.
* * * * * * THURSDAY, JUNE 9, 2022 ~ VOL. CCLXXIX NO. 133
DJIA 32910.90 g 269.24 0.8%
What’s
News
Business & Finance
A bbott Labs was alerted
to allegations concerning
problems at an infant-formula
plant months earlier than
previously publicly known,
according to a government
official, a person familiar
with the matter and docu-
ments viewed by the WSJ. A1
 Big tech stocks are in the
midst of their biggest rout
in more than a decade, and
some investors are bracing
for bigger losses ahead. A1
 U.S. stocks ended lower
in Wednesday’s session,
with the S&P 500, Nasdaq
and Dow shedding 1.1%, 0.7%
and 0.8%, respectively. B11
 Deloitte is exploring a
plan to split its global audit
and consulting practices,
according to people famil-
iar with the matter. A1
 Brokerages and trading
firms pushed back against
SEC Chairman Gensler’s
proposed changes to U.S.
stock-trading rules. A1
 Spirit Airlines postponed
a planned stockholder meet-
ing on its proposed merger
with Frontier as it weighs
a bid from JetBlue. B1
 The FTC’s chief said the
agency is considering a
new regulation to restrict
the use of noncompete
clauses by companies. A4
 Credit Suisse said its cap-
ital position is eroding and
that it expects another quar-
terly loss from weak market
conditions and lower earn-
ings in its investment bank. B1
 Intel is adjusting some of
its near-term spending plans,
joining other tech firms in
reassessing priorities amid
economic uncertainty. B1
World-Wide
 The House, in a 223-204
vote largely along party lines,
passed a broad package of
measures intended to reduce
gun violence, a bill that is a
nonstarter in the evenly split
Senate. Earlier in the day,
parents and other witnesses
shaken by mass shootings
beseeched lawmakers at a
congressional hearing to act
to prevent further deaths. A4
 An armed man was ar-
rested near Supreme Court
Justice Kavanaugh’s home
early Wednesday and charged
with attempted murder after
making threats against the
justice, authorities said. A3
 Russia has transferred
more than 1,000 Ukrainian
soldiers taken prisoner in
Mariupol to its territory,
Russia’s TASS reported. A8-9
 The IAEA’s board passed
a resolution rebuking Iran for
failing to cooperate with an
agency investigation, as Teh-
ran said it had turned off some
cameras monitoring nu-
clear-related activities. A20
 Biden addressed an
Americas summit in Los An-
geles, laying out his agenda
at a gathering that has seen
its roster scrambled by boy-
cotts from some leaders. A20
 More than 90 women and
girls, including the star gym-
nasts who raised concerns
about Nassar in 2015 that
were disregarded by the FBI,
filed administrative tort
claims against the agency. A3
 Moderna said a modified
Covid-19 booster provided a
stronger immune response
than the company’s original
vaccine against the Omicron
variant in a new study. A7
CONTENTS
Arts in Review... A13
Banking & Finance B10
Business News. B4-5
Crossword.............. A16
Equities....................... B8
Heard on Street. B12
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
WSJ.com
NASDAQ 12086.27 g 0.7% STOXX 600 440.37 g 0.6%
Survivor and Father Tell of Uvalde Massacre, Its Aftermath
FROM LEFT: ANDREW HARNIK/PRESS POOL; JASON ANDREW/PRESS POOL
TEARS: A House panel heard Wednesday from Miguel Cerrillo, left, and his 11-year-old daughter, Miah, who smeared a
friend’s blood on herself to help survive the school shooting in Uvalde, Texas, that killed 19 students and two teachers. A4
Abbott Had Earlier Warning
About Baby-Formula Plant
BY JESSE NEWMAN
AND PETER LOFTUS
STURGIS, Mich.—Abbott
Laboratories was alerted to al-
legations concerning problems
at an infant-formula plant
months earlier than previously
publicly known, according to a
government official, a person
familiar with the matter and
documents viewed by The
Wall Street Journal.
A complaint filed under the
U.S. Labor Department’s Occu-
pational Safety and Health Ad-
ministration’s whistleblower-
protection program by a
Deloitte
Weighs a
Split of Its
Businesses
BY JEAN EAGLESHAM
AND CORRIE DRIEBUSCH
Deloitte is exploring a plan
to split its global audit and
consulting practices, following
an effort by fellow Big Four
accounting firm Ernst & Young
to potentially spin off its con-
sulting arm, according to peo-
ple familiar with the matter.
The moves would mark the
biggest shake-up in the ac-
counting industry in decades,
handing windfalls to tens of
thousands of the firms’ part-
ners and creating two new
consulting giants and two
stripped-down auditing firms.
Deloitte reached out to in-
vestment bankers at Goldman
Sachs Group Inc. after news
broke in late May of rival EY’s
potential world-wide split, the
people familiar with the mat-
ter said. Goldman and JPMor-
gan Chase & Co. are advising
EY on its possible restructur-
ing, the people said.
The Deloitte talks are at a
very early, exploratory stage,
according to one of the people
familiar with the matter.
After the initial publication
of this article, a Deloitte
spokesman denied the firm
was exploring a plan to split.
“We remain committed to our
current business model,” the
spokesman added.
EY believes a split would al-
low its rapidly growing con-
Markets..................... B11 sulting side to more easily ac-
Opinion.............. A17-19
Personal Journal. A11-12 quire new clients, without the
Sports........................ A16 constraints that restrict the
U.S. News............. A2-7 ability of the firms to sell con-
Weather................... A16
World News A8-9,20
sulting services to their audit-
ing clients.
Regulators world-wide have
> been increasingly concerned
about conflicts of interest—
whether auditors, which are
supposed to scrutinize a com-
pany’s books, will go easy on
clients that buy lucrative con-
Please turn to page A8
HHHH $5.00
10-YR. TREAS. g 16/32 , yield 3.028% OIL $122.11 À $2.70 GOLD $1,851.90 À $4.40 EURO $1.0719 YEN 134.26
Tech’s
Dominant
Decade
In Market
Fades
Sector has worst start
to a year since ’02, as
investors see echoes
of the dot-com crash
BY GUNJAN BANERJI
Big technology stocks are in
the midst of their biggest rout
in more than a decade. Some
investors, haunted by the
2000 dot-com bust, are brac-
ing for bigger losses ahead.
The S&P 500’s information-
technology sector has dropped
20% in 2022 through Wednes-
day, its worst start to a year
since 2002. Its gap with the
broader S&P 500, which is
down 14%, is the largest since
2004. The declines have
prompted investors to yank a
record $7.6 billion this year
from technology-focused mu-
tual and exchange-traded
funds through April, according
to Morningstar Direct data go-
ing back to 1993.
For years, shares of tech
companies propelled the stock
market higher, pushing major
former Abbott employee in and Drug Administration al- familiar with the matter. indexes to dozens of records.
February 2021 alleged a host ready have come under fire in A spokesman for Abbott Excitement for everything
of problems at the company’s recent months for what law- said: “We investigated the fed- from cloud-computing to soft-
Sturgis plant. They included makers said was a slow re- eral OSHA complaint and have ware and social media drove
failing equipment in need of sponse to problems in Sturgis, not been able to confirm the an epic runup in far-reaching
repair and formula released including allegations made in allegations.” corners of the market. More
without adequate evidence a subsequent complaint by the An FDA spokesperson said: recently, the Federal Reserve’s
that it was safe for consump- same person sent to the FDA “We know there have been accommodative policies at the
tion, the person familiar with in October 2021. various questions about the start of the Covid-19 pandemic
the matter said. Labor Department officials timeline of events leading up fueled a seemingly insatiable
Details of the complaint of- provided the February 2021 to the FDA’s warning and Ab- appetite for risky bets.
fer a fuller picture of the time- complaint to Abbott as well as bott’s recall of products manu- This year, investors are
line leading up to the shut- to the FDA that same month, factured at their Sturgis facil- faced with a starkly different
down in February 2022 of according to the government ity. Our top priority right now environment. Treasury yields
Abbott’s plant in Sturgis, official. Abbott submitted a for- is addressing the dire need for Please turn to page A6
which has contributed to a se- mal response to the complaint infant formula in the U.S. mar-
vere U.S. baby-formula short- two months later, according to ket and our teams are working  U.S. stocks slip amid worries
age. Abbott and the U.S. Food the documents and the person Please turn to page A7 about slowdown..................... B11
Kavanaugh
Threatened Startup Cerebral Battered
By Adderall Gambit
Government relaxation of online prescription rules fueled growth
Online mental-health startup Cerebral Inc. Journal and people familiar with the matter.
was just getting off the ground in early 2020 Hope came from the federal government,
when it detected a potential problem in its which was concerned that people wouldn’t
business model. be able to see their physicians during
WIN MCNAMEE/PRESS POOL
Covid-19 lockdowns. It had just granted on-
By Rolfe Winkler, Khadeeja Safdar line providers the ability to prescribe so-
and Andrea Fuller called schedule 2 controlled substances,
drugs such as OxyContin and Vicodin, which
The company was focused on treating are often abused and would normally require
people experiencing depression and anxiety, an in-person doctor visit.
charging a monthly fee to see a nurse practi- Cerebral saw an opportunity in one such
An armed man arrested near tioner online for prescription antidepres- drug, Adderall, a powerful stimulant used to
Justice Kavanaugh’s home sants. But patients tended to cancel their treat attention-deficit hyperactivity disorder,
Wednesday was charged subscriptions after only a few months, mak- or ADHD. In a February 2021 presentation to
with attempted murder. A3 ing it more difficult for the company to re- attract new investors, Cerebral said a pilot
coup advertising and other costs, according project showed that it was half as costly to
to documents reviewed by The Wall Street Please turn to page A10
Five Dreaded Words at Work: SEC Trading Proposal
‘Let’s Start a Google Doc’
i i i Sparks Firms’ Outcry
Too much collaboration provokes anxiety;
BY PAUL KIERNAN Conference in New York.
‘I saw you took some interesting notes’ AND ALEXANDER OSIPOVICH In one of the key elements
of the SEC’s proposed package
BY KATHERINE BINDLEY or plug numbers into Google Brokerages and trading of rule changes, Mr. Gensler
Sheets, when the mood shifts. firms pushed back against Se- said he has asked agency staff
Matt Snyder’s job as a copy- A small circle materializes near curities and Exchange Com- to consider requiring broker-
writer for a marketing agency the top of the screen. The ava- mission Chairman Gary Gen- ages to route individual inves-
is all about collaboration. He tar belongs to a colleague, or sler’s proposed changes to U.S. tors’ orders to buy or sell
often begins by outlining a worse, your boss. The discom- stock-trading rules, saying the stocks into auctions, as part of
marketing strategy in a shared fort can be heightened by the market is functioning well for an effort to increase competi-
Google Doc, to which up to a appearance of any number of ordinary investors. tion in the market.
dozen colleagues and clients anonymous animals, which Mr. Gensler outlined the po- “There’s a cost to retail, to
can add their many thoughts. Google auto-assigns to people tential changes on Wednesday this current system,” Mr. Gen-
Then he starts writ- who open a Doc without being and was greeted with skepti- sler said in a virtual appear-
ing. All by himself. signed into their account: cism from an array of finan- ance at the same conference.
“I operate out of a anteater, wombat, cial-industry executives who “And the cost is that two or
private doc,” says Mr. quokka. said the SEC’s far-reaching three highly concentrated
Snyder, 37, who lives in The cursor starts plans are unnecessary. market makers are buying
Atlanta. “I don’t want flashing. Questions A top executive with Robin- your order flow.”
even the sense of some- abound: What are this hood Markets Inc. argued that The potential change would
one looking at me work.” person’s intentions? individual investors are win- represent a major shake-up to
More than three billion Anonymous Will they scroll down ners in the current system, en- the lucrative business of exe-
people use Google Work- far enough to see the joying benefits such as zero- cuting trades in the stock mar-
space products like Docs and garbled notes at the bottom commission trades. ket. The Wall Street Journal
Sheets, according to the com- that you haven’t deleted? Why “It is a really good climate reported on Monday that the
pany. Many of them seem to on earth are they online at 1 for retail, so to go in and muck plan was under consideration.
dread it. a.m. on a Saturday? And what with it right now, to me, is a The objective would be to
The workplace ritual tends is a quokka? little worrisome,” Robinhood “assure full competition among
to go something like this: Like many others, Mr. Sny- Chief Legal Officer Dan Gal- all market participants to pro-
You’re minding your own busi- der works in a shadow copy so lagher said at the Piper Sand- vide the best prices for retail
ness, trying to write a proposal Please turn to page A11 ler Global Exchange & FinTech Please turn to page A7

A2 | Thursday, June 9, 2022
CAPITAL ACCOUNT | By Greg Ip
Powell, Not Biden, Has Last Word on Inflation
One of the
reasons infla-
tion got out of
control in the
1970s is that
policy makers
had heterodox theories about
its cause, such as powerful
corporations and unions. You
can hear echoes today when
President Biden proposes
combating inflation through
toughened antitrust enforce-
ment, higher corporate taxes
and more domestic produc-
tion.
These factors aren’t why
inflation is over 8%, and they
offer little prospect of fixing
it. So, if Mr. Biden had the
last word on inflation, you
might worry the U.S. was
about to repeat the 1970s.
But Mr. Biden doesn’t have
the last word; Federal Re-
serve Chairman Jerome Pow-
ell does. Moreover, Mr. Biden
affirmed exactly that in a
Wall Street Journal opinion
column last week, giving Mr.
Powell the political cover to
raise interest rates and get
inflation down.
This is the main reason
U.S. Weighs Easing China Tariffs, Yellen Says Fed Pick
BY AMARA OMEOKWE
AND RICHARD RUBIN
WASHINGTON—Treasury
Secretary Janet Yellen said the
Biden administration is con-
sidering ways to reconfigure
tariffs on imports from China
as a means of helping to ease
decades-high inflation.
Ms. Yellen, speaking at a
House Ways and Means Com-
mittee hearing Wednesday,
said she expected the adminis-
tration to have additional in-
formation on its plans in the
coming weeks, although there
is no firm timeline.
“I think some reductions
may be warranted,” Ms. Yellen
said of the tariffs, adding it
could help to bring down prices.
Tariffs were imposed on certain
Chinese imports during the
Trump administration.
Also at the hearing, she de-
fended the international tax
deal she negotiated with her
counterparts around the
Global Projections See Higher Prices, Slower Growth
BY PAUL HANNON
Russia’s lengthening war
with Ukraine will lead to persis-
tently higher inflation rates in
rich countries this year and
threaten food shortages in
poorer countries, according to a
new study from the OECD,
which also revised down its ex-
pectations for global growth.
In the latest of four reports
on the global economic outlook
published each year, the Paris-
based Organization for Eco-
nomic Cooperation and Devel-
opment called on Western
governments to avoid a repeat
of the slow and patchy vaccine
distribution during the Covid-19
pandemic and act promptly to
get food to those in need.
“The world is already paying
the price for Russia’s aggres-
sion,” said Laurence Boone, the
OECD’s chief economist. “The
choices made by policy makers
and citizens will be crucial to
determining how that price will
be distributed across people
and countries.”
In the report released
Wednesday, the OECD said it
expects the global economy to
grow 3% in 2022 and 2.8% in
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not to expect a repeat of the
1970s. That monetary policy
is responsible for inflation
should seem obvious, but
back then, it wasn’t, as Ben
Bernanke, a monetary
scholar who chaired the Fed
from 2006 to 2014, shows in
his new book, “21st Century
Monetary Policy: The Federal
Reserve from the Great Infla-
tion to Covid-19.”
A
t the time, many
Keynesians, the domi-
nant school of macro-
economists, thought U.S. so-
ciety had become more
prone to inflation. Crucially,
these views were shared by
Arthur Burns, appointed Fed
chair by Richard Nixon in
1970, Mr. Bernanke writes.
“This greater tendency to
inflation, in Burns’s view, re-
flected the growing ability of
large corporations and labor
unions to insulate themselves
from market forces, a power
they used to push up prices
and wages at will,” Mr. Ber-
nanke writes. Because Burns
viewed inflation as driven
more by rising costs than ex-
world, saying she was confi-
dent that Poland—a key hold-
out—would come aboard.
Ms. Yellen told lawmakers
that while some of the tariffs
are important to protect U.S.
national security, the cost of
certain duties on China ended
ERIC LEE/BLOOMBERG NEWS
up being paid by Americans.
When the tariffs were enacted,
before the pandemic, annual in-
flation was trending near 2%.
Economists expect new U.S.
inflation data, to be released
Friday, to show the annual
rate holding steady at 8.3% in
May, near a 40-year high. And
rising prices for gasoline, gro-
ceries and other items have
dimmed many Americans’
views of the economy ahead of
the midterm elections, despite
low unemployment.
The Biden administration
has been split on whether to
pare back tariffs on imports
from China in an effort to cut
consumer costs and reduce in-
flation. The administration has
GDP projections, 2020–23
10%
December 2021 projections
5 board and for overseeing its
0 A dean of public policy at
–5
World U.S.
–10
2020 ’23
*From June 2022 report
Source: Organization for Economic Cooperation and Development reports, December 2021 and June 2022
2023, having anticipated an in-
crease in world output of 4.5%
and 3.2% in those years, respec-
tively, when it last released
forecasts in December. Its fore-
casts are gloomier than those
of the International Monetary
Fund, which sees an expansion
of 3.6% this year and next.
The organization lowered its
growth forecasts for the U.S. to
2.5% this year and 1.2% next
year from 3.7% and 2.4% previ-
U.S. NEWS
cess demand, he saw tight
monetary policy “as a costly
and inefficient way to bring
down inflation.…He did not
think that the public would
tolerate unemployment high
enough to fully control infla-
tion using monetary policy
alone, or that it was the
Fed’s place to make that de-
cision.”
Politics may have played
some role in Burns’s behav-
ior: Nixon pressured him to
keep interest rates down
ahead of the 1972 election.
But, Mr. Bernanke writes, the
pressure went both ways:
Burns persuaded Nixon to
implement wage and price
controls as an alternative to
tight monetary policy.
Burns’s successor, Paul
Volcker, succeeded in driving
inflation back down and
since then central banks ac-
cept their responsibility for
keeping inflation low. In 2012
under Mr. Bernanke, the Fed
formalized that obligation in
a 2% inflation target.
Yet today, Washington is
again consumed in holding
politicians to account for in-
Treasury Secretary Janet Yellen said on Capitol Hill Wednesday that
some tariff reductions ‘may be warranted’ to help lower inflation.
been engaged in a legally re-
quired review of the Trump-
era tariffs. Easing the tariffs
could take the form of expand-
ing the list of items excluded
from the duties.
“It’s something that’s under
active consideration,” Ms. Yel-
len said. Still, she said she be-
lieves that tariff policy
wouldn’t be a panacea for ad-
June 2022 projections
Euro area Japan China
ously. Some Western economies
could face periods of contrac-
tion this year if energy prices
rise again, or interest-rate in-
creases by central banks that
are designed to contain infla-
tion have unintended conse-
quences, Ms. Boone said.
While most economies are
set to see weaker growth as a
consequence of the war, the
OECD expects Russia to suffer
a sharp fall in output, of 10%
CORRECTIONS  AMPLIFICATIONS
Sequoia China valued Byte-
Dance Ltd., the Chinese owner
of TikTok, at $180 billion in
2020 and has since marked it
higher, according to a person
familiar with the matter. A
Page One article on Tuesday
about Tiger Global Manage-
ment incorrectly said Sequoia
China’s current valuation of
ByteDance is $180 billion.
One member each from the
Arab Ra’am party and the
Meretz party on Monday
voted against a bill in the Is-
raeli parliament extending Is-
raeli law to settlers living in
Readers can alert The Wall Street Journal to any errors in news articles
by emailing wsjcontact@wsj.com or by calling 888-410-2667.
flation—thus the attention
on Treasury Secretary Janet
Yellen when she acknowl-
edged her forecast of infla-
tion was wrong.
Although it got much less
attention than Ms. Yellen’s
acknowledgment, Mr. Pow-
ell’s admission of error is far
more significant. Last month
he told the Journal: “In hind-
sight…it probably would’ve
been better to have raised
rates earlier.” Some in the
administration agree.
It is reminiscent of the
1970s, when Mr. Powell
blames disruptions to supply,
which are beyond the Fed’s
reach, for much of the rise in
inflation. But whereas Burns
thought that absolved the
Fed of responsibility, Mr.
Powell doesn’t: Whatever the
economy can supply, he says
the Fed must calibrate de-
mand to that. “We’re not set-
ting policy on the expecta-
tion that we get relief on the
supply side until we actually
do.” Mr. Powell was asked at
a news conference recently if
fiscal policy, blamed for
pushing inflation up, had a
dressing inflation because
goods account for just a third
of U.S. consumption. The bulk
of consumer spending is on
services such as dining out,
education and healthcare.
Within the Biden administra-
tion, Ms. Yellen and Commerce
Secretary Gina Raimondo have
pushed for easing the tariffs as
a way to combat inflation, while
Germany U.K.
this year and 4.1% next.
Moscow’s invasion has
pushed global energy prices
higher as European countries
that support Ukraine seek alter-
natives to the oil and natural
gas they have long imported
from Russia. The invasion has
also disrupted exports of Ukrai-
nian and Russian wheat, push-
ing prices of foodstuffs to re-
cord highs.
That has provided a fresh
the West Bank, and one mem-
ber of Prime Minister Naftali
Bennett’s party abstained. A
World News article on Tues-
day about the coalition gov-
ernment’s failure to pass the
bill incorrectly said that the
lawmaker in Mr. Bennett’s
party and all members of Arab
Ra’am voted against it and
that others from left-wing par-
ties abstained.
Better.com’s proposed
merger with a special-purpose
acquisition company was
agreed to in May 2021 and has
yet to close. In some editions
THE WALL STREET JOURNAL.
role in bringing it down. Mr.
Powell replied: “It’s really
the Fed that has responsibil-
ity for price stability. What-
ever arrives in terms of fiscal
activity, we take it as a
given.”
T
his doesn’t mean Mr.
Biden bears no respon-
sibility and has no role
to play. His stimulus proba-
bly did contribute to the rise
in inflation, although only a
small part. Core inflation,
which excludes food and en-
ergy, has risen roughly 3 per-
centage points in Canada,
Britain and the eurozone rel-
ative to prepandemic levels,
compared with 4 points in
the U.S.
A president’s most effec-
tive way to influence infla-
tion is through who he ap-
points to the Fed and the
freedom he grants him or
her. President Donald Trump
nominated Mr. Powell in
2017, but then pressured him
to keep interest rates and the
dollar low. When Mr. Powell
ignored him, Mr. Trump
toyed with trying to fire him,
other officials, including U.S.
Trade Ambassador Katherine
Tai, have sought to maintain
them to keep pressure on China.
During Wednesday’s hearing,
Ms. Yellen also faced questions
from lawmakers about the ad-
ministration’s broader response
to inflation. Ms. Yellen said Rus-
sia’s war in Ukraine is driving
up global energy prices and af-
fecting food supplies. “Almost
all developed countries are see-
ing higher inflation,” she said.
On the international tax deal
Ms. Yellen negotiated with her
counterparts around the world,
she said, “We’ve talked with Po-
land and I’m very hopeful that
Poland will soon decide that it’s
in their interest to agree to
this.” Poland’s objections have
prevented the European Union
from advancing the details of
the 15% global minimum tax on
corporations that more than
130 nations agreed to last year.
—Andrew Duehren
contributed to this article.
Inflation projections*
10%
U.K.
8 Netherlands
Euro area
U.S.
6
4
2
0
’19 ’20 ’21 ’22 ’23
fuel for inflation. The OECD
now estimates consumer prices
in its 38 member countries will
rise at an average rate of 9%
this year, double the inflation
rate it expected to see in De-
cember.
The expected pickup in U.S.
inflation is more modest. At the
end of last year, the OECD ex-
pected annual average inflation
to be 4.4%, and it now sees
prices rising 5.9%.
Wednesday, a Markets & Fi-
nance article about the online
mortgage lender incorrectly
said last May, implying last
month.
A stock-market valuation
model, the cyclically adjusted
price/earnings ratio (CAPE), as
of mid-May was in the 85th
percentile of the data stud-
ied—more overvalued than
85% of all the other months
over the past 50 years. A Jour-
nal Report article on Monday
about the market’s valuation
incorrectly said the reading
was 95%.
.
then tried to weaken him by
naming political loyalists to
the Fed; those people were
never confirmed.
Mr. Biden’s picks for the
Fed reflected his initial pri-
orities: tougher bank regula-
tion, climate change and in-
equality. Since then he has
made it clear inflation should
be the priority, contrasting
his hands-off approach to the
Fed with Mr. Trump’s inter-
ference.
Still, it is worth remem-
bering why Burns failed. He
did raise rates, but never by
high or long enough to keep
inflation down. Mr. Bernanke
writes how Mr. Volcker, upon
taking office, criticized his
predecessors for worrying
“at critical junctures” more
about “weakness in economic
activity or other objectives”
than inflation. Mr. Powell’s
critical junctures still lie
ahead: Like Mr. Volcker, he
might need several years,
and a recession, to defeat in-
flation. Will Mr. Biden still
back him up? Will he even be
president—or will Mr.
Trump?
Barr Clears
A Hurdle
In Senate
BY ANDREW ACKERMAN
AND GABRIEL T. RUBIN
WASHINGTON—Michael
Barr, President Biden’s nominee
for the government’s influential
bank regulator, moved closer to
being confirmed after winning
bipartisan support in a Senate
panel.
The Senate Banking Com-
mittee on Wednesday voted
17-7 to support Mr. Barr, a vet-
eran of the Obama and Clinton
administrations, for a four-year
term as the Federal Reserve’s
vice chairman of banking su-
pervision. Five Republicans
backed the nominee.
Senate lawmakers also ap-
proved two nominees for the
Securities and Exchange Com-
mission, Republican Mark
Uyeda and Democrat Jaime
Lizárraga, advancing their
nominations to the full Senate.
Their nominations passed the
committee by voice vote.
The supervision role that
Mr. Barr could soon take is re-
sponsible for developing policy
recommendations for the Fed
regulatory staff, which super-
vises some of the largest U.S.
financial firms.
the University of Michigan, Mr.
Barr would round out Mr. Bi-
den’s slate of appointees to the
central bank. Fed Chairman Je-
rome Powell and three other
appointments were confirmed
in recent weeks.
Mr. Biden’s first nominee for
the banking-supervision post,
Sarah Bloom Raskin, withdrew
from consideration in March af-
ter West Virginia Sen. Joe Man-
chin, a Democrat, said he
couldn’t support the nomina-
tion, citing her views on ad-
dressing climate change.
Mr. Barr has a record that
suggests he might seek to re-
store at least some of the fi-
nancial rules that were eased
by the Fed during the Trump
administration. “We need to
undo the damage caused by the
last four years of policy,” Mr.
Barr said in June 2020, refer-
ring in part to Trump-era poli-
cies that pared back capital and
other cash-management re-
quirements for large U.S. lend-
ers.
Mr. Barr said he wanted to
get a broad view of various
bank-capital and liquidity re-
quirements before pushing for
adjustments to specific rules.
If confirmed by the full Sen-
ate, Mr. Barr would provide the
Fed with a full seven-member
board for the first time in
nearly a decade. The SEC would
also return to a full-strength
five-member commission.
The SEC currently has three
Democratic commissioners and
one Republican. If confirmed,
Mr. Lizárraga would replace
Commissioner Allison Herren
Lee, a Democrat, who plans to
leave once a successor arrives.
Mr. Uyeda would fill a vacant
seat.

THE WALL STREET JOURNAL.
Nassar
Victims
File Claims
Against
The FBI
BY LOUISE RADNOFSKY
AND SADIE GURMAN
WASHINGTON—More than
90 women and girls, including
the star gymnasts who raised
concerns about Larry Nassar in
2015 that were disregarded by
the Federal Bureau of Investi-
gation, filed administrative tort
claims against the agency on
Wednesday collectively seeking
$1 billion.
The claimants include Si-
mone Biles, McKayla Maroney,
Maggie Nichols and Aly Rais-
man, the elite gymnasts who
were first identified in the
summer of 2015 as having been
sexually abused by the then-
doctor to the national women’s
gymnastics team under the
guise of medical treatment.
The group also includes doz-
ens of Nassar patients sexually
assaulted by him for more than
a year after the FBI was alerted
to the gymnasts’ concerns,
their lawyers said.
The claims draw on a report
released by the Justice Depart-
ment’s inspector general last
year that was sharply critical of
the FBI. The report found that
FBI agents in Indianapolis—
who received an initial visit
from USA Gymnastics to report
Nassar on July 28, 2015—didn’t
take the claims seriously, docu-
ment the evidence they re-
ceived or transfer the allega-
tions to the FBI’s resident
agency in Lansing, Mich. The
report also found the agents
later made false statements to
cover their mistakes.
Nassar continued to see pa-
tients for almost 14 months af-
ter USA Gymnastics went to the
FBI. He was publicly accused of
assault in the fall of 2016, and
by early 2018 had been sen-
tenced to an effective life sen-
tence in prison on sexual abuse
and child-pornography charges.
The FBI declined to com-
ment. The claims come after
the Justice Department said in
late May that it was standing
by an earlier decision not to
charge the Indianapolis FBI
agents who drew the most crit-
icism in the inspector general’s
report.
Christopher Wray, the FBI
director since 2017, said at a
congressional hearing last
month that the bureau has
made a number of changes
since the case unfolded. “I’m
determined to make it right,
now that I’m here, and we’re
going to make sure that every-
body in the FBI learns the les-
sons from that tragic experi-
ence,” he said.
 Do we need new rules to
protect child athletes?........A14
Armed Man Near Kavanaugh’s Home
Charged With Attempted Murder
BY JAN WOLFE
WASHINGTON—An armed
man was arrested near Su-
preme Court Justice Brett Ka-
vanaugh’s home early Wednes-
day and charged with
attempted murder after mak-
ing threats against the justice,
authorities said.
Nicholas John Roske, 26
years old, of Simi Valley, Calif.,
was allegedly carrying a pistol
with two magazines and am-
munition, a knife, pepper
spray, zip ties and various
household tools at the time he
was arrested, according to the
Justice Department.
The arrest intensified con-
cerns over acts of violence
ahead of key Supreme Court
rulings, congressional votes
and the midterm elections,
and came just days after a
gunman carrying a list of
elected officials shot and
killed a retired Wisconsin
judge.
Federal agents spotted Mr.
Roske at 1:05 a.m., dressed in
black clothing and carrying a
backpack and a suitcase as he
got out of a taxi in front of
Court Limits Suits Over Alleged
Violations by Federal Officers
BY JESS BRAVIN
WASHINGTON—A divided
Supreme Court threw out a
lawsuit against a Border Patrol
agent who allegedly assaulted
an American citizen on his
own property, issuing a deci-
sion Wednesday that limits
remedies against federal law-
enforcement officers accused
of violating an individual’s
constitutional rights.
Congress hasn’t expressly
authorized such lawsuits, Jus-
tice Clarence Thomas wrote
for the court’s conservative
majority. Wednesday’s decision
was the latest to retreat from
a 1971 precedent known as Biv-
ens that implied a right to sue
federal officers for violating
the Fourth Amendment right
against unreasonable search
and seizure.
The court’s three liberal jus-
tices dissented, arguing that
the decision would leave many
individuals no remedy when
federal agents violate their
rights.
Attorneys for the parties
didn’t respond to requests for
comment.
The case involved a Blaine,
Wash., establishment called
the Smuggler’s Inn. The pro-
prietor, Robert Boule, some-
times worked with immigra-
tion agents but also housed
foreign nationals who on occa-
U.S. NEWS
U.S. Marshals patrolled outside the home of Supreme Court Justice Brett Kavanaugh on Wednesday.
Justice Kavanaugh’s house, the
Justice Department said.
After seeing agents in front
of Mr. Kavanaugh’s house, Mr.
Roske walked away and called
the Montgomery County
Emergency Communications
Center and said that he was
having suicidal thoughts and
had a firearm in his suitcase—
and that he planned to kill
Justice Kavanaugh, according
sion used his property to cross
the Canadian border unlaw-
fully, the court said.
In March 2014, Mr. Boule
told a Border Patrol agent, Erik
Egbert, about a Turkish guest
who would be arriving at the
inn. Mr. Egbert later entered
Mr. Boule’s property to investi-
gate, and a confrontation fol-
lowed. When Mr. Boule asked
Mr. Egbert to leave, the agent
allegedly “lifted him off the
The 6-3 decision by
conservatives is the
latest to retreat from
a 1971 precedent.
ground and threw him against
[an] SUV. After Boule collected
himself, Agent Egbert allegedly
threw him to the ground.”
Mr. Boule filed a complaint,
after which Mr. Egbert alleg-
edly retaliated by contacting
various state and federal au-
thorities about him. That led
the Internal Revenue Service
to audit Mr. Boule’s taxes.
Mr. Boule filed a federal
lawsuit against Mr. Egbert in
2017. A federal appeals court in
San Francisco permitted the
case to proceed, prompting Mr.
Egbert’s appeal.
.
Thursday, June 9, 2022 | A3
The leaked draft opinion
sparked protests outside of
the Supreme Court, where au-
thorities put up security fenc-
ing, and demonstrations in cit-
ies across the country. Some
protesters have also demon-
strated outside Justice Ka-
vanaugh’s home.
“The president condemns
JACQUELYN MARTIN/ASSOCIATED PRESS
the actions of this individual
in the strongest terms and is
grateful to law enforcement
for quickly taking him into
custody,” White House spokes-
woman Karine Jean-Pierre
said. “Any violence or threats
of violence or attempts to in-
timidate justices have no place
in our society.”
Attorney General Merrick
Garland last month directed
to prosecutors. He was ar- police station, Mr. Roske alleg- the U.S. Marshals to ramp up
rested while still on the call. edly told detectives that he protection of the justices at
Police have increased secu- was upset about the leaked their homes with round-the-
rity for the justices after the draft opinion as well as the clock security, and he said he
leak last month of a draft mass shooting at an elemen- met with the Supreme Court
opinion suggesting the conser- tary school in Uvalde, Texas. marshal and a top FBI offi-
vative wing of the court was A lawyer for Mr. Roske cial “to ensure every degree
preparing to overturn the 1973 couldn't be identified. He of protection available is
Roe v. Wade decision, which made an initial appearance be- possible.”
established abortion as a con- fore a federal judge in Mary- —Sadie Gurman
stitutional right. land on Wednesday afternoon and Jess Bravin
After being transported to a and remains in custody. contributed to this article.
Federal law allows individu-
als to sue law-enforcement of-
ficers who work for state and
local governments for violating
their constitutional rights. But
Congress has passed no statute
providing similar rights when
the alleged offenders work for
the federal government.
In 1971, the Supreme Court
implied such a right in a case
involving six federal agents
who conducted a narcotics raid
in Brooklyn, N.Y., without a
warrant. The court permitted
Webster Bivens to sue over al-
leged Fourth Amendment vio-
lations.
“At bottom, creating a cause
of action is a legislative en-
deavor,” Justice Thomas wrote.
Courts aren’t well suited to de-
cide when the public interest
is better served by permitting
lawsuits against federal agents,
he said.
Justice Sonia Sotomayor’s
dissent argued against further
reducing remedies Bivens pro-
vided.
The test Justice Thomas
laid out, she wrote, “will pre-
clude redress under Bivens for Temps Calme Outdoor, designed by Roche Bobois Studio
injuries resulting from consti-
tutional violations by [the]
nearly 20,000 Border Patrol
agents, including those en-
gaged in ordinary law enforce- French Art de Vivre
ment activities, like traffic
stops, far removed from the
border.”
 .

A4 | Thursday, June 9, 2022 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL.

U.S. NEWS

Worries on Crime Become Jan. 6 Committee

Starts TV Hearings
Challenge for Democrats
BY JOHN MCCORMICK
BY SCOTT PATTERSON

WASHINGTON—The House
AND JIMMY VIELKIND committee investigating the
Jan. 6, 2021, attack on the U.S.
This week’s primary voting Capitol will begin a series of
offered new evidence Demo- televised hearings this week,
crats are at risk if they look aiming to show how former
soft on crime in this year’s President Donald Trump’s false
midterm elections, even in the claims of a rigged election
nation’s most liberal areas. spurred some supporters to vi-
Democratic divisions over olence and exposed weaknesses
GABRIELLE LURIE/SAN FRANCISCO CHRONICLE/ASSOCIATED PRESS
dations for actions Congress
can take to further safeguard
presidential elections, such as
an overhaul of the Electoral
Count Act, an 1887 law that
governs how Congress handles
presidential-election disputes,
or changes to the Electoral Col-
lege and the Insurrection Act.
With the hearings, commit-
tee members are aiming to tie
together disparate develop-

the issues of crime and home- in the Electoral College system. ments and characters into a
lessness played out most Members of the select com- cohesive story line centered
prominently in the recall of mittee see their primary goals on Mr. Trump’s actions, hop-
San Francisco District Attor- as setting the historical record ing they can grab viewers’ at-
ney Chesa Boudin, who won about what caused the attack, tention like with Watergate in
office in 2019 campaigning for trying to sway public opinion the 1970s and Iran-Contra in
a less punitive criminal justice about the alleged role played the 1980s. But the panel faces
system. by Mr. Trump and his associ- an uphill task, with public in-
An increase in certain ates in inciting it and making
crimes and rising homelessness recommendations for legisla-
left voters from Mr. Boudin’s tive fixes to bolster the integ-
own party weary of the ap- rity of presidential elections.
House panel aims to
proach he had put forward. He Republicans have called the recommend fixes to
and other progressive prosecu- investigation a politically mo-
tors around the country have tivated witch hunt designed to
bolster integrity of
pursued goals such as sending embarrass the party and Mr. future elections.
nonviolent drug offenders to Trump, who is considering an-
treatment instead of jail and San Francisco DA Chesa Boudin, who pushed for a less punitive justice system, lost a recall vote. other run for president in
sparing juveniles from being 2024. He has denied responsi-
prosecuted as adults. Black men and those con- neighborhoods in Brooklyn, the party away from the slo- bility for the violence and con- terest faded and impressions
Mr. Boudin’s defeat came as cerned about crime. Queens and the Bronx where a gan of “defund the police,” a tinues to maintain the election of the day hardened, more
real-estate developer Rick Car- One prominent liberal Dem- majority of residents are Black progressive rallying cry that was stolen. than a year after Mr. Trump
uso, a former Republican who ocrat, California Attorney Gen- or Latino. gained prominence following The first hearing is Thurs- was impeached by the House
campaigned on a message of eral Rob Bonta, advanced to As they did in 2020, Repub- the May 2020 killing of George day at 8 p.m. ET, followed by on the charge of inciting in-
cracking down on crime in Los the November runoff after his licans are trying to hammer Floyd in Minneapolis. The more hearings to late June. Led surrection and then acquitted
Angeles, advanced to a No- first-place finish in the open home a message that they are phrase was blamed for hurting by Rep. Bennie Thompson (D., by the Senate.
vember runoff to succeed primary. His general election the party of law and order. It Democrats in 2020, even Miss.), the committee is ex- The committee plans make
Mayor Eric Garcetti in the na- opponent remained unknown was a theme that former Pres- though it was disavowed by pected to initially lay out the the far-right group the Proud
tion’s second-biggest city. Wednesday afternoon, with ident Donald Trump promoted most party leaders. broad scope of its investigation, Boys a focus of the opening
Mr. Caruso will face Karen votes still being counted. ahead of his 2020 loss to Pres- Mr. Biden told reporters which has included interviews hearing. One witness is ex-
Bass, a six-term Democratic The results in California fol- ident Biden and one that he Wednesday that voters had with more than 1,000 people pected to be documentary film-
congresswoman who has low similar outcomes in 2021, has continued to pursue. “sent a clear message” on and the review of tens of thou- maker Nick Quested, who
pledged to address crime by when voters in heavily Demo- Crime or a theme related to crime in Tuesday’s balloting. sands of documents. It said it filmed the Proud Boys in the
returning the police depart- cratic areas like Minneapolis that word has been included in “Both parties have to step up also plans to present previously days leading up to the Jan. 6
ment to its fully authorized and New York voted down more than 38,000 broadcast and do something about crime unseen material, hear witness attack. The committee is likely
force and by tackling root candidates and measures television and national cable as well as gun violence,” he testimony and provide a sum- to feature previously unseen
causes of homelessness by viewed as being in opposition ads so far this year in congres- said, adding that he wants to mary of its findings. footage Mr. Quested’s crew
providing job training and to police and security. sional races, data from ad- see local and state govern- The committee is expected filmed of the Jan. 6 attack, ac-
mental health services. New York City Mayor Eric tracking firm AdImpact shows. ments spend money already to release a final report in Sep- cording to Mr. Quested. The
A survey by the UC Berke- Adams, a former police cap- Almost 9 out of 10 of those allocated as part of Covid-19 tember, and its members will filmmaker was recording as a
ley Institute of Governmental tain, won his Democratic pri- broadcasts were sponsored by pandemic relief to “hire police have the option to refer Mr. Proud Boy member pushed bar-
Studies and Los Angeles Times mary last year against several Republicans or conservative- officers and reform their po- Trump or others to the Justice ricades on top of Capitol Police
just ahead of the primary candidates who supported de- leaning groups. lice departments.” Department for possible crimi- officers, he said.
found Mr. Caruso gaining funding the police. Mr. Adams, Mr. Biden and other top —Ken Thomas nal charges. The committee is —Daniella Cheslow
ground among Latino and who is Black, carried many Democrats have tried to move contributed to this article. also set to release recommen- contributed to this article.

House Passes Gun Package as Panel Hears of Anguish

BY SIOBHAN HUGHES
Experts to Probe to a number of catastrophic enforcement response and to
WASHINGTON—The Demo- failures by law enforcement give guidance for the future.”
cratic-controlled House passed Police Response that Justice Department offi- The Justice Department’s
a broad package of measures cials will further probe. investigation is an after-action
intended to reduce gun vio- For over an hour, for exam- review that will produce a re-
lence Wednesday, while par- WASHINGTON—The Justice ple, officers waited in a hallway, port of findings and offer sug-
ents and other witnesses Department has tapped a team instructed not to rush into a gestions of best practices,
shaken by mass shootings in of experts including a senior classroom in which the gunman rather than a criminal investiga-
their communities beseeched FBI official and several retired had barricaded himself, while tion that could yield criminal
lawmakers at a congressional police chiefs to help run a children inside were calling 911 charges. The department said a
hearing to act to prevent fur- wide-ranging investigation of and pleading for help. Ulti- goal was to “provide a road
ther deaths. the law-enforcement response mately, federal agents from a map for community safety and
The House bill, approved to the elementary-school mas- Border Patrol tactical team engagement before, during and
223 to 204 largely along party sacre in Uvalde, Texas. known as Bortac breached the after such incidents.”
lines, pulls together a series of Officials promised to move doors and killed the shooter. The attorney general said
gun measures that have back- quickly on the review, which “Our hearts are broken by he expected officials would co-
ANDREW HARNIK/PRESS POOL

ing in the Democratic Party will examine what policies, what happened in Uvalde,” Attor- operate voluntarily, even as
but little support among Re- training, communications, de- ney General Merrick Garland said they have been criticized for
publicans, making the pro- ployment tactics and other Wednesday ahead of a meeting providing no information to the
posal a nonstarter in the practices law-enforcement with the nine experts. “The inde- public since the immediate af-
evenly split Senate, where 60 agencies followed while re- pendence and transparency and termath of the shooting, when
votes are required to advance sponding to the May 24 mass expertise of the Justice Depart- they repeatedly corrected de-
most legislation. shooting. Witnesses, survivors ment can go a long way toward tails they had previously re-
Senate negotiators are work- and some members of law en- assessing what happened in leased.
ing on a narrower set of pro- Zeneta Everhart, whose son Zaire Goodman was injured during forcement have since pointed Uvalde with respect to the law —Sadie Gurman
posals, centered on school se- the Buffalo supermarket shooting, testified Wednesday.
curity, supporting state red-flag
laws and adding juvenile re- for someone else—or the illegal escape death in Uvalde testi- again,” she said. AR-15. She said her son, Zaire background checks to 10 days
cords to background checks, to trading of guns. It also would fied before a House panel on Kimberly Mata-Rubio, the Goodman, has four holes in his from three days, but those ha-
keep guns out of the hands of ban licensed dealers from sell- Wednesday, describing how mother of a student killed in body from exploding bullets, ven’t been brought up for a
potentially dangerous people. ing guns with magazines that she had watched a gunman kill Uvalde, said she replayed in her and he will have bullet pieces vote in the Senate.
The House gun bill, called can hold more than 15 rounds her classmates. The mothers mind the moment she dropped in his body for life. On Wednesday, five Republi-
the Protecting Our Kids Act, of ammunition. And it would and fathers of other shooting her daughter off at school, a “If after hearing from me cans joined most Democrats to
would raise the age for pur- ban devices known as bump victims testified before the decision that “will haunt me for and the other people testifying vote for the bill, while two
chasing semiautomatic rifles stocks, which make semiauto- House Oversight Committee the rest of my life.” here today does not move you Democrats voted against it. Re-
and shotguns to 21 from 18. It matic rifles shoot like rapid-fire about the anguish of losing “Somewhere out there, to act on gun laws,” she said, publicans who crossed party
also would require gun owners machine guns, putting into law their children. there’s a mom listening to our “I invite you to my home to lines included Rep. Chris Jacobs
to store their guns so that mi- a regulatory ban. “He shot my friend that was testimony, thinking I can’t even help me clean Zaire’s wounds (R., N.Y.), who represents an
nors can’t access them without The vote was spurred by next to me,” testified Miah imagine their pain,” Ms. Mata- so that you may see up close area near Buffalo. In the wake
permission, imposing as many mass shootings at an elemen- Cerrillo, a fourth-grade stu- Rubio said. “Not knowing that the damage that has been of the grocery shooting, he
as five years in prison if a child tary school in Uvalde, Texas, dent, who played dead to our reality will one day be hers. caused to my son and my com- came out for banning assault-
accesses an unsecured gun and and a grocery store in Buffalo, avoid being targeted. “I Unless we act now.” munity.” style weapons and raising the
kills or hurts someone. N.Y., in the span of two weeks. thought he was going to come Zeneta Everhart, whose 21- The House last year passed age for some gun purchases.
The bill would make it a fed- Both of the alleged shooters back to the room, so I got her year-old son was injured in the bills to expand background —Eliza Collins
eral crime to engage in straw were 18-year-old men. blood and put it all on me.” Buffalo shooting, told the com- checks to nearly all gun sales and Lindsay Wise
purchases—the buying of a gun One girl who managed to “I don’t want it to happen mittee that no citizen needs an and to extend the window for contributed to this article.

Khan Says FTC Will Consider Restricting Noncompete Clauses

BY DAVE MICHAELS expect her to bring an antimo-
AND RYAN TRACY nopoly lawsuit against Ama-
zon.com Inc., a company she
WASHINGTON—Federal had publicly argued was harm-
Trade Commission Chair- ing competition before taking
woman Lina Khan said the the FTC job. The FTC has been
agency is considering a new investigating the company for
den administration. “This is justified cases. sign of FTC overreach.” The restrictions can restrain
the type of practice that falls “Non-competes have a le- The issue is emerging as a pay growth and mobility for
squarely in our wheelhouse.” gitimate place in contract law, test of Ms. Khan’s ambitions lower-wage workers, who can’t
Companies that use non- especially when a business is as the 33-year-old approaches shift between competing com-
compete clauses say they pro- bought or sold,” said a state- the first anniversary of her panies to seek better pay or
tect a business’s intellectual swearing-in as FTC chair- promotional opportunities, ac-
property and other invest- woman on June 15. For most cording to Ms. Khan and other

18%
regulation to restrict the use of years but hasn’t filed a case. ments by preventing employ- of the past year, the FTC has critics of the practice.
noncompete clauses by compa- Noncompete agreements ees from sharing those assets been divided 2-2 between Researchers say noncom-
nies, which she said hurt typically bar employees from with a new employer. Democrats and Republicans. A pete clauses may hamper eco-
lower-wage workers and can joining a competitor for a pe- The U.S. Chamber of Com- third Democrat took office last nomic activity more broadly
stifle competition for talent. riod after they quit. Long as- merce argued last year that Of all U.S. workers are bound month. by preventing higher-paid
In addition to regulation, sociated with higher-paid sala- the FTC lacked the authority by noncompete agreements Noncompete clauses have people from joining startups
Ms. Khan said the agency ried employees, they have to pass a regulation on non- long been used for executives or starting their own busi-
planned to target their use in increasingly become a condi- compete clauses. Efforts to and others with specialized nesses.
individual cases through en- tion of hire for hourly workers. combat noncompete clauses knowledge of a company’s op- About 18% of all U.S. workers
forcement actions. “We feel an enormous should be done on a case-by- ment from Sean Heather, se- erations. Over time, however, are bound by noncompete
In an interview Tuesday, Ms. amount of urgency given how case basis through litigation, nior vice president of antitrust they have been applied to agreements, according to data
Khan also said the agency was much harm is happening the Chamber wrote in a letter policy at the U.S. Chamber of lower-paid employees such as analyzed by researchers includ-
pushing forward with an ambi- against the workers,” said Ms. to the FTC, a strategy that Commerce. “A blanket ban on restaurant workers who don’t ing University of Maryland man-
tious agenda. Many observers Khan, an appointee of the Bi- would preserve their use in non-competes would be a clear have access to trade secrets. agement professor Evan Starr.
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | A5

POINT SECURITY SOLUTIONS AND ORGANIZATION

SILOS ARE FAILING TO PROTECT YOUR BUSINESS
Organizations are spending $160B on cybersecurity this year alone, yet
attacks and breaches continue to grow. In fact, ever 11 seconds there is a
ransomware attack. Ever wonder why cybersecurity such a high priority,
which is getting more money and attention than ever, and yet the problem is
only getting worse?

IT’S BECAUSE THE CURRENT APPROACH IS FLAWED

Our industry has been pushing an approach to cybersecurity that is flawed. Every IT security and
management provider offers only a small piece of the solution required to protect our environments.
CIOs are forced to buy a multitude of these different solutions, stitch them together themselves and
make decisions based on data that is stale, inaccurate, and incomplete. To make things even worse,
our industry is full of companies who promise that they will stop breaches when they simply can’t.

It’s time for a Be prepared for the Protecting the most security
different approach unprecedented conscious companies

Let’s focus on the basic protections
the industry has known would work
for decades, but most assumed
were impossible to implement.
Let’s use a single platform that can
identify where all your data is, patch
every device you own in seconds,
implement critical security controls
and do that all in a single pane of
glass – in real time. Let’s close the
holes that attackers get through,
rather than paper them over with
tools that let them in.
Tanium provides the only solution
that identifies, prioritizes, and
remediates vulnerabilities with
vigilant, real-time monitoring to
ensure those vulnerabilities are
never exploited. We have helped our
customers respond to the largest
cyber incidents in recent history
including Log4Shell, PrintNightmare,
WannaCry, and Meltdown. Tanium
allows our customers to be prepared
for the unprecedented.
Tanium manages and secures over
30 million of the most mission-critical
computers in the world. We work
with the Fotune 100, every major
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A6 | Thursday, June 9, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS U.S. WATCH

Tech Fades Index and sector performance, year to date

0%
com bubble, Bank of America
strategists wrote on May 27.
The firm cautioned it was too
WASHINGTON, D.C.
FBI Is Investigating
HOUSING
Big Fall in Mortgage
Retired Gen. Allen Applications Seen
In Market –5
early to buy the dip in many of
the stocks.
Of course, some investors Retired Marine Gen. John Allen A measure of mortgage appli-

Dominance –10
S&P 500
–14%
point to important differences
between the current era and
the dot-com bust. Although
is under FBI investigation for alleg-
edly trying to help Qatar navigate
a diplomatic crisis in 2017 and
cations fell to its lowest level in
22 years last week, another sign
the U.S. housing market is com-
tech-stock valuations soared in then covering up that he did so, ing back to earth after a red-hot,
Continued from Page One recent years, they haven’t ap- according to a new FBI affidavit. two-year stretch.
have jumped to the highest –15 proached the levels seen in Gen. Allen, who has been presi- Applications fell 6.5% in the
level since 2018 while bond March 2000 when forward dent of the Brookings Institution week ended June 3, the fourth
prices have fallen. Many of the multiples on the S&P 500 since November 2017, was placed consecutive week of declines, ac-
trends that flourished over the –20 S&P 500 touched 26.2. At their peak in on administrative leave by the cording to the Mortgage Bank-
past two years—including technology September 2020, the forward think tank on Wednesday. ers Association. Refinance and
bullish options trades, special- sector price/earnings ratio, based on The affidavit, inadvertently purchase activity fell 6% and 7%,
purpose acquisition companies
–25
–20% earnings expectations for the made public this week, provides respectively. Higher interest
and cryptocurrencies—have next year, hit 24.08, according new details about a U.S. inquiry rates have been weighing on de-
made a sharp U-turn. Only the Jan. Feb. March April May June to FactSet. into the Gulf country’s efforts to mand for refinances all year, but
energy and utilities sectors of Treasury yields, meanwhile, influence Washington during the now there are signs the slow-
the S&P 500 have gained. Outperformance of S&P 500 price/earnings have risen in recent months, Trump administration at the start down has spread to purchase
Some investors said the dec- value stocks over growth* ratio based on next year’s but remain well below histori- of Qatar’s feud with its neighbors. demand as well.
adelong era of tech dominance earnings expectations† cal levels. Today, the 10-year The docket was sealed again on The average rate on a 30-
in markets is coming to an end. 30 percentage points 30 times Treasury yield is hovering Wednesday, but the affidavit is year fixed mortgage was 5.09%
Value investors, who buy around 3%. In 2000, it was available through a separate, non- last week, according to Freddie
stocks that are cheap on mea- 20 25 about 5%. profit legal-research website. Mac. That was up from 3.22% at
sures such as earnings or book 10 To be sure, it is early yet in A spokesman for Gen. Allen the beginning of the year.
value, are taking a victory lap 20 the Fed’s rate-hiking cycle. In- said he had voluntarily cooperated —Orla McCaffrey
after a long-awaited resurgence 0 vestors expect the central bank with the government’s investiga-
15
in shares of companies such as –10 to keep raising interest rates tion and said his efforts with re- GEORGIA
Exxon Mobil Corp., Coca-Cola 10 this year. That means yields gard to Qatar were to protect the
Co. and Altria Group Inc. –20
will likely keep rising, poten- interests of the U.S. In a state- Two Hospitals Fined
5
The S&P 500 Value index is –30 tially putting further pressure ment last year, the spokesman Over Price Disclosure
outperforming the S&P 500 on tech and other growth said Gen. Allen had never acted as
–40 0
Growth index—which includes stocks. Rising yields make the an agent of the Qatari govern- Two Georgia hospitals on
companies such as Tesla Inc., 2000 ’10 ’20 2000 ’10 ’20 future cash flows of companies ment, never had an agreement Wednesday were hit with fed-
Nvidia Corp. and Meta Plat- *2022 is as of Wednesday †Data are through Tuesday Sources: FactSet; Dow Jones Market Data less attractive. with Qatar or any Qatari individual eral financial penalties for failing
forms Inc.—by 17 percentage If rates keep rising, “the or entity, or had ever received fees to disclose their prices, marking
points, its widest margin since This year, individual tech “When bubbles break, they stock market is going to have directly or indirectly from the Qa- the first such enforcement ac-
2000. Meanwhile, more than stocks have recorded some of don’t just tend to fall to fair to move a good deal lower as tari government for his efforts. tion taken under federal rules
$48 billion has left funds their sharpest-ever falls, with value—they have a tendency well,” Mr. Inker said. —Aruna Viswanatha that have met with uneven com-
tracking growth stocks, ac- hundreds of billions of dollars to go to the other side,” said Worries about how high pliance since taking effect in
cording to data provider EPFR, in market value evaporating— Ben Inker, co-head of asset al- and how fast the Fed will MASSACHUSETTS January 2021.
while investors have poured sometimes within hours. In late location at Boston money raise rates have spurred de- The Centers for Medicare and
more than $13 billion into May, Snap Inc. shares lost 43% manager GMO. bate about whether the econ- Harvard President to Medicaid Services (CMS), which is
funds tracking value stocks. in a single session, their largest Mr. Inker, who has been bet- omy is headed toward a reces- Step Down in 2023 responsible for enforcing the rules,
“It is really a change in mar- one-day percentage decline ting against growth stocks with sion, though recent economic levied fines on Northside Hospital
ket regime,” said Chris Coving- ever and a loss of about $16 extended valuations for more data don’t point to one in the Harvard University President Atlanta and Northside Hospital
ton, head of investments at billion in market value. Once near term. Lawrence S. Bacow will step down Cherokee. The hospitals, both of
AJO Vista. “It would be hard highflying bets such as fintech Many investors have been in June 2023, after spending five which are owned by Northside
for me to believe that you company Affirm Holdings Inc. betting against tech stocks or years at the helm of one of the Hospital, face penalties totaling
would have the extreme out- and Coinbase Global Inc. have
Value investors who closing out bearish positions. world’s most prestigious universi- roughly $1.1 million combined.
performance of growth that lost more than half of their val- buy into more Of the S&P 500’s 11 sectors, ties. Dr. Bacow, 70 years old, said Northside Hospital didn’t re-
you saw in the last five years.” ues in 2022. tech is on track for the biggest he wants to spend more time spond to a request for comment.
To many investors, the bets The industry’s biggest
traditional sectors drop in short interest in the with his children and grandchildren. The fines are the first to be is-
against tech and the months- companies haven’t been take a victory lap. second quarter, according to S3 He spent nearly a quarter-cen- sued. Research has shown that
long turmoil in the market echo spared. Shares of the popular Partners, though it remains the tury at MIT, as a professor and thousands of U.S. hospitals re-
the dot-com bubble of 2000, FAANG stocks—Facebook par- market’s most shorted sector. eventually as chancellor, and then mained out of compliance months
when the frenzy surrounding ent Meta Platforms, Ama- Still, some remain confident served as president of Tufts Uni- after the rules took effect. Only
companies that later went bust zon.com Inc., Apple Inc., Net- than a year, said the extra pre- that tech’s dominance isn’t versity from 2001 until 2011. He 6% of more than 5,200 U.S. hospi-
caused losses for investors big flix Inc. and Google parent mium at which growth stocks over just yet. joined the Harvard Corporation, tals displayed both of the two re-
and small. Then, the allure of Alphabet Inc.—have all suf- are trading relative to value The ratio of bearish put op- one of the university’s two main quired price lists when the hospi-
technological innovation com- fered double-digit percentage stocks is standing above his- tions to call options on the governing boards, in 2011 and tals’ websites were evaluated
bined with low interest rates declines this year that are toric levels. Technology Select Sector SPDR held roles at the Harvard Kennedy between July and September
spurred a rush into Internet steeper than the S&P 500’s. Even after the selloff, tech- Fund has been elevated, a con- School of Government and the 2021, according to an analysis of
stocks. When the bubble burst, After the punishing start to nology stocks still make up a trarian signal that suggests the Harvard Graduate School of Edu- compliance published this month
the Nasdaq Composite declined the year, many investors are near-record 27% of the broad worst might be over for the sec- cation before becoming the uni- in the Journal of the American
almost 80% between March speculating which area of the S&P 500, hovering near the tor, said Jay Kaeppel, an analyst versity’s president. Medical Association.
2000 and October 2002. market will be next to decline. highest levels since the dot- at Sundial Capital Research. —Melissa Korn —Anna Wilde Mathews

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THE WALL STREET JOURNAL.
Moderna Calls New
Booster ‘Superior’
BY PETER LOFTUS
Moderna Inc. said a modi-
fied Covid-19 booster shot pro-
vided a stronger immune re-
sponse than the company’s
original vaccine against the
Omicron variant in a new
study.
The company said Wednes-
day it would submit prelimi-
nary data from the study to
U.S. health regulators in com-
ing weeks with the hope of
making the modified booster
shot available in late summer.
Researchers found that the
levels of neutralizing antibod-
ies against Omicron among
people getting the modified
shot were 1.75 times as high as
in people who received a
booster shot of the original
vaccine, Moderna said.
“I think the data clearly
show this is a superior
booster,” Moderna President
Stephen Hoge said in an inter-
view.
The study didn’t measure
the efficacy of the modified
booster shot—whether it actu-
ally reduces the risk of
Covid-19 disease caused by
Omicron. The company dis-
Abbott
Had Earlier
Warning
Continued from Page One
day and night to make that
happen.”
Abbott halted production in
Sturgis—the company’s big-
gest formula factory—in Feb-
ruary of this year, when the
FDA found traces of a poten-
tially deadly bacteria, raising
the possibility that contami-
nated products from the plant
had caused the illness of sev-
eral infants.
On Saturday, Abbott re-
started production in Sturgis
under tight regulatory over-
sight. That factory had pro-
duced about one-fifth of the
infant formula in the U.S.,
leaving many store shelves
bare when its operations
stopped and formulas made
there such as Similac were re-
called.
Baby formula is expected to
remain hard to find until at
least mid-July, industry execu-
tives have said, despite efforts
by manufacturers, the White
House and regulators. Abbott
said it expects to be supplying
more formula by the end of
June than it did in January,
before the recall.
Abbott, of Abbott Park, Ill.,
has apologized for its role in
the shortage and said it is
working to address the FDA’s
findings. “We’re committed to
safety and quality and will do
everything we can to re-earn
the trust parents, caregivers
and healthcare providers have
placed in us,” Abbott said
Saturday.
Complaints filed
Shortly after being termi-
nated in August 2020, the for-
mer Abbott employee filed a
discrimination complaint with
Michigan OSHA, according to
that complaint. The subse-
quent complaint, filed with
federal OSHA in February
2021, raised product-safety
Trading
Proposal
Draws Ire
Continued from Page One
investors,” Mr. Gensler said.
Those market participants
are gearing up for a bruising
fight with the agency. “Switch-
ing to an auction system
seems ill-timed, unneeded and
a step in the wrong direction,”
said Kirsten Wegner, chief ex-
ecutive officer of Modern Mar-
kets Initiative, a lobbying and
advocacy group for high-speed
trading firms.
Kenneth Bentsen, president
of the Securities Industry and
Financial Markets Association,
urged the SEC to proceed with
caution in its review of key
stock-market rules.
* * * *
closed the results in a press re-
lease. The data haven’t been
published in a peer-reviewed
medical journal.
Moderna’s modified, “biva-
lent” booster shot was de-
signed to target in a single
shot both the Omicron variant
and the original coronavirus
strain. The company’s original
vaccine, Spikevax, was de-
signed to target the original
coronavirus, both as a two-
dose primary series and as a
booster shot.
Yet the Omicron variant,
which began spreading rapidly
late last year and is now the
dominant strain, has been able
to evade some of the protec-
tion conferred by the original
vaccine because of mutations
in a surface protein targeted
by the shot.
In response, Moderna and
other vaccine makers including
Pfizer Inc. have developed new
shots that may better target
Omicron and other variants.
U.S. health officials are con-
sidering whether modified
booster shots targeting vari-
ants should be used for a fall
vaccination drive. Data from
studies like Moderna’s will be
Abbott’s plant in Sturgis, Mich., had produced roughly one-fifth of the infant formula in the U.S.
concerns for the first time,
and a complaint sent to the
FDA eight months later ex-
panded on those allegations.
The same person filed all
three complaints, according to
the person familiar with the
matter.
The complaint gives
a fuller picture of
the timeline leading
to the shutdown.
The Abbott spokesman said:
“The federal OSHA complaint
was an escalation of the Michi-
gan OSHA complaint. It contin-
ued a pattern of ever-evolving,
ever-escalating allegations.”
The federal complaint al-
leged equipment defects al-
lowing bacteria into the for-
mula production process and
that employees acted to avoid
disclosing information to reg-
ulators, according to the per-
son familiar with the matter.
Similar allegations were made
in the broader October 2021
complaint sent to the FDA,
which was made public by
Congress in April 2022. Ab-
bott said there is an open
company investigation into
those allegations. Abbott
“Any changes to the rules
governing the current equity
market structure should be
considered holistically with a
view to ensuring there are no
negative, unintended conse-
quences for investors,” Mr.
Bentsen said in an emailed
statement. He suggested the
proposals could affect low
trading costs that investors
currently enjoy.
Dennis Kelleher, head of ad-
vocacy group Better Markets,
called the critics of the SEC’s
plans “whining billionaires.”
“Who are you going to be-
lieve?” Mr. Kelleher said. “The
financial firms whose leaders
became billionaires from ex-
tracting wealth from retail in-
vestors in non-transparent,
anti-competitive markets or a
regulator with nothing to gain?”
The auctions outlined on
Wednesday would likely be the
most consequential change in
a broader effort to make the
market more competitive and
U.S. NEWS
crucial to the officials’ decision
making.
Pfizer and its partner BioN-
Tech SE are also expected to
soon release study results on
their Omicron-targeting shot.
Moderna said its bivalent
vaccine could be used for a fall
booster campaign that would
potentially give people protec-
tion through the winter.
“It’s time to update the vac-
cines to reflect the virus as it
is today,” Mr. Hoge said.
Moderna began testing the
bivalent booster shot, code-
named mRNA-1273.214, in an
ongoing study in March. Some
437 people, who had already
received a two-dose primary
series and the original booster
shot, were given the bivalent
shot. Researchers measured
their immune-system antibody
responses against the Omicron
variant one month later.
Moderna expects to report
in the summer how the anti-
body levels are holding up in
people three months after get-
ting the bivalent booster.
Moderna said the bivalent
vaccine had a similar set of
side effects as the original
booster shot.
hasn’t commented on specific
allegations raised in either
complaint.
A spokesman for Abbott
said the employee was dis-
missed for violations of food-
safety policies and didn’t raise
product-safety concerns with
the company’s office of ethics
and compliance while at Ab-
bott. The former employee de-
clined to comment.
In a timeline of events sub-
mitted ahead of a congressio-
nal hearing last month, the
FDA acknowledged receiving
the October 2021 complaint
and didn’t mention the Febru-
ary complaint.
That timeline indicates ar-
eas where the agency “can and
must do better or be faster,”
the agency spokesperson said.
The FDA has launched a re-
view to make improvements to
its programs, processes and
decision-making.
During the hearing, Ab-
bott’s senior vice president of
U.S. nutrition, Christopher
Calamari, said the company
learned of the complaint sent
to the FDA when it was made
public by Congress in late
April 2022. Mr. Calamari
didn’t mention the February
2021 OSHA complaint.
Abbott’s plant in Sturgis
had problems in 2010, when
Abbott recalled some five mil-
lion containers of powdered
transparent for investors and
public companies. People fa-
miliar with the matter said the
SEC could begin issuing pro-
posals under the initiative as
early as this fall, kicking off a
formal rule-making process
that would potentially take
many months to complete.
Under current rules, bro-
kers must perform “reason-
able diligence” to determine
the likely best market for exe-
cuting a trade. Many brokers
route orders to big electronic
trading firms called wholesal-
ers, including Citadel Securi-
ties or Virtu Financial Inc.,
rather than to exchanges such
as the Nasdaq Stock Market,
arguing the wholesalers pro-
vide the best prices.
Some brokers, including
Robinhood, accept compensa-
tion from wholesalers for
routing trades to their venues.
Mr. Gensler said this practice,
known as payment for order
flow, creates a conflict of in-
Thursday, June 9, 2022 | A7
A second Moderna booster shot was given to a patient in Mahanoy City, Pa., in early April.
Antibody drug sees severe Covid-19—has been
complicated by the rise of the
strong trial results Omicron family of variants,
which are less susceptible to
some of the treatments. The
AstraZeneca PLC said a treatments also face fierce
study found its Covid-19 anti- competition from the more-
body treatment cut the risk of convenient antiviral pills.
severe disease when given AstraZeneca’s antibody
soon after symptoms develop, drug, called Evusheld, was
paving the way for its broader found in its latest clinical trial
use. to ward off severe disease in
The development comes as people who had already devel-
the use of antibody treat- oped symptoms, according to
ments—once a mainstay for pa- results published late Tuesday
tients at high risk of developing in the Lancet Respiratory Medi-
quality concerns seriously. Ab-
bott said that between 2011
and 2018, the facility had eight
straight annual inspections
without any FDA reports citing
potential violations.
FDA inspections
The company said it has
worked quickly to address and
correct issues that either the
company or the FDA have
JESSE NEWMAN/THE WALL STREET JOURNAL
identified. Following the FDA’s
most recent inspection, it has
taken steps to improve condi-
tions, including replacing
floors so that they are more
sanitary and easily cleaned,
and enhancing employee train-
ing. The company also has up-
dated protocols regarding wa-
ter and cleaning and
maintenance procedures at the
facility.
The FDA has said it can’t
Similac following the discov- conclude that contamination
ery of beetles or their larvae in the Sturgis plant caused
in formula produced there. In bacterial infections in four ba-
recent years, company officials bies who consumed Abbott
or federal inspectors have formula since last September,
found at the Sturgis plant the but can’t rule it out either. Ab-
presence of potentially deadly bott said formula made at
bacteria in formula, standing Sturgis likely isn’t the source
water, damage to drying of the infections. An analysis
equipment and defects in the by the federal Centers for Dis-
seams of formula cans, accord- ease Control and Prevention of
ing to FDA inspection reports the genetic sequences of the
and court documents. bacteria from two of the in-
fected babies found they didn’t
match each other or the
‘No confidence’ strains found in Abbott’s plant.
“Frankly the inspection re- The bacteria, cronobacter,
sults were shocking,” FDA occurs naturally in the envi-
Commissioner Robert Califf ronment and can live in dry,
said during the congressional powdered foods. It can be fatal
hearing last month, comparing in infants, causing sepsis or
the conditions in Abbott’s meningitis. Two of the four
plant in the most recent in- babies died, federal health au-
spection to a muddy kitchen. thorities said.
“We had no confidence in the During a September 2019
integrity of the Abbott quality inspection, the FDA found that
program at this facility.” Abbott had detected
Bacterial contamination of cronobacter in a batch of for-
infant formula isn’t common mula a month earlier, before
today, and recent observations distribution, FDA records
made by the FDA about Ab- show. Afterward, the FDA is-
bott’s plant in Sturgis paint a sued a notice to Abbott indi-
concerning picture, said Mike cating that company employ-
Benoit, a former executive at ees were testing fewer
formula makers Wyeth Nutri- samples of a Similac batch for
tion and Perrigo Co. who now salmonella than company
consults with formula manu- plans specified.
facturers excluding Abbott. FDA inspectors would nor-
A former Abbott employee mally have returned a year
said the Sturgis plant was well later, but the Covid-19 pan-
run and that management took demic put many in-person FDA
to the price of a stock.
“Why not allow all venues
TOM WILLIAMS/CQ ROLL CALL/ZUMA PRESS
to have an equal opportunity
to execute at sub-penny incre-
ments?” Mr. Gensler said in
the speech.
SEC staff are also weighing
a possible requirement that
brokers file monthly reports
showing the quality of the
prices their customers receive
for stock trades, according to
Mr. Gensler.
SEC Chairman Gary Gensler Currently, only so-called
market centers—including ex-
terest and limits competition changes and wholesalers—dis-
for individual orders. close such information.
In addition, Mr. Gensler said The agency is also consider-
he directed SEC staff to poten- ing creating its own version of
tially allow stock exchanges to the so-called best-execution
quote shares in increments of rule that directs brokers to
less than 1 cent. This could en- find the most favorable terms
able venues such as Nasdaq or for their customers, Mr. Gen-
the New York Stock Exchange sler said. The rule that brokers
to better compete with whole- currently follow was written
salers, which can beat the by the Financial Industry Reg-
prices publicly displayed on ulatory Authority, an industry
exchanges by adding or sub- body overseen by the SEC.
tracting hundredths of a penny “It’s not clear, given the cur-
.
JACQUELINE DORMER/REPUBLICAN-HERALD/ASSOCIATED PRESS
cine. The trial was conducted
prior to the rise of the Omicron
variant, but AstraZeneca has
said that laboratory testing
shows the antibody continues
to work against the highly in-
fectious strain.
The trial, involving around
800 patients, found that those
given a single dose of Evusheld
within seven days of the onset
of Covid-19 symptoms were
50% less likely to develop se-
vere disease than those given a
placebo.
—Denise Roland
inspections on hold. Instead,
FDA inspectors returned to the
Sturgis plant two years later,
in September 2021, and found
problems. They issued another
notice that said Abbott wasn’t
maintaining the building in a
clean and sanitary condition,
according to FDA records.
The inspectors found stand-
ing water in several spots in a
building where liquid mix is
converted to dry powder. They
observed an employee not us-
ing proper hygiene practices.
The FDA’s review of Abbott’s
records showed that in June
2020 a finished product batch
of Similac for Spit-Up Non-
GMO powder tested positive
for cronobacter, according to
FDA records.
Production halted
In response to reports of
the first three infant
cronobacter illnesses and the
employee complaint, FDA in-
spectors returned to Sturgis in
late January 2022 and found
cronobacter on several plant
surfaces, including the cover
of a hopper that held scoops
to be placed in formula cans,
according to FDA records. The
FDA also found repeat in-
stances of standing water and
improper employee hygienic
practices.
The FDA’s inspection was
still under way when Abbott
agreed to halt production and
issue a recall in February
2022. The inspection resulted
in another notice from the
FDA, highlighting company re-
cords from 2021 that showed
cracks in the dryer equipment,
which creates potential for
harboring bacteria, according
to FDA records.
A former employee said
cracks in dryers can develop
with normal use and are usu-
ally repaired during annual
maintenance shutdowns.
In May, Abbott signed a le-
gal agreement, known as a
consent decree, with the fed-
eral government that requires
Abbott to take specific steps
to ensure its formula is safe
and that its Sturgis operations
comply with federal standards.
It is effective for at least five
years.
rent market segmentation, con-
centration, and lack of a level
playing field, that our current
national market system is as
fair and competitive as possi-
ble for investors,” Mr. Gensler
said. “I think we can do better
here for retail investors.”
The key question for Mr.
Gensler’s planned changes is
whether they will clearly iden-
tify a problem for retail, or
nonprofessional, investors and
make a compelling case that
the proposed solution would
be better than the status quo,
said Brett Redfearn, a former
SEC official who now leads an
independent market-structure
advisory firm.
“That’s a tall order as inves-
tors today generally have a
very good experience,” Mr. Red-
fearn said. “Whatever is pro-
posed will almost certainly be
modified as a result of a lively
comment period, and there’s a
good chance that any approved
rule will end up in court.”

A8 | Thursday, June 9, 2022
Russia Moves POWs Out of Donbas Area
Ukraine seeks return
of captured soldiers,
now bargaining chips
in Moscow’s campaign
Russia has transferred more
than 1,000 Ukrainian soldiers
taken prisoner in the southern
port city of Mariupol to its
By Isabel Coles
in Kyiv, Ukraine,
and Ann M. Simmons
in Moscow
territory, Russia’s state news
agency TASS reported
Wednesday, giving Moscow a
powerful bargaining chip as its
military campaign makes slow
progress in eastern Ukraine.
Ukrainian President Volod-
ymyr Zelensky said this week
that the Defense Ministry’s In-
telligence Directorate had been
tasked with negotiating the re-
turn of more than 2,500 Ukrai-
nian soldiers taken captive by
Russia after laying down their
arms in Mariupol last month.
Fear, Destruction
Turn Front Lines
Into Ghost Towns
BY MATTHEW LUXMOORE
SLOVYANSK, Ukraine—For
Vadim Lyakh, the mayor of
this once bustling city now in
Russia’s line of fire, every day
feels like a repeat.
“I wake up, clarify the dam-
age caused by the latest shell-
ing, check in with troops de-
fending the city and visit
civilians whose homes have
been destroyed,” he said. “It’s
the same, grim pattern.”
Russia’s invasion of Ukraine
has turned cities in the Don-
bas region into ghost towns.
As Moscow’s forces push west,
seeking to dislodge Ukrainians
from their positions and seize
control of the country’s east,
residents are fleeing in droves,
aided by volunteers who risk
their lives to ferry them out.
The exodus is leaving be-
hind empty streets and a si-
lence that amplifies the dull
thump of artillery exchanges
just outside city limits. But it
also offers an advantage to
both sides: Russia can step up
its scorched-earth strategy
while denying its troops target
civilians, and Ukraine can en-
gage it in pitched urban bat-
tles using residential areas.
Mr. Lyakh said only a quar-
ter of Slovyansk’s prewar pop-
ulation of 100,000 people is
left in the city, which along
with nearby Kramatorsk is
steeling itself for an imminent
assault. Before the war, the
mayor had a team of 400 peo-
ple working to ensure munici-
pal services ran smoothly;
now, he said, only 50 remain
in their posts.
In early April, when Russia
withdrew forces from Ukraine’s
north following a failed offen-
sive to capture Kyiv and refo-
cused its military campaign on
Luhansk and Donetsk in the
east, authorities urged resi-
dents of the two regions that
comprise Donbas to leave.
Buses leave the city daily
packed with several dozen ci-
vilians, many with no clue
Deloitte
Considers
A Split
Continued from Page One
sulting services from them. In
the U.S., the Securities and Ex-
change Commission is investi-
gating potential breaches of
independence rules by the Big
Four, The Wall Street Journal
has previously reported.
The remaining EY mostly
audit business, which would
likely remain as a partnership,
would be freed of at least
some of these potential con-
flicts. But it would be a
smaller, slower-growing busi-
ness, potentially leaving it vul-
nerable to lawsuits and mak-
ing hiring tougher.
THE UKRAINE CRISIS
“There is only one possible
solution—to return those peo-
ple home,” Mr. Zelensky said.
“We know what it’s like to cut
deals with Russia; we know
the price we will have to pay.
We know that they cannot be
trusted.”
Ukraine and Russia have
previously exchanged rela-
tively small numbers of cap-
tive soldiers.
The number of Russian sol-
diers taken prisoner in Ukraine
couldn’t be determined.
Ukrainian Justice Minister
Denys Malyuska said earlier
this month that Ukraine had
established a special camp for
Russian prisoners of war who
were unlikely to be exchanged
soon. The Red Cross has full
access to the camp, Mr. Maly-
uska said, adding that condi-
tions are better than in a regu-
lar prison. The camp is located
in western Ukraine, he said,
far from the front lines in the
east of the country where Rus-
sian forces have concentrated
their firepower after pulling
back from Kyiv and other
where to go. In a city that is
otherwise almost deserted, a
spot near the center turns into
a hub of activity each morning
as people bid tearful farewells.
Vitaly Kolesnichenko, a pen-
sioner awaiting transport this
week, sat on a bench with a
sports bag filled with his
clothes. On the night of May 31,
his wife slept alone in a bed
closer to the window to get re-
spite from the heat. She was fa-
tally wounded hours later in
the blast wave from a massive
rocket strike on their street.
Volunteers failed to reach the
hospital in Kramatorsk in time
to save her and two others who
died that day.
Mr. Lyakh recently visited
the home of a mother living
with disabled children in an
outer district hit by Russian
shelling. He asked her why she
hadn’t left. She said they had
no money to live elsewhere.
“I hear this over and over
again,” he said. “Soon it’ll be
too dangerous to evacuate
people who refused to leave
until the 11th hour. Then
they’ll run outside in just their
pants and socks and beg us to
take them, forgetting all about
money.”
With no access to water,
gas or power following Rus-
sian strikes on key infrastruc-
ture, those who remain in
Slovyansk spend part of each
day gathering water at public
pumps. Oleh Yukhimchuk, a
handyman, has been traveling
across the city with a col-
league in recent days, board-
ing up windows for residents
who left hoping to find their
possessions and homes intact
upon their return.
Business is booming, Mr.
Yukhimchuk said with a mirth-
less laugh. “But I’d rather
there was no work at all.”
Residents of Slovyansk say
their city has a symbolic reso-
nance for Russian forces posi-
tioned less than 10 miles to
the east. In April 2014, after
Moscow fomented a separatist
KPMG and Pricewater-
houseCoopers, the other mem-
bers of the Big Four, said they
would stick to their existing
approach of offering consult-
ing and tax services alongside
the bread-and-butter audit
work. A KPMG spokesman said
in a statement the firm re-
mains “committed to our mul-
tidisciplinary model” and
hasn’t talked to banks about a
split-up. PwC said last month
that it had “no plans to
change course” from its cur-
rent approach.
Any Big Four shake-up
won’t happen fast.
EY expects it will take at
least another 18 months or so
to complete any spinoff of its
consulting arm, as it scram-
bles to finalize its strategy for
a possible world-wide split
following an early leak of its
plans, according to people fa-
miliar with the matter.
The firm intends to put a
northern areas in March.
The TASS news agency also
reported Tuesday that more
than 1,500 Ukrainian soldiers
who had surrendered were be-
ing held in a Russian-con-
trolled part of Luhansk.
Soldiers defending Mariu-
pol surrendered last month at
the sprawling Azovstal steel
plant that had served for
weeks as their final redoubt,
ending months of bloody bat-
tle over the industrial port
city. The International Com-
mittee of the Red Cross regis-
tered combatants leaving the
plant, including those
wounded, to keep track of
them and help maintain con-
tact with their families. It
wasn’t involved in the trans-
port of prisoners.
The 1,000 soldiers who have
been transferred to Russia
from the Donbas region are
being investigated by Russian
law-enforcement agencies, the
TASS news agency said, citing
an anonymous law-enforce-
ment source. Russian defense
officials didn’t respond to a
People fleeing from Slovyansk and nearby areas in Ukraine loaded into an evacuation bus. Only a quarter of Slovyansk’s prewar
population of 100,000 is left in the city. Natalia Kolomyitseva, below, said her medical knowledge is being stretched by war injuries.
insurgency, a few dozen
masked, armed men seized
government buildings in the
city and declared themselves
in charge, prompting similar
takeovers across other parts
of eastern Ukraine.
Detentions, disappearances
and summary killings com-
menced as Slovyansk became
captive to separatist forces led
by Russian ex-intelligence offi-
cer Igor Girkin, then a hero
among Russian nationalists
and now one of the most out-
FROM PAGE ONE
formal proposal by mid-to-late
summer to its roughly 12,000
partners, who own the firm
and will need to vote to ap-
prove the selloff, the people
familiar with the matter said.
If EY does decide to split,
the most likely option is an
initial public offering of its
Regulators have
been increasingly
concerned about
conflicts of interest.
consulting arm, according to
people familiar with the mat-
ter. The firm hasn’t ruled out
the alternative of a private
sale. But the scale of the busi-
ness—combined consulting
and tax revenue of $26 billion
in its last financial year—puts
request for comment on de-
tails published in the report.
Russian prosecutors have
called for the Azov regiment
that had been holding out at
the steel plant to be declared a
terrorist organization.
Mr. Zelensky discussed Rus-
sia’s treatment of war prison-
ers in a call with German
2,500
Ukrainians taken captive after
surrendering at steel plant
Chancellor Olaf Scholz on
Wednesday.
The Kremlin has said that
all Ukrainian prisoners of war
would be treated humanely
and in accordance with inter-
national norms.
Russian Defense Minister
Sergei Shoigu said Tuesday
that 126 Ukrainian military per-
sonnel had surrendered to Rus-
spoken critics of Russian Pres-
ident Vladimir Putin’s fumbled
and costly invasion.
Ukrainian troops recaptured
Slovyansk in July 2014, and
money from Kyiv poured in,
part of an effort to make a Rus-
sian-speaking city where some
still harbor sympathies for Rus-
sia into a hotbed of pro-Ukrai-
nian sentiment. Billboards on
the road into the city read
“Slovyansk is Ukraine.”
Now, as civilians leave in
one direction, military supplies
it out of the reach of most pri-
vate-equity firms, the people
familiar with the matter said.
Deloitte’s consulting side is
bigger still. The firm’s consult-
ing and tax businesses be-
tween them generated close to
$40 billion of revenue globally
in the year that ended in May
2021, compared with $10.5 bil-
lion from its audit work. Del-
oitte sold its U.K. restructur-
ing business to consulting
firm Teneo Holdings LLC last
year.
To gain approval for its
plans, EY needs to win over
most of its partners in each of
the roughly 140 countries that
make up the firm’s interna-
tional network.
Its ability to do that might
rest on the size of the price it
can get for the consulting
business, which will support
the payouts it can offer to
partners, accounting industry
observers said. The size of
THE WALL STREET JOURNAL.
sian forces in the past five
days, bringing the total number
captured since the start of the
war to 6,489. Ukrainian officials
didn’t respond to a request for
comment on the figure.
Fighting is currently cen-
tered on the city of Severodo-
netsk in the Luhansk region.
Russian forces entered the city
more than a week ago as part
of their objective of controlling
the whole of the eastern Don-
bas area.
Serhiy Haidai, the governor
of Luhansk, on Wednesday
said he couldn’t rule out a
Ukrainian retreat from Severo-
donetsk, which he said was
being shelled relentlessly. Mr.
Haidai said he expected Rus-
sian bombardment of Severo-
donetsk and the neighboring
city of Lysychansk, which
Ukraine controls, to intensify,
along with renewed efforts by
Russian troops to cross the
Siverskyi Donets river, the last
major natural barrier to their
advance in Donbas.
The U.K.’s Defense Ministry
said Russia was attacking
come in from the other. Along
that stretch of road, dotted
with army checkpoints, con-
voys of military vehicles head
toward the front line bringing
in arms and equipment rang-
ing in sophistication and age
from Soviet-era artillery pieces
to Australian Bushmasters and
U.S. M777 howitzers.
Capt. Oleksandr Taranush-
chenko, a commander in the
Dnipro-1 Battalion, which holds
key positions around Slovyansk
and mans a line of trenches
skirting its perimeter, said his
unit comes regularly under
Russian artillery fire and is in
dire need of advanced weapons.
“You can’t go up against a tank
with a rifle,” he said.
In an interview on Sunday,
Mr. Taranushchenko said Rus-
sian drones had flown over his
unit’s positions near Slovyansk
that morning and shortly af-
terward a hail of artillery fire
had rained down on his men.
“They’re dropping everything
they have on us,” he said.
The toll of the war on
Ukraine, meanwhile, continues
to mount. As the arms con-
voys head east toward the
those windfalls is expected to
vary depending on partner se-
niority, with those closest to
retirement likely to get the
most.
“The biggest question is
‘how much money would this
deal put in the pockets of the
remaining audit partners?’ ”
said Lynn Turner, a former
SEC chief accountant. “If they
can’t sell the consulting arm
for enough to generate suffi-
cient cash for the partners,
they’re not going to vote to
approve it, it’s as simple as
that.”
As well as getting partners
in different business lines and
locations on board, EY will
need to negotiate the split
with regulators world-wide
that oversee the audit indus-
try, according to the people
familiar with the matter. The
last time EY spun off its con-
sulting arm, with its sale to
Cap Gemini Group SA of
.
Severodonetsk from three di-
rections, but Ukrainian de-
fenses were holding and it was
unlikely that either side had
gained significant ground in
the past 24 hours. With Rus-
sian and Ukrainian forces fac-
ing off along a stretch of more
than 300 miles, the two sides
have similar challenges in
maintaining their defenses
while freeing up capable com-
bat units for offensive opera-
tions, it said in a daily intelli-
gence update.
Separately, Russian Foreign
Minister Sergei Lavrov held
talks with Turkish officials on
Wednesday on a possible deal
to create a sea lane to export
grain from Ukraine as a part
of a United Nations-backed ef-
fort to avert a food crisis,
though the meeting ended
without a significant break-
through. Ukraine hadn’t con-
sented to the possible deal be-
tween Turkey and Russia,
saying that it needed guaran-
tees that Russia wouldn’t use
a potential safe corridor to
launch additional attacks.
SERHII KOROVAYNY FOR THE WALL STREET JOURNAL (2)
fighting, cars marked with the
number 300—code for
wounded soldiers—travel in
the opposite direction.
Many of the wounded are
delivered to Kramatorsk, 10
miles from Slovyansk, where
the city hospital—the only one
in the region with a function-
ing CT scanner—also receives
civilian victims.
Natalia Kolomyitseva, who
has worked at the trauma de-
partment at Kramatorsk hospi-
tal for 35 years, said her medi-
cal knowledge is being stretched
by the injuries inflicted by Rus-
sian weaponry. Even the most
experienced hospital staff are
seeing certain types of dam-
age—shrapnel lodged behind a
patient’s eye, scapulae shattered
into small pieces—that they had
never come across before.
“We didn’t see such cases
in our medical textbooks,” Ms.
Kolomyitseva said, adding that
the injuries of the war of 2014
pale in comparison with what
she’s confronted with now.
“We’re being forced to learn
on the job.
—Serhii Korovayny
contributed to this article.
France for €11 billion, worth
about $10.8 billion at the time,
in the early 2000s, it took
about a year to get SEC ap-
proval, according to a person
familiar with the matter.
Regulators will want assur-
ance the selloff wouldn’t make
EY more vulnerable to an Ar-
thur Andersen-style implo-
sion, should the firm be hit by
a massive lawsuit.
A mostly audit firm could
be financially viable, said Der-
ryck Coleman, director of re-
search analytics at data pro-
vider Audit Analytics. Strict
independence rules in the U.S.
and many other parts of the
world mean the big account-
ing firms no longer appear to
be subsidizing their audit fees
from the consulting side, he
said.
“The audit practices of each
of the Big Four should be able
to stand on their own,” Mr.
Coleman said.
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | A9

THE UKRAINE CRISIS

Japanese
Halt Loans
Russia’s Soaring Inflation Eases a Bit
BY PAUL HANNON the invasion with a package of Russian CPI, change from The central bank said it ex- imports of Russian energy.
previous year
To Russian Russia’s annual rate of in-
flation fell in May for the first
sanctions that has since been
expanded, weakening the ru-
ble and pushing the cost of 20.0%
pects the inflation rate to fall
to between 5% and 7% in
2022, still above its 4% target.
There is also a risk that in-
flation will pick up again as
Western sanctions reduce the

LNG Plant time since the country’s inva-

sion of Ukraine, indicating a
surge in prices that hobbled
imports higher.
The central bank has since
reversed the ruble’s decline,
17.5

BY CHIEKO TSUNEOKA
TOKYO—A $21 billion natu-
ral-gas export plant under con-
struction in Siberia suffered
another setback Wednesday
when a Japanese government-
owned bank said it has sus-
pended loans to the project.
The Arctic LNG 2 project op-
erated by Russian energy com-
pany Novatek aims to ship liq-
uefied natural gas to East Asian
nations, particularly China and
Japan, and has targeted 2023
for the start of exports.
France’s TotalEnergies SE,
an investor both in the LNG
project and in Novatek itself,
took a $4.1 billion accounting
charge in April in connection
with the project, citing feasi-
bility issues in light of sanc-
tions on Russia for its invasion
of Ukraine.
Until now, Japan’s govern-
ment and Tokyo-based Arctic
LNG 2 investor Mitsui & Co.
have maintained their support
for the export plant, saying
the LNG shipped from Siberia
would help diversify energy-
poor Japan’s supplies.
However, on Wednesday,
the government-owned Japan
Bank for International Cooper-
ation said it has suspended its
loans to Arctic LNG 2. The
bank agreed in November to
lend up to €1.71 billion, equiv-
alent to $1.83 billion, to the
project.
The Japan Bank for Interna-
tional Cooperation had an-
nounced a pause to its loans
to the project in March, de-
scribing it at the time as a
brief halt to ensure that loan
payments could be made. On
Wednesday, though, JBIC spe-
cial adviser Hiroki Sekine de-
scribed a more open-ended
suspension and didn’t give any
target for a resumption.
The loans represented only
a fraction of the total invest-
ment amount, which Novatek
has put at $21.3 billion.
the economy is beginning to
ebb.
Russia’s statistics agency
on Wednesday said consumer
prices were 17.1% higher in
May than a year earlier, a
slight slowdown from the
17.8% rate of inflation re-
corded in April. In January,
the last full month before the
invasion, inflation stood at
8.7%.
“Inflation may have already
peaked and price pressures
are likely to ease further in
the coming months,” said
Liam Peach, an economist at
Capital Economics.
Consumer prices rose rap-
idly in the weeks after West-
ern governments responded to
Deepening Economic Troubles Pressure Erdogan
BY JARED MALSIN
AND CAITLIN OSTROFF
ISTANBUL—Turkey has
scrambled for months to shore
up its economy by pumping bil-
lions of dollars into propping
up its currency. Those mea-
sures are losing steam, tighten-
ing the economic squeeze on
the country’s leader, President
Recep Tayyip Erdogan.
Russia’s invasion of nearby
Ukraine, global inflationary
pressures and a strengthening
dollar have all added to Tur-
key’s troubles. The conditions
have worsened a homegrown
crisis that began last year after
Mr. Erdogan pressured the cen-
tral bank into cutting interest
rates despite soaring inflation.
On Wednesday, the lira slid
for the sixth day in a row, hit-
ting 17 lira a dollar for the
first time since last year’s cri-
sis, further eroding the buying
power of Turkish consumers
and companies. The rising cost
of food, medical care, energy
and other essentials has
combining an initial doubling
of its key interest rate with
measures that forced compa-
nies to buy rubles, limited the
amount of dollars that Rus-
sians can withdraw from for-
eign-currency bank accounts
and barred banks from selling
foreign currencies to custom-
ers.
With inflation slowing, the
central bank started to reverse
its initial rate rise in early
April, and is expected to bring
its key rate close to its prein-
vasion rate Friday, when offi-
cials next meet to set policy.
“The Bank of Russia will
take into account actual and
expected inflation dynamics
relative to the target
pushed millions of Turkish cit-
izens closer to poverty and
sapped support for Mr. Erdo-
gan’s government.
The lira’s weakness and
Turkey’s precarious financial
situation provides an unset-
tled backdrop for Mr. Erdogan.
He has become a key player in
the Ukraine war, hosting talks
over grain shipments and
cease-fires, providing Ukraine
with drones, and blocking
Sweden and Finland from join-
ing NATO.
But at home, he faces his
most intense economic chal-
lenge since he came to power
on the heels of another eco-
nomic crisis two decades ago.
Turkey’s inflation in May
rose to nearly 75%, the coun-
try’s statistics agency said on
Friday. The rate is currently
the highest of any nation in
the G-20 and the sixth highest
in the world, behind countries
such as Syria, which is still in
the midst of a civil war, and
Venezuela, a failing state.
Independent economists
15.0
17.1% As the ruble has rebounded,
Russia has also eased some of
the restrictions it imposed on
its residents in the wake of
12.5 the invasion. On Tuesday, the
government raised the
10.0 monthly amount of U.S. dol-
7.5 lars Russians can transfer to
certain overseas countries to
5.0 $150,000 from $50,000.
Containing the rise in infla-
2.5 tion is unlikely to completely
0 cushion Russians from the
economic damage caused by
2018 ’20 ’22
the war and the sanctions im-
Note: Through May. Monthly reports.
posed by Western govern-
Sources: St. Louis Fed (historic); Russian ments.
Federation State Statistics Service (April, May) The World Bank on Tuesday
forecast that the country’s
and…holds open the prospect economy will contract by 8.9%
of key rate reduction at its this year and 2% in 2023, and
coming meetings,” the central that contraction could deepen
bank said in late May, when it if Europe’s governments take
last cut its key rate. further action to reduce their
Turkish central bank's net Measures of annual inflation
foreign assets* in Turkey
$60 billion 175% ENAGroup
Official data
40 150
20 125
0 100
–20 75
–40 50
–60 25
–80 0 “These are measures that
2017 ’20
Sept. 2021 ’22
*Excludes all foreign-currency liabilities; May 2022 figures are estimates
Sources: Turkey Data Monitor/GlobalSource Partners (assets); ENAGroup (independent gauge),
Turkish Statistical Institute (official data)
say the inflation rate is likely officials view as harmful to
far higher. ENAGroup, a proj- Turkey’s currency. Last year,
ect organized by economists the government statistics
and accountants, says Turkey’s agency sued ENAGroup over
true inflation rate is closer to its inflation calculations.
160%. Turkey’s government The Turkish president has
has moved to crack down on called for lower interest rates,
the ability of independent believing that they would help
economists to publish inflation expand the economy and even-
figures and make comments tually calm inflation, contrary
supply of goods and services
over coming months. While
reduced access to financial
and logistics networks has led
to a sharp drop in Russian im-
ports over recent months,
many Western businesses
have withdrawn from the
country.
The Institute of Interna-
tional Finance calculates that
one-fifth of those departing
Western companies produced
“discretionary” consumer
goods, while a further 10%
made consumer staples.
“In most sectors, short-
term advantages for Russian
companies will be more than
outweighed by a dramatic de-
cline in foreign investment,”
economists at the IIF wrote
Wednesday in a report on the
impact of sanctions.
to the teachings of mainstream
economics. He forced the cen-
tral bank to cut rates four con-
secutive times in late 2021.
That led the lira to collapse.
Turkey stabilized the currency
for a time through a combina-
tion of makeshift measures.
Prime among them was a pro-
gram at the end of last year
that promised to pay back the
difference in the currency’s
fall against the dollar if resi-
dents kept their savings in lira
at the bank.
buy time. These are not mea-
sures that solve economic
problems,” said Erik Meyers-
son, a senior economist at
Swedish bank Handelsbanken.
But with inflation soaring,
the slide in the lira has picked
back up in recent weeks. It has
lost more than 20% of its value
since the start of the year.
The central bank has been
spending the dwindling dollars
at its disposal to intervene in
currency markets to prop up
the lira.

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A10 | Thursday, June 9, 2022
Adderall
Fueled
Cerebral
Continued from Page One
advertise for ADHD patients
than for those with depression
and anxiety because each ad
dollar yielded more customers.
Treating ADHD could expand
its market by 30%, the presen-
tation suggested.
Billionaire Len Blavatnik’s
privately held industrial group
Access Industries signed up,
leading a $127 million financ-
ing that included technology
investor Silver Lake and
hedge-funder Bill Ackman.
Masayoshi Son’s SoftBank
Group Corp. would lead a
$300 million round a few
months later.
With the big checks in
hand, Cerebral’s co-founder
and chief executive, Kyle Rob-
ertson, launched the company
into the ADHD treatment busi-
ness using Silicon Valley’s dis-
ruptive playbook. Cerebral
splurged on social media ads
and hired gymnast Simone
Biles as celebrity spokes-
woman. It hired hundreds of
contractors to prescribe medi-
cation after short online ap-
pointments, adding people so
fast that one convicted felon
joined its ranks.
Cerebral signed up tens of
thousands of clients for men-
tal-health treatment, increased
sales 10-fold last year to a
projected $100 million, and hit
a $4.8 billion valuation less
than two years after its
launch. ADHD increased to
20% of its business, according
to a company document.
Now the success story is
falling apart. The board fired
Mr. Robertson last month, af-
ter the company revealed that
it had received a subpoena
from federal prosecutors look-
ing into possible violations of
the Controlled Substance Act.
CVS Health Corp. and Walmart
Inc. stopped filling its pre-
scriptions for controlled sub-
stances such as Adderall. Cere-
bral management has warned
staff to expect layoffs.
Cerebral says it is providing
necessary treatment and fill-
ing a need for mental-health
care services at a time when
demand outstrips supply. The
company said it is no longer
prescribing most controlled
substances and that a “single
digit percentage” of its pa-
tients were given a controlled
substance to treat ADHD. De-
spite the criticism, many pa-
tients say the company has
helped them get needed men-
tal-health treatment.
Spokespeople for SoftBank,
Silver Lake and Bill Ackman
declined to comment. Nami
Park, who represents Access
Industries on Cerebral’s board,
didn’t respond to requests for
comment.
‘The Scapegoat’
For his part, Mr. Robertson
issued a memo after his firing
saying the board “colluded to
make me the scapegoat for
prescribing controlled medica-
tions and providing care for
ADHD.” He said that he kept
investors informed and that
some encouraged him to get
into the Adderall-prescribing
business. A spokesman said
Mr. Robertson relied on subor-
dinates “to make nearly all de-
cisions” related to Cerebral’s
clinical practices.
Cerebral’s board said in a
statement that it “has acted
and will act in the best inter-
est of the Company and its
shareholders to provide qual-
ity clinical care to patients in
need of mental-health care.
We stand fully behind the new
leadership team in continuing
to deliver on the Company’s
important mission.”
Cerebral’s rise and the tur-
moil that ensued show how
Silicon Valley’s emphasis on
industry disruption and light-
ning-fast growth, fueled by ex-
uberant funding, can run into
trouble in healthcare, espe-
cially when patients are in-
volved.
In 2018, Mr. Robertson
dropped out of the M.B.A. pro-
gram at the University of
Pennsylvania’s Wharton
School and eight months later
was working on an idea for
the startup that would become
Cerebral.
Mr. Robertson teamed up
with Ho Anh, a physician who
had previously worked at
Hims & Hers Health Inc., a
medication startup that pre-
scribed erectile dysfunction
and hair-loss pills after online
appointments. By early 2019,
the 26-year-old Mr. Robertson
was emailing potential inves-
tors about seed capital.
The Cerebral founders saw
an opening for a startup fo-
cused on drugs to treat
“bread-and-butter” psychiatry
clients, as Dr. Anh referred to
them, those with mental-
health conditions such as de-
pression and anxiety. Dr. Anh,
who left the company in 2021,
didn’t respond to requests for
comment.
The model: Customers sign
up for a subscription, in most
cases paying $85 a month for
a medication-management
plan. A patient receives a 30-
minute online consultation
with a nurse practitioner, who
prescribes medication. After
that, their subscription covers
medication renewals and fol-
low-up consultations.
Initially, Cerebral targeted
its ads at women in their 20s
and 50s on social media, and
prescribed antidepressant
medications such as generic
Lexapro. In May 2020, less
than four months after its
launch, it had $300,000 in
sales for the month, according
to an internal financial report
reviewed by the Journal.
Yet the company found that
such customers often weren’t
profitable. The advertising
cost to bring them through the
front door was too high, since
they typically would keep pay-
ing only for about three
months, the financial report
showed and people familiar
with the issue said. The com-
pany disputed the three-
month figure but declined to
elaborate.
Repeat customers
To make its business model
work, Cerebral needed cus-
tomers coming back for medi-
cation, these people said.
With the onset of the pan-
demic, mental-health patients
were unable to see their doc-
tors in person, so federal regu-
lators loosened regulations
that limited telemedicine prac-
tice. Among the changes was a
temporary expansion of the
list of drugs that could be pre-
scribed after virtual appoint-
ments to include controlled
substances such as Adderall
and other stimulants. Cerebral
planned to move quickly.
In a June 2020 presentation
for prospective investors re-
viewed by the Journal, Cere-
bral listed controlled sub-
stances as one of its new
products, which would help it
“accelerate landgrab.” Some of
the first controlled substances
it prescribed were benzodiaz-
epines such as Xanax to treat
anxiety. The presentation pro-
jected that Cerebral would
treat ADHD by year-end.
Oak HC/FT, a leading
healthcare venture-capital
firm whose managing partner
Annie Lamont is married to
Connecticut Gov. Ned Lamont,
signed on to lead that round
of funding. Oak put in $35 mil-
lion, an important stamp of
approval which gave Cerebral
an $85 million valuation.
A spokesman for Oak de-
clined to comment.
A few weeks after joining
Cerebral’s board later that
year, independent director
Jesse Horwitz texted Mr. Rob-
ertson to say he’d heard “Ad-
derall startups were doing
well early innings” and to ask
“is Adderall in Cerebral pipe-
line?” Mr. Robertson re-
sponded that Cerebral’s ADHD
treatment was rolling out and
“growing like crazy,” accord-
ing to texts reviewed by the
Journal.
“Awesome,” replied Mr.
Horwitz, who didn’t respond
to requests for comment.
Others were wary. Nine
venture-capital firms that de-
clined to invest at that time
told the Journal that the com-
pany’s aggressive advertising
and prescribing practices gave
them pause.
Celebrity spokeswoman Simone Biles appeared on television with then-Cerebral CEO Kyle Robertson.
FROM PAGE ONE
Kriupa Samson, a psychiatric mental-health nurse practitioner from New York, recently left Cerebral.
Business Plan
Cerebral bet that increased marketing would bring in more
subscribers and revenue.
Operating expenses Subscribers
$400 million 400 thousand
Other
Marketing
300 300
200 200
100 100
0 0
2020 ’21 ’22 2020
Note: Forecasts for 2021 and 2022
Source: company documents
“We wanted to back a team
in mental health committed to
clinical quality. Ultimately, we
perceived their focus to be
more in marketing,” said Aike
Ho, partner at venture capital
ACME Capital, which passed
on investing in that round of
financing.
Adderall and similar stimu-
lants are amphetamines, and
widely accepted as a primary
treatment for ADHD. Psychia-
trists say the drugs can bene-
fit patients properly diagnosed
with the condition.
But illicit transactions for
Adderall and other stimulants
are also the most popular en-
tries on StreetRx.com, a web-
site that compiles data on il-
licit drug transactions from
people who anonymously re-
port the price, quantity and
location of drugs they have
purchased on the street. Stim-
ulants surpassed opioids as
the largest drug class reported
to the website in late 2019.
Cerebral officially launched
ADHD treatment in March
2021, noting the results of its
pilot that suggested ADHD
treatment with Adderall would
attract long-term patients who
were cheaper to bring in. A
later investor presentation
said patients diagnosed with
ADHD and treated with stimu-
lants “have substantially
higher retention” than other
patients and that ADHD pa-
tients were more valuable
than depression and anxiety
Revenue
$400 million
300
200
100
0 hired two months after her
’21 ’22 2020 ’21 ’22
patients.
Cerebral said the presenta-
tions are designed for inves-
tors and use terminology and
metrics that are commonly
used to measure financial
strength and potential for
growth.
By the fall of 2021, Cerebral
was approaching 100,000 pay-
ing subscribers, with a 2,500-
strong workforce.
To keep up with demand,
Mr. Robertson pushed recruit-
ers to hire quickly, at one
point demanding they bring in
200 new clinicians a week,
said a person familiar with Ce-
rebral’s recruiting.
As Cerebral rolled out
treatment for ADHD and bipo-
lar disorder, which are more
complex to diagnose or treat
than moderate depression or
anxiety, it often didn’t hire
psychiatric mental-health
nurse practitioners, or PMH-
NPs, who have special training
in psychiatric care and are
more qualified to see patients
with more serious problems.
A Journal analysis of public
records identified more than
400 Cerebral nurse practitio-
ners licensed in states where
the company treated ADHD
who lacked the specialized
PMHNP credential.
In most job postings for
nurse practitioners from Janu-
ary until May of this year, Ce-
rebral called the special psy-
chiatric mental-health nurse
practitioner credential, which
.
THE WALL STREET JOURNAL.
Cerebral asked them if they
were interested in being pre-
scribed a controlled substance
so they could be routed to a
nurse practitioner with a li-
cense to prescribe such medi-
cation. This isn’t a question
typically asked on intake
forms in a psychiatry office
and was designed to give cli-
ents the drugs they wanted,
said people familiar with the
intake process.
“We previously outsourced
the creation of many of our
ads. We have since hired a cre-
ative director and team, and
have brought many of our cre-
ative processes in house in-
stead of using external agen-
cies so that we can better
control the content and narra-
tive,” said the company in its
written statement.
The ads worked and cus-
tomers flooded in by the tens
of thousands in the more than
20 states where Cerebral of-
fered ADHD treatment. Nurse
practitioners who operated in
some of those states said most
of their new clients sought
treatment for that condition.
Having seen the ads, many cli-
ents self-diagnosed ADHD and
were primed to expect access
NATALIE KEYSSAR FOR THE WALL STREET JOURNAL
to a prescription, the clini-
cians found.
“It’s risky because you re-
ally have to figure out who is
drug seeking and who is really
suffering from ADHD because
the clients know what to say
to get a stimulant, to get that
diagnosis, because they
googled it,” said Kriupa Sam-
son, a psychiatric mental-
health nurse practitioner from
New York who recently left
Cerebral.
requires extra training, “pre-
ferred but not a deal breaker,” Hallucinations
according to screenshots from One patient who received
the Internet Archive, an online stimulant prescriptions from
service that stores old ver- Cerebral in September said
sions of websites. she suffered hallucinations af-
Cerebral said in its state- ter taking the drug. Her boy-
ment that it hires as many friend said he called an ambu-
PMHNPs as it can, given lim- lance because he feared she
ited supply of them, and that might hurt herself.
it ensures patients with more A doctor at the hospital
complex conditions such as bi- where she stayed for nearly a
polar disorder are treated only week attributed her episode to
by PMHNPs. It said that family Adderall use and ordered her
nurse practitioners are quali- to stop taking the medication,
fied to see patients for anxi- according to the patient and
ety, depression and other con- records reviewed by the Jour-
ditions. nal. She said she attempted to
One nurse practitioner was cancel her subscription but
continued to receive market-
conviction for money launder- ing emails and monthly
ing had been announced in a charges from the company.
Justice Department press re- Cerebral said it couldn’t
lease. She remained with Cere- comment on patient cases, cit-
bral until May, two weeks af- ing confidentiality rules.
ter she received a two-year Some patients said Cerebral
sentence. She reports to gave them an accessible op-
prison Monday. tion for mental-health care
The company also hired a treatment that they wouldn’t
Connecticut doctor, Martin have been able to afford other-
Perlin, who had been repri- wise.
manded by state regulators for Jonathan Hall, 43, said he
laxness in his opioid prescrip- received depression treatment
tions and who agreed not to from Cerebral last year at a
renew his license in the state time when he didn’t have in-
in 2017. surance. A father of four, he
“I don’t think they vetted said that treatment helped
me adequately when they him apply for a job. And an
hired me,” said Dr. Perlin, who April prescription for Adderall
added that he was grateful the for previously undiagnosed
company gave him a chance to ADHD helped him quit drink-
work after he disclosed the ing and make other life
past issues related to his li- changes, he added.
cense and prescribing prac- Mr. Robertson wanted more
tices. He is still licensed in ADHD patients to be pre-
New York. scribed Adderall, alleged Mat-
thew Truebe, Cerebral’s for-
mer vice president in charge
TikTok ads of product and engineering, in
Cerebral declined to com- a labor lawsuit filed in April.
ment on the clinicians beyond The suit alleges that Mr. Rob-
providing their employment ertson directed Cerebral em-
dates. It said it is improving ployees to track the extent to
its employee screening pro- which patient retention corre-
cess. Mr. Robertson’s spokes- lated with stimulant prescrip-
man said he wasn’t responsi- tions.
ble for recruiting. “When Cerebral determined
From 2020 to 2021, Cere- that patients who were pre-
bral planned to increase its scribed stimulants were more
marketing budget more than likely to remain Cerebral cus-
10-fold, according to docu- tomers, the CEO directed Ce-
ments. On TikTok alone, Cere- rebral employees find ways to
bral spent more than $13 mil- prescribe stimulants to more
lion from January to May this ADHD patients to increase re-
year, making it the third-big- tention,” the lawsuit said.
gest advertiser behind HBO Cerebral and Mr. Robert-
and Amazon, according to re- son’s spokesman said the alle-
search firm Pathmatics. gations in the complaint are
Cerebral’s marketing prac- false. Mr. Robertson’s spokes-
tices were a departure from man said he worked to in-
typical psychiatry, where clini- crease the percentage of pa-
cians don’t buy ads promising tients on first-line treatments
a quick diagnosis for a partic- such as Adderall together with
ular condition. his clinical advisers.
One set of ads on Instagram David Mou, then Cerebral’s
and TikTok showcased a young chief medical officer and now
woman shoving a doughnut in its new CEO, also oversaw
her mouth or plunging her fin- projects to encourage stimu-
gers into a cake under the lant prescriptions, internal
words, “Why overeating can documents show. One project
be fueled by ADHD.” was designed to “nudge” clini-
Instagram and TikTok re- cians toward preferred treat-
moved some Cerebral ads for ments, including stimulants
violating their body image pol- for ADHD patients. A separate
icies. one sent emails to clinicians to
Another ad suggested that push them to prescribe stimu-
Cerebral’s service was a lants to 100% of ADHD pa-
“hack” to get Adderall, frus- tients without comorbidities.
trating investors because the Cerebral said Adderall is the
company had promised to run medically preferred treatment
ads through a clinical commit- for such patients. Dr. Mou, who
tee, said a person familiar replaced Mr. Robertson as CEO,
with their concerns. said the company will “triple
When customers signed up, down” on clinical quality.

© 2022 Dow Jones & Company. All Rights Reserved.
ON THE
CLOCK
CALLUM
BORCHERS
E
mployees of accounting
firm Dixon Hughes Good-
man showed CEO Matt
Snow that they could be
productive at home dur-
ing the pandemic. So,
last fall, the company declared hy-
brid the new normal and made the
office optional on most days.
This month, the firm merged
with a larger one whose staff shows
up in person more often—and whose
chief executive became CEO of the
combined business, Forvis. Some of
the blended company’s 5,400 total
employees are now meeting new
colleagues who could dictate future
promotions and raises.
Sounds like a good time to get
back to the desk.
“If you want to be a managing
partner, you’re probably not going
to do that working one day a week
in the office, and I think people
get that,” says Mr. Snow, who is
now Forvis’s chairman. Employees
still can work from home much of
the time, he notes, but there may
be trade-offs.
Hybrid workers, beware: There
can be a gap—sometimes a wide
one—between what’s required and
what it really takes to succeed.
Office hard-liners like Tesla
CEO Elon Musk have made clear
that “a minimum of 40 hours in
the office per week” is the only
way to thrive, or even survive, at
his company. The leaders of Gold-
man Sachs, Morgan Stanley and
JPMorgan Chase also don’t hide
their disdain for remote work.
While telecommuting may be
fine in certain roles, people in the
upper ranks “cannot lead from be-
A Shared
Anxiety Over
Shared Docs
Continued from Page One
he can toil over a single sentence for
half an hour without fear of anyone
spying on his creative process. Once
every word is perfect, he pastes the
finished product back into the shared
doc. He says he doesn’t mind if peo-
ple check on the original and wonder
why he hasn’t made any progress. It’s
better than the alternative.
Many work in a shadow
copy, free from the fear
of anyone spying on
their creative process.
“We’ve had clients that think it’s
appropriate to edit as you’re writing,”
he says. “The fact that I can be in a
shared doc and see an anonymous
platypus, or all the other animals just
hovering there—I’m like, ‘I can’t.’ ”
Kyle Bazinet, 34, who works as a
government policy adviser in To-
ronto, recently completed a 10-page
ISTOCK/GETTY IMAGES (2)
strategy analysis for an infrastructure
project and shared it with three
higher-ups. He planned to sign out of
the document immediately, but as he
saw his senior colleagues’ avatars
pop up one by one, his curiosity got
PERSONAL JOURNAL.
hind a desk or in front of a
screen,” JPMorgan CEO Jamie Di-
mon wrote in his annual share-
holder letter this spring.
Yet other businesses are promis-
ing “hybrid equity,” insisting some
employees can enjoy the conve-
niences of working from home with-
out compromising their ambitions.
HubSpot, a Boston-based digital
marketing firm, plans to track pro-
motions in the coming years to en-
sure people who rarely visit the of-
fice aren’t disadvantaged, says Katie
Burke, chief people officer. Citigroup
requires three days of office work
per week, and human-resources
head Sara Wechter says those who
log only the minimum will have an
“equitable opportunity to develop
and advance their careers.”
It’s a dream for many workers,
but it could be pure fantasy unless
companies are vigilant, according
to career coaches and researchers
who say people in the office are
more likely to get noticed and re-
the better of him.
“I watched them go line by line,”
he says. “It was impressive and terri-
fying at the same time to see how
quickly they were able to pick some-
thing apart that I’d been working on
for days.”
The experience may have been a
bit of shared-document karmic retri-
bution. “I do have a reputation for
liking to destroy people’s work,” he
says.
Google said in a written statement:
“The future is flexible, and the value
of Docs means that people can work
and collaborate together from any-
where—when it works for them—de-
spite any friction people may feel
about collaborating with a colleague
or an anonymous armadillo.”
Vishnu Sivaji, group product man-
ager for Google Workplace, which in-
cludes Google Docs, says the com-
pany recognized during the pandemic
that many people were working with
colleagues they had never met face to
face, and might be meeting for the
first time in a document’s comments.
In recent months, the product
team has added features to reduce
tension and increase human connec-
tion, including the ability to leave
emojis in place of a comment.
“I now see people, who are very
senior VPs, leaving emojis on my doc-
uments,” he says.
Mr. Sivaji’s most embarrassing
moment in a shared doc happened
before he worked on the product. He
was preparing separate proposals for
two competitors and accidentally
shared partner A’s proposal with
partner B.
“Now we have very clear guidance
when you’re sharing a document out-
side your domain,” he says.
THE WALL STREET JOURNAL.
Want a Promotion?
warded. A 2020 study of more than
400 tech workers by researchers at
Rensselaer Polytechnic Institute
and Northeastern University found
that while remote and nonremote
workers won roughly the same
number of promotions, the salaries
of remote workers grew more
slowly. At companies where remote
work was less common, telecom-
muters won fewer promotions.
Sure, you can hit your perfor-
mance targets from the kitchen ta-
ble and wear out the “raise hand”
button on Zoom. But a colleague
who chats up the boss when the
meeting is over and goes for a
drink after hours may get ahead.
There’s a term for this.
Proximity bias (präk- si-m -tē
bī- s) | noun
1. A tendency to favor people in
close proximity to you
2. Human nature and the way
things have worked in business
since forever
It’s certainly possible to progress
 An anonymous ibex or quokka just might pop up in a Google Doc.
Early in the pandemic, Meisha Bo-
chicchio, 32, was taking notes for a
virtual meeting attended by the C-
suite executives at her company. Each
executive had access to the document
and was signed in, following along.
After the meeting, Ms. Bochicchio
jumped on a call about a job offer
from another company she had been
interviewing with.
“My first thought was I needed to
take notes about this quickly,” she
says.
Without looking up to see which
tab she had opened, she started typ-
ing out details of the new position,
including the salary and start date. In
the middle of the call, it dawned on
her she was still typing in the origi-
nal document. She saw the avatars of
all the executives at the top of it, still
signed in.
Try to Not Be
So Remote
Some businesses say
employees can work
from home without
putting goals at risk.
while working from
home most or all of the
time, especially in to-
day’s tight labor mar-
ket, and not everyone
aspires to climb the
corporate ladder to the
top. Still, hybrid and
remote arrangements
could be vulnerable to
management changes
or an economic down-
turn—which many
economists say is in-
creasingly likely, by
the way.
Businesses are
hunting for leaders
who can handle decentralized
teams, says Bo Burch, founder of the
executive-search firm Human Capi-
tal Solutions in Wilmington, N.C.
Yet, “companies aren’t saying,
‘Bo, you need to make sure you
present a panel of executives that
have great stories to tell about
how they overcome proximity
bias,’ ” he says.
Office-goers sometimes enjoy
special status even at companies
that have embraced remote work.
Google, Facebook, Twitter and oth-
ers have allowed many employees
to scatter—but warned of pay cuts
for those who go remote and move
to cheaper cities.
Polls show people in historically
marginalized groups are among the
most likely to prefer working from
home, and businesses with hybrid
teams should be careful not to exac-
erbate longstanding inequities, says
Kathlyn Perez, a New Orleans labor
lawyer who counsels companies on
unconscious bias.
“I don’t notice this for, like, 10
minutes,” says Ms. Bochicchio.
Five days later, while preparing
her resignation letter, she got a call
from her boss’s boss.
“She just was straight up, ‘So I
saw you took some interesting
notes,’ ” recalls Ms. Bochicchio, who
lives in Boston. “Obviously not the
most professional look.”
Phantom lurkers have haunted
Danielle Slakoff, a 32-year-old assis-
tant professor of criminal justice at
California State University, Sacra-
mento, who uses Google Docs to col-
laborate on research. Ms. Slakoff says
that one of her research partners,
Lauren Moton, always seems to be in
the doc, despite being three hours
ahead in New York.
“She does work all the time,” Ms.
Slakoff says. “She’s working in the
.
Thursday, June 9, 2022 | A11
CLOCKWISE FROM TOP: PHOTO ILLUSTRATION BY GABRIEL ZIMMER FOR THE WALL STREET JOURNAL; GETTY IMAGES (2)
Then again, she notes remote
workers aren’t members of a le-
gally protected class in the way
that women, minorities and people
with disabilities are. Those who
feel that infrequent office visits
unfairly cost them promotions
could have little recourse.
“Unfortunately, if you know that
your employer values some face
time, then you as an individual try-
ing to improve your working situa-
tion and endear yourself to your
boss may want to put some of that
face time in,” she says.
Ms. Perez’s advice might
seem obvious. Not to everyone,
apparently.
Overstock.com CEO Jonathan
Johnson expected good turnout, es-
pecially among young workers,
when he extended a staff-wide invi-
tation to join him for lunch every
Tuesday at the company’s Midvale,
Utah, headquarters.
Total attendance over eight
months: 10 people.
“Most of the time, I eat my
peanut butter sandwich alone,” he
says. “When I was 25, if I had a
chance to eat my sandwich with
the CEO, I’d have been there.”
He says he doesn’t mind letting
a majority of his 1,500 employees
work from home most of the time,
and Overstock recently hired exec-
utives in Austin and Cleveland to
demonstrate its commitment to a
hybrid workforce.
Nevertheless, when Mr. John-
son and I spent almost an hour
chatting in a hotel lobby recently, I
asked whether his lunchmates
stand out as go-getters.
“A little bit,” he allowed.
The man likes to talk in person.
If I worked at Overstock and
wanted to get ahead, I’d find out
whether Mr. Johnson prefers
Skippy or Jif and bring a jar to the
office next Tuesday.
evening hours on this when I’m doing
this in the early afternoon.”
That was a surprise to Ms. Moton,
a 31-year-old doctoral candidate who
says she sets strict boundaries and
doesn’t work past 7 p.m.
“I never close my tabs,” she says.
“Right now I’m looking at my com-
puter and I probably have 30 tabs
open, 80% of which I haven’t looked
at in the last week.”
Even when Ms. Moton is plugging
away on the project, she works out of
Microsoft Word documents and
pastes the finished text into Google
Docs. Years ago, as a research assis-
tant, she was writing a brief after
hours when a director signed in and
started editing. The brief had been
full of spelling errors and was in no
way ready to be viewed.
“I see her little cursor moving
around,” says Ms. Moton. “After that
I was completely scarred.”
Kathie Dello, 39 years old and the
state climatologist of North Carolina,
says that one benefit of graduate
school was getting her writing torn
apart so much that it inured her to
any feelings of self-consciousness
about working in front of an audi-
ence. “I rarely do anything on my
own,” she says.
Recently while working on a cli-
mate report in Microsoft Teams, the
system experienced an error and
would no longer save her changes.
She wondered if the culprit was the
volume of people making edits at
once.
“Though things like document per-
missions and connectivity issues can
occasionally interfere, there’s nothing
like collaborating with colleagues
across different time zones or ZIP
Codes,” Microsoft says.
 .

A12 | Thursday, June 9, 2022 NY * * THE WALL STREET JOURNAL.

PERSONAL JOURNAL.

Those Airline-Seat Fees

regardless, compare the cost of pre-
CARRY ON ferred seats with those in economy
plus, which come with extra leg-
DAWN room, and on some airlines, perks

That Buy…What, Exactly?

GILBERTSON such as free alcoholic beverages.

T
Traveling solo and not particu-
larly picky about where you sit?
ry to reserve seat Roll the dice.
15D on a Delta Air I lucked out on a Delta
Lines nonstop flight This seat map of a Boeing 737 American Airlines flight from New York to flight to Phoenix from At-
from Atlanta to Los Dallas- Fort Worth in early August shows ‘preferred’ seats in the front of lanta on Mother’s Day. Zero
Angeles in mid-July the economy section, which cost extra alongside similar seats that carry free or preferred seats were
and a price tag pops no extra fees. available when I booked the
up on the seat map: $105. flight last-minute using fre-
Each way. Main Cabin Extra Preferred Available quent-flier miles. The air-
That is on top of the ticket $72-79 fee $36-43 fee (no extra charge) line assigned me 20E, a
• Extra legroom • Standard legroom
price, a tidy $998 round trip. middle seat. Travelers gen-
• Preferred boarding • Favorable location Unavailable
The $105 is Delta’s fee for a • Complimentary alcohol erally find a better selec-
“preferred” seat on the flight. tion of free seats the ear-
It comes with no extra leg- ROW lier they book a flight.
room, no early boarding and no $79 8 $79 As much as my bladder
dedicated overhead bin space. $75 9 $75 $72 $72 dreaded the thought of 4½
Delta and other major airlines $43 $36 $43 10 $43 hours in a middle seat, I
deem such ordinary economy- turned down Delta’s offers
$43 $36 $43 11 $43 $36 $43
class seats more valuable than to upgrade to a preferred
those in the back of the plane, 12 $43 seat for $135 at check-in.
so they charge extra for them. 13 Comfort plus was $259
The value, airlines say? You get $43 $36 14 $36 $43 one-way last-minute.
off the plane quicker. 15 My Mother’s Day gift ar-
Long a budget-airline sta- rived when I found a man
EXIT

ple, seat-selection fees have
become widespread and are
driving up the cost of flying at
major U.S. airlines. Free seats
are often scarce or truly aw-
ful—think last row near the
lavatories—especially for trav-
elers booking last-minute.
(Delta had free aisle seats
available to reserve farther
back on that LAX flight.)
Lisa Keeler, a retired Cali-
fornia state-government worker
in Sacramento, paid $27 for an
aisle seat on a United Airlines
flight to New York from Denver
in May for easy access to the
bathroom. She found mostly middle
seats among the free options when
she booked, she says.
“All the free seats are the terri-
ble seats,” Mrs. Keeler says.
Airlines don’t divulge their seat-
fee revenue, and the U.S. Transpor-
tation Department doesn’t require
disclosure as it does with baggage
or ticket-change fees. But here’s a
hint: Southwest Airlines, which
doesn’t assign seats but offers two
paid options to board early and get
a better pick of seats, collected $711
million from such fees and inciden-
tal in-flight purchases in 2019, ac-
cording to securities filings. The fig-
ure dipped to $359 million when
GETTY IMAGES
IdeaWorks, called seat fees an
“economic gift that has required
little investment” from airlines.
The fees, which vary by carrier,
route, flight date and time, and
even time of booking, are now air-
lines’ second-biggest source of a la
carte revenue after baggage fees,
Mr. Sorenson says. He includes the
economy-plus seats with extra leg-
room and other perks in his tally.
Where the cheap seats
went
United formally introduced pre-
ferred seats in late 2018 with fees
as low as $9 one way. Last week,
the airline was charging $26 for a
EXIT
$79 16 $79 $79 $79 sitting in 20E. His wife had
$79 $79 $79 17 $79 $79 $79 the window seat and they
asked if I minded taking
$40 $36 $40 18 $40 $36 $40
the aisle. I bought them
$40 $36 $40 19 $40 $36 $40 cocktails.
$40 $36 $40 20 $40 $36 $40 Passengers and airline
$40 $36 $40 21 employees who ask other
22 passengers to switch seats
23 to sit with a traveling com-
panion might face a tougher
24
time in the seat-fee era.
25
United seems to have a
26 partial fix: doling out travel
27 credits. Mrs. Keeler was sit-
Note: Fees are each way, per person. Connecting flights pay twice each way if you pick preferred seats. ting in the gate area for her
28
Prices vary by airline, route, flight and type of plane, among other factors.
flight to New York from Den-
ver when a gate agent called
Economy Plus and 31 were marked ing booking are automatically as- her. A mother and young child
preferred. That left 14 free seats signed a seat or seats from the left- needed seats together and the agent
available; all but a handful were overs. This sometimes can work in asked Mrs. Keeler to give up her
middle seats. A family of four would your favor. In a summer of packed coveted, prepaid aisle seat.
have had one option to (sort of) sit planes, though, going the free route She was hesitant until they of-
together without paying extra. In likely means wedging yourself in a fered a $75 credit for future travel,
the last row, the window and middle middle seat that’s probably apart plus a refund of her $27 seat fee.
seats were open on each side. from others in your group. She wasn’t thrilled with her reas-
United Chief Executive Scott If that sounds dreadful, pay up signment to a middle seat until
Kirby introduced similar fees at US for a preferred seat like Mrs. she sat down and found it was a
Airways in 2008. “What we’re re- Keeler did. She says she doesn’t roomy spot in an exit row. This
ally selling on an airplane is pay extra when traveling with any economy-plus seat had a much
square footage,” he says. “There’s of her four children. The costs add higher price tag than the aisle seat
only so many square feet.” up too quickly. she had purchased.
Passengers with elite status in an
How to find a free seat airline’s frequent-flier program are
The first thing to know: You don’t generally immune, since their perks Listen to a Podcast
have to pay for a seat assignment include seat selection that’s really Scan this code for a

travel cratered in 2020, but jumped
up to $553 million last year.
In a 2021 report, industry con-
sultant Jay Sorenson, president of
preferred aisle seat and $17 for a
preferred window seat from Orlando
to Houston on a mid-July flight. Of
75 open seats on the flight, 30 were
on any flight, even on budget air- free, including the extra-legroom podcast on airline
lines or when traveling on re- seats when they are available. seat fees that can top
stricted basic economy tickets. If the preferred seat fees are $100, and how to
Those who skip seat selection dur- high but you’re purchasing a seat avoid them.
GETTY IMAGES (2)

For many landscapers, the three biggest costs to running their business are all soaring.

her wife couldn’t afford the “If it weren’t for the loans,
High Costs hundreds of dollars a month
many local landscapers were
we’d be homeless right now,”
Mr. Coronado says. “Even

Cut Into charging anyway.

For Ms. Hatmaker and
others, the landscaping price
Lawn Care increase is just one of many
ways Americans are feeling
the impact of rising inflation
BY RACHEL WOLFE on their monthly budgets.
then, we work 80 hours a
week just trying to figure out
how to make this company
break even.”
The Grounds Guys re-
cently let go of a client pay-
ing about $40 a cut because

L
awn care isn’t only a lot
more expensive this
season. It’s also harder
to find someone to cut your
grass.
For many landscapers, the
three biggest costs to run-
ning their business—fuel, la-
bor and equipment—are all
surging in price. This means
many are now increasing
prices for the vast services
they offer. The price of lawn-
mowing services is up 22.4%,
exterior pressure-washing
prices rose 20%, and tree
trimming increased 9.1% year-
over-year as of May, accord-
ing to online home-services
company Angi Inc.
The rapid increase in
prices means thousands of
customers now have to de-
cide between shelling out
more money to maintain
their properties or losing
time they might rather spend
in other ways while they are
out cutting the grass or fix-
ing a broken fence instead.
Evie Smith Hatmaker, a
new homeowner in Portland,
Ore., had hoped to find a
landscaper when she moved
in this spring. Her neighbors
weren’t optimistic.
“They were like, ‘Good luck
getting in this summer,’ ”
says the 41-year-old public-
relations company founder.
She soon realized she and
Food prices at grocery stores
and restaurants are up, home
prices and rents are increas-
ing, and even babysitters are
raising their fees.
“Anything related to house
and home improvement is
just so expensive right now it
feels aspirational,” Ms. Hat-
maker says.
Behind the
price increases
are landscaping
companies that
are often small,
family-run oper-
ations with thin
margins, own-
ers of such
businesses say.
Many are rais-
ing prices. Oth-
ers are dropping
clients who live
outside certain
narrow radiuses. Some are
leaving the business alto-
gether, the owners say.
Jaime Coronado started
the Grounds Guys of Cinco
Ranch in Texas with his son
early in the pandemic. While
the business got off to a
strong start, he says $5-a-
gallon gas, soaring labor
costs and ever-pricier equip-
ment repairs are eating into
profit. Gas is a particular
sticking point, as it powers
both his equipment and the
large trucks that get all his
gear from place to place.
Mr. Coronado realized he was
taking a $17 loss each time
he went and mowed the
lawn. He is now focusing on
developing a client base in a
very compact area to keep
gas costs down, adding he
spends about $1,000 a
month on gas and incurs
losses whenever workers are
sitting in the truck.
Mr. Coronado starts his
workers at $15 an hour, citing
the hard manual labor in
punishing conditions during
Texas spring and summer.
“When we pass a construc-
tion company building a road,
we joke about how there are
two guys in a hole and six
guys standing around scratch-
ing their butts. We’re like, ‘We
couldn’t do that if our life de-
pended on it.’ Everybody has
to be moving because our
margins are so tight,” he says.

THE WALL STREET JOURNAL.
FROM TOP: MARCO CAPPELLETTI; LUIGI COSTANTINI/ASSOCIATED PRESS
Margins to The Center
BY MAX NORMAN
T
Venice
he theme of the 59th
Venice Biennale is “The
Milk of Dreams,” bor-
rowed by this year’s ar-
tistic director, Cecilia
Alemani, from the Brit-
ish-Mexican Surrealist and pio-
neering feminist Leonora Car-
rington, the exhibition’s guardian
angel. In a very intentional Bien-
nale first, most of the 213 artists
from 58 countries in the interna-
tional exhibition are women or
nonbinary people. More substan-
tially, the artists Ms. Alemani has
chosen grapple with problems that
preoccupied the gender-bending
Surrealists of the ’20s and ’30s: the
construction of identity, the shift-
ing boundaries between human
and animal, and the experience of
living in a fragile, fleshy body in an
increasingly mechanized world.
Ms. Alemani orients her mas-
sive exhibition—some 1,433 works
across the Central Pavilion at the
Giardini and massive Corderie at
the Arsenale—around five histori-
cal “capsules,” brilliant microexhi-
bitions whose interest and quality
sometimes overshadow the more
recent work. Concentrated respec-
tively on female Surrealists, con-
crete poetry, computer-inspired
art, the figure of the “vessel” (it-
self worth the price of admission),
and the cyborg, these shows within
a show give “The Milk of Dreams”
EXHIBITION REVIEW
A Glittering
Standard of Beauty
BY BARRYMORE LAURENCE SCHERER
New Haven, Conn,
W
hether or not the bewilder-
ing market for NFTs ulti-
mately proves itself a mere
bubble of hot air, gold remains the
real thing. At the Yale University
Art Gallery, the current show “Gold
in America: Artistry, Memory,
Power” examines with insight and
wit the prominent role played by
this noble metal in the course of
over 400 years.
“The Yale University Art Gallery
houses the finest collection of early
American gold of any museum,” the
show’s organizer, John Stuart Gor-
don, the gallery’s curator of Ameri-
can decorative arts, s ays in the ex-
hibition’s press release. Drawing
upon this collection, with additional
objects lent by the Yale Center for
British Art, the Yale Peabody Mu-
seum of Natural History and private
collections, Mr. Gordon has assem-
bled over 70 examples of American
gold that represent how the precious
metal was used by those sufficiently
wealthy and powerful to afford it.
This is not a glittery exhibition,
but one that glows serenely. Many
YALE UNIVERSITY ART GALLERY (3)
of the beautiful objects presented
here, including gold tableware, med-
als, betrothal and mourning rings,
fraternal badges, and other jewelry,
embody the exceptional craftsman-
ship and artistry that the metal in-
spired as well as the techniques of
traditional goldsmithing that went
into their creation.
ARTS IN REVIEW
ART REVIEW
Simone Leigh’s installation at the American Pavilion, above, and the
Polish Pavilion, top, at this year’s Venice Biennale
an encyclopedic heft. They also
prime viewers to appreciate the si-
multaneously rooted and radical
nature of the contemporary offer-
ings, which run the gamut from
world famous to up-and-coming:
Two outstanding artists, the Zim-
babwean painter Kudzanai-Violet
Hwami and the South African
sculptor Bronwyn Katz, were both
born in 1993.
As in a dream, everything is
palpably related even if you don’t
A prime example is a luxurious
nursery toy fashioned for a very for-
tunate baby—a whistle with bells
and a polished piece of coral for
teething. Regal ancestor of today’s
pacifier, it was made by the Swiss-
born American goldsmith Daniel
Christian Fueter,
who lavished
upon it rich Ro-
coco ornamenta-
tion worthy of
the finest jew-
elry. While silver
versions are rel-
atively common,
this is one of a
handful of
known American
examples in gold.
Of more public historical signifi-
cance is the gold freedom box
awarded to Revolutionary War hero
Baron Friedrich Wilhelm von Steu-
ben, the Prussian officer who helped
whip George Washington’s ragtag
Continental Army into a disciplined
military force. Freedom boxes were
the equivalent of a key to the city,
and this one, wrought by American
goldsmith Samuel Johnson and
beautifully engraved by Peter Rush-
ton Maverick, was commissioned by
the City of New York in 1784 in grat-
itude for Steuben’s efforts. From a
technical standpoint, the box repre-
sents the earliest known employ-
ment of bright-cut decoration in
American goldsmithing. Bright cut-
ting, which became definitive of Fed-
eral-style metalwork, is a technique
know exactly how. In one room,
for example, hang eight vibrantly
colorful abstract paintings by
Charline von Heyl, a series rein-
terpreting the story of Zeyphrus’
marriage to Chloris (famously rep-
resented in Botticelli’s “Spring”),
whose rhythms and patterns
evoke African fabric and collage.
In the next room, we move from
ancient to modern, analog to digi-
tal, when we’re confronted with
Jacqueline Humphries’s almost
of incising short, angled
strokes with a polished
engraving tool into gold,
silver or copper, then bur-
nishing the resulting planes to
achieve a sparkling effect.
Gold objects were rare due to
the scarcity of bullion in Colonial
America. Moreover, numerous ex-
amples didn’t survive because of
gold’s exceptional monetary value—
in straitened times, it was the first
asset to be sacrificed for its melt
value. While silver flatware and ves-
sels abound, solid gold vessels were
always rarest among rarities, af-
forded only by the richest pluto-
crats in an industrialized America.
Exemplifying this is an 18-karat-
gold coffee service—coffee pot, cov-
ered sugar bowl, cream jug and oval
tray—designed by Tiffany & Co.
monochrome large-scale textured
canvases “xxx*x” (2019) and
“omega:)” (2022), whose pixelated
designs—here read not so much as
patterns as information—evoke
electronic media and white noise.
Splayed on a low platform be-
tween Ms. Humphries’s paintings
are four tubular concrete sculp-
tures by Sara Enrico, clearly body-
like yet stubbornly abstract,
whose strange anthropomorphism,
inspired by the Futurist Tuta, or
jumpsuit, brings out the organic
morphology of two looping Carla
Accardi paintings (one from 1962;
the other, 2011) on a facing wall.
This is “The Milk of Dreams” at its
oneiric best: compelling yet un-
forced juxtapositions that play
counterpoint across time.
The Biennale’s maximalism is en-
ergizing, but “The Milk of Dreams”
might have left more oxygen for
quieter, less spectacular pieces. A
delicate constellation of icon-like
paintings disclosing intimate cor-
ners of the body by the young Vene-
tian painter Chiara Enzo feels like
an afterthought in a room domi-
nated by the startling lizard-crea-
tures of Ovartaci, a 20th-century
Danish trans artist. Similarly, other
jarring contrasts feel unearned, or
simply unmotivated: Barbara Kru-
ger’s room-size site-specific installa-
tion “Untitled (Beginning/Middle/
End)” (2022), whose screaming
capitals entreat the viewer to
“PLEASE CARE” and “PLEASE
MOURN,” comes out of nowhere to-
Tiffany & Co. coffee service, above;
$100 gold certificate, left; $20
double eagle coin, below
around 1910-11. Presumably a wed-
ding gift for Alice Belin upon
her 1915 marriage to her
cousin Pierre S. du Pont,
who soon became presi-
dent of DuPont Co., the
set embodies the charac-
teristic restraint of the
American Colonial Revival
style of the early 20th cen-
tury. All three vessels share a
basic neoclassical footed vase form
ornamented with gadroons and
bands of intertwining oak leaves,
with graceful serpentine handles
and covers terminating in pine-cone
finials. The ornamentation empha-
sizes the contrasting mirror-like ar-
eas that are unadorned.
Not all that shines here is made
of gold. Among the curiosities is not
an actual gold piece but a proof of a
circa 1889 $100 gold certificate, a
prototype bank note. Issued for pub-
lic circulation from 1863 to 1933,
gold certificates declared that the
bearer could redeem them at a bank
for the face value in actual gold coin.
.
Thursday, June 9, 2022 | A13
ward the end of the show.
If the international exhibition is
carefully overwhelming, the 80 na-
tional pavilions are chaotically un-
even. But the most memorable
work comes from smaller countries
and lesser-known artists.
Simone Leigh’s totemic sculp-
tures of black women, large vessels
encrusted with cowrie shells, and a
sphinx in the American Pavilion are
characteristically excellent but also
familiar. (Ms. Leigh won a Golden
Lion for her 2019 sculpture “Brick
House” in the primary exhibition, a
16-foot-tall bust that viewers might
recognize from the High Line in
New York.) More exciting and unex-
pected are Małgorzata Mirga-Tas’s
entrancing floor-to-ceiling tapes-
tries in the Polish Pavilion, which
borrow from European iconography
to depict Romani people systemati-
cally excluded from that tradition,
as well as Máret Ánne Sara’s other-
worldly stretched-leather mobiles
in the Sámi Pavilion (the first ever
delegation from an indigenous na-
tion, here transforming the Nordic
Pavilion of their former colonizers),
and, in Uganda’s debut pavilion,
Acaye Kerunen’s delicate, even
creaturely baskets and Collin Seka-
jugo’s spirited portraits of globali-
zing African life.
Sonia Boyce’s Golden Lion-win-
ning video installation on black vo-
calists in the British Pavilion,
“Feeling Her Way,” and Zineb
Sedira’s wildly popular immersive
cinema experience in the French
Pavilion, “Dreams Have No Titles,”
feel too highly polished, too Holly-
wood. More engaging, and chal-
lenging, are Adina Pintilie’s 45-
minute multiscreen film in the
Romanian pavilion, “You Are An-
other Me—A Cathedral of the
Body,” the latest chapter of an en-
trancing inquiry into the manifold
complexity of love and sexuality,
and Francis Alÿs’s joyfully chaotic
video installation on child’s play in
the Belgian Pavilion. The Malta Pa-
vilion offers a rare immersive ex-
perience not created with video,
an installation by Arcangelo Sas-
solino, Brian Schembri and
Giuseppe Schembri Bonaci that
rains down molten steel into ba-
sins of water—an elemental decon-
struction of Caravaggio’s altar-
piece “The Beheading of St. John
the Baptist.”
The unassuming Ukrainian Pa-
vilion displays just one beautifully
pathos-laden sculpture, Pavlo Ma-
kov’s “The Fountain of Exhaustion”
(1995), a pyramid of 78 bronze fun-
nels through which water flows.
Subtitled “Acqua Alta,” the under-
stated sculpture—carried out of
Ukraine in the curator’s personal
car in the days after Russia’s inva-
sion—nods both to Venetian floods
and the ruthless currents of his-
tory. But towering in the so-called
Piazza Ukraine, at the center of
the Giardini, is a mound of sand-
bags, like the ones used to protect
public statues in Odesa, Kharkiv
and elsewhere. Nearby, the Rus-
sian Pavilion stands empty. A
nightmare, after all, is just another
kind of dream.
Mr. Norman is a freelance writer.
This design is ironic, because it fea-
tures a portrait of Missouri Sen.
Thomas Hart Benton, known in his
day as “Old Bullion” for his belief in
hard money—actual gold currency—
and dead set against paper money
merely backed by gold.
It is shown together with two of
the most beautiful of all American
gold coins. Both were commissioned
by President Theodore Roosevelt,
who wanted the U.S. Mint to raise
the artistic standard of American
coinage to that of ancient Greece.
The celebrated $20 double eagle,
with its obverse figure of striding
Liberty, was issued from 1907 to
1933. Originally designed in high re-
lief by sculptor Augustus Saint-
Gaudens, it was modified in lower re-
lief for practicable coinage production
by the U.S. Mint’s chief engraver
Charles E. Barber. The $5 half eagle,
designed by Saint-Gaudens’s pupil
Bela Lyon Pratt, was minted (with in-
terruptions) from 1908 to 1929. In-
stead of modeling the obverse profile
of a Native American in relief accord-
ing to convention, Pratt designed it
like an intaglio, with the head (and
the eagle on the reverse) incused.
Like Saint-Gaudens’s coin, Pratt’s also
had to be modified by Barber.
The show concludes with several
works demonstrating how contem-
porary artists have continued to
work with gold in many ways. Cer-
tainly, in this era of seemingly inces-
sant impermanence, it’s rewarding to
view an exhibition that celebrates
the enduring allure of this extraordi-
nary metal.
Gold in America: Artistry,
Memory, Power
Yale University Art Gallery,
through July 10
Mr. Scherer writes about music and
the fine arts for the Journal.

A14 | Thursday, June 9, 2022
BY ERIC NIILER
I
magine a stadium where ultra-
high-resolution video feeds and
camera-carrying drones track
how individual players’ joints
flex during a game, how high
they jump or fast they run—
and, using AI, precisely identify
athletes’ risk of injury in real time.
Coaches and elite athletes are
betting on new technologies that
combine artificial intelligence with
video to predict injuries before
they happen and provide highly
tailored prescriptions for workouts
and practice drills to reduce the
risk of getting hurt. In coming
years, computer-vision technolo-
gies similar to those used in fa-
cial-recognition systems at airport
checkpoints will take such analysis
to a new level, making the wear-
able sensors in wide use by ath-
letes today unnecessary, sports-
analytics experts predict.
This data revolution will mean
that some overuse injuries may be
greatly reduced in the future, says
Stephen Smith, CEO and founder
of Kitman Labs, a data firm work-
ing in several pro sports leagues
with offices in Silicon Valley and
Dublin. “There are athletes that
are treating their body like a busi-
ness, and they’ve started to lever-
age data and information to better
manage themselves,” he says. “We
will see way more athletes playing
far longer and playing at the high-
est level far longer as well.”
While offering prospects for
keeping players healthy, this new
frontier of AI and sports also
raises difficult questions about
who will own this valuable infor-
mation—the individual athletes or
team managers and coaches who
benefit from that data. Privacy
concerns loom as well.
A baseball app called Mustard
is among those that already em-
ploy computer vision. Videos re-
corded and submitted by users are
compared to a database of profes-
sional pitchers’ moves, guiding the
app to suggest prescriptive drills
aimed to help throw more effi-
ciently. Mustard, which comes in a
version that is free to download, is
designed to help aspiring ballplay-
ers improve their performance, as
well as avoiding the kind of repeti-
tive motions that can cause long-
term pain and injury, according to
CEO and co-founder Rocky Collis.
Computer vision is also making
inroads in apps for other sports,
like golf, and promises to have rele-
vance for amateurs as well as pros
in the future. In wider use now are
algorithms using a form of AI
known as machine learning that
crunches statistical data from sen-
sors and can analyze changes in
body position or movement that
could indicate fatigue, weaknesses
or a potential injury. Liverpool
Football Club in the U.K. says it re-
duced the number of injuries to its
players by a third over last season
after adopting an AI-based data-an-
alytics program from the company
Zone7. The information is used to
tailor prescriptions for training and
suggest optimal time to rest.
New Rules
For Child
Athletes?
BY LOUISE RADNOFSKY
For almost four decades, Peter
Donnelly has been pushing an idea
he says others seemed to find un-
fathomable: When child athletes
train hours a day, forgo a normal
education and put themselves at
regular risk of stress and injury,
they’re working, not playing—and
they need the legal protections that
come with that.
When it came to sport, “there was
a willful blindness to considering the
negatives,” says Dr. Donnelly, now an
emeritus professor of the University
of Toronto. “What if McDonald’s had
the same accident rate, or anywhere
that employs large numbers of
young people, or schools? There
would be huge commissions of in-
quiry, regulations and policies.”
Now, people may actually be listen-
ing to him. Dr. Donnelly was invited to
write and deliver a white paper on
the topic at a global conference last
month in South Africa on the elimina-
tion of child labor. It’s one of several
signs for him that the idea of regula-
tory protections for young athletes
could take hold in his lifetime.
“I’m going to be 79...and I think,
‘Am I going to see it?’ ” he says.
“It’s probably the best moment that
I’ve seen.”
In recent years, revelations of
FUTURE OF EVERYTHING | SPORTS
HOW AI WILL PREDICT—
AND AVOID—INJURIES
Computer vision, the technology behind facial recognition, is expected to
change the game in real-time analysis of athletes, guidance on training
MUSTARD
The Mustard app records a baseball
pitcher’s mechanical movements
using computer-vision technology.
Soccer has been among the big-
gest adopters of AI-driven data
analytics as teams look for any
kind of edge in the global sport.
But some individual sports are
widespread physical and emotional
abuse stirred up by the Larry Nas-
sar scandal, and then by a doping
controversy involving a 15-year-old
at the 2022 Winter Olympic Games,
have cast a harsh spotlight on
sports such as gymnastics and fig-
ure skating. This week, the Interna-
tional Skating Union, the governing
body for figure skating and speed
skating, voted to raise the minimum
age requirement for senior-level
competition from 15 to 17.
Elite competitors in sports like
these can practice 30 hours a week
or more, performing dangerous skills,
while barely in their teens. They are
rarely subject to regulation—in con-
trast to rules that govern what child
actors can do, and the kind of re-
strictions that exist for college ath-
letes, officially kept to 20 hours a
week of participation by the National
Collegiate Athletic Association.
The implications of reconsidering
child athletes as workers are varied,
but could involve limits on training
time, new standards and oversight
for their training environments, and
tougher rules on school attendance.
Arguments for protections could
even extend to minors competing
on travel basketball or soccer
teams, given that money is ex-
changed between adults for the
athletes’ participation.
This concept is anathema to
many administrators, parents and
young athletes themselves, who say
the children aren’t being forced to
pursue enviable dreams of glory. In-
deed, they say, it’s the children seek-
ing long hours that build character
and are essential if they are going to
be successful in the sport they adore.
Some also say it seems implausible
also beginning to use these tech-
nologies. At the 2022 Winter
Olympics in Beijing, 10 U.S. figure
skaters used a system called 4D
Motion, developed by New Jersey-
based firm 4D Motion Sports, to
help track fatigue that can be the
result of taking too many jumps
in practice, says Lindsay Slater,
sports sciences manager for U.S.
Figure Skating and an assistant
professor of physical therapy at
the University of Illinois Chicago.
Skaters strapped a small device to
the hip and then reviewed the
movement data with their coach
when practice was done.
“We’ve actually gotten the al-
gorithm to the point where we
can really define the takeoff and
landing of a jump, and we can es-
timate that the stresses at the hip
and the trunk are quite high,” Dr.
Slater says. “Over the course of
the day, we found that the ath-
letes have reduced angular veloc-
ity, reduced jump height, they’re
cheating more jumps, which is
where those chronic and overuse
injuries tend to happen.” She says
U.S. Figure Skating is assessing
the 4D system in a pilot project
before expanding its use to more
of its athletes.
Algorithms still have many hur-
that the chil-
dren have an
employer: It’s
not the par-
ents paying
coaches, nor
the coaches
getting paid,
nor the na-
tional govern-
ing body tak-
ing them to
competitions,
where the
athletes are
primarily per-
forming for themselves.
But some former child athletes
think their sports cultures could
benefit from a shake-up, especially
one that challenges the idea that
more training hours are almost al-
ways better.
“The kids, they not only compete
at how much they train—and the
parents and coaches, too—but they
also compete at who takes the least
vacation,” says Kiira Korpi, a Finnish
champion figure skater who started
her sport at the age of 4, was com-
peting internationally at 11, and, at 33,
has written and spoken out on what
she experienced and what she saw.
The United Nations Convention on
the Rights of the Child is one mech-
anism for enforcing protections for
child athletes, Dr. Donnelly says.
Countries such as Norway and Swe-
den have moved their youth sports
programs under the guidelines of the
convention, which effectively requires
them to prioritize child welfare.
In the U.S., there are indications
that the theory of child-athlete la-
bor could become a regulatory real-
ity through other legal avenues.
dles to overcome in predicting the
risk of an injury. For one, it’s diffi-
cult to collect long-term data from
athletes who jump from team to
team every few years. Also, data
collected by sensors can vary
slightly depending on the manu-
facturer of the device, while visual
data has an advantage of being
collected remotely, without the
worry that a sensor might fail, an-
alytics experts say.
Psychological and emotional
factors that affect performance
can’t easily be measured: stress
during contract talks, a fight with
a spouse, bad food the night be-
fore. And the only way to truly
test the algorithms is to see if a
player who has been flagged as a
risk by an AI program actually
gets hurt in a game—test that
would violate ethical rules, says
Devin Pleuler, director of analytics
at Toronto FC, one of 28 teams in
Major League Soccer.
“I do think that there might be
a future where these things can be
trusted and reliable,” Mr. Pleuler
says. “But I think that there are
significant sample-size issues and
ethical issues that we need to
overcome before we really reach
that sort of threshold.”
Also presenting challenges are
Michigan prosecutors last year
were prepared to argue that the
once-famed gymnastics coach John
Geddert had profited from forced la-
bor, the profit coming from the thou-
sands of dollars a year he was paid
to coach, and the forced labor de-
picted in examples where he had
used his authority to coerce gym-
nasts to train through pain and injury.
The case was never heard by a
jury because Mr. Geddert—described
by his family as a devoted coach
who loved his sport and his ath-
letes—died by apparent suicide the
same day that two dozen human
trafficking charges against him were
announced. But the idea behind the
prosecution is unlikely to fade away.
As a law student at Marquette
University in 2015, Kristin Hoffman
argued in the Marquette Sports Law
Review that child gymnasts and
skaters could be regulated under the
federal Fair Labor Standards Act, or
through an expansion of state laws
for child actors, as well as by their
sports organizations. Ms. Hoffman,
now a Chicago-based lawyer focused
on other areas, noted in her piece
.
THE WALL STREET JOURNAL.
data privacy issues and the ques-
tion of whether individual athletes
should be compensated when
teams collect their information to
feed AI algorithms.
The U.S. currently has no regula-
tions that prohibit companies from
capturing and using player training
data, according to Adam Solander, a
Washington, D.C., attorney who rep-
resents several major sports teams
and data-analytics firms. He notes
the White House is developing rec-
ommendations on rules governing
artificial intelligence and the use of
private data.
Those regulations will need to
strike a balance in order to allow
potentially important technologies
to help people, while still taking
privacy rights of individuals into
consideration, Mr. Solander says.
For now, one sports-data firm
that has adopted computer vision
is using it not to predict injuries,
but to predict the next superstar.
Paris-based SkillCorner collects
broadcast television video from
45 soccer leagues around the
world and runs it through an al-
gorithm that tracks individual
players’ location and speed, says
Paul Neilson, the company’s gen-
eral manager.
The firm’s 65 clients now use
the data to scout potential re-
cruits, but Mr. Neilson expects
that in the near future the com-
pany’s game video might be used
in efforts to identify injuries be-
fore they occur. Yet he doubts an
AI algorithm will ever replace a
human coach on the sideline.
“During a game, you are right
there and you can smell it, feel it,
touch it almost,” he says. “For these
decision makers, I think it’s still
less likely that they will actually lis-
ten to an insight that’s coming from
an artificial-intelligence source.”
that she had
been motivated
to write it by her
own childhood
experience in
gymnastics.
The FLSA is
an 83-year-old
law best known
for creating the
right to a mini-
FROM TOP: BRATISLAV MILENKOVIC; PHOTO ILLUSTRATION BY THE WALL STREET JOURNAL, ISTOCK (4); GETTY IMAGES (1); PIXELSQUID (1)
mum wage, but
it also prohibits
“oppressive child
labor.”
It bars al-
most all work for the under-14s,
with exceptions for activities such
as casual babysitting and newspa-
per deliveries—and child acting. It
only permits work for 14- to 16-
year-olds to the extent that it
doesn’t interfere with their school-
ing, and isn’t in conditions that are
bad for their health and well-being.
A state entertainment-industry
law like California’s covering child
actors, meanwhile, specifically re-
stricts those aged 9 to 16 to a total
of five hours of any kind of work on
a day when school is in session, and
seven hours when it is not.
“Elite child athletes could be con-
sidered employees under the FLSA
and protected like other employed
children,” Ms. Hoffman wrote.
The FLSA and other labor laws are
constantly being reinterpreted
through litigation—and much of it is
trending in the direction of major rev-
enue-generating sports, at least, being
work, said Daniel Altchek, a partner at
Saul Ewing Arnstein & Lehr LLP..
“The cases have definitely been
moving towards, this is employ-
ment,” he said.
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | A15

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A16 | Thursday, June 9, 2022 THE WALL STREET JOURNAL.

SPORTS
Mickelson
Returns
At LIV Golf
BY ANDREW BEATON

Hemel Hempstead, England

PHIL MICKELSON SPENT the
past four months skiing in Mon-
tana, hiking in Arizona and going
to his nephew’s little-league
games. He attended therapy, spent
time with his wife and watched
golf on television. He even grew
the beginnings of a beard.
But there were two things he
didn’t do: play professional golf
and go into detail about the con-
troversial comments regarding the
Saudi-funded LIV Golf tour that
set his career aflame.
After months in golf exile, Mick-
elson on Wednesday addressed

ALONZO ADAMS/ASSOCIATED PRESS

some of those issues—and steered
clear of others—ahead of his re-
turn to action here at the Centu-
rion Club for the first tournament
on the new Saudi-backed LIV Golf
circuit, an upstart rival to the PGA
Tour.
Mickelson said he was excited
to be part of the lucrative new cir-
cuit, which is backed by Saudi Ara- Jocelyn Alo has led Oklahoma to the Women’s College World Series best-of-three championship. The Sooners are aiming to win their second consecutive national title.
bia’s sovereign-wealth fund, be-

College Softball’s Home Run Queen

cause of the opportunities it
affords him personally and profes-
sionally and his belief that this can
grow the game of golf.
At a news conference, Mickelson
faced repeated questions about his
decision to play here, despite the
Jocelyn Alo brings an NCAA record of 120 homers into the Sooners’ championship series
backlash and notion that Saudi
Arabia is attempting to use the BY RACHEL BACHMAN over more than a week at Hall of from age 4. Not only did Levi lug I need this. I need this.”

O
popularity of golfers such as Mick- Fame Stadium in Oklahoma City, buckets of balls to a nearby field Seeing Alo excel at another
elson to improve its global image. nly a tiny handful of Okla.—has this year set attendance and drive her to a batting cage, he sport, “That won me over com-
He acknowledged that “many peo- athletes can clear the records and notched some of the bankrolled her trips to the main- pletely.”
ple have very strong opinions and threshold of the merely best TV ratings in tournament his- land for developmental softball Since Alo’s arrival at Oklahoma,
may disagree” with his decision record-breaking and tory. Part of that is a continuation camps and tournaments. she’s produced three of the top 15
but he is opting to play anyway enter the realm of of softball’s rising popularity. Part But Alo’s power came from more single-season home run totals in
because he believes it will be good gaudiness. Rafael Nadal, for in- is the draw of an Oklahoma jugger- than swing repetition. She was also college softball history. She broke
for the game and it gives him the stance, had already won more naut that’s going for its second a wrestler. Levi Alo encouraged all the career home run record in
best work-life balance at this stage Grand Slam singles titles than any consecutive national title and fifth four of his daughters to participate March during a game in Hawaii.
of his career. male tennis player ever when he in a decade. in the sport, he said in a 2019 in- Members of her family have been
“I don’t condone human-rights won the French Open on Sunday to An extra layer of electricity terview, which in Hawaii has long seen on broadcasts—including her
violations at all. Nobody here increase his total to 22 major comes from Alo (pronounced “ALL- had a separate state high school dad, wearing a shirt with Jocelyn’s
does, throughout the world, and championships—an incredible 14 of oh”). A senior playing in her final tournament for girls. image screened on it.
I’m certainly aware of what has them at Roland-Garros. collegiate games, she has a 25- “I knew that if they could wres- Alo gained a fifth season of eli-
happened with Jamal Khashoggi, The next day, another unfathom- home-run lead tle and handle gibility because of the Covid-19
and I think it’s terrible,” said Mick- ably dominant athlete asserted her- on the all-time wrestling prac- pandemic, which might make her
elson, who sported an uncharac-
teristic scruff. “I’ve also seen the
self. Oklahoma softball star Jocelyn
Alo, already the NCAA Division I
second-place
slugger.
Alo is inspiring tice that they
could do any-
final home-run total unreachable.
But she hit her record-tying 95th
good that the game of golf has record-holder for career home Craig Cress, comparisons to some of thing they home run in 215 games, five fewer
done throughout history, and I be-
lieve that LIV Golf is going to do a
runs, hit her 119th and 120th on
Monday to help send the Sooners
CEO of national
governing body
the greatest athletes wanted to,” Levi
Alo said. “Be-
than the second-place batter, for-
mer Sooner Lauren Chamberlain,
lot of good for the game as well.” to the best-of-three championship USA Softball, across all sports. cause ain’t no took to reach the total.
series against Texas that started on described a feel- practice like a Alo doesn’t sacrifice consistency
Wednesday. Alo’s second bash was ing of excite- wrestling prac- for power. As of Tuesday, Alo’s .509
a grand slam. ment that set- tice.” average was second in Division I.
Indeed, Alo is inspiring compari- tles over the stadium when she The sport even figured in Alo’s Young female fans have flocked
sons to some of the greatest ath- comes up to bat. recruitment to Oklahoma. to Oklahoma’s team hotel for a
letes across all sports and eras. “She’s very picky at the plate,” During a Tuesday news confer- glimpse of Alo.
ESPN on Monday aired a graphic Cress said. “So she doesn’t get her- ence, Gasso recalled watching a “We’re going to need a little
putting her alongside Michael Jor- self out a lot by swinging at bad YouTube video of Alo wrestling in more security now,” Alo said.
PAUL CHILDS/ACTION IMAGES/REUTERS

dan, Tom Brady and a certain old- pitches.” the 184-pound class state final. “That’s the good thing about it. It’s
time ballplayer also known for hit- Alo grew up in the rural commu- “I’m watching it, and I was just growing, and people are watch-
ting homers. nity of Hauula, Hawaii, on the glued to it,” Gasso said. “It’s in- ing.”
“I think Jocelyn Alo is a big rea- northeast side of the island of tense, and it’s tough. I think she She even got a direct message
son why this sport has gone to an- Oahu. Her mother and father, An- pinned the kid, but dislocated her on social media from Tom Brady,
other level,” Oklahoma softball drea and Levi Alo, both played (opponent’s) shoulder. Right?” whose niece, Maya Brady, plays on
coach Patty Gasso said. “People sports at Laney College in Oakland, Alo, sitting near Gasso, replied: UCLA’s team.
come here to watch her like she’s Calif.–softball and football. “I didn’t pin her. I won by points.” “He was just, like, ‘You’re a re-
Babe Ruth.” Jocelyn wears jersey No. 78, her “All right. I just know that her ally good player. Congrats on your
The Women’s College World Se- father’s college number, in honor of shoulder was dislocated,” Gasso career,’ ” Alo said. “You know, just
Mickelson during Wednesday’s pro-am. ries—an eight-team event that runs the man who trained her in softball said. “I’m like, my God. I need this. keeping it simple.”

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.
50s 60s Edmonton 70s 50s 50s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 68 Even so 31 Thornfield Hall
60s governess
60s 0s 69 Express a view
Vancouver 14 15 16
Calgary
10s 70 Marble material 32 Sleep like ___
Winnipeg 17 18 19
Seattle
70s 20s
Down 33 Where the wild
Portland
Helena Ottawa
Montreal 30s 20 21 22 23 things are
Bismarck 1 Open, in a way
Billings Augusta 40s 34 The Tibetans call
Eugene 24 25 26 27
Boise
60s 70s Mpls./St. Paul Toronto Albany Boston 50s 2 Heartthrob? it Chomolungma
80s
60s 28 29 30 31
Pierre Sioux Falls Milwaukee Detroit Buffalo New York Hartford 60s 3 Interweave 36 In a sorry state
Reno Salt Lake City Cleveland Philadelphia 70s 32 33 34 35 36 37
Cheyenne Des Moines Chicago 4 “Pardon the 39 Elect
Omaha Pittsburgh 80s
Sacramento Salt
alt90s
Lake City Springfield Indianapolis 80s 38 39 40 41
Interruption”
San Francisco
70s 80s D
Washington D.C. broadcaster 40 “Face/Off”
Colorado
Denver Topeka Kansas 70s Charleston 90s
70s Las Springs
City Richmond 42 43 44 director John
Vegas Wichita St. Louis Louisville
Raleigh
100+ 5 Hankering
Los Angeles 80s
Nashville
Charlotte 45 46 47 48 49 41 Groundbreaking
100s Santa Fe Memphis 6 Alternate device
Columbia
Phoenix Albuquerque Oklahoma Cityy 80s Atlanta
San Diego Little Rock 50 51 52 53 54 7 Org. for drillers
Tucson 90s Warm Rain 46 Cabinet material
Ft. Worth Jackson Birmingham
El Paso Dallas 55 56 57 58 59 60 8 Category 48 Dismissal,
90s Jacksonville Cold T-storms
40s 100s Austin Houston Mobile 61 62 63 64 9 Lift for boarders figuratively
New Orleans Orlando
Stationary Snow 10 Elusive 49 Mark of shame
60s 50s 80s San Antonio Tampa 65 66 67
70s Anchorage Honolulu Miami
Himalayan 52 Prince who’s an
60s 70s Showers Flurries 68 69 70
50s 11 Sheer formation Amazon princess
climbed in 2018’s 53 “...though maybe
Ice
Forecasts and graphics provided by AccuWeather, Inc. ©2022 HANG LOOSE | By Lynn Lempel “Free Solo” that’s wrong”
U.S. Forecasts City
Today Tomorrow
Hi Lo W Hi Lo W City Hi
Today Tomorrow
Lo W Hi Lo W
Across 25 Going-nowhere 45 Helped out, 12 Period when 54 Angry look
s...sunny; pc... partly cloudy; c...cloudy; sh...showers; 1 Rebuked existences charitably farming began
t...t’storms; r...rain; sf...snow flurries; sn...snow; i...ice
Omaha 79 61 t 77 63 pc Frankfurt 69 50 t 75 55 pc 55 Crying shame
Orlando 92 75 pc 90 74 t Geneva 67 49 pc 73 52 s 6 Mouthwatering 27 Org. for breaking 47 Demean 13 Quick swims
Today Tomorrow Philadelphia 84 63 sh 82 66 s Havana 88 72 t 88 71 t news 56 ___-Cuban
City Hi Lo W Hi Lo W 50 Toothpaste type 21 Essence
Phoenix 109 86 s 113 88 s Hong Kong 86 80 t 86 80 t 11 Word after living 57 It’s friendly on
Anchorage 64 52 pc 66 53 c Pittsburgh 70 53 pc 73 57 c Istanbul 80 68 pc 84 69 c or dead 28 Show to be false 23 Sweet roll
Atlanta 86 65 t 85 66 t Portland, Maine 63 54 r 74 55 pc Jakarta 88 76 t 89 76 t 51 Email alternative the back but
Austin 99 73 s 103 75 pc Portland, Ore. 74 62 r 70 59 sh Jerusalem 88 67 s 92 70 s 14 Hardly guzzle 29 Limited in 26 Patronizes while unfriendly on the
52 Pursue
Baltimore 85 59 s 83 64 pc Sacramento 99 67 pc 104 68 s Johannesburg 66 42 s 62 40 s quantity traveling wrist
Boise 86 63 pc 89 62 pc St. Louis 82 66 s 76 61 t London 67 59 pc 73 53 pc 15 Sutter’s Fort persistently
Boston 71 59 r 78 60 s Salt Lake City 91 68 pc 92 70 s Madrid 93 61 s 96 67 s makeup 32 Rounds 28 Light-sensitive 58 Nobelist
55 Tundra feature
Burlington 65 56 r 76 56 pc San Francisco 76 60 pc 79 60 s Manila 95 81 t 93 80 t cell Morrison
16 Aromatic 35 “Love Is a
Charlotte 89 64 pc 85 66 s Santa Fe 88 58 c 94 61 pc Melbourne 55 48 r 56 46 c 59 Hokkaido
Chicago 78 60 pc 74 59 c Seattle 62 56 r 66 56 sh Mexico City 74 55 t 80 57 t accessory Hurtin’ Thing” 29 Reason for a sick 60 Coarse carpeting
hostess
Cleveland 70 56 pc 74 60 c Sioux Falls 73 56 c 77 61 c Milan 80 64 pc 84 61 s singer Lou day
Dallas 97 79 pc 100 78 pc Wash., D.C. 84 63 pc 84 65 pc Moscow 81 62 pc 82 63 pc 17 Rewards a 61 Furious feeling 63 Georgia senator
Denver 87 57 pc 89 62 c Mumbai 90 84 t 89 84 t performer 37 Lord’s Prayer 30 Med. nation Ossoff
possessive 62 1988 Olympics
Detroit
Honolulu
75 55 pc 75 56 c
87 73 s 86 73 s
International Paris
Rio de Janeiro
69
76
57 pc 77 58 pc
69 c 79 68 pc 18 Gilder’s unit phenom, to fans
Today Tomorrow 38 Words to Previous Puzzle’s Solution
Houston 97 77 s 99 77 pc Riyadh 115 86 s 115 84 s MA R L OWE C H O B A N I
Indianapolis 77 59 pc 73 57 t City Hi Lo W Hi Lo W Rome 81 64 pc 84 66 s 19 Booking Rapunzel, and a 64 Its third-largest I M E A N I T A E R A T E S
Kansas City 82 64 pc 79 63 t Amsterdam 65 54 pc 69 57 pc San Juan 90 77 pc 90 78 c agent? hint to solving city is Tamale T E M P E R T E M P E T E M P
Las Vegas 107 84 s 109 83 s Athens 84 71 pc 83 68 t Seoul 77 59 sh 83 63 pc S A D Y A L E G E O
20 Cockamamie four puzzle 65 McCourt’s sequel I O S C O A T I
Little Rock 84 68 t 80 67 r Baghdad 111 81 pc 106 78 pc Shanghai 82 69 c 76 68 s answers R A N G E R R A N G E R A N G
Los Angeles 85 65 pc 87 67 s Bangkok 93 81 t 94 80 t Singapore 87 77 t 88 77 t
22 Courts of law to “Angela’s E N D D E E P H E L L E R
Miami 88 75 t 87 75 t Beijing 85 59 c 84 60 t Sydney 61 48 s 62 49 s 42 Till bill Ashes” T I E U P S G A T P E I
Milwaukee 75 59 pc 74 59 c Berlin 73 56 pc 75 58 pc Taipei City 82 74 t 84 74 t 24 Person who A T R A C E H U S H H D S
Minneapolis 78 59 pc 79 63 s Brussels 67 53 pc 71 56 pc Tokyo 73 65 c 77 67 c 43 Rapper’s retinue 66 Talked and talked P A S T E L P A S T E P A S T
might be Xing E D S E L S UM
Nashville 81 61 s 79 62 t Buenos Aires 60 43 c 52 41 s Toronto 70 53 c 73 55 s F Y I P A C K L A T
New Orleans 94 80 pc 91 78 t Dubai 105 87 s 106 86 s Vancouver 61 55 r 64 56 r a street 44 Formerly 67 Lord’s domain P L A N E T P L A N E P L A N
New York City 80 62 r 80 64 s Dublin 68 52 sh 66 50 sh Warsaw 81 61 t 75 57 t H OW T R U E R I V I E R A
Solve this puzzle online and discuss it at WSJ.com/Puzzles.
s

Oklahoma City 83 69 c 89 69 pc Edinburgh 66 55 pc 66 54 sh Zurich 64 47 t 71 48 pc I G N O R E D S T E T S O N

 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | A17

OPINION
Chesa Boudin Loses San Francisco BOOKSHELF | By David S. Reynolds

San Francisco,
the nation’s
leading case
disorder. How can so
much be going so wrong
in so many places?
crime-control connections.
For nearly 20 years
New York City had an in-
Disgrace
study of a ma-
jor city’s long
transition to
flowers-in-
The way forward will
require a mighty effort of
clarity. It’s impossible not
to be dazed by the recent
terventionist red-flag law.
It was called “stop, ques-
tion and frisk.” Begun in
the 1990s in a city over-
In the North
WONDER
LAND your-hair pro-
gressivism,
pace of mass shootings
and violent deaths.
whelmed by gang killings,
stop-and-frisk got guns
A Lynching at Port Jervis

JUSTIN SULLIVAN/GETTY IMAGES

By Daniel
has recalled Drawing an arbitrary and their carriers off the By Philip Dray
Henninger
by some 60% timeline, first there was street. New York became (Farrar, Straus & Giroux, 260 pages, $29)

District Attor-
ney Chesa Boudin, a case
study in progressive theories
of prosecution. Apparently it
wasn’t fun while it lasted.
Obvious follow-up question:
Does this mean progressives
have gotten the message
about crime? As always with
the American left, it depends.
If you mean the average
self-identifying progressive
person on the street with a
real job, the answer is yes, a
majority get the message,
which is that kicking daily
through discarded hypodermic
needles, other sidewalk waste
and shut-down stores is an
impossible way to live.
Voters in the city want
out of the suicide pact
that is doctrinaire
progressivism.
If, however, you mean the
careerist activists who occupy
prosecutors’ offices, city coun-
cils, school boards, university
presidencies, state legislatures
and the U.S. House of Repre-
sentatives, the answer is no,
never. The professional left
will let their policies collapse
a city, state, nation and even
their own careers down to the
foundation. Which means pull-
ing back from the progressive
brink is up to the rest of us.
The United States is in a
confusing moment of civil
Buffalo, then Uvalde, then
Tulsa, then Memorial Day
weekend in Chicago (nine
killed) and last weekend’s
night-club shootings with
many dead and wounded
in Philadelphia and Chat-
tanooga, Tenn. On Wednesday,
a man with a gun was ar-
rested outside Justice Brett
Kavanaugh’s house.
Mr. Boudin is, or was, asso-
ciated with a theory known as
decriminalization. Its impetus
is the belief that too many
young black men end up in
prison. That is true. Its con-
tested solution was to lower
thresholds for prosecution
and sentencing. More of the
accused stay on the streets.
The theory has become self-
parody. Progressive Los Ange-
les prosecutor George Gascón
is in the news again for the
sentence given to a 17-year-old
who confessed to two felonies
for running his car into a
mother walking her 8-month-
old son in a stroller. The hor-
ror—she was flipped over the
hood of the car—was recorded
on video. He got five months
in a juvenile probation camp.
In the U.S. Senate, Demo-
crat Chris Murphy is negotiat-
ing with Republican John
Cornyn over gun regulation.
At the White House Tuesday
Sen. Murphy said a likely
compromise will settle on al-
lowing checks into confiden-
tial juvenile records and fed-
eral support for red-flag laws,
which lets authorities seize
guns from individuals a court
concludes pose a danger to
themselves or others.
A distinction is in order.
The Senate effort has little to
do with the killings in Phila-
delphia, Chattanooga, Chicago,
New York or any other urban
center. Thousands of young
males have been killed in
these cities, and there is no
national “grieving” for their
left-behind families. They may
get interviewed on local TV,
which waits for the next
weekend’s grim numbers.
Washington’s gun-regula-
tion effort is about shootings
that become national traumas.
Columbine, Aurora, Virginia
Tech, Newtown, Charleston,
Parkland, Buffalo, Uvalde are
nearly always the same—a
psychotic young male, acting
alone, descends into mass
murder.
Preventing those individual
young males from killing is
the purpose of red-flag laws.
On “Fox News Sunday” last
weekend, Louisiana Republi-
can Rep. Steve Scalise said he
opposes red-flag laws because
they violate “due process”
and are “unconstitutional.”
But then Republicans make
talking points out of urban
crime and progressive non-
prosecutors such as Chesa
Boudin. So let’s make some
the nation’s safest large
city. You could go any-
where. In 2013, a federal
judge declared stop-and-
frisk—you guessed it—
“unconstitutional” and put
the police under a federal
monitor. The monitor remains,
crime has unhinged the city,
and Mayor Eric Adams is
struggling to create a new
gun-surveillance police unit.
Justice Robert Jackson’s
famous dictum that the Con-
stitution is not a suicide pact
deserves a full bipartisan
reading just now: “The choice
is not between order and lib-
erty. It is between liberty
with order and anarchy with-
out either. There is danger
that, if the court does not
temper its doctrinaire logic
with a little practical wisdom,
it will convert the constitu-
tional Bill of Rights into a
suicide pact.”
Most San Franciscans just
realized that doctrinaire pro-
gressivism had become a sui-
cide pact. For congressional
Republicans the voting ques-
tion is whether a doctrinaire
interpretation of the Second
Amendment forbids taking
guns from the home of a kid
who says he’s going to shoot
up his high school.
Whether stop-and-frisk for
urban neighborhoods or red
flags for disturbed suburban
teens, past some point of so-
cial disorder, practical wisdom
requires intervention. We are
at that point.
Write henninger@wsj.com.
O
n Thursday, June 2, 1892, Robert Lewis, a 28-year-
old African-American teamster and bus driver in
the village of Port Jervis, N.Y., was killed by a mob.
Earlier that day, a light-skinned black man had been
seen arguing on a riverbank with a young local woman,
Lena McMahon, who emerged from the altercation with
torn clothing and wounds on her body. She said that a
black stranger had assaulted her (she withheld details but
did not contradict a physician and others who later said
the attack was sexual in intent). A 12-year-old boy who
witnessed the scene from a distance reported that Robert
Lewis was the attacker. The word spread. Lewis was
hunted down, captured and taken to town in a wagon.
When the wagon reached the Port Jervis jail, a howling
mass of people surrounded it, seized Lewis, and pum-
meled him. A few men tried to save him, but shouts of
“Hang him!” and “Kill him!” came from the crowd of
2,000 that had gathered. A rope was found, and Lewis
was strung up on a tree limb. His body hung for over an
hour before it was cut down. Witnesses tore off pieces of
Lewis’s clothing and stripped chunks of bark from the
tree on which he was hanged. The relics were later sold
as souvenirs.
This horrible incident is
the subject of Philip Dray’s
stirring book “A Lynching
at Port Jervis.” Mr. Dray,
the author of the acclaimed
“At the Hands of Persons
Unknown: The Lynching of
Black America,” here fo-
cuses on an event that was
unusual because of where it
occurred. By the 1890s,
lynching was common in the
former Confederate states.
As Mr. Dray tells us, “of the
1,134 recorded lynchings of
African Americans between
the years 1882 and 1899, the
lynching of Robert Lewis was the only one known to
have occurred in New York State.” Port Jervis, then a
town of 9,000, is 65 miles outside of New York City, at
the confluence of two rivers that form the borders of
New York, New Jersey and Pennsylvania. The murder of
Robert Lewis, Mr. Dray writes, was “a portent that
lynching, then surging uncontrollably below the Mason-

Beto’s Classless Uvalde Political Calculation Dixon Line, was about to extend its tendrils northward.”
In the decades after the Lewis murder, “white-on-Black
terroristic violence” occurred in New York City, rural
By Karl Rove that anybody shouting can prospecting for new cam- February that he wasn’t “in- Pennsylvania, southern Illinois, Duluth, Minn., and

S
ometimes politicians
act in ways that reflect
badly on their judg-
ment and character and dis-
honor the cause they seek to
advance.
Such was Robert Francis
O’Rourke’s stunt on May 25,
the day after 19 students and
two teachers were killed at
Robb Elementary School in
Uvalde, Texas. About 15 min-
utes into a news conference
by state and local officials to
update the press on the inves-
tigation into the shooting, the
Democratic gubernatorial can-
didate strode into the high-
school auditorium, slipped
into a seat near the front that
had been held by a supporter,
and waited for his close-up.
When Gov. Greg Abbott fin-
ished his briefing and turned
to other leaders for com-
ments, Mr. O’Rourke stood up,
walked to center stage, and
confronted the governor,
pointing his finger and saying,
“You are doing nothing.”
While Mr. Abbott sat grimly,
not making eye contact, oth-
ers on the stage angrily de-
nounced Mr. O’Rourke. As of-
ficers escorted him out of the
hall, he turned to wag his fin-
ger at the governor and
grandly declare, “This is on
you.” He then held an im-
promptu press scrum in the
parking lot.
Back inside, Mr. Abbott ap-
pealed for unity: “There are
family members whose hearts
are broken. There’s no words
come up here and do anything
to heal these broken hearts.”
At roughly the same mo-
ment, Mr. O’Rourke’s cam-
paign blasted an email to sup-
porters saying that he’d
phoned his wife as soon as he
heard of the attack and that
his kids “seem to expect”
school shootings like this lat-
est one. Mr. O’Rourke wrote
that “our broken hearts are
with Uvalde,” thanked first re-
sponders, then blamed the
He tried to exploit the
mass shooting to get
attention and raise
campaign donations.
shooting on the governor, de-
claring “these massacres”
were “direct consequences of
the choices made by Greg Ab-
bott” and the Texas Legisla-
ture and were “totally predict-
able.”
By May 28, Mr. O’Rourke
was using the mass shooting
as the subject of fundraising
emails asking for a $3 cam-
paign contribution to “keep
standing up, keep organizing,
and keep fighting.” More such
email appeals followed on
May 29, May 31, June 1 and
June 2, each using the tragedy
to prospect for new donors
and solicit campaign funds.
Politicians often try taking
advantage of events to fur-
ther their ambitions, but
paign contributors—just $3!—
off the massacre of children
was shallow and classless
even by Mr. O’Rourke’s low
standards. And to say the
shooting was “totally predict-
able” is obviously false. If it
were foreseeable, why didn’t
Mr. O’Rourke call 911 before it
happened?
“If we want to finally save
lives,” one email declared in a
revealing aside, “we have to
win political power.” Political
power is what Mr. O’Rourke
craves, and he’ll twist himself
into a pretzel to get it. Recall
that during the September
2019 Democratic presidential
debate in Houston he de-
clared, “Hell yes, we’re going
to take your AR-15, your
AK-47.” The line was obvi-
ously preplanned, for by the
time the debate ended, his
campaign was selling T-shirts
online bearing the slogan.
Mr. O’Rourke calculated
that gun confiscation was a
winning issue when he ran for
the Democratic presidential
nomination. His campaign
flamed out. But he depicted
his stance as a profile in cour-
age: “I know saying that is the
right thing to do, and the con-
sequences, be they what they
may.”
But he decided “the right
thing to do” when seeking the
presidency in 2019 was the
wrong thing when running for
governor of Texas in 2022.
Lagging in the polls, Mr.
O’Rourke told reporters in
conservative East Texas in
terested in taking anything
from anyone.” Instead, he
said, “what I want to make
sure we do is defend the Sec-
ond Amendment.” After
Uvalde, he’s flipped back to
his earlier gun-grabbing opin-
ion. His perspective on the
Second Amendment is appar-
ently tied to his political am-
bitions of the moment.
Opportunism in politics is
unattractive but not unusual.
What’s uncommon is attempt-
ing to rescue your flailing
campaign by turning an offi-
cial event into a political cir-
cus and then using the death
of innocents to prospect for
$3 donations.
Contrast Mr. O’Rourke’s
sordid activities with the pa-
tient, behind-the-scenes work
of Sens. John Cornyn (R.,
Texas) and Chris Murphy (D.,
Conn.) and a bipartisan group
of colleagues to see if in these
days of grief, they can find
common ground on sensible
steps to confront gun vio-
lence. Let’s hope they succeed.
In this era, it’s hard to
make politics look any worse.
But Robert Francis O’Rourke
has managed to do so. For
those who’ve followed his
vainglorious, vacuous proces-
sion through the nation’s poli-
tics, that’s no surprise.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
elsewhere in the North.
Mr. Dray’s account of the Port Jervis incident merits
strong praise for its comprehensiveness and clarity. Mr.
Dray is a skilled archival sleuth. But even the most
scrupulous research yields few answers when directed
toward lynchings of the Jim Crow era. As Mr. Dray writes:
“Lynching has a perverse relation to recorded history, for
obfuscation is central to its purpose.”
Did Robert Lewis rape Lena McMahon? Upon his cap-
ture, Lewis blurted out a vague confession, but he said
that he had been goaded on by Lena’s boyfriend, Philip
Foley, a rakish man. But while he was under attack by the
mob, Lewis repeatedly shouted, “You have the wrong
man. I didn’t do it. I am the wrong man.” Questions also
swirled around Lena McMahon. Two days before the
lynching, she had fought with her mother, who objected
to her relationship with Philip Foley. Lena fled the house,
vowing never to return. She later said that she took a
train to Manhattan, returning the next day to Port Jervis
and spending the night in a cemetery that was about a
mile from her home.
On June 2, 1892, a horrific act of racist murder
occurred, not in any of the former Confederate
states but 65 miles from New York City.
A different story came from Foley, who said that on the
night before the lynching he and Lena slept together in
the woods near Port Jervis, where they were “as husband
and wife.” He denied the charge that he had encouraged
Robert Lewis to make an advance on Lena, saying that he
had barely known Lewis. Yet other questions arose. Was
Lena in fact having an affair with her supposed attacker,
and was the confrontation on the river bank a lovers’ spat?
Had she taken the trip to have an abortion? Or did Lena
pretend to have been raped, in a charade intended to
make her parents view Philip Foley as a desirable partner
for her in a dangerous world?
News reports of the Port Jervis lynching were sen-
sational, with headlines like “Flight of the Brute” and
“Southern Methods Outdone.” Two inquests met with
denial and dodging on the part of the those who had
participated in the lynching. The testimony of the few
who had tried to help Robert Lewis was ignored or
discounted. Eight men were indicted for assault and

Notable & Quotable: Judge Cabranes on Title IX

inciting to riot, but the jury acquitted all the accused.
The verdict: Robert Lewis came to his death “by being
hanged by his neck by a person or persons unknown.”
Judge Jose Cabranes of the tality and success of American allegations, if corroborated, tions taken by university offi- A special contribution of Mr. Dray’s book is its
Second U.S. Circuit Court of higher education. would reveal a grotesque mis- cials in response to such alle- discussion of Stephen Crane, the author of “The Red
Appeals writing in Vengalat- This growing “law” of uni- carriage of justice at Cornell gations must also comport Badge of Courage.” Crane, who grew up in Port Jervis,
tore v. Cornell, June 2: versity disciplinary proce- University. As alleged, Cor- with basic principles of fair- knew people involved in the lynching. His brother, Judge
dures, often promulgated in nell’s investigation of Ven- ness and due process. The day William Crane, was one of those who tried to rescue
I concur in the judgment of response to the regulatory dik- galattore denied him access to is surely coming—and none Robert Lewis before he was hanged. Although Stephen
the Court and in Judge [Ama- tats of government, is contro- counsel; failed to provide him too soon—when the Supreme Crane was not in Port Jervis on the day of the lynching,
lya] Kearse’s comprehensive versial and thus far largely be- with a statement of the nature Court will be able to assess the event resonated in his mind. Mr. Dray agrees with
opinion. I pause briefly to yond the reach of the courts of the accusations against him; the various university proce- recent commentators who have suggested that Crane’s
comment, in my own name, because of, among other denied him the ability to ques- dures that undermine the free- 1898 novella “The Monster” was based loosely on the
that, as alleged, this case de- things, the presumed absence tion witnesses; drew adverse dom and fairness of the acad- crime. In the novella, Henry Johnson, an African-
scribes deeply troubling as- of “state action” by so-called inferences from the absence of emy in favor of the politics of American coachman in a New York town that resembles
pects of contemporary univer- private universities. Thus in- evidence; and failed to employ grievance. Port Jervis, is cruelly ostracized and finally driven insane
sity procedures to adjudicate sulated from review, it is no an appropriate burden of In sum: these threats to due by white townspeople. Johnson ends up sitting all day on a
complaints under Title IX and wonder that, in some cases, proof or standard of evidence. process and academic freedom bench, waving his arms and chanting mournfully. As Mr.
other closely related statutes. these procedures have been In other cases and other uni- are matters of life and death Dray notes, Johnson becomes a marginalized victim of
In many instances, these pro- compared unfavorably to versities the catalogue of of- for our great universities. It is white supremacy of the kind later portrayed in the novel
cedures signal a retreat from those of the infamous English fenses can include continuing incumbent upon their leaders “Invisible Man” by Ralph Ellison, an admirer of Crane.
the foundational principle of Star Chamber. surveillance and the imposi- to reverse the disturbing trend The shattering impact of racism. Mob violence for
due process, the erosion of [Prof. Mukund] Vengalat- tion of double jeopardy for of indifference to these political ends. Obfuscation in the face of criminal charges.
which has been accompa- tore’s allegations, if supported long-ago grievances. threats, or simple immobiliza- Philip Dray reminds us how deeply ingrained these
nied—to no one’s surprise—by by evidence, provide one such There is no doubt that alle- tion due to fear of internal phenomena are in American history.
a decline in modern universi- example of the brutish over- gations of misconduct on uni- constituencies of the “virtu-
ties’ protection of the open in- reach of university administra- versity campuses—sexual or ous” determined to lunge for Mr. Reynolds is a Distinguished Professor at the Grad-
quiry and academic freedom tors at the expense of due pro- otherwise—must, of course, be influence or settle scores uate Center of the City University of New York. His latest
that has accounted for the vi- cess and simple fairness. His taken seriously; but any ac- against outspoken colleagues. book is “Abe: Abraham Lincoln in His Times.”
 .

A18 | Thursday, June 9, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Targeting the Supreme Court How Do You Solve a Problem Like Georgetown?

T
he arrest early Wednesday of an armed risk of violence more seriously. The Senate in Kudos to Ilya Shapiro for his deci- forced to endure and the outright hy-
man outside Supreme Court Justice early May unanimously passed a bill to enhance sion to part company with George- pocrisy of the university’s adminis-
town Law (“Why I Quit Georgetown,” tration. Even so, I can’t help but be
Brett Kavanaugh’s Maryland home is a security for the Justices’ families, in line with
op-ed, June 7). The hypocritical ex- disappointed in his decision to not
depressing sign of the fanati- what’s offered for high-rank- cesses and unforgivable spinelessness fight the good fight. Make no mis-
cal times. Violence in the Pelosi has been sitting ing executive and legislative of the progressives running higher take: This is another win for the aca-
name of politics now threat- on a bill to protect the officers. education have become so extreme as demic left. It’s no wonder academia is
ens the judiciary, and Wash- Yet the Supreme Court Po- to have achieved a state of dark com- so skewed to the left if conservatives
ington’s remaining adults have Justices’ families. lice Parity Act has been lan- edy—very dark comedy. Why would aren’t willing to stand in the breach.
an obligation to act with dis- guishing in the House. Demo- anyone sensible want anything to do MICHAEL CERASOLI
patch to protect the Justices, cratic Sen. Dick Durbin (Ill.) with an organization so lacking in in- Mamaroneck, N.Y.
their families and the Court as an institution. told a reporter recently that he’s “very much” tegrity as Georgetown Law?
Californian Nicholas John Roske, 26 years concerned by the delay. Senate GOP Leader It was wise of Mr. Shapiro to shake The highest paid employee at
old, was arrested at night dressed in black. He Mitch McConnell was right on Wednesday to the dust off his feet and turn away Georgetown University is basketball
from Georgetown Law as it sinks ever coach Patrick Ewing. He makes about
allegedly had a suitcase, backpack, a Glock 17 call on Speaker Nancy Pelosi and House Demo-
deeper into its echo chamber. $3.5 million a year. During the
with two magazines and ammunition, pepper crats to pass the bill immediately. MICHAEL GENEST 2021-22 season, Georgetown lost all
spray, a tactical knife, hammer, screwdriver, This is important for the Justices’ personal Sweetwater, Tenn. 19 of its Big East conference games.
crow bar, zip ties and duct tape. safety and to show that the Court, as a vital in- Like Mr. Shapiro, I’d quit too.
According to the Washington Post, Mr. Roske stitution of government, can’t be compromised Mr. Shapiro details the untenable JOE HOESLEY
told police he “was upset over the leaked draft by threats or violence. No political party has a environment he would have been Naples, Fla.
of an opinion that would overturn the constitu- monopoly on political violence, and Mr. Roske
tional right to abortion” in Roe v. Wade. The is responsible for his actions.
man allegedly said he came to kill Justice Ka- But Majority Leader Chuck Schumer’s 2020
vanaugh “thinking it would give his life pur- remarks in front of the Supreme Court look even How a Lie Went in Dirty and Came Out Clean
pose.” He has been charged with attempted worse now than they did at the time. “I want to
Kimberley Strassel exposes, with If the press had disregarded the
murder. tell you, [Justice Neil] Gorsuch, I want to tell great élan, the cynical insider machi- Russiagate tips as ridiculous, the
We warned after the leak of Justice Samuel you, Kavanaugh. You have released the whirl- nations that let the FBI perpetuate manipulations would have died in
Alito’s draft opinion that a fanatic could at- wind, and you will pay the price,” Mr. Schumer the Russiagate hoax (“Durham vs. the darkness.
tempt a violent act against one of the Justices, said. “You won’t know what hit you if you go for- Beltway Swamp,” Potomac Watch, DENNIS KNEALE
and here we are. The draft opinion suggested ward with these awful decisions.” June 3). This even extended into the Brooklyn, N.Y.
there is a 5-4 Court majority to overturn Roe, Also notable is that the man outside the Ka- courtroom, as she writes. The judge
and it’s all too easy to imagine some 21st-cen- vanaugh home appears to have found the Jus- in the trial of Michael Sussmann Money laundering is the process of
tury John Brown thinking he could prevent the tice’s address online, and the locations of some worked with him at the Clinton Jus- taking dirty money, derived from ille-
ruling by assassinating a Justice. Now comes of the Justices’ homes were posted by the abor- tice Department. The U.S. attorney gal activity, and washing it through
a dangerously close call. tion activist group Ruth Sent Us. The Twitter general officiated at the judge’s wed- several layers until it comes out
ding to a former Obama lawyer—who clean, appearing like a legitimate
The threat is especially acute this month as reaction from Ruth Sent Us included skepticism
now defends Russiagate-FBI figure business transaction.
the Court winds down its term. Abortion-rights that Mr. Roske was even a threat: “Oh, what was Lisa Page. A juror has a daughter on In the 2016 election, the Clinton
protesters have been demonstrating in front of this ‘weapon’ the ‘California man’ had? If it was the same rowing team as the defen- campaign engaged in lie laundering.
the Justices’ homes. Public passions are run- a gun or even a knife, police would say so.” They dant’s kid. This is blind justice? It took dirty information and washed
ning high, and on Tuesday in New York topless would, and they did. Mercifully, criticism of the Beltway it through lawyers, law-enforcement
pro-choice protestors rushed the court during i i i media is confined to less than one agencies, special counsels and the
a WNBA game. That may seem more stupid than Democrats now have a particular obligation paragraph. The New York Times and media until it looked real.
threatening, but the protests are likely to get to lower the public’s blood pressure about the Washington Post won Pulitzer Prizes Money laundering is a crime. But
worse. Court. They’re predicting the end of abortion for their intrepid reporting of the lie laundering can do even greater
The Justices live in suburban Washington in America, and that isn’t close to what would Russiagate allegations—without ever damage.
neighborhoods, not in gated compounds. They happen if Roe is overturned. The abortion de- uncovering the deplorable misdeeds SHERRY PRICE
and lies therein. Alameda, Calif.
receive personal security as individuals, which bate will merely move to the states and the po-
has been enhanced since the leak. But their fam- litical process in state legislatures.
ilies don’t, and Justice Amy Coney Barrett has Everyone on the right and left should be de-
school-age children. nouncing political violence, and that starts with Jan. 6 Republicans Should Answer Questions
If America is more polarized than at any President Biden. The consequences of a Su- Minority Leader Kevin McCarthy these lawmakers have relevant infor-
point since the Civil War, as progressives often preme Court assassination are horrible even to and Rep. Jim Jordan justify their re- mation about the attack, as well as the
claim, then the political class needs to take the contemplate. fusal to cooperate with the committee monthslong campaign to overturn the
investigating the Jan. 6, 2021, attack election that preceded it. Investigators
on the U.S. Capitol by asserting that have sought their voluntary testimony,
Angela Merkel’s Limited Regrets “The Jan. 6 Committee Is Weaponiz-
ing Majority Rule” (op-ed, May 27).
which these lawmakers rebuffed.
While subpoenaing members of

R
arely has a foreign policy legacy been
discredited as rapidly, and thoroughly,
as former German Chancellor Angela
Merkel’s. In 16 years at the top of the German
government, she thought she could moderate
Vladimir Putin’s imperial ambitions, and in the
process she made Germany and Europe vulnera-
ble to his energy blackmail.
But as for regrets, she hasn’t a few. That
was clear from her first major public appear-
ance since she left as Chancellor last year.
“I don’t blame myself,” Mrs. Merkel told an
audience Tuesday at the Berliner Ensemble
theater in the German capital. “I have tried to
work in the direction of preventing mischief.
And if diplomacy doesn’t succeed, this doesn’t
mean that it was therefore wrong. Thus I don’t
see why I should say: ‘That was wrong.’ And
therefore I won’t apologize.”
Mrs. Merkel condemned Russia’s invasion
of Ukraine and said she was “at no time given
in to illusions” that her policy of engaging with
Russia through trade would change Mr. Putin’s
behavior. “I was not naive,” she said.
But if that’s true, why did she insist so hard
Crime and Punishment in California
on finishing the Nord Stream 2 pipeline from
Russia to Germany, even in 2021 as Mr. Putin
amassed troops on the Ukraine border? She
used some of her last political capital in office
to persuade President Biden to withdraw U.S.
opposition to the pipeline. Her successor as
Chancellor, Olaf Scholz, cashiered the pipeline
after the invasion.
Heads of government must make difficult
judgments, and some will inevitably be wrong
given the known facts at the time. But Mrs.
Merkel insisted on her courtship of Mr. Putin
even after his annexation of Crimea and invasion
of eastern Ukraine in 2014. She made her coun-
try more vulnerable by phasing out its nuclear
power plants and refusing to honor its NATO
pledge to spend 2% of GDP on defense.
It’s hard not to conclude that her failures
are one reason Mr. Putin believed he would
meet limited European resistance if he tried
to take Kyiv this year. Bloomberg reports that
Mr. Scholz is now seeking her advice on how
to handle Ukraine and Mr. Putin, and let’s hope
he doesn’t rely on it. Apology or not, she failed
the cause of freedom in Europe.
They claim that the committee is ille-
gitimate and that its subpoenas lack a
valid legislative purpose, but they de-
cline to note that federal district and
appellate courts have considered and
flatly rejected these arguments.
On Jan. 6, a mob launched a violent
effort to prevent the certification of
the 2020 presidential election results,
rupturing our nation’s tradition of
peacefully transferring power. Exten-
sive reporting has made clear that
In Appreciation of Great
Sportswriting, Then and Now
May I offer a word of gratitude to
Fay Vincent? Describing the late
Roger Angell (“Roger Angell’s Writing
Was in a League of Its Own,” op-ed,
June 4), Mr. Vincent writes, “He was
fascinated and bemused by baseball.”
That’s the first correct use of “be-
mused” that I’ve come across in
about a decade.
PETER ROBINSON
Stanford, Calif. even a passing mention of Franklin D.
Mr. Robinson, a fellow at the Hoo-
ver Institution, was a speechwriter
for President Ronald Reagan.
Congress is uncommon, the extraordi-
nary circumstance more than war-
rants compelling their cooperation.
Appreciating this, I recently wrote a
letter with 22 other Republican for-
mer members of the House urging
Mr. McCarthy and his colleagues to
cooperate with the investigation and
help secure our institutions against
future assaults. Like us, these law-
makers swore an oath to support and
defend the U.S. Constitution. Now is
the time to honor it.
BOB INGLIS
Travelers Rest, S.C.
Mr. Inglis, a Republican, repre-
sented South Carolina in Congress
(1993-99, 2005-11).
NRA Was the Worst of the
Bargain in FDR’s New Deal
It is rather remarkable that in their
piece on the “Return of the National
Nanny” (op-ed, May 27), J. Howard
Beales III and Timothy J. Muris omit
Roosevelt’s National Recovery Admin-
istration, or NRA, the crowning legis-
lation of his first hundred days.
Similar to the Federal Trade Com-

A
s California goes, so goes the progres- gressives by elevating real-estate developer I’m not sure Shirley Povich ever mission’s “National Nanny” proposals
sive movement in America, and on Rick Caruso to the November runoff ballot in authored the line about Jim Brown in the 1970s and today, the 1933 NRA
Tuesday it suffered a major political re- the mayoral race. In incomplete results, he was that Mr. Vincent and many others at- was an attempt at “industry-wide
tribute to him. But I’d argue that rulemaking” that sought to “trans-
buke. The recall of left-wing first with 42%, ahead of 37% what he actually wrote is even better: form entire industries.” While the
prosecutor Chesa Boudin in Voters on the Left Coast for Rep. Karen Bass, a well “From 25 yards out, Brown was NRA was initially designed to include
San Francisco and the rise of send a loud message known progressive who was served the ball by Milt Plum on a public input through a Consumers’
mayoral candidate Rick Car- the heavy favorite. pitch-out and he integrated the Red- Advisory Board, that board was most
uso in Los Angeles are apt to progressives. Mr. Caruso, a Republican- skins’ goal line with more than delib- noted for its lack of influence and in-
punishment for progressive turned-Democrat, came from erate speed, perhaps exceeding the volvement in the rulemaking process.
policies that have produced nowhere in the polls by famous Supreme Court decree. Brown Messrs. Beales and Muris also al-
rising urban anarchy. spending heavily to spread his pledge to be fled the 25 yards like a man in an un- lude to a “critical evaluation of pro-
With votes still to be counted, voters sent tougher on crime and clean up the city’s prolif- common hurry and the Redskins’ goal posed remedies, and their likely ef-
Mr. Boudin packing with some 60% of the vote. erating homeless camps. Ms. Bass has tried to line, at least, became interracial.” fects,” the lack of which finds yet
JACK HERMAN another parallel in the rapid creation,
The prosecutor had ridden into office as a moderate her soft-on-crime views by calling
Washington charter and staffing of the NRA.
champion of criminal-justice reform, which in for more police, but voters can be forgiven if While the NRA’s “Blue Eagle” was
practice turned out to be little or no prosecu- they are skeptical. greeted with much initial enthusiasm,
tion for crimes that have made San Francisco Meanwhile, the progressive machine of pub- Competition in South Pacific by the time the program was ruled
streets a showcase for drug abuse, vagrancy, lic unions, greens and trial lawyers that domi- unconstitutional by a unanimous Su-
Regarding Walter Russell Mead’s
homeless camps, shoplifting and assault on the nates California politics will be all-in to defeat preme Court in May 1935, its failure
column “Blinken’s Indo-Pacific Blue-
innocent. Mr. Caruso in the runoff. But his success so far print” (Global View, May 31): In 2017 I
had become evident to many, and few
The recall is a de facto endorsement by the is a message that voters even in an overwhelm- mourned its demise.
visited many South Pacific islands and
city’s left-of-center voters of “broken windows ingly Democratic city are tired of the spreading JOHN NORTHGRAVES
was shocked by China’s growing influ-
policing.” That’s the insight that failing to pros- public disorder. Northborough, Mass.
ence. On Vanuatu, Port Vila and Fiji, I
ecute minor crimes leads to a larger culture of That message should have been delivered saw “China Aid” posters in all the ma-
disorder and lawlessness. That policing strat- with New York City Mayor Eric Adams’s victory jor cities, with pictures of the bridges,
egy worked wonders in New York and other cit- last November on an anti-crime platform. But roads and hospitals that China was
Pepper ...
ies in the 1990s and 2000s, but progressives Mr. Adams has met resistance from progres- funding or building. And Salt
dismissed it as crime rates fell and voters be- sives in Albany, the City Council, and the local Taxicab and bus drivers in these
THE WALL STREET JOURNAL
came complacent. district attorney’s offices. Crime continues to island nations were happy to tell us
everything China was doing for their
Mr. Boudin blamed “right-wing billionaires” rise and shootings on subways and random vio-
countries. I saw nothing that the U.S.
for his defeat, which is amusing since he and lence on the streets have the city on edge. A Si- was doing to compete. It is time for
other left-wing prosecutors in New York, Phila- ena College poll this week found the mayor’s ap- Americans to wake up to the threat.
delphia and elsewhere were elected with the proval rating has fallen to 29%. DOUGLAS KIRBY
help of billionaire George Soros. Voters are If voters want safer streets, their only re- Davie, Fla.
merely catching up with the harsh reality of course is the ballot box. The think tanks, unions
what progressive policies have wrought. This and big-city newspapers that make up the pro-
Letters intended for publication should
is what always happens when the left domi- gressive vanguard won’t admit that their ideas be emailed to wsj.ltrs@wsj.com. Please
nates the Democratic Party and takes power, have failed. And they won’t change policies un- include your city, state and telephone
but voters have had to re-learn that lesson the til they lose power. California voters sent the number. All letters are subject to
hard way. right message on Tuesday, but repetition will editing, and unpublished letters cannot “I’m not worried. He’ll never
be acknowledged.
Voters in L.A. also delivered a shock to pro- be necessary in November. get past my secretary.”

THE WALL STREET JOURNAL.
Communism Still Haunts Russia
By Robert D. Kaplan
C
ommentary magazine pub-
lished one of the most im-
portant essays of the 20th
century in November 1979:
“Dictatorships and Double
Standards” by Jeane J. Kirkpatrick,
who would go on to become Presi-
dent Reagan’s ambassador to the
United Nations. Right-wing authori-
tarian regimes, she explained, con-
trolled only the levers of power and
thus didn’t tamper with the “habitual
rhythms” of traditional societies; nor
were they bent on revolution. Thus,
they left their countries intact. Com-
munist systems and ideology sought
to remake societies, claiming “juris-
diction over the whole life” of their
peoples, and therefore destroyed
them utterly from top to bottom for
decades to come.
Though Kirkpatrick’s focus was
communist regimes in the Third
World, no better example of this can
be found than Russia, a superficially
Europeanized society that sustained
more than 70 years of communism.
Putin’s tyranny followed
organically from the
decade of anarchy kicked
off by the Soviet collapse.
When the Soviet system finally col-
lapsed in 1991, the result was not
stability but a decade of near-anar-
chy. With such an inheritance,
Vladimir Putin’s tyranny followed
organically.
Mr. Putin has been described accu-
rately as a fascist, owing to his cult
of personality and ferocious ultra-
nationalist assault on Ukraine. But as
the extreme right and extreme left
have always shared uncanny resem-
Student Debt Forgiveness Makes My Grandson a Chump
By Blake Hurst
M
Tarkio, Mo.
y grandson Aaron is 18 and
preparing to enter college
this fall. He has been a defen-
sive end of some skill, a pitcher on his
high-school baseball team, a trumpet
player and a thespian. He was saluta-
torian of his high school class.
He’s also a chump.
His mom tells me that she and her
husband have saved enough money to
pay four years of out-of-state tuition
at one of the top agricultural engi-
neering schools in the nation, Iowa
State University. According to Aaron,
it’s like the Massachusetts Institute
of Technology but for tractors.
Aaron has raised pigs since he was
9, showing them at the county fair
and selling meat to friends and
neighbors. He has spent a lot of time
scooping hog manure and thawing
out frozen porcine drinking fountains
and developed entrepreneurial skills
along the way. On snowy days, while
his classmates slept in, he and his
sister walked the streets of our town,
armed with nothing but a smile and
a shovel, going door to door offering
to clear sidewalks for whatever
homeowners would pay. More than a
few were generous, but not all.
He has worked in our family’s
greenhouse, operating everything
from a forklift to a garden hose. It’s
not an exaggeration to say he, his
siblings and his cousins saved our
business during the pandemic by re-
placing the employees we lost to
Covid restrictions in early 2020.
While the learning he missed when
school was closed during the spring
might prove costly as he tackles col-
lege calculus and physics, the lessons
he learned from replacing a worker
50 years his senior will be invaluable.
This summer he’s working con-
struction, helping build a house. He’s
also picking up extra hours by help-
ing out at a fireworks stand. We’re a
border county, neighboring two
states with stricter laws governing
explosives, and fireworks stands are
a big business here. I asked Aaron
what he did there. He says he lifts
heavy boxes and moves them from
one place to another.
Heavy boxes, deep snow, hog ma-
nure. The path to financial responsi-
bility and adulthood is filled with un-
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* * * *
blances in their methods of control
and demonization of enemies, it is
also true that Mr. Putin has been So-
viet in his style of rule. He has
amassed more personal power than
any Russian since Joseph Stalin.
Many were naive when the Soviet
Union collapsed in 1991, thinking
communism was consigned to an ir-
recoverable past. The past three de-
cades have proved to be a mere false
start for Russia because the prob-
lems of communism are still with us.
The Russian Revolution wasn’t preor-
dained. It was a matter of many ten-
uous and contingent factors. Had
Czar Nicholas II remained in power,
Russia would likely have evolved into
an imperfect constitutional monar-
chy, not the murderous monstrosity
of the past 100 years. To channel
Kirkpatrick again, the right-wing op-
tion clearly would have done much
less damage to Russia than the left-
wing one has.
Nothing reveals Mr. Putin’s Soviet
inheritance better than the structure
and performance of the Russian army
pleasant, some may say demeaning,
tasks. But these tasks are essential to
developing responsible and produc-
tive citizens.
Or at least they used to be.
Sen. Elizabeth Warren and Major-
ity Leader Chuck Schumer support a
plan to forgive as much as $50,000 in
student loans per borrower, and ac-
cording to the Washington Post, the
Biden administration is preparing to
announce a plan that would forgive
$10,000 in loans, phasing out that
gift at $150,000 in income for a tax-
payer filing individually and
$300,000 for a couple filing jointly.
Meanwhile the interesting question—
whether the president actually has
the power to cancel, in the case of
the Warren plan, up to $1 trillion in
debt—is hardly mentioned.
Aaron and his parents have
worked for years to pay for his col-
lege education, which seems both
admirable and foolish. Clearly a
better strategy would be to borrow
as much as possible and let taxpay-
ers foot the bill. The pressure on
the next president to continue col-
lege-debt forgiveness will be im-
mense, and such forgiveness could
Why Energy Companies Won’t Produce
By Wayne Stoltenberg
And Merrill Matthews
P
resident Biden has urged oil
and natural-gas companies to
ramp up production, and you’d
think, given the current high prices,
that it would be in their interest to
do so. But the industry has been
slow to respond, with some justifica-
tion. Companies expect that as soon
as the current turmoil subsides, the
Biden administration will shift back
to hostile rhetoric, anti-energy legis-
lative proposals, and oppositional
regulatory policies.
Oil and gas prices on the New
York Mercantile Exchange are at
five-year highs. But many publicly
traded producers are pursuing a
strategy that looks like “orderly liq-
uidation”—only maintaining or
modestly increasing production vol-
umes. Meanwhile, they are return-
ing significant cash to shareholders
in dividends and share repurchases.
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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Chief People Officer; Frank Filippo, EVP, Business
Information & Services; Robert Hayes, Chief
Business Officer, New Ventures;
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OPINION
DAVID KLEIN
in the Ukraine war. Several years of
embedding with U.S. ground forces
taught me that a Western army is
built around its noncommissioned-of-
ficer corps: the various sergeants and
corporals who impose pride and disci-
pline on the troops. The Russian mili-
tary that Mr. Putin sent into Ukraine
barely had an NCO corps. That didn’t
matter much for the mercenaries and
special-forces units that had fought
Mr. Putin’s small wars.
But with the large conventional
Russian force in Ukraine, the absence
of a strong and competent NCO corps
has been decisive. This is why so
many Russian generals have been
killed: Rather than remain in the rear
directing large-scale movements as in
a Western army, they have been de-
ployed at the front and are therefore
vulnerable. An army that is the prod-
uct of Western democracy decentral-
izes decision making down through
the ranks. An army that is the prod-
uct of a Soviet system does not.
A post-Putin Russia is by no
means imminent. The West will need
become permanent, like other gov-
ernment programs that began as
temporary measures, such as in-
come-tax withholding during World
War II and many emergency farm-
subsidy programs.
He’s 18 and working two
jobs to help pay for college.
He could have taken out
loans at taxpayer expense.
Opponents of the plan claim that
the majority of the benefits would go
to the middle class and worry that a
$10,000 cash infusion for millions of
borrowers would add to America’s in-
flation problem. Supporters back
helping those burdened by college
debt, pointing out that the decision
to borrow the money was made when
they were young and didn’t grasp the
challenges of repaying thousands of
dollars of college debt with entry-
level jobs.
Forgiving student loans would no
doubt anger those who have already
Devon Energy recently issued
guidance for 2022 that refers to
capital spending in the range of $1.9
billion to $2.2 billion on new-well
drilling and completing activity, and
a production target of 570 thousand
to 600 thousand barrels of oil
equivalent a day. That’s a modest
increase in capital spending, from
$1.85 billion in 2021, and a modest
decrease in production, from 611
thousand in the fourth quarter of
2021. Devon also anticipates in-
creased cash returns to sharehold-
ers for 2022.
Like many in the industry, Devon
obviously believes it’s better to re-
turn capital to its shareholders
than to reinvest in the business.
The reason is the left’s incessant
demonizing of the fossil-fuel indus-
try, leading to near pariah status,
which has succeeded in driving cap-
ital away from the industry. Small
and midsize producers rely more on
outside capital than larger compa-
nies such as Exxon to increase their
production.
Last September, 20 House Demo-
crats introduced the Fossil Free Fi-
nance Act, which would require the
Federal Reserve Bank to take steps
to stop banks from investing in fos-
sil-fuel production. The bill’s goal
was “no financing of new or ex-
panded fossil fuel projects after
2022,” the Naderite group Public
Citizen noted approvingly.
Then there’s the harping about
excessive profits, which led Sen.
Elizabeth Warren to propose a new
tax. “The oil companies need to un-
derstand that the benefits of price
gouging will be sharply undercut by
a tax that’s not across the board,
but instead is a tax on how their
profits increase during this short-
term crisis,” she declaimed.
to be patient and understanding.
Kirkpatrick was herself cautious
about imposing democracy on societ-
ies that had little experience of it. “In
Britain, the road from the Magna
Carta to the Act of Settlement, to the
great Reform Bills of 1832, 1867, and
1885, took seven centuries to tra-
verse,” she wrote. As for American
history, it “gives no better grounds
for believing that democracy comes
easily, quickly, or for the asking.”
Daniel Patrick Moynihan reminded
us that the central conservative truth
is that culture, not politics, deter-
mines a society’s success. Russian
culture remains the victim of a de-
cadeslong revolutionary left-wing re-
gime followed by a Putinesque varia-
tion. The army’s rot is reflective of
dark forces in Russian society and
politics at large—forces that would
likely reveal themselves in the event
of a power vacuum.
If Mr. Putin’s military defeat in
Ukraine does ultimately lead to un-
rest in Moscow, the drama will only
heighten. A post-Putin Russia will
continue to be Europe’s greatest geo-
political challenge, and so we should
be wary about quick fixes in Russian
society or politics.
But because Russian bestiality in
Ukraine is in part the end result of a
century of ideology, it follows that a
break from ideology offers the best
hope for the future. A day may yet
come when the West will have to
help Russia. Kirkpatrick, ever the
hopeful realist, ended her essay thus:
“Liberal idealism need not be identi-
cal with masochism, and need not be
incompatible with the defense of
freedom and the national interest.”
Mr. Kaplan holds a chair in geo-
politics at the Foreign Policy Re-
search Institute. His most recent
book is “Adriatic: A Concert of Civili-
zations at the End of the Modern
Age.”
paid theirs off, and it wouldn’t be
popular with people who didn’t at-
tend college at all. But erasing stu-
dent debt wouldn’t change the finan-
cial lives of many adults.
For Aaron and students like him,
the game would change. For some,
work is its own reward. But if stu-
dents expect their debt to be forgiven,
it makes little sense to take an after-
school job or enter the working world
until after they earn their degree.
Aaron’s job at the fireworks stand
will end on July 4, but his construc-
tion job will last until he enters col-
lege in the fall. He will continue to
show up for work, lifting heavy boxes
until July 4 and laying insulation in
an attic during the hot Missouri sum-
mer. But if the administration goes
ahead with its plans, a large part of
the work Aaron has done will have
been for naught. The funds from for-
given loans could have replaced the
money he earned through hard work.
At 18, he may not comprehend the
value of work, but he’ll certainly get
that he’s been played for a fool.
Mr. Hurst is a corn, soybean and
greenhouse farmer.
There was a time when most peo-
ple understood that if you want less
of something, tax it, and if you want
more, subsidize it. Even though
Democrats’ more radical legislation
is unlikely to pass, the message to
participants in the highly regulated
financial markets is clear: We want
to see less, not more, capital flow-
ing to domestic oil and gas produc-
tion.
They expect the war on
fossil fuels to resume when
the current crisis ends.
Unsurprisingly, many larger intu-
itional investors have heard the
message and are touting their sup-
port for clean energy and opposi-
tion to fossil-fuel production.
Oil and gas producers are subject
to many of the same supply-chain
roadblocks and price increases that
hinder other industries. If they can’t
find willing long-term capital pro-
viders, it is difficult for them to
ramp up production. And they can’t
find that funding primarily because
they’ve been the target of a multi-
year mission to defund and destroy
the industry.
If investors and producers are
acting as though they don’t hear the
current administration’s demands
for more drilling now, it’s in large
part because they heard their con-
demnations for drilling in the past.
Mr. Stoltenberg, a former execu-
tive vice president and chief finan-
cial officer of Vine Energy Inc., is
chairman of the Dallas-based Insti-
tute for Policy Innovation. Mr. Mat-
thews is a resident scholar with IPI.
.
Thursday, June 9, 2022 | A19
Abortion,
Guns and the
‘Throwaway
Culture’
By Timothy Dolan
L
ike so many others, I am heart-
broken by the senseless gun vi-
olence that has taken the lives
of innocent victims in recent weeks.
The loss is immeasurable. Americans
of all political stripes are grieving
and crying out to God to ask when
our beloved nation will restore its re-
spect for human life.
Unfortunately, our political system
appears to be broken, as Republicans
and Democrats operate in silos and
see more political benefit in intransi-
gence than consensus. The result is
that both parties reject policies that
would fortify what St. John Paul II
referred to as a culture of life and in-
stead embrace what Pope Francis has
called a throwaway culture that ex-
tends even to human beings.
Both parties reject policies
that would fortify what St.
John Paul II referred to as
a ‘culture of life.’
Among Republicans, we see it in
the refusal to consider even widely
popular proposals that would help to
increase gun safety. Among Demo-
crats, we see it in the frantic drive to
expand abortion, even in states
where it would be impossible to ex-
pand it further.
Take my state, New York. Lawmak-
ers in Albany recently scurried to
pass a package of bills designed to in-
crease the practice of abortion. These
proposals extended virtually no sup-
port to scared and overwhelmed
pregnant women who might seek al-
ternatives to abortion, if only they
knew they existed. Never mind that,
though. With the Supreme Court
poised to render a decision that could
allow states to protect helpless hu-
man lives in the womb, New York
lawmakers saw a political opportu-
nity. They have stampeded to make
the state an abortion “sanctuary.”
They’ve passed measures to shield
abortionists from liability and to en-
courage women from other states to
come here to terminate the lives of
their children. Gov. Kathy Hochul has
unilaterally allocated millions of tax-
payer dollars to abortion facilities to
welcome out-of-state women.
What’s next? Will they add abor-
tion clinics to the “I Love NY” tour-
ism guide, alongside craft breweries
and weekend getaway destinations?
Would anyone be surprised if they
did?
It gets worse. In addition to these
new laws encouraging abortion, the
Legislature also passed a measure
designed to eliminate pro-life op-
tions. That bill, now awaiting the
governor’s signature, would require
the state health commissioner to
“study” pro-life pregnancy centers,
which exist to give women in crisis
pregnancies a real alternative to
abortion. The goal is to intimidate
these wonderful organizations into
shutting down.
This is a complete rejection of the
“choice” that elected representatives
say they support. Where is the choice
for the frightened young pregnant
mom, usually African-American or
Latina, who desperately wants to
keep her baby but is having trouble
paying her rent, putting food on the
table, and filling her gas tank? Where
is her sanctuary? Will the only an-
swer for her be to destroy her off-
spring? And where is the sanctuary
for the helpless baby in her womb,
which should be the safest place
around? Can’t it be a “both and”
rather than an “either or” when it
comes to a mother and her baby? Ac-
cording to our state’s elected Demo-
crats, the answer appears to be no.
Republicans share the political
blame. Toward the end of the legisla-
tive session, New York’s elected Re-
publicans opposed a raft of important
new gun-safety laws, which passed
anyway, promising to increase the le-
gal age to purchase semiautomatic ri-
fles and strengthen the state’s red-
flag law. My brother bishops and I
were happy to support these impor-
tant initiatives, all intended to save
lives, just as we firmly opposed the
new abortion laws.
How will it be possible to sustain a
culture of nonviolence and safety
when one party continues to applaud
and promote the killing of defense-
less babies in the womb and the
other practically deifies firearms and
rejects even the most common-sense
regulations on them?
The prospects look bleak, but I’m
in the business of hope. I ask New
Yorkers of every faith to join me in
prayer that our lawmakers will take
seriously their responsibility to pro-
tect and defend human life.
Cardinal Dolan is Archbishop of
New York.
 .

A20 | Thursday, June 9, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS
U.N. Nuclear Watchdog Rebukes Iran
Tehran turns off probe into undeclared nuclear over the past 15 months to
material found in Iran. Russia avoid damaging talks with Iran
monitoring cameras, and China opposed the resolu- in Vienna on reviving the nu-
warns of installation tion and India was one of the clear deal. However, those dis-
three countries that abstained. cussions have hit a stalemate.
of more centrifuges Ahead of the vote, Iran’s Iranian Foreign Minister
atomic energy agency said it Hossein Amir-Abdollahian said
BY LAURENCE NORMAN was shutting off cameras at Iran sent messages to Washing-

IRANIAN PRESIDENCY/AGENCE FRANCE-PRESSE/GETTY IMAGES

sites that were under IAEA ton in the days ahead of the
BERLIN—The United Na- monitoring as part of the 2015 resolution laying out a way for-
tions atomic agency’s board nuclear deal. No details were ward for possible discussions
overwhelmingly passed a reso- given. Iranian media said two on the nuclear deal and other
lution rebuking Iran for failing cameras at one site were shut issues. A Western diplomat in-
to cooperate with an agency off. volved in the talks confirmed
investigation, as Tehran said it “US-E3 put their short- the outreach but described it as
had turned off some cameras sighted agenda ahead of non-substantive.
monitoring nuclear-related ac- IAEA’s credibility by pushing a The removal of the cameras
tivities and warned of further miscalculated & ill-advised will impede the agency’s over-
action in its nuclear program. Resolution,” said Foreign Min- sight of Iran’s activities, but
In a statement after the istry spokesman Saeed Khati- Tehran has since early 2021
resolution passed, Tehran said bzadeh on Twitter, referring to refused to hand over footage
it also would install hundreds the U.S. and the three Euro- from IAEA cameras installed
of advanced centrifuges at its pean countries of Britain, at some of its sites.
Natanz underground site, sig- France and Germany. “The ini- Iran’s announcement that it
nificantly increasing its future tiators are responsible for the Iranian President Ebrahim Raisi, second from right, with an Iranian official at a nuclear-technology planned to add two cascades
uranium-enrichment capabili- consequences. Iran’s response exposition in Tehran, in a picture provided in April by the Iranian presidency. of its most advanced IR-6 cen-
ties and posing a fresh threat is firm & proportionate.” trifuges at Natanz—potentially
to the already slim chances of The IAEA has been seeking was used for and where it is “Iran’s insufficient coopera- The IAEA censure resolu- more than 300 machines—is
reviving the 2015 nuclear deal. Iran’s answers for three years now, despite repeated prom- tion…requires us all to act,” tion was the first against Iran significant.
The foreign ministry said about undeclared nuclear ma- ises of cooperation from Teh- U.S. Ambassador to the IAEA since June 2020 over Tehran’s The agency also confirmed
other steps could follow. terial in Iran that many ex- ran. The IAEA said in its re- Laura Holgate said in Wednes- alleged lack of cooperation Iran was now installing a third
The nuclear agreement lifted perts believe is related to nu- port that Iran had “not day’s debate. “If accurate, re- with the agency’s probe. In cascade of IR-6s there, which
most international sanctions on clear-weapons work Iran provided explanations that are ports that Iran plans to reduce theory, IAEA member states Tehran had already threatened
Iran in exchange for strict but carried out many years ago. technically credible.” transparency in response to could escalate the matter to to do.
temporary limits on its nuclear Tehran has always denied it Iran rejected the agency’s this resolution are extremely the U.N. Security Council, Iran has already installed
activities. The U.S. left the pact worked on nuclear weapons report, calling it an unfair ac- regrettable and counterpro- which could take measures around 2,000 advanced centri-
in 2018 and reimposed sweep- and said its endeavors were count of its discussions with ductive to the diplomatic out- against Iran. fuges for producing enriched
ing sanctions on Iran. purely peaceful. the agency. come we seek.” Given Russia’s and China’s uranium prohibited under the
The IAEA’s board voted 30 The IAEA reported in late Iran had wanted the agency The resolution calls on Iran opposition to the resolution, nuclear deal.
in favor, two against and three May that Iran had continued to end its probe by June ahead to act “on an urgent basis to action at the Security Council However, the moves Iran
abstentions on the resolution not to answer its questions of any eventual restoration of fulfill its legal obligations” un- seems unlikely. announced Wednesday fall
criticizing Iran for failing to about the nuclear material and a nuclear deal. That now looks der international nonprolifera- Europe and the U.S. have short of steps that could have
cooperate with an agency related equipment, what it impossible. tion rules. backed off previous resolutions created an immediate crisis.

Brazil Tests Cutting-Edge Farm Solutions Biden

BY VINOD SREEHARSHA
AND SAMANTHA PEARSON
Lays Out
BRAZLÂNDIA, Brazil—Bra-
zil is rushing to roll out high-
Americas
tech alternatives to fertilizer
as global prices surge, exacer-
bated by Russia’s war in
Agenda
Ukraine. BY TARINI PARTI
Drones fitted with cameras
hover over centuries-old LOS ANGELES—President
farms, allowing farmers to use Biden on Wednesday ad-
fertilizer only where it is re- dressed a regional summit
ally needed, while nearby lab- that has seen its roster scram-
oratories use the same lasers bled by boycotts from some
employed by NASA on Mars to leaders, including Mexican
perform soil analysis in sec- President Andrés Manuel Ló-
onds. Special white gels hold pez Obrador, who wanted the
nutrients in place near plant U.S. to include autocratic
roots with minute precision, countries at the gathering.
DADO GALDIERI FOR THE WALL STREET JOURNAL

preventing waste, and scien- Mr. Biden is hosting the

tists at Brazil’s state research Summit of the Americas—
agency, Embrapa, are helping which is focused on economic,
the poorest farmers to trans- climate and migration issues—
form their own feces into fer- for three days. He laid out an
tilizer using microbes from economic-recovery agenda fol-
cow intestines. lowing the pandemic, which he
Even before Russia invaded said aims to include mobiliz-
Ukraine in February, Brazil ing investments in the region,
had been testing a variety of making supply chains more re-
high-tech solutions to boost silient and pushing for more
productivity and reduce the clean-energy jobs and more-
country’s chronic dependence A scientist pours biofertilizer on a nanoparticle gel at a field laboratory of Brazil’s state research agency, Embrapa. inclusive trade relations.
on imported fertilizers. With The president also called
global supplies now scant, partnership with Drop Agricul- photosynthesis and nutrient The product may also help culture is also researching nan- for changes to the Inter-Amer-
these solutions are attracting tura, a Brazilian company de- absorption, allowing farmers to farmers maintain production otechnology to cut fertilizer ican Development Bank to sup-
avid interest, both inside and veloping an alternative to ni- boost production without the while reducing fertilizer. Em- waste, while the India Farmers port more access to private
outside Brazil. trogen. In March, Yamaha need for extra fertilizer. brapa, the state research Fertiliser Cooperative Ltd. has capital for countries in the re-
“All the major agribusiness Motor Co. invested in Arpac, a Now, the nanoparticle liq- agency, said its preliminary developed Nano Urea Liquid, a gion.
multinationals are now coming Brazilian provider of agricul- uid, called Arboline, is rapidly data showed that Arboline al- nitrogen substitute developed “By working with close
into Brazil because of the in- tural-drone technology. gaining traction across farms lowed production to remain with nanoparticles. friends who share our values,
novation they see taking Brazil, which produces 10% and investor boardrooms. steady with 10% to 30% less About 500 miles south of we can make sure that we are
place,” said Bob Morris, an of the world’s food, drew $1.3 The brainchild of University fertilizer. Experts said more Brazlândia, at an Embrapa ex- not left vulnerable to unex-
American agronomist and billion in agricultural-technol- of Brasília professor Marcelo data is needed. perimental farm, Adriel Borto- pected shocks while generat-
president of AndMore Associ- ogy investment last year, rank- Oliveira Rodrigues and devel- Brazilian tech firms work- lin, a 34-year-old chemist, has ing economic opportunity for
ates, LLC, a Washington, D.C.- ing sixth in the world, accord- oped in partnership with Em- ing to cut fertilizer use have been carrying out final tests the people in our region,” Mr.
based consulting firm. ing to AgFunder, an investment brapa, Arboline hit the market already teamed up with com- on Fertgel, a product he devel- Biden said.
The technologies being de- and research firm. in 2021 and has been spread panies in the U.S., the U.K. and oped with Embrapa that will Negotiations around the de-
veloped in Brazil have the po- Here in this dusty savanna, across about 150,000 acres of Norway, and the U.S. Forest go on sale this year. Using tails of those economic issues
tential “to significantly impact Carime Rodrigues’s father Brazilian farmland. Service has said it will test Ar- nanotechnology, he created a will take place in the next few
fertilizer efficiency globally,” wasn’t impressed when she Krilltech, the firm that Prof. boline for reforestation proj- hydrogel similar to that used months, starting with like-
he added. told him she had no intention Rodrigues co-founded to pro- ects in California trials later in diapers, but even more ab- minded trading partners in the
Last month, U.S.-based Mo- of roughing it on the family duce Arboline, said that until this year. sorbent. Every gram can retain region, a senior administration
saic Co., a large producer of farm and was off to study this year most farmers used In the U.S., companies such at least a cup of water, which official said.
potash and phosphate fertil- chemistry at college instead. the product to boost produc- as Pivot Bio, Kula Bio and Fergel slowly releases around In the days leading up to
izer, invested in Gênica, a firm Teaming up with a professor, tion while applying their usual Anuvia have found some suc- a plant’s roots, allowing crops the summit, controversy over
from São Paulo that uses mi- Ms. Rodrigues, now 26, spent amounts of fertilizer. Company cess among farmers and inves- to prosper during droughts. A the guest list overshadowed
crobes to boost plant the following years inside a lab data so far showed that pro- tors over recent months by recipe of nitrogen, phosphorus the administration’s policy
growth. Yara International developing nanoparticles—par- duction rose by 21% for soy harnessing microbes to re- and potassium can be added to agenda. The Biden administra-
ASA, a Norwegian chemical ticles so small they are seem- crops and as much as 50% for place traditional fertilizers. the gel, keeping nutrients tion said Monday it would ex-
company, recently signed a ingly invisible—to speed up some vegetables. The U.S. Department of Agri- close to the roots. clude Cuba, Nicaragua and
Venezuela because of U.S. con-

WORLD WATCH
cerns over human rights and
lack of democratic institutions
in those countries, prompting
some leaders in the region to
JAPAN dollars to pay for it. GERMANY storefront of a drug and per- that Beijing plans to establish a back out.
In a speech Monday, Bank of fume store. naval outpost there. Mr. López Obrador con-
Official Apologizes Japan Gov. Haruhiko Kuroda One Killed as Car The car struck and killed a The comments came at a firmed Monday he wouldn’t
For Inflation Remark pointed to data suggesting Japa- Plows Into Crowd schoolteacher from Bad Arolsen ceremony on Wednesday mark- attend and is instead sending
nese consumers have developed in the western state of Hesse, ing the start of new China- his foreign minister. The Mexi-
The Japanese central bank’s more tolerance for price rises. He A man was detained after who was visiting Berlin with a funded construction at Ream can leader is expected to visit
governor apologized Wednesday seemed to welcome the trend as driving a car into a crowd in group of students, police and Naval Base that was attended the White House in July, ad-
for a comment suggesting he a sign the nation was getting downtown Berlin on Wednesday, city officials said. by senior Cambodian military ministration officials said. The
liked the way consumers were go- away from a decadeslong defla- leaving at least one person dead The driver is a 29-year-old and defense officials as well as leaders of Bolivia, Guatemala,
ing along with higher prices, high- tionary mind-set that the central and several wounded, police said. German-Armenian resident of China’s ambassador to Cambo- El Salvador, Honduras and St.
lighting the political sensitivities of bank has blamed for keeping the A spokesman for Berlin’s po- Berlin, the police said. dia. Over two years, Chinese Vincent and the Grenadines
the yen’s fall to a 20-year low. economy in the doldrums. lice said it was too early to deter- —William Boston firms and technical experts from also said they wouldn’t at-
The yen touched 134 yen to But with parliamentary elec- mine whether the crash was an China’s military will build and tend—meaning the leaders of
the dollar Wednesday, the low- tions coming up in July, opposi- accident or a deliberate attack. CAMBODIA renovate a number of structures, the countries that have been
est level since February 2002. tion parties seized on the com- The incident took place in a said Gen. Chau Phirun, director- the largest source of asylum-
The yen’s value in dollar terms ments to accuse Mr. Kuroda of busy shopping area in western Beijing to Help general of the Cambodian De- seeking migrants over the past
has fallen 16% since the begin- cheering on high inflation. A Berlin, close to the site of a Upgrade Naval Base fense Ministry’s material and decade won’t be in attendance.
ning of the year, accelerating in- Twitter hashtag that translates 2016 terrorist attack that left 13 technical-services department. Brazilian President Jair Bol-
flationary pressures because it as “we do not accept higher people dead and dozens injured. China will help Cambodia ex- The project “doesn’t serve sonaro had threatened not to
takes more yen to buy imported prices” was trending. Berlin police said the man pand and upgrade a naval base any interests which are a threat go but later opted in.
goods denominated in dollars. Summoned to a parliamen- drove a silver Renault compact in the Southeast Asian country, to neighboring countries or in —Michelle Hackman,
Energy is a particular concern tary committee, Mr. Kuroda is- car into a crowd of pedestrians, officials from both nations said, the region,” Gen. Chau said. Siobhan Hughes
because Japan imports almost sued an apology. then drove on to the next block heightening concerns U.S. offi- —Niharika Mandhana and José de Córdoba
all of its oil and gas and needs —Megumi Fujikawa where it crashed into the glass cials have expressed for years and Sun Narin contributed to this article.

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4115.77 g 1.08% S&P FIN g 1.70%
Spirit Postpones Frontier Vote
Airline wants more
time to consider
competing takeover
bid from JetBlue
BY ALISON SIDER
AND DEAN SEAL
Spirit Airlines Inc. post-
poned a planned stockholder
meeting on its proposed
merger with Frontier Group
Holdings Inc. as it weighs a
competing bid from JetBlue
Airways Corp.
Spirit on Wednesday said it
would push back the meeting
scheduled for Friday to June
30 so it can take more time to
talk with both bidders and
with its shareholders.
Spirit has been pushing
CAITLIN O’HARA/REUTERS; JAMIE KELTER DAVIS/BLOOMBERG NEWS
Lucid CEO Peter Rawlinson, left, has received full access to some of his stock-based pay; Rivian’s RJ Scaringe, right, can’t start to get full title until early 2027.
Lucid, Rivian Stock Awards Lift CEO Pay
BY THEO FRANCIS
The chief executives of elec-
tric-vehicle startups Lucid
Group Inc. and Rivian Auto-
motive Inc. each received pay
packages last year valued at
over $400 million, as both
companies raced to public
markets and increased produc-
tion in the growing EV market.
Equity accounted for the
bulk of the nearly $566 million
in compensation for Lucid CEO
Peter Rawlinson and $422 mil-
lion for Rivian chief RJ Scar-
inge. The reported pay is a
steep raise from 2020 and re-
flects, in part, the companies’
ambitions for growth. What
executives ultimately receive
will rise or fall with the com-
panies’ stock prices, and some
of the equity awards could ex-
pire worthless if targets aren’t
met or they depart.
One key difference between
the companies is how soon
INSIDE
BLOOMBERG NEWS
BUSINESS NEWS
Hasbro fends off a
challenge from an
activist seeking a
spinoff. B3
BLOOMBERG NEWS
MARKETS
Shares of oil giant
Exxon hit their first
record close in eight
years. B11
TECHNOLOGY: SPOTIFY LAYS OUT AMBITIONS B4
S&P IT g 1.11%
* * * * **
ahead with the sale to Fron-
tier, a rival low-cost carrier,
which agreed in February to
buy Spirit in a cash-and-stock
deal originally valued at $2.9
billion.
The delayed vote comes as
JetBlue has made an aggres-
sive push to persuade Spirit
investors to reject the Frontier
merger.
Both bidders have added or
increased breakup fees they
would pay to Spirit if regula-
tors block the deal, as they
seek to persuade investors and
the advisory firms many of
them count on to guide deci-
sions in these matters.
Frontier had hoped that
adding a $250 million reverse
termination fee would help
persuade Institutional Share-
holder Services Inc. to reverse
What the heads of electric-vehicle companies Lucid and Rivian were paid last year
Peter Rawlinson, Lucid Group CEO
$2.9 million in cash
$556M in stock
$284M
STOCK OR OPTIONS BASED ON TIME BASED ON PERFORMANCE
$77M
About 19% of the 14 million About 87% of the 16 million
shares vested in December shares vested with stock price
2021, March and June 2022. run-up through early this year.
*Other for Mr. Rawlinson consists mostly of discounts on preferred shares purchased in April 2021
Note: vested figures are estimates based on securities disclosures and share prices at the time of vesting.
Source: SEC
their leaders can generate cash
from the equity awards. Mr.
Rawlinson has already re-
ceived full access to some of
his stock-based pay, shares
now valued at about $300 mil-
lion, while Mr. Scaringe can’t
Chinese Internet Shares
Soar on Release of Games
BY RAFFAELE HUANG
AND CAO LI
Chinese internet stocks
jumped to a three-month high
after regulators in China
cleared dozens of videogames
for release, a move investors
welcomed as a new sign that
Beijing is softening its stance
on the technology sector.
Late Tuesday, the country’s
National Press and Publica-
tion Administration said it
Kohl’s Suitor Criticized Over Debt, Property Plans
BY SUZANNE KAPNER
Kohl’s Corp. beat back activ-
ists and is in talks to be sold
for around $8 billion. But its
suitor could bring a new set of
challenges for the department-
store chain.
Franchise Group Inc., which
owns the Vitamin Shoppe, Pet
Supplies Plus and other retail-
ers, said it has entered into a
DJ TRANS g 3.81%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.37%
its original recommendation
that investors reject that deal,
according to people familiar
with the company’s thinking.
JetBlue quickly countered
with a $350 million breakup
fee and a pledge to pay some
of that upfront in a special
dividend.
ISS on Monday reaffirmed
its position that Spirit inves-
tors would be better off reject-
ing the Frontier merger, deter-
mining that JetBlue’s larger
breakup fee tipped the scales.
ISS suggested that investors
might also prefer that Spirit
delay the vote and re-engage
with JetBlue. Glass Lewis &
Co., another such firm, has
backed the Frontier merger.
Swaths of investors vote in
line with proxy advisory firms’
recommendations, making it
RJ Scaringe, Rivian CEO
TOTAL
$6.6 million in other* $566M
$272M
$323M
start to get full title to much
of his equity award until early
2027, when Rivian is scheduled
to begin evaluating perfor-
mance metrics for it.
The size and structure of
both compensation plans re-
had approved 60 videogame
titles. The regulator had given
the green light to a smaller
batch of games in April and
before that hadn’t granted
any approvals since last July.
Shares in Bilibili Inc., a
video and gaming company,
led gains in Hong Kong on
Wednesday, surging 20%. The
city’s Hang Seng Tech Index
advanced 4.8% to close at its
highest level since early
March.
three-week exclusive negotia-
tion period to acquire Kohl’s for
$60 a share. Franchise Group
said it would kick in $1 billion,
but most of the deal will be fi-
nanced by selling Kohl’s real es-
tate.
There are no guarantees the
two sides will reach a deal.
Franchise Group, which
mainly owns franchise busi-
nesses, is smaller than Kohl’s
2–YR. TREAS. yield 2.772%
risky for a company to hold a
vote if it hasn’t won the advi-
sory firms’ support.
Companies typically delay
or cancel a vote to avoid a po-
tential loss and give them a
chance to regroup.
Spirit and Frontier likely
don’t have a path forward
without approval from ISS—
something that likely contrib-
uted to the decision to post-
pone, Daniel McKenzie, an
analyst at Seaport Research
Partners, wrote Wednesday.
JetBlue said Wednesday it
welcomed the development,
calling it a “necessary first
step toward genuine negotia-
tions.”
JetBlue and Frontier both
see Spirit as important to
their ability to grow and go up
against the bigger airlines that
$650,000 in cash $126,197 in other
$421M in options
$89M $152M $181M
MODIFIED
Nothing vested yet
flect the high expectations of
investors and boards in the
race to transition the automo-
tive industry away from vehi-
cles with internal-combustion
engines. The pay packages are
valued at more than 14 times
“Regulatory pressure has
eased,” said Bruce Pang, head
of macro and strategy re-
search at China Renaissance
Securities. He said the new
gaming approvals were an-
other positive signal for the
internet sector and had a
spillover effect onto other
companies including Alibaba
Group Holding Ltd., the e-
commerce giant.
Alibaba’s Hong Kong-listed
Please turn to page B11
with a market capitalization of
about $1.5 billion. The deal
structure that Franchise Group
is proposing—selling real estate
and adding on debt—has
caused problems for other re-
tailers and was seen as contrib-
uting to the bankruptcies of
Mervyn’s LLC, Shopko Corp.
and Toys “R” Us Inc.
Franchise Group didn’t re-
spond to requests for comment.
Thursday, June 9, 2022 | B1
NIKKEI (Midday) 28278.45 À 0.16% See more at WSJ.com/Markets
dominate the industry. Either
deal would create the fifth-
largest U.S. airline.
Spirit has repeatedly re-
jected JetBlue’s advances, say-
ing that even though JetBlue’s
original $3.6 billion bid was
higher than the value of Fron-
tier’s mostly stock offer, it be-
lieves the JetBlue merger
stands little chance of being
approved by antitrust regula-
tors. JetBlue is already fight-
ing a lawsuit from the Justice
Department over a partner-
ship with American Airlines
Group Inc.
JetBlue has said it believes
Spirit is overstating those
risks while playing down regu-
Please turn to page B6
 Heard on Street: Shareholder
capitalism is tested.............. B12
TOTAL
$422M
Ming Li/THE WALL STREET JOURNAL
those of leaders of larger auto
makers such as Ford Motor Co.
and General Motors Co. They
also rank among the biggest
for any CEOs in the Russell
3000 index, according to data
Please turn to page B4
Despite the rally, Chinese internet stocks remain far from peaks.
Kohl’s declined to comment.
Sen. Tammy Baldwin (D.,
Wis.) has opposed the transac-
tion, which involves a major
employer based in her state. “I
continue to urge Kohl’s to re-
ject any offer that dramatically
increases debt, sells off assets,
increases shareholder payouts
at the expense of reinvestment,
or puts Wisconsin workers and
communities at risk by increas-
.
Credit
Suisse
Warns
On Loss,
Capital
BY MARGOT PATRICK
AND CRISTINA ROCA
Credit Suisse Group AG
warned its capital position is
eroding and that it expects an-
other quarterly loss from
weak market conditions and
lower earnings in its invest-
ment bank.
The Swiss bank said invest-
ment banking has been hit by
companies opting not to sell
new stock or bonds in volatile
conditions, wiping out a main
source of revenue. It said the
poor performance will push
the division and the bank
overall to a loss in the second
quarter, for its third consecu-
tive quarterly loss.
The warning of a loss this
quarter is an early sign that
the disruption in financial
markets since Russia invaded
Ukraine is hitting activity
among big international banks.
Credit Suisse stock slid as
much as 7%. It later recovered
and was up for the day after a
Please turn to page B10
Intel
Reassesses
Expenses,
Hiring
BY ROBERT WALL
Intel Corp. is adjusting
some of its near-term spend-
ing plans, joining other tech
companies in reassessing pri-
orities amid global economic
uncertainty.
Intel on Wednesday said
“prioritization in our spending
will help us weather macro-
economic uncertainty, execute
on our strategy and meet our
commitments to custom-
ers, shareholders and employ-
ees.”
As part of its spending ad-
justments, the U.S. semicon-
ductor powerhouse is putting
in place a temporary hiring
freeze at its Client Computing
Group, a person familiar with
the matter said. The unit pro-
vides chips for items such as
laptops that have seen de-
mand disruptions from Covid-
Please turn to page B4
WANG GANG/DDP/ZUMA PRESS
ing the chance of a bank-
ruptcy—and I fear that this
transaction could do all of
those things,” she said.
Kohl’s operates more than
1,100 stores, mostly located in
strip centers. As of January, it
owned 410 locations, leased 517
properties and had ground
leases on an additional 238
stores.
Please turn to page B2

B2 | Thursday, June 9, 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
Abbott Laboratories...A1
Alibaba........................B1
Alta Fox Capital
Management.............B3
Altria...........................A1
Amazon.com...A4,B6,B12
American Airlines.....B12
Ant.............................B11
AstraZeneca................A7
B I
Big Lots.......................B2
Bilibili..........................B1
BioNTech..............A7,B12
Boss Energy..............B11
ByteDance...................A2
C
Cameco......................B11
Campbell Soup
...................... B6,B11,B12
Cap Gemini..................A8
Climeworks ............... B10
Clorox ........................ B12
Coca-Cola.............A1,B12
Credit Suisse.......B1,B11
D McDonald’s..................B3
Deloitte.......................A1
E Microsoft ............... B3,B5
Energy Fuels.............B11
Ernst & Young ............ A1
Exxon Mobil.........A1,B11
F Walt Disney................B5
Ford Motor..................B1
INDEX TO PEOPLE
A Farley, Jim...................B4
Arone, Michael..........B11
B Franke, William...........B6
Bane, Dan....................B3
Barra, Mary.................B4
Benioff, Marc............B10
Bezos, Jeff..................B6
Buffet, Warren ......... B11
C-F
Chao, David...............B11
Clouse, Mark........B6,B12
Christie, Ted..............B12
Cornell, Brian..............B1
Craib, Duncan............B11
Ek, Daniel....................B4
Erickson, Lisa............B11
Target Says Price Cuts Judge Boots Suit Against Ex-ABC Executive
Vital to Moving Goods
BY SARAH NASSAUER
Target Corp. Chief Execu-
tive Brian Cornell made a deci-
sion this week that followed a
familiar pattern in his career:
an abrupt shift that was sec-
ond-guessed by some investors.
He hopes it pays off in the
long run, the way similar
moves have in the past.
Mr. Cornell surprised some
investors on Tuesday when he
said the retailer would report
lower profits this quarter be-
cause it will move to quickly
shed excess inventory due to
shifting buying patterns. The
news came less than three
weeks after Target reported
lower-than-expected profits, in
part due to the cost of manag-
ing bloated inventory. Now the
company will quickly cancel or-
ders or sell products at a dis-
count during the current quar-
ter, eating further into profits,
Mr. Cornell said.
Other retailers with too
much inventory on hand—in-
cluding Walmart Inc., Macy’s
Inc. and Gap Inc.—have said
they would discount some
items and hold on to others to
sell at a seasonally appropriate
moment. “We have to be deci-
sive and get out in front of this
to make sure this doesn’t linger
through the back half of the
year,” Mr. Cornell said.
During its annual share-
holder meeting Wednesday,
Target executives were asked
why the company cut profit
forecasts so quickly after its
earnings announcement.
“While we’ve continued to
see strong traffic and sales
growth since we reported our
first-quarter results we’ve
watched as many competitors
have reported elevated inven-
tory levels,” said Michael Fid-
delke, Target’s chief financial
officer. “As such we announced
yesterday that we are taking a
number of actions to further
right-size our inventory.”
Target shares rose slightly
on Wednesday to close at
$156.70.
Target’s inventory, change
from previous year
50%
40 1Q 2022
$15B
s43%
30
20
10
0 0
–10
FY2020 ’21
Note: Fiscal quarter ended April 30
Frontier........................B1
G
Gap .............................. B2
Novavax.....................B12
Nvidia..........................A1
P
General Motors...........B1 Paladin Energy..........B11
Goldman Sachs...........A1 Pfizer ................... A7,B12
Grab...........................B12 PricewaterhouseCoopers
H .....................................A8
Procter & Gamble.....B12
Hasbro.........................B3
Hearst..........................B5 R
Hershey.....................B12
Rivian Automotive ..... B1
Robinhood...................A1
Intel.............................B1 S
J Sea.............................B12
JetBlue Airways..B1,B12 Shopify........................B4
JPMorgan Chase.........A1 Smartsheet...............B11
K Spirit Airlines......B1,B12
Kellogg.......................B12
Spotify.........................B4
State Street................B1
Kohl's...........................B1
KPMG..........................A8 T demic items such as casual
L Taiwan Semiconductor
Limoneira .................. B11 Manufacturing..........B4
Lucid............................B1 Target..........................B2
Tencent ................ B3,B11
M Teneo...........................A8
Macy's.........................B2 Tesla............................A1
Thoma Bravo.............B10
Meta Platforms...A1,B10 Trader Joe’s.................B3
Moderna...............A7,B12 V misjudged the pace at which
N Virtu Financial............A7
NetEase.....................B11 W
Netflix.......................B12 Walmart......................B2
News Corp...................B5
Nike.............................B3 Western Digital........B11
Liu, Mark.....................B4
Fiddelke, Michael........B2 Lütke, Tobi..................B4
Franke, Bill................B12 M
McKenzie, Daniel........B1
G Metrick, Marc ............. B2
Gates, Bill ................. B10 Mitchell, Adrian..........B2
H Munger, Charlie ........ B11
Hayes, Robin...............B6 Musk, Elon...........B4,B10
Hellman, Charlie.........B4 R that have recently said they are
I-L Ramsden, Jonathan....B2
Iamthongthong, Pruksa Rawlinson, Peter........B1
...................................B11 S on Tuesday said its profit
Icahn, Carl...................B3
Isaac, Grant...............B11
Scaringe, RJ................B1
Ives, Daniel.................B4 W cels orders with vendors and
Kahn, Brian.................B2 Wei, C.C.......................B4
When Mr. Cornell joined
Target, the retailer had strug-
gled with a long streak of
weak sales, in part due to a
data breach that eroded trust
with some shoppers.
Mr. Cornell scrapped an in-
ternational expansion that had
already cost it $4 billion. Tar-
get, he said, would narrow its
focus on the U.S., where it
would concentrate on a handful
of categories such as baby,
fashion and e-commerce. Sales
improved in some quarters,
though overall the chain still
lagged behind some peers.
Among the problems, Mr. Cor-
nell determined: Prices were
too high, and stores needed re-
models.
So in February 2017, on the
day Target announced weak hol-
iday sales, Mr. Cornell outlined
a comeback plan for the U.S.
business. Target, he said, would
spend billions of dollars to re-
furbish stores, use stores as e-
commerce hubs, introduce bet-
ter store brands and cut prices.
The plan largely worked,
then got a big boost from
Covid-19. Comparable sales,
those from stores or digital
channels operating for at least
12 months, have increased each
year since. Shoppers flocked to
new services Target began of-
fering, to buy online and pick
up in store parking lots or re-
ceive home delivery.
Now Mr. Cornell is facing a
new high-wire act as consumer
trends shift again. “We’ve had
some additional time after
earnings to really evaluate the
overall operating environment,”
he said earlier this week. He
said that includes watching
consumers’ behavior as they
face high rates of inflation, and
seeing many other retailers talk
about high inventory levels.
Watch a Video
Scan this code
for a video
about Target’s
plan to draw
new customers.
Comparable store sales,
change from previous year
25%
20
15
10
5 some of its real estate. Hud-
1Q 2022
s3.3%
–5
’22 FY2014 ’16 ’18 ’20
Source: the company
Retail CFOs Wrestle With
Inventory as Hurdles Persist
BY KRISTIN BROUGHTON
AND MARK MAURER
Finance chiefs at major re-
tailers are struggling to fore-
cast quarterly sales as their
companies navigate shipping
delays and face a pullback in
demand for once-popular pan-
clothing and home goods.
After grappling with short-
ages early on during the pan-
demic, companies built up in-
ventory as a buffer to meet
demand as the economy re-
bounded. Some major retailers
consumers would change their
spending habits. Longer lead
times from suppliers, which
have required companies to or-
der several months earlier than
usual, also have made it harder
for retailers to control their in-
ventory within a quarter.
Finance chiefs are respond-
ing by taking steps such as dis-
counting to clear out excess
stock—which is eating into
their companies’ margins—and
relying more on predictive ana-
lytics to manage inventory.
Target Corp. and Macy’s
Inc. are among the retailers
weighed down by excess inven-
tory. Minneapolis-based Target
would drop this year as it can-
offers discounts to clear out
BY JOE FLINT
A New York State Supreme
Court judge has dismissed a
lawsuit against former ABC
News executive Michael Corn
by a producer at the network
who accused him of creating a
hostile work environment, sex-
ual harassment and improper
sexual contact.
In a ruling released Wednes-
day, Judge Barbara Jaffe said
the statute of limitations for
the alleged improper touching
Kohl’s
Suitor
Under Fire
Continued from page B1
Selling and leasing back real
estate appeals to investors be-
cause these transactions bring
an influx of cash. But the leases
sit on a retailer’s books as debt
and the subsequent rent pay-
ments reduce profit margins.
That can place pressure on the
bottom line, particularly if sales
slow.
Neil Saunders, managing di-
rector of research firm Global-
Data PLC, said selling real es-
tate would make Kohl’s
vulnerable to rising rent and
property costs. It could also ex-
pose Kohl’s to potential credit
downgrades, making borrowing
costs more expensive. And with
additional debt to service,
Kohl’s would have less money
to invest in improving its busi-
ness at a time of increasing
competitive pressures.
“Using the real estate to
fund the acquisition will leave
Kohl’s in a weaker position,”
Mr. Saunders said.
Kohl’s argued against a sale-
leaseback of real estate when
activist investor Macellum Cap-
ital Management LLC proposed
the idea as part of its proxy
battle with the retailer this
year.
“The sale leasebacks that
they are demanding are an in-
efficient source of financing
that would negatively impact
margins by adding unnecessary
rent expenses in perpetuity and
risk Kohl’s investment grade
rating,” Kohl’s said at the time.
Sale leasebacks can work,
particularly when they are done
on a smaller scale.
Hudson’s Bay Co., which
owns a chain of Canadian de-
partment stores as well as Saks
Fifth Avenue, created joint ven-
tures with mall owners to hold
son’s Bay has since gone pri-
vate. In a letter to suppliers,
Saks Chief Executive Marc Met-
rick said the company posted
strong sales growth in the most
recent quarter.
’22
Macy’s Inc. resisted pres-
sure from an activist in recent
.
* ***** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
JEENAH MOON/BLOOMBERG NEWS
Macy’s finance chief Adrian Mitchell said understanding consumer demand is key to profit margins.
unwanted goods. year earlier. ease, the company said.
“We didn’t anticipate the Macy’s said it anticipated The retailer uses predictive
abruptness of the change in the decline in demand for cer- analytics to forecast demand
consumer behavior,” said Jona- tain goods that were popular and potential inventory dis-
than Ramsden, CFO of Big Lots early in the pandemic—such ruptions so that it buys the
Inc., which saw excess inven- as casual clothing and home right items and allocates them
tory drag down the company’s goods. “The shift just hap- across its locations, Chief Fi-
results. Net sales sank 15% dur- pened at a quicker pace than nancial Officer Adrian Mitchell
ing the quarter ended April 30 expected,” a spokeswoman said during a May 26 earnings
compared with a year ago, said. call. “We know that our ability
while inventories rose 49%. The Macy’s also received more to maintain margin depends
company posted a net loss of inventory than it anticipated on our understanding of cus-
about $11 million, compared as some of the constraints fac- tomer demand within and
with a $94.6 million profit a ing its supply chain began to across categories,” he said.
in 2015 had expired.
In addition, the judge ruled
that the plaintiff, Kirstyn Craw-
hostile work environment. The
judge said that some of Mr.
Corn’s alleged remarks, “while
pealing the decision.
The suit was filed last year
by Ms. Crawford, who was a
ford, failed to prove Mr. Corn boorish, ill-advised, and inap- producer on ABC’s “Good
fostered a hostile work envi- propriate, do not create a hos- Morning America,” where Mr.
ronment since the alleged 2015 tile work environment, much Corn served as executive pro-
incident. That was a key com- less a continuing violation.” ducer. She alleged Mr. Corn as-
ponent of the plaintiff’s case as Meredith Cavallaro, Mr. saulted her during a 2015 busi-
it would have allowed the al- Corn’s lawyer, said: “We are ness trip to Los Angeles and
leged assault to be considered very pleased the court recog- subsequently created a hostile
during trial despite the timeta- nized the complete lack of work environment and stalled
ble. The judge ruled that the merit to the claims brought her professional career.
incidents cited by Ms. Craw- against Mr. Corn.” Mr. Corn is now the head of
ford didn’t measure up to sex- Ms. Crawford’s lawyer, Milt programming for the cable
ual harassment or fostering a Williams, said she would be ap- news channel NewsNation.
years to spin off its real-estate
holdings and opted for one-
time deals, like selling its men’s
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“When it’s done on a broader
scale, there is a history of this
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Franchise Group CEO Brian
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In May, Kohl’s shareholders
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Perfect for Father's Day.
directors and endorsed the ex-
isting board as the retailer ex-
plored a potential sale. Kohl’s
told investors it was serious
about entertaining offers and
that changing the board could
have disrupted the talks, ac-
cording to people familiar with
the situation.
Several weeks ago, Kohl’s
had indicated to suitors that it
believed the company was
worth at least $70 a share, ac-
cording to some of these peo-
ple. The chain subsequently re-
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 .

THE WALL STREET JOURNAL. * * Thursday, June 9, 2022 | B3

BUSINESS & FINANCE

Hasbro
Defeats
Activist
Challenge
BY CARA LOMBARDO

Hasbro Inc. fended off a

board challenge from an activ-
ist who wanted the toy maker
to explore spinning off one of
its units and making other
changes.
Hasbro said Wednesday
that its shareholders voted for
its 13 directors by a wide mar-
gin, according to preliminary
vote tallies. The activist,
Texas-based Alta Fox Capital
Management LLC, initially
nominated five directors to
Hasbro’s board and later cut
its slate to one nominee.
Alta Fox said while it was
disappointed by the outcome,
it believes that Hasbro’s share-
holders benefited from the

QILAI SHEN/BLOOMBERG NEWS

campaign. The fund owns a
roughly 2.5% stake and had
support from another activist,
Ancora Holdings Inc.
Hasbro shares were little
changed in Wednesday trading.
Pawtucket, R.I.-based Has-
bro, which has a market value
of around $12 billion, owns The sportswear company’s fitness app has been losing ground to its local competitors including Keep, Joyrun and Codoon, which have much larger user numbers.
such brands as Nerf and Mo-

Nike to End Run Club App in China

nopoly. It also holds the rights
for toys based on the popular
children’s show “Peppa Pig.”
A fast-growing part of Has-
bro’s business has been the
Wizards of the Coast and Digi-
tal Gaming unit, which in-
cludes the cult-favorite role-
playing game Dungeons &
Dragons and the card game
Magic: The Gathering. Alta Fox
had urged Hasbro to consider
spinning the unit off, some-
thing that the company re-
jected.
A handful of recent high-
profile activist fights were
won by companies. Kohl’s
Corp. investors rejected an ac-
tivist’s push to overhaul its
board, though the company is
now exploring a sale.
McDonald’s Corp. defeated
Carl Icahn, who ran an un-
usual fight focused on animal
rights at the fast-food chain’s
suppliers.
BY RACHEL LIANG
AND YOKO KUBOTA
Nike Inc. will stop operat-
ing its Nike Run Club app in
China in July, the company
said Wednesday, in the latest
restructuring by American
businesses of digital services
offered in the country.
The app, which was intro-
duced to China in 2010, had
more than eight million regis-
tered users in the mainland,
according to the company. Us-
ers could log exercise records
including routes of outdoor
jogs, when they ran, and how
long they exercised for.
Nike didn’t give a clear rea-
son on why it is halting the
app. On the app, it suggested
that users shift to a Nike mini
app on WeChat, a ubiquitous
Chinese tech platform run by
Tencent Holdings Inc. The
mini-app offers video training
sessions of indoor activities
and records the time users
spend on these sessions.
“We are creating an ecosys-
tem from China for China, spe-
cifically catered to the region’s
unique consumer needs to serve
athletes better,” Nike said.
Nike is one of the biggest
athletic sportswear brands in
China, the world’s biggest con-
sumer market, but has been
struggling to stay competitive
as local sportswear makers
like Anta Sports Products Ltd.
have gained ground on West-
ern brands.
The Greater China market
was the only region in which
Nike’s sales declined year-
over-year in its third quarter
ended in February, the most
recent results available. In the
quarter, sales fell 5% to $2.16
billion in Greater China.
The Nike Run Club is also
losing ground to its local com-
petitors including Keep, Joyrun
and Codoon, which have much
larger user numbers than Nike.
Runtastic, another running app
owned by Adidas, exited from
the China market last year, after
failing to cater to local users.
Meanwhile, Beijing’s tough-
ening rules for businesses, as
well as worsening U.S.-China
ties and China’s stringent pan-
demic-control rules, have
added to headwinds for Amer-
ican companies.
Challenges include China’s
stringent censorship practices,
its law mandating customer
data collected on the mainland
be stored there, as well as its
data-privacy laws, which re-
quire any organization or indi-
vidual handling Chinese citi-
zens’ personal data to
minimize data collection and
to obtain prior consent.
Last year, Microsoft Corp.’s
LinkedIn shut down its social-
media service in China and Ya-
hoo Inc. also pulled out of the
country, both citing an in-
creasingly challenging busi-
ness and legal environment.
This month, Amazon.com
Inc. said it would close its Kin-
dle digital bookstore in China
in a year. Airbnb Inc. plans to
close its domestic business in
China after harsh Covid-19
lockdowns in the country com-
pounded the pain from mount-
ing local competition.
In China, Nike has been in-
vesting in rebuilding consumer
connections through market-
ing campaigns, the company
has said. In November, it com-
pleted a research and develop-
ment center in Shenzhen. Nike
also plans to create new part-
nerships with retailers in the
country, and executives have
said they expect results for its
fiscal fourth quarter, ended in
May, to show improvement.
Nike is set to release its re-
sults for the quarter on June 27.

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BUSINESS NEWS

Spotify Lays Out Ambitions Shopify CEO Gains

Facing skepticism, New Voting Power
streamer says it seeks BY DEAN SEAL
to expand 10-fold and
Shopify Inc. shareholders
reach a billion listeners narrowly approved a measure
to protect the voting power of
BY ANNE STEELE co-founder and Chief Execu-
AND JEFFREY A. TRACHTENBERG tive Tobi Lütke.
About 54% of shareholders
Spotify Technology SA de- on Tuesday voted in favor of
fended the company’s strategy granting Mr. Lütke a new so-
Wednesday and outlined plans called founder share that, on
THEO WARGO/GETTY IMAGES FOR SPOTIFY
share structure might be con-
sidered appropriate in the Ca-
nadian market.”
Shopify, which provides
software and services to e-
commerce businesses, did big
business during the pandemic.
The company’s shares soared
more than 300% between early
2020 and late 2021, rising
above $1,600 at one point, but

to expand into new businesses top of his existing supervoting are down more than 71% this
to address investors fears that Class B shares, raises his vot- year as easing pandemic re-
the audio-market opportunity ing power to 40% from 34%. strictions have unleashed pent-
is limited. Shareholders also voted up demand for in-person shop-
At its first investor day overwhelmingly in favor of a ping. They were recently
since the streaming giant went 10-for-1 share split aimed at trading at $389.88, up 2.4%.
public four years ago, Spotify making it easier for the e-com- Mr. Lütke launched Shopify
highlighted the loyalty of its merce company to compensate in 2006 after hitting road-
hundreds of millions of listen- employees and attracting blocks with the e-commerce
ers, its industry-leading music more individual investors to software he was using while
recommendations and its pod- the stock. It joins other tech- trying to open an online snow-
cast unit’s success. The com- The Swedish company’s stock has fallen 70% from its peak last year. An Ed Sheeran album launch. nology companies, including board shop. The young com-
pany also pointed to its expan- Amazon.com Inc. and Google puter programmer’s effort to
sion globally, its growing set “We believe this is a risky good job of explaining its around $1 billion on podcast parent Alphabet Inc., that have improve the software led to the
of tools for creators, and areas bet,” said Daniel Ives, an ana- strategies. deals since 2019. split their stock or are in the formation of Shopify, which
it plans to expand into includ- lyst at Wedbush Securities. “We all know that we’ve Mr. Ek said those invest- process of doing so. helped small businesses set up
ing audiobooks and eventually “The Street has lacked confi- weathered our share of chal- ments and the company’s fi- Mr. Lütke had proposed online storefronts while also
education, sports and news. dence in the name and it’s an lenges, but we’ve also morphed nancials, taken together, have overhauling the Canadian com- bringing in bigger brands, such
The presentation came impressive but aggressive goal.” pretty dramatically as a busi- clouded some of the business’s pany’s share structure back in as Allbirds and Kylie Cosmetics.
amid investor and analyst con- Shares of the Stockholm- ness, and I’m not sure that growth. Gross margins for mu- December in a bid to preserve When the Ottawa-based
cerns the company isn’t going based company have fallen journey is fully understood,” he sic have been steadily climbing his voting control, according company went public in 2015,
to turn a profit soon and a 70% from an all-time high set told investors, speaking re- in large part due to Spotify’s to Robert Ashe, Shopify’s inde- Mr. Lütke and other insiders
55% slide in its share price so last year. The stock closed up motely from a theater in Spo- two-sided marketplace strat- pendent lead director. received Class B shares that
far this year. 6% in trading on Wednesday. tify’s New York office. egy, where it charges artists The founder share bestowed each carry 10 times the voting
Chief Executive Daniel Ek Shares of other tech compa- Not only has Spotify be- and labels for marketing, tools upon Mr. Lütke by Tuesday’s
kicked off the live-streamed nies have also fallen dramati- come ubiquitous—available and services. The gross margin vote would remain in his pos-
event by laying out the com- cally since the start of the across more than 2,000 de- for music is 28.5%, which Mr. session as long as he is an ex-
pany’s successes from the past year vices from watches and smart Ek said represents significant ecutive, board member or con-
Shareholders in the
four years and combated the After upending the record speakers to cars and kitchen progress in reaching a long- sultant at Shopify, and couldn’t company also
notion that “we are a bad busi- business, Spotify has grown appliances—it has attracted term goal of 30% to 35%. be passed to his family.
ness.” into an audio giant with new and retained customers thanks “Marquee,” Spotify’s flag- The arrangement must first
approved a 10-for-1
The CEO laid out an ambi- verticals in podcasting and au- to its ability to make personal- ship tool that recommends be approved by the Ontario Su- stock split.
tious vision for Spotify over the diobooks, executives said, that ized music recommendations. new music releases to likely perior Court of Justice before
next decade, one in which he differ in their prospects and Mr. Ek said Spotify’s “free- fans, in the first quarter dou- it can go into effect. A hearing
envisions becoming a business their financials. The com- mium” model has given listen- bled its new customers from on the matter is scheduled for
10 times its current size. “That’s pany’s expansion beyond a ers a chance to try the plat- the fourth quarter and saw Thursday. The stock split goes power of a Class A share.
why we’re investing so aggres- music-focused tech platform is form risk-free while also revenue increase 225% from a into effect June 28. Under the share structure
sively in building not only a good, they said. helping the music streamer year earlier, Charlie Hellman, The plan to grant the that stockholders voted to
bigger but, we’re thinking, a “This is a much bigger busi- use its free, ad-supported tier Spotify’s vice president head founder share was opposed by change on Tuesday, Class B
much more profitable busi- ness than the one you saw in to help funnel listeners to its of music product, said during the two main proxy advisory shares automatically convert to
ness,” he said in an interview. 2018,” Mr. Ek said in the inter- subscription business. the investor the presentation. firms, Institutional Share- Class A shares if they fall be-
He said Spotify would reach view. “It’s a much more resil- For years, Spotify execu- Podcasts are expected to holder Services and Glass low a 5% proportion of total
one billion listeners by 2030, ient and diversified business tives have said they would put become profitable in the next Lewis & Co. ISS said the pro- shares outstanding. As such, an
and generate $100 billion in than you saw in 2018.” a priority on growth and in- one to two years, with the po- posal “does not meet the ex- equity issuance for financing or
revenue annually with a 40% Mr. Ek told investors the vestment in the business over tential for a 40% to 50% gross ceptional set of circumstances acquisitions could pose a threat
gross margin. company hasn’t done a very profit. The company has spent margin, the company said. under which such multi-class to Mr. Lütke’s voting control.

TSMC Sticks to Sales Outlook Despite Economy

BY YANG JIE nual shareholder meeting on 34% in April from a year ear- plants in Arizona and in Kum-
Wednesday. lier, according to state-backed amoto, Japan.
Taiwan Semiconductor While the U.S., a core mar- data. The Covid-19 pandemic’s The cost of building the $12
Manufacturing Co. stuck with ket for TSMC, has been grap- resurgence in the country in billion plant in Arizona is
its strong revenue growth pling with inflation trending recent months has dented con- greater than TSMC estimated
forecast for the current year at above 8% in recent months, sumer spending and strained earlier, Mr. Liu said, citing a
despite economic troubles in TSMC’s chairman played down its supply chain. time-consuming process for
I-HWA CHENG/BLOOMBERG NEWS

its biggest markets including its impact on the sector. For Chips using advanced or congressional approval of a
the U.S. and China, saying de- TSMC, strong demand for specialized technologies are $52 billion chip-funding bill,
mand remains solid for its electric-vehicle-related prod- the major drivers of TSMC’s parts of which are supposed to
chips used in electric cars and ucts and high-performance growth, Chief Executive C.C. back the Arizona project. The
high-performance computers. computers is likely to keep its Wei said. company can still afford the
The world’s largest contract plants fully occupied through TSMC also said it would cost, Mr. Liu said, without
chip manufacturer expects its this year, even as appetite continue to spend big on elaborating.
revenue to increase by about weakens for consumer elec- building new plants and devel- Beyond Arizona and Japan,
30% this year from last year’s tronics like smartphones and The world’s largest contract chip manufacturer expects its oping advanced chips, capital- TSMC is looking to expand in
24.9% in U.S. dollar terms, ex- personal computers, Chairman revenue to increase by about 30% this year from last year. izing on the global chip short- various regions, he said, add-
ecutives said, which was in Mark Liu said. age. It plans for more than ing that the company has no
line with what the company TSMC counts iPhone maker and calculations at high smartphone market fell 7% $40 billion in capital expendi- detailed plans to disclose at
projected in April. That figure Apple Inc. and sensor pro- speeds, TSMC-made chips are from a year earlier in the first tures next year, executives the moment. TSMC is consid-
is higher than the expected ducer Sony Group Corp. used in central processing quarter, according to Counter- said, compared with the $40 ering building a multibillion-
20% growth for the overall among its customers. In the units, graphics units and au- point, a research firm. The re- billion to $44 billion it expects dollar chip plant in Singapore,
wafer fabrication industry, high-performance computing tonomous driving vehicles. cent decline in China was par- to spend this year. TSMC is The Wall Street Journal re-
they said at the company’s an- sector, which processes data Shipments for the global ticularly steep—shipments fell currently building new chip ported previously.

“The Best Solution to Hearing What People Say on TV” Newsweek

Stock shareholder meeting Thursday.
The equity awards reflect a
broader trend across the big-
dinary shares that executives
can sell or hold. Executives
can also reap benefits from
to vest only if the company’s
market capitalization meets
certain milestones within five

SAVE Awards gest U.S. companies, where the

median compensation for
stock awards sooner if the
company is sold or they leave
years. In March, Lucid’s board
concluded that the company

$
50
CEOs set a sixth straight an- their roles in some cases. For had met four of five market-

Lift Pay nual record last year. More

Continued from page B1
from MyLogIQ.
Both auto makers said in
their securities filings that the
equity awards were intended to
Reg. $24999 | SALE $19999 motivate the executives to meet
goals and to align their inter-
ests with those of shareholders
generally. Lucid also cited Mr.
Rawlinson’s technical leader-
ship in explaining his pay.
Rivian said shareholders ap-
proved its executive pay plan
in an advisory vote at Mon-
day’s annual meeting, without
disclosing numbers. Lucid
Can’t Hear faces a similar vote at its
companies are also giving
CEOs a significantly larger-
disclosure purposes, compa-
nies value stock-based pay at
the time of grant.
than-usual upfront grant of Lucid and Rivian shares rose
stock options or restricted sharply late last year, reflecting
stock—with strings attached. investors’ enthusiasm for elec-
Companies often set perfor- tric-vehicle startups. As the
mance goals they deem ambi- broader market for tech shares
tious, allowing several years to pulled back this year, the com-
achieve them: Stock prices panies have fared worse: Lucid
may have to double or triple shares are down about 50%,
for executives’ equity awards and Rivian shares are down
to fully vest and in some cases about 70%. The tech-heavy Nas-
annual profit or revenue tar- daq is down about 23%.
gets must be met as well. Nearly all of Mr. Rawlin-
The securities can expire son’s pay consisted of re-
worthless if the targets aren’t stricted stock awards, about
met. Hitting the goals can half of which vest in quarterly
bump up CEO pay as options installments over four years as
become exercisable or re- long as he keeps his job.
stricted stock converts into or- The other half was designed
cap targets, meaning 87% of
Mr. Rawlinson’s performance-
based grant had vested—
shares valued at more than
$320 million at the time.
“Mr. Rawlinson hasn’t sold
this recently vested stock and
will see no cash benefit” from a
recent disposal of shares to
cover his tax liability at vesting,
a Lucid spokeswoman said.
More than half of Mr. Scar-
inge’s compensation from Riv-
ian consisted of a special equity
award. It included $152 million
in options that begin to vest
only if Rivian’s share price stays
above $110 for long enough,
and an additional $89 million in
options that vest over six years.
None have vested yet.

Voices On TV?
The AccuVoice® AV157 Speaker uses
patented hearing aid technology to create
Intel Looks downs in China.
IDC now expects shipments
of traditional PCs to fall 8.2%
the semiconductor industry.
The moves come as Intel is
on a massive expansion plan,
“We’re going to go through
some choppiness for sure in
the near term as everyone
12 levels of dialogue clarity.
Flat-screen TVs use tiny speakers with tinny sound. So many people
have to use closed-captioning to watch a movie or sporting event.
To Reassess from last year’s level to
around 321.2 million units.
Before lockdowns in China
with an eye to adding new
chip-making facilities in the
U.S. and Europe at a cost of
else will as well,” Intel’s CFO
said at the conference. “What
we’ve got to do is, kind of,
Our patented hearing aid technology lifts voices out of the soundtrack
and clarifies them. The result is remarkable. The AV157 has 12 levels
of voice boost – in case you need extra clarity. Only 17" wide, it fits
Spending hit, IDC forecast a decline to
346 million units.
“We, like everyone else,
over $100 billion over the
coming years as part of Chief
Executive Pat Gelsinger’s ag-
keep our heads down and
drive the business, execute
the plan and things will have
will be impacted by the gressive turnaround effort for good outcome for us.”
just about anywhere. Hookup is simple – one connecting cord.
Continued from page B1 macro events that are unfold- the company. Intel’s CEO and other chip
lockdowns in China and other ing here more recently,” Intel Other tech companies also industry officials project
factors. Reuters earlier re- Chief Financial Officer David are reassessing staffing levels massive growth in semicon-
ported the hiring freeze. Zinsner said at a Bank of and expenditures. Microsoft ductor sales over the coming
Great Sound. Made Simple. The move comes as Inter- America Corp. event this Corp. last month said it years amid sustained demand
866-367-9869 national Data Corp., a market week. would be slowing down some for digital products and ser-
60-Day Home Trial | Free Shipping research firm, cut its outlook America’s largest chip of its hiring. vices, with the industry to
® ZVOX & AccuVoice are registered trademarks of ZVOX Audio. for personal-computer ship- maker by sales said that it Facebook parent Meta Plat- roughly double to over $1
AVAILABLE AT ZVOX.COM, AMAZON AND WALMART.COM ments for this year by around sees itself at the start of a forms Inc. earlier that month trillion in revenue within
7% after Covid-related lock- long-term growth cycle for hit the brakes on some hiring, about a decade.
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | B5

BUSINESS NEWS

TV’s ‘Live PD’ Returns as ‘On Patrol: Live’

Reality show, canceled a “no-brainer.” Reelz has zens ride along with police stage for the police reality
agreed to a multiyear commit- during the show and the addi- show than A&E was. Reelz is
by A&E after George

WATCHARA PHOMICINDA/ORANGE COUNTY REGISTER/ZUMA PRESS

Floyd killing in 2020,
to appear on Reelz
BY JOE FLINT
“Live PD” is back on the
beat—albeit with a new name
and on a new network.
The hit reality TV show
that followed police live is
getting a second life on the
Reelz cable network two years
after A&E canceled the pro-
gram amid a growing backlash
against law enforcement in
the wake of the May 2020 kill-
ing of George Floyd while in
police custody.
The Reelz version, tenta-
tively titled “On Patrol: Live,”
is from the same producers
and host of “Live PD.” It fea-
tures roughly the same format
of simultaneously following
police officers in different U.S.
cities live over the course of
three hours, Reelz and the
show’s producers said.
The show averaged nearly 2
million viewers when it was
on A&E, which is co-owned by
Walt Disney Co. and Hearst
Corp.
Reelz Chief Executive Stan
E. Hubbard said in an inter-
view that he had been chasing
the show practically since
A&E pulled the plug, calling it
ment for the show. The pact is
“the biggest commitment
we’ve ever made,” Mr. Hub-
bard said.
The show will debut on
Reelz this summer, Reelz and
the show’s producers said. As
they did on A&E, new epi-
sodes will air on Friday and
Saturday nights. Reelz is part
of Hubbard Media Group, a
closely held broadcaster based
in St. Paul, Minn.
The deal marks the culmi-
nation of efforts by “On Pa-
trol: Live” host and executive
producer Dan Abrams to re-
suscitate the show, either with
A&E or somewhere else.
“I have been patiently wait-
ing and quietly advocating,
but it was a question of find-
ing the right partner,” Mr.
Abrams said in an interview.
A&E canceled “Live PD” as
shows perceived as glorifying
law enforcement were under
scrutiny and protests against
police violence were on the
rise. A&E ratings fell sharply
after it pulled “Live PD.”
Mr. Abrams said while he
understood the pressure that
A&E was under, he still feels
“Live PD” shouldn’t have been
pulled off the air.
“At a time when people
have a lot of questions about
law enforcement, it allows the
audience to see in real time
tion of recurring law-enforce-
ment veteran Curtis Wilson as
a full-time commentator.
Beyond his role as host and
executive producer of “On Pa-
trol: Live,” Mr. Abrams also
serves as an ABC News con-
tributor and hosts a show on
the cable news channel News-
Nation.
“Live PD” wasn’t the only
police-themed show to meet
its demise in the summer of
2020. The long-running reality
show “Cops” was canceled by
the Paramount Network. Fox
Nation, a subscription stream-
Police execute a search warrant in a 2019 episode of ‘Live PD’. ing platform operated by Fox
News, last year acquired close
what police officers do and While the general format of to 50 previously unseen epi-
how they do it, including the the new show will be similar sodes of the show.
nuances and the uncertainty to “Live PD”—including fea- Fox News parent Fox Corp.
about what happens next,” Mr. turing Mr. Abrams’s “Live PD” and The Wall Street Journal
Abrams said. on-air colleague Sean Larkin, parent News Corp share com-
An A&E spokesman de- there will be some innovations mon ownership.
clined to comment. as well, including having citi- Reelz will be a smaller
available in about 39.9 million
homes, compared with 71.1
million for A&E, according to
Nielsen. Reelz relies heavily
on true crime and scandals.
Among its more popular
shows is “Autopsy The Last
Hours Of…” which explores ce-
lebrity deaths.
Mr. Hubbard said he
doesn’t need “On Patrol: Live”
to have the same-size audi-
ence “Live PD” had on A&E for
it to be a success for Reelz. He
said he expects the popularity
of the show to help boost the
network’s distribution.
“If we can do a quarter to a
third of A&E’s audience, that
is a home run for us,” he said,
adding, “This is a game
changer for Reelz.”
He said he isn’t worried
about any potential backlash.
“We don’t shy away from
much,” Mr. Hubbard said.

Microsoft’s Chief
Of Augmented
Reality to Leave
BY AARON TILLEY
An executive at the core of
Microsoft Corp.’s metaverse
strategy is leaving the company.
Alex Kipman, a technical
fellow at Microsoft who led its
augmented-reality headset
project, is stepping down,
Scott Guthrie, Microsoft’s
cloud and artificial-intelli-
gence group executive vice
president, wrote in an internal
email Tuesday viewed by The
Wall Street Journal.
“We have mutually decided
that this is the right time for
him to leave the company to
pursue other opportunities,”
the email said. “I appreciate
the tremendous vision Alex
has provided to Microsoft over
the years, and all that he has
The company hasn’t
sold many headsets
which can cost
$3,500 each.
done to advance our Meta-
verse offerings.”
Mr. Kipman has been at the
Redmond, Wash., company for
mented reality overlays digital
content, such as 3-D images or
visual instructions, onto a
user’s view of the real world.
Some in the tech industry see
it as a bigger market opportu-
nity than VR, but more diffi-
cult to develop.
Microsoft was one of the
first movers in augmented re-
ality. Its HoloLens was first
announced in 2015 and has
evolved into one of the world’s
most advanced headsets.
Rather than push it as a con-
sumer device, Microsoft posi-
tioned it as a productivity tool
for workplaces.
Despite the billions of dol-
lars poured into the HoloLens
project, Microsoft hasn’t sold
many headsets, which can cost
$3,500 each. Research firm In-
ternational Data Corp. earlier
this year estimated the com-
pany had shipped between
200,000 and 250,000 HoloLens
units since launch.
Other large tech companies,
including Apple Inc., Face-
book-owner Meta Platforms
Inc. and Alphabet Inc.’s
Google, are also pouring bil-
lions of dollars into their own
metaverse projects.
Mr. Kipman’s group had
been suffering from attrition,
with many employees depart-

20 years and was in charge of
the team developing the Holo-
Lens, an augmented-reality
headset that projects digital
objects into the real world.
Explore
ing for other companies. The
group felt overworked and at
times struggled to meet tech-
nical specifications for its con-
tract to develop an AR headset

Insider earlier reported Mr.
Kipman’s departure.
Augmented and virtual-re-
ality headsets are seen as im-
portant tools for the meta-
verse, a largely unrealized
virtual realm where propo-
nents say people will work and
play in the future.
Virtual reality completely
immerses users in a virtual
world—a videogame, for ex-
ample—with a headset closed
off from the real world. Aug-
Your Membership
for the U.S. Army in a deal
that could be worth more than
$20 billion in the coming de-
cade, people familiar with the
project said.
In Mr. Guthrie’s email, he
said the HoloLens group had
been approved to enter the
operational test stage for the
Army’s headset. “This is a
huge milestone for the team,
Your WSJ membership doesn’t stop here.
and the culmination of years
of hard work,” Mr. Guthrie Visit our digital product showcase to
wrote.
explore, download and sign up for more
of what you’re entitled to.

Get Started:
WSJ.COM/BENEFITS
SERGIO PEREZ/REUTERS

© 2022 Dow Jones & Company, Inc. All rights reserved. 4DJ8679

Alex Kipman headed the team developing the company’s

HoloLens headsets, seen as important tools for the metaverse.
 .

B6 | Thursday, June 9, 2022 THE WALL STREET JOURNAL.

BUSINESS & FINANCE

Prices Dent Campbell’s Sales Volume Flexport’s

New CEO
BY ANNIE GASPARRO Mark Clouse said the com- Campbell's quarterly sales by surge in demand for food that Mr. Clouse said that overall,
AND WILL FEUER segment, change from

Campbell Soup Co. said

higher price tags are deterring
some shoppers, as persistent
inflation has pushed the soup
maker to raise prices three
times in the past year.
Campbell’s net sales jumped
7% to $2.1 billion for the three
months ended May 1, topping
analyst expectations, thanks to
higher prices and fewer dis-
counts. But its sales volume de-
clined 3%, the company said
Wednesday, as consumers re-
acted to inflation and as labor
and materials shortages con-
strained Campbell’s production.
Food makers’ costs are ris-
ing rapidly as pandemic-driven
supply-chain challenges are ex-
acerbated by the war in
Ukraine. Suppliers of meat and
packaged foods have said rising
costs for grain, fuel and other
inputs are denting their bottom
lines. Higher prices have
helped improve profits for
many food companies.
Campbell Chief Executive
pany’s third wave of wholesale
price increases, which it dis-
cussed with retailers in April,
will likely hit grocery shelves
over the next several months
as retailers begin implement-
ing them.
Mr. Clouse said Campbell
could potentially raise prices
again on certain brands or
products for which it expects
consumer purchases to largely
hold up. He said the company
and the retailers it supplies are
attuned to which items likely
can withstand further in-
creases. “We’ve got to be very
prudent about it,” Mr. Clouse
said. “Where we may be seeing
elasticities begin creeping up,
we obviously have to be a lot
more careful there.”
While higher prices have
caused consumers to pull back
on purchasing some Campbell
products, Mr. Clouse said the
impact hasn’t been as severe
as in past periods of high in-
flation.
The results for its fiscal
third-quarter prompted the
previous year
30%
could be prepared at home, but
it also faced growth challenges.
Campbell said staffing prob-
20
lems at the company are im-
proving, and that it expects
production to catch up to de-
mand in the current quarter. It
Snacks continues to struggle to find
Meals & certain materials, such as alu-
10
Beverages minum for its V8 juice cans. “I
think there is light at the end
of the tunnel,” Mr. Clouse said.
0
But he added that it will proba-
bly take well into next year for
Campbell’s supply chain to fully
–10
recover.
Inflation tied to ingredients,
packaging, transportation and
–20
labor are weighing on profit-
2020 ’21 ’22 ability, prompting food makers
Note: Fiscal quarter ended May 1 like Campbell to raise prices to
Sources: S&P Capital IQ, the company maintain profits. In the latest
quarter, its adjusted gross mar-
company to boost its annual gin increased nearly 1 percent-
sales guidance. Shares of age point to 31.5% of sales, as
Campbell increased 1.5%. some of its price increases took
Like other packaged-food effect, it improved its supply-
producers, the roughly 150- chain productivity and it cut
year-old Camden, N.J., com- costs. Campbell has said it has
pany benefited in the early been slower than some of its
days of the pandemic from a peers to raise prices.
Campbell is positioned to do
well in the event of an eco-
nomic downturn, because its
soups and snacks are more af-
fordable than eating out.
Campbell said it has gained
market share during the pan-
demic, with its share of soup
sales up 2 percentage points
from three years ago, and Ket-
tle chips up 4 percentage
points.
Overall for its latest quar-
ter, the company reported a
profit of $188 million, or 62
cents a share, compared with
$160 million, or 54 cents a
share, a year earlier. Stripping
out one-time items like pen-
sion adjustments, the results
surpassed expectations of ana-
lysts surveyed by FactSet.
The company now expects
fiscal 2022 organic sales to rise
1% to 2%, up from its prior
guidance range of organic sales
coming in between 1% lower
and 1% higher.
 Heard on the Street: Investors
get some reassurance.......... B12
Worked at
Amazon
BY LIZ YOUNG
Dave Clark, who led the
sweeping logistics expansion
at online retailer Amazon.com
Inc., will become chief execu-
tive of Flexport Inc., the digi-
tal-focused freight forwarder
that has emerged as one of the
biggest in a stable of tech-for-
ward shipping startups.
Mr. Clark, who resigned last
week as CEO of Amazon’s con-
sumer business, will join Flex-
port on Sept. 1, the company
announced on Wednesday.
Ryan Petersen, Flexport’s
founder and CEO, said he and
Mr. Clark will be co-CEOs for
six months and Mr. Petersen
will then become executive
chairman, focusing on long-
term vision and strategy.
Mr. Clark “is a builder and
an entrepreneur at heart” who
will help lead the fast-grow-
ing, San Francisco-based com-

Spirit Street Journal this week that

the company believes it has
made a fair offer.
pany in a new phase of expan-
sion, Mr. Petersen said.
Flexport, which arranges

Delays JetBlue is pursuing Spirit

to supercharge its own
growth, giving it access to
ocean and airfreight ship-
ments for retailers and manu-
facturers, said Mr. Clark would

Meeting Spirit’s pilots, jets and deep

Continued from page B1
latory concerns that could
jam up a merger with Fron-
tier. In May, JetBlue launched
a hostile takeover effort, ap-
pealing to shareholders in
hopes of pressuring Spirit
management to reopen talks.
ISS said Spirit’s argument
that the Frontier merger will
have a smoother regulatory
pathway is reasonable but
said both deals face risks and
Airbus SE order book.
JetBlue Chief Executive
join the board of directors
when he takes his executive
position.
Robin Hayes told the Journal Mr. Clark joined Amazon in
that the additions would ac- 1999 and rose through the
celerate the company’s ranks to become part of
growth plans by roughly founder Jeff Bezos’s top lead-
seven years, taking its mar- ership cadre, called the “S-
ket share from about 5% of team,” most notably oversee-
the U.S. to around 8%, posing ing the dramatic build out of
stronger competition to the the company’s multibillion-
four airlines that dominate dollar logistics operation that
U.S. travel. today spans warehouses,
Shares of all three stocks planes, delivery vans and
fell Wednesday. Spirit ocean forwarding operations.
slipped 2.2% to $22.16, Jet- Founded in 2013, Flexport
Blue dropped 4.2% to $10.23 counted $3.3 billion in revenue
JOE RAEDLE/GETTY IMAGES

investors should stick with
the option that provides the
most certainty in the event
the deal is blocked.
Frontier didn’t counter the
latest offer from JetBlue.
William Franke, Frontier’s
chairman, told The Wall
and Frontier Group declined last year, up from $2 million in
3.5% to $10.06. JetBlue’s all- 2014, said Mr. Petersen, who
cash bid values Spirit at projects $5 billion in revenue
$31.50 a share, while Fron- this year. Flexport has about
tier’s cash-and-stock offer 3,500 employees across 23 of-
was valued at $25.83 a share fices around the world.
when the deal was an- —Colin Kellaher
nounced in February. The delay comes as JetBlue has pushed to persuade Spirit investors to reject the Frontier merger. contributed to this article

Trust your
source.
Trust your
decisions.

© 2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8653
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | B7

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE s-New 52-week high. JonesLang JLL 185.07 -5.21 MongoDB MDB 299.01 3.42 PublicServiceEnt PEG 67.13 -1.28 Southern SO 74.63 -1.06 Ubiquiti UI 274.22 -1.17
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. G H I JuniperNetworks JNPR 30.25 -0.64 MonolithicPower MPWR 457.90 -15.54 PublicStorage PSA 316.56 -14.09 SoCopper SCCO 63.30 -1.59 UiPath PATH 21.36 0.96
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four
KB Fin KB 45.78 -0.61 MonsterBev MNST 90.24 -0.61 PulteGroup PHM 44.07 -1.23 SouthwestAir LUV 43.37 -1.51 UltaBeauty ULTA 425.39 4.37
that include primary market trades as well as quarters. GFLEnvironmental GFL 30.53 -1.36
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. KBR KBR 50.57 -1.46 Moody's MCO 283.88 -5.51 PureStorage PSTG 27.61 -0.29 s SouthwesternEner SWN 9.46 -0.14 Unilever UL 46.04 -0.71
GSK GSK 44.20 -0.05
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing KE Holdings BEKE 16.46 1.46 MorganStanley MS 83.20 -2.13 Qiagen QGEN 46.77 0.04 Splunk SPLK 105.91 -3.94 UnionPacific UNP 221.68 -7.07
Gallagher AJG 161.18 -2.38
Nasdaq ISE. standards KKR KKR 54.85 -2.10 Morningstar MORN 241.98 -4.85 Qorvo QRVO 109.38 -2.16 Spotify SPOT 116.03 6.60 UnitedAirlines UAL 44.60 -1.85
GameStop GME 138.73 -7.77
The list comprises the 1,000 largest companies lf-Late filing KLA KLAC 361.48 -5.74 Mosaic MOS 56.80 -0.38 Qualcomm QCOM 138.96 -2.93 StanleyBlackDck SWK 119.45 -0.84 UnitedMicro UMC 8.96 -0.09
based on market capitalization. q-Temporary exemption from Nasdaq Gaming&Leisure GLPI 47.77 -0.67
Kanzhun BZ 28.16 0.79 MotorolaSol MSI 217.86 -4.11 QualtricsIntl XM 14.73 -0.12 Starbucks SBUX 78.47 -1.00 UPS B UPS 179.44 -6.07
Underlined quotations are those stocks with requirements. Garmin GRMN 103.56 -2.23
Kellogg K 68.96 -0.05 s MurphyOil MUR 44.62 -0.70 QuantaServices PWR 130.44 -3.30 StarwoodProp STWD 23.25 -0.47 UnitedRentals URI 305.19 -7.49
large changes in volume compared with the t-NYSE bankruptcy Gartner IT 261.30 -6.02
KeurigDrPepper KDP 36.03 -0.38 NICE NICE 206.68 -1.75 QuestDiag DGX 135.55 -2.22 StateStreet STT 69.04 -3.97 US Bancorp USB 51.84 -0.72
issue’s average trading volume. v-Trading halted on primary market. Generac GNRC 290.18 -2.60
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being GeneralDynamics GD 231.36 -4.22
KeyCorp KEY 19.32 -0.40 NIO NIO 20.38 0.73 SteelDynamics STLD 81.35 -4.47 UnitedTherap UTHR 228.73 0.11
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GeneralElec GE 77.16 -0.84
KeysightTechs KEYS 144.87 -3.58 NOV NOV 21.26 -0.36 R S Stellantis STLA 14.93 -0.02 UnitedHealth UNH 493.53 -3.57
previous closing price was $2 or higher. or securities assumed by such companies. KilroyRealty KRC 57.73 -2.29 NRG Energy NRG 45.64 -0.50 STE 227.86 0.70 UnitySoftware U 45.80 1.48
GeneralMills GIS 68.90 -0.26 RELX RELX 27.60 -0.53 Steris
KimberlyClark KMB 130.81 -1.29 NVR NVR 4351.72 -61.17 UniversalHealthB UHS 120.41 -1.86
GeneralMotors GM 37.69 -0.68 RH RH 300.54 -5.55 STMicroelec STM 39.22 -0.47
KimcoRealty KIM 22.20 -0.63 NXP Semi NXPI 177.07 -4.76 Stryker SYK 226.67 -4.03 UnumGroup UNM 36.57 -0.57
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Genmab GMAB 31.06 0.30 RPM RPM 86.43 -2.55
s KinderMorgan KMI 19.86 -0.28 Nasdaq NDAQ 153.91 -0.85 VF VFC 49.81 -0.18
changes in the closing prices from 4 p.m. the previous day. Genpact G 44.69 -0.67 RalphLauren RL 104.44 -2.09 SumitomoMits SMFG 5.86 -0.21 VICI Prop VICI 31.46 -0.65
Knight-Swift KNX 47.71 -1.50 NationalGrid NGG 68.95 -1.67
Gentex GNTX 30.97 -0.08 s RangeResources RRC 36.00 -1.02 SunComms SUI 160.60 -4.42
KoninklijkePhil PHG 25.38 ... NatlRetailProp NNN 43.14 -1.04 SunLifeFinancial SLF 49.80 -0.50 VailResorts MTN 256.51 -1.18
Wednesday, June 8, 2022 Net Net GenuineParts GPC 139.46 -1.35 RaymondJames RJF 96.49 -2.16
KoreaElcPwr KEP 9.34 0.12 NatWest NWG 5.80 -0.06 s 42.49 0.52 Vale VALE 17.89 -0.76
Net Stock Sym Close Chg Stock Sym Close Chg Gerdau GGB 5.89 -0.39 RaytheonTech RTX 99.23 -1.28 SuncorEnergy SU
GileadSciences GILD 62.38 -0.16
KraftHeinz KHC 37.40 0.32 NetApp NTAP 70.08 -1.38
67.11 -0.95 Suzano SUZ 10.75 -0.35 s ValeroEnergy VLO 143.77 -1.31
Stock Sym Close Chg 51.22 -0.81 NetEase NTES 106.84 3.34
RealtyIncome O VeevaSystems VEEV 191.45 -0.61
BerryGlobal BERY 59.60 -0.68 s CoterraEnergy CTRA 35.78 -0.33 Kroger KR Switch SWCH 33.55 -0.05
GitLab GTLB 50.35 -0.65 RegalRexnord RRX 127.84 -4.47 VTR 54.71 -2.00
A B C BestBuy BBY 77.12 -1.23 Coupang CPNG 12.95 0.79 GlobalPayments GPN 127.73 -1.15 LKQ LKQ 52.04 -0.88 Netflix NFLX 202.83 4.22 SynchronyFin SYF 34.96 -1.41 Ventas
Bilibili BILI 29.71 1.68 Credicorp BAP 135.07 -0.88 GlobalFoundries GFS 54.74 -1.77 LPL Financial LPLA 202.76 -0.69 Neurocrine NBIX 97.86 2.39 RegencyCtrs REG 64.90 -1.45 SyneosHealth SYNH 73.53 -1.79 VeriSign VRSN 177.21 -1.87
50.40 -1.08
RegenPharm REGN 607.76 -6.22 VeriskAnalytics VRSK 170.35 -5.10
ABB 30.65 -0.95 Bill.com BILL 135.02 -1.20 CreditAcceptance CACC 560.72 -22.05 Globant L3HarrisTech LHX 244.46 -1.93 NewFortressEner NFE SNPS 322.89 -6.64
ABB GLOB 203.42 -2.35 RegionsFin RF 21.80 -0.20 Synopsys 51.55 -0.10
AECOM ACM 70.89 -1.17 Bio-Techne TECH 364.45 -1.55 CreditSuisse CS 6.87 -0.07
GlobeLife GL 97.22 -1.80
LabCorp.ofAmerica LH 237.36 -8.13 NewellBrands NWL 20.58 -0.56
ReinsGrp RGA 125.30 -1.88 Sysco SYY 85.16 0.05 Verizon VZ
LamResearch LRCX 512.13 -11.31 Newmont NEM 67.17 -1.21 VertxPharm VRTX 274.54 2.68
AES AES 22.22 -0.47 Bio-RadLab A BIO 534.71 -5.66 CrowdStrike CRWD 178.84 2.16 GoDaddy GDDY 73.90 -0.19 RelianceSteel RS 194.44 -6.17
Aflac AFL 58.72 -0.91 Biogen BIIB 206.73 5.65 CrownCastle CCI 184.45 -1.51
GoldFields GFI 9.61 0.06
LamarAdv LAMR 95.63 -2.20 NewsCorp A NWSA 17.21 -0.36
Repligen RGEN 167.09 -2.41
T U V Viatris VTRS 11.86 -0.03
68.27 -0.78 NewsCorp B NWS 17.51 -0.33 Visa V 213.50 -1.00
AGCO AGCO 129.23 -3.85 BiohavenPharm BHVN 144.75 -0.25 CrownHoldings CCK 106.44 -3.53 GoldmanSachs GS 314.68 -6.83 LambWeston LW RepublicSvcs RSG 132.18 -3.19 s TC Energy TRP 58.78 -0.27
LasVegasSands LVS 37.39 1.56 NexstarMedia NXST 172.66 -3.83 Vistra VST 26.84 -0.55
Ansys ANSS 258.83 -4.43 BioMarinPharm BMRN 77.57 -0.63 CubeSmart CUBE 42.41 -1.86 Grab GRAB 3.06 0.41 RMD 212.27 -2.23 TD Synnex SNX 104.61 -2.42 VMware
s APA APA 51.17 -0.22 BioNTech BNTX 161.73 1.61 Cullen/Frost CFR 125.38 -2.44 LatticeSemi LSCC 51.50 -2.86 NextEraEnergy NEE 78.49 -1.29 ResMed VMW 128.89 -1.79
Graco GGG 63.28 -0.72 Lear LEA 143.20 0.95 NielsenHoldings NLSN 25.43 -0.14 RestaurantBrands QSR 52.28 0.01 TE Connectivity TEL 130.80 -1.87 Vodafone VOD 15.68 -0.35
ASETech ASX 7.07 -0.09 BlackKnight BKI 67.60 -1.69 Cummins CMI 213.78 -1.48
Grainger GWW 498.50 -8.67 LegendBiotech LEGN 49.55 2.01 Nike NKE 122.40 0.73 RexfordIndlRealty REXR 64.53 -1.60 Telus TU 24.91 -0.53 VulcanMatls VMC 163.01 -6.26
ASML ASML 567.44 -9.57 BlackRock BLK 662.41 -17.20
Grifols GRFS 12.78 -0.01 Leidos RioTinto RIO 76.49 -1.91 Ternium 42.44 -1.58
AT&T T 21.05 -0.09 Blackstone BX 116.40 -3.43 D E F GpoAeroportuar PAC 148.49 1.84 Lennar A
LDOS 103.91 -3.16 NiSource NI 31.03 -0.74
RIVN 29.80 0.08 TFI Intl
TX
W X Y Z
AbbottLabs ABT 114.69 -2.19 Block SQ 84.75 0.15 LEN 79.14 -2.07 Nokia NOK 5.01 -0.06 Rivian TFII 80.56 -4.67
DCP Midstream DCP 37.74 -1.67 HCA Healthcare HCA 205.73 -1.79 LEN.B 66.20 -1.78 NomuraHoldings NMR 3.73 -0.11 RobertHalf RHI 91.10 -0.95 TJX TJX 61.43 0.38
ABBV 149.25 0.11 BlueOwlCapital OWL 12.67 0.15 DISH Network DISH 20.80 -0.48 HDFC Bank HDB 58.68 0.25 Lennar B
HOOD 8.38 -0.34 T-MobileUS TMUS 135.21 -3.38 WEC Energy WEC 102.95 -2.65
AbbVie
LennoxIntl LII 209.96 -3.75 Nordson NDSN 219.16 -2.90 Robinhood
Abiomed ABMD 265.36 -2.87 Boeing BA 139.63 -1.19 WEX WEX 177.28 3.18
DTE Energy DTE 131.40 -2.65 s HF Sinclair DINO 57.35 -0.20 LeviStrauss LEVI 19.08 -0.10 NorfolkSouthern NSC 242.81 -6.59 Roblox RBLX 32.83 1.39 TPG TPG 28.43 0.21
Accenture ACN 302.64 -3.89 BookingHldgs BKNG 2345.80 19.07 HPQ 37.95 -1.41 LiAuto W.P.Carey WPC 82.94 -0.93
DXC Tech DXC 35.24 -0.45 HP LI 29.96 0.24 NorthernTrust NTRS 109.31 -2.52 RocketCos. RKT 8.60 -0.09 TRowePrice TROW 123.15 -2.96
ActivisionBliz ATVI 77.63 -0.40 BoozAllen BAH 86.93 -1.86 WPP WPP 56.99 -1.11
Danaher DHR 265.60 -2.67 HSBC HSBC 32.50 -0.96 LibertyBroadbandC LBRDK 122.35 0.27 NorthropGrum NOC 472.45 -19.61 Rockwell ROK 214.87 -2.42 TaiwanSemi TSM 93.47 -0.37
Adobe ADBE 428.84 -4.58 BorgWarner BWA 39.69 -0.14 s Wabtec WAB 94.00 -0.83
Darden DRI 124.38 -0.53 Halliburton HAL 42.97 0.44 LibertyBroadbandA LBRDA 117.09 0.09 NortonLifeLock NLOK 24.55 -0.24 RogersComm B RCI 50.03 -1.25 TakeTwoSoftware TTWO 131.40 -0.25
AdvanceAuto AAP 185.12 -1.72 BostonProps BXP 103.14 -4.30 WalgreensBoots WBA 42.60 -0.40
DarlingIngred DAR 85.47 -1.71 HartfordFinl HIG 71.79 -1.64 LibertyGlobal C LBTYK 24.83 -0.48 Novartis NVS 87.35 -1.53 Roku ROKU 101.88 8.46 TakedaPharm TAK 13.56 -0.21
AdvDrainageSys WMS 109.15 -3.68 BostonSci BSX 39.11 -0.47 Walmart WMT 122.30 -1.07
Datadog DDOG 107.35 -0.71 Hasbro HAS 88.33 -0.49 LibertyGlobal A LBTYA 23.73 -0.52 NovoNordisk NVO 115.96 0.09 Rollins ROL 34.84 -0.66 Tapestry TPR 34.81 -0.08
AdvMicroDevices AMD 101.90 -3.38 Braskem BAK 18.34 -0.21 WarnerBrosA WBD 16.67 -0.50
DaVita DVA 93.35 -1.98 t HealthpeakProp PEAK 27.46 -1.29 LibertyFormOne C FWONK 61.75 -1.22 Novocure NVCR 77.25 -1.27 RoperTech ROP 418.06 -10.20 TargaResources TRGP 77.76 -2.62
Aegon AEG 5.25 -0.09 BristolMyers BMY 76.18 -0.41 WarnerMusic WMG 28.71 0.03
DeckersOutdoor DECK 276.16 3.69 Heico A HEI.A 118.60 -4.47 LibertyFormOne A FWONA 56.76 -0.88 NuHoldings NU 4.33 0.01 RossStores ROST 81.05 0.54 Target TGT 156.70 0.72
AerCap AER 48.89 -1.26 BritishAmTob BTI 44.10 -1.11 WasteConnections WCN 128.73 -2.20
Deere DE 355.02 -12.82 Heico HEI 146.68 -4.51 LibertyBraves A BATRA 26.56 -0.13 Nucor NUE 129.86 -3.92 RoyalBkCanada RY 105.10 -1.16 TataMotors TTM 27.89 -0.28 WasteMgt
AgilentTechs A 126.84 -2.06 BrixmorProp BRX 23.47 -0.64 WM 157.06 -2.74
DellTechC DELL 50.33 -0.82 HenrySchein HSIC 83.49 -1.85 LibertyBraves C BATRK 25.78 -0.01 Nutrien NTR 88.30 -1.22 RoyalCaribbean RCL 53.83 -2.91 TeckRscsB TECK 44.83 -0.91
agilon health AGL 21.30 0.84 Broadcom AVGO 565.36 -7.63 Waters WAT 338.74 -4.01
DeltaAir DAL 38.22 -1.52 Hershey HSY 210.55 -1.22 LibertySirius C LSXMK 39.95 -0.48 Nuvei NVEI 50.50 0.03 RoyalGold RGLD 115.18 -1.30 TeledyneTech TDY 402.18 -10.76 Watsco
AgnicoEagle AEM 53.08 -0.40 BroadridgeFinl BR 145.49 -2.24 WSO 255.00 -6.17
DentsplySirona XRAY 40.00 -0.52 HertzGlobal HTZ 18.47 0.34 LibertySirius A LSXMA 40.01 -0.53 NVIDIA NVDA 186.48 -2.74 RoyaltyPharma RPRX 41.49 0.17 Teleflex TFX 281.31 -4.02
AirProducts APD 252.38 -8.41 BrookfieldMgt BAM 50.17 -0.81 WebsterFin WBS 49.79 -0.95
DeutscheBank DB 10.79 -0.34 s Hess HES 129.64 0.55 LifeStorage LSI 112.29 -4.87 RyanSpecialty RYAN 37.79 -0.58 Ericsson ERIC 8.20 -0.11
Airbnb ABNB 123.77 0.87 BrookfieldInfr BIP 62.50 -0.83 WellsFargo WFC 44.63 -0.84
AkamaiTech AKAM 100.76 -1.01 BrookfieldRenew BEPC 37.19 0.30
DevonEnergy DVN 77.93 -0.11 HessMidstream HESM 34.23 -0.61 EliLilly LLY 313.49 1.39 O P Q Ryanair RYAAY 83.39 -2.61 TelefonicaBras VIV 9.68 -0.23
Welltower WELL 85.98 -3.32
DexCom DXCM 305.89 -2.51 HewlettPackard HPE 14.97 -0.37 LincolnElectric LECO 138.40 -1.93 SAP SAP 99.86 -2.13 Telefonica TEF 4.95 -0.08
Albemarle ALB 253.62 -4.27 Brown&Brown BRO 58.44 -0.81 OGE Energy OGE 40.47 -0.78 WescoIntl WCC 136.55 -7.33
Diageo DEO 181.94 -5.09 HighwoodsProp HIW 38.26 -0.83 LincolnNational LNC 56.52 -0.28 S&P Global SPGI 338.69 -5.77 TelekmIndonesia TLK 28.93 -0.34
Albertsons ACI 29.25 -1.06 Brown-Forman B BF.B 68.58 2.60 ONEOK OKE 68.49 -0.65 WestFraserTimber WFG 91.41 -0.66
s DiamondbkEner FANG 160.31 -0.09 Hilton HLT 140.71 -3.11 Linde LIN 328.60 -7.16 OReillyAuto ORLY 624.83 -10.01 SBA Comm SBAC 337.84 ... Tenaris TS 33.90 -0.63
Alcoa AA 62.28 -3.23 Brown-Forman A BF.A 64.71 2.13 WestPharmSvcs WST 312.01 -4.35
HOLX 75.65 -0.97 LithiaMotors LAD 304.26 -4.02
Alcon ALC 75.06 -0.75 Bruker BRKR 64.33 0.33 DiDiGlobal DIDI 2.51 0.27 Hologic SEI Investments SEIC 57.45 -0.84 TencentMusic TME 4.70 0.24 WestAllianceBcp WAL 82.29 -0.89
DigitalRealty DLR 132.85 -2.41 HomeDepot HD 297.53 -4.24 LiveNationEnt LYV 94.90 -1.21 OccidentalPetrol OXY 69.03 -1.52 SK Telecom SKM 24.62 -0.42 TenetHealthcare THC 66.87 -1.01
t AlexandriaRlEst ARE 156.08 -8.24 BuildersFirst BLDR 65.52 -2.14 Okta OKTA 102.19 2.45 WesternDigital WDC 57.82 -2.50
HondaMotor HMC 25.19 -0.40 LloydsBanking LYG
Alibaba BABA 119.62 15.30 Bunge BG 112.53 -0.28 DiscoverFinSvcs DFS 110.38 -2.82 2.25 -0.04
OLPX 16.51 -0.16
SS&C Tech SSNC 63.50 -0.99 Teradyne TER 105.11 -3.41 s WesternMidstrm WES 28.56 -0.92
Disney DIS 107.34 -0.45 Honeywell HON 194.52 -3.10 LockheedMartin LMT 443.41 -12.89 Olaplex StoreCapital STOR 27.59 -0.27 Tesla TSLA 725.60 8.94 Westlake
AlignTech ALGN 273.13 -0.38 BurlingtonStrs BURL 176.22 -0.16 OldDomFreight ODFL 253.88 -13.16 WLK 131.92 -2.02
dLocal DLO 29.00 0.09 HorizonTherap HZNP 90.61 -1.05 Loews L 63.41 -1.44 SVB Fin SIVB 485.86 -6.10 TetraTech TTEK 132.98 -4.77 WestRock
Alleghany Y 834.16 -1.79 CBRE Group CBRE 78.35 -2.32 WRK 48.61 -0.94
CDW CDW 174.34 -3.76 DocuSign DOCU 90.10 2.36 HormelFoods HRL 45.61 -0.02 LogitechIntl LOGI 59.38 -0.86 OldRepublic ORI 23.53 -0.27 Salesforce CRM 189.19 2.04 TevaPharm TEVA 8.80 -0.13
Allegion ALLE 110.46 -2.90 Olin OLN 64.89 -1.13 Weyerhaeuser WY 38.37 -0.71
DLB 77.10 -0.70 DR Horton DHI 73.00 -2.49 Lowe's
AlliantEnergy LNT 61.12 -2.05 CF Industries CF 89.84 -2.56 DolbyLab LOW 192.45 -3.20 Omnicom OMC 71.51 -1.03
Sanofi SNY 52.88 -0.81 TexasInstruments TXN 165.37 -4.48 WheatonPrecMet WPM 41.79 -0.50
DollarGeneral DG 233.73 -0.59 HostHotels HST 20.94 -0.22 Lucid LCID 19.59 0.63 Sasol SSL 27.74 0.01 TexasPacLand TPL 1719.86 -26.37
Allstate ALL 131.06 -1.48 CGI GIB 83.55 -1.23 ON Semi ON 63.81 -1.67 Whirlpool WHR 170.32 -2.83
DollarTree DLTR 161.26 -0.68 HowmetAerospace HWM 36.47 -0.96 LufaxHolding LU 6.35 -0.06 s Schlumberger SLB 49.57 0.64 Textron TXT 67.85 -0.86 Williams
AllyFinancial ALLY 41.71 -1.17 CH Robinson CHRW 103.73 -3.36 OpenText OTEX 40.37 -0.48 WMB 37.49 -0.33
DominionEner D 81.19 -1.91 HuanengPower HNP 19.75 -1.49 lululemon LULU 307.77 1.58 Oracle SchwabC SCHW 65.73 -1.76 ThermoFisherSci TMO 552.06 -8.60 Williams-Sonoma WSM 126.08 0.35
AlnylamPharm ALNY 139.40 5.39 CME Group CME 199.57 -3.19 ORCL 71.38 -1.31
Domino's DPZ 384.00 -1.28 Huazhu HTHT 35.44 1.63 LumenTech LUMN 11.67 -0.18 Sea SE 88.81 2.53 ThomsonReuters TRI 99.10 -1.18 WillisTowers WTW 206.40 -3.44
Alphabet C GOOG 2344.76 0.17 CMS Energy CMS 70.26 -1.56 ORAN 11.52 -0.36
CNA 45.57 -0.95 DoorDash DASH 73.79 3.86 Hubbell HUBB 199.43 -4.20 LyondellBasell LYB 109.98 -2.32 Orange Seagate STX 83.69 -0.80 3M MMM 145.42 -1.45 WillScotMobile WSC 36.60 -1.37
Alphabet A GOOGL 2343.88 0.89 CNA Fin Organon OGN 37.61 -0.20
CNHI 14.80 -0.57 Dover DOV 134.62 -1.50 HubSpot HUBS 360.34 -9.95 Seagen SGEN 144.29 -0.07 Toast TOST 16.23 -0.02 Wipro
Altria MO 49.49 -4.52 CNH Indl Orix IX 92.57 -1.27 WIT 5.97 -0.04
AlumofChina ACH 11.63 0.05 CRH CRH 40.36 -1.52 Dow DOW 67.24 -0.13 Humana HUM 450.52 0.74 M N OtisWorldwide OTIS 76.34 -0.15 SealedAir SEE 61.94 -2.01 Toro TTC 82.92 -4.33 Wolfspeed WOLF 75.29 -3.38
CSX CSX 31.81 -0.75 Doximity DOCS 36.37 -0.55 JBHunt JBHT 168.80 -7.77 Sempra SRE 159.45 -4.25 TorontoDomBk TD 75.52 -0.95 WoodsideEnergy WDS 25.02 0.91
Amazon.com AMZN 121.18 -1.82 M&T Bank MTB 177.89 -2.72 s Ovintiv OVV 61.41 -0.55
DrReddy'sLab RDY 54.07 -0.27 HuntingtonBcshs HBAN 13.52 -0.23 SensataTechs ST 48.47 -0.68 s TotalEnergies TTE 61.15 0.81 WooriFin
Ambev ABEV 2.78 -0.01 CVS Health CVS 93.88 -2.04 MGM Resorts MGM 35.40 -0.09 OwensCorning OC 94.58 -2.94 WF 35.36 0.04
Amcor AMCR 13.35 -0.13 CableOne CABO 1322.00 22.18 DraftKings DKNG 14.33 1.38 HuntingIngalls HII 214.25 -1.89 MPLX MPLX 33.94 -0.25 PDC Energy PDCE 83.49 -1.52
ServiceCorp SCI 71.00 -0.65 ToyotaMotor TM 165.35 -0.90 Workday WDAY 160.04 0.79
Dropbox DBX 22.96 -0.22 Huntsman HUN 35.82 -0.36 ServiceNow NOW 505.42 -1.01 TractorSupply TSCO 198.35 -2.76
Amdocs DOX 85.50 -0.90 CadenceDesign CDNS 159.93 -2.34 39.26 -2.87 PG&E PCG 12.04 -0.19 WyndhamHtls WH 79.72 -0.76
CAE 26.36 -0.52 DukeEnergy DUK 110.49 -1.85 HyattHotels H 93.44 -0.66 MP Materials MP TTD 54.71 1.50 WynnResorts WYNN 70.28 2.82
36.30 -0.70 ShawComm B SJR 28.04 -0.49
Amerco UHAL 492.05 -9.75 CAE TradeDesk
IAC/InterActive IAC 88.36 0.02 MSCI MSCI 435.53 -10.76 PLDT PHI
Ameren AEE 92.34 -1.38 CaesarsEnt CZR 52.15 -0.22 DukeRealty DRE 51.97 -0.90 MagellanMid MMP 53.23 -0.15 PNC Fin PNC 169.90 -3.30 Shell SHEL 61.29 -0.26 Tradeweb TW 68.57 -0.54 XP XP 22.74 -0.96
67.64 -0.33 ICICI Bank IBN 18.71 -0.27
AmericaMovil A AMOV 19.81 -0.20 CamdenProperty CPT 139.36 -3.27 DuPont DD
MGA 66.54 0.17 POSCO PKX 56.21 -1.73 SherwinWilliams SHW 268.08 -9.15 TraneTech TT 137.87 -1.88 XcelEnergy XEL 73.17 -2.41
CCJ 27.31 0.31 Dynatrace DT 43.77 1.32 ICL Group ICL 10.78 -0.25 MagnaIntl ShinhanFin SHG 33.16 -0.36 TransDigm TDG 616.72 -16.19
AmericaMovil AMX 20.05 -0.20 Cameco PPG 127.01 -1.77 XPeng XPEV 27.53 1.41
IDXX 371.97 -4.82 ManhattanAssoc MANH 126.81 -1.79
PPG Ind
AmerAirlines AAL 16.15 -0.54 CampbellSoup CPB 47.31 0.71 ENI E 30.81 -0.48 IdexxLab SHOP 391.47 10.73 TransUnion TRU 84.02 -2.31 Xylem
ManulifeFin MFC 18.77 -0.11 PPL PPL 30.22 -0.36 Shopify XYL 84.63 -1.38
s EOG Rscs EOG 145.74 -0.19 ING Groep ING 11.13 -0.11 175.97 -2.67
AmCampus ACC 64.73 -0.03 CIBC CM 55.82 -0.41 PTC 115.52 -2.32 Sibanye-Stillwater SBSW 12.11 -0.35 Travelers TRV YumBrands YUM 120.51 0.30
18.52 -0.58 MarathonOil MRO 31.93 -0.24
PTC
Invesco IVZ
AEP AEP 100.53 -1.90 CanNtlRlwy CNI 114.87 -1.19 EPAM Systems EPAM 330.70 -10.97 s PCAR 89.38 0.40 SignatureBank SBNY 223.53 -2.39 Trex TREX 64.62 -1.47 YumChina YUMC 47.39 1.45
IQV 220.71 -4.52 MarathonPetrol MPC 112.87 -0.78
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AmerExpress AXP 165.96 -2.73 CanNaturalRes CNQ 68.32 -0.32 EQT EQT 48.97 -0.81 IQVIA SimonProperty SPG 107.87 -2.71 Trimble TRMB 67.15 -1.62 ZimIntShipping ZIM 58.46 -10.06
MaravaiLifeSci MRVI 30.51 -1.70 PackagingCpAm PKG 159.62 -2.68
74.30 -2.11 EastWestBncp EWBC 72.83 -1.59 IcahnEnterprises IEP 51.97 0.67 6.21 -0.08 Trip.com TCOM 25.36 2.06 ZTO Express ZTO 27.01 -0.43
AmericanFin AFG 141.42 -2.37 CanPacRlwy CP
ICLR 230.56 0.87 Markel MKL 1380.36 -28.31 PalantirTech PLTR 9.18 0.05 SiriusXM SIRI
AmHomes4Rent AMH 37.14 -0.95 Canon CAJ 25.26 -0.24 EastmanChem EMN 109.26 -3.03 Icon PaloAltoNtwks PANW 524.88 -2.12 Skyworks SWKS 106.66 -1.98 TruistFinl TFC 49.05 -0.71 ZebraTech ZBRA 330.74 -4.77
ETN 144.48 -0.93 IDEX IEX 194.43 -2.39 MarketAxess MKTX 281.01 -3.48
AIG AIG 57.74 -1.67 CapitalOne COF 125.17 -3.06 Eaton Marriott MAR 173.19 -3.99 ParamountB PARA 30.74 0.18 SmithAO AOS 61.09 -0.71 Twilio TWLO 108.39 0.96 t Zendesk ZEN 80.52 -5.99
CPRI 51.66 -0.47 eBay EBAY 47.68 0.17 IllinoisToolWks ITW 206.34 -3.80 TWTR 40.44 0.31 Zillow C
AmerTowerREIT AMT 264.46 -1.69 Capri Marsh&McLen MMC 156.34 -2.31 ParamountA PARAA 33.18 0.08 Smith&Nephew SNN 31.38 -0.36 Twitter Z 41.01 0.15
CardinalHealth CAH 53.55 -0.36 Ecolab ECL 164.99 -5.72 Illumina ILMN 233.53 0.46 Smucker SJM 127.44 -2.87 TylerTech TYL 363.45 -0.13
AmerWaterWorks AWK 153.60 -3.25 ParkerHannifin PH 283.02 -0.74 Zillow A ZG 40.98 0.14
AmericoldRealty COLD 29.94 -0.12 Carlisle CSL 266.77 -5.43 Ecopetrol EC 17.08 -0.35 s ImperialOil IMO 57.76 0.48 MartinMarietta MLM 336.80 -14.65 Snap SNAP 15.17 -0.11 TysonFoods TSN 87.31 -1.07 ZimmerBiomet ZBH 118.53 -0.60
Paychex PAYX 125.60 -1.15
Ameriprise AMP 272.16 -4.90 Carlyle CG 38.58 -0.92 EdisonInt EIX 69.13 -1.10 Incyte INCY 74.99 0.08 MarvellTech MRVL 59.35 -1.67 SNA 221.24 -3.44 UBS Group UBS 17.89 -0.97 ZionsBancorp ZION 56.53 -0.86
Masco MAS 56.37 -0.76 PaycomSoftware PAYC 312.00 4.69 SnapOn
CarMax KMX 102.24 4.01 EdwardsLife EW 96.29 -0.96 Infosys INFY 19.16 -0.22 SNOW 135.57 4.31 UDR UDR 46.35 -0.96 Zoetis ZTS 171.29 -2.49
AmerisourceBrgn ABC 146.42 -3.14 MASI 140.01 -1.25 Paylocity PCTY 184.44 -2.90 Snowflake
CCL 12.93 -0.85 ElancoAnimal ELAN 24.14 -0.41 IngersollRand IR 50.28 -0.12 Masimo
Ametek AME 121.75 -1.92 Carnival PayPal PYPL 87.51 -1.08 SOQUIMICH SQM 98.38 -3.01 UGI UGI 43.56 -0.98 ZoomVideo ZM 115.46 0.42
CUK 11.97 -0.91 Elastic ESTC 78.30 0.49 Insulet PODD 219.41 -0.48 Mastercard MA 362.33 -1.69
Amgen AMGN 245.48 -0.93 Carnival s MatadorRscs MTDR 66.19 -0.37 s PembinaPipeline PBA 42.16 -0.21 SolarEdgeTech SEDG 298.44 -7.98 US Foods USFD 32.01 -0.57 ZoomInfoTech ZI 40.44 -0.30
APH 70.50 -1.09 CarrierGlobal CARR 39.39 -0.60 ElbitSystems ESLT 208.06 0.28 Intel INTC 41.23 -2.30 SONY 92.26 -0.38 Uber UBER 25.83 0.53 Zscaler ZS 165.57 2.76
Amphenol MatchGroup MTCH 84.64 0.34 s PenskeAuto PAG 120.22 -0.65 Sony
AnalogDevices ADI 165.01 -1.94 CaseysGenStores CASY 197.93 -8.32 ElectronicArts EA 139.22 -1.75 InteractiveBrkrs IBKR 58.89 -1.69 Mattel MAT 24.32 -0.21 Pentair PNR 49.87 -1.27
Anaplan PLAN 63.38 0.12 Catalent CTLT 110.83 -2.88 EmersonElec EMR 91.15 -0.38 ICE ICE 101.38 -0.38
McCormick MKC 89.46 -0.19 PepsiCo PEP 165.73 -0.83
17.48 -0.01 Caterpillar CAT 229.80 2.70 s Enbridge ENB 47.18 -0.35 InterContinentl IHG 62.75 -0.79
AngloGoldAsh AU
AB InBev BUD 55.18 -1.14 Celanese CE 158.44 -2.86 Endeavor EDR 22.55 -0.68 IBM IBM 140.83 -1.95
IFF 132.92 -1.60
McCormickVtg MKC.V 89.61 -0.04 PerkinElmer PKI 149.20 -2.86
McDonalds MCD 245.61 -3.33 PetroChina PTR 55.30 0.37
Borrowing Benchmarks
AnnalyCap NLY 6.59 -0.10 s CenovusEnergy CVE 24.53 -0.18 EnelAmericas ENIA 5.30 ... IntlFlavors
McKesson MCK 315.02 -6.63 PetroleoBrasil PBR 13.79 -0.11 wsj.com/market-data/bonds/benchmarks
s AnteroResources AR 46.93 -1.38 Centene CNC 82.60 -0.75 EnergyTransfer ET 12.26 -0.05 IntlPaper IP 47.28 -0.65
t MedicalProp MPW 16.88 -0.55 PetroleoBrasilA PBR.A 12.44 -0.14
Anthem ANTM 498.30 -2.11 CenterPointEner CNP 31.31 -0.76 EnphaseEnergy ENPH 204.77 -4.86 Interpublic IPG 30.75 -0.86
Medtronic MDT 96.04 -0.43 Pfizer PFE 53.47 -0.49
Aon AON 266.80 -3.82 CentraisElBras EBR 8.65 0.10 Entegris
ApolloGlbMgmt APO 57.32 -1.76 CeridianHCM CDAY 56.90 0.24 Entergy
ENTG 111.55 -1.13 Intuit INTU 414.46 -2.19
ETR 118.31 -3.00 IntuitiveSurgical ISRG 218.60 -3.35
MercadoLibre MELI 824.62 -0.06 PhilipMorris PM 103.54 -2.74 Money Rates June 8, 2022
Merck MRK 89.48 -1.00 s Phillips66 PSX 110.25 0.33
Apple AAPL 147.96 -0.75 ChangeHlthcr CHNG 23.60 -0.16 s EnterpriseProd EPD 28.37 -0.10 InvitatHomes INVH 37.36 -0.84 MetaPlatforms FB 196.64 0.99 PilgrimPride PPC 31.68 -0.51
ApplMaterials AMAT 112.46 -3.21 CharlesRiverLabs CRL 236.90 -10.31 Envista NVST 42.21 -1.54 IronMountain IRM 53.22 -1.27 Key annual interest rates paid to borrow or lend money in U.S. and
MetLife MET 67.24 -0.45 Pinduoduo PDD 64.95 5.76
MettlerToledo MTD 1294.32 -20.99 PinnacleWest PNW 74.57 -2.65 international markets. Rates below are a guide to general levels but
Applovin APP 43.75 0.25 CharterComms CHTR 487.95 5.40 Equifax EFX 196.18 -4.36 ItauUnibanco ITUB 5.10 -0.13
Aptargroup ATR 107.71 -2.47 CheckPoint CHKP 128.05 -0.95 Equinix EQIX 668.66 -22.89
J K L MicrochipTech MCHP 68.91 -1.77 Pinterest PINS 20.79 0.82 don’t always represent actual transactions.
Aptiv APTV 109.77 0.11 Chemed CHE 473.57 -6.95 Equinor EQNR 37.75 -0.13
MicronTech MU 68.60 -2.16 PioneerNatRscs PXD 283.89 -1.39
Aramark ARMK 34.51 -0.42 CheniereEnergy LNG 142.19 -4.06 Equitable EQH 29.38 -0.38
JD.com JD 66.47 4.73 Microsoft MSFT 270.41 -2.09 PlainsAllAmPipe PAA 11.72 -0.26 Week —52-WEEK—
ArcelorMittal MT 31.65 -1.74 CheniereEnerPtrs CQP 54.39 -1.20 EquityLife ELS 72.45 -2.14 Inflation
JPMorganChase JPM 128.00 -2.07 MidAmApt MAA 173.76 -4.16 PlainsGP PAGP 12.41 -0.20 Latest ago High Low
ArchCapital ACGL 46.81 -0.61 ChesapeakeEner CHK 99.54 -3.02 EquityResdntl EQR 74.15 -1.70 Jabil JBL 61.70 -1.07 Middleby MIDD 146.39 -2.31 PlugPower PLUG 18.54 -0.31 April index Chg From (%)
ArcherDaniels ADM 88.61 -0.91 s Chevron CVX 181.13 0.93 ErieIndemnity A ERIE 177.79 -0.03 JackHenry JKHY 186.30 -1.69 MitsubishiUFJ MUFG 5.54 -0.16 Pool POOL 406.87 -3.93
AresMgmt ARES 72.51 -0.67 ChewyA CHWY 28.99 0.37 EssentialUtil WTRG 46.77 -0.88 JacobsEngg J
level March '22 April '21 Federal funds
133.37 -4.34 t MizuhoFin MFG 2.23 -0.07 PrincipalFin PFG 71.62 -0.58
arGEN-X ARGX 332.02 6.51 ChinaEastrnAir CEA 17.72 0.18 EssexProp ESS 277.36 -5.73
JamesHardie JHX 24.72 -0.45 Moderna MRNA 148.53 3.19 Procter&Gamble PG 145.11 -1.83 Effective rate 0.8300 0.8400 0.8500 0.0600
AristaNetworks ANET 103.05 -1.25 ChinaLifeIns LFC 7.85 -0.01 EsteeLauder EL 267.86 -3.46 U.S. consumer price index High 0.9500 0.9500 0.9700 0.0700
JazzPharm JAZZ 151.61 -2.96 MohawkInds MHK 139.54 -1.86 Progressive PGR 119.63 -1.56
Etsy ETSY 84.88 3.40 289.109 0.56 8.3
ArrowElec ARW 121.96 -2.65 ChinaPetrol SNP 48.97 -0.17 JefferiesFin JEF 31.55 -0.88 MolinaHealthcare MOH 283.45 -4.65 Prologis PLD 124.77 -4.91 All items Low 0.8000 0.8100 0.8300 0.0100
AspenTech AZPN 206.61 -3.62 ChinaSoAirlines ZNH 27.42 -0.38 EverestRe RE 281.79 -6.42 290.846 0.53 6.2
J&J JNJ 177.28 -1.06 MolsonCoorsB TAP 53.93 -0.72 PrudentialFin PRU 105.09 -1.12 Core Bid 0.8300 0.8300 0.8300 0.0400
Assurant AIZ 182.49 -3.09 Chipotle CMG 1373.35 -17.09 Evergy EVRG 68.98 -1.57
90.62 -2.22
JohnsonControls JCI 54.85 -0.60 Mondelez MDLZ 62.62 -0.62 Prudential PUK 26.42 -0.27 Offer 0.8700 0.8500 0.8800 0.0600
AstraZeneca AZN 64.72 -0.86 ChoiceHotels CHH 129.39 -2.72 EversourceEner ES International rates
Atlassian TEAM 200.80 -0.05 Chubb CB 210.33 -3.29 ExactSciences EXAS 49.49 1.39 Treasury bill auction
AtmosEnergy ATO 115.22 -2.21 ChunghwaTel CHT 42.94 -0.03 Exelon EXC 48.17 -0.88
Autodesk ADSK 203.73 -3.44 Church&Dwight CHD 87.47 -0.54 Expedia EXPE 129.47 -1.68 IPO Scorecard Latest
Week
High
52-Week
Low
4 weeks 0.860 0.740 0.860 0.000
ago
Autoliv ALV 80.52 -0.39 ChurchillDowns CHDN 210.21 -2.76 ExpeditorsIntl EXPD 103.10 -6.21 Performance of IPOs, most-recent listed first 13 weeks 1.230 1.120 1.230 0.025
ADP ADP 219.99 -2.29 Ciena CIEN 48.47 -0.18 ExtraSpaceSt EXR 172.11 -7.94 % Chg From % Chg From Prime rates 26 weeks 1.710 1.580 1.710 0.040
AutoNation AN 121.34 -1.07 Cigna CI 260.78 -1.50 s ExxonMobil XOM 104.59 1.22 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day
AutoZone AZO 2092.35 -27.63 CincinnatiFin CINF 126.51 -1.83 F5 FFIV 166.13 0.06 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close U.S. 4.00 4.00 4.00 3.25 Secondary market
Avalara AVLR 88.70 -1.80 Cintas CTAS 399.36 -4.24 FMC FMC 117.83 -3.40 Canada 3.20 3.20 3.20 2.45
Avalonbay AVB 200.49 -4.36 CiscoSystems CSCO 44.92 -0.65 FactSet FDS 376.46 -5.13 Phoenix Motor 4.06 –45.9 ... Prime Number Acquisition I 9.99 –0.1 0.5 Japan 1.475 1.475 1.475 1.475 Fannie Mae
Avangrid AGR 46.40 -1.19 Citigroup C 51.41 -0.69 FairIsaac FICO 408.48 -13.40 PEV June 8/$7.50 PNACU May 13/$10.00
30-year mortgage yields
Avantor AVTR 32.53 -0.33 CitizensFin CFG 40.38 -0.68 Fastenal FAST 53.81 -1.15 Zhong Yang Financial Grp 17.51 250.2 3.1 ProFrac Holding 22.75 26.4 25.6 Policy Rates
AveryDennison AVY 178.79 -2.83 CitrixSystems CTXS 98.74 -0.03 FederalRealty FRT 109.23 -3.03 TOP June 1/$5.00 PFHC May 13/$18.00 30 days 4.755 4.623 4.972 2.216
Euro zone 0.00 0.00 0.00 0.00
AvisBudget CAR 184.43 -10.11 s CivitasRsrcs CIVI 83.69 -0.06 FedEx FDX 217.17 -4.20 60 days 4.837 4.686 5.074 2.261
FERG 119.58 -0.78 Bright Green 2.56 –68.0 –89.9 Hanover Bancorp 21.13 0.6 0.1 Switzerland 0.00 0.00 0.00 0.00
AxonEnterprise AXON 102.88 -1.19 Clarivate CLVT 14.69 -0.34 Ferguson
BCE BCE 54.20 -0.91 ClearwayEnergyA CWEN.A 34.12 0.07 Ferrari RACE 191.87 0.71 BGXX May 17/$8.00 HNVR May 11/$21.00 Britain 1.00 1.00 1.00 0.10 Other short-term rates
BHP Group BHP 67.59 -1.62 ClearwayEnergyC CWEN 37.13 0.19 FidNatlFin FNF 41.91 -0.70 Visionary Edu Technology Hldgs Grp 1.28 –68.0 –94.9 Monterey Capital Acquisition 9.97 –0.3 0.1 Australia 0.85 0.35 0.85 0.10
BJ'sWholesale BJ 60.28 -1.70 Cleveland-Cliffs CLF 22.50 -1.41 FidNatlInfo FIS 103.76 -0.81 VEDU May 17/$4.00 MCACU May 11/$10.00 Week 52-Week
s BP BP 34.12 -0.07 Clorox CLX 134.33 0.05 FifthThirdBncp FITB 38.88 -0.68 Overnight repurchase Latest ago high low
Baidu BIDU 152.88 2.30 Cloudflare NET 55.06 0.33 FirstCitizBcshA FCNCA 682.00 -5.77 Actelis Networks 1.44 –64.0 –40.0 Global Blockchain Acquisition 9.96 –0.4 –0.2 U.S. 0.72 0.79 0.80 0.00
BakerHughes BKR 37.49 -0.17 Coca-Cola KO 62.89 -0.36 FirstHorizon FHN 22.79 -0.13 ASNS May 13/$4.00 GBBKU May 10/$10.00 Call money
Ball BALL 72.68 -1.49 Coca-ColaEuro CCEP 53.93 0.04 FirstIndRlty FR 51.36 -1.54 U.S. government rates
BancoBilbaoViz BBVA 5.26 -0.16 Cognex CGNX 47.90 -0.77 FirstRepBank FRC 151.10 -2.60 2.75 2.75 2.75 2.00
Sources: Dow Jones Market Data; FactSet
BancoBradesco BBDO 3.27 -0.05 CognizantTech CTSH 73.11 -0.98 FirstSolar FSLR 71.69 -0.31 Discount
BancodeChile BCH 20.79 -0.17 CoinbaseGlbl COIN 69.20 -0.37 FirstEnergy FE 41.38 -0.50 Commercial paper (AA financial)
1.00 1.00 1.00 0.25
BancSanBrasil BSBR 6.42 -0.09 ColgatePalm CL 77.87 -0.84 Fiserv FISV 100.13 -1.11 90 days 1.62 n.a. 1.62 0.06
BcoSantChile BSAC 19.30 -0.19 Comcast A CMCSA 42.84 0.21 FiveBelow
BancoSantander SAN 3.15 -0.06 Comerica
FIVE 135.37 1.32
CMA 81.25 -0.59 FleetCorTech FLT 247.30 -1.05
Dividend Changes Notes on data: Libor
41.79 -1.60 CommerceBcshrs CBSH 68.83 -0.67 Flex FLEX 16.95 -0.35 U.S. prime rate is the base rate on corporate
BanColombia CIB One month 1.19971 1.11971 1.19971 0.07263
BankofAmerica BAC 35.89 -0.46 ConagraBrands CAG 32.66 0.06 Floor&Decor FND 75.13 -1.23 Amount Payable / loans posted by at least 70% of the 10 largest
U.S. banks, and is effective May 5, 2022. Other Three month 1.68771 1.62600 1.69043 0.11413
BankofMontreal BMO 108.97 -1.33 Concentrix CNXC 159.66 -2.20 FomentoEconMex FMX 73.22 -0.31 Company Symbol Yld % New/Old Frq Record
prime rates aren’t directly comparable; lending Six month 2.26643 2.10929 2.26643 0.14663
BankNY Mellon BK 45.34 -1.00 s ConocoPhillips COP 121.86 -0.85 FordMotor F 13.53 -0.21
BkNovaScotia BNS 67.26 -0.81 ConEd ED 97.04 -1.44 Fortinet FTNT 300.53 -4.85 Increased practices vary widely by location; Discount rate One year 2.91214 2.77543 2.91214 0.21950
Barclays BCS 8.49 -0.18 ConstBrands A STZ 245.45 -0.79 Fortis FTS 49.20 -0.53 ESSA Bancorp ESSA 3.6 .15 /.12 Q Jun30 /Jun16 is effective May 5, 2022. Secured Overnight
BarrickGold GOLD 20.77 0.03 ConstellationEner CEG 64.77 -1.78 Fortive FTV 62.97 -0.70 Financing Rate is as of June 7, 2022. DTCC GCF Secured Overnight Financing Rate
Bath&BodyWks BBWI 37.27 -0.40 s ContinentalRscs CLR 72.63 -0.02 FortBrandsHome FBHS 69.05 -1.91 Foreign Repo Index is Depository Trust & Clearing 0.77 0.79 0.80 0.01
BaxterIntl BAX 72.85 0.27 Cooper COO 344.06 -3.45 FoxA FOXA 34.06 -0.54 Brookfield BRP 4.625% Nts Corp.'s weighted average for overnight trades in
BEPH 6.3 .28906 Q Jul30 /Jul15 Value 52-Week
BectonDicknsn BDX 254.85 -2.20 Copart CPRT 114.72 -1.78 FoxB FOX 31.49 -0.55 applicable CUSIPs. Value traded is in billions of
BeiGene BGNE 162.05 7.48 Corning GLW 35.82 -0.02 Franco-Nevada FNV 144.30 -1.98
Pembina Pipeline PBA 4.6 .1669 M Jul15 /Jun24 U.S. dollars. Federal-funds rates are Tullett Latest Traded High Low
BentleySystems BSY 35.20 -0.55 Corteva CTVA 62.00 -0.38 FranklinRscs BEN 25.88 -1.06 Sources: FactSet; Dow Jones Market Data Prebon rates as of 5:30 p.m. ET.
Berkley WRB 71.02 -1.25 Cosan CSAN 16.52 -0.31 FreeportMcM FCX 42.20 -1.19
DTCC GCF Repo Index
Sources: Federal Reserve; Bureau of Labor
BerkHathwy A BRK.A 463300-8199.90 CoStar CSGP 61.25 -0.71 FreseniusMed FMS 28.29 -0.81 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; Treasury 0.761 36.110 0.810 0.004
BerkHathwy B BRK.B 308.74 -4.91 Costco COST 467.99 -3.79 FullTruck YMM 8.17 0.21 spin-off. Tullett Prebon Information, Ltd. MBS 0.810 33.450 0.835 0.009

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
TimkenSteel TMST 26.23 -7.7 BuzzFeed BZFD 2.06 -5.7 GulfIslandFab GIFI 3.27 -0.6 OusterWt OUST.WS 0.27 4.3 Sanfilippo JBSS 70.36 -1.0 TuataraCap TCACU 7.90 -11.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American TotalEnergies TTE 61.15 1.3 byNordicAcqnWt BYNOW 0.14 -6.7 H.I.G.AcqnWt HIGA.WS 0.13 -11.8 OxbridgeAcqnWt OXACW 0.10 8.9 SchultzeSpacII SAMAU 9.85 -0.1 TuataraCapA TCAC 7.82 -5.2
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest TransGlobeEner TGA 5.50 2.5 cbdMD YCBD 0.45 6.2 HealthpeakProp PEAK 27.39 -4.5 PMV Pharm PMVP 9.75 -5.7 ScreamingEagle SCRMU 9.73 -0.2 TuesdayMorning TUEM 0.45 -0.6
session. % CHG-Daily percentage change from the previous trading session. US Oil Fund USO 92.20 2.2 cbdMD PfdA YCBDpA 3.26 ... Helbiz HLBZ 0.90 -7.7 PanbelaTherap PBLA 1.35 -1.4 SculptorAcqnI SCUA.U 9.95 ... TurkcellIletism TKC 2.71 -6.5
USComdtyIndxFd USCI 62.67 0.8 Cepton CPTN 1.89 -1.0 HilleVax HLVX 8.51 3.2 PA Reit PEI 0.31 -3.6 SeritageGrwPfdA SRGpA 15.75 -0.7 TurmericAcqnWt TMPMW 0.07 -4.3
US NatGas UNG 32.77 -7.3 ChinaGreenAg CGA 6.43 2.3 HowmetAeroPfd HWMp 65.23 -6.6 PhoenixMotor PEV 4.01 -45.9 7Acqn SVNAU 9.97 0.2 Vacasa VCSA 3.46 -5.1
Wednesday, June 8, 2022 VectoIQII Wt VTIQW 0.20 -13.0
US12mthNtlGas UNL 29.37 -5.2 ClimateRealI CLIM.U 9.80 ... Hurco HURC 25.70 -1.5 Power&Digital II XPDBU 9.90 -1.0 ShapewaysWt SHPW.WS 0.12 9.4
52-Wk % 52-Wk % 52-Wk % US12moOilFd USL 45.45 2.3 CloverLeafCapRt CLOER 0.10 2.9 Hydrofarm HYFM 5.59 -11.0 QuanergySystems QNGY 0.40 -6.4 VeraBradley VRA 5.56 -8.6
ShiftTech SFT 0.84 -2.9
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg VOC Energy VOC 8.86 4.3 CognitionTherap CGTX 2.13 -4.8 IMV IMV 0.84 2.4 VersaBank VBNK 8.00 -4.7
ROCEnergyAcqnUn ROCAU 9.70 -4.2 Sonendo SONX 2.41 -0.4
146.81 -0.9 CohnRobbinsWt CRHC.WS 0.48 -11.6 iMediaBrands IMBI 1.57 -7.0 VerticalAerospace EVTL 4.60 -0.4
ValeroEnergy VLO RailVision RVSN 0.89 -0.2 SustDevtI Wt SDACW 0.06 48.1
Envela ELA 6.92 6.2 ParPacific PARR 21.10 1.4 CMRA 1.31 -11.3 IGC 0.42 93.4 VirginGroupII VGII.U 8.95 -0.7
Valhi VHI 54.06 -4.0 ComeraLifeSci IndiaGlblCap
Highs ExecutiveNtwkWt ENPC.WS
ExxonMobil XOM
1.12
105.57
21.5
1.2
PembinaPipeline PBA
PenskeAuto PAG
42.74 -0.5
122.12 -0.5
VenusAcqn VENA 10.25 ... ConnexaSportsTech CNXA 0.80 -9.6 Infobird IFBD 0.50 -7.4
RealBrokerage
Regis
REAX
RGS
1.36
0.59
-2.1
-6.3
SwvlWt
TOP Ships
SWVLW
TOPS
0.21
0.56
-50.0
-0.8
VirtuFinancial VIRT
ViscogliosiBrosWt VBOCW
22.95
0.09
-1.5
-17.3
ADMA Biologics ADMA 2.19 7.0 VermilionEnergy VET 25.41 0.9 CreativeMedTech CELZ 0.87 0.6 InMedPharm INM 0.64 -3.0 RigelPharm RIGL 0.69 -60.2 Tilly's TLYS 7.52 -1.3
FG Merger FGMCU 10.98 -0.1 PermianBasin PBT 21.45 5.5 VyGlblGrowthWt VYGG.WS 0.27 4.2
APA APA 51.95 -0.4 ViperEnergyPtrs VNOM 35.85 -0.7 CustomTruckWt CTOS.WS 0.45 -15.6 JawsJuggernaut JUGGU 9.36 -0.3 S&W Seed SANW 1.12 -3.0 TilrayBrands TLRY 3.88 -3.2
GasLogPartners GLOP 7.00 1.3 PermianvilleRT PVL 5.60 4.6 Waitr WTRH 0.15 12.3
AnteroResources AR 48.80 -2.9 ViscogliosiBros VBOCU 10.55 1.0 Dave DAVE 1.30 2.9 KairousAcqnWt KACLW 0.03 -9.9 SCP&COHlthcrWt SHACW 0.04 -58.4 TribeCapGrwI Wt ATVCW 0.14 -13.8 0.65 -2.1
GenieEnergy GNE 8.88 -0.3 Phillips66 PSX 111.28 0.3 YunhongCTI CTIB
Arcellx ACLX 24.71 12.8 W&T Offshore WTI 9.01 -1.6 DeepMedicineAcqnRt DMAQR 0.06 ... KalVistaPharm KALV 8.12 -5.1 SLGreenRealty SLG 56.81 -3.1 TrineIIAcqn TRAQ.U 9.95 -0.4 Zendesk ZEN 76.82 -6.9
GeoPark GPRK 18.52 -0.3 Photronics PLAB 23.04 -4.1 DLX 22.41 -3.7 KCGI.WS 0.23 -15.2
AtlStreetAcqn ASAQ 9.93 0.2 WesternMidstrm WES 29.50 -3.1 Deluxe KensingtonV Wt SachemNts2027 SCCE 22.96 -1.2 TrineIIAcqnWt TRAQ.WS 0.11 -27.1 Zenvia ZENV 3.40 -2.0
GoodWorksII A GWII 9.93 0.2 PrecisionDrilling PDS 87.19 -0.2 9.94 -0.2 9.70 -1.8
BP BP 34.30 -0.2 WeycoGroup WEYS 31.17 0.2 DenaliCapAcqnA DECA LCattertonAsia LCAAU
GranTierraEner GTE 2.15 4.0 PrimeEnergy PNRG 100.05 7.8 0.09 -4.2 1.00 -0.9
BP Prudhoe BPT 26.08 1.3 WhiteMtnIns WTM 1283.00 -2.2 DigitalMediaWt DMS.WS LM Funding LMFA
GulfportEnergy GPOR 108.10 -1.1 ProFrac PFHC 23.62 0.6 0.11 -1.5 0.09 -27.0
BiotechAcqnA BIOT 10.41 ... WhitingPetrol WLL 101.74 -0.1 Disruptive I Wt DISAW LatAmGrowthWt LATGW
HF Sinclair DINO 58.19 -0.3 ProPhaseLabs PRPH 11.50 3.9 Dole DOLE 9.59 -2.0 LatchWt LTCHW 0.21 -7.1
BlackStoneMin BSM 17.36 3.8
BrighamMin
CHS Pfd
MNRL
CHSCP
33.64
32.90
0.6
1.0
Halliburton
Harte-Hanks
HAL
HHS
43.99
10.43
1.0
1.4
ROC Energy
RangeResources RRC
ROC 10.02 -0.4
37.44 -2.8 Lows DouglasEmmett DEI
DynamicsSpec DYNS
26.51
7.18
-2.9
-6.1
LefterisAcqnWt
Locafy
LFTRW
LCFY
0.09
0.76
-9.2
0.7
ADVERTISEMENT
Helm&Payne HP 54.59 0.9 RangerOil ROCC 53.59 -4.2 AmmoPfdA POWWP 25.66 -1.5 ElcLastMileWt ELMSW 0.07 -24.3 LoyaltyVentures LYLT 4.51 -45.4
CNX Resources CNX 24.21 -0.2
CTI BioPharma CTIC
CVB Fin CVBF
CenovusEnergy CVE
CenovusEnergyWt CVE.WS
6.45
25.22
24.91
19.55
17.6
-0.5
-0.7
-0.9
Hess
HudsonTech
ImperialOil
KinsTechA
HES
HDSN
IMO
KINZ
131.44
10.76
57.89
10.11
0.4
9.8
0.8
-0.2
RattlerMidstrm RTLR
SM Energy
SabineRoyalty
SanJuanBasin
SM
SBR
SJT
18.22 -0.1
54.97 -3.1
90.73 0.2
14.70 1.1
ASPACIIAcqn
ASPACIIAcqn
AchariVenturesIWt
Adagene
ASCBU
ASCB
AVHIW
ADAG
9.85 0.2 EquityDistrWt
9.82 -0.1 ExelaTech
0.12 ... Farmmi
2.67 1.5 FastRadiusWt
EQD.WS
XELA
FAMI
FSRDW
0.12
0.18
1.10
0.04
-8.7
-4.1
-1.7
-10.2
M3-BrigadeIIIWt
MVB Financial
Maximus
MaxproCapWt
MBSC.WS
MVBF
MMS
JMACW
0.07
34.65
62.43
0.06
-3.3
-1.8
-1.2
18.7
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To advertise: 800-366-3975 or WSJ.com/classifieds
CentennialRsc CDEV 9.70 -2.1 KimbellRoyalty KRP 20.08 2.3 SandersonFarms SAFM 202.44 ... AfterNextWt AFTR.WS 0.23 -7.0 FastRadius FSRD 0.38 7.0 MedicalProp MPW 16.83 -3.2
Chevron CVX 182.40 0.5 KinderMorgan KMI 20.20 -1.4 SandRidgeEnergy SD 29.28 -0.8 Akumin AKU 0.83 ... FigureAcqnI Wt FACA.WS 0.22 ... Mesoblast MESO 2.90 -3.9
CivitasRsrcs CIVI 84.76 -0.1 Lantheus LNTH 73.78 -0.8 Schlumberger SLB 49.83 1.3 AlerusFinancial ALRS 23.63 -2.8 FinTechAcqnVWt FTCVW 0.09 -8.3 MizuhoFin MFG 2.21 -3.0
ComstockRscs CRK 22.11 -1.3 LaredoPetrol LPI 120.86 -0.9 ScorpioTankers STNG 37.71 1.8 AlexandriaRlEst ARE 155.78 -5.0 FinTechAcqnV FTCVU 9.86 0.4 ModivPfdA MDVpA 24.18 0.4
ConocoPhillips COP 124.08 -0.7 MagnoliaOil MGY 30.31 -1.1 SenecaFoods B SENEB 60.12 0.9 AltitudeAcqnWt ALTUW 0.05 18.6 FintechEcoRt FEXDR 0.08 -26.8 MyriadGenetics MYGN 18.32 -1.8
ConsldWater CWCO 14.77 2.7 MarathonPetrol MPC 114.35 -0.7 SenecaFoods A SENEA 58.57 0.4 AppliedDNA APDN 1.07 ... FirstAdvantage FA 14.09 -0.1 Nanobiotix NBTX 4.64 -8.1 COMMERCIAL REAL ESTATE
ContinentalRscs CLR 73.40 ... MatadorRscs MTDR 67.78 -0.6 7Acqn SVNAU 10.17 0.2 ArchCapitalPfdG ACGLN 20.22 1.1 FirstLightWt FLAG.WS 0.05 -50.0 NatlEnerSvsWt NESRW 0.26 22.5
CorazonV838
CoterraEnergy
CRZNU
CTRA
10.15
36.55
0.2
-0.9
MeridianBiosci
MillicomIntlRt
VIVO
TIGOR
28.93
5.51
3.9
7.9
SignalHillAcqn
SilverBowRscs SBOW
SGHLU 10.90 0.6
49.27 2.1
ArtemisStratInvtWt
AtlanticusNts26
ARTEW
ATLCL
0.10 -8.2 FirsthandTechVal SVVC
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 .

B8 | Thursday, June 9, 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
32910.90 t 269.24, or 0.81% Trailing P/E ratio 18.75 29.37 4115.77 t 44.91, or 1.08% Trailing P/E ratio * 21.72 36.97 12086.27 t 88.96, or 0.73% Trailing P/E ratio *† 26.47 36.10
High, low, open and close for each P/E estimate * 17.36 20.49 High, low, open and close for each P/E estimate * 18.05 22.52 High, low, open and close for each P/E estimate *† 22.75 28.06
trading day of the past three months. Dividend yield 2.11 1.81 trading day of the past three months. Dividend yield * 1.55 1.38 trading day of the past three months. Dividend yield *† 0.86 0.72
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

35450 4600 14200

65-day moving average 34625 65-day moving average 4450 65-day moving average 13650

33800 4300 13100

Session high 32975 4150 12550

DOWN UP
t

Session open Close

32150 4000 12000
Close Open
t

Session low 31325 3850 11450

Bars measure the point change from session's open

30500 3700 10900
Mar. Apr. May June Mar. Apr. May June Mar. Apr. May June
*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* 848,584,635 16,700,884
Industrial Average 33156.50 32824.37 32910.90 -269.24 -0.81 36799.65 31253.13 -4.5 -9.4 8.2 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 225,491,199 7,881,458
Transportation Avg 14478.65 13947.15 14017.83 -555.69 -3.81 17039.38 13439.21 -8.3 -14.9 11.4 Most-active issues in late trading Decl. volume* 613,272,769 8,357,064
Utility Average 1025.97 1007.86 1009.84 -20.59 -2.00 1071.75 869.74 11.8 3.0 7.8 Volume After Hours Issues traded 3,349 285
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 41935.10 41383.75 41475.07 -462.17 -1.10 48929.18 39275.86 -5.9 -14.7 12.0 Advances 839 143
Itau Unibanco Holding ADR ITUB 10,038.2 5.12 0.02 0.39 5.12 5.10
Barron's 400 992.20 971.88 974.97 -17.23 -1.74 1127.20 900.96 -3.4 -11.9 13.5 Declines 2,373 126
Amazon.com AMZN 8,274.5 121.21 0.03 0.02 123.84 120.68
Unchanged 137 16
Nasdaq Stock Market SPDR S&P 500 SPY 7,521.7 411.50 0.28 0.07 416.20 407.24 New highs 91 4
Nasdaq Composite 12235.78 12052.70 12086.27 -88.96 -0.73 16057.44 11264.45 -13.1 -22.7 16.0 CSX CSX 5,199.1 31.75 -0.06 -0.19 31.87 31.62 New lows 51 6
Nasdaq-100 12776.65 12578.55 12615.13 -96.55 -0.76 16573.34 11769.84 -8.7 -22.7 19.4 Kinross Gold KGC 4,977.9 4.51 0.01 0.11 4.53 4.48 Closing Arms† 0.70 1.63
iShares MSCI Emg Markets EEM 4,457.2 42.96 … unch. 43.16 42.74 Block trades* 4,642 174
S&P
-1.08
Altria Group MO 4,365.8 49.48 -0.01 -0.02 49.83 49.00
500 Index 4160.14 4107.20 4115.77 -44.91 4796.56 3900.79 -2.5 -13.6 12.7 Nasdaq NYSE Arca
Amicus Therapeutics FOLD 4,019.5 8.60 -0.18 -2.05 8.82 8.60
MidCap 400 2556.72 2513.75 2520.61 -47.11 -1.83 2910.70 2348.01 -7.7 -11.3 10.0 Total volume*4,704,968,864 237,713,282
SmallCap 600 1261.46 1239.40 1243.86 -21.40 -1.69 1466.02 1147.42 -11.3 -11.3 10.6 Percentage gainers… Adv. volume*2,229,232,131 95,556,946
Liberty Media SiriusXM C LSXMK 203.5 46.07 6.12 15.32 46.07 39.85 Decl. volume*2,424,869,506 141,006,650
Other Indexes
Amer Homes 4 Rent Cl A AMH 753.4 40.14 3.00 8.08 40.14 37.10 Issues traded 4,829 1,706
Russell 2000 1916.08 1883.26 1891.01 -28.56 -1.49 2442.74 1718.14 -18.7 -15.8 7.7
Advances 1,974 262
NYSE Composite 16019.56 15806.41 15843.83 -175.73 -1.10 17353.76 14902.14 -4.7 -7.7 7.5 Revance Therapeutics RVNC 144.9 13.56 0.64 4.95 13.56 12.92
Declines 2,598 1,425
Value Line 593.00 584.07 585.43 -7.57 -1.28 696.40 543.51 -14.0 -12.9 4.2 Brookdale Senior Living BKD 3,191.3 5.56 0.26 4.91 5.59 5.30
Unchanged 257 19
NYSE Arca Biotech 4710.02 4629.43 4662.57 10.82 0.23 6022.37 4265.88 -20.7 -15.5 0.9
ACV Auctions ACVA 91.1 8.79 0.41 4.89 8.79 8.38
New highs 50 58
NYSE Arca Pharma 847.62 838.58 840.51 -6.33 -0.75 887.27 731.84 14.1 1.6 12.5 ...And losers New lows 124 23
KBW Bank 114.95 113.02 113.74 -1.99 -1.72 147.56 106.10 -13.2 -14.0 6.1 Forge Global FRGE 57.3 12.47 -1.92 -13.34 14.75 11.80 Closing Arms† 0.83 0.28
PHLX§ Gold/Silver 133.28 131.06 132.06 -0.93 -0.70 167.76 117.06 -16.9 -0.3 21.1 Symbotic SYM 186.9 17.94 -2.13 -10.61 20.48 16.60 Block trades* 27,963 982
PHLX§ Oil Service 89.44 87.06 87.88 -0.49 -0.56 88.37 48.31 30.9 66.7 5.4 Bread Financial BFH 51.3 49.44 -4.82 -8.88 54.26 49.44 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3082.38 3000.46 3019.10 -73.87 -2.39 4039.51 2811.94 -4.4 -23.5 29.9 Skillsoft SKIL 896.6 5.82 -0.52 -8.20 6.43 5.50 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 24.78 23.74 23.96 -0.06 -0.25 36.45 15.01 33.9 39.1 13.7 M&T Bank MTB 164.8 165.57 -12.32 -6.93 177.89 165.57 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 650.94 –3.67 –0.56 –13.8 Symbotic SYM 20.07 10.97 120.55 20.77 9.01 101.1 Integrated Media Tech IMTE 3.65 -7.58 -67.50 38.48 3.42 -25.5
MSCI ACWI ex-USA 302.14 0.62 0.20 –12.3 Youdao ADR DAO 6.76 1.56 30.00 27.78 4.31 -72.8 Phoenix Motor PEV 4.06 -3.44 -45.87 7.50 4.01 ...
MSCI World 2783.29 –22.03 –0.79 –13.9 Annovis Bio ANVS 13.70 2.90 26.85 132.00 8.39 -80.3 Loyalty Ventures LYLT 6.02 -5.01 -45.42 98.95 4.51 ...
MSCI Emerging Markets 1073.74 12.72 1.20 –12.8 MINISO Group Holding ADR MNSO 6.90 1.46 26.84 24.68 5.07 -70.5 AeroClean Technologies AERC 9.23 -2.87 -23.72 117.35 1.76 ...
Americas MSCI AC Americas 1574.55 –16.34 –1.03 –13.8 Limoneira LMNR 13.91 2.54 22.34 20.55 10.44 -29.5 Odyssey Marine Expln OMEX 2.53 -0.69 -21.43 7.94 2.44 -64.9
Canada S&P/TSX Comp 20792.43 –135.78 –0.65 –2.0 Amylyx Pharmaceuticals AMLX 14.65 2.64 21.98 33.41 6.51 ... Microvast Holdings MVST 3.30 -0.88 -21.05 15.91 2.95 -75.4
Latin Amer. MSCI EM Latin America 2354.01 –25.20 –1.06 10.5 HUTCHMED (China) ADR HCM 11.39 2.05 21.95 43.94 8.41 -62.7 Applied UV AUVI 1.77 -0.41 -18.81 12.15 0.87 -81.8
Brazil BOVESPA 108367.67 –1702.09 –1.55 3.4 Rekor Systems REKR 2.62 0.47 21.86 14.31 2.01 -77.0 AdTheorent Holding ADTH 6.00 -1.06 -15.01 11.90 4.11 -37.9
Chile S&P IPSA 3273.27 –50.83 –1.53 16.6 Nutex Health NUTX 8.03 1.37 20.57 52.80 1.86 214.9 ZIM Integrated Shipping ZIM 58.46 -10.06 -14.68 91.23 33.71 33.5
Mexico S&P/BMV IPC 49819.30 –319.90 –0.64 –6.5 ContraFect CFRX 3.90 0.65 20.00 4.76 2.11 -8.5 HashiCorp Cl A HCP 32.76 -5.57 -14.53 102.95 29.26 ...
EMEA STOXX Europe 600 440.37 –2.51 –0.57 –9.7 Scienjoy Holding Cl A SJ 3.00 0.49 19.52 8.41 1.75 -60.8 ProSh Ult Bloombg Nat Gas BOIL 112.90 -18.60 -14.14 140.50 23.68 318.1
Eurozone Euro STOXX 422.37 –1.96 –0.46 –11.8 Fangdd Network Group ADR DUO 3.07 0.50 19.46 53.70 2.29 -94.2 Cyteir Therapeutics CYT 2.19 -0.36 -14.12 23.10 1.56 ...
Belgium Bel-20 3901.04 –4.08 –0.10 –9.5 I-Mab ADR IMAB 10.76 1.75 19.42 85.40 8.05 -85.8 Cadre Holdings CDRE 24.01 -3.93 -14.07 28.49 14.16 ...
Denmark OMX Copenhagen 20 1722.36 –5.41 –0.31 –7.6 Exscientia ADR EXAI 15.97 2.58 19.27 30.38 6.56 ... U.S. Silica Holdings SLCA 15.54 -2.51 -13.91 21.54 7.23 36.6
6448.63 –0.80 –9.8 Dingdong (Cayman) ADR DDL 5.54 0.88 18.88 46.00 2.51 ... Rezolute RZLT 2.60 -0.41 -13.62 17.39 2.26 -79.4
France CAC 40 –51.72
Germany DAX 14445.99 –110.63 –0.76 –9.1
Israel Tel Aviv 1907.57 6.64 0.35 –3.6
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24236.67 –129.52 –0.53 –11.4 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 710.99 1.85 0.26 –10.9
Russia RTS Index 1231.25 50.78 4.30 –22.8 Imperial Petroleum IMPP 251,523 501.5 0.75 27.12 9.70 0.38 Franklin FTSE Canada ETF FLCA 2,906 22296 34.21 -0.85 36.75 31.10
South Africa FTSE/JSE All-Share 69950.21 –368.02 –0.52 –5.1 DiDi Global ADR DIDI 128,739 95.2 2.51 12.05 18.01 1.37 iSh Core MSCI Pacific IPAC 6,601 7403 56.36 -1.38 70.41 53.79
0.01 Heartcore Enterprises HTCR 118,678 51045.8 2.19 114.71 6.19 0.94 Power Digital II Cl A XPDB 957 4272 9.80 0.10 10.47 9.70
Spain IBEX 35 8842.70 1.10 1.5
ProShares UltraPro QQQ TQQQ 112,355 -22.1 32.65 -2.04 91.68 24.93 IQ 500 International ETF IQIN 287 3561 30.72 -1.36 34.56 28.67
Sweden OMX Stockholm 837.00 –0.52 –0.06 –19.3
–10.9
Advanced Micro Devices AMD 97,503 -10.9 101.90 -3.21 164.46 78.96 IQ Chaikin U.S. Small Cap CSML 500 3264 33.12 -1.59 38.59 30.02
Switzerland Swiss Market 11467.39 –66.79 –0.58
Turkey BIST 100 2540.36 –107.83 –4.07 36.8 Alibaba Group Holding ADR BABA 91,522 167.2 119.62 14.67 230.89 73.28 Tribe Cap Growth I Cl A ATVC 1,273 3186 9.77 -0.10 10.02 9.62
U.K. FTSE 100 7593.00 –5.93 –0.08 2.8 Camber Energy CEI 88,363 37.4 0.60 -1.43 4.85 0.33 IQ Candriam ESG US Equity IQSU 387 2822 35.11 -1.07 41.97 32.76
U.K. FTSE 250 20310.99 –88.44 –0.43 –13.5 ProSh UltraPro Shrt QQQ SQQQ 75,717 -33.4 47.20 2.05 63.86 28.15 Loyalty Ventures LYLT 7,234 2619 6.02 -45.42 98.95 4.51
AeroClean Technologies AERC 67,041 2048.4 9.23 -23.72 117.35 1.76 TG Venture Acquisition TGVC 300 2542 9.94 -0.40 10.42 9.78
Asia-Pacific MSCI AC Asia Pacific 169.36 1.60 0.96 –12.3
NIO ADR NIO 64,673 -15.2 20.38 3.72 55.13 11.67 Abri SPAC I ASPA 135 2237 9.96 0.20 10.40 9.57
Australia S&P/ASX 200 7121.10 25.36 0.36 –4.3
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3263.79 22.03 0.68 –10.3 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22014.59 482.92 2.24 –5.9
Scan this code Track the
India S&P BSE Sensex 54892.49 –214.85 –0.39 –5.8
Japan NIKKEI 225 28234.29 290.34 1.04 –1.9
to get real-
time U.S.
Markets
Compare the
CURRENCIES & COMMODITIES
Singapore Straits Times 3225.80 –5.73 –0.18 3.3 stock quotes performance of
South Korea KOSPI 2626.15 –0.19 –0.01 –11.8 and track selected global stock indexes,
Currencies
Taiwan TAIEX 16670.51 157.63 0.95 –8.5 most-active bond ETFs, currencies and U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1636.89 4.97 0.30 –1.3 stocks, new highs/lows and commodities at
US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data mutual funds. wsj.com/graphics/track-the-markets Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004312 23192 1.5
CREDIT MARKETS Argentina peso .0082121.4437 18.3 Europe
Brazil real .2041 4.9001 –12.1 Czech Rep. koruna .04338 23.051 5.4
Canada dollar .7962 1.2560 –0.6 Denmark krone .1441 6.9410 6.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001216 822.45 –3.5 Euro area euro 1.0719 .9330 6.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000263 3798.65 –6.6 Hungary forint .002709 369.18 13.7
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007715 129.61 –0.1
A consumer rate against its Five-year ARM, Rate Mexico peso .0511 19.5793 –4.5 Norway krone .1056 9.4713 7.5
benchmark over the past year 3.50% Uruguay peso .02521 39.6650 –11.3 Poland zloty .2336 4.2802 6.3
Bankrate.com avg†: 3.93% Tradeweb ICE
22% Asia-Pacific Russia ruble .01653 60.500 –19.1
Wednesday Close
t

Raymond James Bank, NA 3.25% 2.80 Sweden krona .1017 9.8286 8.6
Australian dollar .7192 1.3904 1.0
5-year 4.00% St. Petersburg, FL 800-718-2265 11 WSJ Dollar Index Switzerland franc 1.0219 .9786 7.3
s China yuan .1496 6.6837 5.2
adjustable-rate 2.10 Turkey lira .0583 17.1485 28.7
.1274 7.8485 0.7
t

RTN Federal Credit Union 3.25% Hong Kong dollar

mortgage (ARM) One Ukraine hryvnia .0338 29.5500 8.0
t

3.00 0 India rupee .01287 77.704 4.3

Waltham, MA 781-736-9900 year ago 1.40 UK pound 1.2537 .7976 7.9
s Indonesia rupiah .0000690 14493 1.7
5-year Treasury 3.50%
t

2.00 Clinton Savings Bank –11 Euro Japan yen .007448 134.26 16.6 Middle East/Africa
note yield 0.70
Clinton, MA 888-744-4272 Yen Kazakhstan tenge .002302 434.35 –0.2 Bahrain dinar 2.6525 .3770 0.01
s

1.00 Hanscom Federal Credit Union 3.50% 0.00 –22 Macau pataca .1236 8.0901 0.7 Egypt pound .0535 18.6853 18.9
Malaysia ringgit .2276 4.3940 5.5 Israel shekel .3004 3.3286 7.1
Hanscom AFB, MA 800-656-4328 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6449 1.5506 6.0 Kuwait dinar 3.2639 .3064 1.3
Citizens Equity First Credit Union 3.75% month(s) years
J A S O N D J F M A MJ Pakistan rupee .00499 200.250 13.6 Oman sul rial 2.5973 .3850 ...
Peoria, IL 309-633-3603 maturity Philippines peso .0189 52.978 3.9 Qatar rial .2741 3.649 0.2
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7267 1.3761 2.0 Saudi Arabia riyal .2666 3.7515 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007955 1257.13 5.7 South Africa rand .0654 15.2844 –4.1
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027894 358.50 76.7
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.75-1.50 0.75-1.50 0.00 l 1.50 -1.50 Taiwan dollar .03388 29.515 6.5
Yield (%) 52-Week Total Return (%) Thailand baht .02895 34.540 3.9 WSJ Dollar Index 95.50 0.35 0.37 6.64
Prime rate* 4.00 4.00 3.25 l 4.00 -1.50 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 1.69 1.63 0.11 l 1.69 -0.76 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2169.210 3.010 2.900 3.020 0.780 –8.644 –0.720
Money market, annual yield 0.08 0.08 0.07 l 0.08 -0.64
Five-year CD, annual yield 1.01 1.20 0.41 l 1.29 -0.94 U.S. Treasury Long, Bloomberg 3505.620 3.350 3.240 3.370 1.720 –16.708 –2.778 Commodities
30-year mortgage, fixed† 5.55 5.42 3.00 l 5.64 1.65 Aggregate, Bloomberg 2023.150 3.560 3.460 3.620 1.340 –9.376 –0.456 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 4.73 4.66 2.28 l 4.88 1.39 Fixed-Rate MBS, Bloomberg 2014.180 3.600 3.530 3.740 1.590 –8.691 –1.147
Jumbo mortgages, $647,200-plus† 5.56 5.42 3.03 l 5.65 1.29 DJ Commodity 1250.42 1.05 0.08 1264.48 853.12 38.51 32.15
High Yield 100, ICE BofA 3162.302 6.986 6.616 7.438 3.162 –7.222 1.448 Refinitiv/CC CRB Index 329.13 2.02 0.62 329.13 204.24 55.86 41.64
Five-year adj mortgage (ARM)† 3.93 3.89 2.82 l 3.93 -0.07
Muni Master, ICE BofA 560.893 2.607 2.581 3.191 0.687 –6.816 0.449 Crude oil, $ per barrel 122.11 2.70 2.26 123.70 62.32 74.54 62.36
New-car loan, 48-month 4.47 4.45 3.41 l 4.47 -0.32
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 780.343 7.028 6.866 7.150 4.516 –15.672 –2.338 Natural gas, $/MMBtu 8.699 -0.594 -6.39 9.322 3.129 178.01 133.22
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. 1851.90 4.40 0.24 2040.10 1721.50 -2.18 1.34
 .

THE WALL STREET JOURNAL. Thursday, June 9, 2022 | B9

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, June 8, 2022
Metal & Petroleum Futures Oct 19.22 19.41 19.09 19.23 .02 268,985 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
July 36.10 .05 430 months.
Open High hi lo Low Settle Chg interest
Sept 36.40 37.23 36.40 36.85 .05 2,211
Copper-High (CMX)-25,000 lbs.; $ per lb. Cotton (ICE-US)-50,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
June 4.4350 4.4470 4.4120 4.4585 0.0190 2,643 July 137.47 141.90 137.07 140.62 3.67 56,960 Iron Ore, 62% Fe CFR China-s 146.9 Wheat,Spring14%-pro Mnpls-u 14.4450
July 4.4435 4.4575 4.3965 4.4545 0.0190 89,963 Dec 120.44 123.18 120.09 122.54 2.66 108,669
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 10.6850
Gold (CMX)-100 troy oz.; $ per troy oz. Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 129.650 Steel, HRC USA, FOB Midwest Mill-s 1140 Wheat - Hard - KC (USDA) $ per bu-u 11.8500
June 1844.80 1855.00 1844.40 1851.90 4.40 4,284 193.50 s Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 15.450 Wheat,No.1soft white,Portld,OR-u 11.2500
July 1852.00 1859.10 1844.40 1853.60 4.40 2,213
July 183.40 182.15 191.35 7.70 7,629 Battery/EV metals
Sept 178.40 186.80 s 177.50 184.75 7.45 4,309 BMI Lithium Carbonate, EXW China, =99.2%-v,w 69750
Aug 1855.00 1862.40 1846.60 1856.50 4.40 421,034 Metals Food
Oct 1863.70 1870.60 1855.40 1865.00 4.50 11,900
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 70875
Interest Rate Futures Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 14625 Beef,carcass equiv. index
Dec 1872.50 1880.40 1865.30 1874.50 4.50 40,975
Engelhard industrial 1854.00 BMI Nickel Sulphate, EXW China, >22%-v,m 6675 choice 1-3,600-900 lbs.-u 232.88
Feb'23 1877.70 1890.40 1876.40 1884.60 4.20 7,400 Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
Handy & Harman base 1852.95 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 835 select 1-3,600-900 lbs.-u 212.54
Palladium (NYM) - 50 troy oz.; $ per troy oz. June 153-100 –1-13.0 15,922 Broilers, National comp wtd. avg.-u,w 1.6820
June 1915.00 1929.50 1915.00 1928.60 –27.10 3 Handy & Harman fabricated 2056.78
Sept 154-050 154-050 152-150 152-260 –1-14.0 1,262,902
LBMA Gold Price AM *1846.80
Fibers and Textiles Butter,AA Chicago-d 3.0000
Sept 1980.00 1989.50 1916.00 1937.80 –27.60 6,994 Treasury Bonds (CBT)-$100,000; pts 32nds of 100%
LBMA Gold Price PM *1849.60 Cheddar cheese,bbl,Chicago-d 225.50
Platinum (NYM)-50 troy oz.; $ per troy oz. June 138-250 138-250 137-260 138-000 –1-00.0 14,452 Burlap,10-oz,40-inch NY yd-n,w 0.8675
Cheddar cheese,blk,Chicago-d 227.50
June 1012.40 –1.30 5 Sept 137-240 137-250 136-220 136-300 –1-00.0 1,178,674
Krugerrand,wholesale-e 1928.94 Cotton,1 1/16 std lw-mdMphs-u 1.3962
1014.20 1016.80 998.70 1011.60 –1.30 39,065 Maple Leaf-e 1947.49
Milk,Nonfat dry,Chicago lb.-d 188.50
July Treasury Notes (CBT)-$100,000; pts 32nds of 100% Cotlook 'A' Index-t *156.10 Coffee,Brazilian,Comp-y 2.3254
Silver (CMX)-5,000 troy oz.; $ per troy oz. 118-195 –11.0 15,230
American Eagle-e 1947.49 Hides,hvy native steers piece fob-u n.a.
June Coffee,Colombian, NY-y 3.0376
June 21.990 22.090 21.990 22.074 –0.085 120
118-120 118-130 117-290 118-025 –11.0 3,454,664
Mexican peso-e 2244.27 Wool,64s,staple,Terr del-u,w n.a.
Sept Eggs,large white,Chicago-u 1.9450
July 22.275 22.275 21.795 22.094 –0.084 93,447
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Austria crown-e 1821.03
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Grains and Feeds Flour,hard winter KC-p 30.35
112-132 –6.2 34,527
Austria phil-e 1947.49
July 119.79 123.18 s 119.30 122.11 2.70 239,602
June Hams,17-20 lbs,Mid-US fob-u 0.91
Sept 112-032 112-040 111-260 111-292 –6.5 3,750,205 Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 104.54
Aug 117.70 120.75 s 117.02 119.78 2.68 168,540 Engelhard industrial 22.1500
2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Bran,wheat middlings, KC-u 155 Pork bellies,12-14 lb MidUS-u n.a.
Sept 114.98 118.08 s 114.47 117.15 2.61 167,924
June 105-211 105-215 105-182 105-190 –2.7 31,176 Handy & Harman base 22.2050 Corn,No. 2 yellow,Cent IL-bp,u 7.7300 Pork loins,13-19 lb MidUS-u 1.3800
Dec 107.89 110.78 s 107.57 109.95 2.37 246,349
Sept 105-062 105-065 105-026 105-035 –2.5 1,970,958 Handy & Harman fabricated 27.7560 Corn gluten feed,Midwest-u,w 222.4 Steers,Tex.-Okla. Choice-u 135.93
June'23 97.97 100.42 s 97.80 99.71 2.04 136,964
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA spot price *£17.6800 Corn gluten meal,Midwest-u,w 637.0 Steers,feeder,Okla. City-u,w 180.13
Dec 91.40 93.42 s 91.14 92.78 1.70 134,431
June 98.9125 98.9150 98.9100 98.9125 .0000 168,535 (U.S.$ equivalent) *22.0900 Cottonseed meal-u,w 400
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. Fats and Oils
July 98.5900 98.5950 98.5850 98.5850 –.0050 335,554 Coins,wholesale $1,000 face-a 19408 Hominy feed,Cent IL-u,w 192
July 4.3177 4.3512 4.2788 4.3143 –.0063 61,383
Aug 4.2138 4.2471 4.1752 4.2198 .0123 46,164 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Other metals Meat-bonemeal,50% pro Mnpls-u,w 395 Degummed corn oil, crude wtd. avg.-u,w 82.0000
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. June 85-315 –15.0 6,920 LBMA Platinum Price PM *1007.0 Oats,No.2 milling,Mnpls-u 7.1650 Grease,choice white,Chicago-h 0.7700
July 4.1642 4.2530 4.0822 4.2219 .0642 95,860 Sept 92-040 –16.0 5,969 Platinum,Engelhard industrial 1005.0 Rice, Long Grain Milled, No. 2 AR-u,w n.a. Lard,Chicago-u n.a.
Aug 3.9944 4.0638 3.9136 4.0425 .0637 52,860 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Palladium,Engelhard industrial 1970.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.8560
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. March 99.4925 99.4925 99.4900 99.4925 .0000 464,279 Aluminum, LME, $ per metric ton *2715.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 426.90 Tallow,bleach;Chicago-h 0.8150
July 9.335 9.664 s 8.427 8.699 –.594 181,780 June'23 96.7700 96.7700 96.7100 96.7300 –.0350 738,907 Copper,Comex spot 4.4585 Soybeans,No.1 yllw IL-bp,u 17.6800 Tallow,edible,Chicago-u 0.8650
Aug 9.347 9.645 s 8.447 8.679 –.599 78,484 Eurodollar (CME)-$1,000,000; pts of 100%
Sept 9.304 9.598 s 8.394 8.649 –.585 115,465 June 98.2225 98.2350 98.2150 98.2325 .0050 1,126,484 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;
Oct 9.289 9.568 s 8.386 8.637 –.568 98,753 Sept 97.3450 97.3550 97.3150 97.3250 –.0250 995,083 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
Jan'23 9.467 9.751 s 8.634 8.872 –.523 65,782 Dec 96.7600 96.7650 96.7100 96.7200 –.0400 1,258,691 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 6/7
May 5.707 5.937 s 5.603 5.723 .025 66,323 Dec'23 96.6700 96.6750 96.6200 96.6400 –.0350 1,160,939 Source: Dow Jones Market Data

Agriculture Futures Currency Futures

Corn (CBT)-5,000 bu.; cents per bu.
July 757.00 774.00 756.00 764.50 7.50 464,163
Japanese Yen (CME)-¥12,500,000; $ per 100¥ Bonds | wsj.com/market-data/bonds/benchmarks
June .7541 t .7543
.7437 .7454 –.0091 185,049
Dec 713.00 724.25 712.50 717.75 3.75 492,182
Oats (CBT)-5,000 bu.; cents per bu.
Sept .7580 t .7582
.7476 .7493
Canadian Dollar (CME)-CAD 100,000; $ per CAD
–.0092 77,871
Tracking Bond Benchmarks
July 661.50 –6.50 1,388 June .7980 .7988 .7958 .7963 –.0019 111,145
Sept 625.00 630.25 620.00 624.75 –8.00 857
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Sept .7975 .7984 .7954 .7959 –.0019 46,654
Soybeans (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
July 1729.25 1758.00 s 1726.50 1740.00 11.75 246,349 June 1.2592 1.2598 1.2513 1.2539 –.0048 174,777 Total Total
Nov 1549.25 1573.00 s 1546.00 1568.00 18.25 291,760 Sept 1.2602 1.2607 1.2523 1.2548 –.0049 79,280 return YTD total Yield (%) return YTD total Yield (%)
Soybean Meal (CBT)-100 tons; $ per ton. Swiss Franc (CME)-CHF 125,000; $ per CHF close return (%) Index Latest Low High close return (%) Index Latest Low High
July 417.70 424.20 413.30 415.60 –1.80 110,395 June 1.0283 1.0286 1.0218 1.0231 –.0056 38,259
Dec 395.60 401.60 395.00 396.70 –1.80 129,815 Sept 1.0349 1.0351 1.0282 1.0295 –.0056 11,369 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Australian Dollar (CME)-AUD 100,000; $ per AUD
July 81.62 83.44 81.45 82.94 1.50 110,722 2023.15 -9.9 U.S. Aggregate 3.560 1.340 3.620 2014.18 -8.4 Mortgage-Backed 3.600 1.590 3.740
June .7232 .7235 .7176 .7193 –.0038 131,945
Dec 77.47 79.29 s 77.47 79.04 1.66 128,882 Sept .7237 .7240 .7181 .7197 –.0039 33,235 1982.29 -7.3 Ginnie Mae (GNMA) 3.610 1.610 3.770
U.S. Corporate Indexes Bloomberg Fixed Income Indices
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Mexican Peso (CME)-MXN 500,000; $ per MXN
July 16.86 17.04 16.78 16.92 –.02 6,685 June .05099 .05109 .05076 .05105 .00003 159,122 2971.74 -12.8 U.S. Corporate 4.400 1.910 4.460 1185.69 -8.5 Fannie mae (FNMA) 3.600 1.580 3.730
Sept 17.21 17.30 17.10 17.24 –.01 3,891 Sept .05007 .05016 .04983 .05012 .00004 88,996
Wheat (CBT)-5,000 bu.; cents per bu. Euro (CME)-€125,000; $ per € 2831.02 -7.9 Intermediate 4.130 1.260 4.160 1816.53 -8.9 Freddie Mac (FHLMC) 3.600 1.570 3.720
July 1073.00 1089.00 1061.75 1074.75 3.00 118,995 June 1.0708 1.0751 1.0674 1.0718 .0008 572,852
Sept 1084.75 1101.75 1075.50 1088.25 3.75 87,869 4063.76 -20.4 Long term 4.870 2.900 5.030 560.89 -6.9 Muni Master 2.607 0.687 3.191
Sept 1.0769 1.0813 1.0734 1.0779 .0009 149,048
Wheat (KC)-5,000 bu.; cents per bu. 585.07 -13.5 Double-A-rated 3.850 1.650 3.930 395.58 -7.0 7-12 year 2.636 0.687 3.237
July 1152.25 1168.00 1141.75 1155.00 5.75 68,387 Index Futures
Sept 1157.25 1175.00 1149.25 1162.25 6.00 50,841 785.61 -13.2 Triple-B-rated 4.710 2.110 4.770 447.41 -9.0 12-22 year 3.181 1.000 3.753
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Mini DJ Industrial Average (CBT)-$5 x index
Aug 172.000 176.575 171.925 175.650 3.200 27,459 June 33107 33169 32806 32889 –276 78,498 High Yield Bonds ICE BofA 427.85 -11.9 22-plus year 3.813 1.443 4.315
Sept 174.375 178.375 174.175 177.250 2.500 8,668 Sept 33101 33142 32785 32864 –277 1,904
Mini S&P 500 (CME)-$50 x index 475.83 -8.8 High Yield Constrained 7.453 3.796 7.824 Global Government J.P. Morgan†
Cattle-Live (CME)-40,000 lbs.; cents per lb.
June 134.400 136.900 134.300 136.825 3.100 12,548 June 4150.75 4160.00 4105.25 4114.00 –44.75 2,160,350 547.49 -8.7 Global Government 2.240 0.720 2.240
448.71 -10.9 Triple-C-rated 12.956 6.304 13.544
Aug 134.500 137.900 134.350 137.525 3.400 136,410 Sept 4154.25 4161.75 4107.25 4116.00 –45.00 89,886
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index 3162.30 -9.0 High Yield 100 6.986 3.162 7.438 759.61 -9.4 Canada 3.200 1.230 3.200
June 108.350 108.800 107.200 107.850 –.575 12,272 June 2562.40 2568.00 2511.30 2519.10 –47.70 56,878
Aug 107.000 108.275 103.600 105.900 –1.200 47,384 Sept 2553.80 2565.30 2511.10 2517.80 –47.70 109 415.71 -9.7 Global High Yield Constrained 7.463 3.968 7.760 358.18 -11.7 EMU§ 2.099 0.163 2.105
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Mini Nasdaq 100 (CME)-$20 x index
12680.50 12783.00 12579.25 12615.75 –95.75 258,798 317.88 -8.9 Europe High Yield Constrained 5.653 2.304 5.872 671.45 -11.7 France 1.880 0.080 1.880
July 591.40 592.00 t 566.10 573.00 –23.80 1,268 June
Sept 605.50 606.00 t 586.00 593.90 –15.10 746 Sept 12724.50 12811.75 12610.00 12646.00 –96.25 9,049 U.S Agency Bloomberg Fixed Income Indices 479.41 -10.7 Germany 1.320 -0.410 1.320
Milk (CME)-200,000 lbs., cents per lb. Mini Russell 2000 (CME)-$50 x index
June 24.42 24.47 24.30 24.30 –.13 4,852 June 1914.10 1919.10 1880.20 1889.50 –29.10 536,710 1726.75 -5.9 U.S Agency 3.090 0.640 3.090 287.86 -2.3 Japan 0.590 0.260 0.600
July 25.16 25.19 24.95 25.01 –.15 5,161 Sept 1915.50 1919.00 1881.10 1889.90 –29.20 15,195
Cocoa (ICE-US)-10 metric tons; $ per ton. Dec 1892.00 –28.40 2 1522.99 -4.9 10-20 years 3.030 0.520 3.030 520.30 -12.7 Netherlands 1.600 -0.290 1.600
July 2,471 2,485 2,436 2,458 –17 63,773 Mini Russell 1000 (CME)-$50 x index -17.1
June 2274.20 2287.80 2258.40 2262.90 –25.10 16,668
3472.06 20-plus years 3.820 1.890 3.860 896.70 -13.6 U.K. 2.320 0.720 2.320
Sept 2,507 2,516 2,475 2,494 –13 88,908
Coffee (ICE-US)-37,500 lbs.; cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 2601.67 -9.8 Yankee 4.010 1.510 4.070 780.34 -15.1 Emerging Markets ** 7.028 4.516 7.150
July 233.00 234.60 229.85 231.85 –.30 57,964 June 102.41 102.78 102.27 102.55 .22 45,362
Sept 233.50 234.60 230.10 232.00 –.35 79,529 Sept 102.27 102.62 102.13 102.41 .23 19,360 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
July 18.97 19.17 18.84 18.98 .01 260,713 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended June 3. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 2.500 U.S. 2 2.772 s l 2.733 2.696 0.151
and demand data are available monthly only. 2.875 10 3.028 s l 2.969 3.124 1.527
2.750 Australia 2 2.751 t l 2.803 2.767 0.060 -2.7 6.3 -9.7
Inventories, 000s barrels Imports, 000s barrels per day
1.000 10 3.551 t l 3.562 3.470 1.570 52.4 57.9 2.7
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 0.553 s l 0.482 0.337 -0.634 -222.5 -225.9 -79.1
0.000 10 1.876 s l 1.804 1.675 0.145 -115.1 -117.8 -139.8
Crude oil and
petroleum prod 1,165,620 ... 1,155 1,293 1,157 1,320 8,774 ... 8,970 9,387 8,699 9,548 0.200 Germany 2 0.706 s l 0.678 0.319 -0.665 -207.2 -206.2 -82.2
Crude oil 0.000 10 1.356 s l 1.296 1.135 -0.220 -167.1 -168.6 -176.4
excluding SPR 416,758 -1,900 415 474 418 485 6,154 ... 6,218 6,638 6,357 7,395
0.000 Italy 2 1.171 s l 1.160 1.083 -0.376 -160.7 -158.1 -53.3
Gasoline 218,184 ... 219 241 219 243 1,176 ... 890 1,050 947 835
Finished gasoline 18,021 300 18 21 18 23 118 ... 52 196 140 69 0.950 10 3.367 s l 3.302 3.153 0.872 34.0 31.9 -67.2
Reformulated 32 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 -0.071 t l -0.070 -0.045 -0.121 -284.9 -281.1 -27.8
Conventional 17,989 ... 18 21 18 23 118 ... 52 196 140 69 0.200 10 0.248 t l 0.250 0.245 0.075 -277.9 -273.3 -146.9
Blend. components 200,163 ... 201 220 201 220 1,058 ... 838 854 807 766
0.000 Spain 2 0.943 s l 0.897 0.785 -0.525 -183.5 -184.4 -68.2
Natural gas (bcf) 1,902 ... 2 2 2 2 ... ... ... ... ... ...
0.700 10 2.482 s l 2.393 2.257 0.437 -54.5 -59.0 -110.6
Kerosene-type
0.125 U.K. 2 1.772 s l 1.736 1.501 0.071 -100.6 -100.5 -8.6
jet fuel 40,257 ... 40 44 39 42 206 ... 250 66 153 196
Distillates 108,984 800 106 137 107 142 220 ... 263 189 169 167 4.250 10 2.252 s l 2.216 1.998 0.773 -77.5 -76.7 -77.0
Heating oil 8,547 ... 9 10 8 9 1 ... 1 0 1 2 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 100,438 ... 97 128 98 66 220 ... 262 189 169 165
Residual fuel oil 27,856 ... 27 32 28 35 344 ... 348 231 302 159
Other oils 279,711 ... 276 291 274 293 588 ... 929 1,110 682 712
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,684,943 ... 1,681 1,920 1,686 1,973 668 ... -1,407 919 -957 1,994
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg Sumitomo Mitsui Financial SUMIBK 2.696 3.45 July 16, ’24 69 –18 81
Wells Fargo WFC 3.300 3.08 Sept. 9, ’24 33 –16 37
Total petroleum –15
Five-year average 4250 New York Life Global Funding NYLIFE 0.900 3.20 Oct. 29, ’24 45 64
product 20,227 ... 19,512 17,713 19,771 19,990 for each week 4.600 March 9, ’26 –10 n.a.
Citigroup C 4.21 119
t
Finished 3250 Lloyds Banking LLOYDS 4.375 4.48 March 22, ’28 146 –7 n.a.
motor gasoline 9,199 ... 8,977 8,480 9,000 9,260 t Arizona Public Service … 6.875 4.97 Aug. 1, ’36 195 –7 n.a.
Kerosene-type 2250 Marathon Oil MRO 6.600 5.34 Oct. 1, ’37 232 –6 245
Natural gas,
jet fuel 1,522 ... 1,716 1,032 1,599 1,544 lower 48 states Blackstone Holdings Finance … 5.000 5.00 June 15, ’44 160 –5 n.a.
1250
Distillates 3,650 ... 3,969 3,413 3,826 3,987 …And spreads that widened the most
Residual fuel oil 230 ... 436 406 421 302 250 Bank of America BAC 4.000 3.95 Jan. 22, ’25 101 22 97
Propane/propylene 1,366 ... 621 750 920 ... J J A S O N D J F M A M Credit Suisse CS 3.625 4.01 Sept. 9, ’24 125 17 118
Other oils 4,259 ... 3,794 3,632 4,006 ... 2021 2022 Caterpillar Financial Services … 3.300 2.99 June 9, ’24 24 14 n.a.
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions.
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires Lloyds Banking LLOYDS 4.500 4.18 Nov. 4, ’24 143 13 n.a.
BPCE BPCEGP 3.250 4.56 Jan. 11, ’28 154 12 n.a.
Exchange-Traded Portfolios | WSJ.com/ETFresearch Banco Santander SANTAN 3.496 4.01 March 24, ’25 107 11
10
101
Sumitomo Mitsui Financial SUMIBK 1.902 4.54 Sept. 17, ’28 150 145
Closing Chg YTD UnitedHealth UNH 3.750 3.47 July 15, ’25 52 10 37
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)

Wednesday, June 8, 2022 Closing Chg YTD SPDR DJIA Tr

SPDR S&PMdCpTr
DIA
MDY
329.38
460.42
–0.84
–1.86
–9.3
–11.1
High-yield issues with the biggest price increases…
ETF Symbol Price (%) (%) Bond Price as % of face value
Closing Chg YTD SPDR S&P 500 SPY 411.22 –1.09 –13.4
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 42.96 0.54 –12.1 SPDR S&P Div SDY 126.29 –1.40 –2.2 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
153.24 –0.59 –25.0 iShMSCIEAFEValue EFV 49.03 –1.57 –2.7 TechSelectSector XLK 140.07 –1.13 –19.4
CnsmrDiscSelSector XLY
iShNatlMuniBd MUB 107.36 –0.31 –7.7 UtilitiesSelSector XLU 73.66 –1.96 2.9 Talen Energy Supply … 6.000 9.95 Dec. 15, ’36 70.000 6.75 53.250
CnsStapleSelSector XLP 73.33 –1.23 –4.9
DimenUSCoreEq2 DFAC 25.65 –1.31 –11.5 iSh1-5YIGCorpBd IGSB 50.88 –0.16 –5.6 VangdInfoTech VGT 361.28 –1.08 –21.1 Transocean RIG 6.800 12.21 March 15, ’38 62.500 2.50 59.694
EnSelectSectorSPDR XLE 92.28 0.22 66.3 iShPfd&Incm PFF 34.39 –0.72 –12.8 VangdSC Val VBR 168.52 –1.79 –5.8
iShRussell1000Gwth IWF 238.59 –0.79 –21.9 VangdExtMkt VXF 146.90 –1.14 –19.7 Dish DBS … 5.875 9.15 Nov. 15, ’24 93.000 0.31 92.030
FinSelSectorSPDR XLF 34.62 –1.76 –11.3
iShRussell1000Val IWD 158.67 –1.29 –5.5 VangdDivApp VIG 152.34 –1.31 –11.3
HealthCareSelSect XLV 130.49 –0.79 –7.4 Prime Security Services Borrower PRSESE 5.750 6.42 April 15, ’26 97.750 0.25 99.250
iShRussell2000 IWM 187.95 –1.55 –15.5 VangdFTSEDevMk VEA 45.05 –1.25 –11.8
IndSelSectorSPDR XLI 95.48 –1.81 –9.8
iShRussell2000Val IWN 153.50 –1.71 –7.6 VangdFTSE EM VWO 44.06 0.36 –10.9 0.13
InvscQQQI QQQ 307.64 –0.72 –22.7 QVC QVCN 4.850 4.93 April 1, ’24 99.860 99.203
iShRussellMid-Cap IWR 72.14 –1.49 –13.1 VangdFTSE Europe VGK 59.03 –1.44 –13.5
InvscS&P500EW RSP 148.01 –1.41 –9.1
iShRussellMCValue IWS 114.06 –1.61 –6.8 VangdFTSEAWxUS VEU 54.46 –0.82 –11.1 Teva Pharmaceutical Finance Netherlands … 3.150 6.67 Oct. 1, ’26 87.000 0.13 88.000
iShCoreDivGrowth DGRO 50.78 –1.36 –8.6
iShRussell1000 IWB 226.91 –1.09 –14.2 VangdGrowth VUG 244.42 –0.79 –23.8
iShCoreHiDividend HDV 108.68 –0.87 7.6
iShS&P500Growth IVW 65.78 –0.89 –21.4 VangdHlthCr VHT 239.62 –0.70 –10.1
Sprint S 7.875 4.17 Sept. 15, ’23 104.500 0.09 105.180
iShCoreMSCIEAFE IEFA 65.13 –1.38 –12.7
iShS&P500Value IVE 149.55 –1.25 –4.5 VangdHiDiv VYM 110.70 –1.23 –1.3
iShCoreMSCIEM IEMG 52.80 0.30 –11.8
iShCoreMSCITotInt IXUS 62.67 –0.92 –11.7
iShShortTreaBd
iShTIPSBondETF
SHV
TIP
110.16
117.53
–0.01
–0.25
–0.2
–9.0
VangdIntrCorpBd
VangdLC
VCIT
VV
81.34
188.17
–0.37
–0.99
–12.3
–14.9
…And with the biggest price decreases
iShCoreS&P500 IVV 412.94 –1.08 –13.4
iShCoreS&P MC IJH 251.81 –1.85 –11.0
iSh1-3YTreasuryBd SHY 82.96 –0.07 –3.0 VangdMC VO 218.18 –1.43 –14.4 Navient NAVI 6.750 7.12 June 25, ’25 99.000 –1.05 100.532
iSh7-10YTreasuryBd IEF 101.82 –0.37 –11.5 VangdMC Val VOE 143.84 –1.59 –4.3
iShCoreS&P SC IJR 102.04 –1.67 –10.9 iSh20+YTreasuryBd TLT 114.10 –0.89 –23.0 VangdMBS VMBS 47.91 –0.50 –9.3 OneMain Finance OMF 7.125 7.15 March 15, ’26 99.898 –0.90 102.648
iShS&PTotlUSStkMkt ITOT 91.55 –1.09 –14.4 iShUSTreasuryBdETF GOVT 23.89 –0.31 –10.5 VangdRealEst VNQ 97.02 –2.31 –16.4
iShCoreTotalUSDBd IUSB 47.24 –0.42 –10.8 Bath & Body Works BBWI 6.875 8.11 Nov. 1, ’35 90.030 –0.77 91.500
JPM UltShtIncm JPST 50.17 ... –0.6 VangdS&P500ETF VOO 377.99 –1.09 –13.4
iShCoreUSAggBd AGG 102.16 –0.41 –10.4 ProShUltPrQQQ TQQQ 32.65 –2.04 –60.7 VangdST Bond BSV 77.02 –0.09 –4.7 Occidental Petroleum OXY 6.450 5.46 Sept. 15, ’36 109.688 –0.63 112.220
iShSelectDividend DVY 129.12 –1.71 5.3 SPDRBlm1-3MTB BIL 91.43 0.01 ... VangdSTCpBd VCSH 76.82 –0.14 –5.5
iShESGAwareUSA ESGU 91.75 –1.05 –15.0 SPDR Gold GLD 172.78 –0.09 1.1 VangdShtTmInfltn VTIP 50.91 0.02 –1.0 Intelsat Jackson Holdings INTEL 6.500 7.76 March 15, ’30 92.750 –0.50 94.295
iShEdgeMSCIMinUSA USMV 72.80 –1.23 –10.0 SPDRS&P500Value SPYV 40.12 –1.18 –4.5 VangdShortTermTrea VGSH 58.99 –0.10 –3.0
iShEdgeMSCIUSAQual QUAL 122.93 –1.11 –15.5 SPDRPtfS&P500 SPLG 48.37 –1.08 –13.4 VangdSC VB 196.49 –1.59 –13.1
Barclays BACR 5.200 4.82 May 12, ’26 101.357 –0.47 101.944
iShGoldTr IAU 35.20 –0.03 1.1 SchwabIntEquity SCHF 34.51 –1.34 –11.2 VangdTaxExemptBd VTEB 50.56 –0.16 –7.9 Prime Security Services Borrower PRSESE 5.250 5.73 April 15, ’24 99.168 –0.46 n.a.
iShiBoxx$HYCpBd HYG 77.56 –0.86 –10.9 SchwabUS BrdMkt SCHB 48.37 –1.06 –14.4 VangdTotalBd BND 75.65 –0.41 –10.7
iShiBoxx$InvGrCpBd LQD 112.34 –0.58 –15.2 SchwabUS Div SCHD 77.69 –1.51 –3.9 VangdTotIntlBd BNDX 49.76 –0.44 –9.8 Dish DBS … 5.000 7.91 March 15, ’23 97.875 –0.40 98.306
iShJPMUSDEmgBd EMB 89.45 –0.99 –18.0 SchwabUS LC SCHX 48.77 –1.03 –14.3 VangdTotIntlStk VXUS 56.37 –0.81 –11.3
iShMBSETF MBB 97.75 –0.47 –9.0 SchwabUS LC Grw SCHG 63.36 –0.71 –22.6 VangdTotalStk VTI 206.35 –1.12 –14.5 *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.
iShMSCI ACWI ACWI 91.91 –0.94 –13.1 SchwabUS SC SCHA 43.56 –1.45 –14.9 VangdTotlWrld VT 93.33 –0.99 –13.1 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE EFA 69.21 –1.40 –12.0 Schwab US TIPs SCHP 57.57 –0.29 –8.5 VangdValue VTV 142.98 –1.30 –2.8 Source: MarketAxess

B10 | Thursday, June 9, 2022
Carbon-Removal Industry
Draws Larger Investments
BY AMRITH RAMKUMAR
AND ED BALLARD
In the past two months,
businesses and investors have
pledged roughly $2 billion to
back emerging technologies
that promise to remove car-
bon dioxide from the atmo-
sphere, which is seen as cru-
cial to limiting climate
change.
The commitments to the
nascent industry of carbon re-
moval have boosted its finan-
cial backing by about 30
times. The promised cash is
turning carbon removal into a
hotbed of technical and finan-
cial innovation.
One company raised more
than the entire industry in its
history. Carbon removal is
growing its funding at a
faster rate than any other cli-
mate sector, a Wall Street
Journal analysis of PitchBook
data shows.
Sucking carbon out of the
atmosphere and permanently
storing it underground elimi-
nates some of the greenhouse
gases that have driven Earth’s
temperature higher. That pro-
cess has never been done on a
large scale.
In the past few months,
tech giants like Google and
Facebook, consulting firms
McKinsey and BCG, financial
firms UBS and Swiss Re, plus
the royal family of Liechten-
stein, have promised to pay
generously for carbon that is
removed from the atmosphere
and stored.
By committing in advance
to pay companies that suc-
ceed, the backers are creating
the same types of incentives
used to fund research for vac-
cines for diseases like malaria
and for big-dollar infrastruc-
ture projects like liquefied-
natural-gas terminals.
The plans to boost carbon
Credit
Suisse
Warns
Continued from page B1
Swiss website, Inside Parade-
platz, reported that State
Street Corp. was considering a
bid for Credit Suisse.
A Credit Suisse spokesman
declined to comment on the
report. A State Street spokes-
person said the firm wouldn’t
comment on the report and
that it is focused on its pend-
ing acquisition of Brown
Brothers Harriman’s Investors
Services business.
Credit Suisse lowered its
target capital ratio to 13.5% in
the near term from 14%. The
ratio slipped to 13.8% at March
31 from 14.4% at the end of De-
cember. Executives previously
said the bank doesn’t need to
raise fresh capital and that the
ratio would rise back over 14%
later this year.
Without generating profit,
the bank will struggle to gen-
erate fresh capital, which acts
as a buffer, protecting the
bank when loans turn sour. In-
vestors worry it will need to
raise more capital despite a
depressed stock price and val-
uation. That would be a pain-
ful move for those betting on
the bank’s turnaround.
It said it would speed up
cost cutting plans and give
more details at an investor day
on June 28. The bank has said
Mutual Funds
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Net YTD
Fund NAV Chg %Ret Fund
American Century Inv
Ultra 66.65 -0.43-23.9
American Funds Cl A
AmcpA p 34.84 -0.29-23.4
AMutlA p 51.29 -0.60 -3.1
BalA p 30.55 -0.27 -8.4
BondA p 12.02 -0.03 -9.3
CapIBA p 66.56 -0.69 -4.5
CapWGrA 55.09 -0.58-13.2
EupacA p 53.11 -0.36-18.0
FdInvA p 66.12 -0.78-12.7
GwthA p 57.13 -0.42-23.1
HI TrA p 9.55 -0.02 -7.3
ICAA p 45.57 -0.51-11.7
IncoA p 24.68 -0.26 -3.9
N PerA p 52.82 -0.42-20.5
NEcoA p 46.33 -0.33-25.1
NwWrldA 70.96 -0.51-17.5
SmCpA p
60.05 -0.53-25.0
TxExA p 12.40 -0.03 -7.7
WshA p 56.29 -0.65 -6.6
Artisan Funds
removal address the fact that
efforts to reduce carbon emis-
sions have fallen short of
what is necessary to prevent
dangerous changes to Earth’s
climate. The current scramble
for fossil fuels caused by Rus-
sia’s invasion of Ukraine has
made clear that a transition
to renewable energy is a long
way away.
Carbon-removal technolo-
gies suck carbon out of the
open air in order to lock it
away for centuries. There are
a jumble of names for efforts
to reduce carbon in the atmo-
sphere. Direct-air capture, a
common description of the
strategy, is one type of carbon
$2B
Amount that investors have
pledged to the nascent industry.
removal. Carbon capture,
which grabs carbon from
smokestacks and other denser
sources of greenhouse gases,
is related but seen as a differ-
ent process. Carbon removal
is more technologically de-
manding because the carbon
dioxide is more diffuse in the
atmosphere.
Companies are willing to
pay for carbon removal to
meet the goal of becoming
carbon neutral. Many compa-
nies try to get there by buy-
ing carbon credits, which are
usually generated by renew-
able energy and forest preser-
vation. Many companies have
decided that directly remov-
ing carbon is more effective.
In April, Google parent Al-
phabet Inc., Facebook opera-
tor Meta Platforms Inc.,
McKinsey & Co., payments
Credit Suisse
Common equity Tier 1 ratio
14%
12
10
8
6 $1.25 trillion
4 of junk bonds and leveraged
2 –25
0
Quarterly
2020 ’21
Sources: the company (ratio); FactSet (performance)
it would shave up to around
$1.5 billion from costs by 2024
by centralizing technology and
removing layers of managers.
More cost cuts could come
from reducing teams in some
of the hardest-hit areas of
Credit Suisse, people familiar
with the matter said, in what
could be a part of a broader
cull across Wall Street if deals
don’t pick up.
Credit Suisse is a leading
player when it comes to help-
ing companies raise funds
from stock and bond markets.
Its revenue is more volatile
than some peers because it
specializes in the riskier ends
of corporate finance, such as
making loans for leveraged
buyouts.
The business of arranging
those loans, as well as that for
initial public offerings and
blank-check companies, or
SPACs, have all but dried up
during the selloff in stock
Data provided by
Wednesday, June 8, 2022
Net YTD Net YTD
NAV Chg %Ret Fund NAV Chg %Ret
IntlVal Inst 39.92 -0.28 -5.8 Columbia Class I
Baird Funds DivIncom I 29.65 -0.36 -5.8
AggBdInst 10.11 -0.03-10.3 Dimensional Fds
CorBdInst 10.38 -0.02-10.1 5GlbFxdInc 10.09 -0.01 -5.7
BlackRock Funds EmgMktVa 29.67 -0.11 -4.1
HiYldBd Inst 7.03 -0.02 -8.4 EmMktCorEq 22.83 +0.02 -8.7
BlackRock Funds A IntlCoreEq 14.60 -0.17 -9.2
GlblAlloc p 18.53 -0.10-10.9 IntSmCo 19.04 -0.20-12.5
BlackRock Funds III IntSmVa 20.25 -0.21 -5.3
iShS&P500IdxK485.50 -5.27-13.1 LgCo 29.36 -0.32-13.1
BlackRock Funds Inst US CoreEq1 32.38 -0.40-10.9
EqtyDivd 21.47 -0.25 -0.6 US CoreEq2 29.44 -0.38-10.6
StratIncOpptyIns 9.68 -0.01 -3.6 US Small 41.93 -0.71-10.7
Bridge Builder Trust US SmCpVal 42.96 -0.82 -1.0
CoreBond 9.30 -0.03-10.1 US TgdVal 29.73 -0.54 -1.4
CorePlusBond 9.22 -0.03-10.0 USLgVa 44.73 -0.61 -2.5
Intl Eq 11.45 -0.11-14.4 Dodge & Cox
LargeCapGrowth 18.59 -0.16-21.0 Balanced 103.39 -0.80 -4.5
LargeCapValue 16.58 -0.23 -3.8 Income
12.82 -0.02 -8.3
MunicipalBond 9.93 -0.02 -7.0 Intl Stk 46.68 -0.22 -1.3
Calamos Funds Stock 234.79 -3.02 -3.4
MktNeutI 13.89 -0.03 -4.3 DoubleLine Funds
BANKING & FINANCE
processor Stripe Inc. and Ca-
nadian e-commerce firm
Shopify Inc. committed nearly
$1 billion to pay for carbon
removal through 2030 in a
joint venture called Frontier.
A similar group of UBS Group
AG, Boston Consulting Group
and others expects to spend
hundreds of millions of dol-
lars. Microsoft Corp. and
Salesforce Inc. made separate
pledges totaling $300 million.
Businesses have committed
roughly $1.5 billion in recent
weeks. Before that, they had
pledged some $50 million.
The long-term commit-
ments are being bolstered by
investments in existing car-
bon-removal companies.
Climeworks AG, a Swiss com-
pany whose Iceland facility is
one of the world’s only opera-
tional projects, privately
raised $650 million. That’s
more than the entire industry
raised in its history.
Other upstarts recently
raised tens of millions from
investors including Bill
Gates’s Breakthrough Energy
Ventures and an innovation
competition bankrolled by
Elon Musk.
The money is fueling a race
among startups to develop
new removal methods. Some,
like Climeworks, build ma-
chines that bring air into con-
tact with chemicals that ab-
sorb and transform the
carbon dioxide so it can be
stored underground. Others
envision accelerating natural
processes that lock up carbon
in rocks or oceans.
Many environmentalists
and business leaders question
the wisdom of betting on un-
proven technology that will
consume energy, land and
money to fight climate
change. Reducing emissions
should be the main focus,
they argue.
Share-price performance
10%
5
0
–5
–10
–15
–20
–30
’22 Jan. 2022
markets. Debt financing gen-
erally has also slowed as com-
panies navigate rising interest
rates and punishing levels of
inflation.
The lender, which combines
a global private bank catering
to the rich with a Wall Street
investment presence, has been
in on-and-off restructuring
mode since the financial crisis
a decade ago but has remained
encumbered by litigation and
regulatory probes stemming
from that period.
Its turnaround was ham-
mered by a more than $5 bil-
lion cash loss last year from
exiting stock positions of fam-
ily office Archegos Capital
Management. In addition to
the financial loss, Switzer-
land’s financial regulator im-
posed additional capital re-
quirements and heightened its
supervision of the bank.
—Justin Baer
contributed to this article.
Fund
Net YTD
NAV Chg %Ret Fund
TotRetBdI 9.40 -0.02 -8.4 Contra
Edgewood Growth Instituti ContraK
EdgewoodGrInst 40.44 -0.32-33.1 CpInc r
Fidelity GroCo
500IdxInstPrem143.28 -1.56-13.1 InvGrBd
Contrafund K6 18.41 -0.16-20.8 LowP r
ExtMktIdxInstPre 69.79 -0.87-19.6 Magin
FidSerToMarket 13.65 -0.15-14.2 NASDAQ r 152.65 -1.13-22.4 JHF III DispVal
GrowthCompanyK6 16.92 -0.10-26.0 OTC
InflPrBdIndInsPr 10.48 -0.02 -6.1 Puritn
IntlIdxInstPrem 43.35 -0.47-12.1 SAIUSQtyIdx 16.35 -0.17-13.7 BondR6
SrsEmrgMkt 17.73 +0.16-15.7 JPMorgan I Class
MidCpInxInstPrem 27.91 -0.42-12.8
SAIUSLgCpIndxFd 19.76 -0.22-13.1 SrsGlobal
SeriesBondFd 9.33 -0.03 -9.7 SrsGroCoRetail 15.24 -0.08-25.3
SeriesOverseas 11.40 -0.14-20.8 SrsIntlGrw 15.14 -0.18-20.8
SerLTTreBdIdx 6.64 -0.05-21.3 SrsIntlVal
SmCpIdxInstPrem 23.35 -0.36-15.3 TotalBond
TMktIdxInstPrem114.66 -1.28-14.2 Fidelity SAI
TotalMarketIndex 14.44 -0.16-13.9 TotalBd
USBdIdxInstPrem 10.71 -0.03 -9.8 U.S.TreBdIdx 9.08 -0.03 -9.2 ShtDurIncm 3.96
Fidelity Freedom Fidelity Selects
FF2020 14.02 -0.07-11.0 Softwr r
FF2025 12.90 -0.07-11.4 First Eagle Funds
FF2030 16.12 -0.09-11.7 GlbA
FF2035 13.90 -0.09-12.3 FPA Funds
FF2040 9.86 -0.07-12.7 NwInc
Freedom2025 K 12.88 -0.07-11.4 Franklin A1
Freedom2030 K 16.11 -0.09-11.7 IncomeA1 p 2.42 -0.01 -1.7 MFS Funds Class I
Freedom2035 K 13.89 -0.09-12.3 FrankTemp/Frank Adv
Freedom2040 K 9.86 -0.07-12.7 IncomeAdv 2.40 -0.01 -1.6 ValueI
Idx2030InsPre 18.13 -0.12-12.1 FrankTemp/Franklin A
Fidelity Invest Growth A p 119.40 -1.39-20.6 StkIdx
Balanc 26.47 -0.20-12.7 RisDv A p 85.46 -1.09-11.7
BluCh 132.64 -0.63-27.8 Guggenheim Funds Tru
“There’s this deep-rooted
fear that the foot will come
off the gas pedal on emissions
reductions if carbon removal
is successful,” said Rachel
Kyte, dean of the Fletcher
School of Law and Diplomacy
at Tufts University and a cli-
mate adviser to the United
Nations secretary-general.
Speculative technology is
common in Silicon Valley, but
the pace and structure of in-
vestments in removal set it
apart. Demand for carbon re-
moval outweighs supply by so
much that the sector’s capac-
ity is sold out years into the
future. That has forced the
companies to commit to pay-
ing for removals that haven’t
happened yet using technolo-
gies that haven’t been in-
vented yet.
These commitments are
being made at far higher
prices than the carbon credits
typically bought by compa-
nies. But industry executives
say it will be hard to raise
enough cash without a consis-
tent price or tax on carbon.
“It’s a leap of faith that
people will come around to
the math,” said Peter Rein-
hardt, chief executive of San
Francisco removal firm Charm
Industrial. Mr. Reinhardt sold
his last company, customer-
data platform Segment, to
Twilio Inc. for $3.2 billion.
Charm heats up agricul-
tural plant waste like corn
stalks to turn it into carbon-
rich liquid that can be in-
jected into wells under-
ground. That “bio-oil” can be
stored for about $600 a ton, a
price the company hopes to
cut by improving its technol-
ogy.
Charm says it put more
than 5,000 tons of carbon di-
oxide underground last year
for customers including
Stripe and Microsoft. It has
More Private-Equity Firms
Turn to Direct Lenders
BY CHRIS CUMMING
Buyout firms are looking to
private lenders to finance their
deals, as the once-robust flow
loans has dwindled to a trickle.
This year through May, issu-
ance of leveraged loans, a type
of debt private-equity firms use
June to fund takeovers and refinance
companies, is down 21% from
the same period last year, while
the volume of junk bonds issued
by private equity-backed com-
panies fell 68%, according to
Leveraged Commentary & Data.
Leveraged loans are typi-
cally syndicated to a group of
banks or financial institutions,
which set the terms of the
loan. In volatile markets, the
lenders may adjust the terms
or cancel the loan late in the
process. Leveraged-loan issu-
ance through May 25 hit $51.3
billion this year, a much slower
pace than in 2021, when $146
billion of leveraged loans were
issued, according to LCD.
The pullback, caused by
geopolitical uncertainty, the
Federal Reserve’s plan to raise
interest rates and an outflow
of investor cash from lever-
aged-loan funds, has made it
harder for private-equity firms
to close deals this year.
However, private-credit firms
are stepping in to fill the gap,
aiming to expand their share of
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
14.64 -0.13-21.0 TotRtnBdFdClInst 24.85 -0.07-11.8 Old Westbury Fds
14.69 -0.13-20.9 Harbor Funds LrgCpStr
10.11 -0.03 -8.4 CapApInst 71.35 -0.29-29.2 Parnassus Fds
26.98 -0.16-26.0 Harding Loevner ParnEqFd
10.38 -0.03 -9.7 IntlEq 24.58 -0.23-18.3 PGIM Funds Cl Z
51.91 -0.51 -3.5 Invesco Funds Y HighYield
11.62 -0.15-21.4 DevMktY 37.72 +0.27-19.8 TotalReturnBond NA
PIMCO Fds Instl
14.77 -0.05-24.6 DispValMCI 26.45 -0.38 -4.4 AllAsset
24.03 -0.18-11.4 John Hancock TotRt
14.21 -0.04-10.8 PIMCO Funds A
IncomeFd
CoreBond 10.65 -0.03 -9.0 PIMCO Funds I2
13.41 -0.07-11.0
EqInc 23.06 -0.30 -2.7 Income
JPMorgan R Class PIMCO Funds Instl
CoreBond 10.67 -0.02 -9.0
IncomeFd
10.71 -0.13 -4.1
CorePlusBd 7.55 -0.02 -9.4 Price Funds
9.87 -0.03 -9.8 Lord Abbett A
BlChip
ShtDurIncmA p 3.96 ... -3.7
DivGro
9.34 -0.03 -9.6 Lord Abbett F
Growth
... -3.5
HelSci
Lord Abbett I
23.15 -0.14-20.0 ShtDurInc p 3.96 ... -3.4
LgCapGow I 53.74 -0.26-26.9 MuIntAdml 13.60 -0.02 -6.6
Metropolitan West MidCap
62.10 -0.46 -3.8 TotRetBdI 9.67 -0.03-10.6 NHoriz
TRBdPlan 9.06 -0.03-10.7 R2020
9.68 -0.01 -2.4 MFS Funds R2025
IIE 29.02 -0.36-13.2 R2030
R2040
GrowthI 149.01 -1.52-23.4 Schwab Funds
50.53 -0.76 -7.2 1000 Inv r 88.87 -0.98-14.2 STIGradeAdml 10.17 -0.01 -4.9
Northern Funds S&P Sel
45.23 -0.49-13.1 TSM Sel r 70.62 -0.78-14.2 TotBdAdml
Nuveen Cl I TIAA/CREF
HYMunBd 16.16 -0.10-10.6 EqIdxInst
* *****
How Climeworks uses direct air capture
1 Large devices containing fans and sponge-like filters pull in
massive amounts of air to trap carbon dioxide on the filter material.
Ambient air
2 After the filter
contains a lot of
carbon dioxide,
the device closes
and is heated up
to around 210
degrees
Fahrenheit.
3 The trapped carbon dioxide is combined
with water so that another startup,
Carbfix, can pump it underground into
stone for storage for thousands of years.
Mineralized CO2
Source: Climeworks
raised about $25 million from
investors including Salesforce
CEO Marc Benioff and Lower-
carbon Capital.
Lowercarbon was launched
by venture capitalists Chris
and Crystal Sacca and re-
cently raised a $350 million
fund to invest in carbon-re-
moval startups.
Industry executives hope
for a future where people pay
for carbon removal like they
pay for trash collection and
drinking water. To make that
point, Jan Wurzbacher, co-
CEO of Climeworks, threw 10-
pound trash bags on stage
during a talk a few years ago
in London.
The involvement of the fos-
sil fuel industry has raised
additional concerns among
skeptics. Occidental Petro-
leum Corp., which has one of
Total assets managed by
private-debt funds globally
1.00
0.75
0.50
0.25
0
2011 ’13 ’15 ’17 ’19
Note: Data for 2021 is as of September.
Source: Preqin
the market, people in the indus-
try say. More large buyouts are
being funded exclusively with
money from direct lenders. Ear-
lier this year, Thoma Bravo
turned to private-credit markets
to finance its planned acquisi-
tion of business software pro-
vider Anaplan Inc.
“We’re seeing the accelera-
tion of a shift that had already
begun,” said Marc Lipshultz,
co-founder and co-president of
direct lender Blue Owl Capital
Partners.
While debt from direct lend-
ers is typically more expensive
than that arranged by banks, it
offers certainty that a loan will
get done at the price agreed to
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
VANGUARD ADMIRAL
15.49 -0.11-17.8 500Adml 381.00 -4.15-13.1
BalAdml 42.57 -0.33-12.5
53.97 -0.74-14.8 CAITAdml 11.27 -0.03 -6.7
CapOpAdml r167.85 -1.14-13.3
NA ... NA DivAppIdxAdm 41.35 -0.55-10.9
... NA EMAdmr 36.73 +0.24-10.2
EqIncAdml 92.05 -1.14 0.4
NA ... NA ExplrAdml 97.15 -1.29-18.4
9.12 -0.02-10.3 ExtndAdml 111.39 -1.38-19.6
GNMAAdml 9.68 -0.04 -7.5
10.92 -0.03 -7.0 GrwthAdml 125.82 -1.00-23.7
HlthCareAdml r 85.31 -0.07 -7.7
10.92 -0.03 -6.9 HYCorAdml r 5.38 -0.01 -7.8
InfProAd 26.49 -0.07 -5.8
10.92 -0.03 -6.8 IntlGrAdml 104.82 +0.86-24.8
ITBondAdml 10.59 -0.03-10.1
128.44 -0.66-27.8 ITIGradeAdml 8.73 -0.02-11.2
66.03 -0.87-10.7 LTGradeAdml 8.62 -0.06-19.8
74.20 -0.31-30.2 MidCpAdml 270.14 -3.98-14.1
86.78 -0.27-16.6 MuHYAdml 10.73 -0.04 -9.4
94.86 -1.15-19.2 MuLTAdml 10.90 -0.04 -9.1
MuLtdAdml 10.78 ... -2.9
51.13 -0.39-33.4
MuShtAdml 15.65 ... -1.1
19.88 -0.12-10.5
PrmcpAdml r151.02 -1.25-10.9
17.31 -0.11-11.3
RealEstatAdml137.55 -3.19-15.8
25.82 -0.19-12.4
SmCapAdml 94.18 -1.48-12.9
28.19 -0.24-13.9
SmGthAdml 76.45 -0.90-22.8
STBondAdml 10.10 -0.01 -4.2
63.41 -0.69-13.1
STIPSIxAdm 25.50 -0.01 ...
9.98 -0.03 -9.9
Funds
TotIntBdIdxAdm 19.91 -0.07 -9.4
29.42 -0.33-14.0 TotIntlAdmIdx r 30.32 -0.21-11.2
.
THE WALL STREET JOURNAL.
CO2-free air
210°F
(100°C)
er
Wat
Roque Ruiz/THE WALL STREET JOURNAL
the most ambitious carbon-
removal plans, says it will
spend up to $1 billion on a di-
rect-air-capture facility with
Canadian startup Carbon En-
gineering Ltd. The facility
would bury some of the car-
bon underground and use
some to produce oil. Airbus
SE agreed to purchase carbon
credits linked to the project,
and United Airlines Holdings
Inc. is among its investors.
The carbon-removal indus-
try is tiny, with less than $5
million in revenue last year.
That figure will need to reach
about $1 trillion by midcen-
tury, scientists say.
“We need to keep adding
zeros to this until we get car-
bon removal at the scale that
we need it to be,” said Nan
Ransohoff, Stripe’s head of
climate.
and won’t be subject to last-
minute changes, said Nayef
Perry, co-head of direct credit
investments at alternative-as-
sets manager Hamilton Lane.
“The broadly syndicated
market is typically fickle,” said
Mr. Perry. “Private credit is tak-
ing advantage of that volatility
and really benefiting from it.”
Globally, private-credit firms
managed about $1.24 trillion in
assets as of last September,
with $393 billion in dry pow-
der, or money raised but not
yet invested, according to
Preqin Ltd. The pool of assets
’21 under management was half
that size less than four years
earlier, in December 2017.
Between 2010 and 2021, di-
rect lenders’ market share for
financing U.S. private-equity
deals rose to 17.6% from 2.6%,
but was third, behind high-yield
and leveraged loans, according
to a Blue Owl presentation this
year. Direct lenders’ market
share is likely to grow this year,
as private-credit firms appear
to have pulled back their debt-
issuance pace less than banks.
In the first quarter, private-
credit firms globally drew about
$229 billion from their inves-
tors, a bit less than in the first
quarter of 2021 but still on pace
to match the roughly $1 trillion
annual investment pace that the
industry produced the past sev-
eral years, said Mr. Perry.
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
TotStAdml 100.47 -1.11-14.3 MdCpVlAdml 74.49 -1.26 -3.9
TxMCapAdml212.77 -2.41-13.9 SmValAdml 72.39 -1.32 -5.4
TxMIn r 14.51 -0.17-11.6 TotBd2 9.85
-0.04-10.0
USGroAdml 115.66 -0.47-31.3 TotIntlInstIdx r121.24
-0.85-11.2
ValAdml 55.79 -0.73 -2.3 TotItlInstPlId r121.27
-0.85-11.2
WdsrllAdml 74.41 -0.84 -9.1 TotSt 100.43
-1.11-14.3
WellsIAdml 64.98 -0.43 -6.8 VANGUARD INSTL FDS
WelltnAdml 73.61 -0.62-11.8 BalInst 42.57 -0.34-12.5
WndsrAdml 81.10 -0.92 -0.6 DevMktsIndInst 14.53 -0.17-11.6
VANGUARD FDS DevMktsInxInst 22.71 -0.27-11.6
DivdGro 35.73 -0.48 -6.6 ExtndInst 111.38 -1.38-19.6
IntlVal 38.25 -0.22 -8.0 GrwthInst 125.83 -1.00-23.7
LifeCon 20.46 -0.13-11.1 InPrSeIn 10.79 -0.03 -5.8
InstIdx 349.68 -3.80-13.1
LifeGro 38.90 -0.33-12.4
InstPlus 349.68 -3.80-13.1
LifeMod 29.61 -0.22-11.7
InstTStPlus 73.10 -0.81-14.3
PrmcpCor 30.60 -0.35 -9.0
MidCpInst 59.68 -0.88-14.1
STAR 27.65 -0.15-13.4
MidCpIstPl 294.32 -4.34-14.1
TgtRe2015 13.27 -0.06 -9.2
RealEstaInstl 21.29 -0.49-15.8
TgtRe2020 27.85 -0.17-10.2 SmCapInst 94.18 -1.48-12.9
TgtRe2025 18.03 -0.13-11.4 SmCapIstPl 271.83 -4.28-12.9
TgtRe2030 33.86 -0.25-11.9 STIGradeInst 10.17 -0.01 -4.9
TgtRe2035 20.96 -0.16-12.1 STIPSIxins 25.52 -0.01 ...
TgtRe2040 36.84 -0.31-12.3 TotBdInst
9.98 -0.03 -9.9
TgtRe2045 24.80 -0.22-12.6 TotBdInst2 9.85 -0.04-10.0
TgtRe2050 40.96 -0.36-12.7 TotBdInstPl 9.98 -0.03 -9.9
TgtRe2060 41.95 -0.37-12.7 TotIntBdIdxInst 29.88 -0.10 -9.4
TgtRet2055 45.60 -0.40-12.7 TotStInst 100.48 -1.12-14.3
TgtRetInc 13.11 -0.07 -9.1 ValueInst
55.78 -0.73 -2.3
WellsI 26.82 -0.18 -6.8 WCM Focus Funds
Welltn 42.63 -0.35-11.8 WCMFocIntlGrwIns 20.31 -0.25-26.6
WndsrII 41.93 -0.48 -9.1 Western Asset
VANGUARD INDEX FDS CoreBondI 11.34 -0.04-12.5
ExtndIstPl 274.88 -3.41-19.6 CorePlusBdI 10.11 -0.04-14.2
IdxIntl 18.12 -0.13-11.3 CorePlusBdIS 10.10 -0.05-14.3

THE WALL STREET JOURNAL.
Exxon Mobil’s share price
$110 Wednesday
$104.59
100 Previous record
June 23, 2014: $104.38
90
80
70
60
50
40
30 Weekly
2014 ’20
Source: FactSet
Exxon Hits
Its First
Record in
Eight Years
BY KAREN LANGLEY
Exxon Mobil Corp. shares
notched their first record
close since 2014, another mile-
stone in a blockbuster year for
energy stocks.
The oil giant’s stock gained
1.2% to close at $104.59, top-
ping its previous closing high
from June 23, 2014. The
shares have gained 71% this
year and 8.9% in June alone.
Exxon’s rally coincides with
a surge in crude prices, pow-
ered by Russia’s invasion of
Ukraine, that has boosted oil
companies’ business outlooks.
Brent crude has soared more
than 50% in 2022 and is trad-
ing above $100 a barrel for the
first time since 2014.
The energy sector is by far
the top-performing sector in
the S&P 500, up 65% in 2022,
while the broad U.S. stock in-
dex is down 14%.
Investors have flocked in
general to cheap value stocks
as the Federal Reserve em-
barks on its campaign to raise
interest rates to fight hot in-
flation.
While many technology
stocks command lofty valua-
tions based on expectations of
future growth, energy stocks
tend to trade at cheap multi-
ples. Exxon traded this week
at 11 times its projected earn-
ings over the next 12 months,
compared with 17.6 times for
the S&P 500, according to
FactSet.
Exxon has long been a fa-
vorite among value investors.
The oil company’s corporate
predecessor got a shout-out
recently at the annual meeting
of Berkshire Hathaway Inc.,
run by famed investor Warren
Buffett.
“I’m basically in love with
Standard Oil,” Berkshire Vice
Chairman Charlie Munger said
during the meeting. “I wish
the rest of the world worked
as well as our big oil compa-
nies.”
A new record close marks a
comeback for Exxon after it
was booted from the Dow
Jones Industrial Average in
August 2020.
Exxon had been the longest-
tenured member of the blue-
chip benchmark, which it
joined in 1928 as Standard Oil
of New Jersey.
As recently as 2013, Exxon
was the largest U.S. company
by market value.
Energy stocks went on to
struggle in following years and
were slammed in 2020 as the
Covid-19 pandemic sapped de-
mand for fossil fuels and oil
prices plunged.
Chinese
Internet
Shares Soar
Continued from page B1
shares jumped 10% Wednes-
day, while those in the gam-
ing and social-media heavy-
weight Tencent Holdings Ltd.
rose 6.5%. Neither Tencent
nor smaller rival NetEase Inc.
had any games in the two
most recent batches of ap-
provals. Bilibili also didn’t
have any games approved in
this round.
Chinese tech companies
have endured a crackdown
since late 2020, when Beijing
halted the blockbuster initial
public offering of Alibaba’s fi-
* * * * *
Stocks Slip on Slowdown Worries
Specter of stagflation
hangs over market
after warning from
World Bank
BY MATT GROSSMAN
AND WILL HORNER
Stocks fell as investors
parsed an ambivalent outlook
for the global economy and
awaited data about inflation.
Spring’s bumpy ride contin-
ued, sending major indexes
’22
sinking through the midday
hours after stocks opened the
trading day
WEDNESDAY’S close to flat.
MARKETS
The S&P 500
fell 44.91, or
1.1%, to 4115.77, and the blue-
chip Dow Jones Industrial Av-
erage lost 269.24, or 0.8%, to
32910.90. The Nasdaq Com-
posite Index slipped 88.96, or
0.7%, to 12086.27.
Those moves, a turnaround
from Tuesday’s gains, ex-
tended the volatile holding
pattern that has ensnared
markets in recent weeks.
Equities have rebounded
from the May lows that came
close to pushing the S&P 500
into a bear market, defined as
a 20% fall from a recent high.
But investors say sentiment
remains fragile and many in-
vestors lack conviction in the
rebound. At issue is whether
the economy can skirt a reces-
sion as it faces rising interest
rates and inflation that has re-
mained high longer than many
economists had been expect-
ing.
Those factors have com-
bined to weigh on major in-
dexes this year, with the S&P
500 down about 14% year to
date. Investors’ fixation earlier
in 2022 on higher rates—
Energy Prices Bring Back Uranium Mines
BY RHIANNON HOYLE
ADELAIDE, Australia—Idle
uranium mines are slowly
coming back to life as coun-
tries rethink their energy se-
curity and shift from coal.
Operators of mines in North
America, Australia and Africa
say they are preparing to re-
start old sites or stalled proj-
ects, encouraged by uranium
prices hit-
COMMODITIES ting their
highest lev-
els since the 2011 Fukushima
disaster in Japan that drove
the nuclear fuel into a decade-
long slump. Concerns about
greenhouse-gas emissions
linked to climate change and a
desire to replace uranium from
Russia, even though its state-
owned supplier isn’t subject to
sanctions, are increasing con-
fidence within the industry.
Russia accounted for 6% of
the world’s mined uranium
production in 2020, yet it sup-
plied roughly 16% of U.S. im-
ports because of its dominance
in enriching uranium for use
in nuclear reactors, according
to industry and official data.
The Ukraine war has driven
up prices of crude oil and natu-
ral gas, making alternative
power sources such as nuclear
more competitive. The conflict
has fanned concerns about the
reliability of supplies from Cen-
tral Asia, especially Kazakhstan,
which was roiled by unrest this
year. Kazakhstan is the world’s
biggest uranium producer and
typically ships via Russia.
In the U.S., the Energy De-
partment is seeking to avert
the premature closure of reac-
tors. A deadline to apply to
share in a $6 billion pot cre-
nancial-technology affiliate,
Ant Group Co. In another key
initiative, authorities last Au-
gust introduced rules limiting
minors to three hours a week
of online videogaming.
However, as China’s econ-
omy has slowed sharply this
year, the tone has shifted, and
top Chinese policy-making
bodies, including the Polit-
buro of the ruling Communist
Party, have expressed their
support for the sector.
In another sign of easing
policy, on Monday The Wall
Street Journal reported that
China was concluding a year-
long probe into ride-hailing
giant Didi Global Inc., one of
the companies that was hard-
est-hit in the tech clamp-
down.
Analysts at Citigroup said
Tuesday’s approvals bolstered
their confidence that the pace
of game approvals was re-
MARKETS
which reduce the relative
value of companies’ future
profits—has given way to
deeper concerns about an eco-
nomic slowdown, said T. Rowe
Price capital-markets strate-
gist Tim Murray. Between
those twin fears, traders have
had little time to catch their
breath.
Recently, the combination
of slowing growth and rising
prices has raised the specter
of stagflation—when growth
stalls but inflation drives up
prices. The World Bank on
Tuesday cut its global growth
forecast and warned that con-
ditions in the economy resem-
ble the stagflation of the
1970s. In another sign of slow-
ing economic activity, new
data showed that a measure of
U.S. mortgage applications fell
to its lowest level in 22 years
last week, indicating a pull-
back in the blistering real-es-
tate market.
“Initially, consumers were
grumbling about inflation but
still spending,” Mr. Murray
said. “Now we’re getting to
the point where it’s causing
them to stop spending.”
U.S. consumer-price index
data due Friday will be crucial,
said Michael Arone, chief in-
vestment strategist at State
Street Global Advisors. The
data are expected to show in-
flation in the U.S. held steady
at 8.3% in May, on the year.
Some pandemic-era price
surges, like the run-up in
used-car prices, have persisted
even as the economy normal-
izes. “Are some of those after-
shocks starting to get some
relief?” Mr. Arone said, high-
lighting a question Friday’s
data could answer.
Treasury Secretary Janet
Yellen appeared before law-
makers for a second day
ated to help utilities keep nu-
clear operations running has
been extended to July 5. En-
ergy Secretary Jennifer Gran-
holm says nuclear assets are
vital to the Biden administra-
tion’s clean energy goals.
“We believe now is the
start of a new cycle,” said
Duncan Craib, chief executive
of Boss Energy Ltd. “The
price of the commodity is go-
ing up, demand is increasing,
and suppliers are reaching out
for geopolitical stability.”
Boss Energy this month
said it would restart the Hon-
eymoon uranium mine in
southern Australia, which was
mothballed almost a decade
ago. It expects to resume pro-
duction by late next year.
The Ukraine war has high-
lighted vulnerabilities that the
nuclear industry has yet to
overcome in the decade since
triple meltdowns at Japanese
reactors in Fukushima led sev-
eral countries to shun nuclear
power. Russia’s shelling of
Ukrainian nuclear plants has
made some investors nervous
about safety, while higher en-
ergy costs risk exacerbating an
economic slowdown that would
weigh on electricity demand.
Some mining executives
worry labor shortages and ris-
ing inflation will dent the via-
bility of bringing old uranium
mines and new projects into
production.
In Canada’s Saskatchewan
province, Cameco Corp. is
working to restart the
McArthur River mine, which
closed in 2018. McArthur
River is the world’s largest
high-grade uranium mine.
“Yes, we’re bringing
McArthur back, but we’re go-
10%
0
Share-price and index
performance, past year
–10
–20
–30
–40
–50
–60
–70
–80 Weekly
July 2021
Note: Hong Kong-listed shares shown
turning to normal, as major
Chinese cities reopen after
strict lockdowns and with
tough measures now in place
to protect younger gamers.
They said Tencent’s and
Index performance Wednesday
0.50%
0.25
0 an American bank was consid-
–0.25
–0.50
–0.75
–1.00
–1.25
10 a.m.
Source: FactSet
11 noon
Wednesday, part of two days
of testimony discussing the
administration’s annual budget
request. On Wednesday, Ms.
Yellen said the White House is
looking into reconfiguring tar-
iffs on Chinese imports as a
way to ease inflation.
Western Digital fell $2.50,
or 4.1%, to $57.82 after it con-
firmed reaching a settlement
with activist investor Elliott
Management that called for it
to consider splitting its busi-
ness. Campbell Soup Co. rose
by 71 cents, or 1.5%, to $47.31
after it reported a rise in
quarterly sales and lifted its
sales guidance for the fiscal
year.
Smartsheet fell $2.82, or
6.9%, to $37.76 after the soft-
ware company reported a
wider quarterly loss. Citrus
farmer Limoneira rose $2.54,
or 22%, to $13.91 after report-
ing better-than-expected
profit.
As companies showed in-
vestors their first-quarter re-
Uranium spot price, weekly*
$80 a pound
70
60
50
40
30
20
10
2010 ’15 ’20
*Uranium U308
Source: UxC LLC
ing to operate it at a lower-
than-full-capacity rate,” said
Grant Isaac, Cameco’s chief fi-
nancial officer. “We’re still in
supply discipline mode.”
Cameco’s view reflects the
mining industry’s record of in-
vesting heavily in boom times
only to swamp the market
with product, depressing
prices and making some oper-
ations unprofitable.
Still, Mr. Isaac said utilities’
improved confidence in nu-
clear-power generation was
noticeable in contract lengths,
which have widened to as
much as 10 years, from two to
five years previously.
Colorado-based Energy Fu-
els Inc., which has several
projects on standby, recently
signed three contracts with
American utilities for up to
4.2 million pounds of uranium
combined between 2023 and
2030, said Curtis Moore, vice
president of marketing and
corporate development.
Tencent
Hang Seng
Tech Index
Alibaba
Bilibili
’22
Source: FactSet
NetEase’s titles are likely to
be included in subsequent
batches of game approvals.
The recent string of posi-
tive economic and regulatory
developments have all helped
Thursday, June 9, 2022 | B11
Nasdaq Composite
Dow Jones Industrial Average
S&P 500
1 p.m. 2 3 4
sults over the past two
months, profits generally held
up, but with cause for concern
lurking just below the surface,
said Lisa Erickson, head of
public markets at U.S. Bank.
Input costs, including wages,
have crept higher, and some
companies have signaled earn-
ings will face pressure in the
second half of the year.
“Those are items that do
sound a note of caution for
us,” Ms. Erickson said.
On the other hand, stability
in government-bond prices has
helped stocks find their foot-
ing over the past month, after
a sharp bond selloff and corre-
sponding rise in yields to start
the year cut into equity valua-
tions.
Higher yields on Treasury
debt sweeten the appeal of a
safer alternative to stocks.
On Wednesday, the yield on
the 10-year Treasury note rose
to 3.028% from 2.969% on
Tuesday but below the high of
3.124% reached early last
“We’re hiring people. We’re
spending money on new
equipment. We’re refurbishing
older equipment and rehabili-
tating parts of our existing
mines to be prepared for the
restart of new production,
perhaps as early as late sum-
mer,” he said.
The accelerating global en-
ergy transition had laid foun-
dations for a nuclear revival,
according to market analysts.
Countries including the U.K.
and France have said nuclear
power will play an important
role in cutting their green-
house-gas emissions.
Globally, there are about 55
power reactors under con-
struction, with China and In-
dia especially active, according
to the World Nuclear Associa-
tion. There are roughly 440
reactors in operation and hun-
dreds more developments pro-
posed world-wide.
While uranium is mostly
used to generate electricity, it
is also used to produce radio-
active isotopes for medical di-
agnosis and cancer treatment
as well as to power some na-
val ships and submarines.
Places such as Canada and
Australia have strict safety
regulations to limit the expo-
sure of radiation for mine
workers, although rules aren’t
so stringent in all parts of the
world, the World Nuclear As-
sociation says.
While uranium mining typi-
cally doesn’t increase radia-
tion exposure for people living
near operations, the industry
has faced opposition from
some communities because of
environmental concerns linked
to spills of slurry and waste.
To meet rising demand and
to lift the market’s mood, said
Pruksa Iamthongthong, a se-
nior investment director at
Abrdn. “There’s an under-
standing that the worst is
over in terms of regulation,
and we are seeing light at the
end of the tunnel,” said Ms.
Iamthongthong, a co-manager
of the Asia Dragon Trust,
which owns some large Chi-
nese internet stocks.
Separately Wednesday,
Tencent said it would roll out
its “Honor of Kings” title in-
ternationally by the end of
this year. Tencent’s flagship
mobile game, which allows
teams of players to battle one
another online, has more than
95% of its users in China and
remains the biggest profit
driver for Tencent’s domestic
games segment.
The global rollout comes as
Tencent faces growing compe-
tition at home and is more ac-
.
month. Bond yields and bond
prices move in opposite direc-
tions.
The Stoxx Europe 600 fell
0.6%. Credit Suisse Group
gained 3.8% after a Swiss web-
site reported that State Street,
ering a takeover bid for the
Swiss bank. Credit Suisse
shares had fallen earlier in the
day after it warned it expects
a third consecutive quarterly
loss. A State Street spokesper-
son said the firm wouldn’t
comment on the report.
Industria de Diseño Textil
rose 6.4% after the Zara owner
said sales jumped despite
lockdowns in China closing
stores.
In commodity markets,
Brent crude, the international
oil benchmark, rose 2.5% to
$123.58 a barrel. The U.S.
benchmark for natural-gas
prices fell 6.4% to $8.70 per
million British thermal units
after a report of an explosion
at an export terminal for liq-
uefied natural gas in Texas. An
offline LNG facility would re-
duce U.S. demand for natural
gas in the short term.
Early Thursday, Japan’s
Nikkei 225 was up 0.2%, Hong
Kong’s Hang Seng Index was
down 0.3% and South Korea’s
Kospi was down 0.5%. S&P 500
futures were down 0.1%.
AUCTION RESULTS
Here are the results of Wednesday's Treasury
auction. 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.
NINE-YEAR, 11-MONTH NOTES
Applications $81,537,299,200
Accepted bids $34,940,394,200
" noncompetitively $19,228,200
" foreign noncompetitively $0
Auction price (rate) 98.677928
(3.030%)
Interest rate 2.875%
Bids at clearing yield accepted 42.58%
Cusip number 91282CEP2
The notes, dated June 15, 2022, mature on May 15,
2032.
replace Russian supply, new
sources of uranium production
are needed, said Jonathan
Hinze, president of UxC LLC,
which assesses market prices.
“All told, the idled and new
junior production could be up-
wards of 40 million pounds a
year,” though that supply
mostly won’t be needed until
after 2030, Mr. Hinze said.
Global output is currently 125
million to 130 million pounds
annually, he said.
With uranium prices rising,
miners are rushing to get
more capital.
Producers of uranium and
two lesser-known materials—
radium and vanadium—have
had their second most active
start to a year in equity capi-
tal markets since 2014, accord-
ing to Dealogic.
Paladin Energy Ltd. re-
cently raised roughly $150 mil-
lion to restart the Langer Hein-
rich mine in Namibia and work
could begin next month. Opera-
tions at Langer Heinrich were
suspended in 2018 because of
low uranium prices. Paladin
aims to produce uranium again
in 2024 and recently said it
was negotiating a supply deal
with North Carolina-based util-
ity Duke Energy Corp.
For Boss Energy, the
roughly $80 million cost of re-
starting Honeymoon is cov-
ered by a recent equity rais-
ing, Mr. Craib said.
Not every uranium com-
pany will be successful in re-
starting production, said UxC’s
Mr. Hinze.
“Those companies with
deeper pockets and greater
technical and resource capa-
bilities will likely win the
race,” he said.
tively expanding overseas. Its
revenue from domestic games
declined 1% from a year earlier
in the quarter ended March,
while that of international
games still grew by 4%.
Despite the rally, Chinese
internet stocks remain far
from their peaks. The Hang
Seng Tech Index is still down
about 15% year to date, for ex-
ample, and down 56% from a
record reached in February
2021.
“China’s internet stocks
have been one of the most un-
loved assets over the past year
and trade at a meaningful dis-
count to historical valuations,”
said David Chao, global market
strategist for Asia Pacific at
Invesco. “Any material hint
that we’re coming out of the
regulatory woods is a welcome
sign,” he added.
—Serena Ng
contributed to this article.
 .

B12 | Thursday, June 9, 2022 THE WALL STREET JOURNAL.

HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
ON
THE

Novavax Shot Might Be Too Late Campbell

Serves Up
The company will struggle to capture a sizable share of the waning Covid-19 vaccine market in the U.S.
Reassurance
To Investors
It’s one thing to arrive fashion- Novavax market capitalization the newer gene-based technology Analyst projections for revenue
ably late to a party, it’s another known as mRNA. The FDA advisers at Moderna, which derives most of
$25 billion
thing to waltz in when the last were skeptical of that argument, its sales from Covid-19 shots, pre-
guests are stumbling out the door. though they said it would be good dict a steep cliff, with sales drop-
For Novavax, which on Tuesday to offer Americans more choices. ping from $22 billion this year to
cleared a key step toward U.S. 20 The real question for investors is less than $7 billion in 2024, ac-
Food and Drug Administration ap- whether an initial FDA approval cording to data compiled by Fact- Strong results suggest
proval of its Covid-19 vaccine, the this summer might presage ap- Set. That doesn’t bode well for a food sector is resilient
question is whether there is much 15 proval for a Novavax booster and latecomer.
partying left for vaccine makers as an Omicron-specific jab in a more And a lot of expectations re-
the Omicron surge fades and vacci- timely fashion, allowing it to com- main baked in. Novavax’s market Campbell Soup is once again
nation rates decline. 10 pete with Moderna and Pfizer this value has shriveled to around $4 comfort food.
Novavax shares were up by fall. Moderna on Wednesday said billion from a peak above $22 bil- The company’s strong quarterly
about 5% Wednesday morning af- its modified Covid-19 booster shot lion when pandemic deaths were earnings report on Wednesday will
ter the agency’s vaccine expert 5 provided a stronger immune re- near their worst in early 2021, yet reassure investors that major food
panel voted to recommend its two- sponse against the Omicron variant that compares with a value of brands are working as defensive
dose vaccine. It is quite the victory than the company’s original vac- barely $100 million when the plays in their portfolios. Most cru-
for the 35-year-old Maryland bio- 0 cine. Roger Song, a biotech analyst world first learned of a deadly cially, two rounds of price increases
tech, which was running out of at Jefferies, said a Novavax booster, pneumonia spreading in Wuhan. by the company to offset cost infla-
2020 ’21 ’22
cash in late 2019 before the pan- if approved, could eventually cap- Approval in the U.S. would still tion are stabilizing margins with a
demic came to its rescue. Source: FactSet ture 10% to 30% of the U.S. market. be a major win for Novavax, which minor impact on consumer demand.
But the nod from the expert Even if Novavax grabs such a sig- already markets its Covid-19 vac- In the company’s fiscal third
group comes as the pool of Ameri- lion vaccine doses discarded over nificant slice, there is still the big- cine in key countries and regions quarter ended May 1, organic net
cans seeking a booster shot con- the past year and a half as demand ger question of how big it will really such as the European Union. The sales, stripping out the impact of a
tinues to nose dive. The seven-day declines. be going forward. The short answer company posted $704 million in baby-food brand divestiture,
average for booster shots adminis- Making matters trickier for is no one knows. The elderly might revenue in the first quarter and jumped 9% from a year earlier.
tered daily was about 55,600 this Novavax, a likely FDA approval at continue boosting for a while, but expects total revenue this year to This was driven by price increases
week, down from over a million in this stage would only clear its shot will most Americans be willing to be as much as $5 billion—a far cry as underlying volumes declined
early December, according to data for those who have yet to be vacci- keep taking Covid-19 shots as the from its cash-starved days. 3%. Still, the sales performance
from the Centers for Disease Con- nated, not for those seeking a virus becomes endemic? Jared Holz, FDA approval would offer Ameri- was far better than analyst esti-
trol and Prevention. The agency booster. Novavax says its shot, a healthcare strategist at Oppen- cans an alternative shot with strong mates, and Campbell raised its
says only about half of booster-eli- which uses a more traditional pro- heimer, says probably not, as long safety and efficacy data that is very sales outlook for the full fiscal
gible people have gotten one so tein-based technology, could appeal as hospitalization and death rates much comparable to the MRNA vac- year ending in the current quarter.
far—a clear sign of vaccine fatigue. to people reluctant to receive the continue to fall. The emergence of a cines. How many Americans will Shares rose 1.5% on Wednesday.
These days, the bigger problem is vaccines made by Pfizer-BioNTech more severe strain would change take it is the more difficult question. One concern around Campbell
a surplus of vaccines, with 82 mil- or by Moderna, which are based on that calculus, though. —David Wainer was that it was behind the curve in
raising prices to keep up with infla-
tion, but the company seems to
have caught up. Adjusted gross

Southeast Asia Is Rare Bright Spot for Tech

margins appear to have stabilized,
ticking up to 31.5% in the latest pe-
riod from 30.4% the prior quarter.
Investors in the food sector
worried price increases, while nec-
Years of unbridled growth that essary to overcome soaring costs
reaped little profit for Southeast for ingredients, packaging, logis-
Asia’s Internet champions—and tics and labor, could prompt con-
dragged stocks down—may finally sumers to pull back to private-la-
pay dividends. That is true even bel alternatives.
amid a selloff in tech shares globally. On a call with analysts, Chief
The key reason: local market Executive Mark Clouse acknowl-
consolidation and stronger bargain- edged there has been some pres-
ing power with merchants and cus- sure from private-label products in
tomers. Shares of Southeast Asian certain categories such as con-
tech companies such as Sea Ltd., densed soup. But he added there is
Grab Holdings and GoTo Group— an offsetting benefit as people are
which largely are off most Western buying more condensed soup over-
investors’ radar—were punished all as a way to economize. As a re-
BRYAN VAN DER BEEK/BLOOMBERG NEWS

earlier this year. But they might sult, Campbell’s sales are rising for
bounce back more quickly than those products.
names such as Netflix or Amazon, “In times of rising inflation, out-
given that the fundamentals of their of-home meals are the No. 1 occasion
businesses appear to be improving. that people cut back on,” he said.
After years of burning cash in a In salty snacks, where Campbell
fight for market share, the online owns some high-end brands such
shopping and ride-hailing segments as Kettle and Cape Cod chips, Mr.
are undergoing something of a Clouse said there have been share
shakeout in 2022. For the first quar- gains against private-label and
ter, Grab and GoTo cut incentives as value brands. Indulgent items such
a percentage of gross merchandise Grab was among those that saw most of their market value wiped out as part of a tech selloff this year. as these and cookies are logging
value and improved margins. Sea’s “very, very low” elasticities, or de-
e-commerce business Shopee logged isn’t just about skittish investors’ in- ground lost since its April initial solid in the region despite the mand responses to price increases,
a significant improvement in basic creasing demands for profitability. public offering. clouds hanging over the U.S. and he added. In short, people seem
unit economics: Its adjusted loss be- Grab is the market leader in ride Angus Mackintosh, founder of China. A rally in commodity prices much more willing to give up a
fore interest, taxes, depreciation and hailing across Indonesia, Thailand CrossASEAN Research, thinks helped Southeast Asia’s largest night out than their regular Pep-
amortization per order, excluding and Singapore, according to data strong revenue growth, coupled economy, Indonesia, grow 5.01% peridge Farm Milano cookie.
headquarters costs, fell sharply year platform Measurable AI. In the on- with reduced promotional spending last quarter. Thailand, the region’s The battle isn’t yet fully won.
over year. To be sure, competition is demand food-delivery market Grab, and increased opportunities for second-largest economy, grew 2.2%. Campbell announced a third round
intense. But most of the major play- GoTo and FoodPanda accounted for platforms to cross-sell different Grab and Sea are U.S. listed, of selective price increases in
ers are spending a bit more ratio- 84.8% of the total market share in products will help push valuations meaning they are contending with
nally now. 2021, according to Frost & Sullivan. back up further. GoTo, a product of the same liquidity drought that
Kristine Lau, analyst at research Grab and Sea saw most of their the merger between Gojek and American stocks face as the Fed
firm Third Bridge, believes South- market value wiped out as part of Tokopedia, recorded a 37% increase tightens. But with clear signs of
People seem more willing
east Asia’s e-commerce and ride- the tech selloff this year. But since in cross-platform users. Grab is fundamental improvement in their to give up a night out
hailing segments have matured the companies reported quarterly benefiting from a postpandemic re- actual businesses, Southeast Asian
enough to let companies start cut- numbers in May, shares of Grab covery in mobility and has been tech stocks might bottom sooner
than their Pepperidge
ting back incentives in many key are up 5%, shares of Sea rose 23% taking market share in food deliv- than their American counterparts— Farm Milano cookie.
markets. In other words, the shift and shares of GoTo climbed 20%. ery from smaller regional players. and bounce back more quickly.
makes strategic business sense and GoTo shares regained most of the Economic growth is looking —Megha Mandavia

April, which it says will be fully in

place at the start of its next fiscal
year. Analysts on Wednesday’s call
Spirit’s Love Triangle Tests Shareholder Capitalism conveyed investor skepticism that
consumers can absorb further
price increases. Mr. Clouse re-
sponded it isn’t “particularly accu-
The bidding war over Spirit Air- merger with Frontier is far from a Spirit Airlines share price, The situation illuminates two dis- rate or realistic” to say there is no
lines shows why “stakeholder capi- slam dunk. Either combination past two days tinct ways of understanding capital- more room for price increases, but
talism” is a hard sell for investors. would create the fifth-largest U.S. ism. First is the standard “share- he did say the company has con-
$23.00
On Wednesday, the carrier post- carrier. JetBlue provides a larger holder theory” popularized by tingency plans to be nimble and
poned a shareholder meeting sched- reverse termination fee if the deal Milton Friedman, which gives pri- adjust if consumer elasticities ex-
uled for Friday that would have in- were blocked, and is even offering macy to measurable investment re- pand. “I just think we’ve got to be
22.80
cluded a vote on the bid made by its $1.50 a share of the bid as a special turns and laments the “agency prob- very prudent about it.”
rival Frontier Airlines. Spirit’s dividend to be paid upfront. lem” of executives serving other Overall, Campbell’s ability to
board of directors retains a strong Proxy advisory firm Institutional 22.60
priorities. The second, sees profes- push through price increases so
preference for this merger, which Shareholder Services said in a re- sional managers wresting control far is a hopeful sign for itself and
seems like a perfect cultural fit, port Monday that JetBlue’s offer re- from shareholders—a phenomenon its peers. In the latest market
over a rival one proposed by Jet- mains superior. It recommended 22.40 documented by business historian downturn, certain categories of
Blue Airways. But the board’s latest Spirit shareholders reject the Fron- Alfred Chandler, among others, as consumer staples failed to offer
move betrays hesitation that share- tier deal. JetBlue has accused necessary for the survival of corpo- their traditional protection to in-
holders might not put the same Spirit’s board of using antitrust con- 22.20 rations. It links with the “stake- vestors. Shares of pandemic win-
value on non-pecuniary factors. cerns to mask a conflict of interest. holder theory” in which firms ners such as Clorox and Procter &
Investing is about making money Spirit President and Chief Executive should serve all involved parties. Gamble are down around 23% and
and investors can get more of it Ted Christie started his airline ca- 22.00 Five-minute intervals In a world beset by fundamental 10% so far this year. Campbell is
from JetBlue. Earlier this month, reer at Frontier. The latter’s chair- uncertainty, Mr. Chandler is proba- now up 9% this year, and Coca-
Tuesday Wednesday
the New York-based airline sweet- man Bill Franke already pushed for bly a better guide to how econo- Cola, Hershey and Kellogg each
ened its takeover offer to $31.50 a a merger when he was Spirit’s chair- Source: FactSet mies develop. But this same uncer- have risen by 6% to 9%, respec-
share, all cash, whereas Frontier man in 2013, and was behind the tainty is a good reason for Spirit’s tively, even as the S&P 500 is off
would give the owner of each Spirit transformation of both carriers into higher-cost model is a harder fit. shareholders to take the money by almost 14%.
share 1.9 Frontier shares plus $2.13 modern ultra-low-cost operators. Spirit shareholders might still get and run. They aren’t invested in Consumers might not be franti-
in cash—a total of $22.08 a share Yet sharing DNA is precisely their cake and eat it too if the com- the economy overall but in one cally cleaning or splurging on
based on Tuesday’s closing prices. what could make a Spirit-Frontier pany wrangles more concessions out specific firm in an infamously cycli- home gym setups anymore, but
Spirit’s board has argued that combination successful. Both carri- of Frontier before the rescheduled cal industry right after a pandemic. they are reaching for familiar
JetBlue’s offer is flimsy because it ers’ networks are similar and com- June 30 vote. If not, they face a di- If Frontier wants its love for foods and snacks in their pantries,
will likely be shot down by anti- plementary: Only in 2% of routes lemma between more money in the Spirit to be requited, it might need even if they have to pay up a bit.
trust regulators due to the latter’s did they compete fiercely for mar- short term and a stake in a merged to offer more than a good manage- Some pandemic habits are proving
alliance with American Airlines in ket share in 2021, a data analysis company that could, speculatively, rial fit to match JetBlue’s cold cash. stickier than others.
U.S. Northeastern markets. But a shows. Conversely, JetBlue’s offer higher longer-term returns. —Jon Sindreu —Aaron Back