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Manage Your Stress, Barack Obama

A Plan to Fight the
Cut Your Cholesterol Cybersecurity Threat
PERSONAL JOURNAL | D1 OPINION | A13
* * * * * * TUESDAY, FEBRUARY 9, 2016 ~ VOL. CCLXVII NO. 32 WSJ.com HHHH $3.00
DJIA 16027.05 g 177.92 1.1% NASDAQ 4283.75 g 1.8% STOXX 600 314.36 g 3.5% 10-YR. TREAS. À 1 , yield 1.736% OIL $29.69 g $1.20 GOLD $1,197.90 À $40.10 EURO $1.1193 YEN 115.85
What’s
Russian Airstrikes Bolster Syrian Regime’s Assault on Aleppo
Growth
News Fears
Business & Finance
Slam
G Stocks
rowth fears hit stocks,
with investors dumping
bank shares and sending the
Dow 1.1% lower. Tokyo
Globally
stocks were down about 5%
at midday Tuesday as anxi-
ety spilled into Asia. A1, C1
Wagers that helped in-
vestors pile up big gains just Investors are dumping bank
AMEER AL-HALBI/AGENCE FRANCE-PRESSE/GETTY IMAGES
months ago are now causing stocks amid worries that a

some of the worst pain. C1 protracted period of slowing
global growth, plunging oil
Big energy firms Chesa-
prices and rock-bottom inter-
peake, Williams and Energy
est rates will combine to inflict
Transfer were caught in a
pain on the world’s largest fi-
spiraling stock plunge. B1
nancial institutions.
Private-equity firm Apollo
agreed to buy Apollo Educa- By Mike Cherney,
tion for about $1.1 billion, a Justin Baer
bet on the beleaguered for- and Aaron Kuriloff
profit college industry. B1
Global markets’ anxiety
Anglo American’s CEO
spilled over into Asia early
said 2016 may be harder for
Tuesday, sending investors
mining firms and commod-
FLIGHT: Girls sought safety Monday in Syria’s largest city, where attacks in the past week sent thousands to the border with Turkey. A8 scurrying for havens like Japa-
ity markets than 2015. B2
nese government bonds, where
The White House will call 10-year yields turned negative
on lawmakers to double the for the first time. At the mid-
Race for Second Intensifies

top U.S. market cops’ budgets day break, the Nikkei 225
over the next several years. C4 Stock Average was down about
5%.
VW’s car-quality chief is
The selling came on the
leaving, as a management
heels of a 1.1% drop for the
shake-up continues follow-
PLAISTOW, N.H.—Sen. Marco many New Hampshire voters ida senator isn’t ready to be Dow Jones Industrial Average
ing the emissions scandal. B3 By Reid J. Epstein,
Rubio’s stumble in the final have a habit of picking their fa- president. And Mr. Trump Monday. U.S. markets staged a
Zenefits’ CEO resigned af- Republican presidential debate Patrick O’Connor vored candidate in the final closed his New Hampshire late-day bounce that narrowed
ter coming under fire for what before voting begins here has and Heather Haddon days, prior exit polls show. The pitch to voters with a gentler the Dow industrials’ decline by
the firm says were inadequate set off an intense battle for opportunity to seize last-minute tone than when he arrived in more than half, but many of
compliance procedures. B1 second place in Tuesday’s New a victory to maintain his front- momentum had all of the candi- Please see RACE page A4 the largest U.S. banks closed
Hampshire primary. runner status. He is ahead in dates blanketing the state Mon- lower by at least 4%, including
Hasbro’s revenue climbed
The late turn in an already- New Hampshire polls, but his day with closing pitches that Dow component Goldman
13% last quarter, helped by a
volatile race likely will keep voter-turnout operation isn’t could make-or-break their shot Sachs Group Inc. Morgan Stan-
surge in demand for toys
former Florida Gov. Jeb Bush, as strong as those of his ri- at the White House. Gerald F. Seib: Moment of ley dropped 6.9%, while Citi-
linked to “Star Wars.” B3
Ohio Gov. John Kasich and New vals, a weakness that contrib- Mr. Bush reminded voters truth for Bush, family..... A4 group Inc. fell 5.1%.
Brixmor said accounting Jersey Gov. Chris Christie in the uted to his second-place finish of his competence and Mr. Ka- Democrats lay out closing The retreat adds to a rout
personnel had manipulated race at least through South in the Iowa caucuses behind sich cited his spontaneity. Mr. arguments............................. A4 Please see STOCKS page A9
results and that top execu- Carolina’s Feb. 20 primary. Texas Sen. Ted Cruz last week. Christie repeated his accusa- Trump wades into debate
tives had stepped down. C2 Meanwhile, businessman The uncertainty in the race is tion that stung Mr. Rubio Sat- on property rights............. A7 For some investors, winning
Donald Trump needs to secure exacerbated by the fact that urday: that the first-term Flor- bets become losers................. C1
World-Wide
Rubio’s stumble in the

Republican debate Saturday ILLEGAL IMMIGRATION’S Chesapeake Leads Wild Ride
THORNY ECONOMICS
has set off an intense battle Performance Monday S&P Energy Sector Index
for second place in the New +0.1%
0
Hampshire primary. A1
Clinton appealed directly
to young voters as she cam-
paigned in the state, where Arizona economy shrank when migrants left, but some benefits emerged –10
Sanders has a solid lead. A4
Shiite fighters backed
BY BOB DAVIS dential campaign are more
by Russian airstrikes are
advancing toward Aleppo,
Departed explosive than whether and
–20
Estimated change in illegal- MARICOPA, Ariz.—After how much to crack down on
helping Syria’s regime turn
immigrant population, 2007-12, Arizona passed a series of illegal immigration, which Chesapeake Energy
the tide against rebels. A8 –28%
in seven big states and the U.S. tough anti-immigration laws, some Republican candidates
Canada said it will end air-
Rob Knorr couldn’t find in particular blame for Amer- Williams Cos.
strikes against Islamic State –30
Arizona –40.0% enough Mexican field hands ica’s economic woes. Arizona –35%
but boost the number of mili-
to pick his jalapeño peppers. is a test case of what hap-
tary trainers in Iraq. A8
New York –25.0% He sharply reduced his acre- pens to an economy when
Authorities said the man age and invested $2 million such migrants leave, and it il-
–40
who tried to down a Somali Illinois –13.6% developing a machine to re- lustrates the economic ten-
jet last week likely meant to move pepper stems. His goal sions fueling the immigration
attack a Turkish airliner. A8 California –12.5% was to cut the number of la- debate. Energy Transfer Equity
borers he needed by 90% and Economists of opposing –42%
NATO is developing a Florida –11.9% –50%
to hire higher-paid U.S. ma- political views agree the
new strategy to face the kind 10 a.m. 11 noon 1 p.m. 2 3 4
chinists instead. state’s economy took a hit
of unconventional tactics the U.S. –8.2% “We used to have many when large numbers of illegal Source: FactSet THE WALL STREET JOURNAL.
West says Russia has used in
migrant families. They aren’t immigrants left for Mexico
Crimea and Ukraine. A14 New Jersey –4.5% coming back,” says Mr. and other border states, fol- TANKED: Shares of big driller Chesapeake Energy Corp. dropped
The White House will ask Knorr, who owns RK Farms lowing a broad crackdown. sharply on Monday, helping trigger a selloff in shares of Williams
Texas 6.5%
Congress for about $1.8 bil- LLC, an hour’s drive from But they also say the reduced Cos., Energy Transfer Equity and other energy stocks. B1
lion in emergency funding Source: Pew Research Center Phoenix. competition for low-skilled
to combat the Zika virus. A3 THE WALL STREET JOURNAL. Few issues in the presi- Please see ILLEGAL page A10
Legal Fees Cross New

The administration plans
to boost the government’s
power to probe colleges ac- New Hampshire: Where Candidates Get Their Party On
Mark: $1,500 an Hour
cused of deceptive tactics. A2
i i i
North Korea’s launch of
a long-range rocket could Cruz promises pig roasts; Kasich struggles with guest list
bolster Kim at home ahead BY SARA RANDAZZO year,” said John Altorelli, a fi-
of a rare party congress. A9 AND JACQUELINE PALANK nance lawyer at DLA Piper LLP
BY JENNIFER LEVITZ Politics, is to also show voters in New York, who says the
Protests in Greece esca-
AND JANET HOOK that many candidates are “fun The day of the $1,500-an- firm has set his rate at more
lated over government plans
to be around.” hour lawyer has arrived. than $1,500 an hour. Mr. Al-
to build migrant camps. A14
MANCHESTER, N.H.—Ted Co-hosted by “Stay Work Partners at some of the na- torelli, who filed for personal
Cruz has talked about a lot of Play New Hampshire,” a group tion’s top law firms are ap- bankruptcy in 2014 to halt a
CONTENTS Heard on Street.... C8 things he would like to do if for young professionals, the proaching—and, in a few legal battle with the estate of
Arts in Review...... D5 In the Markets....... C4
Business News... B1-6 Opinion............... A11-13
elected president, but one plan events touch on topics such as cases, surpassing—that water- his former law firm, Dewey &
CFO Journal............. B5 Sports.......................... D6 has flown more under the radar. A pig roast candidates’ favorite books and shed billing rate, making the LeBoeuf LLP, cracked the
Crossword................. B6 U.S. News............. A2-3 “We’re going to have a pig roast “Star Wars” characters to what $1,000-an-hour legal fees that $1,000-an-hour mark a decade
Global Finance........ C3 Weather..................... B6 on the south lawn of the White tor was at Saint Anselm College a White House party hosted by once seemed so steep look ago. His fees have risen
Health & Wellness.. D2-4 World News. A8-9,14
House,” he said on a recent day, for the “Life of the Party” candi- them would look like. quaint by comparison. steadily ever since.
campaigning here. “We’re going date forum, a new series of pre- The “Life of the Party” is Despite low inflation and To soften the blow to clients,
> to dig a pit and we’re going to primary events that seek to structured like a daytime talk weak demand for legal ser- Mr. Altorelli does more than
roast up a pig.” elicit “genuine conversation” show, with lively music. Candi- vices, rates at large corporate half his work on some kind of
The hosts chuckled at Mr. from presidential hopefuls dates sit at a table on a riser law firms have risen by 3% to fixed-fee basis. “Using hourly
Cruz’s idea. “Very nice,” one rather than worn stump with three chatty hosts, who 4% a year since the economic rates is really anachronistic,
said. Later, an audience member speeches. The idea, says Neil lob questions at the guest as downturn, according to Citi but we still do it,” he said.
s Copyright 2016 Dow Jones &
Company. All Rights Reserved gave Mr. Cruz a lightsaber. Levesque, executive director of well as invite a few queries Private Bank’s Law Firm Group. Raising rates ensures that
The Republican Texas sena- the New Hampshire Institute of Please see PARTY page A10 “We just raise them every Please see FEES page A2
A2 | Tuesday, February 9, 2016 * * THE WALL STREET JOURNAL.
U.S. NEWS
New Office Foul-Smelling Flower Blooms, and Everyone Wants a Sniff
Will Probe
Colleges
BY JOSH MITCHELL million to help pay for the ef-
AND DOUGLAS BELKIN fort.
The new push responds in
The Obama administration part to a recent surge in appli-
plans to boost the federal gov- cations from borrowers seek-
ernment’s power to investigate ing loans to be forgiven on the
and punish colleges accused of basis of fraud. Since the sum-
deceptive marketing tactics mer, more than 8,400 borrow-
GLEN STUBBE/STAR TRIBUNE/ASSOCIATED PRESS

and other misconduct, part of ers have flooded the agency
a campaign to address years of with such claims, most of
student complaints about for- which involved for-profit
profit institutions. schools such as Corinthian
Under a plan announced on Colleges Inc., the Art Insti-
Monday, a new Student Aid tutes and the University of
Enforcement Unit within the Phoenix.
Education Department will be The department has been
given a broad mandate to in- reviewing the claims and has
vestigate claims of “potential agreed to cancel some stu-
misconduct or high-risk activ- dents’ loan-repayment re-
ity” from a college or univer- quirements, with taxpayers
sity. absorbing the loss. FLOWER POWER: Thousands of visitors lined up on Monday to smell the University of Minnesota’s giant corpse flower, famous for
Most of the investigations Ted Mitchell, undersecre- its stink, which overnight bloomed for the first time in seven years. Rose McNary, 8 years old, said that ‘it smelled like dead fish.’
have involved accusations of tary of education, said the
false advertising or misrepre- agency is considering claims
senting graduates’ job pros- from individuals as well as
pects. Schools could lose their groups of students. In some according to officials familiar unmanned aircraft is even larger the victims as one lay badly in-
access to federal student loans
and grants, their primary
instances, students who at-
tended a single institution
U.S. with the matter.
On Sunday, a Twitter account
because drone operators often
own more than one drone.
jured. She ordered the 25-year-
old Ms. Knott, whose online
source of revenue.
The office will review the
might have their student debt
forgiven in bulk, he said. Watch posted a link to a list of contact
information for roughly 9,000
FAA officials launched a drone
registration program just before
posts have insulted gays, non-
English speakers and Middle
thousands of applications the “Where we can group employees from the Department Christmas, saying it would help Easterners, to get anger-man-
agency has received from bor- claims and then make a dispo- of Homeland Security. On Mon- the agency track down operators agement treatment. “While
rowers demanding to have sition of those claims available day, the account posted a link to who violate rules and help to these were homophobic slurs
their loans forgiven on the to all borrowers who are in a list of an estimated 20,000 create a culture of accountability. that started this incident, it
grounds their schools misled the same circumstances, we JUSTICE DEPARTMENT Federal Bureau of Investigation Mr. Huerta said the speed with could have been any type of
will do so,” Mr. Mitchell said, employees. which registration has taken off hate speech,” said the judge, who
adding it is too early to know
Federal-Worker Data —Devlin Barrett is proof that government and in- said she herself might have been
Corporate-owned how much debt could be for- Stolen in Breach dustry can work together. attacked walking with her girl-
colleges have drawn given. The Justice Department said FAA —Associated Press friend or sister.
The agency has said for- Monday it is probing how some- Witnesses said someone in
the ire of thousands giveness could involve billions one was able to sneak into one
Drone Registrations PENNSYLVANIA Ms. Knott’s group shouted a gay
of students. of dollars. of its computer systems and Outnumber Planes Woman Gets Jail for slur at the couple, sparking a
Steve Gunderson, head of take thousands of federal work- The U.S. now has more regis- fight. Ms. Knott said she moved
the Association of Private Sec- ers’ names, phone numbers and tered drone operators than regis- Attack on Gay Couple to intervene; the judge found she
them about their chances of tor Colleges and Universities, email addresses and make them tered manned aircraft, the Fed- A suburban police chief’s threw a punch. Ms. Knott apolo-
getting a good job. the for-profit schools’ main public. eral Aviation Administration said. daughter began serving five to gized to the victims Monday and
John King, the Education trade group, said the industry The breach appears to have FAA Administrator Michael 10 months in jail Monday for a said she hoped the case helped
Department’s acting secretary, was being unfairly targeted by occurred in the Justice Depart- Huerta told a legal forum on 2014 group attack on a gay cou- educate people.
made clear the office’s focus the administration. ment’s Civil Division, where hack- Monday that the agency passed ple that prompted Philadelphia The two co-defendants
will be on corporate-owned “When you go on a fishing ers apparently were able to trick the milestone last week when it to add sexual orientation to its agreed to plead guilty in ex-
career colleges. Such schools expedition sooner or later you an employee into providing topped 325,000 registered drone hate-crime laws. change for probation. Ms. Knott
have drawn the ire of thou- find someone who made a enough information to enter the owners. There are 320,000 regis- Common Pleas Judge Rox- rejected a plea offer and was
sands of students—a dispro- mistake,” he said. “There is no nonclassified computer network tered manned aircraft. Mr. anne Covington questioned how convicted by a jury.
portionate share of them poor, sector which could with stand for that part of the department, Huerta said the number of small Kathryn Knott walked away from —Associated Press
black and Hispanic—who took the intensity of hostility that
out huge sums of debt over is directed toward the private
the past decade but haven’t
found the well-paying jobs
they say they were promised.
“The logical next step is to
higher education sector.”
The federal government
disbursed about $97 billion in
student loans in the fiscal year
FEES Top Billers
Hourly rates of partners at large U.S. law firms now approach $1,500.
Proskauer Rose $925-1,475
was $875 an hour in 2015, up
more than 27% from three
years earlier. Of the respon-
dents, 38% had paid more than
streamline and enhance our through September, Education Continued from Page One $1,000 an hour for a lawyer,
enforcement capability to root Department data show, and it law firms keep up with the Ropes & Gray $895-1,450 and the highest rate those in
out fraud and abuse by bad ac- awarded tens of billions of competition and helps them the survey paid was $1,600 an
Kirkland & Ellis $875-1,445
tors,” Mr. King said. But he dollars in student grants. An wrest more money from cli- hour.
emphasized the office will in- analysis from Pew last year ents, who routinely demand Skadden, Arps, Slate, Meagher & Flom $935-1,425 For many firms, the stated
vestigate any misconduct showed that excluding loans, discounts for all but the most rate is simply a starting point
claims, whether by public or the government spent $76 bil- sensitive work. Akin Gump Strauss Hauer & Feld $725-1,425 in discussions with corporate
nonprofit schools. lion on higher education, “If you think of the rules of law departments. As a result,
The department hired Rob- through grants and other ben- supply and demand, how in Paul Hastings $875-1,325 said legal consultant Ward
ert Kaye, a former enforce- efits, in the 2013 academic the world can they keep rais- Jones Day* Bower of Altman Weil, “so-
$600-1,300
ment attorney for the Federal year. ing their rates?” said Jeff phisticated” law firms tend to
Trade Commission, to lead the Carr, a former general counsel Morrison & Foerster $825-1,290 implement annual rate in-
new office and will request Investors see hope in for- of oil-and-gas services and creases to offset clients’ re-
0 $500 $1,000 $1,500
from Congress this week $13.6 profit education..........................B1 equipment company FMC quests for discounts.
Technologies who for years *Includes partners and of counsel Such discounts are becom-
has been an outspoken oppo- Source: Bankruptcy court filings THE WALL STREET JOURNAL. ing more commonplace. A de-
nent of hourly legal rates. cade ago, law firms could typi-
The rate creep has boosted two dozen bankruptcy cases salaries. cally get clients to pay around
law firms’ revenue at a time shows that senior partners Still, only elite lawyers can 92% of their stated rates, ac-
when many of them are under routinely charge between charge $1,400 an hour or cording to Thomson Reuters
pressure from lower-cost le- $1,200 and $1,300 an hour, more. Such rates are found al- Peer Monitor. Last year, that
gal-service providers and cor- with top rates at several large most exclusively in New York fell to less than 83%.
porate clients that are keeping law firms exceeding $1,400. and other major markets, and Smaller companies can get
more legal work in-house. Proskauer Rose LLP’s hourly only in the least price-sensi- squeezed the most on fees, be-
Revenue at law firms rose 4% partner billing rate has climbed tive fields, such as mergers cause they don’t send enough
last year, according to Wells as high as $1,475, while Ropes and acquisitions, restructur- work to any one law firm to
Fargo Private Bank’s Legal & Gray LLP’s tops out at $1,450, ing, tax, antitrust and high- get the best deals.
Specialty Group, though de- court papers show. stakes litigation and appeals. Companies with $4 billion
mand rose just 0.5%. Kirkland & Ellis LLP’s top For lawyers at the very top or more in annual revenue
“Lots of law firms will hourly billing rate is now of those fields, hourly rates were twice as likely as those
charge whatever the market $1,445. And rates at two can hit $1,800 or even $1,950. with less than $100 million in
can bear,” said the head of one firms—Akin Gump Strauss “You have a very few peo- revenue to use some form of
of the nation’s 200 largest law Hauer & Feld LLP and Skad- ple at the very top where price alternative fee, according to a
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firms. den, Arps, Slate, Meagher & is almost no object,” said legal survey from industry trade
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IT ’ S A LO N G J O U R N E Y TO rare public glimpse at mount- Representatives of the law rities, sports stars and best- Some industry watchers
ing fees. These court filings firms declined to comment. selling authors are paid. “It is view the raise-and-discount
BECOME THE ONE. show the rates of partners In disclosing their firmwide a talent market.” approach with skepticism.
are Trade Marks used under license from The De Beers Group of Companies
specializing in corporate re- rate increases, many firms tell Most lawyers in the U.S. fall “If clients are pushing back
structuring, as well as those the courts it is a standard way well below those high marks. on rates, the answer isn't to
In our constant pursuit of absolute beauty, with specialties like tax, litiga- of keeping pace with “eco- In a survey of in-house legal raise them” and then ask for a
every Forevermark diamond undergoes a tion and corporate law. nomic and other conditions.” departments by BTI Consult- discount, Mr. MacEwen said.
journey of rigorous selection. A review of filings over the These include rising fixed ing Group, the average highest “The answer is to provide bet-
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This is why less than one percent of the
© Forevermark Limited 2014-2015. Forevermark™, ™,
world’s diamonds are worthy of the

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U.S. NEWS
Office Glut Strains Suburbs

Landlords, officials at last year from a spacious Ne-
braska campus to downtown
odds over revamping Chicago. Timber giant Weyer-
vacant campuses as haeuser Co. opted to leave a bu-
colic headquarters south of Se-
firms leave for cities attle for the downtown.
Another headwind for com-
BY ELIOT BROWN munities: Some large corpora-
tions are moving their head-
Companies from General quarters out the U.S., merging
Electric to Weyerhaeuser are with foreign companies in a bid
pulling their headquarters out to lower corporate taxes.
of leafy suburban campuses and “A lot of the suburban office
moving to downtown high- markets are in trouble,” said
rises, giving cities an economic James Hughes, dean of the
jolt. Bloustein School of Planning
But figuring out what to do and Public Policy at Rutgers
with the vacant corporate cam- University, who has studied ail-
puses left behind is a quandary ing suburban office buildings.
for civic leaders and landlords “The corporate preference
across the U.S. Towns have today is not to be in an isolated
pondered turning them into location….It’s a complete rever-
gyms, community centers or sal in terms of corporate Amer-
education facilities, but finding ica decision making,” he said.
large tenants for such spaces Northern New Jersey, dotted
has proven difficult, and nearby with abandoned homes of cor-
BRYAN ANSELM FOR THE WALL STREET JOURNAL
residents often resist plans to porate giants, has been the epi-
build dense apartment com- center of this trend.
plexes on empty sites. Communities and landlords TIFFANY INFINITY
Upper Saddle River, N.J., 30 are struggling with finding new
miles northwest of Manhattan, uses for the buildings. A devel-
is a prime example of the head- oper in Holmdel, N.J., has an
aches involved. The wealthy ambitious plan to turn the 2-
town of about 8,000 people is million-square-foot former Bell
locked in a standoff with a Labs headquarters into a mix of
landlord over how to reuse the apartments, shops and offices 800 843 3269 | TIFFANY.COM
former U.S. headquarters of for multiple tenants. German
publisher Pearson Education. chemicals company BASF’s for-
The bunkerlike structure of Pearson Education moved its U.S. operations to Hoboken, N.J., mer North American headquar-
gray concrete, set on a grassy above, and Manhattan from suburban Upper Saddle River, N.J. ters in Mount Olive, N.J., sits
47-acre plot, was built in 1973 vacant, as does the 500-acre
for Western Union when the consisting of apartments. area,” said Eric Halpern, a resi- former home of drugmaker
telegraph company decamped “Employers are looking for dent whose property abuts the Merck & Co. in Readington, N.J. B E L M O N D R OYA L S C OT S M A N ,
from Manhattan. It instantly the absolute best place to re- complex. He prefers a mixed- Adding to the quandary, the E D I N B U R G H , S C OT L A N D
became a fixture of the town. cruit and retain key personnel,” use development but one that once-thriving office parks often
Its status began to change said Michael DeMarco, Mack- is less dense, an idea Mack-Cali were big tax-revenue genera-
four years ago, when the divi- Cali’s president. “Unfortunately, has avoided in part because it tors, while uses like apartments YOU DON’T TAKE
sion of U.K.-based Pearson PLC, that is not always suburban lo- would mean losing some value. tend to bring in substantially
the building’s last tenant, de- cations,” he added. Similar clashes are flaring less. In Upper Saddle River, the A TRAIN TO RUSH OVER
cided to move its operations to For a town filled with large up around the country as the Pearson site brought in more
Manhattan and Hoboken, N.J., houses and winding streets, the preferences of American corpo- than $900,000 a year, a big THE WORLD.
in a bid to be closer to public idea of replacing the office rations undergo a shift. A num- chunk of tax revenue for the
transportation and appeal to a building with a dense collection ber of companies that once fol- small town. YOU TAKE A TRAIN TO
younger, urban-dwelling work- of 240 apartments was less lowed their workers to the “All of a sudden it’s very
force. That left landlord Mack- than welcome. Residents and suburbs in the second half of hard to replace that tax base,” REMIND YOURSELF
Cali Realty Corp. with an empty borough officials, including the the 20th century are reverting said Mr. DeMarco of Mack-Cali.
470,000-square-foot building— mayor, have been outspoken in to urban areas as major cities Offices, he added, “are an in- YOU’RE PART OF IT.
and few prospects in sight. their opposition, and locals have revitalized. nocuous use—they don’t bother
The site had earlier brought overwhelmingly rejected the Not all suburbs are strug- you on the weekend. It’s not
Mack-Cali annual revenue of landlord’s plan in a 2014 vote. gling. Silicon Valley, for exam- like retail or hotels.”
about $8.6 million, but after Mack-Cali sued the town in fed- ple, is booming thanks to U.S. The next steps in the Upper
testing the market, the landlord eral court, alleging racial bias technology giants’ success. Saddle River fight are unclear,
found no demand for an aging, over opposition to its apart- But the roster of well known but both Mack-Cali and the res-
isolated building in a region al- ments, which include some companies moving back to cit- idents agree on one thing: An
ready inundated with empty of- units for low-income residents. ies is growing. The latest was empty campus is bad for every-
fice space. So it pushed a plan The mayor declined to com- General Electric Co., which re- one.
to demolish the structure, built ment. Other residents have de- cently said it would leave Fair- “Do I want to see a vacant
to hold as many as 2,000 work- nied racial politics are at play. field, Conn., for Boston. Pack- piece of property? No,” said Mr.
ers, and replace it with a “It looks out of place—you’re aged-foods company ConAgra Halpern. “It’s affecting the
mixed-use development mostly going to overpopulate the Foods Inc. announced a move value of all our homes here.”
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A researcher with a container of mosquito eggs at the U.S. Army Medical Research Institute of Infectious Diseases in Frederick, Md.
Obama Seeks Funds to Fight Zika

BY STEPHANIE ARMOUR ing, $828 million, would go to on Monday. “With warmer by the administration.
AND CAROL E. LEE the Centers for Disease Con- months to come, more risks Sen. Richard Burr (R., N.C.)
trol and Prevention for pro- will be present, this is really a said he is “bewildered” that
WASHINGTON—The White grams that include mosquito time where we need to scale the Obama administration
House plans to ask Congress control and efforts to track the up,” Dr. Schuchat said. hasn’t added Zika to a list of
for about $1.8 billion in emer- virus. It would also go to en- Funding would be used to tropical diseases eligible for
gency funding to combat the suring the ability of birth-de- investigate whether there are expedited development of
Zika virus, the mosquito-borne fect registries in the U.S. to other health risks. Another drugs.
infection linked to birth de- detect Zika-related risks. area to be explored is any link “There is a great lack of
fects, in a broad initiative that It is uncertain whether the to a rare disorder known as specificity as to how it is go-
would include mosquito-con- request will get full approval Guillain-Barré syndrome, ing to be used,” said Mr. Burr
trol programs and birth-defect from Congress, but lawmakers where the immune system at- of the request.
surveillance. said Monday they were tacks victims’ nerves, Dr. The timing of the request is
The funding announced by pleased to see the White Schuchat said. In addition, sci- unclear. A White House state-
President Barack Obama in a House acknowledging the need entists still don’t know how ment said it would be formally
televised interview is aimed at to act before transmission of widespread the problem of vi- submitted shortly. Mr. Obama
enhancing the international the virus by mosquitoes in the ral transmission through sex is scheduled to submit his
response to the virus and continental U.S. is seen. may be, she said. budget proposal to Congress
boosting research on ways to The Zika virus has become There is also a need to cre- on Tuesday.
prevent its spread. Federal a major concern after Brazil- ate a test that will immedi- Health and Human Services
health officials said there is a ian authorities linked it to ately let people know if they Secretary Sylvia Mathews Bur-
pressing need to investigate a complications including a rare are infected with Zika, An- well, whose department is co-
large number of issues related birth defect called microceph- thony Fauci, director of Na- ordinating the effort, was
to the virus because so little is aly, in which babies are born tional Institute of Allergy and scheduled to brief top law-
known about Zika. with dangerously small skulls Infectious Diseases, told re- makers on Tuesday.
“We have to take this very and underdeveloped brains. porters. Dr. Fauci said there Senate Majority Leader
seriously,” Mr. Obama said in The World Health Organiza- may be beginning trials of a Mitch McConnell (R., Ky.) said
the interview with CBS. “We’re tion has declared possible vaccine by the end of the sum- he expected administration of-
going to be putting up a legis- complications from Zika a mer, but any fully approved ficials will detail their request
lative proposal to Congress to global health emergency. vaccine is years away. at the briefing, where he will
resource both the research on Federal health agencies are The funding request ask about preparations to pro-
vaccines and diagnostics but working around the clock, brought tentative praise from tect Americans from getting
also helping the public health Anne Schuchat, principal dep- Republicans even though some the virus and the administra-
systems.” uty director of the CDC, told questioned a lack of specificity tion’s funding priorities given
The largest portion of fund- reporters at the White House and other steps so far taken its limited federal resources.
A4 | Tuesday, February 9, 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.
Moment of Truth for Bush, Family Dynasty politics begin to wind down? a favor by doing the dirty supporting him set an en-
The situation in New Hamp- work of lashing out at Mr. tirely new standard for what
shire is sufficiently in flux Rubio in a Republican debate it means to raise big money
that either is possible. over the weekend. That fast to back a presidential
A man named Bush has largely saved Mr. Bush the candidate.
run for either president or trouble, and it’s possible the
S
vice president in seven of spectacle pulled both Messrs. o far, it has made al-
CAPITAL JOURNAL the last 10 national elections, Rubio and Christie into the most no difference. In
GERALD F. SEIB five times successfully so far. mud. Mr. Bush had what fact, that Bush-backing
The Bushes often have been most considered his best de- super PAC has been excori-
favorites, and occasionally bate so far. “I feel New ated by some within the
E
ight months ago, Jeb they have been underdogs. Hampshire is going to give party’s establishment wing
Bush announced his In 1988, Mr. Bush’s father, us an upset,” the Republican for directing its multimillion-
candidacy for president, George H.W. Bush, faced the veteran said. So, maybe. dollar fire not at front-run-
expressing his appreciation same kind of test in New On the other hand, 2016 ner Donald Trump but at Mr.
for the American immigrant Hampshire that his son faces isn’t 1988. The Bush message Rubio, a fellow Floridian and
experience by delivering a now. He was the sitting vice of optimism has felt oddly a candidate acceptable to the
passage in Spanish and de- president and the odds-on out of place in a year in party’s mainstream.
claring that “my message will favorite to win not just the which Mr. Trump has pros- If a drift down by Mr. Ru-
DANIEL ACKER/BLOOMBERG NEWS

be an optimistic one because I Republican presidential nom- pered by calling not just the bio now opens the way for a
am certain ination but the presidency. country’s current leaders but drift up by Mr. Bush, maybe
that we can Yet he lost the Iowa cau- some of its voters “stupid” the strategy won’t look so
make the de- cuses and faced an uncertain and by declaring America to crazy. Meantime, Mr. Bush
cades just fate heading into the New be in a mess overall. The has taken a lot of traditional
ahead the Hampshire primary. Bush outreach to Hispanics, steps—laying out a serious
greatest time The elder Mr. Bush won embodied by those three strategy for fighting Islamic
ever to be the primary, opening the sentences in Spanish in his State militants, offering a
alive in this world.” way to securing the presi- announcement speech, looks detailed tax plan—that are
That candidacy, blessed by dential nomination and win- Former first lady Barbara Bush and her son Jeb posed Friday quaint in retrospect, after a supposed to matter to seri-
built-in advantages while ning the White House itself. with an employee at MaryAnn's Diner in Derry, N.H. campaign dominated by anti- ous voters.
cursed by high expectations Maybe lightning can strike immigrant sentiment and di- But maybe they don’t.
and antiestablishment anger, for his son in New Hamp- that there is still a place in with Florida Sen. Marco Ru- alogue dominated more by New Hampshire has gone
faces in New Hampshire on shire as well. Jeb Bush’s this year’s race for an estab- bio, Ohio Gov. John Kasich talk of building walls than both ways for the Bush clan.
Tuesday an existential mo- campaign has severely un- lishment Republican candi- and New Jersey Gov. Chris opening arms. While it saved Jeb Bush’s fa-
ment, not just for the candi- derperformed expectations date and that he has a Christie. With 40% of New This also isn’t a year in ther in 1988, it nearly de-
date but for the Republican so far. He was an after- chance to fill it. Going into Hampshire voters still unde- which campaign money pro- railed his brother, George W.
Party’s Bush dynasty. Will Jeb thought in Iowa and seems Tuesday’s vote, says one vet- cided, the strategist said, vides the same advantage it Bush, in 2000, when he lost
Bush do well enough to re- to have no prospect of actu- eran Republican strategist any one of them could still used to. Mr. Bush started out to Arizona Sen. John McCain.
charge his presidential effort ally winning in New Hamp- not associated with his cam- break out and give front-run- last year with a big money Bush family fortunes have
and move on as a plausible shire or anywhere right now. paign, Mr. Bush is “all ner Donald Trump a run for advantage, and he built on it. long been on the line in New
contender, or will the remark- To carry on now, though, bunched up” in the estab- his considerable money. His campaign itself was well Hampshire; they are again,
able Bush run in presidential he merely needs to show lishment-candidate space Mr. Christie did Mr. Bush funded, and the super PAC this time more than ever.
Clinton Democrats Lay Out Closing Arguments

Plans for BY COLLEEN MCCAIN NELSON
AND LAURA MECKLER
“We’re going to take stock,
but it’s going to be the cam-
Tough MANCHESTER, N.H.—Fac-

ing a likely loss in Tuesday’s
paign that I’ve got,” she said in
an interview with MSNBC.
The question is whether the
Caucuses New Hampshire Democratic

primary, Hillary Clinton made
her final appeal by sketching
Vermont senator could parlay
a primary win here into mo-
mentum elsewhere as the cam-
BY LAURA MECKLER an optimistic vision for the fu- paign moves to Nevada and
ture and speaking directly to South Carolina, where minor-
MANCHESTER, N.H.—Hil- young voters who have yet to ity voters make up a much
lary Clinton’s campaign strate- embrace her campaign. larger share of the electorate.
gists look at the primary cal- “To all of the young people Polling shows Mrs. Clinton
endar and see possible losses who are supporting my oppo- well ahead with both African-
ahead—not just on Tuesday in nent, I thank you too—I thank Americans and Latinos.
New Hampshire, where they you for being part of this pro- “The more people get to
are bracing for a double-digit cess,” Mrs. Clinton said in know Bernie, the better they
defeat, but in caucus states Manchester. “You may not sup- like him,” Sanders spokesman
that typically favor the candi- port me now, but I will always Michael Briggs said Monday.
date who draws support from support you.” Mrs. Clinton has begun to
liberal activists. Meanwhile, Vermont Sen. position herself for future con-
The key, they say, is not to Bernie Sanders, who holds a tests with a quick trip Sunday
lose too badly. solid lead in public opinion to Flint, Mich., to address the
JUSTIN SULLIVAN/GETTY IMAGES
Clinton officials say their polls in the state, hammered water crisis in the majority-Af-
campaign has been quietly or- home his themes of eliminat- rican-American city. Her mes-
ganizing in the coming caucus ing college tuition and the sage at times, though, was
states such as Minnesota and power of special interests in overshadowed by controversial
Colorado, and Mrs. Clinton politics. statements from some of her
plans to travel to both later “Are you guys ready for a strongest supporters.
this week. Their goal is to pre- radical idea? Together we are Gloria Steinem, the feminist
vent rival Bernie Sanders, the going to create an economy writer and organizer, and for-
Vermont senator, from running that works for working fami- Hillary Clinton greeted patrons at Chez Vachon in Manchester, N.H., on Monday. mer Secretary of State Made-
up an advantage in delegates lies, not just the top 1%,” he leine Albright both drew criti-
as Barack Obama did in 2008. said at a Manchester event. woman in politics and re- taken him this far: a denuncia- both urgently needed. He also cism for comments that
The campaign also is mak- After Mrs. Clinton’s razor- flected on the challenges of tion of big money in politics, mocked people who call his appeared to rebuke young
ing thousands of calls each thin victory in Iowa last week, dealing with personal issues Wall Street and income in- ideas “radical.” women for supporting Mr.
night into these states, and both sides are well funded and while living a very public life. equality. “Is that what America Both campaigns have Sanders. On Sunday, Bill Clin-
has loaded them up with staff, bracing for a protracted pri- And Mrs. Clinton etched out a is supposed to be about?” he worked to manage expecta- ton grabbed a share of the
believing field organizers are mary campaign. Following hopeful entreaty, asking sup- asked at one of four New tions. The Sanders team pre- spotlight when he delivered an
particularly effective in states New Hampshire, the race porters to envision a better Hampshire events Monday. dicted a close race, and the extended and aggressive attack
that require motivating a rela- moves to friendlier terrain for America and asserting that her “No!” shouted someone Clinton campaign argued that on the Vermont senator.
tively small number of people Mrs. Clinton, but before that, pragmatic approach would de- from the theater seats. Mr. Sanders held an almost-in- By Monday, the former
to attend what is essentially a she began testing new mes- liver change they are seeking. “I don’t think so,” Mr. Sand- surmountable advantage be- president’s public remarks had
Democratic Party meeting. sages and laying groundwork “For me this election is a ers agreed. cause he hails from a neigh- been toned down, with only a
One of the Clinton cam- for coming contests. turning-point election in so He asked people in the audi- boring state. brief critique of Mr. Sanders’s
paign’s goals is to force Mr. Noting the palpable frustra- many ways,” she said. “I want ence to share their student On Monday, Mrs. Clinton assertion that the former sec-
Sanders to spend time in the tion in the electorate, she told you to imagine with me what debt load and their health-care denied reports that she was retary of state is part of “the
caucus states that he may voters: “Anger is not a plan, it is we are trying to accom- deductibles to provide evi- considering a staff shake-up in establishment.”
think he has in hand, a Clinton and venting is not a strategy.” plish together.” dence that his plans for free the wake of what are likely to “I have to be careful of what
aide said, and perhaps have She spoke in recent days Mr. Sanders, meanwhile, college tuition and govern- be disappointing results in the I say,” Mr. Clinton said in Man-
less time in states where Mrs. about the travails of being a stuck to the message that has ment-funded health care are first two contests. chester.
Clinton has the advantage.
Robby Mook, Mrs. Clinton’s
campaign manager,
worked on her 2008 campaign,
also
and recalls that Mrs. Clinton

won a hard-fought battle in
RACE But that plan may have been
jeopardized after he repeatedly
leveled, nearly word-for-word,
a criticism of President Barack
“I have no doubt we’re go-
ing to get it done, but I’ve got
to get through New Hamp-
shire,” Mr. Kasich told voters
Club. “It’s not strong to insult
women. It’s not strong to casti-
gate Hispanics. It’s not strong
to ridicule the disabled.”
campaign,” Mr.
said Monday in Raymond.
And then there is Mr.
Cruz
Trump. The day after the Iowa

Ohio by 10 percentage points, Continued from Page One Obama’s leadership during Sat- in Plaistow, a Boston suburb Mr. Bush’s team also put up caucuses, the billionaire busi-
but because it was a primary the state from Iowa. urday’s debate, prompting the about a mile from the Massa- a Web video attacking Mr. Ka- nessman blamed his second-
state she netted only seven ad- With Mr. Trump comfort- attack by Mr. Christie that he chusetts border. He never sich, which Mr. Kasich’s cam- place showing on his “cheat-
ditional delegates over Mr. ably ahead in most polls, the lacks substance beyond his mentioned Mr. Rubio, but he paign manager, John Weaver, ing” opponents and caucus-
Obama, then a senator. But in former and current governors practiced lines. reminded reporters that he said is a sign of his candidate’s goers.
the much smaller Idaho cau- now argue they will benefit Mr. Rubio said Monday he doesn’t speak from a script. momentum. When New Hampshire vot-
cuses, Mrs. Clinton barely from Mr. Rubio’s failure to dis- won’t recalibrate his anti- “People are looking to un- Marc Tosiano, a retiree from ers began calling him a “sore
competed and Mr. Obama won pense with charges that he’s Obama message. “The bottom derstand what’s in your head, Hampton, N.H., said he consid- loser,” he moderated his tone
15 delegates to her 3. too programmed and reliant line is, yes, I’m going to keep but they also want to know ered each of the governors and and began holding the sort of
“That can’t happen again,” on canned remarks. Before the saying the same thing, be- what’s in your heart,” Mr. Ka- settled last week on Mr. Kasich. smaller, more intimate events
Mr. Mook said. “We’re building debate, Mr. Rubio was second cause it’s the truth,” he told a sich said. “And if all you are is “He’s got to deal with other that he once mocked his rivals
to win these contests but even in many polls with Mr. Cruz in Concord radio station. “It’s people as president,” Mr. To- for holding.
if we don’t win, we need to set third place. what I deeply believe.” saino, 61, said after watching Rival campaigns all expect
it up so we’re winning enough “When the lights get that At a Cruz campaign stop in
Mr. Rubio said he Mr. Kasich in Plaistow. “If you him to win Tuesday’s primary,
delegates to keep our overall bright, you either shine or you Raymond, voter Murray Scott won’t recalibrate his want to get something done, the only question is by how
delegate lead where it needs to melt,” Mr. Christie told voters said the debate led him to shift you’ve got to be able to pull much. The uncertainty lies in
be.” Monday in Hudson. “We can- his vote from Mr. Rubio to Mr.
anti-Obama message; people together.” Mr. Trump’s reliance on peo-
not afford to have a president Bush. “It took me away from ‘It’s the truth.’ Mr. Cruz won Iowa with the ple who haven’t traditionally
who melts.” Later, to report- Rubio,” said Mr. Scott, a 71- backing of religiously minded voted.
ers, Mr. Christie was more di- year-old retiree from Raymond. voters and is trying to win the His campaign is counting
Crafted in gold & platinum
Happy rect: “Senator Rubio proved “It seemed like a canned scripted, I’m not sure that affections of voters who had on people like Katie Mig-
Valentine’s!
Order by
he’s not ready,” he said. speech. It seems like he doesn’t people respond to that.” backed libertarian Kentucky nanelli, 25, a cake decorator
2/10! Mr. Rubio, for the most have the leadership ability.” Mr. Bush, a one-time Rubio Sen. Rand Paul, who dropped from Salem. She said at the
part, stuck to the script that Mr. Kasich, who has carved mentor who stands to gain out last week after finishing Trump town hall Monday that
led to his closer-than-expected out a niche appealing to inde- most from a poor show- fifth in Iowa. To that end, Mr. she’s never voted in a primary
third-place finish in Iowa last pendent voters, who make up ing Tuesday from the senator, Cruz this week has cited his op- before and isn’t registered to
week. His campaign’s calcula- 44% of the state’s electorate kept his focus on Mr. Trump, position to private companies vote. She plans to do that at
tions call for a strong enough and can vote in either party’s with whom he has tussled since benefiting from eminent do- her precinct, as is legal in New
showing here to force Mr. primary, told a crowd at a August. “Donald Trump orga- main usage and urging a more Hampshire.
Bush to quit and leave Messrs. public library that his cam- nizes his campaign around dis- formulaic monetary policy. “I’m very intrigued by him
Your Anniversary Immortalized
Kasich and Christie with noth- paign pledges to unite the paraging people, as a sign of “One of the developments from a business stance,” she
In Roman Numerals ing to show for their New party and the nation rest on strength,” Mr. Bush told a lun- we are seeing in particular is said. “For years, I’ve always
JOHN-CHRISTIAN.COM 888.646.6466 Hampshire-or-bust strategies. how well he does here. cheon at the Nashua Country libertarians uniting behind our looked up to him.”
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A6 | Tuesday, February 9, 2016 THE WALL STREET JOURNAL.
Wages Cloud Economy’s Role in Election

BY NEIL KING JR. At the moment, the likeli- in the minimum wage across
Election Economics hood of an outright recession 14 states, which began at the
Here’s a fun fact to start the This election year started with an unusually low unemployment rate, at 4.9%, but a major index of leading between now and November start of the year.
2016 presidential election cy- indicators suggests the economic expansion is slowing. seems slim. Economists sur- The U.S. also began the year
cle: Since 1968, only one other veyed by The Wall Street Jour- with a continued stretch of
election year began with a 10% Presidential election year UNEMPLOYMENT RATE nal last month put the chance sturdy hiring, but amid warn-
lower unemploy- of a recession in the next year ing signs that typically indi-
ANALYSIS ment rate, and at just 17%—the highest risk in cate a coming recession.
that was the go- 5 three years but still low. And Industrial production, cor-
go year of 2000, Mr. Obama is right: The U.S. porate profits and the stock
when the tech boom was under has shown resilience in the market have all posted de-
way and joblessness averaged 0
face of a surging dollar, skit- clines in recent months, sug-
a cool 4%. tish investors and headwinds gesting weakness in manufac-
So is the economy on a sim- ’72 ’76 ’80 ’84 ’88 ’92 ’96 ’00 ’04 ’08 ’12 ’16 abroad, not least a weakening turing and business growth
ilar tear? Will the momentum Recessions
China. that has helped spook inves-
of robust job growth redound But significant unease tors. Economists are also puz-
COMPOSITE INDEX OF 10 LEADING INDICATORS
to the favor of the Democratic 20% hangs over many facets of zled by the disconnect be-
nominee, who will run touting both the U.S. job market and tween job gains—up 2.4% in
the good works of the White 10 the wider economy. the fourth quarter of last
House? Perhaps the biggest con- year—and growth in the over-
The answer isn’t so simple. cern, highlighted daily on the all economy, which expanded
For one thing, economies can 0 campaign trail, is wages. The just 0.7% in the same period.
turn sour abruptly, and have Friday jobs report brought It would be highly unusual,
done so several times in the –10 good news on that front, with if not unprecedented, to see
middle of an election year. The wages rising at an annual rate the country tumble into reces-
most memorable recent exam- of 2.9% over the past six sion before the November elec-
ples: 2008, when the financial –20 months, the fastest pace since tion. Rising unemployment
crisis upended the presidential ’72 ’76 ’80 ’84 ’88 ’92 ’96 ’00 ’04 ’08 ’12 ’16 the recession. and high oil prices have usu-
race, and 1992, when a brief The uptick, with a particu- ally been strong signals of a
Sources: Labor Department (unemployment); Conference Board via Haver Analytics (index) THE WALL STREET JOURNAL.
downturn capsized the re-elec- larly strong number in Janu- coming downturn, and both
tion bid of President George ary, could suggest a lessening numbers are now heading in
H.W. Bush. Despite the 4.9% jobless ment that includes people economy has not been working of slack in the workforce as a the opposite direction.
Also, political credit for a rate in January—tied for the stuck in part-time jobs or too for most Americans,” she said lower unemployment rate Since 1964, three election
robust economy isn’t always lowest since the recession be- discouraged to look for work at last week’s Democratic de- compels employers to pay years—1980, 1992 and 2008—
transferable, as Vice President gan in late 2007—the economy was 9.9% last month, substan- bate in New Hampshire. more to hire and retain staff. have posted a higher unem-
Al Gore learned to his dismay is wrestling with significant tially higher than before the President Barack Obama It’s far from clear, though, ployment rate in November
in 2000, when he lost a close challenges. The share of Amer- recession. seized on the jobs report Fri- whether this stronger wage than January, the first and
race to George W. Bush despite icans participating in the Listen to Hillary Clinton, day, saying that “the United growth will prove lasting. third as the result of a reces-
a prolonged spell of heady eco- workforce, at 62.7%, has fallen the candidate most clearly States of America right now Economists speculated that sion. So as you track the latest
nomic growth in the last years to 1970s levels, while a running on the strength of the has the strongest, most dura- one force driving the wage poll numbers, keep an eye on
of the Clinton administration. broader measure of unemploy- administration’s record. “The ble economy in the world.” growth in January was a boost the jobless rate, too.
Heard on the Stump

11th-hour pitch to undecided “I love these things even
Christie Woos Voter New Hampshire voters. For Mr.
Trump Shifts Pitch more than making a speech,” he
‘Every once in a
On Bended Knee Christie, that meant another four To Intimate Setting said during the hour-long forum while you can fall off
There isn’t much Chris Chris- town-hall meetings. Republican Donald Trump set at the Derry-Salem Elks Lodge.
tie won’t do to win votes ahead Throughout his sessions, Mr. aside the blaring soundtrack and Mr. Trump is late to the
the high wire. I work
of Tuesday’s first-in-the-nation Christie returned to a now-famil- stadium lights typical of his cam- town-hall game, with other can- without a net. I sorta
New Hampshire primary. iar theme: veiled and not-so- paign rallies for the most inti- didates holding dozens of the fo-
The New Jersey governor got veiled attacks on Florida Sen. mate voter forum his presiden- rums that New Hampshire vot-
script myself. I know
down on bended knee to win Marco Rubio. tial campaign has held yet. ers have come to expect. pretty much what I
over one undecided voter in Hud- “When the lights get that Speaking in Salem, N.H., Mon- As is typical for his events,
son, N.H. He dangled the vice bright, you either shine or you day morning, Mr. Trump re- Mr. Trump kept up his attacks
want to say and how
presidency for another. In both melt,” Mr. Christie said, without frained from announcing his lat- on rival Jeb Bush, “We have to I want to say it.’
cases, his appeals worked. mentioning his rival. “We cannot est poll numbers and making a get rid of the Bushes of this
Monday marked the frantic fi- afford to have a president who long speech. He instead took far world,” he said to the crowd of
nal day for presidential contend- melts.” more questions from the audi- roughly 200 attendees. JOHN KASICH
ers in both parties to make their —Patrick O’Connor ence than is typical. —Heather Haddon in New Hampshire
Optimizing Brain Fitness

Taught by Professor Richard Restak

E D TIME OF

IT
FE
LIM
70%
R

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THE WALL STREET JOURNAL. * * * * Tuesday, February 9, 2016 | A7
New Hampshire Gears Up for Its Day in the Spotlight

Trump Wades
Into Debate on
Property Rights
BY BYRON TAU yond New England. It set off a
AND BEN LEUBSDORF swift backlash in most state
capitals and remains deeply un-
Republican presidential can- popular in many quarters. John
didate Donald Trump waded Paul Stevens, who crafted the
into a thorny controversy over Supreme Court’s ruling in Kelo,
land-use issues in New Hamp- later called it the “most unpop-
shire just before voters head to ular opinion I ever wrote.”
the polls to cast ballots in the In this weekend’s debate,
state’s presidential primary. Mr. Trump launched into a de-
Mr. Trump, who made his fense of eminent domain, call-
fortune in the real-estate in- ing it “an absolute necessity.”
JOE RAEDLE/GETTY IMAGES

dustry, said during a Republi- He endorsed using eminent
can presidential debate on Sat- domain to build the Northern
urday that he was in favor of Pass project—a controversial
robust use of eminent domain, 192-mile electrical transmis-
the practice of government en- sion line that would carry
tities forcing property owners power from Quebec to south-
to sell land for development or ern New England.
infrastructure uses. “His embrace of eminent READY FOR THE CROWD: Firefighter Gary Lemoine, left, and Fire Lt. Andrew Carroll setting up a polling station in Newmarket on
Mr. Trump’s support for the domain in the Northern Pass Monday, ahead of Tuesday’s first-in-the-nation primary. Republican Donald Trump and Democrat Bernie Sanders are leading the polls.
practice has potential risks na- could certainly cost him votes
tionally, as many conservatives in the north,” said Ryan Wil-
oppose the practice as govern- liams, a Republican consultant
Primary Numbers to Watch

ment overreach. The issue is who has worked in New Hamp-
particularly fraught in New shire politics and now sup-
Hampshire, where many resi- ports Jeb Bush.
dents are deeply skeptical of Northern Pass backers have
eminent domain—especially long said it won’t rely on emi-
Republican primary voters nent domain. Still, worries in BY AARON ZITNER polls. If she repeats that per- Whether the Florida senator Ted Cruz and Mr. Rubio signif-
who are wary of government recent years that land might formance—holding party has become the favored choice icantly among those with col-
and strongly believe in pri- be taken for that or other proj- A loss by Hillary Clinton in members while losing inde- of the party’s establishment- lege degrees. New Hampshire,
vate-property rights. ects have sparked a flurry of New Hampshire would sting pendents—that would be good friendly, centrist wing. which exceeds the national av-
For many officials in towns bills in the state legislature, less if the former secretary of news for her in the next few Look for signs of Mr. Ru- erage for college-educated res-
and cities across the Granite and skepticism about them state carries Democratic vot- states, where independents bio’s establishment support in idents, could give clues to
State, “eminent domain is not crosses party lines. ers and trails only among in- play a smaller or no role. Rockingham and Hillsborough whether Mr. Trump has room
in their toolbox at all, even for A spokeswoman for Mr. dependents in her party’s pri- Sanders’s share of older counties, where household in- to widen his support.
the most worthy of public Trump’s campaign didn’t re- mary. A victory by women. Mr. Sanders leads comes are higher than the Independents’ favorite
projects,” said Richard Uchida, spond to a request for com- businessman Donald Trump Mrs. Clinton among men: He state average and college-edu- Republican. As in the Demo-
a land-use lawyer at law firm ment. would come with caution signs carried them by six points in cated residents are plentiful. If cratic race, independents hold
Hinckley Allen’s office in Con- Some of his Republican ri- if the Republican doesn’t ex- Iowa’s caucuses, entrance polls Mr. Rubio wins these two unusual power in New Hamp-
cord, N.H. vals have taken the opposite pand his blue-collar base. showed. Mr. Sanders also counties, then he likely is fill- shire’s GOP primary. Several
Angry voters amended New tack on the issue of eminent Beyond producing a winner leads among women under 45. ing the primary contest’s es- Republican candidates are
Hampshire’s constitution to domain in advance of the New for each party, the New Hamp- That leaves one group— tablishment lane comfortably. making targeted appeals to
bar any use of eminent domain Hampshire primary—and the shire primary results will give women over age 45—as a Trump’s share of col- these voters. Ohio Gov. John
for “private development" fol- issue could be a salient one for clues to how the surviving point of strength for Mrs. lege-educated voters. Mr. Kasich, for example, has struck
lowing a controversial 2005 some voters with libertarian candidates would do in the Clinton. If Mr. Sanders starts Trump is drawing about one- a centrist tone of cooperation
U.S. Supreme Court decision in leanings. Former Florida Gov. contests to come. Here are to make inroads among these third of Republican voters in with Democrats.
a Connecticut case, Kelo v. City Jeb Bush criticized Mr. numbers worth watching: voters, as well, that would sig- national polls, and his support Mr. Kasich placed third
of New London, that affirmed Trump’s history of using emi- Clinton’s share of Demo- nal that his reach within the in New Hampshire has been among independents and
the right of governments to nent domain when he was a crats. Mrs. Clinton essentially party is expanding. stable at about 30%. among moderate voters in a
seize property and hand it an- real-estate developer. And at a tied Vermont Sen. Bernie Sen. Marco Rubio’s sup- But Mr. Trump hasn’t yet Wall Street Journal/NBC
other private owner to further stop in Peterborough, Sen. Ted Sanders in Iowa’s caucuses, port in two southern coun- built a coalition big enough to News/Marist poll last week,
economic development. Cruz called the 2005 Supreme but she beat him by 17 per- ties. New Hampshire will help win a primary if the field nar- suggesting that his strategy
The Kelo decision sent last- Court decision on eminent do- centage points among Demo- answer one of the biggest rowed to two candidates. In could push him into the top
ing political tremors well be- main “a disgrace.” crats, according to entrance questions in the GOP race: Iowa, Mr. Trump trailed Sen. tier of candidates on Tuesday.
POLITICS COUNTS | Randy Yeip
How Long Can They Stay?

Iowa and New Hampshire often clarify the field of presidential hopefuls:
A poor performance can spell doom; a strong showing can propel a
contender. Here’s a look at how candidates fared in recent primaries.
When unsuccessful How major candidates’ poll numbers changed after
presidential candidates have Iowa and New Hampshire voted, and the number of days
dropped out, 1976–2016 they remained in the race before dropping out
Democrats Democrats Republicans
Pct. pt. change

30 in national polling
A surprise win in New Hampshire
Median exit: 30 in 1984 turned Gary Hart into
20 22 days Walter Mondale’s main challenger
after N.H.
Tsongas (1992)
10 20
Bush (1980)
0
Before After After Later 10 Buchanan (1992)
Iowa Iowa N.H. than that Santorum (2012)
Republicans
30 Clinton (2008)
0
Median exit:
20 6 days Gingrich (2012)
after N.H.
–10
10 Ted Kennedy’s 1980
Dean (2004) challenge to President
Giuliani
0 (2008) Carter went to the convention
Before After After Later 0 30 60 90 120 150 180
Iowa Iowa N.H. than that Days after Iowa caucuses
Note: Change in polling is the difference between the last poll before the Iowa caucuses and the first poll after the New Hampshire primary.
Only major challengers to the eventual nominee since 1980 are shown.
Sources: ‘The Making of the Presidential Candidates 2012,’ William G. Mayer and Jonathan Bernstein;
news reports; Smart Politics, University of Minnesota; HuffPost Pollster THE WALL STREET JOURNAL.
memes showing Mrs. Clinton as Bush told CNN’s Dana Bash. “This
H H H H H trying too hard to be cool. These is a ridiculous system we have
CAMPAIGN
supporters were dubbed “Bernie
Bros” by Atlantic writer Robinson
now where you have campaigns
that struggle to raise money di- “USING WHEELS UP IS THE BEST
WIRE Meyer in October.
The Sanders campaign asked
rectly and they can’t be held ac-
countable for the spending of the ADVANTAGE I CAN HAVE IN SPORTS
H H H H H supporters in January to be re- super PAC that’s their affiliate.”
spectful online as the Iowa cau- Mr. Bush has expressed sup- AND IN BUSINESS.”
cuses approached, and Mr. Sand- port for a system in which cam-
DEMOCRATIC PRIMARY ers himself started speaking out paigns could directly receive un-
against sexism this weekend. capped donations but would
Sanders: Knock Off —Natalie Andrews have to disclose the contributors Name: Serena Williams
Sexist Clinton Attacks within 48 hours. “So if you got a Title: Professional Tennis Player
Sen. Bernie Sanders wants his CAMPAIGN FINANCE bunch of dough from somebody, and Entrepreneur 1- 8 5 5 - F LY- 8 76 0
supporters to knock off sexist at- people could make up their Aircraft: Cessna Citation Excel / XLS WHEELSUP.COM
tacks against Hillary Clinton and
Bush Criticizes minds whether that was appro-
her fans—but said there are limits Citizens United Ruling priate or not,” he said at a town
to what he can do. “Anybody who Republican candidate Jeb hall in New Hampshire in June.
supports me who is engaged in Bush, who headlined dozens of When he began exploring a I’m an entrepreneur with a hectic schedule. Between tennis tournaments, fashion
sexist attacks is unacceptable,” he super PAC fundraisers before presidential run in January, his shows, and sponsor engagements, convenience and comfor t are key to my travel
1- 8 5 5 - F LY- 8 76 0
plans. With comfor table seating for 8 of my friends, lots of luggage space, efficient
said in an MSNBC interview that and after he launched his 2016 closest advisers set up and W HEELSUP.COM
travel time and onboard Wi-Fi, the Citation Excel / XLS is as versatile as I am.
aired Monday. “I don’t want that campaign, said Monday he op- worked for the Right to Rise su- Wheels Up has branded the ease and efficiency of private aviation like no one else.
support. But you know, we have poses the Supreme Court ruling per PAC. It raised $103 million in It’s style, it’s substance, and for me, it’s the best way to travel.
millions of people out there and we that helped pave the way for the the first part of 2015. But as his
Wheels Up acts as an agent for the Wheels Up members, and is not the operator of the program aircraft; FAA licensed and DOT registered
cannot control every single person.” groups that can accept unlimited standing in GOP polls has plunged, air carriers participating in the program exercise full operational control of the program aircraft. Subject to additional terms and conditions
Some Sanders supporters donations. so has his fundraising. Right to in the Wheels Up Program documents.
have developed a reputation for “If I could do it all again I’d Rise collected only $15.1 million in
leaving vitriolic comments on so- eliminate the Supreme Court rul- the second half of 2015.
cial media accounts and creating ing” known as Citizens United, Mr. —Beth Reinhard
WORLD NEWS
Pro-Assad Forces Press On Toward Aleppo
Russian airstrikes help TURKEY
regime turn tide, while Who Holds What
Assad regime and allied forces are DETAIL
U.S.-led coalition aims fighting for ground around the major city SYRIA
at Islamic State of Aleppo.
Damascus
IRAQ
BY NOUR MALAS
Al-Bab
AND RAJA ABDULRAHIM
BEIRUT—Shiite fighters, Islamic State

Kurdish controlled
largely from outside Syria, are controlled
advancing toward the coun-
Aleppo
try’s largest city backed by
Russian airstrikes, giving the Rebel
controlled
Assad regime the most signifi- Rayyan
cant momentum it has had in
years just days ahead of new
cease-fire talks. Safira
ABDALRHMAN ISMAIL/REUTERS
Syrian and Russian air- Government
controlled
strikes routed rebels from
long-held territories in north-
ern Syria, while pro-govern-
ment forces led by Iranian,
Lebanese Hezbollah, and other 10 miles
Shiite fighters are advancing
on Aleppo, according to rebels 10 km
on the ground and officials Men attempted to identify bodies after airstrikes in a rebel-held neighborhood of Aleppo on Monday. Source: Institute for the Study of War THE WALL STREET JOURNAL.
tracking the conflict.
They seized the village of Syrian war—something that chances for much success campaign would next expand the government’s side in Syria. Further squeezing them are
Kifeen north of Aleppo on Sun- rebels are unlikely to reverse when global powers meet westward to close their last A Human Rights Watch report opportunistic moves by U.S.-
day night, rebels said, putting without an infusion of military Thursday in Munich to discuss line into Aleppo, which runs in January said the Afghan backed Syrian Kurdish militias,
the regime forces about 15 support from their regional implementing a cease-fire. from the western Bab al-Hawa fighters are organized and who are seeking to consolidate
miles from the Turkish bor- and Western backers. The landscape has quickly crossing at Turkey’s border. commanded by Iranian military their own territory in northern
der—the closest they have Meeting in Washington on grown more tangled. Kurdish “The military scales have officials and have fought at ev- Syria at the expense of other
been since late 2013. Monday, Secretary of State fighters who aligned with the entirely flipped,” said Mustafa ery major battlefield in Syria, rebel groups.
More than 35,000 Syrians John Kerry and Saudi Foreign U.S. in fighting Islamic State Amin, a political leader with including Aleppo. The Kurdish fighters, known
seeking to escape the assault Minister Adel al-Jubeir dis- are now using the Russian air- the Levant Front, one of the In addition, Chechen leader as the YPG, have benefited
over the past week have al- cussed a Saudi proposal to strikes to make their own ter- biggest non-jihadist rebel alli- Ramzan Kadyrov said on Rus- from Russian airstrikes and in
ready converged on the border send ground forces to support ritorial gains at the expense of ances in Aleppo. sian state television late Sun- some cases have received di-
with Turkey, creating a new the rebels. U.S. officials were the weakened rebels. Mr. Amin, whose group has day that special forces from his rect Russian military aid,
humanitarian crisis. Some are welcoming but said they German Chancellor Angela received American TOW anti- mostly Muslim region are on Kurdish fighters said, showing
sleeping out in the cold in needed to know more. Merkel, in the Turkish capital tank missiles, said the rebels’ the ground in Syria to assist the how messy alliances in the
open fields or amid olive trees. Escalated Russian bombing Ankara to discuss the refugee focus was no longer on con- Kremlin’s air campaign. area have become.
Others have taken refuge in coincided with United Nations- situation, sharply criticized trolling territory but “to con- Moscow began bombing Kurds have to take territory
schools and mosques, waiting mediated peace talks on Syria the bombing in Syria, which tinue the battle as we much as Syria in late September, vowing from both Islamic State and
to be allowed into Turkey. held in Geneva last week, help- she said was “mainly from the we can, and to chip away at to target Islamic State. U.S. and the rebels fighting Islamic
The offensive by President ing pro-government militias Russian side.” the regime’s allies.” other Western officials say the State to link up their territory
Bashar al-Assad’s regime has break a rebel siege on Shiite- World leaders have called “There is no regime ad- strikes have focused on anti- in northern Syria.
turned the tide against rebels majority villages and advance on Turkey to open its border vance,” he added. “In the air, it Assad rebels, including civilians On Monday, the YPG took
in the north and especially toward Aleppo city. to the newly displaced wave. is Russian planes. And on the in rebel-held areas. Russia de- control of two villages from
around Aleppo, Syria’s largest The talks quickly collapsed, Turkish officials are reluctant ground, there are Afghan, Hez- nies targeting civilians. rebels north of Aleppo, activ-
city, which has been partly with the U.S. and rebel groups to do so as the country is al- bollah, and Iranian fighters. In addition to the Russian ists said, after seizing over the
controlled by rebels since laying much of the blame on ready hosting some 2.5 million And in the operations room, bombing, the regime’s recent weekend another village.
2012. That effort may take Moscow and the Assad regime. Syrian refugees. there are Iranians.” gains were enabled by a new —Felicia Schwartz
months. But the gains offer the Moscow has ignored calls Rebels, cut off from their Iran has recruited thousands flood of Shiite pro-government in Washington
clearest example yet of the im- from the U.N. and U.S. to end main northern supply route of Afghans, many of them refu- fighters from Iran, Iraq and and Dana Ballout
pact of Russia’s foray into the its campaign—jeopardizing last week, said they feared the gees living in Iran, to fight on Lebanon, rebels said. contributed to this article.
Penalties Come Fast in Turkish War Zone Canada

In a battle-scarred Kurdish-majority city, a winning team finds sports and politics don’t mix To Boost
BY EMRE PEKER
DIYARBAKIR, Turkey—
Training
This Kurdish-majority city
has little to cheer about
these days. Except soccer.
Role in Iraq
The southeastern city has BY BEN DUMMETT
been ravaged by clashes be-
tween Turkish security Canada confirmed that it
forces and Kurdish insur- would withdraw from a com-
gents that have battered its bat role in the U.S.-led mission
fabled Old City and displaced against Islamic State, but said
thousands of people. it would triple the number of
Its soccer team—which its forces in northern Iraq to
embraced Diyarbakir’s Kurd- provide more military train-
ish name, Amedspor, last ing.
year—is making history with Canada will withdraw its
AMEDSPOR
an undefeated advance to- six CF-18 jets and cease air-

ward the Turkish Cup cham- strikes against Islamic State
pionship. But Amedspor’s on Feb. 22, fulfilling a cam-
Cinderella run has also put An Amedspor player controls the ball at a home game in a Turkish Cup qualifier group match on Jan. 14. The Diyarbakir club won 1-0. paign pledge by Prime Minis-
the team in the crossfire of ter Justin Trudeau last fall.
the country’s conflict. violating a ban on “separat- and Kurdish insurgents who game. At another game in Is- ever reason when Amedspor But Canada plans to boost
Turkey’s antiterror units ist-ideological propaganda” are fighting for autonomy. tanbul, they protested the supporters say ‘kids the number of military train-
raided the club last week af- for a sixth time this season. Since a two-year cease-fire government’s crackdown in shouldn’t die’ we are ers it has in northern Iraq to
ter one of the team’s unoffi- “The decision has been taken broke down in June 2015, the southeast, chanting: slammed with a fine,” said more than 200 from about 69
cial fan groups posted criti- in line with the statutes and the fighting has consumed “Kids shouldn’t die, they Ramazan Tugay, the leader as part of a broader increase
cal comments on Twitter. regulations, and the club has places like Diyarbakir. should come to matches.” of a fan group. in Canadian personnel in-
The Turkish Football Federa- no right to appeal,” the fed- Throughout the country’s After progressing to the Mr. Naki says he has no volved in the mission, Mr.
tion has slapped the team eration said in a statement. west, the Anatolian heart- quarterfinals on Jan. 31, regrets. “Sports and politics Trudeau said at a news confer-
with punitive fines for pro- The crackdown has cre- land and nationalist Black Amedspor’s star midfielder, should not mix, but advocat- ence Monday in Ottawa.
moting political propaganda. ated new frustrations for Sea coast, antiterror slogans Deniz Naki, dedicated the ing for peace has nothing to Mr. Trudeau characterized
And soccer officials barred Amedspor’s coach, players have become commonplace win to “those who have lost do with that,” he said. “Soc- the shift as a way for Canada
the club’s fans from attend- and fans. “We don’t want to in the bleachers. After scor- their lives and those cer is brotherhood, unity, to participate more effectively
ing today’s home game be used as a political tool,” ing, players sometimes greet wounded in the repression in peace.” in the mission rather than as a
against Istanbul’s celebrated Amedspor coach Sertaç fans with a military salute to our land.” Today, Amedspor’s 4,000- reduction in its role. Canadian
19-time Turkish league Küçükbayrak said Monday in honor fallen troops. The federation fined the seat stadium will be empty forces will continue to supply
champions Fenerbahçe, be- an interview at the team’s When Amedspor goes on club for fan and player mis- save for a few dozen officials air-refueling and surveillance
cause of their antagonistic training ground as Turkish the road, the team says play- behavior, barring spectators and club executives. assistance to its allies, and its
chants in a previous game. jet fighters—frequently used ers are sometimes greeted from today’s match in Diyar- “We were hoping to play trainers will advise local Iraqi
One of the team’s key to bomb Kurdish militants— with vitriolic chants such as bakir and banning Mr. Naki Fenerbahçe in a festive envi- forces on the ground.
players has been banned whizzed overhead. “We just “terrorists out.” for 12 games. ronment,” said Mr. Küçük- Canada’s move from a com-
from taking part in pivotal want to play soccer.” In Diyarbakir and the Amedspor’s fans see bla- bayrak, Amedspor’s coach. bat role stands in contrast to
games for criticizing the Amedspor’s troubles re- southeast, the fans make tant inequality. “Teams from “But we got a fine to play it the mounting military efforts
government’s security opera- flect a polarized nation that their own views well known. western Turkey have never without spectators, just be- by other Western allies in the
tions in southeastern Turkey. is wrestling with the re- In December, the club’s been punished for racist cause our fans said ‘Kids U.S.-led coalition, particularly
The federation said sumption of a deadly conflict fans booed the Turkish na- chants against clubs from shouldn’t die, they should in the wake of November’s ter-
Amedspor was penalized for between the Turkish military tional anthem during a home the southeast, but for what- come to matches.’ ” ror attacks in Paris. France is
stepping up airstrikes, and
both the U.K. and the Nether-
Somalia Bomber Said to Target Turkish Plane lands have expanded their air
campaigns against Islamic
State into Syria. In December,
the U.S. said it would deploy
BY HEIDI VOGT 55, the passenger identified by hole in the fuselage of a Dji- sives and its recipient was Mr. formation. We’re going to get additional special operation
Somali officials as the bomber, bouti-bound Airbus A321 last Borle. to the bottom of it as soon as forces in Iraq and Syria.
NAIROBI, Kenya—The sui- was killed in the Feb. 2 blast on week was hidden in a laptop. Turkish Airlines said the possible,” Mr. Aato said. The U.S. government sig-
cide bomber who tried to the Daallo Airlines flight. Two Surveillance footage re- flight was canceled because of No group has claimed re- naled support for Canada’s
down a Somali passenger jet other passengers were injured. leased by Somali officials over weather, but had no further sponsibility for the explosion plans. “The secretary sees
last week likely meant to at- Mr. Borle was originally the weekend purportedly comment on the Somali but suspicion has been fo- these as significant contribu-
tack a Turkish Airlines plane, ticketed to fly out of Mogadi- shows two men who appear to spokesman’s statement. cused on al-Shabaab, an Isla- tions, and he appreciates the
Somali authorities said. shu on Turkish Airlines, but be airport employees walking Mr. Aato said more than 20 mist extremist group that is decision by the Trudeau gov-
The new finding suggests when the flight was canceled together through the airport people have been arrested in seeking to overthrow the So- ernment to step up Canada’s
the attacker was originally he and other passengers were terminal in Mogadishu. One of connection with the investiga- mali government. Its fighters role in the campaign at this
targeting Turkey, a country reticketed on Daallo Airlines, the men takes an item from tion, including the two men on have hit targets both inside critical time,” Pentagon press
that is supporting Somalia in Somali government spokes- under his arm and passes it to the video. Those men weren’t and outside Somalia. Al-Sha- secretary Peter Cook said, re-
its fight against Islamist ex- man Abdisalam Aato said a third man walking in the op- actual airport employees but baab has vowed to attack ferring to U.S. Defense Secre-
tremist groups such as al-Sha- Monday. posite direction. impostors, he said. countries assisting the Somali tary Ash Carter.
baab. Authorities also confirmed Mr. Aato said the item was “The suspects are cooperat- government in the fight —Felicia Schwartz
Abdullahi Abdisalam Borle, Monday the bomb that blew a a laptop rigged with explo- ing, and we’re getting good in- against the insurgent group. contributed to this article.
THE WALL STREET JOURNAL. * * * * * * NY Tuesday, February 9, 2016 | A9
WORLD NEWS
North Korean Leader

Seeks Elites’ Backing
BY JONATHAN CHENG the nuclear program at the have to tighten their belts
same time. again, after the famine-scarred
SEOUL—North Korea’s “Internal drivers clearly years under his father, Kim
long-range rocket launch could outweigh external consider- Jong Il, whose military-first
bolster leader Kim Jong Un’s ations as factors influencing policy strained the economy.
standing at home ahead of a regime decision making,” said By launching the congress,
rare party congress where he Scott Snyder, an expert on Ko- said Nicholas Eberstadt, a
is expected to lay out his blue- rea studies at the Council on North Korea expert at the
print for the country’s future. Foreign Relations. The recent American Enterprise Institute,
Following last month’s nu- tests were “accomplishments “he’s saying that we’re back to
clear test and Sunday’s launch, that provide space for a return old-time politics, back to the
KYODO/REUTERS
Mr. Kim’s claims of success in to focus on [the] economy in good old days.”
missile development give him the coming months,” he said. Still, putting a focus on
wiggle room to turn his atten- The party congress, which economic growth carries risks.
tion to the economy—particu- was announced in October, The regime will have to meet
larly, enriching the elite whose will be the first since 1980, raised expectations from its Leader Kim Jong Un watching the launch of a long-range rocket in this photo released Sunday.
support underpins the re- when Mr. Kim’s grandfather, elites, many of whom have
gime’s survival. Kim Il Sung, was in charge. In contact with the outside world ingly frustrated with North Korea said put a satellite into jing remains unwilling to in-
Mr. Kim could use the con- some ways, Mr. Kim is framing and are aware of the disparity Korea since Mr. Kim took space—was especially galling flict economic damage that it
gress in May to push for a re- the congress as a return to the between living conditions in power, and U.S. officials have for China as it had sent a se- fears could cause the North
newed focus on byungjin, a country’s glory days, when it North and South Korea. North been pressing Beijing to rein nior diplomat, Wu Dawei, to Korean regime to collapse,
policy idea he advanced after was able to compete economi- Korea relies heavily on trade him in using its leverage as Pyongyang last week to dis- triggering an influx of refu-
succeeding his father as leader cally with South Korea. with China, which is facing a Pyongyang’s biggest aid donor, suade Mr. Kim from carrying gees into northeastern China.
in 2011, which promises devel- Mr. Kim has promised that souring economy. investor and trade partner. out the test. —Jeremy Page
opment of the economy and North Koreans would never China has grown increas- Sunday’s launch—which North However, diplomats say Bei- contributed to this article.
STOCKS Seeking Safety

Yield on the 10-year Treasury note
market,” said Peter Stournaras,
portfolio manager of the Black-
Rock Large Cap Series Funds,
who said he owns financials. He
ducing lending or otherwise re-
treating from their position at
the center of economic activity.
The bonds issued by U.S. banks
27%, Goldman is down 17% and
J.P. Morgan Chase & Co. and
Wells Fargo & Co. are each down
14%.
Continued from Page One 4.0% said current prices suggest in- continue to perform well, a sign As a result, all but Wells
that has shaved tens of billions vestors expect banks to take of the firms’ relative robustness trade at a discount to their
of dollars from the value of 3.5 losses on loans that exceed oper- and the tighter regulations that stated per-share net worth, a
major U.S. banks’ shares this ating earnings, which he deems mark a sharp contrast with measure known as book value.
year. 3.0 unrealistic. 2008. “These are really complicated
European lenders are also On Monday, shares of Chesa- Even so, the selloff has un- companies, and the complexities
2.5
suffering. The Stoxx Europe 600 peake Energy Corp. lost a third nerved many investors who fear are part of the risk,” said Anat
index fell 3.5% on Monday, with of their value amid concerns the market is telling them some- Admati, professor of finance and
2.0
Germany’s Deutsche Bank AG about the natural-gas firm’s fi- thing they can’t see in the banks’ economics at Stanford University.
sliding 9.5%. Adding to the jit- nances, raising concerns about books, a worry with echoes of The uncertainty is reflected
1.5
ters abroad, a small German bank exposure to similar firms. the financial meltdown. in a spike in the cost to protect
lender, Maple Bank GmbH, de- Monday 1.736% And over the weekend, China “We’re six years from the fi- against missed debt payments
1.0
faulted on its debt Monday. reported its latest monthly capi- nancial crisis, and there’s no using insurancelike contracts
Underlying the anxiety is an 2011 ’12 ’13 ’14 ’15 ’16 tal outflow, a development that confidence that the banks are called credit-default swaps.
about-face in many investors’ Source: Ryan ALM THE WALL STREET JOURNAL. many analysts fear could pres- going to do better,” said Brad Since the end of October, the
expectations for global growth. age a yuan devaluation that Hintz, a former bank-stock ana- costs have increased more than
While the U.S. economy contin- rates will stay lower for longer is ing to them that a profit recov- would lead to further market lyst and chief financial officer at 60% for some large commercial
ues to add jobs, suggesting that fueling a sharp decline in expec- ery for financial firms could be turmoil. Lehman Brothers Holdings Inc. banks, according to data from
a recession isn’t at hand, econo- tations for banks and related years away. So far, there is little sign that who is now an adjunct professor FactSet.
mists at many major financial firms. Rising rates are good for Adding to investor concerns the bank-share rout is creating at New York University. “Bank During that time period, the
institutions have reduced their banks because they increase the are the sense that the carnage headwinds for a U.S. recovery stocks have shifted to being cost to insure Morgan Stanley
expectations for Federal Reserve spread between what banks from the oil-market rout of the entering its seventh year. Bank trading vehicles” for betting on bonds for five years has in-
rate increases and U.S. interest charge on loans and what they past two years could hit bank executives have said during a a possible recession, he said. creased 66%, to $141,000 in an-
rates. The 10-year U.S. Treasury pay for deposits and other fund- balance sheets and the fear that generally solid fourth-quarter The KBW Nasdaq Bank Index nual payments per $10 million of
yield on Monday slid to 1.74%, ing. While the outlook for banks’ banks haven’t fully disclosed all earnings season that they don’t of large U.S. lenders is down 19% debt, according to FactSet. In
its lowest level in a year, and Eu- profits has been soft for years, the risks they could face in a expect a U.S. recession and they this year. Among the largest U.S. 2011, amid the Greek debt crisis
ropean government-bond yields the advent last month of nega- broad economic downturn. believe this year’s market selloff financial firms, Morgan Stanley that roiled financial markets, the
tumbled as well. tive interest rates in Japan has “Concerns are being ampli- is overdone. Few analysts say is down 29%, Bank of America cost reached about $490,000,
The perception that interest jarred many investors, suggest- fied dramatically in the current they see any signs banks are re- Corp. and Citigroup are down according to FactSet.
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FROM PAGE ONE
ILLEGAL calculated that undocumented

workers cost Arizona taxpayers
more than $1 billion a year for
education, medical care and in-
At a Home Depot store in
Maryvale recently, a dozen
men from Mexico and Central
America milled around the
Continued from Page One carceration, after subtracting parking lot looking for work.
jobs was a boon for some na- the estimated taxes they pay. Juan Castillo, a gregarious
tive-born construction and ag- Four years later, Judith Mexican who said he had regu-
ricultural workers who got jobs Gans, then manager of the im- larly crossed the border ille-
or raises, and that the depar- migration-policy program at gally over the past 10 years,
tures also saved the state the University of Arizona’s said he and his colleagues can
money on education and health Udall Center for Studies in do landscaping, concrete work,
care. Whether those gains are Public Policy, examined the is- drywall or whatever else is
worth the economic pain is the sue for all immigrants, not just needed.
crux of the debate. illegal ones. She concluded that Before E-Verify, 30 to 40
Gordon Hanson, a University immigrants accounted for men would show up at 4:30
of California at San Diego nearly $1 billion more in an-
BRANDON SULLIVAN FOR THE WALL STREET JOURNAL

a.m. and would usually find
economist who has studied the nual tax revenue than they cost jobs by 10 a.m. Since then, the
issue for the nonpartisan the state. job seekers rarely thin out dur-
Council on Foreign Relations, Moody’s Analytics looked at ing the day despite the worker
has detailed how large-scale Arizona’s economic output for shortage because employers
immigration undermines wages The Wall Street Journal, with are shying away from hiring
for low-skilled workers. In Ari- an eye toward distinguishing undocumented workers.
zona’s case, he thinks the state between the effects of the “E-Verify is a problem for
is paying an economic price for mass departures of illegal im- us,” Mr. Castillo said. “We can
its decision. “As the U.S. econ- migrants and the recession work for a week. It takes that
omy continues to recover, the that hit the state hard begin- long for the paperwork. Then
Arizona economy will be ning in 2008. It concluded that we’re out.”
weighed down by slower the departures alone had re- Another would-be worker,
growth and by less export produced Arizona’s gross domestic Manuel Bernal, noted that be-
duction in traditional indus- product by an average of 2% a Rob Knorr, right, of Maricopa, Ariz., says he hasn’t been able to hire enough Mexican field hands. cause the Mexican economy
tries” such as agriculture year between 2008 and 2015. has improved, laborers with
where illegal immigrants play a Because of the departures, to- families in that country are
big role, he says. tal employment in the state The Economics of Outmigration more inclined to stay there.
Proponents of doing more was 2.5% lower, on average, Arizona's economy took a hit when large numbers of illegal immigrants left following a crackdown, but Pew Research says that, na-
to curb illegal immigration say than it otherwise would have the state saved money on education and health care. tionally, more Mexicans now
the mass departures helped been between 2008 and 2015, are heading home than coming
the state economically in sev- according to Moody’s. Percentage of Arizona GDP lost Students enrolled in intensive Emergency-room Medicaid into the U.S. The Center for
eral ways. Government spend- The recession, of course, each year as a result of the English courses in Arizona spending on noncitizens Migration Studies estimated
ing on health care and educa- also hurt the state’s economy. departure of illegal immigrants public schools the number of undocumented
tion for illegal immigrants and Mr. Hanson, the immigration immigrants fell to 10.9 million
their U.S.-born children economist, said the economic 3% 150 thousand $180 million in 2014, from 12 million in
dropped. Wages for plasterers, downturn led many migrants 2008.
landscapers, farmworkers and to leave. The labor shortage has
other low-skilled laborers Economic activity produced caused some wages to rise.
jumped because of scarcity, ac- by immigrants—what econo- 2 100 120 Carlos Avelar, a placement of-
cording to employers and fed- mists call the “immigration ficer at Phoenix Job Corps, a
eral data. surplus”—shrank because federal job-training center,
“Even if the size of the there were fewer immigrants says graduates now often mull
state’s GDP decreased, the de- around to buy clothing and 1 50 60 two or three jobs offers from
crease in immigration redis- groceries, to work and to start construction firms and occa-
tributed income from employ- businesses. sionally start at $14.65 an hour
ers to employees, particularly These days, construction, instead of $10.
at the bottom end of the labor landscaping and agriculture in- At DTR Landscape Develop-
0 0 0
market,” says Steven Cama- dustries, long dependent on ment LLC, the firm’s president,
rota, research director of the migrants, complain of worker 2008 ’10 ’12 ’14 2008* ’10 ’12 ’14 2008* ’10 ’12 ’14 Dick Roberts, says he has in-
Center for Immigration Stud- shortages. While competition *for years ending in June creased his starting wage by
ies, in Washington, which fa- for some jobs eased, there Sources: Moody’s Analytics; Arizona Department of Education; Arizona Health Care Cost Containment System THE WALL STREET JOURNAL. 60% to $14.50 an hour because
vors reduced illegal immigra- were fewer job openings over- he is having trouble finding re-
tion. “That’s a good deal.” all for U.S.-born workers or le- grants in Arizona, about 85% neighborhoods. Real-estate $106 million, from $167 mil- liable workers.
gal immigrants. of whom came from Mexico, agent Patti Gorski says her lion. And between 2010 and One immigrant-heavy indus-
According to the Moody’s are barred from receiving gov- sales records show that prices 2014, the annual cost to state try, construction, has added
Big drop analysis, low-skilled U.S. na- ernment benefits, including of homes owned by Spanish- prisons of incarcerating non- about 15,000 jobs in Arizona
Between 2007 and 2012, Ar- tives and legal Hispanic immi- nonemergency hospital care. speaking customers fell by 63% citizens convicted of felonies since 2011 and now has total
izona’s population of undocu- grants since 2008 picked up They can’t receive punitive between 2007 and 2010, com- fell 11% to $180 million, from employment of 127,000, ac-
mented workers dropped by less than 10% of the jobs once damages in civil lawsuits. pared with a 44% drop for $202 million. cording to the Bureau of Labor
40%—by far the biggest per- held by undocumented immi- Many can’t get drivers’ li- English-speaking customers, a Statistics, half the number of
centage decline of any state— grants. In a separate analysis, censes and aren’t eligible for difference she attributes partly 2006. Employment in farming,
according to the Pew Research economists Sarah Bohn and in-state tuition rates. Arizona to financial pressure on owners Worker shortage which also depends on immi-
Center, a nonpartisan think Magnus Lofstrom of the Public developed a national reputa- who had been renting homes As the Arizona economy re- grants, has rarely exceeded
tank whose numbers are cited Policy Institute of California tion for tough enforcement of to immigrants who departed. covered, a worker shortage be- 9,500 since 2008, according to
by pro and anti-immigration and Steven Raphael of the Uni- the rules. SB 1070 prompted some gan surfacing in industries re- the bureau, whose numbers
groups. California, the biggest versity of California at Berke- Arizona’s immigration flow unions and other organizations lying on immigrants, mainly cover workers on large
border state, lost just 12.5% of started to reverse in 2008 af- to boycott the state, in some documented or not. Wages farms.
its illegal immigrants during
that time period. Since 2012,
The cost of illegal ter the state became the first
to require all employers to use
cases canceling conventions. In
Latino neighborhoods, sales
rose about 15% for Arizona
farmworkers and about 10% for
Mr. Knorr, the pepper
grower, says he planted just
Arizona’s illegal-immigrant immigration has the federal government’s E- declined at grocery stores and construction between 2010 and 120 acres last year, down from
population hasn’t grown much,
if at all, according to state
been a big political Verify system, which searches
Social Security records to
other businesses catering to
migrants. At the Maryvale
2014, according to the Bureau
of Labor Statistics. Some em-
as many as 550 in years past,
because he couldn’t find
economists and employers and issue in Arizona. check whether hires are autho- Market, in an immigrant com- ployers say their need for enough harvest workers.
preliminary data from Pew. rized to work in the U.S. That munity of ranch homes, Ashok workers has increased since He says mechanization is his
Since 2007, about 200,000 un- law coincided with the collapse Patel says his business is down then, leading them to boost future. He continues to pour
documented immigrants have ley conclude that employment of the construction industry by half since 2008. wages more rapidly and crimp- time and money into a laser-
left the state, which has a pop- declined for low-skilled white and the recession. The combi- On the other side of the eco- ing their ability to expand. guided device to remove stems
ulation of 6.7 million. native workers in Arizona dur- nation persuaded many illegal nomic ledger, government Before the immigration from peppers, which pickers
The cost of illegal immigra- ing 2008 and 2009, the height immigrants to leave for neigh- spending on immigrants fell. crackdown, Precise Drywall now do by hand in the field.
tion has been a big political is- of the out-migration. One boring states or Mexico. State and local officials don’t Inc., of Phoenix, would deploy Another farmer in the area de-
sue in Arizona for years. But bright spot: the median income In 2010, as the state econ- track total spending on undoc- 50 people for jobs building lux- veloped a mechanical carrot
pinning down exactly how of low-skilled whites who did omy began to recover, the Leg- umented migrants or how ury homes. “I could pull out harvester.
much it costs the state, and manage to get jobs rose about islature stepped up pressure. many of their children attend phone books where I had 300 Mr. Knorr says he is willing
how much is collected from il- 6% during that period, the Under a new law, SB 1070, po- public schools. But the number or 400 guys’ numbers” to fill to pay $20 an hour to opera-
legal immigrants through taxa- economists estimate. lice could use traffic stops to of students enrolled in inten- out crews, recalls company tors of harvesters and other
tion, is surprisingly hard to do. Arizona’s population of ille- check immigration status. An- sive English courses in Arizona President Jeremy Barbosa. No machines, compared with
The state doesn’t count it. Esti- gal immigrants grew nearly other section of the law, later public schools fell from longer. Many immigrants left about $13 an hour for field
mates vary widely, depending fivefold between 1990 and struck down by the Supreme 150,000 in 2008 to 70,000 in and haven’t returned, while hands. He says he can hire
in part on debatable issues 2005, to about 450,000, ac- Court, made it illegal for day 2012 and has remained con- other workers moved on to skilled machinists at commu-
such as whether to include the cording to Pew Research. laborers to stand on city stant since. Schooling 80,000 other industries. nity colleges, so he can rely
cost of educating U.S.-born Starting around 2004, the streets and sign up for work on fewer students would save the “Now you have to put out less on migrant labor.
children of illegal immigrants. state approved a series of mea- construction crews. state roughly $350 million a feelers, buy ads, go on Craigs- “I can find skilled labor in
In 2004, the Federation for sures, either by ballot initia- “It was like, ‘Where did ev- year, by one measure. list, tap job agencies just to get the U.S.,” he says. “I don’t have
American Immigration Reform, tives or legislation, aimed at erybody go?’ ” says Teresa During that same period, a few men,” says Mr. Barbosa. to go to bed and worry about
a Washington-based group that discouraging illegal immigra- Acuna, a Phoenix real-estate annual emergency-room spend- “Growth is based on the ability whether harvesting crews will
seeks to reduce immigration, tion. Undocumented immi- agent who works in Latino ing on noncitizens fell 37% to to hire.” show up.”
PARTY tunism when she tweeted in

support of the University of
Iowa football team—ahead of
the Iowa caucuses—over her
dance music and being thrilled
when his family got an ency-
clopedia collection.
Mike Skelton, the 33-year-
competitive primary election
for both parties, about 30% of
voters on each side were under
40, according to exit polls.
Continued from Page One alma mater, Stanford. She said old chief of the Greater Man- Some candidates are mo-
from the audience. the tweet was “tongue-in- chester Chamber of Commerce, mentarily puzzled by the un-
Most of the big-name Re- cheek.” helped moderate the events orthodox queries. “So what’s
publican candidates attended a There have been only a few and said Republican candidate your question? Who would I
session, but both main Demo- awkward moments at the “Life Jeb Bush was “absolutely the invite?” asked Ohio Gov. John
JANET HOOK/THE WALL STREET JOURNAL
crats couldn’t fit it into their of the Party” events, which are biggest surprise” because “you Kasich, about the White House
schedules before Tuesday’s videotaped. Asked to name a got to see how engaging he party question.
New Hampshire primary. nonpolitician he would like to was.” Later, Mr. Kasich couldn’t
The inspiration came in part have a beer with as president, Mr. Bush described himself resist going paternal. Asked
from “Mitt,” the 2014 docu- Florida Sen. Marco Rubio men- as an “introvert,” and said that what music he liked, he di-
mentary and behind-the- tioned the teenage Nobel Prize his theoretical party at the gressed into talking about a
scenes look at the 2008 and laureate Malala Yousafzai on White House, for young profes- late rock star who had high-
2012 presidential campaigns of his list, prompting some jabs sionals, would be a more seri- profile substance-abuse bat-
former Massachusetts Gov. online that Mr. Rubio wanted ous affair in which he would tles. He wanted to know who
Mitt Romney, Mr. Levesque to have a beer with an under- try to learn from the group. in the audience had seen drug
said. GOP candidate Ted Cruz received a lightsaber when he appeared age Muslim. “So it would be more of a use at parties.
In one memorable part of at a ‘Life of the Party’ event in New Hampshire in January. When Mr. Cruz was asked house coffee?” he was asked. “Anybody here?” he asked.
that show, Mr. Romney, wear- which three people—living or “Well, I would give you “Nobody? You don’t want to
ing a tuxedo and about to ties” to voters, said Dante And GOP presidential candi- dead—he would like to invite snacks,” Mr. Bush replied. say yes, because the camera’s
leave for an event, realizes a Scala, an associate professor of date and former New York to a party, with specific in- He also let on that, as he on, OK?”
cuff on his shirt is wrinkled. political science at the Univer- Mayor Rudy Giuliani took structions not to include poli- goes from one hotel to another “Now, back to bands that I
He tries to quickly iron it while sity of New Hampshire. some heat in 2007 when, after ticians, he named the three fig- while campaigning, he yearns like,” Mr. Kasich said, mention-
still wearing the shirt. Of course, off-the-cuff mo- his beloved Yankees lost in the ures whose busts he has in his for the mattress he splurged ing his love for Pink Floyd.
“Ouch,” Mr. Romney says as ments can also result in bloop- playoffs, he said he was root- office, which include Ronald on back home. On style, Mr. Cruz said Re-
he irons. “Ouch. Ouch!” ers that become part of politi- ing for the Boston Red Sox to Reagan and Winston Churchill, “I bought a really cool bed,” publicans should lighten up.
“That’s good enough, Mitt cal lore. As a running mate for win the World Series over the both politicians, as well as ache said. “I mean this is a bed “Would it kill Republicans to
for goodness’ sake,” his wife Democrat George McGovern’s Colorado Rockies. He was tivist Martin Luther King. that, it costs about like a Yugo crack a joke? Have some fun.”
tells him. ill-fated 1972 presidential bid, panned as pandering to New Still, he and other guests of- or Hyundai. It’s a pretty expen- He then told a couple of his
Many viewers “had no idea Sargent Shriver, the founding Hampshire voters since no fered personal tidbits. Mr. sive bed. It’s beautiful and I own jokes: “Reaganomics: You
that Mitt Romney was so per- director of the Peace Corps, self-respecting Yankees fan Cruz said his habit of playing sleep well.” start a business in your par-
sonable,” Mr. Levesque said. made a gaffe that decades would ever cheer on the Red videogames, including Candy Since the events draw 20- ents’ garage. Obamanomics:
For the politicians, there is later was mentioned in his Sox. Crush and Plants vs. Zombies, and 30-somethings, candidates You move into your parents’
a benefit to going off script. obituary: he called out “make In the 2016 race, Republican on his smartphone, “drives my also see a chance to reach garage.”
“Candidates get bonus points mine a Courvoisier!” in a work- presidential candidate Carly wife crazy.” Mr. Rubio talked young voters. In 2008, the last It didn’t bring the house
for showing their personali- ing-class bar. Fiorina was accused of oppor- about listening to electronic time New Hampshire had a down.
THE WALL STREET JOURNAL. NY Tuesday, February 9, 2016 | A10A
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OPINION
Bernie’s Wall Street Slander BOOKSHELF | By Sohrab Ahmari
Last Friday a
crane
lapsed
col-
in
bank has reached multibillion
settlements” with the feds.
This wasn’t the first time
he mean to put a few thou-
sand of them behind bars?
Those are questions that
Another interpretation is
that a government with almost
unlimited powers to break,
The Rise
lower Man-
hattan, killing
a man named
David Wichs.
Mr. Sanders has accused Wall
Street of fraud, and it surely
won’t be the last. No political
or social penalties attach, in
ought to be put to Mr. Sand-
ers, and ones his supporters
might also want to ask them-
selves. The strength of the
sue, micromanage or other-
wise ruin an unpopular insti-
tution is not a government
banks are eager to fight. The
Of Islamic State
GLOBAL
The next day today’s America, to the whole- Sanders candidacy is said to problem with capitalism isn’t
VIEW
the papers sale indictment of this entire lie in the purity of his ideal- that it concentrates excessive
The Syrian Jihad
By Bret
told the story industry and the people who ism, especially in contrast to economic power in the hands By Charles R. Lister
Stephens
of his life: a work in it. Had another presi- the morally flexible and ideo- of the few. It’s that it gives (Oxford, 500 pages, $24.95)
T
Jewish immi- dential candidate made a sim- logically ambidextrous candi- political power ever-tastier
grant from Czechoslovakia; a ilarly damning remark about dacy of Mrs. Clinton. treats on which to feast. Cov- he rise of Islamic State has finally shaken Americans
math whiz with a degree from But the reason Mr. Sanders ering for that weakness is the out of their war weariness. A CNN poll conducted in
Harvard; a thoughtful neigh- is drawing his big crowds is reason Wall Street plows December found that 53% support sending ground
bor and husband; “the nicest, The Vermont socialist neither his fanatical sincerity money into the pockets of troops to fight the terrorist army. The subject of ISIS even
most trustworthy person that nor his avuncular charm. It’s pliable Democrats like Chuck makes Bernie Sanders sound like a hawk. “The bottom line is
I have known,” according to preaches class hatred that he’s preaching class ha- Schumer, Cory Booker—and that ISIS must be destroyed,” he tweeted in November.
his boss, Mark Gorton, of to crowds besotted by tred to people besotted by the Mrs. Clinton. This is a salutary development. And yet the president cur-
Tower Research Capital. Mr. politics of envy. Barack Obama, That’s something Mr. Sand- rently leading the global fight against ISIS, and most of the
Wichs was just 38 when he the politics of envy. running for president eight ers will never understand, presidential hopefuls vowing to crush it, misunderstand the
died. years ago, famously suggested being the sort of man whose geopolitical and sectarian dynamics that have made it the
I never met Mr. Wichs, but to Samuel “Joe the Plumber” notion of wisdom is to hold most powerful terrorist army known to man. How did that
reading about him reminded some other profession—pub- Wurzelbacher that “when you fast to the angry convictions happen? That question is at the heart of Charles R. Lister’s
me of so many people I know lic-school teachers, say, or oil- spread the wealth around it’s of his adolescence. That may “The Syrian Jihad.”
in his industry—prodigiously rig workers—there would good for everybody.” be why he connects with so Mr. Lister argues that the
bright and slyly funny, rea- have been the usual outcry Mr. Sanders dispenses with many younger voters. But it’s West is now paying the price
sonably wealthy but rarely about false stereotypes, the the niceties. “I do not have also why his moral judgments for its failure to stop Bashar
ostentatious, family men of decline of civility and so on. millionaire or billionaire are so sweeping and juvenile. Assad’s killing machine early on,
the type who show up at When Bernie says it about friends,” he boasts, as if Wall Street remains one of allowing ISIS to conquer a land
school auctions and United Wall Street there’s a collective there’s an income ceiling on America’s crowning glories. situated atop the Middle East’s
Jewish Appeal dinners. Maybe shrug, if not nodding agree- virtue. That’s telling the To insinuate that the people most sensitive fault lines. Others
they voted for Barack Obama ment. 10,100,000 American house- who make it work are swin- have reached the same conclusion,
the first time, probably not Some six million people holds with a net worth of at dlers is no less a slur than to but few share Mr. Lister’s authori-
the second. They’re the peo- work in financial services in least $1 million (excluding the tag immigrants as criminals tative grasp of the subject. The au-
ple who, even now, make America, according to Com- value of their homes) to buzz and moochers. thor is a terrorism analyst who has
American finance the envy of merce Department figures. off. My colleague Holman Jen- interviewed many of the actors in
the world. Take only the securities and It is also telling any intel- kins once cracked that some the Syrian civil war, and he has
They’re the most demon- investment end of the busi- lectually sentient voter that plausible ideas vanish in the done yeoman’s work in tracing how
ized people in America. ness, and you’re still talking the drift of the modern Demo- presence of thought. I would the peaceful uprising that began in 2011
That’s the import of Bernie about 900,000 people, a pop- cratic Party runs in the same add that some widespread be- was hijacked by an Islamist insurgency that now
Sanders’s remark, in his de- ulation that considerably ex- illiberal direction as the liefs vanish in the presence of threatens global security.
bate last week with Hillary ceeds Vermont’s 626,000. Is Trumpian right, only with a decency. That goes as much The Assad regime has long made tactical use of jihadists,
Clinton, that “the business Mr. Sanders suggesting that different set of targets. Mr. for Bernie Sanders’s economic cracking down on them when necessary while also encourag-
model of Wall Street is fraud.” some large proportion of Sanders thinks Wall Street’s prejudices as it does for Don- ing them to wage terror campaigns abroad and even at times
The senator from Vermont those 900,000 is in on the guilt is proved by its capitula- ald Trump’s ethnic ones, a facilitating their movement. Damascus’s flirtation with Sunni
went on to say that “corrup- fraud; that every man among tion to the demands of a gov- thought that ought to trouble Islamists is one of Mr. Lister’s central themes. After 9/11, the
tion is rampant” in the finan- them is a Madoff—including ernment that could barely the placid consciences of this author notes, Mr. Assad’s “security apparatus continued to
cial sector, his evidence being David Wichs? And if they are prove a single case of banker column’s more liberal readers. provide Islamists and jihadist circles the necessary space to
that “major bank after major the criminals he alleges, does fraud in court. Write bstephens@wsj.com. operate.” This way the jihadists wouldn’t turn their attention
to his regime; they were too busy targeting the West. Mr.
Assad could play a double game as both a war-on-terror part-
Governors vs. Senators ner (before Western audiences) and as an anti-Western stal-
wart of resistance (before Arab ones). Mr. Lister quotes a
leading Syrian Salafist telling his disciples that Mr. Assad left
In a Republi- primary races. Ditto for fellow turned fire after Mr. Trump place, with 5.3% of the vote. them alone because “we were focusing on the common en-
can contest senator Ted Cruz. attacked him over Iowa. The Even if he confounds the polls emy, America and Israel.”
for conserva- What gives? Certainly it bigger problem for Mr. Bush is and more than doubles his Following the 2003 U.S. invasion of Iraq, Mr. Assad opened
tive hearts, cannot be for any lack of credi- that while he’s been willing to share, the likelihood is that it a jihadist corridor stretching from Syria’s eastern provinces
governors al- ble governors. When this race go after Mr. Trump his attacks won’t be nearly enough. to western Iraq. As Iraq’s al Qaeda-led insurgency grew and
most always first started, the Republican have not resonated. Mr. Kasich, by contrast, evolved into a proto-Islamic State, Mr. Lister writes, “it was
best senators. ranks were stuffed with gov- Until Saturday night, when seems to be connecting, and the foreign fighters streaming in from Syria who brought
MAIN
For good rea- ernors and ex-governors with Mr. Bush took on Mr. Trump’s his brand of practical conser- with them cash and a willingness to carry out strategically
STREET
son. records of conservative achieve- defense of using eminent do- vatism in a state Republicans invaluable suicide operations.” Mr. Assad would pay a high
By William
New Jersey ment: Wisconsin’s Scott Walker, main for private developments need to carry in November is price for this cynical exercise.
McGurn
Gov. Chris Texas’ Rick Perry, Ohio’s John as opposed to the more limited certainly getting New Hamp-
Christie ze- Kasich, Louisiana’s Bobby Jin- shire voters to take a second
roed in on it Saturday night in dal, Florida’s Jeb Bush and New look. But he’d have to do not Donald Trump and Ted Cruz say they would
his takedown of Florida Sen. Jersey’s Mr. Christie. Other In the GOP war for just well but very well to at- keep Assad in power to defeat the Syrian jihad.
Marco Rubio: As legislators former governors in the race tract the donors he needs to
competing for the highest ex- included New York’s George second or third, the keep the momentum and his But ISIS is a product of the Assad regime.
ecutive post in the land, sena- Pataki, Virginia’s Jim Gilmore governors have given campaign going.
tors cannot point to achieve- and Arkansas’s Mike Hucka- Which brings us back to the
ments the way governors can. bee. Donald Trump a pass. senators. By the nature of the The 2007 U.S.-led surge routed al Qaeda’s Iraqi franchise,
As Republicans head into Yet here we are, with nearly job, a senator shines when he then known as Islamic State of Iraq (ISI). The global jihadist
Tuesday’s New Hampshire pri- two-thirds of the governors opposes a president. In this movement spent the next few years in a state of disarray that
mary, Mr. Christie might also having dropped out before the public use (highways, bridges, race, Mrs. Clinton’s pitch that culminated in the 2011 assassination of Osama bin Laden. Yet
have invoked the Obama admin- first Republican primary vote etc.) that conservatives favor. a victory for her will effec- the group found a fresh opening as Mr. Assad launched a vi-
istration as an example of what was cast. For those who re- It was a good, clean hit—but tively be a third Obama term cious crackdown against the Syrian uprising that spring.
happens when you do hand sen- main—Mr. Kasich, Mr. Bush, again, probably not enough to may feed this rhetorical ad- As Mr. Lister reminds readers, jihadism was a marginal
ators some executive authority. Mr. Christie (Mr. Gilmore does bring down Mr. Trump or vantage. Without an executive force in the early days of the revolt. Though there had always
From Barack Obama as presi- not count)—New Hampshire is make a winner out of Mr. record to boast about, Mr. been a strong Sunni-Islamic current in the opposition to
dent and Joe Biden as vice do or die. And even these guys Bush. Cruz and Mr. Rubio are forced Assad’s minority Alawite regime, “sectarianism was not the
president to Hillary Clinton and are battling for second or third Mr. Christie is not faring to campaign on what their language of the revolution,” Mr. Lister writes, “and neither
John Kerry as secretaries of place. much better. Though he cer- presidencies would mean for did Sunni Islamic demands feature within its founding plat-
state to Chuck Hagel as defense Thank Donald Trump for tainly scored against Mr. America’s future—and draw forms.” Mr. Assad set out to change that. He knew that his
secretary, you’d have to go back this. Mr. Trump may not have Rubio, New Hampshire re- sharp contrasts with the vision best chance for survival was to impose a war-on-terror frame
to Franklin Pierce for a White been a governor but he’s mani- mains a big obstacle to his Mrs. Clinton is offering. on the revolution: It was either him or Sunni fanatics.
House so top heavy with sena- festly an executive. Which he ambitions. In a primary that Of course, the senators are In summer 2011, ISI, now led by Abu Bakr al-Baghdadi, dis-
tors. How’s that working out? uses to his advantage even was supposedly tailor-made also counting on Donald patched one of its commanders, Abu Muhammad al-Jolani, to
Finally, there’s Republican more effectively than does Mr. for Mr. Christie’s strength (the Trump’s implosion somewhere seize the moment. Mr. Assad, meanwhile, released many of
history. The last time Ameri- Christie. Unlike the governors, town-hall meeting), the New along the line, whether it’s be- the jihadists in his jails—a move that makes sense only if his
cans elected a sitting Republi- who talk about their records Jersey governor doesn’t ap- cause voters tire of his out- strategy was to create chaos in the ranks of the opposition
can senator president was or their “proven leadership,” pear to be making the sale. bursts or realize, as Saturday and set himself up as Syria’s anti-jihadist savior. Thus was
Warren Gamaliel Harding in Mr. Trump’s executive energy Mr. Christie has made it no night’s mini-debate over emi- born al Qaeda’s Syrian franchise, Jabhat al-Nusra. The group’s
1920. The more recent Repub- is put almost entirely in the secret that he’s put all his chips nent domain illuminated, that battlefield prowess propelled it to the forefront of the armed
lican experience of senators as future tense: Constantly he on the Granite State, investing his concept of American great- groups, while the fractious, friendless and often shambolic
presidential nominees—Bob speaks of what he will do more time there than any other ness may be far closer to crony mainstream opposition was gradually sidelined.
Dole in 1996 and John McCain (however vague he is on how). Republican. But the return is capitalism than to traditional Messrs. Baghdadi and Jolani didn’t see eye-to-eye over
in 2008—offers even less en- In their bitter war for sec- looking more and more like the conservatism. how to carry on bin Laden’s project, however. Mr. Jolani be-
couragement for the idea. ond or third place, the gover- bad bets he’s made as governor So don’t count the senators lieved that he could best advance the cause by embedding his
But here’s the rub. nors have mostly let him get on the revival of Atlantic City. out. At least not until the peo- outfit within the mainstream opposition. Mr. Baghdadi didn’t
Notwithstanding Mr. Rubio’s away with it. Mr. Bush boasts When this column went to ple of New Hampshire have a care so much about overthrowing Mr. Assad. He wanted to
Saturday night botch, he may that he’s the only one willing press, the Real Clear Politics chance to tell us what Republi- create an Islamic state in Syria—sacred land that, according
still have more lasting power to go after Mr. Trump. That’s polling average for New Hamp- can voters really think. to Islamic prophecy, was to be the site of the apocalypse.
than the governors in these not exactly true—Mr. Cruz re- shire put Mr. Christie in sixth Write to mcgurn@wsj.com. That’s just what he did. When al Qaeda Central tried to
rein in Mr. Baghdadi, the latter dismissed and humiliated the
terror masters hiding out in the Hindu Kush. ISIS was born.
Notable & Quotable: College ‘Common Reading’

Mr. Lister’s book is packed with meticulous research, but
readers must slog through a narrative with all the charm and
polish of a Wikipedia entry. He quotes extensively from open-
From the executive summary ence fiction, and comic books, sial, and has a marked ten- A gruesomely large number of source intelligence, social media and internal Islamist com-
of “Beach Books: 2014-2016,” books with young protago- dency to redefine community memoirs assigned as common muniqués. But in disgorging everything he has learned, he
a report released Feb. 9 by the nists and books where the around a shared catechism of readings display protagonists seems to have given little thought to ordering and prioritiz-
National Association of Schol- students might already have belief rather than around a with missing limbs, stories of ing information. At one point, he writes that “Ahrar al-Sham
ars on its study of more than seen the movie, and affirming shared love of inquiry into war are more likely to tell of [a Syrian opposition group] found itself entering a new phase
350 universities’ “common books that make the students truth. The emphasis on fos- wounds than of valor, and of political positioning,” which is another way of saying Ah-
reading” programs—usually feel good about themselves tering non-academic values mental or physical dys- rar al-Sham adopted a new posture. Almost every sentence
books assigned to freshmen to and what they can do with such as community, civic function recurs as a subject could be trimmed this way.
read the summer before start- their college education. engagement, and social justice again and again. While suf- Although Mr. Assad has murdered tens of thousands of his
ing school: Mission statements for leads to selecting books that fering is often the predicate own people, he has yet to make a serious dent against the
common reading programs emphasize collective effort of achievement, the emphasis terror army. Indeed, the U.S. government has repeatedly ac-
Colleges presume students further limit the selected for non-academic pursuits on suffering is remarkably cused his regime of covertly aiding ISIS to maintain pressure
regard reading as a strange texts. Common reading pro- rather than the solitary disen- large. on the anti-Assad, anti-ISIS opposition. The result of these
and difficult activity, to which grams that require an author gagement that is a fundamen- College reading committees dynamics, Mr. Lister shows, is that extremists of various
they must be introduced with available for a campus visit tal component and delight of overwhelmingly select books stripes have “become integral players in battles” that are
careful thought and great cau- have to select a recent work, the life of the mind. College, that align with the liberal and “defining the entire Syrian conflict.”
tion. Since these colleges usu- and probably from an author this sort of common reading progressive worldview that ISIS’s cruelty and global ambitions mean that Western pol-
ally do not dare to enforce associated with a book pub- tells the incoming student, is pervades academia. The urge icy makers see the Syrian crisis fundamentally as a counter-
consequences for not reading lisher specializing in the com- a place to indulge a jolly, for consensus and soft edges terrorism problem. That view has pushed the U.S. into a de
the books, they instead have mercial genre of common earnest desire to change the makes most common readings facto alliance with Bashar Assad and his benefactors in Mos-
to allure the students with the reading books. The desire to world for the better—and cautiously liberal; a signifi- cow and Tehran. Republican front-runners Donald Trump and
sweetener of easy, exciting create community limits the nothing more. cant minority are daringly Ted Cruz say they would keep Mr. Assad in power to defeat
reading. The colleges therefore common readings to the most The endless emphasis on progressive; books that chal- the Syrian jihad. And yet as Charles Lister persuasively ar-
tend to assign no-fuss digest- anodyne of topics, excludes suffering rather than on lenge the liberal worldview in gues, ISIS is itself a product of Mr. Assad’s evil regime.
ibles—memoirs and nonfic- any intellectual topic interest- achievement is a peculiar tic any fashion are few and far
tion, young adult books, sci- ing enough to be controver- of the common reading genre. between. Mr. Ahmari is a Journal editorial writer based in London.
A12 | Tuesday, February 9, 2016 THE WALL STREET JOURNAL.
OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR
Clinton’s U.N. Candidate? The Humbling of America and the Rise of Iran
H
illary Clinton has made gender a major in Washington “to learn more about her candi- In “The Humbling of the West” The quest for new trade routes to
part of her pitch for the White House, dacy for Secretary General of the United Na- (Wonder Land, Jan. 28), Daniel Hen- East Asia and consequent settlement
ninger suggests that the lifting of of the so-called “New World” was es-
and the idea is catching on. A leading tions,” as the invitation puts it. Washingtonian sanctions pursuant to the Iran nu- sential for the West’s survival in this
candidate to become the next magazine reported in Decem- clear deal is enabling an Iranian in- civilizational struggle and should
Secretary-General of the The favorite to run ber 2013 that Ms. Coopersmith fluence over Europe not seen since similarly be a source of pride, not
United Nations is a Bulgarian Turtle Bay is Russia’s “is close to former Secretary of “brave Greece” defeated a Persian in- self-flagellation.
woman with a Communist past State Hillary Clinton.” vasion in 480 B.C. Mr. Henninger ROBERT M. PETRUSAK
and a record unfriendly to U.S. preferred choice. The Economist reports omits the humiliation imposed on the Fairfax, Va.
interests who is being pro- that Ms. Bokova is also “Rus- West during intervening centuries
moted by Chelsea Clinton’s sia’s preferred candidate.” when Islamic invaders accomplished Rome had been Tehran’s second-
mother-in-law. Last year she attended Vladimir Putin’s Mos- what the ancient Persians failed to biggest trading partner in Europe be-
The Bulgarian is 63-year-old Irina Bokova, cow Victory Day Parade, the biggest military do: conquer vast tracts of Europe, ex- fore the embargo. The Italians should
tending into what is now France and have been included in the contact
who since 2009 has run Unesco, the U.N. cultural display in Russian history. Most Western lead-
Austria. group that negotiated a nuclear deal
and social welfare agency. By tradition the top ers refused to attend Mr. Putin’s extravaganza In this regard, the present threat with Iran. A P5 + 2 (with Italy as a
job at the U.N., Secretary-General, rotates by rein protest over his depredations in Ukraine. from Iran is Islamic, not Persian and member) would have yielded a more
gion and it will be Eastern Europe’s turn when But Ms. Bokova was on hand with the likes of parallels a similar threat from lands advantageous agreement vis-a-vis the
Ban Ki-moon’s term expires at the end of this Chinese President Xi Jinping and Cuba’s Raul where Sunni Islam predominates over West and Israel.
year. The Bulgarian government may nominate Castro. the Shiite version practiced by most Lest we forget, Prime Minister
her for the post, which given her U.N. experience Ms. Bokova was an active member of the Bul- Iranians. Westerners delude them- Matteo Renzi warned of the dangers
would make her the favorite unless significant garian Communist Party in the Cold War era, selves in thinking that the Sunni-Shi- of appeasing Tehran: “The main
opposition develops. and her father edited the Party’s house organ. ite schism will render these threats problem of the area is Iran—if we
Ms. Bokova deserves more scrutiny, not least She graduated from the Moscow State Institute harmless. Conversely, Westerners don’t solve that one, we will not be
because of her record at Unesco. Long-time of International Relations in 1976 when tal- should find great pride, not self- able to solve the Israeli-Palestinian
loathing, in a history in which a be- conflict.”
Journal readers will recall that the U.S. withdrew ented students were dispatched to the institute
leaguered West turned the tables on ROSARIO A. IACONIS
from Unesco in 1984 after years of anti-Ameri- to become good Communist diplomats. And she mighty Islamic empires and created a Chairman
can agitation. The U.S. rejoined in 2003 saying remained a member of the Communist Party civilization whose technological and The Italic Institute of America
the agency had reformed. until it changed its name to the Bulgarian So- social progress surpasses all others. Floral Park, N.Y.
But in 2011 under Ms. Bokova, Unesco tried cialist Party.
to make an end run around the Middle East It’s true that the Cold War ended long ago, and
peace process by admitting the Palestinian Au- many former Communists in the former Warsaw
thority as a member state despite U.S. objec- Pact have become democrats in good standing.
Honest Climate Debate Is Almost Impossible
tions. Mrs. Clinton’s State Department was then But authoritarians are again on the march in the Regarding Patrick Michaels’s “The climate change and how they eclipse
forced by U.S. law to cut off the roughly $80 mil- world, Mr. Putin chief among them. As U.N. Sec- Climate Snow Job” (op-ed, Jan. 25): simple statistics. He said: “Humanity
lion in annual U.S. funding for Unesco. retary-General, Ms. Bokova would have global in- The National Oceanic and Atmo- is called to recognize the need for
spheric Administration methodology changes of lifestyle, production and
That law reflects Congress’s view that U.N. fluence and could create trouble for the U.S. All change appears to introduce poten- consumption, in order to combat
recognition of a Palestinian state before there the more so in a Hillary Clinton Administration tial for significant errors that likely this warming or at least the human
is a peace deal with Israel encourages the Pales- that would want U.N. approval and consensus for overstate the global-warming trend. causes which produce or aggravate
tinians to avoid direct negotiations. The cutoff its diplomatic undertakings. Even with that trendline boost, the it.” Changes in lifestyle for a greater
probably stopped other U.N. agencies from rec- If the next Secretary-General must be a magnitude of warming since the late good must be orchestrated by gov-
ognizing a Palestinian state lest they also lose woman from Eastern Europe, there is a better 1990s still falls well short of climate ernment. Climate science has to be
U.S. funds. But President Obama opposes the alternative. Kristalina Georgieva is currently a science predictions that drive to- settled so that moral and economic
funding cutoff and in December asked Congress vice president at the European Commission and day’s environmental policies. progress can occur and a more just
to reconsider. It declined. has worked at the World Bank. Though she isn’t Mr. Michaels argues that signs of world order established. Skeptics are
We can’t find a record of Mrs. Clinton’s views our ideal candidate—her fans include George So- global warming and its extreme ef- spitting into superstorm winds.
fects are misinterpreted and exag- JEFF GREEN
on Unesco funding, but she’s no doubt aware of ros—she lacks Ms. Bokova’s political baggage.
gerated and therefore far from set- Charlotte, N.C.
Ms. Bokova, who has participated in Clinton The current center-right government in Sofia tled. He may be right from a
Global Initiative events. Ms. Bokova is also might nominate Ms. Georgieva if there’s global scientific study and data-analysis Before offering the usual round of
friendly with women’s-rights activist Marjorie opposition to Ms. Bokova. standpoint, but do the numbers re- amens when they read Mr. Mi-
Margolies, a former Democratic Member of Con- The U.S. role is crucial here. No Secretary- ally matter? Challenging the climate- chaels’s piece, readers should see
gress who is a senior fellow at the University of General is likely to be approved if America is ac- change consensus gets scientists rid- what is posted on the NOAA’s Na-
Pennsylvania’s Fels Institute of Government—and tively opposed. Mr. Obama is leaving town in 11 iculed, discredited and bullied into tional Centers for Environmental In-
Chelsea’s mother-in-law. On Tuesday after Ms. months, and the next President will need a U.N. silence. By contrast, manipulation of formation list of the “Sixteen Warm-
Bokova delivers a lecture at the Fels Institute, she leader who isn’t hostile to American interests. warming data by using fudge fac- est Years (1880-2015).” It is easy to
and Ms. Margolies will share a stage for a “conver- We’d like to know where Mrs. Clinton stands on tors, corrupted data or by changing find, discusses the impact of El Niño
sation” and “Q&A” with the audience. Ms. Bokova’s candidacy, and the House and Sen- measurement standards is defended, in more detail and shows a very
condoned or covered up as trivial clear pattern of significant warming
The following day former Ambassador Esther ate may want to examine her record in Bulgaria
foibles in a fight to save the planet in the recent past that doesn’t de-
Coopersmith will host a dinner for Ms. Bokova and at Unesco. from humans. pend on El Niño or changes in what
A battle against climate change temperature measurements are used.
Chesapeake at Bay represents the greatest global op-

portunity for expanding government
Does Mr. Michaels really believe
that the scientists who shared this
I
control of lifestyles and achieving data are so blindly and conspiratori-
t’s getting uglier by the day in the oil and the oil price plunge might be temporary. But now social justice through redistribution ally wedded to proving global warm-
gas patch, as investors in Chesapeake En- that it is going on 18 months, the reckoning is of the world’s wealth. Last year’s en- ing that it is OK to only use their
ergy can attest. The former darling of Amer- here for companies with heavy debt loads. cyclical on the environment from data when it supports his case?
ica’s shale revolution saw its This is in one sense the hard Pope Francis captured the overriding CARL WERMER
shares fall by a third on Mon- Mr. Obama’s economic result of capitalism punishing moral and economic dimensions of Essex Junction, Vt.
day after a report that it had triumphalism is lost on over-leverage and business
retained a law firm to help mistakes. But the bad news for
with debt and restructuring. the oil and gas market. the rest of us is that energy has
The company said it “has no been one of the few bright Germany and the Perfect Kinderless Vacation
plans to pursue bankruptcy,” spots during this slow-growth We lived in Bavaria from 2000-02 I was born and raised in Germany
but the market turmoil is merely the beginning economic expansion. With oil and gas drilling with our two children, then aged 10 and am raising three children in the
of what promises to be a nasty year for American now hurting, tech is the main growth area left and seven. We were astonished the U.S. Yes, German children walk to
energy companies. and even that is in question as the global econ- first time we took our children to a school by themselves, and some kin-
The Chesapeake report sent the shares of omy slows. In a normal expansion, growth else- nice restaurant to see all the dirty dergartners go on wilderness sleep-
other energy companies tumbling as well, which where would offset a downturn in commodity looks aimed at us (“These German Va- overs. I envy them for the wholesome-
cationers Don’t Take Kindly to the ness and sense of empowerment these
in turn led a larger flight from equities. Investors markets like oil, but not this time.
Kinder,” page one, Feb. 1). We soon experiences provide and for their de-
did what they usually do in times of financial All of which made it strange last week to hear realized that our well-behaved chil- velopment of social competence. To
anxiety, which is flee to government bonds. President Obama use January’s lackluster jobs dren were an anomaly. It seemed bi- claim that these valuable lessons are a
The larger selloff may be overwrought unless report as an opportunity to claim economic tri- zarre in such an orderly society that result of “impatience with childhood”
we’re heading into a recession. But that’s not true umph. “The United States of America, right now, children were allowed to run ram- is preposterous. A typical German
in energy markets, which are already in recession has the strongest, most durable economy in the pant. But adults ignored bad behav- childhood is wholesome, balanced and
and for which the carnage is going to get much world,” he said, mocking Republicans for “their ior, such as when our neighbor’s 10- play-oriented. German children, in gen-
worse as long as oil prices stay near $30 a barrel doom-and-despair tour” in New Hampshire. He’s year-old attacked my daughter’s eral, are far better adjusted (and qui-
or lower. Banks and other lenders have been will- right if his comparison is Europe or Brazil, but soccer ball with an ax, or when the eter) than their micromanaged and
ing to keep companies afloat when it looked like that’s little consolation in Oklahoma. boys at the neighborhood pool were overscheduled American counterparts.
beating each other. And a country that offers free, world-
Perhaps kids are expected to get all class education from pre-K through
Bush, Trump and the Super Pacs the bad behavior out of their systems
before growing up into those law-
university and generous parental-leave
benefits deserves better than the child-
J
abiding, rule-loving German adults. phobic depiction offered in the article.
eb Bush’s beleaguered campaign is a de- Congress continues to maintain limits on how KELLY MUELLER MARION MEAKEM
finitive rebuttal to the Bernie Sanders- much individuals can give to candidates. This Elkridge, Md. McLean, Va.
Donald Trump claim that money controls means billionaires like Mr. Trump can self-fund
politics. So it was cognitive their campaigns, but the com-
dissonance to hear the man The GOP candidates are mittees of non-rich candidates The Land and Water Funds Serious Housecleaning Call
who has raised more dollars shooting at the wrong can’t raise more than $2,700 Are Used as They Should Be For Federal IT Security Staff
than anyone except for Hillary from any single donor. So the
Regarding your editorial “Parks and Regarding your editorial “Wash-
Clinton call for new campaign- campaign-finance target. candidates set up Super Pacs
Political Recreation” (Feb. 3): In my ington’s Next Hacking Target?” (Feb.
finance limits on Monday. to which billionaires can do- 40-year career in management posi- 2): Is it any wonder the majority of
“If I could do it all again I’d nate and which operate inde- tions with state and county park and Americans are thoroughly disgusted
eliminate the Supreme Court ruling,” the for- pendent of the candidates. recreation agencies in Nevada, I do not with our dysfunctional federal gov-
mer Florida Governor told CNN’s Dana Bash, re- It’s a loopy system, as Mr. Bush says, and he’s recall an instance of using state or lo- ernment? With a seven-year track
ferring to 2010’s Citizens United ruling that the right to want to have control over all the money cal Land and Water Conservation funds record of incompetence when it
government cannot regulate the political donated to elect him. But there’s no need to re- for purchasing land through eminent comes to “IT control deficiencies,”
speech of corporations and unions when they write the First Amendment to make this possi- domain “seizure schemes.” All land how can anyone justify Chief Infor-
support candidates or causes. “This is a ridicu- ble. Congress could fix the mess by repealing purchases were from willing sellers at mation Officer Danny Harris keeping
lous system,” he said, in which candidates the 2002 McCain-Feingold law, lifting all dona- agreed-to prices. The vast majority of his job?
“can’t be held accountable for the spending of tion limits and letting candidates collect the federal land purchases with LWC funds In the real world he would have
are for the purchase inholdings within been sacked long ago to pursue his
the Super Pac that’s their affiliate.” cash they need from any American donors in
national forests or national parks, “outside business ventures.” Unfor-
This is not a new theme for Mr. Bush. At a any amounts. again with willing sellers. A typical tunately, this same lack of account-
town hall last week in Henniker, New Hamp- Then Mr. Bush and the other non-wealthy land purchase would involve an adja- ability and cavalier attitude, border-
shire, he said: candidates wouldn’t need Super Pacs and could cent land owner approaching the fed- ing on the criminal, permeates too
“Look, I don’t like the idea of not being per- control all of their own political advertising. eral agency with an offer to sell, giving many government agencies. Can
sonally responsible for the money that’s being This would help political accountability, and it the agency time to evaluate the offer anyone say Department of Veterans
raised on my behalf. I don’t like that. I’d rather would also make it easier for non-wealthy can- and determine if it would be a valuable Affairs or IRS? You get the idea.
have it come right to me. In a perfect world, didates to compete against billionaire self- addition to the park, recreation area, LARRY ALBRIGHT II
you would have a libertarian deal where the funders like Mr. Trump. forest or wildlife refuge. Hudson, Ohio
money comes in, you accept, in 48 hours it’s Until that day, Super Pacs are a net plus for As for “the agencies that let the
parks fall into disrepair,” the federal
disclosed, there’s no dark money, it’s all there democracy by increasing political competition Letters intended for publication should
agencies you criticize have included be addressed to: The Editor, 1211 Avenue
for everybody to see, everything that’s done and educating the public about the candidates. many of those maintenance and infra- of the Americas, New York, NY 10036,
you’re held to account on. But that’s going to Mr. Bush shouldn’t feel guilty that his Super Pac structure projects in their annual bud- or emailed to wsj.ltrs@wsj.com. Please
require an amendment to the Constitution, ap- exists, only that it doesn’t seem to be helping get requests to Congress for years, of- include your city and state. All letters
parently.” his candidacy. As for Mr. Trump, his gripes ten for decades, without success. are subject to editing, and unpublished
Well, no. The reason so much campaign about Super Pacs are nothing more than an at- DARRELL CRAIG letters can be neither acknowledged nor
returned.
spending is routed through Super Pacs is that tempt to hamstring his competitors. Reno, Nev.
OPINION
Protecting U.S. Innovation From Cyberthreats

By Barack Obama abled thousands of computers. With istration is offering cybersecurity
M
more than 100 million Americans’ per- training to over 1.4 million small busi-
ore than any other na- sonal data compromised in recent nesses and their workers.
tion, America is defined years—including credit-card informa- Fourth, we’re doing more to help
by the spirit of innovation and medical records—it isn’t sur- empower Americans to protect them-
tion, and our dominance prising that nine out of 10 Americans selves online. In partnership with in-
in the digital world say they feel like they’ve lost control dustry, we’re launching a new na-
gives us a competitive advantage in of their personal information. tional awareness campaign to raise
the global economy. However, our ad- These cyberthreats are among the awareness of cyberthreats and en-
vantage is threatened by foreign gov- most urgent dangers to America’s eco- courage more Americans to move be-
ernments, criminals and lone actors nomic and national security. That’s yond passwords—adding an extra
who are targeting our computer net- why, over the past seven years, we layer of security like a fingerprint or
works, stealing trade secrets from have boosted cybersecurity in govern- codes sent to your cellphone. At the
American companies and violating the ment—including integrating and same time, leading technology firms
ISTOCK/GETTY IMAGES
privacy of the American people. quickly sharing intelligence about like Google, Facebook, Dropbox and
cyberthreats—so we can act on Microsoft are making it easier for
threats even faster. We’re sharing millions of users to secure their on-
Our new national action more information to help companies line accounts, while credit-card and
defend themselves. We’ve worked to payment companies such as Visa,
plan includes $3 billion to strengthen protections for consumers MasterCard and PayPal are making
kick-start an overhaul of and students, guard the safety of chil- transactions more secure.
dren online, and uphold privacy and all the tools we need, including ones systems and code from the 1960s. No Finally, because government doesn’t
federal computer systems. civil liberties. And thanks to biparti- many businesses rely on every day. successful business could operate this have all the answers to these complex
san support in Congress, I signed That’s why, today, I’m announcing way. Going forward, we will require challenges, we’re establishing a bipar-
landmark legislation in December that our new Cybersecurity National Action agencies to increase protections for tisan Commission on Enhancing Na-
Networks that control critical infra- will help bolster cooperation between Plan, backed by my proposal to in- their most valued information and tional Cybersecurity to focus on long-
structure, like power grids and finan- government and industry. crease federal cybersecurity funding make it easier for them to update term solutions. Working together, my
cial systems, are being probed for vul- Still, with the nation’s cyber adver- by more than a third, to over $19 bil- their networks. And we’re creating a administration and congressional lead-
nerabilities. The federal government saries getting more sophisticated ev- lion. This plan will address both short- new federal position, Chief Informa- ers will appoint top business, strategic
has been repeatedly targeted by cyber ery day—developing new botnets, spy- term and long-term threats, with the tion Security Officer—a position most and technology thinkers from outside
criminals, including the intrusion last ware, malware and ransomware—we goal of providing every American a major companies have already ad- government to provide specific recom-
year into the Office of Personnel Man- have to be even more nimble and resil- basic level of online security. opted—to drive these changes across mendations for bolstering cybersecu-
agement in which millions of federal ient, and stay ahead of these threats. First, I’m proposing a $3 billion government. rity awareness and protections across
employees’ personal information was The federal government—which is ob- fund to kick-start an overhaul of fed- Second, we’re stepping up our the public and private sectors over the
stolen. Hackers in China and Russia ligated to protect the information pro- eral computer systems. It is no secret efforts to build a corps of cyber pro- next decade.
are going after U.S. defense contrac- vided to it by the American people— that too often government IT is like fessionals across government to push As fast as our connected world is
tors. North Korea’s cyberattack on has a unique responsibility to lead. But an Atari game in an Xbox world. The best practices at every level. We’ll do evolving, it is worth remembering that
Sony in 2014 destroyed data and dis- the fact is we still don’t have in place Social Security Administration uses more—including offering scholar- we’re still in the early days of this
ships and forgiving student loans—to challenge. The first Web page came
recruit the best talent from Silicon online in 1990. We’re only in the third
Negative Interest Rates Are a Dead End Valley and across the private sector.
We’ll even let them wear jeans to the
office. I want this generation of inno-
decade of the Internet Age, and I
believe we’ve only just scratched the
surface of what’s possible—if we pro-
By William Poole The situation in the U.S. is not rates, combined with fiscal “stimu- vators to know that if they really tect the innovation and privacy that
T
much different. The interest rate on a lus.” Like lower rates, higher spend- want to have an impact, they can help we cherish as Americans.
he Bank of Japan recently an- 10-year T-bond is a bit below 2%. Can ing or tax cuts will do little in the change how their government inter- These cyberthreats are a national-
nounced that it would follow any informed person believe that the short run to boost growth, but it acts with and serves the American security risk few of my predecessors
the European Central Bank’s cost of borrowing is holding back cap- will dig the federal government into people in the 21st century. faced, but they will be ones my succes-
lead and implement a “negative inter- ital formation in the United States? a deeper fiscal hole, further damag- Third, we’re strengthening our sors, regardless of party, must address.
est rate” policy. Reducing interest Nonresidential investment in the ing long-run prospects. partnerships with the private sector to As long as I’m president, protecting
rates is supposed to increase spend- U.S. actually fell in the fourth quarter, It needs to be repeated: Monetary deter, detect and disrupt threats, America’s digital infrastructure is going
ing and investment, spurring growth. and year over year is up by a paltry policy today has little to offer to including to the nation’s critical infra- to remain a top national-security prior-
It won’t work. Negative central- 2.9%. Central banks are part of the raise growth in the developed world. structure. Yesterday, we inaugurated a ity. We won’t resolve all these chal-
bank interest rates will not create problem, because their monetary-pol- Central banks, however, have much new cybersecurity Center of Excel- lenges over the coming year, but we’re
growth any more than the Federal icy gimmicks are promising to citi- to offer. Their expert staffs can pro- lence, which will bring together indus- laying a strong foundation for the fu-
Reserve’s near-zero interest rates did zens and legislators alike what they vide the insights necessary for legis- try and government experts to ture. By taking these steps together, I’m
in the U.S. And it will divert attention cannot deliver. Honest central bank- latures around the world to act. research and develop new cutting-edge confident we can unleash the full po-
from the structural problems that ers know that policy gimmicks will cyber technologies. We’re also estab- tential of American innovation, and en-
have plagued growth here, as well as not deliver growth, but admitting as Mr. Poole, a former president and lishing a national testing lab, where sure our prosperity and security online
in Europe and Japan, and how these much is politically verboten. CEO of the Federal Reserve Bank of companies can test their systems’ se- for the generations to come.
problems can be solved. Where central banks can help is by St. Louis, is a senior fellow at the curity under simulated attacks. And
identifying the structural impediments Cato Institute and a scholar in resi- because every enterprise is potentially Mr. Obama is the president of the
to growth and recommending a way dence at the University of Delaware. vulnerable, the Small Business Admin- United States.
They won’t spur growth, forward. In the U.S., Congress should
but will divert attention force the Federal Reserve to come
clean about why growth has been so
from reforms that can. slow. The forthcoming congressional
monetary policy oversight hearings—
Feb. 10 for the House Financial Ser-
Part of the impetus behind a cen- vices Committee and Feb. 11 for the
tral bank’s negative interest-rate Senate Banking Committee—are the
policy is a desire to devalue the cur- right place to explore what is wrong
rency. With lower market interest with the U.S. economy.
rates, holders of euros, for example, These committees ought to insist
may sell them to flee to countries that the Fed, with its large and ex- P DCASTS
with higher interest rates—driving pert staff, present relevant studies
down the euro’s exchange rate, by mid-June, in time for the annual
boosting European exports and oversight hearings in July. At the
growth. But it is impossible for July hearings, the Fed can discuss
THE NEXT FOUR

every country in the world to depre- its research. Academic and other
ciate its currency relative to others. experts can offer their analysis of
If the European Central Bank hopes the Fed’s findings. Instead of vague
to force euro depreciation against Fed statements about “headwinds,”
the yen and the Bank of Japan hopes the nation deserves solid empirical
YEARS AND BEYOND

to force yen depreciation against the work on the problem.
euro, one or both of the central I recommend two studies. One
banks will fail. would examine regulatory con-
They might both be successful for straints on business investment. The
a time in depreciating against the second would examine disincentives
dollar, which we are witnessing now. in U.S. tax law holding back business
But should the Federal Reserve reinvestment.
spond by reversing its December rate There may be other topics worth
increase—or heaven forbid, following studying, but it would be a mistake
Europe and Japan into the abyss of to burden the Fed staff with more
negative rates—then even the depre- than it can reasonably handle. We
ciation against the dollar will disap- need high-quality studies, with sub-
pear. What will take its place is a stantial empirical content. There is
damaging currency war that will nothing unprecedented in congres-
undermine all three currencies. sional committees requesting the
Moreover, commercial banks and Fed to conduct studies and report
investors in economies with negative back to them. As a young Fed
central-bank interest rates will pre- staffer, I wrote two such papers on
fer to hold safe debt, such as govern- housing in 1972.
ment bonds, instead of cash depos- It is terribly important that advo-
its. But consider the recent yields on cates of limited government under-
10-year government bonds in Japan, stand what is at stake. If the U.S.
nine basis points, or in Germany, 32 economy stalls—not my best guess,
basis points. Isn’t it amazing that but possible—we will hear desperate
those living in the eurozone cannot demands that the federal govern-
find ample capital investment proj- ment “do something.” The logical
ects with a (risk-adjusted) yield response will be calls for a return to
above 0.32% that are worth doing? near-zero or even negative interest
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WORLD NEWS
NATO Gears Up to Meet Subtler Threats

Alliance is writing a provoking the enemy or oppo- NATO has taken steps to
nent to initiate a defense re- give Gen. Breedlove the au-
new playbook to face sponse,” said Czech Army Gen. thority to prepare the force to
unconventional tactics Petr Pavel, the head of NATO’s be deployed, but it can’t move
military committee. until NATO’s political leaders
from foes like Russia Officials said hybrid threats give their permission.
can take many forms, includ- Even after identifying a hy-
BY JULIAN E. BARNES ing support for dissident polit- brid attack, deciding to deploy
ical movements, propaganda the spearhead force wouldn’t
BRUSSELS—The North At- broadcasts aimed at ethnic mi- be easy, officials said. Allies
lantic Treaty Organization is norities, or moves to curtail could worry about the risk of
developing a new strategy to energy supplies. In Ukraine, the alliance being seen as the
speed decision making and im- which isn’t a NATO member, aggressor. NATO officials said
prove its response to the kind the hybrid threat included the it is critical for the alliance to
of unconventional warfare the buildup of a large conventional craft a measured public-rela-
West says Russia has used in force conducting military exer- tions strategy to go alongside
ALIK KEPLICZ/ASSOCIATED PRESS

Crimea and eastern Ukraine. cises on the border. any deployment of the force.
When alliance defense min- “This discussion is working Russian officials say NATO
isters gather in Belgium on on the political decision mak- is too quick to see Moscow’s
Wednesday, they are expected ing, so our senior-most lead- hand in legitimate political up-
to review so-called hybrid sce- ers can understand the kinds risings. They also say NATO
narios the alliance could face, of decisions they need to risks destabilizing Europe if it
with an eye to honing its abil- make, and that often those de- lowers its threshold of collec-
ity to make decisions quickly. cisions have to be made with tive defense to include re-
NATO hopes to complete the Troops take up their positions during NATO exercises last year near Swietoszow Zagan, Poland. imperfect intelligence, ambig- sponding to hybrid threats.
strategy before a July summit uous data,” said U.S. Air Force Russian Ambassador to
of alliance leaders in Warsaw. Moscow was using deception, government as a real threat. communication specialists to Gen. Philip Breedlove, NATO’s NATO Alexander Grushko said
Moscow has minimized its covert action and threats to A hybrid-warfare playbook counter propaganda, or even supreme allied commander. the alliance was using such
role in the 2014 takeover of achieve its goals of weakening would lay out assistance the deploying NATO’s rapid-reac- NATO’s most powerful de- threats “to find justifications
Crimea and largely denied the Kiev government. alliance would provide should tion spearhead force. terrent is likely its new rapid- for the alliance’s activities on
sending covert forces to work Alliance officials believe a member state come under “The primary purpose is to reaction force. The force isn’t its ‘eastern flank.’ ’’
with separatists in eastern Russia is highly unlikely to pressure from Russia or an- create an influence that is intended to engage in combat, Russia has repeatedly criti-
Ukraine. But NATO docu- launch any overt invasion of other country. Such support strong enough, but below the but would show the alliance’s cized NATO’s exercises in Po-
mented the presence of Rus- Poland or the Baltic states, but could include sending cyber threshold of [collective de- support for a threatened mem- land and the Baltic states, as
sian equipment and forces in see its using more subtle experts to help respond to fense provision] Article 5, so ber and, it is hoped, persuade well as proposals to boost its
eastern Ukraine and has said means to weaken an allied computer hacking attacks and they achieve the goals without Moscow to lower the pressure. troop presence in the east.
Greeks Protest
Migrant Camps
BY NEKTARIA STAMOULI Tsipras’s government is strug-
gling to set up a string of mi-
ATHENS—Protests against grant registration centers by
Greek government plans to mid-February, before a sched-
build camps for refugees and uled EU summit, to show that
other migrants escalated on Greece is safeguarding the
Monday, further testing bloc’s border against uncon-
Greece’s ability to meet Euro- trolled migration and should
pean Union demands to con-
trol the massive inflow of peo-
ple via the Aegean Sea.
remain in Europe’s passport-
free-travel Schengen zone.
Greece has promised to
Advancing the Science
Residents on the Aegean is-
land of Kos, where locals and
riot police have been clashing
build the so-called hot spots
on the islands of Lesbos, Kos,
Samos, Chios and Leros, where
of Smart Energy
since Friday, blockaded an large numbers of migrants are
army camp where the govern- arriving by boat from the
ment wants to build a migrant nearby coast of Turkey. EU au-
registration and screening thorities want Greece to
center, preventing construc- screen those arriving, separat-
tion work. ing refugees from economic
Protesters in Athens, in- migrants who don’t qualify for
cluding members of the neo- asylum in Europe.
Nazi Golden Dawn party, dem- So far, only the hot spot on
onstrated against a transit Lesbos is up and running. The
camp for migrants near the other islands have accepted
port of Piraeus. Work has also the construction, but Kos,
been blocked on a northern which relies heavily on tour-
Greek transit camp near Thes- ists, has opposed the plan
saloniki since Sunday because from the start, arguing that a
of a protest by local residents. large center on the island
Greek Prime Minister Alexis would undermine its economy.
ALEXANDRA WEY/EUROPEAN PRESSPHOTO AGENCY
A global consortium of leading universities, the Siebel Energy

SWISS POSES: Masked revelers parade through the streets of Institute fosters innovative and collaborative energy research.
the city of Lucerne during Switzerland’s biggest Carnival festival.
Asia’s No. 3 economy amid flag- The Institute funds research grants in data analytics, including
World ging prospects elsewhere in the
developing world. statistical analysis and machine learning, to accelerate
Watch The output figures, released
by the Statistics Ministry, advancements in the safety, security, reliability, cost efficiency,
showed India’s growth continues
to outpace that of China and and environmental integrity of modern energy systems.
other major economies. China’s
growth in the three months to
ISRAEL Dec. 31 was 6.8%. However, by
other measures, activity in India
Economic Help Mulled appears relatively weak. Corpo-
For Palestinians rate earnings have disappointed
Israeli Prime Minister Benja- and consumer confidence has A D V I S O R Y B O A R D
min Netanyahu is considering slid. —Raymond Zhong
economic measures to help end
the five-month wave of violence TAIWAN
in Israel and the West Bank, ac-
cording to Israeli and Western
Mayor Warns Quake's
officials. Death Toll Will Rise
The officials said they hoped The mayor of a Taiwanese
the steps would give Palestinian city hit by an earthquake
Authority President Mahmoud warned residents to expect a
Abbas more clout to discourage sharp rise in the death toll, even
Palestinian violence against Is- as rescue teams freed several
raelis. Palestinian officials said survivors trapped in a collapsed
the resumption of peace talks, apartment building.
not an economic relief package William Lai, the mayor of Tai-
from Israel, was the answer. nan, said rescuers were likely to The Siebel Energy Institute is a project of the Thomas and Stacey Siebel Foundation.
—Rory Jones discover more dead than survi- All research results will be shared in the public domain. With some of the greatest minds in
vors in coming days. Hundreds engineering and computer science, the Siebel Energy Institute will push the boundaries of
INDIA escaped or were rescued after
Saturday’s 6.4-magnitude jolt. At innovation to address today’s pressing energy challenges.
Economy Keeps Pace least 38 people died, according
Despite Global Jitters to the city government. More
India’s economy grew 7.3% than 100 people remain unac- www.SiebelEnergyInstitute.org
year-over-year in the latest quar- counted for, believed trapped in-
ter and is expected to grow 7.6% side the toppled 17-story Wei-
in the fiscal year, as household guan Golden Dragon Tower.
and government spending lift —Jenny W. Hsu
CITY NEWS A17 | THEATER TUESDAY A18 | HEARD & SCENE A19
Whittle Away Brodeur, Frozen

RALPH GARDNER/WSJ
In Time Forever
GETTY IMAGES
A wood carver finds his groove URBAN GARDNER | A16 SPORTS | A20
WSJ.com/NY * * * * THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | A15
Officer Tearfully Testifies

CASSANDRA GIRALDO FOR THE WALL STREET JOURNAL
Peter Liang tells jurors “Oh my God, someone’s for a few minutes before re- the stairwell below.
hit,” Officer Peter Liang said taking the stand. Prosecutors allege Officer
‘my gun just went off’; he exclaimed when he saw Officer Liang and his part- Liang acted recklessly by
victim’s mother says Akai Gurley lying on the floor ner, both rookies, were on keeping his finger on the trig-
of a stairwell of a Brooklyn nighttime patrol in the Louis ger while on routine patrol
death was ‘no accident’ housing complex. H. Pink Houses in Brooklyn on and that he delayed calling in
Officer Liang, who had been Nov. 20, 2014, when Mr. Gur- the shot or helping Mr. Gurley,
BY REBECCA DAVIS O’BRIEN solemn throughout his two- ley was fatally shot. 28 years old, as he lay dying.
week trial in state Supreme Officer Liang testified that Officer Liang’s lawyers have
A New York Police Depart- Court in Brooklyn, began to he had his gun drawn when he said their client fired his
ment officer charged with choke up and then turned his pushed open the top-floor weapon by accident and was
manslaughter in the 2014 head away from jurors and door to a pitch-black stairway. in shock afterward. Officer Li-
shooting death of an unarmed spectators as he pressed his He told the jury he was star- ang, now 28, testified on Mon-
The lottery for 250 Ashland Place, above, is set to open Tuesday. man broke down in tears on face into his left hand. tled by a “quick sound” in the day that he never put his fin-
the witness stand Monday as Supreme Court Justice darkness and his gun went off. ger on the trigger while on
‘Affordable’ Rents he described the moment he

realized that a bullet fired
from his gun had struck some-
one.
Danny Chun asked if he
needed a break to compose
himself, and Officer Liang
stepped out of the courtroom
Evidence presented at the
trial showed the bullet rico-
cheted off the stairwell wall
and hit Mr. Gurley, who was in
patrol.
It is rare for a New York po-
lice officer to go to trial on
Please see LIANG page A16
Aren’t Just for Poor Ringing in the Year of the Monkey

BY JOSH BARBANEL ments will be available to a
household of six with a com-
At the 52-story tower at bined household income of up
250 Ashland Place, even afflu- to $200,400.
ent Brooklyn hipsters may The definition of “afford-
qualify for the ultimate New able” in affordable housing
York amenity: a so-called af- has been a contentious issue
fordable apartment available among housing experts and
for below-market rents. advocates in New York. Even
The 568-foot-high building, Mr. de Blasio’s plan to require
the first new tower in the cul- developers to provide afford-
tural district around the able housing after zoning
Brooklyn Academy of Music, is changes is facing opposition
about to open a lottery for from many groups that want
nearly half of its 586 apart- the zoning plan to provide
ments designated as afford- housing for very low-income
able, including 33 two- and New Yorkers.
three-bedroom units available The project at 250 Ashland
to a family of four with in- Place “is not providing any
KEVIN HAGEN FOR THE WALL STREET JOURNAL (2)

comes up to $172,600 a year. meaningful affordability,” said
Benjamin Dulchin, executive
director of the Association for
‘I wouldn’t say that Neighborhood and Housing
on the face of it Development, which repre-
sents neighborhood afford-
that is necessarily able-housing groups. “There
a bad idea.’ are a lot of benefits this devel-
oper got in return for not
enough affordability.”
That income is more than But Jerilyn Perine, execu-
three times the 2014 U.S. me- tive director of the Citizens
dian income of $53,657, and in Housing and Planning Council,
the top 6% of income of rental said there was big push to GOOD TIME: A parade Monday through Manhattan’s Chinatown kicked off
households in Brooklyn, ac- keep neighborhoods economi- the Lunar New Year. The Golden Lion Club performed the lion dance, above
cording to census figures. cally integrated “especially in and below left. A woman in traditional clothing from southern China, right.
But the lottery, developed neighborhoods where renters
under Bloomberg-era programs could have incomes of a mil-
to encourage the development lion dollars.” She said a family
of affordable housing, may be with just under $200,000 in
last of its kind, city officials income could be a family of
say. Mayor Bill de Blasio has two schoolteachers, she said.
set lower maximum income “I wouldn’t say that on the
limits for projects—typically face of it that is necessarily a
ANDREW RENNEISEN/GETTY IMAGES
$142,400 for a family of four. bad idea,” she said. “One could
The lottery for 250 Ashland always argue that the needs at
Place—the building is named every income band is so
for its address—is set to open great,” she said.
Tuesday and will remain open Gary Rodney, president of
for two months. Online appli- the city’s Housing Develop-
cations are at www.nyc.gov/ ment Corp., said “to enable us
housingconnect and www.ash- to reach the neediest fami-
landlottery.com. lies,” the city now used lower
Eight three-bedroom apart- Please see TOWER page A16
A French Beauty’s New York City Debut Sagging Knicks Fire Coach,
BY BRENDA CRONIN pean paintings.
Go Back to Drawing Board
Among her influences were BY CHRIS HERRING
An alluring French beauty members of the Flemish
renowned as an artist and school, such as Peter Paul GREENBURGH, N.Y.—Hours
hostess is about to take Man- Rubens, as well as Vigée Le after Knicks president Phil
hattan. Brun’s father, who was known Jackson met with Derek Fisher
Elisabeth Louise Vigée Le for his pastel portraits. to inform him that he was be-
Brun made a fortune painting Born in Paris in 1755, the ing fired as the team’s head
portraits of the even more rich same year as her patron, Marie coach, Jackson attempted to
ASSOCIATED PRESS
and famous. Her operatic per- Antoinette, Vigée Le Brun explain his rationale for the
sonal life would rival that of started working as an artist surprising midseason move.
any pop star. News about her while still a teenager and dex- It wasn’t easy. Jackson be-
ricochets under the nom de terously climbed to the heights gan with a compliment, calling
Twitter #VigeeLeBrun. But this of French aristocracy. it a “remarkable task” that
self-made artist had her hey- “She was evidently a social Fisher was even able to get the Derek Fisher
MUSÉE NATIONAL DES CHÂTEAUX DE VERSAILLES ET DE TRIANON
day in 18th-century France. A phenomenon,” Ms. Baetjer said. Knicks to a near-40-win pace
retrospective of her work “She was knowledgeable about during the first three months better that we should see,” said
opens on Feb. 15 at the Metro- the theater, knowledgeable of this season, just one year af- Jackson, who fired Fisher, his
politan Museum of Art. about music, she had elegant ter the team won a franchise- former pupil, just a year and a
Her portraits of French roy- parties, and the people she worst 17 games. half into a five-year contract.
alty and aristocracy, striking painted came to them. She was “But having said that, we Associate head coach Kurt
for their sensuality and imme- very beautiful and I think…also still thought our players could Please see FISHER page A20
diacy, depict the nation’s most a very good businesswoman.” be playing better, and think
privileged classes on the eve of An Olympian networker and there’s a way for them to play Knicks, Nets coach-less.... A20
the revolution. charmer with colossal ambi-
The show includes a portrait tion, she ingratiated herself
36°
of Marie Antoinette and her with Marie Antoinette and
children lent by the palace of completed royal portraits be-
Weather N.Y. Sports Lineup
Versailles that has never trav- fore fleeing revolutionary Real Feel
TODAY’S
eled farther than Paris. Queen France one step ahead of the 9 a.m. 21° 7 p.m. Tuesday
HIGH
Elizabeth II sent a 1784 por- guillotine. 5 p.m. 29° Oilers @ Devils
trait of Charles Alexandre de Vigée Le Brun went on to
Record Low
Calonne, a dashing French min- Vigée Le Brun’s ‘The Duchesse de Polignac in a Straw Hat’ (1782) conquer the capitals of Europe,
-15° (1934)
ister whom gossips pegged as landing lucrative commissions
more than just Vigée Le Brun’s were barred from some institu- tional technique, learned in in Florence, Naples, Vienna, St. CLOUDY, Sunrise/Sunset 7 p.m. Tuesday
subject—a rumor the painter tions of official study. part from studying other art- Petersburg and elsewhere. FLURRIES 6:58 a.m./5:23 p.m. Islanders
denied and chalked up to envy. The vivid colors, expres- ists, said Katharine Baetjer, “She brought a level of @ Blue Jackets
Vigée Le Brun soared to the siveness and sumptuous the organizer of the Met’s skill…that not many artists in Wednesday’s High
top of a male-dominated pro-
fession at a time when women
brushwork in her portraits
are a testament to an excep-
show and a curator in the mu-
seum’s department of Euro-
middle Europe or Russia or It-
Please see LEBRUN page A19
39° For N.Y. sports coverage, see A20
CITY NEWS
Carving Out a Niche in the Art World

If Don Draper were
around today, acknowledging
that he’s a fictional charac-
ter, would his talent for
crafting a pitch have trans-
formed him into a wood
carver whose whimsical
work is collected by muse-
ums and sold in galleries?
I throw out the sugges-
tion because that’s what
John Cross is doing these
days. He started out in ad-
vertising
during the
“Mad Men”
era, though
he never
RALPH GARDNER JR./THE WALL STREET JOURNAL (2)

thought
much of the
URBAN
show.
GARDNER
“It didn’t
RALPH
work for
GARDNER JR.
me,” he said
when we
met over the
weekend at his studio in
Elizaville, N.Y., a couple of
GOTHAM ORGANIZATION
hours north of the city. “I

was very proud of what we
did.”
His clients included Crest John Cross, above with one of his wood carvings, started out in advertising but later turned to art.
and Toyota. “I think we came Below, more of his works. Collecting sports magazines provided inspiration for his earliest figures.
up with some exciting stuff. I
A rendering of 250 Ashland Place in Fort Greene, Brooklyn. didn’t see that in ‘Mad Men.’
They drank a lot.”
TOWER MAN
M A N HATTAN
H ATTA N
Willi
am
Brid sburg
One of his campaigns
from the late ’60s featured
subway posters for Scope
Man
ge mouthwash. They included

hatt
Br
Continued from page A15 tag lines such as “Fight Air

oo
an B ge
kly
income restrictions than 250 Pollution” and “Stop Bad-

nB
ridge
rid
Ashland Place did when the mouthing New York City.”

deal closed in 2013. It’s something of that
478 278 FORT
Still, he said, the project GREENE sensibility that Mr. Cross
would bring a mix of families, brings to bear as a wood
with different incomes to- 250 Ashland Place carver. His success probably
gether in a building in an af- has almost as much to do
BRO O KLYN
fluent neighborhood. “We with the accessibility and
shouldn’t lose sight of the fact easygoing humor of his sub-
that this new development ject matter as with his way
permanently caps rents at Prospect with a chisel.
3/4 mile Park
prices within reach of low- “What we did in the ad
and middle- income families, THE WALL STREET JOURNAL. business was try to have a
bringing lasting affordability smile on it,” he recalled. an M.B.A. from the Univer- lyn Borough Hall Plaza. called the artist, who was
to a neighborhood command- His work includes Negro sity of Chicago. But his natu- The construction beams, whittling on his back porch
ing top dollar,” he said. may be in high demand, too. It League baseball players; Miss ral inclination was toward 4 inches by 4 inches, were at the time. “Apparently,
The developer Gotham Or- is next to a theater and in- America contestants; Grou- art rather than business— “salvaged” from New York they stood there for 15 min-
ganization won the right to cludes office space for cultural cho Marx, Jimmy Durante and whittling in particular. University, where the Elmer utes. I had no awareness of
build on the city-owned site in organizations. All its apart- and Woody Allen on match- Self-taught, he’d whittle Holmes Bobst Library was anything, which is heavenly.
exchange for providing perma- ments come with central air ing plinths; women doing on the set when he was rising at the time. “I’d schlep The wood has a nice smell to
nently affordable housing in conditioning, granite counters perfect swan dives; and per- shooting ads in Los Angeles, these 10-foot beams up it. It comes off easily.”
half the building along with and plank-wood flooring. haps my personal favorite, a where he spent several Broadway,” to his studio on It also doesn’t hurt if you
space for cultural groups. It Market rents are due to gentleman in a tux, his jacket months a year. He whittled 12th Street. “I’d go by police- can make some money off
received a property tax ex- start at $2,800 for a studio to removed, sitting in a club while walking to work down men. Nobody said anything.” your passion. At a show at
emption and received limited $6,500 for a three- bedroom chair and enjoying a cigar. Madison Avenue. Mr. Cross quit advertising the David Findlay Jr. Gallery,
tax-exempt financing. apartment. Affordable rents Mr. Cross says it isn’t a in the early 1990s—“I didn’t Mr. Cross’s works sold in the
Melissa Pianko, Gotham’s start at $801 for studios for self-portrait. need the money,” he stated $6,000 to $8,000 range.
executive vice president of de- the lowest income band, up to The artist, 80 years old,
The ad man-turned- simply—to whittle full time. The artist is currently
velopment, said she expected $3,649 for three-bedroom was born in New Jersey. But artist never thought He carves using soft working on an ambitious tug
tens of thousands of people to apartments in the highest his father, a utility executive, sugar pine from the Caroli- of war involving multiple fig-
enter the lottery for apart- band. The median Brooklyn moved the family to Mon-
much of ‘Mad Men.’ nas, his studio overlooking ures. It follows an exquisite
ments at 250 Ashland Place at rent is $2,899, according to treal when he was a boy. ‘They drank a lot.’ the rolling hills of the Hud- collection of circus animals
each of three income levels— Miller Samuel Inc. and the El- “When John moved to son Valley, filled with neatly that Mr. Cross started carv-
including 82 apartments at the liman report. Montreal he had a yearning arranged Swedish carving ing in 2002 for his grandson,
highest income category of up The plan for 250 Ashland for things American,” said “It’s like texting and knives and files in various Will. He stopped adding to
to 200% of the area median in- Place calls for 118 apartments his wife, Linda, herself an walking,” he joked. shapes and sizes. the menagerie, not because
come by household size. for households at 60% of area artist. “He collected sports His initial recognition If there’s a definition of Will, now a teenager, out-
Ms. Pianko said when previ- median income for each magazines,” which provided came in the early 1970s by happiness, perhaps it’s hav- grew the figures, but be-
ous lotteries were held for household size; 82 for 135%; the inspiration for his earli- creating large geometric ing the good fortune to find cause he eventually ran out
similar income bands for af- and 82 at 165%. The rest are est figures. pieces made from weathered something that lets you lose of space on his mantelpiece.
fordable apartments, demand market rate. Mr. Cross attended Mid- timber that were shown in track of time. “Someone
was strong. “It shows what a But the city set a range of dlebury College and received public spaces, such as Brook- came to see us one day,” re- ralph.gardner@wsj.com
need there is for this kind of incomes around each figure.
housing in this kind of proj- For the highest income group
ect,” she said.
The building, on the edge of
the Fort Green neighborhood,
that brings to permitted rent
to 200% of area median in-
come. LIANG patrols at New York City
Housing Authority complexes
were part of his regular re-
sponsibility. He estimated that
Continued from page A15 he conducted “a few hundred,
charges stemming from an on- close to a thousand” such pa-
duty shooting, and still rarer trols.
for an officer to testify on his Officer Liang told the jury
own behalf. Officer Liang is on that he would take his gun out
modified duty. of its holster on patrol “when
When he heard the sound in you fear for you or your part-
the stairwell, Officer Liang ner’s safety.”
testified, “My gun just went “The roof, the stairways,
KEVIN HAGEN FOR THE WALL STREET JOURNAL
off when I tensed up.” the elevators, that’s where a
Don’t just When he first stepped in

the stairwell, Officer Liang
said, he didn’t see anybody
there and didn’t realize his
shot had hit anyone.
During cross-examination,
lot of crime takes place in the
housing developments,” he
said.
“There’s drug dealing, peo-
ple get assaulted, raped,” he
said. “So, there’s times when I
walk down Brooklyn Assistant District At-

torney Joseph Alexis asked
about the moments after the
gun went off, when Officer Li-
ang and his partner, Officer
feel I had to take my gun out.”
Sylvia Palmer, Mr. Gurley’s
mother, who was in court
Monday, said her son’s death
was “no accident.”
the aisle...
Shaun Landau, retreated to Officer Peter Liang is on trial for the shooting death of Akai Gurley. “Akai did nothing wrong
the hallway on the top floor. the night he was murdered,”
In the hallway, Officer Liang timony why Officer Landau Alexis asked. Ms. Palmer said.
said, he asked his partner to took the phone away. Officer “I didn’t know if I could do “I want Peter Liang to be
call the shot into their super- Liang said he didn’t immedi- it better than her,” Officer Li- held accountable for what he
vising officer. When Officer ately report the shot over the ang said. “That is all.” did,” she said.
Landau refused, Officer Liang NYPD radio because he didn’t Officer Liang’s lawyer, Rae Officer Liang, the last wit-
asked for his cellphone to want to alarm other officers. Koshetz, asked if he had been ness of the trial, was on the
make the call, he testified. “It wasn’t a crime that hap- trained in CPR at the police stand for just under two
“I dialed the phone. He took pened,” Officer Liang said. academy, and he said, “sorta.” hours. On Tuesday, both sides
it away from me,” he said. “You don’t want all the offi- They didn’t have much time are scheduled to deliver clos-
Own it. It wasn’t clear from his tes- cers coming from other direc-
tions, just leaving their posts
with the training mannequins,
he said, and instructors gave
ing statements, and the jury is
expected to begin delibera-
unattended.” students the answers to the tions.
CORRECTIONS Officer Liang said he re-en-
tered the stairwell and began
written first-aid exam.
At the start of his testi-
AMPLIFICATIONS to descend when he heard the
sound of a woman crying sev-
mony, Officer Liang told the
jury that he was born and
We Want to Hear
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the last name of Lewis E. floor landing, his eyes rolling graduated from the police York? Email us, along with
Lawes was misspelled as Laws back in his head. academy in 2013, he asked to your contact information, at
in the Urban Gardner column Mr. Alexis asked Officer Li- be assigned to one of the bus- gnyltrs@wsj.com. Your letter
about public administration ang why he didn’t step in to ier areas in Brooklyn “because could be published in our
expert Luther Gulick. assist Melissa Butler, Mr. Gur- I wanted to be more active as weekly Feedback column on
Custom clothing for the knowing man. ley’s girlfriend, who was try- a police officer,” he said. Friday. Letters will be edited
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THE WALL STREET JOURNAL. * * * * Tuesday, February 9, 2016 | A17
CITY NEWS
Bharara Lectures At Least 30 Injured in Bus Crash
Albany on ‘Crisis
Of Corruption’
BY ERICA ORDEN with Mr. Bharara’s federal pros-
ecutors during his probe of the
ALBANY—Stepping into the disbanding of the Moreland
heart of the state capital he has Commission to Investigate Pub-
deemed a “cauldron of corrup- lic Corruption.
tion,” Manhattan U.S. Attorney Mr. Bharara said in January
Preet Bharara issued a heated that his office had found “insuf-
rebuke of what he described as ficient evidence to prove a fed-
“the array of enablers who eral crime” in that investiga-
seem to lurk in this town.” tion.
“Albany is unquestionably With a pack of onlookers de-
suffering from a crisis of cor- ciphering their body language
ruption,” Mr. Bharara said at and trying to gauge any eye
SEAN D. ELLIOT/ASSOCIATED PRESS

the second of two speeches on contact, Messrs. Cuomo and
Monday in the state capital, his Bharara never spoke and didn’t
first visit there since taking of- appear to interact.
fice in 2009. Afterward, asked numerous
Mr. Bharara’s office last year times to comment on the fed-
felled both New York state leg- eral prosecutor’s appearance in
islative leaders, Sheldon Silver Albany, Mr. Cuomo said: “I
and Dean Skelos, and it has think his point that we need
prosecuted scores of other Al- ethics reform is the same thing
bany politicians. On Monday he that I have been saying.” AT A STANDSTILL: A charter bus flipped on its side Monday on a snowy highway in Madison, Conn., shutting down the northbound
echoed his remarks last month Since proposing several eth- side of Interstate 95. The bus was carrying about 70 people from New York City to the Mohegan Sun casino, state police said.
to the Kentucky state legisla- ics measures in his State of the
ture in calling Albany’s record State address last month, Mr.
of corruption “simultaneously Cuomo has said almost nothing
City Hall Braces for Housing Fight

heartbreaking, head-scratching publicly about them.
and almost comic.” For all of Mr. Bharara’s criti-
Mr. Bharara speaks often on cism, however, he said his in-
public corruption—perhaps tention on Monday was to en-
more frequently, as he sug- courage a modicum of idealism BY JOSH DAWSEY nothing is a ridiculous prem- expects the council to push ous, people just won’t build,”
gested on Monday, than most within lawmakers. ise,” said Alicia Glen, deputy Mr. de Blasio to deliver more said Carl Weisbrod, chairman
other prosecutors—but his Public-corruption prosecu- Mayor Bill de Blasio’s ad- mayor for housing and eco- housing for the lowest-income of the city’s planning depart-
message in Albany was his tions, Mr. Bharara said at a ministration offered a defense nomic development. “Right New Yorkers. ment.
most aggressive yet in criticiz- morning address to the New of its affordable-housing strat- now people can pull a permit He also has concerns about City Council hearings are
ing both the legislative and ex- York Conference of Mayors, are egy on Monday as City Council and build a building in East off-site affordable housing. set to begin Tuesday. The ad-
ecutive branches of New York’s intended “to help achieve the hearings this week and linger- New York and not have any af- Under such scenarios, devel- ministration has begun to as-
government for what he char- dream of honest and transpar- ing neighborhood concerns fordable housing.” opers could build their re- semble wider support from la-
acterized as turning a blind eye ent government.” threatened to reshape the The plan is widely expected quired affordable housing at a bor unions, religious leaders
to malfeasance. “The point,” he added, “is plan. to pass the council eventually. different site from where they and others. The hearings are
not just to punish a politician Critics say the plan would But borough councils and are building their market-rate expected to last two days.
Mr. Bharara’s who has broken the law—al-
though that is necessary, too—
gentrify poorer neighborhoods
like East New York and the
community boards across the
five boroughs voted against it,
development. Critics say the
practice could create neigh-
The administration is also
confronting the collapse of
message on public but to help improve a political South Bronx by allowing de- and City Council members are borhoods without much eco- 421-a. The tax-exemption pro-
corruption was his system that has broken down.”
As usual, even with the seri-
velopers to build higher than
zoning now allows but not re-
working to get the administra-
tion to agree to changes be-
nomic diversity. A spokesman
for the mayor’s office said
gram for developers expired
on Jan. 15 after real-estate de-
most aggressive yet. ous nature of his remarks, Mr. quiring them to build enough fore they give the plan a green they expected that to happen velopers and leading union
Bharara couldn’t resist a couple affordable apartments. light. Skeptics have included rarely. representatives failed to agree
of one-liners. Noting that the In most cases, the plan re- some of the more liberal mem- Mr. Torres said he was con- on changes to address wages.
“You think no one knew president of the New York Con- quires at least 25% of units in bers of the council. cerned about a section of the In a statement, the Building
Sheldon Silver was corrupt be- ference of Mayors had told Mr. new buildings be affordable “The question is not plan where development in Trades Council said Monday
fore he was put in handcuffs?” Bharara backstage that “every- for families making 60% of the whether the plan will change certain neighborhoods could the program was “dead,” its
Mr. Bharara said during re- one is happy that you’re here in city’s median income, or that but how much it will change,” be built to 120% of the average strongest statement yet.
marks at an event hosted by a Albany,” the federal prosecutor 30% be affordable for those said Ritchie Torres, a Bronx median income. A City Hall City officials said Monday
local radio station, WAMC. “Not told the crowd: “That sounds who earn 80% of the median Democrat. spokesman said the adminis- that more than 60% of its
a chance.” awfully close to a false state- income. David Greenfield, the tration wanted to build mid- land-use deals on affordable
He added: “No one made a ment to me. So we’ve opened “The world is not static, Brooklyn Democrat who is the dle-income housing in certain housing are already happening
call. No one blew a whistle. No an investigation about that.” and the notion that doing chairman of the City Council parts of the city. without the program and that
one sounded an alarm.” Later, when he was asked something is worse than doing land-use committee, said he “If you make this too oner- other subsidies are available.
For state lawmakers and about seeking higher office, Mr.
other observers, the appear- Bharara noted that Bruce
ance of Mr. Bharara—who ar-
rived flanked by his senior dep-
uties, including Deputy U.S.
Springsteen was playing in Al-
bany on Monday evening.
“I was not born to run,” he
Chancellor Is Questioned Over SUNY Salaries
Attorney Joon Kim and Chief of said with a smirk, drawing a BY MIKE VILENSKY tive leaders.
the Criminal Division Dan smattering of groans and He agreed that CUNY must
Stein—in the capital was a chuckles from the crowd. State University of New be “cost-effective in all its op-
chance not only to hear the But perhaps Mr. Bharara York Chancellor Nancy erations, including personnel
federal prosecutor speak, but to may have been trying to elicit Zimpher defended the pay of costs,” but also said that
watch him in action around an another mid-concert shout-out SUNY officials Monday follow- CUNY’s overhead “compares
adversary: Gov. Andrew Cuomo. from Mr. Springsteen, as the ing criticism from Gov. Andrew favorably” with that of other
On Monday afternoon, musician gave him at a Hart- Cuomo’s administration that large university systems.
Messrs. Cuomo and Bharara ford concert in 2012. overhead is too high. Mr. Milliken was questioned
both attended the swearing-in After all, when the U.S. at- Jim Malatras, Mr. Cuomo’s during his testimony Monday
ceremony for new Chief Judge torney was done with his public director of state operations, about his administration’s bat-
MIKE GROLL/ASSOCIATED PRESS
Janet DiFiore, where the U.S. events for the day, he was set wrote letters last month to Ms. tle with its faculty union over
attorney was seated directly to go see someone in Albany Zimpher and City University of new contracts.
behind several former top that night with a higher profile New York Chancellor James B. He said settling the issue
Cuomo aides who interviewed than his: the Boss. Milliken, saying the school sys- remains a priority. The CUNY
tems “must reduce and justify administration recently asked
administrative costs because the state to appoint a media-
every dollar of administrative tor, saying there is an impasse.
overhead comes from the Barbara Bowen, the union
pocket of a struggling student SUNY Chancellor Nancy Zimpher delivered a speech last month. president, said in her testi-
or taxpayer.” mony before legislators Mon-
$504,700 $490,568
“We live in a competitive day that the issue is hurting
market,” Ms. Zimpher told a recruitment.
joint legislative budget com- “People want to come to
mittee in Albany. She said Salary of State University of Salary of City University of CUNY…Then they hear what
higher education has to com- New York Chancellor Nancy New York Chancellor James B. the salaries are,” she said, re-
MIKE GROLL/ASSOCIATED PRESS
pete with private-sector sala- Zimpher Milliken, not counting private ferring to faculty pay.
ries to recruit top people, in- funds Mr. Milliken was also asked
cluding college presidents. about Mr. Cuomo’s proposal to
Joined by other SUNY ad- $96,000 for housing and $490,568 in a public salary shift some CUNY costs to New
ministrators, Ms. Zimpher also $55,000 in deferred compensa- and receives private funds as York City, the subject of friction
requested millions in addition. The total is among the part of his pay package. between the governor and New
tional state funds for SUNY highest publicly financed pay In a letter to Mr. Malatras York City Mayor Bill de Blasio,
programs, including its com- packages in the state. She over- sent Monday, Mr. Milliken said both of whom are Democrats.
U.S. Attorney Preet Bharara at a conference in Albany on Monday. munity colleges. sees 64 campuses and serves that universities must compete Mr. Cuomo and state legis-
Ms. Zimpher makes more than 1 million students. “in a national market” to re- lators have until April 1 to sew
$504,700 in salary a year, plus CUNY’s Mr. Milliken makes cruit faculty and administra- up the $140 billion budget.
tain additional financing.
Greater Fairway added that it will
New York
likely be out of compliance with
the terms of its $266.8 million
senior credit facility by April 3.
Rep. Gibson Explores a 2018 Gubernatorial Run
Watch That facility matures in 2018,
and a $40 million revolver will
BY MIKE VILENSKY Gov. Andrew Cuomo, a Dem-
ocrat in his second term, has
“The state is hurting, partic-
ularly upstate,” said Ed Cox,
through a spokeswoman.
Mr. Gibson, whose congres-
mature next year. U.S. Rep. Chris Gibson said he wants to remain gover- chairman of the state’s Repub- sional district includes the
—Stephanie Gleason opened an exploratory commit- nor “as long as the people will lican party. Mr. Gibson, and Hudson Valley, said that if he
tee on Monday to raise money have me.” Asked about Mr. Gib- other potential Republican can- runs his campaign platform
NEW YORK CITY for a potential gubernatorial son’s move during an unrelated didates, “want to make New would include tax cuts, public
NEW YORK bid in 2018. event on Monday, Mr. Cuomo York great again.” safety and rolling back Mr.
Grant Will Help Zoo Mr. Gibson, a former Army said “that’s their business. Mr. Astorino, the county ex- Cuomo’s gun restrictions.
Fairway Says It May Save Film Negatives colonel and since 2011 a House Whatever they do, they do.” ecutive of Westchester, has Among his proposals, Mr.
Breach Loan Terms The Wildlife Conservation So- member whose 19th Congres- His latest filings show $16 been floated as a 2018 con- Gibson said he would impose
Supermarket chain Fairway ciety has received a state grant sional District includes the million on hand for a third gu- tender as well. Along with Mr. term limits on the governor’s
Group Holdings Corp. warned that will enable it to protect glass Hudson Valley, said he is “very bernatorial campaign in a state Gibson, he spoke at the annual office and close the so-called
that it is in danger of violating plate and film negatives dating to serious” about running but where Democrats outnumber Conservative Party conference LLC loophole, which allows
its loan agreement in the next the founding of the Bronx Zoo stopped short of formally de- Republicans more than 2 to 1. held upstate this month. limited-liability companies the
several months and said it must and New York Aquarium. claring. The 51-year-old said he Two years ago, Mr. Cuomo Although they could be status of an individual donor
reduce its debt to remain viable. The $16,674 grant will be is getting a head start to over- won re-election over Republi- competing for the Republican so they have fewer restrictions
In its quarterly report, Fair- used to clean and properly house come the obstacles that any can Rob Astorino 54% to 40%. nomination, Mr. Astorino on on campaign contributions.
way—a high-end chain with 15 12,000 negatives dating from Republican faces in New York. While the governor maintained Monday only had kind words Mike Long, chairman of the
stores in New York, New Jersey 1899 through about 1930. While “This mountain is very steep a sizable lead despite minimal for Mr. Gibson, calling him a state Conservative Party, said
and Connecticut—said there is the entire collection numbers and narrow for any Republi- campaigning, Mr. Astorino’s friend. he and Mr. Gibson differ on
substantial doubt about its abil- 70,000, the WCS says the grant can,” he said in an interview. numbers emboldened Republi- “The more voices we have social issues but that he
ity to continue as a going con- is an important step in the pres- A Republican hasn’t won the cans, particularly outside New clamoring for change and re- would “keep an open mind”
cern and that it must improve ervation of the historical archive. governor’s seat since George York City, who hope to replace form, the better chance we about him as a candidate for
its financial performance or ob- —Associated Press Pataki’s final run in 2002. him in 2018. have to fix Albany,” he said governor.
THEATER TUESDAY
New York’s Shortage of Stages
Off-Broadway theater companies cultivate collaborations and co-productions to get new and challenging work in front of audiences
BY PIA CATTON times they are terrific
shows,” he said. “I think they
T
he closure of Union are banging their head say-
Square Theatre last ing, ‘There is nowhere to
month, as part of the go.’ ”
redevelopment of historic This spring, he is helping
Tammany Hall, is another a hit British play have an ex-
blow to off-Broadway theater, tended life in New York.
a creative community feeling After informal talks with
the constant squeeze of oper- London’s National Theatre,
ating in New York. which has lit up Broadway
With real-estate costs with hits like “The Curious
soaring, plus the constant Incident of the Dog in the
need to write grants or woo Nighttime,” he struck a deal
donors and attract new audi- to collaborate on the British
ences, the close-knit network nonprofit’s first commercial
of artists presenting new and off-Broadway production,
challenging theater is step- Lucy Prebble’s award-winning
ping up its strategy for work- play “The Effect.”
ing around the difficult eco- Instead of bringing over
RAMSAY DE GIVE FOR THE WALL STREET JOURNAL (2)

nomics: collaborations and the cast and director from its
co-productions. 2012 production, the National
“We can do together is working in a co-production
things that we could not do with Barrow Street, a 199-
separately,” said Jim Nicola, seat space known for tri-
artistic director of New York umphs including “Tribes” and
Theatre Workshop. “It’s the 2009 “Our Town,” both
about how do we realize this directed by David Cromer,
artist’s vision if we do not who will lead “The Effect.”
have resources on our own?” In London, the production
Michael Walkup, produc- won the U.K.’s Critics’ Circle
ing artistic director of Page Award for best new play in
73, which develops new 2012. But because of sched-
works by early career play- ules, it didn’t graduate to
wrights, said he has seen an Director David Crome, above right, and playwright Lucy Prebble, below, during a rehearsal of ‘The Effect’ at Barrow Street Theatre. London’s West End, said Tim
rise in co-productions within Levy, who leads the Na-
the community: “The more I out there. We don’t look at venue, but may not be right Others have to scramble tional’s operations in the U.S.
am on the lookout for them, ourselves as the end stop,” for Broadway, either in con- to rent a theater, or hope to In New York, Ms. Prebble
the more I am noticing said William Carden, artistic tent or scale. attract a producer who wants may be best known for “En-
them.” director of Ensemble Studio, “There are a lot of plays to put the show in a commer- ron,” which had a poor recep-
In April, Page 73 and the which also launched “Photo- that shouldn’t be in a 1,500 cial venue, such as the Mi- tion on Broadway, running
Ensemble Studio Theater are graph 51” before its acclaimed seat house,” said Scott Alan netta Lane, the Westside or just 16 performances in April
collaborating on Leah Nanako London run starring Nicole Evans, artistic executive di- one of the five venues within and May 2010.
Winkler’s play “Kentucky,” Kidman. rector of the nonprofit group New World Stages, now But the National chose off-
with a whopping 17-member The main challenge to get- the Actors Company Theatre, owned by the Shubert Organ- Broadway for “The Effect,”
cast. ting the plays out there is which is co-producing George ization. Mr. Levy said, because it
“Half of the budget for usually finding an affordable Bernard Shaw’s “Widowers’ “There is a need for off- wanted to work with Barrow
‘Kentucky’ is still bigger than theater to rent, which is often Houses” with the Gingold Broadway theaters,” said Mr. Street and because a smaller
what a regular budget would the highest cost of a budget. Theatrical Group in March. Breger. theater would serve the play,
be,” said Mr. Walkup. “It’s A 199-seat theater would for Some nonprofits have se- The result: a pipeline of which is about a drug trial:
just operationally huge.” $10,000 to $12,000 a week, cured their own spaces, as content with few places to “It felt as though the best
It’s worth the push: If a said Peter Breger, chairman New York Theatre Workshop land. “Great plays can slide way to show it to American
play does move beyond off- God,” a show about a trou- of the Off-Broadway Alliance, did with its East Fourth off the radar,” said producer audiences would be in an inti-
Broadway, the nonprofits bled teen whose hand is occu- an industry advocate. Street space in the early Scott Morfee of the Barrow mate setting.”
gain prestige for identifying pied by a crazed puppet. The Competition for spaces is 1990s, or become resident Street Theatre, a commercial For Mr. Morfee and Bar-
talent. production earned five 2015 fierce, especially among plays companies at venues, such as venue in the West Village. row Street, it’s an off-Broad-
Ensemble Studio Theatre Tony Award nominations dur- that ran successfully at a tiny Primary Stages, newly in resi- Mr. Morfee takes calls way coup: “We have a North
has picked a few winners. It ing its Broadway run. theater and could continue to dency at the Cherry Lane constantly asking if the the- American premiere on our
originally produced “Hand to “We want to get the plays sell tickets at a medium-size Theatre. ater is available. “A lot of hands.”
“‘That scares the hell out of

Backstage me…I have to do it!’”
CELEBRATE CHINESE NEW YEAR

—Pia Catton
Buzz
Ladies Do Sondheim
Classic Stage Company is
Like a (Monkey) King. taking its gala to Lincoln Cen-
ter’s Alice Tully Hall for the first
time on March 14.
The Roots Venture “It’s a risk,” said incoming ar-
Into Musical Theater tistic director John Doyle. “Alice
The Roots, the house band of Tully is a big hall, and that’s a Actor Timothée Chalamet
“The Tonight Show Starring big step up for the company.”
Jimmy Fallon,” is working with But the program seems like a You might know him from:
the New Group on a musical. sure thing: “The Ladies Who Eight episodes of “Homeland,”
The show is based on George Sing Sondheim” offers a who’s- where he played the son of the
Schuyler’s 1931 novel “Black No who of leading gals including U.S. Vice President, or as Mat-
More,” according to the band’s Victoria Clark, Judy Kuhn, Marin thew McConaughey’s son in the
frontman, Tariq Trotter, better Mazzie, Alexandra Silber and movie “Interstellar.”
known as Black Thought. He de- Cynthia Erivo and Joaquina Kalu- Pedigree: Played the MC in
scribes the book as a “sci-fi kango of the Doyle-led show “Cabaret” and Oscar in “Sweet
novel from the Harlem Renais- “The Color Purple.” Charity” at his alma mater, the
sance” that satirizes the issue of Mr. Doyle himself will be on- Fiorello H. LaGuardia High
skin color in America. stage to deliver a “hopefully re- School of Music & Art and Per-
Also attached to the project: laxed narrative” about Mr. Sond- forming Arts, where he also, re-
John Ridley, the screenwriter and heim’s female characters: “I’ll be portedly, romanced Madonna’s
director who won an Oscar for the only boy up there, though I daughter Lourdes.
his “12 Years a Slave” screenplay don’t know if boy is the suitable Why he likes acting on
and created ABC’s “American word.” —Pia Catton stage: “I really feel like I’m using
Crime.” Scott Elliott, founding ar- every muscle in a way that’s
tistic director of the New Group, harder to use every muscle in a
didn’t indicate a timetable for Breakout of the Week: film or on a TV show,” he said.
the project. —Kenneth Hicks Timothée Chalamet, 20 Post-show routine: Orders a
New York neighborhood: healthy meal from Westville,
East Village rests his voice and watches epi-
Actors Winging It Currently appearing in: sodes of the Adult Swim series
For the play “White Rabbit “Prodigal Son,” at Manhattan “Rick and Morty.” “It’s a fun car-
Red Rabbit,” an actor is handed Theatre Club, as a younger ver- toon show full of nonsense,”
the script for the first time just sion of playwright (and director) said Mr. Chalamet. “It gives you
as he or she is walking onstage. John Patrick Shanley, making his a sense of perspective on what
They work without preparation, way through boarding school in you’re working on.”
a director or a set. All they get New Hampshire. —Marshall Heyman
are a couple of notes, though
not quite stage instructions, on
paper, from Iranian playwright
Nassim Soleimanpour.
Producers Tom Kirdahy and
Devlin Elliott (Nathan Lane’s
husband) fell for the show
when they saw it last summer,
2016 IS THE YEAR OF THE MONKEY—the perfect time to get inspired by but knew a challenge loomed:
the mischievous Monkey King! Join this legendary hero, and other beloved “How do you get world-famous
actors to perform a play you
figures from 5,000 years of Chinese culture, on an unforgettable adventure. can’t let them read?” said Mr.
Shen Yun brings an ancient land of wonder to life through richly expressive Kirdahy.
Their pitch? The show is fun
dance, groundbreaking music, and cutting-edge stage effects. It’s an expe- and provocative but, really, just
rience you’ll remember for years to come. trust us. “We will also have to
T-B: JOAN MARCUS; NBC UNIVERSAL/GETTY IMAGES
look you in the eye after,” they

told actors. “And we don’t want
you to hate us.”
Nathan Lane (March 7),
Whoopi Goldberg (March 14),
Experience a Divine Culture

Patrick Wilson (March 21) and
more signed on for the run at
the Westside Theatre. Martin
Short, Cynthia Nixon, Alan Cum-
MARCH 2-13 LINCOLN CENTER

ming and others are also in,
800-818-2393 dates pending. More may be
David H. Koch Theater ShenYun.com/NY announced soon.
One common actor reaction,
said Mr. Kirdahy, goes like this: The Roots is working with the New Group on a musical.
THE WALL STREET JOURNAL. * * Tuesday, February 9, 2016 | A19
HEARD & SCENE
Scouting New York, Plus Comfort on the Red Carpet

T
he German director
Christian Ditter may
not be the last person
you’d expect to direct a ro-
mantic comedy about friends
looking for love—“How to Be
Single—but he’s probably
not the first.
JAMIE MCCARTHY/GETTY IMAGES

“Why of all people in the
world did they get the Ger-
man guy to di-
rect the com-
edy?” asked
the boyish Mr.
Ditter over an
espresso at his
MARSHALL midtown hotel
HEYMAN hours before Allison Williams will be part of
the premiere a Fashion Week kickoff for the
of the movie, footwear company Keds.
which is set in New York
City and stars Rebel Wilson located to Alabama to film
and Dakota Johnson. Jordan Peele’s “Get Out,”
“Humor is not in the top said she was considering
three of what you know Ger- changing her Keds multiple
many for,” he continued. times over the course of the
“But If it makes me laugh as event on Wednesday.
a German guy, everyone in Regardless, “I think it’ll be
SYLVAIN GABOURY/PMC
the world will roll on the the first time I’ve ever been
floor with laughter.” really comfortable on the red
The decision makers at carpet,” she said. “Keds took
Warner Bros.’ New Line had great strides making women
liked Mr. Ditter’s first Eng- comfortable, which was not
lish language film, “Love, anyone’s priority in the his-
Rosie,” starring Lily Collins Alison Brie, Rebel Wilson, Christian Ditter, Leslie Mann and Dakota Johnson at the premiere of ‘How To Be Single’ in New York. tory of time. You can be
and Sam Clafin. They asked comfortable and you’re mak-
him to meet on “How To Be apartment where the radia- rowdy night or two when he title and he said, ‘I can tell Atlanta. ing a fashion statement and
Single,” and a half an hour tor controlled the heat in the was single in Munich. The you: Get a divorce.’” “The best thing about you’re wearing cute shoes.”
after hearing his “take,” they apartments below him. So party would end at four in them was they were afford- Like Ciara, Ms. Williams
E
offered him the job. The film even in winter, “I was in T- the morning and “We’d say, very fashion week able,” said the pop star in a grew up wearing Keds. “I
hits theaters Friday. shirts and shorts,” said Mr. ‘Let’s drive to Lake Como.’” marks one brand or phone interview. “They were was a little girl from Con-
Having only visited New Ditter. That doesn’t happen in another’s anniversary. the one shoe I could get necticut who had a lot going
York once before as a tourist New York, he conceded. This year the footwear com- when I was younger. It gives on. I could transform them
on a two-week trip a decade
or so ago, the 38-year-old fa-
‘In [Germany], people Mr. Ditter met his wife,
Maria, a doctor, at a soccer-
pany Keds celebrates a big
one: its 100th.
me goosebumps to think
about.”
into a costume or go chase
after my brother and go on
ther of three was soon are a little more viewing party at a friend’s On Wednesday, Keds and “I’d like to consider my- nature walks in preschool,”
scouting locations in and
around the Upper West Side,
waiting on what fate house.
“My phone died that day. I
Refinery 29 will kick off New
York Fashion Week with a
self a fashionable person
since I was born,” she went
she remembered.
Though, “I fear that I may
the Meatpacking District and has to offer.’ gave her my number, and I party, hosted by the actress on. “I’ve been having fun ex- have only worn Uggs in col-
Park Slope. didn’t think to write hers Allison Williams, to unveil perimenting with Keds again. lege,” Ms. Williams said she
“The first time I got here, down,” he recalled. “I two video shorts starring There’s something cool to recently fell back in love
I experienced it like a back- Mr. Ditter explained that, thought I blew it, but she Ms. Williams, a female-em- me about the understate- with Keds. She estimated
lot of films I’d already seen,” in his limited experience, contacted me.” powerment campaign for ment of the shoe. It can also that she brought “in the ball-
said Mr. Ditter, who grew up dating in Germany and dat- They recently relocated 2016, and a live performance be very fresh and fly.” park of 10 pairs” with her to
in a small German town ing in New York are rela- from Munich to Santa Mon- by Ciara. Other members of She added that she typi- Alabama.
watching American movies. tively similar. ica, Calif., where Mr. Ditter the new “Keds Collective,” cally doesn’t wear heels As for the style she wears
Among the New York City- “Though I think they seem will soon get to work on a besides Ms. Williams and Ci- when she performs—“My when she watches “The
set films he likes: “Manhat- to be more on the hunt here. Netflix series called “#Girl- ara, included singer Tori dancing is very aggressive,” Bachelor,” one of her favorite
tan,” “Annie Hall,” “Taxi They’re a little more driven,” boss.” Kelly, tech entrepreneur Bil- she said—and instead television shows, Ms. Wil-
Driver,” and, he added, “the he said. “In Munich and Ber- The title “How To Be Sin- lie Whitehouse and the chooses sneakers or boots. liams said, “I might wear a
first ‘Spider-Man’ was really lin, people are a little more gle” has proved funny to model Cailin Russo. But her set on Wednesday is navy blue original because
cool.” waiting on what fate has to folks Mr. Ditter encounters. Ciara recalled wearing “going to be a very fun mo- they make me feel grounded
While working here, he offer.” “I met a random guy in an Keds as early as 8 years old, ment with the shoes.” in the insanity that I’m ob-
lived in a typical Chelsea That said, he recalled a elevator and I told him the when she was growing up in Ms. Williams, who just re- serving.”
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LEBRUN
Continued from page A15
in Ottawa, where the show
moves after New York.
A public figure ahead of her
time, Vigée Le Brun took pains
to manage her image, a task
at the Kimbell Art Museum in
Texas, this is believed to be the
first Vigée Le Brun retrospec-
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had a 40-year career at the
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The autobiography, pub-
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the National Gallery of Canada Other than a 1982 exhibition years ago. “I love this picture.”
SPORTS
A Cross-Country Drive With Martin Brodeur
Creating a 1,000-pound
statue was hard enough.
Carting it from Malibu to
Newark was the real chore.
BY ALEX RASKIN
If New Jersey had its own Mount

Rushmore of sports, it would already
be adorned with the likeness of for-
mer Devils goaltender Martin Brodeur.
But since the Garden State’s roll-
ing hills and meadowlands didn’t of-
fer a proper canvas for the three-
time Stanley Cup winner, four-time
Vezina Trophy recipient, and future
Hall of Famer, professional sculptor
and lifelong Devils fan Jon Krawczyk
was asked to move a mountain—or
in this case, a 1,000-pound statue—
from his Malibu, Calif., studio to his
home state of New Jersey.
“I drove it on my tractor trailer,”
Krawczyk said of the 11-foot bronze
tall statue, which was unveiled Mon-
day at Prudential Center. “I left Cali-
fornia Tuesday morning around 6
a.m. and got here Friday morning at
4:30 a.m.” Above, Jon Krawczyk makes a stop in the California desert with his statue of
Following Brodeur’s 21-year tenure Martin Brodeur. Left, the statue was unveiled Monday at Prudential Center.
with the Devils and his brief stint
with the St. Louis Blues last season, much less the famous, recognizable separately, meaning he was only re-
the Devils approached the Montreal ones that belong to his heroes. But sponsible for sculpting the torso,
native about commemorating his bril- when he sat down with Brodeur in arms and face.
liant, possibly unrivaled career. St. Louis, where Brodeur now works The final challenge was the cross-
Obviously the team intended to as the assistant general manager of country delivery, which included one
retire his No. 30—something that the Blues, the two decided on a more snowstorm in New Mexico and an-
will happen before Tuesday’s game personal pose. other in Pennsylvania, just a few
against the visiting Edmonton Oil- “I wanted to have at least my face miles from the New Jersey border.
ers—but Brodeur’s accomplishments [showing],” said Brodeur. “If I’m “I went really slowly,” he said of
required something more. Were it gonna do a thing like a statue, I just the ride. “I figured, this is the home
not for his NHL-record 125 shutouts, didn’t want it to have to be a mask.” stretch. I don’t want to screw this up
the Devils’ rafters might be empty. The image they settled on fea- now. I was doing like 30 miles an
“The statue was in that conversa- tured Brodeur skating off the ice in hour; 18-wheelers were flying by me.
tion,” Brodeur recently said of his victory and winking to his family in I had been driving so long, and my
discussions with the Devils. “It was, the stands. For the purposes of this eyes were starting to go because of
‘We want to do something special, piece, it can also be interpreted as the swirling snow. I thought I was
but if you want to do this, we have him thanking his devoted fans. seeing stuff.”
to get going because it takes time to Krawczyk, who was given a more Krawczyk suspects he began to
do it.’ He was really on a deadline to recent photo of Brodeur to work lose his hair under the stress of the
get it done.” candidates both because he was a other work, was more geometric. from, went so far as to take a few assignment. The statue, too, sur-
Krawczyk, who is 45, acknowl- devoted fan and because he had pre- “[This is] totally the opposite of years off the player’s face. “I changed vived the nearly 3,000-mile drive,
edged the tight window with a laugh. viously worked with the Devils and what I usually do—usually abstract, the age, took his wrinkles out,” he meaning Krawczyk’s time with the
“In four months I had to do this,” he Prudential Center in 2009, when he big corporation stuff,” he said. “I’m said. “When I see him, I’m gonna be NHL legend is finally over
said. “It should have been eight or 10 crafted the 6,000-pound abstract working on one right now that’s like, ‘Marty, you owe me a beer; I “I baby-sat it every day,” he said.
months.” stainless steel hockey player that gonna be about 200 feet long by 28 made you younger.’” “I spent four months with Marty. I
A native of nearby Boonton, he sits just outside of the arena. feet high and about 60,000 pounds.” The good news for Krawczyk was thought I was getting a little funny
was chosen ahead of several other That sculpture, like Krawczyk’s Krawczyk doesn’t sculpt faces, that Brodeur’s padding was all cast after a while.”
Phil Jackson, left, said it

was his decision to fire
How Low Can You Go?
The 10 lowest winning percentages among
Coachless Knicks and Nets
head coach Derek Fisher. the Knicks’ 26 all-time head coaches.
COACH YEARS RECORD
Move Rivalry Into Boardroom
Larry Brown 2006 23-59 (.280) Now that Derek Fisher has been while the Nets pursued former
Derek Fisher 2015-16 40-96 (.294) fired, the Knicks and Nets—both Knicks coach Rick Pitino, then coach-
Eddie Donovan 1962-65 84-194 (.302) without full-time coaches—aren’t ing at Kentucky, before settling for
Bob Hill 1987 20-46 (.303) just local rivals on the hardwood, but another big-name college coach, John
Carl Braun 1960-61 40-87 (.315) Calipari. Van Gundy led the Knicks to
Isiah Thomas 2007-08 56-108 (.341) Take a Number the playoffs five more times, includ-
ing a run to the NBA Finals in 1999,
Herb Williams 2004-05 17-27 (.386)
by which time Calipari was already
Don Chaney 2002-04 72-112 (.391) in the conference rooms where the an ex-Nets coach.
Harry Gallatin 1965-66 25-38 (.397) clubs’ executives and owners will But the Nets got the better of
Hubie Brown 1983-87 142-202 (.413) compete for coaching candidates. the respective searches in 2004
Source: Basketball-Reference Coaching searches by the Knicks when they retained interim coach
The Wall Street Journal. and Nets have overlapped (or come Lawrence Frank while the Knicks
very close) three times before, in- opted less than two weeks before
cluding the summer of 2014 when Frank’s ascension for NBA Hall of
his smarts to make up for his lack both Fisher and Lionel Holins were Famer Lenny Wilkens. Wilkens was
of top-flight athleticism. Fisher had hired. Since Hollins’s last game with gone little more than a year later,
run Jackson’s beloved triangle of- the listless Nets was Jan. 9, it’s fair while Frank, who won his first 13
fense in Los Angles and won five to call this most recent battle for games as an interim, led the Nets to
championships in the process. coaches a draw, even though Brook- four postseason berths.
Jackson alluded to those halcyon lyn went the established route with This time around, both teams
days Monday, saying it was difficult the veteran Hollins while the Knicks seem interested in established
to let go of someone so close to him took a big chance on a first-timer coaches. The Nets were initially
on a personal level. He stopped short like Fisher. linked to Calipari, now the head
of saying he expected the Knicks to Looking back at the other coach- coach at Kentucky, and more recently
reach the playoffs this season. But he ing overlaps, one team has clearly to ex-Cavaliers coach David Blatt.
did say that their revamped roster— gotten the better of the new hires. The Knicks were quickly connected
FISHER
Fisher, leaving him with the second- with new faces such as Arron Afflalo, In both cases, the fresh face turned to former NBA Coach of the Year
worst winning percentage in the Derrick Williams and Robin Lopez— out to be the better choice. Tom Thibodeau (ex-Bulls), who was
team’s history, ahead of Larry and their promising start to the sea- In 1996, the Knicks decided to re- a Knicks assistant under Van Gundy.
Brown’s .280 in 2006. Fisher replaced son—particularly the emergence of tain interim coach Jeff Van Gundy —Michael Salfino
Continued from page A15 Mike Woodson, who went 109-79 in rookie forward Kristaps Porzingis as
Rambis, a longtime Jackson assistant parts of three seasons, but won just a budding star—led him to believe the
in Los Angeles and a former head one playoff series. club should have been more success- John Calipari, left, and
coach with the Lakers and Minnesota Jackson cited the team’s recent ful than it was under Fisher. Jeff Van Gundy in 1997.
Timberwolves, will take over the losing streak and uninspired play as “I think that we saw what our tal-
team on an interim basis. Rambis said a primary reason for his decision to ent could do for us at some point in
FEATURE (L-R): JON KRAWCZYK; BRIAN FISHER/NJ DEVILS; GETTY IMAGES (JACKSON/FISHER); TAN: NBA/GETTY IMAGES (2)
Monday that his goal is to get the fire Fisher. He said he consulted November,” he said.
Knicks into the playoffs, despite the team general manager Steve Mills in He said he remains committed to
team beginning the day five games recent days about Fisher’s fate, but improving the Knicks, and suggested
out of the eighth and final playoff made the decision to fire him unilat- that franchise player Carmelo An-
spot in the Eastern Conference. erally, without influence from Knicks thony and Porzingis are off the table
There’s no question that the owner James Dolan. Dolan ultimately in potential trade talks with the NBA
Knicks, who have lost nine of their signed off on the decision when he trade deadline a little over a week
last 10 games after reaching the .500 and Jackson spoke Sunday night. away. The team has limited assets
mark at 22-22, could and should be “Some of the onus is on the play- outside of those two.
playing better than they have lately. ers,” Jackson said. “It’s a lot easier In any case, Jackson will have his
In particular, they’ve looked lifeless to fire a coach than 15 players. Un- hands full finding Fisher’s eventual
to start games this past week, falling fortunately, it’s not always the replacement. Fans will no doubt
behind by at least 10 points in the coach.” clamor for one of the boldface names
first quarter in each of their last But he also suggested that Fisher circulating in NBA’s coaching carou-
three outings. Fisher shouldered wasn’t as open as he needed to be in sel, but Jackson said Rambis would
some of the blame for that basic lack terms of accepting input from other, remain the coach through the end of
of preparedness. more experienced members of his the season, saying “we’re not looking
“I’ll take some responsibility for it, coaching staff. “There wasn’t really for anyone else.” Can’t Anyone Coach in This Town?
whatever is or isn’t happening, so a consensus in our staff,” he said. True to form, Jackson appears The Knicks and Nets have seen their searches for a head coach overlap three times before.
that we’re ready to play right at the Jackson, himself in his second committed to the idea of finding a COACH HIRED GAMES RECORD PLAYOFF APPS LAST GAME
tipoff,” Fisher said on Sunday, a day year with the Knicks, took a consid- coach who is well-versed in the tri- Jeff Van Gundy* Knicks 3/8/1996 420 248-172 6 12/4/2001
before he was fired. “I think we have erable gamble on the 41-year-old angle offense, making Golden State John Calipari Nets 6/5/1996 184 72-112 1 3/14/1999
to figure that out.” Fisher when he made him the team’s assistant Luke Walton and former
The recent rough patch was far 26th head coach. Fisher had been his Denver Nuggets coach Brian Shaw Lenny Wilkens Knicks 1/14/2004 81 40-41 0 1/21/2005
from the only turbulence the Knicks second choice after Steve Kerr, who the likeliest candidates if Rambis Lawrence Frank* Nets 1/26/2004 466 225-241 4 12/2/2009
(23-31) experienced under Fisher, eventually became the coach of the doesn’t keep the job long-term. Derek Fisher Knicks 1/10/2014 136 40-96 0 2/7/2016
who played for 18 seasons as an NBA Golden State Warriors and immedi- “It isn’t paramount, but it’s im- Lionel Hollins Nets 7/2/2014 119 48-71 1 1/9/2016
point guard but had never coached at ately won an NBA championship. But portant,” Jackson said when asked Source: Stats, LLC *includes record as interim head coach The Wall Street Journal.
any level before Jackson hired him Jackson said he valued Fisher’s acu- whether he would only hire someone
on June 10, 2014. The Knicks went men and intangibles as an under- with whom he shared a basketball
just 40-96 (.294) in 136 games under sized player who had always used ideology.
WSJ.D B4 | CFO JOURNAL B5 | CROSSWORD B6
BUSINESS & TECH.

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Chesapeake Woes Rattle Pipeline Partners

Firm ‘has no plans to report that the embattled Jay Rhame, who co-man- being called into question,
Oklahoma company was work- ages $2.5 billion in energy in- Energy Stumble CHANGE IN SHARE PRICE said Michael Grande, director
pursue bankruptcy,’ ing with bankruptcy advisers. vestments at Reaves Asset Shares in pipeline companies
ON MONDAY of U.S. energy infrastructure
but prospect shows The turmoil helped trigger Management—which owns fell Monday amid fears that –4.7% Kinder Morgan at Standard & Poor’s Ratings
a selloff in shares of pipeline shares in Williams—called shale producer Chesapeake Services. It isn’t entirely clear
sector’s vulnerability giant Williams Cos., which Chesapeake’s woes “a warning could restructure.
–8.5% MPLX how the contracts that were
gets 20% of its sales from shot” for many other debt- –9.3% Oneok supposed to protect pipeline
Three big U.S. energy com- moving Chesapeake’s natural loaded energy producers, as companies will fare if their
panies pulled each other into a gas from fields to markets. well as the companies that –13.4% Targa Resources customers go bankrupt, he
spiraling stock plunge on Mon- The trouble cascaded to En- process and ship the oil and said.
–15.2% Plains GP Holdings
day that illustrates how one ergy Transfer Equity LP, an gas they pump out of the “If counterparties are either
distressed shale producer can oil-and-gas logistics firm ground. –27.8% Chesapeake Energy defaulting or not paying, that’s
threaten its business partners. based in Dallas, that has been Many pipeline operators going to be a problem,” Mr.
trying to merge with Williams. pushed clients like Chesapeake –34.8% Williams Cos. Grande said. “It doesn’t matter
By Timothy Puko, The rapid declines in all to sign fixed-cost contracts. –42.0% Energy Transfer Equity how good your contract is.”
Alison Sider three companies exposed the That put producers on the Chesapeake is mired in
and Erin Ailworth complexity and interconnected hook to pay a set price for se- Source: FactSet THE WALL STREET JOURNAL. more than $11 billion in debt
nature of some energy stocks, curing space on pipelines after years of freewheeling
Shares of Chesapeake En- helping to spur a selloff across whether they shipped fuel or much are these contracts and producers because Wil- spending while energy prices
ergy Corp., once one of the the sector as investors con- not, a scenario that could con- worth and who else has expo- liams bought a network of were high, and some analysts
biggest drillers in the U.S., was tinue to brace for the worst. vince a bankruptcy judge the sure?’” he said. “It’s obviously pipelines that had been owned have warned that the company
the first to go when the mar- Oil prices fell back below $30 contracts have become too not only Chesapeake.” by Chesapeake. But many in- could tip toward bankruptcy.
ket opened. Its stock lost more a barrel Monday and an index costly, Mr. Rhame said. Williams and Chesapeake vestors’ assumption that pipe- Chesapeake confirmed it is
than 50% of its value in early of pipeline companies dropped “Everyone’s looking at it are more closely intertwined line companies are insulated working with longtime counsel
trading as investors digested a by more than 8%. right now and saying ‘How than most pipeline companies from plunging energy prices is Please see ENERGY page B5
Phones Are Putting an End to Password123 Investors

Apple, Alphabet focus on technology that turns smartphones into digital keys SeeHopein
BY ROBERT MCMILLAN
Rohit Paul has seen the fu-

For-Profit
ture of digital security, and it
is free of pesky passwords.
Recently, he needed to use a
Education
laptop to edit a vacation BY MELISSA KORN
photo stored in Google Pho- AND JOSHUA JAMERSON
tos. He grabbed his wife’s
computer. But the 27-year-old Private-equity firm Apollo
engineer didn’t type in Google Global Management LLC
credentials. Instead, he agreed Monday to buy Apollo
tapped a button on the screen Education Group Inc. for
of his Nexus 6P smartphone. about $1.1 billion, betting
“It makes life easier,” Mr. there is still a future for the
Paul said. “No need to worry beleaguered for-profit college
about typing a complicated industry despite years of reg-
password.” ulatory scrutiny and precipi-
Technologists aiming to tous enrollment declines.
strike a balance between secu- Apollo Education, which
rity and ease of use are con- owns the University of Phoenix
verging on the smartphone. chain of schools as well as a
The latest developments from portfolio of international oper-
Google parent Alphabet Inc. ations, is the biggest player in
and from Apple Inc. go be- a fast-shrinking sector.
yond using special programs For-profit colleges were on
designed to manage all of your a roll in the early 2000s, using
passwords, or entering a code a barrage of television adver-
sent via text message. Instead, tising and online courses to
they treat a handset as a re- appeal to underemployed
PHOTO ILLUSTRATION BY RAY BARTKUS
placement for passwords and adults with courses in health

other identification. care, technology and other in-
Mr. Paul is part of Alpha- demand fields.
bet’s quiet beta test program But the Education Depart-
for “Sign in with your ment began a crackdown in
phone,” Google’s latest effort 2010 into what it alleged were
to let Android users log into overly aggressive marketing
its services—on any device— practices, and underwhelming
without a password. And in graduation rates and job place-
the future, Google engineers ments. Market valuations and
aim to give Android phones reputations of for-profit col-
the ability to recognize indi- lege operators tumbled.
vidual users by analyzing lock the phone, but app de- With the regulatory cloud
patterns of speech, typing velopers are starting to use still hanging over many for-
and other behavior. it with other onboard secu- with systems that let people versity. “People tend to pick profit schools, they have strug-
Apple, for its part, has rity features to eliminate withdraw cash by using a spe- the less secure passwords in gled to find their place in a
outfitted its latest iPhones passwords entirely. cial code displayed on a work administrators hate the largest numbers, so pass- higher-education market that
with special high-security Mobile phones also serve phone’s screen. them because they don’t words are a bad idea from a is radically different from the
chips that let programmers as personal identification in Passwords are a notori- keep hackers at bay and re- security point of view.” one that fostered quick growth
develop apps to let users log credit-card alternatives such ous bane of digital life. Users setting them is costly. The password has been an in the 1990s and early 2000s.
in by touching their finger to as the Apple Pay and Android forget them, make them easy “We know that the most endangered species for some Nonprofit institutions have
the phone instead of enter- Pay services. And banks are to guess, or rely on the same popular passwords are all time. Most mobile apps ask ramped up their online opera-
ing strings of characters. The beginning to experiment with one to gain access multiple pretty much garbage,” said for one the first time they run tions. Prospective students
iPhone’s built-in Touch ID using phones to replace ATM online services, all of which Matthew Green, an assistant on a new phone and leave us- have grown wary of taking on
fingerprint reader has be- cards. Citigroup Inc. and Wells become vulnerable if the professor of computer sci- ers alone thereafter. But the debt to fund degrees of ques-
come a popular way to un- Fargo & Co. are experimenting password is exposed. Net- ence at Johns Hopkins Uni- Please see PHONES page B4 tionable value. And the job
market has also recovered
from the latest recession.
Burrito Chain Pauses to Regroup After Crisis Zenefits CEO Resigns Given the headwinds at
home, school operators includ-
ing Apollo Education and
Under Fire From Startup DeVry Education Group Inc.

are more optimistic about
prospects in friendlier climates
BY ROLFE WINKLER cisions have just been plain overseas, and potential growth
wrong,” Mr. Sacks said in the in that arena could appeal to
Parker Conrad has resigned letter. “As a result, Parker has investors.
as chief executive of health-in- resigned.” Apollo Education said in its
surance brokerage Zenefits af- Mr. Sacks said the company latest quarterly report that it
ter coming under fire for what has hired an auditing firm to was exploring opportunities
the highflying startup says review the company’s proce- for certificate programs and
PAUL J. RICHARDS/AGENCE FRANCE-PRESSE/GETTY IMAGES
were inadequate compliance dures around insurance licens- vocational education in foreign
procedures and weak internal ing. He also has named a new countries. In December, the
controls. chief compliance officer, Josh company bought a German
The company, which last Stein, who is one of the com- training firm for $105 million
May was valued at $4.5 billion pany’s top lawyers and a for- upfront and up to $12 million
just two years after Mr. Conrad mer federal prosecutor. in future contingent payments,
founded it, said Monday that Mr. Sacks also indicated the and the company is now post-
David Sacks, the chief operat- company will retrench, focusing ing growth in every country
ing officer, would take over. on small-business customers. outside the U.S.
In a strongly worded letter Mr. Sacks couldn’t be reached The buyout by Apollo Global
to employees announcing Mr. for comment on Monday. Management, Vistria Group
Conrad’s departure, Mr. Sacks Mr. Conrad couldn’t be and Najafi Cos., which is sub-
criticized the culture created reached for comment. In a ject to approvals from the U.S.
by his predecessor. “The fact statement, he said: “I am im- Department of Education and
is that many of our internal mensely proud of the organi- University of Phoenix’s accred-
processes, controls, and ac- zation we have built and the itor, will give stockhold-
The Mexican Grill closed its U.S. restaurants for a few hours Monday so employees could be briefed on tions around compliance have industrywide impact we’ve ers $9.50 a share, a 37% pre-
new procedures for keeping pathogens out of its food. Above, a customer outside a Virginia store. B6. been inadequate, and some de- Please see CEO page B6 Please see APOLLO page B2
B2 | Tuesday, February 9, 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.
Akin Gump Strauss

A
Hauer & Feld ............ A2

F
Facebook.................B4,C1
Proskauer Rose...........A2
Prudential....................C1
Prudential Financial....C1
Anglo’s CEO Predicts Viacom
Alaska Air Group........B5
FMC Technologies.......A2
R
Strikes Ad
Deepening Metals Slump
G
Alphabet ................ B1,B4 Ropes & Gray..............A2
General Electric .......... B5
Alstom.........................B5
Amazon.com...........C1,C8
Anglo American..........B2
Apollo Education Group
Gilead Sciences...........C8
Glencore ...................... B2
Google...............B4,C1,C8
Royal Caribbean Cruises
.....................................B5
S Have commodity prices bot-
Deal With
H
.....................................B1
Apollo Global
Management.............B1
Hasbro.........................B3
Hewlett-Packard.........C8
Salesforce....................C8
Shutterstock...............B5
Skadden, Arps, Slate,
tomed out yet?
Anglo American PLC Chief
Executive Mark Cutifani
Snapchat
Apple......................B1,B4 Horizon Air..................B5 Meagher & Flom ...... A2 doesn’t think so, saying Mon- BY STEVEN PERLBERG
AT&T............................B4 I SkyWest......................B5 day that 2016 is set to be even
Snapchat ..................... B2 more difficult for mining com- Investors have been fretting
B Intel.............................C8
Spencer Stuart............B5 panies and commodity mar- about Viacom Inc.’s cable TV
Barclays.......................C1 J Splunk..........................C8
Blackstone Group........C2 kets than 2015. To put that in fortunes and hoping the com-
Jackson National Life Stanton Chase............B5
BNP Paribas................C1 Insurance...................C1 perspective, copper and iron- pany will cook up new ways to
T profit in the digital economy.
Bombardier..................B5 K
Bouygues.....................B5 Tableau Software........C8 By Scott Patterson On Tuesday, as the media
Kirkland & Ellis ..... A2,B5
Brixmor Property Group Texas Roadhouse........B5 in Cape Town, company reports quarterly re-
Korn/Ferry International Tierpoint......................B4
..................................... C2 .....................................B5 South Africa, and Alex sults, it will have a new part-
Tiger Global MacDonald in London nership to tout on that front.
C Krispy Kreme Management.............C4
WALDO SWIEGERS/BLOOMBERG NEWS

CenturyLink.................B4 Doughnuts ................ B5 The shiny new object: a
Tribune Media.............B5
Chesapeake Energy L ore prices fell 25% and 40% re- deal with Snapchat Inc., the
21st Century Fox........B6
................................B1,C8 LCH.Clearnet Group....C3
spectively in 2015, and Anglo’s popular vanishing messages
U share price dived 75%. app that already carries con-
Chipotle Mexican GrillB6 Lincoln National..........C1
Cisco Systems.............C8 UniCredit ..................... C1 “Opinions are divided on tent for Viacom-owned net-
M United Continental
Crist/Kolder Associates whether we have reached the works Comedy Central and
Maple Financial GroupC3 Holdings....................B5
.....................................B5 bottom of the cycle,” Mr. Cuti- MTV. Viacom and Snapchat
MetLife........................C1 V
D Microsoft.....................C8
fani said during a speech at are taking their deal a step
DDR..............................C2 Morgan Stanley .......... C4
Verizon Communications the Investing in African Mining further with a multiyear
.....................................B4 Indaba conference in Cape agreement that allows the me-
Deutsche Bank............C1 N Viacom.........................B2
DeVry Education Group Town, South Africa. “So things Mark Cutifani said Anglo American has been hit hard by low prices. dia company to sell advertis-
Najafi Cos....................B1 Vistria Group .............. B1
.....................................B1 may still get worse before they ing on Snapchat’s behalf.
National Bank of Volkswagen.................B3
Diversified Search......B5 Canada.......................C3 get better.” price hasn’t bottomed out. market to create a long-term For Snapchat, the move
DLA Piper....................A1 W Mr. Cutifani’s downbeat Meanwhile, 71% of respondents sustainable future,” said Gra- could help lure in more big ad-
Netflix..........................C1
DP World.....................B5 Nippon Telegraph Walt Disney ................ C1 mood was broadly shared at said they remain bearish about ham Kerr, the CEO of South 32 vertisers to the millennial-fo-
E & Telephone...............B4 Williams......................B1 Mining Indaba, an annual con- the six-month mining-sector Ltd., a miner of coal, aluminum cused platform. Viacom gets a
Noranda Aluminum Windstream Holdings B4 ference that draws much of the outlook and 14% said they re- and manganese. chance to flex its ad sales
Education Management
Holding......................B5 Workday ...................... C8 mining world’s elite. Executives, main bullish. Anglo has been among the muscles and direct some at-
.....................................B2
Embraer.......................B5 P X-Z investors and analysts said they The bank didn’t disclose companies hardest-hit by low tention away from soft TV rat-
Energy Transfer Equity PayPal Holdings..........B5 Xerox ........................... B5 don’t believe a recent rally in how many investors partici- prices. Mr. Cutifani said com- ings, a sagging share price and
.....................................B1 Petróleos Mexicanos..B3 Zenefits.......................B1 metal prices and mining compa- pated in the poll. modity prices have fallen drama related to the declining
nies’ shares will last. “Such episodes of sharp about half a percentage point health of its 92-year-old con-
INDEX TO PEOPLE Anglo shares are up more

than 15% this year, while Swiss
mining and trading company
corrections in prices tend to
ignite the question of whether
we are witnessing the reversal
every month since he took
over the company about three
years ago.
trolling shareholder, Sumner
Redstone. Under the deal, Via-
com will have exclusive third-
A Ells, Steve...................B6 P Glencore PLC has risen more of the downtrend,” said J.P. The slump in prices has de- party rights to directly sell ad-
Altorelli, John.............A1 F Peabody, Charles ........ B5 than 8%. Prices for copper— Morgan Chase & Co. analysts prived Anglo of roughly $350 vertising surrounding
Anaya, José Antonio Fu, Victor.....................C2 Pluves, Martin.............C3 used in power-transmission in a note on Friday. “In this in- million in revenue a month, he Snapchat’s content. That in-
González....................B3 R lines, skyscrapers and appli- stance, we believe the answer said. “It’s a big number,” said cludes pop-up “Live Stories”
G
Austin, Emilio Lozoya B3 to be no.”
Gaudreau, Jules .......... C1 Reed, Alison................C2 ances—have increased 6% Mr. Cutifani, whose company that cull together posts from
B Rothenpieler, Hans- since hitting $4,325.50 a met- The slump has been a long, is scheduled to report its half- users in specific geographic
Greenbaum, Karen......B5
Bannister, Barry..........C4 Green, Matthew..........B1 Joachim.....................B3 ric ton on Jan. 15, their lowest downhill slide for mining com- year results next week. locations or during a holiday.
Barrineau, James........C2 Rushforth, Jonty.........C3 price in six years. panies that ramped up spend- Anglo rolled out a restruc- Viacom will also add two
H
Belth, Joseph..............C2 S But a host of analysts agree ing and production a decade turing plan last December in- new channels to Snapchat’s
Bin Sulayem, Sultan Hart, Brett..................B5
Ahmed.......................B5 Harte, Jeffery ............. C4 Sacks, David................B1 with Mr. Cutifani. Several have ago, when Chinese demand for volving the elimination of “Discover” page, where media
Bower, Ward...............A2 Hurwitz, Daniel...........C2 Sarao, Navinder SinghC3 said in recent notes that the industrial metals was soaring. 85,000 jobs. outlets such as CNN, Vox,
K Sava, Guy....................B5 rally has been fueled primarily During the past 2½ years, Mr. Cutifani said Monday Mashable and The Wall Street
C Smith, David ............... C1
Kerr, Graham...............B2 by the U.S. dollar weakening China’s economy has cooled, that Anglo has already reduced Journal also have channels.
Carr, Jeff.....................A2 Sundar Pichai..............B4
Krueger, Ryan..............C2 against other currencies. This growing at 6.9% in 2015, its costs about 30%, but “we need MTV, which currently operates
Carroll, Michael...........C2 T
Colosi, Scott................B5 L makes it cheaper for foreign slowest annual growth in a to do a lot more.” an international channel, will
Thomas, Tony..............B4 buyers to purchase commodi- quarter-century. The problems confronting now get a U.S. version. Com-
Conrad, Parker ............ B1 Laderman, Gerry.........B5
Tuch, Frank..................B3 ties that typically are priced in Now, companies are paying Anglo were highlighted Mon- edy Central, which produces a
Crist, Peter..................B5 Lawler, Doug...............B5
Tuch, Frank ...................... dollars, but analysts say it the price for all the production day, with the company’s plati- U.S. channel, will expand in-
Cryan, John ................. C1 Levkovich, Tobias........C4
Cutifani, Mark.............B2 V doesn’t represent a fundamen- launched when the market was num-mining unit swinging into ternationally. The company
M
Czerwonko, Alejo........C2 Vazquez, John.............B4 tal shift for mining companies. hot, some executives said. the red in 2015 on impairment said it would further invest in
MacEwen, Bruce.........A2
D-E Maduro, Nicolás..........C2 W In a weekly Citigroup poll, “The challenge for industry charges and restructuring making programming geared
Dallen, Russ................C1 Munoz, Oscar..............B5 Welch, Jamie .............. B5 the bank said 93% of respon- is not demand, it’s excess sup- costs amid low platinum-group toward Snapchat.
Dergel, Samuel...........B5 Murdoch, James ......... B6 Witt, Scott..................C2 dents believe Anglo’s share ply, and it needs to leave the metal prices. “We had early on made a
big commitment to developing
premium, original content for
APOLLO will be able to complete the

turnaround without the pres-
sure of quarterly earnings re-
ports, gaining flexibility to fur-
the channels we had on the
platform,” said Viacom Chief
Financial Officer Wade Davis.
“Based on the success we had,
Continued from the prior page ther tighten admission we started talking about what
mium over Apollo Education’s standards, rein in tuition rates we could do beyond that.”
closing share price Friday and and pursue more international Viacom Chief Executive Phi-
even more compared with the projects. lippe Dauman, who succeeded
stock’s value before the school “The structure of the group Mr. Redstone as executive
operator announced last that’s involved will provide chairman last week, will dis-
month that it had a suitor. flexibility and runway for us to cuss the Snapchat deal during
But it is a steep discount to drive that transformational the earnings call Tuesday, a
where Apollo Education was a plan,” Apollo Education CEO person familiar with the mat-
few years ago. The company Gregory W. Cappelli said. ter said.
had a market capitalization of “These are long-term inves- The agreement comes as
more than $14 billion in 2009 tors.” He said he expects the Snapchat tries to grow its rev-
and at its peak enrolled nearly company to reach “stability enue and expand its fledgling
half a million students. Univer- and appropriate levels of advertising business.
sity of Phoenix counted growth” in the next few years. Viacom has long held rela-
EZRA SHAW/GETTY IMAGES
176,900 degree-seeking stu- But the legal outlook re- tionships with large ad buyers
dents in the quarter mains hazy across the sector. and brands that plunk down
ended Nov. 30. Apollo Education received its major dollars.
second investigational subpoe- Snapchat, though it boasts
nas from California’s attorney 7 billion video views a day, is a
general last week—the first relative newbie to advertising.
came in August 2015—and last Marketers such as General
year disclosed a probe by the Beyoncé’s halftime show helped lift Super Bowl 50 to the third most-watched TV show in history. Electric Co., Coca-Cola Co. and
U.S. Federal Trade Commission Samsung Electronics Co. have
Super Bowl’s Viewership

into its marketing and other advertised on the platform. Ad
business practices. buyers and marketers say they
In October, the Defense De- like Snapchat for its young,
partment said it had barred dedicated user base. In May,
Shows Power of Live Events

Apollo Education the University of Phoenix sys- Snapchat raised more than
owns the University tem from recruiting on mili- $500 million in funding, valu-
tary bases and prevented ing the startup at $16 billion.
of Phoenix chain of troops from using federal “There is a lot of TV buyers
for-profit schools. money for classes. The de- BY JOE FLINT ular and live events in general case with the Broncos’s 24-10 that want to buy Snapchat
partment last month said it continue to be relatively im- victory over the Panthers, more and more,” said Imran
had removed the University of About 111.9 million people mune to the challenges facing viewers tend to stay tuned-in. Khan, chief strategy officer of
Shares of Apollo Education, Phoenix from probationary watched the Denver Broncos much of the traditional televi- Many use social media plat- Snapchat.
which isn’t related to Apollo status, reopening the spigot defense dominate the Carolina sion industry. Viewers often forms such as Twitter and Mr. Khan said that the com-
Management despite the name, of military tuition-assistance Panthers to win Super Bowl now record shows or watch Facebook throughout the game, pany will continue to sell “ba-
closed Monday at $8.62. funds for the for-profit col- 50, making it the third-most- them on video-on-demand in- essentially turning the viewing sically most of our inventory,”
“They’ve been saying for a lege operator. watched U.S. TV show ever, stead of live. That hurts a pro- experience into a national Su- but that the Viacom deal “re-
while that their plans for turn- Meanwhile, the FTC last according to Nielsen. gram’s value to advertisers per Bowl party. The audience duces friction” and lets big
around are going to bear fruit, month sued DeVry for alleg- The nearly 112 million view- and the networks. for Super Bowl 50 peaked at an brands buy Snapchat ads as
but I haven’t seen any evidence edly running false television ers who tuned into CBS will But big events such as the average of 115.5 million from part of a larger TV package.
of them hitting that bottom,” and online advertisements easily be the biggest TV Super Bowl, an awards show 8:30 p.m. to 9 p.m. Eastern Snapchat has a revenue-shar-
said Kevin Kinser, an associate about the employment out- broadcast this year, but the or the live musicals that NBC time. ing agreement with Viacom
professor of higher education comes and earnings of its low-scoring game didn’t have and Fox have found success It wasn’t until 2010 when for the ads it sells.
policy at University at Albany- graduates, and the Department the excitement of last year’s with are evidence that there is the New Orleans Saints topped Jeff Lucas, Viacom’s ad
SUNY who studies for-profit of Education is conducting a Super Bowl win by the New still content that is “DVR the Indianapolis Colts that the sales chief, said that both
and international education. related probe into that com- England Patriots over the Se- proof.” Advertisers shelled out Super Bowl broke through to companies are targeting the
“This is a recognition that they pany. DeVry has denied the al- attle Seahawks, which drew a as much as $5 million for a become the most-watched U.S. same young viewers and are a
might have a ways to go.” legations. record 114.4 million viewers on 30-second commercial in Sun- broadcast of all time with “natural match.”
After being accused of re- In November, Education NBC. The second-most- day’s game. 106.5 million viewers. Before “We identified early on the
cruiting unqualified students Management Corp., which watched was Super Bowl Online, the game had an av- that, the long-held record for similarities in our audience
from homeless shelters, Uni- owns the Art Institutes chain XLVIII, in which Seattle Sea- erage audience of 1.4 million a TV audience was 106 million with Snapchat as they were
versity of Phoenix has led the of schools, agreed to pay $95.5 hawks trounced the Denver viewers and 3.96 million unique for the 1983 finale of the sit- starting out. They realized
industry in tightening admis- million to settled claims from Broncos on Fox in front of viewers. While there were com “M*A*S*H.” To be sure, early on about our access to
sion standards, even offering the U.S. Department of Justice 112.2 million. Earlier data some issues early on for people when the “M*A*S*H” finale the ad market in terms of sell-
prospective students a risk- that it illegally paid admis- based on overnight ratings trying to watch the game ran there were 83.3 million ing against millennials,” said
free trial before they commit sions workers solely on the ba- from the nation’s biggest mar- through Apple TV, for the most television homes. Now there Mr. Lucas, who advises Snap-
to paying tuition. sis of how many students they kets had indicated Sunday’s part streaming came off with- are over 116 million. chat on advertising matters.
But such moves aren’t at- enrolled. The company didn’t game may rank second. out a hitch. This was the first The time slot after the Su- As the television industry
tractive to short-term inves- admit wrongdoing in the set- This was the eighth-straight year that the live stream car- per Bowl has become an op- struggles with falling ratings,
tors, who have punished the tlement. Super Bowl to top 100 million ried the same national com- portunity for the network air- Viacom has hawked a new
company for shrinking its foot- —Dana Cimilluca viewers. mercials as the broadcast. ing the big game to either data-focused product to better
print aggressively. and Matt Jarzemsky The huge viewership shows Even if the Super Bowl isn’t launch a new show or build target viewers across its
Executives now hope they contributed to this article. that the Super Bowl in partic- exactly a nail-biter, as was the awareness for an existing one. shows.
THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | B3
BUSINESS NEWS
HasbroSalesSoarWith‘StarWars’
Toy maker posts Rey wielding a lightsaber, for
instance, were held back until
double-digit revenue January.
gain on sales tied to Hasbro is trying to bolster its
girls division, which reported a
blockbuster film 17% decline last year. It is seek-
ing to add more Disney licenses
BY PAUL ZIOBRO geared toward girls. Hasbro re-
AND AUSTEN HUFFORD cently started selling Disney’s
princess and “Frozen” dolls,
Hasbro Inc. reported strong having snatched the license
revenue during the holiday pe- from rival Mattel Inc.
riod, helped by a surge in de- The launch is being closely
mand for lightsabers, action watched to see if Hasbro,
figures and other toys tied to which historically establishes
“Star Wars.” itself with boy-focused toys
SEAN GALLUP/GETTY IMAGES
Hasbro’s deep lineup of toys like G.I. Joe action figures and
related to the blockbuster film Nerf blasters, can do more
led to a 35% sales increase in with the coveted property than
its boys segment, helping over- Mattel.
all revenue rise 13% to $1.47 Mr. Goldner on Monday said
billion in the fourth quarter. Hasbro would most likely stick
Chief Executive Brian Gold- to small acquisitions that will
VW is carrying out a sweeping restructuring of top management. ner said the company’s “Star help it achieve its long-term
Wars” business for the year strategic goals.
Volkswagen Replaces was “very similar” to the

nearly $500 million the com-
pany made in 2005 when the
“We think we’re well posi-
tioned from a brand stand-
point,” he said. His comments
Its Car-Quality Chief last installment of the movie

hit theaters. And the company
forecasts “Star Wars” sales this
come after Bloomberg reported
last week that Hasbro ap-
proached its larger rival last
JOE RAEDLE/GETTY IMAGES

BY WILLIAM BOSTON will be succeeded by Hans- year will be around that level year to discuss a possible
Joachim Rothenpieler, a board again. merger.
Volkswagen AG said on member at the company’s On Monday, Hasbro shares Mr. Goldner didn’t specifi-
Monday its head of quality as- commercial vehicle division in rose 1.4% to $75.11. cally address that report.
surance will leave the com- charge of technical develop- Walt Disney Co.’s “Star Hasbro’s overall earnings for
pany as Chief Executive Mat- ment, effective Feb. 15. Wars” was a boon to the toy the fourth quarter rose 3.4% to
thias Müller continues to Mr. Rothenpieler, 58, will industry last year, as collectors $175.8 million. Sales in the U.S.
shake up the auto maker’s report to Mr. Müller. and children clamored for toys Disney’s ‘Star Wars’ film has been a boon to the toy industry. and Canada climbed 29% to
management in the wake of its The changes come as Mr. tied to the newest feature film $690.8 million.
emissions-cheating scandal. Müller carries out a sweeping in a decade. It was the largest sults in more than a decade. actress Daisy Ridley’s charac- The effect of foreign ex-
Frank Tuch, 48 years old, restructuring of the company’s toy property in 2015, helping Hasbro’s Star Wars business ter, Rey. Disney wanted to keep change hurt the international
was appointed in 2010 by for- top management, streamlining the industry increase toy sales wasn’t without problems. The some of the key plot points segment, which posted a more
mer CEO Martin Winterkorn, the management board and 6.7% last year, according to the toy maker was criticized by from “The Force Awakens” hid- modest increase of 2.9% to
who resigned in September af- sharply reducing the number NPD Group Inc., the best re- fans for a lack of toys featuring den initially, so toys depicting $690.8 million.
ter U.S. regulators disclosed of executives who report to
that Volkswagen had rigged him directly.
diesel engines to cheat on
emissions tests.
Mr. Tuch was among a
Those who continue to re-
port to the CEO now have a
more narrowly defined strate-
Mexican President Names New Pemex CEO
group of Volkswagen execu- gic role. Decisions related to BY ANTHONY HARRUP has led the company since De- vate sector, and to strengthen company as it faced competi-
tives who were suspended last operations at the company’s 12 cember of 2012. its finances and production at tion in exploration and produc-
year when Volkswagen brands increasingly are dele- MEXICO CITY—Mexican Mr. González Anaya is a for- a time of low world oil prices, tion for the first time in its 77-
launched its investigation of gated to brand management, President Enrique Peña Nieto mer deputy finance minister, Mr. Peña Nieto said. year history.
the emissions-cheating affair, allowing Mr. Müller and his on Monday replaced the chief and was director of the Mexi- Priority must be placed on But under the leadership of
according to people familiar leaner board to focus on larger executive of Petróleos Mexica- can Social Security Institute efficiency and profitability, 41-year-old Mr. Lozoya, Pemex
with the matter. He hasn’t strategic questions and enable nos, shuffling the management for the past three years. with emphasis on international was unable to keep oil produc-
been charged with any wrong- faster decision-making at the of the state oil company as it The two basic challenges competitiveness, which will re- tion from declining, and the
doing. individual brands. struggles with the fallout from facing the new head of Pemex quire adjustments in its cost plunge in prices in the past
Volkswagen said he re- Mr. Rothenpieler will be the plunge in global oil prices. are to take advantage of the structures and spending, he year and a half has further
signed to pursue other inter- succeeded by Harald Ludanek, Mr. Peña Nieto appointed opportunities opened to the added. pressured the company’s per-
ests. Mr. Tuch wasn’t immedi- 57, as board member in charge José Antonio González Anaya company under the country’s In his three years at the formance. Pemex reported an
ately available for comment. of technical development at its as the head of Pemex, in place new energy laws, such as form- helm of Pemex, Mr. Lozoya after-tax loss of $9.9 billion in
Volkswagen said Mr. Tuch commercial vehicles unit. of Emilio Lozoya Austin, who ing partnerships with the pri- oversaw a restructuring of the the third quarter of 2015.
B4 | Tuesday, February 9, 2016 THE WALL STREET JOURNAL.
TECHNOLOGY @wsjd | wsjd.com
Telecom Firms Shed Real Estate

Ma Bell’s old switching
India Rules
Against
Data Deals
centers and other
data centers are on
Global spending on data center
acquisitions reached $8.5 billion
Facebook’s
the auction block last year
$8 billion 2015
$8.5B
Free Service
BY DREW FITZGERALD Facebook Inc.’s efforts to
AND RYAN KNUTSON expand Internet access in the
6 developing world suffered a
Old-school telephone com- blow Monday when India’s
panies are wrestling with a di- telecommunications regulator
lemma their younger rivals 4
would love to have: what to do By Sean McLain,
with all that real estate. Joanna Sugden
Buildings accumulated over 2 and Deepa
decades, from windowless and Seetharaman
fortresslike switching centers
built to handle landline gear to ruled that the social-media
0
modern warehouses filled with company’s plan to offer free
Web servers, are up for sale ’05 ’07 ’09 ’11 ’13 ’15 access to a limited number of
after their telecom owners de- Source: Dealogic websites undercuts the pur-
cided to focus on wireless ser- THE WALL STREET JOURNAL. pose of the Internet.
vices. The regulator said Face-
Some spaces “were pur- plans to sell a network of data book’s Free Basics service vio-
pose-built to be telephone centers centered in Asia. lated the principles of net neu-
buildings,” said John Vazquez, Data centers provide the trality, which call for equal
head of global real estate at brawn behind today’s brainy treatment of all traffic on the
Verizon Communications Inc. smartphones by housing the Internet. The new regulations
RYAN KNUTSON/THE WALL STREET JOURNAL
“They were never intended to machines that make apps and ban all programs in India that
be anything else.” In addition websites run smoothly. The offer free access to a limited
to unloading older facilities, market for co-location, where set of online services.
Verizon is considering placing companies lease space close to This means Reliance Com-
its newer data center busi- network hubs, is expected to munications Ltd., the mobile-
nesses on the block. reach $36 billion next year, ac- phone service provider that is
Mr. Vazquez’s department cording to 451 Research. Facebook’s partner in India,
is taking different approaches That figure doesn’t account can’t offer Free Basics or free
to the 114 million square feet for the billions Web compa- access to Facebook’s social-
of office and equipment space nies like Alphabet Inc., Ama- media site.
it oversees. Older telephone zon.com Inc. and Microsoft “Differential pricing is not
buildings, which often occupy Corp. are investing in their Grind’s Benjamin Dyett is renting a floor in Verizon’s headquarters for his office-sharing firm. in the interests of consumers
prime real estate in the North- own data warehouses. or of the growth of the Inter-
east, often go to condominium It is usually cheaper for ryLink Inc. in November said ficer of NTT’s RagingWire data other use for its former head- net,” said R.S. Sharma, chair-
developers. tech companies like Amazon it would sell some or all of the center subsidiary, said its quarters building in downtown man of the Telecom Regula-
Newer data center buildings to lease space in sprawling 59 data centers tied to its “co- management has no intention New York City, an art deco tory Authority of India.
designed for computers, not suburban warehouses built location” business, which to abandon that strategy. landmark. With most of the The ruling forces Facebook
telephones, are being shopped from scratch than to gut an rents out space for computer “It’s not for the faint of building’s old copper phone to rethink how it will execute
to prospective telecom and existing building. But telecom servers in rooms close to its heart,” Mr. Adams said. “If switches out of the way, the Chief Executive Mark Zucker-
private-equity investors. companies are betting those fiber-optic networks. The com- you’re not willing to jump in carrier is renting out one floor berg’s plan to extend Internet
Phone company Wind- companies will spend some of pany only owns one building with both feet, you’re going to to Grind LLC, an office-sharing access to billions of people.
stream Holdings Inc. jolted their cash to keep equipment and leases the rest of its fail. It’s an extremely capital- company that caters to start- Through mobile-phone pro-
the market last year by selling in dense urban areas close to space. Chief Executive Glen intensive business.” Data cen- ups. A developer is turning viders, Facebook offers Free
14 properties, including a com- their users. AT&T tried to sell Post said in a conference call ter operators are on the hook some of the top floors into Basics in nearly 40 countries,
puter-hosting business it a portfolio of facilities more with analysts that the valua- for power and cooling equip- luxury condos. but nowhere else has the pro-
bought in 2010, to data-center than a year ago for about $2 tions of those types of assets ment expected to run around The downtown location, gram been as controversial as
specialist TierPoint LLC. billion but withdrew after were high, making it the right the clock. They must upgrade across from the rebuilt World in India, where it has sparked
Several industry executives there were no takers, accord- time to sell. The telephone and network gear to keep up with Trade Center, is a prime area fierce debate over whether it
said the data centers’ $575 ing to a person familiar with Internet provider wasn’t pre- their tenants’ improvements. for office workers. Grind unfairly favors some services
million sale price coaxed other the matter. The telecom compared to invest heavily in the Industry executives say wouldn’t have been able to af- over competitors.
carriers to try to sell as well. pany tried again last summer, business, he added. A Centu- some of the most valuable ford the space without Veri-
“We do appear to have according to another person ryLink spokesman declined to data centers on the market be- zon’s help, said Benjamin Dy-
started a trend,” Windstream close to the matter. People discuss how full its data cen- long to Verizon’s Terremark ett, Grind’s founder. “They are
Facebook is eager to
Chief Executive Tony Thomas who have reviewed AT&T’s ters are. Not all telecom com- Worldwide Inc., which it trying to find a purpose for expand in India,
said. book of properties say many panies are selling. bought in 2011 for $1.4 billion. these places that have been
AT&T Inc. has been shop- of the aging structures built to Japan’s Nippon Telegraph Two Verizon data centers, fallow,” Mr. Dyett said. Some
home to its second
ping a collection of more than hold older gear wouldn’t sup- and Telephone Corp., which in Miami and Culpeper, Va., of- buildings aren’t suitable for largest user group.
50 network hubs for more port the kind of power-hungry runs nearly 150 data centers fer the kind of space and much else besides telephone
than a year, according to peo- machines that run Google and around the world, spent more power that high-tech compa- gear. Mr. Dyett said he passed
ple familiar with the matter. Microsoft services. AT&T de- than $1 billion over the past nies want and sit close to ma- on a building because its for- Late last year, Reliance said
Overseas, India-based Tata clined to comment. two years buying data centers. jor network access points. tress like-construction meant nearly one million people had
Communications Ltd. has Telephone provider Centu- Doug Adams, chief revenue of- Verizon is finding yet an- it had no windows. tried Free Basics. The ruling in
India “has the potential of set-
ting a precedent” in other
Dawn of the Password-Free Apps
Software developers are beginning to use the iPhone’s TouchID fingerprint reader for password-free
access to apps. The top five categories, in ranked order:
France Orders Facebook countries, said Mark Heynen, a
former Facebook executive
who worked on expanding its
CATEGORY
1. Lifestyle
EXAMPLES
Apartments.com, Orbitz
SHARE OF TOP 2,000 FREE APPS
THAT USE FINGERPRINT ID
2.4%
To Fix Privacy Issues presence in emerging markets
and who is now the chief busi-
ness officer of financial-ser-
BY SAM SCHECHNER tion about users’ religious be- vices startup PayJoy.
2. Productivity Google Slides, Microsoft Outlook 2.0% liefs, sexual orientation and “While we’re disappointed
PARIS—France’s data-pro- other sensitive information. with today’s decision, I want
3. Finance Bank of America, Citi Mobile 1.8%
tection regulator on Monday It also orders Facebook to to personally communicate
4. Utilities Evernote, Voice Recorder 1.4% threatened to fine Facebook stop sending user data to the that we are committed to keep
5. Business Stock Tracker, Duo Mobile 1.3%
Inc. if the social-media site U.S., based on a trans-Atlantic working to break down barri-
doesn’t change how it handles “Safe Harbor” legal agreement ers to connectivity in India and
Note: Apps can be listed in multiple categories Source: SourceDNA THE WALL STREET JOURNAL. data about its users and oth- that was invalidated by the around the world,” Mr. Zucker-
ers on the Internet, escalating European Union’s top court berg said in a Facebook post
PHONES
a series of coordinated privacy last year. The CNIL said it was after the ruling. “We know
probes into the social-network making its order “public due that connecting them can help
across five countries in Eu- to the seriousness of the viola- lift people out of poverty, cre-
rope. tions and the number of indi- ate millions of jobs and spread
Continued from page B1 In a 17-page order dated viduals concerned by the Face- education opportunities.”
pain persists. Buy a phone or Jan. 26 but published late book service,” which it Free Basics allows users to
switch computers, and you Monday, France’s Commission numbers around 30 million. browse some sites and apps
need to remember pass- Nationale de l’Informatique et “Protecting the privacy of without paying for mobile
words—often a lot of them. des Libertés, or CNIL, said the people who use Facebook data. This data access is subsi-
Smartphones make a handy Facebook must within three is at the heart of everything dized by telecom operators
substitute. Like passwords, in- months change a host of ways we do,” a Facebook spokes- such as Reliance, which joined
dividual mobile devices are it collects and uses informa- woman said. with Facebook in hopes that
ubiquitous, unique and in- tion about Internet users or The order from France is users would upgrade their
tensely personal. Unlike pass- face a sanctions proceeding the latest escalation in five co- packages once they get a whiff
GEORGE FREY/BLOOMBERG
words, they’re difficult to du- that could lead to fines of up ordinated Facebook probes of the Internet. India is a high
plicate—and hackers can’t sell to €150,000 ($168,000). launched by privacy regulators priority for Facebook. With 1.2
copies of them to all comers in The CNIL has ordered Face- from the Netherlands to Spain. billion people, India presents
underground forums. book to, among other things, Belgium’s Privacy Commis- an important market for the
Google’s “sign in with inform people who don’t have sion ordered Facebook to stop social-media site, especially
your phone” feature is the Facebook accounts that their tracking nonusers when they since access to Facebook is
latest in a series of Google Internet surfing is being weren’t on the site. A German blocked in China. India is al-
experiments to shed pass- A customer tries out an Apple Touch ID fingerprint scanner. tracked via like buttons across regulator also ordered Face- ready home to 130 million
words. Regina Dugan, chief the Web, and to seek explicit book to start allowing users to Facebook users, the second
of the company’s Advanced maker of fingerprint readers, week will unveil a program, consent for collecting informa- use pseudonyms on the site. largest pool after the U.S.
Technologies and Projects for $355 million. That tech- Tidas, that allows developers
group, in May demonstrated nology forms the basis of the to access the iPhone in an
a system that allowed a
phone to know its rightful
user by analyzing data from
iPhone’s Touch ID technology,
which lets users log into their
phones with a fingerprint
even more secure fashion.
Trail of Bits built its software
after Apple discussed its spe-
Google CEO Gets $199 Million Equity Award
the phone’s sensors. rather than a password. cial security chip, known as BY ALISTAIR BARR quarterly increments over the ecutive, succeeding co-founder
Peiter “Mudge” Zatko, a One immediate result was the Secure Enclave, at a June next four years as long as Mr. Steve Jobs. Mr. Pichai’s salary
network security expert who greater security. Two years 2015 conference but didn't Alphabet Inc. granted Sun- Pichai is employed by Alpha- isn't known because he isn’t
contributed to other Google ago, about 50% of iPhone us- provide technical details on dar Pichai, chief executive of bet. The grant lifts the value included as an executive offi-
efforts to supersede the pass- ers didn’t lock their hand- how to use it directly. the company’s main Google of Mr. Pichai’s equity stake in cer in Google’s annual proxy
word before leaving last year sets. Today, 90% of iPhone Nonetheless, Apple vice business, an equity award val- Alphabet to more than $600 statement, although that may
to found a security consul- users lock their devices with president of iPhone and iOS ued at nearly $200 million, million. That is still well below change next time around.
tancy, believes that Apple, and either a passcode or finger- product marketing Greg Jo- making him one of the world’s the stakes held by co-founders In its latest ranking of exec-
not his former employer, is print scan. Of the top 2,000 swiak doesn’t think that pass- highest-paid executives. Larry Page and Sergey Brin, utive compensation, The Wall
best positioned to pull this off. free iPhone apps in the U.S., words will ever fully be elimi- In a securities filing Friday, and Eric Schmidt, Alphabet’s Street Journal listed Michael
Apple’s emphasis on hard- 7.5% use Touch ID, according nated. “I think there is still a Alphabet said it awarded Mr. executive chairman, who was Fries of media company Lib-
ware design and focus on the research done for The Wall purpose to having them, in- Pichai 273,328 Class C Google hired several years after the erty Global PLC as the highest-
high-end market opened the Street Journal by cluding using them to encrypt stock units on Feb. 3. At that company started. paid in 2014 with a total of
door to two key pieces of SourceDNA, Inc. an app ana- everything on your device,” he time, the grant was valued at However, the award is one $112 million, including salary,
technology that could help lytics service. They include said. “What we want to do is $199 million, though subse- of the largest by a U.S. com- bonuses and long-term awards
the company liberate users apps from Evernote Inc. and create an easy and secure ex- quent declines in Alphabet pany. In 2011 Apple Inc. such as equity grants.
from the password, he said. the Bank of America Inc. perience with Touch ID and shares put the current value at awarded Tim Cook a grant val- Alphabet’s grant appears to
The company in 2012 pur- New York security consul- make the use of passwords as about $182 million. ued at about $376 million be part of an effort to hold on
chased AuthenTec Inc., a tancy Trail of Bits Inc. this infrequent as possible.” The new award vests in when he was named chief ex- to Mr. Pichai.
THE WALL STREET JOURNAL. * * * * * Tuesday, February 9, 2016 | B5
CFO JOURNAL.
CFO Searches Becoming Tougher
BY JOANN S. LUBLIN ways last summer, Mr. Colosi
The Big Number
19%
said. “We just didn’t feel
Finding a new finance [candidates] were the right Share of all buyback
chief is a tough slog nowa- person for this particular authorizations, by
days. job,” he said. A rival recruit-
Hunts took longer in 2015 ment firm took over the as- value, made by
than 2014, with nearly a third signment last month. Mr. Co-
of them dragging on for more losi declined to identify
financial companies
than four months, according either. last year
to a recent survey of 39 exec- Texas Roadhouse failed to
utive-search firms by the As- attract some prospects be-
sociation of Executive Search cause they wouldn’t relocate
and Leadership Consultants. to Louisville, Mr. Colosi said. Banks love their own shares.
Directors and key share- A CFO search launched by The financial-services industry ac-
holders typically bristle at Xerox Corp. in October may counted for 19% of the value of all
having an important post left persist for a while. Late last stock-buyback authorizations in
unsettled for so month, the company synony- 2015, more than any other sector,
CFO long. mous with photocopiers and according to data from Birinyi As-
JOURNAL Blame picky printers said it would split sociates Inc.
prospects and into two public entities. The The industry authorized $157.2
choosy busi- shift could further delay se- billion in buybacks in 2015, under
nesses. Many top finance ex- lection of a permanent fi- 364 different programs, or 29% of
ecutives would prefer a step nance chief, especially since the total number of authorizations.
up the corporate ladder in it may need a second CFO. The figures stem from a vari-
their next job, and companies From the outset, the com- ety of factors. First, banks and
spend extra time pursuing a pany “expected the CFO other financial sector stocks are
chief financial officer with search to take some time,” a cheap by some measures. “The
RANDALL ENOS
more operational expertise. Xerox spokesman said. large-cap money center banks are
Meanwhile, early retire- Some businesses have lost trading below book value,” said
ments have swollen the num- prime contenders for finance Charles Peabody, partner in charge
ber of vacancies, say several chief by waiting too long to of research at Portales Partners
recruiters. Among the largest make an offer. One industrial LLC, which specializes in the finan-
1,000 public and private U.S. August, when its prior fi- CFO resigned to become fi- That’s certainly true of company started a CFO cial services industry.
companies, there were 19 CFO nance chief quit to join Pay- nance chief of Shutterstock Texas Roadhouse, a casual- search in spring 2015 and And banks seem to be having
vacancies at the end of 2015, Pal Holdings Inc. Oscar Mu- Inc. Tribune declined to com- dining restaurant chain based identified two finalists late difficulty finding borrowers. “Op-
according to recruiter Korn/ noz, named chief executive in ment. in Louisville, Ky. Its finance last year. But key decision portunities are limited today,” said
Ferry International. September, suffered a heart Besides operational and chief left early last year to makers at the company dis- Mr. Peabody.
As a result, filling the fi- attack six weeks later. He strategic acumen, corporate take the same spot at Krispy agreed “over what they really A one-time change at the Fed-
nance-chief role is taking lon- subsequently underwent a directors also are eager for a Kreme Doughnuts Inc. Scott wanted,’’ and their front-run- eral Reserve also might have
ger than executive searches heart transplant. finance chiefs savvy in deal- Colosi, Texas Roadhouse’s ner accepted a job elsewhere, lifted the value of the authoriza-
overall, said Karen Green- The CFO post won’t be ing with activist investors, president, became interim says Samuel Dergel, a re- tions. The Fed, seeking to shift its
baum, president of the execu- filled until Mr. Munoz re- cybersecurity and emerging CFO as well. He had served as cruiter at Stanton Chase, schedule for stress-testing, last
tive search association. turns. “The CFO ought to be markets, said Guy Sava, a the company’s finance chief where a colleague handled year gave its approval for bank
“This market is crazy right selected by the sitting CEO,” managing partner at recruit- for nine years before his 2011 that hunt. capital-distribution plans over a
now,” said Peter Crist, chair- interim chief Brett Hart has ment firm Diversified Search promotion to president. Company officials “were five-quarter stretch instead of
man of recruiter Crist/Kolder said. During a Jan. 21 earn- Inc. Still, the restaurant chain unhappy that they weren’t four, with the extended period
Associates. “Every CFO I am ings call, Mr. Munoz said he “That’s because boards are isn’t in any rush to tap a per- able to secure the most ap- running from April 1, 2015 through
talking to is in a conversation “will be back full time by the more open to seeing the CFO manent successor, even propriate candidate for the June 30, 2016. Banks likely ex-
with another recruiter or a end of the first quarter, if not job as a steppingstone to the though Mr. Colosi puts in role,’’ he added. The company panded their buyback authoriza-
private-equity firm.” sooner.’’ CEO job,’’ he said. long hours doing double duty. hired the runner-up instead. tions to cover the extra quarter,
Companies still looking for Mr. Munoz previously said Despite the shrinking sup- “We just think it is better —Tatyana Shumsky according to Mr. Peabody.
their next permanent finance finding a new finance chief ply of experienced CFOs, to get it right than to get it contributed to this article. Overall, there were $831.1 bil-
chief after at least six “is a high priority, but we “boards and CEOs are more done,’’ he said. He hopes to lion of authorizations in 2015, 29%
months include: United Con- don’t have exact timing on an willing to wait for the right attract an experienced CFO EXPLORE ONLINE more than the $641.4 billion than
tinental Holdings Inc., Trib- announcement,’’ according to person,” said Joel von Ran- who could fit in well with the in the previous year.
une Media Co. and Texas a United spokeswoman. son, head of the financial of- company’s entrepreneurial This coverage That is the second-highest
Roadhouse Inc.
United, the second-largest
U.S. airline, has had an acting
Tribune, a television and
entertainment company, ap-
pointed an acting chief last
ficer practice for North
America at Spencer Stuart,
another search firm. “I see
culture.
Texas Roadhouse hired a
search firm for six months to
WSJ
.COM
was produced by
CFO Journal. For
more, please
number of authorizations, behind
2007, when $862.9 billion in buy-
backs were authorized.
CFO, Gerry Laderman, since August when the previous companies being patient.’’ seek its next CFO, then parted visit wsj.com/cfoj —Richard Teitelbaum
ENERGY Sterne Agee CRT. There is lit-

tle chance that Chesapeake
management can fix its bal-
Business Rough Seas Spell End to Cruise units for the year ended in De-
cember, compared with the pre-
vious year, DP World said Mon-
Continued from page B1

ance sheet this year even if
gas prices rise by 50% and Watch day. In 2014, DP World’s
container volumes increased 8%.
Kirkland & Ellis LLP to stay there, he said. The company, one of the
strengthen its balance sheet, Not everybody agrees. Bob world’s biggest ports operators,
and said it “has no plans to Brackett, an analyst at San- with about 70 marine terminals
pursue bankruptcy.” A Chesa- ford C. Bernstein & Co., said across six continents, said trad-
peake spokesman declined to that if Chesapeake can stave NORANDA ALUMINUM ing conditions are set to remain
elaborate further. off bankruptcy for long “challenging.”
The announcement helped enough by modifying its pipe-
Chapter 11 Sought; “The second half of 2015 was
shares in Chesapeake and line contracts and continuing Unit to Be Sold difficult for global trade opera-
Williams claw back some of to cut costs, then its stock Noranda Aluminum Inc. filed tors, as various economic head-
their losses. Even so, they price should eventually re- for chapter 11 bankruptcy pro- winds including currency weak-
closed markedly lower Mon- bound when oil and gas tection Monday, with plans to ness and lower commodity
day, with Chesapeake down prices recover. sell a business segment that is prices adversely impacted trade
28% and Williams 35% lower. Chesapeake’s woes threaten one of the largest aluminum foil growth,” said DP World Chair-
Energy Transfer dropped the nearly $33 billion Wil- producers in North America. man Sultan Ahmed bin Sulayem.
42%. liams-Energy Transfer tie-up The Franklin, Tenn., company DP World’s sober outlook
The oil-patch shakeout is announced last September. has agreed to commence the comes as the slowdown in China’s
shaping up to be a game of Chesapeake’s distress has been sales effort for three rolling mills economy has contributed to sharp
chicken between banks, bond- a drag on Williams’s credit that make up its “downstream” drops in prices for oil and other
rating, which could cause business, but will continue to op- commodities and reduced de-
headaches for Energy Transfer erate its primary aluminum pro- mand for shipping. The Baltic Dry
73% if the merger goes through.
Adding to the uncertainty
duction facility in Gramercy, La.
Existing lenders that have of-
Bulk Index, sometimes viewed as
a proxy for global trade, has hit a
Williams’s stock decline since swirling around the deal, En- fered to finance Noranda’s bank- series of record lows since the
the Energy Transfer merger ergy Transfer announced late ruptcy turnaround are giving the beginning of the year.
was announced in September. Friday that its chief financial company 45 days to get court Despite the near-term macro-
officer, Jamie Welch, was leav- approval to start the process of economic uncertainties, Mr. Su-
ing the company. selling the flat-rolled products, or layem said DP World would con-
holders and corporate execu- “All things being equal, En- downstream business. tinue to invest globally.
tives. Bondholders want to ergy Transfer is better off Noranda’s downstream divi- DP World is set to add ca-
get the most out of oil-and- without Williams,” said Ethan sion supplies heavy-gauge and pacity in the Netherlands, India,
TWITTER/FLATGREG
gas assets that are worth far Bellamy, an analyst at Robert light-gauge foil, consumer foils Canada, Turkey, the U.K. and
less today than they were six W. Baird & Co. He noted that and sheet products to custom- Abu Dhabi this year.
months ago. Banks want to sentiment is deteriorating ers including makers of air con- —Nicolas Parasie
avoid taking over failing en- about other similar pipeline ditioners, transformers, contain-
ergy companies and writing companies structured as mas- ers and packaging, most of them BOUYGUES
down the value of bad loans. ter limited partnerships, or in the eastern and central parts Royal Caribbean Cruises Ltd.’s Anthem of the Seas cruise ship
Management teams are ag- MLPs. His team downgraded of the U.S. called off a weeklong cruise and headed back to New Jersey on
Pact Gives France
gressively seeking out re- nine MLPs this week, includ- Operations at a problem- Monday after it ran into hurricane-strength winds and huge waves Rights in Alstom
structuring opportunities. ing Plains All American Pipe- plagued smelter in New Madrid, off the East Coast. Passengers described glasses and plates flying France said Monday an agree-
Chesapeake is widely seen line LP, Oneok Partners LP Mo., will be wound down be- off tables and breaking, as the ship rocked from side to side. ment with conglomerate
by bankers and energy execu- and Tallgrass Energy GP LP. cause of incidents including a Bouygues SA had gone into ef-
tives as an asset-rich, debt- Williams shares have molten metal explosion last year, fect, giving the state voting
challenged company. Produc- dropped 73%—a loss of more court papers say. The idling of rights equivalent to 20% of Al-
ers that fit that profile and than $22 billion in equity— the New Madrid facility also is been finalized, the Seattle-based Regional carrier SkyWest Inc. stom’s share capital.
are able to operate at low since the day before its part of the agreement with airline has selected the Brazilian last year began flying new E175 The Bouygues pact was
cost, excluding debt, may em- merger with Energy Transfer lenders, court papers say. aircraft manufacturer and now jets for Alaska on a contract basis, reached in 2014 when General
brace bankruptcy even with a was announced. The plunge enters into exclusive negotia- serving routes including Seattle to Electric Co. struck a deal to ac-
significant amount of cash on has far outpaced the fall in —Peg Brickley tions. The decision comes ahead Milwaukee and Oklahoma City quire Alstom’s energy assets for
hand, said Scott Roberts, a the Alerian MLP Index, which of the company’s board meeting and Portland, Ore., to St. Louis. 12.4 billion euros.
senior portfolio manager at has lost 30% of its value over ALASKA AIR GROUP on Wednesday, the people said. Spokeswomen from Bombar- The state’s voting rights
Invesco Ltd. who helps man- the same period. An Alaska Air spokeswoman dier and Embraer declined to com- come via an agreement with
age $3 billion in high-yield By contrast, if Williams
Embraer to Provide said the airline remains “in the ment on the regional jet deal. Bouygues to borrow its votes
bond investments. were to terminate the merger As Many as 60 Jets midst of a competitive process —Jon Ostrower for a period of 20 months.
In that scenario, manage- agreement with Energy Alaska Air Group Inc. has se- to evaluate and hopefully select, “The state has a series of op-
ment teams are likely to stay Transfer, it would have to pay lected Embraer SA to provide as a 76-seat regional jet to add to DP WORLD tions allowing it to acquire, if it
in place. Chief Executive a breakup fee of just $1.48 many as 60 regional jets to fur- Horizon’s fleet.” wishes, the shares currently
Doug Lawler, who was billion. ther the airline’s ambition of serv- The selection of Embraer is a
Container Volumes loaned by Bouygues,” the French
brought in after Carl Icahn “I do think at this point ing smaller markets farther from significant blow to Bombardier Signal Tough Times economy ministry said. It added
spearheaded an investor re- the companies would be way its Pacific Northwest base, ac- Inc., which offered its CRJ900 jets DP World has warned of dif- that the government will be rep-
volt to oust co-founder and better off if they did not cording to two people familiar to Alaska. ficult times ahead for global resented by two administrators
CEO Aubrey McClendon in merge,” said Jay Hatfield, with the planned deal. The selection gives its rival a trade after growth in container on Alstom’s board.
2013, wasn’t the architect of portfolio manager at InfraCap The proposed firm order for 30 major foothold for growth as its volumes handled by the com- The share-purchase agree-
Chesapeake’s financial trou- MLP ETF, which invests in E175 aircraft and 30 additional op- once-stalwart customer. pany’s ports network slowed ment—hashed out during marathon
bles. both pipeline companies. “I tions is valued at more than $2.6 Large regional jets, such as sharply last year despite im- negotiations in 2014—removed the
Monday’s plunge in Chesa- can’t believe that both stocks billion at list prices, though airlines those offered by Embraer and proved activity in Europe and final hurdle from GE’s pursuit of Al-
peake shares was warranted wouldn’t rocket if the deal typically receive steep discounts. Bombardier, are less costly to fly the United Arab Emirates. stom’s core assets. It was condi-
given the risks that continue was called off.” The aircraft would be operated by on flights longer than 400 miles, The volume of containers tional on the deal completing,
to plague the company, said —Bradley Olson its regional subsidiary Horizon Air. according to Alaska Air Chief Fi- handled by the operator’s ports which happened in November.
Tim Rezvan, an analyst at contributed to this article. While the contract hasn’t nancial Officer Brandon Pedersen. rose 2.4% to 61.7 million 20-foot —Nick Kostov
B6 | Tuesday, February 9, 2016 * ***** THE WALL STREET JOURNAL.
BUSINESS NEWS
CEO Chipotle Will Help Local Food Suppliers

Continued from page B1 Chain says it will set tionwide could tune in to a to the company’s Twitter feed. potle believed the cause of the Chipotle’s stock, which has
had but recognize that our broadcast with executives in Chipotle has been reeling larger outbreak was beef im- decreased 30% since Oct. 30,
company’s management infra- aside up to $10 million Denver, who explained new from a series of outbreaks in- ported from Australia. closed down 3.3% at $445 in
structure and policies haven’t for farms to meet new procedures for keeping patho- volving E. coli and other In addition to the E. coli New York trading on Monday.
kept pace with our meteoric gens out of its food. pathogens that together sick- cases, Chipotle customers last Competitors took advantage
growth. standards after illnesses Steve Ells, Chipotle’s founder ened hundreds of customers year were sickened from a sal- of Chipotle’s temporary clos-
“Elevating a strong man- and co-chief executive, said new nationwide last year. monella outbreak involving to- ings on Monday to provide
agement hand with successful BY JULIE JARGON protocols for testing ingredients The Centers for Disease matoes in Minnesota, as well special offers. Moe’s South-
experience and impeccable could be costly for small, local Control and Prevention last as outbreaks of norovirus in west Grill, part of Atlanta-
credentials is without a doubt Chipotle Mexican Grill Inc. farmers, but added: “We’re week declared an end to two California and Boston. based Focus Brands Inc., of-
in the best interests of the said it plans to set aside up to there ready to help them.” E. coli outbreaks, one that be- In December, Chipotle was fered a buy-one-get-one-free
company at this time.” $10 million to help local grow- The Denver-based chain is gan surfacing in the Pacific served with a grand-jury sub- deal in an effort to be Chipotle
By last fall, Zenefits, incor- ers meet its new food-safety requiring its food suppliers to Northwest last October before poena as part of a federal crim- customers’ “rebound burrito.”
porated as YourPeople Inc., standards, as the burrito chain use sophisticated DNA testing spreading to several states, inal probe seeking information Chicago-based Freshii USA Inc.
had about 1,600 employees outlined for its employees its to detect the presence of and a second, smaller one it on the California norovirus out- also offered half-priced Mexi-
and had raised over $500 mil- efforts to recover from disease pathogens on ingredients be- announced in late December. break. Chipotle last week said can food on Monday.
lion from investors including outbreaks tied to its food that fore they leave the farm. The CDC said it was unable it received another subpoena Chipotle struck back with a
venture-capital firm Andrees- have roiled its business. “We’ll continue to source the to identify an ingredient re- broadening the investigation’s deal of its own: customers
sen Horowitz and mutual-fund The company closed its same high-quality ingredients, sponsible for either out- scope and requiring Chipotle to who texted in the word
giant Fidelity Investments. roughly 2,000 U.S. restau- raised with respect for animals, break. The Wall Street Jour- produce documents related to “raincheck” during certain
The investors flocked to Ze- rants for a few hours on Mon- environment and farmers,” Mr. nal, citing people familiar with companywide food-safety mat- hours on Monday received an
nefits’s business model that day so its 50,000 workers na- Ells told employees, according the probe, reported that Chi- ters dating to Jan. 1, 2013. offer of a free burrito.
promised to upend the health-
insurance industry. Zenefits
Fox Pares Outlook on Currency, Film Slate

gives away human-resources
software to small businesses
and then collects commissions
from health-insurance carriers
when users of the software BY KEACH HAGEY
sign up for benefits. AND TESS STYNES
But the company last year
ran into trouble trying to hit 21st Century Fox Inc. low-
revenue targets and to retain ered its fiscal year earnings
employees, The Wall Street guidance on Monday, citing a
Journal has reported. Fidelity, disappointing film slate and a
which invested in the May greater-than-expected hit from
funding round, marked down foreign currency fluctuations.
its stake on Sept. 30 by 48% to The reduced outlook was
a price that implied a valua- disclosed along with a drop in
tion of around $2.3 billion. revenue for the quarter ended
Dec. 31, as lower movie reve-
nue offset stronger cable and
The investors television advertising sales.
flocked to the The company, which owns
cable channels Fox News and
business model FX, the Fox broadcast network
20TH CENTURY FOX/EVERETT COLLECTION
of startup Zenefits. and Twentieth Century Fox

studio, said it expects the per-
centage change in its earnings
The company has run into before interest, taxes, depreci-
difficulties managing its own ation or amortization to be
human resources department. “flat or up low single digits”
In December, the Journal re- for its fiscal year ending in
ported Zenefits offered a few June.
thousand dollars to many for- Its previous forecast—set in
mer employees to stave off August, when it expected the
claims it failed to pay employ- strong dollar would hurt DVD sales from 21st Century Fox films, including Melissa McCarthy’s ‘Spy,’ faced a tough comparison to releases a year earlier.
ees for unused paid-time off Ebitda by $200 million for the
and for overtime required un- year—called for Ebitda per- It made similar adjustments pert Murdoch and Lachlan 14% to $2.36 billion, mostly on per-share profit of 44 cents.
der California law. A Zenefits centage growth in the “mid- in February and August of last Murdoch said the cable busi- lower world-wide DVD sales The Wall Street Journal re-
spokesman at the time cited single-digit range” compared year. In November, the com- ness continued to drive reflecting a tough comparison ported last week that the me-
an error in the employee with the year earlier. On Mon- pany said it would no longer growth in the latest quarter, to last year’s strong perfor- dia company was seeking to
handbook for the issue. day, it raised the full-year’s ex- be giving specific annual earn- delivering sustained increases mance of “X-Men: Days of Fu- trim annual expenses by $250
pected currency hit to about ings targets after this fiscal in domestic affiliate fees and tures Past” and “Dawn of the million—mostly through vol-
$350 million, compounded by year. growth in advertising revenue. Planet of the Apes” compared untary buyouts, for the cur-
the underperformance of most The stock dropped 4.4% in The senior Mr. Murdoch with this year’s home enter- rent fiscal year that ends in
of its films so far aside from late trading after finishing off split his media empire in 2013, tainment performance of June.
“The Martian.” 48 cents at $24.59 in 4 p.m. with the entertainment assets “Spy” along with the absence If the television group and
“We are confident that the Nasdaq trading. Fox reported going to 21st Century Fox and of Shine Group. movie studio doesn’t meet its
business is really on track to its fiscal second-quarter re- the publishing assets, includ- The company also reported targets through voluntary buy-
support our long-term objec- sults after U.S. markets closed. ing The Wall Street Journal, higher losses from streaming outs, job cuts would be possi-
tives,” James Murdoch, chief Revenue for the quarter fell going to News Corp. media service Hulu in the ble, the Journal reported. The
executive of 21st Century Fox, to $7.38 billion from $8.06 bil- Cable network division rev- quarter, though it didn't break company’s earnings report
said on a call with analysts. lion a year earlier. The year- enue increased 9.4% to $3.7 out specific numbers. didn’t include any further de-
“However, two main factors— earlier quarter included $631 billion. Domestic affiliate reve- Overall, 21st Century Fox tails about its cost-cutting ef-
the continued currency move- million of revenue from Sky nue improved by 10% and do- reported a profit of $672 mil- forts.
ment against us and disap- Italia and Sky Deutschland, mestic advertising revenue lion, or 34 cents a share, down The cost-cutting plan comes
pointing commercial results in which were sold in November grew 3%. from $6.21 billion, or $2.88 a amid sweeping changes in the
the film business—are simply 2014. Excluding revenue from Its television revenue in- share, a year earlier. The year- media landscape in which
too significant for us to offset those direct broadcast satellite creased 5.7% to $1.72 billion earlier profit was boosted by viewers have far more options
over the next six months to hit businesses, revenue fell 1%. amid strong retransmission certain one-time items, and beyond the small screen and
BLOOMBERG
our near-term target.” Analysts polled by Thomson consent revenue growth and a excluding those, per-share the movie theater, changing
It was the third time in five Reuters had expected revenue 4% increase in advertising rev- earnings from continuing op- the way audiences pay for and
quarters that Fox was forced of $7.51 billion. enue. erations fell to 44 cents from consume entertainment and
Parker Conrad to lower its earnings guidance. Executive co-Chairmen Ru- Its film studio business fell 53 cents. Analysts expected news.
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 Down 28 Writer Ephron
50s -0s
30s 10s 0s 13 14 15 16
1 Remove 29 Gourd family
V
Vancouver 30s
C ary
Calgary 10s 2 Prepare for fruits
20s -0s 17 18 19
ttl
Seattle 20s print 32 “Broca’s Brain”
50s ip
Winnipeg
P d
Portland 10s 0s 30s 20 21 22 writer
Helena 20s Ottawa
Montreal 3 Italian luxury
Bismarckk
A g
Augusta 40s 23 24 25 goods brand 33 Turning jump
Eugene i
Boise
60s
Billings Mpls./St.. Paul
Pau T
Toronto Ab y
Albany 50s on the ice
t
Boston 4 Boxer portrayed
60s 26 27 28 29
oux FFalls
Sioux ll k
Milwaukee
ff l
Buffalo tford
Hartford 60s in “Raging Bull”
P
Pierre Detroit 34 Athletically
30s ew Y
New Yorkk 70s 30 31 32 33 34
Reno 30s Ch
h y
Cheyenne es Moines
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h
Chicago C
Clevelandd 5 Perfect place lean
Ph
hil d lph
hi
Philadelphia 80s
Salt Lake City
Cit
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P b gh
Pitts 35 36 37
Sacramento
Denver p i gfi d
Springfield 6 ___ anglais 36 Scrapes by
d p
Indianapolis h gton
on D.C.
Washington DC 90s
an Francisco
San 40s Kansas
Coloradd
C
Colorado Topekk
Topeka
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38 39 40 (English horn) 37 Canine, e.g.
L
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Vegas hit
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L
Louis Lou
Louisville
50s l igh
Raleighh 41 42 7 Microbrewery 39 Jeremy of
A
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Nashville
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L Rockk C b
Columbia 43 44 45
Ph
Phoenix Alb q q
Albuquerque kl homa
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Oklahoma C Warm Rain
San Diego 80s gh
Birmingham 8 Side with a
T c
Tucson
A
Atlanta
46 47 48 49 50 51
40 Big successes
Ft. Worth D ll
Dallas burger, perhaps
Cold T-storms 41 Muddled
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P Jack
Jackson 52 53 54
60s bil
Mobile Jacksonville 9 Foe of the situation
-0s A ti
Austin 50s Stationary
t
Houston
l d
Orlando Snow 55 56 57 Philistines
10s 0s ew Orleans
New 42 Catch sight of
70s an Antonio
San A t i Tampa
10 Word from a lei
20s Honolulu 70s 60s Miami
Showers Flurries 58 59 60
43 Pizzeria buy
30s AAnchorage
h 80s person?
44 One of two
40s Ice
M&M’S | By Melina Merchant 11 14-time All-Star
certainties,
Jeter
U.S. Forecasts City
Today
Hi Lo W
Tomorrow
Hi Lo W City
Today
Hi Lo W
Tomorrow
Hi Lo W
Across 25 Harsh cry 45 Goals of
12 Alimony payers
according to
Franklin
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Dict. listing congressional
Omaha 26 13 pc 28 15 pc Frankfurt 51 36 r 43 35 sh 26 Great strength candidates
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice 15 Choice at a 46 Fed
Orlando 59 39 pc 58 36 s Geneva 51 34 r 41 31 pc 4 Creator of Vader
Today Tomorrow Philadelphia 37 32 sn 41 23 sf Havana 75 61 pc 70 61 pc 30 Maureen of movie theater
and Kenobi 46 Eyes angrily
City Hi Lo W Hi Lo W Phoenix 83 52 s 84 52 s Hong Kong 66 61 s 67 64 c “Miracle on 34th concession stand 47 Home of Iowa
Anchorage 30 21 pc 32 27 sf Pittsburgh 37 22 sf 27 13 sf Istanbul 50 46 pc 56 50 s Street” 49 Double curve State
9 “Smooth
Atlanta 39 24 sf 40 25 pc Portland, Maine 29 16 sf 34 19 sf Jakarta 87 78 t 87 76 sh 19 Novelist Lessing
Austin 71 36 s 75 45 s Portland, Ore. 62 42 pc 62 46 c Jerusalem 52 36 s 50 35 pc Operator” singer 31 Al Gore and 52 Combine to 48 Lacking slack
Baltimore 38 28 sn 37 20 sf Sacramento 71 43 s 72 44 pc Johannesburg 78 59 t 81 58 pc Joe Biden, e.g. create an 21 Cousin of rust
13 Lofty verse 50 Undiluted
Boise 49 29 pc 48 31 pc St. Louis 28 15 c 31 20 pc London 44 36 r 47 32 pc
ensemble 24 Politely request
Boston 33 23 sf 37 24 sf Salt Lake City 38 25 s 43 27 pc Madrid 55 48 sh 56 49 c 14 Ring reefs 32 Harsh cry 51 Throw off
Burlington 31 23 sn 31 20 sf San Francisco 67 50 s 65 49 pc Manila 86 77 pc 86 77 s 54 Wrigley’s
Charlotte 44 23 pc 39 18 pc Santa Fe 56 25 s 60 27 s Melbourne 79 57 s 76 58 pc 16 TV’s Trebek 35 1966 Jerry 26 Cultural center
product 53 Energy
Chicago 24 8 sn 17 8 pc Seattle 60 46 pc 58 48 c Mexico City 66 41 pc 63 36 pc Herman musical on 53rd St.
17 Christmas tree, provider in the
Cleveland 35 21 sf 27 13 sf Sioux Falls 21 6 s 20 9 sf Milan 49 39 c 55 29 s 55 Quick points on
Dallas 62 35 s 71 50 s Wash., D.C. 37 31 sn 39 23 sf Moscow 33 29 c 35 26 c often 36 Grain grinders 27 “If ___ a southeastern
Denver 52 34 s 60 32 s Mumbai 89 73 pc 86 71 pc the court Hammer” U.S.
37 Call from the
Detroit
Honolulu
37 20 sf 27 11 sf
78 65 s 79 67 s
International Paris
Rio de Janeiro
51 36 r
95 78 pc
48 36 c
97 77 pc
18 Increasingly
curb
56 Collective
Previous Puzzle’s Solution
Houston 64 38 s 71 50 s Today Tomorrow Riyadh 67 42 s 70 49 s 20 1960s sitcom works
S T N A D R U M S V A S E
Indianapolis 29 12 sf 19 9 pc City Hi Lo W Hi Lo W Rome 59 53 pc 58 38 s set at Fort 38 Hustle and bustle C O A L R E T I E O B E Y
Kansas City 32 18 pc 37 21 s Amsterdam 45 37 r 44 36 sh San Juan 87 73 pc 86 74 pc 57 Jackie’s second A T M O O S A K A L I T E
Courage 39 Cookout spot hubby T O E T L L T H E T R U T H
Las Vegas 70 45 s 70 45 s Athens 59 48 s 62 55 c Seoul 41 21 s 46 30 s
D A L E S AM
Little Rock 49 27 s 52 34 s Bangkok 86 65 s 90 68 s Shanghai 60 45 s 62 51 s 22 Features of Nike 58 Noted loch A N G R Y D O T G E N O A
Los Angeles 86 55 s 84 55 s Beijing 49 22 s 53 34 s Singapore 85 76 r 86 79 t 40 More peeved
shoes Z E R O E D M R S I C U
Miami 68 52 pc 65 46 pc Berlin 49 37 r 43 35 c Sydney 79 66 s 82 69 s T H E P R I C E I S R I G H T
Taipei 71 60 s 74 63 s
41 CBS sitcom set in 59 Doesn’t split E R A G A G T O R E R O
Milwaukee 24 9 sn 16 9 pc Brussels 45 35 r 44 34 sh 23 When Katherine
Minneapolis 15 -2 s 12 -1 s Buenos Aires 89 65 s 86 65 s Tokyo 55 38 s 49 38 s Chicago C U T E R T A B P O R E S
and Petruchio 60 Paycheck Q E D O M E N
Nashville 32 19 sf 32 21 pc Calgary 54 36 s 53 32 pc Toronto 38 27 sf 31 11 sf Y O U B E T Y O U R L I F E
New Orleans 55 40 s 58 43 s Dubai 75 61 s 76 60 s Vancouver 53 43 pc 53 47 r meet 43 Boiling point? amount H E R A C O A T S A S I A
New York City 37 31 sn 40 25 sf Dublin 41 33 sh 44 33 pc Warsaw 51 45 pc 47 36 sh E A S T A DM I T D E N T
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s
Oklahoma City 53 30 s 69 38 s Edinburgh 43 32 c 41 30 pc Zurich 48 34 r 39 32 c S H O E L O S E S Y E N S

IN THE MARKETS C4 | MARKETS DIGEST C6 | HEARD ON THE STREET C8
Manipulated Results Payouts Fail to

Lure Tipsters
BLOOMBERG NEWS
Irregularities at shopping-center firm ACCOUNTING | C2 GLOBAL FINANCE | C3
REUTERS
© 2016 Dow Jones & Company. All Rights Reserved. * * THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | C1
DJIA 16027.05 g 177.92 1.10% S&P 1853.44 g 1.42% NASDAQ 4283.75 g 1.82% 10–YR. TREAS. À 1 , yield 1.736% OIL $29.69 g $1.20 EURO $1.1193 YEN 115.85 See more at WSJMarkets.com
Winning Bets Become Losers Bad Start

Deutsche Bank's shares have outpaced the decline
for U.S. and European banks this year.
0
Wagers on technology and wagers on the U.S. dollar. vid Smith, chief investment of- FANG stocks. These shares
Part of the reason the ficer at London-based GAM, scored gains averaging nearly Deutsche Bank
and banks are now trades aren’t working: Hedge which invests about $25 bil- 73% last year, including divi- Stoxx Euro 600 Banks
costing some investors funds are losing their faith, as lion in hedge funds. dends, compared with a 1.4% –10
KBW Bank Index
they turn nervous about Chi- “When you look at some of total return for the S&P 500.
BY GREGORY ZUCKERMAN nese growth and the impact of those crowded and most popu- As the shares soared, many in-
tumbling oil prices. lar shares, this was a particu- vestors jumped in, eager to in-
Some of the hottest trades Many hedge funds that fo- larly painful period,” Mr. vest in some of the few com- –20
on Wall Street have gone ice- cus on buying and selling Smith said. panies seeing heady growth in
cold. stocks, as well as those that Until recently, few stocks an otherwise limp economy.
Bets on financial shares and bet on various corporate had been bigger winners than That has all changed this
the technology sector have events, reduced their exposure Facebook Inc., Amazon.com year. The four stocks are down –30
cost investors dearly, as have to markets in the first half of Inc., Netflix Inc. and Google 17.3% so far in 2016—including
those against the Japanese yen January, in particular, says Da- Inc.—a group nicknamed the Please see BETS page C4
–40%
Jan. Feb.
Source: FactSet THE WALL STREET JOURNAL.
DeutscheBankLeads
Rough Day for Sector
BY JENNY STRASBURG shares, with Deutsche Bank
posting a particularly steep
Deutsche Bank AG’s shares decline. Its shares dropped
dropped almost 10% on Mon- 9.5%, to €13.82, in high-volume
MERIDITH KOHUT/BLOOMBERG NEWS
day as the battered European trading, while the Stoxx Eu-

banking sector was hit by a rope 600 banks index fell 5.6%.
fresh selloff amid investor Mr. Cryan, seven months
concerns about lenders’ capi- into the job, has expressed op-
tal buffers and ability to navi- timism that Deutsche Bank is
gate topsy-turvy markets. on track with plans to shed its
The German lender’s shares habit of disappointing share-
now have declined almost 50% holders and resume paying a
since co-Chief Executive John dividend as soon as 2018, for
Shoppers lined up last year for subsidized food at a street market in Caracas. Venezuela has become more reliant on imports. Cryan made his first public ap- fiscal year 2017. His “Strategy
pearances in his new role, in 2020” restructuring update in
late October in Frankfurt and October was meant to reassure
Showing Cracks London. investors that the bank had a
Venezuela bond prices have slumped amid concerns the South American nation will default on a coming debt payment, Monday was yet another solid plan to slim down, clean
sending yields higher. Many investors say the securities remain too risky to touch. brutal day for European bank Please see BANK page C2
Bonds outstanding, in billions* Yield**
Mexico $ 21.18 5.80%
Venezuela
Russia
Indonesia
18.63
17.02
16.97
36.86%
4.95%
5.62%
Why European Lenders
Turkey
China
15.60
15.40
5.16%
3.74%
Are Getting Hammered
Brazil 14.80 7.28% When stocks and bonds clays, BNP Paribas and Uni-
Philippines 12.51 3.36% sell off together, it usually Credit all were down more
signals serious problems. than 5%, faring worse than
Lebanon 11.67 6.55%
That is what European banks broader European markets.
Hungary 11.49 3.88% are suffering. Why are things so bad for
*Amount of bonds from each country in the J.P. Morgan Embig Diversified bond index, through January Shares in Europe’s banks? General
Source: J.P. Morgan **Weighted average of each country's bonds in index THE WALL STREET JOURNAL. European fi- fears about bad debts related
nancial firms to crashing energy prices or
Venezuela’s Moment of Truth Looms

took a beat- emerging markets don’t cut
ing on Mon- it as an explanation for the
day, and 20% drop in bank shares this
HEARD ON then some. year. Those factors have
BY CAROLYN CUI its debt investors, far better nearly 15% in January, accord- whether it’s worth waiting THE STREET Stock in Ger- been around for a while.
than many other countries’ ing to data from J.P. Morgan. around to find out. PAUL J. man national In truth, banks don’t face
For investors in emerging bonds. The country, one of the “The question is not if Ven- DAVIES champion an acute crisis as in 2008. It
markets, Venezuela has But in recent months, in- largest borrowers in the devel- ezuela will default, but when Deutsche is something that in some
quickly turned from a source vestors have soured on Vene- oping world, is generally ex- they will default,” said Russ Bank fell ways looks worse: a chronic
of opportunity to a cause for zuelan debt, as oil-price de- pected to make good on $1.5 Dallen, a partner at Latinvest 9.5%. That brings its year-to- profitability crisis that
concern. clines intensified, the billion in debt due later this Group Holdings, an investment date loss to nearly 40% while makes it impossible for
Last year, the South Ameri- country’s currency weakened month. The bigger issue, in- bank. its valuation has fallen to banks to build up barely ade-
can country delivered impres- and its trade surplus turned vestors say, is what will hap- Venezuela hasn’t defaulted about just 30% of book quate capital bases. And cen-
sive, double-digit returns for negative. Venezuelan debt fell pen in the next few years, and Please see DEBT page C2 value. Banks such as Bar- Please see ROUT page C2
Disney Needs ESPN in the Game New Rule’s Next Target: Annuities
BY STEVEN RUSSOLILLO The unparalleled lure of BY ANNA PRIOR terest, which could include savings vehicles are Lincoln
The Sporting Life live sports programming commissions and other sales- National Corp., MetLife Inc.,
The force may be with Disney media networks’ operating gives Disney strong bargain- Variable annuities—which based compensation. Prudential Financial Inc. and
Walt Disney Co., but the me- income as a percentage of total ing power. But contractual are controversial but widely If the rule becomes final Prudential PLC’s Jackson Na-
dia conglomerate needs obligations make a pure used for retirement saving— with minimal changes from tional Life Insurance Co. The
more than that. 80% ESPN online offering prob- are about to face one of their the most recent published pro- rule also will affect the bro-
The cord-cutting phenom- Projections lematic. At the same time, stiffest tests thanks to a Labor posal, industry watchers and kerages and individual finan-
enon and its worrisome im- 60 rising cable costs have Department proposal. analysts say variable-annuity cial advisers that sell variable
pact on ESPN have overshad- prompted more consumers The proposed rule, expected issuers might need to shift annuities.
owed success from Disney’s 40 to either cut the cord en- to be finalized as soon as next from paying sellers upfront “We think it’ll throw a wet
“Star Wars” tirely or move to “skinny” month, would hold advisers commissions—which average blanket over the entire indus-
AHEAD OF bonanza. 20 bundles of channels that working with retirement sav- around 8% according to a 2014 try, certainly for the first
THE TAPE Shares have sometimes exclude ESPN. ings to a “fiduciary” standard. estimate from Conning Inc.— year,” said Jules Gaudreau, an
been on a 0 J.P. Morgan forecasts op- That approach means an ad- to a business model based on independent insurance adviser
roller coaster since last sum- FY2010 ’11 ’12 ’13 ’14 ’15 ’16 ’17 erating income from cable viser must work in the best in- investors paying lower, ongo- and president of the National
mer and are now about a Sources: the company; networks will decelerate, terest of a client, and it gener- ing fees. Association of Insurance and
quarter off their peak. J.P. Morgan (projections) pushing the broader media ally requires advisers and Among the insurers that is- Financial Advisors, a trade
When Disney reports fis- segment below half of total firms to avoid conflicts of in- sue these complex retirement- group.
cal first-quarter results networks” business, which operating income by 2017. As With a variable annuity, a
Tuesday, the stock’s next accounts for 52% of operat- recently as 2011, it was 69%. buyer gets a retirement nest
move likely will be dictated ing income in fiscal 2015. Yet, even after Disney’s egg invested in mutual-fund-
by what it says about the While that is by far Disney’s recent swoon, the stock still like accounts with a lifetime
sports network. largest unit, its contribution trades at 15.6 times pro- income feature. The annuities
Analysts polled by FactSet has been falling for four con- jected earnings over the next often are purchased with an
KRIS TRIPPLAAR/SIPA USA/ASSOCIATED PRESS (2)
expect earnings for the quar- secutive years. Analysts ex- 12 months—right around its add-on “rider” that guarantees
ter through December of pect worse to come. 10-year average. That isn’t a minimum paycheck for life
$1.45 a share, up 14% from a In November, Disney said enough of a bargain. with protection against stock-
year ago. Revenue is forecast it lost three million ESPN This is the investing market losses.
to have risen 10%. While Dis- subscribers within a year. equivalent of “fourth and Fans of these annuities de-
ney rarely misses estimates, That followed an earlier manageable.” The smarter scribe the product as being
the bigger issue is cable. warning in August. As ESPN move here is to punt rather like a personal pension plan.
Concerns are justified. sheds subscribers, Disney than go for it. Variable-annuity sales to-
ESPN is the most impor- earns less from pay-TV oper- taled nearly $98 billion in the
tant part of Disney’s “media ators that carry the content. Email: tape@wsj.com first nine months of 2015, ac-
cording to researcher Morn-
INDEX Credit Markets................................................ C7 Exchange-Traded Funds......................... C5 Heard on the Street................................... C8 Mutual Funds........................................... C5 ingstar Inc., roughly in line
Cash Prices................................................. C7 Currency Trading.......................................... C6 Finance Watch................................................ C3 Key Rates........................................................... C3 New Highs & Lows........................... C5,8 with their average over the
Commodities............................................. C7 Dividend News................................................ C7 Global Finance................................................. C3 Money Rates.................................................... C3 Stock Listings....................................... C4,5
MetLife and Prudential are two firms that issue variable annuities. Please see RULES page C2
C2 | Tuesday, February 9, 2016 THE WALL STREET JOURNAL.
MONEY & INVESTING
RULES Brixmor Manipulated Its Financials

Continued from the prior page BY LIAM PLEVEN ing officer and an accounting spokeswoman said the firm Michael Berman, a Brixmor di-
last five years. employee whose position has “zero tolerance for unethi- rector and the chair of its au-
More than half of that in- Shares in one of the na- wasn’t identified. cal behavior at the companies dit committee, said in a con-
volves retirement accounts tion’s largest shopping-center Mr. Carroll, reached sepa- we invest in.” But, she added, ference call Monday. “But the
and so would potentially be landlords fell sharply Monday rately, declined to comment on “the business remains solid.” conduct obviously was.”
affected by the rule. It is pos- after the company said ac- Monday. In the wake of the disclo- Brixmor said the audit com-
BORIS ROESSLER/ZUMA PRESS

sible that insurers and broker- counting personnel had ma- Brixmor appointed an insure, Standard & Poor’s said it mittee review began in Decem-
ages also would choose to ap- nipulated financial results and terim CEO, Daniel Hurwitz, an was placing the Brixmor’s ber after the company re-
ply new compensation said its chief executive and industry veteran who previ- long-term corporate credit rat- ceived information “through
arrangements to annuities other top managers had ously headed DDR Corp., an- ing on watch negative. its established compliance
sold outside of retirement ac- stepped down. other real-estate investment The accounting issue had to processes.” The review found a
counts. Brixmor Property Group trust focused on retail prop- do with same-property net op- “lack of appropriate manage-
Despite this popularity, Inc., which owns more than erty. erating income, a financial ment supervision,” the com-
variable-annuity critics have 500 properties from coast to The disclosure was a blow measure used by REITs such pany’s chairman, John
railed against their complexi- coast, said the personnel “in to financial-services giant as Brixmor. Schreiber, said in a statement. John Cryan of Deutsche Bank
ties and annual fees that can certain instances, were Blackstone Group LP, which According to the company, Brixmor said it had re-
top 3%. Critics also note that
consumers pay the seller’s
commissions indirectly
through the ongoing charges
smoothing income items, both
up and down” in order to
show consistent growth in a
key measure of company in-
took Brixmor public in 2013
and still owns more than a
third of the company’s shares.
Two Blackstone executives sit
a review led by the board’s au-
dit committee led to changes
in the figure in quarters dat-
ing back to 2013. The changes
ported the matter voluntarily
to the Securities and Exchange
Commission, and added that it
doesn’t expect to have to re-
BANK
and through surrender charges come. on the Brixmor board of direc- amounted to $500,000 for state prior financial results. Continued from page C1
due if they drop a contract The New York firm said tors. 2014 in total and $300,000 for Brixmor also said it didn’t be- up its legal messes and make
within several years of pur- Chief Executive Michael Car- Brixmor shares closed down 2015, according to figures pro- lieve the issue would affect its money. He has said that reve-
chase. roll had resigned, along with 20%, and shares of Blackstone vided by the company. debt agreements. nue declines in some areas,
Variable annuities with its president and chief finan- closed down 7.7%. The dollar amounts in- A spokeswoman for the SEC while jarring to investors and
guaranteed lifetime benefits cial officer, its chief account- In a statement, a Blackstone volved “were not material,” declined to comment. employees alike, are inevitable
“are extremely complicated for a bank that has reorga-
products already and are, nized its biggest divisions, ex-
frankly, oversold,” said Scott ited businesses and cut clients.
Witt, a New Berlin, Wis., in- Deutsche Bank has sought to
surance adviser who is un- make clear it has the liquidity
usual in charging fees to in- it needs to pay optional cou-
vestors and not accepting pons to bondholders, a con-
commissions. cern some credit analysts have
Some say the high commis- raised.
sions lead advisers and insur- After the close of European
ance agents to sell to some markets Monday, Deutsche
people who may not be best Bank said in a statement that
served by such an investment, it believes it will be able to
and regulators have issued pay €350 million ($392 mil-
consumer advisories. lion) in coupons investors ex-
The near-term earnings im- pect at the end of April.
pact on insurers isn’t expected The pressure that prompted
CARLOS BECERRA/DEMOTIX/CORBIS
to be huge. A scenario involv- the bank to reiterate its liquid-
ing a 25% drop in variable-an- ity position reflected how ner-
nuity sales would result in a vous investors have become.
2% annual per-share earnings “Not every day is easy,” Mr.
hit at Lincoln Financial Group, Cryan said in January. “But we
estimates Keefe, Bruyette & can see the light at the end of
Woods analyst Ryan Krueger. the tunnel.”
Still, investors seem con-
cerned by what darkness re-
Regulators have Venezuela is suffering from shortages of basic goods including food items. Above, empty shelves seen in 2014 in the capital, Caracas. mains. Deutsche Bank’s shares
issued consumer are trading at just 30% of book
advisories about
variable annuities. DEBT many of which borrowed heav-
ily when commodity prices
were soaring. The Interna-
tional Monetary Fund has
China has provided Venezu-
ela with a steady source of fi-
nancing in exchange for oil.
But as its economy slows,
taking some extreme mea-
sures—like cutting
sharply on imports of food
and medicines—to preserve
back
value, a measure of a bank’s
intrinsic value. Even battered
peers trade at twice that level.
Analysts and investors see
Continued from the prior page warned of elevated debt levels China has been reluctant to the dollar reserves needed to the German lender, which runs
He puts the impact at about on any foreign currency debt in these markets now that lend more. pay bondholders. Europe’s biggest investment
1% annually for Prudential and since 1982, and President Ni- commodity prices have col- Venezuela’s political envi- Venezuela defied skeptics bank, as too reliant on trading
MetLife. colás Maduro recently reiter- lapsed. ronment has also turned more last year when its government revenue. It lacks a powerhouse
Speaking to analysts last ated the country’s intention to Other oil-dependent coun- volatile. The opposition coali- bonds returned 17%, outpacing retail or private-banking oper-
week, Lincoln Financial Group meet its debt obligations. He tries are scrambling for fund- tion took control of parliament a broad measure of emerging- ation, unlike its biggest Swiss
President and Chief Executive said in a national address last ing. Nigeria and Angola are in December, marking the first market debt which edged up and U.K. rivals, which have
Dennis Glass said that roughly month that “Venezuela has seeking help from interna- defeat for the Socialist party 1.2%, according to J.P. Morgan. more substantial and stable
30% of the company’s sales in ethics, morals” and “commit- tional institutions to plug That outperformance followed nontrading businesses to fall
the fourth quarter came from ments that the republic has their deficits. a heavy selloff in late 2014, back on. The bank faces an
products that would be af-
fected by the Labor Depart-
honored and will continue
honoring.”
Since Venezuela’s debt is
widely held by emerging-mar- 15% and some investors bet that
Venezuela had the financial re-
overhang of billions of dollars
in unresolved legal fines, in-
ment’s rule, assuming no The Venezuelan govern- ket funds, a default could push Decline in Venezuelan debt in sources and political will to cluding potentially big liabili-
changes are made to the pro- ment and state oil company some investors to sell the January, according to data service its debt. ties it can’t yet estimate.
posal. He said the firm has have issued about $120 billion bonds in order to avoid a po- from J.P. Morgan That confidence seemed to “John Cryan still brings a
been working to curb its reli- in debt to overseas investors tentially lengthy restructuring fade this year as oil prices fell lot of credibility,” Nomura
ance on sales of variable annu- during the past decade. Giant process, leading to further further and its government banking analyst Jon Peace said
ities. bond managers like Ashmore losses for its bondholders, said since the late Hugo Chávez bond prices lost 14.7% in Janu- Monday. “But you’ve not seen
If sales are disrupted, Mr. Group and Fidelity Invest- Victor Fu, a director of emerg- came to power in 1999. ary, making it the worst per- the bulk of improvements yet.
Glass said Lincoln will be able ments are among the holders. ing-market sovereign desk James Barrineau, co-head former in emerging markets. They need to get on with that
to use share buybacks “to The firms declined to com- strategy at Stifel Nicolaus & of emerging-markets debt at After running a large sur- as quickly as they can.”
blunt much of the [earnings- ment or didn’t respond to re- Co. Schroders Investment Man- plus for years, Venezuela’s In early January, as
per-share] impact over the quests for comment. Nearly two thirds of all agement which has $446.5 bil- current account slid into nega- Deutsche Bank shares dropped
next several years.” The probability for a de- emerging-market funds hold lion of assets under manage- tive territory in the middle of below €21, traders in the
Prudential has said that it fault in five years is as high as Venezuelan bonds, according ment, said he has been staying 2014. bank’s London offices quipped
benefits from a diversified 97%, measured by the cost to to Morningstar Inc. clear of the country’s debt be- Unlike other oil producers, darkly that Strategy 2020 was
business model; MetLife is di- insure its debt in the credit- Given the size of Venezu- cause of what he calls the lack Venezuela didn’t set aside a on track. But shares soon
vesting operations including default-swap market. ela’s outstanding debt, it will of reliable data on Venezuela’s rainy-day fund during the plunged through €20.20 as
its U.S. variable-annuity busi- The stakes are high, and be “a very messy restructur- economic and fiscal condi- boom years. Its foreign-ex- well.
ness. Jackson National, mean- not just for Venezuela. A de- ing,” said Alejo Czerwonko, an tions. change reserves, mostly in the On the evening of Jan. 20,
while, has “multiple contin- fault could ripple through emerging-market strategist at “It’s unanalyzable,” he said. form of gold, tumbled to a 12- executives from London and
gency plans in place” emerging-market economies, UBS Wealth Management. The government has started year low last year. New York who run Deutsche
depending on the rule and Bank’s global trading business
various interpretations of the gathered for dinner at a small
rule from brokerages, said Ali-
son Reed, executive vice presi-
dent of operations for the
firm’s distribution arm.
ROUT Stressed Out
Change in the cost of protecting
senior bank bonds against
Cost to insure €10 million of
bonds against default
Italian restaurant in Manhat-
tan. It was the first off-site
meeting of the global markets
executive committee since the
There likely also is to be a Continued from the prior page default so far this year restructuring. Garth Ritchie, a
legal challenge from the finan- tral banks may be powerless €500 thousand longtime senior manager in
cial-services industry once the to stop it. The eurozone’s iTraxx Crossover equities, had recently taken
Barclays 151%
final rule is in place. top banking regulator gets it. 400 high-yield index the reins of the global markets
Even so, the fiduciary-duty This arm of the European business.
rule is a “huge” deal for the Central Bank has said profit- Deutsche Bank 135% 300 The mood was somber. A
annuity industry, in part be- ability is the key systemic fi- few hours earlier, Deutsche
cause some individual sellers nancial risk in 2016. But ECB UniCredit 80% 200 Bank directors had signed off
might avoid these products President Mario Draghi can’t on fourth-quarter financial re-
rather than accept a combina- help. When asked about bank 100 iTraxx subordinated sults, weighed down by bil-
tion of lower upfront compen- stability at his last interest- Standard Chartered 67% financials index lions of dollars in litigation
sation and greater responsibil- rate news conference, he 0
and restructuring charges, and
ity, said Joseph Belth, said protecting bank profits Banco Santander 37% a revenue decline in the in-
professor emeritus of insur- wasn’t his job. Jan. Feb. Deutsche Bank headquarters vestment bank. Some manag-
ance at Indiana University. Very low interest rates Sources: Markit; Bloomberg News (photo) THE WALL STREET JOURNAL. in Frankfurt ers at the dinner questioned
“It would revolutionize the hurt the profits banks make why investors seemed uncon-
annuity business,” with inves- on loans, especially when in- banks lend then fall to be lit- The result is ultraloose improve the quality of their vinced by Deutsche Bank’s re-
tors benefiting from higher vestors believe loose mone- tle more than short-term monetary policy that actu- capital. Without the green structuring strategy, particu-
standards for advisers, he tary policy is here to stay. ones at which banks borrow. ally leads to a tightening of shoots of an economic recov- larly as it affected the
said. Long-term rates at which That spread has shrunk in credit: exactly what Europe ery, banks won't hit these investment bank, according to
the U.S. and Europe over the doesn’t need as it battles to targets. Meanwhile, if they people familiar with the eve-
past month. restore growth. fall close to their minimum ning’s discussion. One execu-
Panama 8 Day Tour $1195 In Europe, negative de-
posit rates may have an-
Worse still, if economic
recovery falters this would
capital needs, regulators will
stop them paying not only
tive described what seemed
like “a complete loss of faith”
Guided Tours Since 1952 +tax,fees other, perverse effect: Banks make Europe’s roughly €1 stock dividends, but also and an overreaction by inves-
Guatemala, Tikal 10 days $1295 could start charging more trillion stock of bad loans coupons on junior bonds tors who seemed not to factor
Costa Rica 9 days $1095 for loans, moving against the harder to deal with and that count as capital. in cost-cutting forecasts the
● Panama & Canal 8 days $1195 direction of central-bank pol- more likely to cause fresh This is why bank debt is bank had discussed publicly.
Nova Scotia, P�E�I� 10 days $1395 icy. Negative rates force losses. Add to this the re- getting hit, too. The cost of Mr. Ritchie introduced the
Canadian Rockies 9 days $1595 banks to pay to leave funds structuring and resizing of insuring junior bank bonds evening’s speaker, retired U.S.
Grand Canyon 8 days $1395 on deposit at a central bank, retail- and investment-bank- against default has doubled Army Gen. Stanley McChrys-
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Beaches. All Meals Included! Mount Rushmore 8 days $1295 this cost on to depositors for needs to take place (particu- other high-yield debt has national forces in Afghanistan
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8-Day fully guided vacation “ Brilliant, Affordable Pricing ” rising mortgage costs, while is another wave of costs that beat this set of circum- had invited him to the
—Arthur Frommer, Travel Editor
with two daytime cruises on last week in Denmark, which will have to be taken. stances. One is to make risk- Deutsche Bank dinner to talk
the Panama Canal. Free 28-Page Brochure: also has negative rates, Most eurozone banks have ier loans that should pay to executives about the need
Nykredit said it would begin enough capital—just. But more but have a higher for strong communication,
lifting rates on all its mort- many also need to continue chance of default; the other teamwork among business di-
gages in what Morgan Stan- to add to capital through is to launch another round of visions and focus during peri-
ley believes is likely to kick earnings to hit higher tar- capital raising. Investors ods of stress, according to
off a wave of repricing. gets coming in 2019 and to don’t like either option. people who were present.
THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | C3
GLOBAL FINANCE
CFTC Whistles Up Few Whistleblowers
Futures regulator has totaling $530,000, in its more things about this program is the money collected in big en- SEC and CFTC programs are supplied information ahead of
than four years of operation. we have it,” Mr. Ehrman said. forcement actions. inevitable, given they were set the CFTC’s enforcement action
spent more on To help increase awareness He added that the But the two programs have up at the same time under the last year against Navinder
administrative costs of the program, CFTC officials agency “can’t control what markedly different track re- same legal provisions, accord- Singh Sarao. The British trader
last month launched a new comes in” in terms of the qual- cords. The SEC has paid a total ing to Thomas Sporkin, a for- is alleged by the CFTC and U.S.
than in payouts “whistleblower.gov” website. ity of tips. “But we can cer- of more than $55 million— mer SEC official who now is a prosecutors to have made mil-
The CFTC inspector general tainly control how we handle some 100 times partner at law firm Buckley- lions of dollars manipulating
BY JEAN EAGLESHAM also is investigating the “lim- the information…and ensure the CFTC tally—to 23 whistle- Sandler LLP. But he said the the U.S. futures markets, con-
ited number” of whistleblower that we’re doing what we’re blowers, including a headline- comparison was tough on the tributing to the May 2010
It turns out that setting awards paid to date, according supposed to be doing. And, I grabbing bounty of more than smaller agency, since “the “flash crash” meltdown. Law-
aside hundreds of millions of to his most recent report to can assure you, we are.” $30 million in 2014. SEC’s broader mandate—in- yers representing Mr. Sarao,
dollars for whistleblowers isn’t Congress. Meanwhile, the CFTC’s ad- cluding policing public com- who has denied any wrongdo-
$530,000
enough to lure tipsters in the An agency spokesman de- ministrative costs related to pany misconduct—makes them ing, told an extradition hearing
multitrillion-dollar futures and clined to comment on the the program are considerably much more conducive to whis- in London last week that the
swaps markets. probe. more than the value of the two tleblowing.” trades were genuine.
Since its Whistleblower Focusing on the low number Amount CFTC’s Whistleblower awards given, according to the Certainly, the SEC has at- “I’m very confident that we
Program was launched in 2011, of payouts is unfair, people Program has paid out in four Journal’s analysis. The agency tracted the vast majority of will see big awards coming
the Commodity Futures Trad- close to the CFTC said, in part years of operation spent $4 million on adminis- tips to date, reporting a total from the CFTC program within
ing Commission has spent because the agency is bound tration costs over the of 14,116 through September the next few years,” said
more on administrative costs by strict legal rules on what past four years in a category 2015, compared with Shayne Stevenson, a partner at
than it has paid out in boun- qualifies for an award. Setting up programs to en- that includes both the eight- the CFTC’s 655, according to law firm Hagens Berman Sobol
ties, according to a Wall Street Christopher Ehrman, head courage whistleblowers was an employee whistleblower unit the Journal’s analysis. Shapiro LLP who represents the
Journal analysis of the of the CFTC whistleblower of- important component of the and a smaller “office of con- Lawyers representing whis- whistleblower in the Sarao case.
agency’s data. fice, said critics miss the point regulatory response to the fi- sumer outreach,” though it tleblowers say they expect The agency’s whistleblow-
The war chest, funded by that anyone who wants to re- nancial crisis. Under provi- doesn’t break out the alloca- more, and bigger, payouts from ing head was more cautious.
CFTC sanctions, held $268 port misconduct in the mar- sions of the 2010 Dodd-Frank tion. A CFTC spokesman de- the CFTC program in the fu- “We’re continuing on. The pro-
million at the end of Septem- kets policed by the agency now financial law, the CFTC and Se- clined to say how much of the ture. gram will continue onward,”
ber, which is more than the has somewhere to go, which curities and Exchange Com- $4 million tab is related to its One tipster who might be in Mr. Ehrman said. “We’ll get
agency’s annual budget. The wasn’t the case before. mission guarantee successful whistleblower effort. line for a big payout is the what we get and hope for the
fund has paid out two awards, “One of the most important whistleblowers 10% to 30% of Comparisons between the anonymous whistleblower who best.”
“At the moment, it’s a pro-

Finance posal,” Mr Rushforth said. “The
basic idea is to maintain the ex-
Watch isting structure.”
Currently, the basket mea-
sures four crude grades, and the
new assessment won’t introduce
any grades. “We think now is
the time to move forward to
COMMODITIES have it in place while the market
moves and changes as well,” Mr
Platts to Launch Rushforth said.
Crude Benchmark He said many of the new
U.S. price-reporting firm crudes coming on stream in the
Platts will launch a new crude North Sea will be heavier than
benchmark March 14, said Jonty the existing basket. Looking
Rushforth, director of the oil and ahead, the market will be look-
FRANS LEMMENS/CORBIS
shipping price group. ing at something which is quite
The benchmark will be called different to the North Sea light
Dated Brent CIF Rotterdam, and barrel, he said.
initially the assessment will be —Miriam Malek
launched as the existing Dated
Brent basket with freight prices REPO MARKET
accounted for from Rotterdam. An oil-storage facility in Rotterdam, Netherlands. A new Brent crude benchmark is in the works at price-reporting firm Platts.
The new benchmark will be
Germany’s Maple Bank
aimed at heavier crude grades in Declared ‘Defaulter’ furt-based Maple Bank GmbH to Bank of Canada and Ontario tax probe first disclosed in Sep- tal levels would take a hit as a
the North Sea. LCH.Clearnet Group Ltd. said be a “defaulter” in a no- Teachers’ Pension Plan, is a tember last year. result, The Wall Street Journal
The benchmark has been cre- a German bank had defaulted on tice posted to the clearing- member of LCH’s clearing ser- A spokeswoman for BaFin reported Sunday. Representa-
ated to make sure that there is its financial obligations at the house’s website. vice for repurchase agreements. said in an emailed statement tives for LCH and Maple de-
sufficient trading liquidity of clearinghouse operator. Maple, whose parent com- Repos are short-term trades in the regulator banned Maple clined to comment.
North Sea grades in the future, Martin Pluves, chief executive pany, Maple Financial Group which borrowers pledge bonds Bank GmbH from certain pay- Maple’s struggles added to
he said. officer at LCH, declared Frank- Inc., is partly owned by National as collateral in exchange for ments and disposals “due to the existing tremors in European
cash. The default stems from threat of balance-sheet over in- stock markets Monday, though
moves by German financial debtedness.” the firm’s activity is small rela-
Borrowing Benchmarks | WSJ.com/bonds watchdog BaFin to close in on National Bank of Canada tive to other banks in the region.
the Maple unit in the wake of a warned that its regulatory capi- —Katy Burne
Week —52-WEEK—
Money Rates February 8, 2016 Latest ago High Low
Key annual interest rates paid to borrow or lend money in U.S. and Federal funds
international markets. Rates below are a guide to general levels but Effective rate 0.3900 0.4000 0.4000 0.0600 2015 ANNUAL RESULTS
High 0.5600 0.5600 0.5900 0.3100
don’t always represent actual transactions. Low 0.3400 0.3000 0.3500 0.0100
Week —52-WEEK— Bid 0.3600 0.3800 0.5500 0.0300
Inflation Latest ago High Low Offer 0.4000 0.5000 0.5600 0.0500
Dec. index Chg From (%)
Japan 1.475 1.475 1.475 1.475 Treasury bill auction
Extension project of Arturo Merino Benítez International Airport in Santiago de Chile - VINCI photo library
level Nov. '15 Dec. '14

Policy Rates 4 weeks 0.270 0.295 0.295 0.000
U.S. consumer price index 13 weeks 0.315 0.350 0.350 0.000
Euro zone 0.05 0.05 0.05 0.05
All items 236.525 –0.34 0.7 Switzerland 0.50 0.50 0.50 0.50 26 weeks 0.420 0.465 0.585 0.065
Core 243.779 –0.12 2.1 Britain 0.50 0.50 0.50 0.50
Australia 2.00 2.00 2.25 2.00 Secondary market
International rates Fannie Mae
Overnight repurchase
Week 52-Week 30-year mortgage yields
Latest High Low U.S. 0.48 0.43 0.51 0.07
ago 30 days 3.192 3.260 3.750 3.164
U.S. government rates 60 days 3.225 3.292 3.788 3.206
Prime rates
U.S. 3.50 3.50 3.50 3.25 Discount Other short-term rates
Canada 2.70 2.70 2.85 2.70 1.00 1.00 1.00 0.75 Call money
2.25 2.25 2.25 2.00
Commercial paper
Key Interest Rates 30 to 270 days n.q. ... ... ...
Data are annualized on a 360-day basis. Treasury yields are per annum, Commercial paper (AA financial)
on actively traded noninflation and inflation-indexed issues that are 90 days 0.55 0.59 0.64 0.06
adjusted to constant maturities. Data are from weekly Federal Reserve Stable revenue: € 38.5 billion Solid performances
release H.15. Euro commercial paper ( -0.5 % on an actual basis )
Week Ended 52-Week Week Ended 52-Week
30 day n.q. n.q. -0.02 -0.12 "In 2015, VINCI demonstrated the relevance of its business
Feb 5 Jan 29 High Low Feb 5 Jan 29 High Low Two month n.q. n.q. -0.01 -0.09 model, which is based on the complementarity of its
1
Three month n.q. n.q. 0.01 -0.08 Improvement of 60 pb in Ebit
Federal funds (effective) 20-year 2.30 2.40 2.90 2.18 n.q. 0.02 0.00 Concessions and Contracting activities.
Four month n.q.
0.34 0.38 0.38 0.09 Five month n.q. n.q. 0.03 0.01
margin to 9.8 %
Treasury yields (secondary market) The traffic upturn at VINCI Autoroutes has been confirmed.
Six month n.q. n.q. 0.04 0.02
Commercial paper 1-month 0.23 0.25 0.25 -0.02 Growth accelerated at VINCI Airports. The Contracting
Net income up 10.7 % at
2
Nonfinancial 3-month 0.32 0.32 0.32 0.00 Libor
1-month 0.35 0.33 0.35 0.06 6-month 0.45 0.43 0.54 0.07 business remained affected by weak market conditions in
One month 0.42925 0.42500 0.43060 0.17100 € 2.1 billion
2-month 0.41 0.40 0.41 0.07 TIPS Three month 0.62100 0.61260 0.62430 0.25620 France and a more uncertain operating environment
3-month 0.45 0.47 0.48 0.09 5-year 0.15 0.24 0.50 -0.29 Six month 0.87060 0.86025 0.87060 0.37340
Financial 7-year 0.33 0.42 0.63 -0.02 One year 1.13995 1.13975 1.17800 0.65600 worldwide – caused in particular by lower oil prices – but
1-month 0.40 0.39 0.40 0.06 10-year 0.52 0.61 0.78 0.06 Strong free cash flow: € 3.0 billion
0.46 0.46 0.49 0.07 0.92 1.01 1.12 0.40
margins were resilient and order intake increased in the
2-month 20-year Euro Libor
3-month 0.53 0.55 0.59 0.11 Long-term avg 0.94 1.04 1.12 0.46 One month -0.241 -0.233 -0.004 -0.241 second half.
CDs (secondary market) Three month -0.191 -0.181 0.028 -0.191 Order book at 31/12/2015 : In line with our strategic plan, we stepped up our
1-month n.a. n.a. n.a. n.a. Interest rate swaps Six month -0.118 -0.106 0.093 -0.118 € 27.7 billion representing
3-month n.a. n.a. n.a. n.a. 1-year 0.70 0.74 0.86 0.43 One year 0.000 0.003 0.233 0.000 international expansion and made new acquisitions. With
6-month n.a. n.a. n.a. n.a. 2-year 0.82 0.91 1.16 0.72 approximately 10 months of
3-year 0.97 1.08 1.40 0.96 Euro interbank offered rate (Euribor)
its contract wins, notably in Chile and Japan, VINCI Airports
Discount window primary credit 4-year 1.11 1.24 1.64 1.11
average Contracting activity
One month -0.235 -0.232 0.002 -0.235 will handle over 100 million passengers annually, making it
1.00 1.00 1.00 0.75 5-year 1.25 1.38 1.87 1.25
7-year 1.50 1.62 2.21 1.50 Three month -0.169 -0.162 0.051 -0.169 one of the world’s top five airport operators.
Conventional mortgages 10-year 1.77 1.87 2.50 1.77 Six month -0.107 -0.094 0.131 -0.107 3
Dividend : € 1.84 per share
3.72 3.79 4.09 3.59 30-year 2.25 2.32 2.96 2.25 One year -0.005 0.010 0.262 -0.005 Earnings, excluding non-recurring items, increased and debt
Treasury yields at constant Corporate bonds, Moody's seasoned Value 52-Week (1) Excluding VINCI Park, which was deconsolidated has been reduced thanks to strong cash flow generation.
Latest Traded High Low
maturities Aaa 4.03 4.05 4.26 3.42
on 4 June 2014
(2) Excluding non-recurring items VINCI is starting 2016 with confidence and we are aiming
1-month 0.24 0.26 0.26 0.00 Baa 5.40 5.46 5.51 4.41 DTCC GCF Repo Index (3) Proposed dividend to the Shareholders’ General Meeting
3-month 0.32 0.32 0.32 0.00 on 19 April 2016. Since an interim dividend of €0.57 per for earnings growth. "
State and local bonds Treasury 0.481 128.350 0.639 0.059
6-month 0.46 0.44 0.55 0.07 share was paid in November 2015, the final dividend
1-year 0.52 0.47 0.71 0.21 3.30 3.38 3.87 3.30
MBS 0.493 116.310 0.705 0.075 payment on 28 April 2016 will be €1.27 per share (all cash) Xavier Huillard,
2-year 0.74 0.83 1.07 0.52 Open Implied Chairman and CEO
3-year 0.93 1.05 1.35 0.85 Eurodollars Settle Change Interest Rate
5-year 1.29 1.42 1.78 1.29 1 month 0.48 0.48 0.50 0.19
7-year 1.62 1.75 2.16 1.62 3 month 0.70 0.70 0.70 0.30 DTCC GCF Repo Index Futures
10-year 1.89 2.00 2.42 1.81 6 month 0.90 0.90 0.90 0.37 Treasury Feb 99.515 -0.005 6362 0.485
Treasury Mar 99.485 0.005 4916 0.515
Notes on data: Treasury Apr 99.500 0.020 1688 0.500
Federal-funds rate is an average for the seven days ended Wednesday, weighted according to rates
on broker trades; Commercial paper rates are discounted offer rates interpolated from sales by Notes on data:
dealers or direct issuers to investors that are settled by the Depository Trust Company; CD rates are U.S. prime rate is effective December 17, 2015. Agenda
discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window Discount rate is effective December 17, 2015.
primary credit rate is charged for discounts made and advances extended under the Federal U.S. prime rate is the base rate on corporate 19 April: Shareholders’ General Meeting at the Carrousel du Louvre, in Paris
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday; loans posted by at least 70% of the 10 largest The 2015 annual results press release and presentation are available in French
U.S. banks; Other prime rates aren’t directly
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid comparable; lending practices vary widely by and English on VINCI’s website: www.vinci.com
yields for all TIPS with remaining terms to maturity of 10 years or more; Swap rates are International location; DTCC GCF Repo Index is Depository
Swaps and Derivatives Association (ISDA(R)) mid-market par rates for a fixed-rate payer, who in Trust & Clearing Corp.'s weighted average for
return receives three-month Libor, and are based on rates collected at 11:00 a.m. ET by Garban overnight trades in applicable CUSIPs. Value
Intercapital PLC; Source is Reuters; Moody's triple-AAA rates are averages of industrial bonds only; traded is in billions of U.S. dollars. Futures on the
DTCC GCF Repo Index are traded on NYSE Liffe
Muni rates are Thursday quotes based on the Bond Buyer Index for general obligation, 20 years to US.
maturity, mixed quality debt; Mortgage rates are contract rates on commitments for fixed-rate first A global player in concessions and construction
Sources: Federal Reserve; Bureau of Labor
mortgages Statistics; DTCC; SIX Financial Information;
Sources: Federal Reserve; for additional information on these rate data and their derivation, General Electric Capital Corp.; Tullett Prebon
please see, www.federalreserve.gov/releases/h15/data.htm Information, Ltd.
C4 | Tuesday, February 9, 2016 * *** THE WALL STREET JOURNAL.
IN THE MARKETS
Why Morgan Stanley’s Stock Was Hit
BY BEN EISEN selloff: hope will be a clear road map debt crisis in 2011 and 2012. est of the six major banks. So harder they fall. Morgan Stan-
AND JUSTIN BAER Low returns. The Wall to higher returns. Though the perception that it could be seen as having the ley’s stock had a big run-up
Street firm, which remains Globe-trotting troubles. Morgan Stanley has dispropor- least resiliency to global eco- through the middle of last year
Morgan Stanley got hit short of its goal of producing a Monday’s drop came as tionate overseas exposure isn’t nomic turbulence, including as the bank was expected to
hard Monday. return on equity of at least Deutsche Bank AG shares fell necessarily accurate, the mar- concerns over economic benefit from refocusing on its
On a day when the six larg- 10%, is overhauling a fixed-in- 9.5% and other European ket sentiment has been, “the growth, interest rates and loan retail brokerage.
est U.S. banks all dropped come trading business whose banks declined sharply. more international the name, losses tied to an energy indus- Shares climbed 58% during
more than the broader market, choppy results have frustrated Many consider Morgan the more the downside,” said try pummeled by falling com- the two years through June,
Morgan Stanley’s shares took executives and investors. Mor- Stanley as having more inter- Jeffery Harte, an analyst at modity prices. compared with 25% during the
the worst beating. The lender gan Stanley has installed new national exposure than most of Sandler O’Neill + Partners. Still, there is no perception same period for the KBW Nas-
was down 6.9% as the S&P 500 managers and slashed its its U.S.-based peers, so shares Citigroup Inc., also seen as that Morgan Stanley faces any daq Bank Index. When bank
dropped 1.4%. Since the start workforce. are affected by market action having a large exposure to existential threat. “It’s big stocks sold off, Morgan Stan-
of the year, Morgan Stanley On Tuesday, its head of abroad. global markets, was down 5.1%. enough not to have survivor- ley’s shares were hit more,
shares are down 29%. trading will deliver at Credit Its shares tended to react Small enough to stumble. ship kind of fears” Mr. Harte sliding 42% since the begin-
Here are a few factors that Suisse Group AG’s financials sharply to positive and nega- The bank’s market value of said. ning of July, compared with
may have contributed to the conference what shareholders tive news about the European $44 billion makes it the small- The higher they fly, the the benchmark’s 24%.
Obama Seeks Doubling BETS invest in China, is down 17%.

Part of the problem for in-
vestors: The few winners this
Of Regulator Budgets Continued from page C1

1.6% on Monday alone—com-
year are an unlikely group.
Shares of gold miners, for ex-
ample, have fallen for years
BY ANDREW ACKERMAN pared with a loss of 9.3% for and lost 25% in 2015. But they
candidates Bernie Sanders and the S&P 500 this year. have soared 27% so far in
WASHINGTON—The Hillary Clinton to do a better “Part of it is people are get- 2016, as gold has rallied.
Obama administration will job of holding Wall Street ting nervous and selling their There are signs that hedge
DADO GALDIERI/BLOOMBERG NEWS
call on lawmakers to double firms and their employees re- winners” to take profits,” says funds and others are searching
the budgets of the top U.S. sponsible for misconduct. Tobias Levkovich, chief U.S. for a new set of trades. Last
market cops over the next Tuesday’s blueprint, for equity strategist at Citigroup. week, for example, Barry Ban-
several years, the White the fiscal year beginning Oct. The losses have been espe- nister, chief equity strategist
House said Monday, a push 1, is widely seen as an open- cially painful to a group of at Stifel Financial Corp., met
almost certain to encounter ing bid for budget negotia- hedge funds that piled into with funds and others to rec-
opposition from the Republi- tions with congressional Re- some of these stocks in recent ommend beaten-down energy,
can-controlled Congress. publicans and is unlikely to years. materials and industrial
The big request, which the be enacted without signifi- The $20 billion, technology- shares, as well as bets against
White House is set to unveil cant tweaks. focused Tiger Global Manage- Yanacocha gold mine in Peru. This year’s few winners include the U.S. dollar, something a
formally Tuesday, calls for Mr. Zients said the White ment’s hedge fund lost about gold miners’ shares, battered for years but up 27% in 2016. Stifel salesperson described as
boosting annual funding for House would request $1.8 bil- 14% in January, making the a “massive mean reversion
the Securities and Exchange lion for the SEC next year, month one of the worst on re- that is typical before a reces- to insure against a default on trade,” according to people
Commission and Commodity $200 million above its cur- cord for the fund, which is sion, when broad swaths of debt from some of the largest close to the matter.
Futures Trading Commission rent funding level, and $330 backed by longtime hedge-fund the market generally fall to- U.S. banks has risen only After rallying for much of
to $3 billion and $500 mil- million for the CFTC, up investor Julian Robertson, gether. slightly in recent weeks, sug- the past year, the WSJ Dollar
lion, respectively, by the fis- from the $250 million level it people familiar with the mat- About 31% of stocks in the gesting the debt markets are Index has fallen for two weeks,
cal year starting Oct. 1, 2020, has hovered at for the sec- ter said. S&P 500 are down 30% or more sanguine about the sec- dropping about 2% in the pro-
according to a blog post by ond consecutive year. Tiger was hurt by declines more from their 52-week tor than the equity market, cess, though it is still up 4.7%
Jeffrey Zients, director of the The SEC and CFTC have in several of its biggest posi- highs, Citigroup says, close to leaving investors flummoxed. over the past year.
National Economic Council. said they lack sufficient re- tions, including Netflix and the figure seen in market sell- And so far this year, banks —Rob Copeland
“The President will con- sources to police markets Amazon, the people said. offs of 2011 and 2012, but well have sold about $45 billion in and Mike Cherney
tinue working to make sure and fully implement dozens “Over the past year or so, below the 80% figure in the new bonds in the U.S., com- contributed to this article.
that the financial system of mandates under the 2010 different parts of the market 2008 tumble ahead of the eco- pared with roughly $48 billion
works for everyone,” Mr. Dodd-Frank financial-over- have been taken out to the nomic slump. at this time last year, adding AUCTION RESULTS
Zients wrote. “As the finan- haul law. The CFTC’s funding woodshed and beaten down, Banks shares, which beat to investors’ confusion. Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
cial services industry contin- woes prompted it to furlough and we’re finally getting the overall market last year Buying Chinese-related in- clearing yield. Rates are determined by the difference
between that price and the face value.
ues to rapidly evolve, some employees a few years ago around to some of those who until early summer and had vestments once was a winning
13-WEEK AND 26-WEEK BILLS
in Congress have used bud- and delay or shelve some en- hadn’t yet been punished,” Mr. led the bull market since 2012, move, but investor sentiment
13-Week 26-Week
get limitations to hamper the forcement matters. Levkovich says. have been especially vexing has drastically deteriorated as Applications $125,233,135,200 $115,730,449,600
agencies charged with estab- SEC officials note their He notes that “rolling bear for pros. Bank executives con- growth has slowed and capital Accepted bids $37,000,105,200 $30,000,400,600
" noncomp $413,279,800 $417,599,600
lishing and enforcing the agency’s budget has no im- markets,” with severe correc- tinue to reassure shareholders flight has picked up. " foreign noncomp $100,000,000 $300,000,000
rules of the road.” pact on the federal deficit tions in different sectors, re- about their health and pros- The Shanghai Composite In- Auction price (rate) 99.920375 99.787667
(0.315%) (0.420%)
President Barack Obama’s because the agency funds its flect an environment in which pects, but the KBW Nasdaq dex is down 22% this year so Coupon equivalent 0.321% 0.428%
push to boost funding signif- operations with transaction investors are nervous about Bank index of U.S. bank stocks far, and the iShares China Bids at clearing yield accepted 94.98% 52.34%
Cusip number 912796HR3 912796JF7
icantly for the SEC and CFTC fees levied on Wall Street the future and turn to sell ex- has tumbled nearly 19% since Large-Cap Exchange Traded
Both issues are dated Feb. 11, 2016. The 13-week bills
comes amid increasing calls firms to offset its appropria- pensive stocks amid weaken- the start of 2016. Fund, which some investors mature on May 12, 2016; the 26-week bills mature on
from Democratic presidential tions from Congress. ing earnings, rather than one But the price investors pay shifted into as a safer way to Aug. 11, 2016.
Biggest 1,000 Stocks | WSJ.com/stocks Stock

Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg Stock
Net
Sym Close Chg
How to Read the Stock Tables CotyClA COTY 26.69 -1.36 FomentoEconMexADR FMX 88.15 -1.56 t JuniperNetworks JNPR 21.97 -0.93 NtlRetailProp NNN 43.71 -0.05 RayJamFnl RJF 41.94 -1.46 TaroPharm TARO 138.23 -3.01
The following explanations apply to NYSE, NYSE Arca, NYSE MKT and Nasdaq Stock Market listed Credicorp BAP 97.57 -1.72 FootLocker FL 64.51 -1.30 KARAuctionServices KAR 32.16 -0.83 t NetSuite N 54.16 -6.22 Raytheon RTN 125.85 -0.80 TataMotorsADR TTM 23.79 -0.83
securities. Prices are composite quotations that include primary market trades as well as trades t CreditSuisseADR CS 14.44 -0.54 FordMotor F 11.59 0.14 KBFinancialGrpADR KB 23.89 -0.67 NewOrientalEducADR EDU 29.19 -1.00 t RealogyHoldings RLGY 29.36 -1.45 TaubmanCtr TCO 68.81 -1.35
reported by Nasdaq OMX BXSM (formerly Boston), Chicago Stock Exchange, CBOE, National Stock CrescentPntEnrg CPG 10.58 -0.31 t ForestCityRealtyA FCE/A 17.30 -1.09 KKR KKR 12.93 -0.90 NY CmntyBcp NYCB 15.43 0.05 RealtyIncome O 56.17 0.28 TecoEnergy TE 27.18 -0.10
Exchange, ISE and BATS. CrestwoodEquity CEQP 10.62 -1.42 t ForestCityRealtyB FCE/B 17.23 -1.27 KTADR KT 11.80 -0.29 t Newell NWL 34.26 -2.17 t RedHat RHT 60.93 -2.21 t TelecomItaliaADR TI/A 7.60 -0.44
The list comprises the 1,000 largest companies based on market capitalization.
Underlined quotations are those stocks with large changes in volume compared with the issue’s CrownCastl CCI 81.70 -2.36 FortBrandsHomeSec FBHS 45.29 -0.19 KSCitySo KSU 77.26 1.55 t NewMarket NEU 334.89-15.54 RegencyCtrs REG 70.49 -0.78 t TelecomItaliaADR TI 9.36 -0.59
average trading volume. CrownHoldings CCK 44.21 -1.60 Franco-Nevada FNV 53.17 3.11 Kellogg K 71.31 -0.53 NewmontMining NEM 25.19 0.78 RegionsFinancial RF 7.53 -0.27 Teleflex TFX 133.28 -1.54
Boldfaced quotations highlight those issues whose price changed by 5% or more if their previous CubeSmart CUBE 27.70 -0.95 FranklinResources BEN 32.46 -1.25 KeyCp KEY 10.55 -0.25 NextEraEnergy NEE 114.17 0.56 ReinsuranceGrp RGA 84.28 0.06 TelefonicaBrasADR VIV 8.94 -0.22
closing price was $2 or higher. t
Cummins CMI 98.43 -0.57 Freeport-McMoRan FCX 5.27 -0.41 KilroyRealty KRC 50.14 -2.84 Nidec ADR NJ 16.13 -0.60 RenaissanceRe RNR112.60 2.55 TelefonicaADR TEF 10.27 -0.19
Footnotes: listing standards vj-In bankruptcy or DDR Corp DDR 16.21 -0.62 FreseniusMedADR FMS 40.93 -0.59 KimberlyClark KMB 129.43 0.28 NielsenHoldings NLSN 44.72 -0.91 RepublicServices RSG 43.42 -0.16 TelekmIndonesiaADR TLK 50.13 -0.14
s-New 52-week high. lf-Late filing receivership or being DTEEnergy DTE 86.22 -0.23 Gallagr AJG 38.18 -0.14 KimcoRealty KIM 26.86 -0.71 NikeClB NKE 55.04 -2.13 ResMed RMD 57.04 -0.38 TenarisADR TS 20.90 -0.41
t-New 52-week low. q-Temporary exemption from reorganized under the Danaher DHR 84.14 -0.90 Gap GPS 23.99 0.22 KinderMorgan KMI 14.92 -0.74 NipponTelegraphADR NTT 44.28 -0.77 t RestaurantBrands QSR 30.73 -1.23 t Tesoro TSO 72.95 -3.29
dd-Indicates loss in the most Nasdaq requirements. Bankruptcy Code, or securities IT 80.06 -2.76 KingDigitalEnt KING 17.93 -0.02 NiSource NI 20.91 -0.07 ReynoldsAmer RAI 47.08 -0.45 TesoroLogistics TLLP 40.01 -3.52
recent four quarters. t-NYSE bankruptcy assumed by such companies. Darden DRI 59.54 0.55 Gartner
FD-First day of trading. v-Trading halted on primary t DaVitaHlthcrPtrs DVA 62.24 -1.66 Gazit-Globe GZT 7.70 -0.07 Kohl's KSS 42.61 0.55 NobleEnergy NBL 28.36 -0.90 RioTinto ADR RIO 26.43 0.22 TevaPharmADR TEVA 56.93 -1.93
h-Does not meet continued market. Deere DE 77.07 -1.35 GenDynam GD 132.26 -1.94 KoninklijkePhilADR PHG 24.61 -0.87 NokiaADR NOK 5.84 -0.12 RiteAid RAD 7.75 -0.16 Textron TXT 32.48 0.18
DelhaizeGroupADR DEG 24.34 -0.13 GenElec GE 28.17 -0.37 KoreaElcPwrADR KEP 21.69 -0.41 t NomuraHoldingsADR NMR 4.54 -0.25 t RobHalfIntl RHI 38.98 -0.70 ThermoFisherSci TMO 121.94 -1.24
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and t DelphiAutomotive DLPH 57.01 -2.42 GeneralGrowthProp GGP 25.80 -1.23 Kroger KR 36.82 -0.81 Nordstrom JWN 50.85 2.67 Rockwell ROK 97.40 -1.43 ThomsonReuters TRI 35.84 -0.71
changes in the closing prices from 4 p.m. the previous day. DeltaAir DAL 40.77 -1.24 GeneralMills GIS 55.72 0.35 t KyoceraADR KYO 39.03 -0.24 NorfolkSouthern NSC 70.49 0.35 RockwellCollins COL 81.17 -0.10 3M MMM 153.90 0.43
Monday, February 8, 2016 Net Net t DeutscheBank DB 15.54 -1.35 GeneralMotors GM 28.68 0.14 LBrands LB 81.11 -3.95 NorthropGrumman NOC 185.62 -0.87 RogerComm B RCI 33.70 -0.82 Tiffany TIF 62.92 -0.94
Stock Sym Close Chg Stock Sym Close Chg DevonEnergy DVN 23.68 -1.17 Genpact G 25.01 -0.29 LGDisplayADR LPL 8.77 -0.10 t Novartis ADR NVS 73.18 -1.15 RollinsInc ROL 25.50 -0.60 TimeWarnerCable TWC177.73 -3.75
Net GenuineParts GPC 85.27 0.46 RoperTechnologies ROP 161.87 -1.25
Stock Sym Close Chg DiageoADR DEO 103.30 -1.14 L-3Communications LLL 117.20 -0.38 NovoNordiskADR NVO 47.02 -1.88 TimeWarner TWX 67.30 -1.86
ArcherDan ADM 33.30 -0.77 CIT Grp CIT 26.66 -1.65 DicksSprtgGds DKS 37.97 -0.40 t Gildan GIL 22.87 -1.14 t LabCpAm LH 100.94 -5.23 Nucor NUE 39.39 -0.53 RoyalBkCanada RY 49.75 -1.42 t Toll Bros TOL 25.13 -1.11
ArrowElec ARW 54.42 -0.33 s CMSEnergy CMS 39.84 -0.04 DigitalRealtyTrust DLR 78.49 -3.27 GlaxoSmithKlineADR GSK 39.47 -1.29 LasVegasSands LVS 40.53 -1.45 t RoyalBkScotlandADR RBS 6.66 -0.34 t Torchmark TMK 51.24 -1.58
NYSE t Ashland ASH 91.86 -1.13 t CNAFinancial CNA 30.52 -1.95 DiscoverFinSvcs DFS 45.11 -1.14 GlblPymts GPN 52.54 -3.22 Lazard LAZ 33.24 0.33
NuSTAREnergy NS 29.46 -2.63
OGEEnergy OGE 26.55 -0.38 t RoyalCaribbean RCL 66.29 -3.29 TorontoDominionBk TD 36.97 -0.70
ABBADR ABB 17.15 -0.45 Assurant AIZ 76.23 -2.25 CNOOCADR CEO 96.30 -2.31 t Disney DIS 92.12 -1.78 Goldcp GG 14.72 0.99 LearCorp LEA 94.98 -3.61 ONEOK OKE 23.16 -2.38 RoyalDutchADRA RDS/A 44.50 -0.18 TotalADR TOT 42.83 -0.64
ADTCorp. ADT 27.00 -0.97 t AstraZenecaADR AZN 28.69 -1.34 CPFLEnergiaADR CPL 8.32 -0.17 DollarGeneral DG 69.71 -1.95 t GoldmanSachs GS 149.25 -7.22 Leggett&Platt LEG 40.48 -0.29 ONEOKPartners OKS 27.51 -1.82 RoyalDutchADRB RDS/B 44.52 -0.20 TotalSystemSvcs TSS 38.35 -0.50
AES AES 9.44 -0.31 AtmosEnergy ATO 69.85 0.32 t CRHADR CRH 23.72 -1.80 DominionResources D 69.49 -1.57 GraceWR GRA 64.95 -2.11 t LennarClA LEN 38.44 -1.09 OccidentalPetrol OXY 66.19 0.72 SAPADR SAP 74.31 -1.09 ToyotaMotorADR TM 109.13 -1.26
Aflac AFL 58.00 -0.21 t Autoliv ALV 96.71 -3.18 CVSHealth CVS 89.65 -3.45 Dominos DPZ 108.16 -2.21 Grainger GWW 210.32 2.01 t LennarClB LEN/B 31.38 -0.90 t Och-ZiffCapMgmt OZM 4.63 -0.29 SINOPECShanghaiADR SHI 39.31 -0.65 TransCanada TRP 34.92 -0.58
AGLResources GAS 64.54 0.03 AutoNation AN 44.71 -1.04 Cablevision CVC 31.76 0.08 t DouglasEmmett DEI 27.19 -1.05 GreatPlainsEnergy GXP 28.80 ... LennoxIntl LII 114.47 0.14 SKTelecomADR SKM 19.02 -0.35 TransdigmGrp TDG214.63 -6.84
OldRepublic ORI 17.45 -0.15
s AT&T T 37.11 0.23 AutoZone AZO695.46-31.89 CabotO&G COG 20.92 0.26 Dover DOV 59.67 -0.27 GpoAeroportuarADR PAC 79.39 -1.45 LeucadiaNational LUK 15.45 -0.58 t SLGreenRealty SLG 83.88 -3.87 t TransUnion TRU 22.00 -1.35
t OmegaHealthcare OHI 30.04 -1.61
AbbottLabs ABT 37.46 0.05 Avalonbay AVB 163.55 -2.72 Calpine CPN 14.14 -1.17 DowChemical DOW 46.23 -0.46 GpoAvalAccionesADR AVAL 6.25 -0.18 Level3Comm LVLT 42.74 -4.44 t Salesforce.com CRM 54.05 -4.46 TravelersCos TRV 105.60 -0.69
OmnicomGroup OMC 69.72 -1.49
AbbVie ABBV 52.89 -0.23 Avangrid AGR 41.47 -0.54 CamdenPropertyTr CPT 72.63 -1.30 DrPepperSnap DPS 88.99 -0.36 GpFinSantandMexADR BSMX 7.26 -0.30 LibertyPropertyTr LPT 28.11 -0.53 SallyBeauty SBH 30.52 0.24 TurkcellIletismADR TKC 9.13 -0.14
OpkoHealth OPK 7.70 -0.56 SanofiADR SNY 39.21
AccentureClA ACN 95.07 -3.90 AveryDennison AVY 61.33 -1.87 Cameco CCJ 11.48 -0.86 DrReddysLabADR RDY 44.58 -0.27 t GrupoTelevisaADR TV 24.10 -0.58 EliLilly LLY 74.19 -0.13 -0.61 TurquoiseHillRscs TRQ 2.02 -0.07
Oracle ORCL 35.61 -0.09 SasolADR SSL 25.46 -0.18
AcuityBrands AYI 177.22 -7.13 t Aviva ADR AV 12.05 -0.50 CameronIntl CAM 63.64 0.73 DuPont DD 58.15 -0.74 HCAHoldings HCA 66.77 -2.42 t LincolnNational LNC 33.40 -2.38 t Twitter TWTR 14.90 -0.82
OrangeADR ORAN 16.65 -0.29 SCG 64.48 -0.08
t AdvanceAuto AAP 141.45 -2.49 Avnet AVT 39.37 -0.75 CampbellSoup CPB 56.23 0.39 DukeEnergy DUK 79.17 0.13 HCP HCP 33.99 -1.61 LinkedInA LNKD109.97 1.59 SCANA TycoInternational TYC 34.73 -0.25
OrbitalATK OA 84.75 -0.41 Schlumberger SLB 69.78 0.97
AdvSemiEnggADR ASX 5.15 -0.08 t AxaltaCoatingSys AXTA 21.05 -1.89 CIBC CM 63.51 -0.89 DukeRealty DRE 19.33 -0.35 HDFCBankADR HDB 56.82 -1.36 t LloydsBankingADR LYG 3.47 -0.15 TylerTechnologies TYL 132.48 -5.82
t HP
OrixADR IX 67.27 -0.88 SchwabC SCHW 23.61 -0.75
AegonADR AEG 5.23 -0.15 AxisCapital AXS 52.17 -0.33 CanNtlRlwy CNI 53.94 0.59 EMC EMC 24.20 -0.35 HPQ 9.37 -0.54 LockheedMartin LMT 214.53 2.59 s TysonFoodsClA TSN 60.16 3.06
t HSBCHoldingsADR HSBC 31.87 OwensCorning OC 41.14 -2.47 ScrippsNetA SNI 59.52 -2.01
t AerCapHoldings AER 25.54 -2.30 BB&T BBT 31.33 -0.73 CndNatRes CNQ 20.98 -0.75 ENIADR E 27.18 -0.69 -1.46 t Loews L 36.32 0.03 t UBSGroup UBS 14.76 -0.49
PG&E PCG 56.30 0.06 SealedAir SEE 39.45 -1.21
t Aetna AET 94.31 -4.91 BCE BCE 41.85 ... CanPacRlwy CP 121.85 0.94 EOG Res EOG 68.43 1.37 Halliburton HAL 30.83 -0.52 t Lowe's LOW 63.55 -2.29 UDR UDR 33.90 -1.12
t PNC FnlSvcs PNC 81.77 -1.80 SempraEnergy SRE 95.10 0.04
t AffiliatedManagers AMG 120.36 -4.39 BHPBillitonADR BHP 22.71 0.13 CanonADR CAJ 28.14 ... EQT EQT 59.77 -0.01 t Hanesbrands HBI 23.82 -1.14 t LuxotticaGroupADR LUX 55.00 -1.72 UGI UGI 35.84 -0.08
POSCOADR PKX 36.87 -0.60 t ServiceCp SCI 22.29 -0.32
AgilentTechs A 34.80 -1.24 BHPBillitonADR BBL 20.49 ... CapOneFnl COF 60.89 -2.47 EQTMidstreamPtrs EQM 68.77 -1.74 HarleyDavidson HOG 39.30 -1.67 LyondellBasell LYB 75.72 -4.03 UltraparPartADR UGP 14.52 -0.26
t HarmanIntlInds HAR 67.46 PPG Ind PPG 89.65 -3.22 ServiceMasterGlb SERV 35.13 -2.43
s AgnicoEagleMines AEM 33.91 0.40 BPADR BP 29.92 -0.54 t CardinalHealth CAH 76.16 -0.45 EastmanChemical EMN 58.77 -1.62 -3.23 M&T Bnk MTB 105.90 -1.90 UnderArmour A UA 72.56 -4.77
HRS 73.02 PPL PPL 35.99 -0.17 t ServiceNow NOW 47.14 -5.17
Agrium AGU 84.01 -2.15 BRFADR BRFS 12.94 -0.08 Carlisle CSL 86.53 -0.09 EatonCorp.PLC ETN 55.11 0.45 Harris -2.66 t MGMResortsIntl MGM 16.87 -1.01 UnileverADR UN 42.47 -0.26
HrtfrdFnl HIG 39.59 PVH Corp. PVH 71.88 -3.04 ShawCom B SJR 16.95 -0.36
AirProducts&Chems APD 130.75 -4.85 BTGroupADR BT 33.19 -1.54 CarMax KMX 42.65 -1.50 Ecolab ECL 103.62 -2.55 -0.95 MPLX MPLX 18.45 -1.72 UnileverADR UL 43.03 -0.32
HealthNet HNT 60.87 PackCpAm PKG 49.73 -0.91 SherwinWilliams SHW 246.63 -9.49
s Airgas ARG 140.50 0.14 BakerHughes BHI 42.82 -2.03 t Carnival CCL 41.92 -1.12 EcopetrolADR EC 6.28 -0.03 -1.96 MSCI MSCI 63.16 -2.13 UnionPacific UNP 76.03 1.00
t PaloAltoNetworks PANW 115.69-11.82 ShinhanFinADR SHG 32.19 -0.30
AlaskaAirGroup ALK 63.06 -1.50 Ball BLL 63.89 -1.33 t Carnival ADR CUK 43.88 -1.47 EdgewellPersonal EPC 73.92 -0.73 Helmerich&Payne HP 49.64 -0.64 Macerich MAC 75.15 -0.95 UnitedContlHldgs UAL 45.68 -1.18
Hershey HSY 90.01 2.31 ParkerHannifin PH 101.09 0.21 t SignetJewelers SIG 100.44 -4.74
Albemarle ALB 48.79 -2.75 BancoBilbaoVizADR BBVA 6.29 -0.29 Carters CRI 88.61 -2.78 EdisonInt EIX 62.90 -0.39 t MacquarieInfr MIC 57.10 -5.77 PartnerRe PRE 140.35 -0.08 UnitedMicroADR UMC 1.96 -0.04
BancodeChileADR BCH 61.60 0.19 EdwardsLife EW 76.97 -5.05 Hess HES 38.99 0.97 SilverWheaton SLW 14.69 0.57 UtdParcel B UPS 97.30 1.93
AlcatelLucentADR ALU 3.42 0.06 Caterpillar CAT 64.58 -1.54 Macys M 39.65 -0.61 PearsonADR PSO 11.06 -0.12
BcoSantChileADR BSAC 16.91 -0.16 Embraer ADR ERJ 28.56 0.13 HewlettPackardEnt HPE 12.51 -0.69 SimonPropertyGroup SPG 182.48 -1.50 UnitedRentals URI 46.61 -1.59
Alcoa AA 7.90 -0.22 Celanese A CE 56.41 -2.60 MagelnPtnrs MMP 61.75 0.31 PembinaPipeline PBA 22.05 -0.41
EmersonElectric EMR 47.06 0.15 HiltonWorldwide HLT 17.48 -0.12 SixFlagsEnt SIX 47.59 -0.59 US Bcp USB 39.53 -0.56
Alere ALR 53.20 ... BancoSantanderADR SAN 3.90 -0.22 CemexADR CX 4.58 -0.44 t MagnaInt MGA 31.45 -1.24 Pentair PNR 45.63 -0.62
EmpresaNacADR EOC 38.40 -0.75 t HollyFrontier HFC 30.82 -0.19 SkechersUSAClA SKX 26.85 -0.81 US Steel X 7.77 -0.17
t AlexREEq ARE 74.61 -1.94 BanColombiaADR CIB 29.19 -0.50 CencosudADR CNCO 6.48 0.15 Mallinckrodt MNK 65.14 -4.34 PepcoHoldings POM 26.43 -0.16
t BankAm HomeDepot HD 111.85 -4.58 SmithAO AOS 62.97 -2.59 UnitedTech UTX 86.78 -1.06
AlibabaGroupADR BABA 61.10 -1.54 BAC 12.27 -0.68 CenovusEnergy CVE 11.21 -0.57 EnbridgePtnr EEP 16.27 -1.13 ManpowerGroup MAN 72.21 -1.15 PepsiCo PEP 97.52 0.20 t Smith&NephewADR SNN 30.88
Enbridge ENB 33.33 t HondaMotorADR HMC 25.85 -0.16 -1.08 UnitedHealthGroup UNH 110.02 -1.70
Alleghany Y 456.47 -3.07 BkMntrl BMO 52.81 -0.62 Centene CNC 53.72 -3.28 -0.56 ManulifeFinancial MFC 13.08 -0.42 PerkinElmer PKI 41.45 -1.81
Honeywell HON 101.53 -0.60 Smucker SJM 125.69 0.22 UniversalHealthB UHS 104.47 -4.57
t Allegion ALLE 53.77 -2.50 t BankNY Mellon BK 33.30 -1.16 CenterPointEnergy CNP 18.43 -0.42 Encana ECA 4.21 -0.24 MarathonOil MRO 7.82 -0.64 t Perrigo PRGO 137.82 -6.06
HormelFoods HRL 81.40 2.46 t SnapOn SNA135.41 -4.49 t UnumGroup UNM 26.24 -1.44
Allergan AGN 266.30 -7.50 BkNovaScotia BNS 39.98 -0.88 CenturyLink CTL 25.63 -0.98 t EngyTrnsfrEqty ETE 4.05 -2.93 t MarathonPetroleum MPC 30.73 -1.57 PetroChinaADR PTR 57.20 -2.05
t DR Horton DHI 23.48 -0.96 SOQUIMICH ADR SQM 15.68 -0.32 VEREIT VER 7.37 -0.38
t AllianceData ADS183.74 -3.48 t BarclaysADR BCS 9.52 -0.54 Chevron CVX 85.99 3.11 t EnergyTransfer ETP 19.81 -5.89 MarineHarvestADR MHG 13.10 -0.43 PetroleoBrasilADR PBR 3.12 -0.12
HostHotels&Resorts HST 13.76 -0.39 SonyADR SNE 21.20 -0.53 VF VFC 57.00 -2.03
t AllncBrnstnHldg AB 16.80 -1.25 Bard CR BCR 179.65 -3.26 t ChinaEasternAirADR CEA 21.30 -0.44 Enerplus ERF 3.04 -0.15 Markel MKL 820.52-12.20 PetroleoBrasilADRA PBR/A 2.18 -0.12 Southern SO 48.82 0.60
HuanengPowerADR HNP 30.41 -1.19 VISAClA V 67.77 -3.77
s AlliantEnergy LNT 67.95 0.18 BarrickGold ABX 11.91 0.27 t ChinaLifeInsADR LFC 10.69 -0.42 EnersisAmericasADR ENI 12.05 -0.13 Marsh&McLennan MMC 55.00 0.35 t Pfizer PFE 28.56 -0.47 SoCopper SCCO 26.08 -0.42
t EnLinkMidstream ENLK 9.01
Hubbell HUBB 89.87 -0.32 VailResorts MTN 117.00 0.20
Allstate ALL 63.33 -0.04 Baxalta BXLT 36.46 -1.52 ChinaMobileADR CHL 53.11 -0.65 -1.72 MrtnMarMat MLM 117.85 -5.20 PhilipMorrisIntl PM 89.72 0.17 SowestAir LUV 34.72 -0.97
Humana HUM 156.96 -7.82 ValeADR VALE 2.52 -0.09
AllyFinancial ALLY 16.45 -0.56 BaxterIntl BAX 36.00 -1.49 ChinaPetroleumADR SNP 53.54 -1.66 Entergy ETR 71.45 -0.77 HuntingtonIngalls HII 125.17 Masco MAS 23.46 -0.84 PhilippineLgDisADR PHI 45.77 -0.98 SpectraEnergy SE 29.74 0.22
-0.21 ValeantPharmIntl VRX 89.63 -6.96
AltriaGroup MO 60.12 0.32 BectonDickinson BDX 132.88 -2.37 ChinaSoAirlinesADR ZNH 25.61 -0.63 EntPdtsPtnr EPD 21.33 -1.60 MasterCard MA 80.65 -2.11 Phillips66 PSX 76.28 -2.05 SpectraEnergyPtrs SEP 45.94 0.64
HyattHotels H 39.33 -0.30 ValeroEnergy VLO 54.82 -2.30
AlumofChinaADR ACH 7.89 -0.12 Bemis BMS 47.07 -0.99 ChinaTelecomADR CHA 45.24 -0.97 Equifax EFX 93.90 -5.98 t ICICIBankADR IBN 5.90 -0.20 McCormick MKC 87.87 1.98 PiedmontNaturalGas PNY 59.18 0.09 SpectrumBrndsHldgs SPB 96.50 -3.43
AmbevADR ABEV 4.56 -0.04 Berkley WRB 51.18 0.07 ChinaUnicomADR CHU 10.58 -0.27 EquityLife ELS 64.36 -1.84 McCormickVtg MKC/V 86.50 0.76 PinnacleFoods PF 40.08 -1.47 Valspar VAL 80.02 0.12
t IHSClA IHS 95.97 -3.79 SpiritAeroSystemsA SPR 43.85 0.85
Ameren AEE 46.17 -0.32 BerkHathwy A BRK/A 191255435.04 ChipotleMex CMG 445.00-15.14 EqResdntl EQR 72.23 -1.36 McDonalds MCD 116.05 0.65 PinnacleWestCap PNW 68.49 -0.03 Vantiv VNTV 45.67 -1.13
IMSHealthHoldings IMS 23.24 -0.74 SpiritRealtyCap SRC 10.29 -0.28
AmericaMovilADR AMX 13.76 -0.35 BerkHathwy B BRK/B 126.78 0.22 Chubb CB 108.89 -3.36 t EssexProp ESS 198.17 -4.33 McGrawHillFin MHFI 83.37 -2.39 PioneerNaturalRscs PXD 115.19 -3.61 VarianMed VAR 74.02 -0.67
INGGroepADR ING 11.11 -0.59 Sprint S 2.55 -0.30 Ventas VTR 53.71 -2.61
AmCampus ACC 42.97 -0.05 BestBuy BBY 28.62 0.42 ChunghwaTelecomADR CHT 31.44 -0.12 EsteeLaudr A EL 89.63 -1.36 t Invesco IVZ 25.78 -1.30 McKesson MCK 151.46 -2.90 PlainsAllAmPipe PAA 17.77 -2.69 t StJudeMedical STJ 50.30 -0.91
AEP AEP 62.49 0.21 BlackKnightFinSvcs BKFS 27.69 -0.95 Church&Dwight CHD 87.25 0.35 EvrstReGrp RE 187.35 7.34 MeadJohnNutr MJN 68.22 -3.72 Verizon VZ 50.74 -0.23
ITCHoldings ITC 39.38 0.04 PlainsGPHldgsClA PAGP 6.37 -1.14 StanCorpFinancial SFG 114.75 -0.07
AmericanExpress AXP 52.40 -1.58 BlackRock BLK 293.46-14.29 EversourceEnergy ES 54.09 -0.57 MD 64.65 -0.17 t VipshopHldgsADR VIPS 11.02 -0.28
Cigna CI 124.96 -8.09 IDEX IEX 72.04 -0.72 Mednax t PlumCrk PCL 37.55 -0.73 StanleyBlDck SWK 90.42 -2.83
AmericanFinancial AFG 66.10 -0.53 BlackstoneGroup BX 24.44 -2.03 CimarexEngy XEC 85.41 0.54 Exelon EXC 32.36 -0.54 Medtronic MDT 72.63 -1.83 t VMware VMW 44.66 0.12
IllinoisToolWorks ITW 90.26 -0.15 PolarisIndustries PII 79.21 -3.47 StarwoodHotels HOT 60.08 -0.93
AmericanIntl AIG 52.30 HRB 34.50 -0.48 ExtraSpaceStorage EXR 78.42 -3.29 MRK 48.83 -0.55 t VornadoRealtyTrust VNO 80.72 -3.54
-1.07 BlockHR t Citigroup C 37.81 -2.05 InfosysADR INFY 16.55 -0.80 Merck PotashCp POT 15.94 -0.80 StarwoodPrTr STWD 17.79 -0.56
t AmericanTowerREIT AMT 85.41 -3.43 BdwlkPipePtnr BWP 10.97 0.36 t CitizensFinancial CFG 19.20 -0.65 ExxonMobil XOM 81.16 1.08 t MetLife MET 37.15 -1.66 t VoyaFinancial VOYA 27.25 -1.68
Ingersoll-Rand IR 49.46 -1.88 Praxair PX 101.93 -3.17 StateSt STT 53.57 -0.85
AmericanWaterWorks AWK 64.29 0.57 Boeing BA 119.47 -3.09 CLX 127.04 2.66 FMC FMC 34.95 -2.00 MettlerToledo MTD 298.14-13.54 PrincipalFinancial PFG 35.78 -1.03 VulcanMaterials VMC 89.22 -4.42
Clorox s Ingredion INGR 102.11 1.76 StatoilADR STO 13.96 -0.04
Amerigas APU 38.01 -0.48 BorgWarner BWA 29.03 -0.42 COH 34.43 -0.62 FMCTechnologies FTI 23.62 -0.19 MichaelKorsHldgs KORS 50.20 -1.64 Procter&Gamble PG 82.62 1.42 WABCO Hldg WBC 88.88 -0.84
Coach ICE ICE 238.98 2.79 Steris STE 65.46 -1.30
t AmerprsFncl AMP 80.77 -2.02 BostonProperties BXP 111.14 -3.95 t FactSetResearchSys FDS 139.99 MidAmApt MAA 84.64 -0.92 s WECEnergyGroup WEC 57.46 0.41
CocaCola KO 42.65 0.21 -2.50 InterContinentlADR IHG 32.28 -0.92 ProgressiveCorp PGR 30.73 0.03 t STMicroelectronics STM 5.42 -0.30
AmeriSrcBrg ABC 83.62 -1.08 BosSci BSX 16.07 -0.55 Coca-ColaFemsaADR KOF 67.92 -0.39 FedRlty FRT 147.24 -3.47 MindrayMedADR MR 27.25 0.01 ProgressWasteSol BIN 27.19 -0.41 W.P.Carey WPC 56.66 -1.06
IBM IBM 126.98 -0.29 Stryker SYK 96.06 -0.85
Ametek AME 44.75 -0.58 BristolMyers BMY 60.72 1.09 CocaColaEnt CCE 46.66 -0.06 FedEx FDX 130.33 -1.58 t MitsubishiUFJADR MTU 4.42 -0.05 PLD 37.65 -1.59 t SumitomoMitsADR SMFG 5.56 Wabtec WAB 61.95 -0.12
IntFlavor IFF 116.61 -2.77 Prologis -0.15
AmphenolClA APH 48.98 -0.57 t BrixmorPropertyGrp BRX 21.10 -5.32 ColgatePalmolive CL 66.07 -0.12 Ferrari RACE 35.95 -1.75 t MizuhoFinancialADR MFG 2.99 -0.04 t PrudentialFin PRU 63.33 -2.02 WalMart WMT 66.90 -0.10
InternationalPaper IP 34.36 -0.61 SunLifeFinancial SLF 27.62 -0.63
AnadarkoPetroleum APC 40.05 -0.72 BdridgeFnlSol BR 51.95 0.46 ColumbiaPipeline CPGX 16.61 -0.67 t FiatChryslerAutos FCAU 6.08 -0.50 MobileTeleSysADR MBT 6.95 -0.01 t PrudentialADR PUK 33.48 -2.00 WasteConnections WCN 57.09 -1.11
Interpublic IPG 20.30 -0.78 SuncorEnergy SU 22.53 -0.42
AnheuserBuschADR BUD 115.19 -3.11 BrookfieldMgt BAM 27.63 -1.19 Comerica CMA 32.29 -2.28 t FibriaCelulose ADR FBR 9.69 -0.41 t MohawkIndustries MHK 151.78 -8.14 WasteMgt WM 52.70 0.13
Intrexon XON 35.02 -0.95 PublicServiceEnt PEG 41.99 -0.92 SunocoLogistics SXL 17.81 -3.88
BrookfieldInfr BIP 35.56 -0.25 t FidNtlFnl MolsonCoors A TAP/A 87.00 -4.28 t Waters WAT 113.62 -1.85
AnnalyCap NLY 9.83 0.10 CSC CSC 30.70 -0.79 FNF 29.58 -1.01 IronMountain IRM 26.67 -0.33 PublicStorage PSA 228.98 -8.15 t SunTrustBanks STI 32.60 -1.72
AnteroResources AR 27.70 0.53 Brown&Brown BRO 31.74 0.24 ConAgraFoods CAG 39.13 -0.26 t FNFVGroup FNFV 8.91 ... MolsonCoors B TAP 83.90 -3.05 WeatherfordIntl WFT 6.74 -0.20
IsraelChemicals ICL 4.20 -0.01 PulteGroup PHM 15.79 -0.44 t SynchronyFinancial SYF 24.48 -0.75
t Anthem ANTM 117.22 -6.16 BrownFormanClA BF/A 103.43 -1.71 ConchoResources CXO 87.15 -0.12 t FidelityNtlInfo FIS 56.04 -2.50 Monsanto MON 91.25 -3.33 WeingartenRealty WRI 34.45 -1.06
ItauUnibancoADR ITUB 6.13 -0.19 Qihoo360Technology QIHU 68.63 -1.58 SyngentaADR SYT 80.40 0.36 t WellsFargo WFC 46.50 -1.36
Aon AON 92.98 0.11 BrownFormanClB BF/B 94.32 -2.09 ConocoPhillips COP 34.43 1.53 58.comADR WUBA 48.53 -2.54 JPMorganChase JPM 56.54 -1.21 t Moodys MCO 79.38 -4.32 t QuestDiag DGX 60.54 -1.51 Sysco SYY 43.12 0.05
APA 37.58 -1.47 BuckeyePartners BPL 54.56 -2.58 s ConEd t FirstDataClA FDC 11.08 -1.82 t JacobsEngineering JEC 35.71 t MorganStanley MS 22.67 -1.68 Welltower HCN 60.58 -2.54
Apache ED 73.08 1.04 -1.34 Questar STR 25.00 0.07 t TEConnectivity TEL 52.40 -1.48
ApartmtInv AIV 35.60 -1.41 t Bunge BG 58.39 -1.04 t QuintilesTransnat Q
WestarEnergy WR 44.78 -0.48
ConstBrands A STZ 134.95 -3.00 FirstRepublicBank FRC 59.91 -3.39 JamesHardieADR JHX 11.33 -0.07 Mosaic MOS 23.58 -1.28 55.91 -1.59 TEGNA TGNA 21.91 -1.11
ApolloGlobalMgmtA APO 12.94 -0.66 t CBRE Group CBG 23.36 -1.51 FirstEnergy FE 33.20 WesternGasEquity WGP 22.89 -3.44
ConstBrands B STZ/B 134.76 -6.51 -0.50 Jarden JAH 48.99 -1.79 MotorolaSolutions MSI 62.09 -0.73 RELXADR RENX 15.51 -0.51 TELUS TU 28.81 -0.27 t WesternGasPartners WES 27.43 -4.43
Aptargroup ATR 73.03 1.91 CBSClA CBS/A 48.25 -2.75 ContinentalRscs CLR 18.59 -0.80 FleetCorTechs FLT 117.37 -6.39 JohnsJohns JNJ 102.00 1.46 s NTTDoCoMoADR DCM 23.80 0.31 RELXADR RELX 16.51 -0.60 TERNIUMADR TX 12.20 -0.19
AquaAmerica WTR 31.85 0.29 CBS 44.36 -1.89 COO 125.42 -1.69 FlwrsFoods FLO 20.06 -0.08 JohnsonControls JCI 35.40 -0.38 NVR 1554.06-31.06 t RPM RPM 37.83 -0.93 TJX 68.02 WesternUnion WU 17.41 -0.15
CBSClB Cooper NVR TJX 0.06
Aramark ARMK 29.82 -1.54 CFIndustries CF 28.01 -1.96 CoreLabs CLB 103.93 3.06 Flowserve FLS 40.39 -0.33 t JonesLangLaSalle JLL 104.16 -7.12 NationalGridADR NGG 69.51 -0.63 t RalphLaurenA RL 85.23 -2.02 TaiwanSemiconADR TSM 22.80 0.05 WestlakeChemical WLK 43.55 -2.52
ArcelorMittalADR MT 3.52 -0.21 CGI Gp A GIB 40.39 -1.15 Corning GLW 17.96 -0.38 Fluor FLR 42.78 -2.06 JoyGlobal JOY 11.06 -0.65 NtlOilwellVarco NOV 28.40 -0.07 RangeResources RRC 30.66 0.10 Target TGT 70.00 0.44 Continued on Page C5
THE WALL STREET JOURNAL. NY Tuesday, February 9, 2016 | C5
MUTUAL FUNDS NEW HIGHS AND LOWS

Explanatory Notes Data provided by Fund
Net YTD
NAV Chg % Ret Fund
Net YTD The following explanations apply to the New York Stock Exchange, NYSE
NAV Chg % Ret Arca, NYSE MKT and Nasdaq Stock Market stocks that hit a new 52- Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
Top 250 mutual-funds listings for Nasdaq-published share classes with
net assets of at least $500 million each. NAV is net asset value. ShtDurIncmA p 4.28 -0.01 -0.3 ITIGradeAdml 9.76 +0.03 1.6 week intraday high or low in the latest session. Citigroup C 37.18 -5.1 INGGroepDeb IND 24.50 -1.3 Novartis ADR NVS 72.44 -1.5
% CHG-Daily percentage change from the previous trading session.
Percentage performance figures are total returns, assuming reinvestment Lord Abbett F LTGradeAdml 10.13 +0.11 2.8 CitigpFndPfdAA CpP 27.11 -1.6 ING Grp 6.2Secs ISP 22.27 -2.9 NuvCorEqAlpha JCE 12.09 -2.1
ShtDurIncm 4.28 ... -0.3 MidCpAdml 130.32 -3.33-12.4 Monday, February 8, 2016
of all distributions and after subtracting annual expenses. Figures don’t CitigrpPfdJFixFltg CpJ 26.40 -2.4 ING Grp 7.2Secs INZ 21.00 -0.6 OceaneeringIntl OII 28.99 -1.6
reflect sales charges (“loads”) or redemption fees. NET CHG is change in MorgAdml 67.10 -1.34-13.1 52-Wk % 52-Wk % CitigrpCapXIIIPf CpN 25.13 -0.9 ING Grp 6.125Secs ISG 23.80 -3.0 Och-ZiffCapMgmt OZM 4.42 -5.9
NAV from previous trading day. YTD%RET is year-to-date return. 3-YR
%RET is trailing three-year return annualized.
M MuHYAdml 11.45 +0.02 1.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg CitizensFinancial CFG 18.95 -3.3 Invesco IVZ 25.43 -4.8 Olin OLN 12.57 -2.9
Metropolitan West MuIntAdml 14.46 +0.02 1.7 AmEagleOutfitters AEO 12.78 2.7 ClearChannelOutdr CCO 3.65 2.3 Imax IMAX 25.95 -3.4 OmegaHealthcare OHI 29.76 -5.1
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply.
j-Footnotes e and s apply. k-Recalculated by Lipper, using updated data.
TotRetBd 10.77 +0.03 1.6 MuLTAdml
MuLtdAdml
11.90 +0.01 1.7
11.11 +0.01 1.0
NYSE highs - 53 AmEqtyLf AEL 14.58 -5.0 ClearwaterPaper CLW 35.68 2.1 Imperva IMPV 35.19 -9.4 OnDeckCapital ONDK 6.51 -8.4
TotRetBdI 10.77 +0.03 1.6 AmerHomes4RentClA AMH 13.91 -3.6 ClubCorpHoldings MYCC 9.75 -3.8 Instructure INST 13.21 -9.9 OneMainHoldings OMF 20.67 -7.9
p-Distribution costs apply, 12b-1. r-Redemption charge may apply. s-Stock
MuShtAdml 15.85 ... 0.4 AT&T T 37.12 0.6
split or dividend. t-Footnotes p and r apply. v-Footnotes x and e apply. TRBdPlan 10.14 +0.02 1.6 AmerTowerDepPfdCvB AMTpB 91.28 -4.1 CntrwdCapV CFCpB 25.09 -0.7 IntlGameTech IGT 12.83 -4.1 Opower OPWR 7.65 -6.0
PrmcpAdml r 90.53 -1.66-12.3 AgnicoEagleMines AEM 35.52 1.2
x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to MFS Funds Class A AmericanTowerREIT AMT 84.55 -3.9 CrawfordA CRD/A 3.82 -0.8 IntraLinksHldgs IL 6.79 -4.0 OutfrontMedia OUT 19.49 -5.5
Airgas ARG 140.50 0.1
incomplete price, performance or cost data. NE-Not released by Lipper; data ValueA p 30.55 -0.35 -6.8 REITAdml r 103.93 -3.07 -8.0 AmerprsFncl AMP 79.32 -2.4 Crawfrd B CRD/B 4.02 1.2 InvenSense INVN 6.76 -2.9 PHH PHH 11.06 -0.8
under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. AlliantEnergy LNT 68.44 0.3
MFS Funds Class I SmCapAdml 46.25 -0.98-12.8 AnixterIntl AXE 38.18 -3.1 CreditSuisseADR CS 14.28 -3.6 InvRlEst IRET 6.11 -0.6 PNC FnlSvcs PNC 80.72 -2.2
BlkrckMunHlCAQlty MUC 15.38 -0.4
Monday, February 8, 2016 ValueI 30.71 -0.36 -6.8 STBondAdml 10.54 +0.01 1.2 Anthem ANTM 115.63 -5.0 CryoLife CRY 9.03 1.0 iStar STAR 8.38 -6.5 PNC FnlSvcs Wt PNC/WS 18.01 -5.8
BlRkMuniHldgQlty MUS 13.97 -0.6
MFS Funds Instl STIGradeAdml 10.61 +0.01 0.7 AnthemInc.CorpUn ANTX 41.03 -3.5 Cubic CUB 30.75 -9.3 iStarPfdG STARpG 18.15 -5.1 PROSHoldings PRO 9.05 -11.5
Net YTD Net YTD BlkRkMuniyldCAFd MYC 16.80 0.7
Fund NAV Chg % Ret Fund NAV Chg % Ret IntlEq 18.51 -0.39-10.0 TotBdAdml 10.84 +0.05 2.1 ArcosDoradosHldgsA ARCO 2.44 -6.7 Cvent CVT 20.35 -7.2 JacobsEngineering JEC 34.97 -3.6 PaloAltoNetworks PANW 111.09 -9.3
BlkrckMuniYldCAQlt MCA 16.13 -0.6
Mutual Series TotIntBdIdxAdm 21.48 +0.04 1.9 ArdmoreShipping ASC 7.76 -6.0 DaVitaHlthcrPtrs DVA 61.89 -2.6 JonesEnergyClA JONE 1.67 -8.9 PandoraMedia P 7.75 -8.1
BlkRkMuniyldNJ Fd MYJ 16.31 0.4
A BluCh
Contra
57.83
86.25
-1.58-16.2
-1.89-12.2 GlbDiscA 25.82 -0.66-10.5 TotIntlAdmIdx r 21.95 -0.37 -9.4 BlRkMuyldLQlty MFT 14.47 0.4 AresCommrclRealEst ACRE 9.40 -3.6 DelekUS Hldgs DK 13.01 -3.0 JonesLangLaSalle JLL 103.33 -6.4 ParamountGroup PGRE 14.81 -4.6
GlbDiscz 26.27 -0.67-10.5 TotStAdml 45.65 -0.73-10.1 AristaNetworks ANET 52.67 -8.9 DelphiAutomotive DLPH 56.14 -4.1 JumeiIntlADR JMEI 5.05 -5.1 PartyCityHoldco PRTY 7.95 -7.9
American Century Inv ContraK 86.20 -1.89-12.2 BlkRkNYQltyTr BSE 14.05 -0.1
TxMIn r 10.64 -0.19-10.0 ArmstrongWInd AWI 36.36 -5.3 Demandware DWRE 31.36 -13.9 JuniperNetworks JNPR 21.62 -4.1 PaycomSoftware PAYC 22.46 -8.6
BlackRockTaxMuniBd BBN 23.47 0.9
Ultra 30.61
American Funds Cl A
-0.55-12.6 CpInc r
DivIntl
8.53
30.94
-0.13 -6.4
-0.81-11.8
O ValAdml 29.32 -0.34 -7.9 CMSEnergy CMS 40.58 -0.1 ArtisanPtrsAsset APAM 26.88 -6.3 DtscheBkTrII DXB 20.30 -7.7
DeutscheBank DB
KBR KBR 12.03 -5.0
Kemper Corp KMPR 24.87 -2.3
PA Reit
Perrigo
PEI 16.97 -5.8
PRGO 135.87 -4.2
WdsrllAdml 53.77 -0.84 -9.5 ConEd ED 73.15 1.4 Ashland ASH 90.48 -1.2 15.07 -8.0
AmcpA p 23.27 -0.38-10.3 DivIntlK r 30.88 -0.81-11.7 Oakmark Funds Cl I DiscoverFinPfd.B DFSpB 24.86 -1.0 KennedyWilson KW 16.44 -5.6 Pfizer PFE 28.25 -1.6
WellsIAdml 58.98 +0.03 -0.7 DRDGOLDADR DRD 4.03 17.2 AspenInsHldg AHL 40.34 -1.9
AMutlA p 32.12 -0.24 -5.1 GroCo 112.23 -3.07-17.8 EqtyInc 26.62 -0.32 -6.8 Disney DIS 89.51 -1.9 KeysightTechs KEYS 21.20 -3.9 PhoenixNewMediaADR FENG 3.52 -6.0
WelltnAdml 60.48 -0.31 -4.8 DreyfStMnBd DSM 8.48 0.2 AspenInsHldg pfA AHLpA 23.16 -1.3
BalA p 22.68 -0.16 -4.8 GrowCoK 112.11 -3.07-17.8 Oakmark 55.73 -1.11-11.3 DorianLPG LPG 9.20 0.1 KilroyRealty KRC 49.52 -5.4 PlatformSpecialty PAH 5.41 -18.2
WndsrAdml 55.85 -1.40-13.5 DreyfStrMuni LEO 8.89 0.3 AstraZenecaADR AZN 28.29 -4.5
BondA p 12.76 +0.02 1.6 InvGrBd 11.12 +0.02 1.1 OakmrkInt 18.57 -0.42-13.1 VANGUARD FDS DouglasEmmett DEI 26.55 -3.7 KornFerry KFY 27.00 -0.1 PlumCrk PCL 36.63 -1.9
CapIBA p 53.95 -0.50 -3.4 Old Westbury Fds EatonVanceMuniTr EOT 22.01 0.3 AutohomeADR ATHM 22.31 -4.0
LowP r 43.50 -0.76 -8.9 DivdGro 21.04 -0.20 -6.2 DoverMotorsports DVD 2.00 -5.2 KyoceraADR KYO 38.71 -0.6 PressGaneyHoldings PGND 23.68 -11.0
LrgCpStr 11.38 -0.15 -8.7 EntergyMS EMQ 30.96 3.3 Autoliv ALV 95.45 -3.2
CapWGrA 39.48 -0.60 -8.9 LowPriStkK r 43.47 -0.75 -8.9 GNMA 10.77 ... 1.3 DunBradst DNB 86.44 -6.5 LaQuintaHoldings LQ 9.49 -4.9 PrudentialFin PRU 62.52 -3.1
IndependenceHldg IHC 16.72 2.2 Aviva ADR AV 11.92 -4.0
EupacA p 40.36 -0.80-11.0 MagIn 77.90 -1.76-12.9 Oppenheimer Y EaglePointCredit ECC 14.13 -4.8 LaZ Boy LZB 19.57 0.5 PrudentialADR PUK 33.06 -5.6
HlthCare r 190.03 -3.96-13.8 Ingredion INGR 102.13 1.8 AxaltaCoatingSys AXTA 21.04 -8.2
FdInvA p 45.82 -0.69 -9.6 OTC 64.86 -2.59-22.3 DevMktY 27.10 -0.42 -9.6 IntlVal 28.08 -0.54 -9.7 EastGroup EGP 49.95 -0.7 LabCpAm LH 97.79 -4.9 PumaBiotechnology PBYI 35.43 -7.3
InvescoCAValueMun VCV 13.66 ... AxovantSciences AXON 9.15 -15.3
GwthA p 35.86 -0.69-13.2 Puritn 18.68 -0.26 -8.1 IntGrowY 32.60 -0.89 -9.2 INSTTRF2025 17.95 -0.17 -5.9 EclipseResources ECR 0.72 -7.4 LeggMason LM 25.72 -4.2 PureStorageClA PSTG 11.05 4.5
InvescoInvGradeMun VGM 13.83 0.4 BancofCASr.Nts BOCA 25.29 -0.9
HI TrA p 8.93 -0.11 -3.8 SrsInvGrdF 11.12 +0.01 1.0 EmpireStateRealty ESRT 15.26 -3.9 LendingClub LC 6.58 -5.6 PzenaInvtMgmt PZN 6.13 1.7
ICAA p 31.12 -0.36 -6.7 StratInc 9.95 -0.05 -1.6 P LifeCon
LifeGro
17.35 -0.07 -2.7
25.21 -0.32 -7.5
InvescoInvNYMuni VTN
LacledeGroup LG
15.29 0.3
65.41 2.0
BancorpSouth BXS 19.11 -0.7
BA DepShs I BMLpG 17.20 -2.1 EnableMidstream ENBL 6.40 -6.7 LennarClA LEN 37.86 -2.8 Q2Holdings QTWO 16.45 -6.1
IncoA p 19.30 -0.14 -4.6 TotalBond 10.28 ... 0.5 Parnassus Fds EnduranceHldgs ENH 57.97 2.3 LennarClB LEN/B 30.94 -2.8 QuanexBldg NX 16.39 -4.1
LifeMod 21.86 -0.19 -5.2 McEwenMining MUX 1.60 8.5 BA DepShs II BMLpH 17.23 -1.4
N PerA p 31.57 -0.66-12.4 Fidelity Selects ParnEqFd NA ... NA BankAm EngyTrnsfrEqty ETE 4.00 -42.0 LexmarkInt LXK 25.84 -4.8 QuestDiag DGX 59.66 -2.4
Primcp r 87.39 -1.61-12.3 NTTDoCoMoADR DCM 23.91 1.3 BAC 12.13 -5.3
NEcoA p 30.91 -0.58-14.0 Biotech r 154.15 -8.82-34.7 PIMCO Fds Instl BankNY Mellon BK EnergyTransfer ETP 19.73 -22.9 LibertyASGFd ASG 3.55 -4.2 QuintilesTransnat Q 55.39 -2.8
PrmcpCor 18.52 -0.32-11.0 Northwestern NWE 58.13 1.2 32.81 -3.4
NwWrldA 45.14 -0.75 -9.7 Health r 172.74 -5.56-17.0 AllAsset NA ... NA BarclaysBkPfd4 BCSpC 24.70 -2.1 Enersys ENS 42.98 -1.8 LightInTheBoxADR LITB 2.02 -6.0 Qwest7%Nts2056 CTAA 24.60 -0.6
SelValu r 22.50 -0.63-13.0 NuvCA NAC 16.04 0.1
SmCpA p 37.53 -0.82-14.0 Fidelity Spartan ShortT NA ... NA BarclaysBankADRPfd BCSp 23.67 -3.4 EngilityHoldings EGL 11.90 -2.0 LincolnNational LNC 33.03 -6.7 RE/MAXHoldingsClA RMAX 30.40 -4.0
STAR 21.64 -0.25 -7.1 NuvCT Prm NTC 13.02 0.5
TxExA p 13.22 +0.02 1.3 500IdxInv 65.23 -0.93 -9.2 TotRt 10.10 -0.01 0.6 BarclaysBkPfdA BCSpA 24.17 -2.9 EnLinkMidstream ENLK 9.00 -16.0 LincolnNationalWt LNC/WS 26.52 -3.2 RPM RPM 37.34 -2.4
STIGrade 10.61 +0.01 0.7 NuvInterDurQlty NIQ 13.54 -0.1
WshA p 35.58 -0.40 -7.4 500IndInst 65.24 -0.93 -9.1 PIMCO Funds A BarclaysBkADRPfd5 BCSpD 24.80 -1.4 Entercom ETM 8.88 -0.4 LiveNationEnt LYV 18.91 -3.3 RalphLaurenA RL 84.00 -2.3
TgtRe2015 13.68 -0.08 -3.9 NuvMD Prm NMY 12.99 0.3
AMG Managers Funds Fidelity Spartan Adv TotRetA 10.10 -0.01 0.6 BarclaysADR BCS 9.42 -5.4 Envestnet ENV 19.30 -5.3 LloydsBankingADR LYG 3.44 -4.1 RBSCapFd6.25% RBSpI 22.11 -5.9
TgtRe2020 25.79 -0.21 -5.0 NuvMuniAdv NMA 14.21 ...
YacktmanFd 20.06 -0.06 -3.9 500IdxAd 65.24 -0.93 -9.1 PIMCO Funds D BeazerHm BZH 6.07 -4.5 EnvisionHealthcare EVHC 18.64 -5.9 Loews L 33.84 0.1 RBSCapFdTr5.9% RBSpE 21.65 -5.2
TgtRe2025 14.70 -0.14 -5.9 NuvAMTFreeMuniIncm NRK 13.38 0.2
AQR Funds ExtMktAd r 42.86 -1.03-14.6 IncomeFd NA ... NA Belden BDC 36.51 -5.1 EssexProp ESS 196.69 -2.1 Lowe's LOW 62.62 -3.5 RBSCapFdTr6.08% RBSpG 21.69 -4.9
TgtRe2030 25.83 -0.29 -6.8 NuvNY NAN 14.40 0.2
MgdFutStrI 10.66 +0.12 4.7 IntAd r 32.23 -0.62-10.3 PIMCO Funds Instl BrkshreHlls BHLB 25.21 0.8 EveriHoldings EVRI 2.57 -5.7 LuxotticaGroupADR LUX 54.40 -3.0 RealogyHoldings RLGY 28.83 -4.7
TgtRe2035 15.54 -0.20 -7.7 NuvNC Prm NNC 13.75 0.4
Artisan Funds TotMktAd r 52.70 -0.85-10.2 IncomeFd NA ... NA BerryPlasticsGroup BERY 27.79 -3.9 Evertec EVTC 12.11 -2.5 MGMResortsIntl MGM 16.36 -5.6 RedHat RHT 59.59 -3.5
TgtRe2040 26.02 -0.37 -8.5 NuvPP NPP 15.45 -0.2
Intl Inv NA ... NA First Eagle Funds PIMCO Funds P BioAmber BIOA 2.98 -14.5 FactSetResearchSys FDS 138.67 -1.8 MI Homes MHO 15.85 -3.8 RegionalMgmt RM 11.77 0.4
TgtRe2045 16.24 -0.23 -8.7 NuvPremInco4 NPT 13.88 ...
GlbA 48.96 -0.41 -4.7 FederatedInvestors FII 22.76 -1.1 MSGNetworksClA MSGN 15.98 -3.7 RestaurantBrands QSR 30.15 -3.8
B FMI Funds
IncomeP
Price Funds
NA ... NA TgtRe2050
TgtRetInc
26.01 -0.38 -8.7
12.22 -0.04 -1.8
NuvQltyInco NQU
NuvSelQlty NQS
14.59 ...
14.55 0.2
BlackStoneMinerals BSM 11.56 -7.4
BlkRkHlthSci BME 32.09 -3.0 Ferro FOE 8.47 -2.8 MacquarieInfr MIC 56.86 -9.2 RestorationHardwr RH 50.09 -1.0
BlackRock Funds A LgCap 17.38 -0.25 -6.6 BrasilAgroADR LND 2.15 -3.3 FiatChryslerAutos FCAU 5.96 -7.6 MadisonSquGarden MSG 139.75 -4.8 RivernorthOppsFund RIV 15.86 -6.5
BlChip 60.39 -1.48-16.6 TotIntBdIxInv 10.74 +0.02 1.9 NuvVA Prm NPV 14.43 0.4
GlblAlloc p 16.78 -0.15 -5.9 FPA Funds BridgepntEdu BPI 6.18 2.0 FiatChrysler7.875 FCAM 57.85 -7.4 MagnaInt MGA 30.94 -3.8 RobHalfIntl RHI 38.22 -1.8
CapApp 23.57 -0.31 -5.9 WellsI 24.34 +0.01 -0.7 PNMResources PNM 32.49 0.3
BlackRock Funds C FPACres 28.55 -0.36 -8.1 BrixmorPropertyGrp BRX 19.91 -20.1 FibriaCelulose ADR FBR 9.68 -4.1 MaidenHldgsNts2043 MHNC 26.00 -1.8 RoseRockMidstream RRMS 8.54 -12.1
EmMktS 25.92 -0.33 -9.1 Welltn 35.02 -0.18 -4.8 PIMCO MuniII PML 13.11 0.2
GlblAlloc t 15.28 -0.14 -6.0 FrankTemp/Frank Adv BrookfieldPropPtrs BPY 19.40 -4.0 FNFVGroup FNFV 8.74 ... MaidenHldgsNts MHNB 25.10 -1.7 RylBkScot pfS RBSpS 22.27 -6.9
EqInc 26.14 -0.38 -8.2 WndsrII 30.30 -0.48 -9.6 PutnmMunOpp PMO 12.58 0.3
BlackRock Funds Inst IncomeAdv 1.94 -0.03 -5.8 Bunge BG 57.86 -1.7 FidNtlFnl FNF 29.43 -3.3 ManchesterUnited MANU 13.79 -2.9 RylBkScot pfT RBSpT 22.44 -5.1
EqIndex 49.91 -0.71 -9.2 VANGUARD INDEX FDS SibanyeGoldADR SBGL 11.59 -0.8
EqtyDivd 19.27 -0.25 -8.2 FrankTemp/Franklin A CAIInternational CAI 5.28 -7.8 FidelityNtlInfo FIS 55.10 -4.3 MarathonPetroleum MPC 29.71 -4.9 RoyalBkScotlandADR RBS 6.59 -4.9
Growth 44.66 -1.20-16.8 500 171.22 -2.44 -9.2 TriContl$2.50Pfd TYp 52.48 3.2
GlblAlloc 16.87 -0.16 -5.9 CA TF A p 7.58 +0.01 1.4 CBL&AssociatesPfE CBLpE 20.95 -4.2 FirstDataClA FDC 10.50 -14.1 Marcus&Millichap MMI 20.56 -1.5 RylBkScot pfF RBSpF 24.21 -1.8
HelSci 55.91 -1.85-18.8 ExtndIstPl 133.93 -3.23-14.6 TysonFoodsUn TSNU 67.22 5.1
HiYldBd 6.86 -0.08 -3.2 Fed TF A p 12.47 +0.02 1.4 CBL Assoc CBL 9.99 -6.0 FirstHorizonNatl FHN 11.72 -3.2 MarinSoftware MRIN 2.86 -7.8 RylBkScot pfH RBSpH 22.59 -4.3
HiYield 5.94 -0.07 -3.2 TotIntl 13.12 -0.23 -9.5 TysonFoodsClA TSN 60.32 5.4
StratIncOpptyIns 9.65 -0.01 -1.0 Growth A p 65.77 -1.07-10.4 CBL Assoc pfD CBLpD 22.87 -3.2 FirstPotcRltyTrPfA FPOpA 24.75 -0.5 MasoniteIntl DOOR 48.20 -4.1 RylBkScot pfL RBSpL 21.61 -6.1
InstlCapG 23.80 -0.69-17.6 TotSt 45.63 -0.73-10.1 WECEnergyGroup WEC 58.15 0.7
IncomeA p 1.96 -0.02 -5.8 CBRE Group CBG 22.73 -6.1 FstPotomac FPO 8.40 -4.9 Maximus MMS 45.20 -1.6 RylBkScot pfR RBSpR 21.90 -7.4
Intl G&I 11.86 -0.24 -9.3 WestAssetMuniTr MTT 25.20 1.3
D RisDv A p 45.17 -0.36 -5.4 IntlStk 13.69 -0.36-10.4
VANGUARD INSTL FDS
BalInst 27.67 -0.21 -5.3 WstAstMuniHiInco MHF 8.00 -0.1 CEB CEB 51.61 -3.8 Fitbit FIT 14.16 -8.6 MaxPoint MXPT 1.26 2.3 RoyalCaribbean RCL 64.21 -4.7
RubiconProject RUBI 12.13 -6.0
FrankTemp/Franklin C WstAstMuniPtnr MNP 16.41 0.7 CGG ADR CGG 0.71 -9.3 FiveStarQuality FVE 2.16 -2.1 MetaldynePerform MPG 11.04 -0.7
Davis Funds A MCapGro 62.93 -1.69-14.2 DevMktsIndInst 10.66 -0.18 -9.9 RuckusWireless RKUS 7.55 -3.4
Income C t 1.98 -0.03 -5.8 XcelEnergy XEL 40.21 -0.7 CNAFinancial CNA 30.52 -6.0 ForestCityRealtyA FCE/A 16.95 -5.9 MetLife MET 36.64 -4.3
NYVen A 26.38 -0.70-14.6 MCapVal 23.32 -0.33 -6.5 ExtndInst 54.27 -1.31-14.6 SCETrIIIPfd SCEpH 25.72 -2.1
FrankTemp/Temp A CONEMidstreamPtrs CNNX 8.39 -4.2 ForestCityRealtyB FCE/B 17.13 -6.9 Metlife pfA METpA 22.88 -0.7
Dimensional Fds N Horiz 35.53 -0.90-16.3
5GlbFxdInc 11.07 +0.03 1.6 GlBond A p 11.04 -0.14 -4.4 N Inc 9.46 +0.03 1.3
GrwthInst
InPrSeIn
48.40 -0.94-11.6
10.42 -0.01 1.5
NYSE lows - 445 CRHADR CRH 23.42 -7.1 Frontline FRO 7.93 -8.7 MitsubishiUFJADR MTU 4.36 -1.1 SLGreenRealty SLG 82.09 -4.4
AECOM CSRA CSRA 20.98 -7.1 Furmanite FRM 4.75 0.8 MiXTelematicsADR MIXT 3.73 -1.6 STAGIndustrial STAG 15.54 -6.5
EmgMktVa 18.86 -0.22 -7.5 Growth A p 19.23 -0.53-12.2 OverS SF r 8.10 -0.16 -9.9 InstIdx 169.55 -2.42 -9.1 ACM 23.88 -5.7
AMCEntHldg AMC 19.28 -0.1 CTS CTS 12.87 -2.3 GPStrategies GPX 21.90 0.4 MizuhoFinancialADR MFG 2.96 -1.3 Salesforce.com CRM 52.60 -7.6
EmMktCorEq 14.76 -0.15 -6.3 FrankTemp/Temp Adv R2015 12.98 -0.12 -5.1 InstPlus 169.56 -2.42 -9.1
AXISCapHldgsPfdC AXSpC 24.72 -1.0 CVREnergy CVI 27.70 -4.5 GencoShipping GNK 0.67 -14.1 Mobileye MBLY 24.50 -7.3 SantdrFinPfdS6 SANpB 18.52 -5.3
IntlCoreEq 10.22 -0.19-10.3 GlBondAdv p 11.00 -0.14 -4.3 R2020 18.43 -0.21 -6.4 InstTStPlus 41.31 -0.66-10.1
AdvanceAuto AAP 136.06 -1.7 CVRRefining CVRR 13.58 1.0 GenesisHealthcare GEN 1.51 -10.6 MohawkIndustries MHK 149.43 -5.1 SantdrFinPfdS4 SANpA 22.81 -3.1
IntSmCo 15.47 -0.31-10.1
IntSmVa 16.63 -0.33-11.0 G R2025
R2030
13.84
19.98
-0.18 -7.4
-0.29 -8.4
MidCpInst
MidCpIstPl
28.79 -0.73-12.4
AdvDrainageSystems WMS 18.25
141.98 -3.63-12.4
-4.3 CalAtlanticGroup CAA 28.13 -4.3 GenworthFinClA GNW 1.77 -14.7 MolinaHealthcare MOH 50.01 -2.2 SantdrFin pf SANpI 23.41 -2.4
SantanderCnsmrUSA SC 9.24 -8.4
AEGONNotes AEK 26.43 -1.1 CardinalHealth CAH 74.73 -0.6 Gildan GIL 22.43 -4.7 MonogramResident MORE 7.89 -4.4
Dimensional Fds GMO Trust Class IV R2035 14.33 -0.23 -9.2 SmCapInst 46.24 -0.99-12.8 Glaukos SntdrFinPfdSr5 SANpC 23.60 -1.9
AegonCapSec AEH AEH 24.96 -0.4 CareCapProperties CCP 27.62 -2.7 GKOS 14.25 -6.4 MonsterWorldwide MWW 4.10 -3.1
US CoreEq1 15.43 -0.23-10.1 IntlEq 18.14 -0.34 -9.7 R2040 20.34 -0.36 -9.9 STIGradeInst 10.61 +0.01 0.7 GoldmanSachs GS 145.25 -4.6 Moodys SantdrHldgDpPf SOVpC 23.89 -1.0
AegonCapSec AEB AEB 22.02 -2.7 Carnival CCL 40.82 -2.6 MCO 78.51 -5.2
US CoreEq2 14.66 -0.22-10.3 SmCapStk 33.81 -0.54-12.4 TotBdInst 10.84 +0.05 2.1 ScorpioBulkers SALT 2.33 -9.8
US Small 25.16 -0.25-11.3 H Value 28.20 -0.53 -9.8 TotBdInstPl
AerCapHoldings AER 25.07
10.84 +0.05 2.1
Aeropostale ARO 0.16
-8.3
-5.0
Carnival ADR CUK 42.92 -3.2
CastlightHealthB CSLT 3.00 -6.3
Greatbatch GB
Griffon
34.39 -4.8
GFF 13.50 -1.9
MorganStanleyPfd1 MSpI 24.95 -2.9
MorganStanley MS 22.32 -6.9 ScorpioTankers STNG 5.10 -6.5
US SmCpVal 26.92 -0.27-11.7 Harbor Funds TotIntBdIdxInst 32.23 +0.05 1.9 SelectMedical SEM 7.78 -7.2
USLgVa 27.49 -0.45-10.8 CapApInst 50.29 -1.27-17.3 S Aetna
TotIntlInstIdx r 87.78 -1.49 -9.4
AET 93.29
AffiliatedManagers AMG 117.12
-4.9
-3.5
Catalent CTLT 20.77 -2.2
CenturyCommunities CCS 13.11 -2.5
GrupoTelevisaADR TV 23.85 -2.4
GuidewireSoftware GWRE 42.41 -9.7
MS CapTr V MWO 24.83 -0.6
MS ChinaShrFd CAF 14.82 -1.7 SensataTech ST 31.60 -3.4
Dodge & Cox IntlInst r 53.46 -1.14-10.0 TotItlInstPlId r 87.80 -1.49 -9.4 HFF A HF 23.07 -9.3 MorganStanDepPfdF MSpF 26.42 -2.8 ServiceCp SCI 21.84 -1.4
Schwab Funds Aircastle AYR 15.14 -2.7 Cenveo CVO 0.38 -9.9
Balanced 86.57 -1.44 -8.3 TotStInst 45.66 -0.72-10.1 HP HPQ 9.21 -5.4 MyersIndustries MYE 10.47 ... ServiceNow NOW 45.99 -9.9
S&P Sel 28.67 -0.41 -9.2 AlexREEq ARE 73.71 -2.5 Chegg CHGG 4.93 -3.4
Income 13.26 -0.01 -0.2 I VirtusFunds Cl I Allegion ALLE 52.95 -4.4 ChespkeEngy CHK 1.50 -33.3 HSBCHoldingsADR HSBC 31.50 -4.4 NtlWstmin pfC NWpC 24.60 -1.2 SeventySevenEnergy SSE 0.28 -12.4
Intl Stk
Stock
30.98
143.03
-0.77-15.1
-3.40-12.1 Invesco Funds A
T EmMktI 8.53 -0.11 -4.8
AllianceData ADS 180.41 -1.9 ChespkeEngy pfD CHKpD 6.57 -35.2 HSB HldgsPfdSer2 HSEB 25.35 -0.8 NationstarMortgage NSM 8.59 -2.2 SignetJewelers SIG 98.15 -4.5
SilverBayRealtyTr SBY 12.81 -4.2
AllncBrnstnHldg ChinaEasternAirADR CEA 21.13 -2.0 HSBC pfH HUSIpH 24.82 -2.6 NaturalGasSvcs NGS 17.03 1.4
DoubleLine Funds EqIncA 8.83 -0.12 -8.2 TIAA/CREF Funds
EqIdxInst 13.55 -0.22-10.1
W AB
AlldWrldAssrnc AWH 30.29
16.56 -6.9
2.2 ChinaLifeInsADR LFC 10.60 -3.8 Hanesbrands HBI 23.25 -4.6 NaviosMaritime NNA 1.99 -4.3 Smith&NephewADR SNN 30.57 -3.4
TotRetBdI
TotRetBdN
NA
NA
... NA
... NA J Tweedy Browne Fds Western Asset AlonUSAEnergy ALJ 10.16 -0.2 CIBER CBR 2.77 -4.8 HarmanIntlInds HAR 66.20 -4.6 NaviosMaritime NMM 1.13 -15.2 SnapOn
Sparton
SNA 133.09 -3.2
SPA 11.19 -16.5
GblValue 22.45 -0.39 -8.2 CorePlusBdI 11.43 +0.01 0.4 Ameresco AMRC 4.56 -1.2 CinemarkHoldings CNK 26.75 -1.2 HatterasFinPfd.A HTSpA 21.55 -4.0 NeffClA NEFF 3.85 -5.3
John Hancock Class 1 StJudeMedical STJ 49.30 -1.8
F LSBalncd NA ... NA
HealthSouthWt HLS/WS 1.60 -20.0 NetSuite N 53.01 -10.3
StanleyB&DUn SWH 103.00 -4.3
V Online>>
HertzGlobal HTZ 7.24 -9.7 NewHome NWHM 7.81 -3.6
Fidelity Advisor A
NwInsghtA p 22.86
LSGwth
-0.59-12.5 John Hancock Instl
NA ... NA
VANGUARD ADMIRAL
Exchange-Traded HHGregg
HillRom
HGG 1.56 -6.3
HRC 43.45 -4.4
NewIrelandFd IRL
NewRelic
12.25 -4.8
NEWR 20.69 -6.5
STMicroelectronics STM 5.35 -5.2
SumitomoMitsADR SMFG 5.51 -2.6
DispValMCI 16.64 -0.39-13.1 500Adml 171.24 -2.44 -9.1
During the trading day, 52-week SummitMaterialsClA SUM 13.56 -11.5
Fidelity Advisor I HollyFrontier HFC 29.55 -0.6 Newell NWL 33.77 -6.0
NwInsghtI 23.29 -0.60-12.5 JPMorgan Inst Class
MdCpVal 30.97 -0.68 -8.8
BalAdml
CAITAdml
27.67
12.02
-0.21 -5.3
+0.02 1.7
Portfolios highs and lows are updated HondaMotorADR HMC 25.57 -0.6 NewMarket NEU 333.54 -4.4 Sunoco
SunTrustBanks STI
SUN 23.46 -16.0
32.13 -5.0
Fidelity Freedom hourly at WSJMarkets.com. DR Horton DHI 23.14 -3.9 NimbleStorage NMBL 6.05 -12.6
FF2020 13.51 -0.17 -7.0 JPMorgan R Class CapOpAdml r 100.68 -2.34-15.1 Largest 100 exchange-traded funds, latest session Lists for each market are HowardHughes HHC 84.55 -4.9 NomadFoods NOMD 7.50 -8.5 Supervalu SVU 3.94 -2.1
FF2025 11.45 -0.16 -8.0 CoreBond 11.78 +0.05 2.1 EMAdmr 25.01 -0.31 -8.5 HubSpot HUBS 27.74 -9.4 NomuraHoldingsADR NMR 4.49 -5.2 SynchronyFinancial SYF 24.09 -3.0
FF2030 13.75 -0.23 -9.6 JPMorgan Select Cls EqIncAdml 58.37 -0.45 -5.8 Monday, February 8, 2016 available free, along with easy ICICIBankADR IBN 5.79 -3.3 NorthStarAssetMgmt NSAM 9.88 -7.5 SynovusFinancial SNV 26.75 -4.5
FreedomK2020 12.57 -0.16 -7.0 CoreBond 11.76 +0.05 2.1 ExplrAdml 63.17 -1.62-15.5 Closing Chg YTD
access to charts and headlines. IHSClA IHS 93.62 -3.8 NorthStarRealty NRF 10.00 -6.9 Continued on Page C8
ETF Symbol Price (%) (%)
FreedomK2025 12.99 -0.18 -7.9 USLgCpCorPls 23.11 -0.56-13.8 ExtndAdml 54.27 -1.31-14.6
GNMAAdml 10.77 ... 1.3 AlerianMLPETF AMLP 8.99 –9.83–25.4
FreedomK2030 12.96
FreedomK2035 13.19
-0.22 -9.6
-0.26-10.6 L GrwthAdml 48.40 -0.94-11.6 CnsmrDiscSelSector XLY 68.80 –1.94–12.0
FreedomK2040 13.22 -0.26-10.6 Lazard Instl HlthCareAdml r 80.16 -1.67-13.8 CnsStapleSelSector XLP 49.50 –0.26 –2.0
Fidelity Invest
AMgr50%
Balanc
BalancedK
15.15
19.54
19.54
EmgMktEq
-0.27 -7.9 LSBondI

-0.27 -7.9 Lord Abbett A
12.79
-0.17 -5.5 Loomis Sayles Fds
12.39
-0.18 -4.8
-0.07 -3.7
HYCorAdml r
InfProAd
IntlGrAdml
ITBondAdml
5.34
25.59
58.07
11.54
-0.06 -3.1
-0.01 1.5
-1.46-13.4
+0.05 2.8
DBGoldDoubleLgETN
DBGoldDoubleShrt
DeutscheXMSCIEAFE
EnSelectSectorSPDR
FinSelSectorSPDR
DGP 22.74
DZZ 6.88
DBEF 24.10
XLE 55.65
XLF 20.42
2.66 25.4
–3.31–22.5
–2.15–11.3
–0.52 –7.7
–2.53–14.3
How To Walk the Walk
GuggenheimSP500EqW RSP 69.24 –2.11 –9.7
XLV 63.52 –1.37–11.8
The must-have men’s accessory once carried by kings, presidents,
Biggest 1,000 Stocks HealthCareSelSect
IndSelSectorSPDR XLI 49.62 –0.84 –6.4
iShIntermCredBd CIU 108.05 0.15 0.7
barons and billionaires is back—and can be yours for ONLY $49!
Continued From Page C4 Net Net iSh1-3YCreditBond CSJ 104.81 0.05 0.2
Net Stock Sym Close Chg Stock Sym Close Chg
iSharesTIPSBondETF TIP 111.47 0.07 1.6 hey call walking the “perfect exercise.” It gets your heart
Stock Sym Close Chg
WestpacBankingADR WBK 21.13
WestRock WRK 32.19
-0.12
-1.21
t Dexcom DXCM 53.65 -8.33
DiamondbackEnergy FANG 69.95 2.64
DiscoveryCommsA DISCA 26.02 -1.19
NeteaseADR NTES 133.13 -6.34
Netflix NFLX 83.32 0.53
t NewsCorpClA NWSA 10.56 -0.54
iSh3-7YTreasuryBd
iShCoreMSCIEAFEETF
iShCoreMSCIEmgMk
IEI 126.03
IEFA 48.82
IEMG 36.18
0.39 2.8
–1.79–10.2
–1.28 –8.1
T pumping, clears your head and fills your lungs with fresh air.
Not bad, but we found a way to make it even better. Before you
t Weyerhaeuser WY 23.40 -0.59 DiscoveryCommsC DISCK 25.39 -1.20 t NewsCorpClB NWS 11.26 -0.66 iShCoreS&P500ETF IVV 186.31 –1.34 –9.1
Whirlpool WHR 135.24 -2.58 DollarTree DLTR 75.33 -1.23 t NorthernTrust NTRS 57.72 -2.30 iShCoreS&PMdCp IJH 125.43 –1.75–10.0 take your next 10,000 steps, add a little strut to your
t WhiteWaveFoods WWAV 33.59 -2.41 DunkinBrands DNKN 41.55 -1.45 t NorwegianCruise NCLH 38.20 -1.26 iShCoreS&PSmCpETF IJR 98.46 –0.95–10.6
t Williams WMB 11.16 -5.96 t E Trade ETFC 21.17 -1.50 NuanceComms NUAN 16.38 -0.48 iShCoreUSAggBd AGG 109.74 0.38 1.6
stroll. Take the Stauer Knightsbridge Walking
t WilliamsPartners WPZ 14.39 -3.36 t EastWestBancorp EWBC 29.73 -1.21 NVIDIA NVDA 25.22 -1.21 iShSelectDividend DVY 74.62 0.08 –0.7 Stick anywhere and I promise
WilliamsSonoma WSM 52.61 0.44 t eBay EBAY 22.48 -0.72 OReillyAuto ORLY233.53 -8.54 iSharesGold IAU 11.50 1.50 12.4
WiproADR WIT 11.32 -0.38 t ElectroArts EA 56.32 0.82 OldDominionFreight ODFL 59.88 0.33 iShiBoxx$InvGrCpBd LQD 114.00 0.52 –0.0 that you’ll feel like a conquer-
WooriBankADR WF 22.42 -0.02 EndoInternational ENDP 50.65 -3.22 OpenText OTEX 43.87 -1.36 iShiBoxx$HYCpBd HYG 76.50 –1.18 –5.1 ing hero. Heads will turn.
t Workday WDAY 48.97 -5.27 Equinix EQIX 268.84-19.60 Paccar PCAR 49.89 -0.22 iShMBSETF MBB 109.27 0.09 1.5 Image not
t WyndhamWorldwide WYN 61.63 -1.07 t EricssonADR ERIC 8.61 -0.15 PaneraBreadClA PNRA 186.67 -4.86 iShMSCIACWIETF ACWI 50.48 –1.64 –9.6 Doors will open. Its powers actual size.
XL Group XL 34.72 -0.12 ErieIndemnityClA ERIE 96.84 1.35 Patterson PDCO 40.88 -1.74 iSharesMSCIEAFESC SCZ 44.59 –2.24–10.7
s XcelEnergy XEL 39.25 -0.28 Expedia EXPE 91.53 -2.01 Paychex PAYX 46.81 -0.23 iSharesMSCIEAFEETF EFA 52.81 –1.86–10.1
will astound you.
Xerox XRX 9.05 -0.41 ExpeditorsIntl EXPD 46.05 0.20 PayPalHoldings PYPL 33.61 -1.46 iShMSCIEmgMarkets EEM 29.60 –1.37 –8.0
Xylem Inc. XYL 36.22 -0.44 t ExpressScriptsHldg ESRX 66.72 -1.12 People'sUnitedFin PBCT 14.36 0.11 iShMSCIEurozoneETF EZU 31.33 –2.76–10.6
What’s the secret? Pure class. Our
YPFADR YPF 16.23 -0.89 t F5Networks FFIV 88.18 -2.04 PilgrimPride PPC 22.69 0.44 iShMSCIGermanyETF EWG 23.01 –2.50–12.1 Knightsbridge Walking Stick is a
YanzhouCoalADR YZC 3.89
YoukuTudouADR YOKU 27.26
-0.07
-0.06
FacebookClA FB 99.75 -4.32
Fastenal FAST 43.66 0.40
t Premier PINC 29.91 -1.10
t PricelineGroup PCLN 973.80-41.75
iShMSCIJapanETF
iShMSCIUSAMinVol
EWJ 10.93
USMV 40.09
–0.18 –9.8
–0.91 –4.1 tip of the top hat to turn-of-the-cen- 
YumBrands YUM 67.43 -2.33 t FifthThirdBancorp FITB 14.80 -0.53 t Qiagen QGEN 20.49 -0.56 iShNasdaqBiotech IBB 248.12 –3.17–26.7 tury tradition. Today these Victorian
ZayoGroupHoldings ZAYO 22.25 -2.34 FirstSolar FSLR 64.18 -0.89
“The Walking Stick
Qorvo QRVO 36.42 -0.83 iShNatlAMTFrMuniBd MUB 111.94 0.26 1.1
ZimmerBiomet ZBH 92.03 -2.98 Fiserv FISV 91.81 -2.78 t Qualcomm QCOM 43.89 -0.13 iShRussell1000Gwth IWF 88.80 –1.67–10.7 tributes to a man’s power, prestige, is excellent! It is as
Zoetis ZTS 40.19 -0.72 FlextronInt FLEX 9.83 -0.23 QunarCaymanIslADR QUNR 34.75 -1.27 iShRussell1000ETF IWB 102.34 –1.50 –9.7
t Fortinet FTNT 24.23 -0.88 s RandgoldRscsADR GOLD 85.12 6.82
and posture might fetch as much as attractive as it is useful.”
iShRussell1000Val IWD 89.42 –1.30 –8.6
NASDAQ FrontierComms FTR 4.32 -0.36 t RegenPharm REGN 390.53 -6.08 iShRussell2000Gwth IWO 114.29 –2.52–17.9 $200,000 at auction, according to The
Garmin GRMN 34.35 -0.34 RossStores ROST 53.33 0.01 IWM 96.43
— James,
AMCNetworks A AMCX 65.16 -3.20 iShRussell2000ETF –1.64–14.4 World of the Walking Stick. Because
t Ansys GileadSciences GILD 85.26 0.12 RyanairHoldingsADR RYAAY 74.19 -1.79 IWN 82.13 –0.79–10.7
ANSS 81.92 -2.78
Goodyear GT 26.34 -0.85
iShRussell2000Val Lehigh Acres, FL
ARMHoldingsADR ARMH 40.40 -1.88 SBACommunications SBAC 86.85 -6.55 iShRussell3000ETF IWV 108.18 –1.58–10.1 Stauer takes the quicker and less expen-
t ARRISInternational ARRS 22.99 -0.58 Grifols ADR GRFS 14.44 -0.85 t SEIInvestments SEIC 34.67 -1.46 iShRussellMid-Cap IWR 141.92 –2.35–11.4
ASMLHolding ASML 86.36 -2.00 t HDSupplyHoldings HDS 22.40 -1.84 t SS&CTechs SSNC 54.70 -2.84 iShRussellMCValue IWS 62.25 –2.17 –9.3 sive route and go right to the source, we
t AcadiaHealthcare ACHC 54.70 -4.26 Hasbro HAS 75.11 1.01 t SVBFinancialGroup SIVB 84.55 -6.13 iShS&PMC400Growth IJK 142.38 –2.25–11.5 can offer you the vintage-worthy Knights-
ActivisionBliz ATVI 28.72 -1.81 HenrySchein HSIC 146.32 -1.55 Sabre SABR 23.18 -1.11 iShS&P500Growth IVW 103.39 –1.66–10.7
t AdobeSystems ADBE 74.94 -4.26 Hologic HOLX 32.75 -0.52 SanDisk SNDK 67.85 -1.15 iShS&P500ValueETF IVE 81.93 –1.05 –7.5 bridge Walking Stick for ONLY $49!
t AkamaiTechnologies AKAM 40.98 -2.22 JBHunt JBHT 75.20 0.44 SeagateTechnology STX 30.36 -1.23 iSharesUSPreferred PFF 37.16 –1.90 –4.4
AlexionPharm ALXN 139.15 -3.13 HuntingtonBcshs HBAN 8.41 -0.17 t SeattleGenetics SGEN 29.35 -2.50 iShShortTreasuryBd SHV 110.29 ... 0.1 The ultimate travel companion. Hold
AlignTechnology ALGN 58.65 -7.22 IdexxLab IDXX 69.58 -1.46 t ShireADR SHPG 150.40 -6.92 iSh1-3YTreasuryBd SHY 85.05 0.12 0.8
t Alkermes ALKS 29.45 -2.72 IPG Photonics IPGP 81.36 1.04 SignatureBank SBNY 129.66 -6.92 IEF 110.57
it once and you can feel that it’s not some
iSh7-10YTreasuryBd 0.75 4.7
t AlnylamPharm ALNY 60.61 -4.98 t IcahnEnterprises IEP 48.07 -2.99 hollow imitation. Our Knightsbridge Walking TAKE 38
AlphabetClA GOOGL 704.16 0.40 Illumina
Incyte
ILMN 135.37 -0.68
INCY 70.91 -0.09
SiliconwareADR SPIL 7.50 -0.16
t SiriusXMHoldings SIRI 3.36 -0.06
iSh20+YTreasuryBd
iShChinaLarge-Cap
TLT 131.49
FXI 29.14
2.15 9.0
–1.98–17.4
Stick is crafted from a solid shaft of imported OFF INST
%
AlphabetClC GOOG 682.74 -0.83 SironaDental SIRO103.46 -3.11 iShRussellMCGrowth IWP 79.54 –2.57–13.5 ANTLY!
Amazon.com AMZN 488.10-14.03 Intel INTC 28.82 -0.22 t SkyworksSolutions SWKS 59.30 -2.86
t InteractiveBrokers IBKR 30.08 -0.91
MktVectorsBiotech BBH 95.56 –2.40 –6.7 eucalyptus wood and finished with layers of When you
Amdocs DOX 53.87 -0.79 t Splunk SPLK 31.92 -4.31 MktVectorsGoldMin GDX 17.47 2.46 27.3
Intuit INTU 90.92 -0.87 Staples SPLS 8.55 -0.36 black lacquer. A classic “Derby” handle made of use your
Amerco UHAL312.79-11.12 MktVectorsOilSvcs OIH 23.37 –1.39–11.6 INSIDER
AmericaMovilClAADR AMOV 13.70 -0.37 IntuitiveSurgical ISRG 507.28-28.96 Starbucks SBUX 54.14 -0.35 MktVectorsPharm PPH 57.08 –1.87 –5.7 solid brass invites a strong grip or casual lean. A
AmerAirlinesGrp AAL 35.55 -1.10 t IonisPharma IONS 32.85 -2.54 SteelDynamics STLD 17.78 -0.38 OFFER CO
MktVectorsRetail RTH 68.01 –1.63–12.5 DE
AmeriCapAg AGNC 17.77 -0.02 JD.comADR JD 23.21 -0.43 t Stericycle SRCL 105.99 -5.13 tasteful amount of engraved flourishes adds flair
MktVectorsSemi SMH 46.83 –2.13–12.1
Amgen AMGN 143.00 -2.04 JackHenry JKHY 76.57 -2.04 Symantec SYMC 19.24 -0.52 PwrShrs QQQ QQQ 96.62 –1.53–13.6
t AmTrustFinSvcs AFSI 26.67 -0.90 t JazzPharma JAZZ 114.16 -7.61 Synopsys SNPS 41.32 -0.34 SPLV 36.91
and grip, while a rubber tip steadies your stance.
JetBlue JBLU 19.34 -0.36
PS SP500LoVoltlPrt –0.81 –4.3
AnalogDevices ADI 49.16 -0.66 TDAmeritrade AMTD 26.39 -0.77 SPDRBarclaysHiYdBd JNK 31.91 –1.21 –5.9
Apple AAPL 95.01 0.99 KLA Tencor KLAC 64.14 -1.37 TFSFinancial TFSL 15.84 -0.49 SchwIntlEqty SCHF 24.89 –1.74 –9.7
Limited Edition. Only 4,999 available! These handcrafted
AppliedMaterials AMAT 16.19 -0.62 KeurigGreenMtn GMCR 89.12 -0.40 T-MobileUS TMUS 33.96 -1.70
ArchCapitalGroup ACGL 67.64 1.70 KraftHeinz KHC 71.22 -1.56 SchwUS BrdMkt SCHB 44.10 –1.54–10.1 beauties take months to craft and are running (not walking) out
TRowePrice TROW 65.97 -2.67 SchwUS LrgCap SCHX 43.86 –1.48 –9.7
AthenaHealth ATHN118.63 -5.37 LKQ LKQ 24.92 -0.30 t TeslaMotors TSLA 147.99-14.61 SPDR DJIA Tr DIA 160.35 –0.98 –7.8
the door. So, take a step in the right direction. Call today!
Autodesk ADSK 43.45 -2.72 LamResearch LRCX 66.08 -2.89 TexasInstruments TXN 50.90 1.02
t LamarAdvertisingA LAMR 51.34 -2.59 SPDR GldTr GLD 113.83 1.34 12.2
ADP ADP 81.25 -0.06 TractorSupply TSCO 79.82 -0.96 SPDR S&PMdCpTr MDY 228.85 –1.71 –9.9 Your satisfaction is 100% guaranteed. Try the Knightsbridge
B/EAerospace BEAV 42.07 -1.67 t LibertyBroadbandA LBRDA 45.50 -0.82 TrimbleNavigation TRMB 19.03 -0.28
t LibertyBroadbandC LBRDK 45.18 -0.54 SPDR S&P 500 SPY 185.42 –1.35 –9.0 Walking Stick for two months. If you’re not convinced it adds so-
BaiduADR BIDU 145.05 -0.29 t TripAdvisor TRIP 55.88 -2.49
t LibertyGlobalClA LBTYA 32.07 -2.01 SPDR S&P Div SDY 72.12 –0.46 –2.0
BedBath BBBY 43.74 0.32 21stCenturyFoxClA FOXA 24.59 -0.48 phistication to your stride, simply send it back within 60 days for
t LibertyGlobalClC LBTYK 31.24 -1.78 TechSelectSector XLK 38.93 –1.44 –9.1
t Biogen BIIB 250.77-13.09 21stCenturyFoxClB FOX 24.54 -0.50 UtilitiesSelSector XLU 46.41 –0.34 7.2 a complete refund of the sale price. At Stauer, we walk the talk.
t BioMarinPharm BMRN 64.74 -3.67 LibertyGlbLiLACAWi LILA 33.75 -2.28 UltaSalon ULTA 155.34 -4.37
LibertyGlbLiLACClC LILAK 35.96 -2.25 VangdInfoTch VGT 94.63 –1.81–12.6
BlackBerry BBRY 6.80 -0.29 t UltimateSoftware ULTI 156.12 -9.86
t LibertyInteractQVC QVCA 23.11 -0.88 VangdHlthCr VHT 114.54 –1.80–13.8
Broadcom AVGO 121.86 -6.50
CA CA 27.45 -0.87 t LibertyVenturesA LVNTA 33.09 -1.22
t UnitedTherapeutics UTHR 115.75 -2.70
VangdSmCapValue VBR 88.79 –1.44–10.1 Limited Edition Knightsbridge Walking Stick $79†
VeriSign VRSN 71.77 -3.90 VangdDivApp VIG 73.98 –0.70 –4.9
CBOE Holdings CBOE 59.87 -0.78
CDKGlobal CDK 43.62 -0.69
t LibertyMediaA LMCA 32.10 -0.94
t LibertyMediaC LMCK 31.69 -0.74
t VeriskAnalytics VRSK 65.95 -1.98
t VertxPharm VRTX 82.00 -4.61
VanguardFTSEDevMk
VanguardFTSEEmgMk
VEA 33.09
VWO 29.87
–1.81 –9.9
–1.39 –8.7
Offer Code Price— $49 + s&p
Save $30
CDW CDW 35.31 -0.91
CH Robinson CHRW 69.52 1.44
CMEGroupClA CME 90.19 1.64
LinearTechnology LLTC 40.87 -0.20
t LinnEnergy LINE 0.33 -0.17
lululemonathletica LULU 57.96 -2.79
Viacom A VIA 44.71 -1.59
Viacom B VIAB 41.85 -1.39
VimpelComADR VIP 3.44 -0.01
VanguardFTSEEurope
VangdAllWldxUS
VGK 44.58
VEU 39.19
–2.71–10.6
–1.83 –9.7 You must use the insider offer code to get our special price. Stauer ®
CSX CSX 23.01 0.18

CadenceDesign CDNS 19.60 -0.40
CaseysGenStores CASY 112.24 -1.45
Markit MRKT 27.48 -0.41
MarriottInt A MAR 59.44 -0.57
MarvellTch MRVL 8.85 -0.11
t VodafoneGroupADR VOD 29.19 -0.96
t WPPADR WPPGY 97.52 -5.08
t WalgreensBootsAll WBA 72.91 -2.29
VangdGrowth
VangdHiDivYld
VngdInter-Term
VangIntrCorpBd
VUG 93.99
VYM 63.45
BIV 85.15
VCIT 84.58
–1.94–11.7
–0.47 –4.9
0.40 2.5
0.30 0.6
1-800-333-2045 14101 Southcross Drive W.,
Dept. KWS122-01,
Burnsville, Minnesota 55337
Celgene CELG 99.18 1.29 Mattel MAT 31.96 0.15
t Cerner MaximIntProducts MXIM 30.74 -0.53
t WesternDigital WDC 41.91 -3.95
VangdLgCap VV 84.56 –1.43 –9.6
Offer Code KWS122-01
CERN 54.29 -1.02 t WholeFoods WFM 29.38 0.19 www.stauer.com
t CharterComms CHTR162.59 -5.95 t Medivation MDVN 27.32 -1.82
WillisTowersWatson WLTW 111.16 -2.86
VangdMdCap VO 105.18 –2.51–12.4 Please use this code when you order to receive your discount.
CheckPointSoftware CHKP 76.91 -1.11 t MelcoCrownEntADR MPEL 12.72 -0.74 VangdReit VNQ 73.35 –2.86 –8.0
WynnResorts WYNN 58.80 -3.11 VanguardS&P500 VOO 169.94 –1.38 –9.1
CincinnatiFin CINF 60.93 0.68 MichaelsCos. MIK 21.04 -0.35 † Special price only for customers using the offer code versus the price on
Xilinx XLNX 47.38 -0.69 BSV 80.40
Cintas CTAS 82.64 -0.68 MicrochipTech MCHP 41.22 -1.00 VangdShrtTrm 0.15 1.0
t Yahoo YHOO 27.05 -0.92 Stauer.com without your offer code.
CiscoSystems CSCO 22.93 0.04 MicronTechnology MU 10.17 -0.83 VangShrtCorpBd VCSH 79.10 0.09 0.1 Rating of A+
ZionsBancorp ZION 20.72 -0.91 VB 96.56
CitrixSystems CTXS 63.17 -0.78 Microsoft MSFT 49.41 -0.75 VangdSmCap –2.10–12.7
t CognizantTechSolns CTSH 54.05 -4.49 t Zynga ZNGA 2.09 -0.19
t Middleby MIDD 81.51 -2.87 VangdTtlBndMkt BND 82.06 0.43 1.6
Comcast A CMCSA 59.40 -0.01 MondelezIntlClA MDLZ 36.34 -1.36 VanguardTtlIntlStk VXUS 40.92 –1.78 –9.3
t CoStarGroup CSGP 148.90-14.38 MonsterBeverage MNST117.72 -6.01
NYSE MKT VangdTtlStock VTI 93.78 –1.55–10.1
• 36" long • Solid brass Derby-style handle • Supports up to 250 lbs.
CostcoWholesale COST 147.02 3.03 Mylan MYL 50.45 -0.94 BritishAmTobADR BTI 108.50 0.19 VangdTotlWrld VT 51.84 –1.61–10.0
Ctrip.comIntlADR CTRP 37.07 -2.06 t NXP Semi NXPI 64.00 -6.70 t CheniereEnergy LNG 23.65 -1.38 VanguardValueETF VTV 75.18 –1.08 –7.8
• Imported eucalyptus wood • Rubber tip
t DISHNetworkClA DISH 42.27 -3.29 Nasdaq NDAQ 60.21 0.81 CheniereEngyPtnr CQP 21.40 -0.47 WisdomTreeEurope HEDJ 47.94 –2.86–10.9
Dentsply XRAY 57.20 -1.79 NetApp NTAP 22.35 -0.29 ImpOil IMO 31.24 -0.16 WisdomTreeJapanHdg DXJ 42.88 –1.81–14.4
MARKETS DIGEST
Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
16027.05 t 177.92, or 1.10% Trailing P/E ratio * 16.93 16.71 1853.44 t 26.61, or 1.42% Trailing P/E ratio * 21.40 20.03 4283.75 t 79.39, or 1.82% Trailing P/E ratio * 20.85 22.75
High, low, open and close for each P/E estimate * 15.31 16.64 High, low, open and close for each P/E estimate * 15.87 17.15 High, low, open and close for each P/E estimate * 17.12 18.00
trading day of the past three months. Dividend yield 2.79 2.47 trading day of the past three months. Dividend yield 2.32 1.98 trading day of the past three months. Dividend yield 1.29 1.29
All-time high 18312.39, 05/19/15 All-time high: 2130.82, 05/21/15 All-time high: 5218.86, 07/20/15
Current divisor 0.14602128057775

18000 2100 5080
65-day moving average
17500 2050 4930
17000 2000 4780
Session high 65-day moving average

DOWN UP 16500 1950 65-day moving average 4630
t
Session open Close
Close Open
t
16000 1900 4480
Session low
15500 1850 4330
Bars measure the point change from session's open

15000 1800 4180
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week Range % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE MKT Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6:30 p.m. ET as reported by electronic NYSE NYSE MKT
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume* 1,353,945,141 10,936,861
Industrial Average 16147.51 15803.55 16027.05 -177.92 -1.10 18312.39 15666.44 -9.6 -8.0 4.6 share price of $2 and minimum after-hours volume of 5,000 shares. Adv. volume* 261,814,145 4,822,394
Transportation Avg 6953.54 6791.39 6924.31 -18.51 -0.27 9178.48 6625.53 -21.7 -7.8 5.4 Most-active issues in late trading Decl. volume* 1,083,803,368 5,664,837
Utility Average 629.68 617.23 622.95 -1.67 -0.27 626.64 541.97 2.5 7.8 9.5 Volume After Hours Issues traded 3,208 372
Company Symbol (000) Last Net chg % chg High Low Advances 646 135
Total Stock Market 19162.83 18666.90 18922.03 -305.15 -1.59 22287.78 18922.02 -11.4 -10.3 6.1
SPDR S&P N Amer Nat Rscs NANR 26,996.4 25.26 -0.09 -0.36 25.26 25.26 Declines 2,524 228
Barron's 400 455.42 447.45 453.34 -7.22 -1.57 586.75 453.34 -16.6 -12.2 4.6
Mkt Vectors Gold Miners GDX 21,616.1 17.43 -0.04 -0.23 17.70 16.86 Unchanged 38 9
Nasdaq Stock Market Bank Of America BAC 11,014.4 12.22 -0.05 -0.41 13.08 12.20 New highs 53 11
Nasdaq Composite 4301.53 4212.81 4283.75 -79.39 -1.82 5218.86 4283.75 -9.4 -14.5 10.3 SPDR S&P 500 SPY 7,955.7 185.20 -0.22 -0.12 207.75 183.36 New lows 445 23
Nasdaq 100 3979.09 3888.78 -63.80 4719.05 3960.67 -13.8 Closing tick 245 5
3960.67 -1.59 -6.1 12.6 Mondelez Intl Cl A MDLZ 5,297.2 36.34 … unch. 36.46 35.51
Closing Arms† 1.12 0.54
Sprouts Farmers Market SFM 5,111.9 23.50 -0.17 -0.72 24.50 22.96
Standard & Poor's Block trades* 6,513 99
iShares MSCI Emg Markets EEM 5,100.5 29.63 0.03 0.10 30.10 29.40
500 Index 1873.25 1828.46 1853.44 -26.61 -1.42 2130.82 1853.44 -9.4 -9.3 6.9 Nasdaq NYSE Arca
PwrShrs QQQ Tr Series 1 QQQ 3,390.7 96.51 -0.11 -0.11 101.64 96.46
MidCap 400 1269.11 1239.63 1256.34 -22.98 -1.80 1549.44 1254.93 -14.5 -10.2 4.2 Total volume* 2,674,658,436 501,945,583
SmallCap 600 601.72 591.47 599.74 -5.42 -0.90 742.13 599.74 -13.1 -10.7 5.4 Percentage gainers… Adv. volume* 574,756,528 122,093,573
Decl. volume* 2,089,268,992 379,452,473
Other Indexes Silver Spring Networks SSNI 6.3 11.90 2.16 22.18 11.90 9.74
Issues traded 2,943 1,451
Russell 2000 982.15 955.71 969.34 -16.28 -1.65 1295.80 969.34 -18.9 -14.7 2.0 Magellan Midstream MMP 14.3 69.89 8.14 13.18 69.89 57.17
Advances 820 355
NYSE Composite 9294.88 9127.14 9231.33 -159.00 -1.69 11239.66 9156.84 -14.7 -9.0 1.1 Comms Sales Leasing CSAL 102.2 18.00 1.04 6.13 18.57 16.96 Declines 2,051 1,088
Value Line 400.33 386.94 392.24 -8.09 -2.02 522.42 392.24 -21.7 -12.0 -0.3 Transmontaigne Partners TLP 10.6 31.10 1.76 6.00 31.10 31.10 Unchanged 72 8
NYSE Arca Biotech 2694.91 2610.38 2646.62 -96.83 -3.53 4431.87 2646.62 -26.1 -30.6 16.1
St. Jude Medical STJ 33.6 53.20 2.90 5.77 53.20 50.12 New highs 9 36
New lows 536 177
NYSE Arca Pharma 483.39 475.79 480.87 -7.25 -1.48 605.94 480.87 -11.5 -11.2 6.8 ...And losers
Closing tick 200 54
KBW Bank 61.01 58.70 59.45 -1.93 -3.14 80.41 59.45 -16.1 -18.7 2.6 DRDGOLD ADR DRD 9.4 3.34 -0.55 -14.16 3.84 3.12 Closing Arms† 1.45 0.99
PHLX§ Gold/Silver 58.72 55.78 56.78 1.47 2.66 78.25 38.84 -27.4 25.3 -28.1 Qualys Inc. QLYS 81.9 21.10 -1.41 -6.26 24.16 19.16 Block trades* 8,680 2,322
PHLX§ Oil Service 142.20 137.07 141.67 -0.14 -0.10 224.32 128.61 -31.2 -10.2 -17.1 Oasis Petroleum OAS 8.3 5.12 -0.19 -3.58 5.76 5.11 * Primary market NYSE, NYSE MKT NYSE Arca only.
PHLX§ Semiconductor 576.70 562.61 571.45 -14.80 -2.52 746.08 559.59 -14.0 -13.9 10.4 American Eagle Outfitters AEO 59.3 13.02 -0.46 -3.39 13.48 13.02 †(TRIN) A comparison of the number of advancing and declining
CBOE Volatility 27.72 25.56 2.62 40.74 11.95 42.8 issues with the volume of shares rising and falling. An
26.00 11.21 40.2 25.9 Copa Holdings Cl A CPA 7.4 46.28 -1.56 -3.27 49.10 46.28 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 2103.42 –35.38 –1.65 –10.0 Direxion Cyber Bear 2X HAKD 68.74 15.31 28.65 68.75 37.98 ... BioCryst Pharm BCRX 1.78 -4.36 -71.01 16.83 1.76 -82.3
The Global Dow Euro 1776.71 –30.53 –1.69 –12.3 Apollo Educ Group Cl A APOL 8.62 1.67 24.03 28.66 6.31 -66.4 Energy Transfer Eqty ETE 4.05 -2.93 -41.98 35.44 4.00 -86.0
DJ Global Index 277.95 –4.39 –1.56 –9.7 Argos Therapeutics ARGS 3.82 0.68 21.66 9.64 1.61 -52.7 Williams Cos WMB 11.16 -5.96 -34.81 61.38 10.22 -75.8
World DJ Global ex U.S. 190.40 –2.96 –1.53 –9.4 Aurinia Pharmaceuticals AUPH 2.59 0.40 18.26 5.65 1.42 -24.7 Chesapeake Energy CHK 2.04 -1.02 -33.33 21.29 1.50 -90.0
Mirna Therapeutics MIRN 4.60 0.69 17.64 11.01 3.57 ... ZAIS Group Holdings Cl A ZAIS 3.58 -1.61 -31.02 12.73 3.58 -65.9
Americas DJ Americas 440.00 –7.29 –1.63 –9.7
Closed –6.4 DRDGOLD ADR DRD 3.89 0.57 17.17 4.03 1.10 68.4 ProQR Therapeutics PRQR 3.71 -1.53 -29.20 27.60 3.70 -79.0
Brazil Sao Paulo Bovespa 40592.09 …
–3.6
Direxion S&P Biotech Bear LABD 92.80 13.48 16.99 96.13 24.00 ... Axsome Therapeutics AXSM 5.37 -1.84 -25.52 15.74 5.37 ...
Canada S&P/TSX Comp 12535.40 –228.59 –1.79
China Customer Relations CCRC 10.22 1.47 16.80 11.99 4.39 ... Energy Transfer Partners ETP 19.81 -5.89 -22.92 60.78 19.73 -66.2
Mexico IPC All-Share 42774.85 –454.82 –1.05 –0.5
ProShares UltSh Oil Gas SOP 43.29 5.98 16.04 62.00 21.16 ... Neuberger Berman MLP Incm NML 5.66 -1.45 -20.39 19.65 4.52 -70.5
Chile Santiago IPSA 2912.68 –4.03 –0.14 –1.1
Sientra SIEN 9.96 1.36 15.81 26.67 2.78 -33.9 Brixmor Property Group BRX 21.10 -5.32 -20.14 27.12 19.91 -19.8
Europe Stoxx Europe 600 314.36 –11.54 –3.54 –14.1
Grana y Montero ADR GRAM 3.62 0.42 13.13 10.31 2.18 -63.6 KemPharm KMPH 11.48 -2.87 -20.00 26.15 10.90 ...
Euro zone Euro Stoxx 295.19 –11.31 –3.69 –14.5
Direxion Jr Gold Bull 3X JNUG 48.30 5.47 12.76 162.50 20.52 -69.8 Emerge Energy Services EMES 3.28 -0.80 -19.61 59.00 1.97 -94.1
Belgium Bel-20 3191.55 –114.14 –3.45 –13.7
CafePress PRSS 3.56 0.40 12.66 5.36 2.05 69.5 Edge Therapeutics EDGE 7.31 -1.76 -19.40 25.87 7.02 ...
France CAC 40 4066.31 –134.36 –3.20 –12.3 Kimball Electronics KE 10.58 1.16 12.31 17.01 9.15 -3.4 Global Blood Therapeutics GBT 15.03 -3.55 -19.11 57.00 14.72 ...
Germany DAX 8979.36 –306.87 –3.30 –16.4 ZAGG Inc ZAGG 10.30 1.08 11.71 12.74 5.98 63.2 Williams Partners WPZ 14.39 -3.36 -18.93 59.44 12.80 -69.0
Israel Tel Aviv 1420.83 –17.06 –1.19 –7.1
Italy FTSE MIB 16441.20 –809.06 –4.69 –23.2
Netherlands AEX 400.61 –13.33 –3.22 –9.3 Most Active Stocks Volume Movers Ranked by change from 65-day average*
Spain IBEX 35 8122.10 –377.40 –4.44 –14.9 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 440.45 –19.77 –4.30 –12.8
Switzerland Swiss Market 7759.21 –200.92 –2.52 –12.0 Bank Of America BAC 210,216 106.5 12.27 -5.25 18.48 12.13 WisdomTree Coal Fund TONS 315 4320 29.85 -2.55 41.58 29.47
–8.9 SPDR S&P 500 SPY 183,311 27.8 185.42 -1.35 213.78 181.02 American River Bankshares AMRB 155 2730 10.24 -2.48 11.19 9.10
U.K. FTSE 100 5689.36 –158.70 –2.71
Energy Transfer Eqty ETE 133,731 468.8 4.05 -41.98 35.44 4.00 ProShares Short MidCap400MYY 578 1702 17.94 1.59 18.64 15.10
Asia-Pacific DJ Asia-Pacific TSM 1277.88 9.20 0.73 –8.0 UWTI 121,334
VelocityShares 3x Lg 97.4 1.70 -8.60 42.80 1.41 Brixmor Property Group BRX 20,850 1174 21.10 -20.14 27.12 19.91
Australia S&P/ASX 200 4975.40 –0.80 –0.02 –6.1 Chesapeake Energy CHK 118,857 373.9 2.04 -33.33 21.29 1.50 BioCryst Pharm BCRX 9,268 1156 1.78 -71.01 16.83 1.76
China Shanghai Composite 2763.49 … Closed –21.9
Finl Select Sector SPDR XLF 106,809 103.4 20.42 -2.53 25.62 18.52 KraneShares E Fd China KCNY 243 1038 33.33 0.21 35.76 26.69
Hong Kong Hang Seng 19288.17 … Closed –12.0
iPath SP 500 VIX Sht Tm VXX 103,707 38.5 27.62 4.78 35.22 15.48 Sprouts Farmers Market SFM 22,131 984 23.67 3.09 38.45 16.41
India S&P BSE Sensex 24287.42 –329.55 –1.34 –7.0
Mkt Vectors Gold Miners GDX 96,125 70.9 17.47 2.46 21.86 12.40 FS Bancorp FSBW 55 976 24.00 1.10 26.49 18.71
Japan Nikkei Stock Avg 17004.30 184.71 1.10 –10.7
PwrShrs QQQ Tr Series 1 QQQ 88,194 119.2 96.62 -1.53 115.75 84.74 Krane CSI China Internet KWEB 1,459 967 30.39 -3.12 44.68 26.00
Singapore Straits Times 2623.21 … Closed –9.0 Facebook Cl A FB 70,829 126.2 99.75 -4.15 117.59 72.00 Direxion Natl Gas Bear 3x GASX 198 914 50.90 10.99 158.95 35.40
South Korea Kospi 1917.79 … Closed –2.2
* 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 8063.00 … Closed –3.3 5,000 shares =Has traded fewer than 65 days
Sources: SIX Financial Information; WSJ Market Data Group
Consumer Rates and Returns to Investor Benchmark

Treasury Yields
yield curve Forex Race Currencies
and
Yield toRates
maturity of current bills, Yen, euro vs. dollar; dollar vs.
U.S.-dollar foreign-exchange rates in late New York trading
U.S. consumer rates Selected rates notes and bonds major U.S. trading partners
30-year mortgage, Rate US$vs, US$vs,
A consumer rate against its Mon YTDchg Mon YTDchg
benchmark over the past year 5.00% 10% Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Bankrate.com avg†: 3.68%
4.00 WSJ Dollar index Americas Thailand baht .02815 35.520 –1.4
Hills Bank and Trust Company 3.50% 5 s
Vietnam dong .00004488 22283 0.6
4.00% Hills, IA Argentina peso .0700 14.2790 10.3
t 800-445-5725 3.00 Europe
0 Brazil real .2567 3.8954 –1.7
30-year fixed-rate NewEnglandResidentialFinance,LLC 3.50% Canada dollar .7180 1.3928 0.6 Czech Rep. koruna .04135 24.183 –2.8
mortgage 3.00 2.00
Wolcott, CT 860-863-5152 –5 Chile peso .001401 713.70 0.7 Denmark krone .1500 6.6682 –3.0
t s s Colombia peso .0002968 3369.34 6.1 Euro area euro 1.1193 .8935 –3.0
2.00 Stockman Bank of Montana 3.50% One year ago 1.00
t
t
–10 Yen Euro
Monday Ecuador US dollar 1 1 unch Hungary forint .003598 277.94 –4.3
10-year Treasury Miles City, MT 406-377-1000
0.00 Mexico peso .0536 18.6657 8.5 Iceland krona .007800 128.21 –1.5
note yield 1.00 VanDyk Mortgage Corp. 3.50% –15
Peru new sol .2872 3.483 2.0 Norway krone .1165 8.5873 –2.9
1 3 6 1 2 3 5 710 30 2015 2016
Atlanta, GA 404-260-7395 Uruguay peso .03208 31.1700 4.2 Poland zloty .2516 3.9742 1.3
0.00 month(s) years Venezuela b. fuerte .158603 6.3051 unch Russia ruble .01298 77.015 7.1
M AM J J A S O N D JF Wisconsin Bank Trust 3.50%
maturity Asia-Pacific Sweden krona .1184 8.4452 unch
2015 2016 Sheyboygan, WI 888-582-4440 Switzerland franc 1.0132 .9870 –1.5
Sources: Ryan ALM; Tullett Prebon; WSJ Market Data Group Australian dollar .7086 1.4112 2.8
Turkey lira .3393 2.9473 1.0
China yuan .1521 6.5742 1.2
Yield/Rate (%) 52-Week Range (%) 3-yr chg Ukraine hryvnia .0384 26.0630 8.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) Hong Kong dollar .1283 7.7923 0.5
UK pound 1.4432 .6929 2.1
India rupee .01470 68.034 2.8
Federal-funds rate target 0.25-0.5 0.25-0.5 0.00 l 0.50 0.25 Corporate Borrowing Rates and Yields Indonesia rupiah .0000730 13692 –1.0 Middle East/Africa
Prime rate* 3.50 3.50 3.25 l 3.50 0.25 Yield (%) 52-Week Total Return (%) Japan yen .008632 115.85 –3.7 Bahrain dinar 2.6518 .3771 unch
Bond total return index Close Last Week ago High Low 52-wk 3-yr Kazakhstan tenge .002739 365.15 7.8 Egypt pound .1277 7.8332 unch
Libor, 3-month 0.62 0.61 0.26 l 0.62 0.33
Macau pataca .1247 8.0181 0.2 Israel shekel .2569 3.8933 unch
Money market, annual yield 0.27 0.27 0.24 l 0.42 -0.23 Treasury, Ryan ALM 1466.097 1.401 1.613 1.957 1.401 3.138 3.108
Malaysia ringgit .2390 4.1835 –2.8 Kuwait dinar 3.3252 .3007 –0.9
Five-year CD, annual yield 1.32 1.29 1.29 l 1.53 0.01 10-yr Treasury, Ryan ALM 1772.628 1.736 1.966 2.480 1.736 1.872 3.500 New Zealand dollar .6627 1.5090 3.1 Oman sul rial 2.5947 .3854 0.1
30-year mortgage, fixed† 3.68 3.68 3.67 l 4.22 -0.12 DJ Corporate 344.647 3.319 3.411 3.462 2.641 –1.012 2.498 Pakistan rupee .00961 104.085 –0.8 Qatar rial .2747 3.641 unch
15-year mortgage, fixed† 2.94 2.94 2.94 l 3.42 -0.16 Aggregate, Barclays Capital 1864.720 2.270 2.400 2.630 2.000 1.516 2.337 Philippines peso .0209 47.840 2.1 Saudi Arabia riyal .2667 3.7500 –0.1
Jumbo mortgages, $417,000-plus† 4.29 4.36 4.00 l 4.97 0.07 Singapore dollar .7119 1.4047 –1.0 South Africa rand .0620 16.1357 4.3
High Yield 100, Merrill Lynch 2293.387 8.242 7.688 8.696 5.016 –9.409 –0.081 South Korea won .0008305 1204.13 2.4
Five-year adj mortgage (ARM)† 3.25 3.35 3.14 l 3.99 0.22 Close Net Chg % Chg YTD%Chg
Fixed-Rate MBS, Barclays 1935.780 2.460 2.530 2.900 2.320 2.476 2.707 Sri Lanka rupee .0069406 144.08 –0.1
New-car loan, 48-month 3.26 3.24 2.71 l 3.33 0.75 Taiwan dollar .02995 33.393 1.4 WSJ Dollar Index 89.63 –0.18–0.20 –0.60
Muni Master, Merrill 507.195 1.491 1.584 2.099 1.491 3.636 3.060
HELOC, $30,000 4.75 5.01 4.24 l 5.01 0.09
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 666.777 6.903 6.855 7.128 5.679 –0.209 0.157 Sources: Tullett Prebon, WSJ Market Data Group
banks.† Excludes closing costs.
Sources: SIX Financial Information; WSJ Market Data Group; Bankrate.com Sources: J.P. Morgan; Ryan ALM; S&P Dow Jones Indices; Barclays Capital; Merrill Lynch
Commodities Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
DJ Commodity 440.86 0.26 0.06 584.70 420.23 -20.96 -2.85

ONLINE
WSJ
Reuters-Jefferies CRB 160.58 -1.35 -0.84 231.77 156.32 -29.54 -8.90
Crude oil, $ per barrel 29.69 -1.20 -3.88 61.43 26.55 -43.83 -19.84
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 2.140 0.077 3.73 3.02 1.76 -17.60 -8.43
ETFs. Plus, get deeper money-flows data and email delivery of key stock-market data. All are available free at
Gold, $ per troy oz. 1197.90 40.10 3.46 1240.80 1050.80 -3.46 12.98
WSJMarkets.com
THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | C7
COMMODITIES & CREDIT MARKETS

Futures Contracts | WSJ.com/commodities Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest
Agriculture Futures 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100%

Metal & Petroleum Futures March 121-017 121-180 120-297 121-177 16.5 2,618,550
Contract Open Contract Open Corn (CBT)-5,000 bu.; cents per bu.
366.00 367.00 361.50 362.25 –3.50 524,398 June 120-317 121-122 120-317 121-122 18.0 82,724
Open High hi lo Low Settle Chg interest Open High hilo Low Settle Chg interest March
May 370.50 371.50 366.25 367.00 –3.75 305,466 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
Copper-High (CMX)-25,000 lbs.; $ per lb. Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. March 109-125 109-180 109-115 109-175 4.7 1,112,479
Feb 2.0785 2.0935 2.0785 2.0885 –0.0120 1,214 March 30.97
31.38 29.57 29.69 –1.20 507,532
Oats (CBT)-5,000 bu.; cents per bu.
March 197.25 200.25 196.75 199.00 2.00 5,502 June 109-127 109-165 109-127 109-162 5.5 44,653
March 2.0930 2.1065 2.0710 2.0905 –0.0125 97,911 April 32.79
33.28 31.51 31.64 –1.08 259,402
May 201.50 204.00 201.00 201.00 –.50 3,357 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Gold (CMX)-100 troy oz.; $ per troy oz. May 34.52
35.06 33.35 33.43 –1.04 156,280
Soybeans (CBT)-5,000 bu.; cents per bu. Feb 99.628 99.628 t 99.625 99.628 –.007 112,777
Feb 1173.50 1200.40 s 1165.00 1197.90 40.10 2,232 June 35.99
36.52 34.82 34.92 –1.02 178,090
1174.00 1201.40 s 1164.50 1197.90 40.20 283,433 March 867.50 868.75 861.50 862.50 –5.00 264,617 April 99.600 99.630 s 99.595 99.625 .025 142,520
April Dec 40.45
40.82 39.25 39.53 –0.81 183,443
June 1170.00 1200.90 s 1165.60 1198.40 40.20 56,824 Dec'17 44.25
44.56 42.97 43.57 –0.57 91,369 May 871.25 872.25 865.00 866.50 –4.75 184,802 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Aug 1172.40 1200.60 s 1166.90 1199.00 40.20 12,913 NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Soybean Meal (CBT)-100 tons; $ per ton. March 106.781 107.594 s 106.781 107.438 .953 28,721
Dec 1173.90 1203.40 s 1168.00 1200.30 40.20 15,942 March 1.0619 1.0806 1.0409 1.0464 –.0126 84,680 March 265.00 266.20 t 263.30 264.50 –.50 144,813 1 Month Libor (CME)-$3,000,000; pts of 100%
Dec'17 1203.10 1205.00 1200.00 1205.50 40.20 5,590 April 1.0712 1.0912 1.0534 1.0557 –.0155 57,649 May 266.80 267.80 t 265.10 266.20 –.50 99,384 Feb ... ... t 99.5625 99.5525 –.0175 1,510
Palladium (NYM) - 50 troy oz.; $ per troy oz. Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Soybean Oil (CBT)-60,000 lbs.; cents per lb. Eurodollar (CME)-$1,000,000; pts of 100%
Feb 492.00 492.00 492.00 519.05 19.40 1 March .9903 1.0018 t .9540 .9561 –.0366 96,148 March 31.29 31.30 30.64 30.75 –.48 135,000 Feb 99.3750 99.3800 99.3600 99.3625 –.0125 125,815
March 503.45 519.20 494.10 518.10 19.40 23,591 April 1.2161 1.2279 t 1.1826 1.1841 –.0377 68,145 May 31.47 31.53 30.88 30.99 –.48 113,135 June 99.2950 99.3250 99.2850 99.3100 .0100 1,367,057
June 499.80 519.90 495.00 518.80 19.45 3,256 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept 99.2500 99.3000 99.2350 99.2900 .0300 1,238,124
Platinum (NYM)-50 troy oz.; $ per troy oz. March 2.106 2.172 2.105 2.140 .077 247,896 March 1109.50 1113.00 1091.00 1092.00 –20.00 8,946 Dec 99.1950 99.2600 99.1800 99.2550 .0500 1,278,851
Feb 865.00 865.60 864.70 927.00 25.00 3 April 2.167 2.223 2.160 2.189 .052 147,692 May 1136.00 1136.00 1119.00 1119.00 –20.50 3,099
April 913.10 934.30 s 901.00 928.70 25.00 60,166 May 2.238 2.281 2.222 2.250 .048 123,103 Wheat (CBT)-5,000 bu.; cents per bu. Currency Futures
Silver (CMX)-5,000 troy oz.; $ per troy oz. June 2.290 2.331 2.276 2.301 .041 50,050 March 466.00 468.75 457.50 458.50 –8.25 184,016
470.00 472.00 462.00 463.00 –7.50 101,799 Japanese Yen (CME)-¥12,500,000; $ per 100¥
Feb 14.910 15.420 s 14.910 15.416 0.652 140 July 2.359 2.387 2.335 2.359 .036 58,047 May
March .8559.8691 s .8516 .8678 .0114 231,514
March 15.000 15.480 s 14.900 15.426 0.648 101,229 Oct 2.417 2.452 2.397 2.419 .026 68,923 Wheat (KC)-5,000 bu.; cents per bu.
June .8581.8715 s .8541 .8703 .0115 1,514
March 452.50 453.75 t 445.00 445.50 –8.50 89,972
July 473.00 473.00 t 464.50 465.25 –7.75 56,283 Canadian Dollar (CME)-CAD 100,000; $ per CAD
.7196 .7225 .7154 .7176 –.0023 148,682
Bonds | WSJ.com/bonds Wheat (MPLS)-5,000 bu.; cents per bu. March
March 491.25 492.75 485.75 486.25 –5.00 29,118 June .7209 .7226 .7157 .7178 –.0023 3,936
May 497.00 498.50 t 491.50 492.00 –4.75 17,906 British Pound (CME)-£62,500; $ per £
March 1.4499 1.4548 1.4352 1.4440 –.0059 258,774
Tracking Bond Benchmarks Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
March 152.000 152.000 149.325 149.325 –4.500 15,662 June 1.4514 1.4550 1.4358 1.4445 –.0058 1,351
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Aug 151.950 151.950 t 149.050 149.150 –4.400 7,380 Swiss Franc (CME)-CHF 125,000; $ per CHF
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 1.0096 1.0176 s 1.0041 1.0165 .0066 54,092
highs and lows for different types of bonds 1.0124 1.0217 s 1.0084 1.0210 .0069 470
Feb 134.825 134.825 133.050 133.050 –3.000 16,130 June
Total return Yield (%), 52-Week Range l Latest April 133.000 133.100 131.400 131.400 –3.000 120,743 Australian Dollar (CME)-AUD 100,000; $ per AUD
close YTD total return (%) Index Latest Low 0 4 8 12 16 20 High
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March .7065 .7117 .7038 .7072 .0018 114,394
1864.72 2.0 Broad market Barclays Aggregate 2.270 2.000 l 2.630 Feb 65.275 65.750 64.800 65.025 .225 19,221 June .7046 .7086 .7011 .7043 .0018 864
April 70.000 70.950 69.500 69.725 –.575 79,805 Mexican Peso (CME)-MXN 500,000; $ per MXN
2493.65 0.9 U.S. Corporate Barclays Capital 3.580 2.830 l 3.710 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March .05408 .05430 .05306 .05318 –.00091 104,023
March 251.60 254.30 249.20 251.40 –1.40 3,476 June .05348 .05396 .05274 .05285 –.00090 53,631
2438.15 0.8 Intermediate 2.980 2.230 l 3.120 May 248.90 250.10 246.70 247.80 –1.60 1,672 Euro (CME)-€125,000; $ per €
3187.33 1.1 Long term 4.980 4.170 l 5.120 Milk (CME)-200,000 lbs., cents per lb. March 1.1157 1.1226 1.1096 1.1222 .0067 427,940
Feb 13.82 13.83 13.76 13.78 –.05 4,885 1.1184 1.1256 1.1129 1.1253 .0068 6,021
529.09 1.7 Double-A-rated 2.460 2.070 l 2.700 June
March 13.96 13.96 13.85 13.87 –.09 4,820
613.21 0.1 Triple-B-rated 4.320 3.300 l 4.400 Cocoa (ICE-US)-10 metric tons; $ per ton. Index Futures
March 2,797 2,867 2,761 2,858 86 45,541
317.91 -3.9 High Yield Constrained Merrill Lynch 9.774 5.853 l 9.774 May 2,805 2,879 2,773 2,870 89 74,917
Mini DJ Industrial Average (CBT)-$5 x index
March 16147 16197 15729 15988 –143 63,570
259.00 -7.3 Triple-C-rated 20.965 10.017 20.965
l Coffee (ICE-US)-37,500 lbs.; cents per lb. June 16099 16119 t 15645 15902 –143 886
March 120.00 120.00 115.65 115.75 –4.65 63,924
2293.39 -3.4 High Yield 100 8.242 5.016 l 8.696 May 121.90 121.95 117.85 117.95 –4.45 55,433 S&P 500 Index (CME)-$250 x index
294.60 -3.1 March 1876.00 1883.80 t 1822.50 1852.00 –23.30 123,988
Global High Yield Constrained 9.148 5.894 l 9.295 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
March 13.40 13.53 13.22 13.45 .18 243,929 June 1838.00 1843.50 t 1815.00 1843.20 –23.30 2,636
257.23 -2.3 Europe High Yield Constrained 5.790 3.550 l 6.412 Mini S&P 500 (CME)-$50 x index
May 13.23 13.41 13.13 13.35 .21 238,101
March 1876.25 1884.50 t 1821.75 1852.00 –23.25 2,998,346
1611.55 1.9 U.S Agency Barclays 1.300 1.170 l 1.680 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
June 1866.75 1875.75 t 1813.25 1843.25 –23.25 48,692
March 25.61 25.70 t 25.25 25.25 –.01 1,260
1448.89 1.4 10-20 years 1.100 0.980 l 1.480 May 25.20 25.20 t 25.20 25.45 .25 2,954 Mini S&P Midcap 400 (CME)-$100 x index
3195.31 6.2 1277.60 1283.50 1235.90 1256.30 –20.90 101,525
20-plus years 2.830 2.700 l 3.370 Cotton (ICE-US)-50,000 lbs.; cents per lb. March
March 59.95 60.12 t 58.75 59.60 –.37 88,480 Mini Nasdaq 100 (CME)-$20 x index
1935.78 1.5 Mortgage-Backed Barclays 2.460 2.320 l 2.900 May 60.60 60.75 t 59.51 60.36 –.24 58,508 March 4027.3 4046.0 t 3883.0 3964.3 –57.8 283,321
June 4030.8 4038.5 t 3877.3 3957.8 –57.5 613
1910.06 1.2 Ginnie Mae (GNMA) 2.390 2.180 l 2.860 Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
March 135.20 135.20 130.90 133.35 –1.70 6,701 Mini Russell 2000 (ICE-US)-$100 x index
1133.37 1.6 Fannie mae (FNMA) 2.470 2.370 l 2.910 March 986.10 991.50 t 952.90 970.00 –15.40 436,074
May 134.50 135.25 131.25 133.55 –1.80 4,839
1744.12 1.6 Freddie Mac (FHLMC) 2.510 2.370 l 2.930 June 979.00 979.00 t 947.40 964.50 –15.90 44
Interest Rate Futures Mini Russell 1000 (ICE-US)-$100 x index
507.20 1.5 Muni Master Merrill Lynch 1.491 1.491 l 2.099 Treasury Bonds (CBT)-$100,000; pts 32nds of 100% March 1022.50 1022.50 1003.00 1020.30 –13.70 7,657
355.80 2.1 7-12 year 1.471 1.471 l 2.144 March 163-160 166-040 162-280 166-010 2-25.0 552,536 U.S. Dollar Index (ICE-US)-$1,000 x index
June 162-040 164-240 161-180 164-220 2-24.0 7,968 March 97.05 97.50 96.57 96.58 –.47 74,958
391.84 1.4 12-22 year 1.948 1.948 l 2.636 June 97.15 97.58 96.68 96.68 –.47 2,325
Treasury Notes (CBT)-$100,000; pts 32nds of 100%
372.41 1.5 22-plus year 2.644 2.644 l 3.351 March 130-110 131-100 130-055 131-095 30.0 2,929,461
June 129-290 130-260 129-235 130-265 30.5 87,974 Source: SIX Financial Information
2253.62 0.7 Yankee Barclays 2.940 2.430 l 3.110
536.19 2.8 Global Government J.P. Morgan 1.260 1.260 l 1.780
773.31 2.3 Canada 1.390 1.390 l 1.970 Dividend Changes
363.76 1.7 EMU 1.021 0.724 l 1.609
Dividend announcements from February 8.
700.87 2.8 France 0.770 0.490 l 1.360
Amount Payable / Amount Payable /
511.65 3.5 Germany 0.310 0.160 l 1.040 Company Symbol Yld % New/Old Frq Record Company Symbol Yld % New/Old Frq Record
283.72 2.0 Japan 0.460 0.460 l 0.890 Increased Ardmore Shipping ASC 6.7 .13 Q Feb29 /Feb16
Aspen Ins Hldgs 7.401% AHLpA 7.9 .46256 Q Apr01 /Mar15
560.42 3.2 Netherlands 0.490 0.240 l 1.130 Avista AVA 3.6 .3425 /.33 Q Mar15 /Feb19
Aspen Ins Hldgs Perp Pfd AHLpB 7.0 .4531 Q Apr01 /Mar15
Baldwin & Lyons Cl A BWINA 4.6 .26 /.25 Q Mar04 /Feb19
869.18 5.3 U.K. 1.850 1.850 l 2.480 Baldwin & Lyons Cl B BWINB 4.4 .26 /.25 Q Mar04 /Feb19
Aspen Ins Hldgs Pfd AHLpC 5.8 .3719 Q Apr01 /Mar15
Aspen insurance AHL 2.0 .21 Q Mar08 /Feb19
666.78 -0.6 Emerging Markets ** 6.903 5.679 l 7.128 Mobile Mini MINI 3.2 .206 /.187 Q Mar23 /Mar09
AstraZeneca ADR AZN 6.6 .95 SA Mar21 /Feb19
USD Partners USDP 16.4 .30 /.2925 Q Feb19 /Feb15
HSBC Holdings ADR HSBC .50 Apr20 /Mar04
*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 Utd Community Banks UCBI 1.7 .07 /.06 Q Apr01 /Mar15
HSBC Holdings ADR Pfd HSBCpA 6.2 .3875 Q Mar15 /Feb29
** EMBI Global Index Sources: S&P Dow Jones Indices; Merrill Lynch; Barclays Capital; J.P.Morgan Funds and investment companies HSBC Holdings ADR Pfd HSBCpA 6.2 .3875 Q Mar15 /Feb29
Babson Gl Sh Dur Hi Yd BGH 12.2 .1534 M May02 /Apr21 Lazard LAZ 4.2 1.20 Feb26 /Feb11
Brkfld Mortgage Opp Incm BOI 10.4 .1271 M Feb25 /Feb18 Lazard LAZ 4.2 .35 Q Feb26 /Feb11
Global Government Bonds: Mapping Yields Brookfield Hi Incm Fd HHY 14.5 .075 M Feb25 /Feb16 STMicroelectronics
Wi-Lan
STM
WILN
7.4
3.2
.10
.00896 Q
Q Mar29 /Mar22
Apr06 /Mar22
BrookfieldGlblLstdInfrInc INF 14.7 .1167 M Feb25 /Feb18
Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in CLSeligmn Prem Tech Gr Fd STK 11.8 .4625 Q Feb23 /Feb16 Special
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session NexPoint Credit Strat Fd NHF 16.5 .24 M Feb29 /Feb22 Symantec SYMC 3.1 4.00 Mar22 /Mar08
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points Foreign KEY: A: annual; c: corrected; M: monthly; Q: quarterly; r: revised; SA:
Coupon (%) Maturity, in years Latest(l) 0 20 40 60 80 100 120 Previous Month ago Year ago Latest Prev Year ago Allegion PLC ALLE 0.9 .12 Q Mar31 /Mar16 semiannual; S2:1: stock split and ratio; SO: spin-off.
0.750 U.S. 2 0.654 t l 0.730 0.932 0.648
2.250 10 1.734 t l 1.834 2.117 1.957
5.500 Australia 2 1.882 s l 1.864 2.018 1.951 122.8 113.4 130.4 Cash Prices | WSJ.com/commodities Monday, February 8, 2016
4.250 10 2.597 s l 2.560 2.728 2.462 86.3 72.6 50.6 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
4.250 France 2 -0.423 t l -0.406 -0.345 -0.101 -107.8 -113.6 -74.8 separate from the futures price on an exchange, which reflects what the commodity might be worth in future
1.000 10 0.600 t l 0.638 0.880 0.612 -113.4 -119.6 -134.5 months.
Monday Monday Monday
0.500 Germany 2 -0.505 t l -0.487 -0.390 -0.200 -115.9 -121.7 -84.7
0.500 10 0.220 t 0.300 0.517 0.344 -153.4 SoybeanMeal,Cent IL,rail,ton48%-u 273.50 Coffee,Brazilian,Comp 1.2645
l -151.4 -161.3 Energy Soybeans,No.1 yllw IL-bp,u 8.5350 Coffee,Colombian, NY 1.4102
Propane,tet,Mont Belvieu-g 0.3662
4.500 Italy 2 0.073 s l 0.015 -0.001 0.285 -58.2 -71.5 -36.2 Wheat,Spring14%-pro Mnpls-u 5.8125 Eggs,large white,Chicago-u 1.5750
Butane,normal,Mont Belvieu-g 0.6238 Wheat,No.2 soft red,St.Louis-bp,u 4.6700 Flour,hard winter KC 12.85
2.000 10 1.701 s l 1.559 1.520 1.551 -3.3 -27.6 -40.6 NaturalGas,HenryHub-i 2.220 Wheat - Hard - KC (USDA) $ per bu-u 4.2750 Hams,17-20 lbs,Mid-US fob-u n.a.
NaturalGas,TranscoZone3-i 2.200 5.2275 63.72
0.100 Japan 2 -0.193 t l -0.193 -0.019 0.042 -84.8 -92.3 -60.5 NaturalGas,TranscoZone6NY-i 2.900
Wheat,No.1soft white,Portld,OR-u Hogs,Iowa-So. Minnesota-u
Pork bellies,12-14 lb MidUS-u 1.5014
0.300 10 0.037 s l 0.029 0.230 0.342 -169.7 -180.6 -161.5 NaturalGas,PanhandleEast-i 2.100 Food Pork loins,13-19 lb MidUS-u 0.9883
NaturalGas,Opal-i 2.050 Beef,carcass equiv. index Steers,Tex.-Okla. Choice-u 135.97
0.500 Spain 2 0.029 s l -0.004 0.009 0.327 -62.5 -73.4 -32.1 NaturalGas,MarcellusNE PA-i 1.300 choice 1-3,600-900 lbs.-u 203.25 Steers,feeder,Okla. City-u,w 181.00
2.150 10 1.759 s l 1.647 1.717 1.489 2.6 -18.8 -46.8 NaturalGas,HaynesvilleN.LA-i 2.280 select 1-3,600-900 lbs.-u 199.77
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 42.250 Broilers,dressed 'A'-u 1.1150 Fats and Oils
1.000 U.K. 2 0.313 t l 0.371 0.507 0.450 -34.2 -35.9 -19.8 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 9.700 Broilers, National comp wghtd-u,w 0.8083 Corn oil,crude wet/dry mill-u 40.2500
2.000 10 1.415 t l 1.564 1.774 1.648 -31.9 -27.0 -30.9 Butter,AA Chicago 2.1550 Grease,choice white,Chicago-u 0.2550
Metals Cheddar cheese,bbl,Chicago 146.50 Lard,Chicago-u n.a.
Source: Tullett Prebon Gold, per troy oz Cheddar cheese,blk,Chicago 147.00 Soybean oil,crude;Centl IL-u 0.2950
Engelhard industrial 1187.66 Milk,Nonfat dry,Chicago lb. 75 Tallow,bleach;Chicago-u 0.2650
Corporate Debt Engelhard fabricated 1276.73 Cocoa,Ivory Coast-w 3081 Tallow,edible,Chicago-u 0.2850
Handy & Harman base 1193.25
Price moves by a company’s debt in the credit markets sometimes mirror and sometimes anticipate moves in Handy & Harman fabricated 1324.51
that same company’s share price. Here’s a look at both for two companies in the news. LBMA Gold Price AM *1158.50
LBMA Gold Price PM *1150.35 ADVERTISEMENT
Investment-grade spreads that tightened the most… Krugerrand,wholesale-e 1245.30
Spread*, in basis points Stock Performance Maple Leaf-e 1257.27
Issuer
Glencore Funding
Symbol Coupon (%)
GLENLN
Maturity
2.500 Jan. 15, ’19

Current
1039 –78
One-day change Last week
1136
Close ($)
...
% chg
...
American Eagle-e
Mexican peso-e
Austria crown-e
1257.27
1451.71
1176.69
Legal Notices
To advertise: 800-366-3975 or WSJ.com/classifieds
Intrepid Aviation Holdings INTAVI 6.875 Feb. 15, ’19 1559 –28 1536 ... ... Austria phil-e 1257.27
Intesa Sanpaolo ISPIM 3.875 Jan. 15, ’19 235 –18 188 ... ... Silver, troy oz.
Newmont Mining NEM 3.500 March 15, ’22 368 –18 406 25.19 3.20 Engelhard industrial 15.1000
Engelhard fabricated 18.1200
BANKRUPTCIES
Chevron CVX 2.427 June 24, ’20 125 –12 119 85.99 3.75 Handy & Harman base 15.3600
Bayer US Finance BAYNGR 3.375 Oct. 8, ’24 108 –10 105 ... ... Handy & Harman fabricated 19.2000
Statoil STLNO 2.650 Jan. 15, ’24 200 –8 n.a. ... ... LBMA spot price £10.3628
(U.S.$ equivalent) 14.9400

Barrick North America Finance ABXCN 5.750 May 1, ’43 555 –7 586 ... ... Coins,wholesale $1,000 face-a 13675

Other metals
…And spreads that widened the most LBMA Platinum Price PM *899.0

!"# $$%& &&'(') ( % ') $*$%
Platinum,Engelhard industrial 916.0 %$+) % %$+),',-))$))' ' .'*,%&'')$$% (-$ ()$) ($* -$%'/ ' $
JPMorgan Chase JPM 7.900 April 30, ’49 638 143 475 56.54 –2.10 '$% $) 0-( 1 $ $* ')'( 1 *'1' 2$ 3 0-( 45 %$
Platinum,Engelhard fabricated 1016.0 $% )$ 678,+0,8 ,9 2$ 3$+) :

Salesforce.com CRM 0.250 April 1, ’18 290 120 715 54.05 –7.62 Palladium,Engelhard industrial 501.0
! " # #

$ % " & $
Transocean RIG 6.500 Nov. 15, ’20 2026 104 1845 9.55 –7.10 Palladium,Engelhard fabricated 601.0 % ' () $ *" + #, -

* #, -
%
$
Aluminum, LME, $ per metric ton *1531.0 #" ( - *
#$
Williams WMB 5.750 June 24, ’44 883 103 786 11.16 –34.81 ( *
.
. /

0/ 1

$
Antimony-d 2.6000 . ' *" $ " & # #
2
Pride International ESV 6.875 Aug. 15, ’20 1843 99 1518 ... ... Copper,Comex spot 2.0885

* #
%

"
.$ 1
$
Deutsche Bank DB 1.875 Feb. 13, ’18 288 67 175 15.54 –7.99 Lead,NA solder-d 109.175 .
$ .
$ "

$ %
.
.
/
0/ 1

( *" 2$ 3'45 ) $ ' $
Iron Ore, 62% Fe CFR China-s n.a.
EnLink Midstream Partners ENLK 2.700 April 1, ’19 1421 59 n.a. 9.01 –16.03 $+) )$$0 &/ $ '/) --;* )$** ' $ &$ *) )+)'** ** 1 $' ))$)
Shredded Scrap, US Midwest-s,w 185 (&-')$% &'* 1 $ $+)< -' -+*'(') '$(';$ +)'$))$) % $* --$ *%'/)
BNP Paribas BNP 7.375 Aug. 19, ’49 623 54 495 ... ... Stainless steel scrap,US-d 1560 2$ 3))$)45 $ )(($))1* +'%%$2)5 2$ 3(($))1* '%%$2)545 / (&-$'';$ +'%%'/
Steel, HRC USA, FOB Midwest Mill-s 400 -($)) 1$$ % (*$ 1 ** *'$) (*'&) $(&+($) % $ '$$)) -) )$(')
"825 # % #8 1 $ 0-( %$ 2$ 3*$45
High-yield issues with the biggest price increases… Tin,NA solder-d 963.292
$+ 8 !"# $ 0-( $$$% %$
Bond Price as % of face value Stock Perfomance Zinc,NA-d 84.249 2$ 3 '%%'/ ($%$) %$45 $)+*')'/ $ '%%'/ ($%$) ='( )$ 1 $ 0$ %$)
%$%*'$) % -($%$) $*$% $ *$ 1 $ ))$)
Issuer Symbol Coupon (%) Maturity Current One-day change Last week Close ($) % chg
$ $+) $ '>$% $$ ' ))$ -()$
Fibers and Textiles /$$&$2)5 =' $ &$ *0'/ )$ '%%$2)5 =' $)-$( ** -' 1 $ ))$)
IAMGOLD IMGCN 6.750 Oct. 1, ’20 70.125 4.63 63.875 ... ... Burlap,10-oz,40-inch NY yd-n,w 0.5400 *$ )+.$( '/$ $=')$ +$$ 11$) (&+'') 1 11$) )
Halcon Resources HKUS 8.625 Feb. 1, ’20 55.000 2.00 62.250 ... ... Cotton,1 1/16 std lw-mdMphs-u 0.5985 )$ 1 ' $ '%%'/ ($%$)

$ ) )$ !"#" $!%&'&()
Cotlook 'A' Index-t *67.25
Chesapeake Energy CHK 8.000 Dec. 15, ’22 40.000 1.75 42.188 2.04 –33.33 * + ) $ '% $%*'$ + ='( $'* '%%$ %$)'$) &0$ ''* ;$+'% 1
Hides,hvy native steers piece fob-u 71.000

? :

Linn Energy LINE 8.625 April 15, ’20 3.800 1.68 16.000 0.33 –34.73 Wool,64s,staple,Terr del-u,w n.a. :

'1 *0'/ )$ '%%$ ') )$*$($% 1 ** 1 $ $+)<
Manitowoc MTW 5.875 Oct. 15, ’22 110.375 1.13 105.875 14.19 –6.15 ))$) % '1 '&$* (1&'/ ''* ;$+'% $ +'% ' ((%($ =' $ '%%'/ ($,
Grains and Feeds %$) ') $($';$% $ $+) )** (%( (' % 1**='/ $ '% $%*'$ $ *0'/
Sally Holdings SBH 5.625 Dec. 1, ’25 102.063 1.05 103.750 ... ... Barley,top-quality Mnpls-u n.a. )$ '%%$ ='** +$ &$% $ (($))1* '%%$ % - $ $+)< $@$) $ ='** (,
International Lease Finance AER 5.875 Aug. 15, ’22 101.500 0.88 103.750 ... ... Bran,wheat middlings, KC-u 105 )'%$ $ --;* 1 $ $+)< $ ' $ *0'/ )$ ))$ -()$ /$$&$ $ *$
$'/ 1 2'5 *0'/ )$ '%%$ ') )$*$($% % $ &$ '&$* (1&'/ ''* ;$+'%) ')
Telecom Italia Capital TITIM 6.999 June 4, ’18 108.000 0.76 108.250 ... ... Corn,No. 2 yellow,Cent IL-bp,u 3.5500 $($';$% 2''5 *0'/ )$ '%%$ ') )$*$($% + = &$ '&$* (1&'/ ''* ;$+'%) $
Corn gluten feed,Midwest-u,w 104.9 $($';$% 2'''5 ) $=')$ -;'%$% + $ '%%'/ ($%$) $ $+) ='** (%( $ ('
Corn gluten meal,Midwest-u,w 458.3
$ (' '1 $($)) )** +$ $*%
…And with the biggest price decreases Cottonseed meal-u,w 240

* +

:

A
! "#$ %

& ' ( B#$ &
) &
B*"*"

:
Chesapeake Energy CHK 6.500 Aug. 15, ’17 30.000 –14.00 48.063 2.04 –33.33 Hominy feed,Cent IL-u,w 95
: +, &
*C

Meat-bonemeal,50% pro Mnpls-u,w 198
$'/ ='** +$ $*% --;$ $ )*$ 1 $ ))$) $
California Resources CRC 8.000 Dec. 15, ’22 23.000 –10.50 39.000 0.92 –10.71 Oats,No.2 milling,Mnpls-u 2.5400 (($))1* '%%$2)5 2$ 3*$ $'/45
,
* +

SM Energy SM 6.500 Nov. 15, ’21 50.000 –8.00 58.750 11.99 –15.15 Rice, 5% Broken White, Thailand-l,w 367.00
+$1$ $ '$% $) 0-( 1 $ $* ')'( 1 *'1' ';')' ,
- ! .( &

C// !
( ( & B*D$/ ,
Whiting Petroleum WLL 5.000 March 15, ’19 51.000 –7.50 64.500 6.19 –5.93 Rice, Long Grain Milled, No. 2 AR-u,w 23.00
0

( :

"#" $!%&'&()
Sorghum,(Milo) No.2 Gulf-u 7.4950 * +

( 1 ,
:
.
WPX Energy WPX 6.000 Jan. 15, ’22 48.000 –7.00 58.250 4.52 –5.83 $) )$$ $-*'$) +.$(') $ *$ )** +$ $% $ *$ $'/

') '($ 1 *$ ($%$) (' $ % *$ $'/
Oasis Petroleum OAS 7.250 Feb. 1, ’19 51.625 –6.88 62.000 5.31 –5.35 KEY TO CODES: A=ask; B=bid; BP=country elevator ') )+.$( $ 1** $&) % (%'') 1 $ ' '%%'/ ($%$) %$ % '%%'/
Weatherford International WFT 4.500 April 15, ’22 59.750 –5.50 66.435 6.74 –2.88 bids to producers; C=corrected; D=Ryan's Notes;

,
E '

'$$) $;'$= )( %(&$) ' $' $'$ (- 1 $ ' '%%'/ ($%$) %F
E=Manfra,Tordella & Brooks; G=ICE; I=Natural Gas
Energy Transfer Equity ETE 5.875 Jan. 15, ’24 70.750 –5.25 76.500 4.05 –41.98 Intelligence; L=livericeindex.com; M=midday;
'%%'/ ($%$) %$ & +$ +'$% 1& $ $+)< (*'&) % '('/ /$ *' $(
G &
, 2

3
,
*/* DD/4//*5
N=nominal; n.a.=not quoted or not available; R=SNL 2'''5 + $&'* (*'&)H%*'$((& 2';5 + ='$ $@$) *' $( 6 &- (
*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. Energy; S=The Steel Index; T=Cotlook Limited; $7 $$%& &&'(') ( $ * #!" 8 ;$$ 0* !7
Note: Data are for the most active issue of bonds with maturities of two years or more U=USDA; W=weekly, Z=not quoted. *Data as of 2/5 -. /
Sources: MarketAxess Corporate BondTicker; WSJ Market Data Group Source: WSJ Market Data Group
Email: heard@wsj.com
HEARD ON THE STREET FINANCIAL ANALYSIS & COMMENTARY WSJ.com/Heard
The Tech-Stock Selloff Could Get Worse OVERHEARD

Dark clouds have de- that sell cloud-based ser- earnings season still in full It is no secret that Gilead
scended on the tech sector. Cloudburst vices. Tableau Software swing, it is possible that Sciences is on the hunt for
And while Punxsutawney Phil Year-to-date performance trimmed its full-year forecast pending reports could help deals. But the dismal market
may say otherwise, a break last week, citing “softness” turn the tide for the sector. for biotech stocks means
Dow
may not be soon in coming. in business-tech spending. Cisco Systems is slated to management can be patient.
A bruising selloff since the –8% That sparked a huge selloff report Wednesday, and that Monday was another ugly
year’s start has cost the Nas- S&P 500 that cut Tableau’s market company often serves as a day. The Nasdaq Biotechnol-
daq Composite all of its gains –9% value by more than half and barometer for corporate- ogy Index fell more than 4%;
since late 2014, with the pain badly damaged many peers. technology demand. it is off nearly 40% from its
MARK LENNIHAN/ASSOCIATED PRESS Nasdaq Composite
particularly acute in the risk- Salesforce.com, Workday The problem is, tech’s peak hit last July. The selloff
ier Internet and software –14% and Splunk—which will re- earnings reports actually hasn’t exactly spared Gilead,
sectors. The index is off 14% Nasdaq Internet Index port results later this month— have gone pretty well so far, but it has been punished less.
so far this year. The Nasdaq –21% are off more than 20% in just relative to reduced expecta- Plus, with biotech stocks
Internet Index has fallen 21%, the past two sessions. tions. But that hasn’t showing no sign of getting
*BVP Cloud Index
and cloud stocks tracked by Finally, there is the issue stanched the bleeding. off the mat any time soon,
–31%
the BVP Cloud Index are off of price. Most cloud and In- About 65% of reporting Gilead stands to benefit. For
more than 31%. By contrast, *Based on Feb. 5 close ternet companies carry lofty tech companies also have ex- one, Gilead has made clear it
the Dow Jones Industrial Av- Sources: FactSet, Bessemer Venture Partners valuations. Amazon.com still ceeded analysts’ revenue tar- is looking to replenish its
erage is off a more modest THE WALL STREET JOURNAL. is more than 100 times for- gets, compared with 49% for pipeline. Investors are con-
(even if still painful) 8%. ward earnings despite losing the S&P. Not that it has done cerned Gilead’s hepatitis C
The selloff reflects an un- Packard, for example, gener- trade-weighted basis versus nearly 30% of its value since them much good: Microsoft franchise is maturing, but the
settled global economic and ates only about a third of its other currencies in the the first of the year. The Nas- and Google are down 11% and business still generates huge
financial-market environ- sales in the U.S, while Intel fourth quarter—has made a daq Composite still carries a 12%, respectively, since their cash flows. The pile of cash
ment that is hitting tech books less than a fifth of its bad situation even worse. premium of nearly 24% to the relatively strong reports. and securities at Gilead now
stocks on three fronts. sales domestically. As a re- Second, worries about the S&P 500 on the same basis. In the changed market en- exceeds $26 billion.
First, in an era when U.S. sult, many tech companies global economic environment Now, the benign economic vironment, the tech sector Gilead is bound to open its
companies at large have be- are taking unusually hard have prompted many compa- environment those valua- has caught a sudden chill. wallet. But as long as stock-
come steadily more depen- hits from economic weakness nies to rein in capital spend- tions were predicated on is Spring, especially for compa- market action like Monday’s
dent on their foreign opera- abroad. The dollar’s strength ing and other investments. in doubt and a global flight nies with little in the way of is the norm, waiting only in-
tions for sales, tech against other currencies—the This can hurt the flow of to safety has pushed inves- profit, will be a long time in creases the bang Gilead will
companies’ overseas expo- greenback averaged 12% new deals that is the life- tors away from risky bets. coming. —Dan Gallagher eventually get for its buck.
sures stand out. Hewlett- higher on the year on a blood of software companies With the tech sector’s and Justin Lahart
This Number Is Killing U.S. Bank Stocks Chesapeake: The End Isn’t That Near
Another day, another tougher it is for banks to eke For Chesapeake Energy, suspended preferred divi- hang on until early 2017
round of bloodletting for Squeeze Play out a profit. attempts to shore up confi- dends; by 15% when it issued without help from natural-
bank stocks. Difference in yields for 10-year In the face of that, inves- dence have instead been akin second-lien notes to redeem gas prices. The sooner they
The KBW Nasdaq Bank in- and two-year U.S. Treasurys tors seem to be saying that to shouting “fire” in a some debt at a discount in recover the better, of course.
dex fell again Monday and there is little point to own- crowded theater. December; and by 10% last With its price hedges no lon-
now is down nearly 19% this 3.0 percentage points ing bank stocks right now. Monday’s share price summer when it suspended ger offering much protec-
year. The reasons for the 2.5 Increases in bank-stock valu- plunge of as much as 50% its common-stock dividend. tion, Chesapeake’s survival
carnage are many: fears of a ations from 2013 onward was the latest mad dash for Each of these cash-pre- as a going concern is in seri-
2.0
global slowdown, worries were based on the idea the the exits. But, while there is serving moves was predict- ous doubt if prices remain
about energy-related losses, 1.5 U.S. Federal Reserve would no sugarcoating how chal- able, though. The company is below $3 per million British
spillover from the grinding be lifting interest rates and lenging the once-swaggering no doubt soliciting advice on thermal units. They now
1.0
down of European bank that the subsequent normal- natural-gas producer’s situa- future steps even if they fetch about $2.10, close to
stocks. But there is also a 2011 ’12 ’13 ’14 ’15 ’16 ization would lift bank prof- tion has become, the stock don’t yet include bankruptcy. their lowest in more than a
particular issue at play: Bank Source: FactSet its, returns and share prices. market’s reaction to its A near-term one might be decade for this time of year.
profitability is again under With markets now doubt- moves has been odd. tapping its revolving-loan fa- The probability of a recov-
serious threat. ing in deposits and lending ing that the Fed will again News reports Monday that cility before it is redeter- ery is certainly higher than
To see how, look to the out that money. move on rates at its March Chesapeake had hired a re- mined this spring and per- zero, though. In fact, despite
difference between yields on On Monday, the spread meeting, that scenario has structuring adviser set bank- haps selling more noncore a mountain of debt, Chesa-
10-year and two-year U.S. fell to 1.09 percentage been pushed far into the fu- ruptcy alarms ringing. The assets. It can try redeeming peake is likely to hang on
Treasurys. The difference, or points—its lowest level in at ture. Banks will survive this, company then denied it was more discounted unsecured while many smaller compa-
spread, between the two is least five years. This hap- but it will be some time be- preparing a filing, and the debt or use cash to maintain nies fail this year. Between
often seen as a proxy for pened as the yield on the 10- fore they can thrive. stock rebounded somewhat. output. Chesapeake can al- now and then, brace for
bank profitability, based on year Treasury fell to 1.74%. The same can be said for The stock also cratered by most certainly repay a note more bouts of panic-selling.
what banks make from tak- The lower that spread, the their shares. —David Reilly 16% late last month when it due in March and probably —Spencer Jakab
New Highs and Lows | WSJ.com/stocks Stock

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52-Wk % 52-Wk % WisdomTreeJapanHdg DXJ 42.26 -1.8 ArbutusBiopharma ABUS 2.86 -7.3 Eastern EML 15.18 -3.3 iPath5-YearBear DFVS 25.53 -3.9 OxfordLane7.50%Pfd OXLCO 21.34 -2.6 SolarSeniorCapital SUNS 12.80 0.5
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Sym Hi/Lo Chg WisTreeJpnFinls DXJF 19.13 -3.4 AriadPharm ARIA 4.57 -9.3 eBay EBAY 21.52 -3.1 iPathLgBdBear DLBS 15.75 -7.3 OxfordLaneCapPfd. OXLCN 21.76 -2.0 SonusNetworks SONS 5.19 -5.1
52-Wk % Stock Sym Hi/Lo Chg Stock
WisdmTrLrgCapVal EZY 54.83 -2.1 ArrayBioPharma ARRY 2.59 -10.0 EdgeTherapeutics EDGE 7.02 -19.4 iPath10-yearBear DTYS 13.61 -7.6 SorrentoTherap SRNE 4.73 -1.0
Stock Sym Hi/Lo Chg PwrShrsLadTrsr PLW 34.03 1.0
PCM PCMI 8.05 -7.0
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Teladoc TDOC 12.60 -10.3 SchwabIntmUSTrsr SCHR 55.29 0.5 iShChinaLarge-Cap FXI 28.70 -2.0 RichmontMines RIC 4.42 3.9 BOS BettrOnln BOSC 1.64 -4.7 F5Networks FFIV 87.11 -2.3 Kopin KOPN 1.75 -1.1 PatriotNatlBancorp PNBK 12.57 ... StrongbridgeBiophm SBBP 3.53 -16.8
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FuelTech
FREE
FTEK
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HEALTH & WELLNESS
A Family Marathon How Miller
JEFF CHIU/ASSOCIATED PRESS

Got to Newton
Training for a reunion WHAT’S YOUR WORKOUT? | D6 SPORTS | D6
© 2016 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | D1
‘The higher your stress, Under Pressure

The Habits
the higher your LDL.’ Total cholesterol levels in 18 tax
accountants rose ahead of tax day Of Happy,
Long-Term
DR. MARTHA GULATI, on April 15 then declined, a classic
UNIVERSITY OF study found.
ARIZONA—PHOENIX
206
JAN. 22
232
APRIL 15
215
JUNE 6
Couples
BY ELIZABETH BERNSTEIN
Doctors’ Tips for Stress NOTE: Numbers measured in mg/dL
Source: Circulation Some couples keep a strong sex
u Practice positive thinking life going for decades.
Don’t say anything to yourself that One of the largest studies to-
date on sexual satisfaction in long-
you wouldn’t say to someone else. A Growing Problem term relationships, to be published
u Exercise Percent of U.S. population with high in the Journal of Sex Research
Staying fit can reduce the produc- cholesterol or taking cholesterol- later this month, has found that
tion of stress hormones. lowering medications. couples with satisfying sex lives
1999-’02 2009-’12 do a lot of communicating. Re-
u Eat healthy
60% searchers also cited the impor-
A well-functioning body is better at tance of working to set the mood,
managing stressors. practicing sexual variety and oral
50
u Practice relaxation techniques sex, and frequently having or-
Mentally scan your body parts for gasms and sex.
40
The study also found that the
tension and imagine it melting away. men and
u Take time for yourself 30 BONDS: ON women who
Rather than cramming more into a RELATIONSHIPS said they were
busy schedule, find ways to leave 20 sexually satis-
Men
fied were hap-
things out.
10 pier in their relationship.
u Cut stressors at home To conduct the study, research-
Womeen ers at Chapman University in Or-
Redefine clean so everything 0
doesn’t have to sparkle. ange, Calif., California State Uni-
20-44 45-54 55-64 65-74 75 and versity, Los Angeles, Sonoma State
u Cut stressors at work years old older University in Rohnert Park, Calif.,
Deal with your most unpleasant Note: High cholesterol defined as 240 mg/dL and at the Kinsey Institute at Indi-
a above
and
tasks early in the day. ana University in Bloomington,
Sou
ource: Centers for Disease Control and Prevention
THE
HE WALL STREET JOURNAL.
Ind., which studies human sexual-
Source: Mayo Clinic
CORBIS
ity, posted a survey on

MSNBC.com for two weeks in
2006. They then analyzed the an-
A Cholesterol Conundrum
swers of almost 39,000 married or
cohabitating heterosexual men and
women who had been with their
partner for at least three years.
The average age of the sample was
40 years old for women and 46
Stress has the same negative Of all the factors contributing to high cho- taxes the body over time, rather than epi- years old for men.
lesterol, many cardiologists say one often sodes of short-term stress, cardiologists say. Individuals were asked to rate
effects on the body as fatty foods; goes unmentioned in advice for patients: Chronic stress can lead to higher choles- their current sexual satisfaction on
Patients often don’t see warnings stress. Yet chronic stress from a tough job, a terol in several ways. People may stop exer- a scale of one to seven, and also to
strained relationship or other anxiety-produc- cising, or add more unhealthy foods to their rate their sexual satisfaction in the
BY BETSY MCKAY ing situations can play a role—along with diet. Stress also stimulates the release of the first six months of their relation-
poor diet, smoking and lack of exercise—in hormones cortisol and adrenaline. Those hor- ship. An overwhelming major-
Christopher Edginton was taking medica- causing lipid concentrations to rise, they say. mones in turn stimulate the release of tri- ity—83%—of respondents recalled
tion and trying to improve his diet when his Cholesterol deposited by LDL can accumulate glycerides and free fatty acids, which over being satisfied in the first six
cholesterol shot up anyway four years ago. in the arteries, a condition known as athero- time can boost LDL cholesterol, says Cathe- months. But only about half—43%
His doctor suggested a new approach. “He sclerosis, which can reduce blood flow. rine Stoney, program director in the division of men and 55% of women—said
said you’ve got to get rid of some things “Stress will make your cholesterol go up,” of cardiovascular sciences at the National they were currently satisfied. The
you’re doing, some of the stresses in your says Stephen Kopecky, a preventive cardiolo- Heart, Lung and Blood Institute, part of the rest said they were feeling “neu-
life,” recalls Mr. Edginton, a professor at the gist at the Mayo Clinic in Rochester, Minn., National Institutes of Health. tral” (16% of men and 18% of
University of Northern Iowa who regularly who is treating Mr. Edginton. “Without a To drive home the point, Dr. Kopecky tells women) or dissatisfied (41% of
traveled internationally and had so many job doubt, that has been underrecognized.” patients about a classic study that docu- men and 27% of women).
titles that he had a four-sided folding busi- Understanding the effect of stress on cho- mented a sharp rise in the cholesterol levels Researchers are comfortable
ness card. lesterol is becoming more important as peo- of 18 tax accountants around the April 15 using anonymous surveys when
Mr. Edginton heeded the doctor’s advice. ple’s lives increasingly are crammed with ob- deadline for filing U.S. individual income-tax the data sample is large and
Now 69 years old, Mr. Edginton is down to ligations, and digital technology makes returns. Their total cholesterol rose on aver- broad. The work is just being pub-
one teaching job and some scaled-down re- switching off harder than ever, cardiologists age from 206 mg/dL in January to 232 on lished now because it typically
sponsibilities in professional organizations. say. Nearly 28% of U.S. adults age 20 and April 15, then dropped back down to 215 in takes several years for researchers
His level of so-called bad cholesterol, or low- older either have high total cholesterol or are June. The diets and exercise levels of the ac- to analyze such a large quantity of
density lipoprotein (LDL), has dropped to 62 on cholesterol-lowering drugs, according to countants, who ranged in age from 28 to 50, data and for their work to go
milligrams per deciliter from 121 mg/dL in the Centers for Disease Control and Preven- remained consistent during the study period, through a vetting process by peers
2012. His doctor says 50 to 70 is reasonable tion. The CDC defined high cholesterol as 240 suggesting the changes were due to stress, and editors.
for Mr. Edginton, who had two previous heart mg/dL and above. the study’s authors wrote. For starters, people who are
attacks. Of most concern is chronic stress, which Please see STRESS page D2 Please see SEX page D2
Adapting C-Sections for Mother and Baby Bonding

BY DANA WECHSLER LINDEN typically offered only for nonemer- tle caesareans, the approach also pressure to reduce the rate of C- necessary caesareans as medical
gency C-sections, adopts some aims to make the C-section birth sections. director of the California Maternal
Some hospitals are adopting practices of vaginal deliveries that experience more rewarding for “The downside is hospitals may Quality Care Collaborative, which
new approaches to delivering ba- have been found to bring health families, they say. market, ‘Well, we have a high C- represents various state agencies,
bies by caesarean section that benefits to the mother and child, Some doctors are concerned section rate but we do it naturally.’ professional and consumer groups
make them more like natural such as skin-to-skin contact and the new approach could make cae- It’s not a normal birth, it’s signifi- and health-care systems.
births. early breast-feeding. Often called sarean births more attractive, at a cant surgery,” says Elliott Main, a Still, Dr. Main says there will
Surgeons who just delivered an family-centered caesareans or gen- time when U.S. hospitals are under leader in the effort to reduce un- always be medically necessary C-
infant by C-section almost immedi- sections and mothers who feel a
ately might hand it off to be sense of loss after having them.
placed on the mother’s chest, as “They are missing out on a vaginal
often occurs after vaginal deliver- birth and you should strive to
ies. Breast-feeding might be en- make things as close as possible to
couraged while mother and infant that,” he says.
are still in the operating room. Larry Leeman, co-medical di-
And clamping of the umbilical cord rector of University of New Mexico
may be delayed, as is increasingly Hospital’s Mother Baby Unit, in Al-
common in vaginal births. buquerque, says he started offer-
Some hospitals are going fur- ing family-centered caesareans a
ther, aiming to make caesarean de- little over a year ago and gives
livery more like a birthing experi- mothers who need a C-section a
ence than an operation. Mothers checklist of options, including a
get to choose options such as dim clear drape to watch the delivery.
overhead lighting, soothing music The hospital has a C-section
and watching through a clear sur- rate of 23%, well below the na-
gical drape, rather than the usual tional average of 32%. “I want to
AMANDA DITZEL/RALEIGH BIRTH PHOTOGRAPHY
opaque curtain, as the baby emphasize that we are not pro-

emerges. moting caesareans,” Dr. Leeman
In a traditional C-section, the says.
baby is immediately placed in a Melissa Pizzo, 34, had her son
warmer to be assessed by the pe- River by caesarean section in May.
diatrics team before being handed She had had previous C-sections
to the mother up to an hour later because physicians weren’t able to
in postoperative recovery. The induce labor even weeks past her
practice was founded on the need due date. She went to the Univer-
to determine quickly which new- sity of New Mexico Hospital,
borns require assistance breathing where she had heard she could ask
and to maintain sterility during for more control over the process.
the operation. Tabitha Dawes had a family-centered caesarean at UNC Hospitals in Chapel Hill, N.C., which let her watch, through a “In my other births, there was
Doctors say the new approach, clear drape, her child being born. Her husband, Shayne, was by her side. Please see C-SECTION page D2
D2 | Tuesday, February 9, 2016 THE WALL STREET JOURNAL.
HEALTH & WELLNESS
C-SECTION
Brigham and Women’s Hospital
FROM LEFT: RALEIGH BIRTH PHOTOGRAPHY; COFFEY SHOPPE PHOTOGRAPHY & BIRTH SERVICES
in Boston, in 2011, was one of the
first U.S. facilities to begin offer-
ing women a clear drape to watch
Continued from the prior page the caesarean delivery.
a wall, and everything was hap- When mothers see their babies
pening on the other side of it,” Ms. coming out, “tears start dropping
Pizzo says. “This time I felt I gave from their eyes. You see their
birth.” hands reach out,” says Daniela
Although there isn’t extensive Carusi, director of surgical obstet-
research on family-centered cae- rics. “We take it for granted with
sareans, a 2014 paper describing vaginal deliveries, but now we’re
Memorial Hospital of Rhode Is- seeing the same thing with C-sec-
land’s experience with 144 such tions.”
deliveries reported complication UNC Hospitals in Chapel Hill,
rates similar to or lower than N.C., credits a patient, Tabitha
those for traditional C-sections, Dawes, with instigating the health-
according to the report, which was care system’s family-centered cae-
published in the Journal of the sarean program.
American Board of Family Medi- Pregnant with her fourth child,
cine. Ms. Dawes had already had three
“Yes, there’s a major operation medically necessary C-sections.
going on, but there’s a baby com- She says she badly wanted to
ing out, not a gallbladder or ap- watch her fourth child, whom she
pendix, and that baby needs its knew would be her last, being
mama,” says Susanna Magee, di- Tabitha Dawes and Bailey, whose delivery was a family- Melissa Pizzo delivered son River in Albuquerque with born.
rector of maternal and child health centered C-section at UNC Hospitals in Chapel Hill, N.C. family-centered-caesarean procedures. Hospital staff were receptive,
for the department of family medi- and learned their drape supplier
cine at Memorial Hospital, which and arms must instead be placed scheduled C-section have the most Early skin-to-skin contact also was just doing a first, sample run
is affiliated with Brown University. on her back and non-dominant common respiratory conditions leads to newborns staying warmer, of clear drapes in response to
Implementing the new ap- arm. To not compromise the ster- that require intensive medical more oxygenated and calmer, and growing demand.
proach, which was introduced ear- ile field, the surgeon must hand care, compared with 1% for vaginal contributes to more stable blood- “I truly felt I hadn’t missed out
lier in the United Kingdom and the baby to an assistant in sterile births.) sugar levels in babies of diabetic on anything,” says Ms. Dawes,
other countries, requires logistical garb who in turn gives the baby to Medical evidence is helping to mothers, research shows. whose baby, Bailey, was born in
adjustments in the operating the mother. drive the changes. More women And there is some evidence July. “They’d lowered the lights
room. An additional nurse is called in breast-feed and for longer when that waiting up to a minute to because I asked them to. My play-
For the baby to be given imme- to stay by the mother’s head while skin-to-skin contact with the baby clamp the umbilical cord gives a list was in the background. I had a
diately to the mother means intra- she holds the baby to assess the begins within the first half-hour to newborn the benefit of more iron- birth photographer in there be-
venous lines and monitors that infant’s breathing and other func- hour of life, says the World Health rich blood, reducing the risk of cause I wanted every moment cap-
might normally be on her chest tions. (About 4% of babies born by Organization. anemia. tured.”
SEX
the day to tease about something because she and her husband con-
they want; ask for feedback on sider themselves “quite sexual
how something felt. people” and she writes erotic fic-
The study also highlighted five tion. “We’d find ourselves cuddling
Continued from the prior page types of mood setting that are up on the couch and eating pizza
satisfied with their sex life are more common among satisfied men more.”
having sex with their partner and women. The most important, At first, the couple didn’t think
much more often than those who by far, is that they say “I love you.” this was a problem. But over the
are dissatisfied, the study found. (Seventy-five percent of satisfied next year, Ms. Robertson began
Seventy-nine percent of men and men and 74% of satisfied women noticing articles that said that
81% of women who were satisfied say that they or their partner said couples with more satisfying sex
said they have sex one or more “I love you” during their last sexual lives were happier in their rela-
times per week. Only 17% of dis- encounter, compared with 49% of tionship. She brought this up with
satisfied men and 23% of dissatis- dissatisfied men and 44% of dissat- her husband. And the two decided
fied women said they have sex isfied women.) The other ways that to make sex a priority.
that often. satisfied couples set the mood, in They talked about the things
Yet the researchers say it is order of importance, are: They en- they might like to try. Mr. Robin-
hard to know which comes first: gage in “sexy talk.” They laugh son wanted to be more spontane-
sexual satisfaction or sexual fre- about something funny that hap- ous: have sex in the morning, go to
quency. “It’s a chicken and egg pened during sex. They light can- a hotel, go separately to a bar and
thing,” says David Frederick, assis- dles or dim the lights. They play pretend they were just meeting for
tant professor in health psychol- background music. the first time.
ogy at Chapman University and The top-five acts that lead to a During their marriage, the Rob-
the lead author on the study. satisfying sex life are the same for ertsons have had three or four
“Couples who are more satisfied men and women, the study found. “sexual droughts,” where their sex
are driven to have sex more often, They both say that trying a new life stalls for several months, usu-
ISTOCK
which gives them more satisfac- sexual position is what makes ally because of an emotional issue
tion and leads to more frequency.” them happiest. After that, women in their relationship. When this
The study shows some interest- say they are most satisfied by tak- happens, they talk again about
ing gender differences. For men,
the strongest predictors of satis-
ing a shower or bath with their
partner, getting or giving a mas-
what they can do to spice it up.
Now, they sometimes give each 63% AND 55% 75% AND 74%
faction, in order, are mood setting, sage, incorporating sexy lingerie other massages. They shop for lin-
sexual variety and communication. into their sex life, and talking gerie for Ms. Robertson together. Percentage of satisfied Percentage of satisfied
For women, they are how fre- about or acting out fantasies. For And they read out loud from Anaïs
quently they have orgasms, mood men, the order was slightly differ- Nin, the “Story of O,” or the erotic
men and women, men and women,
setting and communication. ent. They were most satisfied, in novel that Ms. Robertson recently respectively, who made a respectively, who said ‘I
The researchers found five dif- order, by incorporating lingerie, published, which Mr. Robertson
ferent types of communication taking a shower or bath, talking says is a great way to spark a dis-
‘date night’ with their part- love you’ during their last
that are important to sexual satis- about or acting out fantasies and cussion and ask, “Do you find that ner to be sure they had sex. sexual encounter.
faction. The more of these commu- getting or giving a massage. sexy?”
nication strategies a couple uses, Steven and Beck Robertson in These days, the Robertsons
the more sexually satisfied they London, who have been married have sex about twice a week. “It
are. In order of importance, both
satisfied men and women say they
almost 15 years, illustrate the find-
ings. At the beginning of the rela-
brings you closer to your partner,”
says Mr. Robertson, a 38-year-old
PRAISE & TEASE
praise their partner for something tionship, they had sex every day. designer. Satisfied men and women praise their partner for
they did in bed; are asked by their That pace tapered off after a year
partner for something they want; or two. “You can’t keep it up. It’s Write to Elizabeth Bernstein at something they did in bed and talk on the phone or
ask for something they want from way too exhausting,” says Ms. elizabeth.bernstein@wsj.com or email during the day to tease about something they
their partner; talk on the phone or Robertson, a 36-year-old copy- follow her on Twitter, Facebook
email with their partner during writer. She says she was surprised and Instagram at EBernsteinWSJ. want, researchers found.
STRESS
Arizona College of Medicine- sponsibility to associates at
Phoenix and editor in chief her law firm, and to push
of CardioSmart, the Ameri- back when court dates pile
can College of Cardiology’s up. “I will just flat out say I
Continued from the prior page patient engagement initia- can’t do this,” she says. “I
ELECTION
2016
The study, published in tive. can’t be overbooked.”
the journal Circulation in Neil Stone, professor of When Mr. Edginton’s cho-
1958, is nearly six decades medicine at Northwestern lesterol climbed in 2012, Dr.
old, but Dr. Kopecky says he University’s Feinberg School Kopecky looked no further
continues to bring it up be- of Medicine in Chicago, than the professor’s four-
cause “we can all relate to where he practices preven- sided business card for a
MICHAEL CLEARY
paying taxes.” tive cardiology, says he possible cause. An academic

Subsequent research has counsels patients to find and professional leader in
shown similar effects. ways to lower their stress, the field of parks and recre-
Exactly how much stress such as carving out 20 min- ation, Mr. Edginton made
contributes to high choles- A heart attack got Jill Frieders utes for a workout on a regular trips to China, South
terol isn’t clear, experts say. to delegate more at her firm. home bike or treadmill. Africa and other places as
It is harder to measure than “Given the stresses we have, secretary-general of the
changes in diet and exercise. it’s about thinking about pri- World Leisure Organization.
“We don’t always have an orities,” says Dr. Stone, lead At home in Cedar Falls,
optimal awareness of stres- author of the latest choles- Iowa, he worked at least 60
TROY BAAS/LATTIN PHOTOGRAPHY/LIFETOUCH
sors we experience and the terol-treatment guidelines is- hours a week and took over-
YOUR ESSENTIAL GUIDE TO THE magnitude of those stres-

sors,” Dr. Stoney says.
sued in 2013 by the Ameri-
can College of Cardiology
seas calls at all hours of the
night.
NEW HAMPSHIRE PRIMARY Questions about stress

come amid recent confusion
over the extent to which diet
and the American Heart As-
sociation.
Dr. Kopecky, of the Mayo
Dr. Kopecky kept Mr. Edg-
inton on the same dose of
cholesterol-lowering medica-
contributes to high choles- Clinic, advises patients to tion and told him he needed
As the first-in-the nation primary draws to a terol. A few studies have led think of three things they to lessen his workload. Now,
many consumers to conclude are thankful for when they Mr. Edginton has scaled back
close, WSJ delivers the coverage you need to that eggs, which contain cho- go to bed or wake up in the on administrative work and
understand the race’s final hours. Get up-to- lesterol, and saturated fat morning, to help reduce given up several leadership
the-minute polling data and must-read analysis don’t contribute to heart dis- stress. posts in professional organi-
ease—contrary to long-ac- Christopher Edginton cut stress After a heart attack in zations. He remains a profes-
of the results—it’s the kind of insight you can cepted advice. Eating lots of at work to lower cholesterol. August, Jill Frieders says her sor of youth leadership stud-
only get from the Journal. eggs and a diet rich in satu- doctor put her on medica- ies.
rated fats “will increase your late 1980s of statins, or cho- tion to reduce her high cho- The lighter workload has
cholesterol level,” says Mark lesterol-lowering drugs, lesterol and also emphasized helped Mr. Edginton physi-
Creager, president of the made the quest less urgent. reducing stress. The 56-year- cally and mentally, he says.
American Heart Association “People said we have this old Rochester, Minn., divorce While he’s still busy—he re-
READ NOW and director of the heart and
vascular center at Dart-
great way to control choles-
terol, and they keep forget-
lawyer had been scheduled
for five court trials within a
cently finished writing his
“32nd or 33rd book”—he
WSJ.COM/POLITICS mouth-Hitchcock Medical ting about the causes,” Dr. few weeks. She was also spends more time with his
Center, in Lebanon, N.H. Kopecky says. mourning the death of a be- grandchildren and the rest of
Research on the role Doctors need to discuss loved horse she’d had for 24 his family, he says.
stress plays in heart disease stress more often with pa- years. “It has made a big differ-
is spotty, experts say. Some tients, says Martha Gulati, Now, Ms. Frieders says ence in how I approach life
© 2016 Dow Jones & Co. Inc.All rights reserved. 2DJ3255 doctors say this is partly be- chief of the division of cardi- her cholesterol is down. She and work and family rela-
cause the introduction in the ology at the University of learned to delegate more re- tions.”
THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | D3
HEALTH & WELLNESS
Exposure to Flashes of Light Might Prevent Jet Lag

BY SUMATHI REDDY that the flashes of light don’t in- thing from our sleep to our mood induces sleepiness. When it is light technique. A smartphone app
terfere with a person’s sleep. and metabolism. They are pro- dark, the SCN signals the brain to would enable users to program the
Exposure to brief flashes of “That’s the novelty of this, you duced by a combination of internal make more melatonin. Our circa- mask, the company says. Dr.
light during the night before a trip can basically change someone’s factors in the body and environ- dian rhythm is disrupted when we Zeitzer regularly advises Lu-
could help people avoid jet lag, ac- circadian timing while they’re still mental influences, especially light. fly across time zones, leading to mosTech on scientific issues.
cording to a new study by Stan- asleep and do so far more effec- In the brain, a group of nerve grogginess, fatigue and low alert- The Stanford researchers are
ford University researchers. tively than the traditional way,” cells called the suprachiasmatic ness levels for several days. The testing the technique for use over
The study, published online Dr. Zeitzer says. nucleus, or SCN, located above the body naturally adjusts to a new longer periods of time on multiple
Monday in the Journal of Clinical Circadian rhythms cycle about optic nerves, controls the produc- time zone at a rate of about one nights. They are conducting a trial
Investigation, might have implica- every 24 hours and affect every- tion of melatonin, a hormone that hour a day. with about 50 teenagers to see if
tions for more than just travelers. In the study being published the flashing light therapy can help
It also could point to help for Monday, researchers woke up 39 students sleep more at night.
people on sleep/wake schedules sleeping participants between the Around puberty, teenagers’ circa-
that don’t align with second and third hour of sleep and dian clocks typically get delayed,
YOUR their circadian exposed them to moderately making them feel sleepy later at
HEALTH rhythms and people bright, 2-millisecond flashes of night. “We’re basically looking to
suffering from sea- light. After trying different se- intentionally jet-lag teens so that
sonal affective disor- quences, they found the optimal they can go to bed at a reasonable
der, a type of depression. The re- results with a flash delivered every time,” Dr. Zeitzer says.
searchers also are investigating 10 seconds for one hour. Helen Burgess, director of the
whether the technique can induce This sequence adjusted partici- biological rhythms research lab at
teenagers to get tired earlier so pants’ circadian clocks nearly two Rush University Medical Center in
they sleep more at night and stay hours forward, as determined by Chicago, who wasn’t involved in
more alert at school the next day. measuring melatonin in the saliva, the study, says the Stanford re-
The Stanford researchers are Dr. Zeitzer says. By comparison, search made “a significant contri-
working with a Silicon Valley bio- exposure to one hour of continu- bution to the field” by demonstrat-
tech startup to develop a commer- ous light advanced the partici- ing for the first time that some
cial product they hope will be pants’ circadian clock by 36 min- intermittent light pulses could de-
ISTOCK
available later this year—a sleep utes, he says. lay the circadian clock more than
mask that delivers light flashes to Flashing light is more effective continuous light exposure.
people while they are asleep. Scientists are studying how travelers can fight jet lag. than continuous light because it Most people’s circadian clocks
Scientists have focused on light allows the cells in the retina that are a bit longer than 24 hours, so
as a therapy for jet lag and other transmit information to the circa- there is a natural tendency toward
circadian rhythm disorders. The
most common has been exposure
Jet Lag 101 dian system to regenerate and
continue to fire even after the
a delayed cycle, Dr. Burgess says.
That’s why it is generally harder to
to continuous light, says Jamie Our internal circadian clocks, which lag include taking melatonin pills, light exposure stops. adjust when flying west to east,
Zeitzer, senior author of the new cycle roughly every 24 hours, affect intentionally exposing oneself to Exposing people to flashes of which requires shifting the circa-
study and an assistant professor of everything from sleep to mood, continuous light (or withholding light early in the night delays the dian clock earlier. She says the
psychiatry and behavioral sciences immune system and metabolism. exposure), and sticking to specific circadian clock, so it could help study needs to be replicated to see
at Stanford University School of sleep schedules before and after a travelers going east to west. Expo- if it works to shift cycles earlier.
Medicine. It’s harder to fly west to east than trip. sure at the end of the night ad- Alfred J. Lewy, director of the
The intermittent-light method east to west because it’s harder for vances the circadian clock and sleep and mood disorders lab at
Dr. Zeitzer’s group tested was the body to shift its circadian clock Adjusting the body’s circadian could help for going west to east. Oregon Health & Science Univer-
found to be three times as fast as earlier than later. rhythm could improve the health of The researchers used a special- sity in Portland, says, “It looks like
using continuous light at particu- shift workers, those with seasonal ized research device as their light it’s at least as effective as continu-
lar times in adjusting the body’s The body naturally adjusts to a new affective disorder and even teenagers source. They are working with Lu- ous light, possibly more effective.”
circadian clock, he says. In re- time zone at a rate of about one hour whose school start-time typically mosTech, of Menlo Park, Calif., to If the therapy can work without
search published in 2014 in the a day. doesn’t align with their natural develop a commercial device re- waking a person up, it might be
Journal of Biological Rhythms, Dr. circadian rhythm of going to bed late sembling a sleep mask that will al- useful as a treatment for seasonal
Zeitzer and colleagues showed Current strategies for minimizing jet and waking up late. low consumers to use the flashing- affective disorder, he suggested.
Is Green Toothpaste an Effective Way to Fight Dental Plaque?

BY LAURA JOHANNES ton, Fla., orthodontist who says my teeth before bed. The next
she has seen an improvement in morning I did a cursory brushing
The Ache: Since plaque isn’t dental hygiene of her patients and was surprised to see only a
easily visible on teeth, it is hard to since she began selling the tooth- very thin line of dye around my
know where you missed brushing. paste in her office after it hit the gums after spitting out the foam.
You can chew red dye tablets after market in 2014. Overnight was probably not long
brushing to see the spots you The toothpaste, from TJA enough for significant amounts of
missed, but the tablets can be Health LLC of Joliet, Ill., contains plaque to form, dentists say.
messy, and they add a step. a plant-based dye that sticks to In a study of 31 adults pub-
The Claim: A new, green tooth- plaque remaining on the teeth. The lished online in January in the In-
paste binds to plaque and shows it professional version, sold in den- ternational Journal of Dentistry
as a teal-green. The tists offices and online, costs $21 and Oral Science, researchers at
ACHES AND manufacturer says for 4.1 ounces; a consumer version the University of Illinois at Chi-
CLAIMS it can improve oral with a less-concentrated dye, com- cago College of Dentistry com-
PLAQUE HD
hygiene, particu- ing out later in February, costs pared Plaque HD to a control
larly in children, el- $14.95. To use Plaque HD, brush toothpaste that was identical but
derly people with reduced dexter- normally then spit out the tooth- with no dye.
ity and people with braces that are paste without rinsing, leaving the A small study of the toothpaste Plaque HD found a short-term reduction in To measure how well subjects
hard to clean around. dye behind on areas that were plaque levels after brushing. Long-term benefits haven’t been tested. brushed, researchers used a fluo-
The Verdict: A small short- missed, says TJA Chief Executive rescent disclosing dye and a digi-
term study by researchers at the Lawrence Hier, an orthodontist an associate professor at Univer- Compared with red disclosing tal camera, feeding the results into
University of Illinois at Chicago who invented the product. sity of São Paulo’s Ribeirão Preto solution, the toothpaste dye a software program that calculated
shows the new toothpaste, called The idea of using a dye to show School of Dentistry in Brazil. doesn’t show up as dramatically, the number of pixels of plaque. On
Plaque HD, resulted in a 51.3% re- plaque has been around for de- The toothpaste “could be a con- dentists and hygienists say. San the first test day, everyone
duction in plaque after brushing. cades, but many patients take dis- sistent reminder without having Antonio dentist Tito Norris says brushed with the control tooth-
So far there hasn’t been testing of closing tablets or solutions home [patients] do extra steps or re- the toothpaste has been a “game- paste. At a follow-up visit seven to
long-term benefits. and don’t use them, dentists say. member extra things,” says Chi- changer” in his practice, but says 10 days later, the people who
Plaque is a soft, sticky bacterial In a three-month study of 32 den- cago pediatric dentist Mary Hayes, he wishes the green was easier to brushed with Plaque HD had a
matrix that adheres to teeth. If it ture wearers, published in Gero- a spokeswoman for the American see. The manufacturer recently 51.3% reduction in plaque com-
isn’t effectively removed, it can dontology in 2009, use of a dis- Dental Association. The most com- changed the formula to make the pared with the first visit, while
harden into tartar and contribute closing solution didn’t increase monly missed areas are right at green darker, Dr. Hier says, adding those brushing with the control
to gum disease and cavities. plaque removal. This was in part the gumline and between the that the original lighter version is paste had only an 8.3% reduction.
“A lot of people think they are probably because subjects didn’t teeth, adds Dr. Hayes, who uses a being sold as a less-expensive con- Study co-author Ben Belavsky, a
doing a great job brushing, but in comply with the regimen, which disclosing solution as an educa- sumer product. resident at the dental school, says
reality they are missing things,” added a step to their routine, says tional tool in her office but hasn’t To test Plaque HD, I ate a candy the toothpaste can be a “very ef-
says Jennifer Statler, a Boca Ra- study co-author Raphael F. Souza, yet tried the toothpaste. bar after dinner and didn’t brush fective teaching tool.”
ADVERTISEMENT
The Science Behind the Sigh The Mart
BY KAT LONG Brain Research at the Seat- Medicine, screened more
tle Children’s Research Insti- than 19,000 gene expres- To advertise: 800-366-3975 or WSJ.com/classifieds
Shakespeare cautioned tute, who wasn’t involved in sions in rats’ brain cells.
ladies to “sigh no more” the new study. They identified two bundles BUSINESS OPPORTUNITY AVIATION
over unfaithful lovers. But Humans breathe “restor- of neurons that produced
scientists say that’s easier ative sighs” about once ev- two particular neuropep-
said than done. ery five minutes, often with- tides, chemicals that let
Exploring the biology of
the sigh, researchers at the
out noticing. The double
inhalation activates the
brain cells talk to one an-
other, that they thought

University of California, Los
Angles and Stanford Univer-
sity said they have pin-
brain’s cortex, the portion
responsible for emotions,
speech, recognition, reason-
could be associated with
sighing.
To test the theory, the

pointed the neural struc- ing and other higher func- team injected the neuropep- !

tures that tell the brain tions, Dr. Ramirez said. tides into another group of
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just an emotional outlet. It’s lation. Right away, the rats’ nor-

a vital biological process During periods of normal mal sighing rate switched
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the Center for Integrative ford University School of problems like insomnia.
HEALTH & WELLNESS
Preparation for a 26.2-Mile Family Reunion in L.A.

BY JEN MURPHY mas, they trained together. “I’m
Most families celebrate mile-

used to running on the beach in
Santa Monica, and here I am doing
Eat Smart, Even if
stones with a meal or a trip. The
Stuckey family celebrates with a
a 20-miler in 10-degree weather
on rolling hills,” he says. “I felt
You’re Eating Late
run. like my big brother was beating Eating late is often frowned upon,
Bobby Stuckey, 46, master som- me up.” but Eve Pearson, a registered dieti-
melier and co-owner of Frasca Their father lives in Phoenix tian-nutritionist in the Dallas area,
Food and Wine and is following a popular training says it’s the total amount of calories
WHAT’S YOUR in Boulder, Colo., program developed by the runner you consume in a day that matters
WORKOUT? and Pizzeria Lo- Hal Higdon. Bobby wants to finish most, not the time you eat them.
cale in Colorado the Los Angeles Marathon in 2 Ms. Pearson says extra calories
FROM THE TOP: BENJAMIN RASMUSSEN FOR THE WALL STREET JOURNAL; LISOVSKAYA NATALIA/CORBIS
and Missouri, re- hours and 50 minutes. His brother will be stored as body fat any time
calls running a marathon on his wants to qualify for the Boston of day, not just at night.
bachelor-party weekend in 2000 in Marathon, which for his age group “If you know you’re going to be
Mendocino, Calif., with his brother means he has to complete the race eating late, you need to make that
Larry. Their father, also named in 3 hours and 15 minutes or less. meal part of your overall diet strat-
Larry, ran the half. Larry Sr. just wants to have a good egy,” she says. “Too many runners
“Every Thanksgiving begins race. skip meals and snacking throughout
with a 10K,” says the younger the day, only to overeat at dinner be-
Larry Stuckey, a 44-year-old The Diet cause they’re starving by that point.
screenwriter in Los Angeles. “Fam- Espresso and granola fuel This doesn’t help overall energy, nor
ily get-togethers don’t come with- Bobby’s morning runs. After a does it help fuel and recover their
out a little running pain.” workout, he eats an avocado or su- training sessions.”
The brothers grew up in Ari- shi and then heads to the restau- She says a late-night meal, like
zona running with their parents. rant. “Dinner is whatever the chef any other, should be balanced. “Make
Their mother, Linda Stuckey, fol- wants me to try,” he says. Bobby sure there are plenty of vegetables,
lowed her doctor’s recommenda- jokes that his diet is the epitome protein and a few bites of carbohy-
tion to stop running about five of how an athlete shouldn’t eat: drate,” she says.
years ago, after surgeries from Dinner is often at 10:30 p.m. and When dining out at a restaurant
multiple successful fights with always with a glass of wine or an late, she suggests holding the sauce:
cancer. Their father, who retired Anchor Steam beer. “Chefs are notorious for cooking with
last year, shows no sign of slowing “I asked my coach if I should fats like butter, oil or sauces.”
down. Last summer, he suggested stop eating so late, and he said for Most important, if alcohol is in-
his sons help him celebrate turn- the number of hours I’m on my volved, she says it’s very important
ing 70 by running the Los Angeles feet I can’t not eat and then expect to stay hydrated.
Marathon with him on Feb. 14, two to have the energy to run the next “Dehydration, especially in the
weeks before his birthday. morning,” he says. After a long summer months, can wreak havoc on
Larry and Larry Jr. haven’t run Bobby Stuckey, 46, goes for a run outside of Boulder, Colo., as part of his run, Bobby indulges with beer and a good training program and even
a marathon in 10 years. Bobby, a training for the Los Angeles Marathon. potato chips. “Nothing makes me cause injury,” she says.
former pro cyclist on the now de- happier,” he says. The biggest side effect of eating
funct Team Shaklee, has completed him a workout. “I probably give up regulars, and then you get people on a full stomach before bed, she
around 20 marathons and trains a little sleep to fit in the training, like Tyler McCandless,” a 2016 U.S. Gear & Cost says, is disrupted sleep. “My rule of
with Boulder-based coach Brad but that’s one of the few things Olympic marathon hopeful. The Bobby runs with a Garmin thumb, in general, is give two to
Hudson. To motivate his brother, I’m willing to sacrifice,” he says. group meets at 8:15 a.m. at the watch to track his heart rate and three hours between dinner and bed-
Bobby bought Larry virtual coach- “I’m a husband first, a restaura- Boulder Reservoir for a 10-mile mile splits. He likes clothing by time [to digest]. If that can’t happen,
ing sessions with Mr. Hudson as a teur second and a runner third.” workout. Runners choose a pace Adidas and New Balance. He runs any amount of time is better than
birthday gift last September. “It’s Larry says training with his fa- group, opting to go easy or hard. in Hoka One Clifton sneakers, none.”
one of those backhanded gifts,” ther and brother has been a bond- One day a week, Bobby does which retail for around $130. In —Jen Murphy
says Larry, who is married with ing experience, even though they speed workouts with Mr. Hudson the winter, he puts drywall screws
three children ages 7, 9 and 12. each do a slightly different work- at the Fairview High School track. in his shoes for traction on the
Larry says Bobby is the most out. “I haven’t been in contact Another typical workout might en- snowy, icy trails.
athletically gifted in the family, de- with Bobby this much in 10 years,” tail a 2-mile warm-up, followed by
spite his career choice. “I should he says. “The training is an imme- 5 miles of one minute fast and one The Playlist
not be a marathon runner,” Bobby diate excuse to call and check in, minute moderate, then 5 miles up- Bobby doesn’t listen to music
says. “I taste wine for a living, and that leads to other conversa- hill at a hard pace, then a 1-mile and instead uses his runs to brain-
work on my feet and I love food.” tions. It has brought us all closer.” cool down. storm business ideas. “One day I
Bobby is on the road about 60 Bobby uses Sundays, when was thinking about how servers
days a year, half of them for Scar- The Workout Frasca is closed, for long runs av- can keep the sparkling and still
petta, a wine label he co-founded Since moving to Boulder in eraging 18 to 20 miles. water straight if they’re sharing
in 2006. When he is in Boulder, he 2004, Bobby has dedicated Larry says he hasn’t trained so tables,” he says. “I came back from
often puts in 14-hour days six days Wednesday mornings to group hard since high school. “Intervals my run, and we ordered light-blue
a week. runs. “I love the camaraderie,” he suck,” he says. When Larry visited Riedel glasses to serve our spar- A healthy dinner like grilled salmon is
Each week, Mr. Hudson emails says. “Some of my employees are his brother in Boulder at Christ- kling water.” fine to eat later in the evening.
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THE WALL STREET JOURNAL. Tuesday, February 9, 2016 | D5
ARTS IN REVIEW
ART
BY LEE ROSENBAUM
In Wisconsin, a Museum Rebornwas the wall featuring
whimsical Haitian cut-
A
Milwaukee outs depicting people
lthough the Milwaukee and animals, carved not
Art Museum managed to from paper but from
reopen at the end of No- flattened steel oil drums.
vember, in time for the holiday MAM’s folk art collec-
rush, it was still installing ob- tion is hawked by a lively
DUSTIN DUPREE/MILWAUKEE ART MUSEUM

jects into December. Even newsboy—an 1888 trade
though I put off my visit until sign in painted wood, in-
January, the better to see the tended to seduce poten-
final product, finishing touches tial newsstand custom-
were still being applied to ers. The selections range
MAM’s sweeping $34-million from paintings by well-
renovation, expansion and re- known figures like Eras- The east addition of the Milwaukee
installation. Some works in its tus Salisbury Field, Art Museum; left: Francisco de
augmented display of about Ammi Phillips and Zurbarán’s ‘Saint Francis of Assisi in
MILWAUKEE ART MUSEUM
2,000 highlights from the Grandma Moses to idio- His Tomb’ (1630/34).
30,000-object permanent col- syncratic creations by
lection (plus additional loans) regional standout Albert
were being reshuffled; many Zahn, who embellished belonged: School of Paris and Duane Hanson’s convincingly within new walls. Old masters
object labels were not yet af- the entire façade of his German Expressionist paint- realistic, life-size “Janitor” are in the adjoining 1957 Eero
fixed. Wisconsin home with ings were displayed on the (1973) disconsolately slouches Saarinen-designed modernist
But the makeover’s most im- wood figures and crea- first floor. But when other near the doorway to the old building, deemed best suited to
portant goal was adroitly tures, now affixed to a works by the same artists masters galleries, beyond their proportions.
achieved—remedying the de- photomural of his abode. ist Sam Francis (through came to MAM in the museum’s which is a view to one of Mil- Mr. Keegan’s successor will
crepitude of the mold-ridden For the first time, the mu- March 20). greatest windfall—its world- waukee’s most profound mas- face two pressing priorities:
physical plant, which had seum has galleries for 20th- In the recent frigid weather, class Bradley Collection of terpieces, Francisco de Zur- beefing up the $65-million en-
threatened the health of people and 21st-century design and the glass door of the new modern and contemporary barán’s painting of “Saint dowment and increasing out-
and art. Now the great for photography, video and wing’s lakefront entrance was art—the new arrivals were in- Francis of Assisi in His Tomb” reach to the city’s large Afri-
strengths of MAM’s holdings— light-based media. A distinc- caked over with ice. This and stalled on the second floor. (1630/34)—a jarring sightline can-American community, seen
particularly in modern and tive outdoor sculpture court- other pesky kinks were being MAM got the opportunity to from the mundane to the spiri- during my visit almost exclu-
contemporary art, American yard within the confines of the worked out during my three- completely redo its displays for tual. In a choice that only Mil- sively in school groups creat-
paintings, and carved 18th-cen- building—chief perpetrator of day stay. Empty display cases all the wrong reasons: Although waukeeans could love, a can of ing their own projects in the
tury American furniture (on the moisture invasion—has lined the 280-foot length of it had become a contemporary- their local brew, Pabst Blue inviting new interactive Kohl’s
long-term loan from the Mil- been converted to indoor gal- the sun-filled, object-barren architecture mecca, thanks to Ribbon, has pride of place at Art Generation Gallery.
waukee-based Chipstone Foun- leries. passageway that serves as its expansive, expensive Cala- the entrance to the collection, But the groundwork for new
dation)—are not only better Also new is an elegant main conduit to the galleries trava wing-with-wings, which celebrated in a 1964 painted initiatives and fundraising ap-
preserved, but shown off to 17,500-square-foot addition for from the monumental main en- famously flaps its gargantuan, wall sculpture by Pop artist peals has been laid, thanks to
greater advantage, thanks to which Milwaukee-based Jim trance hall, designed by Span- birdlike appendages, MAM’s Tom Wesselmann. MAM’s physical and conceptual
the reorganization spearheaded Shields of HGA Architects + ish architect Santiago Cala- two older buildings, owned by Architectural, not art his- transformation and its debt-
by chief curator Brady Roberts Planners was architect of re- trava—his first project (2001) the county, were a mess: Drip toric, imperatives created the free operations. “People say
under the enthusiastic over- cord. Offering breathtaking in the U.S. The cases were be- pans inserted in the grid ceil- uncomfortable adjacency of they don’t recognize the mu-
sight of director Daniel Keegan, views of Lake Michigan, its ing temporarily removed be- ings caught hundreds of leaks. contemporary art with old seum,” Mr. Keegan told me at
who leaves the museum in May. swank glass-walled wine bar is cause their mountings had al- The galleries’ wood floors had masters, rather than with mod- the end of my visit.
What most engaged me positioned to lure warm- lowed too much bounce— dramatically buckled. With the ern art: Contemporary is And that’s definitely a good
about the collection were not weather strollers and joggers potential disaster for studio museum’s accreditation at risk, housed in a David Kahler-de- thing.
its mainstream masterworks, from the pathway bordering glass from the collection. Mr. Keegan persuaded the signed 1975 Brutalist building,
but its outstanding outliers— the lake. The stainless-steel Prior to the reinstallation, county to chip in $10 million much of which has been radi- Ms. Rosenbaum writes on
superb collections of Haitian wing’s 4,000-square-foot tem- the organization of the collec- toward the makeover. cally but awkwardly trans- art and museums for the Jour-
art and folk art, now allotted porary-exhibition gallery is en- tion had depended as much on Although the installation is formed into a white-cube nal and blogs as CultureGrrl at
more generous space. Particu- livened by MAM’s colorful where new acquisitions could now more coherent, there are space, with formerly exposed www.artsjournal.com/culture-
larly arresting (and new to me) prints by Abstract Expression- fit as on where they logically still disturbing disconnects: concrete columns buried grrl.
MUSIC MUSIC
The Grammy’s Deep Cuts Blending New and Unusual

BY JIM FUSILLI BY DAVID MERMELSTEIN
W T
hat’s right with the San Francisco
Grammys? The an- he Kronos Quartet is so
swers can be found often on the road that
way down the list of nominees even its fans forget the
in 83 categories, the ones group is based here. So it oc-
where the winners won’t be curred to its members—David
celebrated at length, or at all, Harrington and John Sherba,
on the broadcast on CBS next violins; Hank Dutt, viola; and
Monday. Sunny Yang, cello—that an
Category 67 acknowledges annual festival dedicated to
producers and engineers be- the unusual repertory Kronos
hind new packages of archival inspires and champions might
TAYLOR HILL/FILMMAGIC
EVAN NEFF
music. The nominated record- strengthen the ties between

ings for Best Historical Album this forward-looking ensemble
are Bob Dylan and the Band’s and its home. And so the
“The Basement Tapes Com- group presented a series of The Kronos Quartet performs with Mariana Sadovska.
plete: The Bootleg Series Vol. concerts from Feb. 4 through
11,” Erroll Garner’s “The Com- 7 largely devoted to emerging talents as a performer, sing- aesthetic points. The Swedish
plete Concert by the Sea,” The Weeknd is nominated for several Grammys. composers at SFJazz Center, ing in a strong but wounded composer Karin Rehnqvist’s
Fannie Lou Hamer’s “Songs one of this city’s most appeal- voice and playing the harmo- “All Those Strings!” required
My Mother Taught Me,” and lective and by the Robert Grammys, tracks performed by ing new venues. nium to produce organ-like just one guest artist, the Finn-
two multiartist compilations: Glasper Trio that stretch the the Harris-Crowell duo, Mr. Is- Like Kronos’s tribute to the sonorities. Powerful as this ish kantele virtuoso Ritva
“Native North America (Vol. definition of the form, if only bell, the Mavericks and Punch composer Terry Riley last effect-filled “pagan requiem” Koistinen, and she enchanted,
1): Aboriginal Folk, Rock, and a little bit. Brothers also are among the year, also at SFJazz, these was, it felt overwrought and plucking her zither-like in-
Country 1966-1985” and Even some of the catego- nominees for Best American programs, under the banner overlong. strument to sound like a
“Parchman Farm: Photographs ries that are associated with Roots Song, which seems to “Explorer Series,” typically Friday’s program began harpsichord at one point and
and Field Recordings, highly commercial pop music suggest Americana and Ameri- featured a bevy of guest art- with Nicole Lizée’s gimmicky a guitar at another.
1947-1959.” To listen to these reflect the satisfying level of can Roots are one and the ists and unusual instruments, but engaging “Golden Age of Albert Behar’s five-move-
meticulously remastered al- quality in the contemporary same. Meanwhile, blues gui- to say nothing of the atmo- the Radiophonic Workshop ment “Lost Wax,” receiving its
bums is to time travel to the scene. Category 26—Best tarist and singer Buddy Guy, a spheric “backing tracks” in- premiere, reached back in
moment they were recorded Country Solo Performance— six-time Grammy winner, is trinsic to the scores the group time, assimilating Bartók’s
and experience performances includes pleasing, well-crafted among the nominees for Best favors. Premieres of various The Kronos Quartet field recordings of Hungarian
that jolt and haunt, none of tracks by Cam, Chris Staple- American Roots Performance, stripes (U.S., West Coast, San continues looking peasants, captured on wax
which have their eye on his- ton, Carrie Underwood and though no blues artists are ac- Francisco) dominated, but cylinders, with new music for
tory, but are nonetheless a knowledged in the Americana only the concerts on Thursday forward. string quartet, variously evok-
commemoration of an America grouping. The 79-year-old Mr. and Friday included interna- ing Debussy and Ravel, Bar-
gone by. A dive into some of Guy is also up for the Best tional debuts. More impor- tók, and Stravinsky through
The group of nominees for Blues Album award, as are re- tant, two-thirds of the works [Fibre-Optic Flowers],” in pizzicatos, harmonics and the
Best Regional Roots Music Al- the lesser-known cordings by the Cedric Burn- on Feb. 4 were composed by which each member of Kronos bow-tapping technique called
bum—Category 51 on the nominees at this side Project, Shemekia Cope- women; half on Feb. 5. did double-duty on another col legno. A suite of tunes by
list—is a bit of mess, thanks land, Bettye LaVette and the Thursday’s concert opened “instrument”: Mr. Harrington Rahul Dev Burman largely
to the 2012 consolidation of year’s award show. all-star tribute disc “Muddy with the premiere of Franghiz on smartphone; Ms. Yang ma- written for Indian films con-
the individual awards for Ca- Waters 100.” Ali-Zadeh’s “Reqs (Dance),” in nipulating the electronic game cluded the evening on an
jun, Hawaiian, Native Ameri- The big categories reveal which the rhythms of the Simon; Mr. Sherba tapping a aptly exotic and upbeat note.
can, polka and zydeco music. Lee Ann Womack, who is rep- how much the Grammys prize Azerbaijani composer’s home- manual typewriter (take that,
But the nominated recordings resented by the gorgeous popularity and sales. But the land sounded like music that Leroy Anderson!); and Mr. Mr. Mermelstein writes for
by Jon Cleary, Natalie Ai Ka- “Chances Are,” an old-school Album of the Year category— might accompany a German Dutt moving the stylus on a the Journal on classical music
mauu, Keali’i Reichel, the Rev- country tear-jerker. (Written number two on the list—gives Expressionist film or be phonograph. Yet Aleksandra and film.
elers, and Windwalker and the by Hayes Carll, “Chances Are” a better-than-fair sampling of played by a Gypsy band. An- Vrebalov’s “Bubbles” topped
MCW are special in their own is also up for Best Country what’s happening in rock and other premiere, Reena Es- it for innovation, with Kronos
way as they celebrate native Song.) Even the fifth song in pop with nominated discs by mail’s hypnotic arrangement joined by the vibraphonist Pepper ...
traditions brushed now and the category, Keith Urban’s Alabama Shakes, Kendrick La- of N. Rajam’s “Dadra in Raga Andy Meyerson and 30 mem-
then with popular musical “John Cougar, John Deere, mar, Mr. Stapleton, Taylor Bhairavi,” successfully mim- bers of the outstanding San
And Salt
forms. Albums with their John 3:16,” with its glitchy Swift and the Weeknd. And icked Hindustani music by Francisco Girls Chorus, con- THE WALL STREET JOURNAL
roots in Louisiana won the percussion, is solid enough to one might quarrel with some having Ms. Yang (Kronos’s ducted by Valérie Sainte-Ag-
award in the category at the rise above its groaner of a ti- of the choices for Record of newest member and sole fe- athe. Never have buzzing lips,
past three ceremonies, which tle. the Year, but Category 1— male) slap the body of her piercing whoops, and giggling
seems to favor Mr. Cleary and Category 47—Best Ameri- which includes D’Angelo’s cello to imitate a tabla. been so beguiling, and when
his rattling funk-blues or the cana Album—is fatted with slinky, deeply funky “Really Mariana Sadovska’s 20- these singers drew out “I
Revelers, a supergroup in Ca- nominees that win Nashville’s Love” alongside tracks by the minute “Chernobyl.The Har- Love You,” it was impossible
jun, zydeco and swamp-pop approval: discs by Brandi Car- Mark Ronson-Bruno Mars duo, vest” couldn’t be anything but not to be moved. (The text
circles. lile, Emmylou Harris & Rodney Ed Sheeran, Ms. Swift and the mournful. But it suffered by appended a John Cage quota-
As for the jazz categories, Crowell, Jason Isbell, the Mav- Weeknd—deserves acknowl- immediately following an ar- tion to Robert Creeley’s short
the Grammys have tended to ericks and Punch Brothers. edgment for its good taste and rangement of Severiano poem “The Language.”)
tilt away from avant-garde But while the Grammys define modest sense of adventure. Briseño’s “Man From Sinaloa,” The chorus remained for
jazz or jazz that links to hip- Americana too narrowly as with 27 instrumentalists from the Tehran-born Sahba Amini-
hop, R&B and rock. But among close kin to country, all five Mr. Fusilli is the Journal’s a local arts high school aug- kia’s “Sound, Only Sound Re-
the nominees in Category 33— nominated albums are exqui- rock and pop music critic. menting Kronos to form what mains,” an ingenious and ar-
Best Jazz Instrumental Al- site in content and presenta- Email him at jfusilli@wsj.com sounded like a huge mariachi resting concoction of live and
bum—are works by Terence tion. Meanwhile, in a bit of il- and follow him on Twitter band. The Ukrainian-born Ms. recorded music that makes “Sorry—that’s my new
Blanchard featuring the E-Col- logic that can define the @wsjrock. Sadovska also contributed her impressive political as well as `Quasimodo’ ringtone.”
SPORTS
Heard On
The Field
Villanova Ranked No. 1

For First Time in Poll
It wasn’t a big surprise that Vil-
lanova, a diversely talented and vet-
eran-laden team, leapt to No. 1 from
No. 3 in the latest college basketball
rankings after the top two teams,
Oklahoma and North Carolina, both
lost and the Wildcats beat a ranked
Providence team on the road.
The real shocker is that the
Wildcats had never reached the top
spot before: Villanova (20-3) is atop
the Associated Press poll for the
first time in program history, just
the latest accomplishment for coach Von Miller of the Denver Broncos sets his sights on Cam Newton of the Carolina Panthers in the fourth quarter of the Super Bowl on Sunday.
Jay Wright, who led the team to a
How Denver Defied Newton’s Law

Big East title and No. 1 seed in the
NCAA tournament last season.
The strangest part of this is that
even though the Wildcats have never
been No. 1, they have been crowned
NCAA champions, when they won
the 1985 NCAA tournament. Santa Clara, Calif. Bowl’s most valuable player. some instances by rushing just prepared,” Broncos coach Gary Ku-
Since that 1985 tournament, the Daring Carolina Panthers quar- Almost five years ago, the Pan- four players—something that many biak said Monday. “But I think it
first year it expanded to 64 teams, terback Cam Newton to beat you is thers had a choice at the top of coaches see as the key to winning got down to our effort and our
only one other team has won it all a bad idea. Just ask any of the the 2011 draft: The quarterback, or in the NFL, since the remaining ability to win upfront and really
without ever reaching No. 1 in the great teams that were sitting at the player capable of eviscerating seven players on the field can fo- have the athletic ability to catch a
program’s history. That team: The home on Sunday watching the Su- that quarterback? Newton was the cus on defending the pass. That player like [Newton] and to get
Maryland Terrapins, who are ranked per Bowl commercials instead of presumptive top pick, but Miller was obvious on the biggest play of him on the ground, which is very
No. 2 behind Villanova this week. playing in the game because they thought he would be picked first, the game: a first-quarter strip-sack difficult to do.”
—Andrew Beaton tried to do just that. Nearly every- too. The Panthers chose the passer of Newton. Their ability to stay in The Broncos were athletic
— one who was burned by the NFL and Miller was selected with the their pass-rushing lanes created enough to stop even the Panthers’
MVP has a war story—Newton next pick, second overall to Den- few holes for Newton to run brightest ideas as the bludgeoning
USOC Denies Advising throwing a perfectly ver. But the battle between the through, keeping him squarely in progressed. The Broncos lineback-
Athletes to Skip Rio timed pass or eluding new-age quarterbacks and the pass the crosshairs of the Broncos line- ers—Miller on some plays, but
The United States Olympic Com- multiple defenders to rushers designed to destroy had men at all times. That was obvious more often Danny Trevathan—
mittee on Monday refuted a report scramble for a first begun. Now, it will define this era on the biggest play of the game: a didn’t react to the snap on some
by Reuters alleging that the com- down. He has domi- of NFL football. first-quarter strip-sack of Newton. plays. A consequence of this, aside
mittee told sport federations “that nated the league with In order to stop Newton, the Ware, lined up on the right side from leaving a man in the middle of
athletes and staff concerned for NFL the ball in his hands. Broncos decided to stop the run of the field, slipped inside the the field, was that it threw off
their health over the Zika virus JOURNAL. But on Sunday, the first. The Panthers’ star running tackles after the snap—nothing Newton’s “reads,” when he stares
should consider not going to the KEVIN Denver Broncos de- back, Jonathan Stewart, averaged fancy. Miller, who was lined up on down one defensive player and de-
Rio 2016 Olympic Games.” CLARK cided to do something 2.4 yards per carry Sunday. The the left side, simply used his speed cides whether he’ll take the ball
The Reuters report claimed that crazy. They didn’t just Broncos knew that Carolina’s re- to get around right tackle Mike himself or give it to a running back.
the USOC told sport leaders on a think they could beat ceivers couldn’t beat the Broncos’ Remmers. Miller leveled Newton, On one third-quarter read-op-
conference call last month that ath- Cam Newton. They built their talented cornerbacks on the out- forced him to fumble, and Malik tion, Miller was lined up to New-
letes and support staff shouldn’t whole game plan around it. side of the field, and more than Jackson fell on it for a touchdown. ton’s right and didn’t flinch at the
attend the Olympics if they didn’t “Load the box, force y’all to anything, they knew that getting It was as simple a defensive play snap. This stopped Newton from
feel comfortable doing so. throw the ball. Can you throw the Newton to force the ball to them as there is—and it’s the exact type giving the ball to running back
In a statement, the USOC said football? That was the game plan,” would favor the defense. of mistake Newton doesn’t make. Stewart, because he was heading
the report was “inaccurate” and Denver cornerback Chris Harris Jr. Newton is a terrific passer—he After this, it was almost unfair Miller’s way. Instead, he kept the
that “we did not, would not and will said after the game. had 35 touchdown passes and just when the Broncos began adding ball and was quickly swarmed by
not prevent athletes from compet- The bad news for Newton is that 10 interceptions in the regular sea- even more players to the pass everyone else. The Panthers also
ing for their country should they there’s now a ready-made blueprint son—but the Broncos wanted to rush. On one first-quarter blitz, have option plays in which they
qualify.” The Centers for Disease for stopping him. The good news keep Newton in the pocket at all both starting safeties, Darian can run or pass, but on a night like
Control and Prevention defines the for Newton is that there’s likely times in order to unleash their fe- Stewart and T.J. Ward, ended up in Sunday, when the cornerbacks gave
Zika virus as a mosquito-borne ill- only one defense capable of actually rocious pass rush, led by Miller Newton’s face. Newton went down the receivers no breathing room,
ness that has been linked to birth doing it. and DeMarcus Ware. Newton was in a hurry. Their blitzes were ex- that wasn’t much of an option.
defects in babies born to some in- In his first opportunity to win a pressured 21 times and sacked six otic enough to catch the already- The game was a 60-minute ex-
fected pregnant women. Super Bowl, Newton, the extraor- times—both season-highs. He was overwhelmed Panthers offensive ample of how to stop the dynamic
A person familiar with the mat- dinary new type of NFL quarter- sacked once in each of the two line off guard. Panthers offense, which led the
ter said that the USOC recently dis- back who can pass or run and will previous playoff games. His quar- Broncos players and coaches NFL in scoring this season. How
cussed the latest CDC guidelines on likely dominate the next decade of terback rating of 55 was his worst said after the game that the Pan- did they do it? A brilliant conver-
Zika with sport federation leaders football, met his match: a pass of the season. thers didn’t do anything Denver gence of game plan, athleticism
and said employees wouldn’t face rusher who is equally as athletic Because he was stranded in the hadn’t seen before on game film. and defensive discipline that com-
repercussions if they opted out of and just as strong. It was Broncos pocket, the Broncos were able to But the Broncos did plenty new. bined to give Newton his worst
traveling to Rio. —Sara Germano pass rusher Von Miller, the Super generate pressure on Newton in “I thought we were very well game at the worst possible time.
NBA Fans: Don’t Get Too Attached to Your Coach

January’s jobs report revealed that
the U.S. unemployment rate was 4.9%.
It was the lowest level since February
2008, which is good news for a lot of
The Coaching Carousel
Here are the longest-tenured head coaches in the NBA and their
record with that team.
COACH
Gregg Popovich San Antonio
Erik Spoelstra Miami
START DATE RECORD
Dec. 10, 1996 1,065-478 (.690)
April 28, 2008 380-230 (.623)
8.8
million
people, including all the NBA coaches Rick Carlisle Dallas May 9, 2008 367-245 (.600) Number of Facebook
now looking for work. Frank Vogel Indiana Jan. 30, 2011 232-168 (.580)
On Monday, the New York Knicks Dwane Casey Toronto June 21, 2011 188-174 (.519) posts, comments,
became the fifth team to jettison a
head coach this season, firing coach
Randy Wittman Washington Jan. 24, 2012 159-185 (.462) likes and shares
Derek Fisher. Fisher, in only his sec-
ond year on the job, joined Kevin
Terry Stotts Portland Aug. 7, 2012 163-135 (.547)
directed at Beyoncé
Source: Basketball-Reference The Wall Street Journal.
McHale (Rockets), Lionel Hollins during Super Bowl
(Nets), David Blatt (Cavaliers) and Knicks’ coach Derek Fisher was fired on Monday.
Jeff Hornacek (Suns) on the NBA un- 50. Sadly, Carolina’s
employment line.
Even winning doesn’t provide job ovich of the San Antonio Spurs, has coach, Terry Slotts of the Portland With the league’s All-Star break
Cam Newton, with 8
security, it seems, as Blatt had Cleve- been in their current job longer than Trail Blazers, hasn’t even been in his approaching, two of the league’s most million interactions,
land seemingly rolling along as the top eight years. Popovich took over on role yet for four years. More than half veteran coaches—Stottts and Randy
team in the Eastern Conference. Blatt Dec. 10, 1996, when current Spurs for- of the league’s coaches—17—are less Wittman of the Washington Wiz- went home without
directed LeBron James and a depleted
supporting cast all the way to last
ward Kawhi Leonard was only 5 years
old and Tim Duncan still a senior at
than two seasons into their current
job. The average coaching tenure
ards—may soon be feeling the heat,
with their teams currently falling
this trophy, too.
year’s NBA Finals. Wake Forest. league-wide is now just 3.23 years, ac- short of qualifying for the playoffs.
Just one NBA coach, Gregg Pop- The seventh longest-tenured NBA cording to Stats LLC. —Michael Salfino Source: Facebook
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