.
* * * * * WEDNESDAY, MARCH 2, 2022 ~ VOL. CCLXXIX NO. 49
DJIA 33294.95 g 597.65 1.8%
What’s
News
Business & Finance
U .S. stock indexes fell and
bond yields slipped, while
oil prices rose above $100 to
their highest level since 2014,
as Russia’s invasion of Ukraine
continued to whipsaw through
markets. The S&P 500, Dow
and Nasdaq slid 1.5%, 1.8%
and 1.6%, respectively. B1
 Exxon Mobil said it is
halting operations at a mul-
tibillion-dollar oil and gas
project in Russia and will
make no further invest-
ments in the country. A10
 The U.S. and other major
oil-consuming nations said
they would release 60 mil-
lion barrels of oil from their
emergency stockpiles. A10
 Apple, Ford, Boeing and
Dell joined the roster of com-
panies retreating from Russia,
while other global businesses,
including VW, warned of fur-
ther supply disruptions. A6
 The first two series of
the MLB regular season have
been canceled after owners
and locked-out players failed
to agree on a new labor con-
tract ahead of a manage-
ment-imposed deadline. A1
 The Biden administration
said it is realigning its
trade policy toward China,
looking at all existing tools
and potentially new ones
to combat Beijing’s state-
led nonmarket practices. A2
 Target’s sales rose in the
most recent quarter, helped
by stronger traffic in the com-
pany’s stores through the holi-
day season and growth across
its merchandise categories. B1
 The Bank of Canada is
expected to raise its bench-
mark interest rate on Wednes-
day in the face of histori-
cally high inflation. A22
World-Wide
 Russian forces, frustrated
in plans for a quick victory,
shifted to a new strategy of
pummeling civilian areas in
an attempt to demoralize
Ukrainian resistance and re-
ignite its slowing military ad-
vance. People across the be-
leaguered country are hiding
in basements and shelters,
struggling to find food and
looking for ways to escape
Russia’s increasingly violent
onslaught. A1, A6-10, A12-14
 Biden said Putin is more
isolated from the rest of the
world than ever after invad-
ing Ukraine, using the State
of the Union address to
highlight the coordinated re-
sponse of the U.S. and allies
and rally the country behind
defending democracy. A1
 The U.S. will ban Rus-
sian aircraft from American
airspace, Biden said during
the address, broadening
aviation restrictions as the
West expands sanctions
over the war in Ukraine. A6
 Republican Gov. Abbott
and former Democratic
presidential candidate
O’Rourke won their respec-
tive primaries in Texas, the
AP said, setting up a high-
profile race for governor. A3
 The Pfizer-BioNTech
Covid-19 vaccine was highly
effective at reducing the risk
of severe disease in children
17 years and younger during
the Omicron surge but didn’t
work as well at preventing
infection, a study found. A3
 Fallout from federal judges
violating financial-conflict
laws is spreading to appeals
courts, which now have to
decide whether wiping out
rulings is warranted. A4
CONTENTS
Arts in Review... A17
Business News.. B3,5
Crossword.............. A18
Heard on Street. B12
Markets..................... B11
Opinion.............. A19-21
s 2022 Dow Jones & Company, Inc.
All Rights Reserved
NASDAQ 13532.46 g 1.6% STOXX 600 442.37 g 2.4%
Russia Hammers Civilian Targets
PAVEL DOROGOY/ASSOCIATED PRESS
Emergency workers in Kharkiv, Ukraine, carry a body away from a government building shelled by Russian forces Tuesday.
Life Under Bombardment Leery Buyers Dry Up
Russia’s Oil Market
Hits Ukrainians Hard
From the capital of Kyiv to
the borders with Slovakia and
Poland, Ukrainians are hiding
in basements and shelters,
struggling to find food and
By Thomas Grove,
Brett Forrest
and James Marson
looking for ways to escape
Russia’s increasingly violent
onslaught.
Abandoned cars lined the
main roads out of the capital,
broken down or out of gas.
Some motorists sped west
down eastbound lanes to get
around heavy traffic, dodging
In State of the Union, Biden Says Putin Miscalculated
WIN MCNAMEE/BLOOMBERG NEWS
President Biden addressing the joint session of Congress Tuesday.
Greg Ip: Sanctions bring
real pain, and risks
A2
MLB Cancels Games
As Labor Talks Stall
BY JARED DIAMOND
JUPITER, Fla.—The first two
series of the Major League
Baseball regular season have
been canceled after owners and
locked-out players failed to
agree on a new labor contract
ahead of a management-im-
posed deadline.
Opening day had been
scheduled for March 31.
“We worked hard to avoid
an outcome that’s bad for our
fans, bad for our players and
bad for our clubs,” MLB com-
Personal Journal A15-16 missioner Rob Manfred said. “I
Property Report... B6
Sports....................... A18 want to assure our fans that
Technology............... B4 our failure to reach an agree-
U.S. News............. A2-4 ment was not due to a lack of
Weather................... A18
World News A6-14,22
effort by either party.”
MLB had previously indi-
cated if a deal wasn’t in place
> by the end of February, it
would begin taking down
games with no intention to re-
schedule them or compensate
players. The league agreed to
keep negotiating until 5 p.m.
Tuesday, believing the sides
WSJ.com
10-YR. TREAS. À 1 6/32 , yield 1.708%
armored vehicles and trucks
hauling surface-to-air rockets
toward the city. Family mem-
bers said goodbye to those
who stayed, unsure when they
might be reunited.
Vadym Osovsky, a 39-year-
old Ukrainian, fled Kyiv with
his family on Friday, driving
more than 50 hours to the
border. Then he hugged his
wife, two daughters and son
before they crossed into Slo-
vakia. Ukraine’s government
has banned men under 60
from leaving the country, so
he stayed behind.
“We were hoping rockets,
the artillery, would stop, but it
U.S. faces hurdles to
sending in weapons
A6
had made enough headway
during a marathon session
Monday to justify further dis-
cussions.
But progress stalled Tuesday
on the economic issues at the
core of the dispute, prompting
the parties to break off talks
with no immediate plans to re-
sume. After convening for nine
consecutive days at a spring
training stadium here, the sides
will now retrench and figure
out next steps.
The gridlock has stoked the
possibility of a prolonged dis-
pute that extends far beyond
what Mr. Manfred announced
Tuesday.
“A lockout is the ultimate
economic weapon,” union exec-
utive director Tony Clark said.
“In a $10 billion industry, the
owners have made a conscious
decision to use this weapon
against the greatest asset they
have: the players.”
The players always viewed
MLB’s deadline as an artificial
Please turn to page A18
HHHH $5.00
OIL $103.41 À $7.69 GOLD $1,942.40 À $43.00 EURO $1.1125 YEN 114.92
Second-largest city in
Ukraine is pummeled
by missiles, as Kyiv
braces for new attacks
BY YAROSLAV TROFIMOV
KYIV, Ukraine—Russian
forces, frustrated in plans for
a quick victory, shifted to a
new strategy of pummeling ci-
vilian areas in an attempt to
demoralize Ukrainian resis-
tance and reignite their slow-
ing military advance.
Russia’s Defense Ministry
said Tuesday afternoon it
would strike Ukrainian intelli-
gence and communications fa-
cilities in central Kyiv that it
said are being used for “infor-
mation attacks” against Rus-
sia, and urged residents living
nearby to leave for their own
safety.
Western diplomats took the
warning as a signal that a
massive strike on Kyiv’s resi-
dential areas was imminent.
Some of the remaining staff at
foreign embassies left
Ukraine’s capital.
Live-cam footage from
Freedom Square in Kharkiv,
Please turn to page A9
Stock indexes fell again In their broadside of sanc-
Tuesday as oil prices tions on Russia, the U.S. and its
only got worse,” said Mr. Os- retopped $100 a barrel allies are going out of their way
ovsky. “I’ve already seen how to spare energy shipments and
this kind of war ends. War can 0 Nasdaq keep economies humming and
end only very badly.” Composite voters warm.
Russia began a new, blood-
S&P 500
ier phase of the war on Tues- By Joe Wallace,
day, hitting the center of Dow Industrials Benoit Faucon
Ukraine’s second-largest city and Anna Hirtenstein
of Kharkiv with a missile.
Ukrainian officials said Russia –1.0% The oil market went on
shelled residential buildings in strike anyway. Acting as if en-
the southern city of Kherson, ergy were in the crosshairs of
with some 300,000 people, as Western sanctions, refiners
they advanced. Kyiv is bracing balked at buying Russian oil,
for the same kind of indis- and banks are refusing to fi-
criminate shelling of civilian nance shipments of Russian
–2.0
neighborhoods. The Russian commodities, traders, oil execu-
defense ministry warned resi- 9:30 a.m. noon 4 p.m. tives and bankers said.
Please turn to page A8 Source: FactSet Please turn to page A10
BY KEN THOMAS tions of the free world think- to go after Russian oligarchs.
AND SABRINA SIDDIQUI ing he could make it bend to The president’s remarks on
his menacing ways. But he Ukraine often generated ap-
WASHINGTON—President badly miscalculated.” plause from both Republicans
Biden said President Vladimir “He thought he could roll and Democrats alike; Oksana
Putin of Russia is more iso- into Ukraine and the world Markarova, ambassador of
lated from the rest of the would roll over. Instead he met Ukraine to the U.S., attended as
world than ever after invading a wall of strength he never a guest of first lady Jill Biden.
Ukraine, using Tuesday’s State imagined,” Mr. Biden said in The president addressed
of the Union address to high- his speech to a joint session of the nation as Russia shifted to
light the coordinated response Congress. a new strategy of pummeling
of the U.S. and its allies and In addition to sanctions, Mr. civilian areas, part of a cam-
rally the country behind de- Biden said the U.S. would close paign by Moscow that has
fending democracy. American airspace to all Rus- prompted the U.S. and other
Mr. Biden said Mr. Putin sian flights and assemble a nations to take steps to isolate
“sought to shake the founda- Justice Department task force Please turn to page A4
In a Kyiv hospital, Exxon halts investments Stocks fall further as
children suffer doubly in Russia oil tops $100
A7 A10 B1
INSIDE
Salesforce.
#1 CRM.
Ranked #1 for CRM Applications based on
IDC 2021 H1 Revenue Market Share Worldwide.
PERSONAL JOURNAL
Some interns are
changing their minds
as recruiters present
sweeter deals. A15
VICTOR J. BLUE/BLOOMBERG NEWS
Source: IDC, Worldwide Semiannual Software Tracker, October 2021.
BUSINESS & FINANCE
Many big companies
are planning broader salesforce.com/number1CRM
office reopenings this CRM market includes the following IDC-defined functional markets: Sales Force Productivity and Management,
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month. B1 Applications. © 2021 salesforce.com, inc. All rights reserved. Salesforce.com is a registered trademark of
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 .

A2 | Wednesday, March 2, 2022 * * THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Sanctions Bring Real Pain, and Unseen Risks

The con- Mr. Putin has worked to re- Russian inflation shot up in 2014—when it annexed Crimea, and the financial system so own people’s misery. “He’s
ventional wis- duce the rest of the world’s oil prices and the ruble fell—and is rising again now. abruptly could trigger unfore- ready to sacrifice the econ-
dom until last leverage on Russia. It has seen dynamics. There may be omy, and households’ in-
week was that current-account and fiscal “financial linkages we have comes, because he wants to
sanctions had surpluses, meaning no net 15%
Russia’s consumer-price index, very little idea about,” Ms. be great,” said Mr. Aleksash-
limited influ- need to borrow from foreign change from a year earlier Ribakova said. Russia’s cen- enko.
ence on a nation state, espe- or domestic lenders, diversi- tral bank is “an important Sanctions initially per-
cially one as large as Russia. fied foreign-exchange re- player in global markets. We suaded Iran to negotiate over
That wisdom may need to be serves of $630 billion and a Jan. 2022 don’t know how the positions its nuclear program but they
revisited. floating currency. It had thus 10 will unwind.” The ripple ef- have had little effect on Vene-
OPEC declines 8.7%
The sanctions leveled at eliminated most of the vul- to cut oil output fects from Russia’s default in zuela or North Korea, and in-
Russia for its invasion of nerabilities that typically 1998 led to the near-collapse deed both have become more
Ukraine are likely to do far brought on crises, including Annexation of Long-Term Capital Man- belligerent and repressive, a
more damage than President Russia’s in 1998. of Crimea agement, a giant U.S. hedge possibility with Mr. Putin as
5
Vladimir Putin had thought But Russia still does busi- by Russia fund, and intense market well. When economic war be-
possible. By hitting Russia’s ness with the world, which stress. Amid sharply lower comes aggressive enough, it
commercial banks, central requires an ability to pay its markets Tuesday, U.S. and Eu- may be seen as tantamount to
bank, business and political bills. With access to its re- ropean bank stocks fell even actual war. Some scholars say
leaders and industry, the serves sharply curtailed and 0 more, a potential sign of spill- Japan’s attack on Pearl Har-
West is meting out economic the West united on sanctions, over to the financial system. bor in 1941 was precipitated
2012 ’14 ’16 ’18 ’20 ’22
punishment that took years the central bank is less able by a U.S. oil embargo.

to unfold with smaller rogue to buy up the ruble to defend
states like Iran and North its value, pay interest and
Korea. A Biden administra- principal on foreign debt, or
tion official on Saturday supply foreign currency to
made the goal clear: turn commercial banks. Russian
Russia into “a global, eco- importers can’t be certain
nomic, and financial pariah.” anyone will take their money.
The fall in the ruble since
Source: CEIC Data
at the Institute of Interna-
tional Finance, predicted Rus-
sia’s economy will contract at
least 10%, more than in 1998.
Russia is still cushioned by
its hefty exports of oil and
will increase that burden.
The long-run cost to Rus-
sia will be even steeper.
Western prohibitions on
sales of technology will “un-
dermine the capabilities of
T
he war and accompa-
nying sanctions are al-
ready threatening an-
other supply shock that slows
growth and raises inflation in
Europe and the U.S., and
that’s without an embargo on
Russian oil and natural gas.
In the end, a Russia kicked
out of the global economy is
also a Russia beyond the
reach of economic leverage.
China is likely to respond by
stepping up its own efforts to
decouple from the West; it is
already developing alterna-

A
nd yet as with actual Russia invaded Ukraine could gas, which are largely ex- the Russian military and ci- Refiners and banks are avoid- tives to the dollar-based pay-
war, all-out economic add 4 to 5 percentage points empted by sanctions. That vilian industry, restrain the ing Russian crude nonethe- ment systems, domestic
war has repercussions to Russian inflation, which cushion has limits, growth potential of the less, pushing prices sharply sources of key technology
that the U.S. and its allies stood at 8.7% in January, ac- though: Russian oil is now economy, and increase Rus- higher Tuesday. As the ef- through President Xi Jin-
may not yet see. It is not at cording to Sergey Aleksash- selling at a sizable discount, sia’s technological backward- fects filter down to the pub- ping’s “dual circulation” pol-
all clear that sanctions will enko, a former Russian cen- and global prices, now more ness,” Mr. Aleksashenko lic, the remarkable unity of icy, and its own economic
change Mr. Putin’s behavior, tral bank official now living in than $100 per barrel, are at wrote in a newsletter. Western governments against sphere of influence through
and they may cause far- the U.S. To defend the cur- risk if the world economy While sanctions are prov- Russia will be tested. the Belt and Road Initiative.
reaching disruption for the rency and limit the inflation- slumps. Russia already ing more devastating than Sanctions have rarely The global economy was
West. ary impact, the central bank spends more of its gross do- thought likely before this forced the targeted country subdividing into competing
Since 2014, when Russia raised interest rates Monday mestic product on the mili- week, their full consequences to change its behavior. Auto- blocs before Russia invaded
was hit with targeted sanc- to 20% from 9.5%. Elina Riba- tary than the U.S. and a sus- may not be apparent. Kicking crats like Mr. Putin simply Ukraine. Sanctions are simply
tions for annexing Crimea, kova, deputy chief economist tained insurgency in Ukraine such a large economy out of aren’t that exposed to their hastening the process.

U.S. WATCH
U.S. Policy
MICHIGAN
Baby Formula Recall
after an unusually dry January.
A nearly 15-mile stretch of
State Route 7 in Washington
On China
Expands After Death
Abbott Laboratories is ex-
was shut down Tuesday because
of severe flooding and there was
no estimate on when it would re-
Trade to Be
panding its previously announced
recall of baby formula after be-
ing informed of the death of an-
open. A number of ski resorts on
Oregon’s Mount Hood shut down
Monday due to heavy rain and
Realigned
other infant who consumed the high winds. BY YUKA HAYASHI
company’s product. Olympia, Wash., and the Seat-
Abbott said this week that it tle area exceeded rainfall records WASHINGTON—The Biden
was voluntarily recalling one lot Monday set in 1972, while parts administration said it is re-
of Similac PM 60/40 manufac- of northwest Oregon got nearly 3 aligning its trade policy to-
tured in its Sturgis, Mich., plant. inches of rain. ward China, looking at all ex-
Last month, the company re- Flood watches were in effect isting tools and potentially
called its Similac, Alimentum and throughout the region Tuesday new ones to combat Beijing’s
EleCare products that are pro- and authorities asked home- state-led nonmarket practices.
duced at the same plant. owners to be aware of the possi- In its annual trade policy
This comes after another in- bility of landslides, particularly in agenda released Tuesday, the
fant died from an illness that areas that have recently burned Office of the U.S. Trade Repre-
the Food and Drug Administra- in wildfires. sentative said the U.S. is rais-
tion is investigating as part of —Associated Press ing its concerns with China
the recall. and accelerating joint work
The FDA said it is investigat- NEW MEXICO with allies and partners.
ing complaints of four “We are clear-eyed about
cronobacter illnesses and one Bill Signed Giving China’s doubling down on its
salmonella illness that resulted Teachers Raises harmful trade and economic
in infant hospitalizations as early abuses,” the USTR said in the
as September in Minnesota, New Mexico’s governor report, noting that its “holistic
Texas and Ohio. signed law four bills into law and pragmatic” approach to
Cronobacter illnesses, which that will increase funding for ed- the bilateral relations will fo-
include sepsis and meningitis, ucation, including major in- cus on long-term benefits for
are rare but can be lethal for in- creases in teacher salaries. American workers.
fants, according to the Centers Democratic Gov. Michelle Lu- “Lack of protections for
for Disease Control and Preven- jan Grisham held the ceremony workers, a weak environmental
tion. Salmonella can cause fever Tuesday outdoors at an elemen- regime, and anticompetitive
and digestive issues, and some- tary school in Santa Fe, follow- subsidies are the hallmarks of
times severe illness, according to ing the passage of the bills by China’s artificial comparative
the CDC. the Legislature last month. She advantage. It is an advantage
Recalled products were previ- signed one bill that will increase that puts others out of busi-
ously distributed across the U.S. teacher and counselor salary ness and violates any notion of
as well as some international minimums by $10,000. fair competition,” it said.
markets, according to the FDA. “We have to pay our educa- Chinese Embassy spokesman
Abbott said it tests for tors a salary that is commensu- Liu Pengyu said: “China and the
pathogens including cronobacter rate with their incredible…experi- U.S. share common interests,
and salmonella before releasing ence, education and the fact and cooperation is the only
MIKE BLAKE/REUTERS

its products. A spokeswoman that they are working more than right choice. It is hoped that the
said Tuesday that none of Ab- full time supporting their stu- U.S. adopt reasonable and prac-
bott’s distributed products dents,” Ms. Lujan Grisham said. tical China trade policies...and
tested positive for the presence Currently, teachers make at push China-U.S. relations back
of cronobacter or salmonella. least $40,000 when they start onto the correct track of sound
—Omar Abdel-Baqui PRICKLY SITUATION: Percy the Porcupine, a giant puppet built to promote a new area at the San out, $50,000 after additional train- and stable development.”
Diego Zoo, was unveiled to schoolchildren in Los Angeles on Tuesday. ing and experience, and $60,000 While the USTR emphasized
CALIFORNIA when they pass an intensive mas- it is “laser-focused” on en-
ing order against him requested fore turning the gun on himself, PACIFIC NORTHWEST ter teacher certification. Starting gagement with friendly nations
Man Kills His 3 Kids, by the children’s mother, was on Mr. Jones said. teachers and counselors earning a as a key part of its strategy,
Adult in Church a supervised visit with his chil- “If he was the person in a do- Record Rains Bring minimum salary would benefit the the agency provided few de-
dren at the church during the mestic violence restraining order, Floods, Road Closure most, with a 22% raise. tails on what measures consti-
A California man shot and shooting, Sacramento County he shouldn’t have had a Ms. Lujan Grisham, who is tuted its realigned policy. Nei-
killed his three children, an adult Sheriff Scott Jones said. weapon,” the sheriff said. Heavy rain brought flooding running for re-election this year, ther did it offer details on the
and himself in a Sacramento- The suspect killed the person The mother of the children and concerns about landslides to is also set to approve a $15 min- administration’s plan to launch
area church Monday, law-en- supervising the visit and the wasn’t at the church during the the Pacific Northwest, with many imum wage for school and state a broad economic program for
forcement officials said. three children, who were all shooting, police said. locations in western Oregon and workers. the Asia-Pacific region.
The man, who had a restrain- younger than 15 years old, be- —Omar Abdel-Baqui Washington getting record rainfall —Associated Press The new Indo-Pacific Eco-
nomic Framework, announced
by President Biden in October, is
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All Advertising published in The Wall Street Journal is subject to the applicable rate card, $1.7 billion. Seng Index ended Monday at fired, nor do they need to be USTR said it will release details
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THE WALL STREET JOURNAL.
Chinese
Plane Deal
Clears U.S.
Security
Review
BY KATE O’KEEFFE
A U.S. investment-screening
panel has concluded its review
of a Chinese firm’s nearly 47%
stake in a U.S. aircraft startup,
determining there are “no un-
resolved national security con-
cerns” with the deal, according
to a letter reviewed by The
Wall Street Journal.
The decision by the Commit-
tee on Foreign Investment in
the U.S., an interagency panel
that can recommend the presi-
dent block or unwind deals on
national-security grounds,
marks the end of one part of a
saga involving feuding Ameri-
can and Chinese investors in
Icon Aircraft Inc., a California-
based maker of recreational
amphibious planes. The out-
come is also notable given how
carefully Cfius has been scruti-
nizing Chinese investment in
U.S. technology in recent years.
A group of American share-
holders, including Icon co-
founder Kirk Hawkins, has ac-
cused the Chinese investor,
Shanghai Pudong Science &
Technology Investment Co., or
PDSTI, of hollowing out Icon
and moving technology with
possible military applications
to China. PDSTI has said its in-
vestments, begun in 2015,
saved Icon from collapse and
that licensing Icon’s technology
to a Chinese company would
bring in needed capital.
Icon, whose board is con-
trolled by PDSTI, has said its
aircraft don’t have military ap-
plications, adding that they
only have the capacity to carry
a little over 400 pounds and
that they can’t safely operate
U.S. shareholders
accused a Chinese
investor of hollowing
out Icon Aircraft.
in water with a wave height
higher than 12 inches.
Cfius began its review of
PDSTI’s investment in late No-
vember after the group of
American shareholders urged it
to intervene, the Journal has
reported.
“Based upon its review and
investigation, and after full
consideration of all relevant
national security factors…Cfius
has determined that there are
no unresolved national security
concerns,” the letter said, add-
ing that action with respect to
the deal “is concluded.”
The letter, dated Monday,
was sent by the Treasury De-
partment, which leads the
Cfius panel, to a lawyer for the
Chinese investors. A person
close to the Chinese investors
said the panel didn’t require
them to sign on to any mitiga-
tion agreement to resolve na-
tional-security issues.
An Icon spokesman said:
“We’re pleased to confirm that
after a monthslong, thorough,
and comprehensive investiga-
tion, Cfius has cleared PDSTI’s
investment in ICON Aircraft.”
The Treasury Department
declined to comment. Mr. Haw-
kins and a lawyer for the
American shareholders didn’t
respond to requests for com-
ment on this article.
“The most interesting thing
to me is that, in this climate,
getting anything through Cfius
with a China angle is a chal-
lenge. If there’s a meaningful
element of sensitive technology
that is credible, then it’s very
unlikely to get through Cfius
without mitigation,” said John
Kabealo, founder of Washing-
ton, D.C., firm Kabealo Law,
which wasn’t involved in the
Icon case.
Icon earlier alleged that Mr.
Hawkins has been motivated by
self-interest. The company re-
leased to the Journal what it
said was a strategy document
emailed by Mr. Hawkins in
March 2020 outlining a plan to
threaten to take the case to
Cfius if PDSTI didn’t buy him
out of Icon.
Asked about that, Mr. Haw-
kins said PDSTI had offered
him and other minority share-
holders a buyout if they helped
support a Cfius approval. They
declined, he said, and decided
to “contact Cfius to ask for
help.”
* * * * * *
Pfizer Shot Shielded Kids Amid Wave
BY JARED S. HOPKINS
The Covid-19 vaccine from
Pfizer Inc. and partner BioN-
Tech SE was highly effective at
reducing the risk of severe dis-
ease in children 17 and younger
during the Omicron surge but
didn’t work as well at prevent-
ing infection, according to a
new government study.
The two-dose vaccine re-
duced the risk of Covid-19 hos-
pitalization in kids 5 to 11 by
74% and by 92% or higher in
children 12 to 17, according to
the study published Tuesday by
the Centers for Disease Control
and Prevention.
However, the vaccine was
51% effective at reducing the
risk of infection among 5- to 11-
year-olds, while Omicron was
predominant, and between 34%
and 45% effective in kids 12 to
17, depending on the age, for
the first five months after the
second dose, according to the
study.
The vaccine was 90.7% effec-
tive at preventing symptomatic
disease in the pivotal study
that led to authorization. That
study was conducted before
Omicron emerged.
The real-world findings sug-
gest some limitations of the
two-dose vaccine from Pfizer
and BioNTech in children dur-
ing the Omicron wave and sup-
port other evidence indicating
the two-dose shot doesn’t work
as well against the variant, es-
pecially in younger children.
National Issues in Spotlight as Texas Votes
BY ELIZABETH FINDELL
AND CHAD DAY
AUSTIN, Texas—Texas Gov.
Greg Abbott and former Demo-
cratic presidential candidate
Beto O’Rourke easily won their
respective primaries Tuesday,
setting up a high-profile race for
governor, according to the Asso-
ciated Press.
Mr. Abbott, who is seeking a
third term, and Mr. O’Rourke
were heavy favorites in Tues-
day’s primaries, the first of the
2022 midterm elections. The pri-
maries are deciding many of the
matchups for statewide offices
and Texas’ 38 congressional dis-
tricts. Several contests are being
closely watched for what they
say about the state of the Demo-
cratic and Republican parties as
they vie for control of Congress.
Speaking to a crowd of sup-
porters in the Fort Worth area,
Mr. O’Rourke said: “I want to
be a governor for each and ev-
ery single one of you, and I
want us to do the big things we
are truly capable of, once we
get past the smallness and cru-
elty and divisiveness of this
moment.”
In Corpus Christi, Mr. Abbott
said, “We’re building a safer,
smarter, freer and more pros-
perous state for everybody.” He
added, “But we have to fight to
California Faces Higher Risk
Of Fires After Two Dry Months
BY JIM CARLTON
California’s snowpack has
shrunk to about two-thirds of
normal, as the state’s relent-
less drought produced the dri-
est January and February on
record and raised the likeli-
hood of more wildfires and
deeper water cuts to cities and
farms.
A manual survey conducted
Tuesday by the state Depart-
ment of Water Resources
showed a snowfield near Lake
Tahoe was at 68% of normal.
Electronic readings of snow
across the Sierra Nevada
range, which supplies much of
California’s water when it
melts, stood at 63% of normal
for March 1. With forecasts
showing no major storms on
the horizon, state officials ex-
pressed little hope that March
would make up for the deficit
by the time the California wet
season ends in April.
“It’s safe to say we will end
this [water] year dry,” Sean de
Guzman, manager of the
agency’s snow surveys, said at
a briefing after taking the
manual measurement Tuesday.
The dry spell comes after
California experienced one of
its wettest Decembers on re-
cord and snow piled up more
than 15 feet in the Sierra Ne-
vada. But the statewide snow-
pack that measured 154% of
normal on Jan. 1 steadily
U.S. NEWS
The vaccine was highly effective at reducing the risk of severe disease in children 17 years and
younger during the Omicron surge but didn’t work as well at preventing infection, the CDC found.
In a separate study by New
York state health officials, the
vaccine was found to be 12%
effective in younger children at
least two weeks after they had
gotten a second dose in De-
cember or January, compared
with 51% in adolescents. The
study was posted online Mon-
day and hasn’t been peer re-
viewed.
“The two papers do confirm
that there’s a pretty rapid loss
of protection,” said Cody
Meissner, a professor of pedi-
atrics at Tufts University who
Signs proliferated outside a polling site Tuesday in Austin, Texas.
keep it that way, because our
opponents, they want a com-
pletely different Texas.”
The second-term governor
fended off two primary oppo-
nents, former state Sen. Don
Huffines and ex-Texas GOP
chairman Allen West, who at-
tempted to run to his right on
several issues.
Beyond the governor’s race,
early results showed a tight race
in the Democratic primary in
Texas’ 28th Congressional Dis-
trict between lawyer Jessica Cis-
neros and nine-term Rep. Henry
Cuellar, one of the party’s most
conservative members. Ms. Cis-
neros, who has attracted the
Percentage of California
snowpack on March 1st for
each year compared to normal
200%
150
Normal
100 level
50
0 Temperatures have been
2002 ’05 ’10 ’15
Source: California Cooperative Snow Surveys
shriveled, as a high pressure
ridge moved into place along
the coast and deflected
storms.
Downtown San Francisco
recorded 0.65 inches of rain in
January and February, com-
pared with a normal of 8.77
inches, said National Weather
Service meteorologist Drew
Peterson.
State officials blame cli-
mate change for the increased
frequency and severity of
drought, which is also plagu-
ing many other parts of the
American West. “We are see-
ing these extremes we have
never seen before, and hon-
.
Wednesday, March 2, 2022 | A3
in kids 5 to 11, who became eli-
gible for the shots last fall. The
youths get a 10 microgram
dose, a third of the dosage
given to adolescents and
adults.
Vaccine experts said the
lower dose is likely a factor in
the vaccine’s reduced effective-
ness in younger children ex-
posed to Omicron.
To improve the vaccine’s ef-
fectiveness against Omicron,
health authorities have recom-
mended adults and adolescents
DAVID PAUL MORRIS/BLOOMBERG NEWS
get a booster.
The authorities also recom-
mend booster doses for use in
5- to 11-year-olds who have
weakened immune systems and
are at high risk of severe dis-
ease.
A Pfizer spokeswoman said
the company is studying a
third 10 microgram dose in
kids 5 to 11 with healthy im-
mune systems.
She also said that early lab-
sits on a vaccine advisory panel Moore, an immunologist at oratory testing with Delta and
to the Food and Drug Adminis- Weill Cornell Medicine in New other variants of concern, in-
tration. Yet he cautioned that York. cluding Omicron, suggest that
there were so few numbers of Most children who become people vaccinated with three
kids who became sick in the infected with Covid-19 have doses may have a higher de-
CDC study that the numbers mild or no symptoms at all, gree of protection, especially
carry wide margins of error. and they are much less likely against severe disease and hos-
The CDC and independent than adults to become hospital- pitalization.
health experts still recommend ized or die. Yet health authori- The CDC study explored the
vaccinating young children. ties and doctors have urged real-world effectiveness of the
“Omicron was a problem if parents to vaccinate their chil- Pfizer-BioNTech vaccine during
your measurement is mild and dren to protect them from the the Omicron wave in December
asymptomatic infections, but virus and to limit spread to to January by comparing the
we’re still protected if your others. number of vaccinated and un-
measurement was hospitaliza- The Pfizer-BioNTech vaccine vaccinated kids who sought
tion and death,” said John is the only one cleared for use medical care.
said, after he failed to garner cized Republicans’ moves to
more than 50% of the vote. He curtail abortion rights and
will face one of three challeng- make voting procedures
ers: Texas Land Commissioner stricter. “Texas is in a really
George P. Bush, the nephew and bad place and it seems to get
grandson of the former presi- worse by the day,” said Amy
dents; Rep. Louie Gohmert and Grant, a 42-year-old Democratic
or former Texas Supreme Court voter.
Justice Eva Guzman. The primary is the first state-
MATTHEW BUSCH/BLOOMBERG NEWS
Mr. Paxton’s rivals sought to wide election in Texas since an
make an issue of the fact that election bill passed last year
he has been under indictment that tightened voting procedures
on securities-fraud charges across the state. Democrats said
since 2015 and in 2020 was ac- the bill would disenfranchise
cused of illegal activities by voters. Republicans said it would
eight of his top-ranking depu- make elections more secure.
ties. He has denied wrongdoing Before the election, and dur-
in both incidents. ing two weeks of early voting,
In Buda, a rapidly growing the state’s largest counties re-
suburb south of Austin, Kris ported a significant uptick in re-
support of New York Rep. Alex- Viehe, a 58-year-old Republi- jections of both mail-in ballot
andria Ocasio-Cortez and other can voter, said Mr. Paxton’s in- applications and ballots them-
figures in the party’s progressive dictment, as well as insight selves. Most of the rejections
wing, lost by fewer than 3,000 from friends who work in the were due to voters missing an
votes to Mr. Cuellar in the 2020 attorney general’s office, led identification number on the
primary. him to vote for Mr. Bush. ballot that matched what they
The two candidates have con- “We’ve got to get rid of Pax- provided when they registered,
trasting positions on immigra- ton,” Mr. Viehe said. election officials said. The state
tion—and how to win in a bor- Joe Box, a 47-year-old GOP has also seen a marked decrease
der district that includes areas voter, said Mr. Paxton’s legal in mail voting overall, particu-
where Republicans made in- troubles don’t bother him. “I’m larly among Republicans.
roads in 2020. An FBI raid of Mr. pretty sure they’re trying to get In Texas, as in several states
Cuellar’s home and campaign of- rid of him because he’s doing this election cycle, partisan
fice in January is also hanging such a good job,” Mr. Box said. congressional primaries will
over the race. He has said he is Voters in the Democratic pri- play an outsize role in deciding
cooperating with the probe. . mary said they hoped Mr. the general election because
On the Republican side, At- O’Rourke would get enough once-a-decade redistricting has
torney General Ken Paxton ad- momentum to succeed in the reduced the number of compet-
vanced to a May runoff, AP general election, and they criti- itive House seats.
350+
P R I VAT E R E S I D E N C E S
estly models never would have
predicted before,” said David 75
Rizzardo, hydrology section S O U G H T-AF T E R D E ST I N AT I O N S
manager for the state water
agency.
2022
Now, California will have to 1
63%
once again brace for two of MEMBERSHIP
the major consequences of
drought: heightened wildfire
danger and diminished water
supplies. After 2.6 million
acres burned last year and a
record 4.3 million in 2020,
state officials say this year
could be just as bad because
new grass and brush started
growing during December and
quickly turned dry—a flamma-
ble combination.
’20 above normal, too, with San
Francisco recording daytime
highs of 2.2 degrees higher
than normal in January and
3.5 higher in February, accord-
ing to the National Weather
Service. Besides raising the
fire danger, Mr. Rizzardo said
the warmer temperatures are
melting snow before it can run
off into the state’s reservoirs
as happened last spring.
With major reservoirs such
as Shasta Lake at 37% of ca-
pacity and Lake Oroville at
47%, state and federal officials
have instituted cutbacks to us-
ers. The federal Bureau of Rec-
lamation on Feb. 23 an- exclusiveresorts.com
nounced an initial allocation
of 0% to many farmers in the
state’s Central Valley.

A4 | Wednesday, March 2, 2022
Judicial Conflicts Spread to Appeals
Cases involving Cisco,
StarKist Tuna and
Bank of America are
among those reviewed
Fallout from federal judges’
violating financial-conflict
laws is spreading to appeals
courts.
By James V. Grimaldi,
Joe Palazzolo
and Coulter Jones
In San Diego, StarKist Tuna
is seeking to derail a lawsuit
alleging a price-fixing conspir-
acy costing buyers more than
$1 billion. In New York, con-
sumer lawyers want to revive
a dismissed case alleging
America’s largest banks de-
frauded investors out of more
than $7 billion in bond deals.
In Virginia, Cisco Systems
Inc. is challenging a $1.9 bil-
lion patent-infringement judg-
ment.
In each case, federal judges
had failed to properly recuse
themselves after having finan-
cial ties to litigants in viola-
McConnell Criticizes
Scott Over Tax Proposal
BY LINDSAY WISE
AND ALEX LEARY
WASHINGTON—Senate Mi-
nority Leader Mitch McCon-
nell rebuked a policy agenda
crafted by fellow Republican
Sen. Rick Scott, saying it
would raise taxes on lower-in-
come Americans, as Democrats
seized on the proposal for
their midterm elections mes-
sage against the GOP.
Mr. Scott’s 11-point “Rescue
America” plan was released
last week and he has paid for
television and online advertis-
ing. It covers a range of topics,
and includes proposals to
name the border wall after for-
mer Republican President Don-
ald Trump, balance the federal
budget, prohibit the govern-
ment from asking people to
disclose their race on any fed-
eral form and sunset all fed-
eral legislation after five years.
But a line about taxes gained
the most attention. “All Ameri-
cans should pay some income
tax to have skin in the game,
even if a small amount. Cur-
rently over half of Americans
pay no income tax,” it reads.
“We will not have as part of
our agenda a bill that raises
taxes on half the American
people and sunsets Social Se-
President
Says Putin
Misjudged
Continued from Page One
Mr. Putin and his economy.
While much of Mr. Biden’s re-
marks focused on his domestic
agenda, the conflict prompted
the president and his team to
focus heavily on the crisis in
Ukraine.
Most attendees, including
Vice President Kamala Harris
and House Speaker Nancy
Pelosi (D., Calif.), went mask-
less after the Capitol physician
loosened Covid-19 require-
ments amid a decline in cases.
Some lawmakers donned blue
and yellow, the colors of
Ukraine’s flag.
Mr. Biden said he knew the
news out of Ukraine was alarm-
ing and warned that the inva-
sion would have costs around
the world. He said he under-
stood that the country had been
through a difficult two years
and that people were frustrated
by inflation, which has reached
a four-decade high, and other
economic challenges linked to
the Covid-19 pandemic.
“I want you to know that we
are going to be OK,” he said.
Mr. Biden, a Democrat, said
inflation had left many fami-
lies struggling to pay bills. He
argued that the best way to
counter higher prices is to
boost domestic production of
automobiles and semiconduc-
tors and rebuild the nation’s
roads and bridges, prompting
chants of “U.S.A.” in the
chamber.
“Economists call it ‘increas-
ing the productive capacity of
our economy.’ I call it building a
tion of a 48-year-old law. The
appeals courts now have to
decide whether the conflicts
were enough to warrant wip-
ing out the rulings by the con-
flicted judges.
At least 55 cases overseen
by judges with recusal viola-
tions have been appealed, re-
considered or reassigned. A
Wall Street Journal investiga-
tion last year revealed that
more than 130 judges violated
the financial-conflict law.
In considering the viola-
tions, a 1988 U.S. Supreme
Court ruling requires courts to
consider the risk of injustice
to litigants if they vacate rul-
ings, the risk of injustice in
other cases and the risk of un-
dermining confidence in the
judicial process. Litigants in
appeals have leaned on the
ruling, each side arguing that
the test favors their desired
outcome.
StarKist, Bumble Bee and
Chicken of the Sea were ac-
cused by retail and commer-
cial buyers of conspiring to in-
flate tuna prices. The cases
were filed as StarKist and
Bumble Bee pleaded guilty to
curity and Medicare within
five years,” Mr. McConnell told
reporters Tuesday. “That will
not be part of the Republican
Senate majority agenda.”
With the Senate split 50-50,
control of the chamber is at
stake in the November elec-
tions. Mr. McConnell, who
could regain the majority post,
and other Republicans fear that
Mr. Scott’s idea could blunt mo-
mentum in what looks to be a
favorable climate for the party.
Mr. Scott, a wealthy former
Florida governor and business-
man, was elected in 2018 and
quickly sought to grow a na-
tional profile. He is seen as a
possible 2024 presidential can-
didate, should Mr. Trump de-
cide against running again. Mr.
Scott has stayed close to Mr.
Trump while Mr. McConnell
has urged the GOP to move on
from the former president. Mr.
Trump has encouraged Mr.
Scott to challenge Mr. McCon-
nell for the position of party
leader, according to people fa-
miliar with the discussions.
Some senators raised con-
cerns about Mr. Scott’s pro-
posal during a private GOP
leadership meeting Monday,
according to a person familiar
with the discussion, and
warned that Republican candi-
President Biden delivers his State of the Union address Tuesday, in front of Vice President Kamala Harris and House Speaker Nancy Pelosi.
better America,” Mr. Biden said.
Mr. Biden’s administration
has taken steps to ease supply
chain-related snarls, but ongo-
ing issues and high demand
for goods continued to drive
inflation in January.
Increasing domestic manu-
facturing has been a goal of
presidents from both parties,
but it would take time for sig-
nificant shifts to take hold,
and the movement of produc-
tion to lower-cost countries is
one of many factors that
helped keep U.S. inflation rela-
tively low in recent decades.
The president’s job approval
rating stood at 41.1% Tuesday,
according to FiveThirtyEight’s
aggregation of polls, down
from 53% in January 2021.
Republicans have repeatedly
P W L C 10 11 12
federal charges of conspiring
to fix prices, with fines of
$100 million for StarKist and
$25 million for Bumble Bee.
Judge Janis Sammartino in
2019 sided with the plaintiffs
in certifying a class action,
which was overturned by a
three-judge panel in 2021 for
abusing her discretion in how
she certified the classes.
As the Ninth U.S. Circuit
Court of Appeal began hearing
arguments, the Journal re-
ported that Judge Sammar-
tino’s husband owned shares
of companies of two members
of the plaintiff’s class, Target
Corp. and Sysco Corp.
StarKist argued that Judge
Sammartino’s recusal violation
was a further reason to throw
out her class certification.
Lawyers for the class said
StarKist’s objection should be
rejected.
A decision is pending.
Judge Sammartino, a the motion of defendants in-
George W. Bush appointee, di-
rected a clerk to file notices of
financial conflicts in 140 cases
after the Journal contacted
her. She didn’t respond to a
phone message.
dates are being asked whether
they support the plan. Mr.
Scott is the head of the Na-
tional Republican Senatorial
Committee but said he re-
leased the agenda on his own.
Mr. McConnell said Tuesday
that a GOP agenda would fo-
cus “on what the American
people are concerned about:
inflation, energy, defense, the
border and crime.”
Mr. Scott’s proposal was
reminiscent of comments by
2012 GOP presidential nomi-
nee Mitt Romney, who said
that 47% of Americans would
vote to re-elect President Ba-
rack Obama because they are
dependent on the government
and pay no income tax. Mr.
Scott has denied he would
raise taxes and his plan
doesn’t provide details, but
Mr. McConnell and outside an-
alysts say it could raise taxes.
Mr. Scott reiterated in a
statement Tuesday that he
didn’t want to raise taxes. “I do,
however, want to have a con-
versation about able-bodied
Americans who are living off of
government programs instead
of working, a reality caused by
Democrat policies,” he said.
Roughly half of U.S. house-
holds that pay no federal in-
come tax are exempted be-
criticized Mr. Biden and Demo-
crats over inflation and called
on the president to lay out a
plan to bring down prices.
Delivering the Republican
response to Mr. Biden’s
speech, Iowa Gov. Kim Reyn-
olds said the president’s plans
were “too little too late.”
“We are now one year into
his presidency and instead of
moving America forward, it
feels like President Biden and
his party have sent us back in
time, to the late ’70s and
early ’80s, when runaway in-
flation was hammering fami-
lies, a violent crime wave was
crashing our cities and the
Soviet Army was trying to re-
draw the world map,” Ms.
Reynolds said.
While foreign policy and in-
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
In an appeal in New York,
the Journal identified a finan-
cial conflict involving federal
Judge Lewis Liman, a Donald
Trump appointee, in a large
antitrust class action.
The 2020 suit against 10
banks seeks to recover dam-
ages that plaintiffs say exceed
$10 billion for overcharging
Courts must decide
whether the financial
conflicts are enough
to wipe out rulings.
them on bond purchases.
Judge Liman didn’t disclose
that a family member owned
as much as $15,000 in Bank of
America Corp., a defendant.
Last year, Judge Liman granted
cluding Bank of America to dis-
miss in the case with prejudice.
In a court notice filed Fri-
day, the court clerk wrote of
Judge Liman that his wife’s
“ownership of stock neither
Sen. Rick Scott, left, and Minority Leader Mitch McConnell in Washington on Tuesday. Mr.
McConnell said Mr. Scott’s policy agenda would raise taxes on lower-income Americans.
cause of basic provisions such
as limitations on tax for low-
income earners. Both parties
have also supported breaks for
older Americans.
Democrats and the Biden
administration blasted the
proposal and have sought to
pressure Republican candi-
dates to take a position. “This
is the Republican Party’s offi-
cial platform, and the DNC will
flation took prominent roles in
Mr. Biden’s address, the presi-
dent also aimed to reframe his
stalled legislative agenda
while reminding people of
what he sees as key accom-
plishments—such as the pas-
sage of his Covid-19 relief bill
and bipartisan infrastructure
legislation last year.
Mr. Biden said the country
was entering “an infrastruc-
ture decade” and said the new
law would kick off by starting
to fix this year more than
65,000 miles of highway and
1,500 bridges in disrepair.
He tied the infrastructure
spending to the need to better
compete with China. He also
pitched a China-focused bill
that hasn’t passed Congress
that would include tens of bil-
.
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
affected nor impacted his deci- would rule in the case, Judge
sions in this case. However, Morgan had asked the parties
that stock ownership would for information about dam-
have required recusal.” ages, a good omen for Cen-
A lawyer for the plaintiffs tripetal.
said they would consider At a hearing, the judge said
whether to seek relief. he would direct his lawyer to
Judge Liman didn’t respond place the shares in blind trust.
to a request to comment. The He denied Cisco’s recusal
bank case is one of 13 lawsuits motion in October 2020 and
in which the judge, after an in- soon found that the company
quiry last month from the infringed Centripetal’s patents,
Journal, asked a clerk to file awarding $1.9 billion in dam-
notices to parties in those ages.
cases saying he should have Cisco appealed to the U.S.
disqualified himself. Court of Appeals for the Fed-
Judge Henry Morgan in Nor- eral Circuit in Washington,
folk, Va., discovered his own fi- D.C. The company has argued
nancial conflict in a patent-in- that federal law required
fringement case that Judge Morgan to recuse or his
Centripetal Networks Inc., a wife to sell her Cisco shares
Virginia company, filed against for him to continue to hear
Cisco Systems. the case. Lawyers for Centrip-
After a bench trial but be- etal said Judge Morgan made
fore issuing an opinion, Judge an ethical decision in moving
Morgan disclosed that he had the Cisco shares to a blind
learned that his wife held trust. The appellate court has
$4,700 of Cisco stock during yet to issue a decision.
the trial. Lawyers for Centripetal and
Centripetal raised no objec- Cisco declined to comment.
tion to his remaining on the Judge Morgan, a George H.W.
case, but Cisco requested that Bush appointee, didn’t respond
Judge Morgan step aside. to a request for comment sent
Though he hadn’t said how he to his chambers.
GRAEME SLOAN/EPA/SHUTTERSTOCK
use every resource at our dis- ference Tuesday, Mr. McConnell
posal to make sure voters said that Mr. Scott was behind
know exactly what Republi- him and could answer to that.
cans stand for,” the Demo- But Mr. Scott had left the gag-
cratic National Committee said gle moments before, leaving
in launching digital ads. fellow Republican leaders to
Mr. McConnell’s statement smirk at the awkwardness.
Tuesday was an attempt to Republican Gov. Ron DeSan-
stop that message from taking tis of Florida, another possible
hold. 2024 candidate, has also criti-
After being asked about the cized the idea, though without
plan during a routine news con- invoking Mr. Scott’s name.
Mr. Biden touted his admin-
istration’s progress in combat-
ing Covid-19, primarily
through increasing vaccina-
tions, and said the nation had
reached a point where the
pandemic “need no longer
control our lives.”
Mr. Biden said his adminis-
tration was prepared to deploy
new vaccines if necessary and
called on Congress to provide
funding to ensure tests, masks
and treatments remain readily
available. He also announced a
new “test-to-treat” program
under which individuals who
test positive at a pharmacy
could immediately receive an-
tiviral pills free of cost.
Mr. Biden paid tribute to
retiring Supreme Court Justice
Stephen Breyer and high-
lighted his choice of Judge
JIM LO SCALZO/PRESS POOL
Ketanji Brown Jackson to
serve on the court as her con-
firmation process kicks off.
Judge Jackson would be the
first Black woman to serve on
the nation’s high court if she
is confirmed. “One of our na-
tion’s top legal minds,” Mr. Bi-
den said of Judge Jackson,
lions of dollars for domestic “who will continue Justice
semiconductor production. Breyer’s legacy of excellence.”
Mr. Biden used the remarks While Republicans ap-
to reframe parts of his pro- plauded some of Mr. Biden’s
posed $2 trillion Build Back comments, Rep. Lauren Boe-
Better agenda. That package bert (R., Colo.) interrupted
has stalled in part due to con- him as he discussed troops ex-
cerns from Sen. Joe Manchin posed to toxic burn pits who
(D., W.Va.) about passing a ended up in coffins. “You put
major spending bill amid de- them in. Thirteen of them,”
cades-high inflation. she said, in an apparent refer-
The president urged Con- ence to the Kabul airport at-
gress to support capping the tack last August.
cost of insulin at $35 a month. The president ended the
To make energy costs more af- night with calls for lawmakers
fordable, he called for invest- of both parties to work on a
ments and tax credits to allow “unity agenda” for the country,
homeowners to weatherize focused on beating the opioid
and to lower the price of elec- epidemic, addressing mental
tric vehicles. He also urged health and ending cancer.
lawmakers to take up a pro- —John McKinnon, Eliza
posal to cut child-care costs Collins and Natalie Andrews
for families. contributed to this article.
 .

THE WALL STREET JOURNAL. Wednesday, March 2, 2022 | A5


A6 | Wednesday, March 2, 2022
U.S. Faces Hurdles as It Rushes In Arms
A tight time frame,
limited supply routes
and compatibility
issues pose challenges
BY NANCY A. YOUSSEF
AND COURTNEY MCBRIDE
U.S. efforts to provide
Ukraine weapons to battle the
Russian invasion are compli-
cated by limited supply lines, a
potentially small window to
save Kyiv from collapse and a
Cold War legacy that made
Western small arms ammuni-
tion incompatible with those
produced in the Eastern Bloc.
While acknowledging the
challenges moving weapons
into Ukraine amid escalating
Russian attacks, the Pentagon
believes U.S. and Western assis-
tance is proving effective. “We
believe it is getting into the
right hands, that they are ac-
tively using these systems,” a
senior defense official said
Tuesday.
On Saturday, the Biden ad-
ministration said that Washing-
ton would provide up to an ad-
ditional $350 million in
additional military aid to
Ukraine, including lethal defen-
sive assistance to Kyiv.
The weapons Washington in-
tends to provide to Ukraine in-
clude U.S.-made Javelin anti-
tank weapons, Stinger
antiaircraft missiles as well as
small arms and ammunition,
U.S. officials said.
The U.S. has previously sent
Javelins among other battle-
field systems, and in January
gave approval for Latvia and
U.S. Set
To Close
Airspace
To Russia
BY ALISON SIDER
AND ANDREW TANGEL
The U.S. government will
ban Russian aircraft from
American airspace, broadening
aviation restrictions as the
West expands sanctions over
the war in Ukraine, President
Biden said Tuesday during his
State of the Union address.
“Tonight I am announcing
that we will join our allies in
closing off American air space
to all Russian flights—further
isolating Russia—and adding
an additional squeeze on their
economy,” Mr. Biden said.
Orders blocking Russian air-
craft and airlines from entering
U.S. airspace will be effective
by the end of Wednesday, the
Transportation Department
and Federal Aviation Adminis-
tration said Tuesday evening.
The sweeping orders will
mean any plane owned, certi-
fied, operated, registered, char-
tered, leased or controlled by,
for, or for the benefit of a per-
son who is a citizen of Russia
will be prohibited from flying
over the U.S., the agencies said.
The prohibition applies to
scheduled and charter passen-
ger and cargo flights.
The U.S. move follows ear-
lier prohibitions by European
and Canadian authorities. The
restrictions, which Russia has
retaliated against by issuing a
similar ban on European and
Canadian flights, have choked
off Russia’s access to large
swaths of the world as its inva-
sion of Ukraine escalates.
Reciprocal flight bans have
upended global aviation net-
works, forcing airlines to scrap
flights and take more circu-
itous routes.
After the European and Ca-
nadian restrictions, Aeroflot-
Russian Airlines PJSC, the
country’s national flag carrier,
said it had halted all its flights
to European destinations. Aer-
oflot said the closure of Can-
ada’s airspace meant it would
also cancel trans-Atlantic
routes, including flights to the
U.S., Mexico and Cuba, from
Feb. 28 through March 2. Aero-
flot said earlier Tuesday that it
plans to operate some flights
from Mexico and the Domini-
can Republic to help Russians
return home.
U.S. passenger carriers don’t
operate nonstop flights to Rus-
sia, but its airspace is part of a
corridor for many long-haul
flights to Asia, including air-
cargo services.
—Doug Cameron
contributed to this article.
THE UKRAINE CRISIS
Lithuania to deliver American-
made Stinger antiaircraft mis-
siles to Kyiv.
Several other countries are
working to coordinate and de-
liver contributions of defensive
weapons to Ukraine, a Euro-
pean diplomat said Monday,
and U.S. European Command is
involved in this effort.
“The bigger challenge now is
not necessarily getting the of-
fers or the equipment, it’s get-
ting the equipment into
Ukraine and into the hands of
the people who need it,” the
diplomat said. “With a particu-
lar priority for antitank and an-
tiair capabilities, but also cer-
tain types of ammunition.”
Efforts are under way to
move equipment into Ukraine
via the “limited ingress points”
available, the diplomat said.
Alongside the U.S. Army’s 18th
Airborne Corps, European gov-
ernments are working to estab-
lish a sort of “international do-
nor coordination center” that
would establish lines of contact
for countries seeking to provide
materiel to Ukraine, while re-
ducing the strain on local
forces.
The Pentagon has said it has
had no U.S. aircraft flying in
Ukrainian airspace since the
Feb. 24 invasion. Instead, some
of the more than 5,500 U.S.
troops currently stationed in
Poland are at the Polish-Ukrai-
nian border where some of the
shipments are traveling from.
In Poland, for days, convoys
of military transport trucks, es-
corted by police vehicles, have
been headed over land to the
Polish border with Ukraine,
passing young Ukrainian men
Zelensky Urges EU to Prove ‘You Are With Us’
BY DANIEL MICHAELS
AND JOANNA SUGDEN
BRUSSELS—Amid intensify-
ing Russian attacks on
Ukraine, the country’s presi-
dent delivered an emotional
video address to the European
Parliament, telling European
Union leaders that his compa-
triots are dying to achieve
freedom and equality.
“We are giving our lives for
the right to be equal,” Ukrai-
nian President Volod-
ymyr Zelensky told the special
session of the EU’s legislature.
“Prove that you are with us
and will not let us go.”
Unshaven and clad in a
green army T-shirt, seated in
front of a blank wall next to a
Ukrainian flag, Mr. Zelensky
spoke extemporaneously for
more than seven minutes and
made a point that he wasn’t
delivering prepared remarks.
“I don’t read off the sheet
YVES HERMAN/REUTERS
because the paper phase in the
life of my country has ended,”
he said, waving a sheet of pa-
per. “We’re dealing with killed
people, with real life, you
know?”
Mr. Zelensky reiterated a
recent call for the EU to grant
Ukraine membership. In com-
ments following Mr. Zelensky’s
address, European Council
President Charles Michel—
who represents the leaders of
the 27 EU countries—said the
Ukrainian request to be a can-
didate for EU member-
ship should be given serious
consideration. Officials from
the bloc’s member states,
Apple, Ford, Boeing Join Companies Bailing Out
BY WILLIAM BOSTON
AND ALISTAIR MACDONALD
Apple Inc., Ford Motor Co.,
Boeing Co. and Dell Technolo-
gies Inc. joined the roster of
companies retreating from Rus-
sia, while other global busi-
nesses, including Volkswagen
AG, warned of further supply
disruptions following the coun-
try’s invasion of Ukraine.
The moves were wide rang-
ing and reflected several dy-
namics that have played out
since Russian President Vladi-
mir Putin invaded Ukraine last
week. Some companies have
signaled they wanted to take a
stand against Russia. At the
same time, key parts and com-
modities that typically flow out
of Ukraine, a major agricultural
exporter and an auto-parts sup-
plier, have been bottled up in-
side the country.
Sanctions against Russia,
prohibiting a wide range of fi-
nancial transactions and ex-
ports, have businesses halting
sales and other operations
Javelin antitank missiles, delivered to Ukraine last month as part of a U.S. military support package.
hitchhiking to join the
fight. These shipments haven't
been hidden; rather, the Polish
government has openly boasted
of sending lethal aid to Ukraine.
More arms and ammunition
are expected to flow through
Poland’s overland routes, or
those of neighboring countries,
as Western governments shell
out hundreds of millions of dol-
lars to send Ukraine’s army
fresh equipment.
Despite the influx from Eu-
rope during the past six days,
Ukrainian officials have repeat-
edly said they are short on am-
munition and other small arms.
Several Ukrainian weapons
depots were destroyed after
2014 in accidents Kyiv blamed
on Russian sabotage. Russia
European Commission President Ursula von der Leyen, right, applauds Ukrainian President Volodymyr Zelensky’s speech Tuesday.
which would need to approve
the candidacy, discussed
Ukraine’s EU bid on Monday.
Mr. Zelensky said two
cruise missiles had hit
Kharkiv, Ukraine’s second-larg-
est city, on Tuesday morning,
killing dozens of people. He
explained that the city, near
Russia, has long been a point
of friendly exchange between
there. All that has some compa-
nies with deep Russian roots
reviewing their interests in the
country.
Apple said Tuesday it
stopped selling iPhones and
other products in Russia, say-
ing it was “deeply concerned
about the Russian invasion of
Ukraine.”
Silicon Valley’s tech giants
have been facing particular
pressure to cut off services
and content to Russia. On Fri-
day, Ukraine’s vice prime min-
ister, Mykhailo Fedorov, asked
Apple Chief Executive Tim
Cook to stop supplying Apple
products and services to Rus-
sia, including halting access to
the App Store.
Boeing said Tuesday that it
has suspended parts and main-
tenance support for Russian
airlines and suspended its oper-
ations in Moscow, further re-
stricting its ties and adding
more barriers to the country’s
carriers’ ability to fly.
European Union sanctions
last week barred parts for Air-
was also implicated in an at-
tack on Czech weapons depots
that supplied Ukraine.
Ukraine’s only ammunition
plant is located in an area that
has been under Russian con-
trol since 2014.
Oleksandra Ustinova, a
member of the Ukrainian Par-
liament, said Tuesday on
MSNBC that the government
had to turn away volunteer
soldiers because “we ran out
of guns. We literally don’t
have helmets, bulletproof
vests. We don’t have basic
guns to fight with.”
In a Feb. 28 letter reviewed
by The Wall Street Journal,
Ukrspecexport, a state-owned
arms trading company, re-
quested urgent supply of night-
the two countries and has
more than 20 universities. In
its center is Freedom Square,
the largest square in Ukraine
and, Mr. Zelensky said, the
largest in Europe.
“Can you imagine, this
morning two cruise missiles
hit this Freedom Square, with
dozens killed at once,” Mr. Zel-
ensky said, visibly angry. “This
bus SE and other aircraft being
exported to Russia, alongside a
ban of Russian carriers from EU
airspace. Boeing’s move adds to
the challenges for Russian air-
lines to continue operating a
fleet of more than 700 West-
ern-built aircraft.
Ford on Tuesday said it was
Apple said it has
stopped selling
iPhones and other
products in Russia.
suspending its joint-venture
operations in Russia, citing
concern over the invasion of
Ukraine.
Volkswagen, meanwhile,
said it may shutter its flagship
German plant later this month
because it can’t get parts from
suppliers in war-torn Ukraine.
Volkswagen had previously
idled production at its plant in
.
* *** THE WALL STREET JOURNAL.
to-government transfer, ap-
pears to be the primary mecha-
nism for the U.S. to get
weapons into Ukraine. U.S. offi-
cials have declined to say what
has been sent since Russia in-
vaded Ukraine or how often its
shipments are traveling to
Ukraine out of fear Russia
could attempt to stop them.
One challenge, however, is
providing equipment that
Ukrainians can use. The Ukrai-
nian military is largely armed
with Soviet-era guns that use
different caliber and shaped
ammunition from similar U.S.
VALENTYN OGIRENKO/REUTERS
weapons. Ukrainian citizens
this week have been photo-
graphed carrying an AK-74, an
updated Russian version of
the assault rifle, which uses a
different size caliber than
standard-issue U.S. military
weapons.
“Small differences can make
the weapon inoperable,” said
vision gear, armored vests and Peter A. Wilson, adjunct senior
helmets and antitank missile national security analyst at the
systems. RAND Corporation.
A State Department spokes- While the U.S. has sent sev-
man said the U.S. and its allies eral shipments of weapons and
and partners “are utilizing all ammunition toward Ukraine
available security cooperation since the invasion began, small
tools to expedite security assis- arms going to Ukraine are likely
tance to Ukraine,” adding that not U.S.-made but rather ob-
the U.S. welcomes other na- tained from other U.S.-allied
tions’ contributions to and former Soviet states like
Ukraine’s self-defense. Romania, Poland and Bulgaria
While citing prohibitions that had excess amounts in
against confirming or com- storage, Mr. Wilson said.
menting on specific cases, the After the Cold War, “there
spokesman said the U.S. efforts was a downsizing and modern-
include direct commercial sales ization of these armies which
of defense articles to Ukraine. led to a lot of this ammunition
The drawdown on military and weapons to remain in stor-
assistance the administration age,” Mr. Wilson said.
announced over the weekend, —Drew Hinshaw
which allows for government- contributed to this article.
is the price of freedom.” ensky said. “He killed 16 peo-
Mr. Zelensky also said Rus- ple just yesterday,” he said of
sian forces killed 16 children Mr. Putin.
on Monday, even though Rus- “We are fighting for our
sian President Vladimir Putin rights. For our freedom. For
has said his forces are target- our lives,” Mr. Zelensky said.
ing military installations and “And now we are fighting for
infrastructure. our survival.”
“Where are our children? The address received a
What kind of military factories standing ovation that lasted
do they work at?” Mr. Zel- for more than a minute.
Zwickau, Germany, its most im- the Russian market until further
portant factory for producing notice,” a spokesman said. BMW
electric cars, including the ID.4 also said that supply-chain dis-
that is exported to the U.S. ruptions, such as the closure of
Supplies of wiring harnesses— some supplier plants in Ukraine,
a kit containing wires, connec- would hit production at some
tors and terminals to connect a factories.
car’s components—have been Dell said it suspended prod-
interrupted. uct sales in Russia. Ericsson
Although production at Volks- AB, the Swedish telecom-equip-
wagen’s Wolfsburg plant is run- ment maker, said it, too, was
ning normally, the auto maker suspending shipments there.
said it expects more restrictive The world’s biggest container
production next week and that it ship operators—A.P. Moller-
would be “unable to manufacture Maersk AS and Mediterranean
in Wolfsburg” the week after. Shipping Co.—said they would
Production at its commercial ve- temporarily suspend services to
hicles plant in Hannover would Russian ports, even those far
also be impacted, as well as its from the conflict in Ukraine.
component factories, the com- Maersk said Tuesday it was
pany said. halting bookings in light of the
Bayerische Motoren Werke sanctions imposed on Russia.
AG, the German luxury-car Both operators said they would
maker, said it had stopped ex- continue to move foodstuffs to
ports of vehicles to Russia and and from Russia.
would cease assembly of vehi- —Tim Higgins, Costas Paris
cles with a partner in Kalinin- and Nora Eckert
grad. contributed to this article.
“Due to the current geopoliti-
cal situation we will stop our lo-  Exxon will halt investments
cal production and export for in Russia.................................... A10

THE WALL STREET JOURNAL.
A Ukrainian woman sat with her sick daughter on Monday within a temporary shelter made in the basement of the Okhmatdyt pediatric hospital in Kyiv. Bullets have hit the hospital’s windows.
In a Kyiv Hospital, Children Suffer Doubly
BY YAROSLAV TROFIMOV
KYIV, Ukraine—Krystyna
Krayevska came to Kyiv from
Poland, where she normally
lives and works, for her niece
Darynka’s sixth birthday in
January. A few days later,
Darynka was diagnosed with a
brain tumor and, after compli-
cations following surgery, now
lies on life support in
Ukraine’s largest children’s
hospital, Okhmatdyt.
A clash just outside the
medical facility between ad-
vancing Russian units and
Ukrainian forces over the
weekend left bullet holes in
some of the hospital’s win-
dows. Darynka, unable to
breathe on her own, remains
in the pediatric intensive-care
unit upstairs. Ms. Krayevska
spends her days on a cot in a
basement that has been con-
verted into a bomb shelter,
next to other parents and chil-
dren who could be moved to
its relative safety.
“I live in fear, but not for
myself. Every morning I wake
up, cross myself and pray that
nothing hits the ICU room,”
she said as yet another air-
raid siren rang out, warning of
an incoming Russian airstrike
on this ancient city. “She is
fighting for her life, up there,
and we down here are fighting
for our own lives, thanks to
the Russian soldiers.”
Kyiv hasn’t experienced the
kind of indiscriminate shelling
of civilian neighborhoods that
devastated the country’s sec-
ond-largest city, Kharkiv, on
Monday and Tuesday. But as
Russia pours new forces into
Locals Use Images of Dead Russians as a War Tactic
BY JAMES MARSON
AND MATTHEW LUXMOORE
Images that the Kremlin
doesn’t want Russians to see
flash up every few minutes on
a Ukrainian channel on the
Telegram messaging app
called Look for Yours.
In one, the body of a man in
camouflage uniform lies rigid
in a snowy field, with mangled
flesh and blood where his face
used to be. “Unidentified,”
reads the caption.
The channel and a website,
run by officials from Ukraine’s
interior ministry, focus on what
Kyiv sees as a Russian vulnera-
bility: morale on the home
front and in the ranks of the
military. For days at the start of
Moscow’s invasion of Ukraine,
Russian officials denied they
were facing significant popular
resistance and said no Russians
had been killed.
Some pictures and videos
on Look for Yours depict grue-
some scenes of charred
corpses and twisted bodies
amid wrecked vehicles. They
also show videos of prisoners
and identification documents
of the captured and dead.
“Unfortunately, it’s not pos-
sible to recognize the person
in every photograph,” says
Viktor Andrusiv, a Ukrainian
interior ministry official,
* * * *
Ukraine in its attempt to cap-
ture the capital and decapitate
its democratically elected gov-
ernment, doctors here are
bracing for an influx of casual-
ties, children and adults alike.
An entire area of the hospital
complex, which usually caters
to 20,000 children a year, has
already been converted into an
emergency trauma ward.
“We hope it won’t happen,
but we are getting ready for
the mass bombing of civilians
here, too,’ said Okhmatdyt sur-
geon Volodymyr Vovkun. “We
are watching the news and
know that the situation is get-
ting worse.”
Disruptions caused by the
speaking in Russian in a video
on Look for Yours. “Those are
the horrors of war launched
by your president.”
The Ukrainian channel
shows videos of Russian pris-
oners, including several saying
that their commanders aban-
doned them and that they had
been sent to Belarus for mili-
tary exercises last month not
knowing that they would be
invading Ukraine.
Russia has long paraded
Ukrainian prisoners on state
television. On Sunday, it
showed what it described as
the interrogation of a Ukrai-
nian soldier taken prisoner.
The International Commit-
tee of the Red Cross says that
under international law, com-
batants must treat captured or
killed soldiers humanely.
“They must be protected,
particularly against acts of vi-
olence or intimidation and
against insults and public curi-
osity,” said an ICRC spokes-
woman. “We call on all sides
to handle the dead with re-
spect and refrain from display-
ing dead bodies on open
sources as it causes additional
pain to their families.”
Vadym Denysenko, a try didn’t respond to a request
spokesman for the Ukrainian
interior ministry, said Ukraine
wasn’t violating the rights of
the dead or prisoners, whom
THE UKRAINE CRISIS
war are already exacting a
heavy toll, said the hospital’s
director, Volodymyr Zhovnyakh.
Diabetic children usually served
by the hospital can no longer
get insulin, and others have no
access to baby formula. Some
10 children used to be operated
on in Okhmatdyt for appendici-
tis every day, compared with
one a day now, he added.
“These children are still
here, but they cannot get help
because they cannot reach the
hospital, and they are just dy-
ing at home,” Mr. Zhovnyakh
said. “What is happening now
in Ukraine is a humanitarian
catastrophe caused by the war.
The world is watching us,
A Russian tank, destroyed by Ukrainian forces, in Lugansk region.
he said were being treated
well and receiving medical
care if needed.
He said the government ini-
tiative was aimed at helping
Russians find and get in touch
with relatives in the military
who had been sent into
Ukraine. Ukraine’s Defense
Ministry has opened a hotline,
called “Return Alive from
Ukraine” for Russians looking
for relatives.
The Russian Defense Minis-
to comment.
Russian President Vladimir
Putin has told Russians that
they are liberating their neigh-
Wednesday, March 2, 2022 | A7
Disruptions caused by the war are already exacting a heavy toll
on pediatric patients at the hospital. Left: A woman holds her
child in the hospital’s basement shelter Monday. Above: A nurse
and a mother taking care of sick children in the facility.
praying for us, and not doing greeting of Spanish antifascists
much else. Ukraine, unfortu- during the siege of Madrid in
nately, is on its own.” 1936 and said, “No Pasaran!” or
The breakdown in Kyiv’s “They shall not pass!” Madrid
public-transport system—the eventually fell in 1939.
metro is now used as a bomb In the basement shelter of
shelter—means doctors and the Okhmatdyt hospital, Va-
other staff have a hard time lentyn Vetrov has been staying
getting to work. They are now since Thursday with his 1-
arranging to travel together in year-old son, Ilya, who has had
shared cars, and often sleep in more than 20 surgeries to fix
the hospital’s basement. Vol- birth defects. His eldest son is
unteers bring in water and fighting in the Ukrainian army,
food. On Tuesday morning, a he said. His wife and five
local franchise of Domino’s de- other children have remained
livered a van full of pizzas for behind in the Azov Sea town
patients and staff. of Berdyansk, which is now oc-
Asked by a surgeon about cupied by Russian troops.
her mood on Tuesday, one of “If not for the baby, I would
the nurses raised her fist in a be on the front lines too,
nashenkov. He said Russian
losses were significantly lower
than those on the Ukrainian
ANATOLII STEPANOV/AGENCE FRANCE-PRESSE/GETTY IMAGES
side.
Ukraine estimates that
more than 5,000 Russian sol-
diers have died in combat and
more than 200 have been
taken prisoner. Those figures
couldn’t be independently ver-
ified.
Since the beginning of the
new, full-scale invasion last
week, senior Ukrainian offi-
cials including President Vo-
lodymyr Zelensky, have re-
peatedly appealed to Russians
to protest against the war.
The online efforts take a
more pugnacious tone.
On the Look for Yours web-
bor from a hostile Western- site, Mr. Andrusiv, the interior
backed government that is ministry official, appealed to
holding ordinary Ukrainians relatives of Russian soldiers.
hostage. “Do everything you can to end
That stance has become this war, and so that your chil-
harder to maintain as dren, husbands and sons don’t
Ukraine’s military has battled die in our country,” he said.
tenaciously and ordinary citi- In one video, a blindfolded
zens have joined the fight, man speaks on a cellphone
causing the Russian offensive proffered by his captors.
to stall and casualties to “Mum, I’m a prisoner in
mount. On Sunday, the Russian Ukraine,” he says.
Defense Ministry said for the “How can it be?” a female
first time that service mem- voice responds.
bers had been killed. Russia has long tried to ob-
“Unfortunately there are scure the extent of its military
dead and wounded among our operations in Ukraine, which
comrades,” said the ministry’s included its seizing of Crimea
spokesman, Maj. Gen. Igor Ko- and direct military interven-
.
MANU BRABO FOR THE WALL STREET JOURNAL (3)
fighting until my last breath,”
he said. “But for now my duty
is here.”
Sharing the basement with
him was Ludmyla Kmetyuk, an
entrepreneur from the western
Ukrainian town of Khmelny-
tsky. Her 8-year-old son, Yaro-
slav, just had surgery for a
brain tumor and needs physi-
cal therapy and other special-
ized care to be able to move
on his own. That is impossible
now, and Yaroslav lays listless
on a blanket in the basement.
“What a shock. I never
imagined that they would do
this to us,” Ms. Kmetyuk said.
“Why? What have we done to
them?”
tions in eastern Ukraine with
unmarked troops in 2014 and
2015.
Authorities at first denied
any involvement, then sug-
gested any Russian soldiers
there were on vacation. When
Ukraine captured a unit of
paratroopers, Russian officials
said they had got lost and
strayed over the border.
This time, Russian media
has played down the invasion
and fighting, using Mr. Putin’s
euphemism of a “special mili-
tary operation” aimed at halt-
ing what they falsely portray
as a Ukrainian assault.
Some parents of Russian
conscripts and professional
soldiers sent into Ukraine have
started a campaign to locate
their sons.
The Soldiers’ Mothers’
Committee, a Russian nongov-
ernmental organization, has
been fielding calls at its
branches across the country
from relatives seeking infor-
mation about their loved ones.
“I’ve lost count of how
many people have called,” said
Svetlana Golub, the organiza-
tion’s head. “A mother might
call, then a grandmother, then
a father, then the nephew,
friends and everyone else. Our
hotline is inundated, and we
try to speak with everyone
and listen.”
 .

A8 | Wednesday, March 2, 2022 * * THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

ICC Opens Probe Into Possible War Crimes

BY JESS BRAVIN
The International Criminal
Court opened an investigation
into possible war crimes in
Ukraine, an early step in a
process that potentially could
lead to Russian President
Vladimir Putin and other
Kremlin leaders being charged
at The Hague.
ICC Prosecutor Karim Khan
said this week he would start
an investigation “as rapidly as
possible,” encompassing viola-
tions already compiled as well
as “any new alleged crimes
falling within the jurisdiction
of my Office that are commit-
ted by any party to the con-
flict on any part of the terri-
tory of Ukraine.”
Kremlin spokesman Dmitry
Peskov said Russia “categori-
cally rejects” the investigation,
noting that Russia isn’t part of
the ICC, the Tass news service
reported.
Ukraine has been seeking
an ICC investigation since
2014, after Russia annexed
Crimea. In 2019 the court
prosecutor’s office found rea-
sonable basis to believe that
war crimes—including inten-
tional targeting of civilians
and sexual violence—had been
committed in eastern regions
where Russian-backed separat-
ists were fighting the central
government. But the prosecu-
tor’s office, strapped by other
cases and facing obstacles in-
cluding the Covid-19 pandemic
in pursuing the investigation,
put Ukraine’s request on hold.
Russia’s February invasion
changed that calculus. Mr.
Khan, a British lawyer who in
June began a nine-year term as
the ICC’s third prosecutor, said
the effort would require sup-
port from world governments.
“I will continue to closely
follow developments on the
ground in Ukraine, and again
call for restraint and strict ad-
herence to the applicable rules
of international humanitarian
law,” he said.
Both the U.S. and Russia
have had erratic relationships
with the ICC. Washington
helped lead negotiations to
create a permanent interna-
tional war-crimes court in the
1990s, to replace ad hoc tribu-
nals the United Nations estab-
lished to prosecute humanitar-
ian offenses in the Yugoslavia
and Rwanda conflicts. Presi-
dent Bill Clinton signed the
The U.S. and Russia
have had erratic
relationships with the
international court.
Rome Statute of the ICC with
reservations because the
treaty didn’t give the U.S.
power to block investigations
of its personnel. President
George W. Bush withdrew en-
tirely over similar concerns.
Russia likewise signed but
didn’t ratify the Rome Statute,
and in 2016 withdrew alto-
gether after the ICC classified
Moscow’s annexation of Cri-
mea as an occupation.
The U.S. and Russia did
support U.N. Security Council
referrals of two cases to the
ICC, those involving Sudan’s
Darfur region, in 2005, and
Libya in 2011. The ICC holds
jurisdiction in states that
have ratified the Rome Stat-
ute or accepted the court’s
authority for more limited
purposes—as has Ukraine—or
when the Security Council re-
fers a case to it.
In September 2020, the
Trump administration, fear-
ing a possible investigation
into allegations of American
war crimes in Afghanistan,
banned the ICC’s then-prose-
cutor and a senior aide from
the U.S. and imposed other
sanctions. Then-U.S. Secre-
tary of State Mike Pompeo
called the court “a thoroughly
broken and corrupted institu-
tion” and said the U.S. “will
not tolerate its illegitimate
attempts to subject Ameri-
cans to its jurisdiction.”
No Americans have been
charged in any ICC proceed-
ing, and the Biden administra-
tion canceled the sanctions
last year.
—William Mauldin
contributed to this article.

Residents
Hit Hard
By Shelling
Continued from Page One
dents to leave some areas of
the capital ahead of bombing.
A video of the aftermath of a
shelling, shared by a resident of
a residential district in the
northeast of Kherson, showed a
crater, blood and body parts.
The man who shot the video
noted a body had been torn in
half.
“Can you tell me what hap-
pened here?” asked another
stunned man in the video. “My
relative lives here.”
Shocked residents sheltered
in basements amid explosions
and gunfire as armored vehi-
cles rolled through the streets.
“The situation is awful,” Maria
Masonkova, a graduate student,
wrote in a text message. “We
are in a trap.”
She sheltered in her base-
ment in Kherson’s Severnyi dis-
JUSTYNA MIELNIKIEWICZ/MAPS FOR THE WALL STREET JOURNAL (3)

trict on Tuesday along with

family, friends and a dog. “In
some districts already there is
no light and water,” Ms. Ma-
sonkova wrote. “The city is
closed. We all stay at home,
with no ability to go out. Dan-
gerous.”
Doctors at Ukraine’s largest
children’s hospital, Okhmatdyt,
are bracing for an influx of ca-
sualties. An entire area of the
hospital complex, which usually
caters to 20,000 children a
year, has already been con-
verted into an emergency
trauma ward.
“It’s just so vile,” said
Okhmatdyt surgeon Volodymyr
Vovkun. “We hope it won’t hap-
pen, but we are getting ready
for the mass bombing of civil-
ians here, too. We are watching
the news and know that the sit-
uation is getting worse.”
The situation drew criticism
including from countries that
had supported Russia. Chinese
Foreign Minister Wang Yi,
speaking to his Ukrainian coun-
terpart, said China is “ex-
tremely concerned about harm
to civilians,” according to a
statement posted on the Chi-
nese Foreign Ministry’s website.
Abandoned cars littered the
median strip of the main roads
out of Kyiv. People were stand-
ing on the side of the road try-
ing to hitch a ride west, said
others who made the trip.
Amid the jam of vehicles
leaving the city center, traffic
moved at 5 to 10 miles an hour
for long parts of the day. Lines
at gas stations snaked hun-
dreds of yards along the road.
Top left, travelers in Lviv, in western Ukraine, near the Polish border. Top right, a line of cars wait to go through a police checkpoint. Above, people at the Lviv train
station. If the situation escalates, four million people could flee Ukraine, the U.N.'s refugee agency said.
Shops were closed, and people
rode bikes or walked on the
roads leading west.
Late last week, Ukrainian
soldiers blew up the bridge that
connects the town of Irpin with
Kyiv to prevent Russian troops
from entering the capital. That
has left the city cut off from
deliveries and running out of
food.
Felix Tahami, who worked
with a Ukrainian food distribu-
tor near Kyiv, said deliveries
are currently impossible in
many places. “Elsewhere entire
villages have been cut off.
There’s no chance for the fore-
seeable future,” he said. “It’ll
just get worse.” He said people
in towns like Irpin can hope
only for deliveries from volun-
teers.
Dmitry Sayuk, 34, said store
shelves are mostly empty. “Ev-
erything has been bought up,”
he said. “We’ve been cut off
from the outside world, so
we’re not counting on any food
any time soon.” He is trying to
limit his meals to small por-
tions of pasta. “I only have
three bags left. I hope it lasts
me for a while.”
Fozzy Group, the country’s
largest supermarket chain, has
plenty of food, including fresh
produce including cucumbers
and tomatoes, sitting in ware-
houses, according to a spokes-
man. But a shortage of drivers
and loaders, active fighting on
roads, and a gasoline shortage
are making it impossible to get
goods to stores.
The ATB grocery store chain
is dealing with a labor short-
age, in part because so many of
its workers are volunteering for
armed forces to fight the Rus-
sian advance, said spokesman
Sergey Demchenko. Other em-
ployees are afraid to come out
of their shelters, he said.
In western Ukraine, which
has seen less violence, cities
sent food, medication and
clothes eastward. Volunteers in
the Bukovyna region loaded
vans with aid bound for the
southern city of Mykolayiv,
where Russian troops have ad-
vanced. They said they would
bring orphaned children back
from that region.
In other western cities, vol-
unteers made dried-fruit bars
and varenyky, a kind of filled
dumpling, to be sent eastward.
The United Nations’ refugee
agency said 660,000 refugees
had fled Ukraine as of early
Tuesday, 110,000 more than a
U.N. official estimated on Mon-
day night. If the situation esca-
lates, four million people could
flee Ukraine, the agency said.
The World Food Program, a
U.N. agency, is scaling up to be
able to feed 3.1 million people.
“I have worked in refugee
crises for almost 40 years and Number of Ukrainians crossing
I have rarely seen such an in- into neighboring countries
credibly fast-rising exodus of
people—the largest, surely, Poland
within Europe, since the Balkan 377,400
wars,” Filippo Grandi, the head
Hungary
of the U.N. High Commissioner
for Refugees, told the U.N. Se- 89,561
curity Council on Monday. Moldova
Olena Sturrock, who left
65,391
Kyiv for Cyprus before the vio-
lence began, said her mother, Slovakia
who is still in the city, has tired 54,304
of going up and down the stairs
to the bomb shelter in the Other European countries*
basement of her building. 51,797
She talks to her daily by
phone. But over the weekend Romania
her mother said a last goodbye, 38,461
just in case. “I love you very Belarus
much,” her mother said. Ms.
Sturrock told her she will be 329
fine and they will all be to- *Breakdown isn’t available for all countries
gether when it is over. Note: As of Tuesday; individual country data
—Liyan Qi, Yaroslav Trofimov does not include people passing through the
border to go to other countries.
and Alan Cullison contributed Source: UNHCR compilation of government
to this article. reports

THE WALL STREET JOURNAL.
Russia
Targets
Civilians
Continued from Page One
Ukraine’s second-largest city,
showed a missile landing just
outside the local government’s
headquarters at 8:01 a.m. local
time, with a fireball charring
nearby buildings and cars.
Ukraine’s national emergency
service said seven people were
killed and 24 injured in the
strike.
Later in the day, additional
Russian airstrikes hit
Kharkiv’s residential neighbor-
hoods, killing more than 10 ci-
vilians, local authorities said.
“A missile targeting the
central square of a city is
open, undisguised terrorism,”
said President Volodymyr Zel-
ensky of Ukraine, adding that
numerous children had died in
other attacks. “It’s terrorism
that aims to break us, to break
our resistance.”
The strike came amid signs
that Russia’s military forces
were pausing their advance on
Kyiv, having encountered a
range of obstacles since enter-
ing Ukraine. A senior U.S. de-
fense official said the Russian
advance has stalled amid food
and fuel shortages, Ukrainian
resistance and slower-than-ex-
pected troop movement to-
ward Kyiv.
The Russians “are regroup-
ing and trying to adjust to the
challenges they have had,” the
U.S. official said.
An airstrike on the capital’s
iconic television tower on
Tuesday afternoon killed five
people who were nearby and
injured another five, Ukraine’s
state emergency service said.
It also temporarily disabled
the broadcasting ability of
Ukraine’s central TV channels,
Ukraine’s communications au-
thority said. The authority
said it would switch on re-
serve broadcast facilities.
The TV tower, erected in
1973, stands in the Babyn Yar
area, where much of Kyiv’s
Jewish population was massa-
cred by the Nazis during
World War II.
President Vladimir Putin of
Russia has said his goal is to
“de-Nazify” Ukraine, falsely
claiming that Mr. Zelensky,
who is Jewish, is beholden to
U.S.-guided neo-Nazis.
“Putin seeking to distort
and manipulate the Holocaust
to justify an illegal invasion of
a sovereign democratic coun-
try is utterly abhorrent. It is
symbolic that he starts attack-
ing Kyiv by bombing the site
of the Babyn Yar, the biggest
of Nazi massacres,” said Na-
than Sharansky, the chairman
of the Babyn Yar Holocaust
Memorial Center and a former
Israeli deputy prime minister
who was born in Donetsk,
Ukraine.
In an emotional video ad-
dress to the European Parlia-
ment on Tuesday, Mr. Zelensky
said Ukrainians were dying in
a struggle for the country’s
survival. “We are giving our
lives for the right to be equal,”
he said, unshaven and wearing
a green army T-shirt. “Prove
that you are with us and will
not let us go.”
President Biden spoke with
Mr. Zelensky for more than 30
minutes on Tuesday, the White
House said. The two leaders
discussed U.S. and allied assis-
tance for Ukraine and Russia’s
escalation of attacks on sites
used by civilians, including the
strike near Babyn Yar, the
White House said.
Russia’s invasion of
Ukraine—launched on Thurs-
day by Mr. Putin with the aim
of overthrowing the country’s
elected government and end-
ing its alignment with the
West—has made slower prog-
ress than most military ana-
lysts had expected. Russian
forces are struggling with
fierce Ukrainian resistance and
logistical problems.
Russian troops appear to be
“risk averse,” the U.S. official
said, adding that there is evi-
dence that some Russian
forces have surrendered and
that troop morale is weak. The
U.S. official said no evidence
has emerged that Russia is
considering retreating from its
aim of capturing Kyiv.
Russia has gained a swath
of land in southern Ukraine,
including capturing Kherson
city, in addition to its push in
the northeast and northwest.
Mr. Putin, who claims Rus-
sians and Ukrainians are the
same people, initially ab-
stained from the kind of indis-
criminate shelling of civilian
areas that Russia used to sub-
* * * *
Russian missiles targeted the regional administration building, top, in Kharkiv, Ukraine’s second-largest city, on Tuesday. The national
emergency service said seven people were killed in the shelling, including one carried from the building, above, and 24 injured.
jugate its rebellious province
of Chechnya in 1999-2000. The
new barrages indicate that
this relative restraint is falling
away as Moscow seeks to
crush Ukrainian resistance.
Heavy fighting continued
throughout Ukraine on Tues-
day, with Russian forces ad-
vancing in the country’s south
and trying to push into Kyiv.
A large column of Russian
forces kept heading toward
Kyiv from the northwest, U.S.
officials said. Satellite imagery
from Maxar Technologies
showed a long convoy of vehi-
cles snaking toward Russia’s
forward positions. However,
the front line in the battle for
Kyiv remained stationary near
the town of Bucha on Tuesday.
A first round of cease-fire
talks between Russian and
Ukrainian delegations meeting
in Belarus on Monday pro-
duced no immediate results,
and the two sides initially
agreed to meet again in the
coming days on the Ukrainian-
Polish border.
Russia is facing growing in-
ternational isolation and its fi-
nancial system is reeling un-
der the impact of Western
sanctions imposed over the
weekend.
The ruble plunged and Rus-
sia’s central bank more than
doubled its key interest rate to
20% on Monday in an attempt
to prevent a run on Russian
banks as sanctions curb their
access to international mar-
kets.
The U.S. and the European
Union said over the weekend
they would hinder Russia’s
central bank from using its
foreign reserves and exclude a
number of Russian banks from
the international Swift pay-
ments network, among other
measures.
The EU also closed its air-
space to all Russian planes.
Kharkiv, whose population
is mostly Russian-speaking,
has put up stiff resistance to
Russian advances since Mr.
Putin began the invasion, cit-
ing alleged discrimination
against Ukraine’s Russian
speakers as one of his reasons.
Ukrainian forces repelled a
tank column heading to
THE UKRAINE CRISIS
Kharkiv last week and then
killed or captured a unit of
Russian troops that entered
the city over the weekend.
On Monday, Russian forces
unleashed a barrage of rocket
fire against residential neigh-
borhoods in Kharkiv, killing at
least 10 civilians, including
three children and their par-
ents who were incinerated in a
car struck by a Russian projec-
tile, and injuring at least 40,
Kharkiv officials said.
Some 87 Kharkiv apartment
buildings have been damaged,
and several parts of Kharkiv
no longer have water, electric-
ity or heating, Mayor Ihor Ter-
ekhov told Ukrainian TV chan-
nels.
Kharkiv, which served as
the capital of Ukraine in the
1920s and 1930s, is home to
some 1.4 million people.
“This is not a random mis-
taken salvo, but a conscious
extermination of people. The
Russians knew what they were
firing at,” Mr. Zelensky said
about Monday’s shelling.
Tuesday’s missile struck
Freedom Square near the spot
Russian missiles caused a fireball, charring nearby buildings and cars in central Kharkiv on Tuesday,
where Ukrainian volunteers in
2014 displayed the remains of
a Russian rocket that hit the
city of Kramatorsk in the east-
ern Donbas region, where
Ukrainian troops have been at
war with Russian-backed
forces for the past eight years.
“Is Kharkiv Next?” read a
banner that used to stand on
the spot before the Russian in-
The Kharkiv strike
came amid signs
Russia was pausing
the advance on Kyiv.
vasion began. The missile left
a large crater in the square on
Tuesday.
Buildings all around the
square were severely dam-
aged, with their windows
blown out and walls cracked
and pockmarked.
British defense intelligence
said early Tuesday that Russia
still hadn’t managed to gain
Wednesday, March 2, 2022 | A9
control of Ukraine’s airspace,
leading Russian forces to shift
to nighttime operations in an
attempt to reduce losses.
“The use of heavy artillery
in densely populated urban ar-
eas greatly increases the risk
of civilian casualties,” defense
intelligence said.
Air-raid sirens and the thud
of explosions sounded all
morning in Kyiv.
Video footage released by
Ukrainian news channels on
Tuesday showed about a
dozen smoldering Russian mil-
itary vehicles with “V” identi-
fying signs in the town of
Borodyanka, along the route of
the long convoy heading to-
ward Kyiv, the result of what
they said was a Ukrainian
strike.
“For the enemy, Kyiv is the
key aim. They want to destroy
our statehood, and that is why
the capital is under constant
threat,” Mr. Zelensky said.
Russia, he added, is trying to
blow up the city’s main power
station and leave the capital
without electricity.
On Tuesday, he put Kyiv un-
.
FROM TOP: SERGEY KOZLOV/EPA/SHUTTERSTOCK; SERGEY BOBOK/AGENCE FRANCE-PRESSE/GETTY IMAGES; VYACHESLAV MADIYEVSKYY/REUTERS
der temporary military admin-
istration, naming Gen. Mykola
Zhernov to oversee the city
alongside elected Mayor Vitali
Klitschko.
Russian forces overnight
encircled the southern city of
Kherson, establishing check-
points around it, local authori-
ties said.
Video footage showed Rus-
sian patrols detaining local
men.
Protests began to break out
in the few Ukrainian towns un-
der Russian occupation. In the
town of Kupyansk, east of
Kharkiv, several dozen un-
armed local residents took to
the streets with Ukrainian
flags, with some trying to stop
a Russian military vehicle.
Similar protests took place
on Monday in the newly Rus-
sian-occupied town of
Berdyansk.
In the eastern Sumy region,
regional governor Dmytro
Zhyvytski said a salvo from
Russian rocket launchers in
the town of Akhtyrka killed as
many as 70 Ukrainian soldiers.
In the large southern city of
Mariupol, which advancing
Russian forces have nearly en-
circled, most neighborhoods
were without power or heat-
ing Tuesday morning after
Russian shelling hit electricity
substations, local authorities
said.
“Enemy forces are coming
at Mariupol from all direc-
tions, destroying our infra-
structure, killing our women,
children and elderly, and call-
ing it a war to liberate us,”
Mariupol Mayor Vadym Boy-
chenko said in a video address
recorded Tuesday morning.
Later in the day, Russia
shelled several of the city’s
residential high-rises, he said.
In the western Ukrainian
city of Lviv, Dmytro Bugo-
slavskyi, director of retail for
the Ukrainian branch of U.S.-
based Winner Auto Group, has
been supplying cars to the
Ukrainian military since the
war began.
“Lviv is preparing,” he said.
“Everybody realizes the
threat. Nobody’s secure any-
where. If you see what’s going
on in Kharkiv, these guys can
do anything. So we’re prepar-
ing for the resistance.”
The Kremlin cited on Mon-
day Mr. Putin’s demands for
ending the conflict as Ukraine
recognizing the 2014 annexa-
tion by Russia of its Crimean
Peninsula by Russia, neutral-
ity, and “demilitarization and
de-Nazification” of the coun-
try.
President Emmanuel Ma-
cron of France, who spoke to
Mr. Putin on Monday, said that
the Russian leader agreed dur-
ing the call to his request not
to attack Ukraine’s civilian tar-
gets and infrastructure and
not to encircle Kyiv.
In previous conversations
this year, Mr. Putin promised
Mr. Macron he wouldn’t in-
vade Ukraine.
Mr. Zelensky asked EU lead-
ers on Monday to allow the
country to immediately join
the club, signing an applica-
tion letter, but membership is
a request the bloc is unlikely
to grant.
The EU membership pro-
cess can take years and in-
volves broad economic, legal
and political changes.
—Brett Forrest
and Nancy A. Youssef
contributed to this article.

A10 | Wednesday, March 2, 2022
Exxon Will Halt Investments in Russia
Energy giant to exit its
Sakhalin project in the
Far East after similar
moves by BP, Shell
BY CHRISTOPHER M. MATTHEWS
AND JENNY STRASBURG
Exxon Mobil Corp. said it is
halting operations at a multi-
billion-dollar oil and gas proj-
ect in Russia and will make no
further investments in the
country following its attack on
Ukraine.
The U.S. oil giant said Tues-
day that it is preparing to shut
down production from the
massive Sakhalin Island devel-
opment in Russia’s Far East.
Exxon owns a 30% stake in the
project, alongside Russian
state-controlled oil producer
Rosneft, Japan’s Sodeco and
India’s ONGC Videsh. The com-
pany said it is taking steps to
exit from the consortium.
Exxon is also developing
plans for expatriate staff in
Russia to leave the country, if
the employees wish to do so,
according to a person familiar
with the plans. The majority of
Exxon’s roughly 1,000-person
workforce in Russia is made
up of Russian citizens.
“Exxon Mobil supports the
people of Ukraine as they seek
to defend their freedom and
determine their own future as
a nation,” the company said.
“We deplore Russia’s military
action that violates the terri-
torial integrity of Ukraine and
endangers its people.”
The announcement follows
similar moves by European
peers BP PLC and Shell PLC,
which said in recent days that
they would exit investments in
Russia. Western companies
have moved swiftly to distance
themselves from Russia, vow-
ing to yield assets in support
of Ukraine and to buttress
broad punitive measures
Key Market
For Moscow
Dries Up
Continued from Page One
The self-imposed embargo
threatens to drive up energy
prices globally by removing a
gusher of oil from a market
that was tight even before
President Vladimir Putin of
Russia attacked Ukraine. Rus-
sia, waging war and in need of
revenue with its financial sys-
tem in turmoil, is taking ex-
treme steps to convince compa-
nies to buy its most precious
commodity.
Before refiners and banks
are certain they won’t fall
afoul of complex restrictions in
different jurisdictions, they
won’t do business with Rus-
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The massive Sakhalin project includes fossil fuels collected by the Berkut offshore platform, said to be the biggest in Russia.
against Russia by the U.S., U.K.
and European Union.
Pulling out of Sakhalin will
be difficult for Exxon. The
Texas company operates the
development, meaning it is re-
sponsible for keeping produc-
tion flowing and other essen-
tial functions. It may have to
leave critical staff in place to
ensure the project is safely
shut down. Selling its stake
could also be challenging as
the market for Russian assets
has quickly shrunk.
Exxon has pulled back from
Russia over the past decade
following previous rounds of
sanctions. It previously said it
has withdrawn from 10 joint
sian oil, traders and others in-
volved in the market said.
Market players also fear that
measures that target oil ex-
ports directly could land as
fighting intensifies.
“This is going to make it
very complex to trade with
Russia,” Sarah Hunt, a partner
at law firm HFW who works
with commodities traders, said
of the sanctions laid out as of
Monday.
Brent-crude futures rose
more than 7% Tuesday to al-
most $105 a barrel and traded
as high as $110 early Wednes-
day in Asia.
In a sign that demand for
Russian oil has evaporated,
prices for the country’s flagship
Urals crude moved in the oppo-
site direction.
Traders are offering Urals at
massive discounts—as much as
$18 a barrel below the price of
Brent—and even then not find-
ing buyers. A drop in the price
of Espo, a grade of Russian
+ BY ANDREW RESTUCCIA
60%
SAVINGS
THE UKRAINE CRISIS
ventures with Russian entities
that were covered by U.S.
sanctions and wrote-down
some of those assets. Exxon
has said that it is fully compli-
ant with U.S. sanctions.
Sakhalin was unaffected by
previous sanctions, and Exxon
has continued to invest in ex-
panding it. Over the past two
decades, the Sakhalin consor-
tium has exported more than 1
billion barrels of oil and about
1 billion cubic feet of natural
gas from the development, one
of the largest-ever foreign in-
vestments in Russia.
The consortium signed a
production-sharing agreement
with the Russian government
Tank cars for oil at a Rosneft refinery in 2020; Rosneft and other
Russian energy companies have changed their delivery methods.
crude popular in Asia, suggests
refiners in Japan and South Ko-
rea are hitting pause on pur-
chases.
“The market is starting to
fail,” said a person at a major
commodities trading house.
Companies including Vitol
and Trafigura Group Pte. Ltd.,
big independent oil traders,
hold Russian oil bought under
long-term deals. They were un-
able to sell Tuesday, people fa-
miliar with their operations
said.
In Europe, Swedish refiner
Preem AB and Finland’s Neste
Oyj said they have stopped Rus-
sian oil purchases and mostly
replaced them with Northern
European oil purchases. Valero
Energy Corp., a Texas-based re-
fining company, has suspended
all future purchases of Russian
oil, people familiar with the de-
cision said.
For now, Russia is exporting
about as much oil as it was on
the eve of last Thursday’s inva-
sion. But those flows, based on
Some Lawmakers Are Pressing
For Sweeping Energy Sanctions
AND TIMOTHY PUKO
WASHINGTON—U.S. law-
makers are pressing President
Biden to target Russia’s energy
sector, a move his administra-
tion has so far avoided over
concerns about price increases.
As Moscow continues its
advance in Ukraine, Republi-
cans and some Democrats in
Congress are pressing the Bi-
den administration to consider
imposing sanctions on Russia’s
oil-and-gas industry, the life-
blood of the country’s econ-
omy, and banning Russian oil
imports into the U.S.
“Every barrel of oil coming
out of Russia has blood in it,”
.
* **** THE WALL STREET JOURNAL.
Evidence of the pressure
surfaced publicly last Friday
night in London with disclo-
sures of a meeting that after-
noon between a top U.K. offi-
cial and BP’s chief executive.
Two days later on Sunday, BP
said it would exit its nearly
20% stake in Rosneft, a move
likely to hit BP with billions of
dollars in losses. BP’s current
and former CEOs also left the
Rosneft board, and BP ditched
several Russian joint ventures.
On Monday, Shell—also
based in London—said it
would exit its joint ventures
with Russian energy giant
Gazprom PJSC and end its in-
volvement with the Nord
Stream 2 natural-gas pipeline
project, which it helped fi-
nance. Also Monday, Norwe-
gian energy group Equinor
ASA said it would halt new in-
vestments into Russia and
start exiting from Russian
joint ventures.
On Tuesday, TotalEnergies
EXXON NEFTEGAS LIMITED
said it would cease providing
capital to new Russian proj-
ects—stopping short of saying
it would exit the country. It
has significant stakes in lique-
fied-natural-gas operations,
including with Russian pro-
ducer Novatek.
French Finance Minister
in 1996, and production began loading the holdings and part- Bruno Le Maire said he
flowing in 2005. Production nerships during wartime, with planned to discuss TotalEner-
from Sakhalin has declined as buyers of Russian assets gies’ presence in Russia with
the asset has aged, and it cur- scarce and many wealthy Rus- the company’s chief executive,
rently represents about 3% of sian individuals and entities adding that he now felt there
Exxon’s overall oil production. themselves cut off by sanc- was a “problem of principle in
Exxon and Rosneft have been tions and banking controls. working with any political or
working to develop the asset’s Some energy-company in- economic personality close to
remaining natural-gas reserves siders have discussed ring- Russian leadership.”
in a large liquefied-natural-gas fencing assets marked for di- Chevron Corp. has a
project that could be opera- vestiture in new legal entities smaller presence in Russia,
tional by 2027. that would essentially cordon mostly through its 15% stake
Political pressure on big en- them off, rather than risk their in a consortium that operates
ergy companies to cease or falling back into Russian a pipeline that transports oil
pull out of Russian operations hands, said one executive from a Chevron project in Ka-
mounted quickly after Russian briefed on the discussions. It zakhstan to tanker-loading fa-
President Vladimir Putin’s in- isn’t clear how such a move cilities on the Russian coast of
vasion of Ukraine last week. would affect active projects on the Black Sea. The U.S. com-
What is less clear is how the Russian soil, or Russian-com- pany isn’t currently planning
companies will go about un- pany stakes. to exit that investment.
Western governments to carve
oil and gas out of their sanc-
tions. In cutting some but not
IEA Plans
all banks from the financial sys-
tem’s messaging infrastructure,
Swift, the U.S. and others left
To Release
avenues for traders to pay for
More Oil
ANDREY RUDAKOV/BLOOMBERG NEWS
oil and gas.
As prices for Russian crude
tanked last week, companies in
India vacuumed up around
seven million barrels of Urals
Reserves
oil, people familiar with the BY BENOIT FAUCON
matter said. Even there, how- AND SUMMER SAID
ever, companies are taking
steps to limit sanctions risk. The U.S. and other major oil-
On Monday, Indian Oil Corp. consuming nations said Tues-
sent a letter to crude traders day they would release 60 mil-
stating it would buy Russian oil lion barrels of oil from their
only if delivery was included, emergency stockpiles, sending a
sales made before the war, will according to a person familiar jolt of new crude supplies into
slow drastically in the coming with the matter and a docu- the market amid a price surge
weeks once cargoes have been ment seen by The Wall Street caused by the Ukraine crisis.
delivered, traders and analysts Journal. In the document, the The move by members of the
said. Indian refining giant said it International Energy Agency, a
Russia was seen as having would no longer buy two Paris-based group that includes
the upper hand when it came to grades of Russian oil, as well as the U.S., Japan and much of Eu-
energy. In peacetime, Russian a blend of Kazakh oil, if it had rope, represents another coor-
crude and other varieties of oil to take responsibility for trans- dinated effort to counter Russia
get funneled into refineries in porting the oil. amid its invasion of Ukraine.
Europe, the U.S. and Asia. Russia is responding. Com- The drawdown is the fourth in
There, it gets converted into fu- panies including state-aligned the 47-year history of the IEA
els that power fleets of cars Rosneft Oil Co. have pivoted and is second by size only to
and other forms of economic from offering oil on a so-called the release it executed during
activity. FOB basis, in which buyers fix the first Gulf War in 1991.
Europe, especially, relies on their own vessel and finance The IEA said it wanted to
Russia for much of its energy, and insure the shipment, trad- send “a unified and strong
both for natural gas to heat ers and oil executives said. In- message to global oil markets
homes and fuel electricity stead, they are offering oil on that there will be no shortfall
plants, but also the oil that what is known as a CFR basis. in supplies as a result of Rus-
travels through pipelines di- Under this model, Rosneft sia’s invasion of Ukraine.”
rectly into refineries in Ger- would use vessels from govern- “We are prepared to use ev-
many, Poland, Slovakia and ment-owned Sovcomflot’s fleet ery tool available to us to limit
elsewhere. and deliver oil to the buyer’s disruption to global-energy
Some of that oil transits door in return for cash. Buyers supply as a result of President
through Ukraine.
The importance of Russia’s
are rejecting the proposal, an
oil-industry executive and a
Putin’s actions,” White House
spokeswoman Jen Psaki said.
energy industry—exporter of Middle East oil trader said. The IEA said it supported
about 7.5% of the world’s oil— Rosneft didn’t respond to a sanctions imposed by the inter-
to the global economy led request to comment. national community on Russia
but also worried about tight
global oil markets, heightened
price volatility and commercial
inventories that are at their
lowest level since 2014.
The U.S. and other IEA
countries hope to bring down
oil prices, which traded Tues-
day above $100 a barrel.
said Sen. Lindsey Graham (R., have joined with some liberal Prices rose after the IEA an-
S.C.). Mr. Graham was part of a Democrats who want the U.S. to nouncement to almost $106 a
group of senators who met wean off oil altogether. Sen. Ed barrel, or up 8.1% on the day.
Monday with Oksana Markey (D., Mass.) said he Lower oil prices would re-
Markarova, Ukraine’s ambassa-
dor to the U.S. He said she
would introduce legislation to
ban Russian oil imports, casting
duce revenue for Russia, one of
the world’s largest producers,
pleaded with them to target it as an effort to move away and potentially give the U.S.
Russia’s oil-and-gas industry. from fossil fuels. and Europe more room to tar-
Sen. Joe Manchin (D., W.Va.) The Biden administration get Moscow’s energy industry,
who chairs the Committee on and allies in Europe have im- which has so far been off limits
Energy and Natural Resources, posed unprecedented sanc- because of the pain sanctions
urged the White House to ban tions on many of Russia’s top would cause in the West.
crude-oil imports from Russia. financial institutions, including The IEA’s petroleum release
“Putin has weaponized energy, its central bank, and President was smaller than initial consid-
and he is doing it very effec- Vladimir Putin himself. But se- erations of 70 million barrels
tively,” he said. nior U.S. officials said the ad- and will include 30 million bar-
The issue has brought to- ministration has avoided wide- rels from the U.S., people
gether an unusual coalition. Re- spread sanctions on Russia’s briefed on the discussions said.
publicans and moderate Demo- energy sector, arguing that do- This will be the second oil-
crats who want Mr. Biden to ing so could prompt global oil stockpile release in three
heighten penalties on Russia prices to rise further. months.
 .

THE WALL STREET JOURNAL. Wednesday, March 2, 2022 | A11

 .

A12 | Wednesday, March 2, 2022 THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Sanctions Hobble Finances Money Curbs Block

Stock trading remains
halted as Russia
Russian Consumers
announces measures BY ANNAMARIA ANDRIOTIS tate broker in New York who
AND PETER RUDEGEAIR is originally from Russia.
to protect economy “They are trying to get money
Moves to unplug Russia out and leave before the coun-
BY GEORGI KANTCHEV from the international finan- try closes off completely and
AND MARGOT PATRICK cial system have cut many of becomes the new Iran.”
the country’s citizens off from Foreigners could also have
Russia sifted through the fi- the global, digital economy, difficulty using their Visa or
nancial wreckage caused by but noncash payments haven’t Mastercard cards in Russia.
Western sanctions, as its stock ground completely to a halt. The banks many merchants in
market remained closed and The biggest U.S. networks, Russia use to process card
the government announced Visa Inc. and Mastercard Inc., transactions are currently un-
new measures to try to limit are no longer handling trans- der sanctions. As a result, U.S.
the damage to the economy. actions for Russian-sanctioned networks won’t allow those
ANTON NOVODEREZHKIN/TASS/ZUMA PRESS

Sanctions imposed by the financial institutions. In prac- online or in-person transac-

U.S. and European nations in tice, this means many Rus- tions to go through when peo-
recent days have cut major sians are blocked from making ple with cards issued by U.S.
Russian banks’ access to the purchases of goods or services banks, for example, try to buy
dollar and other reserve cur- outside the country. goods from Russia, people fa-
rencies and will soon sever Within Russia, Sberbank is miliar with the matter said.
some of the lenders from the among the largest card issuers Late Monday, Mastercard
Swift global-payments messag- and has a big share of the con- said it blocked multiple finan-
ing system. sumer market. Because it is cial institutions from its pay-
The West has also blocked under sanctions, many Russian ments network. “We will con-
Russia’s central bank from us- cardholders are cut off from tinue to work with regulators
ing much of its sizable re- People used Sberbank ATM machines in Moscow to withdraw money on Monday. foreign transactions.
serves to protect the economy. Meanwhile, Apple Pay,
Meanwhile, many Western in line at cash points across ing to state newswire TASS. securities. Euroclear’s compet- Google Pay and PayPal trans-
companies, including energy the country in a frantic rush to Foreigners associated with itor, Deutsche Börse’s Clear- actions stopped going through
‘Everyone I know is
majors BP PLC and Shell PLC, get money out. “states that take hostile actions stream unit, said Monday, it for Russians who had loaded trying to get money
have said they would exit their “Unfortunately, this is an against Russia” will need the would stop settling domestic debit and credit cards issued
Russian investments and joint emotional first reaction,” he approval of the Russian govern- trades in Russia, accepting ru- by those Russian banks that
out at all costs,’ one
ventures. said. “I just want to wish ev- ment to transact with securi- bles as a settlement currency were subject to sanctions, Rus- observer said.
On Tuesday, the Russian eryone peace and express con- ties and real estate and to re- and settling trades for various sia’s central bank and a person
government announced a tem- fidence that in fact, after a ceive ruble loans. Mr. Putin’s Russian-linked stocks and familiar with the matter said.
porary ban on foreign inves- certain number of days, these decree didn’t specify which bonds. Clearing and settling is International money-transfer
tors exiting local assets. It emotions will subside.” states are deemed hostile. a necessary cog to trade secu- firms, including Remitly in the days ahead to abide
wasn’t immediately clear what Prime Minister Mikhail Mi- Trading on the Moscow Ex- rities by ensuring buyers re- Global Inc., Wise PLC, and fully by our compliance obliga-
the decision entailed and how shustin said the government change was again suspended, ceive their purchased security WorldRemit Group, said they tions as they evolve,” the com-
it would affect Western com- would spend 1 trillion rubles, as was business on the on- and sellers get paid. suspended service to Russia. pany said.
panies that have already an- equivalent to around $9 bil- shore foreign-exchange mar- The Swift system said Tues- The restrictions add to Visa said it is “taking
nounced they would quit Rus- lion, to buy shares in Russian ket. There was only sporadic day that it was ready to eject complications affecting the fi- prompt action to ensure com-
sia. The move followed a companies. The central bank trading of the ruble in interna- Russian banks covered by nancial lives of ordinary Rus- pliance with applicable sanc-
number of retaliatory mea- more-than-doubled interest tional markets, with most Western sanctions. “We are sians. The ruble has plunged tions, and is prepared to com-
sures announced by the Krem- rates Monday to 20% in an banks unwilling to touch Rus- engaging with these authori- by more than one-fifth in the ply with additional sanctions
lin on Monday, including a ban emergency move. sian assets. ties to understand which enti- days since Russian forces that may be implemented.” A
on the issuance of loans by Large parts of Russia’s fi- The consequences of West- ties will be subject to these started attacking Ukraine last PayPal spokesman said it is
Russian residents to foreign- nancial architecture remained ern sanctions reverberated new measures and will discon- week. Russia’s central bank actively working to comply
ers, and ordering exporters to in suspended animation as of- outside Russia, where compa- nect them once we receive le- more than doubled its key in- with applicable laws.
sell 80% of their foreign-cur- ficials worked on stabilizing nies that provide vital financial gal instruction to do so,” the terest rate to 20%. On Monday, Among the debit and credit
rency gains from exports. the system. Tuesday was also plumbing unplugged the coun- organization said. the Kremlin banned Russian cards issued in Russia, Visa
The Kremlin was defiant, the first day that Russians try from the grid. Western banks have moved residents from sending money and Mastercard cards ac-
saying sanctions wouldn’t were restricted from sending Russian government bonds to disconnect Russian financial to bank accounts abroad. counted for 74% of payment
change Moscow’s course. money to bank accounts disappeared from trading firms and companies from in- Many middle-class Russians transactions in the country in
“They believe that by imposing abroad, an extreme measure to screens after a top bond plat- ternational markets. In Lon- have stepped up efforts to em- 2020, according to trade pub-
sanctions they can force us to keep suddenly scarce foreign form, Tradeweb, suspended don, Bank of New York Mel- igrate amid fears of mounting lication the Nilson Report.
change our position,” Presi- currency in the economy. trading of the securities, citing lon resigned as the depository political repression and a fi-
dent Vladimir Putin’s spokes- Mr. Putin signed an execu- Western sanctions. agent for VTB Bank PJSC de- nancial crisis brought on by Scan this code
man, Dmitry Peskov, said tive order Tuesday banning Clearinghouse operator Eu- positary receipts traded in the Western sanctions. for a video on
Tuesday. people from taking more than roclear prepared to stop inves- British capital. “Everyone I know is trying how sanctions
Mr. Peskov spoke of the $10,000 of foreign currency out tors from clearing trades in- —Ben Dummett to get money out at all costs,” are affecting
droves of Russians who stood of the country in cash, accord- volving ruble-denominated contributed to this article. said Anya Levitov, a real-es- Russian citizens.

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 .

THE WALL STREET JOURNAL. * * * * Wednesday, March 2, 2022 | A13

THE UKRAINE CRISIS

Concerts, Films
Giving Russia
Cold Shoulder
Cancellations mount no longer put on shows or do
business in Russia, a spokes-
for Western events in woman said Tuesday. The en-
symbolic protests of tertainment giant is reviewing
its global suppliers and ven-
nation’s aggression dors and will cut ties with any
Russian-based firms, she said.
BY ROBBIE WHELAN Russia represents a small
AND ANNE STEELE but significant market for
Western entertainment. Con-
The entertainment industry cert touring trade magazine
is turning its back on Russia. Pollstar reported $26.6 million
Hollywood studios, Netflix in ticket sales for 83 shows in
Inc., big-ticket rock bands and Russia in 2019, before the pan-

CHRIS PIZZELLO/ASSOCIATED PRESS

sporting events are pausing or
pulling their business out of
Russia in response to Presi-
dent Vladimir Putin’s invasion
of neighboring Ukraine.
The moves are largely sym-
bolic—Russia isn’t among the
largest markets for either live
entertainment or movies—but
they add to efforts by global
corporations to isolate Russia
economically and culturally as
punishment for its military
actions.
On Tuesday, Paramount
Global said it would pause the
release of its titles “The Lost
City” and “Sonic The Hedge-
hog 2.” The announcement fol-
lows moves by Walt Disney
Co., which said Monday it
would delay the planned
March 10 release of the Pixar
animated feature “Turning
Red” in Russia, and Warner
Bros., which postponed this
week’s Russian release of “The
Batman,” expected to be one
of the highest-grossing films
of the year.
The Cannes Film Festival on
Tuesday announced that it
would not welcome Russian
delegations “nor accept the
presence of anyone linked to
the Russian government” at
this year’s festival in May “un-
less the war of assault ends in
conditions that will satisfy the
Ukrainian people.”
Live Nation Entertainment
Inc., the world’s largest con-
cert promoter and ticketing
service via Ticketmaster, will
demic brought live entertain-
ment to a pause. That data con-
sists mostly of Western acts,
and doesn’t take into account
local and regional entertainers.
It also doesn’t account for the
highly lucrative private parties
many U.S. acts are hired to play
by the Russian elite.
In movies, Russia makes up
a small fraction of the world-
wide cinematic box office: In
2021 films grossed a total of
$601 million there, or about
2.8% of the year’s $21.4 billion
global box-office gross, ac-
cording to box office tracker
Comscore. But Hollywood stu-
dios consistently supply Rus-
sian movie theaters with their
biggest hits.
Sony Pictures Entertain-
ment, which has the current
top-grossing film in Russia in
“Uncharted,” an action movie
starring Tom Holland that has
grossed nearly $10 million
there over the last two weeks,
said it would pause its
planned theatrical releases in
the country, including the
Jared Leto-led superhero film
“Morbius.”
Since the beginning of
2022, two of the four top-
grossing movies in Russia
were produced by Disney:
“Nightmare Alley,” which has
earned around $3.2 million in
the country, and “The King’s
Man,” which has grossed $5.2
million there, according to
BoxOfficeMojo.
Disney has two other titles
The band Green Day called off its show in Moscow. Green Day’s Billie Joe Armstrong and Mike Dirnt in Los Angeles last month.
currently scheduled for release
this spring: “Doctor Strange in
the Multiverse of Madness,”
slated for May 5, and “The
Bob’s Burgers Movie,” sched-
uled for May 26. The company
said Monday that the pause
was in response to Russia’s
“unprovoked invasion of
Ukraine and the tragic human-
itarian crisis” accompanying
it, and that it would make fur-
ther decisions based on the
evolving situation.
Netflix, the only global
streaming service to have a
large footprint in Russia, said
it will not add Russian state
TV channels to its service, de-
spite a recent regulation re-
quiring the company to do so.
American rock band Green
Day on Sunday called off its
show at Moscow’s Spartak
Stadium scheduled for the end
of May, citing Russia’s inva-
sion of Ukraine. “We are aware
that this moment is not about
stadium rock shows,” the band
wrote in a post shared on In-
stagram. Last week indie-pop
trio AJR canceled its October
concert date in Moscow.
Other acts that have this
week canceled scheduled
shows in Russia include
singer-songwriter Louis Tom-
linson of the pop group One
Direction, as well as rockers
Iggy Pop, The Killers, Nick
Cave & The Bad Seeds, Yung-
blud and Franz Ferdinand.
In a post to Instagram Tues-
‘We are aware that
this moment is not
about stadium rock
shows.’
day, the rock band Franz Ferdi-
nand expressed love for Russia,
saying its art and literature has
inspired the band since it first
played there 17 years ago. “We
know you see the madness of
your country’s leadership. We
know you do not want war. We
do not want war.”
Venue development and in-
vestment firm Oak View
Group, which owns, operates
or contracts with more than
200 sports and concert venues
in North America, said Sunday
it has pledged “to not do busi-
ness in or with Russia, nor will
we serve Russian brands in
any of our venues,” including
Russian alcohol brands.
The sports world has also
reacted swiftly to isolate Rus-
sia. On Monday, the Interna-
tional Olympic Committee rec-
ommended that all athletes
from Russia and its ally Be-
larus be banned from interna-
tional competitions, while soc-
cer’s world governing body
effectively banned the Russian
men’s national team from the
2022 World Cup.
UEFA, European soccer’s
governing body, canceled a
sponsorship agreement with
Russian state energy company
Gazprom and moved this
year’s Champions League fi-
nal—international club soc-
cer’s marquee event—from St.
Petersburg to the Paris suburb
of Saint-Denis.
The National Hockey League
cut business ties with Russia, a
nation that produces many of
the league’s top stars, and offi-
cial bodies representing curl-
ing, skiing, skating, track and
field and other sports have also
ostracized the country in re-
sponse to the invasion.
About $200,000 worth of
tickets to “The Batman” have
already been sold in Russia,
according to Oleg Berezin,
who until Sunday had been
chairman of the Russian Fed-
eration’s Association of Cin-
ema Owners. On Sunday, Mr.
Berezin, whose association has
close ties to Russia’s Ministry
of Culture, resigned over his
opposition to the war.
In an interview, Mr. Berezin
said that in his role as chair-
man he participates in work-
ing groups that discuss a
range of issues, including tax
breaks for exhibitors and gov-
ernment support for Russian
film studios.
“I don’t want to have any
conversations with the gov-
ernment, I don’t want to sup-
port them. My decision is the
only way I have to indicate I’m
against the war,” Mr. Berezin
said.

Kremlin-Backed Media Outlets

Face Growing Global Backlash
BY KEACH HAGEY
AND LILLIAN RIZZO

RT and other Moscow-

backed media outlets are facing
an unprecedented squeeze in
response to Russia’s invasion of
Ukraine, as pay TV operators
and tech platforms across the
globe take steps to curtail their
reach.
DirecTV said Tuesday it
JON NAZCA/REUTERS

would drop RT, the Kremlin

backed outfit previously known
as Russia Today, from its pay
TV packages. Canadian tele-
communications operators such
as Shaw Communications and
Telus Optik TV removed RT
from their dials in recent days,
as did Australia’s Foxtel.
Technology platforms such
as Alphabet Inc.’s YouTube,
Facebook parent Meta Plat-
forms Inc. and TikTok have
moved to restrict access to the
news outlet in Europe, follow-
ing requests from the EU and
European governments. Meta
said Tuesday that it was begin-
ning to demote RT world-wide
and make it more difficult to
view across its platforms.
Streaming distributor Roku Inc.
said Tuesday the company was
removing RT from its channel
store globally.
The European Union an-
nounced a fuller expression of
its sanctions against RT and
fellow Kremlin-backed outlet
Sputnik on Tuesday, saying the
restrictions applied to all cable,
satellite and web services. “We
all stand for freedom of speech
but it cannot be abused to
spread war propaganda,” said
Věra Jourová, a vice president
of the European Commission,
the EU’s executive arm.
So far, the U.S. government
hasn’t publicly issued any or-
ders for companies to take ac-
tion against Russian outlets.
Representatives for RT and
Sputnik didn’t respond to re-
quests for comment. RT has de-
nied working on behalf of the
Kremlin and has defended the
accuracy of its broadcasts.
Recent RT broadcasts have
referred to invaded Ukranian
cities as “liberated,” alleged
there was a “genocide” against
ethnic Russians in separatist re-
gions of Eastern Ukraine and
Several platforms have stopped airing Russia-backed network RT.
focused on how the EU sanc-
tions against Russia are going
to hurt the EU.
“They are pumping straight
disinformation,” said Clint
Watts, a fellow at the Foreign
Policy Research Institute and
Alliance for Securing Democ-
racy. He pointed to reports such
as a documentary alleging that
Russians found mass graves in
Ukraine as part of a narrative
justifying the invasion.
RT’s presence on the Ameri-
can media landscape has been
particularly controversial since
a 2017 U.S. intelligence report
dubbed it the Kremlin’s “princi-
pal international propaganda
outlet” and concluded it had
been a central player in Russia’s
efforts to disrupt the 2016 U.S.
presidential election.
U.S. pay-TV providers said at
the time they weren’t able to
drop RT’s channel because of a
U.S. law that allowed broad-
casters to demand carriage in
lieu of being paid for their con-
tent. RT also paid distributors
to be carried, The Wall Street
Journal previously reported.
In 2017, Congress passed leg-
islation that allowed cable-TV
operators to decline carriage of
programming owned, con-
trolled or financed by the Rus-
sian government. Subsequently,
operators such as Comcast
Corp. stopped carrying RT, in
many cases opting not to renew
contracts. Other companies in-
cluding DirecTV and rival Dish
Network Corp. continued to
carry RT.
While DirecTV dropped RT
Tuesday, Dish and its stream-
ing-TV service Sling still car-
ried the network. Dish execu-
tives have been discussing
whether to drop RT, a person
familiar with the matter said.
“Our thoughts are with all
the people of Ukraine, and par-
ticularly with our team mem-
bers in the country. We are
closely monitoring the situa-
tion,” a Dish spokeswoman said
in a statement Monday.
Regional cable-TV and inter-
net provider Buckeye Broad-
band said it didn’t plan to drop
R ARE & R ADIANT
the network.
“We believe our responsibil-
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The U.S. intelligence report
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channel continued to serve live
feeds Tuesday, as did Facebook.
—Meghan Bobrowsky
contributed to this article.
 .

A14 | Wednesday, March 2, 2022 * *** THE WALL STREET JOURNAL.

THE UKRAINE CRISIS

Conflict Disrupts Global Shipping Bitcoin

Sought
Two biggest container
operators suspend
services to Russian
In Both
ports over invasion Countries
BY COSTAS PARIS BY PAUL VIGNA
AND BENOIT FAUCON
The Russian invasion of
The world’s biggest contain- Ukraine has driven demand for
ership operators—A.P. Moller- cryptocurrencies in both coun-
Maersk A/S and Mediterra- tries, helping boost the price of
nean Shipping Co.—said they bitcoin.
would temporarily suspend ser- Bitcoin has been trading at a
vices to Russian ports, includ- premium against the Ukrainian
ing those far from the conflict hryvnia on several exchanges,
in Ukraine. globally and locally, a sign of
Maersk on Tuesday said it high demand. On Binance, bit-
was halting bookings in light of coin was trading for the equiv-
the sanctions imposed on Rus- alent of $45,894 in hryvnia
sia, including congestion being terms. On Ukraine’s Kuna ex-
caused by customs authorities change it was at $46,847, and
inspecting cargo bound for the had traded as high as $51,240.
SYLVAIN LEFEVRE/GETTY IMAGES

country and changing credit In U.S. markets, bitcoin was

terms affecting its customers. trading near $44,000 Tuesday
Maersk and MSC said they night, up more than 17% since
would continue to move food- Sunday evening, according to
stuffs to and from Russia. data from CoinDesk.
The Russian invasion of On Binance, there has been a
Ukraine is causing major dis- surge in trading volume of bit-
ruptions for the global ship- coin in exchange for rubles since
ping industry, with hundreds France seized the Baltic Leader, a Russia-bound cargo ship, above in Boulogne-sur-Mer, in the English Channel over the weekend. just before Russia’s invasion be-
of vessels trapped at ports, gan. Between Feb. 20 and 28,
cargo being derailed and said containerized cargo des- On Friday, the Millennial controlled Sovcomflot, which riers in the normally crowded about 1,792 bitcoins exchanged
freight rates surging. tined for Russia would be Spirit, a Moldova-flagged operates 108 crude carriers and Black Sea has fallen by 62% hands in the ruble/bitcoin trad-
The cargo ship Mustafa Ne- stopped and inspected. tanker, caught fire after a mis- 14 natural-gas movers. compared with last week amid ing pair, compared with 522 in
cati was ready last week to set “All those hubs in Northern sile strike in the Black Sea, the “Tanker owners are facing a rising concerns about safety or the nine days before that, ac-
sail from a port near Odessa, Europe are already pretty con- Naval Agency of the Republic of very uncertain situation and are getting stuck, said Mark Nu- cording to data on Binance.
Ukraine, with sunflower-seed gested, and every little thing Moldova said. Moldova said it reluctant to charter ships to gent, from London broker Western sanctions have ef-
oil bound for Sardinia. After that delays cargo flows will in- didn’t know who fired the mis- buyers of Russian crude,” said Braemar ACM Shipbroking. fectively cut Russia off from
Russia invaded, “the Ukrainian tensify the problem,” said Vin- sile. The Millennial Spirit was Peter Sand, chief analyst at Xe- And 22 of these vessels left the global financial network,
port authorities told the crew cent Clerc, head of ocean and carrying 600 tons of oil and neta, a transport-analytics mar- empty after being unable to and Ukraine has imposed strict
to stop,” said Bulent Dandin, a logistics services at Maersk. diesel. A day earlier, a ship ket platform. “Very few ships load cargo, he said. capital controls.
director of the ship’s Istanbul Ship movements in the Black chartered by Cargill Inc. was hit are picking up Russian crude, Ships are getting rerouted by Crypto is popular in Ukraine
manager, Statu Gemi Kiralama. Sea, a key oil- and foodstuff-ex- by a projectile in the Black Sea. and that has significantly governments. France seized the and Russia. Ukraine ranked
“Now it’s blocked.” port route whose northern side With few daring to travel pushed up freight rates.” Baltic Leader, a Russia-bound fourth on a global adoption in-
The impact is most severe in is shared between Russia and the area, daily freight rates for Shipments of foodstuff are cargo ship in the English Chan- dex created by analytics firm
the Black Sea, where some com- Ukraine, have been frozen. More tankers have risen to their also being disrupted. Within nel over the weekend, with au- Chainalysis.
mercial ships are being fired than 200 vessels are waiting to highest in two years, shippers hours of U.K. measures against thorities checking whether it is A Russian government re-
upon or detained, but it is also cross the Kerch Strait, which and insurers say, while insur- Russia being announced, Lon- owned by a Russian on the EU port estimates that there were
being felt far from the conflict connects the Black Sea and the ance premiums have jumped by don lawyer Nigel Kushner said sanctions list. more than 12 million crypto-
zone, shipping executives and Sea of Azov, according to as much as 4% compared with he received a panicked call from Two Ukrainian-flagged bulk currency wallets held by Rus-
brokers said. The disruptions Lloyd’s List Intelligence, which last week, before the Russian a British trader: A massive carriers, the Afina and Princess sian citizens with about 2 tril-
are adding strains to a global monitors ship movements. attack, they say. cargo of Russian foodstuff was Nicole, which were sailing in lion rubles, equivalent to about
supply chain stressed from two “No one saw this coming,” Although the sanctions ha- now stranded as the buyer Romanian waters, were cap- $20 billion.
years of pandemic imbalances. said Slava Sorochan, a deputy ven’t targeted Russian exports couldn’t pay to a Russian bank tured on Sunday by the Russian “The situation in Ukraine
On Monday, the U.K. banned director at Stark Shipping LLC, of oil and gas, the U.S. last week now under sanctions. The Lon- navy and brought to Crimea, has brought to light the value
entry to all Russian vessels to a shipping agent in the Ukrai- banned American companies don trader is now “trying an al- the Ukrainian government said. of bitcoin as an alternative
its ports. Shipping executives nian port of Odessa. “That’s from dealing with the long-term ternative payment route to a monetary network,” said Timo
and port officials in Belgium, why so many vessels are stuck debt or buying new shares of 13 different Russian bank,” he said.  Heard on the Street: Impact on Lehes, the co-founder of trad-
the Netherlands and Germany in ports.” Russian entities including state- The number of dry-bulk car- manufacturers is foggy..........B12 ing platform Swarm Markets.
A demand-driven rally spe-
cific to bitcoin is a break from

Some Russia Oligarchs Back Away From Putin

its recent pattern, which has
been to trade in line with risk
assets like tech stocks.
Bitcoin’s rally this week
Several Russian oligarchs ing ways not just to freeze as- wiped away losses for Febru-
are rushing to distance them- sets, but also to seize them. He ary. Most other cryptocurren-
selves from Russian President added that the West was waging cies were higher as well. Ether
ALEXANDER ASTAFYEV/SPUTNIK/AFP/GETTY IMAGES

Vladimir Putin, as Western “all-out economic and financial was up 4.7%. XRP was up 0.7%.
countries threaten to squeeze war on Russia.” Avalanche was up 3.3% and
their assets with an unprece- In response, Dmitry Medve- Cardano was up 0.9%.
MIKHAIL JAPARIDZE/TASS/ZUMA PRESS

dented sanctions drive. dev, deputy chair of the Secu- On Tuesday, the tech heavy
rity Council of Russia, tweeted: Nasdaq Composite Index fell
By Max Colchester, “Watch your tongue, gentle- 1.6%.
MAXIM SHEMETOV/REUTERS

Jenny Strasburg men! And don’t forget that in Because bitcoin trades 24-
and Nick Kostov human history, economic wars hours a day, in some cases it
quite often turned into real has been leading risk assets,
In recent days, a parade of ones.” Mr. Le Maire later said not just following.
Russian businessmen burnished his use of the word “war” was Last Wednesday, when Rus-
their antiwar stances as govern- inappropriate. sian President Vladimir Putin
ments tightened a noose around Lawyers caution that the po- announced his invasion of
Kremlin-connected businesses From left, Mikhail Fridman held off on condemning Vladimir Putin, while Oleg Tinkov said his litical rhetoric may not match Ukraine, U.S. equities markets
and property. Oligarch Roman foundation helped children and Roman Abramovich said he is helping to negotiate peace. the legal reality. “This is all go- were closed. Bitcoin fell about
Abramovich, who hasn’t been ing to be subject to enormous 6% overnight, then rallied 13%.
put under sanctions, said he group VIY Management and some of their assets. Mr. Biden businessmen to its sanctions list, litigation,” said Olivier Dor- On Thursday, U.S. stocks closed
was helping Ukraine negotiate son of Vladimir Yakunin, for- didn’t elaborate on the Justice freezing assets and imposing gans, economic-sanctions law- slightly higher after a day of
peace with Russia. Oleg Tinkov, mer president of OAO Russian Department’s task force and de- travel bans. The U.K. is expected yer at Ashurst. Authorities are wild trading.
the billionaire founder of Rus- Railways. The U.S. imposed partment spokespeople didn’t to target more oligarchs in com- going to have to prove that the Bitcoin dropped almost 9%
sia’s Tinkoff Bank, a unit of TCS sanctions on the elder Mr. provide details. ing days. Even Monaco, famed sanctioned individuals own from the afternoon of Friday,
Group Holding PLC, highlighted Yakunin a few years ago. The events in Ukraine over for its generous tax rules, said it those assets outright, a poten-
the work his foundation does to On Tuesday night, President the past week have ruptured a was clamping down on Russians tially difficult job since many of
help children and his desire for Biden during his State of the delicate compact between West- under sanctions. them are held through opaque
no war. Mr. Tinkov also hasn’t Union address said the Justice ern governments and Russian The British Parliament will ownership structures, he said.
The Russian invasion
been put under sanctions. Oleg Department is assembling a task businessmen. For years, the vote on a law in the coming In reality, few assets will prob- of Ukraine has driven
Deripaska, a raw-materials mag- force “to go after the crimes of West tolerated funneling billions weeks to force anonymous for- ably be seized, he said.
nate who was previously sanc- Russian oligarchs.” “We are join- of dollars out of the ruins of the eign owners of U.K. properties For some targeted Russians,
demand for crypto in
tioned in the U.S., wrote on so- ing with our European allies to Soviet Union. The benefit to gov- to reveal their identities and the fight back is under way. both countries.
cial media on Sunday that peace find and seize your yachts, your ernments was massive invest- strengthen provisions to freeze Mikhail Fridman, a founder of
“is very important.” luxury apartments, your private ment by many of these individu- the assets of alleged klepto- Alfa Bank, Russia’s largest pri-
“Please don’t draw an equal jets,” Mr. Biden said. “We are als, boosting local economies. crats who can’t prove the ori- vate bank, was hit with EU sanc-
sign between Russians, the coming for your ill-begotten Western governments now hope gins of their wealth. tions late Monday. The EU said Feb. 18, through the evening of
Russian state and the Govern- gains.” that punishing a cadre of well- France announced on Tues- he cultivated strong ties to Mr. Monday, Feb. 21, amid news of
ment of [the] Russian Federa- The Justice Department is ex- connected people with deep day the creation of a task force Putin and acquired state assets the worsening crisis in Ukraine.
tion. There are many Russians pected to step up its efforts to links to Russia will in turn put to hunt down sanctioned Rus- through these connections. Mr. U.S. stock markets, closed on
strongly opposing the current investigate whether assets of pressure on Mr. Putin. sian oligarchs and their families’ Fridman said he would contest Monday for a holiday, didn’t
military action, and I am one of some oligarchs could be linked The European Union said assets in the country. French Fi- the designation, and that he isn’t get a chance to react to the
them,” said Andrey Yakunin, to illicit activity, which would al- Monday night that it added 26 nance Minister Bruno Le Maire politically or financially con- news until Tuesday. When they
the founder of private-equity low the U.S. government to seize prominent Russian officials and said the French state was explor- nected to Mr. Putin. did, the major indexes all lost
more than 1%.
Attention has also fallen on

Teenager Takes On Tracking Tycoons’ Jets—and Putin’s cryptocurrencies for their po-
tential to be an outlet for Rus-
sians trying to get around
BY GINGER ADAMS OTIS garchs. The freshman at the vatek, Russia’s largest private sanctions.
University of Central Florida natural-gas company, and Al- While cryptocurrencies
Jack Sweeney, the Florida has made a hobby out of fol- isher Usmanov, often cited as themselves haven’t been part
teenager who garnered atten- lowing the private aircraft of Russia’s richest man. of the sanctions, the White
tion for tracking the private jet billionaires and some celebri- Mr. Usmanov is now on the House has been considering
of Tesla Inc. Chief Executive ties. His new Twitter bots fo- European Union’s sanctions adding them.
Elon Musk, is now publicizing cused on Russia use the same list of 26 Russian officials and On Twitter on Sunday morn-
the movements of planes technology as the one that businessmen, freezing their ing, Mykhailo Fedorov,
owned by Russian oligarchs and tracks the jet Mr. Sweeney be- assets and imposing travel Ukraine’s vice prime minister,
aircraft associated with Russian lieves is owned by Mr. Musk, bans. Some oligarchs in recent requested cryptocurrency ex-
JACK SWEENEY

President Vladimir Putin. he said. days have distanced them- changes block Russian ac-
Mr. Sweeney, 19, said he Mr. Sweeney’s hobby gar- selves from Mr. Putin. counts. “It’s crucial to freeze
made the new Twitter bots— nered national attention after Mr. Sweeney said he is still not only the addresses linked
@RUOligarchJets and @Putin- he said Mr. Musk personally tracking Tesla’s CEO and reit- to Russian and Belarusian poli-
jet—over the weekend after reached out to him on Twitter Jack Sweeney is publicizing the movements of oligarchs’ jets. erated that he would take the ticians, but also to sabotage or-
Russia invaded Ukraine. asking that he shut down account down in exchange for dinary users.”
“Even before this war @ElonJet, which publicly he created in 2020. leaving the country right now,” a new Tesla Model 3. Ukraine’s Mr. Fedorov didn’t
started, people were saying to shares the movements of the His @RUOligarchJets ac- Mr. Sweeney said. He said he has no desire to make clear if the request was
me, ‘Oh, you should track Pu- Tesla executive’s plane. Mr. count has amassed more than Mr. Sweeney’s bot follows gain anything from the ac- personal or one on behalf of
tin,’ ” he said on Tuesday. Sweeney’s bots rely on public 175,000 followers as of Tuesday planes owned by Roman Abra- counts targeting Mr. Putin and the government. An attempt to
Once the Russian attacks data from plane transponders afternoon. The bot tracking movich, the oligarch owner of the oligarchs. “I definitely reach him wasn’t successful.
began, he got messages from that log longitude, latitude planes that might be used by England’s Chelsea Football Club, think we should not be at Crypto exchanges largely de-
online followers urging him to and altitude and calculate lo- Mr. Putin had more than 30,000 as well as aircraft owned by Le- war,” he said. “We should be murred from enacting any vol-
focus on the country’s oli- cation based on an algorithm followers. “I don’t think he’ll be onid Mikhelson, head of No- more peaceful.” untary restrictions in Russia.

© 2022 Dow Jones & Company. All Rights Reserved.
Interns Back Out
For Better Offers
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, SHUTTERSTOCK; GETTY IMAGES (2)
R
BY LINDSAY ELLIS
arely—if ever—has
there been a bidding
war for summer in-
terns.
Many college stu-
dents are juggling mul-
tiple summer internship offers as
companies try to lock in entry-
level talent. So fierce is this year’s
competition, recruiters and career
advisers said, that some students
are reneging on summer stints
they accepted back in the fall as
recruiters barrage them with inter-
view requests and richer offers.
Companies and colleges say reneg-
ing is still rare, but it is becoming
more pervasive in the current re-
cruiting frenzy.
What’s causing them to change
their minds? More money, housing
stipends, flexible work hours, the
ability to live in a student’s pre-
ferred city and work at big-name
companies that can add heft to
new graduates’ résumés.
Najaah Chambliss, a computer-
science major, accepted an intern-
ship in October for the summer of
2022 at a defense company. Then,
earlier this year, the 21-year-old
senior got an offer from Microsoft
Corp. at nearly double the salary,
FROM LEFT: NAJAAH CHAMBLISS; TYLER ESHLEMAN
with money for relocating to Seat-
tle and a housing stipend.
“It was definitely a no-brainer,”
she said, adding that she wanted
to diversify her résumé with a big-
tech role after prior internships in
the defense sector.
Interns are rejoicing at their
new leverage in a hot labor mar-
ket. Some 15% of students who had
accepted a 2022 internship offer in
November said they were still “ac-
tively searching” for another offer,
Nader on Top CEOs?
Publishers Demur
BY JEFFREY A. TRACHTENBERG
R
alph Nader spent a career
bashing corporate executives.
Now he’s written a book
praising some. It’s not going down
too well.
Tentatively called “Twelve CEOs I
Have Known and Admired,” the
book is more than a little off-brand
for the man who upended the world
of auto safety with the blockbuster
“Unsafe at Any Speed” and then at-
tacked corporate behavior in a num-
ber of other industries.
Based on a string of rejection let-
ters from publishers, Mr. Nader said
he fears he’s been typecast, making
any accolades he might have for
corporate tycoons a hard sell. His
literary agent, Ronald Goldfarb, ad-
vised him to change course and go
negative, he says.
“He wanted chapters on bad
CEOs,” Mr. Nader said of Mr. Goldfarb.
“I didn’t tell him what to write,”
ANDREW SULLIVAN FOR THE WALL STREET JOURNAL
Mr. Goldfarb retorts. “I told him
what I could sell.” The two parted
ways after working on the manu-
script for three months.
Mr. Nader has sold plenty of books
over his career. His 1965 car-safety
exposé changed the industry. It is
credited with spurring seat-belt laws
and a range of other car-safety mea-
sures now taken for granted.
He has since written or co-au-
thored more than 30 other books,
although his latest two, a collection
PERSONAL JOURNAL.
according to a survey of more than
100 students by research and ana-
lytics company Veris Insights.
Corporate recruiters, including
at Liberty Mutual Insurance Co.
and General Mills Inc., said more
students are backing out of intern-
ship offers this year. Liberty Mu-
tual said it is reviewing pay bench-
marks. Other employers and
campus career offices said some
companies have boosted intern
pay for certain in-demand stu-
dents. Still more employers are
stepping up contact with students
between the time they accept of-
fers and when they start jobs to
keep them engaged.
 Najaah Chambliss had said
yes to an internship but then
got a better offer.
 Tyler Eshleman turned
down two offers before he
accepted a position.
Maura Quinn, who leads Liberty
Mutual’s campus recruiting and
early-talent programs, said her team
uses a “keep in touch campaign”
that includes months of company
social hours and coffee chats as part
of an extended onboarding and get-
to-know-you process.
The company also encourages
accepted interns to post a com-
pany logo on social media to an-
nounce the new position. Incoming
intern José Eduardo Reyes said he
did so on LinkedIn and received a
flurry of messages from other em-
ployers trying to poach him. He
of family recipes and an illustrated
fable about Congress, underper-
formed. He and the publishers
largely blame the pandemic, which
kept him from promoting the books.
Getting outside one’s comfort zone
is never easy. Michael Jordan’s base-
ball career lasted one season. Black
Panthers co-founder Bobby Seale
took some by surprise when he pub-
lished a barbecue cookbook. Crooner
Pat Boone’s heavy metal album,
made in his 60s, startled his fans.
“It was so out of character that it
was literally front-page news,” said
Mr. Boone, 87. “I was dressed in
leather pants, chains and earrings.
My image was well known and ev-
erybody thought they knew me.”
Mr. Nader, 88, disputes the idea
his book is out of step with his
consumer activism, saying he sees
it as a natural extension of his life’s
work. He said he had been thinking
about this book for decades. That
might explain why three-quarters of
its subjects are no longer alive.
Among the dead executives he
lauds are index-fund pioneer John
Bogle and The Body Shop founder
Anita Roddick. Another one, Gordon
Sherman, former president of the
Midas muffler chain, died in 1987.
Asked why he didn’t write about
executives from a younger genera-
tion, Mr. Nader said, “I don’t know
anybody under 40 who has been
ballyhooed the way these 12 have.
That doesn’t mean they don’t exist.”
THE WALL STREET JOURNAL.
Some are changing their minds
after accepting summer jobs as
recruiters present sweeter deals
told them no, citing his happiness
with the offer’s starting salary and
the company’s culture.
“Competition has been fero-
cious,” said Graham Donald, the
founder and president of Campus
Talent Lab, a company that brings
campus recruiters and HR profes-
sionals together for professional de-
velopment and networking. “We’re
seeing students saying, ‘I can
change my mind at any point.’ ”
Students used to feel sheepish
about backing out of offers, but
Elizabeth Diley, campus talent ac-
quisition leader at General Mills,
said she has observed less remorse.
The cereal and food maker usually
hires about 150 interns each year;
now it plans to over-hire, betting
that some percentage of interns
will renege on offers before their
summer jobs start, she said.
Companies typically recruit
summer interns early in the aca-
demic year to lock in potential tal-
ent. The problem this year with
commitments made months ago is
that the hot job market is generat-
ing lots of new offers that can lure
students away.
Tyler Eshleman, a senior study-
ing finance at Grand Valley State
University, turned down two in-
The youngest living CEO in
the book is Andy Shallal, the 66-
year-old founder of Busboys and
Poets, a chain of community
gathering places in and around
Washington, D.C. D
Mr. Shallal said he was never
formally interviewed. “We’ve had
dinner together,” he said. “I like to
think we’re buddies. He was proba-
bly interviewing me at some point
and I didn’t know it.”
Mr. Nader said he spoke to Mr.
Shallal extensively for the book: “I
interviewed him for 15 years in his
restaurant.”
The two other living executives
featured are Yvon Chouinard, the
83-year-old founder of outdoor
clothing and gear retailer Patagonia
Inc., and Paul Hawken, a 76-year-old
environmentalist, author and entre-
preneur. They couldn’t be reached
Wednesday, March 2, 2022 | A15
ternship offers in the fall without
something else lined up. Unlike last
year, when he took the first offer
he received, Mr. Eshleman said he
felt sure he’d find a better position
eventually. He recently took an of-
fer from PNC Financial Services
Group Inc. after several interviews
and an “intern super day” where he
met employees over Zoom, which
he said made him feel more con-
nected to the organization.
Reneging on offers can have
consequences at some universities.
Campus career offices, wary of
damaging relationships with em-
ployers, consider such moves a
breach of professional norms.
At Michigan
State University,
undergraduates
who renege on
accepted offers
won’t be able to
access Hand-
shake, an online
job platform that
many colleges
pay for to help
students and
new grads find
listings for en-
try-level work. Lehigh University,
which does the same, asks students
who change their minds to send a
letter of apology to the company.
Both colleges said that reneging on
offers is serious and that most stu-
dents don’t do so, though Michigan
State officials acknowledged there
have been more cases this year.
M.B.A. candidates can face
steeper penalties for reneging, in-
cluding a fine of up to $2,500 at
Cornell University’s SC Johnson
College of Business and a 16-hour
service project at the University of
California, Berkeley’s Haas School
Consumer
critic Ralph
Nader has
written
books, but
so far no
one wants
to publish
his latest.
for comment.
Mr. Shallal
said he was
a little sur-
prised to hear his friend was strug-
gling to get his book published. “It
would be fascinating to know what
Ralph Nader thinks makes a good
CEO,” he said.
Publishers don’t seem to think so.
“There’s a lot to admire in this
project, Ralph, but ultimately the
book is not quite a fit for our list,”
Trish Daly, a senior editor at Portfo-
lio, an imprint of Penguin Random
House, told Mr. Nader in an email.
Yaniv Soha, a senior editor at
Penguin Random House’s Double-
day imprint, wrote that the busi-
ness-book market was “not our par-
.
of Business.
Abby Scott, assistant dean for
M.B.A. career management and
corporate partnerships at the Haas
School, said most years fewer than
10 students raise the possibility of
reneging on an internship with her
office. The first step in determin-
ing a sanction, she said, is to un-
derstand the student’s motiva-
tions. For example, a student
might have a new family obliga-
tion that requires a different role.
But if a Haas graduate student
accepts a job with a big tech com-
pany while still aggressively inter-
viewing with a startup, Ms. Scott
said, “we really push on them and
question, ‘How did you feel that
you could be in good conscience?’ ”
Mark W. Nelson, dean of Cor-
nell’s business school, said stu-
dents are reminded of “expecta-
tions and responsibilities as they
approach the job market.” Money
from the fines levied against stu-
dents who renege on offers bol-
sters the salaries of their peers
who pursue less-lucrative intern-
ships, such as in the nonprofit sec-
tor, according to policies reviewed
by The Wall Street Journal.
Punishing students for pursuing
the best job offer they can get is
out of step with the job market,
said Beth Hendler-Grunt, president
of Next Great Step, a career coun-
seling firm whose clients are stu-
dents and recent grads seeking
their first jobs.
“They’re not thinking about
what’s good for the students—
their skill set, their financial
needs,” she said of institutions
that impose such penalties. “I
don’t think that’s how the real
world works. People change jobs
all the time.”
ticular area of expertise.”
“There were others who never
bothered responding,” Mr. Nader
said. “Which is, of course, a kind of
answer.”
Mr. Nader is still a household
name, though likely more for his
four long-shot presidential runs
than for his activism, particularly
among younger generations.
In 2000, he was criticized by some
Democrats for affecting the outcome
of that year’s ultra-close presidential
election. In the swing states of Flor-
ida and New Hampshire, Mr. Nader,
running as the Green Party candi-
date, won far more votes than the
margin by which Republican George
W. Bush edged Democrat Al Gore in
the states.
“The Democratic Party is very
good at scapegoating,” Mr. Nader
said when asked about it. “The
duopolies think they own the voters.”
When Mr. Nader pitched “Unsafe
at Any Speed,” in the 1960s, the
feedback wasn’t encouraging. “It’s
an interesting book but I fear it
would be of interest only to insur-
ance agents,” Mr. Nader said he
was told by Jason Epstein, a re-
nowned editor who died last
month.
“Unsafe at Any Speed” has sold
more than a million copies world-
wide, Mr. Nader said.
He hasn’t given up on finding a
taker for his CEO book, although he
has ruled out two particular ave-
nues: self-publishing or turning to
Amazon Publishing, which in recent
years has attracted a number of
well-known writers.
“I want to break up Amazon,” Mr.
Nader said. “It’s bad enough you
have to rely on them for online
sales.”

A16 | Wednesday, March 2, 2022
BY J.J. MCCORVEY
P
eople using buy-now-
pay-later services such
as Klarna and Afterpay
take note: Those pur-
chases—and payment
records—will soon show
up on credit reports.
Starting Feb. 28, Equifax Inc.
said it would begin recording the
popular “pay-in-four” installment
loans, which have attracted mil-
lions of shoppers but have largely
gone untracked by traditional
credit-reporting methods. The
move is part of a larger effort by
all three major credit bureaus to
offer lenders a wider view of a
borrower’s financial obligations.
“The way to help a consumer
build credit, to show that they’ve
been responsible over periods of
time, which also may increase
their credit score and give them
access to other products, is to in-
corporate that data into the credit
report that lenders access today,”
said Mark Luber, chief product of-
ficer at Equifax.
Experian PLC also said it has
been collaborating directly with
buy-now-pay-later companies to
record short-term purchases start-
ing this spring. TransUnion is
building out similar capabilities
for this year, the company said.
Services like Zip and PayPal
Holdings Inc.’s Pay in 4 let shop-
pers stretch a purchase across four
biweekly, interest-free payments
rather than pay the full price at
checkout, often without added fees
or an upfront installment. The
convenience of these plans, as well
as the hazy or nonexistent credit
implications, have been part of
their appeal, analysts say.
Last year, buy-now-pay-later
transactions were projected to hit
$55 billion, according to payments
consulting firm Mercator Advisory
Group. Merchant partners now in-
clude giant retailers including Ama-
zon.com Inc., Sephora and Priceline.
“This is another kind of indica-
tion that everyone in the financial-
services space understands just how
big these buy-now-pay-later loans
have become in a pretty short pe-
riod of time,” said Matt Schulz,
chief credit analyst at LendingTree
Inc., the loan marketplace. “And
they are adjusting to that reality in
lots of different ways.”
Financial analysts say this de-
velopment could have positive and
negative effects for your finances.
Here’s what you should consider:
PERSONAL JOURNAL.
WHAT TO KNOW ABOUT HOW
Buy-Now-
Pay-Later
AFFECTS YOUR CREDIT
Change how you view
‘pay later’
Installment purchases can be a life-
line if you’re in a bind—if you’ve
maxed out your credit limit or have
an emergency trip or repair, for ex-
ample. Yet many consumers become
fans of buy-now-pay-later services
because for the most part, the
terms make it easy to forget what
they really are: loans.
As credit bureaus start to in-
clude these transactions on your
credit report, missing a payment
will carry consequences.
“People have gotten used to al-
most treating buy-now-pay-later
like a budgeting tool,” said Sheri-
dan Trent, senior analyst at the
Strawhecker Group, a payments re-
search firm. For casual users of
these services, a reality check
could come in the form of a credit-
report ding.
Some providers already report
some buy-now-pay-later loans to
credit bureaus. Affirm, for exam-
.
NY THE WALL STREET JOURNAL.
PHOTO ILLUSTRATION BY GABRIEL ZIMMER/THE WALL STREET JOURNAL, ISTOCK
ple, reports its longer-term, inter- impact to your credit. ticipates “that we see more vol-
est-bearing loans. The addition of With fewer loans you should be ume as revolving lines.” It would
pay-in-four plans to that mix could more able to keep track of payment be up to the lender as to how long
give credit-light consumers, or dates. Since missed payments will it would stay on the report, he
ones with little credit history, an carry more weight, consider switch- said. When a vendor starts report-
easy way to build credit. ing on automatic withdrawal for ing your activity, Equifax will re-
It is good practice to check your plans in the respective account cord payments going back as far
your credit report—you get a free settings, she added. as six months, Mr. Luber added.
one from each bureau each year, “This can be a good way to get
thanks to the Fair Credit Report- ahead of things,” she said. Use a credit card instead
ing Act—and scan for blemishes, Another reason reducing the One of the simplest ways to build
including misassigned transactions number of your active plans could credit is by using a traditional
and neglected loans. be beneficial, said Mr. Schulz: Lend- credit card and paying it off in full
Most buy-now-pay-later ven- ers typically view frequent credit each month.
dors haven’t yet said when they requests on a consumer’s report un- Consumers early in their credit-
will use the new system to start favorably. Because it isn’t yet clear building journey can consider a se-
reporting pay-in-four loans to how long pay-in-four loans would cured credit card. This requires
Equifax. stay on your report, consumers the user to put down a cash de-
should err on the side of caution. posit, which the bank holds in the
Polish off ‘pay later’ “Folks who take out a lot of event that you don’t pay your bill,
loans now these could end up being viewed said Mr. Schulz. The issuer reports
If you have multiple concurrent somewhat negatively,” said Mr. your payments to the bureaus, and
buy-now-pay-later loans, it is a Schulz. you get your deposit back when
good time to pay them off if you Mr. Luber said Equifax will you upgrade to a regular card.
have the means, said Ms. Trent, and classify pay-in-four loans as either “It’s a way to get credit in your
limit them to no more than three at revolving credit lines or install- name, but also minimizing the risk
a time if you are concerned about ment loans on your report, but an- to everybody involved,” he said.
PAUL HENNESSY/ZUMA PRESS
Carnival Cruise Line now recommends but doesn’t require masks on board its ships.
Cruise for cruise ships, which in-
cludes the option to drop
mask requirements through-
tions and seaports.
Disney Cruise Line still re-
quires guests age 2 and
Operators out the ship if at least 95%
of both crew and passengers
older to wear face coverings
indoors except when in their
Ease Mask are fully vaccinated.
The Cruise Lines Interna-
tional Association said that
staterooms or actively eat-
ing or drinking. The cruise
line requires all eligible
Mandates lowering the threat level “is a
step in the right direction,”
guests 5 and older to be
fully vaccinated at the time
noting that almost all people of sailing.
BY ALLISON POHLE are vaccinated and that ships Carnival says that while
M
have medical, isolation and not broadly mandated,
ajor cruise lines in- quarantine facilities on site. masks may be required in
cluding Carnival and Cruise ships operating in certain venues and events.
Norwegian have U.S. waters reported 1,050 Under the CDC program,
started loosening onboard Covid-19 cases among pas- cruises can exempt unvacci-
mask rules. sengers and crew between nated children under 5 when
Carnival Cruise Line rec- Feb. 12 and 25, according to calculating the ship’s vacci-
ommends—but doesn’t re- CDC data. Between Dec. 15 nation rates.
quire—masks on board as of Norwegian previously re-
Tuesday. The same policy quired all cruise line guests
goes for Norwegian Cruise to be fully vaccinated, but
Line ships departing from
U.S. ports. Royal Caribbean
Cruises relaxed its mask re-
quirements for fully vacci-
1,050
Covid-19 cases on cruise ships
will allow unvaccinated chil-
dren under age 12. A spokes-
person said all guests who
are 12 and older and crew
nated guests in February. in U.S. waters Feb. 12-25 must be fully vaccinated.
They are optional for fully Guardians of unvaccinated
vaccinated guests. passengers under 12 need to
The Centers for Disease be aware of any travel re-
Control and Prevention low- and 29, there were 5,013 strictions in place at the vis-
ered the risk advisory for Covid cases among passen- iting destinations and be
cruises from a “very high” to gers and crew on ships. ready for additional tests at
“high” in February. The Masks are still required the time of sailing and dis-
agency now advises passen- during the embarkation and embarkation from a U.S.
gers to be up-to-date with debarkation process, as the port.
vaccinations before cruise federal mask mandate re- Booster shots are recom-
ship travel. Some cruise lines mains until at least March mended, but generally not
canceled or postponed sail- 18. Under the policy, face required. A Norwegian
ings as a result of the Omi- masks must be worn over spokesperson notes that
cron variant of Covid-19 in the mouth and nose by all many countries, especially in
January. travelers on airplanes, ships, Europe, now require booster
Many of the mask policies trains, subways, buses, taxis shots to visit if guests have
come after major cruise lines and ride-shares and inside been fully vaccinated more
opted into the CDC’s updated airports, bus or ferry termi- than a certain number of
voluntary Covid-19 program nals, train or subway sta- months.

THE WALL STREET JOURNAL.
ESTATE OF PABLO PICASSO/ARS, N.Y./THE PHILLIPS COLLECTION (2)
ART REVIEW
Brilliant From the Beginning
BY KAREN WILKIN
G
Washington
iven the countless exhi-
bitions and the vast lit-
erature dedicated to
Pablo Picasso
(1881-1973), is there
anything more to say?
“Picasso: Painting the Blue Period,”
at the Phillips Collection, affirms
that the answer is “yes.” Organized
by Kenneth Brummel, associate cu-
rator, Modern Art, at the Art Gal-
lery of Ontario, Toronto, and Susan
Behrends Frank, curator at the Phil-
lips, the show is a deep dive into
the heady years—1901-1904—when
the eager, barely fledged painter
first found his voice.
The exhibition is structured
around three works, the Phillips’s
“The Blue Room” (1901) and the
AGO’s “Crouching Beggarwoman”
(1902) and “The Soup” (1903), all
young paintings, full of near-ado-
lescent angst and intense feeling.
Together, they embody Picasso’s
main themes during this early pe-
riod—intimacy, compassion and
sympathy for the unfortunate, es-
pecially women—while also mak-
ing plain his ambition and his
awareness of art from many peri-
TELEVISION REVIEW | JOHN ANDERSON
Out for Blood at Theranos
E
lizabeth Holmes, who rode Sili-
con Valley’s “fake it till you
make it” ethos all the way to a
four-count felony conviction, isn’t in-
teresting because she’s a victim.
She’s interesting because, by every
indication, she’s a sociopath. And
yet, by the end of episode 1 of
Hulu’s dramatic series “The Drop-
out,” a viewer will be wondering if
the subject’s misbehavior is going to
be blamed on her chilly mother, her
feckless father, her own frigidity,
mean girls, a sexual assault at Stan-
ford, or the fact that she couldn’t
run as fast as the other kids in
grade school.
The eight-part series finally stops
imposing sympathy on the story in
episode 4, when Holmes (Amanda
Seyfried) becomes a fully paranoid
burner of bridges at Theranos, her
“disruptive” company that was built
on a blood-testing technology that
never actually worked. She shops it
anyway, to CVS, Safeway and ulti-
mately Walgreens, whose team of
older male executives—who should
be running for the hills—partner in-
stead with a woman willing to test
her unworkable process on terminal
cancer patients, spy on her employ-
ees and lie shamelessly in the face
of incontrovertible facts. “I don’t
feel things the way other people
feel things,” she tells her age-inap-
propriate boyfriend and alleged ac-
complice, Sunny Balwani (a won-
drously vile Naveen Andrews). That
much is clear.
ARTS IN REVIEW
ods. The histories of the trio, their
place within Picasso’s evolution,
and the world in which they were
created are brought to life by a
stellar selection of his drawings,
canvases and sculptures that in-
cludes rarely seen examples from
collections world-wide. Compara-
What’s not is how Holmes se-
duced so many people, from her
Stanford professor and future Thera-
nos board member Channing Robert-
son (Bill Irwin) to George P. Shultz
(Sam Waterston). Bill Clinton, Henry
Kissinger and David Boies were also
among her acolytes, and the question
one hopes will be explored and/or an-
swered by “The Dropout” is why. Ms.
Seyfried, who was Oscar-nominated
for “Mank” last year, is just as revela-
tory here, but strictly as an actress,
not as a window into the phenome-
non of Holmes. The portrayal is ab-
sorbing, committed and morbidly fas-
cinating—one of the more memorable
aspects of the Holmes persona was
her unnaturally deep voice, which
seemed intended to enthrall and
probably did. A conceit of “The Drop-
out” is the Holmes character’s delib-
erately cultivating her near-baritone
and Ms. Seyfried’s gradual Jekyll-and-
Hyde-ish adoption of Holmesian facial
gestures. (The way the actress con-
torts her mouth is nothing short of
heroic.) But at the same time, there
are aspects to the Holmes allure, so
to speak, that seem beyond the
scope of acting, writing or directing.
(The show’s creator is Elizabeth
Meriwether, who based it on the pod-
cast of the same name by Taylor
Dunn, Rebecca Jarvis and Victoria
Thompson. Worth seeking out for
hard facts is Alex Gibney’s “The In-
ventor: Out for Blood in Silicon Val-
ley.”)
That Holmes was the youngest
tive works, documentary materials
and multimedia accounts of the
revelations of recent technical
analysis of the three central paint-
ings enrich the story. And the cat-
alog is a good read, informative
and intelligently organized.
We meet the 19-year-old Pi-
self-made female tech billionaire—
and a Stanford dropout besides—
was not something anyone wanted
to deflate with facts, not the inves-
tors and not the media. Still, what
Amanda Seyfried as Elizabeth Holmes in ‘The Dropout’
ineffable magic the woman pos-
sessed is beyond explanation, as far
as the show is concerned. “She’s
pretty and blond,” sputters Holmes
antagonist Richard Fuisz (William H.
Macy), and he seems to be on to
something—she humiliated a lot of
older men who should have known
better. But how she actually did it
Wednesday, March 2, 2022 | A17
casso in 1900, already connected
with the Barcelona vanguard at
the café Els Quatre Gats, having
abandoned formal art studies and
beginning to exhibit in Spain. On
his first sojourn in Paris, working
in a borrowed Montmartre studio
from September through Decem-
ber that year, his scenes of louche
Parisian café life (and the occa-
sional Spanish subject) won him a
contract with a Catalan expatriate
who promoted Spanish art to col-
lectors and dealers. Back in Paris
in late May 1901, Picasso’s meeting
with the prestigious gallerist Am-
broise Vollard resulted in plans for
an exhibition in late June and a
month of feverish effort, as the
still teenage painter rushed to pro-
duce new works for the show.
Eight of these are on view—ur-
gent, vibrantly colored—a salable,
self-promoting miscellany: bou-
quets; café scenes; a brushy head
of an extravagantly hatted woman;
splayed, titillating nudes. There’s
one tough outlier, “Nude With
Cats” (1901), a tightly folded girl
on a bed, with three black felines.
Beside this small, fierce painting,
Auguste Rodin’s “Crouching
Woman” (1880-82) reveals the
source of the odd, compressed
gets sidestepped. A character like
Walgreens’ Jay Rosan (Alan Ruck),
for instance, is wooed by Holmes,
looks very skeptical, and yet “a few
months later” he’s lobbying on her
behalf with the devotion of a reli-
gious convert. His dubious col-
leagues include his boss, Wade Mi-
quelon (Josh Pais), who is less
confident in Theranos than he is
fearful of being left behind by up-
HULU
start startups. But regardless of
their motives, few of these alleged
authority figures (episode 4 is titled
“Old White Men”) comes off looking
very sage. (Only seven of the eight
episodes were available for review.)
Whether Holmes was an enchant-
ress remains mysterious, though she
certainly represents the kind of mil-
.
Pablo Picasso’s ‘The Blue Room’
(1901), left, and ‘The Soup’ (1903),
below, both included in the show
pose, telling us what Picasso was
looking at and responding to.
Such illuminating comparisons
recur throughout, scrupulously
documented as works the artist
saw either in exhibitions or repro-
ductions. In “The Blue Room”
(painted after the Vollard show), a
nude in a shallow tub bends to
bathe, Henri de Toulouse-Lautrec’s
poster of the cabaret dancer May
Milton represented on the wall be-
hind her. The poster is on exhibit,
but more tellingly so is Rodin’s
marble “Eve” (c. 1881), whose
folded arms and bowed head
clearly inform Picasso’s bather. So
does the bent back of a nude dry-
ing herself in a lithograph by Ed-
gar Degas. Picasso’s study for “The
Blue Room” bather, isolated
against a deep Prussian blue ex-
panse, provides another clue to
the painting’s development and
points ahead to the introspective,
near monochrome images at the
heart of the exhibit—known as the
Blue Period.
The women in these moody
paintings no longer present them-
selves for male delectation. Clothed
and self-contained, they are oblivi-
ous of being observed. We see only
the boulder-like, “carved” backs of
“Two Women at a Bar” (1902),
painted after Picasso returned from
Paris to a strike-torn, violent Barce-
lona. (He would shuttle between the
two cities before settling in Paris in
1904.) The enveloping cloak of
AGO’s “Crouching Beggarwoman”
forms a similarly sculptural mass,
with deep shadows punctuating the
somber blues, browns and grays.
It is thought that Picasso’s hav-
ing access to a women’s prison-
hospital in Paris, through a physi-
cian friend, provoked these images
of despairing women, often shown
with children. The misery of street
people and the impoverished strik-
ers in Barcelona also infiltrated his
imagery. Images of hunger and ne-
glect persist, along with glimpses
of charity. Witness “The Soup,” a
tender scene of a mother feeding a
child. But equally persistent is Pi-
casso’s constant testing of the im-
plications of other works of art.
Through side-by-side comparisons
with significant examples by El
Greco, Honoré Daumier, Puvis de
Chavannes, Rodin, Degas and
more, we are made privy to what
Picasso wished to absorb, emulate,
challenge, reject or rival. It’s like
watching the preternaturally gifted
young man think, as he discovered
and invented himself.
A coda of paintings and sculp-
tures from 1904-1906—mostly sen-
suous, firmly articulated nudes
made in the Pyrenees town of Go-
sol—signals a change in mood. The
brooding darkness of the Blue Pe-
riod gives way to the seductive
warmth of the Rose Period, with
its shifts between delicacy and
hardened form. We learn a lot. Try
not to miss “Picasso: Painting the
Blue Period.”
Picasso: Painting the Blue Period
The Phillips Collection, through
June 12
Ms. Wilkin is an independent cura-
tor and critic.
lennial con artistry that’s in vogue
right now. No one is a greater mas-
seuse of the truth than upmarket
hoaxer Anna Delvey in “Inventing
Anna” (Netflix). And while the Travis
Kalanick character in “Super Pumped:
The Battle for Uber” (Showtime) is
no Elizabeth Holmes—he’s selling an
actual idea from a real company—he’s
also scamming his way through life.
What the fraudsters also share is a
counterfeit benevolence: Everyone is
doing what they’re doing—and steal-
ing what they’re stealing—for the
benefit of mankind. It’s what helped
Holmes get over on people like
Shultz.
There’s a super team of support-
ing actors in “The Dropout,” includ-
ing the great Laurie Metcalf as
Holmes-doubter Phyllis Gardner, and
the endearing Stephen Fry, whose
genial, opera-loving Ian Gibbons,
head chemist at Theranos, is a prin-
cipal player in the company melo-
drama but too nice a guy to suspect
the obvious. (Other decent people at
Theranos, and there aren’t many, in-
clude the scientists Edmond and
Rakesh, given memorable portrayals
by James Hiroyuki Liao and Utkarsh
Ambudkar). Kate Burton is Ian’s
wife, and late in the series she, Mr.
Macy and Ms. Metcalf create the
kind of scene one imagines must
have been a hoot for them as their
characters collect facts for Wall
Street Journal reporter John Carrey-
rou (Ebon Moss-Bachrach) and plot
to “burn Theranos to the ground.” At
that point, Holmes and company al-
ready are self-immolating. But view-
ers will be cheering the arsonists on.
The Dropout
Begins Thursday, Hulu
 .

A18 | Wednesday, March 2, 2022 * *** THE WALL STREET JOURNAL.

SPORTS
are entering the game and produc-
ing at high levels,” said New York
Mets pitcher Max Scherzer, one of
eight players on the union’s execu-
tive subcommittee. “We still feel
there’s dollars to be allocated to-
ward them that would fairly com-
pensate their contributions on the
field more so than what’s at the ta-
ble at this point.”
The events of Tuesday were the
culmination of a long process that
began not long after the ratification
of the previous CBA. It quickly be-
came evident that the 2016 deal fa-
vored the owners, and the average
player salary decreased throughout
its term.
Middle-class free agents felt
squeezed as teams began treating
the luxury tax more and more like a
line never to cross. The rebuilding
strategy known as “tanking” swept
across the league, further hamper-
ing demand for some players.
Meanwhile, team valuations and
league revenues soared.
Mr. Manfred pointed out that the
players’ dissatisfaction was with a
deal they agreed to.
Nonetheless, their anger led to
the relationship between the league
and union sinking to its lowest
point in more than a quarter-cen-
tury, with players gearing up for a
clash years before this
Baffert Seeks
To Overturn
Churchill Ban
BY JIM CHAIRUSMI
TRAINER BOB BAFFERT SUED
Churchill Downs Inc., the com-
pany’s chief executive and its
chairman, alleging that the race-
track didn’t have the legal author-
ity to issue a two-year ban after
the Baffert-trained Medina Spirit
failed a drug test following last
year’s Kentucky Derby.
Kentucky racing officials last
week disqualified Medina Spirit as
the winner of the 2021 Kentucky
Derby, after the colt tested posi-
tive for betamethasone, a corticos-
teroid, in post-race testing. Regu-
lations in Kentucky don’t allow
betamethasone in a horse’s system
on race day. The board also or-
dered a 90-day suspension for Baf-
fert and fined him $7,500. Baffert
is appealing that decision to a
Kentucky state court.
The lawsuit, filed on Tuesday in
federal court in the Western Dis-
trict of Kentucky, says that
Churchill Downs, chief executive

Baseball’s lockout.
“We’ve seen this com-
ing,” said pitcher Andrew
Bill Carstanjen and chairman Alex
Rankin rushed to judgment and
deprived Baffert of his right to due

Opening Day Miller, another executive

subcommittee member.
“It’s unfortunate, but this
process by preventing Baffert and
his horses from racing at any
Churchill Downs-owned track for

Is Delayed isn’t new to us. This is not

shocking.”
One person with a lot
two years.
“[Churchill Downs] was acting
like a regulatory agency without
at stake is Mr. Manfred, having the due process estab-
Continued from Page One baseball’s commissioner lished,” said Baffert’s attorney,
pressure tactic and insisted they since 2015. He sees him- Clark Brewster. “They’ve gone
wouldn’t meet it if it meant con- self as a dealmaker, a la- down this pathway of accusation
senting to what they believed to be bor lawyer who helped and condemnation and they can’t
a bad offer. deliver four previous retreat from it when they realized
The union has also suggested CBAs without a work they are wrong,” Brewster said.
that if the league tries to dock stoppage. Now his legacy Baffert, 69, is also seeking a
player pay, it would take off the ta- is quickly becoming de- preliminary injunction to allow his
ble what the owners want most: an fined not by the Houston horses to earn qualifying points
expanded playoff format worth tens Astros’ cheating scandal, for this year’s Derby and recognize
of millions of dollars in additional Covid-19 or unending con- any points that his horses have al-
annual revenues. troversies about the com- ready earned. This year’s race is
MLB games haven’t been affected position of the baseball— scheduled for May 7.
by a work stoppage since the strike MLB commissioner Rob Manfred said ’I want to assure our fans that our but by games not being A spokesman for Churchill
of 1994 that resulted in the cancel- failure to reach an agreement was not due to a lack of effort by either party.’ played on his watch. Downs Inc. said in an emailed
lation of the World Series. Follow- That will become especially true statement, “The lawsuit filed by
ing that dispute, attendance didn’t there’s a little wiggle room.” Monday, frustrating players. the longer the lockout drags on. Mr. Bob Baffert is disappointing but
return to its previous levels for The parties remain apart in sev- The other two issues involve Manfred intimated it was the certainly not surprising. His claims
FROM TOP: GREG LOVETT/THE PALM BEACH POST/ASSOCIATED PRESS; JOHN RAOUX/ASSOCIATED PRESS

more than a decade. Mr. Manfred eral key areas that the players have mechanisms designed to promote union’s turn to offer a proposal. Mr. are meritless and consistent with
said last month that postponing identified as their top priorities. compensation for young players, an Meyer responded that the league his pattern of failed drug tests, de-
opening day would be “a disastrous Chief among them is the competi- increasingly crucial part of rosters used the words “best and final” on nials, excuses and attempts to
outcome for this industry.” tive balance tax, which penalizes who are paid relatively little. The Tuesday, implying that there was no blame others and identify loop-
Now baseball is facing just that, teams for spending over certain union asked for the minimum salary reason to counter. holes in order to avoid taking re-
an outcome that threatens to antag- limits and has been used by some to grow from $570,500 to $725,000 It creates the impression that sponsibility for his actions. These
onize fans of a sport that has strug- in 2022, with set annual raises after this could go on for a while–and the actions have harmed the reputa-
gled in recent years to maintain its that. The league is at $700,000, players say they are ready to hold tions of the Kentucky Derby,
position in a crowded entertain- ending at $740,000 in 2026. out as long as necessary. Churchill Downs and the entire
ment landscape. Attendance and
Rob Manfred said last Players want $85 million put into “We’re prepared,” Mr. Miller Thoroughbred racing industry.”
television ratings have decreased in month that postponing a performance-based bonus pool for said. “Our communication, our will-
recent years, with the younger de- players who don’t yet qualify for ingness to see each other’s point of
mographic, especially, not embrac-
opening day would be ‘a salary arbitration with $5 million views and to find solutions and to
ing longer, slower games and less disastrous outcome.’ increases each year, while the fight for what’s right is like nothing
action on the field. league has pitched $30 million. like I’ve seen before.”
The owners presented what they MLB’s proposal also featured the On Monday, the players rallied
JEFF ROBERSON/ASSOCIATED PRESS

described as their best offer Tues- designated hitter in the National around the announcement that Hall
day, though Mr. Manfred later clari- as a de facto salary cap. League, a 12-team postseason field of Famer Derek Jeter had stepped
fied that he didn’t mean that in a The players are seeking that instead of 10 and a draft lottery for down as chief executive of the Mi-
legal sense. Though he called the threshold to be raised to $238 mil- the first five picks. ami Marlins, saying: “The vision for
negotiations “deadlocked,” he said lion from $210 million and climb to Player leaders quickly rejected the future of the franchise is differ-
the sides are not at an impasse. $263 million over the life of the the league’s proposal, and the ent than the one I signed up to
“Take it or leave it in a negotia- five-year deal. Management offered union’s bargaining unit in Florida lead.” Players interpreted his state-
tion is not something that I think is $220 million, topping out at $230 led by attorney Bruce Meyer said it ment as one of their own leaving
usually productive,” Mr. Manfred million. MLB’s tax numbers were was going home. management and returning to their
said. “I think always at the end unchanged from its last proposal on “Young players more than ever side. Bob Baffert sued Churchill Downs.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

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THE WALL STREET JOURNAL.
The Putin Endgame
Modern sig-
nals moni-
toring means
U.S. spooks
can hardly
store all the
information
BUSINESS
they collect.
WORLD
So when Sen.
By Holman W.
Marco Rubio
Jenkins, Jr.
tweeted this
week about
intelligence he can’t describe
that shed doubt on Vladimir
Putin’s mental state, he may
not have been referring to the
work of CIA profilers but what
Mr. Putin’s colleagues are say-
ing in their undoubtedly copi-
ous exchanges.
Mr. Rubio has become our
designated declassifier. He
was the vehicle for a fleeting
and obviously purposeful air-
ing of Mr. Putin’s dirtiest,
most secret laundry (to which
I will return at the end) dur-
ing a 2017 confirmation hear-
ing with Rex Tillerson.
I’ve been wondering for
weeks now how Mr. Putin can
survive his Ukraine gambit.
His basic bet failed a month
ago, when Volodymyr Zel-
ensky, Joe Biden and Olaf
Scholz refused to concede
Ukraine’s independence to ap-
pease the Russian dictator.
That ended any chance of an
outcome that actually
strengthens him.
A military victory in
Ukraine now will be indistin-
guishable from defeat. If Mr.
Putin is sentient, he will look
for ways to limit the costs of
his miscalculation, which I
doubt the U.S and its allies
will afford him. He will have
Scholz and Biden Stand Tall Against Russia
This has been
quite a week.
The Russian
invasion of
U k r a i n e
ended the
POLITICS p o s t - C o l d
War era and
& IDEAS
silenced the
By William
endless chat-
A. Galston
ter that the
North Atlantic
Treaty Organization is obso-
lete. And for Germany, World
War II is finally over.
The changes in German
policy have come with breath-
taking speed. Better known
for caution than daring, Chan-
cellor Olaf Scholz halted Nord
Stream 2 (probably for good),
ended Germany’s ban on
weapons exports to Ukraine,
accepted financial sanctions
on Russia—including the re-
moval of some Russian banks
from the Swift system and a
ban on transactions with Rus-
sia’s central bank—and autho-
rized the construction of two
new liquefied-natural-gas ter-
minals to reduce his country’s
dependence on Russian en-
ergy permanently. Germany
also supported the European
Union’s unprecedented deci-
sion to finance the purchase
of weapons for Ukraine.
Most important, Mr. Scholz
has begun rearming Germany.
In a speech Sunday to a spe-
cial session of Parliament, he
declared that the invasion of
Ukraine “marks an historic
turning point in the history of
our continent.” The question,
he said, is “whether we allow
Putin to turn back the hands
of time to the days of the
great powers of the 19th cen-
tury, or whether we find it in
A Warning About Khrushchev
By Bob Greene
T
he voice, from more
than 60 years ago, was
remarkably clear and,
to my ears, instantly recog-
nizable. “I’m very happy to
welcome you boys and girls
to the first assembly of the
1960-61 school year,” said
Floyd V. Stolzenburg, princi-
pal of Cassingham Elemen-
tary School in Bexley, Ohio.
A buddy of mine from
those days had found the old
reel-to-reel tape in a box. As
a child he had been a mem-
ber of the school’s audiovi-
sual club and a volunteer
projectionist for the noon
movies (“Our Friend, the
Atom”) in the auditorium. In
autumn 1960 he had lugged
his bulky Wollensak tape ma-
chine to that auditorium to
record Floyd Stolzenburg’s
speech.
As I listened the other day,
I was startled to hear the
principal’s reedy, friendly
OPINION
to slaughter his way to Kyiv
and Western public opinion
will make sure economic sanc-
tions are a one-way ratchet.
Ukrainians will fight on and
suffer more, with the consola-
tion that a great nation is be-
ing born. (Meanwhile, if you
thought China, which could
have prevented all this, was
ready for global responsibility,
you’re over that now.)
Mr. Putin’s retreat into so-
lipsism didn’t begin with
Covid but the Arab Spring,
which he saw as harbinger of
his own ending. He saw every-
one around him as a potential
enemy and the feeling became
mutual. When he showed a
video of Russian helicopters
battling militants in Syria to a
visiting Oliver Stone, it was
video of U.S. helicopters lifted
from YouTube. I doubt his
aides informed him of the, um,
embarrassment.
But he knows one thing:
This day was coming. He
planned for it. Like his role
model, he exploited the Olym-
pics for their internationalist
sheen, then launched a discor-
dant drumbeat about how Rus-
sia is surrounded by enemies.
Like his role model, his mil-
itary spendfest in the 2010s
wasn’t for signaling purposes
but to implement a deliberate
plan for staying in power.
His speech last week was
redolent of Hitler gambler
phrases: No choice. No option.
“We could not act otherwise.”
Hitler, before his Poland
invasion, said: “It is easy for
us to make decisions. We
have nothing to lose. . . . Our
economic situation is such
ourselves to set limits on a
warmonger like Putin.”
Since the fall of the Berlin
Wall, Germany has allowed its
armed force to wither from
nearly half a million person-
nel to only 180,000 while
slashing its battle-tank force
from 5,000 to 300. For the
past three decades, the coun-
try has relied on international
law and institutions, bolstered
by trade and economic inte-
gration, to maintain the peace
of Europe. The invasion of
Ukraine has shattered the illu-
sion that this approach would
suffice.
“We have to ask ourselves:
What capacities does Putin’s
Russia have?” Mr. Scholz told
Parliament. “And which ca-
pacities do we need to coun-
ter his threats? It’s clear that
we will need to invest a lot
more in the security of our
country to defend our free-
dom and our democracy.”
With apparent approval
across party lines, he called
for an emergency appropria-
tion of $112 billion—about
double Germany’s annual de-
fense budget—along with a
permanent annual increase in
the defense budget to 2% of
his country’s gross domestic
product.
Many other German leaders
have endorsed this shift, often
in blunt and personal terms.
Erich Vad, who served as mili-
tary adviser to former Chan-
cellor Angela Merkel, ex-
pressed humiliation that “our
army is a laughingstock and
[Russia’s] is menacing the
world.” The chief of the Ger-
man army admitted that “the
armed forces that I lead are
more or less powerless.” Ger-
voice say something I hadn’t
anticipated. After noting the
student council elections that
were coming up, he said, “Mr.
Khrushchev, who I’m sure you
know, is in New York City at
the present time . . .”
Nikita Khrushchev, the So-
viet premier, was as ominous
and widely distrusted a fig-
ure in the U.S. in 1960 as
My school principal in
1960 called the Soviet
Union a ‘slave nation.’
Vladimir Putin is today. Four
years earlier he had issued a
threat to Western nations:
“We will bury you.”
Stolzenburg told all of us
children in the auditorium
that in New York Khrushchev
“was asked what percentage
of the people voted for him
in the last election. He said it
was 99.86%.”
that we can only hold out for
a few more years.”
Choices always exist, just
not for a Hitler or Putin. They
need to drag the world into
disaster to secure their own
positions.
Mr. Putin’s isolation and
miscalculation make him dan-
gerous but they also make him
vulnerable. Seventeen years
ago, I wrote the West didn’t
realize Mr. Putin “fancied him-
self a conqueror, an empire
builder, a man of destiny,” like
another figure in the news at
the time—Saddam Hussein.
His regime is
destroying itself over
a fictional threat of
NATO aggression.
The two men’s paths were
oddly similar, and anybody
who saw Mr. Putin’s televised
bullying of aides last week
might have thought of Sad-
dam’s televised Baath Party
purge before the Iran war.
Except with a difference:
Saddam’s untrusted associates
were dragged off to his dun-
geons to be tortured and exe-
cuted. Mr. Putin, after his
bitchy treatment, had to let
his march out of the room
with one more reason to relish
his eventual comeuppance.
These cronies have a
chance to earn their billions.
They aren’t fools. Would any
of this be happening if not
for Vladimir Putin? Would it
continue one second longer if
many’s former Defense Minis-
ter Annegret Kramp-Karren-
bauer wrote, “I’m so angry at
ourselves for our historical
failure.” Despite multiple Rus-
sian attacks on its neighbors,
she says, “we have not pre-
pared anything that would
have really deterred Putin.”
Russia’s invasion of
Ukraine has had the same ef-
fect on Germans that Ger-
many’s invasion of Poland did
As Germany begins its
rearmament, the U.S.
must continue to help
Ukraine’s resistance.
on Brits in 1939, and the joint
Russian-Chinese declaration
at the beginning of February
may turn out to be this cen-
tury’s Molotov-Ribbentrop
pact.
Mr. Scholz has risen to the
occasion. Now it is President
Biden’s turn.
Long before he became
president, he depicted Amer-
ica’s global challenge as a
struggle between democracy
and autocracy. Nothing illus-
trates this better than
Ukraine’s brave struggle to re-
main independent and free.
The U.S. can’t actively fight
for them, but it is Mr. Biden’s
responsibility, working with
Congress, to make sure the
U.S. gives Ukrainians what
they need to defend them-
selves.
For months his administra-
tion has worked with Euro-
pean allies to coordinate a re-
sponse to the Russian threat,
This week I checked some
old clippings, and Stolzen-
burg was very close. United
Press International reported
that Khrushchev, speaking
from the balcony of a build-
ing on Park Avenue while in
Manhattan for a meeting of
the United Nations General
Assembly, had boasted that
“there is no more democratic
system than ours.” How many
votes had he received in the
most recent election?
“99.9%.”
So Floyd Stolzenburg, who
lived with his family on Elm
Avenue across from the
school’s baseball field and
was the public-address an-
nouncer for Friday-night
football games, explained to
us why he was discussing the
Soviet leader:
“In other words, less than
1% of the people dared to ex-
press any dissatisfaction with
Mr. Khrushchev. This is a
slave nation.”
His tone was gentle, his
Vladimir Putin were not
around? Do they really want
Russia in harm’s way as Mr.
Putin continues his desper-
ate, flailing campaign, now
with nuclear threats, to save
himself from his Ukraine
blunders?
Events can be momentous
without meriting grandilo-
quent description. There can’t
be a new cold war because the
Russia of today can’t sustain a
cold war. It’s not the U.S.S.R.
Economically, it’s not even
Spain. Operative all along
hasn’t been Russia’s historical
and geographic imperatives,
but the grotty nature of the
current regime. A kleptocracy
is reaching its natural ending.
It couldn’t create a stable
governance model any more
than the one-man 1970s Afri-
can dictatorships it resem-
bles. Mr. Putin’s geopolitical
posturing is absurd. His re-
gime is destroying itself over
an entirely fictional threat of
NATO aggression from
Ukraine.
The sanction that might
help Kremlin decision makers
come to the right decision to-
day is the truth. Open the
CIA’s files about his regime’s
murders and thefts and bi-
zarre corruption. Open the
files about Ryazan. That’s the
city where a spate of murder-
ous apartment-block bomb-
ings by Chechen terrorists
came to an end in 1999. They
stopped after then-presiden-
tial candidate Putin’s own in-
telligence agents were caught
unloading sacks of explosive
into the basement of a large
apartment complex.
and these efforts have borne
fruit. The sanctions against
Russia will deliver a hard
blow to its economy, and the
European Union’s decision to
fund and deliver weapons to
Ukraine is unprecedented.
NATO is united and more nec-
essary than ever.
While the defense of de-
mocracy in Europe is crucial,
we face critical challenges in
Asia as well. We can’t choose
one region over the other. Mr.
Biden must persuade Con-
gress and the American peo-
ple that our vital interests are
at stake in both and must be
protected. The rise of China is
threatening American’s econ-
omy as well as the security of
its friends in the Indo-Pacific
region. The U.S. must respond
by investing more in key tech-
nologies, strengthening its al-
liances in the region, and en-
suring that the U.S. and its
allies gather the armed forces
needed to deter Xi Jinping
from doing to Taiwan what
Vladimir Putin is doing to
Ukraine.
As always, freedom isn’t
free. In the short term, the
conflict in Ukraine may mean
higher fuel prices. In the lon-
ger term, it may require a
larger military budget. It is
Mr. Biden’s job to prepare the
American people for whatever
sacrifices lie ahead. But what-
ever hardships we may en-
dure, they will not approach
the sacrifices that the defend-
ers of Ukraine are making ev-
ery hour. Their bravery should
inspire all of us to set aside
our differences and unite
around a strategy that pro-
tects our interests and re-
flects our principles.
message emphatic: “Within the
next month your parents will
be privileged to vote in a na-
tional, a state and a local elec-
tion, deciding how they will be
governed. I believe that no na-
tion in which the people serve
the government can be consid-
ered a great nation. Only a na-
tion in which the government
serves the people can be a
great nation.”
He said that, in this com-
munity in the American Mid-
west, “Your parents will have
an opportunity to vote as
their conscience, and as their
intellect, dictates to them.”
He asked us to think about
what that meant. He said we
should always remember that
“yours indeed is a great
land,” and on that tape from
long ago the sounds of the
assembly went on.
Mr. Greene’s books include
“And You Know You Should
Be Glad: A True Story of Life-
long Friendship.”
.
Wednesday, March 2, 2022 | A19
BOOKSHELF | By Hugo Restall
Strokes
Of Genius
Kingdom of Characters
By Jing Tsu
(Riverhead, 314 pages, $28)
T
he proliferation of Mandarin immersion schools across
the U.S. suggests that a growing number of American
parents believe the Chinese language, including its
writing system, will prepare their children for academic
success. China’s primary- and secondary-school students
regularly top global rankings in math and science, even as
the study of Confucian classics enjoys a resurgence. Perhaps
Chinese characters are the key to the country’s ability to
churn out talented professionals?
If the central figures of Jing Tsu’s “Kingdom of
Characters: The Language Revolution That Made China
Modern” were alive to see this, they would marvel at how
history has reversed itself. For more than a century, language
reformers and innovators struggled with the challenge of
meshing Chinese characters with the Western world.
Ms. Tsu, a professor of East Asian languages and
literatures at Yale University, describes how intellectuals
believed that the Chinese language was a major reason for
the country’s backwardness.
As China was being carved up
into spheres of influence by
colonial powers during the 19th
century, the West’s dominance
seemed to show that alphabet-
based scripts were a better fit
for the scientific and industrial
revolutions then under way.
Some influential figures, such as
the left-wing writer Lu Xun,
argued that Chinese characters
should be scrapped to save the
nation.
There are several reasons why
China ultimately held on to its
characters. Most important, the
prevalence of homophones in the Chinese language means
that a phonetic script would lead to endless misunder-
standings. Ms. Tsu reprints a 92-character parable by the
linguist Zhao Yuanren about a gentleman who tries to eat 10
stone lions. Every character is pronounced “shi,” making a
phonetic rendering unintelligible. It’s an extreme case, but
the point is certainly valid.
So how could China make its characters fit into a world
dominated by alphabetic languages? The book opens with
the story of Wang Zhao, a former Qing dynasty official who
sneaked back into the country from exile to publish in 1903
the first homegrown phonetic script. Wang’s “Mandarin
Combined Tone Alphabet,” a set of 62 symbols borrowed
from Japanese and Manchu, was quickly superseded by
another bespoke system. But Wang’s alphabet did play a
transitional role in education reforms that promoted
literacy. After the collapse of the Qing and the founding of
a nationalist republic in 1912, Wang continued to champion
the Beijing dialect used by imperial officials as the standard
form of the language. That gave us today’s Mandarin, known
in the People’s Republic as putonghua, or “common speech.”
Many problems persisted in the years before the advent
of powerful computers. The complicated tables for encoding
characters into numbers for telegrams meant that Chinese
messages were slower to arrive and more expensive to send.
Chinese typewriters were cumbersome and difficult to use.
New systems to index knowledge along the lines of alpha-
betical order were hard to learn.
Many believe Mandarin to be a language of
the future, but it was once considered a
stumbling block to Chinese modernization.
The most successful innovations were spearheaded by the
Communists after their 1949 victory as Mao Zedong sought
new means to indoctrinate the “poor and blank” peasantry.
Mao appointed a committee of 12 language reformers that
first simplified more than 2,200 commonly used Chinese
characters. In more than 80% of cases, they adopted
shorthands already in common use in handwriting and
calligraphy. Once these shorthands were officially recognized
as the official forms, learning to read and write became
easier and printing clearer.
The committee then turned to a new system of
romanization, known today as pinyin. It was based on
Latin New Script, devised in Soviet Russia in 1929 to
spread communist propaganda to illiterate Chinese.
Pinyin also helped Chinese students learn to read and
speak standard Mandarin. It had the additional benefit of
helping foreigners understand the real sounds—hence
“Peking” gave way to “Beijing.”
China may have been first to use movable-type printing
1,000 years ago, but its typesetters were left far behind by
the invention of the linotype machine in the 1880s. By the
mid-1970s, developed countries had moved on to photo-
mechanical typesetting, while Chinese printers were still
composing type using outdated methods. So the Communist
Party launched a push to design a homegrown computer
system for typesetting Chinese. Again the motivation was
to deliver more propaganda faster. Smartphones now offer
many ways to input and transmit the Chinese language,
making the use of characters virtually as fast and easy as
alphabetic languages.
Today the world is suddenly interested in learning about
China’s language and culture. One downside is that this
shift, along with China’s explosive economic development,
has flipped an inferiority complex into triumphalism. The
propaganda motive behind China’s most successful language
innovations should also give observers pause. The use of
Chinese is exploding on the internet, but the renaissance is
corralled behind the Great Firewall, a layered system of
censorship that keeps out inconvenient truths and dissenting
opinions.
China has now come full circle. As in imperial times, an
authoritarian regime maintains its grip on power by
controlling how language is used. It has even assimilated
the Confucian classics into its arsenal. Confucius Institutes,
funded by Beijing and proliferating within U.S. schools and
universities, offer Chinese-language studies and help spread
Communist propaganda abroad.
Ms. Tsu largely steers clear of politics in her book. And
she doesn’t break enough new ground to attract readers
familiar with China’s modern history. Nevertheless, this is
an enjoyable light read and may be useful for parents
sending their children to learn Mandarin. If nothing else, it
will give them an appreciation of the complexity and beauty
of the language.
Mr. Restall is a former editor of The Wall Street Journal
Asia’s editorial page.
 .

A20 | Wednesday, March 2, 2022 * **** THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Biden Misses the Moment On the Sidelines as Ukraine Fights for Its Life

P
resident Biden is no Olaf Scholz. The new What we also didn’t hear was a vow that Russia What happens in Ukraine is a mat- It isn’t too late for Kyiv to put per-
Chancellor upended decades of center- will not be allowed to conquer and hold Ukraine. ter of freedom, life and death for the manent Ukrainian neutrality on the
courageous resisters to Vladimir Pu- agenda. The alternative is too dire to
left German defense and energy policy There was no warning to Mr. Putin not to launch
tin’s invasion (“Ukraine Leads the accept. Ukraine’s future, territorial in-
this week after Vladimir Putin missiles into residential neigh- World,” Review & Outlook, Feb. 28). It tegrity and many innocent lives hang
invaded Ukraine, and Mr. Biden Nice words for Ukraine, borhoods or surround and also matters to the fate of political in the balance.
had a similar opportunity in but no domestic or starve cities into submission like freedom in the world. Ukraine is the ISTVAN DOBOZI
his State of the Union address a medieval siege. This was not Gettysburg of our time. Read Lincoln’s Sarasota, Fla.
Tuesday. He missed the mo- defense policy reset. Harry Truman at the dawn of immortal words: Gettysburg was not
ment. The President remained the Cold War calling the world only about us, but also about our obli- Russia’s invasion has the look and
on the same policy course of to meet a new danger. gation to promote freedom in the feel of Stalin’s attack on Finland. When
his first year, albeit dressed up in new anti-infla- On his domestic agenda, Mr. Biden acknowl- world in a thoughtful yet committed the Soviets invaded in November 1939,
tion packaging. edged inflation, as he had to given the polls. But manner. Gettysburg is also a symbol they exuded confidence, believing vic-
More defense spending to meet the threats he blamed rising prices on the pandemic and of the sacrifice this can require. I have tory would be quick. That didn’t hap-
read about the “rapture” that Ukraine pen. The Finns fought back fiercely,
from autocrats? No. A new appreciation for the greedy businesses, and his solutions are to un-
resisters share in risking their lives stopping Soviet invaders in their
contribution of fossil fuels to American and Eu- leash prosecutors and antitrust cops, and to together to protect their freedom. The tracks. But Stalin could not afford to
ropean security? Not a word. A note that govern- spend even more money on social welfare and flame is alive in them. Is it with us? lose—Soviet military invincibility was
ment spending contributed to the highest infla- entitlements. His most other-worldly line was EM. PROF. DONALD A. DOWNS at stake and the world was watching.
tion in 40 years? Nope. A word of praise for the that his program would “cut energy costs for University of Wisconsin-Madison The Red Army halted, reorganized and
private Pharma innovation that developed Covid families an average of $500 a year by combating smashed the main Finnish defense for-
therapies and vaccines? He proposed govern- climate change.” In “Zelensky Challenges the West” tifications in a costly final offensive.
ment price controls instead. The entire point of his climate agenda is to (op-ed, Feb. 24), Joe Lieberman pro- Only then did the overwhelmed Finns
Mr. Biden did offer stirring support for raise the price of energy for Americans by reduc- poses to “accelerate Ukraine’s applica- agree to Russian terms.
Ukraine and its fight for freedom, which received ing the supply and increasing the cost of coal, tion for membership in the European Mr. Putin follows in Stalin’s foot-
Union” and have it join NATO. This steps. The aura of Russian military in-
bipartisan applause. His Administration de- oil and natural gas. His regulators are working
would likely lead to a military con- vincibility is at stake; he has to double
serves credit for helping to rally Europe and to do that every day in every way. It was as if the frontation between Russia and the U.S. down. As infantry and armored col-
other nations to impose sanctions and provide horror of the last week, which exposed the folly As Henry Kissinger wrote in 2014: umns close in on Kyiv; as NATO and
more military aid. He was properly condemning of Europe’s dependence on Russian oil and gas, “The West must understand that, to the West cheer but only watch from
of Mr. Putin. had never happened. The climate left still has a Russia, Ukraine can never be just a the sidelines, maybe brave Ukrainians
But his self-congratulation ignored the failure choke hold on this Presidency. foreign country.” For Ukraine, he advo- can do to the Russians what they did
to deter the Russian autocrat. “We were ready” An anxious world is looking for American cated “a posture comparable to that of to the Germans in 1942-43, and turn
if Mr. Putin invaded, Mr. Biden said. But if the leadership in a dangerous new era. Instead Mr. Finland,” carefully avoiding hostility to Kyiv into Mr. Putin’s Stalingrad.
U.S. had been ready, Mr. Putin wouldn’t have in- Biden offered a rehash of his first-year domestic Russia. Finland shows that neutrality COL. JOHN BOYD, USA (RET.)
vaded. The Russian invaded because he thought agenda that has brought him to his low political need not involve a satellite status. Lexington, S.C.
the West would do little. And Mr. Putin finds ebb. It’s dispiriting that a White House facing so
himself in a struggle now because of the bravery many daunting challenges could come up with
of 41 million Ukrainians, not the strength of Eu- so little. The President really does need to fire
rope or the United States. some people and get better advice. No One Source Should Provide All That Power
“The Power Struggle” (Exchange, able energy. We work with regulators
Feb. 19) is compelling on the need to and other stakeholders to make grid
Britain’s Labour Party to the Defense upgrade aging power-transmission in- investments that will serve customers

P
acifism runs through the veins of most
European political parties of the left,
but Vladimir Putin’s Ukraine invasion
highlights the urgent need for a transfusion.
German Chancellor Olaf Scholz is attempting
such a treatment for his Social Democrats, and
he’s been joined by Keir Starmer of Britain’s
Labour Party.
Mr. Starmer put tough action behind his pro-
NATO words when he threatened last week to
expel 11 sitting lawmakers from the party if they
didn’t recant a letter they signed criticizing the
Western alliance. Prominent party figures such
as Diane Abbott and John McConnell, who
served in the shadow cabinet under former
leader Jeremy Corbyn, had put their names to
a Stop the War Coalition statement blaming the
British government and NATO for provoking Mr.
Putin and “refut[ing] the idea that NATO is a de-
fensive alliance.”
Mr. Starmer won this intraparty battle when
the 11 removed their signatures from the letter.
The veteran leftists are unlikely to have changed
their views apologizing for Russia’s imperial-
ism. But Mr. Starmer has set down an important
marker about his party’s official stand on secu-
rity policy and how far afield lawmakers are al-
lowed, or not, to stray from that message.
Mr. Starmer is also showing he understands
Labour needs to be credible on national security
for voters to trust it at the ballot box. In Parlia-
ment last week, he warned Conservative Prime
Minister Boris Johnson that the initial round of
sanctions Mr. Johnson’s government proposed
wouldn’t be enough to deter Mr. Putin from in-
vading Ukraine.
Mr. Starmer made that speech on Wednes-
day, and on Thursday he was proven right. This
is the kind of clear-eyed opposition that can
hold Mr. Johnson’s government accountable and
push the country toward smarter policy.
Western governments face wrenching deci-
sions as Mr. Putin tears up Europe’s post-World
War II order. Mr. Starmer does his country and
Labour a favor by showing that Britain’s party
of the center-left will engage fully in these de-
bates rather than retreating into wooly paci-
fism. American conservatives who want to re-
treat from the world could learn from the
British Labour leader.
frastructure. We need to think as care-
fully about where we will get our
power. No source of electricity is infal-
lible. That’s why we need a mix of coal,
natural gas, nuclear power and renew-
able energy. When some of these un-
derperform, others can fill the gap.
This makes the grid more reliable and
electricity prices more affordable and
stable. It can also help save lives.
During extreme cold weather a year
ago, average capacity factors in a 15-
state region of the Midwest were 90%
for nuclear plants, 84% for coal-fired
plants, 40% for natural-gas plants and
17% for wind. Wind was the only elec-
tricity source whose capacity factor
declined during the cold weather. The
capacity factor for coal increased
more than any of the others. This
doesn’t mean that wind is a bad
source of electricity. Rather, these
numbers show the value of having a
mix of resources that includes coal.
As the electricity grid becomes less
carbon-intensive, we still have to keep
the lights on by modernizing the na-
tion’s transmission system and main-
taining a reliable mix of resources.
BOB BERRY
for decades.
While some argue that deregulation
or market structures like RTOs and
ISOs are necessary for decarboniza-
tion, Southern Co. has reduced our
emissions nearly in half with plans to
achieve net zero by 2050. Our state-
regulated, vertically integrated market
structure and robust wholesale energy
competition make rapid decarboniza-
tion possible without government
mandates and without sacrificing
safety, reliability or affordability.
TOM FANNING
CEO, Southern Co.
Atlanta
Four of the 10 most powerful and
destructive hurricanes and five of the
10 worst wildfires on record have hap-
pened over the past decade. Recogniz-
ing the increased risk of these extreme
weather events and natural disasters,
America’s investor-owned electric
companies have invested more than $1
trillion over the past decade to build
stronger and more resilient energy in-
frastructure that also enables them to
continue integrating clean-energy re-
sources. For the 10th consecutive year,

A Lesson in Energy Masochism Henderson, Ky.

Mr. Berry is CEO of Big Rivers Elec-
we expect another industry record,
with capital expenditures projected at

E
tric Corp. and chairman of America’s $143.3 billion in 2021.
uropean governments are scrambling to rendered to Russian energy dominance. Power, a trade group that advocates Investment in adaptation, harden-
shore up their natural gas supply if Rus- Former NATO secretary general Anders Fogh coal-fueled electricity. ing and resilience already makes up
sia cuts off exports. But one question Rasmussen blamed Russia for fueling the frack- more than one-third of spending on
worth raising: How in the world did Europe ing opposition. “Russia, as part of their sophisti- While extreme weather can happen transmission and distribution infra-
leave itself so vulnerable to Vladimir Putin’s en- cated information and disinformation opera- anywhere, states that have suffered structure. These investments help pro-
ergy extortion? tions, engaged actively with the most are also those that have pur- tect the energy grid from extreme
The nearby chart shows Here’s how Europe made so-called nongovernmental or- sued market structures such as Re- weather and cyberattacks; help pre-
gional Transmission Organizations dict, mitigate and prevent outages;
how Russian gas exports have itself vulnerable to ganizations—environmental
(RTOs) and Independent System Oper- and help companies restore electricity
increased in tandem with de- organizations working against ators (ISOs), which treat electricity as faster when outages do occur.
clining European production. Putin’s gas blackmail. shale gas—to maintain depen- a commodity instead of a necessity. TOM KUHN
A mere 15 years ago, countries dence on imported Russian These markets carve up accountability President, Edison Electric Institute
in the European Union pro- gas,” he noted in 2014. for serving customers and often prior- Washington
duced more gas than Russia exported. Yet Eu- Meantime, multinationals diversified by hop- itize short-term financial gains over The EEI represents all U.S. investor-
ropean production has plunged by more than ping into bed with Russia. BP acquired a 19.75% customers’ long-term well-being. owned electric companies.
half over the last decade. Mr. Putin has happily stake in Rosneft in 2013. The transaction “gives In state-regulated, vertically inte-
filled the supply gap. us a wonderful opportunity to forge a new part- grated markets, companies like ours
In 2020 Russia exported nearly three times nership with a great Russian oil company,” BP’s are accountable to regulators for bal- Ukraine Needs Zelensky Alive
ancing clean, safe, reliable and afford-
more gas than Europe produced. What’s amaz- then CEO Bob Dudley declared. Your editorial “Putin’s New World
ing is that Europe increased its reliance on Rus- Shell and Exxon Mobil developed joint ven- Disorder” (Feb. 25) explains that Rus-
sian gas even after Gazprom repeatedly sus- tures with Gazprom and Rosneft. Exxon Mobil sia “is betting on more appeasement
pended pipeline exports to Ukraine. Germany’s described its partnership with Rosneft in east-
Pandemic Excuses Won’t Fly after the fall of Kyiv and the installa-
response: Build the Nord Stream 2 pipeline to ern Russia as “one of the largest single interna- Your editorial “The School Shut- tion of a puppet government.” At
make itself less dependent on gas flowing tional direct investments in Russia and an ex- downs and Lost Literacy” (Feb. 25) some point not too far off, President
notes that reading skills among kin- Volodymyr Zelensky should decamp
through Ukraine. cellent example of how advanced technologies
dergartners have declined after with as much of his cabinet as possi-
Poland and Lithuania were smarter and built are being applied to meet the challenges of the school shutdowns. Even more disturb- ble and establish a government in ex-
terminals to import liquefied natural gas (LNG). world’s growing energy demand.” ing is that only 55% were on track for ile. There would be not the slightest
But Europe had another Natural Gas Production, Russia vs. Europe, The point isn’t to reading before the pandemic. Nearly a reason for anyone not otherwise in-
option: fracking. Euro- 1990-2020 shame Western energy third were “far behind.” This is an in- clined to recognize a “puppet.”
pean gas production has Russian Federation Exports European Union Production companies for accept- dictment of the education system. STUART L. MEYER
naturally fallen as older ing Russia’s invitation STEPHEN HAPPEL Hollywood, Fla.
11,000,000 TJ-gross
fields get tapped out. to develop its energy Tempe, Ariz.
But producers could use 10,000,000 resources, which Mr.
hydraulic fracturing and
9,000,000
Putin has now weap- Pepper ...
horizontal drilling to ex- onized against Europe. How to Keep a Pitcher Honest And Salt
ploit shale and squeeze 8,000,000 BP and Shell will suffer Regarding Ed Condon’s op-ed
more gas out of the hefty losses as they try “Down With the Designated Hitter’’ THE WALL STREET JOURNAL
7,000,000
ground, as they have in to exit these invest- (Feb. 23): Another reason, only
the U.S. 6,000,000 ments amid pressure hinted at, to require pitchers to bat is
Europe had an esti- 5,000,000 from their home gov- the expectation of golden-rule treat-
mated 966 trillion cu- ernments. The point is ment. If a hurler has thrown high and
bic feet of technically 4,000,000 to highlight Europe’s tight to an opposing batter, that
recoverable wet natu- 3,000,000 energy masochism. pitcher might also be exposed to
ral gas resources as of Even as Gazprom some chin music when he takes his
2013, about enough to 1990 '95 2000 '05 '10 '15 '20 slowed deliveries to Eu- turn at the plate. At its best, baseball
Source: IEA Natural Gas Information retains the unique, out-of-left-field
supply the EU for some rope last fall, a British
elements that appeal to fans. How
60 years. Much of this is located in Eastern Eu- regulator nixed Shell’s plans to develop an enor- else to explain this and other Balti-
rope, including Ukraine, Poland, Romania and mous gas field in the North Sea. Reuters reported more Oriole fans’ loyalty?
Bulgaria. But France, U.K., the Netherlands and in January that the regulator has revived discus- ART FOREMAN
Germany are also sitting on shale deposits. sions with Shell as power prices climb. So maybe Winston-Salem, N.C.
A decade ago, multinational energy compa- the cold, hard reality that Europe can’t run its
nies including Chevron, Exxon Mobil, Shell economy on wind and solar is starting to set in.
Letters intended for publication should
and TotalEnergies were exploring Europe’s Europe offers another reminder to the U.S. be emailed to wsj.ltrs@wsj.com. Please
unconventional gas deposits with ambitions that blocking fossil-fuel development here include your city, state and telephone
to repeat the U.S. shale boom. Then protests won’t keep carbon “in the ground.” It merely number. All letters are subject to
against fracking erupted across the continent, hands a strategic weapon to dictators that they editing, and unpublished letters cannot “Wishes? Nope but you get
be acknowledged.
and one by one European governments sur- will turn around and use against us. three do-overs.”

THE WALL STREET JOURNAL.
How the U.S. Can Back Its Promises to Ukraine
By Seth G. Jones
W
ith Russian forces in
Kyiv, Vladimir Putin
is attempting to
overthrow the demo-
cratically elected
Ukrainian government and replace
it with a pro-Russian regime. The
Biden administration now needs to
make clear that it will oppose any
Russian-installed government in
Kyiv and provide sustained military,
economic and other aid to Ukrai-
nian resistance efforts.
The U.S. and Europe failed to de-
ter a Russian invasion because sanc-
tions and diplomacy alone do not
deter dictators like Mr. Putin. Russia
now needs to pay a heavy price for
his strategic miscalculation.
A successful Russian overthrow
of the Ukrainian government would
have far-reaching implications. It
would erode faith in U.S. security
commitments around the globe,
which suffered a major blow last
year following the disastrous with-
drawal from Afghanistan. It would
also be a triumph for authoritarian
regimes, which have been gaining
momentum with 16 consecutive
years of declining democracy, ac-
cording to Freedom House.
Appeasing dictators only increases
Peace Through Strength Requires Economic Freedom
By Phil Gramm
And Mike Solon
A
s the U.S. pounds plowshares
into swords for a second Cold
War, lessons from the first
one may serve those who care to
consider them. The American policy
of peace through strength, market-
driven economic growth, and open
trade defeated the Soviet Union.
The emerging conflict with China,
excepting the military threat to Tai-
wan, will for the foreseeable future
be almost entirely economic. That
will make it unlike the military con-
flicts with the Soviet Union and its
proxies in Eastern Europe, Korea,
Vietnam, Cuba and countless global
insurrections. If the U.S. maintains
peace through strength, it can lose
this struggle only by forfeiting the
source of its economic success: eco-
nomic freedom.
The U.S. must not turn
away from its main
advantages: free markets
and limited government.
China is currently expanding gov-
ernment dominance of its economy
and suffering a concomitant reduc-
tion in economic growth, tech-stock
valuations and employment. If Pres-
ident Biden and Congress have their
way, Chinese-style industrial and
antitrust policies will soon come to
the U.S. The America Competes Act
is the House’s effort to outdo the
Chinese Communist Party’s latest
five-year plan. The 2,900-page bill
would make an old Soviet commis-
sar blush. The Senate version of the
bill is better, but why would Repub-
licans try to compete with China in
a way they know doesn’t work when
they are heavily favored to win back
control of Congress in November?
Asian-Americans Fight Back Against School Discrimination
Despite all the
happy talk on the
left about the bene-
fits of diversity,
America’s real
strength has been
its ability to tran-
UPWARD
MOBILITY scend problems that
have crippled other
By Jason L.
multiethnic, multi-
Riley
religious and multi-
lingual societies.
We’re at our best when the focus is
on what unites us as Americans.
And what seems to be uniting a
growing number of Americans to-
day is opposition to a Democratic
equity agenda that effectively plays
racial and ethnic groups against one
another.
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
Executive Chairman, News Corp
Matt Murray
Editor in Chief
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Jason Anders, Deputy Editor in Chief
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Thorold Barker, Europe; Elena Cherney, Coverage;
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Investigations
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Gerard Baker, Editor at Large
their appetite. The U.S. did little to
oppose Russia’s annexation of Cri-
mea in 2014 or the seizure of terri-
tory in eastern Ukraine by Russian-
backed rebels beginning in 2014. The
Biden administration cannot let Mr.
Putin dictate terms in Ukraine by
force.
Thankfully, Mr. Putin is not a
chess grandmaster, and Russia is
vulnerable to an insurgency in
Ukraine. Ukrainian nationalism will
be difficult if not impossible for Mr.
Putin to extinguish. His government
is also riddled with cronyism and
corruption, and his domestic stand-
ing would take a major hit if his
military is bogged down. In addi-
tion, Western sanctions will only
make Russia’s sluggish economy
and high inflation worse.
The U.S. goal should be to ensure
that Ukrainians—not the Kremlin—
choose their political leaders and
insist that Russian forces withdraw
from Ukraine. Assuming that Ukrai-
nians are willing to keep fighting
for their country—and every indica-
tion suggests they are—the U.S. and
its Western partners should take
several steps immediately.
First, President Biden should
make it explicitly clear that the U.S.
will reject any Russian-installed
government in Kyiv. Words must be
America’s success in the
world economy has never de-
pended on industrial policy
or government subsidies. It
has come from the relative
absence of government plan-
ning and subsidies. This is
hardly news. The U.S. gov-
ernment provided support
for the efforts of Samuel
Langley, the greatest avia-
tion expert of the 1890s, in
his effort to make America
first in powered flight. His
manned Aerodrome flopped
into the Potomac River. It
was the Wright brothers, two
unsubsidized but determined
bicycle makers from Dayton,
Ohio, who flew at Kitty
Hawk, N.C., and changed the
world.
There has always been an
element in American society
that views government inter-
vention in the economy as a
source of progress. “I have
been over into the future and
it works,” proclaimed the
muckraking Progressive-era journal-
ist Lincoln Steffens after a 1919
visit to the Soviet Union. New Deal
socialists were similarly inspired.
After postwar Japan achieved 20
years of extraordinary success, with
annual economic growth of 9.6%
from 1950 through 1972, many
American politicians sought to em-
ulate the Japanese system, in which
government, unions and businesses
all sat down together to plan for
growth.
Now, as the Chinese Communist
Party devastates the once-feared
Chinese high-tech industry and
sends capital down the sinkhole of
government-sponsored industries,
some Americans are again attracted
to the political power flowing from
an economic system that doesn’t
work. No logical argument about ef-
ficiency will sway them, since effi-
ciency was never their objective.
The Supreme Court is poised to
strike a blow for colorblind college
admissions later this year when it
considers a case involving alleged
anti-Asian discrimination at Har-
vard. But the fight continues at the
K-12 level as well. Two years ago,
the school board in Fairfax County,
Va., altered the admissions stan-
dards at Thomas Jefferson High
School for Science and Technology,
one of the top-ranked public schools
in the country. Among other things,
standardized testing requirements
were eliminated, and subjective ad-
mission criteria were added in an
effort to deny slots to Asian-Ameri-
cans and boost enrollment among
blacks and Hispanics.
It worked. Following the changes,
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
supported by action. The U.S. needs
to provide Ukrainian fighters with a
continuing stream of antitank mis-
sile systems, surface-to-air missile
systems, electronic warfare and cy-
ber defense systems, unmanned
aerial vehicles, artillery, small
arms, ammunition, and demolition
materiel like explosives, fuses and
mines.
Provide weapons and
intelligence—and steadfast
opposition to Russian-
installed puppet rulers.
In addition, the U.S. should pro-
vide intelligence about Russian mil-
itary activity to Ukrainian fighters,
which would allow Ukraine to plan
operations, disrupt Russian com-
munication and supply lines, warn
of airborne and ground attacks,
and give the location of Russian
units. Timely information opera-
tions are crucial to countering Rus-
sia’s disinformation and psycholog-
ical operations.
The U.S. shouldn’t deploy its own
military forces to Ukraine, which
would risk escalation to nuclear
But what has greater government
involvement in the Chinese econ-
omy wrought? Only dramatic decel-
eration of economic growth, mas-
sive destruction of the tech
industry—with its equity value fall-
ing some 50%—and a regulatory
and antitrust approach based on
the principle that only government
should be big and powerful.
Government didn’t build Amer-
ica. Thomas Edison, Andrew Carne-
gie, J.P. Morgan, Bill Gates, Warren
Buffett and millions of investors,
innovators and small-business peo-
ple you’ve never heard of did that.
No nation can stifle the genius of
someone like Jack Ma and have any
hope of becoming the world’s domi-
nant economy. In all probability
China has hundreds of Jack Mas
who will never be discovered as
they try to do business under a
system that one Chinese investor
Asian enrollment in Thomas Jeffer-
son’s freshman class declined from
around 73% to less than 50%. Par-
ents filed a lawsuit, and last week a
federal court ruled that the admis-
sions changes were illegal. “The
Board’s main problem is its focus on
the goal to have TJ reflect the de-
mographics of the surrounding area,
described primarily in racial terms,”
Judge Claude Hilton wrote in his
summary judgment for the plain-
tiffs. “Emails and text messages be-
tween Board members and high-
ranking [Fairfax school] officials
leave no material dispute that, at
least in part, the purpose of the
Board’s admissions overhaul was to
change the racial makeup to TJ to
the detriment of Asian-Americans.”
The ruling describes the school
board’s actions as “racial balancing
for its own sake,” which is “patently
unconstitutional.” The Supreme
Court has said that a compelling in-
terest is necessary to justify race-
based actions by the government,
and school officials failed to meet
that standard. “The Board cannot
transform racial balancing into a
compelling interest ‘simply by rela-
beling it ‘racial diversity,’ ” Judge
Hilton wrote.
Until recently, racial preferences
were typically discussed in the con-
text of whites, blacks and Hispanics,
while the impact on Asians was an
afterthought. Now more Asians are
making their voices heard, and it’s
a welcome development. The plain-
tiffs in the Harvard lawsuit contend
that the university is capping Asian
Wednesday, March 2, 2022 | A21
war. But it should aid Ukrainian re-
sistance efforts. U.S. special-opera-
tions forces and Central Intelligence
Agency paramilitary units are the
best in the world, thanks to de-
cades of experience in the Balkans,
Libya, Afghanistan, Syria, Iraq and
other countries. Ukraine’s borders
with members of the North Atlantic
Treaty Organization provide ideal
locations for U.S. military and intel-
ligence forces to aid an insurgency,
create havens and establish supply
lines into Ukraine.
Along with military aid, the U.S.
and its European partners need to
escalate sanctions if Mr. Putin
continues to wage war in Ukraine,
and the targets should include
Russian oil and natural-gas ex-
ports. They should also cut off ad-
ditional Russian banks from Swift,
the messaging network that facili-
tates transactions among banks
around the world, and impose
sanctions against any puppet
leader Moscow tries to install in
Kyiv.
Russia has ruthlessly targeted
resistance efforts in Chechnya and
Syria and will do so again in
Ukraine. Any sanctuary used by
Ukrainian rebels, whether in Ukrai-
nian territory or NATO countries,
could be subject to Russian attacks.
described as “restrict this, cancel
that, regulate this, censor that.”
The greatest economic liberator
in the postwar world was Deng
Xiaoping, not Margaret Thatcher or
Ronald Reagan. His reforms start-
ing in 1978 turned a stagnant,
starving Chinese economy into an
economic powerhouse. He did it by
reducing the role of government in
the Chinese economy, which per-
mitted the natural entrepreneurial
ability and genius of the Chinese
people to generate an economic
miracle. But as market freedom
grew to challenge the power of gov-
ernment, the Communist Party
choked off freedom.
China may turn its back on its
success but the U.S. doesn’t have to
follow its lead. If there’s going to
be a competition, then let it happen
on an American playing field, not a
Chinese one. Rather than struggling
enrollment by holding Asian appli-
cants to higher standards than
other groups. A 2020 ballot referen-
dum in California that would have
reinstated racial preferences in col-
lege admissions was defeated by a
wide margin, and Asian-Americans
led the opposition. The recall of
three San Francisco school board
From Harvard to a Virginia
high school, courts take up
racial preferences’ harm to
this minority population.
members last month was fueled by
Asian parents who, like their coun-
terparts in Virginia, were upset
over a school board vote to change
the admissions process at a highly
selective high school. Similar ef-
forts to alter the admissions criteria
at New York City’s elite public high
schools, where Asian enrollment far
surpasses that of other groups,
have faced a backlash, “especially
from a newly active faction of vocal
Asian parents,” the New York Post
reports.
Making an enemy of testing and
grades is barking up the wrong tree.
The test isn’t the cause of these dis-
parities. It’s merely a measure of re-
ality. Eliminating the test will only
obscure the learning gap, not erase
it. Moreover, lowering standards ul-
timately harms all groups. Schools
that admit less-prepared students
.
While some Western leaders may
oppose aiding Ukrainian fighters
because they fear Russian retalia-
tion, being cowed by Mr. Putin is
precisely how the West stumbled
into the current crisis.
History offers an important les-
son on resisting Russian aggres-
sion. Brigadier Mohammed Yousaf,
who headed the Afghan war for
Pakistan’s Directorate for Inter-Ser-
vices Intelligence, said it best when
referring to the Soviet invasion of
Afghanistan in the 1980s: “Death by
a thousand cuts—this is the time-
honored tactic of the guerrilla army
against a large conventional force.
In Afghanistan it was the only way
to bring the Soviet bear to its
knees.”
Death by a thousand cuts—from
sanctions, political isolation, and
Ukrainian resistance—may yet
again be the best way to bring the
Kremlin to its knees.
Mr. Jones is senior vice president
and director of the International
Security Program at the Center for
Strategic and International Studies,
a former senior civilian in U.S. Spe-
cial Operations Command, and au-
thor of “Three Dangerous Men: Rus-
sia, China, Iran, and the Rise of
Irregular Warfare.”
to pass the least bad competi-
tiveness bill now, Republicans
should focus on instituting a
spending pause to stop the in-
flation and winning the 2022
congressional elections. Em-
powered by the American
people, Republicans
could pass a competi-
tiveness bill next year
that makes the 2017
tax cuts permanent,
imposes work require-
ments for able-bodied
adults receiving welfare bene-
fits, expands employment, fixes
America’s supply chain, and
funds scientific research.
A more competitive America
requires resurrecting and
strengthening fiduciary stan-
dards to guarantee that retire-
ment and mutual funds act in
MARTIN KOZLOWSKI
investors’ interests, using ap-
propriation riders to stop the
oppressive regulatory and anti-
trust overreach of Mr. Biden’s
regulators, lifting H-1B visa
quotas to allow more legal im-
migration by those who have skills
America needs, and giving every
foreign graduate in key business
and technical areas green cards
along with degrees. The country
needs their hands, minds and
hearts.
It is time to revitalize the sys-
tem that made America the world’s
economic colossus, won the Cold
War, and moved billions out of pov-
erty world-wide, including hun-
dreds of millions in China. No na-
tion will ever be as productive as
the U.S. while the American econ-
omy is powered by limited govern-
ment, economic freedom, and free
markets.
Mr. Gramm is a former chairman
of the Senate Banking Committee
and a visiting scholar at American
Enterprise Institute. Mr. Solon is a
partner of US Policy Metrics.
won’t want them to struggle—or
some racial groups to do better
than others—so teachers and ad-
ministrators will be under pressure
to make classes less demanding.
You can’t dumb down admissions
without also dumbing down the
curriculum.
If progressives wanted to do
something meaningful about the
achievement gap, the focus would
be on preparing students for these
tests. Black and Hispanic students
at high-performing charter schools
in New York City are admitted to
selective high schools at double the
rate of their peers in traditional
public schools, yet progressives side
with teachers unions to prevent
more charter schools from opening.
Go figure.
We can only hope that the Su-
preme Court’s ruling on Harvard’s
admissions scheme will be as force-
ful and clearheaded as Judge Hil-
ton’s in the Fairfax case. But regard-
less of how the court decides, it’s
clear that the affirmative-action
wars are far from over. It’s also
clear that Republicans now have in
education an issue that potentially
brings together whites, blacks and
Asians alike. Most voters don’t want
our elementary schools turned into
social-justice boot camps. They
don’t like the way unions leveraged
a pandemic to put their members’
interests ahead of the children’s.
And they want policies that treat
people equally, not policies that try
to undo history by favoring some
groups over others.
 .

A22 | Wednesday, March 2, 2022 THE WALL STREET JOURNAL.

WORLD NEWS
Bank of Canada Is Poised to Raise Rates
Surveyed economists pressure. supply.” After Wednesday, the
Twelve economists sur- central bank has six more pol-
agree a series of veyed by The Wall Street Jour- icy decisions to issue in the
increases will begin nal, all of whom closely track calendar year.
the Canadian market, agreed While economists surveyed
to counter inflation that they expect the Bank of agree on a rate rise Wednes-
Canada to raise its benchmark day, opinions vary on how
BY PAUL VIEIRA rate by a quarter percentage many more rises are in store
point, to 0.5%, in a decision for 2022. Some economists,
OTTAWA—The Canadian scheduled for release on such as Avery Shenfeld at
economics community is unan- Wednesday at 10 a.m. Eastern CIBC Capital Markets, antici-
imous: The Bank of Canada Standard Time. pate three more increases. The
will raise its benchmark inter- The Bank of Canada cut its central bank “will want to
est rate on Wednesday, the main interest rate to 0.25% in stretch the hikes out a bit to
first in a series of increases March 2020 to provide sup- gauge how the economy is re-
this year as it begins the task port for the economy as the sponding, particularly if we do
DAVID KAWAI/BLOOMBERG NEWS

of tamping down historically pandemic hit North America. see a bout with a new variant
high inflation. It also, for the first time, en- of the Covid-19 virus later this
Should it opt to increase gaged in large-scale asset pur- year,” he said.
rates, the Bank of Canada chases, or quantitative easing, Carlos Capistran, economist
would become the second to keep longer-term borrowing at BofA Securities, expects an
Group of Seven central bank to costs steady and offer finan- additional five more increases
do so since the pandemic. The cial stability. in 2022, to take the bench-
Bank of England raised its pol- The economy has recovered mark rate to 1.75%, as it moves
icy rate twice in recent months, faster than expected. Canadian The Bank of Canada is expected to boost its benchmark interest rate by a quarter percentage point. aggressively to bring inflation
and is expected to do so again gross domestic product ad- back to its comfort zone and
in March with annual inflation vanced 6.7% annualized in the increase at the Bank of Can- self on the back foot in its ada’s central bank has tended keep pace with the Federal Re-
forecast to surpass the 7% fourth quarter, ahead of cen- ada’s Jan. 26 meeting. fight against above-target in- to be cautious, citing the deci- serve.
threshold in the second quarter. tral-bank expectations for a Instead, the central bank flation,” said economists at sion in late January to take a Finally, markets will also
The Russian invasion of 5.8% increase. Employment is opted to keep rates unchanged National Bank Financial. The pass on a rate increase while watch Wednesday’s rate deci-
Ukraine has complicated the now above pre-pandemic lev- while telling Canadians that central bank’s mandate is to telegraphing intent to push sion for guidance on when and
outlook. Some economists say els. Companies say labor higher borrowing costs were in set interest rates to achieve borrowing costs higher. Rus- how the central bank decides
the conflict might prompt the shortages are acute, and they the offing because spare capac- and maintain 2%. “There’s un- sia’s invasion of Ukraine has to reduce its balance sheet af-
Bank of Canada to take a cau- intend to accelerate wage in- ity had largely disappeared and doubtedly a very strong case added a dollop of uncertainty. ter quantitative easing. The
tious approach on further rate creases to maintain and at- inflation was at uncomfortable to be made for going big with Bank of Canada Gov. Tiff Bank of Canada halted its
increases. Others suggest the tract workers. Housing prices levels. a 50-basis-point move but Macklem, in a Feb. 9 speech, quantitative-easing program in
resulting upward pressure on have surged. Annual inflation Some economists say there we’ve not seen enough from said a series of interest-rate the fall, and since then has
energy prices will benefit Can- is at a 30-year high, surpass- is a strong case to raise rates the central bank to suggest increases were necessary “to purchased only enough new
ada as a net oil exporter, boost ing the 5% level. Wednesday by a half-point. that’s coming.” moderate growth in spending bonds to replace those that
income and add to inflationary Traders had priced in a rate The Bank of Canada “finds it- Other economists say Can- and bring demand in line with are maturing.

WORLD WATCH
ISRAEL arrangement, a process that LIBYA The appointment of Mr. UNITED KINGDOM cials and the public. The palace’s
could take years or may not be Bashagha last month is part of a Feb. 20 announcement that the
Evictions Halted on carried out at all, according to Ir Lawmakers Approve road map that also involves con- Queen Holds Virtual queen had tested positive test
Palestinian Families Amim, an advocacy group that New Government stitutional amendments and sets Events After Illness for the coronavirus virus
wasn’t involved in the court case. the date for elections within 14 prompted concern and get-well
Israel’s Supreme Court ruled For now, the four families re- Libyan lawmakers confirmed months. Queen Elizabeth II held two wishes from across Britain’s po-
that a group of families slated siding in the homes will be recog- a new transitional government The move deepened divisions virtual audiences after more litical spectrum.
for eviction from a flashpoint nized as protected tenants. Each Tuesday, a move that is likely to among Libyan factions and raised than a week of suffering cold- The country’s longest-reigning
east Jerusalem neighborhood can will deposit a largely symbolic lead to parallel administrations fears that fighting could return like symptoms from Covid-19. monarch has a series of engage-
remain in their homes for now. rent to a trust until the property’s and fuel mounting tensions in a after more than a year and a Buckingham Palace said the ments coming up as she cele-
Tuesday’s ruling could work ownership is settled. country that has been mired in half of relative calm. 95-year-old monarch held virtual brates her Platinum Jubilee, mark-
to ease tensions in Jerusalem’s Sami Arsheid, a lawyer repre- conflict for the past decade. Mr. Bashagha has formed an sessions with the ambassadors of ing 70 years on the throne. She is
Sheikh Jarrah neighborhood, senting the families’ case before Prime Minister-designate alliance with powerful east- Chad and Andorra. She canceled due to attend the Commonwealth
which helped ignite the 11 days the court, said the decision was Fathi Bashagha submitted his based commander Khalifa Haf- several sessions last week, so the Service at Westminster Abbey on
of fighting between Israel and “something huge” that ran counter cabinet to the east-based House tar. That alliance has caused sessions suggest she is recover- March 14, and then a March 26
Hamas in Gaza last year. to the previous 63 rulings by Is- of Representatives, where 92 of concerns among anti-Haftar fac- ing. memorial service, also at the Ab-
The court ruled that the fami- raeli courts on the issue of Pales- 101 lawmakers in attendance ap- tions in western Libya and their The monarch’s age, Covid-19 bey, for her late husband, Prince
lies can stay in their homes for tinian properties in Sheikh Jarrah. proved it in a vote broadcast live main foreign backer, Turkey. diagnosis and a health scare last Philip, who died in April at age 99.
now until Israel carries out a land —Associated Press from the city of Tobruk. —Associated Press year caused worry among offi- —Associated Press

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©2022 Dow Jones & Co., Inc. All rights reserved. 6DJ8791

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 4306.26 g 1.55%
Stocks Fall Further as Oil Tops $100
Government bond
yields drop amid
demand for safer
trading assets
BY HARDIKA SINGH
AND WILL HORNER
U.S. stock indexes fell and
bond yields slipped Tuesday,
while oil prices rose to multi-
year highs, as Russia’s inva-
sion of Ukraine continued to
whipsaw through markets.
Stock markets have been
battered in 2022, with the S&P
500 and Nasdaq both posting
their worst two-month
stretches since March 2020 to
start the year.
Auto transactions by
means of payment
100%
80
Cash, check or outside financing
60
40
Dealer financing
20
0 0
2005 ’10
Sources: Edmunds (transactions); J.D. Power (profit); New York Fed Consumer Credit Panel, Equifax (originations)
Car Dealerships Encourage Buyers
To Borrow Instead of Paying Cash
BY BEN EISEN
Fred Hebert wanted to buy a
Lexus sport-utility vehicle late
last year with cash, but he said
the dealership gave him a prop-
osition: Finance it or it will
cost you almost $2,000 more.
He felt he had little choice.
Supply-chain bottlenecks were
making it tough to find the
white RX 450 hybrid model he
wanted elsewhere, and he had
an immediate need for the ve-
hicle. The dealership arranged
a loan.
“He was very open,” Mr. He-
bert said of the dealership
staffer he spoke with. He said
he was told the dealership
would collect nearly $2,000 for
arranging the financing, and
“they were not going to give up
that fee.”
Car buyers say they are
hearing from dealers that cash
and financing from outside the
dealership aren’t welcome.
Dealers tried to get some of
them to finance by quoting
higher prices for cash sales or
refusing to sell if they couldn’t
arrange the financing, accord-
ing to interviews with buyers.
The hot car market, where
heightened demand is meeting
thin supply, is giving dealer-
ships the upper hand, allowing
them to wrangle more money
INSIDE
SHIPPING
A cargo vessel carrying
thousands of luxury
cars sinks in the
Atlantic. B2
PROPERTY REPORT
Demand for science
lab buildings soars
during the Covid-19
pandemic. B6
TECHNOLOGY: SALESFORCE REVENUE RISES ON DEMAND FOR CLOUD SERVICES B4
S&P FIN g 3.71% S&P IT g 1.99%
The war in Ukraine has fur-
ther soured investors’ senti-
ment: Though only 1% of S&P
500 companies’ revenue stems
from Russia and Ukraine, ac-
cording to FactSet, investors
are still worried about ripple
effects on the global economy.
The geopolitical crisis came
as economies were already
facing the highest inflation in
decades, heaping pressure on
central banks to raise interest
rates.
“Now we have this shock,
and this shock feeds into the
biggest risk: sustained high in-
flation,” said Jon Maier, chief
investment officer at Global X
ETFs.
The S&P 500 fell 67.68
points, or 1.5%, to 4306.26.
Average dealer profit
from a new vehicle sale
$3,500
3,000
2,500
Lease 2,000
1,500
1,000
500
’15 ’20 2005
DAVID ZALUBOWSKI/ASSOCIATED PRESS
Some dealers try to get people to finance car purchases by quoting higher prices for cash sales.
and drive up their profits.
Some have been selling cars for
more than the sticker price,
raising the eyebrows of indus-
try executives.
Financing is a profit center
for dealerships, which collect a
portion of the interest rate or a
fee when they arrange a loan
on behalf of a bank, auto com-
pany or other financial firm.
The financing also makes it
easier for dealers to sell high-
margin add-on products like in-
Hong Kong Covid-19 Measures Pressure Bankers
BY QUENTIN WEBB
AND FRANCES YOON
Hong Kong’s most recent
measures to combat Covid-19
are unsettling its large commu-
nity of bankers and investors,
many of whom were already
struggling to square business
and family commitments with
curtailed travel.
Some financial professionals
have asked employers whether
they can relocate, while a few
expatriates have decided in re-
cent months to resign and
move home. Others are consid-
ering options that could split
up their families for months or
more as they try to move their
children into more stable
schooling and away from the
risk of mandatory quarantine.
The pressure is hitting the
industry when it is fighting a
war for talent amid a long-
term upsurge in Chinese capi-
tal raising. A broader boom in
global banking has pushed up
bonuses as it has yielded re-
* * * **
DJ TRANS g 1.64%
THE WALL STREET JOURNAL.
WSJ $ IDX À 0.47%
The blue-chip Dow Jones In-
dustrial Average lost 597.65
points, or 1.8%, to 33294.95,
while the technology-heavy
Nasdaq Composite dropped
218.94 points, or 1.6%, to
13532.46.
Oil prices rallied, rising
back above $100 a barrel to
their highest level since 2014.
Brent crude, the international
oil benchmark, climbed $7 a
barrel, or 7.1%, to $104.97.
Benchmark European natural-
gas prices jumped more than
24%. Members of the Interna-
tional Energy Agency agreed
Tuesday to release supplies
from oil reserves to keep a lid
on rising crude prices. Oil
prices continued to climb
overseas early Wednesday,
Value of auto-loan
originations
$700 billion
Financing and
insurance
600
500
Vehicle gross
400
300
200
100
0
’10 ’15 ’20 2005
surance. In the years leading up
to the current supply crunch,
financing and insurance have
driven more profits per new
vehicle for dealers than the
sale itself, according to J.D.
Power, a data and analytics
company, deepening the indus-
try’s reliance on credit.
Separately, some car makers
have long offered loans as a
promotional tool.
Auto lenders extended $734
billion of loans last year, a re-
cord profits for Wall Street.
The financial hub is a base
for Western banks such as Citi-
group Inc., Goldman Sachs
Group Inc. and Morgan Stan-
ley, plus many hedge funds, as-
set managers, private-equity
firms and others.
Executives have to decide
whether retaining top people is
worth moving them to other
cities and where to base some
big regional roles that would
once naturally have been in
Hong Kong. Meanwhile, they
are struggling to persuade
some new candidates to relo-
cate to the city.
“There’s been a lot of re-
quests from bankers to their
department heads asking to be
transferred to other cities such
as Singapore or back to their
home countries,” said Eugenia
Bae, a Hong Kong-based re-
cruiter for banks and invest-
ment funds. “They want to go
home, to places like the U.S.,
France, Japan and South Ko-
rea, or cities that have an-
2–YR. TREAS. yield 1.303%
surging above $110 a barrel.
Energy companies’ stocks
gained alongside oil prices,
with Occidental Petroleum
rising $3.06, or 7%, to $46.79,
and Chevron adding $5.72, or
4%, to $149.72. Refiners balked
at buying Russian oil, while
banks are refusing to finance
shipments of Russian com-
modities, according to oil ex-
ecutives, bankers and traders.
Russia is the single biggest
gas exporter and a major sup-
plier of crude oil.
Safe-harbor assets were in
demand, lifting gold prices
and pressuring government-
bond yields. Gold prices rose
$43 a troy ounce, or 2.3%, to
$1,942.40.
The yield on the benchmark
’10 ’15 ’20
cord in Federal Reserve Bank of
New York data going back to
2004.
Mr. Hebert, a retiree who
lives in New Harbor, Maine,
took a 60-month loan at an in-
terest rate of 3.69% from To-
ronto-Dominion Bank, reason-
ing that paying a few months
of interest would be less than
the extra dealership charge. He
said he recently sent a check to
pay off the loan.
Please turn to page B11
Customers purchase Covid-19 test kits in Hong Kong.
nounced that they will be liv-
ing with the virus.”
Hong Kong was an oasis
earlier in the pandemic. Since
then, a zero-Covid approach
that has featured monthslong
flight bans, some of the world’s
.
Wednesday, March 2, 2022 | B1
NIKKEI (Midday) 26341.95 g 1.87% See more at WSJ.com/Markets
10-year U.S. Treasury note fell S&P 500 futures were up 0.1%.
to 1.708%, its fourth-lowest Stock indexes around the
level this year, with investors world have been volatile in re-
betting that the Federal Re- cent days as investors attempt
serve won’t act as aggressively to gauge the potential global
to curb inflation. economic impact from the in-
The yield on German gov- vasion and resulting sanctions.
ernment bonds fell into nega- Constricted supplies of Rus-
tive territory for the first time sian commodities could add to
since January. Yields fall as inflation, but investors hope
bond prices rise. the overall effect on the
The fall in government- world’s biggest economies will
bond yields also dragged down be muted.
bank stocks. The KBW Nasdaq “We’re in a situation that I
Bank Index of large U.S. com- don’t believe there is an actual
mercial lenders lost more than playbook for,” said Eric Merlis,
6%. managing director of corpo-
The selloff in stocks contin- rate risk solutions at Citizens
ued early Wednesday over- Bank.
seas. Japan’s Nikkei 225 was At 5 p.m. in New York, bit-
down 1.9%, while Hong Kong’s coin prices were up 5.3% to
Hang Seng Index was down 1%. Please turn to page B11
Companies Push
For March Return
BY CHIP CUTTER ments,” said Francine Katsou-
das, chief people officer at
The office return is in mo- Cisco Systems Inc., which re-
tion. opened its U.S. offices Tuesday.
After two years of remote “This is a moment where our
work, companies including employees can come in.”
American Express Co., Face- Like many employers, Cisco
book parent Meta Platforms had planned to reopen its of-
Inc. and Wells Fargo & Co. fices far sooner. A small num-
plan broader office reopenings ber of its U.S. employees re-
this month. Many executives turned last summer, and the
say they are uncertain about company had scheduled a
what the future may hold, but broader return for February of
feel confident that offices can
at least reopen in March as
Omicron cases fall and health
this year. That got pushed
back, following the nationwide
surge of cases tied to the Omi-
authorities loosen mask guid- cron variant. A few weeks ago,
ance.
At this point in the pan-
demic, “we’re looking at mo-
Cisco’s medical director
pointed to a steep drop in
Please turn to page B5
Increased Store Traffic
Boosts Target’s Revenue
BY SARAH NASSAUER Target's comparable store
AND CHARITY L. SCOTT sales, change from a year
earlier
After a two-year pandemic 25%
run that brought Target Corp.
billions in sales, the retailer
wants to keep growing by 20
building more stores and e-
commerce hubs and new lines
of business. 15
Sales grew at the Minneap-
olis-based retailer in the most
recent quarter, helped by 10
stronger traffic in its stores
through the holiday season
and growth across its mer- 5
chandise categories including
food, apparel and home goods.
Strong revenue growth 0
helped offset higher supply- FY2019 ’20 ’21
chain costs and spending on
wages for Target. Earnings Note: Fiscal year ended Jan. 29
Source: the company
rose nearly 12% from a year
earlier to $1.54 billion, or
$3.21 a share. Earnings exclud- from a year prior, the com-
ing items also came in ahead pany said. Digital sales in-
of Wall Street forecasts. creased 9.2%.
Comparable sales, which in- For the full year, Target’s
clude sales from stores or Please turn to page B2
digital channels operating for
at least 12 months, rose 8.9%  Heard on the Street: Target
in the quarter ended Jan. 29 keeps hitting the mark...... B12
The problems have become
acute as the city’s battle with
the Omicron variant has inten-
sified.
On Feb. 22, the city’s chief
executive, Carrie Lam, unveiled
plans to close schools for an
early summer vacation in the
spring before reopening them
in the summer, extend social-
distancing measures and flight
bans through mid-April and
bring in mainland Chinese help
ANTHONY KWAN/GETTY IMAGES
to test the entire population
repeatedly in March. For many
parents, the prospect of forced
separation if a child tests posi-
tive is particularly concerning.
Two senior capital-markets
bankers at U.S. investment
banks said their wives and
children would move this
month to Singapore and the
strictest quarantine rules and a U.S., respectively, to flee Hong
stop-start approach to in-per- Kong’s zero-Covid policy. One
son schooling has left it more said he might follow his family
isolated just as other global fi- if there were no signs of im-
nancial hubs such as London, provement in Hong Kong’s
New York and Singapore are strict virus stance and that
reopening. Please turn to page B11
 .

B2 | Wednesday, March 2, 2022 * *** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES BUSINESS & FINANCE

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 Domino's Pizza...........B3 Pfizer...........................A3

Albertsons.................B11
Alphabet....................A13
Alterra Property ......... B6
American Airlines.......A6
A.P. Moller-Maersk .. A14
Apple...........................A6
B
Bank of America.........A4
E.L.F. Beauty...............B5 R
Extell Development....B6
Related........................B6
Exxon Mobil..............A10
Remitly Global..........A12
Ford Motor..................A6
Rivian Automotive ..... B3
General Motors...........B3
Roku..........................A13
Goldman Sachs...........B1
Icon..............................A3 S
J Salesforce.com............B4
Scientific Games.........B4

Bank of New York
Mellon.....................A12
BioNTech.....................A3
BlackRock..................B11
BP..............................A12
C-I
Centripetal Networks.A4
Cerberus Capital
Management.............B6
Charter Communications
...................................A13
Chevron ....................... B1
Cisco Systems.......A4,B1
Citigroup................B1,B5
JLL...............................B6
JPMorgan Chase.......B11
K Six Flags Entertainment
Kamaz........................B12
Kohl's...........................B2
Kojima Industries.......B3
L-P
Leidos..........................B5
LendLease ................... B6
Live Nation
Entertainment........A13
Macy's.......................B12
Mastercard................A12
Meta Platforms...A13,B1
PORTUGUESE NAVY/EPA/SHUTTERSTOCK
Shell..........................A12
Silverstein Properties B6
.....................................B3
Standard Chartered..B11
Starwood Capital........B6
Stellantis.....................B3
Stonemont Financial..B6
T-W
Target.............A4,B1,B12
Tatneft ...................... B11
Tesla.....................B3,A14
Toyota Motor..............B3
The Felicity Ace fire was one of the first on a major vehicle carrier loaded with a substantial cargo of electric vehicles.
Ulta Beauty...............B12

Cargo Ship With Pricey Cars Sinks

Comcast .................... A13
Costco........................B12
Daimler Truck............B12
Dell Technologies ....... A6
Delta Air Lines...........A6
DirecTV......................A13
DISH Network...........A13
INDEX TO PEOPLE
A Fields, Mandy ............. B5
Allison, Ritch .............. B3
Atkins, Benjamin........B6
B Holsheimer, Ryan ..... B11
Bae, Eugenia...............B1
Benioff, Marc..............B4
Brandon, David ........... B3
C
Cook, Tim....................A6
Cornell, Brian..............B2
Cottle, Barry............... B4
D-G
Duskin, Jonathan........B2
Fiddelke, Michael........B2
Morgan Stanley..........B1
Mosaic Development
Partners....................B6
Occidental Petroleum.B1
Oxford Properties.......B6
Paramount Global.....A13
PayPal ....................... A12
Gass, Michelle.............B2
H Redha, Hani...............B11
K S
Katsoudas, Francine...B1
Kavanagh, Simon......B11
L-P
Lanne, Leslie...............B6
Lavatelli, Francesco..B11
Maier, Jon...................B1
Maiya, Murli..............B11
Merlis, Eric..................B1
Perring, Sarah...........B11
United Airlines ........... A6
Visa...........................A12
Volkswagen......A6,B2,B3
Walmart...............B2,B12
Walt Disney..............A13
Warner Bros. ............ A13
Westfield.....................B6
R board sank Tuesday, the ship’s
Reddy, Sandeep .......... B3
Rosenbluth, Todd......B11
Squeri, Stephen..........B5
Stucky, Matt.............B11
T-W
Tavares, Carlos ........... B3
Taylor, Bret ................. B4
Thomas, Owen............B5
Toyoda, Akio ............... B3
Weiner, Russell...........B3
Winters, Bill..............B11
BY WILLIAM BOSTON
BERLIN—A cargo ship that
caught fire last month with
thousands of luxury vehicles on
management company said.
MOL Ship Management
Singapore Pte Ltd., which
owns the company that oper-
ates the ship, said the Felicity
Ace sank around 9 a.m. local
time about 220 nautical miles
(253 miles) off Portugal’s
Azores islands after it began to
take on water and tilt.
The Panama-flagged 60,000-
ton merchant ship carrying
around 4,000 luxury cars—in-
cluding models from Porsche,
Bentley, Audi, Lamborghini and
other Volkswagen AG brands—
caught fire in February and
burned for days.
SMIT Salvage, the Dutch
company charged with salvag-
ing the ship, sent a team of
large oceangoing tugboats to
the scene and was towing the
vessel to safety when it sank.
Salvage crews and the Por-
tuguese navy had said the in-
tensity of the fire might be ex-
plained by a large number of
electric vehicles on board.
The Felicity Ace fire was one
of the first on a major vehicle
carrier loaded with a substan-
tial cargo of electric vehicles.
The incident sparked debate
among insurers and regulators
about how to safely transport
such vehicles. While the cause
of the fire on the Felicity Ace
might never be known because
the ship is lying at the bottom
of the ocean, experts say there
is a danger that batteries in
electric cars can short circuit
and catch fire. That could mean
that precautions not relevant
for conventional vehicles might
have to be taken during trans-
port, regulators said.
After the blaze stopped,
Volkswagen said it expected
“that large parts of the nearly
4,000 vehicles from several
group brands were so damaged
in the ship fire that they can no
longer be delivered.”
Volkswagen declined to
comment on the cargo’s value.
Incident insurance experts
Russell Group Ltd. estimated
the cargo on board the Felicity
Ace was worth about $438 mil-
lion, of which the cars on
board accounted for about
$401 million. Russell estimated
that VW could face losses of at
least $155 million.

Ransomware Attackers Aim at

Midmarket Acquisition Targets
BY RICHARD VANDERFORD watching. They know what’s Midsize companies are a mi-
going on in the news as well as nority of all companies at-
About two months after it any businessman out there.” tacked, but their average pay-
was bought in the fourth quar- While hacks involving large, out exceeds $1 million,
ter of 2021 by a private-equity deep-pocketed targets draw the according to a February report
firm, a midsize manufacturer most public attention, ransom- by Coveware Inc., a ransom-
had to pay a ransomware group ware groups are targeting mid- ware responder group. Ran-
that had locked up its hardware size companies that have, or somware attackers see them as
systems. are about to have, a deep-pock- a stable source of payments
It cost the company about eted owner like a private-equity without the geopolitical risk
$1.2 million to have its systems firm. A newly acquired com- that comes with hitting a major
released, paid to a group sus- pany typically has access to company, Coveware said, citing
pected of links to the Russian ready cash, tends to have less an interview with a hacker.
ransomware group REvil, said robust cybersecurity and may Deal targets in particular are
Richard Peters, a cybersecurity offer a backdoor into the ac- “low-hanging fruit,” said Jer-
expert at consulting firm UHY quirer’s systems. emy Swan, a managing princi-
LLP. He couldn’t name the com- With ransomware attacks pal at advisory firm CohnR-
pany, a client, for confidential- surging in recent years, U.S., eznick LLP who works with
ity reasons. British and Australian authori- private-equity managers.
The attack fit an increas- ties have noticed a shift toward “We’ve started looking at
ingly familiar pattern, as ran- smaller targets over the past the data, and have definitely
somware groups are turning year. seen a correlation between at-
their attention to midmarket After several strikes against tacks and deal announce-
acquisition targets, presenting “big game” targets such as the ments,” Mr. Swan said. “And
a risk for private equity, ven- 2021 attack on Colonial Pipeline then attacks concentrated
ture capital and other deal Co., ransomware groups started around a portfolio.”
makers that often invest in
such businesses.
striking smaller targets, accord-
ing to a report published in
“It’s really been across the
board: manufacturing busi-
Find More Investment
“Because of the M&A and February by the Federal Bureau nesses, healthcare businesses,
because of the publicity around
that, it became a better target,”
Mr. Peters said. “They’re
of Investigation, other U.S.
agencies and counterparts in
Australia and the U.K.
technology businesses, con-
sumer-oriented businesses,”
Mr. Swan added.
Opportunities Worldwide
with IBKR GlobalAnalyst
Digital demic years will be difficult
for many retailers to replicate.
Target expects revenue and
tivewear to the front of stores.
The department-store
chain’s latest report also

Sales Fuel adjusted earnings per share to

increase this year at a slower
pace than 2021. Kohl’s, which
comes as it fends off criti-
cisms from activist investors.
It rejected a $9 billion take- Find new opportunities to diversify your
Target also reported quarterly finan-
cial results Tuesday, forecast
net sales in fiscal 2022 to in-
over offer from a consortium
backed by hedge fund Star-
board Value LP. That rejection portfolio and discover undervalued
crease 2% to 3%, compared garnered criticism from Jona-
Continued from page B1 with the nearly 22% increase than Duskin, the manager companies that may have greater
revenue hit $106 billion, com- the previous year. partner of Macellum Advisors
pared with $77.1 billion for the Target is focusing on in- GP LLC, which has a roughly growth potential.
year ended Feb. 1, 2020, be- vesting in its stores while also 5% stake in the retailer and
fore the pandemic upended growing digital sales, company has pushed for board changes.
the global economy and con- executives told analysts at a On Tuesday CEO Michelle
sumer buying patterns. New York event Tuesday. Gass pushed back on criticism
Other large retailers such Around 19% of Target’s total that the company’s board isn’t IBKR GlobalAnalyst lets you compare the
as Walmart Inc. reported sales are now digital, up from open to opportunities to boost
strong sales growth in the lat- 8.8% in 2019. Most of those shareholder value. Kohl’s also
est fiscal year, including the sales come from store inven- said that it would double its relative value of global stocks by region,
holiday shopping period. tory—store workers packing quarterly dividend and buy
Those retailers were able to up orders for home delivery or back at least $1 billion of its country, industry or individually.
use their heft and e-commerce to bring to customers in park- stock this year, which Ms. Gass
networks to navigate worker ing lots. said in an interview is a testa-
shortages due to the Omicron The company is building ment to the company’s confi-
variant, supply-chain snarls large warehouses that use au- dence in its strategy.
and rising prices. “While we have tremendous
Smaller retail chains, such confidence in our future, we
as Kohl’s Corp., have said de- are testing and assessing that
lays on inventory arriving in
Around 19% of plan against other alterna-
stores dampened sales growth Target’s total sales tives,” she said.
and pandemic complexities ate Kohl’s shares rose roughly
into profits in recent months.
are now digital, up 2%.
Consumer spending re- from 8.8% in 2019. In response to inflation,
mains strong even as prices Target aims to keep prices
rise. In January spending rose lower than competitors during
a seasonally adjusted 2.1% the current year, executives
from the previous month, with tomation to quickly pack said. “We have many levers to
personal income staying same-day delivery orders near combat costs, and price is the Learn more and try IBKR GlobalAnalyst
steady, the Commerce Depart- city centers such as Chicago, one we pull last, not first,” ac-
ment said. to expand the business faster, cording to the company’s chief
Surveys, however, are
showing an increasingly dour
executives said. It also plans
to expand Roundel, its internal
financial officer, Michael Fid-
delke. ibkr.com/tryga
mood among consumers media operation that works The company expects the
through the latest phase of the with brands and ad agencies, tight labor market and supply-
pandemic combined with the to be a $2 billion operation chain snarls to continue this
effects of inflation among over the next several years. year and is watching con-
other developments. Target shares rose about sumer spending without the
“Consumers are still wor- 10% in Tuesday trading. benefit of government stimu-
ried about Covid, but they are Kohl’s is banking on part- lus, he said. Member - NYSE, FINRA, SIPC - The projections or other information generated by Interactive Brokers’
GlobalAnalyst tool regarding the likelihood of various investment outcomes are hypothetical in nature,
looking for that touch of nor- nerships like one it has with On Monday, Target said it do not reflect actual investment results and are not guarantees of future results. Please note that results
mal in their lives,” Target beauty-products seller Sep- would offer hourly workers a may vary with use of the tool over time. IMPORTANT: Corporate data is provided by third-parties, and
Chief Executive Brian Cornell hora to help lift its sales. It minimum wage of $15 to $24, Interactive Brokers makes no warranties as to the accuracy of that data. You should do your own due
told analysts Tuesday. also plans to invest in its and expand the pool of em- diligence prior to relying on any such data displayed in GlobalAnalyst. 11-IB21-1507CH150
The financial performance physical locations, including ployees eligible for company
through the first two pan- moving merchandise like ac- health benefits.
 .

THE WALL STREET JOURNAL. Wednesday, March 2, 2022 | B3

BUSINESS NEWS

Jeep to Offer
Electric SUVs
The move comes
as auto makers face
pressure to shift from
combustion engines
BY NORA ECKERT
AND CHRISTINA ROGERS
Jeep, a historic American
brand that has long been
known for its rugged sport-
utility vehicles, plans to offer
a line of fully electric SUVs in
the coming years, as part of a
broader strategic road map
Chrysler Automobiles NV, re-
vealed new targets to reduce
carbon emissions and boost
electric-vehicle sales.
“The competition is fierce,
and we are ready to take on
the fight for the top spot,” Mr.
Tavares said.
As governments globally
tighten restrictions on tailpipe
pollutants, major car manufac-
turers like Stellantis are under
pressure to shift away from
the combustion-engine vehi-
cles that have long ruled the
car business.
The U.S. and other coun-

unveiled Tuesday by parent
company Stellantis NV.
The brand will get its first
all-electric model in the first
half of next year, and by 2025,
Jeep will offer a comprehen-
sive line of battery-powered
SUVs, covering a range of
sizes and price points, said
Stellantis Chief Executive Car-
los Tavares during a presenta-
tion in Amsterdam.
Jeep will still sell gasoline-
engine SUVs, but the move is
intended to give buyers the
option of purchasing an emis-
sions-free version.
Other well-known Detroit
brands, like Ram, Chrysler and
Dodge, will also shift more of
their lineups to electrics as
Stellantis, a car company
formed last year through the
merger of PSA Group and Fiat
tries overseas are also trying
to speed the transition by of-
fering tax credits to buyers
that lower the higher upfront
costs of purchasing an electric
vehicle.
Mr. Tavares has been out-
spoken on the need for gov-
ernment incentives, arguing
that the costs of developing
and building battery-powered
models are still much higher
than conventional gas-pow-
ered cars and trucks.
By 2030, the company said
it wants half of its sales in the
U.S. and all of its sales in Eu-
rope to be fully electric mod-
els.
Now one of the world’s
largest auto manufacturers,
Stellantis sold 6.5 million vehi-
cles last year through its col-
lection of automotive brands,
By 2030, the company said it wants half of its sales in the U.S. and all of its sales in Europe to be fully electric models.
which also include European
names like Peugeot, Alfa Ro-
meo and Maserati.
The company’s stock de-
clined nearly 8%.
Mr. Tavares, the former PSA
Group chief who has led Stel-
lantis for a little more than a
year now, is racing to catch up
with General Motors Co.,
Volkswagen AG and other ri-
vals that have in recent years
taken bold steps to transition
their global operations to elec-
tric vehicles. Traditional auto
makers are also confronting
stiffening competition from
Tesla Inc. and other new elec-
tric-vehicle startups like Riv-
ian Automotive Inc. that have
captured the minds and wal-
lets of investors.
Mr. Tavares has previously
said Stellantis plans to spend
more than $35.5 billion on
electric vehicles through 2025,
a figure that is roughly on par
with its competitors.
On Tuesday, he offered a
more detailed look at the com-
pany’s longer-range plans in
the U.S. and overseas, includ-
REBECCA COOK/REUTERS
ing outlining new financial but it is still heavily depen-
targets. By 2030, Stellantis dent on North America and
said it aims to more than dou- Europe for its earnings.
ble revenue globally to $337 Mr. Tavares said he is aim-
billion, while sustaining dou- ing for a better geographical
ble-digit operating margins balance, in part by elevating
through the entire period. the company’s luxury brands
Additionally, Stellantis in China.
plans to further diversify into North America and Europe
new business lines and boost currently generate about 85%
revenue overseas, including in of the company’s global reve-
China where both PSA and nue. By 2030, he aims for
Fiat Chrysler have long lagged those two regions to be a
behind rivals in sales. smaller percentage—about
Stellantis posted strong 72%—as it grows sales and
revenue and profit in 2021, share in other markets.

Toyota’s Japan Shutdown Reflects Cautious Culture

BY SEAN MCLAIN
TOKYO—Toyota Motor
Corp.’s Japan factories were
set to reopen Wednesday
morning after a one-day shut-
down that reflected the com-
pany’s culture of caution.
At Toyota factories, any
worker who spots a potential
problem generally has the
power to bring the entire line
to a halt. The idea is that less
time is ultimately wasted by
stopping work to fix the prob-
lem right away.
The company applied that
practice dating to the 20th
century when it was hit this
week with a 21st-century
problem—a cyberattack that
paralyzed one of its suppliers.
Plastic-parts maker Kojima In-
dustries Corp. said it realized
early Monday evening that it
couldn’t operate as usual on
Tuesday, and it quickly relayed
that news to its main cus-
tomer, Toyota.
So Toyota hit the stop but-
ton for a whole day. Its 14 fac-
tories in Japan didn’t build
any cars Tuesday.
“It’s better to stop and fig-
ure out what the problem is,
rather than to continue work-
ing while worrying that some-
thing might go wrong,” said a
Toyota spokesman.
The company said produc-
tion would resume Wednesday.
The daylong shutdown was the
latest woe for Toyota after
problems with semiconductor
supplies.
In recent years, Toyota
President Akio Toyoda has
given speeches and held train-
ing sessions to spread the phi-
losophy of Toyota’s production
system beyond the factory
floor. Subordinates have ap-
plied the factory principle of
avoiding “muda,” or waste, to
economizing on office supplies.
Kojima is one of the more
than 1,000 suppliers in the
Toyota empire that play a role
in keeping production lines
running smoothly.
The parts maker said it no-
ticed problems with its servers
at around 9 p.m. Saturday,
forcing a restart. After the sys-
tem was restarted, Kojima said
it discovered a computer virus
and received a threatening
message. That can be a hall-
mark of a ransomware attack in
which criminals seek payment
in return for restoring a com-
puter system to normal.
A Kojima spokesman said
the company at this point isn’t
using the word ransomware
and continues to examine
what happened. It said it was
working with local police to
counter the attack.
After calling in outside se-
curity experts and shutting off
all its systems, Kojima strug-
gled to restore normal func-
tioning and on Monday real-
ized it couldn’t properly
exchange information with
Toyota about supplying parts,
Kojima said. While the car
maker has eased away from
some elements of its “just-in-
time” production system in re-
cent years, it still often counts
on suppliers to deliver just
enough product each day.
Factories are set to operate
the rest of the week with a
trimmed-down version of Toy-
ota’s parts-ordering system,
the Toyota spokesman said.
Normally, the system monitors
in real time how much of a
ALBERT NELSON
MARQUIS
L IFETIME
A CHIEVEMENT
AWARD
BRUCE W. BURLEIGH, PHD
BIOCHEMIST (RET.)
particular part gets used so and insurance as the biggest
suppliers can fine-tune their target of ransomware attacks
deliveries. It will go without in 2021, IBM said.
that function for now, the In May 2021, Toyota Auto
spokesman said, with full res- Body Co., a Toyota Motor sub-
toration set for next week. sidiary, and Toyota affiliate
Cyberattacks on manufac- Daihatsu Diesel Mfg. Co. were
turing companies, particularly hit by cyberattacks. Toyota
those involving ransomware, said it had information-secu-
have exploded in the past year, rity policies that it requires all
according to a February report its suppliers to follow. The
by International Business Ma- company said it reminded sup-
chines Corp. Manufacturing pliers of those policies after
overtook financial services the Kojima attack.
Lifetime
Achievement Award
Marquis Who’s Who is proud to honor
its most distinguished listees based on
their career longevity, philanthropic
endeavors, and lasting contributions to
KHANH Q. DANG
SR. AEROSPACE ENGINEER
society. Out of 1.5 million biographees,
LOCKHEED MARTIN only a small percentage are selected
for the Albert Nelson Marquis Lifetime

Domino’s New CEO Lands Achievement Award. Among that

prestigious group, a handful is chosen
to represent Marquis as advertised

Promotion Amid Challenges in The Wall Street Journal. It is our

great pleasure to present them here.
Congratulations to our prestigious listees!
MARY SUE GREGORY, BBA MANUEL A. HUERTA, PHD
BY HEATHER HADDON Domino's Pizza share price boxes, saving labor hours. FOUNDER PROFESSOR OF PHYSICS
since July 2018 “We believe that delivery- CADES COVE PRES. ASSOC. UNIVERSITY OF MIAMI

Domino’s Pizza Inc. is pro- driver staffing may remain a

moting its chief operating offi-
cer to chief executive as the
chain struggles with staffing
and equipment shortages that
are hurting its ability to de-
liver pizzas and build new U.S.
stores.
Ritch Allison, the company’s
CEO for the past four years, will
step down from his role at the
end of April, the company said
Tuesday. Russell Weiner, Dom-
ino’s operating chief, will suc-
ceed Mr. Allison as the global
pizza giant’s head on May 1. Mr.
Weiner will stand for election
to the company’s board at its
annual shareholder meeting,
which is scheduled for April 26.
Mr. Allison, who first joined
the company in 2011, is cred-
$550
significant challenge,” Mr. Alli-
son told investors.
500 Delays in getting equipment,
inspections and new workers
450 also hurt Domino’s ability to
open new U.S. stores during the
quarter, the company said.
400 Domino’s said it expects that it HANK HUGHES STELIOS J. KOUTOUVIDES DUKE T. MATSUYAMA, DO GERARD J. MAYER, MD
could continue to face delays TENNIS MANAGER OWNER, MAX’S PIZZA & REST. ANESTHESIOLOGIST PEDIATRICIAN, PHYSICIAN
MT. LEBANON TENNIS CENTER ARTIST, WWW.STELSART.NET CUMBERLAND ANESTH. ASSOC. N. WESTCHESTER HOSPITAL
350 this year in opening new stores.
To help offset growing costs,
300
Domino’s is changing its long-
time promotion allowing cus-
tomers to get two value items
250 for $5.99 each. The chain said it
will start to charge $6.99 for
200 each item when ordered for de-
2019 ’20 ’21 ’22
livery, which is more expensive
to handle than when customers
ANNA YEUNG MAYO JOHN A. REPICCI, DDS, MD H. LINDA ROSE, MS, RN MARK D. SEMON, PHD
Source: FactSet pick up orders at stores. The IT DEVELOPER/CONSULTANT ORTHOPEDIC SURGEON SR. VP OF HEALTH SERVICES PROFESSOR EMERITUS
SPRINGPOINT BATES COLLEGE
value items will remain $5.99 CA DEPT. OF CONSUM. AFFAIRS

ited with helping Domino’s
grow its sales and helping to
keep the company’s profit mar-
gins intact by refusing to pay
third-party delivery services to
handle its pizzas. Domino’s also
gained sales during the pan-
demic when customers were
sheltering in place and order-
ing more pizza from home.
Now, Domino’s faces more
the chain is no longer benefit-
ing from federal stimulus
checks that Americans re-
ceived last year. A number of
restaurant chains credited the
stimulus payments with fuel-
ing sales last year.
The Ann Arbor, Mich., com-
pany’s shares ended flat after
falling 7% in premarket trad-
ing Tuesday.
each for carryout orders.
Mr. Allison said that Mr.
Weiner will continue to play a
key role in updating the com-
pany’s menu and advertising,
as he has done since joining
the company as its chief mar-
keting officer in 2008.
Domino’s separately named
JAMES J. SHERIN ANNA SMULOWITZ SCHUTZ
Sandeep Reddy, currently the INSTRUCTOR ARTISTIC DIRECTOR
chief financial officer of Six SR. SYST. ANALYST, PROG. THE TEREZIN PROJECT

competition as cases attributed
to the Covid-19 Omicron variant
fall and local governments drop
masking and proof of vaccine
requirements for businesses
such as restaurants. Industry
data has shown that consumers
dine out more when Covid-19-
related restrictions ease.
Domino’s U.S. same-store
sales rose 1% in the three
Domino’s said that it had
serious difficulties staffing
stores during the quarter, par-
ticularly among delivery driv-
ers. The shortages hurt the
ability for Domino’s restau-
rants to deliver pizza to cus-
tomers, executives said. The
chain said it is reviewing how
to make its delivery jobs more
attractive, including by keep-
Flags Entertainment Corp., as
its next CFO, effective April 1.
Domino’s will also transition
board Chairman David Brandon
to a newly created post of exec-
utive chairman, effective May 1.
Domino’s reported adjusted
earnings of $4.25 a share for 2022 - 2023
the most recent quarter, behind
NADINE LEE WYNN MICHAEL ZURBRIGEN
analysts’ average estimate of BROKER, TEAM NADINE LLC CEO
$4.28 a share, according to REALT., KW REALTY L. NORMAN EURO-WALL SYSTEMS, LLC

months ended Jan. 2, missing ing its drivers on the road FactSet. Revenue fell 1% from a
analysts’ expectations. The earning tips for more of their year earlier to $1.34 billion.
company said demand remains shifts. The company said it is —Kimberly Chin
strong, though executives said having drivers fold fewer pizza contributed to this article.
 .

B4 | Wednesday, March 2, 2022 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

Scientific Games to Change Its Name

Rebranded as Light & and sports-betting businesses
in separate deals, part of a
Wonder, the company plan to reduce debt and focus
will focus on casino on gaming content.
The company reported debt
and online gambling of $8.8 billion and cash of
$844 million as of Sept. 30
BY KATHERINE SAYRE last year.
Entertainment company En-
Slot-machine and game de- deavor Group Holdings Inc.
veloper Scientific Games agreed to buy the sports-bet-
Corp. plans to rebrand as ting business for $1.2 billion in
Light & Wonder Inc. after the cash and stock.
company shed its lottery and Brookfield Business Part-
sports-betting businesses to ners LP agreed to buy the lot-
focus on content for casinos tery business for about $6 bil-
and online gambling. lion.
The company has said it Scientific Games has also
seeks to increase its digital rev- made recent acquisitions to

STEVE MARCUS/LAS VEGAS SUN/ASSOCIATED PRESS

enue share to 50% by 2024 by
developing games to be shared
across platforms, in slot-ma-
chines seen in casinos, in online
gambling—also known as iGam-
ing—and social gaming.
“That’s where the world is
trending because in iGaming,
particularly in the United
States, the land-based opera-
tors are getting digital li-
censes, and they want to pro-
vide their players 360-degree
access to the games that they
have,” Scientific Games Chief
Executive Barry Cottle said.
The announcement comes
as online gambling, popular in
the U.K. and Europe, has be-
come a growing force in the
U.S. casino industry. Gambling
is regulated state by state, and
lawmakers have been slower
Online gambling is projected to be a $7 billion business. A Scientific Games display at an expo in Las Vegas last year.
to legalize online casinos,
compared with the rapid
spread of mobile sports bet-
ting in recent years.
Online casino games are le-
gal in six states, while Nevada
allows only online poker.
Sports betting, meanwhile, has
been legalized in 33 states and
the District of Columbia.
Online casino business is
projected to be as high as a
$7 billion market in the U.S.
in the next three to four
years, depending on which
states go forward with legal-
ization, according to industry
analysts.
Scientific Games has
reached about 40% digital rev-
enue share so far, and its total
market for online gambling
and social gaming is $50 bil-
lion, Mr. Cottle said.
boost its content offerings, in-
cluding ELK Studios, a Euro-
pean game developer based in
Stockholm, and Lightning Box,
a Sydney based slot developer.
It also acquired Authentic
Gaming, based in Malta, which
provides live-dealer content,
in which games such as rou-
lette and blackjack are broad-
cast live from studios.
Scientific Games said it
plans to expand the live-dealer
offerings to the U.S. by open-
ing new studios.
The company said its name “It’s inevitable that iGaming
will be legally changed in the is going to happen in states
second quarter of this year. where gaming exists to-
“We believe Light & Won- day…because players want to
der captures the essence of a play on their phone,” Mr. Cot-
great game,” Mr. Cottle said. tle said. “We see it in every
Last year, the company medium, from games to music
agreed to sell off its lottery to movies and sports betting.”

Salesforce Posts Revenue Gain, Lifts Outlook

Salesforce quarterly
revenue $7.33B

BY DENNY JACOB
Business software provider
Salesforce.com Inc. logged
higher revenue in the fourth
quarter and raised its annual
sales outlook, as the company
looks to maintain its leader-
ship role in cloud-based ser-
vices that have expanded in
response to the pandemic.
The San Francisco-based
company said its sales rose to
$7.33 billion for the three
months ended Jan. 31, com-
pared with $5.82 billion a year
earlier. Analysts were expect-
ing $7.24 billion in sales for
the quarter after Salesforce is-
sued guidance below expecta-
tions late last year.
For fiscal 2023, the com-
pany is now expecting sales to
between $32 billion and $32.1
billion, an increase from its
previous range between $31.7
billion and $31.8 billion. It also
raised its outlook for the cur-
rent quarter.
“This year has just been
characterized by a lot of com-
plexity, from the pandemic, to
inflation, supply chain, and
now, this war in Europe, but
the thing that really has en-
dured is I think this trend to-
wards digital transformation,”
co-Chief Executive Bret Taylor
said in an interview. He added,
“The demand environment
continues to be very strong.”
Salesforce thrived as the
pandemic pushed entire indus-
tries and governments to pur-
chase digital tools as they
shifted to remote work. The
company expanded its arsenal
of services after it agreed to
buy messaging company Slack
Technologies Inc. in a cash-
and-stock deal valued at $27.7
billion in December.
Its shares are up about 24%
over the last two years, but
down 16% so far this year
amid a broad tech selloff
spurred by inflationary con-
cerns and Russia’s invasion of
Ukraine.
Shares of Salesforce were
up roughly 4% in after-hours
trading. The stock closed at
$208.89 Tuesday, down 1.6%.
The fourth-quarter results
were the first under Sales-
force’s second attempt at its
co-CEO structure. The com-
pany has been led by CEO
Marc Benioff following the de- $6 billion
parture of co-CEO Keith Block
in February 2020. 5
In November 2021, the
company elevated Mr. Taylor 4
to the role of co-CEO and vice
chairman to serve alongside 3
Mr. Benioff. He previously
served as president and chief 2
operating officer.
Salesforce logged a loss of 1
$28 million for the fourth
quarter, down from a gain of
0
$267 million in the year-ago
period. Adjusted earnings of FY2020 ’21 ’22
84 cents a share were below Note: Fiscal year ended Jan. 31
analysts’ expectations of $1. Sources: S&P Capital IQ; the company

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THE WALL STREET JOURNAL. Wednesday, March 2, 2022 | B5

BUSINESS NEWS

Companies See Perks as Wage and salary growth for

employees who have had the
same job for at least one year

Way to Keep Pay in Check

Wage growth Inflation
8%

BY KRISTIN BROUGHTON saying they planned to do so for tomers. Many companies over

EUGENE GOLOGURSKY/GETTY IMAGES FOR NYLON

Faced with high inflation and
high turnover, many companies
are looking to offer perks such
as more time off or permanent
work-from-home options as a
way to limit how much they
have to boost employee salaries.
Once salaries go up, they
rarely come down. Increasing
pay too much too fast can leave
finance chiefs with little room
to maneuver if inflation abates
or economic conditions deterio-
rate. So while companies are
spending more on wages and
benefits, many are resisting
across-the-board salary in-
creases.
A December survey con-
ducted by advisory firm Gartner
Inc. found that just over a third
of all organizations said they
plan to adjust compensation to
account for inflation, with 13%
all employees.
Corporate spending on
wages and benefits in 2021 ac-
celerated at the fastest rate in
two decades amid record resig-
nations, according to the Labor
Department. But for many em-
ployees, those adjustments ha-
ven’t kept pace with the rising
cost of living. Wages and sala-
ries for job holders who have
been in the same role for at
least one year have been rising
more slowly than inflation, in-
creasing 5.9% in December com-
pared with inflation of 7%, Gart-
ner found when analyzing data
from the Labor Department and
payroll firm Automatic Data
Processing Inc.
Chief financial officers weigh
a range of factors when deter-
mining compensation budgets,
including their ability to pass
along higher salary costs to cus-
the past year have reported
their highest profitability in
years on the back of strong de-
mand and price increases.
“I’d love to pay everybody as
much as possible. But I also
need to make sure the company
remains competitive,“ said Chris
Cage, CFO at government con-
tractor Leidos Holdings Inc.
Employees at the Reston,
Va., company said in internal
surveys that flexible work ar-
rangements are the priority.
Leidos last month said some
employees could work from
home on a permanent basis.
The company also offered bene-
fits such as access to a medita-
tion app and financial counsel-
ing services.
The company plans to spend
more on compensation this year
than in 2021, including on
merit-based increases for high
6
4
2
0
Cosmetics company e.l.f. Beauty offers employees such things as July 2021 Dec.
meeting-free afternoons after 2 p.m. on Fridays. Source: Gartner Inc.
performers, Mr. Cage said, but after 2 p.m. on Fridays, in part, cal year, she said.
declined to say how much. He so employees can have flexibil- “Employee salary is one por-
said Leidos is allocating “in the ity with their personal lives. tion of it, but it is a much big-
millions” toward new perks, E.l.f. over the past year ad- ger picture than that,” Ms.
benefits and training. Leidos justed all salaries by a low-sin- Fields said, referring to the
earned $759 million in 2021, or gle-digit percentage to reflect company’s compensation pack-
21% more than a year earlier. the higher cost of living, CFO age, which includes equity
Cosmetics company e.l.f. Mandy Fields said. It will de- grants for all employees. Profit
Beauty Inc. offered new perks cide in March how much to rose 45% during the quarter
such as meeting-free afternoons boost salaries for its next fis- ended Dec. 31, to $6.2 million.

Push For a Office occupancy rate in 10 major cities over the past year
60%
For the week ending Feb. 23 Covid-19’s retreat across the
U.S. Many states and local gov-
ernments have pulled back mit-
the tight labor market is im-
pacting business leaders’ will-
ingness to be more aggressive

Return to
Austin
igation efforts in recent weeks, about having their employees
Houston and the Centers for Disease come back to work,” said Owen
50 Control and Prevention last D. Thomas, CEO of office land-

The Office
Continued from page B1
cases, and executives felt confi-
dent employees could safely re-
turn, Ms. Katsoudas said.
Should cases rise once more
or other circumstances call for
sending employees home, the
company can adapt, she said.
Cisco used to ask teams to map
out their work schedules over
the coming 90 days; Ms. Kat-
soudas said the company now
considers that horizon too
long. Instead, she encourages
teams to plan in 30-day incre-
ments.
“If something changes, we
know exactly how to navigate
through that,” she said.
Many companies, including
Cisco, are leaving it up to
teams and managers to deter-
mine when and how often em-
ployees come into the office.
40
10 city average
30
20
10
2021
Source: Kastle Systems
Bosses are preaching flexibility,
careful not to alienate employ-
ees who have come to appreci-
ate the upsides of remote work.
To ease employees back into
the rhythm of in-person work,
American Express initiated a
soft opening of its New York
office on Tuesday. The com-
pany is encouraging employees
’22
in hybrid roles to commute to
the office at least once a week.
It will begin what it calls its
full “Amex Flex” program on
March 15; in this program,
many employees will work, on
average, one to three days a
week in an office, depending on
their jobs and team arrange-
ments, a spokeswoman said.
Dallas
week said masks aren’t neces- lord Boston Properties Inc., on
10 city average sary indoors where Covid-19 is a call with analysts at the end
circulating at low levels. New of January.
Philadelphia York City could lift its vaccine Improving Covid conditions
requirement for restaurants, and rising vaccination levels
Los Angeles
fitness centers, and entertain- among workers has given many
Washington DC ment venues March 7 if current executives confidence to push
trends continue, Mayor Eric for a return. Citigroup Inc. re-
New York Adams said Sunday. cently asked its vaccinated em-
Office attendance has ticked ployees at its U.S. offices that
Chicago
up recently, though it remains hadn’t previously reopened to
San Jose sparse in many places. In 10 return at least two days a week
major U.S. cities, offices were beginning March 21. Many of
San Francisco on average 36.8% occupied as its employees in cities like New
of late February, up from about York, Boston and Chicago re-
0 10 20 30 40 50
33% earlier in the month, ac- turned last year. “Although
cording to Kastle Systems, a se- Covid-19 may never fully go
curity company that tracks how away, we are seeing promising
“After a very long wait, it many people swipe into build- developments. Cases are
will be good for many of us to ings. Some executives note that steadily decreasing across the
see each other again in person Americans seem willing to go U.S., and our vaccinated work-
and enjoy the connections, col- to sporting events, live theater ers face less risk of serious ill-
laboration, and variety in our performances and restaurants, ness from the virus,” Sara
daily routines,” Stephen J. while still avoiding the office. Wechter, head of human re-
Squeri, CEO and chairman of “People are certainly com- sources at Citi, said in a note
American Express, said in a fortable doing a lot of things in on LinkedIn last week.
February memo to employees. person, yet they’re not coming —Ben Eisen contributed to
The push to reopen reflects back to the office. So I do think this article.

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B6 | Wednesday, March 2, 2022
DIGSAU
Oxford Properties is making its first investment in Philadelphia as part of a $1.5 billion development project. Rendering of the planned Philadelphia Navy Yard Project.
Demand for Lab Buildings Soars
BY PETER GRANT
The rapid growth of life-sci-
ence research during the pan-
demic is triggering a record
boom in the development of
new lab space and offices
serving these companies.
Development of buildings
geared toward biotechnology,
pharmaceutical and other lab-
oratory firms was on the rise
before 2020. But demand for
this space intensified as bil-
lions of dollars poured into re-
search and development of a
Covid-19 vaccine and other
therapies for the virus.
Life-science space is enjoy-
ing high occupancy rates be-
cause—unlike traditional of-
fice buildings—much of the
lab work requires specialized
equipment and building infra-
structure.
More than 31 million square
feet of life-sciences space was
under development in the
fourth quarter of 2021, a new
high in any quarter and up
from about 19 million in the
first quarter, according to
real-estate firm CBRE Group
Inc. Those projects included
ground-up construction and
THE PROPERTY REPORT
conversions of office buildings.
Developers believe this de-
mand will continue even with
the Covid-19 infection rate de-
clining. For one, government
funding of life-sciences re-
search shows no sign of ebb-
ing. Venture-capital funding of
U.S. life sciences stood at
more than $8 billion in the
fourth quarter. It grew more
than threefold over the past
five years, according to CBRE.
Developers are racing to
meet the new demand not only
in the traditional life-sciences
hubs of Boston, San Francisco
and San Diego but in many
markets where life-sciences
ecosystems are growing near
academic institutions and hos-
pitals. Those markets include
Los Angeles, Denver and Boul-
der, Colo., Chicago and Houston.
These cities “were consid-
ered emerging markets five
years ago but have now cre-
ated substantial bases of life-
sciences demand,” said Chris
Bodnar, co-head of CBRE’s
healthcare and life-sciences
capital-markets business.
Canadian investment giant
Oxford Properties Group is
making its first investment in
Philadelphia, joining a local
joint venture to develop up to
3 million square feet for more
than $1.5 billion in a former
Navy yard that dates back to
the Revolutionary War. The
new partnership, which in-
cludes Ensemble Real Estate
Investments and Mosaic De-
The life-science-
development boom
reflects major
technological shifts.
velopment Partners, is break-
ing ground on its first building
in a few weeks.
Lendlease, the Australian
real-estate and construction
firm, has worked as a con-
struction manager on life-sci-
ences products for decades.
But it recently launched a ven-
ture with Montreal-based
Ivanhoé Cambridge, to make
“a meaningful entry” into the
sector as an owner, said Denis
Hickey, Lendlease’s Americas
chief executive officer. The
partners are planning this
spring to break ground on
their first project, a 320,000-
square-foot building at 60
Guest Street in Boston.
The life-science-develop-
ment boom reflects major
technological shifts that have
been taking place in the busi-
ness over the past decade. Re-
search and development used
to be controlled by big phar-
maceutical manufacturers and
other major corporations.
But in recent years, small
entrepreneurial companies
backed by venture capital have
been responsible for numerous
breakthroughs in research and
new therapies.
These firms are often
founded by people at top re-
search schools and hospitals.
They are often more nimble
than large corporations, and
they have had an enormous
appetite for specialized office
and lab space.
“What’s happening with
technology is that you’re able
to accelerate the study of your
therapy that is probably 100
times faster than it was 10
years ago,” said Chad Remis,
an Oxford executive vice presi-
A self-driving Embark truck. The company plans to commercially
launch the first autonomous trucks using its software in 2024.
Self-Driving Trucks
Start to Fuel Land Rush
BY KONRAD PUTZIER
The prospect of self-driving
trucks could further intensify
a land grab near big cities, one
that is fueled in part by the in-
crease in long-haul trucking
during the pandemic.
Alterra Property Group
LLC, a real-estate investor in
Philadelphia, said Monday that
it launched a partnership with
autonomous-truck company
Embark Trucks Inc. to buy
property across the U.S.
Embark, which went public
in November in a $5 billion
deal, plans to commercially
launch the first trucks using
its software in Sunbelt states
such as California and Texas in
2024. The autonomous trucks
would drive on highways, then
pass on the trailers to human-
driven trucks for the final
stretch of city deliveries.
To do that, Embark needs
many transfer hubs close to
highways on the outskirts of
cities to park and switch
trucks. Under its partnership,
the company plans to initially
lease these sites from Alterra.
The emergence of self-driv-
ing trucks comes as Ameri-
cans’ demand for electronics,
household wares and other
goods during the pandemic is
boosting the amount of truck
traffic. Truck operators need
land near big population cen-
ters to store their vehicles.
But that land is scarce. For
one, developers have been
buying up outdoor facilities
for use as e-commerce ware-
houses. And strict zoning rules
mean that few sites qualify for
truck storage.
THE WALL STREET JOURNAL.
dent.
Some owners of office
buildings are hoping to con-
vert them to life sciences to
boost occupancy. But this
strategy only works in some
locations in a handful of cities
with thriving life-sciences eco-
systems.
“As much as every landlord
would like to think their build-
ing could be a life-sciences
building, it’s not always the
case,” said Mr. Bodnar of
CBRE.
Life-sciences development
isn’t without risk. The build-
ings are more expensive than
regular office buildings be-
cause they need special sys-
tems for ventilation, cooling
and moving equipment.
Most buildings serving life-
sciences firms are being devel-
oped with very little or no
preleasing, and their tenants
are often startups that have
yet to prove themselves. If the
capital sources for these firms
dry up, “building these very
technical buildings on spec is
not a good investment thesis,”
said Mr. Remis, of Oxford.
But, he added: “We believe
that is a low risk.”
EMBARK TRUCKS
That “is creating a signifi-
cant supply-and-demand im-
balance,” said Leslie Lanne,
executive managing director at
commercial-property firm JLL.
Investors are looking to
profit by buying up these
hard-to-find sites and renting
them out to logistics or tradi-
tional trucking companies un-
der five- or 10-year leases.
In December, property in-
vestor Zenith IOS launched a
partnership with J.P. Morgan
Global Alternatives to buy
about $700 million of these in-
dustrial outdoor storage prop-
erties. The partners bought
more than $150 million of
properties to date, Zenith said.
Atlanta-based Stonemont Fi-
nancial Group last year set up
a joint venture with Cerberus
Capital Management to invest
in the sector.
While big investors have
been buying up e-commerce
warehouses for years, they
have so far mostly neglected
industrial outdoor storage fa-
cilities. Most plots are small
and owned by local landlords
or small logistics businesses,
making it hard to find real es-
tate to buy and spend a lot of
money. That is starting to
change.
Benjamin Atkins, chief exec-
utive of Zenith IOS, said he ex-
pects outdoor industrial prop-
erties to follow a path similar
to single-family rental homes
and self-storage facilities,
where the rise of big landlords
has made it easier for pension
funds and sovereign-wealth
funds to buy properties in
bulk, drawing in more money
and pushing up prices.
.
Starwood’s
Israel
Woes
Deepen
BY PETER GRANT
Israel’s securities regulator
said it would financially sup-
port a class-action suit involv-
ing a soured Starwood Capi-
tal Group bond deal, a move
that comes as that country’s
once-popular debt market
with U.S. real-estate investors
is getting tougher on some
foreign companies.
The lawsuit, filed in 2019,
alleges Starwood misrepre-
sented and omitted some risks
in the prospectus for a bond
offering of 910 million shekels
($281 million), which was
backed by a group of U.S.
malls. The lawsuit alleges
there was insufficient disclo-
sure about lease covenants
and ratings on loans con-
nected to some of the underly-
ing assets.
The Israel Securities Au-
thority in December said it de-
cided to pay a portion of the
lawsuit’s expenses because it
feels the suit was in the public
interest and has a reasonable
chance of being certified by an
Israel court. A spokeswoman
for the authority said its ac-
tion doesn’t mean it supports
the plaintiff’s position in the
lawsuit.
The lawsuit alleges dam-
ages of about 99.6 million
shekels, according to the regu-
lator’s public statement. Star-
wood and its officers “alleg-
edly did not meet the
disclosure obligations that ap-
ply to them” because its pro-
spectus was “misleading and
material details were omitted
from it,” the authority’s state-
ment said.
The suit is expected to
move forward in the Israeli
courts later this year.
A spokesman for Starwood
pointed out in a written state-
ment that the private-equity
firm has said that it believes
the allegations in the lawsuit
to be without merit. “The [au-
thority] has previously pro-
vided funding for many pend-
ing lawsuits and it does not
affect the merits of any of the
cases,” he said.
The Israel bond market was
a popular place for U.S. real-
estate companies, which
raised billions of dollars in the
years after the 2008 financial
crisis. Many U.S. real-estate
companies tapped the Israeli
bond market because they
could borrow at lower interest
rates than with certain loans
in the U.S., and Israel’s bond
market often provided more
flexible terms.
Issuers included commer-
cial property companies such
as Silverstein Properties Inc.,
one of the developers of the
World Trade Center, and Re-
lated Cos., which developed
New York’s Hudson Yards
complex. New York luxury
condo developer Extell Devel-
opment Co. also sold bonds in
Israel.
But the Israel Securities
Authority began to crack down
on certain foreign bond sales
last year after several high-
profile offerings, including the
Starwood mall portfolio, ran
into trouble and led to big
losses for Israeli investors. In
2021, the authority proposed
new disclosure requirements
directing fund managers to
notify investors of potential
risks of buying bonds issued
by certain foreign borrowers
“with no affiliation to Israel.”
Since the regulations were
proposed, there has been only
one bond issue by a foreign is-
suer with no affiliation to Is-
rael that hasn’t issued bonds
in that market in the past.
A spokeswoman for the au-
thority said the lower issuance
volume “corresponds with the
general tendency in Israel of
increased equity issuances
rather than debt issuances.”
The lawsuit against Star-
wood involves a portfolio of
malls in California, Indiana,
Ohio and Washington state.
Starwood purchased the prop-
erties in 2013 from mall giant
Westfield Group and refi-
nanced the portfolio in 2018
through the bond sale in Is-
rael.
After the bond sale, the
portfolio ran into financial dif-
ficulties partly because of the
pandemic and increasing com-
petition from online retailers.
Starwood defaulted on the
debt and lost control of the
properties in 2020.
 .

THE WALL STREET JOURNAL. Wednesday, March 2, 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. AmericanFin AFG 130.98 -4.41 BentleySystems BSY 38.65 0.26 Carnival CUK 17.34 -1.43 CrownCastle CCI 168.01 1.42 s Enbridge ENB 43.38 0.20 Gartner IT 274.46 -5.96
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. AmHomes4Rent AMH 37.52 -0.49 Berkley WRB 88.18 -2.12 CarrierGlobal CARR 43.72 -1.16 CrownHoldings CCK 119.02 -3.65 Endeavor EDR 30.00 -0.13 Generac GNRC 321.24 5.77
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s
AIG AIG 57.89 -3.35 BerkHathwy A BRK.A 475879-326.00 Carvana CVNA 145.06 -5.41 CubeSmart CUBE 48.37 0.16 EnelAmericas ENIA 5.65 -0.16 GeneralDynamics GD 233.32 -1.13
that include primary market trades as well as quarters.
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. AmerTowerREIT AMT 228.55 1.68 BerkHathwy B BRK.B 316.84 -4.61 Catalent CTLT 102.00 -0.04 Cullen/Frost CFR 134.16 -6.57 EnergyTransfer ET 10.42 0.28 GeneralElec GE 92.33 -3.18
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing AmerWaterWorks AWK 151.02 -0.07 BerryGlobal BERY 58.19 -2.46 Caterpillar CAT 182.83 -4.75 t Cummins CMI 196.07 -8.05 EnphaseEnergy ENPH 170.60 3.90 GeneralMills GIS 66.82 -0.61
Nasdaq ISE. standards Ameriprise AMP 279.07 -20.72 BestBuy BBY 97.18 0.54 Celanese CE 135.66 -3.62 s CyrusOne CONE 90.30 -0.05 Entegris ENTG 123.04 -7.44 GeneralMotors GM 44.52 -2.20
The list comprises the 1,000 largest companies lf-Late filing AmerisourceBrgn ABC 141.97 -0.56 Bilibili BILI 31.20 -0.41 CenovusEnergy CVE 15.44 -0.26 Entergy ETR 103.86 -1.35 Genmab GMAB 34.03 0.57
based on market capitalization. q-Temporary exemption from Nasdaq Ametek AME 127.39 -2.40 Bill.com BILL 230.21 -7.67 Centene CNC 83.15 0.53 D E F EnterpriseProd EPD 24.63 0.21 Genpact G 41.44 -0.40
Underlined quotations are those stocks with requirements. Amgen AMGN 225.21 -1.27 Bio-Techne TECH 420.18 0.77 CenterPointEner CNP 26.88 -0.47 Equifax EFX 219.04 0.70 GenuineParts GPC 120.27 -1.89
large changes in volume compared with the t-NYSE bankruptcy DISH Network DISH 31.25 -0.71
Amphenol APH 74.12 -1.89 Bio-RadLab A BIO 616.75 -9.21 CentraisElBras EBR 6.62 -0.01 EQIX 710.80 1.07 GileadSciences GILD 60.26 -0.14
issue’s average trading volume. v-Trading halted on primary market. DTE Energy DTE 120.00 -1.59 Equinix
AnalogDevices ADI 156.95 -3.34 Biogen BIIB 210.34 -0.67 CeridianHCM CDAY 70.85 -2.06 s Equinor EQNR 33.67 2.21 GitLab GTLB 54.39 -3.88
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being DXC Tech DXC 30.09 -3.94
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, AngloGoldAsh AU 24.73 1.49 BiohavenPharm BHVN 114.01 -4.70 s Cerner CERN 93.30 0.05 Equitable EQH 30.80 -1.86 GSK GSK 41.55 -0.31
Danaher DHR 272.03 -2.38
AB InBev BUD 59.04 -2.79 BioMarinPharm BMRN 77.37 -0.75 CharlesRiverLabs CRL 284.44 -6.72 ELS 74.64 0.02 GlobalPayments GPN 128.92 -4.46
previous closing price was $2 or higher. or securities assumed by such companies. Darden DRI 139.89 -5.33 EquityLife
AnnalyCap 6.97 0.01 BioNTech BNTX 146.73 -4.08 CharterComms CHTR 594.74 -7.04 GlobalFoundries GFS 58.22 -2.56
NLY DarlingIngred DAR 76.98 4.50 EquityResdntl EQR 83.63 -1.67
Anthem ANTM 451.50 -0.35 BlackKnight BKI 57.65 1.46 s CheckPoint CHKP 143.90 -0.98 Globant GLOB 265.96 -8.04
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and Datadog DDOG 159.97 -1.14 ErieIndemnity A ERIE 170.41 -4.69
Aon AON 289.84 -2.30 BlackRock BLK 714.81 -29.08 CheniereEnergy LNG 129.22 -3.68 GlobeLife GL 97.00 -3.96
changes in the closing prices from 4 p.m. the previous day. DaVita DVA 111.01 -1.76 EssentialUtil WTRG 46.61 -0.50
AptIncmREIT AIRC 50.93 -0.68 Blackstone BX 123.76 -3.71 s CheniereEnerPtrs CQP 55.51 1.52 ESS 315.82 -1.35 GlobusMedical GMED 70.90 0.58
DeckersOutdoor DECK 271.42 -17.22 EssexProp
ApolloGlbMgmt APO 62.40 -2.86 Block SQ 126.06 -1.44 s ChesapeakeEner CHK 79.27 2.02 GoDaddy GDDY 82.52 -0.89
Tuesday, March 1, 2022 Net Net Deere DE 358.65 -1.37 EsteeLauder EL 285.59 -10.74 s
Apple AAPL 163.20 -1.92 BlueOwlCapital OWL 12.09 -0.41 s Chevron CVX 149.72 5.72 Etsy ETSY 157.53 2.64 GoldFields GFI 14.49 0.47
Net Stock Sym Close Chg Stock Sym Close Chg 194.91 -10.43
DellTechC DELL 49.88 -1.08 GoldmanSachs GS 328.20 -11.09
ApplMaterials AMAT 129.61 -4.59 Boeing BA ChewyA CHWY 46.91 -0.23 RE 284.09 -14.13
Stock Sym Close Chg BookingHldgs BKNG 2072.00-100.25 DeltaAir DAL 37.64 -2.28 EverestRe t GDRX 16.74 -10.66
AdvanceAuto AAP 201.17 -3.31 Allegion ALLE 114.63 0.11 Applovin APP 60.34 2.26 ChinaEastrnAir CEA 18.96 0.16 Evergy EVRG 60.88 -1.53 GoodRx
BAH 82.48 1.79 DentsplySirona XRAY 54.36 0.22 GRAB 5.52 -0.24
AdvDrainageSys WMS 118.81 2.09 AlliantEnergy LNT 57.27 -1.13 Aptargroup ATR 119.10 -2.78 BoozAllen ChinaLifeIns LFC 8.23 -0.07 EversourceEner ES 80.44 -1.36 Grab
A B C AdvMicroDevices AMD 113.83 -9.51 Allstate ALL 119.86 -2.50 t Aptiv APTV 118.05 -11.39 t BorgWarner BWA 38.83 -2.18 ChinaPetrol SNP 49.32 -0.53
t DeutscheBank DB 11.36 -1.07
ExactSciences EXAS 76.49 -1.57 Graco GGG 70.81 -1.28
s DevonEnergy DVN 59.25 -0.30 GWW 466.37 -10.69
ABB ABB 32.91 -0.77 Aegon AEG 4.68 -0.29 AllyFinancial ALLY 46.31 -3.59 Aramark ARMK 35.68 -1.28 BostonProps BXP 120.84 -1.47 ChinaSoAirlines ZNH 31.00 0.01 Exelon EXC 42.23 -0.33 Grainger
BostonSci BSX 43.36 -0.81 Chipotle CMG 1487.95 -35.40 DexCom DXCM 408.41 -5.50 Grifols GRFS 12.33 -0.03
AECOM ACM 69.66 -3.00 AerCap AER 52.90 -1.53 AlnylamPharm ALNY 162.51 4.66 ArcelorMittal MT 31.50 0.56 Expedia EXPE 187.85 -8.26
BoydGaming BYD 68.15 -2.79 ChoiceHotels CHH 141.20 -3.15 Diageo DEO 196.36 -3.33 HCA Healthcare HCA 252.42 2.11
AES AES 20.67 -0.56 AffirmHldgs AFRM 42.36 0.52 Alphabet C GOOG 2683.36 -14.46 ArchCapital ACGL 45.83 -1.28 ExpeditorsIntl EXPD 101.51 -1.85
s DiamondbkEner FANG 136.83 -1.27 t HDFC Bank HDB 60.37 -1.80
Aflac AFL 58.48 -2.61 AgilentTechs A 131.93 1.57 Alphabet A GOOGL 2681.23 -19.91 s ArcherDaniels ADM 77.99 -0.46 BrightHorizons BFAM 129.22 -1.42 Chubb CB 199.54 -4.10
Dick's DKS 104.36 -0.64
ExtraSpaceSt EXR 191.38 3.23
MO 51.57 0.28 AresMgmt ARES 79.18 -1.91 BristolMyers BMY 68.63 -0.04 ChunghwaTel CHT 44.43 -0.18 ExxonMobil XOM 79.17 0.75 HP HPQ 34.07 -0.29
AGCO AGCO 120.55 0.39 agilon health AGL 19.85 -0.37 Altria DiDiGlobal DIDI 4.08 -0.02
arGEN-X ARGX 294.57 6.86 BritishAmTob BTI 43.55 -0.69 Church&Dwight CHD 96.89 -0.96 F5 FFIV 196.49 -4.36 HSBC HSBC 33.16 -1.38
AMC Ent AMC 18.32 -0.54 AgnicoEagle AEM 52.84 2.35 AlumofChina ACH 18.24 0.68 DigitalRealty DLR 134.12 -0.80
AristaNetworks ANET 117.88 -4.85 Broadcom AVGO 570.12 -17.32 ChurchillDowns CHDN 233.00 -7.87 FMC FMC 116.09 -1.16 Halliburton HAL 32.11 -1.30
Ansys ANSS 318.23 -5.96 AirProducts APD 230.53 -5.77 Amazon.com AMZN 3022.84 -48.42 DiscoverFinSvcs DFS 113.89 -9.55
ArrowElec ARW 117.45 -4.43 BroadridgeFinl BR 146.30 0.09 Ciena CIEN 67.30 -1.12 FactSet FDS 411.86 5.77 HartfordFinl HIG 66.49 -2.99
s APA APA 37.29 1.66 Airbnb ABNB 151.01 -0.48 Ambev ABEV 2.82 -0.11 DiscoveryB DISCB 28.30 0.30
AMCR 11.26 -0.37 Asana ASAN 54.96 0.17 BrookfieldMgt BAM 53.38 -1.26 Cigna CI 237.10 -0.68 FairIsaac FICO 475.46 4.27 Hasbro HAS 94.82 -2.23
ASETech ASX 7.21 -0.02 AkamaiTech AKAM 108.83 0.57 Amcor DiscoveryA DISCA 28.11 0.06
DOX 78.39 -0.31 AspenTech AZPN 147.52 -4.89 BrookfieldInfr BIP 59.52 0.21 CincinnatiFin CINF 120.05 -2.74 Fastenal FAST 51.56 0.10 HashiCorp HCP 49.00 -1.39
ASML ASML 634.21 -32.30 Albemarle ALB 186.44 -9.45 Amdocs DiscoveryC DISCK 27.95 -0.02
Assurant AIZ 165.12 -4.59 BrookfieldRenew BEPC 37.19 -0.18 Cintas CTAS 372.15 -3.17 FederalRealty FRT 116.40 -1.18 HealthpeakProp PEAK 30.75 -0.31
AT&T T 23.53 -0.16 Albertsons ACI 31.40 2.25 Amerco UHAL 568.67 -8.94 Disney DIS 145.70 -2.76
AstraZeneca AZN 61.34 0.46 Brown&Brown BRO 66.87 -0.74 CiscoSystems CSCO 54.62 -1.15 FedEx FDX 214.91 -7.36 Heico HEI 146.95 -0.56
AbbottLabs ABT 118.17 -2.45 s Alcoa AA 79.78 4.44 Ameren AEE 84.79 -1.16 dLocal DLO 32.55 -0.10
Atlassian TEAM 307.27 1.55 Brown-Forman B BF.B 64.44 -0.79 Citigroup C 58.59 -0.64 Ferguson FERG 150.88 -1.36 Heico A HEI.A 122.81 -0.11
AbbVie ABBV 147.69 -0.08 Alcon ALC 76.11 -0.88 AmericaMovil AMX 18.25 0.13 DocuSign DOCU 117.90 -0.53
s AtmosEnergy ATO 109.93 0.12 Brown-Forman A BF.A 60.22 -0.82 CitizensFin CFG 48.56 -3.86 Ferrari RACE 208.48 -6.83 HenrySchein HSIC 86.31 -0.07
Abiomed ABMD 313.49 2.75 AlexandriaRlEst ARE 187.81 -1.59 AmericaMovil A AMOV 18.21 -0.06 DollarGeneral DG 201.05 2.71
Autodesk ADSK 214.00 -6.23 Bruker BRKR 69.66 -0.71 CitrixSystems CTXS 102.66 0.16 FidNatlFin FNF 46.34 -1.30 Hershey HSY 204.86 2.60
Accenture ACN 311.35 -4.67 Alibaba BABA 107.09 1.90 AmerAirlines AAL 16.29 -0.96 DollarTree DLTR 139.71 -2.37
ADP ADP 202.31 -2.13 BuildersFirst BLDR 73.05 -1.37 t Clarivate CLVT 14.33 -0.65 FidNatlInfo FIS 93.67 -1.56 HertzGlobal HTZ 19.07 -1.25
ActivisionBliz ATVI 80.88 -0.62 AlignTech ALGN 500.97 -10.49 s AEP AEP 90.21 -0.44 DominionEner D 79.29 -0.24
AutoZone AZO 1817.06 -46.33 s Bunge BG 105.87 1.32 Cleveland-Cliffs CLF 23.30 0.94 FifthThirdBncp FITB 44.46 -3.38 s Hess HES 101.40 0.34
Adobe ADBE 466.68 -1.00 Alleghany Y 645.65 -16.27 AmerExpress AXP 178.06 -16.48 Domino's DPZ 432.21 ...
Avalara AVLR 105.00 1.09 BurlingtonStrs BURL 224.28 -1.61 Clorox CLX 144.88 -0.91 FirstCitizBcshA FCNCA 756.55 -31.90 s HessMidstream HESM 31.82 -0.14
Avalonbay AVB 234.18 -4.41 CBRE Group CBRE 95.54 -1.31 Cloudflare NET 117.65 1.23 DoorDash DASH 102.43 -2.52 HewlettPackard HPE 15.41 -0.51
FirstHorizon FHN 23.44 -0.04
Avangrid AGR 44.13 -0.74 CDW CDW 169.41 -3.05 Coca-Cola KO 61.97 -0.27 Dover DOV 151.67 -5.19 HighwoodsProp HIW 43.49 -0.11
Avantor AVTR 34.22 -0.47 s CF Industries CF 82.35 1.16 t Coca-ColaEuro CCEP 48.47 -2.74 Dow DOW 57.13 -1.83 FirstRepBank FRC 164.28 -8.98 Hilton HLT 142.17 -6.69
Dividend Changes t AveryDennison AVY 166.94 -8.58 CGI GIB 81.02 -0.94 Cognex CGNX 66.44 -1.12
t
Doximity DOCS 58.12 -3.23
DrReddy'sLab RDY 52.66 -0.76
FirstSolar
FirstEnergy FE
FSLR 75.62 0.33
41.32 -0.53
Hologic HOLX 70.88 -0.29
AvisBudget CAR 180.30 -3.14 CH Robinson CHRW 104.82 8.14 CognizantTech CTSH 85.80 -0.33 HomeDepot HD 320.25 4.42
Fiserv FISV 97.06 -0.61
Dividend announcements from March 1. AxonEnterprise AXON 142.12 1.87 CME Group CME 233.45 -3.08 CoinbaseGlbl COIN 196.17 5.40 DraftKings DKNG 23.52 -0.16 HondaMotor HMC 29.82 -0.74
FiveBelow FIVE 158.19 -5.42
BCE BCE 52.61 0.08 CMS Energy CMS 63.63 -0.38 ColgatePalm CL 76.04 -0.91 Dropbox DBX 22.67 -0.02 Honeywell HON 183.60 -6.15
FleetCorTech FLT 226.11 -8.09
Amount Payable / BHP Group BHP 68.50 0.71 CNA Fin CNA 44.52 -1.18 Comcast A CMCSA 46.39 -0.37 DukeEnergy DUK 99.83 -0.58 HorizonTherap HZNP 97.07 5.90
Floor&Decor FND 94.96 -0.66
Company Symbol Yld % New/Old Frq Record BJ'sWholesale BJ 63.38 0.51 CNH Indl CNHI 13.87 -0.46 Comerica CMA 87.59 -7.90 DukeRealty DRE 52.87 -0.13 HormelFoods HRL 49.54 1.90
FomentoEconMex FMX 76.77 -3.63
BP BP 28.49 -0.72 CRH CRH 43.30 -1.59 CommerceBcshrs CBSH 68.68 -3.10 Dun&Bradstreet DNB 18.14 -0.42 DR Horton DHI 85.83 0.43
Increased FordMotor F 16.70 -0.86
Baidu BIDU 162.86 10.42 CSX CSX 33.34 -0.57 ConagraBrands CAG 34.49 -0.48 DuPont DD 75.62 -1.75 HostHotels HST 17.42 -0.85
Diamond Hill Investment 3.0 1.50 /1.00 Q Mar18 /Mar07 Fortinet FTNT 337.83 -6.69
DHIL BakerHughes BKR 28.34 -1.04 CVS Health CVS 102.05 -1.60 Concentrix CNXC 196.58 -3.31 DutchBros BROS 47.52 -0.69 HowmetAerospace HWM 33.11 -2.81
Fortis FTS 45.84 0.02
Northrim Bancorp NRIM 3.5 .41 /.38 Q Mar18 /Mar10 Ball BLL 86.84 -2.90 CableOne CABO 1427.50 -5.35 Confluent CFLT 43.28 0.49 Dynatrace DT 44.66 0.24 HuanengPower HNP 22.88 -0.33
s Fortive FTV 63.36 -1.39
Ocean Bio-Chem OBCI 1.8 .04 /.03 Q Mar25 /Mar10 BancoBilbaoViz BBVA 5.61 -0.27 CadenceDesign CDNS 150.53 -0.90 s ConocoPhillips COP 96.96 2.10 ENI E 31.52 0.55 Huazhu HTHT 41.39 0.03
s FortBrandsHome FBHS 83.85 -3.05
PDC Energy PDCE 1.5 .25 /.12 Q Mar25 /Mar11 BancoBradesco BBDO 3.26 -0.01 CAE CAE 27.14 0.38 ConEd ED 85.38 -0.39 EOG Rscs EOG 116.41 1.49 Hubbell HUBB 175.98 -2.27
t FoxA FOXA 41.26 -0.33
TTEC Holdings TTEC 1.3 .50 /.47 SA Apr20 /Mar31 BancodeChile BCH 20.68 -0.53 CaesarsEnt CZR 82.98 -1.21 ConstBrands A STZ 213.65 -1.97 EPAM Systems EPAM 211.21 3.46 HubSpot HUBS 533.00 8.00
FoxB FOX 37.64 -0.38
BancSanBrasil BSBR 5.74 -0.13 CamdenProperty CPT 163.80 -1.31 ConstBrands B STZ.B 215.50 -2.19 s EQT EQT 24.42 1.28 Humana HUM 431.00 -3.32
Franco-Nevada FNV 150.03 2.91
Stocks BcoSantChile BSAC 19.41 -0.11 Cameco CCJ 24.45 -0.13 ContinentalRscs CLR 57.56 2.13 EastWestBncp EWBC 81.96 -5.60
FranklinRscs BEN 28.08 -1.65
JBHunt JBHT 200.36 -2.57
Celsion CLSN 1:15 /Mar01 BancoSantander SAN 3.14 -0.22 CampbellSoup CPB 44.41 -0.56 Cooper COO 411.30 2.28 EastGroup EGP 188.06 -2.70 HuntingtonBcshs HBAN 14.39 -1.13
s FreeportMcM FCX 47.91 0.96
Pulmatrix PULM 1:20 /Mar01 s BanColombia CIB 37.02 0.79 CIBC CM 123.42 -2.99 Copart CPRT 120.84 -2.04 EastmanChem EMN 114.60 -3.87 HuntingIngalls HII 204.15 -0.25
FreseniusMed FMS 31.18 -1.13
BankofAmerica BAC 42.47 -1.73 CanNtlRlwy CNI 119.11 -4.88 Corning GLW 38.57 -1.83 Eaton ETN 146.45 -7.84 Huntsman HUN 38.18 -2.26
s FullTruck YMM 8.51 -0.71
Foreign BankofMontreal BMO 113.42 -0.48 CanNaturalRes CNQ 55.99 0.16 Corteva CTVA 50.37 -1.66 eBay EBAY 54.35 -0.24 HyattHotels H 91.98 -5.13
50.58 -2.57 CanPacRlwy CP 68.97 -1.31 CSGP 59.83 -1.18 ECL 170.51 -5.75
GasLog Ptrs Pfd. A GLOPpA 8.3 .53906 Q Mar15 /Mar08 BankNY Mellon BK
BkNovaScotia BNS 71.28 -1.06 Canon CAJ 23.25 -0.38
CoStar
COST 522.93 3.68 s
Ecolab
Ecopetrol 16.57 0.40
G H I IAC/InterActive IAC 115.39 0.63
GasLog Ptrs Pfd. B GLOPpB 8.0 .5125 Q Mar15 /Mar08 Costco EC ICICI Bank IBN 18.50 -0.97
Barclays BCS 9.31 -0.59 CapitalOne COF 140.68 -12.59 s CoterraEnergy CTRA 24.36 1.03 EdisonInt EIX 63.65 0.23 GDS Holdings GDS 45.04 0.52 ICL Group ICL 10.57 -1.07
GasLog Ptrs Pfd. C GLOPpC 8.3 .53125 Q Mar15 /Mar08 CPRI 66.47 -1.27 EdwardsLife EW 111.61 -0.76 GFLEnvironmental GFL 29.21 -0.04
BarrickGold GOLD 23.46 0.89 Capri CoupaSoftware COUP 126.29 5.28 IdexxLab IDXX 535.14 2.79
NetEase ADR NTES 1.2 .405 Q Mar25 /Mar11 Bath&BodyWks BBWI 50.94 -2.43 CardinalHealth CAH 52.83 -1.18 Coupang CPNG 25.46 -1.06 ElancoAnimal ELAN 28.94 0.53 GXO Logistics GXO 79.09 -4.84 t ING Groep ING 10.31 -1.33
Vale ADR VALE 14.2 .71802 SA Mar23 /Mar10 BauschHealth BHC 23.43 -0.63 Carlisle CSL 231.65 -5.75 Credicorp BAP 150.15 -1.10 Elastic ESTC 85.84 -0.81 Gallagher AJG 156.10 -2.09 t Invesco IVZ 19.71 -1.53
BaxterIntl BAX 84.14 -0.83 Carlyle CG 45.05 -1.82 CreditAcceptance CACC 532.02 -18.10 ElbitSystems ESLT 204.05 -2.01 GameStop GME 119.02 -4.32 IQVIA IQV 227.83 -2.29
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: BectonDicknsn BDX 271.39 0.11 CarMax KMX 105.24 -4.09 t CreditSuisse CS 7.83 -0.45 ElectronicArts EA 128.15 -1.94 Gaming&Leisure GLPI 44.90 -0.51 IcahnEnterprises IEP 54.15 -0.59
spin-off. BeiGene BGNE 216.21 5.69 Carnival CCL 18.86 -1.47 CrowdStrike CRWD 197.64 2.43 EmersonElec EMR 89.51 -3.41 Garmin GRMN 110.00 -0.44 Continued on Page B9

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 Stock
52-Wk %
Sym Hi/Lo Chg
AltitudeAcqnWt ALTUW 0.16 -8.9 CreditSuisse CS 7.75 -5.4 IMPAC Mortgage IMH 0.68 -11.3 MagnaIntl MGA 67.67 -8.3 OnHolding ONON 21.39 -9.9 PyxisOncology PYXS 4.96 -14.0 TastemakerWt TMKRW 0.21 -3.7
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE AltraIndlMotion AIMC 40.41 -4.0 Crypto1Acqn DAOOU 9.91 0.1 ING Groep ING 10.17 -11.4 MaidenHoldings MHLD 2.35 -2.0 Oncorus ONCR 2.00 -5.2 PzenaInvtMgmt PZN 8.49 -6.4 Ericsson ERIC 8.82 -4.5
American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low AmbacFin AMBC 12.07 -5.1 CueBiopharma CUE 5.42 -4.0 Invesco IVZ 19.36 -7.2 MalaccaStraitsWt MLACW 0.25 -7.4 OnyxAcqnIWt ONYXW 0.20 -11.8 QuakerHoughton KWR 174.14 -5.8 Terex TEX 37.82 -6.3
in the latest session. % CHG-Daily percentage change from the previous trading session. AmbacFinWt AMBC.WS 2.28 -4.7 Culp CULP 8.03 -0.1 IPG Photonics IPGP 119.33 -6.8 MammothEnergy TUSK 1.35 -3.0 OportunFin OPRT 14.91 -8.1 Queen'sGambitWt GMBTW 0.41 -1.5 Theratechnologies THTX 2.60 -3.6
AngelOakMtg AOMR 15.56 -1.9 Cummins CMI 192.02 -3.9 iClickInteract ICLK 2.33 5.4 ManchesterUnited MANU 12.76 -4.7 OrchidIslandCap ORC 3.09 -4.0 QuiptHomeMed QIPT 4.38 -3.7 ThriveAcqnWt THACW 0.18 9.1
Tuesday, March 1, 2022 Annexon ANNX 4.65 -2.6 CyteirTherap CYT 4.75 -15.0 IkenaOncology IKNA 5.63 -2.0 MaquiaCapAcqnWt MAQCW 0.15 -1.0 OrionEngCarbons OEC 14.05 -9.3 QurateRetailPfd QRTEP 89.07 -3.3 Timken TKR 60.67 -6.4
AnthemisDigI Wt ADALW 0.36 -6.4 CytomXTherap CTMX 3.53 -7.6 ImmixBiopharma IMMX 2.73 -7.0 MarinusPharma MRNS 7.56 -1.9 Outbrain OB 11.39 -8.0 QurateRetailA QRTEA 5.13 -6.4 TripAdvisor TRIP 23.38 -6.9
52-Wk % 52-Wk % 52-Wk %
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg AnzuSpecial I Wt ANZUW 0.27 -9.6 DMC Global BOOM 26.73 -7.9 InMedPharm INM 0.86 -5.9 MarkforgedWt MKFG.WS 0.54 -9.2 OysterEntsWt OSTRW 0.28 -4.9 QwestNts2056 CTBB 24.26 ... TuesdayMorning TUEM 1.37 -3.5
ApeironCapital APN.U 10.03 -0.1 DPCapAcqnIWt DPCSW 0.33 -5.3 InnovativeIntlWt IOACW 0.18 -35.7 MasTec MTZ 74.92 -2.9 OysterPtPharma OYST 8.83 -9.3 ROC Energy Rt ROCAR 0.16 5.6 TutorPerini TPC 9.19 -5.2
FinnovateAcqnA FNVT 9.92 0.5 PrecisionDrilling PDS 59.84 0.1 AppliedTherap APLT 1.85 ... DADA 7.88 -3.6 2seventybio TSVT 12.81 -9.6
DadaNexus IntelligentMedWt IQMDW 0.30 -7.2 MedTechAcqn MTACU 9.09 -0.4 PJT Partners PJT 59.96 -5.2 RibbitLeapWt LEAP.WS 0.46 -5.3
Highs FintechEcoA
FreeportMcM FCX
FEXD 9.92
49.55
...
2.0
PretiumRscs PVG 14.80
24.74
1.5
-0.2
AptivPfdA APTVpA 134.12 -7.4 Dana DAN 16.87 -8.5 IntlPaper IP 40.85 -5.2 MeiwuTechnology WNW 1.28 -7.0 PPG Ind PPG 124.74 -5.2 RibbonComms RBBN 2.89 -4.6 UGI Un UGIC 87.44 -4.3
PriorityIncmPfdL PRIFpL APTV 117.00 -8.8 DAVE 4.20 -1.6 4.48 -7.4 7.54 -7.4 25.27 -2.8 88.76 -10.8 UGI UGI 36.21 -5.3
APA APA 37.64 4.7 Aptiv Dave IsoPlexis ISO MemberCollect MCG PPL PPL Ryanair RYAAY
Frontline FRO 9.94 1.3 PrometheusBio RXDX 46.12 -0.6 VEON VEON 0.38 -26.3
AlbertonAcqn ALAC 12.01 0.3 ArchCapitalPfdG ACGLN 21.94 0.3 DeutscheBank DB 11.27 -8.6 JPMorganChase JPM 133.58 -3.8 MesaAir MESA 4.12 -2.3 ProgHoldings PRG 28.54 -4.8 SAB Biotherap SABS 4.59 -7.5
GeneralDynamics GD 237.03 -0.5 QuadGraphics QUAD 5.86 6.9 VF VFC 55.31 -4.3
Alcoa AA 85.73 5.9 ArdaghMetalPkg AMBP 7.75 -6.6 DirectSellingAcqnWt DSAQ.WS 0.27 -6.3 JamesRiver JRVR 20.31 -19.5 MilestonePharm MIST 4.72 -1.0 PTC Therap PTCT 34.03 -2.3 SCP&COHlthcrWt SHACW 0.18 -6.1
GolarLNG GLNG 18.03 1.1 RPC RES 9.07 -3.4 Valuence I VMCAU 9.99 ...
AlleghenyTechs ATI 26.40 -1.1 ArenaFortifyWt AFACW 0.29 -3.3 DolbyLab DLB 72.14 -3.4 JasperTherap JSPR 3.50 -6.7 MillicomIntl TIGO 21.65 -5.7 PVH PVH 88.90 -8.6 ScionTechI Wt SCOAW 0.36 -0.4
GoldFields GFI 14.86 3.4 RangerOil ROCC 35.80 4.7 VeraBradley VRA 7.15 -4.5
AlphaMetal AMR 102.46 2.5 AstecIndustries ASTE 47.48 -4.3 DrReddy'sLab RDY 52.34 -1.4 JasperTherapWt JSPRW 0.24 -15.0 Minim MINM 1.01 -7.7 ParPacific PARR 12.04 -10.4 SculptorCapMgmt SCU 11.75 -7.4
GrafAcqnIV GFOR.U 10.04 0.8 RattlerMidstrm RTLR 14.15 -2.6 Vericity VERY 4.24 -8.4
AEP AEP 91.68 -0.5 AtaraBiotherap ATRA 9.93 -20.5 DuPont pfA CTApA 80.02 -2.4 Joint JYNT 36.15 -11.1 MobiquityTechs MOBQ 1.23 -8.9 PardesBiosci PRDS 5.94 -10.4 SeapeakPfdA SEALpA 24.12 -2.9
GrafAcqnIV GFOR 10.01 -0.4 RaytheonTech RTX 104.34 ... VerifyMeWt VRMEW 0.50 -17.7
AmerElecPwrUn AEPPL 52.32 -2.3 AtlStreetAcqnWt ASAQ.WS 0.20 -0.5 DynagasLNG PfdB DLNGpB 17.83 -22.7 JuniperII Wt JUN.WS 0.45 -4.8 MohawkInds MHK 131.86 -2.6 Park-Ohio PKOH 14.61 -2.5 SeapeakPfdB SEALpB 23.25 -4.8
GranTierraEner GTE 1.48 2.9 RelianceSteel RS 194.91 -1.9 VersusSystemsWt VSSYW 0.26 -48.8
AmericasTechA ATA 10.21 0.1 AtlasCrestII ACII.U 9.75 0.4 DynagasLNG PfdA DLNGpA 18.97 -21.2 KademSustWt KSICW 0.36 -14.3 MountainI Wt MCAAW 0.33 -6.4 PathfinderAcqn PFDRU 9.72 -1.0 SemlerScientific SMLR 50.30 -27.9
GreenVisorI A GVCI 9.96 0.3 RyanSpecialty RYAN 42.43 -2.2 Viatris VTRS 9.68 -7.8
Andersons ANDE 46.00 -2.3 ATRenew RERE 4.17 -6.5 EG Acqn Wt EGGF.WS 0.20 -9.9 Kaleyra KLR 7.56 -1.0 MudrickCapII Wt MUDSW 0.43 -4.7 Paya PAYA 4.84 -19.5 SemperParatusWt LGSTW 0.34 -5.6
Hawkins HWKN 45.81 -3.4 SM Energy SM 38.47 5.7 Vicor VICR 70.71 -4.1
AnteroResources AR 24.19 4.2 Autoliv ALV 80.46 -7.3 EPAM Systems EPAM 195.01 1.7 KaleyraWt KLR.WS 1.20 -4.6 MyersIndustries MYE 15.82 -4.3 Pennant PNTG 11.38 -7.6 SeqLL Wt SQLLW 0.29 -46.4
Helm&Payne HP 37.71 0.9 SSR Mining SSRM 20.96 4.8 VincerxPharma VINC 4.70 -4.1
ArcherDaniels ADM 79.25 -0.6 AveryDennison AVY 166.19 -4.9 EaglePointPfdC ECCC 24.87 -0.2 Kennametal KMT 29.60 -4.7 MyriadGenetics MYGN 23.27 -3.6 PhoenixBiotechWt PBAXW 0.30 3.3 SeraPrognostics SERA 5.00 -5.0
Hess HES 102.99 0.3 SabineRoyalty SBR 63.12 4.5 VirBiotech VIR 23.96 -4.7
ArenaPharm ARNA 95.32 -0.3 AxaltaCoating AXTA 25.59 -4.8 EcoWavePower WAVE 4.24 -4.0 KimballElec KE 16.80 -0.9 NN NNBR 2.37 -5.8 PhysiciansRealty DOC 16.07 0.7 7GC Wt VIIAW 0.22 -21.9
HessMidstream HESM 32.83 -0.4 Sasol SSL 24.12 1.4 Vishay VSH 18.20 -4.2
ArisWater ARIS 16.90 15.4 BoaAcqnWt BOAS.WS 0.29 -14.6 eHealth EHTH 10.27 -14.6 Kyndryl KD 13.22 -14.9 NaborsEnerWt NETC.WS 0.37 -7.5 PioneerBancorp PBFS 10.36 -1.9 ShenandoahTel SHEN 20.11 -9.6
HighPeakEner HPK 22.75 -0.6 SelectEnergySvcs WTTR 8.84 2.4 VisionSensingWt VSACW 0.20 ...
AriszAcqnUn ARIZU 10.30 2.5 BRF BRFS 3.08 -1.3 ElcLastMileWt ELMSW 0.22 -13.7 LFCapAcqnIIWt LFACW 0.26 -0.1 NabrivaTherap NBRV 0.40 -2.2 PivotalInvtIII Wt PICC.WS 0.33 -25.9 SilvergatePfdA SIpA 21.66 -0.9
HighPeakEnerWt HPKEW 11.14 -4.0 Sempra SRE 146.25 0.7 ViveonHealthWt VHAQ.WS 0.07 -20.0
AtmosEnergy ATO 110.68 0.1 BaudaxBio BXRX 1.70 -3.2 ElevationOnc ELEV 3.22 -2.1 LMFAcqnOppsWt LMAOW 0.18 -1.6 NatlEnerSvs NESR 8.46 -3.4 PontemWt PNTM.WS 0.30 -11.3 SiriusPoint SPNT 6.98 -3.5
HostessBrands TWNK 22.72 3.2 SoJerseyInd SJI 34.27 0.2 Volcon VLCN 1.80 2.1
BP Prudhoe BPT 14.85 15.4 BenessereCapRt BENER 0.24 -14.5 EMHorizonWt HORIW 0.14 8.4 LairdSuperfood LSF 5.06 -9.1 NatrlOrderAcqnWt NOACW 0.12 5.9 PortageFintechWt PFTAW 0.49 -0.4 SkyWest SKYW 25.85 -7.1
ImperialOil IMO 45.50 -0.1 SouthJerseyUn SJIV 69.50 0.6 Vroom VRM 3.20 -46.5
BanColombia CIB 37.07 2.2 BetterTherap BTTX 2.81 -1.7 EmersonRadio MSN 0.64 -3.5 LandseaHomes LSEA 6.30 -1.1 Neenah NP 35.67 -7.7 PostWi POSTw 55.22 5.6 SmartShareGlbl EM 1.02 -5.0 VyGlblGrowthWt VYGG.WS 0.51 -0.1
InFinTAcqnA IFIN 9.96 ... SpartanNash SPTN 28.59 0.9
BowleroWt BOWL.WS 2.20 -3.2 BigCommerce BIGC 20.13 -15.6 EnelChile ENIC 1.57 -5.3 LawsonProducts LAWS 39.98 -5.9 NextPlayTech NXTP 0.52 -6.2 PowellIndustries POWL 20.45 -2.7 Sonendo SONX 4.60 -0.6 WW Intl WW 9.38 -5.7
Intra-Cellular ITCI 58.88 1.8 St.Joe JOE 56.99 4.0
Bunge BG 107.04 1.3 Biophytis BPTS 3.00 -3.9 Energizer ENR 31.73 -4.5 LeadEdgeGrwWt LEGAW 0.43 -2.3 9MetersBiopharma NMTR 0.54 4.7 Pwr&Digital II Wt XPDBW 0.38 -9.5 SouthJerseyNts2079 SJIJ 22.15 0.4 WarburgPinI-B Wt WPCB.WS 0.60 -7.7
IntrepidPotash IPI 58.37 -4.8 SteelDynamics STLD 75.41 2.3
BurTechAcqnA BRKH 9.88 0.3 BiotechAcqnWt BIOTW 0.15 -10.0 EnsysceBioWt ENSCW 0.10 17.9 Lear LEA 142.29 -8.5 Nkarta NKTX 8.50 -4.4 PreludeTherap PRLD 8.31 -4.1 StratimCloudWt SCAQW 0.36 -0.8 Weibo WB 26.64 -2.0
KosmosEnergy KOS 5.32 6.0 SunCokeEnergy SXC 8.37 5.4
CenaqEnergyA CENQ 9.99 -0.2 BlackDiamond BDTX 3.01 -3.2 EosEnergy EOSE 2.60 -6.2 LefterisAcqnWt LFTRW 0.33 -16.0 NoahHoldings NOAH 26.72 -4.7 PrimeImpactIWt PIAI.WS 0.25 -19.2 SummitMidstream SMLP 14.01 -9.2 WerewolfTherap HOWL 6.00 -15.9
LSB Inds LXU 18.23 4.9 SuncorEnergy SU 31.50 0.8
CF Industries CF 84.70 1.4 bleuacaciaUn BLEUU 9.54 -0.1 EosEnergyWt EOSEW 0.82 -3.4 LibertyLatAmA LILA 9.57 -3.8 NobleRockWt NRACW 0.26 -6.1 Primerica PRI 123.17 -4.2 Synchronoss SNCR 1.52 -5.0 WesternDigital WDC 48.32 -2.8
L3HarrisTech LHX 261.98 1.1 System1 SST 14.52 5.6
CNX Resources CNX 16.99 2.2 BlockchainMoonWt BMAQW 0.17 2.8 EquityCommonPfdD EQCpD 27.37 -2.1 LibertyLatAmC LILAK 9.56 -4.3 Noodles NDLS 6.25 -7.7 PrimoWater PRMW 14.01 -2.9 TBSA Acqn Wt TBSAW 0.29 -31.7 WolverineWwide WWW 21.45 -6.1
Lantheus LNTH 50.00 2.8 Tegna TGNA 23.04 -0.3
CVR Partners UAN 111.00 -1.4 LibertyRscsA LIBY 9.96 0.2 BlueOceanAcqn BOCNU 9.90 -0.1 EsportsEntWt GMBLW 0.24 49.4 LibertyBraves C BATRK 24.46 -0.1 NorthernLightsWt NLITW 0.23 -23.3 PriorityIncmPfdL PRIFpL 24.54 -0.2 TLGAcqnOneWt TLGA.WS 0.35 -3.2 WorldwideWebbWt WWACW 0.38 -4.2
TargaResources TRGP 66.79 0.3
Cactus WHD 52.63 -3.8 LockheedMartin LMT 458.53 5.3 BlueOceanA BOCN 9.80 0.2 EsportsTech EBET 7.36 -9.8 LixiangEduc LXEH 4.51 -10.7 OFSCapNts2028 OFSSH 24.75 -0.2 Prudential PUK 28.19 -6.2 TLGY Acqn Wt TLGYW 0.22 -8.3 YumanityTherap YMTX 1.06 -5.3
TeckRscsB TECK 37.96 2.6
CanNaturalRes CNQ 56.88 0.3 MV Oil MVO 11.20 2.1 BlueprintMed BPMC 59.52 1.3 Exagen XGN 7.05 -6.3 LoyaltyVentures LYLT 22.01 -8.0 ON24 ONTF 11.20 -12.4 Pulmatrix PULM 5.64 -7.4 TPBAcqnIWt TPBAW 0.48 -3.9 ZeviaPBC ZVIA 6.03 -1.8
Tenable TENB 57.35 1.5
CarticaAcqnWt CITEW 0.82 50.0 MagnoliaOil MGY 23.40 0.9 BluescapeOppsWt BOAC.WS 0.32 -5.5 FGI Industries Wt FGIWW 0.50 -6.5 LumiraDx LMDX 6.51 -8.9 Olaplex OLPX 15.68 -5.8 PulseBiosciences PLSE 4.73 0.2 TailwindIntlWt TWNI.WS 0.22 -4.0 ZynerbaPharma ZYNE 2.13 -4.4
TenetHealthcare THC 89.90 2.5
CentennialRsc CDEV 9.01 -1.6 MarathonOil MRO 23.57 1.5 BoneBiologWt BBLGW 0.30 -14.5 Figs FIGS 14.35 -11.6
TimkenSteel TMST 18.88 -1.6
CenturyAluminum CENX 27.18 11.6 MatadorRscs MTDR 52.23 2.5 BorgWarner BWA 38.32 -5.3 FS Bancorp FSBW 31.10 -2.7
TransGlobeEner TGA 4.08 -0.3
Cerner CERN 93.48 0.1 Matson MATX 112.39 -4.7 BridgetownWt BTWNW 0.46 -4.1 FstarTherap FSTX 2.89 -4.6
US Oil Fund USO 72.63 6.4
ChainBridgeIA CBRG 9.91 0.7 MontereyBioAcqn MTRY 9.94 0.3 BridgewaterPfdA BWBBP 25.23 -0.8 FastRadius FSRD 1.81 -4.8
USBrentOilFd BNO 29.76 8.1
CheckPoint CHKP 147.08 -0.7 Mosaic MOS 54.17 -1.1 USComdtyIndxFd USCI 52.10 4.1
BrilliantEarthA BRLT 8.54 -3.7 FederalSignal FSS 33.30 -6.8 ADVERTISEMENT
CheniereEnerPtrs CQP 55.63 2.8 MountRainier RNER 9.98 0.2 BroadmarkRealty BRMK 8.03 -3.2 Flexsteel FLXS 20.08 -6.8
USGasolineFd UGA 55.38 5.7
BrookfieldPropPfd BPYPP 23.29 0.7 FORA 6.40 -7.2

Business Real Estate & Auctions

ChesapeakeEner CHK 79.35 2.6 MurphyOil MUR 36.00 1.7 Forian
US12moOilFd USL 35.52 4.7
ChesapeakeWtC CHKEL 46.01 5.6 NationalGrid NGG 76.77 0.2 ButterflyNtwkWt BFLY.WS 1.01 -10.1 FoxFactory FOXF 107.14 -7.9
VaalcoEnergy EGY 6.10 5.1
ChesapeakeWtB CHKEZ 49.38 3.6 NaturalGasSvcs NGS 13.38 5.6 CenaqEnergyWt CENQW 0.21 -5.7 FrequencyTherap FREQ 2.73 -3.2
ValarisWt VAL.WS 5.50 9.7
ChesapeakeWtA CHKEW 54.03 3.2 NexstarMedia NXST 188.90 -0.6 CF Acqn IV Wt CFIVW 0.33 -3.0 FusionAcqnIIWt FSNB.WS 0.25 -6.1
ValueLine VALU 66.51 -7.3
Chevron CVX 149.96 4.0 NexTierOilfield NEX 8.22 -4.9 Valuence I VMCAU 10.02 ...
CIIGCapitalPtrsII CIIGU 9.93 -0.7 G&P Acqn Wt GAPA.WS 0.26 -12.0 To advertise: email sales.realestate@wsj.com or WSJ.com/classifieds
CleanEarthAcqns CLINU 10.03 ... NoEuroOil NRT 16.90 10.1 Curo CURO 12.07 -9.1 GeminiTherap GMTX 1.16 -4.8
VermilionEnergy VET 19.71 3.0
CommercialMetals CMC 39.95 -2.2 NorthropGrum NOC 457.09 3.2 CactusAcqn1 Wt CCTSW 0.40 -10.3 GeniusSportsWt GENI.WS 1.11 -7.2
ViperEnergyPtrs VNOM 30.30 0.5
ConocoPhillips COP 98.46 2.2 NorthViewAcqn NVAC 9.84 0.5 CarticaAcqnWt CITEW 0.20 50.0 Glatfelter GLT 12.93 -5.7
VirtuFinancial VIRT 36.25 2.4 INVESTMENT PROPERTIES ILLINOIS
CoterraEnergy CTRA 24.58 4.4 NuanceComms NUAN 55.59 ... Cazoo CZOO 3.19 -8.2 GlenfarneMergerWt GGMCW 0.25 -6.6
VistaOil&Gas VIST 9.07 2.9
CrescentPoint CPG 7.55 1.8 Nucor NUE 136.96 -0.5 Celsion CLSN 4.32 -5.6 GlblTechAcqnIWt GTACW 0.37 -13.7
W&T Offshore WTI 5.27 5.1
CurtissWright CW 152.97 3.2 Nutrien NTR 88.41 -1.2 CelyadOncology CYAD 2.16 -14.6 GoalAcqnsWt PUCKW 0.26 -6.6
WarriorMetCoal HCC 33.97 6.0
CyrusOne CONE 90.46 -0.1 ONE Gas OGS 83.88 -0.9 Centogene CNTG 3.50 3.9 GoodRx GDRX 15.91 -38.9
WestFraserTimber WFG 102.61 -0.1
DT Midstream DTM 54.55 1.5 Cerence CRNC 32.84 -7.9 GrafAcqnIVWt GFOR.WS 0.64 -11.1

   

ObsidianEnergy OBE 8.83 -2.2
Daseke
DevonEnergy DVN
DSKE 13.17 -2.3
60.74 -0.5
OccidentalPetrolWt OXY.WS
OccidentalPetrol OXY
26.11
47.83
11.4
7.0
Williams

Lows
WMB 32.08 1.2
ChainBridgeIWt CBRGW
Chase CCF
0.29 -4.5
86.69 -5.2
GraniteConstr GVA
GranitePointMtg GPMT
27.84 -7.3
10.73 -2.9

 
 
 
     
142.09 -0.9 ChavantCapWt CLAYW 0.21 -5.8 GreatElmCap GECC 14.59 -8.8

   
DiamondbkEner FANG Ovintiv OVV 47.90 2.8
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32.11 1.8
117.44 1.3
PDC Energy
PaloAltoNtwks PANW
PDCE 69.05
598.96
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AAON AAON 54.74 -2.4
ATI PhysTherapy ATIP 1.77 -3.6
Check-Cap CHEK
ChurchillVII Wt CVII.WS
0.39 -37.0
0.47 -3.0
GridDynamics GDYN
HDFC Bank HDB
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EQT EQT 25.22 5.5 PampaEnergia PAM 23.30 10.7 ATIPhysTherapyWt ATIP.WS 0.24 -9.9 ClarivatePfdA CLVTpA 59.41 -2.5 HarpoonTherap HARP 3.75 -2.4   
  
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Ecopetrol PattersonUTIEn PTEN 14.88 -1.9 ATN Intl Clarivate
8iAcqn2 LAX 9.81 ... PembinaPipeline PBA 35.37 1.8 AdaptimmuneTher ADAP 2.38 -7.3 ClarusTherap CRXT 0.79 -14.1 HealthcareRealty HR 25.61 2.6

   

8iAcqn2Wt LAXXW 0.80 -17.4 PerceptionCapII PCCT 9.98 0.2 AddexTherap ADXN 4.80 3.6 CloverLeafCapRt CLOER 0.32 -3.2 HemisphereMedia HMTV 4.97 -6.7
Enbridge ENB 44.05 0.5 PermianvilleRT PVL 2.59 0.4 AegleaBioTherap AGLE 2.54 -6.9 Coca-ColaEuro CCEP 48.25 -5.4 HeronTherap HRTX 5.35 -18.9
Enerplus ERF 13.43 3.1 PetroleoBrasil PBR 15.10 2.7 AlbertonAcqnRt ALACR 0.18 10.4 Colfax CFX 38.95 -2.4 HippoWt HIPO.WS 0.26 5.5
  

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Equinor EQNR
EvolutionPetrol EPM
34.18 7.0
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PioneerNatRscs PXD
PlayaHotels PLYA
242.19
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ALSAR 0.20 -16.7
Cooper-Standard CPS
CreatdWt CRTDW
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HysterYaleMatls HY
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B8 | Wednesday, March 2, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Tuesday, March 1, 2022
Metal & Petroleum Futures May 2,520 2,547 2,471 2,521 –8 91,420 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Coffee (ICE-US)-37,500 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
March 236.95 236.95 236.00 237.25 3.00 1,312 months.
Open High hi lo Low Settle Chg interest
May 235.00 239.15 234.50 236.00 3.10 125,752
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Tuesday Tuesday Tuesday
March 4.4965 4.5880 4.4810 4.5865 0.1420 6,022 May 17.72 18.43 17.70 18.34 .64 338,725 Iron Ore, 62% Fe CFR China-s 144.5 Wheat,Spring14%-pro Mnpls-u 12.0125
May 4.5060 4.6020 4.4920 4.5965 0.1420 117,534 July 17.55 18.19 17.52 18.12 .61 162,994
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 9.7950
Gold (CMX)-100 troy oz.; $ per troy oz. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 90.550 Steel, HRC USA, FOB Midwest Mill-s 1000 Wheat - Hard - KC (USDA) $ per bu-u 10.2200
March 1908.30 1941.90 1903.80 1942.40 43.00 2,006 May 35.40 … 2,647 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 21.650 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 10.8750
April 1908.40 1945.50 1903.00 1943.80 43.10 452,618 Cotton (ICE-US)-50,000 lbs.; cents per lb. BMI Lithium Carbonate, EXW China, =99.2%-v,k 70675
March 121.62 128.00 121.62 126.35 3.78 111 Metals Food
May 1909.00 1940.40 s 1909.00 1945.30 43.10 19 BMI Lithium Hydroxide, EXW China, =56.5% -v,k 64000
May 119.00 123.31 118.07 122.75 3.63 109,490 Beef,carcass equiv. index
June 1912.20 1948.40 1906.50 1947.10 43.10 91,633 Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 17729
1915.50 1951.60 1910.20 1950.40 43.00 27,076 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. BMI Nickel Sulphate, EXW China, >22%-v,m 6479 choice 1-3,600-900 lbs.-u 226.40
Aug
March 151.00 151.00 148.90 150.20 4.25 536
Engelhard industrial 1920.00
Oct 1924.00 1954.90 1924.00 1953.90 43.00 8,600 Handy & Harman base 1922.00 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 685 select 1-3,600-900 lbs.-u 219.71
May 142.65 143.65 137.00 142.25 .30 9,906 Broilers, National comp wtd. avg.-u,w 1.2820
Palladium (NYM) - 50 troy oz.; $ per troy oz. Handy & Harman fabricated 2133.42
March 2491.50 2706.50 2491.50 2532.50 32.00 90 LBMA Gold Price AM *1903.30
Fibers and Textiles Butter,AA Chicago-d 2.6925
Interest Rate Futures LBMA Gold Price PM *1909.85 Cheddar cheese,bbl,Chicago-d 193.50
June 2488.50 2718.00 2481.00 2537.80 33.20 7,307 Burlap,10-oz,40-inch NY yd-n,w 0.8400
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2019.47
Cheddar cheese,blk,Chicago-d 203.00
Platinum (NYM)-50 troy oz.; $ per troy oz. Krugerrand,wholesale-e Cotton,1 1/16 std lw-mdMphs-u 1.2375
March 186-220 2-21.0 16,775 Maple Leaf-e 2038.89
Milk,Nonfat dry,Chicago lb.-d 186.00
March 1051.10 13.30 13 Cotlook 'A' Index-t *134.65 Coffee,Brazilian,Comp-y 2.3399
April 1046.70 1066.50 1041.00 1051.90 13.20 47,693 June 186-160 190-060 185-080 188-190 2-21.0 1,261,649 American Eagle-e 2038.89 Hides,hvy native steers piece fob-u 43.000
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Coffee,Colombian, NY-y 2.9514
Silver (CMX)-5,000 troy oz.; $ per troy oz. Mexican peso-e 2349.23 Wool,64s,staple,Terr del-u,w n.a.
157-010 2-14.0 13,145 Eggs,large white,Chicago-u 1.3650
March 24.450 25.565 24.340 25.534 1.173 7,432 March Austria crown-e 1906.35
156-300 159-220 156-100 159-050 2-15.0 1,110,549 Grains and Feeds Flour,hard winter KC-p 26.40
May 24.455 25.650 24.345 25.541 1.175 119,210
June Austria phil-e 2038.89
Treasury Notes (CBT)-$100,000; pts 32nds of 100% Hams,17-20 lbs,Mid-US fob-u 0.65
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 97.10
March 127-160 128-305 127-075 128-230 1-08.5 71,080
April 96.09 106.78 s 95.32 103.41 7.69 318,210 Engelhard industrial 24.7500 Bran,wheat middlings, KC-u 183 Pork bellies,12-14 lb MidUS-u n.a.
June 127-145 128-315 127-060 128-235 1-09.5 3,631,012
May 93.88 103.06 s 93.21 100.21 6.71 230,068 Handy & Harman base 25.1400 Corn,No. 2 yellow,Cent IL-bp,u 7.1600 Pork loins,13-19 lb MidUS-u 1.2115
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Handy & Harman fabricated 31.4250
June 91.23 98.68 s 90.74 96.24 5.26 217,420 March 119-147 27.5 54,140
Corn gluten feed,Midwest-u,w 193.8 Steers,Tex.-Okla. Choice-u n.a.
Dec 82.35 85.44 82.20 83.68 1.44 261,585 LBMA spot price *£18.1800 Corn gluten meal,Midwest-u,w 618.2 Steers,feeder,Okla. City-u,w 186.50
June 118-085 119-107 118-030 119-060 29.0 3,864,237
June'23 78.26 80.24 77.79 78.88 1.11 108,273 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% (U.S.$ equivalent) *24.3500 Cottonseed meal-u,w 343
Dec 74.85 77.27 74.79 76.05 1.30 124,396 Coins,wholesale $1,000 face-a 21175 Hominy feed,Cent IL-u,w 170 Fats and Oils
March 108-067 7.1 36,485
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. June 107-192 107-315 107-162 107-283 8.7 1,992,149 Other metals Meat-bonemeal,50% pro Mnpls-u,w 310 Degummed corn oil, crude wtd. avg.-u,w 61.1700
April 2.9310 3.2233 s 2.9299 3.1511 .2198 82,962 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. LBMA Platinum Price PM *1063.0 Oats,No.2 milling,Mnpls-u 7.4375 Grease,choice white,Chicago-h 0.6950
May 2.8533 3.1068 s 2.8450 3.0381 .1915 42,730 March 99.7775 99.8050 99.7700 99.7925 .0125 136,738 Platinum,Engelhard industrial 1067.0 Rice, Long Grain Milled, No. 2 AR-u,w 27.75 Lard,Chicago-u n.a.
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. April 99.6550 99.7000 99.6300 99.6800 .0300 419,362 Palladium,Engelhard industrial 2700.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7775
April 2.9455 3.1610 s 2.9432 3.0887 .1562 135,959 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Aluminum, LME, $ per metric ton *3450.0 SoybeanMeal,Cent IL,rail,ton48%-u,w 466.30 Tallow,bleach;Chicago-h 0.7225
May 2.9215 3.1309 s 2.9206 3.0621 .1532 68,846 March 99-140 1-12.0 74,110 Copper,Comex spot 4.5865 Soybeans,No.1 yllw IL-bp,u 16.7900 Tallow,edible,Chicago-u n.a.
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. Eurodollar (CME)-$1,000,000; pts of 100%
March 99.3350 99.4000 99.3100 99.3675 .0225 926,324 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;
April 4.408 4.627 4.340 4.573 .171 141,262
June 98.9200 99.0950 98.8750 99.0550 .1350 1,059,326 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
May 4.425 4.649 4.361 4.598 .178 189,117
Dec 98.2900 98.5450 98.2400 98.4950 .2200 1,277,276 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 2/28
June 4.455 4.690 4.408 4.640 .179 71,457 Dec'23 97.8450 98.1250 97.8000 98.0900 .2350 1,280,283 Source: Dow Jones Market Data
July 4.512 4.738 4.457 4.691 .180 85,017
Sept 4.498 4.728 4.457 4.679 .176 69,529 Currency Futures
Oct 4.534 4.749 4.478 4.701 .173 84,284
Japanese Yen (CME)-¥12,500,000; $ per 100¥
March .8699 .8720 .8676 .8709 .0001 196,696
Bonds | wsj.com/market-data/bonds/benchmarks
Agriculture Futures June .8713 .8740 .8696 .8729 .0002 6,267
Corn (CBT)-5,000 bu.; cents per bu. Canadian Dollar (CME)-CAD 100,000; $ per CAD Tracking Bond Benchmarks
March 699.75 744.25 s 699.75 739.75 42.25 11,260 March .7889 .7903 .7842 .7848 –.0034 130,716
May 694.25 725.75 s 692.75 725.75 35.00 674,588 June .7894 .7903 .7844 .7849 –.0035 10,464
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Oats (CBT)-5,000 bu.; cents per bu. British Pound (CME)-£62,500; $ per £ highs and lows for different types of bonds
March 700.00 738.50 699.75 731.00 35.25 44 March 1.3420 1.3439 1.3302 1.3312 –.0103 173,679 Total Total
May 645.25 681.00 638.00 676.25 35.25 2,094 June 1.3412 1.3434 1.3301 1.3310 –.0102 16,510 return YTD total Yield (%) return YTD total Yield (%)
Soybeans (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF close return (%) Index Latest Low High close return (%) Index Latest Low High
March 1648.25 1709.00 1648.25 1705.50 61.25 4,132 March 1.0911 1.0933 1.0867 1.0886 –.0026 46,376
May 1641.50 1697.50 1641.50 1690.00 53.25 304,117 June 1.0936 1.0973 1.0910 1.0927 –.0027 641 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Soybean Meal (CBT)-100 tons; $ per ton. Australian Dollar (CME)-AUD 100,000; $ per AUD
March .7262 .7291 .7239 .7249 –.0015 189,578 2190.84 -2.7 U.S. Aggregate 2.270 1.340 2.470 2158.49 -2.1 Mortgage-Backed 2.480 1.560 2.640
March 457.90 465.90 457.20 463.70 8.80 2,833
May 448.00 458.60 448.00 454.30 8.00 202,260 June .7274 .7300 .7249 .7259 –.0016 1,952 2113.24 -1.4 Ginnie Mae (GNMA) 2.440 1.540 2.620
Mexican Peso (CME)-MXN 500,000; $ per MXN U.S. Corporate Indexes Bloomberg Fixed Income Indices
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
March 73.72 76.90 s 73.72 76.80 3.91 1,930
March .04874 .04893 .04825 .04837 –.00026 164,654 3255.85 -4.8 U.S. Corporate 3.010 1.910 3.220 1271.31 -2.4 Fannie mae (FNMA) 2.490 1.560 2.640
June .04790 .04810 .04745 .04756 –.00025 1,000
May 72.80 76.48 s 72.70 76.21 3.69 162,171 -2.2
Euro (CME)-€125,000; $ per € 3002.14 -2.5 Intermediate 2.570 1.260 2.790 1957.58 Freddie Mac (FHLMC) 2.490 1.560 2.640
Rough Rice (CBT)-2,000 cwt.; $ per cwt. March 1.1224 1.1237 t 1.1094 1.1127 –.0100 678,944
March 15.40 15.91 s 15.40 15.86 .49 210
June 1.1263 1.1273 t 1.1133 1.1164 –.0101 21,890 4704.27 -8.2 Long term 3.730 2.900 3.940 585.40 -2.8 Muni Master 1.630 0.687 1.730
May 15.62 16.24 s 15.62 16.19 .50 7,249
Wheat (CBT)-5,000 bu.; cents per bu. 654.18 -4.7 Double-A-rated 2.600 1.650 2.800 412.37 -3.0 7-12 year 1.636 0.687 1.747
March 951.00 1004.50 s 950.00 1001.75 73.75 699
Index Futures
870.19 -5.0 Triple-B-rated 3.260 2.110 3.470 476.11 -3.2 12-22 year 1.893 1.000 2.004
May 934.50 984.00 s 932.25 984.00 50.00 165,555 Mini DJ Industrial Average (CBT)-$5 x index
Wheat (KC)-5,000 bu.; cents per bu. March 33822 34065 33064 33267 –573 75,106 High Yield Bonds ICE BofA 466.74 -3.9 22-plus year 2.391 1.443 2.494
March 983.50 1019.50 s 983.50 1012.00 57.75 575 June 33700 33952 32972 33166 –575 1,379
May 953.00 1003.00 s 951.25 1003.00 50.00 103,070 Mini S&P 500 (CME)-$50 x index 503.60 -3.5 High Yield Constrained 5.640 3.796 5.860 Global Government J.P. Morgan†
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. March 4367.50 4399.00 4275.00 4303.75 –64.25 2,288,394
-2.8 589.76 -1.6 Global Government 1.220 0.720 1.440
March 156.100 157.875 t 156.000 156.275 –1.450 6,425 June 4355.00 4390.00 4266.75 4295.25 –64.75 93,098
489.66 Triple-C-rated 9.506 6.304 9.621
April 160.000 161.950 t 159.150 159.800 –2.200 15,503 Mini S&P Midcap 400 (CME)-$100 x index 3355.17 -3.4 High Yield 100 5.077 3.162 5.390 825.31 -1.6 Canada 1.770 1.230 2.030
Cattle-Live (CME)-40,000 lbs.; cents per lb. March 2659.00 2680.30 2587.20 2606.80 –51.20 48,766
April 141.425 142.350 140.450 140.525 –.900 136,270 June 2615.70 –52.30 3 439.58 -4.5 Global High Yield Constrained 6.002 3.968 6.114 400.88 -1.2 EMU§ 0.658 0.163 0.990
June 137.700 138.650 136.925 137.050 –.650 100,756 Mini Nasdaq 100 (CME)-$20 x index
14219.25 14327.75 13900.00 14005.50 –222.50 248,256 333.12 -4.6 Europe High Yield Constrained 4.244 2.304 4.317 751.28 -1.2 France 0.520 0.080 0.820
Hogs-Lean (CME)-40,000 lbs.; cents per lb. March
April 103.650 106.800 103.025 106.200 2.700 100,930 June 14220.25 14324.25 13903.50 14004.50 –223.50 3,199 U.S Agency Bloomberg Fixed Income Indices 532.29 -0.9 Germany -0.040 -0.410 0.270
June 113.600 117.375 113.500 116.775 3.350 60,836 Mini Russell 2000 (CME)-$50 x index
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March 2044.50 2064.70 1990.40 2006.70 –37.80 507,360 1813.41 -1.5 U.S Agency 1.660 0.640 1.940 290.51 -1.4 Japan 0.490 0.260 0.550
March 1349.00 1379.50 s 1340.00 1373.00 36.30 574 Mini Russell 1000 (CME)-$50 x index
March 2410.50 2422.50 2368.60 2383.70 –36.80 16,050 1584.85 -1.3 10-20 years 1.590 0.520 1.870 587.83 -1.4 Netherlands 0.170 -0.290 0.490
May 1195.90 1223.70 1195.90 1223.70 30.00 1,506
Milk (CME)-200,000 lbs., cents per lb. U.S. Dollar Index (ICE-US)-$1,000 x index 4056.77 -3.6 20-plus years 2.480 1.890 2.720 1010.69 -2.6 U.K. 1.260 0.720 1.590
Feb 20.92 … 4,232 March 96.81 97.58 96.63 97.41 .71 55,294
March 22.21 22.37 22.05 22.26 .21 5,198 June 96.73 97.54 96.58 97.37 .75 2,642 2786.92 -3.6 Yankee 2.650 1.510 2.830 844.53 -8.2 Emerging Markets ** 6.082 4.516 6.082
Cocoa (ICE-US)-10 metric tons; $ per ton. *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
March 2,491 2,491 2,491 2,483 –8 11 Source: FactSet
** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan

Exchange-Traded Portfolios | WSJ.com/ETFresearch Global Government Bonds: Mapping Yields

Closing Chg YTD Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Closing Chg YTD SPDR S&PMdCpTr MDY 476.17 –1.91 –8.0
Tuesday, March 1, 2022 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
ETF Symbol Price (%) (%) SPDR S&P 500 SPY 429.98 –1.52 –9.5
Closing Chg YTD SPDR S&P Div SDY 123.03 –1.58 –4.7 Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 46.11 –1.33 –5.6 TechSelectSector XLK 150.99 –2.00 –13.2 1.500 U.S. 2 1.303 t l 1.426 1.165 0.123
CnsmrDiscSelSector XLY 174.74 –1.52 –14.5 iShMSCIEAFEValue EFV 48.74 –2.42 –3.3 VangdInfoTech VGT 396.14 –1.92 –13.5
CnsStapleSelSector XLP 74.46 –0.59 –3.4 iShNatlMuniBd MUB 113.00 0.40 –2.8 VangdSC Val VBR 169.92 –2.20 –5.0
1.875 10 1.708 t l 1.836 1.799 1.444
26.56 –1.88 –8.3 iSh1-5YIGCorpBd IGSB 52.85 0.22 –1.9
DimenUSCoreEq2 DFAC
iShPfd&Incm PFF 36.04 –0.66 –8.6
VangdExtMkt VXF 161.50 –1.70 –11.7 2.750 Australia 2 1.106 s l 1.104 0.891 0.126 -19.5 -32.9 0.5
EnSelectSectorSPDR XLE 71.29 1.01 28.5 VangdSC Grwth VBK 241.60 –1.34 –14.3
FinSelSectorSPDR XLF 37.10 –3.69 –5.0 iShRussell1000Gwth IWF 263.49 –1.48 –13.8
VangdDivApp VIG 155.78 –1.45 –9.3 1.000 10 2.186 s l 2.143 1.892 1.675 47.7 31.6 24.9
HealthCareSelSect XLV 129.24 –0.55 –8.3 iShRussell1000Val IWD 159.48 –1.54 –5.0
VangdFTSEDevMk VEA 46.85 –1.97 –8.2
IndSelSectorSPDR XLI 98.40 –1.49 –7.0 iShRussell2000 IWM 199.49 –1.88 –10.3
VangdFTSE EM VWO 47.17 –1.36 –4.6
0.000 France 2 -0.663 t l -0.423 -0.627 -0.599 -196.4 -185.5 -72.0
InvscQQQI 341.49 –1.53 –14.2 iShRussell2000Val IWN 155.82 –1.84 –6.2
QQQ
iShRussellMid-Cap IWR 74.93 –1.82 –9.7
VangdFTSE Europe VGK 60.67 –2.65 –11.1 0.000 10 0.367 t l 0.632 0.450 -0.091 -134.2 -119.5 -151.8
InvscS&P500EW RSP 151.60 –1.72 –6.9 VangdFTSEAWxUS VEU 56.93 –1.81 –7.1
iShCoreDivGrowth DGRO 51.54 –1.70 –7.3 iShRussellMCValue IWS 114.19 –1.95 –6.7 0.000 Germany 2 -0.747 t l -0.545 -0.521 -0.687 -204.8 -197.7 -80.8
VangdGrowth VUG 273.25 –1.48 –14.8
iShCoreMSCIEAFE IEFA 67.81 –2.14 –9.2 iShRussell1000 IWB 239.00 –1.52 –9.6
VangdHlthCr VHT 241.63 –0.54 –9.3
iShCoreMSCIEM IEMG 56.41 –1.43 –5.8 iShS&P500Growth IVW 72.08 –1.60 –13.9 0.000 10 -0.074 t l 0.134 0.037 -0.333 -178.3 -169.4 -176.0
VangdHiDiv VYM 108.23 –1.50 –3.5
iShCoreMSCITotInt IXUS 65.54 –1.81 –7.6 iShS&P500Value IVE 149.52 –1.53 –4.5
iShCoreS&P500 IVV 431.92 –1.55 –9.4 iShTIPSBondETF TIP 127.86 0.72 –1.0
VangdIntermBd BIV 85.37 0.72 –2.6 0.000 Italy 2 -0.260 t l 0.012 -0.037 -0.317 -156.1 -142.0 -43.8
VangdIntrCorpBd VCIT 89.19 0.43 –3.8
iShCoreS&P MC 260.49 –1.97 –8.0 iSh1-3YTreasuryBd SHY 84.73 0.23 –0.9 0.950 10 1.413 t l 1.756 1.349 0.665 -7.1 -76.1
IJH
113.11 –1.6 VangdLC VV 198.42 –1.59 –10.2 -29.7
iShCoreS&P SC IJR 105.71 –1.86 –7.7 iSh7-10YTreasuryBd IEF 0.97
VangdMC VO 228.19 –1.82 –10.4
iShS&PTotlUSStkMkt ITOT 96.54 –1.57 –9.8 iSh20+YTreasuryBd TLT 141.30 1.16 –4.6 0.005 Japan 2 -0.032 t l -0.029 -0.049 -0.119 -133.3 -146.2 -24.0
iShRussellMCGrowth IWP 97.66 –1.43 –15.2 VangdMC Val VOE 142.20 –2.19 –5.4
iShCoreTotalUSDBd IUSB 51.17 0.34 –3.3
iShCoreUSAggBd AGG 110.82 0.56 –2.9 iShUSTreasuryBdETF GOVT 25.93 0.75 –2.8 VangdMBS VMBS 51.64 0.52 –2.3 0.100 10 0.181 t l 0.185 0.183 0.157 -152.8 -164.2 -127.0
iShSelectDividend DVY 121.24 –2.08 –1.1 JPM UltShtIncm JPST 50.37 0.06 –0.2 VangdRealEst VNQ 102.00 –0.53 –12.1
ProShUltPrQQQ TQQQ 50.04 –4.61 –39.8 VangdS&P500ETF VOO 395.34 –1.50 –9.4 0.000 Spain 2 -0.251 t l -0.052 -0.443 -0.447 -155.2 -148.5 -56.8
iShESGAwareUSA ESGU 96.72 –1.47 –10.4
VangdST Bond BSV 79.71 0.35 –1.4 0.700 10 0.890 t l 1.152 0.783 0.327 -67.5 -109.9
iShEdgeMSCIMinUSA USMV 73.46 –0.37 –9.2 SPDRBlm1-3MTB BIL 91.41 ... –0.0 -82.0
iShEdgeMSCIUSAQual QUAL 128.16 –1.32 –12.0 SPDR Gold GLD 181.62 1.82 6.2 VangdSTCpBd VCSH 79.70 0.20 –1.9
iShEdgeMSCIUSAVal VLUE 103.03 –1.88 –5.9 SPDRS&P500Growth SPYG 62.47 –1.53 –13.8 VangdShtTmInfltn VTIP 51.89 0.56 1.0 0.125 U.K. 2 0.831 t l 1.041 1.061 0.101 -47.0 -39.1 -2.0
iShGoldTr IAU 36.99 1.87 6.3 SchwabIntEquity SCHF 35.76 –2.00 –8.0 VangdSC VB 206.14 –1.84 –8.8
101.98 –1.53 –9.8 VangdTaxExemptBd VTEB 53.25 0.17 –3.0 4.750 10 1.097 t l 1.379 1.305 0.757 -61.3 -44.8 -66.9
iShiBoxx$InvGrCpBd LQD 124.97 0.34 –5.7 SchwabUS BrdMkt SCHB
iShiBoxx$HYCpBd HYG 83.13 –0.28 –4.5 SchwabUS Div SCHD 75.73 –1.78 –6.3 VangdTotalBd BND 82.22 0.52 –3.0
Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
iShJPMUSDEmgBd EMB 97.32 –1.54 –10.8 SchwabUS LC SCHX 102.76 –1.49 –9.7 VangdTotIntlBd BNDX 54.23 1.11 –1.7
iShMBSETF MBB 104.95 0.52 –2.3 SchwabUS LC Grw SCHG 140.98 –1.47 –13.9 VangdTotIntlStk VXUS 58.89 –1.87 –7.4
iShMSCI ACWI
iShMSCI EAFE
ACWI
EFA
96.22
71.62
–1.70
–2.19
–9.0
–9.0
SchwabUS SC
Schwab US TIPs
SCHA
SCHP
92.31
62.38
–1.91
0.80
–9.9
–0.8
VangdTotalStk
VangdTotlWrld
VTI
VT
217.72
98.01
–1.56
–1.67
–9.8
–8.8
Corporate Debt
iShMSCI EAFE SC SCZ 65.21 –2.10 –10.8 SPDR DJIA Tr DIA 333.16 –1.82 –8.3 VangdValue VTV 141.69 –1.50 –3.7 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
expectations
ADVERTISEMENT
Investment-grade spreads that tightened the most…
Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Showroom
To advertise: 800-366-3975 or WSJ.com/classifieds
NatWest Markets
Metropolitan Life Global Funding I
NWG
…
0.800
0.950
2.25
2.00
Aug. 12, ’24
July 2, ’25
97
52
–4
–3
80
n.a.
Bank of New Zealand BZLNZ 2.285 2.41 Jan. 27, ’27 84 –2 80
Comcast CMCSA 4.750 3.64 March 1, ’44 143 –2 n.a.
Citigroup C 6.625 3.46 June 15, ’32 175 –1 n.a.
PORSCHE
Guardian Life Global Funding GUARDN 1.250 2.12 May 13, ’26 57 –1 n.a.
International Business Machines IBM 4.000 3.63 June 20, ’42 139 –1 140
Nationwide Building Society NWIDE 1.500 2.46 Oct. 13, ’26 86 –1 82

…And spreads that widened the most

Canadian Natural Resources CNQCN 6.250 4.38 March 15, ’38 218 21 n.a.
Bank of America BAC 4.000 2.53 Jan. 22, ’25 105 17 77
Delta Air Lines DAL 4.750 3.95 Oct. 20, ’28 238 14 208
Goldman Sachs GS 5.150 4.00 May 22, ’45 181 14 179
International Business Machines IBM 4.700 3.67 Feb. 19, ’46 155 12 n.a.
Amgen AMGN 4.950 3.88 Oct. 1, ’41 168 11 n.a.
ANZ New Zealand Int'l ANZNZ 2.166 2.17 Feb. 18, ’25 67 11 57
Bank of Montreal BMO 0.625 1.94 July 9, ’24 66 10 n.a.

High-yield issues with the biggest price increases…

Bond Price as % of face value
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week

Transocean RIG 6.800 12.81 March 15, ’38 59.500 1.50 58.000
FirstEnergy FE 7.375 4.04 Nov. 15, ’31 126.500 1.00 124.811
Lumen Technologies LUMN 7.600 8.87 Sept. 15, ’39 88.799 0.86 88.250
Occidental Petroleum OXY 6.450 4.66 Sept. 15, ’36 118.742 0.84 115.969
Venture Global Calcasieu Pass VENTGL 4.125 4.14 Aug. 15, ’31 99.875 0.68 97.875
Ford Motor F 7.450 4.22 July 16, ’31 124.751 0.56 122.875

…And with the biggest price decreases

WeWork WEWORK 7.875 11.72 May 1, ’25 90.052 –1.45 87.750
Ligado Networks NEWLSQ 15.500 35.77 Nov. 1, ’23 76.000 –1.25 76.875
American Airlines AAL 3.750 6.65 March 1, ’25 92.250 –1.00 92.875
OneMain Finance OMF 6.875 4.72 March 15, ’25 106.022 –0.58 106.250
Ford Motor Credit … 3.096 2.77 May 4, ’23 100.375 –0.50 100.250
Bath & Body Works BBWI 5.250 4.52 Feb. 1, ’28 103.750 –0.49 103.000
Dish DBS … 5.000 4.05 March 15, ’23 100.949 –0.43 101.283
Teva Pharmaceutical Finance Netherlands … 3.150 5.54 Oct. 1, ’26 90.452 –0.42 91.027
*Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
Note: Data are for the most active issue of bonds with maturities of two years or more
Source: MarketAxess
 .

THE WALL STREET JOURNAL. NY Wednesday, March 2, 2022 | B9

BIGGEST 1,000 STOCKS

Continued From Page B7 Net Net Net Net Net Net Net Net
Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
Stock Sym Close Chg TTEK 156.06 -2.71 WebsterFin WBS 55.85 -4.36 WillisTowers WTW 218.93 -3.37 YumBrands YUM 120.02 -2.56
LibertySirius C LSXMK 48.32 -2.00 NXP Semi NXPI 181.18 -8.94 PhilipMorris PM 101.44 0.37 Seagen SGEN 129.46 0.59 TetraTech
Icon ICLR 231.21 -6.80 LibertySirius A LSXMA 48.51 -1.85 Nasdaq NDAQ 169.99 -1.16 Phillips66 PSX 82.17 -2.07 SealedAir SEE 66.09 -1.04 TevaPharm TEVA 7.79 -0.34 WellsFargo WFC 50.29 -3.08 WillScotMobile WSC 34.42 -1.11 YumChina YUMC 52.05 0.03
s 0.18 Pinduoduo PDD 50.98 -0.88 s Sempra SRE 145.17 0.95 TexasInstruments TXN 167.29 -2.70 Welltower WELL 82.34 -0.95 Wipro WIT 7.11 -0.18 ZimIntShipping ZIM 67.60 -2.19
IDEX IEX 188.72 -3.18 LifeStorage LSI 127.26 0.67 NationalGrid NGG 75.76
IllinoisToolWks ITW 210.86 -5.48 EliLilly LLY 249.50 -0.45 PinnacleWest PNW 69.82 -1.01 SensataTechs ST 56.83 -1.08 TexasPacLand TPL 1205.69 16.96 s WestFraserTimber WFG 99.60 -0.13 Wolfspeed WOLF 98.44 -4.28 ZTO Express ZTO 29.58 0.14
NatWest NWG 5.77 -0.34
Pinterest PINS 26.41 -0.34 SentinelOne S 42.02 0.52 Textron TXT 71.07 -2.06 WestPharmSvcs WST 381.58 -5.50 Woodward WWD 121.74 -2.89 ZebraTech ZBRA 405.58 -7.76
Illumina ILMN 330.25 3.65 LincolnNational LNC 62.28 -5.14 NetApp NTAP 77.33 -1.05
s PioneerNatRscs PXD 240.47 0.87 ServiceCorp SCI 60.72 -0.13 ThermoFisherSci TMO 543.07 -0.93 WestAllianceBcp WAL 88.86 -4.88 WooriFin 34.12 -0.42 Zendesk ZEN 116.80 0.13
s ImperialOil IMO 44.79 -0.05 Linde LIN 282.56 -10.68 NetEase NTES 93.49 -1.85 WF
Incyte INCY 68.70 0.40 LithiaMotors LAD 339.51 -1.31 Netflix NFLX 386.24 -8.28
PlainsAllAmPipe PAA 10.61 0.04 ServiceNow NOW 571.07 -8.85 ThomsonReuters TRI 102.00 0.95 t WesternDigital WDC 49.49 -1.45 Workday WDAY 240.33 11.28
Zillow C Z 57.61 0.09
PlainsGP PAGP 11.31 ... ShawComm B SJR 29.87 -0.11 3M MMM 144.75 -3.90 WesternMidstrm WES 26.09 0.05 Zillow A ZG 57.44 0.17
Infosys INFY 22.16 -0.30 LiveNationEnt LYV 116.70 -4.12 Neurocrine NBIX 91.89 2.02 WyndhamHtls WH 83.54 -2.87
PLTK 19.54 -1.06 Shell SHEL 51.77 -0.62 Toast TOST 19.59 -0.93 Westlake WLK 107.00 -3.31 ZimmerBiomet ZBH 124.14 0.75
IngersollRand IR 49.25 -1.27 LloydsBanking LYG 2.39 -0.14 NewellBrands NWL 22.87 -0.88 Playtika WynnResorts WYNN 81.64 -4.88 ZionsBancorp ZION 64.94 -5.95
PLUG 24.85 -0.44 SherwinWilliams SHW 255.53 -7.60 Toro TTC 94.40 0.59 WestRock WRK 43.39 -1.88
Insulet PODD 260.84 -3.85 s LockheedMartin LMT 456.61 22.81 Newmont NEM 69.01 2.81 PlugPower 31.63 -0.71 Zoetis
POOL 462.51 3.93 ShinhanFin SHG 31.52 -0.90 TorontoDomBk TD 77.60 -3.09 Weyerhaeuser WY 38.62 -0.26 XP XP ZTS 192.54 -1.11
Intel INTC 46.82 -0.88 Loews L 59.71 -1.63 NewsCorp A NWSA 21.55 -0.77 Pool XPO Logistics XPO 70.84 -1.84 ZoomVideo ZM 122.78 -9.82
InteractiveBrkrs IBKR 62.27 -3.91 LogitechIntl LOGI 74.52 -0.12 NewsCorp B NWS 21.54 -0.89 PrincipalFin PFG 67.47 -3.17 Shopify SHOP 673.44 -20.82 TotalEnergies TTE 49.29 -1.24 WheatonPrecMet WPM 45.84 2.05
ToyotaMotor TM 181.71 -1.24 Whirlpool WHR 201.23 -0.04 XcelEnergy XEL 66.51 -0.82 ZoomInfoTech ZI 55.57 0.88
ICE ICE 127.75 -0.37 Lowe's LOW 221.50 0.44 NextEraEnergy NEE 77.44 -0.83 ProcoreTech PCOR 65.41 0.22 Sibanye-Stillwater SBSW 19.77 0.65
SignatureBank SBNY 316.75 -28.14 TractorSupply TSCO 205.18 1.39 s Williams WMB 31.67 0.39 XPeng XPEV 33.84 -2.53 Zscaler ZS 247.83 8.68
InterContinentl IHG 65.34 -5.06 Lucid LCID 24.99 -3.99 Nike NKE 132.22 -4.33 Procter&Gamble PG 153.31 -2.58 Williams-Sonoma WSM 146.71 1.85 Xylem XYL 86.76 -2.19 Zynga ZNGA 9.00 -0.08
SimonProperty SPG 134.60 -2.96 TradeDesk TTD 82.08 -3.24
IBM IBM 121.35 -1.16 LufaxHolding LU 6.18 -0.29 NiSource NI 28.65 -0.28 Progressive PGR 103.24 -2.69
PLD 145.76 -0.09 6.08 -0.08 Tradeweb TW 84.81 0.33
IntlFlavors IFF 128.41 -4.59 lululemon LULU 315.18 -4.76 Nokia NOK 5.18 -0.17 Prologis SiriusXM SIRI
SWKS 133.05 -5.12 TraneTech TT 152.06 -1.87
t IntlPaper IP 41.27 -2.26 LumenTech LUMN 10.42 0.06 NomuraHoldings NMR 4.40 -0.18 PrudentialFin PRU 105.78 -5.88 Skyworks
Interpublic
Intuit
IPG 35.47
INTU 468.58
-1.33 Lyft
-5.79 LyondellBasell LYB
LYFT 37.68 -1.26
93.42 -3.81
Nordson NDSN 223.24
NorfolkSouthern NSC 255.07
-3.25 t Prudential PUK 28.36 -1.87
-1.45 PublicServiceEnt PEG 64.46 -0.37
SmithAO AOS 66.63 -1.95 TransDigm
Smith&Nephew SNN 34.91 -0.73 TransUnion
TDG 654.83 -11.76
TRU 91.81 1.05 Borrowing Benchmarks
SJM 126.32 -8.43 Travelers TRV 167.82 -4.01 wsj.com/market-data/bonds/benchmarks
IntuitiveSurgical ISRG 291.55 1.22 NorthernTrust NTRS 106.30 -7.60 PublicStorage PSA 358.98 3.96 Smucker
SNAP 37.84 -2.10 Trex TREX 83.15 -8.69
InvitatHomes INVH 37.45 -0.35 M N s NorthropGrum NOC 456.10 13.96 PulteGroup PHM 49.10 -0.56 Snap
Trimble TRMB 68.70 -1.05
IronMountain IRM 49.67 0.49 NortonLifeLock NLOK 28.86 -0.12 Qiagen QGEN 49.73 0.04 SnapOn SNA 202.00 -8.18
ItauUnibanco ITUB 4.74 -0.09
M&T Bank MTB 169.85 -12.38
MGMGrowthProp MGP 37.93 0.06
NorwegCruise NCLH 18.48 -1.01 Qorvo
Qualcomm
QRVO 132.61 -4.17
QCOM 163.69 -8.30
Snowflake SNOW 263.19 -2.47 Trip.com
SOQUIMICH SQM 63.99 -2.19 TruistFinl
TCOM 25.79 -0.03
TFC 58.15 -4.07
Money Rates March 1, 2022
Novartis NVS 87.12 -0.34
Twilio TWLO 169.72 -5.08
J K L MGM Resorts MGM 41.92 -2.37
NovoNordisk NVO 103.60 0.65 QualtricsIntl XM 30.69 0.36 SoFiTech SOFI 11.20 -0.25
TWTR 35.56 0.01 Key annual interest rates paid to borrow or lend money in U.S. and
MKS Instrum MKSI 145.45 -5.15
Novocure NVCR 80.59 -1.27 QuantaServices PWR 108.37 -0.57 SolarEdgeTech SEDG 324.63 5.21 Twitter
JD.com JD 73.30 1.67 MPLX MPLX 32.87 0.09 QuestDiag DGX 131.92 0.65 Sony SONY 100.86 -1.67 TylerTech TYL 422.33 -5.93 international markets. Rates below are a guide to general levels but
NuHoldings NU 7.92 0.27
t JPMorganChase JPM 136.45 -5.35 MP Materials MP 41.03 -4.59 TysonFoods TSN 93.83 1.17
UBS 17.38 -0.76 don’t always represent actual transactions.
s NuanceComms NUAN 55.53 0.01 Southern SO 64.10 -0.67
Jabil JBL 55.18 -2.63 MSCI MSCI 500.38 -1.31 s Nucor NUE 131.00 -0.62
R S SoCopper SCCO 71.83 2.44 UBS Group
JackHenry JKHY 179.12 2.32 MagellanMid MMP 48.92 0.40 SouthwestAir LUV 41.95 -1.85 UDR UDR 54.31 -0.56
s Nutrien NTR 84.93 -1.06 RELX RELX 30.43 -0.10 Week —52-WEEK—
JacobsEngg J 123.01 0.01 t MagnaIntl MGA 68.10 -6.17
NVIDIA NVDA 234.77 -9.08 RH Splunk
t
SPLK 116.54 -1.56 UGI UGI 36.42 -2.02 Inflation Latest ago High Low
JamesHardie JHX 31.72 -0.80 ManhattanAssoc MANH 132.93 -0.75 RH 396.20 -5.67 USFD 38.34 -0.75
RPM RPM 81.81 -2.76 Spotify SPOT 151.25 -4.94 US Foods Jan. Index Chg From (%)
JazzPharma JAZZ 136.63 -0.79 ManulifeFin MFC 19.49 -0.77 O P Q StanleyBlackDck SWK 158.04 -4.66 Uber UBER 33.89 -2.14
JefferiesFin JEF 33.91 -1.63 s MarathonOil MRO 22.89 0.33 RalphLauren RL 124.70 -7.34 251.25 -2.64
level Dec. '21 Jan. '21 Federal funds
Starbucks SBUX 90.14 -1.65 Ubiquiti UI
J&J JNJ 164.00 -0.57 MarathonPetrol MPC 75.01 -2.86 ONEOK OKE 63.82 -1.48 RaymondJames RJF 102.68 -6.97 PATH 33.95 -0.76 Effective rate 0.0800 0.0800 0.1000 0.0500
s StateStreet STT 80.89 -4.44 UiPath U.S. consumer price index
JohnsonControls JCI 62.58 -2.38 MaravaiLifeSci MRVI 39.43 0.36 OReillyAuto ORLY 656.52 7.28 RaytheonTech RTX 102.73 0.03 s SteelDynamics STLD 72.17 1.59 UltaBeauty ULTA 369.01 -5.49 High 0.1000 0.1500 0.2000 0.0700
JonesLang JLL 245.76 -0.46 Markel MKL 1226.64 -16.27 s OccidentalPetrol OXY 46.79 3.06 RealtyIncome O 65.82 -0.27
Stellantis STLA 16.82 -1.46
UnderArmour A UAA 17.24 -0.65 All items 281.148 0.84 7.5 Low 0.0500 0.0500 0.0900 0.0100
JuniperNetworks JNPR 33.08 -0.71 MarketAxess MKTX 379.89 -1.54 Okta OKTA 184.14 1.30 RegalRexnord RRX 157.33 -3.02 UnderArmour C UA 15.28 -0.35 Core 285.996 0.74 6.0 Bid 0.0800 0.0700 0.7000 0.0300
Steris STE 237.26 -2.74
JustEatTakeaway GRUB 7.58 -0.47 Marriott MAR 164.91 -5.23 t Olaplex OLPX 15.81 -0.97 RegencyCtrs REG 64.85 -1.04 Unilever UL 48.74 -1.53
Offer 0.1000 0.1000 0.1200 0.0500
STMicroelec STM 40.45 -1.87
KB Fin KB 47.72 -1.48 Marsh&McLen MMC 153.74 -1.67 OldDomFreight ODFL 310.12 -3.61 RegenPharm REGN 607.03 -11.33 UnionPacific UNP 242.43 -3.52 International rates
Stryker SYK 262.62 -0.73
KE Holdings BEKE 20.35 0.94 MartinMarietta MLM 365.05 -14.35 OldRepublic ORI 25.73 -0.62 RegionsFin RF 22.11 -2.08 UnitedAirlines UAL 41.85 -2.55
SumitomoMits SMFG 6.85 -0.28 Treasury bill auction
KKR KKR 57.75 -2.37 MarvellTech MRVL 64.95 -3.38 Olin OLN 48.68 -2.83 s RelianceSteel RS 187.18 -3.69 SunComms SUI 178.49 -2.51
UnitedMicro UMC 9.35 0.07 Week 52-Week
KLA KLAC 336.79 -11.71 Masco MAS 54.58 -1.46 Omnicom OMC 81.63 -2.26 Repligen RGEN 194.06 -2.64 UPS B UPS 205.58 -4.84 Latest High Low
4 weeks 0.050 0.080 0.125 0.000
SunLifeFinancial SLF 51.02 -1.02 ago
Kanzhun BZ 30.54 -1.76 Masimo MASI 154.64 -2.81 ON Semi ON 59.65 -2.96 RepublicSvcs RSG 121.22 0.94 UnitedRentals URI 313.04 -8.58 13 weeks 0.360 0.380 0.440 0.015
s SuncorEnergy SU 30.76 0.23
Kellogg K 63.34 -0.60 Mastercard MA 344.48 -16.34 OpenText OTEX 42.78 -0.72 ResMed RMD 251.15 4.40
Suzano SUZ 10.68 -0.01
US Bancorp USB 53.86 -2.68
Prime rates 26 weeks 0.670 0.710 0.770 0.030
KeurigDrPepper KDP 38.16 -0.51 MatchGroup MTCH 110.42 -1.07 Oracle ORCL 76.01 0.04 RestaurantBrands QSR 54.64 -1.34 UnitedHealth UNH 476.25 0.38
Synaptics SYNA 220.86 -7.57 3.25 3.25 3.25 3.25
KeyCorp KEY 22.99 -2.08 Mattel MAT 24.47 -0.51 Orange ORAN 11.92 -0.16 RexfordIndlRealty REXR 69.21 -0.92 UnitySoftware U 103.98 -2.47 U.S. Secondary market
SynchronyFin SYF 39.47 -3.31 2.45 2.45 2.45 2.45
KeysightTechs KEYS 153.29 -4.08 McCormick MKC 96.25 1.08 Organon OGN 37.46 0.13 RingCentral RNG 125.83 -5.01 UniversalHealthB UHS 144.88 0.95 Canada
SyneosHealth SYNH 78.72 -0.48 Fannie Mae
KilroyRealty KRC 71.26 -0.36 McCormickVtg MKC.V 94.39 -0.32 Orix IX 102.40 3.81 RioTinto RIO 80.03 1.45
Synopsys SNPS 307.71 -4.68 t
Upstart UPST 145.40 -12.59 Japan 1.475 1.475 1.475 1.475
KimberlyClark KMB 128.67 -1.48 McDonalds MCD 239.63 -5.14 OtisWorldwide OTIS 77.65 -0.68 Rivian RIVN 61.91 -5.65 VF VFC 55.51 -2.51 30-year mortgage yields
Sysco SYY 86.15 -0.95
KimcoRealty KIM 22.92 -0.61 McKesson MCK 271.75 -3.21 s Ovintiv OVV 47.13 1.28 RobertHalf RHI 113.57 -6.72 VICI Prop VICI 27.91 -0.05 Policy Rates
89.32 -3.87 Robinhood HOOD 11.77 -0.24 VailResorts MTN 251.95 -8.60 Euro zone 30 days 3.225 3.517 3.517 2.216
KinderMorgan KMI 17.59 0.19 MedicalProp MPW 20.27 -0.07 OwensCorning OC
PCG 11.30 -0.07 Roblox RBLX 50.22 -1.35
T U V Vale VALE 18.86 0.37
0.00 0.00 0.00 0.00 60 days 3.277 3.577 3.577 2.261
Knight-Swift KNX 53.81 -0.67 Medtronic MDT 103.66 -1.33 PG&E
0.00 0.00 0.00
TRP 53.43 -0.28 ValeroEnergy VLO 80.63 -2.88
Switzerland 0.00
KoninklijkePhil PHG 32.55 -1.52 MercadoLibre MELI 1124.52 -2.13 PNC Fin PNC 187.19 -12.06 RocketCos. RKT 13.38 0.47 TC Energy
9.58 -0.12 Merck PKX 58.78 -0.54 Rockwell ROK 262.12 -4.46 TD Synnex SNX 100.63 -1.20 VeevaSystems VEEV 232.05 3.00 Britain 0.50 0.50 0.50 0.10 Other short-term rates
KoreaElcPwr KEP MRK 76.34 -0.24 POSCO
KraftHeinz KHC 38.68 -0.54 MetaPlatforms FB 203.49 -7.54 t PPG Ind PPG 126.50 -6.95 RogersComm B RCI 51.45 -0.17 TE Connectivity TEL 135.29 -7.14 Ventas VTR 53.44 -0.56 Australia 0.10 0.10 0.10 0.10
Kroger KR 48.35 1.55 MetLife MET 64.44 -3.11 t PPL PPL 25.45 -0.72 Roku ROKU 136.62 -2.91 Telus TU 25.14 -0.10 VeriSign VRSN 216.04 2.32 Week 52-Week
LKQ LKQ 45.86 -1.09 MettlerToledo MTD 1393.34 -15.40 PTC PTC 110.13 -1.15 Rollins ROL 33.16 0.53 TFI Intl TFII 103.00 -1.29 VeriskAnalytics VRSK 179.36 2.02 Overnight repurchase Latest ago high low
LPL Financial LPLA 165.30 -15.65 MicrochipTech MCHP 67.90 -2.43 Paccar PCAR 89.29 -2.52 RoperTech ROP 446.26 -1.96 TJX TJX 63.90 -2.20 Verizon VZ 53.61 -0.06 U.S. 0.04 0.05 0.06 -0.04
s L3HarrisTech LHX 255.08 2.77 MicronTech MU 86.26 -2.60 PackagingCpAm PKG 143.12 -4.07 RossStores ROST 89.55 -1.84 T-MobileUS TMUS 123.13 -0.08 VertxPharm VRTX 230.69 0.67 Call money
LabCorp.ofAmerica LH 269.05 -2.21 Microsoft MSFT 294.95 -3.84 PalantirTech PLTR 12.18 0.33 RoyalBkCanada RY 107.80 -2.62 TRowePrice TROW 139.56 -5.00 t Viatris VTRS 10.15 -0.86 U.S. government rates
LamResearch LRCX 540.57 -20.78 MidAmApt MAA 203.63 -0.98 s PaloAltoNtwks PANW 576.75 -17.50 RoyalCaribbean RCL 73.67 -7.05 TaiwanSemi TSM 108.05 1.04 Visa V 208.97 -7.15 2.00 2.00 2.00 2.00
LamarAdv LAMR 107.17 -1.89 Middleby MIDD 174.28 -3.34 ParamountA PARAA 35.87 1.82 RoyalGold RGLD 126.92 5.66 TakeTwoSoftware TTWO 159.80 -2.20 Vistra VST 21.93 -0.89 Discount
63.75 -2.68 MitsubishiUFJ MUFG 5.87 -0.29 ParamountB PARA 32.26 1.65 RoyaltyPharma RPRX 38.79 -0.47 TakedaPharm TAK 15.06 -0.14 VMware VMW 115.91 -1.41 Commercial paper (AA financial)
LambWeston LW 0.25 0.25 0.25 0.25
LasVegasSands LVS 40.30 -2.56 MizuhoFin MFG 2.58 -0.07 ParkerHannifin PH 287.62 -8.77 s RyanSpecialty RYAN 39.16 -0.90 Tapestry TPR 38.81 -2.09 Vodafone VOD 17.33 -0.37 90 days 0.49 n.a. 0.49 0.04
LatticeSemi LSCC 60.12 -2.50 Moderna MRNA 149.52 -4.08 Paychex PAYX 117.55 -1.51 t Ryanair RYAAY 88.99 -10.72 s TargaResources TRGP 65.55 0.18 VornadoRealty VNO 42.12 -1.16
t Lear LEA 143.99 -13.35 t MohawkInds MHK 137.06 -3.72 PaycomSoftware PAYC 334.60 -4.61 SAP SAP 109.25 -3.33 Target TGT 219.43 19.66 VulcanMatls VMC 174.44 -7.01 Notes on data: Libor
Leidos LDOS 104.75 2.91 MolinaHealthcare MOH 311.88 5.01 Paylocity PCTY 206.52 -5.92 S&P Global SPGI 390.58 14.88 TataMotors TTM 28.80 -1.49 U.S. prime rate is the base rate on corporate One month 0.23457 0.17586 0.24143 0.07263
Lennar A LEN 90.34 0.46 MolsonCoorsA TAP.A 59.40 -4.60 PayPal PYPL 106.51 -5.42 SBA Comm SBAC 316.69 13.30 s TeckRscsB TECK 36.90 0.95
W X Y Z loans posted by at least 70% of the 10 largest
U.S. banks, and is effective March 16, 2020.
Three month 0.51086 0.48786 0.52300 0.11413
Lennar B LEN.B 75.26 -0.24 MolsonCoorsB TAP 50.40 -1.78 Peloton PTON 27.62 -1.44 SEI Investments SEIC 57.00 -1.58 TeladocHealth TDOC 74.21 -1.70 WEC Energy WEC 89.31 -1.57
s Other prime rates aren’t directly comparable; Six month 0.76386 0.78143 0.84043 0.14663
LennoxIntl LII 267.52 0.59 Mondelez MDLZ 64.34 -1.14 PembinaPipeline PBA 34.56 0.60 SK Telecom SKM 24.70 -0.37 TeledyneTech TDY 425.73 -3.65 W.P.Carey WPC 77.49 0.09
LeviStrauss LEVI 21.04 -1.61 MongoDB MDB 381.81 -0.18 PennNational PENN 50.82 -0.53 SS&C Tech SSNC 74.38 -0.59 Teleflex TFX 333.24 -3.07 WPP WPP 66.72 -3.77 lending practices vary widely by location; One year 1.17671 1.28857 1.39229 0.21950
LiAuto LI 30.42 -0.03 MonolithicPower MPWR 436.60 -22.10 Pentair PNR 56.04 -1.87 StoreCapital STOR 30.31 -0.41 t Ericsson ERIC 8.86 -0.42 Wabtec WAB 88.79 -4.03
Discount rate is effective March 16, 2020.
LibertyBroadbandC LBRDK 144.10 -2.60 MonsterBev MNST 83.23 -1.17 Penumbra PEN 224.27 2.53 SVB Fin SIVB 557.88 -48.12 TelefonicaBras VIV 9.67 -0.12 WalgreensBoots WBA 45.01 -1.08
Secured Overnight Financing Rate is as of Secured Overnight Financing Rate
February 28, 2022. DTCC GCF Repo Index is 0.05 0.05 0.05 0.01
LibertyBroadbandA LBRDA 141.78 -3.03 Moody's MCO 322.35 0.32 People'sUtdFin PBCT 19.43 -1.65 Salesforce.com CRM 208.89 -1.64 Telefonica TEF 4.65 -0.05 Walmart WMT 135.99 0.83
Depository Trust & Clearing Corp.'s weighted
LibertyGlobal A LBTYA 25.14 -0.64 MorganStanley MS 87.63 -3.11 PepsiCo PEP 162.27 -1.47 Samsara IOT 17.47 -0.01 TelekmIndonesia TLK 30.04 0.33 WarnerMusic WMG 35.71 -0.51 average for overnight trades in applicable Value 52-Week
LibertyGlobal B LBTYB 25.86 -1.09 Morningstar MORN 269.96 -10.69 PerformanceFood PFGC 56.06 0.02 Sanofi SNY 51.06 -1.39 10xGenomics TXG 80.91 -0.56 WasteConnections WCN 125.81 2.55 CUSIPs. Value traded is in billions of U.S. dollars.
s
LibertyGlobal C LBTYK 25.29 -0.58 Mosaic MOS 51.87 -0.56 PerkinElmer PKI 177.20 -2.41 s Sasol SSL 23.30 0.33 Tenaris TS 25.52 -0.41 WasteMgt WM 146.58 2.18
Latest Traded High Low
Federal-funds rates are Tullett Prebon rates as
LibertyFormOne C FWONK 59.01 -1.72 MotorolaSol MSI 216.21 -4.22 PetroChina PTR 53.76 0.50 Schlumberger SLB 37.67 -1.57 TencentMusic TME 5.30 -0.09 Waters WAT 313.59 -3.14 of 5:30 p.m. ET.
LibertyFormOne A FWONA 54.97 -1.19 NICE NICE 231.75 5.50 s PetroleoBrasil PBR 14.68 0.39 SchwabC SCHW 77.86 -6.60 s TenetHealthcare THC 88.11 2.12 Watsco WSO 273.26 0.20
DTCC GCF Repo Index
Sources: Federal Reserve; Bureau of Labor 21.250 0.075 -0.008
LibertyBraves A BATRA 25.63 ... NRG Energy NRG 36.54 -1.30 s PetroleoBrasilA PBR.A 13.52 0.43 Sea SE 126.50 -19.10 Teradyne TER 114.56 -3.36 Watsco B WSOB 273.00 13.62 Treasury 0.054
Statistics; DTCC; FactSet;
t LibertyBraves C BATRK 24.68 -0.02 NVR NVR 4906.68 -51.76 Pfizer PFE 45.75 -1.19 Seagate STX 100.62 -2.54 Tesla TSLA 864.37 -6.06 Wayfair W 132.51 -8.36 Tullett Prebon Information, Ltd. MBS 0.068 20.400 0.088 0.002

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B10 | Wednesday, March 2, 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
33294.95 t 597.65, or 1.76% Trailing P/E ratio 18.47 31.94 4306.26 t 67.68, or 1.55% Trailing P/E ratio * 23.83 43.74 13532.46 t 218.94, or 1.59% Trailing P/E ratio *† 31.76 38.46
High, low, open and close for each P/E estimate * 17.90 20.67 High, low, open and close for each P/E estimate * 19.49 22.47 High, low, open and close for each P/E estimate *† 24.78 29.12
trading day of the past three months. Dividend yield 2.09 1.89 trading day of the past three months. Dividend yield * 1.41 1.50 trading day of the past three months. Dividend yield *† 0.74 0.75
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

36800 4850 15800

65-day moving average

36000 4725 15250

35200 4600 14700

65-day moving average

Session high 34400 4475 14150

DOWN UP 65-day moving average
t

Session open Close

33600 4350 13600
Close Open
t

Session low 32800 4225 13050

Bars measure the point change from session's open

32000 4100 12500
Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb. Nov. Dec. Jan. Feb.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

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

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,327,815,604 22,562,007
Industrial Average 33870.14 33107.67 33294.95 -597.65 -1.76 36799.65 30924.14 6.1 -8.4 8.6 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 417,722,459 16,450,449
Transportation Avg 15324.90 14924.04 15018.39 -250.06 -1.64 17039.38 13219.66 10.7 -8.9 12.8 Most-active issues in late trading Decl. volume* 904,924,482 5,928,474
Utility Average 951.05 930.80 939.00 -3.54 -0.38 980.78 798.59 16.5 -4.3 7.3 Volume After Hours Issues traded 3,509 284
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 44521.29 43488.84 43760.76 -706.96 -1.59 48929.18 39614.97 7.1 -10.0 14.7 Advances 1,331 140
Range Resources RRC 33,517.2 24.18 0.41 1.72 24.25 23.68
Barron's 400 1015.39 987.57 993.77 -21.13 -2.08 1127.20 904.45 7.0 -10.2 11.9 Declines 2,048 134
SoFi Technologies SOFI 22,699.7 13.41 2.21 19.73 13.56 10.25
Unchanged 130 10
Nasdaq Stock Market Finl Select Sector SPDR XLF 10,326.4 36.99 -0.11 -0.30 37.17 36.95 New highs 109 5
Nasdaq Composite 13777.04 13441.32 13532.46 -218.94 -1.59 16057.44 12609.16 1.3 -13.5 21.2 SPDR S&P 500 SPY 7,994.1 430.45 0.47 0.11 431.23 410.04 New lows 133 6
Nasdaq-100 14271.58 13906.92 14005.99 -231.82 -1.63 16573.34 12299.08 7.2 -14.2 25.1 Molina Healthcare MOH 5,869.8 311.88 ... unch. 313.49 311.85 Closing Arms† 1.23 0.42
Nordstrom JWN 5,501.4 26.43 6.89 35.26 27.25 19.26 Block trades* 5,002 171
S&P
Invesco KBW Bank ETF KBWB 4,200.7 64.98 -0.11 -0.17 65.51 64.83
500 Index 4378.45 4279.54 4306.26 -67.68 -1.55 4796.56 3768.47 11.3 -9.6 15.4 Nasdaq NYSE Arca
S&P Global SPGI 3,217.4 390.58 ... unch. 395.99 383.93
MidCap 400 2666.67 2591.31 2609.31 -52.17 -1.96 2910.70 2453.30 3.2 -8.2 10.7 Total volume*6,119,769,947 464,740,840
SmallCap 600 1318.12 1281.94 1291.11 -25.00 -1.90 1466.02 1252.49 -0.3 -7.9 9.7 Percentage gainers… Adv. volume*2,023,444,846 155,315,470
Nordstrom JWN 5,501.4 26.43 6.89 35.26 27.25 19.26 Decl. volume*4,060,386,071 308,029,905
Other Indexes
SoFi Technologies SOFI 22,699.7 13.41 2.21 19.73 13.56 10.25 Issues traded 5,028 1,712
Russell 2000 2050.65 1995.42 2008.51 -39.58 -1.93 2442.74 1931.29 -10.0 -10.5 8.1
Advances 1,686 470
NYSE Composite 16351.30 15986.06 16069.16 -244.73 -1.50 17353.76 14959.41 5.2 -6.4 8.2 Cardlytics CDLX 61.5 59.84 6.09 11.33 62.00 51.00
Declines 3,092 1,235
Value Line 630.94 615.38 618.75 -11.77 -1.87 696.40 606.81 -1.6 -7.9 4.4 PLBY Group PLBY 172.0 16.22 1.60 10.94 16.60 14.62
Unchanged 250 7
NYSE Arca Biotech 5052.99 4962.83 4992.11 -2.75 -0.06 6022.37 4790.85 -12.7 -9.5 -1.0
Beachbody BODY 84.8 2.14 0.20 10.31 2.15 1.80
New highs 67 71
NYSE Arca Pharma 789.60 776.69 780.23 -4.99 -0.64 828.58 667.24 13.8 -5.7 9.4 ...And losers New lows 229 76
KBW Bank 133.04 125.48 126.48 -7.68 -5.72 147.56 116.06 8.6 -4.3 7.9 Karyopharm Therapeutics KPTI 791.4 8.05 -2.34 -22.52 10.39 6.00 Closing Arms† 1.09 0.62
PHLX§ Gold/Silver 149.59 144.07 149.36 6.55 4.59 166.01 117.06 10.8 12.8 26.4 HOOKIPA Pharma HOOK 578.5 2.05 -0.47 -18.65 2.52 1.95 Block trades* 37,568 1,576
PHLX§ Oil Service 70.68 66.41 67.83 -1.57 -2.26 69.77 48.31 19.3 28.7 -10.7 Certara CERT 208.5 20.80 -3.86 -15.65 24.66 18.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 3435.08 3274.31 3304.85 -124.68 -3.64 4039.51 2762.75 7.6 -16.3 34.3 Eros STX Global ESGC 50.1 2.84 -0.52 -15.48 3.36 2.38 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 35.19 29.44 33.32 3.17 10.51 33.32 15.01 38.3 93.5 34.9 First Solar FSLR 374.4 64.75 -10.87 -14.37 76.80 62.64 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 688.59 –9.43 –1.35 –8.8 Sky Harbour Group SKYH 15.23 3.59 30.84 15.93 5.25 50.3 Direxion Russia Bull 2x RUSL 3.76 -5.80 -60.67 38.81 3.52 -84.0
MSCI ACWI ex-USA 320.96 –3.50 –1.08 –6.8 GWG Holdings GWGH 5.33 1.21 29.37 10.90 2.36 -23.9 Vroom VRM 3.25 -2.83 -46.55 49.03 3.20 -93.2
MSCI World 2930.76 –47.19 –1.58 –9.3 UserTesting USER 10.59 2.27 27.28 15.98 4.50 ... GoodRx Holdings GDRX 16.74 -10.66 -38.91 48.05 15.91 -63.3
MSCI Emerging Markets 1176.43 5.12 0.44 –4.5 SQL Technologies SKYX 13.12 2.62 24.95 14.15 10.30 ... Imperial Petroleum IMPP 1.48 -0.89 -37.55 8.30 0.40 ...
Americas MSCI AC Americas 1655.52 –24.78 –1.47 –9.4 Oak Street Health OSH 21.63 4.12 23.53 65.22 13.72 -60.4 iShares MSCI Russia ETF ERUS 12.00 -6.02 -33.41 52.80 12.00 -69.0
Canada S&P/TSX Comp 21004.51 –121.85 –0.58 –1.0 iQIYI ADR IQ 5.03 0.89 21.50 28.97 3.26 -80.6 ZimVie ZIMV 25.53 -12.47 -32.82 50.40 25.00 ...
Latin Amer. MSCI EM Latin America 2385.62 –7.49 –0.31 12.0 Danimer Scientific DNMR 4.77 0.79 19.85 51.37 3.09 -87.5 Ambarella AMBA 95.98 -43.73 -31.30 227.59 82.59 -15.6
Brazil BOVESPA 113141.94 … Closed 7.9 Workhorse Group WKHS 3.74 0.61 19.49 18.59 2.58 -76.8 Semler Scientific SMLR 52.64 -20.36 -27.89 153.21 50.30 -55.0
Chile S&P IPSA 2886.06 –64.62 –2.19 2.8 Stabilis Solutions SLNG 5.81 0.92 18.81 10.47 2.98 12.9 Ctrl Eastern Europe Fd CEE 10.85 -4.10 -27.41 31.46 10.80 -56.0
Mexico S&P/BMV IPC 53168.82 –231.79 –0.43 –0.2 New Pacific Metals NEWP 3.64 0.57 18.57 6.36 2.38 -28.8 Endo International ENDP 2.41 -0.70 -22.51 8.75 1.94 -66.7
EMEA STOXX Europe 600 442.37 –10.74 –2.37 –9.3 Arcimoto FUV 6.88 1.00 17.01 21.42 4.51 -62.8 Sidus Space SIDU 4.18 -1.18 -22.01 29.70 4.01 ...
Eurozone Euro STOXX 420.33 –16.16 –3.70 –12.2 New Fortress Energy NFE 32.25 4.66 16.89 57.00 19.17 -31.7 Franklin FTSE Russia ETF FLRU 13.00 -3.40 -20.73 36.90 12.75 -50.5
Belgium Bel-20 3937.92 –76.10 –1.90 –8.6 Summit Therapeutics SMMT 3.20 0.46 16.79 8.70 1.88 -49.8 Atara Biotherapeutics ATRA 10.21 -2.64 -20.54 20.04 9.93 -39.7
Denmark OMX Copenhagen 20 1693.90 3.52 0.21 –9.1 TaskUs TASK 33.37 4.65 16.19 85.49 25.12 ... Indonesia Energy INDO 10.78 -2.72 -20.15 15.15 2.61 23.8
France CAC 40 6396.49 –262.34 –3.94 –10.6 LivePerson LPSN 23.52 3.24 15.98 68.82 16.00 -63.6 Zeta Global Holdings ZETA 10.42 -2.59 -19.91 13.09 5.27 ...
Germany DAX 13904.85 –556.17 –3.85 –12.5
Israel Tel Aviv 1962.58 –10.44 –0.53 –0.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 24363.56 –1052.33 –4.14 –10.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 713.46 –16.26 –2.23 –10.6
Closed –41.3 Mullen Automotive MULN 498,216 2917.5 1.03 -39.05 15.90 0.52 Invsc S&P EM Low Vol EELV 15,253 17843 25.90 -0.04 26.42 22.70
Russia RTS Index 936.94 …
South Africa FTSE/JSE All-Share 77110.69 1020.18 1.34 4.6 Avenue Therapeutics ATXI 207,848 29329.2 0.61 78.46 7.54 0.20 New Providence II Cl A NPAB 298 4503 9.88 0.25 9.97 9.55
Spain IBEX 35 8188.20 –291.00 –3.43 –6.0 SPDR S&P 500 SPY 136,265 24.4 429.98 -1.52 479.98 371.88 Molina Healthcare MOH 13,972 4255 311.88 1.63 328.11 209.22
–17.8 Finl Select Sector SPDR XLF 128,894 82.9 37.10 -3.69 41.70 32.60 Invsc Aerospace Defense PPA 1,477 2841 76.98 -0.35 77.58 66.56
Sweden OMX Stockholm 852.06 –19.80 –2.27
–7.9
Advanced Micro Devices AMD 125,867 53.3 113.83 -7.71 164.46 72.50 BlkRk Enhncd Govt Fd EGF 206 2763 11.51 -0.86 13.24 11.45
Switzerland Swiss Market 11862.28 –124.50 –1.04
Turkey BIST 100 1969.91 23.72 1.22 6.0 ProShares UltraPro QQQ TQQQ 123,541 3.4 50.04 -4.61 91.68 37.52 iSh Currency Hdg MSCI Cda HEWC 169 2675 32.83 -0.82 34.68 28.40
U.K. FTSE 100 7330.20 –128.05 –1.72 –0.7 ProSh UltraPro Shrt QQQ SQQQ 112,602 86.4 42.65 4.71 83.90 28.15 Arrowroot Acqn Cl A ARRW 334 2531 9.74 0.21 9.87 9.61
U.K. FTSE 250 20500.64 –580.41 –2.75 –12.7 CTI BioPharma CTIC 107,761 5023.8 3.10 63.16 4.13 1.43 OPY Acquisition I Cl A OHAA 620 2510 9.77 0.10 9.87 9.70
Ford Motor F 94,274 -11.0 16.70 -4.90 25.87 11.14 Colombier Acqn Cl A CLBR 807 2326 9.69 0.52 9.78 9.55
Asia-Pacific MSCI AC Asia Pacific 183.35 1.02 0.56 –5.1
SoFi Technologies SOFI 91,402 70.6 11.20 -2.18 24.95 8.82 JOFF Fintech Acqn Cl A JOFF 2,003 2178 9.77 0.51 10.00 9.60
Australia S&P/ASX 200 7096.50 47.38 0.67 –4.7
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3488.83 26.53 0.77 –4.1 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 22761.71 48.69 0.21 –2.7
Closed
Scan this code Track the
India S&P BSE Sensex 56247.28 … –3.4
Japan NIKKEI 225 26844.72 317.90 1.20 –6.8
to get real-
time U.S.
Markets
Compare the
CURRENCIES & COMMODITIES
Singapore Straits Times 3278.63 36.39 1.12 5.0 stock quotes performance of
South Korea KOSPI 2699.18 … Closed –9.4 and track selected global stock indexes,
Currencies
Taiwan TAIEX 17898.25 246.07 1.39 –1.8 most-active bond ETFs, currencies and U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1694.28 9.10 0.54 2.2 stocks, new highs/lows and commodities at
US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data mutual funds. wsj.com/graphics/track-the-markets Tues YTDchg Tues YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004383 22818 –0.2
CREDIT MARKETS Argentina peso .0093107.3950 4.6 Europe
Brazil real .1938 5.1603 –7.4 Czech Rep. koruna .04380 22.830 4.4
Canada dollar .7847 1.2744 0.8 Denmark krone .1495 6.6871 2.2
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001240 806.69 –5.3 Euro area euro 1.1125 .8989 2.2
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000258 3882.67 –4.5 Hungary forint .002954 338.50 4.3
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007822 127.84 –1.5
A consumer rate against its Money Market/Savings Accts Mexico peso .0484 20.6565 0.8 Norway krone .1126 8.8830 0.9
benchmark over the past year 2.50% Uruguay peso .02350 42.5500 –4.8 Poland zloty .2343 4.2676 5.9
Bankrate.com avg†: 0.07% 14% Asia-Pacific Russia ruble .00913 109.487 46.4
VirtualBank 0.40% 2.00 Sweden krona .1037 9.6439 6.5
Australian dollar .7253 1.3787 0.2
0.20% Tradeweb ICE 7 WSJ Dollar Index Switzerland franc 1.0886 .9186 0.7
t

Miami, FL 877-998-2265 s China yuan .1584 6.3126 –0.7

Money market Tuesday Close 1.50 Turkey lira .0719 13.9159 4.5
t BankDirect 0.50% Hong Kong dollar .1279 7.8159 0.2
account yields 0.10 0 Ukraine hryvnia .0333 30.0500 9.9
1.00 India rupee .01319 75.801 1.7
Richardson, TX 877-839-2737 Euro UK pound 1.3325 .7505 1.5
s Indonesia rupiah .0000694 14407 1.1
0.00 Colorado Federal Savings Bank 0.51% One 0.50 –7 s Japan yen .008702 114.92 –0.2 Middle East/Africa
t

t
Greenwood Village, CO 877-484-2372 year ago Yen Kazakhstan tenge .002043 489.47 12.5 Bahrain dinar 2.6525 .3770 0.01
Federal-funds –0.10 0.00 Macau pataca .1243 8.0430 0.1 Egypt pound .0636 15.7133 0.02
target rate BrioDirect 0.55% –14
Malaysia ringgit .2385 4.1930 0.6 Israel shekel .3101 3.2243 3.7
Montebello, NY 877-369-2746 1 3 6 1 2 3 5 7 10 20 30 2021 2022
–0.20 New Zealand dollar .6757 1.4799 1.2 Kuwait dinar 3.3010 .3029 0.1
TAB Bank 0.55% month(s) years
M A M J J A S O N D J FM Pakistan rupee .00563 177.625 0.8 Oman sul rial 2.5972 .3850 0.01
Ogden, UT 800-355-3063 maturity Philippines peso .0195 51.360 0.7 Qatar rial .2747 3.641 –0.03
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7365 1.3577 0.7 Saudi Arabia riyal .2665 3.7519 –0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0008296 1205.41 1.4 South Africa rand .0649 15.4070 –3.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0049569 201.74 –0.6
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 0.25 -2.25 Taiwan dollar .03561 28.080 1.3
Yield (%) 52-Week Total Return (%) Thailand baht .03057 32.710 –1.6 WSJ Dollar Index 90.44 0.43 0.47 1.00
Prime rate* 3.25 3.25 3.25 l 3.25 -2.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 0.51 0.49 0.11 l 0.52 -2.09 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2352.600 1.650 1.850 1.960 0.780 –1.198 3.432
Money market, annual yield 0.07 0.07 0.07 l 0.10 -0.54
Five-year CD, annual yield 0.43 0.43 0.41 l 0.48 -1.57 U.S. Treasury Long, Bloomberg 4294.930 2.170 2.280 2.410 1.720 1.437 7.619 Commodities
30-year mortgage, fixed† 4.29 4.19 3.00 l 4.29 -0.11 Aggregate, Bloomberg 2190.840 2.270 2.410 2.470 1.340 –1.955 3.552 Tuesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 3.49 3.42 2.28 l 3.55 -0.33 Fixed-Rate MBS, Bloomberg 2158.490 2.480 2.580 2.640 1.560 –2.598 2.097
Jumbo mortgages, $647,200-plus† 4.33 4.19 3.03 l 4.33 -0.19 DJ Commodity 1139.84 47.02 4.30 1139.84 794.01 40.14 20.46
High Yield 100, ICE BofA 3355.167 5.077 5.263 5.390 3.162 0.426 4.102 Refinitiv/CC CRB Index 280.86 11.78 4.38 280.86 184.08 47.83 20.86
Five-year adj mortgage (ARM)† 2.93 2.93 2.82 l 3.43 -1.41
Muni Master, ICE BofA 585.402 1.630 1.680 1.730 0.687 –0.693 3.052 Crude oil, $ per barrel 103.41 7.69 8.03 103.41 57.76 73.07 37.50
New-car loan, 48-month 3.58 3.55 3.41 l 4.12 -1.09
Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 844.527 6.082 5.659 6.082 4.516 –6.524 1.501 Natural gas, $/MMBtu 4.573 0.171 3.88 6.312 2.456 61.08 22.60
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. 1942.40 43.00 2.26 1942.40 1677.70 12.08 6.29
 .

THE WALL STREET JOURNAL. * * * * * Wednesday, March 2, 2022 | B11

MARKETS

ETFs Exposed to Russia Plunge Dealers

Encourage
BY MICHAEL WURSTHORN 0%

Money managers are taking –10

London. The iShares fund has
a similar makeup.
Russian energy company
Car Loans
extraordinary steps to steady Gazprom PJSC is the biggest
exchange-traded funds ex- holding in both funds. Other Continued from page B1
posed to Russia. –20 holdings of the funds include He was also charged almost
The closure of the country’s Russia’s biggest lender, Sber- $6,000 over the manufacturer’s
stock market this week has –30 Index and ETF bank PJSC, and Tatneft PJSC, suggested retail price on the
created a rift between the performance another Russian energy com- vehicle. The experience at the
pricing of some funds and the this year pany. All three have deposi- dealership, Darcars Lexus of
value of their underlying as- –40 tory shares that trade in Lon- Mount Kisco in the suburbs of
sets. That essentially leaves S&P 500 don and shed more than 50% New York City, left a sour taste
ANDREY RUDAKOV/BLOOMBERG NEWS

investors guessing at the value –50 VanEck of their value on Monday. in his mouth. “The deeper they
of the Russian assets. Russia ETF So far, investors have con- could get into my pockets, the
VanEck Russia ETF, a tinued to put money into the happier I think the guy was,”
–60 iShares MSCI
nearly $700 million fund, Russia ETF Russia-focused funds. Van- Mr. Hebert said. He has since
plans to modify the usual pro- Eck’s ETF has seen about submitted a complaint through
cess by which funds create –70 $556 million of inflows this the Lexus website.
and redeem shares, using a year, including nearly $261 A spokesman for the auto
special basket of securities. –80 million on Friday, its biggest dealership said: “We strive to
BlackRock Inc. suspended the single-day inflow in more make every sales experience
Jan. 2022 Feb. March
creation of new shares of its than a decade, according to excellent and obviously value
iShares MSCI Russia ETF, a Moscow’s stock exchange has been closed this week. Source: FactSet FactSet. The iShares fund, our reputation.” He said the
roughly $105 million fund. meanwhile, has gotten a net dealership didn’t know Mr. He-
Direxion Funds will liquidate at CFRA. apiece versus a NAV of $7.83. period of time, we’re likely to $20 million from investors bert was dissatisfied, citing an
and close its leveraged Russia The net asset value of an Russia’s stock market index see the leading ETFs as good this year. online survey in which he gave
ETF, Direxion Daily Russia ETF is derived from a per- fell 27% last week, its biggest proxies for where the market That doesn’t necessarily the sales experience high
Bull 2x Shares, on March 11. share calculation of its con- drop on record, according to is headed,” Mr. Rosenbluth mean investors are bullish on marks. The spokesman said,
“It is in the best interests stituents. FactSet. Russia’s central bank said. “The same thing hap- Russia. “There is nothing we can rea-
of the fund and its sharehold- Usually, market makers hasn’t indicated how long it pened in Greece in 2015.” Mr. Rosenbluth added that sonably do about the market
ers to liquidate and terminate keep the price of the funds in will keep the stock market Greece closed its stock some of the inflows are at- clearing price” that resulted in
the fund, as it could not con- line with the asset value by closed. market during its financial tributable to investors short- the vehicle selling for above
duct its business and opera- creating and redeeming shares Investors still appeared to crisis for more than a month ing, or betting against, the the suggested retail price.
tions in an economically effi- as needed. In this case, since be using the VanEck and MSCI that year. Yet speculators funds. When investors short A spokeswoman for Lexus
cient manner over the long- shares of various Russian ETFs as a proxy for where used a U.S.-listed ETF, the an ETF, shares are created by said the customer-service team
term,” Direxion said. stocks are frozen, the funds Russia markets are headed, a Global X FTSE Greek 20 ETF, market makers specifically “is aware of the complaint and
More changes could be are unable to update their as- role ETFs have performed as a way of estimating where for that purpose, he added, is actively working with the
coming for other funds. Index set values. when other countries closed Greek securities would end up which can distort fund flow customer to resolve the situa-
maker MSCI Inc. signaled late BlackRock said the prob- their stock markets. once trading resumed. The figures. tion.” A spokeswoman for TD
Monday that it could cut Rus- lems may lead its fund to not Shares of the VanEck Rus- fund’s shares mostly fell dur- For VanEck’s ETF, the num- Bank declined to comment.
sia from many of its widely meet its investment objectives sia ETF and the iShares MSCI ing the closure, reflecting the ber of shares held short by Some 55% of car buyers
followed equity indexes, in- and to experience significant Russia ETF, the two biggest hit Greece’s market would bearish investors jumped to used dealer-arranged financing
cluding those that track premiums or discounts to its funds tracking stocks tied to eventually take after it re- 19.2 million on Friday, near its last year, the greatest share in
emerging markets. net asset value. the country, dropped more opened. highest levels since late 2016, records going back to 2005, ac-
The prices of the Russian The iShares ETF closed than 25% on Monday and con- VanEck’s ETF seeks to according to data from S3 cording to car-shopping web-
funds largely reflect investor Tuesday at $12, a premium to tinued falling on Tuesday. track an index of Russian Partners. site Edmunds. The share using
sentiment rather than the un- its most recently calculated net Both funds are down around stocks, including shares of do- “Some of those flows are cash, check or outside financ-
derlying value of their assets, asset value of $7.62. VanEck’s 70% in 2022. mestic companies and deposi- not a positive indicator but a ing dropped to less than 18%,
said Todd Rosenbluth, head of Russia ETF also trades at a “Even if the [Russian] stock tory receipts of Russian negative indicator,” Mr. Rosen- its lowest on record last year.
ETF and mutual-fund research premium, with shares at $8.26 market remains closed for a stocks listed in New York and bluth said. Dealer-arranged financing
has long been the default for a
swath of buyers. At least some

Hong Kong Business receipts, change from 2015 average

75%
Insurance
Monthly trading value in U.S. dollar terms
$600 billion
for Asia very difficult,” said Si-
mon Kavanagh, a partner at
BDA Partners and head of the
of the shifts are also explained
by the falling share of custom-
ers taking out leases after

Bankers 50
Finance 500
Asian-focused investment
bank’s Hong Kong office.
“Hong Kong will become in-
those terms worsened during
the car boom.
But consumer attorneys

Pressured 25

0
Import/
export
400
creasingly isolated as a busi-
ness center as the rest of the
world returns to normal, if the
have observed dealers using
more pressure tactics recently
to steer customers away from
300
current travel restrictions re- bringing outside financing or
Continued from page B1 main in place,” Mr. Kavanagh paying cash, according to John
–25
many of his colleagues also Retail said. He said it was “virtually Van Alst, an attorney at the Na-
wanted to relocate. The second 200 impossible to bring senior tional Consumer Law Center.
plans to stay because his boss –50 hires into Hong Kong in the Regulators have also received
has no plans to leave. current environment.” complaints.
–75 100
Banks themselves aren’t However, Mr. Kavanagh said “When you have 10 people
driving the moves. There is a Hong Kong would eventually who want to buy one vehicle,
lot of business to do in Hong Tourism return to normal and that he and car lots are empty, some of
–100 Quarterly 0
Kong, and visibly pulling back 2017 ’18 ’19 ’20 ’21 2012 ’13 ’14 ’15 ’16 ’17 ’18 ’19 ’20 ’21 ’22 didn’t plan to leave. BDA ex- these things I think are the re-
could offend the local and Bei- pects business to be strong sult of that,” said Christine
jing governments. Moving Sources: Hong Kong Census and Statistics Department via Refinitiv (receipts); Refinitiv (value) this year given an active re- Graham, supervising financial
staff can also throw up tax gional M&A market. examiner at the Texas Office of
and regulatory complications. Murli Maiya, who was about a nior regional role in the bank’s eventual reopening. Standard Chartered PLC Consumer Credit Commis-
But they are trying to be flexi- year into his tenure as the equity sales and trading busi- In October, the Asia Securi- Chief Executive Bill Winters sioner. “We are concerned
ble where possible. bank’s CEO for South Asia and ness, a memo said. In a ties Industry & Financial Mar- recently highlighted the risks about these practices.”
JPMorgan Chase & Co. Southeast Asia and had been LinkedIn post, her predeces- kets Association told the gov- to Hong Kong’s regional posi- The state regulator has re-
named a new head of equity planning to relocate to Singa- sor, Ryan Holsheimer, said it ernment that many members tion from its “relatively re- ceived several dozen com-
capital markets for the Asia- pore. The longtime banker will was time to “hang up the were considering moving em- strictive mobility patterns.” plaints from buyers who say
Pacific in late January after remain in Hong Kong and boots” after 27 years in fi- ployees or functions abroad Another headache is an they were pressured to use
managing director Francesco work with Mr. Lavatelli in the nance and reunite with his and had trouble hiring and re- overall talent shortage as Hong dealer-arranged financing,
Lavatelli, who held the job for coming months to ensure a family in Australia after two taining staff. Some banks have Kong’s population dwindles. many after Dallas news station
the past two years, decided to smooth transition, according years apart during the pan- started reimbursing staff for Quinlan & Associates, a finan- WFAA ran a report on the topic
move to London, where he will to an internal memo. demic. quarantine hotel stays after cial-consulting firm, estimates last summer. The office has
serve as the bank’s global Some senior replacements The new tough policies are personal travel. that net migration over been investigating the claims.
head of corporate-equity de- are moving to Hong Kong. At adding to concerns about Hong “Travel restrictions and 2020-2022 could total 304,000 Texas law prohibits dealers
rivatives. JPMorgan, Sarah Perring will Kong’s growing isolation and quarantine are making Hong residents, or 4% of the popula- from charging different prices
The U.S. lender turned to move from Tokyo to take a se- the lack of a road map for Kong’s historic role as a hub tion. for vehicles based on payment
methods.
The Federal Trade Commis-

Stocks ported strong sales during the

holiday period.
Albertsons rose $2.25, or
to produce concrete results so
far. Russia and Ukraine have
agreed to further talks, and in-
ager at PineBridge Invest-
ments.
Russian markets have been
this week, suggesting few
transactions are taking place.
The Russian stock market,
sion has also received at least a
half dozen consumer com-
plaints in the past few years re-

Decline 7.7%, to $31.40 after the super-

market chain said it had begun
a strategic review.
vestors have welcomed the
fact that some have taken
place.
dealt a blow by the invasion
and the ensuing sanctions,
with investors jettisoning Rus-
which plummeted last week,
remained closed.
That, meanwhile, has
garding dealers refusing to ac-
cept cash or outside financing,
according to complaints pro-

Further Human-resources software

company Workday gained
$11.28, or 4.9%, to $240.33 af-
Still, Moscow is pouring
manpower and equipment into
the country, and Russian
sian stocks.
A sharp, sudden interest-
rate rise from the nation’s cen-
opened a rift between the
pricing of some funds with
heavy exposure to Russia and
vided through a Freedom of In-
formation Act request.
New York City’s Department
ter reporting earnings late forces have adopted a strategy tral bank helped send the ru- the value of their underlying of Consumer and Worker Pro-
Continued from page B1 Monday that beat estimates. of pummeling civilian areas to ble tumbling. Tradeweb assets. tection sued two used-car deal-
$43,869.58. The invasion of “The question from here: Is demoralize resistance. Markets Inc., a bond-trading In Europe, the pan-conti- erships in November, alleging
Ukraine has driven demand for the economy able to continue “I am not sure what we will platform, removed Russian se- nental Stoxx Europe 600 fell in part that they engaged in
cryptocurren- to push forwards through see from negotiations, but on curities Tuesday, citing West- 2.4%. false advertising by promoting
TUESDAY’S cies, helping lift these segments and avoid con- the ground there will be no ern sanctions. prices that buyers only re-
MARKETS bitcoin and tractions?” said Matt Stucky, letup because [Russian Presi- On Tuesday, the ruble re- Scan this code ceived if they financed the ve-
other coins. senior portfolio manager at dent Vladimir] Putin has to treated against the dollar after for a podcast on hicles. A 2017 city law made it
In corporate news, Target‘s Northwestern Mutual Wealth come away from this war with falling almost 30% Monday. investing with illegal to increase the price of a
shares jumped $19.66, or 9.8%, Management Co. something to show for it,” said Market-data services have certainty in an used car for buyers who use
to $219.43 after the retailer re- Cease-fire talks have failed Hani Redha, a portfolio man- shown limited price updates uncertain world. outside financing.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret Fund
Net YTD
NAV Chg %Ret
Stock 238.49 -5.52 -2.8 BluCh 153.20 -3.28-16.6 Harbor Funds PGIM Funds Cl Z CapOpAdml r172.52 -3.57-10.9 USGroAdml 137.60 -2.38-18.3 MdCpVlAdml 73.58 -1.71 -5.5
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. DoubleLine Funds Contra 15.92 -0.25-14.0 CapApInst 82.66 -1.29-18.0 HighYield 5.28 +0.01 NA DivAppIdxAdm 42.27 -0.63 -9.3 ValAdml 55.27 -0.86 -3.7 SmValAdml 73.02 -1.65 -4.9
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e TotRetBdI 10.18 +0.05 -1.6 ContraK 15.97 -0.26-14.1 Harding Loevner TotalReturnBond NA ... NA EMAdmr 39.16 -0.24 -4.5 WdsrllAdml 76.31 -1.44 -6.8 TotBd2 10.72 +0.06 -2.7
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply, Edgewood Growth Instituti CpInc r 10.65 -0.02 -4.5 IntlEq 26.38 -0.47-12.3 PIMCO Fds Instl EqIncAdml 89.46 -1.39 -3.0 WellsIAdml 67.98 -0.15 -3.1 TotIntlInstIdx r126.77 -2.19 -7.3
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r EdgewoodGrInst 48.59 -0.77 NA GroCo 30.77 -0.54-15.6 Invesco Funds Y AllAsset 12.40 +0.01 -2.9 ExplrAdml 105.04 -1.80-11.8 WelltnAdml 77.35 -0.72 -7.7 TotItlInstPlId r126.81 -2.18 -7.3
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not Fidelity GrowCoK 30.88 -0.55-15.6 DevMktY NA ... NA TotRt 9.98 +0.04 -2.5 ExtndAdml 122.44 -2.24-11.7 WndsrAdml 80.22 -1.89 -1.6 TotSt 105.92 -1.69 -9.9
available due to incomplete price, performance or cost data. NE-Not released by Lipper; 500IdxInstPrem149.72 -2.35 -9.4 InvGrBd 11.31 +0.07 -2.3 John Hancock Instl PIMCO Funds A GNMAAdml 10.38 +0.04 -1.3 VANGUARD FDS VANGUARD INSTL FDS
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period. Contrafund K6 19.98 -0.32-14.0 LowP r 51.14 -0.88 -4.9 DispValMCI 26.58 -0.75 -4.0 IncomeFd 11.41 -0.04 -3.8 GrwthAdml 140.62 -2.16-14.9 DivdGro 36.82 -0.52 -6.3 BalInst 45.57 -0.32 -7.0
ExtMktIdxInstPre 76.99 -1.41-11.7 Magin 12.94 -0.17-15.8 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 88.48 -0.33 -7.7 IntlVal 39.00 -1.01 -6.2 DevMktsIndInst 15.10 -0.32 -8.3
FidSerToMarket 14.39 -0.23 -9.8 NASDAQ r 170.37 -2.76-13.4 EqInc NA ... NA Income 11.41 -0.04 -3.8 HYCorAdml r 5.70 ... -3.5 LifeCon 21.91 -0.05 -5.0 DevMktsInxInst 23.61 -0.49 -8.2
Tuesday, March 1, 2022 GrowthCompanyK6 19.24 -0.36-15.9 OTC 16.62 -0.30-15.2 JPMorgan R Class InfProAd 28.39 +0.27 -0.2 ExtndInst 122.43 -2.25-11.7
PIMCO Funds Instl LifeGro 41.05 -0.48 -7.6
Net YTD Net YTD Net YTD IntlIdxInstPrem 44.93 -1.01 -8.8 Puritn 25.05 -0.24 -7.9 CoreBond NA ... NA IncomeFd 11.41 -0.04 -3.8 IntlGrAdml 116.06 -2.41-16.7 LifeMod 31.43 -0.21 -6.3 GrwthInst 140.63 -2.16-14.9
Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret MidCpInxInstPrem 28.88 -0.54 -9.7 Lord Abbett A ITBondAdml 11.59 +0.09 -2.2 InPrSeIn 11.57 +0.11 -0.2
SrsEmrgMkt 18.82 -0.28-10.5 Price Funds PrmcpCor 30.87 -0.66 -8.2
American Century Inv Artisan Funds MktNeutI 14.20 -0.08 -2.2 SAIUSLgCpIndxFd 20.59 -0.32 -9.5 ShtDurIncmA p 4.09 +0.01 -1.3 ITIGradeAdml 9.58 +0.06 -3.3 InstIdx 367.48 -5.76 -9.4
SrsGlobal 13.96 -0.24 -7.3 BlChip 148.25 -2.92-16.6 STAR 29.49 -0.32 -7.7
SeriesBondFd 10.12 +0.06 -2.6 Lord Abbett F LTGradeAdml 10.08 +0.08 -7.2 InstPlus 367.48 -5.76 -9.4
Ultra 74.96 -1.28-14.4 IntlVal Inst NA ... NA Columbia Class I SrsGroCoRetail 17.25 -0.31-15.5 DivGro 67.33 -1.02 -9.1 TgtRe2015 14.04 ... -3.9
SeriesOverseas 12.24 -0.28-15.0 ShtDurIncm 4.09 +0.01 -1.0 MidCpAdml 282.67 -5.11-10.4 InstTStPlus 79.50 -1.27 -9.9
American Funds Cl A Baird Funds DivIncom I 29.43 -0.33 -6.9 SrsIntlGrw 16.26 -0.35-15.0 EqInc 35.57 -0.77 -1.2 TgtRe2020 29.48 -0.10 -5.0
SmCpIdxInstPrem 24.70 -0.49-10.4 Lord Abbett I MuHYAdml 11.56 +0.03 -3.2 MidCpInst 62.44 -1.13-10.4
AmcpA p 38.80 -0.62-14.7 AggBdInst 11.01 +0.07 -2.9 Dimensional Fds SrsIntlVal 10.58 -0.26 -5.3 Growth 87.90 -1.94-17.3 TgtRe2025 19.12 -0.11 -6.0
TMktIdxInstPrem120.64 -1.95 -9.8 ShtDurInc p 4.09 +0.01 -1.0 MuIntAdml 14.27 +0.03 -2.6 MidCpIstPl 307.97 -5.56-10.4
AMutlA p 50.89 -0.53 -4.3 CorBdInst 11.29 +0.07 -2.9 5GlbFxdInc 10.53 +0.05 -1.6 TotalBond 10.74 +0.06 -2.5 Metropolitan West HelSci 90.61 -0.22-12.9 TgtRe2030 35.88 -0.29 -6.6
USBdIdxInstPrem 11.63 +0.07 -2.6 MuLTAdml 11.70 +0.03 -3.1 SmCapInst 98.73 -1.92 -8.9
BalA p 31.66 -0.21 -5.4 BlackRock Funds EmgMktVa 31.04 -0.21 0.1 Fidelity SAI TotRetBdI 10.59 +0.06 -2.7 LgCapGow I 61.94 -1.20-15.8 TgtRe2035 22.16 -0.21 -7.0
Fidelity Advisor I MuLtdAdml 10.98 +0.01 -1.5 SmCapIstPl 284.98 -5.55 -8.9
BondA p 13.02 +0.07 -2.5 HiYldBd Inst 7.51 ... -3.5 EmMktCorEq 24.27 -0.15 -3.1 TotalBd 10.15 +0.05 -2.4 TRBdPlan 9.93 +0.06 -2.7 MidCap 101.32 -1.62-13.7 TgtRe2040 38.86 -0.45 -7.5
GrOppI 132.09 -2.29-16.6 MuShtAdml 15.76 +0.01 -0.6 STIGradeInst 10.56 +0.03 -1.7
CapIBA p 67.62 -0.80 -3.6 BlackRock Funds A IntlCoreEq 15.00 -0.32 -6.8
NwInsghtI 35.36 -0.59-14.0 Fidelity Selects MFS Funds NHoriz 63.24 -0.43-17.7 TgtRe2045 26.10 -0.35 -8.0
PrmcpAdml r154.44 -2.80 -8.9 STIPSIxins 26.04 +0.16 1.1
CapWGrA 57.35 -1.13 -9.9 GlblAlloc p 19.30 -0.23 -6.2 IntSmCo 19.95 -0.42 -8.4 Softwr r 25.92 -0.41-13.6 IIE 30.12 -0.83 NA R2020 NA ... NA TgtRe2050 43.06 -0.61 -8.2
Fidelity Freedom RealEstatAdml144.63 -0.65-12.0 TotBdInst 10.85 +0.06 -2.7
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B12 | Wednesday, March 2, 2022
China Gets a Wake-Up Call
Concerted Western sanctions on Russia set a tough precedent for potential crisis in the Taiwan Strait
What does the Russia-Ukraine
conflict, and the strong Western
response look like from Beijing?
Potentially a boon over the long
run on the energy front, but
deeply worrying financially.
Budding Sino-Russian entente
aside, a full-out attempt to dilute
Western sanctions in Russia’s favor
is unlikely because of the risk to
China’s technology and financial
champions. Beijing will intensify ef-
forts to insulate itself from the pos-
sibility of similar sanctions down the
road, but it will continue to be hin-
dered by the desire to maintain a
EVGENIA NOVOZHENINA/REUTERS
high degree of control over the yuan.
The consequences of the crisis
for global energy flows were metas-
tasizing even before the invasion of
Ukraine: In early February during
the Olympics, China and Russia
agreed on a new “Power of Siberia
2” pipeline that would raise planned
pipeline gas deliveries to China to a
total of around 48 billion cubic
meters by the second half of the de-
cade. The agreement stipulates pay-
ment in euros, but that presumably
could be changed to yuan if Russia’s
financial isolation called for it—an
additional plus from Beijing’s per-
spective. And, while Bloomberg re-
ported that some Chinese banks are
skittish about financing Russian re-
source trading for fear of violating
Western sanctions, it seems likely
that the rules will continue to in-
clude carve-outs for Russian energy
transactions to reduce the impact
on the global economy.
The key point is that, even as-
suming continued strong demand
growth, China is very far from be-
ing a replacement for the European
natural-gas market. Russia piped
168 billion cubic meters of gas to
Europe in 2020, according to data
from BP, or about 70% of its total
natural-gas exports. Last year, China
imported 16.5 billion cubic meters
of natural gas from Russia in total.
Even assuming pipeline volumes
reach around 50 billion cubic
meters by mid-decade, as planned, a
major effort by Europe to diversify
away from Russian gas would risk
Target Keeps Hitting the Mark
Target has taken a victory lap
around the grocery, clothing and
home aisles over the past two
years. How much faster can it run?
In 2021, Target breached the
threshold of $100 billion in annual
revenue, having grown 47% since
Chief Executive Brian Cornell un-
veiled his investment strategy five
years ago. Its market capitalization
tripled over that time. After its in-
vestor-day presentation on Tuesday,
shares closed almost 10% higher.
That was despite a holiday season
that was slightly less cheerful than
analysts expected. For the fourth
quarter ended Jan. 30, comparable
sales grew 8.9% from a year earlier,
trailing analysts’ expectations of
10.2%. It still looks impressive rela-
tive to peers. Walmart saw compa-
rable sales in the U.S. grow 5.6%.
So far, Target’s traffic-driving
strategy—ranging from Ulta Beauty
shops within stores, a larger gro-
Invasion’s Impact on Manufacturers Is Foggy
Manufacturers’ supply-chain
problems looked as if they were
set to start easing this year. Rus-
sia’s invasion of Ukraine could
throw a wrench into that process,
but good luck figuring out what
the outcome will be.
The Institute for Supply Man-
agement on Tuesday said its index
of U.S. manufacturing activity rose
to 58.6 in February from 57.6 a
month earlier, while a similar in-
dex from IHS Markit rose to 57.3
from 55.5. For both indexes, any-
TIMOTHY AEPPEL/REUTERS
thing over 50 indicates expansion.
Factories would probably be
running even harder if they were
able to get the raw materials and
parts they need. Supply-chain is-
sues continue to hamper produc-
tion, but there were signs of light.
IHS Markit reported delays in de-
liveries were the least severe since
last May. And the ISM and the IHS
Markit surveys indicated that the
prices manufacturers were paying
rose at a slower pace in February
than the previous month.
With the sharp drops in Covid-19
cases across much of the world, as
well as shifts in many governments’
approach to fighting the disease,
HEARD STREET
FINANCIAL ANALYSIS & COMMENTARY
For China, the financial implications of the Ukraine crisis may be alarming. Xi Jinping with Vladimir Putin.
putting a permanent, significant
discount on Russian gas—a fact
China would no doubt be happy to
take advantage of in the future.
The situation with tech sanc-
tions is less straightforward but
could end up unfolding in a similar
manner. In the short run, Chinese
companies seem unlikely to risk
Western and Japanese secondary
sanctions by continuing to supply
Russian customers. In the long
run, if China is able to successfully
localize its semiconductor produc-
tion chain, even at a less cutting-
edge technological level, a captive
Russian market would be another
welcome source of capital.
For China, the most alarming
aspect of the crisis is probably its
financial implications. The joint
decision by the European Union,
the U.S., the U.K., Japan and Can-
ada to sanction Russia’s central
bank—pummeling the ruble and
freezing access to many of the for-
eign assets the central bank would
need to defend it—sets a very
tough precedent for any potential
future crisis in the Taiwan Strait.
While China in recent years de-
cery footprint and private-label
brands with different price points—
seems to be paying off. In the stores
where Target added Ulta Beauty,
the company is logging a midteens
percentage increase across total
beauty category sales, the company
said Tuesday. Own-brand sales grew
18% in 2021 and, at $30 billion, its
private-label business is larger than
Macy’s annual revenue. Target
seems to have no shortage of ideas
for driving traffic: It tested out ear-
piercing services for some Minneap-
olis stores to great fanfare and has
since rolled it out to 200 stores.
Given Target’s impressive run
over the past two years, its forecast
for further gains was a surprise. The
retailer raised long-term revenue
growth guidance to a mid-single-
digit percentage from low single-
digits. Of course it won’t come free:
Target plans $4 billion to $5 billion
in capital expenditures every year,
The conflict threatens to curtail supplies of steel and other commodities.
factories would likely have had an
easier time getting supplied this
spring—if it weren’t for Russia. The
invasion threatens to curtail sup-
plies of steel and commodities used
in semiconductors. The rise in oil
prices will increase transport and
production costs, while the conflict
has begun to disrupt shipping.
ON
THE
clined to add to its roughly $1 tril-
lion in U.S. Treasury holdings, its
ability to fight yuan depreciation
in any theoretical Taiwan confron-
tation would be significantly im-
paired if it struggled to sell most
of its hard-currency assets.
All of this will further motivate
China to boost the payments and re-
serve role of the yuan. China is likely
to increase the pressure on its trade
and financial partners to do business
in yuan using its own alternative to
the global financial-messaging sys-
tem SWIFT. Foreign central-bank
holdings of yuan denominated re-
serve assets, currently tiny at 2.7%
of global reserves in late 2021 ac-
cording to the International Mone-
tary Fund, will likely grow.
But the problem is that China’s
currency isn’t fully convertible
even in normal times, much less in
a geopolitical crisis. China’s cen-
tral bank regularly intervenes in
the onshore currency market and
the offshore one in Hong Kong
when they move in ways it doesn’t
like. Yuan deposits held onshore
are in many cases subject to both
quantitative and qualitative con-
which would represent more than
40% growth from last year. The
question is whether Target’s capital
investments—in adding new loca-
tions, remodeling and fulfillment
centers—will continue yielding im-
pressive growth. Costco, which
reached its $100 billion annual sales
milestone in 2013, saw its compara-
ble sales growth rate decline in the
three years that followed.
Shareholders have reason to be
pleased about profitability: Return
on invested capital was 23.5% and
33.1% in 2020 and 2021, respec-
tively, reaching twice what it was
in the years before the pandemic.
Its bar is now even higher: Target
expects annual ROIC to be 20% to
30% going forward, up from its
prior expectations of 10%-plus.
Target has a great record of hit-
ting the bull’s-eye, but the dart
board just moved back a couple of
feet. —Jinjoo Lee
There are offsets to consider:
Russia is an exporter of commodi-
ties, but it is an importer of capi-
tal goods, manufacturing compo-
nents, consumer goods and
transportation equipment. The
sanctions and the sharp decline in
the value of the ruble mean that it
will be able to buy significantly
trols in terms of how much can be
converted and how the proceeds
can be legally used. Those rules
tend to shift when overall capital
outflows or inflows change rapidly.
That will continue to put a rela-
tively low ceiling on global demand
for yuan relative to the size of
China’s economy. And for now, the
macroeconomic risks of removing
China’s capital controls—particu-
larly for the heavily indebted real-
estate and state sectors—probably
outweigh the geopolitical impetus
to push the yuan’s adoption abroad.
Beijing will accrue some advan-
tages in the energy and, poten-
tially, tech realms over the long
term from the current crisis. But
by acting in concert, the owners of
all the major reserve currencies
have sent a strong signal about
the consequences of direct aggres-
sion against a neighbor by a major
power while showing the limited
advantages of diversification. The
search for financial workarounds
will intensify, but viable alterna-
tives still look scarce. This week
has been an unhappy wake-up call
for Beijing. —Nathaniel Taplin
Target’s after-tax return
on invested capital
35%
30
25
20
15
10
5 sanctioning Russian energy. If that
0 cultural fertilizers—would also
FY2014 ’16 ’18 ’20
Note: Figure for fiscal 2022 is the high end of the
company’s own guidance. Fiscal 2022 ended Jan. 29.
Source: the company
less from abroad, potentially eas-
ing supply strains elsewhere.
For example, there were 1.7 mil-
lion new cars and other light vehi-
cles sold in Russia last year, ac-
cording to the AEB Automobile
Manufacturers Committee. Pre-
sumably, fewer will be sold this
year and components that went
into them will be directed else-
where. Daimler Truck Holding
said Monday that it would suspend
deliveries of truck components to
its Russian partner Kamaz, which
accounts for over one-third of the
Russian truck market.
Russia’s economy is about the
size of Australia’s, and its financial
isolation and dependence on oil
production mean that it isn’t as in-
tegrated in supply chains as many
other countries. Ukraine’s economy
is more globalized, but smaller.
It is impossible to figure out how
global supply chains will interact
with the uncertainty of war—espe-
cially during a pandemic. Don’t bet
on factories having a harder time
getting what they need just yet. The
longer the conflict and sanctions
drag on, the more manufacturers
will feel its bite. —Justin Lahart
.
THE WALL STREET JOURNAL.
Ukraine
War Could
Inflate
Food Costs
Even in countries far away from
Ukraine, consumers could feel the
impact of war at mealtimes. After
two years of supply-chain issues,
global food companies have few
tools left to shield shoppers from
further rises in their grocery bills.
In the three decades since the
breakup of the Soviet Union, the
Black Sea region has gone from be-
ing a net importer of grain, to Rus-
sia and Ukraine supplying around
one-third of the world’s wheat, a
quarter of its barley and nearly
three-quarters of its sunflower oil,
according to the International Food
Policy Research Institute.
War in Ukraine threatens to dis-
rupt this supply if fighting dam-
ages the country’s ports or pre-
vents the planting and harvesting
of crops. Countries in the Middle
East and North Africa that import
a lot of grain from Ukraine look
most exposed, while the European
Union gets 6.4% of its total food
imports from Russia and Ukraine
combined. The U.S. does less direct
trade in food with the two coun-
tries, but would still feel some ef-
fects through global commodity
markets.
Uncertainty about supply al-
ready is pushing up agricultural fu-
tures. Around 80% of last year’s
wheat harvest has been exported
from Ukraine and the next crop has
been planted, according to the IF-
PRI. However, plantings of other
crops such as maize, which are due
this spring, as well as the harvest
of wheat planted last fall, could be
disrupted by the war.
Major food producers such as
Nestlé and Kellogg’s should be able
to find supply elsewhere, as rising
wheat prices in particular have en-
couraged farmers to plant more.
Acreage given over to winter wheat
sowings in the U.S. was the highest
in six years. But grain supplies are
still tight: The global stock-to-use
ratio for cereals—a closely watched
measure of inventories as a propor-
tion of annual demand—is forecast
to be 28.7% this year, according to
the Food and Agriculture Organiza-
tion of the United Nations, down
from 31.9% four years ago. Prices
for vegetable oils, of which Ukraine
is a major producer, were already
at record highs before the invasion.
Grain-based products such as
bread and breakfast cereal could
become more expensive at the su-
permarket. Pricier grains make it
more expensive to feed animals, af-
fecting meat prices. Even before
the invasion, U.S. wholesale beef
prices were expected to increase by
up to 7.5% in 2022, based on esti-
mates from the U.S. Department of
Agriculture. Consumers in many
developing countries already face
double-digit food inflation this
year.
So far, the West has avoided
policy changes, higher prices for
natural gas—a major input for agri-
’22 make it more costly to produce and
purchase food.
Food companies have had to be
nimble in coping with supply-chain
challenges ever since the pandemic
started two years ago. That should
help them find a path around fresh
obstacles thrown in their path. But
their ability to protect shoppers
from further inflation by running
their own factories more effi-
ciently is limited after several
quarters of increases in their labor,
transportation and packaging
costs. Without a quick end to the
Ukraine conflict, shoppers likely
face another round of sticker shock
at the supermarket.
—Carol Ryan
80%
70 Share of global
markets by volume,
2018 to 2020
60
Ukraine
50 Russian
Federation
40
30
20
10
0
Sunflower oil Wheat Barley Maize
Source: IFPRI, Comtrade