.

A2 | Thursday, September 1, 2022 * *** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Debt-Relief Plan Further Cuts Congress’s Say

In 2019, budget expert at the Biparti- Republicans said hadn’t been pend student-loan payments and Medicaid nearly $200 celed. The Committee for a
when Congress san Policy Center. Mr. Trump appropriated. Besides his bor- temporarily; he extended the billion over 10 years. “If Responsible Federal Budget
refused to pay wanted $7 billion for his wall; der wall, Mr. Trump sought to moratorium, citing various there’s a problem with this, puts the cost at $360 billion
for a wall on Mr. Biden’s debt cancellation suspend payroll taxes using laws. In early 2021, though, it’s Congress’s doing: they for debt cancellation and $120
the Mexican could cost $500 billion over executive authority. his Education Department delegated the power to run billion for IDR over 10 years.
border, then- 10 years, while related provi- These controversies have concluded he didn’t have the these programs to the execu- This might be an under-
President Donald Trump de- sions could double that, ac- lately ended up in court. Re- authority for wholesale debt tive branch,” the official said. count. Some future borrowers
clared a national emergency cording to independent esti- publicans sued Mr. Obama cancellation. Mr. Biden early will rationally borrow more

and said he would build the
wall with money earmarked
for other purposes. Democrats
accused him of trampling on
the Constitution’s separation
of powers. The move
“clearly…violates the Con-
gress’s exclusive power of the
purse,” House Speaker Nancy
Pelosi (D., Calif.) said. Some
Republicans warned that a fu-
ture Democratic president
could use the tactic to fund
his or her priorities.
They were right. Last week
President Biden declared that
under a 2003 law, a national
emergency—in this case
Covid-19—empowers him to
cancel student debt for as
many as 27 million people.
The parallels are inexact.
mates. “Congress does not
hide elephants in mouse-
holes,” Mr. Hoagland said,
quoting a 2001 Supreme
Court decision. “This is one
big elephant. You don’t do
this by executive order.”
The framers gave Congress
authority over appropriations
as a way of checking the
power of the executive. But
as the federal government’s
role in the economy grew, in
particular through perma-
nent programs such as Social
Security, Medicare, Medicaid
and student loans, lawmakers
increasingly surrendered dis-
cretion to the president and
his appointees over how that
money was spent.
I
over Obamacare, and Demo- on shared those doubts. By f Mr. Biden’s debt cancel- and repay less in anticipation
crats sued Mr. Trump over the last week, those doubts were lation survives constitu- of another debt cancellation.
wall. Both parties accused a gone. Mr. Biden’s Education tional muster, it might The CBO has found that bor-
president of violating the sep- Department claimed a 2003 end up being one of the rowers who opt into IDR also
aration of powers. Neither case law originally targeting mili- most, if not the most, expen- borrow more and repay less—
was fully resolved before the tary borrowers allows mass sive executive actions in their loans lose 17 cents on
White House changed hands. cancellation. While a court peacetime history. Just how the dollar, while regular loans
Though steeped in Senate expensive is unclear: Execu- earn 13 cents on the dollar. By
tradition, Mr. Biden has gone tive orders don’t have to be making IDR more generous
arguably further in asserting scored by the Congressional (as previous presidents have
executive discretion over fis-
Presidents have been Budget Office and the Joint done), Mr. Biden might thus
cal matters, such as in an encroaching on Committee on Taxation. Nor amplify future losses. Such
April decision expanding must they adhere to congres- behavioral changes could
Obamacare subsidies to fami-
lawmakers’ power of sional rules requiring new push the 10-year price tag of
lies. Under the law, a worker the purse for decades. spending be paid for with the total package to over $1
was entitled to subsidies if higher taxes or decreased trillion, the Penn Wharton
employer-provided health in- spending elsewhere. Budget Model estimates.
surance cost more than a cer- The White House, which The implications aren’t lim-
tain threshold, but only for challenge is possible, it is has promised a detailed esti- ited to student debt. What
the employee, not his family. unclear whether a plaintiff mate in coming weeks, said constrains future presidents
Critics called this the “family can establish “standing,” a cash from student loans will from invoking an emergency
glitch,” yet Mr. Obama’s own necessary step for a lawsuit be about $240 billion lower to spend money or cancel

Congress had explicitly said
no to Mr. Trump’s request,
and the federal government
shut down for five weeks
over the impasse. Mr. Biden
never actually asked. On the
other hand, the money at
stake is far larger—unprece-
dented, said Bill Hoagland, a
W
hile presidents have
long pushed the
boundaries of their
authority on national security,
they increasingly do so on do-
mestic policy as well. Presi-
dent Barack Obama’s Treasury
paid subsidies to insurance
companies for Obamacare that
Treasury concluded the law to proceed. over 10 years. It hasn’t yet debt? What about the roughly
was written that way to hold Administrations routinely priced other provisions, such $3 trillion in small-business
down its cost. Mr. Biden change federal entitlements as cutting in half how much and homeowner loans guaran-
tossed out that interpretation with budgetary consequences, borrowers who opt for in- teed by federal agencies? Pres-
and introduced his own, ex- a Biden administration offi- come-driven repayment, or idents have been encroaching
tending coverage to 200,000 cial said in an interview, cit- IDR, which caps payments as on Congress’s power of the
more people. ing a change to drug-rebate a share of income, must pay purse for decades; Mr. Biden
The 2020 Cares Act gave policies under Mr. Trump each month, and hastening has potentially taken that to a
Mr. Trump authority to sus- projected to cost Medicare when many loans are can- new level.

Review Set said this year it would be a

mistake to revamp the system,
especially in a period when

For Home banks are sitting on stockpiles

of customer deposits and have
ample sources of funding.

Loan Banks “That is a shortsighted view

that would be akin to removing
your furnace in the summer,”
Ms. Thurlow, who is also presi-
Continued from Page One dent and chief executive of
Federal Home Loan Banks, a Reading Cooperative Bank in
trade group, said it looked for- Reading, Mass., writing in the
ward to the review. “We wel- trade publication American
come this discourse and look Banker. “Trust me, no matter
ROD LAMKEY/CNP/ZUMA PRESS

forward to exploring how the how hot it might get in Boston

FHLBanks can continue to ful-
fill our mission to help commu-
nities in the years to come,”
she said in a statement.
Nonbank mortgage compa-
nies and real-estate investment
trusts have come to play big
roles in housing finance but
generally aren’t among the
6,500 members of the home-
loan bank system. Including
them could help those firms fill
the void left by big commercial
banks, which have cut back on
mortgage lending to all but the
most creditworthy customers.
A move to expand the mem-
bership of the home-loan banks
would likely require legislation
and would intensify debate over
whether nonbanks such as
REITs should have access to
taxpayer-subsidized funding,
given that they aren’t subject to
similarly stringent regulations.
Bob Broeksmit, head of the
Mortgage Bankers Association,
FHFA Director Sandra Thompson says the review will ensure the banks ‘remain positioned to meet the needs of today and tomorrow.’
which represents nonbank
lenders, said his group wel-
comed the review. “There’s a
need for an FHLB system that
better reflects today’s housing
finance market—not one from
the 1930s,” he said.
In the interim, the Biden
administration has yet to set a
plan for Fannie Mae and Fred-
die Mac, two larger govern-
ment-chartered housing-fi-
nance companies that were
taken over by the government
in 2008. The Trump adminis-
tration had pushed to return
Fannie and Freddie to private
hands but ran out of time be-
in July, you’re going to need
that furnace come December.”
Daniel Tarullo, the Federal
Reserve’s former point man on
financial regulation, this year
wrote that the home-loan
banks’ activities don’t appear
closely tied to the aim of im-
proving mortgage finance. The
fore former President Donald hind the Treasury Department. clearer public-focused mission. paper, written with two Fed
Trump left office in January The money flows through 11 re- The federal home-loan economists, said that the banks
2021. The FHFA oversees both gional cooperatives, which feed banks “are a bureaucracy in might undermine federal regu-
Fannie and Freddie, as well as it to their 6,500 member insti- search of a public purpose,” lators, by for instance issuing
the home-loan banks. tutions—commercial lenders, said Cornelius Hurley, an ad- debt in a way that caters to cer-
While Fannie and Freddie thrifts, credit unions and insur- junct professor at Boston Uni- tain mutual funds, allowing
buy mortgage loans and pack- ers. Implicit government back- versity’s School of Law who them to avoid Securities and
age them into securities, the ing means they can borrow formerly served on the board Exchange Commission require-
Federal Home Loan Banks play cheaply and pass some of the of the Home Loan Bank of Bos- ments that more of such funds
a different role in housing fi- savings on to members. ton. The FHFA’s review “is the float in value rather than re-
nance: channeling money from Critics characterize the beginning step in finding that main pegged to a $1 share price.
global bond markets to thou- home-loan banks as an institu- public purpose.” The home-loan banks, the
sands of institutions across the tion from an earlier era that to- Community bankers said paper said, lacked “a well-artic-
U.S. As of July 31, the system’s day is primarily focused on they can count on the home- ulated contemporary purpose”
borrowings came to about $937 channeling unjustified govern- loan banks for funding if other and could one day amplify or
billion, making it one of the ment subsidies to large banks. sources dry up. Julieann M. exacerbate systemic stress
world’s biggest debtors and the Some have called for the system Thurlow, vice chair of the “without better targeted con-
second-largest in the U.S. be- to be repurposed to have a American Bankers Association, straints on their activities.”

WASHINGTON, D.C.
MicroStrategy Ex-CEO
Is Sued Over Taxes
The District of Columbia attor-
ney general sued Michael Saylor,
the founder and chairman of soft-
ware intelligence firm MicroStrat-
egy Inc., alleging he dodged more
than $25 million in district taxes.
The lawsuit alleges that Mr.
Saylor has resided in the District
of Columbia for more than a de-
cade without paying D.C. income
taxes. The suit says he avoided in-
come taxes by fraudulently claim-
ing to be a resident of other,
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lower-tax jurisdictions.
Mr. Saylor, who recently
stepped down as the CEO of Mi-
croStrategy, said in a statement
that he moved his home to Miami
Beach, Fla., from Virginia a decade
ago. “Although MicroStrategy is
based in Virginia, Florida is where
I live, vote, and have reported for
jury duty, and it is at the center
of my personal and family life,”
Mr. Saylor said in a statement to
The Wall Street Journal.
The lawsuit also named Mi-
croStrategy as a defendant, ac-
cusing the Northern Virginia-
based company of collaborating
with Mr. Saylor to dodge taxes.
CORRECTIONS  AMPLIFICATIONS
Chinese internet companies
submitted information about
their core algorithms to cy-
berspace regulators in re-
sponse to a regulation that
took effect in March. A World
News article on Wednesday
about China’s government
publishing summaries of the
algorithms incorrectly called
it a law.
Anthony Giordano in 1991
bought a Mickey Mantle base-
ball card for $50,000 from Alan
Rosen. A Business & Finance
article on Monday about a re-
cent sale at auction of that card
incorrectly said in one instance
that the card changed hands in
1995.
Readers can alert The Wall Street Journal to any errors in news articles by
emailing wsjcontact@wsj.com or by calling 888-410-2667.
A spokesperson for Mi- glected safety and maintenance
croStrategy said the case is a while it focused on long-term
personal tax matter involving capital projects, federal trans-
Mr. Saylor. “The District of Co- portation officials said in a
lumbia’s claims against the com- highly critical report based on a
pany are false and we will de- review started earlier this year
fend aggressively against this in response to several accidents
overreach,” the spokesperson and other problems with the
said. system.
—Vicky Ge Huang While The Massachusetts Bay
Transportation Authority’s capital
MASSACHUSETTS budget has quadrupled in four
years, funding cuts to the trans-
Subway System portation authority’s operations
Faulted Over Safety and maintenance budget have re-
sulted in a reduction in hundreds
The Boston-area’s aging sub- of millions of dollars and hun-
way system has for years ne- dreds of positions. The authority
is committed to working with the
FTA and has started addressing
the directives, General Manager
Steve Poftak said.
—Associated Press
Lamda Development SA’s
chief executive, Odisseas Atha- WESTERN U.S.
nasiou, said: “And for Greeks,
it’s a no-brainer. We’re going to Heat Wave Expected
be there. It is the first opportu- To Last Several Days
nity they will have in their
country to visit places they A heat wave expected to last
only had the opportunity to several days hit the Western
visit when they traveled the U.S. Wednesday, likely stressing
globe.” A Property Report arti- the electricity grid and raising
cle on Wednesday about the the risk of wildfires in a region
Greek real-estate project known already in a historic drought.
as the Ellinikon incorrectly at- Excessive heat watches,
tributed the quote to Sam warnings, and heat advisories
Sethi, principal of Insite Food. are in place in California and
Separately, the Ellinikon devel- parts of Oregon, Washington,
opment currently consists of a Nevada and Idaho, affecting mil-
park and the Experience Cen- lions of people.
tre. The article incorrectly said High temperatures in the 90s
there are two parks, and it used and the 100s are expected
the spelling Experience Center. through the Labor Day weekend
in much of Northern and South-
ern California.
—Talal Ansari

THE WALL STREET JOURNAL.
Average
Lifespan
Fell Again
Last Year
To 76.1
BY JULIE WERNAU
Life expectancy in the U.S.
dropped in 2021 for a second
consecutive year as Covid-19
and overdoses drove up mor-
tality rates, preliminary data
showed.
Americans’ life expectancy
last year fell 0.9 year on aver-
age to 76.1 years, according to
data from the Centers for Dis-
ease Control and Prevention
released Wednesday. It was a
smaller drop than in 2020,
when life expectancy de-
creased 1.8 years, the data
showed, but the combined
figures for the two years
were the largest since the
1920s, the CDC said.
“None of us are OK,” said
Steve Woolf, director emeri-
tus of the Center on Society
and Health at Virginia Com-
monwealth University.
The data demonstrated
that some groups have been
hit particularly hard by the
pandemic as well as the opi-
oid crisis, which claimed
some 108,000 lives last year.
Indigenous Americans had the
biggest drop in life expec-
tancy in 2021 at 1.9 years, the
data showed, bringing their
It was a smaller
drop than in 2020,
when life expectancy
decreased 1.8 years.
life expectancy to 65.2 years,
down 6.6 years since 2019.
The decline among Native
Americans was driven by
higher Covid-19 death rates
than in 2020, unintentional
injuries including overdoses
and chronic liver disease and
cirrhosis.
“We have a crisis of early
deaths among American Indi-
ans,” said Donald Warne, as-
sociate dean of diversity, eq-
uity and inclusion at the
School of Medicine and
Health Sciences at the Uni-
versity of North Dakota and a
member of the Oglala Lakota
tribe.
Covid-19 accounted for
more than half of the increase
in deaths among white people
in 2021, the data showed,
while unintentional injuries
including overdoses ac-
counted for about 12%.
Life expectancy declined
less among Black people than
white people in 2021, the data
showed, reflecting in part the
higher burden of deaths
among some minority groups
in the early phases of the
pandemic.
Black people in the U.S.
had a life expectancy of 70.8
years last year, according to
the CDC, compared with 76.4
years for white people.
“We continue to see dis-
parities for people of color,”
said Ada Stewart, a family
physician with Cooperative
Health in Columbia, S.C., and
board chair of the American
Academy of Family Physi-
cians. “They did not fare well
during the pandemic.”
Black and Hispanic Ameri-
cans have been hard hit by an
overdose crisis driven pri-
marily by the spread of fenta-
nyl produced in makeshift
Mexican labs.
Higher rates of death in
the category that includes
overdoses reflects poorer ac-
cess to treatment for many
minority groups, said Karen
Scott, president of the non-
profit Foundation for Opioid
Response Efforts.
“Addressing the overdose
crisis requires acknowledging
that you have to work on
many fronts at one time,” she
said.
Deaths attributed to flu,
pneumonia and Alzheimer’s
dropped in 2021, the data
showed. For Alzheimer’s in
particular, a lower death toll
in 2021 reversed a high tally
in 2020, when deaths from
the disease rose 18% from the
year before.
“The truly vulnerable were
left in drastic situations,”
said Beth Kallmyer, vice pres-
ident of care and support for
the Alzheimer’s Association.
* * * *
Fourth-Grade Test Scores Plummet
BY BEN CHAPMAN
AND DOUGLAS BELKIN
The Department of Educa-
tion’s first look at test-score
trends since the pandemic be-
gan reveals the worst drop in
math and reading scores in de-
cades for students in fourth
grade, a crucial indicator for
educational and economic tra-
jectory.
Scores being released
Thursday show unprecedented
declines on the long-term
trends tests that are part of
the National Assessment of
Educational Progress, known
as the “Nation’s Report Card.”
The test scores reflect more
than a pandemic problem,
with experts saying it could
take a generation for some
scores to rebound. Some say
current achievement levels
could weigh on GDP in years
to come.
The scores of lower-per-
forming students are most
troubling and could take de-
cades to bounce back, said
Aaron Pallas, professor of so-
ciology and education at
Teachers College, Columbia
University.
“I don’t think we can expect
to see these 9-year-olds catch
up by the time they leave high
school,” Dr. Pallas said, refer-
ring to the lower-performing
students. “This is not some-
thing that is going to disap-
pear quickly.”
Average scores in reading
for 2022 declined to 215 out of
a possible 500, falling 5 points
from 2020. Math scores fell 7
points, to 234. The results
mark the largest drop in read-
ing scores since 1990 and the
first decline in math scores
since the test began in 1971.
Math and reading scores for
the exam are now at their low-
est levels since the 1990s.
The NAEP will this fall re-
lease a more complete set of
assessment results, including
other grade levels.
“Covid-19 shocked Ameri-
can education and stunted the
academic growth” of students,
said Peggy G. Carr, commis-
sioner of the National Center
for Education Statistics, which
administers the assessment.
The center is part of the Edu-
cation Department.
The decline is particularly
significant because it reflects
Michigan Blocks Abortion-Rights Ballot Push
BY LAURA KUSISTO
A Michigan elections board
declined to place on the No-
vember ballot a measure that
seeks to add abortion protec-
tions to the state’s constitu-
tion, the latest twist in a tu-
multuous legal and political
fight over abortion access in
the state
The state’s four-member
Board of State Canvassers
deadlocked along party lines
in a vote Wednesday, with two
Republicans voting against
certifying the ballot measure
and two Democrats voting in
favor. Opponents of the mea-
sure had filed a challenge ar-
guing that poor spacing be-
tween the words in the
Mississippi’s Capital Faces Third Day of Its Water Crisis
JACKSON, Miss.—More than
150,000 people here faced a
third day of unreliable running
water as officials scrambled
Wednesday to repair the capi-
tal city’s neglected water in-
frastructure and provide clean
drinking water.
By Alyssa Lukpat,
Rachel Wolfe and
Cameron McWhirter
A water crisis that officials
said was decades in the mak-
ing crescendoed Monday when
flooding overwhelmed the
city’s main water-treatment
plant, slowing water pressure
across Jackson. Residents who
had complained about having
to boil tap water during previ-
ous crises now faced a new
challenge as they waited for
state and city officials to dis-
tribute bottled water.
South Jackson had some of
the region’s worst water pres-
sure because it is the farthest
part of the city from the main
plant. Residents there who
pulled into the water distribu-
tion center at Sykes Commu-
nity Center Wednesday morn-
ing left empty-handed.
The site had run out of bot-
U.S. NEWS
Students lined up on their first day back to school in August at Sunkist Elementary in Anaheim, Calif.
academic proficiency levels for
9-year-olds, a developmental
inflection point and an impor-
tant indicator for success in
later years.
Dr. Carr blamed disruptions
that plagued U.S. schools dur-
ing the pandemic, such as
lockdowns and quarantines
that resulted in long periods
of remote learning. School
shootings, violence, and class-
room disruptions also are up,
as are teacher and staff vacan-
cies, absenteeism, cyberbully-
ing and students’ use of men-
tal-health services, she said.
The federal government
provided $190 billion to
schools during the pandemic.
It is the largest-ever disburse-
ment of federal funding for
American schools and is
meant to help schools stay
open while addressing learn-
ing loss, mental-health prob-
lems and other issues caused
by the pandemic.
Many districts have spent a
share of their federal rescue
dollars on tutoring, which is
approved by the federal gov-
ernment as a tool to help stu-
proposal rendered some of the
text incomprehensible.
The Reproductive Freedom
for All campaign, which wants
to add a “fundamental right to
reproductive freedom” to the
state’s constitution, said it
would appeal to the state’s Su-
preme Court, asking it to in-
tervene to force the board to
put the proposed amendment
before voters in November.
A possible Michigan vote on
the amendment is being
closely watched around the
country after Kansas voters
handed a decisive victory to
abortion-rights supporters on
Aug. 2, rejecting a measure
that would have amended the
state’s constitution to explic-
itly say it doesn’t protect
Salvation Army members carried cases of water to a waiting vehicle in Jackson, Miss., on Wednesday.
tled water the previous day.
John Knight, who was helping
to run the site as an employee
of the Strong Arms of Jackson
nonprofit, wasn’t expecting
more cases until later that af-
ternoon. He said bottles were
out of stock at most stores in
the area.
Much of the city came to a
halt this week as the public
Academic assessments for U.S. students age 9 and older
250
240
230
220
210
200
1980 ’90
Note: Assessment formats changed in 2004
Source: National Center for Education Statistics
dents catch up.
The scores reported by
NAEP follow earlier results
from district-level tests na-
tionwide, which have generally
shown a steep decline from
2020 to 2021, and then a par-
tial recovery in 2022.
The drops in test scores
were roughly four times
greater among the students
abortion. That win has
spurred Democrats’ optimism
about using voter-driven ini-
tiatives to enshrine abortion
rights in state constitutions.
The Michigan proposal is an
attempt to invalidate a 1931
law that would ban nearly all
abortions in the state. The law
had been dormant since the
Supreme Court’s 1973 decision
in Roe v. Wade first estab-
lished a constitutional right to
the procedure, but the high
court’s decision in June to
overrule Roe has thrown the
future of the Michigan law
into question.
Reproductive Freedom for
All submitted more than
750,000 signatures to place the
proposal on the ballot, far
schools moved online and busi-
nesses struggled to operate
without reliable running water.
On Tuesday, President Bi-
den approved the governor’s
request for an emergency dec-
laration, deploying federal re-
sources to Mississippi’s largest
city. Gov. Tate Reeves said it
could take three or four
months to repair the plant, a
.
Thursday, September 1, 2022 | A3
JAE C. HONG/ASSOCIATED PRESS
tive reading and math scores
Mathematics fell 16 and 15 points, respec-
234, –7 pts. tively. Scores were strongest
in 2022 from 2020 across the West, where they
fell 5 points. In the South, they
fell 13 points.
The lowest performers on
the test reported having less
access to computers and
teachers.
The most recent declines
come after a long period of
stagnation in U.S. academics.
Test scores from the 2019
Reading
NAEP exam were on par with
215, –5 pts. those from a decade ago. The
in 2022 from 2020
2022 tests were taken be-
tween January and March.
2000 ’10 ’20 Daniel A. Domenech, execu-
tive director of the American
Association of School Admin-
istrators, said dramatic action
who were the least proficient was necessary to close the
in both math and reading. growing gap between the na-
Gaps in performance in math tion’s highest and lowest per-
between Black and white stu- forming students.
dents also grew. Scores among He favors more one-on-one
Asian students were the only tutoring, smaller class sizes,
bright spot: They improved by mandatory summer school and
one point in reading. more funding for impover-
Regionally, scores took the ished schools. “That’s the only
biggest dive in the Midwest way we’re going to catch up,”
and Northeast, where cumula- Dr. Domenech said.
more than the roughly 425,000 Michigan Women and Chil-
required, to the state’s Bureau dren, said, “The Board of State
of Elections office. Canvassers today did the right
“Hundreds of thousands of thing by refusing to insert into
voters from every county in our constitution the gibberish
the state said they want to en- proposed by advocates for this
sure women have the freedom extreme amendment.”
to make their own decisions Aside from the ballot mea-
about abortions,” Darci sure, the future of abortion ac-
McConnell, a spokeswoman cess in Michigan could also be
for the organization said affected by lawsuits filed by
Wednesday. abortion providers and the
Opponents of the measure, state’s Democratic governor,
Citizens to Support Michigan Gretchen Whitmer. Those
Women and Children, chal- cases challenge the 1931 law,
lenged its validity, saying that arguing that the Michigan Su-
poor spacing would lead to preme Court should recognize
“nonexistent words” being in- a right to abortion in the
serted into the state’s consti- state’s constitution. A lower
tution. court judge has blocked the
Christen Pollo, a spokes- law from being enforced while
woman for Citizens to Support litigation proceeds.
Jackson’s water system,
which relies on aging water
plants and pipes, has often
been strained by extreme
weather in recent years. Some
residents in the predominantly
Black city went weeks without
running water after winter
storms last year wreaked
havoc on the water facilities.
Jackson’s main water-treat-
ment plant, which should nor-
mally handle around 50 mil-
lion gallons of water a day,
pumped around 30 million gal-
ROGELIO V. SOLIS/ASSOCIATED PRESS
lons on Tuesday, said Jim
Craig, director of health pro-
tection for the state’s health
department.
Mr. Reeves, a Republican,
said authorities were prepar-
ing to install a rented pump at
the main facility, the O.B. Cur-
tis Water Plant, that could
handle more than 4 million
gallons of water.
crisis that had loomed for Jackson Mayor Chokwe
weeks once the facility’s main Antar Lumumba, a Democrat,
pumps failed. said at a press conference
The crisis exacerbated long- Tuesday that some residents
standing tensions between the had seen their water pressure
city’s Democratic-led govern- come back and that water lev-
ment and the state’s mostly els were beginning to lift in
Republican leaders who have the city’s tanks. He estimated
clashed over how to run the that water-infrastructure re-
city’s infrastructure, policing pairs could cost more than $1
and other services. billion.

A4 | Thursday, September 1, 2022
Obstruction Allegation
Lifts Stakes for Trump
U.S. says ex-president’s
team refused to let
agents examine some
boxes kept at resort
WASHINGTON—The Justice
Department raised the stakes for
former President Donald Trump
as he seeks to freeze a probe
into the handling of classified
documents, making a case that
his team’s repeated failure to re-
linquish them—and efforts possi-
bly to conceal them—led to
agents’ unprecedented search of
Mr. Trump’s Florida home.
By Aruna Viswanatha,
Sadie Gurman
and Alex Leary
In a detailed court filing late
Tuesday, prosecutors described
a one-and-a-half-year effort to
obtain what they said
amounted to more than 300
classified documents that Mr.
Trump took to Mar-a-Lago
when he left office in January
2021. FBI agents obtained
around 100 of those—including
three found in desks in the for-
mer president’s office—only af-
Georgia Polls Find Ticket Splitting Democrat Beats Palin
BY JOSHUA JAMERSON
COLUMBUS, Ga.—The two
highest-profile races on the
ballot in Georgia this year may
be headed toward an election-
year rarity: a split decision be-
tween Democrats and Republi-
cans for the state’s top offices.
Georgia has been an elec-
tion battleground in recent
years, shifting toward the
Democrats after decades of
Republican dominance. Demo-
crats notched back-to-back
victories here in the 2020
presidential race, when Presi-
dent Biden narrowly defeated
former President Donald
Trump, and in January 2021
Senate runoff elections, when
victories by Raphael Warnock
and Jon Ossoff gave Demo-
crats control of the Senate.
Now, both parties are pour-
ing tens of millions of dollars
into contests for governor and
senator, the state’s most high-
profile races this year, in a
test of whether the trend to-
ward Democrats will continue.
Republican Gov. Brian Kemp
is narrowly ahead of former
state legislator Stacey Abrams
in a rematch of their 2018 con-
test, and Mr. Warnock has a
slight lead in his effort to help
Democrats keep their Senate
majority by fending off a chal-
lenge from Republican Her-
schel Walker, the former Uni-
versity of Georgia running
P W L C 10 11 12
ter undertaking their search on President—and possibly a can-
Aug. 8, the filing said. didate against the current chief
In a separate filing Wednes- executive in 2024.”
day night, Mr. Trump’s attor- U.S. District Judge Aileen
neys didn’t address the allega- Cannon has scheduled a hear-
tions in detail but described ing on the matter for Thursday.
them as misleading and said The Justice Department may
prosecutors’ description of a also soon disclose a more de-
key meeting between investiga- tailed list of the items it took in
tors and representatives of the the search, after earlier making
former president was “signifi- public a limited inventory that
cantly mischaracterized.” showed classified information
The back-and-forth came in was removed but didn’t describe
response to Mr. Trump’s re- the subjects of those documents.
quest last month that a third- Judge Cannon asked prosecutors
party arbiter be appointed to to provide such a list under seal,
vet the seized documents for and in a footnote in the Tuesday
privileged material. In the filing, prosecutors said they
Wednesday filing, Mr. Trump’s were prepared to unseal that list.
lawyers reiterated their re- In the government’s filing,
quest for what is known as a prosecutors outlined two previ-
special master to review the ous efforts to retrieve classified
material; the Justice Depart- documents from Mr. Trump’s
ment had said that its in-house Florida resort, followed in each
team has already set aside pos- case by FBI agents discovering
sibly privileged information. that still more documents re-
“While DOJ may have suc- mained there—including some
ceeded in taking a partial filter that the Justice Department
to their rummaged proceeds, said appeared to have been de-
the need for a Special Master liberately removed from the
remains in place,” the Trump storage room where Mr.
team’s filing said, calling the Trump’s lawyer had said all re-
search “an unprecedented, un- cords from the White House
necessary, and legally unsup- were kept.
ported raid on the home of a Investigators said they grew
MEGAN VARNER/REUTERS
Democrat Stacey Abrams is behind in polls to GOP Gov. Brian
Kemp. In the Senate race, the Democratic incumbent is ahead.
back and Heisman Trophy tively rare. The 2014 and 2018
winner. FiveThirtyEight, which cycles each saw only a half-
aggregates polls, showed Mr. dozen states pick one party
Kemp leading his race by 5.1 for governor and the other for
points on average and Mr. Senate, according to the Uni-
Warnock ahead by 1.7 points versity of Virginia’s Center for
as of Wednesday afternoon. Politics.
Operatives in both parties Republican strategists
say incumbency is helping credit Mr. Kemp with uniting
Messrs. Warnock and Kemp, the GOP behind him after a
with both candidates having primary campaign against
accomplishments to tout. former Sen. David Perdue.
“These are going to be very Meanwhile, Mr. Walker has
tight margins. We know that faced scrutiny of his record as
even if you look at the most a businessman and questions
critical polling, we are talking about his family life, includ-
about a matter of inches,” Ms. ing allegations that he threat-
Abrams told reporters Friday ened his ex-wife, which he
during a campaign stop in Co- hasn’t denied but has said he
lumbus. sought forgiveness for amid
Nationally, split tickets in mental-health struggles. Mr.
midterm elections are rela- Walker has been outspent
Bed Bath
To Close
150 Stores
Continued from Page One
as interim chief executive.
Bed Bath & Beyond’s stock
was off 21% in Wednesday
trading, as the plan to sell
shares could dilute the hold-
ings of existing shareholders.
The stock, a favorite among
meme investors, lost more than
half its value over the past two
weeks. As of Wednesday, the
company’s market value was
about $750 million. At its peak
in June 2012, it had a valuation
of more than $17.3 billion, ac-
cording to FactSet data.
The retailer said it would
lay off about 20% of its corpo-
rate and supply-chain staffers
and that it eliminated its oper-
ating- and stores-chief posi-
tions. It will close about 150 of
the roughly 770 Bed Bath &
Beyond stores, including about
50 to 60 in the first wave, fi-
nance chief Gustavo Arnal said
during a conference call.
Founded more than 50
years ago, the Union, N.J.,
company had several decades
of rapid growth as it became
known for its big-box stores
stockpiled with merchandise
and its coupons. In recent
years, it wrestled with falling
sales and shifting strategies.
In 2019, activist investors
ousted the chain’s founders
and revamped the board, say-
ing its leaders failed to mod-
H T G K R F A M 1 2 3 4 5 6
U.S. NEWS
Federal agencies’ concerns about classified information kept at Mar-a-Lago grew in recent months.
concerned that Mr. Trump’s
representatives were mislead-
ing them, in particular after a
June visit in which a lawyer for
Mr. Trump and a custodian of
Mr. Trump’s records, who
aren’t named in Tuesday’s filing
but are identifiable as Evan
Corcoran and Christina Bobb,
told agents Mr. Trump’s team
had turned over all remaining
classified information but re-
fused to let them examine
boxes in the storage room.
Ms. Bobb and Mr. Corcoran
didn’t respond to requests for
comment.
In the Wednesday filing, Mr.
Corcoran and other lawyers for
Mr. Trump said the description
of that June 3 meeting was in-
accurate and said: “If the Gov-
ernment provided the same un-
true account in the affidavit in
support of the search warrant,
more than 5 to 1 on the air-
waves.
On the Democratic side,
Mr. Warnock has scored
higher favorability ratings in
polls than Ms. Abrams. A July
survey from the Atlanta Jour-
nal Constitution showed Ms.
MEGAN VARNER/ASSOCIATED PRESS
Abrams underperforming Mr.
Warnock with Black voters,
the core of the Democratic
electorate in Georgia.
Teresa Tomlinson, the Dem-
ocratic former mayor of Co-
lumbus, said Ms. Abrams is a
strong candidate with state
and national celebrity. But she
said that her task this fall to
beat an incumbent is inher-
ently harder than Mr. War-
nock’s to retain his seat.
“I don’t know that that is a
testament to the strength of
Kemp as it is the weakness of
Walker,” Ms. Tomlinson said.
Matt Towery, an indepen-
dent pollster and former Re-
publican lawmaker in Georgia,
said that polls today point to a
split ticket but that the races
are effectively a tossup. He
said the key difference be-
tween the races was likely
heavy television advertising
spending by Mr. Warnock
compared with Ms. Abrams.
Mr. Warnock already spent
$17.5 million on television ads
as of last week, according to
ad-tracker AdImpact. Ms.
Abrams has spent $8.3 million
in her race.
Bed Bath & Beyond's
annual revenue
$12 billion
10
8
6 40
4 ter with about $200 million in
2 declined to comment.
0 0
FY2011 ’15
Note: Fiscal year ends late Feb./early March
Sources: S&P Capital IQ (revenue); FactSet (shares price)
ernize the stores and capital-
ize on the rise of e-commerce.
Mark Tritton, a former Tar-
get Corp. executive, joined the
company in 2019 and sought to
turn around the retailer by
pushing deeper into private-la-
bel brands, among other initia-
tives. Those brands weren’t
well-received by shoppers and
were hindered by pandemic-re-
lated supply-chain constraints.
Bed Bath & Beyond’s board
ousted Mr. Tritton in June and
installed Ms. Gove, a retail-re-
structuring consultant, as in-
terim CEO. The company is
working to find a permanent
CEO and said Wednesday that
the search process is continuing.
The retailer received an-
other blow in August when
billionaire activist Ryan Cohen
sold his 10% stake in the com-
pany, about six months after
acquiring his shares. The com-
7 8 9 O I X X ***** THE WALL STREET JOURNAL.
then they misled the Magis-
trate Judge.”
The former president reacted
Wednesday by assailing the
search of his property, calling
attention to a redacted photo-
graph investigators filed with
the court showing a number of
documents marked secret or
top secret, though the content
was covered up. “Thought they
wanted them kept Secret?
Lucky I Declassified!” Mr.
Trump wrote on his social-me-
dia platform.
Prosecutors said Mr.
Trump’s team didn’t say that
any of the documents were de-
classified when they turned
over records in June.
Aides to the former presi-
dent have since said Mr. Trump
broadly declassified documents,
an action for which there is no
documented evidence.
In Alaska House Race
BY LINDSAY WISE
AND NATALIE ANDREWS
ANCHORAGE, Alaska—Dem-
ocrat Mary Peltola scored an
upset victory in a special elec-
tion for the state’s only U.S.
House seat, frustrating the ef-
forts of Republican former
Gov. Sarah Palin to mount a
political comeback.
Ms. Palin, who was endorsed
by former President Donald
Trump, and Ms. Peltola, a for-
mer state legislator, were com-
peting to fill the seat previously
held by longtime Republican
Rep. Don Young, who died in
March and whose term expires
in January. Another candidate,
Republican Nick Begich III, fin-
ished third. All three are on the
ballot again this November to
run for the next term.
“We built a great deal of
momentum in a short time,”
Ms. Peltola said. “I plan to
continue introducing myself to
Alaskans and working to earn
their trust.”
Ms. Peltola, a Yup’ik Es-
kimo, will be the first woman
to represent Alaska in the
House and the first Native
Alaskan in Congress.
House Speaker Nancy Pelosi
(D., Calif.) congratulated Ms.
Peltola, calling her a “strong,
pioneering voice for Alaska.”
Officials said Wednesday
First half
Share price over the past
10 years, weekly
$80
60
20
’20 ’22 2013 ’15 2022
pany’s stock, which had been
rallying in previous weeks, slid
after individuals followed Mr.
Cohen in selling shares.
The business update came
just days after the end of the
company’s latest quarter,
which showed the issues fac-
ing the retail chain. Compara-
ble sales—reflecting sales at
stores open at least a year—
fell 26% in the quarter ended
Aug. 27. The company’s opera-
tions burned through about
$325 million of its cash re-
serves during the period.
While the company plans to
release its second-quarter re-
port on Sept. 29, preliminary
results show the money it is
bringing in the door is leaving
quickly. And the new financing
provides only a short runway
for the turnaround, analysts
said. The more than $500 mil-
lion infusion, led by JPMorgan
.
STEVE HELBER/ASSOCIATED PRESS
Some legal experts said the
government’s filing late Tuesday
suggested some of Mr. Trump’s
lawyers could face their own
problems. “It’s hard to escape
the conclusion that Trump’s at-
torneys are in serious danger of
facing obstruction of justice
charges,” said Jessica Levinson,
a professor at Loyola Law
School in Los Angeles, citing
among other factors the alleged
refusal to let an investigator ex-
amine the storage room.
A person close to Mr. Trump
said that concern was shared
within the team. The former
president this week added to
his legal team former Florida
Solicitor General Chris Kise. “I
think Chris is going to have to
tell them they have their own
jeopardy, so step aside,” the
person said of other lawyers on
the team.
the latest round of calcula-
tions in the state’s ranked-
choice voting system showed
Ms. Peltola ahead by more
than 5,000 votes.
“Though we’re disappointed
in this outcome, Alaskans know
I’m the last one who’ll ever re-
treat. Instead, I’m going to re-
load,” Ms. Palin said in a state-
ment. She made it clear she
was ready for a rematch this
fall, when the candidates will
compete in the general election
for the full two-year House
term starting next January. But
she also blamed the state’s new
ranked-choice voting system
for her defeat, deriding it as
convoluted and confusing.
Under ranked-choice voting,
if no candidate wins 50% of the
first-choice votes, the weakest
candidate is eliminated and the
second-choice votes on those
ballots are then distributed to
the remaining candidates.
Headed into Wednesday’s re-
lease of the results, Ms. Peltola
was first, with about 40%, and
Ms. Palin was second, with
about 31%. Mr. Begich, who re-
ceived about 28% of first-
choice votes, was eliminated,
and his voters’ second choices
were redistributed.
With all first- and second-
choice votes counted, Ms. Pel-
tola had 51.5% of the vote,
ahead of Ms. Palin’s 48.5%.
Chase & Co. and asset man-
ager Sixth Street Partners, in-
cludes $375 million from a
new loan and the expansion of
a credit line.
The new arrangement will
reduce the debt exposure of
the JPMorgan credit line by
more than half while Bed Bath
& Beyond retains access to
about $800 million in borrow-
ing capacity. The company
said it ended the latest quar-
cash and investments. A
spokeswoman for JPMorgan
Compounding matters is a
glut of inventory that is be-
deviling a number of retailers.
Walmart Inc., Target and
other chains are turning to dis-
counts to move inventory such
as home goods and make room
for holiday items, meaning com-
petition is heavy for the bed-
ding, small kitchen appliances
and other items that Bed Bath &
Beyond sells. Ms. Gove said the
company is aiming to be “the
category retailer of choice” in
the home and baby market.
The company said it would
discontinue three of its nine
house brands and refocus
more of its inventory on more
established brands such as
Calphalon, Cuisinart and Oxo.
Bed Bath & Beyond said it
would host a supplier event
early this fall to boost the rela-
tionships it has with vendors.
Some of Bed Bath & Be-
yond’s suppliers have started
negotiating terms to get paid
faster after they struggled to
secure insurance against their
merchandise sent to the re-
tailer, according to people with
knowledge of the matter.

THE WALL STREET JOURNAL.
New Tech Tools Will Warn of Disasters
BY JIM CARLTON
New technology is on the
way to assist in a growing pub-
lic-safety problem: How to get
people out of the way of wild-
fires, floods and other natural
disasters.
The need to get emergency
warnings out fast is rising as
many researchers predict fires
and storms will become more
frequent and intense, fueled by
climate change and other fac-
tors. Six of the 10 most costly
Atlantic hurricanes in U.S. his-
tory have hit in the last decade,
while seven of the top 10 most
destructive wildfires in Califor-
nia have broken out over the
same period.
Technology is evolving to
meet the challenge. New apps
are being developed to provide
real-time information. Some
agencies are starting to use sat-
ellites to relay wireless signals
in remote terrain—a practice
emergency managers expect to
grow over the next decade in
part because it reduces depen-
dence on cellphone towers, also
vulnerable in fires and storms.
Updated
Boosters
Authorized
Continued from Page One
directed the vaccine makers in
late June to tweak their shots
to target Omicron’s BA.4 and
BA.5 subvariants, as well as the
virus’s original strain.
FDA officials said the goal for
the altered vaccines is to pro-
tect people for a longer period
and more fully—even against
symptomatic infection—than
the original vaccines would
have if given again as boosters.
The reformulated vaccines
targeting the now-dominant
BA.4 and BA.5 subvariants are
likely to be a closer match to
future variants that might
evolve this winter, said Peter
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“As we continue to see the
effects of climate change affect-
ing the severity of our disas-
ters, they are not giving us as
much time to warn people,”
said Deanne Criswell, adminis-
trator of the Federal Emer-
gency Management Agency.
“The more we can advance the
technology, the more quickly
we can get this information out
to the public.”
For now, significant hurdles
complicate alerts. One is the in-
tegrity of cellphone towers,
which often fail in floods or
fires. In Paradise, Calif., Jes-
samy Cartwright, 46, said she
only learned of the Camp Fire
bearing down in 2018 after see-
ing dark clouds of smoke out-
side the home where she was
caring for her elderly mother.
She said her mobile phone re-
ceived no alerts because nu-
merous cell towers were de-
stroyed.
“Better warnings would have
saved a lot of lives,” said Ms.
Cartwright, who managed to
escape with her mother.
Emergency managers say
broadcasting alerts via social-
Marks, who heads the FDA’s
vaccines division.
“In terms of trying to stave
off serious outcomes and
symptomatic disease, one
needs to refresh the immune
system with what is actually
circulating,” he said.
Yet many people might re-
sist seeking another shot,
partly out of weariness with
getting repeat inoculations. An-
other possible factor: The FDA
cleared the doses without wait-
ing for results from the kinds
of clinical trials conducted be-
fore earlier authorizations.
The trials aren’t necessary
to be confident the vaccines
will work safely, many vaccine
experts have said, because the
changes simply update proven
shots. The process is similar to
the development of annual flu
shots, which are given without
testing them in people.
“The FDA has extensive ex-
perience with strain changes
for annual influenza vaccines,”
U.S. NEWS
A fire truck passed the McKinney Fire as it burned in California’s Klamath National Forest in July.
media platforms over web
browsers will become more
common, bypassing phone car-
riers and cell towers. This will
happen as satellites are in-
creasingly used to relay infor-
mation, they say.
In August, the Department
of Homeland Security com-
Dr. Marks said. “We are confi-
dent in the evidence support-
ing these authorizations.”
Both vaccines are based on
gene-based messenger RNA
technology. The quick turn-
around time to produce them
in a few months was a new
test of the plug-and-play po-
tential of the technology.
“It is, of course, very im-
portant to have adaptive vac-
cines,” BioNTech Chief Execu-
tive Ugur Sahin said. “The
reason is the virus is really
rapidly evolving, and Omicron
has collected a lot of muta-
tions—in the meantime, addi-
tional mutations, in BA.4\5—
and we have to catch up.”
Pfizer CEO Albert Bourla
called the authorizations “an-
other important milestone in
our ongoing efforts to provide
protection against this virus.”
Moderna CEO Stéphane
Bancel said the company’s
new booster will provide
broader protection against
pleted a proof-of-concept test
on an alert technology that
would be sent directly from a
satellite to the GPS navigation
system of a car. That could
prove life-saving, they say, be-
cause often people on the road
aren’t in a position to notice an
alert on their phones. GPS sig-
forms of Omicron.
The authorities have looked
to the updated shots to pro-
vide stronger protection
against BA.4 and BA.5, after
research found that current
vaccines weren’t as effective
against the subvariants as
they had been against earlier
versions of the virus.
Before people can begin to
receive the shots, a panel of
vaccine experts advising the
federal Centers for Disease Con-
trol and Prevention is scheduled
to meet Thursday and Friday to
discuss the FDA’s authorization.
Many hospitals, pharmacies
and other vaccination sites
would start providing the
shots after the panel and then
the CDC director signs off.
The vaccine makers have
said they are prepared to ship
doses of the shots shortly af-
ter the FDA’s blessing. The U.S.
government recently secured
66 million doses of Moderna’s
vaccine and 105 million doses
Stand Up To Cancer is a division of the Entertainment Industry Foundation (EIF), a 501(c)(3) charitable organization.
.
Thursday, September 1, 2022 | A5
ing that people who can’t ac-
cess their phone (because they
are driving) to read an alert, or
aren’t at home to see or hear
an alert, get the alert and can
take immediate action,” said
Mary Jo Flynn-Nevins, chief of
emergency services for Sacra-
mento County, Calif.
Artificial-intelligence tech-
nology could also help. In the
Pacific Northwest, Pascal Schu-
back, a local advocate for faster
NOAH BERGER/ASSOCIATED PRESS
earthquake notifications, said
he has been working with some
companies and organizations to
develop a way for Amazon.com
Inc.’s Alexa virtual assistant to
process emergency alerts.
“This could be huge, because
think of it—how many Alexa
services are out there?” said
Mr. Schuback, executive direc-
tor of the Cascadia Region
nals are beamed from the Earthquake Workgroup, a non-
ground up to satellites, which profit that works with FEMA
relay them to receivers such as on quake preparedness.
those in phones and automo- An Amazon spokeswoman
biles. Such alerts could work said no such feature currently
even without cellular service exists on Alexa, but that cus-
and internet. tomers can have it deliver noti-
“This technology would be fications on local weather
monumental in terms of ensur- alerts.
of the Pfizer-BioNTech shot
for the fall campaign.
The vaccines are slated to
More than 108 million peo-
ple have received at least one
booster shot, just under half
be available where people can
currently get shots, including
hospitals, doctors’ offices and
the number of people who re-
ceived an initial series, accord-
ing to the CDC.
pharmacies. States are already
eligible to preorder supplies.
People would be able to get
The inoculation campaign
faces challenges, including fa-
tigue from many in the U.S.
the shots at no charge, as has who are tired of getting shots.
been the case to date in the Some 57% of vaccinated peo-
pandemic. ple surveyed in July said they
The new versions of the wouldn’t get a booster because
shots would be available as they believed their initial vac-
boosters, but people seeking an cination or a prior infection
initial series vaccine would con- provided enough protection,
tinue to receive the original the Kaiser Family Foundation
shots. The FDA is no longer au- said. Meanwhile, 52% said they
thorizing the original formula- just didn’t want a shot.
tions of the vaccines as boosters —Peter Loftus
for people 12 years and older. contributed to this article.
The FDA sanctioned a two-
month gap between the new
boosters and a recipient’s last Watch a Video
vaccine dose, Dr. Marks said, to Scan this code
maximize the immune response for a video on
to the shots and reduce the rare the FDA move
risk of the heart inflammation to authorize
condition known as myocarditis. new boosters.
Mandy Moore Stand Up To Cancer Ambassador
Fola P. May MD PhD SU2C Cancer Scientist
Kevin Pilot and Gastric Lymphoma Cancer Survivor
Photo by Andrew Eccles
Mastercard is a registered Trademark of Mastercard International Inc.
 .

A6 | Thursday, September 1, 2022 * * THE WALL STREET JOURNAL.

WORLD NEWS
Ukraine Advances, but at a Cost EU Moves
To Curb
Soldiers taking part in
southern campaign say
Russians are putting
Visas for
up stiff resistance Russians
BY MATTHEW LUXMOORE BY LAURENCE NORMAN

Ukrainian army units push- European Union foreign min-

ing south toward the city of isters agreed to suspend a visa
Kherson are retaking ground agreement with Moscow that
held for months by Russia’s in- gives Russian citizens inexpen-
vading troops amid extremely sive and easy access to the
fierce fighting, Ukrainian sol- bloc, EU foreign-policy chief Jo-
diers taking part in the offen- sep Borrell said Wednesday.
sive said. A formal decision will be
Russian soldiers, who the taken in coming days. The move
Ukrainians said seemed well comes amid divisions within the
equipped, were putting up stiff 27-nation bloc about whether to
resistance, they said. continue allowing Russian civil-
“They’re throwing every- ians to visit the EU or impose a
thing against us,” said a 22- blanket ban on tourists.
year-old Ukrainian soldier who “We have seen many Rus-
said Russians were fighting sians traveling for leisure and
with artillery, tanks, helicopters shopping as if no war was rag-
THE WALL STREET JOURNAL

and mortars. “They have a lot ing in Ukraine,” Mr. Borrell said
of equipment but few men.” in Prague after a two-day meet-
Interviews with eight sol- ing of foreign ministers. “Mem-
diers who took part in fight- ber states considered that…it
ing—and were being treated cannot be business as usual.”
for injuries at a hospital behind Under the 2007 visa-facili-
the front lines—offered the tation agreement, the cost of
most detailed on-the-ground Ivan, a 32-year-old private who has suffered three concussions, said his unit’s task was simple: ‘Go in, f— them up, retake what’s ours.’ getting a visa to enter the EU’s
picture yet from an offensive border-free Schengen zone
that Ukraine hopes will help it seized a village from the Rus- the 30-year-old soldier, Petro, was slashed, as were the num-
seize the initiative in the con- sians in the early hours of said of the days that preceded ber of documents required and
flict and show its Western fighting. U.N. Team Arrives Russian forces have occu- the offensive as he struggled the processing time to issue
backers, and its own people, But that same day, Monday, At Nuclear Plant pied the plant, Europe’s largest, to speak under the influence the permits.
that its military can take on he wound up in hospital with a and stationed military equip- of heavy anesthesia. “We all When the agreement is sus-
Moscow’s army and win. concussion after a teammate ment there since the early hope the war ends as soon as pended, the cost of a visa will
Ukrainian officials are say- fired a rocket launcher a few KYIV, Ukraine—United Na- stages of the war. Ukrainian possible.” more than double from about
ing little publicly about the of- steps from where he stood. tions inspectors arrived in the workers continue to operate it, The doctor said he spends $35, and member states would
fensive, citing the need for se- “The guys are in a fighting Ukrainian city of Zaporizhzhia effectively at gunpoint, accord- some nights on a small couch be able to require a number of
crecy in military operations. mood,” said Ivan, a former on Wednesday ahead of an in- ing to Ukrainian officials. in his office after more than additional documents, which
The Pentagon’s assessment, construction worker from spection of the nearby Rus- The plant has suffered half his staff stopped coming would extend the process. Visas
given at a briefing by its southwest Ukraine. “They’re sian-occupied nuclear-power heavy shelling that has dam- to work following a Russian are handled at the national
spokesman on Wednesday, ap- moving forward.” plant, pledging to establish a aged its laboratory and chemi- rocket attack in August. He level within the EU. Some mem-
peared to support the soldiers’ Russian troops are better- permanent mission at the cal facilities, and nearby fires said he felt on the verge of a ber states are likely to make
cautious optimism. equipped but are fleeing their southern Ukrainian facility amid temporarily disconnected it breakdown as he has dealt the paperwork so cumbersome
“We are aware of Ukrainian positions, he said, leaving fears that fighting in the area from the country’s power grid. with more soldiers than at any as to effectively bar Russians
military operations that have dead comrades behind and could lead to a nuclear disaster. Kyiv and Moscow have blamed time since the first weeks of from getting a visa from those
made some forward movement, booby-trapping their bodies. “The main work begins to- each other for the strikes. the war. countries, diplomats said.
and in some cases in the Kher- Ivan showed footage he said morrow,” said Rafael Grossi, the Mr. Grossi said the IAEA Faced with the influx, doc- Mr. Borrell said he expects
son region we are aware in was sent to him by comrades director general of the U.N.’s In- team would be at the plant for tors are fighting to save the the number of new visas
some cases of Russian units fall- on the front line, appearing to ternational Atomic Energy a few days. Russia’s permanent lives of those in critical condi- handed out by member states
ing back,” Air Force Brig. Gen. show dead Russian soldiers on Agency, who is leading the mis- representative to the U.N. agen- tion before sending them on to to be “substantially reduced.”
Patrick Ryder told reporters. the outskirts of a village he sion. The 14-person team is ex- cies in Vienna said Russia sup- better-equipped hospitals af- Russian Deputy Foreign
said was seized by Ukrainian pected to attempt to cross front ports the IAEA’s plan for a per- ter they are stable. Minister Alexander Grushko
forces on Tuesday. lines to enter the plant Thursday. manent presence at the facility. The head of the intensive- said Moscow could take either
Russians are fleeing Ivan said Ukrainian forces Asked whether inspectors The IAEA’s mission, which care unit said that on Monday symmetric or asymmetric
The soldiers and medics at had thrust toward Kherson, would be able to speak freely will assess damage, check he took in a 27-year-old soldier measures in response, which
a hospital in southern Ukraine the regional capital, and were with workers at the plant, Mr. safety and security systems with a broken leg, concussion, he said would come as a sur-
agreed to speak on condition trying to clear villages along Grossi said: “We are a team of and evaluate staff conditions, torn lung and a ruptured liver, prise to Brussels.
that their identities and loca- the way. very experienced people. We is its most important since stomach, colon and bowel. “If in Brussels they decided
tion wouldn’t be revealed. Russian military bloggers will have a pretty good idea of Chernobyl in 1986. “Head, chest, limbs, stom- to shoot themselves in the
All took part in the offen- who are close to the country’s what is going on.” —Joe Parkinson ach, concussions, they come foot another time, that’s their
sive that began on Monday Defense Ministry have noted with all kinds of injuries,” he choice,” he told Russian state
with the aim of seizing the ini- another Ukrainian advance, said. “The effect of an explo-
tiative in the war. across the Inhulets River to ber of wounded, then, hon- injured when his tank was hit sion damages everything.”
The attacks on Monday at the northeast of Kherson. estly, I felt sorry for them and on Tuesday, his chest heaving But among the injured, the
several points along the front The Russian Defense Minis- I started wondering if this was as surgeons performed a tra- doctor said he was most
Many are ‘traveling
lines came after weeks of soft- try has described Ukraine’s of- worth doing at such a cost,” cheotomy in a bid to restore struck by their desire to con- for leisure and
ening up Russian forces with fensive as a failure. the doctor said. “I don’t know. his breathing. tinue fighting as soon as they
long-range rocket attacks. “We’re advancing in some There’s no right answer here.” are physically able.
shopping as if no
Ukraine’s long-awaited areas and being battered in Ukrainian officials and mili- Ivan, the 32-year-old pri- war was raging.’
thrust in the south is advanc- others,” said Pavlo, a 22-year- tary analysts have said Ukrai- Driven to fight vate, said his concussion on
ing into territory that the Rus- old soldier who was concussed nian losses, even if the offen- One Ukrainian soldier lay in Monday was his third since he
sians occupied in the early in a battle on Tuesday and says sive is successful, could be his bed clutching the Russian was mobilized at the start of
days of their invasion, said he now hears a sound akin to a high as they are assaulting an bullet that had just been Russia’s invasion, and it was news agency RIA Novosti.
soldiers who took part in broken television in his head. entrenched enemy with signif- plucked from his body after only because his commander U.S. visas are already diffi-
fighting. But it’s a hard slog The head of the intensive- icant firepower that can traveling through his left ordered him evacuated that he cult for Russians to obtain af-
against a well-equipped en- care unit where some of the quickly chew up troops. shoulder and exiting through ended up at the hospital. ter Washington earlier this
emy, they said. soldiers were being treated At the intensive-care unit, his pelvis. He was shot as he “I want to get back to our year stopped issuing them to
Ivan, a 32-year-old private, said the military warned him six servicemen in comas occu- lay on the ground seeking guys,” he said, playing down nondiplomatic applicants in-
said his unit’s task was simple: of the offensive a week in ad- pied beds in two adjoining cover from a Russian attack in his injuries despite struggling side Russia. The State Depart-
“Go in, f— them up, retake vance, spurring hopes of im- wards separated by a thin wall. a village. to hear. “I wanted to return ment said it did so because
what’s ours.” minent victories. In one, doctors were fight- “We had a feeling that we’d the moment I left.” Moscow in April forbade the
He said the offensive “But when they started ing to save the life of a 47- be going into battle, that we —Michael R. Gordon U.S. Embassy there from em-
started well for his unit, which bringing in such a large num- year-old armor crewman badly were planning something big,” contributed to this article. ploying foreign nationals.
The U.S. still accepts applica-
tions for nonimmigrant visas

Gorbachev Leaves Behind a Divisive Legacy in Putin’s Russia from Russians “at any U.S. em-
bassy or consulate where they
can obtain an appointment,” ac-
BY EVAN GERSHKOVICH lems that had come to the fore.” cording to information on the
His spokesman, Dmitry Pes- State Department website. “We
In 1998, as Russia was suf- kov, had harsher words. regret that the actions of the
fering from the financial hard- “Gorbachev sincerely wanted Russian government have made
ships that came with its rocky to believe that the Cold War it impossible for our office to
transition to a market economy would end, and that it would continue offering nondiplomatic
after the collapse of the Soviet usher in a period of eternal ro- visa services in Russia,” it says.
Union, the last Soviet leader mance between a new Soviet The EU also will look at
Mikhail Gorbachev starred in a Union and the world, the West,” how to reduce the stock of
Pizza Hut commercial. he said. “The honeymoon didn’t millions of EU visas already
In the ad, an elder Russian work out and the bloodlust of handed out to Russian citi-
complains that Mr. Gorba- our opponents has shown itself.” zens, Mr. Borrell said. Earlier
chev’s reforms helped unleash Mr. Gorbachev was carefully in August, Estonia became the
chaos and political instability, critical of Mr. Putin late in life. “I first country to block entry of
CARSTEN REHDER/EPA/SHUTTERSTOCK

while a younger Russian re-
sponds that they gave Russia
freedom and new opportuni-
ties. The ad concludes that ev-
eryone can at least agree that
pizza brings people together.
But on Wednesday, a day
after Mr. Gorbachev’s death in
Moscow at 91, political ana-
lysts, opposition politicians
and the former Soviet leader’s
close friends said that in Rus-
sia the debate has a clear win-
ner—and that President Vladi-
mir Putin’s government
embodies the winning side.
“Vladimir Putin is building a
different world,” Alexei
Venediktov, a Russian radio
journalist and a close friend of
Mr. Gorbachev, said in a phone
interview. “In Putin’s world,
there is no room for competi-
tiveness, no room for freedom.”
As the Soviet Union’s eighth
leader, Mr. Gorbachev, who rose
to power in 1985, sought to re-
form its government to help
jump-start a sputtering econ-
omy. But the policies he insti-
Mikhail Gorbachev, left, and Russian President Vladimir Putin at a news conference in Germany, in 2004.
tuted, known as “perestroika”
and “glasnost”—restructuring
and openness—eventually spun
out of his control. The empire’s
republics demanded indepen-
dence, while Russians pushed
for political freedoms. Six years
later, the Soviet Union split
into 15 separate countries.
Mr. Gorbachev was feted by
the West for helping bring
about the end of the Cold War.
But at home, many soon soured
on the former leader, who
stepped aside after the Soviet
Union’s dissolution. They
blamed him for the poverty
that abounded during the
1990s transition to a market
economy and for the loss of the
country’s superpower position.
Mr. Gorbachev tried unsuc-
cessfully to return to politics in
1996, picking up just 0.5% of the
presidential vote. Last year,
more than 70% of Russians said
their country moved in a nega-
tive direction during his rule,
according to a state-run pollster.
Mr. Putin, who came to
power two years after Mr. Gor-
bachev’s Pizza Hut ad appear-
ance, famously called the col-
lapse of the Soviet Union “the
greatest geopolitical catastro-
phe of the century.” According
respect him as a political leader
and a person, but I believe his
current policies are an obstacle
to progress,” Mr. Gorbachev
wrote in Time magazine in 2016.
Much of Mr. Putin’s politics
have done away with what Mr.
Gorbachev helped foster. He has
brought independent media to
heel and squeezed out political
opposition, said Russian politi-
cal analysts and Kremlin critics,
to Mr. Putin, the dissolution while seeking to restore Russia’s
was a tragedy because it left geopolitical greatness and sell-
millions of Russians separated ing his enduring rule as a posi-
by new national borders. It was tive guarantee of stability over
caused partly because a weak a chaotic post-Soviet period.
Mr. Gorbachev was fooled by a Mr. Gorbachev didn’t always
deceitful West, he said. disagree with Mr. Putin, and in
Mr. Putin, in official condo- 2014 welcomed the annexation
lences to Mr. Gorbachev’s fam- of Crimea from Ukraine. He
ily on Wednesday, said the So- also warned against the expan-
viet leader “led our country sion of the North Atlantic
through a period of difficult, Treaty Organization.
dramatic change and substan- Mr. Gorbachev never spoke
tial challenges,” said the mes- out publicly against the
sage published on the Kremlin’s Ukraine war, but according to
website. “He profoundly under- Mr. Venediktov his friend
stood that reforms were essen- said: “And whose life became
tial and tried to solve the prob- better because of this?”
Russians who held valid visas.
Mr. Borrell said there was
agreement that Russia’s EU
neighbors, Finland, Poland, Lith-
uania, Latvia and Estonia, can
take special measures to reduce
the number of people crossing
the border. The EU also will ban
the issuance of visas for Russian
passport holders who live in oc-
cupied Ukrainian territory.
The push for a blanket ban
on Russian civilians has sparked
a debate in the bloc. It has be-
come a proxy for clashing per-
spectives on whether Russian
President Vladimir Putin and
his close circle are responsible
for the war or whether it has
become a conflict of all Rus-
sians against Ukraine. Germany,
France, Hungary, Spain are
among those opposing a blanket
ban, and Mr. Borrell said there
was agreement among foreign
ministers that Russian visa ap-
plications would be treated on a
case-by-case basis, and that the
EU wants to keep contact with
Russian civil society.

THE WALL STREET JOURNAL.
ECB Faces Test
As Eurozone
Inflation Hits 9%
BY TOM FAIRLESS
Inflation in the eurozone
rose to a record in August, un-
derscoring the economic shock
dealt by Russia’s war in
Ukraine and increasing the
pressure on the European Cen-
tral Bank to respond by raising
interest rates aggressively next
week.
Eurozone consumer prices
were 9.1% higher than a year
earlier, a pickup from the 8.9%
rate of inflation recorded in
July, the European Union’s sta-
tistics agency said Wednesday.
That is the highest rate since
records began in early 1997.
Inflation in the 19-nation eu-
rozone has surpassed U.S. lev-
els in recent weeks as Russia’s
actions curtailed Europe’s en-
ergy supplies and drove up
prices. The U.S. recorded an in-
flation rate of 8.5% in July,
down from 9.1% in June. It
hasn’t yet published inflation
data for August.
Of concern for the ECB, the
core rate of inflation—which
excludes volatile items such as
energy and food—increased to
4.3% in August from 4% in
July. That suggests high infla-
tion rates could linger even if
energy and food prices stabi-
lize. The ECB aims to keep in-
flation at 2% over the medium
term.
Eurozone inflation is likely
to rise toward 10% in the com-
ing months, some analysts say,
as some government energy
and public-transport subsidies
expire, especially in Germany,
Pressing EU, Moscow West to Outline Caps on Oil Price
Claims Gas Pipeline
Shut for Maintenance
BY GEORGI KANTCHEV
BERLIN—Russia shut its
main artery for natural gas to
Europe for maintenance on
Wednesday, in what Western
governments see as the latest
salvo in the Kremlin’s eco-
nomic war on the continent.
The halt comes as European
nations race to fill gas-storage
facilities to prevent a shortage
in the midst of winter. Short-
ages would trigger rationing,
likely kneecapping industry
and tipping the continent’s al-
ready struggling economy into
a recession.
Moscow has already throt-
tled back deliveries over the
Nord Stream pipeline—which
links Russia’s prolific Siberian
gas fields with Germany under
the Baltic Sea—to just 20% of
its maximum capacity, citing
technical issues with its tur-
bines.
European officials have dis-
missed these explanations and
have called the gas cuts an
economic attack in retaliation
for supporting Ukraine in the
war.
On Wednesday, the Krem-
lin-controlled gas giant Gaz-
prom PJSC said it had com-
pletely halted the Nord Stream
pipeline as “scheduled preven-
tive work begins at the gas-
compressor unit.” The pipeline
is due to come back online
early Saturday.
European officials and some
analysts, however, have ques-
Crude Price
Extends
Decline
Continued from Page One
Consumption is declining
in the U.S. and Europe, where
high prices have limited de-
mand and central banks are
raising interest rates to fight
inflation, potentially at the
expense of slowing economic
growth. Similar worries have
buffeted stocks. All three ma-
jor indexes on Wednesday
posted their fourth straight
session of declines to close
August down at least 4%.
Traders are also eyeing
China, where Covid-19 flare-
ups have prompted lockdowns
in Shenzhen, Guangzhou and
Dalian. Underwhelming data
* *
and companies pass on higher
costs to customers.
Russia shut its main artery
for natural gas to Europe for
maintenance Wednesday, leav-
ing Europe guessing again
about whether supplies will re-
start as demand for the fuel is
set to surge during the colder
months.
Russia’s calibrated throttling
of gas supplies has pushed up
gas prices to a series of re-
cords during the summer.
There is little the ECB can
do to address supply bottle-
necks for energy and other
commodities. Still, officials at
the bank recently have signaled
that they are willing to act
forcefully to prevent high infla-
tion rates from becoming en-
trenched, including by consid-
ering a 0.75-percentage-point
interest-rate increase at their
policy meeting on Sept. 8.
That could help to shore up
the value of the euro, which
has slid below parity with the
U.S. dollar in recent weeks,
driving up the cost of Europe’s
imports and fanning inflation
further.
Investors are almost fully
pricing in a 0.75-percentage-
point ECB rate increase at the
Sept. 8 meeting and total rate
increases of 1.6 percentage
points through the end of the
year, according to ING Bank.
The ECB in July increased its
key rate by 0.5 percentage
point to zero, lagging behind
the Federal Reserve, which
raised the target range for its
policy rate by 0.75 percentage
tioned whether Gazprom
would restart the pipeline as
planned. Some expect Moscow
to find new technical pretexts
to prolong the outage, while
others see Gazprom keeping
gas flowing at a low level to
create uncertainty and manip-
ulate gas prices.
“Gas prices and European
sentiment are about to face a
major stress test as the Nord
Stream pipeline gets shut for
maintenance today for three
days, and there is growing
concern that another reduc-
tion in supply or a complete
cutoff in flows may follow at
the end of the week,” analysts
at ING Bank wrote in a report
to clients on Wednesday.
Gas prices in Europe, which
have traded at records in re-
cent weeks, fell on Wednesday,
with futures for gas at a trad-
ing hub in the Netherlands,
the benchmark in northwest
Europe, dropping more than
5%.
First opened in 2011, the
760-mile-long Nord Stream
pipeline has been an impor-
tant source of gas for Ger-
many, Europe’s largest econ-
omy. Before the war, Russia
covered over half of Germany’s
gas imports, but supply cuts
via Nord Stream affect other
European customers because
Germany exports some of the
gas. There are other gas pipe-
lines to Europe from Russia,
but Russia has also throttled
flows through these.
on Chinese factory activity
have sparked concerns about
the world’s second-biggest
economy losing some of its
appetite for oil.
“Energy traders anticipate
a brutal period for global
growth,” said Edward Moya,
senior market analyst at trad-
ing firm Oanda. “China fac-
tory activity remains de-
pressed and another eurozone
record-high inflation reading
has raised the prospects of
much more aggressive Euro-
pean Central Bank tightening
that could trigger a severe re-
cession.”
In the U.S., government
data released Wednesday
showed waning demand for
petroleum products, such as
gasoline, but also crude in-
ventories that fell last week
by more than analysts ex-
pected.
Commercial crude stock-
piles shrank by 3.3 million
barrels to about 6% below
WORLD NEWS
Rising prices of items such as food have hit households hard throughout Europe. Shoppers browse a market in the Netherlands.
point to between 2.25% and
2.5% at its July meeting.
Rising borrowing costs
likely will increase the risk of a
slide into recession, with the
eurozone economy already
Bank officials have
signaled that they
are willing to act
forcefully.
slowing as households’ spend-
ing power is reduced by a com-
bination of sharply higher en-
ergy prices and still-modest
wage increases. High energy
prices act like a tax on Eu-
BY ANDREW DUEHREN
AND LAURENCE NORMAN
Top Western finance offi-
cials are expected to lay out
their plan for setting a cap on
the price of Russian oil this
week as they push to put to-
gether a workable policy be-
fore a December deadline.
Finance ministers from the
Group of Seven wealthy de-
mocracies are set to meet vir-
tually on Friday, when they
are expected to release an en-
dorsement of the price-cap
plan and commit to finalizing
its implementation, people fa-
miliar with the matter said.
The expected announce-
ment opens a new front in the
West’s so far largely unsuc-
cessful efforts to squeeze Rus-
sia’s energy revenue as the
war in Ukraine shows no signs
of abating. Still, officials are
grappling with several com-
plex questions about how the
price cap would work.
Oil and gas remain a huge
source of revenue for Russia’s
war machine, making up
around half of the country’s
budget revenue. Western offi-
cials have been working for
months to find a way to re-
duce those financial inflows
while keeping enough Russian
oil on global markets to pre-
vent a fresh jump in already
high energy prices.
Under the plan officials have
been discussing this summer,
the G-7 nations would bar fi-
nancing and insuring Russian oil
shipments unless the oil is sold
below a set price. The countries
make up just over 30% of the
world economy, according to
the International Monetary
With prices high, fuel consumption has fallen in the U.S. and Europe.
what is typical for this time of
year, the U.S. Energy Informa-
tion Administration said.
The amount of oil available
to refiners would be a lot less
if not for the continuing with-
drawals from the govern-
ment’s Strategic Petroleum
Thursday, September 1, 2022 | A7
rope’s households and busi- Southern Europe.
nesses because the region im- The ECB faces unique chal-
ports most of its energy, in lenges because the prospect of
contrast with the U.S., which is rate rises has led to larger in-
one of the world’s biggest en- creases in Italian bond yields
ergy producers. than those of their German
Several ECB officials have counterparts.
signaled recently that concerns Adding to the uncertainty,
about high inflation trump Italians are set to vote in na-
concerns about growth. “We tional elections in September,
should not delay further rate and opinion polls suggest that
hikes for fear of a possible re- the far-right, populist Brothers
cession,” Joachim Nagel, presi- of Italy party could emerge as
dent of Germany’s Bundesbank, the strongest force.
said Tuesday. The ECB sought to address
The ECB previously moved that problem in July, by unveil-
more cautiously than the Fed ing a plan to buy the debt of
to combat high inflation, re- Europe’s most vulnerable econ-
flecting the region’s weaker omies to curb unwarranted in-
economic recovery during the creases in borrowing costs in
pandemic and concerns about parts of the bloc. ECB officials
how higher borrowing costs hope it will calm markets with-
will affect weaker economies in out needing to be used.
The West has largely failed to curb Russian energy revenue. Above, a tanker in Russia’s Nakhodka Bay.
Fund, and insure over 90% of major Russian export, people
global shipping traffic, accord- familiar with the plan said.
ing to Bruegel, a think tank. Treasury Secretary Janet
“Our goal here is to create a Yellen started pushing the
permission structure that al- price-cap idea this spring
lows Russian oil to flow but amid concern that a European
reduces their revenues,” Dep- Union plan, approved in June,
uty Treasury Secretary Wally to ban the import and insur-
Adeyemo said in an interview ance of most Russian oil could
on Wednesday. cause prices to rise rapidly.
Among the key details still She warned that the EU plan
under discussion is the price could push inflation higher
at which the cap would be set. and send the global economy
Officials are trying to find a into recession, all while ensur-
balance between limiting Rus- ing the Kremlin could make up
sian revenue and maintaining for lower volumes of oil sales
an incentive for Russia to sell through higher prices.
its oil. Oil traded in New York European officials are
at around $90 a barrel on doubtful the plan would have
Wednesday. Russian crude is a major impact on prices. Se-
selling at a discount of more nior U.S. Treasury officials be-
than $20 a barrel below global lieve markets underestimate
benchmarks, analysts said. the impact the EU ban could
The price-cap plan would have on the global price of oil,
also apply to petroleum prod- with internal estimates show-
ucts, such as fuel oil, another ing the price of crude could
been drained from Gulf Coast
caverns in which the U.S. gov-
ernment keeps its emergency
supplies. The government’s oil
PATRICK T. FALLON/AGENCE FRANCE-PRESSE/GETTY IMAGES
stash ended last week at its
lowest level since late 1984,
EIA data show.
The government’s market
support is set to end next
month, adding another vari-
able to traders’ calculus.
Other unknowns looming
over the oil markets include
the possibility of renewed nu-
clear talks with Iran, which
would be undertaken by U.S.
officials with the aim of
bringing Iran’s shunned bar-
rels back onto the market.
Meanwhile, momentum has
been building among mem-
Reserve, which the Biden ad- bers of the Saudi-led Organi-
ministration initiated to help zation of the Petroleum Ex-
keep domestic fuel prices in porting Countries to trim oil
check following the Russian output in order to elevate
invasion of Ukraine. prices.
Since the Russian attack in “The one bright spot for
late February, about 130 mil- global supply is the U.S.
lion barrels of crude have where industry activity
.
ANP/ZUMA PRESS
Eurozone CPI, monthly
10%
August
9.1%
8
6
4
2
0
Sept. 2021 ’22
Source: Eurostat
TATIANA MEEL/REUTERS
rise to roughly $140 a barrel.
The EU’s sanctions on insur-
ance and financial services for
Russian oil are set to go into
effect on Dec. 5. Under the
price-cap plan, the EU insur-
ance ban would be reversed,
allowing Western companies to
continue providing financial
services for shipment and sales
of Russian oil outside the U.S.
and Europe at the set price.
Still, important differences
persist within the G-7 over the
proposal.
Meanwhile, support from
outside the G-7 is uncertain.
Officials and analysts see little
chance of persuading China to
abide by the plan. India,
whose purchases of Russian
oil, have soared from next to
nothing before the war to as
much as 1 million barrels a
day, also seems unlikely to
sign on.
should begin to show results,”
Evercore’s Mr. Richardson
said.
His firm forecasts spending
by exploration and production
companies in North America
will increase 33% this year
over last. While a big chunk
of that will cover companies’
own rising costs for labor,
materials and equipment,
greater spending suggests
that production is climbing
from its pandemic slump.
U.S. oil output remains
more than a million barrels a
day lower than it was before
the pandemic crushed de-
mand. Yet output has been in-
creasing. Domestic oil produc-
tion rose in June to the
highest level since April 2020,
when the economy was locked
down and producers were lay-
ing down drilling rigs and
shutting in wells, the EIA said
Wednesday.
—Will Horner
contributed to this article.

A8 | Thursday, September 1, 2022
Starbucks
Rethinks
Everything
Continued from Page One
ses in dispensing it. U.S. stores
designed a decade ago struggle
to meet today’s consumer de-
mand. Cafes that once aver-
aged 1,200 orders a day are
now trying to make 1,500. Ex-
ecutives recently visited one
East Coast cafe that averaged
$1 million in annual sales a de-
cade ago. Now, it is ringing up
nearly $3 million in sales in
the same 1,500-square-foot
space.
Many U.S. locations need to
be overhauled, said Katie
Young, who as senior vice
president of global growth and
development is in charge of
figuring out what new cafes
should look like. Having so
much demand is a privilege for
Starbucks, but also a problem,
she said.
Starbucks was hit hard by
the pandemic. By last year, to-
go orders had helped sales re-
cover to prepandemic levels,
but this year, rising costs have
begun eating into profit mar-
gins, and the company has
raised prices. In the quarter
ended July 3, Starbucks re-
ported that sales had risen 9%
from the year-earlier period,
but net income dropped 21%.
Executives also are grap-
pling with a unionization push
that began in its Buffalo, N.Y.,
market in August 2021. Work-
ers have been pressing for bet-
ter pay, staffing levels and
hours. Turnover has shot up
since the pandemic hit. One in
four U.S. baristas are quitting
their jobs within 90 days, ac-
cording to internal figures, up
from roughly one in 10 previ-
ously.
In March, Starbucks said
then-Chief Executive Kevin
Johnson would retire and How-
ard Schultz, who had turned
the company into a global co-
lossus, would take over on an
interim basis. Mr. Schultz has
since said that the company
had made mistakes in recent
years and needs to change.
Operations overhaul
In August, the company
again increased wages. For
more than a year, it also has
been testing how to overhaul
operations to improve the ex-
perience for both employees
and customers. If employees
spend less time running
around cafes fetching foam and
carrying 20-pound buckets of
ice, executives said, maybe
they will be happier working
there.
“It’s the complexity of those
cold beverages,” Mr. Schultz
said in a recent interview. “We
will fix that. We will design
new stores from scratch.”
Starbucks, the world’s larg-
est coffee company by loca-
tions and sales, started out by
selling coffee to office workers
in cities such as Seattle. Mr.
Schultz took over in 1987 with
the goal of bringing Italian-
Old-School
‘Svengoolie’
Rules TV
Continued from Page One
say, comes from frequent in-
termissions during which
Svengoolie—played by actor
and comedian Rich Koz, don-
ning a top hat and black
makeup—offers color com-
mentary and corny jokes.
“The program could be two
hours of nothing but Svengoo-
lie reading a phone book, and
I’d still tune in,” said Sarah
Rhodes, a 37-year-old who
works in broadcast radio in
Dallas and discovered the
show in 2017 while staying
with family. Ms. Rhodes has
missed only three episodes
since, she said.
When a joke lands particu-
larly poorly, Mr. Koz gets
pelted with rubber chickens by
the few people on set—a
vaudeville-inspired slapdown
that can happen every few
minutes. Mr. Koz is used to it
at this point: He’s been host-
ing the show since 1979.
“These movies are so
campy, and he’s got such a
great sense of humor,” said
Joe Mantegna, an actor whose
credits include “The Godfather
Part III” and the CBS TV series
“Criminal Minds.” Mr. Man-
tegna said he watches “Sven-
Complicated Brew
A barista in Starbucks’s technology lab demonstrates the time-consuming process of making a customized Iced Caramel Macchiato.
1
2 began pairing baristas, bever-
1 Lines the cup with caramel, then fills it with milk from a
refrigerator below.
2 Walks to ice container and scoops cubes.
6 ously led engineering teams at
5 heating systems. He helped
5 Retrieves ingredients for cold foam from refrigerator.
6 Blends them and adds the foam to the drink.
Source: Meron Mengistab for The Wall Street Journal (video stills)
style espresso to Americans,
building stores with small prep
areas to brew a limited number
of offerings.
As Starbucks expanded, so
did its menu. It started serving
Frappuccinos in 1995, and
pumpkin spice latte and other
flavors and toppings followed.
Warm sandwiches came in
2003. It introduced cold brew
and draft nitro coffee in the
2010s.
In 2015, the company
launched an app feature that
allowed customers to pay for
their drinks ahead of time and
to customize their coffee or-
ders in what Starbucks says
are 170,000 ways.
At the Tryer Center re-
cently, barista Lisa Koss dem-
onstrated the steps required to
create one popular drink, an
Iced Caramel Macchiato. Ms.
Koss first dispensed shots from
the espresso machine at the
hot-bar section of the cafe,
then crossed the floor to whip
cold foam in a blender. She
walked back to the hot bar to
collect the espresso shots and
grab milk from a refrigerator.
She headed back to the cold
bar for the foam, bent down to
scoop ice, then poured the
drink together. It took about
three minutes to make. Other
popular drinks require even
more steps.
“There’s usually so much
walking and bending, that after
eight hours, it hurts,” said Greg
goolie” most Saturdays for Mr.
Koz’s routine. “It just tran-
scends what it is, and becomes
hip,” he said.
The show’s audience has
nearly doubled since 2018, ac-
cording to Nielsen. “It took me
40 years to become an over-
night sensation,” Mr. Koz said.
Many of Mr. Koz’s jokes are
known for their long setups
and underwhelming
punchlines. Last year, as he
gave a rundown of “The Black
Scorpion,” a 1957 horror movie
in which a natural disaster
awakens giant scorpions from
the depths of the earth, Mr.
Koz said the executives behind
the movie initially considered
having the scorpions masked
so as not to look too scary.
That plan never came to
fruition, but “It gave execu-
tives at Fox the idea for the
current hit show ‘The Masked
Stinger,’ ” Mr. Koz joked. He
was promptly pelted with a
flurry of rubber chickens. Fox,
home of the “Masked Singer”
singing competition, is part of
Fox Corp., which shares com-
mon ownership with Wall
Street Journal parent News
Corp.
The ratings performance of
“Svengoolie” makes it a rarity
in an era of rapid TV-viewer-
ship erosion caused by cord-
cutting and a growing number
of alternatives, from streaming
services to TikTok.
“It’s both rare and unex-
pected to see a [traditional]
TV show’s ratings remain
steady” in this age, said Jim
FROM PAGE ONE
Pieczynski, another barista.
Starbucks expects workers
to deliver handcrafted bever-
ages fast. A clipboard in one
Buffalo Starbucks, used to
track workers’ drive-through
delivery times, said “Expecta-
tions: Under 50 Seconds,” ac-
cording to a photo provided by
one barista. Starbucks said
there isn’t a standard time for
drive-through service because
each location is unique, but
that service in 50 seconds or
less is ideal.
‘We will design new
stores from scratch,’
said interim CEO
Howard Schultz.
In the company’s early
years, baristas served coffee
over the counter. Starbucks
tested its first drive-through in
1994, and by 2009, more than
one-third of the company-
owned locations in North
America had them.
Now, nearly half of Star-
bucks’s U.S. sales come from
drive-through orders. Mr.
Schultz wants 90% of the
chain’s new stores to include
drive-throughs––continuing a
shift that he acknowledged has
contributed to new pressures
on workers.
Svengoolie, portrayed by Rich Koz, comments and tells corny jokes.
McKairnes, a former CBS exec-
utive who is now a lecturer at
Middle Tennessee State Uni-
versity.
“Increasing? Rarer still,”
Mr. McKairnes said.
The show recently got the
ultimate hallmark of success: a
spinoff. “Sventoonie,” which is
hosted by a hand puppet look-
ing very much like the original
character, began airing di-
rectly after “Svengoolie” ear-
lier this year. The puppet
makes jokes about clips of
films even farther down the B-
movie scale. Mr. Koz isn’t in-
volved in that program.
Mr. Koz didn’t invent “Sven-
goolie.” He resurrected the
show in 1979 with the permis-
3 Since late 2018, the com-
3 Adds espresso brewed at the hot bar.
4 Goes to cold bar to grab a blender.
8 Venkatakrishnan, who previ-
7 Returns the blender to the sink.
8 Finishes the drink at the hot bar with
extra caramel drizzle and a lid.
“We have to ask ourselves,
how do we exceed the expecta-
tions of both our people and
our customers in an environ-
ment where the stores weren’t
designed for that?” he said.
Soon after Mr. Schultz re-
turned as interim CEO in April,
he and other executives fanned
out across the country to try to
better understand the work-
force and how they wanted
their jobs to change. Workers
cited problems with store de-
signs, equipment and kitchen
resources.
“My store is heavily re-
stricted by its design. Store
desperately needs a remodel to
cope,” one Starbucks executive
wrote while listening to barista
feedback during one session.
Baristas’ frustrations played
into a unionization effort that
began last year. As of Monday,
the National Labor Relations
Board has certified unions at
211 of Starbucks’s roughly
9,000 U.S. locations, and votes
against unionization at 37 loca-
tions.
Workers have lobbied for
better pay, equipment and op-
erations.
Tensions flared recently at a
Starbucks in Anderson, S.C., af-
ter union workers pressed the
store manager about working
conditions and requested new
ovens and espresso machines.
Starbucks said the manager
later called the police after
feeling threatened by the
METV
sion of Jerry G. Bishop, who
originally hosted it between
1970 and 1973. For decades,
the show was available only in
the local Chicago market,
where it is taped.
That changed in 2011, when
“Svengoolie” moved to MeTV,
a Chicago-based over-the-air
network that broadcasts na-
tionwide and is available on
some cable and satellite pack-
ages. The network started air-
ing the show in prime time on
Saturdays, which coincided
with a spike in viewership.
MeTV, which is known for
playing reruns of older TV
shows such as “The Andy Grif-
fith Show” and “The Three
Stooges,” has recently become
THE WALL STREET JOURNAL.
4 velop new beverages, equip-
7 General Electric Co. that devel-
workers, and the company sus-
pended some of the employees
pending an investigation.
Starbucks Workers United
said the baristas were demand-
ing better working conditions
in their store, as allowed under
federal labor law.
Jon Hudson, a union barista
there, said workers want to
make drinks and food for cus-
tomers as quickly as possible,
but the store’s layout and
equipment often get in the
way. The current oven, he said,
can heat only one type of food
at a time, leading to logjams
when orders pile up for various
breakfast sandwiches and
baked goods.
“We love our regulars. We
have their orders memorized,”
said Mr. Hudson, who has
worked for Starbucks for more
than four years. “We know it’s
annoying to wait for that food
or when our equipment is
down.”
Starbucks has upgraded
equipment periodically, includ-
ing in the past year adding
espresso machines that can
pull three shots for complex
orders, rather than two. The
pandemic delayed some of the
equipment installations, the
company said.
Last year, amid workers’
calls for better store condi-
tions, Starbucks executives
formed a team to focus on
what more they could do to
improve cafe operations and
available on streaming
through two TV-over-internet
bundles, Frndly TV and Philo,
but many “Svengoolie” fans
still use old-fashioned meth-
ods to watch the show on
broadcast TV.
“I’m actually buying an an-
tenna for our TV just for
‘Svengoolie,’ ” said Adam
Keith, 39, of Nashville, Tenn.,
whose previous antenna broke
during a recent move. Mr.
Keith said he and his wife,
Lindsay Cordes, 37, started
watching about four years ago,
after learning about it through
her father.
Many fans have found the
show by accident.
Annette O’Toole discovered
it during the pandemic while
staying in Vancouver, where
she was filming Netflix Inc.’s
“Virgin River,” in which she
plays the town’s mayor. She
stumbled on the show one Sat-
urday evening after filming.
“I was so taken with him,”
Ms. O’Toole said of Mr. Koz.
“He was so charming and
funny.” The two now occasion-
ally correspond on Twitter.
Another celebrity is ru-
mored to be a fan of the show:
Lady Gaga, who a couple of
years ago posted a photo of
herself on Twitter in which
she wears a hoodie that ap-
pears to feature the “Svengoo-
lie” signature rubber chickens.
Representatives for Ms. Gaga
didn’t respond to requests for
comment.
Social media is helping fans
connect with Mr. Koz and one
.
productivity. They gathered at
the Tryer Center to try to
speed up the time it took Star-
bucks to launch new ideas.
Idea lab
pany has used the space to de-
ment and cafe procedures. It
age developers and engineers
to figure out how to carve sec-
onds off the time it takes to
prepare coffee drinks, particu-
larly complex cold ones. It con-
ducted motion studies to mea-
sure how long it took baristas
to walk across the floor to
pump extra syrup, among
other tasks.
Engineers mocked up de-
signs for the cafe prep area,
producing prototypes with a
bank of 3-D printers. Techni-
cians studied such things as
milk dispensers, ice machines
and the size of dispensers for
dried strawberries and dragon-
fruit.
“Every second matters with
customers waiting,” said Mr.
oped industrial cooling and
lead the construction of the
Tryer Center space after join-
ing the company in 2017.
In April of this year, on Mr.
Schultz’s first day back as CEO,
he asked Mr. Venkatakrishnan
during an internal company
address to demonstrate “some-
thing quite mundane but im-
portant.” Mr. Schultz told as-
sembled employees that he had
gone to the Tryer Center skep-
tical about what was happen-
ing there, until Mr. Venkat-
akrishnan showed him a
prototype of a portable
blender.
The prototype could whip
foam faster than the blender
currently in use, and closer to
a store’s espresso machines.
The machine could save baris-
tas one trip across the cafe
floor, executives said.
“Every store should get two
of these by next year,” Mr. Ven-
katakrishnan said, holding up
the portable blender.
“This is a big thing,” Mr.
Schultz said.
Starbucks has told employ-
ees that the company hopes to
have new equipment and de-
signs rolling out to its stores in
the next three years. Investors
and Wall Street analysts said
they are eager to hear how
much the work will cost and
how it will improve productiv-
ity.
In August, Starbucks re-
ported U.S. quarterly sales that
outpaced analysts’ expecta-
tions, but costs also have
grown.
During an internal company
forum, Chief Financial Officer
Rachel Ruggeri listed other
challenges, including inflation
and losses in the company’s
China business. Starbucks
needed to invest in its stores
and business overall to help it
grow again and improve em-
ployee retention, she said.
“It’s certainly not where we
need to be,” she said, “but
we’ve seen signs of green
shoots.”
another. Many live-tweet the
show on Saturday nights using
the “svenpals” hashtag.
Ms. Rhodes, the Dallas ra-
dio worker, frequently tweets
about her love of the show,
which led her to meet Mr. Koz.
She gave him a hand-painted
“Svengoolie”-themed skate-
board that now occasionally
gets screen time. Mr. Koz said
most of the items on set are
tchotchkes sent by fans.
“I’m very grateful for the
loyalty of the fans,” Mr. Koz
said. “I hear from people who
say they’ve been watching
since I first came on in 1979,
and the fact they haven’t—I
don’t know how better to say
it—outgrown me, is very flat-
tering.”
Ms. Rhodes said “Svengoo-
lie” reminds her of local pro-
gramming she used to watch
as a child. “It’s comfort food
for the mind,” she said.
Daniel Stempien, a 41-year-
old Chicago-area native, said
his father introduced him to
the show when it was just a
local phenomenon. He has
watched ever since, and says
“Svengoolie” served as an in-
spiration for his career: He
makes sets for haunted
houses, TV shows and conven-
tions, where he occasionally
runs into Mr. Koz. He said he
tried to get his own son to
watch the show—unsuccess-
fully.
“He doesn’t like lame, dad
jokes,” Mr. Stempien said of
his 12-year-old son. “He
doesn’t even laugh at mine.”

PERSONAL JOURNAL.
© 2022 Dow Jones & Company. All Rights Reserved.
PHOTO ILLUSTRATION BY CHAYA HOWELL/THE WALL STREET JOURNAL, ISTOCK, PIXELSQUID
Airline Wi-Fi’s Game of Chance
In-flight service is getting faster and cheaper for some, but prices can still vary coming and going
CARRY ON
DAWN
GILBERTSON
D
elta Air Lines has
been touting speedy
$5 Wi-Fi for months.
So McKenzie Ross was
flabbergasted when
she logged into the
airline’s system on a flight from
Boston to Seattle in May. The
price to connect: $39.95.
“I thought I had made some
mistake and that that was the
monthly subscription fee,” the 37-
year-old marketing vice president
from Tacoma, Wash., says.
Airlines are finally introducing
cheaper, faster Wi-Fi, a rare bright
spot in air travel this year. If this
is news to you, it’s hardly surpris-
ing: The mix of prices and connec-
tion speeds is still messy as air-
lines upgrade internet connectivity
plane by plane. That’s why you
How to Dig Out From
An Avalanche of Texts
PERSONAL
TECHNOLOGY
JOANNA
STERN
Me: Coffee next week?
Friend: Sure! How about
Wednesday?
Friend: Hello?
Friend: Are you free?
Me: So sorry! I totally missed these.
I got waylaid by the pediatrician,
the electrician and the dog groomer.
N
o, those three people didn’t
walk into a bar. Instead, they
were congregating in my
Messages app—along with texts
PHOTO ILLUSTRATION BY ELENA SCOTTI/THE WALL STREET JOURNAL, ISTOCK; SHUTTERSTOCK
about appointments, 20%-off sales,
two-factor codes and the where-
abouts of my FedEx packages.
Somewhere along the way, texting
became the new email. Why? Be-
cause the last time email was truly
fun was back in a 1998 rom-com.
Flooded with impersonal emails, our
email inboxes have become a chore.
(But please subscribe to my weekly
newsletter!)
Messaging—whether via tradi-
tional SMS texting or apps such as
WhatsApp or Signal—makes com-
municating faster, more efficient
and fun. Over 80% of people in the
U.S. read their texts within 15 min-
utes of receiving them. At least,
that’s according to a January survey
commissioned by EZ Texting, an on-
line platform that provides texting
tools for companies.
Messaging apps are no longer a
place just for close friends and fam-
may find yourself on a flight with
blazing fast Wi-Fi for $8, or one
that could have a slower connec-
tion that costs nearly $40.
Airlines say outliers like $39.95
for Wi-Fi on cross-country flights,
which costs only $10 less
than most airlines’
50%
monthly domestic Wi-Fi
passes, will eventually go
away. Delta, which ex-
pects the majority of the
planes in its domestic Jump in Wi-Fi
fleet to have $5 Wi-Fi by usage on Alaska
year’s end, says Ms. Air after $8 charge
Ross’s flight was on a started in April
plane equipped with an
older system that has dy-
namic pricing set by the
provider. Delta sees fast Wi-Fi as
so important, it added a “faster
Wi-Fi” label to flight search results. monize” the systems and prices,
Alaska Airlines announced a
flat $8 rate on planes equipped
with satellite Wi-Fi service in
April and expects most of its
planes to have it by early 2023. It
still has variable pricing on about
ily; they’re now also where we sync
with class parents, business contacts
and every expected attendee of the
coming family reunion. (Uncle Claude,
you don’t have to keep signing your
name at the end of every five-para-
graph message.)
Naturally, everyone wants to
meet us where we’re the most
engaged and responsive.
Only we can’t be engaged and
responsive if we can’t sort the
important from the unimportant.
The result is that messaging
apps have to be more like email,
with filters and other tools to
give priority to the notes we ac-
tually want.
Apple’s coming iOS 16 and
other recent iOS and Android
updates give us some control
over the growing chaos. We’re
going to need more.
‘STOP’ the texts
Whether from my sprinkler-system
guy or CVS, most messages I get
from businesses are helpful.
“We don’t want these messages
to turn into stuff you ignore,” EZ
Texting co-founder and chief mar-
keting officer Punit Shah told me.
His company advises clients, rang-
ing from retailers to universities, to
focus their texts on timely and
pressing matters, like appointments,
payment reminders and delivery
updates.
What these businesses really
don’t want is for you to use your
secret superpower: unsubscribe. If
you no longer want to get texts
from a business, respond with four
THE WALL STREET JOURNAL.
30 of its 170 Boeing 737s with
slower Wi-Fi.
“As we convert those aircraft
to satellite, they’ll come down in
price,” says David Scotland, the
airline’s manager of in-flight con-
$5
Cheapest fee on
some Delta flights
vs. $39.95 on
other of its trips
nectivity and entertainment.
Airlines’ end goal is to “har-
says Daniel Welch, co-founder and
in-flight connectivity specialist at
Valour Consultancy, a U.K.-based
market-research firm.
“The passenger can’t be ex-
pected to understand why they’re
simple letters: STOP. (Lowercase is
fine, too.) The business should auto-
matically stop sending you mes-
sages. You can also try “UNSUB-
SCRIBE” or “END.”
One caveat: If you think a mes-
sage is a scam, where someone is
trying to con you into responding
or clicking some nefarious link,
think twice before replying at all.
It’s best to just report the text and
block the sender.
Mark as important
I never would have forgotten to re-
spond to my dear friend’s coffee
text had I been able to mark the
message as important and come
back to it later—or at least that’s
what I’m telling her.
Starting soon, iPhone users will
be able to do just that in Apple’s
Messages app. In iOS 16, expected
Thursday, September 1, 2022 | A9
paying $39 on one and not on the
other,” Mr. Welch says.
Confusion is high now, given the
pace of change in Wi-Fi prices and
service on U.S. airlines this year.
Delta, Alaska and United Air-
lines all switched from
dynamic pricing based
on route, flight length
and other factors to a
flat fee on some or all
domestic flights. Delta
charges $5, Alaska $8
and United $10, and less
for those who belong to
United’s frequent-flier
program or have its
credit card. United is the
only airline with a new
flat rate to offer it on all domestic
flights, regardless of provider.
(JetBlue Airways has always of-
fered free high-speed Wi-Fi.)
American Airlines is testing 20
or 30 free minutes of its satellite
Wi-Fi where available if you
watch an ad. Otherwise, its prices
remain dynamic. And Southwest
in just a few weeks, hold down on
the text thread and select “Mark as
Unread.” Or swipe to the right on
the chain itself and tap the mes-
sage bubble icon.
Most recent Android phones, un-
fortunately, don’t have such a fea-
ture, but you can mark a message
as important by starring it. The
whereabouts of the setting de-
pends on the phone you have, but
generally you
long-press
the mes-
sage
and the
option
will ap-
pear. You
can then
filter by
starred messages. You can
also quickly add a message to
the Reminders app.
Filter it all
Both iOS and Android have started
adding email-like filter or file op-
tions to their built-in messaging
apps.
On an iPhone, in the Messages
app, tap the Filters button. You can
now see your messages filtered
into a few different categories:
Known Senders, Unknown Senders,
Unread Messages. This is a good
way to separate out messages
from people in your address
book versus those from busi-
ness or just spam.
Google does far better than
Apple here. The latest Messages
app for Android (in the U.S. and In-
dia) has a conversation view. It
uses on-device machine learning to
sort messages from companies—in-
cluding two-factor authentication
codes—into Business, and mes-
sages from people in your address
book into Personal.
The Android feature that I
.
Airlines, which has long charged a
flat $8 fee for basic internet ser-
vice, has announced plans to up-
grade the Wi-Fi on its new Boeing
737s beginning this fall and is
boosting Wi-Fi equipment on ex-
isting planes. Southwest says
more than 150 planes have al-
ready been upgraded, with a total
of 350 expected before the end of
the year.
“We have less-than-acceptable
Wi-Fi,” Southwest Chief Executive
Bob Jordan says. “But the com-
mitment is that we’re going to
have terrific Wi-Fi for you that’s
going to meet your needs.”
Mr. Jordan says customer sur-
veys show that reliable Wi-Fi is
among the top five passenger re-
quests.
It’s all made possible by what
Valour’s Mr. Welch calls a “blan-
ket” of high-speed capacity as pro-
viders compete for business. Ha-
waiian Airlines plans to offer in-
flight internet for the first time
beginning next year using SpaceX’s
Starlink service, which Delta has
also tested, on trans-Pacific flights.
Even budget-minded Spirit Airlines
added Wi-Fi this year.
“In North America in particu-
lar, it’s just going to get better,
and better quite quickly,” Mr.
Welch says.
Travelers have taken to the
lower prices.
The percentage of Alaska pas-
sengers paying for Wi-Fi jumped
50% since the $8 flat rate made its
debut in April, a figure Alaska’s
Mr. Scotland calls “absolutely
huge.” The airline immediately no-
ticed a drop in usage of its free
movies and other entertainment
when the price dropped as passen-
gers streamed their own shows.
Alaska made the switch after
low price-satisfaction scores in
customer surveys. Those scores
have risen every week since, Mr.
Scotland says.
The popularity has the airline
rethinking its $49.95 monthly Wi-Fi
subscription plan, since it’s less of
a deal than it was previously. The
airline will probably tweak it rather
than eliminate it, Mr. Scotland says.
On her May trip to Boston, Ms.
Ross paid $8 on Alaska for the
flight out and the $39.95 for Delta
on the return. She added a note
to her expense report given the
glaring discrepancy in prices.
Betsy Mulé, a 27-year-old
early-stage venture-capital inves-
tor from Boston, paid two differ-
ent prices for Delta Wi-Fi on the
same cross-country trip for a
travel conference in August.
She snagged Delta’s new $5
flat rate on the flight from Boston
to Las Vegas but was charged
$29.95 on the return flight from
Las Vegas to New York. The inter-
net providers were different.
Ms. Mulé ticked off some of
the other prices she’s paid for Wi-
Fi on airlines this summer: $8,
$11, $13, $20.
“It’s just been totally all over the
place both on price and service,”
she says. “The thing is, you just
have no idea until you get there.”
most desperately wish would come
to iPhones? A setting that allows
the system to auto-delete mes-
sages containing one-time codes
for two-factor authentication after
24 hours. You can turn this feature
on in the Messages settings under
Message Organization.
Change the notification
All those features can help with
sorting and cleaning out your glut
of messages but it doesn’t help
with the fact that a text notifica-
tion to pick up your dry cleaning
still makes the same notification
ding as a text telling you to pick
up a sick kid at camp. That’s why
you have to change text tones for
the most important people in
your life.
On iOS, go to Contacts and tap
the name of the person whose text
tone you’d like to change. Tap Edit,
then tap Text Tone to select the
sound that’s most fitting for that
person. For anyone you dread hear-
ing from, might I suggest the Sus-
pense tone?
The steps can vary across An-
droid devices, but the following
worked on a Google Pixel 6 running
Android 12: Open a chat with a con-
tact of your choice, and tap the
three dots at the top right corner of
your screen. Tap Details then Notifi-
cations and Sound, then select the
sound you want.
All these tools help, but they also
remind me that it all starts and
ends with us. We decide who we
give our phone numbers to. If we
learned anything about email, it’s
that maybe we shouldn’t have given
out our personal addresses like Hal-
loween candy.
Either way, I’m really looking for-
ward to “You’ve Got Texts,” a series
about a dog groomer who falls in love
with a hair stylist via appointment-re-
minder messages. Netflix, text me.
 .

A10 | Thursday, September 1, 2022 NY THE WALL STREET JOURNAL.

PERSONAL JOURNAL.
stayed at the bedside throughout
ON THE
CLOCK
CALLUM
BORCHERS
Workers Who Never Left Feel the pandemic. Mr. Street, for in-
stance, says he took short-term as-
signments in one Covid hot spot

T
after another, even though his wife

he prodigal son of bibli-

cal lore gets a ring, new
sandals and a feast—with
fatted calf!—to celebrate
his return. For workers
just now going back to
offices, a more contemporary wel-
come can include company swag,
cold brew on tap and cash bonuses.
One thing is the same: the jeal-
ous looks from peers who consider
themselves more devoted and de-
serving.
Like the young man in the para-
ble, whose brother loyally stays on
the family farm and complains
that he’s underappreciated, many
resuming in-person work now have
colleagues who remained on site
throughout the pandemic or came
back a long time ago. And those
colleagues are a little annoyed by
the fanfare.
“Where’s the acknowledg-
ment?” says Cherokee Lindsay, a
banker in New York who staffed a
bricks-and-mortar branch in the
early months of the pandemic
while much of the finance sector
worked from home.
Mx. Lindsay, who uses a gen-
der-neutral honorific and pronoun,
recalls talking to customers
through glass doors when the
branch was closed to the public,
sometimes helping people who had
always banked in person learn to
use a mobile app.
Mx. Lindsay moved to a corpo-
rate job within the same company
in time to join colleagues return-
ing to a gleaming new office build-
ing and a food-filled, employee-ap-
preciation event this summer.
PHOTO ILLUSTRATION BY BEN GILES FOR THE WALL STREET JOURNAL
Sting as Returnees Are Feted
not paying attention to those who
have been around a while, making
sure that their efforts were valued
and continue to be valued, there
could be some division that under-
mines the purpose of bringing
people back in the first place.”
self-described, old-school boss in
Brooks Brothers suits and wingtips.
Resentments could These days he’s sporting polos
fester as companies and thinking up ways to woo back
his office staff. So far, he’s upgraded
toast another round of outposts in several cities with gyms
office returns. and regular visits from taco trucks.
was immunocompromised while
battling breast cancer.
Lots of others shifted to tele-
medicine or changed careers to join
the millions working from home.
Now, as more workers return to
hospitals, some can command five-
figure signing bonuses in places
where there are staffing shortages.
While Mr. Street says he welcomes
these prodigals because his profes-
sion badly needs reinforcements,
not everyone is so gracious.
“There are doctors and nurses
that are sour,” he says. “They have
some resentment at people aban-
doning us and then coming back—
you know, running from trouble
and then saying, ‘Hey, now that it’s
taken care of, we’re gonna come
back and help you guys out.’ ”
Seeking spiritual guidance for
the embittered, I called Bob
Massie, the rare business consul-
tant who in a previous career was
an Episcopal minister. He contends
the prodigal-son fable is really
about the protagonist’s long-suf-
fering brother, and the relevant
question for workers who’ve stuck
it out in person is this: “How are
you going to react when good
things happen to other people?”
Emma McCulloch says she’s glad
to see colleagues trickle back to the
tech company where she works in
California, even though their recent
arrivals have been marked by lun-
cheons, goody bags and team-build-
ing scavenger hunts that were
missing when she volunteered to
help reopen the office early this
year. She says the company didn’t
want to pressure people, and she
reasons that fun and games for the

Having been in both camps they
say the business world is celebrating
people who return to their desks but
largely taking for granted those who
never left. “I do get upset” about the
imbalance, Mx. Lindsay says.
Resentments could fester as
companies toast (often literally, with
boozy reunions) another round of
office returns this month. Comcast,
Apple and Peloton are among firms
pushing to significantly boost head
counts in offices after Labor Day.
“Tension is a real risk with this
group,” says Kristie Rogers, an as-
sociate professor of management
at Marquette University. “If we’re
She adds workers who believe
their in-person contributions are
not sufficiently rewarded may quit
or “quiet quit,” staying in a job but
doing only the bare minimum.
Keeping everyone satisfied is es-
pecially difficult since many work-
ers feel empowered to resist office
callbacks and expect new perks in
exchange for showing up. Those
who’ve long been working in person
can hardly be blamed for resenting
the incentives—why weren’t they
offered sooner?—even though the
benefits are available to all.
“I sit on several CEO councils,
and the No. 1 thing we talk about
I told him he’s gone soft.
“Oh, my gosh, I know!” he said.
“My old drilling instructor would
is the labor shortage,” says Bart be killing me right now.”
Valdez, who leads Cincinnati-based He says he’s been careful not to
Ingenovis Health, a medical staff- overlook his in-person stalwarts
ing firm. “The second thing we while showering perks on those
talk about is: What are you doing who are only now coming back—
to get your employees to stay en- and part-time in many cases.
gaged, stay working and at the of- Ingenovis recently rolled out gym
fice? It’s really a challenge.” memberships and career develop-
This from a Navy veteran who ment services for its medical
was a stickler for office attendance workers but, alas, no tacos.
before the pandemic, insisting that One of the company’s traveling
his 1,500 employees with desk jobs nurses, Grover Street, told me
show up like his company’s 10,000 healthcare professionals are split
front-line medical workers. He was a within their own ranks. Some
first returners would have signaled
a preference for in-person work.
Still, Ms. McCulloch hopes com-
panies like hers will remember the
harder-to-measure contributions of
people who returned to the office
early. While those who worked
from home longer posted big pro-
ductivity numbers, free of commute
times and distracting conversa-
tions, she and her office colleagues
were mentoring interns and build-
ing camaraderie over coffee.
She’s not looking for a feast in
her honor, but “I think you have to
look at productivity in a different
way,” she says.

Planning for Retirement Means

More Than Saving in Your 401(k)
BY VERONICA DAGHER that used her operations be available to care for their

M
background. The client de- two younger children.
ost Americans don’t cided that volunteering to She took on the responsi-
have a retirement do work for which she used bilities but it left little time
plan, even the ones to get paid wasn’t fulfilling. for her other interests. She
who max out their 401(k)s. Instead, she volunteered at later negotiated a caretaking
Building a nest egg is es- a hospital, exercising her schedule around her classes
sential, but that alone isn’t more spiritual side. and found a better balance.
the same thing as mapping Ms. Collamer’s husband, “Don’t let other people’s
out what to pursue in your Joel Collamer, 66, a former needs override yours,” said
post-career decades. information-technology con- Ms. Smith.
New retirees who neglect sultant, enrolled in classes to
to plan can flounder without become a master naturalist. Fight boredom
the structure of their careers. He now volunteers giving While people gain time and
It takes about two years tours at the local wildlife pre- freedom in retirement, they
to settle into retirement, re- serve and writes articles may lose routine, identity and
search suggests.
The anxiety
around this life
transition has led
some to turn to
retirement
coaches to help
them adjust to
the shifting
schedules and
priorities. Such
coaches typically
charge between
$150 and $300
hourly.
“People spend
more time plan-
ning a two-week
vacation than a
lifetime of retire-
ment. You need a
thoughtful plan,”
said Jaye Smith,
a retirement
coach and co-
founder of Reboot Partners. about nature for a commu- mental stimulus, said Robert
PHOTO ILLUSTRATION BY GUILLEM CASASUS AND RICARDO REY FOR THE WALL STREET JOURNAL

Here are a suggestions nity newsletter. Laura, a retirement coach

from coaches on where retir-
ees tend to struggle in this
transition, and what helps
people make the most of this
next chapter:
Take time to experiment
Think of the first year of re-
tirement as a gap year, said
Nancy Collamer, a retirement
coach in Langhorne, Pa. Use
the time to explore new in-
terests, take courses and ex-
periment with your schedule.
“Don’t expect to have a
complete plan on day one,”
said Ms. Collamer.
Talk to nonprofits about
volunteer needs, reconnect
with old friends or take that
long-awaited vacation.
One of Ms. Collamer’s cli-
ents tested out several vol-
unteer and consulting gigs
Set boundaries
Staying on part-time at work
to help a team transition is
often a good way to ease
into retirement, said Reboot’s
Ms. Smith. But set clear
boundaries. If your company
is paying you for two days a
week, work two days a week.
Doing more than agreed on
will end up in delayed retire-
ment and frustration.
It’s the same with family.
A client of Ms. Smith re-
tired, sold her home and
went back to school for a
second master’s degree. Her
son had recently bought a
new home that had a sepa-
rate cottage where this client
could live comfortably. The
client’s son and daughter-in-
law assumed that she would
and founder of the Retire-
ment Coaches Association.
Without a plan, some end
up spending most of their
day watching TV or online or
even excessively drinking.
Other people think they
should do nothing but play
golf, said Joanne Waldman, a
retirement coach in St. Louis.
They often become bored.
She asks clients to con-
sider what would cause them
to have no regrets about
how they spend their time.
Work on building what you
consider an ideal life before
you retire to ease the adjust-
ment, said Mr. Laura. For ex-
ample, start a healthy eating
routine today, socialize with
friends, and stay involved in
the community before you
give your notice, he said.

THE WALL STREET JOURNAL.
9/11 TRIBUTE MUSEUM (2)
CULTURAL COMMENTARY
At the 9/11 Tribute
Museum, Loss
Compounded
BY DOMINIC GREEN
T
New York
he 9/11 Tribute Museum
in Lower Manhattan
closed on Aug. 17, just
short of the 21st anni-
versary of the 2001 ter-
rorist attacks. New York
has lost a unique testimonial to
the darkest day in its modern his-
tory. The community of survivors,
first responders, family members
and witnesses that built it is los-
ing its second home.
The Tribute Museum has no
connection with the vast official
statement that is the National
September 11 Memorial & Mu-
seum. “Tribute,” as its close-knit
team calls it, was founded by the
September 11th Families’ Associa-
tion. Developing naturally from
unnatural grief, it opened in Sep-
tember 2006 in the Liberty Deli,
opposite the World Trade Center
site and next to the FDNY’s En-
gine 10 and Ladder 10 Firehouse.
In 2017, it moved a few minutes’
walk south to larger premises at
92 Greenwich St.
Tribute was a compact, power-
ful and highly personal reckoning
with the worst assault on Ameri-
can soil since Pearl Harbor. A la-
bor of love, it collected over 2,500
pieces of memorabilia—from fam-
ily photographs to an airplane
MUSIC REVIEW
A Duo
Distills
Stravinsky
BY TIM PAGE
T
he transformation of an estab-
lished classic can be a risky en-
deavor, and the effort doesn’t
always pay off. Who wants to see a
great, stark black-and-white film—
“The Best Years of Our Lives,” say, or
the early works of Ingmar Berg-
man—that has been colorized by a
computer program?
Latter-day rearrangements of
classical music are more likely to be
successful. The music of J.S. Bach
can be conjured on the synthesizer,
scat-sung by a vocal group, and even
played in arrangements for jazz trio
or saxophone quartet. The composer
himself had happily recast his violin
concertos for the keyboard and recy-
cled choruses into sinfonias. He
seemed more interested in the mel-
ody and structures of his pieces
than in the actual sound of the par-
ticular instruments on which they
were played.
Such reconfiguration doesn’t al-
ways work. Chopin’s music sounds
best on the piano for which it was
written; after-the-fact orchestrations
ANTEK OLESIK
seem grafted on. A different prob-
lem arises with the Viennese com-
poser Anton Webern, who was so
acutely concerned with the precise
ARTS IN REVIEW
window retrieved from Ground
Zero and a menu from the Win-
dows on the World Restaurant,
found in a nearby street—to chart
both the horror of the day and the
journey of recovery and recon-
struction that continues.
It also served as a massive
therapy program for the 9/11 com-
munity. According to Tribute CEO
Jennifer Adams-Webb, one mother
of a dead firefighter said that vis-
iting every Monday and talking
about her son sustained her.
The museum’s 953 volunteer
guides were family members, sur-
vivors, rescue workers and Lower
Manhattan residents. Their testi-
mony retained the rawness of
what Ms. Adams-Webb calls “per-
son-to-person history”: an inti-
mate and human counterpoint to
the official site up the street. The
guides included a woman who
jumped into the river to escape
the rolling dust cloud after the
collapse of One World Trade Cen-
ter, and a ferryboat captain who
sailed back and forth, carrying
New Yorkers to safety on the New
Jersey side of the Hudson River.
Over the first 13 years of its ex-
istence, the museum received
more than five million visitors—
nearly half tourists from 141 coun-
tries—and its guides gave more
than 500,000 tours.
Then Covid-19 struck. Pre-pan-
Vesna Duo:
Liana Pailodze
Harron
and Ksenija
Komljenović
sound of his music that any altera-
tions will leave a mark. The fourth of
Webern’s “Five Pieces for Orchestra”
(Op. 10), for example, lasts only 30
seconds, yet it is scored for nine di-
verse instruments, would be affected
by the change of a single note, and
would be utterly incomprehensible
played only on the piano.
The seismic modernist Igor Stra-
vinsky would seem an insuperable
challenge to any would-be tran-
scriber, particularly his most cele-
brated work, a 35-minute ballet
known in English as “The Rite of
Spring.” Although it was created on
the piano, augmented to two pianos
The interior of the recently shuttered 9/11 Tribute Museum, above and top
demic, Tribute averaged 300,000
visitors per year; in 2021 it had
just 26,000. The museum had no
endowment; it relied mainly on ad-
mission income, and it had last
been in the black in 2016. So in
March, Ms. Adams-Webb an-
nounced that, unable to cover its
$2.5 million operating budget and
unsuccessful in its appeals to New
York state officials and founda-
tions, the museum would close
without help—help that it never
found. It wasn’t the only nonprofit
to take a financial hit during the
pandemic, or the only one forced
to shutter as a result. But it is,
and then first played privately in a
version for piano, four hands (the
second pianist was Claude De-
bussy!), for most listeners it is hard
to imagine it any other way than in
the brilliantly colored rendition for
large orchestra (up to 100 players or
more) that shook the world after its
Paris premiere in 1913.
And yet my favorite new record-
ing of this long hot summer may be
the Vesna Duo’s new transcription of
“The Rite of Spring,” played on noth-
ing more than piano and marimba. If
it may be described as a microcosm
of Stravinsky’s piece, it is such a
thoughtful and unusual reading that
Thursday, September 1, 2022 | A11
without a doubt, one of the most
culturally significant.
Most of Tribute’s collection, in-
cluding a steel girder from one of
the Towers, has gone to the State
Museum in Albany. Last week
Tribute board member Peter Bit-
winski, who was at his desk on the
69th floor of the North Tower
when the first plane struck 24
floors above, delivered the last of
4,000 visitor response cards to the
New York City Municipal Archives.
The FBI is taking the 16-panel me-
morial wall that names every one
of the 2,753 victims of the attacks
in New York.
it invites the listener to re-examine
and hear the “Rite” anew. (Product
information, along with a YouTube
video of them performing it, can be
found on their website,
vesnaduo.com.)
The Vesna Duo—named for a
Slavic goddess of youth and spring-
time—consists of the pianist Liana
Pailodze Harron and the percussion-
ist Ksenija Komljenović, from the Re-
publics of Georgia and Serbia re-
spectively. Now based mostly in the
U.S., the two had planned to present
a concert together at Carnegie Hall
right before the Covid-19 virus shut
down New York and then much of
the world.
Ms. Komljenović made the ar-
rangement. She had played in a Bel-
grade Philharmonic performance of
“Rite” many years earlier and had al-
ways wanted to explore the music
further. “I was not sure whether I
was capable of producing anything
worthy,” she wrote in notes for the
recording. “The only thing I was cer-
tain of was that I loved this music
dearly and that I had plenty of time
on my hands. Several months,
emails, phone calls, recordings, and
travels-to-rehearse later, our version
of the ‘Rite of Spring’ for marimba
and piano was born on stage—fully
memorized and blister-causing for
both of us.”
Most of Stravinsky’s orchestral
“touches” are eliminated, of course.
The eerie, bird-like cry that begins
the piece, originally scored for the
bassoon high above the top of its
usual register, is here, coaxed tenta-
tively from the marimba Moreover,
there is no way for two players to
.
Eighteen thousand photo-
graphs, donated by the families of
the victims, were displayed in
Tribute’s Remembrance Room.
The licensing for their use expires
with the museum, so it’s hard to
imagine them being seen again.
Those, and a piece of New York
City history that is barely in the
past, are going down the memory
hole.
Budgetary issues have
closed the doors of one
of the tragedy’s most
intimate memorials.
Last Friday, Ms. Adams-Webb
was overseeing Tribute’s closure
with Mr. Bitwinski. Wires dangled
from the walls where video and
interactive screens once hung. All
but one of the display cases were
empty. It held a lump of scorched
and melted metal along with a
torn and dirty firefighter’s jacket.
Jonathan Ielpi of FDNY Squad
288 was a 29-year-old father of
two who disappeared when the
Towers collapsed. His retired fire-
fighter father, Lee, carried Jona-
than’s remains from Ground Zero
in December 2001. His jacket,
whose front was still buttoned
but whose back was torn from
shoulder to waist when it was
found, is going to a firehouse on
Long Island, along with the lump
of metal.
Tribute was a genuine expres-
sion of New York’s living history,
born from the loss and the defiant
pride of the ordinary people whose
lives, like so many on that terrible
day, were changed in extraordinary
and lasting ways. Now it is gone.
Mr. Green is a Journal contributor
and a columnist for the Washing-
ton Examiner.
make nearly as much sound as an
orchestra nor to execute every one
of the complicated rhythms that
were once judged all but unplayable.
Yet there are many compensa-
tions. Despite some six decades of
familiarity with the “Rite,” I found
fresh details as I listened again and
again. The very absence of elabora-
tion lets one appreciate some essen-
tials of the music more directly. And
its skeletal form is clear and unclut-
tered; sometimes it seemed as
though the Vesna Duo were offering
a magnificently intricate X-ray. We
hear the score not above an orches-
tral bedding but against a back-
ground of looming silence.
Central to the success of this ef-
fort is the choice of instruments.
The timbres of piano and marimba
are very different, yet the combina-
tion is richly sensual. In addition,
both are percussion instruments of a
sort, yet have the capability of enor-
mous dynamic range, loud to soft,
from one chord to the next. So while
there is a tender, caressing quality to
much of the playing, that does not
preclude some spectacular climaxes.
Purists need not worry: Stravin-
sky’s original “Rite” is not going any-
where and will be played wherever a
virtuoso orchestra can be found. Still,
as a fresh perspective on a master-
piece, the Vesna Duo’s performance
is smashingly effective.
Mr. Page is a professor emeritus of
musicology at the University of
Southern California. He won the Pu-
litzer Prize for criticism in 1997 and
is the author or editor of more than
20 books.
 .

A12 | Thursday, September 1, 2022 * *** THE WALL STREET JOURNAL.

SPORTS
There’s Still
‘No End’
For Serena
At Open

FROM TOP: NORM HALL/GETTY IMAGES; MICHAEL CATERINA/SOUTH BEND TRIBUNE/ASSOCIATED PRESS
BY JIM CHAIRUSMI
AND JOSHUA ROBINSON

The cover of Wednesday’s U.S.

Open program featured Serena Wil-
liams with the headline “No End to
Her Greatness.”
By the end of the evening, that
continued to be as true as ever. The
40-year-old Williams, who is play-
ing in her final U.S. Open, showed
she still has the firepower to com-
pete with today’s top players, beat-
ing No. 2 seed Anett Kontaveit of
Estonia, 7-6(4), 2-6, 6-2, in a dra-
matic second-round match at Ar-
thur Ashe Stadium.
Williams has now officially ex-
ceeded expectations by advancing
past the second round of a tourna-
ment in which many believed she
would make an early exit on her
way to retirement. The idea that
she was destined to be knocked out Marcus Freeman was Notre Dame’s defensive coordinator in 2021 and coached the team in last season’s bowl game. The Irish play at No. 2 Ohio State on Saturday.
quickly was so prevalent that the

A Nightmare First Assignment

Open staged a retirement bash for
Williams on Monday night—which
turned out to be after a match that
she won. There was so little prepa-

For Notre Dame’s New Coach

ration for her advancing that, after
her win on Wednesday, a rerun of
the Oprah Winfrey-narrated tribute
from Monday was replayed.
Now that she’s made it this far,
however, the new conventional wis-
dom may be that all bets are off.
Marcus Freeman inherited the No. 5 team in the country, but kicks off the season at Ohio State
She advances to play Ajla Toml-
janovic of Australia in the third
round on Friday. BY LAINE HIGGINS “The opportunity to play a great diana” who was distraught by the ana State after an 11-win season

I
“There’s still a little left in me. team, in what I’m sure will be a team’s 3-9 record in 2007. during which he became the win-
We’ll see,” Williams said in an on- t’s tough for any coach to take hostile environment in Columbus, Notre Dame’s fan base may be ningest coach in school history.
court interview after the match. over the football program at Ohio,” Freeman told reporters this expecting a win on Saturday, but News of Kelly’s defection—and his
After losing in the first round at Notre Dame, arguably the week. “Any competitor wants this.” few others are. Even though Free- new $95 million 10-year contract—
Wimbledon and stumbling through most scrutinized in the na- Freeman is not new to Notre man’s squad is ranked No. 5, the leaked while he was on the road re-
the hard court calendar, Williams tion. It’s even harder for a Dame—he was the team’s defensive Buckeyes are currently a 17-point cruiting for Notre Dame. While the
had no regrets about coming back man who has never been a head coordinator in 2021 and coached favorite, according to Caesars coach was hurrying back to campus
to play this season after a year coach and is just two seasons re- the team in last season’s bowl Sportsbook. Being an underdog may on the university’s private jet late
away from the court. All she moved from being a coordinator in game—but he is still getting used to have some advantages for Freeman, that night, Kelly told his team, “my
wanted, as she closed in on her 41st a second-tier conference. the outsized expectations that come however. love for you is limitless” via text
birthday on Sept. 26, was one last Marcus Freeman has an even big- with coaching a team fans still ex- “You kind of can play a little and asked them to meet early the
run, however brief, at the major ger problem than his forebears in pect to win championships, even free,” Weis said. But while the situ- next morning. Their goodbye lasted
that started it all. his full-season debut as Notre though they haven’t won a national ation may neutralize the disap- all of 10 minutes.
Williams won’t have much time Dame’s head coach on Saturday. He title in decades. pointment of Notre Dame fans in The team was in emotional tur-
to rest. On Thursday night, she is has to launch his career with the “It’s America’s school because so the event of a loss, a win would im- moil when Freeman, then the defen-
set to team up with her sister, Ve- Fighting Irish on the road many people around the country mediately cause expectations to sive coordinator, was named as
nus, for an opening-round doubles against No. 2 Ohio State at “The follow it,” said Baer, now a defen- skyrocket. head coach on Dec. 3. But on paper
match against the Czech duo of Lu- Horseshoe,” the Buckeyes’ infamous sive coordinator at Montana. “It’s “If you win, all of the Notre it was still the No. 5 team in the
cie Hradecka and Linda Noskova. stadium. one of the toughest jobs there is.” Dame people are going to be abso- country bound for a New Year’s Day
Ohio State is the highest-ranked Weis, who was fired after com- lutely lunatic, they’re gonna be go- bowl game.
opponent that a Notre Dame head piling a 35-27 record as Notre ing crazy,” Weis said. “And all of Notre Dame coaches have a long
COREY SIPKIN/AGENCE FRANCE-PRESSE/GETTY IMAGES

coach has ever faced in the first
game of his first full season, since
the Associated Press launched its
preseason poll in 1950. On top of
that, the Buckeyes are both Free-
man’s alma mater and his former
employer; he was a linebacker there
from 2004 to 2008 before becom-
ing a graduate assistant in 2010.
“I don’t know if there could be
any more pressure,” said Kent Baer,
Notre Dame’s former defensive co-
ordinator, who served as an interim
head coach between Tyrone Will-
Williams advances to the third round. ingham and Charlie Weis in 2004.
Dame’s head coach from 2005 to
2009, knows how true that is. Weis
said the pressure of the job isn’t
just who is rooting for you, but also
who is rooting against you.
At Notre Dame, “You have your
fans and then you have your anti-
fans,” Weis said. “In most places
you have your fans and the rest of
the people don’t care what you do.
That’s not there.”
Weis said that he received multi-
ple death threats during his time at
Notre Dame—one of which came
from “some 16-year-old kid from In-
the anti-fans are going to be miser-
able.”
Ohio State’s advantage might
have been more pronounced had
Notre Dame’s coaching transition
followed the usual patterns. South
Bend, Ind., is a place where coaches
usually leave because they’ve re-
tired or been fired for failing to
meet the lofty expectations. Most of
the time, the team they leave be-
hind is not doing too hot.
That wasn’t the case in 2021,
when coach Brian Kelly made the
stunning choice to leave for Louisi-
history of success in their first sea-
son openers—something Freeman
has yet to experience. The univer-
sity’s previous 29 coaches have
amassed a 26-3 record in such
games dating back to 1894, accord-
ing to Stats LLC. The last time a
new leader lost his opener came in
1986, when a coach named Lou
Holtz lost to No. 3 Michigan, 24-23.
Holtz’s tenure in South Bend
turned out all right despite the loss:
When he retired from Notre Dame,
he did so as the first coach with 100
career wins since Knute Rockne.

Weather The WSJ Daily Crossword | Edited by Mike Shenk

Shown are today’s noon positions of weather systems and precipitation. Temperature bands are highs for the day.
70s 70s Edmonton 40s <0 1 2 3 4 5 6 7 8 9 10 11 12 13 Down 29 Column people
80s 80s are dying to
Calgary
70s 0s 14 15 16
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60s Vancouver
admirals appear in?
60s 50s 10s
Winnipeg 60s 17 18 19
Seattle 20s 2 Mustang, e.g. 31 Oscar winner
Portland 70s Mahershala
100s Helena 90s Montreal 30s 20 21
Bismarck Ottawa 3 Campfire
Billings 80s 70s Augusta 40s refreshment 32 City that includes
Eugene 22 23 24 25 26
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90s 80s Buffalo Hartford 27 28 29 30 31 4 Attack en masse Elephantine
Pierre Sioux Falls
Milwaukee Detroit 60s
Chicago w York
New 5 Player whose cap 33 Rough powder
Reno Salt Lake City Des Moines Pittsburgh 70s 32 33 34 35 36
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90s
Philadelphia features a
Sacramento 80s
Denver Springfield Washington D.C. 37 38 39 40 compass rose 34 FEMA, for one
San Francisco Topeka Kansas Indianapolis 80s 90s
70s City Richmond
Las Colorado St. Louis
Charleston 41 42 43 44 6 Panache 35 Michelle Obama’s
100s Vegas 100s Springs 90s Wichita Louisville
Raleigh
100+
alma mater
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Los Angeles
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80s Memphis
36 Aid for the back
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70s 11 Silent show 49 Energize
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Forecasts and graphics provided by AccuWeather, Inc. ©2022 THE IN CROWD | By Michael Schlossberg
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City Hi Lo W Hi Lo W Phoenix 107 86 s 106 87 c Hong Kong 90 82 t 93 82 pc 5 Like a crossword 32 Limerick lungful Fame 55 ___ Khan
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winner (bygone craft 57 Leisurely
Boise 98 63 s 102 68 s St. Louis 90 70 pc 88 69 pc London 75 62 pc 77 61 r 37 Slander
Boston 84 59 s 75 59 s Salt Lake City 101 70 s 101 72 s Madrid 90 62 pc 88 61 pc 14 Herbicide target brew) 58 Church section
Burlington 68 53 pc 79 62 s San Francisco 74 57 pc 73 59 s Manila 89 81 t 87 80 t 39 Zip 62 Hyped
Charlotte 90 67 s 90 69 pc Santa Fe 83 56 s 87 57 t Melbourne 60 47 c 54 45 c 15 “’Tis sad...” computer 26 Amorous 59 Class stats
Chicago 89 69 s 89 68 pc Seattle 83 58 s 82 59 s Mexico City 74 56 pc 74 56 t 40 Site of the product that’s assignation
Cleveland 79 60 s 85 66 s Sioux Falls 93 68 s 90 56 s Milan 80 64 pc 80 65 pc 16 Appliance brand 60 Classic Pontiac
Pont du Gard, a yet to be 28 Summoning
Dallas 84 72 t 87 71 t Wash., D.C. 88 68 s 88 72 s Moscow 58 43 pc 55 38 c founded in Iowa
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Los Angeles 97 72 s 91 72 s Bangkok 91 79 t 91 79 t Singapore 85 78 r 85 78 t 22 Fleet fellow M O N O C H R O M E F I L M
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New Orleans 91 78 c 87 75 t Dubai 103 87 s 103 87 s Vancouver 75 58 s 75 59 pc 24 Elect Society CEO Bill 68 Bad way to run R A Y J S L E E T T R O U
New York City 84 64 s 80 66 s Dublin 65 53 pc 67 55 r Warsaw 66 48 pc 68 49 pc O R E O U S E R S L I L A
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 .

THE WALL STREET JOURNAL. Thursday, September 1, 2022 | A13

OPINION
Speaking of ‘Semi-Fascism’ BOOKSHELF | By Dominic Green

Joe Biden,
former peace-
elections are indeed important
because the first two years of
make about their future are
increasingly stark.
Trump administration intro-
duced “one-in, two-out”
Anglo-German
Encounters
maker, has Mr. Biden’s presidency have The historians who told Mr. streamlining, where for every
become more become consequential. Biden in March 2021 to “go rule added, two had to be re-
than a little Inflation is the No. 1 issue big” like Franklin Roosevelt pealed. The Biden government
obsessed re- on voters’ minds now. But in knew what they wanted—a rescinded that initiative.
cently with 2020 the top issue was the U.S. economy actively directed Despite the pain of higher
WONDER
something Covid-19 pandemic. Whichever by government rather than costs for gasoline, home heat-
LAND
c a l l e d candidate won would be re- shaped by private economic ing fuels and indeed a historic
Coffee With Hitler
By Daniel
“MAGA.” sponsible for reviving post- choices. energy-related crisis in Eu- By Charles Spicer
Henninger
“MAGA Re- pandemic America by ad- For the Biden White House, rope over Russia’s invasion of (Pegasus, 392 pages, $29.95)

publicans” is
a phrase the president invokes
constantly.
He has chosen Indepen-
dence National Historical Park
in Philadelphia to give a
much-hyped speech Thursday
on MAGA and the “continued
battle for the soul of the na-
tion.” At a Democratic rally
last week he went deep into
his MAGA well, likening it to
“semi-fascism.”
One has to admit that
“MAGA” sounds weirdly sin-
ister, like the old political
joke about a candidate who
railed that his opponent’s
sister was a “known thes-
pian.” Mr. Biden surely
knows (or maybe he doesn’t
know) that MAGA stands for
Make America Great Again.
What’s not to like about that,
other than the guy who’s
making money selling red
MAGA hats?
Labor Day weekend marks
the push toward the midterm
elections. Meanwhile, the Bi-
den Justice Department is
keeping the news stocked
with pieces of the FBI’s raid
on Mar-a-Lago. Coincidence? I
think not!
We’re in an election cycle,
so on cue the Democrats roll
out the Donald J. Trump
monolith to frighten the pop-
ulation. Mr. Trump himself
never looks a gift horse in the
mouth.
Politicians go negative be-
cause negative works. The pity
here is that this November’s
dressing the multiple
disruptions to the country’s
economic and social life.
Mr. Biden ran and won as a
moderate. His presidency’s
policies have not been moder-
ate. The Democratic Party’s
two leading moderates are
Sens. Joe Manchin and
Kyrsten Sinema, who spent
most of the past two years
opposing Mr. Biden’s policy
goals, which quickly became
contiguous with the party
progressives Mr. Biden ran
against—Sens. Bernie Sanders
and Elizabeth Warren.
Let’s get in the semi-spirit
of this semi-moment by sug-
gesting that the Biden-Sand-
ers-Warren Democrats now
stand for semi-socialism. And
that their method for putting
much of their policy objec-
tives in place is semi-authori-
tarianism, which its propo-
nents simply call “bypassing
Congress.” That would be the
legislative branch that is the
product of millions of individ-
ual votes.
The Supreme Court’s recent
message in West Virginia v.
EPA was that “bypassing Con-
gress” can be, at the least, un-
constitutional.
Another word in our poli-
tics that is supposed to invoke
abhorrence is “polarization,”
as if it were only the result of
bloody-minded politicians. But
the policy initiatives of the Bi-
den presidency prove the two
parties are far apart, and that
the choices voters need to
addressing the country’s im-
mediate post-pandemic prob-
lems—high inflation, labor-
market distortions, supply-
chain impediments—is a
secondary concern, at best.
The two parties are
far apart on policy
substance, making
voter choices stark.
Instead, they are implement-
ing policies on an array of
longer-term goals, such as
healthcare, climate, education
and financial regulation.
The new legislation will let
Medicare introduce price con-
trols on pharmaceuticals. The
bill spends $369 billion to
achieve far-in-the-future cli-
mate goals, primarily with tax
credits for electric vehicles
and federal subsidies for re-
newables. Some $80 billion
for IRS enforcement will tar-
get the small and medium-size
businesses attempting to re-
cover from the pandemic’s
government-ordered disloca-
tions. As justification for Mr.
Biden’s massive student-loan
forgiveness order, the admin-
istration cited the fig leaf of a
Covid “emergency,” though in
fact this policy goal predates
the pandemic.
To reduce the suppressive
effects of regulatory excess on
private economic activity, the
Ukraine, the administration
has implemented policies to
eliminate the U.S. fossil-fuel
industry by banning pipeline
construction and shutting in
production leases.
The scale of Mr. Biden’s
use of executive orders is un-
precedented, making the issue
of semi-authoritarianism at
least a talking point. The po-
litical left of its nature recog-
nizes no limits on public
power. But other than world
wars, it isn’t clear the Ameri-
can people consider relentless
benevolent statism to be in-
side this country’s traditions,
as Mr. Biden now enthusiasti-
cally believes.
Congressional Republicans
are losing ground in polls
partly because of abortion but
largely because the party out
of power has no public self-
definition. Newt Gingrich,
along with the visionary Re-
publican Rep. Dick Armey,
overcame that minority sub-
stance problem before the
1994 midterms by issuing the
Contract With America.
But an unexpected oppor-
tunity has emerged. Mr. Bi-
den, by blurting out un-
scripted what he and many
progressive Democrats be-
lieve—that much of the coun-
try is now semi-fascist—has
opened a door to debating
whether his presidency is
semi-socialist. And whether
that’s where America wants to
go.
Write henninger@wsj.com.
T
he spy novels of Alan Furst are set in the late 1930s and
early 1940s. Their protagonists are usually oddballs and
loners hoping either to forestall the catastrophe of a
second European war or to survive it. Their covers typically
feature an anonymous man in a hat and overcoat walking
alone through a monochrome city to a secret assignation.
We know that Hitler will invade Poland and then Russia,
dooming his mission and the lives of millions. Yet the alter-
native past lingers on the page and in the imagination. Could it
have been different?
Charles Spicer’s “Coffee With Hitler” has the cover and
characters of an Alan Furst novel, but it is a true story of
double-dealers and shifting shades of gray. The book follows
three principal figures. Philip Conwell-Evans was a tailor’s son
and socialist intellectual from Wales. Ernest Tennant was a
butterfly-collecting Old Etonian from a “fantastically wealthy”
Scottish family with ties to the chemicals industry and the City
of London. Grahame Christie was a World War I fighter ace and
a former attaché at the British embassies in Berlin and Wash-
ington. Between 1935 and the outbreak of war in September
1939, these “well-intentioned obscure middle-aged” Britons be-
friended the senior Nazi leadership and lobbied their own gov-
ernment in an effort to avoid
another global conflagration.
The vehicle for their unoffi-
cial diplomacy was an organi-
zation called the Anglo-German
Fellowship. Founded in early
1935 to make trade, not war,
between Europe’s two largest
economies, the AGF was com-
posed of English and German
royalty, titans of industry,
members of the armed services
and both houses of Parliament,
and a sizable smattering of
fascists. Hindsight has judged the
AGF harshly, and Conwell-Evans in
particular as a fellow traveler, even
a traitor. Mr. Spicer, a first-time historian, uses new sources to
show that, though the trio was guilty of “naivety and gullibility,”
they performed a vital service as intelligence agents.
In 1935, Hitler was two years into his chancellorship. He
had launched a domestic war against his political enemies
and Germany’s Jews. He had massacred the leadership of the
SA militia to establish the supremacy of the SS and declared

Be Skeptical of the Democratic Comeback himself Führer. He had broken the Treaty of Versailles by
building the Luftwaffe, bringing in conscription and creating
the Wehrmacht. He promised to expand Germany’s borders,
By Karl Rove those figures will markedly saying a loan is a debt to be banning abortions without ex- make the country the master of Europe, and wage global war

D
emocrats are increas-
ingly confident, even
euphoric, about the
midterms. President Biden’s
approval numbers are rising!
He signed the Inflation Reduc-
tion Act! Gasoline prices are
falling! The Dobbs decision
mobilized women to defend
abortion! Canceling student
debt guarantees massive turn-
out of young Democrats! Dem-
ocrats will gain Senate seats,
and Speaker Nancy Pelosi may
hold the House!
Maybe. Or maybe not.
To me the trumpeting from
Democrats and their media al-
lies appears premature. This
extraordinary comeback sce-
nario seems to ignore underly-
ing realities and assume
things that aren’t true.
Start with Mr. Biden’s job
approval. It was 42.4% in the
FiveThirtyEight.com average
on Wednesday. That’s an im-
provement, but is it enough?
President Trump’s average at
this same point in 2018 was
40.3%. Republicans lost 42
House seats that November.
Does a roughly 2-point differ-
ence between Mr. Biden’s ap-
proval now and Mr. Trump’s
then mean Democrats can turn
defeat into a historic victory?
And it isn’t only the top-
line number that matters. In
NBC’s Aug. 16 poll the presi-
dent’s overall approval num-
bers broke down as 42% ap-
prove, 55% disapprove. But if
you look deeper, 44% of re-
spondents strongly disapprove
of Mr. Biden, while only 18%
strongly approve. That’s not
good and it’s unlikely that
improve over the next 10
weeks.
Then there’s inflation:
Prices were up 8.5% year-over-
year in July, a 0.6-point de-
crease from June but still
much higher than the 1.4%
year-over-year rate in January
2021, when Mr. Biden took of-
fice. Average gasoline prices
for all formulations were
$4.09 Wednesday, while they
were $2.42 in January last
year.
A few developments
have broken in their
favor, but they still
face huge challenges.
The Inflation Reduction
Act’s passage and inflation’s
recent modest slowing may re-
assure voters, but likely only
Democratic true believers can
look at a massive spending
package and think it will lower
prices. Swing voters may rea-
sonably conclude the law is a
gigantic mess of liberal spe-
cial-interest spending that
won’t lower the cost of gro-
ceries or gas. Team Biden is
also really overselling the act;
that tactic tends to backfire.
As for student-debt cancel-
lation, this giveaway’s cost—
estimated from $500 billion to
above $1 trillion—may cause
many Americans to conclude
it’s unfair and a political pay-
off to voters the White House
thinks won’t turn out for Dem-
ocrats otherwise. Some stu-
dent borrowers are already
paid back, not a burden to be
shifted to all taxpayers.
The abortion decision also
may not do as much for Demo-
cratic fortunes as the party
seems to think it will. It’s true
that since Dobbs, there’s been
a sharp rise in the number of
Democrats who consider abor-
tion a “very important” issue,
which could mean higher turn-
out for the party. Yet abortion
remains less important to the
whole voting population than
the economy, crime, immigra-
tion, education and other is-
sues that aren’t going well for
Democrats. In an Aug. 14 Pew
poll, abortion was only the
eighth-most-cited “very im-
portant” issue.
Democrats also attribute
their Aug. 23 New York con-
gressional special election vic-
tory to Dobbs. It may have
helped them win by 2.2%, or
2,858 votes, in a district Mr.
Biden carried by 1.5%. But the
contest was held the same day
as two high-profile Democratic
primaries in a district with
18,544 more enrolled Demo-
crats than Republicans. That
probably resulted in higher
Democratic than Republican
turnout, given that the GOP
didn’t have prominent primary
battles in that district.
Americans also remain con-
flicted on abortion. A July 24
CNN/SSRS poll found 63% dis-
approved of overturning Roe
v. Wade, while a June 14 Asso-
ciated Press poll found that
65% say abortion should be il-
legal in the second trimester
and 80% think it should be il-
legal in the third trimester.
Republicans who argue for
ceptions have a problem with
swing voters, but so do the
many Democrats who support
unlimited abortions at any
point in a pregnancy.
The GOP faces other chal-
lenges too, starting with the
fact that since Aug. 8, the na-
tional political focus has been
on the Mar-a-Lago search for
classified documents. This is
shifting the midterms from
being a referendum on Mr. Bi-
den’s failures to a comparison
between Mr. Biden and Mr.
Trump, which diminishes the
Republican advantage. An Aug.
10 Politico/Morning Consult
Poll found independents ap-
proved of the search by 47% to
33%. Those are voters Republi-
can candidates must win to
maximize GOP midterm victo-
ries. To do that they need to
change the subject from Mar-
a-Lago to a clear explanation
of what they will do if elected.
We’ll see more twists and
turns before November. Mid-
terms historically benefit the
party that doesn’t hold the
White House, but the political
environment that several
months ago was significantly
favorable to Republicans has
become somewhat less so.
Still, it’s hardly ideal for Dem-
ocrats. If Republicans make
the midterms a referendum on
Mr. Biden, they’ll do well, but
they have to finesse the docu-
ments controversy.
Mr. Rove helped organize
the political-action committee
American Crossroads and is
author of “The Triumph of
William McKinley” (Simon &
Schuster, 2015).
on Jews and Bolsheviks. Yet he also insisted that his territorial
goals were limited and that he wanted peace with Britain. If
Britain accommodated him, he said, it could keep its empire.
The British response has made “appeasement” a dirty word,
and for good reason. Mr. Spicer argues that whereas appease-
ment was “reactive and passive,” the effort to “charm, culti-
vate and connect” with the Nazi regime was “proactive and
dynamic.” None of his trio was a fascist or an ideological anti-
Semite. Before 1933, Christie saw that Hitler was as much a
product of German revanchism as its cause, and Tennant
called anti-Semitism “disgusting,” the “main obstacle to
better Anglo-German relations.”
Through the AGF’s German sibling, the Deutsch-Englische
Gesellschaft, the trio met “ardent senior Nazis” but also
Anglophiles, pacifists, diplomats and industrialists who dis-
trusted Hitler’s plans for autarky (economic self-sufficiency)
and also believed he could be managed. Whether shooting at
stately homes in England with Hitler’s ambassador Joachim
Ribbentrop, or taking coffee and cake with the Führer in
Berlin, they hoped to “civilize” the Nazis by building personal
trust and mutual respect: a premise for negotiations and the
concessions that might integrate Nazi Germany into the
European order, albeit at the expense of other nations.
British attempts to ‘civilize’ the Nazis in
the leadup to war failed, but the relationships
forged would yield vital intelligence.
Through these amateurs’ efforts, Sir John Simon, the
British foreign secretary, accompanied by Anthony Eden, met
Hitler in 1935. A year later, former prime minister David Lloyd
George embarrassed himself by visiting Hitler and praising
him. Meanwhile, the AGF became highly fashionable in
London, with dozens of its members attending the Berlin
Olympics in 1936. Most of the AGF’s members, Mr. Spicer
writes, were “culturally Germanophile rather than explicitly
Hitlerite.” Yet the AGF’s predecessor, the Anglo-German Club,
had folded because it had Jewish members, and the AGF’s
first secretary was pro-Nazi. Mr. Spicer is unable to confirm
the sources of its initial funding, though he cites MI5 reports
that the AGF had “sponsorship from the German authorities
and prominent National Socialists.”
Whatever the AGF’s lower echelons and members thought
about its goals, it was being used as a front for intelligence
gathering. Christie, a character from a John Buchan novel,
was already a “self-employed independent intelligence
agent.” Tennant shared the AGF’s honorary secretaryship
with one Capt. Melville Hawes, the former naval attaché at

Democrats Are the Party of the Overclass Britain’s embassy in Berlin. Christie and Conwell-Evans
reported to Robert Vansittart, the permanent undersecretary
at the Foreign Office who controlled access to the intelligence
By Batya Ungar-Sargon with that. But they’re doing it add insult to injury, they label while waiters and nurses services and vehemently opposed appeasement. The Soviets

P
resident Biden’s student-
loan forgiveness plan
will mostly benefit the
elites. The majority of those
loans are held by college grad-
uates, who on average make
$1 million more in their lives
than people who don’t have a
degree. How did progres-
sives—who claim to care
about the poor and working
class, about fairness and eq-
uity—end up pushing a bailout
for the wealthy at working
people’s expense?
Well, consider who pro-
gressives are—the whitest
and most highly educated
members of the Democratic
coalition. They’re advancing
their own economic interests,
and there’s nothing wrong
under a false pretense, cast-
ing it as a moral battle for the
indigent.
It isn’t the only example.
Consider the push for open
borders. Progressives cast it
From student loans to
Covid restrictions, the
left seeks to make the
wealthy wealthier.
in moral terms, as a way of
helping needy and oppressed
foreigners. In truth, open bor-
ders benefit consumers at the
expense of Americans who
work in industries undercut
by importing new laborers. To
you racist if you object.
The green agenda fits the
pattern too. Progressives zip
around in Teslas, a symbol of
both affluence and virtue,
while union members in the
energy sector lose their jobs.
Progressives push to release
mentally ill drug addicts into
working-class communities
where they prey on vulnera-
ble people of color—while
they themselves live in nice
neighborhoods with astro-
nomical rents, polishing their
halos.
Covid lockdowns worked
this way, too. Home values sky-
rocketed and privately edu-
cated children leapt ahead of
their Zooming public-school
counterparts. Affluent office
employees worked at home
braved the plague and then
were forced to take the vaccine
so the wealthy would feel com-
fortable being waited on.
Student-loan forgiveness
isn’t an aberration. It’s the
apotheosis of today’s progres-
sivism, which is devoted to
transferring wealth upward.
When you point this out,
Democrats typically ask:
What about Republicans
handouts to the rich? What
about the Trump tax cuts?
They have a point about the
other side, but it’s not much
of a defense.
Ms. Ungar-Sargon is dep-
uty opinion editor of News-
week and author of “Bad
News: How Woke Media Is
Undermining Democracy.”
even inserted an agent, a young Cambridge graduate named
Kim Philby, into the AGF’s office.
Britain’s security services had “failed in their attempts to
cultivate reliable sources” in the Nazi regime, so contacts like
Christie’s friendship with his fellow pilot Hermann Goering
were “intelligence gold.” The value of such ties rose further
as it became clear that the Nazis couldn’t be “civilized.”
By 1938, the AGF leadership was linking British intelligence
with anti-Hitler factions in Germany.
Mr. Spicer suggests that his new view of the AGF raises
“the fundamental question” of whether there were “alter-
natives to Chamberlain’s appeasement of Germany other
than total war.” Probably not, in hindsight. Still, like the
recent rehabilitations of Neville Chamberlain and his ministers,
“Coffee With Hitler” illuminates the dilemmas of appease-
ment on the terms of the 1930s. We prefer to forget that the
British acclaimed Chamberlain as a peacemaker when he
returned from Munich in September 1938. As in an Alan Furst
novel, no one knew for certain what would happen next.
Mr. Green is a Journal contributor and the author, most
recently, of “The Religious Revolution: The Birth of Modern
Spirituality, 1848-1898.”
 .

A14 | Thursday, September 1, 2022 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Trump’s Vendetta Politics Teachers Unions Against Teachers and Parents

O
ne reason Democrats are thrilled to be in the global shipping business and not I have a reason to distrust teachers Mr. DeAngelis rightly questions the
keep Donald Trump at political center travel to Chinese ports. unions (“Charlie Crist Goes All In for wisdom, after Covid, of politicians
Teachers Unions” by Corey DeAngelis, embracing the teachers unions and
stage is because they know they can Some Foremost ships were built in China
op-ed, Aug. 29). When I was a rookie opposing school choice. But parents’
count on him to continue his over the years, but we’re told teacher in the Atlanta Public Schools anger at the unions and their allies is
revenge campaign against fel- He smears Elaine Chao the company currently has no system, a union representative visited about much more than school shut-
low Republicans. Even by that because her family is such contracts. The company me on my first day. I taught in an “at downs and lack of choice. Parents are
all-too familiar standard of does have contracts for ships will” state, but here the union rep awakening to a fundamental disagree-
behavior, the former Presi- ethnic Chinese. made in Japan. Angela Chao had a foothold in the school system. ment over the purpose of education.
dent’s smears against his for- was also on the board of the She reminded me that I was in the On one side are those who believe
mer Transportation Secretary Bank of China, a commercial minority (white and Jewish) and that schooling is an extension of par-
Elaine Chao are especially ugly. bank, not the central bank. But countless Amer- needed union protection in case enting. Parents want their children to
Mr. Trump has been pursuing a vendetta ican firms have done business with Chinese “something happens” that could end develop virtuous character and acquire
against Mitch McConnell since the Senate GOP companies since the country opened up in the my new career. I thanked her for her the skills and knowledge to earn a de-
visit but told her I was fine. cent living and be good citizens.
leader denounced the former President’s role 1980s and there was hope for its economic and
By the end of that day, my depart- Teachers properly act as parents’
in the events of Jan. 6. Mr. Trump calls him “a political reform. ment chair asked me into her class- agents to achieve these ends, bolster-
broken down hack politician,” despite Mr. Those hopes have been undone by President room. She told me a student had ing that which is taught in the home.
McConnell’s role in keeping a Supreme Court Xi Jinping and his Politburo. But doing business come forward to accuse me of saying On the other side are those who be-
seat open in 2016 for Mr. Trump to run on. The with China remains legal, as Mr. Trump under- that there were no black people in lieve a class of experts know better
Court issue was crucial to Mr. Trump’s victory, scored when he struck his “phase one” trade the Bible—something I would neither than parents do about the values that
and Mr. McConnell was indispensable in getting deal with Mr. Xi in 2019. Is Mr. Trump now teach nor believe. I asked which stu- should be instilled in their children.
his judicial nominees through the Senate. claiming that any American who does business dent from which period had accused Teachers are thus expected to en-
i i i in China is a traitor or in bed with the Commu- me, but received no answers. lighten children, often against the sup-
Mr. McConnell is wise to ignore Mr. Trump’s nist Party? It’s hard to believe Mr. Trump would I returned to my classroom, and posedly benighted values of their par-
attacks. But that may be why Mr. Trump has re- make these accusations if Ms. Chao wasn’t eth- there was that same union represen- ents. If schools need to keep parents in
tative, waiting to remind me that the dark about what’s being taught, or
cently dragged in Ms. Chao, who is Mr. McCon- nic Chinese. “things can happen.” I refused to join how their children are using different
nell’s wife. On Aug. 20 in a post on Truth Social, If he believes what he says, then why did Mr. the union and replied that I had an at- names and pronouns, so be it.
his social-media site, Mr. Trump said Mr. Trump invite Ms. Chao to join his cabinet? The torney roommate who would happily Parents overwhelmingly take the
McConnell “should spend more time (and Foremost Group’s commercial history and busi- represent me if “something happens.” first view and are dismayed to learn
money!) helping [Republicans] get elected, and ness with China were all known at the time. Mr. I tell this story to remind Florida how many school officials take the
less time helping his crazy wife and family get Trump also praised Ms. Chao for doing “an in- voters how teachers unions behave second. Now, they’re flexing their
rich on China!” credible job” as late in his term as July 2020. In and urge them not to vote for anyone muscles at school-board meetings
The money line is itself rich since Mr. Trump April 2020 he said she was doing a “fantastic who would have an American Federa- and the ballot box. Politicians side
spends almost none of his own campaign stash job.” Ms. Chao’s real offense, apart from being tion of Teachers vice president as his against parents at their own peril.
helping other Republicans. But the political-ac- married to Mr. McConnell, is that she resigned running mate. JASON BEDRICK
TONI C. BROWN Heritage Foundation
tion committee affiliated with Mr. McConnell from the cabinet after the Jan. 6 riot. Mr. Trump
Marietta, Ga. Phoenix
is spending tens of millions to elect candidates can’t abide that stand on principle.
Mr. Trump endorsed and who have been strug- Democrats in Congress tried to dig up dirt
gling in the polls. on Ms. Chao and her family, but they came up
On Aug. 24 Mr. Trump escalated with a empty. They triggered a Department of Trans-
statement that “The Democrats have Mitch portation Inspector General probe into several
Students Should Ask More From Their Colleges
McConnell and his lovely wife, Elaine ‘Coco’ charges of misconduct. But in March 2021, after Allysia Finley notes that students specific major, how much will it cost
Chao, over a barrel. He and she will never be Ms. Chao had left office, the IG report con- graduate with “too much debt and too me and will it teach me how to think?
prosecuted, as per the last paragraphs of this cluded: “This report does not make any conclu- few skills that employers want” (“Stu- SARAH MONTALBANO
story.” He then linked to a story in The Federal- sion regarding the compliance of the Secretary dent-Loan Forgiveness Is Really a Bail- Bozeman, Mont.
ist, an online publication, that was full of guilt or any other Federal employee with any ethical out for Woke Higher Ed,” Life Science, Ms. Montalbano was a Robert L.
Aug. 29). Going to college is usually Bartley Fellow at the Journal.
by innuendo. principle or rule.” It closed the probe after it
motivated by promises of higher earn-
Ms. Chao came to the U.S. as a child from found no prosecutorial interest by the Biden ing potential. Yet if we look at the his- A major goal of many public poli-
Taiwan, not China. You may have heard there’s Justice Department. torical purpose of the university as cies promoted by the Democratic
a difference. She’s one of six daughters of James i i i providing liberal-arts training in rhet- Party, and to a lesser extent, the Re-
S.C. Chao, who founded the Foremost Group, a Beyond the unfairness to Ms. Chao, all of this oric and critical thinking, the modern publican Party, has been to achieve a
U.S. shipping company based in New York. It’s relates to Mr. Trump’s role in the GOP. Instead university has failed to provide even a more equitable distribution of income
an immigrant success story. Ms. Chao’s sister of focusing on President Biden, Mr. Trump cares nickel in return on investment. and wealth. Yet the loan-forgiveness
Angela is now CEO, but Elaine is neither an em- above all about settling scores with members The pervasive concern that col- program is likely to worsen inequal-
ployee nor an owner. of his own party. His politics is always about leges should teach practical skills has ity. According to the Penn Wharton
The company specializes in bulk-commodity himself, not a larger cause. His vendettas have allowed woke ideology to infect the model, only 11.63% of the benefits of
liberal-arts disciplines while STEM the program accrue to the first, or
ships that carry grain and other freight. Fore- already hurt Republican prospects in 2022 by
remains, for the most part, grounded bottom, income quintile, while 27.6%
most Group ships travel often to Chinese ports blackballing good candidates and letting Demo- in reality. Instead of asking if they of the benefits accrue to the fourth.
because much of the world’s commodity trade crats divert attention from Mr. Biden’s failures. should go to college at all, students EM. PROF. RICHARD F. BIEKER
goes to and from China. The destinations are No wonder Democrats are thrilled to have Mr. should ask a tripartite question: Delaware State University
set by the owner of the commodities. You can’t Trump around. Should I go to a specific school for a Dover, Del.

No Fun in the California Sun Trump, Clinton and a Presidential Standard

I
t was bound to happen. After skating Yet a wobbling grid and soaring prices are “The Comey-Clinton Document State Hillary Clinton in 2016 for mis-
through the summer without rolling black- no longer only a #Californiaproblem. Texas— Standard” (Review & Outlook, Aug. handling classified documents estab-
29) wasn’t a standard at all. It was lishes a standard that should work
outs, Californians on Wednesday were told the land of fossil fuel abundance—last month
merely what was politically expedient here to benefit former President
to raise their thermostats to also urged energy conserva- at the time. Donald Trump. In other words, she
78 degrees and avoid charging The state says don’t tion, prompting some manu- HOWARD HOLT got away with it, now Mr. Trump
electric vehicles during peak charge the EVs we’ll facturers to scale back opera- San Antonio, Texas should also get a pass. On the con-
hours as a heat wave grips the tions. Residential retail prices trary, an indictment then was appro-
state. Good thing new gas- soon force you to buy. in Texas’s deregulated market There is a reason that no standard priate, and that it didn’t happen
powered cars won’t be banned have increased 70% in the exists for U.S. presidents: Who knows should be no obstacle to a wholly ap-
until 2035. past year. what documents other presidents took propriate indictment now.
Heat waves aren’t unusual, and not long ago It doesn’t take an electrical engineer to un- home after their time in office? Their DONALD NAWI
California and other states were able to manage derstand the problem. More subsidized renew- homes have never been searched, and Scarsdale, N.Y.
through them without having to resort to emer- able energy has been pouring onto the grid, that is as it should still be.
HARRY RUFFALO
gency measures. No more. Californians last which has been making it harder for baseload
summer were repeatedly asked to conserve fossil fuel and nuclear plants to make money.
West Palm Beach, Fla. President Biden Is No FDR
power to prevent blackouts. The state has also California’s last nuclear plant is set to retire in Your editorial argues that the fail-
And Liz Cheney Is No Uniter
extended the life of several gas-fired power 2025, but Mr. Newsom is begging the Biden Ad- ure to indict former Secretary of In “Liz Cheney for Attorney Gen-
plants that were set to close, but this hasn’t ministration for money to keep it afloat. eral” (op-ed, Aug. 24), Peter Shinkle
been enough. Meantime, the state Air Resources Board last argues that President Biden can pro-
So the state has been procuring power at ex- week issued aggressive EV mandates that will Israel Has Crucial Lessons mote national unity by putting Rep.
orbitant prices to keep the lights on. Califor- ban the sale of new-gas powered cars by 2035. Cheney in his cabinet. This is even
nia’s residential electricity prices surged by 25% EVs will stress the grid even more. A 2020
About Water as a Resource less plausible than the many earlier
in June over the prior year—about twice as study estimated that the charging infrastruc- “Droughts Take Widening Toll on rumors that Mr. Biden hopes to claim
World’s Largest Economies” (Page FDR’s mantle.
much as they have increased nationwide. Many ture for each EV will cost $5,100. Better hold on
One, Aug. 22) highlights the effect of Granted, some Republican leaders
Californians have seen their electricity bills to that gas guzzler if you want to drive to the droughts around the world. It is time were enraged by Franklin Roosevelt’s
shoot up by hundreds of dollars a month. beach to escape the heat. to change our view of water from that appointments of Republicans Henry
of an overabundant cheap resource to Stimson and Frank Knox. But FDR’s
a commodity that needs to be pro- achievement was to see that uniting
Biden Misidentifies the Crime Culprit duced and recycled. internationalists from both sides of

P
When I was growing up in Israel, the aisle could achieve goals that nei-
resident Biden is stumping for Demo- ments were heresy in the Democratic Party. water shortages were a significant, ther party could on its own. That de-
crats in Pennsylvania this week, and law Police are quitting in droves nationwide, and ever-present issue, and there was pended, however, on admitting that
and order was his theme Tuesday in fewer cops now contend with more crime. Penn- even talk of regional wars over water the vast majority of both parties, in-
Wilkes-Barre. He was joined sylvania law-enforcement resources. Today, Israel recycles about cluding isolationists, were patriots
President Biden does 90% of its wastewater (as do some who sincerely wanted what was best
by Rep. Matt Cartwright, who agencies had more than 1,200
other countries in the Middle East), for the country. Ms. Cheney’s speeches
is in a tight race to keep his political damage control police vacancies in March, ac- and desalination is widespread. More excoriating millions of Republican vot-
House seat, and gubernatorial cording to the public-media than 50% of the water Israel consumes ers are the opposite of this strategy.
candidate Josh Shapiro. Dem- amid urban disorder. organization WHYY. Cops is artificially produced, it exports wa- STEPHEN MAURER
ocrats are worried about pub- don’t want to work where they ter to Jordan, and has become a world University of California at Berkeley
lic anxiety over rising crime, lack political support. leader in water-efficient irrigation.
and they should be. The problem is that Mr. Biden didn’t offer PROF. S. ABRAHAM RAVID
Statewide, murders and non-negligent man- any serious ideas to improve law enforcement. Yeshiva University Pepper ...
slaughters increased 46% last year compared to Instead he attacked the gun lobby, mass shoot- New York
And Salt
2019, according to Pennsylvania’s Uniform ers, and Republicans for not condemning the
THE WALL STREET JOURNAL
Crime Reporting System. Pittsburgh recorded Jan. 6 riot on Capitol Hill. “Let me say this to
53 homicides last year, a 43% increase over my MAGA Republican friends in Congress,” he The Science of Life and Death
2019. Nonfatal shootings there were up 25% in said. “Don’t tell me you support law enforce- Dr. Michael Stanley’s op-ed “‘Brain
2021 compared to two years prior. ment if you won’t condemn what happened on Death’ Marks the True End of a Per-
Earlier this year Pew reported that only the 6th. . . . Whose side are you on? Look, you’re son’s Life” (Aug. 23) seems much less
44% of Philadelphia residents said they felt either on the side of a mob or on the side of the controversial than arguments defin-
ing the beginning of life, especially
safe in their neighborhood at night, while 65% police.”
with the irreconcilable differences in
said they’d heard gunshots near their homes But big-city residents are worried far more a post-Roe v. Wade world. Obviously,
in the past year. Some 362 people have been about the gangs on their street, and illegal guns science is not the problem.
slain in the City of Brotherly Love so far this in the hands of criminals. Mr. Biden would have DON RODRIGUES
year, compared to 226 in the first eight done better to save his ire for progressive prose- Mansfield, Texas
months of 2019. cutors like Philadelphia District Attorney Larry
Mr. Biden was at pains Tuesday to neutralize Krasner, who brags about how few criminals
Letters intended for publication should
the perception that Democrats want to defund he’s put behind bars. The disorder will continue be emailed to wsj.ltrs@wsj.com. Please
the police. “When it comes to public safety in this until state and local governments are willing to include your city, state and telephone
nation, the answer is not defund the police. It’s prosecute and incarcerate lawbreakers. number. All letters are subject to
fund the police. Fund the police.” That’s a wel- Mr. Biden’s speech was an exercise in damage editing, and unpublished letters cannot “Never burn your bridges
be acknowledged.
come line, but remember that in 2020 such senti- control, not crime control. or delete your data base.”

THE WALL STREET JOURNAL.
Break Up the ESG Investing Giants
By Dan Morenoff
T
hree of the largest invest-
ment shops in the U.S.—
BlackRock, Vanguard and
State Street—have long
used their dominance in
passive-investment funds to force
corporations to comply with their
preferred set of environmental, so-
cial and governance policies. Their
reign, however, may be nearing its
rightful end, as America’s law enforc-
ers are waking up to the threats the
Big Three pose to investors and the
economy.
In an Aug. 4 letter to BlackRock
CEO Larry Fink, 19 state attorneys
general questioned how the com-
pany’s ESG advocacy squares with its
fiduciary duties to investors. The at-
torneys general specifically raised
whether BlackRock’s “coordinated
conduct with other financial institu-
tions”—i.e., the two other investing
giants—to demonetize the oil-and-
gas industry raises potential anti-
trust issues.
BlackRock, Vanguard and
State Street effectively
control each other—and
their market competitors.
The attorneys general are digging
into an important matter, but there is
a much more worrying question they
must explore: Why are the Big Three
pursuing these policies in lockstep?
Why have no institutions in the finan-
cial-services industry except one—the
recently launched Strive Asset Man-
agement—opted to place the investor
first, by giving priority to profit over
social issues? The seeming answer
raises concerns far beyond the Big
Three’s anti-oil-and-gas collusion.
Through their management of
Gorbachev’s Undoing Was His Devotion to Soviet Ideas
By David Satter
M
ikhail Gorbachev’s goal, ac-
cording to his associates,
was “socialism with a human
face.” The belief that communism
was reformable was what led him to
risk introducing fundamental
change. Soviet citizens were allowed
to speak and demonstrate without
fear of arrest, to open businesses
and to travel abroad. Gorbachev put
an end to the Cold War, renounced
the Marxist idea of class struggle as
the driving force of history, and re-
fused to intervene to save commu-
nist regimes in Eastern Europe.
In the end, Gorbachev couldn’t
save his own power or create de-
mocracy. He defeated totalitarianism
but didn’t destroy it. He clung to so-
cialist beliefs and fought to preserve
the Soviet Union’s ideological struc-
ture. When he was removed on Dec.
25, 1991, and the Soviet flag was
lowered over the Kremlin for the last
time, the moral and legal vacuum he
left behind spawned a criminal oli-
garchic regime in Russia that used
terror to stay in power and launched
a full-scale war against Ukraine.
In 1985, when Gorbachev became
general secretary of the Communist
Party, the Soviet Union was at the
height of its power. But it faced
problems with economic growth and
military technology. In 1982 Israeli
pilots flying U.S. jets destroyed 81
Syrian-piloted Soviet MiG-21 and
MiG-23 jets over Lebanon’s Bekaa
Valley without losing a single plane.
On March 23, 1983, President Ronald
Reagan announced the Strategic De-
fense Initiative program, which
would make it possible for the U.S.
to intercept Soviet missiles in space.
In response to these perils, Gor-
bachev initiated measures to in-
crease productivity. These included
a campaign to tighten workplace dis-
cipline and an antialcohol campaign.
Both were ineffective. Gorbachev
tried next to decentralize the econ-
omy. This was resisted by Commu-
nist Party officials. To overcome this
resistance, Gorbachev agreed to lib-
eralization. The regime freed hun-
dreds of political prisoners and be-
gan to allow the release of truthful
information. This was glasnost. The
regime also instituted competitive
PUBLISHED SINCE 1889 BY DOW JONES & COMPANY
Rupert Murdoch
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Editor in Chief
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Paul A. Gigot
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Gerard Baker, Editor at Large
passive investments, the Big Three
collectively hold the largest voting
blocs for nearly the entire S&P 500.
Among them, they control a predom-
inant share of the exchange-traded
fund, or ETF, market, and of most
participants in nearly every other
market. Two of the three (BlackRock
and State Street) are publicly traded
companies, and so their officers dis-
close under oath in regular federal
filings their institutional sharehold-
ers. In this paperwork, they regularly
tell us not only what they own, but
who owns them.
The answer reads like a punch
line: The Big Three own each other
and themselves.
Start with Vanguard, the pri-
vately held company of the group.
Though 100% of Vanguard’s equity is
held by its own managed funds, its
investors hardly control them. The
company’s directors are also the
trustees of its funds, tasked with ap-
pointing its managers. Those man-
agers are the only “owners” with
votes on the membership of Van-
guard’s board. It’s difficult to imag-
elections to bodies where deputies
could express opposing views
openly.
The result of this change was that
long-concealed social problems be-
gan to be discussed. More impor-
tant, newspapers and television pub-
lished facts about the mass murders
during the Stalin period, including
victims’ names and the sites of mass
graves.
He was unable to preserve
the Soviet ideological
structure, but it wasn’t
from lack of trying.
The publication of truthful infor-
mation led to a nationwide crisis of
faith. “Our generation was brought
up under socialism and without be-
lief in God,” a 33-year-old mother of
three wrote to Pravda on Jan. 18,
1988. “As a result of glasnost, the
idea of socialism has been discred-
ited. I cannot speak for everyone but
my faith has been shaken.”
The Soviet Union gave the out-
ward impression of being mono-
lithic, but its stability actually de-
pended on three factors: the
successful suppression of national-
ism, the passivity of the working
class, and the unity of the party. All
these were guaranteed by the ideol-
ogy, which was beginning to collapse
under glasnost.
Midway to Heaven in Concourse C
By Bob Greene
I
Chicago
’d heard the announcements hun-
dreds of times in Chicago air-
ports: “In 15 minutes a nonde-
moninational worship service will
begin in the airport’s chapel. . . . Ev-
eryone is welcome.” I’d never taken
the disembodied voice up on the of-
fer; airports aren’t places to tarry. But
in this summer of cancellations and
long delays, on a recent Sunday at
Midway International Airport I heard
the voice and decided to drop in.
Robert Thomson
Chief Executive Officer, News Corp
Almar Latour
Chief Executive Officer and Publisher
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OPINION
DAVID KLEIN
ine a more circular arrangement.
But the rest of the Big Three come
close. Vanguard is the largest owner
of BlackRock and State Street, in
each case followed by BlackRock.
Taken together, the Big Three di-
rectly own about 19% of BlackRock
and 22% of State Street. The compa-
nies also own controlling shares of
many of the other institutional stock-
holders holding the Big Three’s
shares. After including those hold-
ings, the Big Three cumulatively con-
trol—if indirectly—no less than about
32% of BlackRock’s equity and 42% of
State Street’s.
There are good reasons to worry
about the downstream effects of the
same set of players owning all the
competing companies in other indus-
tries. Many in the academy have en-
couraged prosecuting these compa-
nies under Section 7 of the Clayton
Act—an antitrust statute, enacted in
1914, that bars any stock acquisitions
or ownership that “may substantially
lessen competition.” Those concerns
should be even stronger when the
players in question not only own but
As millions changed their attitude
toward communism, Gorbachev took
steps to create a power base for
himself independent of the party. In
March 1990, the Congress of People’s
Deputies, the parliament Gorba-
chev’s reforms had created, voted to
elect him the Soviet Union’s first
president. Despite the forces he had
unleashed, Gorbachev remained loyal
to socialism and the Soviet Union.
He also didn’t risk a popular election
for the post of president. This put
him at a serious disadvantage in
dealing with Boris Yeltsin who in
June 1991 was directly elected presi-
dent of the Russian Republic, for-
merly only an administrative unit of
the Soviet Union.
The Soviet Union needed to create
fully democratic institutions and
prepare for a peaceful breakup on
the basis of law. But in part because
of Gorbachev’s determination to pre-
serve the essential Soviet structure,
the level of confrontation in society
steadily rose.
In 1991 Gorbachev aligned himself
with the army, police and KGB and
sent troops into Lithuania to sup-
press the independence movement.
On Jan. 13, soldiers opened fire on a
crowd at the television tower in Vil-
nius, killing 14. A week later,
500,000 people gathered in Moscow
to protest the killings.
Gorbachev prepared to sign a
union treaty decentralizing the So-
viet Union but preserving it as a
state. On Aug. 19, 1991, however, he
was isolated in his vacation residence
The chapel was in Concourse C. It
took me a few minutes to figure out it
wasn’t on the main floor, but down a
short hall and up an elevator. One
level above the boarding gates, I
found the chapel door, a few yards
from a Chicago Police Department
substation office.
In the chapel, a pastor was intro-
ducing himself and his wife as Dave
and Evelyn Pearson. He wore a lami-
nated green security badge. At Mid-
way, some 20 million travelers a year
pass through the concourses. On this
Sunday there were five of us in the
seats of the chapel.
It was a rather spartan setting,
with more the feel of a conference
room than a church. Mr. Pearson
stood at a lectern with a 1980s-style
boom box behind it, in case any of
the volunteer clergy who rotate in
and out of the chapel chose to in-
clude music in their services.
Mr. Pearson welcomed us and as-
sured us that he wouldn’t take of-
fense if anyone had to get up and
leave to make a flight. He said the
chapel was intended as a place of
comfort, and asked if anyone present
had family members for whom they
wished him, and us, to say prayers.
Two did.
The pastor led the group in the
Lord’s Prayer and the 23rd Psalm.
The acoustics weren’t perfect; as Mr.
Pearson recited the prayers, we could
Thursday, September 1, 2022 | A15
control each other. The U.S. hasn’t
seen this sort of corporate entangle-
ment since Teddy Roosevelt and Wil-
liam Howard Taft busted the original
trusts a century ago.
The Big Three’s present relation-
ship explains why none of them de-
fect from the ESG game. They can’t,
because they’re not independent ac-
tors. The few other genuinely inde-
pendent actors in the system—such
as Fidelity—are privately held and
controlled by families wealthy
enough to prioritize luxury beliefs
over productivity. Similarly, owner-
ship and control explains why no
other major player in the American
financial-services industry defects
and challenges the investing giants.
State Street qualifies as one of the 15
largest banks in the U.S. The Big
Three collectively hold controlling
shares of 13 of the 14 others—with
their directly controlled ownership
shares ranging from about 17% to
25%, and their indirectly controlled
ownership shares ranging from about
24% to 45%. The only exception is the
Canadian-owned TD Group.
No substantive competition exists
within the ESG paradigm because un-
der the noses of our antitrust regula-
tors the Big Three have acquired
shared control over one another and
almost every potential competitor.
That’s not a situation that can be fixed
with probing letters or industry-spe-
cific litigation alone. We’re now facing
the original problem that Congress
wrote American antitrust laws to ad-
dress—coordinated ownership of ev-
erything by concentrated cliques pur-
suing their own priorities at the
expense of the common good.
That demands the targeting and
eventual dissolution of the Big Three.
The 19 state attorneys general are
doing necessary work, but they must
aim higher—for the head.
Mr. Morenoff is executive director
of the American Civil Rights Project.
in Crimea and his closest associates
staged a coup to preserve the Soviet
Union in its existing form. Yeltsin or-
ganized the resistance. Three days
later the coup collapsed. When Gor-
bachev returned to Moscow from
captivity, he had already been
eclipsed politically by Yeltsin. On
Dec. 25, the Soviet Union ceased its
existence and Gorbachev, its first and
only president, was forced to resign.
In the years that followed, Gor-
bachev continued to be honored in
the West for ending the Cold War
and for his contributions to free-
dom. He was much less popular in
his own country. In 1996 he ran for
president of Russia and received
less than 1% of the vote. During the
campaign he attracted a huge audi-
ence at Novosibirsk State University
but the students had come to see a
historical figure, not a future leader.
One said, “He didn’t use the chance
he had.”
Gorbachev made a profound con-
tribution by accepting that the So-
viet Union had to change. His failure
to fight for a full transition to de-
mocracy, however, left Russia to
carry out the transition from state
ownership to capitalism without the
rule of law. The consequence was
bandit capitalism, terror and dictato-
rial rule in a new form.
Mr. Satter is a former Moscow
correspondent and the author,
among other books, of “Age of Delir-
ium: the Decline and Fall of the So-
viet Union.”
hear standard airport announce-
ments from the boarding level be-
neath us.
At one point Mr. Pearson referred
obliquely to the sadness, violence,
discord and divisiveness that have
become a constant part of the na-
tion’s life. He said his wish wasn’t a
matter of politics: “Lord, I’m not ask-
ing you to take sides. I’m asking you
to take over.”
Five people attended the
service at the Chicago
airport’s chapel the day
I decided to drop in.
He had promised to keep the ser-
vice to 30 minutes, and he did. We re-
turned to the jammed, noisy main
terminal to make our ways to our re-
spective gates. At a bar and grill
named for the late Chicago Cubs
broadcaster Harry Caray, 53 diners
filled the seats. Ten times as many as
had been up in the chapel, but the
bar was more prominent and visible,
and there was a ballgame on each of
the 18 flat-screen television sets.
Mr. Greene’s books include “Once
Upon a Town: The Miracle of the
North Platte Canteen.”
.
Clean Power?
Where’s Your
Permit?
By Mario Loyola
T
he U.S. has one of the devel-
oped world’s most costly,
time-consuming and unpre-
dictable systems for authorizing big
infrastructure projects. In the Infla-
tion Reduction Act, Sens. Joe Man-
chin and Chuck Schumer agreed to
address this problem by streamlin-
ing federal permits for energy in-
frastructure in September. But if
the drafts circulating on Capitol
Hill are any indication, it’ll be too
little too late to lower energy
prices or save President Biden’s
promise of clean electricity by
2035.
One idea is to codify in law Pres-
ident Trump’s One Federal Decision
policy, which among other things
sought to establish a two-year time
limit for permit decisions. It’s a
good policy (which I helped imple-
ment), but even before Mr. Biden
rescinded it, recalcitrant agencies
had found a loophole. They’d delay
acceptance of the initial permit ap-
plication, stopping the clock before
it could start.
Biden’s plans for a green
transition are sure to face
a wall of local opposition,
litigation and obstruction.
Moreover, the Trump reforms
were marginal improvements to a
flawed system that only Congress
can fix. Because courts routinely
vacate permits over minor omis-
sions in an environmental-impact
statement, agencies spend years
and millions of dollars trying to
study every possible alternative and
impact. The system gives inordinate
influence to small pockets of local
opposition by allowing them to sue
over trivial omissions and makes it
nearly impossible to prioritize proj-
ects of national importance.
That includes Mr. Biden’s prom-
ise of clean electricity by 2035,
which would require a staggering
amount of permitting for new infra-
structure: scores of nuclear plants,
hundreds or even thousands of util-
ity-scale solar plants, tens of thou-
sands of windmills, hundreds of
thousands of transmission-line-
miles, according to estimates by in-
dustry experts such as the Electric
Power Research Institute.
Mr. Biden will be lucky to get a
small fraction of that permitted.
Even with the Inflation Reduction
Act’s addition of nearly $1 billion
to hire more permitting staff,
agencies will be overwhelmed by
the tsunami of new permit appli-
cations headed their way. Con-
gress needs to enact sweeping re-
forms:
• Make the timing predictable.
Agency officials drag their feet ev-
ery step of the way, leaving devel-
opers in limbo and driving up proj-
ects’ costs. If developers had more
control over project timetables, it’d
save a lot of capital and time. In-
stead of allowing only officials to
assemble environmental docu-
ments, developers should be al-
lowed to prepare the materials for
agency certification. If agencies
take too long issuing a permit or
denial, developers should be given
provisional permits to start con-
struction subject to monitoring and
mitigation.
• Create a unified process. Every
major infrastructure project re-
quires permits from a half dozen
federal agencies all using different,
uncoordinated processes. There
should be a uniform, centralized
process that gives priority to proj-
ects of national importance.
• Reduce litigation risk. Impor-
tant projects are held up by law-
suits over minor omissions in envi-
ronmental studies. Tightening the
statute of limitations isn’t enough.
Agencies should be held to a sub-
stantial-compliance standard, so
that if reports are mostly right, a
project can still go forward. Con-
gress should tighten the rules on
standing so that activists can’t hold
up safe infrastructure over minor
issues.
If the climate crisis really is
“code red for humanity” as Mr. Bi-
den claims, Congress needs to take
permitting reform seriously. Other-
wise, the U.S. won’t meet his clean-
energy goals. Federal red tape is
depriving American communities of
the modern infrastructure they
need and deserve. Congress should
stop tinkering at the margins and
fix this problem.
Mr. Loyola teaches environmen-
tal law at Florida International
University and is a senior fellow at
the Competitive Enterprise Institute.
He was associate director for regu-
latory reform at the White House
Council on Environmental Quality,
2017-2019.
 .

A16 | Thursday, September 1, 2022 * **** THE WALL STREET JOURNAL.

WORLD NEWS

China Economic Woes Persist

Factory disruptions, to a Chinese real-estate data
provider.
property slump show Prolonged weakness in
prolonged weakness China’s economy is impeding an
engine of global growth as ma-
after a June upturn jor economies face pressure
from inflation and the impact of
BY STELLA YIFAN XIE the Ukraine war. Weak demand
AND CAO LI
Wednesday, exceeding the me-
dian forecast of 49.2 among
economists polled by The Wall
Street Journal. A score of
above 50 indicates an expan-
sion in the manufacturing sec-
tor; below 50, a decline.
China’s “recovery is still not
month last year, to the equiva-
lent of about $75 billion, or 519
billion yuan, according to data
released by China Real Estate
Information Corp., an industry
data provider. Compared with
July, August sales slipped 0.8%.
Beijing unexpectedly low-

within China also spells trouble
for multinationals such as Ap-
Chinese factory activity ple Inc. and Starbucks Corp.,
shrank and home sales tumbled which count on China’s appetite
in August, as the world’s sec- for a range of goods from raw
ond-largest economy struggled materials to smartphones and
to shake off the impact from coffee for profit growth.
Covid-19 flare-ups, its worst China showed signs of a na-
heat wave in six decades and a scent recovery in June, after
deepening real-estate downturn. pandemic restrictions were
As the heat wave led to lifted in the financial hub of
electricity shortages and pro- Shanghai, but that recovery
duction disruptions, manufac- has lost steam in the months
turing activity shrank for a since. A resurgence of
second consecutive month, Covid-19 cases in the past
China’s National Bureau of month has triggered fresh
Statistics said Wednesday. lockdowns in Chinese cities.
Home sales also continued to The official manufacturing
slide, despite efforts by the purchasing managers index
government to lower purchase edged up to 49.4 in August
barriers and help developers from 49 in July, China’s Na-
complete projects, according tional Bureau of Statistics said
on solid footing,” Barclays
economists Yingke Zhou and
Jian Chang wrote in a note to
clients after Wednesday’s data
were released.
The power crunch brought
on by the heat wave depressed
factory activity and forced
global manufacturers including
Foxconn Technology Group
and car makers Toyota Motor
Corp. and Volkswagen AG to
temporarily halt production.
Separately, new data re-
leased Wednesday showed the
property market is still trying
to find a bottom, with home
sales tumbling for the 14th
consecutive month.
Sales at the country’s top
100 property developers fell
more than 30% from the same
GETTY IMAGES
ered two key interest rates in
mid-August, and the State
Council, China’s cabinet, an-
nounced a $146 billion stimulus
package to shore up growth. A severe heat wave has sparked a power crunch in China. Above,
Still, many economists expect a boat sails in the Yangtze River in Wuhan, Hubei province.
business investment and con-
sumer spending to remain de- target of about 5.5%, set ear- sluggishness there doesn’t
pressed, as China’s stimulus is lier this year. bode well for the economy,
largely focused around infra- China’s statistics bureau economists from ANZ said.
structure spending and the also said on Wednesday that The bank cut China’s full-year
country remains reluctant to China’s nonmanufacturing GDP growth to 3% from 4% af-
budge from its zero-Covid pol- purchasing managers index ter Wednesday’s data release,
icy, which has amplified uncer- fell to 52.6 in August from citing weakening demand at
tainties for companies and hurt 53.8 in July. The spread of the home and abroad.
consumer confidence. coronavirus and bad weather The country’s strategy of
Chinese leaders have sig- held back growth in both ser- resorting to sudden lockdowns
naled they are prepared for vices and construction activity to contain Covid-19 continues
lower growth this year. At a in August, it added. to hinder growth.
key political meeting in July, The services sector repre-
Chinese policy makers effec- sented 53% of China’s gross  Heard on the Street: China’s
tively abandoned a growth domestic product in 2021, and economy plumbs depths... B12

U.N. Cites Human-Rights Abuses in Xinjiang U.S. Works

BY CHUN HAN WONG
AND JAMES T. AREDDY
products produced in Xinjiang.
The U.N. assessment
With
The United Nations human-
rights agency said China’s gov-
emerged in the face of strong
objections from the Chinese
government, which reviewed a
Mideast
ernment may have committed
“crimes against humanity” in
its treatment of ethnic Uy-
copy ahead of publication. Bei-
jing’s response appeared in the
report’s annex, which contained
Allies on
ghurs and other Muslim mi-
norities in Xinjiang, in a re-
port that broadly supports
a three-page statement issued
by China’s Permanent Mission
to the U.N., as well as a lengthy
Drone Plan
BY DION NISSENBAUM
GREG BAKER/AGENCE FRANCE-PRESSE/GETTY IMAGES

critical findings by Western document produced by the Xin-

governments, human-rights jiang regional government that
groups and media detailing defended Chinese policies there. MANAMA, Bahrain—The
mass abuses in the region. The mission’s statement said U.S. Navy is working with Is-
In a long-awaited report is- China firmly opposed the re- rael, Saudi Arabia and other
sued Wednesday, the U.N. lease of the report and said it Middle Eastern nations to
agency assessed that “serious was based on disinformation build a network of unmanned
human rights violations have by anti-China forces. China ar- drones as it seeks to constrain
been committed” in the course gues that its Xinjiang policies Iran’s military in the region—a
of Chinese government’s efforts are aimed at defusing risks of program the Pentagon hopes
to combat terrorism and ex- terrorism and alleviating pov- would be a model for opera-
tremism. The agency quoted erty, and that critics ignore im- tions around the world.
what it described as former de- provements in living standards A ship operated by Iran’s Is-
tainees of internment camps in delivered by the government. lamic Revolutionary Guard
Xinjiang with “credible” ac- A 2019 photo shows what is believed to be an internment camp in China’s Xinjiang region. Human-rights groups ap- Corps attempted to seize an
counts of torture and other plauded the report’s release, American maritime drone—
forms of inhuman treatment and standards,” noting that ular crimes against humanity.” allegations in recent years from expressing hope it will gener- equipped with cameras, radar
between 2017 and 2019, includ- detainees were apparently tar- The U.N. body urged Chinese Western officials, rights watch- ate a strong response from and other sensors—but aban-
ing some instances of sexual vi- geted for their religious prac- authorities to take “prompt dogs and news organizations U.N. member states and inter- doned that effort Tuesday when
olence. The U.N. body said de- tices and other vague criteria. steps to release all individuals that have triggered widespread national corporations. a U.S. warship and helicopter
tainees had no form of redress. The report also cited de- arbitrarily deprived of their lib- condemnation of Beijing and “This is a game-changer for approached, U.S. officials said.
The 46-page report charac- scriptions of possible forced erty” in Xinjiang and to under- support for the Uyghur cause. the international response to U.S. officers declined to dis-
terized what it termed arbi- labor associated with intern- take “a full review of the legal The U.S. has alleged geno- the Uyghur crisis,” Uyghur Hu- close the number of aerial and
trary detentions in Xinjiang as ment camps. It said the extent framework governing national cide in Xinjiang—the U.N. re- man Rights Project Executive maritime drones deployed by
stemming from a system of of arbitrary and discriminatory security, counterterrorism and port doesn’t contain the word— Director Omer Kanat said. the U.S. and its allies, or to give
antiterrorism laws in China detention of members of Uy- minority rights,” as well com- and sanctioned Chinese officials Beijing has denied commit- details about where and how
“that is deeply problematic ghur and other predominantly ply with international conven- it blames for the alleged hu- ting rights violations in Xinji- they are used. But they said the
from the perspective of inter- Muslim groups “may constitute tions on forced labor. man-rights abuses. The U.S. has ang, calling genocide allega- unmanned vessels and aircraft
national human rights norms international crimes, in partic- The findings largely support also banned imports of most tions “the lie of the century.” are giving them better visibility
over the region’s waters.
By next summer, the Navy
WORLD WATCH said, it expects to have 100
small surveillance drones—
contributed by various coun-
GERMANY tries—operating from the Suez
Canal in Egypt to waters off
Kin of ’72 Olympics the Iranian coast and feeding
Dead Get Settlement information to a command
center in Bahrain, headquar-
Germany and the families of ters of the U.S. Fifth Fleet.
the Israeli athletes killed in a ter- “I think we are truly on the
rorist attack at the Olympic cusp of an unmanned techno-
Games in Munich in 1972 agreed logical revolution,” said Capt.
on compensation for what the Michael Brasseur, who heads
relatives say was the mishan- the U.S. Navy task force work-
dling of the attack and its after- ing to build the drone fleet in
math by German authorities. the Middle East.
Israeli President Isaac Herzog The drone initiative, now in
and German President Frank- its sixth month, is part of a
Walter Steinmeier said an accord burgeoning cooperative rela-
had been reached on compensa- tionship among the U.S., Israel
tion for the victims’ families. and Gulf nations following the
Over the past few months, Abraham Accords.
Israeli and German officials, in- From the Robotic Operation
cluding both Mr. Herzog and Mr. Center in Manama, Bahrain,
Steinmeier, have sought to me- U.S. Navy personnel and private
diate between the victims’ fami- contractors monitor the drones’
lies and Berlin over one of the progress. Video screens display
most fraught issues in Israeli- blinking red alerts when the
German relations since the Holo- drones identify so-called dark
PETER NICHOLLS/REUTERS

caust. The agreement clears the targets or suspected threats.

way for the relatives to attend a
50-year anniversary commemo-
ration, which they had threat-
ened to boycott.
The families of the 11 Israelis
killed in Munich by members of
Black September, a Palestinian
terrorist group, have for years
blamed German authorities for
failing to protect the athletes and
for allegedly covering up their er-
rors. —Aaron Boxerman
TAIWAN
Taipei Vows to Hit
Back if China Attacks
Taiwan said it would defend
itself and strike back against
Chinese military incursions into
its territorial waters and air-
space, an unusually strong warn-
ing that comes as Beijing steps
up drills and patrols around the
self-ruled island.
China’s military, the People’s
Liberation Army, has dispatched
hundreds of jet fighters and
warships near Taiwan following
a visit to the island by the U.S.
House Speaker Nancy Pelosi in
TRIBUTE: Fans of Diana, Princess of Wales marked the 25th anniversary of her death in a Paris car accident. White chrysanthemums
spelling out ‘Princess Diana’ sat among photos and messages left by admirers at the gates of her Kensington Palace home in London.
early August. On dozens of oc-
casions, they have crossed the
median line of the Taiwan Strait,
the roughly 100-mile-wide body
of water that separates Taiwan
and mainland China.
“For PLA aircraft and war-
ships that entered our territorial
sea and airspace within 12 nauti-
cal miles, our armed forces will
exercise the right to self-defense
and counterattack,” Taiwan Maj.
Gen. Lin Wen-huang said in Tai-
pei on Wednesday.
Gen. Lin said Taiwan’s military
would also take countermeasures
against Chinese drones deemed a
security threat if they fail to leave
after warnings. A day earlier, the
military said it had fired shots at
a Chinese drone that buzzed an
outlying Taiwanese island.
— Joyu Wang
JAPAN
Longer-Range
Missiles Proposed
Japan’s Defense Ministry said
Wednesday it wants to start pro-
ducing longer-range missiles and
conduct research into hypersonic
missile systems, a response to
rising regional tensions including
China’s threats against Taiwan.
The ministry said it was planning
to build two types of “standoff”
missiles that can strike an enemy
target from far away.
Officials declined to give the
exact range of the proposed new
missiles or the range of current
models. But their description sug-
gested the government wanted
to fill a gap in Japan’s current ar-
senal, which analysts say could
strike ships or planes of an in- spending to resume, but econo-
vader after it got close to Japa- mists see signs that the pent-up
nese shores, but not a missile demand could begin to taper off.
base on Chinese or North Korean The gross domestic product
soil that was firing at Japan. issued on Wednesday, which
The ministry said it wanted to shows growth for India’s fiscal
start research into hypersonic first quarter, benefited from a
missile systems, a term that gen- comparison with a year earlier,
erally refers to missiles that travel when the economy went into a
at least five times the speed of virtual standstill due to Covid-19.
sound and can be maneuvered Consumer spending grew nearly
before hitting their target. 26% from a year earlier, while
—Chieko Tsuneoka the services sector recorded
similar growth.
INDIA In June, manufacturing output
was up by 12.5% from a year ear-
GDP Rises by 13.5% lier, electricity generation by 16.4%
As Covid Fears Ebb and motor-vehicle output by 31%,
said Rajiv Biswas, Asia-Pacific
India’s economy grew 13.5% in chief economist at S&P Global
the April-to-June quarter from a Market Intelligence in Singapore.
year earlier, as coronavirus wor- —Vibhuti Agarwal
ries eased and allowed consumer and Shan Li
The drones can send back
detailed images and other
data. Analysts review the im-
ages and try to determine
what they show.
Vice Adm. Brad Cooper, the
commander spearheading the
effort, said the fleet has
proven its value by detecting
activity such as a Chinese na-
val ship moving through the
area and suspicious ship-to-
ship transfers.
The drones being tested are
unarmed. But defense analysts
expect the Navy to move to-
ward equipping some with
weapons in the future. U.S. law-
makers have raised concerns
about plans to build larger un-
manned ships, a program that
could cost billions of dollars.
The U.S. drone operations
come as there is mounting
concern about Iran’s expand-
ing influence in one of the
world’s most important eco-
nomic thoroughfares. Tehran
has deployed ships and sub-
marines equipped with aerial
drones and has warned it is
prepared to use them.

BUSINESS & FINANCE
© 2022 Dow Jones & Company. All Rights Reserved.
S&P 3955.00 g 0.78%
S&P 500 Dropped 4.2% in August Disney
Investors await fresh
labor data as interest-
rate expectations
send shares lower
BY ANNA HIRTENSTEIN
AND ERIC WALLERSTEIN
U.S. stocks fell across the
board on Wednesday, marking
the fourth straight day of de-
clines driven by an expecta-
tion of tighter Federal Reserve
policy. Major indexes slid be-
tween 4% and 5% in August,
their worst monthly perfor-
mances since June.
The S&P 500 dropped 31.16
points, or 0.8%, to 3955, ex-
tending its monthly loss to
4.2%. Of the S&P 500’s 11 sec-
tors, 10 were in the red on
Wednesday, with communica-
tion services the sole riser on
the day, edging up one-hun-
dredth of a percent.
Snap Cuts
Staff 20%,
Pares New
Initiatives
BY MEGHAN BOBROWSKY
This spring, with the digital
ad market in turmoil, Snap
Inc. was busy adding staff and
launching new initiatives, in-
cluding a camera drone and a
content push for its “Origi-
nals” scripted videos with a
series starring gymnast Si-
mone Biles.
Now Snap is pulling back
on its ambitions, announcing
on Wednesday plans to slash a
fifth of its workforce as part
of a strategic reorientation
that underlines just how
sharply its fortunes have
turned in the face of a series
of challenges to its business.
The social-media company
said it is reining in investment
on a range of areas, abandon-
ing initiatives including its in-
house “Originals” program-
ming and—confirming an
earlier report by The Wall
Street Journal—grounding the
drone project.
As it grapples with its low-
est period of sales growth
since going public, the Snap-
chat parent is emerging as one
of the starkest examples of a
tech company shifting from
overdrive into reverse. After
having grown its head count
by around 65% since the end
of 2020, it hit pause in late
May as business conditions
deteriorated. Within weeks,
management determined that
wasn’t enough, culminating in
plans to tell around 1,200 of
its 6,400 employees that they
are losing their jobs.
“We must reduce our cost
structure to avoid incurring
significant ongoing losses,”
Chief Executive Evan Spiegel
said in a memo to staff.
Across tech, companies are
abandoning projects they no
longer consider critical to ease
Please turn to page B2
 Heard on the Street: Job cuts
are the easy part................... B12
JIMENA PECK FOR THE WALL STREET JOURNAL
FOOD
Walmart and ranchers
team up on a beef-
processing plant in
Nebraska. B3
TECHNOLOGY: SEATGEEK RAISES $238 MILLION PRIVATELY AFTER CANCELING SPAC DEAL B4
S&P FIN g 0.88% S&P IT g 0.96%
0%
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–7 10-minute intervals
Aug. 26 29
Source: FactSet
The Dow Jones Industrial
Average fell 280.44 points, or
0.9%, to 31510.43. That pushed
the blue-chip index to a 4.1%
Renee Jumper works two nights a week at a GE Appliances factory in Louisville, Ky., a schedule that gives her time with her family.
More Jobs Offer Flexible Hours
BY AUSTEN HUFFORD
It isn’t just remote workers
who have gained leverage over
when they work.
Shift workers such as as-
semblers and hotel maids are
also getting more flexibility to
set their own hours as the
pandemic and the historically
tight labor market change the
economy.
Manufacturers, hotels,
warehouses and restaurants
are allowing new hires to work
just a few days a week, take
on four-hour shifts or even
choose new hours daily using
phone apps, according to the
companies, job boards and
economists.
The U.S. job market has re-
mained strong with few signs
it is weakening as the Federal
Reserve raises interest rates to
curb inflation. The unemploy-
ment rate was 3.5% in July—
matching a 50-year low—
meaning that many people
have more leverage when it
comes to getting jobs than be-
fore, despite an increase in
layoff announcements from
INSIDE
HEARD ON
THE STREET
U.S. funds take
a gamble on European
soccer. B12
* * * **
DJ TRANS g 1.04%
THE WALL STREET JOURNAL.
WSJ $ IDX g 0.04%
Index performance, past four days
Dow Jones Industrial Average
S&P 500
Nasdaq Composite
30 31
decline in August. The tech-
heavy Nasdaq Composite
slipped 66.93 points, or 0.6%,
to 11816.20, furthering its
Preferences of part-time workers*
25 million
20
15
10
5 3.9M
0 0
2020 ’21
*Seasonally adjusted
Sources: Labor Department via St. Louis Fed (preferences of part-time workers); ZipRecruiter (postings with flexibilty)
companies including Ford Mo-
tor Co., Walmart Inc. and
Robinhood Markets Inc.
Over the past 12 months,
11% of postings for in-person
jobs offered flexible hours, ac-
cording to the online job
board ZipRecruiter. The flexi-
ble openings typically peak in
the run-up to the Christmas
season as retailers and ware-
houses staff up. In October,
New Rules Temper Stars’ Medicare Pitches
BY LESLIE SCISM
If it’s football season, you
can count on seeing Joe Na-
math on television, along with
William Shatner and Jimmie
“J J” Walker. They are the
most prominent pitchmen for
what has become an annual
fall selling frenzy for Medicare
Advantage policies.
After a surge in consumer
complaints, and stiffer govern-
ment rules, the sales pitches
will likely be tamer this year.
If there is confusion, “We’ll
change things so it satisfies
everybody and eliminates the
confusion,” said Mr. Shatner,
best known for his role as
2–YR. TREAS. yield 3.448%
monthly rout to 4.6%.
Stocks have come under
pressure in the wake of Fed
Chairman Jerome Powell’s
speech at Jackson Hole, Wyo.,
where he said interest rates
must be raised further until
inflation is under control, de-
spite higher recession risk.
“Federal Reserve speakers
are stressing that the central
bank will not pivot away from
tightening anytime soon,” said
Quincy Krosby, chief global
strategist at LPL Financial.
“The question now is how
much pain the Fed will de-
liver, and how long it will take
to bring down inflation. The
market is trying find an equi-
librium with where stocks
should be valued based on
those expectations.”
New York Fed President
John Williams said Tuesday
that combating high inflation
is likely to require lifting the
central bank’s benchmark
July 2022
Percentage of postings for in-person jobs
offering flexibility
Part-timers who choose
to be part time
20.7M
30%
25
20
15
Part-timers who
prefer full time 10
5
’22 2020
29% of job listings offered
flexibility. One recent posting
for a home health aide in Bos-
ton advertised weekly pay-
checks and custom schedules:
“Choose your own hours!”
Professors at the University
of Chicago estimated in 2020
that 37% of jobs can be done
fully remotely. In-person
workers can’t work from
home, but they can start work-
Captain Kirk in the “Star Trek”
franchise.
The federal Centers for
Medicare and Medicaid Ser-
vices toughened its oversight
after receiving 41,136 con-
sumer-marketing complaints
last year, up 165% from 2020.
Brokerages, agents and other
marketing businesses tried to
convince Medicare recipients
to switch plans, with promises
of perks in their new plans
such as home-delivered meals,
rides to doctors’ appointments
and cash.
In some cases, beneficiaries
would effectively pay for the
perks with more-limited pro-
vider networks, forcing them
.
Thursday, September 1, 2022 | B1
NIKKEI (Midday) 27673.14 g 1.49% See more at WSJ.com/Markets
short-term interest rate above
3.5% and holding it at that
Mulls
level through next year.
The yield on the benchmark
10-year Treasury note inched
higher to 3.131% from 3.107%
Members
Benefit
on Tuesday. Shorter-dated
yields continue to be higher,
sending a recessionary signal.
The two-year yield edged
lower to 3.448% from 3.466%
on Tuesday, which marked its
highest level since 2007.
Program
Investors are now turning BY JESSICA TOONKEL
their eyes to the health of the AND SARAH KROUSE
labor market for a read on the
future path of Fed policy, with Walt Disney Co. is explor-
Friday’s jobs report in focus. ing a membership program
“The August report is im- that could offer discounts or
portant; if wage pressures special perks to encourage
come down and there are less customers to spend more on
job openings, that could be a its streaming services, theme
positive catalyst for stocks,” parks, resorts and merchan-
added Ms. Krosby. dise, according to people fa-
ADP’s employment report miliar with the discussions.
for August, released Wednes- The program would be
day, showed private-sector somewhat akin to Amazon
Please turn to page B11 Prime, which offers advan-
tages such as free shipping,
discounts at Whole Foods and
a complementary streaming
video service for a monthly or
annual fee, the people said.
Internally, some executives
have referred to Disney’s ini-
tiative as “Disney Prime,” al-
though that won’t be the
name of the program, one of
the people said.
Discussions at Disney are
in the early stages. It couldn’t
be learned how much the
company would charge for
membership and how long it
would take to launch such a
program.
By creating a membership
program, Disney would be
betting it could offer custom-
ers more value, prompting
JON CHERRY FOR THE WALL STREET JOURNAL
them to spend more on the
company’s products and ser-
vices, while providing Disney
with a trove of information
about their preferences.
The effort is supported by
Disney Chief Executive Bob
Chapek, who has been vocal
both internally and publicly
about the opportunity for Dis-
ney to do more to cross-sell
to customers, the people fa-
Please turn to page B2
Netflix
Seeks Top
July 2022
7.0%
Dollar for
Ad Spots
BY SUZANNE VRANICA
Netflix Inc. is looking to
charge brands premium prices
to advertise on its coming ad-
supported platform, according
to some ad buyers, a sign the
streaming giant is expecting
’21 ’22 strong interest.
Executives from Netflix and
Microsoft Corp., which is sup-
plying the technology to facili-
ing different hours. tate the placement of video
“Those on-site workers ads on Netflix, met with some
need to be doing their jobs ei- ad buyers last week, some of
ther in person or on-site,” said the buyers said. Netflix is
Sinem Buber, the lead econo- seeking to charge advertisers
mist for ZipRecruiter. “They roughly $65 for reaching 1,000
are looking for the flexibility viewers, a measure known as
we have as well.” CPM, or cost per thousand,
While the percentage of the buyers said.
such postings has declined in That is substantially higher
recent months, Ms. Buber said than most other streaming
Please turn to page B6 Please turn to page B2
to find new doctors, regulators Medicare Advantage
say. The celebrity pitchmen enrollment as a share of
haven’t been accused of violat- eligible Medicare beneficiaries
ing any rules.
50%
The aggressive sales efforts
by marketers are the result of
billions invested by private- 40
equity firms, financial-services
companies and stock-market
investors into virtual call cen- 30
ters, internet-based lead-origi-
nation firms and other mar- 20
keting businesses over the
past several years.
The investors all focused on 10
the annual sign-up period for
Medicare Advantage plans, 0
which are an alternative to the
2013 ’15 ’17 ’19 ’21
traditional fee-for-service
Please turn to page B10 Source: Kaiser Family Foundation

B2 | Thursday, September 1, 2022
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A H
Air France-KLM...........B3
Amazon.com ............... B6
Anderson Global.........B6
Apple.........................A16
B Group.........................B3
Bank of America
........................... B10,B11
Barclays.....................B10
Bed Bath & Beyond....A1
Best Buy ................... B12
BioNTech.....................A1
C Lone Star Funds ....... B10
Certares Management
.....................................B3
Chewy..........................B1
Citigroup..............B6,B11
D Morgan Stanley........B10
Dell Technologies......B12
Delta Air Lines ........... B3
Deutsche Lufthansa...B3
F-G
Foxconn Technology
Group ...................... A16
Gap .............................. B6
Gazprom......................A7
INDEX TO PEOPLE
A Groetzinger, Jack........B4
Arnal, Gustavo............A4
B Smith, Ryan................B4
Briggs, David...............B3
Buber, Sinem .............. B1
C Kassan, Lauren...........B6
Chapek, Bob................B1
Chastain, Nathaniel..B11
Cho, Jen.......................B6
Cohen, Ryan................A4
G itself as a commercial-free ha-
Gelman, Audrey..........B6
Gorman, Jeremi..........B2
Gove, Sue....................A1
Snap Cuts
Staff 20%,
Retrenches
Continued from page B1
pressure on their bottom line.
Facebook parent Meta Plat-
forms Inc. has said it would
shrink some teams as it ad-
justs priorities and software
giant Microsoft Corp. is trim-
ming its staff at its Modern
Life Experiences group that
develops consumer software
products.
The upheaval in the digital-
ad business that generates the
bulk of Snap sales has been
particularly pronounced. Last
year Apple Inc. introduced pri-
vacy changes that make it
harder for platforms to track
the performance of the ads
they sell. Then Russia’s inva-
sion of Ukraine in February,
rising inflation and a broader
economic slowdown caused
some ad buyers to pull back
on spending.
The slowdown in ad reve-
nue for Snap was swift and
steep, the company has sig-
naled. As recently as the first
quarter, revenue growth was
38% year-over-year. It is now
down to around 8%, the com-
pany said Wednesday.
Meta last month posted its
first decline in revenue and is-
sued a muted outlook on digi-
tal advertising trends and
competition from TikTok.
Around the same time, Google
parent Alphabet Inc. reported
the slowest quarterly sales
growth in two years.
Streaming giant Netflix Inc.
poached Snap’s chief business
officer, Jeremi Gorman, and
another advertising executive
is leaving to kick-start Net-
flix’s plan to add an ad-backed
tier option to its offerings. The
executive departures “could
prolong Snap’s ad growth
challenges and increase execu-
tion risk,” Citi analyst Ronald
Josey said in a note.
All those factors have
spelled months of tumult for
Snap. In October, the company
Snap's employee count
Approximately
6,000
6,400
5,000
4,000
3,000
2,000
1,000
0 0
2017 ’18 ’19 ’20 ’21 ’22
*Company estimate
P
HP..............................B12 Pacific Investment
Management...........B11
I
Panasonic....................B3
International Pfizer...........................A1
Consolidated Airlines
R
ITA Airways................B3 Robinhood Markets....B1
J S
JPMorgan Chase Sixth Street Partners A4
......................A4,B10,B11 Snap.....................B1,B12
L Starbucks ............ A1,A16
Sustainable Beef........B3
T
M
Toyota Motor.......A16,B3
Meta Platforms..........B6
V
Microsoft.....................B1
Virgin Atlantic Airways
Moderna......................A1
.....................................B3
Volkswagen...............A16
MSC Mediterranean
Shipping....................B3 W
N Walgreens Boots
Netflix.........................B1
Alliance.....................B6
Walmart......................B1
Nord Stream...............A7
O
Walt Disney................B1
Wellington Management
Ozone Networks.......B11 .....................................B4
Schake, Kristina..........B2
H Schultz, Howard.........A8
Henry, John.................B4
Spiegel, Evan .............. B1
Hollis, Jack..................B3
T get a lower-price, ad-supported
K tier off the ground as it looks
Tritton, Mark..............A4
V nue and attract more cost-con-
Krosby, Quincy............B1
Venkatakrishnan,
M
Natarajan..................A1
McNair, Cliff................B4 W April—a significant change for
N White, Mike................B2
Naylor, Peter...............B2 Wilke, Bob...................B4
O-S Y moves, including choosing Mi-
Osvaldik, Peter ........... B4 Young, Katie ............... A8
spooked investors in October
when it warned about the Ap-
ple privacy changes. Shares
fell more than a quarter the
following day and slumped
again in February amid a
broader selloff in tech stocks.
Snap shares then rallied al-
most 59% when the company
posted a profit and signaled
confidence it was getting past
the Apple changes that were
hampering ad sales.
It was short lived. In April,
shares tumbled again as the
company signaled widening
problems in the digital ad
market, issued a profit warn-
ing in May, and then posted
weak quarterly results.
Snap executives initially
aimed to handle the Apple
changes by working directly
with advertisers to find a way
to track how their ads per-
formed. That proved cumber-
some, a person familiar with
Snap’s effort said, and the so-
cial-media company now is
moving to work with third-
party data-services providers
to allow advertisers to deter-
mine the reach of their ads.
Snap has faced dark days
before. Four years ago, the
Snapchat app faced a user re-
volt over a rushed redesign
and other problems. The com-
pany had three straight quar-
ters of flat or fewer users in
2018 and at least half a dozen
executives left. It regained its
momentum and saw strong
growth during the pandemic,
propelling shares to an all-
time high last September, be-
fore its business prospects
worsened.
The company is aiming to
cut around $500 million from
its annual costs and estimates
it will incur one-time expenses
of between $110 million and
$175 million to lay off staff,
wind down projects and ad-
dress other issues. It is aban-
doning an effort to break into
the market for multiplayer in-
app games and closing stand-
alone platforms, Zenly, a social
map app, and Voisey, an app
that connects singers and
songwriters.
Snap shares closed up
8.69% in Wednesday trading.
—Jessica Toonkel
contributed to this article.
Quarterly revenue, change
from previous year
120%
100
80
60
40
20
Quarter-
to-date
+8%*
2019 ’20 ’21
Sources: the company (employees); S&P Capital IQ (revenue)
For years, brands had bemoaned not being able to appear on big streaming services such as Netflix. Netflix’s ‘The Umbrella Academy.’
Netflix to
Aim High
For Ads
Continued from page B1
platforms, the buyers said.
Netflix has been racing to
for new ways to generate reve-
scious users. Since announcing
its openness to advertising in
a company that has long sold
ven—Netflix has made multiple
crosoft to help launch the ser-
vice and hiring two Snap Inc.
executives to lead its advertis-
ing push.
Some of the ad buyers said
they were told by Netflix that
an ad-supported version would
be launched on Nov. 1. In July,
Netflix said it was targeting an
early 2023 launch for the new
tier.
Netflix wants to cap the
amount any brand can spend
annually on its platform at
$20 million, in order to ensure
Disney Eyes
Members
Program
Continued from page B1
miliar with the discussions
said.
“Technology is giving us
new ways to customize and
personalize the consumer ex-
perience so that we are deliv-
ering entertainment, experi-
ences and products that are
most relevant to each of our
guests,” said Kristina Schake,
senior executive vice presi-
dent and chief communica-
tions officer at Disney, in a
statement. “A membership
program is just one of the ex-
citing ideas that is being ex-
plored.”
Disney already has a spe-
cial program for superfans,
the D23 Official Fan Club,
which costs $99.99 to $129.99
a year and comes with access
to exclusive events and mer-
chandise. That program of-
fered members a discounted
three-year subscription to
Disney+ in 2019. A new mem-
bership program would be
different in that it would be
targeted at more casual Dis-
ney fans and customers.
As an early step to better
link Disney products and ser-
vices, Disney is working to
enable subscribers to its Dis-
ney+ streaming service to buy
merchandise such as T-shirts,
themed accessories and chil-
dren’s costumes associated
with some of its shows by
scanning a QR code on the
service that links to the Shop
Disney website, people famil-
iar with the plan said.
One example that execu-
tives have discussed as a pos-
sible merchandise tie-in is of-
fering an exclusive toy
version of a “darksaber”—a
weapon from the Star Wars-
themed series “The Mandalo-
rian”—for sale only to Dis-
ney+ subscribers, a person
familiar with the plans said.
The company expects to in-
troduce the retail feature on
Disney+ as soon as this year.
Disney has a range of prod-
ucts and services based on its
vast stable of entertainment
content. In addition to its
movies and streaming pro-
gramming, the company has
theme parks and sells a host
’22
of travel experiences, from
cruises to private-jet trips, as
.
* **** THE WALL STREET JOURNAL.
BUSINESS & FINANCE
NETFLIX
that no brand advertises too
much on the service and peo-
ple end up seeing the same ad
For years, brands had be-
moaned not being able to ap-
pear on the biggest streaming
to introduce its ad-supported
platform in select markets
during the final quarter of the
too often, some of the buyers
said.
“We are still in the early
services such as Netflix, where
consumers—especially youn-
ger people—were increasingly
year.
Netflix wants brands to
commit to a year-long upfront
days of deciding how to launch
a lower-priced, ad-supported
migrating as interest in tradi-
tional TV waned. More
ad buy—much the way tradi-
tional TV networks have oper-
tier,” Netflix said. “No deci- streaming services are start- ated for decades—by late Sep-
sions have been made.” ing to embrace ads: Warner tember, the buyers said.
The ad buyers said they Bros. Discovery Inc.’s HBO Max Ad buyers said Netflix is of-
were surprised Netflix would is offering a plan with com- fering advertisers the ability
seek such a steep price for ads mercials, and Walt Disney to target specific sets of users,
on an untested platform. How- Co.’s Disney+ is launching an but said it is less granular
ever, they said, it isn’t unusual ad-supported version of its than what they have grown ac-
for new entrants in the service this year. customed to with online ads.
streaming space to seek high Initially, Netflix plans to sell The options Netflix is offering
prices and then later negotiate 15- and 30-second ads that include targeting people that
them lower. would appear before and dur- are watching Netflix’s top 10
Since last week’s meetings ing some programs, ad buyers shows in the U.S.; allowing
with ad buyers, Netflix has said. The company is looking brands to target people that
appointed two new people to to keep the ad load to four are watching a specific genre
lead its ad effort: Jeremi Gor- minutes of ads for every hour of show such as comedy or
man and Peter Naylor, both of programming—less than drama; or the ability to target
of whom previously worked some of the other streaming ads to a specific country, they
at Snap Inc. and whose ap- services and much less than said.
pointments were announced traditional TV, the ad buyers Advertisers and ad buyers
Tuesday. Both are highly re-
garded on Madison Avenue
and are likely going to bring
said. Ad loads on traditional
TV are usually between 18
minutes and 23 minutes an
had also hoped they would
come up with an entirely new
ad experience and not lean on
other ideas to the continuing
negotiations.
Netflix expects to eventu-
hour, according to Kantar, a
research firm.
Bloomberg News previously
the typical way ads have
worked online for decades.
Some wanted Netflix to pursue
ally be able to charge advertis-
ers about $80 for every 1,000
views of an ad by helping
reported some details about
Netflix’s ad business, including
when in the program and at
less-traditional options, from
product placement to running
ads that tie into the show’s
them target specific audience which frequency the company content by using the same ac-
segments, The Wall Street planned for ads to appear. It tors, the Journal previously
Journal previously reported. also reported Netflix planned reported.
lated programming on Dis-
ney+. That cross-company ef-
fort, which is ongoing,
involves top leaders including
Mike White, who leads Dis-
ney’s metaverse strategy.
ZACK WITTMAN FOR THE WALL STREET JOURNAL
In exploring the member-
ship program, Disney has
studied Amazon’s program as
well as Apple One, which bun-
dles cloud storage, AppleTV+
and Apple Arcade, among
other services, for a starting
price of $14.95 a month, some
of the people familiar with
the discussions said.
Disney has discussed add-
ing perks to the membership
Streaming and parks could be included. A Disney store at Orlando. program from third parties,
such as discounts to tickets
well as clothing and toys. customers’ preferences, some for Disney shows on Broad-
Mr. Chapek in May high- of the people said. way, said one of the people
lighted Disney’s “unique syn- For example, a fan of Star familiar with the discussions.
ergy machine, or franchise Wars rides at its theme park —Robbie Whelan
flywheel” on a call with Wall would get recommended re- contributed to this article.
Street analysts, saying the
company was different from
competitors because it could
reach people in many differ-
ent ways.
Membership programs
have gained popularity among
retailers from Amazon.com
Inc. to Walmart Inc. to Star-
bucks Corp. because they
help companies better under-
stand customers’ purchasing
habits, while offering dis-
counts or perks that encour-
age them to remain loyal.
Streaming video services
can be sweeteners in those
programs. Walmart said this
month it will add free Para-
mount+ to its $98-a-year Wal-
mart+ membership program,
and Amazon offers Prime
Video through its program.
Competition in streaming
video has intensified and all
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UP TO $600
the major players are explor-
ing various avenues to boost on Models
growth, from selling ads to
raising prices to new distribu-
tion partnerships.
In the three-month period
ended July 2, Disney+ gained
14.4 million new subscribers,
bringing its total to 152.1 mil-
lion. But the company
brought down its forecast,
saying it expected to have 215 As low as $54 per month*
million to 245 million sub-
scribers by September 2024,
partially due to losing the
right to air popular Indian
cricket competitions.
A membership program
could help Disney learn more
about its customers’ behavior
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by collecting data about
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which shows they watched,
trips they took and merchan-
dise they purchased. Ulti-
*$54 per month based on purchase of $129999 for 24-months 0% interest
mately, Disney’s goal is to
harness that data to make
recommendations based on
 .

THE WALL STREET JOURNAL. Thursday, September 1, 2022 | B3

BUSINESS NEWS

Walmart, Ranchers
Team Up on Beef
BY PATRICK THOMAS
Walmart Inc. is pushing
deeper into the beef business,
taking a stake in a planned Ne-
braska processing plant to
help stock its meat sections
and increase processing capac-
ity in the beef industry.
The retailer said Wednes-
day that it acquired a minority
stake in Sustainable Beef LLC
as part of Walmart’s push to
develop a network of meat-
processing plants providing
Lehr, a Walmart senior vice
president. He said many U.S.
grocers struggled to secure
meat in 2020 after Covid-19
cases among plant workers cut
into production and raised
fears of shortages. Walmart
will buy most of the beef pro-
duced by Sustainable Beef’s fa-
cility, which will go to stores in
the central U.S., said Mr. Lehr.
Sustainable Beef was
founded by a group of cattle
ranchers who have said their
processing plant will boost

Angus beef products for its
stores. The deal also provides
Walmart and its customers
better visibility into the food
supply, the company said.
Financial terms of Wal-
mart’s investment weren’t dis-
closed. Walmart said it would
have a seat on Sustainable
Beef’s board.
ADI WEDA/EPA/SHUTTERSTOCK
competition—and livestock
prices—in one of the country’s
top beef-producing regions by
giving local producers another
place to sell their cattle.
Ranchers, upset by years of
low cattle prices despite the
rise of wholesale beef prices
over the course of the pan- The car maker laid out plans to spend $5.6 billion on battery capacity. Electric vehicles now make up less than 1% of its sales.
demic, have pushed along with

Toyota to Scale Up Battery Output

The partnership between
Walmart and the North Platte,
Neb., beef venture comes as
some food retailers move to
take greater control of the
commodity-processing portion
of their supply chains. Costco
Wholesale Corp., for example,
built its own poultry-process-
ing plant in recent years to
help provide the chain’s signa-
ture $4.99 rotisserie chickens.
Walmart in 2018 opened its
own milk-processing plant in
Indiana, supplying more than
600 stores, and in 2020 the
company opened a beef-pro-
cessing plant in Georgia oper-
ated by FPL Food, supplying
stores in the Southeastern U.S.
Prices for food and con-
sumer products have been ris-
ing across grocery aisles.
Since the onset of the Covid-19
pandemic, meatpacking com-
panies said they couldn’t pro-
cess as many head of cattle as
usual because their plants
were short-staffed. That lim-
ited meat supplies and pushed
prices higher while consumer
demand grew, they said.
“One of the things that we
saw in the course of the last
two years is, quite frankly, ca-
pacity is tight,” said Tyler
JAE C. HONG/ASSOCIATED PRESS
the Biden administration to in-
crease antitrust scrutiny on
the beef industry. Four meat-
packers process around 85% of
U.S. cattle, according to the
White House, which has prom-
ised funding for smaller, re-
gional meat-processing plants,
such as Sustainable Beef.
The plant is expected to em-
ploy about 800 people and
could slaughter 1,500 head of
cattle a day, according to its
founders. Walmart said that
with the help of its investment,
Sustainable Beef plans to break
ground in September and be-
gin operations by late 2024.
Meatpacking industry exec-
utives and analysts have said
building and staffing more
large-scale processing plants
will be difficult given the
shortage of labor and rising
building costs. Executives of
meat companies have said that
a heavy reliance on a network
of small processors would in-
crease meat prices and further
complicate supply chains.
Walmart’s investment in the
beef venture gives the project
the benefit of a reliable cus-
tomer, said Sustainable Beef
Chief Executive David Briggs.
“It’s a huge plus,” he said.
BY RIVER DAVIS
TOKYO—Toyota Motor
Corp. laid out plans for spend-
ing $5.6 billion on electric-ve-
hicle battery capacity, as it
moves to catch up after ex-
pressing doubts about how
quickly the world should shift
toward EVs.
On Wednesday, Toyota said
it planned to spend about $2.5
billion on scaling up production
at a plant it is building in North
Carolina. Another roughly $3
billion will be invested in plants
in Japan as well as a facility
operated by Prime Planet En-
ergy & Solutions Co., a joint
venture of Toyota and Pana-
sonic Holdings Corp.
Not all of the spending de-
scribed by Toyota on Wednes-
day is new. Part of it was in-
cluded in the ¥2 trillion,
equivalent to $14.4 billion, that
Toyota said last year it planned
to spend on battery research
and production, a spokes-
woman said. She declined to
give additional details.
Toyota said it planned to
begin battery production in the
U.S. and Japan within the next
four years.
The Japanese auto maker
was long a voice of caution
about the transition to battery-
powered cars but it largely re-
versed course in December. At
the time, it said it would spend
the equivalent of around $30
billion on EVs over the next de-
cade. It said it aimed to sell 3.5
million EVs a year by 2030, up
from an earlier target of
around two million.
On Wednesday, Toyota said
it wanted to “build a supply
system that can steadily meet
the growing demand” for elec-
tric vehicles.
President Biden has pushed
car companies to bring more
battery manufacturing to
North America. To get a tax
break under the recent U.S. cli-
mate and healthcare law, EV
models must have a certain
value of their battery compo-
nents assembled in the region.
Toyota executives have con-
tinued to offer hedged com-
ments about how quickly the
EV transition will happen, with
the industry hampered by
shortages of minerals and ma-
terials that go into batteries
for the vehicles. The auto
maker views hybrid gas-elec-
tric vehicles as a good way to
reduce emissions in regions of
the world that lack sufficient
EV infrastructure and burn fos-
sil fuels to generate much of
their electricity.
Jack Hollis, a top Toyota ex-
ecutive in North America, said
in August that the EV market-
place isn’t mature enough yet
and hybrid vehicles are likely a
better near-term solution for
many customers.
Toyota said it aimed to in-
crease its annual battery pro-
duction capacity by up to 40
gigawatt-hours in Japan and
the U.S., enough for more than
700,000 vehicles based on the
International Energy Agency’s
estimate of average EV battery
capacity.
Toyota shipped around
4,000 EVs in the recent April-
to-June quarter, making up less
than 1% of its total unit sales.
Hybrid vehicles made up nearly
30% of Toyota and Lexus ship-
ments for the period.
Toyota joins a growing ros-
ter of Japanese companies
planning multibillion-dollar in-
vestments in their battery sup-
ply chains in the U.S.
Earlier this week, Honda
Motor Co. said it planned to
build a $4.4 billion EV battery
factory in the U.S. in a joint
venture with South Korea’s LG
Energy Solution Ltd., while
Tesla Inc. supplier Panasonic
has unveiled a similar-sized in-
vestment in Kansas and is con-
sidering one in Oklahoma.
—Sean McLain
contributed to this article.
Watch a Video
Scan this code
for a video on
what it takes to
produce EV
batteries.

The airline formerly known as Alitalia is being privatized by the Italian government.

Delta and Air France-KLM

Win Joint Bid for Italy’s ITA
BY MAURO ORRU
AND BENJAMIN KATZ
Delta Air Lines Inc. and Air
France-KLM won their joint
bid for ITA Airways, entering
exclusive talks with the Italian
government over plans to pri-
vatize the carrier formerly
known as Alitalia.
Italy’s Finance Ministry said
Wednesday that a bid from the
consortium, which also in-
cludes investment firm Cer-
tares Management LLC,
emerged as the most suitable
as the government seeks to
hand over control of the rein-
carnated flag carrier. The gov-
ernment said a final deal isn’t
certain. “At the end of exclu-
sive negotiations, binding
agreements will be signed only
if the outcome is fully satisfac-
tory for public shareholders,”
the ministry said.
The consortium beat a rival
offer from MSC Mediterranean
Shipping Co. and Germany’s
Deutsche Lufthansa AG.
ITA Airways launched opera-
tions in October last year with
less than half of Alitalia’s fleet
as it focused on profitable
routes. Alitalia, which in its hey-
day flew Hollywood movie stars
and more recently was the offi-
cial airline of the pope, had
been losing money since 2008.
By 2017, the airline had lost ac-
cess to credit markets, and the
Italian government stepped in
with loans worth hundreds of
millions of euros, placing Alita-
lia into special bankruptcy pro-
ceedings. For months, the gov-
ernment has been seeking a
partner or buyer for ITA Air-
ways in an effort to reduce
state control.
The consortium’s bid is be-
ing led by Certares, which has
offered to take an equity stake
in the revived Italian national
Investment firm
Certares is leading
the bid, but a final
deal isn’t certain.
carrier. Delta and Air France-
KLM have backed the bid, of-
fering to expand their opera-
tional and commercial ties
with ITA, representatives for
the two airlines said.
“Delta looks forward to
forging even closer commer-
cial ties with ITA Airways,” a
spokesman said. Air France-
KLM said that it doesn’t plan
to make any financial invest-
ment in ITA, but that it could
revisit becoming a minority
stakeholder in the “medium
term.” The Franco-Dutch car-
rier said it would build on its
code-share agreements and le-
verage the Italian airline’s
membership of the SkyTeam
alliance, of which Delta and
Air France-KLM are leading
members.
Air France-KLM and Delta
operate a joint venture and
revenue-sharing partnership
across the North Atlantic in
combination with the smaller
Virgin Atlantic Airways Ltd.,
in which Delta holds a 49%
stake. The joint venture com-
petes with similar tie-ups be-
tween United Airlines Hold-
ings Inc. and Lufthansa, and
American Airlines Group Inc.
and British Airways, owned by
International Consolidated
Airlines Group SA.
If an agreement with the
Italian government is reached,
the deal could boost the two
major airlines’ presence in the
North Atlantic market, and con-
nect ITA’s frequent flier pro-
gram to Delta’s SkyMiles and
Air France-KLM’s Flying Blue
reward programs, a spokes-
woman for Air France-KLM
said.
 .

B4 | Thursday, September 1, 2022 * **** THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

SeatGeek Raises Funds Privately Streamers’

Deal Lifts
After pulling plug events being canceled, but
on SPAC, the mobile
ticketing platform
lately it has surged.
The new funding reflects
the company’s steady growth,
Songwriter
is valued at $1.2 billion
which has been driven re-
cently by strong demand for
concert tickets, SeatGeek Chief
Royalties
BY AMRITH RAMKUMAR Executive Jack Groetzinger BY ANNE STEELE
said in an interview. An in-
SeatGeek Inc. has raised crease in live-event attendance Music publishers and
$238 million privately from in- following the worst of the streaming services reached an
vestors including Wellington pandemic is offsetting any agreement to raise the rates
MICHAEL AINSWORTH/ASSOCIATED PRESS
Management Co. after re- consumer worries about songwriters get paid when
cently terminating a merger higher inflation, he said. their music is played on Spo-
with a special-purpose acqui- “The yo-yo on the other tify and other digital platforms.
sition company that would side is so positive that it just The National Music Publish-
have taken the ticketing plat- overwhelms any specific eco- ers Association—a trade organ-
form public, company officials nomic concern,” he said. ization representing music
said. The company plans to use publishers including Universal,
The funding round adds to the money to invest in its soft- Warner and Sony—and the Dig-
a string of private investments ware and new offerings, such ital Media Association—which
in fast-growing, unprofitable as a program that lets buyers represents Spotify Technology
startups at valuations that are return their tickets and get a SA, Apple Inc., Amazon.com
lower than previously ex- credit toward another event. The company has partnerships with about 200 companies, including the Dallas Cowboys, to sell Inc., Alphabet Inc.’s YouTube
pected when the companies Another initiative focuses on tickets directly to fans. and Sirius XM Holdings Inc.’s
were exploring public listings. an attendee’s day-of experi- Pandora—said Wednesday they
Many companies are seeking ence, including ticket up- Sales for ticketing platforms Share-price and ETF performance this year have hammered out a deal days
other ways to raise money af- grades and food-and-beverage before they were set to go to
$500 million SeatGeek 10% trial in front of the Copyright
ter delaying their public list- options.
ings during this year’s stock SeatGeek spends heavily on Vivid Seats Royalty Board. The board is a
0
market volatility, which has marketing and has posted siz- three-judge panel that sets the
hammered technology shares. able losses in recent years, ac- 400 mechanical statutory licensing
–10
SeatGeek is now valued at cording to regulatory disclo- rates that digital-service pro-
about $1.2 billion, down from sures that were part of its viders pay publishers for on-
–20
as much as $2 billion in the SPAC deal. Last year’s sales 300 demand streams of their songs.
proposed SPAC deal. Longtime were more than 30% above –30
The agreement means pub-
investor Accel, private-equity 2019 levels at about $185 mil- lishers will get as much as
firm Arctos Sports Partners lion. Mr. Groetzinger said 200 15.35% of music streamers’ rev-
–40
and Ryan Smith, founder of sales are on track to more enue, phased in during the
software firm Qualtrics Inter- than double this year. The –50 five-year period from 2023 to
national Inc. and majority company is balancing its 100 Vivid Seats the end of 2027. The settle-
owner of the National Basket- growth with the goal of be- –60 Renaissance IPO ETF ment follows the Copyright
ball Association’s Utah Jazz, coming profitable, he said. AXS De-SPAC ETF Royalty Board’s decision in
also put money in. Founded in 2009, SeatGeek 0 –70 July to retroactively uphold a
New York-based SeatGeek had previously agreed to 2019 ’20 ’21 J F M A M J J A
rate of 15.1% for the period of
focuses on mobile ticketing for merge with RedBall Acquisi- 2018 to 2022—a 44% increase
live events, partnering with tion Corp., a SPAC that counts Sources: the companies (sales); FactSet (performance) from the prior rate.
some 200 clients, including famed baseball executive Billy Before the July decision,
the Dallas Cowboys, to sell Beane among its backers. merger before its deadline. backed by Los Angeles Dodg- deal and it is completed, the the two sides were in a debate
tickets directly to customers. SeatGeek cited the challenging SeatGeek competitor Stub- ers and Chelsea Football Club company going public replaces over future rates. The new
It is also a marketplace where market for rapidly growing Hub was exploring going pub- part-owner Todd Boehly. Its the SPAC in the stock market. agreement aligns streamers’
consumers can buy tickets for companies when terminating lic through a direct listing shares have fallen about 30% Such mergers have become and songwriters’ interests and
sporting events and concerts. the merger. The RedBall SPAC early this year before stocks in 2022. popular alternatives to tradi- will help generate collabora-
The company competes had previously discussed a tumbled and is now monitor- Also called a blank-check tional initial public offerings tion, executives said in a joint
with StubHub Holdings Inc., merger with Boston Red Sox ing market conditions, accord- firm, a SPAC is a shell com- in the past few years, but the interview.
Live Nation Entertainment owner John Henry’s Fenway ing to a person familiar with pany that raises money from markets for all types of new “What’s most important
Inc.’s Ticketmaster and Vivid Sports Group LLC, but the two the matter. Bloomberg earlier investors and trades on a listings have slowed as inter- about the rate structure is we
Seats Inc. in the crowded tick- sides never reached a deal. reported that StubHub was stock exchange with the sole est rates and government- really are partners in that the
eting sector. Demand cratered The SPAC recently liquidated considering a direct listing. intent of merging with a pri- bond yields surged. more revenue they make the
in 2020 after the coronavirus and returned money to inves- Vivid Seats went public last vate company to take it public. —Anne Steele better we do,” said NMPA
pandemic led to many live tors after failing to find a year by merging with a SPAC After regulators approve the contributed to this article. Chief Executive David Israelite.
“We are in the midst of an
incredibly competitive atten-

RadioShack Campaign Repels Some Dealers

tion economy where those
who make and distribute mu-
sic are competing for eyeballs
and to ensure ears are spend-
BY MEGAN GRAHAM sold at a network of indepen- ing time listening to music,”
dent stores, primarily with said Digital Media Association
RadioShack’s crass new brand names of their own. CEO Garrett Levin, who
marketing strategy is disap- Those stores continued as Ra- pointed out the challenge ser-
pointing some of the brand’s dioShack dealers through con- vices have faced in having to
independent dealers, including tracts struck with the previous strike new deals with the mu-
one retail partner that says it owner but now are tied to the sic business when they roll out
is ending the relationship in new owner’s marketing efforts. new features.
response. One recent RadioShack The deal, he said, would al-
RadioShack’s Twitter ac- Twitter post wished followers low services to innovate “while
count, once a source of elec- a “happy national boobs day,” also ensuring music remains
tronics deals and blast-from- while another asked whether a valuable in those products.”
the-past ads, this year became popular porn site was down For years, publishers and
a collection of porn-themed for everyone else. songwriters have bristled over
memes, sexual jokes and In addition to introducing a payments from streaming and
crypto-related posts. cryptocurrency exchange plat- say they are paltry—histori-
“This is so damaging to their form, REV has said that it cally about one-fifth the
integrity, and the reputation of plans to expand inventory amounts that labels and re-
DREW ANGERER/GETTY IMAGES

the brand. We just do not want with goods including video- cording artists collect. The
to be associated with that type games, merchandise related to battle over streaming-royalty
of marketing,” said Bob Wilke, crypto and “other trendy payouts heated up as financial
president of HobbyTown Un- items,” among other moves, to players such as Blackstone Inc.
limited Inc. He said HobbyTown broaden RadioShack’s appeal. and KKR & Co. bet billions of
had operated RadioShack Ex- “While some dealers have dollars on song catalogs—as-
press locations in more than 80 expressed reservations with sets now seen as both increas-
of its 110 stores, which are lo- our current marketing strat- ingly valuable due to the
cally owned by franchisees. The electronics retailer’s Twitter feed has lately been filled with porn memes and crypto-related posts. egy, we have already seen tre- growth of online streaming
But RadioShack’s vulgar mendous recognition of the and untethered to broader
posts on Twitter, which are goes back decades. projecting potential, and those twice between 2015 and 2017. rejuvenated brand, as many market fluctuations.
designed to drum up attention “It was a really wonderful of bricks-and-mortar market- RadioShack’s brand in the current and future customers Mechanical licenses date to
for a new cryptocurrency ex- company at one time,” said ers, such as consistency, reli- U.S., Canada, India, Australia, are eager to experience the the early 20th century. In 1909,
change platform and other ef- Cliff McNair, who has offered ability and in-person relation- Europe and China was sold in next generation of Ra- Congress decided music pub-
forts to revive the brand, RadioShack products at a fur- ships with customers. 2020 for an undisclosed price dioShack,” REV said in an lishers had a monopoly on
aren’t the first frustration for niture, home appliance and RadioShack was founded in to Retail Ecommerce Ventures, emailed statement to The Wall player-piano rolls, then a pop-
some of the dealers. electronics store called Best 1921 and went on to become a a company that had previously Street Journal. ular recording medium, and
The split over marketing Brands Plus in Maryville, Mo. household name as a seller of acquired the intellectual prop- A representative for REV passed a law requiring them to
comes after years of owner- “It was like a big family to the computers, electronics and erty assets of brands including said this summer it has license their copyrights, with
ship changes and bankruptcies people who were really in- components before it was hurt retailer Dressbarn, home décor around 400 dealer locations. the government setting the
for the electronics chain. It volved in it. It just was sad to by competitors such as Best and accessories retailer Pier 1 More than a dozen locations rate. Record labels, which con-
has become tough to get Ra- see what happened.” Buy Co. and Amazon.com Inc. Imports and sporting-goods listed on its website have trol masters, or the sound re-
dioShack-branded inventory in The situation now repre- It promised an improved store seller Modell’s. closed, however, and dozens cordings of songs, aren’t sub-
stock in recent years, some sents a clash between certain experience in a well-received RadioShack at that time more are in HobbyTown ject to such compulsory
dealers say, undermining an priorities of the digital era, in- 2014 Super Bowl ad but fal- was operating as an online re- stores, the retail chain that licensing and negotiate with
association that in some cases cluding getting attention and tered, filing for bankruptcy tailer, but its goods were still said it was cutting ties. the services in the free market.

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 .

THE WALL STREET JOURNAL. * * * * Thursday, September 1, 2022 | B5

TECHNOLOGY

Nvidia Forecasts
A Sales Hit From
U.S. Licensing Rule
BY ASA FITCH with other products and may
seek licenses from the govern-
Nvidia Corp. could lose as ment if the replacements
much as $400 million in quar- weren’t sufficient, it said.

MARTIN MEISSNER/ASSOCIATED PRESS

terly sales after the U.S. im-
posed new licensing require-
ments on shipments of some
of its most advanced chips to
China, the chip maker said
Wednesday.
Nvidia, the U.S.’s largest
chip maker by market value,
said in a regulatory filing that
it was notified on Friday that
companies would be required
to get a license from the U.S.
The rule isn’t limited to
Nvidia, and sets a performance
threshold on chips that handle
advanced artificial intelligence
calculations that are becoming
increasingly crucial to busi-
nesses, governments and mili-
taries, according to an industry
official. Nvidia dominates the
market for these kinds of chips.
The new licensing require- Hackers briefly took down the website of the Finnish parliament earlier in August and did so previously in April.
ments come at a difficult time

Finland Plans Cyber Funding

government before shipping
certain cutting-edge chips to
China and Russia.
The company doesn’t sell
chips to Russia, it said, but the
restriction on China could im-
pact its outlook of about $5.9
billion of sales in the current
quarter. The company was in
talks with Chinese customers
to fulfill planned purchases
for chip makers. Demand for
personal computers, video-
games, and smartphones,
among other gadgets, has
slowed with soaring inflation
and a worsening economic
outlook, pressuring people’s
ability to spend.
Nvidia shares fell more than
5% in after-hours trading
For Companies Amid Threats
Wednesday. BY CATHERINE STUPP the Finnish Ministry of Trans- flict, cyberattacks targeting the with their own additional
port and Communications, government or Finnish compa- funding, said Peter Sund, chief
Finland’s government is to with companies required to nies haven’t notably increased, executive of the Finnish Infor-

New SAP CFO Is Set help companies fund improve-

ments to their cybersecurity
through a voucher scheme, as
pay the remaining 30%.
Finnish officials
warned of elevated hacking
have
he said, but the level of poten-
tial cyber threats remains high.
“The situation can change
mation Security Cluster, an as-
sociation representing cyber-
security firms.

To Focus on the Cloud hacking threats rise as the war

BY JENNIFER WILLIAMS-ALVAREZ
SAP SE’s new finance chief,
an industry outsider from Air-
bus SE, will be tasked with ad-
vancing the software giant’s
cloud transformation and lift-
ing sagging margins.
Walldorf, Germany-based
SAP on Wednesday named Do-
minik Asam chief financial of-
ficer, effective March 7, 2023.
He is set to succeed Luka Mu-
cic, who joined SAP nearly
three decades ago and has
served as CFO since 2014. The
company this year said Mr.
Mucic plans to leave SAP in
March 2023.
Mr. Asam joins SAP from
European aircraft maker Air-
bus, where he has been CFO
since 2019. Before his time at
Airbus, he led the finances of
semiconductor firm Infineon
Technologies AG and held
other finance roles at RWE AG,
one of Germany’s largest
power producers, and indus-
trial conglomerate Siemens
AG. Mr. Asam started his ca-
reer in Goldman Sachs Group
Inc.’s investment-banking divi-
sion.
His appointment comes as
SAP is battling lower operat-
ing margins and a decline in
its share price.
The company in July re-
ported operating profit of
€1.68 billion on a non-Interna-
tional Financial Reporting
Standards basis, equivalent to
$1.69 billion, down 13% com-
pared with the prior-year pe-
riod.
in Ukraine
CYBERSECURITY c o n t i n u e s
and amid
the Nordic country’s bid to
join the North Atlantic Treaty
Organization.
The government proposal
would fund cybersecurity train-
ing, tools, assessments and
tests at companies in sectors
considered critical to Finnish
society, officials said. The plan
is expected to be approved in
September, with vouchers
starting to go out in October.
The vouchers would provide
up to 15,000 euros, around
$15,000, to small and midsize
companies and nonprofits.
Larger companies could be eli-
gible for vouchers worth as
much as €100,000. Higher-
value vouchers could cover
70% of a cybersecurity project,
according to an official from
risks since the start of the war
in Ukraine and Finland’s appli-
cation to join NATO this
spring. Hackers briefly took
down the website of the Finn-
ish parliament earlier in Au-
gust and did so previously in
April as Ukrainian President
Volodymyr Zelensky was ad-
dressing Finnish lawmakers.
Hackers claiming allegiance to
Russia have taken credit for
attacks on Lithuania and Italy,
and companies that support
Ukraine in the war.
“Almost everywhere there’s
been obvious increased atten-
tion to cybersecurity, increased
investments in companies and
the public sector, increased ac-
tions on the government
side,” said Sauli Pahlman, dep-
uty director of the National Cy-
ber Security Center, the coun-
try’s cybersecurity agency.
Since the start of the con-
pretty rapidly,” he added.
When the war started,
Finnish officials and corporate
security experts were initially
concerned about a possible in-
crease in major hacks on com-
panies. This hasn’t occurred so
far, said Jaakko Wallenius,
chief security officer at Elisa
Oyj, one of Finland’s biggest
mobile carriers. Still, he said,
“companies have been prepar-
ing. We keep our guards up.”
While the vouchers would
provide only a relatively small
amount of funding, Mr. Pahl-
man said that he hopes the re-
sults would stick and that com-
panies would continue to use
any tools, training or expertise
they purchase with the money.
The vouchers should be
viewed as a form of discount
on cybersecurity services, en-
couraging companies to bol-
ster the government support
Finnish companies have be-
come more cautious about cy-
ber risks since the start of the
war in Ukraine, said Markku
Rajamäki, chief policy officer
for corporate security and risk
management at the Confedera-
tion of Finnish Industries. In-
terest in the association’s se-
curity-focused webinars has
grown as companies look for
information about how to pre-
pare themselves for cyberat-
tacks, he said.
“There’s no company that
hasn’t woken up already,” Mr.
Rajamäki said. The vouchers
would be most useful to small
and midsize businesses that
often have no dedicated cyber-
security staff, and not to large
critical infrastructure opera-
tors, he said. “There’s a huge
lack of know-how, time and re-
sources in that range of com-
panies,” he added.

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B6 | Thursday, September 1, 2022
Women Get to Top Jobs Faster Than Men
BY LINDSAY ELLIS
Women who get promoted
to high-ranking executive roles
at Fortune 100 companies tend
to get there faster than men,
according to new research
from the Wharton School of
the University of Pennsylvania.
The research examined 40
years of data on who holds the
Fortune 100’s top 10 executive
positions at each company,
digging into their demograph-
ics and the path they took to
their corner offices. Women
started breaking into executive
roles at the biggest U.S. com-
panies faster than their male
peers in 2001, a trend that
was still true in 2021, the
study shows.
Yet these women, who hold
roughly a quarter of leader-
ship positions, don’t often
break into the highest echelon
of management to hold the ti-
tle of chief executive, presi-
dent or chief operating officer.
Companies have felt the ur-
gency, internally and through
outside pressures, to add
women to their top ranks, ac-
cording to researchers.
Women who were promoted
into the top 10 corporate roles
tended to get there two to
four years faster than men, as
measured by years in their ca-
reers, the report said. These
women were also more likely
than men to be hired into top
positions from outside the
company instead of promoted
from within.
The speed and prevalence
of outside hires is significant
to Peter Cappelli, a Wharton
management professor who
conducted the research with
More Jobs
Come With
Flexibility
Continued from page B1
it remained above prepan-
demic levels, with the pullback
coming from retailers. “This
isn’t going away,” she said.
“We aren’t going back to 2019
when it comes to work ar-
rangements.”
The spread of flexible work-
ing hours is also being driven
by workers who want part-time
positions. In July, 20.7 million
people were in part-time jobs
of their own choosing, accord-
ing to the Labor Department,
while 3.9 million part-time
workers said they were looking
for full-time work. The propor-
tion of the whole labor force
that is choosing to work part-
time hours is at its highest
since early 2020.
Companies said they are of-
fering different types of work-
ing arrangements for in-person
jobs because it allows them to
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Compared with 20 years ago, fewer leadership
roles held by women are in support functions...
Share of leadership positions held by women
CEOs, presidents, COOs
100
100%
Heads of product-specific functions
75
General managers
50
Heads of support functions
25
0
2001 ’11
Note: Data covers executives in the 10 highest-ranking jobs in Fortune 100 companies at each time period.
Source: MIT Sloan Management Review; Monika Hamori and Rocio Bonet, IE Business School; Peter Cappelli and Samidha Sambare, Wharton School
Monika Hamori and Rocío Bo-
net, associate professors at IE
Business School, and Samidha
Sambare, a Wharton research
associate. Outside hires for C-
suite positions mean the talent
pipeline isn’t the only way to
the top, Prof. Cappelli added.
“Companies can move peo-
ple ahead faster if they want,”
he said. “We’re kind of stuck
in this view that there’s this
long, inevitable pipeline
march, but that’s not true.”
Overall in 2021, women
held about 27% of leadership
positions—as chief executive,
chief of human resources or
general manager—in the For-
tune 100, up from none in
1980. In 2001, a gap emerged
between how fast men and
women advanced, with women
taking about 3.6 fewer years,
on average, to move into the
top 10 roles. The gap nar-
rowed in 2011 to 2.9 fewer
tap into new pools of labor and
because workers are demand-
ing it. The higher percentage of
single mothers and an aging
population resulting in elderly
parents means that many work-
ing-age people have additional
caretaking responsibilities, ac-
cording to economists.
Amazon.com Inc. said more
than 100,000 of its employees
have used its “Anytime Shifts”
program to book their own
work hours. Logistics supplier
Geodis Group said more than
110,000 hours of work have
been done using the com-
pany’s flexible shift program
on a phone app called Shyft.
The app allows factory and
manufacturing operations to
function similarly to gig-econ-
omy roles like Uber drivers.
Geodis posts dozens of open
shifts a week, allowing work-
ers to choose positions based
on the pay rate and the hours.
Clothing retailer Gap Inc.
has hundreds of part-time
warehouse workers choosing
their hours on Shyft. Gap and
other companies say workers
themselves are asking for
part-time, flexible work. Many
companies prefer to offer
workers full-time positions.
. BY MARK MAURER
"This is like reading
in sunlight!"- Susan A.
BUSINESS NEWS
...but men still hold the majority of leadership
roles across organizations
Leadership roles by gender and function, 2021
Heads of
support functions
Heads ofproduct-
specific functions
General managers
CEOs,
presidents, COOs
’21
years, and it was about 1.5
years last year.
Women are advancing
faster than men into leader-
ship roles, in part, because in-
vestors and clients are push-
ing them, too, Prof. Cappelli
In 2001, a gap
emerged between
how fast men and
women advanced.
said. BlackRock Inc. said in
2018 that it wanted companies
where it invested to have di-
verse boards, spelling out an
expectation of “at least two
women directors on every
board.” Nasdaq Inc. adopted
similar targets and was sued.
There is a movement
Renee Jumper, shown with son Azaiah and daughter Skylar, says her shift job works well for family.
“There’s a growing popula-
tion of people in which flexi-
bility is paramount,” said
Kevin Releford, a logistics ex-
ecutive at the Gap. “You aren’t
going to force someone who
wants maximum flexibility to
work a full-time schedule.”
The hotel industry views
the rise of nontraditional
shifts as an advantage com-
pared with other industries
Arthur Andersen Left Complicated Legacy
Two decades after Arthur
Andersen LLP’s downfall, the
firm that audited Enron
Corp.’s financial statements
remains a punchline for many,
though some prefer to remem-
ber it as an influential institu-
tion deserving of respect.
The accounting firm
stopped auditing public com-
panies on Aug. 31, 2002, and
wound down its operations. Its
demise turned the Big Five
into the Big Four: Deloitte
Touche Tohmatsu Ltd., Ernst &
Young LLP, KPMG LLP and
PricewaterhouseCoopers LLP.
For many of the thousands
of auditors who worked at Ar-
thur Andersen, in particular,
its collapse remains a painful
reminder of how fragile liveli-
hoods—and even a company’s
existence—can be.
Founded by accounting pro-
fessor Arthur E. Andersen in
1913, the firm was based in
Chicago. At its peak, Arthur
Andersen employed about
85,000 people in 84 countries.
Thousands of them found jobs
in professional services,
largely at the Big Four.
The firm, which reported
roughly $9 billion in global
revenue for fiscal 2001, was in
2002 convicted by a Houston
jury of obstructing the govern-
ment’s investigation into En-
ron by shredding thousands of
records and deleting tens of
thousands of email messages,
impeding an investigation by
the Securities and Exchange
Women Men
0% 25 50 75
among many companies to ask
their prospective vendors—for
instance, the outside law firms
they hire, or other contractors
like engineers—to share inter-
nal workforce diversity data as
part of the bidding process,
Prof. Cappelli said. That made
some companies focus more
on diversity and change how
they hire, he added.
Women still make up a
small portion of the highest-
ranking roles inside the For-
tune 100, including chief exec-
utive officer, president and
chief operating officer.
Roughly 6% of women in lead-
ership hold these titles—a
share that has been flat for
two decades.
In the past two years, there
have been several women ap-
pointed to the top job at major
companies: Walgreens Boots
Alliance Inc. tapped Rosalind
Brewer, a Starbucks Corp. ex-
because many hotels are open
around the clock. “It’s not a
nine-to-five job,” said Michael
Jacobson, president of the Illi-
nois Hotel & Lodging Associa-
tion. “We have shifts starting
every hour of the day.”
Renee Jumper helps make
washing machines two nights
a week at the GE Appliances
factory in Louisville, Ky. This
schedule allows her to cook
History Spawns
Jokes, Nostalgia
Shredded Enron documents
remain the subject of internet
memes and jokes.
This year, a Reddit user
shared an animated image of
documents falling from a printer
into a paper shredder, with the
caption “Live from Arthur An-
dersen.” Rutland Price, an ac-
counting analyst at financial-ser-
vices firm Protective Life
Insurance Co., responded to the
shredder image by pointing to
the Supreme Court ruling, which
came too late to save the firm.
“You get a lot of Arthur Ander-
sen memes that I don’t think
are quite justified,” Mr. Price said.
When the SEC in June an-
nounced its $100 million fine
against Ernst & Young for exam
cheating, Jacob Jellison, a tax
Commission.
Enron, a Houston-based en-
ergy company that had been
an Arthur Andersen client for
16 years, hid hundreds of mil-
lions of dollars in losses and
similar amounts of debt
through transactions involving
some of its senior officials.
The Supreme Court in 2005
unanimously overturned Arthur
Andersen’s criminal conviction,
concluding the judge’s instruc-
tions to the jury were flawed
and making it clear that law-
yers and executives have some
.
* * THE WALL STREET JOURNAL.
ecutive, as its CEO; Citigroup
Inc. made Jane Fraser its chief The Wing Closes
executive, the first woman to
lead a major Wall Street bank. Its Locations
There have been high-profile
departures as well. Gap Inc.’s
Sonia Syngal stepped down as The Wing, a women-fo-
CEO earlier this summer after cused co-working company,
two years at the helm. And said it was permanently clos-
Sheryl Sandberg recently left ing, ending a nearly six-year
her position as chief operating run that saw the startup turn
officer of Facebook parent from a buzzy sanctuary to
Meta Platforms Inc. one marred by turmoil.
Certain jobs are feeder The New York company
roles to the corner office, and said Tuesday it was closing
women aren’t often tapped for its six co-working locations
those jobs. General managers because it couldn’t run a fi-
and positions in operations nancially sustainable opera-
that have profit-and-loss, or tion after losing members
100 P&L, responsibility tend to during the pandemic.
provide a path to the CEO po- “With the backdrop of the
sition. The Wharton research Covid pandemic and increas-
found that more than half of ing global economic chal-
executive positions women lenges, we have been unable
held in 2021 are leading sup- to recover,” the Wing said in
port functions inside compa- an email to members that
nies, such as human resources, was reviewed by The Wall
the legal department or fi- Street Journal. “As a conse-
nance—which don’t usually quence, we are very sorry to
provide a clear path to the say that all of The Wing loca-
very top. tions will be closing perma-
“Women are, early on, given nently.”
an understanding that those The Wing, which launched
support roles give them more in 2016, billed itself as some-
flexibility,” said Jane Edison thing of a feminist boys’ club,
Stevenson, vice chair of board offering lavish working
and CEO services for the con- spaces. In its heyday, creative
sulting firm Korn Ferry. That is and corporate workers filled
false, she said. Chief marketing, wait lists for memberships.
human resources and legal ex- The company opened
ecutives are still required to spaces in trendy areas of
put in long hours and have New York, Chicago, San Fran-
busy work schedules that cut cisco and Los Angeles.
into family time. Representatives for the
Korn Ferry’s research Wing and office-space com-
shows that the sooner women pany IWG PLC, which pur-
enter an operations role with chased a majority stake in
profit-and-loss accountability, the startup last year, didn’t
the more likely they can be- return requests for comment.
come a CEO.
child care and to prepare
meals in advance instead of
going to restaurants. She is
thinking about adding a third
weekly shift.
Ms. Jumper doesn’t get
complete benefits, like health
insurance, as her full-time co-
workers do. She said the extra
hours with her children make
JON CHERRY FOR THE WALL STREET JOURNAL
up for that. “It gives me more
flexibility with family, to
spend time with my daughter
and to do meal planning and
prepping,” she said.
Anthony Salazar-Masias, of
Ontario, Calif., uses Amazon’s
phone application to take on
additional hours or switch
shifts if he is busy. Mr. Sala-
zar-Masias typically works 10-
hour shifts Wednesday
through Saturday on the in-
bound dock in a company
dinner for her 9-year-old warehouse in nearby Eastvale,
daughter and take her teenage Calif. He recently was able to
son to a studio to make music. switch his Saturday shift to a
Ms. Jumper works every Tuesday so he could attend his
Sunday and Thursday night 10 nephew’s 10th birthday party.
p.m. to 6 a.m., making around He also uses the app to pick
$19 an hour. Typical 24-hour up additional overtime shifts.
factory operations have three “It’s a really big benefit, be-
eight-hour shifts. Working two ing able to make your sched-
nights a week helps Ms. ule work with whatever things
Jumper save money as it al- you have going on in your
lows her to avoid paying for life,” he said.
cording to a study by academ-
accountant at professional-ser- ics from five universities that
vices firm Moss Adams LLP, was published earlier this year.
quipped that EY employees The researchers compared au-
must feel lucky they’re not dits conducted between 2016
working for Arthur Andersen be- and 2019 by roughly 200 Ar-
cause of what happened to the thur Andersen alumni to au-
firm. Arthur Andersen, Mr. Jelli- dits by nearly 1,500 of their
son said, serves as a reminder peers at Big Four firms who
that “no one is too big to fail.” hadn’t worked there. They
Some former Arthur Ander- found that Arthur Andersen
sen employees are memorializing alumni provided higher-quality
their treasured experiences at audits, with fewer restate-
the firm. Warren Turner, a for- ments or signs of potential
mer audit manager, is working earnings manipulation in the
on a book about the firm. He financial statements.
and six other alumni have col- After Arthur Andersen’s de-
lected interviews from more than mise, Congress passed the
4,000 former employees, he said. Sarbanes-Oxley Act to over-
“I think they all wear it as haul U.S. financial reporting
a badge of honor, having and corporate governance
worked there,” said Mr. Turner, practices. Audit quality has
who left Arthur Andersen in improved since 2002, but cer-
1993 to work for an audit cli- tain areas, such as auditor in-
ent and has run an alumni dependence, are still lacking,
website since 1998. “Everybody SEC Chairman Gary Gensler
says they wish the firm were said in July.
still in existence.” The Andersen name has
survived in the form of an as-
sociation of consulting firms
latitude in destroying sensitive offering tax and legal services.
or outdated documents.
Former Arthur Andersen
Former Arthur Andersen part-
ners bought the rights to the
employees have ascended to name in 2014. The association,
top perches at consulting, au- now called Andersen Global,
diting and tax firms and in- employs more than 12,000
clude current or former chief people.
executives at professional-ser- “The trust in the brand is
vices firm Grant Thornton LLP absolutely critical,” said Rohit
and consulting firms Alvarez & Deshpande, a marketing profes-
Marsal Holdings LLC, Protiviti sor at Harvard Business School.
Inc. and West Monroe Part- “It’s unclear to a lot of people
ners LLC. whether Arthur Andersen was
Having an Arthur Andersen the principal bad actor or
background makes many of whether it was collateral brand
them better auditors today, ac- damage from Enron.”
 .

THE WALL STREET JOURNAL. Thursday, September 1, 2022 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
31510.43 t 280.44, or 0.88% Trailing P/E ratio 18.55 24.00 3955.00 t 31.16, or 0.78% Trailing P/E ratio * 22.84 31.26 11816.20 t 66.93, or 0.56% Trailing P/E ratio *† 26.75 36.10
High, low, open and close for each P/E estimate * 17.79 19.26 High, low, open and close for each P/E estimate * 18.37 22.26 High, low, open and close for each P/E estimate *† 24.25 29.27
trading day of the past three months. Dividend yield 2.23 1.80 trading day of the past three months. Dividend yield * 1.54 1.31 trading day of the past three months. Dividend yield *† 0.82 0.66
All-time high 36799.65, 01/04/22 All-time high 4796.56, 01/03/22 All-time high: 16057.44, 11/19/21

Current divisor 0.15172752595384

65-day moving average 65-day moving average 12900
34500 4300

65-day moving average

33550 4175 12500

32600 4050 12100

31650 3925 11700

Session high
DOWN UP
t

Session open Close 30700 3800 11300

Close Open
t

29750 3675 10900

Session low
Bars measure the point change from session's open
28800 3550 10500
May June July Aug. May June July Aug. May June July Aug.
*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*1,233,546,897 14,551,350
Industrial Average 31966.04 31509.59 31510.43 -280.44 -0.88 36799.65 29888.78 -10.8 -13.3 6.1 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 370,334,164 7,439,674
Transportation Avg 14094.13 13857.80 13860.65 -145.19 -1.04 17039.38 12868.60 -6.0 -15.9 11.0 Most-active issues in late trading Decl. volume* 846,629,565 4,817,892
Utility Average 1024.05 1008.92 1009.08 -8.61 -0.85 1071.75 869.74 6.7 2.9 6.1 Volume After Hours Issues traded 3,349 294
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 40468.75 39865.86 39865.88 -304.19 -0.76 48929.18 36759.60 -15.1 -18.0 10.0 Advances 1,004 136
Apple AAPL 11,544.3 157.35 0.13 0.08 168.37 157.17
Barron's 400 933.01 921.30 922.08 -9.36 -1.01 1127.20 852.16 -11.6 -16.6 11.9 Declines 2,194 145
KE Holdings ADR BEKE 11,082.5 18.04 … unch. 18.04 17.50
Unchanged 151 13
Nasdaq Stock Market SPDR S&P 500 SPY 10,771.3 395.16 -0.02 -0.01 407.24 394.86 New highs 11 0
Nasdaq Composite 12027.43 11814.17 11816.20 -66.93 -0.56 16057.44 10646.10 -22.8 -24.5 14.1 Grab Holdings GRAB 6,047.7 2.87 0.02 0.70 2.88 2.85 New lows 160 16
Nasdaq-100 12502.15 12268.08 12272.03 -70.67 -0.57 16573.34 11127.57 -21.4 -24.8 16.9 3M MMM 5,296.2 124.45 0.10 0.08 125.32 123.79 Closing Arms† 0.95 0.57
Peloton Interactive PTON 4,865.3 10.06 -0.13 -1.28 10.20 10.06 Block trades* 4,478 109
S&P
Gaming Leisure Prop GLPI 4,238.9 49.27 1.00 2.07 49.27 48.20
500 Index 4015.37 3954.53 3955.00 -31.16 -0.78 4796.56 3666.77 -12.6 -17.0 10.6 Nasdaq NYSE Arca
AT&T T 4,168.5 17.58 0.04 0.23 17.64 17.54
MidCap 400 2458.53 2427.61 2431.05 -17.31 -0.71 2910.70 2200.75 -11.9 -14.5 8.9 Total volume*4,935,417,703 278,821,474
SmallCap 600 1198.90 1183.60 1183.98 -11.81 -0.99 1466.02 1087.48 -13.7 -15.5 8.8 Percentage gainers… Adv. volume*2,354,568,840 88,199,027
Nutanix Cl A NTNX 1,162.2 20.95 3.65 21.10 21.50 16.45 Decl. volume*2,514,996,754 190,449,763
Other Indexes
ETFMG U.S. Alt Harvest MJUS 2,500.1 3.32 0.43 14.88 3.32 3.04 Issues traded 4,818 1,714
Russell 2000 1865.28 1843.08 1844.12 -11.48 -0.62 2442.74 1649.84 -19.4 -17.9 7.3
Advances 1,935 310
NYSE Composite 14988.75 14801.24 14801.24 -130.18 -0.87 17353.76 14097.05 -12.1 -13.8 5.1 SomaLogic SLGC 57.1 4.05 0.37 10.05 4.05 3.68
Declines 2,558 1,390
Value Line 555.90 548.59 548.59 -4.92 -0.89 696.40 510.18 -18.2 -18.4 2.9 Pure Storage Cl A PSTG 507.6 30.92 1.95 6.73 31.33 28.97
Unchanged 325 14
NYSE Arca Biotech 4735.53 4637.08 4654.20 -13.03 -0.28 6019.57 4208.43 -22.2 -15.7 2.0
Cactus Cl A WHD 79.7 42.00 2.05 5.13 42.00 39.95
New highs 24 4
NYSE Arca Pharma 767.65 756.96 756.96 -6.21 -0.81 887.27 732.23 -3.6 -8.5 9.2 ...And losers New lows 227 48
KBW Bank 107.26 105.62 105.80 -0.78 -0.73 147.56 98.36 -16.4 -20.0 4.4 C3.ai AI 1,064.2 14.86 -3.14 -17.44 18.45 14.84 Closing Arms† 0.81 0.50
PHLX§ Gold/Silver 99.83 98.05 98.05 -1.56 -1.56 167.76 98.05 -26.1 -26.0 -0.3 AnaptysBio ANAB 58.8 19.19 -4.03 -17.36 23.22 18.09 Block trades* 29,840 1,085
PHLX§ Oil Service 70.26 67.57 68.66 -0.76 -1.09 88.37 49.14 29.0 30.2 3.0 MongoDB MDB 293.4 280.00 -42.86 -13.28 329.06 280.00 * Primary market NYSE, NYSE American NYSE Arca only.
PHLX§ Semiconductor 2718.13 2656.97 2677.39 -31.24 -1.15 4039.51 2458.46 -21.3 -32.2 21.2 Veeva Systems Cl A VEEV 131.4 177.17 -22.15 -11.11 199.32 176.00 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 26.62 25.31 25.87 -0.34 -1.30 36.45 15.01 60.6 50.2 10.9 Okta Cl A OKTA 1,202.4 81.29 -10.11 -11.06 91.75 79.85 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 613.11 –3.64 –0.59 –18.8 Shuttle Pharma SHPH 38.48 30.35 373.31 84.70 8.13 ... Hempacco HPCO 5.11 -2.67 -34.32 41.80 4.80 ...
MSCI ACWI ex-USA 275.40 –0.81 –0.29 –20.0 Magic Empire Global MEGL 7.77 1.94 33.28 249.94 5.40 ... Mobile Global Esports MGAM 3.62 -1.68 -31.70 20.74 2.26 ...
MSCI World 2627.32 –18.05 –0.68 –18.7 Mobilicom ADR MOB 3.12 0.68 27.87 6.66 2.33 ... Daktronics DAKT 3.20 -0.91 -22.14 6.08 2.82 -45.0
MSCI Emerging Markets 994.11 1.35 0.14 –19.3 Burning Rock Biotech ADR BNR 3.92 0.67 20.62 21.37 1.74 -79.5 PaxMedica PXMD 2.96 -0.81 -21.49 10.48 2.80 ...
Americas MSCI AC Americas 1506.83 –12.34 –0.81 –17.5 Allakos ALLK 4.85 0.81 20.05 112.87 2.54 -94.7 Bed Bath Beyond BBBY 9.53 -2.58 -21.30 30.06 4.38 -65.6
Canada S&P/TSX Comp 19330.81 –182.09 –0.93 –8.9 AlloVir ALVR 7.51 1.25 19.97 26.41 3.17 -62.2 Ambarella AMBA 67.88 -16.62 -19.67 227.59 60.56 -48.6
Latin Amer. MSCI EM Latin America 2126.27 –61.08 –2.79 –0.2 ZeroFox Holdings ZFOX 6.44 1.01 18.60 15.73 5.18 -35.3 Alpha Tau Medical DRTS 7.64 -1.58 -17.14 20.65 4.68 -22.1
Brazil BOVESPA 109522.88 –907.76 –0.82 4.5 Belite Bio ADR BLTE 32.11 5.00 18.44 44.70 8.80 ... Azure Power Global AZRE 3.59 -0.72 -16.71 24.61 3.58 -83.2
Chile S&P IPSA 3342.39 –58.44 –1.72 19.1 NeuroOne Medical Techs NMTC 2.55 0.39 18.06 6.80 0.51 -25.9 Semantix STIX 2.56 -0.50 -16.34 11.34 2.56 -73.6
Mexico S&P/BMV IPC 44919.22 –1002.83 –2.18 –15.7 Applied DNA Sciences APDN 3.12 0.47 17.74 7.35 0.62 -46.8 Bright Minds Biosciences DRUG 1.92 -0.35 -15.42 8.95 0.75 -66.0
EMEA STOXX Europe 600 415.12 –4.69 –1.12 –14.9 UTStarcom Holdings UTSI 3.97 0.59 17.46 5.40 2.44 -23.6 Big Lots BIG 20.57 -3.51 -14.58 52.09 18.16 -57.6
Eurozone Euro STOXX 389.14 –4.07 –1.03 –18.7 MyMD Pharmaceuticals MYMD 3.74 0.55 17.24 9.95 1.88 -43.0 Minerva Neurosciences NERV 11.28 -1.89 -14.35 16.80 2.51 -20.8
Belgium Bel-20 3585.84 –43.50 –1.20 –16.8 Bausch Health BHC 5.97 0.85 16.60 29.59 4.00 -79.3 Iris Energy IREN 4.06 -0.67 -14.16 28.25 2.89 ...
Denmark OMX Copenhagen 20 1690.99 –3.88 –0.23 –9.3 Altimmune ALT 22.08 3.14 16.58 22.32 3.83 43.7 Finch Therapeutics Group FNCH 2.16 -0.34 -13.60 17.39 1.71 -85.3
–14.4 Eneti NETI 8.37 1.12 15.45 18.69 4.81 -54.5 Home Point Capital HMPT 2.30 -0.35 -13.21 5.85 2.07 -43.8
France CAC 40 6125.10 –85.12 –1.37
Germany DAX 12834.96 –126.18 –0.97 –19.2
Israel Tel Aviv 2014.52 –5.81 –0.29 1.8
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 21559.32 –265.90 –1.22 –21.2 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 680.31 –10.00 –1.45 –14.7
Russia RTS Index 1258.45 46.35 3.82 –21.1 Amer Virtual Cloud Techs AVCT 299,463 1735.1 0.46 43.39 4.97 0.13 Medicus Sciences Cl A MSAC 954 6632 9.86 0.00 9.91 9.60
South Africa FTSE/JSE All-Share 67257.14 –643.34 –0.95 –8.8 Snap SNAP 198,473 272.4 10.88 8.69 83.34 9.34 Aesther Hlthcr Acqn Cl A AEHA 797 6416 10.20 0.25 10.60 9.95
Nuwellis NUWE 170,508 62921.3 1.46 131.71 4.20 0.47 Golden Path Acquisition GPCO 2,562 6196 10.22 -0.10 11.25 9.78
Spain IBEX 35 7886.10 –93.70 –1.17 –9.5
ProShares UltraPro QQQ TQQQ 167,275 6.3 27.81 -1.84 91.68 21.32 Compass Digital Acqn CDAQ 1,652 5754 9.71 -0.41 9.76 9.59
Sweden OMX Stockholm 763.08 –5.31 –0.69 –26.4
ProSh UltraPro Shrt QQQ SQQQ 133,567 18.7 45.39 1.93 67.69 28.15 WisdomTree Japan SC DFJ 577 4646 60.29 -0.74 81.71 57.72
Switzerland Swiss Market 10855.03 –29.92 –0.27 –15.7
Turkey BIST 100 3171.21 6.25 0.20 70.7 Mullen Automotive MULN 125,328 84.6 0.67 4.96 15.90 0.52 TPB Acquisition I Cl A TPBA 274 4581 9.74 0.00 15.52 9.53
U.K. FTSE 100 7284.15 –77.48 –1.05 –1.4 Apple AAPL 86,509 16.8 157.22 -1.06 182.94 129.04 Pearl Hldgs Acqn Cl A PRLH 500 4223 10.01 0.40 10.58 9.75
U.K. FTSE 250 19063.75 –85.90 –0.45 –18.8 Direxion Dly SCOND 3 BL SOXL 84,206 36.6 14.04 -2.97 74.21 10.53 Glbl X Data Center REITs VPN 557 3617 14.63 0.69 19.09 14.05
Bed Bath Beyond BBBY 80,557 100.7 9.53 -21.30 30.06 4.38 Avid Technology AVID 9,328 2614 27.35 1.15 37.31 20.83
Asia-Pacific MSCI AC Asia Pacific 158.53 0.39 0.25 –17.9
SPDR S&P 500 SPY 75,428 -0.8 395.18 -0.76 479.98 362.17 Ahren Acquisition Cl A AHRN 1,112 2217 10.02 -0.10 10.05 9.76
Australia S&P/ASX 200 6986.80 –11.53 –0.16 –6.1
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3202.14 –25.08 –0.78 –12.0 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 19954.39 5.36 0.03 –14.7
Closed 2.2
Scan this code
India S&P BSE Sensex 59537.07 …
Japan NIKKEI 225 28091.53 –104.05 –0.37 –2.4 Get real-time U.S. stock quotes CURRENCIES & COMMODITIES
Singapore Straits Times 3221.67 –17.65 –0.54 3.1 and track most-active stocks,
South Korea KOSPI 2472.05 21.12 0.86 –17.0 new highs/lows, mutual funds Currencies
Taiwan TAIEX 15095.44 141.81 0.95 –17.1 and ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1638.93 –0.52 –0.03 –1.1
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Wed YTDchg Wed YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00004262 23463 2.7
CREDIT MARKETS Argentina peso .0072138.7245 35.1 Europe
Brazil real .1928 5.1870 –6.9 Czech Rep. koruna .04102 24.381 11.4
Canada dollar .7617 1.3129 3.9 Denmark krone .1352 7.3977 13.1
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001115 897.00 5.3 Euro area euro 1.0055 .9946 13.1
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000226 4422.44 8.8 Hungary forint .002509 398.61 22.8
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007095 140.94 8.6
A consumer rate against its 5-year CDs Mexico peso .0497 20.1375 –1.8 Norway krone .1007 9.9340 12.8
benchmark over the past year Tradeweb ICE Wednesday Close 3.75% Uruguay peso .02443 40.9250 –8.5 Poland zloty .2129 4.6981 16.6
Bankrate.com avg†: 1.88% 24% Asia-Pacific Russia ruble .01639 61.000 –18.4
t
State Bank of India California 2.27% 3.00 Sweden krona .0938 10.6590 17.7
Australian dollar .6847 1.4605 6.1
t

Federal-funds 2.00% Los Angeles, CA 877-707-1995 12 WSJ Dollar Index Switzerland franc 1.0244 .9762 7.0
s China yuan .1451 6.8904 8.4
target rate 2.25 Turkey lira .0550 18.1977 36.6
Colorado Federal Savings Bank 3.10% Hong Kong dollar .1274 7.8493 0.7
1.50 0 Ukraine hryvnia .0271 36.8500 34.7
One year ago India rupee .01258 79.504 6.7
t

Greenwood Village, CO 877-484-2372 1.50 Euro UK pound 1.1621 .8605 16.4

s Indonesia rupiah .0000674 14843 4.1
Five-year CD yields 3.25%
t

1.00 First Internet Bank of Indiana –12 Japan yen .007197 138.95 20.7 Middle East/Africa
0.75
Indianapolis, IN 888-873-3424 Yen Kazakhstan tenge .002114 472.96 8.7 Bahrain dinar 2.6527 .3770 0.01
s

0.50 TAB Bank 3.25% 0.00 –24 Macau pataca .1236 8.0910 0.7 Egypt pound .0520 19.2393 22.5
Malaysia ringgit .2234 4.4755 7.4 Israel shekel .3004 3.3292 7.1
Ogden, UT 800-355-3063 1 3 6 1 2 3 5 7 10 20 30 2021 2022
0.00 New Zealand dollar .6121 1.6337 11.7 Kuwait dinar 3.2444 .3082 1.9
CFG Community Bank 3.40% month(s) years
S ON D J F M AM J J A Pakistan rupee .00457 218.725 24.1 Oman sul rial 2.5972 .3850 0.01
Baltimore, MD 888-205-8388 maturity Philippines peso .0178 56.220 10.2 Qatar rial .2720 3.676 0.9
2021 2022
Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7159 1.3969 3.6 Saudi Arabia riyal .2660 3.7591 0.1
Yield/Rate (%) 52-Week Range (%) 3-yr chg South Korea won .0007453 1341.75 12.9 South Africa rand .0584 17.1217 7.4
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Corporate Borrowing Rates and Yields Sri Lanka rupee .0027779 359.99 77.4
Close Net Chg % Chg YTD%Chg
Federal-funds rate target 2.25-2.50 2.25-2.50 0.00 l 2.50 0.25 Taiwan dollar .03289 30.404 9.7
Yield (%) 52-Week Total Return (%) Thailand baht .02737 36.540 10.0 WSJ Dollar Index 100.23 –0.04–0.04 11.92
Prime rate* 5.50 5.50 3.25 l 5.50 0.25 Bond total return index Close Last Week ago High Low 52-wk 3-yr
Libor, 3-month 3.10 3.01 0.11 l 3.10 0.96 Sources: Tullett Prebon, Dow Jones Market Data
U.S. Treasury, Bloomberg 2150.420 3.420 3.350 3.550 0.860 –10.799 –2.246
Money market, annual yield 0.15 0.16 0.07 l 0.16 -0.57
Five-year CD, annual yield 1.88 1.88 0.41 l 1.88 0.14 U.S. Treasury Long, Bloomberg 3454.690 3.480 3.500 3.630 1.720 –22.635 –6.756 Commodities
30-year mortgage, fixed† 6.03 5.92 3.04 l 6.11 2.35 Aggregate, Bloomberg 2001.890 3.950 3.870 4.140 1.400 –11.515 –1.995 Wednesday 52-Week YTD
Pricing trends on someClose
raw materials, or commodities
Net chg % Chg High Low % Chg % chg
15-year mortgage, fixed† 5.23 5.13 2.32 l 5.39 2.02 Fixed-Rate MBS, Bloomberg 1997.820 3.900 3.860 4.240 1.670 –9.742 –1.975
Jumbo mortgages, $647,200-plus† 6.05 5.95 3.06 l 6.11 1.50 DJ Commodity 1073.30 -11.17 -1.03 1264.48 888.27 20.35 13.43
High Yield 100, ICE BofA 3091.450 n.a. 7.478 8.427 3.272 –10.710 –0.181 Refinitiv/CC CRB Index 290.41 -3.17 -1.08 329.59 217.91 33.23 24.97
Five-year adj mortgage (ARM)† 4.49 4.38 2.82 l 4.49 0.30
Muni Master, ICE BofA 554.429 3.057 2.918 3.191 0.800 –7.911 –0.697 Crude oil, $ per barrel 89.55 -2.09 -2.28 123.70 65.57 30.56 19.07
New-car loan, 48-month 5.10 5.10 3.41 l 5.10 0.46
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 n.a. n.a. 7.394 n.a. n.a. n.a. n.a. Natural gas, $/MMBtu 9.127 0.085 0.94 9.680 3.561 97.77 144.69
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. 1712.80 -10.40 -0.60 2040.10 1699.50 -5.53 -6.28
 .

B8 | Thursday, September 1, 2022 * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest
Cash Prices Wednesday, August 31, 2022
Metal & Petroleum Futures Dec 236.40 237.60 233.70 235.25 .05 104,945 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace—
Contract Open
Sugar-World (ICE-US)-112,000 lbs.; cents per lb. separate from the futures price on an exchange, which reflects what the commodity might be worth in future
Oct 18.21 18.25 17.85 17.89 –.21 282,509 months.
Open High hi lo Low Settle Chg interest
March'23 18.05 18.11 17.75 17.77 –.19 214,591
Copper-High (CMX)-25,000 lbs.; $ per lb. Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Wednesday Wednesday Wednesday
Sept 3.5565 3.5805 3.4465 3.5185 –0.0265 5,390 Nov 35.70 –.29 1,802 Iron Ore, 62% Fe CFR China-s 101.0 Wheat,Spring14%-pro Mnpls-u 10.7450
Dec 3.5570 3.5990 3.4445 3.5185 –0.0325 107,902 Jan'23 35.75 –.25 2,566
Energy Shredded Scrap, US Midwest-s,m n.a. Wheat,No.2 soft red,St.Louis-u 8.1450
Gold (CMX)-100 troy oz.; $ per troy oz. Cotton (ICE-US)-50,000 lbs.; cents per lb. Coal,C.Aplc.,12500Btu,1.2SO2-r,w 187.150 Steel, HRC USA, FOB Midwest Mill-s 780 Wheat - Hard - KC (USDA) $ per bu-u 9.9250
Sept 1718.30 1720.90 1708.50 1712.80 –10.40 2,701 Oct 119.11 119.11 117.11 118.29 .82 85 Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 16.250 Battery/EV metals Wheat,No.1soft white,Portld,OR-u 8.7000
Oct 1725.80 1728.70 1711.60 1716.90 –10.00 38,925 Dec 112.42 114.15 112.05 113.21 .89 114,440 BMI Lithium Carbonate, EXW China, =99.2%-v,w 70700
Feb'23 1746.60 1749.90 1733.90 1738.90 –10.10 25,589 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. Metals Food
BMI Lithium Hydroxide, EXW China, =56.5% -v,w 69025
April 1756.80 1761.00 1747.20 1750.90 –10.10 6,763 Sept 198.55 9.90 253 Beef,carcass equiv. index
Gold, per troy oz BMI Cobalt sulphate, EXW China, >20.5% -v,m 8193
June 1770.70 1770.70 1758.50 1762.70 –10.30 4,926 Nov 176.25 185.75 s 175.80 185.35 9.60 7,940 choice 1-3,600-900 lbs.-u 231.35
Engelhard industrial 1718.00 BMI Nickel Sulphate, EXW China, >22%-v,m 5293
Aug 1775.00 1775.00 1775.00 1774.60 –10.30 1,142
Handy & Harman base 1715.90 BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 765 select 1-3,600-900 lbs.-u 208.89
Palladium (NYM) - 50 troy oz.; $ per troy oz. Interest Rate Futures Handy & Harman fabricated 1904.65 Broilers, National comp wtd. avg.-u,w 1.2597
Sept 2050.00 2068.00 2050.00 2066.60 –13.00 186
*1734.00
Fibers and Textiles Butter,AA Chicago-d 3.0550
Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% LBMA Gold Price AM
Dec 2090.00 2137.50 2057.00 2078.90 –8.90 5,670
LBMA Gold Price PM *1730.30 Cheddar cheese,bbl,Chicago-d 185.00
Sept 150-170 150-300 148-150 149-220 –30.0 35,706 Burlap,10-oz,40-inch NY yd-n,w 0.7700
Platinum (NYM)-50 troy oz.; $ per troy oz. 150-150 150-220 148-070 149-160 –30.0 1,350,808 Krugerrand,wholesale-e 1802.78
Cheddar cheese,blk,Chicago-d 172.50
Dec Cotton,1 1/16 std lw-mdMphs-u 1.2129
Sept 826.40 –4.20 5
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Maple Leaf-e 1845.91
Milk,Nonfat dry,Chicago lb.-d 155.00
Oct 832.60 841.90 822.30 827.00 –5.10 57,137
Cotlook 'A' Index-t *135.25 Coffee,Brazilian,Comp-y 2.3674
Sept 136-220 136-310 135-210 136-130 –12.0 71,236 American Eagle-e 1845.91 Hides,hvy native steers piece fob-u n.a.
Silver (CMX)-5,000 troy oz.; $ per troy oz. 136-060 136-140 135-030 135-270 –13.0 1,162,056
Coffee,Colombian, NY-y 3.0782
Dec Mexican peso-e 2225.61 Wool,64s,staple,Terr del-u,w n.a.
Sept 18.160 18.240 t 17.705 17.762 –0.397 5,876 Treasury Notes (CBT)-$100,000; pts 32nds of 100% Eggs,large white,Chicago-u 2.0650
Austria crown-e 1693.99
Dec 18.290 18.390 t 17.800 17.882 –0.405 121,900 117-010 117-055 116-155 116-280 –4.0 114,165 Grains and Feeds Flour,hard winter KC-p 22.05
Sept Austria phil-e 1811.41
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Dec 117-030 117-075 116-155 116-290 –5.5 3,445,260 Hams,17-20 lbs,Mid-US fob-u 0.90
Oct 92.31 92.73 88.27 89.55 –2.09 218,174
Silver, troy oz. Barley,top-quality Mnpls-u n.a. Hogs,Iowa-So. Minnesota-u 100.57
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Engelhard industrial 18.2500 Bran,wheat middlings, KC-u 213
Nov 91.85 92.26 87.92 89.03 –2.14 140,505 Sept 110-262 110-297 110-182 110-250 –.2 89,039 Pork bellies,12-14 lb MidUS-u 1.7357
Dec 91.21 91.55 87.40 88.31 –2.15 196,312
Handy & Harman base 18.1550 Corn,No. 2 yellow,Cent IL-bp,u 6.8900 Pork loins,13-19 lb MidUS-u 1.2898
Dec 110-277 110-302 110-187 110-262 … 3,948,043
90.06 90.59 86.77 87.52 –2.01 80,477
Handy & Harman fabricated 22.6940 Corn gluten feed,Midwest-u,w 204.6 Steers,Tex.-Okla. Choice-u n.a.
Jan'23 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% LBMA spot price *£15.9500
June 85.53 85.80 82.86 83.54 –1.20 115,826 Sept 104-087 104-101 104-061 104-088 1.4 69,868 Corn gluten meal,Midwest-u,w 665.8 Steers,feeder,Okla. City-u,w 193.50
Dec 81.18 81.43 79.05 79.69 –0.82 136,133 Dec 104-058 104-065 104-021 104-052 .6 1,896,640
(U.S.$ equivalent) *18.6950 Cottonseed meal-u,w n.a.
Coins,wholesale $1,000 face-a 17959 Hominy feed,Cent IL-u,w 192 Fats and Oils
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
Sept 3.8312 3.8358 3.6946 3.7154 –.1017 2,109 Aug 97.6700 97.6700 97.6675 97.6675 .0000 477,764 Other metals Meat-bonemeal,50% pro Mnpls-u,w 433 Degummed corn oil, crude wtd. avg.-u,w 66.0000
Oct 3.7889 3.8332 3.6176 3.6674 –.1104 80,177 Oct 97.0000 97.0050 96.9850 96.9950 .0100 314,044 LBMA Platinum Price PM *858.0 Oats,No.2 milling,Mnpls-u 4.2925 Grease,choice white,Chicago-h 0.7400
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Platinum,Engelhard industrial 848.0 Rice, Long Grain Milled, No. 2 AR-u,w 33.75 Lard,Chicago-u n.a.
Sept 2.6950 2.7225 2.5684 2.6059 –.0885 2,260 Sept 91-195 91-280 91-085 91-215 –3.5 16,304 Palladium,Engelhard industrial 2095.0 Sorghum,(Milo) No.2 Gulf-u n.a. Soybean oil,crude;Centl IL-u,w 0.7457
Oct 2.5586 2.5642 2.4130 2.4308 –.0995 82,089 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. Aluminum, LME, $ per metric ton *2406.5 SoybeanMeal,Cent IL,rail,ton48%-u,w 510.10 Tallow,bleach;Chicago-h 0.8100
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. June 98.0600 98.0600 98.0575 98.0600 .0000 711,691 Copper,Comex spot 3.5185 Soybeans,No.1 yllw IL-bp,u 15.1400 Tallow,edible,Chicago-u n.a.
Oct 9.082 9.284 8.814 9.127 .085 122,532 Dec 96.2500 96.2750 96.2250 96.2550 .0000 990,541
Nov 9.141 9.341 8.879 9.189 .086 129,147 Eurodollar (CME)-$1,000,000; pts of 100% 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;
Dec 9.312 9.473 9.021 9.326 .086 69,674 Sept 96.6050 96.6225 96.5875 96.6225 .0275 1,122,521 K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark
Jan'23 9.351 9.554 9.092 9.396 .086 88,026 Dec 95.9050 95.9400 95.8800 95.9350 .0400 1,721,555 Mineral Intelligence; W=weekly; Y=International Coffee Organization; Z=not quoted. *Data as of 8/30
March'23 95.8550 95.8900 95.8200 95.8700 .0150 1,028,298 Source: Dow Jones Market Data
April 5.940 5.987 5.826 5.925 .023 71,310
Dec 96.2550 96.2850 96.2100 96.2650 .0200 961,969
May 5.780 5.814 5.665 5.753 .017 76,199

Currency Futures
Agriculture Futures
Japanese Yen (CME)-¥12,500,000; $ per 100¥
Bonds | wsj.com/market-data/bonds/benchmarks
Corn (CBT)-5,000 bu.; cents per bu. Sept .7217 .7242 .7209 .7218 –.0003 239,705
Sept
Dec
680.75
677.50
683.00
680.50
664.25
661.00
673.75
670.50
–6.00 17,063
–6.75 753,420
Dec .7282 .7307 .7270 .7284 –.0004 4,778 Tracking Bond Benchmarks
Canadian Dollar (CME)-CAD 100,000; $ per CAD
Oats (CBT)-5,000 bu.; cents per bu. Sept .7636 .7653 .7608 .7619 –.0011 143,761
Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
Sept 402.50 404.25 402.50 404.75 2.25 8 Dec .7636 .7651 .7608 .7618 –.0011 13,229 highs and lows for different types of bonds
Dec 398.00 398.00 388.00 395.75 –2.25 2,769 British Pound (CME)-£62,500; $ per £ Total Total
Soybeans (CBT)-5,000 bu.; cents per bu. Sept 1.1657 t 1.1601
1.1696 1.1618 –.0043 252,115 return YTD total return YTD total
Yield (%) Yield (%)
Sept 1514.75 1524.50 1493.25 1507.50 –5.50 1,071 Dec 1.1679 t 1.1622
1.1716 1.1637 –.0044 9,100 close return (%) Index Latest Low High close return (%) Index Latest Low High
Nov 1432.00 1442.50 1416.00 1422.50 –10.00 318,298 Swiss Franc (CME)-CHF 125,000; $ per CHF
Soybean Meal (CBT)-100 tons; $ per ton. Sept 1.0277 1.0296 1.0211 1.0257 –.0029 46,168 Broad Market Bloomberg Fixed Income Indices Mortgage-Backed Bloomberg Fixed Income Indices
Sept 462.40 465.20 455.00 458.90 –3.50 2,570 Dec 1.0367 1.0376 1.0293 1.0338 –.0030 831
Dec 424.00 424.70 414.50 415.10 –9.40 196,557 Australian Dollar (CME)-AUD 100,000; $ per AUD 2001.89 -10.8 U.S. Aggregate 3.950 1.400 4.140 1997.82 -9.1 Mortgage-Backed 3.900 1.670 4.240
Soybean Oil (CBT)-60,000 lbs.; cents per lb. Sept .6856 .6905 .6836 .6848 –.0009 166,826 1968.62 -7.9 Ginnie Mae (GNMA) 3.920 1.700 4.250
Sept 71.01 72.92 70.76 72.74 1.95 2,270 Dec .6867 .6914 .6844 .6857 –.0009 2,279
U.S. Corporate Indexes Bloomberg Fixed Income Indices
Dec 66.51 67.62 65.89 67.48 1.13 145,301 Mexican Peso (CME)-MXN 500,000; $ per MXN 2922.97 -14.2 U.S. Corporate 4.830 1.960 4.990 1175.28 -9.2 Fannie mae (FNMA) 3.900 1.660 4.240
Rough Rice (CBT)-2,000 cwt.; $ per cwt. Sept .04943 .04962 .04922 .04946 .00004 205,967
Sept 17.50 17.59 17.44 17.51 .07 581 Dec .04873 .04875 .04837 .04859 .00005 856 2804.07 -8.7 Intermediate 4.640 1.340 4.820 1801.18 -9.6 Freddie Mac (FHLMC) 3.890 1.660 4.240
Nov 17.72 17.96 17.72 17.84 .05 8,131 Euro (CME)-€125,000; $ per €
Wheat (CBT)-5,000 bu.; cents per bu. Sept 1.0029 1.0091 .9983 1.0056 .0023 688,688 3946.91 -22.7 Long term 5.170 2.900 5.310 554.43 -7.9 Muni Master 3.057 0.800 3.191
794.75 812.25 788.75 809.00 10.75 2,119 Dec 1.0095 1.0154 1.0047 1.0120 .0022 13,470 -7.2
Sept 576.11 -14.6 Double-A-rated 4.180 1.710 4.370 394.60 7-12 year 2.878 0.796 3.237
Dec 820.00 839.25 806.25 831.50 11.25 169,195
Wheat (KC)-5,000 bu.; cents per bu. Index Futures 769.89 -14.8 Triple-B-rated 5.160 2.170 5.320 441.16 -10.3 12-22 year 3.583 1.146 3.753
Sept 908.75 921.25 894.25 924.25 15.50 797
Mini DJ Industrial Average (CBT)-$5 x index High Yield Bonds ICE BofA 415.68 -14.4 22-plus year 4.213 1.620 4.342
Dec 897.00 915.75 885.00 912.50 14.75 93,184 31792 32002 31501 31532 –243 76,434
Sept
Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 31876 32089 31589 31627 –243 973 464.29 -11.0 High Yield Constrained n.a. 3.830 8.931 Global Government J.P. Morgan†
Sept 182.775 183.000 182.075 182.450 .275 6,546 Mini S&P 500 (CME)-$50 x index
Oct 183.875 184.100 182.800 183.475 .200 17,854 Sept 3987.25 4018.25 3953.00 3956.50 –31.00 2,228,841 438.17 -13.0 Triple-C-rated n.a. 6.950 15.197 541.09 -9.8 Global Government 2.490 0.790 2.560
Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 4002.75 4035.00 3970.00 3973.25 –31.25 88,871
3091.45 -11.0 High Yield 100 n.a. 3.272 8.427 765.97 -8.7 Canada 3.170 1.280 3.500
Aug 144.500 145.000 s 141.550 141.550 –.950 48 Mini S&P Midcap 400 (CME)-$100 x index
Oct 143.750 143.875 142.275 142.575 –1.250 116,068 Sept 2447.20 2466.10 2426.40 2430.30 –17.20 50,236 403.69 -12.3 Global High Yield Constrained n.a. 4.019 9.062 n.a. n.a. EMU§ n.a. n.a. n.a.
Hogs-Lean (CME)-40,000 lbs.; cents per lb. Dec 2458.00 2472.70 2437.60 2439.40 –18.30 7
Oct 93.175 93.375 91.000 91.525 –2.075 78,955 Mini Nasdaq 100 (CME)-$20 x index 307.41 -11.9 Europe High Yield Constrained 6.917 2.304 7.457 661.50 -13.0 France 2.130 0.150 2.330
Dec 85.000 85.225 83.650 83.875 –1.625 70,965 Sept 12366.00 12513.00 12276.25 12285.25 –73.50 257,799
Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. Dec 12431.00 12584.00 12352.75 12359.50 –73.25 5,637
U.S Agency Bloomberg Fixed Income Indices 474.98 -11.5 Germany 1.480 -0.370 1.740
Sept 500.20 516.50 500.20 509.00 4.20 549 Mini Russell 2000 (CME)-$50 x index 1714.75 -6.5 U.S Agency 3.670 0.700 3.670 286.73 -2.7 Japan 0.640 0.290 0.710
Nov 474.00 487.40 469.20 483.60 6.90 1,699 Sept 1856.20 1872.10 1841.10 1844.60 –11.70 517,544
Milk (CME)-200,000 lbs., cents per lb. Dec 1860.00 1878.10 1848.30 1851.20 –11.90 6,690 1511.89 -5.5 10-20 years 3.640 0.590 3.640 513.07 -13.9 Netherlands 1.830 -0.200 2.030
Sept 19.79 19.91 19.59 19.63 –.16 5,162 Mini Russell 1000 (CME)-$50 x index
Oct 20.10 20.10 19.84 19.89 –.21 5,534 Sept 2203.60 2210.00 2177.20 2178.10 –17.20 13,445 3445.25 -17.8 20-plus years 4.070 1.950 4.190 838.78 -19.2 U.K. 3.000 0.720 3.000
Cocoa (ICE-US)-10 metric tons; $ per ton. U.S. Dollar Index (ICE-US)-$1,000 x index -11.0
Sept 108.73 109.17 108.34 108.67 –.08 58,358
2564.60 Yankee 4.510 1.570 4.610 n.a. n.a. Emerging Markets ** n.a. n.a. n.a.
Sept 2,427 5 1,750
Dec 2,409 2,436 2,390 2,413 5 146,099 Dec 108.40 108.88 108.06 108.40 –.07 1,759 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
Coffee (ICE-US)-37,500 lbs.; cents per lb. ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
Sept 240.75 240.75 239.65 239.10 –.05 354 Source: FactSet

Global Government Bonds: Mapping Yields

Macro & Market Economics Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
Watching the Gauges: U.S. Supply and Demand selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points
Inventories, imports and demand for the week ended August 26. Current figures are in thousands of barrels or Coupon (%) Maturity, in years Latest(l)-2 -1 0 1 2 3 4 Previous Month ago Year ago Latest Prev Year ago
thousands of gallons per day, except natural-gas figures, which are in billions of cubic feet. Natural-gas import 3.250 U.S. 2 3.448 t l 3.466 2.897 0.207
and demand data are available monthly only. 2.750 10 3.131 s l 3.107 2.642 1.303
2.750 Australia 2 2.988 t l 3.084 2.440 0.016 -45.4 -35.0 -19.2
Inventories, 000s barrels Imports, 000s barrels per day
1.250 10 3.608 t l 3.618 3.069 1.168 47.4 50.8 -14.0
Expected Previous Year 4-week 5-year Expected Previous Year 4-week 5-year
Current change week ago avg avg Current change week ago avg avg 0.000 France 2 0.983 s l 0.965 0.195 -0.696 -245.9 -246.9 -90.3
2.000 10 2.152 s l 2.130 1.389 -0.026 -98.3 -98.0 -133.4
Crude oil and
petroleum prod 1,213,941 ... 1,214 1,244 1,216 1,299 7,878 ... 8,465 9,458 8,124 8,685 0.400 Germany 2 1.194 s l 1.161 0.260 -0.716 -224.8 -227.3 -92.4
Crude oil 1.700 10 1.542 s l 1.509 0.814 -0.381 -159.3 -160.1 -168.9
excluding SPR 418,346 -1,200 422 425 424 441 5,956 ... 6,171 6,340 6,108 6,406
0.000 Italy 2 2.197 s l 2.111 1.403 -0.466 -124.5 -132.3 -67.3
Gasoline 214,475 ... 216 227 217 227 584 ... 615 1,138 627 776
Finished gasoline 18,424 -1,100 17 19 17 23 63 ... 48 332 82 128 2.500 10 3.888 s l 3.828 3.050 0.708 75.3 71.8 -60.0
Reformulated 29 ... 0 0 0 0 0 ... 0 0 0 0 0.005 Japan 2 -0.073 s l -0.088 -0.082 -0.130 -351.5 -352.1 -33.8
Conventional 18,395 ... 17 19 17 23 63 ... 48 332 82 128 0.200 10 0.230 s l 0.227 0.183 0.026 -290.4 -288.3 -128.2
Blend. components 196,050 ... 199 208 199 204 521 ... 567 806 545 647
0.000 Spain 2 1.376 s l 1.325 0.534 -0.589 -206.6 -210.9 -79.7
Natural gas (bcf) 2,579 ... 3 3 3 3 ... ... ... ... ... ...
2.550 10 2.732 s l 2.712 1.928 0.337 -40.3 -39.8 -97.1
Kerosene-type
0.125 U.K. 2 3.006 s l 2.893 1.713 0.156 -43.6 -54.0 -5.1
jet fuel 38,567 ... 40 42 40 42 207 ... 1 232 94 151
Distillates 111,706 -900 112 137 112 146 208 ... 173 364 187 106 4.250 10 2.801 s l 2.707 1.861 0.623 -33.4 -40.3 -68.5
Heating oil 8,141 ... 8 8 8 10 0 ... 0 0 0 5 Source: Tullett Prebon, Tradeweb ICE U.S. Treasury Close
Diesel 103,565 ... 104 128 104 68 208 ... 173 365 187 101
Residual fuel oil 28,011 ... 28 29 28 31 153 ... 90 126 160 197
Other oils 307,071 ... 305 293 303 308 616 ... 1,346 1,144 834 938
Corporate Debt
Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
Net crude, petroleum
products, incl. SPR 1,663,939 ... 1,667 1,865 1,673 1,949 -2,064 ... -2,611 1,512 -1,945 1,954
expectations
Investment-grade spreads that tightened the most…
Weekly Demand, 000s barrels per day Natural gas storage Spread*, in basis points
Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Expected Previous Year 4-week 5-year Billions of cubic feet; weekly totals
Current change week ago avg avg BAE Systems Holdings BALN 3.800 4.32 Oct. 7, ’24 85 –12 n.a.
Credit Agricole ACAFP 4.375 5.16 March 17, ’25 170 –9 168
Total petroleum
4250 Alabama Power … 5.700 4.65 Feb. 15, ’33 153 –8 n.a.
product 20,073 ... 19,339 22,820 20,027 20,066
DTE Energy DTE 4.220 4.38 Nov. 1, ’24 90 –7 87
Finished Five-year average 3250
t for each week Mitsubishi UFJ Financial MUFG 2.193 4.38 Feb. 25, ’25 93 –7 79
motor gasoline 8,591 ... 8,434 9,578 8,874 9,415 t
Kerosene-type
Natural gas, 2250 BNP Paribas BNP 4.250 4.32 Oct. 15, ’24 87 –6 82
lower 48 states
Vodafone VOD 4.125 4.20 May 30, ’25 74 –6 n.a.
jet fuel 1,824 ... 1,603 1,797 1,703 1,407
1250 –5
Distillates 3,566 ... 3,888 4,390 3,776 3,709 Toyota Motor Credit TOYOTA 3.950 3.95 June 30, ’25 47 n.a.
Residual fuel oil 410 ... 141 503 309 351 250 …And spreads that widened the most
Propane/propylene 646 ... 763 1,316 745 ... S O N D J F M A M J J A
Other oils 5,035 ... 4,510 5,236 4,620 ... JPMorgan Chase JPM 7.750 4.26 July 15, ’25 81 19 n.a.
2021 2022
Note: Expected changes are provided by Dow Jones Newswires' survey of analysts. Previous and average inventory data are in millions. Credit Suisse CS 4.875 6.50 May 15, ’45 299 17 282
Sources: FactSet; Dow Jones Market Data; U.S. Energy Information Administration; Dow Jones Newswires 16
Citigroup C 4.125 5.09 July 25, ’28 176 160
Walt Disney DIS 1.750 3.91 Jan. 13, ’26 62 13 59
Exchange-Traded Portfolios | WSJ.com/ETFresearch Vodafone VOD 4.875 5.67 June 19, ’49 239 12 217
Closing Chg YTD 10
Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%)
Edison International EIX 4.700 5.02 Aug. 15, ’25 152 147
SPDR DJIA Tr DIA 315.65 –0.75 –13.1 Telefonica Emisiones TELEFO 4.103 4.80 March 8, ’27 153 10 142
Wednesday, August 31, 2022 Closing Chg YTD
SPDR S&PMdCpTr MDY 444.09 –0.71 –14.2
Closing Chg YTD ETF Symbol Price (%) (%) Bank of America BAC 3.500 4.27 April 19, ’26 95 8 90
SPDR S&P 500 SPY 395.18 –0.76 –16.8
ETF Symbol Price (%) (%) iShMSCIEmgMarkets EEM 39.43 0.36 –19.3 SPDR S&P Div SDY 123.70 –0.79 –4.2
CnsmrDiscSelSector XLY 155.51 –0.99 –23.9 iShMSCIEAFEValue
iShNatlMuniBd
EFV
MUB
42.28
105.74
–0.70
0.09
–16.1
–9.1
TechSelectSector
UtilitiesSelSector
XLK
XLU
135.26
74.34
–0.97
–0.65
–22.2
3.9
High-yield issues with the biggest price increases…
CnsStapleSelSector XLP 73.11 –0.61 –5.2 Bond Price as % of face value
DimenUSCoreEq2 DFAC 24.53 –0.77 –15.3 iSh1-5YIGCorpBd IGSB 50.41 –0.24 –6.4 VangdInfoTech VGT 349.28 –0.98 –23.8
iShPfd&Incm PFF 33.29 –0.36 –15.6 VangdSC Val VBR 160.02 –0.72 –10.5 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
EnSelSectorSPDR XLE 80.50 –0.91 45.0
iShRussell1000Gwth IWF 233.71 –0.82 –23.5 VangdExtMkt VXF 141.73 –0.48 –22.5
FinSelSectorSPDR XLF 33.05 –0.75 –15.4
iShRussell1000Val IWD 149.96 –0.67 –10.7 VangdDivApp VIG 147.93 –0.69 –13.9 Ford Motor F 7.400 6.95 Nov. 1, ’46 105.214 0.81 105.500
HealthCareSelSect XLV 124.76 –0.64 –11.4
iShRussell2000 IWM 183.50 –0.61 –17.5 VangdFTSEDevMk VEA 40.46 –0.59 –20.8
IndSelSectorSPDR XLI 92.93 –0.84 –12.2
iShRussellMid-Cap IWR 68.81 –0.65 –17.1 VangdFTSE EM VWO 41.13 0.15 –16.8 American Airlines AAL 11.750 7.55 July 15, ’25 110.629 0.62 111.038
InvscQQQI QQQ 299.27 –0.58 –24.8
iShRussellMCValue IWS 106.91 –0.71 –12.6 VangdFTSE Europe VGK 51.32 –0.87 –24.8
InvscS&P500EW RSP 140.76 –0.72 –13.5
218.31 –0.77 –17.4 Owens–Brockway Glass Container … 5.875 6.51 Aug. 15, ’23 99.423 0.45 99.375
iShRussell1000 IWB VangdFTSEAWxUS VEU 49.38 –0.42 –19.4
iSh0-5YTIPSBd STIP 100.35 –0.47 –5.2
iShCoreDivGrowth DGRO 48.83 –0.71 –12.1
iShS&P500Growth IVW 64.39 –0.83 –23.0 VangdGrowth VUG 239.36 –0.72 –25.4
Bath & Body Works BBWI 6.875 8.47 Nov. 1, ’35 87.459 0.41 89.750
iShS&P500Value IVE 141.43 –0.71 –9.7 VangdHlthCr VHT 231.56 –0.51 –13.1
iShCoreMSCIEAFE IEFA 58.29 –0.68 –21.9
iShShortTreaBd SHV 110.13 ... –0.3 VangdHiDiv VYM 103.77 –0.78 –7.4 0.31
iShCoreMSCIEM IEMG 48.46 0.29 –19.0 iShTIPSBondETF TIP 113.91 –0.89 –11.8 VangdIntrCorpBd VCIT 79.63 –0.77 –14.2
Navient NAVI 6.750 8.29 June 15, ’26 95.063 95.795
iShCoreMSCITotInt IXUS 56.50 –0.42 –20.4 82.29 –0.01 –3.8
iSh1-3YTreasuryBd SHY VangdLC VV 180.90 –0.75 –18.2
iShCoreS&P500
iShCoreS&P MC
IVV
IJH
397.18
242.98
–0.75
–0.73
–16.7
–14.2
iSh7-10YTreaBd IEF 100.94
111.88
–0.41
–0.96
–12.2
–24.5
VangdMC VO 209.45 –0.66 –17.8 …And with the biggest price decreases
iSh20+YTreasuryBd TLT VangdMC Val VOE 135.80 –0.65 –9.7
iShCoreS&P SC IJR 97.20 –0.95 –15.1
iShCoreS&PTotUS ITOT 88.05 –0.80 –17.7
iShUSTreasuryBd GOVT 23.60 –0.38 –11.5 VangdMBS VMBS 47.56 –0.27 –10.0 Genworth Financial GNW 6.500 8.09 June 15, ’34 88.055 –2.25 n.a.
JPM UltShtIncm JPST 50.21 –0.02 –0.5 VangdRealEst VNQ 93.01 –0.47 –19.8
iShCoreTotalUSDBd IUSB 46.51 –0.47 –12.1 ProShUltPrQQQ TQQQ 27.81 –1.84 –66.6 VangdS&P500ETF VOO 363.15 –0.79 –16.8 Telecom Italia Capital TITIM 6.000 8.91 Sept. 30, ’34 78.725 –1.88 80.750
iShCoreUSAggBd AGG 100.71 –0.53 –11.7 SPDRBlm1-3MTB BIL 91.55 0.02 0.1 VangdST Bond BSV 76.29 –0.12 –5.6
iShSelectDividend DVY 120.11 –1.01 –2.0 SPDR Gold GLD 159.27 –0.77 –6.8 VangdSTCpBd VCSH 76.05 –0.31 –6.4 Lumen Technologies LUMN 7.600 10.28 Sept. 15, ’39 78.680 –1.65 80.930
iShESGAwareUSA ESGU 88.20 –0.70 –18.3 SPDRS&P500Value SPYV 37.88 –0.71 –9.8 VangdShtTmInfltn VTIP 49.57 –0.48 –3.6
iShEdgeMSCIMinUSA USMV 71.48 –0.64 –11.6 SPDRPtfS&P500 SPLG 46.47 –0.75 –16.8 VangdShortTrea VGSH 58.54 –0.02 –3.8 WeWork WEWORK 7.875 20.55 May 1, ’25 74.906 –1.25 77.250
iShEdgeMSCIUSAQual QUAL 115.75 –0.83 –20.5 SPDRS&P500Growth SPYG 55.79 –0.73 –23.0 VangdSC VB 189.71 –0.61 –16.1
iShGoldTr IAU 32.46 –0.76 –6.8 SchwabIntEquity SCHF 31.13 –0.64 –19.9 VangdTaxExemptBd VTEB 49.73 –0.16 –9.4 Dish DBS … 5.875 10.28 Nov. 15, ’24 91.500 –1.13 92.250
iShiBoxx$HYCpBd HYG 74.53 –0.55 –14.3 SchwabUS BrdMkt SCHB 46.47 –0.81 –17.8 VangdTotalBd BND 74.60 –0.41 –12.0
iShiBoxx$InvGrCpBd LQD 109.27 –1.05 –17.5 SchwabUS Div SCHD 72.40 –0.84 –10.4 VangdTotIntlBd BNDX 49.20 –0.49 –10.8 Ford Motor F 4.750 7.10 Jan. 15, ’43 74.922 –1.02 76.500
iShJPMUSDEmgBd EMB 85.30 –0.80 –21.8 SchwabUS LC SCHX 46.85 –0.72 –17.7 VangdTotIntlStk VXUS 51.09 –0.39 –19.6
iShMBSETF MBB 96.69 –0.40 –10.0 SchwabUS LC Grw SCHG 62.11 –0.74 –24.1 VangdTotalStk VTI 198.56 –0.73 –17.8 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
iShMSCI ACWI ACWI 85.90 –0.65 –18.8 SchwabUS SC SCHA 42.10 –0.59 –17.8 VangdTotWrldStk VT 87.60 –0.65 –18.5 Note: Data are for the most active issue of bonds with maturities of two years or more
iShMSCI EAFE EFA 61.70 –0.68 –21.6 Schwab US TIPs SCHP 55.87 –0.78 –11.2 VangdValue VTV 134.84 –0.80 –8.3 Source: MarketAxess
 .

THE WALL STREET JOURNAL. Thursday, September 1, 2022 | B9

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. GlobalFoundries GFS 59.82 -1.29 KeurigDrPepper KDP 38.12 -0.30 Mondelez MDLZ 61.86 0.01 Pinduoduo PDD 71.30 4.80 Shopify SHOP 31.65 0.29 Twitter TWTR 38.75 -0.57
Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Globant GLOB 210.77 1.05 KeyCorp KEY 17.69 -0.18 MongoDB MDB 322.86 -7.86 PinnacleWest PNW 75.35 -0.04 SignatureBank SBNY 174.36 -2.21 TylerTech TYL 371.51 -2.39
listed securities. Prices are composite quotations dd-Indicates loss in the most recent four GlobeLife GL 97.19 -0.64 KeysightTechs KEYS 163.89 -0.11 MonolithicPower MPWR 453.18 -9.99 Pinterest PINS 23.04 1.08 SimonProperty SPG 101.98 -1.81 TysonFoods TSN 75.38 -0.90
that include primary market trades as well as quarters. GlobusMedical GMED 59.19 0.06 KilroyRealty KRC 48.77 -0.27 MonsterBev MNST 88.83 0.30 PioneerNatRscs PXD 253.22 -1.49 SiriusXM SIRI 6.09 -0.02 UBS Group UBS 15.85 -0.10
trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. GDDY 75.82 0.15 KimberlyClark KMB 127.52 -1.31 Moody's PlainsAllAmPipe PAA 11.75 -0.08 Skyworks UDR 44.87 0.01
GoDaddy MCO 284.52 -2.28 SWKS 98.55 -0.75 UDR
Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing
GoldFields GFI 8.09 -0.14 KimcoRealty KIM 21.08 -0.36 MorganStanley MS 85.22 0.79 PlainsGP PAGP 11.98 -0.27 SmithAO AOS 56.45 -0.99 UGI UGI 39.50 -0.01
Nasdaq ISE. standards
The list comprises the 1,000 largest companies lf-Late filing GoldmanSachs GS 332.67 1.54 KinderMorgan KMI 18.32 -0.16 Morningstar MORN 227.99 -1.50 PlugPower PLUG 28.04 -0.15 Smith&Nephew SNN 23.84 0.04 US Foods USFD 30.62 -0.03
based on market capitalization. q-Temporary exemption from Nasdaq Grab GRAB 2.85 -0.21 Knight-Swift KNX 50.51 -0.97 Mosaic MOS 53.87 -3.32 Polaris PII 113.27 -1.43 Smucker SJM 139.99 -0.82 Uber UBER 28.76 0.05
Underlined quotations are those stocks with requirements. Graco GGG 63.84 -0.56 t KoninklijkePhil PHG 16.58 -0.02 MotorolaSol MSI 243.41 -1.72 t PolestarAuto PSNY 7.82 0.15 Snap SNAP 10.88 0.87 Ubiquiti UI 310.39 -8.75
large changes in volume compared with the t-NYSE bankruptcy Grainger GWW 554.94 -1.45 KoreaElcPwr KEP 7.63 0.11 MurphyUSA MUSA 290.17 -2.76 Pool POOL 339.19 -4.00 SnapOn SNA 217.86 -0.40 UiPath PATH 16.45 ...
issue’s average trading volume. v-Trading halted on primary market. GraphicPkg GPK 22.27 -0.36 KraftHeinz KHC 37.40 -0.01 NICE NICE 213.37 -1.37 PrincipalFin PFG 74.76 -0.53 Snowflake SNOW 180.95 -3.79 UltaBeauty ULTA 419.87 3.08
Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being Grifols GRFS 7.77 -0.01 Kroger KR 47.94 0.43 NIO NIO 19.91 0.08 ProcoreTech PCOR 54.60 0.87 SOQUIMICH SQM 99.68 -2.67 Unilever UL 45.39 -0.36
whose price changed by 5% or more if their reorganized under the Bankruptcy Code, GpoAeroportuar PAC 142.57 -1.15 LKQ LKQ 53.22 0.16 NOV NOV 17.67 -0.32 Procter&Gamble PG 137.94 -2.24 SolarEdgeTech SEDG 275.97 0.47 UnionPacific UNP 224.51 -0.73
previous closing price was $2 or higher. or securities assumed by such companies. HCA Healthcare HCA 197.87 -3.91 LPL Financial LPLA 221.33 -1.10 NRG Energy NRG 41.28 0.21 Progressive PGR 122.65 -1.59 Sony SONY 79.35 -1.39 UnitedAirlines UAL 35.01 -0.93
HDFC Bank HDB 61.05 -0.29 L3HarrisTech LHX 228.19 -3.05 NVR NVR 4140.06 -16.47 Prologis PLD 124.51 -1.14 Southern SO 77.07 -0.51 UnitedMicro UMC 6.63 0.07
Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and HF Sinclair DINO 52.63 -0.87 LabCorp.ofAmerica LH 225.27 -2.74 NXP Semi NXPI 164.58 -1.14 PrudentialFin PRU 95.75 -1.28 SoCopper SCCO 47.07 -0.47 UPS B UPS 194.51 -0.54
changes in the closing prices from 4 p.m. the previous day. HP HPQ 28.71 -2.39 LamResearch LRCX 437.91 -4.77 Nasdaq NDAQ 59.53 -0.07 t Prudential PUK 21.11 -0.12 SouthwestAir LUV 36.70 -0.50 UnitedRentals URI 292.04 -0.88
HSBC HSBC 30.83 -0.09 LamarAdv LAMR 93.89 -0.16 NationalGrid NGG 63.19 -2.83 PublicServiceEnt PEG 64.36 -0.86 SouthwesternEner SWN 7.49 0.39 US Bancorp USB 45.61 -0.30
Wednesday, August 31, 2022
H World HTHT 37.63 1.42 LambWeston LW 79.53 -0.25 NatlRetailProp NNN 44.90 -0.56 PublicStorage PSA 330.83 -1.67 Splunk SPLK 90.03 -2.62 UnitedTherap UTHR 226.62 7.65
Net Net t Haleon LVS 37.63 0.98 PulteGroup PHM 40.66 -0.32 Spotify
HLN 5.98 -0.10 LasVegasSands NWGw 5.53 -0.43 SPOT 108.15 0.92 UnitedHealth UNH 519.33 -3.51
Net Stock Sym Close Chg Stock Sym Close Chg Halliburton HAL 30.13 -0.22 LatticeSemi LSCC 53.90 -1.00 NatWest PureStorage PSTG 28.97 -0.52 t StanleyBlackDck SWK 88.10 42.72 0.15
NetApp NTAP 72.13 -0.15 -0.92 UnitySoftware U
Stock Sym Close Chg LEA 138.64 -0.74 NetEase QGEN 45.43 0.12 Starbucks 0.66 UnumGroup UNM 37.85 -0.34
BiohavenPharm BHVN 149.35 0.08 DISH Network DISH 17.35 0.20 HartfordFinl HIG 64.31 -0.36
Lear NTES 88.51 1.92 Qiagen SBUX 84.07
Hasbro HAS 78.82 -0.11 LegendBiotech LEGN 46.49 2.05 Netflix NFLX 223.56 2.91 t Qorvo QRVO 89.78 -1.97 StarwoodProp STWD 22.93 0.05 VF VFC 41.45 -0.47
BioMarinPharm BMRN 89.20 -0.99 DTE Energy DTE 130.34 -1.11
A B C BioNTech BNTX 144.64 -2.44 Danaher DHR 269.91 -3.46 HashiCorp HCP 35.35 -0.84 Leidos LDOS 95.05 -0.76 Neurocrine NBIX 104.63 1.33 Qualcomm QCOM 132.27 -1.39 StateStreet STT 68.35 -0.73 VICI Prop VICI 32.99 -0.10
24.32 -0.47 Lennar A LEN 77.45 -1.47 NewFortressEner NFE 57.35 -0.19 QualtricsIntl XM 12.25 0.10 SteelDynamics STLD 80.72 VailResorts MTN 224.68 -0.88
ABB ABB 27.57 -0.40 BlackKnight BKI 66.16 -0.34 Darden DRI 123.71 0.33 HealthcareRealty HR -0.70
HealthpeakProp PEAK 26.25 -0.04 Lennar B LEN.B 61.68 -0.81 NewellBrands NWL 17.85 -0.68 QuantaServices PWR 141.30 0.54 Stellantis STLA 13.40 -0.23 Vale VALE 12.42 -0.21
ADT ADT 7.29 -0.11 BlackRock BLK 666.39 -6.33 DarlingIngred DAR 76.06 0.89
Heico HEI 152.30 -0.52 LennoxIntl LII 240.12 -1.16 t Newmont NEM 41.36 -0.84 t QuestDiag DGX 125.31 -0.97 Steris STE 201.38 2.88 ValeroEnergy VLO 117.12 -0.91
AECOM ACM 73.15 0.01 Blackstone BX 93.94 -1.68 Datadog DDOG 104.95 0.34
HRB 45.00 0.12 DaVita DVA 85.29 -1.80
Heico A HEI.A 122.58 -1.21 LeviStrauss LEVI 16.89 -0.57 NewsCorp A NWSA 16.92 -0.18 STMicroelec STM 34.90 -0.49 VeevaSystems VEEV 199.32 -2.84
AES AES 25.45 0.01 BlockHR
Block SQ 68.91 -0.14 DeckersOutdoor DECK 321.57 -2.99
HenrySchein HSIC 73.41 -0.01 LiAuto LI 28.77 -0.03 NewsCorp B NWS 17.24 -0.21 R S Stryker SYK 205.20 -0.07 Ventas VTR 47.86 0.31
Aflac AFL 59.42 -0.71 HSY 224.67 -1.54 LibertyBroadbandC LBRDK 101.70 0.34 NexstarMedia NXST 191.32 0.99 VRSN 182.22 0.47
DE 365.25 -3.49
Hershey
-2.35 SumitomoMits SMFG 6.05 -0.05 VeriSign
AGCO AGCO 108.71 -0.48 BlueOwlCapital OWL 11.10 0.01 Deere RBC Bearings ROLL 240.68
BA 160.25 -1.96 t DellTechC DELL 38.29 -1.40
HertzGlobal HTZ 18.46 -0.29 LibertyBroadbandA LBRDA 100.82 0.32 NextEraEnergy NEE 85.06 -0.64
RELX RELX 26.18 -0.34 SunComms SUI 153.71 -1.78 VeriskAnalytics VRSK 187.16 -0.69
AMTD Digital HKD 119.77 14.77 Boeing Hess HES 120.78 -1.34 LibertyGlobal C LBTYK 21.31 -0.34 s NielsenHoldings NLSN 27.84 -0.02 t Verizon VZ 41.81 -0.72
DAL 31.07 -0.65 RCM 21.85 0.64 SunLifeFinancial SLF 44.07 -0.39
Ansys ANSS 248.30 -1.49 BookingHldgs BKNG 1875.81 -4.42 DeltaAir R1 RCM
BAH 95.70 0.26 DentsplySirona XRAY 32.77 -0.17
HessMidstream HESM 28.31 -0.28 LibertyGlobal A LBTYA 20.20 -0.29 Nike NKE 106.45 -1.41 RPM RPM 93.16 -1.10 SuncorEnergy SU 32.32 -0.63 VertexPharm VRTX 281.76 0.40
APA APA 39.11 -0.21 BoozAllen HewlettPackard HPE 13.60 -0.05 LibertyFormOne C FWONK 63.68 -2.27 NiSource VTRS 9.55 -0.15
ASETech ASX 5.76 0.02 BorgWarner BWA 37.70 -0.39 DeutscheBank DB 8.31 -0.10 NI 29.51 -0.23 RangeResources RRC 32.86 1.17 SunRun RUN 33.03 0.65 Viatris
Hilton HLT 127.36 0.53 LibertyFormOne A FWONA 58.13 -2.27 Nokia 5.05 0.23 8.59 -0.23 Vipshop VIPS 11.61 0.71
ASML ASML 489.94 -3.08 t BostonProps BXP 79.43 -0.38 DevonEnergy DVN 70.62 -0.46 Hologic HOLX 67.56 0.56 LibertyBraves A BATRA 28.10 -0.03 NomuraHoldings NMR 3.63 -0.02
NOK RaymondJames RJF 104.37 -0.15 Suzano SUZ
198.71 -2.67
AT&T T 17.54 -0.28 BostonSci BSX 40.31 0.27 DexCom DXCM 82.21 -0.53 RaytheonTech RTX 89.75 -1.08 Switch SWCH 33.95 ... Visa V
HomeDepot HD 288.42 -2.78 LibertyBraves C BATRK 27.34 0.04 Nordson 227.17 -0.81 Vistra VST 24.75 0.57
AbbottLabs ABT 102.65 0.45 BristolMyers BMY 67.41 0.21 Diageo DEO 176.39 -2.41 NDSN RealtyIncome O 68.28 -0.44 SynchronyFin SYF 32.75 -0.21
HondaMotor HMC 26.52 -0.13 LibertySirius C LSXMK 41.36 -0.08 NorfolkSouthern NSC 243.13 -1.64 VMware VMW 116.03 -1.52
AbbVie ABBV 134.46 -1.09 BritishAmTob BTI 40.05 -0.11 DiamondbkEner FANG 133.28 -0.79 RegalRexnord RRX 137.59 -1.07 Synopsys SNPS 346.02 0.02
Honeywell HON 189.35 -1.35 LibertySirius A LSXMA 41.54 -0.11 NorthernTrust NTRS 95.09 -0.37 t Vodafone VOD 13.42 -0.19
Abiomed ABMD 259.28 0.63 Broadcom AVGO 499.11 -7.28 Dick's DKS 106.37 -1.99 RegencyCtrs REG 60.84 -0.93 Sysco SYY 82.22 -0.38
t HorizonTherap HZNP 59.21 0.29 LifeStorage LSI 127.25 -0.43 NorthropGrum NOC 477.99 -2.94 VulcanMatls VMC 166.49 -0.28
AcadiaHealthcare ACHC 81.93 -1.01 BroadridgeFinl BR 171.17 -1.42 DigitalRealty DLR 123.63 -0.18 HormelFoods HRL 50.28 -0.38 EliLilly RegenPharm REGN 581.06 -7.33
Accenture ACN 288.46 -4.04 BrookfieldMgt BAM 48.11 -0.49 DiscoverFinSvcs DFS 100.49 -0.38 DR Horton
LLY 301.23 -5.81 NortonLifeLock NLOK 22.59 -0.08
RegionsFin RF 21.67 -0.02 T U V W X Y Z
DHI 71.15 -0.78 LincolnElectric LECO 136.69 -1.24 Novartis NVS 80.52 -0.24
ActivisionBliz ATVI 78.49 -0.13 BrookfieldInfr BIP 41.99 -0.28 Disney DIS 112.08 -0.35 ReinsGrp RGA 125.36 0.05
HostHotels HST 17.77 -0.10 LincolnNational LNC 46.06 -0.72 NovoNordisk NVO 106.10 0.06 TC Energy TRP 48.20 -1.37
Adobe ADBE 373.44 -1.63 BrookfieldRenew BEPC 38.39 -0.02 dLocal DLO 24.87 0.10 RelianceSteel RS 187.98 -1.57 WEC Energy WEC 103.14 -0.33
HowmetAerospace HWM 35.43 -0.44 Linde LIN 282.86 -1.79 TD Synnex SNX 96.28 -0.19
AdvanceAuto AAP 168.64 -1.83 Brown&Brown BRO 63.04 -0.76 DocuSign DOCU 58.22 -0.35 Novocure NVCR 82.13 1.09 Repligen RGEN 219.37 -0.34 WEX WEX 154.25 -3.84
Hubbell HUBB 206.30 -0.61 LithiaMotors LAD 265.44 -4.64 TE Connectivity TEL 126.21 -0.15
AdvDrainageSys WMS 135.70 -1.54 Brown-Forman A BF.A 70.57 -0.99 DolbyLab DLB 73.24 -0.55 NuHoldings NU 4.90 0.01 RepublicSvcs RSG 142.72 -1.12 W.P.Carey WPC 84.03 -0.45
HubSpot HUBS 337.04 -1.62 LiveNationEnt LYV 90.36 -0.94 Telus TU 22.52 -0.29
AdvMicroDevices AMD 84.87 -2.07 Brown-Forman B BF.B 72.70 -0.82 DollarGeneral DG 237.42 -1.31 Nucor NUE 132.94 -2.26 ResMed RMD 219.92 0.48 t WPP WPP 42.91 -0.12
Humana HUM 481.78 -3.88 LloydsBanking LYG 2.00 -0.01 TelusIntl TIXT 28.50 -0.15
Aegon AEG 4.49 0.02 t Bruker BRKR 56.00 -0.70 DollarTree DLTR 135.68 -2.30
JBHunt JBHT 174.02 -1.03 LockheedMartin LMT 420.11 -2.20
Nutrien NTR 91.77 -2.27 RestaurantBrands QSR 59.00 ...
TFI Intl TFII 99.79 -0.88
Wabtec WAB 87.65 -1.40
AerCap AER 44.05 -0.74 BuildersFirst BLDR 58.61 -1.24 DominionEner D 81.80 -0.54 NVIDIA NVDA 150.94 -3.74 RexfordIndlRealty REXR 62.21 -0.34 t WalgreensBoots WBA 35.06 -0.12
HuntingtonBcshs HBAN 13.40 0.01 Loews L 55.31 -0.43 TJX TJX 62.35 -0.21
AffirmHldgs AFRM 23.43 -0.11 Bunge BG 99.17 -0.71 Domino's DPZ 371.86 -8.51 RioTinto RIO 56.29 -0.48 Walmart WMT 132.55 0.07
HuntingIngalls HII 230.26 -1.31 LogitechIntl LOGI 50.27 -0.49 O P Q T-MobileUS TMUS 143.96 -1.56
AgilentTechs A 128.25 -0.03 BurlingtonStrs BURL 140.19 -1.15 DoorDash DASH 59.90 -1.52 RitchieBros RBA 69.34 -0.41 WarnerBrosA WBD 13.24 -0.05
HyattHotels H 89.62 0.18 Lowe's LOW 194.14 -3.08 TPG TPG 29.36 -0.35
agilon health AGL 20.78 0.36 CBRE Group CBRE 78.96 0.15 Dover DOV 124.96 -1.07 Rivian RIVN 32.71 0.82 WarnerMusic WMG 26.77 -0.37
ICICI Bank IBN 21.84 -0.10 Lucid LCID 15.34 0.19 OGE Energy OGE 40.54 -0.22 TRowePrice TROW 120.00 0.57
AgnicoEagle AEM 41.21 -0.69 CDW CDW 170.70 -4.37 Dow DOW 51.00 -0.38 RobertHalf RHI 76.97 0.52 WasteConnections WCN 139.18 -0.28
ICL Group ICL 9.57 -0.37 LufaxHolding LU 4.37 0.27 ONEOK OKE 61.23 -1.80 TaiwanSemi TSM 83.35 0.56
AirProducts APD 252.45 -3.40 CF Industries CF 103.46 -2.54 DrReddy'sLab RDY 52.29 -0.12 IdexxLab Robinhood HOOD 9.55 0.08 WasteMgt WM 169.03 -1.70
IDXX 347.62 -1.22 lululemon LULU 299.96 -7.11 OReillyAuto ORLY 697.12 -1.14 RBLX 39.11 0.08
TakeTwoSoftware TTWO 122.56 -0.48
Airbnb ABNB 113.12 0.56 CGI GIB 79.20 0.01 DraftKings DKNG 16.06 -0.32 Roblox Waters WAT 298.60 -0.79
ING Groep ING 8.78 -0.08 LumenTech LUMN 9.96 -0.09 OccidentalPetrol OXY 71.00 -1.01 TakedaPharm TAK 13.75 -0.07
AkamaiTech AKAM 90.28 -1.44 CH Robinson CHRW 114.15 -0.34 Dropbox DBX 21.39 -0.25 RocketCos. RKT 7.90 -0.11 Watsco WSO 272.03 -4.91
Invesco IVZ 16.47 -0.29 LyondellBasell LYB 83.00 -0.62 Okta OKTA 91.40 0.24 Tapestry TPR 34.73 -0.84 WebsterFin WBS 47.05
Albemarle ALB 267.96 -4.81 CME Group CME 195.61 0.42 DukeEnergy DUK 106.91 -0.77 IQVIA Rockwell ROK 236.94 0.31 -0.13
IQV 212.66 -3.33 Olaplex OLPX 13.32 -0.63 43.06 -0.81 TargaResources TRGP 68.23 0.13 WellsFargo
RogersComm B RCI WFC 43.71 -0.43
Albertsons ACI 27.51 0.11 CMS Energy CMS 67.54 -0.57 DukeRealty DRE 58.85 -0.56 IcahnEnterprises IEP
t CNA 38.46 -0.21 DuPont 55.64 -1.46
51.65 -0.24 M N OldDomFreight ODFL 271.41 -4.89 Roku ROKU 68.00 0.99 Target TGT 160.34 -0.44 Welltower WELL 76.65 0.54
Alcoa AA 49.48 -1.31 CNA Fin DD ICLR 209.83 -0.35 OldRepublic ORI 21.84 -0.16 -0.09 TataMotors TTM 29.00 0.01 WestFraserTimber WFG 89.70
Icon ROL 33.76
Alcon ALC 65.68 0.04 CNH Indl CNHI 12.23 -0.10 Dynatrace DT 38.18 0.08 M&T Bank MTB 181.78 0.20 Rollins -3.02
IDEX IEX 201.21 -1.38 Olin OLN 54.66 -0.50 ROP 402.58 -5.17 TeckRscsB TECK 33.85 0.21 WestPharmSvcs WST 296.69
AlexandriaRlEst ARE 153.40 -0.58 CRH CRH 36.99 -0.41 ENI E 23.62 -0.71 MGM Resorts MGM 32.64 -0.32 RoperTech 0.27
IllinoisToolWks ITW 194.83 -1.33 OmegaHealthcare OHI 32.66 0.34 RossStores ROST 86.27 -0.06 TeledyneTech TDY 368.36 -2.83 WestAllianceBcp WAL 76.72
Alibaba BABA 95.41 1.57 CSX CSX 31.65 -0.02 EOG Rscs EOG 121.30 -0.56 Illumina MPLX MPLX 32.62 0.04 -1.58
ILMN 201.64 -3.61 Omnicom OMC 66.90 -1.09 93.04 -0.99 Teleflex TFX 226.26 3.26 WesternDigital WDC 42.26
AlignTech ALGN 243.70 -2.98 CVS Health CVS 98.15 -0.65 EPAM Systems EPAM 426.50 1.79 ImperialOil MSCI MSCI 449.24 -3.80 RoyalBkCanada RY -1.10
IMO 49.04 -0.96 ON Semi ON 68.77 -0.20 RoyalCaribbean RCL 40.85 -0.89 Ericsson ERIC 7.43 0.18 WesternMidstrm WES 28.11
Alleghany Y 841.18 0.43 CableOne CABO 1135.00 -11.42 EQT EQT 47.80 0.93 Incyte MagellanMid MMP 51.63 -0.33 0.16
INCY 70.43 0.47 t OTEX 31.48 0.60 8.12 -0.15 Westlake
Allegion ALLE 95.10 -1.59 CadenceDesign CDNS 173.77 -0.46 EastWestBncp EWBC 72.17 -0.61 Informatica INFA 22.07 -0.04 MagnaIntl MGA 57.73 -0.91 OpenText RoyaltyPharma RPRX 41.81 -0.04 TelefonicaBras VIV WLK 98.63 -1.85
AlliantEnergy LNT 61.04 -0.51 CaesarsEnt CZR 43.12 -0.09 EastGroup EGP 165.03 0.07 Infosys ManhattanAssoc MANH 141.26 -0.17 Oracle ORCL 74.15 0.01 RyanSpecialty RYAN 42.36 -0.41 t Telefonica TEF 4.08 -0.02 WestRock WRK 40.59 -0.87
INFY 18.30 -0.13 ORAN 10.09 -0.10 TelekmIndonesia 30.07 0.42 Weyerhaeuser WY
Allstate ALL 120.50 -1.84 CamdenProperty CPT 128.51 -1.88 EastmanChem EMN 91.00 -2.41 IngersollRand IR ManulifeFin MFC 17.29 -0.15 Orange Ryanair RYAAY 72.71 0.41 TLK 34.16 0.17
47.37 -0.33 t Organon OGN 28.53 -0.13 SAP 85.22 0.70 Tenaris TS 27.32 -0.35 t WheatonPrecMet WPM 30.50
AllyFinancial ALLY 33.20 -0.16 Cameco CCJ 29.15 -0.53 Eaton ETN 136.64 -2.60 Insulet MarathonOil MRO 25.59 0.01 SAP -0.35
PODD 255.47 -2.75 82.35 0.49 -3.38 TencentMusic TME 5.11 0.30 Whirlpool
AlnylamPharm ALNY 206.67 -3.30 CampbellSoup CPB 50.38 -0.31 eBay EBAY 44.13 -0.10 t Intel MarathonPetrol MPC 100.75 -0.75 Orix IX S&P Global SPGI 352.18 WHR 156.60 -1.20
INTC 31.92 -0.34 OtisWorldwide OTIS 72.22 -0.64 SBA Comm SBAC 325.25 0.63 Teradyne TER 84.64 -1.08 Williams WMB 34.03 -0.29
Alphabet A GOOGL 108.22 -0.72 CIBC CM 47.31 -1.08 Ecolab ECL 163.83 -1.56 InteractiveBrkrs IBKR 61.59 0.95 Markel MKL 1194.11 1.87
MarketAxess MKTX 248.59 4.59 Ovintiv OVV 53.14 0.31 SEI Investments SEIC 54.70 0.44 Tesla TSLA 275.61 -2.09 Williams-Sonoma WSM 148.75 -5.43
Alphabet C GOOG 109.15 -0.76 CanNtlRlwy CNI 118.91 -0.15 Ecopetrol EC 10.31 -0.42 ICE ICE 100.85 0.34
Marriott MAR 153.74 0.40 OwensCorning OC 81.73 -1.67 SK Telecom SKM 21.35 0.15 TetraTech TTEK 135.81 -1.18 WillisTowers WTW 206.83 0.53
Altria MO 45.12 ... CanNaturalRes CNQ 54.81 -0.71 EdisonInt EIX 67.77 -1.05 InterContinentl IHG 54.99 -0.10
Marsh&McLen MMC 161.37 -1.17 PG&E PCG 12.33 0.13 SS&C Tech SSNC 55.76 -0.39 TevaPharm TEVA 9.04 ... WillScotMobile WSC 40.14 -0.12
AlumofChina ACH 9.10 -0.10 CanPacRlwy CP 74.86 -0.35 EdwardsLife EW 90.10 -0.33 IBM IBM 128.45 -1.13
MartinMarietta MLM 347.71 3.20 PNC Fin PNC 158.00 -1.30 StoreCapital STOR 26.98 -0.16 TexasInstruments TXN 165.21 -1.53 Wipro WIT 5.01 -0.01
Amazon.com AMZN 126.77 -1.96 Canon CAJ 23.88 -0.69 t ElancoAnimal ELAN 15.13 0.10 IntlFlavors IFF 110.48 -0.88
MarvellTech MRVL 46.82 -1.18 POSCO PKX 47.02 0.98 SVB Fin SIVB 406.52 -1.67 TexasPacLand TPL 1840.46123.66 Wolfspeed WOLF 113.47 -1.49
Ambev ABEV 2.90 -0.05 CapitalOne COF 105.82 -1.01 Elastic ESTC 83.91 -0.81 IntlPaper IP 41.62 -0.48
Masco MAS 50.87 -0.19 PPG Ind PPG 126.98 -0.80 Salesforce CRM 156.12 -3.55 Textron TXT 62.38 -1.06 WoodsideEnergy WDS 22.81 -1.25
Amcor AMCR 12.01 -0.17 Capri CPRI 47.18 -1.97 ElbitSystems ESLT 210.47 1.59 Interpublic IPG 27.64 -0.34
Masimo MASI 146.89 -2.64 PPL PPL 29.08 -0.27 Samsara IOT 14.87 0.22 ThermoFisherSci TMO 545.32 -8.97 Workday WDAY 164.56 0.29
Amdocs DOX 85.47 -0.17 CardinalHealth CAH 70.72 0.88 ElectronicArts EA 126.87 0.40 Intuit INTU 431.78 -1.42 PTC PTC 114.89 0.71 Sanofi SNY 41.03 -0.21 ThomsonReuters TRI 110.02 0.12 WynnResorts WYNN 60.59 0.38
Amerco UHAL 525.67 -12.23 Carlisle CSL 295.66 0.25 ElevanceHealth ELV 485.11 -1.74 IntuitiveSurgical ISRG 205.74 -0.76 Mastercard MA 324.37 -3.44
Paccar PCAR 87.51 -0.54 SareptaTherap SRPT 109.38 0.07 3M MMM 124.35 -0.51 XP 19.24 -0.51
Ameren AEE 92.62 -0.72 Carlyle CG 32.53 -0.14 EmersonElec EMR 81.74 -1.58 InvitatHomes INVH 36.28 0.26 MatadorRscs MTDR 59.60 0.06 XP
AmericaMovil AMX 17.00 -0.55 CarMax KMX 88.44 -1.89 Enbridge ENB 41.22 -1.42 IronMountain IRM 52.61 -0.37 MatchGroup MTCH 56.53 0.05 PackagingCpAm PKG 136.92 -2.23 Sasol SSL 19.30 -1.12 Toast TOST 18.93 0.29 XcelEnergy XEL 74.25 -0.44
AmericaMovil A AMOV 17.17 -0.29 Carnival CCL 9.46 -0.31 Endeavor EDR 22.62 0.03 ItauUnibanco ITUB 4.94 -0.19 Mattel MAT 22.12 -0.33 PagayaTech PGY 11.93 -0.68 Schlumberger SLB 38.15 -0.53 Toro TTC 82.93 -0.91 XPeng XPEV 18.52 0.26
AmerAirlines AAL 12.99 -0.34 Carnival 11.71 -0.10 McCormickVtg MKC.V 84.22 -0.78 PalantirTech PLTR 7.72 -0.07 SchwabC SCHW 70.95 -1.55 TorontoDomBk TD 64.34 -0.90 Xylem XYL 91.10 0.05
CUK 8.47 -0.24 EnergyTransfer ET
84.07 -0.70 PaloAltoNtwks PANW 556.81 -2.87 Sea SE 62.00 -0.34 TotalEnergies TTE 50.51 -1.56 YumBrands YUM 111.24 0.46
AEP AEP 100.20 -1.14 CarrierGlobal CARR 39.12 -0.19 EnphaseEnergy ENPH 286.44 0.67 J K L McCormick MKC
McDonald's MCD 252.28 0.17 ParamountA PARAA 26.42 -0.60 t Seagate STX 66.96 -2.46 t ToyotaMotor TM 149.37 -0.80 YumChina YUMC 50.11 1.24
AmerExpress AXP 152.00 -2.66 CaseysGenStores CASY 213.77 -0.91 Entegris ENTG 94.88 -0.98
AmericanFin AFG 127.68 -2.21 Catalent CTLT 88.00 -1.28 Entergy ETR 115.30 -1.55 JD.com JD 63.49 1.98 McKesson MCK 367.00 3.53 ParamountB PARA 23.39 -0.67 Seagen SGEN 154.29 -1.42 TractorSupply TSCO 185.15 -2.94 ZTO Express ZTO 26.05 0.54
AmHomes4Rent AMH 35.56 0.43 Caterpillar CAT 184.71 -2.23 EnterpriseProd EPD 26.32 0.17 JPMorganChase JPM 113.73 -0.68 MedicalProp MPW 14.61 0.19 ParkerHannifin PH 265.00 -4.61 SealedAir SEE 53.81 -0.86 TradeDesk TTD 62.70 -0.12 ZebraTech ZBRA 301.64 -1.22
AIG AIG 51.75 -0.64 Celanese CE 110.86 -1.97 Equifax EFX 188.75 -1.04 Jabil JBL 60.30 -0.68 Medtronic MDT 87.92 0.67 Paychex PAYX 123.34 -0.89 Sempra SRE 164.97 -1.09 Tradeweb TW 69.59 1.05 Zendesk ZEN 76.77 -0.20
AmerTowerREIT AMT 254.05 0.65 CelsiusHldg CELH 103.49 -0.94 Equinix EQIX 657.37 1.48 JackHenry JKHY 192.20 -2.07 MercadoLibre MELI 855.36 -6.74 PaycomSoftware PAYC 351.20 -6.09 SentinelOne S 27.31 -0.56 TraneTech TT 154.07 -0.77 Zillow C Z 33.46 -0.22
AmerWaterWorks AWK 148.45 -2.04 CenovusEnergy CVE 18.76 -0.06 Equinor EQNR 38.79 -0.58 JacobsSolns J 124.58 0.14 Merck MRK 85.36 -1.52 Paylocity PCTY 241.00 -1.25 ServiceCorp SCI 61.71 -0.88 TransDigm TDG 600.39 -6.59 Zillow A ZG 33.40 -0.36
AmericoldRealty COLD 29.42 -0.09 Centene CNC 89.74 -1.45 Equitable EQH 29.75 -0.22 JamesHardie JHX 22.41 -0.10 MetaPlatforms META 162.93 5.77 PayPal PYPL 93.44 1.64 ServiceNow NOW 434.62 -2.22 TransUnion TRU 73.87 -1.83 ZimmerBiomet ZBH 106.32 -1.05
Ameriprise AMP 268.01 -0.41 CenterPointEner CNP 31.53 -0.12 EquityLife ELS 70.10 -1.29 JazzPharm JAZZ 155.22 3.07 MetLife MET 64.33 -0.65 Pearson PSO 10.04 0.02 ShawComm B SJR 25.64 -0.33 Travelers TRV 161.64 -1.82 ZionsBancorp ZION 55.03 -0.37
AmerisourceBrgn ABC 146.56 1.13 CentraisElBras EBR 8.94 -0.10 EquityResdntl EQR 73.18 -0.54 JefferiesFin JEF 32.09 0.02 MettlerToledo MTD 1212.46 -11.26 PembinaPipeline PBA 35.32 -0.70 Shell SHEL 52.98 -1.42 Trimble TRMB 63.25 -0.66 Zoetis ZTS 156.53 -0.55
Ametek AME 120.16 -0.19 CeridianHCM CDAY 59.64 -0.56 ErieIndemnity A ERIE 214.93 3.48 J&J JNJ 161.34 -1.09 MicrochipTech MCHP 65.25 0.16 PenskeAuto PAG 117.91 -2.27 SherwinWilliams SHW 232.10 -2.90 Trip.com TCOM 25.72 0.20 ZoomVideo ZM 80.40 -1.02
Amgen AMGN 240.30 1.18 ChangeHlthcr CHNG 24.57 ... EssentialUtil WTRG 49.15 -0.28 JohnsonControls JCI 54.14 -0.35 MicronTech MU 56.53 0.23 Pentair PNR 44.50 -0.79 ShinhanFin SHG 26.71 0.34 TruistFinl TFC 46.84 -0.55 ZoomInfoTech ZI 45.42 -0.74
Amphenol APH 73.53 -0.64 CharlesRiverLabs CRL 205.25 -0.19 EssexProp ESS 265.06 -1.27 JonesLang JLL 173.00 -0.39 Microsoft MSFT 261.47 -1.50 PepsiCo PEP 172.27 -0.72 ShockwaveMed SWAV 296.86 1.84 t Twilio TWLO 69.58 -1.64 Zscaler ZS 159.24 -1.64
AnalogDevices ADI 151.53 -1.20 ChartIndustries GTLS 193.86 1.91 EsteeLauder EL 254.38 -2.73 JuniperNetworks JNPR 28.42 -0.29 MidAmApt MAA 165.67 -2.14 PerformanceFood PFGC 49.98 -0.01
t AB InBev BUD 48.36 -0.96 CharterComms CHTR 412.63 3.12 Etsy ETSY 105.61 -0.17 KB Financial KB 36.58 -0.08 Middleby MIDD 143.82 -1.65 PerkinElmer PKI 135.06 -1.19
RE 269.05 -0.45 KBR KBR 48.30 -0.30 MitsubishiUFJ MUFG 5.15 -0.06 PetroChina PTR 46.23 -0.38
AnnalyCap NLY
AnteroResources AR
6.45 0.01 CheckPoint CHKP 120.24 -1.88 EverestRe
40.08 1.45 Chemed CHE 476.19 5.30 Evergy EVRG 68.53 -0.86 KE Holdings BEKE 18.04 0.23 MizuhoFin MFG 2.29 -0.01 PetroleoBrasil PBR 14.29 0.06 Borrowing Benchmarks
Aon AON 279.26 -2.86 CheniereEnergy LNG 160.18 -1.16 EversourceEner ES 89.69 -1.08 KKR KKR 50.56 -0.14 Moderna MRNA 132.27 -3.66 PetroleoBrasilA PBR.A 12.74 0.02
ApolloGlbMgmt APO 55.58 0.63 CheniereEnerPtrs CQP 51.14 -2.13 Exelon EXC 43.91 -0.15 KLA KLAC 344.13 -3.01 MohawkInds MHK 110.36 -0.28 Pfizer PFE 45.23 -0.62 wsj.com/market-data/bonds/benchmarks
Apple AAPL 157.22 -1.69 ChesapeakeEner CHK 100.49 2.60 Expedia EXPE 102.65 0.01 Kanzhun BZ 23.49 0.75 MolinaHealthcare MOH 337.37 1.38 PhilipMorris PM 95.49 ...
ApplMaterials AMAT 94.07 -0.45 Chevron
Applovin APP 24.63 0.14 ChewyA
CVX 158.06 -2.56 ExpeditorsIntl EXPD 102.89 -0.08 KarunaTherap KRTX 255.06 4.15 MolsonCoorsA TAP.A 61.50 0.25 Phillips66
CHWY 34.33 -3.06 ExtraSpaceSt EXR 198.73 -2.34 Kellogg K 72.74 0.13 MolsonCoorsB TAP 51.67 -0.58 PilgrimPride PPC 28.47 -0.53
PSX 89.46 -0.69
Money Rates August 31, 2022
Aptargroup ATR 102.81 -1.24 ChinaEastrnAir CEA 17.23 0.28 ExxonMobil XOM 95.59 -0.72
Aptiv APTV 93.43 -0.89 ChinaLifeIns LFC 7.11 0.15 F5 FFIV 157.06 -1.79 Key annual interest rates paid to borrow or lend money in U.S. and
Aramark
ArcelorMittal MT
ARMK 35.71 0.12 ChinaPetrol SNP 46.52 -0.28 FMC
23.59 -0.23 ChinaSoAirlines ZNH 27.04 0.30 FactSet
FMC 108.08 -1.63 IPO Scorecard international markets. Rates below are a guide to general levels but
FDS 433.34 -4.29
ArchCapital ACGL 45.72 -0.02 Chipotle CMG 1596.80 -15.70 FairIsaac FICO 449.40 -6.43 Performance of IPOs, most-recent listed first don’t always represent actual transactions.
ArcherDaniels ADM 87.89 0.32 Chubb CB 189.05 -0.94 Fastenal FAST 50.33 -0.19 % Chg From % Chg From
AresMgmt ARES 74.14 0.61 ChunghwaTel CHT 39.72 -0.39 FederalRealty FRT 101.27 -1.45 Company SYMBOL Wed3s Offer 1st-day Company SYMBOL Wed3s Offer 1st-day Week —52-WEEK—
arGEN-X ARGX 377.87 -3.18 Church&Dwight CHD 83.71 -1.01 FedEx FDX 210.81 -2.67 IPO date/Offer price close ($) price close IPO date/Offer price close ($) price close Inflation Latest ago High Low
AristaNetworks ANET 119.88 -1.22 ChurchillDowns CHDN 197.09 -3.39 Ferguson FERG 115.49 -2.13 July index Chg From (%)
t ArrowElec ARW 104.81 -0.67 Ciena CIEN 50.74 -0.96 Ferrari RACE 194.66 -0.77 Addentax Grp 656.54 13030.8 ... PaxMedica 2.96 –43.6 –39.7
level June '22 July '21 Federal funds
AspenTech AZPN 210.60 3.86 Cigna CI 283.45 -1.62 FidNatlFin FNF 39.10 -0.54 ATXG Aug. 31/$5.00 PXMD Aug. 26/$5.25
Assurant AIZ 158.49 0.32 CincinnatiFin CINF 96.96 -1.58 FidNatlInfo FIS 91.37 -1.44 Shuttle Pharmaceuticals Hldgs 38.48 373.6 ... Starbox Grp Hldgs 5.22 30.5 –66.1
Effective rate 2.3400 2.3300 2.3400 0.0700
AstraZeneca AZN 62.38 -1.00 Cintas CTAS 406.84 -2.86 FifthThirdBncp FITB 34.15 -0.22 SHPH Aug. 31/$8.13
U.S. consumer price index High 2.4500 2.4500 2.4500 0.0900
STBX Aug. 23/$4.00
Atlassian TEAM 247.66 -3.74 CiscoSystems CSCO 44.72 -0.52 FirstCitizBcshA FCNCA 811.96 -2.74 All items 296.276 –0.01 8.5 Low 2.3000 2.3000 2.3200 0.0200
AtmosEnergy ATO 113.38 -1.05 Citigroup C 48.81 -0.27 FirstHorizon FHN 22.62 -0.25 Hempacco 5.11 –14.8 –34.3 GigaCloud Technology 14.65 19.6 –6.6 Core 295.646 0.33 5.9 Bid 2.3000 2.3300 2.3300 0.0600
Autodesk ADSK 201.74 -1.07 CitizensFin CFG 36.68 -0.06 FirstIndRlty FR 50.68 -0.05 HPCO Aug. 29/$6.00 GCT Aug. 18/$12.25
Autoliv ALV 77.79 -0.87 CitrixSystems CTXS 102.77 0.18 FirstRepBank FRC 151.83 -1.27 Offer 2.3400 2.3500 2.3700 0.0800
ADP ADP 244.41 -1.18 t Clarivate Jeffs' Brands 1.84 –55.8 –31.3 Innovative Eyewear 3.03 –59.6 –45.3 International rates
CLVT 11.67 -0.22 FirstSolar FSLR 127.55 5.24
AutoNation AN 124.60 -0.95 ClearwayEnergyC CWEN 37.10 0.01 FirstEnergy FE 39.55 -0.18
JFBR Aug. 26/$4.16 LUCY Aug. 16/$7.50 Treasury bill auction
AZO 2119.21 -17.81 ClearwayEnergyA CWEN.A 34.48 0.06 Fiserv Week 52-Week
AutoZone FISV 101.19 -0.67 4 weeks 2.310 2.150 2.310 0.020
Avalara AVLR 91.59 -0.73 Cleveland-Cliffs CLF 17.27 -0.33 FiveBelow FIVE 127.88 -1.66 Onfolio Hldgs 1.86 –62.8 –22.5 CorpHousing Grp 2.69 –32.8 –27.3 Latest ago High Low
13 weeks 2.880 2.740 2.880 0.035
Avalonbay AVB 200.91 -2.20 Clorox CLX 144.34 -1.33 Five9 FIVN 98.11 -2.04 ONFO Aug. 26/$5.00 CHG Aug. 12/$4.00
Avangrid AGR 49.40 -0.78 Cloudflare Prime rates 26 weeks 3.235 3.110 3.235 0.045
NET 62.57 -1.21 FleetCorTech FLT 212.53 -2.88
t Avantor AVTR 24.91 -0.07 Coca-Cola 61.71 -0.44 Flex FLEX 17.81 -0.23 Sources: Dow Jones Market Data; FactSet
KO
AveryDennison AVY 183.62 -0.53 Coca-ColaEuro CCEP 49.17 -0.32 Floor&Decor FND 81.36 -1.55
U.S. 5.50 5.50 5.50 3.25 Secondary market
AvisBudget CAR 167.38 -2.14 Cognex CGNX 42.11 -0.76 FomentoEconMex FMX 62.71 -1.66
Canada 4.70 4.70 4.70 2.45
AxonEnterprise AXON 116.68 -1.03 t CognizantTech CTSH 63.17 -1.04 FordMotor F 15.24 -0.21 Japan 1.475 1.475 1.475 1.475 Fannie Mae
BCE 48.20 -0.60 CoinbaseGlbl COIN 66.80 -0.23 Fortinet
BCE
BHP Group BHP 54.89 -0.51 ColgatePalm CL 78.21 -0.79 Fortis
FTNT 48.69 -0.35
FTS 44.11 -0.60
Dividend Changes Policy Rates
30-year mortgage yields
30 days 5.212 5.137 5.434 2.337
BJ'sWholesale BJ 74.49 1.16 Comcast A CMCSA 36.19 0.47 Fortive FTV 63.33 -0.29
BP BP 30.84 -0.58 Comerica Amount
Euro zone 0.50 0.50 0.50 0.00 60 days 5.259 5.187 5.526 2.371
CMA 80.30 -0.45 FortBrandsHome FBHS 61.43 -0.83 Payable /
Baidu BIDU 143.97 6.28 CommerceBcshrs CBSH 68.77 -0.40 FoxA FOXA 34.18 -0.02 Company Symbol Yld % New/Old Frq Record Switzerland 0.25 0.25 0.25 0.00
BakerHughes BKR 25.26 0.21 ConagraBrands CAG 34.38 -0.37 FoxB FOX 31.62 -0.02 Britain 1.75 1.75 1.75 0.10 Other short-term rates
Ball BALL 55.81 -0.81 Confluent CFLT 27.36 -0.09 t Franco-Nevada FNV 120.20 -2.25 Increased Australia 1.85 1.85 1.85 0.10
BancoBilbaoViz BBVA 4.44 -0.02 ConocoPhillips COP 109.45 -1.05 FranklinRscs BEN 26.07 -0.09 Greif A GEF 3.0 .50 /.46 Q Oct01 /Sep16 Week 52-Week
BancoBradesco BBDO 3.03 -0.09 ConEd ED 97.74 -0.56 FreeportMcM FCX 29.60 -0.16 Greif B Latest ago high low
BancodeChile BCH 19.21 -0.32 s ConstBrands B STZ.B 314.00 6.00 FreseniusMed FMS 17.10 0.03
GEF.B 4.6 .75 /.69 Q Oct01 /Sep16 Overnight repurchase
BancSanBrasil BSBR 5.72 -0.20 ConstBrands A STZ 246.05 -2.55 FullTruck Parke Bancorp PKBK 3.2 .18 /.16 Q Sep23 /Sep09 U.S. 2.29 2.28 2.31 0.01
YMM 7.90 0.21 Call money
BcoSantChile BSAC 16.04 -0.23 ConstellationEner CEG 81.59 1.90 Futu FUTU 49.09 3.20 Reduced
BancoSantander SAN 2.41 -0.05
ContinentalRscs CLR 69.83 -0.20 U.S. government rates 4.25 4.25 4.25 2.00
BanColombia CIB 27.45 -1.39 G H I Newtek Business Services NEWT 14.5 .65 /.75 Q Sep30 /Sep20
Cooper COO 287.44 -0.82
BankofAmerica BAC 33.61 -0.48 Copart CPRT 119.65 -0.45 Sachem 8% Nts 2027 SCCG 8.1 .50 /.70556 Q Mar30 /Mar15 Discount Commercial paper (AA financial)
BankofMontreal BMO 92.24 -2.74 Corning GFLEnvironmental GFL 28.10 -0.13
BankNY Mellon BK 41.53 -0.15
GLW 34.32 -0.20 t
GSK GSK 32.48 -0.48 Foreign 2.50 2.50 2.50 0.25 90 days 2.64 2.86 2.88 0.08
Corteva CTVA 61.43 -0.34
BkNovaScotia BNS 55.29 -0.87 Gallagher AJG 181.57 -1.32 Alamos Gold AGI 1.4 .025 Q Sep29 /Sep15
Cosan CSAN 15.24 -0.52 Notes on data: Libor
Barclays BCS 7.79 -0.01 GameStop GME 28.64 -1.20 Bank of Montreal BMO 3.7 1.0671 Q Nov28 /Nov01
CoStar CSGP 69.64 -0.07 U.S. prime rate is the base rate on corporate
BarrickGold GOLD 14.85 -0.14 Gaming&Leisure GLPI 48.27 -0.56 One month 2.55343 2.45486 2.56400 0.07525
Costco COST 522.10 -2.04 t
Garmin GRMN 88.49 -1.01
JOYY ADR YY 6.7 .5075 Q Oct06 /Sep22 loans posted by at least 70% of the 10 largest
Bath&BodyWks BBWI 37.33 -0.36 Three month 3.09971 3.01000 3.09971 0.11413
CoterraEnergy CTRA 30.91 0.51
BaxterIntl BAX 57.46 0.98 Gartner IT 285.32 -3.83 Nordic American Tankers NAT 2.7 .03 Q Oct12 /Sep15 U.S. banks, and is effective July 28, 2022. Other
Coupang CPNG 16.90 0.27 Six month 3.66057 3.49343 3.66057 0.14663
BectonDicknsn BDX 252.42 -0.75 Generac GNRC 220.41 -1.58 Sasol ADR SSL 3.6 .87161 A Sep23 /Sep09 prime rates aren’t directly comparable; lending
Credicorp BAP 128.89 0.71
BeiGene BGNE 171.66 6.13 GeneralDynamics GD 228.93 -2.19 Sibanye-Stillwater ADR SBSW 7.4 .3246 SA Sep29 /Sep16 practices vary widely by location; Discount rate One year 4.22314 4.07914 4.22314 0.21950
CreditAcceptance CACC 532.08 -7.58
BentleySystems BSY 36.77 0.08 GeneralElec GE 73.44 -1.69 STMicroelectronics STM 0.6 .06 Q Sep27 /Sep20 is effective July 28, 2022. Secured Overnight
CreditSuisse CS 5.16 -0.07
Berkley WRB 64.80 -0.44
CrowdStrike CRWD 182.61 -10.69
GeneralMills GIS 76.80 -0.18 Transalta Corp TAC 1.7 .03818 Oct01 /Sep01 Financing Rate is as of August 30, 2022. DTCC Secured Overnight Financing Rate
BerkHathwy A BRK.A 421308-8392.00 GeneralMotors GM 38.21 -0.92
BerkHathwy B BRK.B 280.80 -4.62
CrownCastle CCI 170.83 0.66
Genmab GMAB 35.49 0.23
Willis Towers Watson WTW 1.6 .82 Q Oct17 /Sep30 GCF Repo Index is Depository Trust & Clearing 2.29 2.27 2.30 0.03
CrownHoldings CCK 90.59 -1.56 Corp.'s weighted average for overnight trades in
BerryGlobal BERY 54.33 -0.85 Genpact G 46.98 0.69 Special Value 52-Week
CubeSmart CUBE 46.05 -0.53 applicable CUSIPs. Value traded is in billions of
BestBuy BBY 70.69 -4.20 GenuineParts GPC 156.01 -0.20 Latest Traded High Low
Cullen/Frost CFR 129.96 -0.67 Catalyst Biosciences CBIO ... 1.43 Sep20 /Sep06 U.S. dollars. Federal-funds rates are Tullett
Bilibili BILI 24.96 1.81 Gerdau GGB 4.51 -0.10
Cummins CMI 215.37 -2.79 Prebon rates as of 5:30 p.m. ET.
Bill.com BILL 161.88 -4.40 GettyImages GETY 20.25 -1.18 Sources: FactSet; Dow Jones Market Data DTCC GCF Repo Index
Bio-Techne TECH 331.81 -1.57 D E F GileadSciences GILD 63.47 0.97 Sources: Federal Reserve; Bureau of Labor
Bio-RadLab A BIO 485.04 1.54 GitLab GTLB 59.87 -2.46 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; Treasury 2.287 47.300 2.315 0.015
Biogen BIIB 195.38 -0.70 DCP Midstream DCP 38.02 ... GlobalPayments GPN 124.23 -0.47 spin-off. Tullett Prebon Information, Ltd. MBS 2.332 33.768 2.342 0.018

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
Compass COMP 2.84 -8.0 ForzaX1 FRZA 3.56 1.9 Innodata INOD 3.35 -1.7 Neonode NEON 3.30 -8.2 Quotient QTNT 0.19 -1.0 StarryGroupWt STRY.WS 0.15 12.0
The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE American Compugen CGEN 1.15 -0.8 Fossil FOSL 4.22 -4.1 InozymePharma INZY 2.96 -1.6 NeuBaseTherap NBSE 0.55 -13.0 QuotientTech QUOT 1.83 -1.1 StateraBio STAB 0.18 -4.9
and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low in the latest ContraFect CFRX 0.25 2.0 FossilNts2026 FOSLL 17.88 -3.8 InsteelInds IIIN 28.77 -2.3 NeuroBoPharm NRBO 0.25 -21.9 RMR Group RMR 25.97 -2.0 StevenMadden SHOO 29.09 -4.9
session. % CHG-Daily percentage change from the previous trading session. CorbusPharm CRBP 0.19 -1.7 Franco-Nevada FNV 120.20 -1.8 IntegerHoldings ITGR 63.07 -0.6 Newmont NEM 41.16 -2.0 RackspaceTech RXT 4.45 -3.3 StrongholdDig SDIG 1.35 -0.7
CousinsProperties CUZ 26.85 -1.1 FranklinStProp FSP 2.81 -1.7 IntegraLifeSci IART 47.05 -0.1 NexPointResidentl NXRT 52.16 -0.2 Rapid7 RPD 56.47 -1.6 StudioCity MSC 1.62 -3.9
Crawford A CRD.A 6.04 ... Freshpet FRPT 43.27 -1.5 IntegraResources ITRG 0.57 1.2 NextEraEnDebN NEEpN 24.24 -0.2 RegionalMgmt RM 33.20 -2.8 SturmRuger RGR 51.25 -0.2
Wednesday, August 31, 2022
Crawford B CRD.B 5.85 -1.0 FulgentGenetics FLGT 43.17 -1.5 Intel INTC 31.77 -1.1 NiuTech NIU 5.73 3.6 RegulusTherap RGLS 1.37 -2.1 SurfaceOncol SURF 1.36 -2.9
52-Wk % 52-Wk % 52-Wk % CrownElectrokin CRKN 0.37 -12.4 GAN GAN 2.51 -2.6 Intercure INCR 5.09 ... Nordstrom JWN 17.04 -3.7 RevelationBioUn REVBU 0.44 -4.2 SyneosHealth SYNH 60.07 -1.1
Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Cryptyde TYDE 0.78 -0.2 GMedInnov GMVD 0.30 8.7 InterDigital IDCC 50.13 -0.7 Northwestern NWE 52.75 -2.4 RiceBranTech RIBT 2.26 -8.7 SynovusFinPfdE SNVpE 23.66 -1.3
CureVac CVAC 9.66 -3.9 GSK GSK 32.46 -1.5 Interface TILE 11.13 -2.2 Novavax NVAX 32.61 -6.2 RiverNorthRt OPPr 0.02 -58.1 TCBioPharm TCBP 0.31 -6.0
Aaron's AAN 11.82 -6.3 BiteAcqn BITE.U 9.82 0.3 CuriosityStrmWt CURIW 0.20 -1.0 GSquaredIIWt GSQB.WS 0.13 -13.1 IterumTherap ITRM 2.61 -1.9 Nuvasive NUVA 42.36 -2.9 Root 0.08 ...
12.02 -2.4 TCW Spac Wt TSPQ.WS
Highs Abercrombie&Fitch ANF
AckrellSpacI Wt ACKIW
14.23 -4.1 BluegreenVac BVH
0.00 -96.5 BluescapeOppsWt BOAC.WS
20.81
0.06
-2.5
9.0
Cyanotech CYAN 2.32 -2.9 Garmin GRMN 88.33 -1.1 JBG SMITH Prop JBGS 21.95 -0.3 Oblong OBLG 0.25 -1.7 RoyalGold
ROOT
RGLD 91.81 -2.2 TROOPS TROO 1.77 -11.5
AxiosSustGrwA AXAC 10.14 0.6 CyxteraTech CYXT 6.07 -0.2 GelesisWt GLS.WS 0.06 -12.5 JE Cleantech JCSE 1.26 -13.1 ObsEva OBSV 0.17 -12.2 RubiconTech RBT 4.41 -9.0 TakungArt TKAT 1.53 1.3
ADialPharm ADIL 0.43 -0.5 BostonProps BXP 79.24 -0.5 D-WaveQuantum QBTS 6.35 -5.2 GigaMedia GIGM 1.45 -2.0 JELD-WEN JELD 11.15 -4.4 OceanTechI Wt OTECW 0.07 ... RubiconTech TEF 4.07 -0.5
AchariVenturesI AVHI 10.04 0.4 AditEdTechWt ADEX.WS 0.04 22.0 Braskem BAK 11.81 -6.1 RBCN 3.18 -12.3 Telefonica
Altimmune ALT 22.32 16.6 DellTechC DELL 38.18 -3.5 GlenBurnieBncp GLBZ 9.85 ... Jeffs'BrandsWt JFBRW 0.21 3.3 Offerpad OPAD 1.50 -2.6 SAB Biotherap SABS 0.66 -11.4 TesscoTech TESS 4.93 -2.7
AdvEmissions ADES 3.66 -2.3 BrightHorizons BFAM 67.74 -0.9 DeltaApparel DLA 18.10 2.6 GoHealth GOCO 0.44 -2.6 JetBlue JBLU 7.79 -2.9 OfficePropIncm OPI 17.57 -1.6 SSR Mining TM 149.32 -0.5
ArcutisBiotherap ARQT 27.40 4.4 AEye LIDR 1.51 -6.1 BrightView BV 9.92 1.3 SSRM 13.42 -1.4 ToyotaMotor
BelFuse B BELFB 28.57 6.0 Deluxe DLX 19.18 -3.0 GrafTechIntl EAF 5.88 -3.9 JianzhiEduc JZ 5.22 -10.5 OfficePropNts2050 OPINL 21.89 -4.1 SaveFoods 2.57 3.6 Traeger COOK 2.54 -2.2
AfricanGoldWt AGAC.WS 0.03 12.2 BroadscaleWt SCLEW 0.07 -12.2 SVFD
DenaliCapAcqnWt DECAW 0.08 -0.5 GreatElmCap GECC 11.88 -0.6 Kaleyra KLR 1.53 -1.2 Omnicell OMCL 102.16 -2.8 TAC 9.19 0.6
CarticaAcqnA CITE 10.14 0.5 AgileTherap AGRX 0.39 0.7 BrooklineBcp BRKL 12.43 -1.4 Science37 SNCE 1.58 -4.2 Transalta
ChainBridgeI CBRGU 10.19 1.5 DigitalAlly DGLY 0.55 0.3 GreenDot GDOT 20.21 -0.3 KellyServices B KELYB 16.34 1.0 1-800-FLOWERS FLWS 8.43 -5.8 TremorIntl TRMR 7.55 -3.2
AirspanNetworks MIMO 2.12 -3.6 Bruker BRKR 55.77 -1.2 ScottsMiracleGro SMG 66.90 -2.7
DigitalBridge DBRG 17.66 -1.9 GreenwaveTech GWAV 2.82 8.6 KennedyWilson KW 17.51 -1.0 OneLiberty OLP 24.13 -1.5 TREX 46.56 -1.3
CleanTechAcqn CLAQ 11.21 2.4
AllarityTherap ALLR 1.05 -4.9 BruushOralCare BRSH 1.52 5.2 Seagate STX 65.10 -3.5 Trex
ConstBrands B STZ.B 314.00 1.9 DiversifiedHlthcr DHC 1.44 -2.7 GpoAvalAcc AVAL 2.90 -4.0 Knowles KN 15.14 -1.4 OnfolioWt ONFOW 0.17 16.1 Trinseo TSE 26.51 -3.3
AllegiantTravel ALGT 96.00 -2.5 BurTechAcqnWt BRKHW 0.06 -4.5 SeanergyMaritime SHIP 0.53 -4.5
CorazonV838 A CRZN 9.88 0.3 DivrsHlthcrNts42 DHCNI 15.05 -1.3 GrupoTelevisa TV 6.30 -2.9 KoninklijkePhil PHG 16.56 -0.1 OpenText OTEX 30.83 1.9 Tronox TROX 14.57 -3.0
AltamiraTherap CYTO 0.36 -1.2 CEVA CEVA 29.02 -1.5 SelectQuote SLQT 1.10 -11.9
DallasNews DALN 8.25 2.7 DivrsHlthcrNts46 DHCNL 15.66 -2.1 H.I.G.AcqnWt HIGA.WS 0.04 0.3 LL Flooring LL 8.09 -6.2 OportunFin OPRT 5.10 -4.1 TrueCar TRUE 2.17 -0.9
AmbrxBio AMAM 1.58 -5.7 CI&T CINT 8.54 2.5 Sema4 SMFR 1.00 -2.9
ESSA Bancorp ESSA 20.30 1.6 Dogness DOGZ 1.32 0.7 HNI HNI 31.89 -3.2 LakelandInd LAKE 13.38 -1.1 Organogenesis ORGO 3.56 -4.5 TutorPerini TPC 6.76 -1.5
AmericanAssets AAT 27.75 -1.4 CNA Fin CNA 38.42 -0.5 Semantix STIX 2.56 -16.3
EM Horizon A HORI 10.04 0.8 Doma DOMA 0.60 -0.5 HainCelestial HAIN 20.14 -1.2 LefterisAcqnWt LFTRW 0.03 -18.7 Organon OGN 28.32 -0.5 Tuya TUYA 1.26 1.5
AmnealPharm AMRX 2.17 -7.7 CAE CAE 18.21 -1.5 Semtech SMTC 45.34 -1.4
FreyrBattery FREY 14.40 3.7 Domo DOMO 19.22 -5.1 Haleon HLN 5.91 -1.6 LendingTree TREE 30.42 -6.0 OrthofixIntl OFIX 19.82 -0.9 Twilio TWLO 69.43 -2.3
AngelPondWt POND.WS 0.34 -2.8 CaledoniaMining CMCL 9.20 -8.4 SeniorConnectI Wt SNRHW 0.03 24.8
FreyrBatteryWt FREY.WS 5.45 2.0 DouglasEmmett DEI 19.50 -1.0 Hanesbrands HBI 8.58 -1.5 LifetimeBrands LCUT 8.78 ... Ouster OUST 1.40 4.2 2U TWOU 7.06 -1.8
AngloGoldAsh AU 13.45 -1.7 CardiovascularSys CSII 13.21 -2.2 SenmiaoTech AIHS 0.79 -5.2
GoodWorksII A GWII 10.01 0.1 E-HomeHousehold EJH 0.20 1.0 HarborCustomPfdA HCDIP 11.52 -0.2 Lifevantage LFVN 3.70 5.6 Owens&Minor OMI 29.18 -0.5 Unifi UFI 11.24 -2.0
AB InBev BUD 48.36 -1.9 CareDx CDNA 19.06 0.4 ShapewaysWt SHPW.WS 0.06 -5.7
HH&L Acqn HHLA 9.94 0.5 EPR PropPfdC EPRpC 21.42 -1.2 HarmonyGold HMY 2.50 -4.0 LionElectricWt LEV.WS 0.55 -7.5 PFSweb PFSW 9.44 -1.3 UniqueFabricating UFAB 0.74 -1.5
AppliedMolecular AMTI 1.36 6.5 Cato CATO 10.70 -2.8 EGRX 32.55 -2.8 HarpoonTherap HARP 1.65 -3.5 LiveRamp RAMP 19.82 -1.8 PMV Consumer Wt PMVC.WS 0.02 -8.0 ShiftPixy PIXY 0.12 -26.6
Inter INTR 4.63 4.3 EaglePharm UnityBiotech UBX 0.46 -5.2
ArgoGroup ARGO 19.58 -2.1 cbdMD YCBD 0.34 4.8 EasterlyGovtProp DEA 17.95 -1.7 HAYW 10.25 -2.7 LoyaltyVentures LYLT 2.01 ... PROS PRO 20.63 -0.3 SierraBancorp BSRR 20.72 -1.7
JackCreekA JCIC 9.93 0.1 Hayward UnivElectro UEIC 22.16 -1.7
ArgoGoupPfdA ARGOpA 21.01 -1.6 CentralGarden CENT 39.90 -3.3 eHealth EHTH 6.26 -2.6 HealthcrTriangle HCTI 0.47 0.3 MagicEmpireGlobal MEGL 5.40 33.3 PalatinTech PTN 4.34 9.3 SigilonTherap SGTX 0.59 -11.5 UniversalHealthB UHS 97.28 -1.8
JawsMustangA JWSM 9.91 0.1 SLCR 7.54 -11.8 UplandSoftware UPLD
KismetTwoA KAII 9.90 0.1
Arrival ARVL 1.08 -2.7 Certara CERT 15.49 ... 1847Holdings EFSH 2.50 -3.5 HelenofTroy HELE 123.16 -1.7 Magnachip MX 11.58 -1.0 PanAmerSilver PAAS 14.84 -1.8 SilverCrestA 10.00 -1.7
ArrowElec ARW 103.93 -0.6 Cerus CERS 4.07 -1.0 ElancoAnimal ELAN 14.72 0.7 HeliosTech HLIO 54.42 -2.7 Manitex MNTX 5.41 -3.4 PaxMedica PXMD 2.80 -21.5 SimplyGoodFoods SMPL 30.33 -1.2 Vaccinex VCNX 0.84 -4.7
M3-BrigadeIII A MBSC 10.17 0.2 SITM 104.68 -3.9 VentouxCCM
MedicusSciA MSAC 9.91 ...
Astronics ATRO 9.19 -2.7 ChargeEnt CRGE 2.42 -9.7 ElancoAnimalUn ELAT 24.26 1.3 Hempacco HPCO 4.80 -34.3 Manitowoc MTW 9.52 -2.8 Paysafe PSFE 1.65 -9.3 SiTime VTAQ 9.55 -4.7
Athersys ATHX 2.53 -1.1 Check-Cap WtC CHEKZ 0.04 59.6 Emcore EMKR 2.35 -2.5 HighwoodsProp HIW 30.40 -1.2 MaravaiLifeSci MRVI 20.72 -3.5 Perficient PRFT 77.37 0.1 Skillsoft SKIL 3.10 -6.7 VeraBradley VRA 3.96 -11.0
MidlandStBncpPfA MSBIP 25.70 0.1 SKIL.WS 0.37 -11.9 Verizon
MilestonePharm MIST 8.74 1.8
Atlanticus ATLC 28.22 -6.6 ChinaSXTPharm SXTC 1.15 13.3 EmergentBiosol EBS 23.65 -0.7 HimaxTechs HIMX 6.18 -1.3 MatthewsIntl MATW 25.01 -3.0 PerpetuaRscs PPTA 2.48 -1.5 SkillsoftWt VZ 41.76 -1.7
AtlanticusPfdB ATLCP 22.43 -1.5 ChromaDex CDXC 1.36 2.9 EmpireStateReal60 OGCP 6.44 -2.7 Holley HLLY 5.61 -0.7 MaverixMetals MMX 3.31 -1.2 PetIQ PETQ 9.29 -6.4 SmartRent SMRT 3.14 -1.2 Vodafone VOD 13.40 -1.4
NetcapitalWt NCPLW 0.99 41.8
AuroraInnovWt AUROW 0.30 ... CitiTrends CTRN 19.13 -1.4 EndeavourSilver EXK 2.86 -1.4 HomePtCap HMPT 2.07 -13.2 Medifast MED 124.85 -1.3 PhibroAnimal PAHC 14.73 -4.4 SolarWinds SWI 9.06 -2.1 VornadoRealty VNO 26.22 -0.6
NewOrientalEduc EDU 29.80 -0.5
AvanosMedical AVNS 24.51 -0.1 ClarivatePfdA CLVTpA 49.36 -1.4 EnerTransferPfdD ETpD 21.70 -2.5 HorizonTherap HZNP 58.54 0.5 MemberCollect MCG 5.58 -8.4 PiedmontOfficeA PDM 11.78 -1.8 SomaLogic SLGC 3.64 -0.5 WPP WPP 42.89 -0.3
NielsenHoldings NLSN 27.92 -0.1
AvantiAcqnWt AVAN.WS 0.02 -22.8 Clarivate CLVT 11.59 -1.9 Enovis ENOV 50.54 -1.3 HudsonPacProp HPP 13.19 -1.8 MetaMaterials MMAT 0.76 11.3 PitneyBowes PBI 2.87 -2.7 SonnetBio SONN 0.21 -5.9 WW Intl WW 5.22 -5.8
PrimeImpactI A PIAI 10.03 ...
Avantor AVTR 24.68 -0.3 Clarus CLAR 14.79 -8.2 EquinoxGold EQX 3.44 -0.6 Humanigen HGEN 0.22 -0.8 MetenHolding METX 0.55 -0.8 PLxPharma PLXP 0.81 -9.3 Sonos SONO 15.03 -1.0 Wag! PET 4.26 -9.9
ShuaaPtrsI A SHUA 10.10 0.5
AveannaHealth AVAH 1.82 -2.7 CleanTechAcqn CLAQ 9.71 2.4 EuronetWorldwide EEFT 88.61 -2.3 HysterYaleMatls HY 28.96 -2.1 Minim MINM 0.32 -7.5 PolestarAuto PSNY 7.51 2.0 SoteraHealth SHC 16.48 -0.5 WalgreensBoots WBA 35.03 -0.3
SatsumaPharm STSA 6.70 1.9
Azenta AZTA 52.39 -2.1 CleverLeaves CLVR 0.80 1.1 Eventbrite EB 7.06 -1.7 ICU Medical ICUI 158.10 -0.5 MisterCarWash MCW 9.77 0.3 Polished.com POL 0.68 -2.4 SpectrumBrands SPB 62.94 -2.7 WarriorTechWt WARR.WS 0.00 -99.6
SeaportGlblAcqnII SGIIU 10.62 5.5
AzurePowerGlbl AZRE 3.58 -16.7 Co-Diagnostics CODX 3.36 -4.8 Express EXPR 1.45 -20.8 IHS Holding IHS 6.35 -6.5 MolecularData MKD 0.40 -2.0 PostHldgsWt PSPC.WS 0.17 ... SportsVenturesWt AKICW 0.04 -20.0 WesternUnion WU 14.76 -1.9
ShuttlePharm SHPH 84.70 373.3
B2Gold BTG 3.03 -1.9 CodorusValleyBncp CVLY 19.98 -0.9 FinanceofAm FOA 1.20 -3.9 IO Biotech IOBT 3.08 -3.2 MorphoSys MOR 4.30 -0.7 PrimorisSvcs PRIM 20.16 -2.5 SportsmansWrhs SPWH 7.96 -9.8 WheatonPrecMet WPM 30.39 -1.1
WhiteMtnIns WTM 1383.65 -0.2
ByndCannasoft BCAN 4.04 2.3 CogentComm CCOI 52.57 0.5 First HS Educ FHS 0.60 -7.1 IamGold IAG 1.19 -2.5 MotusGI MOTS 3.26 -0.6 ProtoLabs PRLB 38.25 -1.8 StandardMotor SMP 36.34 -5.9 Willdan WLDN 22.60 -3.4
Lows BannixAcqnWt BNIXW
Barnes&NobleEduc BNED
0.05 -6.0 CognizantTech
1.90 13.3 Cohbar
CTSH
CWBR
63.15
0.15
-1.6
-3.4
FordMotor6.5%Nts FpD
Forestar FOR
24.33
12.44
0.4
-2.1
IndepRealty
IndLogistics
IRT
ILPT
19.33 -1.0 MultiPlanWt
7.47 -5.2 NanoLabs
MPLN.WS
NA
0.47 -8.2 Prudential PUK
4.80 -5.1 PurpleInnovation PRPL
20.93 -0.6 StanleyBlackDck SWK
2.81 -3.1 StanleyB&D Un SWT
87.74 -1.0 XBiotech
56.07 -1.0 Xos
XBIT
XOS
4.01 -2.9
1.51 -3.8
ACCO Brands ACCO 5.91 -2.8 BetterwaredeMexico BWMX 8.01 -1.0 ComeraLifeWt CMRAW 0.07 -9.9 FormFactor FORM 29.02 -3.8 Infobird IFBD 0.34 6.5 NatlWesternLife NWLI 190.07 -1.0 Qorvo QRVO 89.07 -2.1 Starbox STBX 4.55 3.0 ZimIntShipping ZIM 36.09 -1.8
AMC Ent Pfd A APE 4.72 -5.8 BiomX PHGE 0.53 -1.8 CommunityHlthSys CYH 2.66 -6.0 FortunaSilver FSM 2.25 -1.3 InMedPharm INM 0.24 -7.5 NavideaBiopharm NAVB 0.33 -10.0 QuestDiag DGX 124.91 -0.8 StarryGroup STRY 2.20 -0.4 Zuora ZUO 7.67 -1.9

B10 | Thursday, September 1, 2022
Lone Star Funds Wins Payout JPMorgan Offices
From South Korea in Bank Case Are Searched in
BY JIYOUNG SOHN
SEOUL—The South Korean
government must pay $216.5
million to a U.S. private-equity
company, Lone Star Funds,
relating to a decadelong legal
dispute over the sale of a
South Korean bank.
Wednesday’s ruling was the
culmination of a long-running
legal saga that pitted a foreign
investor against the South Ko-
rean government. The case
centered on Dallas-based Lone
Star’s claim that its attempted
sale of an ownership stake in
the now-defunct Korea Ex-
change Bank—once South Ko-
rea’s fifth-largest bank—had
been delayed by the Seoul
government. Lone Star had
previously argued that efforts
to sell the KEB stake had been
impeded by a series of South
Korean legal and regulatory
challenges.
Lone Star filed the “inves-
tor-state” case in 2012 and
originally sought $4.68 billion
in compensation for lost profit
and taxes. The dispute was
handled by the World Bank-led
International Center for Set-
tlement of Investment Dis-
putes, or ICSID, which over-
sees arbitration cases
involving governments and
investors.
A Lone Star representative
said the company was pleased
that the tribunal vindicated its
fundamental claim, but it was
disappointed at the size of the
New Rules
Temper
Pitches
Continued from page B1
Medicare plans. Enrollment in
the plans, which are offered by
private insurers and paid for
by the government, grew 8%
last year to 28.4 million in
2022, according to the Kaiser
Family Foundation.
Consumers can sign up for
new plans every year, making
them a prime opportunity to
generate sales commissions
for brokers. “Seniors are being
bombarded,” said Ron Hender-
son, a deputy insurance com-
missioner in Louisiana. The
sign-up period runs from Oct.
15 to Dec. 7.
The stiffer rules are tar-
geted at marketers that sell
policies on behalf of health in-
surers. They will need to dis-
close more to their customers
while CMS clarified that insur-
ers will be responsible for
what their marketers say.
Better Medicare Alliance, a
lobbying and advocacy group
for Medicare Advantage
backed by health insurers and
others, said it supports the
CMS’s reforms. Broker Go-
Health Inc. said, “Their en-
forcement will benefit the en-
tire industry.”
Several brokers and other
firms with specialties in Medi-
care Advantage were acquired
or went public in pricey deals
in recent years. In 2020, bro-
kers GoHealth and SelectQuote
Inc. raised more than $1.2 bil-
lion between them in initial
public offerings. Financial-ser-
vices company Primerica Inc.
last year added sales fire-
power in a deal with Medicare
Advantage-focused e-Tele-
quote valued at $515 million.
Shares of GoHealth and Se-
lectQuote are down more than
90% since the IPOs.
Mutual Funds
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets.
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e
and s apply. k-Recalculated by Lipper, using updated data. p-Distribution costs apply,
12b-1. r-Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r
apply. v-Footnotes x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not
available due to incomplete price, performance or cost data. NE-Not released by Lipper;
data under review. NN-Fund not tracked. NS-Fund didn’t exist at start of period.
Net YTD
Fund NAV Chg %Ret Fund
American Century Inv
Ultra 65.22 -0.61-25.5
American Funds Cl A
AmcpA 31.21 -0.18-26.1
AMutlA 48.87 -0.29 -7.3
BalA 28.94 -0.15-12.4
BondA 11.78 -0.04-10.4
CapIBA 62.40 -0.33 -9.9
CapWGrA 50.35 -0.30-20.1
EupacA 48.24 -0.25-25.1
FdInvA 61.05 -0.35-17.6
GwthA 55.10 -0.31-25.8
HI TrA 9.26 -0.03 -9.0
ICAA 42.23 -0.19-16.8
IncoA 23.27 -0.13 -8.7
IntBdA 12.75 -0.03 -5.9
N PerA 49.82 -0.30-25.0
NEcoA 44.91 -0.23-27.4
NwWrldA 66.54 -0.31-22.7
SmCpA 57.06 -0.19-28.7
TxExA 12.15 ... -9.1
South Korean Justice Minister
Han Dong-hoon on Wednesday.
award, “which fails to fully
compensate Lone Star and its
investors for losses” that re-
sulted from the Korean gov-
ernment’s conduct.
The ICSID hasn’t shared the
ruling publicly.
On Wednesday, South Ko-
rea’s Justice Ministry ex-
pressed regret at the interna-
tional tribunal’s ruling and
said it would actively work to
dispute the decision.
South Korea must also pay
backdated and compounded
interest—calculated from the
one-month U.S. Treasury
rate—on the damages amount.
Both parties will have 120
days to file an application for
annulment, according to the
ICSID convention rules.
The South Korean govern-
ment had previously denied all
allegations that it acted im-
properly, and claimed it
Joe Namath has appeared for four years in commercials for a business of Benefytt Technologies.
Competitors for Medicare
Advantage business also in-
clude Health IQ, an insuretech
founded in 2013 to sell term
life to runners, cyclists and
other health-conscious people
that now promotes itself as
Health IQ Precision Medicare.
A CMS spokeswoman said
recordings of sales calls
showed that many people
were confused “regarding who
they are speaking to.” Some
thought they were talking to
the government.
Surveys of state insurance
departments by the National
Association of Insurance Com-
missioners, meanwhile, identi-
fied complaints about alleged
fraudulent activity. This in-
cludes beneficiaries being en-
rolled with forged signatures,
according to letters from the
standards-setting group to
congressional leaders in May.
Vicki DuFrene, who directs
a health-insurance information
program for seniors in Louisi-
ana, said people sometimes
don’t learn that their longtime
doctors are outside their new
plan’s network until arriving
for an appointment.
Some insurance agents
themselves have concerns
about the frenzied activity.
Misty Mullus, who sold Medi-
Data provided by
Wednesday, August 31, 2022
Net YTD Net YTD
NAV Chg %Ret Fund NAV Chg %Ret
WshA 51.66 -0.32-11.4 MunicipalBond 9.78 -0.01 -7.9
Artisan Funds Calamos Funds
IntlVal Inst 36.03 -0.08-15.0 MktNeutI 13.79 -0.02 -4.9
Baird Funds Columbia Class I
AggBdInst 9.93 -0.04-11.4 DivIncom I 28.39 -0.20 -9.4
CorBdInst 10.18 -0.04-11.2 Dimensional Fds
BlackRock Funds 5GlbFxdInc 10.03 -0.01 -6.3
HiYldBd Inst 6.78 -0.03-10.5 EmgMktVa 27.72 +0.02-10.0
BlackRock Funds A EmMktCorEq 21.05 +0.05-15.2
GlblAlloc 16.65 -0.09-14.5 IntlCoreEq 12.96 -0.09-18.3
BlackRock Funds III IntSmCo 17.07 -0.06-21.2
iShS&P500IdxK465.07 -3.57-16.2 IntSmVa 17.82 -0.09-16.0
BlackRock Funds Inst LgCo 28.21 -0.21-16.2
EqtyDivd 18.69 -0.12 -6.3 US CoreEq1 30.98 -0.24-14.4
StratIncOpptyIns 9.49 -0.02 -4.8 US CoreEq2 28.13 -0.22-14.2
Bridge Builder Trust US Small 40.46 -0.34-13.6
CoreBond 9.15 -0.03-10.9 US SmCpVal 40.63 -0.39 -6.1
CorePlusBond 9.07 -0.03-11.2 US TgdVal 28.04 -0.25 -6.6
Intl Eq 10.43 -0.06-22.0 USLgVa 41.24 -0.35 -9.6
LargeCapGrowth 17.99 -0.15-23.5 Dodge & Cox
LargeCapValue 15.65 -0.09 -8.7 Balanced 98.41 -0.52 -8.6
.
* **** THE WALL STREET JOURNAL.
BANKING & FINANCE
doesn’t discriminate against
foreign investors.
ceived regulatory approval to
sell its KEB stake to South Ko-
German Tax Probe
“We stand by our position rea’s Hana Financial Group BY PATRICIA KOWSMANN uled dividend-payment dates.
that the approval process for Inc. in 2012 for 3.9 trillion Cum/ex transactions typi-
Lone Star’s sale of KEB was won, or around $3.5 billion at German prosecutors cally involve banks, brokerage
conducted in a fair and equita- the time. searched the offices of JPMor- firms, hedge funds and
ble manner,” said South Ko- South Korea’s financial reg- gan Chase & Co. in Frankfurt, wealthy individuals entering
YONHAP POOL/SHUTTERSTOCK
rean Justice Minister Han ulator violated its duty of fair marking the latest expansion into agreements to buy, bor-
Dong-hoon in a briefing. and equitable treatment as it of a long-running tax-fraud row and sell shares during a
Lone Star acquired a con- didn’t have the jurisdiction to probe involving several finan- brief window around a divi-
trolling stake in KEB for delay Lone Star’s attempted cial companies across Europe, dend payout. The carefully co-
around $1.2 billion in 2003 KEB sale in 2008, the ICSID including U.S. banks. ordinated timing of the trans-
when the bank was in poor fi- ruled, according to the South “We can confirm that our actions has allowed many
nancial shape, mirroring the Korea Justice Ministry. The IC- Frankfurt offices were visited parties to claim a refund for
country’s broader economic SID, according to the minis- this week. We continue to co- taxes paid on the dividends.
weakness following the Asian try’s Korean-language sum- operate with the German au- German officials argue that
financial crisis. In 1997, South mary, recognized that the thorities on their ongoing in- tax credits have been artifi-
Korea had received a $55 bil- regulator’s delay was linked to vestigation,” a JPMorgan cially claimed through these
lion bailout from the Interna- the criminal conviction of spokeswoman said. types of trades, in ways that
tional Monetary Fund, its larg- Lone Star’s former Korea A spokesman for the Co- could constitute fraud. Au-
est-ever rescue package at the head. logne prosecutor’s office said thorities have moved to pre-
time. Lone Star argued that it authorities have been in the vent such transactions in Ger-
Once Lone Star wanted to had been pressured by the offices of an unnamed bank, many, and closed the tax
sell off its KEB stake in subse- South Korean government to and in auditing and tax-con- loophole in 2012.
quent years, the U.S. private- lower the 2012 selling price to sulting firms, since Tuesday. It Other countries, including
equity company stood to Hana by around $433 million. looked for emails and other Austria and Denmark, have
pocket billions of dollars in The damages of $216.5 million written correspondence in the launched investigations. Ger-
profit. represent roughly half that homes of four suspects. many’s probe has been going
That led to widespread amount, according to the Jus- The offices of Morgan on for years and involves
South Korean backlash be- tice Ministry’s description of Stanley, Bank of America prosecutors in Cologne, Mu-
cause of perceptions that a the ICSID ruling. Corp. and Barclays PLC were nich and Frankfurt.
foreign investor would capital- Additionally, Lone Star had also searched this year, and Cologne’s prosecutor’s of-
ize from the country’s weakest challenged South Korea’s tax representatives for the banks fice said the probe involves
moment. rules, referring to an invest- said they were all cooperating. 1,500 suspects in 110 cases.
Lone Star made several at- ment treaty between South The probe centers on his- Several defendants have been
tempts to sell its KEB stake, Korea and Belgium—where torical cum/ex transactions, sentenced to prison by a court
including in 2008 to HSBC Lone Star had based some of which are trades executed dur- in Bonn, according to a
Holdings PLC. That same year, its operations. ing the handful of days before spokesman. Some banks have
the former head of Lone Star’s The tax-payment orders and after companies’ sched- settled.
South Korea unit was found were compliant with global
guilty of stock-price manipula- standards and not discrimina-
tion relating to KEB’s credit-
card unit.
Lone Star eventually re-
tory, the ICSID ruled, accord-
ing to South Korea’s Justice
Ministry. Grain Traders Left
Waiting as USDA
Delays Sales Data
BY KIRK MALTAIS
The U.S. Department of Ag-
retracted by the agency.
Now, U.S. grain traders and
analysts find themselves oper-
riculture is reverting to its ating in the dark as the USDA
legacy system to report weekly export reporting sys-
weekly export sales after re- tem remains offline.
tracting the data released last “I turned my back, put up
week. the dartboard and threw some
The agency said Wednesday darts,” said Sterling Smith, di-
it would be unable to publish rector of agricultural research
data on Thursday, Sept. 1, or with AgriSompo North America.
Sept. 8, and expected to re- Mr. Smith tracks the weekly
sume the changes to grain export sales,
COMMODITIES weekly reports which the USDA usually posts
on Sept. 15. at 8:30 a.m. Eastern time on
In a statement Wednesday, Thursday. Having no system to
USDA Foreign Agricultural use makes evaluating demand
Service Administrator Daniel for U.S. grains by foreign buy-
care Advantage for GoHealth times that benefits vary by ZIP Whitley said: “Since the sys- ers such as China more diffi-
last year, said she couldn’t Code, a nod to regulators’ con- tem relies on data submis- cult, although traders do have
keep pace with colleagues who cerns that some benefits are sions by exporters, FAS is tricks to approximate what the
completed 18 or more sales a available only in certain places. working closely with individ- USDA data might look like.
day and earned bonuses. Mr. Namath’s commercial “has ual exporters to ensure that “I kind of looked at histori-
She often took an hour per been reviewed and is currently past, current, and future ex- cal averages,” Mr. Smith said.
client. “You need to check their in compliance,” CMS said. port sales data are accurate. “We know that old crop won’t
doctors and medications” to be Mr. Namath’s lawyer and Our staff will continue to con- amount to much.”
sure a new plan will work, she agent, Jimmy Walsh, said he duct outreach and provide The marketing year for U.S.
said. “If they don’t gab back at isn’t aware of consumer com- support to both data reporters corn and soybeans begins
you, 45 minutes is reasonable. plaints. Of callers, he said, “If and data users in anticipation Sept. 1, making this week’s re-
But old people want to tell you there is anything they are un- of the relaunch of the new port the last to show sales
a bit of a story.” comfortable with, I would system.” through the 2021-22 market-
GoHealth declined to com- imagine they would hang up Last week, the USDA’s For- ing year. The new marketing
ment beyond saying it is fo- the phone.” eign Agricultural Service at- year for wheat began in June.
cused on “maintaining the high- Benefytt said: “We made tempted to roll out its updated “This is a good time of year
est standards for enrollment” several changes to our overall system for reporting weekly for a transition,” said Terry
and customer experience. commercial to be in line with export sales. The numbers di- Reilly, senior agriculture fu-
Mr. Namath, the former CMS marketing guidance.” verged from expectations, and tures analyst for Futures In-
star quarterback for the New Mr. Shatner, whose com- the report was subsequently ternational LLC.
York Jets, has appeared for mercials are for the same
four years in commercials for Benefytt unit, said they alert
a Florida-based brokerage and people to potential options,
CONGRESSIONAL QUARTERLY/NEWSCOM/ZUMA PRESS
lead-generation business of and “I’m happy to send that
Benefytt Technologies Inc., message.” Now in his second
which is owned by funds affili- year of ads, Mr. Shatner said
ated with private-equity firm he isn’t aware of any con-
Madison Dearborn Partners. sumer complaints about them,
In a current version of his and his understanding is that
commercial, Mr. Namath says everything in his script has
“Get what you deserve,” in- been “scrutinized by lawyers
cluding prescriptions, dental and officials, every word. You
coverage and “the benefit that can’t change one word in the
adds money back to your So- delivery.”
cial Security check.” The 800 Mr. Walker, who starred in
number directs callers to the TV’s “Good Times” in the
Medicare Coverage Helpline. 1970s, couldn’t be reached to
Now, the ad repeats five comment. The Department of Agriculture has put off publishing export sales.
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
GblStock 13.33 -0.07 -7.7 BluCh 127.60 -0.97-30.5 CapApInst 70.13 -0.71-30.4 LrgCpStr 14.73 -0.12-21.8 500Adml 366.00 -2.80-16.2 TotStAdml 96.64 -0.71-17.2 MdCpVlAdml 70.33 -0.49 -8.8
Income 12.59 -0.04 -9.4 Contra 13.93 -0.09-24.8 Harding Loevner Parnassus Fds BalAdml 41.35 -0.24-14.6 TxMCapAdml204.81 -1.50-16.8 SmValAdml 68.75 -0.49 -9.7
Intl Stk 41.78 -0.26-11.7 ContraK 13.98 -0.09-24.8 IntlEq 22.67 -0.13-24.6 ParnEqFd 52.21 -0.33-17.5 CAITAdml 11.15 ... -7.2 TxMIn r 13.01 -0.08-19.7 TotBd2 9.71 -0.03-10.8
Stock 219.63 -1.80 -9.3 CpInc 9.30 -0.03-10.2 Invesco Funds A PGIM Funds Cl Z CapOpAdml r159.13 -0.96-17.8 USGroAdml 112.99 -0.97-32.9 TotIntlInstIdx r109.88 -0.45-18.6
DoubleLine Funds GroCo 26.31 -0.23-27.9 EqIncA 10.27 -0.06 -8.9 HighYield 4.71 -0.02 NA DivAppIdxAdm 40.14 -0.27-13.1 ValAdml 52.59 -0.42 -7.3 TotItlInstPlId r109.90 -0.46-18.6
TotRetBdI InvGrBd TotSt
9.25 -0.05 -9.3 10.22 -0.04-10.5 Invesco Funds Y TotalReturnBond 12.37 -0.05 NA EMAdmr 34.33 +0.05-15.4 WdsrllAdml 70.16 -0.47-13.6 96.61 -0.71-17.3
Edgewood Growth Instituti LowP 48.36 -0.20-10.1 DevMktY 35.26 +0.15-25.0 EqIncAdml 86.35 -0.62 -5.1 VANGUARD INSTL FDS
PIMCO Fds Instl WellsIAdml 62.64 -0.33 -9.4
EdgewoodGrInst 37.44 -0.30-38.1 Magin 11.42 -0.12-22.7 JHF III DispVal AllAsset 11.16 -0.07 NA ExplrAdml 94.14 -0.57-20.9 WelltnAdml 71.31 -0.49-14.1 BalInst 41.36 -0.24-14.5
Fidelity NASDAQ 149.57 -0.82-24.0 DispValMCI 24.86 -0.18-10.2 ExtndAdml 107.41 -0.66-22.3 DevMktsIndInst 13.03 -0.08-19.7
TotRt 8.91 -0.03 NA WndsrAdml 76.07 -0.54 -6.0
500IdxInstPrem137.61 -1.05-16.2 OTC 14.22 -0.06-27.4 John Hancock PIMCO Funds A GNMAAdml 9.58 -0.03 -7.9 VANGUARD FDS DevMktsInxInst 20.37 -0.12-19.6
Contrafund K6 17.55 -0.12-24.5 Puritn 22.76 -0.15-15.7 BondR6 13.88 -0.06-12.1 IncomeFd 10.73 -0.04 NA GrwthAdml 123.20 -0.88-25.2 DivdGro 34.58 -0.22 -9.0 ExtndInst 107.41 -0.65-22.3
ExtMktIdxInstPre 67.45 -0.41-22.3 SAIUSQtyIdx 15.65 -0.10-17.4 JPMorgan I Class PIMCO Funds I2 HlthCareAdml r 83.78 -0.48 -9.4 IntlVal 34.91 -0.12-16.0 GrwthInst 123.21 -0.88-25.2
FidSerToMarket 13.17 -0.10-17.2 SrsEmrgMkt 16.34 +0.12-22.3 CoreBond 10.48 -0.04 NA Income 10.73 -0.04 NA HYCorAdml r 5.20 -0.02 -9.8 LifeCon 19.80 -0.09-13.5 InPrSeIn 10.36 -0.09 -7.3
GrowthCompanyK6 16.47 -0.13-28.0 SrsGlobal 12.26 -0.05-18.6 EqInc 22.12 -0.15 NA PIMCO Funds Instl InfProAd 25.44 -0.22 -7.3 LifeGro 36.82 -0.21-16.4 InstIdx 335.87 -2.58-16.2
InflPrBdIndInsPr 10.31 -0.10 -7.6 SrsGroCoRetail 14.86 -0.12-27.2 LgCpGwth 48.28 -0.37 NA IntlGrAdml 96.50 -0.22-30.7 InstPlus 335.87 -2.58-16.2
IncomeFd 10.73 -0.04 NA LifeMod 28.29 -0.15-14.9
IntlIdxInstPrem 39.47 -0.30-19.9 SrsIntlGrw 14.20 -0.10-25.7 JPMorgan R Class Price Funds ITBondAdml 10.43 -0.05-11.0 InstTStPlus 70.32 -0.52-17.2
PrmcpCor 28.71 -0.23-14.6
MidCpInxInstPrem 26.49 -0.18-16.5 SrsIntlVal 9.39 -0.08-15.9 CoreBond 10.50 -0.04 NA
BlChip 124.30 -1.00-30.1 ITIGradeAdml 8.55 -0.04-12.4 MidCpInst 57.30 -0.37-17.3
CorePlusBd 7.41 -0.03 NA STAR 26.41 -0.15-16.8
SAIUSLgCpIndxFd 19.06 -0.15-16.2 TotalBond 9.69 -0.04-10.8
DivGro 64.80 -0.46-12.1 LarCapAd 91.33 -0.69-17.4 MidCpIstPl 282.61 -1.82-17.3
TgtRe2020 27.05 -0.12-12.8
SeriesBondFd 9.19 -0.04-10.6 Fidelity SAI Lord Abbett A LTGradeAdml 8.34 -0.09-21.7 RealEstaInstl 20.40 -0.09-18.8
Growth 71.95 -0.51-32.3 TgtRe2025 17.41 -0.09-14.4
SeriesOverseas 10.50 -0.08-27.1 TotalBd 9.18 -0.04-10.5 ShtDurIncmA p 3.91 ... NA MidCpAdml 259.40 -1.66-17.3 SmCapInst 90.89 -0.55-15.6
HelSci 87.71 -0.36-15.7 TgtRe2030 32.56 -0.17-15.3
SerLTTreBdIdx 6.50 -0.06-22.5 U.S.TreBdIdx 8.97 -0.03-10.0 Lord Abbett I MuHYAdml 10.47 -0.01-10.9 SmCapIstPl 262.33 -1.59-15.6
ShtDurInc p 3.91 LgCapGow I 52.46 -0.32-28.6 TgtRe2035 20.09 -0.10-15.7
SmCpIdxInstPrem 22.87 -0.14-17.0 First Eagle Funds ... NA MuIntAdml 13.41 ... -7.3 STIGradeInst 10.06 -0.02 -5.4
TMktIdxInstPrem110.63 -0.82-17.2 GlbA Metropolitan West MidCap 91.39 -0.50-22.1 TgtRe2040 35.19 -0.19-16.3
57.65 -0.30-10.6 MuLTAdml 10.65 ...-10.5 STIPSIxins 24.88 -0.12 -1.1
TotalMarketIndex 13.93 -0.11-17.0 FPA Funds TotRetBdI 9.47 -0.04 NA NHoriz 53.40 -0.15-30.5
MuLtdAdml 10.70 ... -3.3 TgtRe2045 23.61 -0.14-16.8 TotBdInst 9.82 -0.04-10.9
USBdIdxInstPrem 10.55 -0.05-10.7 NwInc 9.60 ... -2.7 TRBdPlan 8.88 -0.04 NA R2020 19.20 -0.10-13.6
MuShtAdml 15.58 ... -1.3 TgtRe2050 38.93 -0.23-17.0 TotBdInst2 9.71 -0.03-10.8
Fidelity Freedom Franklin A1 MFS Funds R2025 16.67 -0.08-14.6 PrmcpAdml r142.16 -1.08-16.1 TgtRe2060 39.88 -0.23-17.0 TotBdInstPl 9.82 -0.04-10.9
FF2020 13.46 -0.07-14.5 IncomeA1 2.28 -0.01 -6.6 IIE 26.72 -0.20-20.1 R2030 24.75 -0.13-16.0 RealEstatAdml131.77 -0.61-18.8 TgtRet2055 43.35 -0.25-17.0 TotIntBdIdxInst 29.49 -0.15-10.3
FF2025 12.33 -0.07-15.3 FrankTemp/Frank Adv MFS Funds Class I R2040 26.78 -0.15-18.3 SmCapAdml 90.89 -0.55-15.6 TgtRetInc 12.74 -0.06-11.2 TotStInst 96.66 -0.71-17.2
FF2030 15.36 -0.08-15.9 IncomeAdv 2.26 -0.01 -6.5 GrowthI 143.24 -1.05-26.3 Schwab Funds SmGthAdml 75.52 -0.33-23.6 WellsI 25.86 -0.13 -9.4 ValueInst 52.59 -0.42 -7.2
FF2035 13.14 -0.07-17.1 FrankTemp/Franklin A ValueI 48.75 -0.32-10.0 1000 Inv r NA ... NA STBondAdml 10.00 -0.01 -4.9 Welltn 41.30 -0.28-14.1 WCM Focus Funds
FF2040 9.26 -0.05-18.0 Growth A 116.38 -0.88-22.7 Northern Funds S&P Sel NA ... NA STIGradeAdml 10.06 -0.02 -5.5 WndsrII 39.55 -0.26-13.7 WCMFocIntlGrwIns 19.39 -0.13-29.9
Freedom2030 K 15.35 -0.08-15.8 RisDv A 82.77 -0.57-14.2 StkIdx NA ... NA TSM Sel r NA ... NA STIPSIxAdm 24.86 -0.12 -1.1 VANGUARD INDEX FDS Western Asset
Idx2030InsPre 17.43 -0.11-15.5 Guggenheim Funds Tru Nuveen Cl I TIAA/CREF Funds TotBdAdml 9.82 -0.04-10.9 ExtndIstPl 265.06 -1.62-22.3 CoreBondI 11.07 -0.05 NA
Fidelity Invest TotRtnBdFdClInst 24.37 -0.10-12.7 HYMunBd 15.71 -0.01-12.1 EqIdxInst 28.42 -0.21-16.9 TotIntBdIdxAdm 19.65 -0.10-10.4 IdxIntl 16.42 -0.07-18.7 CorePlusBdI 9.82 -0.05 NA
Balanc 25.49 -0.15-15.6 Harbor Funds Old Westbury Fds VANGUARD ADMIRAL TotIntlAdmIdx r 27.48 -0.11-18.6 MdCpGrAdml 81.55 -0.48-25.3 CorePlusBdIS 9.82 -0.04 NA
 .

THE WALL STREET JOURNAL. * * * * * Thursday, September 1, 2022 | B11

MARKETS

Russia’s Bonds Regain Market Appeal S&P Fell

4.2% in
Signs of strength in icy. Sales of oil and gas have

the country’s economy

draw investors to its
bolstered the Kremlin’s fi-
nances, helping the govern-
ment’s tax receipts grow in the
first half of 2022 by 32% com-
government debt pared with last year, although
Russia’s central bank esti-
BY ALEXANDER SAEEDY mates the domestic economy
will shrink over the next two
Russian sovereign bonds years.
have staged a comeback this Economists warn the wind-
summer as investment banks fall brought by high energy
warmed up to trading the prices may be short-lived. The
Kremlin’s debt again and in- recovery in bond prices is
vestors outside the grip of “partly a return from the over-
Western sanctions on Moscow shooting of the first weeks of
are buying bonds. the war, similar to the ex-
The run-up in prices reflects change rate of the ruble,” said
how Russia has maintained in- Iikka Korhonen, head of re-
vestor confidence in some search at the Bank of Finland
August
Continued from page B1
employers added a lower-
than-expected 132,000 jobs, a
sign the labor market cooled
amid slowing economic
growth and recession fears.
Economists polled by The
Wall Street Journal had ex-
pected an increase of 300,000
jobs.
Shares of pet retailer
Chewy lost 8.2% after it low-
ered sales
WEDNESDAY’S guidance for
MARKETS the year, cit-

ANDREY RUDAKOV/BLOOMBERG NEWS

pockets of the
CREDIT world and ap-
MARKETS pears to be man-
aging its econ-
omy amid the war with
Ukraine. Some government
bonds that were marked as low
as 8 cents on the dollar in June
rallied as high as 50 cents on
the dollar in August and now
trade at around 45 cents, ac-
cording to credit analytics pro-
vider Advantage Data Inc.
The rally is providing relief
for asset managers with expo-
sure to Russia, who may be
able to divest assets without
incurring too steep of a loss.
While many Western investors
sold their holdings of Russian
debt after the war began,
some have held on to their in-
vestments.
Newport Beach, Calif.-based
asset manager Pacific Invest-
ment Management Co. re-
ported holdings of $900 million
in Russian foreign currency
sovereign bonds through its
global income fund as of the
end of the second quarter, ac-
cording to public filings.
Pimco is one of the largest
providers of protection to in-
vestors against a Russian debt
default, betting on the Krem-
lin’s creditworthiness through
its holdings of credit-default
swaps. Pimco purchased addi-
tional bonds last quarter be-
fore sanctions on buying debt
were put in place after selling
some of its swaps, people fa-
miliar with the matter said.
The run-up in prices reflects how Russia has maintained investor confidence in parts of the world.
As investors in the U.S. and
Europe pared back their expo-
sure to Russia this spring,
bond prices dropped from
around 100 cents on the dollar
to near 10 cents in mid-March.
Subsequent sanctions later
blocked the Kremlin from
making payments to investors
in the U.S., pushing Russia to
default on its foreign-currency
debts in June.
Because of the Kremlin’s re-
peated efforts to service its
debts despite sanctions, some
non-Western investors now
appear confident Russia will
keep honoring debt obliga-
tions to creditors who aren’t
prohibited from receiving pay-
ments, said Timothy Ash, se-
nior sovereign strategist at
BlueBay Asset Management in
London.
While U.S. investors like
Pimco are prohibited from
buying Russian debt, Mr. Ash
said investors who aren’t
blocked by U.S. or European
sanctions have primarily been
driving the bond-price rally.
“The bid is mostly coming
Price of Russian
sovereign bonds*
100 cents on the dollar
80 5.1% dollar
bond due 2035
60 5.25% dollar
bond due 2047
40
20
0 0
March 2022
*As of Aug. 29 †As of Aug. 19
Sources: Advantage Data (bonds); Central Bank of Russia (reserves)
from Middle Eastern and Rus-
sian investors, who seem con-
fident that Russia will con-
tinue to pay them on time,”
Mr. Ash said.
Additionally, buying and sell-
ing Russian debt is now easier
as banks including JPMorgan
Chase & Co., BofA Securities
and Citigroup Inc. have all re-
launched trading after receiv-
Institute for Emerging Econo-
mies.
The ruble devalued by
nearly 100% after the war with
Ukraine began before recoup-
ing its losses, and is now
worth more than it was before
the invasion began.
However, given the recent
strength of the ruble compared
with the dollar, Russia is earn-
ing less in rubles from oil sales
Russian foreign and collecting less in taxes, Mr.
exchange reserves* Korhonen said.
Preliminary signs show tax
$700 billion
revenues from oil-and-gas pro-
600
duction, as well as export tar-
iffs on oil-and-gas products,
500 fell for the first time this year
in July, he added.
400 “Paradoxically, now the
strong ruble works against the
300 government’s finances,” Mr.
The Central Bank of Korhonen said.
200
Russia has estimated Overall, Russia’s foreign-ex-
that around $300 billion change reserves have dropped
100
of Russian FX reserves some $75 billion since the war
are frozen. with Ukraine began, according
to central-bank data. Capital
Aug. Jan. 2022 Aug. controls and a boost in com-
modity prices have helped the
government avoid depleting
its stock of available foreign
ing updated guidance from the reserves, analysts said.
U.S. Treasury on bond trading Investors estimate that
restrictions in July, according there is around $100 million in
to people familiar with the Russian sovereign bonds trad-
matter. ing hands daily since several
JPMorgan, BofA and Citi de- investment banks restarted
clined to comment. trading in July, compared with
Investors who aren’t re- around $500 million daily this
stricted by sanctions may be spring when Western inves-
encouraged by the recent tors sought to divest Russian
strength of Russian fiscal pol- assets.
ing changing
consumer habits. Bed Bath &
Beyond shares plunged 21%.
The retailer and meme stock
said it plans to close roughly
150 of its flagship stores, cut
its workforce and bring in
fresh financing.
Oil prices fell, with global
crude benchmark Brent de-
clining 2.8% to $96.49 a bar-
rel. Brent lost 12% in August,
marking its worst month since
November of last year.
“This is the financial mar-
ket selling off, it’s the contin-
uation of the bearish macro
backdrop,” said Bjarne Schiel-
drop, chief commodities ana-
lyst at Nordic bank SEB. “We
have extremely broad-based
negative sentiment in com-
modities.”
Overseas, the pan-continen-
tal Stoxx Europe 600 fell 1.1%.
A data release showed infla-
tion in the eurozone rose to
9.1% in August, notching a re-
cord. A major gas pipeline
that connects Western Europe
to Russia was shut down on
Wednesday for maintenance,
causing concern that supplies
might not resume.
In Asia, major benchmarks
were mixed Wednesday. The
Shanghai Composite Index fell
0.8% and Hong Kong’s Hang
Seng Index closed flat. At
midday Thursday, Japan’s Nik-
kei 225 had fallen 1.5%, the
Hang Seng was down 0.9%
and South Korea’s Kospi Com-
posite had retreated 1.7%.

NFT Case to Test Limits

Of Insider-Trading Laws
BY RICHARD VANDERFORD
Federal prosecutors, in bring-
ing a novel case over trading in
Mr. Chastain’s alleged trum of a Ramenfication
crime, under the theory prose- Theory,” an NFT drawing of
cutors outlined, was stealing aliens eating ramen, the indict-
OpenSea’s confidential infor- ment states.

If It’sWorth Knowing,
nonfungible tokens, will test mation. He also was charged NYCDL said that if prosecu-
whether fraud theories used to with money laundering. tors win, the case against Mr.
police capital markets can apply A spokesman for prosecutors Chastain could allow a range of

It’s inWhat’s News

to the NFT market that boomed
during the Covid-19 pandemic.
Nathaniel Chastain, a for-
mer employee of the NFT mar-
ket OpenSea, in June became
the first person charged in
what prosecutors described as
insider trading in NFTs, a kind
of digital proof of purchase for
goods like art.
But the New York Council of
Defense Lawyers, an industry
group of advocates, argues
prosecutors are trying to con-
tort the law to turn workplace
misconduct that they claim isn’t
insider trading into a felony.
They urged a judge to throw out
the case before a jury sees it.
Because Mr. Chastain is
charged under the relatively
encompassing wire-fraud stat-
ute, rather than the securities
fraud statute commonly used in
insider-trading cases, prosecu-
tors arguably won’t have to
wrangle over the question of
whether a digital asset like an
NFT is a security under the law.
declined to comment. A lawyer
for Mr. Chastain, David Miller,
declined to comment. OpenSea,
legally known as Ozone Net-
works Inc., said previously that
it began an investigation after
learning of his alleged conduct
and asked him to leave.
A green light for prosecutors
could “expand wire fraud to
capture all sorts of workplace
indiscretions” that might not
even get an employee in trouble,
let alone prosecuted, the NYCDL
said in a filing last week.
Mr. Chastain had been in-
volved in picking the NFTs that
would be featured on OpenSea’s
website, exposure that can rap-
idly increase a work’s value.
Prosecutors say that between
June and September of last year
he used that confidential knowl-
edge to buy around 45 of the
picks in advance and turn a
quick profit once their public
display bumped up demand.
Mr. Chastain more than qua-
drupled his money on “Spec-
prosecutions if an employee
used work information else-
where, such as a whistleblower
being charged for taking com-
pany material to show a jour-
nalist, or an executive who
knows his corporation will be Catch up on the day’s biggest headlines and put
relocating to small city and
buys a home before prices rise. today’s top stories in context with the What’s News
Ian McGinley, a former New newsletter—free in your inbox every day.
York federal prosecutor who is
now a partner at the firm Akin
Gump Strauss Hauer & Feld LLP, S U B S C R I B E N O W AT
said prosecutors have a lot of
leeway in bringing cases under
WSJ.com/WhatsNews
the fraud statute. “It’s a good
thing for prosecutors to have
flexibility to confront new tech-
nologies because at the end of
the day, fraud is fraud,” he said.
The case against Mr.
Chastain could turn on whether
OpenSea considered the listings
on its front page commercially
valuable, Mr. McGinley said.
“The question will be where
to limit enforcement because
not every misuse of informa-
tion is a crime,” he said.

FASB to Narrow Scope of Its Crypto Rules

BY MARK MAURER
The Financial Accounting
Standards Board on Wednes-
day laid out its criteria for the
assets it will include in its
cryptocurrency project—pa-
rameters that left out nonfun-
gible tokens and certain sta-
blecoins.
The decision marked an-
other step toward an eventual
proposal and a final rule,
which would fill a void for
companies holding these as-
sets and would provide more
detail to investors.
For years, businesses and
investors had asked the FASB
for rules on how to account
for and disclose their holdings
of bitcoin and other digital as-
sets, and for years the stan-
dard-setter had declined to do
so, saying investment in
crypto wasn’t widespread
among companies. In May,
however, the FASB added the
crypto project to the technical
agenda that sets its rule-mak-
ing priorities.
On Wednesday, the board
outlined its criteria for the
crypto assets that would be
covered by a new rule. The
subset of digital assets under
the project would include
those that are intangible, that
is, nonfinancial assets that
lack physical substance, and
that don’t carry contractual
rights to cash flows or owner-
ship of goods or services. The
assets also must be fungible,
meaning they are interchange-
able and not unique.
The FASB didn’t say which
specific crypto assets it would
exclude from the project’s
scope. However, the criteria in-
dicate that NFTs—digital proofs
of purchase for items such as
art or baseball cards—and cer-
tain stablecoins—cryptocurren-
cies pegged to assets such as
the U.S. dollar—won’t make the
cut. NFTs are, by their very
definition, nonfungible, and
may carry rights to underlying
goods, services or other assets.
And certain stablecoins are in-
tangible assets.
Popular crypto coins, such
as Bitcoin and Ethereum, would
fall within the rule’s scope.
FASB board member Susan
Cosper defended the exclusion
of NFTs from the project, say-
ing they might slow it down.
“It’s certainly something that © 2022 Dow Jones & Co., Inc. All rights reserved. 3DJ9064
we can focus on later if need
be,” she said.
 .

B12 | Thursday, September 1, 2022 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

U.S. Funds Are Taking There

Is Still
A Gamble on European Soccer No Bottom
AC Milan takeover shows American investors are viewing the sport as an undervalued asset
For China’s
U.S. investment firms might end
Economy
up scoring quite a few goals with
their European soccer teams. Few of Some familiar problems haunted
them are likely to translate into de- China’s economy in August: power
cent profits. shortages, the housing market im-
On Wednesday, Italy’s AC Milan plosion and collateral damage from
officially passed from one American “zero-Covid” policies. The latter
owner to another: Gerry Cardinale’s two are fundamentally political as
private-equity firm RedBird Capital well as economic, but the will to
Partners took over from Elliott Man- tackle them seems lacking so far.
agement. RedBird, which controls That makes another step down in
France’s Toulouse FC and has a Chinese growth this fall likely.
stake in the owner of England’s Liv- China’s official August purchas-
erpool FC, also said the New York ing managers indexes, released
Yankees baseball franchise would Wednesday, were bad but not cata-
take a minority stake. strophic. Factory activity weak-
TIZIANA FABI/AGENCE FRANCE-PRESSE/GETTY IMAGES

Traditionally, soccer clubs were ened again, but less significantly

acquired by Russian and Arab oli- than in July. The new-orders sub-
garchs for prestige. Still, many own- index rose slightly while the out-
ers do hope to benefit from long- put index remained flat at 49.8,
term capital appreciation and in a likely reflecting the impact of
few cases—namely the Glazer fam- widespread hydropower shortages.
ily’s control of Manchester United— Meanwhile, the construction and
milk clubs for stable returns. Lately, services PMIs ticked lower—al-
though, a new breed of investor has though both remained above the
appeared: U.S. funds focused on un- 50-point mark separating expan-
dervalued assets. Last September, sion from contraction.
for example, Miami-based 777 Part- That weakness in services can be
ners bought Italian club Genoa CFC. squarely laid at the feet of the same
The pandemic hit sports hard, culprit that has dogged the sector
opening a window of opportunity AC Milan just won its first domestic title in 11 years, which could speak to the success of U.S. financial management. all year: China’s tough measures to
for such investors. But they also contain Covid-19, which have
have a longer-term rationale: The with the £4.3 billion price, equiva- on sports, but they are also starting ing captured by labor. This is why ramped up again recently as a new
belief that European soccer can be lent to $5 billion, fetched by Lon- to cut costs. Meanwhile, last year’s listed soccer clubs have performed outbreak gained steam in August.
“Americanized.” don’s Chelsea FC this year. fiasco over plans for a European Su- terribly for shareholders and have Twenty-six prefectural-level cit-
To an extent, this trend seems in- AC Milan just conquered its first per League shows that change will subpar returns on assets. ies accounting for 13.4% of gross
evitable, given how much money Eu- domestic title in 11 years under El- come slowly. To be sure, a private-equity bub- domestic product are under full or
ropean soccer leaves on the table. In liott, which could speak to the suc- Crucially, investors shouldn’t care ble is great for investors in clubs partial lockdown according to
2019, the UEFA Champions League cess of U.S. financial management. if more wins bring in more revenues. such as Manchester United to cash Morgan Stanley—the most since
collected $25 million a game, com- Likewise, RedBird’s Toulouse FC got What they want is profits, and Mr. out. There are also other ways to May. Last week, just 4% of GDP
pared with $60 million for the Na- promoted to the first French tier. Cardinale’s apparent belief that gain investing exposure: San Fran- was locked down, according to the
tional Football League. New owners The English Premier League’s turbo- those are related to sporting success cisco-based Sixth Street Partners re- bank. And though official figures
hope that investment, potential for- charged financialization over the is on shaky ground. A paper pub- cently took advantage of Catalan gi- hint that the worst of the August
mat changes and the entry of past two decades, added to stricter lished in 2020 found that, in Euro- ant FC Barcelona’s financial woes to outbreak might have passed, the
streaming platforms such as Ama- financial controls, has brought some pean soccer, focusing on profitability buy 25% of its domestic broadcast looming twice-a-decade Commu-
zon.com and DAZN competing for sustainability to soccer finances. means not spending enough to win revenue. RedBird has ample sporting nist Party Congress—which will
broadcast rights could create a However, it may be hard to push trophies, which angers fans. Even expertise and its focus on youth begin on Oct. 16 and shuffle the
catchup effect. Loss-making domes- more than one league on interna- when winning comes first, this academies, analytics and wage disci- top echelons of China’s leader-
tic leagues like Italy’s Serie A have tional audiences. Furthermore, the doesn’t translate into higher mar- pline is the right approach. Against ship—might make policy makers
been mismanaged too, which makes battle for soccer broadcast rights gins: The outsize power of soccer such profit-insensitive competition, leery of easing off too soon and
a former glory like AC Milan a prime had already ebbed before Covid-19. players and the lack of the strict sal- however, financially minded inves- risking an early autumn resur-
target for value investors. RedBird is Streaming firms like Apple, Disney ary controls found in the U.S. means tors may find they are always play- gence of the virus.
paying $1.2 billion for it, compared and Amazon may still be splurging that windfalls ultimately end up be- ing uphill. —Jon Sindreu The most worrying data points
for Beijing were probably on em-
ployment. While the PMIs showed
contractions in manufacturing and

PC Makers Are Looking for a New Floor

services employment easing
slightly, both sectors remain in the
doldrums—particularly services,
where most educated young people
head after graduation. Surveyed un-
That new normal for the per- printing business, brought HP’s to- Global PC unit shipments ing to be significantly bigger than employment levels for the 16-to-24-
sonal-computer market is proving tal revenue to about $14.7 billion before the pandemic.” This stems year-old set reached 19.9% in July—
350 million
elusive. for the quarter, which according to from the view that hybrid work— despite a total national labor pool
Following a banner year in FactSet was 6% below Wall employees dividing their time be- that is rapidly shrinking China’s
2021, global PC sales have been in Street’s forecast, the company’s 300 tween the office and home—will re- poor demographics.
a downward spiral. The market-re- largest miss in at least five years. sult in two computers per worker as The numbers tell quite an as-
search firm IDC reported recently Its rival Dell has fared a little 250 the new normal. tonishing story. China’s working-
that PC shipments in the second better, managing to keep its PC IDC projects PC sales of about age (15 to 64) population shrank
quarter slid more than 15% year business positive for the July 305 million units this year, which is by about four million in 2021 ac-
over year following a 5.1% drop in quarter thanks to corporate cus- 200 down nearly 13% from 2021 but still cording to official figures, but the
the first quarter. tomers. But the company reported 15% above the annual average of ratio of urban job openings rela-
PC shipments in the first half of last week that revenue growth in 150 around 265 million units in the tive to workers actually fell
this year are down 10.1% year over its client-solutions segment, years 2015-2019. sharply from early 2021 to
year, the worst slide for that pe- mostly made up of PCs, deceler- That outlook could prove opti- mid-2022. Youth unemployment
riod since at least 2015, according ated to 9% year over year com- 100 mistic if a recession hits and levels rose from 13% to nearly 20%
to IDC’s data. pared with 17% growth in the prior crimps corporate spending even over the period. Such a significant
The situation isn’t improving, quarter. A sharp drop in consumer 50 more. And, despite signs that the deterioration in the labor market—
either. On Tuesday morning, the PC demand was mostly to blame, job market remains tight, even even with fewer workers—hints at
retail chain Best Buy cited PCs as though Dell executives added on cash-rich tech companies are scal- just how quickly things have un-
0
well as the home-theater category the company’s earnings call that ing back hiring and watching ex- raveled for China’s young job seek-
as the largest contributors to its corporate demand also started to 2015 ’17 ’19 ’21 ’23 penditures. Others are going to ers.
12.1% decline in comparable-store fall late in the quarter. Note: Data for 2022-23 are projections even greater lengths; Tuesday af- Eventually, it seems likely that
sales for the July quarter. Later in Both Dell and HP cut their earn- Source: IDC ternoon brought a report that damage to young people’s pros-
the day, HP Inc. indicated that ings projections for their current Snapchat parent Snap Inc. plans to pects will have to become as large
combined revenue for its PC hard- fiscal years. Dell said it now ex- HP, for its part, sees the situation lay off about a fifth of its work- a political consideration as the po-
ware segments fell 5% year over pects revenue to be flat to up 2% as temporary. On a call Tuesday, force. For PC makers banking on tential for large-scale fatalities
year to $9.1 billion for the fiscal for the fiscal year ending in Janu- Chief Executive Officer Enrique more workers getting plugged in, from Covid-19.
quarter ended in July. That, along ary—a notable drop from the 6% Lores said the company maintains such trends don’t compute well. But obviously China isn’t there
with weakness in the company’s gain it projected three months ago. its view that the PC market “is go- —Dan Gallagher yet and might not be until well af-
ter the Party Congress or until a
Chinese mRNA vaccine arrives, or
both.

Snap’s Big Snip Will Only Go So Far And with no clear signs yet of a
strong public backstop for the
property market either, the econ-
omy seems likely to get worse be-
The problem for Snap Inc. is paring down investments in more three quarters before growth its second-quarter call in July— fore it gets better—again.
that laying off a fifth of its work- speculative areas such as games picked back up and did no lasting and reiterated in its updated in- —Nathaniel Taplin
force might turn out to be the and some of its augmented reality damage. Google’s parent company, vestor presentation on Wednes-
easy part. and other hardware projects such Alphabet, has averaged 30% year- day—that such advertising “is the China’s official purchasing
The parent company of the as a flying drone called Pixy. The over-year revenue growth over the easiest/fastest for clients to dial managers index,
Snapchat social-media app contin- moves are expected to reduce past eight quarters despite having back for short term cost savings.” employment subindexes
ues to be roiled by a sharp down- Snap’s annual costs by about $500 grown its top line 12-fold since By contrast, Google’s search ad
55
turn in online advertising. In a fil- million and help keep the com- 2009. business has turned out to be a
ing Wednesday morning, the pany’s adjusted earnings before in- But Snap isn’t Google. Even by relatively steady port in the online
company said that third-quarter terest, taxes, depreciation and 2009, the search titan had come to advertising storm. Snap does have EXPANDING
revenue as of Aug. 29 was up just amortization positive. Snap’s share dominate the online advertising some things going for it—mainly, a 50
8% year over year. Barring an un- price—which had plunged 79% space with annual revenue more passionate user base growing at a
foreseen turnaround in September, since the first of the year ahead of than five times that of Yahoo—its better rate than even its larger so-
that would be Snap’s lowest Wednesday’s news—jumped 8.7% closest competitor at the time. cial-media peers. Snap has added 45
growth rate on record—a hum- in Wednesday trading. Snap remains a small fish in a big 28 million to its average daily user
bling comedown for a company It might give Snap some com- pond, lagging behind Twitter and count since the first of the year CONTRACTING
that has averaged year-over-year fort to know that others of its in- far behind Facebook-parent Meta compared with the 23 million 40
revenue growth of 66% in its quar- ternet peers have been here be- Platforms in annual revenue for Twitter has added in that time,
terly reports since going public in fore—some even earlier in their social networks. The global down- even with all the hype about Elon Manufacturing
early 2017. life cycles. Google had been public turn in online advertising has af- Musk’s on-again, off-again acquisi- Services
35
Snap wisely isn’t counting on an less than five years before the re- fected them all—and Google as tion deal.
immediate turnaround in global cession caused by the global finan- well. But Snap is particularly vul- But taking significant costs out
economic trends. The company an- cial crisis pushed its revenue nerable given its focus on direct- is one thing; Snap’s biggest chal- 30
nounced several actions aimed at growth into single-digit territory response advertising, which ac- lenge remains how to become as
2013 ’16 ’19 ’22
reducing its costs. Aside from the for the first time ever in the first counts for a significant majority of indispensable to advertisers as it
workforce reduction, this includes quarter of 2009. That slump lasted its revenue. The company said in is to its users. —Dan Gallagher Source: CEIC