sunni Muslim coun- kept crude markets flooded pull back production so that Saudi Arabia and Iran have “I expect the Saudi attitude committed to peace talks.
tries, including OPEC member and prevented OPEC from us- crude prices don’t fall further negotiated coordinated action in OPEC will turn from nonco- The U.N. said it was sending
United Arab Emirates, fol- ing its main tool for calming when Iranian crude comes on production in the past, in- operation into confrontation its special envoy for Syria,
lowed Riyadh in downgrading markets: regulating oil output rushing back to the global cluding in the late 1990s. with Iran,” said Roozbeh Alia- Staffan de Mistura, to Riyadh
or cutting off diplomatic ties flows. Prices have crashed by market. Saudi Arabia rejected Hopes for such an agreement badi, managing partner at po- on Monday and to Tehran later
with Iran after Saudi Arabia’s more than 60% over the past those calls and OPEC gave up have dimmed, analysts said. litical risk consultancy Global this week to mediate and seek
embassy was set on fire by 18 months, trading at less than all pretense of controlling out- “Before the latest develop- Growth Advisors, which helps reassurance that the Syria
protesters in Tehran. $38 a barrel on Monday. put, abandoning its production ment, there was a possibility businesses interested in work- talks would remain on track.
Meanwhile, religious and Saudi Arabia and Iran—ar- target of 30 million barrels a that OPEC could reach an ing in Iran. —Farnaz Fassihi
SAUDI Houthi forces in Yemen helped

shore up these Sunni conserva-
tives’ support for Saudi rulers,
so did Riyadh’s Sunday decision
Sunni militants affiliated with al
Qaeda.
“The domestic dimension of
this crisis is underappreciated:
Mr. Rouhani condemned the-
assault and said it is “in no way
justifiable and foremost disre-
spects Iran.” Yet, he also seemed
tics. Yet, the rising threat from
Iran also focuses the attention of
Saudi Arabia and its Sunni allies
on a crucial geopolitical fact: Is-
Continued from Page One to break off diplomatic relations The execution of Nemer al- to be powerless to stop it. lamic State serves a vital pur-
action would take. with Iran. Nemer was in a large part meant “Rouhani will now have to do pose of severing ground lines of
In Saudi Arabia, an absolute “Many Saudis have perceived to legitimize the Saudi govern- some damage control so that he communications that link Iran
monarchy with no representa- the Saudi stance until recently as ment’s crackdown on Sunni ex- doesn’t appear to be a president and Iraq to Iranian proxies in
VAHID SALEMI/ASSOCIATED PRESS
tion, government handouts are too timid. The perception by tremists,” said Emile Hokayem, who has no control over law en- Syria and Lebanon.
crucial to maintaining social many is that Iran is a bully, and senior fellow for Middle East se- forcement,” said Adnan Tabta- As part of its campaign
peace. Days before Mr. Nemer that only a firm response can get curity at the International Insti- bai, chief executive of the CARPO against Islamic State, the U.S.
was put to death, lines formed at it to back off,” said Prince Faisal tute for Strategic Studies in Bah- think tank in Germany and a spe- has long tried to improve ties
Saudi gas stations: The kingdom bin Farhan, a Saudi analyst and rain. cialist who advised the German between Riyadh and the Shiite-
had just unveiled entrepreneur involved in the In Iran, Mr. Nemer’s execu- government on Iranian affairs. led government in Iraq.
ANALYSIS a new austerity kingdom’s defense sector. tion also came at a delicate time: Following this breakup, Iran Mr. Nemer’s execution threat-
program, cutting On Monday, the regional con- President Hassan Rouhani and and Saudi Arabia are likely to ens to derail this rapproche-
2016 spending by flict escalated as Saudi allies his relatively moderate allies keep targeting each other indi- ment. Iraqi Prime Minister
14% and announcing that the Bahrain and Sudan fully severed face a determined pushback by An woman in Iran holds a rectly in the regional proxy wars Haider al-Abadi has strongly
heavily subsidized fuel price diplomatic ties with Iran, while hard-line conservative forces poster of Nemer al-Nemer. and by trying to foment insur- condemned the cleric’s death
would rise by half. the United Arab Emirates, an- ahead of parliamentary elections gencies. Iran, after all, has re- while former Prime Minister
The most dangerous potential other ally, withdrew its ambas- in February. in the Vienna talks on Syria’s fu- peatedly attempted since 1979 to Nouri al-Maliki, still a powerful
challenge to the Saudi regime sador and ordered a reduction in These conservatives want to ture and December’s arrival of a stir up unrest among the Shiites figure in the country’s politics,
has always come from conserva- the number of Iranian diplo- ensure that last year’s nuclear new Saudi ambassador to Teh- of Saudi Arabia’s Eastern Prov- went as far as warning that the
tive elements of its Sunni major- matic staff in its capital, Abu deal with the U.S. and other ran. ince, home to much of the king- execution would “topple the
ity—the same people who are Dhabi. Saudi authorities can- world powers doesn’t lead to Saturday night’s mob attack dom’s oil. Saudi regime.”
most hostile to Shiite Iran, and celed all commercial air traffic Iran’s wider opening to the in- on the Saudi Embassy in Tehran This increased hostility, how- Despite such fiery rhetoric,
to Saudi activists like Mr. Nemer between Iran and the kingdom. ternational community. and on its consulate in Mashhad ever, is likely to benefit Islamic decision makers in Riyadh and
who campaigned for full rights Conveniently, the interna- They were particularly un- appeared well organized and, State. In theory, both Saudi Ara- Tehran know just how devastat-
for the kingdom’s Shiite minor- tional outcry over Mr. Nemer’s happy with the steps to improve the Saudi foreign ministry said, bia and Iran seek to destroy the ing a direct conflict between the
ity. execution also overshadowed Saudi-Iranian ties in the weeks happened with the connivance of militant group, which wants to two countries could be. Yet, as
Just as last year’s military in- the fact that most of the 47 men before the latest crisis, such as Iranian police assigned to guard bring down the Saudi monarchy their hostility escalates, so do
tervention against pro-Iranian put to death on Saturday were the participation of both nations the buildings. and considers Shiites to be here- the risks of a costly mistake.
THE WALL STREET JOURNAL. NY Tuesday, January 5, 2016 | A6A
A6B | Tuesday, January 5, 2016 NY THE WALL STREET JOURNAL.
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WORLD NEWS
Migrant
Injured by
Sweden, Denmark Tighten Borders
BY CHARLES DUXBURY war in their homeland. The
Gunfire in KASTRUP, Denmark—Sweden

began enforcing tighter border
open-door policy quickly made it
the destination of choice for
many seeking to start to a new
Germany controls Monday to curb the in-

flux of asylum seekers, prompt-
ing Denmark to begin similar
life. By mid-2015 Sweden had
taken in more Syrians than any
other European nation relative
BY ANDREA THOMAS checks in a further weakening of to its size.
Europe’s open border principle. Even as the number of mi-
BERLIN—An asylum seeker Sweden warned weeks ago grants fleeing to Europe surged
was injured when gunshots that it would impose identifica- over the summer, Sweden’s
were fired at a refugee shelter tion checks at its borders, saying Prime Minister Stefan Lofven
in western Germany in the the country of close to 10 million joined a rally in central Stock-
early hours of Monday, police people was already straining to holm in September saying that
said. cope with the estimated 160,000 his Europe “doesn’t build walls.”
“We are investigating in all migrants who arrived in the By November, however, Mr.
directions, and of course we Nordic nation last year. Lofven changed tack, warning
are looking into the possibility Fearing that it would become that Sweden was reaching the
of a xenophobic offense,” pros- the new destination for mi- limits of the number of migrants
ecutor Nina Reininger said. grants unable to reach Sweden, it could absorb amid a sharp rise
KHAN TARIQ MIKKEL/ASSOCIATED PRESS

The 23-year-old asylum Denmark said Monday that it in anti-immigrant sentiment as
seeker was asleep when he was stepping up controls along well as violent attacks targeting
was hit by a bullet after sev- its border with Germany. migrants.
eral shots were fired through “We cannot deprive people of With about 60% of migrants
the window of his room in a their rights to seek asylum,” arriving without documents,
building in Dreieich-Dreie- Danish Prime Minister Lars Swedish police first began con-
ichenhain, about 12 miles Lokke Rasmussen said in a tele- ducting spot checks. That meant
south of Frankfurt, police said. vised address. “But we can make undocumented travelers could
The man was released from sure that those who do not have still apply for asylum upon ar-
a hospital after being treated, legal reasons to come to Den- rival in Sweden.
police added. mark are turned away at the Danish authorities checked migrants’ documents Monday at Kastrup train station near Copenhagen. The new rules are far more
Over the past year, attacks border.” strict because they are system-
against refugee shelters have The border checks highlight In Storskog, the Arctic border Mr. Rasmussen, the Danish better protect the region’s exter- atic and conducted by transport
quadrupled from the previous Europe’s struggle to preserve its post between Norway and Rus- premier, said he had ordered an nal borders. “This highlights operators before migrants enter
year to more than 800, ac- ideals of free travel and devise a sia—along an Arctic route some increased police presence at all that we need a joint European Sweden.
cording to the interior minis- common response to the biggest refugees and other migrants checkpoints after his govern- solution,” government spokes- Transport companies have
try. The figures highlight ten- flow of displaced people since have chosen as more obstacles ment failed to reach an agree- man Steffen Seibert told report- complained that the controls
sions that have been created World War II. The European emerge on the trail through ment with Germany to have ers. place too much responsibility on
in Europe’s largest economy Union has encouraged states on southeastern Europe—Norwe- transport companies verify pas- Germany, one of the main their shoulders, that their staff
following a record influx of the bloc’s edge, principally gian authorities have stopped al- senger identifications on board destinations for migrants pour- are poorly prepared to check
migrants. Germany registered Greece and Turkey, to slow the lowing in asylum seekers since trains and ferries. ing into Europe, has also sought documents and that stations
about a million asylum seekers stream of migrants by more Nov. 30. “We do not want to see immi- to stem the human tide by im- aren’t designed to restrict pe-
in 2015, the highest number forcefully policing their borders. “These are asylum seekers grants walking along our high- posing document checks at destrian access to trains and
since the end of World War II. Within Europe, several coun- that we think won’t be perse- ways,” he said. “We want peace some of its borders. buses.
Many Germans have volun- tries, including Macedonia and cuted in Russia,” Norway’s Jus- and order.” For Sweden, the new border Swedish train operator SJ
teered to provide help to the Hungary, have built razor-wire tice Minister Anders Anundsen Germany said introducing regimen marks a dramatic shift has suspended services to Den-
new arrivals with clothes, food fences on their frontiers. said late last year. “It’s an abuse controls at inner-European bor- from its previous migration pol- mark until it can iron out such
and language classes. But To the north, Sweden, Den- of the asylum system when they ders wasn’t the right solution icy. In 2013, Sweden was the problems.
there has also been a rise in mark and Norway have chosen choose to travel from Russia to and urged European countries first country to offer permanent —Christina Zander
antiforeigner sentiment. to erect administrative barriers. Norway to seek asylum.” once again to work together to residence to all Syrians fleeing contributed to this article.
Showdown Looms as Venezuela’s New Assembly Meets

BY ANATOLY KURMANAEV leans. “This government has party’s efforts to challenge rectors, making it harder for
AND KEJAL VYAS no experience sharing power the election results in four the opposition to demand eco-
and the opposition has very races, three of which the op- nomic data that has been
CARACAS—Venezuela’s op- little experience controlling position won, effectively withheld for a year.
JUAN BARRETO/AGENCE FRANCE-PRESSE/GETTY IMAGES
position coalition called on its any branch of authority.” stripping the opposition of its A day earlier, the opposi-
supporters to march to the Any upheaval could cause two-thirds supermajority. tion accused the government
National Assembly on Tuesday further turmoil and polariza- The opposition claims the of having stripped the assem-
morning to uphold the swear- tion in a country gripped by Supreme Court acted uncon- bly’s TV channel, ANTV, of its
ing-in of the country’s first the biggest economic crisis stitutionally in barring the equipment to prevent the op-
opposition-dominated legisla- since the Great Depression, three opposition members position from using it to
ture in 16 years, setting the with plunging output and the from taking their seats until broadcast proceedings.
stage for a showdown with the world’s highest inflation rate. the matter is resolved, and Mr. Maduro’s hard-line re-
socialist government of Nico- The Dec. 6 election handed vows to seat all 112 members sponse has strengthened the
lás Maduro. the opposition a “supermajor- on Tuesday. opposition’s radical wing,
Mr. Maduro, who has char- ity” of 112 seats in the 167-seat “What are they going to tell which says ousting the presi-
acterized the opposition vic- body that could be used to re- us now, that all of the results dent must precede any eco-
tory in December’s midterm form everything from the were false?” said Henry Ramos nomic or social reforms.
elections as a counterrevolu- courts to the constitution and Allup, a five-term deputy Mr. Ramos, 72 years old,
tion and coup, has asked his possibly start a drive to oust elected Sunday to be the new Mr. Ramos, center, the body’s new leader, was kept out on Monday. won the Assembly presidency
supporters to hold their own Mr. Maduro from power. Assembly’s leader. over a more moderate candi-
rally in the same area an hour But in the weeks since, Mr. As a sign of the looming protesters screamed, referring prisoners and liberalize the date by vowing change in the
earlier “to defend the achieve- Maduro’s administration has confrontation, Mr. Ramos him- to four decades of allegedly centrally planned economy. first half of this year.
ments of the Revolution.” moved to mitigate the dam- self was barred on Monday corrupt rule by his Democratic Under a recent decree signed “Many opposition politi-
“This will be a very unpre- age. The lame-duck legisla- from entering his office in the Action party until the Social- by Mr. Maduro, details of cians have realized in the past
dictable situation that could ture appointed 13 new mem- Assembly’s administrative ists took over in 1999. which were made public Mon- month that the slow-track ap-
turn violent,” said David bers of the Supreme Court. building by security guards Mr. Maduro has vowed to day, the president stripped the proach will not work here,”
Smilde, a Venezuela expert at That court last week ap- and government supporters. block the opposition’s main National Assembly of its pow- said Freddy Guevaraof the op-
Tulane University in New Or- proved the ruling Socialist “They won’t come back!” priorities: to free political ers to name central bank di- position Popular Will party.
World Suu Kyi Says Peace

Watch
Is Her Top Goal
BY SHIBANI MAHTANI itary and the ethnic groups in-
AND MYO MYO cluded in the peace agreement
INDIA later this month.
YANGON, Myanmar—De- Armed ethnic groups have
New Delhi Helps
WAKIL KOHSAR/AGENCE FRANCE-PRESSE/GETTY IMAGES
mocracy leader Aung San Suu been in conflict with the mili-
Islamabad in Probe Kyi said establishing peace tary for decades, fighting for
Pakistan’s Foreign Ministry with Myanmar’s ethnic minori- more independence in the eth-
said the government was work- ties will be the single most im- nic minority regions they con-
ing on leads provided by India portant goal when her party trol. The conflict is wrapped
relating to an assault by mili- forms a government in coming up with issues of resource
tants on an Indian air force base weeks following its historic sharing, since many of these
near the countries’ shared bor- election victory. areas are where Myanmar’s
der, and that it hoped planned In her second public speech most valuable natural re-
reconciliation talks with New since the November election, sources—billion-dollar depos-
Delhi could move forward. Ms. Suu Kyi on Monday its of jade, gold, coal, tin and
The five militants were killed marked the Southeast Asian others—lie.
in a gunbattle with Indian secu- country’s 68 years of indepen- Ms. Suu Kyi said her party
rity personnel. No one has dence from Britain by saying plans to have its own congress
claimed responsibility for the as- TWIN BOMBINGS: Two bombing attacks killed one person and wounded dozens in Kabul, above. The her National League for De- with the ethnic groups aimed
sault, although a senior Indian Taliban claimed responsibility for one blast, which struck near a compound used by U.S. contractors. mocracy would make ending at a full peace and said it
Home Ministry official said the insurgent conflicts, some dat- would be “all-inclusive.” She
attackers appeared to be from a heavy” elements are known by LIBYA RUSSIA ing from the end of colonial made no reference to the
Pakistan-based Islamist group temporary names based on the rule, its priority. peace talks already planned.
called the Jaish-e-Mohammed. number of protons each contains
Islamic State Attacks Intelligence Director Ms. Suu Kyi spoke to hun- The process highlights an awk-
A senior Indian official said in its nucleus: ununtrium, unun- Oil Terminals in East Dies Unexpectedly dreds of cheering party mem- ward reality as she prepares to
the government would decide to pentium, ununspetium and un- Islamic State fighters at- The director of Russia’s mili- bers and supporters. tackle issues that will continue
move forward with the talks de- unoctioum. Their discoverers tacked two oil terminals in east- tary intelligence agency died un- “Some people are worried to officially be in the jurisdic-
pending on whether India uncov- now have the privilege of pro- ern Libya, setting on fire a large expectedly, according to a state- to see changes in the country,” tion of the armed forces,
ers “ironclad” evidence the at- posing a permanent name and storage tank at one of the facili- ment on the Kremlin website. Ms. Suu Kyi said. “But changes which under the constitution
tack was planned by Jaish and symbol for each. ties, Libyan oil officials said. Col. Gen. Igor Sergun had run happen every time and every picks ministers in charge of
how the Pakistan government Three of the elements—desig- The attacks stoked fears that the Main Intelligence Directorate second. It is nothing to worry government-border areas and
responds. nated with atomic numbers of the oil industry is the next tar- of Russia’s General Staff, known about, and can be faced.” state security.
—Niharika Mandhana 115, 117 and 118—were first de- get for the extremist group, and as the GRU, since late 2011. He The first thing her party Ms. Suu Kyi didn’t provide
tected more than a decade ago came weeks after Libya’s two ri- was 58 years old. The Kremlin will do, she said, is to estab- any details on how the transi-
SCIENCE by researchers at the Joint Insti- val governments signed a didn’t state the cause of death. lish a “just peace” between tion to an NLD government is
tute for Nuclear Research in power-sharing agreement. Russian Defense Minister Myanmar’s armed ethnic proceeding. In recent weeks,
Four New Entrants Russia and the Lawrence Liver- A crude-oil storage tank con- Sergei Shoigu, in a statement re- groups. Though a cease-fire she has met with the most se-
To Periodic Table more National Laboratory in Cali- nected to the shutdown Ras leased to the Interfax news was reached by the departing nior military leadership.
Four recently discovered sub- fornia. The fourth, with an Lanuf oil complex was burning agency, said Gen. Sergun died military-linked government After Jan. 31, a new parlia-
stances are joining the periodic atomic number of 113, was dis- after being shot at, a spokes- Sunday. The military intelligence with several organizations in ment with the NLD majority
table of the elements, according covered in 2004 by the Riken re- man for Libya’s National Oil Co. chief joined the Soviet military in October, others refused to sign elected Nov. 8 will be in-
to the International Union of search institute in Japan, making said. Separately, car bombs ex- 1973 and became director of the the agreement and continue to stalled. A quarter of the seats
Pure and Applied Chemistry, it the first to be found by scien- ploded at the gates of the GRU and deputy chief of Rus- fight with the military in areas were constitutionally set aside
which verified their existence. tists working in Asia. nearby Es Sider oil port, he said. sia’s general staff in 2011. bordering China. A political di- for the armed forces and
These four radioactive “super- —Robert Lee Hotz —Benoît Faucon —Paul Sonne alogue is to start with the mil- aren’t contested.
A8 | Tuesday, January 5, 2016 * *** THE WALL STREET JOURNAL.
FROM PAGE ONE
GOLF building 30 houses instead of

62 didn’t count as open-space
preservation. One
though, did permit a Michi-
case,
ven’t always been successful
in pushing back.
The IRS’s first major at-
tempt to challenge a golf
said Nancy McLaughlin, a Uni-
versity of Utah professor who
blogs about conservation-
easement tax law.
and 2005 that the Members
Club and Reserve Club at St.
James Plantation donated to
the North American Land
gathered soil and water and
took photographs, he ab-
sorbed “really strange”
glances from golfers—and saw
Continued from Page One gan couple to claim tax breaks course break—a $30.6 million Among others, the Na- Trust. The clubs and landown- some Duke retirees he knew.
code, but its complexity isn’t for protecting a famous bald Alabama deduction—ended in tional Golf Club of Kansas City ers claimed deductions and Judge Wells agreed with
just about brackets and rates. eagle roosting spot. an embarrassing bogey in tax is waiting for a ruling from the IRS challenged them. Rep- Mr. Richardson’s assessment,
It also has to do with incen- The cases involve few peo- court. The IRS had to concede the tax court. The club’s envi- resentatives for the land trust ruling the courses weren’t the
tives like this, which despite ple and plenty of money. In that the course qualified for ronmental expert cited the and the IRS declined to com- “significant relatively natural
wide bipartisan support, in- 2012, the most recent year for the break. That left the land’s importance of fishless ponds ment. habitat” required by the IRS
duce scientific squabbles over which data are available, 1,114 value as a developable site as for amphibian reproduction In 2011, Mr. Richardson, the in such cases.
fairways and bird flyways. taxpayers took an average de- the only question, and the Duke ecologist, got an omi- David Wooldridge, the law-
Known as the conservation- duction of $872,250 based on judge shaved nearly $2 mil- nous-seeming phone call from yer for the Alabama and the
easement tax break, the rule the rule, according to the IRS, lion from the deduction.
Golf courses account Atlanta. “I thought, ‘Good North Carolina courses,
lets people claim a charitable for a total of slightly less than After that 2009 loss, the for some of the more Lord, why is the IRS chief at- thought he had compelling ev-
deduction for giving away the $1 billion. Numbers like that Obama administration tried torney calling me at my idence to support the St.
right to develop land they still can pique an auditor’s inter- another approach—getting
peculiar and house?” he recalled. James Plantation deductions:
own and can use. The measure est. Congress to ban golf course contentious cases. The call had nothing to do Venus flytraps, pitcher
has encouraged protection of Golf courses account for easements altogether. The golf with Mr. Richardson’s tax re- plants—even his own expert
millions of acres of pristine some of the more peculiar and industry helped beat back turns and everything to do on Carolina bays. None of
land. It has also spawned liti- contentious cases. Back- that idea, and the most recent and noted the presence of with his expertise on wetland that, though, was sufficient to
gation requiring judges to ers argue that the links pro- tax law preserves an ex- marsh milkweed and red- restorations, including in the persuade the judge, and that
wade into dueling testimony tect land permanently and panded version of the break eared sliders. Florida Everglades and means a more difficult path
from ecologists and apprais- that environmentally friendly that had lapsed at the end of The Champions Retreat marshes of Iraq. for future taxpayers.
ers. courses can save open space 2014. golf club in Evans, Georgia, When he finally made a “Now, the landowner’s got
Judges have, among other and preserve critical habitats. For now, the courts are the meanwhile, is headed for trial two-day visit two years later, to really sweat whether he’s
things, lowered the value of But the idea that 18 carefully IRS’s best hope for restricting against the government this Mr. Richardson was amazed at got enough,” Mr. Wooldridge
preserving the historic terra manicured holes can lead to golf-course easements. year over a $10.4 million de- what he saw: high-end houses, said.
cotta facade of the Ritz-Carl- an environmental tax break The North Carolina ruling duction. a golf course near an estuary That 10-foot putt for a tax
ton in New Orleans and told has long bothered some gov- was a big win for the IRS and The North Carolina dispute and land “pounded with fertil- break, in other words, doesn’t
a Virginia landowner that ernment lawyers. They ha- stands to affect future cases, dates to easements from 2003 izers and herbicides.” As he look so easy anymore.
MINES Freeport said it has a tradi-

tion of sending Christmas gifts
to the children of the area, and
that it also sponsors educational
Continued from Page One programs.
a so-called supercycle, the Construction didn’t start un-
seemingly never-ending growth til March 2013. But copper was
in demand for commodities. already in another downturn,
Back then, miners awash in falling from a peak of $4.48 a
cheap money set out to build pound in February of 2011 as
the biggest mines in history, China slowed and new supply
extracting iron ore in Australia, came online.
Brazil and West Africa, and The scale and complexity of
copper from Chile, Peru, Indo- the project slowed the work.
nesia, Arizona, Mongolia and The area, still scattered with
the Democratic Republic of volcanic ash from eruptions cen-
Congo. They also expanded turies old, was so mountainous,
production of minerals such as “we needed 10 and a half
zinc, nickel and bauxite, which months just to create the flat
is mined to make aluminum. space to build,” said Mr. Conger,
Those giant mines are now the chief operating officer. Cerro
giving the industry an extra- Verde is in an earthquake zone,
bad hangover during the bust. and everything had to be de-
The big mines cost so much to signed to withstand a 9.5 Rich-
build and extract minerals so ter quake.
efficiently that mothballing A project of this enormous-
them is unthinkable—running ness wouldn’t have been possi-
them generates cash to pay ble years ago, and might not
down debts, and huge mines have been cost effective, even at
JOHN W. MILLER/THE WALL STREET JOURNAL
are expensive to simply main- healthy metals prices, according

tain while idle. But as a result, to Mr. Evans, the former Rio
their scale means they are Tinto board member. “Now
helping miners dig themselves there are bigger trucks, faster
even deeper into the price drills and computer controlled
trough by adding to a glut. processing equipment which can
The prolonged price slump support larger scale mines,” he
has forced miners to make said.
painful cuts. In December, An- The mine’s huge scale keeps
glo American PLC, which re- its operating costs down, at un-
cently completed a supermine der $1.50 per pound. That
in Brazil that went over budget Freeport’s Cerro Verde copper mine in Peru is 150,000 acres and will eventually produce a billion pounds a year—3% of world production. means even with copper prices
by $6 billion, announced 85,000 now just above $2 a pound, a
new job cuts, asset sales and a Investment is still trickling timated, and in 2008, just over a six-year low, it will continue to
suspended dividend. in. Rio Tinto in December an- Super Supply year after the Phelps Dodge deal make money on an operational
On the same day, Rio Tinto nounced a $4.4 billion financ- Miners have poured investment ...pushing up output of metals closed and with copper at $3.94 basis.
PLC, which has built super- ing deal for its Oyu Tolgoi cop- into expanding… to record levels... a pound, Freeport started work But the production of giant
mines in Western Australia, cut per and gold supermine in on an expansion. mines will help keep metals
spending plans, while in Sep- Mongolia. Capital expenditure on new Change since 2007 But then the financial crisis prices low “because it will help
tember, Glencore PLC sus- “After nearly three decades mines and mine expansions hit, pummeling demand for met- to keep output high,” said ana-
pended its dividend and raised of having to beg for capital, sud- $150 billion 40% als used in construction, and lyst Dan Rohr of Morningstar
$2.5 billion in stock as part of a denly bankers and investors New mines
Aluminum Freeport shelved the project in Inc.
plan to cut debt. were throwing money at miners +38% March 2009. The price of copper After 15 consecutive profit-
120 Expansions 30
Phoenix-based Freeport it- and imploring them to invest in had fallen to $1.40 a pound, be- able quarters, Freeport has lost
self has felt the pressure. Exec- more and bigger projects,” said Zinc low the expected cost of extrac- money in the past three. The
utive Chairman and co-founder Dick Evans, a former board 90 20 +22% tion, guaranteeing that a bigger company is also loaded down
James R. Moffett stepped down member of Rio Tinto, and now Copper Cerro Verde would lose money. with $20.7 billion in debt, much
on Dec. 28, months after activ- chairman of aluminum maker +19% Copper prices began to rise of it accumulated during its
60 10 Iron ore
ist investor Carl Icahn took a Constellium NV. “The miners as Asian economies led a global 2013 acquisitions of energy
+18%
large stake. The board ap- were like kids in a candy store.” recovery in 2009, and demand companies McMoRan Explora-
proached the wildcatter, who is At the same time, new min- 30 0 from China soared for iron ore tion Co. and Plains Exploration
known as “Jim Bob,” about re- ing technologies, like bigger and copper, the two minerals & Production Co. in deals valued
signing, after nearly half a cen- haul trucks, shovels and other 0 –10 needed in huge quantities for in- at $19 billion.
tury with Freeport and its pre- equipment, enabled the building dustrialization. By March 2010, In 2014, to help pay for the
2007 ’09 ’11 ’13 ’15 2007 ’09 ’11 ’13
decessors. of facilities that could produce Freeport rebooted the Cerro Cerro Verde expansion, Cerro
When Freeport’s Cerro two or three times the copper ...at a time when prices are ...hitting company shares hard. Verde project. The company also Verde obtained a five-year $1.8
Verde mine’s production is fully or iron ore of the previous gen- dropping... undertook expansion projects billion loan.
ramped up this year, it will hit eration of big mines. elsewhere in Peru, and in Ari- Mr. Adkerson said the com-
Change since 2009 S&P/TSX Global Mining Index
a billion pounds of copper a Spread over 150,000 acres, zona and Congo. pany “financed Cerro Verde
year—3% of the world’s pro- Cerro Verde includes two pits 250% Copper 150 It took three years for Free- principally with cash flows” in
Zinc
duction, even as copper prices that each could fit multiple Aluminum
port to secure permits and to addition to that line of credit.
sink to six-year lows. baseball stadiums; a $500 mil- 200 120 develop an engineering plan Freeport’s “copper expansions
Iron ore
The impact of mines like lion water treatment plant half a that harnessed the new technol- are not driven by debt,” he said.
Cerro Verde is sweeping, in- mile long; and two hulking con- 150 ogies and secured the water But Freeport’s quarterly
cluding downward pressure on crete and steel concentrators 90 needed to mine on such a mas- losses and debt load have put
commodity prices until the end that look like giant roller coast- 100 sive scale. pressure on management. In Au-
of the decade, when supply is ers and can extract copper from 60 gust, the company said it would
expected to slip as some older 360,000 tons of rock a day. The 50 slash its 2016 capital spending
mines finally dry up. Compa- mine is capable of consuming Lobbying locals by 29%, cut about 10% of its U.S.
30
nies’ profit margins are shrink- around 9% of all the electricity 0 Mining companies consider workforce—more than 1,500
ing, many are writing down as- in Peru. A tour took six hours. Weekly Peru one of the most difficult jobs—and lower production.
sets and more smaller players Cerro Verde is so big that –50 0 countries to navigate as a for- The day Freeport made that
are likely to go belly-up, ac- “we’re running into the limit of 2009 ’11 ’13 ’15 2007 ’09 ’11 ’13 ’15 eign investor. The country has a announcement, Mr. Icahn, the
cording to ratings firms and space and how many trucks you Sources: SNL (capex); Morningstar, ICSG (output); The Steel Index (iron price);
long history of anti-mining ac- activist investor, let Mr. Adker-
analysts. can put on ramps,” said Red LME (other ore prices); FactSet (index) THE WALL STREET JOURNAL. tivism, dating back to fighting son know he had bought an 8.5%
Conger, the chief operating offi- the pillaging Spaniards in the stake in the company, worth
cer responsible for the mine, on tions in remote places. ruvian state,” said Carlos Galvez, 16th century. roughly $900 million at the
New technology a recent mine visit. Among Phelps Dodge’s 11 chief financial officer of Cia de To obtain permits, Freeport time, making him one of the
Investors who once bet on Even before miners started copper mining properties was Minas Buenaventura SAA, which built a $500 million wastewater company’s biggest shareholders.
ever-increasing demand by building these giant mines, low Cerro Verde, located amid dor- has had a minority stake in the treatment plant that serves the In October, Freeport said it
backing miners have also been interest rates helped spur a mant volcanoes 20 miles south- mine since the 1990s. The site, mine. Separately, it also de- would cut the size of its board
badly burned as share prices wave of mergers in the industry, west of Arequipa, a picturesque which receives only 1.5 inches of signed and paid for a $125 mil- and focus on its copper busi-
have dropped and dividends which had long been fragmented Spanish colonial town dubbed rain a year, had insufficient lion plant that cleans water ness, and explore all options for
have been gutted. The bench- with thousands of small and the White City for the color of power and water. from a local river for Arequipa. its energy business, including a
mark S&P/TSX Global Mining midsize firms. Global players in- its stone buildings. Mr. Adkerson and his team, Majura Chua, 43, runs a small spinoff or sale of a stake.
Index has fallen 65% since 2010. cluding Rio Tinto, BHP, Glencore Peru’s mineral wealth has bullish copper advocates, be- shop selling toilet paper, candy “We’re in a tough market-
Since 2007, mining compa- and Anglo American bulked up, been known to foreign investors lieved Cerro Verde could be and soft drinks down the road place, we have too much debt,
nies have spent over $100 bil- and Freeport paid $25.9 billion since the Spanish conquistadors much bigger. “We determined from one of the new water we have to come up with busi-
lion a year in capital expendi- for Phelps Dodge in 2007. “We invaded in the 16th cen- from the outset that Phelps plants. This October, she was ness strategies about how to
ture, much of it to build bought a company 2.5 times our tury. Gold and silver were the Dodge had not been aggressive hooked up to a pipe. “We can manage our balance sheet in a
supermines, such as Rio Tinto size, and that was made possible big prizes until miners from enough in drilling” to evaluate take showers now,” she said. Be- difficult environment,” said Mr.
and BHP Billiton PLC’s expan- only by cheap financing,” Free- the newly industrializing U.S. the possibility of an expansion,” fore that, she had to pour buck- Adkerson.
sions in the Pilbara region of port CEO Richard Adkerson said arrived early last century with a said Mr. Adkerson. “And the ets into a reservoir on top of the But he added he believed the
Western Australia, which rein an interview in November. new target: copper. benefit of the merger was that house. supply of copper would dwindle
quire thousands of workers to Freeport had only one mine, Discovered in the 19th cen- we could use the [profits of the] The company also lobbied lo- in the future. “You need large-
fly in for stints in a remote des- but it was massive: the Grasberg tury, the Cerro Verde deposit Grasberg mine to support” cal residents and key officials, scale mining and large-scale
ert, and Anglo American’s Mi- copper and gold mine in Indone- was considered so inconsequen- Cerro Verde and other expan- including the local archbishop. processing to be competitive,”
nas Rio in Brazil, which in- sia, developed by Mr. Moffett, a tial it wasn’t even mined indus- sion projects. People in one shantytown recall he said. “And that’s what we
volved a 325-mile iron ore colorful Southerner known for trially until the 1970s. Then it Freeport’s drillers concluded that in 2010 Freeport sent them have in Cerro Verde.”
slurry pipeline snaking its way his Elvis impersonations and his became “a small mine that had Cerro Verde had twice as much Christmas presents: soccer balls —Ryan Dube
though 32 municipalities. ability to forge political connec- been badly managed by the Pe- copper available as originally es- for boys and Barbies for girls. contributed to this article.
THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | A9
OPINION
America’sYearofLivingDangerously BOOKSHELF | By Clark S. Judge
Two thousand
sixteen will
be the year of
are embroiled in the conse-
quences. Moscow, Beijing and
Tehran will continue to take
Washington
America liv- hammers to the soft plaster of
Wrangler
ATTA KENARE/AGENCE FRANCE-PRESSE/GETTY IMAGES

ing danger- U.S. resolve as they seek
ously. Barack regional dominance. The nu-
Obama will clear deal will become a dead
GLOBAL
devote his letter even as Mr. Obama
VIEW
last full year insists on fulfilling our end of
Mac Baldrige
By Bret
in office to the bargain. China will con- By Chris Black and B. Jay Cooper
Stephens
shaping a lib- tinue to build islands while (Lyons Press, 225 pages, $24.95)
R
eral legacy, ir- buying us off in the paper cur-
respective of real-world re- rency of climate agreements onald Reagan was once asked if he considered any
sults. America’s enemies will and other liberal hobbyhorses. member of his cabinet a “true visionary.” Two, Reagan
see his last year as an oppor- Russia will seek to test and replied: United Nations Ambassador Jeane Kirkpatrick
tunity to take what they can, humiliate NATO. and Commerce Secretary Malcolm Baldrige.
while they can. America’s And there will be mass-ca- In Reagan-era Washington, Baldrige was best known as the
allies, or former allies, will do sualty terror attacks on the cowboy secretary. A card-carrying member of the Profes-
what they must. Protesters outside Saudi Arabia’s embassy in Tehran on Jan. 3 scale of Paris. If you’re reading sional Rodeo Cowboys Association, he retained his profes-
And then Hillary Clinton also targeted Israel and the U.S. this column on a major metro- sional status by winning, as PRCA rules required, a nominal
will likely become president. politan commuter network, amount of prize money every year of his cabinet tenure. But
Whether the Republican Party has noted, made some 8,000 imposed. Forty-two minutes look up from your paper. as one-time White House reporter Chris Black and former
chooses to remain intact re- political arrests in 2015—that sets a Guinness record in dip- The U.S. has lived through Baldrige speechwriter B. Jay Cooper make clear in this de-
mains to be seen. is, after it normalized rela- lomatic self-abasement. dangerous years before—1968 servedly admiring biography, it was far more than rodeo
For aficionados of political tions with the U.S. In the week of the sanc- and 1980 come to mind. Hind- skills that inspired the president’s esteem.
delusion, it must have been As for the nuclear agree- tions capitulation the Iranian sight is often the great re- A Yale graduate, a veteran of the Army’s fierce Okinawa
fun to watch Mr. Obama rattle ment, it amounts, predictably, navy test-fired unguided rock- deemer, but both years ended campaign during World War II and a highly successful Con-
off his list of foreign-policy to another American hostage ets within 1,500 yards of the with the American people necticut industrialist, Baldrige came to his government post
accomplishments at his year- in the hands of Tehran. Iran aircraft carrier USS Truman making sober political choices in 1981, just as global trade was moving to the center of the
end press conference last conducted two ballistic-missile as it was transiting the Strait in the face of a deteriorating policy-making stage. Thanks to a combination of insight, can-
month. There was the Paris tests in the wake of the deal, of Hormuz. Riyadh executed a international position. niness and integrity, he made himself and his department for-
both in violation of a legally radical Shiite cleric and put an Will that happen again in mative forces in the reconfiguration of the nation’s approach
binding U.N. Security Council end to John Kerry’s fantasies 2016? Not if either of the two to the international economy.
In 2016, rogue states resolution. When the adminis- of diplomatic settlement for current presidential front-run- While the Reagan adminis-
tration murmured its intention Syria after it severed diplo- ners wins the office. Not if we tration squarely embraced the
will take a hammer to impose modest sanctions in matic ties with Tehran. China think that the central metrics post-World War II American
to the soft plaster response, Iranian President landed a plane on an artificial of foreign policy are the size free-trade consensus, what
Hassan Rouhani warned that island built illegally in the of our carbon footprint or the free trade meant and how to
of Obama’s resolve. the sanctions would violate South China Sea in an area height of our wall with Mex- advance it began to change al-
the deal and ordered his de- claimed by Vietnam. ico. Not if the bipartisan tilt most as soon as the president
fense ministry to accelerate its Each of these acts is an ex- toward economic protection- entered office. From the 1950s
climate deal, the Iran nuclear missile program. pression of contempt for Mr. ism and quasi-isolationism through the ’70s, freeing trade
deal, the Trans-Pacific Part- “The White House on Obama. Contempt is the fa- becomes the new national meant lowering tariffs. By the
nership trade deal, the open- Wednesday morning sent a ther of lawlessness and the dogma. Not if we suppose that early ’80s, successive rounds of
ing to Cuba—“steady, persis- notification to Congress that grandfather of violence. What turning our back on the multilateral agreements had
tent work,” the president the Treasury Department happens when the next Ira- world’s great convulsions (or transformed most tariffs from
said, that was “paying off for would announce at 10:30 a.m. nian live-fire exercise lands a bombing them till they glow) barriers to nuisances or had
the American people in big, new sanctions on nearly a shell within 1,000 yards of a is the best way of escaping eliminated them entirely. The real
tangible ways.” dozen companies and individ- U.S. ship? Or 500? them. obstacles had become quotas, regulations and procedures.
Tangible means perceptible uals” linked to the Iranian Expect 2016 to be rich in In 1947 Democrat Harry At the same time, after decades of balance, in the
by touch. But the Paris cli- missile program, the Journal’s such incidents and worse—the Truman and Republican Ar- mid-1970s America’s trade ledger had turned negative. At
mate accord is voluntary and Jay Solomon reported last inevitable result of Mr. thur Vandenberg saved the first, policy makers considered the OPEC oil cartel’s boosting
unenforceable; the Pacific week. “The White House sent Obama’s deliberate abandon- Western world when they of crude prices the primary culprit. But by the early ’80s it
trade deal is unratified and a second email to congressio- ment of Pax Americana as the agreed that American pros- was clear that the retreating market shares of such signature
unpopular, especially among nal offices at 11:12 a.m. stat- organizing principle in inter- perity at home depended on pillars of the economy as steel and autos were also to blame.
Democrats; the opening to ing the sanctions announce- national relations. Turkey, the security of our friends Pressure to protect these faltering giants began to build in
Cuba is “tangible” only if you ment had been ‘delayed for a Egypt, Saudi Arabia and other abroad. In 2016 we’ll learn if Congress and the country.
enjoy taking your beach holi- few hours.’ ” allies will freelance foreign that saving consensus still Meanwhile, new industries based on largely homegrown
day in a dictatorship that, as As of this writing, the policies in ways over which holds. Buckle up. technologies, such as personal computers and medical de-
my colleague Mary O’Grady sanctions still haven’t been we have little say, even as we Write bstephens@wsj.com. vices, were rapidly emerging as export powerhouses. So, too,
were financial and travel-related services. The postwar trade
agreements barely touched any of these.
The Big Dog Gets Fixed Baldrige was one of the earliest senior officials to address
the many facets of these transformations. Resolving a long-
building steel dispute with Europe was among the first tasks
It was a muted Mr. Trump has been at it the heat himself as he gets of the most-Democratic voters, he tackled after taking office.
Bill Clinton ever since. “I hope Bill Clin- into the race. It can’t help including unmarried women, In part because of the emergence of Japan and Korea as
who stumped ton starts talking about that his past misbehavior is are less enthusiastic about major producers, global steel prices were in rapid decline.
for his wife in women’s issues so that voters resurfacing at the same time voting in the coming election American producers charged that many of the price cuts were
New Hamp- can see what a hypocrite he Bill Cosby, once a beloved than conservatives. It’s hard to predatory. Pro-business Republicans and pro-union Demo-
shire on Mon- is and how Hillary abused figure himself, has just been see how Mrs. Clinton will get crats demanded that the administration take action. Respond-
day. those women,” he tweeted on charged with sexual assault. them excited so long as her ing as they wished could have set off a full-scale trade war.
MAIN
Only a few Saturday. The comparisons between the own treatment of women is an To buy time, as Ms. Black and Mr. Cooper note, Baldrige
STREET
weeks back, Yet even before Mr. Trump two men are too obvious. issue. launched a number of antidumping investigations, including
By William
Mr. Clinton picked up on it, the contra- So is the question about Let’s stipulate that Mr. against West Germany and Austria. As the studies proceeded,
McGurn
was thought dictions between Mrs. Clin- the different responses the Trump has his own issues he dedicated himself to learning the ins and outs of the steel
to be Hillary ton’s feminism and her be- two men have received. Even here, from his whining about business. When it came time for one-on-one talks with the
Clinton’s “secret weapon.” havior were being challenged. before Bill Cosby was charged Fox News anchor Megyn Kelly various European countries, Baldrige made himself lead nego-
Well, he has just made his At a New Hampshire cam- with a crime, the allegations after she asked him tough tiator—and a crafty one he was.
first two appearances of the paign stop in early December, against him led to his being questions in the first GOP
2016 campaign—and the As- a woman asked her, “You re- stripped of honorary degrees, candidates debate to his
sociated Press describes him cently came out to say that booted off boards and seeing cracks about rival Carly During tense talks over steel imports, Baldrige
as “subdued,” while the New all rape victims should be be- his name replaced on build- Fiorina’s face. Even so, Mr. insisted the tired Europeans work through
York Times says he “seemed lieved? But would you say ings. Bill Clinton, meanwhile, Trump is betting that the
to be on a tight leash.” that about Juanita Broad- is feted and rakes in the mil- American people will distin- lunch. He’d hidden snacks for his team nearby.
Not to mention how adrift drick, Kathleen Willey and lions. guish between aggressive
he looked when a reporter Paula Jones?” The reference male boorishness and out-
asked him about Donald was to three women who right sexual abuse. One Saturday morning, days from a key deadline, he as-
Trump’s slams about his have respectively accused Bill It was a ‘subdued’ Bill Some Democrats are say- sembled his team shortly before a negotiating session was
treatment of women. Clinton of rape, sexual assault ing Mr. Trump’s strategy will scheduled to start. He told them that an office down the hall
It’s not the first time the and exposing himself. Clinton who turned backfire, citing polls from the would have coffee, sandwiches and pastries—and that they
Big Dog has been fixed. Back Now the Clintons must ex- out for Hillary in New first Clinton presidency were to keep this knowledge to themselves.
during Mrs. Clinton’s first pect such moments through- showing the public saw Mrs. At noon, the European side suggested a lunch break.
run for the Democratic nomi- out her 2016 campaign. Nor Hampshire this week. Clinton as a spouse wronged Baldrige insisted that they continue talking “because we are
nation, her husband was can Mrs. Clinton brush them by her husband. They are kid- so close.” An hour later, the Americans started stepping out
stung by accusations of rac- off as her hubby’s problem, ding themselves. one by one for visits to the secret lunchroom. At 4 p.m., the
ism after he seemed to dimin- especially given that many of All this would be academic For one thing, Americans Europeans agreed to all the American terms. As one U.S. ne-
ish Barack Obama’s landslide the women who accused Bill except for one thing: Mrs. now know that the Clintons gotiator later explained, “They were starving.” Denying them
victory in the 2008 South of sexual assault also say it Clinton needs the Obama were often lying to us about lunch was part of Baldrige’s “negotiating ploy.”
Carolina primary by pointing was Hillary who orchestrated coalition, especially its young her husband’s accusers. Ex- But even as he was hammering out steel deals abroad
out that Jesse Jackson had the smears against them. women, to propel her into of- hibit A? When Hillary ap- that helped stem the protectionist tide at home, Baldrige
won that primary before. Mr. We saw the disruption this fice. Unfortunately, as a recent peared beside Bill on “60 Min- began working on, as we would say today, changing the
Clinton would later complain can cause for Mrs. Clinton on New York Times feature about utes” to deny an affair with narrative. While acknowledging that some foreign produc-
the Obama team had “played Sunday at another New a Democratic mother and her Gennifer Flowers that her hus- ers were selling below their costs, in part thanks to subsi-
the race card” on him. Hampshire rally, when a local daughter recently reported, band would later admit to un- dies from their governments, he preached that the failure
Now it’s Mr. Trump who’s Republican woman tried to “younger women are less der oath. of American producers to keep pace with global productiv-
spoiling the primary season. bring up the issue. Mrs. impressed” by Mrs. Clinton As Christopher Hitchens ity improvements was U.S. industry’s biggest problem. “The
After Mrs. Clinton accused Clinton shut her down by than are older women. once put it, Bill Clinton didn’t determining factor [in success],” he said, “is our ability to
The Donald of sexism, he recalling her “very rude” and The Women’s Voices lie about sex. He lied about compete worldwide.”
sponded as he always does: saying she would never call Women Vote Action Fund women. The Clintons’ prob- Baldrige’s trade diplomacy was not all confrontation. As
He escalated. If Mrs. Clinton on her. Plainly it’s not a per- calls this an enthusiasm gap. lem today is that they are be- anti-Japanese protectionist pressure was building in Con-
was going down that route, suasive response, and such Two weeks ago the group ing called on these lies—and gress, the secretary arranged for the department’s No. 2 man,
he said, he was going to bring confrontations will always released a poll it says should neither he nor his wife has a Joe Wright, to host a dinner for him, the Japanese ambassa-
up all the female skeletons in make news. be a “wake-up call” for pro- good answer. dor and their wives at Mr. Wright’s home. “Mac insisted on
her husband’s closet. Mr. Clinton is now facing gressives. It shows that many Write to mcgurn@wsj.com. doing the serving,” Mr. Wright told the authors. “He went
right into the kitchen. And afterwards the Ambassador and
the Secretary of Commerce were washing dishes together as
they negotiated a trade deal.”
Notable Quotable: The Sunni-Shiite Fight Baldrige also knew how to use humor to deflate tense mo-
ments, as when the U.S. toy balloon industry petitioned for
From a Journal op-ed by at home, remained largely a residual U.S. presence in They had been banished from protection against cheap Mexican imports. Baldrige was op-
Middle East scholar Fouad neutral in this struggle. This Iraq that would have checked that country in 2005 thanks posed, but after debate the entire cabinet favored sanctions.
Ajami, who died in 2014, “The is a Sunni-Shiite fight, but re- the influence of Iran and to the Cedar Revolution and Sensing this was not where the president wanted to go,
Struggle for the Fertile Cres- ligious devotion is not the given Baghdad greater assur- to the “diplomacy of free- Baldrige pulled from his pocket a dozen toy balloons and
cent,” Jan. 14, 2013: measure of things. This is a ance and nerve. Perhaps the dom” practiced by George W. tossed them on the cabinet table. As the room filled with
very worldly grab for power conflict in Syria would have Bush. The Syrians made their laughter, he said, “This is what we are talking about.” Reagan
The Fertile Crescent’s pro- and wealth and trade routes, played out differently had we way back in 2009, the price denied the sanctions.
tagonists do not fight alone: and it is fought without senti- been spared the courtship of for the Obama administra- Baldrige was actually the choice for the Commerce posi-
On one side, there is the Ira- mentalism or scruples. Assad in 2009 and 2010 by tion’s “engaging” the dicta- tion of Vice President George H.W. Bush, to whom Reagan
nian state, influential in Iraq This is a malady of that the Obama administration, torships in Damascus and had given that slot to fill and whom Baldrige had supported
and committed to the Syrian greater Middle East—its ata- and by an eager Sen. John Tehran. in the 1980 presidential primaries. This book demonstrates
regime and to Hezbollah. On visms and ambitions. And to Kerry, who ran interference Say one thing about the what a brilliant selection Mac Baldrige was.
the other is the Sunni pact of this malady, the United States for the administration. people in the Fertile Crescent:
Turkey, Saudi Arabia and Qa- today is a spectator. With a more assertive If they had expected help and Mr. Judge, managing director of White House Writers
tar. Egypt is of course a Sunni Perhaps things would not American policy, perhaps a deliverance from the pre-emi- Group and chair of the Pacific Research Institute, was
country but it has, due to its be as they are if the Obama line would have been drawn nent liberal power in the special assistant and speechwriter to the president from
immersion in its own troubles administration had opted for for the Syrians in Lebanon. world, they now know better. 1986 to 1989.
A10 | Tuesday, January 5, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
The GOP’s 2016 Opportunity Terrorism Fears in the U.S. Aren’t Irrational
L
ast year ended with media predictions control, as are the world’s rogues. Russia’s Vladi- In “A Refugee Test of National According to Mr. Galston, since Amer-
of Republican division and doom, and mir Putin and Iran’s Ayatollah Ali Khamenei can Honor” (Politics & Ideas, Dec. 30) Wil- ica during World War II didn’t take in
liam A. Galston expresses a belief that Jewish refugees and interned U.S. citi-
not without cause. But as the voters pre- read the U.S. political calendar and may become Americans who reject allowing Syrian zens of Japanese descent, we are mor-
pare to cast their first judg- more aggressive to lock in
ments in February, it’s worth Why Republicans have more strategic gains while Mr. refugees U.S. entry have an irrational
fear of terrorism. He characterizes
ally obligated to take in thousands of
Syrians fleeing a conflict America
stepping back and noting the
underlying political forces
a strong chance to Obama is in office.
Republicans are also likely
worry that they or their families will didn’t cause? We have seen the im-
become victims of terrorism as being ages of the Syrians in question, and
that still offer the GOP an ex- retake the White House. to have a highly beatable op- absurd. Mr. Galston says that “during most of them appear to be young men;
cellent opportunity to retake ponent in Mrs. Clinton. She the past decade, seven times more there is no credible way to check the
the White House in Novem- lacks the natural political Americans died from lightning strikes background or threat potential of
ber—if the party doesn’t blow it. skills and likability of her husband, and most in the U.S. than at the hands of Isla- these men.
Start with the difficulty of holding the Presi- Americans don’t trust her. Her best campaign mist terrorists.” TOM NEWMAN
Interesting that he chooses “the Scottsdale, Ariz.
dency for a third consecutive term, as Demo- asset is a relentless will to power, but a skillful
past decade.” If he had chosen the
crats are attempting to do. This has only hap- Republican could turn that against her in a year past 15 years—including 9/11/2001— Mr. Galston equates the objection
pened once since 1950, and that was when when voters on the right and left are unhappy how would his comparison look? And to accepting more Syrian refugees to
George H.W. Bush succeeded the popular Ron- with the Washington status quo. I’m sure Mr. Galston is aware that fear of terrorism. After all, he argues,
ald Reagan after five years of economic and for- She will also have to manage the difficult people are routinely warned about the it is not an existential threat. This
eign-policy success. task of associating herself enough with Mr. danger of lightning strikes. Warned mirrors the White House attitude.
The nearby table compares the approval rat- Obama to mobilize his political coalition to vote even though to my knowledge light- This reductive indifference of
ing, in the October before Election Day, of Presi- for her while distancing herself from his unpop- ning has no terroristic ideological course misses the point that vigi-
dents in a second term who aren’t running for ular policies. This will create openings for the baggage to be concerned about. lance is in order when people who
re-election. An approval rating above 50% isn’t GOP on ObamaCare and the economy, and even Is it possible Mr. Galston’s refugee endorse an aggressive political phi-
a guarantee that the incumbent party’s candi- a mediocre Republican candidate ought to be test for national honor is merely run- losophy opposed to ours seek to en-
ning up against a common-sense test ter our country.
date will win, but a low approval rating has been able to associate Mr. Obama’s Secretary of State
for national security? HENRY BOWLES
a sure sign of defeat. President Obama’s ap- with his foreign-policy record. Her tap dance GREGORY MARSHALL Alameda, Calif.
proval rating in the latest Real Clear Politics av- on Syria and fighting Islamic State—we need Marietta, Ga.
erage is 43.9%, not to do more, but we’re
much better than it was Election Harbingers
Mr. Galston attributes to dema-
finally on the right dip- In opposing liberal refugee admit- gogues the fears of Americans over
a year ago. He needs it Approval ratings in October of the final year of recent lomatic path—shows tance policies, particularly from Is- accepting Syrian refugees. I don’t con-
closer to 50% to avoid two-term presidencies she understands this lamic countries, I’m more driven by sider FBI Director James Comey, Di-
being a liability for Hil- Harry Truman 1952 vulnerability. my concern about future growth of rector of National Intelligence James
33%
lary Clinton. The main Demo- political Islam in this country. This Clapper or “senior Obama officials” to
The public views Dwight Eisenhower 1960 58 cratic edge is demo- home of the brave rests also on the be demagogues, and they have all said
Mr. Obama unfavorably Lyndon Johnson 1968* graphic, especially its concept of separation of church and they don’t have the ability to vet the
43
state, to which political Islam is by far Syrian refugees. I also believe ISIS
for good reason. The support from young the greatest threat. when it says it is infiltrating the refu-
Ronald Reagan 1988 51
economy is seven years people, single women, R.S. SHERGILL gees with ISIS soldiers to wage jihad
into the worst eco- Bill Clinton 2000 57 and the minorities who Danville, Calif. in the U.S.
nomic recovery since George W. Bush 2008 31 are gaining two per- DAVID CECIL
World War II, with centage points as a So let me see if I have this straight: Midlothian, Va.
growth in 2015 again at Barack Obama (Dec. 2015) 44
share of the electorate
little more than 2%. In- *November 1968
Source: Gallup
every four years. This
comes have been stag- has made immigration
nant except for those at the top or with assets, a political liability for Republicans and argues GMO: We Want to Know What’s in the Food
and last year stocks were flat. for a nominee who can appeal to minorities in
Julie Kelly gushes: “GMOs never Ms. Kelly is free to eat all the
Most striking is that Mr. Obama’s rating has addition to conservative whites. Some Republi-
looked so harmless” (“The March of Frankenfood and accompanying her-
stayed down even as gasoline prices have fallen cans think that worries about terrorism and Genetic Food Progress,” op-ed, Dec. bicide she wants. As someone with a
nearly by half in much of the country in the last Syrian refugees will reduce the Democratic im- 30). If that in fact is true, then what food-science degree who has worked
year. This suggests that voters are open to an migration advantage this year, and perhaps so. possible harm is there in labeling our in the food industry and written
alternative economic policy argument, which But if you’re looking for the GOP’s Achilles’ heel, food if it contains GMO ingredients? about it, I keep my own chickens and
becomes a clear GOP advantage if there’s a re- it is the illusion that it can win the Presidency Ms. Kelly also points out that the ef- garden to avoid it.
cession or financial turmoil. with a whites-only coalition. fort of “trying to force food manufac- ANITA NOLAN
The other major reason for voter anxiety is i i i turers to label products with the New Hope, Pa.
growing global disorder and the rising terror- The test for the GOP in the coming months meaningless letters ‘GMO’ . . . has
ist threat. The Paris and San Bernardino at- will be to nominate a candidate who can exploit suffered major setbacks.” Meaning- One way genetically modified or-
tacks have revived the debate over national se- these fundamentals while unifying the party’s less? She goes on to say that GMO- ganism grains and vegetables are
labeling ballot measures were de- bred for increased yield is by enhanc-
curity, which with rare exceptions (such as warring factions. The virtue of competitive pri-
feated in Oregon, Colorado, California ing their resistance to pesticides. It
2008 and 2012) has been a Republican advan- maries is that they force candidates to show- and Washington. She neglects to logically follows that this leads to in-
tage since the Vietnam War. Mr. Obama can case their policy appeal and electability under mention, however, that Vermont ad- creased pesticide residues in con-
read the polls, which is why his Administration pressure over several months. Sometimes par- opted a stand-alone law in 2014 that sumer products that are made from
now trumpets even minor antiterror successes. ties run off the rails and nominate someone requires GMO food labeling. Consum- the GMO grains. In fact, the World
The Pentagon had a press event announcing Is- who has little or no chance to win, but this is ers like me are not anti-GMO but Health Organization recently an-
lamic State body counts. rare and it certainly isn’t inevitable. would like to be informed about what nounced that glyphosate (roundup-
Second term Presidents typically reap what The point for Republican voters to keep in is in our food so we can make type chemicals that are thought to be
they’ve sown on foreign policy, and Mrs. Clinton mind is that in 2016 they have an historic op- choices. less toxic and less persistent than
can’t repeat the Obama 2012 mantra that “the portunity to hold Congress, win the White JOHN E. AHERN traditional herbicides) is a probable
tide of war is receding.” The chaos in the Middle House, and reverse much of the Obama legacy Morristown, Vt. carcinogen. While pesticide-resistant
crops allow farmers to grow more
East and Africa is to some extent beyond their in 2017. This would be a terrible thing to waste. Ms. Kelly attempts to refocus the food on less acreage, we may be
GMO discussion with talk of bruised slowly poisoning ourselves when we
Sunni Arab Solidarity apples and missing enzymes. The

main issue, however, is that genetic
eat foods made from GMO crops.
To this retired engineer, the chal-
B
modification allows for increased lenge is to develop better (less toxic,
ahrain and the United Arab Emirates toward Iran and its Shiite allies in the Middle herbicide usage. (About 90% of soy, less carcinogenic) pesticides, not
on Monday followed their Sunni Mus- East. They see the Administration backing corn and sugar-beet crops are geneti- abandon GMO grains and vegetables.
lim allies in Saudi Arabia in severing down on sanctions against Iran for testing bal- cally modified specifically to improve STEVE SLATER
ties with Iran. This came despite a lecture to listic missiles that can reach Riyadh long be- herbicide tolerance.) Waterford, Mich.
Saudis, from the U.S. State Department and fore they get to New York. They feel under
most of the Western press, for executing a threat from an Iran liberated from sanctions,
radical Shiite cleric on the weekend. The exe- and they don’t believe President Obama will Internal Growth Cost Is Danger to Military
cution of Nemer al-Nemer risks “exacerbating defend them in a conflict. Why should they John Lehman is absolutely correct the like, beginning in a year or so
sectarian tensions at a time when they ur- heed the U.S. now? in his New Year’s Eve warning about readiness, morale and fighting
gently need to be reduced,” said State spokes- A Middle East dividing into Sunni and Shi- what bureaucratic bloat and the cur- strength will be unmistakably in
man John Kirby. ite blocs is the predictable consequence of Mr. rent procurement system will do, not trouble.
Well, what did the Administration and its Obama’s strategy of retreat from the region. only to disarming the Navy, but to That cost growth is in the neigh-
media allies expect? The U.S. didn’t listen to As elsewhere, U.S. allies in the Middle East the other services as well (“Disarm- borhood of 5%-7% a year, which at
Saudi Arabia about the Iran nuclear deal, will do what they feel they must to survive, ing the Navy Through Bureaucratic 7% doubles every 10 years. An exam-
which it believes signals a U.S. strategic tilt never mind American disapproval. Bloat,” op-ed, Dec. 31). And his ku- ple: When Mr. Lehman was flying in
dos for the reforms pushed by Sen. the A-6 Intruder, the cost of his hel-
John McCain and Rep. Mac Thorn- met was negligible. Today, the hel-
Iran’s Congressional Veto berry of the respective Armed Ser-

vices Committees of the Senate and
mets for F-35 pilots cost close to
half a million dollars each and every
P
House are on target. pilot will be issued two.
resident Obama has staked much of his or an Iran-backed attempt in 2011 to assassi- However, an even greater danger The National Defense Authoriza-
foreign-policy legacy on the Iran nuclear nate Saudi Arabia’s ambassador to the U.S. in threatens to return America’s mili- tion Act the president just signed is
deal, but does that deal effectively give Washington, D.C. tary into some version of the “hol- a good first step—but only a step.
the Iranians veto power over legislation by the Secretary of State John Kerry replied the next low force” of the late 1970s and Unless far-reaching reforms and
U.S. Congress? That’s the question at the center day, writing to Mr. Zarif that the Administration early 1980s: uncontrollable internal changes are made soon to control
of Tehran’s “outrage” at a security law passed “has the authority to waive” the visa changes cost growth. this cost growth monstrosity, some
by Congress after the Paris and San Bernardino passed by Congress, and that the measure won’t Yes, budget sequestration, over- variant of a hollow force is inevita-
regulation and bureaucracy are dam- ble. The only question is when.
attacks. “prevent” the U.S. from fulfilling its nuclear-deal
aging. But unless or until the uncon- HARLAN ULLMAN
The December omnibus budget law includes commitments and won’t “interfere with legiti- trollable internal cost growth within Washington
a measure revising the Visa Waiver Program. Ex- mate business interests of Iran.” the Department of Defense is re- Mr. Ullman was in charge of Navy
pedited entry into the U.S. is no longer available But Iran is still threatening to file a complaint versed for everything from person- Extended Planning during part of
to foreign travelers who have visited Iraq, Syria to the Joint Commission, a body set up by the nel costs, retirement, health care, John Lehman’s tour as secretary of
or countries that “repeatedly provided support U.N. Security Council to arbitrate disputes over technology, weapons, logistics and the Navy.
for acts of international terrorism” on or after the nuclear deal. The mullahs would count on
March 1, 2011. Thus the law covers those who the good offices of Commission representatives
have visited Iran, a U.S.-designated state spon- from Iran’s commercial partners in Europe, Rus- Open Offices Foster Teamwork and Connection
sor of terrorism. sia and China.
Foreign travelers affected by the new law will Congress is up in arms, and for good reason. “Citigroup’s Office Plan: No Of- then to my own office. The walls cre-
fices” (Money & Investing, Dec. 28) ated both an actual barrier to interac-
no longer have visas automatically waived. In- In a Dec. 22 letter to Secretary Kerry and De-
describes the company’s shift to an tion and a psychological one. Email
stead, they must submit a visa application, pay partment of Homeland Security Secretary Jeh open-plan layout. Almost 40 years furthered my descent into isolation.
a fee and submit to an in-person interview at the Johnson, House Majority Leader Kevin McCar- ago when I took my first job out of Once employees get used to the new
local U.S. Embassy or consulate, like every other thy and four GOP committee chairmen note that college, with Grumman Aerospace open-plan layouts they’ll realize that
businessman or tourist. The law passed the Congress “expressly refused” carve-outs for Ira- Corp., I was introduced to the open- what is lost in privacy is more than
House 407-19. nian businessman during the debate over the office design. One result of the open compensated for by greater human
Proponents of the nuclear deal fear the visa new visa rules. “The simplest way to eliminate office was that I came to know hun- interaction.
rules would deter the flow of foreign investors this restriction,” they wrote, “is for Iran to end dreds of Grumman employees, if not RICHARD BROWN
into Iran. So naturally the Iranians went, well, bal- its support of terrorism.” intimately, then at least enough to Babylon, N.Y.
listic. In a Dec. 18 interview with the New Yorker, Iran’s role in destabilizing the Middle East say hello. This helped foster a spirit
of teamwork that had a profound im-
Foreign Minister Javad Zarif said, “This visa-wa- has worsened since signing the nuclear deal. Letters intended for publication should
pact on the company’s success. So be addressed to: The Editor, 1211 Avenue
ver thing is absurd: Has anybody in the West been Now it’s invoking an implied veto over a domes- deep was this spirit, that I remember of the Americas, New York, NY 10036,
targeted by any Iranian national?” tic-security law passed by Congress. President vividly the single occasion in nine or emailed to wsj.ltrs@wsj.com. Please
Well, yes, unless you exclude the hundreds Obama signed that law, and John Kerry signed years when a fellow employee dis- include your city and state. All letters
of U.S. soldiers and Marines killed in Iraq by the nuclear deal last July. Time for choosing missed my request for assistance. are subject to editing, and unpublished
the roadside bombs supplied by Iran, or Iran’s whether Iran or Congress poses the greater dan- Later in my professional life I letters can be neither acknowledged nor
returned.
support for Hamas and Hezbollah terrorists, ger to the U.S. worked my way up to a cubicle and
THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | A11
OPINION
The Transgender Battle Line: Childhood

By Debra W. Soh includes treatment with hormones to came after months of public allega- for Transgender Health—a document desist—Dr. Zucker would recommend
W
suppress puberty and help the tions that Dr. Zucker, an international he had co-written. transitioning, including puberty-
hat should parents do individual develop breasts or facial expert on gender variance in children, Of the boys and girls seen in clinics blocking hormonal therapy.
if their little boy pro- hair, as well as gender-reassignment had been practicing conversion ther- like Dr. Zucker’s, a high percentage— Dr. Zucker was recently awarded
fesses an intense desire surgery. apy, which aims to change patients’ up to 80% in a study of 44 gender- $500,000 from the Canadian Institutes
to be a girl? Or if their But prepubescent children who sexual orientation. dysphoric boys—grow up to be not of Health Research to conduct an MRI
daughter comes home identify with the opposite sex are an- But he had not been trying to dis- transgender, but bisexual, gay or study on the effects of medical transi-
from kindergarten and says she wants other matter entirely. How best to suade anyone from being transgen- lesbian adults. Thus, helping pre- tioning, such as blocking puberty and
to be a boy? In recent years the domi- deal with them has become so politi- der. Instead his therapy facilitated pubescent children feel comfortable administering cross-sex hormones, on
nant thinking has changed dramati- cized that sexologists, who presum- exploration of gender identity. For in their birth sex makes more sense adolescents’ neurodevelopment. A
cally regarding children’s gender ably would be able to determine the example, in addition to thinking than starting a lifetime of hormonal grant of this size speaks to both his
dysphoria. Previously, parents might healthiest approach, are extremely about transitioning, gender-atypical treatments and surgeries that will in credibility as a scientist and the
hope that it would be a passing phase, reluctant to get involved. They have all likelihood turn out to be unneces- importance of this research. The halt-
as it usually is. But now they are under seen what happens when they deviate sary and unwanted. ing of this study in the wake of the
pressure from gender-identity politics, from orthodoxy. Psychologists have learned When children do transition, closure of Dr. Zucker’s clinic means
which asserts that children as young In 2003 a sex researcher and psy- some regret it. Consider a 2011 study the critical answers he sought will
as 5 should be supported in wanting to chology professor at Northwestern how to treat adults with of 25 adolescents who had been gen- remain unknown.
live as the opposite sex. Any attempts University named J. Michael Bailey gender dysphoria, but how der dysphoric as children, published The most current science has been
to challenge this approach are deemed published “The Man Who Would Be in the academic journal Clinical trumped purely because it is at odds
intolerant and oppressive. Queen,” a book that countered the about 5-year-olds? Child Psychology and Psychiatry. with the dominant political view con-
I myself was a gender-dysphoric idea that male-to-female transgender- Two girls who had undergone social cerning transgender development.
child who preferred trucks and Mec- ism is innately tied to gender identity. transitioning to boys—by taking on We don’t allow children to vote or get
cano sets to Easy-Bake Ovens. I For some, he said, the attraction is males could consider being boys who male-typical appearances—regretted tattoos, yet in the name of progres-
detested being female and all of its related to a sexual fantasy of being a simply liked female-typical things. it and struggled to detransition. One sive thinking we are allowing them to
trappings. Yet when I was growing up woman. Dr. Bailey was quickly accused One doesn’t necessarily need to be a wanted to begin wearing earrings, choose serious biomedical interven-
in the 1980s, the concept of helping of transphobia and sustained several girl to enjoy nail polish or bedtime but said she couldn’t because she tions with permanent and irrevers-
children transition to another sex was years of vicious public attacks. The stories about fairy princesses. “looked like a boy.” The other, hop- ible results.
completely unheard of. My parents episode left a lasting impression on Pointing that out to a gender-dys- ing for a fresh start with high The silencing of those who oppose
allowed me to wear boys’ clothing and sexology: Science that doesn’t align phoric child isn’t the same as practic- school, hid childhood photos at this sends the message to parents
shave my head, to live as a girl who with prevailing attitudes can be ing conversion therapy. Trying to home that depicted her time living that early transitioning is the only
otherwise looked and behaved like a dangerous. turn a gay person straight is unethi- as a boy. Both feared teasing from valid and ethical approach for a gen-
boy. I outgrew my dysphoria by my Witness the recent experience of cal, because sexual orientation is their peers. der-dysphoric child. This message—
late teens. Looking back, I am grateful Kenneth Zucker, a psychologist in immutable. Gender identity, however, Such research explains why Dr. pushing children to transition at
for my parents’ support, which helped Toronto (who has conducted research is different, in that it is flexible and Zucker worked with children to increasingly younger ages so that
me work things out. with Dr. Bailey). A few weeks ago, the can change over the course of life. In explore gender. Then if a child’s dys- they will fit neatly into one of two
Since then, research has estab- city’s Centre for Addiction and Mental keeping with that outlook, Dr. Zucker phoria persisted into adolescence— gender categories—is false and unsci-
lished best-treatment practices for Health announced that it would close had been following the most up-to- gender identity becomes more fixed entific. It is more progressive to offer
adolescents and adults with gender its Gender Identity Clinic, which Dr. date standards of care published by with age, and the start of puberty them the time and the space they
dysphoria: full transitioning, which Zucker had led for 35 years. The news the World Professional Association often determines whether it will need to figure out who they are and
what is ultimately best for them.
New Evidence on the Phony ‘Retirement Crisis’ Ms. Soh is a provost dissertation
scholar and doctoral candidate in psy-
chology, specializing in sexual neuro-
By Andrew G. Biggs an average of several years of late- next 75 years. Raising the payroll tax earning households, which Demo- science, at York University in Toronto.
E
in-life earnings. Years of very low rate to restore its solvency would re- cratic front-runner Hillary Clinton
very Democrat running for earnings should not be counted, it quire an immediate and permanent has pledged not to do.
president has pledged to
increase Social Security ben-
said, since many people shift to
part-time work before retirement.
4.37 percentage-point increase to the
existing 12.4% tax.
The CBO’s new replacement-rate
figures show that Social Security’s
Notable & Quotable
efits, on grounds that Americans’ The panel also said the focus To restore the program’s sol- promised benefit levels are far more Standpoint editor Daniel Johnson,
retirement savings are inadequate should be on individuals with rea- vency, some want to remove the adequate than is often portrayed. writing in the January issue of the
and the costs are affordable. Re- sonably full working careers, since ceiling on earnings subject to the But the program is far short of being New Criterion:
publicans in the race instead focus replacement rates aren’t very Social Security payroll tax—cur- able to pay what it has promised.
on restoring Social Security to sol- meaningful for individuals with rently $118,500. That was the pro- Both sets of figures show the folly of The power of the press is quite lim-
vency—by reducing benefits for short careers. gressives’ favorite proposal, until expanding benefits before Social ited, but the deadliest weapon in its
high earners or raising the retire- Following the panel’s recommen- they decided to instead to use much Security’s underlying finances are arsenal is ridicule. In politics, as in
ment age—and expanding opportu- dations, economists at the Congres- of the additional revenues to fixed. religion and culture, the dereliction of
nities for Americans to save. New sional Budget Office compared retir- increase benefits. duty deserves merciless ridicule,
data released Dec. 15 by the Con- ees’ Social Security benefits to the However, taxing all earnings Mr. Biggs is a resident scholar at because ridicule is intolerable to those
gressional Budget Office suggest inflation-indexed average of their would fill only 41% of Social Secu- the American Enterprise Institute. being ridiculed, and there is no other
that the Republican approach is last five years of substantial earn- rity’s long-term deficit. Fixing the From 2007-08 he served as principal method by which a hollowed-out insti-
better grounded. ings, defined as annual earnings rest would require either cutting deputy commissioner of the Social tution is more likely to be brought to
equal to at least half the individual’s benefits or raising taxes on lower- Security Administration. its senses before it is too late.
career-long average. The calculations
A CBO study shows that were restricted to retirees who had
earned at least 10% of the national
Social Security benefits average wage over at least 20 years
are far from meager, of work.
The results are striking: The CBO
despite progressive claims. projects that a typical middle-
income individual born in the 1960s
and retiring in the 2020s will be
It’s almost dogma among today’s eligible for a Social Security benefit
progressives that Americans face a equal to 56% of his late-in-life earn-
“retirement crisis” due in part to ings. For individuals in the bottom
stingy Social Security benefits. But fifth of lifetime earnings, Social
how do we know if this crisis is Security replaces about 95% of their
real? One common measure com- substantial late-in-life earnings.
pares a household’s Social Security Even so, the CBO excluded the
benefits or total retirement income spousal or widow’s benefits that
with its pre-retirement earnings. more than one-third of female retir-
Most financial advisers believe that ees receive on top of the benefit
a “replacement rate” of 70%-80% is based on their own earnings. Among
sufficient, since the cost of living retired women who receive these
falls once a person stops working. auxiliary benefits, the average total
The question then turns on how monthly benefit was $1,128, versus
best to measure replacement rates. $634 based only on their own earn-
Financial advisers compare retire- ings. In short, the true replacement
ment income to a household’s earn- rates for many retired women are
ings in a single year—the year before significantly higher than CBO figures
retirement. The problem is that a sin- show.
gle year’s earnings may not reflect a Add in 401(k) and other plans, and
household’s true standard of living. it should not be difficult for a typical
The Social Security Administration worker to achieve a total replacement
instead calculates replacement rates rate of 70% or even 80% through indi-
using career-average earnings, but in- vidual savings and Social Security
dexed for the growth of wages econ- benefits. Total retirement savings
omy-wide. The problem here is that measured by the Federal Reserve are
the SSA’s wage-indexing overstates at record levels relative to personal
the true purchasing power of lifetime incomes, additional evidence that this
earnings by about 20%, and makes goal can be reached.
Social Security replacement rates— Overall, the CBO’s Social Security
which the SSA says average only figures, taken together with rising in-
around 40%—seem low. dividual retirement savings, undercut
The bipartisan Social Security the often-voiced claim that Ameri-
PORTABLE
Advisory Board appointed an expert cans face a “retirement crisis” that
panel, headed by Boston College only an expanded Social Security pro-
economist Alicia Munnell, to look gram can fix.
into the issue. After almost a year Nevertheless, the CBO report also
PERSPECTIVE.
of deliberations, the panel recom- brings sobering news. The agency
mended in September that replace- projects that the Social Security pro-
ment rates be calculated relative to gram is underfunded by 24% over the
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URBAN GARDNER A14 | CITY NEWS A14, A15 | THEATER A16 | ARTS & ENTERTAINMENT A17 | SPORTS A18
Refueling the Jets Chick-fil-A Opts

To Stay Closed
Gang Green looks to next season | A18 CITY NEWS | A15
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | A13
Mixed Picture
New York City saw a 1.7% drop in crime reports of major felonies
in 2015, but increases were seen in homicide, rape and robbery.
Seven major felonies
Major Crime Hits New Low
180,000
Overall, historic drop But while crime in the city was concern that the more tickets instead of making ar-
2015 Total Homicide and continued its historic down- than two-decade downward rests for low-level possession
105,336 non-negligent continued last year, ward trend, led largely by a trend in crime in the city of marijuana.
manslaughter but homicides rose drop in burglaries and stolen would take a turn for the “We said the last two years
160,000 ▼1.7% 350 vehicles, three of the most se- worse, particularly with the that we could have a safer city
from 2014 ▲5.1% from 2014 for first time in 5 years rious crimes rose in 2015: ho- curtailing of the controversial and a fairer city at the same
micides were up 5.1%, rapes stop-and-frisk crime-fighting time, and these statistics…
140,000 Rape
1,439 BY PERVAIZ SHALLWANI 6.3% and robberies 2.1%. Also, tactic. prove it,” Mr. de Blasio said.
▲6.3% AND MARK MORALES crime increased in two of the To bolster the city’s case,
city’s five boroughs: Manhattan NYPD officials noted that while
120,000
Grand larceny It was an announcement and the Bronx.
Crime increased in homicides in the city increased
of motor vehicle New York City officials had Casting a pall over the news two of the city’s five in 2015 from 333 to 350, the
7,336 doubtlessly been eager to conference were comments first increase in five years, the
100,000 ▼4.1% share with the public—major made last week by former New
boroughs: Manhattan per capita rate was a fraction
Burglary
crime in 2015 was at the low- York Police Department Com- and the Bronx. of those in the next four larg-
est point since statistics have missioner Raymond Kelly, who est cities in the country.
80,000 15,104
been kept. said some crime statistics in Messrs. Bratton and de Bla-
▼10.4%
Overall, reports of such the city were being underre- Instead, he said, the trends sio said the police department
60,000 Robbery crimes fell 1.7% in 2015 from a ported, setting off a war of “have in fact continued.” was in a good position to drive
16,920 year earlier, bringing the two- words between Messrs. Kelly Mr. Kelly didn’t respond to a down numbers further as new
▲2.1% year drop to 5.8% since Mayor and Bratton. request for comment on the technology came online and
40,000 Bill de Blasio and Police Com- On Monday, Messrs. Bratton 2015 figures. 2,000 additional officers were
Felony assault missioner William Bratton took and de Blasio sought to put an As Messrs. de Blasio and sent out in 2016.
20,222 office. end to that controversy while Bratton touted the crime drop, Of the 350 homicides, 68%
▼0.3% “It’s a very good year for presenting a positive, if mea- officials noted that it came as were gun related, an increase
20,000
Grand larceny us,” Mr. Bratton said, noting sured, review of the past year arrests and criminal court of more than 20% over 2014,
43,967 that the city attracted a record during a 90-minute news con- summonses dropped dramati- officials said. More than a third
0 ▼0.4% number of tourists and secured ference. cally as well, with arrests for of the killings were gang re-
a number of special events, The police commissioner marijuana falling 33% in 2015. lated, making that the leading
2000 ’02 ’04 ’06 ’08 ’10 ’12 ’14
such as the pope’s visit, with- said that when he and the In November 2014, NYPD offi- motive for homicides in the
Source: New York Police Department THE WALL STREET JOURNAL.
out incident. mayor came into office, there cers were directed to issue Please see CRIME page A17
De Blasio Broadway’s Holiday Box Office: Juggernauts and Disappointments | A16

Defends
Homeless
Strategies
BY MARA GAY JAN VERSWEYVELD/PHILIP RINALDI PUBLICITY
AND JOSH DAWSEY
An executive order issued
by New York Gov. Andrew
$518,228
Cuomo requiring cities to ‘A VIEW FROM THE BRIDGE’*
bring homeless people into
shelter when it is freezing out- This adaptation of an Arthur Miller play has
side would have little impact earned much critical acclaim.
in New York City, Mayor Bill
de Blasio said Monday.
Mr. de Blasio and other of-
ficials said they already were
doing everything allowed
within state law to bring peo-
ple in from the cold.
“We appreciate the intent
of that executive order, but
what we believe is, right now,
we have the tools to get peo-
ple off the street who are in
danger,” Mr. de Blasio said at
an unrelated news conference.
Confusion deepened Mon-
day over the impact of Mr. $2.9 million $604,833
Cuomo’s order. It takes effect ‘WICKED’* ‘KING CHARLES III’*
Tuesday and directs state and
JOAN MARCUS (2)
city agencies and social ser- The musical has been running on The award-winning transfer
vice providers to move home- Broadway since 2003. from London opened in the fall.
less people inside—forcibly, if
necessary.
*GROSS TICKET SALES FOR WEEK ENDED JAN. 3
“I’m not really sure how
this is going to work,” said Joe
Hallmark, associate director
for the Goddard Riverside
Community Center, which
manages the city contract for Giants’ Coughlin Steps Down Fewer Apartments Sell
Manhattan street response.
The question of how to bal-
ance the civil rights of the
BY MATTHEW OSHINSKY of every non-Super Bowl year.
Despite the two championships
three straight Giants losing
seasons for the first time in 35
For $10 Million and Up
homeless against risks to their Tom Coughlin is finished and three NFC East titles, he years. Since winning the Super BY JOSH BARBANEL soared to levels unimagined a
health and safety has been a with the Giants after 12 sea- enjoyed only six winning sea- Bowl after the 2011 campaign decade ago, is at the center of
question for decades, wrapped sons, but he may not be fin- sons with the Giants, with his the Giants have gone 28-36, While Manhattan apart- an image of New York as a
up not just in the weather, but ished with football. best regular-season record com- and fans have become accus- ment prices smashed records world-class city, even for some
Please see COLD page A14 The Giants’ head coach an- ing in 2008 (12-4). He also tomed to Coughlin’s familiar in 2015, sales of apartments who worry about housing af-
nounced his resignation on failed to win a playoff game in pose of consternation—arms costing $10 million or more fordability for everyone else.
Monday, a day after the team any season other than the two outstretched, his bright red fell in the same period, raising Brokers attributed the
31°
wrapped up its third consecu- Super Bowl seasons. visage contorted in anguish. a caution flag about the pace slower sales pace to resistance
Weather tive losing season. Coughlin Recent years have been es- A Waterloo, N.Y., native and of luxury sales in the year by buyers to rising prices, and,
TODAY’S
Real Feel said that he met with Giants pecially hard on Coughlin, former Syracuse University ahead. in the second half of the year,
9 a.m. 7° co-owners John Mara and Steve with injuries, poor in-game de- football star, Coughlin finishes Overall, 177 apartments a slowdown triggered by in-
HIGH
5 p.m. 28° Tisch and “informed them that cision-making, and question- his career in New York with a were sold for $10 million or creasing uncertainty over the
it is in the best interest of the able drafting in the front of- regular-season record of 102-90 more in 2015, down 13.7% from economy here and around the
Record High
organization that I step down fice combining to produce Please see GIANTS page A18 the record 205 sales logged in world. “The buyer that used to
64° (1993)
as head coach.” 2014, according to a Wall drive our market is being cau-
SUNNY Sunrise/Sunset He didn’t, however, make Street Journal analysis of city tious,” said Kirk Henckels, di-
7:20 a.m./4:43 p.m. any mention of retiring from records. rector of Stribling Private Bro-
the NFL. “I strongly believe the Some of the decline was kerage, who specializes in the
Wednesday’s High time is right for me and my due to the timing of sales ne- high-end market.
family, and as I said, the Giants gotiated many months ago in Because many of these cau-
40° organization,” he said. new condo developments as tious buyers still need apart-
Coughlin, a former Giants buildings were completed and ments, he expected to see a
receivers coach who worked opened, brokers said. surge in deals, perhaps in the
N.Y. Sports Lineup on Bill Parcells’s staff from The decline was greater, spring, as the best apartments
1988 to 1990, was hired as the however, in older cooperative are picked off. That would fol-
7 p.m. Tuesday team’s head coach in 2004 to buildings. In co-ops, sales of low a pattern of the past few
Stars oversee its rebirth with top units priced at at least $10 years.
@ Rangers draft pick Eli Manning. The Gi- million fell 24.6%—from 61 in “At some point there will
AL BELLO/GETTY IMAGES
ants had finished 4-12 in 2003. 2014 to 46 in 2015. be a release of energy,” he

Twelve seasons later, Coughlin Apartments priced at $10 said.
and Manning have two Super million and up make up a The analysis found the
8 p.m. Tuesday Bowl rings. sliver, about 1.4%, of the Man- number of sales for $20 mil-
Knicks @ Hawks Like Manning, though, hattan apartment sales, and lion to $50 million fell from 48
Coughlin had his ups and downs about 14.4% of the dollar value to 44. There were five sales
in New York, seemingly on the Tom Coughlin coached his final game with the Giants, a 35-30 of such sales. But the market for more than $50 million,
For N.Y. sports coverage, see A18 verge of being fired at the end loss to the Philadelphia Eagles, on Sunday in East Rutherford. segment, where prices have Please see SALES page A17
A14 | Tuesday, January 5, 2016 * * THE WALL STREET JOURNAL.
CITY NEWS
Talking Bach With a Radio Denizen

Teri Noel Towe has been
broadcasting on Princeton
University’s radio station,
WPRB, since his undergradu-
ate days there in the late
’60s. And while he didn’t at-
tend Columbia University,
he’s been participating in its
radio station’s, WKCR, an-
nual 10-day BachFest since
1977.
That might just make him
LIFE DOESN’T America’s oldest college DJ.
“I didn’t know what it
LIFE DOESN’T
Your time is valuable,
meant to be
passionate
AGATON STROM FOR THE WALL STREET JOURNAL

...so choose MMU. about a work
until running
Your than
timeyou
is valuable, into Teri,”
We’re closer think explained
...so choose MMU.
...minutes to Manhattan. URBAN Stepan Ata-
GARDNER mian, a 22-
We’re closer than you think RALPH year-old se-
GARDNER JR. nior at
...minutes to Manhattan. Columbia
and Mr.
Towe’s BachFest co-host,
when I dropped by the sta-
tion a few days before Christ- Teri Noel Towe at WKCR Columbia University radio station, where he’s been broadcasting since 1977.
mmuair.com mas.
They were broadcasting a his heart, would see [Mr. bly to stay within the lines Frans Hals portrait that bears
performance of Bach’s “B Mi- Towe’s governess] coming while on the air, much of more than a passing resem-
–––––––––– Runway 5/23 6000’ Cat I, ILS ––––––
mmuair.com
24hr Index B Aircraft Rescue –––––––––– nor Mass,” recorded in Mos- into the room and say, ‘Teri, what he says when his micro- blance, in both appearance
––––– User Fee U.S. Customs & Border Protection –––– FAA Air Traffic Control Tower ––––– cow by the Robert Shaw Cho- hide under the piano.’” phone is turned off, particu- and life-affirming spirit, to
rale in 1962 during a goodwill Mr. Towe attended Deer- larly regarding the current the mustachioed and bearded
tour of the Soviet Union. field Academy where, when state of classical music radio DJ.
Proud provider of Phillips 66® Jet A and 100LL. I should say at the outset classmates were getting into programming, is unprintable. While Bach’s “B Minor
that Teri Towe, 67, isn’t an ef- whatever mischief teenage Such as when he launched Mass” played, a call came
©2014 DM
Morristown
AIRPORTS,
Municipal
LTD. AllAirport.
rights reserved.
All rights reserved.
ww.ad.wsj.12.14
ww.ad.wsj.5.13 fortless interview. Not be- preppies are prone to, he was into a highly amusing diatribe into the station from a musi-
cause he’s shy or self-effac- discovering classical music on about “the perfect sphincters cian who told Mr. Atamian
TRADE-IN
ing, but because he’s a stations such as WQXR and out in California who devel- that he’d been scheduled to
veritable geyser of enthusi- WNYC. oped that tightly pro- play on that 1962 goodwill
asm and erudition. And, just as important, he tour but that contractual obli-
The answer to a straight- was discovering the free form gations got in the way.
forward question—How did magic of radio in the days
‘I slipped the leash “Stepan will not only give
you first come to find your- when classical music hosts, to hear Cole Porter you the vocal soloists as ap-
self in front of Columbia Uni- such as WNCN’s William Wat- peared in the Mass,” Mr.
versity’s microphones? When son, had strong, idiosyncratic
play,’ Mr. Towe Towe told his audience dur-
did you discover your passion points of view about their remembered. ing a pause. “But also thanks
for Johann Sebastian Bach?— playlists and were unafraid to to a telephone call that we re-
might be proceeded by half express them. ceived during the perfor-
an hour of stories and anec- Though I don’t want to grammed type of commercial mance, we’re going to be able
dotes, all of them excellent give the impression that Mr. radio. Originality need not to identify a couple of the in-
and many of them relevant. Towe was, or is, some sort of apply.” strumentalists.”
For example, as to Mr. hothouse flower. Mr. Towe seems never to Mr. Towe graciously
Towe’s early exposure to mu- Rabelaisian might better have stopped broadcasting af- handed off the baton to his
sic: As a five year old, Mr. describe him. ter college, at least not for co-host, and perhaps also a
Towe, who was living with his At lunch after the broad- long. He continued to do so tradition of classical music
FOR YOUR OLD CAMERA family at the Waldorf Towers,
regularly sneaked away from
cast at the Le Veau d’Or, one
of his favorite restaurants, he
while in law school at the
University of Virginia and
broadcasting that, because of
Teri Towe, and despite the
WORKING OR NOT! his governess to hear Cole
Porter, a 30-year resident of
acknowledged a “drinking
problem.” Then he paused a
then as a young lawyer in
Manhattan, landing a gig at
best efforts of those unmen-
tionable programming corpo-
the hotel, on his Steinway. couple of beats before con- WBAI, the progressive radio rate suits, may persist among
“I slipped the leash to tinuing: “The price of Tan- station. There he adopted the the college students who have
$$ TOP DOLLAR PAID $$ hear Cole Porter play,” he re-
membered. “Mr. Porter, bless
queray is going up.”
While he manages admira-
on-air pseudonym of the
“Laughing Cavalier,” after a
worked alongside him for at
least one more generation.
McDonald’s Worker Is Stabbed to Death

BY MARK MORALES been inside the restaurant for was stabbed in the back and clined to give her full name,
AND ZOLAN KANNO-YOUNGS about eight hours when Mr. chest by the suspect, who said she grew up in the Bronx
Garcia, whose shift was end- then ran off, Chief Boyce said. with Mr. Garcia, who is also a
10% Discount on All Camera Police are searching for an ing, escorted him out of the Emergency medical service father, and that they ate to-
Repairs & Free Estimates apparently homeless man restaurant in the Kingsbridge workers took Mr. Garcia to gether at that McDonald’s
wanted in the stabbing death neighborhood. New York Presbyterian Hospi- when they were children.
of a McDonald’s worker in the “This young man who was tal/Allen Pavilion, where he She said Mr. Garcia’s par-
Bronx early Monday. stabbed asked him to leave,” was pronounced dead a short ents, who he shared a home
Adam Garcia, 28 years old, Chief Boyce said. “He walked time later, police said. with on West 236th Street,
was killed shortly after asking out with the individual and Mr. Garcia was described were struggling to accept the
www.willoughbys.com the man to leave the restau- there was no problem ini- by a relative as “a good per- tragedy.
NYC’s Oldest Photographic Emporium -Established 1898 rant around 4:30 a.m., offi- tially.” son, never wanted to get into “It hurts us a lot just the
298 Fifth Avenue, NY, NY 10001 cials said. But a witness inside the any problems with anyone” fact that he’s gone and it’s al-
OPEN 7 DAYS
(corner of 5th Ave. & 31st St.) 212.564.1600 A WEEK New York Police Depart- restaurant saw them arguing and “very kindhearted.” most a dream for us right
TRADE-IN’S WELCOME • FREE CAMERA REPAIR ESTIMATES ment Chief of Detectives Rob- through the window. Out of The relative, a 37-year-old now that he’s not here,” she
NYC Department of Consumer Affairs #0906861
ert Boyce said the suspect had the witness’s view, Mr. Garcia New Jersey woman who de- said.
COLD The state’s Mental Hygiene

Law already allows municipali-
ties to forcibly shelter home-
less individuals who are
York Police Commissioner Wil-
liam Bratton, said they be-
lieved the city was already in
compliance with state law.
this weekend, outreach work-
ers crisscrossed the city ask-
ing homeless residents to seek
shelter. Of the 16 approached
Continued from page A13 deemed to be a danger to About 3,000 homeless people by the Goddard Riverside
in questions of mental-health themselves or others, or may sleep on city streets each Community Center, none was
care, police tactics and access be mentally unstable, but night, say city officials. willing to go, Mr. Hallmark
Be
to affordable housing and safe aides to Mr. Cuomo said the “I don’t think that the exec- said. Many said they were
shelters. executive order would require utive order changes anything afraid of shelters or don’t
“I think that the notion of the cities to do so. that we haven’t already been want to leave their neighbor-
rounding up people because Mr. Cuomo said he believed doing,” Mr. Bratton said at an hoods, he added.
they are homeless and it’s cold most people would want to unrelated event Monday. Since Mr. de Blasio an-
out is very alarming and in- enter shelter in cold tempera- Steven Banks, commis- nounced a program in Decem-
compatible with sound policy, tures, if shelters were clean sioner of the Human Re- ber to expand outreach to
Yourself.
not to mention dignity and re- and safe. sources Administration, said those living on the streets,
spect,” said Donna Lieberman, “When you have a safe, outreach workers had discre- known as Home-Stat, Mr. Hall-
executive director of the New clean, decent shelter and it’s tion to determine whether to mark said calls to the agency
York Civil Liberties Union. freezing outside, most people remove someone from the had doubled from about 30 to
It isn’t clear under what don’t want to freeze to death, street under state law, some- 60 a day, largely to report the
circumstances, if any, the state they want to go to the shelter, thing he said the executive or- presence of homeless people
can force people off the right?” he said after an unre- der wouldn’t change. in Midtown Manhattan, the
streets on the basis of the lated event Monday. “It’s The executive order on Upper East Side and the Upper
weather alone. In 1985, the ad- called human instinct.” homelessness is the latest tug- West Side.
ministration of New York But Mr. de Blasio said “if of war between Messrs. He said that while his
Mayor Ed Koch argued that a they’re not in danger, the per- Cuomo and de Blasio. The two agency has largely been able
broad interpretation of state son has the right by law to be Democrats have publicly to respond to calls during the
law empowered police to re- on the streets if they choose feuded in recent years on ev- day within an hour—as Mr. de
move people from the streets to be.” erything from prekindergarten Blasio promised the workers
because their neglect put them Senior de Blasio adminis- to snowstorms. In November, would do—at night, they re-
in danger. tration officials, including New an aide to Mr. Cuomo told The spond to about 65% of calls
Wall Street Journal it was within an hour.
“clear that the Mayor can’t —Rebecca Davis O’Brien
CORRECTIONS AMPLIFICATIONS manage the homeless crisis.” and Corinne Ramey
Everyone else is already taken. Mr. de Blasio’s aides said
privately they were taken by
contributed to this article.
Raymond Kelly served dential primary is April 19. On surprise by the executive or-
twice as New York police com- Monday, a list of significant der released Sunday. They said We Want to Hear
missioner, the first time from 2016 events incorrectly gave they were told about it late From You
1992 to 1994. An article on the date as April 9. Saturday night. Have something to say about
-Oscar Wilde Wednesday about Mr. Kelly’s Mr. Banks said city officials an article in Greater New
criticism of the New York Po- Prospect Park borders the received further detail about York? Email us, along with
lice Department’s reporting of Brooklyn neighborhood of the governor’s executive order your contact information, at
Custom clothing for the knowing man. crime statics incorrectly said Crown Heights to the west. by reading about it in various gnyltrs@wsj.com. Your letter
he served from 1992 to 1993. The Open House article on news outlets. could be published in our
Saturday incorrectly said Pros- Mr. Cuomo has said he weekly Feedback column on
The New York state presi- pect Park is to the east. would unveil a plan next week Friday. Letters will be edited
to combat homelessness in his for brevity and clarity. Please
White Plains • Madison @ 45th St • Wall Street • Philadelphia, PA • mysuitny.com Readers can alert The Wall Street Journal to any errors in news articles by State of the State address. include your city and state.
emailing wsjcontact@wsj.com or by calling 888-410-2667. As temperatures dropped
THE WALL STREET JOURNAL. * * Tuesday, January 5, 2016 | A15
CITY NEWS
Effort to Create Greater

New York
Retirement Plan Watch
In Conn. Gets Lift
BY JOSEPH DE AVILA cluding California, Oregon and NEW YORK
Washington. Democratic law-
Connecticut Democrats are makers in New Jersey have also
SUNY Workers to Get
again pushing to create a proposed setting up a state- Minimum-Wage Raise
state-based retirement system based retirement system. The The State University of New
for nongovernment workers, New York City comptroller’s of- York will gradually phase in its
raising concerns among some fice has also studied the idea. minimum hourly wage to $15,
in the business community. In Connecticut, the retire- New York Gov. Andrew Cuomo
The effort got a boost Mon- ment security board recom- said Monday.
day as the Connecticut Retire- mended requiring employers The wage increase, which will
ment Security Board issued a with at least five employees reach $15 in 2018 in New York
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL

report saying the system was that don’t offer retirement City and 2021 in the rest of the
“financially feasible.” plans to provide a payroll-de- state, would apply to state-uni-
Supporters say many retir- posit option to enroll workers versity workers including hourly
ees rely solely on Social Secu- in Individual Retirement Ac- paid staff, student workers and
rity for income and have diffi- counts, or IRAs. work-study students.
culty getting by. Many of those The report found that the The governor’s office said the
who don’t have retirement ac- system would be sustainable increase, which is subject to ap-
counts are moderate- and low- by the end of its second year if proval by SUNY’s Board of
income workers whose em- it attracts about $1 billion in Trustees, would affect more
ployers don’t offer 401(k)s or investments and roughly than 28,000 workers statewide,
other savings plans, they say. 252,000 participants. about 600 of whom are in New
Eric Gjede, assistant coun- York City. The wage doesn’t ap-
sel with the Connecticut Busi- ply to staff at the City Univer-
The Democratic ness and Industry Association, sity of New York.
Senate president said the state government Chick-fil-A was closed Monday after a city inspection found a number of food-safety violations. —Corinne Ramey
shouldn’t be involved in retire-
said the concept was
one of his priorities.
ment accounts. “This is some-
thing that should be left to the
private sector,” he said. “Any
Chick-fil-A Reopening Is Delayed BROOKLYN
Girl, 15, Is Charged
individual can walk into their BY CHARLES PASSY program, said that the viola- all areas,” the restaurant chain In a Double Murder
“Fewer folks today have ac- local bank and enroll in an IRA tions are serious enough to re- said in a prepared statement A 15-year-old girl was charged
cess to employer-based pro- plan in a matter of minutes.” Three months after its sult in a grade of “C” without Monday. with two counts of murder in
grams than they did five years Mr. Gjede said such a much-ballyhooed opening, the a successful appeal. Chick-fil-A’s arrival to the the deaths of her mother and
ago,” said State Comptroller change would be unfriendly to Manhattan Chick-fil-A restau- The violations weren’t se- New York dining scene in Oc- her mother’s boyfriend last
Kevin Lembo, a co-chair of the businesses and would add ad- rant remained shut Monday vere enough to force an imme- tober received a lot of atten- week, police said Monday.
retirement security board. ministrative burdens for com- following a city inspection diate shutdown, an action the tion. The chain, which is The girl told police she was
“That presents an opportunity panies, leaving them stuck that found a number of food- department takes if “there is a famed for its chicken sand- involved in the deaths of her
for states to get involved.” with the costs of adding an- safety violations. public health hazard that can- wiches, waffle fries and lem- mother, Rosie Sanchez, 39 years
The Connecticut Retirement other payroll deduction option The fast-food restaurant, at not be corrected at the time of onade, said it expected the old, and her boyfriend, Anderson
Security Board, created in for new hires. 1000 Sixth Ave. at the corner inspection,” said the spokes- 5,000-square-foot location to Nunez, 40, who were found dead
2014 to study how such a re- Republican Senate Minority of West 37th Street, was cited man. be its highest-performing one. inside their Brooklyn apartment
tirement system could work, Leader Len Fasano said the in a Dec. 24 inspection for the The restaurant, the chain’s The restaurant was jammed Sunday, authorities said.
plans to write legislation to be idea had merit, but his sup- presence of “filth flies,” such first stand-alone location in from its opening day. One Ms. Sanchez was discovered
introduced in 2016 that would port hinges on the details of as fruit flies, and for not stor- the city, closed voluntarily last would-be customer who in a bedroom with gunshot
create the retirement system. the final plan. ing food at the proper temper- Wednesday to address the sit- stopped by Monday was ini- wounds, police said. Mr. Nunez
The state’s Democrats have Mr. Fasano said that pro- atures, among other issues. uation. tially thrilled at the lack of the was found in the kitchen,
advocated the concept for gram should be completely op- The violations resulted in a As of Monday afternoon, usual throng of patrons. stabbed as well as shot.
years. Democratic Senate Pres- tional for employees. The “grade pending” rating. Res- Chick-fil-A hadn’t set a re- That is, until she learned The girl initially told investiga-
ident Martin Looney said board, however, has recom- taurants are allowed to post opening date, although it had she would have to put off her tors that the boyfriend sexually
Monday the concept was one mended a system where em- such a grade while appealing previously said it would re- Chick-fil-A cravings for an- abused her, then later said the
of his legislative priorities for ployees would have to opt-out an inspection and trying to open on Monday morning. other day. mother physically abused her,
the coming year. if they didn’t want an IRA, earn a coveted “A.” But a “We do have a little more “I’m surprised [about the police said. She was in police
Several states have passed which Mr. Fasano said he op- spokesman for the New York work to complete, so we have closure] because it was so custody and couldn’t be reached
laws in recent years to set up poses. “If this is optional for City Department of Health and made the decision to remain new,” said Tara Jordan, 32 for comment. It wasn’t known if
similar retirement systems for the employee, then let them Mental Hygiene, the agency closed until we feel confident years old, who works as a re- she had an attorney.
nongovernment employees, in- opt-in,” he said. that oversees the inspection we are exceeding standards in ceptionist in Midtown. —Mark Morales
FACTORY-LED
DEVELOPMENT
WILL RAISE UP
CAN’T SAVE THE
WORLD’S POOR.
Some economists fear that manufacturing,

the surest route out of poverty since the
industrial revolution, is no longer an option
for impoverished countries.
Read more in print, on the app and at WSJ.com/2050
THEATER TUESDAY
Broadway Melody 2015: A Mixed Bag
Broadway ended 2015
bolstered by its best New
A Tale of Two Holidays
Year’s week ever. But while While attendance during the last six weeks of 2015 stayed
the year’s overall results are on par with the same period from 2014, Broadway grossed
strong, they aren’t igniting
the confetti cannons set off
about $7 million less.
by the record-setting 2014.
In calendar 2015, Broad- Attendance Gross
way brought in $1.35 billion
and drew 12.9 million in at- 11/23/15 to 1/03/16: 11/23/15 to 1/03/16:
tendance, according to year- 1,778,911 $202,174,941
end data provided Monday
by the Broadway League, an
industry trade group. But in
2014, Broadway set new
benchmarks with $1.36 mil-
.25% 3.4%
lion in grosses and 13.1 mil-
lion in attendance. Ups and Downs
“We are very happy with Broadway blockbusters sold more tickets at the high end of their price
this season because we are range, while some well-reviewed shows were available for steals.
comparing it to the biggest
season, and we are very Paid admission prices over the last six weeks of 2015
close,” said Charlotte St.
HIGH PERFORMERS
Martin, president of the Low The Book of Mormon $191.53

League. “It’s hard to add to Average
it until we add more the- High The Lion King $170.81
aters.”
JOAN MARCUS
The difference lies partly
in the number of total Hamilton $163.77
weeks, cumulatively, that
shows were onstage: 2015 Christopher John O’Neill, right, as Elder Cunningham in a scene from ‘The Book of Mormon.’
had 33 fewer playing weeks
LOW PERFORMERS
than 2014. King Charles III $102.32 ful, well-reviewed shows that Theatre Development Fund, last-minute discounted and
Even though the dip is aren’t doing well,” said Ste- the nonprofit that operates full-price tickets. Launched
slight, it stands in stark con- A View From the Bridge $80.25 ven Chaikelson, who heads the booth. in 2013, the app has tallied
trast to the narrative of Columbia University’s The- Sales at the Times Square more than 1 million installa-
2015, a year when the musi- Spring Awakening $80.17 atre Management and Pro- location are typically broken tions, and the average user
cal “Hamilton” earned un- ducing Concentration. down equally between locals, is a New York-area female,
precedented pop-culture at- Two critically lauded domestic tourists and inter- between 29 and 31 years old,
tention. The year has also $0 $25 $50 $75 $100 $125 $150 $175 $200 shows from this fall that had national tourists, but sales to according to Brian Fenty, co-
seen individual long-running Source: The Broadway League THE WALL STREET JOURNAL. high box-office expectations, New Yorkers and suburban- founder of TodayTix.
shows, such as “Book of “A View from the Bridge” ites have varied more in TodayTix says it is selling
Mormon,” “Wicked” and In the final six weeks of tain nine times, grossed $2.8 and “Spring Awakening,” 2015 than in the past. about 4% of Broadway’s
“The Lion King,” deliver con- 2015, the cumulative gross million the same week. each brought in about 60% While the city is address- ticket inventory, a percent-
sistently dominant box-office brought in about $7 million The industry has success- of their potential gross last ing the congestion problems age it calculates by compar-
numbers. Each grossed more less than the same six-week fully developed a strategy week. Both theaters were in Times Square, noted Ms. ing its sales to data provided
than $2 million in the week period last year. for maximizing the top-dol- about 86% full. Bailey, the fluctuation comes by the Broadway League.
ended Jan. 3. Numerous factors can im- lar seats, by using dynamic “We continue to leave in- in a year of media coverage And while TodayTix may
To be sure, the economic pact the results, from the pricing and premium seats ventory on the table,” said of the costumed panhandlers be picking up business from
strength of Broadway is days of the week on which that allow ticket prices to re- Mr. Chaikelson. and crowded sidewalks. locals shunning Times
more accurately measured in the holidays fall to the con- spond to demand. Price continues to be a “If you’re a New Yorker Square, its executives say
the spring, when a given sea- gestion of Times Square. Even The challenge now is that barrier, but the industry is or suburbanite, you think, 55% of its sales are at full
son ends. But an indicator of so, during the 2015 holidays, shows with high demand full of discount-ticketing op- ‘Do I need to do this?’ ” she price or premium, an added
what the 2015-2016 season demand continued unabated continue to outdo themselves tions, the most well-known said. “And if you are on the cost that ensures prime
will deliver in terms of de- for the top-grossing shows. in grosses and reach the being the TKTS booth in fence, there are more expen- seats during peak demand.
mand and consumer behav- “Wicked” brought in $2.9 limit of seating capacity; the Times Square. sive ways to buy tickets that If Broadway can tap into
ior can be found in the last million, with nine perfor- industry is still seeking simi- The crowded conditions mean you don’t have to deal new audiences in 2016, dur-
six weeks of the year, tradi- mances compared with the lar ways to boost shows that in Times Square may be de- with Times Square.” ing which about 20 new
tionally a lucrative stretch standard eight, in the week are either struggling or are terring locals from buying at One alternative gaining shows will open to fill out the
when families attend shows ended Jan 3. “The Lion simply slower to catch on. the booth, said Victoria Bai- ground is TodayTix, the mo- 2015-2016 season, there may
together. King,” which raised the cur- “We have some wonder- ley, executive director of the bile application that sells be cause for celebration still.
potential winners. The Round- still-running, often sold-out “Alice

“Simply gorgeous stage magic! A must see!” Backstage about Theatre Company’s revival
of “Noises Off,” which started
in Wonderland”-inspired “Then
She Fell.” This one, opening Jan.
—Broadway World
Buzz previews in late December and 30 at the company’s new 5,000-
NOW IS YOUR TIME.

opens Jan. 14, features a who’s square-foot space in Bushwick,
who of stage vets, including An- is set in a vintage Florida resort.
drea Martin, Tracee Chimo, Kate —Marshall Heyman
Jennings Grant, Megan Hilty and
Rob McClure. Expect more than
‘Hamilton’ Lottery just silly pratfalls: It’s directed by A Fantasy Cast List
Tickets for January shows are limited. Is Going Digital
Jeremy Herrin, who helmed last
season’s “Wolf Hall” and is also
Producers are always inserting
famous people into Broadway
Last-minute $10 “Hamilton” the artistic director of the U.K.’s shows for short runs in order to
tickets are about to get a little very buzzy Headlong Theatre. goose box-office numbers during
easier—and, because of that, ac- The Manhattan Theatre Club the winter months. Not that
tually a little harder to obtain. is presenting two new plays these shows necessarily
Starting Tuesday, the daily lot- by two seasoned play- need goosing, but
tery for 21 front-row tickets will wrights. There’s here’s some stunt
temporarily go online. Entry, lim- Richard Green- casting we’d buy
ited to one per person a day, will berg’s “Our full-price tickets
begin at 9:30 a.m. and run Mother’s Brief for:
through 11 a.m. for matinees and Affair,” starring Justin Tim-
through 4 p.m. for evening per- the always berlake as
formances. Winners will be noti- watchable Linda King George III
fied by email and have a one- Lavin, which in “Hamil-
hour window to claim and started previews ton”…Aziz Ansari
purchase their tickets. Dec. 28 and opens as the Genie in
The move to digital isn’t just Jan. 20 at the Samuel J. “Aladdin”…Anne Hatha-
to keep fans from having to wait Friedman. And there’s John Pat- way as older Alison Bechdel
out in the cold. The change, said rick Shanley’s latest, “Prodigal in “Fun Home”…Quvenzhané
producers, also has to do with Son,” a boarding-school drama, Wallis as Matilda in “Mat-
working out traffic problems which begins previews Jan. 19 in ilda”…Jeffrey Tambor as Charles
caused by the crowds at the in- MTC’s New York City Center in “King Charles III”…Jackie Chan
person lottery and the popular, Stage I, and features Robert as the King of Siam and Amy
daily and often impromptu Sean Leonard, who last appeared Adams as Anna in “The King
“Ham4Ham” performances that on Broadway in “Born Yesterday” and I”…Adele as Elphaba in
take place on West 46th Street in 2011 with Nina Arianda. “Wicked”…Carole King as Carole
outside the Richard Rodgers. Fans of immersive theater are King in “Beautiful”…and Joshua
Those will also be taking a break closely watching for any news Bell as the fiddler on the roof in
and resume this spring. on “The Grand Paradise,” Third “Fiddler on the Roof.”
—Marshall Heyman Rail Projects’ follow-up to the —Marshall Heyman
Two Shows at Once

It’s going to be quite a year
for Zimbabwean-American ac-
tress and playwright Danai
Gurira. Known to TV audiences
as the character Michonne on
AMC’s series “The Walking
Dead,” Ms. Gurira is about to
TOP TO BOTTOM: JESSE NEIDER FOR THE WALL STREET JOURNAL; JOAN MARCUS
have two of her plays simulta-

neously on Broadway and off-
WHEN WAS THE LAST TIME you were truly amazed? Truly inspired? Filled with hope? Broadway.
“Familiar,” her new play about
Shen Yun brings profound and timeless stories to life on stage with classical Chinese a Zimbabwean family in Minne-
dance, high-tech animation, and an uplifting musical fusion of East and West. It will be sota, begins previews Feb. 12 at
an evening you won’t soon forget. Playwrights Horizons, with open-
ing night set for March 3. Mean-
while, on Feb. 23, her acclaimed
work “Eclipsed,” starring Lupita
Nyong’o, begins previews on
Broadway at the Golden Theatre
Experience a Divine Culture and opens March 6, after a suc-
cessful run at the Public Theater.
— Pia Catton
JANUARY 14-17 • MARCH 2-13 January Openings

LINCOLN CENTER Tickets start at $80 TICKETS FOR MARCH The theater season won’t
start really cooking with gas un-
DAVID H. KOCH THEATER 800-818-2393 | ShenYun.com/NYC SHOWS NOW ON SALE. til early April, but the cold Jeremy Shamos, Kate Jennings Grant, David Furr and Andrea
month of January still has some Martin in ‘Noises Off.’ Actress and playwright Danai Gurira, top.
ARTS & ENTERTAINMENT
Movies That New York’s Film Insiders Want to See

BY STEVE DOLLAR
The new year offers a lot of

promise for New York movie-
goers, with a batch of revivals,
retrospectives, festivals and
CLOCKWISE FROM LEFT: MAGNOLIA PICTURES; FILM FORUM/PHOTOFEST; COLUMBIA PICTURES/PHOTOFEST; ; PARAMOUNT PICTURES/PHOTOFEST
special presentations lighting
up screens all over town. To
help put everything in per-
spective, we asked several
leading local cinephiles to
share the one event they are
most looking forward to see-
ing.
“The Heartbreak Kid” at Anthol-

ogy Film Archives, Feb. 12, 14
Repertory screenings of
‘The Heartbreak Kid” are hard
to come by, thanks in large
part to the rights-holder being
a pharmaceutical company! So
I am thrilled to have the op-
portunity to see this on film.
I’ve been wearing out a VHS
copy for almost two decades.
Elaine May casts Jeannie
Berlin, her own daughter, in a
very unappealing but com-
pletely hilarious role, playing
opposite Charles Grodin at his
most despicable. Grodin’s line,
“There’s no deceit in the cauli-
flower,” is something I often
quote, to the befuddlement of
many.
—Cristina Cacioppo,
creative manager,
Alamo Drafthouse Yonkers
Film Comment Selects

at Film Society of Lincoln Center,
Feb. 17 to 24
Film Comment Selects is tinctive and unique cinema
always such a treat. They’re environment.”
opening with the New York —Dan Nuxoll,
premiere of Terence Davies’s program director,
“Sunset Song,” and they’re do- Rooftop Films
ing a sidebar of restored films
from the provocative Polish Heat & Vice:
master Andrzej Zulawski The Films of Michael Mann
—and bringing “Cosmos,” his at BAMcinematek, Feb. 5 to 16
first new film in 15 years. I am most excited about
And most importantly, as BAM’S Michael Mann retro-
the late, great Chantal Aker- spective, which will be a won-
man is no longer with us, derful opportunity to see all of
they’re closing with a 35mm his films on the big screen.
print of “Golden Eighties,” Mann’s movies are built for
which I’ve been wanting to see the cinema, he is an incredible
for a long time. It’s a post- Clockwise from top: Agyness stylist and visual storyteller,
modern, feminist musical set Deyn in ‘Sunset Song’; a scene and his neon noir films have
in a shopping mall. from Cecil B. DeMille’s ‘Madam always struck a nerve for me.
—Aaron Hillis, owner, Satan’; Emily Watson and Adam But I saw most of them at
Video Free Brooklyn Sandler in ‘Punch-Drunk Love’; home! So, this is a really great
and a scene from ‘The Keep.’ chance to experience the films
“Punch-Drunk Love” with the as they should be seen: big
Wordless Music Orchestra at and loud!
Brooklyn Academy of Music, —Tom Hall, executive director,
March 19 Montclair Film Festival
A lot of people may dis-
agree, but this is my favorite Laura Poitras: Astro Noise at the
of Paul Thomas Anderson’s Whitney Museum of American
movies. It’s simple and every Art, Feb. 5 to May 1
element works perfectly from I cannot wait to see my
the performances to the inter- colleague Laura Poitras’s first
stitial use of Jeremy Blake’s solo museum exhibition. A
artwork to, no surprise here, multi-part installation of new
the score by Jon Brion. work that expands upon her
The movie is sad, funny documentation of post-9/11
and very romantic; which is a America in her films and jour-
difficult triple punch to pull nalism, the show will explore
off, if you ask me. It may be a themes such as mass surveil-
month and change too late for lance, drone warfare and tor-
Valentine’s Day but…go see it ture.
anyway. “Astro Noise” will be an ar-
—Kate Lyn Sheil, actor tistic and cinematic experi-
(“The Girlfriend Experience,” This two-week series fea- With titles as intriguing as The Metrograph, opening Feb. 19 cited about the Metrograph. ence like no other, and I’m
Starz, premieres in April), tures some of the silver “Madam Satan” (1930), “Call Even with so many new al- With two theaters, a beautiful thrilled to see a filmmaker of
writer (“Men Go to Battle,” screen’s most sultry and iconic Her Savage” (1932) and “Loose ternative theaters downtown and innovative design, a tal- her caliber given the space to
opens in April) actresses: Louise Brooks, Joan Ankles” (1930), these Pre-Code and in Brooklyn, very few of- ented and experienced pro- present a show in this way.
Crawford, Marlene Dietrich, [pre-censorship] gems are not fer a space that consistently gramming team and plenty of —Charlotte Cook,
It Girls, Flappers, Jazz Babies Gloria Swanson, Barbara Stan- to be missed. attracts a community of dis- event, dining and bar space, I co-founder, Field of Vision,
and Vamps at Film Forum, March wyck and of course, the origi- —Margaret Bodde, executive cerning and adventurous ciné- think that Metrograph will es- video journalism platform
11 to 24 nal “It Girl” Clara Bow. director, the Film Foundation astes. Which is why I am ex- tablish itself as a truly dis- of the Intercept
CITY NEWS
SALES lion, compared with 17 in

2014.
Of the top 10 sales, two
were in prewar co-ops includ-
non-rental apartments, condo
sales accounted for 50% of all
sales in 2015, the highest
share since 2009.
CRIME NYPD officials of underreport-
ing—were down slightly, from
1,172 in 2014 to 1,137 last year.
In an effort to be more
ment’s website in digital form.
Asked if the move toward
more transparency was pushed
by Mr. Kelly’s comments, Dep-
Continued from page A13 ing the No. 2 sale, a $77.5 mil- “More than ever this report Continued from page A13 transparent, NYPD officials uty Commissioner Jessica
down from six in 2014. The lion duplex at 834 Fifth Ave. shows that Manhattan’s mar- city, said Dermot Shea, deputy said they would change how Tisch said this was an initia-
figures are based on sales Hall Willkie, president of ket has evolved into two mar- commissioner of operations. they share crimes numbers, tive the NYPD has been work-
filed with the city by Dec. 31 the real-estate firm Brown kets: new development and re- Of the homicide victims, placing them on the departing on for six months.
of each year. Harris Stevens, said that while sale,” he said. three were babies allegedly
Market reports released co-ops made up two thirds of The gap may only grow. thrown from windows, he said.
Tuesday showed the Manhat- This year, 4,000 apartments, Crime in Manhattan in-
tan market broke records in most condos, in new develop- creased about 3%, driven by in-
2015. One report prepared for Tapping the Brakes ments are due to come to mar- cidents in early hours of the
brokerage Douglas Elliman by The number of apartment ket in Manhattan along with morning near clubs, Mr. Shea
Jonathan Miller, an appraiser, sales priced at $10 million 1,300 apartments in Brooklyn said.
reported records for the me- and above fell off in 2015. and about 1,000 in Queens, ac- In the city’s transit system,
dian Manhattan apartment cording to Halstead Property crime was up by 244 incidents,
price ($1.15 million), price a $50 million or more Development Marketing. an 11% increase, which was
square foot ($1,645) and aver- $20-50 million 2015 In Midtown, developers say driven by grand larcenies—
age sale price ($1.948 million). $10-20 million 177 some new developments may mostly people falling asleep
But many brokers were 200 take longer to sell out because and waking up to find their
quick to note the records re- of the larger supply. property had been stolen, Mr.
flected higher prices on luxury 175 Dottie Herman, president of Shea said.
new condominium develop- Douglas Elliman, said prices in The robbery increase came a
ments based on sales con- 150 new developments are going year after falling to its lowest
tracts that were negotiated 125 to remain high but won’t be level in 2014, officials said.
many months or even several soaring far higher in the next Of the total reported rapes
years ago. 100 year. “The momentum is last year, 11% were committed
RICHARD DREW/ASSOCIATED PRESS
In 2015, four of the top strong but not as strong as it by strangers and the number of
eight sales were at a single 75 was,” she said. “I think it is such rapes rose to 164 from 110.
new condo tower, One57 on going to be boring.” About 21% of the total rapes
50
West 57th Street near Seventh Ms. Herman said that while reported in 2015 happened in a
Avenue, including the most ex- 25 “co-ops have their place” some prior year, officials noted. Ad-
pensive sale of the year—a would-be co-op buyers are ditionally, Mr. Shea said some
$91.5 million duplex pent- 0 now finding they prefer apart- of the stranger rapes occurred
house purchased by a group of 2005 ’07 ’09 ’11 ’13 ’15 ments in new condos “built in cabs—but further statistics
investors. In all, eight apart- Note: Data filed through Dec. 31 of each year with the lifestyle of today in weren’t available.
ments in the building each Source: New York City Department of Finance mind” without the “hassle of Shootings—the statistic that New York Police Commissioner William Bratton and Mayor Bill de
sold for more than $25 mil- THE WALL STREET JOURNAL. renovating a co-op.” Mr. Kelly accused current Blasio at a Monday news conference on crime statistics for 2015.
SPORTS
Here’s to New York
Underdogs Everywhere
The end is bitter- football head coach Tom Cough-
sweet, a little raw and lin. Coughlin isn’t simply New
(CLOCKWISE FROM TOP LEFT): GETTY IMAGES; THANKYOUDOCTORZIZMOR; ARTHUR ANDERSON/GETTY IMAGES
hard to process. He York famous, of course: Everyone

was one of those only- everywhere knows who he is. For
in-New York stories, a dozen years, he patrolled the
JASON known to everyone Giants sideline, a paternal and
GAY in town, as identifi- sometimes theatrically agitated
able as the Chrysler presence. (Besides, he worked in
Building or 5 p.m. New Jersey.)
gridlock at the Lincoln Tunnel. Everyone also knows Coughlin’s
He was always there, like a fa- great football accomplishment: He
vorite uncle, looking out. led the Giants to a pair of stagger-
Now he is gone, suddenly. ing Super Bowl wins, both against
Dr. Zizmor has stepped away. heavily favored New England Pa-
On Monday the Daily News re- triots clubs, one of which entered
ported that the famed New York the championship game unde-
dermatologist and subway adver- feated.
tiser Jonathan Zizmor is retiring That is no small mark.
and closing his skin-care practice. But you had to be here to really
For years, staring at Dr. Ziz- cherish how unusual those titles
mor’s ads on the subway was as were. They both came during er-
much a New York City ritual as the ratic seasons which began with
overpriced studio apartment and early losing skids and noisy calls
the 2 a.m. slice. Smushed into an for Coughlin’s ouster. In each case
overcrowded train, you could al- that wobbliness gave way to late-
most always find them, running season cohesion, and yet Cough-
horizontally above the seats: Dr. lin’s Giants entered the playoffs a
Zizmor’s warm, welcoming face, rare New York beast: underdogs.
the before-and-after shots promis- True underdogs. (Fun fact: The Gi-
ing “beautiful clear skin,” and the
Quarterback Ryan Fitzpatrick and running back Chris Ivory, who are both free agents, set career highs this season. rainbow. Always a rainbow. Even on
the subway, Dr. Zizmor never had a
Two of New York’s most
Jets Find a Silver Lining

bleak New York day. indelible faces, those of
He is famous in a way people
don’t become famous anymore,
Dr. Zizmor and Giants
which is to say New York famous, coach Tom Coughlin,
geographic specific, one of ours.
exited the city’s stage on
Despite disappointment, other $8 million by cutting corner- long-term contract, they can offer You had to live part of your life
back Antonio Cromartie, who turns him a one-year “franchise” deal underground to appreciate who Dr. Monday afternoon.
team knows contention is 32 in April and is showing signs of worth around $16 million. Zizmor was. He was New York’s
only an off-season away decline. The Jets can replace Cro- Alternatively, the Jets could let version of a small-town celebrity:
martie—who allowed a whopping Wilkerson test free agency because Even if you were born somewhere ants played one home playoff
BY STU WOO 106.9 rating to opposing quarter- they have a ready-made replacement else, if you recognized the name, game between Coughlin’s two Su-
backs, according to Stats LLC—with in rookie Leonard Williams. But if you were from here. per Bowl seasons.) Pitted against
FLORHAM PARK, N.J.—Jets fans Marcus Williams, who turns 25 in they let Wilkerson go, the Jets Celebrity like that doesn’t re- the formidable Patriots, New York
will feel the pain of Sunday’s season- March and allowed a 55.6 opposing should re-sign defensive tackle Da- ally exist anymore. The Internet got to view the battle as New
killing loss in Buffalo for months, passer rating this season. mon Harrison, another pending free has evaporated borders and York-Against-the-World. A Goliath
maybe years, to come, but the sting The Jets can gain another $3 mil- agent who should be cheaper than boundaries, and with it any idio- got to play David.
was already starting to taper at 1 lion by cutting Jeremy Kerley, the Wilkerson because he plays a less syncrasy of New York as a small That’s why Coughlin’s Super
Jets Drive on Monday morning. As former No. 3 receiver who was rele- glamorous position. Bowles on Mon- town. The next Dr. Zizmors, Joe Bowl wins will never be forgotten,
they stuffed their belongings into gated mainly to returning punts this day lauded Harrison as a fierce de- Franklins, and Robin Byrds can why they’re still surreal to process
black garbage bags and prepared to season. It would leave Maccagnan fender who can occupy two offensive reach everyone. Today all you now, why there was a roar of ap-
head home, the Jets fluctuated be- about $26 million to work with, per- linemen. need is a smartphone to get the preciation for him Sunday after a
tween talking about the disappoint- haps more if he can get veterans such Re-signing Ivory, who set career scoop on the best place to get Hi- final weekend loss at the Meadow-
ment of missing the playoffs by a as left tackle D’Brickashaw Ferguson highs with 1,070 rushing yards and malayan food. You can watch lands. It’s why Coughlin will be re-
single win and the joys of a 10-6 sea- and center Nick Mangold to restruc- 217 receiving yards in 2015, may Times Square subway musicians membered in New York as a favor-
son. ture their contracts. prove more difficult, as he is likely on YouTube. The Naked Cowboy ite uncle even if his overall tenure
One thing was clear: They are That gives them ample money to to attract plenty of suitors during got himself a Fruit of the Loom was erratic, and the last few sea-
keyed up for next season. And they spend on Fitzpatrick, who at age 33 free agency. None of the Jets’ top commercial. sons were maddeningly rough.
should be. “We really have some- just finished his best season of his three running backs—Ivory, Bilal Still, sometimes you do have Tom Coughlin had a couple of mo-
thing special here,” receiver Brandon career, throwing 31 touchdowns and Powell and Stevan Ridley—are under to live here to appreciate it fully. ments when he made New York
Marshall said. 15 interceptions while ranking 15th contract for next season, so the team On Monday, another New York feel like a lucky little town, even
Jets general manager Mike Mac- in the NFL with 3,905 passing yards. would be forced to find successors heavyweight departed: Giants when it’s not one at all.
cagnan must plug a few roster holes His age and modest statistics should via the draft or free agency.
during the off-season, but a little make him affordable; two quarter- After Maccagnan addresses the is-
salary-cap maneuvering should ac- backs with similar numbers, Cleve- sues at quarterback, running back
complish that and lift the Jets into land’s Josh McCown and Houston’s and defensive end, he can tinker
true playoff contention in 2016. Brian Hoyer, recently got deals worth with the rest of the roster. The most
The three big question marks are about $5 million per season. obvious problem on Sunday was spe-
quarterback Ryan Fitzpatrick, run- Bowles on Monday was unambigu- cial teams. Ryan Quigley ranked 31st
ning back Chris Ivory and defensive ous about keeping Fitzpatrick as the in the league with a net average of
end Muhammad Wilkerson, and Jets starting quarterback. “He had a 36.5 yards a punt, while kicker
whether the Jets can re-sign them or great year and we want him back,” Randy Bullock ranked 23rd with an
find suitable alternatives. If Maccag- the coach said. Fitzpatrick, who en- 82% field-goal percentage, though
nan can solve them, he’ll find a team tered the season as Geno Smith’s injured kicker Nick Folk should be
with no glaring problems on offense backup, said he wanted to return— healthy next year.
(the unit surpassed expectations by while also pitching himself to poten- Maccagnan’s other goal should be
finishing 10th in the NFL in yards tial suitors. making the Jets younger and, as
per game this season) or defense “I’m better right now than I’ve Bowles mentioned Monday, faster.
(which ranked fourth). been in any point in my career,” he With an average age of 28 years and
“The core is in good shape,” head said. 226 days, the Jets have the league’s
coach Todd Bowles said. Wilkerson, selected to his first third-oldest starting lineup, accord-
The NFL salary cap is expected to Pro Bowl team this year at age 26, ing to Stats LLC analysis of NFL
be $150 million next season, and the broke his right tibia in Sunday’s loss depth charts. The offensive line has
Jets currently have $135 million in to Buffalo and will undergo surgery three starters over 30, and the line-
commitments, according to next week, Bowles said. If the injury backing unit has two starters in Dr. Jonathan Zizmor, the dermatologist with the ubiquitous rainbow-themed
Spotrac.com They can free up an- scares the Jets out of giving him a their 30s. subway advertisements, announced his retirement Monday afternoon.
GIANTS Adding Up the Coach, the Mentor and the Rival

Continued from page A13 Tom Coughlin’s decision to step
and a postseason record of 8-3. His down as head coach of the Giants on
102 wins are second-most in Giants Monday was not an unexpected one.
A New York Trilogy
history behind Steve Owen (151). After winning two Super Bowls in his Here’s a statistical comparison of former Giants head coach Tom
Coughlin’s reputation as a disci- first eight years with the team, Coughlin, his mentor (Bill Parcells) and his rival (Bill Belichick).
plinarian was well known around Coughlin was unable to get the Giants COUGHLIN BELICHICK PARCELLS
the NFL, and sometimes divided his back to the playoffs, and posted losing Jaguars, Browns, Giants,
locker room. Among other tactics, records in each of his final three sea- NFL Teams coached Patriots, Jets,
Giants Patriots
he demanded that his players arrive sons in New York. Cowboys
to meetings five minutes early, and “Obviously, the past three years Regular-season record 170-150 223-113 172-130
even set all of the clocks at the Gi- have not been what any of us expect,” Winning percentage .531 .664 .569
ants’ practice facility five minutes Playoff record 12-7 22-9 11-8
fast to promote punctuality.
Coughlin was also the first head
Take a Number Super Bowls 2 (2 wins) 6 (4 wins) 3 (2 wins)
Record as Giants coach 102-90 — 77-49-1
coach in the history of the Jackson-
Pro-Bowlers coached 57 86 78
ville Jaguars, guiding that franchise he said Monday, “and as head coach, I
to a record of 68-60 from 1995 to accept responsibility for those seasons.” Assistants who became 8 7 12
NFL head coaches
2002. His regular-season win total of Logically, if Coughlin takes respon-
170 ranks 12th in NFL history, right sibility for the losses, then he de- NFL Top-5 offenses 3 7 4
behind Parcells’s total of 172. serves some credit for the wins, too. NFL Top-5 defenses 2 5 7
“This is a not a sad occasion for He was never named AP Coach of Source: Pro-Football-Reference, Stats, LLC The Wall Street Journal.
me,” Coughlin said. “I have spent 15 the Year like the Giants’ previous two
years with this organization as an as- coaches, Jim Fassell (1997-2003) and
sistant and head coach and was for- Dan Reeves (1993-96), but Coughlin The legacy—which may not be feated Patriots, 17-14. Patriots. But his two Super Bowl losses
tunate to be part of three Super Bowl won two of the franchise’s four Super complete—compares favorably to that That win not only cemented came at the hands of Coughlin’s under-
winning teams. A Lombardi Trophy Bowls, with the other two belonging of Parcells, who coached 127 regular- Coughlin’s place in the annals of Gi- dog teams, which may have had less
every five years is an achievement in to his erstwhile mentor, Bill Parcells. season games for the Giants, 65 fewer ants history, but established him as talent. Belichick’s players have earned
which we all take great pride.” Coughlin was the Giants’ receivers than Coughlin’s 192. Coughlin had more the perfect contemporary and rival to 86 Pro Bowl selections, compared to
At 69 years old, Coughlin was the coach under Parcells in 1990, so he ac- wins (102 to Parcells’s 77), but an infe- Patriots coach Bill Belichick. Like 57 for Coughlin. Perhaps more impor-
NFL’s oldest head coach this season, tually has three rings with the fran- rior winning percentage (.531 to .611). Coughlin, Belichick worked under Par- tant, Coughlin holds the career head-to-
prompting speculation that he might chise. He also won 68 games with the Both posted 8-3 postseason records cells in New York (pictured above), head advantage over Belichick, 5-2.
retire. But his remarks on Monday Jacksonville Jaguars. with the franchise, though all of Cough- serving in a variety of special-teams Even if it was time for him to
gave no indication that he intends to “Tom Coughlin is a great coach and lin’s wins came in just two seasons. and defensive-assistant positions be- step down, Coughlin seems destined
step away from coaching. an even better man,” said former Giants Of course, not even Parcells’s dra- fore becoming the Giants’ defensive for the Hall of Fame, given that he’s
“We love coach,” guard Geoff general manager Ernie Accorsi, who matic Super Bowl XXV win over the coordinator in 1985. won more league titles than such en-
Schwartz said. “He’s a great motiva- hired Coughlin back in 2004. “He has Buffalo Bills can compare with Cough- Belichick, 63, has more wins than shrined coaches as John Madden,
tor. Guys play hard for him. He’s left his mark on this great franchise lin’s historic Super Bowl XLII victory, in any active NFL coach (223), and he George Allen and Sid Gillman.
prepared every week. He has the full and his legacy of excellence is secure.” which the Giants shocked the unde- does have four championships with the —Alex Raskin
support of everyone here.”
AUTOS B2 | WSJ.D B5 | CFO JOURNAL B6 | CROSSWORD B6
BUSINESS & TECH.

Target Fires Store Boss Smart-Home Gadgets
As It Makes Itself Over Look Too Clever by Half
RETAIL | B3 CONSUMER ELECTRONICS SHOW | B5
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | B1
U.S. Suit Seeks Billions From VW
JOSE A. IGLESIAS/ZUMAPRESS.COM
Prosecutors are also The civil lawsuit, filed in could total more than $18 bil- ernment’s pursuit of Volks- “Recall discussions with the
federal court in Detroit, reaf- lion. Whether Volkswagen ulti- wagen, but rather could mark company have not produced
investigating German firms allegations environmen- mately faces such a large pen- an opening move that paves an acceptable way forward,”
car maker for potential tal regulators made last year alty would be up to the judge. the way for other actions. said Cynthia Giles, the EPA’s
that Volkswagen installed “de- The car maker stressed Monday’s legal action doesn’t assistant administrator for en-
criminal charges feat” devices to dupe emis- Monday that it is working to involve criminal charges forcement. “With today’s fil-
sions tests in 580,000 diesel- ensure its vehicles will now against Volkswagen or its ex- ing, we take an important
BY ARUNA VISWANATHA powered vehicles sold in the meet legal standards. “Volks- ecutives, and federal prosecu- step…setting us on a path to GM and Lyft will cooperate on
AND MIKE SPECTOR U.S. It significantly ramps up wagen will continue to work tors are in the midst of a sepa- resolution.” autonomous-car developments.
pressure on the company by cooperatively with the EPA on rate criminal probe of the auto Experts said the lawsuit
The U.S. Justice Depart-
ment sued Volkswagen AG on
Monday, seeking billions of
dollars in penalties in the
putting the case before a fed-
eral judge and formally seek-
ing court-ordered penalties.
The suit, filed by the Jus-
developing remedies to bring
the…vehicles into full compli-
ance with regulations as soon
as possible,” the company said
maker.
Volkswagen has held dis-
cussions with the EPA over
how to fix the cars, but offi-
was an aggressive government
effort to put auto makers on
notice about defeat devices. “I
think that is really meant to
GM Buys
wake of an emissions-cheating
crisis at the German auto
maker.
tice Department on behalf of
the Environmental Protection
Agency, seeks sanctions that
in a statement.
The suit isn’t likely to be
the final step in the U.S. gov-
cials said those talks haven’t
resulted in a deal, setting the
stage for the new lawsuit.
send a signal to the auto in-
dustry generally, but to VW
Please see VW page B2
Big Stake
In Ride
Service
BY DOUGLAS MACMILLAN
General Motors Co. is bet-

ting $500 million that ride-
hailing services such as Lyft
Inc. will be crucial to the future
of autonomous-driving vehicles
and the transformation of the
auto industry.
The U.S.’s No. 1 car maker
invested that sum in Lyft as
part of a new $1 billion round
of funding, the companies said
on Monday. Saudi Arabia’s
Kingdom Holding Co., Janus
Capital Management LLC and
Japanese e-commerce firm Ra-
kuten Inc. also contributed to
QILAI SHEN/BLOOMBERG
the financing, which values

Lyft at $5.5 billion.
The deal marks the first
time a major car maker has
joined with a ride-hailing com-
pany, whose services threaten
For many smartphone users, messaging apps have become the center of their online activity. Above, hostesses on a break during an auto exhibition in China last year. auto sales as more urban com-
muters hail rides from Lyft and
The Future of Mobile Chatting: Commerce

Uber Technologies Inc. in-
stead of owning a car.
Ford Motor Co. Executive
Chairman Bill Ford invested in
Facebook, others strive to copy China’s WeChat success in linking messaging apps to shopping, services an earlier funding round for
Lyft, but that was through his
BY DEEPA SEETHARAMAN vancing in the U.S. and else- vice in the world with 900 venture firm, Michigan-based
AND JURO OSAWA where. Uber Technologies Message Mania million users—says it Fontinalis Partners LLC, and
Inc. said last month it would World-wide monthly active users for popular messaging apps is closely studying WeChat not associated with the auto
In 2011, Chinese Internet let users hail rides through and other apps, seeking to maker.
giant Tencent Holdings Ltd. Facebook Inc.’s Messenger WhatsApp 900 million create a similar ecosystem. At the same time, auto mak-
launched a smartphone app app, a texting service akin to But it won’t be simple for ers are moving quickly to
so people could send each WeChat. Alphabet Inc.’s Facebook Messenger 700 Facebook or others to copy smarten up their vehicles and
other free text messages. Google is developing a new WeChat’s success. develop their own autonomous
Five years later, WeChat’s chat app that will tap artifi- WeChat 650 Today, about 2.5 billion capabilities as technology com-
hundreds of millions of users cial intelligence. people are registered to use panies including Uber, Google
in China tap the service to Ephemeral chat app Gchat 425 at least one messaging app, parent Alphabet Inc. and Ap-
send money to friends, buy Snapchat Inc. is incorporat- according to advisory firm ple Inc. take aim at the indus-
iMessage 400
shoes and even book doc- ing news, while Activate. By 2018, the firm try. Ford and GM are among a
tors’ appointments. startup Slack Technologies expects that number to be slate of auto makers testing a
Line 212
The evolution shows how Inc. has pioneered the chat 3.6 billion, 90% of the range of future mobility experi-
for growing numbers of platform as the center of Sources: the companies; Activate (estimates for Gchat and iMessage) world’s Internet-enabled ments, either alone or in part-
smartphone users, once- workplace communica- THE WALL STREET JOURNAL. population. nership with tech firms such as
simple messaging apps have tion and collaboration, often In China, it is hard to find Alphabet.
become the center of their displacing email at small and ing,” says Jenny Lee, a simple to use and have large a smartphone owner in ma- GM said it would work with
online activity, in some cases medium-size businesses. managing partner at GGV numbers of users who spend jor cities who doesn’t use San Francisco-based Lyft to de-
eclipsing social-media por- “There is no other tech- Capital. a lot of time with them. WeChat; in professional cir- Please see LYFT page B2
tals such as Facebook. nology that is more closely Analysts say messaging Facebook—which apart from cles, people often trade
The phenomenon is most examined and discussed in apps are ideal hubs for other Messenger owns WhatsApp, WeChat usernames rather GM adds chairman to title for
pronounced in Asia, but ad- Silicon Valley than messag- services because they are the largest chat-based ser- Please see CHAT page B5 CEO Mary Barra....................... B2
Baxalta Bulks Up Petrobras CEO Faces Rising Criticism

As It Eyes Shire Deal BY WILL CONNORS
AND PAUL KIERNAN
cial earnings on time after
months of delays.
BY DENISE ROLAND tax-free status of Baxalta’s re- But dealing with the com-
AND SHAYNDI RAICE cent spinoff from parent Bax- RIO DE JANEIRO—In his 11 pany’s other challenges—a
ter International Inc. U.S. law months at the helm of Petró- massive debt load, low oil
Baxalta Inc. has agreed to requires that tax-free spinoffs leo Brasileiro SA, Brazil’s prices, powerful unions, and an
pay Danish biotech Sympho- not be used as a device to fun- state-run oil firm, Aldemir often-interventionist govern-
gen A/S as much as $1.6 bil- nel cash to shareholders. Bendine has picked up an un- ment—have proved more in-
lion for rights to co-develop Nonetheless, any fresh offer flattering nickname inside the tractable for Mr. Bendine. And
six experimental cancer drugs, would include a cash compo- company: “TQQ.” 2016 won’t likely bring much
even as the U.S. drugmaker nent, the person familiar with In Portuguese that stands relief, according to analysts.
negotiates its multibillion-dol- the talks said, without specify- for Tuesday, Wednes- “Like Brazil, [the outlook
lar sale to Shire PLC. ing the amount. The person day, Thursday—the three days for Petrobras in 2016] is terri-
Baxalta is in advanced talks added that an issue holding up a week that Mr. Bendine typi- ble,” said Sergio Lazzarini, an
YASUYOSHI CHIBA/AFP/GETTY IMAGES
for Dublin-based Shire to ac- the deal is Baxter’s need for cally shows up at the troubled economist at Brazilian busi-
quire it in a deal worth as much assurance that the tax-free sta- oil giant’s headquarters. ness school Insper. “All the in-
as $32.6 billion, according to a tus would remain unchanged. The implication, according dicators at Petrobras are in
person familiar with the mat- Shire and Baxalta declined to to people familiar with the bad shape. The market is in
ter, who said an agreement comment on the negotiations. matter, is that Mr. Ben- bad shape, with the price of
could be announced this week. Baxalta sells one cancer dine spends too much time in oil. It is a real disaster.”
Shire and Baxalta, based in drug, and it has targeted on- São Paulo, where he lives, and Petrobras didn’t respond to
Deerfield, Ill., have discussed a cology as a growth area. David not enough at the energy gi- questions about Mr. Bendine’s
cash-and-stock deal with a Meek, head of oncology at ant’s nerve center in Rio. It leadership and declined to
per-share value of up to $48, Baxalta, said the deal with also reflects mounting frustra- make him available for an in-
according to the person, who Symphogen “allows us to action among Petrobras execu- Aldemir Bendine has been the company’s chief for 11 months. terview.
added that an agreement tively advance one of the most tives, board members and in- At a recent round table with
wasn’t certain. The latest dis- innovative areas of this field.” vestors, some of whom say the “The initiatives that have been firm. A career government journalists, Mr. Bendine ac-
cussions were earlier reported Kirsten Drejer, Symphogen’s 52-year-old executive hasn’t taken are very small consider- banker, Mr. Bendine suc- knowledged the company has
by Bloomberg. chief executive, said the possi- done enough in his first year ing the challenges that Petro- ceeded in getting some of the serious challenges, but he said
Shire’s first offer for Bax- bility of a tie-up between to tackle the company’s myriad bras faces.” company’s most pressing fi- this year’s fiscal situation is
alta, worth $45.23 a share Shire and Baxalta meant “it problems. President Dilma Rousseff nancial issues in order. Petro- “totally manageable.”
when it was made public in Au- had always been part of our “The results have been be- chose Mr. Bendine for the top bras wrote off some $20 bil- “I know that the company
gust, consisted entirely of discussion…that we wanted to low expectations in my opin- job last February to help clean lion in costs related to a still generates a lot of anxiety,”
stock. Introducing cash into the sign the deal before the end of ion,” says Adriano Pires, a up Petrobras following a mas- massive corruption scandal he added. “But what we have
deal could risk jeopardizing the the year,” which they did. longtime oil consultant in Rio. sive corruption scandal at the and began reporting its finan- Please see BRAZIL page B4
B2 | Tuesday, January 5, 2016 * *** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES AUTOS

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
Abbott Laboratories...B6
Allergan.......................B6
Alphabet.B1,B4,B5,C2,C4
Freeport-McMoRan.....A1
G-H
General Motors B1,B2,C1
Management........B6,C2
Petrobras.....................B1
Pfizer...........................B6
PricewaterhouseCoopers
Fiat Shares Slide After Spinoff
Amazon.com................C4
Herbalife......................C2
..................................... C2 BY ERIC SYLVERS that everybody operating in
Honda Motor...............B4
Andreessen Horowitz.B5 Hyundai Motor............B4 Q-R Driving Force the mass market is facing, and
Apple........................B1,5 Qualcomm...................B4 MILAN—Fiat Chrysler Au- Fiat Chrysler will have to do without Ferrari's outsized contribution it didn’t end in with the clos-
I
Ascending Technologies Rakuten.......................B1 tomobiles NV shed more than to its bottom line. ing of 2015 and it won’t end in
.....................................B4 Intel.............................B4
ROR Capital.................C2 a third of its market value 2016,” Mr. Marchionne said at
Axel Springer..............A2 iShares iBoxx $ High
S Monday as the Italian-Ameri- Ferrari’s share of Fiat Chrysler’s a news conference at the Milan
B Yield Corporate Bond
can car manufacturer began total revenue... ...and adjusted operating profit stock exchange.
..................................... C4 Sanofi..........................B6
Baxalta........................B1 Sharp ........................... C2 trading without its former 12% Mr. Marchionne insisted his
Baxter International...B1 J 10.7%
Shire............................B1 crown jewel, luxury sports-car search for a partner isn’t a
Brevan Howard Asset Janus Capital
Slack Technologies ..... B1 maker Ferrari NV. 10 sign of weakness and said Fiat
Management.............C1 Management.............B1
Smith & Wesson
C K Holding......................B4 Fiat Chrysler distributed its 8 Chrysler will now concentrate
Casablanca Capital......C2 Kia Motors..................B4 Snapchat ..................... B1 80% stake in Ferrari to share- its efforts on meeting the 2018
Chalkstream Capital Kik Messenger............B5 Soros Fund holders on Sunday, ending 30 6 targets, something he says will
Group.........................C2 Kingdom Holding........B1 Management.............C2 years of exclusive control over create shareholder value.
Civiq Smartscapes......B4 L T the maker of the iconic cars 4 2.6% The spinoff of Ferrari, first
Cliffs Natural Resources Louis Berger Target..........................B3 that on average sell for about announced more than a year
..................................... C2 International.............B6 Tencent Holdings........B1 2
Coatue Management..B2 €250,000 (about $273,000). ago, comes after Fiat Chrysler
Lyft..............................B1 Tesla Motors...............B2 While Fiat Chrysler dropped sold a 10% stake in Ferrari in
Cummins Engine.........B2 Third Point .................. C1 0
M 37% compared with the final an initial share sale in October
D Toyota Motor..............B4 3Q 4Q 1Q 2Q 3Q 3Q 4Q 1Q 2Q 3Q
Micron Technology......B3 trading day of 2015 to €8.15, on the New York Stock Ex-
Dalian Wanda Group .. B3 Microsoft.....................B5
T. Rowe Price Group...A2 2014 ’15 2014 ’15
DRW Trading...............C2 U-V shareholders now own a piece change. In the spinoff, inves-
N of Ferrari. On Monday, Ferrari Fiat Chrysler market cap before Ferrari spin off (Dec. 30, 2015) tors who owned Fiat Chrysler
F Uber Technologies ...... B1
Nautilus.......................B4 also began trading on the Ital- €16.6B stock on Dec. 31 received one
Facebook...........B1,B5,C4 Volkswagen............B1,B4
Netflix..........................C4
Faraday Future............B2
North Castle Partners B4 Y ian stock exchange where the €10.5B Ferrari common share for ev-
Ferrari..........................B2 shares closed at €43.24. ery 10 Fiat Chrysler common
O-P Yahoo...........................B5
Fiat Chrysler The drop in prices also After spin off (Jan. 4, 2016) shares held.
York Capital
Automobiles ............. B2 OppenheimerFunds.....A2
Fontinalis Partners.....B1 Penso Advisors...........C1
Management.............C4 comes on a day that global €1 billion = $1.09 billion Sources: Fiat Chrysler (revenue, profit); FactSet (market cap) Casting off Ferrari allowed
Ford Motor.............B1,C1 Perry Capital...............C1 Z stocks have sold off, triggered THE WALL STREET JOURNAL. Fiat Chrysler to raise almost
Founders Fund ............ B2 Pershing Square Capital Zoetis..........................B6 by fresh worries of an eco- $3 billion to pay down debt
nomic slowdown. out Ferrari’s outsize effect on Mr. Marchionne on Monday and invest in its five-year plan,
INDEX TO PEOPLE Ferrari has failed to shine

so far in its two months of
trading in New York. The stock
Fiat Chrysler’s bottom line.
In the third quarter last
year, Ferrari accounted for
again returned to the question
of finding a partner, saying
that he had been approached
but it also lopped €6.2 billion
off its market cap, which stood
at €10.5 billion at the close of
A E-F Perry, Richard..............C1 hovered near its IPO price of 2.6% of Fiat Chrysler’s total by other industry players that trading in Milan on Monday.
Ackman, William...B6,C2 Ellich, Kevin................B6 Potts, Janna................B3 $52 for several weeks, but has revenue, but 11% of adjusted he didn’t consider to be ideal Italy’s Agnelli family that
Adkerson, Richard......A8 Fitzgerald, Manfred....B4 R since failed to reach that level operating profit. partners. He didn’t elaborate founded Fiat more than a cen-
Alaix, Juan Ramón ..... B6 G-H Richard, Christine.......C2 and traded down 1.3% at Following the Ferrari on what companies he was re- tury ago is Ferrari’s new larg-
Aurand, Christophe.....C4
Gao, Leo ...................... C1 S $47.40 in New York. spinoff, Mr. Marchionne may ferring to. The executive has est shareholder with a 24%
B Herendeen, Paul ......... B6 Sampson, Nick............B2 With the spinoff completed, also find it easier to engineer a said he considers General Mo- stake.
Barra, Mary.................B2 Hong, Hao....................C2 Schulman, Diane.........C2 Fiat Chrysler Chief Executive merger, something he actively tors Co. to be the ideal partner, Mr. Marchionne, who is also
Bendine, Aldemire......B1 I-J Schwartz, Daniel.........C4 Sergio Marchionne can concen- pursued last year. He has said but his advances toward his chairman of Ferrari, said the
Bergmann, Ari.............C1 Solso, Theodore..........B2
Bernanke, Ben.............C8
Ingelheim, BoehringerB6 trate on his ambitious growth on several occasions that once Detroit crosstown rival have company’s board had dis-
Jenkins, Dustee..........B3 Soros, George..............C2
Bessent, Scott ............ C2 Steinhafel, Gregg........B3
plan to 2018 that calls for €48 the spinoff of Ferrari had been been roundly rebuffed by his cussed the possibility of mak-
Jia Yueting..................B2 billion in investments and big completed potential partners counterpart Mary Barra. ing acquisitions, though it is
Bottoms, Dave............B5 Stevenson, Hillary ...... C4
Juckes, Kit...................C4
Brooks, Andy .............. A2 T gains for the Jeep and Alfa Ro- would be able to value Fiat “The question of consolida- extremely unlikely any will be
Bryceland, Chuck.........C2 K-L meo brands. Chrysler properly, thereby fa- tion is linked to the need to made as it is unclear what po-
Burdick, Ted.................C2 Kotecha, Mitul ............ C2 Tesija, Kathee.............B3
Thompson, Scott.........C4 But he will have to do with- cilitating a deal. find a solution to a problem tential targets there could be.
C Lang, Dan....................B6
Lewis, Jonathan..........C4 Tyler, Tina...................B3
Campbell, Harry..........A2
LYFT
Licht, Lisa....................B5 U-V
Chesley, John W.F......B6
Loeb, Daniel ................ C1 Uy, Raymund...............C4
Chung Mong-koo.........B4
Luschini, Mark.............C4 Vrattos, William ......... C4
Cohen, Steven A.........C1
Cornell, Brian..............B3 M W
D Mayer, Marissa...........B5 Wang, Debbie..............B6
McNamara, Michael....C2 Weinberger, Michael...C4 Continued from the prior page
de la Cruz, Regine......B6
Meek, David................B1 Whisler, Brian L..........B6 velop a service that could let
Dinan, James .............. C4
Donckerwolke, Luc......B4
Memani, Krishna........A2 Wien, Byron ................ C4 customers order a car on their
Muller, Peter...............C2 Wise, Adam.................C4 smartphones and have the ve-
Doyle, William............B6
Drejer, Kirsten ............ B1 O-P Z hicle appear at their doors
Durcan, Mark .............. B3 O'Donnell, Colin..........B4 Zuckerberg, Mark ....... B5 with no driver required.
“We believe that the first
large-scale deployment of au-
GM Names CEO Barra tonomous vehicles will be in

this kind of on-demand, ride-
share platform,” GM President
PATRICK T. FALLON/BLOOMBERG NEWS
Chairman of Its Board Dan Ammann said in an inter-

view. GM was an initial mover
on electric cars, and will unveil
BY JOANN S. LUBLIN products. The CEO has met the production version of its
“every single challenge that Chevrolet Bolt in Las Vegas
Mary Barra, chief executive has come before her,’’ he said. this week, a car aimed at tak-
of General Motors Co., on But now, GM needs to carry ing on Tesla Motors Inc.’s
Monday became chairman of out its revamped strategy, and long-range electric vehicles.
its board—a move that reflects combining the top two roles Mr. Ammann said teams
fellow directors’ confidence in “is more efficient in terms of from Lyft and GM would begin
her leadership of the nation’s execution,’’ Mr. Solso said. Volkswagen faces myriad lawsuits from consumers and dealers as well as regulatory investigations. working together soon but de-
largest auto maker. The move may stir criticism clined to offer specifics on
Ms. Barra, 54 years old, has
steered GM through a crisis in-
volving defective cars and pres-
sure from activist hedge funds
among some investors. Some
studies have found that busi-
nesses with a single CEO-
chairman tend to have less
VW Volkswagen said in December
the investigation so far
pointed to a “chain of mis-
takes” leading to the cheating,
fornia Air Resources Board.
The lawsuit covers vehicles
with two-liter engines that
were the subject of initial EPA
what they would develop or
how soon it could become
available.
“A lot of the work will be
for increased stock buybacks shareholder-friendly gover- Continued from the prior page starting with a diesel push in allegations in September, as centered around integrating
during her two-year tenure. nance practices. Nearly half of specifically, that this kind of the U.S. in 2005, and a “cul- well as three-liter engines that capabilities that already exist,”
She succeeded Theodore “Tim” S&P 500 companies have a behavior will not be toler- ture of tolerance” for rule- were the focus of separate Mr. Ammann said.
Solso as chairman, the com- separate chairman, says Insti- ated,” said Carl Tobias, a breaking that allowed the de- charges by agency in Novem- Working with Lyft will help
pany said on Monday. tutional Shareholder Services, product liability law professor ception to continue. ber. the car maker to “have a
Mr. Solso, a former CEO of a proxy-advisory firm. at the University of Richmond. The Justice Department The complaint accuses hands-on way of understanding
Cummins Engine Inc., was Mr. Solso vowed to be a The suit is the latest in the said it would seek to move the Volkswagen of obstructing ef- car sharing,” said GM lead in-
named GM’s lead independent highly involved lead indepen- flurry of legal actions world- suit filed Monday to a federal forts by the government to dependent director, Theodore
director. GM split the top two dent director. In Ms. Barra ab- wide enveloping Volkswagen, court in California, suggesting “learn the truth about the “Tim” Solso, in an interview.
roles when it promoted Ms. sence, he said, he will run GM which admitted last year to it could be consolidated with emissions exceedances and “This is an area we will be very
Barra to CEO in January 2014. board meetings. using devices on diesel-pow- related cases. That litigation other irregularities.” Volks- active in and have partnerships
She succeeded Dan Akerson, When Ms. Barra was named ered cars that can cheat emis- includes scores of lawsuits by wagen and Audi, the com- in various forms,” he said.
who had been both CEO and CEO in 2014, GM became the sions tests in the U.S. owners of diesel-powered ve- pany’s luxury unit, made mate- The auto maker’s invest-
chairman. largest U.S. company by reve- Volkswagen faces myriad hicles—who in some cases rial omissions and provided ment provides Lyft with more
Giving Ms. Barra the chair- nue run by a woman. Soon lawsuits from consumers and spent $6,000 more than they misleading information, con- capital to compete with its
manship “was a board deci- into Ms. Barra’s CEO tenure, a dealers, as well as regulatory would have for a gasoline- cealing facts that would have main rival Uber and gives it a
sion,” Mr. Solso said in an in- costly and embarrassing safety investigations in the U.S. and fueled model—seeking com- revealed the defeat devices, powerful new strategic partner.
terview after Monday’s board crisis that has been linked to elsewhere. The company has pensation for their car’s de- the lawsuit says. In coming months, GM and
meeting. “The board thinks 124 deaths forced her to initi- halted sales of affected vehi- clining resale value. Monday’s lawsuit is part of Lyft plan to build rental-car
she has done a terrific job ate an overhaul of GM’s cul- cles in the U.S. and said it is The government’s lawsuit a civil case, but prosecutors centers where Lyft drivers can
over the last two years.’’ ture. Soon after, activist inves- cooperating with the probes. alleges that Volkswagen vio- are also investigating Volks- rent vehicles at discounted
Mr. Solso cited Ms. Barra’s tors presented a list of The scandal cost former lated the Clean Air Act by wagen for potential criminal rates. Last year, Lyft formed a
selection of a solid manage- demands and Ms. Barra nego- Chief Executive Martin Win- making and selling vehicles charges. Barbara McQuade, the partnership with several Asian
ment team, introduction of a tiated a truce. terkorn his job and prompted that were designed differently U.S. attorney in Detroit, said ride-hailing companies to allow
strong strategic plan and de- —John D. Stoll Volkswagen to tap law firm from Volkswagen’s assertions Monday’s complaint marks users of each company’s app to
velopment of attractive new contributed to this article Jones Day to investigate the in applications for certifica- only the “first stage” of the hail rides using the other apps
auto maker’s emissions lapses. tion to the EPA and the Cali- government’s efforts. while they are traveling.
Lyft previously raised close
to $1 billion from investors in-
FaradayPlugsConcept Car
cluding Chinese ride-sharing
company Didi Kuaidi Joint Co.
and hedge-fund titan Carl
Icahn. Other backers include
BY MIKE RAMSEY many sizes and electric range tric-vehicle ownership already Chinese technology majors Ali-
offerings from the company. have resulted in a burst of re- baba Group Holding Ltd. and
Faraday Future Inc. stole a Faraday, which last month cent sales. . Tencent Holdings Ltd., as well
page from the Tesla Motors announced its intention to Mr. Sampson said Faraday’s as U.S. investment firms
Inc. handbook, unveiling an build a $1 billion, three-mil- close ties to Chinese business Founders Fund, Andreessen
amped-up “concept” electric lion-square-foot factory in leadership should help the Horowitz and Coatue Manage-
car in Las Vegas in front of North Las Vegas, has 550 em- company get a strong footing ment LLC.
hundreds of media and other ployees already and only was there. “That access to the Chi- Lyft has more than doubled
guests attending the Con- formed in May of 2014. Its nese market through Chinese its valuation since May 2015,
sumer Electronics Show. headquarters are in Los Ange- connections that understand when it raised funds from Mr.
The four-motor sports car les in a former Nissan Motor the differences in Chinese Icahn in a round valuing Lyft at
with potential to zip from Co. office building. business culture is an enor- $2.5 billion.
0-60 in under three seconds The concept vehicle high- mous advantage,” he said. Lyft has raised a fraction of
isn’t likely to be the car that lights the company’s close ties The Faraday electric vehicle the funding that Uber has.
the company actually produces to LeTV, the Chinese Web tele- will be designed to offer au- Lyft’s competitor has raised a
next year, executives say, but vision giant that has promised tonomous driving capabilities total of more than $12 billion
it is supposed to show what a big push into electric vehi- from the start, and Faraday in debt and equity. Uber, re-
MARK WILSON/GETTY IMAGES
the fledgling company can do. cles. LeTV founder Jia Yueting also is exploring shared own- cently raised $2.1 billion—
Nick Sampson, the chief ve- is one of China’s wealthiest ership or pay-per-use owner- roughly matching Lyft’s total—
hicle architect for Faraday, entrepreneurs and is backing ship models. in a round valuing the
said in an interview ahead of several electric car efforts. Faraday hasn’t settled yet company at $64.6 billion. That
the event that the modular ar- Faraday is aiming to start on a retailing model, though valuation is higher than GM’s
chitecture uses “strings” of producing cars in the U.S, but Mr. Sampson made it clear it market value.
batteries that can be added or by 2017 the big prize for elec- would attempt to sell some ve- —John D. Stoll
subtracted, like a brick from a tric car makers will be China, hicles direct to customers over and Joann S. Lublin
Mary Barra has dealt with crisis during her two-year tenure as CEO. candy bar. That will allow for where new incentives for elec- the Internet. contributed to this article.
THE WALL STREET JOURNAL. * * * * Tuesday, January 5, 2016 | B3
BUSINESS NEWS
Target Fires Head of Its Stores Wanda

Close to
Tina Tyler to leave
after nearly 30 years
at retailer; Janna Potts
Deal in
will take over the role Hollywood
BY PAUL ZIOBRO BY BEN FRITZ
Target Corp. fired the head Dalian Wanda Group Co. is

of its stores Monday, the latest close to taking control of one of
move by Chief Executive Brian Hollywood’s biggest indepen-
Cornell to remake the execu- dent production and finance
tive ranks in his second year companies, according to people
at the helm. familiar with the matter.
Target said Tina Tyler, 50 The Chinese real estate and
years old, Target’s chief stores entertainment conglomerate is
officer, has been stripped of completing a deal for a major-
ANDREW GOMBERT/EUROPEAN PRESSPHOTO AGENCY
her title, and that her last day ity stake in Legendary Enter-
will be Jan. 9. Janna Potts, 48, tainment, these people said.
another Target veteran who The deal would value Legend-
most recently was a human- ary at close to $4 billion.
resources executive, will take Last month, Wanda was in
over the role immediately. talks to buy a minority stake
The change is an abrupt end in Legendary, which has co-fi-
to Ms. Tyler’s nearly 30-year nanced films such as “Jurassic
career at Target, where she World” and “Inception” and
rose from a store employee to made its own movies including
a top executive in charge of its “Godzilla” and “The Seventh
roughly 1,800 stores. In fiscal Son.”
2014, Ms. Tyler earned more However the talks have ac-
than $4.5 million in total com- The ouster is tied to Target CEO Brian Cornell’s efforts to transform the retailer and regain its cachet in categories like home goods. celerated and Wanda is now in
pensation, according to Tar- negotiations to buy out non-
get’s proxy statement. of its suburban stronghold. a costly data breach. nance chief and creating the Ms. Tyler is eligible for sev- management investors, giving
Ms. Tyler’s removal is re- The move is also the latest Target’s executive team operating chief role in charge erance payments and will also it more than 50% control of
lated to Mr. Cornell’s efforts to sign of Target’s distancing it- eventually pushed the board of supply chain, merchandis- collect $3 million in cash if she the company.
transform the Minneapolis- self from the regime of former to remove Mr. Steinhafel, saying and stores. agrees to a three-year noncom- Although details are still
based retail chain, said Target chief Gregg Steinhafel, who ing they had lost confidence in Last summer, he also parted pete agreement, according to a being worked out, a person
spokeswoman Dustee Jenkins. left in May 2014. Under his his leadership. ways with Target’s chief mer- securities filing. close to Legendary founder
Mr. Cornell is trying to regain tenure as CEO, Target lost Mr. Cornell started a few chant, Kathee Tesija, another Target shares rose 1.3% to and Chief Executive Thomas
Target’s cachet in key catego- some of its fashion sense, months later. He has made of Mr. Steinhafel’s top lieuten- $73.55 in 4 p.m. trading Mon- Tull said he wouldn’t go
ries like fashion and home lagged behind in e-commerce, several additions to Target’s ants. Ms. Tesija stepped down day, amid a rout in the through with such a deal un-
goods, expand its online busi- lost billions expanding into top leadership team, including in July from her position, broader markets. less he and his team remained
ness and focus new-store open- Canada and, just a few months hiring a new chief information which Target is still looking to —Anne Steele in charge of the company.
ings on urban centers, instead before his departure, suffered officer, bringing in a new fi- fill. contributed to this article. Legendary has had a mixed
box-office record recently,
with several of its own pro-
Micron President to Depart; Health Is Cited

ductions such as “Crimson
Peak” failing at the box office
but some of the movies in
which it invested, including
BY TESS STYNES that Mr. Adams “has been a further. nese rival Elpida Memory Inc. over a significant source of “Straight Outta Compton,”
stellar leader and contributor Mr. Durcan took the helm of in 2012. Last year, Micron be- memory chips. Micron also earning big profits.
Micron Technology Inc. to Micron’s growth and suc- the company after CEO Steven came a takeover target itself reached a separate deal to li- However, the company’s
said company President Mark cess during his time with the R. Appleton was killed in a as Chinese state-owned chip- cense manufacturing technol- movies including “Godzilla”
Adams is stepping down for company.” plane crash in early 2012. Sub- design company Tsinghua Uni- ogy to Nanya Technology have performed very well in
health reasons. The Boise, Idaho, company sequently, Mr. Adams was group Ltd. tried unsuccessfully Corp. China, making Wanda a poten-
Mr. Adams joined the chip provided few details beyond named company president. to buy Micron for $23 billion. Micron is the last U.S. sup- tially valuable partner.
maker in 2006 as part of an stating that Mr. Adams will Micron, one of the world’s Micron in December agreed plier of a variety of chips News of Wanda’s talks to buy
acquisition and has been pres- stay on until Feb. 1 to provide largest memory-chip makers, to acquire the remaining stake called dynamic random access a majority stake in Legendary
ident for nearly four years. support during the transition. often has grown by acquiring in Inotera Memories Inc. that memory, or DRAMs, which are was reported earlier by Reuters.
Chief Executive Mark Dur- A spokesman for Micron other manufacturers. It struck it doesn’t already own for $4.1 used in personal computers —Laurie Burkitt
can said in prepared remarks wasn’t available to comment a $2.5 billion deal for Japa- billion, solidifying its control and smartphones. contributed to this article.
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BUSINESS NEWS
Free Wi-Fi Hot Spots

To Replace Pay Phones
BY RYAN KNUTSON will deliver broadband speeds
of 1,000 megabits a second,
The lowly pay phone is get- about 100 times typical speeds
ting a high-tech makeover, a provided by wireless carriers.
change that aims to challenge Users won’t be forced to sit
the speeds and high prices through ads on their mobile
charged by wireless carriers. devices to log on and devices
New York City will begin will connect automatically after
this month replacing thou- a user signs in the first time.
ANDREY RUDAKOV/BLOOMBERG NEWS
sands of pay phones with free Free abundant Wi-Fi at

Wi-Fi hot spots. The city ex- those speeds could give people
pects to have 500 hot spots in- living in New York City, the
stalled by July, and eventually country’s largest market, a
about 7,500 units will be re- reason to spend less on wire-
placed. Each hot spot will sit less data services from carri-
atop a 9.5-foot tall box with ers like AT&T Inc., said Craig
electronic screens on each side Moffett, senior research ana-
to display advertising. Sand- lyst at MoffettNathanson.
wiched between the sidewalk In the short term, free Wi-
Storage racks were filled with Kia Rio vehicle-body panels at a Hyundai assembly plant in St. Petersburg, Russia, this past August. ads will be an Android tablet Fi might help carriers by tak-
that can be used to place free ing some strain off their net-
Hyundai, Kia Face Tough Year

phone calls and surf the web. works. In the long run,
The advertising-supported however, Wi-Fi poses a more
project, called LinkNYC, is being fundamental threat. Cable
run by CityBridge, a joint ven- companies have begun install-
ture between three tech compa- ing hundreds of thousands of
Auto makers missed South Korean car makers at a Show in Detroit next week. Some foreign auto makers nies: smartphone chip maker public access points that their
disadvantage to Japanese ri- In its latest effort to build a defied China’s economic slow- Qualcomm Inc., networking home broadband customers
their 2015 sales target vals such as Toyota Motor more high-end image, Hyundai down. Honda Motor Co. of company CIVIQ Smartscapes can access for free. Services
amid China weakness; Corp. in overseas markets. said last week it had hired a Japan sold more than one mil- and Intersection, which has like Republic Wireless and
“The auto industry is going former Lamborghini executive, lion cars in China last year, ex- backing from Google parent Google’s Project Fi—which are
more challenges ahead through a structural change Manfred Fitzgerald, to lead the ceeding its target of 950,000 company Alphabet Inc. City- a fraction of the cost of the
with intensified competition company’s global strategy on cars for the year, the company Bridge says it is investing more major carriers—run primarily
BY IN-SOO NAM and a move toward smartcars,” the new Genesis brand. Mr. said on Monday. Its sales of than $200 million in the project. over Wi-Fi and fall back on
Hyundai Chairman Chung Fitzgerald joined a growing new and redesigned vehicles Many cities have tried in- carrier networks only when
SEOUL—Hyundai Motor Mong-koo told employees in a roster of non-Korean execu- were strong in 2015. stalling free public Wi-Fi in the Wi-Fi isn’t available.
Co. and its affiliate Kia Mo- New Year’s speech. “Mean- tives at Hyundai, which also Analysts expect Hyundai past, but it often didn’t work “This is creating all kinds of
tors Corp. are bracing for an- while, the global economy will has hired Luc Donckerwolke, a and Kia’s China sales to bounce well enough to draw many us- competition,” said Colin
other challenging year after continue its phase of low veteran designer for the Audi back because of tax cuts on ers because speeds were slow O’Donnell, CityBridge’s chief
missing their sales goal in growth, weighed by China’s and Bentley brands at Volks- small cars this year, but de- or the experience was bogged technology officer.
2015 largely because of weak slowdown, low oil prices and wagen AG, to work on Genesis mand in Russia, Brazil and down by requiring users to We “view this as a compli-
results in China, the biggest the U.S. [interest] rate in- models starting this month. other key emerging markets is watch an ad before connecting. mentary service,” said an
market for the South Korean creases.” The South Korean sister likely to remain depressed. CityBridge says its Wi-Fi AT&T spokesman.
auto makers. Mr. Chung said the auto companies, which rarely miss Hyundai, which posted its
Hyundai and Kia, which to- makers this year will focus on their annual targets, sold seventh straight quarterly
gether form the world’s fifth- enhancing brand identity by about 8 million cars globally in profit decline in the July-Sep-
largest auto maker by sales, launching several environmen- 2015, falling short of their goal tember period because of slug-
on Monday predicted a com- tally friendly cars and aggres- of 8.2 million. The companies gish sales in China and emerg-
bined 1.6% increase in global sively promoting sales of lux- attributed the weak perfor- ing markets, is scheduled to
sales to 8.13 million vehicles in ury models, which are more mance to sluggish sales in report its fourth-quarter re-
2016. The scant increase con- profitable. China as local manufacturers, sults on Jan. 21.
trasts the auto makers’ dou- In November Hyundai armed with less-costly but im- Shares in Hyundai fell 14%
ble-digit growth rates of a few launched the Genesis, formerly proved models, rapidly gained last year after declining by
years ago amid a weak local the name of its midsize luxury ground against foreign brands. nearly a third in 2014. Among
currency, sleek designs and sedan, as a stand-alone pre- Hyundai and Kia have bene- global auto makers it was the
clever marketing. Group sales mium brand to boost earnings fited in recent years from the second-worst-performing
rose 24% in 2010. and burnish its reputation. The surge in demand for vehicles stock last year, after scandal-
CITYBRIDGE
Momentum has slowed in company plans to showcase in China. The increasing reli- plagued Volkswagen of Ger-
recent years as the won has the G90, the first car under the ance turned into a drag after many.
strengthened, particularly new brand, at the 2016 North China’s economic growth mod- —Rose Yu
against the yen, placing the American International Auto erated last year. contributed to this article. Wi-Fi kiosks, above, will start appearing in New York City this month.
BRAZIL said. “At least he’s pursuing

the right direction—to refocus
the company.”
The company remains the
a bid to pay down debt, nearly
$24 billion of which is coming
due in the next two years. But
many in the industry have ex-
matter. The company has had
three chairmen since Mr. Ben-
dine took over.
His people skills also were
time job for him. ”
Mr. Bendine is viewed by
many as a loyal government
soldier brought aboard to sta-
companies paid bribes to se-
cure billions of dollars’ worth
of contracts, kicking back a
portion to high-ranking Petro-
Continued from page B1 most indebted oil firm in the pressed skepticism that Petro- questioned during a November bilize Petrobras at a time when bras employees and politi-
is a sensation of being on the world, with total debt of bras can reach this goal, given strike by oil platform workers few private-sector experts cians.
right path.” 506.58 billion Brazilian reais at low oil prices and the fact that that dragged on for several would have touched the The massive graft probe has
Some of the carping may be the end of its third quarter, or other international oil firms weeks, costing the company firm. His boss, Ms. Rousseff, is netted more than a hundred
simply a response to an out- about $125.35 billion, up 44% also are selling assets. more than two million barrels currently facing the early arrests, several convictions
sider taking over the country’s from the end of 2014 in local- Mr. Bendine’s lack of industry of oil production. The workers stages of impeachment pro- and plea bargains, and rocked
most prominent corporation. currency terms. Shares of experience has sparked grum- also won a raise. ceedings. Some senior oil in- the highest levels of Brazilian
Mr. Lazzarini and others con- Petrobras have fallen bling by some Petrobras veter- Then there is the TQQ prob- dustry figures say that if Ms. business and government.
cede that Mr. Bendine took on 40% since Mr. Bendine became ans that he doesn’t have the lem. Mr. Bendine’s presence Rousseff goes, Mr. Bendine Petrobras’ woes have weighed
a difficult task, and that top oil chief executive. The company company’s long-term interests two days a week at Petrobras’ won’t be far behind. on Brazil’s economy, which is
executives weren’t banging reported a net loss of 3.76 bil- at heart. He has clashed with São Paulo office have raised Petrobras has been rocked in the midst of its worst reces-
down the door to take over a lion reais ($97.3 million) in the board members on several occa- concerns he isn’t fully en- by one of the worst corruption sion in decades.
company steeped in multiple third quarter. sions, and in October slammed gaged. “He doesn’t seem to scandals in Brazil’s history. Petrobras contends it is a
crises. Mr. Bendine has pledged to the door after walking out on want to have a career in the oil Authorities allege that for at victim of the scheme and says
“He is what they’ve got at divest more than $15 billion the board mid-meeting, accord- business,” a senior Petrobras least a decade some of the na- that it is cooperating with au-
the moment,” Mr. Lazzarini in assets by the end of 2016 in ing to people familiar with the executive said. “It is a part- tion’s largest construction thorities.
BRINK’S
Bowflex Maker to Acquire High-End Elliptical Manufacturer
Business CEO to Retire Early;
Watch Starboard Gets Pact
Brink’s Co. said Chairman and
Chief Executive Thomas C.
Schievelbein will retire early, as
the security company announced
a settlement with activist inves-
SMITH & WESSON HOLDING tor Starboard Value LP that in-
cludes three seats on Brink’s
Firearm Maker Boosts eight-member board.
Revenue, Profit View In October Starboard dis-
Firearm maker Smith & Wes- closed a 12.4% stake in Brink’s in
son Holding Corp. on Monday a move to provoke change at
raised its revenue and adjusted the security company.
profit projections for the current Brink’s said Mr. Schievelbein,
quarter and fiscal year amid a who has been CEO since June
strong start to gun-show season. 2012, will step down at the an-
Springfield, Mass.-based Smith nual shareholder meeting, or
& Wesson said it now expected sooner if a successor is named.
sales for the quarter ended Jan. The board plans to begin a
31 between $175 million and search for a new CEO as well as
$180 million with adjusted earn- elect a non-executive chairman.
ings between 39 cents and 41 The new board members are
cents on a per-share basis. Peter A. Feld, a managing direc-
Previously, the company had tor of Starboard, along with Ian
expected sales between $150 D. Clough and George I.
MARLA BROSE/ALBUQUERQUE JOURNAL/ZUMA PRESS
million and $155 million, with ad- Stoeckert.

justed earnings in a range of 27 —Tess Stynes
cents and 29 cents.
For the fiscal year ending INTEL
April 30, the company now proj-
ects sales between $650 million
Deal Is Reached
and $660 million with adjusted To Buy Drone Maker
earnings between $1.36 and Intel Corp. said Monday it has
$1.41 a share. purchased drone maker Ascend-
FBI background checks—a ing Technologies, a 75-employee
rough indicator for sales—rose company that focuses on profes-
38% in December from a year sional-grade drones that automat-
earlier when adjusted for differ- ically detect and avoid obstacles.
ences in how states collect the Intel didn’t disclose the price
data, and 56% from November. but said all employees are re-
Handgun checks leapt 62% on- ceiving offers to join Intel. Home-gym-equipment com- cal machines for use in home well-known gym-product The company used cash
year and long guns recovered In a blog post, the chip company pany Nautilus Inc., maker of and commercial gyms, could brands, including Bowflex and on hand and a new $80 mil-
from recent weakness to rise said the acquisition of the Krailling, the Bowflex, said Monday it help Nautilus extend into Schwinn Fitness. lion loan to pay for the pur-
15% from December 2014. Germany-based company lets it would buy elliptical maker Oc- higher price points and reach Nautilus said the deal chase.
In December, Smith & Wes- “integrate the computing, commu- tane Fitness from private-eq- new distribution channels, would add to earnings by the During 2015, Octane ex-
son reported a better-than-ex- nications, sensor and cloud technol- uity firm North Castle Part- Nautilus Chief Executive first quarter of 2016, but it pects sales of $65 million. For
pected quarter as a renewed gun ogy required to make drones ners for $115 million. Bruce Cazenave said in a expects a one-time charge of 2014, Nautilus had sales of
debate in the U.S. drove results. smarter and more connected.” The purchase of Octane, statement. 11 cents to 12 cents per share $274.5 million.
—Ezequiel Minaya —Austen Hufford which makes high-end ellipti- Nautilus sells a number of for transaction costs. —Austen Hufford
THE WALL STREET JOURNAL. * * Tuesday, January 5, 2016 | B5
TECHNOLOGY @wsjd | wsjd.com
Home Gadgets Still a Hard Sell Yahoo Shuts Screen,

BY DON CLARK
Its Online Video Portal
Site failed to gain Google and Apple Inc. devices.
Computer chips and wire- A Yahoo spokeswoman con-
less communications are being traction with users or firmed the closure of Screen in
added to everything from generate much revenue an emailed statement. The
doorknobs to dog collars. But news was earlier reported by
the cascade of BY DOUGLAS MACMILLAN Variety.
gadgets for “At Yahoo, we’re constantly
the so-called Yahoo Inc. has closed reviewing and iterating on our
smart home, Screen, the online-video portal products as we strive to create
which is due that was the centerpiece of the best user experience,” the
to accelerate Chief Executive Marissa spokeswoman said.
at this week’s Mayer’s video strategy. Yahoo is redirecting visitors
Consumer Electronics show, The Internet company to Screen to its home page,
CHRIS RATCLIFFE/BLOOMBERG NEWS
seems to be running well started Yahoo Screen in 2013 and has moved all of its online
ahead of consumer desires. to merge professional content videos to various topic-related
Early technology adopters from media partners such as sites, such as Yahoo Music and
have snapped up Internet-con- Walt Disney Co.’s Yahoo TV.
nected versions of devices like ABC and Live Nation The closure of
thermostats and smoke detec- Entertainment Inc. Screen isn’t surpris-
tors. But some market re- with original pro- ing given the com-
searchers say mainstream con- gramming. Yahoo pany’s decision in the
sumers haven't yet found spent more than $100 third quarter to write
reasons to buy. Samsung Electronics purchased SmartThings, a developer of smart-home hubs and services, in 2014. million producing its down $42 million in
“Last year, there was a own shows, excluding expenses for three
great deal of optimism and had quit using them or termi- connect wirelessly. player in the field through its the cost of employ- video series, including
bullishness around home auto- nated services for lack of secu- PEQ has responded to dis- 2014 purchase of SmartThings. ees. It also landed a one-season revival
mation,” said Dave Bottoms, rity guarantees, the consulting appointing retail sales by try- The startup developed its own deals to syndicate of the television show
chief operating officer of PEQ, firm said. The survey found ing to sell its wares through smart-home hubs and services high-profile shows “Community” that
a smart-home startup that re- that only about 9% of respon- service providers like energy that help connect with devices such as reruns of alone may have cost
cently shifted strategies after dents—about the same as a utilities, Mr. Bottoms said. from other vendors. “Saturday Night Marissa Mayer up to $35 million to
finding little demand for its 2014 survey—planned to pur- The headwinds haven’t de- A high-profile, home-use in- Live.” Ms. Mayer had produce.
products in retail stores. “The chase connected devices this terred companies from plans vention startup, Quirky Inc., hoped to bring in premium ad- Screen may be the first ca-
reality is it is a lot harder and year. to unveil a flood of smart- filed for bankruptcy protection vertising. sualty in a broader restructur-
tougher than everybody imag- Further signs of slackening home products at this week’s in September after raising more But Screen failed to gain ing under way at Yahoo, where
ined.” consumer interest were re- CES event in Las Vegas, which than $170 million. Its Wink Inc. traction with users or create a Ms. Mayer has promised to re-
Indeed, one of the key at- ported last week by Argus In- kicks off Tuesday night and unit, which sells home-hub de- meaningful source of revenue. focus the company’s efforts on
tractions of the trend called sights. The research firm runs through Saturday. Popu- vices and other products was The site’s unique video fewer areas in the wake of dis-
the Internet of Things—the tracked metrics such as year- lar categories include Internet- sold to Flextronics Interna- viewers stayed flat at about 25 appointing results and grow-
ability to control products re- over-year increases in online connected sprinklers, pool tional Ltd. and continues to op- million from February 2014— ing pressure from investors.
motely using a smartphone or product reviews, which de- monitors, security cameras, erate. the first month comScore be- Ms. Mayer is also struggling
PC—seems to be a turnoff for clined to 18% in September door locks, fans, blinds, wash- Smart-home vendors say they gan tracking users of the site— to keep up employee morale
some buyers. They fear the de- from 80% in January. ing machines, ovens and ga- have built plenty of safeguards to September 2015. Over the and prevent an exodus of top
vices could be hacked by in- The Consumer Technology rage-door openers. into their products. Apple, as same period, Alphabet Inc.’s executives. At least two execu-
truders or used by vendors to Association, which organizes Apple Inc. along with part of an initiative called Home- viewers of YouTube rose 15% tives overseeing the company’s
gather data about users’ be- CES, on Monday predicted that Google Inc.’s Nest Labs divi- Kit, requires special security cir- to 862 million, and Facebook online-video efforts—former
havior. A survey of 28,000 con- U.S. sales of smart-home de- sion are pushing rival technol- cuitry to be incorporated into Inc.’s video audience jumped marketing chief Kathy Savitt
sumers in 28 countries being vices will grow 21% to 8.9 mil- ogies to coordinate interac- chips used in compatible devices. 50% to 589 million. Those and former content-partner-
released Tuesday by Accenture lion units in 2016, generating tions among devices from Others stress the use of heavy- numbers exclude mobile users ships head Lisa Licht—left the
LLP found that 47% of respon- $1.2 billion in revenue. different vendors without re- duty encryption technology to of the Yahoo Screen app for company in recent months.
dents pointed to security and But the penetration of indi- quiring consumers to buy a guard against theft of data.
privacy as potential obstacles vidual product categories ap- separate hub device. Nest, for
to adopting such technology. pears to be much lower. The example, notes that its carbon- MORE ON MOBILE ADVERTISEMENT
Among people planning to Accenture data showed that monoxide detectors can com-
buy smart-home gadgets in the 10% of respondents own con- mand its thermostats to turn For the latest
next 12 months, a significant
number chose to be cautious
nected security cameras, 9%
used smart thermostats and
off a furnace—a common
source of the gas. Another ri- WSJ news and hot
trends from CES
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
about using them or post- 5% used devices called smart val is Samsung Electronics .COM in Las Vegas,
poned purchases, while 18% plugs that help home devices Co., which became a major see WSJD.com.
CLASS ACTIONS
CHAT
restaurant. Ms. Lin says she
sends several WeChat red
envelopes a week and on
For ‘16, Zuckerberg Resolves

Continued from page B1

friends’ birthdays. Ms. Lin
says she also uses WeChat to
To Create a Virtual Assistant

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ting costs that are 26 times great example in the West,” to build an assistant powered more effectively.”

higher in China than in the says Ted Livingston, chief by artificial intelligence to Mr. Zuckerberg’s personal
U.S., according to Activate. executive of Canada’s Kik help him at home and work. challenge for 2016 is more
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CFO JOURNAL.
For Zoetis CFO, a Successful Encore 10
BY RICHARD TEITELBAUM Street’s regard for the CFO.
The Big Number
“He doesn’t get flustered,”

Retirement wasn’t in the said Piper Jaffray & Co. senior Number of criminal
cards for Paul Herendeen. research analyst Kevin Ellich. prosecutions in the
The former chief financial Mr. Herendeen has laid out
officer of drugmaker Warner his plans to Wall Street. “He U.S. last year for
Chilcott figured it was time to
kick back after helping engi-
was able to explain the path-
way for margin expansion,”
foreign bribery.
neer the sale of the company said Dan Lang, head of the
in 2013 and a four-decade ca- value team at RS Investments
reer in corporate finance. Management Co. who focuses Foreign corruption schemes
“I worked on my golf on health care. may be getting tougher to crack.
game,” Mr. Herendeen said. “I As part of its restructuring, The U.S. Justice Department
realized I didn’t have a golf Zoetis cut the number of coun- brought just 10 criminal cases un-
game.” tries to which it sells directly der the Foreign Corrupt Practices
So when investors emailed to about 45 from 70, jettison- Act in 2015, down from 17 in
Mr. Herendeen, now 60 years ing 25 that accounted for just 2014 and the fewest since 2006,
old, about an opening at Zoe- 2% of sales. Management is be- according to data from law firm
tis Inc., he was curious, de- ing thinned, and less-profit- Gibson, Dunn & Crutcher LLP. The
spite having never heard of the able lines sold. Overall, Zoetis high was 48 in 2010.
Florham Park, N.J., animal- is projecting a 20% to 25% re- Eight of the 2015 indictments
health-care company. “I threw duction in its head count of were of individuals. Just two
my hat in the ring,” he said. about 10,000 employees. Mr. companies, both of them pri-
BRYAN ANSELM FOR THE WALL STREET JOURNAL

Shares of Zoetis, which was Herendeen is also squeezing vately held, were charged with
spun off from Pfizer Inc. in efficiency from research and criminal wrongdoing under the
2013, rose 1.9%, to $33.69 on development. R&D costs fell FCPA, marking the first year in
Aug. 15, 2014, the day after the 6% in the first nine months of at least a decade that the list
company named Mr. Her- 2015 to $255 million. lacked a publicly traded com-
endeen CFO. They closed Mon- There seem to be results. pany, according to the Justice
day at $47.27. Mr. Ellich estimates that Zoe- Department’s website.
Since joining Zoetis, Mr. tis’s gross margins ticked up in The Justice Department is
Herendeen has cut costs, ac- 2015, to 65.1%, and foresees “more likely to find the core, raw
quired assets and faced off more growth this year. He also misconduct at smaller compa-
against activist investors, amid estimates that operating ex- nies that are trying to aggres-
a wave of mergers and acquisi- penses declined 7.8% last year. sively grow and don’t have the
tions in the drug industry. Since coming out of retirement to join animal-health-care company Zoetis in 2014, Chief Financial Zoetis spent $255 million in compliance infrastructure to
The Massachusetts native Officer Paul Herendeen has cut costs, acquired assets and faced off against activist investors. 2014 to buy some animal- make sure things are being done
brought with him a reputation health products from Abbott the right way,” said John W.F.
as a deal maker, having helped Zoetis had profit of $189 mil- and see growth drivers,” said of the investment. Laboratories Inc. Last Novem- Chesley, a partner in Gibson
sell his former company to Ac- lion on revenue of $1.2 billion. Mr. Herendeen, who plays The goals of most activist ber, it spent $765 million to Dunn’s Washington office.
tavis—now called Allergan The animal-health indus- hockey on a team called the investors—efficiency and wise buy Norway-based Pharmaq In addition, “gathering proof
PLC—for about $8.5 billion. It try’s robust growth was part Shamrocks. Unlike human capital allocation—shouldn’t AS, which makes fish vaccines. against an individual is much
was his second stint at Warner of what drew Mr. Herendeen, pharma, animal health is faze CFOs, Mr. Herendeen said. But the company isn’t just more taxing than against a com-
Chilcott, where he also was who owns two golden retriev- largely a cash business, with “Those are themes that should cutting and buying its way to pany, as individuals are far more
CFO from 1998 to 2000. In be- ers. The market is growing by lower drug-approval hurdles be embraced,” he added. growth; its drug pipeline re- willing to test the government in
tween, he was finance chief of mid-single-digit percentages, and less generic competition. “There’s a role for activist in- mains healthy. Simparica, an court,” said Brian L. Whisler, a
MedPointe, a closely held and Zoetis is the largest But there have been pres- vestors keeping management oral flea and tick treatment for partner with Baker & McKenzie
health-care company. player, with $4.8 billion in sures. Barely two months after teams on their toes.” dogs, was recently approved LLP, who represented Louis
Expectations for him are 2014 sales. One rival, Sanofi Mr. Herendeen joined Zoetis, Pershing Square struck a for use in Europe and could Berger International Inc., one of
high in his current role. SA, is in talks to swap its ani- Chief Executive Juan Ramón standstill deal under which Zo- generate sales of more than the companies charged last year.
“We’ve seen what Paul has mal-health unit for Boehringer Alaix summoned him into his etis named William Doyle, a $100 million a year if cleared Louis Berger “has completed a
done before,” said Debbie Ingelheim GmbH’s consumer corner office. The CEO had just member of Pershing Square’s in the U.S., says Mr. Ellich. five-year reform program and im-
Wang, a senior equity analyst unit plus $5.1 billion in cash. talked with William Ackman, investment team, to its board plemented world-class compliance
at Morningstar Inc. Zoetis derives slightly more founder of Pershing Square in February 2015. Another mu- VISIT ONLINE systems, processes and policies to
Mr. Herendeen is reshaping than a third of its sales from Capital Management LP, which tually acceptable director was prevent future issues,” said
the company through a re- drugs for domestic pets. Live- was building a stake in Zoetis named in April. This article was Regine de la Cruz, a spokes-
structuring program called
“Zoetis Next,” and predicts
savings of $300 million a year.
stock health accounted for 65%
of 2014 revenue.
“You can look out into the
that recently amounted to
8.4%, according to FactSet.
“I wasn’t excited one way or
Pershing Square declined to
comment on its Zoetis stake.
The detente with Mr. Ack-
WSJ
.COM
produced by CFO
Journal. For
more, please go
woman for the company, which
negotiated a $17.1 million fine and
a deferred-prosecution deal.
For the third quarter of 2015, next decade or two decades the other,” Mr. Herendeen said man has bolstered Wall to wsj.com/cfoj. —Alix Stuart
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
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PIECE OFFERINGS | By Matthew Sewell 19 Winter wrap
49 Rap sheet listing
U.S. Forecasts City Hi
Today
Lo W
Tomorrow
Hi Lo W City Hi
Today
Lo W
Tomorrow
Hi Lo W
Across 25 Test for quality 52 Singer Carly ___ 21 Moody music
genre 50 Fixes
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Planner entries: 26 Something Jepsen
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6 Icon on an online
shopping site 58 Terrible movie, 23 Subject of King 55 Cleveland Indian
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10 “Make it snappy!” 32 President born
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62 Old oath wares
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part of the 28 “Rob Roy” 60 Anime fan’s
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Chicago 31 23 s 37 30 pc Seattle 44 36 r 47 34 c Mexico City 67 44 pc 69 42 pc Poland-Germany writer collectible
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border 29 All the rage 61 Prop for the
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New York City 31 23 s 41 29 s Dublin 46 37 sh 46 37 c Warsaw 17 12 pc 23 18 sf I O T A L U N A R E D I T
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 44 33 pc 47 40 sh Edinburgh 44 39 r 44 39 sh Zurich 44 32 sh 43 32 sh P E E K E T O N S S E T S

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HIGH-FREQUENCY TRADING C2 | IN THE MARKETS C4 | MARKETS DIGEST C5

EL NUEVO DIA/GDA/ZUMA PRESS
Is Apple’s Fall
Puerto Rico Punts Overdone?
YUYA SHINO/REUTERS
HEARD ON
Default on some payments to spark suits FINANCE | C3 THE STREET | C8
© 2016 Dow Jones & Company. All Rights Reserved. * * * * ** THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | C1
DJIA 17148.94 g 276.09 1.58% S&P 2012.66 g 1.53% NASDAQ 4903.09 g 2.08% 10–YR. TREAS. À 8/32, yield 2.245% OIL $36.76 g $0.28 EURO $1.0832 YEN 119.45 See more at WSJMarkets.com
China’s Stocks Are Hit by ‘Panic Selling’

Shanghai benchmark’s as well as the debut of new cir- while the S&P 500 lost 31.28, or to inject 130 billion yuan ($20 data from China, which is ex-
Time to Spend cuit breakers. 1.5%, 2012.66. billion) in short-term funds to pected to disclose this month
China's government spending,
6.9% swoon on first Most of the factors blamed “It’s quite an unexpected sit- help calm jittery investors after whether it hit its growth target
three-month moving average, trading day of year for the selloff aren’t new; the uation today,” said Leo Gao, Monday’s sharp stock selloff. of about 7% for 2015. That
change from year earlier. surprise was China’s impact on Shanghai-based fund manager By deciding to pump the funds would be the country’s slowest
reverberates globally the rest of the world. During at hedge fund Greenwoods As- into the market, the People’s growth in 25 years, and econo-
30%
set Management, of how steep Bank of China is trying to sig- mists say it could set an even-
China’s stock market dis- By Chao Deng and the losses were. “It’s more nal to investors that it hasn’t lower target of around 6.5% for
20 played its global heft Monday, Anjani Trivedi in Hong panic selling than anything,” he changed its easing bias, the 2016.
as a sharp selloff in Shanghai Kong and Mark said. people said. The Shanghai Another worry was China’s
10 ushered in a grim opening day Magnier in Beijing The Shanghai market fell Composite opened 3% lower on falling currency, which crossed
for trading world-wide. 6.9% Monday on the first trad- Tuesday but by lunchtime the a key technical threshold as it
0
Fast-trading individual in- the market’s crash this past ing day of the year, its worst index was up 0.4%. hit another nearly five-year
vestors dumped shares in China summer, it took weeks of sell- day since the height of last The most obvious factor below. The expectation that the
on further evidence that its ing in China before other mar- summer’s market crash. The hind Monday’s selloff was a pri- yuan will weaken further is one
–10 economy was slowing and that kets reacted, while on Monday, selloff triggered circuit break- vate index of manufacturing ac- factor causing Chinese to send
2013 ’14 ’15 Beijing was weakening the just one bad day in the nor- ers on their first day in effect, tivity in China, which showed cash overseas, which itself
Source: CEIC country’s currency. mally volatile market helped shutting down the market in that business had slowed for causes the currency’s decline to
THE WALL STREET JOURNAL. The decline also appeared to send stocks elsewhere tum- the early afternoon. the 10th consecutive month for deepen.
be hastened by expectations bling. In the U.S., the Dow People familiar with the the country’s steelmakers, ship- Monday’s decline in the
Blocking China’s that support propping up the Jones Industrial Average fell matter said early Tuesday that builders and other industries. yuan started after China’s cen-
market could disappear soon, 276.09, or 1.6%, to 17148.94, China’s central bank is planning The news adds to downbeat Please see STOCKS page C2
market exits could
make things worse
Going Global
China’s markets are nurs-
ing a hangover, not from a
3600 Shanghai Composite A selloff in Chinese stocks affected sentiment in Emerging
Countries’
raucous New Year’s Eve, but 3500 markets around the world. First, weak Chinese
from a totally crazy 2015.
3400
manufacturing data pushed the Shanghai exchange
Mainland Chinese stocks lower. That in turn spooked markets such as Brazil,
started off 2016 in an ill
mood, with the benchmark
Shanghai Composite tum-
3300
3200
which counts China as its largest trading partner.
European equities also fell, as did U.S. stocks. Even oil Currencies
Tumble
bling nearly 7%. A new cir- Dec. 31, 2015 Jan. 4, 2016 ultimately closed lower despite Middle East tensions.
cuit-breaker system, in place 6.56 yuan How many Chinese yuan
for the first time Monday, one U.S. dollar buys
halted trad- 6.54 BY IRA IOSEBASHVILI
ing more 17
6.52 60
than an hour 17 0 Emerging-market curren-
before clos- 40 DO
cies from China to Russia
6.50 17 0 W
ing time. 20 dropped against the U.S. dol-
6.48 17 0
The sys- 00 lar, reflecting renewed fears
16 0
HEARD ON tem—which 31 3 4 80 that an economic slowdown in
0
THE STREET prompts a the world’s most populous na-
AARON 15-minute 31 tion will further depress
BACK halt after a struggling developing econo-
5% move and mies.
a shutting of 4
CURRENCIES China’s
trading after a 7% move— yuan traded
may have made things $40 a barrel Brent crude-oil futures at its lowest
worse. Knowing trading level against the dollar since
39
could be halted, investors 2011, after a private reading of
now have added incentive to 38 China’s manufacturing sector
get out immediately once showed activity contracting
37
things go south. for the 10th consecutive
Confidence in Chinese 36 month in December.
Photo: Associated Press
stocks remains exquisitely 31 3 4
The Brazilian real and
fragile. The toxic legacy of Turkish lira both slid by
last year’s market bubble, roughly 2% against the dollar.
and the government’s Softening growth in China,
botched rescue, won’t be long the world’s foremost
easily extinguished. Major consumer of many raw mate-
shareholders who have been rials, stands to ripple through
barred from selling since the the emerging world in the
summer could soon be al- form of reduced demand for
lowed to unload shares. fuel, metals and other goods
Meanwhile, China’s central 4.10 reais How many Brazilian reais 370 Stoxx Europe 600 that are the mainstay of many
bank continues to guide the one U.S. dollar buys emerging economies.
yuan weaker. The currency is 4.05 365 Monday’s selloff ends a pe-
down nearly 5% against the 4.00 360
riod of relative calm for
dollar over the past year, emerging-market currencies.
adding to expectations of a 3.95 355 Some slowed their declines or
gradual but significant de- pared losses in the last quar-
3.90 350
valuation. A substantial gap ter of 2015, amid indications
between offshore and on- 31 4 31 4 that China was preparing fresh
Please see CHINA page C8 Sources: SIX Financial (Indexes); FactSet (oil, real); Tullett Prebon (yuan) THE WALL STREET JOURNAL. Please see FOREX page C4
Auto Makers Have Fuel in Tank

BY CHARLEY GRANT ability of cheap financing, the first time in a decade,
which has bolstered sales, there is good reason to
That U.S. vehicle sales may be coming into question. worry.
have long been robust is no The average finance rate on Yet it isn’t as if car buyers
secret. For investors, the 48-month new-car loans was are going to slam on the
question is how much gas is just 4.1% through August, ac- brakes. Analysts expect fur-
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL
left in the tank. cording to the Federal Re- ther sales growth this year—
With De- serve. The rate exceeded 6% with a median forecast of
AHEAD OF cember and as recently as 2010. 1.4%, albeit a more modest
THE TAPE full-year re- The risk is that cheap clip than 2015’s pace.
sults due money may be pulling future And there is reason for
Tuesday, the demand forward. This would continued optimism. Despite
auto market likely has never imply more lackluster sales increased spending on sales
been stronger. Analysts at in the future. And with the incentives by manufacturers,
Kelley Blue Book, for in- Fed now having embarked on both Ford and GM reported
stance, estimate auto makers a rate-raising campaign for record average transaction
sold 1.7 million cars in De- prices in November. It is
cember. The resulting 2015 likely transaction prices
total of 17.5 million would be Stalling? would start to fall before
6.1% higher than the year be- sales numbers follow suit. Ari Bergmann made hundreds of millions of dollars for clients when Japan’s currency weakened.
Share-price performance
fore and the strongest on re- Meanwhile, average regu-
$50
cord.
The sharp performance
figures haven’t done much
lately for the shares of big
40
GM
Ford
lar gasoline prices recently
fell below $2 a gallon. That
helps entice consumers to
switch to larger, pricier vehi-
An Idea Man for Big Funds
auto makers, however: Gen- 30 cles. BY JULIET CHUNG the-radar consultant to Steven several other hedge funds,
eral Motors and Ford Motor Sales in the U.S. will come A. Cohen’s SAC Capital Advi- some of the people said.
were down 2% and 8% last 20 back to earth, eventually. But A secret source of trad- sors LP, Daniel Loeb’s Third Few people know of Mr.
year, respectively. signs the bull market in car ing ideas for some of the Point LLC and Richard Perry’s Bergmann’s ties to some of
Part of the reason is the 10 sales is aging gracefully world’s biggest hedge funds Perry Capital LLC, according Wall Street’s most influential
reality that auto sales are cy- might yet give auto stocks operates one door down from to people familiar with the investors, but he made hun-
clical. And good times don’t 0 one more boost. a dentist’s office in Midtown matter. dreds of millions of dollars for
last forever. 2011 ’12 ’13 ’14 ’15 ’16 Manhattan. He currently advises Euro- his clients from late 2012 into
Then, too, the ready avail- Source: FactSet Email: tape@wsj.com Working from a 300- pean hedge-fund firm Brevan 2013 when he correctly pre-
square-foot trading room Howard Asset Management dicted Japan’s currency would
INDEX Credit Markets................................................ C6 Exchange-Traded Funds......................... C8 Heard on the Street................................... C8 Mutual Funds........................................... C8 adorned with a flat-screen TV LLP, which purchased 25% of weaken, according to people
Cash Prices................................................. C8 Currency Trading.......................................... C5 Finance Watch................................................ C2 Key Rates........................................................... C6 New Highs & Lows............................... C7 and four wall clocks, Ari Berg- his firm, Penso Advisors LLC, familiar with the matter.
Commodities............................................. C6 Dividend News............................................... C6 Global Finance................................................. C3 Money Rates................................................... C6 Stock Listings........................................... C7
mann has acted as an under- last March, and consults for Please see IDEA page C2
C2 | Tuesday, January 5, 2016 * **** THE WALL STREET JOURNAL.
MONEY & INVESTING
IDEA backed away from his call. In a

letter last month to investors,
he said his Herbalife thesis re-
mains unchanged. (Mr. Ack-
primary trade ideas and doing
the primary work themselves.”
Former clients of Mr. Berg-
mann’s, Third Point and SAC,
wasn’t under his purview, to
sell the risky contracts. Mr.
Bergmann said the experience
underscored the need for a
Continued from the prior page man has said Herbalife is a now called Point72 Asset Man- business like Penso, whose job
Shorting, or betting against, pyramid scheme; Herbalife has agement LP, declined to com- isn’t to sell derivatives.
Japan had burned scores of denied the allegation.) Ms. ment as did current client After leaving Bankers Trust
hedge funds over the years. Richard has since founded her Chalkstream Capital Group in 1997, Mr. Bergmann ran
Last summer, he advised own firm, Orion Research, LP, which started as the family hedge funds of his own that he
clients to bet against the value which Mr. Ackman said in office of quantitative trader eventually closed to start
of various Asian and commod- 2014 counted his Pershing Peter Muller. Perry Capital Penso in 2010. Some clients
ity-based currencies before Square Capital Management didn’t respond to requests for followed him to the new firm.
VIGILANT GLOBAL UK/DRW
China’s stock market plunged LP as its only client. comment. Traders said he became one
in August, said one of the peo- Another such losing wager An Orthodox Jew who of the first in the fall of 2012
ple. is hedge fund Casablanca wears thick, black-rimmed to put on the trade against the
“We protect people by al- Capital LP’s activist stake glasses, Mr. Bergmann and his yen and wager that Japanese
lowing them to take risk and in iron-ore miner Cliffs Natu- wife, Iona, live in Lawrence in stocks would rise, and advised
invest,” said Mr. Bergmann, ral Resources Inc. Consultant western Long Island, removed his hedge-fund clients to do
whose other clients include Michael McNamara of ROR from hedge-fund enclaves in the same.
Artist’s rendering of the proposed 1,050-foot Richborough Mast pensions, endowments and Capital LLC pitched the Manhattan and Greenwich, The yen came under pres-
funds of hedge funds, for idea to Casablanca in 2013, ac- Conn. He earned a doctorate sure ahead of Shinzo Abe’s De-
U.K. Tower Would which Penso manages money.

The 54-year-old Brazilian
immigrant is part of a larger
ecosystem of consultants who
cording to people familiar
with the matter.
Casablanca agreed to pay
ROR Capital as much as a
in comparative religion at Co-
‘We protect people

cember 2012 election as
Japan’s prime minister and
further weakened when Mr.
Abe and others were open in
Aid Speed Traders sell their investment beliefs to

hedge funds. The funds, hun-
gry for returns or cheap
third of its profits on its stake,
according to the people. But a
pullback in the iron-ore mar-
by allowing them to
take risk and invest.’
their rhetoric about driving
down the currency. Since his
election, Mr. Abe has em-
hedges for their portfolios, get ket has hurt Casablanca’s in- ARI BERGMANN barked on “Abenomics,” his
BY TIM CAVE communications point be- fresh ideas that comprise or vestment. A Casablanca program of economic stimulus.
AND JAMES RUNDLE tween the U.K. and Europe” inform their wagers. The con- spokesman declined to com- Mr. Bergmann came up with
with a “completely unob- sultants, in exchange, of- ment, and Mr. McNamara lumbia University in 2014. His the trade based on several de-
A Chicago company plans to structed” optical and radio ten expect to share in didn’t respond to requests for most obvious indulgence is a velopments inside Japan that
build a tower in rural England line of sight. gains tied to their ideas, they comment. Maserati Ghibli. appeared at the time to be un-
30 feet higher than London’s Microwave transmissions and their clients said. Not all of Mr. Bergmann’s He and his wife came to the related.
tallest skyscraper. But nobody through the air aren’t affected Mr. Bergmann’s hedge-fund calls have been profitable, but U.S. from Brazil in the 1980s, Tokyo-based Sharp Corp.
will work, live or dine in the by the “friction” in traditional clients hammer out terms in- traders said he is one of the where his brief stints at Price- for the first time in its 100-
Richborough Mast. wiring that can slow data dividually with Penso, said few to have assembled such a waterhouseCoopers and year history said it had doubts
Instead, the thousand-foot- transmission. But the technol- people familiar with the firm. select roster of clients. He Drexel Burnham Lambert about remaining as a going
plus structure planned for ogy does have drawbacks: The The ideas don’t always re- wouldn’t talk about trades for Trading Corp. in New York concern; Japan reported that a
near the Kentish seaside is in- transmitters and receivers sult in profits. Billionaire in- specific clients. gave way to nearly a decade at key measure of its global eco-
tended to beam microwaves must have line-of-sight con- vestor William Ackman has Such arrangements make Bankers Trust New York Corp. nomic activities was in deficit
across the English Channel for tact, meaning engineers must lost money on a yearslong bet some veteran investors in At Bankers Trust, he helped for the first time in decades;
high-frequency-trading firms. factor in the curvature of the against nutritional-supple- hedge funds uneasy. create some of the first deriv- and Mr. Abe, then the favorite
Its height will ensure that Earth when deciding the ment maker Herbalife Ltd. “If your manager’s renting a atives sold on Wall Street. De- for prime minister, talked pub-
even the Earth’s curvature heights for radio masts. that he sourced from outside lot of ideas, you have to ques- rivatives from the desk Mr. licly about pushing for a firm,
won’t impede its ability to The masts also can take researchers. Former journal- tion the value-add they bring Bergmann ran caused losses higher inflation target.
transmit data to continental only limited amounts of traf- ists Christine Richard and Di- to the partnership,” said for corporate clients in 1994, Taken together, Mr. Berg-
Europe. Such technology has fic, meaning that a number of ane Schulman of the Indago Chuck Bryceland of New York- though Bankers Trust ab- mann believed the signs
been deployed extensively by towers used by high-speed Group, which gets paid flat re- based Bessemer Trust, which sorbed much of the losses pointed to Japan boosting its
trading firms and exchange trading firms are heavily over- tainer fees, suggested the idea advises wealthy families and through settlements. The cli- economy after years of failed
groups in recent years to trim subscribed. Erecting tall masts to Mr. Ackman in 2011. individuals on investments, in- ents alleged Bankers Trust had efforts. By 2013, the trade had
microseconds off the time it is among several ways compa- The stock increased 42% cluding in hedge funds. “We used misleading sales tactics, become one of the most popu-
takes to transmit information. nies are looking to establish last year. Mr. Ackman hasn’t want our people generating a function Mr. Bergmann said lar bets on Wall Street.
High-speed traders rely on communications networks to
this information to make a improve data transmission.
profit, and an advantage of These include the use of high-
microseconds could mean the altitude balloons, which are
difference between profiting being explored by companies
from a trade or losing out to including Google parent Al-
competitors. phabet Inc.
Vigilant Global, a Canadian The Richborough Mast is in
telecommunications company the preplanning stage. It is
owned by Chicago’s DRW currently undergoing an envi-
Trading, submitted plans in ronmental impact study and
August 2015 to construct the will require approval from
320-meter (1,050-foot) mast in both local and national gov-
Richborough, Kent, according ernmental authorities. NATALIE KEYSSAR FOR THE WALL STREET JOURNAL
to an application submitted to A spokeswoman for DRW
Dover District Council. and Vigilant said the company
DRW Trading, one of the has been “working closely
world’s largest high-speed- with local and national gov-
trading firms, trades on more ernment agencies and meeting
than three dozen exchanges. It with the public in the sur-
is part of a group of firms that rounding communities on the
rely on ultralow-latency tech- proposal.” It also said it was
nology to trade their own cap- joining “with local organiza-
ital at high speeds. tions to provide public bene-
According to informa- fits from the mast, including
tion provided on a website for community radio, wireless
local residents by Vigilant, the broadband access and educa-
tower would “provide a new tion.” Ari Bergmann, center, works with Eray Donmez, left, and Paul Yi last year at Penso Advisors’ Midtown Manhattan office.
pared the ground for direct cur- This decision allows the Riks- SOROS FUND 2000 as an analyst in London ment firms. Last year, Soros in-
Finance rency-market interventions, say-
ing it had clarified how decisions
bank to “instantly intervene on
the foreign exchange market if
Burdich Is Named before leaving to join Camulos
Capital in 2005, the firm said in
vested $500 million in bond in-
vestor Bill Gross’s new fund at
Watch on such a policy would be taken
should they prove necessary.
necessary, as a complementary
monetary policy measure, to
Investment Chief
Five months after George So-
a letter to employees reviewed
by The Wall Street Journal. Mr.
Janus Capital Group Inc. but
later withdrew that money.
The new process grants Gov. safeguard the rise in inflation,” ros’s top investor said he was Burdick returned to Soros in In August, Soros said Chief
Stefan Ingves and First Deputy the bank said in the statement. leaving the billionaire’s firm, So- 2010 to lead the firm’s dis- Investment Officer Scott Bes-
Gov. Kerstin af Jochnick the au- The statement gave no fur- ros Fund Management LLC tressed debt and arbitrage sent would leave to start his
thority to decide the details of ther information on what these tapped Ted Burdick as its new group. The Soros firm, which own hedge-fund firm. Mr. Bes-
CENTRAL BANKING the eventual purchase or sale of details could be, so it did little to chief investment officer. He be- manages about $30 billion of sent’s fund is launching this
kronor for monetary-policy pur- warn currency-market partici- comes the sixth person to han- Soros family money, remains week and will manage a large
Riksbank Clarifies poses, the bank said. pants what they might expect dle the job since April 2000, among the largest investors in pool of money that includes
Intervention Policy The Riksbank has six rate- from the central bank. when Stanley Druckenmiller quit global markets. About half of about $2 billion from Mr. Soros,
Sweden’s Riksbank, the setting policy makers, who nor- —Charles Duxbury, to run his own firm. the money is allocated to other people close to the matter said.
world’s oldest central bank, pre- mally all vote on policy. Christina Zander Mr. Burdick joined Soros in hedge funds and other invest- —Gregory Zuckerman
STOCKS kicked in right after the mar-

ket’s lunch break, shutting
down trading for 15 minutes af-
ter a 5% drop. But as soon as
Continued from the prior page shares started trading again,
We are pleased to announce that the
AGENCE FRANCE-PRESSE/GETTY IMAGES
tral bank guided the currency the market plummeted, hitting

weaker in the morning, setting a 7% decline in just a few min-
following Financial Advisors have the midpoint for the day’s trad- utes. Trading was shut for the
ing range at 6.5032 yuan, its rest of the day.
been named Principals weakest level since 2011. China “The circuit-breaker system
lets the currency trade 2% actually creates a downward
above or below that level in its spiral” as more investors get
onshore market. nervous about trying to get out
Jason Arends Although the yuan has been before others, said Hao Hong,
weakening steadily for months, managing director at Bank of
traders say they suspect China A Chinese investor watches a Communications Co. “Having
Clare Golla has been intervening in the screen showing stock moves. this so-called system in place is
markets to slow the decline— actually making the selling
something that didn’t appear to worse.”
Stuart Katz happen Monday.
“There’s been a lot of sur- 6.9% Early Tuesday, China’s stock
regulator said the circuit-
prise in the market that China Percent decline in Shanghai breaker mechanism cooled
Darren Menaker hasn’t slowed this decline [in Composite Index on first day down the market and had a
the yuan] or come in more ag- of trading in new year positive role in protecting in-
gressively,” said Mitul Kotecha, vestor interest during Mon-
Adam Sansiveri head of rates and foreign-ex- day’s trading.
change strategy in Asia at Bar- expect Beijing to extend the Monday marked a fresh
clays, referring to efforts to ban if the market keeps falling. round of volatility for Chinese
prop up the currency by selling China’s market is dominated markets, which have rebounded
dollars. by fast-trading individual in- by more than 20% from their
Another pressure point on vestors who tend to buy when lows of the summer, when
the market Monday: concern shares are rising, especially if heavy selling eventually
that one of the bailout mea- they believe the government spurred volatility around the
sures imposed by the govern- wants the market to go up, and globe. Over 1,200 stocks on the
ment during the crash is set to sell when stocks are falling. Shanghai and Shenzhen mar-
expire on Friday, which could That appeared to be the case ket, or more than 42% of firms
trigger more selling. Under that Monday and might have been trading, fell by the 10% daily
effort, one of several frantic hastened by the knowledge that downward limit set by regula-
moves by Beijing to halt the the market could shut down if tors, according to Wind Infor-
August selling, big shareholders circuit breakers, announced in mation.
were banned from selling stock December, were tripped. —Lingling Wei and Yifan Xie
for six months. Most analysts The circuit breakers first contributed to this article.
THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | C3
GLOBAL FINANCE
Puerto Rico Debt Plan Risks Lawsuits
Funds would be gation that would have fol- for them,” said Rob Haines, an
lowed a missed payment on analyst at the research firm
diverted from bonds general obligation debt. CreditSights.
with lesser legal Puerto Rico owes investors Mark Palmer, an analyst at
about $70 billion and has BTIG, said the island’s crisis
protections struggled with a 10-year reces- was entering a new phase in
sion and a steep population which lawsuits were likely, yet
BY AARON KURILOFF decline that last year led Mr. a pattern has emerged in
RAMON TONITO ZAYAS/EL NUEVO DIA/GDA/ZUMA PRESS

García Padilla to declare its which “Puerto Rico announces
Puerto Rico was scheduled debts unpayable. The common- the least impactful default
to pay some investors at the wealth began defaulting in Au- possible, that does not involve
expense of others Monday, gust on debt with its weakest constitutionally protected
likely opening new clashes legal pledge. The governor has debt, then uses that as a plat-
with creditors that threaten to said he would prioritize public form to lobby Congress” for
exacerbate the common- services over bondholders. bankruptcy protections.
wealth’s financial crisis and The defaults also may re- Puerto Rico, investors and
adding to calls for action from new pressure for action from bond insurers did reach a ne-
the U.S. Congress. the U.S. Congress, where the gotiated accord last month,
Gov. Alejandro García Pa- Obama administration and inking a deal to restructure the
dilla last week said the com- congressional Democrats have Puerto Rico Electric Power Au-
monwealth would make about sought legislation that would thority, or Prepa. While that
$330 million in payments on allow Puerto Rico to restruc- still requires legislation from
its constitutionally guaranteed ture its debt, and proposed Gov. Alejandro García Padilla. Puerto Rico will make some debt payments but default on others Puerto Rico lawmakers, along
general obligation bonds after bills to temporarily stay law- with other hurdles, it raised
diverting money from debt suits against the common- Rico to lawsuits from the in- panies, which combined insure Rico because they back a wide hopes that negotiations can re-
with weaker legal protections. wealth. surers or investors who may more than $860 million of variety of bonds from the com- solve some disputes in the ab-
The island also planned to House Speaker Paul Ryan have legal remedies when the Prifa bonds, said redirecting monwealth’s nearly 20 debt-is- sence of either bankruptcy fil-
miss about $37 million in bond has called on the relevant commonwealth defaults, either the rum taxes that back the suing entities, complicating ings or lawsuits.
payments, most from the committees to find a “respon- by breaching bond contracts or debt violates the U.S. and the island’s ability to prioritize John Miller, co-head of
Puerto Rico Infrastructure Fi- sible solution” to the island’s failing to pay. Puerto Rico constitutions and payments. The situation also fixed income at Nuveen Asset
nancing Authority, or Prifa. crisis by the end of March. “People who don’t get paid the “pattern of activity is un- threatens to derail a modest Management LLC, which man-
Several analysts said Puerto Some investors oppose such sue,” he said. acceptable.” Ambac shares fell comeback for the insurers, ages about $100 billion of mu-
Rico’s continuing defaults may legislation, saying it is un- Bond insurers Ambac Finan- about 2.7% last week after the who suffered losses in the nicipal bonds, said Puerto
provoke lawsuits as soon as needed, expensive and won’t cial Group Inc. and Financial governor’s announcement. 2008 financial crisis after Rico’s payment strategy was
this week against the common- solve Puerto Rico’s problems. Guaranty Insurance Co. last Bond insurers, which make guaranteeing risky mortgage- “the least disruptive to the
wealth and its agencies, which Matt Fabian, partner at the week demanded a halt to the principal and interest pay- backed securities. marketplace” and “an effort to
lack access to the legal process research firm Municipal Mar- island’s redirection of funds, ments when the state or local While Puerto Rico’s ap- demonstrate their commit-
used for U.S. municipal bank- ket Analytics, said redirecting calling it illegal in a letter to government that sold them proach shouldn’t cause signifi- ment to bondholder negotia-
ruptcies. The governor said the tax money from one set of the governor and other top fails to pay, are central to any cant strain on insurers in the tions” while the island seeks
island will avoid a surge of liti- bonds to another opens Puerto Puerto Rico officials. The com- restructuring effort in Puerto short term, “it’s not good news debt relief from Congress.
Brazil Currency Sinks on Fear Recession May Deepen

BY LUCIANA MAGALHAES world. Galhardo said, noting that the Real Plan to tame persis- and Fitch Ratings both cut stay in a range between 3.90 to
The real recovered a bit in China is Brazil’s biggest trad- tent inflation. Brazil´s sovereign-credit rat- 4.05 reais to the dollar in com-
SÃO PAULO—Brazil´s cur- the early afternoon but was still ing partner, due to its demand Analysts in the last survey ing to junk in 2015 over wor- ing days if there are no unex-
rency fell sharply in the first trading at 4.04 to the dollar. for Brazilian commodities, of 2015 projected Brazil’s econ- ries about the country’s fast pected negative developments.
trading session of the year on Investors trimmed their ex- such as iron ore. omy likely contracted by more deteriorating public accounts But some traders believe the
concerns that the country´s posure to Brazil after the long “At this point, no one is bet- than 3.5% in 2015 and is ex- and a political crisis that is Brazilian currency may sink
economy may fall deeper into holiday following the release ting on a recovery,” he added. pected to shrink close to 3% stalling overhauls. Moody´s further. “If we don’t have any
recession in 2016. of the China manufacturing The real declined more than this year, with growing unem- Investors Service has put the good news soon, the real will
The Brazilian real sank as data, said Reginaldo Galhardo, 30% against the dollar in 2015. ployment and high inflation. country on review for a down- go down to 4.10 [to the dollar]
low as 4.06 to the dollar Mon- a currency manager at broker- According to financial-analysis Meanwhile, economists say grade and is expected to make in the next 15 days; investors
day morning after the release age Treviso Corretora in São company Economatica, the U.S. more fiscal efforts will be needed a decision soon. are now running away from
of weaker-than-expected Chi- Paulo. dollar in 2015 posted its third- to keep the country´s massive Mr. Galhardo said a new rat- Brazil.” said Vanderlei Muniz, a
nese manufacturing data that “The Chinese data weaken best performance against the public debt from expanding. ing downgrade has been priced partner at Brazilian brokerage
triggered equity losses in sev- Brazil´s government efforts Brazilian currency since 1994, Credit-rating firms Stan- in by the market already and Onnix, based in Porto Alegre,
eral other markets around the [to spur the economy],” Mr. when the government created dard & Poor´s Ratings Services that the real should probably in southern Brazil.
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C4 | Tuesday, January 5, 2016 THE WALL STREET JOURNAL.
IN THE MARKETS
FOREX Service has put the country on
review for a downgrade and is
expected to make a decision
any day now.
Continued from page C1 Other emerging markets
stimulus. also have suffered from their
But now, money managers own, unique problems that
are selling these currencies have compounded the effects
once again. The selling under- of lower commodity prices
scores the negative investor and slowing growth. Turkey
sentiment on emerging mar- suffers from high inflation and
kets amid an epic commodity a lack of investor confidence
bust, even after the real and in its central bank. South Af-
some other currencies had rica is plagued by concerns
ABEDIN TAHERKENAREH/EUROPEAN PRESSPHOTO AGENCY
double-digit declines against that the government may not

the dollar last year. be up to the task of tackling
In addition to the sector’s its widening fiscal deficit. In
weak growth outlook, many addition to lower oil prices,
believe that years of heavy in- Russia has been hurt by inter-
vestor flows into emerging national sanctions imposed af-
markets have left these na- ter its 2014 invasion of
tions awash in debt—much of Ukraine.
it denominated in dollars— A strong haven trade drove
that borrowers will struggle to up some other currencies.
repay as U.S. interest rates The dollar fell 1% against
rise. the yen, to ¥119.45. The Wall
“Right now, we are avoiding Street Journal Dollar Index,
emerging-market currencies,” which gauges the value of the
said Raymund Uy, head of buck against an index of 16
An anti-Saudi Arabia demonstration at Imam Hossein square in Tehran, Iran, on Monday was one of the things affecting oil prices. macro research at Invesco, currencies, rose 0.2% to 90.39.
Dueling Tensions Hit Oil

which oversees $791 billion. “If I’m an investor, I’m buy-
“Until you can get an idea of ing the safe stuff,” said Kit
what catalysts could end this Juckes, a strategist at Société
drop, they are just too danger- Générale. “I don’t think there
ous.”
2%
The Brazilian real tumbled
Saudi-Iran flare-up agreeing on a strategy to sta- duction remains high around Commodity Futures Trading 2% against the dollar to
bilize oil prices. the world. The U.S. Energy In- Commission. Increased con- $0.2475, its weakest level
boosted prices before Adding to concerns about formation Administration on cerns about geopolitical con- since September. Tumble by Brazil’s real against
Chinese data and glut the persistent glut of crude Thursday said that domestic flicts could have prompted The Turkish lira weakened the dollar to $0.2475, its
was a reading out of China oil production was higher some traders to close out their by 1.6%. The Russian ruble and lowest level since September
pushed them lower showing the 10th consecutive than previously reported in bearish bets. the Mexican peso also de-
month of contraction in the each of the first nine months Saudi Arabia produced 10.2 clined.
BY NICOLE FRIEDMAN country’s manufacturing sec- of 2015. million barrels a day of crude The emerging markets’ de- is anybody trying to aggres-
tor. The data sparked concerns On Monday, data provider oil in November, or about 11% clines weren’t limited to cur- sively pick up emerging-mar-
Oil prices fell even as ten- that oil demand in China, the Genscape Inc. told clients that of global output of crude and rencies. Stock indexes tumbled ket currencies, even though
sions flared in the Middle world’s second-largest crude crude-oil stockpiles in the key related liquids, according to around the globe, with the they are cheap.”
East, the latest twist in a mar- consumer, could slow. storage hub of Cushing, Okla., the International Energy Dow Jones Industrial Average More money left emerging
ket overwhelmed by crude “We’re still swimming in rose to a record in the week Agency. Iran produced 2.9 mil- in the U.S. posting its worst markets in 2015 than entered
supplies. supply,” said Adam Wise, man- ended Friday. Ample Cushing lion barrels a day of crude decline to open a year since them for the first time in de-
In a day of volatile trading, aging director at John Han- supplies in the past year have that month. 2008. cades, according to a capital-
oil futures at first soared on cock Financial Services who sparked some concerns that The recent strife between The $51.3 billion Vanguard flows forecast from the Insti-
news of a helps oversee about $7 billion Cushing, which is the delivery the two nations lowers the Emerging Markets Stock Index tute for International Finance,
COMMODITIES diplomatic in energy-related debt and pri- point for Nymex futures, could likelihood that OPEC, which fund, which holds a broad bas- which represents more than
rift between vate-equity investments. “Ev- run out of storage space for oil. hasn’t cut production in the ket of shares issued by firms 500 of the world’s biggest
Saudi Ara- erybody’s looking at activity in Two-thirds of the increase in past two years despite low in developing nations, dropped banks, hedge funds, insurers
bia and Iran that was sparked China and Chinese demand as Cushing storage in the six prices, will take action in 2016. 2.9%. and other financial firms. The
by Saudi Arabia’s execution of a harbinger of what’s to come weeks ended Jan. 1 can be attri- Iran is expected to increase Monday’s declines reignited group projects outflows from
a Shiite cleric. But the rally for commodity prices in the buted to refiners and other stor- its output by hundreds of fears that emerging nations emerging markets hit a net
fizzled on fresh signs that the near term.” age users shipping more crude thousands of barrels a day this are vulnerable to a shift in $540 billion in 2015.
supply glut that pushed prices Spreading sectarian pro- to Oklahoma and less to Texas, year if international sanctions market dynamics as the Fed- “A number of these curren-
down more than 30% last year tests due to rising tensions be- probably because they wanted are lifted, and Saudi Arabia al- eral Reserve begins its first in- cies are starting to look cheap
is growing. tween Saudi Arabia and Iran to avoid year-end state taxes on ready has expressed its unwill- terest-rate increase cycle since right now,” said Jonathan
Monday’s decline illustrates could increase volatility in the inventories held in Texas, said ingness to cut output to make 2006. Some investors fear a Lewis, chief investment officer
how political unrest in the Per- oil market in coming weeks as Genscape analyst Hillary Ste- room for the Iranian barrels. strengthening U.S. economy of the Samson Strong Nations
sian Gulf, the world’s largest investors assess the impact on venson. In coming weeks, she The heightened tensions with could prompt the Fed to raise Currency Fund. “That being
oil-producing region, is no lon- crude supplies. While unrest in said, “we could see Cushing Saudi Arabia could encourage rates faster than investors ex- said, it doesn’t mean traders
ger a sure-fire source of price the region increases the risk of start to drain off the highs.” Iran to accelerate its produc- pect, driving up the value of won’t sell them on days like
gains when there is close to a production outages, some ana- Some oil analysts and in- tion increases, analysts said. the dollar and making dollar- this.”
record amount of crude avail- lysts say the tension is more vestors have argued for “There’s no intention of re- denominated debt costlier to
able in storage and continued likely to add to the global glut months that the low price of ducing the amount of oil that’s service. AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
robust production in the U.S. of crude oil as the two produc- crude doesn’t adequately ac- being produced, at least by the That would spell bad news All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
So far, Mideast output hasn’t ers compete for market share, count for a possible supply Saudis and a lot of the Middle for countries such as Turkey, between that price and the face value.
been affected by the friction, weighing on prices. disruption due to violence or East,” said Scott Thompson, Russia and Brazil, which have 13-WEEK AND 26-WEEK BILLS
but a supply outage could Light, sweet crude for Feb- unrest. The oil market has chief investment officer of borrowed heavily in the U.S. 13-Week 26-Week
quickly send oil prices higher. ruary delivery fell 28 cents, or been vulnerable to sharp re- hedge-fund strategies at Ford currency. Applications $99,621,647,500 $102,955,290,900
Accepted bids $28,000,097,500 $26,000,337,300
Saudi Arabia and Iran are 0.8%, to $36.76 a barrel on the bounds in recent months as Rock Asset Management, which Credit-rating firms Stan- " noncomp $352,390,600 $324,190,900
two of the largest producers in New York Mercantile Ex- traders who had bet on lower manages $100 million of assets. dard & Poor’s and Fitch Rat- " foreign noncomp $100,000,000 $225,000,000
Auction price (rate) 99.945653 99.747222
the Organization of the Petro- change. Brent, the global prices quickly reverse course. “We’re seeing the glut of oil be- ings both cut Brazil’s rating to (0.215%) (0.500%)
leum Exporting Countries, and benchmark, fell six cents, or Hedge funds and other ing produced and the spigots junk in 2015 over worries Coupon equivalent 0.219% 0.510%
Bids at clearing yield accepted 77.55% 7.99%
increased tensions between 0.2%, to $37.22 a barrel on ICE money managers have held not being slowed down.” about the country’s fast dete- Cusip number 912796HK8 912796HZ5
the two countries could add to Futures Europe. large numbers of bets in re- riorating public accounts and Both issues are dated Jan. 7, 2016. The 13-week bills
the discord within OPEC that More than 18 months into cent weeks that oil prices Heard on the Street: Risk a political crisis that is stalling mature on April 7, 2016; the 26-week bills mature on
July 7, 2016.
has prevented the group from the crude-price rout, oil pro- would fall, according to the takes on reality......................... C8 overhauls. Moody’s Investors
York Capital Partner Selloff Factors: From China to Facebook

Leaving to Start Fund BY BEN EISEN
BY JULIET CHUNG the matter. In his letter, Mr. Global markets took a dive
Weinberger said the end of a to start the first trading
A top partner at York Capi- five-year commitment he session of the year, sparked
tal Management is leaving to made to Mr. Dinan in 2010 to by a rout in Chinese equities.
launch his own hedge-fund stay on at the firm presented a A weak economic indicator in
firm in the second half of this good time to reflect on his the world’s second-largest
year, according to letters re- plans for the future. Mr. Wein- economy helped push the
viewed by The Wall Street berger said in the letter he Shanghai
Journal. wanted to run “a more MONEYBEAT Composite
York veteran Michael Wein- streamlined fund around a Index down
berger, who oversees billions more narrow focus.” 6.9% before
in U.S. stock investments for The other key people, who trading was halted. Several
the New York hedge-fund firm, include William Vrattos, who markets suffered around the
CHRIS RATCLIFFE/BLOOMBERG NEWS
will stay on at York through oversees York’s credit invest- world. Here are some of the
the end of January, spend time ments, and Christophe Aurand, factors at play:
with his family and then gear who manages the European CHINA IS HUGE: A
up to launch his own fund, ac- fund, have no plans to leave Chinese manufacturing gauge
cording to a letter by Mr. the firm, one of the people fell last month to 48.2, from
Weinberger that was distrib- said. 48.6 in November. It isn’t
uted Monday. The average annualized re- much of a surprise. Caixin
York founder James Dinan turn in the past roughly 14 Media’s manufacturing
and Chief Investment Officer years for investments over- purchasing-managers index,
Daniel Schwartz will be invest- seen by Mr. Weinberger in the released Monday, has spat A drop by Facebook, seemingly unconnected to China’s growing pains, shows the level of anxiety.
ing in Mr. Weinberger’s new York Select Fund, formerly out a reading below 50,
fund, the letter said. known as the York Global which indicates contraction, REAL EFFECTS: One of gains. Amazon.com Inc. and stocks, topped 20 on
“Creating and running my Value Fund, was 12.1% com- for 10 consecutive months. the biggest decliners in Netflix Inc., the two best- Monday, a rise of 11%.
own business has been a life- pared with 7.9% for the S&P But it is feeding investors’ Monday’s selloff was the performing stocks in the Investors are finding cause
long dream and the time is 500, the letter said. The fears after a tumultuous year Brazilian real, which fell as benchmark last year, which for concern coming out of
right to pursue this next phase roughly $900 million fund was in Chinese markets and low as 4.06 to the dollar also received analyst the first year of losses for
of my career,” Mr. Weinberger down more than 15% for the persistent concern about before recovering to 4.04. downgrades Monday, fell the S&P 500 index in the
wrote, calling his decision to year through November, ac- China’s economic fate. The The South American nation’s 5.8% and 3.9%, respectively. past four years. Byron Wien,
leave York “difficult.” cording to people familiar Shanghai Composite ended largest trading partner is JUNKED: The debt a vice chairman at
The 40-year-old Mr. Wein- with the fund. last year up 9.4%, but not China, and further weakness markets tend to flash signs Blackstone Group LP,
berger joined York almost 16 “Michael played an impor- before a 43% crash over the may push Brazil deeper into of economic concern before predicted in his annual list of
years ago when the firm man- tant role in York’s growth and summer. As China seeks to recession this year. stocks do, and that is just surprises on Monday that
aged $600 million with a we were very fortunate to fuel its decelerating economy MOMENTUM: Facebook how bond traders ended last U.S. stocks would have
handful of people out of New have him as part of the firm,” with consumption-driven Inc. and Google parent year. The largest high-yield another down year due to
York, according to his letter. Messrs. Dinan and Schwartz businesses, rather than Alphabet Inc., which added bond exchange-traded fund, weak earnings, margin
The firm now has nearly $23 wrote in a separate Monday manufacturing, small signals among the most points to the iShares iBoxx $ High pressure and “investors
billion in assets under man- letter to clients. “We wish Mi- are producing outsize effects the S&P 500 index last year, Yield Corporate Bond ETF, keeping large cash balances
agement and offices across the chael only the best.” in markets. both dropped more than 2% fell 10% in 2015 as junk because of global instability.”
world. York’s $6.6 billion flagship “Much of what will be Monday, trailing the broader bonds marked their worst
When Credit Suisse bought fund was among many hedge dictated in the marketplace market. The fact that stocks performance since 2008. ONLINE
a 30% stake in York in 2010 funds that stumbled during hinges on whether China is seemingly unconnected to Equity traders in recent
for $425 million, Mr. Wein- 2015, losing 12% through mid- successful in arresting its China’s growing pains can weeks have finally noticed. For more
berger was one of a handful of
key people at York who agreed
to stay on for a substantial pe-
December, according to people
familiar with the matter,
though its average annualized
decelerating rate of growth,”
said Mark Luschini, chief
investment strategist at
fall in response demonstrates
the level of anxiety out there,
and how many other stocks
WHAT’S NEXT: The CBOE
Volatility Index, which tends
to climb as investors become
WSJ
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riod, said people familiar with return stands at 13%. Janney Montgomery Scott. could reverse last year’s more fearful about a drop in MoneyBeat
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
17148.94 t 276.09, or 1.58% Trailing P/E ratio * 16.62 16.43 2012.66 t 31.28, or 1.53% Trailing P/E ratio * 22.95 19.37 4903.09 t 104.32, or 2.08% Trailing P/E ratio * 23.25 24.25
High, low, open and close for each P/E estimate * 16.10 15.71 High, low, open and close for each P/E estimate * 17.44 16.50 High, low, open and close for each P/E estimate * 20.04 18.95
trading day of the past three months. Dividend yield 2.59 2.48 trading day of the past three months. Dividend yield 2.14 1.94 trading day of the past three months. Dividend yield 1.17 1.26
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

20000 2150 5100
19000 2100 4975
18000 2050 4850
17000 2000 4725
Session high
65-day moving average 65-day moving average
65-day moving average DOWN UP 16000 1950 4600
t
Session open Close
Close Open
t
15000 1900 4475
Bars measure the point change from session's open Session low
14000 1850 4350
Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec. Sept. Oct. Nov. Dec.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,113,465,652 9,338,665
Industrial Average 17405.48 16957.63 17148.94 -276.09 -1.58 18312.39 15666.44 -2.0 -1.6 8.5 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 281,466,898 4,177,359
Transportation Avg 7491.41 7289.05 7352.59 -156.12 -2.08 9178.48 7352.59 -17.0 -2.1 9.9 Most-active issues in late trading Decl. volume* 824,160,477 5,027,528
Utility Average 577.73 570.52 577.48 -0.34 -0.06 652.11 541.97 -6.0 -0.1 7.5 Volume After Hours Issues traded 3,229 381
Company Symbol (000) Last Net chg % chg High Low Advances 1,005 160
Total Stock Market 21026.20 20542.64 20769.68 -331.25 -1.57 22287.78 19528.72 -1.2 -1.6 10.8
Willis Group WSH 15,667.9 46.39 -0.790 -1.674 48.97 45.51 Declines 2,163 203
Barron's 400 508.55 501.88 506.15 -10.31 -2.00 586.75 497.51 -4.3 -2.0 10.3
Mkt Vectors Gold Miners GDX 10,109.6 14.08 -0.010 -0.071 14.13 14.07 Unchanged 61 18
Nasdaq Stock Market Towers Watson TW 4,789.9 122.70 -0.300 -0.24 129.52 122.14 New highs 51 4
Nasdaq Composite 4903.09 4846.98 4903.09 -104.32 -2.08 5218.86 4506.49 5.4 -2.1 16.5 iShares Russell 2000 ETF IWM 4,645.9 110.25 0.240 0.22 114.12 109.22 New lows 142 19
4497.86 4439.13 Closing tick 124 7
Nasdaq 100 4497.86 -95.41 -2.08 4719.05 4016.32 8.1 -2.1 18.2 Fossil Group FOSL 4,423.4 34.50 0.210 0.61 36.56 34.29
Closing Arms† 1.16 0.81
Enterprise Pdts Partners EPD 3,920.6 26.70 0.260 0.98 26.71 24.68
Standard & Poor's Block trades* 5,302 95
PwrShrs QQQ Tr Series 1 QQQ 3,744.5 110.00 0.50 0.457 112.04 109.31
500 Index 2038.20 1989.68 2012.66 -31.28 -1.53 2130.82 1867.61 -0.4 -1.5 11.1 Nasdaq NYSE Arca
Energy Transfer Eqty ETE 3,226.5 14.15 0.080 0.57 14.15 14.07
MidCap 400 1392.87 1366.40 1379.18 -19.40 -1.39 1549.44 1351.29 -3.5 -1.4 9.3 Total volume* 2,190,597,762 430,214,677
SmallCap 600 667.81 651.05 655.78 -15.96 -2.38 742.13 641.76 -3.5 -2.4 10.0 Percentage gainers… Adv. volume* 482,489,175 94,569,127
Decl. volume* 1,681,782,651 334,275,784
Other Indexes Exelixis EXEL 250.2 5.95 0.46 8.38 6.17 5.49
Issues traded 2,995 1,473
Russell 2000 1134.08 1100.53 1108.62 -27.26 -2.40 1295.80 1083.91 -6.2 -2.4 8.0 Regal Entertainment Grp RGC 21.7 18.87 0.97 5.42 18.96 17.90
Advances 676 328
NYSE Composite 10020.05 9891.07 10001.56 -141.86 -1.40 11239.66 9601.42 -5.7 -1.4 4.9 Leidos Holdings LDOS 13.1 56.26 2.13 3.93 57.51 54.13 Declines 2,227 1,128
Value Line 445.80 434.29 439.42 -6.38 -1.43 522.42 431.31 -10.6 -1.4 4.9 IMS Health Holdings IMS 15.5 25.47 0.86 3.49 25.60 24.61 Unchanged 92 17
NYSE Arca Biotech 3745.18 3680.67 3710.75 -103.21 -2.71 4431.87 3303.47 7.1 -2.7 31.9
Highwoods Properties HIW 10.9 44.68 1.49 3.45 44.68 42.97 New highs 14 5
New lows 135 113
NYSE Arca Pharma 535.55 527.86 533.11 -8.32 -1.54 605.94 509.74 0.7 -1.5 12.1 ...And losers
Closing tick 151 136
KBW Bank 72.35 70.59 71.31 -1.77 -2.43 80.41 66.40 -0.8 -2.4 9.9 EP Energy Cl A EPE 30.0 4.38 -0.40 -8.37 4.78 4.38 Closing Arms† 1.06 0.97
PHLX§ Gold/Silver 47.11 45.54 46.40 1.11 2.45 82.07 43.21 -35.4 2.4 -34.2 VS 2x VIX Short Term TVIX 939.5 6.79 -0.26 -3.69 7.06 6.16 Block trades* 7,023 1,649
PHLX§ Oil Service 159.95 155.24 159.65 1.92 1.22 224.32 153.12 -21.2 1.2 -11.8 ProSharesUltVIXST UVXY 720.6 30.84 -1.12 -3.51 32.15 25.34 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 656.41 646.88 656.28 -7.21 -1.09 746.08 559.59 -2.6 -1.1 18.2 Esperion Therapeutics ESPR 8.4 21.11 -0.54 -2.49 22.76 21.11 †(TRIN) A comparison of the number of advancing and declining
23.36 20.67 2.49 40.74 11.95 13.7 issues with the volume of shares rising and falling. An
CBOE Volatility 20.70 13.67 3.9 14.4 AK Steel AKS 19.1 2.30 -0.05 -2.13 2.35 2.30 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 2284.63 –51.80 –2.22 –2.2 OncoCyte OCX 9.00 2.75 44.00 9.70 3.10 ... KBS Fashion Group KBSF 2.10 -0.70 -25.00 13.76 2.10 -50.6
The Global Dow Euro 1991.03 –34.18 –1.69 –1.7 Axsome Therapeutics AXSM 12.19 2.92 31.50 12.19 8.00 ... Perion Network PERI 3.00 -0.63 -17.36 4.47 2.05 -28.6
DJ Global Index 301.71 –6.28 –2.04 –2.0 Altisource Asset Mgmt AAMC 20.01 2.85 16.61 346.27 10.37 -94.1 Direxion Dly CSI 300 CN A CHAU 19.23 -3.99 -17.17 58.95 13.65 ...
World DJ Global ex U.S. 204.82 –5.39 –2.57 –2.6 Bovie Medical BVX 2.40 0.30 14.29 4.01 1.72 -36.3 Qunar Cayman Islands ADR QUNR 43.96 -8.78 -16.65 55.93 26.40 53.9
PHI Non-Voting PHIIK 18.59 2.18 13.28 38.23 16.10 -50.3 Scorpio Bulkers SALT 8.34 -1.55 -15.67 35.39 6.83 -62.6
Americas DJ Americas 479.71 –7.53 –1.54 –1.5
Brazil Sao Paulo Bovespa 42141.04 –1208.92 –2.79 –2.8 3D Systems DDD 9.83 1.14 13.12 33.18 8.44 -68.0 Amer Vanguard AVD 11.90 -2.11 -15.06 16.06 9.73 4.2
12927.15 –0.64 –0.6
Willbros Group WG 3.04 0.35 13.01 7.04 0.68 -43.6 Direxion Homebldr Bull 3X NAIL 25.06 -3.85 -13.32 39.81 24.61 ...
Canada S&P/TSX Comp –82.80
SunEdison SUNE 5.75 0.66 12.97 33.45 2.55 -69.3 Ingles Markets IMKTA 38.35 -5.73 -13.00 57.68 38.22 -6.2
Mexico IPC All-Share 42113.70 –863.80 –2.01 –2.01
ProSharesUltVIXST UVXY 31.96 3.61 12.74 170.05 23.83 -77.0 GWG Holdings GWGH 5.61 -0.83 -12.89 10.50 4.65 -17.9
Chile Santiago IPSA 2895.79 –47.94 –1.63 –1.6
VS 2x VIX Short Term TVIX 7.05 0.79 12.62 37.40 5.31 -76.9 California Resources CRC 2.03 -0.30 -12.88 9.87 1.76 -59.4
Europe Stoxx Europe 600 356.66 –9.15 –2.50 –2.5
FuelCell Energy FCEL 5.58 0.62 12.50 19.08 4.90 -69.6 Market Vectors ChinaAMC CNXT 36.29 -5.00 -12.11 66.04 28.96 25.3
Euro zone Euro Stoxx 335.18 –9.98 –2.89 –2.9
Anavex Life Sciences AVXL 6.26 0.69 12.39 14.84 0.63 686.4 Infinity Pharmaceuticals INFI 6.91 -0.94 -11.97 16.98 6.55 -58.6
Belgium Bel-20 3642.79 –57.51 –1.55 –1.6
Optibase OBAS 8.20 0.89 12.17 9.44 5.35 18.8 Axovant Sciences AXON 15.90 -2.13 -11.81 31.17 9.99 ...
France CAC 40 4522.45 –114.61 –2.47 –2.5 Emergent Capital EMG 4.11 0.42 11.38 7.52 3.65 -35.4 AdCare Health Sys ADK 2.20 -0.29 -11.65 4.50 1.85 -45.8
Germany DAX 10283.44 –459.57 –4.28 –4.3 Rave Restaurant Group RAVE 7.08 0.69 10.80 16.20 5.40 -2.9 Natural Health Trends NHTC 29.64 -3.89 -11.60 55.45 10.40 151.2
Israel Tel Aviv 1524.10 –16.80 –1.09 –0.3
Italy FTSE MIB 20733.81 –684.56 –3.20 –3.2
Netherlands AEX 431.70 –10.12 –2.29 –2.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9313.20 –231.00 –2.42 –2.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 489.17 –15.96 –3.16 –3.2
Switzerland Swiss Market 8656.31 –161.78 –1.83 –1.8 SPDR S&P 500 SPY 214,809 85.0 201.02 -1.40 213.78 182.40 Willis Group WSH 42,940 3273 47.18 -2.86 49.96 40.23
6093.43 –2.39 –2.4 Bank Of America BAC 113,021 43.2 16.43 -2.38 18.48 14.60 Towers Watson TW 13,793 3258 123.00 -4.25 141.88 110.16
U.K. FTSE 100 –148.89
iPath SP 500 VIX Sht Tm VXX 83,810 38.3 21.34 6.16 37.35 15.48 Lucas Energy LEI 5,668 2330 6.68 -8.49 11.25 1.23
Asia-Pacific DJ Asia-Pacific TSM 1358.52 –31.55 –2.27 –2.2 iShares MSCI Emg Markets EEM 81,754 30.1 31.31 -2.73 44.19 30.00 JPM Div Return Intl Eq JPIN 391 2231 48.73 -1.16 57.53 37.65
Australia S&P/ASX 200 5270.50 –25.40 –0.48 –0.5 Finl Select Sector SPDR XLF 75,326 86.4 23.37 -1.93 25.62 18.52 Astro-Med ALOT 117 2039 13.99 -3.18 16.00 12.00
China Shanghai Composite 3296.26 –242.92 –6.86 –6.9
Apple AAPL 65,265 48.7 105.35 0.09 134.54 92.00 Mkt Vctrs Glbl Alt Enrgy GEX 145 1806 54.14 -1.22 64.75 45.60
Hong Kong Hang Seng 21327.12 –587.28 –2.68 –2.7
iShares Russell 2000 ETF IWM 61,995 84.8 110.01 -2.32 129.10 106.99 SPDR Barclays Intl Trea BWX 4,186 1267 51.62 -0.02 55.66 50.66
India S&P BSE Sensex 25623.35 –537.55 –2.05 –1.9
General Electric GE 61,848 -32.1 30.71 -1.41 31.49 19.37 Fidelity MSCI Matls Index FMAT 677 1174 23.81 -1.92 29.25 21.82
Japan Nikkei Stock Avg 18450.98 –582.73 –3.06 –3.1
Microsoft MSFT 51,739 43.2 54.80 -1.23 56.85 39.72 Teucrium Soybean Fund SOYB 91 1115 17.23 -0.58 21.48 16.95
Singapore Straits Times 2835.97 –46.76 –1.62 –1.6 SunEdison SUNE 50,352 -3.1 5.75 12.97 33.45 2.55 Mercer Intl MERC 1,553 1057 9.16 1.22 15.95 8.58
South Korea Kospi 1918.76 –42.55 –2.17 –2.2 * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
* Volumes of 100,000 shares or more are rounded to the nearest thousand
Taiwan Weighted 8114.26 –223.80 –2.68 –2.7 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
New car loan US$vs, US$vs,
A consumer rate against its Mon YTDchg Mon YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.17% 10 WSJ Dollar index
4.00 Americas Thailand baht .02768 36.130 0.3
1.99%
s
Hickory Point Bank and Trust, FSB 5 Vietnam dong .00004512 22163 0.1
Prime rate 3.50% Decatur, IL Argentina peso .0758 13.1890 1.9
800-872-0081 3.00 Europe
t 0 Brazil real .2475 4.0402 2.0
Lake Elmo Bank 1.99% s Canada dollar .7166 1.3955 0.8 Czech Rep. koruna .04009 24.946 0.2
3.00 2.00 –5 Yen
t Lake Elmo, MN 651-777-8365 Chile peso .001395 717.00 1.2 Denmark krone .1452 6.8893 0.2
New car loan –10 Colombia peso .0003106 3220.00 1.4 Euro area euro 1.0832 .9232 0.3
PNC Bank 1.99% Monday 1.00 s
t
2.50
–15 Euro Ecuador US dollar 1 1 unch Hungary forint .003442 290.57 unch
t
Decatur, AL 888-762-2265 One year ago

0.00 Mexico peso .0578 17.3096 0.6 Iceland krona .007662 130.52 0.3
2.00 South State Bank 1.99% –20
Peru new sol .2929 3.414 unch Norway krone .1126 8.8813 0.4
1 3 6 1 2 3 5 710 30 2015
Savannah, GA 912-629-6500 Uruguay peso .03343 29.9100 unch Poland zloty .2519 3.9698 1.2
1.50 month(s) years Venezuela b. fuerte .158595 6.3054 unch Russia ruble .01382 72.364 0.6
J F M A M J J A S O N DJ Think Mutual Bank 1.99%
maturity Asia-Pacific Sweden krona .1177 8.4950 0.6
2015 Rochester, MN 800-288-3425 Switzerland franc .9979 1.0021 unch
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7191 1.3906 1.3
Turkey lira .3374 2.9642 1.6
China yuan .1530 6.5377 0.7
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0415 24.0965 0.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7515 unch
UK pound 1.4716 .6795 0.1
India rupee .01502 66.579 0.6
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 .0000715 13992 1.1 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008372 119.45 –0.7 Bahrain dinar 2.6521 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002923 342.06 1.0 Egypt pound .1277 7.8328 unch
Libor, 3-month 0.61 0.60 0.25 l 0.61 0.31
Macau pataca .1253 7.9812 –0.3 Israel shekel .2551 3.9202 0.7
Money market, annual yield 0.28 0.27 0.25 l 0.44 -0.21 Treasury, Ryan ALM 1411.056 1.896 1.884 1.957 1.305 0.055 1.774
Malaysia ringgit .2293 4.3610 1.3 Kuwait dinar 3.2943 .3036 unch
Five-year CD, annual yield 1.40 1.39 1.37 l 1.53 0.04 10-yr Treasury, Ryan ALM 1692.305 2.245 2.227 2.480 1.669 –1.802 1.858 New Zealand dollar .6752 1.4810 1.2 Oman sul rial 2.5987 .3848 unch
30-year mortgage, fixed† 4.05 4.06 3.71 l 4.22 0.46 DJ Corporate 341.933 3.409 3.406 3.462 2.633 –0.867 2.159 Pakistan rupee .00954 104.815 –0.1 Qatar rial .2747 3.640 –0.1
15-year mortgage, fixed† 3.32 3.30 2.94 l 3.42 0.33 Aggregate, Barclays Capital 1827.750 2.590 2.570 2.630 1.920 0.440 1.632 Philippines peso .0212 47.125 0.6 Saudi Arabia riyal .2665 3.7524 unch
Jumbo mortgages, $417,000-plus† 4.61 4.53 4.00 l 4.97 0.49 Singapore dollar .7021 1.4242 0.4 South Africa rand .0643 15.5642 0.6
High Yield 100, Merrill Lynch 2367.386 7.761 7.823 8.056 5.016 –4.956 1.105 South Korea won .0008401 1190.35 1.2
Five-year adj mortgage (ARM)† 3.63 3.55 3.14 l 4.00 0.59 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1907.240 2.780 2.780 2.900 2.280 1.427 2.100 Sri Lanka rupee .0069027 144.87 0.4
New-car loan, 48-month 3.17 3.21 2.71 l 3.33 0.35 Taiwan dollar .03021 33.097 0.5 WSJ Dollar Index 90.39 0.20 0.23 0.25
Muni Master, Merrill 500.762 1.732 1.751 2.099 1.475 2.859 2.916
HELOC, $30,000 4.59 4.59 4.24 l 4.71 -0.06
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 670.293 6.724 6.698 6.817 5.679 2.096 –0.216 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 449.70 -4.10 -0.90 584.70 441.41 -19.29 -0.90

ONLINE
WSJ
Reuters-Jefferies CRB 174.49 -1.78 -1.01 231.77 170.70 -23.04 -1.01
Crude oil, $ per barrel 36.76 -0.28 -0.76 61.43 34.73 -26.54 -0.76
Real-time U.S. stock quotes are available on WSJ.com. Track most-active stocks, new highs/lows, mutual funds and
.COM Natural gas, $/MMBtu 2.334 -0.003 -0.13 3.23 1.76 -19.01 -0.13
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1075.10 14.80 1.40 1300.70 1050.80 -10.70 1.40
WSJMarkets.com
C6 | Tuesday, January 5, 2016 THE WALL STREET JOURNAL.
COMMODITIES & CREDIT MARKETS

Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Contract Open Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN
Metal & Petroleum Futures Open High hilo Low Settle Chg interest March 25.85 25.85 25.85 25.85 .09 2,939 Jan .05828 .05828 .05828 .05780 –.00038 1
Contract Open May 25.80 25.80 25.80 25.95 .09 2,215 March .05788 .05796 .05721 .05740 –.00040 140,886
Open High hi lo Low Settle Chg interest Oats (CBT)-5,000 bu.; cents per bu. Cotton (ICE-US)-50,000 lbs.; cents per lb.
March 217.00 219.00 s t 205.25 210.50 –6.75 7,221 Euro (CME)-€125,000; $ per €
Copper-High (CMX)-25,000 lbs.; $ per lb. March 63.28 63.55 62.51 62.61 –.67 123,846 March 1.0884 1.0966 1.0799 1.0846 –.0040 396,631
May 218.25 218.25 s t 207.50 211.50 –8.00 1,458 64.17 64.30 63.35 63.47 –.64 32,726
Jan 2.0705 2.0860 s t 2.0630 2.0705 –0.0550 1,623 May June 1.0907 1.0996 1.0832 1.0877 –.0040 2,363
March 2.1335 2.1395 s t 2.0690 2.0795 –0.0555 120,554 Soybeans (CBT)-5,000 bu.; cents per bu. Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
Jan 873.50 s t 861.75 864.50
870.75 –6.75 13,009 140.00 144.00 140.00 143.60 3.60 542
Gold (CMX)-100 troy oz.; $ per troy oz. March 867.00 s t 853.25 856.00
863.00 –8.25 314,987
Jan
Index Futures
Jan 1063.40 1082.50 s t 1063.20 1075.10 14.80 288 March 144.80 146.75 142.55 145.75 1.10 11,463
Feb 1061.50 1083.00 s t 1061.00 1075.20 15.00 279,966 Soybean Meal (CBT)-100 tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index
April 1062.10 1083.50 s t 1061.90 1075.80 15.00 55,480 Jan 264.10 265.40 s t 262.80 263.20 –1.10 3,281 Interest Rate Futures March 17347 17399 16860 17085 –256 79,801
June 1065.60 1083.60 s t 1063.00 1076.50 15.00 29,236 March 265.50 267.00 s t 263.80 264.40 –1.10 188,488 Sept 16830 16918 t 16743 16936 –266 105
Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Aug 1065.70 1080.30 s t 1065.70 1077.30 14.90 10,190 Soybean Oil (CBT)-60,000 lbs.; cents per lb. March 153-140 155-140 153-090 154-080 16.0 497,507 S&P 500 Index (CME)-$250 x index
Dec 1068.80 1085.00 s t 1066.00 1079.50 14.90 17,716 Jan 30.47 30.59 s t 29.63 29.93 –.62 4,351 Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 2037.90 2042.40 1981.00 2009.10 –26.30 80,698
Palladium (NYM) - 50 troy oz.; $ per troy oz. March 30.69 30.80 s t 29.79 30.12 –.63 172,956 March 125-280 126-180 125-245 126-050 8.0 2,527,697 June ... ... 1974.60 2002.00 –26.60 3,623
Jan 555.90 555.90 555.90 542.95 –17.85 4 Rough Rice (CBT)-2,000 cwt.; $ per cwt. June 125-155 125-155 125-155 125-170 5.0 74 Mini S&P 500 (CME)-$50 x index
Feb 545.50 547.80 s t 541.35 543.90 –17.85 16 Jan 1157.50 1161.50 s t 1150.00 1151.00 –5.50 486 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 2037.75 2043.50 1980.25 2009.00 –26.50 2,492,297
March 562.80 563.30 s t 538.30 544.20 –17.80 24,115 March 1182.00 1188.00 s t 1169.00 1177.00 –6.50 9,708 March 118-112 118-220 118-085 118-150 4.7 2,281,446 June 2032.50 2036.25 1973.50 2002.00 –26.50 9,963
June 550.55 551.45 s t 540.00 544.55 –17.70 314 Wheat (CBT)-5,000 bu.; cents per bu. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P Midcap 400 (CME)-$100 x index
Sept 546.10 547.10 s t 546.10 544.90 –17.70 9 March 472.75 473.50 s t 456.00 458.25 –11.75 220,137 March 108-202 108-237 108-192 108-212 1.5 1,005,896 March 1396.90 1399.00 t 1359.80 1376.50 –17.00 83,318
Platinum (NYM)-50 troy oz.; $ per troy oz. July 486.00 486.00 s t 470.50 472.25 –11.00 58,542 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Mini Nasdaq 100 (CME)-$20 x index
Jan 890.60 891.90 s t 877.40 883.20 –8.50 1,030 Wheat (KC)-5,000 bu.; cents per bu. Jan 99.665 99.668 s t 99.665 99.665 … 173,081 March 4592.5 4606.8 4429.8 4504.5 –83.3 311,093
April 892.00 894.40 s t 874.70 884.50 –8.70 61,530 March 468.50 469.25 s t 451.75 454.25 –14.25 105,864 Feb 99.640 99.645 s t 99.640 99.645 .005 149,836 June 4593.8 4601.0 4429.0 4499.5 –84.5 277
Silver (CMX)-5,000 troy oz.; $ per troy oz. July 486.25 486.25 s t 472.50 475.00 –13.75 42,955 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Russell 2000 (ICE-US)-$100 x index
Jan 14.100 14.100 s t 13.860 13.817 0.042 370 Wheat (MPLS)-5,000 bu.; cents per bu. March 102.234 102.719 102.234 102.344 .203 29,524 March 1132.00 1136.60 1094.50 1106.00 –25.50 364,497
March 13.815 14.185 s t 13.800 13.841 0.038 130,882 March 493.75 495.00 t 482.25 484.75 –8.50 32,214 1 Month Libor (CME)-$3,000,000; pts of 100%
May 501.00 501.00 t 492.25 494.25 –7.75 13,837 Mini Russell 1000 (ICE-US)-$100 x index
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 99.4700 99.4700 t 99.4675 99.4625 .0125 860 March 1124.40 1124.40 t 1097.70 1112.20 –16.80 7,441
Feb 37.60 38.39 s t 36.33 36.76 –0.28 437,108 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
March 38.75 39.53 s t 37.51 37.95 –0.22 274,811 Jan 166.250 169.100 164.025 167.625 .725 7,122 U.S. Dollar Index (ICE-US)-$1,000 x index
Jan 99.3775 99.3925 99.3750 99.3875 .0100 200,095
April 39.57 40.50 s t 38.51 38.93 –0.20 119,033 March 162.950 166.125 160.650 164.675 1.025 14,404 March 98.76 99.30 98.11 98.97 .22 67,589
March 99.2600 99.2950 99.2550 99.2750 .0100 1,274,039
May 40.96 41.35 s t 39.40 39.80 –0.18 81,530 Cattle-Live (CME)-40,000 lbs.; cents per lb. June 98.92 99.36 98.24 99.07 .23 1,364
June 99.0950 99.1350 99.0850 99.1150 .0150 1,156,741
June 41.15 42.07 s t 40.15 40.55 –0.16 140,968 Feb 135.575 137.650 134.500 136.425 –.375 101,815 Dec 98.7650 98.8150 98.7500 98.7900 .0200 1,301,305
Dec 44.28 45.05 s t 43.24 43.73 –0.10 167,077 April 136.900 138.550 135.825 137.425 –.550 72,606 Source: SIX Financial Information
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Hogs-Lean (CME)-40,000 lbs.; cents per lb. Currency Futures
Feb 1.1375 1.1827 s t 1.1125 1.1264 .0025 98,038 Feb 59.875 60.025 58.075 59.425 –.375 72,220 Japanese Yen (CME)-¥12,500,000; $ per 100¥
March 1.1684 1.2036 s t 1.1371 1.1490 .0001 61,754 April 65.875 66.000 64.500 65.450 –.500 41,478 March .8328
.8437 .8313 .8394 .0061 203,221
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft.
256.20 256.40 s t 254.20 254.40 –3.20 626
June .8340
.8459 .8338 .8417 .0061 844 Dividend Changes
Feb 1.2751 1.3379 s t 1.2579 1.2907 .0197 113,144 Jan Canadian Dollar (CME)-CAD 100,000; $ per CAD
March 1.3150 1.3617 s t 1.2856 1.3171 .0189 56,900 March 254.90 255.10 s t 252.80 253.00 –3.10 2,680 March .7216 .7225 .7152 .7167 –.0066 165,268 Dividend announcements from January 4.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Milk (CME)-200,000 lbs., cents per lb. June .7202 .7211 .7156 .7170 –.0066 1,936
2.366 2.375 s t 2.239 2.334 –.003 245,412 Jan 13.59 13.78 s t 13.54 13.56 … 4,085 Amount Payable /
Feb British Pound (CME)-£62,500; $ per £ Company Symbol Yld % New/Old Frq Record
March 2.389 2.393 s t 2.277 2.350 –.013 210,204 Feb 13.75 13.95 s t 13.65 13.68 –.07 4,396 March 1.4736 1.4818 t 1.4665 1.4713 –.0021 211,757
April 2.413 2.413 s t 2.309 2.373 –.014 103,786 Cocoa (ICE-US)-10 metric tons; $ per ton. June 1.4700 1.4822 t 1.4671 1.4718 –.0021 480 Funds and investment companies
May 2.447 2.447 s t 2.344 2.410 –.014 69,202 March 3,214 3,219 3,119 3,124 –87 98,738 Swiss Franc (CME)-CHF 125,000; $ per CHF Clymre CEF GS Connected GCE 14.6 .54431 Q Jan15 /Jan06
Sept 2.522 2.542 s t 2.452 2.505 –.016 43,278 May 3,212 3,215 3,121 3,124 –83 45,314 March 1.0032 1.0107 .9966 1.0008 –.0024 50,129
Oct 2.543 2.566 s t 2.486 2.533 –.012 62,158 Coffee (ICE-US)-37,500 lbs.; cents per lb. June 1.0125 1.0149 1.0013 1.0053 –.0025 140 Foreign
March 126.15 126.30 122.05 123.90 –2.80 86,598 Australian Dollar (CME)-AUD 100,000; $ per AUD Energ Gerais-Cemig ADR CIG .04013 /Jan11
Agriculture Futures May 128.20 128.25 124.20 126.00 –2.80 34,489 March .7269 .7275 .7131 .7158 –.0108 94,119 Energ Gerais-Cemig ADR C CIG/C .04013 /Jan11
Corn (CBT)-5,000 bu.; cents per bu. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. June .7227 .7242 .7104 .7129 –.0107 483
March 359.50 360.00 s t 350.50 351.50 –7.25 714,792 March 15.18 15.24 14.80 14.97 –.27 397,010 Sept .7119 .7145 .7110 .7102 –.0107 29 KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
May 365.00 365.75 s t 356.75 357.50 –7.00 206,589 May 14.85 14.90 14.47 14.65 –.27 184,431 Dec … .7171 s .7138 .7081 –.0105 8 semiannual; S2:1: stock split and ratio; SO: spin-off.
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1827.75 0.1 Broad market Barclays Aggregate 2.590 1.920 l 2.630 1715.90 0.1 Freddie Mac (FHLMC) 2.840 2.310 l 2.930
2472.48 0.1 U.S. Corporate Barclays Capital 3.690 2.780 l 3.710 500.76 0.2 Muni Master Merrill Lynch 1.732 1.475 l 2.099
2419.44 0.1 Intermediate 3.110 2.210 l 3.120 349.54 0.3 7-12 year 1.757 1.498 l 2.144
3154.54 0.1 Long term 5.050 4.030 l 5.110 387.39 0.3 12-22 year 2.114 1.924 l 2.636
519.06 0.1 Double-A-rated 2.680 1.980 l 2.700 368.18 0.3 22-plus year 2.807 2.542 l 3.351
613.00 0.1 Triple-B-rated 4.330 3.280 l 4.330 2238.15 0.1 Yankee Barclays 3.100 2.390 l 3.110
329.67 -0.3 High Yield Constrained Merrill Lynch 8.892 5.853 l 9.073 522.73 0.2 Global Government J.P. Morgan 1.550 1.240 l 1.780
278.33 -0.4 Triple-C-rated 18.452 10.017 l18.452 756.34 0.1 Canada 1.650 1.380 l 1.970
2367.39 -0.3 High Yield 100 7.761 5.016 l 8.056 358.76 0.3 EMU 1.200 0.724 l 1.609
303.23 -0.2 Global High Yield Constrained 8.464 5.894 l 8.519 683.87 0.3 France 1.060 0.490 l 1.360
262.96 -0.1 Europe High Yield Constrained 5.560 3.550 l 5.732 496.30 0.4 Germany 0.690 0.160 l 1.040
1581.88 0.1 U.S Agency Barclays 1.660 1.110 l 1.680 278.31 0.04 Japan 0.660 0.570 l 0.890
1429.50 0.1 10-20 years 1.450 0.940 l 1.480 544.78 0.4 Netherlands 0.830 0.240 l 1.130
3013.48 0.3 20-plus years 3.280 2.490 l 3.370 831.41 0.7 U.K. 2.230 1.730 l 2.480
1907.24 0.1 Mortgage-Backed Barclays 2.780 2.280 l 2.900 670.29 -0.1 Emerging Markets ** 6.724 5.679 l 6.817
1887.46 0.05 Ginnie Mae (GNMA) 2.680 2.170 l 2.860 *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
1114.92 0.1 Fannie mae (FNMA) 2.800 2.300 l 2.910 ** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
Borrowing Benchmarks | WSJ.com/bonds Global Government Bonds: Mapping Yields

Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Money Rates January 4, 2016 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
guide to general levels but don’t always represent actual transactions. 1.000 U.S. 2 1.020 t l 1.060 0.955 0.681
2.250 10 2.243 t l 2.269 2.274 2.111
Inflation Week —52-WEEK— Week —52-WEEK—
Nov. index Chg From (%) Latest ago High Low Latest ago High Low 5.500 Australia 2 1.996 t l 2.030 2.100 2.226 97.6 97.0 154.6
level Oct. '15 Nov. '14 Switzerland 0.50 0.50 0.50 0.50 Treasury bill auction 3.250 10 2.761 t l 2.825 2.957 2.804 51.8 55.5 69.4
Britain 0.50 0.50 0.50 0.50
U.S. consumer price index Australia 2.00 2.00 2.50 2.00
4 weeks 0.170 0.195 0.235 0.000 4.250 France 2 -0.294 s l -0.302 -0.211 -0.065 -131.4 -136.1 -74.6
13 weeks 0.215 0.260 0.280 0.000
All items 237.336 –0.21 0.5 1.000 10 0.937 t l 0.994 1.009 0.784 -130.6 -127.5 -132.7
Core 244.075 0.04 2.0 Overnight repurchase 26 weeks 0.500 0.550 0.585 0.065
U.S. 0.47 0.38 0.47 0.07 0.500 Germany 2 -0.349 t l -0.339 -0.294 -0.105 -136.9 -139.8 -78.5
International rates Secondary market 1.000 10 0.566 t l 0.632 0.682 0.501 -163.8 -161.0
-167.7
U.S. government rates Fannie Mae
4.500 Italy 2 0.024 t l 0.075 0.116 0.385 -98.5 -29.5
Week 52-Week 30-year mortgage yields -99.6
Latest ago High Low Discount 2.000 10 1.559 t l 1.596 1.551 1.727 -67.3 -38.4
30 days 3.505 3.574 3.750 3.024 -68.4
1.00 1.00 1.00 0.75
Prime rates 60 days 3.541 3.610 3.788 3.080 0.100 Japan 2 -0.012 t l -0.011 -0.021 -0.013 -103.2 -107.0 -69.3
U.S. 3.50 3.50 3.50 3.25 Federal funds 0.300 10 0.266 s l 0.265 0.332 0.328 -197.7 -200.4 -178.3
Canada 2.70 2.70 3.00 2.70 Effective rate 0.3600 0.3600 0.3800 0.0600
Other short-term rates
Japan 1.475 1.475 1.475 1.475 High 0.5600 0.5600 0.5900 0.2500 Week 52-Week 0.500 Spain 2 -0.008 t l 0.006 0.076 0.389 -102.7 -105.4 -29.1
0.2800 0.3000 0.3000 0.0100 Latest ago high low 2.150 10 1.705 t 1.767 1.731 1.517 -50.3
Low l -53.8 -59.3
Policy Rates Bid 0.2800 0.3200 0.3500 0.0000
Euro zone 0.05 0.05 0.05 0.05 Offer 0.5000 0.5000 0.5200 0.0500 Call money 1.000 U.K. 2 0.590 t l 0.639 0.649 0.359 -43.0 -42.1 -32.1
2.25 2.25 2.25 2.00 2.000 10 1.879 t l 1.958 1.924 1.720 -36.4 -31.2 -39.0
Commercial paper Source: Tullett Prebon
Key Interest Rates 30 to 270 days n.q. ... ... ...
Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial)
Corporate Debt
on actively traded noninflation and inflation-indexed issues that are 90 days 0.54 0.58 0.64 0.06 Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
adjusted to constant maturities. Data are from weekly Federal Reserve that same company’s share price. Here’s a look at both for two companies in the news.
release H.15. Euro commercial paper
Week Ended 30 day -0.08 n.q. -0.02 -0.12
Investment-grade spreads that tightened the most…
52-Week Week Ended 52-Week Spread*, in basis points Stock Performance
Jan 1 Dec 25 High Low Jan 1 Dec 25 High Low Two month n.q. n.q. -0.01 -0.09
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
Three month n.q. n.q. 0.01 -0.08
Federal funds (effective) 20-year 2.66 2.60 2.90 2.10 n.q. n.q. 0.02 0.00
Four month Williams WMB 4.550 June 24, ’24 743 –27 852 26.24 2.10
0.36 0.37 0.37 0.09 Five month n.q. n.q. 0.04 0.01 Seagate HDD Cayman* STX 4.875 June 1, ’27 562 –14 584 … …
Treasury yields (secondary market) Six month n.q. n.q. 0.05 0.02
Commercial paper 1-month 0.13 0.17 0.19 -0.02 Bnp Paribas S.A. BNP 2.400 Dec. 12, ’18 100 –6 n.a. ... ...
Nonfinancial 3-month 0.21 0.21 0.26 0.00 Libor Medtronic MDT 2.750 April 1, ’23 80 –6 n.a. 75.77 –1.50
1-month 0.33 0.31 0.35 0.06 6-month 0.48 0.48 0.54 0.07
One month 0.42250 0.42190 0.42950 0.16625 Mylan MYL 4.200 Nov. 29, ’23 218 –6 n.a. 53.28 –1.46
2-month 0.37 0.39 0.39 0.07 TIPS Three month 0.61170 0.60310 0.61270 0.25110 Bhp Billiton Finance USA BHP 3.850 Sept. 30, ’23 235 –5 240 … …
3-month 0.42 0.44 0.44 0.09 5-year 0.50 0.50 0.50 -0.29 Six month 0.84225 0.82730 0.84615 0.35390 General Electric GE 3.100 Jan. 9, ’23 55 –5 57 30.71 –1.41
Financial 7-year 0.63 0.62 0.63 -0.02 One year 1.16925 1.14750 1.17800 0.60990
1-month 0.40 0.38 0.40 0.06 10-year 0.76 0.76 0.78 0.06
AT&T T 6.300 Jan. 15, ’38 250 –4 n.a. 34.35 –0.17
2-month n.a. 0.49 0.49 0.07 20-year 1.08 1.08 1.12 0.40 Euro Libor
3-month 0.56 0.58 0.58 0.11 Long-term avg 1.11 1.10 1.12 0.44 One month -0.208 -0.204 0.004 -0.208 …And spreads that widened the most
CDs (secondary market) Three month -0.129 -0.127 0.054 -0.129 Talen Energy Supply PPL 4.600 Dec. 15, ’21 1346 87 1327 … …
1-month n.a. n.a. n.a. n.a. Interest rate swaps Six month -0.040 -0.038 0.140 -0.058
3-month n.a. n.a. n.a. n.a. 1-year 0.86
Williams Partners WPZ 6.125 July 15, ’22 584 41 n.a. 28.45 2.15
0.83 0.86 0.39 One year 0.057 0.059 0.287 0.031
6-month n.a. n.a. n.a. n.a. 2-year 1.16 1.12 1.16 0.72 Freeport–McMoRan FCX 4.550 Nov. 14, ’24 1060 40 1084 6.55 –3.25
3-year 1.40 1.35 1.40 0.96 Euro interbank offered rate (Euribor) Devon Energy DVN 5.850 Dec. 15, ’25 415 24 408 32.32 1.00
Discount window primary credit 4-year 1.58 1.54 1.64 1.17
1.00 One month -0.210 -0.199 0.015 -0.210 Anglo American Capital AALLN 4.125 Sept. 27, ’22 960 18 n.a. ... ...
1.00 1.00 0.75 5-year 1.73 1.69 1.87 1.36
7-year 1.96 1.93 2.21 1.67 Three month -0.132 -0.131 0.075 -0.133 MPLX MPLX 4.875 Dec. 1, ’24 425 14 n.a. 39.28 –0.13
Conventional mortgages 10-year 2.20 2.17 2.50 1.91 Six month -0.041 -0.040 0.169 -0.051 Hewlett Packard Enterprise HPE 4.900 Oct. 15, ’25 294 12 288 15.13 –0.46
4.01 3.96 4.09 3.59 30-year 2.62 2.62 2.96 2.26 One year 0.058 0.060 0.321 0.039
JPMorgan Chase JPM 4.250 Oct. 1, ’27 207 12 202 63.62 –3.00
Treasury yields at constant Corporate bonds, Moody's seasoned Value 52-Week
maturities Aaa 4.01 3.96 4.26 3.36
Latest Traded High Low High-yield issues with the biggest price increases…
1-month 0.13 0.17 0.19 0.00 Baa 5.51 5.49 5.51 4.36 DTCC GCF Repo Index Bond Price as % of face value Stock Perfomance
3-month 0.21 0.21 0.26 0.00 Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
State and local bonds Treasury 0.474 114.850 0.639 0.059
6-month 0.49 0.49 0.55 0.07
1-year 0.66 0.65 0.71 0.17 3.57 3.57 3.87 3.29
MBS 0.488 105.400 0.705 0.075 JMC Steel JMCSTL 8.250 March 15, ’18 67.000 0.75 n.a. ... ...
2-year 1.07 1.00 1.07 0.51 Open Implied Frontier Communications FTR 8.125 Oct. 1, ’18 103.949 0.70 103.188 4.65 –0.43
3-year 1.35 1.31 1.35 0.83 Eurodollars Settle Change Interest Rate Sabine Pass Liquefaction CQP 5.625 March 1, ’25 85.500 0.50 84.000 … …
5-year 1.78 1.71 1.78 1.28 1 month 0.50 0.49 0.50 0.19
7-year 2.10 2.04 2.16 1.57 3 month 0.70 0.70 0.70 0.30 DTCC GCF Repo Index Futures Mednax MD 5.250 Dec. 1, ’23 101.125 0.38 n.a. 71.05 –0.85
10-year 2.29 2.24 2.42 1.77 6 month 0.90 0.90 0.90 0.37 Treasury Jan 99.565 0.010 8672 0.435 GLP Capital GLPI 4.375 Nov. 1, ’18 99.750 0.25 100.000 … …
Treasury Feb 99.565 0.010 5542 0.435 Valeant Pharmaceuticals International VRXCN 6.750 Aug. 15, ’18 99.250 0.15 99.750 ... ...
Notes on data: Treasury Mar 99.485 0.015 3741 0.515 Chesapeake Energy CHK 4.875 April 15, ’22 28.000 0.09 n.a. 4.95 10.00
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by
dealers or direct issuers to investors that are settled by the Depository Trust Company; CD rates are
Notes on data:
U.S. prime rate is effective December 17, 2015.
…And with the biggest price decreases
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Discount rate is effective December 17, 2015. Jones Energy Holdings JONE 6.750 April 1, ’22 48.952 –3.05 n.a. 3.78 –1.82
primary credit rate is charged for discounts made and advances extended under the Federal U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest Hexion U.S. Finance HXN 6.625 April 15, ’20 76.000 –2.38 76.750 ... ...
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
U.S. banks; Other prime rates aren’t directly Frontier Communications FTR 7.125 Jan. 15, ’23 85.000 –2.25 n.a. 4.65 –0.43
comparable; lending practices vary widely by Microchip Technology MCHP 1.625 Feb. 15, ’25 98.244 –2.22 101.237 45.98 –1.20
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International location; DTCC GCF Repo Index is Depository
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in Trust & Clearing Corp.'s weighted average for Constellis Holdings CNSTEL 9.750 May 15, ’20 80.625 –1.88 n.a. ... ...
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban overnight trades in applicable CUSIPs. Value
traded is in billions of U.S. dollars. Futures on the
Florida East Coast Holdings FECRC 9.750 May 1, ’20 66.250 –1.75 67.000 ... ...
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only;
DTCC GCF Repo Index are traded on NYSE Liffe Dish DBS DISH 5.875 July 15, ’22 92.000 –1.50 93.500 … …
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first
US. Universal Hospital Services UHOS 7.625 Aug. 15, ’20 93.000 –1.38 93.670 ... ...
Sources: Federal Reserve; Bureau of Labor
mortgages Statistics; DTCC; SIX Financial Information; *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.
Sources: Federal Reserve; for additional information on these rate data and their derivation, General Electric Capital Corp.; Tullett Prebon Note: Data are for the most active issue of bonds with maturities of two years or more
please see, www.federalreserve.gov/releases/h15/data.htm Information, Ltd. Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
BIGGEST 1,000 STOCKS

WSJ.com/stocks
How to Read the Stock Tables Net Net Net Net Net Net
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
securities. Prices are composite quotations that include primary market trades as well as trades Gartner IT 88.13 -2.57 LloydsBankingADR LYG 4.32 -0.04 PinnacleFoods PF 42.25 -0.21 TataMotorsADR TTM 28.33 -1.14 AkamaiTechnologies AKAM 52.31 -0.32 LibertyGlobalClC LBTYK 40.23 -0.54
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. Gazit-Globe GZT 9.17 0.19 LockheedMartin LMT 213.21 -3.94 PinaclWCap PNW 64.08 -0.40 TecoEnergy TE 26.81 0.16 AlexionPharm ALXN 184.68 -6.07 LibertyGlbLiLACAWi LILA 39.10 -2.27
The list comprises the 1,000 largest companies based on market capitalization. GenDynam GD 136.07 -1.29 Loews L 37.78 -0.62 PioneerNaturalRscs PXD 124.35 -1.03 TelecomItaliaADR TI/A 9.89 -0.41 AlignTechnology ALGN 64.27 -1.58 LibertyGlbLiLACClC LILAK 41.30 -1.70
Underlined quotations are those stocks with large changes in volume compared with the issue’s GenElec GE 30.71 -0.44 Lowe's LOW 75.28 -0.76 PlainsAllAmPipe PAA 24.36 1.26 TelecomItaliaADR TI 12.33 -0.32 Alkermes ALKS 74.83 -4.55 LibertyInteractQVC QVCB 26.71 -0.45
average trading volume. GeneralGrowthProp GGP 26.71 -0.50 LuxotticaGroupADR LUX 63.53 -1.33 PlainsGPHldgsClA PAGP 9.51 0.06 Teleflex TFX 127.99 -3.46 AlnylamPharm ALNY 93.03 -1.11 LibertyInteractQVC QVCA 26.81 -0.51
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous t TelefonicaBrasADR VIV 8.92
closing price was $2 or higher. GeneralMills GIS 57.46 -0.20 LyondellBasell LYB 87.18 0.28 PlumCrk PCL 47.41 -0.31 -0.06 AlphabetClA GOOGL 759.44-18.57 LibertyVenturesA LVNTA 43.35 -1.76
GeneralMotors GM 33.31 -0.70 M&T Bnk MTB 117.48 -3.70 PolarisIndustries PII 88.36 2.41 t TelefonicaADR TEF 10.81 -0.25 AlphabetClC GOOG 741.84-17.04 LibertyMediaA LMCA 38.05 -1.20
Footnotes: listing standards vj-In bankruptcy or
s-New 52-week high. lf-Late filing receivership or being Genpact G 24.20 -0.78 MGMResortsIntl MGM 22.25 -0.47 PotashCp POT 17.33 0.21 TelekmIndonesiaADR TLK 44.63 0.23 Amazon.com AMZN 636.99-38.90 LibertyMediaC LMCK 36.74 -1.34
t-New 52-week low. q-Temporary exemption from reorganized under the GenuinePart GPC 84.03 -1.86 MPLX MPLX 39.28 -0.05 Praxair PX 101.67 -0.73 TenarisADR TS 23.69 -0.11 Amdocs DOX 54.23 -0.34 LinearTechnology LLTC 42.01 -0.46
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities Gildan GIL 28.09 -0.33 MSCI MSCI 70.61 -1.52 PrecisionCastparts PCP 232.15 0.14 Tesoro TSO 107.10 1.73 Amerco UHAL 381.70 -7.80 LinnEnergy LINE 1.37 0.08
recent four quarters. t-NYSE bankruptcy assumed by such companies. GlaxoSmithKlineADR GSK 40.45 0.10 Macerich MAC 79.44 -1.25 PrincipalFinancial PFG 44.04 -0.94 TesoroLogistics TLLP 50.83 0.51 t AmericaMovilClAADR AMOV 13.80 -0.19 lululemonathletica LULU 55.86 3.39
FD-First day of trading. v-Trading halted on primary GlblPymts GPN 62.58 MacquarieInfr MIC 69.96 -2.64 TevaPharmADR TEVA 65.30 -0.34 AmerAirlinesGrp AAL 40.91 -1.44
h-Does not meet continued market. -1.93 Procter&Gamble PG 78.37 -1.04 ManhattanAssoc MANH 64.66 -1.51
GoDaddyClA GDDY 32.81 0.75 Macys M 35.79 0.81 ProgressiveCorp PGR 31.12 -0.68 Textron TXT 41.50 -0.51 AmeriCapAg AGNC 17.71 0.37 Markit MRKT 29.54 -0.63
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Goldcp GG 11.86 0.30 MagelnPtnrs MMP 68.66 0.74 Prologis PLD 41.90 -1.02 ThermoFisherSci TMO 138.75 -3.10 Amgen AMGN 158.34 -3.99 MarriottInt A MAR 65.38 -1.66
changes in the closing prices from 4 p.m. the previous day. GoldmanSachs GS 177.14 -3.09 t MagnaInt MGA 39.97 -0.59 PrudentialFin PRU 79.84 -1.57 ThomsonReuters TRI 37.11 -0.74 AmTrustFinSvcs AFSI 60.77 -0.81 Mattel MAT 27.43 0.26
Monday, January 4, 2016 GraceWR GRA 97.25 -2.34 Mallinckrodt MNK 72.61 -2.02 PrudentialADR PUK 43.30 -1.78 3M MMM 146.82 -3.82 AnacorPharm ANAC 113.25 0.28 MaximIntProducts MXIM 36.67 -1.33
Net Net
Stock Sym Close Chg Stock Sym Close Chg Grainger GWW 202.12 -0.47 ManpowerGroup MAN 81.82 -2.47 PublicServiceEnt PEG 38.70 0.01 Tiffany TIF 74.52 -1.77 AnalogDevices ADI 54.44 -0.88 Medivation MDVN 47.18 -1.16
Net TimeWarnerCable TWC 183.08
Stock Sym Close Chg GpoAeroportuarADR PAC 85.68 -2.60 ManulifeFinancial MFC 14.65 -0.33 PublicStorage PSA 244.37 -3.33 -2.51 Apple AAPL 105.35 0.09 MelcoCrownEntADR MPEL 16.67 -0.13
BankNY Mellon BK 39.97 -1.25 Cooper COO 131.86 -2.34 GpoAvalAccionesADR AVAL 6.49 -0.03 MarathnOil MRO 12.82 0.23 t PulteGroup PHM 17.16 -0.66 TimeWarner TWX 64.92 0.25 AppliedMaterials AMAT 18.47 -0.20 MercadoLibre MELI 109.95 -4.39
t BkNovaScotia BNS 39.86 -0.58 GLW 17.91 -0.37 GpFinSantandMexADR BSMX 8.45 -0.22 MarathonPetroleum MPC 51.24 -0.60 TOL 32.73 -0.57 ArchCapitalGroup ACGL 68.85 -0.90
NYSE t BarclaysADR BCS 12.85 -0.11
Corning
CotyClA COTY 24.95 -0.68 GrupoTelevisaADR TV 26.77 -0.44 MarineHarvestADR MHG 13.12 -0.06
Qihoo360Technology QIHU 72.50
QuestDiag DGX 70.76
-0.31
-0.38
Toll Bros
Torchmark TMK 56.32 -0.70 AthenaHealth ATHN 158.23 -2.74
MicrochipTech MCHP 45.98 -0.56
MicronTechnology MU 14.33 0.17
ABBADR ABB 17.52 -0.21 Bard CR BCR 183.90 -5.54 Credicorp BAP 94.70 -2.62 GuangshenRailADR GSH 23.93 -0.79 Markel MKL 866.45-16.90 QuintilesTransnat Q 67.04 -1.62 TorntoDomn TD 38.56 -0.61 AtlassianClA TEAM 27.41 -2.67 Microsoft MSFT 54.80 -0.68
ACE ACE 113.73 -3.12 BarrickGold ABX 7.75 0.37 CreditSuisseADR CS 21.36 -0.33 HCAHoldings HCA 66.29 -1.34 MarshMcL MMC 54.32 -1.13 RELXADR RENX 16.56 -0.27 TotalADR TOT 44.37 -0.58 Autodesk ADSK 60.31 -0.62 Middleby MIDD 106.35 -1.52
ADTCorp. ADT 32.41 -0.57 s Baxalta BXLT 41.17 2.14 CrescentPntEnrg CPG 11.28 -0.37 HCP HCP 38.23 -0.01 MrtnMarMat MLM 135.81 -0.77 RELXADR RELX 17.55 -0.28 TotalSystemSvcs TSS 48.24 -1.56 ADP ADP 82.07 -2.65 MondelezIntlClA MDLZ 43.79 -1.05
AES AES 9.43 -0.14 BaxterIntl BAX 37.17 -0.98 CrestwoodEquity CEQP 20.82 0.04 HDFCBankADR HDB 59.86 -1.74 Masco MAS 27.80 -0.50 RPM RPM 43.16 -0.90 ToyotaMotorADR TM 121.46 -1.58 AvagoTech AVGO 142.28 -2.87 MonsterBeverage MNST 144.34 -4.62
Aflac AFL 59.18 -0.72 BectonDksn BDX147.95 -6.14 CrownCastl CCI 85.39 -1.06 HP HPQ 11.60 -0.24 MasterCard MA 94.81 -2.55 RalphLaurenA RL 111.56 0.08 TransCan TRP 32.50 -0.09 BaiduADR BIDU 184.03 -5.01 Mylan MYL 53.28 -0.79
AGLResources GAS 63.76 -0.05 Berkley WRB 53.30 -1.45 CrownHoldings CCK 49.76 -0.94 HSBCHoldingsADR HSBC 38.59 -0.88 McCormick MKC 84.28 -1.28 RayJamFnl RJF 56.34 -1.63 TransdigmGrp TDG229.86 1.41 t BedBath BBBY 48.47 0.22 NXP Semi NXPI 84.44 0.19
AT&T T 34.35 -0.06 BerkHathwy A BRK/A196295-1505.00 CubeSmart CUBE 30.28 -0.34 Halliburton HAL 34.48 0.44 McCormickVtg MKC/V 83.99 -2.38 Raytheon RTN 122.61 -1.25 TransUnion TRU 27.51 -0.06 Biogen BIIB 294.62-11.73 Nasdaq NDAQ 56.54 -1.63
AbbottLabs ABT 42.93 -1.98 BerkHathwy B BRK/B 130.75 -1.29 Cummins CMI 89.97 1.96 Hanesbrands HBI 29.28 -0.15 McDonalds MCD 117.58 -0.56 t RealogyHoldings RLGY 36.36 -0.31 TravelersCos TRV 109.97 -2.89 BioMarinPharm BMRN 104.92 0.16 NetApp NTAP 26.02 -0.51
AbbVie ABBV 57.61 -1.63 BestBuy BBY 30.65 0.20 DDR Corp DDR 16.55 -0.29 t HarleyDavidson HOG 45.52 0.13 McGrawHillFin MHFI 94.80 -3.78 RealtyIncome O 51.18 -0.45 t TurkcellIletismADR TKC 8.31 -0.18 BlackBerry BBRY 9.13 -0.14 NeteaseADR NTES 172.12 -9.12
AccentureClA ACN 101.83 -2.67 BioMedRealtyTrust BMR 23.69 ... DTEEnergy DTE 79.14 -1.05 HarmanIntlInds HAR 93.11 -1.10 McKesson MCK 194.67 -2.56 RedHat RHT 81.71 -1.10 TurquoiseHillRscs TRQ 2.49 -0.05 Broadcom BRCM 57.49 -0.33 Netflix NFLX 109.96 -4.42
AcuityBrands AYI 233.21 -0.59 BlackKnightFinSvcs BKFS 31.66 -1.40 Danaher DHR 91.68 -1.20 Harris HRS 87.65 0.75 MeadJohnNutr MJN 78.18 -0.77 RegencyCtrs REG 67.54 -0.58 Twitter TWTR 22.56 -0.58 CA CA 28.16 -0.40 Neurocrine NBIX 52.35 -4.22
AdvanceAuto AAP 152.24 1.73 BlackRock BLK 333.10 -7.42 Darden DRI 62.75 -0.89 HrtfrdFnl HIG 42.69 -0.77 Mednax MD 71.05 -0.61 RegionsFinancial RF 9.44 -0.16 TycoInternational TYC 31.79 -0.10 CBOE Holdings CBOE 63.99 -0.91 NewsCorpClA NWSA 13.21 -0.15
AdvSemiEnggADR ASX 5.53 -0.14 BlackstoneGroup BX 28.95 -0.29 DaVitaHlthcrPtrs DVA 68.67 -1.04 HealthNet HNT 68.69 0.23 Medtronic MDT 75.77 -1.15 ReinsuranceGrp RGA 83.60 -1.95 TylerTechnologies TYL 167.03 -7.29 CDKGlobal CDK 46.85 -0.62 NewsCorpClB NWS 13.67 -0.29
AegonADR AEG 5.56 -0.11 BlockHR HRB 32.95 -0.36 Deere DE 76.08 -0.19 HelmPayne HP 54.18 0.63 Merck MRK 52.48 -0.34 RensHldg RNR 112.35 -0.84 TysonFoodsClA TSN 52.96 -0.37 CDW CDW 40.95 -1.09 NrthnTrust NTRS 70.59 -1.50
AerCapHoldings AER 41.77 -1.39 BdwlkPipePtnr BWP 12.63 -0.35 DelhaizeGroupADR DEG 24.29 ... Herbalife HLF 54.93 1.31 MetLife MET 47.32 -0.89 RepublicServices RSG 43.14 -0.85 UBSGroup UBS 19.13 -0.24 CH Robinson CHRW 61.79 -0.23 NorwegianCruise NCLH 57.99 -0.61
Aetna AET 109.26 1.14 Boeing BA 140.50 -4.09 DelphiAutomotive DLPH 83.99 -1.74 Hershey HSY 87.99 -1.28 MetlrToledo MTD 329.34 -9.79 ResMed RMD 52.21 -1.48 UDR UDR 36.97 -0.60 CMEGroupClA CME 88.67 -1.93 NuanceComms NUAN 19.66 -0.23
AffiliatedManagers AMG 155.99 -3.77 BorgWarner BWA 42.25 -0.98 DeltaAir DAL 48.66 -2.03 HertzGlobal HTZ 14.01 -0.22 MichaelKorsHldgs KORS 40.37 0.31 RestaurantBrands QSR 35.55 -1.81 UGI UGI 33.85 0.09 CSX CSX 25.79 -0.16 NVIDIA NVDA 32.37 -0.59
AgilentTechs A 40.69 -1.12 BostonProperties BXP 124.20 -3.34 DeutscheBank DB 23.49 -0.66 Hess HES 48.18 -0.30 MidAmApt MAA 90.03 -0.78 ReynoldsAmer RAI 45.20 -0.95 t UltraparPartADR UGP 14.35 -0.90 CadenceDesign CDNS 20.53 -0.28 OReillyAuto ORLY 246.11 -7.31
AgnicoEagleMines AEM 26.94 0.66 BosSci BSX 17.99 -0.45 DevonEnergy DVN 32.32 0.32 HewlettPackardEnt HPE 15.13 -0.07 MindrayMed ADR MR 26.95 -0.17 RioTinto ADR RIO 28.41 -0.71 UnderArmour A UA 79.66 -0.95 Carlyle CG 15.56 -0.06 OldDomFrght ODFL 58.42 -0.65
Agrium AGU 88.95 -0.39 BristolMyers BMY 67.03 -1.76 DiageoADR DEO 107.75 -1.32 t HiltonWorldwide HLT 21.09 -0.31 MitsubishiUFJADR MTU 6.16 -0.06 RiteAid RAD 7.90 0.06 UnileverADR UN 42.24 -1.08 CaseyGnStr CASY 115.59 -4.86 OpenText OTEX 47.65 -0.28
AirProducts&Chems APD 129.19 -0.92 BrixmorPropertyGrp BRX 25.22 -0.35 DigitalRealtyTrust DLR 76.20 0.58 HollyFrontier HFC 40.24 0.35 MizuhoFinancialADR MFG 3.99 -0.05 RobHalfIntl RHI 46.14 -1.00 UnileverADR UL 42.20 -0.92 Celgene CELG 117.62 -2.14 Paccar PCAR 47.16 -0.24
Airgas ARG 138.30 -0.02 BdridgeFnlSol BR 52.39 -1.34 DiscoverFinSvcs DFS 52.71 -0.91 HomeDepot HD 131.07 -1.18 t MobileTeleSysADR MBT 6.01 -0.17 Rockwell ROK 101.52 -1.09 UnionPacific UNP 78.97 0.77 Cerner CERN 58.16 -2.01 PacWestBncp PACW 42.15 -0.95
AlaskaAirGroup ALK 78.40 -2.11 BrookfieldMgt BAM 30.35 -1.18 Disney DIS 102.98 -2.10 HondaMotorADR HMC 30.99 -0.94 Mobileye MBLY 39.94 -2.34 RockwellCollins COL 90.64 -1.66 UnitedContlHldgs UAL 55.61 -1.69 CharterComms CHTR 177.53 -5.57 PaneraBreadClA PNRA 190.88 -3.90
Albemarle ALB 55.55 -0.46 BrookfieldInfr BIP 37.23 -0.68 DollarGeneral DG 72.41 0.54 Honeywell HON 102.57 -1.00 MohawkIndustries MHK 186.45 -2.94 RogerComm B RCI 34.31 -0.15 UnitedMicroADR UMC 1.79 -0.09 ChkPntSftwr CHKP 79.48 -1.90 Paychex PAYX 51.55 -1.34
AlcatelLucentADR ALU 3.92 0.09 BrownFormanClA BF/A 107.13 -2.98 DominionResources D 67.47 -0.17 HormelFoods HRL 78.22 -0.86 MolsonCoors B TAP 92.29 -1.63 RollinsInc ROL 25.30 -0.60 UtdParcel B UPS 94.84 -1.39 CincinnatiFin CINF 57.54 -1.63 PayPalHoldings PYPL 34.75 -1.45
Alcoa AA 9.71 -0.16 BrownFormanClB BF/B 97.21 -2.07 Dominos DPZ 109.23 -2.02 DR Horton DHI 30.39 -1.64 Monsanto MON 97.79 -0.73 RoperTechnologies ROP 186.51 -3.28 UnitedRentals URI 70.76 -1.78 Cintas CTAS 88.29 -2.76 People'sUnitedFin PBCT 15.77 -0.38
AlexREEq ARE 89.11 -1.25 BuckeyePartners BPL 65.75 -0.21 DouglasEmmett DEI 30.34 -0.84 t HostHotels&Resorts HST 15.16 -0.18 Moodys MCO 97.22 -3.12 RoylBkCan RY 52.40 -1.18 US Bcp USB 41.48 -1.19 CiscoSys CSCO 26.41 -0.54 PilgrimPride PPC 21.88 -0.21
AlibabaGroupADR BABA 76.69 -4.58 Bunge BG 66.82 -1.46 Dover DOV 61.64 0.33 t HuanengPowerADR HNP 32.56 -1.74 MorganStanley MS 31.48 -0.33 RoyalBkScotlandADR RBS 8.71 -0.16 US Steel X 8.14 0.16 CitrixSystems CTXS 74.17 -1.48 Premier PINC 35.22 -0.05
Alleghany Y 472.77 -5.16 CBRE Group CBG 34.09 -0.49 DowChemical DOW 49.93 -1.55 Hubbell HUBB 101.98 0.94 Mosaic MOS 28.42 0.83 RylCaribn RCL 98.14 -3.07 UnitedTech UTX 95.57 -0.50 CognizantTechSolns CTSH 58.13 -1.89 PricelineGroup PCLN 1245.37-29.58
Allegion ALLE 64.53 -1.39 CBSClA CBS/A 51.16 -0.96 DrPepperSnap DPS 92.23 -0.97 Humana HUM 179.75 1.24 MotorolaSolutions MSI 67.13 -1.32 RoyalDutchADRA RDS/A 45.83 0.04 UnitedHealthGroup UNH 116.46 -1.18 Comcast A CMCSA 55.64 -0.54 Qiagen QGEN 26.71 -0.94
Allergan AGN 307.47 -5.03 CBSClB CBS 46.65 -0.48 DrReddysLabADR RDY 45.65 -0.64 HuntingtonIngalls HII 124.22 -2.63 NTTDoCoMoADR DCM 20.59 0.09 RoyalDutchADRB RDS/B 46.37 0.33 UniversalHealthB UHS 117.92 -1.57 CommScopeHldg COMM 25.60 -0.29 Qorvo QRVO 50.72 -0.18
AllianceData ADS 271.71 -4.86 CFIndustries CF 40.50 -0.31 DuPont DD 63.07 -3.53 t HyattHotels H 45.10 -1.92 NVR NVR 1555.66-87.34 SAPADR SAP 77.14 -1.96 UnumGroup UNM 32.75 -0.54 CoStarGroup CSGP197.54 -9.15 Qualcomm QCOM 50.12 0.13
AllncBrnstnHldg AB 23.64 -0.21 CGI Gp A GIB 38.86 -1.17 DukeEnergy DUK 71.19 -0.20 ICICIBankADR IBN 7.64 -0.19 NationalGridADR NGG 68.94 -0.60 SINOPECShanghaiADR SHI 37.01 -2.58 VEREIT VER 7.84 -0.08 CostcoWholesale COST 159.54 -1.96
QunarCaymanIslADR QUNR 43.96 -8.78
AlliantEnergy LNT 62.28 -0.17 t CIT Grp CIT 39.54 -0.16 DukeRealty DRE 20.91 -0.11 IHSClA IHS 115.20 -3.23 NtlOilwellVarco NOV 34.61 1.12 t SKTelecomADR SKM 19.99 -0.16 t VF VFC 60.87 -1.38 Ctrip.comIntlADR CTRP 45.23 -1.10
RandgoldRscsADR GOLD 62.48 0.55
Allstate ALL 60.67 -1.42 CMSEnergy CMS 35.61 -0.47 EMC EMC 25.59 -0.09 t IMSHealthHoldings IMS 24.61 -0.86 NtlRetailProp NNN 39.56 -0.49 SL GrnRlty SLG 110.08 -2.90 VISAClA V 75.70 -1.85 DISHNetworkClA DISH 57.29 0.11
RegenPharm REGN 516.55-26.32
AllyFinancial ALLY 18.65 0.01 CNAFinancial CNA 34.43 -0.72 t ENIADR E 29.42 -0.38 INGGroepADR ING 13.31 -0.15 NetSuite N 82.38 -2.24 Salesforce.com CRM 76.71 -1.69 ValeADR VALE 3.16 -0.13 Dentsply XRAY 58.86 -1.99
RossStores ROST 54.37 0.56
AltriaGroup MO 57.39 -0.82 CNOOCADR CEO 103.18 -1.20 EOG Res EOG 69.68 -1.11 Invesco IVZ 33.19 -0.29 NewOrientalEducADR EDU 29.45 -1.92 SanofiADR SNY 42.20 -0.45 ValeantPharmIntl VRX 98.50 -3.15 Dexcom DXCM 78.49 -3.41 RyanairHoldingsADR RYAAY 84.64 -1.82
AlumofChinaADR ACH 7.87 -0.37 CRHADR CRH 28.35 -0.47 EQT EQT 53.15 1.02 ITCHoldings ITC 39.70 0.45 NY CmntyBcp NYCB 15.93 -0.39 SantanderCnsmrUSA SC 15.79 -0.06 ValeroEnergy VLO 69.94 -0.77 DiscoveryCommsB DISCB 26.30 -0.73
SBACommunications SBAC 105.76 0.69
t AmbevADR ABEV 4.27 -0.19 CSRA CSRA 29.18 -0.82 EQTMidstreamPtrs EQM 74.71 -0.75 IDEX IEX 75.74 -0.87 Newell NWL 43.44 -0.64 SasolADR SSL 26.97 0.15 Valspar VAL 82.77 -0.18 DiscoveryCommsA DISCA 26.41 -0.27
SEIInvestments SEIC 50.98 -1.42
Ameren AEE 43.03 -0.20 CVSHealth CVS 96.46 -1.31 EastmanChemical EMN 66.63 -0.88 IllinoisToolWorks ITW 91.06 -1.62 NewfldExpl NFX 32.27 -0.29 SCANA SCG 60.67 0.18 Vantiv VNTV 46.69 -0.73 DiscoveryCommsC DISCK 25.16 -0.06
SS&CTechs SSNC 66.42 -1.85
t AmericaMovilADR AMX 13.84 -0.22 Cablevision CVC 31.62 -0.28 EatonCorp.PLC ETN 52.22 0.18 InfosysADR INFY 16.24 -0.51 NewmtMin NEM 18.44 0.45 Schlumbgr SLB 69.18 -0.57 VarianMed VAR 78.65 -2.15 DollarTree DLTR 78.81 1.59
SVBFinancialGroup SIVB 116.53 -2.37
AEP AEP 58.33 0.06 CabotO&G COG 17.59 -0.10 Ecolab ECL 112.49 -1.89 Ingersoll-Rand IR 55.14 -0.15 NextEraEnergy NEE 103.57 -0.32 SchwabC SCHW 31.98 -0.95 Ventas VTR 56.74 0.31 DunkinBrands DNKN 40.94 -1.65
Sabre SABR 27.44 -0.53
t AmericanExpress AXP 67.59 -1.96 Calpine CPN 14.45 -0.02 EcopetrolADR EC 6.92 -0.09 Ingredion INGR 92.80 -3.04 Nidec ADR NJ 17.89 -0.35 ScrippsNetA SNI 53.84 -1.37 Verizon VZ 45.87 -0.35 Dyax DYAX 37.61 -0.01 SanDisk SNDK 75.96 -0.03
AmericanFinancial AFG 70.58 -1.50 CamdenPropertyTr CPT 75.79 -0.97 EdgewellPersonal EPC 78.90 0.53 ICE ICE 251.39 -4.87 NielsenHoldings NLSN 45.67 -0.93 SealedAir SEE 43.04 -1.56 VipshopHldgsADR VIPS 14.05 -1.22 E Trade ETFC 28.78 -0.86 SeagateTechnology STX 36.27 -0.39
AmIntlGp AIG 60.43 -1.54 Cameco CCJ 12.05 -0.28 EdisonInt EIX 58.95 -0.26 InterContinentlADR IHG 38.14 -0.60 NikeClB NKE 61.52 -0.98 SempraEnergy SRE 93.18 -0.83 Visteon VC 114.08 -0.42 EastWestBancorp EWBC 40.57 -0.99
VMW 56.30 SeattleGenetics SGEN 41.92 -2.96
AmericanTowerREIT AMT 96.70 -0.25 CameronIntl CAM 62.93 -0.27 EdwardsLife EW 78.84 -0.14 IBM IBM 135.95 -1.67 NipponTelegraphADR NTT 39.17 -0.57 ServiceCp SCI 25.44 -0.58 VMware -0.27 eBay EBAY 26.43 -1.05
VornadoRealtyTrust VNO 98.42 ShireADR SHPG 198.32 -6.68
AmericanWaterWorks AWK 60.32 0.57 CampbellSoup CPB 51.66 -0.89 Embraer ADR ERJ 29.01 -0.53 IntFlavor IFF 118.03 -1.61 NiSource NI 19.52 0.01 ServiceMasterGlb SERV 39.34 0.10 -1.54 ElectroArts EA 66.10 -2.62
VoyaFinancial VOYA 36.52 -0.39 EndoInternational ENDP 59.82 -1.40 SignatureBank SBNY 145.29 -8.08
Amerigas APU 34.28 0.01 CIBC CM 65.74 -0.13 EmersonElectric EMR 47.30 -0.53 InternationalPaper IP 37.67 -0.03 NobleEnergy NBL 33.50 0.57 ServiceNow NOW 84.07 -2.49
VulcanMaterials VMC 92.42 -2.55 Equinix SiliconwareADR SPIL 7.70 -0.05
AmerprsFncl AMP 104.25 -2.17 CanNtlRlwy CNI 54.86 -1.02 EmpresaNacADR EOC 36.27 -0.79 Interpublic IPG 22.82 -0.46 NokiaADR NOK 7.18 0.16 ShawCom B SJR 17.25 0.06 EQIX 296.08 -6.32
WABCO Hldg WBC 101.15 -1.11 EricssonADR ERIC 9.49 -0.12 SiriusXMHoldings SIRI 3.95 -0.12
AmeriSrcBrg ABC 101.87 -1.84 CndNatRes CNQ 21.57 -0.26 EnbridgePtnr EEP 23.73 0.66 IronMountain IRM 26.84 -0.17 NomuraHoldingsADR NMR 5.48 -0.07 SherwinWilliams SHW 254.75 -4.85
WECEnergyGroup WEC 51.32 0.01 Expedia SironaDental SIRO 105.85 -3.72
Ametek AME 52.65 -0.94 CanPacRlwy CP 126.48 -1.12 Enbridge ENB 32.90 -0.29 IsraelChemicals ICL 4.13 0.08 t Nordstrom JWN 50.13 0.32 ShinhanFinADR SHG 32.87 -0.72 EXPE 120.80 -3.50
W.P.Carey WPC 58.96 -0.04 ExpeditrInt EXPD 44.26 -0.84 SkywrkSol SWKS 77.93 1.10
AmphenolClA APH 50.87 -1.36 CanonADR CAJ 29.86 -0.27 Encana ECA 5.13 0.04 ItauUnibancoADR ITUB 6.22 -0.29 NorfolkSouthern NSC 81.81 -2.78 SignetJeweler SIG 124.83 1.14
Wabtec WAB 70.16 -0.96 ExpressScriptsHldg ESRX 86.63 -0.78 SolarCity SCTY 52.79 1.77
AnadarkoPetroleum APC 49.13 0.55 CapOneFnl COF 70.74 -1.44 EngyTrnsfrEqty ETE 14.07 0.33 JPMorganChase JPM 63.62 -1.97 t NortelInversoraADR NTL 14.80 -0.14 SilverWheaton SLW 12.48 0.06
WalMart WMT 61.46 0.16 F5Networks FFIV 96.93 -0.03 Splunk SPLK 57.65 -1.16
AnheuserBuschADR BUD 122.47 -2.53 CardinalHealth CAH 87.95 -1.32 EnergyTransfer ETP 34.99 1.26 JacobsEngineering JEC 41.92 -0.03 NorthrpGrum NOC 187.51 -1.30 SimonPropertyGroup SPG 192.34 -2.10
WasteConnections WCN 54.82 -1.50 FacebookClA FB 102.22 -2.44 Staples SPLS 9.52 0.05
AnnalyCap NLY 9.53 0.15 Carlisle CSL 86.39 -2.30 Enerplus ERF 3.53 0.11 JamesHardieADR JHX 12.34 -0.33 Novartis ADR NVS 85.75 -0.29 SixFlagsEnt SIX 54.49 -0.45
WasteMgt WM 52.45 -0.92 Fastenal Starbucks SBUX 58.26 -1.77
AnteroResources AR 22.68 0.88 CarMax KMX 52.37 -1.60 EnersisADR ENI 11.73 -0.42 Jarden JAH 56.16 -0.96 NovoNordiskADR NVO 57.30 -0.78 SkechersUSAClA SKX 29.96 -0.25 FAST 40.19 -0.63
Waters WAT 130.35 -4.23 FfthThrd Stericycle SRCL 117.87 -2.73
Anthem ANTM 139.21 -0.23 Carnival CCL 54.20 -0.28 EnLinkMidstream ENLK 16.74 0.16 JohnsJohns JNJ 100.48 -2.24 Nucor NUE 39.55 -0.75 SmithAO AOS 75.18 -1.43 FITB 19.55 -0.55
Carnival ADR CUK 56.53 -0.39 WeatherfordIntl WFT 8.64 0.25 FirstSolar FSLR 66.72 0.73 Symantec SYMC 20.84 -0.16
Aon AON 90.71 -1.50 Entergy ETR 68.58 0.22 t JohnsonControls JCI 39.08 -0.41 NuSTAREnergy NS 40.95 0.85 Smith&NephewADR SNN 34.80 -0.80
Caterpillar CAT 67.99 0.03 WellsFargo WFC 52.91 -1.45 Fiserv Synopsys SNPS 44.92 -0.69
Apache APA 44.43 -0.04 EntPdtsPtnr EPD 26.44 0.86 JonesLangLaSalle JLL 155.03 -4.83 OGEEnergy OGE 26.49 0.20 Smucker SJM 122.38 -0.96 FISV 89.50 -1.96
Celanese A CE 66.13 -1.20 Welltower HCN 68.39 0.36 FlextronInt FLEX 11.11 -0.11 TDAmeritrade AMTD 33.59 -1.12
ApartmtInv AIV 39.65 -0.38 EnvisionHealthcare EVHC 25.82 -0.15 JoyGlobal JOY 12.55 -0.06 ONEOK OKE 25.35 0.69 SnapOn SNA 168.53 -2.90
WestarEngy WR 42.37 -0.04 Fortinet TFSFinancial TFSL 18.41 -0.42
ApolloGlobalMgmtA APO 15.47 0.29 CemexADR CX 5.23 -0.34 Equifax EFX 109.45 -1.92 JuniperNetworks JNPR 27.41 -0.19 ONEOKPartners OKS 30.30 0.17 SOQUIMICH ADR SQM 18.74 -0.27 FTNT 30.23 -0.94
WesternGasEqtyPtrs WGP 37.07 0.78 FrontierComms FTR 4.65 -0.02 T-MobileUS TMUS 38.95 -0.17
AquaAmerica WTR 29.47 -0.33 CencosudADR CNCO 5.70 -0.48 EquityLife ELS 65.24 -1.43 KARAuctionServices KAR 36.92 -0.11 OccidentalPetrol OXY 67.41 -0.20 SonyADR SNE 24.73 0.12
WesternGasPartners WES 48.29 0.76 Garmin TRowePrice TROW 70.19 -1.30
Aramark ARMK 32.36 0.11 CenovusEnergy CVE 12.43 -0.19 EqResdntl EQR 79.90 -1.69 t KBFinancialGrpADR KB 27.09 -0.78 Och-ZiffCapMgmt OZM 6.35 0.12 Southern SO 47.03 0.24 GRMN 36.80 -0.37
EssexProp ESS 237.32 -2.09 WesternUnion WU 17.62 -0.29 Gentex TeslaMotors TSLA 223.41-16.60
ArcelorMittalADR MT 4.04 -0.18 Centene CNC 66.03 0.22 KKR KKR 15.78 0.19 OldRepublic ORI 18.33 -0.30 SoCopper SCCO 25.66 -0.46 GNTX 15.76 -0.26
EsteeLaudr A EL 87.21 -0.85 WestlakeChemical WLK 53.60 -0.72 GileadSciences GILD 98.01 -3.18 TX Instr TXN 54.34 -0.47
ArcherDan ADM 35.84 -0.84 CenterPointEnergy CNP 18.27 -0.09 KTADR KT 11.76 -0.15 OmegaHlthcr OHI 35.30 0.32 SowestAir LUV 41.96 -1.10
CenturyLink CTL 25.11 -0.05 EvrstReGrp RE 181.08 -2.01 WestpacBankingADR WBK 23.74 -0.49 Goodyear GT 32.01 -0.66 TowersWatson A TW 123.00 -5.46
AristaNetworks ANET 77.40 -0.44 KSCitySo KSU 73.72 -0.95 OmnicomGroup OMC 73.57 -2.09 SpectraEnergy SE 24.74 0.80
CVX 88.85 -1.11 EversourceEnergy ES 50.88 -0.19 WestRock WRK 45.52 -0.10 Grifols ADR GRFS 15.98 -0.22 TractorSupply TSCO 83.75 -1.75
ArrowElec ARW 53.14 -1.04 Chevron Kellogg K 71.61 -0.66 OneMainHoldings OMF 40.72 -0.82 SpectraEnergyPtrs SEP 47.94 0.24
EXC 27.97 0.20 Weyerhaeuser WY 29.83 -0.15 HDSupplyHoldings HDS 30.48 0.45 TrimbleNav TRMB 21.59 0.14
Ashland ASH 102.16 -0.54 ChinaEasternAirADR CEA 26.28 -1.86 Exelon KeyCp KEY 12.96 -0.23 OpkoHealth OPK 10.00 -0.05 SpectrumBrndsHldgs SPB 102.86 1.06
Assurant AIZ 78.52 ExtrSpcStor EXR 87.82 -0.39 Whirlpool WHR 148.09 1.22 Hasbro HAS 66.96 -0.40 TripAdvisor TRIP 82.98 -2.27
-2.02 ChinaLifeInsADR LFC 15.22 -0.77 KeysightTechs KEYS 27.81 -0.52 Oracle ORCL 35.75 -0.63 SpiritAeroSystemsA SPR 49.02 -1.05
AstraZenecaADR AZN 33.40 t ChinaMobileADR CHL 55.08 -1.25 ExxonMobil XOM 77.46 -0.49 t KilroyRealty KRC 62.10 WhiteWaveFoods WWAV 38.81 -0.10 HenrySchein HSIC 155.26 -2.93 21stCenturyFoxClA FOXA 26.59 -0.57
-0.55 -1.18 OrangeADR ORAN 16.62 -0.01 Sprint S 3.52 -0.10
AtmosEnergy ATO 62.37 FMC 37.98 -1.15 Williams WMB 26.24 0.54 Hologic HOLX 37.83 -0.86 21stCenturyFoxClB FOX 26.61 -0.62
-0.67 ChinaPetroleumADR SNP 58.38 -1.60 FMC KimberlyClark KMB 126.48 -0.82 OrbitalATK OA 89.29 -0.05 StJudeMedical STJ 60.40 -1.37
ALV 121.63 FMCTechnologies FTI 29.22 0.21 WilliamsPartners WPZ 28.45 0.60 JBHunt JBHT 71.32 -2.04 UltaSalon ULTA 181.81 -3.19
Autoliv -3.14 ChinaSoAirlinesADR ZNH 34.95 -3.20 KimcoRealty KIM 25.75 -0.71 OrixADR IX 69.52 -0.72 StanCorpFinancial SFG 114.25 0.37
FactSetResearchSys FDS 156.62 -5.95 KinderMorgan KMI 15.27 t WillmSnoma WSM 57.47 -0.94 HuntgBcsh HBAN 10.70 -0.36 UltimateSoftware ULTI 188.34 -7.17
AutoNation AN 58.69 -0.97 ChinaTelecomADR CHA 44.93 -1.52 0.35 OwensCorng OC 46.78 -0.25 StanleyBlDck SWK 104.87 -1.86
FRT 144.86 -1.24 KingDigitalEnt KING 17.88 WillisGrp WSH 47.18 -1.39 IACInteractv IACI 58.70 -1.35 UnitedTherapeutics UTHR 155.54 -1.07
AutoZone AZO 735.48 -6.43 ChinaUnicomADR CHU 11.80 -0.26 FedRlty ... PG&E PCG 52.94 -0.25 StrwdHtlRsrt HOT 67.78 -1.50
FDX 143.43 -5.56 KSS 49.55 WiproADR WIT 11.20 -0.34 IdexxLab IDXX 71.12 -1.80 VeriSign VRSN 83.95 -3.41
Avalonbay AVB 180.72 -3.41 t ChipotleMex CMG 448.81-31.04 FedEx Kohl's 1.92 PNC FnlSvcs PNC 93.16 -2.15 StarwoodPrTr STWD 20.39 -0.17
FiatChryslerAutos FCAU 9.00 -0.19 KoninklijkePhilADR PHG 25.01 t WooriBankADR WF 21.54 -1.06 IPG Photonics IPGP 85.84 -3.32 VeriskAnalytics VRSK 75.30 -1.58
Avangrid AGR 37.85 -0.55 Chubb CB 130.87 -1.77 -0.44 POSCOADR PKX 34.80 -0.56 StateSt STT 65.14 -1.22
FibriaCelulose ADR FBR 12.56 -0.13 KoreaElcPwrADR KEP 20.92 Workday WDAY 77.76 -1.92 IcahnEnt IEP 63.77 2.47 VertxPharm VRTX 122.89 -2.94
AveryDennison AVY 61.20 -1.46 ChunghwaTelecomADR CHT 29.60 -0.43 -0.25 PPG Ind PPG 97.96 -0.86 StatoilADR STO 13.86 -0.10
FidNtlFnl FNF 33.50 -1.17 KR 41.16 WyndhamWorldwide WYN 70.88 -1.77 Illumina Viacom A VIA 43.24 -0.75
Aviva ADR AV 14.89 -0.32 Church&Dwight CHD 83.51 -1.37 Kroger -0.67 PPL PPL 33.68 -0.45 Steris STE 74.37 -0.97 ILMN 181.28-10.66
FNFVGroup FNFV 10.41 -0.82 KyoceraADR KYO 45.20 XL Group XL 38.21 -0.97 Incyte INCY 103.32 -5.13 Viacom B VIAB 40.82 -0.34
Avnet AVT 42.32 -0.52 Cigna CI 146.55 0.22 -0.91 PVH Corp. PVH 73.49 -0.16 STMicroelectronics STM 6.59 -0.07
AxaltaCoatingSys AXTA 25.84 FidelityNtlInfo FIS 59.91 -0.69 LB 94.00 -1.82 t Stryker XcelEnergy XEL 35.70 -0.21 Intel INTC 33.99 -0.46 VimpelComADR VIP 3.28 ...
-0.81 CimarexEngy XEC 90.00 0.62 LBrands PackCpAm PKG 62.35 -0.70 SYK 90.02 -2.92
AxisCapHldgs AXS 55.90 LGDisplayADR LPL 10.06 -0.38 Xerox XRX 10.30 -0.33 IntrctvBrkGrp IBKR 42.44 -1.16 VodafoneGroupADR VOD 32.19 -0.07
-0.32 Citigroup C 51.13 -0.62 58.comADR WUBA 62.36 -3.60 PaloAltoNetworks PANW 171.52 -4.62 SumitomoMitsADR SMFG 7.56 -0.03
BBT 36.65 L-3Communications LLL 117.28 -2.23 Xylem Inc. XYL 36.08 -0.42 Intuit INTU 94.38 -2.12 WPPADR WPPGY 112.57 -2.17
BB&T -1.16 CitizensFinancial CFG 25.80 -0.39 FirstRepublicBank FRC 64.28 -1.78 ParkerHannifin PH 96.66 -0.32 SunLifeFinancial SLF 30.57 -0.63
BCE 38.45 LabCpAm LH 122.89 -0.75 s PartnerRe PRE 140.05 0.31 YPFADR YPF 15.80 0.08 IntutvSrgcl ISRG 547.39 1.23 WalgreensBootsAll WBA 83.05 -2.11
BCE -0.17 Clorox CLX 125.28 -1.55 FirstEnergy FE 31.50 -0.23 SuncorEnergy SU 25.30 -0.50
BHPBillitonADR BHP 25.48 -0.28 FIT 29.76 LasVegasSands LVS 43.40 -0.44 YanzhouCoalADR YZC 4.38 -0.20 IonisPharma IONS 61.68 -0.25 WstnDgtl WDC 60.40 0.35
Coach COH 33.64 0.91 Fitbit 0.17 PearsonADR PSO 10.67 -0.11 SunocoLgst SXL 25.87 0.17
BHPBillitonADR BBL 22.24 -0.41 FleetCorTechs FLT 140.63 LAZ 44.51 -0.50 YoukuTudouADR YOKU 26.99 -0.14 JD.comADR JD 29.53 -2.73 WholeFoods WFM 33.27 -0.23
CocaCola KO 42.40 -0.56 -2.30 Lazard PembinaPipeline PBA 21.56 -0.20 SunTrustBanks STI 41.58 -1.26
BP 31.06 -0.20 Flowserve FLS 42.01 LearCorp LEA 120.71 -2.12 YumBrands YUM 72.21 -0.84 JackHenry JKHY 76.53 -1.53 WynnResorts WYNN 68.77 -0.42
BPADR Coca-ColaFemsaADR KOF 69.26 -1.55 -0.07 Pentair PNR 49.28 -0.25 SynchronyFinancial SYF 29.94 -0.47
t BRFADR BRFS 13.52 -0.30 FLR 47.71 Leggett&Platt LEG 41.02 -1.00 ZayoGroupHoldings ZAYO 26.53 -0.06 JazzPharma JAZZ 137.26 -3.30 Xilinx XLNX 45.80 -1.17
CocaColaEnt CCE 48.65 -0.59 Fluor 0.49 PepcoHoldings POM 25.90 -0.11 SyngentaADR SYT 77.39 -1.34
BTGroupADR BT 34.30 -0.31 ColgatePalmolive CL 64.71 -1.91 FomentoEconMexADR FMX 90.84 -1.51 LennarClA LEN 46.71 -2.20 PepsiCo PEP 98.77 -1.15 Sysco SYY 40.61 -0.39 ZimmerBiomet ZBH 101.81 -0.78 JetBlue JBLU 21.88 -0.77 Yahoo YHOO 31.40 -1.86
BakerHughes BHI 47.25 1.10 ColumbiaPipeline CPGX 20.10 0.10 FootLocker FL 65.31 0.22 LennarClB LEN/B 37.80 -2.38 PerkinElmer PKI 52.43 -1.14 TEConnectivity TEL 63.44 -1.17 Zoetis ZTS 47.27 -0.65 KLA Tencor KLAC 68.69 -0.66 Yandex YNDX 15.22 -0.50
Ball BLL 72.11 -0.62 Comerica CMA 41.43 -0.40 FordMotor F 13.97 -0.12 LennoxIntl LII 124.24 -0.66 Perrigo PRGO 142.50 -2.20 TEGNA TGNA 24.85 -0.67 KeurigGreenMtn GMCR 90.08 0.10 ZionsBcp ZION 26.71 -0.59
t BancoBilbaoVizADR BBVA 7.23 -0.10 ConAgraFoods CAG 41.54 -0.62 FortBrandsHomeSec FBHS 54.88 -0.62 LeucadiaNational LUK 17.02 -0.37 PetroChinaADR PTR 64.47 -1.12 TELUS TU 27.23 -0.42
NASDAQ KraftHeinz KHC 72.70 -0.06 Zynga ZNGA 2.58 -0.10
BancodeChileADR BCH 58.50 -0.91 ConchoResources CXO 90.29 -2.57 Franco-Nevada FNV 46.85 1.10 Level3Comm LVLT 53.09 -1.27 PetroleoBrasilADR PBR 4.26 -0.04 TERNIUMADR TX 12.16 -0.27 AMCNetworks A AMCX 75.39 0.71 LKQ LKQ 28.84 -0.79
BcoSantChileADR BSAC 17.34 -0.30 ConocoPhillips COP 46.88 0.19 FranklinResources BEN 36.18 -0.64 EliLilly LLY 82.87 -1.39 PetroleoBrasilADRA PBR/A 3.37 -0.03 TJX TJX 70.83 -0.08 Ansys ANSS 90.10 -2.40 LamResearch LRCX 77.73 -1.69
NYSE MKT
t BancoSantanderADR SAN 4.79 -0.08 ConEd ED 64.40 0.13 Freeport-McMoRan FCX 6.55 -0.22 LincolnNational LNC 49.10 -1.16 Pfizer PFE 31.95 -0.33 TableauSoftware DATA 93.79 -0.43 ARMHoldingsADR ARMH 44.41 -0.83 LamarAdvertisingA LAMR 59.79 -0.19 BritishAmTobADR BTI 108.56 -1.89
BanColombiaADR CIB 26.39 -0.36 ConstBrands A STZ 140.69 -1.75 FreseniusMedADR FMS 41.28 -0.56 LinkedInA LNKD 225.55 0.47 PhilipMrrsIntl PM 87.00 -0.91 TaiwanSemiconADR TSM 22.09 -0.66 ASMLHolding ASML 87.30 -1.47 LibertyBroadbandA LBRDA 50.49 -1.16 CheniereEnergy LNG 37.51 0.26
BankAm BAC 16.43 -0.40 ConstBrands B STZ/B 140.72 -3.45 Gallagr AJG 40.20 -0.74 LionsGateEnt LGF 31.30 -1.09 PhilippineLgDisADR PHI 42.03 -0.72 Target TGT 73.55 0.94 ActivisionBliz ATVI 37.62 -1.09 LibertyBroadbandC LBRDK 50.71 -1.15 CheniereEngyPtnr CQP 25.73 -0.34
BkMntrl BMO 55.04 -1.38 ContinentalRscs CLR 23.29 0.31 t Gap GPS 25.51 1.04 LiveNationEnt LYV 23.97 -0.60 Phillips66 PSX 80.08 -1.72 TaroPharm TARO 151.07 -3.48 AdobeSystems ADBE 91.97 -1.97 LibertyGlobalClA LBTYA 41.75 -0.61 ImpOil IMO 32.15 -0.37
New Highs and Lows | WSJ.com/stocks Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock RitchieBros RBA 22.86 -3.6 ETRACSMnly2xLevISE HOML 20.31 -9.5 MktVecPoland PLND 12.83 -3.1 Libbey LBY 20.23 -1.9 FinTechAcquisition FNTC 9.51 -2.5 PAM Transpt PTSI 25.47 -5.3
Market stocks that hit a new 52-week intraday high or low in the latest session. RoseRockMidstream RRMS 14.25 -1.3 EGBeyondBRICs BBRC 14.03 -1.7 MeidellTacticalAdv MATH 27.19 -3.0 NovaCopper NCQ 0.28 -2.5 F AsiaPacexJapan FPA PHI NVtng PHIIK 16.10 13.3
% CHG-Daily percentage change from the previous trading session. 21.65 -1.4
RubyTuesday RT 5.03 -6.4 EGShsEMCoreexChina XCEM 18.50 -5.0 NashvilleAreaETF NASH 25.34 -1.7 RadiantLogistics RLGT 3.25 -1.7 FirstTrCdaAlphaDEX FCAN 20.98 -2.3 PowelInd POWL 25.12 0.2
Monday, January 4, 2016 SKTelecomADR SKM 19.54 -0.8 EGAEMDmestcDemand EMDD 16.95 -3.0 OShsFTSEEurQltyDiv OEUR 22.60 -0.4 RexahnPharm RNN 0.33 -6.2 FirstTrHKAlphaDEX FHK 24.66 -2.5 PowerShDWATactical DWTR 24.33 -2.7
52-Wk % 52-Wk % 52-Wk % SafeBulkers SB 0.75 -7.0 ElemntsRogrAgri RJA 6.14 -1.4 OppenheimerRevWtd RTR 28.80 -1.5 SamsonOil&GasADR SSN 0.37 -1.3 FlexSharesRealAsst ASET 23.91 -1.8 PSFTSEIntlLowBeta IDLB 23.75 -2.2
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Satrn JCPen HJV 14.07 -2.5 ElemntsSpectrmLC EEH 13.52 -1.8 PwrShsCleantch PZD 25.00 -1.7 SeabrdCp SEB 2772.24 -2.9 FogodeChao FOGO 14.09 -6.1 PwrShrGlblAgricult PAGG 22.52 -1.9
GameStopClA GME 27.01 1.0 Sothebys BID 24.40 -5.1 FidelityLtdTermBd FLTB 49.57 ... PwrShrETFEmgMk PXH 13.46 -2.7 TianyinPharm TPI 0.15 -4.2 ForresterResearch FORR 27.33 -0.7 PSRuss1000LowBeta USLB 24.10 -3.2
NYSE highs - 51 NYSE lows - 142 Gap GPS 23.86 4.3 StellusCapitalInvt SCM 9.43 1.5 FTMidCapValue FNK 25.91 -1.0 PowerSharesS&PIntl IDHB 22.48 -3.8 G&KServicesClA GK 60.15 -4.4 PwrShSP CnsDscr PSCD 44.61 -2.0
AFLAC5.50%SubDeb52 AFSD 25.89 -0.3 ACCOBrands ACCO 6.64 -4.1 GeoPark GPRK 2.45 1.9 Stryker SYK 89.56 -3.1 FlexSharesCurrHdDM TLDH 23.47 -1.6 PowerShS&P500Value SPVU 24.75 -3.2 Nasdaq highs - 14 GSITechnology GSIT 3.70 1.1 PwrShSP SmMatr PSCM 30.10 -2.4
AegonCapSec AEH AEH 26.58 0.8 ARCDocumentSolns ARC 4.19 -3.8 GerdauADR GGB 1.12 -4.2 SummitHotelProp INN 11.34 -4.4 FlexSharesCurrHdg TLEH 22.79 -3.7 ProShrsUltBrzl UBR 23.64 -7.1 AbilityWt ABILW 1.50 5.1 GSV Capital GSVC 6.61 1.8 PranaBiotechADR PRAN 0.65 -1.5
BB&TPfdE BBTpE 26.29 0.3 AVX AVX 11.61 -1.7 GrahamHoldings GHC 467.37 -3.2 SunstnHtlInv SHO 12.00 -3.0 FlexSharesIntlDiv IQDE 20.54 -2.1 SPDRBarcIntlHiYdBd IJNK 21.05 -0.6 AxsomeTherapeutics AXSM 12.19 31.5 GalectinTheraptcs GALT 1.50 -1.2 PyxisTankers PXS 1.05 -0.8
BkofAmericaDepPfdW BACpW 26.98 0.8 AberdeenSingapore SGF 8.31 -2.3 GraniteREIT GRP/U 26.85 1.8 TCFFinancial TCB 13.69 -1.8 GlblXChnaIndust CHII 12.00 -5.1 SPDRMSCICdaQuality QCAN 43.20 -1.4 CTIIndustries CTIB 5.15 -0.6 GlbPartnerAcqnUn GPACU 9.91 -0.9 QuinStreet QNST 3.79 -6.5
BankAm pfD BACpD 26.09 0.9 Accuride ACW 1.53 -3.6 Gp1Auto GPI 73.60 -1.4 TIMPartADR TSU 8.21 -0.7 GlblXFTSEGreece20 GREK 7.91 1.3 SPDRMSCIChinaA XINA 23.49 -10.4 CivistaBancshsPfdB CIVBP 40.00 8.8 GreatBasinScien GBSN 0.86 0.2 Rapid7 RPD 14.35 -4.0
BankAm pfI BACpI 27.12 HNI 34.62 -3.3 TRIPointeGroup TPH 12.06 -3.9 GlbXFTSENordReg GXF 20.87 -2.0 SPDRMSCIEmgQuality QEMM 45.80 -3.3 DoubleEagleAcqnClA EAGL 10.50 1.8 GreenBancorp GNBC 9.95 0.2 RedRobin RRGB 59.64 -2.9
1.3 Allstate5.1%Deb ALLpB 24.35 1.1 HNI
HarleyDavidson HOG 44.20 TeamHealthHolding TMH 42.55 -1.9 GlbXFTSEPortugal20 PGAL 9.70 ... SPDRMSCIMexicoQual QMEX 21.50 -2.9 E-compassAcqnRt ECACR 0.20 30.0 HTGMolecularDiagn HTGM 3.99 -6.2 RennovaHealth RNVA 1.28 -4.4
Baxalta BXLT 41.26 5.5 AmbevADR ABEV 4.22 -4.3 0.3
Team TISI 30.26 -2.5 GlbXFertilizersPot SOIL 8.89 -1.1 SPDRS&PEmgLatAmer GML 33.70 -2.8 FifthThirdBncpPfdI FITBI 29.11 0.7 HansenMed HNSN 2.26 -0.9 Rent-A-Center RCII 14.58 1.5
BlackHillsUn BKHU 56.21 -0.1 AmericaMovilADR AMX 13.51 -1.6 Harsco HSC 7.47 -2.8
TelefonicaBrasADR VIV 8.65 -0.7 GlbXJPMEfficiente EFFE 22.06 -0.5 SPDREmMktsDiv EDIV 22.86 -3.0 LaPorteBancorp LPSB 15.30 0.7 Harmonic HLIT 3.91 -2.9 RitterPharmactl RTTR 1.53 -4.1
BlackrockTerm BTT 21.82 1.2 AmericanExpress AXP 66.77 -2.8 HarteHanks HHS 3.03 -3.4
TelefonicaADR TEF 10.61 -2.3 GlblXMSCINorwayETF NORW 9.48 0.8 SPDRS&P500FossFree SPYX 48.00 -1.9 LightpathTechsA LPTH 3.22 10.2 Hawkins HWKN 33.36 -4.2 SearsCanada SRSC 4.82 -2.9
CapOneFinlDepPfdC COFpC 26.73 0.8 AnworthMtg ANH 4.27 -0.5 HershaHospitalityA HT 20.70 -3.9
Tennant TNC 53.29 -4.1 GlbXMSCIPakistan PAK 12.88 0.9 SPDRS&PGlbDividend WDIV 55.49 -1.3 MMACapitalMgmt MMAC 15.15 4.1 InfinityPhar INFI 6.55 -12.0 SharpSpring SHSP 2.95 -5.1
CapOneDep.Pfd.D COFpD 27.84 0.9 AnworthMtg pfB ANHpB 22.25 -3.5 HiltonWorldwide HLT 20.65 -1.4
Textura TXTR 20.37 -3.0 GlbXNextEmerging EMFM 16.64 -2.5 SPDRSSgAGlbAll GAL 32.23 -1.0 NorthernTrDepPfdC NTRSP 26.98 0.5 InglsMkt IMKTA 38.22 -13.0 Sizmek SZMK 3.45 -3.0
CapOneFinlDepPfdF COFpF 26.50 0.8 AsiaPacificFund APB 9.60 -1.8 HostHotels&Resorts HST 14.90 -1.2
ThermonGrpHldgs THR 16.00 -1.7 GlbXSuperDivEM SDEM 11.89 -2.9 SchwabFundEmgLrg FNDE 17.76 -2.7 OldPtFnl OPOF 19.38 7.8 InnophosHoldings IPHS 27.29 -2.3 Sky-mobiADR MOBI 2.20 -3.9
CharlesSchwabPfdC SCHWpC 26.99 0.2 AsiaTigersFund GRR 8.78 -1.9 HuanengPowerADR HNP 32.20 -5.1
ThirdPointReins TPRE 12.77 -3.4 GSActiveBetaEM GEM 24.03 -3.4 SPDRIntGovtETF WIP 50.16 ... Radcom RDCM 15.51 -4.8 InovalonClA INOV 16.23 -1.5
SthsdBcsh SBSI 23.16 -3.0
CitigroupPfdK CpK 28.05 0.5 BRFADR BRFS 13.40 -2.2 HyattHotels H 45.08 -4.1 SpartnMtr SPAR 3.03 -0.6
TimeInc. TIME 14.82 -4.6 GSActiveBetaIntlEq GSIE 23.70 -1.4 SPDR DJMCap RSCO 74.62 -1.9 WestfieldFinancial WFD 8.59 1.7 IntecPharma NTEC 4.15 -6.7
CitigroupPfdL CpL 27.71 0.4 BancoBilbaoVizADR BBVA 7.08 -1.4 IMSHealthHoldings IMS 24.44 -3.4 SpartanNash SPTN 20.56 -3.8
TribuneMediaClA TRCO 32.92 -1.2 GuggenBullet2019Cp BSCJ 20.76 0.1 SPDR S&P IntlFnl IPF 18.39 -3.6 InterpaceDiagnostics IDXG 0.39 -14.0
CullenFrostPfd CFRpA 25.70 1.2 BancoBradescoPfADR BBD 4.66 -1.5 IntrawestResorts SNOW 7.52 -2.2
Duke5.125%Deb2073 DUKH 25.78 0.3 BancoSantanderADR SAN 4.70 -1.6 iStar STAR 11.35 -3.1
TurkcellIletismADR TKC 8.22 -2.1 GuggenheimBull2022 BSCM 20.10 0.2 TeucriumCornFund CORN 20.82 -1.6 Nasdaq lows - 135 iShMSCIEuropeFinls EUFN 19.65 -2.1
Spherix SPEX 0.12 -16.6
UltraparPartADR UGP 14.19 -5.9 GuggenheimDJIADiv DJD 24.73 -3.5 TeucriumSoybeanFd SOYB 16.95 -0.6 StateAutoFinancial STFC 19.51 -4.4
EatonVanceMunInc28 ETX 18.78 1.6 BkNovaScotia BNS 39.39 -1.4 JohnsonControls JCI 38.27 -1.0 ARCAbiopharma ABIO 4.50 -0.2 KBSFashionGroup KBSF 2.10 -25.0
Unifirst UNF 99.66 -3.5 GugIntlMltyAst HGI 13.91 -1.8 TeucriumWheatFund WEAT 8.89 -2.1 SunEdisonSemicon SEMI 7.47 -1.1
EnduranceDepPfdC ENHpC 26.04 1.1 BarclaysADR BCS 12.58 -0.8 KBFinancialGrpADR KB 26.87 -2.8 AbengoaADR ABGB 1.10 ... LeggMasonDevelopedex-USDivCore DDBI 24.41 -2.3
Univar UNVR 16.08 -3.6 GuggenheimS&PHiInc GHII 20.90 -2.4 USCFStockSplitIndx TOFR 14.52 -2.6 SurModics SRDX 18.86 -6.3
EntergyTexasBds64 EZT 27.61 2.6 BeazerHm BZH 11.03 -1.7 K12 LRN 8.31 -2.8 AlexzaPharm ALXA 0.69 -1.1 LeggMasonEMDivCore EDBI 24.12 -2.8
VF VFC 60.26 -2.2 HuntStratEcoLog HECO 34.49 -2.5 WBITacticalIncome WBII 24.43 -0.1 SynutraIntl SYUT 4.30 -7.2
EquityCommonNt42 EQCO 24.77 0.7 BiglariHoldings BH 323.00 3.0 KilroyRealty KRC 61.61 -1.9 AmericaMovilClAADR AMOV 13.37 -1.4 LeggMasonLowVol LVHD 24.42 -1.7
Vectrus VEC 19.76 -4.9 IQGlobalResources GRES 20.57 -0.5 WBITacticalLCS WBIL 22.07 -1.6 THT HeatTrans THTI 0.46 -4.2
GabelliConv pfB GCVpB 26.89 -0.8 BoiseCascade BCC 24.02 -1.6 KoreaFund KF 30.52 -3.7 AmericanPubEdu APEI 17.84 -1.1 LeggMasonUSDivCore UDBI 24.45 -2.1
VoyaNaturalRscs IRR 5.34 -0.4 iPathBloomGrainsTR JJG 29.71 -1.8 WBITacticalLCV WBIF 22.37 -1.9 TICCCapital TICC 5.65 0.5
GoldmanSachsPfd.I GSpI 26.28 0.3 CBD Pao ADR CBD 9.93 -4.8 KratnPrfmcPlymr KRA 16.13 -1.0 AntaresPharma ATRS 1.17 -1.7 LimelightNetworks LLNW 1.40 -2.7
WadlRed A WDR 27.07 -1.3 iPathPBAgriculture DIRT 30.90 -0.8 WBITacticalLCY WBIG 21.29 -1.4 TesseraTechs TSRA 28.69 -2.4
GoldmanSachsGpPfdK GSpK 27.89 0.4 CBL Assoc CBL 12.05 -1.7 LaQuintaHoldings LQ 13.17 -1.5 AratanaTherapeutic PETX 4.99 -9.9 Limoneira LMNR 14.21 -4.2
WattsWater A WTS 47.03 -2.6 iPathPBGrains WEET 32.71 -0.6 WBITacticalSMS WBID 20.70 -2.6 BancpBk TBBK 6.03 -5.0
JPMorganChasePfdP JPMpA 25.41 0.3 CDI CDI 6.32 -5.2 LaZ Boy LZB 23.30 -2.2 AssemblyBioscience ASMB 7.09 -4.3 LiquiditySvcs LQDT 6.16 0.6 ThrshldPharm THLD 0.45 -5.8
WillmSnoma WSM 57.30 -1.6 iPathPBNickel NINI 14.68 -1.3 WBITacticalSMV WBIB 22.28 -2.5 BJsRestaurants BJRI 38.85 -3.4 LivePerson LPSN 6.60 -0.9
JPMorganChasePfdT JPMpB 27.77 1.1 CIT Grp CIT 38.78 -0.4 LaSalleHtl LHO 24.28 -2.0 WinthropRealtyTr FUR 12.83 -0.2 iPathPBS&PGSCIWt SBV 19.35 -0.2 WBITacticalSMY WBIC 21.11 -2.1 TiVo TIVO 8.32 -3.4
JPM6.125%Dep.Pfd.Y JPMpF 26.29 0.5 Caleres CAL 25.80 -2.0 MSCIndlDirect MSM 54.19 0.5 BedBath BBBY 47.25 0.5 LumosNetworks LMOS 10.71 -2.1 TokaiPharma TKAI 8.03 -7.0
WolverineWorldWide WWW 16.09 -0.7 iShCurHdgMSCIACWI HACW 22.64 -3.5 WistrComCntyEqtyFd CCXE 18.74 -4.5 BioDeliveryScience BDSI 4.40 -5.4 MercerInt
JPMDepPfdSeriesAA JPMpG 26.10 0.8 CapOneFnlWt COF/WS 29.00 -5.1 MagnaInt MGA 39.15 -1.5 MERC 8.57 1.2 TownSports CLUB 1.07 0.8
WooriBankADR WF 21.36 -4.7 iShCurHdgMSCISpain HEWP 19.99 -1.4 WisdomTreeEMHiDiv DEM 30.51 -2.9
JPMDepPfdSeriesBB JPMpH 26.12 0.7 CtrlEuropeRussiaFd CEE 16.35 -1.6 Marcus&Millichap MMI 27.29 -4.8 CIFC CIFC 5.27 1.6 MethesEnergiesIntl MEIL 0.18 -5.7 TuttleTactMgtMulti TUTI 23.00 -0.5
XeniaHotels XHR 14.74 -2.5 iShEmgMktDividend DVYE 28.72 -2.4 WisdomTreeEurope HEDJ 52.28 -1.4 ChinaAutoSystems CAAS 4.45 -1.7 Mimecast
JPMorganChasePfdO JPMpD 25.49 0.6 ChathamLdgTr CLDT 19.63 -3.1 MarriottVacations VAC 53.83 -5.3 MIME 9.00 -5.6 TwinDisc TWIN 10.11 -1.0
iShiBondsDec2019Cp IBDK 24.50 0.2 WisTreGlbexUSUtlFd DBU 14.80 -2.2
MedleyCapNts21 MCX 24.72 -0.2 Chegg CHGG 6.17 -7.3 MineralsTechs MTX 43.01 -5.4 NYSE Arca highs - 5 iShiBondsDec2022Cp IBDN 24.15 -0.2 WisdmTrIntDiv DOO 37.08 -1.5
CoffeeHolding JVA 3.50 -8.1 MoneyGramIntl MGI 5.93 -4.8 UMBFinancial UMBF 44.95 -2.5
MorganStanleyPfdE MSpE 28.87 0.8 ChesapkLdgTr CHSP 23.96 -2.4 MiXTelematicsADR MIXT 4.15 -0.7 ComrclVehGp CVGI 2.45 -3.3 MoSys MOSY 1.05 5.5 Uni-Pixel UNXL 0.45 -3.7
EmpireStateReal250 FISK 22.98 -2.6 iShiBondsMar2020Cp IBDC 102.87 -0.2
NextEraEnCapI NEEpI 24.99 ... Chicos CHS 10.04 -0.7 MobileTeleSysADR MBT 5.93 -2.8 iShiBdDec22AMTFree IBMK 25.73 0.1 iShiBdsMar23CpxFin IBCE 94.40 -0.2 NYSE MKT highs - 4 CowenGroup COWN 3.65 -2.3 MultiColr LABL 52.72 -2.7 VestinRealtyMtg II VRTB 2.24 -5.7
NextEra5%PfdJrDebJ NEEpJ 24.83 0.2 ChinaMobileADR CHL 54.48 -2.2 MS ChinaShrFd CAF 18.69 -3.9 CumberlandPharm CPIX 5.02 -3.6 NMIHoldingsClA NMIH 6.60 -1.8 VictoryCEMPDevEnh CIZ 30.62 -2.1
PwrShsFnlPfd PGF 18.92 0.4 iShiBondsMar2023Cp IBDD 102.07 -1.1 EvansBcp EVBN 26.00 1.1
NokiaADRWi NOKw 7.18 1.4 ChipotleMex CMG 447.50 -6.5 MuellerIndustries MLI 25.92 -3.2 DXPEnterprises DXPE 21.34 -3.9 NatureSunshine NATR 9.59 -1.9 VictoryCEMPItlHiDv CID 31.62 -1.7
PwrShrPfdETF PGX 15.04 0.5 iShLatinAmerica40 ILF 20.61 -2.5 IntelligentSystems INS 3.50 0.5
PNCFinSvsGrpPfdQ PNCpQ 25.72 0.5 ClayEngy CWEI 27.81 -0.6 NimbleStorage NMBL 8.69 -4.9 DipexiumPharma DPRX 9.74 -10.4 Neurometrix NURO 1.83 -6.1 VictoryCEMPIntlVol CIL 32.75 -2.8
VanguardTaxExempt VTEB 51.10 0.1 iShMSCIAllPeruCap EPU 19.87 -0.6 Majesco MJCO 6.10 1.2
PartnerRe PRE 140.21 0.2 EngGr-Cmg ADR CIG 1.41 -4.0 Nordstrom JWN 48.71 0.6 DvsfdRestaurant SAUC 2.00 -9.3 NivalisTherapeutic NVLS 7.01 -5.8 VictoryCEMPUSDiscv CSF 33.57 -2.6
iShMSCIBrazilCap EWZ 19.91 -3.6 OncoCyte OCX 9.70 44.0
PartnerRePfdD PREpD 27.56 1.0 COPELADR ELP 5.63 -2.4 NortelInversoraADR NTL 14.35 -0.9 NYSE Arca lows - 113 iShMSCICanadaETF EWC 20.86 -1.4
DragonWaveWt DRWIW 0.01 ... NoodlesClA NDLS 9.32 6.2 VictoryCEMPUS500 CFO 34.93 -1.7
PartnerRePfdE PREpE 28.96 1.1 CullenFrostBankers CFR 57.23 -3.5 OneLiberty OLP 20.73 -2.8 AdvisorShEquityPro EPRO 26.74 -3.5 iShMSCIMalaysiaETF EWM 7.44 -3.2 NYSE MKT lows - 19 ElectroRent ELRC 8.97 -1.4 Nortek NTK 40.77 -2.5 VictoryCEMPUS500 CFA 34.96 -2.2
RegionsFinDepPfdA RFpA 26.52 0.1 DeckersOutdoor DECK 45.09 -0.1 OwensIL OI 16.63 -2.1 Electro-Sensors ELSE 3.46 -3.4 NowestBioTher NWBO 3.00 -4.4 VictoryCEMPUSSmCp CSB 32.07 -2.1
ArrowQVMEquityFact QVM 21.54 -2.0 iShMSCISaudiArabia KSA 23.51 -2.8 AberdLatAmEq LAQ 14.85 -2.4
RoyalBkCanadaPfdC1 RYpS 25.67 1.1 DelticTimber DEL 56.63 -1.6 ParkElchm PKE 14.33 -1.7 EmpireResorts NYNY 16.53 0.5 OnconovaTherapeutc ONTX 0.91 -3.8 VictoryCEMPUSSmCp CSA 31.87 -2.8
CambriaGlbValue GVAL 17.31 -1.2 iShMSCISpainCapped EWP 27.45 -1.3 AdCareHlthSys ADK 1.85 -11.6
SCETrustIVPfdJ SCEpJ 27.39 0.6 DiamndrckHspty DRH 9.31 -1.0 ParkerDrilling PKD 1.73 1.1 EncoreCapitalGroup ECPG 27.87 0.1 1-800-FLOWERS.COM FLWS 6.67 -2.9 Viggle VGGL 0.32 -4.1
CambriaValue VAMO 22.96 -0.5 iShMSCIThailandCap THD 57.08 -1.6 CVSL CVSL 0.95 -1.0
SeniorHousing5.625 SNHN 25.39 ... Diebold DBD 28.93 -2.0 PebblebrookHotelTr PEB 26.78 -3.0 EnerNOC ENOC 3.40 -4.9 Outerwall OUTR 34.94 -1.4 WesBanco WSBC 29.24 -2.2
DeutschextrkrsCSI300ChinaA-SharesHdgEquity ASHX 23.00 -9.1 iShMSCIUK EWU 15.65 -1.6 CelSci CVM 0.36 8.1
SouthernNts2015A SOJA 26.98 -0.1 Dillards DDS 64.16 0.4 PennyMacFinSvcsClA PFSI 15.01 -1.5 EzcorpClA EZPW 4.60 -2.8 Overstock OSTK 11.68 -2.7 ZillowGroupClC Z 22.07 -5.8
DeutscheXHarCSI300 ASHR 25.24 -8.5 iShYdOptimizedBd BYLD 23.97 -0.2 ChinaPharma CPHI 0.13 4.7
StateStreetDepPfdD STTpD 27.98 0.7 E 28.89 -1.3 PenskeAuto PAG 40.62 -3.7 FinjanHoldings FNJN 1.09 -4.3 OxbridgeReHoldings OXBR 4.70 -8.7 ZynerbaPharma ZYNE 9.00 -4.0
ENIADR DeutscheXAllChina CN 28.86 -6.9 JPMorganDivRetEM JPEM 39.38 -2.7 CloughGlblOpp GLO 10.13 -1.4
StateStreetDepPfdE STTpE 26.73 0.6 EssentGroup ESNT 20.96 -2.1 PerformanceSports PSG 9.32 -0.4 DeutscheXMSCIBrazl DBBR 8.00 0.2 KraneBoseraChinaA KBA 31.52 -9.0 eMagin EMAN 1.26 -6.4
SunTrustPerpPfdE STIpE 26.03
U.S.BncpDepPfdH USBpO 26.00
...
...
EverBankFin EVER 15.47 -2.2
EvolentHealthClA EVH 11.27 -2.4
PulteGroup PHM 16.79
QuakerChm KWR 73.90
-3.7
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20.07
10.28
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LatticeEMStrategy ROAM 18.48
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-2.5
FriedmanIndustries FRD
Globalstar
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During the trading day, 52-week highs and lows are updated hourly
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C8 | Tuesday, January 5, 2016 * ***** THE WALL STREET JOURNAL.
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
CHINA Oil Prices: Risk Takes on Reality OVERHEARD

Continued from page C1 Whoever came up with Iran may also be in a bet- It pays to arrive early to a
shore yuan rates implies in- the phrase “no news is good Widening Gulf ter position to help foment markets party. Back in 2013,
vestors remain jittery. news” clearly wasn’t long Budget deficit or surplus as a unrest among Saudi Arabia’s investors ramped up bank
Not that the government gold or oil futures Monday. percentage of GDP among nations Shiite minority, an estimated stocks in anticipation of the
is likely to stand pat on the The latter in particular in Gulf Cooperation Council 10% to 15% of the population Federal Reserve raising inter-
economy. Already, China is tend to perk up when head- that resides largely in its oil- est rates. Hopes for Fed
loosening the government lines emanate from the Mid- 15% rich eastern region. Their re- tightening—which should help
purse strings again. Even dle East, home to more than 10 action to the execution of a bolster bank profits and mar-
more could be in store. half of the planet’s proven cleric who agitated against gins—were stoked by then-
5
While China’s slowing crude reserves. But while the Saudi ruling family is a Chairman Ben Bernanke’s
economy has major struc- armed conflict in Syria and 0 Estimates wild card. talk of tapering bond pur-
tural explanations such as Yemen and unrest in produc- –5 A possible reason to be chases. The KBW Nasdaq
high debt levels and overca- ers Iraq and Libya have sanguine is that oil prices Bank index rose 35% that
pacity, a more proximate failed to lift prices from –10 crumbled rather than surged year, beating the S&P 500 by
cause in 2015 was fiscal their nearly 11-year low, a –15 during the last major Sunni- nearly six percentage points.
drag. Local governments war of words between Saudi 2012 ’13 ’14 ’15 ’16 Shiite armed conflict, the Then the Fed stood pat. In
were hamstrung by new bud- Arabia and Iran that esca- Sources: International Monetary Fund; Iran-Iraq War of 1980 to 2014, the KBW gained just
get laws. And the central lated over the weekend got European Pressphoto Agency (photo) Iranian protestors near the 1988. That occurred even 7%, underperforming the mar-
government has been for the market’s attention. THE WALL STREET JOURNAL. Saudi embassy in Tehran when neutral nations’ oil ket by nearly five percentage
years wedded to maintaining Oil prices spiked more tankers were attacked. points. It wasn’t until the end
a cap on deficit spending. than 3%. The reaction was a likelihood of regional insta- ing to undertake unpopular But that came after Iran’s of 2015 that the Fed finally
That has changed. Total knee-jerk one, of course; the bility may be higher at a money-saving moves such as revolution had crippled its moved, but that came too
government spending, which spat hasn’t subtracted a sin- time of low rather than high a recent 50% increase in the oil output. This sent oil late. Bank stocks lost 1.6% for
fell year over year at the gle drop from the crude glut oil prices. price of subsidized gasoline. prices to what were then a the year, nearly a percentage
start of 2015, has risen that hangs over the market. Petroleum revenue under- And maintaining the “so- record in 1980. The odds of point worse than the market.
sharply since midyear, up by That is why the price pins not just prosperity, but cial bargain” that helps keep internal strife disrupting Now, economic worries
more than one-quarter over gains likely evaporated be- security in Saudi Arabia and the Saudi ruling family in Saudi production, which ac- again have markets spooked,
the same time a year before. cause of downbeat economic other wealthy Gulf king- power while also paying for counts for 12% of the world’s as witnessed by Monday’s
And Beijing has grown more news from China on Mon- doms. But it is no longer suf- a war against Iran’s allies in total, may be slight. The con- selloff. Since that could cause
comfortable with central- day and global stock-market ficient given the drastic Yemen are both expensive. sequences, however, would the Fed to hesitate once
government debt rising over weakness. price falls of the past 18 Iran may keep it that way if be even greater. again, or at the least flatten
the medium term. Tax cuts Even so, the initial reac- months. Last year Saudi Ara- expiring nuclear sanctions Oil traders will buy first the yield curve, bank stocks
also are in the offing. tion of oil traders underlines bia’s budget deficit was an allows it to flood the market and ask questions later on took it on the chin. Buy the
Fiscal spending and tax a geopolitical factor inves- unsustainable 15% of gross with an additional 500,000 any sign that Saudi stability rumor, sell the fact, indeed.
cuts, of course, have limits. tors should appreciate: The domestic product. It is hav- barrels a day of crude. is at risk. —Spencer Jakab
And China’s economy is off
to a slow start in 2016. The
Caixin Manufacturing Pur-
chasing Managers’ Index out
Monday came in at a feeble
Apple Peeled: Getting Under the Skin of iPhone Worries
48.2. So investors shouldn’t Apple is known for brutal other growth-challenged gi- start of the period. Apple’s current market value
expect government spending efficiency, regularly killing Reality Distorted ants like Microsoft, Oracle, Signs haven’t gotten any more than prices that in.
will lead to a recharged features and products that Share price as a multiple of forward Cisco Systems and Interna- better since that forecast. Tech investors have been
economy, or a refreshed ap- no longer serve its purposes. earnings, excluding net cash tional Business Machines. Dialog Semiconductor, which gravitating toward growth
petite for global commodi- So there is irony in the Granted, Apple investors makes power-management stories; Amazon and Netflix
Facebook 37.4
ties. Rather, it is more likely fact investors have taken a don’t always pay close atten- chips used in the iPhone, cut more than doubled in 2015
Google 20.7
to cushion China’s slowdown, similarly ruthless view of Microsoft 17.0
tion to fundamentals. And it its fourth-quarter revenue while Apple languished. But
not reverse it. Apple itself, penalizing it Intel 14.2 is hard to tune out recent forecast by 11% on Dec. 15. while rapid growth may be
Given this, local investors heavily ahead of what is ex- Oracle 12.6 signals on the product line Several brokers since then sexy, raw earnings power
have an incentive to get pected to be the slowest Qualcomm 11.2 that drives about two-thirds have reported order cuts shouldn’t be discounted. And
money out of the country. year on record for its key IBM 9.2 of the company’s revenue. within Apple’s supply chain. Apple earned more in its last
The ensuing pressure on the product: the iPhone. Cisco 8.9 In its last earnings report, Wall Street now expects quarter than those two com-
currency and valuations may Apple’s shares ended 2015 Apple 8.1 Apple projected revenue iPhone unit sales to grow by panies have in their entire
tempt investors to jump into down 4.6%, marking its first Source: WSJ calculations would grow less than 4% only 2% year over year in existence—combined.
Chinese stocks. drop in seven years. That year over year for the quar- the December quarter and to At a record 50% discount
They should think twice. selloff looks overdone, even is the cheapest stock among ter ended Dec. 26. That fall 5% in the March period. to the Nasdaq, as a multiple
The calendar may have if one accepts the prevailing the 10 largest tech compa- would be the slowest holiday That would be the first time of forward earnings, Apple’s
changed, but for China’s view that the iPhone 6s nies in the S&P 500, once its quarter in 15 years, and a the popular smartphone has stock now sits deep in the
stock market, little else has. won’t sell at a pace anything huge net cash pile of $150 poor indicator for the recep- notched a sales decline since bargain bin. Investors should
—Alex Frangos like that of its predecessor. billion is excluded. That tion of the iPhone 6s, which its launch in 2007. fish it back out.
contributed to this column. Consider that Apple now means Apple is cheaper than launched just before the That may sound bleak. But —Dan Gallagher
Mutual Funds | WSJ.com/fundresearch Fund

Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
Net YTD Income C t 2.11 -0.01 -0.5 IntlEq 20.13 -0.43 -2.1 Value 30.83 -0.42 -1.3 DivdGro 22.10 -0.33 -1.5 TgtRe2045 17.51 -0.27 -1.5 InstPlus 183.82 -2.81 -1.5
Fund NAV Chg % Ret FrankTemp/Temp A Mutual Series GNMA 10.68 +0.02 0.2 TgtRe2050 28.06 -0.43 -1.5 InstTStPlus 45.23 -0.72 -1.6
Explanatory Notes Data provided by
S HlthCare r 216.20 -4.15 -1.9 TgtRetInc 12.41 -0.04 -0.3 MidCpInst
FF2030 14.99 -0.22 -1.4 GlBond A p 11.46 -0.12 -1.0 GlbDiscA 28.38 -0.48 -1.7 32.43 -0.42 -1.3
Top 250 mutual-funds listings for Nasdaq-published share classes with IntlVal 30.50 -0.59 -1.9 TotIntBdIxInv 10.58 +0.03 0.3 MidCpIstPl
net assets of at least $500 million each. NAV is net asset value. FreedomK2020 13.38 -0.14 -1.0 Growth A p 21.44 -0.47 -2.1 GlbDiscz 28.86 -0.49 -1.7 Schwab Funds 159.93 -2.10 -1.3
Percentage performance figures are total returns, assuming reinvestment FreedomK2025 13.93 -0.17 -1.2 FrankTemp/Temp Adv S&P Sel 31.08 -0.48 -1.5 INSTTRF2025 18.87 -0.20 -1.0 WellsI 24.43 -0.09 -0.4 SmCapInst 52.15 -0.90 -1.7
of all distributions and after subtracting annual expenses. Figures don’t
FreedomK2030 14.12 -0.21 -1.5 GlBondAdv p 11.42 -0.11 -1.0 O LifeCon 17.75 -0.09 -0.5 Welltn 36.47 -0.32 -0.9 STIGradeInst 10.57 +0.01 0.1
reflect sales charges (“loads”) or redemption fees. NET CHG is change in
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR FreedomK2035 14.52 -0.24 -1.6 Oakmark Funds Cl I T LifeGro 26.90 -0.36 -1.3 WndsrII 33.09 -0.41 -1.2 TotBdInst 10.66 +0.02 0.2
%RET is trailing three-year return annualized. FreedomK2040 14.56 -0.23 -1.6
G EqtyInc 28.34 -0.23 -0.8 TIAA/CREF Funds
LifeMod 22.84 -0.22 -1.0 VANGUARD INDEX FDS TotBdInstPl 10.66 +0.02 0.2
GMO Trust Class IV Oakmark 62.06 -0.80 -1.3 Primcp r 97.90 -1.80 -1.8 500 185.64 -2.84 -1.5
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Fidelity Invest EqIdxInst 14.84 -0.23 -1.5 TotIntBdIdxInst 31.74 +0.07 0.2
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. IntlEq 19.71 -0.37 -1.8 OakmrkInt 20.73 -0.63 -2.9 PrmcpCor 20.47 -0.35 -1.7 ExtndIstPl 154.16 -2.73 -1.7
AMgr50% 15.91 -0.13 -0.8 Tweedy Browne Fds TotIntlInstIdx r 95.02 -1.92 -2.0
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock Old Westbury Fds SelValu r 25.55 -0.30 -1.2 TotIntl 14.21 -0.28 -1.9
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. Balanc 21.00 -0.22 -1.0 GblValue 24.02 -0.44 -1.8 STAR TotItlInstPlId r 95.04 -1.91 -2.0
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to BalancedK 21.00 -0.22 -1.0 H LrgCpStr 12.25 -0.22 -1.8 23.05 -0.24 -1.0 TotSt 49.99 -0.79 -1.6
TotStInst 50.01 -0.79 -1.6
STIGrade 10.57 +0.01 0.1 VANGUARD INSTL FDS
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
BluCh 67.57 -1.40 -2.0 Harbor Funds Oppenheimer Y V TgtRe2015 14.13 -0.10 -0.7 BalInst 28.98 -0.24 -0.8 VirtusFunds Cl I
period. Contra 96.89 -2.06 -2.1 CapApInst 59.32 -1.49 -2.5 DevMktY 29.14 -0.85 -2.8
VANGUARD ADMIRAL TgtRe2020 26.91 -0.24 -0.9 DevMktsIndInst 11.61 -0.22 -1.9 EmMktI 8.75 -0.21 -2.3
ContraK 96.82 -2.06 -2.1 IntlInst r 58.17 -1.26 -2.1 IntGrowY 35.23 -0.66 -1.8
500Adml 185.64 -2.84 -1.5 TgtRe2025 15.46 -0.16 -1.0 ExtndInst 62.47 -1.11 -1.7
Monday, January 4, 2016 CpInc r 9.09 -0.06 -0.6 BalAdml 28.98 -0.24 -0.8 TgtRe2030 W
Net YTD Net YTD DivIntl 34.39 -0.67 -1.9 I P 27.39 -0.33 -1.2 GrwthInst 53.81 -0.96 -1.8
Fund NAV Chg % Ret Fund NAV Chg % Ret
CAITAdml 11.87 +0.02 0.2 TgtRe2035 16.61 -0.23 -1.4 InPrSeIn 10.30 +0.03 0.3 Western Asset
DivIntlK r 34.32 -0.67 -1.9 Invesco Funds A Parnassus Fds CapOpAdml r 116.33 -2.32 -2.0 TgtRe2040 28.03 -0.42 -1.5 InstIdx 183.80 -2.82 -1.5 CorePlusBdI 11.44 +0.01 0.1
A GlblAlloc 17.79 -0.14 -0.8 GroCo 134.09 -2.85 -2.1 EqIncA 9.55 -0.07 -0.7 ParnEqFd NA ... NA EMAdmr 26.52 -0.81 -3.0
HiYldBd 7.13 ... ... GrowCoK 133.99 -2.85 -2.1 PIMCO Fds Instl
EqIncAdml 61.13 -0.82 -1.3
American Century Inv StratIncOpptyIns 9.77 ... ... InvGrBd 11.05 +0.02 0.2 J AllAsset NA ... NA
ExplrAdml 73.21 -1.55 -2.1
Ultra 34.37
American Funds Cl A
-0.65 -1.9
D
LowP r 47.19
LowPriStkK r 47.14
-0.56
-0.57
-1.2
-1.2
John Hancock Class 1
ShortT
TotRt
NA
NA
... NA
... NA
ExtndAdml 62.47 -1.11 -1.7 Cash Prices | WSJ.com/commodities Monday, January 4, 2016
LSBalncd 14.08 -0.15 -1.1 GNMAAdml 10.68 +0.02 0.2
AmcpA p 25.58 -0.37 -1.4
Davis Funds A MagIn 87.83 -1.60 -1.8 PIMCO Funds A These prices reflect buying and selling of a variety of actual or “physical”
LSGwth 14.61 -0.22 -1.5 GrwthAdml 53.81 -0.96 -1.8
AMutlA p 33.45 -0.40 -1.2
HlthCareAdml r 91.19 -1.75 -1.9 commodities in the marketplace—separate from the futures price on an
NYVen A 30.23 -0.66 -2.1 OTC 81.58 -1.85 -2.2 TotRetA NA ... NA
BalA p 23.62 -0.21 -0.9 John Hancock Instl
Dimensional Fds Puritn 20.08 -0.25 -1.2 PIMCO Funds D
BondA p 12.61 +0.02 0.2 DispValMCI 18.86 -0.29 -1.5 HYCorAdml r 5.52 -0.02 -0.3 exchange, which reflects what the commodity might be worth in future
5GlbFxdInc 10.92 +0.02 0.2 SrsInvGrdF 11.05 +0.01 0.1 IncomeFd NA ... NA
CapIBA p 55.29 -0.56 -1.0 JPMorgan Inst Class InfProAd 25.29 +0.08 0.3 months.
EmgMktVa 19.87 -0.53 -2.6 StratInc 10.12 -0.03 -0.3 PIMCO Funds Instl
CapWGrA 42.65 -0.71 -1.6 MdCpVal 33.60 -0.37 -1.1 IntlGrAdml 65.43 -1.63 -2.4
EmMktCorEq 15.34 -0.42 -2.7 TotalBond 10.27 +0.01 0.1 IncomeFd NA ... NA Monday Monday
EupacA p 44.61 -0.76 -1.7 JPMorgan R Class ITBondAdml 11.28 +0.02 0.2
IntlCoreEq 11.21 -0.18 -1.6 Fidelity Selects PIMCO Funds P Cotton,1 1/16 std lw-mdMphs-u 0.6261
FdInvA p 49.91 -0.80 -1.6 CoreBond 11.57 +0.01 0.1 ITIGradeAdml 9.65 +0.01 0.1 Energy
IntSmCo 16.97 -0.24 -1.4 Biotech r 228.05 -7.85 -3.3 IncomeP NA ... NA Cotlook 'A' Index-t *n.a.
GwthA p 40.51 -0.78 -1.9 JPMorgan Select Cls LTGradeAdml 9.93 +0.03 0.3 Propane,tet,Mont Belvieu-g 0.4046
IntSmVa 18.43 -0.25 -1.3 Health r 203.68 -4.48 -2.2 Price Funds Hides,hvy native steers piece fob-u 81.000
HI TrA p 9.31 -0.04 -0.4 CoreBond 11.56 +0.02 0.2 MidCpAdml 146.80 -1.92 -1.3 Butane,normal,Mont Belvieu-g 0.5888
Dimensional Fds Fidelity Spartan BlChip 70.66 -1.72 -2.4 Wool,64s,staple,Terr del-u,w n.a.
ICAA p 32.93 -0.44 -1.3 USLgCpCorPls 26.35 -0.46 -1.7 CapApp 24.82 -0.23 -0.9 MorgAdml 75.74 -1.45 -1.9 NaturalGas,HenryHub-i 2.390
US CoreEq1 16.91 -0.26 -1.5 500IdxInv 70.72 -1.08 -1.5
IncoA p 20.04 -0.19 -0.9
US CoreEq2 16.11 -0.24 -1.5 EmMktS 27.70 -0.80 -2.8 MuHYAdml 11.35 +0.03 0.3 NaturalGas,TranscoZone3-i 2.390 Grains and Feeds
500IndInst 70.72 -1.09 -1.5 L
N PerA p 35.33 -0.69 -1.9
US Small 27.75 -0.61 -2.2 Fidelity Spartan Adv EqInc 28.14 -0.32 -1.1 MuIntAdml 14.29 +0.03 0.2 NaturalGas,TranscoZone6NY-i 7.210 Barley,top-quality Mnpls-u n.a.
NEcoA p 35.35 -0.61 -1.7
US SmCpVal 29.91 -0.58 -1.9 500IdxAd 70.72 -1.08 -1.5 Lazard Instl EqIndex 54.12 -0.83 -1.5 MuLTAdml 11.78 +0.03 0.3 NaturalGas,PanhandleEast-i 2.340 Bran,wheat middlings, KC-u 103
NwWrldA 49.12 -0.88 -1.8
USLgVa 30.45 -0.37 -1.2 ExtMktAd r 49.33 -0.87 -1.7 EmgMktEq 13.08 -0.36 -2.7 Growth 52.44 -1.22 -2.3 MuLtdAdml 11.02 ... ... NaturalGas,Opal-i 2.480 Corn,No. 2 yellow,Cent IL-bp,u 3.4350
SmCpA p 42.90 -0.73 -1.7
Dodge & Cox IntAd r 35.28 -0.65 -1.8 Loomis Sayles Fds HelSci 67.38 -1.48 -2.1 MuShtAdml 15.80 ... ... NaturalGas,MarcellusNE PA-i 1.390 Corn gluten feed,Midwest-u,w 112.0
TxExA p 13.11 +0.02 0.2
Balanced 93.59 -0.83 -0.9 TotMktAd r 57.76 -0.91 -1.6 LSBondI 12.83 -0.05 -0.4 HiYield 6.16 -0.02 -0.3 PrmcpAdml r 101.40 -1.87 -1.8 NaturalGas,HaynesvilleN.LA-i 2.330 Corn gluten meal,Midwest-u,w 453.8
WshA p 37.91 -0.53 -1.4
Income 13.30 +0.01 0.1 First Eagle Funds Lord Abbett A InstlCapG 28.23 -0.66 -2.3 REITAdml r 111.54 -1.44 -1.3 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 43.500 Cottonseed meal-u,w 255
ShtDurIncmA p 4.31 ... ... Intl G&I SmCapAdml 52.15 -0.90 -1.7 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 10.900 Hominy feed,Cent IL-u,w 95
AMG Managers Funds Intl Stk 35.70 -0.78 -2.1 GlbA 50.75 -0.60 -1.2 12.87 -0.20 -1.5
YacktmanFd 20.58 -0.29 -1.4 Stock 160.54 -2.23 -1.4 FMI Funds Lord Abbett F IntlStk 14.98 -0.30 -2.0 STBondAdml 10.44 +0.01 0.1 Meat-bonemeal,50% pro Mnpls-u,w 213
Metals Oats,No.2 milling,Mnpls-u 2.6550
AQR Funds DoubleLine Funds LgCap 18.37 -0.24 -1.3 ShtDurIncm 4.31 ... ... MCapGro 72.05 -1.27 -1.7 STIGradeAdml 10.57 +0.01 0.1
TotBdAdml 10.66 +0.02 0.2
Gold, per troy oz Rice, 5% Broken White, Thailand-l,w 345.00
MgdFutStrI NA ... NA TotRetBdI 10.80 +0.02 0.2 FPA Funds MCapVal 24.69 -0.25 -1.0
Artisan Funds TotRetBdN 10.79 +0.01 0.1 FPACres 30.77 -0.29 -0.9
M N Horiz 41.42 -1.04 -2.4 TotIntBdIdxAdm 21.15 +0.05 0.2
Engelhard industrial
Engelhard fabricated
1080.48 Rice, Long Grain Milled, No. 2 AR-u,w 23.25
1161.52 Sorghum,(Milo) No.2 Gulf-u 7.2588
Intl Inv 28.16 -0.52 -1.8 FrankTemp/Frank Adv Metropolitan West N Inc 9.37 +0.01 0.1 TotIntlAdmIdx r 23.76 -0.48 -2.0 Handy & Harman base 1082.25
F IncomeAdv 2.07 -0.01 -0.5 TotRetBd 10.63 +0.01 0.1 OverS SF r 8.83 -0.16 -1.8 TotStAdml 50.01 -0.78 -1.5 Handy & Harman fabricated 1201.29
SoybeanMeal,Cent IL,rail,ton48%-u 274.70
B Fidelity Advisor A FrankTemp/Franklin A TotRetBdI 10.63 +0.01 0.1 R2015 13.56 -0.12 -0.9 TxMIn r 11.60 -0.22 -1.9 LBMA Gold Price AM *n.a.
Soybeans,No.1 yllw IL-bp,u 8.5400
TRBdPlan 10.01 +0.01 0.1 R2020 19.48 -0.21 -1.1 ValAdml 31.41 -0.41 -1.3 LBMA Gold Price PM Wheat,Spring14%-pro Mnpls-u 6.1225
BlackRock Funds A NwInsghtA p 25.63 -0.52 -2.0 CA TF A p 7.55 +0.03 0.4 *n.a.
MFS Funds Class A WdsrllAdml 58.72 -0.72 -1.2 Krugerrand,wholesale-e Wheat,No.2 soft red,St.Louis-bp,u 3.9650
GlblAlloc p 17.69 -0.15 -0.8 Fidelity Advisor I Fed TF A p 12.41 +0.03 0.2 R2025 14.77 -0.18 -1.2 n.a.
WellsIAdml 59.18 -0.22 -0.4 Maple Leaf-e Wheat - Hard - KC (USDA) $ per bu-u 4.3225
BlackRock Funds C NwInsghtI 26.10 -0.53 -2.0 Growth A p 72.25 -1.12 -1.5 ValueA p 32.28 -0.51 -1.6 R2030 21.52 -0.29 -1.3 n.a.
Wheat,No.1soft white,Portld,OR-u 5.1913
GlblAlloc t 16.12 -0.14 -0.9 Fidelity Freedom IncomeA p 2.08 -0.02 -1.0 MFS Funds Class I R2035 15.56 -0.23 -1.5 WelltnAdml 62.98 -0.56 -0.9 American Eagle-e n.a.
BlackRock Funds Inst FF2020 14.38 -0.15 -1.0 RisDv A p 47.09 -0.66 -1.4 ValueI 32.45 -0.51 -1.5 R2040 22.23 -0.35 -1.6 WndsrAdml 63.65 -0.92 -1.4 Mexican peso-e n.a.
Austria crown-e n.a.
Food
EqtyDivd 20.71 -0.29 -1.4 FF2025 12.29 -0.15 -1.2 FrankTemp/Franklin C MFS Funds Instl SmCapStk 37.85 -0.76 -2.0 VANGUARD FDS Beef,carcass equiv. index
Austria phil-e n.a.
choice 1-3,600-900 lbs.-u 203.67
Silver, troy oz.
select 1-3,600-900 lbs.-u 195.57
Exchange-Traded Portfolios | WSJ.com/ETFresearch Engelhard industrial
Engelhard fabricated
14.1500
16.9800
Broilers,dressed 'A'-u 1.1244
Handy & Harman base Broilers, National comp wghtd-u,w 0.8670
13.8950
Largest 100 exchange-traded funds, latest session Closing Chg YTD Closing Chg YTD Closing Chg YTD Butter,AA Chicago 2.0400
ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) ETF Symbol Price (%) (%) Handy & Harman fabricated 17.3690
Monday, January 4, 2016 LBMA spot price £9.4793 Cheddar cheese,bbl,Chicago 152.00
iSharesGold IAU 10.38 1.47 1.5 iShS&P500ValueETF IVE 87.48 –1.19 –1.2 VangdInfoTch VGT 106.61 –1.55 –1.6 (U.S.$ equivalent) 14.0000 Cheddar cheese,blk,Chicago 151.25
Closing Chg YTD
ETF Symbol Price (%) (%) iShiBoxx$InvGrCpBd LQD 113.95 –0.05 –0.1 iSharesUSPreferred PFF 39.03 0.46 0.5 VangdSmCapValue VBR 97.32 –1.47 –1.5 Coins,wholesale $1,000 face-a 12648 Milk,Nonfat dry,Chicago lb. 76
iShiBoxx$HYCpBd HYG 80.10 –0.60 –0.6 iSh1-3YTreasuryBd SHY 84.47 0.13 0.1 VangdHlthCr VHT 130.27 –1.96 –2.0 Cocoa,Ivory Coast-w 3536
AlerianMLPETF AMLP 12.15 0.87 0.9 Other metals
iSharesJPMUSDEmgBd EMB 105.67 –0.10 –0.1 iSh7-10YTreasuryBd IEF 106.04 0.43 0.4 VangdDivApp VIG 76.72 –1.34 –1.3 Coffee,Brazilian,Comp 1.2794
CnsmrDiscSelSector XLY 76.82 –1.72 –1.7 LBMA Platinum Price PM *n.a.
iShMBSETF MBB 107.72 0.02 0.0 iSh20+YTreasuryBd TLT 121.45 0.72 0.7 VanguardFTSEDevMk VEA 36.17 –1.50 –1.5 Platinum,Engelhard industrial 895.0 Coffee,Colombian, NY 1.4391
CnsStapleSelSector XLP 49.85 –1.27 –1.3
iShMSCIACWIETF ACWI 54.83 –1.77 –1.8 iShChinaLarge-Cap FXI 34.15 –3.23 –3.2 VanguardFTSEEmgMk VWO 31.78 –2.84 –2.8 Platinum,Engelhard fabricated 995.0 Eggs,large white,Chicago-u 0.9450
DBGoldDoubleLgETN DGP 18.65 2.81 2.8
iSharesMSCIEAFESC SCZ 49.48 –0.94 –0.9 iShRussellMCGrowth IWP 90.54 –1.50 –1.5 VanguardFTSEEurope VGK 49.15 –1.46 –1.5 Palladium,Engelhard industrial 553.0 Flour,hard winter KC 13.25
DBGoldDoubleShrt DZZ 8.63 –2.71 –2.7
iSharesMSCIEAFEETF EFA 57.82 –1.53 –1.5 BBH 123.65 VangdAllWldxUS VEU 42.67 –1.70 –1.7 Hams,17-20 lbs,Mid-US fob-u 0.57
DeutscheXMSCIEAFE DBEF 26.80 –1.33 –1.3 MktVectorsBiotech –2.60 –2.6 Palladium,Engelhard fabricated 653.0
iShMSCIEmgMarkets EEM 31.31 –2.73 –2.7 OIH 26.71 VangdGrowth VUG 104.57 –1.71 –1.7 Aluminum, LME, $ per metric ton *n.a. Hogs,Iowa-So. Minnesota-u 52.83
EnSelectSectorSPDR XLE 60.30 –0.03 –0.0 MktVectorsOilSvcs 0.98 1.0
iShMSCIEurozoneETF EZU 34.47 –1.63 –1.6 VangdHiDivYld VYM 65.95 –1.20 –1.2 Antimony-d 2.5250 Pork bellies,12-14 lb MidUS-u 1.1121
FinSelSectorSPDR XLF 23.37 –1.93 –1.9 MktVectorsPharm PPH 64.15 –1.78 –1.8
iShMSCIGermanyETF EWG 25.56 –2.41 –2.4 VngdInter-Term BIV 83.22 0.19 0.2 Copper,Comex spot 2.0705 Pork loins,13-19 lb MidUS-u 0.8767
FstTrDJIntrnt FDN 72.33 –3.06 –3.1 MktVectorsRetail RTH 76.35 –1.76 –1.8
iShMSCIJapanETF EWJ 11.93 –1.57 –1.6 VangIntrCorpBd VCIT 84.21 0.14 0.1 Lead,NA solder-d 108.448 Steers,Tex.-Okla. Choice-u n.a.
GuggenheimSP500EqW RSP 75.79 –1.11 –1.1 MktVectorsSemi SMH 52.72 –1.05 –1.1
iShMSCIUSAMinVol USMV 41.30 –1.24 –1.2 VangdLgCap VV 92.15 –1.44 –1.4 Iron Ore, 62% Fe CFR China-s 43.1 Steers,feeder,Okla. City-u,w n.a.
HealthCareSelSect XLV 70.73 –1.80 –1.8 PwrShrs QQQ QQQ 109.50 –2.11 –2.1
iShNasdaqBiotech IBB 326.87 –3.39 –3.4 VangdMdCap VO 118.54 –1.31 –1.3 Shredded Scrap, US Midwest-s,w 170
IndSelSectorSPDR XLI 52.30 –1.34 –1.3 PS SP500LoVoltlPrt SPLV 37.96 –1.58 –1.6 Fats and Oils
iShNatlAMTFrMuniBd MUB 110.47 –0.22 –0.2 VangdReit VNQ 78.77 –1.20 –1.2 Stainless steel scrap,US-d 1560
iShIntermCredBd CIU 107.19 –0.08 –0.1 SPDRBarclaysHiYdBd JNK 33.74 –0.50 –0.5 Corn oil,crude wet/dry mill-u 38.7500
iShRussell1000Gwth IWF 97.78 –1.71 –1.7 VanguardS&P500 VOO 184.31 –1.40 –1.4 Steel, HRC USA, FOB Midwest Mill-s 379
iSh1-3YCreditBond CSJ 104.60 ... ... SchwUS BrdMkt SCHB 48.31 –1.49 –1.5 Grease,choice white,Chicago-u 0.1925
iShRussell1000ETF IWB 111.66 –1.46 –1.5 VangdShrtTrm BSV 79.60 0.04 0.0 Tin,NA solder-d 897.781
iSharesTIPSBondETF TIP 110.11 0.39 0.4 IWD 96.72 SchwUS LrgCap SCHX 47.85 –1.48 –1.5 Zinc,NA-d Lard,Chicago-u n.a.
iShRussell1000Val –1.16 –1.2 VangShrtCorpBd VCSH 78.94 –0.06 –0.1 78.488
iSh3-7YTreasuryBd IEI 122.86 0.20 0.2 IWO 135.61 SPDR DJRlEst RWX 38.77 –0.89 –0.9 Soybean oil,crude;Centl IL-u 0.2906
iShRussell2000Gwth –2.63 –2.6 VangdSmCap VB 108.88 –1.59 –1.6
iShCoreMSCIEAFEETF IEFA 53.58 –1.47 –1.5 iShRussell2000ETF IWM 110.01 –2.32 –2.3 SPDR DJIA Tr DIA 171.29 –1.55 –1.6 VangdTtlBndMkt BND 80.72 –0.04 –0.0 Fibers and Textiles Tallow,bleach;Chicago-u 0.1950
iShCoreMSCIEmgMk IEMG 38.39 –2.54 –2.5 iShRussell2000Val IWN 90.13 –1.97 –2.0 SPDR GldTr GLD 102.89 1.41 1.4 VanguardTtlIntlStk VXUS 44.33 –1.73 –1.7 Burlap,10-oz,40-inch NY yd-n,w 0.4850 Tallow,edible,Chicago-u 0.2350
iShCoreS&P500ETF IVV 202.00 –1.40 –1.4 iShRussell3000ETF IWV 118.38 –1.60 –1.6 SPDR S&PMdCpTr MDY 250.82 –1.27 –1.3 VangdTtlStock VTI 102.74 –1.50 –1.5
iShCoreS&PMdCp IJH 137.51 –1.30 –1.3 iShRussellMid-Cap IWR 158.25 –1.20 –1.2 SPDR S&P 500 SPY 201.02 –1.40 –1.4 VangdTotlWrld VT 56.65 –1.68 –1.7 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=Ryan's Notes;
iShCoreS&PSmCpETF IJR 107.54 –2.33 –2.3 iShRussellMCValue IWS 68.04 –0.90 –0.9 SPDR S&P Div SDY 72.57 –1.36 –1.4 VangdValue VTV 80.53 –1.21 –1.2 E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas Intelligence; L=livericeindex.com; M=midday; N=nominal;
AGG 107.97 XLK 42.27 –1.31 –1.3 n.a.=not quoted or not available; R=SNL Energy; S=The Steel Index; T=Cotlook Limited; U=USDA; W=weekly,
iShCoreUSAggBd –0.04 –0.0 iShS&PMC400Growth IJK 158.19 –1.72 –1.7 TechSelectSector WisdomTreeEurope HEDJ 53.03 –1.45 –1.4 Z=not quoted. *Data as of 12/31
iShSelectDividend DVY 74.56 –0.79 –0.8 iShS&P500Growth IVW 113.75 –1.77 –1.8 UtilitiesSelSector XLU 43.19 –0.21 –0.2 WisdomTreeJapanHdg DXJ 48.99 –2.18 –2.2 Source: WSJ Market Data Group
HEALTH & WELLNESS
The Perfect Shower A Golfer

Goes Global
What’s the ideal temperature? BURNING QUESTION | D2 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | D1
Don’t Call It a Heart Attack Benefits of

Aspirin Seen
Broken-heart syndrome, or
takotsubo cardiomyopa-
In Prostate
thy, is a painful cardiac
episode that mimics a
Cancer
BY RON WINSLOW AND MELINDA BECK
heart attack but typically without
Add another disease to the list
blockage of coronary arteries. of ailments that may be thwarted
by regular aspirin use—prostate
cancer.
Clancy McKenna had an Researchers reported that men
attack biking to work and who took at least three aspirin
has since changed her tablets a week reduced their risk
lifestyle to reduce stress. of developing or dying from ad-
vanced prostate cancer. The aspi-
CLOCKWISE FROM LEFT: ROBERTA SILVER; CLANCY MCKENNA; VERA COMPAGNINO; JOHN ABBOTT
rin didn’t affect whether the men
developed the disease to begin
Extreme emotional or physical with, though.
Separately, other scientists
stress are common found what they described as early
triggers, but for many evidence that a government
panel’s recommendation against
patients it isn’t clear routine prostate-cancer screening
what brought on an attack. may be having an unwelcome re-
sult: an increase in detection of tu-
mors at more advanced states,
when they are harder to treat.
Findings from the two studies
were released Monday ahead of
their presentation at the American
Society of Clinical Oncology Geni-
tourinary Cancers Symposium in
San Francisco later this week.
About 220,000 cases of pros-
tate cancer were diagnosed in the
U.S. last year, according to Ameri-
can Cancer Society estimates,
Roberta Silver, with her granddaughter, making it the second-most com-
had an attack while driving and was mon cancer among men, after skin
initially told it was a heart attack. cancer. About 27,500 men died of
Vera Compagnino’s attack was brought on prostate cancer in 2015.
by excitedly watching her son play football. In most cases, the cancer is
It isn’t known what causes slow-growing, doesn’t spread be-
yond the prostate gland and is of
broken-heart syndrome, Patients usually heal within little clinical consequence. In such
which mostly affects days or weeks without cases, 99% of men are alive after
five years and 98% after a decade.
postmenopausal women. Cardiologist Harmony Reynolds studied residual damage to the Once the tumor spreads to bone or
A recent study found 6,230 these women and wants to test ways to heart. But broken-heart other parts of the body, though,
five-year survival falls to 28%.
cases in the U.S. in 2012. prevent repeat attacks. syndrome can also be fatal. The aspirin study is a new anal-
ysis from the long-running Physi-
cians’ Health Study, a longitudinal
Broken-heart syndrome has similar from an impaired parasympathetic nervous Monica, Calif., in 2007 when she suddenly felt trial at Brigham and Women’s Hos-
system, the part of the nervous system re- her heart pounding. She pulled over to a cafe, pital in Boston and the Harvard
symptoms but different causes; sponsible for helping the body calm down. where she became intensely ill. An ambulance T.H. Chan School of Public Health.
Now, a push for new treatments The study led to strikingly different con- took her to a hospital, and she was told she Previous prostate-cancer studies
clusions from what other researchers had pre- had suffered a heart attack. But a series of have yielded conflicting results on
BY LUCETTE LAGNADO viously believed might be behind the unusual tests, including an angiogram, all turned up aspirin’s preventive benefits.
malady. It also led Dr. Reynolds to believe negative, she says. Researchers analyzed data from
Harmony Reynolds, a cardiologist at NYU that breathing and other relaxation tech- After several days in the hospital, doctors 22,071 men from the study. After
Langone Medical Center, recently led a study niques such as yoga and meditation should be concluded Ms. Silver, who was visiting Cali- 27 years, 3,193 were diagnosed
that subjected 20 women to a host of tests tested for preventing broken-heart syndrome. fornia from her home in New Jersey, had suf- with prostate cancer, among whom
designed to bring on physical and mental Experts say broken-heart syndrome, which fered broken-heart syndrome. Ms. Silver, who 403 had lethal disease, defined as
stress. most often affects women in their 60s or is 70, still isn’t sure what caused the event, cancer that had metastasized or
The study looked for possible reasons older, can be brought on by strong emotions, and she hasn’t had a repeat episode. But she spread beyond the prostate or that
some of the women had suffered a mysterious such as grief, anger and anxiety, or by physi- was ill with an upper respiratory infection resulted in death.
ailment known as broken-heart syndrome, cal stress. A common trigger is a loved one’s and under stress at the time: A cousin she The analysis found that regular
which mimics a heart attack but generally illness or death, while for some patients there had been close to had died and Ms. Silver was aspirin resulted in a 24% lower
doesn’t appear to be due to coronary artery is no clear-cut cause for an attack. “It is a ro- planning to attend his funeral in San Fran- risk of developing lethal cancer af-
disease. mantic notion, but you really can get this cisco. And preparations for her son’s wedding ter being diagnosed with an early
In seeking a common thread among the 10 from heartache,” says Dr. Reynolds, whose were proving upsetting. stage of the disease, and a 39% re-
women in the group who had experienced an study was published online in November in Broken-heart syndrome can at times be duced risk of dying from prostate
attack of broken-heart syndrome over the the American Journal of Cardiology. brought on by intense joy and excitement. cancer.
past several years, Dr. Reynolds and col- Roberta Silver, who participated in Dr. Vera Compagnino, 53, who also participated But aspirin had little effect
leagues came to suspect they each suffered Reynolds’s study, recalls driving in Santa Please see HEART page D4 Please see PROSTATE page D2
New Treatments for Multiple Myeloma Patients

BY RON WINSLOW eloma in 2015, and more than
11,000 died of the disease, accord-
Few types of cancer research ing to National Cancer Institute
have witnessed more progress in estimates. There is no cure and pa-
the past decade than the fight tients’ experiences vary widely.
against the blood cancer known as Current treatments enable some
multiple myeloma. patients to live mostly normal
There are 10 multiple myeloma lives for prolonged periods, while
treatments on the market, includ- others live with pain and relapse
ing three that won Food and Drug quickly. About 15% get little or no
Administration approval during a benefit from available drugs.
remarkable 15-day span in Novem- Multiple myeloma is a cancer of
ber. Other medications in the pipe- the plasma cell, which lives in the
line hold promise to meet patients’ bone marrow and makes antibod-
hopes for even further gains. ies that help fight infections. As
Patients on average can now cancerous cells accumulate in the
expect to live about seven years bone marrow, they displace
after diagnosis, and doctors expect healthy cells, ultimately leading to
the newest drugs may help extend kidney problems, bone pain and
that to a decade or more. By com- fractures, anemia and a vulnerabil-
parison, prospects for patients di- ity to infections.
agnosed with multiple myeloma There are potentially serious
just over a decade ago were grim. side effects from the drugs. Some
Chemotherapy was essentially may cause heart damage, while
their only drug-treatment option others carry risk of nerve pain in
and the average survival period the hands and feet. They are also
was three years. expensive: Treatments can average
“Of all the cancers, in terms of between $8,000 and $14,000 a
progress in the last 10 years, mul- month.
tiple myeloma is at the top of the Still, the sheer number of op-
JENNY AHLSTROM
list,” says S. Vincent Rajkumar, tions enables patients who relapse

professor of medicine and a hema- on one medicine or combination
tologist/oncologist at the Mayo treatment to shift to another, and
Clinic, in Rochester, Minn. then to another. The serial treat-
Nearly 27,000 people in the U.S. Jenny Ahlstrom, third from left, poses with her family. The mother of six was diagnosed with multiple myeloma in 2010 ments help account for a much
were diagnosed with multiple my- and now runs an advocacy group called myelomacrowd.org. Please see MYELOMA page D2
D2 | Tuesday, January 5, 2016 THE WALL STREET JOURNAL.
HEALTH & WELLNESS
Burning Question What is the best water temperature for a shower or bath?
Few things feel better than a hot soak on a cold day. But the right
temperature for bathing has been hotly debated since before the time of ancient
Rome. One expert, Dr. Melissa Piliang, a dermatologist with the Cleveland Clinic,
dives into why young people can handle heat better than old folks and explains
why 112 is the magic number.
—Heidi Mitchell
The Goldilocks bath showers a day and be fine, “but she

Hot water from the tap can run as may find she has dry patches if she
high as 140 degrees Fahrenheit, but does that at age 40.”
most doctors recommend setting home
water heaters to 120 degrees to Switch it up
prevent injury, Dr. Piliang says. The Some of Dr. Piliang’s patients report
optimal temperature to wash away that going from a soothing, warm
environmental dirt and bacteria, she shower to a cold rinse can lead to
says, is 112 degrees or lower, “though shinier locks. “The pieces of keratin on
you’d have to put a thermometer under the hair are like shingles on a roof, and
the spigot to get an exact reading.” A a quick, 15-second cold rinse can help
shower or bath “should feel warm and them line up neatly so they appear
not uncomfortably hot,” she says. smooth and reflect light,” she says.
The epidermis has an outside fatty Washing the face in the shower
lipid layer for protection. “It is what with hot water at 112 degrees followed
keeps bad water and germs out and by a splash of cold water may help
good water in, and keeps our skin open up the pores to clean them out
moisturized,” Dr. Piliang says. She better, then close them tight for
compares the fatty layer to butter on a healthy-looking facial skin, she says.
knife: It stays put if held under cold Dermatologists generally define cold
water but melts away under a hot water as around 70 degrees
NICK KOUDIS/CORBIS
stream. That is similar to what a hot Fahrenheit, though some doctors may
shower over 112 degrees does to the put it at a lower temperature. temperatures of any kind if they have brisk walk or an easy workout does a hot steam but without the drying and
protective layer of people’s skin, she heart disease or high blood pressure or fine job of increasing blood flow to the reddening effects of hot water.
says. Get the blood flowing are pregnant or elderly, she says. surface of the skin and modulating the “If you are someone who thinks a
In younger people, skin will replace Dr. Piliang isn’t convinced of other Very cold showers or baths, below immune system. cold shower around 70 degrees is as
the lipid layer faster than in older health benefits to switching between 50 degrees, are sometimes used to awakening in the morning as a cup of
people. “As we age, we have less different water temperatures, despite prevent injury in athletes or to Steam’s benefits coffee, I don’t think taking one is
tolerance for hot water, which may many spas’ claims. “Some think that modulate the immune system after Dr. Piliang says her own showering dangerous,” Dr. Piliang says. “It just
result in dry, itchy, red skin and going back and forth between hot injury, Dr. Piliang says. A 2012 study technique is to turn on the tap extra depends on how much agony you
possibly even eczema,” she says. Even water and cold water increases blood found supercold baths can cause hot to steam up the bathroom, then want.” As long as you don’t feel dry
moisturizer won’t replenish the body’s flow to the skin, but I have not seen hypothermia, impaired consciousness, turn it down to a lukewarm 95 to 100 and itchy after your shower, you’ve
natural oils, she says. A 20-year-old that scientifically proven,” she says. increased or abnormal heart rate and degrees before getting in. In this way, probably got your water set at the
woman may be able to take two hot And people should avoid extreme other side effects. Dr. Piliang says a she gets the moisturizing benefits of right temperature, she says.
MYELOMA
would get greater mileage from a tient study called CoMMpass to
new class of drugs than another of build a database that links genetic
the older drugs,” says Madhav data with clinical information. By
Dhodapkar, hematology section tracking patients over time, part
Continued from the prior page chief at Yale Cancer Center, in New of the study’s mission is to help
longer survival benefit than would Haven, Conn. determine “which patients are
be expected from a single drug. Multiple myeloma can come on benefiting from what drug and
“If I’m going to get this disease, with little warning. The first sign what combination,” Ms. Giusti
I’m so fortunate to get it now as for many patients is a broken says.
opposed to 15 years ago,” says Bob bone. Mr. Dickey, a self-described The effort is bearing fruit. At
Dickey, 49, who was diagnosed gym rat, considered himself “ex- the annual meeting of the Ameri-
with multiple myeloma in 2011. Mr. tremely healthy” when, in Septem- can Society of Hematology in De-
Dickey, of Menifee, Calif., says he ber of 2011, he picked up a barbell cember, researchers analyzing
is in partial remission and “within to warm up for a workout and CoMMpass data reported that a
a short distance of being in full re- snapped three vertebrae in his combination of Velcade, Revlimid
mission.” He spends lots of time at spine. The diagnosis: Stage 3 mul- and dexamethasone is more effec-
the gym and is training for an as- tiple myeloma, the most advanced tive than either Velcade or Rev-
cent later this month of Africa’s form. limid separately with the steroid.
GETTY IMAGES
Mount Kilimanjaro with a team “Those vertebrae looked like Meanwhile, companies includ-
that includes three other myeloma Swiss cheese,” Mr. Dickey says. ing Novartis AG and Celgene, in
patients on a fundraising expedi- “That’s the only sign I had.” collaboration with Cambridge,
tion for the Multiple Myeloma Re- He initially tried Velcade and Mass.-based Bluebird Bio Inc. are
search Foundation. Patients with multiple myeloma tend to live longer now after a diagnosis than then Revlimid (along with a ste- developing new treatments de-
The disease, whose cause is un- patients of a decade ago. roid), with mixed results. In July signed to directly enlist the body’s
known, is more common among 2012, he underwent a stem-cell immune system into attacking the
men and more than 60% of pa- Many patients undergo a stem- mid-2000s. transplant that put his disease in aberrant plasma cells.
tients are 65 or older. African- cell transplant at some point in Takeda’s Ninlaro, an oral for- remission for about two years. Jenny Ahlstrom, a mother of
Americans face double the risk of their treatment in a bid to root mulation of Velcade, was among Then a blood test indicated his six in Salt Lake City, hopes medical
the overall population. out the malignant plasma cells. the three agents the FDA approved disease was worsening. In 2014, he advances will continue against
Journalist Tom Brokaw re- But even when that procedure re- between Nov. 16 and 30, an un- signed up for a clinical trial of multiple myeloma. The 48-year-old
vealed his battle with multiple my- sults in a complete remission— usual string of approvals for a sin- Ninlaro, which he says has proven founder of advocacy group
eloma in May in his book “A Lucky when no disease can be detected— gle cancer. The other new drugs effective against his disease. myelomacrowd.org was diagnosed
Life Interrupted.” Geraldine Fer- the cancer often eventually comes are Johnson & Johnson’s Darzalex The new treatment options with the disease in 2010. She un-
raro, the congresswoman and vice back. and Empliciti from Bristol-Myers present challenges for clinicians derwent so-called tandem stem-
presidential candidate, and Wal- The flurry of new drugs, trig- Squibb Co. and AbbVie Inc. The and patients. “We need to under- cell transplants—two procedures
Mart founder Sam Walton are gered by scientific advances and new medications halt progression stand the optimal use of the drugs within a few months of each other
among prominent people who have spurred in part by an active pa- of the disease for a relatively mod- and the optimal combinations,” that proponents say is associated
died of the disease. tient-advocacy community, build est five to eight months longer says Kathy Giusti, a myeloma pa- with a durable remission.
Treatment strategies vary on the progress initiated by Cel- than regimens they were com- tient and founder of the Multiple She is free of the disease and
widely depending on such factors gene Corp.’s Thalomid and its sis- pared against. Myeloma Research Foundation. not taking any medication for it.
as the stage of the disease at diag- ter drug Revlimid, and Takeda Researchers say Ninlaro is an The MMRF, which has raised But she says she is on the lookout
nosis, the patient’s general health Pharmaceutical Co. Ltd.’s Velcade. important, patient-friendly im- more than $275 million to support for the next potential treatment. “I
and recommendations of oncolo- Those treatments changed the provement on Velcade, while the research since its founding in don’t want just 10 more years,”
gists, who often disagree on the landscape for multiple myeloma other two drugs hit new targets 1998, recently completed enroll- she says. “I have an 8-year-old. I
best approach. when they were approved in the against the cancer. “The field ment in a $40 million, 1,000-pa- want to be around for my kids.”
Photography by Craig LaCourt

PROSTATE ing against regular prostate
screening.
©2016 Dow Jones & Co. Inc. All rights reserved. 2DJ2774
But Dr. Kapoor said the

absolute number of high-risk
Continued from the prior page cancers seen at the practice
when researchers looked at is rising as well—to 229 in
overall incidence of prostate 2015, up from 219 in
cancer among the partici- 2010-2011.
pants. “It was after diagnosis “In a single practice
of prostate cancer that there where there have been no
appeared to be a benefit,” changes in clinical patterns
said Christopher Allard, lead or interpreting pathologists,
author of the study and a this is very disconcerting,”
urologic oncology fellow at Dr. Kapoor said.
Harvard Medical School. “It Still, it’s unclear whether
doesn’t affect the incidence, the change is completely due
but it affects the progres- to the federal task force’s
DEEPAK KAPOOR
sion.” 2012 recommendations. The

He termed the findings study didn’t record why the
“compelling,” but along with men were referred for biop-
other cancer experts cau- sies, how often they had
tioned that observational Dr. Deepak Kapoor, co-author of a study that found a rise in been tested for PSA or
study doesn’t prove aspirin’s significant prostate cancers as a percentage of a shrinking total. whether the average PSA
protective role in the dis- levels had changed. The
ease. Moreover, it isn’t cer- cuss risks and benefits with from 40% in 2010 and 2011 study also didn’t indicate
tain what dose of aspirin their doctors. to 45% in 2015, according to whether there was a change
was associated with the out- The study related to pros- the study. The percentage of in the stage of cancers found
come. Dr. Allard said one hy- tate screening looked at those cancers considered among the men who had
pothesis for the findings is thousands of patients at a high-risk—with a Gleason prostatectomies. It won’t be
that by inhibiting platelets, large urology practice cover- score of 8, 9 or 10—also in- clear for many more years
Karlie Kloss. Model, entrepreneur, philanthropist and Wall Street Journal reader.
aspirin blocks tumor cells ing eight counties around creased from 16% of all whether more men will die
from metastasizing to the New York City before and af- newly detected cancers in of prostate cancer.
bone. ter 2012, when the U.S. Pre- 2010-2011 to 26% in 2014. “There are too many po-
Regular aspirin use is ventive Services Task Force Deepak Kapoor, chief ex- tential confounders in this
also associated with protec- recommended against rou- ecutive of the urology prac- study to be sure of the re-
PEOPLE WHO DON’T HAVE TIME tion against colorectal can-
cer and cardiovascular dis-
tine screening with what is
known as a prostate-specific
tice, Integrated Medical Pro-
fessionals, and a co-author
sults,” said Peter Carroll,
chief of urology at the Uni-
MAKE TIME TO READ ease, but it comes with antigen, or PSA test. The of the study, said the results versity of California, San
gastro-intestinal side effects concern is that most of the are “a remarkable shift” in a Francisco, who wasn’t in-
THE WALL STREET JOURNAL. including bleeding that can cancers the test detects are “very short period of time.” volved in the research.
cause serious complications harmless but lead many men It isn’t surprising that Dr. Kapoor said, “I’m not
in some people. to undergo surgery and significant cancers are rising suggesting that we have the
Find out why you should make time for the Journal. Visit WSJ.com/MakeTime
Sumanta Pal, an oncolo- other procedures that leave as a percentage of a shrink- definitive answer. But some-
gist and ASCO spokesman, them with life-altering side ing total. Reducing the high thing is going on here that
called the results “intrigu- effects, such as incontinence rate of unnecessary biopsies we need to understand bet-
ing” but said patients con- and impotence and finding fewer low-risk ter.” The U.S. Preventive Ser-
sidering an aspirin strategy Among men getting pros- cancers that may not need vices Task Force is currently
to prevent progression of tate biopsies at the practice, treating were two of the task reviewing its prostate cancer
prostate cancer should dis- those that found cancer rose force’s goals in recommend- recommendation for 2017.
THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | D3
HEALTH & WELLNESS
She Won’t Let Knee Pain Block a Return to Fitness

BY JEN MURPHY
Patti Pao, a 54-year-old entre-

preneur, used to be a workout fa-
natic. “I was going to CrossFit and
Barry’s [Boot Camp] before they
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL (4)

were popular,” she says.
Then she turned 40, and knee
pain sidelined her workouts. She’d
worn out the car-
WHAT’S YOUR tilage in both
WORKOUT knees, and knee
replacements
weren’t an op-
tion, she says. “I’m Chinese and
believe in dying with my original
body parts,” she says, citing a cul-
tural belief. Injections of hyaluro-
nan into the knees provided some
relief, and Pilates helped correct
muscle imbalances.
In 2011, Ms. Pao founded a lux- a stability ball.
ury line of beauty products called Entrepreneur Patti Pao does a low-impact workout with trainer Jonathan Jumping jacks and squats
Restorsea formulated with a pat- Tylicki to avoid knee pain. She rolls out the iliotibial band, above, and does a bother her knees, so instead Ms.
ented ingredient made from side plank for core strength, above right. Pao does heel kicks, running in
salmon egg enzymes, and work be- place and kicking each heel to her
came her priority. Despite walking hourlong classes, five days a week. weights, and AKTread, a workout bottom. She’ll walk backward on a
a four-mile round trip to and from She flies three days a week from on a treadmill that mixes cardio treadmill rather than run.
her Manhattan office, she found New York City to markets such as and strength. Ms. Pao likes to try On the road, Ms. Pao and her
the weight was creeping on. Los Angeles, Chicago and Detroit all of the classes but does private trainer use a hotel gym or head
At a friend’s suggestion, Ms. and signed on for the studio’s AK- sessions so she can adapt moves outside. On a recent work trip to
Pao signed up for a class at AKT in Tour service, which enables her to for her knees. Most one-hour San Francisco Ms. Pao power-
Motion, an Upper East Side studio take a trainer on the road. “AKT classes break down into three-min- walked around Fisherman’s Wharf
run by renowned trainer Anna Kai- offers Skype workouts but I’d be ute intervals. The class starts with as her trainer called out moves
ser. “I did a beginner class, and I eating a cheeseburger and watch- a warm-up, then three minutes of such as plank or biceps curls. “I
wanted to kill myself and my in- ing the workout,” Ms. Pao jokes. some type of plank exercises, three think people thought I was a street
structor, but in the end I felt so “I’m a motivated person, but when minutes of dance, then upper body, performer,” she says. Her trainer
good,” Ms. Pao says. it comes to exercise I can’t do it cardio, lower body, dance, core designed a series of stretches she
The dance-cardio workout is on my own.” work, cardio and so on. “We never moves straight out of music vid- can do on an airplane to prevent
like interval training, with nonstop Dedication has led her to lose repeat an exercise, other than eos. “I’ll spend three minutes stiffness.
movement and little rest. “I loved 25 pounds. plank,” says Ms. Pao. “The routine shaking my hips like Shakira,” she
the classes but my knees hurt do- always changes so you never pla- says. For ab strength, Ms. Pao will The Diet
ing certain moves,” she says. The The Workout teau.” Equipment such as a tread- perform the Pilates exercise known Ms. Pao says she can’t be both-
manager suggested she try private AKT In Motion offers classes mill, TRX straps, weights, resis- as the teaser, which involves lying ered cooking and used to order
classes that could be tailored to a such as S&M, which includes tance bands and stability balls are on the floor, face up, and engaging takeout, like pizza. “Then I real-
low-impact, knee-friendly workout. dance moves plus strength inter- used throughout class. the core to rise up into a V-shape. ized the ease of a blender,” she
Ms. Pao started taking private vals using resistance bands or Dance intervals incorporate The next day she’ll do crunches on says. At least one meal a day
comes out of the blender: a
smoothie of almond milk, leafy
Modifications for Limited Knee Function greens, chia seeds and frozen fruit,
or apple-butternut squash soup.
Jonathan Tylicki, senior trainer at the outer hip and leg. shift out of alignment during forward She travels with her blender and
AKT in Motion in New York City, says Squats can cause discomfort in lunges. Clamshells are performed by Dale’s raw protein bars.
small adjustments and strengthening the knee joint, he says. Instead, do a lying on one side, hips stacked, with
exercises can help people with knee hip bridge. Lie on your back, bend bent knees. Rotate the top leg open Cost and Gear
troubles exercise without pain free. your knees, feet flat on the floor and without letting the hip fall back, Ms. Pao pays $250 an hour for
“Take a low-impact approach to hip-width apart. Put your weight in slowly close the leg and repeat. private training sessions at AKT in
your cardio routine, like static cardio your heels and exhale as your send Instead of jumping jacks, try a lat- Motion and $750 a day for a
such as walking, or low-impact circuit your hips up, squeezing your glutes. eral shuffle. Move side to side, step trainer to travel with her, not in-
intervals or dance cardio,” he says. Slowly lower your hips and repeat. your right foot out, transferring cluding flights and meals. She
Before exercise, roll out muscles Add a block in between the knees to weight, then bring your left foot in. travels with her NutriBullet 600
at least 30 seconds, specifically the focus on proper knee tracking. Repeat three more times, then go blender, which retails for $89.99,
feet, calves, quads, hamstrings and il- Instability in muscles that support left. “Integrated movement teaches and her RolPal massage roller,
Legs lifts with a Pilates ball iotibial band, a tendon running along knee function may allow the knee to the muscles to fire properly,” he says. which retails for $365.
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D4 | Tuesday, January 5, 2016 THE WALL STREET JOURNAL.
HEALTH & WELLNESS
At the Hospital, Better Responses to Beeping Alarms

BY LAURA LANDRO steps to improve alarm manage-
CLOCKWISE FROM TOP LEFT: CHRISTIAN SARKIS GRAHAM/CHOP; ECRI INSTITUTE; BARBARA DREW
ment. For a study published last
In hospitals, alarms on patient- June in the Journal of Hospital
monitoring devices create a ca- Medicine, researchers at Children’s
cophony of noise day and night— Hospital of Philadelphia mounted
beeping, pinging and ringing so cameras in a pediatric unit to bet-
often that doctors and nurses ig- ter understand the causes and ef-
nore them, turn them off or just fects of alarm fatigue. The study
stop hearing them. found 99% of the alarms had no
Now, hospitals are adopting so- impact on the patient’s care, and
lutions to silence or eliminate un- the time it took nurses to respond
necessary rose in tandem with an increasing
THE INFORMED alarms, while number of alarms in the previous
PATIENT ensuring that two hours.
staffers don’t Study co-author Christopher P.
miss alerts that Bonafide, assistant professor of
could signal a life-threatening cri- Left, a team at the Children’s pediatrics at Children’s and the
sis. Smarter technology and more- Hospital of Philadelphia reviewed University of Pennsylvania’s medi-
precise monitoring practices are hospital room video to measure cal school, says invalid alarms can
helping prevent false alarms, alert alarm responses. Above, a clinician be triggered by babies’ frequent
nurses to true emergencies, and silences a vital signs monitor. Below, movements or by their heart rates,
identify deteriorating patients be- Barbara J. Drew, left, a nursing which go up when they cry. One
fore an alarm signals a crisis. researcher at the University of technology the hospital uses is a
As many as 90% of alarms are California San Francisco and nurse secondary notification system that
false or don’t require any immedi- administrator Tina Mammone work filters out lower priority and re-
ate action, studies show. But when on changes to a monitor to reduce dundant alarms and automatically
staffers become desensitized—a the number of false alarms. passes more serious alarms to a
syndrome known as “alarm fa- ary 2016 as the deadline for hospi- nurse’s mobile device. The system
tigue”—they often overlook the tals to have safety policies and makes a sudden move. UCSF also can escalate alarms to another cli-
signals that are critical, leading to procedures in place, along with tested a program to add a 20-sec- nician if the nurses don’t respond.
deadly mistakes. programs to educate staff about is- ond delay to the monitor, so an Children’s Hospital also is using
There were 138 reported deaths sues such as when alarm signals alarm would go off only if the technology on oxygen-measure-
from 2010 through June 2015 re- can be disabled, when settings on change in oxygen saturation per- ment devices so alarms sound im-
lated to alarm system failures, monitors can be changed and who sists for 20 seconds. After a mediately for a major drop in oxy-
such as a nurse turning off an has the authority to set alarm pa- month, there was a significant re- gen, while delaying for less-
alarm on one patient while caring rameters to “off.” duction in the number of alarms significant drops. It holds “safety
for another, according to the Joint Hospitals are scrambling to compared with a similar unit with huddles,” where staffers review
Commission, a nonprofit that ac- meet some of the new require- no delay, and no adverse outcomes patients who have had the most
credits hospitals, which often ments and to get staffers to com- the University of California San after the delay was implemented. alarms in the previous four hours,
helps determine a hospital’s eligi- ply. “Culture is probably the hard- Francisco, says hospitals and de- UCSF has now made the change in to make sure a problem isn’t being
bility for Medicare and private est part of alarm management vice makers err on the side of re- the five intensive-care units, Dr. overlooked and to review settings,
health plans. because staffers are used to doing cording every potentially relevant Drew says. Dr. Bonafide says.
“This is a preventable issue things their own way,” says Rikin type of data. Monitors are so sen- In a 2014 study in the Journal The University of Pittsburgh
that is killing people, and every Shah, a senior consultant at the sitive that they can sound an of Cardiovascular Nursing, re- Medical Center’s children’s hospi-
year we see the numbers go up be- ECRI Institute, a nonprofit patient- alarm when a patient moves in searchers at Boston Medical Cen- tal is using a software program
cause of something related to safety research group that works bed, for example. A study of more ter reduced the number of audible known as the Rothman Index,
alarm management,” says Ronald on improving alarm management. than 2 million alarms in five UCSF alarms in a cardiac unit by 89%, which gathers data from electronic
M. Wyatt, the Joint Commission’s ECRI provides guidelines for adult intensive care units over a with no adverse events, by con- medical records and produces a
medical director for health care hospitals that include customizing one-month period, published in verting warning alarms for nonse- score, typically from 1 to 100.
improvement. Dr. Wyatt says pa- monitors for different patients. For 2014 in the journal Plos One, in- rious changes in heart rate to vi- Lower scores indicate that closer
tients and families can play an im- example, Mr. Shah says, a mara- cluded 12,671 alarms for heart ar- sual messages sent to nurses and monitoring or immediate help is
portant role by familiarizing them- thon runner with a typically low rhythmias serious enough to re- allowing nurses to tailor alarms to needed. It creates visual graphs on
selves with the monitors in use heart rate might set off constant quire nurses to drop everything individual patients. a central nursing station screen,
and asking which alarms are of alarms unless the settings on a and run to the bedside. But 88.8% Serious alarms were raised to and triggers mobile phone alerts
highest concern. heart-rate monitor were adjusted. of those were false alarms, and “crisis” level and sounded in real to doctors and nurses when a pa-
Following some highly publi- ECRI also suggests hospitals do only 17 patients had a true cardiac time, requiring an immediate staff tient’s condition warrants atten-
cized deaths linked to alarm is- frequent audits and random spot arrest, Dr. Drew says. response. Deborah Whalen, co-au- tion. Unlike alarms, which can be
sues, the Joint Commission set checks of their alarm systems. In False alarms also often occur thor and clinical service manager heard only by those nearby, the
alarm safety as a national patient one hospital he visited, alarm with the finger-clip monitors used of cardiology, says the approach Rothman program can be used to
safety goal in June 2013 and gave speakers at a central nursing sta- to measure oxygen saturation, has been rolled out to the rest of alert others out of earshot, includ-
hospitals until January 2014 to es- tion were unplugged because staff- which is the amount of oxygen in the hospital, where fewer heart-re- ing emergency response teams
tablish alarm safety as a priority ers were fed up with noise. the blood. While a falling rate can lated alarms have reduced overall that quickly muster in a crisis, ac-
and identify the most important Barbara J. Drew, a professor of signal serious breathing issues, alarms by 60%. cording to pediatric critical-care
alarms to manage. It has set Janu- medicine with a Ph.D in nursing at alarms often go off if a patient Pediatric hospitals are taking physician Christopher Horvat.
HEART
hundreds of takotsubo pa- cause” of takotsubo, says
tients in a registry of 26 Gregg Fonarow, a professor
medical centers in Europe of medicine at the David
and America, concluded that Geffen School of Medicine at
Continued from page D1 treatment with beta blockers UCLA and co-chief of its di-
in the recent study, remem- didn’t help. Citing the signif- vision of cardiology.
bers how elated she felt one icant rates of recurrence Scott Sharkey, an expert
October day 10 years ago among those taking the on takotsubo at the Minne-
watching her son playing drugs, it said the “data sug- apolis Heart Institute, raises
football. “It was such an ex- gest that beta blockers are questions about the study’s
citing game,” recalls Ms. not effective in preventing controls. Since half the ta-
Compagnino, a teacher’s as- takotsubo cardiomyopathy.” kotsubo patients in the
sistant in Staten Island, N.Y. The research by Dr. Reyn- study had hypertension, half
In her exuberance, she began olds and colleagues consid- the healthy controls should
chanting some cheer songs ered both sides of the ner- also have had hypertension,
from her high school days vous system in the women because high blood pressure
and vowed to do a cartwheel being studied. “We thought is believed to affect the ner-
if her son’s team scored a if the sympathetic [system] vous system, Dr. Sharkey
touchdown. isn’t the whole story, maybe says. Still, the findings “are
Suddenly, Ms. Compag- there is a problem with the real and potentially impor-
nino started feeling an in- parasympathetic,” she says. tant”—and call for more
tense pain in her chest “like The participants were study, he says.
an elephant was sitting on subjected to a host of tests Dr. Reynolds acknowl-
me,” she recalls. Yet at the designed to bring on stress, edges she should ideally
hospital, doctors found noth- including being asked to de- have had controls with hy-
ing on her angiogram that scribe their initial trauma. pertension. She says she
was amiss. She became a pa- The tests were conducted in hopes to build on the study
tient of Dr. Reynolds, who a quiet, temperature-con- to come up with prevention
believes anxiety played a trolled laboratory where the strategies. Yoga, meditation
role in bringing on the at- women were closely moni- and guided relaxation, spe-
tack and has tried to guide tored. Ten other women de- cifically breathing, are high
her to reduce stress in the scribed as healthy were used on her list, because “we
hope of preventing future as controls. know that it improves para-
episodes. sympathetic functions.”
There were 6,230 cases of Clancy McKenna, another
people in the U.S. hospital-
A study found beta participant in Dr. Reynolds’s
ized with broken-heart syn- blockers, a common study who suffered a takot-
drome in 2012, according to subo attack in 2009, has
a recent study. Patients usu-
treatment, don’t help been mindful of needing to
FIT FOR A KING ally heal within days or
weeks without residual dam-
prevent new attacks. change her lifestyle. At the
time of her attack she was
FRANÇOIS LINKE age to the heart. But compli-
cations can occur, as well as Lucy Norcliffe-Kaufmann,
working as an English
teacher in New York City
Legendary maker. Exceptional rarity. Royal influence. Inspired by the fatalities. an assistant professor at and taking care of her sick
Broken-heart syndrome NYU School of Medicine and mother. Yet the trigger for
famed Bureau du Roi (King’s Desk) created for King Louis XV, this was first isolated by Japa- a co-investigator on the her attack appeared to be
breathtaking interpretation of the royal secrétaire is one of only nese researchers 25 years study, recalls how one of the physical. One day she took a
four known created by the celebrated ébéniste François Linke. ago, who named the condi- women “set off alarms” different route bicycling to
tion takotsubo cardiomyopa- when she started to speak work and found herself go-
Exhibiting extraordinary doré bronze paired with luxurious Cuban thy. Takotsubo is a Japanese about her takotsubo event. ing up a hill. “I had to stop. I
mahogany, this roll top desk is arguably the pièce de résistance of term which means octopus “She was having high blood could not breathe,” she says.
Linke’s oeuvre. The desk’s beauty is rivaled only by its mechanical trap, a reference to the bal- pressure when she was only Though Ms. McKenna
looning shape of the heart recalling the episode. We made it to work, she ended
complexity; in addition to a double-faced clock, the desk is during an attack. started asking [all] the up in an emergency room.
appointed with a myriad of secret drawers and compartments. For years, researchers be- women to tell us about their After a hospital stay, she
Signed “F. Linke.” Circa 1910. 74”w x 37”d x 71”h. #30-3344 lieved takotsubo was linked episode….and each of the was referred to Dr. Reynolds,
to the nervous system, spe- women had this response,” who recommended that Ms.
cifically that portion known Dr. Kaufmann says. McKenna be more mindful of
as the sympathetic nervous Even years after their at- stressors, including asking
system, which at times of tacks, the study says, the other family members for
stress produces a flow of participants had “reduced help caring for her mother.
adrenaline that can over- parasympathetic modulation The doctor also advised her
whelm the heart. Doctors of- of heart rate,” meaning that to consider exercise, medita-
ten prescribed beta blockers, that part of their nervous tion and yoga that might
a medication that works on system didn’t kick in as ef- help prevent another attack.
the sympathetic nervous fectively as it should. “I am in a better place,”
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published in September in nervous system “is shining a eling around the country. “I
the New England Journal of light on a potential explana- am stopping where I want to
Medicine, which looked at tion for the undderlying stop,” she says.
THE WALL STREET JOURNAL. Tuesday, January 5, 2016 | D5
ARTS IN REVIEW
PHOTOGRAPHY ART
Portraits of the Powerful

Pearls on a String:
LISA OPPENHEIM/GUGGENHEIM MUSEUM
Artists, Patrons, and

Poets at the Great
Islamic Courts
The Walters Art Museum
Through Jan. 31
BY LEE LAWRENCE
T
Baltimore
he premise of “Pearls on
An image from Lisa Oppenheim’s slideshow ‘The Sun Is Always a String: Artists, Pa-
Setting Somewhere Else’ (2006). trons, and Poets at the
Great Islamic Courts” seems
The Self-Conscious Lens so intuitive that it takes

awhile to realize just how am-
bitious this show is. Organized
these historical ties, her hy- by the Walters Art Museum in
Photo-Poetics: An brid photographic video—one partnership with the Asian Art
Anthology of the show’s highlights—may Museum of San Francisco
Solomon R. Guggenheim be more akin to a Robert Ir- (which will kick off its 50th
THE WALTERS ART MUSEUM
Museum win or James Turrell light in- anniversary with this show
Through March 23 stallation than to anything next month), “Pearls” exam-
we’re accustomed to seeing ines three individuals whose
BY RICHARD B. WOODWARD from a camera. names most outside scholarly Ceremonial gun
Leslie Hewitt is one of the circles might not know, but commissioned in 1732-33
T
New York few artists here to engage, whose legacies many will rec- by Sultan Mahmud I.
he 10 young artists however obliquely, with fam- ognize—whether an Istanbul
(nine women, one man) ily history. Her “Riffs on Real mosque or monument, lauda-
in “Photo-Poetics: An Time” (2006-09) is a series tory portraits of the Mughal brother, the court poet and shading, modeling and dra- projects he loved. We meet
Anthology” at the Solomon R. of 10 color prints that assem- emperor Akbar, or European- linguist Fayzi, helped fuel the matic chiaroscuro to create his Mahmud through such stand-
Guggenheim Museum have in ble found material—sheets of style paintings from Iran. interest in India’s fables and farangi-sazi, or European ins as folios from the kind of
common, according to senior paper, notebooks and snap- We meet these men at the epics—witness the late 16th- style, which he applied equally 10th- to 18th-century manu-
curator Jennifer Blessing, a shots—against solid back- time of their greatest impact: century illustrations that were to biblical scenes and minia- scripts he collected, a 1762 to
desire to investigate “the grounds in a series of rectan- Abu’l Fazl ibn Mubarak, as part of court-sponsored trans- tures illustrating Persian po- 1771 view of Istanbul with
laws of photography and the gles. writer and historian at the lations. And while Abu’l Fazl’s etry. The question is not why monuments he built and re-
nature of photographic repre- At the heart of “Riffs” are Mughal court in India from passion drove him to painstak- Zaman looked to European art, stored, and an array of im-
sentation, reproduction, and unidentified photos of Afri- 1575 until his death in 1602; ingly research a biography of but why his experimentations ported and locally made luxury
the photographic object.” can-American life—political the painter Muhammad Zaman Akbar, the lasting impact of took hold, since European art- wares.
This exceedingly self-con- rallies, the interior of a ibn Haji Yusuf, when he cre- his three-volume work is due work had been in Iran for He is the third case study
scious group, many of whom house, a vase of flowers, a ated his most influential work in great part to the talents of more than 100 years before Ms. Landau selected to show-
have grown up in the digital mountain landscape. Collages between 1670 and 1700 in Iran; Akbar’s court painters. We see Zaman developed his style in case among the seven in the
age, might be split into those that aim to connect Ms. He- and Sultan Mahmud I when he a selection of wonderful min- the 1670s. accompanying catalog, and it
who want to distill photogra- witt with her parents’ gener- ruled the vast Ottoman empire iatures along with a display The exhibition suggests that is easy to see why. On a time-
phy to a few essentials and ation, the series also seems from 1730 until 1754. Walters that explains the process in- at another time or with fewer line and map, the string begins
those who prefer to make it to be a wistful admission that curator Amy Landau explores connections in high places Za- with Abu’l Fazl in 16th-century
messier, adding layers of ex- the “real time” in which how, like a chemical reaction, man might have labored in ob- India and extends north
tra images with software or these artifacts were created individuals’ characteristics in Three men whose scurity. As it was, in 17th-cen- through 17th-century Iran to
collage. In both cases, the ensures that their meaning combination with a set of cir- legacies in art history tury Isfahan, Zaman enjoyed 18th-century Turkey. Selecting
goal is to complicate what we will never be fully available cumstances and a web of rela- the patronage of royals, bene- Mahmud also allows the Wal-
are used to believing about to her. One’s personal photos tionships produced cultural still endure. fited from a cadre of students, ters to showcase one of its
what we see. can quickly become opaque to and artistic explosions. What and his particular farangi-sazi dazzling treasures: a long-bar-
Claudia Angelmaier’s dis- others—a lesson for the Face- we see are not so much per- brought to life familiar tales in reled ceremonial gun the sul-
passionate studies of canoni- book generation. sonal portraits as they are bi- volved. a way that struck a chord with tan commissioned in 1732-33.
cal paintings involve no trick- ographies of phenomena. Throughout the show, the the city’s cosmopolitan and re- Its butt plate swings open to
ery. She has photographed The first section immedi- Walters bucks the current ligiously diverse population. reveal two floral compositions
the blank backs of museum The goal is to ately establishes a connection trend of paring explanations Had his style been too Euro- in diamonds, each of which
postcards against a strong complicate what we between Abu’l Fazl and Akbar to a minimum—thankfully, for pean or not foreign enough, conceals a compartment: One
back light so that, say, a and their shared interest in the many wall texts, labels and patrons and public might have sheaths a bejeweled dagger;
bather by Ingres is seen are used to believing the diversity of India’s beliefs laminated cards are so read- reacted less positively. Za- the other houses an ornate
faintly through a white pa- about what we see. and traditions. We see Jain, able and engaging that they man’s farangi-sazi did not, in writing set, complete with
pery veil, a voyeuristic touch Hindu and Christian carvings; bring out nuance without other words, emerge as an im- reed pen. Shimmering with
that adds to the eroticism of we listen to short excerpts of overshadowing the objects or personal societal response to gold, silver and gemstones, the
the 19th-century nude. classical Indian compositions; proving taxing. foreign influence. It grew out gun embodies the nexus of
As with Abelardo Morell’s Some of the photos in Sara and we are privy to scenes Granted, it helps that the of a confluence of individual military might, money and art-
photographs of reproductions VanDerBeek’s “From the from Akbar’s life, such as a next two sections are not quite predilections and circum- istry—most fitting for a cele-
in books, her camera reveals Means of Reproduction” 1600-03 painting showing him as dense. We discover Zaman stances. bration of the synergies that
this shrunken art world as a (2007) were pictures that her discussing religion with tur- as he blends classic Persian In the third and last seg- shape the history of art.
curious one. Images aren’t father, the filmmaker Stan baned Muslim scholars and styles with illusionistic tech- ment, the dynamics are even
fixed. The ones here exist in VanDerBeek, had cut out of robed Jesuits. But Ms. Landau niques and compositions simpler: An individual—Sultan Ms. Lawrence writes about
at least three time periods: magazines and books before also traces a wider web of gleaned from European works. Mahmud I—used his resources Asian and Islamic art for the
when the artist did the paint- he died. Others she collected connections. Abu’l Fazl’s He adopted, among others, and status to foster cultural Journal.
ing; when the postcard was herself.
copyrighted (dates are visible The piece is a witty col-
in each example); and when lage made up of circular im- OPERA
Ms. Angelmaier made her ages—an Etruscan hand mir-
Friendship Versus Forbidden Love

photographic versions (2008 ror, a fish-eye photo of a
to the present). city, an Art Deco pendant—
In another series, she lays arranged in the shape of a
out a dozen art books that mobile (or a family tree) and
reproduce—sometimes rephotographed on a single emerged as a full-fledged
poorly—a Dürer watercolor of flat sheet. The largest of Les Pêcheurs de Perles woman, not a mere object of
a hare. Each image on each these lunar images appears The Metropolitan Opera desire.
page is based on the original to be a white monolith but Through Feb. 4 Bass-baritone Nicolas Testé
drawing. But due to the im- turns out to be a reproduc- ably completed the cast as
perfections of the printing tion from Life magazine of a BY HEIDI WALESON Nourabad, the high priest, and
press, each has also become a birth-control pill. (The sar- the strong Met chorus evoked
G
distinct variant, like the pro- donic temper of Sarah New York the communal desperation of
KEN HOWARD/METROPOLITAN OPERA
gressive states of an etching Charlesworth can be felt eorges Bizet’s “Les Pêch- the villagers. Gianandrea
or engraving. strongly here and elsewhere eurs de Perles” (“The Noseda’s sensitive conducting
Lisa Oppenheim and Erin in the show.) Pearl Fishers,” 1863) is highlighted the instrumental
Shirreff are others who slow Ms. Blessing’s catalog an uneven work, with its se- solos and knitted the opera to-
down the pace of photogra- notes for “Photo-Poetics” in- ductive tunes and vigorous gether with a Gallic sweep. The
phy as it is typically con- terpret much of the work in a choruses offset by some pedes- original Paris critics accused
sumed on social networks. feminist light, which, given trian passages and a creaky li- Bizet of “Wagnerism”; Mr.
Ms. Oppenheim’s “The Sun Is the gender ratio of the artists bretto, but it is still remarkable Noseda made that rich orches-
Always Setting Somewhere she has selected, is only nat- that the Metropolitan Opera tration a storytelling virtue. In-
Else” (2006) is a slideshow of ural. Whether she believes put on the complete opera only Diana Damrau and Matthew Polenzani in ‘Les Pêcheurs de Perles.’ deed, the production began,
this banal world-wide event. women have a special affinity once, in 1916, albeit with En- stunningly, with three pearl-
The wrinkle is that her depic- for the issues she identifies, rico Caruso. The company Dick Bird’s set is a tiered, And even more powerful emo- diving, underwater acrobats
tion is broken up into 15 indi- or whether she simply finds made up for that lapse on New seaside shantytown of corru- tions threatened the friendship and ended in a conflagration,
vidual images, each one fea- these nine deserving of more Year’s Eve with Penny Wool- gated metal festooned with pact: Mr. Polenzani’s melting recalling another composer’s
turing a hand that holds up attention, she doesn’t say. cock’s striking new production, electrical wires and dominated tenderness in “Je crois enten- journey from water to fire.
the next photo in the se- There is no disputing that first done at the English Na- by a giant billboard advertising dre encore” made it clear that
quence, so we watch photos since the 1980s many young tional Opera in 2010, whose ex- pearls. Kevin Pollard’s earth- love trumped all, and Mr. Kwe- Ms. Waleson writes about
of photos of a sunset in a photographers with MFAs cellent cast and pitch-perfect toned costumes mix modern icien’s borderline thuggish po- opera for the Journal.
loop. and burgeoning careers have conductor made a strong case and traditional clothing—saris tency throughout underlined
Ms. Shirreff’s 17-minute made work about the puzzles for this neglected gem. and sarongs with suits and T- Zurga’s pride in his role as the
video “UN 2010” (2010) is a and politics of representa- Ms. Woolcock’s gentle up- shirts—and Jen Schriever’s village headman, his hair-trig- Pepper ...
more practiced deception. A tion. It’s no use complaining date of the story from ancient haunting lighting, which dims ger temper and his deep well of
static view of the U.N. Secre- that in the wake of the “Pic- Ceylon to present-day Sri to blackness around tiny, pin- jealousy.
And Salt
tariat building in Manhattan, tures Generation” artists, Lanka, or some similar country, point lamps, enhances the Diana Damrau was an excit- THE WALL STREET JOURNAL
seen from across the East many have lost faith in a maintains the core of the op- scene of a crowded, struggling ing, multifaceted Leïla. When
River, the scene is initially more direct engagement be- era—pearl divers risk their lives community perched precari- she arrived, veiled in red and
suffused in a dusky cyan tween photography and the for precious gems, and religious ously on the edge of the abyss. gold, the lightness and delicacy
light. Then the romantic world. Curators should re- beliefs dominate the commu- Projections by 59 Productions of her coloratura and the float-
mood shifts, as the screen flect what is happening nity’s practices—but it gives the complete this sense of isolation ing, spinning high notes as she
flashes red and black before among the ambitious and ex- principal characters a new im- and threat: After the guilty prayed to Brahma and swore to
resuming its pale blue cast. perimental. mediacy that cuts through the couple are discovered at the fulfill her oath of purity and
Only gradually, as one notices One of the pitfalls of Con- perfumed exoticism of the shrine where Leila is supposed obedience were of a piece with
that the objects in the frame ceptualism, however, is score. Two friends, Nadir (tenor to be praying alone, a giant the mystery and ritual of the
aren’t moving, is it apparent brainy academicism, and a Matthew Polenzani) and Zurga tidal wave looms terrifyingly role she is expected to play in
that we are watching not a certain airlessness pervades (baritone Mariusz Kwiecien), above the characters and the the village. But her voice took
video but a handful of photo- the three floors of the once fell in love with Leïla, a audience. on warmth for her forbidden
graphs that have been joined Guggenheim where the show Hindu temple priestess (so- In this context, the central love duet with Nadir, as he
together and washed in light will be until March 23. It’s prano Diana Damrau), and love triangle took on new reso- stripped away the gauzy layers
with digital software. not that these artists aren’t agreed that neither would pur- nance. Mr. Polenzani and Mr. of her sari to reveal the simple
Ms. Shirreff’s piece evokes clever and accomplished; it’s sue her. Nadir has broken his Kwiecien veered from wistful yellow dress beneath. And in
both Steichen’s Pictorialist that the stakes they’re play- promise, however, and when magic to mutual determination Act III—her soprano bright and
photographs of the Flatiron ing for seem awfully small. Leïla arrives in the village to in the famous buddy duet, “Au gleaming as she confronted the “Yeah, as soon as you
Building and Warhol’s eight- protect the divers from the ele- fond du temple saint,” making angry Zurga, begging him to smashed it against the wall,
hour film of the Empire State Mr. Woodward is an arts ments with her virginal prayers, it deeper than the gorgeous spare Nadir’s life and cursing it was no longer a tech sup-
Building. And yet, despite critic in New York. conflict and disaster ensue. earworm of a tune that it is. him when he refused—she port issue.”
D6 | Tuesday, January 5, 2016 * * THE WALL STREET JOURNAL.
SPORTS
Heard On
The Field
Coughlin, Giants Part

Ways After 12 Years
The day after the NFL’s regular
season finale, dubbed “Black Mon-
day,” claimed a big name this year
as New York Giants coach Tom
Coughlin “stepped down” from his
role after a successful tenure that
included two Super Bowl victories.
The announcement came a day af- Above, Jordan Spieth hits out of a bunker at the Australian Open in Sydney in November; below right, Spieth hits a shot for the U.S. team during the Presidents
ter the team wrapped up its third Cup in South Korea in October; Spieth performs on stage during a photoshoot at the WGC-HSBC Champions tournament in Shanghai in November.
consecutive losing season.
Jordan Spieth’s World Tour

Coughlin said that he met with
Giants co-owners John Mara and
Steve Tisch and “informed them
that it is in the best interest of the
organization that I step down as
head coach.” Coughlin went 102-90
in his Giants career. At age 69, he The world’s No. 1 golfer is in the midst of a stretch that will take in nine countries in five continents over 11 months
was the oldest coach in the NFL
this season. BY BRIAN COSTA deal with NetJets. But like anyone
Other coaches let go after this traveling on international business,
season were less successful: On Michael Greller was pulling out of getting over jet lag and adjusting his
Sunday night, the Browns cut loose the parking lot at a PGA Tour event sleep patterns takes some getting
coach Mike Pettine and general last month when he realized some- used to.
manager Ray Farmer, while the San thing unsettling: He had no idea “It’s a massive adjustment,” said
Francisco 49ers dumped coach Jim which side of the street he was sup- India’s Anirban Lahari, who played
Tomsula. —Kevin Clark posed to be driving on. in Europe, the U.S. and Asia in 2015.
Two days earlier, Greller was cad- “You wake up at 2 or 3 a.m. feeling
dying for world No. 1 golfer Jordan hungry because it’s breakfast time.
Real Madrid Swaps In Spieth in Australia, where cars stay You start hitting a wall at 4 or 5 in
left. One day earlier, they were in the evening. A lot of times when
Zidane as New Coach
(CLOCKWISE FROM TOP LEFT): AL BELLO/GETTY IMAGES; AGENCE FRANCE-PRESSE/GETTY IMAGES; GETTY IMAGES(2); GERARD JULIEN/AGENCE FRANCE-PRESSE/GETTY IMAGES
Spieth’s hometown of Dallas, driving you’re teeing off in the afternoon,

Real Madrid appointed Zinedine on the right. Now, they were in the you have to make sure you keep the
Zidane as its new manager Mon- Bahamas, where, unbeknownst to energy levels up.”
day, banking on a legendary player Greller, cars stay left. One of the remarkable things
to bring his on-field success into his “I almost hit three or four cars,” about Spieth’s rise, though, is how
first major coaching job. he said. little all this seems to affect him.
Zidane was unveiled as Real’s Now more than ever, traveling The start of his 2015 ascent can be
ninth manager in the past 10 years with the world’s top-ranked golfer traced to late 2014, when he won the
just hours after the club decided it’d can be a disorienting experience. Australian Open, then flew to Florida
had enough of the eighth, Rafa Spieth is currently in the midst of an and won the Hero World Challenge
Benitez, following a meeting of the 11-month stretch that will take him sport whose global reach has never “For top players, appearance fees the following week. He won the John
club’s board. to tournaments in nine countries been greater. The Presidents Cup, a are an important factor,” said vet- Deere Classic in a playoff in Illinois
Benitez was tabbed to coach spanning every continent except Af- biennial team event between the U.S. eran agent Mark Steinberg. Among last summer and then immediately
Real just seven months ago, but rica and Antarctica, assuming he and an international squad, was held his clients is Tiger Woods, who took a red-eye flight to Scotland,
fans were critical of the move from qualifies for the Olympics in Brazil in South Korea in October, the first played in 41 overseas events not where he nearly won the British
the moment he was hired to re- this summer. time it was played in Asia. The WGC- sanctioned by the PGA Tour. Open the following week.
place Carlo Ancelotti last summer. He ascended to stardom on U.S. HSBC Champions in Shanghai and But it is more than just a cash The key for Spieth is less about
Zidane, 43, is a glitzier appoint- soil, winning the Masters and the the Hero World Challenge in the Ba- grab. For the best American golfers, resting than keeping himself occu-
ment, albeit one without any mana- U.S. Open last year and securing his hamas, which moved outside the U.S. cultivating fans on other continents pied, whether it’s with early-morn-
gerial pedigree. He was one of the first No. 1 ranking at the PGA Cham- for the first time this year, were is seen as an important way to maxi- ing workouts or late-afternoon ex-
most gifted players of the 1990s pionship. But his bid to maintain both fall stops on the PGA Tour. mize their value to both existing and cursions—bass fishing in Florida, for
and early 2000s, leading France to that perch requires navigating nearly But the extent to which Spieth is potential sponsors. instance, or snorkeling in the Baha-
the 1998 World Cup and Real Ma- as many time zones as golf courses. playing around the world is also in- “Jordan is not fueled by money mas. Even on planes, when he’s not
drid to the UEFA Champions After a fall schedule that also in- dicative of how overseas tourna- and it does not drive his decisions sleeping, he’ll spend much of his
League in 2002. “I’m more excited cluded tournaments in South Korea ments lure top-ranked Americans regarding his golf,” Spieth’s agent, time playing cards with Greller.
than when I signed as a player,” he and China, Spieth will return from a away from Tour events, typically in Jay Danzi, said. “Jordan enjoys see- In 2013, Spieth’s first year as a
said. —Joshua Robinson month-long break this week at the the fall and early winter. On Jan. 21, ing the world, experiencing new cul- pro, the two of them would play soli-
Hyundai Tournament of Champions when the PGA Tour’s West Coast tures and has always thought that it taire on their computers, racing to
in Maui. From there, it’s on to tour- swing begins in La Quinta, Calif., is important to help to grow the see who could finish first. Lately,
naments in Abu Dhabi and Singa- Spieth and Rickie Fowler will tee off game. Traveling to different markets they’ve been playing gin. “Off the
pore. On Feb. 11, when he tees off at at the HSBC Golf Championship in also helps expand Jordan’s brand in- golf course, we don’t talk about golf,
Pebble Beach in the AT&T National Abu Dhabi. Two-time Masters win- ternationally and provides valuable but he likes to be engaged,” Greller
Pro-Am, it will be his first competi- ner Bubba Watson played recently in activation opportunities for his said. “Just being busy helps him.”
tive round in the continental U.S. in Japan and Thailand. global partners.” Spieth may never have a busier
more than four months. The PGA Tour does not allow Take the PGA Tour events outside stretch, travel-wise, than this. Then
Between October 2015 and August tournaments to offer appearance the U.S., add the other overseas again, maybe he will. In Shanghai,
2016, Spieth projects to log well over fees as incentives for star players to tournaments Spieth has elected to Spieth was asked if he would ever
125,000 miles in the air. That’s more show up. But in Europe and Asia, the play in, throw in the Presidents Cup consider joining the European Tour,
than three times the number flown practice is widely accepted, if mostly and the Olympics and the result is which recently eased its membership
by his favorite baseball team, the unspoken. Marquee players have something like a world tour. requirements to attract more players
Texas Rangers, last season. been known to receive guarantees of Granted, Spieth won’t get much who also compete in the U.S. He
“I think I’m trying to still learn more than $1 million, beyond what- sympathy from the average road didn’t rule it out.
how to adjust,” he said. ever purse money they earn based warrior. He mostly flies private “Who knows?” he said. “This
Spieth’s schedule epitomizes a on their finish in the tournament. these days, as part of a sponsorship sport can take you anywhere.”
Cooperstown Exit Polls Forecast the 2016 Class

In less than a month, exit polls earn induction, and writers can
will again become ubiquitous as a cast votes for up to 10 players.
way of predicting the results of
How the Polls Are Trending As with presidential exit polls,
presidential primaries before all Early results of 2016 Hall of Fame voting based on 146 ballots a partial slice of the overall data
the votes are counted. But first, made public as of early Monday afternoon (out of an isn’t necessarily predictive. Piazza
the concept will be applied to an- estimated 450 total). Players need 75% to earn induction. received votes on 76.2% of the
PLAYER % OF VOTE 200 ballots made public before
Ken Griffey Jr., Outfielder* 100% last year’s announcement, only to
Mike Piazza, Catcher 87% finish with 69.9% of the overall
Jeff Bagwell, First Baseman 81.5% vote. The voters who make their
Tim Raines, Outfielder 79.5%
ballots public in advance tend to
other rancorous contest: the rely on more advanced statistics,
Trevor Hoffman, Relief Pitcher* 62.3%
Baseball Hall of Fame vote. more likely to vote for players
The 2016 inductees will be an- Curt Schilling, Starting Pitcher 61% linked to performance-enhancing
nounced Wednesday at 6 p.m. ET Mike Mussina, Starting Pitcher 55.5% drugs and more likely to vote for
on MLB Network. But the grow- Barry Bonds, Outfielder 50.7% the maximum 10 players allowed
ing number of voters making their Roger Clemens, Starting Pitcher 50% on their ballots.
ballots public before the an- Source: Ryan Thibodaux *first year on the ballot
Mike Piazza hitting for the Mets in 1998. But Thibodaux’s data can be
nouncement has made it easier to used to make educated projec-
get a sense of where the election tions. Nathaniel Rakich, a Boston
is headed. Monday afternoon, he had counted and Tim Raines, have emerged as the the greatest hitting catcher in base- writer who weights the raw bal-
Ryan Thibodaux, a 34-year-old 146 of an estimated 450 total bal- Florida and Ohio of the race. They’re ball history, received 87% of the vote. lot data to account for the over-
Athletics fan living in Oakland, lots. too close to call. Bagwell, the longtime Houston As- sampling of so-called progressive
has been compiling ballots posted The upshot: Ken Griffey Jr. is a Griffey, whose 630 career home tros first baseman, was at 81.5%. voters, projects Griffey, Piazza
online by voting members of the lock to get in, as expected. Mike Pi- runs rank sixth on the all-time list, And Raines, the former All-Star out- and Bagwell to get in, with
Baseball Writers’ Association of azza is trending in the right direction. was selected on all 146 of the ballots fielder, was at 79.5%. Players must Raines falling just short.
America since 2014. As of early And two other players, Jeff Bagwell made public. Piazza, who is arguably receive at least 75% of the vote to —Brian Costa
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Some economists fear that manufacturing,

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