Hung Up On Hangers: North Korea Claims Test of H-Bomb

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Hung Up Holman W. Jenkins

Don’t Blame Oil
On Hangers For Global Chaos
GETTY IMAGES
PERSONAL JOURNAL | D1 OPINION | A9

* * * * * * WEDNESDAY, JANUARY 6, 2016 ~ VOL. CCLXVII NO. 4 WSJ.com HHHH $3.00
DJIA 17158.66 À 9.72 0.1% NASDAQ 4891.43 g 0.2% STOXX 600 358.88 À 0.6% 10-YR. TREAS. g 1/32 , yield 2.248% OIL $35.97 g $0.79 GOLD $1,078.40 À $3.30 EURO $1.0749 YEN 119.06
Cheap
What’s Gas Fuels
Obama Sheds Tears Over Guns
North Korea
News Record Claims Test
Of H-Bomb
Business & Finance
Car Sales
U .S. car sales jumped
5.7% in 2015 to break a
15-year-old record, pro-
U.S. car sales in 2015 jumped
to a record, clearing a peak last
pelled by cheap gasoline, reached 15 years ago, as cheap Pyongyang’s move sets off new tensions in
gains in employment and gasoline, employment gains and
low interest rates. A1 low interest rates spurred region; some raise doubts over technical ability
Americans to snap up new vehi-
Apple is scaling back or-
cles. SEOUL—North Korea said it South Korea denounced the
ders for its iPhones, send-
successfully staged its first test test as a violation of United Na-
ing ripples throughout the
industry that supplies and By Mike Spector, of a more powerful form of a tions Security Council resolu-
builds the devices. B1 Jeff Bennett nuclear weapon, expanding the tions that ban the North’s nu-
and John D. Stoll U.S.’s foreign-policy challenges clear weapons development.
Valeant plans to appoint and highlighting the limits of South Korea “strongly con-
a new chief executive In all, auto makers sold 17.5 China’s ability to rein in its vola- demns North Korea for going
while CEO Pearson remains million cars and light trucks in tile ally. ahead with a fourth nuclear test
under hospital care. B1 the U.S. last year, a 5.7% in- in a clear violation of U.N. Secu-
Chinese officials scrambled
crease, and on average paid By Alastair Gale and rity Council resolutions,” Cho
to prop up stock prices, but
more for each one. Americans Kwanwoo Jun in Seoul Tae-yong, deputy chief of the
their moves had the effect of
overall spent about $570 billion and Damian Paletta in presidential office of national
on new rides—fueling an indus- Washington, D.C. security, said in a statement.
confusing many investors. C1
try revival that is putting more He added that Seoul will
U.S. stocks steadied, but money in the pockets of auto An announcer on North Ko- work with the U.S. and other na-
concerns lingered after workers, dealers and executives. rean state television said in a tions on appropriate responses,
Monday’s selloff. The Dow With gas hovering around $2 midday broadcast that scientists including pursuing additional
edged up 9.72 to 17158.66. C4 a gallon nationwide and credit had successfully detonated a hy- U.N. sanctions, against North
plentiful, auto makers are pro- drogen bomb at around 10 a.m. Korea.
Vanguard’s 2015 inflows
jecting a continuation of the ro- local time. In the past, U.S. officials have
hit $236 billion, a fund-indus-
bust demand for higher-margin The U.S. Geological Survey questioned North Korea’s claims
try record, continuing an in-
pickup trucks and sport-utility reported that a magnitude 5.1 to technological breakthroughs.
vestor shift to passive funds. C1
vehicles now fattening their earthquake was triggered at At the same time, the Penta-
Accounting rule makers bottom lines. Those larger vehi- that time near North Korea’s nu- gon last year said it had deter-
changed a provision that in re- cles account for more than half clear test site in the northeast mined that Pyongyang is close
cent years has resulted in big of U.S. sales, pushing the aver- of the country. to or already capable of minia-
swings in bank earnings. C1 age transaction price to Experts have said it was un- turizing nuclear warheads so
$34,428, according to automo- clear whether North Korea had they can be mounted on missiles
Spirit abruptly replaced
tive data provider Kelley Blue developed the ability to build a and launched across the globe.
CEO Baldanza, an architect
Book. hydrogen bomb. The magnitude Confirmation that Pyongyang
of the airline’s ultralow-
The new peak raises the ques- of the latest explosion was the has conducted a nuclear test of
cost business model. B1
tion of whether the good times same as a 2013 test of an atomic any kind is likely to accelerate
KEVIN LAMARQUE/REUTERS
China asked Microsoft to can last. Ever since the Model T bomb. U.S. responses across a variety
explain “major problems” remade the U.S. industrial land- State Department spokesman of fronts, and add to pressure
in digital data the firm pro- scape, car makers have had to John Kirby said the U.S. couldn’t on the Obama administration to
vided as part of a probe. B3 grapple with inevitable down- confirm North Korea’s claims of step up action on sanctions and
turns following periods of signif- a nuclear test but was monitor- missile defense.
The oil rout has left Saudi
icant sales gains. Signs of an in- ing the situation. While the nature of the latest
Arabia’s currency peg to the
dustry sea change are cropping “We are aware of seismic ac- test remained unclear, it high-
dollar at its most vulnerable
up with self-driving cars and EXECUTIVE ACTION: President Barack Obama said Tuesday he tivity on the Korean Peninsula lighted the commitment of
point in over a decade. C1
Please see CARS page A2 would expand background checks and strengthen enforcement. He in the vicinity of a known North North Korea’s young leader, Kim
wiped away tears while speaking of the Sandy Hook massacre. A3 Korean nuclear test site and Jong Un, to continue confront-
World-Wide Younger buyers help keep car have seen Pyongyang’s claims of ing its neighbors despite recent
sales humming.......................... B1 a nuclear test,” Mr. Kirby said. Please see KOREA page A12
North Korea claimed to
In Germany, Assaults CHANGE IN THE AIR

have successfully tested a
hydrogen bomb, expanding
the U.S.’s foreign-policy
Test Migrant Policy PROMISES TV BONANZA

challenges and highlighting
the limits of China in rein-
ing in its volatile ally. A1
BY RUTH BENDER Germany last year, mainly
Scores of women in Ger-
from the Middle East, Afghan-
many reported assaults by
BERLIN—German officials istan and Africa. Small stations stand to win big as FCC reallocates airwaves to wireless
groups of men described as
sought to reassure the public By Tuesday morning, at
Middle Eastern-looking dur-
on Tuesday after scores of least 90 women had reported
ing New Year’s events, fueling
women reported being sexu- assaults in Cologne, Germany’s BY THOMAS GRYTA tury ago. And by next week, broadcasters have
a debate on migrant policy. A1
ally assaulted and robbed by fourth-largest city, on New to decide if they want to join the auction that
Saudi Arabia’s diplo- what witnesses described as Year’s Eve, with a quarter of LIMA, Ohio—Workers accidentally struck oil will let wireless carriers like AT&T Inc. and Ve-
matic crisis with Iran groups of Middle Eastern- them filing complaints of sex- here in 1885, putting this tiny city on the map rizon Communications Inc. acquire those sta-
adds to an array of chal- looking men during New Year ual assault, according to a as the world’s biggest oil field—a valuable tion rights for tens of billions of dollars.
lenges confronting the celebrations, fueling a sim- spokesman for the police. patch that John D. Rockefeller later controlled. The process gives small TV stations a
kingdom’s leadership. A6 mering debate about the im- Similar but fewer incidents Now Lima, (pronounced lye-ma), a rust belt chance to cash out just as their business faces
The Saudis sharply cut pact of refugees who have were reported in Hamburg and town of 38,000 people, has another highly challenges from online video, wireless services
the prices it charges for flooded the country in the Stuttgart. No arrests have sought-after resource. This time, the riches are and shifting audience behavior. After multiple
crude oil in Europe, a move past year. been made. above ground and the deep-pocketed buyer is delays, the process is expected to begin in
that could undercut Iran. C4 Security officials said it “What took place that night the U.S. government. March. Nearly 2,000 stations across the coun-
Iraq’s prime minister was unclear whether the per- has never happened in such a The Federal Communications Commission try could join the auction to sell their broad-
appealed for calm as Shiite petrators were recently ar- form before,” German Justice recently set opening prices for an auction of casting licenses.
leaders urged followers to rived migrants. More than one Minister Heiko Maas said airwaves it gave away to many local TV sta- In giant media markets like New York City
protest Saudi Arabia’s exe- million refugees arrived in Please see ASSAULT page A7 tions across the country more than half a cen- Please see FCC page A8
cution of a Shiite cleric. A6
Obama unveiled a plan
to beef up gun regulations, The Epic Story of a Bridge Too Low
expanding the definition of
a dealer and moving to ex- Draws Internet Fans New
pand background checks. A3
i i i Hampshire
Obama will nominate Gen.
Joe Votel, an Army special A North Carolina span shaves the tops GOP Race
operations officer, to lead
U.S. Central Command. A6 off tall trucks; ‘crash art’ for sale Remains
Venezuela’s assembly Wide Open
was sworn in as President
BY BEN COHEN The world can watch the
Maduro moved to curb the Interviews with
whole thing, thanks to Jürgen
influence of the new oppo- voters and prior voting
DURHAM, N.C.—A height Henn.
sition-controlled body. A12 patterns suggest
sensor on the street detected Hearing the crash from his
Died: Robert H.B. Baldwin, impending doom here last office nearby, the systems ana- the GOP campaign in
95, led Morgan Stanley. C1 month. Yellow lights began lyst raced out to survey the the state is still very
flashing a block scene. He returned much in play. A4
CONTENTS Opinion................. A9-11 away. The danger: A to his computer,
Business News.. B1-6 Property Report C6-9
Budget rental truck checked his video
Clinton Steps
PATRICK SEMANSKY/ASSOCIATED PRESS
Crossword................. B6 Sports.......................... D6
Global Finance........ C3 Technology.......... B5-6 barging down the cameras and up-
Heard on Street.. C12 U.S. News............. A2-5 road wasn’t going to loaded footage of the Up Iowa
Home & Digital. D2-3 Weather..................... B6 get under the rail- episode to
In the Markets....... C4 World News. A6-7,12
road overpass. 11foot8.com, his web- Ground Game
The truck ignored site that tracks acci-
> the warning. It rum- dents under this
bled underneath. Its Bridge sign city’s infamous 11- Hillary Clinton hopes to
roof did not. foot-8-inch under- rewrite her history in Iowa
The train bridge’s underside pass. as the caucuses are again
trimmed a layer off the truck’s It was a milestone mishap, taking on an outsize
s Copyright 2016 Dow Jones & importance to her
Company. All Rights Reserved top, looking like a grater shav- the 100th time since 2008 the Attendees listening to Sen. Marco Rubio at a town hall meeting in
ing a layer of cheese. Please see BRIDGE page A8 Cedar Rapids, Iowa, on Tuesday. presidential aspirations. A5
A2 | Wednesday, January 6, 2016 * ***** THE WALL STREET JOURNAL.
U.S. NEWS
Protest Rooted in Land-Use Dispute
Behind the armed protest at which have put greater restric-
U.S.
Watch
a national wildlife preserve in tions on industry use of public
Oregon lies a decadeslong lands, often at the behest of en-
struggle between agencies that vironmental groups.
manage vast tracts of federal In recent years, the land-use MICHIGAN
land in the West and the ranch- issue has become a political ral-
ers, loggers and miners who de- lying cry for Republicans. Ac-
Governor Declares
pend on access to them for cording to the Center For West- Emergency in Flint
their livelihoods. ern Priorities, a conservation Michigan Gov. Rick Snyder
advocacy group that opposes declared a state of emergency
By Jim Carlton giving states control over federal Tuesday in Flint over problems
in Burns, Ore., and lands, some 37 bills favoring lo- with lead in the drinking water,
Dan Frosch in Dallas cal land seizures were intro- the same day federal officials
duced in 11 Western states dur- said they are probing the issue.
The U.S. government owns ing the 2015 legislative cycle. The governor’s action follows
roughly 640 million acres of Only six of the measures emergency declarations by the
JUSTIN SULLIVAN/GETTY IMAGES

property in the country, much passed, however, and those bills city and Genesee County, which
of it in the West—making up largely involved simply study- requested help from the state.
the majority of land in some ing the issue further, according Michigan’s declaration makes
states such as Utah, Oregon and to the group. available state resources in co-
Nevada. Fights with the govern- Similar tensions have flared operation with local response
ment have intensified as it has at the site of the current occu- and recovery operations.
added mandates to preserve the pation, Oregon’s Harney A spokeswoman for the U.S.
environment and wildlife, espe- County, where nearly three- attorney’s office in Detroit said
cially in times of drought and A protester stands guard on Tuesday at the Malheur National Wildlife Refuge near Burns, Ore. fourths of the land is federally the federal investigation is “an
wildfires. owned. effort to address the concerns
For more than 70 years in County resident Joseph Fine of Flint residents,” but she
north Texas, Ken Aderholt’s
family has grazed cattle on lush Occupation Upends Life in Rural Oregon Area said his parents had to sell
their ranch in the 1980s be-
couldn’t say whether it is a
criminal or civil investigation.
pastureland that hugs the Red cause the grazing land they Last week, Mr. Snyder apolo-
River. So Mr. Aderholt was BURNS, Ore.—The takeover closed as a precautionary mea- Grasty said the measures were used on the adjoining Malheur gized and Michigan’s top envi-
stunned, he said, when an offi- by armed militants of a federal sure, forcing parents to keep taken after Mr. Bundy, the son National Wildlife Refuge, site ronmental regulator resigned af-
cial with the U.S. Bureau of wildlife sanctuary has left this children home with few out- of Nevada rancher Cliven of the current standoff, kept ter a task force blamed
Land Management told him in nearby town of about 3,000 door options because of cold Bundy, who waged a similar getting reduced by federal offi- problems on his agency.
2013 that about 650 acres of his people shaken, angry and di- and snowy weather. District of- standoff with the federal gov- cials. “They just kept cutting —Associated Press
approximately 900-acre prop- vided over whether the occupa- ficials announced Tuesday that ernment in 2014, put out a call back and cutting back on the
erty was federal public land. tion is more harmful than good. classes will resume on Jan. 11. last weekend for more mili- grazing leases,” said Mr. Fine, VIRGINIA
“This land was bought and Ammon Bundy and the “The thing is they’re missing tants to join him. who now ranches elsewhere in
paid for and people struggled to other out-of-town activists out on a week of class work, “To be honest, there are so the county. “They want to turn
State Senator Sues
acquire it, so for them to just who are holed up in the Mal- and it isn’t OK with parents,” many out-of-town folks here it all over for birds instead of Over Son’s Death
come in and swoop in and say heur National Wildlife Refuge said Joseph Edwards, 33 years now that nobody knows,” Mr. cattle.” A Virginia state senator
it’s theirs is pretty devastating,” to highlight what they see as old, yard manager at Big R Grasty said in an interview. Between 1997 and 2003, the whose son stabbed him 13
said Mr. Aderholt. He filed a the federal government’s impe- Stores, an agricultural supply Some local residents sup- 187,000-acre refuge, established times before fatally shooting
lawsuit in November saying the rious management of public outlet in this ranching commu- port protesters’ goal of high- over 100 years ago, has ac- himself has filed a $6 million
BLM has no right to his prop- lands have promised a peaceful nity. “And it’s all because of a lighting the saga of Ore- quired 1,200 acres in land pur- wrongful-death lawsuit against
erty, to which Mr. Aderholt said demonstration. Few troubles bunch of radicals.” gon ranchers Dwight Hammond chases or swaps from private the state and a mental-health
his family has held a deed since have been reported so far, as Meanwhile, security has Jr. and his son Steven, who entities and the state, according agency.
1941. supporters—often noticeable by been beefed up all over town. were again sent to prison on to records. State Sen. R. Creigh Deeds
The BLM, which declined to their side-arms—mingled at es- Roads were barricaded un- federal arson charges this A BLM spokesman in Oregon said 24-year-old Austin “Gus”
comment on Mr. Aderholt’s suit, tablishments in Burns and til Tuesday around the Harney week in a punishment many said there have been no signifi- Deeds was improperly denied
contends that the land in the other nearby communities. County Courthouse, where visi- feel was too harsh. cant changes to its approach to mental-health treatment before
area had long been federal Still, the protests have up- tors have had to pass through “I feel they have good inten- the management of grazing, but the November 2013 incident.
property but never actively ended life in rural Harney a metal detector that hadn’t tions, but maybe not going that in the last few years wild- The defendants are the state,
managed by the land agency. County, an area roughly the been there before. about it the right way,” said fires destroyed some land, mak- the Rockbridge Area Community
The tensions have become a size of Vermont with only Harney County Sheriff Dave Melissa DeLay, a cosmetologist ing it off limits to ranchers Services Board and Michael Gen-
growing political issue in west- about 7,000 people, and not Ward on Monday requested working on a customer’s while the land recovers. try, a mental-health worker for
ern states, where some commu- everyone is happy about that. help from other sheriff agen- nails Tuesday at Vintage Harney County ranchers are the board who evaluated Gus
nities say federal land controls The Harney County School cies around the state in his pa- Beauty. likely to face new grazing cut- Deeds the day before the attack.
hurt their economies. District ordered its six schools trols. County Judge Steven —Jim Carlton backs as the BLM this year be- The lawsuit says the board
“These are more localized, gins implementing a land man- and Mr. Gentry breached their
spontaneous protests, but the they set fires that spread to dents could better stand up for prompted tighter regulations agement plan across the West duties by releasing Gus Deeds
issues are all the same: dissatis- federal lands; they said they set themselves. But they didn’t on the mining, timber and to protect the sage grouse, said after failing to find a psychiatric
faction and anger with the fed- the blazes to protect their prop- detail their exact demands. ranching industries that utilize Tom Sharp, a local rancher and bed in the area. John D. Young,
eral government over what they erty from invasive plants and Much of the public land was the properties. treasurer of the Oregon Cattle- interim executive director of the
see as unnecessarily restrictive prevent wildfires. They turned acquired by the U.S. govern- Some ranchers and local offi- men’s Association. board, declined to comment.
regulations of public lands to themselves in Monday to serve ment in the 19th century cials viewed the government’s Yet he and other local ranch- —Associated Press
protect environmental values,” the remainder of a five-year through purchases or treaties. approach as an affront to rural ers said they didn’t condone the
said Gregg Cawley, a political- prison sentence. Some parcels are part of the economies and a traditional takeover of the refuge by Mr. PENNSYLVANIA
science professor at the Univer- The occupiers, led in part national park system or wildlife Western way of life and Bundy and his armed group. Mr.
sity of Wyoming and federal by Ammon Bundy—the son of preserves, while others are launched a movement known as Sharp said Harney County
Firm to Pay Up After
land policy expert. Nevada rancher Cliven Bundy, leased to citizens or companies. the Sagebrush Rebellion, in- ranchers have often collabo- Bathroom-Break Suit
The Oregon occupation, in who was involved in a similar The modern-day disputes tended to beat back federal in- rated with the BLM and other A Pennsylvania company will
its fourth day Tuesday, was standoff with federal officials emerged during the 1970s, tervention. federal agencies on manage- pay about $1.75 million to thou-
spurred by a dispute involving in 2014—indicated Tuesday when Congress gave the BLM The Sagebrush movement ment issues such as the sage sands of employees who had to
rancher Dwight Hammond Jr. that they were making plans to greater powers over public continued to rage at times, par- grouse. clock out for short breaks, in-
and his son Steven. A jury con- go home after certain condi- lands, and environmental and ticularly during Democratic —Tamara Audi cluding for the bathroom.
victed the pair of arson after tions were met and local resi- conservation concerns presidential administrations, contributed to this article. A federal judge has given the
Labor Department and Malvern-
based American Future Systems
CARS auto makers rose to $3,063 per

vehicle in 2015 from $2,809 a
decade earlier, according to Kel-
ley Blue Book and data provider
December Vehicle Sales
Inc., which publishes business
newsletters, until Thursday to
submit proposals on how to
manage the payments, the Phil-
Continued from Page One TrueCar Inc. adelphia Inquirer reported.
car-hailing services threatening “Auto makers will reach a bit The Labor Department filed a
Henry Ford’s vision of putting a deeper into their pockets to sub- lawsuit in 2012, saying the firm
car in every garage. sidize zero-interest-rate loans, 290,230 238,350 237,606 217,527 150,893 139,300 30,956 violated the Fair Labor Stan-
Analysts cautioned the torrid masking the impact on the con- dards Act because employees
sales pace could taper. Higher in- sumer but at the expense of CHANGE FROM A YEAR EARLIER weren’t earning the minimum
terest rates and a glut of cars [company] margins,” said Brian wage of $7.25 an hour when the
coming off leases leading to a Johnson, a Barclays PLC auto an- company required them to clock
flood of late-model used cars alyst. out for breaks. The company’s
could turn the tide against new- Mr. Johnson said the impact 5.7% 10.8% 8.3% 12.6% 9.9% 18.7% 9.1% lawyer declined to comment.
car sales. The industry’s sea- of such incentives would be off- —Associated Press
sonal adjusted annual selling set in part by lower costs for
pace fell to 17.3 million in De- steel and other materials. Car Source: the companies THE WALL STREET JOURNAL. AMERICAN KENNEL CLUB
cember from 18.2 million the executives, meanwhile, insist in-
month before, suggesting some terest rates aren’t yet rising fast increasingly settling in urban ar- an increasing percentage of U.S. economic revival is helping the
Two New Dog
slowdown at year-end. On Tues- enough to significantly dent eas and potentially forgoing car car sales, according to re- auto industry. Breeds Recognized
day, investors reacted to the De- sales. purchases while taking advan- searcher J.D. Power and Associ- Ford reported its sales in- The American Kennel Club
cember sales figure by sending And Detroit’s car makers are tage of ride-sharing services ates. creased 8.3% to 237,606 vehicles. said Tuesday that the American
shares of General Motors Co. in better financial shape than 15 from Uber Technologies Inc. and Bob Carter, a Toyota Motor Sales of its best-selling F-series hairless terrier and the sloughi
and Ford Motor Co. lower. years ago. At the beginning of Lyft Inc. Underscoring the bur- Corp. executive, said owning ve- pickups rose to a 10-year high. have joined 187 other recognized
Some cautioned the booming the century, the Big Three were geoning industry disruption, GM hicles remains vital for those For the year, Ford’s U.S. sales breeds. They can compete in
market could spur auto makers saddled with cost structures that this week unveiled a $500 mil- starting families. rose 5.3%. most AKC shows, though not at
to increase their spending on executives knew were unsustain- lion investment in Lyft with the Mark LaNeve, Ford’s U.S. GM logged a 5.7% increase for the Westminster Kennel Club
discounts and return to the ugly able, spending billions of dollars eventual goal of developing a sales chief, said cars could suffer the month to 290,230 vehicles show until next year. The Ameri-
price wars that once conditioned annually on health care for retir- driverless-car hailing service. additional wear and tear amid amid continued momentum for can hairless terrier was bred
consumers to wait for better ees and churning out models Alphabet Inc.’s Google and ride-sharing, prompting them to its Chevrolet Silverado and GMC from a hairless puppy in a litter
deals. that Americans showed little in- other well-capitalized technol- be replaced faster. Sierra pickup trucks. Annual of rat terriers in Louisiana in the
So far, there are no signs of it. terest in buying. Ford, GM and ogy companies are ramping up For now, auto makers are sales rose 5%. 1970s. The sloughi (pronounced
Sales should rise this year before Chrysler were increasingly reli- efforts to redefine traditional car booking healthy profits, helping Toyota’s sales rose 10.8% in SLOO-ghee), also called the Ara-
falling next, says AlixPartners ant on deep discounts and sales ownership, emphasizing trans- lift the overall U.S. economy. December. bian greyhound, was developed
LLP, a consulting firm that does to rental car firms to keep sales portation as a service. Still, John Bergstrom, owner of new- —Mike Ramsey, Anne Steele in North Africa to hunt game as
work for auto makers. Average on par with surging foreign ri- younger buyers often attracted car dealer Bergstrom Automo- and Christina Rogers big as gazelles.
incentive spending across all vals. to such services are making up tive in Neenah, Wis., said the contributed to this article. —Associated Press
The trio, however, bled mar-
ket share on a consistent basis
Climb to the Top
Annual U.S. light-vehicle sales
and spent much of the decade
laying off workers and closing
CORRECTIONS AMPLIFICATIONS THE WALL STREET JOURNAL
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THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | A3
U.S. NEWS
Challenges Await Gun-Control Measures

Obama proposal faces Bypassing Congress on a
policy that has stymied the ad-
funding constraints, ministration, Mr. Obama said
political opposition he was acting to reduce gun vi-
olence in ways that are consis-
BY COLLEEN MCCAIN NELSON tent with the Second Amend-
AND GARY FIELDS ment. The president doesn’t
need lawmakers’ approval to
WASHINGTON—Two years clarify existing laws and re-
ago, a government report said classify unlicensed vendors as
the nation’s federal regulator gun dealers. But it is unclear
of firearms didn’t have the re- whether his objectives could
sources to inspect existing gun be accomplished without addi-
dealers. tional funding from the Repub-
On Tuesday, President Ba- lican-controlled Congress.
rack Obama formally unveiled GOP lawmakers called Mr.
a plan to beef up gun regula- Obama’s moves an executive
tion, which at its core expands overreach and offered a re-
the definition of a gun dealer, minder that Congress ulti-
adding more to the ranks. That mately controls the purse
is just one challenge the ad- strings.
ministration will face in en- Regardless of funding con-
forcing the new policy. straints, opponents of the
DAVID J. PHILLIP/ASSOCIATED PRESS

Mike Campbell, a retired president’s move said a lack of
agent from the Bureau of Alco- guidance on what constitutes
hol, Tobacco, Firearms and Ex- being a gun dealer could deter
plosives, said the proposal har- legitimate private sales and
kened to the early 1990s when would be open to abuse.
there were more than 280,000 Chris Cox, executive direc-
dealers, a number he said was tor of the National Rifle Asso-
unmanageable. ciation’s political arm, called
“We called them kitchen-ta- the steps “legislating through
ble-top dealers,” Mr. Campbell intimidation” and added: “I David Foley, center, shopping at the Spring Guns & Ammo store Monday in Spring, Texas. U.S. firearm sales rose sharply in December.
said, and the ATF didn’t have think chilling is an understate-
ment.”
The ATF long has had staff-
Firearms Sales Are Strong but Are Unlikely to Keep Up Recent Pace
MANDEL NGAN/AGENCE FRANCE-PRESSE/GETTY IMAGES
ing issues, and a Justice De-

partment Inspector General re- The Obama administration’s Barack Obama’s effort to group, said most firearm sales average gun sales, but the ele-
port released in 2013 found it new, tighter controls on gun tighten oversight would require at gun shows are through fed- vated activity of the past two
struggled to inspect existing purchases come as industry more sellers to be licensed, erally licensed retailers and al- months has led some analysts
dealers because of insufficient sales have been booming lately, screening all sales online and ready go through background to question whether the pace
resources. fueled by concerns about at gun shows, some of which checks. Similarly, guns sold on- of sales is sustainable. “The
The agency’s most recent tougher national regulations now don’t require background line are shipped to a licensed next question on investors’
numbers show more than and by fears created by recent checks. While there are no offi- retailer that also conducts minds will be how long the
140,000 federally licensed tragedies. But some analysts cial data on sales at the hun- background checks, a spokes- market demand will last,” said
dealers, half of what existed have been questioning how dreds of gun shows held each man said. Steven Cahall at RBC Capital.
before the 1993 law. The White long that surge will last. year, analysts and industry offi- Background checks by the Industry executives note
House’s plan would add to that U.S. firearm sales rose cials said the White House Federal Bureau of Investigation, that the popularity of shooting
total, though administration sharply in December following move would likely have a lim- a proxy for sales of new guns, sports—whose participants now
officials can’t say how many record sales over Black Fri- ited effect, and could even spur rose 38% in December from a outnumber hunters—has helped
Former Rep. Gabrielle Giffords more people will be classified day. Shares in makers of pis- more sales of new guns. year earlier and 56% from No- drive firearms and ammo sales.
at Tuesday’s event. as dealers, in part because the tols, rifles and ammunition Many private sellers of used vember, according to the NSSF, Hunters might only own one ri-
new definition remains vague. have risen, and analysts have guns at shows aren’t required which adjusts the government fle and fire a few bullets a
the manpower to regulate The agency has about 780 predicted a robust boost from to conduct background checks numbers for seasonal varia- year, while those using gun
them. “So now you want to go industry operations investiga- gun shows this month, when and may balk at now having to tions and differences in how ranges often own multiple
back to that? So are we going tors, and not all of them per- manufacturers typically roll out do the paperwork, pushing pro- states gather the information. weapons and use dozens of
to start monitoring gun shows form dealer examinations. new products. Smith & Wes- spective buyers toward new Checks for handgun sales in boxes of ammunition.
to see what the private seller Attorney General Loretta son Holding Corp. on Mon- guns from licensed dealers, December climbed 62% from a However, the average gun
is selling?” Partly in response, Lynch told reporters Monday day raised its revenue and said Chris Krueger, an analyst year earlier, while those for owner in the U.S. already has
a 1993 law enacted under Pres- that securing additional re- profit projections for the cur- at Lake Street Capital Markets. long guns rose 15%. nine pistols, according to Mr.
ident Bill Clinton tightened the sources for the ATF is an im- rent quarter and fiscal year. The National Shooting Past presidential-election Krueger of Lake Street Capital.
rules on who could be a dealer, portant part of the plan, add- The centerpiece of President Sports Foundation, a trade years have helped drive above- —Doug Cameron
cutting it by more than half. ing “we hope that Congress
Brian Garner, spokesman for will see the wisdom of sup- ents who lost children in the five years ago, attended the cial Security Administration “Because someone needs
the ATF, said the president’s porting this.” 2012 massacre in Connecticut. White House event. data to help identify people help managing their money
proposal to request funding for Republicans have shown lit- He said the experience The president said Tuesday who should be prohibited from doesn’t mean they are going to
200 new agents and investiga- tle inclination to work with the changed him and he hoped it that no single measure would purchasing firearms on men- shoot somebody,” she said.
tors “would help obviously.” president. Rep. John Culberson would change the country, too. stop every gun crime, but con- tal-health grounds. Ron Honberg, the national
Dan Gross, president of the (R., Texas) vowed this week in The president wiped away tended it was worthwhile to Jennifer Mathis, director of director for policy and legal af-
Brady Campaign to Prevent a letter to Ms. Lynch that the tears as he remembered the stop even “one act of evil, one programs at the Bazelon Cen- fairs for the National Alliance
Gun Violence, said adding to House Appropriations Commit- first-graders killed. act of violence.” ter for Mental Health Law, a on Mental Illness, said his
the number of dealers would tee would ensure that money “Every time I think about Republican presidential can- group that supports rights for group was happy the proposal
naturally increase the number isn’t spent on executive orders those kids, it gets me mad,” he didates all condemned the Mr. the mentally ill, said it is erro- requests $500 million for
of individuals required to per- that encroach on gun rights. said. Former Rep. Gabrielle Obama’s executive moves. neous to suggest disability re- treatment. “If it goes through
form “life saving” background Unveiling the policy in the Giffords, who survived an as- Another provision of the cipients who are deemed un- appropriations that will be the
checks, also laid out in the White House’s East Room, Mr. sassination attempt during a president’s plan could also able to manage their financial challenge, but it is a welcome
president’s plan. Obama spoke of meeting par- mass shooting in Tucson, Ariz., prove to be thorny: using So- affairs are also dangerous. idea,” he said.
Officer Aims Hacker Sentences

To Avoid
Testifying Pose Test for Judges
BY NICOLE HONG years after the virus’s cre-
BY SCOTT CALVERT ation, and received only
NEW YORK—A Manhattan $1,000 for his participation.
BALTIMORE—Lawyers for federal judge Tuesday sen- Mr. Calovskis developed com-
William Porter, one of six po- tenced a Latvian computer puter code that changed the
lice officers criminally charged hacker to the 21 months he appearance of banks’ websites
RACHEL LUNA/THE SUN/ASSOCIATED PRESS
in the death of Freddie Gray, has already spent in prison, a on infected computers, prose-
asked a judge Monday to block ruling that highlighted the cutors said, to trick victims
prosecutors from forcing Mr. challenges judges face when into giving up personal infor-
Porter to testify at the coming deciding the appropriate pun- mation that would allow the
trials of two fellow officers. ishment for cybercrimes. hackers to steal money from
Mr. Porter’s lawyers say Prosecutors accused Deniss their bank accounts.
compelling his testimony in Calovskis, 30 years old, of de- Judge Wood appeared to
other officers’ trials would vi- veloping some of the code for weigh the impact of the virus
olate his constitutional right the so-called Gozi virus, which against the relatively smaller
against self-incrimination and officials have described as one role played by Mr. Calovskis.
expose him to potential per- of the most financially de- Authorities have said the virus
jury charges, according to a The FBI’s David Bowdich appeals to the public for help on Tuesday in San Bernardino, Calif. structive in history. infected more than a million
filing Monday that hadn’t pre- Mr. Calovskis, following his computers world-wide, includ-
GapinKillers’DayProbed
viously been made public. In extradition to the U.S. from ing ones belonging to the Na-
the filing, his lawyers asked Latvia, pleaded guilty last year tional Aeronautics and Space
the judge to quash the prose- to one charge of conspiracy to Administration in the U.S.
cutors’ subpoena for Mr. Por- commit computer intrusion. Sentencing cybercriminals
ter’s testimony. BY DEVLIN BARRETT 11, 2001, terror attacks. For the other three hours The sentence given by U.S. can be challenging, given that
Prosecutors have previously Mr. Farook, a county em- and 42 minutes, they appeared District Judge Kimba Wood these crimes often have little
said Mr. Porter is a “necessary The Federal Bureau of In- ployee, attended the event, to be driving around the area, was a departure from her ear- precedent in the court system.
and material witness” in both vestigation asked for the pub- stepped out and then returned “zigzagging around” without lier indication that the crime’s The anonymity of the Internet
high-profile cases. A spokes- lic’s help to uncover what the with his wife, firing weapons any clear purpose, he said. severity may warrant a also makes it difficult to figure
woman for State’s Attorney shooters in last month’s mas- at the people gathered in a “There is no rhyme or reason harsher sentence. In an un- out how deeply a defendant
Marilyn Mosby declined to sacre in San Bernardino, Calif., conference room. that we can find” to the wind- usual order from early Decem- was involved.
comment, citing a gag order. were doing during a crucial 18- The couple left the building ing route, Mr. Bowdich said. ber, Judge Wood said she was On Tuesday, Judge Wood
The issue is expected to be minute period after they quickly and proceeded to drive Earlier in the investigation, considering a sentence longer said that despite the serious-
argued in court Wednesday, opened fire at a gathering of around the area for hours, ac- FBI divers searched the bot- than the two-year prison term ness of the crime, Mr. Calovs-
defense lawyers Joseph county employees. cording to a review of traffic tom of a local lake where the recommended by prosecutors kis had been adequately pun-
Murtha and Gary Proctor said David Bowdich, head of the cameras and other evidence. couple stopped that day, but ished after spending 10
in their motion Monday, a FBI office in Los Angeles, made But Mr. Bowdich said inves- Mr. Bowdich said that search months in a Latvian prison
copy of which was reviewed the appeal in a news confer- tigators still don’t know where produced nothing linked to the
Time-served sentence and 11 months in a U.S. prison
by The Wall Street Journal. ence on Tuesday, saying inves- the couple were or what they suspects. for Latvian hacker following his 2012 arrest. She
Mr. Gray, a black 25-year- tigators have been able to were doing between 12:59 p.m. Investigators have been mentioned that after his initial
old, died about a week after piece together most of the pe- and 1:17 p.m. This stretch falls particularly interested in find-
underscores issues in release from the Latvian
sustaining injuries while in po- riod between the initial shoot- roughly in the middle of the ing a computer hard drive punishing cybercrime. prison, he started a nonprofit
lice custody in a van. His fu- ing on Dec. 2 and the moment period between the shooting missing from the couple’s project in his hometown.
neral in late April set off the four hours later when they and when the couple were home in the hope it could tell Mr. Calovskis apologized to
city’s worst rioting in decades died in a firefight with police. spotted by police, who en- them more about their motiva- because such a sentence may the judge Tuesday for commit-
and added to a national debate The shooting by Syed Riz- gaged them in the firefight. tion, planning and contacts. not send a strong enough mes- ting the crime and said it was
on race and policing. wan Farook and his wife, “So why is that 18 minutes Mr. Bowdich said Tuesday sage to other cybercriminals. his “biggest mistake.” He will
The involuntary manslaugh- Tashfeen Malik, at a holiday so important? It’s important that while the two were appar- Prosecutors had responded now be sent back to Latvia.
ter case against Mr. Porter— party for county workers because we want to know ently “inspired” to commit vio- by saying a two-year sentence Mr. Calovskis is well-edu-
the first of the six officers to killed 14 people and injured whether they stopped at any lence by foreign terrorists, in- was appropriate because Mr. cated, has no criminal history
go to trial—ended in mistrial more than 20 others, making locations…whether they made vestigators still haven’t found Calovskis didn’t create or dis- and came from a stable family,
last month. A retrial is sched- it the most deadly terrorist contact with anyone,’’ Mr. evidence the attack was di- seminate the actual virus, according to his lawyer David
uled for June. act in the U.S. since the Sept., Bowdich said. rected by others. didn’t join the conspiracy until Bertan.
A4 | Wednesday, January 6, 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.
New Hampshire GOP Race Still Wide Open

Interviews with voters trina Sullivan, a registered and Mr. Trump held dueling
Undecided Democrat from Hudson, N.H., events Tuesday, and Mr. Rubio
and prior voting Exit polls in New Hampshire who attended the Lowell rally. returns to New Hampshire
patterns suggest late show that the percentage of “There is something about him Thursday.
that I find very appealing.” Mr. Christie’s crowds dur-
movement is possible voters in the state who decide
late is growing, particularly New Hampshire allows un- ing a four-day swing here
among Republicans. declared voters to choose were noticeably bigger than
BY HEATHER HADDON their party on Election Day, they were in the fall, when he
When did you make up your mind? creating a high degree of flu- trailed much of the GOP field.
MANCHESTER, N.H. — De- Dem. GOP idity among the electorate. During his town hall meeting
spite Donald Trump’s domi- Election Day State exit polls show that Sunday, more than 300 people
Final three days
nance in Republican polls in the number of voters who pick watched him answer rounds of
New Hampshire, interviews 2012 primary a presidential nominee in the questions, with some of them
BRIAN SNYDER/REUTERS
with voters and prior voting 21% 46% final days of the campaign has standing for two hours in the
patterns suggest the GOP race grown. In 2012, 46% of GOP smoky American Legion hall.
2008 primaries
in the state is still very much primary voters chose their “It’s the third of January,
in play. The contest on the 17 38 candidate in the three days it’s a Sunday night. Are people
Democratic side also may be 19 39 leading up to the election, up going to turn out?” Mr. Chris-
tighter than expected. from 39% in 2008 and 26% in tie told the crowd, recalling
Franne Ciriello is the kind 2004 primary* Republican presidential candidate Marco Rubio, center, greets 2000, University of New the anxiety he and his wife
of undecided, independent 35 diners last month at George’s Diner in Meredith, N.H. Hampshire Survey Center data had about returning to the
who presidential candidates 2000 primaries
show. state after the holidays. “We
from both parties are trying to candidates still competing. A nessman continues to lead in “You shouldn’t believe in both said ‘wow’ when we
win. The 62-year-old Manches- 15 26 CNN/WMUR New Hampshire polls and generate passionate polls in New Hampshire until walked into this room.”
ter small-business owner had 14 26 Primary Poll of likely primary support, with nearly 7,000 the weekend before the elec- Some voters have viewed
warmed to former Hewlett- voters last month found that fans turning out in the bitter tion, and I’ll tell you that as a Mr. Rubio as too scripted on
Packard executive Carly Note: Exit polls for competitive primaries 56% of Republicans were still cold for a rally Monday in pollster,” said Zachary S. the stump, but he was notice-
only. *Data for election day unavailable for
Fiorina, and was impressed by 2004 Democratic primary. trying to choose a candidate, Lowell, Mass. Azem, a survey center re- ably looser during a recent
Florida Sen. Marco Rubio Source: National Election Pool/National
while 44% of Democrats were Other voters say they would searcher. two-day trip. “I want my wife
when she saw him over the Election Studies via Andrew E. Smith, Ph.D., ahead of the Feb. 9 primary. do anything to stop Mr. The stakes are high for can- to see that I’m wearing all the
summer. On the Democratic University of New Hampshire While Democrat Hillary Clin- Trump—including Democrats didates to do well here. The sweaters I got for Christmas,”
side, she had hopes for former THE WALL STREET JOURNAL. ton is her party’s front-runner considering voting in the Granite State has traditionally he joked during one stop, and
Maryland Gov. Martin O’Mal- nationally, Sen. Bernie Sanders state’s GOP primary. “It’s not helped cull the presidential the Miami Dolphins fan threat-
ley. Now, she is among a in recent days revealed a vacil- from neighboring Vermont just a funny joke anymore,” field and a first place finish ened to cast New England Pa-
growing number of state vot- lating electorate burdened by leads in New Hampshire polls Aldrian Rostron, a 66-year-old here has improved a candidate’s triots quarterback Tom Brady
ers giving New Jersey Gov. the prospect of choosing just and continues to generate ex- Nashua independent who odds of securing their party’s into retirement if he’s elected.
Chris Christie a long look. one primary contender. citement. Mrs. Clinton and her tends to vote for Democrats, nomination by a rough average Eddie Lafrenaye said he
“I’m a little bit closer,” said “Prayer might work,” said husband, former President Bill said about Mr. Trump. She of 27 times, Mr. Azem said. inched closer to selecting Mr.
Ms. Ciriello, a registered inde- Debbie Wunsch, a 53-year-old Clinton, have recently stepped said she could vote for a Re- With Republican Texas Sen. Rubio after seeing him Sunday,
pendent who saw Mr. Christie real-estate administrator from up visits to the state. publican this election to avoid Ted Cruz and Mrs. Clinton co- but was intrigued by Mr. Chris-
speak in Manchester Monday Milford, N.H., about selecting “I like that there is a race a Trump nomination. alescing support in Iowa, New tie after watching him the same
afternoon. “But I would like to one of the four Republicans on over there,” said Christina D’All- While many of Mr. Trump’s Hampshire has become cut- night. “In past primaries, I’ve
hear Rubio again.” her top-tier list. “I’m all over esandro, the director for a pub- fans are committed, others throat for candidates seeking been able to narrow it down to
New Hampshire voters have the place. It’s New Hampshire.” lic-policy group in Salem and an weren’t ready to pledge to a undecided voters. whom I prefer very quickly,”
long relished putting presiden- Republican-leaning voters independent voter eyeing Mrs. candidate or party, for that Five Republican candidates said the 53-year-old Milford,
tial candidates through intense are the most engaged in their Clinton and Mr. Sanders. matter. “I’m looking at Trump and two Democrats cam- N.H., engineer who tends to
scrutiny, and voters inter- nomination fight, state polls Looming over the GOP con- and I’m looking at Hillary. paigned in the state Monday. vote Republican. “Now I don’t
viewed at eight political events show, with a field of 12 GOP test is Mr. Trump. The busi- That’s a difference,” said Pe- Former Florida Gov. Jeb Bush have that warm fuzzy feeling.”
Christie: Lift Donation The Landscape of Early GOP Contests

The first three states voting in the GOP presidential race have different electorates, which could offer clues
Limits to Candidates as to where the race is headed.
BY HEATHER HADDON catch: candidates would have New South
New Jersey Gov. Chris
to disclose the donations
within 24 hours.
Iowa Hampshire Carolina
Christie has become an un- With candidates limited to Religious
likely evangelist for overhaul- relatively small donations, su- affiliation 78% 65%
ing the U.S.’s campaign-finance per PACs have become major
57%
Among 2012
system. players in races. These politi- Republican 43%
While campaigning in New cal-action committees can ac- 35%
caucus-goers and
Hampshire this week, Mr. cept unlimited funds to help primary voters 22%
Christie unleashed a blistering, finance efforts on behalf of
10-minute critique of the sys- particular candidates, but
tem for national candidates to they aren’t allowed to coordi-
Evangelical/ Not Evangelical/ Not Evangelical/ Not
raise money for their opera- nate their activities with the
born-again Christian evangelical born-again Christian evangelical born-again Christian evangelical
tions, which is limited to campaigns. The groups are
$2,700 contributions from in- now funding a wave of nega-
dividuals per election. tive ads.
Ideology 47% 47%
“I’m expected to run a na- The super PAC that sup- Among 2012 37% 32% 36% 32% 32%
tionwide campaign to 330 ports Mr. Christie, America Republican 21%
million Americans at $2,700 a Leads, has mostly paid for caucus-goers and 17%
person,” Mr. Christie said dur- positive ads about the gover- primary voters
ing a campaign event in Man- nor. But increasingly, he’s be-
chester on Monday. “If you ing attacked by other super Very Somewhat Moderate/ Very Somewhat Moderate/ Very Somewhat Moderate/
conservative conservative liberal conservative conservative liberal conservative conservative liberal
think that’s a good system, PACs as his poll numbers rise
then what you think is that I in New Hampshire. 40%
should spend almost every A super PAC supporting
Poll standings
Trump
minute of every day raising Florida Sen. Marco Rubio, Based on the Cruz Trump
Real Clear Politics 30
money.” Conservative Solutions, is air-
Mr. Christie said he would ing ads attacking Mr. Christie’s averages of several
advocate for candidates to be stewardship of New Jersey and major polls* 20 Trump Cruz
able to take any level of con- trying to yoke him to Presi-
Rubio Rubio
tribution from any entity. The dent Barack Obama’s policies. 10 Rubio
Cruz
0
SHANE PARSONS,
Oct. Nov. Dec. Oct. Nov. Dec. Oct. Nov. Dec.
*Through 12 p.m. Tuesday
WOUNDED VETERAN Sources: National Election Pool entrance/exit polls via Roper Center; Real Clear Politics THE WALL STREET JOURNAL.
No Republican in recent GOP voting base in those At this point, if Mr. Cruz such as Mr. Rubio or New Jer-
years has won both Iowa and states, along with South Caro- doesn’t win Iowa, it would be sey Gov. Chris Christie, to leave
New Hampshire in competitive lina, which is third on the GOP seen as a big loss for him. the state with momentum.
years. The electorates in the nominating calendar, gives New Hampshire normally The Real Clear Politics av-
states are just too different. clues to which of the leading is friendlier ground for centrist, erage shows Mr. Trump solidly
That helps explain why polls candidates may do best. establishment-backed candi- ahead in South Carolina, fol-
show Texas Sen. Ted Cruz is Iowa tends to support dates, one reason why Sen. lowed by Mr. Cruz and Mr. Ru-
leading in Iowa, where GOP vot- candidates with the strongest Marco Rubio holds second- bio. That might seem odd,
ers include a large share of social conservative credentials, place in the Real Clear Politics given the large number of
evangelical Christians and voters a crucial aspect of Mr. Cruz’s aggregate of polling there. evangelical voters in the state’s
who call themselves “very con- campaign. Republicans backed The difference this year is 2012 primary. But the GOP
servative,’’ but trails business- former Arkansas Gov. Mike Mr. Trump has built a distinct electorate includes far more
man Donald Trump by a sub- Huckabee in 2008 and former coalition of voters who are ani- moderate and liberal voters
stantial amount in New Pennsylvania Sen. Rick Santo- mated largely by economic than does Iowa’s voter pool,
Hampshire, where the electorate rum in 2012, both of whom anxiety. If he holds on to his with 32% of the voters describ-
tends to be far less conservative. built their appeal on outreach big lead, it could prove difficult ing themselves that way.
A look at the makeup of the to social conservatives. for an establishment candidate, —Dante Chinni
Heard on the Stump

debate about the former presidential candidate, who spent al-
SOMETIMES THE HARDEST FIGHT
Bill Clinton for ‘First dent’s role in her White House, most $22 million in 2010 to win
COMES AFTER THE BATTLE.
Mate’ or ‘First Dude’? she said, “I am probably still go- his seat, unleashed with this:
Faced with a sea of raised ing to pick the flowers and the “While I’m a senator I can
Wounded Warrior Project® long-term support hands, Democrat Hillary Clinton china for state dinners and stuff help shape the agenda—only the
often struggles out loud trying like that. But I will certainly turn president can set the agenda,”
programs provide these brave men and women whatever
to decide who to call on. At a to him as prior presidents have he said. “We’re not going fix
they need to continue their fight for independence. town-hall meeting in Sioux City, for special missions, for advice, America with senators and con-
At no cost. For life. Help us help more of these warriors Iowa, she knew right away. and in particular, how we’re go- gressmen. The only way to turn
in their new life-long battle. Find out what you can “I gotta call on you,” she told ing to get the economy working this around is to reverse the
’Honestly, Donald
do at findWWP.org. a young man near the front. again for everybody, which he damage this president has done Trump reminds
Turning to the audience, she knows a little bit about.” to the United States of America.” me of the Kim
said, “He has a T-shirt that says, —Laura Meckler He’s also offering a proposal
‘Bill Clinton for First Lady.’ ” to keep other senators from lin- Kardashian of
“You know,” the former first
For Rubio, There’s No gering too long in the chamber. politics—they’re both
lady said, “I’m sort of more par- He’s backing the Convention of
tial to First Mate or First Dude.” Love Lost for Senate States movement, an effort to famous for being
The voter went on to ask a Marco Rubio is making no se- call a convention to create famous and the media
question about the criminal-jus- cret of his disdain for his current amendments for term limits and plays along.’
tice system. It wasn’t the first job. requiring a balanced budget.
time that Mr. Clinton’s unusual When an Iowa voter asked “You’re never going to get
©2015 WOUNDED WARRIOR PROJECT, INC. ALL RIGHTS RESERVED. potential role has been noted. him about his missed votes in that from Congress,” he said. CARLY FIORINA,
Asked at the last Democratic the Senate, the Republican presi- —Reid J. Epstein on Fox News
THE WALL STREET JOURNAL. * * * * * NY / NE Wednesday, January 6, 2016 | A5
Clinton Counts On New Sheriff in Town
Iowa Ground Game Democratic presidential candidate Bernie Sanders

spelled out on Tuesday financial overhauls he
would pursue, if elected president:
BY LAURA MECKLER there, according to most polls. Breakup of commercial banks, shadow banks
If Mrs. Clinton were to lose and insurers judged to be ‘too big to fail.’
SIOUX CITY, Iowa—As Hil- both, her campaign would be
lary Clinton campaigned across on its heels and momentum Seek a 21st century Glass-Steagall Act to
Iowa this week, workers with could shift toward Mr. Sanders, separate commercial banking, investment banking
clipboards wandered through who is currently seen as the and insurance functions at financial institutions.
her events, looking for voters decided underdog.
willing to pledge their support Her campaign signaled con- Establish a tax on Wall Street speculators.
for the Democratic front-run- cern in a fundraising appeal
ner. late last month. “I can’t say it Turn for-profit credit-rating firms into
In every city, local organiz- any more clearly,” said the nonprofits independent of Wall Street.
ers made direct pitches to par- email signed by Mrs. Clinton.
ticipate in the Feb. 1 caucuses. “If we lose Iowa or New Hamp- Allow the U.S. Postal Service to engage in
“If you’re in my precinct, I’m shire, it’s going to be a lot banking practices.
coming after you to be sure you harder to win the nomination.”
are there,” vowed precinct cap- On a two-day Iowa swing Cap interest rates on credit cards and consumer
tain Penny Rosfjord. this week, Mrs. Clinton traveled loans at 15% and cap ATM banking fees at $2.
GRETCHE ERTL/REUTERS
With less than a month be- from one end of the state to the
fore the first ballots are cast, other, hitting six cities and Ban banking executives from serving on Federal
Mrs. Clinton is hoping to re- speaking to more than 2,000 Reserve boards and require the Fed to charge fees
write her history in Iowa as the people. At each stop, she laid on banking reserves parked at the central bank.
caucuses are again taking on an out her agenda and promised
outsize importance to her pres- to take the fight to Republi-
idential aspirations. cans, and often dropped men-
SandersTargetsWallStreet
It was Mrs. Clinton’s third- tions of local issues, such as a
place finish and decisive loss to controversy over closing a pair
then-Sen. Barack Obama in the of mental-health facilities.
2008 caucuses that made clear At her events, supporters
said they were receiving a
steady stream of outreach from BY REBECCA BALLHAUS whose campaign had criticized Mrs. Clinton has been par- as large banks are allowed to
the Clinton campaign. Max Fen- AND RYAN TRACY his policies on Monday. She rying Mr. Sanders’s attacks on mix traditional lending with
ton, 19 years old, of Urbandale, “says we just need to impose a her Wall Street policies by more speculative businesses,
Iowa, said he gets about one NEW YORK—Democratic few more fees and regulations criticizing him for focusing on the financial system remains
email a day from the Clinton presidential candidate Bernie on the financial industry. I dis- banks rather than other finan- at risk for another crisis.
camp, and about that many Sanders on Tuesday ramped agree,” Mr. Sanders said. “Real cial firms, such as insurers and Mr. Sanders also outlined
from the Sanders campaign. He up the platform to overhaul Wall Street reform means hedge funds that can also pose some new proposals likely to
is torn between what he sees as Wall Street at the center of his breaking up the big banks and risks to the economy. On Mon- be opposed by the financial in-
Mr. Sanders’s bold domestic campaign, proposing a set of re-establishing firewalls that day, her campaign issued a dustry. He said he would seek
JIM YOUNG/REUTERS
agenda and Mrs. Clinton’s more measures that would go well separate risk taking from tra- statement saying Mr. Sanders’s to cap credit-card interest
experienced and thoughtful for- beyond the 2010 Dodd-Frank ditional banking.” Wall Street policies took a rates and ATM fees, while also
eign policy. law to rein in big financial Mr. Sanders’s rhetoric and “hands-off approach” to these seeking authority for the U.S.
After her event in Des firms and give more clout to policy proposals drew roars of so-called shadow banks. Postal Service to extend credit
Moines on Monday, he shook consumers. approval and chants of “Break Mr. Sanders addressed that to consumers as a way “to pro-
Mrs. Clinton’s hand along the The Vermont senator reiter- them up!” from the audience of criticism Tuesday, saying that vide decent banking opportu-
Front-runner Hillary rope line. “I’m counting on ated in a speech here his calls several hundred at New York’s banks and shadow banks are nities for low-income commu-
Clinton is focused on your support in the caucus,” for breaking up banks that are Town Hall. Mr. Sanders has so intertwined that his crack- nities.” He said credit-ratings
she told him. “We’ll see,” he re- too big to fail and to reinstate made curtailing what he calls down on banks would make a firms should be turned into
avoiding early losses plied. the Glass-Steagall Act, which Wall Street greed a focus of difference across the system. nonprofit institutions.
this time around. Veteran Iowans say the key kept commercial banks and in- his campaign. Many academics agree with Mrs. Clinton has laid out
to winning here is organiza- vestment banks separate. Rein- Mr. Sanders has also ques- Mrs. Clinton that Glass-Stea- more detailed proposals for
tion: identifying supporters and stating the 1930s law would ef- tioned whether Mrs. Clinton, gall wouldn’t have prevented regulating shadow banks, in-
her campaign, initially seen as turning them out to their pre- fectively break apart banking the former New York senator the crisis, because it wouldn’t cluding new constraints on
inevitable, was in real trouble. cincts on what is likely to be a behemoths such as J.P. Morgan and secretary of state, can ef- have directly addressed the ac- borrowing by brokerages,
This time, she faces a tough op- cold winter night. The Clinton Chase & Co. and Citigroup Inc. fectively police many of the tivities of problem firms such which don’t always face the
ponent in Vermont Sen. Bernie campaign says it has a sophisti- Democratic front-runner Hillary same people and companies as insurer American Interna- tight limits that banks do. She
Sanders, who is challenging her cated operation, but Mr. Sand- Clinton has said that other mea- who have paid her and her tional Group Inc. and the in- also proposed safety measures
from the left for the Demo- ers has also built what looks sures would be more effective husband, former President Bill vestment banks Lehman Broth- for a type of short-term loan
cratic nomination. She is ahead like a substantial ground game. than reinstating Glass-Steagall. Clinton, large sums for ers and Bear Stearns. called a repurchase agreement,
of him in recent Iowa polls, Each campaign has 26 of- Mr. Sanders also intensified speeches, and have made cam- Nevertheless, some market which played a role in the fi-
though some surveys put her fices across the state, and each his attacks on Mrs. Clinton, paign contributions to them. observers believe that as long nancial crisis of 2008.
lead in single digits. claims a committed supporter
Mrs. Clinton’s advisers have in all of the state’s 1,681 pre-
confidently predicted that she cincts. He has appeared at 103
will bounce back if she suffers events; she has been at 80.
an early loss. A bigger problem Mrs. Clinton is making her
for her would be two losses in case personally. As she was
a row. working the rope line and pos-
The New Hampshire primary ing for selfies at an Iowa rally,
comes just eight days after she told one voter after the
Iowa, and Mr. Sanders is ahead next: “I need you.”
surers cover autism services.

Thanks
H H H H H
CAMPAIGN
Some states don’t require insur-
ers who sell plans on their state
exchanges to cover certain au-
to our
WIRE tism services, or they cap the
H H H H H
number of services allowed.
Mrs. Clinton’s plan aims to close
those gaps.
Business
She also said she would sup-
STATE OF THE UNION
Nikki Haley Picked
port legislation to ban use of me-
chanical and chemical restraints,
and promised an initiative to help
Customers.
To Speak for GOP students with autism transition
South Carolina Gov. Nikki Ha- out of school and into the work-
ley, occasionally mentioned as a force. “We need more services.
possible vice-presidential candi- We need more support,” she said “Highest in
date, will deliver the Republican at a campaign event in Osage,
response to President Barack
Obama’s final State of the Union
Iowa.
—Laura Meckler
Customer
address next Tuesday.
Republican leaders in Con- BIRTHPLACE Satisfaction with
gress often pick a politician
Natural-Born Quarrel
viewed as up-and-coming in the
party to give the rebuttal follow- For Trump, Cruz
Small Business
ing Mr. Obama’s speech. GOP
presidential candidates Marco
Sen. Ted Cruz tried a humor-
ous response after Republican Banking in
Rubio and Bobby Jindal both de- presidential rival Donald Trump
livered responses to Mr. Obama. questioned his “natural born” citi- the Northeast
Mr. Jindal has since dropped his zenship.
2016 presidential bid.
In recent years, Republicans
In a tweet, the Texas senator
said “My response to @realDon-
Region”
have used the rebuttal to show- aldTrump calling into question
case the diversity of the party’s my natural-born citizenship?” He – J.D. Power
elected officials. Ms. Haley, the then linked to the classic video
first woman elected as governor clip of Fonzie from “Happy Days”
of South Carolina, will follow Rep. jumping a shark on water skis.
Cathy McMorris Rodgers of Mr. Trump, commenting on
Washington and Sen. Joni Ernst Mr. Cruz’s birth in Canada, told
of Iowa in delivering the GOP re- the Washington Post, “Republi-
sponse. Ms. Haley also is one of cans are going to have to ask
two Indian-Americans serving as themselves the question: ‘Do we
governor, along with Mr. Jindal. want a candidate who could be
She was re-elected in 2014. tied up in court for two years?’
—Byron Tau That’d be a big problem.”
The celebrity billionaire has in-
HEALTH CARE tensified his attacks on Mr. Cruz
since the senator took the lead in
Clinton Seeks Action Iowa ahead of next month’s first-
On Autism in-the-nation nominating contest.
Many legal experts say Mr.
Treatment Cruz meets the constitutional
Democratic presidential front- standard of being a “natural born
runner Hillary Clinton called Tues- citizen” because he was born to
day for increased screening for an American mother. Mr. Cruz,
autism, improved treatment, and who renounced his Canadian citi-
expanded research and employ- zenship in 2014, was born in TD Bank, N.A. | TD Bank, N.A. received the highest numerical score in
ment and housing opportunities 1970 in Calgary, Alberta, where the northeast in the proprietary J.D. Power 2015 Small Business Banking Satisfaction
for people with the condition. his parents were working in the StudySM. Study based w, VT) and measures opinions of small business customers with
More than 3.5 million Americans oil business. His mother is an annual revenues from $100,000 to $10 million. Proprietary study results are based
on experiences and perceptions of customers surveyed in July-August 2015. Your
are believed to have an autism- American and his father is a Cu-
experiences may vary. Visit jdpower.com
spectrum disorder. ban immigrant who became a
Her plan would encourage U.S. citizen in 2005.
states to require that private in- —WSJ staff
A6 | Wednesday, January 6, 2016 * **** THE WALL STREET JOURNAL.
WORLD NEWS
Iran Crisis Pressures New Saudi Leaders
Ruling family is with Iran, recalled its ambas- efforts to maneuver Saudi Ara- nian-backed regime, backing
Family Matters sador to Iran on Tuesday, bia into talks aimed at tamping Saudi efforts to arm some of
confronted by an Sons and grandsons while Turkey joined in con- down violence in Syria and Ye- the rebel groups fighting it as
Abdulaziz Al Saud
unprecedented array of Saudi founder Founder
demning Tehran. men. Saudi leaders see both the U.S. has stepped back from
navigate Mideast The decision to execute conflicts as part of a show- actively backing those fighting
of challenges conflicts in
Established the Kingdom Nemer al-Nemer, a firebrand down with Iran for influence. Syria’s government.
of Saudi Arabia in 1932. Saudi cleric with a following Precisely who is driving Shortly after ascending the
trying Died 1953
BY AHMED AL OMRAN times among the country’s Shiite Saudi policy—King Salman, his throne last January, King Sal-
AND BILL SPINDLE Muslim minority, on Saturday ambitious son or both of them man shuffled his cabinet.
encapsulated the complicated with Crown Prince Mohammed Prince Mohammed bin Salman
Hours after the Saudi exe- ways Saudi Arabia’s challenges bin Nayef’s support and coop- was appointed head of the new
cution of a Shiite cleric that affect each other—and can set eration—remains unclear. But Council of Economic and De-
set off a diplomatic crisis in off volatile reactions well be- there have been few signs of velopment Affairs, which re-
the Persian Gulf, the two lead- yond the kingdom. disagreement between them placed several other govern-
ers of the Saudi royal family’s “It’s a whole bunch of even as the kingdom has ment bodies that used to
younger generation took in a things coming together, which moved in startling new direc- contribute to policy-making on
horse race at the Janadriya is why we see so many people tions difficult to peg with the domestic issues.
track outside the capital. Nayef bin Salman bin Abdulaziz al Saud becoming nervous,” said Kris- usual hard-line conservative Even as he led Saudi Ara-
The appearance by Crown Abdulaziz King tian Coates Ulrichsen, a Per- versus reformer labels. bia’s military intervention in
Prince Mohammed bin Nayef Long-serving Served as Riyadh governor sian Gulf expert and fellow Prince Mohammed bin Yemen, the prince kept a low
and his cousin, Deputy Crown interior minister, and defense minister until he with Rice University’s Baker Nayef, a nephew of King Sal- profile. It wasn’t until mid-De-
Prince Mohammed bin Sal- died in 2012 ascended the throne in 2015 Institute. man, holds the powerful post cember that he finally stepped
man—who are partners and ri- The cleric was executed of interior minister. Mean- out and made two public ap-
vals—was an important show along with 43 Sunni Muslims while, Prince Mohammed bin pearances in the same week.
of unity. The crown prince is convicted as members of the al Salman, a favorite son of the First, he announced the for-
next in line to the throne. The Qaeda terrorist group. That king, seems responsible for mation of a new Muslim anti-
deputy crown prince, two de- was likely an effort by Saudi nearly everything else of im- terrorism alliance. Then two
cades younger and second in authorities to show its own portance in the kingdom, in- days later he made his pitch
line, has become such a hard- Sunni support base that Shi- cluding foreign, military and for the future of Saudi Arabia
charging force that it has ites viewed as extremists also economic affairs. at an event in Riyadh to dis-
caught Saudi allies off guard Mohammed Mohammed will be dealt with harshly. The roughly 30-year-old cuss what he called a “National
and even caused grumbling bin Nayef bin Salman Also, the executions came Prince Mohammed bin Sal- Transformation Plan.”
from inside the royal family. Crown Prince Deputy Crown Prince on the heels of announcements man—his exact age is undis- Privately, some Saudis ex-
The pair of princes are con- Powerful interior minister, Young and driven, by Prince Mohammed bin Sal- closed—has been at the fore- press their worry his lack of
fronted by an array of chal- crushed al Qaeda insurgency leading new man that the decline in oil rev- front of Saudi Arabia’s experience and aggressive for-
lenges: a new terrorist threat between 2003-2006 reform program enues will force a painful over- aggressive military interven- eign policy is contributing to
in Islamic State, plunging reve- Photos: Clockwise from top: Associated Press; Agence France-Presse/Getty Images; haul of the bonanza of tion in Yemen, its southern regional instability and endan-
nues as oil prices swoon, a re- Reuters; Associated Press; Zuma Press subsidized energy, education neighbor. The action, including gering the kingdom and its
Source: Royal Embassy of Saudi Arabia; staff reports THE WALL STREET JOURNAL.
gion in disarray—including and health care the govern- ground troops, has put Saudi neighbors as they navigate the
from its own engagement in a ment provides its citizens. Arabia in conflict with Iran, region’s complex conflict.
ground war in neighboring Ye- all of them at once. between Sunni Arab gulf states Finally, as the Saudi leader- which supports the Houthi mi- “What’s different this time
men. While Saudi Arabia’s The fallout from torched and Iran, has pushed oil prices ship likely foresaw, the angry nority in Yemen that Saudi-led is him,” said a young man who
leadership has overcome simi- Saudi embassy buildings in up and then down. response to the execution in troops are fighting. attended the talk. “He has the
lar challenges in the past, Tehran, as well as severed and Kuwait, echoing the Saudis’ Shiite-majority Iran compli- He has also been an aggres- power, the will and the politi-
never has it had to deal with downgraded diplomatic ties lead in cutting diplomatic ties cated U.S. and United Nations sive opponent of Syria’s Ira- cal capital to make it happen.”
Keeping the Faith

Sectarian conflict TURKEY
100 miles
100 km
Obama to
has plagued Iraq
since a U.S.-led
invasion toppled
Name Chief
Saddam Hussein
in 2003.
Mosul
Erbil Of Central
Kirkuk
Command
Ti
gr
is R
SYRIA
iver
Tikrit BY GORDON LUBOLD

IRAN
HAIDAR MOHAMMED ALI/AGENCE FRANCE-PRESSE/GETTY IMAGES
ANKARA, TURKEY—Presi-
Baghdad dent Barack Obama will nomi-
Ramadi
nate an Army special opera-
IRAQ Iskandariyah tions officer to lead U.S.
Hilla
Central Command and oversee
the missions in Iraq, Syria and
Afghanistan, according to Pen-
Eup tagon officials in Washington.
h ra
te s
River The officials said that Mr.
Predominant ethno- Obama intends to nominate
religious groups Gen. Joe Votel, currently the
Sunni Shiite Kurds head of U.S. Special Opera-
tions Command, to become
Sparsely populated
chief of Centcom, the war
SAUDI ARABIA KUWAIT command in Tampa, Fla., that
oversees U.S. forces in the
Sources: Empirical Studies of Conflict,
Princeton University; CIA THE WALL STREET JOURNAL.
Middle East.
Mourners marched Tuesday at the funeral of a Shiite victim killed in clashes with Islamic State. The move reflects Mr.
Obama’s long-held inclination
Cleric’s Execution Renews Strife in Iraq

to counter extremist groups
like Islamic State with small,
highly capable forces like
Delta and SEAL teams, rather
BY MATT BRADLEY the sectarian discord dividing Shiite militias and Sunni mili- Iraq’s government kept the mi- gates of hell.” than large ground units such
AND GHASSAN ADNAN the Middle East, and Mr. Abadi tants linked to al Qaeda fought litias from participating in the Mr. Saidi said the Hezbollah as those used in wars in Iraq
has struggled to contain the each other with roaming death offensive for fear of exacerbat- Brigades’ position on Saudi in Afghanistan.
BAGHDAD—Shiite politi- fallout from the widening feud squads. Hundreds of thousands ing sectarian tensions in the Arabia had long been clear, Gen. Votel, if confirmed by
cians and religious leaders between regional powers of civilians are believed to Sunni-majority city. and he denied that the militia the U.S. Senate, would replace
urged their followers to take Saudi Arabia and Iran. have died in tit-for-tat killings. After a meeting in Baghdad groups were exploiting turmoil Gen. Lloyd Austin, known as a
to the streets of Baghdad on On Tuesday, hard-line Shiite A statement from the prime on Monday, a group of Shiite to gain political power. low-key commander who re-
Wednesday to protest Saudi politicians and militia leaders minister on Sunday condemn- militia leaders demanded that His comments came amid a mained out of the public eye.
Arabia’s execution of a dissi- here tried to tap into popular ing the Saudi execution coin- the Iraqi government expel the torrent of outrage from hard- Officials said that Gen. Votel
dent Shiite cleric, as the prime anger with the cleric’s execu- cided with the first shots in Saudi ambassador to Iraq, line Shiite leaders. A provin- would likely be replaced at
minister appealed for calm tion to demand that Mr. Abadi what may be the beginnings of withdraw the Iraqi ambassa- cial council in Babil, south of Special Operations Command
amid a threat of fresh sectar- cut ties with Saudi Arabia. a fresh bout of violence. dor to Riyadh and execute doz- Baghdad, announced plans for by Gen. Tony Thomas, who
ian violence. After Iranians set fire to the Unidentified assailants det- ens of Saudis who are sitting a boycott of Saudi goods. now leads the Joint Special
The Sunni monarchy’s exe- Saudi missions in Tehran and onated bombs at two Sunni on death row in Iraq. Muqtada al-Sadr, a Shiite Operations Command, a com-
cution of Nemer al-Nemer on Mashhad, Iran’s second-largest mosques near the town of Others went further, threat- cleric whose militia regularly ponent of U.S. Special Opera-
Saturday infuriated many in city, this week, Saudi Arabia Hilla south of Baghdad Sunday ening violent retribution for attacked U.S. troops during the tions Command.
Shiite-majority Iraq, where and three other Sunni-led Arab evening. No one was killed, but the cleric’s execution. nearly decadelong war in Iraq, The move would mark an
Sunni Muslims frequently countries severed or down- a Sunni muezzin was shot “We are preparing strategic called for protests on Monday early departure for Gen. Votel,
complain of discrimination, graded diplomatic ties. dead near the southern city of plans to take vengeance on the outside Baghdad’s Green Zone, who assumed command of
and it has threatened to spark The rise in tensions threat- Iskandariyah, according to the Saudi royal family because of where government offices and Special Operations Command
a renewed round of sectarian ens to upset a long-awaited Iraqi Interior Ministry. their stupidity of executing al- embassies are concentrated. in 2014, and wasn’t to rotate
conflict here. diplomatic thaw between Iraq Iraqi Shiite militias in par- Nemer,” said Abo Talib al- Protesters carried signs em- out for at least another year.
“Avoid division and sectari- and Saudi Arabia. The Saudis ticular are leveraging the cur- Saidi, a senior leader in the blazoned with Mr. al-Nemer’s Before his current job, Gen.
anism that serves only Daesh,” had only just reopened their rent discord to reassert their Iran-backed Hezbollah Bri- face and chanted anti-Saudi Votel headed Joint Special Op-
said Prime Minister Haider al- embassy in Baghdad a month political influence after they gades, a militia that has been slogans. “Sheik al-Nemer is not erations Command, also
Abadi, using another name for ago following a quarter-cen- were excluded from a success- active in the fight against Is- present but they are still known as JSOC, which exe-
the Sunni extremist group Is- tury diplomatic freeze. ful operation to retake the lamic State. “When news came scared of him while he is rest- cutes some of the military’s
lamic State, which has occu- Iraq has a bloody history of western city of Ramadi from that Saudi Arabia had executed ing in his grave,” said Ali Ab- most dangerous and high-risk
pied large parts of his country. sectarian violence. During the Islamic State late last month. al-Nemer, we said clearly that dul Abbass, a Sadr-supporter missions, including the one
Iraq sits at the fulcrum of U.S.-led war in Iraq in 2003-11, At the insistence of the U.S., Saudi Arabia had opened the who attended the protest. that captured and killed
Osama bin Laden in May 2011.
With the change at Cent-
Londoner Is Suspect in Terror Video com, Defense Secretary Ash

Carter over two years at the
Pentagon will have overseen
BY ALEXIS FLYNN cuse of spying for Britain. The analysis we wouldn’t give a changes in leadership that in-
AND JENNY GROSS victims, dressed in orange definitive answer,” a person clude the service chiefs of the
jumpsuits, are shown kneeling familiar with the matter said. Army, Navy and Marine Corps,
LONDON—U.K. officials rac- in the desert and appear to be Hundreds of Britons are be- and an expected successor to
ing to identify a British-ac- shot in the head by the lieved to be in Syria and Iraq the outgoing Air Force chief of
cented militant featured in a masked men. fighting with extremists. Au- staff, Gen. Mark Welsh.
recent Islamic State propa- Mr. Dhar, a Muslim convert thorities said they were con- Senior aides said that many
ganda video have focused on a in his early 30s and father of tinuing to look at a number of of the recommendations Mr.
London man named Sid- four was arrested in Septem- possible suspects who could be Carter has made to the White
dhartha Dhar as a suspect, ac- ber 2014 on suspicion of en- the man in the propaganda House are unconventional.
PAUL HACKETT/REUTERS
cording to two people familiar couraging terrorism, but video. Authorities use a range Gen. Mark Milley, now the
with the matter. skipped bail shortly after and of methods to identify individ- Army Chief of Staff, is a more
A short video released on then left for Syria to join Is- uals who appear in propaganda junior officer than many previ-
Sunday showed masked Is- lamic State. “I would certainly videos, including voice-recog- ous Army chiefs and, unlike
lamic State militants led by say there is plenty of evidence nition software and other tech- most, isn't a graduate of the
the English-speaking man to suggest that it’s him, but nical analysis as well as infor- United States Military Acad-
Siddhartha Dhar at a 2011 protest at the U.S. Embassy in London. holding five hostages they ac- until we’ve finished all the mation from human sources. emy at West Point.
THE WALL STREET JOURNAL. * * * * * NY Wednesday, January 6, 2016 | A7
WORLD NEWS
American ASSAULT Green Party.

In Cologne, Mayor Henriette
Reker and police officials said
Is Killed Continued from Page One

Tuesday. “It’s a new dimen-
they would step up police pa-
trols and boost video surveil-
lance during big events in the
In Taliban sion we will have to deal

with.”
Police said the women re-
future after police admitted
they were overwhelmed on
New Year’s Eve.
Battle ported small groups of men

attacking them among a crowd
of around 1,000 people gath-
The assaults took place on
the square opposite Cologne’s
landmark cathedral, a popular
BY JESSICA DONATI ered in front of the main train gathering spot, according to
AND FELICIA SCHWARTZ station to shoot off fireworks Mr. Albers, the police chief.
and celebrate the new year. They allegedly occurred after
KABUL—One U.S. service- Women were allegedly cor- police cleared the square when
WOLFGANG RATTAY/REUTERS
man was killed and two were nered by groups of 20 to 30 they found people setting off
wounded during a Special men, mugged and in some fireworks into the crowd. It is
Forces operation in Afghani- cases sexually assaulted. One customary in Germany for peo-
stan’s Helmand province on woman filed a complaint ple to gather on the streets on
Tuesday, a U.S. military against an unknown assailant New Year’s Eve to shoot fire-
spokesman said. for rape, police officials said. works and celebrate.
The U.S. military spokes- Numerous witnesses and Mr. Albers said investiga-
man declined to say whether police described the alleged A woman held a sign reading ‘Against Sexism, Against Racism’ as protesters marched Tuesday in Cologne. tors were examining video ma-
the soldiers were members of attackers as appearing to be terial to try to identify the sus-
the U.S. Special Forces or per- from the “Arab or North Afri- blame the New Year’s Eve at- Merkel has come under in- German weekly. Ms. Klöckner pected attackers.
sonnel involved in the ensuing can area,” according to Co- tacks on Chancellor Angela creased pressure at the start has called for a law to oblige Hamburg police said they
rescue operation. The troops logne police chief Wolfgang Merkel’s open-arms policy to- of the year, with conservative migrants to commit to inte- were investigating 10 cases in
came under attack by the Tali- Albers. That description in- ward migrants. allies calling for a limit to mi- grate once in Germany. which young women were sex-
ban during an operation in flamed the continuing debate The violence is “the conse- grants entering the country Political leaders in Berlin ually assaulted on New Year’s
Marja, a district that is mostly about the risks of migration quence of an uncontrolled mi- and strict rules for how peo- and Cologne, however, warned Eve and later discovered that
under the militants’ control. changing the face of Germany. gration,” Frauke Petry, head of ple should integrate here. not to rush to link migrants their purses, money or cell-
In Washington, Pentagon At least one million mi- the extreme right party Alter- Ms. Merkel has repeatedly with the violent incidents. phones had been taken from
press secretary Peter Cook grants entered Germany last native for Germany, told a Co- defended her migration policy, Left-of-center leaders also them.
said the troops involved were year, sparking public concerns logne newspaper. rejecting calls that Germany take warned against extreme-right In Stuttgart, a group of 15
part of a Special Forces unit about how the country would Ms. Merkel labeled the at- a harder stance against migrants groups trying to use the at- men molested two 18-year-olds
conducting a train, advise and be able to integrate them and tacks “disgusting” and called streaming into the country. But tacks to stir more antifor- in a park, also stealing their
assist mission, along with Af- official warnings of a risk that for a “hard response from the public unease has grown. eigner sentiment, which has phones, police said. In both cit-
ghan special operations forces. criminals or extremists could state of law.” “Even if some men are used been on the rise since the mi- ies the men were described as
Two HH-60 Pave Hawk be among the migrants. “Everything must be done to something different in their grants’ arrival. being of Middle Eastern origin.
medevac helicopters were sent Police said they had no in- to track the attackers and home countries: In our coun- “Of course these fears have A police spokesman in Co-
to the scene to provide assis- dication that the presumed punish them regardless of try men and woman are equal to be taken seriously, but it’s logne said investigators were
tance. One was waved off after perpetrators were refugees or their origin or background,” and share the same rights,” also clear that right-wingers checking whether there was any
taking fire and returned safely recently arrived migrants, but the chancellor told the Co- Julia Klöckner, deputy chair- will use this incident for their connection with the incidents in
to its base. The second landed conservative and right-wing logne mayor in a phone call. woman of Ms. Merkel’s Chris- cause,” said Cem Özdemir, other cities but had found no
safely near the scene of the politicians were quick to The assaults come as Ms. tian Democratic Union, told a chairman of the opposition such evidence at this point.
fight but sustained damage to
its rotor blades after striking a
wall, Mr. Cook said. It was un- The report is the latest in a in a Damascus suburb that has CHINA
clear why it struck the wall or
what happened to the helicop-
World series of accusations against
U.N. peacekeepers since it
been under siege by the Syrian
regime for seven months, resi-
Service Sector Grows
Watch At Slower Pace
ADI DWI SATRYA/AGENCE FRANCE-PRESSE/GETTY IMAGES

ter’s pilot or crew. The heli- launched its peacekeeping opera- dents and activists said.
copter remained on the tion there in September 2014. Residents feared plummeting China’s service activity ex-
ground later Tuesday, officials U.N. officials had previously doc- winter temperatures would panded at a slower pace in De-
said. umented 22 cases of sexual worsen a bleak humanitarian sit- cember, a private gauge showed
Mr. Cook said all U.S. misconduct. Not all of the vic- uation in the town of Madaya. Wednesday, adding to concerns
troops were accounted for but tims were minors, officials said. Blockades have been used by all over the health of its economy.
the fight continued into the UNITED NATIONS U.N. officials said the troops sides in Syria’s five-year war, The Caixin China services pur-
afternoon. alleged to have been involved largely by the government but chasing managers’ index slipped
U.S. defense officials said
Report Alleges Abuse were from Egypt, Morocco and also by rebel groups and the ex- to 50.2, from 51.2 in November,
they were working on sending By Peacekeepers Gabon. —Farnaz Fassihi tremist group Islamic State. Caixin Media and Markit said. A
a quick reaction force in to International peacekeeping President Bashar al-Assad al- reading above 50 indicates a
rescue the service members forces in the Central African Re- SYRIA lowed the U.N. humanitarian ac- month-to-month expansion.
stuck on the ground in Marja. public sexually abused underage cess to Madaya once last year. The Caixin services figure
Helmand has seen some of girls in at least four documented
Damascus Residents The U.N. has been unable to compares with a rise in China’s
the bloodiest fighting in Af- cases, the U.N. said on Tuesday, Report Dire Conditions confirm cases of starvation in official nonmanufacturing PMI to
ghanistan following the 2001 adding that allegations of more At least 10 people have died Madaya but has again requested 54.4 in December from 53.6 in Mount Soputan erupted in north-
U.S.-led invasion. abuse have also surfaced. in recent weeks from starvation access. —Raja Abdulrahim November. —Liyan Qi eastern Indonesia on Tuesday.
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THE
DEAL ECONOMY EVENT Predictions & Perspectives
for 2016
PRESENTED ON DECEMBER 3, 2015 BY The outlook for 2016 dealmaking is mixed as new political and economic headwinds take shape
& After another banner year for mergers and acquisitions, sentiments While megadeals like Staples’ failed bid for OfficeDepot, Halliburton’s
are mixed for 2016 dealmaking. The continued evolution of takeover of Baker Hughes and a litany of large-cap pharma deals
shareholder activism, high-flying megadeals and a mixed outlook for drove headlines, EY global transactions leader of life sciences, Jeff
2016 were the topics of discussion between the country’s best and Greene and Lockheed Martin Corp. executive Greg Psihas weighed
brightest dealmakers at The Deal’s 13th Annual Deal Economy Event. in on carve-outs and divestitures, which can provide returns for
shareholders and provide private equity with targets.
Hosted at the New York Marriott Marquis, the international M&A
conference provides a unique perspective on trends of 2015 and a Carve-outs are just one of the many trends affecting private equity,
look ahead into 2016. speakers said. Another is the growing presence of nontraditional
“I don’t think we’ve peaked yet,” said Richard Jeanneret, EY sources of capital, such as pension funds, which have taken a more
Americas vice chair of transaction advisory services. “There’s still active role in dealmaking.
a robust amount of cash on corporate balance sheets, and there TPG Capital and GTCR, among others, were in attendance to discuss
are industries that need to consolidate. For the past two years, the the trends affecting PE investment the most.
average deal size has been up approximately 50%. That is a strong
indicator of confidence, which has been missing since 2008. It is “Some of these new entrants like OMERS private equity ... don’t
enabling dealmakers to take risk and the market is rewarding them necessarily employ as much leverage and don’t need to,” added
for delivering substantial value creation.” Jonathan Melmed of Morrison & Foerster LLP’s private equity
practice. Their influx of pension plan money should help drive deal
Energy, technology, healthcare and consumer products were among activity on the demand side, he said.
the industries discussed as low oil prices, soaring equity markets, a
strong dollar, cheap debt and, in some cases, insurgent shareholders, While many factors weigh on deals, perhaps the most debated one
are expected to continue to influence deals. has been shareholder activism.
“People are willing to take more risk on with debt,” added then Legendary corporate lawyer Martin Lipton, founder of Wachtell,
Nasdaq president Adena Friedman, who joined Jeanneret on a panel Lipton, Rosen & Katz and Delaware Chief Justice Leo E. Strine,
with Matthew Gooch, head of European banking at William Blair; Jr. discussed ways to stop short-sighted investment at one panel,
and Carlyle Group managing director Jason Thomas. while Houlihan Lokey’s Gregg Feinstein and others talked tactics
at another.
Globally speaking, China and India could be attractive markets, while
Europe is also expected to be a forum for consolidation, especially in Speakers were split on whether all aspects of activism are healthy,
the middle market. though all agreed it is a trend that is here to stay.
“In the middle market, I continue to see acquisitions from the U.S. But as 2015 comes to a close, not everyone is convinced deals will be
in Europe [partly] because I think that once interest rates go up plentiful in 2016.
this month, the euro will go down through a dollar,” said Pepper
Jim Cramer, host of CNBC’s “Mad Money with Jim Cramer,” noted
Hamilton LLP partner James Rosener, on a panel alongside
he expects to see fewer deals in 2016, in part due to signs that the
corporate development executives from Spotify, Starbucks Coffee
acquirers’ stock will no longer rise on deal announcements, as they
Company and Johnson & Johnson. “I think there’s a lot of assets [in
did during the past year, contrary to the historical norm. Cramer cited
Clockwise from left: James J. Cramer, Host, “Mad Money with Jim Cramer”, CNBC; Bill Europe] that are available at a pretty good price.”
Pfizer, whose shares fell on the announcement of its $160 billion bid
McNichols, Senior Vice President Corporate Development & Business Alliances, Starbucks A confluence of positive headwinds provided grounds for the for Allergan, as a turning point.
Coffee Company; James D. Rosener, Partner, Pepper Hamilton LLP; Chief Justice Leo E.
megadeal trend to continue in 2015, though it’s unclear if it will
Strine, Jr., Delaware Supreme Court; Scott Wapner, Host, “Fast Money Halftime Report,” Cramer, also founder of TheStreet, Inc., praised Taco Bell owner
continue into 2016.
CNBC; Adena Friedman, President and COO, Nasdaq; Matthew Gooch, Head of European Yum! Brands and metals giant Alcoa for their strategic moves in 2015
Banking, William Blair; Richard M. Jeanneret, Americas Vice Chair, Transaction Advisory This year has “certainly been a very interesting year for strategic and said tech companies like IBM would continue to be acquisitive in
Services, EY; Jason Thomas, Managing Director, The Carlyle Group; Jeff Greene, Global dealmakers. I think 2016 is going to be even more interesting,” said 2016. He cautioned that the strategy of acquiring simply to boost an
Transactions Leader, Life Sciences, Transaction Advisory Services, EY; Greg Psihas, Andy West, director at McKinsey & Company. underperforming stock may have run its course.
Vice President, Corporate Development, Lockheed Martin Corp.; Andrea Kramer,
According to McKinsey, M&A is on track to hit about $4.46 trillion in “I expect more deals to occur, but have you noticed that the stock of
Managing Director, Hamilton Lane; Jonathan Melmed, Co-Chair, Global Private Equity &
2015, nearly the level seen in 2007.
Buyouts Practice, Morrison & Foerster LLP; Andy West, Director, McKinsey & Company the acquirer has stopped going up on the announcement of a deal,”
Speakers agreed that companies will continue to push the limits of Cramer said. “That’s like a bartender announcing last call. Anyone
www.thedeal.com regulators through megadeals as long as there are synergies to be who drinks after this is drinking at his own risk, and most CEOs aren’t
had and debt remains cheap. bold or foolish enough to do that.”
EVENT UNDERWRITERS
The Wall Street Journal news organization was not involved in the creation of this content.
A8 | Wednesday, January 6, 2016 * **** THE WALL STREET JOURNAL.
FROM PAGE ONE
FCC
Continued from Page One
and Los Angeles, the bidding
will start out high. One station
broadcasting in Manhattan, an
affiliate of Telemundo, has an
opening bid of $900 million. But
smaller cities may hit the jack-
pot, too. In Lima, the first—and
maximum—offer for its most-
watched station is about $110
million.
Changing habits
The auction demonstrates the
shift in technology taking place
across the media landscape—
and resources being adapted to
meet new needs. Momentum is
J.D.POOLEY FOR THE WALL STREET JOURNAL

tilting from over-the-air televi-
sion to the Internet. As people
use their smartphones to stay
connected and watch video on
the go, more bandwidth is
needed to provide that connec-
tivity.
“The FCC’s goal is to make
the most efficient use of the
spectrum,” says Lawrence Chu,
an investment banker who
worked as an adviser to the WLIO meteorologist Kyle Adams prepares for a broadcast in Lima, Ohio. The station’s nightly news also airs on all three local major-network affiliates.
agency. “It is in high demand.”
The process will start off sim- Pittsburgh Post-Gazette. His The dollar amounts con- offerings. “Even older viewers
ilar to a Dutch auction, in which twin brother John is editor in nected to the auction are stag- Air Supply have an expectation of video
values are set at a high level and chief and publisher at both. gering for some of the stations To free up bandwidth in big cities, the FCC plans to buy airwaves from on demand.”
then diminish until the FCC gets In a quirk that could only in the government’s sights, espe- smaller TV stations that can cause interference. So the FCC is offering
the licenses it needs at the low- happen in a small-town market, cially outfits such as PBS affili- to pay some broadcasters in tiny markets as much as major stations.
est possible price. Once it deter- Block Communications owns all ates and religious broadcasters Weighing options
mines the amount it will pay for four network affiliates in Lima. that are used to operating on Size of TV market, Opening bid for For Mr. Block, the issue is
in millions of homes with TV each TV station
each station, the agency will The same live nightly local news shoestring budgets. whether the final bids will be
then turn around and sell the li- program is simulcast—both at 6 “We have spectrum and we = = high enough to relinquish the
WLIO WLNN
censes to carriers like AT&T, Ve- p.m. and 11 p.m.—across its NBC, always need money,” says PBS
Lima, Ohio
0.07 $110 1.17
Charlotte, N.C.
airwaves above Lima. With four
rizon and T-Mobile US Inc. in a CBS and ABC channels. The sta- Chief Executive Paula Kerger, re- million million affiliates going over the air, he
traditional auction with rising tions, including the local FOX ferring to member stations. She
million could free up some bandwidth
bids. Sprint Corp. has decided to channel, broadcast from a single is worried that some areas could
WKTV = = KTFD
by downgrading to standard
skip the auction. Any difference 550-foot tower that sits in the lose their access to local PBS Utica, N.Y.
0.10 $250 1.58
Denver definition from high definition
in the amount paid out to the middle of a residential neighbor- stations, noting that some of its for some of the over-the-air sig-
broadcasters and the resale will hood. member stations have 20% of nals.
go in the U.S. treasury. If the “Lima has never been a great their audience receiving an over- WNGH = = KTVT Mr. Block expresses frustra-
bids from the buyers are too growth market,” says Mr. Block, the-air signal. Chattanooga, Tenn.
0.35 $350 2.65 Dallas-
Fort Worth
tion that a station’s market
low, the whole process will re- who lives in Toledo, about an “There are no do-overs,” she share or community role won’t
start. hour-and-half drive away. “But it says, “once you sell your spec- KOFY factor into the amount of money
Television stations that is very steady.” trum, it is gone.” WHTV = = San Francisco- being ultimately paid by the
agree to sell their spectrum Block’s portfolio of local Lansing, Mich.
0.25 $410 2.49
Oakland- government. Struggling or fail-
have two options: Take the full broadcast stations, which in- San Jose ing stations could get the same
payout and go off the air, or be cludes the Fox affiliate in Louis- Tough choices WCWG bids as more successful chan-
moved to another frequency ville, and an NBC station in De- In Pittston, Pa., a town of Greensboro- = = WCVB nels. “Some of these people did
for a lesser cut of the money. catur, Ill., have opening bids of 7,700 nestled between the bigger High Point- 0.68 $470 2.41 Boston nothing but run bad stations,”
Either way, those channels more than $1.2 billion from the markets of Scranton and Wilkes- Winston Salem, N.C. he says.
could still be viewable on sys- FCC, he says. He has hired law- Barre, local PBS channel WVIA Sources: Federal Communications Commission; Nielsen An FCC spokesman says the
tems like cable and satellite. yers and financial advisers and has decided to enter the auction THE WALL STREET JOURNAL. bid prices strictly reflect the li-
Stations that decide not to join is planning to jump into the auc- after months of deliberation. censes’ value in the auction.
the auction may be relocated tion. The FCC’s opening bid for tions in Chicago and enough to hasn’t ruled out going off the air, Block Communications first
to another spot on the dial To drum up interest in the WVIA’s broadcast license is cover WVIA’s strained annual says station President Kevin arrived in Lima in 1972, when it
whether they want to or not. auction, officials at the FCC more than $300 million. budget for decades. Bowers. bought local station WLIO for
The FCC’s auction is op- spent months on the road trying The station occupied two The issue is delicate. In WTLW operates out of an old about $1.5 million. In 2008, it
tional but the participation of to convince stations to give up rooms in a church at a local col- Bowling Green, Ohio, PBS sta- airport, a relic of the days when reached a deal to buy the other
certain stations in smaller their licenses. They even took lege when it was founded in tion WBGU triggered public the city was served by commer- affiliates in the city, which were
markets could unlock impor- the unusual step of enlisting Mr. 1966. It now resides in a small outcry when it said it was con- cial flights. Its programming being broadcast at lower power,
tant licenses in much larger Chu—now a managing director one-story building on a side sidering entering the auction tends to be family oriented, for $2.3 million.
markets. For example, chan- at investment bank Moelis & road with few other businesses and shutting down its broad- ranging from local sports and WLIO has always broadcast
nels relinquishing their air- Co.—to make the pitch directly nearby. One of its most popular cast. The station’s signal cov- Christian-oriented shows, along- from the same small brick build-
waves in Lima could give the to station owners. The agenda shows is “Pennsylvania Polka,” ers Lima, but it is considered side reruns of The Donna Reed ing, which resembles a ranch
government more options for for the roadshow listed Lima which features locals dancing to to be in the Toledo market. Show and The Beverly Hillbillies. house, and could blend into the
moving around stations in To- a live polka band. Feedback at local town hall The station’s sports editors surrounding residential neigh-
ledo, which in turn could free But it won’t consider going meetings helped convince the work out of the old waiting borhood except for the 34 satel-
up space in Detroit.
Almost 2,000 off the air, President Tom Curra station’s owner, Bowling Green room and the studio was once lite dishes on the lawn. During
In Lima, stations could pull in stations could join says, because it would lose its University, to keep it on the the airplane hanger. the 1969 Moon landing, it pro-
as much as those in much bigger PBS affiliation and go against air—but it will enter the auc- The station gets a third of vided a live video feed to U.S.
cities like Phoenix, a city nearly
the auction to sell the station’s stated mission of tion nonetheless. its donations from over-the-air networks from Neil Armstrong’s
40 times its size. their licenses. serving the public. “It is a very complicated issue viewers and 12% of households parents’ house in nearby Wapak-
Like any auction, the out- The channel, which has a $5 and one of the challenges was in the viewing area depend on oneta, Ohio.
come isn’t a sure thing for any million annual budget, estimates separating the emotion from the antennas. That has made the One possible solution for
participant. Some stations could among the roughly 50 markets its signal covers about a third of facts,” says university spokes- station sensitive to cutting off some broadcasters may be a
be frozen immediately, meaning whose participation the agency the state and that 10% to 15% of man Dave Kielmeyer. “It was a viewers, but it says it plans to channel-sharing agreement,
their sale is accepted, while oth- deemed as potentially crucial. its viewers watch using over- painful process but it was a use proceeds from the auction which would let a station sell its
ers could ultimately find that The airwaves being shuffled the-air reception. good process.” to invest in ways to deliver its spectrum in the auction and
they aren’t in demand. around are prime for sending Although bids will likely fall Back in Lima, nonprofit reli- programming other than on share a signal with another local
Local media mogul Allan signals far into the countryside from the opening price, a sta- gious broadcaster WTLW could cable and satellite systems. broadcaster.
Block is one owner who has a but are also good for penetrat- tion like WVIA could still walk get an almost unthinkable “We aren’t blind to chang- Mr. Block acknowledges he
quandary on his hands. The 61- ing deep into buildings, both away with substantial funds. In amount of cash from the auc- ing technology,” says Mr. Bow- owns excess spectrum in Lima
year-old is the scion of a 115- qualities that are attractive for a report, the FCC estimated in tion. The station, with 12 full- ers. “How people view is and that his business may van-
year-old media dynasty which wireless service providers. The October 2014 that the median time workers and an annual changing.” The station, he ish with the opening bids.
owns nearly all the local TV sta- government’s last airwaves auc- compensation for channels in budget of $1.3 million, hired says, is looking into wireless “I’d rather not have to deal
tions in Lima, a small cable tele- tion—the first major sale since the Pittston area would be consultants to help it reach a de- streaming and over-the-top with this,” he says. “I suppose
vision system—as well as the 2008—closed in January 2015 $140 million—more than the cision to enter the auction. It options that would allow peo- the day after we get the check I
Toledo Blade newspaper and the with bids of nearly $45 billion. $120 million projected for sta- prefers to stay broadcasting but ple to continue watching its might think differently.”
BRIDGE Penske Corp. is “well aware

of the issues with this low train
trestle and the website,” says a
spokesman for the company,
dows, and co-workers bet on
how far trucks had made it.
He wondered: How often did
this occur? “For weeks, you
in theory.
Some of Durham’s transpor-
tation employees say they are
among Mr. Henn’s followers.
Continued from Page One whose rental trucks star in wouldn’t think about it,” Mr. But if they have their way, his
bridge had bit into a vehicle. some of Mr. Henn’s videos. Henn says. “Then there would site may soon offer less drama.
The trestle’s clearance is Penske’s truck heights are be another one—and, oh, there’s Durham officials on Monday
about two feet lower than the visible from the driver’s seats, another one.” began building a system hook-
minimum for standard-sized and the local office informs cus- So he took a home-security ing the height sensor to a traffic
trucks. When one can’t clear it, tomers about the underpass. “If camera to the office and aimed light before the bridge that will
Mr. Henn says, “it can be pretty drivers are paying attention to it at the bridge. “I figured I’d turn red when it picks up a too-
JÜRGEN HENN/11FOOT8.COM
spectacular.” their surroundings,” the spokes- keep track of it for a while,” he high truck. The light will turn
His online followers appar- man says, “they should never says, “and then move onto green eventually, but they hope
ently agree: His most popular hit it.” something else.” it is red for long enough that
clips have more than a million North Carolina’s transporta- But his videos spread across drivers realize they should turn.
views. Mr. Henn’s online store tion department says the bridge Durham and then the Internet. Pete Nicholas, a transporta-
sells chunks the bridge has bashes have produced no fatali- He added a camera on a build- tion-department engineer, made
carved off trucks; he calls it ties since 2008 and only one in- ing across the street for an al- sure Mr. Henn was among the
“crash art.” jury, of the lowest severity cate- After trucks crash into this low underpass in Durham, N.C., ternate view and eventually first to find out. “I hate to tell
The bridge’s victims include gory. But the bridge has caused Jürgen Henn uploads footage for the world to watch it happen. placed an infrared camera for you,” he says he told him, “but
box trucks, flatbed trucks and more than $500,000 in vehicle nighttime accidents. my goal is to put your website
hay trucks. damage, it says. tells them, he will send a T-shirt University professor who has He has come to think of the out of business.”
Trucks have their tops Trucks often get stuck under showing the 11-foot-8 sign. “No studied the phenomenon, for endeavor as a documentary Mr. Henn says he can’t wait
scraped, ripped, rolled like sar- the bridge in Mr. Henn’s clips. one has ever claimed the T- the reason they rubberneck on project. to track whether the idea suc-
dine-can lids and folded like ac- That leaves time for him to chat shirt,” he says. highways: morbid curiosity. The bridge hasn’t always ceeds: “It’s more exciting to me
cordions. Camping trailers and with drivers while they deflate The shirts are part of his These bridge videos, he says, shaved trucks. But it has effec- than another truck crash.”
buses lose their air-conditioning their tires to lower vehicles modest business involving the add an element of slapstick. tively shrunk as vehicles have He isn’t convinced his web-
units. Some trucks do wheelies, enough to free them. Some tell bridge. The “crash art” he sells “It’s like watching Buster gotten taller over the last cen- site will be wrecked.
their front tires lifting when the him they didn’t know their comes with certificates of au- Keaton or Charlie Chaplin,” he tury. City officials say the tres- “We’ll never totally eliminate
bridge stops their tops. trucks’ heights. Others insist thenticity. One piece, listed at says. “We’re all imperfect and tle can’t grow because of the stupidity in this world,” he says.
Local rental companies alert they didn’t see the signs. $45, is a truck fragment twisted flawed and one step away from train tracks above and utility “But we can reduce the risk.”
drivers to it when they hand One said, “‘Oh, no. Not this into the shape of a number slipping on that banana peel.” lines below.
over truck keys, especially be- bridge,’ ” Mr. Henn says. “He nine. Another, at $22, looks like Mr. Henn’s bridge interest They thought they had a so- VIDEO
cause insurance generally knew the website. He had seen a Fruit Roll-Up. was accidental. After he took an lution with the current warning
doesn’t cover the overhead the footage. And he still hit the He has pieces from the 100th information-technology job in system. A height sensor a block Watch a video
damage. “We warn people all
the time to avoid that area,”
says a spokesman for Avis Bud-
bridge.”
Mr. Henn tells drivers their
accidents will be on YouTube. If
crash, he says, but hasn’t put
them up for sale yet.
People watch crash videos,
2002 at Duke University, where
he still works, the crashes out-
side his office were impossible
from the overpass triggers the
yellow lights when an oversize
vehicle approaches and gives
WSJ
.COM
about Durham
truck-bridge
crashes at
get Group Inc.’s area office. they get in touch with him, he says Eric Wilson, a Wake Forest to ignore. They rattled the win- the driver time to turn, at least wsj.com/ahedvideo.
OPINION
Don’t Blame Oil for Global Chaos BOOKSHELF | By Maxwell Carter
Since 1918
and the full
flowering of
because the price is low.
Take your pick of forecasts.
Just don’t make the mistake of
Helping was the Kremlin’s will-
ingness to slash the exchange
value of the ruble, cutting its
the exception it might seem, as
Germany, Spain and Britain
trim handouts for renewables.
Off With
the automo-
bile age, the
average U.S.
domestic
thinking today’s rampant geo-
political instabilities are caused
by depressed oil.
Vladimir Putin’s economy
oil companies’ domestic costs
even though it also hammered
the standard of living of the
average Russian (40% of whose
The U.S. has been an outlier
under President Obama. Appar-
ently the difference between 0%
growth and 2% growth is
His Head
BUSINESS
WORLD price of gaso-
line has
was hitting a wall, and Russia
was turning to foreign adven-
food is imported). This Rus-
sian-Saudi game of chicken,
enough to keep alive a signifi-
cant political force that believes
Dictator
By Holman W.
rarely fallen tures to boost its leader’s do- occasioned by Mr. Putin’s med- the time is ripe for ambitious By Robert Harris
Jenkins, Jr.
below $2 or mestic popularity and justify dling in Syria, is now the key upsizings of government. Oil (Knopf, 385 pages, $26.95)
‘T
risen above opposition crackdowns, well be- driver of a global oil glut. again has played an unex-
$4 as measured in 2015 dollars. fore the price collapse. Oil was pected geopolitical role: The he history of the world,” wrote Thomas Carlyle in
At today’s price of $1.99, gaso- selling for $104 a barrel when U.S. likely would not have ex- 1841, “is but the biography of great men.” Libertarian
line is approaching its all-time Mr. Putin annexed Crimea in Cheap energy is a perienced 2% growth if not for polymath Herbert Spencer countered 30 years later:
low in inflation-adjusted terms. March 2014. The Arab Spring, oil and gas fracking. “Before [the great man] can remake his society, his society
In 1965, gasoline sold for 30 progenitor of so many soured symptom, not a President Obama’s leader- must make him.” With whom does the novelist Robert Har-
cents. In 1965 dollars, today’s dreams from Egypt to Libya and cause, of the world’s ship itself may be a historically ris’s Cicero Trilogy, which began with “Imperium” (2006) and
price is 26 cents. So, yes, the Syria, came during a period of exogenous factor. Not many, in “Conspirata” (2009) and ends now with “Dictator,” side? Ci-
current oil price depression is high and rising oil prices. Oil geopolitical mess. the conditions in which he took cero’s lifetime (106-43 B.C.) saw the ambitions, caprices and
not ordinary. didn’t drop below $100 until power in 2009, would have convictions of the Roman Republic’s leading figures (Marius,
Those who see a price recov- July 31, 2014, when the region judged the historical moment Sulla, Caesar, Pompey, Crassus, Cato, Octavian, Antony and
ery coming soon note that was already in flames. At the same time, cheap oil as beckoning a bigger welfare Cicero himself) determine the fate of Western civilization.
expensive projects to wring oil If anything, geopolitical cau- failed to provide the hoped-for and regulatory state, modeled Were these truly great men
from Arctic waters or Canadian sation now runs the other way. elixir for Western stagnation. on Europe circa 1945-75, at the or the bitter fruits of an in-
oil sands or the deepest Gulf of Markets once assumed that Causation again seems to run expense of jobs and growth. trinsically corrupting politi-
Mexico are being halted. Once instability, particularly in the the other way. The West’s Mr. Obama looked out on cal system?
halted, they won’t easily be re- Middle East, meant rising oil stubborn growth disappoint- the world and also saw differ- “Imperium” traces Ci-
started, so oil in the future will prices. Now instability means ment, now joined by China’s, is ently than most of us when he cero’s rapid ascent; “Con-
be undersupplied once today’s falling oil prices. Saudi Arabia, a factor keeping oil depressed. decided that removing the U.S. spirata,” the career-defining
excess inventories are burned which peak oil theorists insisted Some favor the clinically as an obstacle to Iran’s nuclear stand against Catiline; “Dic-
off and producers are done was on the verge of exhausting neutered term “secular stagna- ambitions would, in 20 or 30 tator,” his (and the Repub-
eking out revenue based on its major fields, recently tion.” A more accurate diagno- or 50 years, pay off in a more lic’s) downfall. The middle
capital they’ve already spent. tweaked production to a record- sis suggests the West has hit a peaceful, cooperative Iran. narrative has hooked many
Those who argue “lower for beating 10.5 million barrels a crisis in its post-World War I We should live so long. To schoolboys, myself included.
longer” point to U.S. shale day, low prices be damned. The expansion of government, to those not gifted with such The year he served as consul
players, whose projects have motive: Riyadh’s undeclared the point where growth and visions, the real message today (63 B.C.), Cicero inveighed
shorter-time horizons and can war against Iran and Iran’s ally- dynamism seem permanently is to forget the shockingly against Catiline, an aristo-
ramp up quickly and set a nat- of-the-moment, Russia. to have fled. steep oil depression, which is a cratic malcontent, gleefully
ural cap on rising prices. Oil Russia, whose energy devel- In Western Europe and symptom not a cause. The detailing his alleged plot to over-
bears also note that most of opment was expected to de- Japan, though it seldom gets great historical challenge is still throw the state. Having forced Catiline
the world’s reserves are con- cline once sanctions cut it off mentioned, the only political the industrial world’s debt and from Rome and secured Cato’s decisive backing, Cicero
trolled by revenue-hungry gov- from Western capital, sur- debate today is between the stagnation, which won’t yield pushed through the execution of five conspirators without
ernments that aren’t eager to prised many by setting a post- supply-side reformers and the without a basic rethinking of its trial. (Catiline offered battle in 62 B.C., dying, according to
put potentially restive oil Soviet record of 10.8 million footdraggers. Even the politics tax codes, regulatory systems the historian Sallust, with conspicuous bravery.) Where Ci-
workers out of jobs just barrels a day in December. of energy and climate is not and welfare missions. cero’s consulship was compact and—as he would have it—
morally unambiguous, the events that led to his proscription
were drawn out and often bewildering.
Hillary’s Chance to Hijack the Populist Surge The challenge for Mr. Harris of maintaining dramatic mo-
mentum through 15 years of shifting loyalties and shabby com-
promises is considerable. Yet as anyone who has read his pre-
You don’t have than its labor force, so there imports and Muslims, among This brings me to Hillary vious novels, including the riveting alternate history
to be a Marx- will be fewer people of work- others—abetted by “stupid” Clinton. Early in her campaign, “Fatherland” (1992) and the political thriller “The Ghost”
ist to believe ing age supporting each child leaders at home. His solution she delivered a well-crafted (2007), knows, he is incapable of writing an unenjoyable book.
that econom- and retiree. According to re- is to seal us off: Build a wall, speech outlining her strategy Told from the perspective of Cicero’s slave-amanuensis,
ics shapes pol- cent Census Bureau projec- rip up trade deals and impose for creating strong, sustained Tiro, who reputedly invented shorthand, “Dictator” picks up
itics. Shared tions, the U.S. population will a moratorium on Muslims and inclusive growth. Soon the thread in 58 B.C., when fallout from the unlawful Catili-
POLITICS p r o s p e r i t y grow from 318.7 million in entering the country. His one- after, she backed proposals to narian executions drove Cicero into exile. Tiro recounts his
yields hope 2014 to 380.2 million in 2040, step cure for Washington promote infrastructure invest- master’s role in the developments of the first and second tri-
& IDEAS
and even a an average annual rate of 0.7%. stupidity brings to mind Mar- ment, scientific research, small umvirates—the alliances whereby Caesar, Pompey and Cras-
By William
measure of So per capita GDP—the pool shal Philippe Pétain’s line business and women’s labor- sus and, later, Octavian, Antony and Lepidus divvied up the
A. Galston
g e n e r o s i t y. from which wages and benefits when assuming the leadership force participation. Since then, empire—and ensuing civil wars. Tiro’s viewpoint is partisan
Slow growth must be drawn—will rise at of France’s Vichy government however, she has been busy but not unquestioning. In “Dictator,” Cicero, whom Tiro
breeds doubt about the future only 1.5% each year. At that in World War II: “I give to immunizing herself against at- served off and on after his manumission in 53 B.C., can be
and a politics of resentment. rate, it will take nearly half a France the gift of my person.” tacks from the left, pursuing weak and monstrously egotistical.
That is where we are today. century for per capita GDP to transactional politics with the
Barring a fourth-quarter double. By contrast, it took Democratic Party base.
miracle, the U.S. just concluded just 27 years after 1960 for a Frustrated by anemic Although her approach is Cicero saved the republic from conspirators
the 10th straight year in which doubling of per capita GDP. understandable, in the context in 63 B.C., only to lose his own life (and hands)
economic growth failed to Here’s the second reason growth, voters can be of a surprisingly hard-fought
reach 3%. Even excluding the why the new normal is so trou- won over with a solid primary contest, it would be as Rome slid into civil war and dictatorship.
Great Recession years of bling: Average Americans aren’t counterproductive in the gen-
2008-09, economic growth participating in what little economic plan. eral election. If Mrs. Clinton
since 2005 has averaged just a growth there is. The Census wants to win the presidency Mr. Harris’s take on the principals will be mostly familiar.
bit over 2%. There is no parallel Bureau reports that median and make a success of it, she Pompey, however affable, is overmatched, being “idle, somno-
for this since the end of World household income in 2014 was For Sen. Ted Cruz, the prob- needs to put economic growth lent [and] uxorious” by nature. Crassus, Rome’s wealthiest cit-
War II, maybe not since the $53,700—about $4,000 below lem is not bad government, at the center of her campaign. izen, is mean and grasping. Lepidus, the junior member of the
beginning of the Republic. where it stood at the end of the but government as such. So he Her challenge is to give the second triumvirate, or Peter Lawford to Octavian’s Sinatra and
And the future holds more Clinton administration. What- plans to ignite economic American people an honest Antony’s Dean Martin, is “a sort of genius of mediocrity.”
of the same. The Congressional ever may be the case when all growth by eliminating five account of what is happening Historical fiction compels the author to make choices. The
Budget Office foresees annual government benefits are taken cabinet departments and abol- to them, and to offer policy Caesar of “Dictator” has flesh, blood—everything but hair, per
growth of 0.5% in the U.S. into account, the market itself ishing the Internal Revenue responses that pass the tests of Suetonius’s remark that he “always [kept] his head carefully
labor force over the next 25 is not producing rising incomes Service. In place of various economic sustainability and trimmed and shaved; and has been accused of having certain
years, down from 1.7% between for middle- and working-class levies the hard-right despises, political viability. other hairy parts of his body depilated with tweezers.” It
1965 and 2007. By assuming families. And they know it. he plans to institute what Americans are confused and seems beside the point to argue the rumor’s doubtful merits
that productivity gains rebound This brings us to the presi- amounts to a value-added tax, worried. They know that the when Mr. Harris deploys it to such fine effect in the “discon-
from the low level of recent dential campaign, where we which has done so much to economy isn’t working for certing” form that confronts Tiro at Mutina (modern-day Mo-
years to their postwar average, are witnessing a populist re- slow the growth of govern- them the way it once did, but dena): “His body was glistening, well muscled, and plucked en-
the CBO projects average an- volt against current economic ment in Europe. they don’t understand why. tirely hairless in every respect . . . [an] affectation which had
nual economic growth of 2.2%, arrangements. For Sen. Bernie The response of the Republi- This opens the door to candi- the effect of emphasising his numerous scars and bruises, pre-
down from 3.3% during the Sanders, the culprit is the “bil- can center-right candidates to dates who can blame specific sumably picked up on the battlefield.”
four decades before the Great lionaire class,” so the solution the growth challenge has been malign forces—bureaucrats, The women fare less well. Cicero’s first wife is an exasper-
Recession. is to break up the big banks mostly boilerplate: Reform the plutocrats, autocrats, what- ated shrew: “ ‘Books,’ said Terentia with great contempt.
We can stop arguing about while taxing Wall Street and tax code, reduce regulations, ever—and offer sound-bite ‘Where is the money in books?’ ” Cleopatra is the eastern
the “new normal.” We’re in it. the rich for the benefit of reverse everything President solutions to complex problems. “slattern” of Augustan propaganda. Only Tullia, Cicero’s be-
And it is even worse than it everyone else. The point is not Obama has done, and—in the If Hillary Clinton doesn’t loved daughter, is represented in the round. On these and
looks. growth but redistribution. case of Jeb Bush—set an annual arrest this decline into self- other bits, Mr. Harris is faithful to his sources, which include
Here’s one reason: The U.S. For Donald Trump, it’s the growth target of 4% that few defeating populism, it is hard Christian Meier’s scholarly biography “Caesar” (1982); An-
population is growing faster rest of the world—immigrants, economists take seriously. to see who will. thony Everitt’s conventional life “Cicero: The Life and Times
of Rome’s Greatest Politician” (2001); and Tom Holland’s su-
perb history “Rubicon: The Last Years of the Roman Repub-
The Corn-Fed Albatross Called Ethanol lic” (2003).

Occasionally, the Loeb Classical Library translations that Mr.
Harris employs don’t quite land. For instance, Cicero’s tirade
By Merrill Matthews ingly from other plant and ani- blends provide fewer miles per ing gasoline with corn ethanol against Clodius, an Oswald Mosley-ish rabble-rouser who
I
mal substances. The law also gallon, so drivers pay more to has only limited potential for razed Cicero’s house on Rome’s Palatine Hill and attempted to
n the past two presiden- requires the Environmental travel the same distance. reducing emissions (and some have the site consecrated in order to prevent its rebuilding:
tial-primary seasons, can- Protection Agency to periodi- According to the Institute for studies indicate that it could “Oh, you abominable plague spot of the state.” This, from an-
didates crisscrossing Iowa cally increase the amount of Energy Research, American increase emissions).” tiquity’s most accomplished speaker?
before the caucuses would pay ethanol that must be used. But drivers have paid an additional Finally, the U.S. no longer Nonetheless, Mr. Harris captures the senselessness of tri-
obeisance to corn ethanol and raising the amount of ethanol in $83 billion since 2007 because needs renewable fuels to re- umviral intrigue magnificently, not relenting as the players
its compulsory use in gasoline. gasoline past 10% could harm of the RFS. duce its dependence on energy meet their gruesome ends. Crassus was slain at Carrhae in
Yet in the current campaign, millions of car engines. Second, ethanol adds more from foreign sources. Thanks 53 B.C., Pompey on an Egyptian beachhead in 48 B.C., follow-
Sen. Ted Cruz reliably sits The EPA recently decided to carbon dioxide to the atmo- to expansion in the oil and gas ing his defeat at Pharsalus. Both were posthumously decapi-
atop the Iowa polls even increase the total amount of sphere than it eliminates by industry, the U.S. has outdis- tated. Cato, having unsuccessfully attempted to take his life,
though he scoffs at the Renew- ethanol used from 11.62 billion replacing fossil fuels. The tanced Russia and Saudi tore the stitches from his wound, pulled out his intestines
able Fuel Standard passed by gallons in 2014 to 18.11 billion Environmental Working Group Arabia to become the world’s and bled himself to death at Utica in 46 B.C. Caesar was sav-
Congress in 2005 and ex- gallons for 2016—a decision says that “corn ethanol is an top oil and natural-gas pro- agely murdered on the senate floor in 44 B.C. Cicero was
panded in 2007. that made few people happy. environmental disaster.” The ducer. The U.S. could become proscribed by Octavian and Antony in 43 B.C., losing his
Maybe even Iowans are hav- Ethanol producers are an- group explains: “The mandate energy independent in five hands and head soon after. Antony killed himself in 30 B.C.,
ing second thoughts about a gry that the EPA succumbed to to blend ethanol into gasoline years, according to the U.S. one year after the Battle of Actium.
law that has been a boon to economic reality by not raising has driven farmers to plow up Energy Information Adminis- Only Octavian (known as Augustus from 27 B.C.) survived,
corn growers but hardly any- the requirement as high as land to plant corn—40 percent tration, but only if crude oil though the same bloody, tumultuous patterns resumed in suc-
one else. Before long, it may they expected. But many envi- of the corn now grown in the prices are high enough to keep ceeding generations, with increasingly unhinged Caesars as-
be politically safe to take a ronmentalists aren’t happy U.S. is used to make ethanol. American producers operating. suming dictatorial powers. And for what? The chasm between
wise step and eliminate the either, having come to realize When farmers plow up grass- Replacing the 18 billion gal- Cicero’s belief that politics were man’s highest calling and the
Renewable Fuel Standard that ethanol is an environmen- lands and wetlands to grow lons of ethanol under the EPA’s sordid on-the-spot reality of the late Republic will affect any-
(RFS). This would immediately tal problem, not a solution. corn, they release the carbon 2016 RFS with roughly 18 one who has been watching the U.S. presidential debates.
and dramatically increase the When the RFS was enacted, stored in the soil, contributing billion gallons of gasoline Does Mr. Harris see any light in the period’s “vast and
demand for oil, help stabilize lawmakers believed that add- to climate-warming carbon would reduce the oil glut and darkening forest”? To the last, Cicero strove for immortality.
energy markets, boost the ing ethanol to the national emissions.” And then there is improve the nation’s carbon Nearly 2,000 years on, Carlyle would promise that “no great
economy—and likely reduce gasoline supply would reduce the carbon emitted in harvest- footprint. Sounds like a candi- man lives in vain.” Mr. Harris’s conclusion, as voiced by Tiro,
carbon-dioxide emissions. reliance on oil imports. Today, ing, transporting and process- date for bipartisan agreement. is distinctly more restrained: “All that will remain of us is
The RFS requires gasoline to ethanol’s downsides have ing the corn into ethanol. what is written down.”
contain a specified level of become clear. The Congressional Budget Mr. Matthews is a resident
ethanol—renewable biofuels First, it increases the cost Office notes that “available scholar with the Institute for Mr. Carter is an M.B.A. candidate at Columbia Business
mostly from corn, but increas- of driving. Current ethanol evidence suggests that replac- Policy Innovation in Dallas. School.
A10 | Wednesday, January 6, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
A Victory Over ObamaCare Toxic Twins’ Potentially Poisonous New Brew
C
ongress returns to work this week, and and the consequences. Liberal spin can’t dis- Your Dec. 31 editorial “Fannie and the twins’ insulated role in their faux
for once those words shouldn’t trigger guise that the law is failing on every level other Freddie Forever” rightfully raises “market.” Not mentioned, and rarely
concerns over the types of credit-risk discussed in any media, is the Fed-
a panic attack. As early as Wednesday than expanding coverage—as if anyone ever ar- transfers (CRT) that are being con- eral Housing Finance Authority’s
the House will vote to send a gued that a new entitlement ducted by Fannie Mae and Freddie Common Securitization Platform
bill repealing most of Obama- Congress puts a couldn’t reduce the uninsured Mac (the government-sponsored en- (CSP). A Fannie-Freddie joint ven-
Care to President Obama, and repeal bill on the rate. The huge premium in- terprises), and the residual risks theyture, this initiative has “the strategic
this may become a consequen- creases and other disruption pose to the taxpayers. One important goal of developing a new securitiza-
tial moment, assuming Repub- President’s desk. in the health-care markets way to reduce taxpayer exposure is tion infrastructure for Fannie Mae
licans are prepared to make an that the critics predicted ex- to require the GSEs to transfer the and Freddie Mac (the Enterprises)
argument. plain why the law continues to credit risk before they acquire the for mortgage loans backed by 1-4
Some on the left and right are dismissing the be so unpopular with the public six long years loans. The current CRT deals con- unit (single-family) properties. To
move as pointless because Mr. Obama will veto after passage. ducted by the GSEs are opaque and achieve that strategic goal, the En-
complex debt securities that continue terprises, under FHFA’s direction and
the measure, and of course he will, but repeal In those days the usual Beltway savants in-
to leverage the GSEs’ implied gov- guidance, are developing a common
has never before reached his desk. Since the structed Republicans to accommodate them- ernment guarantee. securitization platform (CSP) that
GOP won the House in 2010, Senate Democrats selves to what was supposed to be a landmark The GSEs are currently setting a will support their single-family mort-
have filibustered health-care improvements and of liberal governance. The GOP was wiser to price on those deals based on uncer- gage securitization activities, includ-
shielded the President, and their obstruction maintain its resistance. Their opposition paid tain future outcomes in the credit ing the issuance by both Enterprises
has continued even after they were reduced to off politically in 2010 and 2014 and might have markets. If the GSEs’ predictions are of a single mortgage-backed security
a minority. in 2012 if Mitt Romney hadn’t passed an wrong, they could lose and the tax- (Single Security).” See the Septem-
Republicans are now using the special “rec- ObamaCare prototype in Massachusetts. The re- payer could pay the price. Instead, ber 2015 FHFA website CSP update
onciliation” procedure that allows a budget bill peal legislation shows Republicans are doing the GSEs should engage in upfront for more detail.
to pass with a simple majority—which can only what they told voters they’d do. risk-share deals in which private The effort, under way since 2012
be used once a year—to get around Harry Reid’s Now they should talk about reform alterna- market participants, like mortgage with fully loaded costs now nearing
insurers and other private entities, $500 million, plans to announce a
bone yard. Kvetchers on the right who say the tives that can start to repair some of the dam-
or even originators themselves, date for first productive use some-
Congress never does anything should be age, and perhaps if they offer a vision and would take on credit risk before the time in 2016. The new venture ad-
pleased, unless their griping was merely for agenda that are bold enough to set the terms loan even gets sold to the GSEs, and vertises a long-term goal of the
political show. of the 2016 debate they might even turn the ensure access for all lenders. This is platform being used by other mar-
This achievement is all the more notable for presidential primary toward matters of more an approach that the FHFA has di- ket participants (read: competitors
traveling through the regular channels of con- economic substance than a border wall with rected the GSEs to explore, and one to Fannie and Freddie). However,
stitutional government, without Armageddon- Mexico. that represents a meaningful effort the investment and current exclusiv-
style confrontations or blowing up century-old The larger import is that the vote shows that to further de-risk the two institu- ity bestowed on the GSEs will create
Senate rules, as some activists have demanded. the 2016 election is all that stands between tions and protect taxpayers. an unassailable barrier-to-entry for
The bill passed through patient, unglamorous ObamaCare and history’s dust-bin—as Hillary DAVID H. STEVENS any private-sector firm attempting
legislative work, with House and Senate Repub- Clinton recognizes. “They have no plan,” the President and CEO to compete on risk, volume or pric-
Mortgage Bankers Association ing. All this comes at least three
licans working together to make policy ad- candidate said at an Iowa event Monday. “The Washington years after congressional and even
vances instead of degenerating into infighting Republicans just want to undo what Democrats Oval Office agreement that these
and recriminations as usual. have fought for for decades and what President Your editorial accurately illumi- two organizations should be wound
This is what the GOP promised voters in Obama got accomplished. So we need a Presi- nates the self-perpetuating political down. At this point, no one should
2014. Fifty-two of the 54 Senate Republicans dent, just as President Obama will, to veto that. rationale for the development of look for such a change in their life-
voted for the bill, which passed 52-47 over I don’t think the stakes could be higher.” these credit-risk transfer products by time. Referencing what you aptly
unanimous Democratic opposition. Susan Col- Mrs. Clinton is right to be alarmed. Con- the toxic twins. However, your read- put in the editorial’s closing, I for
lins of Maine and Mark Kirk of Illinois were the gress’s successful repeal shows what Republi- ers should know that the political one have no illusions on why Donald
two GOP dissenters. cans might achieve in 2017, if they can earn the cover suggested in the piece is just a Trump is winning.
The task now is to leverage Mr. Obama’s veto opportunity from voters by also winning the minor down payment on a much MIKE SPERANZA
larger investment strategy to solidify Sykesville, Md.
to hold Democrats accountable for their votes White House.
The Billionaire Gun-Control Loophole Lego Sets Capture Children’s Imaginations
E
very President struggles to stay politi- The real purpose of the decree is to inject gun It was amusing to read “Lego gift from a relative containing a Star
cally relevant in his final year in office, control into the 2016 election campaign. The Builds Stronger Bridges to Girls” Wars ship and wanted to exchange it
but someone should warn President Obama coalition that Hillary Clinton is trying to (Business & Tech., Dec. 30) regarding that very day for a Lego Friends set,
Obama not to become a carica- motivate is united above all by the sales and marketing of Lego one of the few she didn’t already pos-
ture of a lame duck. The main Democrats discover cultural liberalism, and the left products to female children. As the sess. Next up was the Lego Star Wars
result of the new federal gun- thinks gun control can be this mother of three girls and three boys, set given to her by her eldest sister.
control decree he announced
the joys of political year’s version of gay marriage. I can say with some authority how Again, total disappointment. My four-
Lego has captured my children’s year-old son was thrilled at his sets
Tuesday will be the sale of tens spending by the rich. Democrats have written off imaginations and those of their and offered to build them. My daugh-
of thousands of guns to Ameri- gun-owning rural America. friends. My two youngest children, a ter has all of the Lego Disney Prin-
cans who worry that the gov- One irony of the gun cam- daughter, six, and a son, four, play cess sets and is looking forward to
ernment might soon block any new purchases. paign is that progressives have suddenly dis- with their Lego sets every single day. new sets. If it is any consolation to
No American leader has done more for gun sales covered the joys of unlimited spending by bil- With “Star Wars” being so prominent those well-meaning feminists at the
since King George III. lionaires. As our friends at the New York Sun in the toy world this holiday season I Spark Movement, my teen daughter
The heart of Mr. Obama’s 56-page executive write, former New York Mayor Michael thought both of my young children was thrilled to receive and build
order is a requirement for the Bureau of Alcohol, Bloomberg and others are spending tens of mil- would enjoy receiving and building many Nanoblock sets to add to her
Tobacco, Firearms and Explosives (ATF) to lions to defeat anti-gun-control politicians. Lego sets based on the theme. I growing collection.
tighten regulation on individuals “engaged in the They have little to show for it, and Mr. Obama couldn’t have been more wrong. My KARIN TRIBUNA
daughter cried when she opened the Plano, Texas
business of selling firearms.” This is supposed is trying to give them a political boost. Call this
to slay what gun controllers deceptively call the big-money double standard the billionaire gun-
“gun show loophole.” control loophole.
But the order does little more than reiterate As weak as it is, the new rule is still an affront Circle Back, Reach Out and Take Ownership
that firearm dealers must register as dealers as to the Constitution’s separation of powers. A bi- In regard to your Jan. 2 editorial tify a policy based only on data that
they already must do under current law. The or- partisan majority in Congress opposes Mr. “A Superior State of Language”: support the policy. The data do not
der notes that the “quantity and frequency of Obama’s gun-control agenda, so he rewrites the Bravo to Lake Superior State Univer- need to be valid.
sales” will matter in defining who is a dealer, law on his own. The curiosity is that more Demo- sity for its campaign against trite “Circle back”—overly dramatic
though it doesn’t specify numbers. The greater crats don’t recognize the precedent that Mr. words, but it forgot an especially an- way to express meaningless drivel
ATF scrutiny might spur some private gun-sell- Obama is setting with his executive law-writing. noying one: “reach out.” No one calls (please see “reach out”).
or contacts anyone anymore; they “Take ownership”—when you are
ing individuals to get a license out of an excess Democrats had better hope they win this year,
must, instead, “reach out.” It has be- asked to take responsibility for neg-
of caution, but those licenses will have little ef- because a President Trump or Cruz can’t wait come hypertrite. ative outcomes, especially when you
fect on gun crime. to issue orders from headquarters. STEPHEN R .S. MARTIN are not responsible for the negative
Cave Creek, Ariz. outcome, or there are no conse-
quences for “taking ownership.”
The Western Land Revolt After reading your editorial about “Culture”—ironic marketing con-
A
the Lake Superior State list of ban- cept to convey the image of sensitiv-
s the FBI seeks to end the citizen take- In 2001 the family told authorities it planned ished words, I noticed that several ity or competence emanating from
over of Oregon’s Malheur National to set a managed fire on its land to fight inva- of my least favorite buzzwords those who usually have neither.
Wildlife Refuge, it’s worth reflecting on sive species. The fire accidently spread over didn’t make the list: BRIAN KENT
what is behind the rising civil 139 acres of public land before “Data driven”—claim made to jus- Tulsa, Okla.
disobedience in the American The Bundy siege is the Hammonds extinguished
West. The armed occupation wrong, but so is it. In 2006 the family tried to
of federal buildings is inexcus- save its winter feed from a Plaintiffs Lawyers Seek ‘Phantom Damages’
able, but so are federal land- government abuse. lightning fire by setting “back As it apparently seeks to boost the rooms across the country. Frequently
management abuses and pros- fires” on its property (a com- political prospects of candidates call- in personal-injury lawsuits plaintiffs
ecutorial overreach. mon practice), which burnt an ing for drastic new regulations of pre- lawyers seek to maximize their pay-
Activists on Saturday broke into an unoccu- acre of public land. scription-drug pricing, the dishonesty day by presenting as evidence initial
pied building on the 187,000-acre federal refuge Years later, in 2011, the feds charged Dwight of the Health and Human Services De- bills for their clients’ medical care or
in eastern Oregon to protest the imprisonment Hammond and his son Steven with nine counts partment in reporting “public list physical therapy, even though those
of two Oregon ranchers. The group’s spokes- under the elastic Antiterrorism and Effective prices” instead of negotiated prices bills had been significantly reduced or
man is Ammon Bundy, son of Cliven Bundy, a Death Penalty Act. A federal jury found them that were actually paid by insurers, written off altogether after negotia-
taxpayers and consumers appears to tions between health-care providers
Nevadan who in 2014 came to national atten- guilty only of setting the two fires they had adbe modeled on a tactic long used by and insurers.
tion over his standoff with the Bureau of Land mitted to starting, and federal Judge Michael parasitic personal-injury lawyers But the American Tort Reform As-
Management. The younger Bundy is a political Hogan sentenced the father to three months and (“Drug Spending Dementia,” Review & sociation and its allies are steadily
grandstander, and many in Oregon oppose his the son to a year in prison. He said the federal Outlook, Dec. 24). succeeding in persuading state law-
illegal siege. minimum of five years would not meet “any idea With help from state lawmakers makers to enact statutes that preclude
The drama is bringing attention to legitimate I have of justice, proportionality” and would and judges that its generous cam- awards for such phantom damages.
grievances, especially the appalling federal treat- “shock the conscience.” The feds appealed the paign contributions help elect, the DARREN MCKINNEY
ment of the Hammond family. The Hammonds’ sentence and another judge ordered both Ham- plaintiffs bar has long sought to col- American Tort Reform Association
problems trace to 1908, when Theodore Roose- monds to serve the full five years. lect “phantom damages” in court- Washington
velt set aside 89,000 acres around Malheur Lake Many in rural Oregon view this as a govern-
as a bird refuge. The government has since been ment vendetta. Rusty Inglis, who worked for
on a voracious land-and-water grab, coercing the the Forest Service for 34 years and now runs The EPA Cleaned Up Our River, Created Jobs
area’s once-thriving ranchers to sell. a local Oregon farm bureau, recently told a I lived in East Tennessee for 31 runs clear and clean and supports a
The feds have revoked dozens of grazing trade magazine that it’s “obvious” that “the years and had to endure what Cham- multimillion-dollar rafting industry,
permits and raised the price of the few it BLM and the wildlife refuge want that ranch.” pion International Corp. did to our not to mention all of the other eco-
issues. It has mismanaged the area’s water, The Oregon Farm Bureau called the sentences region through its pollution of the Pi- nomic benefits from tourism, real-es-
allowing ranchlands to flood. It has harassed “gross government overreach.” The ideology of geon River, a mountain river that was tate development and agriculture.
landowners with regulatory actions that raise “national” land has become the club to punish tainted a coffee-brown color and ORVILLE BACH
the cost of ranching, then has bought out pri- private landowners who are the best source of smelled like rotten eggs. I know the Bozeman, Mont.
vate landowners to more than double the economic stability and conservation. EPA is far from perfect (“Brushing
refuge’s size. The Bundy occupation of federal land can’t Back a Lawless EPA,” Review & Out- Letters intended for publication should
look, Dec. 23), but had it not been for be addressed to: The Editor, 1211 Avenue
The Hammonds are one of the last private be tolerated, but the growing Western opposi-
the EPA, Champion’s North Carolina of the Americas, New York, NY 10036,
owners in the Harney Basin, and they have en- tion to government harassment of private land- paper mill just over the state line or emailed to wsj.ltrs@wsj.com. Please
dured federal harassment over their water owners ought to be a source of political con- would still be causing horrific eco- include your city and state. All letters
rights, the revocation of their grazing permits, cern. Ted Cruz and others are right to caution nomic damage to the citizens of East are subject to editing, and unpublished
restricted access to their property, and prose- the occupiers against their sit-in, but the fed- Tennessee. Instead, thanks to EPA en- letters can be neither acknowledged nor
returned.
cutorial abuse. eral bureaucracy also needs to be reined in. forcement, today the Pigeon River
OPINION
A Glittery Gun-Control Distraction

By Nicholas Johnson guns at gun shows. One collector who Mr. Earnest. The president and many
O
sold three firearms over a period of others have oversold gun control
n Tuesday President two years had his gun collection with glib claims that government
Obama announced that he seized and was prosecuted in 1972 for really can fix this, if only Americans
would take executive ac- dealing without license. Many prudent will give bureaucrats a little more
tion to expand the defini- and fearful gun owners responded by power. That is pure snake oil.
tion of a “firearms dealer.” obtaining federal firearm licenses, The important policy issues are
The intent is to require more people even though they did not have store- never even discussed because they
who sell guns to first obtain a federal fronts or retail operations. are so hard and do not yield easy
license—which obliges them to per- By the 1990s, the gun control man- answers: What about the hundreds
form background checks on buyers. tra had changed. The claim became of thousands of guns that are stolen
Unnoticed is that this action, taken that it was a problem to have so in the U.S. every year, which pile up
under the banner of “common sense” many federally licensed gun dealers in the black market? What about
gun control to make Americans safer, around, and that “kitchen table gun shared-access guns, where a family
CARLOS BARRIA/REUTERS
reverses a Clinton administration dealers” constituted a hazard. A claim has firearms stored in a mutually
gun-control policy that also was sup- often heard was that the U.S. had accessible place? (The shooter in
posed to make us safer. more gun dealers than gas stations. Newtown, Conn., used his mother’s
No one explained why the laws and guns.) What can government actu-
penalties against illegal trading might ally do to protect people in those
Obama tightens rules for work differently for “kitchen table crucial first seconds when violence
dealers,” and there was no empirical At the White House announcement of new gun-control measures, Jan. 5. sparks?
gun dealers—which will do support for the idea that these indi- Measured against those sorts of
little other than allow him viduals were less trustworthy than The ATF’s new guidance on the mat- dramatically down since the 1970s, tough questions, the president’s
the people who ran gun stores. But ter says that storefronts are irrele- will be negligible. recycled proposals are a glittery
to duck the real questions. that did not get in the way. vant: “it does not matter if sales are Like the Clinton policy that it re- distraction. The truly unfortunate
As a plum to gun-control groups, conducted out of your home, at gun verses, Mr. Obama’s action mainly thing is that Americans are at each
the Bureau of Alcohol, Tobacco and shows, flea markets, through the demonstrates how so much “common other’s throats over this sort of
The story begins with the 1968 Firearms under Bill Clinton responded internet, or by other means.” The sense” gun control is long on show marginalia. It leaves those who know
Gun Control Act, which is the foun- in 1994. The ATF changed the require- agency also emphasizes that “courts but short on substantive answers to better to wonder whether the politi-
dation of the current federal gun ments for who could obtain a federal have upheld convictions for dealing the core problems of gun crime. Case cians who make such a show of
regulation. It requires, among other license for the retail sale of firearms without a license when as few as two in point: When a reporter asked White things are deluded, desperate or
things, that commercial sellers of (by, for instance, mandating actual firearms were sold.” House spokesman Josh Earnest at a simply pandering.
firearms obtain a federal firearms storefront operations). The antigun We’re coming full circle, back news conference last month whether
license or “FFL.” Regulators in the Violence Policy Center celebrated the around to the policies of 1972. any of the recent mass shootings Mr. Johnson is a law professor at
early 1970s, like the Obama adminis- results in a 2007 policy paper that Prudent hobbyists and collectors, would have been stopped by the Fordham University and the author
tration today, pressed the gun-con- said the number of licensed dealers fearing that they might face prose- administration’s gun-control propos- of “Firearms Law and the Second
trol agenda through aggressive inter- “has dropped 79 percent—from cution under the new, broader defi- als, Mr. Earnest couldn’t name one. Amendment” (Aspen Casebooks,
pretations of the 1968 law. 245,628 in 1994 to 50,630.” nition of a gun dealer, will apply for As policy-making, the administra- 2012) and “Negroes and the Gun: The
Those prosecutions targeted hob- Now President Obama proposes federal firearms licenses. The im- tion’s move this week is a vivid illus- Black Tradition of Arms” (Prome-
byists and collectors who sold a few moving the furniture around again. pact on gun crime, which is already tration of the thing that so flummoxed theus, 2014).
How Trump-Style Politics Turned California Into a Blue State

By Jason L. Riley group is the majority” is already the Hispanic vote in 2004, yet eight
D
taking place,” writes demographer years later Mitt Romney would win
onald Trump’s new campaign William Frey of the Brookings Insti- only 27% of this fast-growing group—
ad covers old material. He tution in his book, “Diversity Explo- a percentage that Mr. Trump appar-
wants to “make America great sion.” “In 2010, 22 of the nation’s ently thinks is far too high. Recent
again” and immigrants are standing 100 largest metropolitan areas were history shows that Hispanics are
in the way. The Republican presiden- minority white, up from just 14 in swing voters in national elections
tial hopeful says that we should ban 2000 and 5 in 1990.” who have been driven into the arms
Muslims, wall off Mexico and deport of Democrats over the past decade
our way to prosperity. Such talk has because GOP rhetoric has made them
MICHAEL CAULFIELD/ASSOCIATED PRESS
brought Mr. Trump large crowds on In 1984, 45% of the state’s feel unwanted. The question isn’t
the campaign trail and kept him why they don’t vote Republican so
leading in the polls, but GOP strate- Hispanics voted for Reagan. much as why so many have stopped
gists who know their history are Then Pete Wilson drove voting Republican.
worried that it could backfire big Shared values and ideals, rather
time. them into Democrats’ arms. than shared backgrounds, are what
The television spot includes aerial makes America so desirable to immi-
footage of migrants scurrying across grants. Conservatives rightly de-
a border, and it has drawn compari- Part of the problem in California nounce the identity politics practiced
sons to very similar ads run in the was that the GOP’s perceived ani- by liberals, and Mr. Trump shouldn’t
early 1990s by California’s then-Gov. California Gov. Pete Wilson and his wife, Gayle, celebrating his 1994 re-election. mosity toward Hispanics gained get a pass.
Pete Wilson, another Republican notice from other nonwhite voting It’s no great shock that race rela-
moderate with presidential ambitions Mr. Wilson’s support among His- candidate, Bob Dole, won only 6% of blocs, which led to a drop in support tions have plummeted under Presi-
who became an immigration hard- panics was 47% in 1990. Four years California’s Hispanic vote, compared among the Chinese and Koreans who dent Obama, who reflexively sides
liner out of political expediency. later it was 25%, and ethnic voting with former Gov. Ronald Reagan’s had a history of voting Republican. with black crime suspects and police
Mr. Wilson, who was first elected patterns would run against Republi- 35% in 1980 and 45% in 1984. Repub- The decision to double down on protesters when he’s not dismissing
in 1990, signed a large tax increase cans for another decade. The party licans held half of California’s U.S. white voters in a state that was his political opponents as bigots.
that infuriated conservatives and lost state assembly seats for three House seats in 1994. Today they hold becoming less white haunts the Donald Trump’s determined desire
damaged his poll numbers. Eager to successive elections. Mr. Wilson’s 26%, and their U.S. Senate candidates party to this day. to add ethnic and religious tensions
change the subject as he began would-be GOP successor, Dan Lun- regularly lose. Pete Wilson never made it to the to the mix won’t help matters and
campaigning for a second term, the gren, carried only 17% of the His- It seems lost on Donald Trump White House, but he might have, had could do great harm to the party he
governor became a vocal supporter panic vote just eight years after Mr. that demographic trends that have California taken the immigration hopes to lead. We need less dema-
of Proposition 187, a referendum Wilson had won close to half of it. played out in California over the approach of another large and diverse goguery out of Washington, and
that denied illegal aliens and their Nationally, what was once a past quarter-century are no longer state. As governor of Texas, George presidents set the tone.
children access to schools and stronghold state for Republicans unique to the Golden State. But it W. Bush denounced Proposition 187,
health care. The referendum passed became easy pickings for Democrats. behooves Republicans to recognize welcomed Latino immigrants, por- Mr. Riley, a Manhattan Institute
(though it was later gutted by the Between 1952 and 1988, Republicans these patterns and adjust their rhet- trayed his party as racially and ethni- senior fellow and Journal contribu-
courts) and Mr. Wilson won re-elec- won California in nine of 10 presiden- oric accordingly. Today, more minor- cally inclusive and rode a big-tent tor, is the author of “Please Stop
tion, but the victory turned out to tial elections, but Democrats have ity babies than white babies are strategy all the way to the Oval Helping Us: How Liberals Make It
be shallow, while the subsequent won the state in the past six contests. born in the U.S. each year. “The shift Office. Twice. Harder for Blacks to Succeed” (En-
political damage ran much deeper. The 1996 Republican presidential toward a nation in which no racial Mr. Bush won more than 40% of counter Books, 2014).
Fixing Puerto Rico’s Debt Mess

By David Skeel work fine if Puerto Rico is given Puerto Rico also could restruc- To avoid another Detroit, Con- court concluded that nearly any
I
access to them needs reconsidera- ture its bonds, writing them down gress needs to reconsider two of the plan satisfied this requirement,
n the debate about how to fix tion. Unless the laws are modified, much more severely than in a recent key requirements for confirming a since the prospects for payment
Puerto Rico’s fiscal woes, law- extending bankruptcy to Puerto Rico deal between Prepa, the common- municipal restructuring plan. The were (in the judge’s view) bleak,
makers from both political par- could invite abuse and roil the wealth’s electricity corporation, and first requires the bankruptcy judge absent bankruptcy.
ties seem to be gravitating toward a municipal debt markets. many of the company’s bondholders. to conclude that the plan does not Congress instead should specify
two-part strategy: The island’s Every American state can permit Creditors can’t be forced to agree to “discriminate unfairly.” Before that “best interests” means that the
municipalities—and possibly the its municipalities to file for bank- a bond exchange, but Puerto Rico Detroit, this was thought to require plan ensure as much recovery for
commonwealth—would be permit- ruptcy under chapter 9, but Puerto that the plan give comparable treat- creditors as is reasonably possible.
ted to file for bankruptcy. But Rico cannot. This seemed like good ment to groups of creditors that In Detroit, this would have required
Congress would create a financial news for the island’s creditors until Bankruptcy can work, have the same priority. that at least some of the $816 mil-
control board to restrain Puerto it became clear that the government But Steven Rhodes, the federal lion that the city raised in its clever
Rico’s profligate tendencies. genuinely cannot repay all of its but bankruptcy laws need bankruptcy judge in the Detroit but dubious art-for-pensions
Advocates of this strategy rightly obligations. On Monday Puerto Rico to be changed to ensure case, instead concluded that the scheme go to bondholders.
insist that Congress should craft the defaulted on roughly $174 million in requirement was met as long as the It would be simpler to offer
control board carefully. Along with debt payments, with more defaults fair treatment of creditors. plan satisfied his conscience. Law- Puerto Rico access to the current
New York University’s Clayton Gil- likely to follow. makers should explicitly require that municipal bankruptcy laws. But it
lette, I’ve argued that Congress Bondholders could sue to enforce recoveries for creditors with the would be far better if Congress
itself should run the board. their rights, but the litigation would could threaten to punish those that same priority cannot deviate more reformed them to avoid the kind of
But the assumption that the cur- be costly, time consuming and, for did not. The government also could than a specified amount—say, 15% or inequities that occurred in Detroit.
rent municipal bankruptcy laws will some, potentially unsuccessful. ignore the constitutional protec- 20%.
tions that some of the bonds enjoy, The second key provision re- Mr. Skeel teaches bankruptcy law
and restructure bonds that seemed quires that the plan be in the credi- at the University of Pennsylvania
to be entitled to priority. tors’ “best interests.” In Detroit, the Law School.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY Bankruptcy can solve these prob-
lems. It removes the risk that a
Notable & Quotable: Gibbon

Rupert Murdoch Robert Thomson
Executive Chairman, News Corp Chief Executive Officer, News Corp debtor will pick and choose which
Gerard Baker William Lewis obligations to pay, and it ensures
Editor in Chief Chief Executive Officer and Publisher that creditors’ priorities will be
Rebecca Blumenstein; Matthew J. Murray, Deputy DOW JONES MANAGEMENT:
honored. From “The History of the Decline but they no longer possessed that
Editors in Chief; Almar Latour, Executive Editor Anna Sedgley, Chief Financial Officer; At least that is how bankruptcy is and Fall of the Roman Empire” by public courage which is nourished
DEPUTY MANAGING EDITORS: Ashley Huston, Chief Communications Officer; supposed to work. But the rule of Edward Gibbon, the 18th-century by the love of independence, the
Paul Meller, Chief Technology Officer;
Michael W. Miller, Senior Deputy;
Mark Musgrave, Chief Human Resources Officer;
law took a beating in the Detroit English historian: sense of national honour, the pres-
Thorold Barker, Europe; Paul Beckett, Asia;
Christine Glancey, News Operations and Talent; Katie Vanneck-Smith, Chief Customer Officer bankruptcy. Holders of the city’s ence of danger, and the habit of
Neal Lipschutz, Ethics and Standards; OPERATING EXECUTIVES: general-obligation bonds, which had It was scarcely possible that the command. They received laws and
Alex Martin, Enterprise; Ann Podd, Global Edwin A. Finn, Jr., Barron’s; Edward Roussel, the same priority as pensions, got eyes of contemporaries should dis- governors from the will of their
Production; Andrew Regal, Global Head of Video; Innovation; Ingrid Verschuren, Data Strategy;
Jessica Yu, Global Head of Visuals
stiffed, receiving roughly 41% of cover in the public felicity the sovereign, and trusted for their
Suzi Watford, Marketing;
Paul A. Gigot, Editor of the Editorial Page; Professional Information Business, Sales: what they were owed. Pensioners latent causes of decay and corrup- defence to a mercenary army. The
Daniel Henninger, Deputy Editor, Editorial Page Nancy McNeill, Global; William Ashworth, got at least 60%. tion. This long peace, and the uni- posterity of their boldest leaders
Americas; Florence Lefevre, Europe; Tomasz Those holding Puerto Rico’s form government of the Romans, was contented with the rank of citi-
WALL STREET JOURNAL MANAGEMENT:
Rustowski, Asia
Trevor Fellows, Head of Global Sales; municipal bonds are right to worry introduced a slow and secret poison zens and subjects. The most aspir-
Chris Collins, Advertising; Christina Komporlis,
Circulation; Jason P. Conti, Legal;
that they too could get mistreated. into the vitals of the empire. The ing spirits resorted to the court or
Joseph B. Vincent, Operations; Larry L. Hoffman, If they do, future investors may minds of men were gradually standard of the emperors; and the
Production refuse to lend to troubled munici- reduced to the same level, the fire deserted provinces, deprived of
EDITORIAL AND CORPORATE HEADQUARTERS: palities, including Puerto Rico’s, no of genius was extinguished, and political strength or union, insensi-
1211 Avenue of the Americas, New York, N.Y., 10036 matter how well protected the even the military spirit evaporated. bly sunk into the languid indiffer-
Telephone 1-800-DOWJONES
bonds seem to be. . . . Their personal valour remained, ence of private life.
A12 | Wednesday, January 6, 2016 * ***** THE WALL STREET JOURNAL.
WORLD NEWS
Conflict Reigns in New Venezuela Assembly

Government allies worked to undermine the new
assembly, where the opposi-
storm out, opposition tion’s supermajority should se-
rejoices despite moves cure it powers to redraft the
constitution and potentially
to curtail its sway end Mr. Maduro’s tenure.
In its final days in session,
BY KEJAL VYAS the lame-duck Socialist-con-
AND ANATOLY KURMANAEV trolled parliament rushed to
pack the Supreme Court with
CARACAS—Venezuela’s new 13 party allies, who then ap-
opposition-controlled National proved the government’s ef-
Assembly was sworn in on forts to challenge the electoral
Tuesday amid rising political results of some districts won
tension as President Nicolás by the opposition, threatening
Maduro moved to curtail the its dominant majority.
body’s influence and block any The U.S. State Department
attempts to overhaul the eco- congratulated Venezuela on
nomically crippled country. inaugurating a democratically
JUAN BARRETO/AGENCE FRANCE-PRESSE/GETTY IMAGES

In a sign of the likely politi- elected assembly, calling it “an
cal gridlock ahead, lawmakers important and necessary step
allied with Mr. Maduro toward fulfilling the will of
stormed out of the assembly Venezuelan voters.”
hall after being sworn in, pro- The U.S. said, however, it
testing new protocols. “We was concerned by the contro-
came here to accompany the versy over the remaining as-
installation of the assembly, sembly seats and called on the
not for this farce,” deputy Vic- government to resolve the dis-
tor Clark of the United Social- pute transparently.
ist Party said as he walked But Mr. Maduro has refused
out. to back down and allow all the
The opposition won 112 of opposition deputies to be
the assembly’s 167 seats in De- seated, pledging to fortify the
cember’s midterm elections, Lilian Tintori, the wife of jailed opposition leader Leopoldo López, held a banner demanding amnesty Tuesday in parliament in Caracas. so-called Bolivarian Revolution
the minimum to reach the championed by his predeces-
two-thirds supermajority that years, promising to push change that people have voted the need for peace in a coun- speech by an opposition leader sor, the late Hugo Chávez.
gives lawmakers special pow- ahead with their top priorities, for, then we may have a new try suffering from the world’s was interrupted by minor Among his measures taken
ers to confront the president. including freeing political pris- government in six months,” second-highest murder rate. scuffles around the tribune. before Tuesday’’s ceremony,
But three opposition lawmak- oners and liberalizing the said Jesús Torrealba, the head Inside the assembly, how- Mr. Maduro’s administra- Mr. Maduro used expiring spe-
ers were barred from taking country’s centrally planned of the opposition alliance, af- ever, the nation’s political po- tion has seen its popularity cial powers to sign a new de-
their seats pending a Supreme economy. ter the legislative session. larization found ample expres- plummet since taking over in cree that freed the central
Court review of their election Opposition leaders said Rival rallies called in down- sion. Government allies called 2013 as Venezuelans grapple bank from legislative over-
results, as requested by the they expected changes by July town Caracas on Tuesday opposition leaders “murder- with triple-digit inflation and sight, leaving the ability to
Socialists. or else would use constitu- morning had sparked fears of ers” for supporting a wave of chronic food shortages. name bank directors solely in
Nevertheless, opposition tional mechanisms to push Mr. conflict outside the National deadly antigovernment pro- The president and his allies the hands of the executive,
legislators rejoiced at taking Maduro from power. Assembly. Those fears were tests in 2014; in response, op- have come under fire from op- who will also be able to tap
control of the National Assem- “If this government doesn’t largely unrealized, as activists position supporters chanted: ponents and rights groups in central-bank funds without
bly for the first time in 17 understand the need for from both sides emphasized “We are now the majority.” A recent weeks as they have parliamentary review.
KOREA bling of U.S. pressure on Beijing.

Coming in the midst of a
charged U.S. presidential cam-
Zika Virus
Continued from Page One
hopes in South Korea of a shift
paign in which foreign policy is
a hot issue, the North Korean
test is also likely to fuel charges
Spreads
in Pyongyang’s emphasis on dia-
logue.
Following an armed standoff
that Mr. Obama has been lenient
with U.S. adversaries.
Sen. Marco Rubio (R., Fla.)
Further
in August, the two Koreas
agreed to hold high-level dia-
logue but the talks have stalled
became the first Republican pri-
mary hopeful to react, saying
Pyongyang’s claim highlighted
In Brazil
due to differing priorities held the flaws of the Obama adminis- BY REED JOHNSON
by each side. tration, in which Democratic AND ROGERIO JELMAYER
North Korea has previously presidential hopeful Hillary
staged three test detonations of Clinton served as secretary of SÃO PAULO—The mosquito-
atomic bombs; the latest was in State. borne Zika virus is spreading
2013. A hydrogen bomb is more “If this test is confirmed, it further in Brazil, according to
powerful and uses nuclear fu- will be just the latest example of official figures released Tues-
sion to trigger an uncontrolled the failed Obama-Clinton for- day, heightening fears that
chain reaction. eign policy,” he said in a Twitter more newborns will be af-
“The yield of this explosion message. flicted with abnormal brain de-
doesn’t seem to be big enough A 2014 cyberattack against velopment from the disease.
to be a classic hydrogen bomb,” Sony Pictures Entertainment Brazil’s Health Ministry said
YONHAP/EUROPEAN PRESSPHOTO AGENCY
said Jeffrey Lewis, director of was traced by U.S. officials to there were 199 suspected Zika-
the East Asia Nonproliferation North Korea, and Mr. Obama related cases of microcephaly
Program at the James Martin blamed Pyongyang for the hack, in the week ended Jan. 2, up
Center for Nonproliferation threatening a response. from 193 new cases in the pre-
Studies. But the U.S. didn’t take vious week.
In a statement from its state threatened actions, such as plac- Zika is believed to lead to
media following the test, North ing North Korea back on the U.S. microcephaly, a condition
Korea said its scientists had ver- list of countries that sponsor in which infants are born with
ified “the power of a smaller H- terrorism, a move that was undersized brains and skulls,
bomb.” widely supported in Congress although no proven link exists.
U.S. officials say they have and would have instituted new The new figures show there
repeatedly tried to engage sanctions. People in South Korea watch a TV broadcast about North Korea’s claim to have tested a hydrogen bomb. have been 38 infant deaths
North Korea in dialogue about Republicans have continu- suspected to have been caused
its nuclear program in recent ously pushed the Obama admin- on earth and doubted whether (R., Ark.). “The world is more THAAD. by Zika-related microcephaly,
months, but Pyongyang hasn’t istration to beef up its commit- new sanctions would change dangerous when the United U.S. officials have suggested two fewer than previously esti-
responded to their advances. ment to missile defense both on its behavior. But his critics States is neither trusted nor a THAAD system in South Ko- mated. The number of sus-
The U.S. has leaned heavily the mainland and abroad. said Tuesday that a tough U.S. feared.” rea, but Seoul has questioned pected Zika-related microceph-
on China in its bid to rein in The U.S. government autho- reaction is required. U.S. and South Korean offi- whether it is the right system aly cases stands at 3,174.
North Korea. President Barack rized $7.87 billion in spending “The U.S. must lead with a cials have been discussing for them, and noted possible Authorities estimate be-
Obama hosted Chinese Presi- by the Missile Defense Agency firm response, including an en- joint efforts to defend against concerns in China or Russia tween 500,000 and 1.5 million
dent Xi Jinping for a state visit last year, down from a peak of hancement of sanctions that a possible missile assault, but about development of a U.S. people may have been infected
at which the White House $9.4 billion in fiscal year 2007, targets the financial resources haven’t agreed on using an ad- missile system. with the Zika virus in the past
pressed for the two to lean in according to agency records. of the regime that fund its vanced U.S. missile system —Jay Solomon in year. The virus is believed to
unison on Pyongyang. A new Mr. Obama has called North misrule and nuclear prolifera- known as the Terminal High Washington, D.C. be transmitted to fetuses by
test now would prompt a redou- Korea the most isolated nation tion,” said Sen. Tom Cotton Altitude Area Defense, or contributed to this article. pregnant mothers.
In Beijing, Internet Inspires Both Anxiety and Optimism

charged efficiency. economy while restricting free commercial minds are buying tually limitless state funding.
But here’s the catch: Chi- speech online; investing bil- property overseas and apply- And dynamic private In-
nese leaders’ boundless opti- lions of dollars in broadband ing for foreign passports. ternet companies have revo-
mism for the Internet is run- to accelerate data speeds as At government laborato- lutionized entire industries
ning up against their anxiety censors press on the brakes; ries, programmers are har- with official blessing. E-com-
about its destabilizing poten- and encouraging creativity yet nessing big data to merce giant Alibaba is a
tial. enforcing Communist Party strengthen the already for- prime example.
As China launches a tech- orthodoxy on artistic expres- midable powers of the sur- But the Internet of
CHINA’S WORLD nological Great Leap For- sion and academic inquiry. veillance state. A “social Things—the fusion of cyber-
CHINATOPIX/ASSOCIATED PRESS
ANDREW BROWNE ward aimed at catching up Mr. Xi, apparently, credit” system under consid- space with manufacturing, in-
with the world’s advanced doesn’t see the contradic- eration would create a vast frastructure and consumer
economies, President Xi Jin- tions. “As in the real world, database on the entire popu- devices—threatens a top-
SHANGHAI—Beyond their ping has unleashed a wave of freedom and order are both lation, measuring not just an down industrial model in fun-
troubled smokestack indus- political repression. The necessary in cyberspace,” he individual’s financial stand- damental ways.
tries, Chinese leaders see a clampdown is silencing gov- told the opening of the ing but also, in an Orwellian It promises to be a great
bright digital hope. ernment critics on the Web World Internet Conference in twist, their conduct online. industrial leveler, offering ac-
Premier Li Keqiang is em- and preventing activists eastern China last month. cess to networks of innova-
I
bracing cloud computing and from mobilizing online. President Xi Jinping at the World “Freedom is what order is t’s unclear how China’s tion and global markets.
big data—information-tech- Internet Conference in December. meant for, and order is the announced plans for dig- Above all, it will be open,
T
nology tools argets in recent years guarantee of freedom.” ital transformation—the transparent and democratic,
that promise have included venture 2015 country index of Inter- Under his administration, “Made in China 2025” initia- transferring power from large
a new era of capitalist Charles Xue, net freedoms put together by China has reinforced the tive—squares with Mr. Xi’s corporations to smaller ones,
manufactur- a blogger with millions of Freedom House, a U.S. non- Great Firewall that blocks commitment to state enter- from producers to consumers
ing as the followers who was paraded government watchdog, just access to Google, Facebook prise. Despite his rhetoric and from the government to
traditional on state TV in handcuffs below Iran and Syria. and several international about encouraging “mass en- individuals.
model stalls. apologizing for “irresponsi- Today, China’s growth po- news websites, making it trepreneurship,” Mr. Xi re- Whether the authoritari-
The government is funding ble posts,” and Beijing law- tential is constrained by an harder for researchers to ac- mains wedded to an indus- ans who run China can make
intelligent factories and yer Xu Zhiyong, sentenced to authoritarian system that quire specialist knowledge, trial order dominated by it work may depend on what
smart cities. State planners four years in jail after he wants the benefits of digital investors to track overseas government oligopolies. they fear most—an unsustain-
imagine arrays of sensors posted photos of protests he innovation without the dis- markets and business execu- True, some of these na- able status quo that no longer
linking these physical assets organized to demand offi- ruption. tives to spot global trends. tional champions operate at delivers rapid growth, or a
in an “Internet of Things,” re- cials disclose their assets. Authorities are trying to This is one more reason the cutting edge of digital more open political atmo-
viving growth through super- China ranked last in a forge an information-based why some of China’s brightest technology, supported by vir- sphere.
CITY NEWS A14, A15, A16 | HEARD & SCENE A17 | ARTS & ENTERTAINMENT A17 | SPORTS A18
7 Hot Culinary Trends

From breakfast to booze, what to order in 2016 FOOD & DRINK | A16
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | A13
A ‘Hamilton’ Misfire
Cuomo to Back Penn Redo
Latest plan to revamp for New York Gov. Andrew grand train hall inside the for big New York City trans-
Cuomo, who has sought to Farley post office building portation projects remains in
New York station could stake much of his legacy on across Eighth Avenue. limbo.
relocate waiting area; upgrading the state’s aging in- Relocating Amtrak’s wait- Plans for fixing the 1960s-
frastructure. ing area would set the stage era station, long seen as infe-
funding questions loom Mr. Cuomo, a Democrat, is for redeveloping the Midtown rior to Grand Central Termi-
expected to announce a plan station’s other concourses nal, have come and gone in
BY ANDREW TANGEL for a major revamp of Penn used by NJ Transit and the recent years.
Station as soon as this week, Long Island Rail Road. The latest discussions have
New York’s Penn Station, these people said. Among the goals of Mr. in part involved how to move
long ridiculed as outdated, A spokesman for Mr. Cuomo’s plan, these people a theater along Eighth Avenue
crowded and miserable for Cuomo declined to comment. said, is to introduce more air that is owned by Madison
travelers, would undergo a The plan is expected to in- and natural light and im- Square Garden, which sits
major overhaul under a plan volve jump-starting a long- proved passenger flow into atop the station, these people
expected to be announced as stalled project to build what is what critics liken to a dank said. Adding more natural
soon as this week, according known as Moynihan Station, a basement maze marked by light would require moving
JOAN MARCUS
to people familiar with the project stretching back to the confusing signs and under- the theater.
matter. administration of the gover- whelming dining options. Any overhaul of Penn Sta-
The nation’s busiest train nor’s father, Mario Cuomo. A major question is how tion would have to involve
BAD SCENE: A digital lottery for ‘Hamilton’ tickets crashed Tuesday. station and a main hub on The Moynihan plan calls for government officials would Amtrak, the national passen-
Above, the musical’s Phillipa Soo and Lin-Manuel Miranda. A15 Manhattan’s West Side, Penn relocating Amtrak’s waiting pay for a Penn Station over- ger railroad that owns the sta-
Station has become a focus area at Penn Station into a haul at a time when funding Please see PENN page A14
N.Y. Cities View

Homeless Order
As Status Quo
BY JOSEPH DE AVILA Cuomo on other issues.
AND CORINNE RAMEY The order, issued Sunday,
doesn’t change anything for
New York Gov. Andrew Syracuse, which Ms. Miner
Cuomo’s executive order on said already reaches out to
homelessness is drawing a homeless individuals through
mixed, muted response from the police, an outreach team
LAUREN LANCASTER FOR THE WALL STREET JOURNAL (2)

municipalities across the state: and the religious community.
Some are taking incremental More than 380 people were in
actions and others aren’t do- homeless shelters Monday
ing much of anything. night in Syracuse.
Mr. Cuomo’s order, which In Buffalo, “we panicked a
took effect Tuesday, directs little bit” when the order was
police, state agencies and so- announced, said Dale
cial-service providers to iden- Zuchlewski, executive director
tify homeless people and bring of Homeless Alliance of West-
them to shelters and to keep ern New York, a nonprofit that
certain shelters open for ex- coordinates homeless care for
tended hours when tempera- surrounding counties. On
tures are 32 degrees or lower. Tuesday morning, after a call
with the governor’s office, Mr.
Zuchlewski was feeling more LiDestri Food & Beverage is one of the firms working at a site that Kodak once used. Below, a portrait of Kodak founder George Eastman.
Herminia relaxed, he said.
Startups Develop in Kodak’s Space

Palacio, “They assured me their in-
the new tent was not to forcibly place
deputy mayor people in shelters, but if peo-
for health ple were refusing shelter,
and human there would be some sort of BY KEACH HAGEY Kodak employees already in
services psychiatric evaluation to see if place. Kodak emerged from
they’re in imminent danger of ROCHESTER, N.Y.—When bankruptcy in 2013.
basically freezing to death,” he Eastman Kodak Co. filed for “We have this site and
Buffalo and Albany officials said. bankruptcy protection in 2012, these facilities that have ca-
said their homeless proce- Officials with New York City Jack Wade’s department was pacity beyond what Kodak
dures stayed largely the same, Mayor Bill de Blasio’s adminis- eliminated in a single day and needs,” Ms. Kruchten said.
though the order meant they tration also said the city al- his 34-year engineering career At its height, the photogra-
would raise their so-called ready was doing everything it with the company came to an phy company founded in 1888
Code Blue thresholds—where could to shelter the homeless abrupt end. by George Eastman employed
local governments step up ef- during freezing weather. From Three years later, the 62- 145,000 people globally,
forts to bring the homeless off Monday night to Tuesday year-old chemical engineer 30,000 in Kodak Park. Today,
the street—from as low as 10 morning, the city said it found himself back in his old it employs 6,700. As for Roch-
degrees to 32 degrees. brought 97 homeless people office. But instead of making ester, in 2015 it fell out of the
In Syracuse and indoors. film, he is evaluating the size top 100 largest U.S. cities and
Westchester County, however, Westchester County Execu- of marijuana plants as a proj- had the highest child poverty
officials said they had the sit- tive Rob Astorino said he felt ect manager for Columbia rate in the country for a city
uation under control and had the executive order put his Care LLC, one of five compa- sell its 1,200-acre campus in Kruchten, the park’s vice pres- its size.
systems in place to make sure community and others in the nies with licenses from New Rochester. Today, there are 60 ident. The company uses The story of how Kodak
homeless people were taken state in the middle of a dis- York state to grow and sell companies and 4,800 non- rental payments from the ten- went south is the stuff of busi-
care of. pute between Mr. Cuomo and medical marijuana beginning Kodak jobs making everything ants to offset the cost of keep- ness-school case studies, but it
“We’ve spent a great deal Mr. de Blasio, who have feuded this month. from smartphone screens to ing the lights on for its 1,000 didn’t weather the rise of digi-
of time and energy saying to over many issues, including Columbia Care’s 60,000- pasta sauce in Eastman Busi- employees who still work in tal photography well—despite
our homeless population, the city’s approach to the square-foot operation is one of ness Park, originally named the park, she said, while the having invented the technol-
‘We’re here to help,’ ” said Please see COLD page A14 a growing number of startups Kodak Park. region gets an advanced man- ogy.
Syracuse Mayor Stephanie moving into the industrial The push to fill the build- ufacturing incubator with in- Kodak had built what was
Miner, a Democrat, who has Some homeless decline offers space left behind by Kodak af- ings is a boost for both Kodak frastructure and a highly in effect a city, with a water
publicly clashed with Mr. of shelter................................... A14 ter it decided last year not to and the region, said Dolores skilled workforce of former Please see KODAK page A14
U.S. Attorney’s Office Lights Up Small Screen in ‘Billions’ 38° TODAY’S

Weather
Real Feel
BY ERICA ORDEN suburban office and fleece- ara—to whom they were intro- 9 a.m. 24°
HIGH
wearing employees evoke one duced by “Billions” co-creator 5 p.m. 33°
Last year, Preet Bharara up- of Mr. Bharara’s highest-pro- Andrew Ross Sorkin—over
Record High
ended New York politics with file targets: Steven A. Cohen. dinner at the West Village res-
72° (2007)
a pair of public-corruption In bringing that type of dy- taurant Babbo in April 2014.
cases that held all of the sus- namic to screen, the show’s The U.S. attorney gave them MOSTLY Sunrise/Sunset
pense, scheming and profanity writers, Brian Koppelman and guidance not only on the me- SUNNY 7:20 a.m./4:44 p.m.
of a Hollywood drama. David Levien, went to great chanics of the office, but on
This year, his office is get- lengths to capture the inner the ethical underpinnings of Thursday’s High
ting a Hollywood treatment of workings of the U.S. attorney’s his work.
its own. office and the universe of “We find Preet to be fasci-
43°
Starting Jan. 17, the U.S. at- hedge-fund titans. Their ef- nating and deep, and he really
torney’s office for the South- forts won them the coopera- allowed us to find the right
ern District of New York will tion of many real-life counter- reasons that people in that job N.Y. Sports Lineup
receive the small-screen spot- parts, particularly Mr. Bharara do that job,” said Mr. Koppel-
light in “Billions,” a Showtime and his cohorts. man. “It’s clear that he’s 7 p.m. Wednesday
series that follows federal “We felt an obligation to be somebody who believes tre- Devils
JOJO WHILDEN/SHOWTIME
prosecutors’ pursuit of finan- as forensically accurate as we mendously in what he’s do- @ Canadiens
cial-industry misdeeds. could be about how they do ing.”
While the Manhattan U.S. what they do, even if part of Separately, Mr. Bharara,
attorney character isn’t based our job is to imagine the why,” who declined an interview re-
exclusively on Mr. Bharara, the Mr. Koppelman said in an in- quest for this article, met with 7 p.m. Wednesday
show charts the efforts of a terview with Mr. Levien at the actor Paul Giamatti, who Knicks @ Heat
crusading federal prosecutor their Manhattan offices. was preparing to play the fic-
Paul Giamatti plays fictional U.S. Attorney for the Southern District to fell a hedge-fund billionaire To start, Messrs. Levien and tional U.S. Attorney for the
Chuck Rhoades in Showtime’s ‘Billions,’ which premieres Jan. 17. whose contemporary-art-filled Koppelman met with Mr. Bhar- Please see SHOW page A16 For N.Y. sports coverage, see A18
A14 | Wednesday, January 6, 2016 * * THE WALL STREET JOURNAL.
CITY NEWS
Startups Find
Home at Kodak’s
Unused Facilities
Continued from page A13
source that tapped into Lake
Ontario, a power plant fed by
railway cars filled with coal, a
wastewater treatment facility
and even a federal security
designation. With the excep-
tion of the power plant, which
LAUREN LANCASTER FOR THE WALL STREET JOURNAL (2)

was spun off in the bankruptcy
proceedings, and the more
than 40 buildings that were
demolished over the past de-
cade because they were too
uniquely designed to be re-
used, the city remains intact—
a hulking tangle of brick and
steampipes epitomizing 20th Jack Wade, a former Kodak
century industry. engineer, now works in his old
While this heavy infrastruc- office for another firm that is
ture and “roll-to-roll” manu- using the space. Right, a power
facturing expertise may have plant on the Eastman Business
been a liability for a company Park campus in Rochester.
whose industry was rapidly be-
ing digitized, it has a growing velopment, a startup that Last summer, the federal and has offered in the Upstate New former chemical engineer for The community, for its part,
number of uses in 21st century makes ultracapacitors, energy state governments along with York Economic Revitalization Kodak, includes overseeing 12- is glad to have the jobs after
industries like green energy. storage devices that can ac- private investors picked the Competition. hour cycles of grow lights in- so many years of layoffs.
Dan Ocorr, a longtime cept and deliver charges faster park as the manufacturing site For Columbia Care, the lure side a century-old building “Medical marijuana may
Kodak employee, operates a than batteries and are already of a $600 million hub for pho- of the park was less the ma- where film finishing techni- not be everyone’s cup of tea,”
machine that sprays chemicals being installed in some cars. tonics, technologies involving chinery than the security, ac- cians once worked in total said Bill Collins, president of
onto thin films. The company “Right now, all these bat- light with uses in the military, cess to power and water, and darkness. After the plant is the Maplewood Neighborhood
invested in the machine to di- teries are made in China,” said telecommunications and medi- labor pool, according to Chief harvested and processed, the Association, a group of resi-
versify its manufacturing ex- Rob Anstey, Graphenix Devel- cine. The site could get another Executive Nicholas Vita. The pills and tinctures are stored dents who own homes near
pertise into new industries. opment’s chief executive. “This boost if the Finger Lakes region company plans to fill nearly in the vault of the former the park. “But people are just
One park tenant that rents is an opportunity to bring en- wins its bid for a chunk of the 200 permanent jobs. Eastman Savings and Loan happy that there are busi-
the machine is Graphenix De- ergy storage back to America.” $1.5 billion Gov. Andrew Cuomo The job of Mr. Wade, the nearby. nesses that want to move in.”
Some Homeless Decline Shelter Despite Cold

BY ZOLAN KANNO-YOUNGS handling again near Penn Sta- people indoors in freezing son has proven they can sur-
tion in 20-degree weather. weather took effect Tuesday. vive outside, they should have
Larry Blusewitz, who was “If I can choose my own Mr. Cuomo said on Monday the choice. “Obviously if you
begging passersby for money medical decision and make ev- it was “human instinct” for have the right gear and are
Tuesday near Penn Station, ery other choice in my life homeless people to want to go equipped for it, it’s not the
said he had been sitting Mon- why can’t I make a decision if to a safe shelter. best situation, but it’s do-
day night on the sidewalk in I want to sleep outside or go But some of the city’s able,” said Mr. Blusewitz.
Times Square when he was to a shelter?” Mr. Blusewitz homeless said the choice Anthony McClary, 51, said
ZOLAN KANNO-YOUNGS/THE WALL STREET JOURNAL
approached by police and said. “If I don’t want to go to wasn’t that straightforward. he was awakened twice Mon-
given an ultimatum. a shelter, I shouldn’t be They said they feared violence day night by police as he slept
He could go either to the forced.” and thievery in the shelters. on the street near Times
hospital or a shelter. He said While Mr. Blusewitz stayed “If you don’t feel safe in Square and was told it was il-
he told the officers that his outside, city outreach teams these shelters, that’s not hu- legal to be on the street in 13-
friend, who was sitting next and nonprofit workers man instinct to go and pur- degree weather. Both times,
to him, had an apartment brought 97 people who were posely be around people that he said, he moved inside res-
where he could sleep. “He was outdoors into shelters, hospi- are lunatics,” said Stephanie taurants until police left and
homeless, too, but they didn’t tals or other indoor sites be- Crawford, 29, who carried two was back outside shortly.
know that,” said Mr. Bluse- tween 8 p.m. Monday and 8 big bags of belongings as she “I’m losing my rights as an
witz, 33 years old, who says a.m. Tuesday, according to the walked along Seventh Avenue American,” Mr. McClary said.
he grew up in New Jersey. city. near West 34th Street. Tuesday morning, he was
After enduring the weather New York Gov. Andrew Mr. Blusewitz said the back on the street—and
Stephanie Crawford, 29 years old, would rather sleep outside than the rest of the night, he was Cuomo’s executive order re- mentally ill should be forcibly wrapped for warmth in a
stay in a shelter, she said while standing on Seventh Avenue. outside Tuesday morning pan- quiring cities move homeless moved, but if a homeless per- black garbage bag.
COLD cold-weather policy that pro-

tected the homeless.
Officials with Mr. Cuomo’s
office said the order’s intent
palities, police departments
and shelters to clarify what
the executive order requires
and what types of support the
but hadn’t had past problems
with homeless people refusing
to leave the streets in cold
weather. “Obviously we want
how they would increase their
outreach efforts to the home-
less. “In the actual numbers of
housing, I’m told, is pretty
ment of a new top official to
oversee homelessness, health
care and the city’s sprawling
antipoverty infrastructure.
Continued from page A13 was to ensure a statewide pol- state would provide. Questions to voluntarily get compliance much what’s occurred in prior Herminia Palacio, the former
homeless issue. icy for assisting the homeless included whether the state with people,” he said. “If need cold weather evenings, but top health official in Harris
“I think most people feel it during dangerous weather. will provide resources for mu- be, [the police] could use there was an awareness cam- County, Texas, will serve as
was a useless executive order “We were hoping to achieve nicipalities. Officials with Mr. force, but we want to exhaust paign and a greater effort on the deputy mayor for health
and meant to continue this consistency at a local level to Cuomo’s office said municipal- all voluntary options first.” outreach,” Mr. Mangano said. and human services, a promi-
fight with Mayor de Blasio,” protect human life,” said Al- ities could get reimbursed for On Long Island, Nassau There were about 900 peo- nent role in an administration
said Mr. Astorino, a Republi- phonso David, counsel to Mr. the costs for extending the County Executive Edward ple in Nassau County’s home- that in many ways sees a fight
can who lost the 2014 guber- Cuomo. hours of shelters. Mangano, a Republican, called less shelters Monday night, against inequality and poverty
natorial race to Mr. Cuomo. Aides to Mr. Cuomo said In Yonkers, Det. Lt. Patrick together department heads, Mr. Mangano said. as its leading cause.
Mr. Astorino said the the governor’s office has been McCormack said the city po- including from the police and Mr. de Blasio also an- —Mara Gay
county already had in place a communicating with munici- lice were aware of the order, parks department, to discuss nounced Tuesday the appoint- contributed to this article.
at Willoughby’s PENN tion experts.

Rich Barone, a transporta-
tion specialist at the Regional
Plan Association, said an over-
Continued from page A13 haul of Penn may allow for a
tion, as well as the federal bit more train capacity if pas-
government and private real- sengers can more easily board,
estate giants such as Madison alight and move around the
Square Garden. station.
The start of Penn Station’s “It’s horrible,” Mr. Barone
transformation might involve said of the station’s current
a new request for proposals, condition. “It’s an absolutely
these people said. terrible experience.”
It wasn’t immediately clear The first phase of the Moy-
ANDREW LAMBERSON FOR THE WALL STREET JOURNAL
what that could mean for a de- nihan Station project is ex-
cade-old deal that designated pected to be completed this
as developers on the Moyni- year.
Hasselblad Stellar - a unique compact han project two New York Penn passengers are ex-
camera aimed at people who only want real-estate giants, Related Cos. pected to be able to exit onto
and Vornado Realty Trust. the west side of Eighth Ave-
the best -- Exclusively fashioned at Severing the agreement is nue, helping to alleviate some
Hasselblad's design center in Italy expected to require the state of the station’s crowding be-
Choice of six luxury grips from carefully to pay financial penalties, but fore a new Amtrak train hall is
one of the people familiar with built.
selected exotic woods. High-performance the matter said such costs —Eliot Brown
anodized aluminum body casing provides would likely be small relative and Erica Orden
a tough and lightweight exterior. to the overall project. contributed to this article.
Mr. Cuomo has spent much
20.2 MP Exmor CMOS Sensor
of his attention on big trans- Travelers wait for trains inside Penn Station on Monday.
ZEISS Vario-Sonnar T* 3.6x ƒ/1.8–ƒ/4.9 portation projects in recent Notice to Readers
zoom lens (28 –100 mm (35mm equiv) years, including a replacement tween Rockland and months after he threw his sup- Ralph Gardner Jr. is away.
for the Tappan Zee Bridge be- Westchester counties and an port behind a plan to expand The Urban Gardner column will
Full HD 1080p Video overhaul of La Guardia Airport rail transportation between resume Wednesday.
in Queens. northern New Jersey and
3.0” TFT LCD 1.2 megapixel resolution
CORRECTIONS On Tuesday, Mr. Cuomo an- Manhattan.
$995 nounced a renewed push to Known as Amtrak’s Gateway
AMPLIFICATIONS expand the Long Island Rail
Road.
project, the estimated $15 bil-
lion-to-$20 billion plan in-
We Want to Hear
From You
The plan in part calls for cludes an expanded Penn Sta- Have something to say about
Jersey City had 24 homi- spending an estimated $1 bil- tion that will make way for an article in Greater New
cides in 2014. An article and lion on adding a third track two additional rail tunnels in York? Email us, along with
graphic on Saturday about along a stretch of the LIRR’s addition to the current aging your contact information, at
crime in New Jersey’s two mainline between Hicksville pair linking both states. gnyltrs@wsj.com. Your letter
NYC’s Oldest Photographic Emporium -
largest cities incorrectly said and Floral Park, a project that An expansion would add could be published in our
Established 1898 OPEN Jersey City had 25 homicides. would add capacity on the na- more capacity for trains at the weekly Feedback column on
298 Fifth Avenue, NY, NY 10001 7 DAYS tion’s busiest commuter-train already congested station. Friday. Letters will be edited
Readers can alert The Wall Street system. Mr. Cuomo’s push for an for brevity and clarity. Please
212.564.1600 (corner of 5th Ave. & 31st St.) A WEEK Journal to any errors in news articles
NYC Department of Consumer Affairs #0906861 by emailing wsjcontact@wsj.com or Mr. Cuomo’s attention to overhaul of the hub is likely to include your city and state.
by calling 888-410-2667. Penn Station comes a few be welcomed by transporta-
THE WALL STREET JOURNAL. * * * * * Wednesday, January 6, 2016 | A15
CITY NEWS
New Legislative Session Set to Begin in Capitol
Digital Lottery
For ‘Hamilton’
Goes Haywire
BY PIA CATTON promptu performances, typi-
cally featuring Mr. Miranda.
Fans of the Broadway musi- Due to the daily crowds, the
cal “Hamilton” overwhelmed show announced Monday that
the first day of a new digital the lotteries would be held
lottery system that provides a digitally during the winter, al-
limited number of cut-rate lowing organizers to find a
tickets for the popular show. way to manage flocking fans.
On Tuesday afternoon, the But the digital lottery drew
show announced via Twitter “unprecedented and over-
that “over 50,000 unique en- whelming web traffic,” accord-
tries” crashed the digital lot- ing to a letter that Broadway-
MIKE GROLL/ASSOCIATED PRESS

tery operated by Broadway- Direct.com sent to lottery
Direct.com, a news website winners, noted in a post by a
owned by the Nederlander Or- Broadway.com reporter.
ganization, the proprietor of The letter went on to offer
the Richard Rodgers Theatre, those who received notice of
where the show has been run- having won the “Hamilton”
ning since last summer. lottery a free ticket to Tues-
day’s performance of “On Your
Feet!” at the Marquis Theatre, IN WITH THE NEW: Stacks of bills are removed from lawmakers’ desks in the New York state Senate chamber in Albany on Tuesday.
Tuesday’s Ham4Ham also owned by the Nederlander When the 2016 legislative session opens at the Capitol on Wednesday, electronic tablets will be used instead of the printed bills.
tickets are ‘unsold Organization.
BroadwayDirect.com also
and unused in an handles lotteries for that show
effort to be fair.’
Brooklyn Schools Will Be Rezoned
and “The Lion King.”
According to the “Hamil-
ton” Twitter feed, tickets set
And according to a Twitter aside for Tuesday’s Ham4Ham
post by the show’s creator Lin- winners are going “unsold and BY SOPHIA HOLLANDER P.S. 307, who called for more would be zoned for P.S. 8, numbers, according to the de-
Manuel Miranda, too many en- unused in an effort to be fair time to develop a better pro- which is filled mainly with partment of education.
trants mistakenly received no- to everyone.” A contentious proposal to re- posal and noted that the cur- white, well-off students and Parents at P.S. 307 said they
tice of winning. Linda Tam, a 40-year-old of zone two Brooklyn schools will rent plan might increase segre- boasts high test scores. feared that the rezoning could
A “Hamilton” spokesman Rockland County, said she tried be implemented, it was decided gation at P.S. 8. At P.S. 307, the population is derail the school’s recent prog-
declined to comment, citing to enter the digital lottery Tuesday night in an emotion- “Don’t use 307 as the experi- predominantly poor minority ress and upend its sense of
the show’s frequent updates shortly after 10 a.m. It took ally charged vote by the Com- ment,” he said. “We want in P.S. students who have struggled on community.
on its Twitter feed. Broadway- more than 30 minutes just to munity Education Council. 307 people that want to come.” state tests: 12% of students That includes fears that the
Direct.com couldn’t immedi- receive an email confirming her The plan seeks to reduce A spokeswoman for the New passed in English, while 20% rezoning could lead to over-
ately be reached for comment. entry. The system was down overcrowding at P.S. 8, a popu- York City Department of Educa- passed in math last spring. crowding that pushes out the
The lotteries, dubbed for most of the day, she said. lar Brooklyn Heights school, by tion, which proposed the rezon- But those numbers belie a low-income population—a de-
“Ham4Ham” in reference to After 4 p.m., she received shrinking its zone. Starting next ing, praised the vote to approve raft of enrichment programs mographic transition that oc-
Alexander Hamilton’s image on an email alerting her that she year, students in Dumbo and the plan, saying it will increase led by a new principal, includ- curred a decade ago at P.S. 8—
the $10 bill, provide 21 $10 hadn’t won. Then she received Vinegar Hill will be slated for diversity and ensure the needs ing dual language classes in and leads to the loss of Title I
tickets to a show for which the six more identical emails. P.S. 307, a lower-performing of students and families are Mandarin for early grades, a funding, which supports many
average paid admission last “I was like, ‘wow, rub it in,’ ” school with hundreds of extra met. federally funded science mag- programs at the school.
week was $182.39. said Ms. Tam, who added that seats in Vinegar Hill. The vote had been delayed net program and extensive af- “We’ve learned a lot along
When held live, the lotteries she preferred the in-person lot- Soft applause arose from by several months after the ter-school activities, families the way,” said Community Edu-
can daily draw sidewalk-filling tery, which she won once. De- crowded school auditorium as proposal provoked concerns say. Nearly a third of the stu- cation Council President David
crowds that spill onto West spite the issues, she vowed to the 6-3 vote was announced from parents at both schools, dent body has disabilities, in- Goldsmith, who supported the
46th Street: Several hundred try again. “I’m not throwing just after 10:30 p.m. Among the which have strikingly different cluding autistic students en- rezoning and whose daughter
hopefuls enter to win before away my shot,” Ms. Tam said. three opposing votes was Ben- demographics and test scores. rolled in an acclaimed program. experienced the transition at
most shows and many days —Zolan Kanno-Youngs jamin Greene, co-chair of the Some families say they moved Their test scores have been fac- P.S. 8 firsthand. “We can do it
they are treated to brief im- contributed to this article. Parent Teachers Association at specifically so their children tored into the school’s overall better this time.”
New York City Opera Reorganization Plan Faces Criticism

BY JENNIFER SMITH moribund company with an to file additional submissions reached a collective-bargaining to accept the plan by a Tues- filed an application seeking
initial budget of $5.5 million. on Friday to clarify some is- agreement with its members, day 5 p.m. deadline, Mr. Cata- that amount in administrative
The sniping over rival pro- The attorney general’s of- sues raised by the attorney and that the plan is unlikely to lanello said. expenses and attorneys’ fees.
posals to resurrect New York fice, which oversees nonprof- general’s office. succeed without one. Still, Ms. Firestein wrote in The attorney general’s of-
City Opera may be over, but its, said NYCO Renaissance He said that information, But the NYCO Renaissance the Monday filing, the organi- fice objected to the application
the remaining plan, now await- hadn’t yet provided sufficient coupled with prior filings, proposal has the support of a zation “has not yet met its ob- in a separate filing, saying that
ing confirmation in federal evidence supporting its finan- “will demonstrate that from a committee representing the ligation to present evidence to neither Mr. Kaufman nor New
bankruptcy court, is still rais- cial projections. long-term perspective we have the Court” that its projections Vision “has made a substantial
ing some eyebrows. Though “the Plan is almost very conservative projections, “are not merely speculative or contribution to City Opera’s
On Monday the New York certainly financially viable in that we will be successful at
Company would visionary but are grounded in bankruptcy estate or to this
state attorney general’s office the short run,” wrote Assistant building this business back and relaunch with initial financial reality.…” case.”
filed a somewhat skeptical re- Attorney General Rose Firest- give the board the flexibility to The attorney general’s of- An attorney for Mr. Kauf-
sponse to the reorganization ein, that “cannot be said for grow in the future.”
$5.5 million budget fice also criticized a plan to man couldn’t be reached for
plan sponsored by NYCO Re- the Plan’s financial sustainabil- On Tuesday, the American under the plan. pay $300,000 to New Vision comment on Tuesday.
naissance Ltd., a group led by ity beyond its first few years.” Guild of Musical Artists, the for NYC Opera Inc., a rival Mr. Catalanello said “the re-
former City Opera trustee Roy To be sure, NYCO Renais- union representing City Op- group led by architect Gene cord demonstrates that Mr.
Niederhoffer. sance still has time to bolster era’s choristers, dancers and company’s unsecured credi- Kaufman that battled for Kaufman has gone well beyond
The filing fell short of a for- its case. A confirmation hear- production staff, filed a limited tors, who were owed millions months over what remained of a party looking to buy assets,”
mal objection to the plan, ing is scheduled for Jan. 12. objection to the plan. The when New York City Opera the company. Last month, Mr. and ultimately resulted in a
which would pay off NYCO’s Gerard Catalanello, a lawyer union, a priority creditor, said shut down in late 2013. Kaufman agreed to withdraw higher recovery for the opera
creditors and relaunch the for the group, said it planned NYCO Renaissance hasn’t yet All eligible creditors voted his competing proposal and company’s creditors.
4%, with the size of the cut de- NEW YORK lished under the previous mayor,
Greater pendent on the company’s net
income.
Mayor Presses Case Michael Bloomberg.
“You are the necessary allies,”
New York For small-business owners
who pay the personal-income-
To Help the Needy
Over lox sandwiches and lo-
the mayor told the church offi-
cials and religious leaders.
C RA F T I NG E T E R N I T Y
Watch tax rate, Mr. Cuomo is proposing
to increase and expand a tax
cally roasted coffee, New York
City rabbis, imams, pastors,
Mr. de Blasio specifically
urged clergy to become part of
S I N C E 1 755
break that now goes to sole pro- priests and other religious lead- the Opening Doors program,
prietorships and farms. The ers came together Tuesday to which is designed to provide
break allows eligible businesses be sold on city initiatives to help temporary shelter to the thou-
to subtract 5% of their income the neediest New Yorkers. sands of homeless people living
NEW YORK for tax purposes; Mr. Cuomo Part reunion and part rally, it on the city’s streets.
would increase that to 15% and was the first interfaith breakfast New York City has set a tar-
De Blasio to Increase expand the break to cover more hosted by New York City Mayor get to open 500 slots in spaces
City Employees’ Pay businesses. Bill de Blasio. The gathering run by local faith-based groups,
New York Mayor Bill de Blasio Mr. Cuomo will detail the pro- drew hundreds to the New York which would be paid in exchange
is expected to announce Wednes- posals on Jan. 13 at his State of Public Library’s Stephen A. for providing shelter. As of last
day that he will raise the mini- the State address. Schwarzman building and builds month, 15 churches had ex-
mum wage to $15 for all city em- —Associated Press on an annual tradition estab- pressed an interest in the pro-
ployees by 2018. gram, according to a spokes-
The move is expected to af- woman for the city.
fect about 50,000 city workers, a —Melanie Grayce West
mayoral aide said late Tuesday,
and will cost the city more than NEW YORK
$200 million by 2020.
Among those receiving the
Private Schools Get
raises: teacher aides; family and City Aid on Security
infant-care workers; and school New York City Mayor Bill de
crossing guards. Blasio signed a bill Tuesday to HARMONY
The news was reported at 7 spend up to $20 million on secu- D UA L T I M E
p.m. Tuesday by the New York rity guards at private and reli-
Daily News and WNYC. gious schools.
—Josh Dawsey De Blasio said he believes it
will help police and other agencies
NEW YORK “keep our communities safer.”
The City Council voted 43 to 4
Cuomo Seeks Breaks last month to reimburse nonpub-
For Small Businesses lic schools with at least 300 stu-
Gov. Andrew Cuomo on Tues- dents for expenses to hire un-
day pushed for tax cuts in- armed security guards.
tended to help more than one The New York Civil Liberties
million small businesses. Union said the bill amounted to
MIKE SEGAR/REUTERS
The Democratic governor’s unconstitutional government sup-

plan calls for a two-pronged tax port for religious institutions.
reduction that would save busi- The executive vice president of
nesses nearly $300 million. the Orthodox Union called Tues-
121 Greenwich Avenue, Greenwich, CT, 203.622.1414
The current corporate in- day’s bill signing a victory for www.manfredijewels.com
come-tax rate for small busi- U.S. Brig. Gen. Diana Holland was sworn in at West Point Tuesday thousands of families.
nesses would fall from 6.5% to as commandant of cadets, the first woman to hold that position. —Associated Press
FOOD & DRINK WEDNESDAY

Food for the Future: Trends of 2016
BY CHARLES PASSY and avocado has become its
most popular dish.
B
y now, diners are more
than ready to move Astoria will become
past 2015 and all the the new Bushwick
food trends it encapsulated. Brooklyn neighborhoods
After all, how many fried- have all but defined hipster
chicken sandwiches can one dining in the past decade,
consume in a lifetime? with Bushwick being the cu-
What will the new year linary star of the moment.
CLOCKWISE FROM TOP: KEVIN HAGEN FOR WSJ; THOMAS DANG/CHOMP CHOMP (2); MAX ZAGOR
bring? It isn’t easy to play In the new year, this is
the role of culinary prognos- ample evidence that some of
ticator, but it is possible to the focus will shift to
pick up on clues, such as Queens—specifically Astoria,
restaurants or concepts that a neighborhood that now of-
started to catch diners’ at- fers everything from cheese
tention in 2015 and seem shops to craft beer and cock-
primed to explode in 2016. tail bars.
In many instances, they are There is more to come,
riffs on established trends. including Uncle Jack’s Steak-
With that in mind, here house, which already oper-
is what hungry folks can ates three locations in New
likely expect in the months York and expects to open a
ahead: new steakhouse-meets-
speakeasy concept for Asto-
Hot chicken will become ria in the spring.
the new fried chicken
If fried chicken was all Sotol will become
the rage in 2015, particu- the new mescal
larly in sandwich form, then Mescal, the smoky-tasting
hot chicken—essentially, spirit derived from the agave
fried bird done Nashville- plant, has become a main-
style with a boost of spicy stay at trendy drinking es-
heat—is poised to take over tablishments, but attention
in the new year. is now moving to sotol.
Already, David Santos, of The Tacombi taco stand, above, at the Gansevoort Market. Known for its herbaceous
the now-closed West Village Simpson Wong, left, executive chef at Chomp Chomp, which quality, sotol is featured
restaurant Louro, has been offers plates like Hokkien Mee, below. RedFarm’s Picante de la prominently at Masa y
busily staging hot-chicken Casa, bottom, is made with sotol, an herbaceous spirit. Agave, the Lower Manhattan
pop-ups. In early 2016, ce- bar connected to the Rosa
lebrity chef Carla Hall is set Mexicano chain that opened
to open Carla Hall’s South- a few months ago. Cocktails
ern Kitchen, a restaurant in incorporating sokol are also
Brooklyn’s Red Hook neigh- showing up everywhere from
borhood that will make hot RedFarm, the modern Chi-
chicken its calling card. nese restaurant with loca-
tions in the West Village and
Singapore will become the Upper West Side, to
the new Korea Gran Electrica, a Mexican
In New York, there is al- spot in Brooklyn’s Dumbo
ways an “it” Asian cuisine. neighborhood.
Korean has claimed that
spot in recent years, with Food halls will become
Korean restaurants tradi- the new food halls
tional and contemporary By now, food halls are so
opening in Midtown’s Kore- ubiquitous it’s perhaps ab-
atown, plus other parts of surd to call them a defining
the city. trend of the new year. But
Now the focus is shifting the concept is morphing in
to Singapore, the Southeast ways that suggest there may
Asian city-state known for be plenty of life left to it.
everything from oyster ome- For starters, the halls are
lets to noodle dishes galore. spreading well beyond the
Chomp Chomp, a recently equivalent as well, called familiar enclaves of Manhat-
opened Singaporean restau- poke, that is best known in tan and Brooklyn: Chris Reda
rant in the West Village, has a version with ahi tuna. It has one planned for the
been racking up rave re- has become popular of late, Bronx’s Grand Concourse, for
views. But the big news is to earlier in the day, with ing ahead: Wolfgang Puck is showing up on the menus of example.
still to come: TV host An- restaurants increasingly em- bringing his steakhouse con- Hawaiian restaurants in the Even more significant are
thony Bourdain is planning phasizing the morning meal, cept, Cut, to New York in city like the East Village’s the niche-style food halls
a Singapore-inspired food as in the kind enjoyed on 2016, but in a twist, this will Noreetuh. coming to the city, from Mr.
market in Chelsea, though it weekdays—and weekends, be a steakhouse that also Just as noteworthy is Bourdain’s Southeast Asian
will weave in other cuisines. before 11 a.m. serves breakfast. how poke has started to concept to a Nordic-themed
Consider the fuss over spread to non-Hawaiian hall, set to open at Grand
Breakfast will become the new-school Jewish-style Poke will become the places: Seamore’s, the ac- Central Terminal in 2016,
the new brunch restaurants such as Sadelle’s new sushi/crudo/ceviche Japanese (sushi), Italian claimed seafood restaurant from the Danish chef Claus
New Yorkers never seem and Russ & Daughters Cafe Another thing New York- (crudo) or Latin American in Nolita that opened this Meyer. Could it be that
to tire of brunch. But the at- that have made breakfast ers can’t seem to get (ceviche). past summer, says its poke what’s somewhat old is new
tention seems to be moving part of their mission. Look- enough of is raw fish, be it There is a Hawaiian with ponzu sauce, peanuts again?
But the twist is that it also of- rosca de reyes, is another king
Cakes Fit for Kings
The Feed fers craft cocktails, many of
which incorporate coffee. A case The holiday season may have
cake, typically decorated with
candied fruit. Fonda (fondares-
in point: a version of a negroni, seemingly come and gone. But taurant.com), a Mexican restau-
the popular Italian cocktail, that’s for those who mark Three Kings rant with locations in the East
made with a Kenyan-sourced Day (Wednesday), the feast is Village, Chelsea and Park Slope,
coffee. just beginning, so to speak. is featuring a version for two
Niki Kobrick, part of the A number of New York res- ($15) on its dessert menu
Coffee Shop and Bar fourth generation of Kobricks, taurants and bakeries are offer- through Jan. 10. The cake is of-
Pours Buzzy Cocktails says the idea for combining cof- ing items traditionally associated fered with complementary Mexi-
Kobrick Coffee Co. has been fee and cocktails stemmed from with the holiday, otherwise can-style hot chocolate.
providing restaurants throughout the recent artisan revolution in known as the 12th day of
the New York area and the na- both beverage categories. And it Christmas. In France, the al-
Chick-fil-A Reopens
NIKI KOBRICK
tion with all things java since allows the shop, which also of- mond-filled galette des rois, or
1920. Now the Jersey City-based fers a light food menu and sells king cake, is the dessert of Chick-fil-A has reopened its
coffee importer, roaster and dis- bagged coffee, to stay open all choice. Choc O Pain (chocopain- sole Manhattan location, (1000
tributor is making a move into day—from 7 a.m. to 4 a.m.—and bakery.com), a French bakery Sixth Ave.; chick-fil-a.com). The Kobrick Coffee Co.’s new retail location serves coffee and cocktails.
the retail space with a coffee- appeal to different markets, with locations in Hoboken and fast-food chain shut down the
and-cocktails concept. from the office crowd to the Jersey City, N.J., sells a version location voluntarily for almost a In a statement posted online Chick-fil-A is also planning to
Kobrick’s eponymous store in club-going one. that serves six for $27.95; the week after being cited by a city Tuesday, the company said that open a second Manhattan loca-
the Meatpacking District offers “It’s the place for the city that item will be offered through the health inspector in late Decem- it has addressed “maintenance tion, on West 46th Street and
a full array of coffee drinks, from never sleeps,” said Ms. Kobrick. end of January. ber for numerous food-safety vi- and facility” issues, and it appre- Sixth Avenue, in the spring.
cold-brew coffee to cappuccino. 24 Ninth Ave.; kobricks.com And in Latin America, the olations. ciates “our customers’ patience.” —Charles Passy
CITY NEWS
SHOW pelman’s interviews, they ap-

peared to draw on a number
of real Southern District cases,
particularly the high-profile
ties, so that accuracy was
within our grasp, but then we
did always have to hew to
what was dramatic,” Mr. Le-
directly from their conversa-
tions with both sides.
The FBI agents said “in that
very dry way FBI people will
Continued from page A13 insider trading trial of Mathew vien said. talk to you, ‘Uh, yes, very of-
Southern District Chuck Martoma, a former employee To that end, the show also ten physical congress may oc-
Rhoades, a media-savvy prose- of Mr. Cohen’s firm who was portrays interoffice dynamics cur between the United States
cutor with a penchant for news convicted in 2014. Mr. Cohen of the legal and regulatory attorneys and the FBI
conference poster boards and has denied any wrongdoing universes inhabited by the agents,’ ” Mr. Koppelman said,
a playful sense of humor. and wasn’t charged criminally. Southern District, showing an mimicking a halting speech
Finally, during preproduc- Mr. Martoma’s case pivoted at-times acidic relationship pattern. “And the attorneys
JOJO WHILDEN/SHOWTIME
tion for the “Billions” pilot, the on inside information about a with the U.S. Securities and confirmed it.”
U.S. attorney’s office allowed clinical trial he obtained from Exchange Commission, and a And for all of the character
Messrs. Koppelman and Levien a doctor in Michigan. In “Bil- competitive rapport with the traits and case details drawn
to tour its headquarters in lions,” the story line pivots on Eastern District, which the from Mr. Bharara’s office,
downtown Manhattan, where an Iowa research scientist writers said the prosecutors there are numerous liberties
the pair sought to capture the whom prosecutors learn was with whom they spoke likened taken for dramatic effect,
unglamorous aesthetic of the coaxed by a trader into divulg- to the rivalry between Harvard most notably the fictional
workplace and chatted infor- Damian Lewis and Paul Giamatti in the Showtime series ‘Billions.’ ing test results. and Yale. prosecutor’s private identity
mally with assistant U.S. attor- Still, “Billions” is built for Also shown on screen is as a sexual submissive. For
neys and support staff. of Fordham Law School. “They best-known names from that premium cable, where the what Messrs. Koppelman and anyone eager to see the U.S.
“You just got this incredible don’t lose very often.” world, including hedge-fund nonpublic results of a clinical Levien attest are the some- attorney for the Southern Dis-
sense of purpose, and you On the financial-industry magnates and activist inves- trial hardly qualify as titillat- times steamy antics between trict of New York, say, in his
thought to yourself, ‘I would end, Damian Lewis, who plays tors Daniel Loeb and Bill Ack- ing TV. prosecutors and the Federal boxers while bound, gagged
hate to do anything to get in “Billions” hedge-fund head man. “We tried to research Bureau of Investigation agents and zapped with an electric
their cross hairs,’ ” said Mr. Bobby Axelrod, has said he Besides the source material enough in all of the areas to they work alongside, which cattle prod, “Billions” may be
Koppelman, himself a graduate consulted with many of the from Messrs. Levien and Kop- gain a facility with the reali- the writers assert they drew your best bet.
THE WALL STREET JOURNAL. * * Wednesday, January 6, 2016 | A17
HEARD & SCENE
Actress Lola Kirke on Music, L.A. and Coconut Cake

It’s pretty hip to collect
records these days—even Co-
lumbia House is returning to
sending out LPs.
And it’s also pretty hip to
be on a show that streams
on Amazon.
By the correlative prop-
erty, then, the actress and
musician Lola
Kirke falls
pretty high on
the hip scale.
It doesn’t
hurt that Ms.
MARSHALL Kirke, who is
HEYMAN 25 and studied
at Bard Col-
lege, lives in
the East Village and is the
daughter of Simon Kirke, the
drummer of the rock band
Bad Company. Her mother,
Lorraine, is behind the
downtown vintage boutique
Geminola.
That also makes her the
sister of two equally hip New
Yorkers: Domino Kirke, a
singer; and Jemima Kirke, an
artist and actress who stars
as Jessa on HBO’s “Girls.”
In late December, Ms.
Kirke, who had a small but
pivotal role in the film ad-
aptation of “Gone Girl” and
starred in last year’s “Mis-
tress America” with Greta
Gerwig, needed to run a few
AMAZON STUDIOS
errands in her neighbor-
hood, one of which was
shopping for records. An-
other was looking for a
crystal for her dad, who has Actress and musician Lola Kirke and Gael García Bernal in ‘Mozart in the Jungle,’ which is nominated for two Golden Globe awards, including Best Comedy Series.
recently started to collect
them. where Domino recently mantic feelings, as well as terpart. “I mime it,” she dude.” During her hiatus from
Ms. Kirke was also getting bought a farm; New Orleans; occasional assistant duties, said. But she does play gui- Not much luck there ei- “Mozart in the Jungle,” Ms.
ready to take a cross-country Austin and Marfa in Texas; for the maestro (Mr. Garcia tar “and I tried to play the ther. Kirke filmed a supporting
car trip in her 2014 Volks- White Sands, N.M.; and, fi- Bernal), who charmingly banjo unsuccessfully,” she “Maybe they have other role in “Mena,” a new Tom
wagen Jetta with her boy- nally, Phoenix before arriv- calls her “Hai-Lai” and be- added, as she headed inside Ethiopian jazz,” Ms. Kirke Cruise film about the drug
friend, a musician. Her plan: ing on the West Coast in lieves that only she can A-One Record Shop. said, before giving up. “You cartel directed by Doug Li-
to move to Los Angeles time to attend this week- make the perfect yerba “They’re collectibles and I know, I don’t really need man set for release next
through April, which she end’s Golden Globes. That is maté. like the way records sound,” more stuff,” she explained, year. She and Mr. Cruise got
also did last winter. where her Amazon comedy, In this season, which trav- she said. “I feel like CDs are using a more adult word, along, Ms. Kirke said, mostly
“It was awesome,” Ms. “Mozart in the Jungle,” re- els to Mexico City, “you get dorky and they take up a lot and laughing infectiously, because he found her amus-
Kirke explained, sipping a ceived surprise nominations the best of her,” Ms. Kirke of space. They’re relics.” much like her character on ing.
cafe au lait outside of Juicy for Best Comedy Series and said of her character. “She’s Listening to LPS “is a “Mozart in the Jungle.” “He’s a very nice man,”
Lucy, a regular joint of hers for Ms. Kirke’s co-star, Gael pretty collected, but if you’re good way to pass the time Ms. Kirke decided she said Ms. Kirke. “He does
on Avenue A. “The people García Bernal. a classical musician, you’re and dance,” she said. “To- would save the crystal shop- team-building exercises. He
are not great, but I liked the On the show, Ms. Kirke innately obsessive.” day,” she went on, “I would ping for another day and in- used to make me work out in
space—the mountains, the plays Hailey, an up-and-com- Working on the show is like a Kris Kristofferson al- stead went to go look for a his ‘pain cave.’ His trainers
beach, the desert.” ing classical oboist trying to “kind of like being in a the- bum.” chew toy for a dog she has were like, ‘What are your fit-
Between auditions, she make her way in a New York ater company,” she ex- The one she found wasn’t been fostering. ness goals?’ and I said I had
will also take time to write orchestra. plained. “You get to come an ideal choice she said, and “But these all squeak. Why none. I think he found that
music and make short films In the second season, back and keep telling a the album cover was a little do they squeak?” Ms. Kirke funny. Then he sent me a co-
with friends. which began streaming on story.” lame. So she went looking asked, rhetorically, before set- conut cake for Christmas.
The plan was to make Amazon last week, Hailey Ms. Kirke doesn’t play the for something by Mulatu As- tling on a toy that squeaked I’ve been eating it for break-
stops in Charlottesville, Va., struggles to mediate her ro- oboe like her fictional coun- tatke, “an Ethiopian jazz as quietly as possible. fast, lunch and dinner.”
ARTS & ENTERTAINMENT
Angels, Demons and Opera:

Boundary-Pushing Programs
BY STEVE DOLLAR
New York culture lovers

whose appetite runs toward
the newest, most cutting-
edge work, can start the new
year at full tilt. The next two
weeks promise a buzzing
hive of festivals and show-
cases that feature more than
1,500 boundary-pushing pro-
grams, as bookers from the
world’s performing-arts cen-
ters descend on the city.
Among the most promi-
nent launchpads for innova-
tive new performances are
LEFT TO RIGHT: MARIA BARANOVA; JAMES MATTHEW DANIEL
Prototype, a festival produced

by the downtown HERE Arts
Center with Beth Morrison A scene from ‘The Art of Luv (Part 1): Elliot,’ part of the Public
Projects, and the Public The- Theater’s Under the Radar Festival, above. John Kelly and Lauren
ater’s Under the Radar Festi- Worsham in ‘Dog Days,’ part of the Prototype Festival, right.
val, both of which open Jan. 6
and run through 17. and the overtones of a dis- prostitutes them. Like Mr.
At this year’s Prototype, torted guitar, performed by Little, composer Du Yun
contemporary anxieties un- his ensemble Newspeak. The makes use of a wide-ranging
leash artistic license in a singers are amplified, which sonic palette, from pop to
batch of provocative opera- goes against tradition, but punk to noise, to relate a
theater works that use issues allows for a greater range of complex story with heartfelt
such as human trafficking, vocal possibilities, including punch.
the tragedy of war and the whispers. “When opera singers sing,
fragile nature of humanity as it’s so beautiful it takes your
springboards into often vis- breath away, and that is why
ceral and emotionally soar-
One work makes use still to this day opera is rele- The pair looked first to Art of Luv (Part 1): Elliot.” droning musical accompani-
ing music. of text from a 1937 vant,” said Ms. Du, who grew the Greek tragedy “Antigone” The hourlong performance, ment from a handmade
“If you wrote a five-min- up in China with classical as a template for the work, part of Under the Radar, is stringed instrument, evoking
ute string quartet about the
American Red Cross training that began in her but soon became fascinated partially a reaction to the “the golden age of new age
fall of civilization, the tone lifesaving manual. pre-school years. “But it with the potential of their 2014 Isla Vista shootings, music.”
of it would have to be really doesn’t mean the trick of unusual source material. which claimed six lives and “It’s about listening and
direct,” said David T. Little, storytelling cannot be re- “The language in it is so that of the suicidal gunman, perspective,” said Mr. Blow,
the composer of “Dog Days,” Yet, the work maintains worked.” beautiful,” said Ms. Rode- Elliot Rodger, who had first who is a professional sound
about a nuclear family’s its connections to traditional Librettist Donna Di Novelli wald, who was taken with announced his plans on You- designer, “and what YouTube
meltdown in a post-apoca- opera and musical theater, and composer Heidi Rode- the flexible way the words Tube. The piece uses an ear- means when you communi-
lyptic world, and its telltale Mr. Little said. “Because the wald do just that in “The lent themselves to new lier video by Rodger, in cate your desires to a screen
responses to a stranger who form is large, there’s room Good Swimmer,” a music- meanings. which he complains about and nobody watches it.”
has chosen to regress into a [for] all of these different in- theater piece in which they One of the pieces, called his lack of success with Mr. Vavrek, who also
canine-like persona. fluences, room to express employ found texts such as “Double Drowning,” ostensi- women. wrote the libretto for “An-
“In the realm of political character, to inform drama, archaic field guides and a bly warns of a drowning per- “What we’re not trying to gel’s Bone,” characterized
messages, you run into to shape the dramatic arc of daiquiri recipe from the Ken- son taking their rescuer do is solve the problem of the role such works play.
things being preachy,” Mr. the piece.” nedy White House. The work, down with them. gun violence and mental “It feels like they’re in di-
Little said. “When you have If “Dog Days” is set in a directed by Kevin Newbury, “That could be a love health,” said Tei Blow, who alogue with the world we
two hours, you can play with kind of hell, “Angel’s Bone” makes eloquent use of a 1937 song,” she said. “You put it will join Sean McElroy in lip- live in now and the world we
it in a nuanced way.” begins with the promise of American Red Cross lifesav- to music and it just kind of synced re-performances of may live in in the future,” he
The opera, directed by something celestial. ing manual, among other falls together.” forgotten YouTube clips that said. “They are meant to be
Robert Woodruff with li- A pair of angels descend sources, to create a pop-song The collaborators who call concern dating rituals and mirrors that ask you to un-
bretto by Royce Vavrek, re- to earth, only to be exploited cycle about a young lifeguard themselves the Royal Osiris exercise, among other topics. derstand your place in the
flects Mr. Little’s affinity for by a troubled married couple who is lost to the Vietnam Karaoke Ensemble also use The piece takes the form of a world and what is happening
heavy metal, drone music who holds them captive and War. found material in their “The meditation retreat, with around you.”
SPORTS
Giants Say They Discharged the Right Soldier
Team owner attempts to
explain why Tom Coughlin
goes and Jerry Reese stays
BY STU WOO
EAST RUTHERFORD, N.J.—The

three main characters in the melo-
drama that has become the New
York Giants took to the podium at
the team’s facility on Tuesday to try
to explain how the storied franchise
came to this precarious moment, and
what they plan to do about it.
They answered most of the press-
ing questions, but for one: Why did
one man get pushed out while the
other got to stay?
First, Tom Coughlin delivered a
quintessentially impassioned speech Giants general manager Jerry Reese,
to formally announce his departure left, spoke Tuesday about Tom
from the team after 12 seasons. After Coughlin, above, as well as his
thanking his players, his staff and own tenure with the team.
his family, the 69-year-old coach re-
iterated that, regardless of the Gi- much longer than the average NFL
ants’ plans, he has no intention of head coach. Head coaches who have
leaving his life in football. debuted in the league since 2000
“I will somehow, some way. I have lasted an average of 3.4 seasons
will,” he said when asked how he with their teams, according to Stats.
would remain involved in the game, “Twelve years is a long time to be a
adding, “I’m not necessarily done head coach in the NFL,” Mara said.
with coaching.” “It’s just time.”
It’s possible that he’s not necessar- True to his character, Coughlin
ily done with the Giants. Following started his resignation speech five
Coughlin, team president and CEO minutes before the scheduled time,
John Mara said it was the coach who just as he mandated that his players
first broached the idea of stepping arrive to meetings five minutes
down, and that Coughlin would con- early. And he bemoaned how the
sider Mara’s request to remain with NFL has changed since he joined the
the organization as an adviser. Mara league as an assistant with the Phila-
also said the team would interview of- delphia Eagles in 1984.
fensive coordinator Ben McAdoo and “It’s more about the sacrifice, day-
defensive coordinator Steve Spag- in, day-out grind, knowing people,
nuolo as part of an extensive search ing about this.” in drafting college players since 2010. 9-7 heading into the playoffs that how consistent they perform, how
for the Giants’ 17th head coach. Pressed as to why, then, Coughlin Yes, he nailed it with receiver Odell year. “Let me say this: You always tough are they, how tough are they,”
Yet for everything Mara ex- left while Reese stayed, Mara said: Beckham Jr., and offensive linemen miss on some draft picks,” he said. “I he said. “We’ve lost a little bit of that
plained, he didn’t quite illuminate “Listen, we’ve had three losing years Justin Pugh and Weston Richburg take full responsibility for every in our game. ‘I have a toothache, I’m
one thing agitating many fans: Why in a row. A lot of that is due to some have been solid as well. But the play- player that’s been on this roster from out of the game.’ What? You got a
did the Giants oust the revered personnel decisions that have been ers he chose in the first three rounds the time I’ve been director of player what? A stiff neck? I got a stiff neck
Coughlin but retain general manager made. But I still believe that Jerry of the past six drafts have averaged personnel until right now.” 24 hours a day, every day of my life.”
Jerry Reese, whose recent draft Reese is the right guy to lead us go- just 20.3 starts for the Giants, the But Reese also defended himself He also directed some of his re-
picks and free-agent signings have ing forward. Why do I believe that? league’s second-lowest rate during by spreading some of that responsi- marks toward his only quarterback
flopped? Despite two Super Bowl Jerry put together two Super Bowl- that span, according to Stats LLC. bility around. with the Giants, Eli Manning, who
wins, the Giants have reached the winning teams... After another bad Meanwhile, the Giants saddled “Coach is part of it, personnel is had said that he felt some responsi-
playoffs in just three of Reese’s nine season, do we want to throw all that Coughlin with the NFL’s worst defen- part of it, luck is part of it,” he said, bility for Coughlin’s ouster.
seasons at the helm. out? I still think he’s capable of put- sive unit and a meager running game adding, “You’ve got to play the hand “He thinks he’s the reason that
Mara only raised more questions ting a great team together and he’s this season. you’re dealt, and you’ve got to win I’m—Eli, it’s not you,” Coughlin said.
with his answers. “Some of our draft going to get that opportunity.” On Tuesday, Reese followed Cough- with it. We lost too many close “It’s not you. It’s us. We win, we
classes were not as productive as we Reese—who is just the third Giants lin and Mara to the dais to accept games we had a chance to win.” lose, together. Remember, when we
hoped they would be,” he said. “I general manager in the past 37 some blame for the disappointments As for Coughlin, Mara pointed out lose, I lose. When we win, you guys
think that’s primarily the cause of years—gets the opportunity despite since winning the Super Bowl after that the two-time Super Bowl-win- win. That’s the way it is. That’s the
why we’re standing here today talk- one of the NFL’s worst track records the 2011 season—a team that was just ning coach had been with the Giants game. I know what it is.”
It’s Time for Piazza’s Delivery to Cooperstown

Mike Piazza, one of the most pro-
digious sluggers ever to play for the
Mets, is almost indisputably the best
offensive catcher in baseball history.
He hit a record 396 of his 427 life-
time home runs as a backstop, made
Take a Number
12 All-Star teams and finished his
16-year career with a .308 batting
average and an on-base-plus-slugging
percentage of .922.
He also has never tested positive
for performance-enhancing drugs, has
never been accused in an official ca-
pacity of using performance-enhanc-
FEATURE (L-R): JIM O’CONNOR/REUTERS; ROB CARR/GETTY IMAGES; TAN: SCOTT NELSON/AGENCE FRANCE-PRESSE/GETTY IMAGES; PAUL J. BERESWILL/ASSOCIATED PRESS (COLLINS/DEPODESTA
ing drugs, and has never been linked

Mets manager Terry Collins with Paul DePodesta in the dugout in 2011. to performance-enhancing drugs in
any credible way. Nevertheless, Piazza
Mets Lose Top Talent Scout has had to vehemently deny using il-
legal PEDs, though he has admitted
using then-legal substances that have
To the...Cleveland Browns? since been banned.

Despite the lack of evidence (no,
back acne doesn’t count), suspicions
BY JARED DIAMOND budget Oakland Athletics used data of impropriety have to this point
to find success in the early 2000s. played a role in keeping Piazza and
Paul DePodesta’s decision to leave He also served as the Los Angeles his Hall of Fame-worthy production
baseball and take a high-ranking ex- Dodgers’ general manager in 2004 out of Cooperstown. Last January, in Snubs to Studs
ecutive position with the NFL’s Cleve- and 2005, perhaps the highlight of his third attempt, Piazza appeared Here’s a look at the most recent Hall of Fame-eligible players to receive at least 69% of
land Browns on Tuesday not only his 20-year career in baseball, which on 69.9% of ballots cast by the Base- the vote—short of the required 75%—and how they fared on the ballot the following year.
raised questions across the land- started with the Cleveland Indians. ball Writers’ Association of America, YEAR OF FOLLOWING
scapes of two sports, but left a void “As excited as I was then, I am falling 28 votes short of the 75% PLAYER (PRIMARY TEAM) YEAR ELIGIBILITY VOTE % YEAR’S VOTE %
in the Mets’ front office. even more excited now to return to needed for enshrinement. No player Mike Piazza Mets 2015 3rd 69.9% ?
As the Mets’ vice president for Cleveland and to try to help the has ever come so close without Craig Biggio Astros 2014 2nd 74.8% 82.7%
player development and amateur Browns,” DePodesta said in state- eventually getting in. Bert Blyleven Twins 2010 13th 74.2% 79.7%
scouting for the past half-decade, ment, adding that he only went into So now, with the Hall of Fame set Roberto Alomar Blue Jays 2010 1st 73.7% 90.0%
the 43-year-old DePodesta had baseball “after pursing my first love to reveal its class of 2016 on Jim Rice Red Sox 2008 14th 72.2% 76.4%
worked as one of general manager of football and looking at every pos- Wednesday, it appears that the 47- Rich Gossage Yankees 2007 8th 71.2% 85.8%
Sandy Alderson’s top lieutenants. He sible job in the NFL.” year-old Piazza will finally get his due.
Gary Carter Expos 2002 5th 72.7% 78.0%
oversaw the team’s annual draft Now the Mets must figure out how As of late Tuesday, with more than a
preparations, which in 2014 resulted to proceed without DePodesta, an es- third of the ballots accounted for, Pi- Don Sutton Dodgers 1997 4th 73.2% 81.6%
in the selection of outfielder Michael pecially important figure in the organ- azza was polling at nearly 87%. That’s Orlando Cepeda Giants 1994 15th 73.5% ineligible*
Conforto, a heralded prospect and a ization’s hierarchy as Alderson under- according to Ryan Thibodaux, who Gaylord Perry Giants 1990 2nd 72.1% 77.2%
key contributor during the Mets’ run goes treatment for an undisclosed runs the website bbhoftracker.com, *selected by Veterans Committee in 1999
to the World Series in 2015. form of cancer. Alderson has remained which compiles results from ballots Source: Baseball-Reference The Wall Street Journal.
Alderson said in a statement Tues- in his role this off-season, but it is un- that have been revealed publicly.
day that DePodesta “was also very clear when he will be able to return. Thibodaux’s data doesn’t mean
directly involved in our trade and For now, assistant GM John Piazza is a lock. Voters who make 70% of votes a year ago, the numbers but was elected in a since-eliminated
free agent acquisitions.” The Mets Ricco—the Mets’ public face in Al- their ballots public are a self-select- bode well for Piazza. No player has runoff vote that same year.)
viewed DePodesta as a potential suc- derson’s stead—and special assistant ing group that doesn’t necessarily ever come so close without eventually Two of the remaining players, Or-
cessor to Alderson. J.P. Ricciardi will be Alderson’s dep- represent an accurate cross-section getting in. In fact, only one unelected lando Cepeda and Nellie Fox, exceeded
Instead, DePodesta, who played uties as the team looks to replace of the entire electorate. player has ever crossed the 65% bar- the 69% threshold in their final year
wide receiver at Harvard, is return- DePodesta. If they stay in-house, di- Generally speaking, private Hall rier: pitcher Jack Morris, whose case of BBWAA eligibility but were later
ing to his football roots as the rector of amateur scouting Tommy voters have tended to evaluate candi- will be re-examined by the Veterans elected by the Veterans Committee.
Browns’ “chief strategy officer.” He’ll Tanous will be a likely candidate. dates from the so-called “steroid era” Committee in the coming years. The others, Roy Campanella and Jim
bring his extensive analytics back- “Working with Sandy, Paul put with more skepticism, which will likely Since the reinstatement of an- Bunning, ultimately made it to Coo-
ground to a franchise that finished into process a new approach toward lead to a decline in Piazza’s actual nual balloting in 1966, 20 players be- perstown through the BBWAA and
3-13 this season and responded by player development throughout our tally. Last year, for instance, Piazza sides Piazza received at least 69.0% Veterans Committee, respectively.
firing head coach Mike Pettine and organization,” chief operator Jeff appeared on 76% of ballots made of the vote but less than the magic In other words, it isn’t a matter
general manager Ray Farmer. Wilpon said in a statement. “Owner- public before the announcement, but 75%. Sixteen of them were voted in of “if” with Piazza, but “when.”
DePodesta was the inspiration for ship and all of us at the Mets thank only 62% that remained private. no later than the very next year. (In Chances are, his time is now.
Peter Brand, the character portrayed Paul for his tireless efforts. We look Nonetheless, after receiving nearly 1967, Red Ruffing received 72.6%, —Jared Diamond
by Jonah Hill in the film “Money- forward to seeing Paul’s continued
ball,” which depicted how the low- success with the Browns.”
CAREERS B4 | WSJ.D B5, B6 | CROSSWORD B6
BUSINESS & TECH.

Ford Pledges Big Shift Shipping Lines Set Sail
To Mobility Services For Iran After Sanctions
CONSUMER ELECTRONICS SHOW | B5 TRADE | B2
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | B1
Valeant Plans to Name New Chief Apple

Cuts Back
Drug company’s CEO It is unclear whether the pitalized. The three executives reported the company’s plans. lucrative areas such as derma-
remains in hospital;
it is unclear if move
planned management change
would be permanent or tem-
porary.
on that committee are Mr. Ros-
iello, as well as General Counsel
Robert Chai-Onn and Ari Kellen,
Shares closed Tuesday at
$100.86.
Valeant said on Dec. 28 that
tology and ophthalmology.
He did so largely through ac-
quisitions, for example acquir-
Orders for
would be temporary
Candidates to replace Mr.
Pearson, according to these
people, include Howard Schil-
who oversees Valeant’s core U.S.
dermatology and Bausch &
Lomb businesses.
Mr. Pearson, who is 56 years
old, had taken a medical leave
after being diagnosed with se-
ing contact-lens maker Bausch
& Lomb in 2013 and Salix Phar-
maceuticals Ltd. last year.
Its iPhones
BY JACQUIE MCNISH ler, a Valeant director who re- The three-person committee vere pneumonia. He was admit- As the stock reached an all- BY EVA DOU
AND LIZ HOFFMAN signed as chief financial offi- was designed as a temporary ted to a New Jersey hospital on time high in August, questions
cer last year, and his solution, the people said. But Dec. 24 and has since been began to mount about BEIJING—Apple Inc. is scal-
Valeant Pharmaceuticals successor, Robert Rosiello. Mr. Pearson’s condition hasn’t transferred to another undis- Valeant’s drug pricing as well ing back orders for its iPhones,
International Inc. is planning The new CEO would replace markedly improved, they said, closed hospital, according to as business and accounting sending ripples throughout the
to appoint a new chief execu- a three-person office of the and the board believes a single people familiar with the matter. practices. Valeant has de- multibillion-dollar industry
tive while its CEO, Michael chief executive that was created leader is needed. Mr. Pearson, starting in fended its accounting, while that supplies and builds the
Pearson, remains under hospi- in late December to temporarily Shares fell more than 6% in 2008, took Valeant from a creating a board committee to company’s phones.
tal care, said people familiar lead Valeant after the company after-hours trading Tuesday small, struggling drug com- examine its relationship with a A Chinese provincial capital
with the matter. said Mr. Pearson had been hos- after The Wall Street Journal pany to a $70 billion player in specialty pharmacy. promised Foxconn Technol-
ogy Group—which assembles
iPhones—more than $12 mil-
DowDuPont Borrows From Tyco Playbook

lion in subsidies to minimize
layoffs at its operations there,
according to a government
document.
BY BOB TITA The subsidies came after
AND JOANN S. LUBLIN Foxconn began dismissing
To gauge the future of the Breen’s Past Likely to Be Prologue some workers there earlier
than usual for the Chinese Lu-
planned chemical titan Edward Breen is expected to be the CEO of DowDuPont. As CEO of Tyco, he broke apart the company, a strategy he is widely nar New Year break, according
DowDuPont, it helps to look expected to follow in his new position. Here’s how some of those spinoffs have performed, compared to the S&P 500. to people familiar with the
back at the dismantling of an- manufacturer.
other industrial giant: Tyco Percent changes in value since each company’s inception through Jan. 5, 2016 Component suppliers that
International PLC. Spinoff S&P 500 First day of trading rode the iPhone’s boom are now
DuPont Co. Chief Executive bracing for lower sales. Apple
Edward Breen spent a decade as has cut its order forecasts to
CEO of Tyco, pulling apart what Some companies outperformed the S&P 500 ... iPhone suppliers in the past sev-
was once among the largest U.S. Mallinckrodt TE Connectivity Covidien* eral months, according to three
conglomerates. He transformed Generic drug maker spun off to Manufactures electronic Manufactured people familiar with the com-
Tyco from a company with $41 Covidien shareholders in 2013 components medical equipment pany’s supply chain.
billion a year in revenue to one Apple provides suppliers
that now has about $10 billion July 1, 2013 July 2, 2007 July 2, 2007 with projections on possible
in annual sales, mostly from se- 200% 200% 200% orders months in advance and
curity and fire-suppression sys-
160 160 160
170.2%* makes adjustments over time,
tems for commercial buildings. based on demand and inven-
Mr. Breen and Dow Chemi- 120 120 120 tory, according to suppliers.
cal Co. CEO Andrew Liveris 80 80 58.3% 80 Apple launched the iPhone
plan to similarly disassemble
65.0% 6S and 6S Plus in September.
their two companies after first 40 40 40 32.5% Coming off a booming year of
merging them into one with 0 24.6% 0
32.5% 0 iPhone sales with new models
about $90 billion a year in –40 –40 that offered few noticeable
–40
combined sales. Mr. Breen will changes, analysts warned
be the CEO of the resulting en- –80 –80 –80 that Apple would struggle to
terprise, DowDuPont, which the 2013 2014 2015 2007 ‘15 2007 ‘15 grow demand of its flagship
companies hope regulators will product.
approve by the end of 2016. ... while others did not. In October, Apple Chief Ex-
Executives plan to eliminate ecutive Tim Cook said it ex-
about $3 billion in annual costs, Pentair Tyco ADT pected iPhone sales to in-
then split DowDuPont by 2018 Tyco’s pipes-and-valves Provider of fire suppression Home security crease in its fiscal first quarter
into separate companies focused business merged with Pentair. and security equipment monitoring ended in December from the
on agriculture, industrial mate- Oct. 1, 2012 Oct. 1, 2012 Oct. 1, 2012 same period a year earlier, but
rials and specialty products. declined to make projections
Mr. Liveris, who will be 80% 80% 80% further out into the future.
chairman of the combined com- 40 39.3% 40 39.3% 40 39.3% But Chinese iPhone facto-
pany, brings some experience in ries had some idle capacity in
separating businesses as well. 0 0 0 -13.2% the final two months of the
Dow last year split off much of –40 16.0% –40 11.5% –40 calendar year, when they
its chlorine business in a $5 bil- would typically be racing to
–80 –80 –80
lion deal with smaller rival Olin chongliang, or “rush quantity,”
Corp. Dow also has committed 2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015 for Apple, in factory-speak.
to reducing costs without sacri- Some workers at Foxconn’s
ficing growth. *Company was acquired by Medtronic for $42.9 billion in January 2015. Zhengzhou factory in inland
“You always have productiv- Sources: Thomson DataStream (Covidien); FactSet (All other data);
China were let go on early hol-
ity as your focus,” Mr. Liveris Natalie Keyssar for The Wall Street Journal (photo) During Edward Breen’s tenure as CEO of iday last month, one of the
said in an interview, adding that THE WALL STREET JOURNAL. Tyco he sold off about 100 businesses. people involved in the supply
the company has figured out said, although the typical new-
how to stay lean while it grows. year holiday season doesn’t
Mr. Breen, in an interview, “He likes stepping into situ- about controversy.” cal-equipment company Covi- tions by his predecessor, L. start until February.
said his Tyco experience offers ations that have a lot of mov- During Mr. Breen’s tenure as dien PLC. Others have Dennis Kozlowski, Tyco An Apple spokeswoman
a guide to how to select and ing parts,” said Deane Dray, a Tyco’s CEO, which ended fared less well, particularly was saddled with debt and said the company never dis-
prepare executives for the longtime analyst covering in- in 2012, the company home-security service ADT dozens of incompatible busi- cusses sales forecasts and re-
changes. dustrial conglomerates at RBC sold about 100 busi- Corp. nesses that made it unwieldy ferred layoff questions to its
Several people who know Capital Markets. “It’s easier nesses, hived off three public Unlike DuPont or Dow, Tyco to manage. contract manufacturer Fox-
him agreed that his Tyco work for CEOs to be acquisitive and spinoffs, and made Tyco share- was in perilous financial shape Still, fellow directors were conn, officially known as Hon
showed an ability to assess empire builders than to be dip- holders majority owners of a when Mr. Breen arrived in surprised when Mr. Breen in late Hai Precision Industry Co.
how executives and business lomatic and ruthless about fourth through a merger. 2002 after serving as presi- 2005 proposed spinning off Foxconn declined to say if
units can slide effectively into making decisions to create via- Some of the resulting stocks dent of Motorola Inc. Tyco’s medical products and changes in iPhone demand
new companies. ble spin outs. He’s not shy became hits, particularly medi- Following years of acquisi- Please see TYCO page B2 Please see APPLE page B6
Younger Buyers Keep Spirit Air Abruptly Replaces CEO

Car Sales Humming BY SUSAN CAREY ger convenience—Spirit’s seats
are packed in tightly and don’t
BY JOHN D. STOLL dan about the time of the Spirit Airlines Inc. unex- recline—and more fees, even
Mustang purchase. pectedly replaced Chief Execu- for even small things like
Brett Howard walked into Auto makers on Tuesday re- tive Ben Baldanza, an architect printing out a boarding pass
Galpin Ford in North Hills, Please see CARS page B2 of its ultralow-cost business at an airport kiosk.
LARRY MACDOUGAL/ASSOCIATED PRESS
Calif., on Black Friday to buy model, after a period of rapid Mr. Baldanza made humor-
the first new car of his life. expansion for the upstart car- ous videos to explain Spirit’s
He drove away Market Move rier, which reshaped the U.S. “Bare Fare,” the idea of a
ANALYSIS in a black Mus- The share of new light-vehicle airline industry but, more re- “stripped-down naked fare”
tang coupe, one buyers is shifting to younger cently, has sparked investor without such perks as as-
of the hottest generations. concerns that have battered signed seating, free carry-ons
models in U.S. showrooms. its stock. in the overhead bin or even
The 27-year-old’s $31,000 40% Birth years Spirit on Tuesday named complimentary water. And he
purchase is as much about effi- 1946-64 Robert Fornaro, an industry has been unapologetic about
ciently traversing Point A to veteran who joined its board the fact that many travelers
Point B as it is about taking a 30 in 2014, as its new president Spirit’s ‘Bare Fare’ forgoes assigned seating, complimentary water. never go back to the carrier
joy ride. The car’s four-cylinder 1977-94 and CEO. Mr. Fornaro, 63 after their first experience.
turbo can achieve 31 miles per 1965-76 years old, previously held se- succession plan,” and that he make either executive avail- Despite that, Spirit has
gallon on the mountain high- 20 nior roles at two big, full-ser- believed Mr. Fornaro was “the able to comment. been highly profitable since its
ways he travels for a job—food vice airlines, and later was right choice to lead the com- Mr. Baldanza, who started 2011 initial public offering. Net
and beverage manager in the CEO at AirTran Airways, over- pany through its next phase of in the industry in 1986 at profit in the nine months
hotel industry—that has him 10 seeing its sale to Southwest growth.” American Airlines Group Inc. through September grew 43%
Before
driving thousands of miles a 1945 Airlines Co. in 2011. Mr. Baldanza, 54, said he and worked at five other carri- from a year earlier to $242.8
month. Mr. Baldanza, who has led recently moved his family to ers before arriving at Spirit in million, while revenue rose 11%
“I love driving,” Mr. How- 0 1995+ Spirit since 2006, said in a the Washington area The air- 2005, has been the public face to $1.6 billion.
ard said, noting his peers are 2010 ’11 ’12 ’13 ’14 ’15* statement from the company line is based in Miramar, Fla. of the Spirit’s transformation Its 29% return on invested
the same way. The best man *Through Nov. that he and the board “con- A Spirit spokesman de- into a more extreme version of capital for the 12 months
at Mr. Howard’s recent wed- Source: J.D. Power cluded that this is the right clined to elaborate on the rea- a discount airline. It offers ended in September was far
ding bought a new Lexus se- THE WALL STREET JOURNAL. time to implement an orderly sons for the CEO change or to cut-rate fares but less passen- Please see SPIRIT page B4
B2 | Wednesday, January 6, 2016 * **** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES BUSINESS NEWS

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A
AbbVie.......................C12
Accenture....................B4
Alibaba Group Holding
Google ......................... B5
H
Hennes & Mauritz ...... C6
Pittsburgh Steelers....D4
Procter & Gamble ....... C2
Putnam Bridge Funding
..................................... C8
Shipping Lines Set to Sail to Iran
Home Depot................C6 BY ROBBIE WHELAN
...................................A12 Hon Hai Precision Q
Alphabet......................B5 Industry.....................B1 Qualcomm...................B3
Amazon.com ............... B4 HSBC Bank..................B4
Some of the world’s largest
R
American Airlines.......B1 HTC..............................B5 container shipping lines are
Anheuser-Busch InBev Rare Recruitment.......B4 planning to stop in Iran for the
Hudson Bay.................C6
..................................... C2 Ryanair Holdings ........ B4
I first time in years after the
A.P. Moeller Maersk...B2 S
Apple...............B1,B6,C12 Iliad..............................B2 lifting of sanctions, marking a
SABMiller....................C2
Atheer ......................... B5 J key step in the country’s re-
Sanofi..........................B3
B J.C. Penney..................C6 Savills Fund turn to international markets.
Bank of America.........B4 Johnson & Johnson...C12 Management.............C9 Last Thursday, Mediterra-
Barclays.......................A2 J.P. Morgan Chase.A5,C3 Sirius XM Holdings .... B3 nean Shipping Co., the sec-
Bausch & Lomb...........B1 K Smith & Wesson ond-largest shipping line by
Blackstone Group ....... B4 Holding ................ A3,C4 volume, discharged 300 con-
KCG Holdings .............. C3
BlueCrest Capital Sonic............................B3
KKR..............................B4
Sony.............................B5
tainers filled with food and
Management.............C3 Korea Investment.......C9
Bouygues.....................B2 Southwest Airlines .... B1 agricultural commodities at
KPMG .......................... B4 the port in the southern Ira-
Brookfield Property Spirit Airlines ............. B1
L nian city of Bandar Abbas. It
Partners .................... C9 T
C Levenson Group..........B4 was the first time one of the
Taubman Centers........C6
Liongate Capital Swiss company’s vessels had
Carly Fiorina ............... A4 Third Avenue
Management.............C3
Caterpillar ................... B5 Lumos Labs.................B3
Management.............C2 called at an Iranian port since
Citigroup ..................... A5 Toyota Motor..............A2 2012, according to an MSC
CMA CGM....................B2 M TrueCar........................A2
spokeswoman.
Compose......................B4 Magic Leap..................B5 21st Century Fox........B5
Credit Suisse...............B4 MannKind....................B3 Tyco International ...... B1 CMA CGM SA, the third-
PATRICK T. FALLON/BLOOMBERG NEWS

Mattel ......................... D3 U largest line, also has begun ser-
D
McCormack Baron vice to Iran, a spokesman said.
DDR..............................C6 Uber Technologies......A2
Salazar ...................... C6 MSC’s stop, on a round trip
Delta Air Lines ........... B4 McKinsey.....................B4 V
Deutsche Bank............B4 between China and the Middle
Mediterranean Shipping Valeant Pharmaceuticals
Dow Chemical.............B1 .....................................B2 International.............B1
East, was an early indication
DuPont ........................ B1 Merck.........................C12 Vanguard Group..........C1 of how July’s nuclear deal is
E Microsoft..........B3,B4,B5 Velodyne Acoustics .... B5 giving Iran’s economy a boost.
Eli Lilly & ............. B3,C12 Morgan Reed Group....C8 Verizon Communications Iran agreed last summer to
F Morgan Stanley .......... C1 .....................................A1 curb its nuclear development
N-O Virtu Financial ............ C3 activities, addressing Western
Facebook................B4,B5
Visa..............................C2
Fitbit..........................C12 Nestlé..........................B4
Visa Europe.................C2
concerns that it sought to pro- Mediterranean Shipping plans to include Iran in its 16-stop service. Above, an MSC ship in Los Angeles.
Ford Motor ....... A2,B5,C2 Netflix.........................B4 duce nuclear weapons. In ex-
Vivendi ........................ B2
Fortress Investment Nevsky Capital............C3
Volkswagen.................B3 change, the country was to get global shipping association Other large carriers plan to 579,000 TEUs by 2020, and
Group.........................C3 News Corp...................B5
Foxconn Technology....B1 Nike.............................B3 W relief from sanctions that have Bimco. visit Iran as well. was discussing resuscitating a
Frontier Airlines ......... B4 Nordstrom...................C6 Wal-Mart Stores.........C6 crippled its economy. Mr. Jensen said he expects French shipping line CMA shipping alliance with India
G Numericable-SFR........B2 Walt Disney ................ C2 “With sanctions gone, ev- growth in Iran’s container CGM resumed calling at Bandar that has been dormant since
GapJumpers................B4
Orange.........................B2 Y eryone expects there to be shipping industry to be slow Abbas on Aug. 6, sending a 2013 because of sanctions.
General Motors.....A2,B5 P Yahoo...........................B4 quite a surge for containerized at first. 13,000-TEU ship to the Iranian State media also have re-
Gilead Sciences...........C2 Pfizer.........................C12 Yum Brands.................B3 goods,” said Lars Jensen, chief Since the sanctions took port as part of its China India ported that the country is pur-
executive of SeaIntelligence hold, large carriers have deliv- Middle East Express service, a suing deals with foreign inves-
INDEX TO PEOPLE Consulting in Copenhagen.

“They see this as a national
strategic area for them.
ered goods destined for Iran
to nearby ports in Oman and
the United Arab Emirates,
spokesman said.
Executives with Danish con-
glomerate A.P. Moeller Mae-
tors to improve port
infrastructure in the country.
As of now, Bandar Abbas is
B J-K Platt, Mike .................. C3 There’s an overall sense of where smaller vessels picked rsk A/S, which includes Mae- the only port in Iran that can
Baldanza, Ben.............B1 Jackson, Fiona ............ B2 R great optimism about con- them up for the final leg of rsk Line, the world’s largest handle large container ships of
Barnes, Nick................C3 Jensen, Lars................B2 Rosiello, Robert..........B1 tainer shipping in the region.” the journey. Carriers have lit- marine carrier, visited Iran in 8,000 TEUs or more.
Becker, Helane............B4 Jiwei, Lou....................C2 Roth, Lisa....................D2
Bergstrom, John.........A2 Kellen, Ari...................B1
Western sanctions cut Iran tle incentive to adjust their recent days to discuss poten- Most shipments passing
Rubin, Karen...............B4 off from global payment sys- routes immediately, Mr. Jen- tial projects, a spokeswoman through the country’s ports
Bliss, Keith..................C4 Kesey, Ken...................C8
Breen, Edward ............ B1 S tems and prevented major in- sen said. said. She added that any deci- likely will be imports, said Pe-
L
C Sakwa, Steve..............C6 surers from covering ship- MSC plans to include Ban- sions regarding transportation ter Sand, Bimco’s chief ship-
LaMonte, Mark............C2
Schiller, Howard ......... B1 ments, severely hampering dar Abbas in its 16-stop New would need to wait for the re- ping analyst.
Carter, Bob..................A2 LaNeve, Mark ............. A2
Chai-Onn, Robert........B1 Lerner, Aline ............... B4 T trade. Many shipping lines Falcon service, which runs peal of sanctions. “It’s difficult to see contain-
Colon, Fabiola..............C6 Li Hui...........................C2 Taubman, Robert ........ C6 found it too risky to include from China, through Singapore Maersk Line hasn’t had a erized exports going from Iran
D Liveris, Andrew...........B1 Taubman, William.......C6 the country in routes. and Sri Lanka to Iran, visits significant presence in Iran for to Europe beyond some per-
Dimon, James ............. C1 M Taylor, Martin ............. C3
Between 2011 and 2015, the U.A.E. and India, and re- at least a decade, a spokesman ishable goods,” Mr. Sand said.
Domenech, Diana........C6 Mansour, Paul.............C3 Tuvey, Jason................C4
container traffic through Iran turns to China every 21 days. for the carrier said. “There’s not a manufacturing
Drahi, Patrick..............B2 Mark Fields.................B5 W-Y-Z
Marvel, Lucilla.............C8 fell by nearly half, from “Iran is really only opening Iran’s state-owned Islamic industry in Iran capable of
F-G Williams, John............C1
Mayer, Marissa...........B4 Winzer, Carlos ............ B2
roughly 5 million 20-foot up, and as things progress, Republic of Iran Shipping providing goods for Europe or
Fornaro, Robert...........B1
Freddo, Paul ................ C6 O-P Yuming Ying................C2 equivalent units, or TEUs—a volumes should increase,” said Lines, or IRISL, said in October the U.S.”
Gardner, H. McIntyre..B4 O'Leary, Michael.........B4 Zhu Chaoping..............C2 common shipping measure—to Fiona Jackson, an MSC spokes- that it was seeking to expand —Asa Fitch
Golden, Russell G ....... C2 Pearson, Michael........B1 Zuckerberg, Mark ....... B4 about 2.8 million, according to woman. “It’s baby steps.” its fleet of container ships by contributed to this article.
CARS Orange, Bouygues Confirm Talks

BY INTI LANDAURO ment to any particular pre- and Bouygues ended modestly
Continued from the prior page AND SAM SCHECHNER defined outcome,” Orange said. higher—up 0.72% and 0.39%,
ported the highest annual A deal would help France’s respectively—shares of cable
sales volume in the industry’s PARIS—Telecom operator telecom operators recover from and mobile-telecom operator
125-year history, indicating Orange SA confirmed it is a yearslong price war stemming Numéricable-SFR SA soared
America’s affair with the auto- holding preliminary talks to from the rise of a fourth mobile 12% and Iliad gained 2.7%.
mobile is as potent as ever. buy the telecom assets of operator owned by Iliad SA. Antitrust authorities could
With average vehicle ages at French conglomerate Bouygues Bouygues Telecom suffered require Orange, France’s big-
record highs, loans relatively SA, in an attempt to consoli- the most from the price war, gest operator, and Bouygues
cheap and gasoline prices at date France’s cutthroat broad- because it had a larger staff Telecom, the market’s No. 3, to
six-year lows, most analysts band and mobile industries. relative to its subscriber base. dispose of significant assets as
and dealers expect 2016 to be The two companies said The increased competition a condition of approving any
even better and many have Tuesday they had signed a con- also hurt rival SFR, leading deal between them, analysts
backed off their expectation fidentiality agreement. The then-owner Vivendi SA to em- say. And such sales would
MARIO ANZUONI/REUTERS
for plateauing in 2017. move paves the way for them to bark on a spree of asset sales present a good opportunity for
Before calling the current exchange crucial financial infor- that eventually led to SFR’s Iliad and Numéricable-SFR to
environment an abnormal mation to assess a possible deal, purchase by cable magnate bulk up, said Moody’s telecom
blip built on abnormal fac- intensifying preliminary talks Patrick Drahi. analysts Carlos Winzer.
tors, consider Mr. Howard. that a person familiar with the French telecom stocks rose Orange and Bouygues,
The Californian is at the matter says started in October. Tuesday on hopes that an Or- whose businesses range from
heart of the debate captivat- The average age of a new-car owner fell in 2015, J.D. Power said, “These discussions aren’t ange-Bouygues Telecom deal media to construction, didn’t
ing an auto industry increas- to 48 years old from 49. Above, a car lot in California last month. limited by any particular cal- would ease competition and provide any estimates valuing
ingly convinced that young endar, and hold no commit- bolster prices. While Orange a potential deal.
people are going to give up she noted that once-upon-a- news conference, Mr. Nas-
on conventional cars, partic- time youngsters raced to buy ser’s successor Bill Ford was
ularly on America’s coasts.
Mr. Howard said he isn’t a
candidate for ride sharing or
shuttling services like Uber
cars because that was the
ticket to independence and be-
ing with friends. Today, texting
apps and social media satisfy
asked why Wall Street didn’t
seem to value the back-to-
the-basics approach he had
introduced when taking over.
TYCO curred,” Mr. Lynch said.
Connectivity’s stock lan-
guished following the
move, owing partly to the auto
ADT has an industry-lead-
ing 25% share of the home se-
curity market in the U.S. and
Canada, but has faltered since
Technologies Inc. Buying his that need. Mr. Ford joked that some eq- Continued from the prior page industry’s collapse, but is up its 2012 spinoff, owing partly
first used car at 14 and fixing In 2010, as the industry uity analysts “wouldn’t know electronics businesses, recalled a 71% since the start of 2013. to high costs to acquire cus-
it up in the two years before was rebounding from one of a car if it ran them over. former Tyco executive. Four years after the initial tomers and new competition
he could drive, he feels one of the worst years in the post- Some live in New York and The medical business, which spinoff, Tyco said it planned to from cable TV and phone ser-
the few places to “release your war era, J.D. Power estimates don’t ever drive a vehicle.” would become Covidien, was split off ADT security and its vice providers. Its shares are
mind” is behind the wheel. those born between 1977 and Mark Fields, Ford’s CEO Tyco’s most profitable unit. Tyco business selling valves and down 13% since their debut.
The data suggest a lot of 1994 (the firm considers for the past 18 months, is Electronics, a components manu- pipes. ADT recently entered the
people feel the same way them Gen Y) made up only showing flashes of being as facturer that became TE Connec- To groom executives to run commercial-building security
even if escalating student- 17% of sales, or 1.6 million much a disciple of Mr. Nas- tivity Ltd., generated the most them, Mr. Breen devised a six- market, competing with Tyco,
debt levels and migration to vehicles. Five years later, ser as of Mr. Ford or Alan revenue. month training program, em- its former parent. ADT de-
urban city centers are some- that number has grown to Mulally, hired in 2006 to Mr. Breen argued at the phasizing compliance with reg- clined to comment.
what delaying new-car pur- 28% of sales, or 3.3 million steer the auto maker past time that separation would ulatory requirements and Tyco performed well imme-
chases among people under vehicles. The impact of baby bankruptcy by focusing on help the businesses thrive. For managing relations with inves- diately after the last breakup,
40. Wall Street, however, is boomers and Gen Xers on in- the core business of selling example, Covidien, which man- tors and board members, re- its stock beating the broader
giving a lot more credit to dustry volume has flat lined mass-market vehicles. Mr. ufactured pharmaceuticals, su- called Laurie Siegel, Tyco’s market during its first two
companies doing everything or fallen back during that Fields says Ford needs to tures, surgical instruments, then senior vice president of years of trading. But its shares
but selling cars, and Detroit same period. “have one foot in today, one and other items for operating human resources. “We even fell 27% in 2015 amid slowing
is forced to respond. The average age of a new foot in tomorrow” and has rooms, needed independence went into things like how to do revenue growth. Its 2016 sales
General Motors Co. is in- car owner fell in 2015, J.D. authorized a series of ex- to invest in research and de- succession planning with a and profit guidance lagged be-
vesting $500 million into Lyft Power said, to 48 years old periments to compliment velopment, and to attract spe- board,” she said. hind analysts’ expectations.
Inc., an Uber Technologies from 49. Ford’s core. cialized employees wary of Mr. Breen says he tried to Despite more challenging
Inc. rival that offers a ride- Still, auto makers—frus- Investors expect Detroit to joining a manufacturing con- be clear with employees about business conditions, corporate
hailing service and gathers trated with stagnant stock find new revenue streams glomerate. their aspirations and pros- breakups such as Tyco’s that
millions of data points every prices—are pursuing ways to even if the path to profitabil- The spinoffs began trading pects, and stepped back while create focused companies re-
day on driving behavior, and get into the business of of- ity of these new ventures in 2007. Covidien’s stock price senior managers handled por- main popular with investors.
that information could help fering alternative forms of isn’t obvious. Uber and Tesla soared more than 170% tions of earnings calls to ex- Jack Krol, a retired DuPont
pave the way for autonomous mobility with the same vigor Motors Inc., two companies through early 2015, when it plain plans for their proposed CEO who was Tyco’s lead inde-
cars. Its co-founder, John that they went after fuel-cell with a fraction of the reve- was acquired by medical-de- new units. “People were ner- pendent director during much
Zimmer, has said he under- technology 15 years ago and, nue of what the Motor City vice maker Medtronic Inc. for vous,” Mr. Breen said in the in- of the Breen era, expects Mr.
stands the passions behind more recently, electric cars. generates, have far more at- $42.9 billion in cash and stock. terview, but “that process Breen to follow the same
car buying, but said in an in- In the early 2000s, the tractive valuations because, Thomas Lynch, TE Connec- worked very well for us.” breakup playbook at DowDu-
terview earlier this year “I last time auto sales set a re- as Mr. Fields puts it, they are tivity’s CEO since its split, Tyco ended up merg- Pont.
just don’t see the younger cord, then-Ford Motor Co. seen as the real growth com- credits Mr. Breen with identifying the pipes-and-valves busi- “He will send [the compa-
generation putting as much CEO Jacques Nasser invested panies, and the numbers ing executives and board ness with Pentair Ltd. in 2012, nies] out with strong balance
importance on driving.” in a slate of ventures, includ- back him up. Valuations of members for the new compa- giving Tyco shareholders 52.5% sheets and the right kind of
In a recent interview, GM ing e-commerce initiatives Ford and GM have actually nies early on and involving of the resulting company. Pen- people to run them,’’ Mr. Krol
Chief Executive Mary Barra and a Norwegian electric-ve- declined even as the industry them in decisions. tair’s stock rose in the two said. In that way, “they don’t
said the smartphone is one of hicle maker—only to see that sets a blazing pace, reflect- Mr. Breen created trust years after the merger, but fell run into trouble.”
the most important factors strategy entirely unwound ing an educated fear among among the future CEOs, and in 2015 amid weaker sales, par- —Jacob Bunge
driving the company’s decision after he was let go. investors that every boom is avoided surprises. “It was very ticularly in energy, leaving it and Rachel Feintzeig
making. Pulling out her iPhone, A few years later, at a followed by a painful crash. seamless when the split oc- up 15% since the merger. contributed to this article.
THE WALL STREET JOURNAL. * * Wednesday, January 6, 2016 | B3
BUSINESS NEWS
VW Shares Fall in Wake of U.S. Claims

Investors dump auto letter to the Commission, the
European Union’s executive
maker's stock after body, requesting more time, ac-
U.S. seeks penalties of cording to people familiar with
the situation.
up to $45 billion In the U.S., engineers from
Volkswagen and its luxury car
Volkswagen AG shares fell maker Audi AG have met with
on Tuesday amid speculation environmental regulators re-
that a U.S. Justice Department peatedly for months, but have
lawsuit could lead the German failed to agree on how to fix
car maker to pay much higher the tainted vehicles in the
fines than previously expected. country, a fact that the EPA
pointed out as Monday’s civil
By William Boston, complaint was filed.
Aruna Viswanatha U.S. regulators, lawmakers
and Sarah Sloat and consumer advocates have
been outspoken in their de-
The civil lawsuit, which was mand that Volkswagen compen-
PATRICK T. FALLON/BLOOMBERG NEWS

filed on Monday, reaffirms al- sate American consumers to
legations environmental regu- “make their customers whole,”
lators made last year that while in Europe the regulatory
Volkswagen installed “defeat” focus has been almost solely on
devices to dupe emissions making the cars found to con-
tests in 580,000 diesel-pow- tain the defeat-device software
ered vehicles sold in the U.S. compliant with EU emissions
In its complaint, the Justice standards.
Department cited four claims Some industry analysts have
against Volkswagen, two of suggested that Volkswagen
which carry a maximum pen- A U.S. suit against Volkswagen over emissions-cheating raised concerns among investors. Above, a Golf being tested in September. could possibly get off cheaper if
alty of up to $37,500 per vehi- it just bought back all the
cle. A third penalty carries a civil suits in the U.S. stressed the judge to levy penalties for law professor at the University its negotiations with U.S. envi- tainted cars in the U.S.
maximum of $3,750 a car, and that the ultimate fines that those violations, and cites the of Richmond. “Most of this is ronment regulators. One analyst suggested this
a fourth is a maximum of Volkswagen may be forced to limits set under the statute. going to settle out at a lower Volkswagen has presented a would cost the company around
$37,500 per day of violation, pay likely would be much lower Raising the specter of such figure whatever that is, so I fix to millions of tainted cars in $6 billion in total, well below
which in total would be just than the maximum. huge fines may be a tactical don’t think we are ever going Europe, a relatively minor the potential fines that the
over $45 billion. “Few courts will give more move on the part of U.S. inves- to see this come before a hardware fix and software up- company now faces.
Some analysts miscalculated than passing reference to this tigators to force Volkswagen to judge.” date that was approved late The Justice Department law-
that fines could have gone as number,” said Matthew Morri- come up with a fix for the Even if the case progresses last year by Germany’s motor suit is part of a civil case, but
high as $80 billion, initially son, a former Justice Depart- tainted vehicles that is satisfac- to that stage in court, the judge vehicle regulator. prosecutors are also investigat-
sending Volkswagen’s shares ment and EPA enforcement tory to U.S. authorities and will consider a host of factors But it also missed a year-end ing Volkswagen for potential
tumbling in early Frankfurt lawyer. “It will rarely be a good consumers and to settle the in setting a penalty, including deadline to provide the Euro- criminal charges. Barbara Mc-
trading. However, they later re- indicator of what the final pen- case, analysts said. what kind of profit or market pean Commission with full dis- Quade, the U.S. attorney in De-
traced some of the loss to end alty will be.” “I think what the complaint share the company gained by closure of vehicles that under- troit, said Monday’s complaint
the day down nearly 4% to The Justice Department was meant to do was to get selling the cars. The final deci- stated greenhouse-gas marks only the “first stage” of
€121.40, or $130.52, on the doesn’t describe a specific total VW’s attention and get a fix or sion, however, could ultimately emissions. As the deadline ap- the government’s efforts.
Frankfurt exchange. for the penalties it is seeking substantially move along to a depend on whether Volkswagen proached just before New —Gabriele Steinhauser
Experts familiar with such through the lawsuit, but asks solution,” said Carl Tobias, a becomes more cooperative in Year’s Eve, Volkswagen sent a contributed to this article.
ChinaAsks MannKind, Sanofi End Diabetes Drug Deal

Microsoft BY LISA BEILFUSS have dropped 76%, including
Tuesday’s decline.
tial sale.
The company struck the
down as CEO in November.
The abandoned partnership
derpins the challenges phar-
maceutical makers face in
AboutData MannKind Corp. on Tues-

day announced the termina-
tion of its licensing pact with
The company said it would
begin transition talks with
French drug maker Sanofi to
marketing deal with Sanofi in
August 2014.
In its most recent quarterly
is the latest flop for inhaled
insulins. In 2007, Pfizer Inc.
pulled its product Exubera due
trying to replace chemical-
based medicines whose patent
protections are expiring.
‘Problems’ Sanofi-Aventis in the U.S. for

the development and sale of
its inhaled insulin product Afr-
return Afrezza to MannKind
during the next three to six
months, with the termination
earnings call with analysts and
investors, then-Chief Executive
Hakan Edstrom said MannKind
to disappointing sales, par-
tially the result of concerns
among doctors about its long-
In the case of inhaled insu-
lin, the endeavor is costly as
inhalers use much more insulin
BEIJING—Chinese officials ezza and signaled that it effective no later than July 4. was “disappointed with the term safety, costing the com- than syringes because less of
have asked Microsoft Corp. to might look to sell the drug. As a result of the quashed growth of Afrezza sales during pany about $2.8 billion. Sanofi the drug makes it into the
explain “major problems” in MannKind’s shares tumbled deal, MannKind said it is re- the first nine months of the was involved with the rollout bloodstream. At the same time,
digital data the U.S. software 48% to 74.76 cents in New viewing its strategic options year,” pointing to insurance re- of Exubera. doctors have expressed con-
company had provided as part York trading Tuesday. Over for Afrezza. Such evaluations imbursement issues and slow The disappointing perfor- cerns about the impact inhaled
of a continuing probe into its the past three months, they typically include a full or par- uptake. Mr. Edstrom stepped mance of inhaled insulins un- insulin has on a patient’s lungs.
sales and marketing practices
in the country.
In a statement dated Tues-
Lilly Offers a Downbeat Outlook for Year
day, China’s State Adminis-
tration for Industry and
Business
Commerce said it asked Mi-
crosoft to explain elements of Watch
the information the agency
had received as part of an an-
titrust investigation it began
over a year ago. The SAIC said
it requested that the company YUM BRANDS
“explain some major problems
with the digital data.”
Executive Chairman
The agency didn’t provide To Depart in May
additional information. Yum Brands Inc. said Execu-
A spokeswoman for Micro- tive Chairman David C. Novak
soft said she didn’t have an plans to retire in May, following
immediate comment. The Red- the fast-food company’s annual
mond, Wash., company has meeting.
previously said it would coop- Yum, the parent company of
FREDERICK FLORIN/AGENCE FRANCE-PRESSE/GETTY IMAGES
erate. KFC, Pizza Hut and Taco Bell,

The disclosure marks the said it plans to name a nonexec-
agency’s first mention of the utive chairman from among the
probe in more than a year. The 14-member board at the annual
purpose of the investigation meeting.
isn’t clear, though previously Mr. Novak, 63 years old,
an SAIC official has said that served as the company’s CEO
authorities were looking at from 1999 until January of last
how Microsoft distributes its year, when he was succeeded by
media player and browser current chief Greg Creed. He has
software in China. been chairman since 2000.
The probe, when disclosed in In prepared remarks on Tues-
2014, came amid growing con- day, Mr. Novak said that as the
cern among foreign companies company targets the separation of
and business groups that Chi- its China business by the end of
nese officials were using the this year, “it is a perfect time for Eli Lilly & Co. on Tuesday issued downbeat guidance for the newly started year, citing in part foreign-exchange headwinds. For the
country’s relatively new antimo- me to complete my retirement.” year ending in December, Lilly projects adjusted per-share earnings of $3.45 to $3.55 a share, short of the $3.65 analysts surveyed by
nopoly law against them. The In October, the Louisville, Ky., Thomson Reuters expected. The company predicts 2016 sales of $20.2 billion to $20.7 billion, up roughly 3% from its expected 2015
law, enacted in 2008, is overseen company said it planned to spin revenue but lower than the $21.36 billion analysts anticipated. Above, a Lilly factory in Fegersheim, France, that produces insulin pens.
by the SAIC and two other agen- off its volatile China business by
cies and has been the basis for the end of 2016. The move was
increasingly aggressive regula- disclosed days after Yum added
tion by Chinese officials. activist investor Keith A. Meister Lumosity simply did not have at established locations increas- with 29.6 million subscribers, or NIKE
Examples of its enforcement to its board. Mr. Meister had the science to back up its ads.” ing 2% to 4%. 2.3 million more than in the year
during the past two years in- called for such a change, though Under the settlement, Lumos For the period ended Nov. 30, earlier. The company had pro-
University of Oregon
clude a nearly $1 billion fine im- Yum said it has been reviewing Labs didn’t admit or deny the alle- Sonic reported a profit of $12.5 jected 2 million more subscribers. Receives Pledge
posed on Qualcomm Inc., as well its strategic options in China gations. “Neither the action nor million, or 24 cents a share, up For 2016, Sirius XM said it Nike Inc. has pledged $13.5
as other fines levied on compa- since last year. the settlement pertains to the from $10.1 million, or 18 cents a expects to add about 1.4 million million toward renovations of
nies including eye-care providers —Tess Stynes rigor of our research or the quality share, a year earlier. The company subscribers. That would give the track and field facilities at the Uni-
and milk-product makers. Chi- of the products; it is a reflection of had 6.4% fewer shares outstand- company a total of about 31 mil- versity of Oregon, part of an up-
nese officials have said they LUMOS LABS marketing language that has been ing in the latest period from a lion subscribers, slightly below grade that would facilitate the
would protect the rights of for- discontinued,” Lumos Labs said. year earlier. Sonic has said it plans the 31.3 million expected, on av- venue’s hosting of the 2021 World
eign companies doing business
Lumosity’s Owner Lumos Labs was fined $50 to buy back $126 million worth of erage, by analysts surveyed by Track & Field championships.
in the country. At the same time, Is Fined Over Ads million but will only pay $2 million stock this fiscal year. Revenue FactSet. The world’s largest sportswear
they have cited a growing con- Lumos Labs, the company because of its financial condition. rose 4.3% to $145.8 million. The company also said it maker said it has granted the
sumer class sensitive to price behind brain-training app Lumos- —Austen Hufford Analysts had projected earn- sees 2016 revenue of about $4.9 first of two installments of $6.75
differences and a rising regula- ity, will pay $2 million to the ings of 23 cents a share on billion, in line with the average million to the University of Ore-
tory sophistication as reasons Federal Trade Commission to SONIC $144.4 million in revenue. estimate of analysts polled by gon Foundation, a nonprofit or-
for the increased enforcement. settle allegations it “deceived —Maria Armental Thomson Reuters. ganization overseeing renovations
“It should be expected that consumers with unfounded
Strong Sales Boost As for 2015, Sirius XM said to the school’s Hayward Field.
China, with its large economy, claims” in its advertising. Earnings by 24% SIRIUS XM HOLDINGS Tuesday that it expects to meet Construction is to begin in Au-
will develop into the third leg of “Lumosity preyed on consum- Sonic Corp.’s first-quarter or exceed its guidance for reve- gust, according to the founda-
the global antitrust regime, ers’ fears about age-related cog- profit rose 24% on continued
Subscribers Increase nue, free cash flow and earnings tion’s website and includes a de-
along with the United States and nitive decline, suggesting their strong sales at the fast-food More Than Expected before interest, taxes, deprecia- sign that allows for temporary
the European Union,” said a re- games could stave off memory chain. Sirius XM Holdings Inc. tion and amortization. seating for as many as 30,000
port released by the U.S.-China loss, dementia and even Alzhei- Sonic also affirmed its finan- added more subscribers than ex- The company is scheduled to people, the minimum required for
Business Council, a trade group mer’s disease,” Jessica Rich, di- cial projections for the year that pected in 2015 but said it sees release fourth quarter and full- the world championships. Hay-
of U.S. businesses. rector of the FTC’s Bureau of ends Aug. 31 for per-share profit that growth slowing in 2016. year results next month. ward Field currently seats 10,500.
—Yang Jie Consumer Protection, said. “But improving 16% to 20% and sales Sirius XM said it ended 2015 —Maria Armental —Sara Germano
B4 | Wednesday, January 6, 2016 NY * *** THE WALL STREET JOURNAL.
CAREERS
Why Bosses Are Turning to ‘Blind Hiring’

BY RACHEL FEINTZEIG like Facebook Inc. She strug- comprise the single largest
gled to persuade startups to source of hires for lots of
Compose Inc. asks a lot of consider candidates who had companies, many of which
job applicants. Anyone who gained skills through alterna- offer cash or perks for em-
wants to be hired at the San tive routes, like online ployees who refer friends.
Mateo, Calif., cloud-storage courses. Deloitte LLP’s U.K. arm re-
firm must write a short story “The fact that they had cently started redacting ap-
about data, spend a day these doors closed in their plicants’ schools for about
working on a mock project faces before they could show 1,500 entry-level hires.
and complete an assignment. what they could do was ex- Instead, applicants take a
There is one thing the tremely frustrating,” says battery of tests to measure
company doesn’t ask for: a Ms. Lerner. She quit recruit- skills like numerical reason-
résumé. ing to build Interviewing.io ing and critical thinking,
Compose is among a hand- Inc., a website that pairs in- says Emma Codd, managing
ful of companies trying to terviewers and interviewees partner for talent there. Del-
judge potential hires by their in chat rooms where they are oitte does review applicants’
abilities, not their résumés. encouraged to talk but not school exam results, but
So-called “blind hiring” re- share names. She is consid- those results are put into
dacts information like a per- ering adding a voice-masking context by a company called
son’s name or alma mater, so feature for an extra layer of Rare Recruitment Ltd. that
that hiring managers form anonymity. So far, some can show, for example,
opinions based only on that startups and individuals at whether a student with an
person’s work. large companies are using average score overall out-
In other cases, companies the program, she says. shone peers at her school.
invite job candidates to per- Paul McEnany, the chief “We’re making sure the
form a challenge—writing a product officer at Dallas- playing field is truly level,”
software program, say—and based advertising firm Lev- says Ms. Codd.
bring the top performers in enson Group, worked with Later this year, Deloitte,
ALEX NABAUM
for interviews or, eventually, the company GapJumpers along with other organiza-
job offers. Inc. to design a blind auditions in the U.K. like HSBC
Bosses say blind hiring re- tion process for hiring a ju- Bank PLC, KPMG UK LLP and
veals true talents and results nior copywriter last summer. the British Broadcasting
in more diverse hires. And Levenson asked candidates
the notion that career suc- ing to the CEO. and employees. Some candi- that information like a per- to create an Instagram cam-
cess could stem from what So the company, which dates have refused to apply, son’s name can affect how paign for a Texas vodka
Some are trying to
you know, and not who you was acquired by Interna- saying they are unwilling to they’re viewed and subtly brand. Out of some 50 appli- judge potential hires
know, is a tantalizing one. tional Business Machines work for free. People still prompt managers to make cants, the company found
But it can be tough to con- Corp. last year, added an send over résumés, but Mr. unfair decisions. Kendall Madden, a recent
by their abilities,
ceal a person’s identity for anonymous sample project to Mackey says he doesn’t look A 2012 study in the Pro- college graduate who had not their résumés.
long. the hiring process. Prospec- at them. ceedings of the National neither studied marketing
Kurt Mackey, Compose’s tive hires spend about four The sample projects have Academy of Sciences found nor interned at major ad
chief executive, realized his to six hours performing a unearthed hires who have that faculty members rating agencies. Her campaign, Corp., will remove candi-
managers tended to pick task similar to what they turned out to be top per- lab manager applications which featured hands dates’ names from some job
hires based on whom they would do at Compose—writ- formers, says Mr. Mackey. deemed a male candidate stretched out toward drinks applications, though Deloitte
connected with personally, or ing a marketing blog post for An IBM spokesman says more worthy of being hired and took some 12 to 16 hours hasn’t yet figured out how it
those with name-brand em- a technical product, for ex- its managers are also experi- than a woman with identical to create, stood out. will work.
ployers like Google Inc. on ample. menting with similar ap- credentials. Had the company just “It’s going to be very diffi-
their résumés—factors that There have been some hic- proaches. Many kinds of biases can looked at her résumé, “I’m cult,” Ms. Codd says, ac-
had little bearing on job per- cups. Candidates couldn’t re- Rising interest in anony- derail careers. During her not even certain we would knowledging that a person’s
formance, he says. sist writing their names on mous hiring reflects the years as a tech-industry re- have interviewed her in the gender and ethnicity will be-
“We were hiring people their work, so employees had growing awareness of uncon- cruiter, Aline Lerner found first place,” Mr. McEnany come obvious after initial in-
who were more fun for us to to program the test’s soft- scious bias, attitudes or ste- firms ignored talented tech- says. terviews and screens. “I can’t
talk to,” says Mr. Mackey. ware to strip them out. And reotypes that affect deci- nologists if they lacked de- To be sure, personal con- imagine how you’re going to
Trouble was, they were often the samples are time-con- sions. Research on grees from elite schools or nections remain a powerful do the interview without re-
a poor fit for the job, accord- suming for both applicants unconscious bias has shown experience with tech giants force in hiring. Referrals ferring to someone’s name.”
Family-Leave Plans Improve, but Still a Long Way to Go

BY RACHEL EMMA SILVERMAN trend will continue in 2016, as leaves—and what happens resources leaders say. months of paid leave the com- more diversified workforce.
companies court millennial em- when they return to the office. To ease workers’ qualms pany offers to all employees. Only about 13% of workers
Big changes at blue-chip ployees who are beginning to “It’s one thing to offer a about taking long leaves, KKR, Yahoo Inc. chief Marissa have access to paid family
companies last year changed start families and seeking roles benefit, but if employees feel Credit Suisse and others are Mayer said she would take only leave, according to Bureau of
life for a lot of new parents, but that allow greater flexibility. like they can’t take advantage introducing parental-leave a “limited time away” following Labor Statistics data and the
there is still a long way to go. Experts also expect to see of it, it’s not doing them any coaching to train both parents the birth of her twins in De- U.S. remains one of few coun-
Amazon.com Inc., Micro- more workers thinking beyond good,” says Karen Rubin, man- and managers as to how to cember. Her decision has been tries not to mandate paid
soft Corp., Accenture, Netflix leave, figuring out ways em- aging director, North America, handle monthslong leaves. criticized by some, but she may leave for mothers.
Inc., Blackstone Group LP, ployees can balance the de- of Talking Talent, which pro- Company executives and have had little choice as Yahoo Washington, D.C., is weighing
Nestlé SA and others have ex- mands of work and family af- vides coaching to firms such bosses must set the tone by goes through a critical period one of the most generous fam-
panded paid leave for new par- ter they return to the job. as Deutsche Bank, Bank of applauding or promoting em- where it is considering a sale of ily-leave measure in the coun-
ents and added benefits such Accenture allows new parents America and McKinsey & Co. ployees who take leaves, or by its core businesses. try, which would require em-
as shipping breast milk and to cut back on business travel on family leave transitions. taking significant leaves them- Under Ms. Mayer, however, ployers to offer 16 weeks of
paying for family nannies to during that first year, and pri- Some firms, such as Credit selves, say work-and-family the company expanded paid paid leave to care for a newborn
travel with employees on busi- vate-equity firm KKR & Co. Suisse are using data analytics experts and HR consultants. leave to as much as 16 weeks. or sick family member. The bill,
ness trips. and investment bank Credit to carefully track whether Facebook Inc. founder and As of now, most companies however, faces opposition from
At Netflix, employees can Suisse Group AG now pay for changes to its leave policy chief executive Mark Zucker- pumping up parental benefits some businesses that contend a
take up to a year of paid leave infants and child care provid- have an impact when it comes berg won plaudits after an- are in fields such as technol- mandate would be burdensome.
to care for a child, while Ama- ers to travel with new parents to retaining and hiring nouncing he would take a two- ogy and finance, where the Paid-leave laws are float-
zon also increased time off for who have to be on the road. women. Returning from a ma- month paternity leave following fight for talent is fierce and ing around Congress and the
fathers and adoptive parents, The big question in 2016 ternity leave is a turning point the birth of his daughter late where women are underrepre- issue is a centerpiece of Dem-
in addition to birth mothers. will be whether new parents that often results in attrition last year, a long time for a chief sented. Less progress is being ocratic presidential candi-
Benefits experts say that will take those extended for female employees, human executive but less than the four made in companies with a dates’ platforms.
SPIRIT Cabin Pressure

ADVERTISEMENT sitions, which she said could
Career Opportunities
Spirit financial data for first nine be helpful if there is further
months of 2015, and a year-over- consolidation in the industry.
year comparison Separately Tuesday, most
To advertise: 800-366-3975 or WSJ.com/classifieds Continued from page B1 U.S. airlines raised their do-
above the industry average. Revenue: $1.62 billion, mestic one-way fares by $3,
CAREERS CAREERS CAREERS Last year, however, as Spirit up 11% the first ticket-price increase
continued its relentless since last June, according to
growth—its capacity jumped Net income: $242.8 million, J.P. Morgan Chase & Co. Delta

nearly 30% from a year earlier up 43% Air Lines Inc. led the move,
in the January-to-September but Southwest’s participation

(

period—some of the nation’s Capacity: Up 30% apparently sealed the deal for

largest airlines began to notice most of the rest of the indus-

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Stock Market Arbitration Firm
Looking for Sales People,
Future Chief change. planes to lessors. at the time he wanted to go
;;99 < 6# = ) In a recent interview, Mr. She said slowed growth from “cheap and nasty” to of-
&> ?.@.A # 7*3 Favorable Commission, To place your ad, contact us at:
6 1 + 2) (800) 366-3975 or
Baldanza said that sharply “would be well received by the fering good value. The effort
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Be your own Boss. lower fuel prices “make it market, as it would enable appears to have succeeded.
sales.careers@wsj.com
Call 877-786-2520 more profitable for all airlines current markets to mature.” Ryanair’s profits are up dra-
btw the hours of 11-6 © 2016 Dow Jones & Company, Inc.
All Rights Reserved. to sell lower fares and fill She also pointed to the CEO’s matically, and its stock hit a
more seats.” He said American history of mergers and acqui- record in November.
THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | B5
TECHNOLOGY @wsjd | wsjd.com
Augmented Reality Draws

Respect From Investors
BY JACK NICAS glasses can show a patient’s consumers, last month filed
vital signs to a surgeon or tell documents that said it was
Virtual reality gets the a warehouse worker which seeking as much as $827 mil-
buzz, but its less-immersive boxes need to be moved. Os- lion in funding. That could
cousin—augmented reality— terhout Design said Caterpil- value it at roughly $3.7 billion,
also is attracting investment lar Inc. is testing its glasses the documents say.
and spawning new products. for mechanics repairing con- Millions of consumers are
Two small Silicon Valley struction equipment. Atheer expected to try virtual reality
companies are releasing elec- says engineers who build mis- this year on headsets sched-
tronic glasses siles are testing its glasses. uled to be released in coming
that show Google is remaking its Glass months by Sony Corp., HTC
workers a devices for commercial cus- Corp. and Facebook Inc.’s Ocu-
digital display tomers, after it discontinued lus unit.
in their field the consumer version last Augmented reality, how-
of view. They year. Microsoft says it will ever, is likely still years away
are getting a first target business and gov- from widespread adoption—in
slight jump on similar aug- ernment users, including U.S. part because the technology is
ETHAN MILLER/GETTY IMAGES

mented-reality devices from astronauts, with its HoloLens more challenging.
Microsoft Corp. and Google headset, which is expected to Virtual reality immerses us-
parent Alphabet Inc. ship to developers this quarter ers in experiences that appear
Entertainment giant 21st for $3,000 each. to be all around them, gener-
Century Fox Inc. said Tuesday The 21st Century Fox invest- ally by tapping into smart-
that it bought an undisclosed ment shows interest in con- phones, game consoles or
stake in one of the augmented- sumer uses of augmented-reality high-end computers.
reality firms, Osterhout Design devices as well. Until mid-2013, Augmented-reality glasses
Group, to push “the film expe- Fox was part of Wall Street are typically stand-alone de- Ford’s Mark Fields at the Consumer Electronics Show. The firm will use a lidar sensor from Velodyne.
rience into the future.” Journal parent News Corp. vices, with less computing
San Francisco-based Oster-
hout Design last month began
shipping $2,750 headsets that
how
A recent demo illustrated
Osterhout Design’s
glasses can show a slightly
power and shorter battery life,
which are important consider-
ations in keeping the devices
Ford Accelerates Its Mobility Push
resemble sunglasses and dis- transparent 65-inch screen lightweight and affordable. BY MIKE RAMSEY “Ford and all industry compet- bilities.”
play partly transparent digital floating about 8 feet away Over time, tech companies itors receive virtually no reve- General Motors Co.
screens. Atheer Inc., of Moun- from the user. Wearers see vi- want the devices to understand LAS VEGAS—Ford Motor nue today” from that sector, said Sunday that it has in-
tain View, Calif., plans by April brant three-dimensional im- the physical world around them Co. Chief Executive Mark he said. vested $500 million in Lyft
to ship $4,000 headsets that ages that aren’t visible to by- to provide users with relevant Fields said the company Comparatively, new-vehicle Inc., the ride-sharing company
resemble ski goggles and can standers and can do so information about their sur- would continue to invest sales generate $2.3 trillion in that is trying to take on indus-
be controlled with waves of without losing track of their roundings. That could include, heavily in its core business revenue annually. try leader Uber Technologies
the hand. surroundings. for instance, showing reviews while it diversifies into While Ford has been run- Inc.
For now, augmented-reality Magic Leap Inc., a Dania when a user looks at a restau- “transportation services” be- ning experiments with mobil- Ford offered few specifics
devices are aimed at business Beach, Fla., startup building rant. That will require far more ginning in 2016. ity services, including ride- about its plan to push into
users. Augmented-reality augmented-reality glasses for sophisticated sensors, software Mr. Fields, speaking at the sharing and pay-by-mile rental mobility services, but said it is
and artificial intelligence. Consumer Electronics Show, vehicles, it hasn’t launched a increasing its resources into
Another hurdle, exposed by said starting this year, “you full-scale effort in the area. autonomous vehicle technol-
the struggles of Google’s first are going to see us change Mr. Fields said the company ogy.
version of Glass: People are pretty dramatically, becoming isn’t interested in becoming a The company is tripling its
loath to wear computers on an auto and mobility com- contract manufacturer for an- fleet of research vehicles run
their faces. Virtual reality ap- pany.” other company, an important autonomously, though the
pears to be skirting this issue “You will see us focus more detail as companies like company didn’t give any time-
because it is used intermit- attention on the transporta- Google Inc. and Apple Inc. line for making an offering for
tently. tion-services sector, even as consider getting into the auto sale.
OSTERHOUT DESIGN GROUP
we maintain our emphasis on industry and may be looking Ford will be using a new li-
MORE ON MOBILE our core automotive business,” for partners. dar sensor from Morgan Hill,
he added. Mr. Fields, in responding to Calif.-based Velodyne Acous-
For the latest Mr. Fields said the trans- whether Ford would need to tics that can be hidden in
WSJ
.COM
news and hot
trends from CES
in Las Vegas,
portation-services sector,
which includes buses, cabs and
passenger rail, generates $5.4
form a new subsidiary or com-
pany to make a strategic in-
vestment in ride-sharing, said
side-view mirrors. It would re-
place the clunky spinning sen-
sors found on the roofs of au-
Osterhout’s headsets display partly transparent digital screens. see WSJD.com. trillion in annual revenue. that “we are open to all possi- tonomous cars.
Government Melts Over

270 Million Silver Dollars
THE PLEDGE But collectors get an unexpected second chance
It’s a crime.
Most Americans living today have never held a
hefty, gleaming U.S. silver dollar in their hands.
Where did they go? Well, in 1918, to provide
aid to the British during WWI, the U.S.
government melted down nearly half of
the entire mintage—over 270 million silver
dollars. If all those missing silver dollars
could be stacked, they would tower over
400 miles into the sky! If laid in a chain,
they would span 6,400 miles—enough to
stretch from New York to Los Angeles more
than 21/2 times!
These vanished coins were not just any silver
dollar–they were America’s largest circulated coin,
the beloved Morgan Silver Dollar. Each Morgan
Dollar is struck from nearly an ounce of 90% fine
FR E E
silver and measures a massive 38.1mm in diameter. Actual size
Morgan Silver Dollars were the engine of the is 38.1 mm
American dream for decades. Created by famed
S H IPPIN
ON 3 OR MORG
American coin designer, George T. Morgan, they
feature Lady Liberty’s radiant profile and a majestic
eagle, symbols of American strength and prosperity. E
Since their inception in 1878, they jingled in the
pockets of famous and infamous Americans like Saved from Destruction, but Bound for
John D. Rockefeller and Teddy Roosevelt, and Extinction. It’s been estimated that less than
desperados Jesse James and Al Capone. Today, 15% of all the Morgan Dollars ever minted have
Morgan Silver Dollars are the most collected survived to the present day. And the number grows
coin in America. smaller with each passing year. The 1921 Morgan
Silver Dollar is the last of its kind. But you can get
Lady Liberty takes a Final Bow. Just three years one now before they’re only a memory. Your chance
after the massive meltdown, the government gave to own this legend won’t last long, so get yours
the Morgan Silver Dollar a final chance to shine. today—and at a fantastic value!
If you are ever trapped under a In 1921, facing a serious shortage, the mint struck
ton of rubble, I promise to sniff you out. Morgan Silver Dollars for one more brief, historic SAVE $35 or More! This same coin in About
I promise to be worth every cent of the $10,000 year. Today, the last-ever 1921 Morgan Silver Dollar Uncirculated condition is offered elsewhere for $95.
Photo by Deborah Samuel from PUP, published by Chronicle Books www.chroniclebooks.com
that it took to train me. belongs in the hands of collectors, history buffs, or But today, you can secure your own 1921 Morgan
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THE BEST SOURCE FOR COINS WORLDWIDE™

B6 | Wednesday, January 6, 2016 * *** THE WALL STREET JOURNAL.
TECHNOLOGY
Cab-Hailing Apps Are Thriving in Russia

Gett, Yandex.Taxi and maintained cars tried to make took cabs.
a quick buck. The use of gypsy “A large portion of our us-
Uber make inroads cabs remained popular ers aren’t only those who have
despite protests by through 2000s, though these always used cabs—whether of-
were notoriously unsafe. ten or not—but those who
other taxi drivers “The word ‘taxi’ lost its re- have never used them,” said
spect,” Mr. Krylov said. Yevgeniya Shipova, Uber’s
BY OLGA RAZUMOVSKAYA In 2010, unlicensed opera- Russia spokeswoman.
tors still accounted for But U.S.-based Uber faces an
MOSCOW—Marat Vorokov roughly 80% of the taxi mar- obstacle in Russia that it doesn’t
used to run espresso stands in ket, according to Tigran Khu- face in other markets: a perva-
two Moscow malls and work daverdyan, the head of Yan- sive mood of anti-Americanism,
as a chauffeur, but when the dex.Taxi. encouraged by official propa-
country’s recession hit, he lost Yandex.Taxi, a subsidiary of ganda that depicts the U.S. as
his job and had to shut his Yandex NV, Russia’s most popu- Russia’s main antagonist. Russia
miniature coffee shops. To lar search engine, was the first is under U.S. and Western sanc-
make ends meet, Mr. Vorokov taxi-hailing service to launch in tions following the annexation
now drives for Gett, an Israel- Russia in 2010. Gett and Uber in 2014 of Crimea and interven-
based cab-hailing service that entered the market soon after. tion in Ukraine. Anti-American-
operates in Russia. The impact on illegal cabs was ism has soared in the country,
Gett, along with two other immediate, Mr. Khudaverdyan with 80% to 90% of Russians
popular services, Yandex.Taxi said, adding that the market viewing the U.S. negatively, ac-
ANDREY RUDAKOV/BLOOMBERG
and Uber Technologies Inc., share of gypsy cabs dropped to cording to recent polls.
have formalized the way ordi- 30% by 2015, he said. Drivers for competing com-
nary Russians used to get Rider habits are changing, panies frequently—and pub-
around. Car owners have a too. A recent survey by Krem- licly—complain that Uber is an
long tradition of moonlighting lin-friendly pollster VTsIOM American company out to take
as cabdrivers to make cash. showed that 79% of Russians their jobs. Its rivals complain
But instead of flagging down a have taken a cab more than that the company competes un-
passing car and negotiating a once a month in the past year, fairly, with many Uber drivers
ride, Russians now use their Cab-hailing services have been gaining ridership in Moscow. Above, a Yandex.Taxi vehicle at Red Square. following the arrival of taxi- operating without a taxi license.
smartphones to call for a taxi. hailing apps. Half of the riders Ms. Shipova said the com-
Moscow, the most populous lar form of Moscow public for using taxis has begun to fession,” says Vitaly Krylov, say they take a taxi several pany operates in accordance
city in Russia, has seen robust transport—the Soviet-designed grow, and in the next three to head of Gett in Russia. “Taking a times a month; and 22% hail a with the Russian law and that
competition between ride-hail- subway system—carries 9.7 mil- four years, the market may be taxi was expensive, and taxi car several times a week. Rid- its drivers have required li-
ing services in a market valued lion riders a day. two to three times bigger.” drivers for that reason were ership skews toward the censes.
at an estimated 60 billion rubles “The global taxi market is Ordering a cab was once part of the elite layer of society.” young. According to the sur- Russian drivers who don’t
($854 million). Car-hailing apps growing between 3% and 5% out of reach for most Rus- After the Soviet Union col- vey, 21-to-26-year-olds re- use car-hailing apps often
compete not only with the tradi- per year,” said Shahar Waiser, sians. Official cabs meant long lapsed in 1991, Russia was ported using cabs two to three complain that these services
tional cabs and personal cars, the founder and chief execu- waits and expensive rides. flooded with secondhand cars. times a week. More than half literally are driving them out
but with overcrowded public tive of Gett. “With the advent “In the Soviet Union, being a A gray economy emerged as of Russians polled say technol- of their jobs by offering prices
transportation. The most popu- of online services, the demand cabdriver was a prestigious pro- poorly trained drivers in badly ogy influenced how often they they can’t compete with.
APPLE The Zhengzhou government

didn’t respond to a request for
comment.
Zhengzhou’s human re-
The government said in the
notice that the program was
aimed at minimizing unem-
ployment under what Chinese
pected to reduce its output of
iPhone 6S and iPhone 6S Plus
handsets by 30% in the quar-
ter ending in March from its
New Taiwan dollars on Tues-
day from a peak of NT$3,710
in July. Largan declined Tues-
day to comment on iPhone de-
Corp., Apple’s secondary
iPhone assembler after Fox-
conn, would be hit particularly
hard due to a larger percent-
Continued from page B1 sources and social security leaders call the “new normal” original projections. An Apple mand. age of its revenue derived
were a factor in the subsidies department posted a notice of China’s slowing economy. spokeswoman declined to Foxconn’s stock is at a two- from iPhones and that its fac-
it received from the city of on its website dated Dec. 25 “Zhengzhou is the largest comment on the Nikkei report. year low of NT$79.10, down tory utilization rate was
Zhengzhou, home of a plant that it would grant Foxconn base for iPhone manufactur- Shares of Apple suppliers from NT$110 in mid-2014. around 60%. Pegatron’s stock
that employs at least 200,000 81.9 million yuan ($12.6 mil- ing, so this should reflect also have fallen in the past Fubon Securities analyst has slid from a peak of
workers and that analysts say lion) as an “unemployment- iPhone sales,” said IDC analyst half year, as analysts lowered Arthur Liao predicted in a cli- NT$94.10 in July to NT$72 on
primarily makes the iPhone. insurance work-force stabili- James Yan. iPhone shipment estimatesand ent note last month that Tuesday, the steepest half-year
“The incentives were pro- zation subsidy.” IPhone concerns have predicted further demand iPhone shipments in the first slide in its history. A Pegatron
vided to Foxconn in recogni- This sum granted to Fox- weighed on Apple’s stock. The weakening in 2016. Largan half of 2016 would be down spokesman declined to com-
tion of our company’s contri- conn was more than half of shares are down 13% over the Precision Co., long one of Tai- 17% from a year earlier due to ment.
butions to maintaining our the total funds that Zhengzhou past month. The stock fell wan’s most expensive stocks Apple’s 2015 phones because —Yang Jie in Beijing
significant work force at our has allotted to 135 companies 2.5% to $102.71 on Tuesday af- due to its role as an iPhone they lack obvious differences and Daisuke Wakabayashi
Zhengzhou facility throughout under an unemployment insur- ter Japan’s Nikkei newspaper camera module supplier, has from the previous year’s. in San Francisco
that year,” the company said. ance program begun last year. reported that Apple is ex- seen its stock slide to 2,110 He wrote that Pegatron contributed to this article.
Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
d t
Edmonton 0s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 61 Super Monkey 22 Produce from
20s Ball seller patches
V
Vancouver ary
Calgary
0s 14 15 16
10s 62 Bugs hunter 25 Pace for playing
10s
ip
Winnipeg 17 18 19
ttl
Seattle 20s 20s 63 Set off 26 Approves
P d
Portland 30s 20 21 22
Ottawa
Montreal Augusta
A g t 64 Saint-Tropez 27 Heath Ledger’s
l
Helena Bismarckk
g
Eugene 40s 23 24 summers birthplace
Boise g
Billings 50s
T t
Toronto Albany
A b
bany t
Boston Mpls./St.. Paul
Pau 65 They start in the 29 Farm fowl
25 26 27 28 29 30 31 32 33
Milwaukeek 30s t
Detroit
ff l
Buffalo P
rtford
Hartford oux FFalls
Pierre Sioux
60s four corners 31 Player’s payment
Cl l d
Cleve
Cleveland New Yorkk
ew Y 70s 34 35 36
Reno Salt Lake City Deses Moines
Ch g
Chic
Chicago Down 32 Princeton athlete
C h y
Cheyenne Phhil d lphi
Philadelphia
h
Omaha Pittsburgh
g 80s 37 38 39 1 Player’s payment
Sacramento Indianapo
Indianapolis
Denver p i gfi ld
Springfield
h
Washington on D.C.
D.C
DC 90s
33 Embarrassing
an
Sann Francisco
C d
Colorado Topekk
Topeka Kansas Charleston 40 41 42 2 Word before a display
City h
Richmond d 100+
Las p
Springs
h
Wichita St.. Lou
L
Louis LLouisville
Lou ill bio date
Veg
Vegas 40s l igh
Raleigh h 43 44 45 35 End of many an
Los A
Ange
Angeles 50s Nashville
h ill
Charlotte
C h l tt 3 Stepped onto old riddle
Santaa FFe Memphisphi
Ph
Phoenix kl homa
oma C
Oklahoma ity
City C
Columbiab 46 47 48 49 the tarmac, say 36 Storied shrine
San Diego Alb q q
Albuquerque Warm Rain
LLittle
ittlee Rock Atl t
Atlanta
60s 50 51 52 53 54 55 56 4 Kin of
Tuc
Tucson Ft. Worth D
Dallas Jack
Jackson
i h
Birmingham 38 Much-told joke
El P
Paso
Cold T-storms clamdiggers
bil
Mobile Jacksonville
Jack ill 57 58 59 39 Co-star of Betty,
60s A ti
Austin 60s
5 Work with one’s Rue and Estelle
10s 0s t
Houston Stationary Snow
Newew Orleans d
Orlando 60 61 62 hands
-0s 80s an Antonio
San A Tampa 44 Deep purplish red
20s Anchorage
A h g 70s Showers Flurries 63 64 65 6 “You Shook Me
Honolulu
l l 45 Leave the group,
Miami All Night Long”
30s 60s 70s perhaps
Ice group
40s LATER YEARS | By Harold Jones 47 Joni Mitchell’s
7 Looting by
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 23 Merger 43 “Straight Outta somnambulists? “___ of You”
agreement? Compton” co-star
s...sunny; pc... partly cloudy; c...cloudy; sh...showers;
Omaha 36 32 c 37 33 c Frankfurt 44 37 sh 44 36 r
1 Way to be 8 Coronets’ cousins 49 One who puts
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Orlando 72 57 c 75 59 pc Geneva 43 34 r 44 35 r taken 24 Peanuts piece ___ Jackson Jr. you in your
Today Tomorrow 9 “Sounds like ___!” place?
Philadelphia 39 25 s 42 35 pc Havana 78 59 s 81 63 s 6 Tinseltown 25 A-number-one 44 Florentine
City Hi Lo W Hi Lo W Phoenix 61 49 r 57 43 r Hong Kong 71 61 pc 68 59 pc
terrier farewell 10 Was 50 Work a caramel
Anchorage 25 18 pc 27 22 pc Pittsburgh 38 19 s 42 25 pc Istanbul 59 52 r 58 39 r 28 Faith Hill’s “___ accommodating
Atlanta 46 35 pc 55 45 c Portland, Maine 36 18 s 36 20 pc Jakarta 90 78 t 90 77 t 10 Bagel or baked Kiss” 45 Golden Globe 51 Valentine gift
Austin 58 46 t 69 39 pc Portland, Ore. 42 34 c 43 31 c Jerusalem 59 49 s 62 43 c potato, to a winner for 11 Plane measure
Baltimore 42 22 s 44 32 c Sacramento 54 44 r 54 42 sh Johannesburg 95 64 s 97 61 s 30 Isn’t upright “Chicago” 52 “Argo” setting
Boise 40 29 sf 38 30 c St. Louis 45 36 pc 47 42 r London 47 40 c 48 39 pc dieter 12 Summoned the
Boston 39 25 s 42 27 s Salt Lake City 38 32 sn 39 27 sn Madrid 49 44 c 56 49 sh 34 Barely obtain, 46 T-shirt choice butler 53 Many CEOs have
14 “Inception” them
Burlington 31 18 pc 34 17 pc San Francisco 55 46 r 53 45 sh Manila 89 75 s 85 75 pc with “out”
Charlotte 44 29 pc 51 38 c Santa Fe 38 25 r 38 24 c Melbourne 75 60 pc 72 54 pc
director 48 The Carpenters, 13 Union wear
Chicago 36 30 pc 37 35 r Seattle 46 35 c 42 33 c Mexico City 70 43 pc 70 41 pc Christopher 35 Considering that e.g. 54 Rounds, e.g.
Cleveland 37 23 pc 42 30 pc Sioux Falls 34 29 sn 35 29 sf Milan 42 28 c 42 28 pc
21 Springsteen’s
15 Prune 36 Filled with 50 Absolutely vital “57 Channels 55 Techie, typically
Dallas 50 47 r 67 43 pc Wash., D.C. 41 28 s 44 35 c Moscow 9 1 sn 8 -1 c
Denver 43 26 pc 37 23 sn Mumbai 91 59 pc 90 61 pc 16 Unwritten, in a romantic treatment for an (And ___ On)” 56 Stumbles
Detroit
Honolulu
35 25 pc 39 30 c
81 67 sh 83 67 s
International Paris
Rio de Janeiro
48 42 sh
87 73 pc
52 40 pc
91 73 pc
way imagery aching body?
Previous Puzzle’s Solution
Houston 62 56 t 70 47 pc Today Tomorrow Riyadh 74 47 s 71 50 s 17 Claptrap 37 Dressing for a 57 It may be heard A P P T S C A R T A S A P
Indianapolis 39 26 pc 43 35 c City Hi Lo W Hi Lo W Rome 56 41 r 57 49 pc foot soldier’s on the streets P E A R L O D O R N A T O
18 You’ll get a hand
Kansas City 39 35 i 44 36 r Amsterdam 40 37 sh 46 40 r San Juan 84 72 pc 85 72 pc wound? 58 Typical Tunisian
B A Y O U L A T E S T A R T
Las Vegas 56 45 c 54 38 sh Athens 65 57 c 61 48 sh Seoul 38 19 pc 32 18 s with it MU S E UM E X H I B I T
Little Rock 48 38 c 49 43 r Bangkok 93 75 s 94 77 pc Shanghai 50 38 r 49 36 c 19 It’s brought to 40 Longest reptile 59 Big hit
A S A H MM A S S A Y
F A S H I O N S H OW
Los Angeles 57 46 r 58 45 r Beijing 35 13 s 32 13 s Singapore 87 78 pc 86 77 t
order in the world O U T I E C O O L I D G E
Miami 72 64 r 78 66 pc Berlin 24 20 sn 32 30 pc Sydney 70 65 r 74 64 sh 60 He came into the O D E R B R O T H M I E N
Milwaukee 35 30 pc 36 35 i Brussels 46 40 c 50 38 r Taipei 69 62 r 66 60 c 20 Site at a store’s 41 Violin quartet world with his T I R E S O U T H A V E S
Minneapolis 32 31 sn 35 32 sf Buenos Aires 80 59 pc 83 63 s Tokyo 51 44 r 54 41 pc T A S T I N GM E N U
Black Friday 42 Documentarian twin holding his A L A M O M EW R A E
Nashville 48 30 pc 55 45 c Calgary 17 11 c 18 1 sn Toronto 34 20 pc 37 23 pc S E L E C T E D P O E M S
New Orleans 63 55 c 68 53 r Dubai 75 65 s 75 63 pc Vancouver 44 32 c 43 31 pc opening? Burns heel S T I N K E R O O L E I C A
New York City 39 28 s 44 32 s Dublin 46 37 r 43 35 pc Warsaw 24 21 sf 26 20 c E G A D A I R S L A T E X
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 46 39 sh 56 34 c Edinburgh 43 37 sh 41 32 r Zurich 39 31 sh 43 31 r T O S S M E M E S T Y L E

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GLOBAL FINANCE C3 | IN THE MARKETS C4 | MARKETS DIGEST C5
Keeping Time
Debt Engine Revs Up With Apple
AFP/GETTY IMAGES
HEARD ON
Disney, Ford have strong bond sales DEALS | C2 THE STREET | C12
© 2016 Dow Jones & Company. All Rights Reserved. * * * * THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | C1
DJIA 17158.66 À 9.72 0.06% S&P 2016.71 À 0.20% NASDAQ 4891.43 g 0.24% 10–YR. TREAS. g 1/32, yield 2.248% OIL $35.97 g $0.79 EURO $1.0749 YEN 119.06 See more at WSJMarkets.com
Vanguard Hauls in Record Mixed Signals

China’s markets gyrated over the past two days amid investors’
confusion over what Beijing was trying to say.
Shanghai Composite Index movement by minute
Investors added $236 firm Morningstar Inc. from losses. Index funds can vidual investors in 1975, has
The pioneer of passively charge lower fees because been the prime beneficiary of 3600
billion to firm in 2015, managed, lower-cost products they don’t need to evaluate in- the shift while riding a wave
continuing shift into such as index funds that track dividual stocks and bonds, and of rising markets. It has made
3500 15-minute halt
Shortly after the market
the market exceeded the pre- their stable portfolios of hold- aggressive moves to help it opened, the PBOC injected
passive funds vious industry mark set by the ings can lead to fewer trading gain market share at the ex- nearly $20 billion into the
Malvern, Pa.-based firm in costs. The trend continued in pense of rivals and is under- Trading financial system.
3400 halted
BY SARAH KROUSE 2014, when it attracted a net 2015 despite a volatile envi- cutting many on fees. While it for the
Lunch
$214.5 billion. Its assets under ronment for the broader U.S. offers some actively managed break day
Investors poured an indus- management in the U.S. also stock market. Investors added funds, the majority of its prod- 3300
try record $236 billion into rose to more than $3.1 trillion $361.8 billion to all passively ucts are passively managed. Lunch
mutual-fund company Van- in 2015, a company spokes- managed stock and bond funds Investors pay just under 18 break
3200
guard Group in 2015, the lat- woman said. in the U.S. in the first 11 cents per $100 invested in
est evidence of a shift away The influx of cash to funds months of 2015, while pulling Vanguard products, according Monday Tuesday
from money managers who try that emphasize a hands-off ap- $139.5 billion from actively to Morningstar. That compares 3100
to handpick winners. proach to investing acceler- managed funds, according to with $1.23 for the average ac-
9:30 10 Noon 3 p.m. 9:30 10 Noon 3 p.m.
Vanguard’s 2015 haul was ated after the 2008 financial the most recent Morningstar tively managed fund and 89 a.m. a.m.
the largest-ever annual flow of crisis, as investors realized data available. cents for the average passive
money to a mutual-fund com- that paying for more expertise Vanguard, which launched fund, according to Morning- Source: Thomson Reuters (index) THE WALL STREET JOURNAL.
pany, according to research didn’t necessarily shield them the first index funds for indi- star.
China Central Bank

Puzzles Investors
BY LINGLING WEI a stock-selling ban for major
shareholders slated to expire
A sense of déjà vu is haunt- later this week.
ing Chinese markets, with the A day earlier, investors had
first days of 2016 looking a lot been spooked about the state
like midyear 2015. of China’s economy and Bei-
Chinese authorities, who jing’s priorities as the central
took extraordinary measures to bank unexpectedly decided not
prop up plunging stock prices to renew a big credit line to a
Rocky Times half a year ago, appeared to be
at it again, scrambling to stem
major policy bank and let the
yuan weaken to a psychologi-
Foreign reserves and currency movements in countries whose monetary units are pegged to the dollar 20%
equity flight with moves that cally important level against
FOREIGN RESERVES, in billions of U.S. dollars 10 had the effect of confusing the dollar. It didn’t help that
Saudi Arabia Venezuela Egypt Nigeria WSJ Dollar many investors rather than re- both the finance minister and
$800 $40 0 Index assuring them. the Communist Party’s mouth-
In a burst of activity, the piece newspaper put cold water
–10
400 20 central bank on Tuesday in- on hopes Beijing would take ag-
–20 jected nearly $20 billion into gressive steps to pump up
0 0 the country’s financial system Please see CHINA page C2
–30 and moved to shore up the Chi-
’15 2015 ’16 2015 ’16 ’15
Brent Crude nese yuan, while the securities Heard on the Street: China
CURRENCIES Riyal Bolivar Pound Naira –40
regulator said it was reviewing postpones grim reality....... C12
Change in how –50
–10% many dollars the
–60
–20
currency buys
–70 Banks Get Relief From
’14 ’15 ’14 ’15 ’14 ’15 ’14 ’15 2014 ’15
Sources: FactSet (Naira), Tullett Prebon (other currencies); WSJ Market Data Group (dollar index, Brent oil); IMF; Central Bank of Nigeria; Thomson Reuters (foreign reserves);
Accounting Headache
Marka/UIG/Getty Images (photo) THE WALL STREET JOURNAL.
BY MICHAEL RAPOPORT rule—which requires banks to
record big, counterintuitive
The banking industry’s gains and losses known as
Can Saudis Keep Currency Intact?

least-favorite accounting rule “debt-valuation adjustments,”
is being scrapped. or DVAs—for yanking earnings
Accounting rule makers on up and down from quarter to
Tuesday changed a provision quarter regardless of how the
BY TOMMY STUBBINGTON has brought stability to gov- stretch further when con- and Saudi Arabian businesses that in recent years has re- banks’ operations are per-
AND NIKHIL LOHADE ernment finances. Ninety per- verted to a local riyal, because believe the government will sulted in huge—and often forming. They say the result of
cent of the government’s reve- without the peg, the riyal succumb to the pressure and head-scratching—swings in Tuesday’s change will be a
The prolonged oil rout has nue comes from oil, which is would weaken. let the peg go—something long bank earnings. James Dimon, cleaner presentation of earn-
left Saudi Arabia’s long-stand- priced in dollars. What’s more, to hold the regarded as unthinkable. That J.P. Morgan Chase & Co. chief ings, possibly as soon as the
ing peg of its currency to the But fewer dollars are com- peg, Saudi Arabia spends bil- is a minority view, but one executive, has called the rule fourth-quarter reports the
dollar at its most vulnerable ing in now, straining a budget lions of its dollars buying ri- that is growing in popularity. “one of the more ridiculous banks will issue later this
point in more than a decade. that is committed to generous yals in foreign-exchange mar- This week, the number of concepts that’s ever been in- month.
For almost 30 years, the subsidies and public-sector kets. riyals that forward contracts vented in accounting.” “It does make the results
kingdom has held the riyal at a wages. Abandoning the peg With oil trading at around can buy for a dollar in a year’s Analysts and accounting ex- more understandable,” said
fixed exchange rate, and that would make those dollars $36 a barrel, some investors Please see RIYAL page C4 perts also have criticized the Please see RULE page C2
Fed Won’t Easily Buck Dollar An Innovator on Wall Street Dies

BY JUSTIN BAER chief executive, said in a state-
BY STEVEN RUSSOLILLO fell in November for the first ment. “An independent and
Buy George time since June 2014. Robert H.B. Baldwin, the forward-looking thinker, he led
When the Federal Reserve U.S. Dollar Index over Much of this, of course, former Morgan Stanley chair- with exceptional ideas, helping
raised short-term interest the past five years has to do with the strong man credited for modernizing to build the Morgan Stanley
rates last month, the deci- dollar and low energy prices. a Wall Street stalwart, has we know today.”
100
sion was unanimous among Industrial manufacturers in- died. He was 95 years old. The son of a Bell Labs tech-
Fed officials. Where things 95 cluding 3M Co. and Honey- Mr. Baldwin served as Mor- nician, Mr. Baldwin was born
go from here well International Inc. have gan Stanley’s president for six and raised in East Orange, N.J.
90
AHEAD OF certainly won’t offered tepid forecasts in re- years before his election as He graduated in 1942 from
THE TAPE be as clear- 85 cent weeks, with the chairman in 1979. He led the Princeton University, where he
cut. strengthening currency private partnership until 1983, majored in economics and
Debate now 80 damping results. when he earned letters in football, bas-
MORGAN STANLEY
centers on the pace of future 75 Higher interest rates rela- OBITUARY ceded the ketball and baseball.
rate moves, specifically how tive to those of other major ROBERT post to his Mr. Baldwin served in the
far and how fast the Fed will 70 economies tend to make a H.B. BALDWIN top lieuten- U.S. Navy during World War II
go in 2016. Policy makers 2011 ’12 ’13 ’14 ’15 ’16 currency appreciate. With 1920-2016 ant, S. before heading to Morgan
forecast four rate increases Source: FactSet the European Central Bank Parker Gil- Robert H.B. Baldwin Stanley in 1946. He became a
this year. Markets, based on and Bank of Japan still in bert. partner in 1958.
federal-funds futures, sug- ally suggested that factory easing mode, the question He died from pneumonia constant and that financial or- He launched the firm’s trad-
gest only two rate increases output would be little becomes how much more late Sunday, according to his ganizations must adapt or per- ing business in 1972. It was a
are coming. San Francisco changed” throughout the re- dollar strength the Fed is son, Robert Baldwin Jr. ish,” Mr. Baldwin once said, ac- big step for Morgan Stanley,
Fed President John Williams mainder of the year. willing to tolerate. The outspoken New Jersey cording to a 2010 book Morgan which had clung to its knitting
said Monday he expects The opposite happened. And that plays into how native, who served a two-year Stanley compiled for its 75th as an adviser to blue-chip
three or five rate increases. U.S. factories finished last aggressive it may be in rais- stint as undersecretary of the anniversary. companies and an underwriter
Investors should get a bit year stuck in their worst ing rates. The Fed has noted Navy before returning to Mor- Morgan Stanley’s initial re- of their stock and bond sales
more insight into this debate slump since 2009 as manu- that a strong dollar has gan Stanley in 1967, had pressed luctance to adapt frustrated since its founding in 1935. At
with Wednesday’s release of facturing activity contracted acted as “a substantial drag” his fellow partners to adapt to a Mr. Baldwin, and he consid- the time, Robert Baldwin Jr.
minutes from December’s in November and December. on net exports. new era marked by less regula- ered leaving the firm in the said, Morgan Stanley had two
Fed policy meeting. Some regional reports also Slowing manufacturing tion and more competition. late 1960s, his son Robert said. traders. The decision to open a
In the September meeting, painted a bleak picture. Chi- activity can’t be ignored. It He championed the creation Mr. Baldwin persevered and devoted M&A department was
when the Fed held rates near cago business activity has the makings of a slower- of Morgan Stanley’s trading would soon set the firm on a equally prescient. Morgan
zero, the minutes indicated plunged in December to its to-move Fed. and merger-advisory depart- course to grow rapidly in the Stanley would quickly become
“broader indicators of manu- lowest since July 2009. And ments, businesses that remain 1980s and 1990s. one of Wall Street’s top merger
facturing production…gener- U.S. construction spending Email: tape@wsj.com cornerstones today. He also “Bob Baldwin led Morgan advisers.
pushed the firm to be more in- Stanley during a period of Mr. Baldwin is survived by
INDEX Credit Markets.............................................. C11 Exchange-Traded Funds...................... C10 Heard on the Street................................. C12 New Highs & Lows............................ C10 ternational. sweeping, transformational his wife, Dorothy Tobin Bald-
Cash Prices................................................. C9 Currency Trading.......................................... C5 Finance Watch................................................ C3 Money Rates................................................. C12 Property Report............................. C6,8,9 “As we look to the future, it change,” James Gorman, Mor- win, five children and two
Commodities........................................... C11 Dividend News........................................... C4,9 Global Finance................................................. C3 Mutual Funds................................................ C12 Stock Listings........................................ C10
is clear that change will be gan Stanley’s chairman and stepchildren.
C2 | Wednesday, January 6, 2016 * *** THE WALL STREET JOURNAL.
MONEY & INVESTING
China Stock-Sale Ban: On or Off?

BY ANJANI TRIVEDI send China’s stocks tumbling, clude insurers and company ex- land China have plunged 75%
AND CHAO DENG triggering a global selloff. ecutives, as well as securities since May last year, which
“If you change policy that companies and their asset- means that any selling of large
Chinese regulators’ murky quickly, that casually, then that management units. These types stakes could magnify price
guidance about whether big will generate uncertainty in the of investors held 75% of trad- swings.
stakeholders will be able to re- market,” said Hong Kong-based able mainland shares by mar- In a report published at the
sume selling stocks is exacer- Yuming Ying, a fund manager ket value at the end of 2014, end of December, China Inter-
bating an already volatile week at China Eagle Asset Manage- according to China’s central national Capital Corp. esti-
of trading for mainland mar- ment Ltd. “The worry in the bank. mated that 150 billion yuan of
kets. market is that they see the Chi- Analysts say the central shares could be sold in January
MICHEL EULER/ASSOCIATED PRESS

The six-month ban was nese government can change bank’s definition of institu- alone. That compares with the
among Beijing’s summer stock- their rule or policy any time.” tional investors includes small more than 35 billion shares
market rescue moves, and lift- Goldman Sachs estimates valued at near 500 billion yuan
ing it would test whether that the ban’s expiration would that major shareholders sold
mainland shares can find their
footing after months of gov-
effectively mean as much as 1.2
trillion yuan ($184 billion) of 5% during the first half of 2015,
according to Wind Information
ernment support. shares could be put up for sale. On July 8, Beijing banned sales Co.
China signaled Tuesday that The regulator’s hazy com- by shareholders with stakes of Yet regulators brushed off
the ban could remain in place ments made for a skittish day at least this percent of firms expectations of heavy selling,
past its original expiration date of trading Tuesday, with the saying Tuesday that estimates Disney sold $3 billion in bonds, with 10-year debt yielding 3.046%.
later this week, until the secu- Shanghai Composite Index that stakeholders could unload
rities regulator works out new
rules to ensure any selling of
stocks will proceed in an or-
down as much as 3.2% and up
as much as 1%, ending the day
down 0.3% at 3287.71. That fol-
asset managers that would be
considered day traders in de-
veloped markets.
as much as one trillion yuan
are “unrealistic.” They also
played down the amount inves- Debt Market Revs
As 2016 Gears Up
derly way, according to offi- lows a 6.9% drop Monday, Meanwhile, the so-called na- tors would want to sell at once
cials close to the agency. In a which triggered a newly tional team, or government and said that large sharehold-
statement, the regulator said it launched circuit breaker that funds tasked with supporting ers tend to sell in blocks, a
was assessing how to oversee shut the market early. the market, are likely to hold method often considered less
the selling but didn’t provide a The original directive, put onto their stakes, analysts say. disruptive.
map or any indication of tim- into effect on July 8, banned The government’s two main At least 30 Chinese compa- BY MIKE CHERNEY InBev SA, another investment-
ing. any shareholders with stakes of buying vehicles, China Securi- nies, mostly technology and grade company, is prepping a
The ambiguous announce- 5% or more from selling, but ties Finance Corp. and Central startup firms, have issued Bond sales picked up after a possible debt sale to back its
ment has cast uncertainty over implied they would be free to Huijin, spent 1.8 trillion yuan statements in recent months three-week lull, as highly rated more than $100 billion pur-
the market. sell after six months. It applies between June and November on plans of their shareholders firms from Walt Disney Co. to chase of rival SABMiller PLC,
Already this week, fears that to institutional and retail in- last year buying shares, ac- to reduce stakes. Ford Motor Co. tapped the investors said. A-B InBev de-
the ban would be lifted on Fri- vestors. cording to Goldman Sachs. —Yifan Xie market in a sign of confidence clined to comment.
day as initially expected helped Institutional investors in- Trading volumes in main- contributed to this article. in a U.S. economic recovery The junk-bond turmoil in
entering its eighth year. December got broader atten-
The bonds on Tuesday were tion because that market,
CHINA received enthusiastically, de-

spite Monday’s stock-market
decline and a junk-bond rout
last month that highlighted
which comprises debt from
risky and highly indebted com-
panies, has a reputation for
serving as a leading indicator
Continued from the prior page fears of slowing economic for economic downturns. The
growth. Chinese equities re- growth. market fell last month amid a
sponded with their worst-ever Many analysts expect con- prolonged slump in oil and
start to a year, setting off a tinued strong sales and per- commodity prices, sparking
world-wide selloff. formance in the broader cor- fears that companies in those
Tuesday’s moves appeared porate-bond market. Defaults sectors would default.
to be aimed at undoing the ef- typically rise sharply at the A fund managed by Third
fects of those on Monday, illus- end of a multiyear credit cy- Avenue Management LLC
trating Beijing’s persistent cle—the expansion and con- that invested in ultrarisky
problem with delivering clear traction of access to credit—as debt abruptly closed during
signals to the market as it tries investors retreat from risk and the selloff, raising worries that
to guide the world’s No. 2 econ- companies struggle to refi- other hedge funds could follow
omy through a long-pledged re- nance debt. Some investors suit.
structuring. took last month’s selloff in The junk-bond market sta-
Among the policy steps that lower-rated bonds as a sign bilized toward the end of the
riled the market Monday, ac- that the cycle is nearing an month, as prices fell, spurring
cording to people familiar with end. purchases. The worst of the
the matter, was the People’s But a junk-bond rebound
Bank of China’s surprise deci- near the end of the year, to-
sion not to roll over a 130 bil- gether with Tuesday’s sales
Analysts expect
lion yuan ($19.9 billion) credit and the continued health of strong performance
line to China Development highly rated bonds, has
Bank, which finances many of prompted others to assert the
in the corporate-
the country’s projects to build junk troubles are largely con- bond market.
low-income housing and infra- fined to businesses hit by the
structure. commodity bust, such as en-
IMAGINECHINA/CORBIS
The decision was based on ergy production or mining. selling was contained to en-
the belief that market liquidity “While the credit cycle in ergy and metals companies,
had remained ample, the peo- the U.S. is far advanced, not analysts said, easing concerns
ple said. But combined with the all sectors are at the same about a broader downturn.
other actions, it made investors point in the cycle,” analysts at Junk-rated energy bonds de-
think Beijing intends to dial Wells Fargo Securities said in clined 12% in December, but
back on stimulus and monetary Moves on Tuesday by the People’s Bank of China have some investors scratching their heads. a note this week. They favor the entire market fell only
easing as it carries out a pain- debt from consumer-oriented 2.5%, according to Barclays
ful economic overhaul. his belief that the government will be difficult. So far, the which will require keeping both companies and banks. figures, which take into ac-
After Chinese shares will have trouble calming leadership has mainly looked to monetary and fiscal policies Ford, through its Ford Mo- count price changes and inter-
dropped 7% Monday, the cen- things down, he said. state media to try to get its “reasonably expansionary and tor Credit Co. subsidiary, sold est payments.
tral bank quickly moved to “I just exchanged my ren- message across. flexible.” $2.75 billion, with a 10-year Highly rated corporate
flood the market with more li- minbi for dollars to the maxi- This week’s communications But Beijing has failed to re- bond priced to yield 4.389%, bonds typically weaken during
quidity, injecting the exact mum allowed,” Mr. Li said, us- included a People’s Daily article assure many analysts and in- according to S&P Capital IQ junk-bond selloffs. But there
amount it held back from China ing another name for the yuan. on Monday citing an “authori- vestors that it can avoid a hard LCD. Disney sold $3 billion, also were signs of resilience in
Development Bank—130 billion “I would exchange more if I tative insider” as saying China landing. with a 10-year bond yielding this part of the market. Visa
yuan—into the system. The could.” Chinese authorities could face a prolonged slow- “Bankruptcies and debt re- 3.046%. Bankers lowered Inc. sold $16 billion of bonds
move was designed to make limit the amount citizens can down and stressing the need to structurings are all necessary yields throughout the day, ac- in December, one of the larg-
clear the bank hasn’t changed exchange and take out of China press ahead with corporate and measures to take, but they also cording to S&P Capital IQ, re- est debt deals of the year, to
its easing bias, the people said. to $50,000 a year. debt restructurings that many risk a loss of confidence among flecting good demand. On help finance its acquisition of
Chinese stocks rebounded in The selloff—and the flurry economists have viewed as long investors if poorly communi- Tuesday, the 10-year Treasury Visa Europe Ltd.
early mainland trading Tues- that followed it—offered a re- overdue. In the party’s flagship cated,” said Zhu Chaoping, note yielded 2.248%. Visa’s new bonds are trad-
day, though they retreated minder of Beijing’s response to magazine, Seeking Truth, Fi- China economist at UOB Kay Highly rated firms in 2015 ing at a higher price than
again later and ended the day the summer’s market rout. In nance Minister Lou Jiwei wrote Hian Holdings Ltd., a Singa- sold the most new bonds on when they were sold, under-
lower. Early Wednesday, the in- June and July, a lack of timely about the importance of push- pore-based investment bank. record for the fourth year in a scoring the demand for the
dex was up slightly. communication and many pol- ing forward structural changes Surging amounts of funds row, according to Securities debt. A 10-year bond, priced to
“All the actions are very icy missteps helped drive a $5 to enhance productivity. being taken out of the country Industry and Financial Mar- yield 0.97 percentage point
confusing to me,” said Li Hui, a trillion drop in the value of Chi- Holding back on economic reflect the slide in investors’ kets Association data. Barclays more than comparable U.S.
private-equity executive in nese equities, and clumsy ef- spurs could squeeze short-term faith, Mr. Zhu said. China’s for- PLC said investment-grade Treasurys, recently traded to
Shanghai who has invested forts to prop up stocks initially growth but put the economy on eign-exchange reserves fell to companies and other entities yield 0.83 percentage point
more than a million yuan in made things worse. “Since the a stronger footing by closing $3.438 trillion in November, the such as development banks more, indicating good perfor-
Chinese stocks. summer, we’ve realized the down “zombie” companies like lowest level in more than two will together sell $1.34 trillion mance, according to Market-
Mr. Li had been among those need to improve our communi- steelmakers mired in overca- years. of new debt in the U.S. in Axess data.
who rushed to exchange yuan cations with the market,” a se- pacity and weaning businesses “It seems to me that the 2016, roughly in line with 2015 Bonds from other highly
funds for dollars recently, on nior Chinese official said. off their addiction to debt, ana- higher-ups have little under- levels. U.S. sales of junk bonds rated companies, such as
expectations the Chinese cur- But in a nation steeped in lysts say. Still, the senior Chi- standing of what’s going on on could hit as much as $290 bil- Procter & Gamble Co. and
rency will weaken as growth secrecy, the official added, nese official said, implementing the ground,” he added. lion, a roughly 15% increase Gilead Sciences Inc., also have
slows. The latest round of mar- drastic changes in the way pol- the overhauls will require a —Shen Hong and Yifan Xie from 2015. rallied over the past few
ket intervention only reinforced icy makers talk to the public “reasonable” growth rate— contributed to this article. Brewer Anheuser-Busch months.
RULE their debt.

That required the banks to
record losses when the debt
was considered safer and rose
ters earlier, in the third quar-
ter of 2011, the bank had a
gain of $2.1 billion from the
rule.
move would help “to better
meet the requirements of to-
day’s complex economic envi-
ronment.”
Big Swings
An accounting rule for ‘debt-valuation
adjustments’ has caused huge
fluctuations in bank earnings.
Continued from the prior page in value, and to log gains when The effect on bank earnings Robert Willens, an account- Here's one example:
Mark LaMonte, chief credit of- the debt was considered risk- recently has been more muted. ing and tax expert who heads
Morgan Stanley’s net income
ficer of the financial institu- ier and declined in value. The Morgan Stanley recorded his own firm, Robert Willens
ANDREW HARRER/BLOOMBERG NEWS
$2.0 billion
tions group at Moody’s Inves- rationale for that odd scenario gains of this type totaling LLC, said the change “makes 2011 3Q
tors Service. was that lower market prices $477 million in the first nine perfect sense.” With the
The problem stems from make it cheaper for banks to months of 2015. A Morgan Banks can adopt the change accounting
a 2007 accounting rule that repurchase their own debt, Stanley spokesman declined to immediately, but it isn’t clear gain: $2.1 billion 1.5
allowed banks to use market and so the banks’ earnings comment. whether they will do so
prices to value some of should reflect the profits or Tuesday’s move by the Fi- quickly enough to have it af-
losses they would get if they nancial Accounting Standards fect this month’s fourth-quar- 1.0
do so. Board will strip those sorts of ter earnings reports, or 2012 3Q
Banks initially loved the gains or losses out of the whether they will need to take Excluding
rule—and the industry pushed J.P. Morgan chief James Dimon banks’ net income. Instead, more time to review the de- the charge:
for it for years—because it those gains and losses will tails of the change before $560 million
Excluding
helped them manage the ac- debt began to gyrate, the rule land in “other comprehensive adopting it. the gain:
counting around a form of became a major headache as income,” a separately reported A spokesman for J.P. Mor- $39 million 0
their own debt that they sold the resulting gains and losses basket of earnings that in- gan said the bank was “aware
to retail investors, called regularly distorted earnings by cludes a variety of items that of the change” and was evalu-
structured notes. Indeed, the hundreds of millions of dollars don’t stem from a bank’s operating when the lender would
–0.5
rule didn’t apply to all bank or more each quarter. ations, such as foreign-cur- adopt it. Representatives for
With the
WSJ.COM/CAPITALJOURNAL debt, only the bonds the firms For example, in the first rency adjustments and Citigroup Inc. and Bank of charge:
chose at the time the securi- quarter of 2012, Morgan Stan- changes in the value of pen- America Corp., which also Source: –$1.0 billion
ties were issued. ley’s earnings were hurt by sion assets. have recorded significant DVA the company –1.0
© 2015 Dow Jones & Co., Inc. But after the financial cri- nearly $1.5 billion in losses In a statement, FASB Chair- gains or losses in the past, had
@WSJPOLITICS All rights reserved. 1DJ2600 THE WALL STREET JOURNAL.
sis, when the value of bank tied to the rule. Just two quar- man Russell G. Golden said the no comment.
THE WALL STREET JOURNAL. * * Wednesday, January 6, 2016 | C3
GLOBAL FINANCE
Fund Firm Nevsky to Shut Down
U.K. money manager current market conditions” be- The Nevsky fund had HFR Inc., their second year of tors’ money.
cause of the increasing influ- earned an average of 18.4% a losses in five years. In the first While the fundamental goal
suffered from weak ence of computer-driven year since its launch in Sep- nine months of last year, 674 of hedge funds is to perform
performance over the trades from algorithmic and tember 2000. It lost 1.4% in hedge funds were liquidated, decently in good times and
index funds, the firm said. 2014 and was up 0.9% in the compared with 864 for the bad, recent bearish markets
past two years Nevsky, which is headed by first 11 months of last year, whole of 2014, according to have taken a toll on many
SHANNON STAPLETON/REUTERS
Chief Investment Officer Mar- said a person close to Nevsky. HFR. funds.
BY LAURENCE FLETCHER tin Taylor and co-manager The firm, which is based Among prominent closures The person close to Nevsky
Nick Barnes, also is concerned behind the Royal Academy of in recent months has been said the firm steered away
London hedge-fund firm that market conditions “may Arts in London’s Mayfair dis- fund-of-hedge-funds firm Li- from an overall bet on falling
Nevsky Capital LLP plans to continue to be more difficult trict, is one of many hedge ongate Capital Management prices because of the risks
shut down and return cash to for a considerable period of funds struggling to navigate LLP and Fortress Investment that “wild card” events such
investors, the latest closure in time,” the firm said. It cited markets dominated by the ac- Group LLC’s flagship macro as China adopting quantitative
a struggling industry. the risk that U.S. interest rates tions of central banks. fund, while Mike Platt’s easing or a final spike in
After two lackluster years, will rise faster than expected Hedge funds on average lost BlueCrest Capital Manage- stocks led by the technology Finra’s chief executive, Richard
Nevsky’s flagship $1.5 billion and of an economic slowdown 3.5% last year, according to ment LLP said last month that sector would “prove very pain- Ketchum, shown in 2015.
stocks fund is “unsuited to in China. early data from research firm it would return outside inves- ful for anyone who was short.”
Brokerage
Finance
Watch
Italy Real Estate Lures Wealth Funds Culture
BY SIMON CLARK Authority is buying a 1960s company Coima SGR, the per- Nuova financial district.
AND ART PATNAUDE
LONDON—Sovereign-
building that will be demol-
ished to make way for a new
tower, and the State Oil Fund
son said.
Italy is a new destination
for many sovereign-wealth
Real-estate markets
boomed last year in Europe,
as investors hunted for re-
Under
J.P. MORGAN CHASE
Penalty Ends Order
wealth funds are picking up
Italian real estate as the na-
tion’s economy recovers.
of Azerbaijan is buying a
building from the Italian
chamber of commerce, the
funds, which invested $2.2
billion there in 2014—less
than a fifth of the amount
turns amid low interest rates
and sky-high prices in Lon-
don. Investors spent about
Spotlight
Government investment person said. they invested in the U.K. that $9.7 billion on Italian real es- BY ANNA PRIOR
On Loan Servicing funds in Azerbaijan, Abu On Dec. 22, the Qatar In- year, according to Bocconi tate last year, compared with
The Office of the Comptroller Dhabi and Qatar in the past vestment Authority agreed to University in Milan. That may $7.2 billion in 2014, according The culture at brokerages
of the Currency said J.P. Morgan two weeks have agreed to in- buy a property from BNP be changing as the Italian to data firm Real Capital An- and financial-advisory firms is
Chase & Co. would pay a $48 vest a combined €350 million Paribas SA. economy, the third largest in alytics. getting a closer look from Wall
million civil penalty to end a reg- ($380 million) to buy and de- The purchase prices the eurozone, picks up after a Spokesmen for the Qatar Street’s self-regulator this
ulatory order against the bank velop three separate proper- weren’t disclosed. three-year recession. In Feb- and Abu Dhabi funds declined year.
related to mortgage-servicing ties in Milan, according to a The €350 million includes ruary 2015, Qatar’s sover- to comment. A spokesman for In outlining its annual regu-
matters. person familiar with the the cost of redeveloping the eign-wealth fund bought the the Azerbaijani fund didn’t latory and examination priori-
Separately, EverBank, a transactions. three sites. All three will be 60% it didn’t already own in respond to a request for com- ties, the Financial Industry
Jacksonville, Fla., lender, also is The Abu Dhabi Investment managed by Italian property Milan’s €2 billion Porta ment. Regulatory Authority said
exiting from a consent order Tuesday that it will scrutinize
with the OCC, paying $1 million the stated—and unstated—
as a civil penalty to the bank rules, policies, practices and
regulator. EverBank declined to behaviors that govern how
comment beyond a securities such firms operate and inter-
filing it disclosed Tuesday act with customers.
restating the OCC’s decision. In addition to firm culture,
The termination of the orders examinations will emphasize
will end business restrictions on anti-money-laundering, cyber-
the banks that were mandated security, the management of
by 2015 amendments to conflicts of interest and tech-
previous enforcement actions. nology management, among
“We’ve worked very hard over other things, the regulator
the last several years to make said in its 2016 broker-exami-
changes that will further nation priority letter.
enhance the customer The heightened focus on
experience,” a J.P. Morgan culture is meant to go hand-
spokeswoman said. in-hand with a deeper dive
Other large financial into sales practices at firms,
institutions still face business including how firms are man-
restrictions from earlier aging conflicts of interest that
mortgage-servicing-related arise from selling certain in-
enforcement actions, including vestment products, Finra
HSBC Bank USA, Santander Chairman and Chief Executive
Bank, U.S. Bank and Wells Fargo Richard Ketchum said in an in-
& Co. Representatives for terview.
Santander and U.S. Bank Such practices that have re-
LUCA BRUNO/ASSOCIATED PRESS
declined to comment. Wells cently attracted regulatory

Fargo didn’t respond to a request scrutiny have included inap-
for comment. An HSBC
spokesman said: “We have been
and will continue to work closely
Steering clients into
with the OCC to ensure we fully a firm’s proprietary
meet all the requirements of its
consent order.”
investment products
—Emily Glazer The UniCredit tower in Milan’s Porta Nuova district. Qatar’s wealth fund last year bought the 60% it didn’t already own in the district. has faced scrutiny.
Latest Victim of Oil’s Drop: Alaska

propriately steering clients
into a firm’s own proprietary
investment products, and ag-
gressively cross-selling prod-
Alaska’s triple-A credit legislative session, Alaska’s about 4%, Mr. Mansour point to 0.5% and said the ucts from consumer banking
SCOTT EELLS/BLOOMBERG NEWS
rating from S&P is the latest downward rating transition wrote. estimate might not be down- to wealth management.
victim of oil’s price tumble, will likely persist,” analysts The hit to both states is beat enough “in light of “You can’t effectively man-
as the ratings firm down- wrote. moderated by large reserves what could be much-larger age your conflicts of interest if
graded the state to double- Alaska is among the U.S. and low fixed costs, accord- inventory liquidation than you’re not focused on your
A-plus and warned of possi- states hardest hit by the ing to several analysts. what we have assumed.” culture,” Mr. Ketchum said.
ble cuts in the future. drop in oil prices. The state’s Alaska has about $50 billion Inventories fattened in Another area of firm cul-
The Department of Revenue said in its permanent fund, which 2015, putting some inven- ture that has raised regulatory
MONEYBEAT price skid in a report last month that takes in a share of mineral tory-to-sales ratios at post- eyebrows has been how disci-
J.P. Morgan Chase is penalized. is reducing total state revenue declined rights and royalty payments recession highs. Building up pline is meted out among
revenue 50% to $8.5 billion in fiscal and pays dividends to state stockpiles boosts GDP data high-producing and low-pro-
VIRTU FINANCIAL from oil industry taxes, exac- 2015, citing the reduction in residents, he wrote. while the working down of ducing advisers.
erbating the state’s existing oil and gas money. —Aaron Kuriloff supplies is a net negative to In prior years, brokerage
Bank Names Firm budget gap and requiring fis- Alaska’s struggles stand in the metric. firms had generally leaned to-
NYSE Market Maker cal adjustments to reduce contrast to the generally im- Amid a run of soft eco- ward giving second chances to
J.P. Morgan Chase & Co. has the imbalance during the proving fiscal health of U.S. Outlook Darkens nomic data “due to less their so-called top producers
replaced its market maker on the 2016 legislative session, S&P states, wrote Paul Mansour, Deutsche Bank chief U.S. stockpiling…the Q3 momen- when violations were discov-
floor of the New York Stock Ex- said. Without those changes, head of municipal credit re- economist Joe LaVorgna has tum of domestic demand ap- ered.
change with Virtu Financial Inc., the state could face further search at Hartford-based in- been a longstanding domes- pears to have stalled last Depending on the alleged
according to a trader notice sent downgrades as its budget re- vestment manager Conning, tic optimist. quarter and tighter financial offense, this could mean a let-
out from the exchange on Tues- serves are depleted. in a report on state credit. But his team’s picture has conditions could weigh on ter of reprimand on an ad-
day. “If lawmakers do not en- North Dakota, another oil- been darkening, and it did so spending [in the first] quar- viser’s file, or ordering that
The bank fired KCG Holdings act significant fiscal reforms producer, was the only other further today as Deutsche ter,” said Deutsche Bank, the adviser submit to closer
Inc. from the job in part due to to reduce the state’s fiscal state to experience a decline slashed its fourth-quarter which notes the inventory supervision or a suspension.
poor performance during the imbalance during its 2016 in tax revenue, which fell GDP-growth forecast a full portion of yesterday’s ISM More recently, however,
Aug. 24 market mayhem, manufacturing report was at some firms like Merrill Lynch
according to people familiar with a six-year low. seem to be taking a zero-toler-
the matter. On that morning, The bank hopes there isn’t ance approach.
human market makers stepped inventory reduction in the The Bank of America Corp.-
in to manually open many stocks first quarter and that “we owned brokerage firm in re-
because of volatility across the hope our changes stop here” cent years fired certain long-
markets. Several stocks fell regarding first-quarter GDP. time financial advisers
much more than others, despite The bank has done lots of handling very large and lucra-
there being no significant news revising to its fourth-quarter tive accounts, saying those ad-
on the companies. Shares of estimates. At the start of the visers had violated the firm’s
KKR & Co. declined more than quarter, Deutsche Bank was policies for dealing with cli-
50%, while those of General expecting 3% GDP growth. ents and handling transac-
Electric Co. and J.P. Morgan That went to 2.3% just days tions.
dropped more than 20% before into the quarter before fall- While this move and the
WOLFGANG KAEHLER/LIGHTROCKET/GETTY IMAGES
all three recovered most of the ing further before today’s added scrutiny from Finra are
losses. cut. At 0.5%, Deutsche’s lat- positives for investors, said
Analysts have blamed some est estimate is in line with Ross Intelisano, a partner at
of those extraordinary swings on the Atlanta Fed’s GDPNow law firm Rich, Intelisano &
decisions made by floor-based tracker. Katz LLP who has represented
designated market makers, which —Kevin Kingsbury investors in disputes with fi-
are supposed to restore order to nancial firms, he noted that
trading at times of greater ONLINE there are still plenty of incon-
volatility. J.P. Morgan’s decision sistencies.
didn’t affect its other business For more “It’s hard to know when the
relationships with KCG, including
electronic trading, said a person
familiar with the matter.
WSJ
.COM
MoneyBeat blog
posts, go to
blogs.wsj.com/
firm is really going to crack
down or when the firm is go-
ing to let a broker get away
—Bradley Hope A Brown bear fishes in Katmai National Park, Alaska. The state’s credit rating was cut on Tuesday. MoneyBeat with stuff,” he said.
IN THE MARKETS
Stocks Steady, but Selloff Fears Linger
Dow industrials inch 2016,” said Keith Bliss, senior funds into the country’s finan-
vice president at brokerage cial system. It also intervened
up about 10 points, Cuttone & Co. The S&P 500 is in the foreign-exchange mar-
snapping a three-day off about 6% from the all-time ket to support a weakening
high it hit last May. “There’s a currency, according to two
losing streak tepid feel in the market right people familiar with the mat-
now.” ter.
BY LESLIE JOSEPHS The shaky start to 2016 Elsewhere, gold rose 0.3%
AND RIVA GOLD points to what analysts and in- to $1,078.40 a troy ounce after
vestors say will be a volatile rising on Monday as investors
U.S. stocks steadied, but in- year in global markets. sought havens. The yield on
vestors remained cautious af- “Clearly the fear over China the 10-year Treasury note rose
ter a sharp selloff started the hasn’t abated,” said Ben Ku- slightly to 2.248%, compared
GUNNAR RATHBUN/ASSOCIATED PRESS

year. mar, investment manager at with 2.245% on Monday. Yields
The Dow Jones Industrial Seven Investment Manage- fall as prices rise.
Average inched up 9.72 points, ment, which has more than $9 In currencies, the euro was
less than billion in assets under man- down 0.8% against the U.S.
TUESDAY’S 0.1%, to agement and administration. dollar at $1.0749. The dollar
MARKETS 17158.66. The Oil prices fell to two-week lost 0.3% against the Japanese
S&P 500 lows partly as the economic yen to ¥119.056.
gained 4.05, data out of China raised ques-
or 0.2%, to 2016.71. Both in- tions about demand for crude AUCTION RESULTS
Here are the results of Tuesday's Treasury auctions.
dexes snapped a three-day los- in an oversupplied market. All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
ing streak. The Nasdaq Com- Wal-Mart customers in Rogers, Ark. Shares of the shopping giant led the Dow higher on Tuesday. The bearish data appeared to between that price and the face value.
posite fell 11.66 points, or outweigh concerns over ten- FOUR-WEEK BILLS
0.2%, to 4891.43. Shares of gun makers rose also a top gun retailer, rose early Wednesday in Asia. Aus- sions in the Middle East. Applications $154,905,129,100
Accepted bids $45,000,474,100
While fears about a slow- as President Barack Obama an- the most in the index on Tues- tralia's S&P ASX 200 was U.S. oil prices fell for a sec- " noncompetitively $289,691,100
down in China appeared to nounced tighter gun-control day. down 1.4%, while Japan’s Nik- ond straight day, losing 2.1% " foreign noncompetitively $0
Auction price (rate) 99.984444
ease Tuesday, meager stock- measures, which could encour- Shares of Wal-Mart rose kei 225 was off 1.2%, Hong to $35.97 a barrel. (0.200%)
market gains also reflected age consumers to buy before 1.46, or 2.4%, to 62.92. Kong’s Hang Seng Index was Chinese authorities acted Coupon equivalent 0.203%
Bids at clearing yield accepted 30.21%
some investors’ hesitance to the measures take effect, ana- Twitter shares fell 64 cents, down 1% and South Korea’s on several fronts to calm in- Cusip number 912796FV6
jump in after U.S. indexes fin- lysts said. Smith & Wesson or 2.8%, to 21.92. A person fa- Kospi was down 0.6%. But the vestors Tuesday. The stock- The bills, dated Jan. 7, 2016, mature on Feb. 4, 2016.
ished their worst year since Holding rose $2.58, more than miliar with the matter said the Shanghai Composite was up market regulator said it would 52-WEEK BILLS
2008. 11%, to a record close of social media company was 0.5%. release guidelines about large- Applications $63,238,618,400
“There’s been so much pes- $25.86. planning to increase its 140- The Dow Jones Industrial scale selling of shares ahead of Accepted bids $16,000,162,400
" noncompetitively $135,918,400
simism coming into this year,” Rival Sturm, Ruger & Co. character limit on tweets to as Average had its biggest open- a ban on selling by large " foreign noncompetitively $1,700,000
said Randy Warren, chief in- rose 4.15, or 6.8%, to 65.54, its many as 10,000. ing-day loss since 2008 Mon- stakeholders that is expected Auction price (rate) 99.322556
(0.670%)
vestment officer at Warren Fi- highest closing level since Au- The Stoxx Europe 600 re- day. to expire on Friday. Coupon equivalent 0.685%
nancial. “We have a chance gust. covered from earlier losses to “I don’t think people are Meanwhile, China’s central Bids at clearing yield accepted 83.92%
Cusip number 912796HV4
now for the market to make Wal-Mart Stores, the Dow’s rise 0.6%. convinced that the U.S. mar- bank injected 130 billion yuan
The bills, dated Jan. 7, 2016, mature on Jan. 5, 2017.
some ground up.” biggest laggard in 2015 and Stocks moved mostly lower kets will see all-time highs in ($19.9 billion) in short-term
RIYAL rates, analysts said.

Oil prices have fallen by
more than half since the mid-
dle of 2014, forcing the king-
It is impossible to say how
far the riyal would fall were
the peg to be removed, but a
decline likely would be far
Continued from page C1 dom to run a record deficit of greater than the 2% devalua-
time surged to a 16-year high. nearly 367 billion riyals ($97.8 tion implied by the forward
“We have a new economic billion) last year. Last week, rates.
reality in the Gulf region, with the government laid out bil- Many economists said the
oil prices so much lower,” said lions of riyals in budget cuts. Saudi government will keep
Michael Cirami, a portfolio Meantime, Saudi Arabia and spending dollars to avoid de-
manager at Eaton Vance Man- Iran have intensified their dip- valuation, which would come
agement. “That requires an ad- lomatic spat over the king- with uncomfortable long-term
justment.” consequences. Households and
FABRIZIO BENSCH/REUTERS
3.822
Mr. Cirami isn’t betting on a businesses have debt in for-
weaker riyal but thinks Riyadh eign currencies, and payment
could shift its policy in the costs would rise if the local
next few years. Riyals to the dollar based on currency falls. Consumers also
The debate over the Saudi one-year forward contracts on would have to pay more for
peg underscores how the oil- Tuesday imports, from cars to luxury
price rout has upended con- goods.
Iran is expected to increase oil exports to Europe after sanctions end. A German gasoline station. ventional wisdom in econo- That could be a tough path
mies linked to crude. The dom’s execution of a dissident for the government, local ana-
Saudis Cut Europe Oil Prices supremacy of the Organization

of the Petroleum Exporting
Countries, for instance, has
been eroded, and rich oil
cleric. That clash could push
Saudi Arabia’s defense costs
up while it is already fighting
an expensive war in Yemen
lysts said. Saudis already are
angered by cuts to subsidies in
the state budget.
“Speculation over a devalu-
In Move Believed Aimed at Iran states have fallen into budget

deficits.
The riyal is fixed at roughly
and supporting allies in con-
flicts elsewhere, analysts said.
To prop up its currency, the
ation of the Saudi riyal has
mounted in the past few days,
but we think such a move is
3.75 to the dollar, and one- kingdom is buying the riyal likely to be used as a last re-
BENOÎT FAUCON worlds. Riyadh and a number delivery. year forward contracts were with the dollar reserves ac- sort,” said Jason Tuvey, Mid-
of Sunni Muslim capitals have Iranian oil professionals in- buying the greenback for crued during years of high oil dle East economist at Capital
LONDON—Saudi Arabia severed or downgraded diplo- terpreted the move as a way 3.822 on Tuesday, close to the prices, analysts said. Those re- Economics. “In light of the po-
sharply cut the prices it matic ties with Iran after the to compete with Iran returning high of 3.8235 hit on Monday. serves were $635.2 billion at tential political ramifications,
charges for crude oil in Europe Saudi Embassy was set on fire to the oil markets. The Euro- The moves reflect both specu- the end of November, down this is something that the au-
on Tuesday, a move that could in Tehran following the execu- pean Union is set to lift an em- lators betting on a weaker ri- 15% from a peak of $746 billion thorities will be extremely
undercut Iran as sectarian tention in Saudi Arabia of Shiite bargo on Tehran as soon as yal and some local businesses in August last year, according keen to avoid.”
sions escalate between the ri- cleric Nemer al-Nemer. next month. hurrying to lock in better to the latest central bank data. During last week’s budget
val Middle Eastern nations. Iran and Saudi Arabia are at “The Saudis are preparing announcement, Saudi officials
The Saudi move appears to odds elsewhere in the Middle for Iran’s return,” said Mo- gave no indication that they
pave the East. In Yemen, Iran has sup- hamed Sadegh Memarian, who Coming Unglued? were considering a change to
COMMODITIES way for a ported militants fighting a recently retired as the head of Saudi Arabia has been spending its reserves to maintain its peg of the peg. But some analysts are
competi- Saudi-backed regime. In Syria, petroleum-market analysis at 3.75 riyals against the dollar. But some investors believe that can't reluctant to take the dismiss-
tion over Saudi Arabia is supporting Iran’s oil ministry. continue indefinitely. als at face value. Officials at
European oil markets later this rebel groups trying to topple The Saudi price cut ran the Swiss National Bank, for
year, when Iran is expected to Iranian-backed President against European market $800 billion 3.85 riyals instance, publicly backed the
increase its exports after the Bashar al-Assad. trends. Russia’s Urals prices franc’s link to the euro just
expected end of Western sanc- Saudi Arabian Oil Co., or have increased lately, while oil days before the bank stunned
tions over its nuclear program. Saudi Aramco, the kingdom’s futures suggest some traders markets by abandoning it a
600 3.80
Italy and Spain relied on state-owned oil company, expect a rebound in Europe’s year ago.
Iran for 13% and 16%, respec- didn’t mention the conflict in main benchmark, Brent crude, In recent months, two oil-
tively, of their oil imports be- its news release about the this year, said Ehsan Ul-Haq, a rich nations also have aban-
fore the European Union price cuts. senior analyst at U.K. consul- 400 3.75 doned their dollar pegs.
banned such purchases under Aramco prices are set every tancy KBC Advanced Technolo- Azerbaijan scrapped its peg
sanctions related to its nuclear month at a discount or pre- gies. to the greenback in December
program in 2012. Although mium to various regional Other technical factors Number of Saudi riyals and its currency quickly lost
supplies were replaced by benchmark prices, which go up could have played a part, he 200 3.70 half its value. Kazakhstan, an-
Saudi Arabia’s that investors expect
Saudi Arabia and other coun- and down based on supply, de- said, but “certainly they will reserve assets $1 to buy in a year* other economy dependent on
tries such as Russia, Tehran is mand and other factors con- have in mind that Iran will re- natural resources, let its cur-
counting on rekindling those sidered by the market. On sume exports in Europe.” rency float freely in August
0 3.65
ties when it resumes exports. Tuesday, Aramco said it was By contrast, Saudi Arabia and saw it lose more than a
The price cut comes after a deepening the discount for its increased its light-crude price 2013 ’14 ’15 2013 ’14 ’15 ’16 quarter of its value in one day.
diplomatic chasm opened this light crude by 60 cents a bar- by 60 cents in Asia and kept it *As measured by the one year U.S. dollar-Saudi riyal forward contract China has also moved to de-
week between Saudi Arabia rel to northwestern Europe unchanged in the U.S. Note: Reserves converted at 3.752 riyals=$1. value the yuan since the sum-
Sources: Thomson Reuters (forward contract rate); Saudi Arabian Monetary Agency (reserves)
and Iran, and by extension, the and by 20 cents a barrel in the —Kevin Baxter THE WALL STREET JOURNAL.
mer as it grapples with slow-
Sunni and Shiite Muslim Mediterranean for February contributed to this article. ing economic growth.
Dividend Changes Company Symbol

Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record Company Symbol
Amount
Yld % New/Old Frq
Payable /
Record
Dividend announcements from January 5. BlackRock MA Tax-Exempt MHE 5.2 .058 M Feb01 /Jan15 BlkRk Muni Inter Dur MUI 5.5 .0655 M Feb01 /Jan15 DoubleLine Incm Solutions DSL 10.8 .15 M Jan29 /Jan15
BlackRock MD Muni BZM 4.4 .0545 M Feb01 /Jan15 BlkRk Muni NY Inter Dur MNE 4.5 .0575 M Feb01 /Jan15 Doubleline Oppor Credit DBL 7.9 .167 M Jan29 /Jan15
Amount Payable / BlackRock Mun BAF 5.5 .0685 M Feb01 /Jan15 BlkRk MuniAssets Fd MUA 5.1 .06 M Feb01 /Jan15 Eatn Vnc MI Muni MIW 5.1 .0591 M Jan29 /Jan22
Company Symbol Yld % New/Old Frq Record Blackrock Mun 2018 Term BPK 3.6 .047 M Feb01 /Jan15 BlkRk Munienhanced MEN 6.0 .0605 M Feb01 /Jan15 Eatn Vnc NJ Muni EMJ 5.4 .0625 M Jan29 /Jan22
BlackRock Mun Inco BBF 6.0 .07238 M Feb01 /Jan15 BlkRk MuniHldgs MHD 6.0 .086 M Feb01 /Jan15 Eatn Vnc NY Muni NYH 5.5 .05725 M Jan29 /Jan22
Increased Eatn Vnc OH Muni 5.1 .0585 Jan29 /Jan22
Blackrock Mun Target Term BTT 4.4 .08 M Feb01 /Jan15 BlkRk MuniHldgs CA Qlty MUC 5.4 .0675 M Feb01 /Jan15 EIO M
Alamo Group ALG 0.7 .09 /.08 Q Jan29 /Jan15 Eatn Vnc PA Muni 5.8 .06442 Jan29 /Jan22
BlackRock Muni BBK 5.5 .075 M Feb01 /Jan15 BlkRk MuniHldgs II MUH 6.0 .0775 M Feb01 /Jan15 EIP M
Bank of The Ozarks OZRK 1.2 .15 /.145 Q Jan22 /Jan15 Eaton CA Trust 5.3 .05884 M Jan21 /Jan14
BlackRock Municipal Trust BFK 6.1 .0751 M Feb01 /Jan15 BlkRk MuniHldgs Inv MFL 5.9 .0715 M Feb01 /Jan15 CEV
DDR Corp DDR 4.5 .19 /.1725 Q Apr05 /Mar10 Eaton MA Trust MMV 4.9 .05717 M Jan21 /Jan14
BlackRock NJ Muni BLJ 5.7 .0695 M Feb01 /Jan15 BlkRk MuniHldgs Qlty II MUE 6.0 .068 M Feb01 /Jan15
Tallgrass Energy GP Cl A TEGP 4.2 .173 /.144 Q Feb12 /Jan29 Eaton MI Trust EMI 5.4 .05908 M Jan21 /Jan14
BlackRock NJ Municipal Tr BNJ 5.9 .0751 M Feb01 /Jan15 BlkRk MuniHldgs Quality MUS 5.9 .0675 M Feb01 /Jan15
Tallgrass Energy Partners TEP 6.2 .64 /.60 Q Feb12 /Jan29 Eaton NJ EVJ 5.7 .06067 M Jan21 /Jan14
BlackRock NY Muni 2018 BLH 2.0 .0256 M Feb01 /Jan15 BlkRk MuniVest MVF 6.2 .0535 M Feb01 /Jan15
Initial BlackRock NY Municipal Tr BNY 5.3 .069 M Feb01 /Jan15 BlkRk MuniVest II MVT 6.0 .083 M Feb01 /Jan15 Eaton NY Trust EVY 5.3 .0617 M Jan21 /Jan14
BlackRock Science & Tech BST 7.0 .10 M Jan29 /Jan15 BlkRk MuniYield MYD 6.2 .077 M Feb01 /Jan15 Eaton OH Trsut EVO 5.1 .06092 M Jan21 /Jan14
Nuveen High Incm Dec18 JHA .0505 Feb01 /Jan15
Blackrock Strategic Muni BSD 6.1 .071 M Feb01 /Jan15 BlkRk MuniYld Arizona MZA 5.0 .0695 M Feb01 /Jan15 Eaton PA Trust EVP 6.0 .06058 M Jan21 /Jan14
Funds and investment companies BlackRock Utility & Infr BUI 8.6 .121 M Jan29 /Jan15 BlkRk MuniYld CA Fd MYC 5.6 .074 M Feb01 /Jan15 Eaton Vance BuyWrite Opp ETV 8.8 .1108 M Jan29 /Jan22
AdvntClymr Convertible II AGC 10.2 .047 M Jan29 /Jan15 BlackRock VA Muni BHV 4.2 .0695 M Feb01 /Jan15 BlkRk MuniYld CA Quality MCA 5.6 .073 M Feb01 /Jan15 Eaton Vance CA Mun Bd EVM 5.6 .057 M Jan29 /Jan22
AdvntClymrFd AVK 8.2 .0939 M Jan29 /Jan15 BlackRockFL Muni 2020 BFO 2.5 .031 M Feb01 /Jan15 BlkRk MuniYld Ins Qlty MFT 6.0 .071 M Feb01 /Jan15 Eaton Vance Eqty Inco Fd EOI 7.9 .0864 M Jan29 /Jan22
AllianzGI Conv & Incm NCV 13.4 .065 M Feb01 /Jan14 BlackRockMuni BLE 6.1 .079 M Feb01 /Jan15 BlkRk MuniYld Inv MYF 6.2 .0815 M Feb01 /Jan15 Eaton Vance Eqty Inco II EOS 7.8 .0875 M Jan29 /Jan22
AllianzGI Conv & Incm II NCZ 13.5 .0575 M Feb01 /Jan14 BlackRockMuni 2020 BKK 3.4 .0448 M Feb01 /Jan15 BlkRk MuniYld MI Qlty MIY 5.9 .069 M Feb01 /Jan15 Eaton Vance Mun Bd Fd EIM 5.8 .06384 M Jan29 /Jan22
AllianzGI Div Incm ACV 11.1 .167 M Feb01 /Jan14 BlackRockMuni 2020 BKK 3.4 .0448 M Apr01 /Mar15 BlkRk MuniYld NJ Fd MYJ 5.8 .075 M Feb01 /Jan15 Eaton Vance Mun Bd Fd II EIV 5.2 .0581 M Jan29 /Jan22
BlackRck Rscs Comm Str Tr BCX 11.1 .0655 M Jan29 /Jan15 BlackRockMuni 2020 BKK 3.4 .0448 M Mar01 /Feb16 BlkRk MuniYld PA Quality MPA 5.8 .0715 M Feb01 /Jan15 Eaton Vance Mun Income EVN 6.1 .07083 M Jan21 /Jan14
BlackRock Muni Bnd BIE 6.1 .076 M Feb01 /Jan15 BlackRockMuni 2020 BKK 3.4 .0021 Apr29 /Apr15 BlkRk MuniYld Qlty II MQT 6.0 .067 M Feb01 /Jan15 Eaton Vance Tax-Mng Div ETY 9.3 .0843 M Jan29 /Jan22
BlackRock CA Muni 2018 BJZ 2.2 .0277 M Feb01 /Jan15 BlackRockMuni 2020 BKK 3.4 .0448 M Apr29 /Apr15 BlkRk MuniYld Quality MQY 6.0 .08 M Feb01 /Jan15 Eaton Vance Tax-Mngd Opp ETW 10.4 .0973 M Jan29 /Jan22
BlackRock CA Municipal Tr BFZ 5.4 .0722 M Feb01 /Jan15 BlackRockMuni Tr BYM 5.8 .0715 M Feb01 /Jan15 BlkRk NY Muni BQH 5.0 .062 M Feb01 /Jan15 Eaton Vnce NY ENX 5.5 .05983 M Jan29 /Jan22
BlackRock Enh Eq Div Tr BDJ 7.5 .0467 M Jan29 /Jan15 BlackRockNY TrII BFY 5.5 .07 M Feb01 /Jan15 BlRk MuHldg NY Qlty MHN 5.5 .067 M Feb01 /Jan15 Eaton Vnce CA2 EIA 4.9 .0517 M Jan29 /Jan22
Blackrock Global Trust BOE 9.2 .097 M Jan29 /Jan15 Blkrck MunHl NJ Qlty MUJ 6.1 .074 M Feb01 /Jan15 BlRk Muyld NY Qlty MYN 5.5 .062 M Feb01 /Jan15 Eaton Vnce Ins MA MAB 4.4 .0542 M Jan29 /Jan22
Blackrock Invest BKN 5.7 .074 M Feb01 /Jan15 BlkrckNYMuni Qlty BSE 5.0 .0575 M Feb01 /Jan15 BlRkMunyldQltyIII MYI 6.0 .074 M Feb01 /Jan15 Etn Vnc Short Dur Fd EVG 8.1 .09 M Jan29 /Jan22
BlackRock Long-Term Muni BTA 6.0 .058 M Feb01 /Jan15 BlkRk Engy Res Tr BGR 10.3 .11 M Jan29 /Jan15 Credit Suisse High Yld DHY 12.6 .024 M Jan26 /Jan20 Etn Vnc Tax Mgd Buy-Write ETB 7.9 .108 M Jan29 /Jan22
BlkRk Enh Cap Inco CII 8.6 .10 M Jan29 /Jan15 Cushing Energy Incm Fd SRF 19.5 .133 M Jan29 /Jan20 EtnVnc TaxAdvDiv EVT 9.1 .145 M Jan29 /Jan22
KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA: BlkRk Health Sci BME 6.1 .20 M Jan29 /Jan15 CushingMLPTotalReturnFd SRV 9.7 .09 M Jan29 /Jan20 EtnVncLtdFd EVV 9.6 .1017 M Jan21 /Jan14
semiannual; S2:1: stock split and ratio; SO: spin-off. BlkRk Intl Grwth&Inco BGY 9.6 .049 M Jan29 /Jan15 Divers Real Asset Incm Fd DRA 10.8 .139 M Feb01 /Jan15 Continued on Page C9
THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | C5
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
17158.66 s 9.72, or 0.06% Trailing P/E ratio * 16.27 16.22 2016.71 s 4.05, or 0.20% Trailing P/E ratio * 22.95 19.37 4891.43 t 11.66, or 0.24% 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 2.24 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

Session high
20000 2150 5150
DOWN UP
t
Session open Close
Close Open 19000 2100 5025

t
Session low
18000 2050 4900
17000 2000 65-day moving average 4775
65-day moving average

65-day moving average 16000 1950 4650
15000 1900 4525
Bars measure the point change from session's open

14000 1850 4400
Oct. Nov. Dec. Oct. Nov. Dec. 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* 863,724,364 7,192,667
Industrial Average 17195.84 17038.61 17158.66 9.72 0.06 18312.39 15666.44 -1.2 -1.5 8.5 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 443,763,118 3,801,258
Transportation Avg 7386.36 7277.05 7363.95 11.36 0.15 9178.48 7352.59 -15.5 -1.9 10.0 Most-active issues in late trading Decl. volume* 398,470,098 2,648,587
Utility Average 582.37 569.12 580.97 3.49 0.60 652.11 541.97 -5.6 0.5 7.7 Volume After Hours Issues traded 3,223 377
Company Symbol (000) Last Net chg % chg High Low Advances 1,844 203
Total Stock Market 20855.86 20684.19 20806.30 36.62 0.18 22287.78 19528.72 -0.1 -1.4 10.8
SPDR S&P 500 SPY 9,694.0 201.62 0.26 0.129 207.75 199.69 Declines 1,304 149
Barron's 400 508.81 503.49 505.93 -0.22 -0.04 586.75 497.51 -3.0 -2.0 10.2
Fortress Invt Group Cl A FIG 8,517.5 5.07 … unch. 5.07 5.07 Unchanged 75 25
Nasdaq Stock Market Mkt Vectors Gold Miners GDX 6,039.5 14.02 … unch. 14.23 14.00 New highs 104 9
Nasdaq Composite 4926.73 4872.74 4891.43 -11.66 -0.24 5218.86 4506.49 6.5 -2.3 16.4 Mondelez Intl Cl A MDLZ 5,780.3 44.15 … unch. 44.24 44.14 New lows 91 10
4522.12 4466.05 -13.68 4719.05 4016.32 -2.4 Closing tick 74 24
Nasdaq 100 4484.18 -0.30 9.1 18.1 iShares MSCI Emg Markets EEM 4,240.4 31.38 … unch. 31.45 31.33
Closing Arms† 1.33 1.86
Finl Select Sector SPDR XLF 2,933.2 23.47 0.01 0.04 24.29 23.24
Standard & Poor's Block trades* 4,618 64
PwrShrs QQQ Tr Series 1 QQQ 2,733.8 109.42 0.11 0.101 109.58 109.22
500 Index 2021.94 2004.17 2016.71 4.05 0.20 2130.82 1867.61 0.7 -1.3 11.2 Nasdaq NYSE Arca
Coca-Cola KO 2,184.2 42.55 … unch. 42.56 42.39
MidCap 400 1384.02 1373.90 1380.31 1.13 0.08 1549.44 1351.29 -2.3 -1.3 9.3 Total volume* 1,905,385,712 286,090,142
SmallCap 600 658.50 654.16 657.77 1.99 0.30 742.13 641.76 -1.6 -2.1 10.1 Percentage gainers… Adv. volume* 814,441,429 163,599,899
Decl. volume* 1,063,914,541 121,510,299
Other Indexes Conatus Pharmaceuticals CNAT 878.0 3.38 0.51 17.77 3.45 3.08
Issues traded 2,965 1,437
Russell 2000 1112.67 1104.75 1110.45 1.82 0.16 1295.80 1083.91 -4.4 -2.2 8.1 Iconix Brand Group ICON 47.1 6.76 0.36 5.63 6.86 6.38
Advances 1,488 829
NYSE Composite 10039.96 9959.82 10028.06 26.50 0.27 11239.66 9601.42 -4.6 -1.1 5.0 Crestwood Equity Partners CEQP 35.7 20.82 1.02 5.15 20.82 19.80 Declines 1,374 588
Value Line 440.92 436.56 438.95 -0.47 -0.11 522.42 431.31 -9.5 -1.5 4.9 Kratos Defense Sec Sols KTOS 15.1 4.17 0.20 5.04 4.17 3.97 Unchanged 103 20
NYSE Arca Biotech 3751.31 3684.61 3711.54 0.79 0.02 4431.87 3303.47 8.8 -2.7 31.9
Lucas Energy LEI 10.0 7.19 0.29 4.20 7.52 6.95 New highs 24 6
New lows 86 34
NYSE Arca Pharma 538.49 533.80 537.20 4.08 0.77 605.94 509.74 1.4 -0.8 12.4 ...And losers
Closing tick 230 53
KBW Bank 71.81 70.72 71.27 -0.04 -0.06 80.41 66.40 1.9 -2.5 9.9 Epizyme Inc. EPZM 5.9 13.61 -1.51 -9.99 15.12 13.61 Closing Arms† 1.41 1.02
PHLX§ Gold/Silver 46.73 45.78 46.18 -0.23 -0.49 82.07 43.21 -39.1 1.9 -34.3 Sage Therapeutics SAGE 9.9 52.25 -4.26 -7.54 56.57 52.25 Block trades* 7,341 1,219
PHLX§ Oil Service 159.47 154.82 156.64 -3.00 -1.88 224.32 153.12 -21.7 -0.7 -12.3 General Steel Holdings GSI 5.1 2.90 -0.17 -5.41 3.05 2.90 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 658.75 648.80 649.47 -6.81 -1.04 746.08 559.59 -1.4 -2.1 17.8 ACADIA Pharmaceuticals ACAD 55.2 32.66 -1.80 -5.22 34.46 32.40 †(TRIN) A comparison of the number of advancing and declining
21.06 19.25 -1.36 -6.57 40.74 11.95 6.2 issues with the volume of shares rising and falling. An
CBOE Volatility 19.34 -8.4 11.8 Cempra CEMP 9.8 27.25 -1.48 -5.15 28.73 27.02 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 2283.69 –0.94 –0.04 –2.3 AmerElecTech AETI 3.55 1.45 69.04 6.24 1.85 -36.4 Scorpio Bulkers SALT 6.51 -1.83 -21.94 35.39 6.36 -72.2
The Global Dow Euro 2005.71 14.69 0.74 –1.0 Heat Biologics HTBX 3.66 1.30 55.08 10.90 1.67 -18.3 Vuzix VUZI 6.12 -1.69 -21.64 8.56 3.61 5.9
DJ Global Index 301.67 –0.04 –0.01 –2.0 Axsome Therapeutics AXSM 14.98 2.79 22.89 15.74 8.00 ... China Adv Constr Matrl CADC 1.72 -0.47 -21.46 5.97 1.46 -64.1
World DJ Global ex U.S. 204.37 –0.45 –0.22 –2.8 Ampio Pharmaceuticals AMPE 3.17 0.56 21.46 7.10 1.53 16.2 Fitbit FIT 24.30 -5.46 -18.35 51.90 24.03 ...
Auris Medical Holding EARS 5.94 0.86 16.93 7.15 3.02 69.2 Republic Airways Holdings RJET 3.08 -0.54 -14.92 15.36 1.97 -77.6
Americas DJ Americas 480.51 0.80 0.17 –1.4
Sao Paulo Bovespa 42419.32 0.66 –2.1 Akari Therapeutics ADR AKTX 15.90 2.25 16.48 62.00 4.00 -70.0 North Atlantic Drilling NADL 2.07 -0.35 -14.46 23.70 1.99 -85.5
Brazil 278.28
12920.14 –0.05 –0.7
Dimension Therapeutics DMTX 12.22 1.64 15.50 15.55 9.01 ... C&J Energy Services CJES 4.18 -0.70 -14.34 18.45 2.97 -64.7
Canada S&P/TSX Comp –7.01
Kitov Pharmaceuticals ADR KTOV 3.54 0.45 14.62 5.70 2.35 ... SunRun RUN 9.61 -1.60 -14.27 14.95 6.36 ...
Mexico IPC All-Share 42041.68 –72.02 –0.17 –2.2
0.14 Sientra SIEN 6.73 0.76 12.73 26.67 2.78 -55.0 Akebia Therapeutics AKBA 10.78 -1.78 -14.17 14.20 5.91 -2.5
Chile Santiago IPSA 2899.70 3.91 –1.5
OncoCyte OCX 10.11 1.11 12.33 10.24 3.10 ... Acceleron Pharma XLRN 40.22 -4.64 -10.34 50.86 20.00 5.8
Europe Stoxx Europe 600 358.88 2.22 0.62 –1.9
CHC Group HELI 7.43 0.81 12.23 87.90 3.74 -89.4 Jason Industries JASN 3.66 -0.42 -10.23 10.04 2.90 -62.6
Euro zone Euro Stoxx 336.48 1.30 0.39 –2.5
General Steel Holdings GSI 3.07 0.33 12.03 5.20 0.53 -12.3 Tetraphase Pharma TTPH 8.72 -0.96 -9.92 52.90 7.20 -77.0
Belgium Bel-20 3653.18 10.39 0.29 –1.3
Diversicare Hlthcr Svcs DVCR 9.38 0.99 11.80 17.15 6.45 1.3 Avon Products AVP 3.66 -0.40 -9.85 9.47 2.41 -57.5
France CAC 40 4537.63 15.18 0.34 –2.1 Aethlon Medical AEMD 7.01 0.71 11.33 16.80 6.00 -55.6 Diversified Restaurant SAUC 1.84 -0.20 -9.80 5.16 1.80 -63.2
Germany DAX 10310.10 26.66 0.26 –4.0 Smith Wesson Hldg SWHC 25.86 2.58 11.08 26.54 9.39 174.8 Rentech RTK 3.17 -0.34 -9.69 14.40 2.44 -74.2
Israel Tel Aviv 1531.42 7.32 0.48 0.2
Italy FTSE MIB 20983.24 249.43 1.20 –2.0
Netherlands AEX 435.00 3.30 0.76 –1.5 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 9335.20 22.00 0.24 –2.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Sweden SX All Share 486.55 –2.62 –0.54 –3.7
Switzerland Swiss Market 8701.46 45.15 0.52 –1.3 SPDR S&P 500 SPY 100,921 -13.8 201.36 0.17 213.78 182.40 Famous Dave's of America DAVE 1,520 2940 6.21 -9.48 34.72 5.95
6137.24 0.72 –1.7 Bank Of America BAC 65,785 -17.4 16.43 ... 18.48 14.60 Auris Medical Holding EARS 3,118 2210 5.94 16.93 7.15 3.02
U.K. FTSE 100 43.81
iPath SP 500 VIX Sht Tm VXX 62,854 3.0 20.67 -3.14 37.35 15.48 iSh Global Consmr Staples KXI 634 1832 91.88 0.25 95.91 81.11
Asia-Pacific DJ Asia-Pacific TSM 1354.08 –4.44 –0.33 –2.6 iShares MSCI Japan ETF EWJ 61,722 71.5 12.08 1.26 13.35 10.89 Newfleet Multi Uncon Bd NFLT 720 1801 24.78 0.20 26.13 16.91
Australia S&P/ASX 200 5184.40 –86.10 –1.63 –2.1 General Electric GE 54,541 -40.3 30.74 0.10 31.49 19.37 AR Capital Acquisition AUMA 255 1463 9.73 0.10 10.48 8.75
China Shanghai Composite 3287.71 –8.55 –0.26 –7.1
Apple AAPL 54,476 24.0 102.71 -2.51 134.54 92.00 Videocon d2h ADR VDTH 2,650 1398 8.71 1.16 13.49 7.51
Hong Kong Hang Seng 21188.72 –138.40 –0.65 –3.3
iShares MSCI Emg Markets EEM 53,534 -14.8 31.38 0.22 44.19 30.00 First Tr Gl Natural Rscs FTRI 290 1222 9.67 0.94 20.28 8.85
India S&P BSE Sensex 25580.34 –43.01 –0.17 –2.1
Ford Motor F 48,543 81.4 13.72 -1.79 16.74 10.44 Vanguard SC 600 Gr ETF VIOG 112 995 103.77 0.49 116.08 96.60
Japan Nikkei Stock Avg 18374.00 –76.98 –0.42 –3.5
MannKind MNKD 47,938 634.4 0.75 -48.44 7.88 0.70 Guggenheim BulletShs 2023 BSCN 156 905 20.07 0.30 22.00 19.83
Singapore Straits Times 2834.23 –1.74 –0.06 –1.7 VelocityShares 3x Lg UWTI 44,411 41.0 3.60 -8.40 43.20 3.51 Progressive Waste Sol BIN 2,970 900 24.87 7.15 30.74 20.81
South Korea Kospi 1930.53 11.77 0.61 –1.6
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $5 a share or more with an average volume over 65 trading days of at least
Taiwan Weighted 8075.11 –39.15 –0.48 –3.2 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
30-year mortgage, Rate US$vs, US$vs,
A consumer rate against its Tues YTDchg Tues YTDchg
5.00% 15%
benchmark over the past year Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 4.01% 10 WSJ Dollar index
4.00 s Americas Thailand baht .02769 36.120 0.2
Pacific Finance Group, LLC 3.63% 5 Vietnam dong .00004515 22150 unch
4.00% Bothell, WA Argentina peso .0733 13.6335 5.4
t 425-354-5602 3.00 Europe
0 Brazil real .2495 4.0077 1.2
30-year fixed-rate EmpireAmerica 3.75% Canada dollar .7145 1.3997 1.1 Czech Rep. koruna .03978 25.139 1.0
3.00 2.00 –5 sYen
mortgage Woodland Hills, CA 866-411-3621 Chile peso .001401 713.60 0.7 Denmark krone .1441 6.9413 1.0
–10 s Colombia peso .0003114 3211.00 1.1 Euro area euro 1.0749 .9304 1.0
2.00 Garden State Home Loans 3.75% Tuesday 1.00
t
t Euro
t One year ago –15 Ecuador US dollar 1 1 unch Hungary forint .003428 291.69 0.4
10-year Treasury Cherry Hill, NJ (609) 216-7912
0.00 Mexico peso .0577 17.3368 0.8 Iceland krona .007611 131.39 0.9
note yield 1.00 Majestic Home Loan 3.75% –20
Peru new sol .2934 3.408 –0.2 Norway krone .1123 8.9083 0.7
1 3 6 1 2 3 5 710 30 2015
Rancho Cucamonga, CA 909-451-8416 Uruguay peso .03308 30.2300 1.1 Poland zloty .2496 4.0067 2.1
0.00 month(s) years Venezuela b. fuerte .158603 6.3051 unch Russia ruble .01363 73.371 2.0
J F M A M J J A S O N DJ Mortgage Mate 3.75%
maturity Asia-Pacific Sweden krona .1163 8.5984 1.8
2015 W. Los Angeles, CA 888-331-6246 Switzerland franc .9915 1.0086 0.7
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7162 1.3963 1.7
Turkey lira .3350 2.9850 2.3
China yuan .1532 6.5262 0.5
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0413 24.2370 1.0
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1290 7.7517 unch
UK pound 1.4676 .6814 0.4
India rupee .01504 66.481 0.4
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 .0000722 13852 0.1 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008399 119.06 –1.0 Bahrain dinar 2.6522 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002916 342.88 1.2 Egypt pound .1276 7.8346 0.1
Libor, 3-month 0.62 0.60 0.25 l 0.62 0.31
Macau pataca .1235 8.0974 1.2 Israel shekel .2545 3.9299 1.0
Money market, annual yield 0.28 0.27 0.25 l 0.44 -0.23 Treasury, Ryan ALM 1410.401 1.894 1.957 1.957 1.305 –0.541 1.759
Malaysia ringgit .2293 4.3612 1.4 Kuwait dinar 3.2900 .3039 0.2
Five-year CD, annual yield 1.40 1.39 1.37 l 1.53 0.04 10-yr Treasury, Ryan ALM 1691.883 2.248 2.310 2.480 1.669 –2.468 1.850 New Zealand dollar .6705 1.4914 1.9 Oman sul rial 2.5974 .3850 unch
30-year mortgage, fixed† 4.01 4.06 3.71 l 4.22 0.28 DJ Corporate 341.788 3.403 3.462 3.462 2.633 –1.282 2.144 Pakistan rupee .00954 104.850 unch Qatar rial .2746 3.641 unch
15-year mortgage, fixed† 3.28 3.30 2.94 l 3.42 0.24 Aggregate, Barclays Capital 1827.320 2.590 2.630 2.630 1.920 0.100 1.624 Philippines peso .0213 46.889 0.1 Saudi Arabia riyal .2665 3.7525 unch
Jumbo mortgages, $417,000-plus† 4.50 4.55 4.00 l 4.97 0.37 Singapore dollar .7015 1.4256 0.5 South Africa rand .0640 15.6367 1.0
High Yield 100, Merrill Lynch 2376.060 7.648 7.815 8.056 5.016 –4.293 1.228 South Korea won .0008398 1190.81 1.3
Five-year adj mortgage (ARM)† 3.76 3.56 3.14 l 4.00 0.68 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1907.310 2.770 2.830 2.900 2.280 1.204 2.102 Sri Lanka rupee .0068937 145.06 0.6
New-car loan, 48-month 3.17 3.21 2.71 l 3.33 0.34 Taiwan dollar .03013 33.185 0.8 WSJ Dollar Index 90.73 0.34 0.37 0.62
Muni Master, Merrill 501.391 1.705 1.759 2.099 1.475 2.642 2.959
HELOC, $30,000 4.59 4.59 4.24 l 4.71 -0.04
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 671.691 6.697 6.694 6.817 5.679 2.813 –0.146 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 448.39 -1.31 -0.29 584.70 441.41 -19.50 -1.19

ONLINE
WSJ
Reuters-Jefferies CRB 173.07 -1.42 -0.81 231.77 170.70 -23.21 -1.82
Crude oil, $ per barrel 35.97 -0.79 -2.15 61.43 34.73 -24.95 -2.89
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 2.325 -0.009 -0.39 3.23 1.76 -20.86 -0.51
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1078.40 3.30 0.31 1300.70 1050.80 -11.56 1.71
WSJMarkets.com
C6 | Wednesday, January 6, 2016 THE WALL STREET JOURNAL.
THE PROPERTY REPORT
RICARDO ARDUENGO/ASSOCIATED PRESS

Developers are seeing opportunities in long-moribund sectors of San Juan’s property market, investing in homes, offices and retail spaces.
Betting on a San Juan Mall nue in Puerto Rico. But they lenges facing Puerto Rico’s according to Taubman Cen-
Retail landlords and
come at a time when the is- consumers. The median house- ters.
upscale chains set up land is contending with crush- hold income is less than Puerto Rico’s largest mall,
shop on the island ing public debt. “Puerto Rico’s $20,000 a year, roughly half Plaza Las Americas, is
got serious financial prob- what it is in Mississippi, the crowded with shoppers even
despite its debt woes lems,” said Steve Sakwa, a poorest U.S. state by that mea- on weekday afternoons. Retail-
real-estate analyst at Evercore sure, according to Census Bu- ers such as J.C. Penney Co.
BY LIAM PLEVEN
ISI. reau data. Nearly half of say their Puerto Rico stores
Landlords and retailers are Puerto Rico’s 3.5 million peo- are among their best-perform-
SAN JUAN, Puerto Rico— counting on a number of fac- ple live in poverty. ing locations.
Puerto Rico’s government is tors to weather the storm, in- “We don’t feel secure,” said “You’ve got lower supply
struggling to pay its bills. But cluding an underground econ- Diana Domenech, a 45-year- and a consumer who loves to
mall owners and retailers are omy that means shoppers are old therapist who was shop- shop,” said Paul Freddo, a for-
betting that consumers on the wealthier than official statis- ping recently at Plaza del Sol, mer J.C. Penney executive who
JOSÉ JIMÉNEZ-TIRADO FOR THE WALL STREET JOURNAL

island will keep spending. tics indicate, a lively tourist a mall in suburban Bayamon. is now senior executive vice
Fast-fashion retailer trade and a relative shortage “So I shop less right now.” president for leasing at DDR
Hennes & Mauritz AB’s H&M of retail space compared with In recent years, hundreds of Corp., which owns Plaza del
plans to open its first store in the rest of the U.S., according thousands of Puerto Ricans, Sol and 13 other malls and
the U.S. territory this year, at to executives and analysts. who are U.S. citizens, have shopping centers in Puerto
the 631,000-square-foot Mall “San Juan is one of the moved to the mainland. Migra- Rico.
of San Juan. Opened in densest markets in North tion is “the largest risk” to the DDR, based in Beachwood,
March, it was the largest new America,” said Robert Taub- local economy, said Heidie Ohio, has spent about $50 mil-
mall on U.S. soil in 2015, ac- man, chief executive of Taub- Calero, an economist who lion in recent years to upgrade
cording to real-estate firm Co- man Centers Inc., a mall heads H. Calero Consulting its island properties, including
Star Group. owner based in Bloomfield Group Inc., based in San Juan. moving a food court to the
Nordstrom Inc. and Hud- Hills, Mich., that spent about Ms. Calero pointed to de- second floor at Plaza del Sol
son’s Bay Co.’s Saks Fifth Ave- $475 million to build the Mall clines in sales of new cars and to meet demand for additional
nue made their island debuts of San Juan. “We are ex- higher home foreclosures as retail space, according to exec-
at the Mall of San Juan last tremely bullish.” signs of the stress. “You’re utives. Existing retailers at the The Mall of San Juan opened its doors in March.
year, and other retailers are On Monday, Puerto Rico seeing evidence that the con- mall include Wal-Mart Stores
coming to the island or ex- was expected to make most of sumer is not that resilient,” Inc. and Home Depot Inc. In addition, many consum- were sold per person in the
panding operations. Retail roughly $1 billion in scheduled she said. The arrival of new retailers ers have more disposable in- area than almost anywhere
landlords have invested tens bond payments, but it said last But mall owners and retail- is a lure for Puerto Rico shop- come than official data might else in the U.S.
of millions of dollars to up- week that it would miss about ers say they are protected pers who had encountered suggest, due to a lower cost of “That’s when you knew” the
grade their properties. $37 million in payments due from the problems because the stores such as Nordstrom and living and a lax tax collection market could support a mall
The moves amount to a from public agencies, under- island isn’t saturated with H&M only when traveling to system, experts say. with some high-end stores,
high-stakes wager for mall scoring the severity of the is- stores like much of the main- the mainland or buying online. That was a key factor for said William Taubman, the
owners and retailers who face land’s problems. In 2015, the land U.S. There are five square “I was eager to come here and Taubman in deciding to build firm’s chief operating officer.
a slow recovery across the U.S. island’s sales tax leapt to feet of mall space per capita in see it,” said Fabiola Colon, 24, the Mall of San Juan. The The mall opened in March,
and hope to find a sorely 11.5%, up from 7%. Puerto Rico, compared with 23 who was shopping in Nord- company tracked down data just as the island’s fiscal prob-
needed source of fresh reve- The crisis adds to the chal- square feet around the U.S., strom recently. showing that more luxury cars lems were coming to a head.


Puerto Rico’s government is going to start developing more affordable units in San Juan.

Solving a Housing Crisis
BY THERESA AGOVINO units—509 apartments—will McCormack will be paid a
Hope may be on the way for

be rented at affordable rents
to very low-income families,
development fee as well as a
management fee once the
some 30,000 residents of most of whom will only earn housing opens. “This kind of
Puerto Rico who are lingering up to 40% of the area’s aver- project is our sweet spot,”
$ on waiting lists for public
housing and rent vouchers
age median income. Mean-
while, 129 apartments are
said Tony Salazar, president of
McCormack’s West Coast op-
that can last up to four years. slated to house low-income eration.
Despite the island’s finan- families, or those earning up The project is an about face

"# cial crisis, Puerto Rico’s De-
partment of Housing is
launching a trial program us-
to 60% of the median income.
The remaining 114 units will
be market rate. Rents for all
for the government, which
said at the end of 2014 that
the island wasn’t yet ready for
ing an affordable-housing tool

that has been effective in
other parts of the U.S.
the units still are being deter-
mined.
Ordinarily a project with
mixed-income projects be-
cause of the uncertainty of
filling the market-rate units.
Teaming up with for-profit this mixture of rents wouldn’t Puerto Rico’s financial
McCormack Baron Salazar, be financially feasible because problems may have exacer-
the department is going to the income wouldn’t be suffi- bated that ambiguity. Many
start developing projects with cient to pay operating ex- Puerto Ricans are leaving in
both market-rate and afford- penses, debt service on con- search of employment in the
able units. The higher rents struction loans and provide a continental U.S. while others

from the market-rate units
make it possible to add to the
return to the developer.
But, like developers of af-
can’t afford to pay rent. Hous-
ing vacancy rates surged 13%
island’s affordable-housing fordable-housing projects in from 2010 to 2014, according

stock.
“We are changing afford-
the U.S., the Puerto Rico ven-
ture is getting an unusual mix-
to the Puerto Rico State Hous-
ing Plan report.
able housing in Puerto Rico,” ture of financing. Mr. Lastra Power isn’t wor-
said Alberto Lastra Power, The developments will get ried. He said that much of the
Puerto Rico’s secretary of $105.2 million from the sale of housing vacancy today is in
housing. “We are trying to tax credits. Puerto Rico’s hous- the luxury market and believes
jump-start the economy.” ing agency also is lending Mc- college graduates and young

Last year, the Housing De- Cormack $65.1 million includ- couples will be attracted to
partment and McCormack ing $56 million the agency is the market-rate units.
completed a plan to develop a getting from the U.S. Depart- Mr. Salazar said the com-
total of 752 units in three de- ment of Housing and Urban pany isn’t especially con-
velopments for a cost of Development. cerned about Puerto Rico’s fi-
! $170.3 million. Two will be in McCormack has been build- nances. “Of course the
San Juan while the third will ing mixed-income housing situation makes your antenna
be in Caguas, about a half- since 1973 and has completed go up,” he said. “But we are
hour drive south. 171 developments with almost used to it. We have worked in
The majority of the 19,500 homes. Detroit and Cleveland.”
THE WALL STREET JOURNAL. NY Wednesday, January 6, 2016 | C7
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THE PROPERTY REPORT
Revival Hopes in Santurce Ken Kesey Statue

BY LIAM PLEVEN
SAN JUAN, Puerto Rico—

In Middle of Spat
From New York to San Fran- BY MARY PILON is experiencing a micro ver-
cisco, once-gritty neighbor- sion of a culture clash that
hoods have become thriving EUGENE, Ore.—This isn’t has played out in Seattle and
hubs as changing tastes and the kind of high rise Ken San Francisco. As tech com-
demographics lure people back Kesey had in mind. panies proliferate, local pop-
into the heart of U.S. cities. Real-estate developers in ulations and cultural institu-
Real-estate investors are this city of 159,000 people tions are starting to get
trying to spur a similar trans- nestled in the hills of west- squeezed out.
formation in a storied part of ern Oregon have proposed to “Technology brings jobs
San Juan called Santurce that build an apartment complex and an energy to our city,”
is scarred by decades of social they say will help lure well- said Ms. Piercy, who so far
upheaval and economic woe. educated technology workers has declined to back any plan
In the past few years, they and boost the economy. for the statue or plaza. “But
have bought a number of prop- The problem: To do it, what we don’t want to hap-
erties along Ponce de León Av- they want to level the public pen is what’s happened in
enue, a main artery in the park that hosts a bronze Portland, Seattle and San
Puerto Rican capital that is statue of Mr. Kesey, the Francisco where we’re pric-
lined with neglected and graf- 1960s-era writer and Merry ing everything out of range
fiti-stained buildings. They and Prankster who died in 2001 for middle- or lower-income
their allies have begun invest- but remains one of Eugene’s people.”
ing in amenities such as green most famous cultural ex-
space and additional parking. ports.
The aim is to take advan- The plan has rankled sup-
‘Cities need places
tage of Santurce’s popularity porters of Mr. Kesey, best for people to gather,’
with local artists, its thriving known for his novels “One
restaurant scene and walkable Flew Over the Cuckoo’s Nest”
says an opponent of
streets as well as its central and “Sometimes a Great No- the apartment plan.
location nestled between ma- In the past few years, Santurce has lured young San Juan residents with art galleries and nightlife. tion” and the LSD-fueled an-
jor destinations like Old San tics depicted in Tom Wolfe’s
Juan and the Hato Rey finan- Tenenbaum, the firm’s re- one Santurce district, Campo young San Juan residents 1968 book “The Electric At a recent public forum
cial district. gional director for Puerto Alegre, had 3,355 residents in drawn by relatively affordable Kool-Aid Acid Test.” focused on the property,
“All of the elements you Rico, who described one of the 1940 and 1,051 in 1980, accord- housing, cultural destinations On a recent rainy after- more than 100 people
need for a good neighborhood buildings as a “concrete shell.” ing to Ms. Marvel. “The popu- such as the museum and nearby noon here, Mr. Kesey’s son, crowded into a windowless
were already here,” said Nich- The firm is making renova- lation drop was dramatic,” she art galleries, an annual street Zane, visited the plaza wear- room to discuss different
olas Prouty, an investor in dis- tions and trying to attract new said. fair called Santurce Es Ley and ing a peace sign painted on plans, including city council
tressed properties who moved tenants. Parts of Santurce, including the vibrant nightlife around La his face. He admired the life- member Betty Taylor, a for-
to Puerto Rico from Green- “We find the value in unat- waterfront districts such as Placita, a part of Santurce that size statue of his father. mer English teacher who op-
wich, Conn., a few years ago. tended areas,” Mr. Tenenbaum Miramar and Condado, still is home to restaurants run by “Building a high rise over poses the apartment plan.
Mr. Prouty said his firm, said. Morgan Reed has previ- are densely populated and re- acclaimed chefs. a groovy section of town just “Cities need places for
Putnam Bridge Funding LLC, ously invested in downtown main popular with well-heeled “It’s become a hipster desti- doesn’t feel like the first Eu- people to gather,” she said.
purchased Ciudadela, an areas in Chicago, Cleveland home buyers and visitors to nation,” said Miguel Soto- genian answer,” he said. The property is the site of
apartment complex on Ponce and Hartford, Conn. Puerto Rico, which is a U.S. Class, president of the Center The Eugene City Council neighborhood gatherings like
de León, out of bankruptcy in Santurce was once a vital territory. for a New Economy, a San plans to hear proposals until concerts, outdoor movie
2012. He is building additional area where Puerto Ricans who The area around Ponce de Juan think tank. Jan. 15 and may schedule a screenings and friendly bouts
apartments, retail space and moved to San Juan from rural León, further from San Juan’s Mr. Prouty said all of the vote soon after. The question of dodge ball. But it also has
parking places at the complex areas often settled, drawn by a beaches and major tourist at- existing apartments at Ciudad- before them: whether to keep become a hotbed of crime
and plans to build a park be- network of buses and trolleys tractions, continued to strug- ela have been sold, 95% of intact the 80-foot by 55-foot and panhandling by a home-
tween the complex and the that made it a convenient gle with abandoned buildings them to Puerto Ricans, not parcel of city land or modify less population that has
nearby Museum of Art of place to live, said Lucilla Mar- and street crime and has de- visitors to the island, and the an area that has become a dwelled in the area for years.
Puerto Rico. vel, an urban social planner clined further as Puerto Rico typical buyer is a single city landmark. Even the name can’t be
Another firm, Morgan Reed and former Santurce resident. wrestled with a weak economy woman in her early 30s earn- “It’s been a lively discus- agreed upon. It is called
Group, based in Miami Beach, But it suffered as people for much of the past decade, ing about $40,000 a year. sion,” said Eugene’s mayor, Kesey Square by those in fa-
Fla., has purchased four moved out to the San Juan according to people familiar A grocery store there sells Kitty Piercy. vor of keeping the lot a pub-
largely vacant office buildings suburbs in the 1960s and with the area. locally grown produce, and the The battle echoes tension lic space, and Broadway
in the neighborhood within 1970s. In the past few years, how- complex has its own security felt in many cities along In- Plaza by those favoring the
the past two years, said Brian Census figures show that ever, Santurce also has lured force, he said. terstate 5, she said. Eugene apartment building.
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THE WALL STREET JOURNAL. NY Wednesday, January 6, 2016 | C9
THE PROPERTY REPORT
Korean Fund Part of Berlin Deal

BY ART PATNAUDE
ther comment. vider Real Capital Analytics. the past year.
Brookfield Property Part- Brookfield said in November Including the Berlin deal, the Investors broadly expect
ners LP has bought another that it had agreed to acquire firm has been involved in $9.2 the demand to continue in
slice of a European capital the properties there in princi- billion worth of transactions 2016, according to a survey by
city, in partnership with an ple for around €1.3 billion. in the past 12 months, the data real-estate broker Colliers In-
Asian sovereign-wealth fund. Potsdamer Platz, at the in- show. ternational.
A person familiar with the tersection of five of the Ger- “Potsdamer Platz is one of More than half of the
deal said the Canadian firm man capital city’s busiest the world’s iconic properties, roughly 600 investors sur-
has joined with state-backed streets, is home to 480 compa- and we are pleased to be add- veyed said they intended to in-
Korea Investment Corp. to nies, as well as homes, shops, ing it to Brookfield’s growing crease property holdings this
buy 17 buildings on Potsdamer restaurants and cafes. portfolio of world-class as- year, while 11% indicated they
MARKUS C. HUREK/DPA/CORBIS Platz, a major public square in Brookfield bought a major sets,” Ric Clark, chairman of planned to reduce exposure to
central Berlin, for €1.3 billion London business district, Ca- Brookfield Property Partners, the sector.
($1.4 billion) from Germany- nary Wharf, last March to- said in a statement. In Europe, investors’ hunt
based Savills Fund Manage- gether with Qatar’s state- Low interest rates have for returns “do not appear to
ment GmbH. backed investment fund for made returns on real estate have dissipated as a key driver
Brookfield said its joint-ven- £2.6 billion ($3.8 billion). look attractive to investors, of global demand,” the Colliers
ture partner was “an Asian sov- The large deals helped to compared with bonds and report from December said.
ereign-wealth fund.” make Brookfield the biggest other assets, and commercial- —Natascha Divac
Representatives of the com- buyer of European real estate property markets world-wide and William Wilkes
Brookfield bought buildings on Potsdamer Platz in Berlin, above. pany weren’t available for fur- in 2015, according to data-pro- have heated up as a result in contributed to this article.
Dividend Changes Company Symbol

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Yld % New/Old Frq
Payable /
Record ADVERTISEMENT
Continued from Page C4 Nuveen MD Premium Income NMY 5.2 .0555 M Feb01 /Jan15
Company
EtnVncRskMngd
Symbol
ETJ
Amount
Yld % New/Old Frq
11.1 .093 M
Payable /
Record
Jan29 /Jan22
Nuveen MI Quality Income
Nuveen Minnesota Mun Incm
Nuveen Missouri Premium
NUM
NMS
NOM
5.4
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Nuveen Mrtg Opp Term Fd 2 JMT 6.9 .1275 M Feb01 /Jan15
EtnVncTxAdvGblDiv ETG 8.0 .1025 M Jan29 /Jan22
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EtnVncTxMngGlDvEqInc EXG 11.2 .0813 M Jan29 /Jan22
Nuveen Multi-Market Incm JMM 6.8 .04 M Feb01 /Jan15
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Nuveen Mun Opportunity Fd NIO 6.1 .073 M Feb01 /Jan15
Guggenh Bond Mneg Dur Tr GBAB 7.6 .13817 M Jan29 /Jan15
Nuveen Muni Advantage Fd NMA 5.7 .066 M Feb01 /Jan15
Guggenheim Credit All Fd GGM 11.3 .1813 M Jan29 /Jan15
Nuveen Muni Income Fund NMI 4.1 .0415 M Feb01 /Jan15
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Guggenheim Strat Opps Fd GOF 12.7 .1821 M Jan29 /Jan15
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Invesco Senior Income Tr VVR 7.7 .026 M Jan29 /Jan15
Nuveen Prem Inco Muni 2 NPM 6.0 .072 M Feb01 /Jan15
Invesco Value Mun Incm Tr IIM 5.1 .07 M Jan29 /Jan15
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John Hancock Pfd II HPF 8.4 .14 M Jan29 /Jan14
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John Hancock Pfd Inc III HPS 8.2 .1222 M Jan29 /Jan14
Nuveen Premium Inco Muni NPI 5.8 .0685 M Feb01 /Jan15
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MFS Hi Inc Muni CXE 6.0 .025 M Jan29 /Jan21
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NIM
3.9
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.0445
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MFS Hi Yld Muni CMU 6.1 .023 M Jan29 /Jan21
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MFS Multimkt MMT 9.4 .04329 M Jan29 /Jan21
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CONN. TAX CREDITS
Miller/Howard Hi Incm HIE 12.4 .116 M Feb29 /Feb19 Offering $700,000 of CT tax credits
NuvGA2 NKG 4.8 .0535 M Feb01 /Jan15
Miller/Howard Hi Incm HIE 12.4 .116 M Jan29 /Jan21 for 2015-16 at a 12% discount.
PCM Fund PCM 10.3 .08 M Feb01 /Jan14
Neuberger Berman HYS NHS 9.5 .08 M Jan29 /Jan15
PIMCO CA PZC 6.0 .06 M Feb01 /Jan14 Call 203-879-2009
Neubrgr Brm Rl Est Sec Fd NRO 7.3 .03 M Jan29 /Jan15
Nuv Float Rte Opp Fd JRO 7.7 .063 M Feb01 /Jan15
Pimco Calif Fund PCQ 5.8 .077 M Feb01 /Jan14 ftownsend@snet.net
PIMCO Corporate & Incm PTY 11.4 .13 M Feb01 /Jan14 connecticuttaxcredits.com PROFESSIONAL SERVICES
Nuv Inter Duration Qlty NIQ 4.4 .0475 M Feb01 /Jan15
PIMCO Corporate & Incm PCN 9.9 .1125 M Feb01 /Jan14
NuvAMTFreeMuniIncm NEA 5.4 .0625 M Feb01 /Jan15
PIMCO Dynamic Credit Incm PCI 10.8 .16406 M Feb01 /Jan14
NuvAMTFreeMuniIncm 5.4 .0585 Feb01 /Jan15
GOLFERS!
NRK M
PIMCO Dynamic Income Fund PDI 9.6 .2205 M Feb01 /Jan14

NuvDivAdvMuniIncm NVG 5.3 .0645 M Feb01 /Jan15
PIMCO Global StocksPLUS PGP 12.0 .18335 M Feb01 /Jan14
Nuveen All Cap Energy MLP JMLP 16.6 .29 Q Feb16 /Jan15
PIMCO HiInco PHK 14.8 .10346 M Feb01 /Jan14 NEW GAME CHANGER

Nuveen AMT-Free Mun Value NUW 4.4 .065 M Feb01 /Jan15
PIMCO Inco Str Fd PFL 11.0 .09 M Feb01 /Jan14
Nuveen AZ Premium Income NAZ 5.2 .0665 M Feb01 /Jan15 Acquire$3k inv. / Earn$10k/mo
Pimco Inco Strat Fd II PFN 11.0 .08 M Feb01 /Jan14
Nuveen Build Am Bd Fd NBB 6.6 .112 M Feb01 /Jan15
PIMCO Income Opportunity PKO 10.7 .19 M Feb01 /Jan14

Nuveen Build Am Bd Opp Fd NBD 6.4 .1085 M Feb01 /Jan15
Pimco Muni Inc II PML 6.1 .065 M Feb01 /Jan14
No selling / Exclusive territories
Nuveen CA Div 2
Nuveen CA Div Fnd
NVX
NAC
5.2
5.9
.0675
.076
M
M
Feb01 /Jan15
Feb01 /Jan15
PIMCO Muni Inc III PMX 6.4 .0623 M Feb01 /Jan14 contact@probegolf.com
Nuveen CA Mun Value Fd 2 NCB 4.6 .065 M Feb01 /Jan15
PIMCO MuniFd PMF 6.3 .08125 M Feb01 /Jan14 !"#
PIMCO NY Fd PNF 5.7 .057 M Feb01 /Jan14 $% & $%
Nuveen CA Muni Value NCA 4.3 .039 M Feb01 /Jan15
PIMCO Strat Income Fund RCS 10.5 .08 M Feb01 /Jan14

%
Nuveen California AMT 5.6 .072 Feb01 /Jan15

NKX M
PimcoCA PCK 6.4 .05375 M Feb01 /Jan14
Nuveen Connecticut Prem NTC 5.4 .057 M Feb01 /Jan15
PimcoNY PNI 6.3 .06625 M Feb01 /Jan14

Nuveen Credit Strt Inc Fd JQC 7.9 .0515 M Feb01 /Jan15
PimcoNY Fd PYN 6.0 .0525 M Feb01 /Jan14

%# '
Nuveen Div Adv NZF 5.7 .069 M Feb01 /Jan15
Templeton Global GIM 4.7 .025 M Jan29 /Jan14

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Nuveen Div Commodity Fd CFD 7.8 .058 M Feb01 /Jan15
Wells Fargo Incm Opps Fd EAD 10.7 .068 M Feb01 /Jan19
* +, ,- % % %
Nuveen Div Fnd NAD 5.9 .071 M Feb01 /Jan15
Nuveen Div Fnd 2 NXZ 5.1 .061 M Feb01 /Jan15
Wells Fargo Multi-Sector ERC 10.0 .0967 M Feb01 /Jan19

. /0 1
Nuveen Engy MLP Fd JMF 12.0 .337 Q Feb16 /Jan15
Wells Fargo Utilities Fd
WstAssetClymr InflLnk Sec
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WIA
8.0
3.6
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Feb01 /Jan19
Jan29 /Jan15 !!!
Nuveen Enhncd Mun Val Fd NEV 6.0 .08 M Feb01 /Jan15
WstAstClymr InfLnkd Fd WIW 3.9 .0335 M Jan29 /Jan15
Nuveen Fd2 JPS 7.7 .058 M Feb01 /Jan15
Nuveen Flexible Inv Incm JPW 9.5 .118 M Feb01 /Jan15 Foreign BUSINESS OPPORTUNITIES
Nuveen Gl Hi Incm Fd JGH 11.5 .132 M Feb01 /Jan15 Banco Sant Brasil ADR BSBR .09231 /Jan14
Nuveen Hi Incm 2020 JHY 6.9 .057 M Feb01 /Jan15 Costamare CMRE 12.3 .29 Q Feb04 /Jan21
Nuveen Ins CA NXC 4.1 .0525 M Feb01 /Jan15 Costamare Pfd. B CMREpB 11.0 .47656 Q Jan15 /Jan14
Nuveen Insured NY Select NXN 4.1 .046 M Feb01 /Jan15 Costamare Pfd. C CMREpC 11.5 .53125 Q Jan15 /Jan14
Nuveen Intermed Dur Mun NID 5.3 .057 M Feb01 /Jan15 Costamare Pfd. D CMREpD 11.6 .54688 Q Jan15 /Jan14

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THE
Nuveen Invest Qual Muni NQM 6.0 .0775 M Feb01 /Jan15 Goldcorp GG 2.1 .02 M Jan22 /Jan14 "
Nuveen MA Premium Income NMT 5.1 .059 M Feb01 /Jan15 Luxfer Holdings ADR LXFR 4.0 .125 Feb03 /Jan15 ## ! $ !%$
&'(

! &'
Cash Prices | WSJ.com/commodities Tuesday, January 5, 2016

MART
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future
PROFESSIONAL SERVICES
months.
Tuesday Tuesday Tuesday
Energy
Tin,NA solder-d 886.025
Food
Expert Key Account
78.194
Propane,tet,Mont Belvieu-g 0.3933
Zinc,NA-d
Beef,carcass equiv. index Sales & Marketing
Butane,normal,Mont Belvieu-g
NaturalGas,HenryHub-i
0.5733
2.320
Fibers and Textiles
Burlap,10-oz,40-inch NY yd-n,w 0.5000
choice 1-3,600-900 lbs.-u
select 1-3,600-900 lbs.-u
205.87
198.44
1.1244
ADVERTISE TODAY For over 35 years I’ve worked closely and in
confidence with private business owners to
evaluate their current sales and marketing
NaturalGas,TranscoZone3-i 2.310 Cotton,1 1/16 std lw-mdMphs-u 0.6268 Broilers,dressed 'A'-u
Broilers, National comp wghtd-u,w 0.8670 programs. I will help you identify opportunities
NaturalGas,TranscoZone6NY-i 3.610 Cotlook 'A' Index-t *69.95 for significant growth. I’ll then develop and
NaturalGas,PanhandleEast-i 2.220 Hides,hvy native steers piece fob-u 81.000 Butter,AA Chicago 2.0400
Cheddar cheese,bbl,Chicago 148.00 execute a sophisticated, integrated direct
NaturalGas,Opal-i 2.410 Wool,64s,staple,Terr del-u,w n.a. sales program to contact and engage new
149.00
NaturalGas,MarcellusNE PA-i 1.290 Cheddar cheese,blk,Chicago
Milk,Nonfat dry,Chicago lb. 75
(800) 366-3975 customers. I’ll do whatever it takes to get
NaturalGas,HaynesvilleN.LA-i 2.260 Grains and Feeds results: new clients, key account sales,
Cocoa,Ivory Coast-w 3536
Coal,C.Aplc.,12500Btu,1.2SO2-r,w
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w
43.500
10.900
Barley,top-quality Mnpls-u
Bran,wheat middlings, KC-u
n.a.
103
Coffee,Brazilian,Comp 1.2678 sales.mart@wsj.com additional revenue and profit. Call or e-mail me,
Steve Weintz, for a free consultation. More
Coffee,Colombian, NY 1.4175
Corn,No. 2 yellow,Cent IL-bp,u 3.4450 information and client references at:
0.9450
Metals Corn gluten feed,Midwest-u,w 111.3
Eggs,large white,Chicago-u
www.sbwventuresinc.com
Gold, per troy oz Corn gluten meal,Midwest-u,w 453.3
Flour,hard winter KC
Hams,17-20 lbs,Mid-US fob-u
13.45
0.56
Place an ad using sweintz@sbwventuresinc.com
1077.98 258 (843) 849-7376
Engelhard industrial
Engelhard fabricated 1158.83
Cottonseed meal-u,w
Hominy feed,Cent IL-u,w 95
Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u
57.48
n.a.
the self-service option at:
205
Handy & Harman base 1077.00 Meat-bonemeal,50% pro Mnpls-u,w Pork loins,13-19 lb MidUS-u 0.8933 wsj.com/classifieds
Handy & Harman fabricated
LBMA Gold Price AM
1195.47
*1072.70
Oats,No.2 milling,Mnpls-u
Rice, 5% Broken White, Thailand-l,w
2.6525
345.00
Steers,Tex.-Okla. Choice-u n.a.
183.88

Steers,feeder,Okla. City-u,w
LBMA Gold Price PM *1082.25 Rice, Long Grain Milled, No. 2 AR-u,w 23.25
Krugerrand,wholesale-e 1122.37 Sorghum,(Milo) No.2 Gulf-u 7.2863 Fats and Oils
Maple Leaf-e 1133.16 SoybeanMeal,Cent IL,rail,ton48%-u 277.30 Corn oil,crude wet/dry mill-u 40.0000
American Eagle-e 1133.16 Soybeans,No.1 yllw IL-bp,u 8.5450 Grease,choice white,Chicago-u 0.1925
Mexican peso-e 1309.19 Wheat,Spring14%-pro Mnpls-u 6.0775 Lard,Chicago-u n.a.

Austria crown-e 1060.83 Wheat,No.2 soft red,St.Louis-bp,u 4.0700 Soybean oil,crude;Centl IL-u 0.2876

Austria phil-e 1133.16 Wheat - Hard - KC (USDA) $ per bu-u 4.3800 Tallow,bleach;Chicago-u 0.1975

Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 5.2063 Tallow,edible,Chicago-u 0.2350

!

Engelhard industrial 13.9900

"

Engelhard fabricated 16.7880
Handy & Harman base 14.0200

Handy & Harman fabricated 17.5250 ADVERTISEMENT
LBMA spot price £9.5514
14.0100
(U.S.$ equivalent)
Coins,wholesale $1,000 face-a
Other metals
12731 Legal Notices
TRAVEL
LBMA Platinum Price PM *893.0

Platinum,Engelhard industrial 894.0

Platinum,Engelhard fabricated
Palladium,Engelhard industrial
994.0
547.0 BIDS & PROPOSALS
Palladium,Engelhard fabricated 647.0

Aluminum, LME, $ per metric ton *1466.0

Antimony-d 2.5250

Copper,Comex spot
Lead,NA solder-d
2.0885
107.216
LEGALNOTICES

! "##$
Iron Ore, 62% Fe CFR China-s 42.1 ADVERTISE TODAY

Shredded Scrap, US Midwest-s,w 170 (800) 366-3975
Stainless steel scrap,US-d 1560 sales.legalnotices@wsj.com !
Steel, HRC USA, FOB Midwest Mill-s 379 Place an ad using the self-service tool at:
wsj.com/classifieds ! "

!# ! !

KEY TO CODES: A=ask; B=bid; BP=country elevator
bids to producers; C=corrected; D=Ryan's Notes;

$
%
& ! ' &

E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas & &(&) & *

Intelligence; L=livericeindex.com; M=midday; ! !& * © 2016 Dow Jones & Company, Inc.
N=nominal; n.a.=not quoted or not available; R=SNL © 2015 Dow Jones & Company, Inc. + ,- All Rights Reserved.
Energy; S=The Steel Index; T=Cotlook Limited; All Rights Reserved. ,.-/ -. &&

!"
U=USDA; W=weekly, Z=not quoted. *Data as of 1/4 !& % ' %
0
& &(& &
Source: 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 FiatChryslerAutos FCAU 9.07 0.07 KeyCp KEY 12.85 -0.11 Och-ZiffCapMgmt OZM 6.45 0.10 SkechersUSAClA SKX 29.13 -0.83 Whirlpool WHR 144.90 -3.19 JD.comADR JD 30.00 0.47
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock
Exchange, ISE and BATS. FibriaCelulose ADR FBR 12.65 0.09 t KeysightTechs KEYS 27.75 -0.06 OldRepublic ORI 18.67 0.34 SmithAO AOS 74.76 -0.42 WhiteWaveFoods WWAV 38.79 -0.02 JackHenry JKHY 77.65 1.12
The list comprises the 1,000 largest companies based on market capitalization. FidNtlFnl FNF 34.35 0.85 t KilroyRealty KRC 62.94 0.84 OmegaHlthcr OHI 35.78 0.48 Smith&NephewADR SNN 34.76 -0.04 Williams WMB 26.33 0.09 JazzPharma JAZZ 137.39 0.13
Underlined quotations are those stocks with large changes in volume compared with the issue’s FNFVGroup FNFV 10.75 0.34 s KimberlyClark KMB 129.08 2.60 OmnicomGroup OMC 73.96 0.39 Smucker SJM 123.30 0.92 WilliamsPartners WPZ 28.30 -0.15 JetBlue JBLU 21.79 -0.09
average trading volume. FidelityNtlInfo FIS 60.29 0.38 KimcoRealty KIM 26.56 0.81 OneMainHoldings OMF 39.77 -0.95 SnapOn SNA 168.34 -0.19 t WillmSnoma WSM 57.49 0.02 KLA Tencor KLAC 68.74 0.05
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous 58.comADR WUBA 63.34 0.98 KinderMorgan KMI 15.58 0.31 OpkoHealth OPK 9.82 -0.18 SOQUIMICH ADR SQM 18.31 -0.43 WiproADR WIT 11.26 0.06 KeurigGreenMtn GMCR 89.90 -0.18
closing price was $2 or higher. FirstRepublicBank FRC 64.81 0.53 KingDigitalEnt KING 17.85 -0.03 Oracle ORCL 35.64 -0.11 SonyADR SNE 25.47 0.74 WooriBankADR WF 21.96 0.42 KraftHeinz KHC 73.39 0.69
Footnotes: listing standards vj-In bankruptcy or FirstEnergy FE 31.54 0.04 Kohl's KSS 49.78 0.23 OrangeADR ORAN 16.53 -0.09 Southern SO 47.36 0.33 Workday WDAY 77.24 -0.52 LKQ LKQ 28.62 -0.22
s-New 52-week high. lf-Late filing receivership or being t Fitbit FIT 24.30 -5.46 KoninklijkePhilADR PHG 24.74 -0.27 OrbitalATK OA 91.99 2.70 SoCopper SCCO 25.95 0.29 WyndhamWorldwide WYN 71.44 0.56 LamResearch LRCX 78.15 0.42
t-New 52-week low. q-Temporary exemption from reorganized under the
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities FleetCorTechs FLT 136.76 -3.87 KoreaElcPwrADR KEP 21.18 0.26 OrixADR IX 70.97 1.45 SowestAir LUV 42.46 0.50 XL Group XL 38.29 0.08 LamarAdvertisingA LAMR 60.47 0.68
recent four quarters. t-NYSE bankruptcy assumed by such companies. Flowserve FLS 41.12 -0.89 Kroger KR 42.09 0.93 OwensCorng OC 46.19 -0.59 SpectraEnergy SE 25.15 0.41 XcelEnergy XEL 36.06 0.36 LibertyBroadbandA LBRDA 49.88 -0.61
FD-First day of trading. v-Trading halted on primary Fluor FLR 46.78 -0.93 KyoceraADR KYO 45.44 0.24 PG&E PCG 53.02 0.08 SpectraEnergyPtrs SEP 46.25 -1.69 Xerox XRX 10.28 -0.02 LibertyBroadbandC LBRDK 49.94 -0.77
h-Does not meet continued market. FomentoEconMexADR FMX 90.88 0.04 LBrands LB 96.49 2.49 PNC FnlSvcs PNC 93.29 0.13 SpectrumBrndsHldgs SPB 102.26 -0.60 Xylem Inc. XYL 36.07 -0.01 LibertyGlobalClA LBTYA 41.56 -0.19
FootLocker FL 66.23 0.92 LGDisplayADR LPL 9.91 -0.15 POSCOADR PKX 35.56 0.76 SpiritAeroSystemsA SPR 50.70 1.68 YPFADR YPF 15.73 -0.07 LibertyGlobalClB LBTYB 41.14 0.49
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and FordMotor F 13.72 -0.25 L-3Communications LLL 119.60 2.32 PPG Ind PPG 98.31 0.35 Sprint S 3.58 0.06 YanzhouCoalADR YZC 4.36 -0.02 LibertyGlobalClC LBTYK 39.80 -0.43
changes in the closing prices from 4 p.m. the previous day. ForestCityRealtyA FCE/A 21.66 0.11 LabCpAm LH 122.00 -0.89 PPL PPL 34.04 0.36 StJudeMedical STJ 60.79 0.39 YoukuTudouADR YOKU 27.02 0.03 LibertyGlbLiLACAWi LILA 38.90 -0.20
Tuesday, January 5, 2016 Net Net ForestCityRealtyB FCE/B 21.68 -0.19 LasVegasSands LVS 44.04 0.64 PVH Corp. PVH 74.50 1.01 StanCorpFinancial SFG 114.02 -0.23 YumBrands YUM 72.03 -0.18 LibertyGlbLiLACClC LILAK 40.68 -0.62
Net Stock Sym Close Chg Stock Sym Close Chg FortBrandsHomeSec FBHS 54.21 -0.67 Lazard LAZ 43.49 -1.02 PackCpAm PKG 62.29 -0.06 StanleyBlDck SWK 102.71 -2.16 ZayoGroupHoldings ZAYO 26.93 0.40 LibertyInteractQVC QVCB 26.40 -0.31
Stock Sym Close Chg Franco-Nevada FNV 45.81 -1.04 LearCorp LEA 117.24 -3.47 PaloAltoNetworks PANW 170.56 -0.96 StrwdHtlRsrt HOT 68.02 0.24 ZimmerBiomet ZBH 103.93 2.12 LibertyInteractQVC QVCA 26.62 -0.19
Ball BLL 72.96 0.85 CitizensFinancial CFG 25.68 -0.12 FranklinResources BEN 36.12 -0.06 Leggett&Platt LEG 41.48 0.46 ParkerHannifin PH 95.06 -1.60 StarwoodPrTr STWD 20.65 0.26 Zoetis ZTS 48.01 0.74 LibertyVenturesA LVNTA 42.45 -0.90
NYSE BancoBilbaoVizADR BBVA 7.19 -0.04 Clorox CLX 127.09 1.81 Freeport-McMoRan FCX 6.71 0.16 LennarClA LEN 46.79 0.08 PartnerRe PRE 139.78 -0.27 StateSt STT 65.24 0.10 LibertyMediaA LMCA 37.50 -0.55
BancodeChileADR BCH 59.08 0.58 Coach COH 33.97 0.33 FreseniusMedADR FMS 42.47 1.19 LennarClB LEN/B 38.09 0.29 PearsonADR PSO 10.64 -0.03 StatoilADR STO 13.59 -0.27 NASDAQ LibertyMediaC LMCK 36.31 -0.43
t ABBADR ABB 17.21 -0.31 BcoSantChileADR BSAC 17.62 0.28 CocaCola KO 42.55 0.15 Gallagr AJG 40.31 0.11 LennoxIntl LII 123.09 -1.15 PembinaPipeline PBA 21.49 -0.07 Steris STE 74.29 -0.08 AMCNetworks A AMCX 74.69 -0.70 LinearTechnology LLTC 41.92 -0.09
ACE ACE 114.88 1.15 t BancoSantanderADR SAN 4.70 -0.09 Coca-ColaFemsaADR KOF 68.48 -0.78
Gap GPS 26.28 0.77 LeucadiaNational LUK 17.06 0.04 Pentair PNR 48.86 -0.42 STMicroelectronics STM 6.49 -0.10 Ansys ANSS 89.42 -0.68 LinnEnergy LINE 1.37 ...
ADTCorp. ADT 32.36 -0.05 BanColombiaADR CIB 26.85 0.46 CocaColaEnt CCE 47.95 -0.70 Gartner IT 89.04 0.91 Level3Comm LVLT 53.74 0.65 PepcoHoldings POM 25.95 0.05 Stryker SYK 90.89 0.87 ARMHoldingsADR ARMH 43.66 -0.75 lululemonathletica LULU 55.59 -0.27
AES AES 9.56 0.13 BankAm BAC 16.43 ... ColgatePalmolive CL 65.00 0.29 Gazit-Globe GZT 9.25 0.08 LibertyPropertyTr LPT 32.13 0.99 PepsiCo PEP 99.45 0.68 SumitomoMitsADR SMFG 7.65 0.09 ASMLHolding ASML 86.42 -0.88 ManhattanAssoc MANH 64.68 0.02
Aflac AFL 59.10 -0.08 BkMntrl BMO 54.77 -0.27 ColumbiaPipeline CPGX 20.19 0.09 GenDynam GD 136.64 0.57 EliLilly LLY 84.11 1.24 PerkinElmer PKI 53.01 0.58 SunLifeFinancial SLF 30.23 -0.34 AcadiaHealthcare ACHC 63.59 -0.64 Markit MRKT 29.75 0.21
s AGLResources GAS 64.00 0.24 BankNY Mellon BK 39.82 -0.15 Comerica CMA 40.98 -0.45 GenElec GE 30.74 0.03 LincolnNational LNC 49.14 0.04 Perrigo PRGO 142.68 0.18 SuncorEnergy SU 25.32 0.02 ActivisionBliz ATVI 37.14 -0.48 MarriottInt A MAR 65.59 0.21
AT&T T 34.59 0.24 BkNovaScotia BNS 40.14 0.28 ConAgraFoods CAG 41.57 0.03 GeneralGrowthProp GGP 27.37 0.66 LinkedInA LNKD 229.00 3.45 t PetroChinaADR PTR 63.81 -0.66 SunocoLgst SXL 25.72 -0.15 AdobeSystems ADBE 92.34 0.37 Mattel MAT 27.26 -0.17
AbbottLabs ABT 42.92 -0.01 BarclaysADR BCS 12.77 -0.08 ConchoResources CXO 91.05 0.76 GeneralMills GIS 57.20 -0.26 LionsGateEnt LGF 30.46 -0.84 PetroleoBrasilADR PBR 4.18 -0.08 SunTrustBanks STI 41.77 0.19 AkamaiTechnologies AKAM 52.02 -0.29 MaximIntProducts MXIM 36.23 -0.44
AbbVie ABBV 57.37 -0.24 Bard CR BCR 184.80 0.90 ConocoPhillips COP 47.40 0.52 GeneralMotors GM 32.43 -0.88 LiveNationEnt LYV 23.91 -0.06 PetroleoBrasilADRA PBR/A 3.30 -0.07 SynchronyFinancial SYF 30.11 0.17 AlexionPharm ALXN 184.90 0.22 Medivation MDVN 47.33 0.15
AccentureClA ACN 102.36 0.53 BarrickGold ABX 7.65 -0.10 ConEd ED 64.91 0.51 Genpact G 24.31 0.11 LloydsBankingADR LYG 4.30 -0.02 Pfizer PFE 32.18 0.23 SyngentaADR SYT 77.08 -0.31 AlignTechnology ALGN 64.95 0.68 MelcoCrownEntADR MPEL 16.93 0.26
AcuityBrands AYI 236.17 2.96 s Baxalta BXLT 41.51 0.34 ConstBrands A STZ 143.62 2.93 PhilipMrrsIntl PM 87.87 0.87 Sysco SYY 40.64 0.03 Alkermes ALKS 75.27 0.44 MercadoLibre MELI 109.68 -0.27
GenuinePart GPC 84.33 0.30 LockheedMartin LMT 218.26 5.05
AdvanceAuto AAP 151.20 -1.04 BaxterIntl BAX 37.32 0.15 ContinentalRscs CLR 23.65 0.36 Gildan GIL 27.97 -0.12 Loews L 37.89 0.11 PhilippineLgDisADR PHI 43.30 1.27 TEConnectivity TEL 63.27 -0.17 AlnylamPharm ALNY 94.77 1.74 MichaelsCos. MIK 22.10 -0.21
AdvSemiEnggADR ASX 5.49 -0.04 BectonDksn BDX 148.42 0.47 Cooper COO 131.58 -0.28 GlaxoSmithKlineADR GSK 40.68 0.23 Lowe's LOW 75.44 0.16 Phillips66 PSX 81.00 0.92 TEGNA TGNA 24.66 -0.19 AlphabetClA GOOGL 761.53 2.09 MicrochipTech MCHP 45.64 -0.34
t AegonADR AEG 5.46 -0.10 Berkley WRB 53.76 0.46 Corning GLW 17.90 -0.01 GlblPymts GPN 63.55 0.97 LuxotticaGroupADR LUX 62.34 -1.19 PiedmontNaturalGas PNY 57.34 0.28 TELUS TU 27.26 0.03 AlphabetClC GOOG 742.58 0.74 MicronTechnology MU 14.82 0.49
AerCapHoldings AER 40.99 -0.78 BerkHathwy A BRK/A 196999704.99 CotyClA COTY 24.94 -0.01 GoDaddyClA GDDY 31.57 -1.24 LyondellBasell LYB 87.64 0.46 PinnacleFoods PF 42.38 0.13 TERNIUMADR TX 11.96 -0.20 Amazon.com AMZN 633.79 -3.20 Microsoft MSFT 55.05 0.25
Aetna AET 110.78 1.52 BerkHathwy B BRK/B 131.25 0.50 Credicorp BAP 94.69 -0.01 GG 11.59 -0.27 M&T Bnk MTB 118.13 0.65 PinaclWCap PNW 64.40 0.32 TJX TJX 71.94 1.11 Amdocs
Goldcp DOX 53.94 -0.29 Middleby MIDD 107.92 1.57
AffiliatedManagers AMG 154.73 -1.26 BestBuy BBY 31.15 0.50 CreditSuisseADR CS 21.20 -0.16 GoldmanSachs GS 174.09 -3.05 MGMResortsIntl MGM 22.75 0.50 PioneerNaturalRscs PXD 125.17 0.82 TableauSoftware DATA 94.30 0.51 Amerco UHAL 385.96 4.26 MondelezIntlClA MDLZ 44.15 0.36
AgilentTechs A 40.55 -0.14 BioMedRealtyTrust BMR 23.68 -0.01 CrescentPntEnrg CPG 11.08 -0.20 GraceWR GRA 97.21 -0.04 MPLX MPLX 39.04 -0.24 PlainsAllAmPipe PAA 24.08 -0.28 TaiwanSemiconADR TSM 21.95 -0.14 AmericaMovilClAADR AMOV 13.75 -0.05 MonsterBeverage MNST 146.07 1.73
AgnicoEagleMines AEM 27.62 0.68 BlackKnightFinSvcs BKFS 31.51 -0.15 CrestwoodEquity CEQP 19.80 -1.02 Grainger GWW 199.68 -2.44 MSCI MSCI 71.14 0.53 PlainsGPHldgsClA PAGP 9.68 0.17 Target TGT 74.84 1.29 AmerAirlinesGrp AAL 40.52 -0.39 Mylan MYL 54.09 0.81
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AlcatelLucentADR ALU 3.92 ... BorgWarner BWA 41.57 -0.68 DTEEnergy DTE 79.95 0.81 HCAHoldings HCA 66.44 0.15 Mallinckrodt MNK 73.20 0.59 PrincipalFinancial PFG 44.14 0.10 Teleflex TFX 128.32 0.33 Apple AAPL 102.71 -2.64 NewsCorpClA NWSA 12.77 -0.44
Alcoa AA 9.27 -0.44 BostonProperties BXP 127.26 3.06 Danaher DHR 91.85 0.17 HCP HCP 39.06 0.83 ManpowerGroup MAN 81.53 -0.29 Procter&Gamble PG 78.62 0.25 TelefonicaBrasADR VIV 8.87 -0.05 AppliedMaterials AMAT 18.49 0.02 NewsCorpClB NWS 13.11 -0.56
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AlibabaGroupADR BABA 78.63 1.94 BristolMyers BMY 68.35 1.32 DaVitaHlthcrPtrs DVA 69.12 0.45 HP HPQ 11.71 0.11 MarathnOil MRO 12.76 -0.06 Prologis PLD 42.78 0.88 TelekmIndonesiaADR TLK 46.16 1.53 AthenaHealth ATHN 163.22 4.99 NorwegianCruise NCLH 57.71 -0.28
Alleghany Y 476.27 3.50 BrixmorPropertyGrp BRX 25.93 0.71 Deere DE 76.52 0.44 HSBCHoldingsADR HSBC 38.50 -0.09 MarathonPetroleum MPC 50.60 -0.64 PrudentialFin PRU 79.57 -0.27 TenarisADR TS 23.43 -0.26 AtlassianClA TEAM 26.77 -0.64 NuanceComms NUAN 19.55 -0.11
Allegion ALLE 64.46 -0.07 BdridgeFnlSol BR 52.93 0.54 DelhaizeGroupADR DEG 24.09 -0.20 Halliburton HAL 34.40 -0.08 MarineHarvestADR MHG 12.91 -0.21 PrudentialADR PUK 43.48 0.18 Tesoro TSO 106.28 -0.82 Autodesk ADSK 60.39 0.08 NVIDIA NVDA 32.89 0.52
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Allstate ALL 60.53 -0.14 BuckeyePartners BPL 66.00 0.25 DiageoADR DEO 108.35 0.60 HrtfrdFnl HIG 43.37 0.68 MasterCard MA 94.99 0.18 QuestDiag DGX 70.78 0.02 ThomsonReuters TRI 37.04 -0.07 Biogen BIIB 296.70 2.08 PacWestBncp PACW 41.98 -0.17
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AltriaGroup MO 58.55 1.16 CBRE Group CBG 34.39 0.30 DiscoverFinSvcs DFS 52.59 -0.12 HelmPayne HP 53.56 -0.62 McDonalds MCD 119.20 1.62 RELXADR RENX 16.53 -0.03 Tiffany TIF 74.30 -0.22 BlackBerry BBRY 8.86 -0.28 Paychex PAYX 51.51 -0.04
AlumofChinaADR ACH 7.92 0.05 CBSClA CBS/A 50.82 -0.34 Disney DIS 100.90 -2.08 Herbalife HLF 54.00 -0.93 McGrawHillFin MHFI 95.12 0.32 RELXADR RELX 17.56 0.01 TimeWarnerCable TWC 182.93 -0.15 Broadcom BRCM 56.37 -1.12 PayPalHoldings PYPL 34.31 -0.44
AmbevADR ABEV 4.33 0.06 CBSClB CBS 46.12 -0.53 DollarGeneral DG 72.83 0.42 Hershey HSY 87.67 -0.32 McKesson MCK 195.50 0.83 RPM RPM 42.93 -0.23 TimeWarner TWX 65.52 0.60 CA CA 27.88 -0.28 People'sUnitedFin PBCT 15.76 -0.01
Ameren AEE 43.54 0.51 t CFIndustries CF 39.23 -1.27 DominionResources D 68.05 0.58 HertzGlobal HTZ 14.04 0.03 MeadJohnNutr MJN 77.55 -0.63 RalphLaurenA RL 110.88 -0.68 Toll Bros TOL 32.95 0.22 CBOE Holdings CBOE 63.10 -0.89 PilgrimPride PPC 22.28 0.40
AmericaMovilADR AMX 13.75 -0.09 CGI Gp A GIB 39.07 0.21 Dominos DPZ 109.93 0.70 t Hess HES 48.07 -0.11 Mednax MD 69.81 -1.24 RayJamFnl RJF 56.46 0.12 Torchmark TMK 57.01 0.69 CDKGlobal CDK 46.94 0.09 Premier PINC 35.71 0.49
AmCampus ACC 41.61 0.93 CIT Grp CIT 39.09 -0.45 DouglasEmmett DEI 30.43 0.09 HewlettPackardEnt HPE 15.03 -0.10 Medtronic MDT 75.99 0.22 Raytheon RTN 125.81 3.20 TorntoDomn TD 38.26 -0.30 CDW CDW 40.93 -0.02 PricelineGroup PCLN 1210.69-34.68
AEP AEP 58.81 0.48 CMSEnergy CMS 35.89 0.28 Dover DOV 60.47 -1.17 HiltonWorldwide HLT 21.10 0.01 Merck MRK 53.15 0.67 t RealogyHoldings RLGY 34.60 -1.76 TotalADR TOT 43.42 -0.95 CH Robinson CHRW 63.47 1.68 Qiagen QGEN 26.70 -0.01
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AmericanFinancial AFG 70.87 0.29 CNOOCADR CEO 102.91 -0.27 DrPepperSnap DPS 93.37 1.14 HomeDepot HD 130.43 -0.64 MetlrToledo MTD 331.38 2.04 RedHat RHT 81.91 0.20 ToyotaMotorADR TM 121.14 -0.32 CSX CSX 25.53 -0.26 Qualcomm QCOM 49.14 -0.98
AmIntlGp AIG 60.64 0.21 CRHADR CRH 28.35 ... DrReddysLabADR RDY 46.12 0.47 HondaMotorADR HMC 30.75 -0.24 MichaelKorsHldgs KORS 40.72 0.35 RegencyCtrs REG 68.86 1.32 TransCan TRP 32.22 -0.28 CadenceDesign CDNS 20.54 0.01 QunarCaymanIslADR QUNR 42.41 -1.55
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Amerigas APU 34.95 0.67 Cablevision CVC 31.68 0.06 DukeRealty DRE 21.19 0.28 DR Horton DHI 30.42 0.03 MitsubishiUFJADR MTU 6.24 0.08 RensHldg RNR 113.35 1.00 TransUnion TRU 27.57 0.06 Cerner CERN 58.08 -0.08 RossStores ROST 54.73 0.36
AmerprsFncl AMP 103.84 -0.41 CabotO&G COG 17.57 -0.02 EMC EMC 25.51 -0.08 HostHotels&Resorts HST 15.39 0.23 MizuhoFinancialADR MFG 4.04 0.05 RepublicServices RSG 43.84 0.70 TravelersCos TRV 110.47 0.50 CharterComms CHTR 175.17 -2.36 RyanairHoldingsADR RYAAY 85.49 0.85
AmeriSrcBrg ABC 103.36 1.49 Calpine CPN 14.68 0.23 t ENIADR E 29.19 -0.23 HuanengPowerADR HNP 34.18 1.62 MobileTeleSysADR MBT 6.03 0.02 ResMed RMD 52.44 0.23 t TurkcellIletismADR TKC 8.24 -0.07 ChkPntSftwr CHKP 79.08 -0.40 SBACommunications SBAC 107.15 1.39
Ametek AME 52.38 -0.27 CamdenPropertyTr CPT 77.20 1.41 EOG Res EOG 70.13 0.45 Hubbell HUBB 100.30 -1.68 Mobileye MBLY 36.13 -3.81 t RestaurantBrands QSR 34.19 -1.36 TurquoiseHillRscs TRQ 2.46 -0.03 CincinnatiFin CINF 57.88 0.34 SEIInvestments SEIC 51.54 0.56
AmphenolClA APH 50.30 -0.57 Cameco CCJ 11.83 -0.22 EQT EQT 52.60 -0.55 Humana HUM 179.63 -0.12 MohawkIndustries MHK 186.05 -0.40 ReynoldsAmer RAI 46.57 1.37 Twitter TWTR 21.92 -0.64 Cintas CTAS 88.43 0.14 SS&CTechs SSNC 66.48 0.06
AnadarkoPetroleum APC 48.52 -0.61 CameronIntl CAM 63.20 0.27 EQTMidstreamPtrs EQM 75.48 0.77 HuntingtonIngalls HII 127.02 2.80 MolsonCoors B TAP 92.64 0.35 RioTinto ADR RIO 28.65 0.24 TycoInternational TYC 31.41 -0.38 CiscoSys CSCO 26.29 -0.12 SVBFinancialGroup SIVB 116.56 0.03
AnheuserBuschADR BUD 122.55 0.08 CampbellSoup CPB 51.85 0.19 EastmanChemical EMN 67.11 0.48 t HyattHotels H 45.70 0.60 Monsanto MON 97.28 -0.51 RiteAid RAD 7.89 -0.01 TylerTechnologies TYL 168.61 1.58 CitrixSystems CTXS 73.55 -0.62 Sabre SABR 27.24 -0.20
AnnalyCap NLY 9.59 0.06 CIBC CM 65.65 -0.09 EatonCorp.PLC ETN 51.85 -0.37 ICICIBankADR IBN 7.58 -0.06 Moodys MCO 98.57 1.35 RobHalfIntl RHI 46.29 0.15 TysonFoodsClA TSN 52.30 -0.66 CognizantTechSolns CTSH 58.13 ... SanDisk SNDK 76.09 0.13
AnteroResources AR 22.11 -0.57 CanNtlRlwy CNI 53.96 -0.90 Ecolab ECL 112.90 0.41 IHSClA IHS 115.77 0.57 MorganStanley MS 31.28 -0.20 Rockwell ROK 100.61 -0.91 UBSGroup UBS 19.02 -0.11 Comcast A CMCSA 55.65 0.01 SeagateTechnology STX 36.33 0.06
Anthem ANTM 141.24 2.03 CndNatRes CNQ 21.93 0.36 EcopetrolADR EC 6.82 -0.10 t IMSHealthHoldings IMS 24.75 0.14 Mosaic MOS 28.30 -0.12 RockwellCollins COL 92.62 1.98 UDR UDR 37.44 0.47 CommScopeHldg COMM 25.11 -0.49 SeattleGenetics SGEN 42.54 0.62
Aon AON 91.26 0.55 CanPacRlwy CP 125.99 -0.49 EdgewellPersonal EPC 78.47 -0.43 INGGroepADR ING 13.14 -0.17 MotorolaSolutions MSI 66.39 -0.74 RogerComm B RCI 34.89 0.58 UGI UGI 34.10 0.25 CoStarGroup CSGP 199.73 2.19 ShireADR SHPG 199.35 1.03
Apache APA 43.53 -0.90 CanonADR CAJ 29.90 0.04 EdisonInt EIX 58.97 0.02 Invesco IVZ 33.10 -0.09 NTTDoCoMoADR DCM 21.00 0.41 RollinsInc ROL 25.21 -0.09 UltraparPartADR UGP 14.63 0.28 CostcoWholesale COST 159.93 0.39 SignatureBank SBNY 145.68 0.39
ApartmtInv AIV 40.66 1.01 CapOneFnl COF 69.46 -1.28 EdwardsLife EW 80.01 1.17 ITCHoldings ITC 40.07 0.37 NVR NVR 1594.09 38.43 RoperTechnologies ROP 187.56 1.05 UnderArmour A UA 80.15 0.49 Ctrip.comIntlADR CTRP 47.69 2.46 SiliconwareADR SPIL 7.71 0.01
ApolloGlobalMgmtA APO 15.23 -0.24 CardinalHealth CAH 89.68 1.73 Embraer ADR ERJ 29.33 0.32 IDEX IEX 75.00 -0.74 NationalGridADR NGG 69.06 0.12 RoylBkCan RY 52.07 -0.33 UnileverADR UN 42.11 -0.13 DISHNetworkClA DISH 57.35 0.06 SiriusXMHoldings SIRI 3.90 -0.05
AquaAmerica WTR 29.65 0.18 Carlisle CSL 85.88 -0.51 EmersonElectric EMR 46.99 -0.31 IllinoisToolWorks ITW 89.73 -1.33 NtlOilwellVarco NOV 33.62 -0.99 RoyalBkScotlandADR RBS 8.73 0.02 UnileverADR UL 42.10 -0.10 Dentsply XRAY 60.06 1.20 SironaDental SIRO 107.77 1.92
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ArcelorMittalADR MT 4.26 0.22 Carnival CCL 53.68 -0.52 EnbridgePtnr EEP 24.08 0.35 Ingersoll-Rand IR 54.55 -0.59 NetSuite N 82.36 -0.02 RoyalDutchADRA RDS/A 45.61 -0.22 UnitedContlHldgs UAL 55.06 -0.55 DiscoveryCommsA DISCA 26.47 0.06 SolarCity SCTY 50.44 -2.35
ArcherDan ADM 36.24 0.40 Carnival ADR CUK 56.02 -0.51 Enbridge ENB 32.89 -0.01 Ingredion INGR 93.98 1.18 NewOrientalEducADR EDU 29.27 -0.18 RoyalDutchADRB RDS/B 45.95 -0.42 UtdParcel B UPS 95.78 0.94 DiscoveryCommsC DISCK 25.27 0.11 Splunk SPLK 57.20 -0.45
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ArrowElec ARW 52.42 -0.72 Caterpillar CAT 67.28 -0.71 EngyTrnsfrEqty ETE 13.98 -0.09 InterContinentlADR IHG 37.93 -0.21 Newell NWL 43.42 -0.02 SINOPECShanghaiADR SHI 39.93 2.92 US Bcp USB 41.68 0.20 DunkinBrands DNKN 40.18 -0.76
Starbucks SBUX 58.65 0.39
Ashland ASH 102.47 0.31 Celanese A CE 66.93 0.80 EnergyTransfer ETP 34.74 -0.25 IBM IBM 135.85 -0.10 NewfldExpl NFX 32.49 0.22 SKTelecomADR SKM 19.96 -0.03 US Steel X 8.22 0.08 Dyax DYAX 37.74 0.13 Stericycle SRCL 120.53 2.66
Assurant AIZ 79.83 1.31 CemexADR CX 5.16 -0.07 Enerplus ERF 3.25 -0.28 IntFlavor IFF 118.93 0.90 NewmtMin NEM 18.42 -0.02 SL GrnRlty SLG 110.92 0.84 UnitedTech UTX 95.72 0.15 E Trade ETFC 28.58 -0.20 Symantec SYMC 20.88 0.04
AstraZenecaADR AZN 33.90 0.50 CencosudADR CNCO 6.12 0.42 EnersisADR ENI 11.74 0.01 InternationalPaper IP 37.99 0.32 NextEraEnergy NEE 104.58 1.01 Salesforce.com CRM 77.05 0.34 UnitedHealthGroup UNH 116.68 0.22 EastWestBancorp EWBC 40.39 -0.18 Synopsys SNPS 44.97 0.05
AtmosEnergy ATO 62.60 0.23 CenovusEnergy CVE 12.40 -0.03 EnLinkMidstream ENLK 16.64 -0.10 Interpublic IPG 23.26 0.44 Nidec ADR NJ 17.70 -0.19 SanofiADR SNY 42.25 0.05 UniversalHealthB UHS 118.43 0.51 eBay EBAY 26.12 -0.31 TDAmeritrade AMTD 33.41 -0.18
Autoliv ALV 117.85 -3.78 Centene CNC 66.97 0.94 Entergy ETR 68.95 0.37 IronMountain IRM 27.33 0.49 NielsenHoldings NLSN 46.40 0.73 SantanderCnsmrUSA SC 15.38 -0.41 UnumGroup UNM 32.58 -0.17 ElectroArts EA 64.94 -1.16 TFSFinancial TFSL 18.53 0.12
AutoNation AN 56.74 -1.95 CenterPointEnergy CNP 18.44 0.17 EntPdtsPtnr EPD 26.21 -0.23 IsraelChemicals ICL 4.19 0.06 NikeClB NKE 62.38 0.86 SasolADR SSL 26.63 -0.34 VEREIT VER 8.03 0.19 EndoInternational ENDP 59.35 -0.47 T-MobileUS TMUS 40.22 1.27
AutoZone AZO 738.86 3.38 CenturyLink CTL 24.99 -0.12 EnvisionHealthcare EVHC 26.96 1.14 ItauUnibancoADR ITUB 6.27 0.05 s NipponTelegraphADR NTT 40.52 1.35 SCANA SCG 61.06 0.39 VF VFC 61.22 0.35 Equinix EQIX 303.41 7.33 TRowePrice TROW 70.48 0.29
Avalonbay AVB 184.88 4.16 Chevron CVX 89.61 0.76 Equifax EFX 110.11 0.66 JPMorganChase JPM 63.73 0.11 NiSource NI 19.83 0.31 Schlumbgr SLB 69.50 0.32 VISAClA V 76.27 0.57 EricssonADR ERIC 9.28 -0.21
TeslaMotors TSLA 223.43 0.02
Avangrid AGR 38.13 0.28 ChinaEasternAirADR CEA 26.13 -0.15 EquityLife ELS 66.41 1.17 JacobsEngineering JEC 41.33 -0.59 NobleEnergy NBL 33.65 0.15 SchwabC SCHW 31.88 -0.10 ValeADR VALE 3.15 -0.01 Expedia EXPE 119.93 -0.87 TX Instr TXN 53.77 -0.57
AveryDennison AVY 61.67 0.47 ChinaLifeInsADR LFC 15.19 -0.03 EqResdntl EQR 81.50 1.60 JamesHardieADR JHX 11.93 -0.41 NokiaADR NOK 7.15 -0.03 ScrippsNetA SNI 53.40 -0.44 ValeantPharmIntl VRX 100.86 2.36 ExpeditrInt EXPD 44.55 0.29 TractorSupply TSCO 83.69 -0.06
Aviva ADR AV 14.84 -0.05 t ChinaMobileADR CHL 54.11 -0.97 EssexProp ESS 240.04 2.72 Jarden JAH 56.21 0.05 NomuraHoldingsADR NMR 5.55 0.07 SealedAir SEE 43.46 0.42 ValeroEnergy VLO 71.16 1.22 ExpressScriptsHldg ESRX 87.60 0.97 TrimbleNav TRMB 21.23 -0.36
Avnet AVT 41.95 -0.37 ChinaPetroleumADR SNP 58.43 0.05 EsteeLaudr A EL 88.01 0.80 JohnsJohns JNJ 100.90 0.42 Nordstrom JWN 49.97 -0.16 SempraEnergy SRE 94.29 1.11 Valspar VAL 82.19 -0.58 F5Networks FFIV 96.52 -0.41
TripAdvisor TRIP 81.93 -1.05
AxaltaCoatingSys AXTA 26.01 0.17 ChinaSoAirlinesADR ZNH 35.23 0.28 EvrstReGrp RE 180.37 -0.71 t JohnsonControls JCI 38.58 -0.50 NorfolkSouthern NSC 82.27 0.46 ServiceCp SCI 25.66 0.22 Vantiv VNTV 47.52 0.83 FacebookClA FB 102.73 0.51
21stCenturyFoxClA FOXA 26.59 ...
AxisCapHldgs AXS 56.03 0.13 ChinaTelecomADR CHA 45.21 0.28 EversourceEnergy ES 51.35 0.47 JonesLangLaSalle JLL 160.19 5.16 NorthrpGrum NOC 192.39 4.88 ServiceMasterGlb SERV 39.27 -0.07 VarianMed VAR 78.84 0.19 Fastenal FAST 39.75 -0.44 21stCenturyFoxClB FOX
26.60 -0.01
BB&T BBT 36.66 0.01 ChinaUnicomADR CHU 11.73 -0.07 Exelon EXC 28.16 0.19 JoyGlobal JOY 11.74 -0.81 Novartis ADR NVS 86.21 0.46 ServiceNow NOW 84.00 -0.07 Ventas VTR 57.74 1.00 FfthThrd FITB 19.61 0.06 UltaSalon ULTA
VZ 46.50 0.63 s FirstSolar FSLR 72.03 5.31 182.67 0.86
BCE BCE 38.73 0.28 t ChipotleMex CMG 449.03 0.22 s ExtrSpcStor EXR 90.40 2.58 JuniperNetworks JNPR 27.55 0.14 NovoNordiskADR NVO 57.98 0.68 ShawCom B SJR 17.03 -0.22 Verizon UltimateSoftware ULTI 185.19 -3.15
BHPBillitonADR BHP 25.27 -0.21 Chubb CB 131.55 0.68 ExxonMobil XOM 78.12 0.66 KARAuctionServices KAR 36.75 -0.17 Nucor NUE 39.96 0.41 SherwinWilliams SHW 255.78 1.03 VipshopHldgsADR VIPS 14.53 0.48 Fiserv FISV 89.91 0.41 UnitedTherapeutics UTHR
150.04 -5.50
BHPBillitonADR BBL 22.25 0.01 ChunghwaTelecomADR CHT 29.66 0.06 FMC FMC 37.58 -0.40 KBFinancialGrpADR KB 27.28 0.19 NuSTAREnergy NS 41.06 0.11 ShinhanFinADR SHG 33.07 0.20 Visteon VC 112.54 -1.54 FlextronInt FLEX 11.15 0.04
VeriSign VRSN 81.41 -2.54
BPADR BP 30.93 -0.13 Church&Dwight CHD 82.80 -0.71 FMCTechnologies FTI 28.81 -0.41 KKR KKR 15.45 -0.33 OGEEnergy OGE 26.25 -0.24 SignetJeweler SIG 125.58 0.75 VMware VMW 57.02 0.72 Fortinet FTNT 29.84 -0.39
VeriskAnalytics VRSK 75.03 -0.27
BRFADR BRFS 13.71 0.19 Cigna CI 144.14 -2.41 FactSetResearchSys FDS 158.73 2.11 KTADR KT 11.90 0.14 ONEOK OKE 25.37 0.02 SilverWheaton SLW 12.22 -0.26 VornadoRealtyTrust VNO 99.72 1.30 FrontierComms FTR 4.72 0.07 VertxPharm VRTX 123.45 0.56
BTGroupADR BT 34.28 -0.02 CimarexEngy XEC 90.58 0.58 FedRlty FRT 146.54 1.68 KSCitySo KSU 73.98 0.26 ONEOKPartners OKS 29.79 -0.51 SimonPropertyGroup SPG 196.17 3.83 VoyaFinancial VOYA 35.98 -0.54 Garmin GRMN 36.94 0.14
Viacom A VIA 43.32 0.08
BakerHughes BHI 45.92 -1.33 Citigroup C 50.86 -0.27 FedEx FDX 144.65 1.22 Kellogg K 71.87 0.26 OccidentalPetrol OXY 68.53 1.12 SixFlagsEnt SIX 54.07 -0.42 VulcanMaterials VMC 92.55 0.13 Gentex GNTX 15.24 -0.43
WABCO Hldg WBC 101.16 0.01 GileadSciences GILD 99.26 1.25 Viacom B VIAB 40.56 -0.26
WECEnergyGroup WEC 51.87 0.55 Goodyear GT 30.70 -1.31 VimpelComADR VIP 3.41 0.13
W.P.Carey WPC 59.97 1.01 Grifols ADR GRFS 15.85 -0.13 VodafoneGroupADR VOD 32.23 0.05
New Highs and Lows | WSJ.com/stocks Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk % Wabtec WAB 68.93 -1.23 HDSupplyHoldings HDS 29.29 -1.19 WPPADR WPPGY 113.40 0.83
Sym Hi/Lo Chg WalMart WMT 62.92 1.46 Hasbro WalgreensBootsAll WBA 80.87 -2.18
HAS 68.18 1.22
WstnDgtl WDC 60.14 -0.26
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE MKT and Nasdaq Stock OwensIL OI 16.21 -4.6 WBITacticalIncome WBII 24.42 -0.2 CescaTherapeutics KOOL 0.17 -4.9 WasteConnections WCN 55.00 0.18 HenrySchein HSIC 155.79 0.53 WholeFoods WFM 33.65 0.38
Market stocks that hit a new 52-week intraday high or low in the latest session. ParkerDrilling PKD 1.72 -3.8 WisTreeCommdtyCurr CCX 14.87 -2.6 ChinaAutoSystems CAAS 4.44 -0.7 WasteMgt WM 52.65 0.20 Hologic HOLX 37.92 0.09
% CHG-Daily percentage change from the previous trading session.
PatriotNational PN 6.09 -3.4 Cyanotech CYAN 5.06 -1.0 Waters WAT 129.81 -0.54 JBHunt JBHT 72.06 0.74 WynnResorts WYNN 70.07 1.30
Xilinx XLNX 46.48 0.68
Tuesday, January 5, 2016 PennyMacFinSvcsClA PFSI 14.91 0.2 NYSE MKT highs - 9 DipexiumPharma DPRX 9.45 -3.6 WeatherfordIntl WFT 8.26 -0.38 HuntgBcsh HBAN 10.72 0.02 Yahoo YHOO 32.20 0.80
52-Wk % 52-Wk % 52-Wk % PenskeAuto PAG 39.00 -3.4 BlkRkVA Muni BHV 20.65 -0.1 DvsfdRestaurant SAUC 1.80 -9.8 WellsFargo WFC 52.89 -0.02 IACInteractv IACI 59.17 0.47 Yandex YNDX 15.41 0.19
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Welltower HCN 70.09 1.70 IdexxLab IDXX 71.83 0.71
PetroChinaADR PTR 63.31 -1.0 EtnVncMuni II EIV 13.46 0.8 DonegalGroupB DGICB 15.63 -5.4 ZionsBcp ZION 26.42 -0.29
WestarEngy WR 42.64 0.27 IcahnEnt IEP 63.56 -0.21
JPMDepPfdSeriesBB JPMpH 26.23 ... AtwdOcn ATW 9.46 -7.8 RealogyHoldings RLGY 34.43 -4.8 EtnVncPA EIP 13.46 -0.4 Donnelly RRD 14.15 -1.2 WesternGasEqtyPtrs WGP 37.10 0.03 Illumina ILMN 178.02 -3.26 Zynga ZNGA 2.56 -0.02
NYSE highs - 104 JPMorganChasePfdP JPMpA 25.63 0.8 BancoBradescoPfADR BBD 4.64 -0.3 RestaurantBrands QSR 34.09 -3.8 EvansBcp EVBN 26.10 -0.2 ElectroRent ELRC 8.96 0.1 WesternGasPartners WES 47.52 -0.77 Incyte INCY 103.80 0.48
AFLAC5.50%SubDeb52 AFSD 26.09 0.3 JPMorganChasePfdO JPMpD 25.72 0.3 BancoSantanderADR SAN 4.63 -1.9 RitchieBros RBA 22.82 -0.9 Majesco MJCO 6.74 6.6 EmpireResorts NYNY 16.51 -8.7 WesternUnion WU 17.55 -0.07 Intel INTC 33.83 -0.16
NYSE MKT
AGLResources GAS 64.08 0.4 KimberlyClark KMB 130.05 2.1 BoiseCascade BCC 23.13 -3.7 Rogers ROG 45.30 -5.0 NuvCA Fd2 NVX 15.73 1.8 EnduranceIntl EIGI 10.19 -3.3 WestlakeChemical WLK 53.15 -0.45 IntrctvBrkGrp IBKR 41.19 -1.25 BritishAmTobADR BTI 108.79 0.23
Allstate6.75%PfdC ALLpC 28.19 -1.7 MedleyCapNts21 MCX 24.75 0.4 BostonBeerClA SAM 193.37 -2.3 RubyTuesday RT 4.93 -2.3 NuvCA Fd3 NZH 14.35 0.9 FmsDaves DAVE 5.95 -9.5 WestpacBankingADR WBK 23.47 -0.27 Intuit INTU 95.95 1.57 CheniereEnergy LNG 38.47 0.96
AllstatePfdE ALLpE 28.00 0.1 MorganStanleyPfd1 MSpI 26.80 ... CDI CDI 6.21 -2.5 SafeBulkers SB 0.75 -0.4 OncoCyte OCX 10.24 12.3 Freeseas FREE 0.01 -6.0 WestRock WRK 45.49 -0.03 IntutvSrgcl ISRG 551.96 4.57 CheniereEngyPtnr CQP 25.85 0.12
AllstateDep.Pfd.F ALLpF 27.48 1.0 MorganStanleyPfdE MSpE 29.12 0.1 CEB CEB 58.14 -0.6 ScorpioBulkers SALT 6.36 -21.9 PacGE pfH PCGpH 24.24 1.0 G&KServicesClA GK 58.56 1.0 Weyerhaeuser WY 29.90 0.07 IonisPharma IONS 60.94 -0.74 ImpOil IMO 32.06 -0.09
BB&TPfdE BBTpE 26.59 0.6 MorganStanDepPfdF MSpF 28.27 0.2 CFIndustries CF 39.15 -3.1 ScorpioTankers STNG 7.17 -3.7 GSV Capital GSVC 6.57 -1.5
BB&TPfdD BBTpD 26.68 0.5 MorganStanleyPfdG MSpG 27.56 0.1 CapOneFnlWt COF/WS 28.25 -4.6 SeaDrill SDRL 3.26 -5.2 NYSE MKT lows - 10 GlbBloodTherap GBT 26.41 -6.9
BB&TPfd.F BBTpF
BB&TPfdG BBTpG
25.29
25.51
0.1
0.1
NewJerseyResources NJR 34.12
NextEra5%PfdJrDebJ NEEpJ 25.00
4.1
0.7
CtrlEuropeRussiaFd CEE 16.30 -0.4
Chegg CHGG 6.15 5.1
Sothebys BID
SteelPartnersHldgs SPLP
23.54 -3.2
15.64 -3.6
AberdLatAmEq LAQ 14.81 -0.3
CVSL CVSL 0.94 -2.1
GoldenOceanGroup GOGL 0.96 -4.9
GreatBasinScien GBSN 0.73 -21.3 Exchange-Traded Portfolios | WSJ.com/ETFresearch
BGE Cap pfB BGEpB 26.55 1.4 NextEraEnCapI NEEpI 25.13 0.6 ChinaMobileADR CHL 53.65 -1.8 Stillwater SWC 8.14 -4.0 GoldResource GORO 1.58 -2.4 HansenMed HNSN 2.21 -3.0
TelefonicaADR TEF 10.58 -0.7 Harmonic HLIT 3.65 -6.8 Largest 100 exchange-traded funds, latest session Closing Chg YTD
BkofAmericaDepPfdW BACpW 27.19 0.1 NipponTelegraphADR NTT 40.54 3.4 ChipotleMex CMG 446.80 ... IntlTowerHillMines THM 0.19 0.5 ETF Symbol Price (%) (%)
BofADepPfdSeriesY BACpY 27.09 0.2 NuveenCalAMT NKX 15.48 0.4 ClayEngy CWEI 26.19 -6.9 Textura TXTR 20.16 -2.4 NewConceptEngy GBR 1.05 -2.8 HerculesOffshore HERO 1.97 -5.1 Tuesday, January 5, 2016
ThirdPointReins TPRE 12.74 -1.3 InovalonClA INOV 15.59 -3.3 iShS&P500ValueETF IVE 87.72 0.27 –0.9
BankAm pfE BACpE 22.88 2.5 PNCFinSvsGrpPfdQ PNCpQ 25.93 0.1 CobaltIntlEnergy CIE 5.08 -5.0 NovaCopper NCQ 0.28 1.4 Closing Chg YTD
TimeInc. TIME 14.60 -1.5 InterParfums IPAR 22.27 -0.3 ETF Symbol Price (%) (%) iSharesUSPreferred PFF 39.07 0.10 0.6
BankAm pfI BACpI 27.46 0.4 PartnerRePfdD PREpD 27.77 0.3 EngGr-Cmg ADR CIG 1.38 -4.2 SamsonOil&GasADR SSN 0.37 -0.3
TravelCtrsAmerica TA 9.01 -0.8 InterCloudSysWt ICLDW 0.27 -46.8 AlerianMLPETF iSh1-3YTreasuryBd SHY 84.42 –0.06 0.1
BNYMellon5.2%Pfd.C BKpC 26.48 0.8 PartnerRePfdE PREpE 29.27 0.5 COPELADR ELP 5.59 -2.1 SifcoInd SIF 9.40 -5.7 AMLP 12.08 –0.62 0.2
TurkcellIletismADR TKC 8.17 -0.8 InterpaceDiagnostics IDXG 0.34 -11.9 CnsmrDiscSelSector XLY 76.72 –0.13 –1.8 iSh7-10YTreasuryBd IEF 106.01 –0.03 0.4
Baxalta BXLT 41.59 0.8 PartnerRePfdF PREpF 26.92 1.1 CullenFrostBankers CFR 56.71 -1.2 SupremeIndustries STS 6.70 ... iSh20+YTreasuryBd TLT 120.96 –0.40 0.3
BlackrockTerm BTT 22.03 0.8 PrudentialPfd PUKpA 27.17 0.1 Diebold DBD 28.89 -2.0 Univar UNVR 15.93 -1.6 TasekoMine TGB 0.30 -1.3 iShMSCIEmgMktLA EEML 23.55 -2.5 CnsStapleSelSector XLP 50.17 0.64 –0.6
Vectrus VEC 19.62 1.0 iShMSCIEuropeFinls EUFN 19.61 -0.7 DBGoldDoubleLgETN DGP 18.79 0.76 3.6 iShChinaLarge-Cap FXI 33.96 –0.56 –3.8
BlkRkNY Muni BQH 15.01 1.4 PublicStoragePfdZ PSApZ 27.22 0.5 ENIADR E 28.85 -0.8 iShRussellMCGrowth IWP 90.71 0.19 –1.3
BlkRkNY MI Tr BNY 15.78 0.4 PublicStoragePfdA PSApA 27.10 0.5 Envestnet ENV 28.08 2.3 WillmSnoma WSM 57.18 ... Nasdaq highs - 24 KBSFashionGroup KBSF 2.05 -2.4 DBGoldDoubleShrt DZZ 8.57 –0.70 –3.4
MktVectorsBiotech BBH 123.69 0.03 –2.6
CapOneFinlDepPfdC COFpC 26.83 0.1 PutnmMgdMun PMM 7.49 1.6 ExtendedStayAmer STAY 15.23 0.9 YirendaiADR YRD 8.30 -5.9 LeggMasonDevelopedex-USDivCore DDBI 24.40 ... DeutscheXMSCIEAFE DBEF 26.84 0.15 –1.2
A-MarkPrecMetals AMRK 19.99 2.7 MktVectorsOilSvcs OIH 26.25 –1.72 –0.8
QwestNts2055 CTZ 25.41 0.3 LimelightNetworks LLNW 1.36 -2.1 EnSelectSectorSPDR XLE 60.53 0.38 0.3
CapOneDep.Pfd.D COFpD 27.95 -0.9
RegionsFinlDepPfdB RFpB 27.39
FiatChrysler7.875 FCAM 77.39 -3.3 NYSE Arca highs - 6 AbilityWt ABILW 1.55 -0.7
Limoneira LMNR 14.18 0.3 FinSelSectorSPDR XLF 23.46 0.39 –1.6 MktVectorsPharm PPH 64.65 0.78 –1.0
CapOneFinPfd.B COFpP 26.41 0.1 ... Fitbit FIT 24.03 -18.3 AxsomeTherapeutics AXSM 15.74 22.9 MktVectorsRetail RTH 76.87 0.68 –1.1
CapOneFinlDepPfdF COFpF 26.98 0.8 RegionsFinDepPfdA RFpA 26.82 1.3 GOLLinhasADR GOL 0.53 -1.8 DBCrudeOilDblShrt DTO 170.50 6.1 Lionbridge LIOX 4.41 -2.6 FTDorseyWrightFoc5 FV 23.03 0.22 –2.0
CerecorWtClB CERCZ 1.07 28.6 MktVectorsSemi SMH 52.23 –0.93 –2.0
CharlesSchwabPfdC SCHWpC 27.07 ... RoyalBkCanadaPfdC1 RYpS 25.72 -1.0 GerdauADR GGB 1.08 -6.1 DBCrudeOilShortETN SZO 95.95 2.4 LivePerson LPSN 6.56 ... FstTrDJIntrnt FDN 72.08 –0.35 –3.4
Cerus CERS 6.66 2.6 PwrShrs QQQ QQQ 109.31 –0.17 –2.3
CitigroupPfdK CpK 28.28 0.5 RylBkScot pfL RBSpL 25.28 -0.3 GlobalShipLeaseClA GSL 2.37 -8.8 iShiBdDec21AMTFree IBMJ 25.65 -0.3 LombardMedical EVAR 1.19 -2.3 GuggenheimSP500EqW RSP 75.97 0.24 –0.9
ChBioProdcts CBPO 144.29 -7.0 PS SP500LoVoltlPrt SPLV 38.27 0.82 –0.8
CitigroupPfdL CpL 27.80 0.1 SCETrustIVPfdJ SCEpJ 27.59 0.8 GrahamHoldings GHC 455.84 -1.4 PwrShsFnlPfd PGF 19.01 0.3 Mannkind MNKD 0.70 -48.4 HealthCareSelSect XLV 71.07 0.48 –1.3
ColonyBankcorp CBAN 10.04 3.3 SPDRBarclaysHiYdBd JNK 33.81 0.21 –0.3
CitigrpPfdJFixFltg CpJ 28.39 0.5 SelectiveInsNts SGZA 26.16 0.5 GranayMonteroADR GRAM 2.76 -2.1 PwrShrPfdETF PGX 15.09 0.2 MedTranscription MTBC 1.02 -2.7 IndSelSectorSPDR XLI 52.44 0.27 –1.1
FifthThirdBncpPfdI FITBI 29.55 0.4 SchwIntlEqty SCHF 27.09 –0.11 –1.7
Citigroup5.80%PfdC CpC 26.20 0.5 SeniorHousing5.625 SNHN 25.53 0.2 Gp1Auto GPI 71.55 -3.9 VanguardTaxExempt VTEB 51.17 0.2 MercerInt MERC 8.53 -4.5 iShIntermCredBd CIU 107.32 0.12 0.0
1stCnsttnBcp FCCY 13.23 3.3 SchwUS BrdMkt SCHB 48.35 0.08 –1.4
Methanex MEOH 31.35 -3.3 iSh1-3YCreditBond CSJ 104.55 –0.05 –0.0
CubeSmart CUBE 31.46 3.3 SCETrI5.625%Pfd. SCEpF 26.13
SouthernNts2015A SOJA 27.18
0.9 Gulfmark GLF 4.14 -8.5 NYSE Arca lows - 34 FirstSolar FSLR 72.12 8.0 MethesEnergiesIntl MEIL 0.15 -23.2 iSharesTIPSBondETF TIP 110.04 –0.06 0.3
SchwUS LrgCap SCHX 47.95 0.21 –1.3
CullenFrostPfd CFRpA 26.13 1.4 0.7 HFF A HF 29.09 -1.7 FrancescasHldgs FRAN 18.61 5.5 SPDR DJIA Tr DIA 171.39 0.06 –1.5
CustomersBncp7PfdC CUBIpC 26.89 1.7 StateStreetDepPfdD STTpD 28.22 0.6 Harsco HSC 7.40 0.8 CSOPMSCIChinaAInt CNHX 28.81 -8.0 Mimecast MIME 8.80 -1.4 iSh3-7YTreasuryBd IEI 122.91 0.04 0.2
IntgtElecSvcs IESC 11.83 1.0 SPDR GldTr GLD 103.18 0.28 1.7
StateStreetDepPfdE STTpE 26.98 0.1 CambriaValue VAMO 22.95 ... NIIHoldings NIHD 4.41 -2.4 iShCoreMSCIEAFEETF IEFA 53.49 –0.17 –1.6
DigitalRealtyPfdG DLRpG 25.19 0.8 HarteHanks HHS 2.99 -4.5 LightpathTechsA LPTH 3.48 2.6 SPDR S&PMdCpTr MDY 250.90 0.03 –1.2
StateStreetPfd.C STTpC 26.72 1.0 CurShsBritPnd FXB 143.36 -0.3 NMIHoldingsClA NMIH 6.56 1.2 iShCoreMSCIEmgMk IEMG 38.48 0.23 –2.3
DigitalRealtyPfdI DLRpI 25.99 1.5 HershaHospitalityA HT 20.58 1.0 MBTFinancial MBTF 7.08 3.1 SPDR S&P 500 SPY 201.36 0.17 –1.2
SturmRuger RGR 66.93 6.8 CurShsCanDlr FXC 70.80 -0.4 Neurometrix NURO 1.71 -5.9 iShCoreS&P500ETF IVV 202.42 0.21 –1.2
DiscoverFinPfd.B DFSpB 26.90 ... Hess HES 46.63 -0.2 MMACapitalMgmt MMAC 15.71 0.6 SPDR S&P Div SDY 72.87 0.41 –1.0
SunTrustPerpPfdE STIpE 26.22 0.2 HowardHughes HHC 107.13 -1.0 ElemntsRogrAgri RJA 6.13 -0.2 OnTrackInnovations OTIV 0.40 ... iShCoreS&PMdCp IJH 137.62 0.08 –1.2
Duke5.125%Deb2073 DUKH 25.99 0.7 MSBFinancial MSBF 12.65 0.8 TechSelectSector XLK 42.16 –0.26 –1.6
TeleData 6.625nts TDI 25.89 1.4 HyattHotels H 45.02 1.3 FlexSharesCurrHdDM TLDH 23.43 -0.2 Perseon PRSN 0.21 -2.0 iShCoreS&PSmCpETF IJR 107.87 0.31 –2.0
EaglePoint7%Nts20 ECCZ 24.95 0.8 Macatawa MCBC 6.15 2.3 UtilitiesSelSector XLU 43.50 0.72 0.5
Tele&Data5.875%Nt TDA 24.97 GlblXFTSEGreece20 GREK 7.86 -2.4 RadaElectronicInds RADA 0.34 3.4 iShCoreUSAggBd AGG 108.02 0.05 0.0
EatonVanceMunInc28 ETX 18.97 0.9 -0.1 IMSHealthHoldings IMS 24.15 0.6 NorthernTrDepPfdC NTRSP 27.17 0.4 VangdInfoTch VGT 106.10 –0.48 –2.0
UMHPropPfdB UMHpB 27.00 GlbXFTSENordReg GXF 20.77 -0.6 RandLogistics RLOG 1.40 -9.7 iShSelectDividend DVY 75.01 0.60 –0.2
EnduranceDepPfdC ENHpC 26.05 -0.3 1.9 JohnsonControls JCI 38.13 -1.3 PoageBankshares PBSK 17.49 2.3 IAU 10.40 0.19 1.7 VangdSmCapValue VBR 97.54 0.23 –1.2
U.S.BncpDepPfdH USBpO 26.14 0.5 GlbXFertilizersPot SOIL 8.81 -0.3 RedRobin RRGB 58.58 -1.7 iSharesGold VHT 130.87 0.46 –1.5
EquityCommonNt42 EQCO 24.99 0.7 K12 LRN 8.26 -2.9 VangdHlthCr
W.R.BerkleyDeb WRBpB 25.98 GlblXMSCINorwayETF NORW 9.34 -3.7 ShoreBancshares SHBI 11.18 3.5 RennovaHealth RNVA 1.17 -7.0 iShiBoxx$InvGrCpBd LQD 114.01 0.05 ... VIG 76.97 0.33 –1.0
ExtrSpcStor EXR 90.79 2.9 0.4 Kadant KAI 36.14 -1.3 VangdDivApp
WellsFargoPfdA WFCpR 29.20 iPathGSCI nts GSP 11.99 -1.3 SmithWesson SWHC 26.54 11.1 RitterPharmactl RTTR 1.53 0.6 iShiBoxx$HYCpBd HYG 80.25 0.19 –0.4 VanguardFTSEDevMk VEA 36.13 –0.11 –1.6
FedPrmrIntMuni FPT 13.59 1.0 -0.3 KeysightTechs KEYS 27.61 -0.2 STRS 21.50 0.1 MBB 107.80 0.07 0.1
iPathGBP USD Ex GBB 38.78 -1.6 StrtsProp SearsCanada SRSC 4.65 -4.2 iShMBSETF VWO 31.85 0.22 –2.6
FstHorizonDepPfdA FHNpA 26.19 1.3 WFDepPfdClASeriesT WFCpT 27.04 0.3 KilroyRealty KRC 61.45 1.4 ACWI 54.88 0.08 –1.7 VanguardFTSEEmgMk
iPathPBGrains WEET 32.54 -0.5 WebMD Htlh WBMD 49.99 1.2 SignalGenetics SGNL 0.66 2.5 iShMSCIACWIETF VanguardFTSEEurope VGK 48.86 –0.59 –2.0
FirstRepDepPfdF FRCpF 26.33 0.9 WellsFargoDepPfdV WFCpV 26.79 0.8 Kirby KEX 50.32 0.1 WestfieldFinancial WFD 8.60 ... iSharesMSCIEAFESC SCZ 49.35 –0.26 –1.2
iPathPBS&PGSCIWt SBV 19.18 -0.4 SinoGloblShip SINO 0.65 -21.6 VangdAllWldxUS VEU 42.57 –0.23 –1.9
FstRep5.5%DepPfdD FRCpD 25.47 0.7 WellsFargoPfdO WFCpO 25.55 0.8 Knoll KNL 18.28 0.5 iSharesMSCIEAFEETF EFA 57.73 –0.16 –1.7
iPathS&P500DynVIX XVZ 25.60 -0.5 Nasdaq lows - 86 Sizmek SZMK 3.41 -2.3 VangdGrowth VUG 104.59 0.02 –1.7
GeneralElcCapNt52 GEB 26.04 0.9 XinyuanRealEstADR XIN 3.77 6.8 KratnPrfmcPlymr KRA 15.87 -3.0 iShMSCIEmgMarkets EEM 31.38 0.22 –2.5
iShGlobalInflLkdBd GTIP 45.68 -0.6 Sky-mobiADR MOBI 2.10 -5.4 VangdHiDivYld VYM 66.28 0.50 –0.7
GoldmanSachsGpPfdK GSpK 28.20 0.9 ZionsBncpDepPfdH ZBpH 25.65 1.6 MagnaInt MGA 38.66 -2.9 AcaciaResearch ACTG 3.62 -6.0 iShMSCIEurozoneETF EZU 34.17 –0.87 –2.5
iShIRHdg10+ CLYH 23.64 -0.6 SthsdBcsh SBSI 23.01 -0.1 VngdInter-Term BIV 83.32 0.12 0.3
GldmnSachs pfB GSpB 26.26 0.2 ZionsBncpNt28 ZBK 28.85 0.2 MarriottVacations VAC 53.78 ... AlexzaPharm ALXA 0.64 -6.1 iShMSCIGermanyETF EWG 25.32 –0.94 –3.3
iShMSCIPolandCap EPOL 17.13 -1.9 SunEdisonSemicon SEMI 7.09 -6.1 VangIntrCorpBd VCIT 84.23 0.02 0.2
GoldmanSachsPfd.I GSpI 26.59 0.7 MatadorResources MTDR 18.25 -2.7 ALCO 36.57 -2.0 iShMSCIJapanETF EWJ 12.08 1.26 –0.3
GoldmanSachsPfdJ GSpJ 26.28 0.8 NYSE lows - 91 MineralsTechs MTX 42.82 -1.2
iShMSCISpainCapped EWP 27.37 -0.9 Alico THT HeatTrans THTI 0.46 5.5 iShMSCIUSAMinVol USMV 41.58 0.68 –0.6 VangdLgCap VV 92.33 0.20 –1.3
iShMSCISwedenETF EWD 27.89 -1.7 Amaya AYA 11.95 -0.1 TOR Minerals TORM 4.41 -2.2 iShNasdaqBiotech IBB 326.96 0.03 –3.4 VangdMdCap VO 118.66 0.10 –1.2
HartfordFinDeb42 HGH 31.94 0.7 ABBADR ABB 17.09 -1.8 NaviosMaritime NNA 2.71 -3.5 AmericanPubEdu APEI 17.60 -4.0
iShYdOptimizedBd BYLD 23.95 0.2 BancpBk TBBK 5.93 ... iShNatlAMTFrMuniBd MUB 110.60 0.12 –0.1 VangdReit VNQ 80.29 1.93 0.7
InterstateP&LPfdD IPLpD 26.04 0.6 AegonADR AEG 5.38 -1.8 NimbleStorage NMBL 8.56 -0.9 AndinaAcqnCorp.II ANDA 9.40 -0.4
JPMDivReturnEurope JPEU 49.65 -3.3 ThrshldPharm THLD 0.43 4.9 iShRussell1000Gwth IWF 97.93 0.15 –1.6 VanguardS&P500 VOO 184.64 0.18 –1.2
JPMorganChasePfdT JPMpB 27.97 ... AmericanExpress AXP 65.67 -1.5 Noble NE 10.17 -5.7 AratanaTherapeutic PETX 4.74 -5.0
MktVecBrazilSm BRF 9.88 -0.9 TiVo TIVO 8.27 -0.5 iShRussell1000ETF IWB 111.88 0.20 –1.3 VangdShrtTrm BSV 79.59 –0.01 0.0
JPMorganChasePfdW JPMpE 26.66 0.3 Archrock AROC 7.00 -1.9 NorthAtlDrilling NADL 1.99 -14.5 AssemblyBioscience ASMB 6.83 -4.9
MktVctrsIntlHiYdBd IHY 22.36 -0.5 TokaiPharma TKAI 7.74 -1.0 iShRussell1000Val IWD 96.91 0.20 –1.0 VangShrtCorpBd VCSH 78.92 –0.03 –0.1
JPM6.125%Dep.Pfd.Y JPMpF 26.44 ... AsburyAutomotive ABG 64.29 -2.1 NuverraEnvlSolns NES 0.38 -13.3 BenitecBiopharmADR BNTC 3.89 -3.3
MktVecPoland PLND 12.70 -1.3 UMBFinancial UMBF 44.95 -0.4 iShRussell2000Gwth IWO 135.69 0.06 –2.6 VangdSmCap VB 108.94 0.06 –1.5
JPMDepPfdSeriesAA JPMpG 26.25 0.3 AssdBanc-Corp8.00% ASBpB 26.03 0.5 Ooma OOMA 5.73 -1.7 BBLU 0.35 -6.3
OppenheimerRevWtd RTR 28.74 -0.3 BlueEarth VanguardEmgMktGov VWOB 72.32 ... iShRussell2000ETF IWM 110.25 0.22 –2.1 VangdTtlBndMkt BND 80.82 0.12 0.1
PwrShsIntlCorpBd PICB 24.96 -0.3 BluStrTABIGIIsrael ITEQ 23.56 -0.7 VictoryCEMPDevEnh CIZ 30.52 ... iShRussell2000Val IWN 90.54 0.45 –1.5 VanguardTtlIntlStk VXUS 44.25 –0.18 –1.9
Online>> PowerSharesS&PIntl IDHB 22.38
SPDRMSCIChinaA XINA 23.35
0.2
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BoulevardAcqnIIWt BLVDW
BravoBrioRestr BBRG
0.40 -38.5
8.51 0.5
VictoryCEMPItlHiDv CID 31.27 -0.3 iShRussell3000ETF IWV 118.67 0.24 –1.4
VictoryCEMPUSDiscv CSF 33.55 ... iShRussellMid-Cap IWR 158.61 0.23 –1.0
VangdTtlStock VTI 102.97 0.22 –1.3
VangdTotlWrld VT 56.66 0.02 –1.7
During the trading day, 52-week highs and lows are updated hourly SPDRMSCIEMBeyBRIC EMBB 44.73 -2.8 Camtek CAMT 2.07 -1.4 ViperEnergyPtrsUn VNOM 13.24 -1.9 iShRussellMCValue IWS 68.20 0.24 –0.7 VangdValue VTV 80.79 0.32 –0.9
at WSJMarkets.com. Lists for each market are available free, along SPDRMSCITaiwanQual QTWN 46.53 -5.5 CapellaEducation CPLA 43.00 -3.1 WesBanco WSBC 28.90 -0.8 iShS&PMC400Growth IJK 158.54 0.22 –1.5 WisdomTreeEurope HEDJ 52.90 –0.25 –1.7
with easy access to charts and headlines. SPDRIntGovtETF WIP 50.05 -0.5 CarrizoOil CRZO 27.32 -1.7 ZillowGroupClC Z 21.35 -0.5 iShS&P500Growth IVW 113.97 0.19 –1.6 WisdomTreeJapanHdg DXJ 49.22 0.47 –1.7
THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | C11
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 Cocoa (ICE-US)-10 metric tons; $ per ton. Canadian Dollar (CME)-CAD 100,000; $ per CAD
Metal & Petroleum Futures Open High hilo Low Settle Chg interest March 3,132 3,138 t 3,047 3,059 –65 95,269 March .7180 .7195 t .7133 .7147 –.0020 167,345
Contract Open May 3,135 3,137 t 3,049 3,061 –63 47,409 June .7182 .7197 t .7137 .7150 –.0020 1,967
Open High hi lo Low Settle Chg interest Agriculture Futures Coffee (ICE-US)-37,500 lbs.; cents per lb. British Pound (CME)-£62,500; $ per £
Copper-High (CMX)-25,000 lbs.; $ per lb. Corn (CBT)-5,000 bu.; cents per bu. March 123.90 125.10 t 121.75 123.00 –.90 84,453 March 1.4719 1.4727 t 1.4638 1.4665 –.0048 216,952
Jan 2.0735 2.0970 s 2.0735 2.0885 0.0180 1,804 March 352.75 356.00 351.75 353.00 1.50 727,298 May 126.00 127.20 t 123.95 125.10 –.90 34,745 June 1.4718 1.4730 t 1.4644 1.4670 –.0048 515
March 2.0825 2.1115 2.0735 2.0955 0.0160 126,016 May 358.75 361.50 357.50 358.50 1.00 201,845 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 14.98 15.10 t 14.54 14.57 –.40 390,280 Swiss Franc (CME)-CHF 125,000; $ per CHF
Gold (CMX)-100 troy oz.; $ per troy oz. Oats (CBT)-5,000 bu.; cents per bu. March 1.0010 1.0023 t .9905 .9944 –.0064 50,060
Jan 1075.60 1081.50 1075.30 1078.40 3.30 310 March 210.50 212.00 207.25 210.25 –.25 7,305 May 14.69 14.75 t 14.22 14.25 –.40 185,405
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. June .9978 1.0065 t .9952 .9989 –.0064 141
Feb 1073.50 1081.50 1071.90 1078.40 3.20 272,926 May 210.00 212.25 208.50 210.50 –1.00 1,480
April 1073.80 1081.90 1073.30 1079.00 3.20 57,383 Soybeans (CBT)-5,000 bu.; cents per bu. March 25.85 25.85 s t 25.85 25.87 .02 2,942 Australian Dollar (CME)-AUD 100,000; $ per AUD
June 1075.00 1082.30 1075.00 1079.70 3.20 29,148 Jan 866.25 873.50 s 866.25 867.75 3.25 10,699 May 25.80 25.80 s 25.80 25.88 –.07 2,215 March .7157 .7190 t .7109 .7127 –.0031 98,657
Aug 1075.00 1080.60 s 1075.00 1080.50 3.20 9,970 March 858.25 864.75 855.50 857.25 1.25 317,784 Cotton (ICE-US)-50,000 lbs.; cents per lb. June .7131 .7160 t .7082 .7099 –.0030 366
Dec 1079.90 1084.10 1079.70 1082.60 3.10 17,667 Soybean Meal (CBT)-100 tons; $ per ton. March 62.59 62.86 t 62.51 62.68 .07 121,661 Mexican Peso (CME)-MXN 500,000; $ per MXN
263.80 267.80 s 263.80 265.30 2.10 2,648 May 63.45 63.69 t 63.30 63.45 –.02 32,534 March .05748 .05765 .05724 .05736 –.00004 142,889
Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan
Jan 555.90 555.90 s 555.90 535.10 –7.85 4 March 265.00 269.40 s 265.00 266.30 1.90 190,498 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. June .05715 .05757 s t .05688 .05700 –.00004 123
Jan 145.00 145.00 s 141.00 142.10 –1.50 526 Euro (CME)-€125,000; $ per €
Feb 544.70 547.15 t 537.30 536.05 –7.85 19 Soybean Oil (CBT)-60,000 lbs.; cents per lb.
March 145.75 146.90 s t 141.60 142.60 –3.15 11,576 March 1.0849 1.0857 t 1.0728 1.0763 –.0083 402,525
March 538.45 548.65 t 534.05 535.75 –8.45 24,363 Jan 30.05 30.15 t 29.42 29.63 –.30 2,974
June 543.40 547.60 t 536.50 536.20 –8.35 334 March 30.29 30.37 t 29.60 29.81 –.31 170,130 June 1.0877 1.0887 t 1.0761 1.0794 –.0083 2,485
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Interest Rate Futures
Platinum (NYM)-50 troy oz.; $ per troy oz. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
Jan 888.80 897.00 s 887.30 888.60 5.40 953 Jan 1164.50 1164.50 s 1164.50 1167.00 16.00 186
March 154-090 154-190 153-170 153-220 –18.0 490,489
Index Futures
April 886.80 899.10 s 880.70 890.00 5.50 61,697 March 1174.00 1198.00 s t 1168.00 1192.50 15.50 9,681
June 152-090 152-150 152-090 152-120 –18.0 14 Mini DJ Industrial Average (CBT)-$5 x index
Silver (CMX)-5,000 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. March 17086 17153 16940 17081 –4 76,575
March 460.25 464.75 458.50 461.25 3.00 238,128
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
Jan 14.100 14.100 s t 13.860 13.949 0.132 357 March 126-050 126-140 126-005 126-080 3.0 2,535,240 June 17050 17095 16899 17011 4 132
July 474.75 477.75 472.25 474.25 2.00 63,147
March 13.860 14.065 13.845 13.971 0.130 130,158 June 125-230 125-230 125-230 125-195 2.5 128 S&P 500 Index (CME)-$250 x index
Wheat (KC)-5,000 bu.; cents per bu. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% March 2010.00 2016.80 s 1992.60 2011.70 2.60 93,272
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 457.25 462.25 454.75 460.00 5.75 109,489
Feb 36.90 37.10 t 35.74 35.97 –0.79 437,506 March 118-150 118-212 118-122 118-175 2.5 2,277,209 June ... 2004.50 s 1990.00 2004.70 2.70 3,591
July 476.50 481.25 475.50 479.00 4.00 43,050
March 38.07 38.31 t 36.98 37.18 –0.77 280,277 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Mini S&P 500 (CME)-$50 x index
Wheat (MPLS)-5,000 bu.; cents per bu. March 108-210 108-225 108-202 108-212 … 1,016,257 2009.00 2017.00 s 1992.25 2011.75 2.75 2,569,569
April 39.09 39.31 t 38.04 38.23 –0.70 124,715 March
March 486.25 491.50 486.00 487.75 3.00 32,840
May 39.98 40.21 t 38.95 39.15 –0.65 82,731
May 496.00 499.75 494.50 496.00 1.75 14,363
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. June 2003.75 2009.50 s 1985.50 2004.75 2.75 10,598
June 40.85 40.92 t 39.72 39.94 –0.61 140,242 Jan … 99.668 s t 99.663 99.665 … 174,473 Mini S&P Midcap 400 (CME)-$100 x index
43.97 44.16 t 42.96 43.19 –0.54 167,640
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Feb 99.645 99.645 s t 99.640 99.645 … 153,838
Dec March 1378.30 1382.10 1367.20 1375.90 –.60 85,817
Jan 169.050 169.575 s 167.025 167.775 .150 6,946
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini Nasdaq 100 (CME)-$20 x index
March 166.100 166.875 s 164.150 165.050 .375 14,225 March 102.438 102.578 102.250 102.484 .141 29,710
Feb 1.1346 1.1481 1.1191 1.1253 –.0011 97,325 Cattle-Live (CME)-40,000 lbs.; cents per lb. March 4505.5 4523.0 s 4457.3 4483.8 –20.8 310,268
March 1.1545 1.1676 1.1400 1.1443 –.0047 62,813 1 Month Libor (CME)-$3,000,000; pts of 100% June 4500.0 4517.5 s 4453.8 4479.0 –20.5 308
Feb 136.875 137.700 s 136.150 136.775 .350 100,267 May 99.3975 99.3975 s 99.3975 99.4025 .0100 229
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 137.700 138.300 136.725 137.350 –.075 72,691 Mini Russell 2000 (ICE-US)-$100 x index
Eurodollar (CME)-$1,000,000; pts of 100% March 1109.00 1111.80 1099.10 1107.90 1.90 371,766
Feb 1.2919 1.3041 t 1.2471 1.2567 –.0340 113,614 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Jan 99.3900 99.3900 99.3800 99.3800 –.0075 202,666
March 1.3194 1.3296 t 1.2784 1.2867 –.0304 58,225 Feb 59.450 61.475 s 59.450 61.100 1.675 72,302 June 1105.00 1105.00 s 1105.00 1106.90 1.90 5
March 99.2750 99.2850 99.2750 99.2850 .0100 1,269,614
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. April 65.725 66.725 s 65.425 66.075 .625 42,169 June 99.1150 99.1350 s 99.1150 99.1300 .0150 1,151,130 Mini Russell 1000 (ICE-US)-$100 x index
Feb 2.290 2.346 2.255 2.325 –.009 230,250 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 98.7900 98.8150 98.7850 98.8100 .0200 1,302,071 March 1113.10 1114.60 1104.70 1113.60 1.40 7,587
March 2.317 2.368 2.281 2.346 –.004 209,248 Jan 255.40 259.30 s 255.10 256.50 2.10 556 U.S. Dollar Index (ICE-US)-$1,000 x index
April 2.349 2.396 2.321 2.376 .003 99,632 March 254.10 259.30 s 253.80 255.90 2.90 2,707 Currency Futures March 98.91 99.73 s 98.86 99.50 .53 68,186
May 2.386 2.431 2.360 2.413 .003 70,747 Milk (CME)-200,000 lbs., cents per lb. Japanese Yen (CME)-¥12,500,000; $ per 100¥ June 98.98 99.84 s 98.98 99.60 .53 1,381
Sept 2.486 2.533 2.464 2.515 .010 43,260 Jan 13.57 13.57 t 13.46 13.50 –.06 4,031 March .8392 .8429 .8365 .8416 .0022 214,821
Oct 2.513 2.562 2.492 2.543 .010 61,925 Feb 13.68 13.70 t 13.26 13.30 –.38 4,628 June .8407 .8451 .8389 .8440 .0022 872 Source: SIX Financial Information
Bonds | WSJ.com/bonds
Tracking Bond Benchmarks
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week highs and lows for different types of bonds
Total return Yield (%), 52-Week Range l Latest Total return Yield (%), 52-Week Range l Latest
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
1827.32 0.1 Broad market Barclays Aggregate 2.590 1.920 l 2.630 1115.00 0.1 Fannie mae (FNMA) 2.790 2.300 l 2.910
2471.28 0.1 U.S. Corporate Barclays Capital 3.690 2.780 l 3.710 1716.06 0.1 Freddie Mac (FHLMC) 2.830 2.310 l 2.930
2420.15 0.1 Intermediate 3.100 2.210 l 3.120 501.39 0.4 Muni Master Merrill Lynch 1.705 1.475 l 2.099
3147.32 -0.1 Long term 5.070 4.030 l 5.110 350.25 0.5 7-12 year 1.719 1.498 l 2.144
518.95 0.1 Double-A-rated 2.680 1.980 l 2.700 387.80 0.4 12-22 year 2.096 1.924 l 2.636
612.74 0.04 Triple-B-rated 4.330 3.280 l 4.330 368.48 0.4 22-plus year 2.794 2.542 l 3.351
330.73 -0.004 High Yield Constrained Merrill Lynch 8.822 5.853 l 9.073 2238.90 0.1 Yankee Barclays 3.100 2.390 l 3.110
279.05 -0.1 Triple-C-rated 18.410 10.017 l18.452
522.97 0.3 Global Government J.P. Morgan 1.550 1.240 l 1.780
2376.06 0.1 High Yield 100 7.648 5.016 l 8.056
756.45 0.1 Canada 1.640 1.380 l 1.970
303.91 0.01 Global High Yield Constrained 8.428 5.894 l 8.519
359.23 0.4 EMU 1.182 0.724 l 1.609
262.73 -0.2 Europe High Yield Constrained 5.637 3.550 l 5.732
684.52 0.4 France 1.050 0.490 l 1.360
1582.27 0.1 U.S Agency Barclays 1.650 1.110 l 1.680 496.79 0.5 Germany 0.680 0.160 l 1.040
1430.16 0.1 10-20 years 1.440 0.940 l 1.480 278.57 0.1 Japan 0.650 0.570 l 0.890
3009.11 0.2 20-plus years 3.300 2.490 l 3.370 544.90 0.4 Netherlands 0.830 0.240 l 1.130
1907.31 0.1 Mortgage-Backed Barclays 2.770 2.280 l 2.900 832.31 0.9 U.K. 2.220 1.730 l 2.480
1887.30 0.04 Ginnie Mae (GNMA) 2.670 2.170 l 2.860 671.69 0.1 Emerging Markets ** 6.697 5.679 l 6.817
*Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds In U.S. - dollar terms Euro-zone bonds
Global Government Bonds: Mapping Yields ** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Photography by Craig LaCourt
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago
1.000 U.S. 2 1.020 t l 1.040 0.955 0.661
2.250 10 2.250 s l 2.245 2.274 2.034
5.500 Australia 2 1.998 s l 1.996 2.100 2.195 97.8 95.6 153.4
3.250 10 2.755 t l 2.761 2.957 2.699 50.5 51.5 66.5
4.250 France 2 -0.320 t l -0.294 -0.211 -0.041 -134.0 -133.4 -70.2
1.000 10 0.913 t l 0.937 1.009 0.800 -133.7 -130.9 -123.4
0.500 Germany 2 -0.372 t l -0.349 -0.294 -0.099 -139.2 -138.9 -75.9
1.000 10 0.542 t l 0.566 0.682 0.522 -170.8 -167.9 -151.2
4.500 Italy 2 -0.001 t l 0.024 0.116 0.469 -102.1 -101.6 -19.2
2.000 10 1.509 t l 1.559 1.551 1.827 -74.1 -68.7 -20.7
0.100 Japan 2 -0.015 t l -0.012 -0.021 -0.019 -103.5 -105.2 -67.9
0.300 10 0.260 t l 0.266 0.332 0.327 -199.0 -198.0 -170.7
0.500 Spain 2 -0.008 t l -0.008 0.076 0.396 -102.8 -104.7 -26.5
2.150 10 1.699 t l 1.705 1.731 1.565 -55.1 -54.1 -46.9
1.000 U.K. 2 0.570 t l 0.590 0.649 0.366 -45.0 -45.0 -29.5
2.000 10 1.877 t l 1.879 1.924 1.676 -37.3 -36.6 -35.8
Source: Tullett Prebon
Corporate Debt
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in
that same company’s share price. Here’s a look at both for two companies in the news.
Investment-grade spreads that tightened the most…
Spread*, in basis points Stock Performance
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
MPLX MPLX 5.500 Feb. 15, ’23 478 –45 n.a. 39.04 –0.61
Monsanto MON 2.750 July 15, ’21 109 –36 n.a. 97.28 –0.52
Transocean RIG 6.500 Nov. 15, ’20 1381 –36 n.a. 12.15 –3.19
ConocoPhillips* COP 5.750 Feb. 1, ’19 147 –30 75 47.40 1.11
Southwestern Energy SWN 7.500 Feb. 1, ’18 1504 –27 1657 7.65 –0.78
Rio Tinto Finance RIOLN 4.125 May 20, ’21 211 –25 229 ... ...
Barclays Bank BACR 2.500 Feb. 20, ’19 61 –24 n.a. ... ...
Bhp Billiton Finance USA BHP 6.250 Oct. 19, ’75 365 –24 n.a. … …
…And spreads that widened the most

Teck Resources TCKBCN 3.750 Feb. 1, ’23 1504 59 n.a. ... ...
Ares Capital ARCC 4.875 Nov. 30, ’18 239 37 n.a. 14.59 0.90
EMC EMC 2.650 June 1, ’20 382 29 n.a. 25.51 –0.31
Volkswagen of America Finance VW 2.400 May 22, ’20 232 27 n.a. ... ...
U.S. Bancorp USB 2.950 July 15, ’22 139 23 n.a. 41.68 0.48
Continental Resources CLR 4.500 April 15, ’23 816 16 795 23.65 1.55 Sir Martin Sorrell. CEO of WPP and Wall Street Journal reader.
WM Wrigley JR WWY 3.375 Oct. 21, ’20 117 13 112 ... ...
Barclays BACR 3.650 March 16, ’25 200 12 n.a. ... ...
High-yield issues with the biggest price increases…

Bond Price as % of face value Stock Perfomance
Issuer
Wise Metals Intermediate Holdings

Symbol
WISMET
Coupon (%)
9.750
8.000
Maturity
June 15, ’19

May 15, ’20
Current
45.000
50.000
One-day change
7.80
22.50
Last week
n.a.
n.a.
Close ($)
...
...
% chg
...
...
PEOPLE WHO DON’T HAVE TIME
Consolidated Minerals
Chesapeake Energy
EP Energy
CSMAU
CHK
EPENEG
4.875
9.375
April 15, ’22
May 1, ’20
33.000
64.500
5.00
4.00
n.a.
61.000
5.01
...
1.21
...
MAKE TIME TO READ
DFC Finance
Tronox Finance
DLLR
TROX
10.500
6.375
June 15, ’20
Aug. 15, ’20
61.500
63.000
3.25
3.00
n.a.
57.250
...
…
...
…
THE WALL STREET JOURNAL.
HCA HCA 5.250 April 15, ’25 103.375 2.88 100.750 66.44 0.23
QEP Resources QEP 5.250 May 1, ’23 72.500 2.50 n.a. 13.74 –0.65
Find out why you should make time for the Journal. Visit WSJ.com/MakeTime
…And with the biggest price decreases
Global Ship Lease GSL 10.000 April 1, ’19 80.000 –7.00 n.a. 2.37 –8.85
Eclipse Resources ECR 8.875 July 15, ’23 44.500 –2.50 48.500 1.75 –5.91
Atlas Energy Holdings Operating ARP 9.250 Aug. 15, ’21 18.750 –1.50 n.a. … …
Florida East Coast Holdings FECRC 6.750 May 1, ’19 91.750 –1.25 92.000 ... ...
HRG HRG 7.750 Jan. 15, ’22 98.500 –1.00 99.500 13.20 –0.23
Memorial Production Partners MEMP 6.875 Aug. 1, ’22 30.000 –1.00 n.a. 2.62 –9.34
Sotheby's BID 5.250 Oct. 1, ’22 91.125 –0.88 n.a. 23.65 –3.23
California Resources CRC 5.500 Sept. 15, ’21 32.000 –0.75 31.000 1.86 –8.37 ©2016 Dow Jones & Co. Inc. All rights reserved. 3DJ2757
*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.
Note: Data are for the most active issue of bonds with maturities of two years or more
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
Pipeline Is
Everything
China Postpones a Grim Reality OVERHEARD
Two unequal forces are which measures the differ- The European Central
At Eli Lilly fighting over China’s stock

market. And there likely is
carnage yet to come.
Costs More in Shanghai
An index of the average price difference between the mainland
ence between the shares of
the companies that trade in
the unfettered Hong Kong
Bank’s quest to return infla-
tion to a level “below, but
close to” 2% is becoming an
and Hong Kong shares of companies listed in both markets.
One thing is clear in the The government on one Over 100 indicates a premium for mainland shares. market and the not-so-free epic. Eurozone inflation in De-
wake of Eli Lilly disclosing side is putting up a chaotic mainland market, implies cember was just 0.2%, a flash
160
2016 financial guidance: In- fight to prove that there is a that the mainland shares are estimate from Eurostat
vestors aren’t emphasizing floor to share prices. It has valued at a 38% premium, showed Tuesday. Headline in-
current-year earnings. squeezed investors’ ability 140 compared with a five-year flation did rise in 2015, from
Lilly said Tuesday it ex- to trade, intervened directly Hang Seng China average of 8%. a trough of minus-0.6% in
pects full-year revenue be- by scooping up shares and AH Premium Index There is also still substan- January, but the rise in “core”
120
tween $20.2 billion and prevented efficient price dis- tial debt embedded in inflation—excluding volatile
$20.7 billion and earnings covery generally. China’s equity markets that food, energy, alcohol and to-
Five-year average
per share between $2.92 and On the other side is real- 100 will have to be unwound bacco prices—was small,
$3.02—short of expectations, ity, a bitter set of truths that eventually. Official margin reaching 0.9% in December
partly due to a gloomy for- for China mean a slowing lending, at 1.2 trillion yuan from 0.6% a year earlier.
eign-exchange forecast as economy, a sliding currency, 80 ($183.6 billion), though As a result, headline infla-
well as expected generic capital outflows, still-high 2011 ’12 ’13 ’14 ’15 ’16 down by almost half from tion averaged zero in 2015,
competition outside the U.S. valuations on stocks and too Source: FactSet THE WALL STREET JOURNAL. the peak, still is more than and has been below 1% since
for cancer drug Alimta. much leverage. Chinese in- double where it was before October 2013. The renewed
Nevertheless, Lilly’s vestors are learning yet have turned a 3% drop in the CSI 300 index of stocks the stock-market mania be- drop in oil and commodity
shares rose Tuesday. Lilly again that reality tends to CSI 300 index 45 minutes trades at around 20 times gan in mid-2014. prices threatens to continue
has emerged from a long pe- prevail in the end. before the close into a finish the next 12 months’ esti- So where is the natural to subdue price pressures.
riod of patent expirations, To stop a market land- up a quarter of a percentage mated earnings, according to bottom? Beijing would prob- Despite continued signs of
which has restrained growth. slide for a second day in a point. The central bank also Citigroup. That is down sub- ably be better off letting the recovery in the eurozone, do-
In that vein, the new guid- row, Beijing injected liquid- intervened in currency mar- stantially from a peak near market find it. Given that lit- mestically generated inflation
ance still represents signifi- ity into the interbank market kets to prop up the yuan. 35 times. But it is still well tle else has changed for the also is sluggish. December
cant improvement from ex- and hinted that it would Investors can hardly ex- above the midteens in which better in terms of corporate services inflation was just
pected 2015 earnings. postpone the expiration of a hale. Despite erasing nearly they traded in the three earnings and growth, lower- 1.1%, versus a precrisis level
More significant, investors ban on share sales by those all of 2015’s gains, the stock years before China’s bubble than-current levels seem consistently above 2%.
continue to emphasize the who own more than 5% of market is probably still inflated starting in the sec- likely. But as long as China Market-based measures of
potential of the company’s companies. Direct state buy- overvalued. Strip out the ond half of 2014. fights it, the road to reality medium-term inflation expec-
drug-candidate pipeline. Lilly ing of shares, as seen fre- banks, which investors have Meanwhile, the Hang Seng will be a perilous one. tations remain adrift: A swap
expects 2016 to be especially quently last summer, may long ago written off, and the A-H Share Premium Index, —Alex Frangos contract that estimates five-
busy for its research-and-de- year inflation in five years’
velopment team. It said it time stands at 1.67%, accord-
expects to receive data later
this year from its Phase 3
clinical trial for sola-
Can Fitbit Keep Time With the Apple Watch? ing to Barclays. Such mea-
sures are being heavily influ-
enced by moves in current
zenumab, its experimental Fitbit’s move into smart- And that belief still reso- hawk bargain trackers. inflation, which could be read
drug for mild forms of Alz- watches might seem ill- Running Behind nates. Fitbit’s share price fell As well, Fitbit isn’t chal- as a lack of faith among in-
heimer’s. This will be impor- timed given Apple’s domi- Share and index performance more than 12% Tuesday af- lenging the Apple Watch di- vestors in the ECB’s ability to
tant: Alzheimer’s is a partic- nance in this area. Don’t ternoon after the Blaze was rectly in the premium tier. achieve its aim. The ECB’s ef-
ularly difficult—and count the company out just 80% unveiled. This knocked the The Blaze is still for exercise forts have delivered some re-
therefore potentially lucra- yet, though. 60 Fitbit already heavily shorted stock tracking, and adds features markable results in recent
tive—treatment area. At the Consumer Electron- Nasdaq Composite to a record low. That is an like call and text alerts along years. President Mario Draghi
40
Lilly shares aren’t a bar- ics Show on Tuesday, Fitbit overreaction. While Apple with music controls. By con- effectively stopped the euro-
gain at 23 times forward announced its newest prod- 20 Watch has gotten off to a re- trast, Apple Watch is a zone debt crisis in its tracks
earnings, well above multi- uct, a fitness-oriented smart- 0 spectable start, Fitbit has wrist-based computer that is in 2012; quantitative easing
ples for Merck, Johnson & watch called the Blaze. While proved itself a strong com- priced like one. The cheapest has tamed the bond market
–20
Johnson, AbbVie and Pfizer. the company has other fit- petitor in wearable tech. Apple Watch starts at such that last year’s Greek
Those peers trade at an av- ness bands with some smart- 2015 ’16 The company outsold the $350—75% higher than the crisis and messy politics in
erage of less than 14 times. watch-like features, the Source: WSJ Market Data Group Apple Watch in unit sales by Blaze’s starting price. Spain and Portugal only had
With a premium like Blaze is its first official foray 23% over the past two quar- Apple likely has more a fleeting effect. But like
Lilly’s, investors are placing into this nascent category. world’s largest company on ters, according to IDC esti- smartwatch designs in store, other central banks, it is find-
a lot of faith in the idea that Since the Apple Watch its home turf. That worry mates. And nearly 80% of so the onus is on Fitbit to ing boosting inflation a tricky
the birds in the bush will be dominates the field, Fitbit’s haunted Fitbit’s initial public Fitbit’s revenue comes from show it can truly make in- task. And a few more months
worth a lot more than the latest step would appear to offering last year, viewed by its most expensive devices, roads with a budget-friendly of subdued inflation only will
one in their hand. Perhaps confirm fears it soon will some as an attempt to cash including the GPS sports offering. So far, though, it increase the clamor for re-
too much faith. suffer the same fate as oth- out before the company got watch called the Surge. That hasn’t really missed a beat. newed action on its part.
—Charley Grant ers who have challenged the lapped by the Apple Watch. shows it can do more than —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
BANKRATE.COM® MMA, Savings and CDs
Net YTD TotBdAdml 10.65 -0.01 0.1 STAR 23.05 ... -1.0 BalInst 29.00 +0.02 -0.8
Explanatory Notes Data provided by Fund NAV Chg % Ret TotIntBdIdxAdm 21.18 +0.03 0.4 STIGrade DevMktsIndInst 11.59 -0.02 -2.0 Average Yields of Major Banks Tuesday, January 5, 2016
10.57 ... 0.1
Top 250 mutual-funds listings for Nasdaq-published share classes with MFS Funds Class A TotIntlAdmIdx r 23.73 -0.03 -2.1 ExtndInst 62.51 +0.04 -1.7
net assets of at least $500 million each. NAV is net asset value. TgtRe2015 14.14 +0.01 -0.6 Type MMA 1-MO 2-MO 3-MO 6-MO 1-YR 2-YR 2.5YR 5YR
ValueA p 32.35 +0.07 -1.3 TotStAdml 50.10 +0.09 -1.4 TgtRe2020 26.92 +0.01 -0.8 GrwthInst 53.83 +0.02 -1.7
Percentage performance figures are total returns, assuming reinvestment
MFS Funds Class I TxMIn r 11.58 -0.02 -2.0 InPrSeIn 10.30 ... 0.3 National average
of all distributions and after subtracting annual expenses. Figures don’t TgtRe2025 15.47 +0.01 -1.0
reflect sales charges (“loads”) or redemption fees. NET CHG is change in ValueI 32.52 +0.07 -1.3 ValAdml 31.51 +0.10 -1.0 TgtRe2030 27.40 +0.01 -1.2 InstIdx 184.17 +0.37 -1.3 Savings 0.09 0.07 0.07 0.09 0.14 0.23 0.38 0.38 0.82
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR MFS Funds Instl WdsrllAdml 58.80 +0.08 -1.1 TgtRe2035 16.62 +0.01 -1.3 InstPlus 184.19 +0.37 -1.3 Jumbos 0.18 0.07 0.08 0.10 0.15 0.26 0.42 0.42 0.86
%RET is trailing three-year return annualized. IntlEq 20.05 -0.08 -2.5 WellsIAdml 59.26 +0.08 -0.2 InstTStPlus 45.32 +0.09 -1.4 Weekly change
TgtRe2040 28.04 +0.01 -1.4
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. Mutual Series WelltnAdml 63.10 +0.12 -0.7 TgtRe2045 17.52 +0.01 -1.5 MidCpInst 32.48 +0.05 -1.1 Savings 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data. GlbDiscA 28.40 +0.02 -1.6 WndsrAdml 63.57 -0.08 -1.5 MidCpIstPl 160.17 +0.24 -1.1
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock TgtRe2050 28.07 +0.01 -1.5 Jumbos 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.02 0.01
GlbDiscz 28.89 +0.03 -1.6 VANGUARD FDS SmCapInst 52.20 +0.05 -1.6
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. TgtRetInc 12.41 ... -0.3
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to Oakmark Funds Cl I DivdGro 22.20 +0.10 -1.0 STIGradeInst 10.57 ... 0.1
TotIntBdIxInv 10.59 +0.01 0.4
incomplete price, performance or cost data. NE-Not released by Lipper; data
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
EqtyInc
Oakmark
28.26
61.79
-0.08 -1.1
-0.27 -1.7
GNMA
HlthCare r
10.68
217.42
...
+1.22
0.2
-1.3 WellsI 24.46 +0.03 -0.2
TotBdInst
TotBdInstPl
10.65
10.65
-0.01
-0.01
0.1
0.1
Consumer Savings Rates
IntlVal 30.55 +0.05 -1.7 Welltn 36.54 +0.07 -0.7 TotIntBdIdxInst 31.78 +0.04 0.3
Tuesday, January 5, 2016 OakmrkInt 20.64 -0.09 -3.4 Explanationofratings:Safe SoundSM,(855)733-0700,evaluatesthefinancialconditionoffederally
INSTTRF2025 18.88 +0.01 -1.0 WndsrII 33.14 +0.05 -1.1 TotIntlInstIdx r 94.90 -0.12 -2.1
Old Westbury Fds insured institutions and assigns a rank of 1,2,3,4 or 5 based on data from the second quarter of 2015
Net YTD Net YTD LifeCon 17.75 ... -0.5 VANGUARD INDEX FDS TotItlInstPlId r 94.91 -0.13 -2.1
Fund NAV Chg % Ret Fund NAV Chg % Ret LrgCpStr 12.25 ... -1.8 from federal regulators. 5: most desirable performance; NR: institution is too new to rate, not an indi-
LifeGro 26.91 +0.01 -1.3 500 186.01 +0.37 -1.3 TotStInst 50.11 +0.10 -1.4
Oppenheimer Y cation of financial strength or weakness. Information is believed to be reliable, but not guaranteed.
American Century Inv ContraK 96.81 -0.01 -2.1 LifeMod 22.85 +0.01 -0.9 ExtndIstPl 154.27 +0.11 -1.7 VirtusFunds Cl I
DevMktY 29.22 +0.08 -2.6
Ultra 34.37 ... -1.9 CpInc r 9.09 ... -0.6 IntGrowY 35.09 -0.14 -2.2 Primcp r 98.18 +0.28 -1.5 TotIntl 14.19 -0.02 -2.1 EmMktI 8.76 +0.01 -2.2 High yield savings
American Funds Cl A DivIntl 34.36 -0.03 -2.0 PrmcpCor 20.51 +0.04 -1.5 TotSt 50.08 +0.09 -1.4 Western Asset Yield
Parnassus Fds Bank/rank Bank/rank Yield
AmcpA p 25.55 -0.03 -1.5 DivIntlK r 34.29 -0.03 -2.0 SelValu r 25.52 -0.03 -1.3 VANGUARD INSTL FDS CorePlusBdI 11.44 ... 0.1 Phone number Minimum (%) Phone number Minimum
ParnEqFd 36.44 ... -1.4 (%)
AMutlA p 33.52 +0.07 -1.0 GroCo 134.07 -0.02 -2.1 PIMCO Fds Instl
BalA p 23.65 +0.03 -0.8 GrowCoK 133.97 -0.02 -2.1 AllAsset NA ... NA
Money market and savings account Six-month CD
BondA p
CapIBA p
12.61
55.45
...
+0.16
0.2
-0.7
InvGrBd
LowP r
11.05
47.11
...
-0.08
0.2
-1.3
ShortT NA ... NA Borrowing Benchmarks | WSJ.com/bonds iGObanking.com /3
(877) 412-1312
$25,000 1.10 AloStar Bank of Commerce /5 $1,000
(877) 751-0294
0.90
TotRt 10.09 -0.01 0.2
CapWGrA 42.67 +0.02 -1.6 LowPriStkK r 47.07 -0.07 -1.3 Ally Bank /4 $0 1.00 EverBank /4 $1,500 0.90
PIMCO Funds A
EupacA p
FdInvA p
44.67
49.96
+0.06
+0.05
-1.5
-1.5
MagIn
OTC
88.00
81.29
+0.17
-0.29
-1.6
-2.6
TotRetA 10.09 -0.01 0.2 Money Rates January 5, 2016 (866) 340-4921 (877) 280-5143
PIMCO Funds D Barclays /4 $0 1.00 California First National Bank /5 $5,000 0.90
GwthA p 40.48 -0.03 -2.0 Puritn 20.10 +0.02 -1.1
HI TrA p 9.34 +0.03 -0.1 SrsInvGrdF 11.05 ... 0.1
IncomeFd NA ... NA Key annual interest rates paid to borrow or lend money in U.S. and (877) 429-6548 (877) 880-1647
PIMCO Funds Instl international markets. Rates below are a guide to general levels but
ICAA p 32.98 +0.05 -1.2 StratInc 10.13 +0.01 -0.2 IncomeFd NA ... NA
One-month CD One-year CD
IncoA p 20.10 +0.06 -0.6 TotalBond 10.27 ... 0.1 PIMCO Funds P don’t always represent actual transactions. Lone Star Bank /3 $1,000 0.15 AloStar Bank of Commerce /5 $1,000 1.26
N PerA p 35.28 -0.05 -2.1 Fidelity Selects (877) 381-3269 (877) 751-0294
IncomeP NA ... NA
NEcoA p 35.26 -0.09 -1.9 Biotech r 227.23 -0.82 -3.7 Price Funds
Inflation Other short-term rates VirtualBank /4 $10,000 0.15 EverBank /4 $1,500 1.26
NwWrldA 49.11 -0.01 -1.8 Health r 204.17 +0.49 -1.9 Nov. index Chg From (%) Week 52-Week (877) 344-5618 (877) 280-5143
BlChip 70.80 +0.14 -2.2
SmCpA p 42.79 -0.11 -1.9 Fidelity Spartan level Oct. '15 Nov. '14 Latest ago high low AloStar Bank of Commerce /5 $1,000 0.10 iGObanking.com /3 $1,000 1.25
CapApp 24.86 +0.04 -0.8
TxExA p 13.12 +0.01 0.2 500IdxInv 70.86 +0.14 -1.3
EmMktS 27.82 +0.12 -2.4
Call money (877) 751-0294 (877) 412-1312
WshA p 38.03 +0.12 -1.1 500IndInst 70.87 +0.15 -1.3 U.S. consumer price index
EqInc 28.17 +0.03 -1.0
AMG Managers Funds Fidelity Spartan Adv
EqIndex 54.23 +0.11 -1.3 All items 237.336 –0.21 0.5 2.25 2.25 2.25 2.00 Two-month CD Two-year CD
YacktmanFd 20.61 +0.03 -1.2 500IdxAd 70.86 +0.14 -1.3 Lone Star Bank /3 $1,000 0.15 EverBank /4 $1,500 1.52
Growth 52.42 -0.02 -2.3 Core 244.075 0.04 2.0 Commercial paper
AQR Funds ExtMktAd r 49.36 +0.03 -1.7 (877) 381-3269 (877) 280-5143
HelSci 67.54 +0.16 -1.9
MgdFutStrI 10.23 +0.04 0.5 IntAd r 35.19 -0.09 -2.1 30 to 270 days n.q. ... ... ... VirtualBank /4 $10,000 0.15 Silvergate Bank /4 $25,000 1.47
Artisan Funds TotMktAd r 57.86 +0.10 -1.4
HiYield 6.17 +0.01 -0.1 International rates
InstlCapG 28.25 +0.02 -2.2 Commercial paper (AA financial) (877) 344-5618 (877) 391-9381
Intl Inv 28.10 -0.06 -2.0 First Eagle Funds
Intl G&I 12.86 -0.01 -1.6 Week 52-Week 90 days 0.57 0.57 0.64 0.06 Applied Bank /5 $0 0.05 AloStar Bank of Commerce /5 $1,000 1.46
BlackRock Funds A GlbA 50.75 ... -1.2 Latest High Low
GlblAlloc p 17.69 ... -0.8 FMI Funds
IntlStk 14.97 -0.01 -2.0 ago (877) 622-7973 (877) 751-0294
MCapGro 72.24 +0.19 -1.5 Euro commercial paper
BlackRock Funds C LgCap 18.37 ... -1.3
MCapVal 24.74 +0.05 -0.8 Prime rates 30 day -0.08 n.q. -0.02 -0.12
Three-month CD Five-year CD
GlblAlloc t 16.13 +0.01 -0.8 FPA Funds EverBank /4 $1,500 0.55 EverBank /4 $1,500 2.45
BlackRock Funds Inst FPACres 30.71 -0.06 -1.1 N Horiz 41.44 +0.02 -2.4 U.S. 3.50 3.50 3.50 3.25 Two month n.q. n.q. -0.01 -0.09
N Inc 9.37 ... 0.1 Canada 2.70 2.70 3.00 2.70 Three month n.q. n.q. 0.01 -0.08 (877) 280-5143 (877) 280-5143
EqtyDivd 20.80 +0.09 -1.0 FrankTemp/Frank Adv
OverS SF r 8.81 -0.02 -2.0 Japan 1.475 1.475 1.475 1.475 Four month n.q. n.q. 0.02 0.00 California First National Bank /5 $5,000 0.55 Barclays /4 $0 2.25
GlblAlloc 17.79 ... -0.8 IncomeAdv NA ... NA
R2015 13.57 +0.01 -0.8 Five month n.q. n.q. 0.04 0.01 (877) 880-1647 (877) 429-6548
HiYldBd 7.11 ... -0.2 FrankTemp/Franklin A
StratIncOpptyIns 9.76 -0.01 -0.1 CA TF A p 7.53 -0.02 0.4 R2020 19.49 +0.01 -1.0 Policy Rates Six month n.q. n.q. 0.05 0.02 First Internet Bank of Indiana /4 $1,000 0.45 Synchrony Bank /5 $25,000 2.25
Davis Funds A Fed TF A p 12.38 -0.03 0.3 R2025 14.78 +0.01 -1.1 Euro zone 0.05 0.05 0.05 0.05 (877) 412-9564 (877) 412-8426
R2030 21.53 +0.01 -1.3 0.50 0.50 0.50
Libor
NYVen A 30.16 -0.07 -2.4 Growth A p 72.24 -0.01 -1.5 Switzerland 0.50
Dimensional Fds IncomeA p NA ... NA R2035 15.57 +0.01 -1.4
Britain 0.50 0.50 0.50 0.50 One month 0.42200 0.42190 0.42950 0.16625 High yield jumbos - Minimum is $100,000
5GlbFxdInc 10.92 ... 0.2 RisDv A p 47.19 +0.10 -1.2 R2040 22.24 +0.01 -1.5 Three month 0.61710 0.60310 0.61710 0.25110
Australia 2.00 2.00 2.50 2.00 Money market and savings account Six-month CD
EmgMktVa 19.93 +0.06 -2.3 FrankTemp/Franklin C SmCapStk 37.88 +0.03 -1.9 Six month 0.85120 0.82730 0.85120 0.35390
EmMktCorEq 15.38 +0.04 -2.4 Income C t NA ... NA Value 30.86 +0.03 -1.2 Overnight repurchase One year 1.17310 1.14750 1.17800 0.60990 Silvergate Bank /4 1.11 AloStar Bank of Commerce /5 0.90
IntlCoreEq 11.18 -0.03 -1.8 FrankTemp/Temp A Schwab Funds (877) 391-9381 (877) 751-0294
S&P Sel 31.14 +0.06 -1.3 U.S. 0.47 0.38 0.47 0.07 Euro Libor
IntSmCo 16.91 -0.06 -1.7 GlBond A p 11.52 +0.06 -0.5 ableBanking,adivisionofNortheastBank/4 1.00 EverBank /4 0.90
IntSmVa 18.41 -0.02 -1.4 Growth A p 21.40 -0.04 -2.3 TIAA/CREF Funds One month -0.210 -0.204 0.002 -0.210
U.S. government rates (877) 478-0834 (877) 280-5143
Dimensional Fds FrankTemp/Temp Adv EqIdxInst 14.86 +0.02 -1.4 Three month -0.129 -0.127 0.052 -0.129
Tweedy Browne Fds
EH National Bank /2 0.86 My e-BAnC by BAC Florida Bank /4 0.85
US CoreEq1 16.92 +0.01 -1.5 GlBondAdv p 11.48 +0.06 -0.4 Discount Six month -0.039 -0.038 0.139 -0.058 (877) 343-7302 (877) 878-8048
US CoreEq2 16.11 ... -1.5 GMO Trust Class IV GblValue 24.03 +0.01 -1.8 One year 0.057 0.059 0.286 0.031
1.00 1.00 1.00 0.75
US Small 27.78 +0.03 -2.0 IntlEq 19.71 ... -1.8 VANGUARD ADMIRAL One-month CD One-year CD
US SmCpVal 29.88 -0.03 -2.0 Harbor Funds 500Adml 186.01 +0.37 -1.3 Euro interbank offered rate (Euribor) 0.22 1.30
Federal funds USAA /5 My e-BAnC by BAC Florida Bank /4
USLgVa 30.48 +0.03 -1.1 CapApInst 59.31 -0.01 -2.5 BalAdml 29.00 +0.02 -0.8 (877) 344-2397 (877) 878-8048
CAITAdml 11.89 +0.02 0.4 Effective rate 0.3700 0.3800 0.3800 0.0600 One month -0.211 -0.202 0.015 -0.211
Dodge & Cox IntlInst r 58.09 -0.08 -2.3 Three month -0.133 -0.132 0.073 -0.133 VirtualBank /4 0.15 AloStar Bank of Commerce /5 1.26
CapOpAdml r 116.38 +0.05 -1.9 High 0.5600 0.5600 0.5900 0.2500
Balanced 93.48 -0.11 -1.0 Invesco Funds A Six month -0.041 -0.042 0.168 -0.051 (877) 344-5618 (877) 751-0294
Income 13.30 ... 0.1 EqIncA 9.54 -0.01 -0.8 EMAdmr 26.54 +0.02 -2.9 Low 0.3000 0.3000 0.3000 0.0100
EqIncAdml 61.39 +0.26 -0.9 Bid 0.3400 0.3200 0.3500 0.0000 One year 0.059 0.058 0.319 0.039 AloStar Bank of Commerce /5 0.10 EverBank /4 1.26
Intl Stk 35.57 -0.13 -2.5 John Hancock Class 1 (877) 751-0294 (877) 280-5143
Stock 160.24 -0.30 -1.6 LSBalncd 14.09 +0.01 -1.0 ExplrAdml 73.21 ... -2.1 Offer 0.3800 0.3600 0.5200 0.0500 Value 52-Week
DoubleLine Funds LSGwth 14.62 +0.01 -1.4 ExtndAdml 62.52 +0.05 -1.7
Treasury bill auction
Latest Traded High Low Two-month CD Two-year CD
TotRetBdI NA ... NA John Hancock Instl GNMAAdml 10.68 ... 0.2 VirtualBank /4 0.15 EverBank /4 1.52
TotRetBdN NA ... NA DispValMCI 18.90 +0.04 -1.3 GrwthAdml 53.83 +0.02 -1.7 4 weeks 0.200 0.170 0.235 0.000 DTCC GCF Repo Index
(877) 344-5618 (877) 280-5143
Fidelity Advisor A JPMorgan Inst Class HlthCareAdml r 91.71 +0.52 -1.3 13 weeks 0.215 0.260 0.280 0.000 Treasury 0.480 94.756 0.639 0.059 Applied Bank /5 0.05 CIT Bank /4 1.47
NwInsghtA p 25.62 -0.01 -2.0 MdCpVal 33.75 +0.15 -0.6 HYCorAdml r 5.54 +0.02 0.1 26 weeks 0.500 0.550 0.585 0.065 MBS 0.489 72.100 0.705 0.075 (877) 622-7973 (877) 344-7758
Fidelity Advisor I JPMorgan R Class InfProAd 25.28 -0.01 0.3
IntlGrAdml 65.24 -0.19 -2.7 Open Implied Citizens Trust Bank /3 0.05 AloStar Bank of Commerce /5 1.46
NwInsghtI 26.10 ... -2.0 CoreBond 11.57 ... 0.1 Secondary market Settle Change Interest Rate (877) 412-4382 (877) 751-0294
Fidelity Freedom JPMorgan Select Cls ITBondAdml 11.28 ... 0.2
FF2020 14.38 ... -1.0 CoreBond 11.56 ... 0.2 ITIGradeAdml 9.65 ... 0.1 Fannie Mae DTCC GCF Repo Index Futures Three-month CD Five-year CD
FF2025 12.29 ... -1.2 USLgCpCorPls 26.35 ... -1.7 LTGradeAdml 9.90 -0.03 0.1 30-year mortgage yields 0.55 2.45
Treasury Jan 99.560 -0.005 8389 0.440 EverBank /4 EverBank /4
FF2030 14.99 ... -1.4 Lazard Instl MidCpAdml 147.02 +0.22 -1.1 (877) 280-5143 (877) 280-5143
30 days 3.530 3.576 3.750 3.024 Treasury Feb 99.560 -0.005 5542 0.440
FreedomK2020 13.38 ... -1.0 EmgMktEq 13.18 +0.10 -1.9 MorgAdml 75.85 +0.11 -1.7
60 days 3.566 3.613 3.788 3.080 Treasury Mar 99.480 -0.005 3741 0.520 First Internet Bank of Indiana /4 0.45 Synchrony Bank /5 2.25
FreedomK2025 13.94 +0.01 -1.1 Loomis Sayles Fds MuHYAdml 11.36 +0.01 0.4
(877) 412-9564 (877) 412-8426
FreedomK2030 14.13 +0.01 -1.4 LSBondI 12.82 -0.01 -0.5 MuIntAdml 14.31 +0.02 0.4
MuLTAdml 11.80 +0.02 0.5
Notes on data: AloStar Bank of Commerce /5 0.40 CIT Bank /4 2.25
FreedomK2035 14.53 +0.01 -1.6 Lord Abbett A
ShtDurIncmA p 4.31 ... ... MuLtdAdml 11.03 +0.01 0.1 U.S. prime rate is effective December 17, 2015. Discount rate is effective December 17, 2015. U.S. (877) 751-0294 (877) 344-7758
FreedomK2040 14.56 ... -1.6
prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks;
Fidelity Invest Lord Abbett F MuShtAdml 15.80 ... ... Other prime rates aren’t directly comparable; lending practices vary widely by location; DTCC GCF Notes: Accounts are federally insured up to $250,000 per person effective Oct. 3, 2008. Yields
AMgr50% 15.93 +0.02 -0.7 ShtDurIncm 4.31 ... ... PrmcpAdml r 101.70 +0.30 -1.5 Repo Index is Depository Trust & Clearing Corp.'s weighted average for overnight trades in applicable are based on method of compounding and rate stated for the lowest required opening deposit to
Balanc 21.01 +0.01 -1.0 Metropolitan West REITAdml r 113.80 +2.26 0.7 CUSIPs. Value traded is in billions of U.S. dollars. Futures on the DTCC GCF Repo Index are traded on earn interest. CD figures are for fixed rates only. MMA: Allows six (6) third-party transfers per
BalancedK 21.01 +0.01 -1.0 TotRetBd NA ... NA SmCapAdml 52.21 +0.06 -1.6 NYSE Liffe US. month, three (3) of which may be checks. Rates are subject to change.
BluCh 67.45 -0.12 -2.2 TotRetBdI NA ... NA STBondAdml 10.44 ... 0.1 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; SIX Financial Information; Source: Bankrate.com, a publication of Bankrate, Inc., North Palm Beach, FL 33408
Contra 96.88 -0.01 -2.1 TRBdPlan NA ... NA STIGradeAdml 10.57 ... 0.1 General Electric Capital Corp.; Tullett Prebon Information, Ltd. Internet: www.bankrate.com
HOME & DIGITAL
Barbie’s Stylist Washington’s

PAUL JORDAN/MATTEL
Penny-Pinchers
Tools for a tiny hairdo WHAT’S IN YOUR BAG? | D3 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | D1
An Answer to Creases and Clutter

Premium hangers promise hangers, the clips to hold pants in
place have rubber cushioning on
to eliminate wrinkling, Hers the inside. Other hangers have a
organize closets, but how ½-inch to ¾-inch-thick bar that is
velvet-flocked, with a soft, less
much to pay for a hanger? slippery surface. “That will keep
the garment from having that little
BY RAY A. SMITH mark where the pant sits on the
bar,” says Henry Spitz, president
Do you really need a super-pre- of Henry Hanger Co., which owns
mium hanger? Henry Hanger Home. “We don’t
There’s a growing push to turn like the lock bars. They are kind of
the lowly clothing hanger into a thick and complicated to get the
luxury product, a piece of technol- pants on.”
ogy that promises to eliminate Some hangers for trousers and
creases in your clothing, organize skirts from Hangers.com, owned
your closets and give you style No Wrinkles by the Great American Hanger Co.,
points to boot. Cushioned, colorfast based in Austin, Texas, feature
Some companies are trying to cushioned clips with an anti-stain
lure consumers with hangers made inserts in clasps finish so no marks are left where
of wood, acrylic or fabric-coated combat creasing and the garment touches them. Other
material, saying their durability marks. suit hangers come with a flocked,
and nicer finishes will treat nonslip bar. Clos-ette Too’s slim
clothes better and make them last coat and suit hangers have a round
longer. Many hangers offer more bar with a velvety nonslip material
natural contours, cushioning and for “creaseless hanging,” says Mel-
specialized shapes for different anie Charlton, founder of Clos-ette
garments. The Container Store Too, an arm of New York-based
now sells more than 200 different No Falls closet-design company Clos-ette.
sizes and colors of hangers, says Notches keep dress
senior buyer Erin Hogue. straps in place. ‘Shoulder Mountains’
Their efforts have been driven Hanger companies have a name
by shoppers’ increased interest in Gentle curves and for the puckering and mounds that
refurbishing their closets, fueled fabric covering fight sometimes form around a gar-
by lavish images in shelter and lumps and slippage. ment’s shoulders from hanging on
fashion magazines and in reality- a regular hanger too long: “angel
TV shows. Wealthy homeowners in wings” or “shoulder mountains.”
recent years have had their closets The culprit is hangers that are “ei-
expanded into lounges where wire ther too narrow so the shoulder is
hangers from the dry cleaners look falling off the end of the garment
a little out of place. or too large,” says Kirby Allison,
While a six-pack of basic hang-
ers may sell for $10 at a chain
store—and can be had free from
A better-fitting hanger
the cleaners—a box of 12 fancier stops puckering around
hangers can cost $122. A “Luxury
Wooden Suit” hanger for men at
the shoulders, or ‘angel
Kirby Allison’s Hanger Project, a His wings,’ makers say.
Dallas-based online seller of luxury
hangers, sells for $29.95. It fea-
tures a wider shoulder flare, a who founded his luxury hanger
“fully contoured profile” that mim- line in 2007. The company sells
ics the shape of the human shoul- four widths of men’s shirt, suit
der to preserve a jacket’s drape, and jacket hangers so customers
and high-quality woods such as can get a fit that extends to the
maple, beech or birch. Some com- end of their shoulders. Joy Man-
panies offer monogramming, en- gano Huggable Hangers have gen-
graving or made-to-order hangers. tle curves, which let garments
Hanger makers are hoping to hang softly without creating dim-
capitalize on the start of the new ples.
year, when getting organized is a
common resolution. They also ben- No Lines Shape-Shifting
efit from the recent success of Ma- To keep the bar from To combat the drooping that
rie Kondo’s organization manifesto can happen when a garment hangs
“The Life-Changing Magic of Tidy- leaving a crease, too long on a flimsy hanger—as
ing Up” and the proliferation of hanger makers cover gravity causes it to bend—some
closet-organization specialists. it in felt. Hangers.com suit hangers come
with a curved form that mimics
Slipping and Sliding the shape of the body. That helps
Clothes’ tendency to slip off preserve a garment’s shape, the
hangers is such a nuisance that company says. Clos-ette Too’s slim
companies make several varieties hangers for coats and suits feature
of nonslip hangers. The Container No Drooping rounded shoulders designed to
Store’s Grippy Hangers use the maintain the garment’s shape.
Wider shoulder flares
THOMAS KUHLENBECK FOR THE WALL STREET JOURNAL (2)
same clingy foam found on motor-

cycle and bicycle handlebars. Joy and contouring to Wire-Hanger Antipathy
Mangano Huggable Hangers, sold mimic the natural “No wire hangers!” shouted
on HSN, at the Container Store Faye Dunaway, as Joan Crawford
and at Target, are made with a shoulder maintain in the 1981 camp classic “Mommie
velvety material that the company the suit jacket’s Dearest.” Some people refuse to
says prevents slipping. Henry use them at all. But are wire hang-
Hanger Home recently launched a
structured shape. ers really that bad?
line of thin shirt and dress hangers Brian Johnson, director of edu-
with notches to hold dress straps cation and analysis at the Dry-
in place and plastic grippers on cleaning and Laundry Institute,
each shoulder. says the straight shape of a wire
hanger won’t mimic a shoulder
Unintentional Creasing like a curved hanger might. But
On some Henry Hanger Home Please see HANGERS page D2
The Smartphone-Connected Medicine Cabinet Is Here

BY JOANNA STERN get show to wow customers with test, and it works just like any
new sensor-equipped products other drugstore pregnancy test,
PHOTO ILLUSTRATION BY MIKE SUDAL/THE WALL STREET JOURNAL; GETTY IMAGES
You know the rule: It’s rude to coming soon to a drugstore near except you’ll want your smart-
peek inside someone’s medicine you. phone close by—OK, not too close.
cabinet. Not that this electronics show Download First Response’s iOS
Now, it’s rude to peek at the hasn’t yielded odd connected or Android app, then connect the
smartphone apps wirelessly con- health products in the past. There stick via Bluetooth.
necting to those was a laughable connected fork, The app walks you through the
products, too. Got and a parade of Bluetooth tooth- pregnancy test process. It tells you
that addendum, brushes. All heavily hyped, their when your sample has been recog-
Emily Post? smartphone connectivity failed to nized, and entertains you during
Yes, thermom- provide substantial perks. the three-minute waiting period
eters, pill dispens- The new crop of products have (because before life-changing
ers—now even pregnancy tests— better technology, including im- news, nothing can calm you like a
can be connected to a smartphone provements to low-energy Blue- cat video).
and in some cases to the cloud. tooth that will make them more When time’s up, your smart-
I call it the Internet of Bodily capable and power efficient. Still, phone will give you the good…or
Things. they face the same inherent chal- bad...news. When you launch the
The Consumer Electronics lenge—to prove why we should app, you tell it if you’re hoping to
Show in Las Vegas this week won’t pay extra for added technology in be pregnant or not. Based on your
just feature tech giants. Health and our personal health products. input, it feeds you information on
personal care companies, including First Response Pregnancy next steps when you get the result.
First Response and L’Oréal, also Pro: First Response says it is the If the results are positive, it will
have descended on the annual gad- first-ever connected pregnancy Please see TECH page D2 With connected health products, your medicine cabinet lives on your phone.
D2 | Wednesday, January 6, 2016 NY * *** THE WALL STREET JOURNAL.
HOME & DIGITAL
A Collection of Rock Lullabies, With a Nice Ring

BY HEIDI MITCHELL
Lisa Roth has always been un-

usually influenced by the older
people in her life.
As a young child growing up in
Indiana and Massachusetts, she
fell in love with
OBJECT OF music during fre-
DESIRE quent visits to her
uncle Manny Roth’s
Greenwich Village
club, Café Wha?, where Joni
Mitchell and Bob Dylan would play.
She had dreams of becoming a
professional ballerina, inspired by
her mother’s appreciation for high
art, until she broke her ankle at Lisa Roth, creator of Rockabye Baby!,
age 20. a series of baby-friendly rock albums,
Acquaintances from other gen- at her company headquarters in Los
erations eventually led Ms. Roth Angeles. She has owned this
into a decadelong career creating turquoise ring, above, a gift from a
the Rockabye Baby! music series family friend, since she was 12.
as part of her role as vice presi-
dent of the music label CMH Label went into making that box and
Group. These albums take hits by choosing that ring for me was so
DAVID WALTER BANKS FOR THE WALL JOURNAL (2)
bands, everyone from Coldplay to poignant,” she says. “You couldn’t

Metallica, and transform them into get that ring off my finger, except
child-friendly instrumental lulla- when I went to school, because my
bies to play at bedtime. The series mother thought it was too valu-
has accounted for just under 1.6 able.” Ms. Roth, 58, looks closely
million album sales and more than at the ring and the box it came in
1.5 million digital single down- very often, she says, and each
loads, according to CMH estimates. time, “I still see something I didn’t
Among the albums: a 2011 collec- see in the past 40-plus years.”
tion of lullabies from Van Halen, The ring reminds her to appre-
the band her older brother, David ciate not only the beauty of an ob-
Lee Roth, has fronted. ject, but “the beauty of the story
It was an elderly next-door behind it.”
neighbor named Frank Laurie who With her lullabies, she’s inter-
had the most profound impact on opened up his home and the world wardian novel, with every room thought it was the prettiest place, ested in creating sentimental value
Ms. Roth. She usually wears a gold to me.” dedicated to a different subject,” and I was mesmerized,” she says. for grown-ups through songs that
Victorian pinkie ring with a Mr. Laurie, known to Ms. Roth’s she says. Mostly she had her eye on the pin- recall a moment in their past, be-
smooth, domed turquoise at its family as Uncle Frank, had been a Ms. Roth’s favorite room was kie ring, an anniversary gift to Mr. fore they were parents.
center, given to her a few years af- mining engineer for Standard Oil, what she called the gem room. “It Laurie’s deceased wife, Lillian. For each tune, “I pay close at-
ter the Roth family relocated to a job that took him all over the was fitted with floor-to-ceiling For Ms. Roth’s 12th birthday, tention to the tiniest detail, down
Pasadena, Calif. world. He collected tapestries from glass cabinets, and every shelf was Uncle Frank surprised her with a to the packaging and the instru-
“He taught me why roses have Asia, pre-Columbian artifacts from laid with something sparkly: min- hand-constructed cardboard box. ments chosen. I know that Uncle
a scent and how to eat kumquats South America and antiquities erals, uncut and polished gems, Wrapped in cotton balls was Lil- Frank taught me the value of tell-
with your mouth closed,” she says. from the Middle East. antique hair combs and pins, some lian’s ring. ing a story that deserves to be
“He was part of our family and he “His house was from an Ed- jewelry and photographs. I “The beautiful intention that heard,” she says.
TECH tips.
How useful is it? Tech
companies have tried their
Continued from the prior page hand at dedicated UV track-
suggest you see a doctor. ing bracelets to help raise
How useful is it? The awareness of sun exposure.
one-time test, which will hit But the cost can be high, and
shelves this spring, costs wrist space is at a premium.
about twice as much as a L’Oréal plans to include
regular First Response test, the disposable patch free
around $20 vs. $10. Using a with some of its sun-protec-
pregnancy test isn’t rocket tion products later this year.
science, especially when it (It will start with its La
©2015 California Closet Company, Inc. All rights reserved. Franchises independently owned and operated.
shows “Yes” or “No” right on Roche-Posay brand.)

the stick. Useful or not, a boom in
However, those who connected health products
aren't well-informed about such as these requires us to
reproductive cycles and pre- be vigilant of what is being
natal care may find the condone with our health data.
FIRST RESPONSE (2)
nected experience of value. Does First Response know

It offers menstrual cycle and you’re pregnant? The com-
pregnancy tracking features pany says no, and that all
at no cost, even if you don’t the information remains only
buy the test. on the smartphone. A user
Aterica’s Veta Smart First Response Pregnancy Pro test kit with app walks you doesn’t even register and
Case for the EpiPen: If you through the test process and offers pregnancy tracking features. create an account.
suffer from life-threatening Does Aterica know where
allergies, you shouldn’t leave dered. Inside is a UV sensor and a your 5-year-old goes to
home without an EpiPen, an How useful is it? I like near-field communications school? The company says
injection given in case of the idea of lost-item trackers (NFC) chip. Stick it on your no, it doesn’t collect ages or
anaphylactic shock. Aterica’s being built right into some body, even apply sunscreen store location information.
Veta, a Bluetooth-equipped of our most important items. on top of it, scan it with Still, it’s healthy to be
case for the EpiPen, pairs The $60 Veta costs more L’Oréal’s app and you’ll be wary. “There is no easy way
with a smartphone. If you than the average $25 Blue- able to see just how much to find out about the privacy
choose, it can alert friends tooth tracker, but it does far UV you’ve been exposed to. assurances right now,” says
California Closets creates custom storage
and family when the injec- more to make sure the cru- Eric Topol, a doctor and au-
solutions for every room in your home. tion is used. cial drug is nearby—and via- thor of “The Patient Will See
Even in nonemergencies, ble.
Connected health You Now,” who doesn’t con-
Visit our showroom or call today to arrange your
complimentary in-home design consultation.
the case can come in handy. The case’s bigger size, a products require sult for these companies or
It alerts you when you leave result of the electronics and their competitors. “It falls on
the injection behind, and it AAA batteries, may annoy
consumers to be the consumers to ask ques-
U PPE R EAST SI DE212.517.7877 can show you where the some. vigilant about data. tions.” He suggests confirm-
TR I B ECA & B ROOKLYN 646.486.3905 EpiPen was when it last con- L’Oréal’s My UVPatch: ing FDA approval and find-
nected to your phone. A Your next bottle of sun- ing out more about which
NASSAU & QU E E NS 516.334.0077
thermometer in the case screen won’t tell you to get After you place it on your data is collected and what is
WESTCH ESTE R & H U DSON VALLEY 914.592.1001 alerts you if it is too warm out of the sun, but it may body, the patch can record done with it. It doesn’t hurt
or cold, which can affect the come with a small flexible three to five days’ worth of to get a little paranoid when
californiaclosets.com
effectiveness of the drug. piece of electronics that can. information—and it can be everything from your tooth-
The case begins shipping in L’Oréal’s My UVPatch worn in the shower. The app paste to your Band-Aids is
March to those who preor- looks like a small Band-Aid. also will provide sun safety keeping tabs on you.
FROM LEFT: REBECCA BELCHER; MARC MONTOYA
Above, hangers made with recycled grass from Hangers.com and luxury wooden suit hangers from Kirby Allison’s Hanger Project.
HANGERS service based in New York,

sees wire hangers as “not a
sufficient way” to support a
shops let customers keep
store hangers. Brooks Broth-
ers mostly uses plastic hang-
ence manager at California
Closets, which designs cus-
tom closets, recommends us-
Continued from the prior page garment. Wire hangers tend ers that customers can have ing thin, velvet-flocked hang-
other than that, he sees no to be lightweight, thin and if they ask. Paul Stuart gives ers and leaving one finger
serious problem. While wire coarse, which can be hard on customers wooden suit and width between each piece of
hangers can bend, dry clean- clothes. The material can wooden outerwear hangers clothing, if space allows.
ers often use different-sized, rust, leaving stains, or bend with their purchases. This helps protect clothes
sturdier ones for heavier from the pull of the garment. One problem with thicker from crushing and wrinkling
garments and provide shoul- Garde Robe uses sturdy hangers is they take up more or potential color runoff.
der guards for support. wooden or plastic hangers or room, which has made a new And, of course, never
Douglas Greenberg, vice the designer-brand hangers wave of ultrathin hangers a hang stretchy garments,
president of Garde Robe, a that customers keep their popular option. Nicole sweaters and polos, as grav-
high-end wardrobe-storage clothes on. Some upscale Kypreos, customer-experi- ity will pull down the fabric.
THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | D3
HOME & DIGITAL
EMILY BERL FOR THE WALL STREET JOURNAL (2)

Camera Ready
Mary Jordan styles Barbies for Mattel with paintbrushes, vials of hair products
and a travel-size steamer and iron. Below, a collector’s edition Moschino Barbie.
A Stylist Packs Tiny Tools to Perfect Barbie’s Look

BY ANNE MARIE CHAKER image on a toy box or a video on social phy. A friend who was a Mattel staff
media, “my main goal,” she says, “is to photographer invited her to the El Se-
Mary Jordan considers it her job to make her look beautiful and real.” gundo studio where he shot promo-
bring Barbie to life. To do that, Ms. Jordan never leaves tional images.
On a recent shoot, that meant hold- home without her vintage Samsonite “I loved the environment at the
ing the doll by the hips and moving her makeup case. Purchased in a Santa photo studio,” which she recalled as be-
legs to fake an ele- Monica, Calif., antique shop in the early ing relaxed and family-like. A staff styl-
WHAT’S IN gant elevator exit. As 1990s, the hard-shell case is packed ist suggested that competition for pho-
YOUR BAG? her husband, camera- with a smorgasbord of tiny tools used tography jobs at the company was
PAUL JORDAN/MATTEL, STYLING BY MARY JORDAN

man Paul Jordan, shot to make the miniature star ready for stiff, but that more work could be had
the promotional video, her close-up. in styling.
the goal was to capture just a shot of Among her can’t-live-without tools: One of her earliest recollections was
Barbie’s legs, clad in pantyhose and a travel-size steamer and iron, to help styling Barbie’s long hair and bangs for
high heels. But something didn’t feel set Barbie’s clothing. a quick portrait. “I thought I was doing
right. A toothbrush, a shot glass and a a simple little headshot,” she says. The
“She was wearing a very contoured paintbrush comprise Barbie’s hair- resulting image ended up on many li-
skirt and her foot and leg wouldn’t go grooming kit. The shot glass is an easy censed products she saw in stores,
very far,” Ms. Jordan says. So she vessel for water, in which Ms. Jordan from bicycle helmets to lunchboxes.
reached into her makeup case and dips a watercolor paintbrush to tame That was exhilarating, she says. “It be-
found a hair product, which she used flyaway strands. A flat toothbrush came real how many people were go-
to lubricate Barbie’s hips and leg joints. serves as a perfect hairbrush. “A comb ing to see the image we were creat-
“Then she could step out and look ele- is too big,” she says. “I can scoop it un- ing,” she says.
gant.” der her neck and not have clumsy, big She married Mr. Jordan, a Mattel
It is a standard day for the 45-year- tools to work with.” tle too dated, I will trim it if it’s OK size hair pins. “They keep a ponytail in photographer, in 2003, and the two of-
old Los Angeles-based freelance stylist. Mehaz brand scissors, sharpened ev- with the designers.” place or an updo up,” Ms. Jordan says. ten collaborate. Most of the work is
Her biggest client is Mattel Inc., the toy ery few months, are what Ms. Jordan Many of the contents of her bag are A roll of two-sided wig tape can be done in the studio, but sometimes they
company that makes the iconic 11.5- calls her “number one tool I can’t live a patchwork of small objects that have used for sticking down Barbie’s bangs, go out on location, whether it is to
inch Barbie doll. Ms. Jordan is a stylist without.” The red-handled, four-inch found new life as styling tools. “Styling keeping a button-down shirt flat or fix- photograph Barbie poolside at a house
to Barbie, putting her hair up and scissors come in handy for everything Barbie is something you invent as you ing a collar or scarf. in Malibu or in Las Vegas. “We took a
brushing it down, making sure her from trimming loose threads on cloth- go,” she says. Ms. Jordan entered the world of photo of her in front of the sign, hair
clothes are perfectly fitted and ing to giving Barbie a haircut. “Some- U-shaped jewelry pins—typically Barbie after having graduated from Art blowing in the wind, wearing jean
pressed, and nudging her gestures and times the hair comes to me a little used by jewelers for fastening neck- Center College of Design in nearby Pas- shorts,” Ms. Jordan says. “She is a
poses into place. Whether it is for an long,” Ms. Jordan says. “If it looks a lit- laces to velvet boards—become Barbie- adena, where she majored in photogra- world traveler.”
EDUCATION FOR LIFE
LEARN MORE. CALL 866.467.7651 OR VISIT WWW.OUTWARDBOUND.ORG

D4 | Wednesday, January 6, 2016 THE WALL STREET JOURNAL.
CARS
He Can Protect an NFL Quarterback, and a Transmission

Kelvin Beachum, 26, an offensive line-
man for the Pittsburgh Steelers from Mexia,
Texas, on his 2007 Chevrolet Tahoe, as told
to A.J. Baime.
A lot of guys when they make it to the
NFL want to get a nice car.
MY RIDE When I got drafted by the
Steelers in 2012, I bought
my parents’ car from them
for $9,000—a 2007 Chevy Tahoe—and I
drove it from my home in Texas to Pitts-
burgh. That was my NFL car, and I’m still
driving it.
Both my grandfather and my father
worked in the auto industry. My father
opened a shop called Kelvin’s Automotive in
my hometown, and growing up, I spent a
lot of hours working there. It wasn’t a job;
it was a way of life. You got your tail to the
shop and you picked up a broom, or picked
KRISTIAN THACKER FOR THE WALL STREET JOURNAL (3)
up a wrench. You did what you could to

make sure that we could take cars, fix them
for customers, and get them back on the
street.
The work ethic I learned with my dad in
that garage has a lot to do with who I am
today. When I look around at what other
Steelers players are driving, I see Ferraris,
Porsches, jacked up old Cadillacs, the whole
nine yards. I’m probably the only guy on
the team who could pull the transmission
out of one of those cars and put it back in
again.
I have two SUVs right now. My 2007 Ta-
hoe has close to 200,000 miles on it, with
the original engine and transmission. That’s
because I know how to take care of it. I also
have a 1996 Tahoe back in Texas—my first
vehicle. As a teenager, I worked two sum-
mers in my dad’s garage to earn it. It’s my Kelvin Beachum, a 26-year
baby; I’ll never get rid of it. old offensive lineman for
When the off-season comes, I leave the Pittsburgh Steelers,
Pittsburgh and go back to Texas to be with with his ‘NFL car’—a 2007
my family. I still like to work in the shop Chevy Tahoe he bought
with my dad. That’s our father/son time. I from his parents for
love the smell of the place. It takes me back $9,000, after he was
to my childhood. [Mr. Beachum is injured, drafted in 2012. The Tahoe
and won’t play in this season’s playoffs.] has close to 200,000
My wife drives a Nissan Versa. We have miles on it with the
a baby girl, and if our family continues to original engine and
expand, I’m going to buy her something transmission. He grew up
bigger, probably a GMC Denali. But for me? working on cars in his
I’ve got my two Tahoes, and that’s enough. father’s shop. ‘The work
ethic I learned with my
dad in that garage has a
Contact A.J. Baime at Facebook.com/ lot to do with who I am
ajbaime today,’ he says.
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© 2016 Dow Jones & Company, Inc. All Rights Reserved.

THE WALL STREET JOURNAL. Wednesday, January 6, 2016 | D5
ARTS IN REVIEW
ARCHITECTURE ART
Grappling With History

Artist and Empire
Tate Britain
TOBIAS ACKEBORN/GETTY IMAGES
Through April 10
BY RICHARD HOLLEDGE
A
London
ferocious Britannia puts
a Bengal tiger to the
sword. A mother and
New York is now home to seven of the 100 tallest buildings in baby lie slaughtered at her
the world. The current building campaign will produce five more. feet.
For many, “Retribution”
Building a Better City (1858) by Edward Armitage

captures the essence of the
British Empire. The animal
BY MOSHE SADFIE semble the traditional housing represents India, which rose
T
complex of multiple, closely against its colonial masters in
TATE MUSEUM
he flurry of high-rise packed, extruded towers. Simi- 1857, massacring, in one terri-
tower construction now larly, the recent European re- ble incident, almost 200
under way in New York quirement that all workspaces women and children. The Brit-
will bring about a quantum have natural light has trans- ish took bloody revenge; order Elizabeth Butler’s ‘The Remnants of an Army; Jellalabad, January 13th, 1842’ (1879).
leap in density, one that will formed office-tower design, re- was restored.
forever change our urban envi- duced footprints and informed Typical of the British sense cruelty and slaughter. The In Elizabeth Butler’s “The Ben Enwonwu, whose “Head of
ronment. The city is now home the shaping of towers. The em- of right—and might—the up- Tate owes its own existence to Remnants of an Army; Jellala- a Nigerian Girl” (1957) cele-
to seven of the 100 tallest bracing of such standards rising was condemned at the merchant Henry Tate, who bad, January 13th, 1842,” what brates African beauty with the
buildings in the world. The world-wide is inevitable, par- home as the Indian Mutiny; In- gave £80,000 for its construc- seems to be the sole survivor kind of techniques he learned
current building campaign will ticularly as we seek greener dia hails it as the first nation- tion, having made a fortune in of a rout in the First Anglo-Af- at London’s Slade School of
produce five more. They are a and more environmentally re- alist uprising but in these the sugar trade that flourished ghan War reaches the gates of Fine Art. He argued that art-
reminder that towers have be- sponsive buildings. more sensitive times, many on the back of slavery. the British garrison in today’s ists like Picasso, Braque and
come the dominant building Nor, I think, has the public historians refer to it as the In- The exhibition opens with Jalalabad. He is emaciated, Vlaminck were influenced by
type in most major cities realm fared well as towers have dian Rebellion. Whatever the maps, and here the predomi- wounded, exhausted, his horse African art but, he wrote:
around the world, increasing come to dominate the city. Of bloody incident is called the nant color is pink—the color can scarcely stand, but when “When they see African artists
congestion as they accumulate. late, the typical patterns of de- painting is an unambiguous the image was shown at Lon- who are influenced by their
These developments raise velopment in many megacities statement of don’t-mess-with- don’s Royal Academy in 1879 European training and tech-
fundamental questions: How are large projects with clusters us superiority, but it is not An exhibition at the time of the Second An- nique, they expect that African
crowded should or can cities of mixed-use towers atop a po- typical of the works that cap- examine’s Britain’s glo-Afghan War it drew tears to stick to their traditional
get? What should be driving dium housing a retail mall. tured the imagination of the from the audience. Defeat was forms.”
tower design, be it residential, These structures are siphoning nation at the height of Empire. colonial past. turned into a kind of tri- The Tate obviously felt they
commercial or mixed use? Are life from surrounding streets, No, what really stirred the umph—not an interpretation had to redress the balance
our current planning and zon- and rarely connect to each populace was heroic failure— that would garner much cre- against empire’s pomp and cir-
ing regulations adequate in other. They are privatized, ex- the untimely deaths of gener- that would delineate an em- dence today. cumstance with contemporary
guiding this growth, in mitigat- clusively commercial spaces als in battle or glorious de- pire that included Australia, The art of the portrait, too, works but unfortunately they
ing the impact of density? Or lacking the diversity of uses feats against overwhelming South Africa, the Indian sub- emphasized a scarcely ruffled are often one-note and obvi-
do we need new tools for a new and variety of activities of peo- odds. continent and more. The first sense of power, the assump- ous in their hostility. In a work
era of mega-scale construc- ple we associate with cities. Take “The Death of General time the color appeared was in tion that the Empire was run completed this year, Andrew
tion? Finally, towers create Clearly, new planning tools are Gordon, Khartoum, 26th Janu- 1733 on Henry Popple’s “Map by men of panache who had Gilbert parodies the army
fundamental questions about needed to make these private- ary, 1885” by George Joy. Gor- of the British Empire in North right and might on their side. fighting the Boer War in South
the nature and character of the sector developments more pub- don was hacked to death de- America with the French and James Sant portrayed Capt. Africa with “British Infantry
public realm. lic, better connected to their fending the British garrison in Spanish and Dutch Settle- Colin Mackenzie (c.1842) as a Advance on Jerusalem, 4th of
Neither the prevailing tower surroundings and to each other. the Sudan city of Khartoum, ments Adjacent Thereto,” dashing figure, arrogantly ap- July, 1879” by dressing the
designs nor current planning To reverse the trend, inven- yet Joy has him proud and which showed a territory propriating the robes of the soldiers in masks, feathers, fur
practice world-wide are able to tive planning and urban-design resolute, almost disdainful, as stretching from the Grand Afghan tribesmen against and a leopard skin to make
cope with the new reality. The interventions are needed. We spear-wielding dervishes Banks in Newfoundland to whom he was fighting. Never them appear as “primitive” as
quality of life within towers is swarm toward him. The por- Spanish-owned Florida. mind that the captain was the enemy they fought. The
wanting. We still treat them, at trait helped establish Gordon The maps served a practical held hostage after the rout at work shows, rather bluntly,
best, as sculpture, and at How crowded should as a hero and a martyr to the purpose for the burgeoning Jalalabad and almost sold into how assumptions change and
worst, as utilitarian vertical ex- or can cities get? cause of Empire. maritime power as it sought slavery. the past is reinterpreted—
trusions of space. Many towers “Artist and Empire,” at Lon- new territories to colonize— By the 20th century, when though the process was well
are designed from the outside What should be don’s Tate Britain gallery but can also be interpreted as Britain was hastily shedding under way by the end of
in— elegant forms with decora- driving tower design? (through April 10, 2016), sets an expression of permanence; its empire, the result was World War II, when war paint-
tive skins, hermetically sealed out to explain how colonial that this empire was here to more of a sharing and inter- ings fell out of favor. In the
from the outside world. If in- Britain was portrayed from stay. mingling of cultures than of 1960s the picture of Gen. Gor-
stead they were designed as the late 16th century to the How fleeting that proved to the recrimination that could don, once so stirring, was
living, organic environments— need to reestablish the respect- swaggering power of the 18th be in the case of Popple’s map. have been expected from the taken back by relatives and
with considerations of orienta- ability of urban design and and 19th centuries and on to Yet how potent those pink post-colonial countries. Many given to his old school, where,
tion, views, light and the capa- planning after decades of little the present day. splashes on the globe became artists from the colonies stud- says co-curator David Blayney
bility to connect to the or no oversight. Singapore The exhibition reflects a as scenes and sagas of tri- ied in Europe, and the result, Brown (also of the Tate), it
outdoors, creating terraces, leads the way in guiding pri- past about which many in umph and tragedy were played says co-curator Carol Jacobi of was used as a dart board.
gardens and solariums—tower vate-sector developments Britain are ambivalent— evok- out—and how adroitly hope- the Tate, was a kind of “inter-
designs would be dramatically through their Urban Redevel- ing pride in some; in others less heroism was spun into tri- national modernism” perhaps Mr. Holledge is a freelance
transformed. The work space opment Authority. We need to shame that power involved umph. best expressed by Nigerian arts writer based in the U.K.
must also be rethought. Natural do something similar here in
ventilation, diversity of work- the U.S.
spaces and a connection to the Consider, for example, the MUSIC
exterior are all qualities that High Line: It is a popular suc-
Ziggy Stardust Plays Jazz

would help overcome the op- cess and also a catalyst for new
pression of scale and crowding. development along its path.
But addressing individual But as each developer seeks to
tower design is not enough. As place its tower as close as pos-
towers become densely clus- sible to the High Line, it is now BY JIM FUSILLI to the musical of the same
W
tered, they affect each other threatened with canyonization, name, now at the New York
and the public realm. Towers overwhelmed by mass and hen David Bowie re- Theatre Workshop, that he
have a sphere of influence; they shadow. Imagine zoning returned in 2013 after a wrote with Enda Walsh.) Later
cast shadows, they block views; quiring that building profiles 10-year hiatus, his al- in the album, on “Dollar
certain orientations are fa- be set back from the High Line, bum, “The Next Day,” was of a Days,” an acoustic guitar gives
vored over others. Yet the New placing the tallest portions to kind with “Heathen” and “Re- way to lush synthesized
York Zoning Ordinances and the east and west, creating a ality,” released in 2002 and strings and solos by Messrs.
those of most other cities don’t valley-like space, would opti- ’03, respectively: smart, dense, Monder and McCaslin.
even attempt to place towers in mize openness and visibility grown-up rock played well by Two songs that had been
optimal arrangements respond- without compromising density, many musicians who appeared released in 2014 by Mr.
ing to these considerations. while maximizing real-estate on the earlier recordings. Not Bowie—“Sue (Or in a Season
There are some notable ex- values. Cities can manage or so with “Blackstar” (Iso/Co- of Crime)” and “’Tis a Pity She
ceptions. Qinhuangdao, a Chi- mitigate density with good lumbia), which comes out this Was a Whore”—were reinter-
nese city of three million peo- planning. Friday on Mr. Bowie’s 69th preted for “Blackstar.” The
ple, has a local ordinance that Fifty years ago, as part of birthday. On the new disc, he’s former is leaner and faster
JIMMY KING
requires that three hours of Expo ’67 in Montreal, I de- supported by superb jazz mu- here, and Mr. Bowie’s vocal is
sunlight, as measured in the signed Habitat ’67. It was an at- sicians who nudge his sound less theatrical, hitting harder
winter solstice, must reach tempt to rethink apartment toward a fluid, amorphous en- as Mr. Lefebvre provides a re-
each apartment. We, Safdie Ar- buildings into village-like hill- vironment informed by what Mr. Bowie has a long history of including jazz in his music. lentless pulse. The earlier ver-
chitects, just completed a sides, each dwelling with its might be called aggressive in- sion of “’Tis A Pity She Was a
2,400-dwelling-unit, 32-story own garden on the roof of the souciance. Almost immediately after wash of sound under Mr. Whore,” issued as the B-side
beachfront development where unit below and served by Mr. Bowie has long included “The Next Day” sessions were Bowie’s voice as he sings an of 2014’s “Sue,” was Mr.
we labored for several months “streets” in the sky. The motto jazz in his mix: the lounge ar- completed, Mr. Bowie began ominous tale. As the vocalist Bowie’s demo featuring his
to come up with a massing ar- was ”For Everyone a Garden.” rangement of the 1971 track work on “Blackstar,” sketching withdraws, Mr. McCaslin solos stabbing sax. On the new take,
rangement that satisfies this More recently, in Singapore, we “Changes”; avant-garde explo- new songs, making what Mr. languidly on saxophone and Mr. McCaslin blows free
requirement. The resulting built the Marina Bay Sands re- sions in 1973’s “Aladdin Sane”; Visconti called “intricate Mr. Lefebvre becomes more throughout. “I Can’t Give
project certainly does not re- sort, where three 59-story tow- and his two ’93 releases, demos.” As the project moved assertive. The song falls apart, Away Everything,” in which
ers are topped by a continuous, “Black Tie White Noise,” toward fruition, Mr. Bowie deliberately so, and rebuilds Mr. Bowie sings soulfully, ac-
1,115-foot platform with a 3- which featured trumpeter Les- sought a jazz group to accom- companied at times only by an
Pepper ... acre SkyPark. It demonstrates ter Bowie, and “The Buddha of pany him. Ms. Schneider rec- electric guitar, concludes with
And Salt how towers can be integrated Suburbia,” with David Bowie ommended Donny McCaslin, a On ‘Blackstar,’ David a long solo by Mr. Monder.
to form major open space. playing sax on the moody saxophonist she employed for Bowie conspires with With “Blackstar,” the deli-
THE WALL STREET JOURNAL Further evolution of cities post-bop piece “South Hori- a while in her orchestra. cious conceit of David Bowie
will determine how dense they zon.” In 2014, David Bowie re- Messrs. Bowie and Visconti modern jazz artists. conspiring with modern jazz
are allowed to get and how leased “Sue (Or in a Season of went to see Mr. McCaslin and artists is fulfilled beautifully.
large. In the meantime, the task Crime),” a performance he re- his band at a small New York What began merely as a
ahead of us—municipalities, ar- corded with the Maria Schnei- club. “We fell in love with with a long, wispy interlude “boundary-pushing experi-
chitects and developers—is to der Orchestra. them,” Mr. Visconti said. Mr. that moves away from the ini- ment,” according to Mr. Vis-
embrace the tools, whether Tony Visconti, Mr. Bowie’s McCaslin, along with his col- tial theme. Mr. McCaslin re- conti, the album confirms that
mandated by zoning or not, frequent musical ally and leagues drummer Mark Guili- enters on flute and saxophone, Mr. Bowie has long found in-
that will make the dense mega- “Blackstar” co-producer, said ana, bassist Tim Lefebvre and and the song ends as if it spiration in jazz. With its
city more livable and workable. in a recent phone conversation keyboardist Jason Lindner, walked offstage. powerful, erudite perfor-
that he recalled discussing were hired. Jazz guitarist Ben In “Lazarus,” single notes mances by Mr. McCaslin and
Mr. Safdie is an architect, jazz with Mr. Bowie as far Monder augmented the McCa- on Mr. Monder’s electric gui- crew, “Blackstar” emerges as
urban planner, educator, theo- back as 1968. “We both loved slin lineup during the ses- tar usher in a line played by an album to savor as well as
rist and author, and the recipi- Stan Kenton,” he said, refer- sions. Mr. McCaslin. After Mr. Bowie admire.
ent of the 2015 AIA Gold Medal. ring to the innovative orches- The musicians’ contribu- sings the opening phrase—
‘Global Citizen,’ a comprehen- tra leader and composer. Chet tions are felt immediately on “Look up here, I’m in heaven— Mr. Fusilli is the Journal’s
“In today’s health trend mar- sive exhibition of his work, is Baker was another favorite, as the album opener, the almost Mr. Monder issues harsh, rock rock and pop music critic.
ket, coffee is up, fats are on view at the National Acad- was Gerry Mulligan, who in- 10-minute title track. Mr. Guil- chords that contradict the im- Email him at jfusilli@wsj.com
mixed and sugar continues emy Museum in New York spired Mr. Bowie to buy a iana’s staccato drumming agery. (“Lazarus” is one of the and follow him on Twitter
its downward slide.” through Jan. 10. baritone sax. pierces the band’s moody songs Mr. Bowie contributed @wsjrock.
D6 | Wednesday, January 6, 2016 THE WALL STREET JOURNAL.
SPORTS
Why the Redskins’ Players Are So Frugal
There are few places more stuck to modest places.
predictable than an NFL team Walker and Kerrigan joke that
parking lot: There’s a bunch of their current setup fulfills the
luxury cars, a spot reserved for star pass rusher’s most impor-
the head coach and innumerable tant housing requirements. “It’s
signs warning outsiders to park within walking distance of a Pot-
as far away as belly, a short walk from Chipotle,”
possible. Walker said. “He makes most of
You see those his own meals but when he does
things in Wash- splurge, he’s going to Chipotle.”
ington too, but Kerrigan’s modest Chevy Ta-
there’s also a con- hoe, purchased his rookie year,
NFL version van, a bi- looks like a Lamborghini com-
JOURNAL. cycle, a handful of pared with some of his team-
KEVIN worn-out sedans mates’ rides. Morris got his
CLARK and a beat-up old Mazda restored two years ago
Mazda that rolled and still drives it to practice
off the assembly when he takes a car. Cousins’s
line more than two decades ago. conversion van initially belonged
That’s because the surprise to his grandparents. He said he
NFC East champion Redskins liked it for its sentimental value,
have a group of stars who are but also its practicality. The
obsessed with spending as little 2000 Savana sat high enough
money as possible. for his 6-feet-3 frame and was
“Maybe someday I’ll have comfortable on the inside. “I fig-
enough saved and I’ll see what I ured I’d have more fun driving
can get,” said starting quarterback this than a Toyota Corolla, so I
Kirk Cousins, who drives a dented might as well just stick with the
GMC Savana passenger van to van,” Cousins said.
work. “But it’s better to buy ap- There are plenty of theories
preciating assets than depreciat- on why the Redskins have a con-
ing. No yachts, no sports cars.” centration of frugal players. In-
The average salary for NFL side the locker room, they say it
players is roughly $2 million this is likely a confluence of the rela-
season, but nobody seems to tively cheap housing around the
have told that to the Redskins. team’s Virginia facility, compared
Washington, which hosts the with Washington D.C., and a crop
Green Bay Packers in a wildcard of unusually low-key stars.
playoff game Sunday, may be the Washington’s starting quarter-
most frugal team in the league. back (Cousins), leading rusher
Two-time pro bowl running (Morris) and leading receiver
back Alfred Morris, who makes a (Jordan Reed) were all drafted in
base salary of $1.5 million this the third round or later.
year, has taken to riding a bike to Cousins, who had a breakout
work and leaving it in his reserved year with 4,135 passing yards
parking space. On days when it’s and 29 touchdown passes, said
too cold or otherwise inconvenient he’s learning to spend a little
to cycle to the facility, Morris more as his career progresses.
switches to a splashier ride: a “But you don’t know how long
1991 Mazda 626, which he drove you’re going to play, you’ve got
up from Florida as a rookie in to save every dollar even though
2012. He calls it his Bentley. came easily. He worked a mini- that is still discussed in the Red- to the facility. “It was a two-bed- Kerrigan, who has been one you are making a good salary,”
Pass rusher Ryan Kerrigan mum-wage job while at Michi- skins locker room: the time room with a nice little breakfast of the team’s top players since he said. “You never know what’s
signed a five-year, $57.5 million gan State, picking up golf balls Cousins and Compton, then nook,” added Compton, who is he was drafted in the first round going to happen so I try to put
contract earlier this year. But he at a driving range, and was used rookies, took a garage-full of un- making $660,000 this year. “It in 2011, has become legendary as much money away as I can.”
still shares his apartment in sub- to saving money. Knowing all wanted furniture from a team- was a hodge-podge of furniture, for his no-frills approach. He lives Cousins is expected to earn a
urban Virginia with a roommate. about the short careers of NFL mate—and moved it themselves green couch, red chairs, a ton of with childhood friend Andrew lucrative contract in the offsea-
“There are guys who take players, Cousins decided to rather than hiring movers. fake trees throughout the house Walker, the managing editor of son. The huge payday may sig-
[saving money] to heart and try spend as little as possible. “All “We were trying to save as so there was sort of a jungle the Redskins’ website. The duo nal the end of an era. Cousins
to live that frugal lifestyle,” said you know is being frugal and it much as we could, we had hand- theme.” The duo “upgraded” to a have “tested the waters” by liv- said he’s exploring the possibility
offensive lineman Tom Compton, takes a little while to know you me-down goods and we didn’t three-bedroom for the next two ing in a few apartments, Walker of buying a new car once the
who shared an apartment with can spend a little more,” he said. hire movers,” said Compton. The years, he said. (Cousins said if he said, including a town house in season comes to an end.
Cousins for three years. The quarterback’s penny- pair moved into what Compton made the move today, he’d proba- Leesburg, Va., that was “a little “Maybe I can get something a
Cousins said his thriftiness pinching ways led to an event calls a low-rent apartment close bly get splashy and hire movers). too big.” But mostly they have little less old,” he said. “We’ll see.”
Heard On
The Field
This NBA Dunk Contest Features Few Dunks
BY BEN COHEN watched a magician pull an el-
ephant out of his hat. “Even
Dallas me,” Pachulia said.
Only five players in the his- What Nowitzki did last week
tory of the NBA have scored against the Golden State War-
more than Dirk Nowitzki. You riors almost made the Maver-
may have heard of them. Their icks lose their minds. Out of
names are Kareem Abdul-Jab- nowhere, Nowitzki drove to the
bar, Karl Malone, Kobe Bryant, baseline, shook his defender
Michael Jordan and Wilt and unleashed a jam that was
Chamberlain. unmistakably impressive by
But the chatter inside the anyone’s standards. “Guys ac-
Dallas Mavericks’ locker room tually said to me that was a
this season is about Nowitzki real dunk,” he said. “Some of
trying to catch another player. the other ones were more... fin-
You may not have heard of ger-tippy. That one they gave
Browns Hire Mets’ him. His name is Zaza Pachulia. me credit for.”
‘Moneyball’ Exec Pachulia hasn’t scored—or Pachulia was still leading
The Cleveland Browns done almost anything in the after that jam, 7-4, at least by
have taken a home-run swing NBA—more than Nowitzki. But their official count, which was
with their front-office over- he does have the edge in the necessary after Pachulia real-
haul, hiring New York Mets one statistical category that has ized that his dunking stats
executive Paul DePodesta to suddenly captivated both play- were wrong on some popular
be the team’s chief strategy ers this season: slam dunks. basketball websites. He en-
officer. Famous for his back- Before this season, they say, listed a team employee to help
ground in analytics after Nowitzki came up with what keep the tally, and he has
working under Oakland Ath- may be the NBA’s funniest wa- come to trust the NBA’s own
letics’ Billy Beane and playing ger: Which player would end video accounting. “The tape
a central role in Michael up with more slams? The dunk don’t lie,” Pachulia said.
Lewis’s bestselling book bet was on. As it turns out, though, there
“Moneyball,” DePodesta will For most players of their isn’t a consensus on the score.
be tasked with bringing that heights—Nowitzki is 7-foot- That’s because Pachulia re-
same type of organizational tall and Pachulia is 6-foot-11— cently tried to amend the terms
thinking to a Browns fran- it would take a team of statis- of the deal. It was around the
chise that hasn’t had a win- ticians to keep up with all time when Nowitzki had one
ning season since 2007. Fol- their dunks. But not these two. dunk through 19 games that he
lowing the team’s latest 3-13 And that’s why Pachulia was suggested that some of his 3-
season, owner Jimmy Haslam challenged. pointers should count instead.
8 dunks 4 dunk
dunks
ILLUSTRATION BY SCOTT POLLACK; ASSOCIATED PRESS (PACHULIA/NOWITZKI); HOF: WIREIMAGE/GETTY IMAGES
fired coach Mike Pettine and “Two most unathletic Pachulia agreed and settled on
general manager Ray Farmer. guys,” he said. the conversion rate of 10 threes
Most recently, DePodesta
worked for the Mets as vice
president of player develop-
The score right now is 8-4
to Pachulia, though neither
player needs to be reminded.
this season this season per Nowitzki dunk. “It was get-
ting not interesting,” he said.
At the time, Pachulia
ment and amateur scouting “We update the score to make Teammates Zaza Pachulia and Dirk Nowitzki have a wager this season on who will get more dunks. thought his advantage would
and had also served as the sure we’re on the same page,” only increase over the course
Los Angeles Dodgers’ general Pachulia said. “Not during the my money on myself.” solation prize only after they and owns a better dunk-per- of the season, especially when
manager for two seasons. Be- game. But after the game, it’s Nowitzki and Pachulia’s sta- were spurned at the last sec- minute rate than Nowitzki, the Mavericks go through the
fore entering baseball in 1996, on the board.” tistics don’t sound like much. ond by free agent DeAndre who was never much of a dunk rigor of a league-high 18 games
he had an entry-level job with The stakes of the wager are In fact, of all the league’s big Jordan, who agreed to deal artist even in the prime of a this month. He thought he had
the Baltimore Stallions in the less clear. Pachulia says he men with as many minutes, with the Mavericks before de- Hall of Fame career that revo- reached the point that Nowitzki
Canadian Football League. won’t reveal them. Nowitzki only Tim Duncan has dunked ciding to re-sign with the Los lutionized his position. simply couldn’t catch him. “No
“Paul will help members of says he has forgotten what less than Nowitzki. But there is Angeles Clippers. He happens Now, as he nears the end of way,” he said. “Trust me.”
our player development, high they were. “I don’t think I’ll at least one person in the Mav- to lead the NBA with 104 his career, Nowitzki’s dunks There was only one prob-
performance and analytics even pay the bet if I lose,” ericks organization who is im- dunks this season. have become events. Dallas lem with Pachulia’s proposal:
departments maximize their Nowitzki said. pressed Dallas’s big men have No one expected much from players say he starts pre-game Nowitzki may have changed
efforts,” said Sashi Brown, Their teammates have heard already thrown down this the Mavericks after an off-sea- layup lines with a jam and, if his mind. “I’m gonna try to
the Browns’ executive vice all about their wager at this much. son that was as calm as a he’s feeling especially bouncy, catch up on dunks,” he said
president of football opera- point. They aren’t exactly daz- “I bet they would end up swimming pool after a belly- he’ll show off his aging hops last week. Nowitzki wasn’t
tions, in a statement. zled. Mavericks guard Wesley tied with 3 apiece,” Dallas flop. But now Dallas has in practice. But his dunks in daunted when he was re-
DePodesta, who was heav- Matthews hasn’t dunked since owner Mark Cuban said with a crashed the Western Confer- games are a much bigger deal. minded how much he was
ily involved in the Mets’ re- he underwent surgery for a smiley face in an email. ence playoff picture on the They’re so infrequent—Nowit- down without the extra points
cent drafts, will have a torn Achilles tendon last year, What makes this bet so un- backs of its two most efficient zki dunked as much as the from his threes. He was actu-
chance to immediately help but he still thinks he’s going to expected is that it wouldn’t players: Nowitzki and Pachulia. comparatively diminutive Ste- ally encouraged.
the Browns in the 2016 draft end up with more than Nowit- exist if Dallas had its way. Pa- The smart money would phen Curry last season—that “That means I’m still in the
where they hold the second zki and Pachulia. “When I fully chulia, in his first season with have been on Pachulia all the players on Dallas’s bench game,” he said. “There’s a long
pick. —Andrew Beaton get my legs,” he said, “I’ll put the Mavericks, was their con- along. He’s six years younger react as if they’ve just way to go.”

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Hung Up Holman W. Jenkins

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