* * * * * TUESDAY, APRIL 26, 2022 ~ VOL. CCLXXIX NO. 96
00
DJIA 34049.46 À 238.06 0.7%
What’s
News
Business & Finance
witter accepted Musk’s
T bid to take over the com-
pany in a $44 billion deal that
would give the world’s rich-
est person control over the
social-media network, where
he is also among its most
influential users. A1, A6
 Chinese stocks suffered
their worst selloff in over
two years and the yuan hit its
lowest level since late 2020 as
investors worried about eco-
nomic fallout from strict poli-
cies to combat Covid-19. A1
 Fidelity plans to allow
investors to put a bitcoin
account in their 401(k)s,
the first major retirement-
plan provider to do so. A1
 U.S. stocks rose, with
the S&P 500, Nasdaq and
Dow gaining 0.6%, 1.3% and
0.7%, respectively. Govern-
ment-bond yields fell. B1
 The Senate moved ahead
with consideration of Bi-
den’s Fed nominees, begin-
ning with a procedural vote
that clears the path to con-
firm Brainard later this
week as vice chairwoman. A2
 Coca-Cola logged higher
quarterly sales as stronger
demand and price increases
helped the beverage giant
offset surging input costs. B1
 Royal Philips has been
subpoenaed by the Justice
Department in relation to
a recall of breathing-aid
devices affecting millions
of sleep-apnea patients. B4
 GM is developing a hybrid
version of its Chevrolet Cor-
vette that could hit dealer-
ships as early as next year. B3
World-Wide
 The Biden administra-
tion’s aim in the Ukraine
war is to see Russia’s mili-
tary capabilities degraded
and Ukraine’s strengthened,
to prevent Moscow from at-
tempting to conquer terri-
tory by force in the future,
U.S. officials said. A1, A7-8
 A New York judge held
Trump in contempt of court
and fined the ex-president
$10,000 a day for what he
said was Trump’s failure to
comply with a subpoena by
the state’s attorney general
for a civil-fraud probe. A3
 Chinese authorities raced
to carry out citywide Covid-19
tests across Beijing, betting
their rapid action to crush a
nascent outbreak in the capi-
tal will avoid a repeat of the
chaos seen in Shanghai. A9
 Supreme Court justices
tussled over the line between
permitted private prayer by a
public school employee and
prohibited coercion of students
to join in religious exercise. A4
 A Turkish court sentenced
dissident businessman and
philanthropist Osman Kavala
to life in prison on charges
of attempting to over-
throw the government. A18
 Israel fired artillery shells
into southern Lebanon after
militants there launched a
rocket into northern Israel,
Israel’s military said. A18
 Footage released by au-
thorities shows Alec Bald-
win drawing a revolver and
pointing it toward the camera
twice while rehearsing for a
scene in the movie “Rust.” A3
JOURNAL REPORT
Climate Technology:
Innovations that make
a difference. R1-12
CONTENTS
Arts in Review... A13
Business News.. B3,6
Crossword.............. A13
Equities.................... B10
Heard on Street. B14
Markets.................... B13
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 13004.85 À 1.3% STOXX 600 445.11 g 1.8%
Musk Strikes Deal to Buy Twitter
Social-media firm opts
to sell for $44 billion,
one of the biggest tech
acquisitions in history
Twitter Inc. accepted Elon
Musk’s bid to take over the com-
pany and go private, a deal that
would give the world’s richest
person control over the social-
media network where he is also
among its most influential users.
VLADYSLAV MUSIIENKO/REUTERS
Defense Secretary Lloyd Austin said the Biden administration wants the Ukraine war to reduce Russia’s military might to
deter future incursions. Above, the remains of a destroyed Russian tank left on the roadside in Rusaniv, Ukraine.
U.S. Seeks to Weaken Russia
To Deter Future Aggression
The Biden administration’s
aim in the Ukraine war is to see
Russia’s military capabilities de-
graded and Ukraine’s strength-
By William Mauldin
in Poland
and Thomas Grove
in Lviv, Ukraine
ened, to prevent Moscow from
attempting to conquer territory
by force in the future, U.S. offi-
cials said Monday.
INSIDE
SPORTS
More women are
advancing in baseball’s
on-field coaching
jobs. A14
The $67 Billion
Tariff Loophole
China benefits as retailers take advantage
of rule waiving duties for small purchases
BY JOSH ZUMBRUN
WASHINGTON—The rule
that allows American tour-
ists to bring back souvenirs
from overseas duty-free is
now being used by compa-
nies to avoid billions of dol-
lars in tariffs—and it’s per-
fectly legal.
Opinion.............. A15-17
Personal Journal. A11-12
Known as the de minimis
Sports....................... A14 rule, the exemption has been
Technology............... B4 around for decades, deriving
U.S. News......... A2-4,6 its name from the Latin term
Weather................... A13
World News. A7-9,18
for something too small to
fuss with.
For many years, it was
> just that—accounting for
such a sliver of imports that
U.S. Customs and Border
Protection didn’t even
bother to keep track of them.
It’s a sliver no more. The
known value of de minimis
WSJ.com
10-YR. TREAS. À 21/32 , yield 2.825%
The $44 billion deal marks
the close of a dramatic court-
ship and a change of heart at
Twitter, where many executives
and board members initially
opposed Mr. Musk’s takeover
approach. The deal has polar-
ized Twitter employees, users
and regulators over the power
tech giants wield in determin-
ing the parameters of discourse
on the internet and how those
companies enforce their rules.
The two sides worked
“We want to see Russia
weakened to the degree that it
can’t do the kinds of things
that it has done in invading
Ukraine,” Defense Secretary
Lloyd Austin said after he and
Secretary of State Antony
Blinken became the highest-
level U.S. officials to visit the
Ukrainian capital of Kyiv since
Russia invaded Ukraine on
Feb. 24.
A senior U.S. official said af-
ter Messrs. Blinken and Austin
Fidelity to Allow Bitcoin in 401(k)s
BY ANNE TERGESEN
Fidelity Investments plans
to allow investors to put a bit-
coin account in their 401(k)s,
the first major retirement-plan
provider to do so.
Later this year, the 23,000
companies that use Fidelity to
administer their retirement
plans will have the option to
put bitcoin on the menu. The
endorsement of the nation’s
largest retirement-plan pro-
vider suggests crypto investing
imports soared to over $67
billion in 2020 from an esti-
mated $40 million in 2012 ,
according to previously un-
reported U.S. Customs data
reviewed by The Wall Street
Journal.
The rise of e-commerce in
recent years accustomed
shoppers to order just a few
items at a time—which eas-
ily falls under the de mini-
mis rules—and led to steady
growth in such shipments.
Then a sharp jump came in
the wake of higher tariffs
imposed by the Trump ad-
ministration on Chinese im-
ports, according to the Cus-
toms data and logistics
industry executives, who say
the new levies led importers
to devise ways to dodge pay-
Please turn to page A10
HHHH $5.
OIL $98.54 g $3.53
By Cara Lombardo,
Meghan Bobrowsky
and Georgia Wells
through the night to hash out a
deal in which Mr. Musk plans
to take Twitter private in a
deal that values the company
at $54.20 a share.
The takeover, if it goes
through, would mark one of the
biggest acquisitions of a tech
company and will likely affect
returned from Kyiv, “However
this ends up, Russia will be in a
much weaker position. Ukraine
will be in a much stronger po-
sition to further deter against
any renewed aggression once
this is over.”
Meanwhile, on Monday the
U.S. said it would return diplo-
mats to Ukraine and work to
re-establish its embassy in
Kyiv, and the White House said
President Biden would appoint
an ambassador to Ukraine, the
is moving further into the
mainstream, but it remains to
be seen whether employers will
embrace it for their workers.
Fidelity’s move comes a
month after the Labor Depart-
ment expressed concerns about
including cryptocurrencies in
retirement plans. It is also an
uneasy time for the stock mar-
ket, with the S&P 500 down al-
most 10% this year in part due
to rising interest rates. Bitcoin
lost more than 40% of its value
since its November high.
Argentines
Don’t Cry
For Inflation
i i i
Coping tactics
include hoarding;
‘40% is normal’
BY SILVINA FRYDLEWSKY
AND JUAN FORERO
BUENOS AIRES—Shop-
keeper Jonathan Faez has a
word of advice to people
around the world obsessing
about inflation: Chill out.
“I have friends in the
United States and Spain and
they’re telling me they’re go-
ing crazy with their annual in-
flation of 5% or 7%,” says Mr.
Faez, owner of a lingerie store.
“Here, we reach 4% almost ev-
ery month!”
Welcome to Argentina,
where high, nearly uncontrol-
lable inflation—now at an esti-
mated 55.1% over the past
year—is as natural as the
Please turn to page A10
GOLD $1,893.20 g $37.80 EURO $1.0714 YEN 128.14
the direction of social media.
Mr. Musk will bring a commit-
ment to a more hands-off ap-
discourse and disagreement.
“I hope that even my worst
critics remain on Twitter, be-
proach on speech moderation cause that is what free speech
to a company that has strug- means,” he wrote.
gled to reconcile freewheeling Please turn to page A6
conversations with content that
appeals to advertisers.
On Monday, a day after The
Wall Street Journal first re-
Winning Hand
 How the Tesla chief
ported that a deal was close, Mr. prevailed with his bid...... A6
Musk tweeted to indicate that  Heard on the Street: Ads
he wants the platform to be a needed to stay aloft...... B14
destination for wide-ranging
Chinese
Stocks
Sink on
Lockdown
Worries
BY REBECCA FENG
AND DAVE SEBASTIAN
Chinese stocks suffered their
worst selloff in more than two
years and the yuan hit its low-
est level since late 2020, as in-
vestors worried that strict poli-
cies to combat Covid-19 would
add to the pressures weighing
on China’s economic growth
and corporate profits.
The battle with the Omicron
variant of Covid-19 is adding to
a series of challenges for
China’s economy and markets,
on top of domestic regulatory
crackdowns, the war in Ukraine
and a shift toward tighter mon-
etary policy by many central
banks to tackle galloping infla-
tion.
Residents in Beijing, were
stocking up on essentials Mon-
day in anticipation of a possible
lockdown, as a severe lockdown
in Shanghai entered its fifth
first since 2019. week. Beijing officials began
In an attempt to stem the mass Covid-19 tests of people
flow of heavy weapons from living or working in the city’s
the U.S. and other allies to the Chaoyang district.
front lines in Ukraine, Russia Economists have slashed
on Monday hit several Ukrai- their forecasts for Chinese ex-
Please turn to page A8 pansion, with the International
Monetary Fund last week cut-
 War drains Russia’s arms ting its 2022 growth forecast
supply............................................. A7 for the country to 4.4% and
 Career U.S. diplomat is banks downgrading their pre-
named Kyiv envoy.................. A7 dictions. Foreign investors have
 Big Four auditors struggle to pulled billions of dollars from
exit Russia................................... A8 Chinese stock and bond mar-
kets.
On Monday, the Shanghai
Composite and CSI 300 indexes
fell 5.1% and 4.9%, respectively.
Those were the largest single-
day percentage declines for
“There is a need for a di- both benchmarks since Febru-
verse set of products and in- ary 2020, when anxiety over the
vestment solutions for our in- fast-spreading coronavirus in
vestors,” said Dave Gray, head the early days of the pandemic
of workplace retirement offer- led to sharp falls in Chinese
ings and platforms at the Bos- markets after the Lunar New
ton company. “We fully expect Year holiday.
that cryptocurrency is going Chinese markets regained
to shape the way future gener- some ground in morning trad-
ations think about investing.” ing Tuesday. The CSI 300 index
Under the plan, Fidelity and Hang Seng both added
would let savers allocate as Please turn to page A2
much as 20% of their nest eggs
to bitcoin, though that threshold  Beijing conducts massive
Please turn to page A4 Covid-19 testing....................... A9
Calling all
innovators.
Join us for the livestream.
May 2– 5, 2022
A2 | Tuesday, April 26, 2022
Senate Clears Path for Fed’s Brainard
Vice chairwoman pick
gains some bipartisan
support in 54-40 vote
and nears confirmation
BY NICK TIMIRAOS
The Senate moved ahead
Monday evening with consider-
ation of President Biden’s nomi-
nees to the Federal Reserve, be-
ginning with a procedural vote
clearing the path to confirm
governor Lael Brainard later
this week as the central bank’s
vice chairwoman.
The 54-40 tally indicated
Ms. Brainard will be confirmed
with bipartisan support. Eight
Republicans joined 46 senators
who caucus with the Democrats
in moving her nomination for-
ward. Four Fed nominees are
up for confirmation, and it is
unknown if the two who would
be new to the board would be
seated ahead of next week’s
rate-setting meeting.
A procedural vote on nomi-
nations allows Senate Majority
Leader Chuck Schumer (D., N.Y.)
to end debate and proceed to a
final confirmation vote, which
is scheduled to occur Tuesday
afternoon for Ms. Brainard.
Mr. Biden interviewed Ms.
TEXAS
Appeals Court Stays
Execution of Woman
Melissa Lucio was scheduled
to be executed Wednesday for
the death of her 2-year-old
daughter. On Monday, the Texas
Court of Criminal Appeals
granted a stay, saying new evi-
dence in the case should be con-
sidered.
Lucio, 53, was sentenced to
death in 2008 after a jury found
her guilty of capital murder. The
state argued that her daughter
Mariah was the victim of abuse
and that she had died of trauma
to the head.
Lucio’s attorneys have argued
that their client is innocent, and
that Mariah’s death was acciden-
tal, after the 2-year-old fell
down a flight of stairs. They
said that although Lucio origi-
nally repeatedly told the police
that she didn’t kill her daughter,
after a five-hour interrogation,
she made a false confession.
Five of the jurors who sen-
tenced Ms. Lucio have since
publicly questioned their deci-
sion.
—Talal Ansari
U.S.
Wildfires Spread
In Numerous States
Firefighters across the coun-
try are battling growing wildfires
as tinder-dry conditions and high
winds whip up flames from Ari-
zona to Florida.
Chinese
Stocks
Sink
Continued from Page One
more than 1% by late morning,
while the Shanghai Composite
advanced less than 1%.
On Monday, the offshore
yuan fell steeply, weakening
past 6.60 against the dollar, ac-
cording to FactSet. The decline
built on a selloff last week that
ended months of relative stabil-
ity. Shortly after the currency
crossed 6.60 per dollar, China’s
central bank said it would
tweak its foreign-exchange pol-
icy, helping the yuan pare some
of its earlier losses.
The market is recognizing
“economic recovery will be de-
layed and the situation in China
could be more uncertain, espe-
cially in the near term, because
of the Omicron situation,” said
Jason Liu, the Asia head of the
chief investment office at
Deutsche Bank’s international
private bank.
“The market is starting to
realize that the overall stimulus
measures from China could be
smaller than expectations or
quite delayed, especially on the
monetary side,” Mr. Liu said.
In U.S. trading, stocks fin-
ished Monday higher after a
volatile session. The S&P 500
finished ahead 0.6% after ear-
lier falling nearly 1.7%. The 10-
year Treasury yield fell to
Brainard in November as he
mulled whether to elevate the
economist and former Treasury
Department official to serve as
Fed chair. He instead opted to
reappoint Fed Chairman Je-
rome Powell to a second term
and to promote Ms. Brainard to
serve as the Fed’s second-in-
command.
Mr. Powell is also expected
to win bipartisan support for a
second term as Fed chairman.
He has been serving in an act-
ing capacity as “chair pro tem-
pore” since early February,
when his four-year term ex-
pired. Lawmakers on the Senate
Banking Committee approved
his confirmation on March 16 in
a 23-1 vote, with only Sen. Eliz-
abeth Warren (D., Mass.) op-
posed.
After Ms. Brainard’s confir-
mation vote on Tuesday after-
noon, the Senate is scheduled
to consider a procedural motion
to advance the nomination of
Lisa Cook, an economist at
Michigan State University. Ms.
Cook received a tie vote on the
Banking Committee, which re-
quired an additional step to ad-
vance her nomination last
month.
Under Senate rules, a nomi-
nee who receives a tied vote in
committee can advance to a
Backers of inmate Melissa Lucio cheered at the Texas Capitol Monday after her execution was delayed.
Nearly a dozen new large
fires were reported over the
weekend across the nation—four
in New Mexico, three in Colorado
and one each in Florida, Ne-
braska, South Dakota and Texas.
In northern New Mexico,
evacuations remained in place
for several communities Monday
and conditions were still too vol-
atile for authorities to assess
the damage caused Friday and
Saturday. The blaze has grown
into the largest wildfire burning
in the U.S., charring more than
88 square miles.
In Arizona, firefighters were
2.825% from 2.905% Friday, its
largest one-day yield decline
since March 4.
Monday’s rout in the CSI 300
took the year-to-date decline in
the index, which includes the
biggest stocks listed in either
Shanghai or Shenzhen, to
nearly 23%. The broad Shanghai
Composite has lost nearly 20%
in the same period.
Raw-materials companies
were among the biggest declin-
ers Monday, with Tianqi Lith-
ium Corp. falling 9.9% and rival
Ganfeng Lithium Co. dropping
9.1%.
The pullback was echoed in
offshore stocks in Hong Kong,
where the city’s flagship Hang
Seng Index retreated 3.7%. Hai-
dilao International Holding Ltd.,
which operates a chain of hot-
pot restaurants in China, led
major decliners, losing 16%.
Covid-19 restrictions have
emerged as the largest threat to
China’s growth, analysts at sev-
eral onshore securities firms
said in notes to clients. These
curbs may hurt more in the sec-
ond quarter than the first, said
Xuan Wei, chief strategist of
Beijing-based China Asset Man-
agement.
China was already confront-
ing weak consumer demand,
and the lockdowns have exacer-
bated that weakness, helping
explain the stock selloff, said
Patrick Ru, a portfolio manager
on Neuberger Berman’s global
equity team.
Part of the stress on Chinese
markets comes from foreigners
scaling back their positions.
Last month, international in-
vestors cut their holdings of
U.S. NEWS
Lael Brainard, a Federal Reserve governor, on Capitol Hill in January.
vote in the full chamber
through a motion by the major-
ity leader. Democrats have
50-50 control of the Senate,
with Vice President Kamala
Harris able to break a tie. Ms.
Cook’s nomination advanced
with a 50-49 vote; all Demo-
crats voted in her favor, while
one Republican, Sen. John Ken-
nedy of Louisiana, didn’t vote.
Senate leaders haven’t filed
motions to advance to votes on
Mr. Powell or Mr. Biden’s fourth
Fed nominee, Philip Jefferson,
an economist at Davidson Col-
lege in North Carolina. Mr. Jef-
ferson was approved unani-
mously by the Senate Banking
U.S. WATCH
taking advantage of lighter
winds to boost containment of a
more than 33-square-mile blaze
that has been burning outside
Flagstaff for more than a week.
Strong winds that had fueled
the fire are expected to return
later this week.
In Nebraska, more than 80
firefighters, emergency manage-
ment personnel and others were
helping fight the fire, known as
the Road 702 Fire, according to
Jonathan Ashford, spokesman
for the Rocky Mountain Complex
Incident Management Team. By
early Monday, it had burned
Chinese bonds by a record $15
billion and sold a net total of
about $7.1 billion of Chinese
stocks through a trading link
with Hong Kong known as
Stock Connect.
As Treasury yields have
surged, the extra yield offered
by China’s government bonds
over their U.S. equivalents has
shrunk, reducing the relative
appeal of Chinese debt.
The shrinking of that gap,
plus rising risks to Chinese
growth, prompted speculative
investors to liquidate their
yuan holdings and led to a
buildup of tactical bets against
the currency, said Lemon
Zhang, a foreign-exchange and
emerging-markets macro strat-
egist at Barclays.
Still, she said the People’s
Bank of China probably
wouldn’t allow a large near-
term depreciation of the cur-
rency, pointing to its recent re-
cord of setting a midpoint for
onshore yuan trading that was
stronger than implied by mar-
ket prices.
Late Monday Beijing time,
the PBOC said it would require
financial firms to hold smaller
amounts of foreign currency in
reserve. The offshore yuan re-
gained some ground to trade at
about 6.586 per dollar.
The central bank said it
would cut the foreign-exchange
reserve requirement ratio next
month by 1 percentage point to
8%, to improve liquidity in that
market. It lifted this ratio twice
last year, to 9% from 5%, in
moves that analysts said were
meant to ease appreciation pres-
sures on a then-strong currency.
Committee and is expected to
be easily confirmed.
The confirmation process
for the nominations stalled in
February when Democrats re-
fused to move the nominees
individually and Republicans
refused to vote on Mr. Biden’s
pick for vice chairwoman of
bank supervision, Sarah Bloom
Raskin. She withdrew from
consideration last month. Her
nomination drew opposition
from nearly all Senate Republi-
cans and from Democratic Sen.
Joe Manchin of West Virginia.
Mr. Biden this month said
he planned to nominate Mi-
chael Barr, a former Treasury
nearly 65 square miles of mostly
rolling rangeland in Red Willow,
Furnas and Frontier counties.
—Associated Press
NORTH DAKOTA
Blizzard Knocks Out
Power for Thousands
A blizzard over the weekend
left at least 19,000 people in
western North Dakota facing
days without power and thou-
sands of residents along the Red
River that separates that state
from Minnesota dealing with
How many offshore
Chinese yuan $1 buys
6.30 yuan
6.35
6.40
6.45
6.50
6.55
Scale inverted to show
weakening yuan
6.60
May 2021
Sources: Tullett Prebon (currency); FactSet (index performance)
Data for cross-border bond
investment in April aren’t avail-
able yet.
In equities, foreigners
dumped the equivalent of $676
million of Chinese shares Mon-
day through Stock Connect,
CORRECTIONS 
AMPLIFICATIONS
Ben Domenech is co-
founder of the online maga-
zine the Federalist. In some
editions Saturday, a Review
article about Meghan McCain
incorrectly said her husband,
Mr. Domenech, is the pub-
lisher of the magazine; he re-
cently left that position.
Readers can alert The Wall Street
Journal to any errors in news articles
by emailing wsjcontact@wsj.com or
by calling 888-410-2667.
* ****
Department official in the
Obama administration, to the
position.
Before joining the Fed in
2014, Ms. Brainard helped man-
age former President Barack
Obama’s response to the 2008
financial crisis during four
years as the Treasury Depart-
ment’s top financial diplomat.
AL DRAGO/BLOOMBERG NEWS
Ms. Brainard served as an ad-
viser to former President Bill
Clinton on international eco-
nomics in the late 1990s.
The daughter of an American
diplomat, Ms. Brainard grew up
on both sides of the Iron Cur-
tain in Germany and Poland
during the Cold War. She has
credited that upbringing with
fostering her interest in eco-
nomics and public policy.
During the Fed’s response to
the Covid-19 pandemic in March
2020, Mr. Powell asked Ms. Brai-
nard to join his inner circle of
policy advisers that typically
consists of the Fed’s vice chair
and the New York Fed president.
The term of the previous Fed
vice chairman, Richard Clarida,
expired in January.
Ms. Brainard is already
seated to a separate term as a
Fed governor that runs through
January 2026. Her term as vice
chairwoman would run for four
years from the date she is
flash flooding.
A mixture of snow, rain, ice
and strong winds snapped hun-
dreds or thousands of power
poles, leaving damage that a
spokesman for a 100-year-old
utility company called the worst
ever in its system.
At the same time, Minnesota
sent National Guard members to
help sandbag in Crookston,
JAY JANNER/AUSTIN AMERICAN-STATESMAN/ASSOCIATED PRESS
about 30 miles from the North
Dakota border, due to heavy
rains.
The National Weather Service
originally warned of a record
crest on the Red Lake River but
the river peaked Monday at
about 27 feet. The record water
mark was 28.4 feet in 1997.
—Associated Press
TEXAS
Body Found of Guard
Who Tried a Rescue
Search crews on Monday re-
covered the body of a Texas Na-
tional Guard member who went
missing after jumping in the
river on the U.S.-Mexico border
to help a migrant who was
struggling to swim across.
The body of Spc. Bishop Ev-
ans was found three days after
he was reported missing in the
Rio Grande near the border city
of Eagle Pass. The local sheriff
said Spc. Evans jumped into the
river without his jacket or radio
to help a woman who appeared
in distress while trying to swim
over from Mexico.
“Our National Guard soldiers
risk their lives every day to
Index performance
over the past year
10%
0 friendly measures.
–10
Shanghai
–20
Composite
CSI 300
–30
’22 May 2021 ’22
Wind data showed. After mod-
est inflows earlier in April,
month-to-date outflows total
$494 million.
Monday’s declines mean Chi-
nese domestic stocks have now
erased all of their gains they
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THE WALL STREET JOURNAL.
sworn in to that position.
A bipartisan vote for Ms.
Brainard is notable because
she has been viewed by some
policy analysts as a potential
future Treasury secretary.
Ms. Cook would become the
first Black woman to serve on
the Fed’s board in its 109-year
history. She has focused her
research on policies that pro-
mote broad economic opportu-
nity, particularly for racial mi-
norities and women.
Mr. Jefferson would become
the fourth Black man to serve
on the Fed’s board. His aca-
demic work has focused on an
array of topics that include
monetary policy, poverty, and
inequality.
The central bank is expected
to raise its benchmark short-
term rate by a half percentage
point and to approve a plan
that would shrink its $9 tril-
lion asset holdings at the May
3-4 meeting. Some analysts
have speculated the new nomi-
nees might favor less aggres-
sive rate increases, but they
are unlikely to slow the Fed
from pursuing a faster pace of
tightening so long as inflation
remains well above the Fed’s
2% target, said Tim Duy, chief
U.S. economist at research firm
SGH Macro Advisors.
serve and protect others and we
are eternally grateful for the
way Spc. Evans heroically served
his state and country,” Texas
Gov. Greg Abbott said Monday.
—Associated Press
FLORIDA
Three Tourists Return
From Space Station
Three wealthy businessmen
returned from the International
Space Station with their astro-
naut escort Monday, wrapping
up a trip that marked NASA’s
debut as a B&B host.
Flying back in a SpaceX cap-
sule, they splashed down in the
Atlantic off the Florida coast to
close out a 17-day tour that cost
them $55 million apiece.
It was the first time NASA
opened its space hatches to
tourists after shunning the prac-
tice perfected over the decades
by Russia.
The latest guests were ac-
companied by a former NASA
astronaut now working for Ax-
iom Space, the Houston com-
pany in charge of the flight,
making it the first fully private
trip to the space station.
Axiom handled the logistics for
the trip for its three paying cus-
tomers: American real-estate ty-
coon Larry Connor; Canadian pri-
vate-equity CEO Mark Pathy; and
Israeli investor Eytan Stibbe of Tel
Aviv. Their chaperone was Michael
Lopez-Alegria, an Axiom vice pres-
ident who flew to space four
times while a NASA astronaut.
—Associated Press
made since recovering from a
trough in mid-March. That re-
bound was fueled by Vice Pre-
mier Liu He, who stepped in to
stop a slide in share prices by
pledging a series of market-
Officials have since made
fresh efforts to reassure inves-
tors. Last week Fang Xinghai,
vice chairman of the China Se-
curities Regulatory Commis-
sion, said he believed that any
foreign pullback from Chinese
assets would be only a short-
term move, while the commis-
sion told onshore institutions
to act as long-term investors
and “overcome short-term mar-
ket fluctuations.”
A spokeswoman for the
State Administration of Foreign
Exchange, the foreign-exchange
regulator, also assured inves-
tors last week that the Chinese
economy is resilient and yuan-
denominated assets had long-
term investment value.
THE WALL STREET JOURNAL.
New York
Judge
Holds
Trump in
Contempt
BY CORINNE RAMEY
AND DEANNA PAUL
A New York judge on Mon-
day held Donald Trump in
contempt of court and fined
him $10,000 a day for what he
said was the former presi-
dent’s failure to comply with a
subpoena issued by state At-
torney General Letitia James
for her civil-fraud investiga-
tion.
New York State Supreme
Court Justice Arthur Engoron
said Mr. Trump hadn’t com-
plied with an earlier court or-
der to hand over documents
requested by a subpoena Ms.
James issued in December.
Mr. Trump’s lawyers had
argued certain materials re-
quested by Ms. James didn’t
exist, but Justice Engoron said
they hadn’t provided any ad-
missible evidence that showed
they adequately searched for
documents sought by the sub-
poena.
“I hereby hold you in civil
contempt and fine you
$10,000 a day,” Justice En-
goron said after a morning
court hearing, before bringing
his gavel down with a loud
bang. The judge said he would
issue a formal written opinion
on Tuesday.
Ex-president fined
$10,000 a day for
failing to provide
documents in probe.
The contempt dispute is
the latest legal battle stem-
ming from Ms. James’s long-
running civil-fraud investiga-
tion into whether Mr. Trump
and his company made false
or misleading statements to
tax authorities, banks and in-
surers for financial gain.
The sanctions come after
the state attorney general has
gone to court repeatedly to
press the Trump Organization,
Mr. Trump and other parties
to provide materials and in-
formation for her probe.
Mr. Trump, a Republican,
has denied any impropriety
and said the probe by Ms.
James, a Democrat, is politi-
cally motivated.
The judge’s sanctions came
in response to a request filed
by Ms. James earlier this
month, in which she urged
Justice Engoron to fine Mr.
Trump $10,000 each day until
he complies.
“Today, justice prevailed,”
Ms. James said. “For years,
Donald Trump has tried to
evade the law and stop our
lawful investigation into him
and his company’s financial
dealings.”
Alina Habba, a lawyer for
Mr. Trump, said she plans to
appeal. “All documents re-
sponsive to the subpoena
were produced to the attorney
general months ago,” Ms.
Habba said.
During court proceedings
Monday, a lawyer for the at-
torney general said the state
could bring a lawsuit in its
Trump probe soon. Given a
looming timing deadline, “we
will likely need to bring some
kind of enforcement action in
the near future,” the lawyer,
Kevin Wallace, said.
Another lawyer for the
state said the lack of materi-
als provided by Mr. Trump
had hampered New York’s in-
vestigation, adding that the
Trump Organization had
turned over only 10 docu-
ments from the former presi-
dent.
Ms. Habba said in court
that she had flown to Florida
to meet with the former presi-
dent, who didn’t have docu-
ments to hand over.
“President Trump does not
email,” Ms. Habba said. “He
does not text message. And he
has no work computer at
home or anywhere else.”
Ms. James has subpoenaed
Mr. Trump and two of his
adult children, Ivanka Trump
and Donald Trump Jr., to tes-
tify under oath, in addition to
requesting documents from
the former president.
* * * * *
FDA Asked to Ease Sperm-Donor Rule
BY AMY DOCKSER MARCUS
After years of public criti-
cism, the Food and Drug Admin-
istration in 2020 relaxed rules
regarding blood donation by
men who have sex with men.
Now the agency is being asked
to consider revising its policy to
facilitate sperm donations by
these men.
The FDA requires sperm
banks to test all donors for HIV,
the virus that causes AIDS, and
other pathogens and to quaran-
tine vials for at least six months
so that the donors can be re-
tested. In addition to establish-
ing these precautions, the
agency has long prohibited do-
nations from men who acknowl-
edge having had a male sex
partner within the previous five
years.
“The FDA believes that over-
lapping safeguards in place for
anonymous semen donations
adequately and appropriately
reduce the risk of transmission
of communicable diseases,” an
agency spokeswoman said.
Professional and advocacy
groups are seeking changes to
the agency’s policies.
The American Association of
Tissue Banks has asked the FDA
to apply its updated rule for
blood donation to all types of
tissue, a term that encompasses
corneas and skin as well as
sperm. Blood donations are al-
lowed from men who have sex
with other men as long as the
last such contact occurred at
least three months before dona-
tion.
The group GLMA: Health
Professionals Advancing LGBTQ
Equality has said the same stan-
dards should apply to all do-
nors, regardless of sexual orien-
tation or gender identity. The
American Medical Association
maintains that the FDA should
re-evaluate the tissue donor
rules, especially since HIV tests
can now detect the virus as
early as seven days following in-
fection.
Medical organizations aren’t
alone in pressing for change.
“We want the FDA to over-
turn the ban,” said Suzanne
Currie, who along with her wife,
Caroline, had two children in re-
cent years using sperm donated
by a man who had acknowl-
edged having sex with men. “If
someone is healthy and passes
all the tests, then their sexuality
should have nothing to do with
donating.”
The executive director of The
Sperm Bank of California in
Police Release Video of Baldwin on ‘Rust’ Set
SANTA FE, N.M.—New video
footage released by the Santa
Fe County Sheriff’s Office Mon-
day shows Alec Baldwin whip-
ping out a revolver and point-
ing it toward the camera two
times while rehearsing for a
scene in the Western movie
“Rust.”
By Dan Frosch,
Katherine Sayre
and Erich Schwartzel
The footage was taken from
the movie set on the day Mr.
Baldwin discharged a live
round from a revolver, killing
Halyna Hutchins, the 42-year-
old cinematographer for the
low-budget Western. The film’s
director, Joel Souza, was
wounded in the incident.
The footage is one of dozens
of videos and other images re-
leased by the Santa Fe County
Sheriff’s Office. The files were
released Monday in response to
public-records requests by me-
dia outlets. They include body-
camera footage from sheriff’s
deputies responding to the in-
cident and investigators’ inter-
views with witnesses as well as
text message exchanges.
Video from a deputy’s body-
camera shows a chaotic scene
in the moments after the
shooting. Emergency respond-
ers attempted to save Ms.
Hutchins as she lay quietly on
the floor of the set’s Old West
church. Nearby, Mr. Souza, also
on the ground, groaned in pain.
Deputies told crew members to
stay out of the church because
it was a crime scene. Ms.
Hutchins was put into an am-
bulance as a medical helicopter
landed nearby.
A shaken looking Mr. Bald-
win sat outside the church and
asked someone for a cigarette,
the released video shows. He
asked if Ms. Hutchins and Mr.
Souza had been taken away for
treatment and told a deputy he
didn’t know how many people
were in the church when the
shooting occurred.
U.S. NEWS
Caroline Currie with her daughters, above, and with wife Suzanne and daughters, below. The Curries had their children using sperm from a
donor who had acknowledged having sex with men, saying they chose for their donor someone with an openness to meeting any offspring.
Berkeley, which sold the donor’s
sperm to the Curries despite the
agency’s prohibition, said she,
too, felt the time had come for
the FDA to change its policy. “I
am hopeful that what has hap-
pened in blood donation can
now happen in sperm dona-
tion,” Alice Ruby said, adding
that some couples prefer gay or
bisexual donors because they
believe these men may be more
accepting of families that some
view as nontraditional.
The FDA spokeswoman de-
clined to comment on the Cur-
ries’ situation and similar ones
that have arisen at The Sperm
Bank of California. The agency
said it would review donor eligi-
bility rules this year. An agency-
funded study is evaluating the
reliability of a questionnaire de-
signed to gauge a blood donor’s
risk of transmitting HIV, the
spokeswoman said, adding that
the findings could also be appli-
cable to sperm donation.
Jaime Shamonki, chief medi-
cal officer of the Los Angeles-
based California Cryobank, said
many sperm banks have had
trouble getting donors during
the Covid-19 pandemic as young
professional men relocated
away from cities. “If you lose a
donor, there is nobody else like
him,” she said.
Video released by the Santa Fe County Sheriff’s Office shows Alec Baldwin drawing the gun while
rehearsing on the set of ‘Rust.’ A live round later discharged, killing the cinematographer.
In an interview with sher-
iff’s investigators after the
shooting and released Monday,
Mr. Baldwin said he wanted to
know what the projectile was
that fired from the gun.
“What’s in Joel’s shoulder, is it
a rock or is it a bullet?” he
said. Investigators told him it
was a bullet.
“Somebody put a live round
in the gun,” Mr. Baldwin said.
“If that’s a bullet that was
pulled out of his shoulder, then
someone loaded a live round
into the gun I was holding.
“I rehearsed with a hot
gun,” he said. “It was supposed
to be cold or empty…This is the
most horrifying thing I’ve ever
heard in my life.”
After answering several
questions about how ammuni-
tion and guns are handled on
set, investigators then told Mr.
Baldwin that Ms. Hutchins had
died. Mr. Baldwin froze in si-
lence with his hand covering
his mouth.
In a subsequent phone con-
versation with Detective Alex-
andria Hancock, Mr. Baldwin
said repeatedly that he never
pulled the trigger.
“My finger was on the trig-
ger, but I didn’t pull the trigger.
The Curries married in 2016
and started reviewing donor
profiles a year later, ultimately
choosing a highly educated
man with a passion for Cross-
Fit and an openness to meeting
any offspring—and who told
the sperm bank that he had
had sex with men. Despite the
FDA rules, Ms. Ruby said, the
bank had a longstanding prac-
tice of allowing donations by
I pulled the hammer back par-
tially,” he said.
Detective Hancock said that
it was a normal function to pull
the trigger once the hammer is
cocked, but Mr. Baldwin said he
practiced not doing so.
Mr. Baldwin’s lawyer, Luke
Nikas, said that Mr. Baldwin
welcomes this investigation
and said that the new releases
Text messages shed
light on how crew
workers responded
after the shooting.
demonstrate that Mr. Baldwin
acted responsibly.
Sheriff’s investigators ha-
ven’t yet completed their probe
into the Oct. 21 shooting, which
includes determining how live
rounds ended up on the set. In-
vestigators have interviewed a
range of people involved in the
movie, including Hannah Gu-
tierrez Reed, the armorer in
charge of guns on set, assistant
director David Halls, Mr. Ken-
ney and Mr. Baldwin.
Tuesday, April 26, 2022 | A3
KAYANA SZYMCZAK FOR THE WALL STREET JOURNAL (2)
The FDA warned Ms. Ruby
after a 2019 inspection of the
facility that its practice was im-
permissible and that it would
have to alert all families and
doctors who bought or used
sperm from men who acknowl-
edged having sex with men, she
said. To be in compliance, the
bank now bars donors who re-
port having a male sex partner.
Caroline recalled sobbing
when she got the news.
The couple decided to peti-
tion the FDA for permission to
use their already-purchased vi-
als. Ms. Ruby submitted the do-
nor’s medical records showing
that he repeatedly tested nega-
tive for HIV and other diseases.
Lawyers for the Curries ar-
gued that the agency policy in-
terfered with the women’s right
to decide when to have children
as well as their children’s rights
to have future siblings who are
men who were deemed to be at biological relatives.
low risk after undergoing Ms. Ruby said the agency no-
screening. tified her in July that the Cur-
By 2020, Caroline and Su- ries could use their long-se-
zanne had each given birth to a questered vials. Since then, the
child using his sperm, and had bank has gotten FDA approval
plans to build a large family. for five more families who want
Then their fertility doctor to use already-purchased vials
dropped a bombshell: If they from a banned donor.
wanted to have more children, Caroline said she is pregnant
they were going to have to find again. The Curries’ third child is
another donor. expected in July.
Ms. Zachry also texted with
Mr. Baldwin directly in the
days following the shooting.
“The sheriff’s dept still will
not tell me that I won’t be
charged w something,” Mr.
Baldwin texted Ms. Zachry on
Dec. 2. “But they seem to be
getting very close to the truth
of what happened.”
Ms. Zachry didn’t respond to
a request for comment.
SANTA FE COUNTY SHERIFF’S OFFICE
Another text message ex-
change released Monday be-
tween Ms. Gutierrez Reed and
Mr. Kenney from when she
worked on a different movie,
shows Ms. Gutierrez Reed talk-
ing about wanting to use live
rounds. While working on a
movie called “The Old Way” in
August 2021, she asks Mr. Ken-
ney if she can “shoot hot
rounds out of the trap
Santa Fe County Sheriff door…like a pretty big load of
Adan Mendoza said several actual ammunition.”
components of the investiga- Mr. Kenney in response
tion are pending “including FBI warned her to never shoot live
firearm and ballistic forensics ammunition and only use
along with DNA and latent fin- blanks. “It’s a serious mistake,
gerprint analysis, Office of the always ends in tears,” Mr. Ken-
New Mexico Medical Examiner ney texted. Ms. Gutierrez Reed
findings report and the analy- replied: “Good to know, I’m still
sis of Mr. Alec Baldwin’s phone gonna shoot mine tho.”
data.” Sheriff Mendoza said on
Text messages also released Monday that Ms. Gutierrez
from the sheriff’s office Mon- Reed’s previous conversations
day shed light on how crew about wanting to use live
workers responded immedi- rounds on “The Old Way”
ately following the shooting raised concerns about her han-
and in the subsequent days. In dling of firearms on “Rust.”
one message sent three days “It was a different movie
after the shooting, Sarah set, but it was including some
Zachry, the prop master on people that did work and
“Rust,” commented on how Mr. played a role in the ‘Rust’
Baldwin preferred to use real movie set. So those actions are
guns and props on set and ref- concerning,” he said.
erenced a time he didn’t want Jason Bowles, an attorney
to act with a “rubber knife.” for Ms. Gutierrez Reed, said
“He always wanted his real Monday that during filming of
gun,” she said in a message to “The Old Way,” Ms. Gutierrez
an acquaintance who didn’t Reed had wanted to fire a spe-
work on the film. cial historical gun, away from
Two days after the shooting, the movie set when she was off
Ms. Zachry texted Seth Kenney, work, but never fired it. “As ar-
the film’s weapons supplier, ac- morer, she wanted to be famil-
cording to the released mate- iar with the historical weapon
rial, “I talked to Alec, and he’s and how it operated but never
having a difficult time recalling intended on shooting during
things like most of us.” production or on set.”
A4 | Tuesday, April 26, 2022
Manchin Seeks Path for New Climate Bill
Senator wants policies
to aid oil and gas output
in legislation that would
also boost clean energy
BY TIMOTHY PUKO
WASHINGTON—Voter unrest
over high energy prices and
concern over dependence on
Russian energy have given Sen.
Joe Manchin (D., W.Va.) lever-
age to press for measures pro-
moting more domestic fossil-
fuel production in the
Democrats’ new climate legisla-
tion and potential executive ac-
tions.
Mr. Manchin’s interests in-
clude getting financial and per-
mitting help for natural-gas ex-
ports and oil and gas pipelines,
as well as policies to make it
easier for companies to drill
more on federal territory, ac-
cording to lobbyists and con-
gressional aides familiar with
the situation.
More Democrats, including
President Biden, have tried to
push the country away from
fossil fuels in recent years to
address climate change. But in
a closely divided Senate, Demo-
crats need Mr. Manchin’s sup-
port for clean-energy initiatives
they hope to revive. They were
included in Mr. Biden’s Build
Back Better bill, which Mr.
Manchin helped torpedo last
year.
Polls showing voters are un-
happy with inflation fed by
high energy prices have put
added pressure on Democrats.
With expectations high that Re-
publicans might be able to re-
take House or Senate majorities
in this year’s midterm elec-
tions, some Democrats might
be open to a compromise bene-
fiting the traditional energy in-
dustry to pass a climate bill
while they still can.
“Basically this is going to be
the Manchin bill,” said Edward
Hild, a former chief of staff to
Sen. Lisa Murkowski (R.,
Alaska) who is now a lobbyist
with the law firm Buchanan In-
gersoll & Rooney. “Everybody
knows.”
Several moves for which Mr.
Supreme Court Weighs Coach’s School-Prayer Case
BY JESS BRAVIN
WASHINGTON—Supreme
Court justices tussled over the
line between permitted private
prayer by a public school em-
ployee and prohibited coercion
of students to join in religious
exercise, in a case from
Bremerton, Wash., that could
reset the boundary between
church and state on campus.
At issue is Bremerton High
School football coach Joe Ken-
nedy’s postgame practice of
taking a knee to pray on the 50-
yard line, win or lose, some-
times with players joining him.
Mr. Kennedy, a Christian, says
he feels compelled to praise
God but played no favorites
with the students who partici-
pated in the prayer circle.
The school district says he
used his public employment to
promote his religion. He had
previously led locker-room
prayers, which he stopped af-
ter a district request to do so.
He then publicized the tension
Fidelity
Lets 401(k)s
Offer Crypto
Continued from Page One
could be lowered by plan spon-
sors. Mr. Gray said it would be
limited to bitcoin initially but he
expects other digital assets to
be made available in the future.
Crypto investing has been
virtually nonexistent in 401(k)
plans to date. One small com-
pany that caters to smaller
401(k) plans is allowing work-
ers in some of the plans it ad-
ministers to invest up to 5% of
their 401(k) contributions in
bitcoin and some other crypto.
Fidelity’s embrace of bit-
coin could prompt wider ac-
ceptance among employers.
“We have seen growing and
organic interest from clients,”
especially those with younger
employees, Mr. Gray said, add-
ing that “a number are in the
evaluation process” from a
wide spectrum of industries.
The company administers
plans with more than 20 mil-
Some of Sen. Joe Manchin’s efforts to press for domestic fossil-fuel output are expected to face opposition from some Democrats.
Pipeline Projects
Are a Key Focus
In his public-speaking en-
gagements in recent weeks,
Sen. Joe Manchin (D., W.Va.)
has said the White House
should support stalled pipeline
projects to take natural gas out
of West Virginia and oil out of
Canada, including the Keystone
XL pipeline project, for which
Manchin has voiced support
would likely need to come
through the executive branch—
not legislation—meaning Mr.
Biden would need to sign or-
ders and take actions on his
own concurrently with the pas-
sage of a spending bill as part
of any deal. Lobbyists and aides
who have spoken to Mr. Man-
over his postgame devotionals,
which drew media attention at
the homecoming game, the of-
ficials said.
Mr. Kennedy didn’t reapply
for a one-year contract after
the district suspended him in
2016. He filed suit in federal
court that same year, alleging
the district violated his consti-
tutional rights.
The First Amendment’s reli-
gion clauses point in different
directions, preventing an offi-
cial “establishment of religion”
but also protecting “free exer-
cise” of faith.
Both sides agreed Monday
that a coach, or teacher,
couldn’t use a public-school
position to pressure students
to pray. The disagreement was
over whether that is what Mr.
Kennedy’s ritual amounted to.
The issue is “having stu-
dents feel that they have to join
religious activities that they do
not wish to join, that their par-
ents do not wish them to join,”
said Justice Elena Kagan.
lion participants and $2.7 tril-
lion in assets-under-adminis-
tration. Fidelity has a growing
presence in the cryptocur-
rency business, including a
trading and custody platform
it launched in 2018 that caters
to hedge funds and other so-
phisticated investors.
Fidelity’s move comes at a
time of heightened interest in
digital currencies. Fidelity esti-
mates that about 80 million U.S.
individual investors own or have
invested in digital currencies.
Some institutional investors, in-
cluding some U.S. university en-
dowments, reportedly invested
in cryptocurrencies or funds
that buy them, or took stakes in
companies in the industry.
Yet significant obstacles
could block bitcoin’s wide adop-
tion on 401(k) menus. The Labor
Department, which regulates
company-sponsored retirement
plans, published guidance on
March 10 cautioning employers
to “exercise extreme care before
they consider adding a crypto-
currency option to a 401(k)
plans’ investment menu,” a de-
partment news release says.
Employers offering crypto-
currencies should expect regu-
lators’ questions “about how
they can square their actions
P W L C 10 11 12
U.S. NEWS
Mr. Biden revoked a key permit
last year.
Mr. Manchin has said pub-
licly that one of his top re-
quests is for the White House
to use its wartime powers to
overcome permitting and legal
troubles that have prevented
the completion of a key pipeline
out of his home state.
Mr. Manchin wants Mr. Bi-
den to use the Defense Produc-
tion Act to force through the
completion of the Mountain Val-
chin and his staff said they
have yet to outline which mea-
sures he must have to vote for
an energy and climate bill.
The package being discussed
would reshape climate-related
elements of the failed Build
Back Better legislation to in-
clude more measures aimed at
helping Western nations wean
Former Bremerton High School
coach Joe Kennedy after his case
was heard Monday.
School officials are “worried
that the students will feel, ‘he
gets to put me into a football
game or not; he gets to give me
an A in math class or not,’ and
this is a kind of coercion that is
improper for 16-year-olds.”
Paul Clement, the attorney
with their duties of prudence
and loyalty” under U.S. pen-
sion law, the department said.
Ali Khawar, acting assistant
secretary of the Labor Depart-
ment’s Employee Benefits Secu-
rity Administration, wrote that
“at this early stage in the his-
tory of cryptocurrencies,” the
department “has serious con-
cerns about plans’ decisions to
expose participants to direct in-
vestments in cryptocurrencies
or related products, such as
NFTs, coins, and crypto assets.”
Fidelity, along with various
trade groups that represent
the financial-services industry,
wrote letters calling on the La-
bor Department to withdraw
the guidance, according to Mr.
Gray and industry lawyers.
Michael Kreps, a principal
at Groom Law Group, who spe-
cializes in pension law, said
the Labor Department’s guid-
ance has likely had a chilling
effect on “any conversations
that were happening” with
employers regarding adding
cryptocurrency investments to
401(k) menus. A continuing
trend of 401(k) fee litigation
also creates “a huge incentive
for employers not to take risks
with the 401(k),” he said.
Lew Minsky, president of
H T G K R F A M 1 2 3 4 5 6
ley Pipeline, planned to trans-
port natural gas from shale for-
mations in northwestern West
Virginia to southern Virginia.
“There’s so much that we
can be doing right now. We
can’t get a 42-inch pipeline out
of the Marcellus Shale. It’s ridic-
ulous,” Mr. Manchin said at a re-
cent industry event. “So I talk to
the White House, [which says,]
‘What can we do to help you?’ I
said, ‘Build the damn line.’ ”
—Timothy Puko
themselves off energy supplied
by Russia and other authoritar-
ian regimes, the people familiar
with the situation said.
Supporters in Congress, in-
cluding Mr. Manchin, have said
such steps would strengthen
energy security for the U.S. and
its allies. They would help
Western countries with short-
for Mr. Kennedy, said the
coach’s behavior couldn’t be
seen as coercive, but if an em-
ployee crossed the line, he
should be disciplined.
“The problem at the heart of
it is, you’re not going to know
because the coach is probably
not going to say anything like,
‘The reason I’m starting you is
WIN MCNAMEE/GETTY IMAGES
that you knelt at the 50-yard
line,’ ” said Justice Brett Ka-
vanaugh. That leads parents to
suspect “the reason Johnny’s
starting and you’re not is he
was part of the prayer circle.”
That possibility, Mr. Clement
said, wasn’t limited to coaches
or religion, but any belief a
teacher might express in the
presence of students. The only
way to prevent such issues, he
said, would be to tell staff “you
can’t do anything sufficiently
expressive that students could
try to mimic it in a way that
curries favor.” Ultimately, Mr.
Clement said, “the responsibil-
ity of the school is to teach the
important lesson that private
The Boston-based company estimates that 80 million U.S.
individual investors own or have invested in digital currencies.
the Defined Contribution Insti-
tutional Investment Associa-
tion, a research and advocacy
organization for investment
managers, consultants and
others in the 401(k) industry,
said he isn’t aware of any
plans by his organization’s
members to make cryptocur-
rency available. “There is too
much volatility,” he said.
About 2% of the 63 employ-
ers in a recent Plan Sponsor
Council of America poll said
they would consider adding
crypto to their 401(k) menu.
7 8 9 O I X X ** THE WALL STREET JOURNAL.
considered would give the en-
ergy secretary authority to
fast-track the equivalent of
free-trade status for North At-
lantic Treaty Organization
members and other U.S. allies
who want to buy U.S. natural
gas but don’t have free-trade
agreements, this person said.
Some of Mr. Manchin’s ef-
forts are expected to face oppo-
sition from some Democrats
who say the Biden administra-
tion has already retreated too
far from its goal of weaning the
U.S. off fossil fuels.
Asked for comment, the
White House responded with
recent statements, including
comments from principal dep-
uty press secretary Karine
Jean-Pierre saying the adminis-
tration is seeking to increase
short-term supplies of gasoline
while pressing forward with the
transition to clean energy.
“Addressing the emergency
supply crunch while accelerat-
ing clean energy efforts is fully
ERIC LEE/BLOOMBERG NEWS
consistent with the theory of
the case and what we’re trying
to do,” she said.
Climate activists are expect-
ing to compromise, said Justin
Guay, director for global cli-
mate strategy at the Sunrise
Project. But they will likely
draw the line at gas-export ter-
term measures aimed at in- minals and other big infrastruc-
creasing supplies of natural ture that could encourage years
gas, gasoline and other fossil of additional fossil-fuel con-
fuels, as well as long-range sumption. “A climate bill can’t
strategies to develop cleaner al- be a cover for cynical oppor-
ternatives. tunism and handouts for fossil
Pairing domestic fossil-fuel fuels,” he said.
development with clean energy Democrats could strike a
helps Congress address climate deal that fulfills some of Mr.
change and the energy vulnera- Manchin’s demands, even help
bilities exposed by Russia’s for pipelines, and still make the
Ukraine war, said Joseph Maj- progress they need if the clean-
kut, director of the energy-se- energy provisions are strong
curity and climate-change pro- enough, Rhodium Group, an in-
gram at the Center for dependent research firm, says.
Strategic and International “One pipeline is not going to
Studies. “If this crisis worsens, make or break whether we
energy security, economies and solve climate change,” said
human welfare are all at risk,” John Larsen, who leads the
Mr. Majkut said. firm’s U.S. energy-system and
Aides to Mr. Manchin have climate-policy research. “The
explored legislation for federal clean-energy investments
funds to help European allies should be a much bigger deal, a
build new terminals to accept much bigger benefit than any
more U.S.-produced natural gas, small cost on the supply side.”
one of the people said. —Andrew Duehren
Another move his team has contributed to this article.
speech is protected even for waited until the students were
teachers and coaches.” en route to the locker room or
When Richard Katskee, the bus before kneeling at the cen-
attorney representing the ter of the field to pray.
Bremerton School District, took Justice Stephen Breyer said
the lectern, Justice Clarence the framers banned an official
Thomas asked about other sub- establishment of religion “to
jects for football-field expres- prevent the country from be-
sion. “If the coach, instead of coming more divisive, certainly
taking a knee for prayer, took a an effort that remains valid.”
knee during the national anthem He noted the publicity over Mr.
because of moral opposition to Kennedy’s rituals attracted a
racism, how would your school group of Satanists to demon-
district respond?” he asked. strate at the football field.
“Political and religious “What we’re worried about—
speech have to be treated the maybe here, it was the Satan-
same way,” Mr. Katskee said. ists, but it could be the Catho-
“School districts and other lics, Protestants, Jews, Shintos,
governmental entities have to Mohammedans—and one group
be able to control their pro- thinks, ‘Why is this group being
grams, and when they hire favored by the school?’” He
somebody to run that pro- wondered why Mr. Kennedy
gram, they have to make sure found it impossible to accept a
that it is their message that is compromise: “The school said
being communicated.” don’t do it on the 50-yard line
The attorney suggested the [immediately after the game],
district would have less justifi- do it 10 minutes later.”
cation for restricting Mr. Ken- A decision in the case, Ken-
nedy’s ritual if he knelt at the nedy v. Bremerton School Dis-
sideline after the game, or trict, is expected by July.
20% of each payroll contribu-
tion in bitcoin, although em-
ployers can impose lower caps.
Participants who invest in
bitcoin will encounter pop-up
NINA WESTERVELT FOR THE WALL STREET JOURNAL
boxes with educational infor-
mation on crypto when they
log into their online accounts.
When the balance in bitcoin
holdings exceeds 20% of a
portfolio’s value, the employee
wouldn’t be able to transfer
additional sums to the account
from other investments in the
401(k) plan; the employee can
continue to make payroll con-
tributions. About 5% or less of
the bitcoin account will be
held in a short-term money-
market fund to provide liquid-
ity to facilitate daily transac-
Proponents of adding a tions. Mr. Gray said the fees on
small dose of cryptocurrency the account will be between
to a portfolio say it can raise 0.75% and 0.9%, depending on
expected returns without in- the client, not counting trad-
creasing overall risk. Some be- ing costs.
lieve crypto can serve as a Fidelity declined to say
hedge against inflation. whether it has plans to incor-
Mr. Gray said workers at porate digital assets into its
companies that sign up for the target-date funds. Those funds
new offering can elect to trans- serve as default investments
fer up to 20% of their account for employees who are auto-
balances into a digital assets matically enrolled in 401(k)
account that holds bitcoin and plans and attract the lion’s
uses Fidelity’s institutional share of new contributions.
trading and custody platform. —Justin Baer
Employees can invest up to contributed to this article.
THE WALL STREET JOURNAL. Tuesday, April 26, 2022 | A5

Taking software to places

it’s never been before.

Coming April 27th.

A6 | Tuesday, April 26, 2022
How Elon Musk Prevailed Over Twitter
Social-media network
was expected to reject
offer, but its bankers
called the bid fair
BY CARA LOMBARDO
AND LIZ HOFFMAN
The future of Twitter Inc.
changed on Thursday
Elon Musk surprised the so-
cial-media company’s board
that morning by unveiling
$46.5 billion in financing he
had cobbled together in short
order, adding credibility to the
bare-bones takeover bid he
had made just a week earlier.
Behind the scenes, Twitter’s
bankers delivered a report to
its directors saying that not
only was Mr. Musk’s $54.20-a-
share bid fair, but that the
company also could struggle
to get there on its own, people
familiar with the matter said.
Meanwhile, technology
stocks—even of money ma-
chines like Facebook parent
Meta Platforms Inc.—were
tanking, making Mr. Musk’s
all-cash offer seem more at-
tractive.
What looked like a strong
hand for Twitter’s board just a
few days earlier—when Mr.
Musk didn’t have the financing
and had seemingly little share-
holder support—was weaken-
ing by the hour.
Twitter representatives
started asking Mr. Musk’s
camp questions about the fi-
nancing, said people familiar
with the matter. Then on Sat-
urday, Bret Taylor, the Sales-
force Inc. co-chief who leads
Twitter’s board, spoke to Mr.
Musk, the people said. The full
board was going to meet the
following morning, he told the
billionaire, to discuss taking
the deal. He suggested they
talk again afterward.
Twitter had been expected
to reject Mr. Musk’s offer,
which was well below the high
of nearly $80 that Twitter
stock had traded at last year.
But by the time the two men
reconnected Sunday after-
noon, Twitter’s board had
voted in favor of negotiating
with Mr. Musk and advisers
were hashing out a $44 billion
deal. It was announced Mon-
day afternoon.
This account is based on
conversations with people fa-
miliar with how the block-
buster deal came together.
Mr. Musk carried out his
pursuit with his signature mix
of mayhem and winking jabs.
When he unveiled his bid, it
sparked the same question
that has surrounded his other
business ventures, from mass-
producing electric cars to put-
ting humans on Mars to drill-
ing giant tunnels for superfast
travel: Could he pull it off?
Now he faces fresh chal-
lenges. Mr. Musk has hocked
roughly $60 billion of his
Tesla Inc. stock—about one
third of his stake—as collat-
eral for bank loans, tying his
personal fortune to Twitter’s.
He must come up with $21 bil-
lion more in cash, which could
mean selling additional shares
in Tesla, just as the company
is hitting its stride.
Musk Buys
Twitter for
$44 Billion
Continued from Page One
Mr. Musk said after the deal
was announced that he wants to
make Twitter a better user ex-
perience, in part by adding new
features and fighting spam. The
billionaire, who is also chief ex-
ecutive of Tesla Inc. and Space
Exploration Technologies Corp.,
has a record of challenging con-
ventions in disparate industries.
Twitter is facing significant
business challenges and has al-
ready embarked on a turn-
around plan after a fight with
activist investor Elliott Man-
agement Corp. about two years
ago. Twitter said a little over a
year ago that it aimed to at
least double its revenue to
$7.5 billion by the end of 2023
and reach at least 315 million
so-called monetizable daily ac-
tive users at that time.
To reach that latter goal, the
company would need to
sharply increase its user
growth, which has been in the
single-digit percentage points
for most of the past few years.
Among the other issues Mr.
Musk will face is whether to al-
Twitter headquarters in San Francisco this month, above; below, Elon Musk backstage at a conference on April 14.
Tesla shares have lost
about 8% since Mr. Musk first
disclosed a Twitter stake, sug-
gesting investors are worried
he will be distracted or finan-
cially stretched.
Twitter will be saddled with
hundreds of millions of dollars
in annual interest payments, a
risk for any company but es-
pecially in this case, as Mr.
Musk has said he doesn’t care
whether it makes money—it
has had trouble doing so over
the years. And by pushing the
company away from content
moderation, which Mr. Musk
has called censorship, he is
likely to embroil it in debates
about free speech and online
safety.
Mr. Musk will face whether
to allow former President
Donald Trump back on Twit-
ter. After the Jan. 6 riot last
year, the company said it per-
manently suspended Mr.
Trump’s personal account. The
former president told Fox
News on Monday that he had
no plans to return to Twitter
and would instead use his
Truth Social social-media net-
low Donald Trump back on
Twitter, after the Republican
former president’s personal ac-
count was “permanently sus-
pended” by the company last
year in the wake of the Jan. 6,
2021, attack on the U.S. Capitol
by a mob of his supporters
seeking to interfere with the
certification of President Bi-
den’s 2020 election win.
Mr. Trump told Fox News on
Monday that he had no plans
to return to Twitter and would
instead use his startup Truth
Social as his preferred social-
media network.
At an all-hands employee
meeting on Monday afternoon,
CEO Parag Agrawal said that
there are no layoffs planned and
that the company’s priorities
aren’t changing before the deal
closes, according to a person
who heard the remarks. Mr.
Agrawal said that once Mr.
Musk takes over, “we don’t
know what direction the com-
pany may go,” the person said.
Mr. Agrawal said Mr. Musk
agreed to convert employee
stockholdings to cash once the
deal closes and pay them out
on the existing vesting sched-
ule, the person said.
Bret Taylor, Twitter’s inde-
pendent board chairman, said
the deal reflects the best out-
come for shareholders.
The San Francisco-based so-
cial-media company had been
expected to rebuff the offer,
U.S. NEWS
work to reach followers.
The saga began on April 4,
when Mr. Musk disclosed a
more than 9% stake in Twitter,
making him its largest share-
holder. His regulatory filing
was late, miscounted the num-
ber of shares he owned and in-
dicated he would be a passive
investor. His lawyers soon
amended it to clarify that he
could take an active role.
Twitter the next day an-
nounced that Mr. Musk would
join its board. The two sides
had already been discussing
the possibility, and Twitter
hoped doing so might muzzle
him, as he had continued his
public criticisms of the com-
pany.
Mr. Musk was already balk-
ing at how constrained he
would be if he joined the
board. Still, the two sides
charged forward. Twitter com-
pleted a background check of
Mr. Musk and aimed to make
it official by the end of the
weekend. But that Saturday,
April 9, he told the company
he had changed his mind.
Privately, he began plotting
Twitter’s share price
$60
Monday
55 $51.70
Elon Musk’s Twitter
stake is reported
50
45
40
35
30
Nov. 2021 ’22
Source: FactSet
which Mr. Musk made April 14
without saying how he would
pay for it. A day after the unso-
licited offer, Twitter adopted a
so-called poison pill, designed
to make it more difficult for
Mr. Musk to reach more than a
15% stake in the company.
Twitter changed its posture
after Mr. Musk detailed ele-
ments of his financing plan. On
April 21, he said he had $46.5
billion in funding lined up.
Twitter shares rose sharply,
and executives opened the door
to negotiations.
Twitter shares rose 5.7%
Monday to close at $51.70 each.
The stock has been an anemic
performer in an era of huge re-
turns for technology companies.
his next move: a full-fledged
takeover bid. He went public
on April 14 with his bid. “I
made an offer,” he tweeted,
along with a link to a regula-
tory filing. Once his advisers
determined the offer should
include a roughly 40% pre-
mium to Twitter’s stock price,
he decided to go with $54.20,
What looked like a
strong hand for
Twitter’s board was
weakening.
which incorporated a running
gag of his—a reference to
April 20, an annual cannabis-
celebration day.
The offer said nothing on
how he planned to pay for it—
no small feat, even for Mr.
Musk, given that the bulk of
his billions are tied up in Tesla
shares and stakes in his other
companies. It was part of an
unorthodox plan devised by
Its shares jumped on their first
day of trading in 2013 to close
at $44.90, within a dollar of
where they were when Mr.
Musk made his approach.
But since Mr. Musk disclosed
a roughly 9% stake in the com-
pany in early April, Twitter
shares have climbed 32%. That
has pushed Twitter higher on a
year-to-date basis, outpacing
other technology companies
and the broader market.
The turnabout on Twitter’s
part comes after Mr. Musk met
privately Friday with several
shareholders to extol his pro-
posal while repeating that the
board has a “yes-or-no” deci-
sion, people familiar with the
discussions said.
Mr. Musk, with over 82 mil-
lion Twitter followers, has long
used the platform to pronounce
his views on everything from
space travel to cryptocurren-
cies. In January, he began buy-
ing Twitter stock, becoming
the single-largest individual in-
vestor with a more than 9%
stake by April.
He has previously used
Twitter to escalate a conflict
with the Securities and Ex-
change Commission after the
agency opened a probe into
some of his recent stock sales,
and he often blasts his critics
on the social network.
Taking Twitter private would
allow Mr. Musk to make changes
without the scrutiny public
* **** THE WALL STREET JOURNAL.
seriously.
In a series of video calls on
Friday, Mr. Musk continued
making his case to top share-
holders, only fleetingly aware
at the time that Twitter’s
FROM TOP: PETER DASILVA/EPA/SHUTTERSTOCK; STACIE MCCHESNEY/TED CONFERENCES/AFP/GETTY IMAGES
board committee tasked with
reviewing his bid was begin-
ning to have a change of heart.
Twitter’s bankers had deliv-
ered an opinion that the com-
pany’s go-it-alone path, in the
worst case, could be well be-
low $54.20 a share.
No serious corporate suit-
ors surfaced after Mr. Musk
made his bid, perhaps wary of
taking on the world’s richest
person and mindful of a chill-
ier antitrust climate in Wash-
ington. A sale to a private-eq-
uity firm would be difficult to
finance.
Mr. Musk sensed a shift
when Mr. Taylor talked to him
the following day and pressed
him on whether he would
sweeten the offer. Mr. Musk
had previously said his offer
was “best and final” and
wouldn’t budge now, telling
Mr. Taylor that he had a repu-
tation to protect. Mr. Musk
was prepared to take the bid
directly to shareholders if the
his team to get Twitter and board rejected it—something
the market to discount his of- he had already suggested pub-
fer at first, which could pro- licly via a series of cryptic
vide an edge in negotiations tweets.
down the line. The pair agreed to recon-
Twitter’s stock closed down vene the next day, after Twit-
that day, a sign shareholders ter’s board would officially
weren’t sure a deal would hap- vote on whether to open nego-
pen. For Wall Street, the bid tiations with Mr. Musk. On
brought back flashbacks of Sunday, Mr. Musk made clear
when he famously tweeted in to Twitter he was eager to
2018 that he had “funding se- complete a deal by Monday.
cured” to take Tesla private at Because the price was fixed,
$420 a share—yet another Twitter focused its negotia-
marijuana joke. The deal never tions on protections for share-
happened, and he later paid holders in case the deal didn’t
regulators a $20 million fine go through, given Mr. Musk’s
in connection with the inci- fickle nature and his rocky re-
dent. lations with regulators.
At first glance, the $54.20 Advisers on both sides were
offer appeared underwhelming still putting the finishing
to Twitter’s advisers. The touches on the deal Monday
shares were down significantly morning, and hopes for a pre-
and the company had been market announcement faded.
seen as a prize for potential The news came instead in the
suitors over the years, includ- middle of the trading day—an
ing deep-pocketed technology almost-unheard-of rollout for
companies such as Salesforce. big corporate news.
Twitter quickly installed a It was a fitting coda to an
“poison pill,” a legal maneuver unconventional deal. Mr. Musk
that would make it difficult trolled Twitter on its own
for Mr. Musk to expand his platform through the two-
stake beyond 15%. It was final- week takeover battle, offering
ized on a quiet Good Friday, a glimpse of the Twitter he
with stock markets closed for envisions and that he will now
the holiday. be able to pursue—unshackled
The turning point came by content guidelines or nice-
Thursday, April 21, when Mr. ties. He took swipes at Twit-
Musk said he had lined up fi- ter’s bankers, U.S. securities
nancing for his bid from blue- regulators, fellow billionaire
chip banks including Morgan Bill Gates and Justin Bieber,
Stanley, Barclays PLC and whose infrequent tweeting he
Bank of America Corp. The seemed to take as a symptom
package—three-quarters of it of the platform’s flaws.
drawn from Mr. Musk’s per- At an all-hands employee
sonal fortune—lent credibility meeting Monday afternoon,
to the bid and neutralized po- Twitter CEO Parag Agrawal
tential criticism by Twitter. He said there were no layoffs
also noted that his proposal planned and that the com-
was no longer subject to his pany’s priorities weren’t
team’s completing due dili- changing before the deal
gence, clearing a path for a closed, said people who heard
deal to be reached at rapid the remarks. Asked about the
speed. possibility that Mr. Trump
Twitter had already been would be allowed back on
hearing from shareholders Twitter, Mr. Agrawal de-
concerned that Mr. Musk’s flected, according to the peo-
offer might be the best it ple, saying that once Mr. Musk
could do, and the existence takes over, “We don’t know
of financing ramped up pres- what direction the company
sure on directors to take it may go.”
companies typically are under
from their shareholders. He also
has said he wants to retain as
form and adding content mod-
eration, arguing at least in part
that it is good for business. The
many shareholders as possible. company also introduced fea-
Twitter, at the beginning of tures that have been gaining
April, invited Mr. Musk to join some traction with users, in-
its board—which would have cluding Twitter Spaces, which
prevented him from owning allows people to host live audio
more than 14.9% of the stock. conversations with one another.
Mr. Musk initially agreed and Mr. Musk has said he wants
then rejected the offer. Twitter to rely less on advertis-
Mr. Musk’s proposed changes ing—which provided about 90%
for the platform include soften- of its revenue in 2021—and
ing its stance on content moder- shift its model more toward
ation, creating an edit feature subscriptions. The platform
for tweets, making Twitter’s al- currently offers a subscription-
gorithm open source—which based service called Twitter
would allow people outside the Blue, which gives customers
company to view it and suggest premium features like “undo
changes—and relying less on tweet” for $2.99 a month. He
advertising, among other ideas. suggested removing all ads on
Mr. Musk, a self-described Twitter as part of the subscrip-
“free speech absolutist,” said in tion offerings.
a recent interview at a TED con- Mr. Musk also floated the
ference that he sees Twitter as idea of cutting staff, shuttering
the “de facto town square.” the headquarters building and
Twitter should be more cau- not giving the board of directors
tious when deciding to take a salary. The latter could save
down tweets or permanently about $3 million a year alone, he
ban users’ accounts, Mr. Musk said. His other proposed changes
said, pointing to temporary sus- for Twitter include trying to
pensions as a better solution. stop spam and scam bots and al-
Mr. Musk said he also wants lowing for longer tweets. The
the platform to be more trans- current limit is 280 characters.
parent when it takes action that On Thursday, Twitter is
amplifies or reduces a tweet’s scheduled to announce its first-
reach. He said he wasn’t certain quarter earnings. The company
how some of those ideas would said it no longer planned to hold
be implemented. a call with analysts that day.
Twitter has spent years ad- —Dana Cimilluca
vocating for what it calls and Liz Hoffman
healthier discourse on its plat- contributed to this article.
 THE WALL STREET JOURNAL.
War Drains Russia’s Arms Supply Career U.S.
Diplomat
Moscow loses many
big weapons, while
Western sanctions
impede replacement
BY DANIEL MICHAELS
AND MATTHEW LUXMOORE
Russia’s heavy use and loss of
weapons in Ukraine, combined
with severe Western sanctions,
will crimp its military might and
lucrative arms exports for
years, hindering its ability to
produce everything from new
weapons systems to spare parts
for existing armaments.
Now in the ninth week of
what was envisioned as a
quick military operation, Rus-
sia has deployed large parts of
its arsenal, including some of
its most modern equipment. It
has fired vast numbers of mis-
siles, rockets and artillery
shells and cut deep into sup-
plies of newer, precision muni-
tions, some analysts say.
Russia has also lost more
than 3,000 pieces of large
equipment in battle, according
to Oryx, an open-source intel-
ligence tracker. The tally in-
cludes more than 500 main
battle tanks, 300 armored
fighting vehicles, 20 jet fight-
ers and 30 helicopters.
Russia in recent years has
produced around 250 tanks
and 150 aircraft annually, said
Mark Cancian, a senior adviser
at the Center for Strategic and
International Studies, a think
tank in Washington. That
means Ukrainian forces in two
months have destroyed the
equivalent of at least two years
of Russian tank production.
The U.S. believes Russia
overall has lost roughly one-
fourth of the combat force it
initially had to invade Ukraine,
a senior Pentagon official said
last week. The Russian De-
fense Ministry didn’t respond
to a request for comment.
Refugees Push Limits
Of Schools in Poland
BY NATALIA OJEWSKA
AND IAN LOVETT
WARSAW—Hundreds of
Ukrainian students are enrolling
in this city’s public schools each
day. Limits on classroom size
have been raised. Some schools
are running out of tables and
chairs. To accommodate the
roughly 100,000 refugee chil-
dren living in Warsaw, officials
say they would need to build
2,000 new educational facilities.
“I don’t think there’s a
town…in the world that would
be able to admit 100,000 chil-
dren in three or four weeks,”
said Renata Kaznowska, the
deputy mayor of Warsaw.
Poland’s public-school sys-
tem is struggling to cope with
the unprecedented influx of
refugee children from Ukraine.
About 200,000 refugees
have enrolled in the country’s
public schools since Russia in-
vaded Ukraine on Feb. 24.
Roughly half-million additional
Ukrainian children are living
in Poland but not yet enrolled.
As the conflict enters a new
phase, with Russia focusing on
the east, the number of Ukrai-
nians fleeing the country has
slowed. But the demands on
Polish schools are only begin-
ning. In the early days of the
war, many Ukrainian parents
held their children out of Pol-
ish schools, hoping they soon
would be able to return home.
Now, more refugees are be-
ginning to see the war as a
grinding conflict. They are look-
ing for jobs, finding their own
apartments and signing their
children up at schools.
The influx of students is
straining Polish municipal
PIOTR MALECKI FOR THE WALL STREET JOURNAL
Enrollment at a Warsaw school
is up 10% since the war began.
THE UKRAINE CRISIS
For now, Russia’s invasion
forces can resupply from enor-
mous equipment reserves, so
the depletion is unlikely to af-
fect the war’s course quickly.
Russia’s official equipment
rosters include tens of thou-
sands of military land vehicles.
But many require maintenance
or repair, and a large por-
tion are likely not operative
and can be used only for
spare parts, analysts who
track Russia’s military say.
If the war drags on for
months, consumption and de-
struction of Russian mate-
riel, coupled with Western fi-
nancial sanctions and export
restrictions, will impede Mos-
cow’s capacity to provision
forces with better equipment,
some analysts say. Russian de-
fense contractors will similarly
struggle to meet demand from
both Moscow and export cus-
tomers, or to invest in re-
search and the development of
new products, Western offi-
cials and analysts say.
“Our sanctions have pulled
back the military-industrial
complex of Russia, and it’s not
coming back anytime soon,”
Deputy Secretary of State
Wendy Sherman said in Brus-
sels on Thursday.
Russian Deputy Prime Min-
ister Yury Borisov in March
said it was difficult to assess
the impact of sanctions on
Russia. “The goal of complet-
ing state orders was and re-
mains a priority,” he said.
The Kremlin hasn’t con-
firmed the scale of equipment
losses or how it plans to re-
plenish its forces. Among the
most significant losses it has
confirmed is the sinking of the
cruiser Moskva, the flagship of
its Black Sea Fleet, which
Ukraine claims to have hit
with missiles. Russia says it
sank while being towed during
a storm.
Russia, and previously the
Soviet Union, built military
budgets, and making it next to
impossible for districts to plan
for next year because they
don’t know how many Ukrai-
nian students will be enrolled.
Warsaw is carrying the
heaviest burden. So far, the
city has admitted about 17,000
Ukrainian students, Ms. Ka-
znowska said, but the pace has
recently risen. Even before the
war, she said, Warsaw’s schools
were short about 2,000 teach-
ers. The city was equipped to
accommodate about 25,000
refugee students, and will hit
that number within weeks.
“We will run out of capacity,”
she said. “These are huge num-
bers that we have to cope with.”
The challenges are readily
apparent at Juliana Ursyna Ni-
emcewicza Primary School No
81, in southern Warsaw. Enroll-
ment is up 10% since the war
began. Most of the 40 new stu-
dents speak little, if any, Polish.
Initially, Denys Andrianov
didn’t put his 11-year-old son in
school. But after several weeks
of staying with Mr. Andrianov’s
sister-in-law, the family is begin-
ning to settle in Poland. Their
son started at Juliana Ursyna
Niemcewicza two weeks ago.
Every day his son says he
wants to go home to Odessa.
“We try to explain that it’s not
possible,” said Mr. Andrianov.
In one sixth-grade Polish lan-
guage class last week, eight of
the 22 students were Ukrainian
refugees. They sat in clusters of
two or three, using their phones
to translate. One of the Ukrai-
nian children volunteered to
read his composition. It was in
Ukrainian, and after he spoke,
the teacher asked the children
what they had understood. The
Polish children picked out a few
words they recognized.
“For a brief moment, we
have felt what they feel when
we speak Polish,” said Ewa
Cieśl, the teacher.
Elsewhere in Europe, schools
haven’t yet been much affected
by refugee arrivals. Many par-
ents are keeping their children
in online classes run by the
Ukrainian ministry of education
rather than putting them in
classes in a new language. But
in Poland, which has taken in
the majority of Ukrainians, the
crunch in classrooms is extend-
ing far beyond Warsaw. Justyna
Orłowska, a Polish education
official, said they can accom-
modate all Ukrainian students if
they don’t stay in major cities.
Russia has lost over 3,000 pieces of large equipment in battle,
including more than 500 main battle tanks, 20 jet fighters and
30 helicopters.
Vehicle and equipment losses
800 600 400
Note: As of April 24. Lost
equipment means captured,
damaged, abandoned and/or
destroyed. Includes vehicles
and equipment of which photo
or videographic evidence is
available. Percentages of arms
exports from Russia may not
add up to 100 because of
rounding.
Sources: ORYX (vehicle and
equipment losses); Stockholm
International Peace Research
Institute (arms exports)
strategies based on huge
quantities of fairly basic weap-
ons to overwhelm adversaries.
Moscow at times has appeared
ready to suffer big losses to
achieve its goals, some ana-
lysts say, relying on its stock-
pile of mostly Soviet-era
weapons and many of the
components needed to manu-
facture them. The approach
contrasts with the West, which
has focused on developing
fewer but superior weapons
that can better survive battle.
Replacing Russia’s lost
modern combat jets and heli-
copters would cost hundreds
of millions of dollars, and
Western sanctions are de-
signed to impede resupply.
Even less-sophisticated land
vehicles could pose a replace-
ment challenge for Russian de-
fense companies, which ha-
ven't extensively modernized
production systems since So-
viet times and still rely heavily
on now-sanctioned foreign
equipment, machine tools and
precision components such as
electronics and bearings. Rus-
A technician communicates with a crane operator during the assembly of a rotor blade on an Enercon wind turbine at a German wind farm.
Hackers Hit European Wind Firms
BY CATHERINE STUPP
Cyberattacks on three Euro-
pean wind-energy companies
since the start of the war in
Ukraine have raised concerns
that hackers sympathetic to
Russia are trying to cause
mayhem in a sector set to ben-
efit from efforts to lessen reli-
ance on Russian oil and gas.
The companies attacked ha-
ven’t publicly attributed the
hacks to a particular criminal
group or country and Russia
has consistently denied it
launches cyberattacks.
But the timing of the attacks
suggests potential links to sup-
porters of Russia’s invasion of
Ukraine, said Christoph Zipf, a
spokesman for WindEurope, a
Brussels-based industry group.
Serious cyberattacks on in-
dustrial equipment aren’t
common and take significant
knowledge to prepare, security
experts say.
The three companies tar-
geted in the attacks are all
based in Germany. Deutsche
Windtechnik AG, which spe-
cializes in the maintenance of
wind turbines, was hacked in
April. Remote-control systems
for about 2,000 wind turbines
in Germany were down for
about a day after the attack,
the company said.
Turbine maker Nordex SE
said it discovered a security in-
200
Russia
0
Trucks, vehicles and Jeeps
0 200
Ukraine
Infantry fighting vehicles
Tanks
Armored fighting vehicles
Engineering vehicles
and equipment
Self-propelled artillery
Armored personnel
carriers
Infantry mobility vehicles
Multiple rocket launchers
Helicopters
Aircraft
sia’s military-industrial sector
has shrunk from its Soviet
scale, further complicating a
production surge like during
World War II.
“We don’t have the men, we
don’t have the equipment, we
don’t have the components,” a
Russian military analyst said.
While sanctions and indus-
trial bottlenecks are unlikely
to quickly affect battlefields in
Ukraine, they could if the war
grinds on.
“The real test for the indus-
try regarding inputs probably
will occur in the coming
months or in next year” as
stockpiles of components with
content under sanctions get
depleted and Russia runs low
on foreign-made microchips
now used in most military
hardware, said Tomas Malm-
lof, a senior military analyst at
the Swedish Defense Research
Agency.
Defense-manufacturing
problems that hit exports
would weaken Russia’s econ-
omy, which has been battered
by the unprecedented sanc-
cident March 31 that forced it
to shut its information-technol-
ogy systems. Conti, a ransom-
ware group that has declared
support for the Russian govern-
ment, said this month that it
was responsible for the attack.
Enercon GmbH, also a tur-
bine maker, said it was “collat-
eral damage” in an attack on a
satellite company in February
that happened “at almost ex-
actly the same time that Rus-
sian troops invaded Ukraine.”
The attack knocked out remote
control of 5,800 of Enercon’s
wind turbines, though they con-
tinued to operate on auto mode.
“We need high IT security
standards” because the grow-
ing renewable-energy sector
will become a bigger target for
hackers, said Matthias Brandt,
director of Deutsche Windtech-
nik, which has around 2,000
employees. “The crisis in Rus-
sia and Ukraine shows us that
renewables are replacing oil
and gas in the future,” he said.
The European Union started
reducing Russian energy im-
ports this month.
Germany, Europe’s biggest
economy, has rejected EU-wide
sanctions on Russian fuel, argu-
ing such a move would damage
the German economy. The
country moved up its plan to
reach nearly 100% renewable
energy electricity by 2035 and
wean itself off Russian oil and
Tuesday, April 26, 2022 | A7
tions. Russia is the world’s
second-largest weapons ex-
porter behind the U.S., and
arms are among Russia’s larg-
est exports aside from natural
resources, which dominate the
country’s economy. Russia ex-
ports arms to over 45 coun-
tries and has accounted for
around 20% of global arms
sales since 2016.
Hurdles even impede Rus-
sian defense exports that don’t
rely on foreign inputs, because
of sanctions imposed on Rus-
sia’s banking system. State-
owned arms manufacturer Al-
maz-Antey in March said it
was unable to receive roughly
$1 billion in payment from cli-
ents, including India and
Egypt, and urged the Russian
government to help military
companies by developing sys-
tems to process foreign trans-
actions.
“Right now, because of the
imposed sanctions, the pro-
cessing of payments has
stalled,” Almaz-Antey’s finance
director, Rustam Ulumbekov,
told Russia’s TASS news
agency. “And the sums are co-
lossal.” Almaz-Antey didn’t re-
spond to a request for com-
ment.
Russia’s battlefield perfor-
mance, beyond depleting its
armories, could hurt export
sales. Ukrainian forces’ large-
scale destruction of Russian
military equipment using
modern Western-supplied
drones, artillery and portable
missile launchers undermines
the reputation of Moscow’s
arms, said Scott Boston, a se-
nior defense analyst at Rand
Corp.
“When their weapons are
being shown to be blown up
all over the place, there’s a
general perception that maybe
this equipment isn’t that
good,” he said.
—Robert Wall
and Sharon Weinberger
contributed to this article.
coal imports this year. Still, a
German official said in late
March that Russia accounted
for 40% of the country’s natu-
ral-gas imports, down from 55%
four weeks earlier but still sub-
stantially above the EU average.
Cybersecurity experts
working with Deutsche
Windtechnik are investigating
whether the ransomware at-
tack used Conti malware, Mr.
The three
companies targeted
in the attacks are all
based in Germany.
Brandt said. Chats from Conti
ransomware users leaked on-
line in March revealed connec-
tions to Russian security ser-
vices. These hackers also
discussed targeting organiza-
tions they consider to be
working against Russia.
U.S. utilities aiming to pro-
vide alternative energy to Eu-
rope have also been targets,
said Jim Guinn, who leads
consulting firm Accenture
PLC’s global cybersecurity
business for energy, utilities,
chemicals and mining.
A hacker who manages to
infect the industrial equipment
Named
Kyiv Envoy
BY KEN THOMAS
AND MAURO ORRU
President Biden has chosen
Bridget Brink, a career diplo-
mat, to serve as U.S. ambassa-
dor to Ukraine, as the coun-
try’s conflict with Russia
enters its third month. Ms.
Brink currently serves as U.S.
ambassador to Slovakia.
The White House an-
nounced the move Monday, a
day after Secretary of State
Antony Blinken and Defense
Secretary Lloyd Austin trav-
eled to Kyiv to meet with Pres-
ident Volodymyr Zelensky,
marking the highest-level visit
of U.S. officials since Russia
invaded Ukraine on Feb. 24.
Mr. Blinken told Mr. Zel-
ensky about the coming nomi-
nation during the meeting, the
State Department said. Messrs.
Blinken and Austin told Mr.
Zelensky that the U.S. would
reopen its embassy in Kyiv.
Ms. Brink has served as se-
nior adviser and deputy assis-
tant secretary in the State De-
partment’s Bureau of
European and Eurasian Affairs,
and in leadership roles in U.S.
embassies in Tashkent, Uz-
bekistan, and Tbilisi, Georgia.
State Department spokes-
man Ned Price said Ms. Brink’s
“decades of experience make
her uniquely suited for this
moment in Ukraine’s history.”
Meanwhile, Russia is expel-
ling dozens of German diplo-
mats in a reciprocal act after
Berlin ousted Moscow’s diplo-
mats. Russia’s Foreign Minis-
try said Monday that it de-
clared 40 German diplomats
personae non gratae in a “sym-
metrical response” to Berlin’s
expulsion of Russian envoys.
CHRISTIAN CHARISIUS/PICTURE ALLIANCE/GETTY IMAGES
that controls wind turbines
could manipulate the machines’
brakes to stop power produc-
tion, said Trond Solbert, man-
aging director for cybersecurity
at Norwegian risk-management
company DNV GL. That could
disrupt services to customers
and revenue for producers, Mr.
Solbert said. A simpler strike
on local internet-connected
services could interfere with
the remote monitoring systems
of wind farms, he added.
The attack on Deutsche
Windtechnik hit internal IT
systems, not the industrial sys-
tems that control its turbines,
Mr. Brandt said. He found out
the company’s systems weren’t
working properly when the
technology department called
him around 6 a.m. on April 12.
An hour or two later, IT staff
drove to a data center in north-
ern Germany to find Deutsche
Windtechnik had been hit with
ransomware the previous night.
Machines displayed codes
that looked like hieroglyphs,
Mr. Brandt said, indicating
servers had been encrypted
with malware. Later that day,
employees found an electronic
note from hackers instructing
the company to contact them
to restore their data. By the
next day, Deutsche Windtech-
nik had resolved most of the
issues and didn’t reach out to
the hackers, he said.
A8 | Tuesday, April 26, 2022 THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

U.S. Seeks Big Four Auditors

To Weaken Struggle to Exit
Russia Russia Operations
Continued from Page One
nian railway hubs with missile BY JEAN EAGLESHAM the Russian firm from its net-
strikes, severely disrupting AND MARK MAURER work, the spokesman added.
rail traffic. The Big Four’s long good-
While U.S. officials said Mr. Soon after Russia invaded bye to Moscow also leaves
Austin’s remarks didn’t reflect Ukraine, global auditing and them promising to abide by an
an administration policy shift, consulting firms promised to array of sanctions against Rus-
the comments demonstrated leave the country. For some, sia, while operating in a coun-
the evolution of the U.S. gov- the departure is proving to be try where those sanctions
LEON NEAL/GETTY IMAGES

ernment’s thinking on what it difficult and potentially em- don’t apply and could even be
sees as its endgame in the war. barrassing. made illegal.
Initially, the U.S. planned to Big consulting firms such as The Big Four’s exits, once
help Ukraine maintain an in- Accenture PLC and McKinsey completed, will create stand-
surgency against an occupying & Co. have quit or stopped all alone Russian firms built with
Russian force, but Russia client work. But the Big Four international support and
failed to achieve its goal of accounting firms are still know-how. Those firms can
subjugating Ukraine, and A Ukrainian firefighter surveys damage near rail lines after Russian missile attacks on Monday. there, trying to unwind com- now draw on that Western ex-
shifted its own aims toward plicated relationships with pertise in advising Russian
consolidating its hold on the around a lot longer than Vladi- Kyiv and provide Ukraine with cials said they recognized that their Russian counterparts. companies on how best to min-
eastern Donbas region. mir Putin is on the scene.” $322 million in foreign military Mr. Putin could choose to es- The protracted pullout puts imize the impact of sanctions.
While administration offi- The Kremlin didn’t respond assistance to allow Kyiv to buy calate the war, including pos- Deloitte, Ernst & Young, KPMG The Big Four will likely use
cials have said the U.S. won’t to Mr. Austin’s remarks on a needed weapons. Russia’s am- sibly with weapons of mass and PricewaterhouseCoopers these new firms for the now-
deploy military personnel to weakened Russia. Later Mon- bassador to the U.S., Anatoly destruction. Having struck in the awkward position of complicated task of auditing
fight Russian troops there, day, a senior U.S. defense offi- Antonov, demanded in a diplo- Odessa in recent days, the se- condemning Russia’s invasion the Russian operations of mul-
Washington has committed to cial said his comments were matic note that Washington nior official said, Mr. Putin is of Ukraine but still working for tinationals, according to peo-
sending billions of dollars of in- consistent with administration stop supplying weapons to “looking at the entire expanse Russian companies, many of ple familiar with the matter.
creasingly heavy weaponry to policy dating back months, Ukraine, Russian news agency of the Black Sea coastline.” them state-owned. That could be one reason for
help the Ukrainians fend off the which is to prevent Russia from RIA reported Monday. Senior U.S. military officers It also could be embarrass- the global firms to keep sup-
Russian invasion and strengthen threatening its neighbors. Mr. Zelensky said the $3.4 at a facility in Poland described ing or worse. PwC Russia, for porting their Russian counter-
Kyiv’s negotiating position for “Austin was not signaling an accelerating logistical effort example, is offering businesses parts, despite the separation.
an eventual end to the conflict. any kind of administration for supplying weapons and ma- in Russia “decision-making sup- Of the Big Four, Deloitte has
Mr. Biden has suggested that change with respect to Russia,” teriel to Ukraine, as well as a port in turbulent times” that the smallest Russian presence
the U.S. doesn’t want to see the official said. “He’s not talk-
‘Russia has already regional effort to increase includes the option of making and appears closest to extri-
President Vladimir Putin of Rus- ing about a toe-to-toe with failed’ in its war, Mr. troop levels and exercises with “imports via another…country,” cating itself from the country.
sia remain in power and consid- Russia.” North Atlantic Treaty Organi- according to its website. It has removed much of its
ers him a war criminal. A spokesman for the White
Blinken said after zation members along the alli- Rerouting imports might be branding from its Russian
Ukrainian forces, with U.S. House National Security Coun- the Kyiv visit. ance’s eastern flank. a way to sidestep sanctions business and aims to complete
and international assistance, cil said, “We have also said for Seven 155mm artillery imposed by the U.S. and Eu- the separation early next
have inflicted devastating months that we intend to pieces, along with their tow rope, said Charlie Steele, a for- month, according to a person
losses on Russian forces. As make this invasion a strategic vehicles, are being processed mer U.S. Treasury Department close to the firm.
many as 15,000 Russian troops failure for Russia.” billion in defense support pro- through the facility, adding to sanctions attorney. The other three remain in
have been killed in the war, The Russian missile strikes vided by the U.S. so far had the 18 howitzers the U.S. has “What they are suggesting the throes of negotiations with
along with more than 2,000 hit rail infrastructure in the been the biggest contribution already provided to Ukraine, a certainly could be used as an their Russian firms, which still
Russian armored vehicles de- central Ukrainian region of to Ukraine’s defense efforts. senior defense official said. Six avenue to try to evade sanc- carry their brand, according to
stroyed or captured, as well as Rivne, local officials said. They The White House said Mr. dozen U.S. howitzers are being tions,” said Mr. Steele, a part- people familiar with the mat-
60 helicopters and jet fighters, followed other missile attacks Biden planned to nominate sent to Ukraine under a new ner at consulting firm Forensic ter. The divorce process is
the U.K. government said Mon- late Sunday in Poltava that Bridget Brink, the current U.S. aid package. Risk Alliance. He added that proving complicated, the peo-
day. In addition, sanctions and struck an electricity plant and ambassador to Slovakia, as am- —Mauro Orru in Barcelona the Russian accounting firm ple said. EY expects it to take
export controls have hampered a fuel refinery. The governor bassador to Ukraine. The posi- and Courtney McBride “might not have bad intent; another five to eight months
Moscow’s efforts to replenish of Ukraine’s central province tion has been vacant since the and Gordon Lubold they might think they are of- to complete, according to a
its depleted stocks of arms of Vinnytsia said Monday that last Senate-confirmed ambas- in Washington fering a lawful alternative.” person close to the firm.
over the longer term. Russian missile attacks had hit sador to the country, Marie Yo- contributed to this article. A spokeswoman for PwC Some of the consulting gi-
“In terms of Russia’s war critical infrastructure in the vanovitch, was ousted by then- Russia declined to comment. A ants have gotten out faster. Ac-
aims, Russia has already failed region and that there were President Donald Trump in spokesman for PwC’s interna- centure this month said it has
and Ukraine has already suc- people dead and injured. 2019. Watch a video tional network said it “would completed the transfer of its
ceeded,” Mr. Blinken said Mon- The strikes came hours after Messrs. Austin and Blinken Scan this code be unacceptable for any mem- Russian business to local lead-
day. “We don’t know how the Messrs. Austin and Blinken told hailed Ukraine’s success in to see how the ber of the PwC Network to fa- ership. The new firm has until
rest of this war will unfold, but President Volodymyr Zelensky fending off Russia’s initial at- cut in fertilizer cilitate the violation of sanc- May 9 to change its name, and
we do know that a sovereign, of Ukraine that Washington tack on Kyiv and maintaining supply will affect tions.” PwC is “actively until May 23 to finalize its re-
independent Ukraine will be would reopen its embassy in its sovereignty. Still, U.S. offi- food prices. working on the separation” of branding, Accenture said.

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Beijing Conducts Mass Covid-19 Testing
Capital authorities
hope to avoid similar
lockdowns to those
imposed on Shanghai
BY JOYU WANG
AND JONATHAN CHENG
BEIJING—Chinese authori-
ties raced to carry out city-
wide Covid-19 tests across Bei-
jing, betting their rapid action
to crush a nascent outbreak in
the nation’s capital will avoid
a repeat of the chaos seen
during Shanghai’s stringent
lockdown, though raising the
risk that China’s strict anti-vi-
rus policies will further dam-
age the faltering economy.
Residents had rushed to
buy food and other essentials
as fears of a Shanghai-style
lockdown of the city grew.
City officials late on Sunday
ordered three rounds of tests
beginning Monday for all resi-
dents of Chaoyang, Beijing’s
most-populous district and
home to embassies and many
foreign multinationals. Resi-
dents’ movements in several
large city blocks covering
roughly 2½ square miles
would be curtailed as tests are
conducted, officials said.
By 8 p.m. Monday, almost 3.7
million tests had been carried
out, with more than 520,000 re-
sults received. All of them were
negative, officials told a late-
night news conference.
But they also said the test-
ing would be expanded to all
the major built-up areas of the
city of about 21.5 million peo-
ple, following a recent surge in
new infections. There were 29
cases reported on Monday af-
South Korea to Remove Virus From Riskiest Category
BY DASL YOON
SEOUL—South Korea down-
graded Covid-19 from the
country’s riskiest category of
infectious disease, a first step
toward treating the virus more
like the seasonal flu.
The country is one of the
first to make such a move. The
downgrade, approved Monday
by health officials, will take ef-
fect after a four-week transi-
tion period.
Once it does, South Koreans
who test positive will no lon-
ger be required to go into
quarantine, which currently
lasts seven days by law. Doc-
tors will no longer need to re-
port a positive case immedi-
ately, as infection-tracking
diminishes in importance.
Those showing symptoms will
be able to get treatment at lo-
cal clinics rather than solely at
France’s Far Right Advances
Despite Le Pen’s Poll Defeat
BY MATTHEW DALTON
AND NOEMIE BISSERBE
PARIS—Marine Le Pen fell
short of her goal of attaining
France’s highest office, but her
campaign laid the groundwork
for the far right to become an
enduring force in French poli-
tics.
With 41.5% of the vote, Ms.
Le Pen won a greater share of
the electorate than any far-
right presidential candidate in
France’s post-World War II
era. In doing so, the 53-year-
old politician transformed a
party that was once a fringe in-
surgency into a real contender.
The result, Ms. Le Pen told
her supporters on Sunday,
“represents a striking victory,”
adding: “The French have
shown tonight their desire for
a strong check to the power of
Emmanuel Macron.”
Ms. Le Pen’s 17-point loss to
Mr. Macron was wider than
some polls had estimated, but
it was a significant improve-
ment on her 32-point loss to
him five years ago.
Ms. Le Pen gained ground
by hitting on a new strategy
that focused on the economic
problems of the French work-
ing class. She toned down her
anti-immigrant rhetoric during
the campaign. Ms. Le Pen also
shifted her party’s anti-Euro-
pean stance, saying she no
longer wants to withdraw from
the euro, a move that has little
popular support in France.
The approach allowed her
to cobble together a broader
A healthcare worker administered a Covid-19 test to a man at a pop-up site in Beijing’s Chaoyang district on Monday.
ternoon, eight more than in
the previous 24-hour period
and more than triple the new
cases of the previous day.
While the numbers are still
low, the speed at which
Shanghai’s government was
overwhelmed serves as a stark
reminder of what can happen
when the easily spread Omi-
cron variant comes up against
China’s unyielding zero-Covid
policies. Cases in Shanghai de-
clined to 19,455 on Monday,
the government said. Still, af-
ter four weeks of sweeping
hospitals, because of the re-
duced fears of virus spread.
The national healthcare
system will no longer pay in
full for treatment. People with
Covid, like people with many
other ailments, will have to
cover some medication costs
and hospital fees themselves.
Vaccines will remain free.
The downgrade decision
follows the country’s largest
outbreak. Since January,
roughly one in three South Ko-
reans has been infected, with
daily per capita cases hitting a
peak in March that far ex-
ceeded the worst outbreaks in
the U.S. or U.K. Omicron’s im-
pact was blunted by one of the
world’s highest vaccination
rates, with 96% of adults hav-
ing received two doses. Deaths
remained relatively low.
The country had all but
given up trying to thwart out-
coalition of middle- and work-
ing-class voters living outside
France’s big cities, in areas
where the forces of globaliza-
tion have closed factories,
wages are stagnant and the
rising cost of living has hit
households hard. Those voters
include traditional conserva-
tives and even some on the
left drawn by Ms. Le Pen’s at-
‘She represents so
much for so many
French people,’ one
supporter said.
tacks on the economic and cul-
tural elite.
“She represents so much
for so many French people,”
said Jérôme Auvray, a member
of Ms. Le Pen’s party who lives
in the outskirts of Paris. “She
is still young.…She should run
again in five years.”
Still, Ms. Le Pen’s drive to
broaden her party’s appeal
faces deep skepticism among
many French. Ms. Le Pen’s fa-
ther, the far-right ideologue
Jean-Marie Le Pen, co-founded
the party in the 1970s, calling
it the National Front and
adopting the neofascist tri-
color flame as its symbol. Ms.
Le Pen changed the name in
2018 to National Rally. She
kept the symbol.
“A cat can’t bark,“ said Lu-
dovic Seynaeve de Daussé, a
WORLD NEWS
lockdowns, mass testing and
strict quarantine, new infec-
tions in the city are 100 times
higher than in the next hard-
est hit region, the northeast-
ern province of Jilin.
Nationwide, there were
about 20,200 new cases, the
National Health Commission
said Monday. Chinese health
authorities also announced 51
new deaths, all in Shanghai,
bringing the total to 138 since
the first Covid fatalities were
reported by the city on April
17. Separately, Shandong, the
South Korea’s government is pushing for a return to normal.
breaks. It stopped widespread
testing and halted contact
tracing—pillars of South Ko-
rea’s early Covid-19 success,
which won it praise globally.
Some health officials even
suggested a mass outbreak
55-year-old retired military
man from northern France
who didn’t vote in the runoff
after casting a first-round bal-
lot for far-left leader Jean-Luc
Mélenchon. “The National
Front will always be the Na-
tional Front.”
Ms. Le Pen ran on a plat-
form that would impose far-
reaching changes long sup-
ported by the far right. She
wanted to ban wearing the
Muslim head scarf in public,
claw back powers from the Eu-
ropean Union and change the
French constitution to give
priority to French nationals
over immigrants, including
documented ones.
Ms. Le Pen said in February
that she wouldn’t run again for
president if she lost but also
that she wouldn’t retire from
politics. At the party’s elec-
tion-night gathering in Paris
on Sunday, Ms. Le Pen’s sup-
porters, some in tears, grap-
pled with another election loss.
Many wanted her to run again.
Would-be successors are
waiting in the wings, including
Jordan Bardella, the 26-year-
old acting president of Na-
tional Rally, and Marion
Maréchal, Ms. Le Pen’s niece.
Éric Zemmour, the television
pundit turned presidential
candidate, made fighting im-
migration and Islamist influ-
ence his signature issues,
seeking to wrest control of the
far right. Mr. Zemmour fizzled
in the first round of the elec-
tions, drawing only 7.1% of the
vote.
Tuesday, April 26, 2022 | A9
Traditional Chinese and West-
ern Medicine closed its emer-
gency room after a member of
the medical staff tested posi-
tive for Covid.
All sports events and other
public gatherings, as well as
household construction would
be suspended during the test-
ing period, said Xu Hejian, a
Beijing city government
spokesman.
By swiftly moving to test
large swaths of the city, the
authorities may be able to
sever any lines of transmission
before the virus becomes es-
tablished. On the other hand,
mass testing may lead to a
surge in positive cases—peo-
ple who will then need to be
isolated along with their close
contacts, making a citywide
lockdown more likely.
Near one of Beijing’s main
transit hubs on Sunday, work-
KEVIN FRAYER/GETTY IMAGES
ers could be seen installing
makeshift tents marked with
the words “Disaster Relief,”
while supermarkets were filled
with people loading up on fro-
zen vegetables, bottled water
and other necessities. Online,
residents shared articles in-
cluding one titled “Items
nation’s second-most-popu- projections for Chinese expan- Shanghaiers Regret Not Hav-
lated province, reported the sion, with the International ing Stocked Up On—You Can
discovery of a new Omicron Monetary Fund last week cut- Take This List Right to the
mutation, BA.2.3, the first ting its 2022 growth forecast Grocery Store.”
time the strain has been de- for the country to 4.4%. That is, if there is anything
tected in mainland China. In Beijing, officials warned left to buy. At one supermar-
Chinese stocks fell the most over the weekend that the ket in Beijing’s Hepingli neigh-
in more than two years. The outbreak had been spreading borhood, the produce section
Shanghai Composite and CSI undetected through the city was almost entirely cleaned
300 indexes closed down 5.1% for the past week. One school out by midday Monday. An an-
and 4.9%, respectively, as in- in Chaoyang, as well as a tour nouncement over the speaker
vestors worried that strict pol- group and a delivery service, system apologized to custom-
icies to combat the outbreaks were each identified as trans- ers for the shortages, but
would hit China’s economic mission clusters. urged them to return later in
growth and corporate profits. On Sunday evening, Beijing the day, when more goods
Economists have slashed their Fengtai Hospital of Integrated were expected to arrive.
nated, but we are at a point Kim Boo-kyum said this month.
where we can take a chance at South Korea classified
returning to normality,” Covid-19 at Level 1—the top of
Health Minister Kwon Deok- its four-level scale, along with
cheol said at a briefing this the likes of Ebola and SARS—
month where the downgrade in February 2020, the classifi-
was discussed. cation’s first new entry since
YONHAP NEWS/NEWSCOM/ZUMA PRESS
Some local health experts the H1N1 flu more than a de-
have called the downgrade pre- cade earlier.
mature. The transition team for Covid will now be down-
President-elect Yoon Suk-yeol, graded to Level 2, putting it
who has been critical of the cur- on par with chicken pox or
rent administration’s Covid-19 measles. The seasonal flu is
restrictions, has called the deci- categorized at the lowest level.
sion a “hasty approach.” Infections peaked in March
South Korean officials have at more than 600,000 daily
said they could reinstate so- cases, but the death rate is
cial-distancing measures one of the lowest in the
should a new variant emerge world—0.13%, or about one-
was necessary to spur the or infections surge dramati- tenth that of the U.S. and U.K.
shift toward a strategy of cally again. In recent weeks, daily cases
treating it as endemic, mean- “Even as the government have dropped even as virus re-
ing a disease that circulates pushes for a return to normal, strictions have been lifted.
among the population more we will prepare thoroughly un- Monday’s count was around
predictably. der the assumption that the 30,000, the lowest in more
“Covid-19 won’t be elimi- risk can return,” Prime Minister than two months.
YVES HERMAN/REUTERS
Marine Le Pen spoke to reporters at her National Rally party offices in Paris on Monday.
On Sunday, Mr. Zemmour pean politics. Mr. Le Pen was the presidential runoff for the
called on supporters of France’s convicted of anti-Semitism in first time. Her campaign ran
conservative party, National the 1980s for describing Nazi aground because of her un-
Rally and other far-right move- gas chambers as a “detail of popular push to drop the euro.
ments to come together. World War II history.” She lost to Mr. Macron in a
Sonia Peneloup, a painter A breakthrough came in 32-point landslide.
and National Rally activist 2002, when Mr. Le Pen Ms. Le Pen focused her
who attended Sunday night’s shocked the world by qualify- 2022 campaign on pocketbook
gathering, said she supported ing for the presidential runoff. issues. She also zeroed in on
Mr. Bardella as a potential More than a million French the impact that the war in
successor but wondered people took to the streets to Ukraine was having on
whether a change at the helm denounce his candidacy. The France’s economy. She prom-
was enough to get the party incumbent, Jacques Chirac, ised to slash taxes on fuel and
over the hump. “Would it ended up trouncing Mr. Le Pen other essentials if elected.
make a difference? Frankly, I by 64 percentage points. Ms. Le Pen began opening
don’t think the French are In 2011, Ms. Le Pen inher- up about her personal life,
ready,” she said. ited the party and set about softening her reputation as a
Ms. Le Pen’s defeat follows remaking its image, a process hard-nosed ideologue.
a decadeslong push by the party called “de-demoniza- “She is one of us,” said Isa-
France’s far right to win the tion.” She ousted her father belle Flouret, a 48-year-old
presidency. When her father from the party in 2015 after he widow from Hénin-Beaumont,
founded the party, its strident repeated his comment about a town in northern France
anti-immigrant stance made it Nazi gas chambers. where Ms. Le Pen cut her
a fringe movement in Euro- In 2017, Ms. Le Pen reached teeth on the municipal council.
A10 | Tuesday, April 26, 2022
Argentines
Cope With
Inflation
Continued from Page One
country’s juicy sirloins and
sensual tango shows.
With the rest of the world
experiencing higher inflation—
byproduct of supply chain
crunches, heavy stimulus
spending and the war in
Ukraine—Argentina offers a
window to those who fret
about just how high inflation
will go and what it will mean
to their everyday lives.
They’ve had practice: In the
late ’80s, runaway government
spending sent inflation soar-
ing above 3,000%, and after a
period of relative stability the
figure has been creeping up
again, reaching 6.7% in March
alone, the highest in 20 years.
“Here 40% is normal,” says
Mr. Faez. “And when we get
past 50%, it doesn’t scare us,
Retailers
Use Tariff
Loophole
Continued from Page One
ing them.
As a result, more than a
tenth of Chinese imports by
value now arrive as de mini-
mis shipments, the Customs
data indicate, up from well un-
der 1% a decade ago. The in-
crease was also fueled by a
2016 decision by Congress to
raise the maximum value of de
minimis imports to $800, up
from $200.
The law allows U.S. retail-
ers who sell Chinese imports—
along with Chinese companies
that sell directly to U.S. con-
sumers—to avoid tariffs on
goods as long as they are
packaged and addressed to in-
dividual buyers and fall below
the $800 cap.
Groups including the Coali-
tion for a Prosperous America,
which includes U.S. manufac-
turers and labor groups, are
urging Congress to eliminate
the de minimis exemption for
Chinese imports, saying the
law is being used to make a
blatant end-run around tariffs.
“This is a calamity putting
U.S. producers and traditional
retailers out of business and
destroying jobs,” said Charles
Benoit, the trade-policy coun-
sel for the coalition.
Keeping costs low
That view is countered by
those who say the rule has
boosted e-commerce and kept
costs lower for consumers.
“I wouldn’t characterize it
as, ‘People are taking advan-
tage of the system’—it’s just a
law that’s been in place and
people have a right to use it,”
said Lenny Feldman, counsel
to the National Customs Bro-
kers and Forwarders Associa-
tion of America.
Terez Universe LLC, a New
York-based women’s apparel
brand, is among the U.S. com-
panies that has overhauled
how it imports Chinese goods.
In years past, Terez would
place factory orders for leg-
gings, joggers and tank tops
based on estimates of con-
sumer demand for certain
styles and colors, said Su-
zanne Farid, the company’s
head of supply chain.
To use the de minimis rule,
Terez has shifted to a made-
to-order strategy for its on-
line, direct-to-consumer busi-
ness—setting production runs
based on actual customer or-
ders. The goods, which are
packaged and addressed to in-
dividual customers, are then
shipped directly from Chinese
factories by Long Island-based
freight forwarder Alba Wheels
Up International.
Alba Wheels Up bundles the
shipments and flies them to
the U.S., where they are picked
up by couriers for direct deliv-
ery to customers, skipping any
warehousing or fulfillment in
the U.S.
“We’re saving more on du-
ties than we’re paying on ship-
ping,” Ms. Farid said.
Terez also sells its apparel
at retailers including stores of
Neiman Marcus Group Inc. and
Nordstrom Inc.; those larger
shipments are still subject to
tariffs.
Avoiding tariffs is particu-
larly attractive for U.S. retail-
ers who sell price-sensitive
consumer goods such as ap-
it simply bothers us.”
Most Argentines have de-
veloped strategies to cope
with rising prices and other
features of the country’s econ-
omy, like the falling value of
the currency, the peso. It’s a
bit like the old “Dr.
Strangelove” classic about nu-
clear war, with a twist: “How I
Learned to Stop Worrying and
Love Hyperinflationary Poli-
cies.”
With money sitting in a
banking account quickly losing
value, Argentines drain their
paychecks nearly as soon as
they get them. A trip to the
supermarket often yields
weeks’ worth of food and sup-
plies, from nonperishables like
shampoo and canned goods to
frozen meat that is stuffed
into freezers. People seek to
exchange their pesos for U.S.
greenbacks, which provide
protection against inflation.
And they readily apply for
loans, which in time become
easier to repay because of the
weakening currency.
Yolanda Mastripólito, a 70-
year-old lawyer, said one tac-
tic she uses is to pay her taxes
Total known value of de
minimis shipments to the U.S.
$80 billion
60
Other countries
Exported
from China
40
20
0 Rail
2012 ’14 ’16 ’18
Source: U.S. Customs and Border Protection
parel, handbags, kitchen gad-
gets and the like, many of
which were subject to tariffs
even before the trade war.
“If you had a 7% tariff, and
then there’s an additional 25%
added on top of it? If de mini-
mis was a business choice be-
fore, now it’s almost an imper-
ative,” said Salvatore Stile II,
president of Alba Wheels Up.
The U.S. Customs data show
a sharp increase in the num-
ber of de minimis shipments
in the wake of President Don-
ald Trump’s tariffs on China—
climbing from 299 million in
2017 to 495 million in 2018,
the first full year the tariffs
took effect.
By 2021, the number had
jumped to 771 million ship-
ments, the data show.
The data obtained by the
Journal was generated from a
Customs and Border Protec-
tion database of known de
minimis shipments and their
declared value. For many
packages, especially those that
enter the country via the
postal service, Customs knows
only the items’ weight, not the
declared value, meaning the
actual value of de minimis
could be significantly higher.
A Customs spokesman said
the data shouldn’t be consid-
ered final or endorsed by the
agency. He added that Cus-
toms is working toward pub-
lishing an official set of de
minimis statistics.
Former Customs officials
say the agency’s focus—right-
fully in their view—is screen-
ing the packages for illicit
goods, such as illegal pharma-
ceuticals, weapons or counter-
feit items. Validating the value
of millions of tiny packages a
day, or estimating values for
packages that only have been
weighed, is neither a priority,
nor something the agency has
resources for, they say.
The law allows Chinese
companies to export goods di-
rectly to the U.S. market from
Chinese factories—without the
Terez Universe, a New York-based women’s apparel brand, changed how it imports Chinese goods.
FROM PAGE ONE
late—knowing that if she pro-
crastinates she can cover the
bill with money that has less
value. And like other Argen-
tines, she has learned that the
government won’t charge her
interest on an overdue bill.
“You save a lot of money,”
she explains.
Hoarding is a must. “I came
to this market and bought as
much toilet paper as I could
for the month, more than 20
packs,” Melanie Lichtensz-
tejn, a 24-year-old university
student, said on a recent day.
And not just toilet paper—
there was also cleaning sup-
plies, bottled drinks, milk. “I
try to buy all I can because I
know that next month it will
cost more to buy,” she said.
At the fruit stand outside
Buenos Aires where Sofía Fi-
not works, she says her com-
petitors battle inflation by
adding water and ice to their
fruit shakes. “It’s more water,
less fruit!” she says, adding
that she relies instead on buy-
ing frozen fruit to stock up be-
fore prices spike. “They will
keep for a year,” she says.
In southern Argentina,
De minimis shipments by
method of entry, 1Q 2022
Air
165.2
million
Truck
38.1
million
Vessel
522,533
9,625
’20
need for any U.S.-based im-
porter or warehouse—as long
as shipments are addressed to
individual customers and fall
below the $800 limit.
Chinese clothing giant
Shein, which specializes in
fast-fashion—rapidly bringing
trendy, low-cost apparel for
teens and 20-somethings to
market—is among the compa-
nies that make use of the ex-
emption. Earnest Research, a
data analytics firm for con-
sumer brands, estimated Shein
had 30% of the fast-fashion
market in the U.S. last year—
without selling through their
own U.S. storefronts or those
of other brands.
The Tijuana route
Companies can also take
advantage of the de minimis
rule using ocean shipping,
which is cheaper than air-
freight. That method, which
requires some additional
steps, has spawned a cottage
industry in and around Ti-
juana, Mexico.
Baja Fulfillment got its
start with the imposition of
the Trump tariffs, said partner
Bobby Armijo. His Tecate-
based company picks up Chi-
nese imports at the adjacent
ports of Los Angeles or Long
Beach and loads them into a
bonded truck, where the cargo
is sealed so that it doesn’t for-
mally enter the U.S.
That allows the truck to
drive south across the border
to Mexico without clearing
U.S. Customs.
The goods are then taken to
one of Mr. Armijo’s three
bonded warehouses, avoiding
any Mexican tariffs because
they don’t technically enter
that country’s economy either.
The items remain in the
warehouses until U.S. custom-
ers place an online order. At
that point the item is individu-
ally packaged, loaded onto
trucks and driven back across
the border to San Diego.
THE WALL STREET JOURNAL.
butcher Exequiel García, re-
sorts to humor to lighten the
mood, placing hand-lettered
ing in cryptocurrency. “They
prefer the volatile asset of bit-
coin as opposed to the peso,
signs outside the storefront
with quips such as, “Look at
our prices and cry,” and “Eat
where they know they will al-
ways lose,” said Damian Di
Pace of Focus Market Consul-
meat on Holy Week! It’s not a
sin.”
Just how bad has inflation
tancy in Buenos Aires.
Argentines who haven’t
caught the bitcoin bug go for
been? other, often-times inventive
ways to stretch their belea-
guered peso.
Raúl Ramos, 36, a construc-
‘I try to buy all I can tion worker, said he and his
because I know that wife look out for sales at the
giant Carrefour store they like.
next month it will “I don’t do it to save. I do it
cost more to buy.’ so I have money at the end of
the month,” he says, noting
that at the start of the school
year books, knapsacks and
According to the policy notebooks cost three times as
group Argentine Institute of much as they did a year earlier.
Fiscal Analysis, Russia was María Oyhanarte, 67, and
first in the world in March and her husband, Gustavo Pas-
Argentina was second (Vene- trana, 68, say they scour the
zuela, which doesn’t regularly newspaper for senior specials.
release fiscal data but is “We go, we look and we make
thought by economists to have one big purchase once a
a 251% annual inflation rate, week,” she says.
isn’t included). She admits it’s a losing bat-
With the peso falling and tle, explaining that the couple
inflation rising, workers are has had to stop consuming
increasingly paid and are sav- some of the things they had
Salvatore Stile II, president of Alba Wheels Up International in his Valley Stream, N.Y., offices.
Mr. Armijo’s firm sends the freight logistics firm.
manifest electronically ahead In the past, those contain-
of time so that when his ers tended to all be filled with
trucks reach the U.S. border, the same product.
they clear Customs quickly— “Now, you’ll open up a con-
no duty required—and can im- tainer and there’s a thousand
mediately be shipped via the individual shipments to a
postal service or a courier. thousand different people in
He declined to provide ex- that one 40-foot container, all
act numbers but says his pre-labeled, possibly USPS,
warehouses fulfill tens of UPS, FedEx or any other final
thousands of direct-to-con- mile provider,” Mr. Strader
sumer orders a week. said.
The Mexican detour can Logistics firms say that the
yield big savings. A $75,000 tariff-dodging strategy has
shipment of women’s tops also been given momentum by
would normally be charged the rise in online shopping,
just over $29,000 in tariffs, as which accelerated during the
well as additional harbor Covid-19 pandemic as people
maintenance fees and mer- did more buying from home.
chandise-processing fees.
“In some cases, this helps
companies survive,” said Mr. Online sites
Armijo. People placing orders on
The increasing use of the de Amazon.com Inc.’s Market-
minimis rule can be seen in place, or the online sites oper-
the contents of seaborne cargo ated by eBay Inc. or Wayfair
containers, said Spencer Inc., generally have no way of
Strader, director of imports at knowing if a product from
ECU Worldwide, a cargo and China is being imported as a
de minimis shipment.
Still, with nearly 800 mil-
lion shipments entering the
U.S. annually as de minimis
imports, it’s likely that major
U.S. retail brands are using the
strategy for online fulfillment
from factories in China, said
Kim Glas, president of the Na-
tional Council of Textile Or-
ganizations, which represents
U.S. apparel makers and sup-
ports protective tariffs for
American producers.
THALIA JUAREZ FOR THE WALL STREET JOURNAL
Amazon, eBay and Wayfair
declined to comment on the
extent to which they or their
third-party sellers use de min-
imis. Amazon’s website, how-
ever, contains information on
how third-party sellers can
comply with the rules.
A number of other import-
ers contacted by the Journal
declined to comment on their
use of de minimis shipping, re-
flecting the political sensitiv-
bought in the past. “Meat, for
example,” she says.
Mr. Pastrana, who runs a
cafe next to his wife’s book
store, says he sees people
come in and read all day, only
consuming a coffee, even
though he is conscientious
about raising prices.
Others in Argentina buy in
installments—everything from
groceries to clothing and
household goods.
Cecilia Luna, 50, says her
monthly income from working
as a super in a building isn’t
enough, so she’ll buy what she
needs in tiny payments
stretched out over time. At the
moment, her family is building
a small house in a poor com-
munity outside Buenos Aires.
“All the building material
we’re buying with deferred
payments,” says Ms. Luna,
noting that material for the
roof is paid out over 12
months, with no interest.
“We’re experts in the econ-
omy so we can reach the end
of the month,” Ms. Luna says.
“That way, we can stay calm
and not have to borrow
money.”
THALIA JUAREZ FOR THE WALL STREET JOURNAL
ity around tariffs on Chinese
imports.
The precise nature of goods
being imported isn’t known—
the paperwork for de minimis
shipments doesn’t require im-
porters to use the tariff codes
required for other imports—
but freight companies say that
given the $800 cap on value,
most of these goods are con-
sumer items.
In fiscal year 2020, the U.S.
imported $618 billion of con-
sumer goods, meaning de min-
imis shipments were over 10%
of that value.
The use of de minimis has
put a dent in tariff revenues,
which go to the U.S. Treasury.
The Federal Reserve Bank of
New York in 2021 estimated
that Treasury loses as much as
$10 billion a year in tariffs
through tariff strategies like
de minimis.
New York Fed analysts
came up with that estimate by
comparing China’s report of
how much it exported to the
U.S. against U.S. records of
how much it imports from
China, and found a $55 billion
gap they calculated would be
explained by tariff avoidance.
A measure to bar imports
from China receiving the de
minimis exemption is in the
House version of legislation
aimed at helping the U.S. ad-
dress economic and technolog-
ical challenges from China,
dubbed the America Competes
Act, but not in the Senate’s
companion bill.
“As long as foreign compa-
nies that sell their goods in
America are splitting up their
shipments to evade tariffs and
oversight, American busi-
nesses will continue to be put
at a competitive disadvantage
cost-wise,” said Rep. Earl Blu-
menauer, (D., Ore.), chairman
of the House Ways and Means
Trade Subcommittee, who is
pushing the measure.

© 2022 Dow Jones & Company. All Rights Reserved.
Some Workers
Who Jumped
Ship Now Say
They Regret It
Millions left their positions for new ones
during the pandemic, but recruiters say many
are realizing the grass isn’t always greener
BY KATHRYN DILL
M
illions of people
switched jobs during
the pandemic. Some
of them are feeling
the job-market equiv-
alent of buyer’s re-
morse.
Michael Kaye, a New York-based
public-relations director, says that
seeing professional contacts an-
nounce new positions or companies
“really gave me the itch.” He
felt good about his job at
the dating company Ok-
Cupid, but last summer
started looking
around and soon
found a new role with
a raise at LinkedIn.
Mr. Kaye resolved to
stay at least a year. As
the months passed,
though, he missed run- Michael Kaye
ning his own depart-
ment and the direct impact he’d
had as a member of OkCupid’s
much smaller staff.
“The grass isn’t always greener
on the other side,” said Mr. Kaye,
30 years old, who returned to Ok-
Cupid this month in an expanded
role after eight months at LinkedIn.
The monthly quit rate, a govern-
ment measure of worker resigna-
tions, reached 2.9% in February,
though those statistics don’t track
how long workers stay in a role or
whether they have resigned to take
another job. Recruiters who work
with white-collar workers say many
who jumped to new positions during said they would try to get their old
the past year’s rush of job-changing
have found that the roles are a poor
fit, or the frustrations of their previ- two to six more months before
ous jobs exist in the new ones, too.
A large number of workers have
The Window to Enjoy Your Empty Nest Is Shrinking
BY ANDREA PETERSEN
S
usie Chase and Stuart Sutley
didn’t waste time after their
youngest child left for college
last fall.
Within weeks, they were hosting
dinner parties with friends and col-
leagues and fixing up their Steven-
son, Md., home. They bought fancy
skis and made plans to spend more
time—just the two of them—explor-
ing the outdoors near their country
house in Maine.
“I’ve got to make the most of
this time,” says Ms. Chase, 53 years
old. “I feel the need to do these
things that are kind of on my
bucket list now.”
The motto for the current gener-
ation of empty-nesters is carpe
diem. Where children leaving for
college once marked a relatively
permanent stage of life,
some empty-nesters
are treating the period
as a fleeting window of
freedom before kids
move back in, health is-
sues arise or eldercare
duties consume much
of their time.
Many people have
feelings of sadness and
loss when children
leave home, but re-
search has found that
the empty nest is often
positive for parents, says Karen Fin-
german, a professor of human de-
velopment and family sciences at
the University of Texas at Austin.
After they get through the transi-
tion, a couple’s shared connection
gets stronger, relationships with
adult children improve and parents
SHURAN HUANG FOR THE WALL STREET JOURNAL (3)
develop new interests, she says.
“People adjust and find a lot of
new richness in all their relation-
ships,” says Dr. Fingerman.
One driving factor behind the
empty-nest urgency is the rise in
adult children boomeranging back
to the family home—or never mov-
ing out in the first place. In 2021,
34% of 18- to 34-year-olds were liv-
ing with their parents, compared
with 29% in 2007, according to an
analysis of federal data by the Na-
PERSONAL JOURNAL.
returned to previous employers:
So-called boomerangs accounted
for 4.5% of all new hires among
companies on LinkedIn in 2021, ac-
cording to the professional net-
working site, up from 3.9% in 2019.
Partly driving the regret, re-
cruiters say, is that people’s expec-
tations of potential employers have
rarely been higher: Candidates are
requesting flexibility in their jobs,
the highest possible salaries and
quick decisions from companies. To
be sure, workers have long
wanted all three things, but
rarely asked for them dur-
ing a recruiting process.
“You can’t have the
high pay, the psycholog- them feel more powerful in the
ically safe team, the all- short run,” said Amy Cuddy, a social
star manager, the com-
pany that’s going to grow
at the pace you want it to watching scores of contacts and
grow—you can’t get all
those things,” said Sean
Page, a recruiter for a
fintech startup in New York.
In a tight market, some recruit-
ers may be distorting the na-
ture of jobs or overpromis-
ing how autonomous
hires will be. Nearly
three-quarters of work-
ers who quit to take a
new job said they felt
surprise or regret, ac-
cording to a survey of
2,500 U.S. adults con-
ducted this year by The
Muse, a job-search and Faith Del Regno
career-coaching com-
pany. Nearly half of those workers
job back. More than 40% said
they’d give their current employers
switching again.
“Employers can no longer count
Susie Chase and Stuart Sutley
in their Maryland home, in a
photo with their six children,
and playing pickleball.
tional Center for Family and
Marriage Research at Bowl-
ing Green State University.
Maggie Carpenter, 52, and Matt
Lewis, 55, became empty-nesters
when their daughter left for college
in the fall of 2020. The couple took
advantage of their new kid-free
time to go kayaking, throw parties,
watch movies and cook together.
“Having to juggle kids and work
for so many years, to have the free-
dom to just focus on what I want
to do has been really amazing,” says
Dr. Carpenter, a family physician in
New Paltz, N.Y.
Dr. Carpenter and Dr. Lewis, a ra-
THE WALL STREET JOURNAL.
on all the people they’re hiring to-
day giving them at least two
years,” said The Muse’s founder,
Kathryn Minshew.
Workers tired of having their
lives on hold in the pandemic have
been hungry for change of any kind.
“Some people left their jobs be-
cause it was a move that made
psychologist and Harvard lecturer.
Plus, as Mr. Kaye observed,
friends be courted by companies
(and trumpeting new jobs) can
prompt a bout of job-shopping even
for those who aren’t unhappy at
work, said Laura Mazzullo, a New
York-based recruiter in the HR
field.
“There’s almost a
candy-shop mind-set of,
‘Oh that looks good, I
want to go there,’ ”
she said.
Ms. Mazzullo en-
courages candidates she
is recruiting to write
down the attributes of
their favorite boss, what
they feel is missing in
their career, when they are most
engaged at work and what kind of
company environment makes them
happiest. If an opportunity comes
along, she says, people need a clear
set of criteria against which to
evaluate it. For instance, she says,
diologist, are now talking about
joining a singing group and making
tentative plans to work remotely
from abroad.
The couple are making the most
of their empty-nest freedom be-
cause they know how tenuous it
can be. Just before the end of her
first semester, their daughter took a
leave from school and came home
for a month. And the couple’s son,
who is slated to graduate from col-
lege in December, is planning to live
at home after graduation for six
if somebody understands why they
thrived while working at a corpo-
rate-law firm, they are less likely to ing the interview process.
be distracted by an offer from a
place where they would be a bad
fit.
Faith Del Regno managed call
centers for more than two decades,
staying in jobs between four and 10
years at a time. In 2020, the num-
ber of people she supervised
at her Azusa, Calif., call
center tripled to 30, but
her pay stayed the
same. She resigned last
June in search of a
more manageable role,
then cycled through
three jobs in 11 months.
She says in one case the
role described in inter-
views and the actual job Zack Peters
amounted to a bait and
switch.
Ms. Del Regno quit one job on
the spot when she says she was
treated unprofessionally in front of
her direct reports.
“It was uncomfortable,” she
says. “I also didn’t want to compro-
mise myself anymore. I knew there
were other companies and other
positions out there, and I just had
to continue to push on to find it.”
Ms. Del Regno now works as a
quality assurance lead at Bambee,
an HR tech company, a role she
said allows her to use her experi-
ence training employees in a collab- to be substantial.”
months to save money.
Dr. Carpenter says she
and her husband love
spending time with their
kids, but she is already
lamenting the impending
loss of her clean house
and the lighter load of
laundry.
“I think it will be OK
because it is time lim-
ited,” she says of her
son’s plans.
For Ms. Chase, the
feeling of urgency to
maximize her empty-nest
freedom comes from po-
tential health concerns.
Her parents are relatively
healthy, but they are 90
and 86.
“I see myself as a very
involved caretaker for
them,” says
Ms. Chase,
who works
as the vice
president for
advancement,
alumni and
constituent
engagement
at Washing-
ton College in
Chestertown,
Md.
And she is
keenly aware
that she can’t
take her own
and the 57-
year-old Mr.
Sutley’s good
health for
granted ei-
ther. “I realize we’re not going to
have it forever,” she says.
About 16.8% of American adults
are caring for someone age 50 or
older, according to a 2020 report
from the National Alliance for Care-
giving and AARP. That is up from
14.3% in 2015. Caregivers of older
adults are about 50 years old, on
average, and are typically taking
care of a parent.
Caregiving is also lasting longer.
About 28% of caregivers have been
providing care for five years or
Tuesday, April 26, 2022 | A11
orative environment and, crucially,
has proven to be as described dur-
PHOTO ILLUSTRATION: DAISY KORPICS/THE WALL STREET JOURNAL, ISTOCK, GETTY IMAGES; MICHAEL KAYE; FAITH DEL REGNO; ZACK PETERS
As an in-house recruiter for cre-
ative positions, Zach Peters had
seen the opportunities and pitfalls
of rapid-fire job-changing up close.
That didn’t mean he was immune
to the messages filling his inbox
from companies hoping to woo him
away from his job at GSD&M,
an advertising agency
based in Austin, Texas.
He jumped to an-
other agency in Janu-
ary, swayed by a pro-
motion and expanded
responsibilities.
GSD&M tried to keep
him, he said, but with
the clock ticking on an-
other offer there wasn’t
time to fully explore
what might happen if he stayed.
His new role turned out to be more
solitary than he had expected and
lacked hoped-for face time with ex-
ecutives.
Less than three months later, he
returned to GSD&M, where manag-
ers laid out a detailed new plan for
his professional growth while at
the company.
“Direction and career path and
timeline and next steps were a
larger part of the discussion,” said
Mr. Peters, who is 36. “I think the
longevity of my time here is going
more, according to the 2020 report,
up from 24% in 2015.
Gen Xers generally had children
later in life than baby boomers,
meaning they may have fewer years
to enjoy the freedom of the empty
nest before their own health falters.
The mean age of mothers giving
birth was 27.2 in 2000, compared
with 24.6 in 1970, according to data
from the federal National Center for
Health Statistics.
Psychologists have advice on
making the most of the empty nest
while it lasts.
Reflect on your priorities and
goals for that time before your kids
actually leave, suggests Roni Cohen-
Sandler, a clinical psychologist in
South Norwalk, Conn. Start plan-
ning and preparing for activities by,
for example, going on short hikes in
anticipation of a bigger trip.
“It’s so much easier to look for-
ward to something that you can ex-
perience together as opposed to
thinking about the things you are
losing,” Dr. Cohen-Sandler says.
Look back to the activities you
used to enjoy but didn’t have time
to pursue during your intensive par-
enting years, advises Jerrold Lee
Shapiro, a professor of counseling
psychology and author at Santa
Clara University.
Discuss and negotiate with your
partner so you’re on the same page
about how you’ll spend the time,
says Helen L. Coons, associate pro-
fessor and clinical health psycholo-
gist in the department of psychiatry
at the University of Colorado An-
schutz Medical Campus.
Valerie Frederickson, 58, has a
list on her iPhone of the things
she’s planning to do when she be-
comes an empty-nester: Learn Ital-
ian, take up ceramics, go fly fishing
and join a book club, among other
things.
Her twins are 12 years old.
“I haven’t been able to do any-
thing that is not work- or kid-cen-
tered in really almost 13 years,” says
Ms. Frederickson, founder and chief
executive of human-resources exec-
utive search firm Frederickson Part-
ners in Menlo Park, Calif. “I’m ready
to have a full and fun life.”
 A12 | Tuesday, April 26, 2022
PERSONAL
TECHNOLOGY
NICOLE
NGUYEN
I
have CarPlay envy. My
11-year-old SUV has a
multimedia screen, but it
lacks Apple’s sleek in-ve-
hicle software. I didn’t
know what I was missing
until I rented a car on a re-
cent trip that had an Apple
CarPlay/Google Android
Auto combo system.
There were no fussy
menus or buttons: I just
plugged my phone in, and
my Google Maps route auto-
matically filled the car’s
screen. As texts came in,
Siri read them aloud, and at
a red light, I quickly found
the podcast I wanted to lis-
ten to. I was hooked.
CarPlay, software that
simplifies the often-janky
PHOTO ILLUSTRATION: ELENA SCOTTI/THE WALL STREET JOURNAL,GETTY IMAGES; SHUTTERSTOCK; NICOLE NGUYEN/THE WALL STREET JOURNAL (2); PIONEER
car infotainment experience,
began appearing in vehicles
around 2014, followed by
Android Auto about four
years later. They activate as
soon as you connect your
phone, and the apps’ big,
friendly buttons and voice-
enabled features are easy to
use while you’re at the
wheel—and safer than fid-
dling with a handset.
They’re essentially simpli-
fied versions of your phone,
on your dashboard.
Unfortunately for me, it’s
a terrible time to buy a new
car. Pandemic-related supply
shortages have sent prices
for new and used cars sky
high, and buyers often wait
months for delivery. So I set
off on a quest to install a
CarPlay/Android Auto unit
on the vehicle I already
own.
If you, too, are interested
in a smartphone-enabled
system for your existing car,
buckle up: This column is
for you.
A Whole-System Upgrade
Many aftermarket multi-
media receivers are compat-
ible with both CarPlay and
Android Auto. They range in
price from $200 to $2,000,
depending on the size of the
screen and other features,
Teaching Your Old Car
New Tech Tricks
and come from brands such
as Pioneer, Boss and Ken-
wood. Some models can
connect to phones wirelessly
or include additional USB
charging ports, which add to
the cost.
When shopping for these
units, a common term you’ll
come across is DIN, which
stands for Deutsches Insti-
tut für Normung, the Ger-
man organization that es-
tablished car radio sizes. A
single DIN stereo chassis is
about 7 inches wide and 2
inches tall, while a double
DIN is 7 inches wide and 4
inches tall. Crutchfield, an
auto-parts retailer, has an
online Fit My Car tool that
can tell you which DIN is
compatible with your
model.
NY
PERSONAL JOURNAL.
Car Thing adds a Spotify
interface to your car, but you
need a Premium subscription.
I was excited about the
prospect of upgrading—until
I learned my Lexus 450h
wasn’t upgradeable.
Most car stereos can be
replaced with aftermarket
units, said Brandon Bevins,
a sales supervisor at Crutch-
field. But a few exceptions
occur. “In your Lexus, the
factory dash panel around
the radio is not a standard
size or shape,” he explained.
I’d need to get a custom
kit fabricated, and the com-
plex installation would cost
much more than the stan-
dard $125 fee for most vehi-
cles. I called a few auto
shops, which quoted me
around $1,800 for a special
aftermarket receiver plus at
least $350 for installation,
with the caveat that the to-
tal could easily be more.
Boo.
A Workaround:
The Intellidash+
Search “CarPlay” or “An-
droid Auto” on Amazon and
you’ll find dozens of mount-
able smart screens. The In-
tellidash+ ($350) is one op-
tion. It has a 7-inch display
with CarPlay and Android
Auto capabilities. I was sur-
prised: It worked. The same
CarPlay interface that
showed up in the rental was
now running in my car, no
professional installation
needed.
The Intellidash+ isn’t ex-
actly an elegant solution.
You need a lot of cables to
make it work, including a
power cord running to a 12V
cigarette lighter socket, and
another connecting your
phone to the screen’s USB-C
port. If your car has a
3.5mm jack, there would be
an auxiliary cable for audio,
too. The kit comes with a
handful of cable clips to
manage the mess.
My car doesn’t have a
3.5mm headphone jack, so
to broadcast audio to my
car’s speakers, I connected
my iPhone over Bluetooth.
You won’t want to play mu-
sic over the Intellidash+’s
terrible, tinny internal
speakers.
The Pixel 6 activated An-
droid Auto without a hitch,
but despite many attempts,
Aftermarket receivers, such as this $750 DMH-W4660NEX unit from Pioneer, add CarPlay or
Android Auto to an existing car, but require wiring know-how or professional installation.
THE WALL STREET JOURNAL.
the Android device’s audio
couldn’t be broadcast over
Bluetooth. Instead, I used an
FM transmitter built into
the Intellidash+, which
sounded fine over my car’s
speakers, but finding the
right station took longer to
set up.
The screen’s telescopic
arm attaches to the dash or
windshield via a suction
cup. For textured dash-
boards, there’s a glass disc
with an adhesive back in-
cluded in the box that gives
the cup something to suc-
tion onto. Beware: You have
only one chance to set it us-
ing the adhesive.
Before you mount any-
thing onto your windshield,
look up local laws. In Cali-
fornia, devices can be
mounted only in the lower
corner of the windshield on
the driver’s side and must
The $350 Intellidash+ mounts to a dashboard or windshield
with a suction cup to let you add CarPlay or Android Auto.
be at most 7 inches square.
The Intellidash+ isn’t
perfect and falls short com-
pared with a built-in system,
but it’s better than many al-
ternatives. I tried other
mountable CarPlay products,
but they were buggier and
clumsier. If you don’t want
to install an aftermarket
unit, the Intellidash+ is a
good solution that doesn’t
require a complete car-ste-
reo swap—so long as you’re
OK with cables.
A Good Mount, and
Maybe a Car Thing
No matter what system
you opt for, a solid phone
mount makes a difference.
In my experience, mounts
that clip to your car’s heat-
ing/cooling vents are the
most reliable. Accessories
that stick on the dash block
your view and are prone to
suction-cup malfunction, or
need to be permanently af-
fixed with an adhesive, a
big downside of the Intelli-
dash+.
For MagSafe-compatible
iPhones, Otterbox’s mount
($40) holds phones securely
with an easy snap-on mag-
netic pad and can be ad-
justed to portrait or land-
scape. For others, Belkin’s
premium car-vent mount
($30) with expandable arms
has a cable holder on the
rear and can also be viewed
in both orientations.
Ultimately, my favorite
setup didn’t involve CarPlay
at all. It included my phone,
running Google Maps,
mounted on my vent, plus
an odd little $90 gadget by
Spotify called Car Thing.
(Yes, that’s the actual
name.)
The small, lightweight
screen displays a driving-
friendly version of the Spo-
tify interface, and can be
mounted to your dash, CD
player or vent. It requires a
Spotify Premium subscrip-
tion, plus a smartphone
with the Spotify app in-
stalled and connected to the
display via Bluetooth. Then,
you need to route the audio
from your phone to your
car, through whatever
method you typically use.
“Why not just your phone?”
is a valid question for this
product, which is essen-
tially a dedicated Spotify
remote.
While a full-featured
CarPlay system would be
nice to have, I realized that
my most-used driving appli-
cations are maps and music
and, with the Car Thing, I
don’t have to toggle be-
tween the two. The gadget’s
best feature is a set of four
buttons across the top that
can be programmed to spe-
cific playlists or podcasts,
like a shortcut to your fa-
vorite radio station. The
Car Thing does only one
thing—play audio from Spo-
tify—but it does it well.
And, in the end, that, plus
my phone, is all I needed.
THE WALL STREET JOURNAL. * * Tuesday, April 26, 2022 | A13

ARTS IN REVIEW
Toro y Moi’s
new album,
out Friday, is
‘Mahal.’

CHRIS MAGGIO
MUSIC REVIEW | MARK RICHARDSON

A Sampling of Musical Talent

The latest from chillwave pioneer Toro y Moi highlights his compositional strengths, jumping among eras and genres
IN THE LATE 2000S and early derneath the Pine,” had crisp that serve as signposts pointing to Bear’s lyrics aren’t anything spe- are connected by interludes and
2010s, a novel sound called chill- grooves indebted to Prince and set different eras—the beat could be a cial, he seems comfortable with the album flows like a mixtape,
wave swept through the world of the stage for his wide-ranging mu- ’90s rap production sampling a that. The words are more of a tex- one that pulls from sounds and
indie rock. The aesthetic mixed sic to come. Though his work still ’70s funk groove—but it also has a ture, giving the work an emotional styles from across the Toro y Moi
dreamy harmony vocals with touches on the lo-fi and has a contemporary sensibility, with dig- through-line. Here and there, he discography.
woozy lo-fi instrumentals—synths handmade feel, he’s been a rest- ital filtering and processing that lands on a clever formulation that “Mahal” is both modest and
and guitar might sound like they less musical force over the past situates it in the present. brings to mind the surreal humor highly accomplished—Mr. Bear is
were recorded to a cassette and dozen years, jumping from psyche- After that revved-up beginning, of early Beck. very good at knowing his limita-
then left on a dashboard in the delic rock to funk to clubby dance the following track, “Goes By So Take “The Loop,” a loose, funky tions and playing to his strengths.
sun for too long. And the style put music. The seventh Toro y Moi Fast,” is a dreamy psychedelic bal- pop song that’s one of the record’s Halfway through the record comes
notions of nostalgia in the fore- studio album, “Mahal” (Dead lad, with a sleazy saxophone part best. Mr. Bear builds the narrative “Last Year,” a jazzy number in 3/4
ground, as if you were half-listen- Oceans), out Friday, is a highly en- around one essential idea: Why time with keyboards that draw on
ing to one song while at the same joyable sampler of Mr. Bear’s tal- aren’t his friends telling him the colorful textures of early ’70s
time conjuring a faded memory of ents, and will make a satisfying what’s going on? The narrator spiritual jazz. Over this floating
another. One of the most promi- soundtrack for the warmer
The new record will feels out of the loop and left be- and mesmerizing backing, Mr. Bear
nent members of this scene was a months to come. make a satisfying hind, and complains that they describes a period of personal
producer and singer from South Mr. Bear has officially released never let him know what’s impor- growth spurred on by therapy, and
Carolina named Chaz Bundick—he instrumental versions of his past
soundtrack for the tant. It’s a fitting subject for Mr. seems amused by his progress and
later change his last name to albums, which tells you something warmer months to come. Bear’s spacey demeanor, and he self-aware of how it comes across
Bear—who performed as Toro y about his greatest strengths as a underscores the sentiment with a to be describing the process in
Moi. Alongside the contemporane- record-maker—he’s a composer wonderful guitar solo that states song. “I learned to love myself last
ous work of his college friend Er- and arranger first, and a song- the melody and then extrapolates year / Breakthroughs in conversa-
nest Greene, kindred spirit and writer and singer second. On the winding through Mr. Bear’s aquatic from it. tion / Session went well / Yeah, I
frontman of Washed Out, Mr. opening number on “Mahal,” “The bassline and wheezing synths. Mr. At times, Mr. Bear is a one-man kept my chill.” And so he has. The
Bear’s 2010 debut album, “Causers Medium,” Ruban Nielson of the Bear sings in a reedy tenor and we band. On several tracks on “Ma- subgenre that launched Mr. Bear’s
of This,” did as much as any single psychedelic pop outfit Unknown can describe his voice as func- hal” he sings and plays everything, career is far in the rearview, but
release to define this hazy, blissed- Mortal Orchestra contributes a tional—it fits the music and and he’s especially skilled at bass on the evidence here, he’s only
out corner of music. beautifully cosmic guitar part red- doesn’t draw too much attention guitar and drums. The essence of deepened his understanding of
Though it had all the markers olent of the solo from the Isley to itself, while the musical ele- every tune is the rhythm, particu- what sounds cool.
of a brief fad, chillwave has Brothers’ psych-funk masterpiece ments remain the star attraction. larly how the instruments lock to-
proven surprisingly influential. “That Lady.” “The Medium,” an in- “Is it true, there’s a past life where gether and how moments of unex- Mr. Richardson is the Journal’s
But Mr. Bear, for his part, moved strumental, sounds simultaneously I met you?” goes a representative pected space can make the beat rock and pop music critic. Follow
on. His second album, 2011’s “Un- new and old, with bits and pieces line in the song, and while Mr. that much funkier. The songs here him on Twitter @MarkRichardson.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
40s Edmonton 30s 30s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 63 Case for a 22 •Handy way of
40s dermatologist predicting the
Vancouver Calgary 0s 15 16
64 Vicious future?
20s 10s
60s Winnipeg 40s 17 18 23 Degree of moral
Seattle
50s 20s 65 Large quantity
Portland 19 20
quality
Helena 30s Ottawa
Montreal 30s 66 Staying power,
40s Bismarck 24 Ahead in a close
Billings 60s Augusta 40s 21 22 23 24 25 26 27 28 metaphorically
Eugene 50s 50s game
Boise
40s Pierre
Mpls./St. Paul Toronto Albany Boston 50s 67 “You Really Got
Sioux Falls Hartford 29 30 31 32 33
Me” band, with 25 Flubs
Milwaukee Detroit Buffalo 60s 60s
70s Salt Lake Cityy Des Moines Chicago Cleveland Philadelphia
New York
70s 34 35 36 “The” 27 •Marshall Islands
Reno Omaha Cheyenne
Pittsburgh 68 “What a pity...” coral reef
Sacramento 60s Springfield 80s 37 38 39
Denver Washington D.C.
D
San Francisco Topeka
Indianapolis
90s Down 28 Ski area
Colorado Charleston
Las Springs 70s Kansas St. Louis 40 41 42 transport
60s 80s Vegas City
y
Louisville 70s Richmond 100+ 1 Ask for a dog
Wichita
Los Angeles
Nashville Charlotte Raleigh 43 44 45 46 47 treat, maybe 29 Continental org.
90s 60s Santa Fe Memphis
70s Phoenix Albuquerque Oklahoma Cityy Atlanta Columbia 48 49 50 51 2 Thumbs-up 30 Attack seen on
San Diego Tucson
Little Rock
Birmingham 80s Warm Rain vote “Cobra Kai”
El Paso Ft. Worth Dallas Jackson 52 53 54 55 56
Jacksonville 3 D.C. legislator 31 Sources of high-
Mobile Cold T-storms
10s 57 58 59 60 61 62 voltage current
Austin New Orleans 4 •It factor
30s 20s 60s Houston Orlando
Stationary
invented in 1891
80s San Antonio Tampa
90s
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50s Anchorage 33 Distorts
Honolulu Miami
50s 60s Showers Flurries 66 67 68 6 Pucker-inducing
40s 44 Fourth cal. page
70s 7 Co.’s protected
46 Result of a solo
symbols
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CHIMING IN | By John Ewbank & Jeff Chen shot
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34 Golfer’s target on the cob 11 •Australian
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Austin 70 55 pc 78 61 pc Portland, Ore. 55 43 sh 58 43 c Jerusalem 80 60 s 78 54 pc Falls, perhaps 36 “I get it! Stop me” 55 Notion
Baltimore 71 45 t 58 37 pc Sacramento 77 47 s 76 47 s Johannesburg 69 44 s 66 48 s 13 Political
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Zurich 56 39 t 60 39 s H E R O S E E D R A M S
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A14 | Tuesday, April 26, 2022
BY JARED DIAMOND
K
atie Krall didn’t grow
up aspiring to be a pro-
fessional baseball
coach. She thought the
best way to pursue a
career in the sport she loved was
as a front-office executive. The idea
of directly working with players on
the field was inconceivable.
That’s because, for most of
Krall’s life, the people who landed
those kinds of jobs were all the
same: They all played the game at a
high level. And they were all men.
“If you had told me at North-
western that I was going to be a
coach, I would say I had a better
shot of being a mascot,” Krall said.
“I had never seen a female coach
before, so I didn’t think it would be
possible for me to be on the field.”
Krall, 25 years old, is now one of
the women trying to ensure that
nobody ever thinks that way again.
She is serving in the newly created
position of “development coach”
for the Portland Sea Dogs, the Dou-
ble-A affiliate of the Boston Red
Sox. In the role, Krall is responsible
for synthesizing data analytics and
communicating that information to
players and other coaches in a di-
gestible way that they can use on
the field. Krall wears uniform No.
43—the first uniform she has worn
since she played Little League soft-
ball.
She isn’t alone. There are 11
women across the major and minor
leagues in an on-field coaching po-
sition this season, according to
MLB.
As recently as 2018, there were
none, a sign of progress in an in-
dustry that is slow to embrace
change.
In January, the New York Yan-
kees promoted Rachel Balkovec to
manager of the Single-A Tampa
Tarpons, making her the first fe-
male skipper in the history of affili-
ated baseball.
Earlier this month, San Francisco
Giants assistant coach Alyssa Nak-
ken became the first woman ever
to coach on the field during a MLB
game when she filled in at first
base following an ejection.
There is still a long way to go.
Veronica Alvarez, who started as a
For more than a century,
the message to baseball-
loving girls was clear:
The game is not for you.
catching instructor in the Oakland
Athletics’ farm system during
spring training in 2019, was dis-
cussing the “flood” of female
coaches during a recent interview
before pausing to correct herself.
“It’s not a flood,” she said. “It’s a
small drip.”
But for more than a century, the
message to baseball-loving girls ev-
erywhere was clear: The game is
not for you. The 11 women coaching
in 2022 are proof that it is.
“If I was a young girl in the
stands that game and then I saw,
‘Oh, there’s a girl coaching first
base?’ then maybe when I was 7 I
The Aging Superstars Holding Together Real Madrid
BY JOSHUA ROBINSON
ON THE DAY REAL MADRID un-
veiled a young French striker
named Karim Benzema, the club
threw him a special event, packing
20,000 fans in the stadium, all to
watch him wear the famous white
shirt for the first time. There was
no game or practice scheduled, just
a grandiose welcome party for a 21-
year-old.
Yet even on that afternoon in
2009, the lavish performance felt
like a supporting act. Just three
days earlier, Real had packed in
80,000 to greet a different signing.
His name was Cristiano Ronaldo.
For nearly a decade, that remained
the pecking order at Real. It took
Ronaldo’s exit in 2018 for the team
to start thinking about a major re-
build. Only Benzema read the situa-
tion differently.
“Before we had Cristiano and
now we do not,” he told reporters
then. “So it’s my turn and I’m ready
for that.”
Now, in a Champions League
season dominated by some of the
deepest, most dynamic squads ever
assembled in European soccer, Real
Madrid has fought its way through
the semifinals on the backs of the
two oldest players on its roster:
Benzema and Croatian midfielder
Luka Modric. They are a combined
70 years old.
Modric, at 36, can’t run like he
used to, but his passing remains
deadly—he has more assists this
season than at any point in his Real
Madrid career. And Benzema, 34, is
deep into the third act of his career
as one of the most prolific strikers
in soccer. He leads the Champions
SPORTS
Baseball’s New Roster Move:
Women Coaches on the Field
There are 11 females across the major and minor leagues working in on-field coaching positions
Above, the Giants’ Alyssa Nakken
became the first woman to coach on
the field during a MLB game. Right,
Rachel Balkovec is the manager of
the Single-A Tampa Tarpons.
would’ve had this thought that I
could be a coach in the big leagues
one day,” Nakken said.
Women had already started to
make inroads within front offices, a
trend that reached a significant
milestone in November 2020 when
Kim Ng became the first female
general manager in baseball history
with the Miami Marlins.
Jean Afterman and Raquel Fer-
reira are assistant GMs for the Yan-
kees and Red Sox, respectively, and
Eve Rosenbaum is the Baltimore
Orioles’ director of baseball devel-
opment.
Before this season, Sara Good-
rum joined the Houston Astros as
director of player development,
while the Mets brought on Eliza-
beth Benn as director of major
league operations.
Garnering consideration for on-
field positions, however, has been
slower. Balkovec says she was “bla-
tantly discriminated against” be-
cause of her sex throughout her de-
cade-long journey from a minor-
league strength and conditioning
coach to minor-league manager.
Ahead of the 2020 season, Balk-
ovec finally broke through, when
the Yankees hired her as a minor-
league hitting coach. Around the
same time, new Giants manager
Gabe Kapler plucked Nakken from
the front office and added her to
League in goals
from open play with
11, including hat
tricks against Paris
Saint-Germain in
the round of 16 and
Chelsea in the quar-
terfinals.
“He’s better ev-
ery day, like wine,”
Real manager Carlo
Ancelotti said of
Benzema after
knocking out Chel-
sea. “Every day he
shows more leader-
ship, he feels more
important for this
team and this
squad. That’s what
makes the differ-
ence in him.”
Together, Modric
and Benzema won
the tournament four
times in five years Karim Benzema,
between 2013 and
2018. But that also happened to co-
incide with the peak of the Ronaldo
era in Madrid. Ronaldo was the
tournament’s top scorer in three
straight seasons with an uncanny
knack for delivering in the biggest
games. Real’s glitz and Ronaldo’s
show-stopping were a perfect
match.
When he left, the club shopped
for offensive help, failed to clear
out spare parts, and found itself
with a bloated, expensive squad
that struggled in Europe. Eden Haz-
ard, signed for $110 million from
Chelsea in 2019, has started less
than half of Real’s games since then
due to injury. And Gareth Bale, the
$100 million player who formed
the coaching staff he was building.
Nine more women have been
brought on as coaches since, almost
as if the ascension of Balkovec and
Nakken signaled to the rest of the
sport that there was half of the
population that had long been ig-
nored as potential candidates.
“The fact that the change has
been so sudden tells you everything
you need to know about what justi-
fication there was for it not hap-
pening earlier, which was none,”
said Chaim Bloom, the chief base-
ball officer for the Red Sox. Boston
is the only team that has two
women coaching in the organiza-
tion, with Krall joining Bianca
left, and Luka Modric have led Real Madrid to the Champions League semifinals.
such a potent triad with Benzema
and Ronaldo, is still on the club’s
books—and mostly on the golf
course.
Suddenly, Benzema became the
focal point of the attack, a role he
had embraced as a can’t-miss pros-
pect at Olympique Lyonnais in
France but happily conceded in ser-
vice of one of soccer’s all-time
greats. And when his moment
came, he didn’t miss: over the next
three seasons, Benzema scored a
Ronaldo-esque 87 goals across all
competitions. This season, he’s
gone even crazier with 39 heading
into Wednesday’s semifinal first leg
against Manchester City.
THE WALL STREET JOURNAL.
velopment coach in the Mets or-
ganization.
Ronnie Gajownik remembers see-
ing a notification on her phone
when the Chicago Cubs hired Ra-
chel Folden as a minor-league hit-
ting coach ahead of the 2020 sea-
son. She went on to participate in
MLB’s “Take the Field” program,
which is designed to provide net-
working opportunities for women
interested in working in baseball.
This season, Gajownik is a minor-
league coach for the Arizona Dia-
mondbacks. It quickly became clear
to her that she belonged, she said,
when players started telling her,
“Man, you know your s—”
These stories demonstrate the
importance of visibility for women
in coaching, which is why Kapler
believes that Nakken coaching first
base was so meaningful. Most of
her work happens behind the
scenes, away from the eyes of fans
and television cameras. That
changed when Nakken took the
field.
“It was important for Alyssa to
be present on the field, in uniform,
actively coaching in a way that felt
familiar for fans,” Kapler said. “We
need more, because the game is
better with more women in the
game. Coaching staffs
are better with more
women on coaching
staffs.”
These women already
look forward to a future
where they don’t gener-
ate attention for their
presence alone, but for
their accomplishments.
They didn’t set out to be
trailblazers—it was a re-
sponsibility foisted upon
them.
Before joining the Red
FROM TOP: SCOTT STRAZZANTE/SAN FRANCISCO CHRONICLE/ASSOCIATED PRESS; MIKE EHRMANN/GETTY IMAGES
Sox, Krall briefly left the
baseball industry after
two seasons as an ana-
lyst for the Cincinnati
Reds. She is finishing
her M.B.A. from the Uni-
versity of Chicago this
spring, and Google of-
fered her a global strat-
egy position that was
too good to pass up. She
Smith, who is in her second season started in November.
as a minor-league coach. About two months later, the Red
Having women like Nakken and Sox reached out to her and pre-
Balkovec in high-profile roles has sented their vision of deploying her
already had an impact. Gretchen as a coach on the field. She said
Aucoin, a former college softball her boss at Google understood why
player at Texas Tech and Tennes- she had to take it. There aren’t
see, said she had never considered many women who have had the
a career in baseball until just last chance to coach in professional
autumn, when she learned through baseball. Krall hopes she can help
social media that Balkovec person- make sure there are plenty of oth-
ally offered a mentorship program ers behind her.
through her website. “Hopefully the floodgates open,”
When they connected, Balkovec Krall said. “But I don’t know if it
asked Aucoin if she had considered will necessarily happen organically.
baseball coaching. At the time, she There really has to be a full-force
hadn’t. Balkovec encouraged her to effort across all rungs of the lad-
apply for jobs. Now Aucoin is a de- der.”
on players who were barely out of
diapers when Benzema began his
career, all to create space for him
to operate. The Brazilian pair of
Rodrygo and Vinicius Junior are
both 21. French midfielder Eduardo
Camavinga, who was so threatening
off the bench against Chelsea, is 19.
The new recipe is just about
working. Real overturned a 1-0 def-
icit against Paris Saint-Germain in
the round of 16 to win the second
leg 3-1. And in the quarters, it beat
Chelsea 3-1 in the first leg and then
held on with a 3-2 defeat in the
second to advance by an aggregate
score of 5-4 after extra time.
It was no surprise that Real’s
saving moment in that clash came
JUAN MEDINA/REUTERS
from a piece of sublime technique
from Modric, the player who had
ended the 10-year streak of Ballon
d’Or victories by Ronaldo and Lio-
nel Messi in 2018.
With his side in desperate need
of a goal to stay in the Champions
League, he lobbed a curling, 30-
yard pass with the outside of his
This is hardly a typical progres- boot to tee up Rodrygo. A golfer
sion for soccer center-forwards. with a pitching wedge could hardly
Strikers don’t tend to get better as have been more precise.
they age. They lose a step of speed, “Modric?” Ancelotti said. “He
a few inches of vertical leap, and was extraordinary.”
decide that the most useful thing The only thing more extraordi-
they can do is drop further back on nary now would be Real surviving
the field to assist with buildup play. Manchester City and a possible fi-
Benzema’s sheer versatility has nal against Liverpool or Villarreal
kept him at the sharp end of the at- to win its first Champions of the
tack. post-Ronaldo era. And even if it
Ancelotti has also given him the doesn’t happen this year, Modric
tools to succeed. While Real used to and Benzema plan to keep trying.
supplement Ronaldo with other big Both players intend to finish their
names, the 2022 version of the club careers in Madrid.
has backed Benzema with youth “Where else would I go?” Ben-
and speed. In scraping through the zema said in French in 2019. “His-
Champions League, Real has relied tory happens at Real.”
THE WALL STREET JOURNAL.
OPINION
Russia Squeezes Kazakhstan
Almaty,
Kazakhstan
Vladimir Pu-
tin’s invasion
of Ukraine
has exposed
deep failures
GLOBAL
in Russian
VIEW
strategic cul-
By Walter
ture and un-
Russell Mead
dermined
Russian pres-
tige across the West. Viewed
from Almaty, in the foothills
of the Tian Shan mountains,
however, the Russian leader
looms large. It is not only
that Moscow’s propaganda
still shapes the worldview of
Kazakhstan’s sizable Russian
minority (about 20% of the
population, heavily concen-
trated in regions adjacent to
Russia). This also has been a
year that, for many in Ka-
zakhstan, underlined how
much power Russia has over
the future of this oil- and
mineral-rich Central Asian
country.
Thinly populated Kazakh-
stan, where 19 million people
inhabit a territory roughly
the area of Alaska and Texas
combined, occupies a strate-
gic position at the geographi-
cal center of Asia.
Its border with Russia, at
more than 4,200 miles, is the
longest land frontier in the
world, and it also shares a
roughly 950-mile border
with China. It accounts for
more than half the total
gross domestic product of
the five Central Asian repub-
lics and, in addition to enor-
mous oil reserves, it has the
world’s second-largest sup-
ply of uranium.
When Kazakhs speak of the
Amazon Takes On the Labor Board
By Sean Higgins
A
mazon is pushing back
against the recent union
election at its Staten Is-
land facility in a novel way: by
taking on the National Labor
Relations Board itself, alleging
that the NLRB behaved in
ways showing bias in favor of
the union. In the process, Am-
azon may force courts to clar-
ify an important ambiguity in
American labor law and make
the NLRB, the agency charged
with overseeing workplace
elections, act more neutrally.
In the 25 official objections
Amazon filed with the board,
the company argues that the
NLRB’s “interference and mis-
management” prevented “a
free and fair election” at its
Staten Island facility. Among
other things, Amazon alleges
that the board arbitrarily ex-
cluded some workers from the
bargaining unit in which the
union had to show 30% sup-
port to hold a vote. The com-
pany also alleges the NLRB let
union representatives distrib-
ute marijuana to workers in
exchange for votes and intimi-
date workers opposed to col-
lective bargaining. (The
union’s lawyer told the Associ-
ated Press that the intimida-
tion allegation is “patently ab-
surd” and handing out
marijuana “is no different
from distributing free T-shirts
and it certainly did not act to
interfere with the election.”)
Amazon also argues that
the board deliberately timed
an order that the company re-
instate a fired worker to come
An Econ Lesson From a Science Teacher
By Matthew Hennessey
T
he best economics les-
son I ever learned came
from a science teacher.
Mr. Seaver was a barrel-
chested guy with a foghorn
voice. My junior-high locker
was directly across from his
classroom. One morning, he
appeared in the hallway toting
a stepladder. From a leather
bag he pulled a stencil set,
pencils, a few rags and a small
pot of black paint. Balancing
his tools as he climbed the lad-
der, he traced out an inscrip-
tion on the wall: “Life is not
determined by what you want.
Life is determined by the
choices you make.”
The message was at odds
with Mr. Seaver’s blusterous
style, but I was transfixed. No
one before had asked me to
consider this notion. I’d been
under the juvenile impression
the world would always be my
oyster.
A kid emerged from the
gathering crowd. “Hey, Mr.
“January events,” they aren’t
talking about the shambolic
attempt by pro-Trump pro-
testers to derail the certifica-
tion of Joe Biden’s electoral
victory. In Kazakhstan, the
January events started with
nationwide anticorruption
protests against the alleged
wholesale looting of the
economy by former longtime
ruler Nursultan Nazarbayev
and his allies. While the de-
tails of what happened next
are unclear, armed rebels in-
filtrated the previously
peaceful protests, and the en-
suing street clashes in Al-
maty led to more than 200
deaths and almost 10,000 ar-
rests. The armed rebels are
widely believed to be linked
to Nazarbayev allies hoping
to exploit the unrest and re-
turn to power.
The chaos ended when a
Russian-led intervention force
arrived to signal Moscow’s
support for the current presi-
dent, Kassym-Jomart To-
kayev. The Russian interven-
tion was well-planned and
well-executed, and the for-
eign forces left the country
without firing a shot.
Mr. Nazarbayev, who re-
tained key positions after for-
mally stepping down from the
presidency in 2019, has since
faded into the background.
While Mr. Tokayev now ap-
pears to be in firm control,
ordinary Kazakhs can only
speculate on why Mr. Putin
came to his rescue and what
deals if any have been made.
The second demonstration
of Russian power came with
the war in Ukraine. While
the war has not gone well
for Russia on the ground, the
out close to the vote to create
the impression of retaliation
against the union. The worker
in question was a union advo-
cate caught on film directing
sexual slurs at a female co-
worker while he protested out-
side the Amazon facility. The
NLRB claimed that his behav-
ior was protected because he
was demonstrating; he testi-
fied that he was the injured
party because the woman had
shouted what he understood
to be a racial slur at him: “Go
Back to where you came from!
Go Back to the Bronx.”
After losing a union
vote in New York, the
company accuses the
NLRB of bias.
As Amazon points out in its
charges, the NLRB forced a
revote in an election the com-
pany won last year over much
less egregious actions. Ama-
zon had asked the U.S. Postal
Service to install a mailbox
near its facility in Bessemer,
Ala., ahead of a vote to union-
ize. Because of the pandemic,
the vote was mail-in only and
the company states it asked
for the mailbox so workers
would be more likely to vote.
The Retail, Wholesale and
Department Store Union,
whose chance of winning in
Alabama depended on limiting
turnout to those who were
pro-union, objected. It argued
that its proximity to the facil-
Seaver,” he said, “what are you
doing all that up there for?”
Mr. Seaver paused as he
wiped down his paintbrushes.
“I’m giving you guys the best
advice you’re ever gonna get,
that’s what I’m doing,” he
said. “And I’m writing it on
the wall so you see it every
day. Maybe then you won’t
forget it.”
Mr. Seaver’s mural
taught me that life
is about trade-offs.
I took it all in, wondering
whether he was right, about
both the advice and the im-
pression he expected it to
make. Every day that year, I
passed that stenciled slogan
on the wall. And every day
that I did, those words sank
like seeds into the wet soil of
my teenage soul.
In high school, theater
emerged as my main interest.
resulting waves of sanctions
have upended the Kazakh
economy.
The local currency tanked,
then recovered, in lockstep
with the ruble. Given the
powerful role of Russian
banks in the domestic econ-
omy, Kazakh authorities have
struggled to manage the im-
pact of Western sanctions on
the financial system.
For landlocked Kazakhstan,
whose economy depends
largely on oil exports through
a pipeline terminating in the
The U.S. should curb
Moscow’s clout in its
highly dependent and
oil-rich neighbor.
Russian Black Sea port of No-
vorossiysk, the fear that
Western oil sanctions will hit
Kazakh oil in Russian pipe-
lines is real. Worse, the Nov-
orossiysk terminal has been
largely shut down since
March, ostensibly because of
storm damage. While smaller
pipelines carry some Kazakh
oil to China and Turkey, the
Novorossiysk shutdown
threatens the country’s prin-
cipal source of export earn-
ings at a time when the local
economy hasn’t fully recov-
ered from the consequences
of the January clashes and
the Covid pandemic.
In Kazakhstan, it isn’t hard
to find people who believe
that Russia deliberately
turned off the oil tap. The
pipeline shutdown pushes
world oil prices higher, puts
ity gave the appearance that
Amazon could monitor voting.
The board agreed, threw out
the results, and ordered a
revote, arguing that the mail-
box interfered with the elec-
tion and intimidated workers.
Amazon is throwing that deci-
sion back at the NLRB: If the
election has to be so free of
influence that a mailbox can
force a do-over, why aren’t the
actions in Staten Island also a
concern?
It is unusual for corpora-
tions to go after the NLRB in a
labor dispute. When a busi-
ness believes there’s miscon-
duct, it usually focuses on the
union involved. But Amazon’s
allegations point out an im-
portant problem in American
labor law. There is disagree-
ment over whether the NLRB
is meant to advocate for
unionization or to enforce the
National Labor Relations Act
neutrally.
Organized labor and its al-
lies argue that those are one
and the same because the
NLRA explicitly favors unions.
President Biden made the ar-
gument last year: “Since 1935,
when the National Labor Rela-
tions Act was enacted, the pol-
icy of the federal government
has been to encourage worker
organizing and collective bar-
gaining, not to merely allow or
tolerate them.”
The reality is more compli-
cated. U.S. labor policy, as the
NLRA states, is “to eliminate
the causes of certain substan-
tial obstructions to the free
flow of commerce and to miti-
gate and eliminate these ob-
I couldn’t wait to audition for
plays and musicals. But I had a
problem. I also wanted to play
soccer and baseball. Kids com-
pete in these sports year-
round now, but when I was
growing up soccer was a fall
deal and baseball a spring af-
fair. The rehearsals for the
plays and musicals conflicted
with games and practices.
There was no way around it. I
had to make a choice.
Looking back I can see that
the dilemma wasn’t really
about my skill at sports or my
theatrical talent. It was a mat-
ter of balancing trade-offs. To
choose baseball required sac-
rificing the play. Selecting one
option meant giving up an-
other. A hard lesson for a kid
conditioned to expect he could
have it all.
Teaching science was Mr.
Seaver’s job, but he was a bet-
ter economist than he knew.
At its heart, economics is
about choice. Sometimes aca-
demics take it further and say
that economics is about choice
pressure on Europe, hits the
U.S. oil firms that have sub-
stantial investments in Ka-
zakhstan—and reminds the
Kazakhs who is in charge.
There is little doubt here
that no country has as much
influence over Kazakhstan’s
future as the colossus to the
north. That reality disheart-
ens many here who remem-
ber the savage repression of
the Soviet era, fear Mr. Pu-
tin’s ultimate intentions, and
bemoan the effect of Russian
tolerance of corruption on
the local economy.
Many Kazakhs, however,
see few alternatives to close
relations with Moscow. Amer-
ican influence appears to be
fading in the region following
the retreat from Afghanistan,
and Beijing’s persecution of
ethnic Kazakhs in nearby Xin-
jiang has reinforced a deep
cultural distrust of China.
Now that the Biden admin-
istration has made weakening
Russia a major strategic goal,
that calculation could change.
Along with the Netherlands
and Switzerland, the U.S. is
one of the three largest in-
vestors in Kazakhstan, out-
pacing both Russia and China.
As Washington policy makers
look for ways to counter Rus-
sian influence and complicate
Mr. Putin’s life, helping Ka-
zakhstan reduce its depen-
dence on Moscow-controlled
pipelines, reform its economy,
and coordinate with neigh-
boring Central Asian states to
limit the influence of both
China and Russia might be a
good place to start.
William McGurn is away.
structions when they have oc-
curred by encouraging the
practice and procedure of col-
lective bargaining and by pro-
tecting the exercise by work-
ers of full freedom of
association, self-organization,
and designation of representa-
tives of their own choosing.”
The law does say federal
policy is “encouraging” collec-
tive bargaining. But that fol-
lows a long preamble about
eliminating “substantial ob-
structions to the free flow of
commerce.” That reflects the
situation in 1935. The preced-
ing year had been marked by
particularly tumultuous and
bloody labor unrest. Strikes
and lockouts threatened the
economy amid the Great De-
pression. Collective bargaining
was a remedy for that chaos.
But beyond ensuring unions
could form if workers desired
them, the bill’s author, Sen.
Robert Wagner, was adamant
that the government shouldn’t
take sides.
“The malicious falsehood
has been widely circulated
that the measure was designed
to force men into unions, al-
though the text provides in
simple English prose that
workers shall be absolutely
free to belong or to refrain
from belonging to any organi-
zation,” Wagner said in 1935.
Should Amazon pursue its
case in court, it could force
the NLRB to return to true,
neutral purpose.
Mr. Higgins is a research
associate with the Competitive
Enterprise Institute.
in an environment of scarcity.
All that means is that most of
the time we have to choose
among options that aren’t per-
fect, or even all that great.
Scarcity implies limits, and
the world is full of them.
In a world without limits,
we wouldn’t have to make
choices. In an environment of
plenty rather than an environ-
ment of scarcity, the laws of
economics might not apply.
But scarcity and limits do con-
strain our choices, and the
laws of economics do apply—
to all of us, whether we like it
or not.
You, like me, may want to
live in a world without trade-
offs, but life isn’t determined
by what we want. Life is deter-
mined by the choices we make.
Mr. Hennessey is the Jour-
nal’s deputy editorial features
editor and author of “Visible
Hand: A Wealth of Notions on
the Miracle of the Market,”
from which this article is
adapted.
Tuesday, April 26, 2022 | A15
BOOKSHELF | By Barbara Spindel
Revolution
In the Air
The Great Stewardess Rebellion
By Nell McShane Wulfhart
(Doubleday, 309 pages, $30)
F
light attendants in the 1960s were, to a one, young,
thin, single women. But did they have to be in order
to do the job? When stewardesses, as they were then
called, began appealing to the newly created Equal Employ-
ment Opportunity Commission to challenge the airlines’
discriminatory hiring practices, the airlines fought back,
using what was known as the BFOQ loophole in Title VII of
the Civil Rights Act of 1964. They defended their right to
hire only women and to fire them if they gained weight,
married, got pregnant or entered their 30s, arguing that
being a young, thin, single woman was, in fact, a “bona fide
occupational qualification” for the position.
“It wouldn’t be much of an exaggeration to say that in
the 1960s the airplane cabin was the most sexist workplace
in America,” writes Nell McShane Wulfhart in “The Great
Stewardess Rebellion.” Most passengers at midcentury
were male business travelers;
airlines believed that having
young, pretty stewardesses
gave them a competitive ad-
vantage. Ms. Wulfhart’s exhil-
arating account describes how
a number of stewardesses, gal-
vanized by the women’s move-
ment, took on the airlines and
won.
Ms. Wulfhart, a journalist
and the author of the audio-
book “Off Menu,” centers her
narrative around Patt Gibbs
and Tommie Hutto, American
Airlines stewardesses who be-
came leaders in their union. Ms.
Gibbs entered the American Airlines Stewardess College in
Dallas in 1962 at age 19, beginning the six-week training
program after signing a contract acknowledging that her
employment was contingent upon her remaining attractive,
pleasant and unmarried—and agreeing she would leave the
job upon turning 32.
At the Stewardess College, nicknamed “the charm farm,”
the women learned about food-and-drinks service and
emergency procedures but were also instructed in standard-
izing their hairstyles, makeup and nails. Slowly, the trainees
began to resemble one another. (The fact that they were all
white was not spelled out like the other requirements but
was implicit; American didn’t hire its first black stewardess
until 1963.) “There was a saying among stewardesses,”
Ms. Wulfhart notes, “that a pilot gained his identity when
he put his uniform on, and a stewardess lost hers.”
The intense Ms. Gibbs was quickly drawn into the union.
The stewardesses were represented by the air-transport
division of the massive Transport Workers Union. Unlike
Ms. Gibbs and Ms. Hutto, most stewardesses were uninter-
ested in organizing: the age and marriage rules meant they
wouldn’t be on the job for long, so why bother? Meanwhile,
the union’s men—bus drivers, subway conductors, baggage
handlers and maintenance workers—never failed to remind
the women that they had families to feed. Ms. Gibbs came
to feel that at every turn, in Ms. Wulfhart’s words, “the
flight attendants were dominated by men, both American’s
management and the TWU leadership.”
The passage of 1964’s Civil Rights Act opened legal
avenues for the stewardesses. Their primary grievances were
with the marriage and age rules, along with the humiliating
weight checks. “The scale was weaponized,” Ms. Wulfhart
writes, with management scheduling frequent public weigh-
ins for those stewardesses perceived to be troublemakers.
In the mid-1960s, airlines promised male
passengers a flight made alluring by young
female company. Turbulence lay ahead.
As the women’s liberation movement exploded in the
late 1960s, some stewardesses took to protesting. The air-
lines’ marketing frequently sexualized the flight attendants.
(Several egregious ads are reproduced in the book.) In 1971
stewardesses joined members of the National Organization
for Women in picketing the offices of the advertising
agency behind National Airlines’ infamous “Fly Me” cam-
paign, which featured real-life stewardess Cheryl Fioravante
staring provocatively into the camera under the headline
“I’m Cheryl. Fly me.” The picketers’ signs read “Go Fly
Yourself.” The following year, hundreds, Ms. Hutto among
them, joined Stewardesses for Women’s Rights, an activist
group that found a loyal supporter in Gloria Steinem.
Through contract negotiations and lawsuits, the stew-
ardesses gradually made progress. The eventual elimination
of the age and marriage rules offered the possibility of a
career instead of a brief stint between school and marriage.
In 1971, after Celio Diaz, a man denied a job as a steward,
sued Pan Am for sex discrimination and won, men began to
enter the ranks. The women used the men as leverage to
negotiate changes to their contracts. If men could do the
job in flat shoes, for instance, why must women wear
three-inch heels? When their new male counterparts got
single rooms—stewardesses were still expected to double
up—the women at American angered both the airline and
the union by voting down the contract twice, insisting that
it address the rooming issue. American finally caved.
Ms. Wulfhart is not the only author in recent years to
rehabilitate the reputation of the unfairly maligned stew-
ardess in the cultural imagination. Ms. Steinem’s 2015
memoir, “My Life on the Road,” credits flight attendants
with fighting sexism and harassment on the job; Julia
Cooke’s “Come Fly the World,” published last year, high-
lights the pivotal role of Pan Am stewardesses in Operation
Babylift, the mass evacuation of orphans from Saigon at
the close of the Vietnam War. Much of the ground in
“The Great Stewardess Rebellion” has been covered before,
most notably in Kathleen Barry’s 2007 “Femininity in Flight.”
But Ms. Wulfhart is a vivid storyteller who writes with
energy and style, and the experiences of Patt and Tommie,
passionately pushing both the airline and the union to catch
up with the changing times, lend her account poignancy.
A million applicants competed for 10,000 stewardess
positions in 1965, Ms. Wulfhart reports. Of course,
commercial air travel no longer projects the glamour that
drew young women to these jobs in droves. The 21st-
century travel experience means long security lines, delays,
shrinking legroom and the occasional unruly passenger.
Flight attendants surely still suffer their share of indignities
at 30,000 feet—but these days we all do.
Ms. Spindel’s book reviews appear in the Christian Science
Monitor, the San Francisco Chronicle and elsewhere.
A16 | Tuesday, April 26, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

‘Remain in Mexico’ Goes to the Supremes John Kerry Responds on Natural Gas’s Future

T
he Supreme Court on Tuesday will hear the Biden Administration released between Jan. Your editorial “John Kerry Says nate as much warming as removing
a challenge (Biden v. Texas) to the Biden 21, 2021 and Feb. 28, 2022. Prior administra- the Darndest Things” (April 23) com- every car in the world. Rapid action
pletely distorts the meaning, context to reduce gas flaring world-wide can
Administration’s repeal of the Trump tions also performed expedited deportations,
and reality, not only of my argument, free up as much gas as the European
Migrant Protection Proto- which this Administration has but of what the private sector is al- Union imports from Russia. American
cols—aka “Remain in Mexico.” The Justices have cause curbed. ready doing. Natural gas is central to firms have the technology and experi-
But the stakes go beyond the to rule that Biden’s Texas also argues that the a smart and achievable policy to cut ence to deliver solutions. That’s why
border and strike at the heart Administration is trying to greenhouse-gas emissions today. In we are partnering with more than 110
of the Constitution’s separa- cancellation is illegal. circumvent judicial review un- the near term, that means pairing countries on the Global Methane
tion of powers. der the Administrative Proce- with renewables to clean up electric- Pledge to cut warming by at least 0.2
President Biden on his first dure Act. A district court en- ity. In the next decade, it also means degrees Celsius by 2050, with sup-
day in office directed his Department of Home- joined the Remain in Mexico termination after abating emissions from gas itself. port from industry.
land Security to review whether to terminate or finding DHS failed to consider states’ reliance Industry sees this as an opportu- Over $60 billion to support clean-
modify Remain in Mexico. DHS ended the policy interests, the policy’s benefits, potential alter- nity, not a “death sentence.” Ameri- energy technologies in the bipartisan
can oil and gas CEOs have said they infrastructure law will accelerate in-
last June. The two questions before the High natives and legal implications. The High Court
see carbon capture as a $3 trillion to novation in technologies like hydro-
Court are whether DHS followed proper adminis- last August upheld the injunction, citing its Re- $5 trillion industry by 2050. As the gen, in which our natural-gas sector
trative procedure, and whether the law lets it end gents decision blocking the Trump Administra- country moves to 100% clean power can lead the world. As an essential
the policy. The answers are no, and no. tion’s DACA rescission. by 2035, American companies lead on next step, Congress must pass robust
The Trump Administration implemented Re- i i i technologies to produce emission-free clean-energy tax credits and invest-
main in Mexico in early 2019 to deal with a Rather than return to the drawing board, the electricity with gas. There are im- ments to ensure that we deploy and
surge in migrants claiming asylum. Since DHS’s Administration appealed the lower judge’s deci- mense job opportunities in the gas export these solutions at scale, rather
total detention capacity is 34,618, the govern- sion on the merits to the Fifth Circuit Court of industry’s transition to net zero. than cede these key markets to for-
ment had been releasing migrants apprehended Appeals. Then days before oral argument, it re- Don’t take my word for it; look at the eign competitors.
at the border into the U.S. leased two new memos justifying its termina- industry’s investments. JOHN F. KERRY
Globally, stopping methane leaks Special Presidential Envoy for Climate
Remain in Mexico requires non-Mexican mi- tion, which argued, among other things, that
from oil and gas systems would elimi- Washington
grants to wait in Mexico until their asylum Remain in Mexico’s “benefits do not justify the
claims are heard. Un-noted by critics is that costs” and was “diverting attention from more
Congress established the legal basis for this productive” border policies.
policy as part of the 1996 bipartisan immigra- It told the appellate court its new memos su-
tion reform. Sen. Joe Biden voted for it. perceded its old one and thus Texas’s challenge
California Wants to Stifle Medical Innovation
The law says migrants who are “not clearly was moot and the lower court’s injunction Allysia Finley’s op-ed “California’s profession without interference from
and beyond a doubt entitled to be admitted . . should be vacated. Voila! All the Administration Medical ‘Misinformation’ Crusade political agendas.
. shall be detained.” That’s an order to the exec- needs to do to win a case is type out a new Could Cost Lives” (April 21) is en- In my field of ophthalmology, mil-
utive branch. But Congress also provided a memo. But the case isn’t at all moot, as a Fifth tirely correct. Respect for patient au- lions of patients undergo the implan-
safety valve if the government lacks detention Circuit panel explained in ruling that the new tonomy is one of the pillars of princi- tation of an intraocular lens. These
ple-based medical ethics, and it is surgeries often result in better vision
capacity: “The Attorney General may return the memos had no legal effect.
considered by many as the most sig- than patients had before developing
alien” to Mexico “pending a proceeding.” “The Government’s theory of mootness nificant because of the value placed their cataracts. Yet until the
The law also says DHS can parole migrants would allow an administrative agency to per- in modern Western society on indi- mid-1970s, inserting a foreign body
in the U.S. “on a case-by-case basis for urgent manently avoid judicial review by issuing an vidualism and liberty. Aren’t patients inside the human eye was considered
humanitarian reasons or significant public ben- endless litany of new memos to ‘moot’ every ad- allowed to choose doctors with differ- well outside the standard of care.
efit.” But this discretionary authority is not a verse judicial ruling,” Fifth Circuit Judge An- ent opinions? Without innovative surgeons willing
license to release migrants en masse into the drew Oldham wrote. “This is a game of heads Medical science is ever changing. to go against accepted thinking, pa-
U.S. when it lacks detention space, as the Biden I win, tails I win, and I win without even bother- Today’s contrarian concepts often are tients would not have benefited from
Administration argues. It was intended for dis- ing to flip the coin.” tomorrow’s standards of care. Ignaz these lenses.
crete cases, namely migrants urgently needing The U.S. Constitution grants Congress broad Semmelweis, the Hungarian obstetri- Any proposed law against innova-
medical care. power to regulate immigration, but the Admin- cian who introduced hand washing tion will end progress. California's
into medical practice, was ostracized. law must be defeated.
Texas plausibly argues that the Administra- istration says it can ignore Congress and use its
I wrote against such one-size-fits-all MICHAEL T. GOLDSTEIN, M.D.
tion’s en masse releases violate the 1996 law. discretion not to enforce the law. But under the approaches as the 39-week rule in ob- Greenwich, Conn.
And if the government lacks sufficient capacity U.S. system of checks and balances, the execu- stetrics. Years later, the rule was
to detain migrants, it is effectively required to tive can’t pick and choose which laws to enforce found to increase stillbirths and other The excellent op-ed by Ms. Finley
continue Remain in Mexico. and then claim its decisions are beyond judicial fetal and maternal morbidities. mentions only the tip of the Califor-
It’s true that administrations had released review. The Justices have a constitutional obli- Would a similar opinion today nia iceberg that increasingly reduces
migrants into the U.S. prior to Remain in Mexico. gation to order the Administration to follow cause me to lose my medical license? the opportunity for patients to re-
But the numbers were far lower than the 757,857 Congress’s command. Would the Medical Board of Califor- ceive decent care from an available
nia give me my license back only physician. The state medical board’s
years later, when it was proved that I activity demonstrates an expanding
Hong Kong’s Nobel Nominees was right?
HOWARD C. MANDEL, M.D.
agenda of accusation, investigations,
public reprimand, surrendering of li-

H
ong Kong dissidents continue to lan-
guish in prison, and Beijing hopes the
world forgets. So it’s welcome news
that more than a dozen academics in 10 coun-
tries have nominated five of the city’s most
prominent democracy advocates for the 2022
Nobel Peace Prize.
The nominees include our friend Jimmy Lai,
founder of Apple Daily, and Gwyneth Ho, a for-
mer reporter for Stand News. Police have forced
the closures of both publications, seized their as-
sets without due process, and imprisoned some
of their staff. The Nobel nominees also include
Lee Cheuk-yan and Chow Hang-tung, who helped
organize Hong Kong’s annual vigil for victims of
the Tiananmen Square massacre; and Joshua
Wong, who first drew Beijing’s ire as a teen
leader of the 2014 Umbrella Movement.
The Sino-British Joint Declaration and Hong
Kong Basic Law guarantee liberties, including
freedom of the press, speech and assembly. Yet
under the 2020 national security law, these five
Nobel nominees face up to life in prison for ex-
ercising these basic rights. The five are excep-
tional for their courage, but authorities have ar-
Elon Musk, Twitter and Free Speech
rested some 150 under the security law.
The law’s effect was on display again Mon-
day as the Hong Kong Foreign Correspondents
Club announced the suspension of its annual
human-rights press awards. “Over the last two
years, journalists in Hong Kong have been oper-
ating under new ‘red lines’ on what is and is not
permissible, but there remain significant areas
of uncertainty and we do not wish unintention-
ally to violate the law,” explained president
Keith Richburg in a statement.
The decision symbolizes the self-censorship
that is now a daily occurrence in the territory. In
the past year Hong Kong authorities have de-
manded that foreign tech companies help them
censor exiles’ speech abroad and have threatened
legal action against British human-rights activist
Benedict Rogers and these pages.
Foreign governments have imposed few costs
on China for breaking its treaty with Britain
over Hong Kong. But the rest of us can bear wit-
ness to the bravery of those who have resisted
at great cost. A Nobel for the Hong Kong Five
would be a fitting tribute and have the added
benefit of embarrassing Beijing.
President, Los Angeles City Health
Commission
Los Angeles
Ms. Finley’s op-ed understates the
danger of California’s legislation. Ev-
ery innovation in medicine goes
against existing standards of care.
Today’s standard becomes substan-
dard as new treatments develop.
Medicine progresses when doctors
have the freedom to practice their
Congress Can Solve Oklahoma’s McGirt Issue
From his letter “The Choctaw Na-
tion of Oklahoma Responds on Mc-
Girt” (April 20), Chief Garry Batton
seems not to have read the opinions
in McGirt v. Oklahoma. The Supreme
Court did not hold, let alone confirm
as a bedrock principle, that the U.S.
must honor treaties. To the contrary,
the entire court agreed that Congress
has the power to renege on treaties.
The majority concluded that in the
case of disestablishing the Choctaw
reservation, Congress had never actu-
ally done so.
The problems that have emerged
censes, cease-practice orders and li-
cense revocations that have, in just
one recent year, resulted in actions
against 1,126 medical doctors. During
that same year, all of California’s
medical schools produced only 1,092
new physicians.
Is it any wonder that finding a pri-
mary-care physician is increasingly
difficult for California patients?
ROGER C. DUNHAM, M.D.
Santa Barbara, Calif.
from the McGirt decision could be
remedied promptly by Congress.
Rather than scolding Justice Neil
Gorsuch for his majority opinion, let’s
call on Congress to fix the problem
with legislation.
PHILLIP BRUNS
Shiro, Texas
Twitter’s CEO Doesn’t Much
Like America’s Constitution
I would like to suggest an eleventh
point to add to Bradley Smith’s op-ed
“10 Things for Elon Musk to Do at

W
ith his typical enthusiasm for viral to be arbiters of speech on political topics like Twitter” (April 8). That would be to
high-jinks, Elon Musk once formally climate change and the origins of Covid. The Doolittle Raiders Tell remove Parag Agrawal as Twitter CEO.
Mr. Agrawal has been quoted as
titled himself Tesla’s “Technoking,” Nudging the moderation dial back several A Story Not to Be Forgotten saying: “Our role is not to be bound
and now perhaps he will take notches might promote In his op-ed “The Doolittle Raiders by the First Amendment, but our
a similar role at Twitter. After A $44 billion gamble broader engagement, though Did a Lot” (April 18), Bob Greene role is to serve a healthy public con-
a speedy love-hate business that could break Silicon expect progressives to once again displays his masterful versation.” He thinks that Twitter
courtship that lasted two scream. One start might be to touch. But we should note that trag- should thus “focus less on thinking
weeks, the social-media web- Valley’s monolith. break what looks like a mono- edy followed. The Japanese were about free speech, but thinking about
site agreed Monday to accept culture at Twitter’s San Fran- shamed by the success of the Doolit- how the times have changed.” The
Mr. Musk’s buyout offer of cisco headquarters. Maybe tle Raid and the escape of the major- Constitution has not changed, and it
$44 billion. Mr. Musk will move the company to Texas, as ity of the raiders. In reprisal, the is still the law of the land, funda-
What a gamble for Mr. Musk, who argues he he did with Tesla. Mr. Musk might have func- Japanese troops attacked the coastal mental to our democracy. Moreover,
areas of China, and, as Chiang Kai- what Mr. Agrawal means by “healthy
can unlock value in Twitter that its current tional changes in mind, too, such as longer
shek told Gen. George Marshall, “The public conversation” is that only
leadership can’t. According to the Journal, the tweets. On Monday he mentioned “enhancing Japanese slaughtered every man, what he and his staff want to hear is
financing proposal he announced last week in- the product with new features,” as well as “au- woman and child in these areas—let not banned.
cludes $21 billion in personal equity. That thenticating all humans.” me repeat, every man, woman and FRANK MADARASZ
amounts to roughly 10% of his net worth, going The hyperbole surrounding Mr. Musk’s Twit- child.” Humiliating defeat in war of- Madison, Ala.
by the Forbes estimate. As collateral on debt, ter foray has been curious, hilarious, and some- ten causes the frustrated and morti-
Mr. Musk would also pledge about a third of his times both. Mr. Musk “is increasingly behaving fied aggressor to take out its failure
Tesla stake. It isn’t every day the world’s rich- like a movie supervillain,” an Axios writer said. on innocent victims. Pepper ...
est man makes a bet like this. A former CEO of the social site Reddit called JOHN B. SIVERTSEN
Alpharetta, Ga.
And Salt
“The proposed transaction will deliver a for government regulation “to prevent rich peo-
THE WALL STREET JOURNAL
substantial cash premium, and we believe it is ple from controlling our channels of communi-
The story of the Doolittle Raiders
the best path forward for Twitter’s stockhold- cation.” That line was published in an op-ed at
is one we should teach our children.
ers,” the company’s chairman said. Mr. Musk the Washington Post, which is owned by the We have many stories about heroes
offered $54.20 a share. Before his stake became noted pauper Jeff Bezos. of every skin color, religious faith and
public, Twitter was trading near $39. The com- “I hope that even my worst critics remain on sexual orientation. Such stories in-
pany’s board at first seemed poised to reject Twitter,” Mr. Musk tweeted Monday, “because clude all forms of heroism and altru-
the deal, and it adopted a poison pill. Then Mr. that is what free speech means.” How supervil- ism. They demonstrate that everyone
Musk announced financing and began calling lainous of him. Mr. Musk at a conference this can have high aspirations and make a
big shareholders to make his pitch. month seemed to muse about permitting any difference. This is a way to bring us
If Mr. Musk can strike a more satisfying bal- tweet that’s legal. Last week he sounded more together rather than divide us.
ance on content moderation, maybe he’s right modest. “A social media platform’s policies are BARRY FRIEDBERG
New York
about Twitter’s hidden value. Current manage- good,” he tweeted, “if the most extreme 10% on
ment is correct that most regular social-media left and right are equally unhappy.”
Letters intended for publication should
users don’t want a daily bath of Russian bots, What does that mean in practice? Does Mr. be emailed to wsj.ltrs@wsj.com. Please
jihadist propaganda, noxious harassment and Musk realize he’s walking into a hornet’s nest? include your city, state and telephone
so forth. Ditto for advertisers, who represent Will his vision work? Who knows. But it will be number. All letters are subject to “Is this your latest response
about 90% of the company’s revenue. Yet Sili- fascinating to watch Mr. Musk try to break Sili- editing, and unpublished letters cannot to every problem . . . ‘Let the
be acknowledged.
con Valley’s tech lords have decided they want con Valley’s culture of progressive conformity. Millennials figure this out’?”
THE WALL STREET JOURNAL.
The Strategic Logic of Russia’s War on Ukraine
By Chris Blattman
T
he verdict is in: Russia in-
vaded Ukraine for two rea-
sons. One is Moscow’s ob-
sessive pursuit of
nationalist and imperial
ambitions—unifying the two coun-
tries and eliminating a separate
Ukrainian identity. The other is
Vladimir Putin’s misperception—he
is an insulated, overconfident auto-
crat who misplayed his hand.
These theories are surely true,
but years of working in and writing
about wars have taught me there’s
usually more to the story. Whether
it’s a world war, a U.S. invasion or a
Putin’s invasion was the
product of miscalculation.
But his calculations were
driven by realpolitik.
West African rebellion, observers are
quick to focus on passions and mis-
takes and to demonize leaders who
launch a conflict. Yet most wars have
strategic roots as well, ones that
work in concert with passions and
mistakes. Ignoring this makes find-
ing a path to peace difficult.
For all its pluckiness, Ukraine was
weak, a small country with no allies.
Its economy had stagnated for de-
cades. Russia had grown economi-
cally and militarily while Mr. Putin
consolidated control. The countries
of Western Europe gave up nuclear
power and found themselves at a
huge strategic disadvantage versus
their energy supplier, Russia. All this
gave Mr. Putin immense leverage
over Ukraine and Western Europe.
GOP Leaders Remain Shackled to Donald Trump
FREE
EXPRESSION
By Gerard Baker
I
f the revelation that an ambi-
tious politician says one thing to
one audience and another to
somebody else comes as a shock to
you, you might want to get out
more.
While the sheer scale and quan-
tity of their falsehoods lead to spec-
ulation that politicians are born
with a particular laryngeal feature
that facilitates speech from both
sides of the mouth, it’s only because
of the very public nature of their
work that their mendacity gets so
much attention.
The phenomenon is in fact ubiq-
uitous. The benefits of instrumental
mendacity—the willful telling of
falsehoods to advance one’s own in-
terests—are so large that only a few
saintly figures in human history
have been able to resist the tempta-
tion. And even then, we learn that
history probably lied about their
truthfulness. Let he who is without
Special Districts, Where Dreams of Unaccountable Power Come True
By Judge Glock
U
ntil recently, the Reedy Creek
Improvement District was an
obscure bit of trivia for stu-
dents of urban politics. In 1967 Flor-
ida created the district so that Walt
Disney World could control its local
region without input from voters.
Last week it entered the national
news when the Florida Legislature, in
response to Disney’s criticism of the
state, passed a law that dissolves
Reedy Creek and thus ends Disney’s
personal government.
Yet Reedy Creek is only one exam-
ple of the proliferation of powerful
“special districts,” shadowy local
governments that exercise ever-
greater control over taxation and
spending. Florida alone has 1,800
such districts. According to the U.S.
Census, there are more than 38,000
of them across the country—double
the number of cities.
Although some types of special
districts have value, most are super-
fluous, obscure and burdensome.
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Editor in Chief
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Jason Anders, Deputy Editor in Chief
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Emma Moody, Standards; Shazna Nessa, Visuals;
Matthew Rose, Enterprise; Michael Siconolfi,
Investigations
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Editor of the Editorial Page
Gerard Baker, Editor at Large
Despite Ukraine’s weakness, re-
cent trends alarmed Mr. Putin and
his inner circle. The Ukrainian peo-
ple had twice tossed out Russia-lean-
ing leaders in revolutions in the past
20 years. Ukraine was a society with
which many Russian citizens identi-
fied and a powerful example for an
uprising against Mr. Putin’s regime.
Mr. Putin could wield his leverage
to extinguish the threat, but war
would be expensive and risky, so he
first tried other means. He spent
years influencing Ukrainian politics
with money, propaganda, assassina-
tions and support for separatists.
These risky investments didn’t pay
off—and might have pushed Ukraini-
ans closer to the West and demo-
cratic government.
This was a worrisome trend for
Mr. Putin. As Ukraine entrenched its
freedoms, regime change there be-
came more difficult. As Kyiv ob-
tained more missiles and drones, the
costs of invasion grew. Mr. Putin’s le-
verage over Ukraine was reaching its
peak. Russia had one last tool, inva-
sion, and a closing window to use it.
However reprehensible, this was
realpolitik. Mr. Putin was telling
Ukraine: It’s time to acknowledge
Russia’s strength. Give something
up. Adopt neutrality. Refuse new
weapons. Renounce your ambition to
join the North Atlantic Treaty Organ-
ization. Grant separatist-controlled
regions autonomy. Allow me to med-
dle in your politics. Most of Russia’s
neighbors had been compelled to
make similar sacrifices.
There are three interlocked stra-
tegic logics at work in this interpre-
tation of events. The first stems
from the lack of domestic checks on
Mr. Putin’s power. As a personalized
ruler, he’s insulated from the costs
borne by average Russians—such as
sin cast the first stone.
So it’s not exactly shocking to
discover, in a new book by New York
Times reporters Jonathan Martin
and Alexander Burns, that House
Minority Leader Kevin McCarthy
told fellow GOP leaders on a confer-
ence call a few days after the Jan. 6,
2021, Capitol riot, that he was going
to tell then-President Trump that he
would be impeached for his role and
should resign.
It was embarrassing for Mr.
McCarthy that, while he emphati-
cally denied that he had said the
words, it turned out that someone
had an audiotape. But while that
falsehood was quickly exposed, we
don’t know whether the more sub-
stantive thing—what he actually
said on the call—was sincere.
It is quite possible that Mr.
McCarthy fully intended at the time
to give Mr. Trump the full force of
his disapproval. He wouldn’t have
been the first critic to get cold feet
in the volcanic presidential presence.
The French have a term, “the spirit
of the staircase,” which describes a
rejoinder that occurs to you after
you’ve left a gathering. Mr. McCar-
thy might have been channeling the
They are means to escape citizen
limitations on government power
and should be brought under the
control of regular voters and local
governments again.
The growth of special districts be-
gan in the Great Depression. In 1934
President Franklin D. Roosevelt
urged the formation of special dis-
tricts to skirt laws that limited the
total amount of local debt or re-
quired voter referendums to issue
debt. New Deal programs required
states to create special districts, such
as soil and housing authorities, to
get federal funds.
Spurred by the feds, the number
of special districts exploded in the
following decades. Bureaucrats and
legislators set up districts to fund ir-
rigation and drainage, fire protec-
tion, libraries, community colleges,
hospitals, welfare, water, solid waste,
mortgage credit, transit, bridges,
parks, electrical power, cemeteries,
mosquito control and on and on.
They also set up special districts like
Reedy Creek, which do almost every-
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OPINION
Vladimir Putin
the privations of living under pun-
ishing sanctions, or sons dying in
battle. Since he could ignore these
horrors, he was too quick to use vio-
lence. This also gave him an incen-
tive to invade. Ukrainian democracy
presented a threat not because it
would cause harm to ordinary Rus-
sians. Rather, it presented a power-
ful and (to Mr. Putin’s mind) danger-
ous example for Russians dissatisfied
with authoritarian rule. An un-
checked Mr. Putin was also free to
pursue any emotional attachments to
an expansion of Russian power and
identity.
The second logic is known as a
commitment problem. It’s a classic
strategic dilemma that starts with a
closing window of opportunity. After
every other measure had failed, Mr.
Putin could halt Ukraine’s demo-
cratic and Western shift only by
threatening to attack. Ukraine could
avoid the dilemma only by accepting
spirit of the Oval Office waiting
area.
But it says something about the
malaise in the very soul of the Re-
publican Party that so many of its
prominent members say one thing
behind Mr. Trump’s back and an-
other to his face.
Democrats speak a lot about the
“big lie” that the 2020 presidential
election was stolen. But the continu-
ing bigger and more consequential
In private, they say they
know the 2020 election
wasn’t stolen. But they
refuse to say it in public.
lie is the fundamental dishonesty at
the heart of the relationship be-
tween the Republican Party and Mr.
Trump himself.
It may or may not come as a
shock to you, dear reader, to learn
that the fervent desire of much of
the Republican Party’s top brass,
its major donors, business leaders
who urgently crave a Republican
thing a city can do, but without most
of the constraints.
After the tax revolt in the 1970s,
special districts became a convenient
way for government to escape new
limitations on taxes. Over the past
four decades, states have created
more than 8,000 local governments.
Ninety-six percent of these have
been special districts. Special dis-
tricts grew lobbying arms to protect
their special benefits. The Florida
Association of Special Districts holds
its annual conference in—where
else?—Orlando.
Special districts are an increasing
burden to taxpayers. They intention-
ally keep their accounting obscure,
but by one estimate they collectively
spend more than $200 billion a year.
It’s probably an underestimate, since
we know California districts alone
spend $76 billion. In Nassau County,
N.Y., 140 different special districts
cost the average homeowner $1,000
a year in property taxes.
Special districts have increased
spending faster than other types of
Notable & Quotable: Zelensky
Ukrainian President Volodymyr
Zelensky in an April 22 address to his
nation (ellipses in official transcript):
The 58th day of our defense is
coming to an end. It ends on [Ortho-
dox] Good Friday, one of the most
sorrowful days of the year for Chris-
tians. The day when death seems to
have won. But . . . We hope for a res-
urrection. We believe in the victory
of life over death. And we pray that
death loses.
This year, during the full-scale
war, Russia’s war against our state,
these words have a special meaning
for us.
ASSOCIATED PRESS
Russia’s political interference. These
unjust sacrifices happen all the time,
but the popular mood in Ukraine
wouldn’t tolerate a politician who
made such concessions. Kyiv couldn’t
give in to Moscow’s demand that it
give up on democracy—a commit-
ment problem.
The final strategic logic arises
from uncertainty. Many people, in-
cluding most military analysts, were
surprised by how things turned out.
Russian forces proved less compe-
tent than expected. Ukraine’s resolve
to fight exceeded expectations, as
did Western unity on sanctions. We
shouldn’t forget how hard all these
things were to predict. As every
poker player can tell you, when the
truth is uncertain and your opponent
has an incentive to bluff, the best
strategy often is to call—make the
other players show their hands. Then
you’ll have the truth of the matter. In
this fog, Mr. Putin gambled and lost.
restoration, and many of the
party’s most prominent supporters
in the media and elsewhere, is for
Mr. Trump to break the habits of a
lifetime and go quietly away.
It is a desire expressed as fer-
vently in private as it is assiduously
and dexterously avoided in public.
But the big lie of this duplicitous re-
lationship requires them to utter
multiple, smaller, cascading fictions.
With the exception of a few de-
mented types in Congress and the
media, they don’t believe that the
2020 election was stolen from Mr.
Trump. They don’t think that the
Jan. 6 riot was a legitimate act of
protest or the work of federal
agents provocateurs. They fear that
a Trump-led Republican ticket pres-
ents them with a lose-lose proposi-
tion in 2024: Either he continues
his well-established pattern of los-
ing the party elections—the 2018
midterms, the 2020 general elec-
tion, the 2021 Georgia senate run-
offs—or he wins and condemns
them to another, potentially even
more chaotic four years of his dis-
tinctive leadership.
The prayerful, desperate hope of
most of them is that somehow he
government because voters don’t
know how to stop them. In Nassau
County the districts hold their elec-
tions off-season, when there is al-
most no opposition or voter interest
and turnout is typically less than 5%.
Disney’s Reedy Creek is
only one of 38,000 such
entities nationwide—twice
the number of U.S. cities.
Americans often pay taxes to as
many as five of these districts. Be-
fore the Disney saga entered the
news, most people couldn’t name a
single one.
Without citizen oversight or limi-
tations, special districts issue more
and more-treacherous debt. A Cali-
fornia task force found that 5% of
special district bonds for develop-
ment defaulted, far more than the 1%
of normal city debt. When Moody’s
Russia brought death to Ukraine.
After eight years of brutal war in
Donbas, Russia wanted to destroy
our state completely. Literally de-
prive Ukrainians of the right to life.
But no matter how fierce the battles
are, there is no chance for death to
defeat life. Everyone knows that. Ev-
ery Christian knows that. This is a
basic element of our culture.
Perhaps this does not exist in
modern Russian culture anymore.
Because in order to do everything
they did to Ukrainians in our cities
. . . you have to kill a human inside
you. Because a human of any faith
simply cannot do that.
Tuesday, April 26, 2022 | A17
Historians and political scientists
usually need both psychological and
strategic forces to explain wars.
Take World War I. Popular accounts
stress that naive and nationalistic
leaders sleepwalked into war. But
there were strategic forces too—
Russia’s imminent rise, the Allies’
uncertain resolve, and Europe’s un-
checked leadership. These helped
propel flawed European leaders into
war and explain why they fought for
years.
Likewise, in 2003, an unchecked
Saddam Hussein had incentives to
restart his nuclear research pro-
gram—a commitment problem exac-
erbated by uncertainty. Yes, there
were ideological incentives, intelli-
gence failures and gross mispercep-
tions on the American side too. Yet
popular psychology provides only
partial explanations.
In 2022 Mr. Putin was insulated,
overconfident and blindly national-
ist. But every politician’s aspirations
exceed his capabilities. The interplay
of Mr. Putin’s domestic freedom to
act, multiple uncertainties, and
Ukraine’s hard-to-reverse democratic
drift narrowed the range of possible
bargains to the point that the Rus-
sian president’s misperceptions and
ideology pointed to war.
Getting this diagnosis right mat-
ters, because adversaries use differ-
ent carrots and sticks with a calcu-
lating, unchecked leader than they
do with a delusional ideologue. No
one should want to risk misjudging
Vladimir Putin the same way he mis-
judged Ukraine.
Mr. Blattman is the author of
“Why We Fight: The Roots of War
and the Paths to Peace,” and a pro-
fessor at the University of Chicago’s
Harris School of Public Policy.
doesn’t run again in 2024, a wish
that every day looks less likely to be
fulfilled. Some of them hope, with or
without malice, that he might be too
old or somehow physically incapaci-
tated from running again.
Of course they say none of this
where it might be heard and relayed
back to the man himself. They dare
not risk his wrath or the retribution
of voters for whom the man, not the
party, is what matters.
But the Republican Party is too
important a political institution to
continue to be a vehicle for this
grand deception. The mess the other
party has made of the country in 15
months is too extensive to risk the
chance of further damage. There are
too many capable Republicans who
uphold high conservative ideals
while embracing the populist values
that are energizing the party’s base,
understand the need to abide by the
U.S. Constitution, and believe in the
importance of a Republican victory
more than the satisfaction of their
own self-grievance for it to be will-
ingly shackled once again to the
vanities of a cynical opportunist.
Will someone speak that truth at
least?
analyzed defaults on government
debt it rated after 1980, almost 80%
were from special districts.
It’s not surprising that many of
these unaccountable districts de-
scend into scandal. Colorado uncov-
ered 20 cases of special-district em-
bezzlement in recent years. One man
worked for two different water dis-
tricts and stole $1 million from them.
Washington state found hundreds of
thousands of dollars stolen from ob-
scure drainage districts. It declared
dozens of special districts “unaudit-
able.” They had almost no financial
reports.
Florida created the Reedy Creek
special district after Disney promised
to build a new suburban community,
but the district charter ensured there
was no accountability when Disney
canceled the project. Reedy Creek
hired Disney security as a police
force and claimed they were just
company “cast members” wearing
“costumes,” who didn’t have to pro-
vide public records. The district al-
lowed Disney to issue hundreds of
millions of dollars of tax-exempt
“municipal” bonds that cost other
Floridians and the federal Treasury.
It is past time voters brought
these districts to heel and brought
their functions under control of regu-
lar cities and counties. At the least,
states can pass laws clarifying their
shadowy finances. The Washington
State Legislature passed a law in
2020 dissolving districts that
couldn’t account for their funds. Un-
less other states follow its lead, tax-
payers will have to bear an increas-
ing burden from unaccountable
entities they barely know exist.
Mr. Glock is the director of re-
search at the Cicero Institute and au-
thor of “The Dead Pledge: The Origins
of the Mortgage Market and Federal
Bailouts, 1913-1939.”
 A18 | Tuesday, April 26, 2022 THE WALL STREET JOURNAL.

WORLD NEWS

Erdogan Critic Draws Life Prison Sentence

Osman Kavala’s trial Monday. He said prosecutors’ say. The crackdown intensified expel their ambassadors.
demand for a life sentence was after the Turkish president In December 2019, the Eu-
has come to symbolize “an act of assassination by the survived a military coup at- ropean Court of Human Rights

ANADOLU CULTURE CENTER/AGENCE FRANCE-PRESSE/GETTY IMAGE

the erosion of the rule hand of judiciary.”
After a judge read out ver-
of law in Turkey dicts for Mr. Kavala and seven
co-defendants, the courtroom
BY JARED MALSIN erupted in chants including,
“Long live freedom, down with
ISTANBUL—A Turkish court tyranny.”
sentenced one of the country’s Authorities detained Mr.
most famous political prisoners Kavala at an Istanbul airport
to life behind bars Monday on in 2017 and held him for more
charges of attempting to over- than two years before indict-
throw the government in a trial ing him on charges of attempt-
that has come to symbolize the ing to overthrow the govern-
erosion of the rule of law. ment and other allegations.
The conviction of business- During Mr. Kavala’s trial,
man and philanthropist Osman prosecutors accused him of
Kavala is likely to deepen ten- being at the heart of a con-
sions between the government spiracy to overthrow the Turk-
of President Recep Tayyip Er- ish government, alleging that
dogan and Western states that he provided financial support
have pressured Ankara to re- for 2013 protests.
lease Mr. Kavala since his de- Mr. Kavala denies the
tention in 2017. charges. Some observers of the
Mr. Kavala spoke to a trial, including human-rights
crowded Istanbul courtroom advocates, say the proceedings
via videolink from prison on were a sham and part of a gov-
tempt in 2016, observers say.
Mr. Erdogan also has ac-
cused Mr. Kavala of being part
of a foreign plot against Tur-
key backed by philanthropist
George Soros, whom the Turk-
ish president called “the fa-
mous Hungarian Jew.”
Mr. Kavala has rejected the
accusations. “The allegation
that the Gezi Park events were
financed by George Soros is a
malicious fictional scenario
aiming to discredit the actions
of those who participated in
the protests,” he told the court
earlier in April, referring to
Osman Kavala was charged with trying to overthrow the Turkish the 2013 demonstrations.
government. Human-rights groups say he is a political prisoner. The trial has generated ten-
sion between Mr. Erdogan’s
ernment attempt to chill free- Mr. Erdogan, a democrati- government and Western pow-
dom of speech. A judge on cally elected populist, has ex- ers. Ten Western nations in-
Turkey’s constitutional court panded the use of arbitrary cluding the U.S., France and
called Mr. Kavala’s detention detention to clamp down on Germany called for Mr. Kav-
“Kafkaesque” in a written ex- political opponents since the ala’s release last year, prompt-
planation of a previous ruling. 2013 protests, rights advocates ing Mr. Erdogan to threaten to
ruled that Turkish authorities
violated Mr. Kavala’s rights by
keeping him detained, and
called for his release. Turkey
has resisted international
pressure to free him.
“We don’t care so much
about what the European
Court of Human Rights says or
what the council of Europe
says. We respect our own
courts,” Mr. Erdogan said ear-
lier this year.
In addition to Mr. Kavala,
the judge handed prison sen-
tences to several co-defen-
dants including Mucella
Yapici, a board member of the
Istanbul Chamber of Archi-
tects who is in her 70s. Ms.
Yapici had participated in the
protests and was sentenced to
18 years in prison. She was
seen raising a fist in defiance
before all seven were placed
under arrest.

Israel Hits Lebanon After Attack Canada Eyes More

BY DOV LIEBER

TEL AVIV—Israel fired artil-

Interest-Rate Rises
lery shells into southern Leba-
non after militants there BY PAUL VIEIRA on the central bank’s balance
launched a rocket into north- sheet widened sharply during
ern Israel, the Israeli military OTTAWA—Bank of Canada the pandemic to over 400 bil-
said, opening a new front in Gov. Tiff Macklem said senior lion Canadian dollars, or the
Israeli-Palestinian tensions. officials are likely to consider equivalent of $314 billion,
JALAA MAREY/AGENCE FRANCE-PRESSE/GETTY IMAGES

The Israeli military said the another half-percentage point from roughly C$77 billion be-
rocket landed in an open area increase in its main interest fore the public-health crisis, as
near a small kibbutz, causing rate when they deliberate the Bank of Canada acquired
no injuries. ahead of the central bank’s securities to stabilize financial
The military said that in re- next policy decision on June 1. markets and keep a lid on bor-
sponse, it targeted the source In testimony Monday before rowing costs.
of the launch and an unspeci- Canadian lawmakers, he offered As of this week, the Bank of
fied infrastructure with artil- a glimpse of how aggressive cen- Canada is no longer purchas-
lery fire early Monday. No tral banks are prepared to be to ing bonds in both the primary
group claimed responsibility cool inflation, which already was and secondary markets, and
for the attack, and no injuries at elevated levels, then moved expects 40% of the govern-
were reported in Lebanon. into higher gear after the war in ment debt on its balance sheet
Israeli officials said they Ukraine lifted prices for fuel, to mature and roll off within
believe a faction of Palestinian food and other commodities. the next two years.
militants based in Lebanon Israeli forces patrol the border fence with Lebanon after a projectile was fired into Israel. This month, the central “What there isn’t any uncer-
launched the rocket, but aren’t bank took the rare step of tainty about is the Bank of Can-
certain. Israel says a number the Noble Sanctuary and Jews group has claimed responsibil- bollah that “we won’t allow Is- raising interest rates by a half- ada’s resolve to use its tools to
of Palestinian militant groups the Temple Mount. ity for the recent rocket fire raeli sovereignty to be vio- percentage point—its biggest bring inflation back to target,”
operate in southern Lebanon, Moreover, Palestinian and from Gaza into Israel. lated.” increase in over two decades— said Mr. Macklem. The central
where the powerful Lebanese Arab Israelis have carried out There hasn’t been this Israel and Hezbollah last to 1.0% to address inflation, at bank’s mandate is to achieve
militant and political group a string of terrorist attacks in- much violence between Israe- fought a war in 2006 after two a three-decade high of 6.7%. and maintain 2% inflation.
Hezbollah has tight control. side Israel. There were deadly lis and Palestinians since Israeli soldiers were captured After June 1, the central He reiterated the central
Ran Kochav, an Israeli mili- clashes in the West Bank, and Hamas and Israel fought an 11- in a cross-border raid. bank is slated to deliver rate bank needs to raise its bench-
tary spokesman, said the Gaza-based militants fired day deadly conflict in May Israel launched a massive decisions on July 13 and Sept. mark rate quickly, and bring it
rocket fire from Lebanon likely rockets at Israel on three oc- 2021 that also was sparked by assault on Lebanon in re- 7. Mr. Macklem said he closer to the “neutral rate.”
was related to the flare-up in casions. tensions in Jerusalem. sponse, which saw Hezbollah wouldn’t rule out even bigger Estimated at 2% to 3%, the
conflict across Israel and the Gaza’s ruling faction, During that conflict, Pales- fire thousands of rockets at rate rises, adding, “anything neutral rate is the level at
Palestinian territories. Hamas, and other militant tinian militants fired four northern Israel. bigger than a half-percentage which monetary policy neither
In recent weeks, Israeli po- groups in the Gaza Strip have rockets at northern Israel, ac- The 34-day war resulted in point would be very unusual.” stimulates nor shrinks eco-
lice and Palestinians have been threatening to attack Is- cording to Israel’s military. the deaths of 165 Israeli sol- Besides raising its policy nomic activity. Once at that
clashed in Jerusalem’s most rael over near-daily clashes Mr. Kochav said Israel’s ar- diers and civilians. At least rate by a half-point on April point, Mr. Macklem said, the
sensitive holy site, the com- last week between Israeli po- tillery fire into southern Leba- 1,100 people were killed in 13, the central bank said it central bank would pause to
pound around Al Aqsa lice and Palestinians at Al non was a message to those Lebanon, mostly civilians in would begin reducing the size examine the impact of higher
mosque, which Muslims call Aqsa mosque compound. No Palestinian groups and Hez- addition to Hezbollah fighters. of its balance sheet. The assets rates on domestic spending.

WORLD WATCH
World’s
Oldest
Person
Dies at 119
BY CHIEKO TSUNEOKA

TOKYO—The world’s oldest

verified living person, Kane
Tanaka of Japan, has died at
119 years old in Fukuoka,
southern Japan, an official
said. She died at a hospital on
April 19 due to old age, he said.
Guinness World Records
named Ms. Tanaka as the
world’s oldest living person in
March 2019. The oldest person
in the world is now Lucile Ran-
MIGUEL A LOPES/EPA/SHUTTERSTOCK

don, 118, a French nun who was

born on Feb. 11, 1904, said the
Gerontology Research Group.
Ms. Tanaka was born on
Jan. 2, 1903, before the Wright
brothers flew the first powered
airplane. She was the oldest per-
son ever to have lived in Japan.
According to Japanese news
MARKING A REVOLUTION: People celebrate the 48th anniversary of the 25th April 1974 Revolution in Portugal. The 1974 action, also known as the Carnation accounts, Ms. Tanaka loved
Revolution, started as a coup led by a group of officers opposing the then-ruling junta, and was soon supported by the civilian population to overthrow the regime. chocolate and carbonated
drinks, and hoped to live to
ISRAEL The eight-party alliance, made South Sudan said on Monday. AFGHANISTAN that is an enemy of the Taliban. 120. Her motto was “Don’t give
up of ultranationalists, dovish par- The mission said it docu- The commission recom- up and say there’s no point.
Parties Try to Hold ties and a small Islamist faction, mented 72 civilian deaths be- Taliban Are Cited for mends maintaining 10 countries Live with all your heart.”
Coalition Together is now deadlocked with the oppo- tween Feb. 17 and April 7 in Religious Violations currently on the State Depart-
sition with 60 seats each in the Unity State’s Leer county. ment list, including China, Eri-
A key partner in Israel’s gov- 120-member Knesset. That has Sixty-four cases of sexual vi- Afghanistan should join a list of trea, Iran, Myanmar, North Korea,
erning coalition said on Monday greatly complicated the govern- olence were recorded in Leer in the “worst of the worst” violators Pakistan, Russia, Saudi Arabia,
that all the factions are working ment’s ability to pass legislation the same period. The attacks of religious freedom in the wake Tajikistan and Turkmenistan. It
to try and keep the fragile coali- and raised the risk of plunging were carried out by “armed of the Taliban’s return to power, a also recommends adding four
tion afloat, less than a year after the country into snap elections. youth” from the neighboring U.S. advisory body is recommend- more in addition to Afghanistan:
it was sworn into office. The co- —Associated Press counties of Koch and Mayendit. ing to the State Department. India, Nigeria, Syria and Vietnam.
alition has come under threat by Markets, homes, humanitarian The U.S. Commission on Inter- The commission criticized the Bi-
internal squabbles and escalating SOUTH SUDAN facilities and warehouses were national Religious Freedom, in its den administration for removing
violence with the Palestinians. looted and burned. About 40,000 annual report issued on Monday, Nigeria from the list last year.
This month, a member of Violence Claims people have fled the violence, an says religious minorities have The commission, created in
Prime Minister Naftali Bennett’s The Lives of Dozens official said. The U.N. mission “faced harassment, detention and 1998 under the International Reli-
party split from the ruling coali- said it has deployed more peace- even death due to their faith or gious Freedom Act, makes non-
KYODO/REUTERS

tion, leaving the government Dozens of people have been keepers to conduct patrols. Some beliefs” since the Taliban reim- binding policy recommendations to
without a majority in parliament killed in violence that includes of the violence is communal, posed its harsh interpretation of the administration and Congress.
and raising the possibility of yet beheadings and sexual attacks in with rival ethnic groups retaliat- Sunni Islam on Afghanistan. It also The State Department has adopted
another national election after a volatile county in South Sudan, ing against each other. cited attacks on religious minori- some of its recommendations.
years of political chaos. the United Nations Mission in —Associated Press ties by an Islamic State affiliate —Associated Press Kane Tanaka died in Japan.
 TECHNOLOGY: PHILIPS RECALL PROMPTS SUBPOENA B4

BUSINESS & FINANCE

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Bargain Hunting Lifts Stock Prices

BY CAITLIN OSTROFF to 34049.46. point dipping below $100 a 10-year Treasury note ticked should have moved so fast.
AND JUSTIN BAER The tech-heavy Nasdaq barrel before staging an after- down to 2.825% from 2.905% And falling interest rates tend

Stocks flipped higher Mon-
day as government-bond
yields retreated and investors
took the opportunity to scoop
up shares of beaten-down
technology and other growth
stocks.
The S&P 500 climbed 24.34
points, or 0.6%, to 4296.12 af-
ter dropping nearly 1.7% ear-
lier in the session. The Dow
Jones Industrial Average ad-
vanced 238.06 points, or 0.7%,
Coca-Cola Posts
Increase in Sales
As Costs Climb
ALI HAIDER/EPA/SHUTTERSTOCK
Composite Index rose 165.56 noon rally. Friday as investors sought to help growth stocks.”
points, or 1.3%, to 13004.85. A decline in bond yields safer assets to hold. Yields and Twitter rose $2.77 to
Twitter shares rose 5.7% after signaled to investors that the prices move inversely. $51.70. Microsoft climbed
the social-media company ac- Federal Reserve may not move “I think a lot of growth $6.69, or 2.4%, to $280.72,
cepted Elon Musk‘s $44 billion to raise interest rates as ag- stocks have been punished too while Google parent Alphabet
takeover deal. gressively as feared, investors severely,” said Brian Price, added $68.77, or 2.9%, to
All three indexes had said. head of investment manage- $2,461.48
opened lower after Chinese “Rates had been weighing ment for Commonwealth Fi- Meantime, the S&P 500’s
shares suffered their worst against the market,” said Jack nancial Network. “Part of what energy sector was the biggest Boeing’s Ted Colbert
selloff in more than two years Ablin, chief investment officer we’re seeing may be a reversal decliner, falling 3.3%. Schlum-
as Beijing sticks to its zero-
Covid strategy while faced
with increasing cases in major
cities. Oil prices fell, at one
of Cresset Capital. “Now what
we’re seeing is a reversal of
that trend.”
The yield on the benchmark
of that. Longer-term rates
have just moved so far.
“The market is stepping
back and assessing if they
berger fell $2.96, or 7.1%, to
$38.69. Halliburton dropped
$2.36, or 6.3%, to $35.33. APA,
Please turn to page B13
Boeing
Targets
Defense
Business
BY DOUG CAMERON

To find new growth, Boeing

BY WILL FEUER
Coca-Cola Co. logged higher
sales for the latest quarter as
Co. needs its defense unit on
offense.
than expected. The aerospace company’s
In recent quarters, Coke defense business made a profit
and rival PepsiCo Inc., which of $1.5 billion last year as its
is to report first-quarter re- jetliner unit lost $6.5 billion,
XAVI LOPEZ/SOPA IMAGES/SIPA US/REUTERS

stronger demand and price in-
creases helped the beverage gi-
ant offset surging input costs.
Coke’s organic revenue,
which strips out currency
swings as well as acquisitions
or divestitures, rose 18% in the
quarter ended April 1, as unit
case volume rose 8%. The com-
pany also benefited from higher
prices and the mix of products
sold in the first quarter.
The cost of goods sold rose
17% to $4.09 billion. Still,
Coke’s operating income in-
creased 25% to $3.41 billion
from a year earlier.
Despite Coke’s financial re-
sults being better than ana-
lysts had projected, the com-
pany stuck to its full-year
earnings guidance, which in-
cludes expectations that com-
modity costs will be higher
than last year.
“We continue to believe the
recovery in 2022 will be asyn-
chronous,” Coca-Cola Chief
Executive James Quincey told
analysts on a conference call
Monday, adding that the oper-
ating environment this year is
proving more challenging
 Heard on the Street: Coca-Cola
is having a moment................B14
sults Tuesday, have faced and challenges persist with its
surging prices for inputs, in- 737 MAX and 787 Dreamliner
cluding the high-fructose corn commercial jet programs.
syrup in their drinks, the alu- Now, the plane maker has
minum used to make their appointed a new head of its de-
cans and the cost of moving fense business to stabilize the
products around the world. unit after what industry offi-
At the same time, Coke’s cials and analysts said were re-
business selling drinks and cent missteps.
concentrates to stadiums, Sales at Boeing’s defense
movie theaters and restau- and space unit, which makes
rants is rebounding as more The company benefited from higher prices and the mix of products sold in the first quarter. F-15 jet fighters, Chinook heli-
consumers grow comfortable copters and Harpoon missiles,
going out amid waning pan- Coca-Cola’s quarterly financial results have surpassed those from its
demic restrictions. Organic revenue, commercial airplanes division
On the earnings call, several Total sales and net income Cost of goods sold change from previous year in each of the past two years.
analysts asked Coke executives That is set to change in 2022
about the company’s ability to $10 billion $5 billion 1Q 2022 40% 1Q 2022 with increased deliveries of the
raise prices in markets around $4.09B +18% 737 MAX, though defense still
the world as inflation pinches 30 provides the bulk of Boeing’s
consumers’ spending power. 8 4 profit and the free cash re-
Further efforts to change 1Q 2022 20 quired to reduce its debt of
prices will depend on the Total sales more than $40 billion.
health of consumers and state 6 $10.49B 3 Chicago-based Boeing is
10
of inflation as the year pro- scheduled to report quarterly
Net income attributable
gresses, Mr. Quincey said. In to shareholders results on April 27, with ana-
0
addition to raising prices, he 4 $2.78B 2 lysts polled by FactSet expect-
said the company has been ing the company to deliver an
sharpening its product mar- –10 adjusted loss of about 25 cents
keting and package offerings. 2 1 a share after losing $1.53 a
“We certainly aren’t looking –20 share a year earlier.Analysts ex-
to take price increases just be- pect it to burn through almost
cause we can,” Mr. Quincey 0 0 –30 $3 billion in cash.
said. “We want to earn them The defense arm remains a
2019 ’20 ’21 ’22 2019 ’20 ’21 ’22 2019 ’20 ’21 ’22
as a brand and we want to major source of cash and Boe-
Please turn to page B2 Note: Most recent quarter ended April 1 Source: the company Please turn to page B2

Large Credit Suisse Investor INSIDE On Wall Street, Cash

Adds Pressure to Bank Board
BY JULIE STEINBERG
AND MARGOT PATRICK
The world’s largest sover-
eign-wealth fund wants a bet-
ter explanation and more ac-
countability for recent
mishaps at Credit Suisse
Group AG.
Norges Bank Investment
Management, the arm of the
Norwegian central bank that
operates the nearly $1.3 tril-
lion fund, said Sunday it sup-
ports a shareholder proposal
for a special audit into the
bank’s relationship with
Greensill Capital, a financing
partner that went bankrupt in
March 2021. It said it is also
voting at the bank’s annual
shareholder meeting Friday
against a proposal to clear
Credit Suisse’s board and se-
nior management of legal lia-
bility.
The votes heap more pres-
sure on Credit Suisse, which skipped last year while Credit
has been taking steps to im- Suisse assessed the damage
prove its culture after a spate from the twin scandals. The
of scandals. Greensill Capital bank released a report in July
went bankrupt in March 2021, on Archegos by a law firm but
putting at risk billions of dol- has said it won’t release the
lars in investments in funds Greensill report because it
could hurt its chances of re-
covering assets. The vote
Norges said it would oppose
1.3%
The stake in Credit Suisse
on Friday applies to the 2020
fiscal year and excludes mat-
ters related to Greensill. It will
support a separate vote for
held by Norway’s oil fund. the 2021 fiscal year legal lia-
bility.
Discharging liability means
shareholders can’t later sue
Credit Suisse ran via an asset- the board unless new informa-
management arm. The same tion comes out that wasn’t
month, the bank lost roughly known at the time. The vote is
$5 billion exiting large stock largely seen as an endorse-
positions of family office ment of the board and senior
Archegos Capital Manage- management’s performance
ment. during the year.
A shareholder vote to clear The oil fund, as the Norges
the board of liability was Please turn to page B2
GAMES
Activision reports drop
in revenue as demand
for ‘Call of Duty’
offerings slows. B3
MARKETS
IPO boom in the
Persian Gulf attracts
investments from
abroad. B13
Earns a New Respect
BY DION RABOUIN
Worries about the war in
Ukraine, China’s Covid-19 out-
break, a U.S. or European reces-
sion and surging global infla-
tion are making a long-spurned
asset increasingly popular with
Wall Street’s top money manag-
ers these days: cash.
As stock and bond prices
have retreated from records in
the tumult of headlines, more
asset managers said they
are looking to move funds into
low-risk, cash-like assets. That
marks a shift from recent
years, when steadily climbing
equity indexes trained inves-
tors to buy every dip and not
miss out on gains by holding
cash.
Rick Rieder, managing di-
rector at BlackRock Inc., said
the world’s largest asset man-
ager is increasing cash hold-
ings by more than 50% in
many portfolios to a weighting
that is “much, much higher”
than it had been in years past.
With central banks battling in-
flation by raising interest
rates across the world, he ex-
pects stock prices to remain
volatile for the next two to six
months.
“For now, one of the most
attractive things you can do is
have patience, and if you can
get paid to have patience
that’s a pretty good place to
be,” Mr. Rieder said.
Prime money-market funds’
holdings in the Americas rose
from just under $146 billion in
February to $193 billion in
March, their highest levels of
the year, according to data
from the Investment Company
Institute. Many expect such
holdings to keep rising as
rates on money markets,
short-term bonds and other
cash-like investments climb
with interest-rates set by the
Federal Reserve.
Additionally, yields on 10-
Please turn to page B13

interlakemecalux.com
MAXIMIZE WAREHOUSE
PRODUCTIVITY WITH AUTOMATION (877) 632-2589
 B2 | Tuesday, April 26, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A Credit Suisse...............B1
Accenture....................A8
Activision Blizzard......B3
Advanced Micro Devices
...................................B13
Alibaba........................B2
Alphabet ................ B1,B4
Amazon.com........B4,B14
Apple...........................B2
B New state and municipal
Bed Bath & Beyond..B14
Berkshire Hathaway.B12
BlackRock.............B1,B13
Boeing ......................... B1
Briggs & Stratton.......B2
ByteDance...................B6
C-E
Campbell Soup..........B14
Cerberus Capital
Management...........B14
Coca-Cola......B1,B13,B14
Conagra Brands.........B14
INDEX TO PEOPLE
A Kotick, Bobby..............B3
Ablin, Jack...................B1
Agrawal, Parag....A6,B14
Arbid, Fadi.................B13
B Lasser, Michael.........B14
Buffet, Warren ......... B12
C ers like Stihl Inc., Toro Co.
Callen, David...............B6
Chakhtoura, Andrée..B13
Chukumba, Anthony.B14
Cohen, Ryan..............B14
D Prakash, Prashanth .. B14
Deghaili, Samer........B13
DeWitt, Zach ............ B12
G-K
Gao, Julie....................B6
GENARO MOLINA/LOS ANGELES TIMES/GETTY IMAGES
The company stuck to its full-year earnings guidance, which includes
expectations that commodity costs will be higher than last year.
Coca-Cola
Posts Rise
In Sales
Continued from page B1
make sure we recover the cost
over time.
Coke also said its suspen-
sion of business in Russia as a
result of the country’s invasion
of Ukraine will hurt full-year
adjusted earnings by 4 cents a
share and case volumes. It pre-
viously guided adjusted per-
share earnings growth this
year of 5% to 6%, implying a
range of about $2.44 to $2.46.
Coke shares rose 1% in Mon-
day trading to close at $65.94.
Boeing
Puts Focus
On Defense
Continued from page B1
ing’s largest business, with
forecast sales of $6.7 billion in
the first quarter versus $5.4
billion for its jetliners.
While the company is ex-
pected to update investors on
the progress of the MAX and
the long-running freeze on 787
Dreamliner deliveries, changes
are also in the works in Boeing’s
defense unit, which generated
$26.5 billion in sales last year.
Boeing this month appointed
Ted Colbert as chief executive
of the defense unit after head-
ing its smaller services busi-
ness for almost three years.
The announcement came the
same day the Defense Depart-
ment released its new, China-
focused budget request.
Mr. Colbert, 48 years old,
takes on a defense business that
has lagged behind rivals’
growth and suffered multiple,
costly failures under the six-year
leadership of his predecessor,
Leanne Caret. These included
quality and cost problems with
its Air Force KC-46A refueling
tanker, Starliner space taxi and
the new presidential planes that
will serve as the future Air
Force One.
Cash from defense sales
helped Boeing weather the
grounding of the 737 MAX jet-
liner after two fatal crashes,
Royal Philips...............B4
Enercon ....................... A7 S
Ernst & Young ............ A8
Schlumberger..............B1
F Sleep Number.............B6
Fidelity Investments..A1 SoftBank...................B14
G Space Exploration
General Motors...........B3
Technologies.............A6
Stanley Black & Decker
H .....................................B2
Halliburton..................B1 Stihl.............................B2
L T
LandCare U.S.A...........B2 Tata ........................... B14
Leaf Logistics ........... B12 Tempur Sealy
Lockheed Martin.........B2 International.............B6
M Tesla.....................A6,B14
Toro..............................B2
McKinsey.....................A8 Twitter......A1,A6,B1,B14
Meta Platforms...A6,B14
Microsoft..........B1,B3,B4 V
Morgan Stanley........B14 Vanguard...................B13
N-R W most gas-powered lawn tools,
Nordex.........................A7 Walmart....................B14
Reliance Industries...B14 Whirlpool.....................B4
R ilar legislation.
Krim, Philip...............B14 Rieder, Rick.................B1
Kurian, Thomas...........B4 Ru, Patrick..................A2
L Reuss, Mark................B3
S market in electric equipment
Liu, Jason....................A2 Sidani, Rami..............B13
M Steinberg, Rich.........B13
Mackay, Sebastian....B13 T and Briggs & Stratton LLC.
Mallik, Gaurav...........B13 Taylor, Bret.................A6
Musk, Elon.....A1,A6,B14 V are wary, raising concerns
P van Houten, Frans......B4
W plexity of relying on battery
Prasad, Anshu...........B12 Wei, Xuan...................A2
Price, Brian ................. B1 Wieser, Brian............B14
Q Z
Quincey, James ... B1,B14 Zuberi, Bilal .............. B12
Coke and PepsiCo have
been overhauling their prod-
uct portfolios recently to keep
up with changing consumer
tastes. In November, Coke
struck a $5.6 billion deal to
take full control of BodyAr-
mor, a sports-drink brand that
has been increasing sales
faster than Coke’s soda busi-
ness. PepsiCo closed on the
sale of its Tropicana juice
business, which had slower
sales growth than other units.
Overall for the quarter,
Coke posted a profit of $2.78
billion, or 64 cents a share,
compared with $2.25 billion a
year earlier. Analysts surveyed
by FactSet were expecting
earnings of 58 cents a share.
Sales rose 16% to $10.49 bil-
lion. Analysts surveyed by
FactSet were looking for $9.83
billion.
CHRISTOPHE GATEAU/DPA/ZUMA PRESS
Boeing’s defense and space unit makes Chinook helicopters, F-15 jet fighters and Harpoon missiles.
but the military unit still gener-
ated more than $6 billion in
charges over the past six years.
The Pentagon has criticized
Boeing’s performance on the
military tanker and this month
reached a deal that will require
Boeing to pay for a redesigned
camera system on the plane.
Ms. Caret, 55, remains a
Boeing executive and adviser to
the company and plans to retire
this year, the company has said.
The company declined to
comment, citing a quiet period
ahead of earnings on April 27.
Mr. Colbert joined Boeing in
2009 after 10 years at Ford Mo-
tor Co., followed by a spell at
Citigroup Inc. His biggest chal-
lenges atop Boeing, the third-
largest U.S. defense contractor
by sales, include rebuilding
confidence with the Pentagon
by successfully delivering on
three new military programs it
won in a costly bet in 2018, ac-
cording to industry executives
and analysts. They said he also
Lawn Rules Fuel Shift to Electric
BY AUSTEN HUFFORD
A push to go electric is
sowing discord among land-
scapers.
laws are driving a transition
away from puttering, gas-pow-
ered lawn mowers and leaf
blowers and toward battery-
powered versions. California,
the largest state by popula-
tion, is set to ban the sale of
starting with model year 2024
products. Local governments
in Oakland, Calif., and Lexing-
ton, Mass., have started ban-
ning the use of gas-powered
leaf blowers, and other states
and cities are considering sim-
The new lawn-care rules,
driven by health and environ-
mental concerns, are fueling a
and batteries for manufactur-
Some landscapers and dealers
about the added cost and com-
power to manicure yards and
trees.
LandCare U.S.A. LLC,
which sells landscaping ser-
vices across more than 20
states, last year launched elec-
tric-machine trials at sites in
Chicago and Charlotte, N.C.
Rob Barber, who heads the
company’s operations, esti-
mated the expenses of using
an electric trimmer would run
LandCare two to three times
those of gas-powered models
that cost around $1,000 over
two years.
“The cost is extremely
high,” Mr. Barber said. Still,
the company is preparing for
the California sales ban and
aims to launch more than 10
crews outfitted with electric
vehicles and tools in the com-
ing year. “It is requiring us to
be a bit of a pioneer,” he said.
Consumers have already
been buying many battery-
driven lawn mowers and other
equipment, which can handle a
single lawn. Professional-
grade equipment is less com-
monly electrified. The lawn-
care industry shipped 38
million products in the U.S. in
2021 including 21 million that
were electric or zero-emission
Investor
Pressures
Swiss Bank
Continued from page B1
unit is known, has a 1.3% stake
in Credit Suisse. It owns on
average 1.3% of the world’s
listed companies, making it a
large investor in companies
such as Apple Inc. and Alibaba
Group Holding Ltd.
needs to find a place for Boeing
on one of the handful of new
Pentagon programs that can
bring in billions of dollars in
annual sales for decades.
“The company has been
hemorrhaging longtime fran-
chises,” said Loren Thompson,
chief operating officer of the
Lexington Institute, a specialist
defense consultant. He pointed
to Boeing’s losses of contracts
in 2015 and 2019 to build a new
long-range bomber and refresh
the U.S. arsenal of land-based
nuclear missiles. Northrop
Grumman Corp. won both
deals.
Boeing secured three Penta-
gon contracts in 2018, its first
big defense competition wins in
seven years, though they came
at a cost. The company took a
charge of almost $700 million
to cover extra investment after
winning the deals for the
MQ-25 Navy drone, the new
T-7A Air Force trainer jet and
Grey Wolf helicopters used to
BUSINESS & FINANCE
An estimated 6% of professional lawn-care equipment is electric. A Toro electric lawnmower.
products, according the Out-
door Power Equipment Insti-
tute, which represents manu-
facturers.
Equipment sold to profes-
sional landscapers represents
a fraction of the entire market,
the bulk of which is for con-
sumer products. The California
Air Resources Board estimated
in a 2021 report that 6% of
lawn-care equipment owned
by professional landscapers
Manufacturers See
Gas’s Staying Power
Battery-powered lawn
equipment is on an upswing,
but some manufacturers said
that gas-powered engines will
remain a big business for
years.
Briggs & Stratton is invest-
ing in higher production of its
traditional, gas-powered en-
gines while also developing the
technology behind its newer
lineup of batteries.
The company is hiring more
software engineers and people
who can develop battery tech-
nologies, said Brian Hazelton,
Its decisions are closely
tracked by other sovereign-
wealth funds and large pools
of capital.
Proxy advisers Institutional
Shareholder Services Inc. and
Glass, Lewis & Co. also advised
shareholders to vote against
discharging the board of legal
liability for 2020, though they
advised approving it for 2021.
Norges said it would sup-
port a proposal from a founda-
tion representing Swiss pen-
sion funds for a special audit
into the bank’s decisions
around Greensill.
The bank released some
protect nuclear missile bases.
Rivals questioned whether
they could make a profit at the
prices Boeing has set. Lockheed
Martin Corp. said at the time
that it would have lost more
than $5 billion if it had
matched Boeing’s winning bids
on the programs, expected to
be worth about $24 billion.
Executives have previously
said the company is well-posi-
tioned to meet Pentagon priori-
ties and the three programs
won in 2018 are on track.
The company declined to
make Mr. Colbert available for
an interview. He is due to over-
see the rollout of the T-7A jet
for the Air Force at an event
this month.
Military jets such as the F-15
and helicopters such as the
AH-64 Apache account for al-
most half the defense unit’s sales,
with space systems such as a de-
layed space taxi and weapons in-
cluding the Harpoon missile ac-
counting for a quarter each.
* *** THE WALL STREET JOURNAL.
was electric, compared with
55% for home users.
Makers of lawn mowers,
chain saws and leaf blowers
say they have been investing
to develop professional-grade
battery-powered models and
make their electric products
more powerful and longer
lasting.
Chain-saw maker Stihl said
battery-powered equipment is
the fastest-growing segment
who runs the company’s power
business. “The engine business
isn’t going away. That part of
our business is alive and well
and being invested in,” he said.
“It is a two-prong approach.”
Some other companies,
though, are entering the busi-
ness because of the coming
electrification.
Stanley Black & Decker
Inc. spent $1.9 billion last year
to buy two equipment makers
serving the lawn-care industry.
John Wyatt, who runs the out-
door division, said the com-
pany’s engineers are combining
the grass-cutting experience of
the acquired divisions with the
battery technology from Stan-
ley’s DeWalt brand.
limited details this month on
its decisions around Greensill.
It said it fired 10 people, in-
cluding the head of its asset
management arm, and is claw-
ing back $43 million in pay.
The Norwegian fund said,
“where a company’s disclosure
does not meet our needs as a
financial investor, we will con-
sider supporting a well-
founded shareholder proposal
calling for reasonable disclo-
sure.”
As part of its turnaround
effort, Credit Suisse is review-
ing senior appointments and
succession plans, The Wall
TORO
of its business. Lawn-mower
producer Toro is launching its
first landscaper-focused, bat-
tery-powered lawn mower this
summer, which the company
said can do an entire day’s
work on a single charge.
Lawn-mower engine company
Briggs & Stratton opened a
dedicated battery factory in
Georgia in 2020.
Toro’s coming Revolution
battery-powered commercial
lawn mower will cost about
double comparable gas mod-
els, the company said. It esti-
mated customers will recoup
those extra costs after about
2½ years due to not having to
buy gasoline, replace engine
filters and other costs.
The rule changes are also
spurring dealers to shift their
focus. Alan’s Lawnmower &
Garden Center, a seller of
tools for professional land-
scapers, is redoing showrooms
at its two locations in South-
ern California to promote bat-
tery-powered equipment.
Owner Paul Sullivan said
most of his customers will
switch only because of the
new rules.
“Nobody is happy about it,
except the all-green battery
manufacturers,” he said.
Street Journal reported on
Sunday. Long-serving execu-
tives in roles including the
chief financial officer, general
counsel and Asia head could
be shifted out as the bank
makes changes, said people fa-
miliar with the matter.
The bank has said it would
post a first-quarter loss
Wednesday. Last week, it said
litigation provisions will be
about $740 million in the
quarter because of develop-
ments in legal cases, which in-
clude a former client winning
a roughly $555 million court
award in Bermuda.
THE WALL STREET JOURNAL. Tuesday, April 26, 2022 | B3

BUSINESS NEWS

GM Set to Produce
Electric Versions
Of Famed Corvette
BY JOSEPH DE AVILA
General Motors Co. is de-
veloping a hybrid version of
its Chevrolet Corvette that
could hit dealerships as early
as next year.
A fully electric version of
the sports car is also in the
works, said company President
Mark Reuss.
Further details will be re-
halted production of the Chev-
rolet Bolt last year to fix a
battery defect that could lead
to fires. GM said it would re-
sume production this month.
Still, sales of electric vehi-
cles remain a fraction of over-
all vehicle purchases, account-
ing for less than 2% of GM’s
and Ford Motor Co.’s overall
sales in 2021.
GM is also working with

ANTHONY BEHAR/SIPA USA/REUTERS

leased at a later date, he said.
Mr. Reuss made the announce-
ment in a LinkedIn post Mon-
day following an appearance
on CNBC.
A spokesman for GM didn’t
specify whether the first elec-
tric Corvette would be a hy-
brid with an electric motor
and gasoline engine that
Honda Motor Co. on jointly
developing a line of affordable
electric vehicles, including
compact sport-utility vehicles,
The first of the vehicles would
likely be priced below $30,000
in the U.S. but won’t be ready
until 2027, the companies said.
The starting price of a 2022
Corvette Stingray is $60,900, The company’s sales fell 22% to $1.77 billion in the quarter, reflecting weaker premium sales for ‘Call of Duty: Vanguard.’

Activision Revenue Falls as

according to the Chevrolet
website.
The company also said
Aficionados of the Monday that it has developed
sports car can be an energy-recovery system

‘Call of Duty’ Demand Slows

sensitive to
alterations.
doesn’t require plugging in or
a plug-in electric hybrid
model.
GM’s Corvette announce-
ment comes as legacy auto
makers race to produce more
electric vehicles to compete
with Tesla Inc. The Detroit
auto maker said it is working
to surpass Tesla in terms of
EV sales and is investing $35
billion in electric and autono-
mous vehicles through 2025.
GM said it would invest
nearly $6 billion in Michigan
alone to produce electric
pickup trucks. It is also split-
ting the cost of a $2.6 billion
battery factory with partner
LG Energy Solution. The com-
pany didn’t say where the
electric Corvettes would be as-
sembled.
The auto maker was dealt a
setback at expanding its elec-
tric vehicle business when it
that takes heat generated from
the batteries of its electric ve-
hicles to warm the inside of a
vehicle more quickly than ve-
hicles with a traditional com-
bustion engine. The energy-re-
covery system can also
increase the driving range of
electric vehicles by 10% and
boost acceleration, the com-
pany said.
Corvette aficionados can be
sensitive to major alterations
of the vehicle.
Getting some dedicated
Corvette fans to try something
new—especially an electric ve-
hicle—will be a challenge for
General Motors, said Keith
Cornett, a fan who runs a blog
about the car.
“Some of them are very ret-
icent on these [electric] cars,
he said.
Watch a Video
Scan this code
for a video on
how your EV
could power
your home.
BY DEAN SEAL
Activision Blizzard Inc.‘s
first-quarter sales and profit
plunged as demand for its
“Call of Duty” videogame fran-
chise fell.
The videogame company,
which in January agreed to be
purchased by Microsoft Corp.
for $75 billion, posted a 22%
drop in sales from a year ago,
reflecting weaker premium
sales for “Call of Duty: Van-
guard,” the latest installment
in the popular franchise, as
well as lower engagement with
“Call of Duty: Warzone,” a
free-to-play title.
Microsoft agreed to buy the
videogame developer for $95 a
share in an effort to expand its
catalog of blockbuster video-
games and drive more custom-
ers to its cloud-gaming service.
Microsoft valued the deal at
nearly $69 billion after adjust-
ing for Activision’s net cash.
The deal has been approved by
the boards of both companies
and would make Microsoft the
world’s third-largest game
company by sales.
For the quarter ended
March 31, Activision posted a
profit of $395 million, down
from $619 million in the year-
earlier quarter.
In addition to tepid demand
for its “Call of Duty” game ti-
tles, Activision said it took a
hit due to the product cycle
timing for its “Warcraft” fran-
chise, along with increased le-
gal fees and other costs asso-
ciated with the Microsoft
acquisition.
Excluding one-time items,
adjusted earnings for the
quarter fell to 64 cents a
share, down from 98 cents in
2021.
Activision Blizzard’s net profit expectations of $1.82 billion.
The acquisition is slated to
$800 million close in mid-2023.
1Q 2021 1Q 2022 Microsoft announced plans
$619M $395M to acquire Activision as the
company was being roiled by
600
claims of workplace miscon-
duct.
Activision’s chief executive,
400 Bobby Kotick, had known
about various sexual-miscon-
duct accusations for years,
The Wall Street Journal previ-
200 ously reported, though he
didn’t inform the board about
everything he knew. The is-
sues prompted lawsuits and
0
federal investigations.
2020 ’21 ’22 Mr. Kotick has said he has
Source: the company been transparent with the
company’s board, and Activi-
Analysts polled by FactSet sion has called the Journal’s
had been expecting earnings reporting “misleading.”
of 71 cents a share. Last week, the company
Sales were $1.77 billion in said it plans to add two women
the quarter, short of analysts’ to its board of directors.

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B4 | Tuesday, April 26, 2022
Information Chief’s Role Changes Philips’s
Recall
Google Cloud
executive says CEOs
seek expertise in
software engineering
BY STEVEN ROSENBUSH
Thomas Kurian, chief exec-
utive of Alphabet Inc.’s Google
Cloud, says the role of the
chief information officer has
changed materially as technol-
ogy has grown more impor-
tant to business. Increasingly,
CEOs view technology as a dif-
ferentiator and look to the CIO
for expertise, he said.
Mr. Kurian has been CEO of
Google Cloud since 2019.
Google has taken equity stakes
in companies including Univi-
sion Communications Inc. and
CME Group Inc. and received
commitments to its cloud ser-
vice from those companies
valued at $1 billion or more..
As of late 2021,
Google claimed 6% of the
cloud market, up 1 percentage
Whirlpool Lowers Outlook After Fall in Sales
BY AUSTEN HUFFORD
Whirlpool Corp. said U.S.
consumers’ demand for appli-
ances is slowing two years
into the pandemic, as the dish-
washer and refrigerator maker
cut its sales forecast and said
it would review an interna-
tional division.
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THE WALL STREET JOURNAL.
TECHNOLOGY WSJ.com/Tech
point from a year earlier, medium. between the technology team
though lagging behind Ama-
zon.com Inc.’s 41% share and
Microsoft Corp.’s 20%.
Data is becoming a very im-
portant asset. Once you make
the adoption of technology
or the CIO’s team and the
business.
And so it’s a great opportu-
Prompts
Previously, Mr. Kurian was
president of software company
Oracle Corp., where he worked
materially more convenient,
you see a rapid pickup in the
adoption of that technology.
nity for CIOs. Technology
adoption is becoming much
easier, so they can show value
Subpoena
for more than two decades. WSJ: How have the roles of more quickly.
CAYCE CLIFFORD/BLOOMBERG NEWS
Here are edited highlights CIO and technology leader The pandemic made it even BY DENISE ROLAND
of the conversation with Mr. evolved? more clear that technology is
Kurian. Mr. Kurian: I think we’re in critical to differentiating how Royal Philips NV has been
WSJ: How has the relation- a period where CEOs in partic- an organization [engages subpoenaed by the Justice De-
ship between business and ular…see technology as a with] customers. And so the partment in relation to a
technology changed during the source of differentiation. role of the CIO has changed sprawling and costly recall of
last 10 years? If you talk to financial insti- materially. breathing-aid devices affect-
Mr. Kurian: If you look at tutions, they really want to CIOs are not just managing ing millions of sleep-apnea
what has really fundamentally serve customers better. a portfolio of applica- patients.
changed in technology, I would Thomas Kurian, chief executive They’re adopting AI in a num- tions…they are also building The Dutch healthcare con-
say it is the pervasiveness and officer of Google Cloud ber of places to streamline op- competency in software engi- glomerate is amid a huge re-
speed with which new technol- erations, and it’s in these cir- neering, in areas like cyberse- call over concerns that a type
ogy has been predominant. Airports, every staff mem- cumstances you see a business curity, which is becoming a big of foam used in certain
Part of it is the ease with ber has a digital tool. With leader like the head of con- risk for organizations. breathing-aid devices could
which technology can now be cloud computing, every com- sumer banking working with CEOs see that being a tech- degrade and release harmful,
adopted with many things be- pany is becoming a technology the CIO to define what that nology-enabled organization possibly cancer-causing parti-
ing delivered, from computing company. experience could be. requires them to have some cles. Philips said its Respiron-
as a service…Today everyone Automotive companies are If you look at the supply- core competencies, and one of ics division and some other
in the organization is a digital increasingly computerized. chain crisis globally, many or- them is software development. subsidiaries received the sub-
worker. Fifteen years ago, be- Banks, insurance companies, ganizations are adopting new And so we see CIOs also need- poena on April 8 to “provide
fore smartphones, people everyone, is doing what retail- solutions to understand where ing to build that long-term information relating to events
would not have said that. ers did 15 years ago, opening the bottlenecks are. core competency and people leading to the Respironics re-
Nurses all have digital tools. up their front door to a digital Again, that’s a joint effort capability. call.” It said it was cooperat-
ing with the agency.
Philips Chief Executive
Frans van Houten told inves-
tors Monday that the company
wasn’t aware of any specific
allegations. “They are prepar-
Whirlpool said Monday that before the pandemic. boosting prices and leaving 24% above 2019 levels. ing an investigation and we
sales fell 8.2% in its first quar- In the months following the some goods hard to get. Whirlpool said it expects just have to accept that,” he
ter of this year compared with start of Covid-19-related re- Now, Whirlpool said that the that the appliance industry in said.
the same quarter a year before. strictions, people increased demand is starting to level out North America won’t grow this Philips further increased
The company said revenue over purchases of long-lasting prod- or decline at the same time that year. The company previously the estimated cost of the re-
the three months ended March ucts. That extra demand has inflation is driving costs higher. expected up to 3% growth. call and flagged several other
31 remained 14% higher than continued, benefiting manufac- Whirlpool said that industry- Shares rose 0.9% in post- factors that could hurt profit-
the first quarter of 2020, indi- turers like Whirlpool. However, wide volumes in North America market trading, as the com- ability this year, prompting its
cating people are continuing to many factories struggled to declined 4% in the quarter from pany reported higher-than-ex- shares to fall more than 12%.
spend more on appliances than keep up with all of their orders, a year before, but remained pected earnings per share. Mr. van Houten highlighted
challenges including transport
delays at Shanghai’s port amid
the city’s Covid-19 lockdown,
Russia’s war in Ukraine, and
inflationary pressures.
Philips initially expected to
repair or replace three to four
million devices world-wide—
around half of which are in the
U.S.—but has twice raised that
estimate as more customers
come forward. Now it antici-
The recall program is
expected to cover
around 5.5 million
sleep-apnea devices.
pates the program will cover
around 5.5 million devices.
The recall, first announced
in June, mainly affects CPAP
and BiPAP machines, devices
that regulate breathing by
gently pushing air into the
lungs through a mask. They
are mainly used to treat sleep
apnea, a condition that causes
a person to stop breathing for
brief periods while asleep. It
also affects some ventilators.
Mr. van Houten said Mon-
day that the latest increase in
devices covered came after a
push to raise awareness of the
recall, which led to a bump in
registrations. The company
had already earlier widened
the scope of the program to
include older devices, after re-
ceiving requests from custom-
ers for replacements or re-
pairs. In the U.S., insurers
typically replace such devices
every five years, but some pa-
tients continue to use devices
that are older than that.
The ballooning size of the
recall, plus additional costs
from inflationary pressures,
has prompted Philips to set
aside a further 165 million eu-
ros, equivalent to $178 million,
to deal with the issue, bring-
ing the total provision to
around €890 million.
That provision doesn’t in-
clude any potential legal costs.
As well as the Justice Depart-
ment investigation, Philips is
the defendant in several class-
action and personal-injury
lawsuits.
Concerns center on a
sound-damping foam made of
polyester-based polyurethane,
or PE-PUR, found inside the
affected devices that Philips
said can degrade and be in-
haled by the user. The com-
pany was also worried that
the foam could emit harmful
gases.
Testing on potential harm
from foam particles, and of
emissions from other models
containing PE-PUR foam, is
still under way.
The recall has placed sleep-
apnea patients in a difficult
position, forcing them to
choose between continuing to
use a device that could be
causing them harm and ceas-
ing a treatment that helps pre-
vent serious long-term condi-
tions such as strokes and
heart problems.
THE WALL STREET JOURNAL. Tuesday, April 26, 2022 | B5
 B6 | Tuesday, April 26, 2022
Mattress Makers Hit
By Sagging Demand
BY KRISTIN BROUGHTON spent more time at home due
to the Covid-19 pandemic.
Makers of mattresses are U.S. consumers spent about
cutting costs and delaying $298.5 billion on furniture and
product launches amid falling furnishings in 2021, up 22%
demand for big-ticket items, from 2020 and 31% from 2019,
marking a reversal for a sector the year before the pandemic,
that benefited from increased according to the U.S. Bureau of
home-improvement spending Economic Analysis.
early in the pandemic. “I think mattresses are an
Companies including Sleep early tell on a spending slow-
Number Corp. and Tempur down,” said Peter Keith, an an-
Sealy International Inc. have alyst at financial-services com-
said in recent weeks that de- pany Piper Sandler Cos. A
mand for their products has mattress is a relatively easy
started to decline. Executives purchase to defer because they
and analysts said consumers wear out rather than break and
are likely pulling back on consumers don’t look at them
home-goods spending due to a daily, Mr. Keith said.
mix of factors, including rising Signs of weakening demand
inflation and the economic im- prompted Minneapolis-based
pact of Russia’s invasion of Sleep Number to cut $10 mil-
Ukraine. lion from its planned expenses
The pullback, analysts said, for the quarter ended April 2,
could mark the beginning of a largely by reducing spending
more sustained drop in spend- on marketing and bonuses, said
ing on durable discretionary David Callen, the company’s fi-
items, a category that includes nance chief. Still, total operat-
goods that sold well during the ing expenses rose 7% from a
pandemic, such as grills and year earlier, to $297.9 million,
patio furniture. partly due to supply-chain
The slowdown marks a shift problems and the impact of the
from the past two years, when
sales of mattresses and other
Covid-19 wave caused by the
Omicron variant.
furniture surged as consumers Sleep Number’s products in-
ByteDance Taps New Finance Chief Amid IPO Problems
BY LIZA LIN
SINGAPORE—ByteDance
Ltd., the Chinese owner of
ANTHONY KWAN FOR THE WALL STREET JOURNAL
short-video platform TikTok,
appointed a senior China-fo-
cused lawyer as their new
chief financial officer, filling a
post that has been vacant for
months as the company’s
plans for an initial public of-
fering have stalled.
Julie Gao, a Hong Kong-
based former senior partner at
law firm Skadden, Arps,
Slate, Meagher & Flom LLP,
will be joining the company as
Julie Gao previously advised on its top finance executive, ac-
tech IPOs, including Meituan’s. cording to a letter to staff
$167,000
Get Expert
Insights on
©2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8872
Student Debt in
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BUSINESS NEWS
clude chips for controlling the
firmness of a mattress and ad-
justing the bed base to raise
and lower the head and foot of
the bed. Net sales in the quar-
ter ended April 2 declined 7%
from a year earlier, to $527.1
million, due to a constrained
supply of computer chips,
while customer demand fell
3%. Earnings fell to $2.1 million
from $66.6 million.
The company, which has a
backlog of orders that is $200
million higher than normal lev-
els, said it expects to deliver
fewer beds in the second quar-
ter than it did in the first.
Mr. Callen said Sleep Num-
ber offered additional promo-
tions after sales began to slow.
That came after the company
raised prices several times last
year to offset higher labor,
shipping and commodities
costs.
Prices on Sleep Number’s
technology-enhanced mat-
tresses range from about $900
to about $5,000, according to
the company’s website.
Sleep Number also sus-
pended share repurchases
when it saw a drop in demand
in March, Mr. Callen said. The
seen by The Wall Street Jour-
nal that was verified by the
company. Ms. Gao is known in
the industry for her role ad-
vising on the initial share
sales of large Chinese technol-
ogy startups.
The CFO position has been
empty since last November,
when Shou Zi Chew, the cur-
rent head of TikTok, stepped
aside to focus on his position
as chief executive officer at
the short-video platform.
Ms. Gao’s hiring comes as
the Chinese technology com-
pany faces an impasse in its
quest for an IPO. The Beijing-
based company indefinitely
79,00
0
B
DE T
W
HEE
00
4,0
THE WALL STREET JOURNAL.
ETIENNE LAURENT/EPA/SHUTTERSTOCK
Sleep Number faces slowing sales growth and supply-chain problems. A company exhibit.
company bought $42 million of supply-chain issues, he said. Sealy on March 31 said that its
its own shares during the quar- Growing pessimism among sales came in below expecta-
ter ended April 2, down from consumers has begun to weigh tions following the Presidents
$167 million a year earlier. on sales for big-ticket pur- Day holiday in February due to
“We’re being very cautious,” he chases such as mattresses, said macroeconomic factors includ-
said. Atul Maheswari, an analyst at ing falling consumer confi-
Sleep Number faces continu- UBS Group AG. Consumer con- dence. The company said it
ing supply-chain challenges fidence began to tumble last would delay the launch of a
due to the global semiconduc- year as prices rose and house- new international product line
tor shortage. The company is holds spent the cash they got from this year until 2023.
also being hit by Covid-19-re- from pandemic-stimulus pro- The company, which reports
lated factory closures and grams. Inflation in March ac- first-quarter results Thursday,
slowdowns in Shanghai, where celerated to a four-decade high said it expects year-to-year
a key chip supplier is located, of 8.5%. net-sales growth of 15%, down
Mr. Callen said. “We’re going “Consumers need to feel from the previous quarter.
to be operating, in effect, inef- confident about themselves.
ficiently,” meaning the com- Overall consumer confidence
CFO JOURNAL
pany expects a lower volume of
bed deliveries in the coming
matters a lot for this type of
purchase,” Mr. Maheswari said. WSJ
.COM
wsj.com/news/
weeks as it works through its Mattress company Tempur cfo-journal
put on hold its intentions to staff to turn their annual bonus the school newspaper and
list offshore early last year af- into options at the same rate. practiced hard-tipped brush
ter government officials told Current employees said they pen Chinese calligraphy.
the company to focus on ad- were reluctant to exchange According to her profile
dressing data-security risks, their bonus for stock options, page on the law firm’s web-
the Journal reported in July. as the company had shelved site, Ms. Gao has advised on
ByteDance, one of the their IPO plan, and they were the initial share sale and other
world’s most valuable technol- worried the weaker market en- capital market activities of
ogy startups, counts Carlyle vironment might weigh on any large technology companies
Group Inc. and Sequoia Capital possible IPO performance. including Meituan and JD.com
among its investors. Born in Shanghai, Ms. Gao Inc. while at Skadden.
This month, ByteDance studied law as an undergradu- She provided advice to
started a round of stock-option ate at China’s Peking Univer- ByteDance when the company
buybacks from employees at sity, after her father strongly sought to acquire Musical.ly
$142 per share, a 7.6% increase encouraged her to do so, be- and gaming company Shanghai
from an earlier buyback last lieving it would be a useful Moonton Technology Co., and
October, people familiar with major, she told the Journal in helped the Chinese tech com-
the matter said. The company an interview in 2019. At col- pany navigate several rounds
also allowed top-performing lege, she was a reporter for of private-equity financing.
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THE WALL STREET JOURNAL. Tuesday, April 26, 2022 | B7

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B8 | Tuesday, April 26, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
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Metal & Petroleum Futures June 136.850 136.850 134.450 135.425 –3.000 133,215 June .7253 .7255 .7140 .7172 –.0071 146,807 Mini S&P Midcap 400 (CME)-$100 x index
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mexican Peso (CME)-MXN 500,000; $ per MXN June 2574.10 2595.40 2523.90 2592.80 15.10 47,994
Contract Open 2600.60
May 110.600 110.725 107.100 107.800 –4.050 2,409 May .04929 .00012 10 Sept 15.10 2
Open High hi lo Low Settle Chg interest
June 117.325 117.900 114.025 114.025 –4.750 77,328 June .04894 .04911 .04834 .04902 .00011 162,500 Mini Nasdaq 100 (CME)-$20 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Euro (CME)-€125,000; $ per € June 13334.25 13549.75 13184.00 13535.75 182.25 235,392
April 4.4800 4.4800 4.4110 4.4490 –0.1335 1,224 May 980.20 1017.30 945.60 1015.00 12.40 1,049 May 1.0815 1.0820 t 1.0706 1.0719 –.0076 2,370 Sept 13365.75 13587.75 13226.25 13573.75 181.50 2,206
July 4.6020 4.6220 4.4300 4.4720 –0.1300 104,739 914.00 –21.60 Mini Russell 2000 (CME)-$50 x index
July 921.00 924.80 878.60 1,334 June 1.0831 1.0840 t 1.0718 1.0732 –.0076 673,704
Gold (CMX)-100 troy oz.; $ per troy oz. Milk (CME)-200,000 lbs., cents per lb. June 1931.50 1953.00 1903.50 1950.60 11.90 468,558
April 1925.00 1925.00 1889.30 1893.20 –37.80 627 24.32 1952.60
May 1932.30 1932.30 t 1890.00 1893.30 –38.30 3,143
April 24.32 24.33 24.30 … 4,626 Index Futures Sept 1935.00 1954.50 1906.60 11.90 405
May 24.77 25.03 24.59 24.68 .13 5,684 Mini Russell 1000 (CME)-$50 x index
June 1931.90 1935.50 1891.80 1896.00 –38.30 459,074 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini DJ Industrial Average (CBT)-$5 x index June 2330.10 2368.40 2314.90 2367.60 15.60 12,132
Aug 1937.40 1942.60 1898.80 1903.00 –38.40 56,730 May 2,512 2,512 t 2,430 2,432 –74 288 June 33644 34021 33230 33965 237 78,837 U.S. Dollar Index (ICE-US)-$1,000 x index
Oct 1942.00 1942.00 1906.00 1910.40 –38.60 12,902 July 2,529 2,535 2,482 2,487 –67 100,751 Sept 33645 34015 33251 33967 231 579 June 101.11 101.87 s 101.05 101.77 .56 52,887
Dec 1955.20 1957.80 1914.40 1918.60 –39.40 29,638 Coffee (ICE-US)-37,500 lbs.; cents per lb. 101.53 s 101.49
Mini S&P 500 (CME)-$50 x index Sept 100.94 100.89 .56 490
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 226.40 226.40 221.20 220.80 –6.50 916 June 4259.00 4296.50 4195.25 4292.75 25.50 2,159,953
April 2116.40 –256.60 1 July 225.00 226.25 220.30 220.70 –6.45 98,239
Sept 4264.75 4300.00 4200.00 4297.25 25.00 17,022 Source: FactSet
June 2363.50 2363.50 2058.50 2122.10 –254.20 5,870 Sugar-World (ICE-US)-112,000 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. May 19.15 19.15 18.87 18.95 –.29 59,812
April 903.70 903.70 t 899.40 902.30 –22.80 51 July 19.12 19.12 18.81 18.88 –.33 386,469
July 924.00 927.90 t 901.40
Silver (CMX)-5,000 troy oz.; $ per troy oz.
905.00 –22.40 55,726 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
July 36.60 .15 1,270
Bonds | wsj.com/market-data/bonds/benchmarks
April 23.668 –0.589 27 Cotton (ICE-US)-50,000 lbs.; cents per lb.
July 24.255 24.305 23.475 23.730 –0.588
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl.
101,585 May 138.32 139.00 138.32 141.41 1.95 56 Tracking Bond Benchmarks
July 135.76 136.26 132.33 135.41 –.44 97,594
June 101.38 101.55 95.28 98.54 –3.53 295,195 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
July 100.38 100.68 94.47 97.67 –3.38 155,522 May 175.50 175.50 170.35 173.70 –5.95 2,463 highs and lows for different types of bonds
Sept 97.45 97.89 92.27 95.18 –2.98 99,693 July 173.00 174.35 167.05 172.90 –3.10 8,916 Total Total
Dec 92.85 93.48 88.70 91.12 –2.56 242,529
return YTD total Yield (%) return YTD total Yield (%)
June'23 86.22 87.04 83.09 85.06 –1.99 113,652
Interest Rate Futures close return (%) Index Latest Low High close return (%) Index Latest Low High
Dec 81.80 82.53 79.28 80.91 –1.63 131,981
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
May 3.9544 4.1366 3.8170 4.0909 .1523 24,288 June 160-240 163-180 160-160 162-150 1-16.0 1,288,758
June 3.6255 3.6875 3.4818 3.6541 .0183 65,002 Sept 161-200 1-03.0 2 2042.70 -9.0 U.S. Aggregate 3.430 1.340 3.480 2022.21 -8.0 Mortgage-Backed 3.650 1.590 3.650
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
June 140-040 142-120 139-280 141-170 1-14.0 1,132,169 U.S. Corporate Indexes Bloomberg Fixed Income Indices 1987.73 -7.0 Ginnie Mae (GNMA) 3.660 1.610 3.660
May 3.2986 3.2986 3.1372 3.2398 –.0652 41,463
June 3.2681 3.2811 3.1189 3.2206 –.0654 105,021 Sept 140-170 1-13.0 1,331 -8.1 Fannie mae (FNMA) 3.650 1.580 3.650
3003.36 -11.9 U.S. Corporate 4.190 1.910 4.250 1190.62
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Treasury Notes (CBT)-$100,000; pts 32nds of 100%
May 6.414 6.966 6.345 6.669 .135 19,626 June 118-305 120-060 118-265 119-195 21.5 3,664,278 2842.50 -7.5 Intermediate 3.910 1.260 3.990 1825.07 -8.5 Freddie Mac (FHLMC) 3.640 1.570 3.640
June 6.517 7.112 6.471 6.805 .142 130,948 Sept 119-050 24.0 6,133
July 6.602 7.194 6.557 6.891 .138 162,905 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 4154.42 -18.7 Long term 4.670 2.900 4.730 553.29 -8.1 Muni Master 2.877 0.687 2.877
Sept 6.558 7.125 6.523 6.845 .143 81,508 June 112-160 113-102 112-125 112-280 13.7 3,811,457
Sept 112-142 14.2 650 593.17 -12.4 Double-A-rated 3.650 1.650 3.720 388.92 -8.6 7-12 year 2.886 0.687 2.886
Oct 6.567 7.141 6.527 6.852 .139 94,179
Jan'23 6.890 7.449 6.848 7.169 .135 61,127 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% 795.76 -12.2 Triple-B-rated 4.470 2.110 4.530 443.20 -9.9 12-22 year 3.230 1.000 3.230
June 105-113 105-220 105-093 105-147 5.6 2,267,690
Agriculture Futures Sept 105-061 105-077 105-061 105-013 5.6 69 High Yield Bonds ICE BofA 426.56 -12.2 22-plus year 3.731 1.443 3.731
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Corn (CBT)-5,000 bu.; cents per bu. April 99.6675 99.6700 99.6675 99.6675 .0000 516,839 483.73 -7.3 High Yield Constrained 6.787 3.796 6.787 Global Government J.P. Morgan†
May 796.75 802.00 784.75 800.25 7.25 137,647 May 99.2200 99.2300 99.2200 99.2250 .0100 358,265 Global Government 1.930 0.720 1.980
470.48 -6.6 Triple-C-rated 10.834 6.304 10.834 558.62 -6.8
July 793.75 799.25 781.00 798.00 9.00 652,284 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100%
Oats (CBT)-5,000 bu.; cents per bu. June 87-195 88-035 86-160 87-165 23.5 12,665 3218.22 -7.4 High Yield 100 6.589 3.162 6.589 778.30 -7.2 Canada 2.740 1.230 2.810
May 721.25 745.75 713.50 715.25 –6.00 314 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg.
July 720.75 741.50 708.50 714.25 –4.25 1,910 March 99.4850 99.4875 99.4800 99.4850 .0050 528,610 423.74 -7.9 Global High Yield Constrained 6.875 3.968 6.875 374.06 -7.8 EMU§ 1.517 0.163 1.568
Soybeans (CBT)-5,000 bu.; cents per bu. June'23 96.6900 96.9550 96.6700 96.8100 .1350 619,651
May 1715.00 1723.25 1685.75 1703.50 –12.50 79,267 326.26 -6.5 Europe High Yield Constrained 4.894 2.304 4.894 700.03 -7.9 France 1.350 0.080 1.400
Eurodollar (CME)-$1,000,000; pts of 100%
July 1687.00 1695.50 1656.50 1675.25 –12.75 302,707
May 98.4525 98.4725 98.4300 98.4525 .0375 123,903 U.S Agency Bloomberg Fixed Income Indices 498.25 -7.2 Germany 0.790 -0.410 0.860
Soybean Meal (CBT)-100 tons; $ per ton. June 98.1100 98.1500 98.1050 98.1150 .0400 1,033,006
May 458.60 460.00 452.00 452.40 –6.40 41,648
Dec 96.8400 96.9850 96.7950 96.8950 .1200 1,360,290 1734.75 -5.5 U.S Agency 2.870 0.640 2.930 288.14 -2.2 Japan 0.580 0.260 0.600
July 452.00 453.00 445.20 445.60 –6.50 193,794
Dec'23 96.5650 96.8250 96.5400 96.6600 .1150 1,245,455 1526.51 -4.7 10-20 years 2.820 0.520 2.880 545.42 -8.5 Netherlands 1.020 -0.290 1.080
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
May 83.60 84.57 80.21 82.74 –.52 33,165
July 80.90 82.04 78.00 80.08 –.43 164,612 Currency Futures 3585.41 -14.5 20-plus years 3.530 1.890 3.620 941.85 -9.2 U.K. 1.870 0.720 2.040
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Japanese Yen (CME)-¥12,500,000; $ per 100¥ 2616.52 -9.3 Yankee 3.840 1.510 3.890 796.96 -13.3 Emerging Markets ** 6.613 4.516 6.613
May 16.13 16.56 16.02 16.30 .10 1,418 May .7772 .7846 .7765 .7815 .0034 981
July 16.48 16.90 16.37 16.67 .11 6,711 June .7790 .7853 .7771 .7822 .0034 241,477 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Wheat (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 1065.75 1080.00 1045.75 1062.00 –3.50 17,660 May .7858 .7867 .7826 .7855 –.0005 829
July 1081.75 1089.50 1055.75 1072.50 –2.75 174,632 June .7864 .7868 .7824 .7854 –.0005 144,556
Wheat (KC)-5,000 bu.; cents per bu.
May 1149.50 1156.00 1132.50 1145.25 2.50 10,493
British Pound (CME)-£62,500; $ per £
May 1.2801 t 1.2698
1.2836 1.2733 –.0090 919
Global Government Bonds: Mapping Yields
July 1156.75 1163.75 1138.50 1153.00 3.50 97,659 June 1.2833 t 1.2696
1.2840 1.2732 –.0090 264,368 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Swiss Franc (CME)-CHF 125,000; $ per CHF
April 157.400 157.400 156.275 156.550 –1.400 1,562 June 1.0470 1.0498 t 1.0441 1.0448 –.0026 46,963 selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Aug 175.450 176.025 173.450 174.500 –2.400 21,171 Sept 1.0560 1.0568 t 1.0514 1.0520 –.0025 205
Cattle-Live (CME)-40,000 lbs.; cents per lb. Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Australian Dollar (CME)-AUD 100,000; $ per AUD Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
April 141.000 141.000 138.800 139.100 –3.350 2,735 May .7205 .7250 .7137 .7169 –.0071 139
2.250 U.S. 2 2.628 t l 2.713 2.299 0.157
1.875 10 2.825 t l 2.905 2.491 1.566

Cash Prices | wsj.com/market-data/commodities Monday, April 25, 2022 2.750 Australia 2 2.397 l 2.397 1.589 0.087 -23.7 -30.2 -7.1
1.000 10 3.132 l 3.132 2.775 1.688 30.3 23.6 12.4
These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
separate from the futures price on an exchange, which reflects what the commodity might be worth in future 0.000 France 2 0.165 t l 0.273 -0.122 -0.647 -246.3 -242.5 -80.5
months. 0.000 10 1.316 t l 1.412 1.010 0.085 -151.3 -148.4 -147.9
Monday Monday Monday 0.000 Germany 2 0.142 t l 0.283 -0.136 -0.694 -249.2 -241.6 -85.1
Iron Ore, 62% Fe CFR China-s 135.8 Wheat,Spring14%-pro Mnpls-u 13.5750
Energy 0.000 10 0.838 t l 0.972 0.589 -0.255 -199.0 -192.4 -181.9
Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 10.7125
Coal,C.Aplc.,12500Btu,1.2SO2-r,w 117.050 Steel, HRC USA, FOB Midwest Mill-s 1460 Wheat - Hard - KC (USDA) $ per bu-u 11.5800 0.000 Italy 2 0.547 t l 0.612 0.196 -0.334 -208.8 -208.7 -49.1
Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.700 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 10.9250 0.950 10 2.586 t l 2.670 2.081 0.786 -22.6 -77.9
-24.3
Metals BMI Lithium Carbonate, EXW China, =99.2%-v,k 78350 Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,k 77950
0.005 Japan 2 -0.050 s l -0.054 -0.029 -0.132 -268.4 -275.3 -28.9
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 18881 Beef,carcass equiv. index 0.200 10 0.251 s l 0.250 0.240 0.069 -257.8 -264.6 -149.5
Engelhard industrial 1897.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6794 choice 1-3,600-900 lbs.-u 233.42
select 1-3,600-900 lbs.-u 222.44 0.000 Spain 2 0.472 t l 0.536 0.114 -0.478 -216.2 -216.3 -63.5
Handy & Harman base 1895.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 695
Handy & Harman fabricated 2103.45 Broilers, National comp wtd. avg.-u,w 1.6741 0.700 10 1.842 t l 1.914 1.441 0.406 -98.7 -98.2 -115.8
LBMA Gold Price AM *1942.00
Fibers and Textiles Butter,AA Chicago-d 2.6575
Cheddar cheese,bbl,Chicago-d 237.00 0.125 U.K. 2 1.565 t l 1.721 1.418 0.052 -107.0 -97.8 -10.5
LBMA Gold Price PM *1941.55 Burlap,10-oz,40-inch NY yd-n,w 0.8475
Krugerrand,wholesale-e 1971.06 Cheddar cheese,blk,Chicago-d 239.25 4.250 10 1.840 t l 1.968 1.697 0.746 -98.8 -92.8 -81.8
Cotton,1 1/16 std lw-mdMphs-u 1.3441
Maple Leaf-e 1990.01 Milk,Nonfat dry,Chicago lb.-d 175.50
Cotlook 'A' Index-t *156.50 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
American Eagle-e 1990.01 Coffee,Brazilian,Comp-y 2.2770
Hides,hvy native steers piece fob-u n.a. Coffee,Colombian, NY-y 2.9461
Mexican peso-e 2293.10
Austria crown-e 1860.72
Wool,64s,staple,Terr del-u,w n.a. Eggs,large white,Chicago-u 2.3750 Corporate Debt
Grains and Feeds Flour,hard winter KC-p 31.50
Austria phil-e 1990.01
Hams,17-20 lbs,Mid-US fob-u n.a.
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 101.07 expectations
Engelhard industrial 23.6500 Bran,wheat middlings, KC-u 175
Handy & Harman base 23.5950 Corn,No. 2 yellow,Cent IL-bp,u 7.7900
Pork bellies,12-14 lb MidUS-u n.a. Investment-grade spreads that tightened the most…
Pork loins,13-19 lb MidUS-u 1.2349
Handy & Harman fabricated 29.4940 Corn gluten feed,Midwest-u,w 236.4 Steers,Tex.-Okla. Choice-u n.a.
Spread*, in basis points
LBMA spot price *£18.8600 Corn gluten meal,Midwest-u,w 683.4 Steers,feeder,Okla. City-u,w 175.63 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
(U.S.$ equivalent) *24.3450 Cottonseed meal-u,w 355
Coins,wholesale $1,000 face-a 20351 Hominy feed,Cent IL-u,w 180 Fats and Oils Royal Bank of Canada RY 2.250 3.22 Nov. 1, ’24 60 –14
n.a.
Other metals Meat-bonemeal,50% pro Mnpls-u,w 375 Degummed corn oil, crude wtd. avg.-u,w 73.7500
LBMA Platinum Price PM *940.0 Oats,No.2 milling,Mnpls-u 7.1425 Grease,choice white,Chicago-h 0.7300 GA Global Funding Trust GBLATL 3.850 4.01 April 11, ’25 121 –12
n.a.
Platinum,Engelhard industrial 922.0 Rice, Long Grain Milled, No. 2 AR-u,w 31.25 Lard,Chicago-u n.a.
Palladium,Engelhard industrial 2145.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.8851 Bank of America BAC 3.950 3.86 April 21, ’25 106 –8
n.a.
Aluminum, LME, $ per metric ton *3244.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 479.30 Tallow,bleach;Chicago-h 0.7600
Copper,Comex spot 4.4490 Soybeans,No.1 yllw IL-bp,u 16.8600 Tallow,edible,Chicago-u n.a. GE Capital International Funding … 4.418 4.39 Nov. 15, ’35 157 –7
148

Johnson & Johnson JNJ 4.850 4.22 May 15, ’41 114 –7
KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; n.a.
K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 4/22 Wells Fargo WFC 3.900 4.45 May 1, ’45 138 –6
Source: Dow Jones Market Data
n.a.

John Deere Capital … 3.350 3.61 April 18, ’29 76 –5

n.a.

Exchange-Traded Portfolios | WSJ.com/ETFresearch Morgan Stanley MS 3.875 3.42 April 29, ’24 84 –5
82
Closing Chg YTD
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) …And spreads that widened the most
Closing Chg YTD iShRussell2000 IWM 193.85 0.61 –12.9
Monday, April 25, 2022 Credit Agricole ACAFP 3.250 3.55 Oct. 4, ’24 100 34
ETF Symbol Price (%) (%) iShRussell2000Val IWN 154.58 0.01 –6.9 n.a.
Closing Chg YTD iShRussellMid-Cap IWR 74.98 0.52 –9.7
ETF Symbol Price (%) (%) iShCoreUSAggBd AGG 103.63 0.67 –9.2 24
iShRussellMCValue IWS 116.68 –0.01 –4.7 Delta Air Lines DAL 7.000 4.32 May 1, ’25 159 146
CnsmrDiscSelSector XLY 177.09 0.72 –13.4 iShSelectDividend DVY 127.65 –0.41 4.1 iShRussell1000 IWB 236.99 0.63 –10.4
CnsStapleSelSector XLP 79.59 0.44 3.2 iShESGAwareUSA ESGU 95.70 0.61 –11.3 iShS&P500Growth IVW 69.95 1.05 –16.4 12
DimenUSCoreEq2 DFAC 26.38 0.61 –8.9 iShEdgeMSCIMinUSA USMV 76.17 0.41 –5.8 Altria MO 5.375 5.74 Jan. 31, ’44 267 252
iShS&P500Value IVE 152.87 0.09 –2.4
EnSelectSectorSPDR XLE 73.68 –3.31 32.8 iShEdgeMSCIUSAQual QUAL 127.85 0.83 –12.2 iShShortTreaBd SHV 110.18 0.01 –0.2
ArcelorMittal MTNA 4.250 4.56 July 16, ’29 177 11
FinSelSectorSPDR XLF 36.23 0.17 –7.2 iShGoldTr IAU 36.06 –1.80 3.6 iShTIPSBondETF TIP 121.33 –0.07 –6.1 n.a.
HealthCareSelSect XLV 134.57 0.67 –4.5 iShiBoxx$HYCpBd HYG 79.93 0.85 –8.1 iSh1-3YTreasuryBd SHY 83.01 0.16 –3.0
IndSelSectorSPDR XLI 98.43 ... –7.0 iShiBoxx$InvGrCpBd LQD 114.68 1.11 –13.5 iSh7-10YTreasuryBd IEF 103.40 0.64 –10.1 American Airlines AAL 2.875 3.93 July 11, ’34 113 10
InvscQQQI QQQ 329.58 1.28 –17.2 iShJPMUSDEmgBd EMB 93.17 1.17 –14.6 n.a.
iSh20+YTreasuryBd TLT 121.19 1.00 –18.2
InvscS&P500EW RSP 152.85 0.30 –6.1 iShMBSETF MBB 98.24 0.55 –8.6
iShUSTreasuryBdETF GOVT 24.25 0.48 –9.1 HSBC Holdings HSBC 6.500 5.22 Sept. 15, ’37 240 8
iShCoreDivGrowth DGRO 52.14 0.52 –6.2 iShMSCI ACWI ACWI 94.53 0.16 –10.6
JPM UltShtIncm JPST 50.22 0.02 –0.5
226
iShCoreMSCIEAFE IEFA 66.22 –0.48 –11.3 iShMSCI EAFE EFA 70.13 –0.48 –10.9
ProShUltPrQQQ TQQQ 43.05 3.71 –48.2
Macquarie Bank MQGAU 4.875 4.30 June 10, ’25 158 8
iShCoreMSCIEM IEMG 52.04 –0.76 –13.1 iShMSCIEmgMarkets EEM 42.07 –0.73 –13.9
SPDRBlm1-3MTB BIL 91.43 0.01 ... n.a.
iShCoreMSCITotInt IXUS 63.09 –0.60 –11.1 iShMSCIEAFEValue EFV 48.45 –0.76 –3.8
SPDR Gold GLD 177.05 –1.80 3.6
iShCoreS&P500 IVV 430.42 0.62 –9.8 iShNatlMuniBd MUB 106.79 0.01 –8.2 Lloyds Banking LLOYDS 4.650 4.49 March 24, ’26 171 7
SPDRS&P500Value SPYV 41.02 0.15 –2.3 n.a.
iShCoreS&P MC IJH 258.88 0.57 –8.5 iSh1-5YIGCorpBd IGSB 51.14 0.41 –5.1
SPDRPtfS&P500 SPLG 50.40 0.60 –9.7
iShCoreS&P SC IJR 103.51 0.26 –9.6 iShPfd&Incm PFF 34.41 0.23 –12.7
SPDRS&P500Growth SPYG 60.59 1.08 –16.4
iShS&PTotlUSStkMkt ITOT 95.59 0.62 –10.6 iShRussell1000Gwth IWF 255.31 1.30 –16.5
SchwabIntEquity SCHF 34.91 –0.54 –10.2 High-yield issues with the biggest price increases…
iShCoreTotalUSDBd IUSB 48.02 0.69 –9.3 iShRussell1000Val IWD 161.96 0.03 –3.6
SchwabUS BrdMkt SCHB 50.53 0.66 –10.6 Bond Price as % of face value
SchwabUS Div SCHD 77.92 0.21 –3.6
SchwabUS LC SCHX 50.96 0.65 –10.5
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
SchwabUS LC Grw SCHG 68.08 1.19 –16.8
ADVERTISEMENT SchwabUS SC SCHA 45.08 –12.0 OneMain Finance OMF 7.125 6.17 March 15, ’26 103.250 0.50
0.78 103.470
Schwab US TIPs SCHP 59.31 –0.05 –5.7
0.26
The Marketplace
SPDR DJIA Tr DIA 340.56 0.68 –6.3 QVC QVCN 4.375 4.23 March 15, ’23 100.125 99.925
SPDR S&PMdCpTr MDY 473.52 0.59 –8.5
SPDR S&P 500 SPY 428.51 0.58 –9.8 0.25
SPDR S&P Div SDY 128.48 –0.17 –0.5
FirstEnergy FE 7.375 5.23 Nov. 15, ’31 116.000 119.823
To advertise: 800-366-3975 or WSJ.com/classifieds TechSelectSector XLK 145.23 –16.5
1.50
Sprint Capital … 8.750 5.13 March 15, ’32 127.750 0.25
UtilitiesSelSector XLU 73.74 –0.69 3.0 129.500
VanEckGoldMin GDX 35.67 –3.44 11.4
BUSINESS OPPORTUNITIES COMMERCIAL REAL ESTATE VangdInfoTech VGT 378.73 –17.3 0.23
1.63 Ball BLL 4.000 3.58 Nov. 15, ’23 100.625 100.990
VangdSC Val VBR 170.80 0.23 –4.5
VangdExtMkt VXF 155.33 1.02 –15.1 0.13
Navient NAVI 6.125 5.70 March 25, ’24 100.750 101.500
  
 
   VangdSC Grwth VBK 232.58 1.38 –17.5
+,
 

     

VangdDivApp VIG 158.53 0.67 –7.7

-
VangdFTSEDevMk
VangdFTSE EM
VEA
VWO
45.68
43.13
–0.59
–1.03
–10.5
–12.8
…And with the biggest price decreases
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VangdFTSEAWxUS
VGK
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54.55
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64.563
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VangdHlthCr VHT 248.58 0.72 –6.7 American Airlines AAL 11.750 6.34 July 15, ’25 115.500 114.932

   
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   -   VangdIntrCorpBd VCIT 82.54 0.72 –11.0 8.92 95.970 –0.82


Dish DBS … 7.750 July 1, ’26 98.072
    
! VangdLC VV 196.83 0.62 –10.9
VangdMC VO 227.74 0.43 –10.6 –0.78
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1211 VangdMC Val VOE 147.04 –0.35 –2.2
Yum! Brands YUM 6.875 6.17 Nov. 15, ’37 107.000 109.450


 %% &'%() *$"#"#++" VangdRealEst VNQ 109.48 –0.26 –5.6
–0.75
VangdS&P500ETF VOO 393.80 0.55 –9.8 Bath & Body Works BBWI 5.250 5.90 Feb. 1, ’28 96.875 97.625

 

 VangdST Bond BSV 77.19 0.25 –4.5

 
  

 VangdSTCpBd VCSH 77.12 0.39 –5.1 Ford Motor F 4.750 6.42 Jan. 15, ’43 81.000 –0.47
84.039
VangdShtTmInfltn VTIP 50.68 –0.06 –1.4
  
 
 VangdSC VB 203.45 0.65 –10.0
Embarq … 7.995 9.03 June 1, ’36 91.813 –0.44
93.125
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VangdTotalBd
VTEB
BND
50.25
76.78
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0.63
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 Navient NAVI 6.750 6.23 June 25, ’25 101.450 –0.43
VangdTotIntlBd BNDX 51.23 0.39 –7.1 n.a.
      VangdTotIntlStk VXUS 56.62 –0.68 –10.9

 
  
   

 
 
    
    
  VangdTotalStk VTI 215.39 0.55 –10.8 *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.
!"#$#$$ VangdTotlWrld VT 95.89 0.11 –10.7 Note: Data are for the most active issue of bonds with maturities of two years or more
VangdValue VTV 145.28 –0.01 –1.2 Source: MarketAxess
THE WALL STREET JOURNAL. Tuesday, April 26, 2022 | B9

NEW HIGHS AND LOWS

  
        
   
                        
   
      !     "              
    
  "     
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American  #           #       

            $ 

  

and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest  %#      

 
      

    
  &  %'      
 $ 
 (  $ 

session. % CHG-Daily percentage change from the previous trading session.  
   #   )         
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       #  %   
     
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   #    

Monday, April 25, 2022

Stock
52-Wk %
Sym Hi/Lo Chg Stock
BlackLine BL
52-Wk %
Sym Hi/Lo Chg Stock
64.50 3.9 FidelityD&D
52-Wk %
Sym Hi/Lo Chg
FDBC 38.56 -0.4
Notice of Offer to Purchase
Highs
AGBAAcquisition AGBA
AdamsRes AE
11.28 0.2
39.89 -2.2
BlackRock

BlueWaterVac
BLK
BlockchainCoinWt BCSAW
BWV
BlueWhaleAcqnIWt BWCAW
648.00
0.28
4.51
0.50
0.8
-12.5
-5.6
-3.4
FidNatlFin
FinanceofAm
FNF
FOA
FinanceofAmWt FOA.WS
FinchTherap FNCH
39.77
2.32
0.20
2.52
0.3
3.3
12.9
-6.9
All Outstanding Shares of Common Stock
ApolloStratGrWt APSG.WS
AvalonAcqn
BiteAcqn
AVAC
BITE
1.78 7.7
10.01 -0.1
9.88 0.2
bluebirdbio
BoltBiotherap
Braskem
BLUE
BOLT
BAK
3.85
1.77
16.28
5.6
-3.2
0.3
FingerMotion FNGR
FirstBancshares FBMS
FirstCitizenPfdC FCNCO
2.00
32.15
23.17
-19.2
0.8
-1.6
of
BlockHR HRB 28.51 1.3 BridgewaterPfdA BWBBP 22.75 -0.7 FirstCitizBcshA FCNCA 611.47 1.6
BlueWorldA
BoxedWt
CTI BioPharma CTIC
BWAQ
BOXD.WS

CanterburyPark CPHC
9.93 0.1
1.65 13.8
5.42 5.2
24.99 9.6
BroadCapitalRt BRACR
BrookfldBRP4.875Nt BEPI
BrookfieldBus BBUC
0.10
18.39
26.73
-0.3
-0.2
-2.5
FirstCitizensPfdA FCNCP
FirstFinBncpOH FFBC
FirstFinBkshs FFIN
23.27
21.06
40.41
-0.2
0.6
-0.6
ANTARES PHARMA, INC.
CarticaAcqn
ChangeHlthcr
CITEU
CHNG
10.15 0.1
23.99 0.8
BrookfieldFinNts BAMI
BrookfieldNts2081 BIPH
BrookfldInfrPfdA14 BIPpB
18.97
19.15
18.88
-0.4
-0.1
-0.3
FirstHawaiian FHB
FirstHorizonPfdF FHNpF
FirstInterBanc FIBK
24.97
20.37
33.83
-2.8
...
-0.1
at
ChardanNex2 A CNTQ 10.28 ... 18.61 -1.9
ChefsWarehouse CHEF
CleanEarthA CLIN
38.11 3.8
9.94 -0.2
BrookfldInfrPfdA13 BIPpA
BrooklynImmuno BTX
Bruker BRKR
19.39
1.18
57.38
...
-4.0
...
FirstLongIsland FLIC
FirstRepBkPfdH FRCpH
FirstRepBkPfdI FRCpI
21.52
23.42
-0.3
...
$5.60 PER SHARE, NET IN CASH
CleanEarthWt CLINW 0.24 17.6
CleanEarthRt
Coca-Cola
CLINR
KO
0.20 53.7
67.20 1.1
BrunswickNts2049 BCpB
Buckle
BurconNutra
BKE
BRCN
25.10
30.30
0.67
-0.2
2.6
2.0
FirstRepubBkPfdN FRCpN
FirstWaveBioPharma FWBI
FirsthandTechVal SVVC
18.72
0.64
3.10
-0.2
4.1
0.9
Pursuant to the Offer to Purchase dated April 26, 2022
DataKnightsA DKDCA 10.22 0.1
EsquireFinancial ESQ
FinnovateAcqnA FNVT
39.09 0.4
10.50 0.2
BurningRockBio BNR
ByrnaTech
CASI Pharm
BYRN
CASI
5.96
6.65
0.55
-2.9
-0.9
-4.3
FirstService
Flagstar
FlexShopper
FSV
FBC
FPAY
128.17
38.35
1.17
-0.3
-0.3
4.1
by
GenesisGrowth GGAAU 10.11 0.4 CEA Inds CEAD 1.57 -0.6 Floor&Decor FND 77.85 2.0
HennessyCapVI HCVIU
ItiquiraAcqnA
J&J
JupiterAcqn
ITQ
JNJ
JAQC
10.45 1.0
9.85 ...
186.69 2.5
9.75 0.6
CFSB Bancorp
CHS PfdB2
CI Financial
CFSB

CIXX
CIIGCapPtrsIIWt CIIGW
9.55
CHSCN 25.66
13.82
0.30
-1.8
...
-0.4
-9.1
FluenceEnergy
FocusFinPtrs
ForesightAuto
Forian
FLNC
FOCS
FRSX
FORA
8.95
39.67
0.80
3.24
1.0
-0.7
...
-4.2
ATLAS MERGER SUB, INC.
KimbellTiger TGR.U 11.20 -0.1
LakeshoreAcqnII LBBBU 10.66 0.7
M3-BrigadeIII MBSC.U 10.58 3.9
CMSEngyPfdC CMSpC 18.90
CNOFinDeb2060 CNOpA 19.88
-1.3
-1.0
FortistarSustWt FSSIW
4D Molecular FDMT
0.25
11.87
-11.1
3.5
a wholly owned subsidiary
Curo CURO 11.50 -1.2 FoxFactory FOXF 84.06 1.7
MinorityEqualityA MEOA
NaborsEnerA NETC
10.60 ...
10.03 0.1
CableOne
CaesarsEnt
CABO 1310.11
CZR 64.60
1.0
2.9
Franchise7.5%PfdA FRGAP
FrankBSP PfdE FBRTpE
24.93
21.69
-1.0
0.2
of
NatlSecurity NSEC 16.45 0.2 Caesarstone CSTE 9.94 -1.1 FreelineTherap FRLN 0.90 -1.7
OPYAcqnIA

ParsecCap
PatriaLatAm
OHAA
PSBusinessParks PSB
PCXCU
9.90 0.6
189.83 11.8
10.99 -0.9
PLAOU 10.12 ...
CalitheraBiosci
Calyxt
CampingWorld CWH
CALA
CLXT

Canna-GlobalWt CNGLW
0.26
0.44
24.90
0.12
-13.6
-4.8
0.9
-1.0
FrequencyElec

fuboTV
FEIM
FrontierAcqnWt FRONW
FUBO
GAMCOGlbGoldPfB GGNpB
7.68
0.34
4.35
22.92
-7.2
-2.8
-2.2
-0.4
HALOZYME THERAPEUTICS, INC.
RF Acqn A RFAC 9.89 0.1 Cannae CNNE 22.46 3.1 GAN GAN 3.90 -1.0
Renren RENN 28.80 4.1
Atlas Merger Sub, Inc., a Delaware corporation (“Purchaser”) and a wholly owned subsidiary of Halozyme Therapeutics, Inc., a Delaware corporation
CanopyGrowth CGC 5.40 ... GMedInnovWt GMVDW 0.19 -11.8
SanabyHlthIA SANB 10.55 ... CapitalOnePfdK COFpK 19.08 0.6 G1Therapeutics GTHX 6.17 0.3 (“Parent”), is offering to purchase all of the outstanding shares of common stock, par value $0.01 per share (the “Shares”), of Antares Pharma, Inc., a
7Acqn SVNAU 10.16 0.5 CapitolFedFin CFFN 10.02 -0.2 GT Biopharma GTBP 2.07 -7.8 Delaware corporation (the “Company”), at a purchase price of $5.60 per Share in cash (the “Offer Price”), without interest and subject to any withholding of
SoundPointWt SPCMW 0.28 ... Cardlytics CDLX 37.09 0.2 GabelliMultiPfdG GGTpG 23.85 -0.5
Sylvamo SLVM 41.74 2.3 Carecloud MTBC 4.13 -2.6 GalianoGold GAU 0.45 -5.9
taxes required by applicable legal requirements, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated April 26, 2022, and in
TradeUPGlobal TUGCU 10.91 -7.7 CareTrustREIT CTRE 16.57 0.5 Generac GNRC 232.01 3.1 the related letter of transmittal (the “Letter of Transmittal” which, together with the Offer to Purchase, as they may be amended or supplemented from time
TrepontAcqnI TACA.U 10.54 0.8 Carlyle CG 39.33 2.1 GeneticTechs GENE 1.62 1.8 to time, collectively constitute the “Offer”).
CarMax KMX 87.49 0.1 Genetron GTH 1.88 -4.9
Lows CarrierGlobal
CarrolsRestr
CARR
TAST
40.78
1.79
0.7
-0.5
GeniusBrands
GeniusGroup
GNUS
GNS
0.71
5.54
-0.1
-4.2
Stockholders of record who tender directly to Equiniti Trust Company (the “Depositary”) will not be obligated to pay brokerage fees or commissions
ADC Therap ADCT 12.34 -0.1
Carvana CVNA 75.34 -3.0 GenoceaBiosci GNCA 0.30 -10.3 or, except as may be set forth in the Letter of Transmittal, stock transfer taxes with respect to the purchase of Shares by Purchaser pursuant to the Offer.
AFC Gamma AFCG 16.56 -0.8
AGBAAcqnRt AGBAR 0.14 -22.1
CascadeAcqnWt CAS.WS 0.13 -7.1 GeoVaxLabs GOVX 0.83 -3.8 Stockholders who hold their Shares through a broker, banker or other nominee should consult such institution as to whether it charges any service fees
Catalent CTLT 88.47 -0.6 GigaMedia GIGM 1.60 1.8
AG Mortgage MITT 7.11 -0.8 Cazoo CZOO 2.15 2.8 GladstonePfdG GOODO 23.94 -0.2
or commissions.
AG Mortgage PfdC MITTpC 20.79 ... 0.19 2.8 GladstonePfdE GOODN 24.88 -0.4
CazooWt CZOO.WS
AG Mortgage PfdB MITTpB 20.95 -0.5 2.81 0.3 GladstoneNts2028 GAINZ 23.87 -0.7
Cel-Sci CVM
AGNC Invt AGNC 11.26 0.7 Celcuity CELC 6.33 10.7 GladstoneNts2026 GAINN 24.67 0.1
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT ONE MINUTE FOLLOWING 11:59 P.M.,
a.k.a.Brands AKA 3.74 0.8 CellebriteDI CLBT 5.00 2.0 GlimpseGroup VRAR 4.49 -8.2
AMTD IDEA AMTD 2.02 -7.6 Cemex CX 4.22 ... GlobalCordBlood CO 3.51 -2.7
EASTERN TIME, ON MAY 23, 2022 (SUCH DATE, OR ANY SUBSEQUENT DATE TO WHICH THE
ASETech ASX 6.51 -0.2 Cemtrex CETX 0.43 -8.3 GlobalinkInvtRt GLLIR 0.11 -3.0
AXIS CapPfdE AXSpE 22.92 -0.2 CeridianHCM CDAY 56.03 3.3 GlobeLifeDeb2061 GLpD 19.30 0.7 EXPIRATION OF THE OFFER IS EXTENDED, THE “EXPIRATION DATE”), UNLESS THE OFFER IS
AXT AXTI 6.02 ... ChannelAdvisor ECOM 14.12 2.7 GloryStarNewMedia GSMG 0.80 -3.5
AberdeenIncmPfdA ACPpA 22.13 0.3 Charles&Colvard CTHR 1.35 -1.7 GloryStrNewMediaWt GSMGW 0.01 1.3 EXTENDED OR EARLIER TERMINATED.
AccelerateWt AAQC.WS 0.30 4.5 CharlesRiverLabs CRL 249.69 -7.2 Gogoro GGR 6.42 0.9
AclarionWt ACONW 0.60 -17.8 CharterComms CHTR 496.76 -0.9 GoGreenInvtsWt GOGN.WS 0.23 -18.2
AdagioTherap ADGI 2.83 4.1
The Offer is being made pursuant to an Agreement and Plan of Merger, dated as of April 12, 2022 (as it may be amended from time to time, the “Merger
CheckpointTherap CKPT 1.29 -2.2 GoldRoyalty GROY 3.59 -6.0
AdaptHealth AHCO 13.53 -1.2 ChembioDiagn CEMI 0.64 -3.3 GoldmanSachsPfD GSpD 19.48 2.7 Agreement”), among the Company, Parent and Purchaser. The Merger Agreement provides, among other things, that, unless otherwise agreed by the
AdaptiveBiotech ADPT 9.04 1.7 CherryHillMtg CHMI 6.82 -0.6 GoodTimesRest GTIM 3.21 -3.1 Company, Parent and Purchaser, at 8:00 a.m., Eastern Time, on the same date as the consummation of the Offer and subject to the satisfaction or waiver of
AddexTherap ADXN 4.06 -11.4 CherryHillPfdB CHMIpB 23.60 -1.7 GossamerBio GOSS 6.65 3.2
ADialPharm ADIL 1.49 ... ChewyA CHWY 33.34 0.1 Grab GRAB 2.72 0.4
certain conditions, Purchaser will merge with and into the Company pursuant to Section 251(h) of the General Corporation Law of the State of Delaware,
Adobe ADBE 401.67 1.3 ChimeraInvt CIM 9.91 -0.6 GrabWt GRABW 0.45 -0.4 as amended (the “DGCL”), upon the terms and subject to the conditions set forth in the Merger Agreement, with the Company continuing as the surviving
AegonNts2049 AEFC 21.64 0.3 ChimeraInvPfdA CIMpA 24.27 -0.2 Graco GGG 64.22 0.3
AeroCleanTech AERC 2.82 0.7
corporation and a wholly owned subsidiary of Parent (the “Merger”). In the Merger, each Share issued and outstanding immediately prior to the effective
ChromaDex CDXC 1.91 1.5 GranitePointMtg GPMT 9.85 0.7
AEternaZentaris AEZS 0.29 -1.3 Cimpress CMPR 58.39 1.3 GreatAjax AJX 9.30 -1.2 time of the Merger (the “Effective Time”) (other than Shares (a) held by the Company (or in the Company’s treasury), Parent, any other direct or indirect
AffiliatedNts61 MGRD 17.79 0.8 CircorIntl CIR 22.68 0.3 GreatElm GEG 1.49 -3.9 wholly owned subsidiary of Parent (other than Purchaser) or by stockholders of the Company who have properly exercised and perfected their statutory
AgilentTechs A 118.23 0.1 CitiTrends CTRN 26.63 1.7 GreenBrickPfdA GRBKpA 23.75 -0.5
AgiosPharm AGIO 23.73 2.8 CitiusPharm CTXR 1.08 -7.5 GreenbrookTMS GBNH 2.60 -6.6
rights of appraisal under Delaware law or (b) irrevocably accepted for purchase in the Offer) will be converted into the right to receive an amount in cash
Agrify AGFY 3.01 0.6 CitizensFinPfdE CFGpE 20.62 0.4 GreenidgeGen GREE 6.65 -2.6 equal to the Offer Price, without interest and subject to any withholding of taxes required by applicable legal requirements. As a result of the Merger, the
AIkidoPharma AIKI 0.31 -3.4 Citizens CIA 3.46 -6.1 GreenTree GHG 3.95 ...
AkebiaTherap AKBA 0.45 -0.2
Company will cease to be publicly traded.
ClarimAcqnWt CLRMW 0.20 4.8 Gritstone GRTS 2.95 -0.7
0.72 -2.4
Akerna
AkeroTherap
KERN
AKRO 10.05 3.9
CloopenGroup RAAS 1.25 -8.6 GromSocialEnts GROM 0.75 5.2   
    


 

  
       
 
     
 

 
Co-Diagnostics CODX 4.66 1.5 GrowGeneration GRWG 6.32 1.2
Akouos AKUS 3.20 2.1 Codexis CDXS 13.21 1.9 GpoAvalAcc AVAL 4.09 -1.4 withdrawn) pursuant to the Offer is subject to the conditions set forth in Section 15 of the Offer to Purchase (collectively, the “Offer Conditions”). Among
Akoya AKYA 9.51 -3.7 CoeurMining CDE 3.92 -6.6 HEXO HEXO 0.40 -4.3   

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AksoHealth AHG 0.93 -10.2
AlamoGroup ALG 130.36 -0.9
CoffeeHolding
CoherusBioSci
JVA
CHRS
3.02
9.34
-0.3
0.1
HH&L Acqn Wt HHLA.WS
HamiltonBeach HBB
0.18
10.31
-13.6
-0.8


 
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AlbertonAcqnWt ALACW 0.00 -55.6 Cohu COHU 25.06 2.3 HamiltonLane HLNE 69.41 3.0 
  
   
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ALEC 10.39 1.2
Alector
AlerusFinancial ALRS 25.35 -0.3
CoinbaseGlbl COIN 129.29 2.8 Hanesbrands HBI 13.51 0.3    ! '
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ColorStarTech CSCW 0.13 -8.3 HarpoonTherap HARP 2.68 -1.8
AlexcoRes AXU 1.15 -9.3 CommunityHlthSys CYH 8.80 -3.7 HarrowHealth HROW 6.57 -2.5 Condition” means that the number of Shares validly tendered and not validly withdrawn together with any Shares owned by Parent or any of its wholly
AlignTech ALGN 354.86 2.3 CommunityHlthcr CHCT 38.52 -0.4 HavertyFurn A HVT.A 25.60 -5.6 owned subsidiaries (including Purchaser) (but excluding Shares tendered pursuant to guaranteed delivery procedures that have not yet been “received”
Allakos ALLK 4.22 -0.2 25.11 -0.5
AllianceBernstein AB 39.09 -3.8
CerveceriasUnid CCU
comScore SCOR
13.06
2.18
0.6
-2.7
HavertyFurn
Hayward
HVT
HAYW 15.75 2.7
    
 

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AlliedMotionTech AMOT 25.17 -0.5 ComSovereign COMS 0.37 -13.9 HealthCatalyst HCAT 19.49 -1.7 the expiration of the Offer. The “%$ 

” means that any waiting period (and any timing agreements, any extensions of any waiting period, any
AlloVir ALVR 4.26 9.5 ComstockMining LODE 1.17 -8.4 Heartbeam BEAT 1.38 -3.8
AllstatePfdG ALLpG 24.50 ...
understandings or commitments obtained by request or other action of the U.S. Federal Trade Commission and/or the U.S. Department of Justice, as
ComtechTel CMTL 13.75 -1.4 Helbiz HLBZ 1.62 -3.4
AlphaStarWt ALSAW 0.05 ... ConcretePumping BBCP 5.55 -0.9 HelloGroup MOMO 4.26 -1.8 
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AlphaTeknova TKNO 12.30 -4.7 ConstellationI Wt CSTA.WS 0.24 -17.0 HighTide HITI 3.58 -0.3 been terminated or expired, as the case may be.
Alpine4 ALPP 0.85 1.4 ConsumersEnerPf CMSpB 94.76 -3.9 HighlandTranIWt HTPA.WS 0.28 -6.4
AltaEquipment ALTG 11.27 -0.5 ContainerStore TCS 7.52 2.2 HillIntl HIL 1.25 -3.1 The Board of Directors of the Company has unanimously: (i) determined that the Merger Agreement, the Offer and the Merger are fair to, and in the
AltairEngg ALTR 55.06 1.3
AltusPower AMPS 6.02 0.5
Cooper-Standard CPS
CorEnergyInfr CORR
5.98
2.50
6.4
-4.1
Hilltop
HimaxTechs
HTH
HIMX
25.30
8.55
-2.7
0.5
  
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AlumofChina ACH 11.14 -10.8 Corning GLW 33.21 1.8 HomePtCap HMPT 2.79 0.3 execution, delivery and performance by the Company of the Merger Agreement and the consummation of the transactions contemplated by the Merger
AmbacFin
AmbrxBio
AMBC
AMAM
7.46
3.68
-0.6
-3.4
CorsairGaming CRSR 15.69 -0.4 HomologyMed FIXX 1.75 2.2 '
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Cortexyme CRTX 3.65 4.3 HorizonGlobal HZN 3.85 -7.4
AmOutdoorBrands AOUT 12.67 1.4 CosmosHoldings COSM 0.89 -8.5 Hovnanian HOV 45.21 2.2 recommend that the Company’s stockholders accept the Offer and tender their Shares pursuant to the Offer.
AmerSoftware AMSWA 18.13 0.1 Coupang CPNG 13.96 1.4 HowmetAeroPfd HWMp 71.00 -2.6
AmerSupercond AMSC 5.89 ... Covetrus CVET 14.70 3.0 Hydrofarm HYFM 10.33 2.1
The Merger Agreement provides that, subject to the parties’ respective termination rights in the Merger Agreement, (a) if, as of the then-scheduled
AmerisBancorp ABCB 39.68 ... CreativeRealities CREX 0.66 5.1 HyreCar HYRE 1.46 8.7 )9
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AmnealPharm AMRX 3.78 -1.0 CredoTech CRDO 10.78 3.5 IAC/InterActive IAC 86.68 2.7
AnebuloPharm ANEB 4.17 -1.5 IES Holdings IESC 35.54 ...
or any other person), extend the Offer on one or more occasions, for an additional period of up to ten business days per extension, to permit such Offer
CrucibleAcqnWt CRU.WS 0.23 -6.0
AngionBiomed ANGN 1.37 -8.4 CryoCellInt CCEL 6.11 -3.7 IM Cannabis IMCC 1.25 -5.7 

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AnnalyCap
AnPacBioMed
NLY
ANPC
6.32
0.29
0.2
-9.8
Cryoport CYRX 24.79 -2.1 InvoBioScience INVO 1.56 -4.8 Securities and Exchange Commission (the “SEC”), the staff thereof or NASDAQ Global Select Stock Market (“NASDAQ;    # 

CuriosityStream CURI 2.23 -3.9 IPG Photonics IPGP 94.11 1.3
ApolloGlbMgmt APO 52.35 0.9 Curis CRIS 1.06 2.8 ITT ITT 70.16 0.7       
 
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AppliedDNA APDN 1.80 0.3 CyclacelPharm CYCC 1.87 2.6 Ichor ICHR 27.83 3.2 
  


   
 
 
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ApplMaterials AMAT 111.20 1.5
AppliedMolecular AMTI 3.63 -1.9
CyclerionTherap CYCN
CymaBayTherap CBAY
0.75
2.54
-2.7
0.8
Ideanomics
Identiv
IDEX
INVE
0.75
12.34
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Applovin APP 40.65 -0.2 CypressEnvl CELP 0.41 -34.5 IdexBiometrics IDBA 12.50 -2.3 the Company’s prior written consent is not permitted to, extend the Offer beyond the earlier to occur of (x) the valid termination of the Merger Agreement
ApyxMedical APYX
AquestiveTherap AQST
4.59
1.89
0.6
-4.5
CytekBiosci CTKB 9.22 1.9 iHeartMedia IHRT 16.98 2.3 

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CytomXTherap CTMX 1.93 -1.5 iMediaBrandsNts IMBIL 19.90 -4.4
ArchCapitalPfdG ACGLN 19.20 0.6 DilaCapitalWt DILAW 0.15 59.2 iMediaBrands IMBI 3.85 -2.2 If the Offer is consummated, Purchaser will not seek the approval of the Company’s remaining stockholders before effecting the Merger. Parent,
ArchimedesTech ATSPU 9.75 0.4 DIRTT Envl DRTT 1.14 2.6 ImmixBiopharma IMMX 1.37 5.6
ArdaghMetalWt AMBP.WS 1.25 -6.5 DMC Global BOOM 21.60 -2.8 ImmunityBio IBRX 4.12 -0.9
Purchaser and the Company have elected to have the Merger Agreement and the transactions contemplated thereby governed by Section 251(h) of the
Argan AGX 36.38 0.3 DTE EnergyDebE DTG 20.06 0.5 Immunovant IMVT 4.56 1.9 DGCL and agreed that, subject to the satisfaction or waiver of certain conditions, the Merger will be effected at 8:00 a.m., Eastern Time, on the same date
ArgoGroupNts42 ARGD 24.61 -0.3 DTE EnergyDeb77 DTW 23.51 -0.7 Incannex IXHL 7.03 -2.2
AriszAcqnRt ARIZR 0.10 -4.4 IndLogistics ILPT 19.09 -1.2
as the consummation of the Offer (unless otherwise agreed by the Company, Parent and Purchaser). Under Section 251(h) of the DGCL, the consummation
DailyJournal DJCO 252.00 -2.1
ArlingtonAssetPfB AAICpB 21.16 -3.9 DakotaGold DC 4.29 -5.2 InflectionPointWt IPAXW 0.35 -24.0 of the Merger does not require a vote or action by written consent of the Company’s stockholders.
ArmourRes ARR 7.26 0.4 DataIO DAIO 3.29 -4.6 InfuSystems INFU 7.20 -3.5
ArrayTech ARRY 6.60 1.6 Deluxe DLX 27.90 -0.4 IngersollRand IR 44.47 -0.6 The Merger Agreement provides, among other things, that, without the prior written consent of the Company, Purchaser will not (A) decrease the Offer
Arrival ARVL 2.41 1.2 Denny's DENN 12.93 2.5 InMode INMD 26.90 3.1 # < 
    

 
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ArrowFinancial AROW 30.50 0.2 InnovativeIndProp IIPR 152.58 1.2
AscendantDigWt ACDI.WS 0.39 -0.3
DentsplySirona XRAY
DermTech DMTK
40.05
9.84
1.4
-1.4 InnovizTechWt INVZW 0.68 -4.9
  

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AslanPharm ASLN 0.66 2.9 DiDiGlobal DIDI 1.65 4.7 Inpixon INPX 0.21 -5.8 or conditions of the Merger Agreement in a manner that would or would reasonably be expected to adversely affect any holder of Shares or that would,
AspiraWomenHlth AWH 0.75 -0.1 DieboldNixdorf DBD 5.00 2.1 Inseego INSG 2.98 5.0 individually or in the aggregate, reasonably be expected to prevent or delay the consummation of the Offer or prevent, delay or impair the ability of Parent or
AssetMarkFin AMK 19.98 1.7 DigitalBrands DBGI 0.76 -6.9 IntegraLifeSci IART 59.78 2.8
AstecIndustries ASTE 36.85 -0.7 DigitalRealtyPfdL DLRpL 23.67 0.3 IntegraResources ITRG 1.04 -3.0     
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AtaraBiotherap ATRA 7.04 0.4 369.38 -0.2 InterDigital IDCC 56.77 ...
AthenePfdD ATHpD 20.27 -1.0
Domino's DPZ
DouglasDynamics PLOW 31.61 -0.6 inTEST INTT 8.16 -2.4
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Athenex ATNX 0.58 -2.4 DouglasElliman DOUG 6.32 -0.8 IntuitiveSurgical ISRG 250.29 1.1 '  
 
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AtlanticusNts26 ATLCL 24.49 1.2 DuPont pfA CTApA 68.01 -2.1 Inventiva IVA 9.59 -2.9
Atlas ATCO 12.26 -0.7 DuckCreekTech DCT 15.63 4.2 InvescoMtg IVR 1.74 -0.5 Except as set forth above, subject to the terms of the Merger Agreement and the applicable rules and regulations of the SEC and other applicable laws
Atomera ATOM 9.83 3.4 DuluthHoldings DLTH 11.56 0.9 InVivoTherap NVIV 0.21 -4.4 and regulations, Purchaser expressly reserves the right to waive any Offer Condition, to increase the Offer Price and to make any other changes in the terms
Auddia AUUDW 0.31 ... DuPont DD 65.56 0.8 iRobot IRBT 48.36 4.0
Autodesk ADSK 185.55 2.1 E2open ETWO 7.53 2.5 IronNet IRNT 2.61 1.1 and conditions of the Offer not inconsistent with the terms of the Merger Agreement. Any extension, delay, termination or amendment of the Offer will be
AvadelPharm AVDL 4.21 -36.0 EagleBncpMT EBMT 21.13 -1.2 ironSource IS 4.06 2.4 "         



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AvantorPfdA AVTRpA 90.40 1.2 EagleMaterials EXP 118.67 3.5 iSun ISUN 3.08 3.8
Avantor AVTR 29.42 1.2 EdesaBiotech EDSA 2.35 -3.0 Iteris ITI 2.50 -1.9
a.m., Eastern Time, on the next business day after the previously scheduled Expiration Date.
AveannaHealth AVAH 2.90 1.6 EducDev EDUC 6.80 -1.6 IterumTherap ITRM 0.27 -3.1
AvePoint AVPT 4.73 6.3 IvedaSolutions IVDA 2.04 -8.3
For purposes of the Offer, Purchaser will be deemed to have accepted for payment, and thereby purchased, Shares validly tendered to Purchaser and not
8x8 EGHT 10.00 0.8
AxonEnterprise AXON 115.64 2.3 89bio ETNB 2.60 3.4 JPMorganChase JPM 123.11 ... validly withdrawn as, if and when it gives oral or written notice to the Depositary of its acceptance for payment of such Shares pursuant to the Offer. Upon
AyalaPharm AYLA 2.50 -9.7 ElPolloLoco LOCO 10.52 0.6 JamesHardie JHX 28.26 -0.8 the terms and subject to the conditions of the Offer, payment for Shares accepted for payment pursuant to the Offer will be made by deposit of the Offer Price
BEST BEST 0.42 -2.8 EliemTherap ELYM 2.61 -55.8 JanuxTherapeutics JANX 12.51 -0.4
BGC Partners BGCP 3.66 0.8 ElliottOppIIWt EOCW.WS 0.50 -5.5 JPMChasePfdLL JPMpL 19.99 0.3 for such Shares with the Depositary, which will act as agent for tendering stockholders for the purpose of receiving payments from Parent and Purchaser and
BIPBermudaNts BIPI 19.63 -0.1 EloxxPharm ELOX 0.34 -7.6 JPMorganPfdGG JPMpJ 20.83 -0.4 transmitting such payments to tendering stockholders whose Shares have been accepted for payment. Under no circumstances will Parent or Purchaser
BitMining BTCM 1.90 2.0 eMagin EMAN 0.93 -9.7 KKR Nts 2061 KKRS 19.39 0.2
BRF BRFS 2.82 -4.6 EmbotellAndinaB AKO.B 11.00 -2.4 Kaspien KSPN 5.48 -9.0
pay interest on the Offer Price for Shares, regardless of any extension of the Offer or any delay in making such payment.
BRileyFinlPfdA RILYP 25.01 -0.8 Emcore EMKR 3.38 1.8 Kemper KMPR 48.14 1.2 In all cases, Purchaser will pay for Shares tendered and accepted for payment pursuant to the Offer only after timely receipt by the Depositary of (i) the
B.RileyNts2028 RILYT 23.82 1.1 EmeraldHldg EEX 2.58 3.4 KimballIntl B KBAL 7.71 0.6
B.RileyNts2028 RILYZ 22.32 -0.8 EmpowerIWt EPWR.WS 0.14 -5.8 KintaraTherap KTRA 0.26 7.3  

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BabylonWt BBLN.WS 0.30 -1.8 EnerSys ENS 66.60 -2.0 KodiakSciences KOD 6.15 -0.8 at The Depository Trust Company (“DTC”) pursuant to the procedures set forth in Section 3 of the Offer to Purchase and (ii) the Letter of Transmittal (or a
Babylon BBLN 1.67 -0.6 EngineGaming GAME 1.15 -8.7 KoninklijkePhil PHG 26.38 -11.3
BadgerMeter BMI 81.77 0.8 EnjoyTech ENJY 1.92 -1.0 KymeraTherap KYMR 33.45 1.9 manually signed facsimile thereof), properly completed and duly executed, with any required signature guarantees and (iii) any other documents required by
Bladex BLX 14.48 -2.4 Ennis EBF 17.42 -1.3 LG Display LPL 7.09 -0.3  1  
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BankofAmPfdSS BACpS
BankofAmerica BAC
20.48
35.93
-0.2
-0.7
EntergyMS Bds EMP 23.69 0.7 LakelandInd
Lannett
LAKE
LCI
16.13
0.63
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enVVenoMedWt NVNOW 0.14 -26.8
BankofAmPfdHH BACpK 24.75 -0.2 EnzoBiochem ENZ 2.74 -1.8 Latham SWIM 11.51 4.1 transfers with respect to Shares are actually received by the Depositary.
BkofAmericaPfdNN BACpO 18.75 -0.1 EosEnergy EOSE 2.30 2.5 LejuHoldings LEJU 0.36 -14.0
BankHawaiiPfdA BOHpA 20.32 -0.8 EsportsEnt GMBL 0.57 -5.6 LennoxIntl LII 232.00 -3.2 Shares tendered pursuant to the Offer may be withdrawn at any time prior to the Expiration Date. Thereafter, tenders are irrevocable, except that Shares
BankNY Mellon BK 43.14 0.4 EsportsTech EBET 4.25 2.8 LibertyBroadbandA LBRDA 120.85 -0.8 
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BannixAcqnWt BNIXW 0.09 -10.0 EssaPharma EPIX 5.70 ... LibertyBroadbandC LBRDK 125.66 -0.7
Barclays BCS 7.41 0.1 Etsy ETSY 96.59 3.7 LibertyTripAdvA LTRPA 1.45 2.7
to be effective, the Depositary must timely receive a written or facsimile transmission notice of withdrawal at one of its addresses set forth on the back cover
Barnes&NobleEduc BNED 3.30 3.3 Eventbrite EB 11.16 3.9 Lifevantage LFVN 4.12 -2.4 of the Offer to Purchase. Any notice of withdrawal must specify the name of the person who tendered the Shares to be withdrawn, the number of Shares to
BaxterIntl BAX 72.13 -0.2 eXpWorld EXPI 14.50 3.0 Limoneira
LionElectric
LMNR
LEV
12.29
6.38
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3.4
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BerkshireGreyWt BGRYW 0.26 -4.9 Expion360 XPON 3.94 3.6
BioAtla BCAB 3.65 0.3 Eyenovia EYEN 2.41 -4.7 LiqTechIntl LIQT 1.55 3.0 be withdrawn have been delivered to the Depositary, a signed notice of withdrawal must be submitted before the release of such Shares. In addition, such
Biocept BIOC 1.64 -1.8 FGI Industries FGI 2.22 0.4 LiveRamp RAMP 33.34 2.5
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BiomeaFusion BMEA 3.10 1.2 FS Bancorp FSBW 29.75 -2.0 loanDepot LDI 3.26 1.5
Biophytis BPTS 1.50 -12.2 FaradayFuture FFIE 3.54 -5.3 Locafy LCFY 1.11 -5.7    

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Bio-RadLab A BIO 514.72 -0.8 FaradayFutureWt FFIEW 0.45 -4.2 LogicBioTherap LOGC 0.53 -5.1 DTC to be credited with the withdrawn Shares. Withdrawals of tenders of Shares may not be rescinded and any Shares properly withdrawn will be deemed
Biotricity BTCY 1.57 -4.0 Farmmi FAMI 0.12 -4.7 LogicMark LGMK 1.72 ...
BitDigital BTBT 2.19 0.9 FedAgricMtgPfdE AGMpE 23.64 -1.9 Lottery.com LTRY 2.56 0.4
not validly tendered for purposes of the Offer. Withdrawn Shares may, however, be retendered by following one of the procedures for tendering Shares
BitNile NILE 0.47 -0.2 FedEx FDX 197.70 0.1 Continued on Page B11 described in Section 3 of the Offer to Purchase at any time prior to the Expiration Date.
 

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incorporated herein by reference.
Key Interest Rates The Company provided Purchaser with the Company’s stockholder list and security position listings for the purpose of disseminating the Offer to
Data are annualized on a 360-day basis. Treasury yields are per annum, Purchase, the related Letter of Transmittal and related documents to holders of Shares. The Offer to Purchase and related Letter of Transmittal will be
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on actively traded noninflation and inflation-indexed issues that are owners of Shares to brokers, dealers, commercial banks, trust companies and similar persons whose names, or the names of whose nominees, appear on the
adjusted to constant maturities. Data are from weekly Federal Reserve stockholder list or, if applicable, who are listed as participants in a clearing agency’s security position listing.
release H.15. The receipt of cash by a holder of Shares pursuant to the Offer or the Merger will be a taxable transaction to U.S. stockholders for U.S. federal income tax
Week Ended 52-Week Week Ended 52-Week purposes. See Section 5 of the Offer to Purchase for a more detailed discussion of the tax treatment of the Offer. Stockholders should consult with their
Apr 22 Apr 15 High Low Apr 22 Apr 15 High Low own tax advisor to determine the particular U.S. federal income tax consequences of the Offer and the Merger to them in light of their particular
6-month 1.30 1.22 1.30 0.03 circumstances, as well as the tax consequences that may arise under other U.S. federal tax laws and the laws of any state, local or non-U.S. taxing
Federal funds (effective) 1-year 1.96 1.81 1.96 0.04
0.33 0.33 0.33 0.05 jurisdiction and the possible effects of changes in such tax laws. For a summary description of U.S. federal income tax consequences and the
2-year 2.61 2.43 2.61 0.14
3-year 2.81 2.64 2.81 0.31
Merger, see the Offer to Purchase. The Offer to Purchase, the related Letter of Transmittal and the Company’s Solicitation/Recommendation
Commercial paper Statement on Schedule 14D-9 (which contains the recommendation of the Company’s Board of Directors and the reasons therefor) contain
5-year 2.89 2.73 2.89 0.69
Nonfinancial 7-year 2.92 2.78 2.92 0.99 important information. Stockholders should carefully read all documents in their entirety before any decision is made with respect to the Offer.
1-month 0.48 0.38 0.48 0.02 10-year 2.89 2.76 2.89 1.22 Questions or requests for assistance may be directed to D.F. King & Co., Inc. (the “Information Agent”) at the address and telephone numbers set forth
2-month 0.64 n.a. 0.64 0.03 3.13 3.02 3.13 1.78
3-month 0.88 0.78 0.88 0.04
20-year " $:           (   1  
 
  
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Agent or to brokers, dealers, commercial banks or trust companies. Such copies will be furnished promptly at Purchaser’s expense. Purchaser will not pay
Financial Treasury yields (secondary market)
1-month 0.56 0.45 0.56 0.05 any fees or commissions to any broker or dealer or any other person (other than the Information Agent or the Depositary) for soliciting tenders of Shares
1-month 0.40 0.25 0.40 0.00 pursuant to the Offer.
2-month 0.83 0.66 0.83 0.08
3-month 1.04 0.81 1.04 0.07 3-month 0.82 0.76 0.82 0.01
6-month 1.27 1.20 1.27 0.03
Discount window primary credit
TIPS
The Information Agent for the Offer is:
0.50 0.50 0.50 0.25
Treasury yields at constant
5-year
7-year
-0.47
-0.24
-0.59
-0.32
-0.47
-0.24
-1.88
-1.47
D.F. King & Co., Inc.
maturities 10-year -0.07 -0.11 -0.07 -1.14 >@ A ( ++
 =
1-month 0.41 0.27 0.41 0.00 20-year 0.19 0.18 0.19 -0.72
3-month 0.82 0.76 0.82 0.01 Long-term avg 0.38 0.33 0.38 -0.60
New York, NY 10005
<
8 
 <8   +-+ +.64,,,2
Notes on data:      @@@ .+@4-2>-
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 '$B8

discounted averages of dealer bid rates on nationally traded certificates of deposit; Discount window
primary credit rate is charged for discounts made and advances extended under the Federal
Reserve's primary credit discount window program; rate is average for seven days ended Wednesday;
April 26, 2022
Inflation-indexed long-term TIPS average is indexed and is based on the unweighted average bid
yields for all TIPS with remaining terms to maturity of 10 years or more;
Sources: Federal Reserve; for additional information on these rate data and their derivation,
please see, https://www.federalreserve.gov/datadownload/Build.aspx?rel=H15
B10 | Tuesday, April 26, 2022 * THE WALL STREET JOURNAL.

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
34049.46 s 238.06, or 0.70% Trailing P/E ratio 19.50 30.05 4296.12 s 24.34, or 0.57% Trailing P/E ratio * 24.90 42.70 13004.85 s 165.56, or 1.29% Trailing P/E ratio *† 31.15 40.34
High, low, open and close for each P/E estimate * 18.04 20.53 High, low, open and close for each P/E estimate * 19.35 23.61 High, low, open and close for each P/E estimate *† 24.75 30.12
trading day of the past three months. Dividend yield 2.10 1.76 trading day of the past three months. Dividend yield * 1.43 1.39 trading day of the past three months. Dividend yield *† 0.75 0.71
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384 65-day moving average

35900 65-day moving average 4675 15150
65-day moving average

35200 4575 14675

34500 4475 14200

33800 4375 13725

Session high
DOWN UP
t

Session open Close 33100 4275 13250

Close Open
t

32400 4175 12775

Session low
Bars measure the point change from session's open
31700 4075 12300
Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr. Jan. Feb. Mar. Apr.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. 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 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,099,192,264 19,593,229
Industrial Average 34106.01 33323.37 34049.46 238.06 0.70 36799.65 32632.64 0.2 -6.3 8.8 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 524,022,967 6,714,735
Transportation Avg 15264.69 14780.07 15232.42 165.08 1.10 17039.38 14000.78 0.9 -7.6 12.0 Most-active issues in late trading Decl. volume* 558,999,573 12,877,716
Utility Average 1045.68 1018.25 1033.17 -9.52 -0.91 1071.75 869.74 13.3 5.3 9.8 Volume After Hours Issues traded 3,492 287
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 43420.58 42438.39 43398.84 280.03 0.65 48929.18 42165.09 -1.1 -10.8 13.0 Advances 1,634 91
iQIYI ADR IQ 8,942.9 3.25 0.05 1.56 3.25 3.16
Barron's 400 976.37 947.89 975.47 3.30 0.34 1127.20 962.48 -3.5 -11.8 11.0 Declines 1,710 194
SPDR S&P 500 SPY 8,723.1 428.48 -0.03 -0.01 429.00 421.58
Unchanged 148 2
Nasdaq Stock Market Sabre Corp. SABR 6,936.5 11.00 -0.14 -1.26 11.33 10.94 New highs 13 2
Nasdaq Composite 13011.45 12722.59 13004.85 165.56 1.29 16057.44 12581.22 -8.0 -16.9 17.1 Marathon Oil MRO 5,074.3 24.07 -0.07 -0.29 24.20 24.00 New lows 440 42
Nasdaq-100 13541.77 13239.73 13533.22 176.35 1.32 16573.34 13001.63 -3.5 -17.1 20.1 Vipshop Holdings ADR VIPS 3,855.0 6.98 … unch. 7.00 6.81 Closing Arms† 1.07 0.88
VanEck Gold Miners GDX 3,693.1 35.68 0.01 0.03 35.71 35.45 Block trades* 4,561 183
S&P
Nkarta NKTX 3,679.7 17.92 -0.80 -4.27 20.00 17.22
500 Index 4299.02 4200.82 4296.12 24.34 0.57 4796.56 4063.04 2.6 -9.9 13.7 Nasdaq NYSE Arca
Global X Copper Miners COPX 3,503.0 40.23 … unch. 41.74 39.81
MidCap 400 2599.34 2531.06 2597.46 14.25 0.55 2910.70 2517.18 -5.8 -8.6 9.9 Total volume*4,784,589,417 452,646,342
SmallCap 600 1265.33 1234.67 1264.45 4.02 0.32 1466.02 1252.49 -6.8 -9.8 9.5 Percentage gainers… Adv. volume*3,345,053,674 201,080,332
Avadel Pharm ADR AVDL 298.4 5.53 1.32 31.35 5.94 3.85 Decl. volume*1,387,595,720 247,146,579
Other Indexes
Venator Materials VNTR 473.8 2.10 0.32 17.98 2.45 1.89 Issues traded 5,080 1,750
Russell 2000 1954.40 1908.82 1954.20 13.54 0.70 2442.74 1931.29 -15.0 -13.0 7.4
Advances 2,623 828
NYSE Composite 16079.16 15708.90 16054.76 -2.10 -0.01 17353.76 15625.93 -1.1 -6.5 7.5 O-I Glass OI 146.5 14.78 1.53 11.55 15.39 13.25
Declines 2,163 909
Value Line 608.58 594.54 608.46 2.47 0.41 696.40 596.67 -8.8 -9.4 3.7 Redbox Entertainment RDBX 1,832.7 4.14 0.22 5.61 4.55 3.61
Unchanged 294 13
NYSE Arca Biotech 4927.67 4826.27 4927.34 35.63 0.73 6022.37 4677.66 -14.1 -10.7 1.4
WISeKey Intl Hldg ADR WKEY 69.2 2.15 0.11 5.39 2.15 2.00
New highs 31 10
NYSE Arca Pharma 843.81 825.19 842.19 10.76 1.29 887.27 704.36 18.0 1.8 13.4 ...And losers New lows 626 266
KBW Bank 116.34 112.75 116.12 0.07 0.06 147.56 116.05 -6.6 -12.2 5.0 Protagonist Therapeutics PTGX 639.5 11.30 -7.50 -39.89 19.50 10.76 Closing Arms† 0.50 1.07
PHLX§ Gold/Silver 147.63 142.01 145.80 -5.34 -3.53 167.76 117.06 -2.1 10.1 27.3 Universal Health Cl B UHS 64.6 123.00 -15.76 -11.36 140.00 121.00 Block trades* 23,355 1,898
PHLX§ Oil Service 75.68 71.46 74.66 -4.25 -5.38 87.06 48.31 45.6 41.6 -8.2 Four Corners Property Tr FCPT 200.8 27.50 -1.97 -6.68 29.47 27.50 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3045.68 2964.57 3042.39 52.56 1.76 4039.51 2851.15 -6.4 -22.9 24.9 Morphic Holding MORF 158.7 28.00 -1.79 -6.01 29.80 27.99 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 31.60 26.80 27.02 -1.19 -4.22 36.45 15.01 53.2 56.9 26.8 Sutro Biopharma STRO 166.5 7.03 -0.37 -5.00 7.40 7.03 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
World MSCI ACWI 668.61 –3.02 –0.45 –11.4 Nkarta NKTX 18.72 10.95 140.93 40.64 7.55 -44.0 Eliem Therapeutics ELYM 2.88 -3.63 -55.76 29.69 2.61 ...
MSCI ACWI ex-USA 300.87 –6.65 –2.16 –12.6 Cango ADR CANG 3.32 0.96 40.68 7.22 1.95 -53.2 ToughBuilt Industries TBLT 14.57 -11.86 -44.87 187.50 13.60 -87.6
MSCI World 2877.70 –4.75 –0.16 –11.0 Redbox Entertainment RDBX 3.92 1.07 37.54 27.22 1.61 -60.2 Avadel Pharm ADR AVDL 4.21 -2.37 -36.02 11.59 4.21 -48.8
MSCI Emerging Markets 1046.04 –29.56 –2.75 –15.1 GWG Holdings GWGH 2.99 0.69 30.00 10.90 1.45 -56.9 Axsome Therapeutics AXSM 30.50 -8.60 -21.99 74.10 19.38 -48.0
Americas MSCI AC Americas 1643.92 7.94 0.49 –10.0 Immucell ICCC 10.71 2.41 29.04 11.06 7.30 1.6 FingerMotion FNGR 2.10 -0.50 -19.23 9.25 2.00 -75.7
Canada S&P/TSX Comp 21011.89 –174.49 –0.82 –1.0 Veru VERU 14.10 2.89 25.78 17.50 4.34 49.5 EuroDry EDRY 32.21 -7.59 -19.07 44.99 9.66 211.2
Latin Amer. MSCI EM Latin America 2377.79 –87.60 –3.55 11.6 Sunshine Biopharma SBFM 4.01 0.68 20.42 62.80 1.51 -85.7 Pineapple Energy PEGY 3.35 -0.70 -17.28 42.36 3.28 -86.0
Brazil BOVESPA 110684.95 –392.56 –0.35 5.6 Swvl Holdings SWVL 7.67 1.20 18.55 10.75 4.17 -21.3 Navios Maritime Holdings NM 3.73 -0.68 -15.42 10.97 2.85 -48.6
Chile S&P IPSA 3025.56 –95.83 –3.07 7.8 ICAD ICAD 3.57 0.55 18.21 19.00 2.91 -80.9 Bone Biologics BBLG 2.02 -0.35 -14.77 7.12 1.47 -89.2
Mexico S&P/BMV IPC 52703.79 –487.99 –0.92 –1.1 BigBear.ai BBAI 10.10 1.55 18.13 16.12 4.45 3.9 Vallon Pharmaceuticals VLON 1.94 -0.33 -14.54 10.36 1.13 -58.4

EMEA STOXX Europe 600 445.11 –8.20 –1.81 –8.8 CinCor Pharma CINC 25.48 3.75 17.26 30.66 13.01 ... Ucommune International UK 3.90 -0.66 -14.47 54.60 3.82 -91.7
Eurozone Euro STOXX 421.80 –7.88 –1.83 –11.9 Aterian ATER 5.11 0.72 16.40 26.18 2.10 -80.0 Save Foods SVFD 4.61 -0.74 -13.83 18.00 3.40 -74.4
Belgium Bel-20 4124.27 –63.14 –1.51 –4.3 INmune Bio INMB 7.96 1.11 16.20 30.37 6.18 -33.0 Valneva ADR VALN 28.40 -4.33 -13.23 67.84 24.16 ...
–6.4 Sky Harbour Group SKYH 9.29 1.28 15.98 43.41 5.25 -7.5 Digital World Acqn Cl A DWAC 35.71 -5.29 -12.90 175.00 9.84 ...
Denmark OMX Copenhagen 20 1743.77 –0.09 –0.01
Dogness International DOGZ 4.04 0.53 15.10 8.98 1.30 137.6 PS UlSh Bloomberg Nat Gas KOLD 9.56 -1.39 -12.69 182.90 7.26 -94.4
France CAC 40 6449.38 –132.04 –2.01 –9.8
Germany DAX 13924.17 –217.92 –1.54 –12.3
Israel Tel Aviv 2006.48 –15.33 –0.76 1.4
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 23908.55 –371.08 –1.53 –12.6 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
Netherlands AEX 699.17 –18.09 –2.52 –12.4
1.38 Twitter TWTR 174,776 302.0 51.70 5.66 73.34 31.30 Nkarta NKTX 109,210 51675 18.72 140.93 40.64 7.55
Russia RTS Index 941.08 12.78 –41.0
ProShares UltraPro QQQ TQQQ 165,881 44.4 43.05 3.71 91.68 39.56 European Biotech Cl A EBAC 635 6711 9.80 -0.25 10.48 9.59
South Africa FTSE/JSE All-Share 69750.67 –2514.22 –3.48 –5.4
ProSh UltraPro Shrt QQQ SQQQ 135,027 47.0 43.38 -3.90 65.85 28.15 Nova Vision Acquisition NOVV 401 6402 10.05 0.00 10.05 9.80
Spain IBEX 35 8574.60 –77.70 –0.90 –1.6
SPDR S&P 500 SPY 117,710 4.3 428.51 0.58 479.98 404.00 Eliem Therapeutics ELYM 2,436 4832 2.88 -55.76 29.69 2.61
Sweden OMX Stockholm 847.24 –20.97 –2.42 –18.3
Nkarta NKTX 109,210 51674.7 18.72 140.93 40.64 7.55 Concord Acqn II Cl A CNDA 2,322 4721 9.71 0.10 10.70 9.60
Switzerland Swiss Market 12084.98 –173.35 –1.41 –6.1
Turkey BIST 100 2482.60 10.10 0.41 33.6 Invesco QQQ Trust I QQQ 101,250 26.5 329.58 1.28 408.71 316.00 Northern Lights Acqn Cl A NLIT 749 4636 10.17 0.15 11.18 9.76
U.K. FTSE 100 7380.54 –141.14 –1.88 –0.1 Apple AAPL 95,523 3.9 162.88 0.67 182.94 122.25 Gl X MSCI China Finl CHIX 3,497 3121 12.83 -3.10 16.69 12.39
U.K. FTSE 250 20599.22 –282.57 –1.35 –12.3 Advanced Micro Devices AMD 93,224 -11.4 90.69 2.89 164.46 72.50 Monterey Bio Acquisition MTRY 400 2389 9.99 -0.10 10.00 9.85
Finl Select Sector SPDR XLF 91,358 25.8 36.23 0.17 41.70 34.90 Energem Cl A ENCP 601 1872 10.04 0.00 10.04 9.87
Asia-Pacific MSCI AC Asia Pacific 165.90 –3.54 –2.09 –14.09 AT&T T 71,825 33.1 19.51 -0.05 25.57 16.62 Landcadia Hldgs IV Cl A LCA 1,752 1823 9.81 0.00 10.00 9.46
Australia S&P/ASX 200 7473.30 … Closed 0.4 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 2928.51 –158.41 –5.13 –19.5 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19869.34 –769.18 –3.73 –15.1
Scan this code Track the
India S&P BSE Sensex 56579.89 –617.26 –1.08 –2.9
Japan NIKKEI 225 26590.78 –514.48 –1.90 –7.6
to get real-
time U.S.
Markets
Compare the
CURRENCIES & COMMODITIES
Singapore Straits Times 3339.59 –21.52 –0.64 6.9 stock quotes performance of
South Korea KOSPI 2657.13 –47.58 –1.76 –10.8 and track selected global stock indexes,
Currencies
Taiwan TAIEX 16620.90 –404.19 –2.37 –8.8 most-active bond ETFs, currencies and U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1675.33 –15.26 –0.90 1.1 stocks, new highs/lows and commodities at
US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data mutual funds. wsj.com/graphics/track-the-markets Mon YTDchg Mon YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004351 22985 0.6
CREDIT MARKETS Argentina peso .0087114.6588 11.7 Europe
Brazil real .2050 4.8783 –12.4 Czech Rep. koruna .04393 22.764 4.1
Canada dollar .7851 1.2737 0.8 Denmark krone .1440 6.9441 6.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001184 844.65 –0.9 Euro area euro 1.0714 .9334 6.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000254 3936.50 –3.2 Hungary forint .002878 347.50 7.0
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007726 129.44 –0.3
A consumer rate against its New car loan Mexico peso .0495 20.2165 –1.4 Norway krone .1096 9.1226 3.6
benchmark over the past year Tradeweb ICE 3.50% Uruguay peso .02496 40.0650 –10.4 Poland zloty .2307 4.3351 7.6
Bankrate.com avg†: 4.06% 18% Asia-Pacific Russia ruble .01333 75.025 0.3
Monday Close
First Command Bank 2.74% 2.80 Sweden krona .1030 9.7110 7.3
t

Australian dollar .7179 1.3930 1.2

4.00%Fort Worth, TX 888-763-7600 9 WSJ Dollar Index Switzerland franc 1.0420 .9597 5.2
s China yuan .1525 6.5594 3.2
New 2.10 Euro Turkey lira .0677 14.7756 10.9
.1274 7.8475 0.7
t

First Savings Bank of Hegewisch 3.00% s Hong Kong dollar

car loan 3.75 0 Ukraine hryvnia .0329 30.3500 11.0
1.40 India rupee .01306 76.549 2.7
Chicago, IL 773-646-4200 UK pound 1.2741 .7849 6.2
One Indonesia rupiah .0000692 14458 1.4
t

3.50 Cambridge Savings Bank 3.24% 0.70 –9 s Japan yen .007804 128.14 11.3 Middle East/Africa
year ago
Prime rate Cambridge, MA 888-418-5626 Yen Kazakhstan tenge .002225 449.46 3.3 Bahrain dinar 2.6525 .3770 0.01
t 3.25 PNC Bank 0.00 Macau pataca .1238 8.0790 0.5 Egypt pound .0539 18.5569 18.1
3.27% –18
Malaysia ringgit .2312 4.3250 3.8 Israel shekel .3040 3.2892 5.8
Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2021 2022
3.00 New Zealand dollar .6618 1.5110 3.3 Kuwait dinar 3.2723 .3056 1.0
Frost Bank 3.74% month(s) years
M J J A S O N D J F MA Pakistan rupee .00538 186.000 5.6 Oman sul rial 2.5974 .3850 unch
Houston, TX 800-513-7678 maturity Philippines peso .0191 52.346 2.6 Qatar rial .2738 3.653 0.3
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7276 1.3743 1.9 Saudi Arabia riyal .2666 3.7509 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007999 1250.23 5.2 South Africa rand .0638 15.6830 –1.6
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0029851 335.00 65.1
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.25-0.50 0.25-0.50 0.00 l 0.50 -2.00 Taiwan dollar .03416 29.274 5.6
Yield (%) 52-Week Total Return (%) Thailand baht .02927 34.160 2.8 WSJ Dollar Index 94.30 0.46 0.49 5.30
Prime rate* 3.50 3.50 3.25 l 3.50 -2.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 1.22 1.06 0.11 l 1.22 -1.36 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2197.890 2.810 2.750 2.880 0.780 –7.153 0.650
Money market, annual yield 0.08 0.07 0.07 l 0.08 -0.52
Five-year CD, annual yield 0.55 0.49 0.41 l 0.55 -1.46 U.S. Treasury Long, Bloomberg 3697.370 3.030 3.070 3.110 1.720 –11.864 1.221 Commodities
30-year mortgage, fixed† 5.35 5.12 3.00 l 5.35 1.08 Aggregate, Bloomberg 2042.700 3.430 3.320 3.480 1.340 –8.188 0.617 Monday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.52 4.37 2.28 l 4.52 0.80 Fixed-Rate MBS, Bloomberg 2022.210 3.650 3.480 3.650 1.590 –8.469 –0.478
Jumbo mortgages, $647,200-plus† 5.31 5.10 3.03 l 5.32 0.88 DJ Commodity 1179.40 -24.29 -2.02 1264.48 853.12 37.34 24.64
High Yield 100, ICE BofA 3218.223 6.589 6.205 6.589 3.162 –4.537 2.019 Refinitiv/CC CRB Index 298.54 -5.69 -1.87 315.95 198.11 50.69 28.47
Five-year adj mortgage (ARM)† 3.59 3.51 2.82 l 3.59 -0.83
Muni Master, ICE BofA 553.286 2.877 2.680 2.877 0.687 –7.534 0.611 Crude oil, $ per barrel 98.54 -3.53 -3.46 123.70 61.91 59.17 31.02
New-car loan, 48-month 4.06 3.98 3.41 l 4.12 -0.69
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 796.965 6.613 6.395 6.613 4.516 –12.160 –0.921 Natural gas, $/MMBtu 6.669 0.135 2.07 7.820 2.790 139.03 78.79
banks.† Excludes closing costs.
Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
Gold, $ per troy oz. 1893.20 -37.80 -1.96 2040.10 1721.50 6.41 3.60
THE WALL STREET JOURNAL. * * * * Tuesday, April 26, 2022 | B11

NEW HIGHS AND LOWS WSJ.com/newhighs

Continued From Page B9 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk %
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
Stock Sym Hi/Lo Chg NavitasSemi NVTS 7.16 3.1 ParabellumAcqnWt PRBM.WS 0.14 -5.3 RenaissancePfdG RNRpG 18.78 0.4 SleepNumber SNBR 43.15 0.2 TradeUP A TUGC 8.60 -7.3 Visteon VC 89.78 0.4 WellsFargoPfdADD WFCpD 18.02 -0.3 Workday WDAY 204.28 1.5
nCino NCNO 35.61 6.5 ParamountPfdA PARAP 45.51 -1.9 Renalytix RNLX 4.96 2.7 SnapOne SNPO 12.05 4.1 TradeUPGlobal TUGCU 9.41 -7.7 VivosTherap VVOS 1.61 3.6 WellsFargoPfdAY WFCpY 23.81 -0.1 XPEL XPEL 42.27 1.9
LunaInnov LUNA 5.74 0.7
NeoGames NGMS 11.36 0.3 ParatekPharma PRTK 2.19 4.5 Renasant RNST 31.46 ... SocietalCDMO SCTL 1.27 -1.4 Traeger COOK 6.35 3.9 VMware VMW 106.75 1.8 WellsFargoPfdAZ WFCpZ 19.92 0.3 XP XP 25.09 1.6
MFA Financial MFA 13.11 0.3
Neogen NEOG 28.12 -0.7 ParkAerospace PKE 11.96 0.4 RenovoRx RNXT 1.75 -5.3 SoFiTech SOFI 6.23 2.5 TransActTechs TACT 6.37 -0.9 Volta VLTA 2.12 5.0 WellsFargoPfdACC WFCpC 18.34 0.6 XPO Logistics XPO 54.63 2.6
MICT MICT 0.46 -9.3
NeoGenomics NEO 10.92 0.2 Park-Ohio PKOH 11.40 0.7 Repligen RGEN 142.46 2.1 Soligenix SNGX 0.51 -7.4 Trevena TRVN 0.33 -7.6 VornadoPfdN VNOpN 20.19 0.7 WellsFargoPfdL WFCpL 1234.97 0.1 XBiotech XBIT 7.37 -2.9
MOGU MOGU 2.43 -6.1
Netflix NFLX 204.51 -2.6 PassageBio PASG 2.46 -0.8 RetractableTechs RVP 3.42 -3.8 SomaLogicWt SLGCW 1.31 2.2 Trex TREX 57.97 1.2 W.R.BerkleyDeb59 WRBpF 21.88 1.0 WelsbachTechRt WTMAR 0.13 0.6 XilioTherap XLO 3.81 -0.5
MSA Safety MSA 122.28 -0.5
Neuronetics STIM 2.73 -1.8 Paymentus PAY 17.29 2.4 Revlon REV 5.66 -1.3 Sonder SOND 3.91 -0.5 TrinityPlace TPHS 1.37 3.5 WRBerkleyDeb60 WRBpG 18.93 1.5 Wendy's WEN 19.75 1.9 Yeti YETI 49.64 5.2
MacondrayCapIWt DRAYW 0.25 -5.2
NeuroOneMed NMTC 0.87 -12.0 PayPal PYPL 84.42 2.0 RigettiComp RGTI 5.42 4.8 SonicFoundry SOFO 2.20 ... TritonIntlPfdC TRTNpC 25.13 0.1 Waitr WTRH 0.25 2.9 WescoPfdA WCCpA 28.46 0.1 YatsenHolding YSG 0.58 4.0
Magnachip MX 14.66 -0.4
NewResidentPfdA NRZpA 23.30 -0.9 PebblebrookPfdH PEBpH 20.05 -0.8 RingCentral RNG 89.72 1.1 SouthJerseyNts2079 SJIJ 18.17 -0.4 TriumphBancorp TBK 66.69 6.3 WarbyParker WRBY 22.31 2.3 WesternAcqnWt WAVSW 0.11 -15.3 Yield10Bio YTEN 3.20 -0.3
MaidenHoldings MHLD 2.10 -2.8
NewResidentInvPfdD NRZpD 23.36 0.1 PebblebrookPfdE PEBpE 21.83 -4.1 RiotBlockchain RIOT 11.42 1.6 SouthernNts77 SOJC 23.61 -1.0 TroikaMediaWt TRKAW 0.13 -3.5 WarnerBrosA WBD 19.95 4.5 WstAstMtgCap WMC 1.44 ... YorkWater YORW 39.42 -3.5
MaidenPfdD MHpD 6.55 0.4
NY CmntyBcp NYCB 9.78 0.1 Pegasystems PEGA 70.96 1.8 RiverNorthPfdA OPPpA 18.99 -1.9 SpireGlobalWt SPIR.WS 0.21 -4.7 TruistFinl TFC 48.92 -0.1 WarriorTechWt WARR.WS 0.11 -8.0 WestportFuelSys WPRT 1.21 ... ZebraTech ZBRA 374.11 2.9
MaidenPfdA MHpA 6.68 13.2
NY Mortgage NYMT 3.17 0.3 Peloton PTON 19.53 0.1 RiverNorthPfdB OPPpB 20.50 -2.1 Spotify SPOT 107.21 1.8 TruistFinlPfdO TFCpO 23.07 -0.1 WashFedPfdA WAFDP 19.57 0.1 WestwaterRscs WWR 1.26 1.5 ZentalisPharm ZNTL 22.23 6.0
MalibuBoats MBUU 49.17 2.7
NewtekNts2026 NEWTZ 25.00 -0.1 Penumbra PEN 182.99 0.4 RocketCos. RKT 8.59 8.3 SpringWorks SWTX 45.83 0.1 TruistFinlPfdR TFCpR 20.50 0.1 Waters WAT 288.32 -0.1 WidePoint WYY 3.27 -1.2 ZeviaPBC ZVIA 3.30 0.6
ManaCapAcqnRt MAAQR 0.18 4.3 1.60 2.5 32.70 0.9 RocketLab 0.63 -7.6 Trustmark
NexGel NXGL Perrigo PRGO RKLB 7.47 1.6 Staffing360 STAF TRMK 28.48 -0.3 WaterstoneFinl WSBF 16.08 -5.6 WillisLease WLFC 31.37 -2.0 ZhangmenEducation ZME 0.90 -2.0
MarathonDigital MARA 17.60 3.1 Nextdoor KIND 4.45 4.6 Personalis PSNL 5.79 4.4 RocketPharm StarEquity STRR 0.98 2.0 TScanTherap
RCKT 11.90 -0.8 TCRX 2.27 -4.1 Wayfair W 80.32 -1.5 WindtreeTherap WINT 0.73 -3.7 ZosanoPharma ZSAN 2.14 ...
MarineMax HZO 36.81 -1.4 NextEraEnergyUn NEEpP 47.07 0.3 PineappleEner PEGY 3.28 -17.3 SAP Starbucks SBUX 76.73 0.1 TuesdayMorning TUEM
SAP 102.32 -0.1 0.90 -8.0 WellsFargoPfdA WFCpR 25.71 0.5 Wipro WIT 6.68 1.5 ZynerbaPharma ZYNE 1.42 1.3
Maris-Tech MTEK 1.18 -7.7 NextEra6.219%Un NEEpQ 47.26 -0.5 PinnacleFinPtrs PNFP 78.74 -0.9 S&W Seed StateStreet STT 68.30 0.1 Tuniu
MarkerTherap MRKR 0.33 -4.6 SANW 1.50 -6.4 TOUR 0.59 -10.3
nLIGHT LASR 13.50 -1.1 Pinterest PINS 19.30 2.1 SCE II Pfd SCEpG 21.13 0.9 StateraBio STAB 0.22 -8.9 TutorPerini TPC 9.08 -1.3
Marygold MGLD 1.38 -6.0 NoahHoldings NOAH 17.85 -4.8 Pixelworks PXLW 2.10 1.4 SCYNEXIS Stellantis STLA 13.65 -0.1 23andMe
Masimo MASI 122.72 -0.9 SCYX 2.17 3.0 ME 3.00 5.6
Noodles NDLS 4.83 -0.6 PlusTherap PSTV 0.67 -6.9 SellasLifeSci SLS 2.91 1.3 Stepan SCL 95.28 0.5 TwistBiosci TWST 33.31 0.1
MatchGroup
McEwenMining MUX
MTCH 76.26
0.69
6.7
-4.0
NorthernStrII Wt NSTB.WS
NorthfieldBanc NFBK
0.31
13.26
-4.2
-0.5
PopCulture
PorchGroup
CPOP
PRCH
1.06 -4.5 ShuaaPtrsI Wt SHUAW
4.25 1.1 SLR Invt SLRC
0.18
17.03
-10.0
...
StepStone
Stericycle
STEP
SRCL
26.16 3.0 TylerTech
52.77 3.0 US BancorpPfdK USBpP
TYL 381.41 2.9
24.58 ...
Dividend Changes
MedicalProp MPW 18.45 -1.2 NovaLifestyle NVFY 1.11 -0.9 PortageBiotech PRTG 5.11 8.3 SoarTechAcqnWt FLYA.WS StewartInfo STC 49.84 ... US Gold
0.26 -3.7 USAU 5.46 -5.2
MerchantsBncpPfdB MBINO 24.16
MereoBioPharma MREO 0.70
-0.7
-3.4
NuZee NUZE 1.81 -2.1 PostHldgsWt PSPC.WS 0.44 4.1 SOS SOS 0.40 0.2 StrongholdDig SDIG 3.68 -2.6 UWM UWMC 3.55 3.0 Dividend announcements from April 25.
OLB Group OLB 1.41 -0.7 PoweredBrandsWt POWRW 0.18 -23.8 SPX 43.26 0.4 StryveFoods SNAX 0.93 2.1 uCloudlink 1.12 -11.9
MetaMaterials MMAT 1.24 6.4 SPXC UCL
Oatly OTLY 3.73 ... PrecisionBio DTIL 2.21 3.1 SumitomoMits SMFG 5.95 0.2 Amount Payable /
MetaPlatforms FB 181.66 1.6 SS&C Tech SSNC 67.52 0.3 Unifi UFI 16.09 -0.3
OceanTechI Wt OTECW 0.11 -6.0 PriorityTechn PRTH 4.78 0.4 SummitHotelPfdE INNpE 22.67 -4.0 Company Symbol Yld % New/Old Frq Record
MetallaRoyalty MTA 5.81 -5.7 SabraHealthcare SBRA 12.02 1.7 UniqueFabricating UFAB 1.51 -5.2
OcuphirePharma OCUP 2.47 0.8 ProfoundMed PROF 7.37 -0.7 SummitHotelPfdF INNpF 21.55 -0.3
MetenHolding METX 0.11 -3.2 SafeguardSci SFE 4.45 -3.2 UnitedInsurance UIHC 2.56 -0.4
OcwenFinancial OCN 18.18 -1.4 ProgressAcqnWt PGRWW 0.14 -1.6 SunstonePfdH SHOpH 22.82 -1.2
Microvast MVST 4.76 -1.2 OfficePropIncm OPI 22.58 -1.1 ProspectorCapWt PRSRW 0.22 -8.3
Safehold SAFE 45.29 0.4
SuperLeagueGam SLGG 1.45 -3.9
UnitedMicro UMC 7.68 -0.1 Increased
MidwestHolding MDWT 11.60 -2.9 Salesforce CRM 169.23 1.8 US Bancorp USB 49.46 ... Bar Harbor Bankshares BHB 3.9 .26 /.24 Q Jun17 /May17
OfficePropNts2050 OPINL 23.50 0.1 Proterra PTRA 6.36 3.1 SuperiorIndsIntl SUP 3.31 -5.7
MilestoneSci MLSS 1.04 -0.9 SapiensInt SPNS 24.02 1.2 UnivElectro UEIC 29.18 -0.1
OilDriAmerica ODC 25.58 -0.7 ProtoLabs PRLB 41.98 2.9 SurfaceOncol SURF 1.97 2.5 Donegal Group Cl A DGICA 4.8 .165 /.16 Q May16 /May02
MineralsTechs MTX 61.11 0.4 ScopusBio SCPS 0.55 -4.7 UplandSoftware UPLD 14.85 2.3
OldNatlBncp ONB 14.95 0.1 Prudential PUK 25.38 -3.1 Surgalign SRGA 0.21 -4.3
MinervaSurgical UTRS 3.43 -9.7 OmegaFlex OFLX 108.00 -5.2 PublicStoragePfI PSApI 22.85 0.2
ScottsMiracleGro SMG 101.28 2.4
SyneosHealth SYNH 70.07 -5.9
UrbanOutfitters URBN 23.30 5.3 Donegal Group Cl B DGICB 4.2 .1475 /.1425 Q May16 /May02
Minim MINM 0.62 -2.9 Sea SE 84.03 2.2 Urstadt Pfd H UBPpH 24.58 -0.6 Dorchester Minerals DMLP 7.5 .7539 /.63929 Q May12 /May02
OmegaTherap OMGA 4.27 -3.1 PublicStoragePfdL PSApL 21.64 1.4 TE Connectivity TEL 120.59 1.2
MiratiTherap MRTX 69.02 1.2 SeaSpine SPNE 9.89 -2.4 Urstadt Pfd K UBPpK 24.03 ...
Omnicell OMCL 113.12 0.3 Pulmatrix PULM 5.50 0.2
SEEL 0.66 1.3
TelusIntl TIXT 21.56 1.8
USNA 76.52 1.2
Green Plains Partners GPP 12.4 .445 /.44 Q May13 /May06
Missfresh MF 0.83 -7.5 Oncocyte OCX 1.12 -1.7 PulseBiosciences PLSE 3.02 -0.3 SeelosTherap TFS Fin TFSL 15.10 -0.1 UsanaHealth Schlumberger SLB 1.8 .175 /.125 Q Jul14 /Jun01
MisterCarWash MCW 14.23 2.4 Oncorus ONCR 1.25 -4.4 PurpleInnovation PRPL 4.63 4.6 Seer SEER 8.29 -0.6 TLGAcqnOneWt TLGA.WS 0.18 2.7 VIQSolutions VQS 1.17 5.0
MitekSystems MITK 12.78 3.0 180DegreeCap TURN 6.44 -0.3 PzenaInvtMgmt PZN 6.84 -2.1 SenesTech SNES 0.63 6.1 TPG TPG 25.85 1.4 Vizio VZIO 6.62 7.5 UFP Industries UFPI 1.2 .25 /.20 Q Jun15 /Jun01
MolecularTemp MTEM 1.90 1.0 180LifeSciencesWt ATNFW 0.24 -12.1 Qorvo QRVO 109.84 2.6 SeniorConnectI Wt SNRHW 0.15 4.1 TPGPaceBenWt TPGY.WS 0.51 7.2 VOXX Intl VOXX 8.29 -0.6 United Bancorp UBCP 3.4 .155 /.1525 Q Jun17 /Jun10
MoneyLionWt ML.WS 0.27 3.5 180LifeSci ATNF 1.65 -2.9 QuakerHoughton KWR 152.61 1.9 SequansComms SQNS 2.39 -0.8 TPG RE Fin TRTX 10.80 -0.7 VTEX VTEX 5.48 4.9
SESN 0.42 -1.6 VYNE 0.41 -7.3
USD Partners USDP 8.3 .1235 /.121 Q May13 /May04
MonoparTherap MNPR 2.30 -1.8 Ontrak OTRK 1.35 4.3 QualTekSvcs QTEK 2.25 ... SesenBio TRowePrice TROW 131.68 2.2 VyneTherap
MorganStanleyPfdK MSpK 24.93 -0.2 Ooma OOMA 12.84 -3.2 QualtricsIntl XM 20.94 -2.9 Shapeways SHPW 2.06 -7.8 TaiwanSemi TSM 94.45 0.6 Valens VLNS 1.02 9.6
MorganStanleyPfdL MSpL 20.84 0.4 OpenLending LPRO 13.39 2.3 QuanergySysWt QNGY.WS 0.15 -9.9 SharpsCompliance SMED 4.67 3.8 TalarisTherap TALS 6.17 -5.2 ValensSemicon VLN 3.86 -2.2 Reduced
MotorsportGames MSGM 0.95 ... OpGen OPGN 0.59 -6.1 QuanexBldg NX 19.70 -1.0 SharpsTech STSS 1.31 -10.7 Tantech TANH 0.38 -7.8 Vapotherm VAPO 5.08 ... Via Renewables Pfd A VIASP 7.8 .4764 /.54688 Q Jul15 /Jul01
MountainCrestVRt MCAGR 0.18 -10.0 OportunFin OPRT 11.85 3.8 Quantum QMCO 1.95 -4.3 ShiftPixy PIXY 0.38 -10.9 TaroPharm TARO 38.50 0.1 VarexImaging VREX 20.24 0.6
MountainCrstIIIRt MCAER 0.20 -26.7 Oppenheimer A OPY 32.28 -0.3 QuinStreet QNST 10.06 0.7 ShoalsTech SHLS 10.01 0.3 TastemakerWt TMKRW 0.17 -3.8 Vaxart VXRT 3.81 2.8 Stocks
MyriadGenetics MYGN 21.49 -0.6 OptimizeRx OPRX 31.90 0.2 QurateRetailA QRTEA 4.09 3.1 Shopify SHOP 453.39 -0.2 TattooedChef TTCF 8.61 -3.4 Velo3D VLD 4.16 0.7
SSTK 76.06 0.3 VLD.WS 0.75 7.6
ToughBuilt Industries TBLT 1:150 /Apr25
NRX Pharm NRXP 1.59 7.1 OramedPharms ORMP 5.71 2.3 QwestNts2056 CTBB 23.51 -0.7 Shutterstock Telesat TSAT 11.77 3.0 Velo3DWt
NSTS Bancorp NSTS 11.84 0.3 OraSureTechs OSUR 6.30 0.2 QwestNts2057 CTDD 23.81 -0.1 Shyft SHYF 28.27 1.1 Telos TLS 7.99 1.7 VenusConcept VERO 1.02 -3.7
NVE NVEC 48.60 0.7 OrchardTherap ORTX 0.62 2.3 RCF Acqn RCFA.U 9.59 -5.0 Sientra SIEN 1.34 13.4 10xGenomics TXG 53.01 2.1 VerbTech VERB 0.61 -3.2 Foreign
NVR NVR 4224.65 1.6 OrchidIslandCap ORC 2.85 1.4 RE/MAX RMAX 24.62 0.7 SierraMetals SMTS 0.87 -6.2 TeraWulf WULF 3.84 -11.8 Verizon VZ 49.54 -3.1 Cervecerias Unidas ADR CCU 9.7 .30841 SA Apr25 /
NabrivaTherap NBRV 0.31 0.6 OrionOffice ONL 13.14 2.0 RadNet RDNT 19.52 2.2 SifcoInd SIF 3.91 6.1 TexasCapBcshs TCBI 51.07 -1.0 VerveTherap VERV 16.24 2.5 Dynagas LNG 9% Pfd. A DLNGpA 9.4 .5625 Q May12 /May05
NanoDimension NNDM 2.85 2.4 Overstock OSTK 31.50 -1.1 Ranpak PACK 15.29 2.0 SifyTech SIFY 2.50 ... TextainerPfdB TGHpB 22.60 -0.6 ViaRenewables VIA 7.49 -2.5
Nathan's NATH 47.04 -1.9 OxfordLaneNts2027 OXLCZ 23.69 -0.5 Realogy RLGY 12.90 0.5 SightSciences SGHT 7.94 1.2 ThorIndustries THO 75.28 1.6 ViaSat VSAT 37.99 -4.4
NatlEnerSvs NESR 6.42 -8.4 OxusAcqnWt OXUSW 0.16 -7.0 RechargeAcqnWt RCHGW 0.15 -1.0 SilenceTherap SLN 14.65 -4.0 3D Systems DDD 13.12 2.8 VicinityMotor VEV 2.03 -1.2
Special
NatlPrestoInds NPK 74.84 0.4 PNC Fin PNC 168.03 -0.4 ReconTech RCON 0.84 -2.0 SilverSunTechs SSNT 2.67 -5.6 TileShop TTSH 5.80 1.0 VigilNeurosci VIGL 4.94 -11.9 Cincinnati Bancorp CNNB ... 1.00 May12 /May02
NatlRurUtilNt2064 NRUC 24.36 -0.8 PSBusParksPfdX PSBpX 23.21 -2.6 Redfin RDFN 12.55 1.9 SimmonsFirstNat SFNC 24.34 -0.5 Tilly's TLYS 8.68 1.1 VircoMfg VIRC 2.78 -2.8
NaturalAlt NAII 9.74 0.5 PSBusParksPfdY PSBpY 23.24 -2.5 RedwoodTrust RWT 8.71 -2.2 SiteOneLandscape SITE 141.58 3.0 TitanMedical TMDI 0.43 -5.2 VirtusAllCvPfdA NCZpA 23.86 ...
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO:
Nautilus NLS 3.02 0.3 PSBusParksPfdZ PSBpZ 21.30 -2.7 RekorSystems REKR 3.06 -2.2 SkyWaterTech SKYT 6.14 5.3 TitanPharm TTNP 0.72 -3.7 VirtusInvtPtrs VRTS 190.77 0.4
NavientNts2043 JSM 21.15 -1.7 PacWestBancorp PACW 33.37 0.4 RelativityAcqnWt RACYW 0.15 -15.7 Skyworks SWKS 113.26 2.4 ToughBuiltInds TBLT 13.60 -44.9 VislinkTech VISL 0.80 0.3 spin-off.

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
AmerExpress AXP 184.10 3.56 t Avantor AVTR 30.39 0.37 Block SQ 107.38 4.71 CanPacRlwy CP 74.59 -0.17 CitizensFin CFG 41.68 -0.16 DISH Network DISH 31.49 0.86
How to Read the Stock Tables Footnotes: AmericanFin AFG 143.77 -0.52 AveryDennison AVY 168.69 1.27 BlueOwlCapital OWL 13.21 ... Canon CAJ 23.32 0.17 CitrixSystems CTXS 101.29 -0.21 DTE Energy DTE 135.70 -1.11
The following explanations apply to NYSE, NYSE s-New 52-week high. AmHomes4Rent AMH 41.21 -1.27 AvisBudget CAR 299.70 1.63 Boeing BA 175.91 -1.01 CapitalOne COF 136.46 1.18 Clarivate CLVT 16.43 0.64 Danaher DHR 260.46 -4.10
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AIG AIG 59.68 -0.76 t AxonEnterprise AXON 120.79 2.77 BookingHldgs BKNG 2246.04 32.17 CardinalHealth CAH 61.24 -0.33 Cleveland-Cliffs CLF 27.74 -1.21 Darden DRI 138.13 4.08
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four AmerTowerREIT AMT 259.52 -2.38 BCE BCE 56.24 -0.65 BoozAllen BAH 87.37 -0.65 Carlisle CSL 250.30 3.73 Clorox CLX 152.29 1.64 DarlingIngred DAR 75.66 -4.00
that include primary market trades as well as quarters. AmerWaterWorks AWK 160.81 -3.39 BHP Group BHP 65.90 -2.09 BorgWarner BWA 37.72 -0.14 t Carlyle CG 40.65 0.82 Cloudflare NET 98.71 3.49 Datadog DDOG 121.68 3.28
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. AmericoldRealty COLD 28.19 0.02 BJ'sWholesale BJ 67.31 0.11 BostonProps BXP 125.82 0.13 t CarMax KMX 90.45 0.07 s Coca-Cola KO 65.94 0.69 DaVita DVA 112.54 1.13
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing Ameriprise AMP 280.96 0.88 BP BP 28.73 -1.15 BostonSci BSX 44.59 0.69 Carnival CCL 18.88 0.04 Coca-ColaEuro CCEP 52.30 0.95 DeckersOutdoor DECK 278.52 4.56
Nasdaq ISE. standards AmerisourceBrgn ABC 158.47 -0.53 Baidu BIDU 116.57 2.00 BrightHorizons BFAM 127.15 1.45 Carnival CUK 17.20 ... Cognex CGNX 70.75 1.57 Deere DE 385.51 -18.06
The list comprises the 1,000 largest companies lf-Late filing Ametek AME 127.65 0.48 BakerHughes BKR 30.74 -1.46 BristolMyers BMY 76.05 0.30 t CarrierGlobal CARR 41.96 0.29 CognizantTech CTSH 84.46 1.30 DellTechC DELL 47.27 0.40
based on market capitalization. q-Temporary exemption from Nasdaq Amgen AMGN 252.17 1.82 Ball BLL 85.96 -0.49 BritishAmTob BTI 42.30 -0.65 t Carvana CVNA 81.21 -2.54 t CoinbaseGlbl COIN 135.14 3.62 DeltaAir DAL 43.27 -0.42
Underlined quotations are those stocks with requirements. Amphenol APH 70.71 1.27 BancoBilbaoViz BBVA 5.29 -0.05 BrixmorProp BRX 26.15 0.15 CaseysGenStores CASY 211.85 0.72 ColgatePalm CL 81.81 0.71 t DentsplySirona XRAY 41.53 0.58
large changes in volume compared with the t-NYSE bankruptcy AnalogDevices ADI 158.92 3.67 BancoBradesco BBDO 3.19 -0.07 Broadcom AVGO 587.88 0.93 t Catalent CTLT 90.14 -0.53 Comcast A CMCSA 45.71 0.33 DeutscheBank DB 11.43 -0.35
issue’s average trading volume. v-Trading halted on primary market. Anaplan PLAN 65.24 0.09 BancodeChile BCH 20.95 -0.44 BroadridgeFinl BR 151.04 2.74 Caterpillar CAT 216.70 0.40 Comerica CMA 83.79 2.82 DevonEnergy DVN 56.18 -1.89
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being AngloGoldAsh AU 20.42 -0.75 BancSanBrasil BSBR 6.96 -0.18 BrookfieldMgt BAM 51.89 0.25 Celanese CE 141.91 -0.80 CommerceBcshrs CBSH 71.86 0.36 DexCom DXCM 442.49 1.84
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, AB InBev BUD 59.56 0.25 BcoSantChile BSAC 19.75 -0.60 BrookfieldInfr BIP 64.45 0.22 CenovusEnergy CVE 16.45 -0.81 ConagraBrands CAG 36.11 -0.01 Diageo DEO 204.62 3.85
previous closing price was $2 or higher. or securities assumed by such companies. t AnnalyCap NLY 6.53 0.01 BancoSantander SAN 3.33 -0.04 BrookfieldRenew BEPC 37.16 -0.03 Centene CNC 84.86 0.45 Concentrix CNXC 157.65 6.74 DiamondbkEner FANG 125.82 -4.28
AnteroResources AR 32.48 -0.38 BanColombia CIB 39.39 -1.53 Brown&Brown BRO 68.45 0.72 CenterPointEner CNP 31.75 -0.08 Confluent CFLT 34.96 0.90 Dick's DKS 102.86 3.17
Anthem ANTM 506.87 4.24 t BankofAmerica BAC 37.29 -0.27 Brown-Forman B BF.B 66.93 -0.06 CentraisElBras EBR 8.40 0.08 ConocoPhillips COP 91.66 -4.35 t DiDiGlobal DIDI 1.80 0.08
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and
Aon AON 321.44 -0.20 BankofMontreal BMO 111.15 -0.88 Brown-Forman A BF.A 62.70 -0.38 t CeridianHCM CDAY 58.60 1.88 ConEd ED 96.05 -0.44 DigitalRealty DLR 151.56 1.80
changes in the closing prices from 4 p.m. the previous day. t BankNY Mellon BK
AptIncmREIT AIRC 53.87 -0.24 44.37 0.16 t Bruker BRKR 59.02 -0.02 Cerner CERN 93.81 0.11 ConstBrands A STZ 248.74 -2.22 DiscoverFinSvcs DFS 112.64 0.27
t ApolloGlbMgmt APO 54.39 0.46 BkNovaScotia BNS 66.74 -0.16 BuildersFirst BLDR 65.85 4.44 s ChangeHlthcr CHNG 23.84 0.19 ConstBrands B STZ.B 281.51 -5.23 t Disney DIS 119.95 1.68
Apple AAPL 162.88 1.09 t Barclays BCS 7.64 0.01 Bunge BG 116.39 -1.55 t CharlesRiverLabs CRL 253.34 -19.69 ConstellationEner CEG 62.27 -0.16 dLocal DLO 25.36 1.09
Monday, April 25, 2022 Net Net t ApplMaterials AMAT 114.47 1.67 BarrickGold GOLD 22.73 -1.00 BurlingtonStrs BURL 209.25 0.10 t CharterComms CHTR 506.97 -4.40 ContinentalRscs CLR 56.58 -2.22 DocuSign DOCU 89.95 3.62
Net Stock Sym Close Chg Stock Sym Close Chg t Applovin APP 41.14 -0.07 Bath&BodyWks BBWI 54.10 0.69 CBRE Group CBRE 84.66 0.09 CheckPoint CHKP 138.86 1.59 DolbyLab DLB 77.57 0.28
Cooper COO 394.06 3.15
Stock Sym Close Chg Aptargroup ATR 115.40 -1.22 BauschHealth BHC 21.48 -0.19 CDW CDW 170.65 1.11 CheniereEnergy LNG 131.13 -4.57 Copart CPRT 118.21 2.06 DollarGeneral DG 248.49 -0.32
AdvanceAuto AAP 223.87 5.48 Allegion ALLE 114.72 0.21 APTV 107.63 1.15 t BaxterIntl BAX 72.91 -0.17 CF Industries CF
Aptiv 94.45 -2.49 CheniereEnerPtrs CQP 53.15 -0.44 t Corning GLW 34.42 0.62 DollarTree DLTR 169.85 2.36
AdvDrainageSys WMS 108.97 3.07 AlliantEnergy LNT 62.07 -1.05
A B C AdvMicroDevices AMD 90.69 2.55 Allstate ALL 131.82 -0.25
Aramark ARMK 37.99 -0.26 BectonDicknsn BDX 258.46 3.42 CGI GIB 80.96 0.82 ChesapeakeEner CHK 84.09 -2.44 Corteva CTVA 57.30 -0.38 DominionEner D 84.56 -0.33
ArcelorMittal MT 29.55 -1.78 BeiGene BGNE 162.80 -0.98 CH Robinson CHRW 103.17 1.03 Chevron CVX 157.49 -3.46 Cosan CSAN 18.00 -0.26 t Domino's DPZ 378.16 -0.67
ABB ABB 30.99 -0.38 Aegon AEG 5.51 -0.22 AllyFinancial ALLY 42.04 0.45 ArchCapital ACGL 46.73 BentleySystems BSY 43.32 1.51 CME Group CME 221.56 t
-0.58 -1.36 ChewyA CHWY 34.66 0.04 CoStar CSGP 62.65 1.45 DoorDash DASH 91.25 2.25
AECOM ACM 72.24 -0.34 AerCap AER 50.15 -1.16 AlnylamPharm ALNY 162.07 -4.93 ArcherDaniels ADM 90.96 -1.22 Berkley WRB 67.90 -0.07 CMS Energy CMS 70.59 -1.17 ChinaEastrnAir CEA 16.40 -0.02 Costco COST 568.21 -3.49 Dover DOV 142.24 -0.76
AES AES 22.08 -0.41 AffirmHldgs AFRM 32.47 1.31 Alphabet A GOOGL 2461.48 68.77 AresMgmt ARES 76.54 0.92 BerkHathwy A BRK.A 506200760.05 CNA Fin CNA 48.33 -0.01 ChinaLifeIns LFC 7.29 -0.12 Dow DOW 68.07 -0.43
CoterraEnergy CTRA 28.66 -0.30
Aflac AFL 62.40 -0.97 t AgilentTechs A 121.45 0.13 Alphabet C GOOG 2465.00 72.72 arGEN-X ARGX 319.72 7.32 BerkHathwy B BRK.B 336.95 1.39 CNH Indl CNHI 14.42 -0.49 ChinaPetrol SNP 48.63 -1.14 t Coupang CPNG 14.26 0.19 Doximity DOCS 46.66 2.04
AGCO AGCO 128.37 -6.47 agilon health AGL 20.03 1.26 Altria MO 55.23 -0.30 AristaNetworks ANET 118.94 1.24 BerryGlobal BERY 57.16 -0.36 CRH CRH 41.05 0.16 ChinaSoAirlines ZNH 27.33 -0.06 DrReddy'sLab RDY 53.39 -0.51
-2.13 t AlumofChina ACH 11.49 -1.39
Credicorp BAP 139.84 -7.29
AMC Ent AMC 16.96 0.44 AgnicoEagle AEM 57.47 ArrowElec ARW 114.59 1.65 BestBuy BBY 93.07 1.79 CSX CSX 34.64 0.12 Chipotle CMG 1516.00 35.15 CreditAcceptance CACC 548.14 -8.37 DraftKings DKNG 14.68 0.65
Ansys ANSS 282.16 5.64 AirProducts APD 242.76 -0.16 Amazon.com AMZN 2921.48 34.48 AspenTech AZPN 158.83 1.92 Bilibili BILI 21.25 0.17 CVS Health CVS 101.77 0.09 ChoiceHotels CHH 144.57 3.36 Dropbox DBX 22.55 0.61
CreditSuisse CS 7.16 -0.02
APA APA 39.08 -1.63 Airbnb ABNB 158.39 2.30 Ambev ABEV 3.06 0.04 Assurant AIZ 187.16 0.59 Bill.com BILL 182.90 10.37 t CableOne CABO 1356.12 13.17 Chubb CB 207.32 1.22 DukeEnergy DUK 113.77 -0.51
CrowdStrike CRWD 214.58 8.96
t ASETech ASX 6.65 -0.01 AkamaiTech AKAM 118.76 1.62 Amcor AMCR 11.65 0.07 AstraZeneca AZN 65.96 0.10 Bio-Techne TECH 400.91 -2.08 CadenceDesign CDNS 151.10 3.03 ChunghwaTel CHT 44.73 0.38 DukeRealty DRE 59.33 -0.55
CrownCastle CCI 192.87 -1.27
ASML ASML 599.82 -7.79 Albemarle ALB 198.46 -2.18 Amdocs DOX 81.81 0.01 Atlassian TEAM 253.63 8.34 t Bio-RadLab A BIO 529.95 -4.34 CAE CAE 26.55 0.85 Church&Dwight CHD 104.03 1.24 t DuPont DD 67.80 0.51
CrownHoldings CCK 116.61 -2.75
AT&T T 19.51 -0.01 Albertsons ACI 32.43 0.32 Amerco UHAL 550.35 3.15 AtmosEnergy ATO 117.70 -1.00 Biogen BIIB 214.54 4.55 t CaesarsEnt CZR 68.50 1.90 ChurchillDowns CHDN 209.24 5.93 DutchBros BROS 52.78 1.59
CubeSmart CUBE 52.25 -0.53
AbbottLabs ABT 120.01 0.37 Alcoa AA 67.37 ... Ameren AEE 95.92 -0.96 t Autodesk ADSK 191.15 3.84 BiohavenPharm BHVN 109.59 3.00 CamdenProperty CPT 164.20 -2.87 Ciena CIEN 57.72 1.40 Dynatrace DT 41.02 1.12
Cullen/Frost CFR 137.66 -0.55
AbbVie ABBV 156.30 1.31 Alcon ALC 77.42 -0.09 AmericaMovil AMX 21.14 -0.04 ADP ADP 227.06 3.54 BioMarinPharm BMRN 81.88 1.38 Cameco CCJ 26.99 -0.75 Cigna CI 254.36 -0.70 ENI E 28.25 -0.75
Cummins CMI 196.15 -3.05
Abiomed ABMD 302.14 6.31 AlexandriaRlEst ARE 193.00 -2.78 AmericaMovil A AMOV 21.11 -0.04 AutoZone AZO 2195.68 35.41 BioNTech BNTX 155.10 10.03 CampbellSoup CPB 46.83 -0.11 CincinnatiFin CINF 136.08 -0.58 EOG Rscs EOG 111.77 -4.35
Accenture ACN 316.82 6.02 Alibaba BABA 85.84 -0.65 AmerAirlines AAL 19.98 -0.20 Avalara AVLR 83.86 -0.55 BlackKnight BKI 67.46 1.68 CIBC CM 113.04 -0.32 Cintas CTAS 409.96 1.97 D E F EPAM Systems EPAM 280.07 3.31
ActivisionBliz ATVI 78.05 -0.56 t AlignTech ALGN 368.86 8.29 AmCampus ACC 64.75 -0.05 Avalonbay AVB 248.42 -2.43 t BlackRock BLK 668.28 5.34 CanNtlRlwy CNI 124.34 0.95 CiscoSystems CSCO 51.94 0.58 EQT EQT 39.70 -0.04
t Adobe ADBE 413.95 5.28 Alleghany Y 837.00 1.75 AEP AEP 100.50 0.25 Avangrid AGR 46.99 -0.61 Blackstone BX 112.52 1.93 CanNaturalRes CNQ 61.34 -2.53 Citigroup C 51.13 -0.10 DCP Midstream DCP 34.84 -0.58 Continued on Page B12
B12 | Tuesday, April 26, 2022 THE WALL STREET JOURNAL.

BANKING & FINANCE

Venture Market Sees Funding Fall Last

Buffett
Valuations rise amid median valuation of midstage Median valuations globally While lower valuations are

investment pullback,
pointing to looming
startups rose 15% to $343 mil-
lion for the same periods.
“There was a lot more in-
Early-stage startups
$35 million
First quarter
Midstage startups
$350 million
First quarter
often associated with market
slowdowns, venture investors
often welcome such drops as
Lunch Up
drop in deals’ prices
vestor energy chasing us in
the fourth quarter than in the
first quarter,” said Anshu
30

25
$34M
300

250
$343M opportunities to invest in
companies on more favorable
terms. That also can temper
For Auction
BY MARC VARTABEDIAN Prasad, co-founder and chief startups’ expectations and BY GINGER ADAMS OTIS
executive of transportation lo- 20 200
make follow-on rounds easier
After setting a feverish gistics startup Leaf Logistics to close. A steakhouse lunch with
investing pace last year, ven- Inc. Mr. Prasad said he started 15 150 Startup valuations have Berkshire Hathaway Inc.
ture capitalists took their foot fundraising last summer. been on a tear in recent years, Chief Executive Warren Buffett
off the gas in this year’s first Still, he said negotiations 10 100 driven in part by nontradi- will return to the auction
quarter. At the same time, with investors around his tional venture investors, such block this June after the an-
valuations largely continued to startup’s valuation were 5 50 as hedge funds and corpora- nual charity fundraiser was
rise, a dynamic that is causing hardly a sticking point when tions, entering the asset class. put on a two-year pause dur-
some investors to expect a the company closed a $37 mil- 0 0 Median late-stage valuations, ing the Covid-19 pandemic.
price drop for startups this lion Series B deal in January. for instance, have soared 653% This will be the last time
2018 ’19 ’20 ’21 ’22 2018 ’19 ’20 ’21 ’22
year. The financing valued Leaf at since 2018, according to CB In- bidders can vie for a sit-down
Investors committed $144 $262 million, a 274% jump Source: CB Insights sights. lunch with Mr. Buffett, who
billion to startups globally in from the valuation the com- Lux Capital Partner Bilal raised $34 million for a Cali-
the first quarter, down 19% pany received in 2019 when it across the board that the sup- into the private market. There Zuberi says he expects startup fornia homeless organization
from the prior quarter, which last raised capital. ply-and-demand balance be- is often a lag in the public prices to drop this year as over the past two decades
is the largest percentage de- Investors said rising infla- tween deals and capital still market’s effect on private- more investors begin to see with his Power of One event.
cline since the third quarter of tion and interest rates as well supports rising valuations, for company deal making. their portfolio companies ex- The most recent auction held
2012, according to analytics as the public-market downturn now,” said Zach DeWitt, a part- Already, late-stage startups, perience valuation mark- in 2019, got a record-setting
firm CB Insights. The number put pressure on the venture ner at venture firm Wing VC. which are closest to the public downs. “It psychologically bid of $4.6 million.
of deals completed also market. Rising interest rates This dynamic comes as market as they near initial pushes funds to reassess their This year will be the “grand
dropped, falling 5% compared have historically led investors other areas of the venture public offerings, experienced a entry prices,” Mr. Zuberi said. finale” of the Power of One
with the fourth quarter to to shift capital away from ven- market have sputtered. Initial dip in median valuations, fall- History points to a correc- charity auction, according to a
8,835. ture toward bonds as their public offerings, one of the ing 4% to $1.05 billion, accord- tion in private-company valua- statement from Glide, the San
Meanwhile, valuations, a yields increase, giving inves- primary ways venture inves- ing to CB Insights. So-called tions, said Ginger Chambless, Francisco homeless organiza-
measure of the price investors tors higher payouts. tors get paid out for their in- megaround financings of at a managing director and head tion that has teamed up with
pay for stakes in startups, con- Investors attributed the vestments, have nearly ground least $100 million, which typi- of research for JPMorgan Mr. Buffett since the first event
tinued on what has been a sig- continued increase in valua- to a halt. cally occur at later stages of Chase Commercial Banking, in in 2000. The online auction, run
nificant increase in recent tions in part to the mountain To be sure, even with the investing, experienced a 30% a Q&A as part of a report by by eBay, will open for bids at
years as investors plow capital of so-called dry powder—capi- drop in funding during the first drop in the first quarter to $74 analytics firm PitchBook Data 7:30 p.m. PDT on Sunday, June
into fledgling technology com- tal raised that has yet to be in- quarter, the period still netted billion compared with the Inc. and the National Venture 12. Bidding starts at $25,000,
panies. vested—that venture firms the fourth-largest funding haul prior quarter. Capital Association. and the auction will end at the
The median valuation of have at their disposal. on record and was 7% more “I think [dropping valua- “Historically, there has been same time on June 17. The win-
early-stage startups last quar- “There has been so much than the same quarter in 2021. tions] will hit midstage next. a one- to two-quarter lag be- ning bidder can bring seven
ter rose 21% to $34 million capital raised in the last 24 Some investors predict val- It’s the next most logical area to tween a public markets correc- guests to dine with Mr. Buffett
compared with all of last year, months in the early stages and uations will fall as the public- get hit,” Sozo Ventures Manag- tion and the private markets,” at Smith & Wollensky steak-
according to CB Insights. The very large early-stage funds market pullback trickles down ing Director Spencer Foust said. Ms. Chambless said. house in New York City.

Biggest 1,000 Stocks | WSJ.com/stocks Stock

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Continued From Page B11 Net Net MohawkInds MHK 128.14 4.20 PetroleoBrasilA PBR.A 12.29 -0.33 t Skyworks SWKS 117.88 2.78 UnitedAirlines UAL 51.30 -0.16 Whirlpool WHR 178.87 5.05
Net Stock Sym Close Chg Stock Sym Close Chg MolinaHealthcare MOH 326.72 1.54 Pfizer PFE 48.95 0.82 SmithAO AOS 64.63 -0.11 t UnitedMicro UMC 7.90 -0.01 W X Y Z Williams WMB 33.90 -1.20
Stock Sym Close Chg GlobalFoundries GFS 52.72 1.98 KeurigDrPepper KDP 37.30 0.30 MolsonCoorsA TAP.A 59.00 -0.30 PhilipMorris PM 102.53 -0.16 Smith&Nephew SNN 32.46 -0.43 UPS B UPS 189.64 2.49 Williams-Sonoma WSM 140.40 5.14
PSX 81.02 -2.60 SJM 142.21 -0.03 WEC Energy WEC 102.91 -1.07 WillisTowers WTW 241.06 3.67
Globant GLOB 225.31 8.00 KeyCorp KEY 20.63 -0.08 MolsonCoorsB TAP 54.44 0.67 Phillips66 Smucker UnitedRentals URI 313.28 -1.39
EastWestBncp EWBC 75.71 -1.93 W.P.Carey WPC 84.67 -0.60 WillScotMobile WSC 36.98
KeysightTechs KEYS 146.96 1.68 Mondelez MDLZ 65.78 0.72 Pinduoduo PDD 35.60 0.87 Snap SNAP 29.91 0.15 t US Bancorp USB 50.84 0.01 0.10
EastGroup EGP 205.93 -3.39 GlobeLife GL 102.03 -1.43 WPP WPP 64.55 -0.01 t Wipro
MDB 381.74 10.70 PinnacleWest PNW 76.78 -0.54 SnapOn SNA 223.26 0.88 WIT 6.86 0.10
EastmanChem EMN 105.86 -0.56 GoDaddy GDDY 87.41 3.74 KilroyRealty KRC 75.53 0.79 MongoDB US Steel X 32.63 -0.96
Wabtec WAB 89.25 0.12 Wolfspeed
GoldFields GFI 13.23 -0.52 KimberlyClark KMB 143.48 4.97 MonolithicPower MPWR 420.17 15.96 t Pinterest PINS 20.00 0.41 Snowflake SNOW 186.94 13.14 UnitedTherap UTHR 186.24 -1.39 WOLF 105.25 1.94
Eaton ETN 147.07 1.03 WalgreensBoots WBA 45.39 -0.15 WooriFin WF 38.42 -1.09
GoldmanSachs GS 321.42 1.65 KimcoRealty KIM 25.62 0.18 MonsterBev MNST 86.68 1.03 PioneerNatRscs PXD 231.14 -5.10 SOQUIMICH SQM 74.54 -3.17 UnitedHealth UNH 524.27 3.33
eBay EBAY 53.63 0.46 Walmart WMT 156.94 0.08
Ecolab ECL 175.61 0.41 t Grab GRAB 2.86 0.01 KinderMorgan KMI 18.61 -0.54 Moody's MCO 325.51 3.09 PlainsAllAmPipe PAA 10.53 -0.57 SolarEdgeTech SEDG 253.49 1.91 UnitySoftware U 79.42 3.72 t WarnerBrosA WBD 21.50 0.93 t Workday WDAY 209.13 3.00
85.05 0.31 PAGP 11.23 -0.72 Sony SONY 87.58 1.98 5.83 WarnerMusic WMG 31.20 -0.14 WyndhamHtls WH 89.21 2.22
Ecopetrol EC 16.68 -0.62 t Graco GGG 66.13 0.17 Knight-Swift KNX 49.79 1.96 MorganStanley MS PlainsGP UniversalHealthB UHS 138.76
EdisonInt EIX 71.27 -0.35 Grainger GWW 492.19 -7.15 Kohl's KSS 60.39 3.03 Morningstar MORN 272.51 6.63 PlanetFitness PLNT 83.67 1.44 Southern SO 74.97 -0.94 VF VFC 54.31 -0.27 WasteConnections WCN 136.25 -0.77 WynnResorts WYNN 72.21 -0.99
MOS 63.61 -3.16 PLUG 22.75 0.71 SoCopper SCCO 64.29 -1.85 t XP XP 25.99 0.42
EdwardsLife EW 119.80 1.42 Grifols GRFS 11.32 0.29 t KoninklijkePhil PHG 26.91 -3.43 Mosaic PlugPower VICI Prop VICI 30.03 0.35 WasteMgt WM 155.96 -1.55 XcelEnergy XEL 73.70 -0.60
SouthwestAir LUV 46.43 -0.42
ElancoAnimal ELAN 25.74 0.46 Guidewire GWRE 90.86 1.13 KoreaElcPwr KEP -0.01 MotorolaSol MSI 225.05
8.48 0.12 Pool POOL 427.64 11.90 VailResorts MTN 263.52 12.81 t Waters WAT 296.20 -0.24 XPeng XPEV 24.21 0.34
NICE 208.00 4.95 PrincipalFin PFG 71.85 -0.49 SouthwesternEner SWN 7.43 ...
Elastic ESTC 83.23 3.73 HCA Healthcare HCA 210.50 -0.14 KraftHeinz KHC 43.04 -0.14 NICE Vale VALE 16.18 -0.52 Watsco WSO 290.71 -0.27 Xylem XYL 84.05 -0.62
NIO 17.31 0.13 Procter&Gamble PG 162.55 1.30 Splunk SPLK 129.00 5.42
ElbitSystems ESLT 220.86 5.48 HDFC Bank HDB 56.24 1.15 Kroger KR -0.31 NIO
56.69 ValeroEnergy VLO 100.88 -2.17 t Wayfair W 83.93 -1.30 YumBrands YUM 121.27 -1.13
NOV 18.38 -0.64 Progressive PGR 110.56 2.22 t Spotify SPOT 112.14 1.93
ElectronicArts EA 128.15 0.06 HF Sinclair DINO 36.76 -1.17 LKQ LKQ 49.87 0.50 NOV VeevaSystems VEEV 184.10 0.13 WebsterFin WBS 50.08 -0.02 YumChina
YUMC 40.97 0.05
NRG Energy NRG 37.61 -0.30 Prologis PLD 167.73 -1.00 StanleyBlackDck SWK 141.48 -0.01
EmersonElec EMR 92.21 -1.39 HP HPQ 37.00 0.21 LPL Financial LPLA 196.50 0.87 Ventas VTR 58.22 -0.27 WellsFargo WFC 45.83 -0.51 ZTO Express ZTO 23.75 0.43
t Starbucks SBUX 77.98 0.06
Enbridge ENB 44.15 -0.71 HSBC HSBC 32.38 -1.06 L3HarrisTech LHX 242.92 -4.96 t NVR NVR 4353.28 70.40 PrudentialFin PRU 113.99 -1.84 VeriSign VRSN 211.17 5.32 Welltower WELL 95.56 0.62 t ZebraTech ZBRA 388.94 10.96
NXP Semi NXPI 172.84 2.09 t Prudential PUK 26.10 -0.83 t StateStreet STT 70.95 0.08
Endeavor EDR 24.71 0.29 Halliburton HAL 35.33 -2.36 LabCorp.ofAmerica LH 264.10 -4.42 VeriskAnalytics VRSK 213.85 3.25 WestFraserTimber WFG 87.00 -0.31 Zendesk ZEN 121.97 1.12
NDAQ 166.64 -0.21 PublicServiceEnt PEG 72.64 -1.24 SteelDynamics STLD 89.33 -0.28
EnelAmericas ENIA 5.40 -0.29 HartfordFinl HIG 71.40 -0.11 LamResearch LRCX 476.42 13.29 Nasdaq t Stellantis
t Verizon VZ 50.28 -1.63 WestPharmSvcs WST 348.95 -0.82 Zillow A ZG 42.21 1.06
STLA 14.00 -0.02
EnergyTransfer ET 11.11 -0.17 Hasbro HAS 89.54 1.61 LamarAdv LAMR 114.090.10 NationalGrid NGG 76.03 0.57 PublicStorage PSA 399.00 -3.36 VertxPharm VRTX 271.68 1.26 WestAllianceBcp WAL 80.20 2.17 Zillow C Z 43.94 1.08
Steris STE 238.16 4.71
EnphaseEnergy ENPH 157.60 3.97 HashiCorp HCP 50.39 5.25 LambWeston LW 0.94 NatlRetailProp NNN 46.42
69.14 -0.45 PulteGroup PHM 43.67 1.76 Viatris VTRS 10.39 0.11 WesternDigital WDC 51.01 1.55 ZimmerBiomet ZBH 127.81 2.11
STMicroelec STM 38.31 0.84
Entegris ENTG 114.59 1.92 HealthpeakProp PEAK 34.28 -0.18 LasVegasSands LVS 36.29 -0.11 NatlStorage NSA 62.46 -1.14 PureStorage PSTG 30.77 1.08 Visa V 209.95 1.78 WesternMidstrm WES 24.56 -0.86 ZionsBancorp ZION 61.09 0.35
NWG 5.70 -0.05 QGEN 45.17 0.02 Stryker SYK 253.83 5.52
Entergy ETR 122.24 -1.10 Heico HEI 145.84 -1.76 Lear LEA 129.48-0.24 NatWest Qiagen
t SumitomoMits SMFG 6.06 0.01 Vistra VST 25.01 -0.34 WesternUnion WU 19.13 0.11 Zoetis ZTS 180.30 -1.65
EnterpriseProd EPD 25.90 -0.77 HEI.A 119.36 -1.36 Leidos -1.08 NetApp
LDOS 107.17 NTAP 77.40 1.39 t Qorvo QRVO 114.61 2.92 t VMware
Heico A SunComms SUI 189.00 2.14 VMW 110.17 1.99 Westlake WLK 128.06 0.53 ZoomVideo ZM 102.44 2.27
EFX 213.40 9.80 HenrySchein HSIC 87.99 0.70 Lennar B LEN.B 67.702.47 NetEase NTES 88.37 2.51 Qualcomm QCOM 136.56 3.75
Equifax SunLifeFinancial SLF 51.94 -0.42 Vodafone VOD 16.58 0.05 WestRock WRK 49.74 -0.68 ZoomInfoTech ZI 50.94 1.15
Equinix EQIX 752.52 7.11 Hershey HSY 224.98 0.84 Lennar A LEN 79.60 2.99 t Netflix NFLX 209.91 -5.61 t QualtricsIntl XM 21.14 -0.64
VornadoRealty VNO 41.41 0.42 Weyerhaeuser WY 41.62 0.10 Zscaler ZS 216.79 10.32
Neurocrine NBIX 93.76 0.14 QuantaServices PWR 120.67 0.13 SuncorEnergy SU 31.26 -1.04
Equinor EQNR 34.55 -1.36 HertzGlobal HTZ 23.50 0.95 t LennoxIntl LII 238.94
-7.90 VulcanMatls VMC 176.01 4.93 WheatonPrecMet WPM 46.59 -1.51 Zynga ZNGA 8.79 -0.11
-0.22 Suzano SUZ 10.62 -0.11
Equitable EQH 30.19 -0.42 Hess HES 102.62 -3.83 LeviStrauss LEVI 19.24 0.15 NewFortressEner NFE 40.22 QuestDiag DGX 136.62 -0.57
NewellBrands NWL 23.27 0.55 Switch SWCH 31.26 1.08
EquityLife ELS 81.72 0.65 HessMidstream HESM 30.01 -1.43 LiAuto LI 22.31
-0.02
EquityResdntl EQR 90.28 -0.87 HewlettPackard HPE 15.59 -0.16 t -0.84 Newmont
LibertyBroadbandC LBRDK 128.16 NEM 72.61 -1.91 R S SynchronyFin SYF 38.29 0.31
t SyneosHealth SYNH 72.57 -4.59
ErieIndemnity A ERIE 173.81
EssentialUtil WTRG 47.51
0.29
-1.00
HighwoodsProp HIW 43.97
Hilton HLT 155.94
0.08
2.59
t
LibertyGlobal A LBTYA 23.98
-0.99 NewsCorp B NWS 21.13
LibertyBroadbandA LBRDA 123.05
-0.10 NewsCorp A NWSA 20.88
0.02
0.02
RELX
RPM
RELX 30.88 0.35 Synopsys
RPM 84.58 -0.77 Sysco
SNPS 290.92 5.92 Borrowing Benchmarks
0.09 SYY 89.74 0.94
EssexProp ESS 348.09 -3.44 Hologic HOLX 72.73 -1.20 LibertyGlobal C LBTYK 24.98 -0.04 NextEraEnergy NEE 74.04 RalphLauren RL 108.43 -0.82 wsj.com/market-data/bonds/benchmarks
EsteeLauder EL 268.22 4.18 HomeDepot HD 304.94 4.83 LibertyFormOne A FWONA 61.11 0.19 NielsenHoldings NLSN 26.77 -0.05
RangeResources RRC 30.27 -0.08 T U V
t Etsy ETSY 102.06 3.65 HondaMotor HMC 26.46 0.53 LibertyFormOne C FWONK 66.63 0.04 Nike NKE 127.94 -1.13
RaymondJames RJF 103.97 0.45
EverestRe RE 284.24 -1.94 Honeywell HON 191.82 1.19 LibertyBraves A BATRA 27.30
LibertyBraves C BATRK 26.08
-0.14 NiSource
-0.06 Nokia
NI
NOK
30.58
5.21
-0.29
0.07
RaytheonTech RTX 99.61 -0.88 TC Energy TRP 55.94 -0.96
SNX 101.59 1.63
Money Rates April 25, 2022
Evergy EVRG 70.10 -1.23 HorizonTherap HZNP 106.70 0.86 RealtyIncome O 72.75 -0.79 TD Synnex
NomuraHoldings 3.92 0.01
RegalRexnord RRX 138.26 -0.46 t TE Connectivity TEL 124.40 1.52
EversourceEner ES 90.69 -1.31 HormelFoods HRL 53.56 -0.02 LibertySirius C LSXMK 43.83 -0.06 NMR
ExactSciences EXAS 62.64 1.96 DR Horton DHI 74.19 2.84 LibertySirius A LSXMA 43.79 -0.18 Nordson NDSN 220.82 0.44
RegencyCtrs REG 70.20 -0.24 Telus TU 26.18 -0.01 Key annual interest rates paid to borrow or lend money in U.S. and
Exelon EXC 48.77 0.12 HostHotels HST 20.93 0.37 LifeStorage LSI 143.64 -1.31 NorfolkSouthern NSC 259.74 1.15
RegenPharm REGN 690.33 2.25 Ternium TX 41.81 -1.94 international markets. Rates below are a guide to general levels but
Expedia EXPE 186.77 5.12 HowmetAerospace HWM 34.82 -0.14 EliLilly LLY 285.20 6.47 NorthernTrust NTRS 105.76 -0.43
RegionsFin RF 21.60 0.23 TFI Intl TFII 86.13 3.05
ExpeditorsIntl EXPD 100.70 1.27 HuanengPower HNP 19.15 0.46 LincolnElectric LECO 129.93 -0.13 NorthropGrum NOC 444.02 -3.38
ReinsGrp RGA 112.79 -0.53 TJX TJX 63.39 0.68 don’t always represent actual transactions.
ExtraSpaceSt EXR 208.54 -4.02 Huazhu HTHT 30.02 0.12 LincolnNational LNC 64.31 -0.64 NortonLifeLock NLOK 25.87 0.35
RelianceSteel RS 190.38 -2.26 T-MobileUS TMUS 128.81 0.18
ExxonMobil XOM 82.26 -2.87 Hubbell HUBB 189.34 -2.40 Linde LIN 313.99 4.27 NorwegCruise NCLH 21.24 0.11
t Repligen RGEN 148.64 3.04 TPG
t TPG 26.93 0.38 Week —52-WEEK—
F5 FFIV 203.00 2.54 HubSpot HUBS 401.30 5.02 LithiaMotors LAD 292.34 3.02 Novartis NVS 90.44 1.23
RepublicSvcs RSG 132.45 0.05
t TRowePrice TROW 137.19 2.94 Inflation Latest ago High Low
3.77 NovoNordisk NVO 113.72 3.02 t
FMC FMC 131.65 -0.98 Humana HUM 441.53 -2.95 LiveNationEnt LYV 109.68 ResMed RMD 225.95 -1.46 TaiwanSemi TSM 96.24 0.56 March index Chg From (%)
83.33 4.12
RestaurantBrands QSR 58.72 0.83 TakeTwoSoftware TTWO 132.96 -3.45
FactSet FDS 429.04 1.81 JBHunt JBHT 174.05 4.70 LloydsBanking LYG 2.33
0.01 Novocure NVCR
FICO 386.50 3.90 LockheedMartin LMT 442.89 -2.90 NuHoldings NU 6.92 0.24 TakedaPharm TAK 14.57 0.18 level Feb. '22March '21 Federal funds
FairIsaac HuntingtonBcshs HBAN 13.90 0.14 RexfordIndlRealty REXR 81.36 0.30
Fastenal FAST 56.95 ... HuntingIngalls HII 218.53 -3.64 Loews L 64.68
-0.03 Nucor NUE 158.56 -2.49
t RingCentral RNG 92.43 0.98
Tapestry TPR 33.17 0.21 Effective rate 0.3400 0.3400 0.3500 0.0500
FederalRealty FRT 120.63 -1.16 HyattHotels H 97.52 2.71 LogitechIntl LOGI 67.98 2.71 Nutrien NTR 99.58 -4.23
RioTinto RIO 70.84 -1.83
TargaResources TRGP 73.07 -3.10 U.S. consumer price index High 0.4000 0.4000 0.4500 0.0700
t FDX 205.40 0.19 t 89.58 2.33 Lowe's LOW 200.38 3.32 Nuvei NVEI 60.78 2.66 Target TGT 241.66 -0.02 1.34 8.5
FedEx IAC/InterActive IAC Rivian RIVN 33.90 0.29 All items 287.504 Low 0.3200 0.3000 0.3300 0.0100
Ferguson FERG 131.86 -3.05 ICICI Bank IBN 19.43 0.56 Lucid LCID 19.33 0.22 NVIDIA NVDA 199.02 3.87 TataMotors TTM 27.97 -0.12
5.22
-0.27
RobertHalf RHI 112.18 -0.26
TeckRscsB TECK 35.88 -1.36 Core 289.305 0.43 6.5 Bid 0.3200 0.3200 0.7000 0.0300
Ferrari RACE 213.37 2.91 ICL Group ICL 11.18 -0.44 LufaxHolding LU Robinhood HOOD 10.39 0.13
t FidNatlFin FNF 40.96 0.13 IdexxLab IDXX 472.27 -1.37 lululemon LULU 368.094.43 O P Q Roblox RBLX 34.61 0.26
TeladocHealth TDOC 60.56 2.31 Offer 0.3400 0.3400 0.3800 0.0500
FidNatlInfo FIS 99.22 -0.75 ING Groep ING 10.19 -0.07 LumenTech LUMN 10.87 0.06 t RocketCos. RKT 9.39
TeledyneTech TDY 468.68 0.80
0.72 Teleflex
International rates
OGE Energy OGE 41.07 -0.53 TFX 326.35 5.24
FifthThirdBncp FITB 38.80 0.37 Invesco IVZ 20.79 0.16 Lyft LYFT 33.91 0.75
ONEOK OKE 66.30 -2.98 Rockwell ROK 261.31 0.78 Ericsson Treasury bill auction
t FirstCitizBcshA FCNCA 639.50 10.29 IQVIA IQV 219.86 -8.30 LyondellBasell LYB 105.21 -1.46 ERIC 8.47 -0.06 Week 52-Week
FirstHorizon FHN 22.92 0.03
OReillyAuto ORLY 713.42 5.65 RogersComm B RCI 57.62 -0.24 TelefonicaBras VIV 11.01 0.12 Latest High Low
4 weeks 0.500 0.370 0.500 0.000
IcahnEnterprises IEP 53.26 0.41 OccidentalPetrol OXY 54.92 -1.70 Roku ROKU 101.41 4.32 Telefonica ago
FirstIndRlty FR 63.72 -0.16 Icon ICLR 225.63 -8.32 M N Okta OKTA 138.40 2.07 Rollins
TEF
ROL 33.40 -0.18 TelekmIndonesia TLK 31.86 0.44
5.16 0.01 13 weeks 0.890 0.860 0.890 0.015
FirstRepBank FRC 156.44 -0.62 IDEX IEX 191.71 0.29 OLPX 14.85 0.76 RoperTech ROP 455.27 1.19 Tenaris Prime rates 26 weeks 1.370 1.250 1.370 0.030
M&T Bank MTB 174.00 1.59 Olaplex TS 29.76 -1.07
FirstSolar FSLR 72.45 0.08 IllinoisToolWks ITW 204.12 0.77 RossStores ROST 105.61 2.15 TenetHealthcare THC 76.66 3.55
MGMGrowthProp MGP 41.00 0.52 OldDomFreight ODFL 279.82 10.79
U.S. 3.50 3.50 3.50 3.25
FirstEnergy FE 45.44 -0.57 Illumina ILMN 319.10 -3.57
MGM Resorts MGM 42.03 0.95 Olin OLN 53.34 -1.50 RoyalBkCanada RY 103.42 -0.99 Teradyne TER 112.57 3.37 Secondary market
Fiserv FISV 97.95 0.59 ImperialOil IMO 46.64 -1.54
MPLX MPLX 32.74 -1.18 Omnicom OMC 79.10 0.09 RoyalCaribbean RCL 82.38 0.66 Tesla Canada 3.20 2.70 3.20 2.45
FiveBelow FIVE 169.64 0.58 Incyte INCY 76.56 -0.02 TSLA 998.02 -7.03
MSCI MSCI 462.30 6.26 OnHolding ONON 26.21 0.20 RoyalGold RGLD 134.96 -2.33 TetraTech TTEK 147.14 0.88 Japan 1.475 1.475 1.475 1.475 Fannie Mae
FleetCorTech FLT 251.88 -0.36 Infosys INFY 20.41 0.15 RoyaltyPharma RPRX 42.31 -0.37 TevaPharm TEVA 9.13 0.01
MagellanMid MMP 50.44 -0.69 ON Semi ON 53.48 1.70
Flex FLEX 16.80 0.27 t IngersollRand IR 45.67 -0.27 30-year mortgage yields
t Floor&Decor FND 81.10 1.60 Insulet PODD 251.39 2.01
MagnaIntl MGA 62.44 0.98 OpenText OTEX 41.68 0.80 RyanSpecialty RYAN 39.71 -0.09 TexasInstruments TXN 173.91 0.60 Policy Rates
FomentoEconMex FMX 76.15 -0.40 Intel INTC 47.06 0.52
ManhattanAssoc MANH 134.75 2.72 Oracle ORCL 76.98 0.77 Ryanair RYAAY 91.38 0.27 TexasPacLand TPL 1371.56 -6.77
Euro zone 0.00 0.00 0.00 0.00 30 days 4.692 4.606 4.788 2.216
ManulifeFin MFC 20.25 -0.21 Orange ORAN 12.03 0.04 t SAP SAP 103.73 -0.12 Textron
FordMotor F 15.19 0.16 InteractiveBrkrs IBKR 62.59 1.59 TXT 68.33 0.44
Switzerland 0.00 0.00 0.00 0.00 60 days 4.773 4.695 4.896 2.261
MarathonOil MRO 24.14 -0.86 Organon OGN 32.51 0.25 S&P Global SPGI 381.22 1.56 ThermoFisherSci TMO 544.16 -17.12
Fortinet FTNT 323.49 19.20 ICE ICE 116.85 -0.40
MarathonPetrol MPC 84.26 -2.82 Orix IX 91.10 -0.57 SBA Comm SBAC 359.94 -6.42 ThomsonReuters TRI 103.76 1.37 Britain 0.75 0.75 0.75 0.10
Fortis FTS 49.79 -0.57 InterContinentl IHG 66.50 -0.04
Fortive FTV 57.85 0.05 IBM IBM 139.10 0.85
MaravaiLifeSci MRVI 33.28 0.32 OtisWorldwide OTIS 74.60 1.18 SEI Investments SEIC 56.90 0.04 3M MMM 148.60 -0.57 Australia 0.10 0.10 0.10 0.10 Other short-term rates
Markel MKL 1451.37 -13.27 Ovintiv OVV 49.29 -1.01 SK Telecom SKM 26.51 -0.59 Toast TOST 19.27 0.47
FortBrandsHome FBHS 73.15 2.62 IntlFlavors IFF 123.07 -1.54 SLGreenRealty SLG 75.10 1.51 Toro
MarketAxess MKTX 267.95 2.02 OwensCorning OC 88.00 2.55 TTC 84.07 0.53 Overnight repurchase Week 52-Week
FoxA FOXA 37.99 -0.22 IntlPaper IP 47.49 -0.23 t SS&C Tech SSNC 68.89 0.20 TorontoDomBk TD
Marriott MAR 182.48 2.99 PG&E PCG 11.82 -0.31 73.13 -0.19 Latest high low
FoxB FOX 35.18 -0.15 Interpublic IPG 35.08 0.03 STAG Indl STAG 40.58 -0.19 TotalEnergies TTE 48.27 -0.83 U.S. 0.25 0.29 0.30 -0.02 ago
Marsh&McLen MMC 171.70 0.87 PLDT PHI 36.11 0.37
Franco-Nevada FNV 155.63 -2.91 Intuit INTU 446.93 3.64
MartinMarietta MLM 360.80 5.97 t PNC Fin PNC 172.50 -0.75 StoreCapital STOR 29.73 0.01 ToyotaMotor TM 172.16 2.63
FranklinRscs BEN 26.63 0.24 t IntuitiveSurgical ISRG 255.12 2.78 SVB Fin SIVB 543.31 2.27 TractorSupply TSCO 209.96 3.31 Call money
MarvellTech MRVL 60.69 2.25 POSCO PKX 56.14 -1.31 U.S. government rates
FreeportMcM FCX 41.65 -0.26 InvitatHomes INVH 42.81 -0.27 t Salesforce CRM 174.57 3.14 TradeDesk TTD 63.02 3.58
Masco MAS 52.22 1.29 PPG Ind PPG 129.34 -3.51 2.25 2.25 2.25 2.00
FreseniusMed FMS 32.53 -0.76 IronMountain IRM 55.72 -0.96 Sanofi SNY 54.54 0.30 Tradeweb
Mastercard MA 354.60 3.42 PPL PPL 29.76 -0.13 TW 79.74 0.66 Discount
ItauUnibanco ITUB 5.18 -0.09 t SSL 23.05 -1.22 TraneTech
G H I MatchGroup MTCH 82.48 5.18 PTC PTC 99.90 0.78 Sasol TT 149.44 0.55 Commercial paper (AA financial)
Mattel MAT 23.20 0.42 Paccar PCAR 86.35 0.66 Schlumberger SLB 38.69 -2.96 TransDigm 0.50 0.50 0.50 0.25
GFLEnvironmental GFL 30.93 -0.13
J K L McCormick MKC 102.37 0.09 PackagingCpAm PKG 162.29 1.11 SchwabC
TDG 626.64 2.63
SCHW 70.31 -0.01 TransUnion TRU 92.78 2.78 90 days 1.11 n.a. 1.13 0.04
Gallagher AJG 178.89 0.86 JD.com JD 53.72 1.68 McCormickVtg MKC.V 101.63 -1.86 PalantirTech PLTR 12.11 0.15 t Sea SE 89.52 1.90 Travelers TRV 174.44 1.33 Notes on data:
GameStop GME 135.95 -2.27 t JPMorganChase JPM 126.77 -0.04 McDonalds MCD 252.88 2.71 PaloAltoNtwks PANW 599.73 28.15 Seagate STX 82.54 0.12 Trimble TRMB 68.47 2.08 Libor
Gaming&Leisure GLPI 46.50 -0.14 Jabil JBL 58.31 0.85 McKesson MCK 317.31 -0.87 ParamountA PARAA 33.58 0.33 Seagen SGEN 138.54 0.54 Trip.com TCOM 21.62 -0.20 U.S. prime rate is the base rate on corporate
loans posted by at least 70% of the 10 largest One month 0.69800 0.59443 0.70343 0.07263
Garmin GRMN 112.81 2.31 JackHenry JKHY 197.45 0.14 t MedicalProp MPW 18.54 -0.22 ParamountB PARA 31.20 0.16 SealedAir SEE 65.37 ... t TruistFinl TFC 50.84 -0.05
Gartner IT 298.20 4.87 JacobsEngg J 140.35 -1.85 Medtronic MDT 109.48 1.68 ParkerHannifin PH 278.26 1.19 Sempra SRE 165.38 -2.86 Twilio TWLO 128.07 5.29 U.S. banks, and is effective March 17, 2022. Three month 1.22486 1.06271 1.22486 0.11413
t Generac GNRC 245.34 7.36 t JamesHardie JHX 28.74 -0.22 MercadoLibre MELI 1041.92 62.10 Paychex PAYX 132.25 0.90 SensataTechs ST 48.73 0.14 Twitter TWTR 51.70 2.77 Other prime rates aren’t directly comparable; Six month 1.81871 1.55671 1.82371 0.14663
GeneralDynamics GD 239.18 0.39 JazzPharma JAZZ 166.14 3.14 Merck MRK 85.44 0.85 PaycomSoftware PAYC 303.46 7.49 SentinelOne S 35.38 2.70 t TylerTech TYL 396.45 11.05 lending practices vary widely by location; One year 2.55171 2.22157 2.60671 0.21950
GeneralElec GE 89.88 0.81 JefferiesFin JEF 32.64 0.56 t MetaPlatforms FB 186.99 2.88 Paylocity PCTY 196.86 5.19 ServiceCorp SCI 69.45 0.63 TysonFoods TSN 94.51 -0.41 Discount rate is effective March 17, 2022.
GeneralMills GIS 72.20 -0.30 s J&J JNJ 186.01 4.47 MetLife MET 69.08 -0.48 t PayPal PYPL 87.78 1.75 ServiceNow NOW 472.27 0.87 UBS Group UBS 17.34 0.06 Secured Overnight Financing Rate is as of April Secured Overnight Financing Rate
GeneralMotors GM 39.82 -0.02 JohnsonControls JCI 62.71 -0.22 MettlerToledo MTD 1302.59 17.96 Pearson PSO 10.17 0.16 ShawComm B SJR 30.52 0.24 UDR UDR 57.80 -0.45 22, 2022. DTCC GCF Repo Index is Depository 0.27 0.29 0.30 0.01
Genmab GMAB 36.09 -0.37 JonesLang JLL 224.13 -0.08 MicrochipTech MCHP 68.10 2.03 PembinaPipeline PBA 37.68 -0.84 Shell SHEL 53.78 -1.71 UGI UGI 36.29 -0.34
41.66 0.55 JuniperNetworks JNPR 34.62 70.12 0.71 PenskeAuto PAG 100.48 3.64 SherwinWilliams SHW 248.02 3.10 US Foods USFD 38.86 0.66 Trust & Clearing Corp.'s weighted average for
Genpact G -0.53 MicronTech MU
GenuineParts GPC 134.16 0.52 KB Fin KB 48.04 -0.03 Microsoft MSFT 280.72 6.69 Pentair PNR 52.77 0.09 ShinhanFin SHG 33.46 0.35 Uber UBER 32.44 1.61 overnight trades in applicable CUSIPs. Value Value 52-Week
Gerdau GGB 5.61 -0.25 KE Holdings BEKE 12.34 0.22 MidAmApt MAA 205.02 -2.05 PepsiCo PEP 173.74 1.59 t Shopify SHOP 459.21 -0.76 Ubiquiti UI 291.35 7.20 traded is in billions of U.S. dollars. Federal-funds Latest Traded High Low
GileadSciences GILD 62.65 0.40 KKR KKR 53.00 1.23 Middleby MIDD 153.42 0.89 PerformanceFood PFGC 53.91 1.39 Sibanye-Stillwater SBSW 13.94 -0.60 UiPath PATH 19.18 1.23 rates are Tullett Prebon rates as of 5:30 p.m. ET.
GitLab GTLB 53.59 5.43 KLA KLAC 331.21 6.93 MitsubishiUFJ MUFG 5.86 -0.02 PerkinElmer PKI 149.53 -3.06 SignatureBank SBNY 261.06 1.57 UltaBeauty ULTA 418.14 11.63 Sources: Federal Reserve; Bureau of Labor DTCC GCF Repo Index
GSK GSK 45.14 0.27 Kanzhun BZ 19.81 -0.01 MizuhoFin MFG 2.45 ... PetroChina PTR 47.04 -1.79 SimonProperty SPG 126.29 0.41 Unilever UL 46.39 0.98 Statistics; DTCC; FactSet; Treasury 0.243 28.790 0.307 -0.006
GlobalPayments GPN 135.73 1.29 Kellogg K 69.26 -0.07 Moderna MRNA 150.41 10.07 PetroleoBrasil PBR 13.63 -0.25 SiriusXM SIRI 6.17 -0.08 UnionPacific UNP 236.42 2.12 Tullett Prebon Information, Ltd. MBS 0.294 17.190 0.328 0.004
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THE WALL STREET JOURNAL.
Index performance Monday
1.5%
Nasdaq Composite
1.0
Dow Jones Industrial Average
S&P 500
0.5
0
–0.5
–1.0
–1.5
–2.0 Five-minute intervals
10 a.m. 11 noon
Source: FactSet
Bargain
Hunting
Lifts Shares
Continued from page B1
Apache’s parent company,
slipped $1.63, or 4%, $39.08.
Investors are worried that
strict policies China has in
place to combat Covid-19 will
further disrupt global supply
chains. The extended lock-
downs, and a slowdown in
China’s economy, also could
crimp global demand for oil,
investors said.
“The problem with inflation
is it can get embedded and we
see inflation getting quite
sticky,” said Se-
MONDAY’S bastian Mackay,
MARKETS a multiasset fund
manager at In-
vesco. “What we’re seeing is a
combination of the war in
Ukraine and the lockdown in
China causing supply issues.”
Limitation of movement in
China also could sap demand
for oil. Brent crude, the inter-
national benchmark for oil, fell
4.1% to $102.32 a barrel. Oil
prices still remain near histor-
ically high levels due to con-
cerns about disruptions to en-
ergy markets from Russia’s
invasion of Ukraine.
In other corporate news,
shares of Coca-Cola rose 69
cents, or 1.1%, to $65.94. The
company said it logged higher
sales for the latest quarter as
demand held up amid price in-
creases. Advanced Micro De-
vices added $2.55, or 2.9%, to
$90.69 after a Raymond James
analyst lifted his rating on the
chip maker’s shares.
Elevated inflation has
caused the Federal Reserve to
increase efforts to combat it.
Cryptocurrency Industry Can’t Hire Enough Lawyers
BY MENGQI SUN
The cryptocurrency indus-
try is ramping up efforts to
recruit more legal talent as it
faces increased regulatory
pressure while looking to be
accepted by and become part
of mainstream finance.
Crypto exchanges and com-
panies are poaching attorneys
left and right, from both law
firms and other crypto com-
panies, bringing them in-
house to help navigate an
evolving regulatory landscape
while helping to curb outside
legal expenses, industry par-
ticipants said.
Law firms, which are some-
times losing their partners to
in-house positions, are also
building up their crypto prac-
tices to maintain that valuable
expertise.
The increased demand for
lawyers also marks a turning
point for crypto, whose early
supporters often expressed
skepticism of regulation. The
industry has been expanding
rapidly with hopes of attract-
ing more mainstream invest-
Cash Earns
Respect on
Wall Street
Continued from page B1
year U.S. Treasury notes rose
last week above the rate of
projected average annual infla-
tion over the next decade for
the first time since March
2020. That means investors
can once again earn a return
on risk-free U.S. government
bonds and it is meaningfully
more expensive for companies
to borrow money.
These developments are
1 p.m. 2 3
Last week, Fed Chairman Je-
rome Powell signaled that the
central bank is ready to
tighten monetary policy more
quickly and indicated that it
was likely to raise interest
rates by a half-percentage
point at its meeting in May.
Money managers are wor-
ried that the Fed’s aggressive
interest-rate increases could
slow economic growth or even
tip the economy into reces-
sion. This could lead to a situ-
ation where the Fed has to
raise interest rates in the
short term but cut them in the
long term, Mr. Mackay said.
On Monday, the Cboe Vola-
tility Index—Wall Street’s so-
called fear gauge, also known
as the VIX—approached its
highest level since mid-March
before retreating to 27.02.
Gold futures fell 2% to
$1,893.20 a troy ounce. While
gold is historically seen as an
inflation hedge, it pays no
yield, making it less attractive
than government bonds in a
time of rising interest rates.
The cost of buying gold, which
is denominated in dollars, also
is more expensive for foreign
investors when the dollar
strengthens.
Overseas, the pan-continen-
tal Stoxx Europe 600 dropped
1.8%. South Korea’s Kospi de-
clined 1.8%, and Japan’s Nikkei
225 contracted 1.9%.
AUCTION RESULTS
Here are the results of Monday's Treasury auctions.
All bids are awarded at a single price at the market-
clearing yield. Rates are determined by the difference
between that price and the face value.
13-Week 26-Week
Applications $158,034,577,300 $140,803,700,900
Accepted bids $58,020,377,300 $51,194,392,700
" noncomp $888,621,100 $819,741,200
" foreign noncomp $1,000,000,000 $865,000,000
Auction price (rate) 99.775028
(0.890%)
0.904%
Bids at clearing yield accepted 65.00%
912796S59
Both issues are dated April 28, 2022. The 13-week bills
mature on July 28, 2022; the 26-week bills mature on
Oct. 27, 2022.
ment opportunities and many
are embracing the stance that
they want regulatory clarity.
“In [the crypto] space, the
consensus is you need to have
someone in-house early,” said
John Wolf Konstant, a senior
consultant at technology-fo-
cused legal recruiting firm
Whistler Partners. “Especially
since investors are going to
require that, you need to have
someone there to help chaper-
one the process and to make
sure everything is buttoned
up from the start.”
Competition is also driving
up salaries in the crypto space
at a faster rate than in the
larger in-house legal market,
particularly for senior-level
positions, Mr. Konstant said.
Total annual packages, includ-
ing tokens and equity, can run
into seven figures at the very
top of the market, he added.
Marco Santori, chief legal
officer of Kraken, tweeted in
February that the San Fran-
cisco-based crypto exchange
was looking to hire 30 lawyers
in the next three months. He
added that he would like to
testing the long-held market
view that there is no alterna-
tive to U.S. stocks, which is of-
ten referred to using the acro-
nym “TINA.” The lack of
alternatives was “one of the
biggest bull mantras for the
equity market,” said Ohsung
Kwon, U.S. equity strategist at
Bank of America.
“If the cash yield really hits
3%, I think that the TINA argu-
ment really diminishes,” Mr.
Kwon said. “That is obviously
not the best environment for
risky assets.”
In recent years, the S&P
500’s dividend yield, which
measures the annualized pay-
outs by companies in the in-
dex as a proportion of their
share price, has exceeded the
yield on bonds maturing in 10
MARKETS
Persian Gulf Stock Boom
Draws Foreign Investors
BY RORY JONES
AND STEPHEN KALIN
Foreign investors are pour-
ing money into the Persian Gulf
stock-market boom, as energy-
rich monarchies spin up their
government entities into public
companies and an oil-price
rally fuels interest.
Once home to national oil
4
companies and sleepy family
businesses, the region is now
the world’s one bright spot for
initial public offerings in a list-
ings market that elsewhere is
paralyzed by the Ukraine war
and concerns about global eco-
nomic growth.
The last time oil was above
$100 a barrel, in 2014, Saudi
Arabia’s stock market wasn’t
open to foreign buyers, few of
the biggest companies or oil
firms were listed and interna-
tional investors largely ignored
exchanges in the region. Now,
$100-a-barrel oil has helped
make the stock markets in
Saudi Arabia and Abu Dhabi
two of the best performers
globally this year, both up more
than 19%, according to FactSet.
More than $7 billion of for-
eign capital flowed into Middle
East stocks in March, a record
month, according to investment
firm Franklin Templeton.
“The Middle East is in a
sweet spot,” said Dubai-based
Rami Sidani, head of frontier
markets at Schroders PLC.
“We’ve got investors coming to
the region seeking one of the
best oil exposures in the
emerging markets space.”
So far this year, the Middle
East was the only region world-
wide to register an uptick in
the value of public listings in
the first quarter versus the
same period last year, led by
share sales in Saudi Arabia and
the United Arab Emirates, ac-
cording to Dealogic.
Across 15 deals, companies
raised nearly $10 billion from
IPOs in the year to April 19,
compared with $300 million in
a year earlier, propelled by gov-
ernments privatizing state-
owned firms. Europe, by con-
trast, has raised $3.7 billion
this year.
This month, Dubai, the
99.307389 U.A.E.’s commercial hub, raised
(1.370%) $6.1 billion by listing part of
1.399%
0.26% the emirate’s water and elec-
912796V71 tricity utility, the region’s big-
gest IPO since Aramco sold
$25.6 billion in shares in 2019.
LUCAS HOEFFEL
Cathy Yoon of MPCH and Jorge Pesok of HBAR Foundation
hire 60, “but honestly I don’t
know how to get it done.”
“Kraken legal is fully on
track with its hiring goals
since my comments in Febru-
ary,” Mr. Santori said last
week. “We are attracting the
best lawyers from both tradi-
tional finance and white-shoe
firms. The brain drain is real
and we couldn’t be happier
with it.”
Lawyer Jorge Pesok re-
cently joined crypto-based
nonprofit HBAR Foundation,
which gives out grants to
years or more. Moreover,
stocks have delivered almost
triple their historic return
since 2009, meaning they of-
fered both the income of
bonds and the potential for
greater gains—a compelling
argument for portfolios to be
overweight on U.S. equities.
Bank of America is expect-
ing the Federal Reserve to
raise U.S. interest rates to 3%
by early next year from their
current level of 0.25% to
0.50%. That would produce a
similar rate for cash-like as-
sets such as money-market
funds, which track short-dated
Treasurys, high-quality invest-
ment-grade bonds and com-
mercial paper. That rate would
be more than double the cur-
rent 1.4% dividend yield of the
The Dubai Water & Electricity Authority tripled the number of shares available in its IPO.
North
Asia
North
America 13.3
Middle
9.7
East
Europe 3.7
Southeast
2.4
Asia
The emirate’s government
had planned to list only 6% of
the Dubai Water & Electricity
Authority but tripled the num-
ber of shares available after
seeing global interest, including
from U.S. asset managers
BlackRock Inc. and Vanguard
Group, as well as sovereign-
wealth funds from Norway and
Singapore, according to people
familiar with the investors.
The boom isn’t limited to
the traditional energy and fi-
nancial sectors. Among the re-
cent Saudi listings are a phar-
macy company, a food-delivery
app and a firm that runs cold-
storage warehouses. Real-estate
development firms and water
bottlers are expected to follow.
Around the rest of the
world, IPO activity has slumped
or remained flat in the first
three months of the year, ac-
cording to Dealogic, with bank-
ers citing the fallout from the
Ukraine war, rising interest
rates and warnings of an im-
pending world-wide recession.
Rising inflation, a drop in oil
prices or a global economic
downturn could damp the good
JORGE PESOK
projects, as its chief legal offi-
cer after about 10 months as
general counsel and chief
compliance officer at crypto
exchange Tacen Inc. Before
Tacen, he was at law firm
Crowell & Moring LLP.
“The market is hot,” Mr.
Pesok said, adding that he re-
ceived four job offers before
he chose HBAR, primarily be-
cause of its commitment to
sustainability, and he wasn’t
even looking for a new posi-
tion. “Everybody is looking
for talent,” he said, adding
S&P 500.
Even though rates are well
below that today, fund manag-
ers said they are ready to
move into cash.
Bank of America’s April sur-
vey of global asset managers
showed cash holdings are near
the highest level since April
2020, which was the after-
math of the Covid-driven mar-
ket selloff, and cash is one of
the survey’s most popular
trades.
Gaurav Mallik, chief invest-
ment strategist and global
head of client solutions at
State Street Global Advisors,
said portfolios at his firm are
holding at least 50% more
cash than they did at the be-
ginning of the year, with in-
creased focus on “keeping dry
Tuesday, April 26, 2022 | B13
$35.7 billion
Top regions for
global IPOs this year,
by deal value
Note: Data as of April 19
Source: Dealogic
times in the Gulf market. Na-
tional governments will retain
control of many of the compa-
nies that are going public, curb-
ing the influence of new share-
holders and raising the
possibility that companies will
give priority to state policies
over investors’ interests. Some
investors also remain wary of a
region where high-profile cor-
porate scandals, most notably
at private-equity firm Abraaj
Group and hospitals operator
NMC Health PLC, burned for-
eign buyers.
Still, the Persian Gulf pet-
rostates are some of the few
short-term beneficiaries of a
higher oil price, which coupled
with regulatory changes de-
signed to encourage companies
to list is producing a coming-
of-age moment, bankers and in-
vestors said.
“There’s not much activity
happening globally,” said Samer
Deghaili, head of capital mar-
kets for the region at HSBC
PLC. “The Middle East is stand-
ing up.”
Investors running funds ded-
icated to emerging markets are
that for HBAR, even the sim-
ple grants it makes require
help, given the nuances of
cryptocurrency and the regu-
latory scrutiny around the in-
dustry.
Recruiter Whistler Partners
said about 10% to 15% of all
recent placements have been
in the crypto or financial
technology sectors, with firms
hiring for both in-house coun-
sel and law-firm positions, ac-
cording to Mr. Konstant, who
himself was a lawyer before
moving to the recruiting field.
He said the firm was working
on six to 10 in-house legal
jobs in the blockchain or fin-
tech space over the past year
at any given time.
Mr. Konstant said there is a
great deal of competition for
all legal talent across sectors,
where candidates for in-house
roles may receive multiple of-
fers. But “for the crypto
space, it’s more pronounced,”
he said, adding that there is a
huge demand for those with
specialized knowledge in
crypto and previous experi-
ence working at law firms
powder” by holding cash and
money-market funds.
“Cash is king right now in
terms of the return you’re get-
ting,” Mr. Mallik said.
The TINA narrative is draw-
ing other challenges. Floating-
rate debt, which pays increas-
ingly higher interest as short-
term borrowing costs rise, has
garnered more attention re-
cently, as have Treasury infla-
tion-protected securities. While
bond prices have fallen, hurt-
ing investors who held them
already, those lower prices
mean higher payouts that are
attractive to new investors.
In addition, fund managers
and advisers said they are get-
ting more questions from cli-
ents about vehicles such as
savings bonds. Rich Steinberg,
GIUSEPPE CACACE/AFP/GETTY IMAGES
shifting capital to the Middle
East from countries that were
once magnets for investment
but now face turmoil, bankers
and investors said. Russia’s in-
vasion of Ukraine caused mar-
ket-index compilers such as
MSCI Inc. and FTSE Russell to
withdraw it from their emerg-
ing-market trackers. A govern-
ment crackdown on the tech-
nology sector has spooked
investors in China, and the re-
cent economic crisis in Turkey,
another important emerging
market, has made it a less at-
tractive place to invest.
The Gulf is “increasingly
perceived by investors as the
only viable emerging-markets
play,” said Andrée Chakhtoura,
head of investment banking in
the region at Bank of America.
At the center of the region’s
emergence is government pol-
icy designed to strengthen fi-
nancial exchanges and cash out
stakes in state-owned compa-
nies. The U.A.E. and Saudi gov-
ernments, in particular, have
announced major economic
overhauls and are investing IPO
proceeds to jump-start nonoil
sectors.
Competition, too, is playing
a part: Riyadh, Dubai and Abu
Dhabi are all pushing compa-
nies to list on exchanges in
those cities, each fighting for
global investor cash.
“It’s healthy for investors. It
provides a bigger universe,
more investment opportunities
in the Gulf,” said Fadi Arbid,
chief investment officer of Am-
wal Capital Partners.
that specialized in crypto.
Gregory Lisa, who most re-
cently was a partner at law
firm Hogan Lovells in Wash-
ington, D.C., joined decentral-
ized financed-focused com-
pany Element Finance as its
first chief legal officer in De-
cember. Mr. Lisa, who previ-
ously worked as a regulator at
the Financial Crimes Enforce-
ment Network, said his new
position at the 25-person
startup, which builds open-
source protocol for fixed- and
variable-yield tokens, offers
him the chance to focus on
the growth of one company,
versus a portfolio of clients as
an external counsel.
Cathy Yoon joined crypto
technology company MPCH at
the end of March as its chief
legal officer after less than a
year as general counsel of
crypto exchange INX Ltd. She
said she had no intention of
moving jobs but was inter-
ested in helping build block-
chain infrastructure that
could more easily support ad-
ditional blockchain assets,
which isn’t possible currently.
chief market strategist at the
Colony Group, said that as in-
flation started rising last year
he began fielding inquiries
about Series I savings bonds,
which track the consumer-
price index and will offer a
yield of 9.62% in May. He pur-
chased the maximum $10,000
investment each for himself
and his wife.
Mr. Steinberg has increased
holdings of cash and is looking
to put more money in short-
dated U.S. Treasury bonds if
the Fed continues its expected
path of raising interest rates
to at least 2% by year-end.
“If the Fed follows the
game plan that they’ve started
to communicate, I think the
TINA days are numbered,” he
said.